Reconciling OWL and non-monotonic rules for the semantic web

We propose a description logic extending SROIQ (the description logic underlying OWL 2 DL) and at the same time encompassing some of the most prominent monotonic and nonmonotonic rule languages, in particular Datalog extended with the answer set semantics. Our proposal could be considered a substantial contribution towards fulfilling the quest for a unifying logic for the Semantic Web. As a case in point, two non-monotonic extensions of description logics considered to be of distinct expressiveness until now are covered in our proposal. In contrast to earlier such proposals, our language has the "look and feel" of a description logic and avoids hybrid or first-order syntaxes. © 2012 The Author(s).

The effect of interocular phase difference on perceived contrast

Binocular vision is traditionally treated as two processes: the fusion of similar images, and the interocular suppression of dissimilar images (e.g. binocular rivalry). Recent work has demonstrated that interocular suppression is phase-insensitive, whereas binocular summation occurs only when stimuli are in phase. But how do these processes affect our perception of binocular contrast? We measured perceived contrast using a matching paradigm for a wide range of interocular phase offsets (0–180°) and matching contrasts (2–32%). Our results revealed a complex interaction between contrast and interocular phase. At low contrasts, perceived contrast reduced monotonically with increasing phase offset, by up to a factor of 1.6. At higher contrasts the pattern was non-monotonic: perceived contrast was veridical for in-phase and antiphase conditions, and monocular presentation, but increased a little at intermediate phase angles. These findings challenge a recent model in which contrast perception is phase-invariant. The results were predicted by a binocular contrast gain control model. The model involves monocular gain controls with interocular suppression from positive and negative phase channels, followed by summation across eyes and then across space. Importantly, this model—applied to conditions with vertical disparity—has only a single (zero) disparity channel and embodies both fusion and suppression processes within a single framework.

When does leverage hurt productivity growth? A firm-level analysis:a firm-level analysis

In the wake of the global financial crisis, several macroeconomic contributions have highlighted the risks of excessive credit expansion. In particular, too much finance can have a negative impact on growth. We examine the microeconomic foundations of this argument, positing a non-monotonic relationship between leverage and firm-level productivity growth in the spirit of the trade-off theory of capital structure. A threshold regression model estimated on a sample of Central and Eastern European countries confirms that TFP growth increases with leverage until the latter reaches a critical threshold beyond which leverage lowers TFP growth. This estimate can provide guidance to firms and policy makers on identifying "excessive" leverage. We find similar non-monotonic relationships between leverage and proxies for firm value. Our results are a first step in bridging the gap between the literature on optimal capital structure and the wider macro literature on the finance-growth nexus. © 2012 Elsevier Ltd.

Finance and entrepreneurial entry

This paper investigates the determinants of both the volume of finance and the sources of finance of business start-ups in 42 countries. Using the Global Entrepreneurship Monitor (GEM) surveys for 1998-2003, we jointly examine how the institutional business environment and individual characteristics of entrepreneurs affect the financing of entrepreneurs. We find that the property rights system is the most significant determinant of both the total volume of finance and of the use of external finance for the individual start-up project. In addition, our findings suggest that that the supply of informal finance is associated with the higher share of external sources in start-up finance, whereas the size of the formal financial sector appears to play a more important role for the volume of entrepreneurial self-finance. Our results suggest that the use of external finance by start-ups correlates with the extent of financial restrictions in a country in a non-monotonic way. We find that some financial restrictions may enhance the use of external funds by entrepreneurs, yet the sign of this effect reverses and the coefficient becomes stronger for the high level of financial repression by the government. Finally, our findings imply that the characteristics of the start-up finance are also affected by various individual characteristics of entrepreneurs, their growth intentions and ownership structure.

Ownership characteristics and access to finance:evidence from a survey of large privatised companies in Hungary and Poland

We examine financial constraints and forms of finance used for investment, by analysing survey data on 157 large privatised companies in Hungary and Poland for the period 1998 - 2000. The Bayesian analysis using Gibbs sampling is carried out to obtain inferences about the sample companies' access to finance from a model for categorical outcome. By applying alternative measures of financial constraints we find that foreign companies, companies that are part of domestic industrial groups and enterprises with concentrated ownership are all less constrained in their access to finance. Moreover, we identify alternative modes of finance since different corporate control and past performance characteristics influence the sample firms' choice of finance source. In particular, while being industry-specific, the access to domestic credit is positively associated with company size and past profitability. Industrial group members tend to favour bond issues as well as sells-offs of assets as appropriate types of finance for their investment programmes. Preferences for raising finance in the form of equity are associated with share concentration in a non-monotonic way, being most prevalent in those companies where the dominant owner holds 25%-49% of shares. Close links with a leading bank not only increase the possibility of bond issues but also appear to facilitate access to non-banking sources of funds, in particular, to finance supplied by industrial partners. Finally, reliance on state finance is less likely for the companies whose profiles resemble the case of unconstrained finance, namely, for companies with foreign partners, companies that are part of domestic industrial groups and companies with a strategic investor. Model implications also include that the use of state funds is less likely for Polish than for Hungarian companies.

Network density and R&D spillovers

This paper models how the structure and function of a network of firms affects their aggregate innovativeness. Each firm has the potential to innovate, either from in-house R&D or from innovation spillovers from neighboring firms. The nature of innovation spillovers depends upon network density, the commonality of knowledge between firms, and the learning capability of firms. Innovation spillovers are modelled in detail using ideas from organizational theory. Two main results emerge: (i) the marginal effect on innovativeness of spillover intensity is non-monotonic, and (ii) network density can affect innovativeness but only when there are heterogeneous firms.

Using apparent activation energy as a reactivity criterion for biomass pyrolysis

The reactivity of chemically isolated lignocellulosic blocks, namely, α-cellulose, holocellulose, and lignin, has been rationalized on the basis of the dependence of the effective activation energy (Eα) upon conversion (α) determined via the popular isoconversional kinetic analysis, Friedman’s method. First of all, a detailed procedure for the thermogravimetric data preparation, kinetic calculation, and uncertainty estimation was implemented. Resulting Eα dependencies obtained for the slow pyrolysis of the extractive-free Eucalyptus grandis isolated α-cellulose and holocellulose remained constant for 0.05 < α < 0.80 and equal to 173 ± 10, 208 ± 11, and 197 ± 118 kJ/mol, thus confirming the single-step nature of pyrolysis. On the other hand, large and significant variations in Eα with α from 174 ± 10 to 322 ± 11 kJ/mol in the region of 0.05 and 0.79 were obtained for the Klason lignin and reported for the first time. The non-monotonic nature of weight loss at low and high conversions had a direct consequence on the confidence levels of Eα. The new experimental and calculation guidelines applied led to more accurate estimates of Eα values than those reported earlier. The increasing Eα dependency trend confirms that lignin is converted into a thermally more stable carbonaceous material.

A sphere of resonance for networked learning in the ‘non-places’ of our universities

The logic of ‘time’ in modern capitalist society appears to be a fixed concept. Time dictates human activity with a regularity, which as long ago as 1944, George Woodcock referred to as The Tyranny of the Clock. Seventy years on, Hartmut Rosa suggests humans no longer maintain speed to achieve something new, but simply to preserve the status quo, in a ‘social acceleration’ that is lethal to democracy. Political engagement takes time we no longer have, as we rush between our virtual spaces and ‘non-places’ of higher education. I suggest it’s time to confront the conspirators that, in partnership with the clock, accelerate our social engagements with technology in the context of learning. Through Critical Discourse Analysis (CDA) I reveal an alarming situation if we don’t. With reference to Bauman’s Liquid Modernity, I observe a ‘lightness’ in policy texts where humans have been ‘liquified’ Separating people from their own labour with technology in policy maintains the flow of speed a neoliberal economy demands. I suggest a new ‘solidity’ of human presence is required as we write about networked learning. ‘Writing ourselves back in’ requires a commitment to ‘be there’ in policy and provide arguments that decelerate the tyranny of time. I am though ever-mindful that social acceleration is also of our own making, and there is every possibility that we actually enjoy it.