Access to start up finance for ethnic minority graduate entrepreneurs in the West Midlands: a gendered perspective

This aim of this paper, from a study funded by the National Council for Graduate Entrepreneurship (NCGE), is to explore access to finance for ethnic minority graduate entrepreneurs (EMGEs) with a particular focus on comparisons between different ethnic groups, and men and women. The authors interviewed selected individuals based upon a review of literature on finance for ethnic minority enterprise. A number of key results from the survey, in that EMGEs: • use external finance significantly (more so than non graduates) and encounter barriers in accessing finance at start-up, in particular those belonging to poor families. • rely excessively on personal savings and family finance, at the start-up and long after the start-up stage, that has implications for the optimal capital structure. • start up businesses that are, on average, larger than non-graduate enterprises and have the potential to reduce economic inactivity amongst the ethnic population. • have, in contrast to general graduate start-ups, a high level of unemployment, take a longer period of time to enter employment and there is a higher level of dissatisfaction with career progression. These findings raise the question whether the right financial advice is taken and whether this behaviour constrains EMGEs' expansion.

Knowledge, capabilities and manufacturing innovation: a US-Europe comparison

In this paper we report a comparative analysis of the factors which contribute to the innovation performance of manufacturing firms in the US state of Georgia, and three European regions, the UK regions of Wales and the West Midlands, and the Spanish region of Catalonia. We consider the factors which shape firms’ ability to generate new products and processes and undertake various forms of organisational and structural change. We are particularly concerned with how firms collect the knowledge on which they base their innovation and their effectiveness in translating that knowledge into new innovations. Three main empirical conclusions result. First, US firms have more widespread links to external knowledge sources than those in Europe and notably the universities make a greater contribution to innovation in the US than in Europe. Second, UK firms prove more effective at capturing synergies between their innovation activities than US and Catalan firms. Third, firms’ operating environment proves more conducive to innovation in the US than in either the UK regions or Catalonia. Our results suggest the potential for mutual learning. For the UK there are lessons in terms of the way in which the universities in Georgia are supporting innovation. For firms in Georgia and in Catalonia the potential lessons are more strategic or organisational and relate to how they can better capture potential synergies between their innovation activities.

Evolving weights for a new United Kingdom Divisia

Divisia money is a monetary aggregate that gives each component asset an assigned weight. We use an evolutionary neural network to calculate new Divisia weights for each component utilising the Bank of England monetary data for the U.K. We propose a new monetary aggregate using our newly derived weights to carry out quantitative inflation prediction. The results show that this new monetary aggregate has better inflation forecasting performance than the traditionally constructed Bank of England Divisa money. This result is important for monetary policymakers, as improved construction of monetary aggregates will yield tighter relationships between key macroeconomic variables and ultimately, greater macroeconomic control. Research is ongoing to establish the extent of the increased information content and parameter stability of this new monetary aggregate.

Stock selection with full-scale optimization and differential evolution

When composing stock portfolios, managers frequently choose among hundreds of stocks. The stocks' risk properties are analyzed with statistical tools, and managers try to combine these to meet the investors' risk profiles. A recently developed tool for performing such optimization is called full-scale optimization (FSO). This methodology is very flexible for investor preferences, but because of computational limitations it has until now been infeasible to use when many stocks are considered. We apply the artificial intelligence technique of differential evolution to solve FSO-type stock selection problems of 97 assets. Differential evolution finds the optimal solutions by self-learning from randomly drawn candidate solutions. We show that this search technique makes large scale problem computationally feasible and that the solutions retrieved are stable. The study also gives further merit to the FSO technique, as it shows that the solutions suit investor risk profiles better than portfolios retrieved from traditional methods.

Analyzing MSI rules for the USA extracted from a feedforward neural network

This paper introduces a mechanism for generating a series of rules that characterize the money price relationship for the USA, defined as the relationship between the rate of growth of the money supply and inflation. Monetary component data is used to train a selection of candidate feedforward neural networks. The selected network is mined for rules, expressed in human-readable and machine-executable form. The rule and network accuracy are compared, and expert commentary is made on the readability and reliability of the extracted rule set. The ultimate goal of this research is to produce rules that meaningfully and accurately describe inflation in terms of the monetary component dataset.

Dynamics in systematic liquidity

We develop a principal component approach to systematic liquidity measurement by introducing moving and expanding estimation windows. We evaluate these methods along with traditional estimation techniques (full sample PCA and market average) in terms of ability to explain (1) cross sectional stock liquidity and cross sectional stock returns. For several traditional liquidity measures our results suggest an expanding window specification for systematic liquidity estimation. The market average proxy of systematic liquidity produces the same degree of commonality, but does not have the same ability to explain stock returns as the PCA-estimates.

Does money matter in inflation forecasting

This paper provides the most fully comprehensive evidence to date on whether or not monetary aggregates are valuable for forecasting US inflation in the early to mid 2000s. We explore a wide range of different definitions of money, including different methods of aggregation and different collections of included monetary assets. In our forecasting experiment we use two non-linear techniques, namely, recurrent neural networks and kernel recursive least squares regression - techniques that are new to macroeconomics. Recurrent neural networks operate with potentially unbounded input memory, while the kernel regression technique is a finite memory predictor. The two methodologies compete to find the best fitting US inflation forecasting models and are then compared to forecasts from a naive random walk model. The best models were non-linear autoregressive models based on kernel methods. Our findings do not provide much support for the usefulness of monetary aggregates in forecasting inflation.

Can grassroots organisations and NGOs substitute for the State in Russia? A review of the literature and suggestions for a future research agenda

The paper investigates the relationship between civil society and the state. Using the unique lens of the state-substitution (the process whereby civil society organisations take on government roles) the paper reviews the literature and highlights three key issues: - Civil society is weak in Russia and its contribution to democracy development is limited - The Russian State has be withdrawing from its responsibilities to care for its citizens, leaving a field of opportunity for civil society organisations. - The state has subsequently began to encroach on civil society organisations mainly through the use of legislative changes and government sponsored organisations These trends have far reaching implications for civil society organisations, in particular those which take up or take over government roles and responsibilities. The literary evidence shows that the Russian state leverages its political power into the sphere of civil society similar to how it regained control over the economy in the early 2000s. This Russian variant of civil society attributes the state as a key player in all societal spheres.

"Girls Who Do Boys Like They’re Girls": gender and call centre’s junior management

This paper focuses on the structuring of work and organization by exploring the hierarchical and gendered nature of the division of labour within a contemporary service-based organization. Central to our account is the role of the ‘team leader’, which we argue, as a junior management position, occupies a key role in understanding and accounting for the gendered hierarchical terrain of the organization. In exploring the role of team leaders, a position that empirically, tends overwhelming to be held by female members of staff, we draw attention to the perception of the gendered nature of the role by subordinate members of the organization, team-leaders themselves, and more senior members of staff. The specific constitution and character of the team leader position is brought into sharp relief through comparison with the subordinate role of ‘problem manager’, a position which was overwhelming held by men. Our ethnographic approach attempts to draw attention to that which is both ‘said’ and ‘done’ within the organizational context and the account of junior managers that emerges is highly gendered. The paper seeks to map this account onto the existing and on-going debate within Gender and Organizational research, which explores, documents and challenges Masculinities at work.

The gendered academy:women academics as agents for change

This paper explores the experiences of women academics who have undertaken research on gender in their own organisations. In particular those who have undertaken research with the motive to upset the systematic gender order. Our preliminary analysis of five interviews with female academics, at a range of stages in their careers, has highlighted three key concerns: first that gender research is still largely seen as women’s work within the academy, second that the relation between female academic’s gender research and their identity as academics and as professionals remains an uncomfortable one and third that their objective of effecting change to the gender order in their institutions remains elusive.

On a distinction between casual and formative variable models:theoretical issues and practical implications for organizational researchers

Formative measurement has seen increasing acceptance in organizational research since the turn of the 21st Century. However, in more recent times, a number of criticisms of the formative approach have appeared. Such work argues that formatively-measured constructs are empirically ambiguous and thus flawed in a theory-testing context. The aim of the present paper is to examine the underpinnings of formative measurement theory in light of theories of causality and ontology in measurement in general. In doing so, a thesis is advanced which draws a distinction between reflective, formative, and causal theories of latent variables. This distinction is shown to be advantageous in that it clarifies the ontological status of each type of latent variable, and thus provides advice on appropriate conceptualization and application. The distinction also reconciles in part both recent supportive and critical perspectives on formative measurement. In light of this, advice is given on how most appropriately to model formative composites in theory-testing applications, placing the onus on the researcher to make clear their conceptualization and operationalisation.

Adjusting to institutional realities: the 2006 NGO law and its effects on civil society in Russia

Key findings: The paper investigates the impact that the legislative changes of 2006 had on civil society in Russia. This legislation has change the regulatory environment in which civil society actors such as Third Sector Organisations operate. Using the past development of civil society organisations as well as insights about how the institutional environment influences this article illustrates: - the undemocratic nature and motivation of the law and how it exploits the structural weaknesses of civil society - how Third Sector Organisations rationalise and translate the legislative changes into their organisational realities and how this changed or did not change their behaviour - the shift in state-civil society relations away from liberal co-existence into more hierarchical arrangements were Third Sector Organisations are subordinated to the state. These trends have far reaching implications for civil society. The empirical evidence shows that state now manages civil society to meet its own political ends. It also shows that organisations in the field welcome the more engage and directive nature of the Russian state. Why is this important? What does it mean for business or other users? Are there policy implications? The research is important as it shows how Third Sector Organisations have reacted to the legislative changes. Further it provides a basis for interpretation of the potential future development of civil society. Additional it highlights how the continuous process of democratisation in transition economies sometimes might come unstuck. In particular donor agencies will need to consider these trends when disturbing funding to Third Sector Organisations.

Spray dried combinations of lactoferrin with antibiotics appear superior to monotherapy for reducing biofilm formation by pseudomonas aeruginosa

SD Apo Lactoferrin-Tobramycin/Gentamicin Combinations are superior to monotherapy in the eradication of Pseudomonas aeruginosa Biofilm in the lungs Wilson Oguejiofor1, Lindsay J. Marshall1, Andrew J. Ingham1, Robert Price2, Jag. Shur2 1School of Life and Health Sciences, Aston University, Birmingham, UK. 2School of Pharmacy and Pharmacology, University of Bath, Bath, UK. KEYWORDS: lactoferrin, apo lactoferrin, spray drying, biofilm, cystic fibrosis Introduction Chronic lung infections from the opportunistic pathogeen Pseudomonas aeruginosa has been recognised as a major contributor to the incidences of high morbidity and mortality amongst cystic fibrosis (CF) patients (1,2). Currently, strategies for managing lung infections in CF patients involves the aggressive use of aerosolised antibiotics (3), however, increasing evidence suggests that the biofilm component of P. aeruginosa in the lower airway remains unperturbed and is associated with the development of antibiotic resistance. If this is so then, there is an urgent need to suitably adjust the current treatment strategy so that it includes compounds that prevent biofilm formation or disrupt established biofilms. It is well understood that biofilm formation is strongly dependent on iron (Fe3+) availability (4), therefore aerosolised anti-infective formulations which has the ability to chelate iron may essentially be a well suited therapy for eliminating P. aeruginosa biofilms on CF airway epithelial cells (5). In this study, we report the use of combination therapy; an aminoglycosides (tobramycin and gentamicin) and an antimicrobial peptide (lactoferrin) to significantly deplete P. aeruginosa biofilms. We demonstrate that lactoferrin-tobramycin and lactoferrin-gentamicin combinations are superior to the single antibiotic regime currently being employed to combat P. aeruginosa biofilms. MATERIALS AND METHOD Antibiotics: The antibiotics used in this study included gentamicin and tobramycin supplied by Fagron, UK. Bacterial strain and growth conditions: Pseudomonas aeruginosa strain PAO1 was provided by Prof. Peter Lambert of Aston University, Birmingham UK. The Strains were routinely grown from storage in a medium supplemented with magnesium chloride, glucose and casamino acids. Dialysis of lactoferrin: Apo lactoferrin was prepared by dialyzing a suspension of lactoferrin for 24 hrs at 4 °C against 20 mmol/L sodium dihydrogen phosphate, 20 mmol/L sodium acetate and 40 mmol/L EDTA (pH 3.5). Ferric ion (Fe3+) removal was verified by atomic absorption spectroscopy measurements. Spray drying of combinations of lactoferrin and apo lactoferrin with the different aminoglycosides: Combinations of tobramycin and gentamicin with the different preparations of lactoferrin were spray dried (SD) as a 2% (w/v) aqueous suspension. The spray drying parameters utilized for the production of suitable micron-sized particles includes: Inlet temperature, 180°C, spray flow rate, 606 L/hr; pump setting, 10%; aspirator setting, 85% (34m3/hr) to produce various outlet temperatures ranging from 99 - 106°C. Viability assay: To test the bactericidal activity of the various combinations, a viability assay was performed as previously described by Xu, Xiong et al. (6) with some modifications. Briefly, 10µL of ~ c. 6.6 x 107 CFU mL-1 P. aeruginosa strain PAO1 suspension were incubated (37°C, 60 mins) with 90 µL of a 2 µg/mL concentration of the various combinations and sampled every 10 mins. After incubation, the cells were diluted in deionised water and plated in Mueller hinton agar plates. Following 24 h incubation of the plates at 37°C, the percentage of viable cells was determined relative to incubation without added antibiotics. Biofilm assay: To test the susceptibility of the P. aeruginosa strain to various antibiotics in the biofilms mode of growth, overnight cultures of P. aeruginosa were diluted 1:100 into fresh medium supplemented with magnesium chloride, glucose and casamino acids. Aliquots of the dilution were dispensed into a 96 well dish and incubated (37°C, 24 h). Excess broth was removed and the number of colony forming units per milliliter (CFU/mL) of the planktonic bacteria was quantified. The biofilms were then washed and stained with 0.1% (w/v) crystal violet for 15 mins at room temperature. Following vigorous washing with water, the stained biofilms were solubilized in 30% acetic acid and the absorbance at 550nm of a 125 µL aliquot was determined in a microplate reader (Multiskan spectrum, Thermo Scientific) using 30% acetic acid in water as the blank. Aliquots of the broth prior to staining were used as an indicator of the level of planktonic growth. RESULTS AND DISCUSSION Following spray drying, the mean yield, volume weighted mean diameter and moisture content of lactoferrin powder were measured and were as follows (Table 1 and table 2); Table 1: Spray drying parameters FormulationInlet temp (°C)Outlet temp (°C)Airflow rate (L/hr)Mean yield (%)Moisture content (%) SD Lactoferrin18099 - 10060645.2 ±2.75.9 ±0.4 SD Apo Lactoferrin180100 - 10260657.8 ±1.85.7 ±0.2 Tobramycin180102 - 10460682.1 ±2.23.2 ±0.4 Lactoferrin + Tobramycin180104 - 10660687.5 ±1.43.7 ±0.2 Apo Lactoferrin + Tobramycin180103 - 10460676.3 ±2.43.3 ±0.5 Gentamicin18099 - 10260685.4 ±1.34.0 ±0.2 Lactoferrin + Gentamicin180102 - 10460687.3 ±2.13.9 ±0.3 Apo Lactoferrin + Gentamicin18099 -10360680.1±1.93.4 ±0.4 Table 2: Particle size distribution d10 d50d90 SD Lactoferrin1.384.9111.08 SD Apo Lactoferrin1.284.7911.04 SD Tobramycin1.254.9011.29 SD Lactoferrin + Tobramycin1.175.2715.23 SD Apo Lactoferrin + Tobramycin1.115.0614.31 SD Gentamicin1.406.0614.38 SD Lactoferrin + Gentamicin1.476.2314.41 SD Apo Lactoferrin + Gentamicin1.465.1511.53 The bactericidal activity of the various combinations were tested against P. aeruginosa PAO1 following a 60 minute incubation period (Figure 1 and Figure 2). While 2 µg/mL of a 1:1 combination of spray dried apo lactoferrin and Gentamicin was able to completely kill all bacterial cells within 40 mins, the same concentration was not as effective for the other antibiotic combinations. However, there was an overall reduction of bacterial cells by over 3 log units by the other combinations within 60 mins. Figure 1: Logarithmic plot of bacterial cell viability of various combinations of tobramycin and lactoferrin preparations at 2µg/mL (n = 3). Figure 2: Logarithmic plot of bacterial cell viability of various combinations of gentamicin and lactoferrin preparations at 2µg/mL (n = 3). Crystal violet staining showed that biofilm formation by P. aeruginosa PAO1 was significantly (ANOVA, p < 0.05) inhibited in the presence of the different lactoferrin preparations. Interestingly, apo lactoferrin and spray dried lactoferrin exhibited greater inhibition of both biofilm formation and biofilm persistence (Figure 2). Figure 2: Crystal violet staining of residual biofilms of P. aeruginosa following a 24hr incubation with the various combinations of antibiotics and an exposure to 48 hr formed biofilms. CONCLUSION In conclusion, combination therapy comprising of an antimicrobial peptide (lactoferrin) and an aminoglycosides (tobramycin or gentamicin) provides a feasible and alternative approach to monotherapy since the various combinations are more efficient than the respective monotherapy in the eradication of both planktonic and biofilms of P. aeruginosa. ACKNOWLEDGEMENT The authors would like to thank Mr. John Swarbrick and Friesland Campina for their generous donation of the Lactoferrin. REFERENCES 1.Hassett, D.J., Sutton, M.D., Schurr, M.J., Herr, A.B., Caldwell, C.C. and Matu, J.O. (2009), "Pseudomonas aeruginosa hypoxic or anaerobic biofilm infections within cystic fibrosis airways". Trends in Microbiology, 17, 130-138. 2.Trust, C.F. (2009), "Antibiotic treatment for cystic fibrosis". Report of the UK Cystic Fibrosis Trust Antibiotic Working Group. Consensus document. London: Cystic Fibrosis Trust. 3.Garcia-Contreras, L. and Hickey, A.J. (2002), "Pharmaceutical and biotechnological aerosols for cystic fibrosis therapy". Advanced Drug Delivery Reviews, 54, 1491-1504. 4.O'May, C.Y., Sanderson, K., Roddam, L.F., Kirov, S.M. and Reid, D.W. (2009), "Iron-binding compounds impair Pseudomonas aeruginosa biofilm formation, especially under anaerobic conditions". J Med Microbiol, 58, 765-773. 5.Reid, D.W., Carroll, V., O'May, C., Champion, A. and Kirov, S.M. (2007), "Increased airway iron as a potential factor in the persistence of Pseudomonas aeruginosa infection in cystic fibrosis". European Respiratory Journal, 30, 286-292. 6.Xu, G., Xiong, W., Hu, Q., Zuo, P., Shao, B., Lan, F., Lu, X., Xu, Y. and Xiong, S. (2010), "Lactoferrin-derived peptides and Lactoferricin chimera inhibit virulence factor production and biofilm formation in Pseudomonas aeruginosa". J Appl Microbiol, 109, 1311-1318.

Epidemiology of community-acquired meticillin-resistant Staphylococcus aureus obtained from the UK West Midlands region

Between January 2005 and December 2005, 199 meticillin-resistant Staphylococcus aureus (MRSA) isolates were obtained from nonhospitalised patients presenting skin and soft tissue infections to local general practitioners. The study area incorporated 57 surgeries from three Primary Care Trusts in the Lichfield, Tamworth, Burntwood, North and East Birmingham regions of Central England, UK. Following antibiotic susceptibility testing, pulsed-field gel electrophoresis, Panton-Valentine leukocidin gene detection and SCCmec element assignment, 95% of the isolates were shown to be related to hospital epidemic strains EMRSA-15 and EMRSA-16. In total 87% of the isolate population harboured SCCmec IV, 9% had SCCmec II and 4% were identified as carrying novel SCCmec IIIa-mecI. When mapped to patient home postcode, a diverse distribution of isolates harbouring SCCmec II and SCCmec IV was observed; however, the majority of isolates harbouring SCCmec IIIa-mecI were from patients residing in the north-west of the study region, highlighting a possible localised clonal group. Transmission of MRSA from the hospital setting into the surrounding community population, as demonstrated by this study, warrants the need for targeted patient screening and decolonisation in both the clinical and community environments.

Promoting the German navy in the British Empire:the Central League for German Navy Clubs Abroad 1898-1918

German unification in 1871 not only changed the political, economic and geographical landscape of the country, it also had a significant impact on those Germans who found themselves living outside, or migrating across, the borders of the newly founded Empire. It also focuses on the activities of the Central League in Britain and its Empire. For comparative reasons, some areas outside the Empire also included. Within Britain, five local branches can be identified during the period 1898 to 1914: London, Birmingham, Newcastle, Glasgow, and Edinburgh-Leith. For London, membership numbers obtained, but judging by annual contributions this branch appears strongest in Britain. The article has shown that researching the activities of the Central League in Britain and its Empire can add valuable insights to the mechanics of transnational ethnic network creation, as well as to the nature of potentially frictional contact zones between German migrants and British colonial rule.