Executive remuneration, financial performance and corporate governance in UK and Spanish listed firms

This study examines the relationship between executive directors’ remuneration and the financial performance and corporate governance arrangements of the UK and Spanish listed firms. These countries’ corporate governance framework has been shaped by differences in legal origin, culture and backgrounds. For example, the UK legal arrangements can be defined as to be constituted in common-law, whereas for Spanish firms, the legal arrangement is based on civil law. We estimate both static and dynamic regression models to test our hypotheses and we estimate our regression using Ordinary Least Squares (OLS) and the Generalised Method of Moments (GMM). Estimated results for both countries show that directors’ remuneration levels are positively related with measures of firm value and financial performance. This means that remuneration levels do not lead to a point whereby firm value is reduced due to excessive remuneration. These results hold for our long-run estimates. That is, estimates based on panel cointegration and panel error correction. Measures of corporate governance also impacts on the level of executive pay. Our results have important implications for existing corporate governance arrangements and how the interests of stakeholders are protected. For example, long-run results suggest that directors’ remuneration adjusts in a way to capture variation in financial performance

Experiments in time:exploring the components of motor timing behaviour in dyslexia

This investigation aimed to pinpoint the elements of motor timing control that are responsible for the increased variability commonly found in children with developmental dyslexia on paced or unpaced motor timing tasks (Chapter 3). Such temporal processing abilities are thought to be important for developing the appropriate phonological representations required for the development of literacy skills. Similar temporal processing difficulties arise in other developmental disorders such as Attention Deficit Hyperactivity Disorder (ADHD). Motor timing behaviour in developmental populations was examined in the context of models of typical human timing behaviour, in particular the Wing-Kristofferson model, allowing estimation of the contribution of different timing control systems, namely timekeeper and implementation systems (Chapter 2 and Methods Chapters 4 and 5). Research examining timing in populations with dyslexia and ADHD has been inconsistent in the application of stimulus parameters and so the first investigation compared motor timing behaviour across different stimulus conditions (Chapter 6). The results question the suitability of visual timing tasks which produced greater performance variability than auditory or bimodal tasks. Following an examination of the validity of the Wing-Kristofferson model (Chapter 7) the model was applied to time series data from an auditory timing task completed by children with reading difficulties and matched control groups (Chapter 8). Expected group differences in timing performance were not found, however, associations between performance and measures of literacy and attention were present. Results also indicated that measures of attention and literacy dissociated in their relationships with components of timing, with literacy ability being correlated with timekeeper variance and attentional control with implementation variance. It is proposed that these timing deficits associated with reading difficulties are attributable to central timekeeping processes and so the contribution of error correction to timing performance was also investigated (Chapter 9). Children with lower scores on measures of literacy and attention were found to have a slower or failed correction response to phase errors in timing behaviour. Results from the series of studies suggest that the motor timing difficulty in poor reading children may stem from failures in the judgement of synchrony due to greater tolerance of uncertainty in the temporal processing system.

Correcting errors in optical data transmission using neural networks

Optical data communication systems are prone to a variety of processes that modify the transmitted signal, and contribute errors in the determination of 1s from 0s. This is a difficult, and commercially important, problem to solve. Errors must be detected and corrected at high speed, and the classifier must be very accurate; ideally it should also be tunable to the characteristics of individual communication links. We show that simple single layer neural networks may be used to address these problems, and examine how different input representations affect the accuracy of bit error correction. Our results lead us to conclude that a system based on these principles can perform at least as well as an existing non-trainable error correction system, whilst being tunable to suit the individual characteristics of different communication links.

Adaptive electrical signal post-processing in optical communications systems

Improving bit error rates in optical communication systems is a difficult and important problem. The error correction must take place at high speed and be extremely accurate. We show the feasibility of using hardware implementable machine learning techniques. This may enable some error correction at the speed required.

A 20-Mb/s VLC link with a polymer LED and a multilayer perceptron equalizer

This letter experimentally demonstrates a visible light communication system using a 350-kHz polymer lightemitting diode operating at a total bit rate of 19 Mb/s with a bit error rate (BER) of 10-6and 20 Mb/s at the forward error correction limit for the first time. This represents a remarkable net data rate gain of ~55 times. The modulation format adopted is ON-OFF keying in conjunction with an artificial neural network classifier implemented as an equalizer. The number of neurons used in the experiment is varied from the set N = {5, 10, 20, 30, 40} with 40 neurons offering the best performance at 19 Mb/s and the BER of 10-6.

A 10 Mb/s visible light communication system using a low bandwidth polymer light-emitting diode

In this paper we experimentally demonstrate a 10 Mb/s error free visible light communications (VLC) system using polymer light-emitting diodes (PLEDs) for the first time. The PLED under test is a blue emitter with ∼600 kHz bandwidth. Having such a low bandwidth means the introduction of an intersymbol interference (ISI) induced penalty at higher transmission speeds and thus the requirement for an equalizer. In this work we improve on previous literature by implementing a decision feedback equalizer, rather than a linear equalizer. Considering 7% and 20% forward error correction codes, transmission speeds up to ∼12 Mb/s can be supported.

Interleavers and BCH codes for coherent DQPSK systems with laser phase noise

The relatively high phase noise of coherent optical systems poses unique challenges for forward error correction (FEC). In this letter, we propose a novel semianalytical method for selecting combinations of interleaver lengths and binary Bose-Chaudhuri-Hocquenghem (BCH) codes that meet a target post-FEC bit error rate (BER). Our method requires only short pre-FEC simulations, based on which we design interleavers and codes analytically. It is applicable to pre-FEC BER ∼10-3, and any post-FEC BER. In addition, we show that there is a tradeoff between code overhead and interleaver delay. Finally, for a target of 10-5, numerical simulations show that interleaver-code combinations selected using our method have post-FEC BER around 2× target. The target BER is achieved with 0.1 dB extra signal-to-noise ratio.

Dimensioning BCH codes for coherent DQPSK systems with laser phase noise and cycle slips

Forward error correction (FEC) plays a vital role in coherent optical systems employing multi-level modulation. However, much of coding theory assumes that additive white Gaussian noise (AWGN) is dominant, whereas coherent optical systems have significant phase noise (PN) in addition to AWGN. This changes the error statistics and impacts FEC performance. In this paper, we propose a novel semianalytical method for dimensioning binary Bose-Chaudhuri-Hocquenghem (BCH) codes for systems with PN. Our method involves extracting statistics from pre-FEC bit error rate (BER) simulations. We use these statistics to parameterize a bivariate binomial model that describes the distribution of bit errors. In this way, we relate pre-FEC statistics to post-FEC BER and BCH codes. Our method is applicable to pre-FEC BER around 10-3 and any post-FEC BER. Using numerical simulations, we evaluate the accuracy of our approach for a target post-FEC BER of 10-5. Codes dimensioned with our bivariate binomial model meet the target within 0.2-dB signal-to-noise ratio.

Upgrading legacy long-haul WDM systems through unbalancing the proportion of 1s and 0s in the transmitted data

We present experimental results for wavelength-division multiplexed (WDM) transmission performance using unbalanced proportions of 1s and 0s in pseudo-random bit sequence (PRBS) data. This investigation simulates the effect of local, in time, data unbalancing which occurs in some coding systems such as forward error correction when extra bits are added to the WDM data stream. We show that such local unbalancing, which would practically give a time-dependent error-rate, can be employed to improve the legacy long-haul WDM system performance if the system is allowed to operate in the nonlinear power region. We use a recirculating loop to simulate a long-haul fibre system.

WDM orthogonal subcarrier multiplexing

Electro-optical transceivers can be implemented employing all-analog signal processing in order to achieve low values of power consumption and latency. This paper shows that the spectral efficiency of such solutions can be increased by combining orthogonal multicarrier techniques and off-the-shelf microwave components. A real-time 108-Gbit/s experiment was performed emulating a wavelength division multiplexing (WDM) system composed of five optical channels. The optical carriers were provided by an externally injected gain switched optical frequency comb. Each optical channel transmitted a 21.6-Gbit/s orthogonal subcarrier multiplexing (SCM) signal that was modulated and demodulated in the electrical domain without the requirement for digital signal processing. The net data rate remained higher than 100 Gbit/s after taking into account forward error correction overheads. The use of orthogonally overlapping subchannels achieves an unprecedented spectral efficiency in all-analog real-time broadband WDM/SCM links.

Low-complexity BCH codes with optimized interleavers for DQPSK systems with laser phase noise

The presence of high phase noise in addition to additive white Gaussian noise in coherent optical systems affects the performance of forward error correction (FEC) schemes. In this paper, we propose a simple scheme for such systems, using block interleavers and binary Bose–Chaudhuri–Hocquenghem (BCH) codes. The block interleavers are specifically optimized for differential quadrature phase shift keying modulation. We propose a method for selecting BCH codes that, together with the interleavers, achieve a target post-FEC bit error rate (BER). This combination of interleavers and BCH codes has very low implementation complexity. In addition, our approach is straightforward, requiring only short pre-FEC simulations to parameterize a model, based on which we select codes analytically. We aim to correct a pre-FEC BER of around (Formula presented.). We evaluate the accuracy of our approach using numerical simulations. For a target post-FEC BER of (Formula presented.), codes selected using our method result in BERs around 3(Formula presented.) target and achieve the target with around 0.2 dB extra signal-to-noise ratio.

Effective video content distribution by combining TCP with adaptive FEC coding

This paper will look at the benefits and limitations of content distribution using Forward Error Correction (FEC) in conjunction with the Transmission Control Protocol (TCP). FEC can be used to reduce the number of retransmissions which would usually result from a lost packet. The requirement for TCP to deal with any losses is then greatly reduced. There are however side-effects to using FEC as a countermeasure to packet loss: an additional requirement for bandwidth. When applications such as real-time video conferencing are needed, delay must be kept to a minimum, and retransmissions are certainly not desirable. A balance, therefore, between additional bandwidth and delay due to retransmissions must be struck. Our results show that the throughput of data can be significantly improved when packet loss occurs using a combination of FEC and TCP, compared to relying solely on TCP for retransmissions. Furthermore, a case study applies the result to demonstrate the achievable improvements in the quality of streaming video perceived by end users.

Robust H.264/AVC video transmission using data partitioning and unequal loss protection

In this work, we present an adaptive unequal loss protection (ULP) scheme for H264/AVC video transmission over lossy networks. This scheme combines erasure coding, H.264/AVC error resilience techniques and importance measures in video coding. The unequal importance of the video packets is identified in the group of pictures (GOP) and the H.264/AVC data partitioning levels. The presented method can adaptively assign unequal amount of forward error correction (FEC) parity across the video packets according to the network conditions, such as the available network bandwidth, packet loss rate and average packet burst loss length. A near optimal algorithm is developed to deal with the FEC assignment for optimization. The simulation results show that our scheme can effectively utilize network resources such as bandwidth, while improving the quality of the video transmission. In addition, the proposed ULP strategy ensures graceful degradation of the received video quality as the packet loss rate increases. © 2010 IEEE.

Quality of transmission estimation in WDM and elastic optical networks accounting for space-spectrum dependencies

We develop a framework for estimating the quality of transmission (QoT) of a new lightpath before it is established, as well as for calculating the expected degradation it will cause to existing lightpaths. The framework correlates the QoT metrics of established lightpaths, which are readily available from coherent optical receivers that can be extended to serve as optical performance monitors. Past similar studies used only space (routing) information and thus neglected spectrum, while they focused on oldgeneration noncoherent networks. The proposed framework accounts for correlation in both the space and spectrum domains and can be applied to both fixed-grid wavelength division multiplexing (WDM) and elastic optical networks. It is based on a graph transformation that exposes and models the interference between spectrum-neighboring channels. Our results indicate that our QoT estimates are very close to the actual performance data, that is, to having perfect knowledge of the physical layer. The proposed estimation framework is shown to provide up to 4 × 10-2 lower pre-forward error correction bit error ratio (BER) compared to theworst-case interference scenario,which overestimates the BER. The higher accuracy can be harvested when lightpaths are provisioned with low margins; our results showed up to 47% reduction in required regenerators, a substantial savings in equipment cost.

Suppression of patterning effects in digital communications by an adaptive constrained coding

We quantify the error statistics and patterning effects in a 5x 40 Gbit/s WDM RZ-DBPSK SMF/DCF fibre link using hybrid Raman/EDFA amplification. We propose an adaptive constrained coding for the suppression of errors due to patterning effects. It is established, that this coding technique can greatly reduce the bit error rate (BER) value even for large BER (BER > 101). The proposed approach can be used in the combination with the forward error correction schemes (FEC) to correct the errors even when real channel BER is outside the FEC workspace.