Do external funds yield lower returns? Recent evidence from East Asian economies

One of the central explanations of the recent Asian Crisis has been the problem of moral hazard as the source of over-investment and excessive external borrowing. There is however rather limited firm-level empirical evidence to characterise inefficient use of internal and external finances. Using a large firm-level panel data-set from four badly affected Asian countries, this paper compares the rates of return to various internal and external funds among firms with low and high debt financing (relative to equity) among financially constrained and other firms. Selectivity-corrected estimates obtained from random effects panel data model do suggest evidence of significantly lower rates of return to long-term debt, even among firms relying more on debt relative to equity in our sample. There is also evidence that average effective interest rates often significantly exceeded the average returns to long-term debt in the sample countries in the pre-crisis period. © 2006 Elsevier Inc. All rights reserved.

Experimental observation of autosoliton propagation in a dispersion-managed system guided by nonlinear optical loop mirrors

Observation of autosoliton propagation in a dispersion-managed optical transmission system controlled by in-line nonlinear fiber loop switches is reported for what is believed to be the first time. The system is based on a strong dispersion map with large amplifier spacing. Operation at transmission rates of 10 and 40 Gbits/s is demonstrated. ©2004 Optical Society of America.

1220km propagation of 40Gbit/s single channel RZ data over dispersion managed standard (non-dispersion shifted) fibre

Error free propagation of a single polarisation optical time division multiplexed 40 Gbit/s dispersion managed pulsed data stream over dispersion (non-shifted) fibre. This distance is twice the previous record at this data rate.

Role of power jitter induced by interchannel interactions in dispersion-managed lines

Collision induced power jitter is examined in dispersion-managed wavelength division-multiplexed transmission systems. The power jitter causes ’ a serious problem for a singly-periodic dispersion managed line having almost zero average dispersion, which can be reduced by applying doubly-periodic dispersion management.

Analysis of power jitter induced by interchannel interactions in dispersion-managed optical soliton transmission systems

Collision-induced power jitter is theoretically and numerically examined in dispersion-managed wavelength-division-multiplexed optical soliton transmission systems. The variational method is mainly used to develop a time efficient jitter calculation approach. The power jitter causes a serious problem for a singly periodic dispersion managed line having almost zero average dispersion, which can be reduced by applying doubly periodic dispersion management.

Unequal OTDM channels in a 2R regenerated, dispersion managed transmission system

The dynamics of switching and transmission of an optical signal comprising individual OTDM channels of unequal amplitudes in a dispersion-managed link with in-line non-linear fibre loop mirrors is investigated for the first time.

Dispersion-managed solitons: a new paradigm for high data rate

The WDM properties of dispersion managed (DM) solitons and the reduction in Gordon-Haus jitter means that it is possible to contemplate multiple channels each at 10 Gbit/s for transoceanic distances without the need for elaborate soliton control. This paper will concentrate on fundamental principles of DM solitons, but will use these principles to indicate optimum maps for future high-speed soliton systems.

Dispersion managed soliton systems

Dispersion managed solitons have been discovered to have some remarkable properties which indicate an outstanding opportunity for exploitation in transmission systems. This paper will review and interpret these discoveries and discuss the potential for WDM of these solitons for both long distance systems and for the upgrade of the installed fibre base.

Individual differences in cognitive style and their effects on task and social orientations of self-managed work teams

When assembling self-managing work teams, the personalities of team members are often overlooked. One personality variable known to be critical for effective decision making in teams is cognitive style. This study sought to examine how differences and similarities in analytic/intuitive cognitive styles affected the behavior of team members on the task/emotionally expressive dimension identified by Bales. As hypothesized, intuitive individuals and homogeneous intuitive teams were found to initiate more social-emotional acts. Contrary to expectations, intuitive rather than analytic individuals and homogeneous intuitive rather than analytic teams engaged in more task-oriented behaviors. Teams also tended to select intuitive individuals as leaders. The possibility that different combinations of styles may be important for overall team effectiveness was subsequently discussed, and it was suggested that this may depend on whether the nature of the work environment is relatively well structured and mechanistic or relatively unstructured and organic.

Long distance dispersion managed soliton transmission experiments

This thesis presents results of transmission experiments using optical solitons in a dispersion managed optical fibre recirculating loop. The basic concepts of pulse propagation in optical fibre are introduced before optical solitons and their use in optically amplified fibre systems are discussed. The role of dispersion management in such systems is then considered. The design, operation and limitations of the recirculating loop and soliton sources which were used and the experimental techniques are described before the experimental work is presented. The experimental work covers a number of areas all of which used dispersion management of the transmission line. A novel ultra-long distance propagation scheme which achieved low timing jitter by suppression of the amplifier noise and by working close to the zero dispersion wavelength has been discovered. The use of fibre Bragg gratings as wavelength filters to suppress noise and reduce timing jitter has been investigated. The performance of the fibre grating cornpared favourably with that of a bulk device and was in good agreement with theoretical predictions. The upgrade of existing standard fibre systems to higher bit rates is currently an important issue. The possibility of using solitons with dispersion compensation to allow an increase in data rate of existing standard fibre systems to 10Gbit/s over 5000km has been demonstrated. The applicability of this technique to longer distances, higher bit rates or longer amplifier spans is also investigated by optimisation of the dispersion management scheme. The use of fibre Bragg gratings as the dispersion compensating elements in such standard fibre transmission experiments has been examined and the main problem that these devices currently have, high polarisation mode dispersion, is discussed. The likely future direction of optical communications and what part solitons and dispersion management will play in this development is discussed in the thesis conclusions

WDM of solitons in dispersion managed transmission systems

This thesis investigates the physical behaviour of solitons in wavelength division multiplexed (WDM) systems with dispersion management in a wide range of dispersion regimes. Background material is presented to show how solitons propagate in optical fibres, and key problems associated with real systems are outlined. Problems due to collision induced frequency shifts are calculated using numerical simulation, and these results compared with analytical techniques where possible. Different two-step dispersion regimes, as well as the special cases of uniform and exponentially profiled systems, are identified and investigated. In shallow profile, the constituent second-order dispersions in the system are always close to the average soliton value. It is shown that collision-induced frequency shifts in WDM soliton transmission systems are reduced with increasing dispersion management. New resonances in the collision dynamics are illustrated, due to the relative motion induced by the dispersion map. Consideration of third-order dispersion is shown to modify the effects of collision-induced timing jitter and third-order compensation investigated. In all cases pseudo-phase-matched four-wave mixing was found to be insignificant compared to collision induced frequency shift in causing deterioration of data. It is also demonstrated that all these effects are additive with that of Gordon-Haus jitter.

Numerical modelling of dispersion managed soliton transmission

This thesis presents the results of numerical modelling of the propagation of dispersion managed solitons. The theory of optical pulse propagation in single mode optical fibre is introduced specifically looking at the use of optical solitons for fibre communications. The numerical technique used to solve the nonlinear Schrödinger equation is also introduced. The recent developments in the use of dispersion managed solitons are reviewed before the numerical results are presented. The work in this thesis covers two main areas; (i) the use of a saturable absorber to control the propagation of dispersion managed solutions and (ii) the upgrade of the installed standard fibre network to higher data rates through the use of solitons and dispersion management. Saturable absorbe can be used to suppress the build up of noise and dispersive radiation in soliton transmission lines. The use of saturable absorbers in conjunction with dispersion management has been investigated both as a single pulse and for the transmission of a 10Gbit/s data pattern. It is found that this system supports a new regime of stable soliton pulses with significantly increased powers. The upgrade of the installed standard fibre network to higher data rates through the use of fibre amplifiers and dispersion management is of increasing interest. In this thesis the propagation of data at both 10Gbit/s and 40Gbit/s is studied. Propagation over transoceanic distances is shown to be possible for 10Gbit/s transmission and for more than 2000km at 40Gbit/s. The contribution of dispersion managed solitons in the future of optical communications is discussed in the thesis conclusions.

Experimental transmission of dispersion managed solitons

This thesis investigates the feasibility of soliton transmission at 1150nm over standard fibre. This is done using a dispersion compensating fibre module in each amplifier span to compensate for the high dispersion. The basic principles of soliton propagation in optical fibre are discussed within this thesis, followed by an introduction to advantages of dispersion management. In the experimental chapter single channel transmission results are presented in 10Gbit/s and 40Gbit/s. At 10Gbit/s the effects of dispersion management on the power dispersion relationship for solitons are investigated. The detrimental effects of soliton-soliton interactions, which are increased due to the greater overlap breathing solitons are discussed. A technique for reducing the soliton-soliton interactions through amplifier positioning is presented as a solution to this problem. The experiments demonstrate the feasibility of using standard fibre for transmission over trans-oceanic distances at 10Gbit/s. The 40Gbit/s experiment demonstrates transmission over sufficient distance for an terrestrial system. Also contained within this thesis are experimental results showing transmission of solitons over dispersion shifted fibre using a novel technique that makes use of the non-linear polarisation rotation of the soliton in the fibre. This is used to generate the effect of saturable absorption, allowing transmission distances of 200,000km to be achieved.