The governance and organisation of scientific research undertaken for publication have alteredsignificantly since the end of the Second World War in many industrialised economies. Thesechanges have had significant effects on authority relations governing research goals, approachesand the...

Recent changes in the funding and governance of research universities have attempted tomake them more strategically active in contributing to national goals. However, the ability ofuniversities to develop strategic capabilities as cohesive organisations is limited by the inherentuncertainty of...

This study explores the information content of HML and SMB by linking the Fama-French factors toshocks in the state variables which predict future investment opportunities. It shows that the HMLfactor contains information about shocks to default spread. Moreover, the Fama-French modelexplains...

This paper explores the sources of agglomeration externalities in enhancing firmperformance, in particular, the pecuniary externality that supports firms’ bottom line.The fundamental argument on increasing returns leads to the premise that cluster sizehas beneficial influence to firm...

This paper compares the pricing and hedging performance of the LMM model against two spot-ratemodels, namely Hull-White and Black-Karasinski, and the more recent Swap Market Model from anAsset-Liability-Management (ALM) perspective. In contrast to previous studies in the literature, ouremphasis...

In this paper, we compare two one-factor short rate models: the Hull White model and the Black-Karasinski model. Despite their inherent shortcomings the short rate models are being used quiteextensively by the practitioners for risk-management purposes. The research, as part of...

This paper tests the co-terminal swap market model (SMM) pricing and hedging performance onBermudan swaptions. To our knowledge, the drift for SMM is derived explicitly for the first timehere, and the procedures for calibration and simulation using a collection of forward swap rates arealso...

AbstractThe impact of universities on the economic wellbeing and innovative potential of regionshas been the object of intense scholarly and policy interest in the last years. Despite thisinterest, a clear picture is missing in relation to the roles universities are seen to play, thebenefits of...

The literature on Regional Systems of Innovation (RSI) has produced an extensivebody of research in recent years and has been used widely as a framework for thedesign and implementation of policies in a variety of regional contexts. However,certain lack of clarity remains in relation to the...

Increased complexity and rapid pace of change demand more from people responsible forregional development at various levels of activity. This paper has its roots in a belief that themore complex situations are the more regional development is dependent on the leadership andnetwork management...