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Corporate governance remains the focus of current research and a concept that continues to evolve to meet the needs of business managers. Faced with the need for companies to cope with a world characterized by perpetual change and successive economic crises (Prowse in Revue d'économie financière 31:119–158, 1994), the identification of the results of the implementation of good governance mechanisms in the structure of the management of companies on financial performance remains a necessity that helps managers and researchers specialized in management sciences and financial accounting to have a better visibility on the importance of corporate governance. It should be mentioned that the economic environment and the characteristics of the sectors of activity of the companies remain a relevant criterion in the study of the relation between the governance of the companies and their financial performance. In this sense, we have tried through this research work to study the impact of the implementation of effective corporate governance on the financial performance of 160 companies in the UK between 2005 and 2018 while taking into account the specificity of the business sectors. Through our study, we used multivariate regressions based on FGLS models while dividing our sample to several clusters. As a result, we found that the implementation of good corporate governance leads to the improvement of the financial performance of companies measured by the return on equity. As a motivation, it must be said that this study can be of major importance for future studies that want to make comparisons on the sectoral and temporal level. Indeed, this study gives the possibility for future research work to make comparative studies based on comparisons for different sectors of activity in the UK before and after the Brexit and also after the COVID 19 period. [ABSTRACT FROM AUTHOR]

We study the wealth distribution of UK households through a detailed analysis of data from wealth surveys and rich lists, and propose a non-linear Kesten process to model the dynamics of household wealth. The main features of our model are that we focus on wealth growth and disregard exchange, and that the rate of return on wealth is increasing with wealth. The linear case with wealth-independent return rate has been well studied, leading to a log-normal wealth distribution in the long time limit which is essentially independent of initial conditions. We find through theoretical analysis and simulations that the non-linearity in our model leads to more realistic power-law tails, and can explain an apparent two-tailed structure in the empirical wealth distribution of the UK and other countries. Other realistic features of our model include an increase in inequality over time, and a stronger dependence on initial conditions compared to linear models. [ABSTRACT FROM AUTHOR]

Aim: To report the patient characteristics and clinical outcome of paediatric in-hospital cardiac arrest in the United Kingdom (UK) National Cardiac Arrest Audit (NCAA) database.Methods: Analysis of all recorded paediatric cardiac arrests in the NCAA dataset over a seven-year period ending on 31 December 2018, within acute children's hospitals (including standalone paediatric hospitals and hospitals with tertiary paediatric services) and acute general hospitals participating in NCAA. In this period 1456 patients (with 1580 events), 1 month to 16 years of age, received chest compressions and/or defibrillation and were attended by a hospital-based resuscitation team in response to an emergency call. The main outcome measure was survival to discharge.Results: For this cohort of paediatric in-hospital cardiac arrest patients the overall rates of sustained return of spontaneous circulation (ROSC) were 69.1% with unadjusted survival to hospital discharge of 54.2%. The presenting rhythm was shockable in 4.3% of events and non-shockable in 82.1% (remainder undetermined); rates of survival to hospital discharge associated with these rhythms were 63.9% and 51.7%. A difference in outcomes was observed between Children's hospitals and acute general hospitals with ROSC rates of 79.1% and 55.5% respectively and survival to hospital discharge rates of 57.7% and 49.3% respectively.Conclusions: These first results from the NCAA database describing the outcome of paediatric in-hospital cardiac arrest in UK hospitals will serve as a benchmark from which to assess the future impact of changes in service delivery, organisation and treatment for in-hospital cardiac arrest in young people. Outcomes for specialist paediatric centres should be studied further as higher rates of ROSC and survival to hospital discharge were observed. [ABSTRACT FROM AUTHOR]

Impact of academic research onto the non-academic world is of increasing importance as authorities seek return on public investment. Impact opens new opportunities for what are known as "professional services": as scientometrical tools bestow some with con1dence they can quantify quality, the impact agenda brings lay measurements to evaluation of research. This paper is partly inspired by the famous "two cultures" discussion instigated by C.P. Snow over 60 years ago. He saw a chasm between different academic disciplines and I see a chasm between academics and professional services, bound into contact through competing targets. This paper draws on my personal experience and experiences recounted to me by colleagues in different universities in the UK. It is aimed at igniting discussions amongst people interested in improving the academic world and it is intended in a spirit of collaboration and constructiveness. As a professional services colleague said, what I have to say "needs to be said". It is my pleasure to submit this paper to the Festschrift devoted to the 60th birthday of a renowned physicist, my good friend and colleague Ihor Mryglod. Ihor's role as leader of the Institute for Condensed Matter Physics in Lviv has been essential to generating some of the impact described in this paper and forms a key element of the story I wish to tell. [ABSTRACT FROM AUTHOR]

Background: Single-stage direct-to-implant reconstruction is the most common method of reconstruction in the UK after a mastectomy. Prepectoral implant placement with full implant coverage using acellular dermal matrix (ADM) is a relatively new technique. We report on long-term outcomes of prepectoral immediate breast reconstruction (IBR) using Braxon® ADM from a single institution. Methods: All patients operated for a mastectomy with IBR using Braxon® from January 2016 to March 2018 were included in the study. The demographic details, treatment details and short- and long-term outcomes were evaluated. Factors affecting complication rates were analysed. Patient-reported outcome measures were studied using BREAST-Q questionnaires. Results: One hundred and sixteen reconstructions performed in 98 patients were included in the study. The median age was 50 years with a mean body mass index of 27.33 kg/m2. The median follow-up period was 440 days. The implant-related major complication rate was 17%, with an unplanned readmission rate of 22.4% and a return to theatre rate of 21.4%. Early complications were significantly higher in patients with node-positive disease. Delayed complications were seen in nine patients. The implant loss rate was 4.3%. The mean BREAST-Q scores were 78 for satisfaction with treatment and 64 for satisfaction with breast domains. The outcomes were comparable to reported national data. Conclusions: Prepectoral implant-based reconstruction with Braxon has comparable complication rates with good long-term aesthetic and patient-reported outcomes. Further studies with larger cohort and longer follow-up are needed. Level of Evidence—Level III, therapeutic study. [ABSTRACT FROM AUTHOR]

The study examines the impact of changes in interest rate and exchange rates and their unexpected changes on industry and size portfolio returns on the Ghana Stock Exchange (GSE) controlling for the 2007/2008 financial crisis. Three main exchange rates (FX) namely, Ghana cedis (Gh¢)/US dollar, Gh¢/Great Britain Pounds (GBP) and the Gh¢/Euro are used. We use OLS, GARCH and ARIMA in our estimations. The study found that only depreciation of the Gh¢/USD reduces the returns of financial stocks and large firms. There is a direct positive impact of the financial crisis on the returns due to investment shift from developed markets where crisis occurs. Variations in the returns are mostly explained by the market index returns (RM), which has a positive impact. However, we find that the positive impact of RM on the portfolio returns (finance, medium and large portfolios) is reduced during the financial crisis. The results largely reveal that shocks to the conditional variance are highly persistent and the response of volatility decays at a slower rate. [ABSTRACT FROM AUTHOR]

In an era of neoliberal reforms, academics in UK universities have become increasingly enmeshed in audit. A new Teaching Excellent Framework (TEF) emerged in 2017 with results determined primarily by proxy data of National Student Survey (NSS) scores, retention data and Longitudinal Educational Outcomes data (LEO). The TEF has been rapidly repurposed in order to shape the behaviour and priorities of both students and academics. The discourse of the TEF legislation, bolstered by studies from HEA/HEPI, assumes the source of inequality of outcome is poor teaching requiring corrective action by universities. Further justification for surveillance and quasi-regulation is borne by appeals to 'value for money' and 'competition'. I argue that what seems to be an arbitrary constellation of proxy data points has in fact been a calculated plan to render universities, staff and students as neoliberal subjects. The accident of accessibility, inasmuch as it overlaps with the neoliberal imperative, has determined which data shall function as Key Performance Indicators (KPIs) and the whole assemblage is cemented by discursive choices which align with neoliberal principles. The Government White Paper Success as a Knowledge Economy, May 2016, forms the text for corpus analysis of keywords, discourses and metaphors. Abbreviation: BIS: HM Government Department of Business, Innovation and Skills; BME: Black and Minority Ethnic; DLHE: Destinations of Leavers from Higher Education; HEI: Higher Education Institution; HERA: Higher Education and Research Act; HESA: Higher Education Statistics Agency; HEA: Higher Education Academy; Hefce: Higher Education Funding Council for England; HEPI: Higher Education Policy Institute; HND: Higher National Diploma; KEF: Knowledge Exchange Framework; KPI: Key Performance Indicator; LEO: Longitudinal Educational Outcomes; NSS: National Student Survey; NUS: national Union of Students; OfS: Office for Students; POLAR: participation of local areas; QAA: Quality Assurance Agency; RAB: Resource Accounting and Budgeting; REF: Research Excellence Framework; ROI: Return on Investment; SDS: Strategically Deployable Shifter; SKE: Success in a Knowledge Economy; TEF: Teaching Excellence and Student Outcomes Framework; WP: Widening Participation [ABSTRACT FROM AUTHOR]

Objectives: External Wall Insulation (EWI) insulates and protect homes against damp. The Energy Company Obligation (ECO) scheme incentivised large energy providers in the UK delivering energy efficiency measures such as EWI to fuel impoverished households. Return on Investment (ROI) analysis is utilised to determine if EWI is a cost-effective procedure in terms of improving health related quality of life (HRQOL) measured using the EQ-5D-3L?, reducing health care expenditure, and fuel costs. Data comes from Stockton-On-Tees council, health care costs data, and information collected from households in the most socially deprived areas in Stockton-on-Tees. Results: The total cost of installation across all 2252 that received EWI was £10,222,954 in 2016 GBP. Annual total benefits were extrapolated across all 3265 households that received EWI. Total benefits were differences between the control and treatment groups in fuel costs, health care costs, and HRQOL multiplied by the National Institute for Health and Care Excellence Quality Adjusted Life Year threshold (£20,000). Total benefits for all households that received EWI were £1,519,045. The ROI of EWI is - 41%. 7.9 years are needed to recoup the costs of the initial investment. [ABSTRACT FROM AUTHOR]

This paper focuses on the spatial imprint and social impacts of the emerging geographies of concentrated overseas investment into London’s high-end real estate market, particularly the boroughs of Westminster and Kensington and Chelsea. Framed by literatures on the 1% and the super-rich, and based on a mixed methodological approach of qualitative interviews with intermediaries and a quantitative mapping of overseas investors using 2011 census data, the results speak to the pervasive nature of “safe-haven” seeking in London real estate and its attendant transnational provenance set within a laissez-faire regulatory framework. In so doing, it makes an important contribution to the geographies of the super-rich, the class geographies of London, and the broader sense that overseas investors are producing what we call “pied-à-terre” urbanism which builds on a conventional gentrification framework (exclusionary displacement and a more affluent incoming group) but also exceeds it in several ways, leading to an increasingly socially attenuated landscape. This exceeding relates to: a different kind of rent gap, in that it is not speculative but safe-haven seeking, a guaranteed return on investment, and occurs without previous disinvestment; the agents are not traditional gentrifiers; the transnational nature of the process, with no attachment to particular places like in the traditional gentrification model; and a process focused on super-prime areas and completely independent of the existing gentrification process in London. [ABSTRACT FROM AUTHOR]

This study examines the relative importance of liquidity risk for the time-series and cross-section of stock returns in the UK. We propose a simple way to capture the multidimensionality of illiquidity. Our analysis indicates that existing illiquidity measures have considerable asset specific components, which justifies our new approach. Further, we use an alternative test of the Amihud (2002) measure and parametric and non-parametric methods to investigate whether liquidity risk is priced in the UK. We find that the inclusion of the illiquidity factor in the capital asset pricing model plays a significant role in explaining the cross-sectional variation in stock returns, in particular with the Fama–French three-factor model. Further, using Hansen–Jagannathan non-parametric bounds, we find that the illiquidity-augmented capital asset pricing models yield a small distance error, other non-liquidity based models fail to yield economically plausible distance values. Our findings have important implications for managing the liquidity risk of equity portfolios. [ABSTRACT FROM AUTHOR]

Abstract: This paper focuses on the renewable heat incentive (RHI) scheme in the United Kingdom (UK); and in particular, on its implications in relation to solar thermal systems (STSs). First, a short review on the UK's energy demand is provided. Then, an overview of the past and present activities related to STS installations is discussed, covering regulation, policies and programmes, research and development expenditures and implementations. A financial analysis is presented afterwards, analysing the RHI scheme, in terms of total profit, payback period and average annual return on investment. This is based on installations of different sizes and at various levels of solar insolation. The analysis also presents the reduction of carbon dioxide emissions that could be achieved by installing an STS. From the financial analysis it is found that the RHI scheme could generate a good total profit, a high average annual return on the investment and an ‘acceptable’ payback period, depending on locations. As a result, it could increase the penetration of solar thermal systems in the UK. Significant reductions of carbon dioxide emission can also be achieved by installing an STS on a building. [Copyright &y& Elsevier]

This paper estimates the effects of human capital skills largely created through education on life's chances over the life cycle. Qualifications as a measure of these skills affect earnings, and schooling affects private and social non-market benefits beyond earnings. Private non-market benefits include better own-health, child health, spousal health, infant mortality, longevity, fertility, household efficiency, asset management and happiness. Social benefits include increased democratisation, civil rights, political stability, reduced crime, lower prison, health and welfare costs, and new ideas. Individual benefits enhance community-wide development. New ‘narrow’ social rates of return using UK Labour Force earnings correct for institutional costs, longitudinal trends and ability. The paper's objective, however, is to estimate these earnings plus non-market outcomes comprehensively without overlaps and also relative to costs. Non-market outcomes are measured by averaging regression coefficients from published studies that meet scientific standards. New UK ‘narrow’ social rates of return average 12.1 per cent for short-cycle and 13.6 per cent for bachelor's programmes. Augmented with non-market effects on life chances, they are over twice that. Short degrees are found effective for regional development and have potential for developing countries. [ABSTRACT FROM PUBLISHER]

Abstract: This paper explores the photovoltaic (PV) industry in the United Kingdom (UK) as experienced by those who are working with it directly and with consideration of current standards, module efficiencies and future environmental trends. The government''s consultation on the comprehensive review for solar PV tariffs, proposes a reduction of the generation tariff for PV installations in the UK of more than 50%. The introduction of the Feed-In Tariffs scheme (FITs) has rapidly increased deployment of PV technologies at small scale since its introduction in April 2010. The central principle of FIT policies is to offer guaranteed prices for fixed periods to enable greater number of investors. A financial analysis was performed on two real-life installations in Cornwall, UK to determine the impact of proposed cuts to the FIT will make to a typical domestic PV system under 4 kW. The results show that a healthy Return on Investment (ROI) can still be made but that future installations should focus on off-setting electricity required from the national grid as a long term push for true sustainability rather than subsidised schemes. The profitability of future installations will have to be featured within in-service and end-of-service considerations such as the feed-in tariff, module efficiencies and the implications of costs associated with end-of-life disposal. [Copyright &y& Elsevier]

Abstract: This paper assesses the effects of domestic soccer teams’ performances against foreign rivals on stock market returns as well as on the return–volatility relationship. Data from Chile, Spain, Turkey and the United Kingdom support propositions that soccer teams results in international cups affect stock market returns and the return–volatility relationship. Evidence from Spain and the UK, soccer powerhouses, suggests that losses are associated with lower returns and higher risk aversion but evidence from Chile and Turkey, where soccer is the most important sport but teams are not as successful, reveals that wins are associated with higher returns and lower risk aversion. [Copyright &y& Elsevier]

Introduction: Following concerns expressed regarding recently expanded dental education, a survey was conducted on United Kingdom and Republic of Ireland clinical educators' perceptions of their work and the educational experiences they provide in clinical restorative dentistry. Many of the challenges facing dental education are common to all countries, and it would be of interest to note if the views reported are representative of the greater European perspective. The results of this survey represent a European regional picture. Methods and Materials: This is a survey of clinical staff in restorative dentistry departments across all of the fully established UK and ROI dental schools. The survey covered factors affecting the quality of undergraduate learning in restorative dentistry and the implications of these for programme delivery. Thematic analysis was applied to qualitative responses. Results: One hundred and eighty-eight responses were received across the gamut of clinical educators' roles and across 15 of the 16 schools. Themes identified were personal workload, teaching effectiveness, students' clinical experiences, provision of teaching, departmental organisation and job satisfaction. Discussion: The survey findings had many parallels with other recent reports but also suggested some developments. Conclusion: The survey provided an accurate snapshot of staff views on the quality of undergraduate clinical training in restorative dentistry. Despite experiencing difficulties in many areas of their work resulting in poor morale, staff considered teaching rewarding although undervalued by others. A number of recommendations are made for the development of undergraduate teaching. [ABSTRACT FROM AUTHOR]

This article sets out a detailed and realistic strategy for achieving the diversity in financial services to which the UK Government's Coalition Agreement is committed. Diversity of ownership types and business models creates a corresponding diversity in forms of corporate governance; risk appetite and management; incentive structures; policies and practices; and behaviours and outcomes. It also offers wider choice for consumers through enhanced competition that derives in part from the juxtaposition of different business models. However, the UK financial services sector is dominated disproportionately by a single business model, namely the large, shareholder-owned plc. This domination of the shareholder ownership model - whose purpose is to maximise financial returns to the shareholders - proved a lethal combination with the financial deregulation, the creation of new financial instruments and the concomitant rising levels of debt over the past 20 years. In a situation of uncertainty and unpredictability, we cannot know which model will prove to be superior in all possible future circumstances, so we ought to be rather cautious before destroying any successful model. The global economy is a complex system, and an important point about complexity is that many complex systems are intrinsically unpredictable, even if we know everything else about them. Thus, the problem is not just that the economic future is uncertain, but that it is fundamentally unpredictable. [ABSTRACT FROM AUTHOR]

This article presents findings of a comparative study of destination marketing evaluation research in the United Kingdom to identify success factors, highlight best practices, and draw attention to determinants of poor performance in destination marketing campaign activities. Increasing levels of competition between tourism destinations has led to increased pressure on destination marketing organizations (DMOs) to maximize the effectiveness of their marketing spend. Therefore, the evaluation of tourism marketing campaigns reveals not only if the campaign has been successful in terms of attracting visitors but also if the expectations in terms of expenditure impact and return on investment are achieved. This study investigates the success of 18 campaigns directed to potential domestic visitors, using the conversion study technique to evaluate expenditure impact and return on investment. This article contributes to marketing practice through increased understanding of the key components that lead to a high return on investment and higher impact. [ABSTRACT FROM AUTHOR]

Abstract: Ecological and economic evaluation should be a key component of biodiversity conservation programmes since it underpins the efficient allocation of resources. However, most such programmes are not currently assessed in terms of the rate of return on investment that they provide. The UK Government launched the UK Biodiversity Action Plan in 1994. We collected data from those responsible for monitoring this programme, then used a form of cost-effectiveness analysis to evaluate its effectiveness and efficiency at meeting the targets of individual Species Action Plans. In this context, effectiveness refers to the goal of maximising total conservation gains, whereas efficiency refers to maximising conservation gain per unit cost. We define the latter as a basic economic objective for conservation resource allocation. We find that the distribution of spending across plans was highly biased towards vertebrates and there was no correlation between cost and effectiveness. Non-vertebrate plans tended to be more efficient than vertebrate plans. However, following a species utility-based weighting, this tendency was less pronounced and a significant positive correlation between cost and effectiveness emerged. Nevertheless, this evidence suggests that the efficiency of the UK Biodiversity Action Plan could be improved by correcting the imbalance in spending between vertebrate and non-vertebrate plans. This study highlights the importance of effective monitoring and reporting in determining the utility of biodiversity conservation programmes. It demonstrates how explicit cost-effectiveness analysis can be used to evaluate such programmes, and shows that it could also be adapted to accommodate other forms of ecological and social value. [Copyright &y& Elsevier]

The arguments for refinancing the European Union's (EU) higher education via higher tuition fees largely rest on preserving the profitability of the educational investment and offering deferred and income-contingent payments. Using income survey datasets on Belgium, Germany and the United Kingdom (UK) we first estimate how graduates' private return on educational investment is likely to be affected by higher private contributions. We then evaluate the effect of income-contingent and deferred payment mechanisms on lifetime net income and its capacity to account for graduates' ability to pay, considering numerous ways of financing the cost of introducing income-contingency. Our analysis reveals that increasing individuals' contributions to higher education costs, through income-contingent and deferred instruments, does not significantly affect the private rate of return of heterogeneous graduates, allows for payments to be indexed to ability to pay, and can be implemented in ways that minimize the risk of adverse selection. These findings prove robust to significant variations between countries' unharmonised higher education institutional structures. [Copyright &y& Elsevier]

This paper explores some of the key challenges facing the growing profession of coaching. These include: ensuring that coaching is meeting the needs of both the coachee and the organisation, and also that there is demonstrable return on investment. To meet these needs it is necessary to ensure quality of practice through such means as supervision and review, establishing an appropriate profession, and moving beyond an individual focus to also focus on the wider systemic context. The paper is written from a personal perspective, from someone who has been involved in coaching, supervising coaches, advising companies on their coaching strategy and carrying out research in the field of Coaching Supervision. The primary focus is on coaching in the British context, but the author does also include reference to experience in other countries. [ABSTRACT FROM AUTHOR]

The expansion of higher education (HE) in the UK has disproportionately benefited young people from relatively rich families: the gap between rich and poor in terms of participation in HE having widened since the 1970s. We explore a neglected possible cause of this class difference: that the labour market fails to provide sufficient incentives for potential entrants from less advantaged backgrounds to enter HE. Most studies of the rewards from participating in HE in the UK suggest that the rates of returns are sufficiently high to provide clear economic incentives to participate. However, until recently, most studies generated estimates of the average rate of return to graduation, which could overestimate returns to marginal entrants, particularly those from disadvantaged backgrounds. In this review we examine the methodological problems faced by more targeted studies of the rates of return to graduation and review their key findings concerning the economic returns to non-traditional entrants. [ABSTRACT FROM AUTHOR]

Purpose - The purpose of this paper is to examine the provision of audiovisual materials in UK public libraries and their economic value. Design/methodology/approach - A questionnaire survey of all the public library authorities in the UK was used to investigate current provision of audiovisual material, expected future provision, and the amounts spent on and generated by audiovisual collections. Data collected, together with those available from other reputable sources, were then used to estimate the cost benefit or value of audiovisual provision. Findings - The provision of audiovisual material in UK public libraries is widespread and varied. While audiovisual collections provide economic value and generate income from charging for loans, there are significant costs inherent in providing such services. Concerns are raised about the constant developments in media formats and the ability to make adequate provision. A cost benefit of 1:1.34 using the PVB (present value benefits) based on maximum loan charges was found, meaning that the UK gets £1.34 direct benefit from every £1.00 spent on the audiovisual service. Research limitations/implications - There are different methods used by economists to estimate value of public services, all having limitations. The method used in this research is no exception. The cost-benefit ratio found is based on maximum loan charges. However, this figure would be higher if the PYB had been based on purchase costs or lower if the PVB had been based on mean loan charges. Further, the figures do not include indirect benefits or option benefits, so are likely to be underestimates of the true cost benefit of the audiovisual service. Practical implications - This research is likely to be of interest to public library managers and funding bodies needing evidence for the value of audiovisual provision. Originality/value - This is the first attempt to put a monetary value on audiovisual provision in the UK. It also provides insights into current and future audiovisual provision. [ABSTRACT FROM AUTHOR]

This paper presents evidence of the effects of OPEC policy decisions on the US and UK stock markets, as well as on oil prices, during periods of conflict and non-conflict from 1986 to 2004. The outcomes of this study are potentially valuable in assessing future strategies for OPEC policy decisions on oil production targets for its Members. This paper also adds to the strong body of evidence supporting the hypothesis that market returns are influenced by factors that affect business conditions, such as oil price shocks. The key findings are that there are asymmetric reactions to OPEC policy decisions during conflict periods for the US and UK stock markets. During conflict periods, oil markets require time to incorporate OPEC decisions. Conversely, in non-conflict periods the evidence suggests that the oil markets incorporate OPEC decisions efficiently. [ABSTRACT FROM AUTHOR]

This paper discusses the changes in Information Technology (IT) investment philosophy of both private and public sector companies. Based on the available published material in scholarly journals and magazines, our analysis is focused on the USA and the UK. The paper analyzes the past and current behaviors of business investments in technology and the factors that have prompted companies to change their IT investment patterns. The paper discusses how the success of IT can not be measured with traditional methods of calculating return on investments (ROI) but must be evaluated in other ways. It highlights specific points proving that IT has slowly evolved over the years from an uncontrollable technological change to a strategic management tool that creates and increases competitiveness. In this strategic role, investment in IT has become a tool of meeting business objectives for the companies. [ABSTRACT FROM AUTHOR]

Studies the rates of return for different sectors of the British railway industry and considers the levels of industrial concentration across the period from 1830-1912. Main characteristics of the pre-First World War railway industry; Status of governmental regulation and competition policy in the industry during the period; Link between industrial concentration and profitability; Changes in levels of industrial concentration and rates of return for different sectors of the industry across the period; Implication of the findings on existing views about structural change in the industry.

Discusses key issues concerning research and development and its impact on the profits of companies in Great Britain. Relationship between investments into research and development and its advantages for firms; Analysis of pertinent topics and relevant issues; Implications for research and development and innovation in business.

Discusses the features of Great Britain's Enterprise Act 2002 on corporate insolvency laws. Implementation of rescue-orientated and inequitable modifications; Aim of the regulation to attain a corporate rescue environment, a higher return for creditors and a balanced system of insolvency distribution; History of corporate insolvency laws; Focus of the article on the abolition of administrative receivership, reformation of the administrative procedure, removal of the Crown's preferential status in insolvency.

Examines the cause of the occurrence of software failures. Statistics of information systems regarding software failures; Design of the Libra project in Great Britain to provide a standard information technology (IT) system for magistrates' courts; Evaluation of the success of an IT system through its return of investment.

Discusses the theory of trade cycles by the Keynesians in view of the economic fluctuations in Great Britain. Effect of the fluctuations in the cost and the real rate of return on capital on oscillations in investments which combined with the durability of capital goods which caused the duration of modern major cycles; Implications of ripple-elimination on the duration of major cycles.

Focuses on the economic impact of prompt intervention in a nationwide outbreak of salmonellosis in Great Britain. Contamination of chocolate with Salmonella napoli; Rate of return on an investment in public health surveillance; Cost effectiveness of the collaboration between public health authorities and the industry.

This paper explores the techniques used by organizations to appraise Information Systems (IS)/Information Technology (IT) investments, and concentrates, in particular, on techniques of capital investment appraisal. We draw on relevant studies reported in both the accounting and finance, and the IS literature, which have addressed their usage. Where possible comparisons are drawn between both sets of literatures. The results of a survey that specifically examined IS/IT investment appraisal practices of a sample of UK companies is also presented. Among the issues discussed include the extent to which capital investment appraisal techniques are used to appraisal investments, the importance of the techniques used and the problems attendant on the decision making process. [ABSTRACT FROM AUTHOR]

This paper explores the impacts of energy policies for supporting low-carbon infrastructure on the economic and financial performance of energy storage when coupled with a generator. The study sets in the UK context and the unit of analysis is the generator connected with energy storage. An analytical method is derived to assess the impact of policy schemes for low-carbon infrastructure on energy storage. The case study of energy storage systems coupled with a Small Modular nuclear Reactor (SMR) is quantitatively investigated in three scenarios: 1. SMR-only (the baseline); 2. SMR with thermal energy storage; and 3. SMR with Lithium-ion battery. For the strike price at 100 £/MWh, the net present value for scenarios 2 and 3 reduces from 562 M£ to 379 M£ and from 376 M£ to -1144 M£, respectively, when the energy storage capacity increases from 100 MWh to 1 GWh. As the net present value reduces with increased energy storage capacity (when coupled with generation), this work shows that low-carbon incentives are, unintentionally, barriers to the development of energy storage due to: (A) current generator incentives give a favourable return on investment and energy storage would diminish it; (B) energy storage cannot participate in generator only incentives. • There is a growing need to deploy energy storage infrastructures. • There is no incentive scheme specifically developed for energy storage. • Low-carbon power incentive schemes can unintendedly limit energy storage deployment. • The unintended effect is analysed analytically and numerically. • Policy recommendations are suggested to address this critical issue. [ABSTRACT FROM AUTHOR]

Background: This paper addresses the question of what a reasonable price for an orphan drug is. The research proposes a way to adjust an established payer/HTA body incremental cost-effectiveness threshold (CET) to take account of differences in patient populations and costs of research and development in order to sustain prices that generate rates of return from investments in developing orphan drugs that are no greater than the industry average. Methods: We investigated the cost of conducting research for orphan drugs as compared to non-orphan drugs, as well as patient population sizes targeted by orphans and non-orphans. We provided an empirical illustration based on novel drug approvals of orphan and non-orphan drugs of the FDA between 2011 and 2015 (N = 182). Results: Using, for illustration, the NICE incremental CET (£20 K per QALY) as an anchor and adjusting by R&D costs and expected market revenue, we estimated the adjusted reasonable CET for orphan drugs to be £39.1 K per QALY at the orphan population cut-off and £78.3 K per QALY at the orphan population mid-point. For ultra-orphan drugs the adjusted CET was £937.1 K. Conclusions: We propose one general method for establishing a reasonable price for an orphan drug, based on the proposition that rates of return for investments in developing orphan drugs should not be greater than the industry average. More research is required on data and assumptions, but with the data and assumptions we use, we find that in order to secure such a reasonable price for an orphan drug, the CET for orphans would need to be higher. This could be one approach for establishing the maximum allowable price society should be willing to pay, although decision-makers may still wish to negotiate a lower price, or refuse to pay such a premium over the value-based price in order to treat these groups of patients. [ABSTRACT FROM AUTHOR]

Amount raised: The World's Biggest Coffee Morning (WBCM) is Macmillan's flagship fundraising event raising £200 (US $282) million since its inception in the United Kingdom in 1990. Aim: Behind the success of WBCM, one of the UK's biggest fundraising events, lies a simple ask: get together with friends, colleagues and neighbors for a coffee morning and raise money for Macmillan Cancer Support. Strategy/Tactics: Our strategy focuses on marketing, both to existing and new hosts, and the development of a fully integrated, multichannel campaign. A collaborative approach is required to achieve growth across all areas of the organization, with celebrity endorsement, PR, and activity with corporate partners such as MandS helping to further drive awareness and income. Program process: Supporters register to receive their free Coffee Morning Kit and host a Coffee Morning at their chosen venue. While there are several weird and wonderful twists on the event, most hosts choose to serve coffee, cake and other treats in return for donations to Macmillan. Coffee Morning takes place on the last Friday in September each year (although supporters can host on any day that suits them) with the majority holding their event on this day. Costs and returns: The expenditure as a proportion of the amount we raise is roughly 30 p in the £1, the return on investment is £3.39 raised for every £1 invested. What was learned: Our experience shows that our key drivers to success are: Using research and insight to drive strategy: In 2011, we undertook a large research piece to understand who the audience were, their motivations for taking part and this was used to (a) develop a relevant proposition which met supporters' needs and (b) identify the key target market. Measurable, direct response activity across channels: using the right channels to reach the target market (e.g., direct mail to our existing hosts and an ATL campaign), including TV, to reach new hosts. Recognizing importance of retention and supporter experience: delivering a relevant, tailored experience to supporters that adds value. Ease of participation: no training over heavy commitment is needed - it can be as simple as buying a few cakes for neighbors to huge community events open to the public. [ABSTRACT FROM AUTHOR]

Abstract: Background and aims: Estimating ‘return on investment’ (ROI) from smoking cessation interventions requires reach and effectiveness parameters for interventions for use in economic models such as the EQUIPT ROI tool ( http://roi.equipt.eu). This paper describes the derivation of these parameter estimates for England that can be adapted to create ROI models for use by other countries. Methods: Estimates were derived for interventions in terms of their reach and effectiveness in: (1) promoting quit attempts and (2) improving the success of quit attempts (abstinence for at least 12 months). The sources were systematic reviews of efficacy supplemented by individual effectiveness evaluations and national surveys. Findings: Quit attempt rates were estimated to be increased by the following percentages (with reach in parentheses): 20% by tax increases raising the cost of smoking 5% above the cost of living index (100%); 10% by enforced comprehensive indoor public smoking bans (100%); 3% by mass media campaigns achieving 400 gross rating points (100%); 40% by brief opportunistic physician advice (21%); and 110% by use of a licensed nicotine product to reduce cigarette consumption (12%). Quit success rates were estimated to be increased by the following ratios: 60% by single‐form nicotine replacement therapy (NRT) (5%); 114% by NRT patch plus a faster‐acting NRT (2%);124% by prescribed varenicline (5%); 60% by bupropion (1%); 100% by nortriptyline (0%), 10) 298% by cytisine (0%); 40% by individual face‐to‐face behavioural support (2%); 37% by telephone support (0.5%); 88% by group behavioural support (1%); 63% by text messaging (0.5%); and 19% by printed self‐help materials (1%). There was insufficient evidence to obtain reliable, country‐specific estimates for interventions such as websites, smartphone applications and e‐cigarettes. Conclusions: Tax increases, indoor smoking bans, brief opportunistic physician advice and use of nicotine replacement therapy (NRT) for smoking reduction can all increase population quit attempt rates. Quit success rates can be increased by provision of NRT, varenicline, bupropion, nortriptyline, cytisine and behavioural support delivered through a variety of modalities. Parameter estimates for the effectiveness and reach of these interventions can contribute to return on investment estimates in support of national or regional policy decisions. [ABSTRACT FROM AUTHOR]