Law, Politics and Financial Development: The Great Reversal of the U.K. Corporate Debt Market

This article examines the role of creditor protection in the development of the U.K. corporate bond market. This market grew rapidly in the late nineteenth century, but in the twentieth century it experienced a reversal, albeit with a short-lived post-1945 renaissance. Such was the extent of the reversal that the market from the 1970s onwards was smaller than it had been in 1870. We find that law does not explain the variation in the size of this market over time. Alternatively, our evidence suggests that inflation and taxation policies were major drivers of this market in the post-1945 era. Copyright © The Economic History Association 2013

The Disrupted Space: Safety and Security in traditional contexts

One of the core elements of successful planning is the individuals’ experience of their shared open spaces. This paper attributes to the relationship between safety and urban design by means of natural surveillance and security in the city’s shared spaces. It examines how political claims over space reassembled alternative definitions of security in one of Cairo’s oldest quarters, and how ambitious planning schemes were mostly driven by problems of insecurity, chaos and disorder. The main crux to this account is based on original documents, interviews and maps which reveals considerable insights and accounts of how this vision affected the quarter’s spatial quality and the user’s reactions to his new spatial formula. It also reveals conflicting conceptions of safety and security between the planning ambitions and the users experiences, which not only lacked reliable visions for securing the quarter, but also resulted further disruption to their everyday living spaces.

The impact of the global financial crisis on managing employees

Purpose: This paper aims to provide a brief overview of the global financial crisis (GFC), highlighting its most frightening dimensions, the policy responses and issues around the management of labour during and post-GFC. Further, this paper introduces the five research papers that encompass this special issue. Design/methodology/approach: The papers presented here are early contributions on how the GFC has impacted the management of people. The key areas focused upon include the human resource management responses of multinational enterprises, the response of trade unions, the roles of employee representative bodies and the rationalisation of post-crisis managerial strategies. Findings: The major conclusions of this special issue are that the impact of the GFC was variable across countries and sectors in addition to the process of decision making, the types of decisions made, and the determinants and consequences of those decisions. Originality/value: The papers of the special issue provide some of the first empirical findings on how the GFC has impacted on people management, trade unions and the HR function in different contexts. © Emerald Group Publishing Limited.

The determinants of financial participation schemes within multinational companies in Ireland

Using a survey of multinational companies (MNCs), we investigate the factors that determine the use and scope of financial participation in MNCs operating in Ireland. We explore the impact of six factors - country of origin, age, employment size (Irish and worldwide employment size), ownership structure, trade union recognition and sector. Descriptive results find that financial participation schemes are quite common within MNCs in Ireland. Many of these schemes are only available to higher levels of staff. Multivariate analysis reveals that five out of the six factors (the exception was sector) had varying impacts on financial participation schemes. © 2012 Copyright Taylor and Francis Group, LLC.

Exploring the impact of institutional and organizational factors on the reaction of MNCs to the global financial crisis

This paper analyses some of the factors that impact multinational companies' (MNCs) reaction to the global financial crisis. This paper reports the results from a large-scale study of its impact on MNCs in Australia, considering occurrences of site closures, offshoring, outsourcing, labour force reductions, reductions in working hours, salary reductions, and reductions in training and travel. Evidence showed that MNC reactions varied according to certain institutional and organizational effects. For example, MNCs originating from liberal-market economies are more likely to have offshored and outsourced production and reduced employment. The implications for understanding of MNC behaviour are discussed. © 2013 Copyright Taylor and Francis Group, LLC.

Man-in-the-Middle Attack Test-bed Investigating Cyber-security Vulnerabilities in Smart Grid SCADA Systems

The increased complexity and interconnectivity of Supervisory Control and Data Acquisition (SCADA) systems in the Smart Grid has exposed them to a wide range of cyber-security issues, and there are a multitude of potential access points for cyber attackers. This paper presents a SCADA-specific cyber-security test-bed which contains SCADA software and communication infrastructure. This test-bed is used to investigate an Address Resolution Protocol (ARP) spoofing based man-in-the-middle attack. Finally, the paper proposes a future work plan which focuses on applying intrusion detection and prevention technology to address cyber-security issues in SCADA systems.

Impact of Cyber-Security Issues on Smart Grid

Greater complexity and interconnectivity across systems embracing Smart Grid technologies has meant that cyber-security issues have attracted significant attention. This paper describes pertinent cyber-security requirements, in particular cyber attacks and countermeasures which are critical for reliable Smart Grid operation. Relevant published literature is presented for critical aspects of Smart Grid cyber-security, such as vulnerability, interdependency, simulation, and standards. Furthermore, a preliminary study case is given which demonstrates the impact of a cyber attack which violates the integrity of data on the load management of real power system. Finally, the paper proposes future work plan which focuses on applying intrusion detection and prevention technology to address cyber-security issues. This paper also provides an overview of Smart Grid cyber-security with reference to related cross-disciplinary research topics.

Intrusion Detection System for Network Security in Synchrophasor Systems

Synchrophasor systems will play a crucial role in next generation Smart Grid monitoring, protection and control. However these systems also introduce a multitude of potential vulnerabilities from malicious and inadvertent attacks, which may render erroneous operation or severe damage. This paper proposes a Synchrophasor Specific Intrusion Detection System (SSIDS) for malicious cyber attack and unintended misuse. The SSIDS comprises a heterogeneous whitelist and behavior-based approach to detect known attack types and unknown and so-called ‘zero-day’ vulnerabilities and attacks. The paper describes reconnaissance, Man-in-the-Middle (MITM) and Denial-of-Service (DoS) attack types executed against a practical synchrophasor system which are used to validate the real-time effectiveness of the proposed SSIDS cyber detection method.

A lesson in business: cost-effectiveness analysis of a novel financial incentive intervention for increasing physical activity in the workplace

Background: Recently both the UK and US governments have advocated the use of financial incentives to encourage healthier lifestyle choices but evidence for the cost-effectiveness of such interventions is lacking. Our aim was to perform a cost-effectiveness analysis (CEA) of a quasi-experimental trial, exploring the use of financial incentives to increase employee physical activity levels, from a healthcare and employer’s perspective.

Methods: Employees used a ‘loyalty card’ to objectively monitor their physical activity at work over 12 weeks. The Incentive Group (n=199) collected points and received rewards for minutes of physical activity completed. The No Incentive Group (n=207) self-monitored their physical activity only. Quality of life (QOL) and absenteeism were assessed at baseline and 6 months follow-up. QOL scores were also converted into productivity estimates using a validated algorithm. The additional costs of the Incentive Group were divided by the additional quality adjusted life years (QALYs) or productivity gained to calculate incremental cost effectiveness ratios (ICERs). Cost-effectiveness acceptability curves (CEACs) and population expected value of perfect information (EVPI) was used to characterize and value the uncertainty in our estimates.

Results: The Incentive Group performed more physical activity over 12 weeks and by 6 months had achieved greater gains in QOL and productivity, although these mean differences were not statistically significant. The ICERs were £2,900/QALY and £2,700 per percentage increase in overall employee productivity. Whilst the confidence intervals surrounding these ICERs were wide, CEACs showed a high chance of the intervention being cost-effective at low willingness-to-pay (WTP) thresholds.

Conclusions: The Physical Activity Loyalty card (PAL) scheme is potentially cost-effective from both a healthcare and employer’s perspective but further research is warranted to reduce uncertainty in our results. It is based on a sustainable “business model” which should become more cost-effective as it is delivered to more participants and can be adapted to suit other health behaviors and settings. This comes at a time when both UK and US governments are encouraging business involvement in tackling public health challenges.

Women Speaking of National Security: The Case of Checkpoint Watch

The production of reports and the distribution of information have become integral to the operation of many non-governmental organizations. In this regard, the fact that the all-women organization of Checkpoint Watch publishes reports about the Israeli checkpoints in the occupied West Bank seems to comply with current trends. However, the reports—most of which are short repetitive descriptions of the banality and everydayness of the military checkpoints, counting the number of people and cars waiting, commenting on the manner in which the checks are performed and meticulously documenting what mostly amounts to minor incidents of humiliation and distress—do not seem to abide by any convention of reporting. This work analyzes the reporting praxis of the organization and claims that it should be understood as a form of activism in and of itself. Tracking the ways in which the reports address the Israeli public through the concept of parrhesia, the work suggests that this form of reporting enables the women activists to use their gendered marginality to make their way into the highly masculinized and militarized Israeli security discourse.