Trade credit linkages along the supply chain: evidence for the Italian textile sector

We examine the trade credit linkages among firms within a supply chain to reckon the effect of such linkages on the propagation of liquidity shocks from downstream to upstream firms. We choose a sample appropriate for this task, consisting of a large data set of Italian firms from the textile industry, a well known example of a comprehensive manufacturing cluster featuring a large number of small and specialized firms at each level of the supply chain. The results of the analysis indicate that the level of trade credit that firms provide to their suppliers is positively related to the level of trade credit granted to their clients: when the level of trade credit granted to clients divided by sales goes up by 1, the level of trade credit provided to suppliers divided by cost-of goods-sold goes up by an amount that varies between 0,22 and 0,52. Since all firms along the chain are linked by trade credit relationships, an increase in the level of trade credit granted by wholesalers generates a liquidity cascade throughout the chain. We designate the overall increase in the level of trade credit among all firms in the chain as a result of a unitary impulse in the level of trade credit granted by wholesalers as the multiplier effect of trade credit for the industry chain. We estimate such multiplier to vary between 1.28 and 2.04. We also investigate the effect of final demand on the level of trade credit sourced by firms at various levels of the chain and, in particular, whether such effect is amplified for firms further up in the chain as a result of liquidity propagation via trade credit linkages. We uncover evidence of such amplification when the links of liquidity transmission along the chain are individually modeled and estimated. An unitary increase in wholesalers’ sales is found to produce an effect on trade payables among firms at the top of the chain (i.e., Preparers and Spinners) that is more than twice as big as the corresponding effect among firms at the bottom of the chain (i.e., Wholesalers).

Ultra-wideband cognitive interrogator network for indoor location tracking - part 1: system architecture and network performance analysis

We explore the potential application of cognitive interrogator network (CIN) in remote monitoring of mobile subjects in domestic environments, where the ultra-wideband radio frequency identification (UWB-RFID) technique is considered for accurate source localization. We first present the CIN architecture in which the central base station (BS) continuously and intelligently customizes the illumination modes of the distributed transceivers in response to the systempsilas changing knowledge of the channel conditions and subject movements. Subsequently, the analytical results of the locating probability and time-of-arrival (TOA) estimation uncertainty for a large-scale CIN with randomly distributed interrogators are derived based upon the implemented cognitive intelligences. Finally, numerical examples are used to demonstrate the key effects of the proposed cognitions on the system performance

Advanced product development integration architecture: an out-of-box solution to support distributed production networks

This paper presents novel collaboration methods implemented using a centralized client/server product development integration architecture, and a decentralized peer-to-peer network for smaller and larger companies using open source solutions. The product development integration architecture has been developed for the integration of disparate technologies and software systems for the benefit of collaborative work teams in design and manufacturing. This will facilitate the communication of early design and product development within a distributed and collaborative environment. The novelty of this work is the introduction of an‘out-of-box’ concept which provides a standard framework and deploys this utilizing a proprietary state-of-the-art product lifecycle management system (PLM). The term ‘out-of-box’ means to modify the product development and business processes to suit the technologies rather than vice versa. The key business benefits of adopting such an approach are a rapidly reconfigurable network and minimal requirements for software customization to avoid systems instability

Moving architecture: house in Clarence Mews, Hackney, east London.

Description of design of house that includes a dance studio

UK green building development: investigation of the green architecture development in the UK

This paper reviews the background of green building, content and evaluation system, and on this basis, focuses on the development of the UK Green Building and the latest trends and development of green buildings in China's cause of enlightenment