Theorizing accounting and other [calculative] practices in private equity:Experimenting with Schatzki’s ‘site’ ontology

This thesis contributes to social studies of finance and accounting (Vollmer, Mennicken, & Preda, 2009) and the practice theory literatures (Feldman & Orlikowski, 2011) by experimenting (Baxter & Chua, 2008) with concepts developed by Theodore Schatzki and demonstrating their relevance and usefulness in theorizing and explaining accounting and other organizational phenomena. Influenced by Schatzki, I have undertaken a sociological investigation of the practices, arrangements, and nexuses forming (part of) the social ‘site’ of private equity (PE). I have examined and explained the organization of practices within the PE industry. More specifically, I have sought to throw light on the practice organizations animating various PE practices. I have problematized a particular aspect of Schatzki’s practice organization framework: ‘general understanding’, which has so far been poorly understood and taken for granted in the accounting literature. I have tried to further explore the concept to clarify important definitional issues surrounding its empirical application. In investigating the forms of accounting and control practices in PE firms and how they link with other practices forming part of the ‘site’, I have sought to explain how the ‘situated functionality’ of accounting is ‘prefigured’ by its ‘dispersed’ nature. In doing so, this thesis addresses the recent calls for research on accounting and control practices within financial services firms. This thesis contributes to the social studies of finance and accounting literature also by opening the blackbox of investment [e]valuation practices prevalent in the PE industry. I theorize the due diligence of PE funds as a complex of linked calculative practices and bring to fore the important aspects of ‘practical intelligibility’ of the investment professionals undertaking investment evaluation. I also identify and differentiate the ‘causal’ and ‘prefigurational’ relations between investment evaluation practices and the material entities ‘constituting’ those practices. Moreover, I demonstrate the role of practice memory in those practices. Finally, the thesis also contributes to the practice theory literature by identifying and attempting to clarify and/or improve the poorly defined and/or underdeveloped concepts of Schatzki’s ‘site’ ontology framework.

Neurological and ocular abnormalities in patients with Down's syndrome

Down's syndrome, first described by J. Langdon Down in 1866, is the most common chromosomal abnormality to occur in the human population. Its incidence is approximately 1/650 of all births although the risk of having a Down's child increases markedly with the age of the mother. It occurs with equal frequency in all racial groups. The risk to a mother 16-26 years old is 1 in 1,300 but the risk increases to 1 in 30 for a mother 45-47 years old. The life expectancy of people with Down's syndrome has risen since the 1920s and many individuals are now living to the 5th decade or beyond. Consequently optometrists are increasingly likley to see Down's patients of all ages in the practice.

Uncertainty propagation in the model web:a case study with e-Habitat

eHabitat is a Web Processing Service (WPS) designed to compute the likelihood of finding ecosystems with equal properties. Inputs to the WPS, typically thematic geospatial "layers", can be discovered using standardised catalogues, and the outputs tailored to specific end user needs. Because these layers can range from geophysical data captured through remote sensing to socio-economical indicators, eHabitat is exposed to a broad range of different types and levels of uncertainties. Potentially chained to other services to perform ecological forecasting, for example, eHabitat would be an additional component further propagating uncertainties from a potentially long chain of model services. This integration of complex resources increases the challenges in dealing with uncertainty. For such a system, as envisaged by initiatives such as the "Model Web" from the Group on Earth Observations, to be used for policy or decision making, users must be provided with information on the quality of the outputs since all system components will be subject to uncertainty. UncertWeb will create the Uncertainty-Enabled Model Web by promoting interoperability between data and models with quantified uncertainty, building on existing open, international standards. It is the objective of this paper to illustrate a few key ideas behind UncertWeb using eHabitat to discuss the main types of uncertainties the WPS has to deal with and to present the benefits of the use of the UncertWeb framework.

The dynamics of a genetic algorithm for a simple learning problem

A formalism for describing the dynamics of Genetic Algorithms (GAs) using method s from statistical mechanics is applied to the problem of generalization in a perceptron with binary weights. The dynamics are solved for the case where a new batch of training patterns is presented to each population member each generation, which considerably simplifies the calculation. The theory is shown to agree closely to simulations of a real GA averaged over many runs, accurately predicting the mean best solution found. For weak selection and large problem size the difference equations describing the dynamics can be expressed analytically and we find that the effects of noise due to the finite size of each training batch can be removed by increasing the population size appropriately. If this population resizing is used, one can deduce the most computationally efficient size of training batch each generation. For independent patterns this choice also gives the minimum total number of training patterns used. Although using independent patterns is a very inefficient use of training patterns in general, this work may also prove useful for determining the optimum batch size in the case where patterns are recycled.

Noisy fitness evaluation in genetic algorithms and the dynamics of learning

A theoretical model is presented which describes selection in a genetic algorithm (GA) under a stochastic fitness measure and correctly accounts for finite population effects. Although this model describes a number of selection schemes, we only consider Boltzmann selection in detail here as results for this form of selection are particularly transparent when fitness is corrupted by additive Gaussian noise. Finite population effects are shown to be of fundamental importance in this case, as the noise has no effect in the infinite population limit. In the limit of weak selection we show how the effects of any Gaussian noise can be removed by increasing the population size appropriately. The theory is tested on two closely related problems: the one-max problem corrupted by Gaussian noise and generalization in a perceptron with binary weights. The averaged dynamics can be accurately modelled for both problems using a formalism which describes the dynamics of the GA using methods from statistical mechanics. The second problem is a simple example of a learning problem and by considering this problem we show how the accurate characterization of noise in the fitness evaluation may be relevant in machine learning. The training error (negative fitness) is the number of misclassified training examples in a batch and can be considered as a noisy version of the generalization error if an independent batch is used for each evaluation. The noise is due to the finite batch size and in the limit of large problem size and weak selection we show how the effect of this noise can be removed by increasing the population size. This allows the optimal batch size to be determined, which minimizes computation time as well as the total number of training examples required.

The synthesis of biodegradable polymers using aluminium alkoxide initiators

Alkyl aluminium alkoxides have been used as initiators for the ring opening polymerisation of ε-caprolactone and δ-valerolactone. The effect of the reaction solvent on the kinetics of the polymerisation of ε-caprolactone has been studied. The rate of polymerisation was found to be faster in solvents of lower polarity and donor nature such as toluene. In general solvents of higher polarity resulted in a decreased rate of polymerisation. However solvents such as THF or DMF with a lone pair of electrons capable of forming a complex with the aluminium centre slowed the polymerisation further. The size of the monomer also proved to be an important factor in the kinetics of the reaction. The six membered ring, δ-valerolactone has less ring strain than the seven membered ring ε-caprolactone and thus the polymerisation of δ-valerolactone is slower than the corresponding polymerisation of ε-caprolactone. Both the alkoxide and alkyl group structures have an effect on the polymerisation. In general bulkier alkoxide groups provide greater steric hindrance around the active site at the beginning of the reaction. This causes an induction or a build up period that is related to the both the steric hindrance and also the electronic effects provided by the alkoxide group. The alkyl group structure has an effect throughout the polymerisation because it remains adjacent to the active centre. The number of alkoxide groups on the aluminium centre is also important, using a dialkoxide as an initiator yields polymers with molecular weights approximately half that of the corresponding reactions using a mono alkoxide. Transesterification reactions have also been found to occur after most of the monomer has been consumed. These transesterification reactions are exaggerated as temperature increases. A method of producing tri-block co-polymers has also been developed. A di-hydroxy functional pre-polymer, PHBV, was reacted with an aluminium alkyl to form a di-alkoxide macroinitiator which was subsequently used as an initiator for the polymerisation of ε-caprolactone to form an ABA type tri-block co-polymer. The molecular weight and other properties were predictable from the initial monomer/initiator ratios.

Catabolic factors in tumour-induced cachexia

A transplantable colon adenocarcinoma of the mouse (MAC16) was utilized as a model of human cancer cachexia. The MAC16 tumour produced extensive weight loss in the host at small tumour burdens and without a reduction in either food or fluid intake. The weight loss was characterised by a decrease in both carcass fat and muscle mass which were directly proportional to the weight of the tumour. The weight loss has been correlated with the production of circulatory catabolic factors by the tumour, which degrade host muscle and adipose tissue in vitro. These factors were further characterised and have been shown to be distinct and separable by gel exclusion chromatography. The proteolytic factors (molecular weight > 150k daltons) were distinguishable from the lipolytic factors which appeared related with molecular weights of approximately 3.0, 1.5 and 0.7k daltons. Lipolytic factors of the same molecular weights were identified in other tumour models and in the body fluids of tumour-bearing animals and cancer patients. These factors were not present in healthy individuals or in patients with other weight-losing conditions. Various temperatures studied reversed the weight loss seen in the cachexia induced by the MAC16 adenocarcinoma in vivo. The effects of these treatments could be linked in vitro to the inhibition of the catabolic factors produced by the tumour. These results suggest that these factors may be responsible for the cachexia the tumour confers on its host. These factors may be useful in the understanding and therapy of cancer cachexia.

Die load and stresses in press forging

Several axi-symmetric EN3B steel components differing in shape and size were forged on a 100 ton joint knuckle press. A load cell fitted under the lower die inserts recorded the total deformation forces. Job parameters were measured off the billets and the forged parts. Slug temperatures were varied and two lubricants - aqueous colloidal graphite and oil - were used. An industrial study was also conducted to check the results of the laboratory experiments. Loads were measured (with calibrated extensometers attached to the press frames) when adequately heated mild steel slugs were being forged in finishing dies. Geometric parameters relating to the jobs and the dies were obtained from works drawings. All the variables considered in the laboratory study could not, however, be investigated without disrupting production. In spite of this obvious limitation, the study confirmed that parting area is the most significant geometric factor influencing the forging load. Multiple regression analyses of the laboratory and industrial results showed that die loads increase significantly with the weights and parting areas of press forged components, and with the width to thickness ratios of the flashes formed, but diminish with increasing slug temperatures and higher billet diameter to height ratios. The analyses also showed that more complicated parts require greater loads to forge them. Die stresses, due to applied axial loads, were investigated by the photoelastic method. The three dimensional frozen stress technique was employed. Model dies were machined from cast araldite cylinders, and the slug material was simulated with plasticene. Test samples were cut from the centres of the dies after the stress freezing. Examination of the samples, and subsequent calculations, showed that the highest stresses were developed in die outer corners. This observation partly explains why corner cracking occurs frequently in industrial forging dies. Investigation of die contact during the forging operation revealed the development of very high stresses.

Ranibizumab versus Bevacizumab to treat neovascular age-related macular degeneration:one-year findings from the IVAN Randomized Trial

PURPOSE: To compare the efficacy and safety of ranibizumab and bevacizumab intravitreal injections to treat neovascular age-related macular degeneration (nAMD). DESIGN: Multicenter, noninferiority factorial trial with equal allocation to groups. The noninferiority limit was 3.5 letters. This trial is registered (ISRCTN92166560). PARTICIPANTS: People >50 years of age with untreated nAMD in the study eye who read =25 letters on the Early Treatment Diabetic Retinopathy Study chart. METHODS: We randomized participants to 4 groups: ranibizumab or bevacizumab, given either every month (continuous) or as needed (discontinuous), with monthly review. MAIN OUTCOME MEASURES: The primary outcome is at 2 years; this paper reports a prespecified interim analysis at 1 year. The primary efficacy and safety outcome measures are distance visual acuity and arteriothrombotic events or heart failure. Other outcome measures are health-related quality of life, contrast sensitivity, near visual acuity, reading index, lesion morphology, serum vascular endothelial growth factor (VEGF) levels, and costs. RESULTS: Between March 27, 2008 and October 15, 2010, we randomized and treated 610 participants. One year after randomization, the comparison between bevacizumab and ranibizumab was inconclusive (bevacizumab minus ranibizumab -1.99 letters, 95% confidence interval [CI], -4.04 to 0.06). Discontinuous treatment was equivalent to continuous treatment (discontinuous minus continuous -0.35 letters; 95% CI, -2.40 to 1.70). Foveal total thickness did not differ by drug, but was 9% less with continuous treatment (geometric mean ratio [GMR], 0.91; 95% CI, 0.86 to 0.97; P = 0.005). Fewer participants receiving bevacizumab had an arteriothrombotic event or heart failure (odds ratio [OR], 0.23; 95% CI, 0.05 to 1.07; P = 0.03). There was no difference between drugs in the proportion experiencing a serious systemic adverse event (OR, 1.35; 95% CI, 0.80 to 2.27; P = 0.25). Serum VEGF was lower with bevacizumab (GMR, 0.47; 95% CI, 0.41 to 0.54; P

eHabitat, a multi-purpose Web Processing Service for ecological modeling

The number of interoperable research infrastructures has increased significantly with the growing awareness of the efforts made by the Global Earth Observation System of Systems (GEOSS). One of the Societal Benefit Areas (SBA) that is benefiting most from GEOSS is biodiversity, given the costs of monitoring the environment and managing complex information, from space observations to species records including their genetic characteristics. But GEOSS goes beyond simple data sharing to encourage the publishing and combination of models, an approach which can ease the handling of complex multi-disciplinary questions. It is the purpose of this paper to illustrate these concepts by presenting eHabitat, a basic Web Processing Service (WPS) for computing the likelihood of finding ecosystems with equal properties to those specified by a user. When chained with other services providing data on climate change, eHabitat can be used for ecological forecasting and becomes a useful tool for decision-makers assessing different strategies when selecting new areas to protect. eHabitat can use virtually any kind of thematic data that can be considered as useful when defining ecosystems and their future persistence under different climatic or development scenarios. The paper will present the architecture and illustrate the concepts through case studies which forecast the impact of climate change on protected areas or on the ecological niche of an African bird.

Outage-optimal relay strategy under outdated channel state information in decode-and-forward cooperative communication systems

In this study, the authors investigate the outage-optimal relay strategy under outdated channel state information (CSI) in a decode-and-forward cooperative communication system. They first confirm mathematically that minimising the outage probability under outdated CSI is equivalent to minimising the conditional outage probability on the outdated CSI of all the decodable relays' links. They then propose a multiple-relay strategy with optimised transmitting power allocation (MRS-OTPA) that minimises the conditional outage probability. It is shown that this MRS is a generalised relay approach to achieve the outage optimality under outdated CSI. To reduce the complexity, they also propose a MRS with equal transmitting power allocation (MRS-ETPA) that achieves near-optimal outage performance. It is proved that full spatial diversity, which has been achieved under ideal CSI, can still be achieved under outdated CSI through MRS-OTPA and MRS-ETPA. Finally, the outage performance and diversity order of MRS-OTPA and MRS-ETPA are evaluated by simulation.

A method for automatically eliciting node weights in a hierarchical knowledge-based structure for reasoning with uncertainty

Hierarchical knowledge structures are frequently used within clinical decision support systems as part of the model for generating intelligent advice. The nodes in the hierarchy inevitably have varying influence on the decisionmaking processes, which needs to be reflected by parameters. If the model has been elicited from human experts, it is not feasible to ask them to estimate the parameters because there will be so many in even moderately-sized structures. This paper describes how the parameters could be obtained from data instead, using only a small number of cases. The original method [1] is applied to a particular web-based clinical decision support system called GRiST, which uses its hierarchical knowledge to quantify the risks associated with mental-health problems. The knowledge was elicited from multidisciplinary mental-health practitioners but the tree has several thousand nodes, all requiring an estimation of their relative influence on the assessment process. The method described in the paper shows how they can be obtained from about 200 cases instead. It greatly reduces the experts’ elicitation tasks and has the potential for being generalised to similar knowledge-engineering domains where relative weightings of node siblings are part of the parameter space.

The value of indirect ties in citation networks:SNA analysis with OWA operator weights

This paper seeks to advance the theory and practice of the dynamics of complex networks in relation to direct and indirect citations. It applies social network analysis (SNA) and the ordered weighted averaging operator (OWA) to study a patent citations network. So far the SNA studies investigating long chains of patents citations have rarely been undertaken and the importance of a node in a network has been associated mostly with its number of direct ties. In this research OWA is used to analyse complex networks, assess the role of indirect ties, and provide guidance to reduce complexity for decision makers and analysts. An empirical example of a set of European patents published in 2000 in the renewable energy industry is provided to show the usefulness of the proposed approach for the preference ranking of patent citations.