The theory that promised so much
The key to Black, Scholes and Merton's work - that derivatives can be replicated - is best illustrated by an example. Suppose you own a share worth Pounds 100 today. But in one month it will either...
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The postdocs who lost millions
David Seetapun and Andrew Felce gave up glittering university careers to trade for huge salaries at leading investment banks. Both lost their jobs as a result of trading losses. British-born Felce...
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A $4.5bn hole in the hedge
When two professors devised a mathematical model, one of the world's biggest financial disasters followed. Nicholas Dunbar reports Just over a year ago, the global financial markets went into a...
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Cash and questions
The fight over which funding system is most fair reveals tensions over who does and who should control post-16 education, writes Keith Scribbins Funding systems and salary systems have something in...
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Formation of a future workforce
Students must be made aware of the wider job market's changing needs and be given skills to compete, says Caroline Mager Changes proposed in the white paper Learning to Succeed address fundamental...
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A chance to build on good work
David Melville welcomes the changes in the government's Learning to Succeed white paper A mere 12 months has seen a sea change in our view of the future of post-16 education and training. Last year,...
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Where to address post-16 issues
Learning to Succeed The Department for Education and Employment white paper http://www.dfee.gov.uk/ post16 TEC National Council http://www.tec.co.uk/tecnc/index.html Further Education Funding Council...
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Higher channels
John Davies picks programmes of interest to academics. (All times pm unless stated.) Pick of the week Andrew Graham-Dixon takes on a big subject with the help of a big travel budget in BBC2's new six...
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Global trade threat
Philip Fine reports on an Ottawa union conference on commercialisation A formidable global body could soon have the authority to dictate free enterprise policies to universities, economist Marjorie...
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Test visual IQ online
Internet novices and student web developers can measure their visual skills at a new online "design IQ" centre. The test assesses visual and design acumen with 25 questions designed to be fun as well...
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Oz inquiry into campus waste
Some of Australia's leading universities are being investigated for possible waste of resources arising from academics undertaking outside paid work, writes Julia Hinde. The Audit Office of New South...
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The THES Diary
It's not my party Alan Johns, president of university and college lecturers' union Natfhe, was all charm at a recent Natfhe parliamentary reception when he particularly singled out the Liberal...
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Cutting edge
The plight of boxer Michael Watson has highlighted the need for professional sports to monitor injury frequency and treatment. Euro 2000 qualifier: the predicted outcome is Scotland 5 - England 4. It...
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Pounds 11 million for Oxon spin-offs
Oxford colleges have created a fund to finance home-grown innovations. Kam Patel reports A good sign: research at Opsys Oxford University last week made a concerted effort to boost its links with...
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Natfhe to accept employers' revised pay offer
Natfhe has agreed to accept the employers' revised pay offer, which involves setting up working groups on sex discrimination and casualisation with an agreed timetable for action.