Public Value as Performance: Politicians’ and Managers’ Perspectives on the Importance of Budgetary, Accruals and Non-Financial Information

Purpose
The study contributes to the literature on public value and performance examining politicians’ and managers’ perspectives by investigating the importance they attach to the different facets of performance information (i.e. budgetary, accrual based- and non-financial information (NFI)).

Design/methodology/approach
We survey politicians and managers in all Italian municipalities of at least 80,000 inhabitants.

Findings
Overall, NFI is more appreciated than financial information (FI). Moreover, budgetary accounting is preferred to accrual accounting. Politicians’ and managers’ preferences are generally aligned.

Research limitations/implications
NFI as a measure of public value is not alternative, but rather complementary, to FI. The latter remains a fundamental element of public sector accounting due to its role in resource allocation and control.

Practical implications
The preference for NFI over FI and of budgetary over accruals accounting suggests that the current predominant emphasis on (accrual-based) financial reporting might be misplaced.

Originality/value
Public value and performance are multi-faceted concepts. They can be captured by different types of information and evaluated according to different criteria, which will also depend on the category of stakeholders or users who assesses public performance. So far, most literature has considered the financial and non-financial facets of performance as virtually separate. Similarly, in the practice, financial management tends to be decoupled from non-financial performance management. However, this research shows that only by considering their joint interactions we can achieve an accurate representation of what public value really is.

The significance of interconnector counter-trading in a security constrained electricity market

Throughout the European Union there is an increasing amount of wind generation being dispatched-down due to the binding of power system operating constraints from high levels of wind generation. This paper examines the impact a system non-synchronous penetration limit has on the dispatch-down of wind and quantifies the significance of interconnector counter-trading to the priority dispatching of wind power. A fully coupled economic dispatch and security constrained unit commitment model of the Single Electricity Market of the Republic of Ireland and Northern Ireland and the British Electricity Trading and Transmission Arrangement was used in this study. The key finding was interconnector counter-trading reduces the impact the system non-synchronous penetration limit has on the dispatch-down of wind. The capability to counter-trade on the interconnectors and an increase in system non-synchronous penetration limit from 50% to 55% reduces the dispatch-down of wind by 311 GW h and decreases total electricity payments to the consumer by €1.72/MW h. In terms of the European Union electricity market integration, the results show the importance of developing individual electricity markets that allow system operators to counter-trade on interconnectors to ensure the priority dispatch of the increasing levels of wind generation.

Who Knows What's Going On? Mapping New Security Landscapes in Contemporary Espionage Fiction

This article explores whether or to what extent the contemporary espionage novel is able to map and interrogate transformations in the post-9/11security environment. It asks how well a form or genre of writing, typically handcuffed to the machinations and demands of the Cold War and state sovereignty, is able to adapt to a new security environment characterized by strategies of “risk assessment” and “resilience-building” and by modes or regimes of power not reducible to, or wholly controlled by, the state. In doing so, it thinks about the capacities of this type of fiction for “resisting” the formations of power it wants to make visible and is partly complicit with.

Status and security: how Russian media is spinning airstrikes in Syria

Even before the Russian air force launched its first strikes over Syria, there was already a Russian presence on the battleground. These were not the spetsnaz, Kremlin’s special forces, but war correspondents from the leading Russian media outlets. This was as clear a sign as any that the Russia’s priority has shifted from Ukraine, where these reporters spent most of the past 18 months, to Syria.

There is, however, no unanimity on Russia’s latest escalation in Syria. As Russian state TV stations report successes of Russia’s high-precision weapons projecting an image of a high-tech Russian military equal to the US, doubts persist about the latest adventure in the Middle East.

Cooperative Beamforming and User Selection for Improving the Security of Relay-aided Systems

A relay network in which a source wishes to convey a confidential message to a legitimate destination with the assistance of trusted relays is considered. In particular, cooperative beamforming and user selection techniques are applied to protect the confidential message. The secrecy rate (SR) and secrecy outage probability (SOP) of the network are investigated first, and a tight upper bound for the SR and an exact formula for the SOP are derived. Next, asymptotic approximations for the SR and SOP in the high signal-to-noise ratio (SNR) regime are derived for two different schemes: i) cooperative beamforming and ii) multiuser selection. Further, a new concept of cooperative diversity gain, namely, adapted cooperative diversity gain (ACDG), which can be used to evaluate security level of a cooperative relaying network, is investigated. It is shown that the ACDG of cooperative beamforming is equal to the conventional cooperative diversity gain of traditional multiple-input single-output networks, while the ACDG of the multiuser scenario is equal to that of traditional single-input multiple-output networks.

A Cyber-Physical Security Analysis of Synchronous-Islanded Microgrid Operation

Cyber-security research in the field of smart grids is often performed with a focus on either the power and control domain or the Information and Communications Technology (ICT) domain. The characteristics of the power equipment or ICT domain are commonly not collectively considered. This work provides an analysis of the physical effects of cyber-attacks on microgrids – a smart grid construct that allows continued power supply when disconnected from a main grid. Different types of microgrid operations are explained (connected, islanded and synchronous-islanding) and potential cyber-attacks and their physical effects are analyzed. A testbed that is based on physical power and ICT equipment is presented to validate the results in both the physical and ICT domain.

On the Security of Balanced Encoding Countermeasures

Most cryptographic devices should inevitably have a resistance against the threat of side channel attacks. For this, masking and hiding schemes have been proposed since 1999. The security validation of these countermeasures is an ongoing research topic, as a wider range of new and existing attack techniques are tested against these countermeasures. This paper examines the side channel security of the balanced encoding countermeasure, whose aim is to process the secret key-related data under a constant Hamming weight and/or Hamming distance leakage. Unlike previous works, we assume that the leakage model coefficients conform to a normal distribution, producing a model with closer fidelity to real-world implementations. We perform analysis on the balanced encoded PRINCE block cipher with simulated leakage model and also an implementation on an AVR board. We consider both standard correlation power analysis (CPA) and bit-wise CPA. We confirm the resistance of the countermeasure against standard CPA, however, we find with a bit-wise CPA that we can reveal the key with only a few thousands traces.

Targeting FPGA DSP Slices for a Large Integer Multiplier for Integer Based FHE

Homomorphic encryption offers potential for secure cloud computing. However due to the complexity of homomorphic encryption schemes, performance of implemented schemes to date have been unpractical. This work investigates the use of hardware, specifically Field Programmable Gate Array (FPGA) technology, for implementing the building blocks involved in somewhat and fully homomorphic encryption schemes in order to assess the practicality of such schemes. We concentrate on the selection of a suitable multiplication algorithm and hardware architecture for large integer multiplication, one of the main bottlenecks in many homomorphic encryption schemes. We focus on the encryption step of an integer-based fully homomorphic encryption (FHE) scheme. We target the DSP48E1 slices available on Xilinx Virtex 7 FPGAs to ascertain whether the large integer multiplier within the encryption step of a FHE scheme could fit on a single FPGA device. We find that, for toy size parameters for the FHE encryption step, the large integer multiplier fits comfortably within the DSP48E1 slices, greatly improving the practicality of the encryption step compared to a software implementation. As multiplication is an important operation in other FHE schemes, a hardware implementation using this multiplier could also be used to improve performance of these schemes.

Acceleration-as-a-Service: Exploiting Virtualised GPUs for a Financial Application

How can GPU acceleration be obtained as a service in a cluster? This question has become increasingly significant due to the inefficiency of installing GPUs on all nodes of a cluster. The research reported in this paper is motivated to address the above question by employing rCUDA (remote CUDA), a framework that facilitates Acceleration-as-a-Service (AaaS), such that the nodes of a cluster can request the acceleration of a set of remote GPUs on demand. The rCUDA framework exploits virtualisation and ensures that multiple nodes can share the same GPU. In this paper we test the feasibility of the rCUDA framework on a real-world application employed in the financial risk industry that can benefit from AaaS in the production setting. The results confirm the feasibility of rCUDA and highlight that rCUDA achieves similar performance compared to CUDA, provides consistent results, and more importantly, allows for a single application to benefit from all the GPUs available in the cluster without loosing efficiency.

Regulating Digital Financial Services Agents in Developing Countries to Promote Financial Inclusion

Limited access to bank branches excludes over one billion people from accessing financial services in developing countries. Digital financial services offered by banks and mobile money providers through agents can solve this problem without the need for complex and costly physical banking infrastructures. Delivering digital financial services through agents requires a legal framework to regulate liability. This article analyses whether vicarious liability of the principal is a more efficient regulatory approach than personal liability of the agent. Agent liability in Kenya, Fiji, and Malawi is analysed to demonstrate that vicarious liability of the principal, coupled to an explicit agreement as to agent rewards and penalties, is the more efficient regulatory approach.

Global Systemic Risk and International Regulatory Coordination: Squaring Sovereignty and Financial Stability

In recent years much attention has been given to systemic risk and maintaining financial stability. Much of the focus, rightly, has been on market failures and the role of regulation in addressing them. This article looks at the role of domestic policies and government actions as sources of global instability. The global financial system is built upon global markets controlled by national financial and macroeconomic policies. In this context, regulatory asymmetries, diverging policy preferences, and government failures add a further dimension to global systemic risk not present at the national level.
Systemic risk is a result of the interplay between two independent variables: an underlying trigger event, in this analysis a domestic policy measure, and a transmission channel. The solution to systemic risk requires tackling one of these variables. In a domestic setting, the centralization of regulatory power into one single authority makes it easier to balance the delicate equilibrium between enhancing efficiency and reducing instability. However, in a global financial system in which national financial policies serve to maximize economic welfare, regulators will be confronted with difficult policy and legal tradeoffs.
We investigate the role that financial regulation plays in addressing domestic policy failures and in controlling the danger of global financial interdependence. To do so we analyse global financial interconnectedness, and explain its role in transmitting instability; we investigate the political economy dynamics at the origin of regulatory asymmetries and government failures; and we discuss the limits of regulation.

Twitter Sentiment Analysis for Security-Related Information Gathering

Analysing public sentiment about future events, such as demonstration or parades, may provide valuable information while estimating the level of disruption and disorder during these events. Social media, such as Twitter or Facebook, provides views and opinions of users related to any public topics. Consequently, sentiment analysis of social media content may be of interest to different public sector organisations, especially in the security and law enforcement sector. In this paper we present a lexicon-based approach to sentiment analysis of Twitter content. The algorithm performs normalisation of the sentiment in an effort to provide intensity of the sentiment rather than positive/negative label. Following this, we evaluate an evidence-based combining function that supports the classification process in cases when positive and negative words co-occur in a tweet. Finally, we illustrate a case study examining the relation between sentiment of twitter posts related to English Defence League and the level of disorder during the EDL related events.

Exploiting Direct Links for Physical Layer Security in Multi-User Multi-Relay Networks

We present two physical layer secure transmission schemes for multi-user multi-relay networks, where the communication from M users to the base station is assisted by direct links and by N decode-and-forward relays. In this network, we consider that a passive eavesdropper exists to overhear the transmitted information, which entails exploiting the advantages of both direct and relay links for physical layer security enhancement. To fulfill this requirement, we investigate two criteria for user and relay selection and examine the achievable secrecy performance. Criterion I performs a joint user and relay selection, while Criterion II performs separate user and relay selections, with a lower implementation complexity. We derive a tight lower bound on the secrecy outage probability for Criterion I and an accurate analytical expression for the secrecy outage probability for Criterion II. We further derive the asymptotic secrecy outage probabilities at high transmit signal-to-noise ratios and high main-to-eavesdropper ratios for both criteria. We demonstrate that the secrecy diversity order is min (MN, M + N) for Criterion I, and N for Criterion II. Finally, we present numerical and simulation results to validate the proposed analysis, and show the occurrence condition of the secrecy outage probability floor