http://hdl.handle.net/1983/977 Fri, 17 May 2013 13:35:10 GMT 2013-05-17T13:35:10Z http://rose.bris.ac.uk:80/bitstream/id/2570/header-default.jpg http://hdl.handle.net/1983/977 http://hdl.handle.net/1983/1006 The impact of worker values on client outcomes within a drug treatment service Phillips, Rosie; Bourne, RHL Background: Little attention has been paid to understanding the impact of values, attributes and characteristics of drugs workers on therapeutic relationships and treatment outcomes. Interaction of values with other variables is considered to be of importance since values play a role in determining attitudes and behaviours. This exploratory study investigates the impact of drug workers’ personal values on client outcomes within a drug treatment service. Methods: 8 drug workers and 58 clients were recruited at a UK charity working with problematic drug users who are also socially excluded. Drug workers completed a validated questionnaire (Schwartz, 1992) to elicit their personal values. Client outcomes were assessed using the Christo Inventory for Substance Misuse Services (Christo et al., 2000). The relationship between client outcomes and worker values were analysed using Spearman’s rank test of association. Results: Drug workers prioritising stimulation, self-direction and hedonism value types experienced more positive client outcomes compared with those prioritising security, conformity, benevolence, tradition and universalism types. The value types associated with positive outcomes fall within Schwartz’s ‘openness to change’ superordinate dimension, whereas those related to more negative outcomes fall within the ‘conservation’ dimension. Conclusion: The study suggests that drug workers’ personal values may have a significant impact upon client outcomes in the treatment of substance misuse. Reasons for this finding are explored, as are limitations of this study and suggestions for future research. Preprint of a journal article to be published by Elsevier in the International Journal of Drug Policy (0955-3959). Fri, 21 Dec 2007 14:24:21 GMT http://hdl.handle.net/1983/1006 2007-12-21T14:24:21Z http://hdl.handle.net/1983/996 Market feedback, investment constraints, and managerial behavior Hill, PC; Hillier, David This paper examines the joint role of market feedback and investment constraints on managerial behavior. Using a sample of UK fixed price initial public offerings, we show that underperformance of share returns at the IPO significantly affects managerial investment decisions in the period after the offering. Firms with better investment opportunities and proportionately lower fixed (higher intangible) assets are more sensitive to negative market feedback. Over the longer term, the more responsive firms perform significantly better than their non-responsive counterparts. The findings contribute to the debate on the informational advantage of managers over investors and present strong evidence that the market, on aggregate, can provide a superior assessment of a firm’s opportunities. Managers who are able to respond to negative market feedback can significantly improve their firm’s future prospects. Preprint of a journal article to be published by Blackwell in European financial management (1354-7798). Tue, 27 Nov 2007 10:51:48 GMT http://hdl.handle.net/1983/996 2007-11-27T10:51:48Z http://hdl.handle.net/1983/984 Does volatility improve UK earnings forecasts? Petrovic, N; Manson, Stuart; Coakley, Jerry We investigate the relation between UK accounting earnings volatility and the level of future earnings using a unique sample comprising some 10,480 firm-year observations for 1,481 non-financial firms over the 1985-2003 period. The findings confirm the in-sample result of an inverse volatility-earnings relation only for the 1998-2003 sub-period and for the most profitable firms. The out-of-sample forecast accuracy for the top earnings quintile when volatility is added as a regressor is superior to the model including only lagged earnings. The findings are consistent with the over-investment hypothesis and the view that the earnings of the most volatile firms tend to mean-revert more rapidly. Thu, 08 Nov 2007 14:16:52 GMT http://hdl.handle.net/1983/984 2007-11-08T14:16:52Z http://hdl.handle.net/1983/983 Competition between European equity markets: evidence from dually-traded French stocks Friederich, SJ; Tonks, Ian Previous research on the competition between exchanges in Europe left unexplained why so much order flow in Continental stocks was traded off the domestic exchanges with London broker-dealers. We use a sample of dually-traded French stocks to examine whether these dual-capacity firms complement the liquidity supplied by the 'home' exchange . We report evidence that their market share increases significantly when trade size is large or various dimensions of liquidity are lacking from the Paris order book. This suggests competition between the venues (from the exchanges' perspective) and complementarity between them (from the investors' viewpoint). More generally, even a very liquid electronic order book may not be viable on its own. Thu, 08 Nov 2007 14:12:48 GMT http://hdl.handle.net/1983/983 2007-11-08T14:12:48Z