Exchange rate exposure:do size and foreign operations matter?

Purpose – The purpose of this paper is to examine the effect of firm size and foreign operations on the exchange rate exposure of UK non-financial companies from January 1981 to December 2001. Design/methodology/approach – The impact of the unexpected changes in exchange rates on firms’ stock returns is examined. In addition, the movements in bilateral, equally weighted (EQW) and trade-weighted and exchange rate indices are considered. The sample is classified according to firm size and the extent of firms’ foreign operations. In addition, structural changes on the relationship between exchange rate changes and individual firms’ stock returns are examined over three sub-periods: before joining the exchange rate mechanism (pre-ERM), during joining the ERM (in-ERM), and after departure from the ERM (post-ERM). Findings – The findings indicate that a higher percentage of UK firms are exposed to contemporaneous exchange rate changes than those reported in previous studies. UK firms’ stock returns are more affected by changes in the EQW, and US$ European currency unit exchange rate, and respond less significantly to the basket of 20 countries’ currencies relative to the UK pound exchange rate. It is found that exchange rate exposure has a more significant impact on stock returns of the large firms compared with the small and medium-sized companies. The evidence is consistent across all specifications using different exchange rate. The results provide evidence that the proportion of significant foreign exchange rate exposure is higher for firms which generate a higher percentage of revenues from abroad. The sensitivities of firms’ stock returns to exchange rate fluctuations are most evident in the pre-ERM and post-ERM periods. Practical implications – This study provides important implications for public policymakers, financial managers and investors on how common stock returns of various sectors react to exchange rate fluctuations. Originality/value – The empirical evidence supports the view that UK firms’ stock returns are affected by foreign exchange rate exposure.

A novel tunable all-optical incoherent negative-tap fiber-optic transversal filter based on a DFB laser diode and fiber Bragg grating

We demonstrate experimentally a novel and simple tunable all-optical incoherent negative-tap fiber-optic transversal filter based on a distribution feedback laser diode and high reflection fiber Bragg gratings (FBGs). In this filter, variable time delay is provided by cascaded high reflection fiber Bragg gratings (FBGs), and the tuning of the filter is realized by tuning different FBG to match the fixed carrier wavelength, or adjusting the carrier wavelength to fit different FBG. The incoherent negative tapping is realized by using the carrier depletion effect in a distribution feedback laser diode.

Neuromarketing and consumer neuroscience:contributions to neurology

Background: 'Neuromarketing' is a term that has often been used in the media in recent years. These public discussions have generally centered around potential ethical aspects and the public fear of negative consequences for society in general, and consumers in particular. However, positive contributions to the scientific discourse from developing a biological model that tries to explain context-situated human behavior such as consumption have often been neglected. We argue for a differentiated terminology, naming commercial applications of neuroscientific methods 'neuromarketing' and scientific ones 'consumer neuroscience'. While marketing scholars have eagerly integrated neuroscientific evidence into their theoretical framework, neurology has only recently started to draw its attention to the results of consumer neuroscience.Discussion: In this paper we address key research topics of consumer neuroscience that we think are of interest for neurologists; namely the reward system, trust and ethical issues. We argue that there are overlapping research topics in neurology and consumer neuroscience where both sides can profit from collaboration. Further, neurologists joining the public discussion of ethical issues surrounding neuromarketing and consumer neuroscience could contribute standards and experience gained in clinical research.Summary: We identify the following areas where consumer neuroscience could contribute to the field of neurology:. First, studies using game paradigms could help to gain further insights into the underlying pathophysiology of pathological gambling in Parkinson's disease, frontotemporal dementia, epilepsy, and Huntington's disease.Second, we identify compulsive buying as a common interest in neurology and consumer neuroscience. Paradigms commonly used in consumer neuroscience could be applied to patients suffering from Parkinson's disease and frontotemporal dementia to advance knowledge of this important behavioral symptom.Third, trust research in the medical context lacks empirical behavioral and neuroscientific evidence. Neurologists entering this field of research could profit from the extensive knowledge of the biological foundation of trust that scientists in economically-orientated neurosciences have gained.Fourth, neurologists could contribute significantly to the ethical debate about invasive methods in neuromarketing and consumer neuroscience. Further, neurologists should investigate biological and behavioral reactions of neurological patients to marketing and advertising measures, as they could show special consumer vulnerability and be subject to target marketing. © 2013 Javor et al.; licensee BioMed Central Ltd.

RFID in the warehouse:a literature analysis (1995-2010) of its applications, benefits, challenges and future trends

Radio Frequency Identification (RFID) has been identified as a crucial technology for the modern 21st century knowledge-based economy. Some businesses have realised benefits of RFID adoption through improvements in operational efficiency, additional cost savings, and opportunities for higher revenues. RFID research in warehousing operations has been less prominent than in other application domains. To investigate how RFID technology has had an impact in warehousing, a comprehensive analysis of research findings available from articles through leading scientific article databases has been conducted. Articles from years 1995 to 2010 have been reviewed and analysed with respect to warehouse operations, RFID application domains, benefits achieved and obstacles encountered. Four discussion topics are presented covering RFID in warehousing focusing on its applications, perceived benefits, obstacles to its adoption and future trends. This is aimed at elucidating the current state of RFID in the warehouse and providing insights for researchers to establish new research agendas and for practitioners to consider and assess the adoption of RFID in warehousing functions. © 2013 Elsevier B.V.

From 3LSP (Third Party Logistics Service Provider) to 4LSP (Fourth Party Logistics Service Provider):a case study from Ireland

Increased competition, geographically expanded marketplaces, technology replication and an ever discerning consumer base, are reasons why companies need to regularly reappraise their competencies in terms of activities and functions they perform themselves. Where viable alternatives exist, companies should consider outsourcing of non-core activities and functions. Within SCM (Supply Chain Management) it could be preferable if a “one stop shop” existed for companies seeking to outsource functions identified as non-core. “Traditionally” structured LSP’s who have concentrated their service offer around providing warehousing and transport activities are potentially at a crossroads – clients and potential clients requiring “new” services which could increase LSP’s revenues if provided, whilst failure to provide could perhaps result in clients seeking outsourced services elsewhere.

Can fabricated evidence induce false eyewitness testimony?

False information can influence people's beliefs and memories. But can fabricated evidence induce individuals to accuse another person of doing something they never did? We examined whether exposure to a fabricated video could produce false eyewitness testimony. Subjects completed a gambling task alongside a confederate subject, and later we falsely told subjects that their partner had cheated on the task. Some subjects viewed a digitally manipulated video of their partner cheating; some were told that video evidence of the cheating exists; and others were not told anything about video evidence. Subjects were asked to sign a statement confirming that they witnessed the incident and that their corroboration could be used in disciplinary action against the accused. See-video subjects were three times more likely to sign the statement than Told-video and Control subjects. Fabricated evidence may, indeed, produce false eyewitness testimony; we discuss probable cognitive mechanisms. Copyright © 2009 John Wiley & Sons, Ltd.

Innocent but proven guilty:eliciting internalized false confessions using doctored-video evidence

More powerful computers and affordable digital-video equipment means that desktop-video editing is now accessible and popular. In two experiments, we investigated whether seeing fake-video evidence, or simply being told that video evidence exists, could lead people to believe they committed an act they never did. Subjects completed a computerized gambling task, and when they returned later the same day, we falsely accused them of cheating on the task. All of the subjects were told that incriminating video evidence existed, and half were also exposed to a fake video. See-video subjects were more likely to confess without resistance, and to internalize the act than told-video subjects, and see-video subjects tended to confabulate details more often than told-video subjects. We offer a metacognitive-based account of our results. Copyright © 2008 John Wiley & Sons, Ltd.

Long-term drivers of broadband traffic in next-generation networks

This paper is concerned with long-term (20+ years) forecasting of broadband traffic in next-generation networks. Such long-term approach requires going beyond extrapolations of past traffic data while facing high uncertainty in predicting the future developments and facing the fact that, in 20 years, the current network technologies and architectures will be obsolete. Thus, "order of magnitude" upper bounds of upstream and downstream traffic are deemed to be good enough to facilitate such long-term forecasting. These bounds can be obtained by evaluating the limits of human sighting and assuming that these limits will be achieved by future services or, alternatively, by considering the contents transferred by bandwidth-demanding applications such as those using embedded interactive 3D video streaming. The traffic upper bounds are a good indication of the peak values and, subsequently, also of the future network capacity demands. Furthermore, the main drivers of traffic growth including multimedia as well as non-multimedia applications are identified. New disruptive applications and services are explored that can make good use of the large bandwidth provided by next-generation networks. The results can be used to identify monetization opportunities of future services and to map potential revenues for network operators. © 2014 The Author(s).

Benefit segmentation of international travelers to Macau, China

The purpose of this study is threefold: (1) to identify the underlying benefits sought by international visitors to Macau, China, which has emerged as a popular gambling destination in Asia; (2) to segment tourists visiting Macau by employing a cluster analysis based on the benefits sought; and (3) to examine any salient differences between the segment groups with regard to their behavioral characteristics, socio-economic characteristics, and demographic profiles. A convenience sample was used to collect data in the Macau International Airport, in the Macau Ferry Terminal, and at the border gate with Mainland China. A total 1,513 useful surveys were retained for data analysis. Cluster analysis discloses four distinct clusters: "convention and business seekers," "family and vacation seekers," "gambling and shopping seekers," and "multi-purpose seekers." Based on the results of our findings, several managerial implications are discussed. © Taylor & Francis Group, LLC.

Exploring business models to provide a foundation for enhanced eye care services in high street optometric practice

High street optometric practices are for-profit businesses. They mostly provide sight testing and eye examination services and sell optical products, such as spectacles and contact lenses. The sight testing services are often sold at a vastly reduced price and profits are generated primarily through high margin spectacle sales, in a loss leading strategy. Published literature highlights weaknesses in this strategy as it forms a barrier to widening the scope of services provided within optometric practices. This includes specialist non-refraction based services, such as shared care. In addition this business strategy discourages investment in advanced diagnostic equipment and higher professional qualifications. The aim of this thesis was to develop a greater understanding of the traditional loss-leading strategy. The thesis also aimed to assess the plausibility of alternative business models to support the development of specialist non-refraction services within high street optometric practice. This research was based on a single independent optometric practice that specialises in advanced retinal imaging and offers a broad range of shared care services. Specialist non-refraction based services were found to be poor generators of spectacle sales likely due to patient needs and presenting concerns. Alternative business strategies to support these services included charging more realistic professional fees via cost-based pricing and monthly payment plans. These strategies enabled specialist services to be more self-sustainable with less reliance on cross-subsidy from spectacle sales. Furthermore, improving operational efficiency can increase stand-alone profits for specialist services.Practice managers may be reluctant to increase professional fees due to market pressures and confidence. However, this thesis found that patients were accepting of increased professional fees. Practice managers can implement alternative business models to enhance eye care provision in high street optometric practices. These alternative business models also improve revenues and profits generated via clinical services and improve patient loyalty.

Privatisation and accountability in a “crony capitalist” Nigerian state

Nigeria is richly endowed with oil and gas resources, but the country’s continued reliance on loans from international financial institutions raises questions about the transparency and accountability of its utilisation of the huge revenues resulting from these two resources. In order to attract international capital to bolster its revenues from sales of oil and gas, a huge proportion of which continues to be used corruptly, the World Bank has encouraged the Nigerian government to subscribe to neoliberal economic policies by enlisting accounting firms and privatising state-owned enterprises. Key justifications for this have included enhancing accountability, reducing public-sector corruption, promoting market efficiency and attracting international capital. However, this paper presents evidence of the role of accounting in the undervaluation of assets, concealment of possible malpractice, and subversion of the accountability that it should have delivered in the privatisation process. The assumption that accounting will enhance accountability, reduce public-sector corruption and promote market efficiency in privatisation, and ultimately attract investment into a crony capitalist Nigerian state, appears to be an illusion created partly through the apparent legitimacy of accounting.