Capital Markets Union and ending short-termism: lessons from the European Commission's public consultationÂ

The European Commission’s initiative to establish a Capital Markets Union is in sharp conflict with the more radical goals of downsizing significantly certain financial activities and firms that have become too-big-to-fail and too-big-to-govern and of ending or at least drastically limiting extreme speculation and short-termism in finance and the real economy in order to increase financial stability. The recent public consultation on the Commission’s Green Paper Building a Capital Markets Union gives evidence of how weak such demands are compared to calls for deeper capital markets with more ‘shadow banking’ and rebuilding (sound) securitisation. The consultation is an example of how framing the problem and the refined better regulation agenda influence post-crisis financial reregulation and help to marginalize more radical ideas demanding a return to a more traditional banking model and transforming finance back to serving the real economy.

Beyond managerial talent: ‘key group’ identification and differential compensation practices in multinational companies

With the maturation of strategic human resource management scholarship, there appears to be a greater call to move from monolithic workforce management to a more strategic and differentiated emphasis on employees with the greatest capacity to enhance competitive advantage. There has been little consideration in the literature as to whether organizations formally identify key groups of employees based on their impact on organizational learning and core competences. Using survey evidence from 260 multinational companies (MNCs), this paper explores the extent to which key groups of employees are formally recognized and whether they are subject to differential compensation practices. The results demonstrate that just in excess of half of these MNCs identify a key group. There was considerable differentiation in the compensation practices between these key groups, managers and the largest occupational group in the workforce. The results give rise to questions worthy of future investigation, namely whether the differentiated approaches used lead to improved performance outcomes.

IQ Imbalance in Multiuser Systems: Channel Estimation and Compensation

In this paper, we consider the uplink of a single-cell multi-user single-input multiple-output (MU-SIMO) system with in-phase and quadrature-phase imbalance (IQI). Particularly, we investigate the effect of receive (RX) IQI on the performance of MU-SIMO systems with large antenna arrays employing maximum-ratio combining (MRC) receivers. In order to study how IQI affects channel estimation, we derive a new channel estimator for the IQI-impaired model and show that the higher the value of signal-to-noise ratio (SNR) the higher the impact of IQI on the spectral efficiency (SE). Moreover, a novel pilot-based joint estimator of the augmented MIMO channel matrix and IQI coefficients is described and then, a low-complexity IQI compensation scheme is proposed which is based on the
IQI coefficients’ estimation and it is independent of the channel gain. The performance of the proposed compensation scheme is analytically evaluated by deriving a tractable approximation of the ergodic SE assuming transmission over Rayleigh fading channels with large-scale fading. Furthermore, we investigate how many MSs should be scheduled in massive multiple-input multiple-output (MIMO) systems with IQI and show that the highest SE loss occurs at the optimal operating point. Finally,
by deriving asymptotic power scaling laws, and proving that the SE loss due to IQI is asymptotically independent of the number of BS antennas, we show that massive MIMO is resilient to the effect of RX IQI.