'Trusting the numbers': mineral prospecting, raising finance and the governance of knowledge

Mineral prospecting and raising finance for ‘junior’ mining firms has historically been regarded as a speculative activity. For the regulators of securities markets upon which ‘junior’ mining companies seek to raise capital, a perennial problem has been handling not only the indeterminacy of scientific claims, but also the social basis of epistemic practices. This paper examines the production of a system of public warrant and associated knowledge practices intended to enable investors to differentiate between ‘destructive’ and ‘productive’ varieties of financial speculation. It traces the use of the notion of ‘disclosure’ in constructing and legitimizing the ‘juniors’ market in Canada. It argues that though the work of ‘economics’ may be necessary in the construction of markets, it is by no means sufficient. Attention must also be given to the ways in which legal models of ‘the free-market’ can be translated and constantly re-worked across the sites and spaces of regulatory practice, animating the geographies of markets.

Private equity and entrepreneurial management in management buy-outs

Critics claim that short-term profit orientation and high deal price strategies of private equity (PE) firms can negatively affect the ability of management buyouts to initiate and sustain entrepreneurial management. This study investigates this claim by comparing effects of majority PE backed and other buy-outs at different levels of financial leverage on post buy-out increases in entrepreneurial management. We propose that PE can be used as an organizational refocusing device that simultaneously increases entrepreneurial and administrative management. We find that majority PE-backed buy-outs significantly increase entrepreneurial management practices. Furthermore, the increased financial leverage positively affects administrative management in management buy-outs. However, the effect of high financial leverage is larger for majority PE-backed buy-outs. These results support the notion that PE firms help buy-out companies develop ambidextrous organizational change: i.e. simultaneously develop entrepreneurial and administrative management practices. The findings have important implications for practitioners and policy makers.

Electron refluxing and K-shell line emission from Ti foils irradiated with sub-picosecond laser pulses at 527nm

We present data on emission of K-shell radiation from Ti foils irradiated with subpicosecond pulses of second harmonic radiation (527 nm) from the TARANIS laser system at intensities of up to 1018 Wcm-2. The data are used to demonstrate that a resonance absorption type mechanism is responsible for absorption of the laser light and to estimate fast electron temperatures of 30–60 keV that are in broad agreement with expectation from models of absorption for a steep density gradient. Data taken with resin-backed targets are used to demonstrate clear evidence of electron refluxing even at the modest fast electron temperatures inferred.

Removing the threat of diclofenac to critically endangered Asian vultures

Veterinary use of the nonsteroidal anti-inflammatory (NSAID) drug diclofenac in South Asia has resulted in the collapse of populations of three vulture species of the genus Gyps to the most severe category of global extinction risk. Vultures are exposed to diclofenac when scavenging on livestock treated with the drug shortly before death. Diclofenac causes kidney damage, increased serum uric acid concentrations, visceral gout, and death. Concern about this issue led the Indian Government to announce its intention to ban the veterinary use of diclofenac by September 2005. Implementation of a ban is still in progress late in 2005, and to facilitate this we sought potential alternative NSAIDs by obtaining information from captive bird collections worldwide. We found that the NSAID meloxicam had been administered to 35 captive Gyps vultures with no apparent ill effects. We then undertook a phased programme of safety testing of meloxicam on the African white-backed vulture Gyps africanus, which we had previously established to be as susceptible to diclofenac poisoning as the endangered Asian Gyps vultures. We estimated the likely maximum level of exposure (MLE) of wild vultures and dosed birds by gavage (oral administration) with increasing quantities of the drug until the likely MLE was exceeded in a sample of 40 G. africanus. Subsequently, six G. africanus were fed tissues from cattle which had been treated with a higher than standard veterinary course of meloxicam prior to death. In the final phase, ten Asian vultures of two of the endangered species (Gyps bengalensis, Gyps indicus) were dosed with meloxicam by gavage; five of them at more than the likely MLE dosage. All meloxicam-treated birds survived all treatments, and none suffered any obvious clinical effects. Serum uric acid concentrations remained within the normal limits throughout, and were significantly lower than those from birds treated with diclofenac in other studies. We conclude that meloxicam is of low toxicity to Gyps vultures and that its use in place of diclofenac would reduce vulture mortality substantially in the Indian subcontinent. Meloxicam is already available for veterinary use in India.

Toxicity of non-steroidal anti-inflammatory drugs to Gyps vultures:a new threat from ketoprofen

Three Gyps vulture species are on the brink of extinction in South Asia owing to the veterinary non-steroidal anti-inflammatory drug (NSAID) diclofenac. Carcasses of domesticated ungulates are the main food source for Asia's vultures and birds die from kidney failure after consuming diclofenac-contaminated tissues. Here, we report on the safety testing of the NSAID ketoprofen, which was not reported to cause mortality in clinical treatment of scavenging birds and is rapidly eliminated from livestock tissues. Safety testing was undertaken using captive non-releasable Cape griffon vultures (Gyps coprotheres) and wild-caught African white-backed vultures (G. africanus), both previously identified as susceptible to diclofenac and suitable surrogates. Ketoprofen doses ranged from 0.5 to 5 mg kg(-1) vulture body weight, based upon recommended veterinary guidelines and maximum levels of exposure for wild vultures (estimated as 1.54 mg kg(-1)). Doses were administered by oral gavage or through feeding tissues from cattle dosed with ketoprofen at 6 mg kg(-1) cattle body weight, before slaughter. Mortalities occurred at dose levels of 1.5 and 5 mg kg(-1) vulture body weight (within the range recommended for clinical treatment) with the same clinical signs as observed for diclofenac. Surveys of livestock carcasses in India indicate that toxic levels of residual ketoprofen are already present in vulture food supplies. Consequently, we strongly recommend that ketoprofen is not used for veterinary treatment of livestock in Asia and in other regions of the world where vultures access livestock carcasses. The only alternative to diclofenac that should be promoted as safe for vultures is the NSAID meloxicam.

A new method for estimating liquidity risk: Insights from a liquidity-adjusted CAPM framework

This paper proposes a new non-parametric method for estimating model-free, time-varying liquidity betas which builds on realized covariance and volatility theory. Working under a liquidity-adjusted CAPM framework we provide evidence that liquidity risk is a factor priced in the Greek stock market, mainly arising from the covariation of individual liquidity with local market liquidity, however, the level of liquidity seems to be an irrelevant variable in asset pricing. Our findings provide support to the notion that liquidity shocks transmitted across securities can cause market-wide effects and can have important implications for portfolio diversification strategies. ©2012 Elsevier B.V. All rights reserved.

The Multiple Facets of ETF Investing: A World-Wide Analysis

The global ETF industry provides more complicated investment vehicles than low-cost index trackers. Instead, we find that the real investments of ETFs that do not fully replicate their benchmarks may deviate from their benchmarks to leverage informational advantages (which leads to a surprising stock-selection ability), to benefit from the securities lending market, to support ETF-affiliated banks’ stock prices, and to help affiliated OEFs through cross-trading. These effects are more prevalent in ETFs domiciled in Europe. Market awareness of such additional risk is reflected in ETF outflows. These results have important normative implications for consumer protection and financial stability.

'Trusting the numbers': mineral prospecting, raising finance and the governance of knowledge

Mineral prospecting and raising finance for ‘junior’ mining firms has historically been regarded as a speculative activity. For the regulators of securities markets upon which ‘junior’ mining companies seek to raise capital, a perennial problem has been handling not only the indeterminacy of scientific claims, but also the social basis of epistemic practices. This paper examines the production of a system of public warrant and associated knowledge practices intended to enable investors to differentiate between ‘destructive’ and ‘productive’ varieties of financial speculation. It traces the use of the notion of ‘disclosure’ in constructing and legitimizing the ‘juniors’ market in Canada. It argues that though the work of ‘economics’ may be necessary in the construction of markets, it is by no means sufficient. Attention must also be given to the ways in which legal models of ‘the free-market’ can be translated and constantly re-worked across the sites and spaces of regulatory practice, animating the geographies of markets.

Selective High Impedance Surface Active Region Loading of Archimedean Spiral Antenna

We show that a significant increase in the gain and front-to-back ratio is obtained when different high impedance surface (HIS) sections are placed below the active regions of an Archimedean spiral antenna. The principle of operation is demonstrated at 3, 6, and 9 GHz for an antenna design that employs a ground plane composed of two dissimilar HISs. The unit cells of the HISs are collocated and resonant at the same frequency as the 3- and 6-GHz active regions of the wideband spiral. It is shown that the former HIS must also be designed to resonate at 9 GHz to avoid the generation of a boresight null that occurs because the structure is physically large enough to support higher-order modes. The improvement that is obtained at each of the three frequencies investigated is shown by comparing the predicted and measured radiation patterns for the free space and HIS-backed antenna.

Histopathologists’ approach to keratoacanthoma: a multisite survey of regional variation in Great Britain and Ireland

Introduction: This survey examines regional variation in the diagnosis of keratoacanthoma (KA).

Methods: Twenty-three departments from Great Britain and Ireland were invited. The number of cases coded as KA or cutaneous SCC in the previous 12 months was retrieved. An SCC: KA ratio was calculated. Participants also provided free text responses.

Results: Seventeen departments replied. A total of 11 718 cases were included with a breakdown of 998 KA and 10 720 SCC. The mean SCC:KA ratio was 10.7:1, range (2.5:1 to 139:1). Free text responses are presented.

Discussions: An extreme variation in approach is highlighted by this survey. We believe a multidisciplinary team approach to the diagnosis of KA is essential. There seems to be a need for a carefully considered clinicopathological study, backed up by molecular studies, to better understand the natural biology of this diagnosis.

The Evidence Debate for Behavioural Interventions for Autism

For more than fifty years evidence has been accrued regarding the efficacy of applied behaviour analysis-based interventions for individuals with autism spectrum disorders. Despite this history of empirical evidence, some researchers and ASD experts still are reluctant to accept behavioral interventions as best practice for ASD. In this paper, we consider both random control trials and single subject experimental designs as forms of evidenced-based practice (EBP). Specific application of these methods to ASD research is considered. In an effort to provide scientifically based evidence for interventions for ASD, EBP standards have been debated without a consensus being achieved. Service users of ASD interventions need access to sound empirical evidence to choose appropriate programmes for those they care for with ASD rather than putting their hopes in therapies backed by pseudoscience and celebrity endorsements.

Polarisation independent resistively loaded frequency selective surface absorber with optimum oblique incidence performance

This study presents the design of a thin electromagnetic absorber which exhibits radar backscatter suppression that is independent of the wave polarisation at large incidence angles. The structure consists of a metal backed printed frequency selective surface (FSS), with resistors placed across narrow gaps inserted in the middle of each of the four sides of the conductor loops. The geometry of the periodic array and the value of the vertical and horizontal resistor pairs are carefully chosen to present a real impedance of 377 Ω at the centre operating frequency for both TE and TM polarised waves. Angular sensitivity and reflectivity bandwidth have been investigated for FSS absorber designs with thicknesses of 1, 2 and 3 mm. Each of the three structures was optimised to work at a centre frequency of 10 GHz and an incident angle of 45°. The design methodology is verified by measuring the radar backscatter suppression from a 3 mm (l / 10) thick screen in the frequency range 8–12 GHz. The absorber construction was simplified by filling the four metal gaps in each unit cell with shielding paint, and selecting the ink thickness to give the two required surface resistance values.

Cities and The Spirit Level: Reasserting the Public Interest in Planning Governance

Urban planning in Europe has its roots in social reform movements for reform of the 18th and 19th centuries and in the UK evolved into the state-backed comprehensive planning system established as a pillar of the welfare state in 1947. This new planning system played a key role in meeting key social needs of the early post-war period, through, for example, an ambitious new town programme. However, from the late 1970s onwards the main priorities of the planning system have shifted as the UK state has withdrawn support for welfare and reasserted market values. One consequence of this has been an increased inequality in access to many of the resources that planning seeks to regulate, including affordable housing, local services and environmental quality.
Drawing on evidence from recent literature on equality, including Wilkinson and Pickett’s The Spirit Level this paper will question the role of planning in an era of post-politics and a neo-liberal state. It will review some of the consequences for the governance and practice of planning and question what this means for the core values of the planning profession. Finally, the paper will discuss the rise of the Healthy Urban Planning Movement in the US and Europe and ask whether this provides any potential for reasserting the public interest in planning process.

Compact FSS absorber design using resistively loaded quadruple hexagonal loops for bandwidth enhancement

This letter presents the design of a thin microwave absorber which exhibits a -10 dB reflectivity bandwidth of 108% at normal incidence and 16% for simultaneous suppression of TE and TM polarised waves over the angular range 0-45° is presented. The structure consists of a 3 mm-thick metal backed frequency selective surface (FSS) with four resistively loaded hexagonal loop elements in each unit cell. The surface resistivity and width of the loops are carefully chosen to maximise the bandwidth by merging the reflection nulls that are generated by the multi-resonant absorber. Measurement and simulation results are in good agreement over the broad frequency range 7.8-24 GHz.

Dynamical symmetries and crossovers in a three-spin system with collective dissipation

We consider the non-equilibrium dynamics of a simple system consisting of interacting spin-1/2 particles subjected to a collective damping. The model is close to situations that can be engineered in hybrid electro/opto-mechanical settings. Making use of large-deviation theory, we find a Gallavotti-Cohen symmetry in the dynamics of the system as well as evidence for the coexistence of two dynamical phases with different activity levels. We show that additional damping processes smooth out this behavior. Our analytical results are backed up by Monte Carlo simulations that reveal the nature of the trajectories contributing to the different dynamical phases.