The propensity to hedge with futures contracts:the case of potato futures contracts

This paper studies why UK non-financial firms hedge with potato futures contracts. It is found that the financial characteristics of firms in the sample play an important role in influencing the propensity to hedge. For example, it is found that firms that hedge are on average larger than firms that do not hedge. Firms that hedge also have more volatile earnings. Furthermore, firms that do hedge appear to want to smooth earnings to reduce the costs of financial distress and avoid entering the highest tax threshold. © 2005 Taylor & Francis.

Signal power excursion and pump efficiency in quasi-lossless ultra-long Raman laser links

Performance optimisation of ultra-long Raman laser links is studied theoretically and experimentally. We observe that it is possible to reduce signal power excursion by adjusting FBG reflectivity without compromising pump efficiency.

The limits of open innovation:openness and (quasi-)markets in the organization of innovation

Recent studies have stressed the importance of ‘open innovation’ as a means of enhancing innovation performance. The essence of the open innovation model is to take advantage of external as well as internal knowledge sources in developing and commercialising innovation, so avoiding an excessively narrow internal focus in a key area of corporate activity. Although the external aspect of open innovation is often stressed, another key aspect involves maximising the flow of ideas and knowledge from different sources within the firm, for example through knowledge sharing via the use of cross-functional teams. A fully open innovation approach would therefore combine both aspects i.e. cross-functional teams with boundary-spanning knowledge linkages. This suggests that there should be complementarities between the use cross-functional teams with boundary-spanning knowledge linkages i.e. the returns to implementing open innovation in one innovation activity is should be greater if open innovation is already in place in another innovation activity. However, our findings – based on a large sample of UK and German manufacturing plants – do not support this view. Our results suggest that in practice the benefits envisaged in the open innovation model are not generally achievable by the majority of plants, and that instead the adoption of open innovation across the whole innovation process is likely to reduce innovation outputs. Our results provide some guidance on the type of activities where the adoption of a market-based governance structure such as open innovation may be most valuable. This is likely to be in innovation activities where search is deterministic, activities are separable, and where the required level of knowledge sharing is correspondingly moderate – in other words those activities which are more routinized. For this type of activity market-based governance mechanisms (i.e. open innovation) may well be more efficient than hierarchical governance structures. For other innovation activities where outcomes are more uncertain and unpredictable and the risks of knowledge exchange hazards are greater, quasi-market based governance structures such as open innovation are likely to be subject to rapidly diminishing returns in terms of innovation outputs.

42.6Gb/s RZ-ASK transmission over 2500km using quasi-lossless transmission spans

Here, for the first time, we experimentally demonstrate optical data transmission through such quasi-lossless fibre spans, which provide an entirely different nonlinear propagation regime to conventionally EDFA/Raman amplified systems. We demonstrate 42.6 Gb/s transmission over 2500 km of SMF-28 with an 82 km span length, and investigate the optimisation of the system in terms of launch power and nonlinear tolerance. Our results show the first ever data transmission experiment using an ultra-long Raman laser to provide quasi-lossless conditions in the transmission fibre. For a span length of 82 km we have shown 2500 km transmission over SMF-28 fibre at 42.6 Gb/s. Our quasi-lossless configuration had 6 dB lower optimum power and improved nonlinear tolerance compared with a conventional EDFA only system.

Optical phase conjugation for dispersion and nonlinearity compensation in a 1600km, 42 Gb/s quasi-lossless system

We experimentally investigate a long-distance, high-bit-rate transmission system which combines optical-phase-conjugation with quasi-lossless amplification. Comparison with a conventional system configuration demonstrates the possibility of obtaining both dispersion compensation and improved nonlinear tolerance using proposed scheme.

Cost-based pricing in the NHS internal market : accounting choices and the achievement of economic efficiency

Since 1988, quasi-markets have been introduced into many areas of social policy in the UK, the NHS internal market is one example. Markets operate by price signals. The NHS Internal Market, if it is to operate efficiently, requires purchasers and providers to respond to price signals. The research hypothesis is - cost accounting methods can be developed to enable healthcare contracts to be priced on a cost-basis in a manner which will facilitate the achievement of economic efficiency in the NHS internal market. Surveys of hospitals in 1991 and 1994 established the cost methods adopted in deriving the prices for healthcare contracts in the first year of the market and three years on. An in-depth view of the costing for pricing process was gained through case studies. Hospitals had inadequate cost information on which to price healthcare contracts at the inception of the internal market: prices did not reflect the relative performance of healthcare providers sufficiently closely to enable the market's espoused efficiency aims to be achieved. Price variations were often due to differing costing approaches rather than efficiency. Furthermore, price comparisons were often meaningless because of inadequate definition of the services (products). In April 1993, the NHS Executive issued guidance on costing for contracting to all NHS providers in an attempt to improve the validity of price comparisons between alternative providers. The case studies and the 1994 survey show that although price comparison has improved, considerable problems remain. Consistency is not assured, and the problem of adequate product definition is still to be solved. Moreover, the case studies clearly highlight the mismatch of rigid, full-cost pricing rules with both the financial management considerations at local level and the emerging internal market(s). Incentives exist to cost-shift, and healthcare prices can easily be manipulated. In the search for a new health policy paradigm to replace traditional bureaucratic provision, cost-based pricing cannot be used to ensure a more efficient allocation of healthcare resources.

Quasi-lossless optical links for broad-band transmission and data processing

We present the first experimental implementation of a recently designed quasi-lossless fiber span with strongly reduced signal power excursion. The resulting fiber waveguide medium can be advantageously used both in lightwave communications and in all-optical nonlinear data processing.

Quasi-lossless spans for broadband transmission and data processing

We present the first experimental implementation of a recently designed quasi-lossless fibre span with strongly reduced signal power excursion. The resulting fibre waveguide medium can be advantageously used both in lightwave communications and in all-optical nonlinear data processing.

A systems approach to tendering for contracts in the construction industry

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Performance optimization of ultra-long Raman laser cavities for quasi-lossless transmission links

Performance optimization of ultra-long Raman laser links is studied theoretically and experimentally. We demonstrate that it is possible to reduce the signal power excursion by adjusting FBG reflectivity without compromising pump efficiency. Furthermore, we experimentally demonstrate an OSNR improvement of 4.3 dB in our system after 4000 km transmission by switching from conventional erbium-doped fibre amplifiers to quasi-lossless transmission.

The management of foreign exchange exposure on business contracts overseas

This thesis is a piece of applied research. It is the result of a joint project between the University of Aston Interdisciplinary Higher Degrees Scheme and International Aeradio plc (IAL). It considers the structure and organisation of overseas business and the effects that exchange rate movements have on financial performance. It looks in detail at a series of overseas contracts and factors which affect the monitoring and performance of those contracts. From this initial research is developed a series of conceptual models which attempt to capture the effects of foreign exchange rate movements on contract costing, the monitoring of performance on overseas contracts and a measure of company wide exposure. These models are then considered in the context of real IAL generated data and circumstances. The work is finally considered in the context of a survey of other companies with a similar mode of undertaking overseas business with the aim of placing the work in a general context.

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.