Methods and trends of performance benchmarking in UK utility regulation

Regulation is subject to information asymmetries that can lead to allocative and productive inefficiencies. One solution, suggested by Shleifer in 1985 and now adopted by many regulatory bodies round the world, is 'benchmarking', which is sometimes called 'yardstick competition'. In this paper we consider Shleifer's original approach to benchmarking and contrast this with the actual use of benchmarking by UK regulatory bodies in telecommunications, water and the energy sector since the privatizations of the 1980s and early 1990s. We find that benchmarking plays only one part and sometimes a small part in the setting of regulatory price caps in the UK. We also find that in practice benchmarking has been subject to a number of difficulties, which mean that it is never likely to be more than one tool in the regulator's armoury. The UK's experience provides lessons for regulation internationally. © 2006 Elsevier Ltd. All rights reserved.

A note on information seasonality and the disappearance of the weekend effect in the UK stock market

The weekend effect in UK stock prices has disappeared in the 1990s. Beneath the surface however there remain systematic day-of-the-week effects only visible when returns are partitioned by the direction of the market. A systematic pattern of market-wide news arrivals into the UK stock market is discovered and found to provide an explanation for these day-of-the-week effects.

Risk, seasonality and the asymmetric behaviour of stock returns

For some time there has been a puzzle surrounding the seasonal behaviour of stock returns. This paper demonstrates that there is an asymmetric relationship between systematic risk and return across the different months of the year for both large and small firms. In the case of both large and small firms systematic risk appears to be priced in only two months of the year, January and April. During the other months no persistent relationship between systematic risk and return appears to exist. The paper also shows that when systematic risk is priced, the size of the systematic risk premium is higher for large firms than for small firms and varies significantly across the months of the year.

Recent patents and trends in orally disintegrating tablets

Orally disintegrating tablets (ODTs) offer many advantages over the conventional oral dosage forms in terms of convenience and ease of use. Over the last decade, substantial advances in the formulation of ODTs have been achieved in academia and industry that resulted in the emerging of a large number of patents. The aim of this review is to summarise the most recent patents in ODT formulations and highlight their motivations, inventive steps and significances in the development of ODT formulations. Five major techniques have been applied in manufacturing of ODTs, namely conventional tablet press, moulding, freeze drying, tablet loading and pulverization, with majority of the patents dedicated to the use of conventional tablet pressing. The patents have addressed various issues concerning the manufacturing of robust and practical ODT formulations by disclosing new manufacturing techniques, advantageous materials, and innovative formulation steps. However, future developments are required to reduce the cost and widening the application of the new manufacturing techniques, while simplifying and shortening the formulation steps will be crucial in the well established ones.

Developments and trends in EEC fisheries with special reference to aquaculture

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UK social housing and housing market in England:a statistical review and trends

Around 80% of the 63 million people in the UK live in urban areas where demand for affordable housing is highest. Supply of new dwellings is a long way short of demand and with an average annual replacement rate of 0.5% more than 80% of the existing residential housing stock will still be in use by 2050. A high proportion of owner-occupiers, a weak private rental sector and lack of sustainable financing models render England’s housing market one of the least responsive in the developed world. As an exploratory research the purpose of this paper is to examine the provision of social housing in the United Kingdom with a particular focus on England, and to set out implications for housing associations delivering sustainable community development. The paper is based on an analysis of historical data series (Census data), current macro-economic data and population projections to 2033. The paper identifies a chronic undersupply of affordable housing in England which is likely to be exacerbated by demographic development, changes in household composition and reduced availability of finance to develop new homes. Based on the housing market trends analysed in this paper opportunities are identified for policy makers to remove barriers to the delivery of new affordable homes and for social housing providers to evolve their business models by taking a wider role in sustainable community development.

The past, present and future of observational research in marketing

Purpose - To introduce the contents of the special issue, and provide an integrative overview of the development of observational methodologies in marketing research, as well as some directions for the future. Design/methodology/approach - A historical review of the development of observational methods, beginning with philosophical foundations, is provided. Key philosophical debates are summarized, and trends in observational methods are described and analyzed, with particular reference to the impact of technology. Following this, the contributions to the special issue are summarized and brought together. Findings - Observational research in marketing is more than the well-known method of "participant-observation." In fact, technology has the potential to revolutionize observational research, and move it beyond a solely "qualitative" method. The internet, video, scanner-tracking, and neuroimaging methods are all likely to have a big impact on the development of traditional and innovative observation methods in the future. The articles in the special issue provide a good overview of these developments. Research limitations/implications - The views of the authors may differ from those of others. Practical implications - Observation is a far more wide-ranging strategy than many perceive. There is a need for more expertise in all types of observational methodologies within marketing research schools and departments, in order to take account of the vast opportunities which are currently emerging. Originality/value - Provides an original perspective on observational methods, and serves as a useful overview of trends and developments in the field.

Insect pest control research : the analysis of historical trends with special reference to scientometric analysis

The thesis investigates the value of quantitative analyses for historical studies of science through an examination of research trends in insect pest control, or economic entomology. Reviews are made of quantitative studies of science, and historical studies of pest control. The methodological strengths and weaknesses of bibliometric techniques are examined in a special chapter; techniques examined include productivity studies such as paper counts, and relational techniques such as co-citation and co-word analysis. Insect pest control is described. This includes a discussion of the socio-economic basis of the concept of `pest'; a series of classifications of pest control techniques are provided and analysed with respect to their utility for scientometric studies. The chemical and biological approaches to control are discussed as scientific and technological paradigms. Three case studies of research trends in economic entomology are provided. First a scientometric analysis of samples of chemical control and biological control papers; providing quantitative data on institutional, financial, national, and journal structures associated with pest control research fields. Second, a content analysis of a core journal, the Journal of Economic Entomology, over a period of 1910-1985; this identifies the main research innovations and trends, in particular the changing balance between chemical and biological control. Third, an analysis of historical research trends in insecticide research; this shows the rise, maturity and decline of research of many groups of compounds. These are supplemented by a collection of seven papers on scientometric studies of pest control and quantitative techniques for analysing science.

Review of industrial temperature measurement technologies and research priorities for the thermal characterisation of the factories of the future

As the largest source of dimensional measurement uncertainty, addressing the challenges of thermal variation is vital to ensure product and equipment integrity in the factories of the future. While it is possible to closely control room temperature, this is often not practical or economical to realise in all cases where inspection is required. This article reviews recent progress and trends in seven key commercially available industrial temperature measurement sensor technologies primarily in the range of 0 °C–50 °C for invasive, semi-invasive and non-invasive measurement. These sensors will ultimately be used to measure and model thermal variation in the assembly, test and integration environment. The intended applications for these technologies are presented alongside some consideration of measurement uncertainty requirements with regard to the thermal expansion of common materials. Research priorities are identified and discussed for each of the technologies as well as temperature measurement at large. Future developments are briefly discussed to provide some insight into which direction the development and application of temperature measurement technologies are likely to head.

Natural language processing as a foundation of the semantic Web

The main argument of this paper is that Natural Language Processing (NLP) does, and will continue to, underlie the Semantic Web (SW), including its initial construction from unstructured sources like the World Wide Web (WWW), whether its advocates realise this or not. Chiefly, we argue, such NLP activity is the only way up to a defensible notion of meaning at conceptual levels (in the original SW diagram) based on lower level empirical computations over usage. Our aim is definitely not to claim logic-bad, NLP-good in any simple-minded way, but to argue that the SW will be a fascinating interaction of these two methodologies, again like the WWW (which has been basically a field for statistical NLP research) but with deeper content. Only NLP technologies (and chiefly information extraction) will be able to provide the requisite RDF knowledge stores for the SW from existing unstructured text databases in the WWW, and in the vast quantities needed. There is no alternative at this point, since a wholly or mostly hand-crafted SW is also unthinkable, as is a SW built from scratch and without reference to the WWW. We also assume that, whatever the limitations on current SW representational power we have drawn attention to here, the SW will continue to grow in a distributed manner so as to serve the needs of scientists, even if it is not perfect. The WWW has already shown how an imperfect artefact can become indispensable.

The geochemistry of the sedimentary rocks of the Harlech Dome, North Wales

Bedrock geochemical analysis, coupled with detailed data analysis, was carried out on some 260 samples taken from two areas of 'the Harlech Dome, near Dolgellau, North Wales. This was done to determine if rocks from mineralised and non-mineralised areas could be distinguished, and to determine mineralisation types and wall rock alterations. The Northern Area, near Talsarnau, has no recorded mineralisation, while the Southern Area, near Bontddu, has been exploited for gold. The rocks sampled, in both areas, were from the Cambrian Gamlan Flags, Clogau Shales, Vigra Flags, later vein materials, and igneous intrusions. All samples were analysed, using a new rapid, atomic absorption spectrophotometric technique, for Si, AI, Fe, Cu, Ni, Zn, Pb, Sr, Hg, and Ba. In addition 60 samples were analysed by X-ray fluorescence for Mn, Ti, Ca, K, Na, P, Cr, Ce, La, S, Y , Rh, and Th. Total CO2 was determined, on selected samples, using a combustion technique. Elemental distributions, for each rock type, in each area, were· plotted, and means, standard deviations, and enrichment indices were calculated. Multivariate statistical analysis on the results distinguished a Cu-type mineralisation in the Northern area, and both Cu and Pb/Zn types in the Southern Area. It also showed the Northern Area to be less strongly mineralised than the Southern one in which both mineralisation types are associated with wall rock alteration. Elemental associations and trends due to sedimentary processes were distinguished from those related to mineralisation. Hg is related to mineralisation, and plots of factor scores, on the sampling grid, produced clusters of mineralisation related factors in areas of known mineralisation. A double Fourier Trend Analysis program, with a wavelength search routine, was developed and used to recognise sedimentary trends for Sr. Y., Rb, and Th. These trends were interpreted to represent areas of low pH and reducing conditions. They also indicate that the supply of sediment remained constant over Gamlan, Clogau, and Vigra times. The trend surface of Hg showed no association with rock type. It is shown that analysis of a small number of samples, for a carefully selected number of elements, with detailed data analysis, can provide more useful information than analysis of a large number of samples for many elements. The mineralisation is suggested to have been the result of water solutions leaching ore metals from the sedimentary rocks and redepositing them in veins.

Designing mobile technologies for individuals with disabilities

While mobile devices offer many innovative possibilities to help increase the standard of living for individuals with disabilities and other special needs, the process of developing assistive technology, such that it will be effective across a group of individuals with a particular disability, can be extremely challenging. This chapter discusses key issues and trends related to designing and evaluating mobile assistive technology for individuals with disabilities. Following an overview of general design process issues, we argue (based on current research trends) that individuals with disabilities and domain experts be involved throughout the development process. While this, in itself, presents its own set of challenges, many strategies have successfully been used to overcome the difficulties and maximize the contributions of users and experts alike. Guidelines based on these strategies are discussed and are illustrated with real examples from one of our active research projects.

Proactive environmental systems:the next generation of environmental monitoring

In this article we envision factors and trends that shape the next generation of environmental monitoring systems. One key factor in this respect is the combined effect of end-user needs and the general development of IT services and their availability. Currently, an environmental (monitoring) system is assumed to be reactive. It delivers measurement data and computational results only if the user explicitly asks for it either by query or subscription. There is a temptation to automate this by simply pushing data to end-users. This, however, leads easily to an "advertisement strategy", where data is pushed to end-users regardless of users' needs. Under this strategy, the mere amount of received data obfuscates the individual messages; any "automatic" service, regardless of its fitness, overruns a system that requires the user's initiative. The foreseeable problem is that, unless there is no overall management, each new environmental service is going to compete for end-users' attention and, thus, inadvertently hinder the use of existing services. As the main contribution we investigate the nature of proactive environmental systems, and how they should be designed to avoid the aforementioned problem. We also discuss how semantics, participatory sensing, uncertainty management, and situational awareness link to proactive environmental systems. We illustrate our proposals with some real-life examples.

Margetinggeschichte:Die Genese einer modernen Sozialtechnik, Hartmut Berghoff

Book revew: Marketinggeschichte: die Genese einer modernen Sozialtechnik [Marketing history: The genesis of a modern social technique], edited by Hartmut Berghoff, Frankfurt/Main, Campus Verlag, 2007, 409 pp., illus., [euro]30.00 (paperback), ISBN 978-3-593-38323-1. This edited volume is the result of a workshop at Göttingen University in 2006 and combines a number of different approaches to the research into the history of marketing in Germany's economy and society. The majority of contributions loosely focus around the occurrence of a ‘marketing revolution’ in the 1970s, which ties in with interpretations of the Americanisation of German business. This revolution replaced the indigenous German idea of Absatzwirtschaft (the economics of sales) with the American-influenced idea of Marketing, which was less functionally oriented and more strategic, and which aimed to connect processes within the firm in order to allow a greater focus on the consumer. The entire volume is framed by Hartmut Berghoff's substantial and informative introduction, which introduces a number of actors and trends beyond the content of the volume. Throughout the various contributions, authors provide explanations of the timing and nature of marketing revolutions. Alexander Engel identifies an earlier revolution in the marketing of dyes, which undergoes major change with the emergence of chemical dyes. While the natural dyestuff had been a commodity, with producers removed from consumers via a global network of traders, chemical dyes were products and were branded at an early stage. This was a fundamental change in the nature of production and sales. As Roman Rossfeld shows in his contribution on the Swiss chocolate industry (which focuses almost exclusively on Suchard), even companies that produced non-essential consumer goods which had always required some measure of labelling grappled for years with the need to develop fewer and higher impact brands, as well as an efficient sales operation. A good example for the classical ‘marketing revolution’ of the 1970s is the German automobile industry. Ingo Köhler convincingly argues that the crisis situation of German car manufacturers – the change from a seller's to a buyer's market, appreciation of the German mark which undermines exports, the oil crises coupled with higher inflation and greater frugality of consumers and the emergence of new competitors – lead companies to refocus from production to the demands of the consumer. While he highlights the role of Ford in responding most rapidly to these problems, he does not address whether the multinational was potentially transferring American knowledge to the German market. Similarly, Paul Erker illustrates that a marketing revolution in transport and logistics happened much later, because the market remained highly regulated until the 1980s. Both Paul Erker and Uwe Spiekermann in their contribution, present comparisons of two different sectors or companies (the tire manufacturer Continental and the logistics company Dachser, and agriculture and trade, respectively). In both cases, however, it remains unclear why these examples were chosen for comparison, as both seem to have little in common and are not always effectively used to demonstrate differences. The weakest section of the book is the development of marketing as an academic discipline. The attempt at sketching the phases in the evolution of marketing as an academic discipline by Ursula Hansen and Matthias Bode opens with an undergraduate-level explanation on the methodology of historical periodisation that seems extraneous. Considerably stronger is the section on the wider societal impact of marketing, and Anja Kruke shows how the new techniques of opinion research was accepted by politics and business – surprisingly more readily by politicians than their commercial counterparts. In terms of contemporary personalities, Hans Domizlaff emerges as one fascinating figure of German marketing history, which several contributors refer to and whose career as the German cigarette manufacturer Reemtsma is critically analysed by Tino Jacobs. Domizlaff was Germany's own ‘marketing guru’, whose successful campaigns led to the wide-ranging reception of his ideas about the nature of good branding and marketing. These are variously described as intuitive, elitist, and sachlich, a German concept of a sober, fact-based, and ‘no frills’ approach. Domizlaff did not believe in market research. Rather, he saw the genius of the individual advertiser as key to intuitively ascertaining the people's moods, wishes, and desires. This seems to have made him peculiarly suited to the tastes of the German middle class, according to Thomas Mergel's contribution on the nature of political marketing in the republic. Especially in politics, any form of hard sales tactics were severely frowned upon and considered to demean the citizen as incapable of making an informed choice, a mentality that he dates back to the traditions of nineteenth-century liberalism. Part of this disdain of ‘selling politics like toothpaste’ was also founded on the highly effective use of branding by the National Socialists, who identified their party through the use of an increasingly standardised image of Adolf Hitler and the swastika. Alexander Schug extends on previous research that criticised the simplistic notion of Hitler's charisma as the only explanation of the popular success and distances his approach from those who see it in terms of propaganda and demagogy. He argues that the NSDAP used the tools of advertising and branding precisely because they had to introduce their new ideology into a political marketplace dominated by more established parties. In this they were undoubtedly successful, more so than they intended: as bakers sold swastika cookies and butchers formed Führer heads out of lard, the NSDAP sought to regain control over the now effectively iconic images that constituted their brand, which was in danger of being trivialised and devalued. Key to understanding the history of marketing in Germany is on the one hand the exchange of ideas with the United States, and on the other the impact of national-socialist policies, and the question whether they were a force of modernisation or retardation. The general argument in the volume appears to favour the latter explanation. In the 1930s, some of the leading marketing experts emigrated to the USA, leaving German academia and business isolated. The aftermath of the Second World War left a country that needed to increase production to satisfy consumer demand, and there was little interest in advanced sales techniques. Although the Nazis were progressive in applying new marketing methods to their political campaign, this retarded the adoption of sales techniques in politics for a long time. Germany saw the development of idiosyncratic approaches by people like Domizlaff in the 1930s and 1940s, when it lost some leading thinkers, and only engaged with American marketing conceptions in the 1960s and 1970s, when consumers eventually became more important than producers.