991 resultados para growth sectors


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THESIS ABSTRACT : Stable isotope geochemistry is used to help resolve a large number of geological questions. In order to do this, it is essential to understand the different mechanisms that govern isotopic fractionation processes between different phases and to identify the conditions required to reach equilibrium fractionation. However, at low temperatures, these processes are poorly constrained and many factors can induce differential partitioning of the isotopes between sectors of a mineral species and the fluid during mineral growth. This can result in so-called 'sector zoning' of a mineral species. The aim of this thesis is to evaluate the occurrence of sector zoning of the oxygen isotopes and trace elements in natural α-quartz crystals and to identify the reasons for such zoning. The implications for the fluid-mineral interactions are studied in the context of the Alpine metamorphism. The approach chosen has focused on examining the crystal structure, cathodoluminescence appearance (CL), and on relating elemental (e.g. Li, Na, Al, P, K, Ca, Ge, Ti, Fe) to stable oxygen isotope compositions between and along different growth sectors. Low temperature quartz samples were selected from Alpine veins in different localities, where growth conditions have already been well constrained. The mineralogy as well as the isotopic compositions of the host rocks were also investigated, in order to interpret the variations obtained between the different growth stages in the framework of fluid-rock interaction during Alpine metamorphism. Depending on the growth conditions, most of the studied quartz is strongly zoned in CL, and it reveals corresponding zonations in the trace element content (e.g. growth zoning). Aluminium, substituting for Si in the lattice, was found in concentrations up to 1000's ppma, and its distribution is strongly related to Li and H and to a lesser extent, to Ge. Elemental sector zoning is evident from the distribution of these three elements since they exhibit differences in their respective concentrations between faces for distinct growth zones, with prismatic faces having the lowest Al contents. Quartz from veins in magmatic rocks, for example, tend to have lower Al concentrations and similar concentrations of Li and Ti suggesting also a contribution of these elements from the host rock. The relationship between Al and Li is still correlated. Only Alpine crystals grown at higher temperatures (~400°C) without any CL zoning feature are free of these impurities and do not show such zoning characteristics. Differences in the δ18O values were measured between different faces principally in the AIenriched growth zones or stages. These results were confirmed by the means of two different methods (in situ/non in situ). However, it was determined that the Al concentrations do not affect significantly oxygen isotope fractionations at 300°C. The results altogether suggest that the presence of sector zoning in quartz crystals is real, but not universal, and henceforth should be taken into consideration for any use of these systems. The occurrence of disequilibrium partitioning has been enhanced and is possibly related to kinetic processes as well as structural effects that do not affect similarly trace element incorporation and isotopic fractionation. In situ measurements also revealed fine scale δ18O zonations along growth paths that are useful to constrain fluid-rock interactions during Alpine metamorphism. Variations in the δ18O values present along growth vectors indicate changes in the fluid composition and origin. Association with oxygen isotope composition of the host rock allows for the deduction of interactions between rocks, veins and consequently fluids, as well as fluid regimes. RESUME DE LA THESE : A basses températures, (i.e. <400°C) les différents mécanismes qui régissent le fractionnement isotopique ainsi que les conditions nécessaires pour établir un état d'équilibre sont peu connus et nombre de paramètres peuvent entraîner un partitionnement chimique différentiel entre différents secteurs d'un minéral et le fluide en contact. Ainsi, ce travail de thèse a pour but d'évaluer la possible présence de zonages sectoriels en isotopes de l'oxygène mais aussi en éléments traces dans des cristaux naturels de quartz-α de basses températures, ainsi que les raisons d'un tel phénomène et enfin ses implications sur les interactions fluide-roche, principalement dans le cadre du métamorphisme Alpin. La structure et l'apparence en cathodoluminescence (CL) des échantillons ont été caractérisées avant de retracer en détail les compositions en élément traces (Li, Na, Al, P, K, Ca, Ge, Ti, Fe) et en isotopes de l'oxygène, le long et entre différents secteurs. Les échantillons de quartz sélectionnés proviennent majoritairement de veines Alpine de différentes localités, où les conditions de croissance ont été déjà bien caractérisées. Les compositions minéralogiques et isotopiques de la roche encaissante ont aussi été examinées, pour contraindre les variations obtenues dans un contexte Alpin. Selon leurs conditions de croissance, la plupart des cristaux étudiés sont fortement zonés, ce qui est souligné par un zonage des concentrations en éléments traces (e.g. zonage de croissance). L'Aluminium, qui peut se substituer à la Silice dans le réseau cristallin, a été retrouvé jusqu'en très grandes concentrations dans certaines zones (plusieurs milliers de ppma). De plus, la distribution en Al est fortement liée à celles de Li et H, ainsi que dans une moindre mesure à Ge. La présence de zonage sectoriel est évidente au niveau de ces éléments qui montrent de larges différences de concentrations entre différentes faces pour une même zone de croissance, avec les concentrations les plus basses retrouvées dans les faces prismatiques. Les quartz de veines situées dans des roches magmatiques par exemple possèdent des concentrations en Li et Ti de même ordre de grandeur, confirmant le rôle de la composition de la roche encaissante. La relation Li/Al est toujours fortement présente, mais ce rapport est fonction de la face mesurée. Seuls les cristaux Alpins de plus hautes températures (400°C) ne possédant pas de zones en CL ne présentent aucune de ces caractéristiques. Des différences dans les valeurs de δ18O de zones identiques enrichies en Al ont clairement été mesurées entre les différentes faces r, z, et m, mais aussi au sein d'une même seule zone, indiquant que le fractionnement a probablement eu lieu en déséquilibre. Il a été déterminé que la présence d'Al dans ces teneurs n'avait qu'un faible effet sur le fractionnement isotopique de l'oxygène. L'utilisation de deux méthodes différentes a permis d'obtenir des résultats in situ et non in situ concordants. La comparaison des résultats obtenus permet de démontrer que le zonage sectoriel est bien présent dans certains cristaux de quartz, et dépend des conditions de formation. La présence d'un partitionnement différentiel des éléments traces peut être due à des effets cinétiques aussi bien que structuraux, alors que le zonage sectoriel des isotopes de l'oxygène aurait d'autres origines. Il est alors évident que la possibilité de zonage sectoriel doit être désormais pris en considération avant toute interprétations de données isotopiques de cristaux zonés. Les mesures in situ ont de plus permis de distinguer de fines variations des valeurs δ18O au cours de la croissance, qui peuvent aider à retracer la circulations des fluides dans les Alpes durant cette période. En association avec les compositions des roches encaissantes, ii est possible de déduire les interactions entre roches, veines, et par conséquent fluides, au cours de différentes étapes. RESUME GRAND PUBLIC : La géochimie des isotopes stables a pris beaucoup d'importance depuis ces dernières années pour aider à résoudre nombre de questions géologiques, en se basant sur les caractéristiques du fractionnement isotopiques pour différents systèmes. Il est donc nécessaire d'avoir une connaissance approfondie des mécanismes qui s'appliquent au fractionnement isotopique entre les minéraux et les fluides à partir desquels ils se forment. Ces mécanismes ont été bien approchés par différents types de calibrations pour des systèmes à hautes températures, cependant cela n'est pas aussi évident pour les systèmes à des températures inférieures à 400-500°C. Ce travail de thèse a pour but d'aider à la description et la compréhension des phénomènes qui peuvent affecter le fractionnement isotopique à basses températures, ainsi que leurs implications, à partir de l'étude de cristaux de quartz. Le choix des échantillons s'est porté sur des cristaux naturels formés à des températures inférieures ou égales à 400°C, provenant majoritairement de fissures hydrothermales Alpines dont les conditions de formation ont déjà été déterminées. L'étude des cristaux Alpin permet de plus de replacer les résultats obtenus dans le contexte du métamorphisme Alpin au cours du Miocène (21-13 Ma). Après examen de la structure et de la morphologie des cristaux, et leur caractérisation par cathodoluminescence (CL), des analyses chimiques détaillées sur les éléments en traces pouvant entrer dans le réseau cristallin du quartz comme impuretés (i.e. Li, Na, Al, P, K, Ca, Ge, Ti), et des isotopes stables de l'oxygène, ont été menées. En fonction des conditions de croissance, la plupart des cristaux présentent des zonations, qui peuvent être facilement reliées à la distribution des éléments traces analysés par microsonde électronique, sonde ionique (SIMS) et LA-ICPMS. De fortes concentrations d'Aluminium (plusieurs milliers de parties par million atomique) ont pu être observées dans les zones les plus externes des cristaux. De plus, les concentrations en Al et en Li sont toujours corrélées; la présence d'Hydrogène déduite à partir d'analyses par FTIR suit cette même tendance. Les différentes faces des cristaux présentent des concentrations distinctes d'Al, Li et H pour des mêmes zones de croissance, avec par exemple les concentrations les plus faibles dans les zones des faces prismatiques. Cela implique la présence d'un zonage sectoriel, qui a déjà été observé principalement dans des carbonates mais jamais décrit auparavant pour des quartz. Seuls les cristaux alpins homogènes en CL dont la croissance s'est faite à plus haute température (400°C) ne présentent aucune de ces caractéristiques. Par analogie avec le zonage sectoriel en Al, élément qui se substitue au Si dans le réseau cristallin du quartz, il est possible de penser qu'un zonage sectoriel pourrait aussi s'appliquer aux isotopes de l'oxygène. Des précédentes études avaient en effet émis cette hypothèse. Nos résultats ont été obtenus à partir d'analyses à la fois in- situ par SIMS, et par extraction assistée par laser-CO2 sur des parties de quartz soigneusement séparées, et sont en accord entre les deux méthodes. Un zonage sectoriel est en effet bien présent pour les cristaux alpins, mais principalement au niveau des zones très riches en Aluminium. Cependant, il a été déterminé que la présence d'Al dans ces teneurs avait un effet plus que minimal sur le fractionnement isotopique de l'oxygène. Des différences importantes ont été observées entre les faces r & z mais aussi au sein d'une même et seule zone, indiquant que le fractionnement a pu avoir lieu en déséquilibre, ce qui est aussi visible au niveau des valeurs totalement opposées entre faces pour la dernière phase de croissance de certains cristaux. Ainsi l'association de ces résultats laisse suggérer que la présence d'un zonage sectoriel peut être liée à différents paramètres tels que le taux de croissance ou la structure de surface du cristal, mais qui n'affectent pas de la même façon l'incorporation des éléments traces et le fractionnement isotopique. La possibilité d'un zonage sectoriel est importante à prendre en compte lors de toute interprétation de données isotopiques. Les analyses des isotopes de l'oxygène effectuées par SIMS ont aussi permis de distinguer des variations importantes à petite échelle au cours de la croissance. Des mesures faites par laser CO2 sur certaines roches encaissantes, ont permis distinguer plusieurs étapes dans la croissance des minéraux et de déduire le rôle de l'encaissant et le type de fluide. En association avec de précédentes études, il a été ainsi possible de mieux contraindre la formation de ces cristaux dans le contexte alpin et la circulation de fluide au cours du métamorphisme alpin durant le Miocène.

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Oxygen isotope measurements using SIMS and laser-fluorination methods confirm the presence of concentric and sector zoning in low-temperature (200 degrees C to < 400 degrees C) hydrothermal quartz from Alpine veins. While concentric zoning is most readily explained by changes in the chemical composition of the fluid or temperature of crystallization, the reasons for sector zoning are more difficult to explain. Relative enrichment in (18)O for crystallographically different sectors of quartz corresponds to m > r > z. Sector zoning is, however, largely limited to the exterior zones of crystals and/or to crystals with large Al (> 1000 ppm) and trace element contents, probably formed at temperatures < 250 degrees C. Differences in delta(18)O between the prismatic (m) relative to the rhombohedral (r and z) growth sectors of up to 2 parts per thousand can be explained by a combination of a face-related crystallographic and/or a growth rate control. In contrast, isotopic sector zoning of up to about 1.5 parts per thousand amongst the different rhombohedral faces increases in parallel with the trace element content and is likely to represent disequilibrium growth. This is indicated by non-systematic, up to 2 parts per thousand, differences within single growth zones and the irregular, larger or smaller, delta(18)O values (of several permil) of the exterior compared to the inner zones of the same crystals. Disequilibrium growth may be related to the large trace element content incorporated into the growing quartz at lower temperatures (< 250 degrees C) and/or be related to fluid-vapour separation, allowing crystal growth from both a vapour as well as a liquid phase.

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Using an indicator of labor productivity, this paper aims to assess the contribution of structural changes in the Brazilian manufacturing and mining industries to productivity growth, during the 1970-2001 period. The conclusion is that: (i) there is no evidence to sustain that the Brazilian industry has definitely reversed the productivity growth rates slowdown trend; (ii) there is no clear evidence of a positive influence of the structural bonus; and (iii) job creation seems to be concentrated in low productivity growth sectors.

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Increasingly, corporate occupiers seek more flexible ways of meeting their accommodation needs. One consequence of this process has been the growth of the executive suite, serviced office or business centre market. This paper, the final report of a research project funded by the Real Estate Research Institute, focuses upon the geographical distribution of business centers offering executive suites within the US. After a brief review of the development of the market, the paper examines the availability of data, provides basic descriptive statistics of the distribution of executive suites by state and by metropolitan statistical area and then attempts to model the distribution using demographic and socio-economic data at MSA level. The distribution reflects employment in key growth sectors and the position of the MSA in the urban hierarchy. An appendix presents a preliminary view of the global distribution of suites.

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Audit report on the American Recovery and Reinvestment Act (ARRA) - Program of Competitive Grants for Worker Training and Placement in High Growth and Emerging Industry Sectors program for the Iowa Green Renewable Electrical Energy Network Inc. (IGREEN) for the year ended June 30, 2012

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Europe's failure to specialise in new ICT sectors and firms is likely to hold back Europe’s post-crisis recovery. Europe lacks in particular leading platform providers, who are capturing most of the value in the new ICT ecosystem. • In-depth analysis of some specific new emerging ICT sectors shows that the problem in Europe appears not to be so much in the generation of new ideas, but rather in bringing ideas successfully to market. Among the barriers are the lack of a single digital market, fragmented intellectual property regimes, lack of an entrepreneurial culture, limited access to risk capital and an absence of ICT clusters. • The EU policy framework, particularly the Innovation Union and Digital Agenda EU 2020 Flagships, could better leverage the growth power for Europe of new ICT markets. The emphasis should move beyond providing support for infrastructure and research, to funding programmes for pre-commercial projects. But perhaps most important is dealing with the fragmentation in European digital markets.

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The growth of international tourism and the attendant economic benefits to the world nations, has been phenominal since the end of the second world war. It is considered that the industry's upsurge will continue even in the phase of various constraints exemplified in high fuel cost, constant increase in fares and the threatening world-wide recessions. Developed as well as developing countries have gained substantially from the industry. A recent development shows increasing tourist traffic towards developing countries, while developed countries still hold their fort in stable growth of tourist receipts. The strategic beneficial effects of international tourist industry are often quantified in terms of foreign exchange earnings, employments offered, and the Real Estate super-structures; but in general,the industry has innumerable direct and indirect benefits to any nation engaging in the trade. The objective of this thesis is to demonstrate by comparative analysis and proven parameters that the international tourist industry which is given low priority in development in Nigeria, can equally contribute to the nation's economic growth as other industrial sectors which receive high priority and patronage in development. The data for this paper are gathered from primary sources which are i) responses by the Federal and State Governments' tourism-related offices; ii) government publications e.a. the Third National Development Plan of Federal Republic of Nigeria; and iii) Books and collections. The secondary sources include reports,periodicals and hospitality industry publications. To formally establish the international tourist industry in Nigeria, all the governments (Federal, State and Local) and the private sector in the country, should commence the development of the industry with research and feasibility studies, to be followed by proper planning at all levels and based on the result of the research and feasibility studies.

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The rapid growth of big cities has been noticed since 1950s when the majority of world population turned to live in urban areas rather than villages, seeking better job opportunities and higher quality of services and lifestyle circumstances. This demographic transition from rural to urban is expected to have a continuous increase. Governments, especially in less developed countries, are going to face more challenges in different sectors, raising the essence of understanding the spatial pattern of the growth for an effective urban planning. The study aimed to detect, analyse and model the urban growth in Greater Cairo Region (GCR) as one of the fast growing mega cities in the world using remote sensing data. Knowing the current and estimated urbanization situation in GCR will help decision makers in Egypt to adjust their plans and develop new ones. These plans should focus on resources reallocation to overcome the problems arising in the future and to achieve a sustainable development of urban areas, especially after the high percentage of illegal settlements which took place in the last decades. The study focused on a period of 30 years; from 1984 to 2014, and the major transitions to urban were modelled to predict the future scenarios in 2025. Three satellite images of different time stamps (1984, 2003 and 2014) were classified using Support Vector Machines (SVM) classifier, then the land cover changes were detected by applying a high level mapping technique. Later the results were analyzed for higher accurate estimations of the urban growth in the future in 2025 using Land Change Modeler (LCM) embedded in IDRISI software. Moreover, the spatial and temporal urban growth patterns were analyzed using statistical metrics developed in FRAGSTATS software. The study resulted in an overall classification accuracy of 96%, 97.3% and 96.3% for 1984, 2003 and 2014’s map, respectively. Between 1984 and 2003, 19 179 hectares of vegetation and 21 417 hectares of desert changed to urban, while from 2003 to 2014, the transitions to urban from both land cover classes were found to be 16 486 and 31 045 hectares, respectively. The model results indicated that 14% of the vegetation and 4% of the desert in 2014 will turn into urban in 2025, representing 16 512 and 24 687 hectares, respectively.

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The 2008 global financial crisis caused the collapse of business key sectors, declines in consumer wealth and a fall in economic activity resulting in a global recession. In some European countries, the 2008 crisis contributed to a sovereign-debt crisis which had a strong impact in Southern European countries. The construction sector was particularly affected, with budget cuts disturbing public investment and no financing available for private constructors. This report intends to explain how Mota-Engil, faced this situation of low growth, and which strategies were adopted by the management to overcome the difficult economic conjecture, mainly in its domestic market: Portugal. The report is organized as a case-study. The first part, the case narrative, is subdivided into 6 parts, and the second part is the teaching note. The teaching note is constituted by the four questions and their respective responses.

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This study presents an empirical investigation of the determinants of net interest margins and spreads in the Russian and Japanese banking sectors with a particular focus on commercial banks. Net interest mar-gins and spreads serve as indicators of financial intermediation efficiency. This paper employed a bank-level unbalanced panel dataset prolonging from 2005 to 2014. My main empirical results show that bank characteristics explain the most of the variation in not only net interest margins but also in spreads. Capi-talization, liquidity risk, inflation, economic growth, private and government debt are important determi-nants of margin in Russia. In Japan to the contrary loan and deposit market concentration along with bank size do predominate. Common significant variables in both countries are the substitution effect, cost effi-ciency and profitability. Turning to net interest spreads, micro- and macro-specific variables are the main significant drivers in Russia. I reach the conclusion that there are no significant determinants of net interest spreads in Japan within the original selection of variables, but operating efficiency and deposits to total funding seem to prevail. In both countries, there are solid differences in the net interest margins as well as spreads once the pre- and the post-crisis periods are considered.

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Abstract : Textural division of a mineral in pyramids, with their apices located at the centre of the mineral and their bases corresponding to the mineral faces is called textural sector zoning. Textural sector zoning is observed in many metamorphic minerals like andalousite and garnet. Garnets found in the graphite rich black shales of the Mesozoic cover of the Gotthard Massif display textural sector zoning. The morphology of this sector zoning is not the same in different types of black shales observed in the Nufenen pass area. Garnets in foliated black shales display a well developed sector zoning while garnets found in cm-scale layered black shales display well developed sectors in the direction of the schistosity plane. This sector zoning is always associated with up to 30μm sized birefringent lamellae emanating radial from the sector boundaries. They alternate with isotrope lamellae. The garnet forming reaction was determined using singular value decomposition approach and results compared to thermodynamic calculations. It is of the form chl + mu + cc + cld = bt + fds + ank + gt + czo and is similar in both layered and foliated black shales. The calculated X(O) is close to 0.36 and does not significantly vary during the metamorphic history of the rock. This corresponds to X CO2, X CH4, and X H2O BSE imaging of garnets on oriented-cuts revealed that the orientation of the lamellae found within the sectors is controlled by crystallography. BSE imaging and electron microprobe analysis revealed that these lamellae are calcium rich compared to the isotropic lamellae. The addition of Ca to an almandine rich garnet causes a small distortion of the X site and potentially, ordering. Ordered and disordered garnet might have very similar free energies for this composition. Hence, two garnets with different composition can be precipitated with minor overstepping of the reaction. It is enough that continued nucleation of a new garnet layer slightly prefers the same structure to assure a fiber-like growth of both garnet compositions side by side. This hypothesis is in agreement with the thermodynamic properties of the garnet solid solution described in the literature and could explain the textures observed in garnets with these compositions. To understand the differences in sector zoning morphology, and crystal growth kinetics, crystal size distribution were determined in several samples using 2D spatial analysis of slab surfaces. The same nucleation rate law was chosen for all cases. Different growth rate law for non-layered black shales and layered black shales were used. Garnet in layered black shales grew according to a growth rate law of the form R=kt ½. The transport of nutrient is the limiting factor. Transport will occur preferentially on the schistosity planes. The shapes of the garnets in such rocks are therefore ovoid with the longest axis parallel to the schistosity planes. Sector zoning is less developed with sectors present only parallel to the schistosity planes. Garnet in non-layered blackshales grew according to a growth rate law of the form R=kt. The limiting factor is the attachment at the surface of the garnet. Garnets in these rocks will display a well developed sector zoning in all directions. The growth rate law is thus influenced by the texture of the rock. It favours or hinders the transport of nutrient to the mineral surface. Résumé : La zonation sectorielle texturale consiste en la division d'un cristal en pyramides dont les sommets sont localisés au centre du minéral. La base de ces pyramides correspond aux faces du minéral. Ce type de zonation est fréquemment observé dans les minéraux métamorphiques tels que l'andalousite ou le grenat. Les grenats présents dans les marnes riches en graphites de la couverture Mésozoïque du Massif du Gotthard présent une zonation sectorielle texturale. La morphologie de cette zonation n'est pas la même dans les marnes litées et dans les marnes foliées. Les grenats des marnes foliées montrent des secteurs bien développés dans 3 directions. Les grenats des marnes litées montrent des secteurs développés uniquement dans la direction des plans de schistosité. Cette zonation sectorielle est toujours associée à des lamelles biréfringentes de quelques microns de large qui partent de la limite des secteurs et qui sont perpendiculaires aux faces du grenat. Ces lamelles alternent avec des lamelles isotropes. La réaction de formation du grenat a été déterminée par calcul matriciel et thermodynamique. La réaction est de la forme chl + mu + cc + cld= bt + fds + ank + gt + czo. Elle est similaire dans les roches litées et dans les roches foliées. L'évaluation des conditions fluides montrent que le X(O) est proche de 0.36 et ne change pas de façon significative durant l'histoire métamorphique de la roche. Des images BSE sur des coupes orientées ont révélé que l'orientation de lamelles biréfringentes est contrôlée parla crystallographie. La comparaison des analyses à la microsonde électronique et des images BSE révèle également que les lamelles biréfringentes sont plus riches en calcium que les lamelles isotropes. L'addition de calcium va déformer légèrement le site X et ainsi créer un ordre sur ce site. L'énergie interne d'un grenat ordré et d'un grenat désordonné sont suffisamment proches pour qu'un léger dépassement de l'énergie de la réaction de formation permette la coexistence des 2 types de grenat dans le même minéral. La formation de lamelles est expliquée par le fait qu'un grenat préférera la même structure. Ces observations sont en accord avec la thermodynamique des solutions solides du grenat et permet d'expliquer les structures similaires observées dans des grenats provenant de lithologies différentes. Une étude de la distribution des tailles des grenats et une modélisation de la croissance a permis de mettre en évidence 2 mécanismes de croissance différents suivant la texture de la roche. Dans les 2 cas, la loi de nucléation est la même. Dans les roches litées, la loi de croissance est de forme R=kt½. Le transport des nutriments est le facteur limitant. Ce transport a lieu préférentiellement dans la direction des niveaux de schistosité. Les grenats ont une forme légèrement allongée car la croissance des secteurs est facilitée sur les niveaux de schistosité. La croissance des grenats dans les roches foliées suit une loi de croissance de la forme R=kt. Les seuls facteurs limitant la croissance sont les processus d'attachement à la surface du grenat. La loi de croissance de ces grenats est donc contrainte par la texture de la roche. Cela se marque par des différences dans la morphologie de la zonation sectorielle.

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This paper reports on: (a) new primary source evidence on; and (b) statistical and econometric analysis of high technology clusters in Scotland. It focuses on the following sectors: software, life sciences, microelectronics, optoelectronics, and digital media. Evidence on a postal and e-mailed questionnaire is presented and discussed under the headings of: performance, resources, collaboration & cooperation, embeddedness, and innovation. The sampled firms are characterised as being small (viz. micro-firms and SMEs), knowledge intensive (largely graduate staff), research intensive (mean spend on R&D GBP 842k), and internationalised (mainly selling to markets beyond Europe). Preliminary statistical evidence is presented on Gibrat’s Law (independence of growth and size) and the Schumpeterian Hypothesis (scale economies in R&D). Estimates suggest a short-run equilibrium size of just 100 employees, but a long-run equilibrium size of 1000 employees. Further, to achieve the Schumpeterian effect (of marked scale economies in R&D), estimates suggest that firms have to grow to very much larger sizes of beyond 3,000 employees. We argue that the principal way of achieving the latter scale may need to be by takeovers and mergers, rather than by internally driven growth.

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This paper attempts to address a puzzle in China’s investment pattern: despite high aggregate investment and remarkable economic growth, negative net investment is commonly found at the microeconomic level. Using a large firm-level dataset, we test three hypotheses to explain the existence and extent of negative investment in each ownership group: what we term the efficiency (or restructuring) hypothesis, the (lack of) financing hypothesis, and the (slow) growth hypothesis. Our panel data probit estimations shows that negative investment by state-owned firms can be explained mainly by inefficiency: owing to over-investment or mis-investment in the past, these firms have had to restructure and to get rid of obsolete capital in the face of increasing competition and hardening budgets. The financing explanation holds for private firms, which have had to divest in order to raise capital. However, rapid economic growth weighs against both effects in all types of firms, with a larger impact for firms in the private and foreign sectors. A tobit model, estimated to examine the determinants of the amount of negative investment, yields similar conclusions.

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Employing an endogenous growth model with human capital, this paper explores how productivity shocks in the goods and human capital producing sectors contribute to explaining aggregate fluctuations in output, consumption, investment and hours. Given the importance of accounting for both the dynamics and the trends in the data not captured by the theoretical growth model, we introduce a vector error correction model (VECM) of the measurement errors and estimate the model’s posterior density function using Bayesian methods. To contextualize our findings with those in the literature, we also assess whether the endogenous growth model or the standard real business cycle model better explains the observed variation in these aggregates. In addressing these issues we contribute to both the methods of analysis and the ongoing debate regarding the effects of innovations to productivity on macroeconomic activity.