The role of competition and state aid policy in financial and monetary law

During the financial crisis, companies and lenders found themselves in distressed situations. Competition authorities across the globe had to deal with controversial issues such as the application of the failing firm defence in merger transactions as well as assessment of emergency aid granted by states. This article considers competition policy in periods of crisis, in particular the failing firm defence in merger control and its state aid policy.

Commercial real estate return distributions: a review of literature and empirical evidence

This paper review the literature on the distribution of commercial real estate returns. There is growing evidence that the assumption of normality in returns is not safe. Distributions are found to be peaked, fat-tailed and, tentatively, skewed. There is some evidence of compound distributions and non-linearity. Public traded real estate assets (such as property company or REIT shares) behave in a fashion more similar to other common stocks. However, as in equity markets, it would be unwise to assume normality uncritically. Empirical evidence for UK real estate markets is obtained by applying distribution fitting routines to IPD Monthly Index data for the aggregate index and selected sub-sectors. It is clear that normality is rejected in most cases. It is often argued that observed differences in real estate returns are a measurement issue resulting from appraiser behaviour. However, unsmoothing the series does not assist in modelling returns. A large proportion of returns are close to zero. This would be characteristic of a thinly-traded market where new information arrives infrequently. Analysis of quarterly data suggests that, over longer trading periods, return distributions may conform more closely to those found in other asset markets. These results have implications for the formulation and implementation of a multi-asset portfolio allocation strategy.

Assessment of surface winds over the Atlantic, Indian and Pacific Ocean sectors of the Southern Ocean in CMIP5 models: historical bias, forcing response, and state dependence

An assessment of the fifth Coupled Models Intercomparison Project (CMIP5) models’ simulation of the near-surface westerly wind jet position and strength over the Atlantic, Indian and Pacific sectors of the Southern Ocean is presented. Compared with reanalysis climatologies there is an equatorward bias of 3.7° (inter-model standard deviation of ± 2.2°) in the ensemble mean position of the zonal mean jet. The ensemble mean strength is biased slightly too weak, with the largest biases over the Pacific sector (-1.6±1.1 m/s, 27 -22%). An analysis of atmosphere-only (AMIP) experiments indicates that 41% of the zonal mean position bias comes from coupling of the ocean/ice models to the atmosphere. The response to future emissions scenarios (RCP4.5 and RCP8.5) is characterized by two phases: (i) the period of most rapid ozone recovery (2000-2049) during which there is insignificant change in summer; and (ii) the period 2050-2098 during which RCP4.5 simulations show no significant change but RCP8.5 simulations show poleward shifts (0.30, 0.19 and 0.28°/decade over the Atlantic, Indian and Pacific sectors respectively), and increases in strength (0.06, 0.08 and 0.15 m/s/decade respectively). The models with larger equatorward position biases generally show larger poleward shifts (i.e. state dependence). This inter-model relationship is strongest over the Pacific sector (r=-0.89) and insignificant over the Atlantic sector (r=-0.50). However, an assessment of jet structure shows that over the Atlantic sector jet shift is significantly correlated with jet width whereas over the Pacific sector the distance between the sub-polar and sub-tropical westerly jets appears to be more important.

Corruption and state-building

The chapter examines the compex roles of corruption in state-buioding environments. The first section briefly outlines how statebuilding is conceptualized in this discussion. The second section examines the concept of corruption,and argues that the organization, rather than the scale of corruption, offers a better lens through which its impact can be analyzed. The third section examines the complex relationship between corruption and statebuilding through the lenses of two key aspects of statebuilding – elite settlements, and the provision of public services – and briefly discusses both the complex relationship between corruption and security, and the impact of aid on corruption in statebuilding environments. The fourth section concludes the chapter with a reflection on the implications of the analysis for understanding contemporary statebuilding efforts and policy.

Bifurcations and state changes in the human alpha rhythm: Theory and experiment

Despite many decades investigating scalp recordable 8–13-Hz (alpha) electroencephalographic activity, no consensus has yet emerged regarding its physiological origins nor its functional role in cognition. Here we outline a detailed, physiologically meaningful, theory for the genesis of this rhythm that may provide important clues to its functional role. In particular we find that electroencephalographically plausible model dynamics, obtained with physiological admissible parameterisations, reveals a cortex perched on the brink of stability, which when perturbed gives rise to a range of unanticipated complex dynamics that include 40-Hz (gamma) activity. Preliminary experimental evidence, involving the detection of weak nonlinearity in resting EEG using an extension of the well-known surrogate data method, suggests that nonlinear (deterministic) dynamics are more likely to be associated with weakly damped alpha activity. Thus rather than the “alpha rhythm” being an idling rhythm it may be more profitable to conceive it as a readiness rhythm.

Dementia and cancer: a review of the literature and current practice

Age is a risk factor for dementia, and also for most cancers. Surprisingly, rates of cancer appear to be lower in individuals with dementia and vice versa. Genetic mechanisms could underpin this inverse relationship and are outlined, but underdiagnosis must also be taken into account. Individuals with cancer and dementia pose unique challenges to healthcare professionals owing to the potential for impaired decision-making capacity, poor communication and difficulties following medication regimes. Mild cognitive impairment and ‘chemo brain’ should be differentiated from progressive neurodegeneration.

Through Jewish eyes: polemical literature and the medieval papacy

Although the medieval papacy's stance towards the Jews is a well-established area of research, Jewish ideas about the papacy remain a surprisingly underdeveloped historical topic. This article explores such ideas through the genre of polemic and disputational literature. Jewish writers were keen to ensure the safety of their communities in western Europe and grateful for statements of papal protection. They fully acknowledged that popes had always played and would continue to play an important role in safeguarding their well-being and determining their future. Yet although contemporary and later writers often valued papal protection more highly than that of monarchs, emperors or clergy, they also knew that it had its carefully circumscribed limits. Furthermore, although they were respectful of the papacy's power, both spiritual and temporal, they were dismissive of the scriptural and theological formulations on which Christian claims for apostolic authority rested and highly critical of Christian beliefs about the papacy, in particular that of apostolic succession. Jewish ideas about both individual popes and the medieval papacy as an institution are therefore nuanced and complex; they deserve rigorous and wide-ranging investigation and it is hoped that this article will contribute to their better understanding.

Ancillary narratives: maids, sleepwalking, and agency in nineteenth-century literature and culture

The limited coverage of servants in nineteenth-century literature may plausibly be ascribed to the tenuous nature of the roles they play in primary texts, and especially to the problematic nature of their agency. This idea is implicit in the arguments of Bruce Robbins, whose The Servant’s Hand remains the most cogent approach to giving servants a palpable role in critical narrative: for Robbins, the agency that acts through the servant ‘prosthesis’ rebounds on the master, granting the servant figure a sometimes exorbitant textual agency. The figure of the sleepwalking maid, and the analogies between sleepwalking and domestic service implicit in it, will help to complicate this picture. In anecdotes of spontaneous sleepwalking, and their subsequent appropriation by mesmerists, maids are cast as non-agents in terms of ownership of narrative: their subjectivity is immaterial to the public fate of the story which their acts generate. But this apparent non-agency is itself derived from their spontaneity; from an autonomous, albeit unconscious, self-will. As such, sleepwalking subjectivity is a gift to paternalism; a mastery it does not have to produce. In conclusion, it is this undetermined quality, rather than a simple lack of agency, that characterizes the maid in the novel, and which continues to exclude domestic servants from critical narrative.

A rate and state friction law for saline ice

Sea ice friction models are necessary to predict the nature of interactions between sea ice floes. These interactions are of interest on a range of scales, for example, to predict loads on engineering structures in icy waters or to understand the basin-scale motion of sea ice. Many models use Amonton's friction law due to its simplicity. More advanced models allow for hydrodynamic lubrication and refreezing of asperities; however, modeling these processes leads to greatly increased complexity. In this paper we propose, by analogy with rock physics, that a rate- and state-dependent friction law allows us to incorporate memory (and thus the effects of lubrication and bonding) into ice friction models without a great increase in complexity. We support this proposal with experimental data on both the laboratory (∼0.1 m) and ice tank (∼1 m) scale. These experiments show that the effects of static contact under normal load can be incorporated into a friction model. We find the parameters for a first-order rate and state model to be A = 0.310, B = 0.382, and μ0 = 0.872. Such a model then allows us to make predictions about the nature of memory effects in moving ice-ice contacts.