Rethinking the ontology of the shareholder model of the corporation

Purpose – The purpose of this paper is to examine the critical assumptions lying behind the Anglo American model of corporate governance. Design/methodology/approach – Literature review examining the concept of a nexus of contracts underpinning agency theory which, it is argued, act as the platform for neo-liberal corporate governance focusing on shareholder wealth creation. Findings – The paper highlights the unaddressed critical challenge of why eighteenth century ownership structures are readily adopted in the twenty-first century. Social implications – A re-examination of wealth creation and wealth redistribution. Originality/value – The paper is highly original due to the fact that few contributions have been made in the area of rethinking shareholder value.

Mechanisms for AMOC variability simulated by the NEMO model

We have investigated mechanisms for the Atlantic Meridional Overturning Circulation (AMOC) variability at 26.5° N (other than the Ekman component) that can be related to external forcings, in particular wind variability. Resolution dependence is studied using identical experiments with 1° and 1/4° NEMO model runs over 1960–2010. The analysis shows that much of the variability in the AMOC at 26° N can be related to the wind strength over the North Atlantic, through mechanisms lagged on different timescales. At ~ 1-year lag the January–June difference of mean sea level pressure between high and mid-latitudes in the North Atlantic explains 35–50% of the interannual AMOC variability (with negative correlation between wind strength and AMOC). At longer lead timescales ~ 4 years, strong (weak) winds over the northern North Atlantic (specifically linked to the NAO index) are followed by higher (lower) AMOC transport, but this mechanism only works in the 1/4° model. Analysis of the density correlations suggests an increase (decrease) in deep water formation in the North Atlantic subpolar gyre to be the cause. Therefore another 30% of the AMOC variability at 26° N can be related to density changes in the top 1000 m in the Labrador and Irminger seas occurring ~ 4 years earlier.

Measuring the impacts of distortions in the European Union cotton sector: a partial equilibrium analysis using the ATPSM model framework

The “cotton issue” has been a topic of several academic discussions for trade policy analysts. However the design of trade and agricultural policy in the EU and the USA has become a politically sensitive matter throughout the last five years. This study utilizing the Agricultural Trade Policy Simulation Model (ATPSM) aims to gain insights into the global cotton market, to explain why domestic support for cotton has become an issue, to quantify the impact of the new EU agricultural policy on the cotton sector, and to measure the effect of eliminating support policies on production and trade. Results indicate that full trade liberalization would lead the four West African countries to better terms of trade with the EU. If tariff reduction follows the so-called Swiss formula, world prices would increase by 3.5%.

Climate and carbon cycle changes from 1850 to 2100 in MPI-ESM simulations for the Coupled Model Intercomparison Project phase 5

The new Max-Planck-Institute Earth System Model (MPI-ESM) is used in the Coupled Model Intercomparison Project phase 5 (CMIP5) in a series of climate change experiments for either idealized CO2-only forcing or forcings based on observations and the Representative Concentration Pathway (RCP) scenarios. The paper gives an overview of the model configurations, experiments related forcings, and initialization procedures and presents results for the simulated changes in climate and carbon cycle. It is found that the climate feedback depends on the global warming and possibly the forcing history. The global warming from climatological 1850 conditions to 2080–2100 ranges from 1.5°C under the RCP2.6 scenario to 4.4°C under the RCP8.5 scenario. Over this range, the patterns of temperature and precipitation change are nearly independent of the global warming. The model shows a tendency to reduce the ocean heat uptake efficiency toward a warmer climate, and hence acceleration in warming in the later years. The precipitation sensitivity can be as high as 2.5% K−1 if the CO2 concentration is constant, or as small as 1.6% K−1, if the CO2 concentration is increasing. The oceanic uptake of anthropogenic carbon increases over time in all scenarios, being smallest in the experiment forced by RCP2.6 and largest in that for RCP8.5. The land also serves as a net carbon sink in all scenarios, predominantly in boreal regions. The strong tropical carbon sources found in the RCP2.6 and RCP8.5 experiments are almost absent in the RCP4.5 experiment, which can be explained by reforestation in the RCP4.5 scenario.

The equivalent-weights particle filter in a high-dimensional system

In general, particle filters need large numbers of model runs in order to avoid filter degeneracy in high-dimensional systems. The recently proposed, fully nonlinear equivalent-weights particle filter overcomes this requirement by replacing the standard model transition density with two different proposal transition densities. The first proposal density is used to relax all particles towards the high-probability regions of state space as defined by the observations. The crucial second proposal density is then used to ensure that the majority of particles have equivalent weights at observation time. Here, the performance of the scheme in a high, 65 500 dimensional, simplified ocean model is explored. The success of the equivalent-weights particle filter in matching the true model state is shown using the mean of just 32 particles in twin experiments. It is of particular significance that this remains true even as the number and spatial variability of the observations are changed. The results from rank histograms are less easy to interpret and can be influenced considerably by the parameter values used. This article also explores the sensitivity of the performance of the scheme to the chosen parameter values and the effect of using different model error parameters in the truth compared with the ensemble model runs.

Greenhouse gas emission scenario modeling for cities using the PURGE model

Cities globally are in the midst of taking action to reduce greenhouse gas (GHG) emissions. After the vital step of emissions quantification, strategies must be developed to detail how emissions reductions targets will be achieved. The Pathways to Urban Reductions in Greenhouse Gas Emissions (PURGE) model allows the estimation of emissions from four pertinent urban sectors: electricity generation, buildings, private transportation, and waste. Additionally, the carbon storage from urban and regional forests is modeled. An emissions scenario is examined for a case study of the greater Toronto, Ontario, Canada, area using data on current technology stocks and government projections for stock change. The scenario presented suggests that even with some aggressive targets for technological adoption (especially in the transportation sector), it will be difficult to achieve the less ambitious 2050 emissions reduction goals of the Intergovernmental Panel on Climate Change. This is largely attributable to the long life of the building stock and limitations of current retrofit practices. Additionally, demand reduction (through transportation mode shifting and building occupant behavior) will be an important component of future emissions cuts.

Mid-holocene and last glacial maximum climate simulations with the IPSL model-part I: comparing IPSLCM5A to IPSLCM4

The climates of the mid-Holocene (MH), 6,000 years ago, and of the Last Glacial Maximum (LGM), 21,000 years ago, have extensively been simulated, in particular in the framework of the Palaeoclimate Modelling Intercomparion Project. These periods are well documented by paleo-records, which can be used for evaluating model results for climates different from the present one. Here, we present new simulations of the MH and the LGM climates obtained with the IPSL_CM5A model and compare them to our previous results obtained with the IPSL_CM4 model. Compared to IPSL_CM4, IPSL_CM5A includes two new features: the interactive representation of the plant phenology and marine biogeochemistry. But one of the most important differences between these models is the latitudinal resolution and vertical domain of their atmospheric component, which have been improved in IPSL_CM5A and results in a better representation of the mid-latitude jet-streams. The Asian monsoon’s representation is also substantially improved. The global average mean annual temperature simulated for the pre-industrial (PI) period is colder in IPSL_CM5A than in IPSL_CM4 but their climate sensitivity to a CO2 doubling is similar. Here we show that these differences in the simulated PI climate have an impact on the simulated MH and LGM climatic anomalies. The larger cooling response to LGM boundary conditions in IPSL_CM5A appears to be mainly due to differences between the PMIP3 and PMIP2 boundary conditions, as shown by a short wave radiative forcing/feedback analysis based on a simplified perturbation method. It is found that the sensitivity computed from the LGM climate is lower than that computed from 2 × CO2 simulations, confirming previous studies based on different models. For the MH, the Asian monsoon, stronger in the IPSL_CM5A PI simulation, is also more sensitive to the insolation changes. The African monsoon is also further amplified in IPSL_CM5A due to the impact of the interactive phenology. Finally the changes in variability for both models and for MH and LGM are presented taking the example of the El-Niño Southern Oscillation (ENSO), which is very different in the PI simulations. ENSO variability is damped in both model versions at the MH, whereas inconsistent responses are found between the two versions for the LGM. Part 2 of this paper examines whether these differences between IPSL_CM4 and IPSL_CM5A can be distinguished when comparing those results to palaeo-climatic reconstructions and investigates new approaches for model-data comparisons made possible by the inclusion of new components in IPSL_CM5A.

An upgrade on the rabbit model of anthracycline-induced cardiomyopathy: shorter protocol, reduced mortality, and higher incidence of overt dilated cardiomyopathy

Current protocols of anthracycline-induced cardiomyopathy in rabbits present with high premature mortality and nephrotoxicity, thus rendering them unsuitable for studies requiring long-term functional evaluation of myocardial function (e.g., stem cell therapy). We compared two previously described protocols to an in-house developed protocol in three groups: Group DOX2 received doxorubicin 2 mg/kg/week (8 weeks); Group DAU3 received daunorubicin 3 mg/kg/week (10 weeks); and Group DAU4 received daunorubicin 4 mg/kg/week (6 weeks). A cohort of rabbits received saline (control). Results of blood tests, cardiac troponin I, echocardiography, and histopathology were analysed. Whilst DOX2 and DAU3 rabbits showed high premature mortality (50% and 33%, resp.), DAU4 rabbits showed 7.6% premature mortality. None of DOX2 rabbits developed overt dilated cardiomyopathy; 66% of DAU3 rabbits developed overt dilated cardiomyopathy and quickly progressed to severe congestive heart failure. Interestingly, 92% of DAU4 rabbits showed overt dilated cardiomyopathy and 67% developed congestive heart failure exhibiting stable disease. DOX2 and DAU3 rabbits showed alterations of renal function, with DAU3 also exhibiting hepatic function compromise. Thus, a shortened protocol of anthracycline-induced cardiomyopathy as in DAU4 group results in high incidence of overt dilated cardiomyopathy, which insidiously progressed to congestive heart failure, associated to reduced systemic compromise and very low premature mortality.

Quantifying polynya ice production in the Laptev Sea with the COSMO model

Arctic flaw polynyas are considered to be highly productive areas for the formation of sea-ice throughout the winter season. Most estimates of sea-ice production are based on the surface energy balance equation and use global reanalyses as atmospheric forcing, which are too coarse to take into account the impact of polynyas on the atmosphere. Additional errors in the estimates of polynya ice production may result from the methods of calculating atmospheric energy fluxes and the assumption of a thin-ice distribution within polynyas. The present study uses simulations using the mesoscale weather prediction model of the Consortium for Small-scale Modelling (COSMO), where polynya area is prescribed from satellite data. The polynya area is either assumed to be ice-free or to be covered with thin ice of 10 cm. Simulations have been performed for two winter periods (2007/08 and 2008/09). When using a realistic thin-ice thickness of 10 cm, sea-ice production in Laptev polynyas amount to 30 km3 and 73 km3 for the winters 2007/08 and 2008/09, respectively. The higher turbulent energy fluxes of open-water polynyas result in a 50-70% increase in sea-ice production (49 km3 in 2007/08 and 123 km3 in 2008/09). Our results suggest that previous studies have overestimated ice production in the Laptev Sea.

Using data insertion with the NAME model to simulate the 8 May 2010 Eyjafjallajökull volcanic ash cloud

A data insertion method, where a dispersion model is initialized from ash properties derived from a series of satellite observations, is used to model the 8 May 2010 Eyjafjallajökull volcanic ash cloud which extended from Iceland to northern Spain. We also briefly discuss the application of this method to the April 2010 phase of the Eyjafjallajökull eruption and the May 2011 Grímsvötn eruption. An advantage of this method is that very little knowledge about the eruption itself is required because some of the usual eruption source parameters are not used. The method may therefore be useful for remote volcanoes where good satellite observations of the erupted material are available, but little is known about the properties of the actual eruption. It does, however, have a number of limitations related to the quality and availability of the observations. We demonstrate that, using certain configurations, the data insertion method is able to capture the structure of a thin filament of ash extending over northern Spain that is not fully captured by other modeling methods. It also verifies well against the satellite observations according to the quantitative object-based quality metric, SAL—structure, amplitude, location, and the spatial coverage metric, Figure of Merit in Space.