The changing trends of learning and teaching in the higher education in 21st century are described. The knowledge is the first of these changes, which is related to the economy, which is no longer based on natural resources and the transformation of these natural resources into finished product. The second major change is the impact of information technology on education and in particular the communication of information. Lifelong learning has become a key word in the educational world. The changing higher education implies rethinking and reconstruction and it implies the re-examination of the ways of conducting its activities and changing fundamental aspects of its structure and operation.

This paper made use of event study methodology to scan whether horizontal mergers alter the value of the acquiring firm. To evaluate the validity of the results two different models have been estimated, but the similarity of the results suggested that the findings are unbiased to model choice. Additionally, the study used different windows so as to examine the bias of the results on the span of the event period. No evidence was found of cumulative and abnormal return in any event window, apart from only one merger and only when the event window was quite small. At a longer window the abnormal returns seem to disappear. The latter provided evidence of market inefficiency in the short run for the given market, which in turn suggests that investors can gain abnormal returns with the use of publicly available information. In general, the findings indicated that most markets are efficient.

The chapter synthesizes extant interdisciplinary literature, by putting together a combination of relationship management theories as well as banking, economics, and finance theories, and blends this with findings from an ethnographic research platform to discuss the critical variables in the development of Bank-SME relationships. In addition, the chapter considers the effect of the recent economic crisis on the Bank-SME relationship. It can be seen that few banks looked inside their relationship with their SME customers as a means of redressing the crisis' effect and this has detrimental effects on their longterm performance. As a consequence, the chapter proposes recommendations so as to reduce the crisis negative impact. Moreover, it highlights that the new developments in the technological environment, i.e. social media, can be used to strengthen the Bank-SME relationship's success and is especially pertinent in such times of financial duress as it can enhance the communication mode of the dyad.

Undoubtedly, the nature of the relationships between business and risk factors in one country or another does not fit exactly into a "model" nor does it have a pure placebo effect. Yet, models' simplicity may appeal to managers and regulators in understanding important business risks and crisis related phenomena. Backed by this idea, this research underpins a comparative study on SMEs handling risk and crisis management according to a new tailored model of a balance scorecard. This new model of a risk and crisis management aims at improving both SMEs management adaptation and performance across all of crisis' stages, something not attempted so far in the literature. The application of such a 'balanced-scorecard' comes from the author's experience as a banker financing various SMEs industries, as a bank consultant on risk management as well as primarily from the results of a survey performed on a sample of 48 Romanian and Cypriot SMEs, equal-proportionally selected from the area of trading, manufacturing, and services. The results of this case study show, coincidently or not, that there is a significant improvement of the financial performance of the SMEs that employed this model compared to those that did not. The monitoring period: 11/2009-06/2010 was employed as a representative one for the latest global financial crisis which affected the entire European Union region, as well.

Purpose: This paper aims to highlight for the first time, creativity's vital role in a new approach in the higher education world which can improve the current university instructional strategies post financial crisis. Design/methodology/approach: The paper offers a theoretical framework which has emerged from literature review and personal business and educational experiences of the authors. It seeks to provide synthetically some answers/"solutions", focusing on a three dimensional framework: where to play the game of creativity; how to deliver creativity to business students, meaning by what structures and methods; and how to win in implementing this game. Findings: Many researchers appeared to focus on making their findings applicable to the entire education system paying little attention to issues specific to the business education sector. Succinctly, the focus of the papers is on "how to do it" part, which provides several realistic insights on how to connect communities into the game of creativity. Other methods required relate to: balancing creativity with core essentials; promoting excellence and sustainability; networking between students; faculty, management and community; improving learning environment; developing staff; teaching; learning competencies and programme curricula under an integrated service vision; anticipating educational future trends in networking; and building creative climates and partnerships. Originality/value: The paper's conclusions and recommendations present a practical set of good practices through the explicit and implicit identification of core characteristics for creativity in higher education. Eventually, the first mission in wanting to be creative is to really comprehend the problem, knowing all ways to approach it.

This paper investigates the potential for developing a neuroscience-based system for enhancing the human resource (HR) development process. The proposed system is firstly considered for application in the tourism industry because of its HR intensive characteristics. The aim is to relate different categories of adults in various ways based on their performance at work and previous educational experience, to their Individual Learning Capability (ILC). This is carried out in a set of experimental tests using specialized neuroscience equipment. In this way cognitive attributes can be mapped for targeted occupational categories. This will enable HR managers in the industry to easily identify the learning capabilities of their workforce and therefore create an effective plan for human capital development. The proposed system makes use of a specialized device developed by the authors, which has the capability of making field measurements. This is a novelty that makes the experiment possible with less costs without sacrificing the data quality. Previously such data could only be obtained at very specialized laboratory conditions. With the proposed ILC evaluation system we can bring the real talents of people in the forefront and support them in building the necessary capabilities to be effective.

Under the premises that the U.S. Exchange Traded Funds (ETFs) hold over 70% of the ETFs’ World market, it seems that the European ones have been either under-researched or less demanded. This study provides some insights into the performance of two ETFs hubs, holding over 80% of the European ETFs activity, namely those operating in Luxembourg and Ireland, due also to their tax similarities. Following an updated literature review on the topic, the paper compares these two ETFs hubs by using secondary data publicly available, interpreted under a framework of previously identified performance methods: Tracking Error, Jensen's alpha and Modigliani- M2 measure of performance. This methodology completes the descriptive statistics analysis, while aiming at answering two hypotheses. The first hypothesis states that the Tracking Error of ETFs compared to their benchmark or market indexes equals zero, which is confirmed by the study. The second hypothesis suggests that these particular ETFs do not present significant alphas, which is partially confirmed. Moreover, the second hypothesis is tested not only against various features of these funds ‘benchmarks, but also from risk measurement perspectives, while employing correlation significance between the two countries ETFs. Overall, it appears that from the risk adjusted performance perspective, the ETFs domiciled in Luxembourg outperform the Irish ones, leading also to potential M&As in this industry.

This chapter outlines the benefits and challenges experienced by two students who had completed an online doctoral programme at a popular United Kingdom university. Benefits include accessing courses from anywhere in the world, engaging in synchronous and asynchronous communication, and the development of creative thinking and reflective skills. The most important benefit was the fact that the online programme allowed the students to fulfill the dream of achieving a doctoral degree in teacher education while maintain family and work commitments. Some challenges of online learning include feelings of isolation, balancing family commitment with study, managing time, and coping with additional workload brought on by course requirements. The conclusion was made that the online environment is an excellent way of placing students at the centre of the learning experience, allowing them to have total control of their time and the process of learning. This, however, required an alteration in their thinking and a willingness to change certain attitudes about learning.

This chapter outlines the benefits and challenges experienced by two students who had completed an online doctoral programme at a popular United Kingdom university. Benefits include accessing courses from anywhere in the world, engaging in synchronous and asynchronous communication, and the development of creative thinking and reflective skills. The most important benefit was the fact that the online programme allowed the students to fulfill the dream of achieving a doctoral degree in teacher education while maintain family and work commitments. Some challenges of online learning include feelings of isolation, balancing family commitment with study, managing time, and coping with additional workload brought on by course requirements. The conclusion was made that the online environment is an excellent way of placing students at the centre of the learning experience, allowing them to have total control of their time and the process of learning. This, however, required an alteration in their thinking and a willingness to change certain attitudes about learning.

The Chinese Central Bank decided on June 8 and July 6, 2012, on the duplication and consecutive cut of the deposit and loan interest rates, together with the simultaneous loosening of the interest rate floating range of their financial institutions. Unquestionably, these measures resulted in a drastic change of the operating strategies of the whole banking system, for both nationalized and the private commercial banks. The article follows up on the causes and effects of these decisions in the Chinese banking arena, predicting a higher possible level of bad loans and followed by a higher systemic risk due to the three major banks’ reactions and copy-cat decisions in fixing interest rates. The research methodology uses the GARCH (1,1) model and the VaR to identify the way the interests are adjusted and study if this decision indicated a real liberalization or rather a controlled interest rate change by the authorities. Eventually, the Chinese interest rate liberalization brought good and bad news to the economy, while the essence remains in how such liberalization is handled and what is intended for the entire economy.

Purpose: The purpose of the current study was first to identify the motives for mergers, and second to examine the effect of mergers on the systematic risk of bidder firms in the airline industry. Design/methodology/approach: To evaluate the effect of mergers in the systematic risk, two different market models are estimated for each company in the sample, one with pre-merger data and one with post-merger data. Then the results obtained from the two data sets are compared so as to identify possible differences. Findings: The study has identified three diving motives behind the merges, namely cost efficiency, economies of scale, and market power. All of these motives are expected to affect the new firm's earnings stream and in turn affect its systematic risk. With the use of the market model the individual merger results are mixed and in line with the relevant literature. Nonetheless, the average results showed a decrease in the post-merger systematic risk. Research limitations/implications: A reduced post-merger systematic risk indicates a success in achieving management objectives. Mergers can generate synergetic gains from increasing cost efficiencies and/or scale economies and can also increase shareholders value through the reduction in the new firm's cost of capital. However, to have a more valid perspective a larger number of mergers should be included in the sample together with alternative calculation of systematic risk to test the robustness of the results. Originality/value: Taking into account the current economic hardship this paper addresses the issue of shareholders wealth maximization through mergers.

For the past 12 years volatile waves of M&As and divestments in the banking sector were generated by numerous, but often similar motives. This article analyses the motives behind bank M&As regarding the acquirer's and the target's reasons and their perceived criteria of success or failure. The study has identified soft "irrational" factors such as bargain deals or excess cash, behind several economic motives such as synergies, survival, market penetration, or following the customer. Overall, the motives proved to be interconnected, allowing traceable further bank consolidation, especially during financial crisis, at the intercountry level.

Purpose: The purpose of this research study was to examine the correlation, if any, between knowledge and performance management and associated strategies employed by today's organizations to increase stakeholder and shareholder value. Design, methodology: Each strategy was individually examined using the quantitative causal method research design in order to examine the relationship/correlation of the level of knowledge and performance activities within participant organizations, and then collaboratively examine their inter-relations. The independent variables and the dependent variables vary in each correlational research questions. Findings: The findings endorsed that effective use of organizational explicit knowledge and efficient performance are practices worth doing. Correlations between knowledge and performance and innovation and value added were found to be relatively strong. A moderately strong predictive correlation between effective implementation of knowledge strategy and performance was also found and presented, and similar findings showing a moderately strong predictive correlation between effective implementation of performance strategy and innovation are also established and shown. Practical implications: Organizations can increase and create vital added value to both stakeholders and shareholder members by implementing effectively a holistic approach as an integrated part of routine practices that enhances knowledge creation and exceptional performance, which will contribute to superior results - tangible and intangible ones. The practical implications of this research will contribute to the academic discipline of knowledge and performance management. Paper relevance: This paper will contribute to the debate regarding the linking of knowledge and performance management. Further, this paper will contribute to the in-depth analysis/discussion of the importance of knowledge in innovation and velocity management.

The IASB generates the International Accounting Standards and the Conceptual Framework in an attempt to create higher quality financial statements. Through this article, the extent to which this objective has been achieved is examined. Specifically, one fundamental (relevance) and one enhancing (timeliness) qualitative characteristic, as set by the IAS Committee through the conceptual framework, are under study. The sample consists of listed companies of 15 European countries that have adopted IAS mandatorily. Generally, the obtained findings support an increase in the quality of the financial statements and indicate a positive relationship between relevance and earnings timeliness.

Based mainly on secondary research analysis this case study tracks down foreign exchange risk as exposure during the recent financial crisis (March 2007 to February 2010). The author picked up a value of €100,000 traded by a Cypriot SME importer with a local bank on a monthly basis under either a forward contract or a spot transaction against other three hard currencies. Methodologically, the research uses Sharpe ratio as proxy for either hedge or non-hedge options, ignoring any intermediary hedging alternatives and transaction costs. Then, the hedging strategy proves it backs up the 'unbiased predictor' preconception and then validates it against a weak and a semi-strong efficient market hypothesis theory. Also, I found a dependency on non-hedging more to the currency depreciation, the reduction of the risk free rates, the volatility of the FWD and actual future spot prices in the market, as well as longer time periods.