Default Invariance: Naïve Category of Law and Finance

Default invariance is the idea that default does not change at any scale of law and finance. Default is a conserved quantity in a universe where fundamental principles of law and finance operate. It exists at the micro-level as part of the fundamental structure of every financial transaction, and at the macro- level, as a fixed critical point within the relatively stable phases of the law and finance cycle. A key point is that default is equivalent to maximizing uncertainty at the micro-level and at the macro-level, is equivalent to the phase transition where unbearable fluctuations occur in all forms of risk transformation, including maturity, liquidity and credit. As such, default invariance is the glue that links the micro and macro structures of law and finance. In this essay, we apply naïve category theory (NCT), a type of mapping logic, to these types of phenomena. The purpose of using NCT is to introduce a rigorous (but simple) mathematical methodology to law and finance discourse and to show that these types of structural considerations are of prime practical importance and significance to law and finance practitioners. These mappings imply a number of novel areas of investigation. From the micro- structure, three macro-approximations are implied. These approximations form the core analytical framework which we will use to examine the phenomena and hypothesize rules governing law and finance. Our observations from these approximations are grouped into five findings. While the entirety of the five findings can be encapsulated by the three approximations, since the intended audience of this paper is the non-specialist in law, finance and category theory, for ease of access we will illustrate the use of the mappings with relatively common concepts drawn from law and finance, focusing especially on financial contracts, derivatives, Shadow Banking, credit rating agencies and credit crises.

Considering the relationship between freight transport and urban form

There has been much discussion since the mid-1980s about the relationship between transport and urban form. However, all of this body of research has concerned itself with passenger transport (i.e. the movement of people). This report is intended as an initial investigation into the relationship between road freight transport and urban form. Important trends in road freight transport and logistics and the land use associated with these activities are discussed. Data about road freight transport activity by heavy goods vehicles (HGVs) in Britain that has been disaggregated from a UK government survey is analysed to investigate the nature of urban freight operations in sixteen selected urban areas. This includes analysis of the efficiency and transport intensity of these operations on journeys to, from and within each urban area. Scenarios concerning urban freight operations based on reductions in length of haul, and improvements in vehicle lading factors, vehicle carrying capacities and empty running are constructed in order to investigate the potential effect of such changes on the vehicle kilometres performed on journeys to, from and within the sixteen urban areas.

Investigating relationships between road freight transport, facility location, logistics management and urban form

This paper examines road freight transport activity and its relationship with facility location, logistics management and urban form through an analysis of 14 selected urban areas in the UK. Improved understanding of this relationship will assist planners when making transport and land use decisions. The findings suggest that several geographical, spatial and land use factors have important influences on freight activity in urban areas. Commercial and industrial land use patterns affect the types and quantities of goods produced, consumed, and hence the total quantity of freight transport handled. This also influences the distances over which goods are moved and by what specific mode. There has been relatively low growth in warehousing in many of the selected areas over the last decade compared to the national average as well suburbanisation of warehousing in some locations. This affects the origin and destination of journeys visiting these facilities and typically increases the distance of such journeys. A greater proportion of road freight has been shown to be lifted on internal journeys in large urban areas than in smaller ones. Journeys within urban areas have been shown to be less efficient than journeys to and from the urban area in the 14 locations studied due to the much smaller average vehicle carrying capacities and lower lading factors for journeys within urban areas. The length of haul on journeys to and from urban areas studied was found to be greatest for those areas with a major seaport and/or which were geographically remote. This affects the road freight transport intensity of goods transport journeys.

Testing the weak-form market efficiency and the day of the week effects of some African countries

The aims of this work are twofold. On the one hand, it aims to find evidence supporting the presence of the weak form efficiency of several emerging African stock markets by using both parametric as well as non parametric tests. The results indicate that none of the markets are characterised by random walks with the exception of the South African stock market. On the other hand, this study aims to detect the presence of the day of the week effects of these African stock markets. Results show the existence of day of the week effects, that is the typical negative Monday and Friday positive effects in several stock markets.

Modular Form as a Curatorial Practice

This article discusses a curatorial approach to authorship as a model for thinking about what I describe as an iterative modular poem, a poetic text composed of appropriated segments. As a response to contemporary proliferation of literary and artistic works created by iterative means, i.e. through acts of appropriation, remixing and remediation, the article is an attempt at putting forward ‘the curatorial’ as an emerging paradigm of writing for the twenty-first century. The article approaches established paradigms of authorship, creativity and originality as inadequate with respect to contemporary experimental poetic practices to suggest a shift from creating to collecting and curating as a possible alternative model for thinking about instances of iterative creative writing. The argument focuses on Robert Fitterman’s Holocaust Museum (2011) as an example of an iterative modular poem and a text emblematic of such curatorial approach to authorship.