No / This paper examines how risk-taking is affected by non-compliance with a ‘comply or explain’ based system of corporate governance. Using System Generalized Methods of Moments (GMM) estimates to control for various types of endogeneity, the results of this study show that non-compliance with the UK Corporate Governance Code is positively associated with total, systematic, and idiosyncratic risk. However, profitability moderates the impact of non-compliance on firms' risk-taking. The findings of this study further reveal that the impact of non-compliance with various provisions of the UK Corporate Governance Code is not uniform. That is, non-compliance with board independence provisions is associated with higher risk-taking. However, non-compliance with committees' chair independence is associated with lower risk-taking. These findings have implications for investors, policy makers, and corporations regarding the usefulness of compliance with a prescribed code of corporate governance.

Purpose: The purpose of this study is to examine the effectiveness of the comply-or-explain principle in Sweden to determine if the flexible approach is functioning as in-tended. Research design: This paper scrutinizes the quality of the explanations with respect to the Swedish Corporate Governance Code. A quantitative research with a cross-sectional design has been performed and the data collection covers 241 companies listed on Nasdaq OMX Stockholm for the fiscal year of 2014. The secondary data has been gathered from corporate governance reports of the researched companies and analysed by using a tax-onomy of explanations. Findings: The report demonstrates that the comply-or-explain principle in Sweden is effective. A clear majority of the explanations, 71,8%, were deemed as informative, mean-ing that a large proportion of the Swedish firms are utilizing the flexible approach in an effective manner. However, one out of four explanations were classified as insufficient and we have thus provided recommendations in order for the code to become even more effective. Contribution: Our findings provide insights on how the comply-or-explain principle works in a country that is supposed to be a leading example of how the comply-or-explain approach should be implemented. This study should be of significance for policy makers considering that we have outlined how the principle works and provided recommenda-tions on how the Swedish Corporate Governance Code can be improved. Value: Our findings demonstrate that companies listed on Nasdaq OMX Stockholm pro-vide high quality explanations that can serve as an inspiration for companies listed in other countries. Furthermore, the results indicate that managers are likely to act within ethically desired norm. Considering the social implications, as Swedish firms are informative in terms of explanations, it minimizes the risk of firms acting dishonestly.

The purpose of this study was to examine how preschool children, 4-5 years, think, reason and explain an everyday physical phenomena. The phenomenon’s that was chosen for this study is the Archimedes principle and density. The study was conducted through qualitative semi-structured interviews that took place while the experiments were carried out by the children. This method was chosen to make it possible to follow the children´s reasoning about the subject of physics in preschool and to let them lead the conversation and let them explain the result. The result shows that children in the study have experience and knowledge about the phenomenon of why objects float or sink. Even if they don’t have knowledge of Archimedes´ principle or density, they can come up with their own conclusions of why objects float or sink, based on their past experiences and knowledge. Some of the children approach an explanation of these phenomena, without using the scientific concepts. / Syftet med studien är att undersöka hur förskolebarn, 4-5 år, tänker, resonerar och förklarar vardagliga fysikaliska fenomen. Fenomenen som valts till denna studie är Arkimedes princip och densitet. Genomförandet av studien bygger på kvalitativa semistrukturerade intervjuer som genomfördes i samband med att experimentet utfördes. Metoden valdes för att undvika att barnen bara svarade ja eller nej på frågorna, utan det skulle finnas utrymme och möjlighet för barnen att förklara sina tankar och idéer. I denna studie var barnens tankar det viktiga och intressanta, hur de resonerade och förklarade fenomenet. Resultatet visar att barnen i studien har erfarenhet och kunskap om fenomenet varför föremål flyter eller sjunker. Även om de inte har kunskap om Arkimedes princip eller densitet kan de komma med egna slutsatser till varför föremål flyter eller sjunker, baserat på deras tidigare erfarenheter och kunskaper, och några barn närmar sig en förklaring av dessa fenomen, utan att använda sig av de vetenskapliga begreppen.

Nesta pesquisa estudamos e defendemos o fenômeno do explicar a partir da perspectiva do observador. O sistema conceitual que ressalta o observador como ser biológico e cultural fundamenta-se na Teoria da Biologia do Conhecer de Humberto Maturana e Francisco Varela. A explicação é um fenômeno humano e ao mesmo tempo biológico que só existe quando é aceito pelo observador. A interação é possível quando a constituição biológica do observador permite a perturbação do meio externo à sua dinâmica interna, relacionada diretamente ao sistema nervoso que funciona em clausura operacional. O observador é um ser autopoiético, e por isso, sofre constantes modificações de sua estrutura nos processos interacionais da práxis do viver sem, no entanto, perder a sua identidade. Quando acontece de mais de um observador interagir e se modificar mutuamente, alem de estar em acoplamento estrutural, passam a conviver e possuir um conjunto de comportamentos que dependem dessa história coletiva (ontogenia). Para ilustrar modelos de explicações aceitas, coletamos enunciados com estudantes do 9º ano do ensino fundamental em uma escola pública de São Paulo. Dos enunciados, foi possível criar categorias que demonstraram a existência de elementos nas explicações dos estudantes oriundos do contexto da práxis do viver, o que indicaria que o ensino de ciências deve refletir sobre esse como elemento fundamental para referenciar a linguagem e os métodos de ensino, tornando a ciência como algo natural ao fazer de seus observadores que buscam conhecer aquilo que esta no fazer dos cientistas, pois \"Todo fazer é um conhecer, e todo conhecer é um fazer\". O observador autopoiético está na relação indissociável entre linguagem, constituição biológica e cultura. / In this research we study and defend the phenomenon of the explain from the observer\'s perspective. The conceptual system that emphasizes the observer as a biological and cultural being based on the Theory of the Biology of Knowledge by Humberto Maturana and Francisco Varela. The explanation is a human phenomenon and simultaneously biological that only exists when is accepted by the observer. The interaction is possible when the biological constitution of the observer allows an interference of the external environment to his internal dynamics, directly related to the nervous system that operates on operational clausura. The observer is an autopoietic being, therewith suffers constant changes in his structure in the interactional processes of the praxis of the living, and yet, no losing his identity. When there is more than one observer that interacts and modifies each other, besides being in a structural coupling, they begin to live and have a set of behaviors that depend on their collective history (ontogeny). To illustrate models of accepted explanations has been collected statements with students of the 9th elementary grade of a public school in Sao Paulo. From that statements, it was possible to create categories that demonstrated the existence of elements in the students\' explanations from the context of the praxis of the living, which would indicate that the education of science should reflect on it as a key element to reference the language and teaching methods, making science as something natural to make its observers who seek to know what is on scientists doings, because \"All doings is a knowledge, and all knowledge are doings\". The autopoietic observer is in an indissociable relationship between language, biological constitution and culture.

Initial teacher education is an area of weakness within the Chilean education system. Yet it is highlighted as a crucial aspect of educational success. Success in educational improvement depends mainly on the teachers (because they enact a reform by putting it into practice), and teacher thinking is likely to influence teacher decision-making. How teacher conceptions and practice change, and how to facilitate this change, was the focus of this study. It explored to what extent peer assessment could facilitate change in pre-service science teachers’ conceptions and practices regarding conceptual explanations in science teaching.In a quasi-experimental design, a ten-session peer assessment intervention was carried out with thirty seven pre-service science teachers in three Chilean universities, each with an experimental and control group. The intervention sought to develop changes in teachers’ conceptions about the quality of explanations and in their skill of explaining scientific concepts. Teachers' thoughts were obtained through a peer assessment questionnaire, feedback sessions, focus groups and interviews. The quality of their explanations was measured at pre, post and follow-up in their eventual first job via video-recorded microteaching episodes using observational analysis. Inter-rater reliability was calculated on 5% of all qualitative data and all the videos were rated by two researchers in a blind process. Qualitative analysis indicated how teachers transformed their conceptions about the quality of explanations from general pedagogical knowledge into pedagogical content knowledge. A quantitative instrument was created to evaluate student teachers’ explanations in practice. Its reliability enables the assessment the skill of explaining based on ten elements (Cronbach’s alpha=.77). Results showed pre-service teachers significantly improved their explanations of scientific concepts in some practical aspects, although not all of them were transferred into real teaching contexts. The changes in student teachers’ conceptions and practice were analysed to indicate how the process occurred, to what extent peer assessment had a role on it, and which elements facilitated or made difficult the transference of the skill of explaining into real teaching. These results indicated that peer assessment can play a noteworthy role in teacher education to develop skills. There are implications for policy and practice in this study, not only for teacher education but also for in-service teacher professional development, not only for Chile but also for other countries.

Nesta pesquisa estudamos e defendemos o fenômeno do explicar a partir da perspectiva do observador. O sistema conceitual que ressalta o observador como ser biológico e cultural fundamenta-se na Teoria da Biologia do Conhecer de Humberto Maturana e Francisco Varela. A explicação é um fenômeno humano e ao mesmo tempo biológico que só existe quando é aceito pelo observador. A interação é possível quando a constituição biológica do observador permite a perturbação do meio externo à sua dinâmica interna, relacionada diretamente ao sistema nervoso que funciona em clausura operacional. O observador é um ser autopoiético, e por isso, sofre constantes modificações de sua estrutura nos processos interacionais da práxis do viver sem, no entanto, perder a sua identidade. Quando acontece de mais de um observador interagir e se modificar mutuamente, alem de estar em acoplamento estrutural, passam a conviver e possuir um conjunto de comportamentos que dependem dessa história coletiva (ontogenia). Para ilustrar modelos de explicações aceitas, coletamos enunciados com estudantes do 9º ano do ensino fundamental em uma escola pública de São Paulo. Dos enunciados, foi possível criar categorias que demonstraram a existência de elementos nas explicações dos estudantes oriundos do contexto da práxis do viver, o que indicaria que o ensino de ciências deve refletir sobre esse como elemento fundamental para referenciar a linguagem e os métodos de ensino, tornando a ciência como algo natural ao fazer de seus observadores que buscam conhecer aquilo que esta no fazer dos cientistas, pois \"Todo fazer é um conhecer, e todo conhecer é um fazer\". O observador autopoiético está na relação indissociável entre linguagem, constituição biológica e cultura. / In this research we study and defend the phenomenon of the explain from the observer\'s perspective. The conceptual system that emphasizes the observer as a biological and cultural being based on the Theory of the Biology of Knowledge by Humberto Maturana and Francisco Varela. The explanation is a human phenomenon and simultaneously biological that only exists when is accepted by the observer. The interaction is possible when the biological constitution of the observer allows an interference of the external environment to his internal dynamics, directly related to the nervous system that operates on operational clausura. The observer is an autopoietic being, therewith suffers constant changes in his structure in the interactional processes of the praxis of the living, and yet, no losing his identity. When there is more than one observer that interacts and modifies each other, besides being in a structural coupling, they begin to live and have a set of behaviors that depend on their collective history (ontogeny). To illustrate models of accepted explanations has been collected statements with students of the 9th elementary grade of a public school in Sao Paulo. From that statements, it was possible to create categories that demonstrated the existence of elements in the students\' explanations from the context of the praxis of the living, which would indicate that the education of science should reflect on it as a key element to reference the language and teaching methods, making science as something natural to make its observers who seek to know what is on scientists doings, because \"All doings is a knowledge, and all knowledge are doings\". The autopoietic observer is in an indissociable relationship between language, biological constitution and culture.

This research analysis is an investigative effort at applying a methodological theory of Islamic extremism to Britain's far-right. Using four assigned categories-the defined 'puzzle pieces' of Hafez and Mullins theory-the research presented will draw heavily from recent history and contemporary societal examples to demonstrate how far-right radicalisation takes place. By looking at grievances, ideology, networks and enabling environment the aim of such an exercise is to demonstrate the intricate processes involved in radicalising someone to support far-right parties and ideologies. One of the most important themes of this analysis is the increasing politicisation of 'culture' by both the government and the far-right. Consequently, there will be discussion on Britain's Prevent programme and the far-right's adaptability in using culture to promote a 'new racism' that presents itself as different from traditional, fascist styles of Othering.

In the last two decades, duration analysis has been largely applied to fixed - income securities . However, since rising and falling interest rates have been determined to be a major cause of stock price movements, equity duration has received a great deal of attention. The duration of an equity is a measure of its interest rate risk. Duration is the sensitivity of the price of an equity with respect to the interest rate. Convexity is the sensitivity of duration with respect to the interest rate. The analysis revealed that the fractional price change and market risk of equities can be explained by duration and convexity.

In this thesis I investigate the economic determinants and consequences of corporate governance (broadly defined) in Canadian “comply or explain” governance disclosure regime. I find that the quality of governance in firms varies in the cross-section and is associated with firm value as economic theory suggests. Furthermore, I find the effectiveness of board and audit committee has a strong impact on the auditor-client management relationship in their negotiation over financial reporting. Such relationships then influence financial reporting quality and audit fees. Overall, my results support that the theorized advantages of “comply or explain” allow firms greater flexibility in tailoring their governance practice to their specific circumstances. Such tailored governance practice is more efficient and cost-effective and serves the interests of shareholders by 1) improving firm value; 2) constraining managerial opportunism; and 3) improving audit quality without incurring higher audit fees. / Thesis (Ph.D, Management) -- Queen's University, 2013-07-26 11:29:18.86

Företagsskandalerna i slutet av 1990-talet och början av 2000-talet förde fram debatten om bolagsstyrning i ljuset. De stora krav på omdöme och uppförande som krävs av bo-lagsledningar för att rätt förvalta andra människors pengar förstärker väsentligheten av att det finns verksamma incitament för företagsledningarna att fullgöra sina skyldighe-ter. Som ett resultat av dessa skandaler tillsatte regeringen Förtroendekommissionen, vars uppgift var att arbeta fram åtgärder för att stärka förtroendet för det svenska när-ingslivet. Ett år senare tillsattes Kodgruppen, och det slutliga resultatet av Kodgruppens arbete är den svenska kod för bolagsstyrning som idag ingår i Stockholmsbörsens noter-ingskrav. Att i valet mellan lagstiftning och självreglering, beslutet ändock föll på självreglering genom kod, har sin förklaring i självregleringens flexibilitet, snabbhet och anpassnings-barhet till de olikartade förhållanden som råder inom svenskt näringsliv. Koden är dess-utom semidispositiv genom principen comply or explain, vilket innebär att ett bolag kan välja att inte följa Kodens regler, bara de kan förklara orsaken till varje enskild avvikel-se. Att avvika från Kodens regler kan i vissa fall vara en förutsättning för att god bo-lagsstyrning ska kunna anses vara för handen. Då Kodens regler faller inom ABL:s naturliga tolkningsområde fungerar Koden som ett utfyllande tolkningsinstrument beträffande bolagsledningars skadeståndsansvar. Detta är möjligt genom att Koden konkretiserar det ansvar som bolagsledningen genom sin vårdplikt har gentemot bolaget. För de oäkta bolagsorgan som instiftats enligt reglerna i Koden, bedöms ansvaret olika beroende på vilken ställning inom bolagshierarkin de an-ses inta. Det oäkta bolagsorganet valberedningen och dess ledamöter är, på samma sätt som styrelsens ledamöter, sysslomän för bolaget. Mot denna bakgrund är det därför vik-tigt att berörda parter; bolaget självt samt aktieägare och tredjeman, kan göra ansvar gäl-lande mot culpös ledamot av valberedningen. Att beskriva övriga oäkta bolagsorgan; revisionsutskottet och ersättningsutskottet, som egna organ är delvis missvisande då det endast är fråga om en delegering av uppgifter inom styrelsen och inte inrättandet av ett nytt organ, såsom fallet är med valberedningen. Ansvaret ska således bedömas på sam-ma grunder som vid övrig arbetsfördelning inom styrelsen. Avsaknaden av en officiell instans som bevakar och godkänner de förklaringar företa-gen lämnar till sina avsteg från Koden, medför att det istället har blivit marknadens sak att bedöma, och indirekt utdöma sanktioner mot, de förklaringar som lämnas och som inte håller en acceptabel kvalité. Resultatet av principen comply or explain, eller snarare bristen på bevakning av förklaringarna, medför att Koden inte blir det skärpande verk-tyg för svensk bolagsstyrning som det var tänkt från början. / The company scandals in the late 1990s and early 21st century brought attention to the debate of corporate governance. The demand for good judgement and good behaviour by corporate executives in order to manage the money of other people, enhances the need for effective incentives in order to make the executives fulfil their obligations. As a result of these scandals, the Swedish government appointed Förtroendekommissionen, whose task was to work out measures to enhance the confidence of Swedish economy. A year later Kodgruppen was appointed, and the final result of their work is the Swed-ish code of corporate governance that now is a part of the Stockholm stock exchange rules. The reason, in the choice between legislation and self-regulation through a code, that the choice became self-regulation is the flexibility, rapidity and adaptability to the dif-ferent conditions in the Swedish economy that this regulation possesses. The Swedish code of corporate governance is also semi optional through the principle comply or ex-plain, which means that a company is allowed to choose not to observe all the rules in the Code, provided that they are able to explain the reason for each of the deviations. To differ from the Code can even, in some circumstances, be a requirement for good corpo-rate governance. When the rules of the Code fits under the natural interpretation area of the Swedish lim-ited liability company law, the Code works as a tool in the interpretation about the li-ability for the corporate executives. This is possible because the Code makes the liabil-ity of the executives real, this through their duty to take good care of the company. The unauthorized company bodies that are founded according to the rules of the Code, are being judged differently depending of their position in the company hierarchy. The un-authorized company body called election board, and its members, are in the same way as the members of the board, trustees of the company. Considering this, it is important that involved parties such as the company itself, their shareholders and third parties, have the possibility to claim liability of a member of the election board that has been neglecting his duties. To describe all of the other unauthorized company bodies, such as the audit committee and the compensation committee, as independent company bodies are partly misleading, because it is only a matter of delegation of tasks within the board, and not the founding of a new body, as it is in the case with the election board. The li-ability is therefore to be judged after the same preferences as in other delegation of tasks within the board. The fact that there is no official authority that monitors and approves the explanations given by the companies of why they do not follow the guidelines given by the Code, has the consequence that it is up to the market to decide whether the explanation has a qual-ity that can be approved. The market will also be the one that punish companies who has explanations of poor quality. The use of the principle comply or explain, or rather the lack of monitoring its explanations, has as a consequence that the Code will not be-come the sharpening tool for Swedish corporate governance that it was supposed to be in the original idea.