Transplanting Anglo-American accounting oversight boards to a diverse institutional context

The introduction of accounting and auditing oversight boards (OBs) has been promoted on a global scale as a key component of the international financial architecture that has emerged over the past two decades. Such institutions, modeled on the Anglo-American tradition, are domestically organized and embedded within distinctively diverse institutional contexts. Their role is to ease agency problems, improve the quality of financial reporting, and help provide stability in the global financial system. We employ an institutional approach, located within the broader political economy framework of global capitalism, to examine the establishment and operation of the new regulatory regime in Greece. Greece, a member of the European Union, exhibits characteristics of a "delegative" democracy, i.e. a traditionally weak institutionalization, reform (in)capacity problems and a clientelistic political system. Our case study shows that the formation and operation of the newly-established system of oversight is conditioned by local political and economic constraints and, thus, does not automatically translate into concrete benefits for the quality of financial reporting. We also draw attention to the structural mismatch between a progressing globalized financial integration and the fragmented nature of the system of oversight, and illustrate that OBs' independence from local governments is an important but neglected issue.

Corporate boards and incentives: empirical evidence from the UK in 1935

We investigate boardroom governance using UK historical data for 1935. We demonstrate that there is a negative relationship between risk and incentives in this year. Prior research has produced anomalous results (Prendergast, 2002). Second, we show that average (median) board ownership of ordinary shares is about 7.95% (2.88%). Heuristically this figure is less than previously reported estimates for the US also using 1935 data. Finally, we show the phenomenon of multiple board membership. UK directors in 1935 hold many directorships – sometimes exceeding 10 concurrent memberships.

Computer aided process planning (CAPP) for flat rolling of copper alloys

The manufacture of copper alloy flat rolled metals involves hot and cold rolling operations, together with annealing and other secondary processes, to transform castings (mainly slabs and cakes) into such shapes as strip, plate, sheet, etc. Production is mainly to customer orders in a wide range of specifications for dimensions and properties. However, order quantities are often small and so process planning plays an important role in this industry. Much research work has been done in the past in relation to the technology of flat rolling and the details of the operations, however, there is little or no evidence of any research in the planning of processes for this type of manufacture. Practical observation in a number of rolling mills has established the type of manual process planning traditionally used in this industry. This manual approach, however, has inherent drawbacks, being particularly dependent on the individual planners who gain their knowledge over a long span of practical experience. The introduction of the retrieval CAPP approach to this industry was a first step to reduce these problems. But this could not provide a long-term answer because of the need for an experienced planner to supervise generation of any plan. It also fails to take account of the dynamic nature of the parameters involved in the planning, such as the availability of resources, operation conditions and variations in the costs. The other alternative is the use of a generative approach to planning in the rolling mill context. In this thesis, generative methods are developed for the selection of optimal routes for single orders and then for batches of orders, bearing in mind equipment restrictions, production costs and material yield. The batch order process planning involves the use of a special cluster analysis algorithm for optimal grouping of the orders. This research concentrates on cold-rolling operations. A prototype model of the proposed CAPP system, including both single order and batch order planning options, has been developed and tested on real order data in the industry. The results were satisfactory and compared very favourably with the existing manual and retrieval methods.

Design of a flat-top fiber Bragg filter via quasi-random modulation of the refractive index

The statistics of the reflection spectrum of a short-correlated disordered fiber Bragg grating are studied. The averaged spectrum appears to be flat inside the bandgap and has significantly suppressed sidelobes compared to the uniform grating of the same bandwidth. This is due to the Anderson localization of the modes of a disordered grating. This observation prompts a new algorithm for designing passband reflection gratings. Using the stochastic invariant imbedding approach it is possible to obtain the probability distribution function for the random reflection coefficient inside the bandgap and obtain both the variance of the averaged reflectivity as well as the distribution of the time delay of the grating.

Zero-dimensional noise:the best mask you never saw

The transmission of weak signals through the visual system is limited by internal noise. Its level can be estimated by adding external noise, which increases the variance within the detecting mechanism, causing masking. But experiments with white noise fail to meet three predictions: (a) noise has too small an influence on the slope of the psychometric function, (b) masking occurs even when the noise sample is identical in each two-alternative forced-choice (2AFC) interval, and (c) double-pass consistency is too low. We show that much of the energy of 2D white noise masks extends well beyond the pass-band of plausible detecting mechanisms and that this suppresses signal activity. These problems are avoided by restricting the external noise energy to the target mechanisms by introducing a pedestal with a mean contrast of 0% and independent contrast jitter in each 2AFC interval (termed zero-dimensional [0D] noise). We compared the jitter condition to masking from 2D white noise in double-pass masking and (novel) contrast matching experiments. Zero-dimensional noise produced the strongest masking, greatest double-pass consistency, and no suppression of perceived contrast, consistent with a noisy ideal observer. Deviations from this behavior for 2D white noise were explained by cross-channel suppression with no need to appeal to induced internal noise or uncertainty. We conclude that (a) results from previous experiments using white pixel noise should be re-evaluated and (b) 0D noise provides a cleaner method for investigating internal variability than pixel noise. Ironically then, the best external noise stimulus does not look noisy.

Flat-top pulse generation based on a fiber Bragg grating in transmission

We propose and analyze a flat-top pulse generator based on a fiber Bragg grating (FBG) in transmission. As is shown in the examples, a uniform period FBG properly designed can exhibit a spectral response in transmission close to sinc function (in amplitude and phase) in a certain bandwidth, because of the logarithm Hilbert transform relations, which can be used to reshape a Gaussian-like input pulse into a flat-top pulse.

Proposed flat-topped pulses bursts generation using all-pass multi-cavity structures

We propose a simple lossless method for the generation of flat-topped intensity pulses bursts from a single utrashort pulse. We have found optimum solutions corresponding to different numbers of cavities and burst pulses, showing that the proposed all-pass structures of optical cavities, properly designed, can generate close to flat-topped pulse busts.

Pulse shaping in mode-locked fiber lasers by in-cavity spectral filter

We numerically show the possibility of pulse shaping in a passively mode-locked fiber laser by inclusion of a spectral filter into the laser cavity. Depending on the amplitude transfer function of the filter, we are able to achieve various regimes of advanced temporal waveform generation, including ones featuring bright and dark parabolic-, flat-top-, triangular- and saw-tooth-profiled pulses. The results demonstrate the strong potential of an in-cavity spectral pulse shaper for controlling the dynamics of mode-locked fiber lasers. © 2014 Optical Society of America.

Rotating the boards:corporate governance

Can companies resolve groupthink issues and improve their performance by turning over their boards more often, ask Mark Rogers and Amir Satvat.

Band-pass filter with flat time delay response based on fiber grating Sagnac loop

We have developed the analytic expressions for the phase response and time delay of FBGSL of arbitrary grating structure and found that the results from the modelling are in excellent agreement with that of the experimentally measured real devices. The theoretical and experimental investigation clearly reveals that FBGSLs utilizing uniform and linearly chirped gratings exhibit a near-constant time delay in the passbands. Such multi-channel bandpass filters should be highly attractive to WDM applications as they are operating in transmission regime and offering near-zero dispersion.