Optimal Credit Rationing in Not-For-Profit Financial Institutions

We examine the dynamic optimization problem for not-for-profit financial institutions (NFPs) that maximize consumer surplus, not profits. We characterize the optimal dynamic policy and find that it involves credit rationing. Interest rates set by mature NFPs will typically be more favorable to customers than market rates, as any surplus is distributed in the form of interest rate subsidies, with credit rationing being required to prevent these subsidies from distorting loan volumes from their optimal levels. Rationing overcomes a fundamental problem in NFPs; it allows them to distribute the surplus without distorting the volume of activity from the efficient level.

Efficient modeling of novel uniplanar left-handed metamaterials

This paper presents an efficient. modeling technique for the derivation of the dispersion characteristics of novel uniplanar metallodielectric periodic structures. The analysis is based on the method of moments and an interpolation scheme, which significantly accelerates the computations. Triangular basis functions are used that allow for modeling of arbitrary shaped metallic elements. Based on this method, novel uniplanar left-handed (LH) metamaterials are proposed. Variations of the split rectangular-loop element printed on grounded dielectric substrate are demonstrated to possess LH propagation properties. Full-wave dispersion curves are presented. Based on the dual transmission-line concept, we study the distribution of the modal fields And the variation of series capacitance and shunt inductance for all the proposed elements. A verification of the left-handedness is presented by means of full-wave simulation of finite uniplanar arrays using commercial software (HFSS). The cell dimensions are a small fraction of the wavelength (approximately lambda/24) so that the structures can he considered as a homogeneous effective medium. The structures are simple, readily scalable to higher frequencies, and compatible with low-cost fabrication techniques.

Wider share ownership?: investors in English and Welsh Bank shares in the nineteenth century

The joint-stock banks that established after the liberalizing legislation of 1826 were periodically criticized during the nineteenth century for their low-quality and rapidly deteriorating shareholder constituencies. The quality of a bank's shareholding constituency was of paramount importance because of unlimited shareholder liability. Using archival records, this article examines the quality of bank shareholder constituencies over the nineteenth century. The main finding is that shareholder constituencies did not deteriorate in quality until the introduction of limited liability. The non-deterioration of constituencies is attributed to bank deeds which locked in the aggregate quality of shareholder constituencies by empowering directors to vet all share transfers.

Reconsidering Respect: Its Role in the British Prison Service

This article examines the meaning of respect in the interpersonal relationships within Her Majesty’s Prison Service. It is argued that respect-as-esteem and respect-asconsideration are often confused and unequally emphasised in modern society. This confusion is especially evident within the prison context where, due to the prison service’s ‘decency agenda’, the respectful treatment of inmates has become a topical issue. What does respect mean in prison? Why is it important? How can respectful relationships be established between staff and inmates? This article discusses these questions and proposes that there are different forms of respect possible between people. It is argued that there needs to be a recognition of the nuances of meaning when we use the word respect and that ‘respect-as-consideration’ may be the form of respect most consistently achievable, at the present time, within interpersonal relationships in English and Welsh prisons.

Stiffened panel stability behaviour and performance gains with plate prismatic sub-stiffening

To increase the structural efficiency of integrally machined aluminium alloy stiffened panels, it is plausible to introduce plate sub-stiffening to increase the local stability and thus panel static strength performance. Reported herein is the experimental validation of prismatic sub-stiffening, and the computational verification of such concepts within larger recurring structure. The experimental work demonstrates the potential to 'control' plate buckling modes. For the tested sub-stiffening design, an initial plate buckling performance gain of +89% over an equivalent mass design was measured. The numerical simulations, modelling the tested sub-stiffening design, demonstrate equivalent behaviour and performance gains (+66%) within larger structures consisting of recurring panels. (C) 2009 Elsevier Ltd. All rights reserved.

Nature as historical protagonist: environment and society in pre-industrial England

This article compares chronologies reconstructed from historical records of prices, wages, grain harvests, and population with corresponding chronologies of growing conditions and climatic variations derived from dendrochronology and Greenland ice-cores. It demonstrates that in pre-industrial, and especially late medieval, England, short-term environmental shocks and more enduring shifts in environmental conditions (sometimes acting in concert with biological agencies) exercised a powerful influence upon the balance struck between population and available resources via their effects upon the reproduction, health and life expectancy of humans, crops, and livestock. Prevailing socio-economic conditions and institutions, in turn, shaped society's susceptibility to these environmental shocks and shifts.

Sonic Geography, Place and Race in the Formation of Local Identity: Liverpool and Scousers

The concept of identity has attracted significant academic attention. This article unpacks what constitutes the Scouse identity, how it is constructed and its different dimensions, with particular reference to place, phonology and race. Its novelty lies in developing the underused concept of “sonic geography” to examine the extent to which sound, for example a distinctive accent and/or dialect, affects the construction of local identity. Empirically this is conducted through a detailed analysis of the Scouse, or Liverpudlian, identity. The article also deploys the concept of “sonic exclusion” to examine the role a distinguishing vernacular plays in shaping local identity and the extent to which it determines “who is in” and “who is out” as a Scouser. The conclusion is that an effective understanding of a Scouser is not only spatial – someone born in Liverpool – because the sonoric landscape of spoken Scouse, and thereby Scouse identity, extends beyond the contemporary political and geographic boundaries of the City of Liverpool.

Museums and youth: between misunderstanding and disappointment. Youth perceptions and arguments about the cultural consumption of museums in Chile

Young people are less explored in museum audience research; this is a paradoxical situation when considering its strategic location in the cultural reproduction and if considering the high performing cultural consumption compared with other sectors. The phenomenon of museums consumption by young Chileans who are self recognized as public and non-public museums is explored from a qualitative approach. It was conducted with focus groups in the three largest cities in Chile (Santiago, Valparaíso and Concepción). They identify the museum as a cultural institution in full force. However, in questioning museums activity youth reveal the specificity of their cultural matrix. This is referred to a social temporality based on the fragment, the discourse of familiarity, proximity and instead of breaking and critical. They claim a museum aesthetic / historical experience based on pleasure and enjoyment. An overview is proposed to further clarify the youth cultural consumption to characterize more precisely the place of the museum in the set, to design more effective policies museums.

Governance and charities: An exploration of key themes and the development of a research agenda

The concept of governance has been widely discussed in both the business and non-business sectors. The debate has also been entered into within the charity sector, which comprises over 169,000 organizations in the UK. The UK-based Charity Commission, which describes itself as existing to ‘promote sound governance and accountability’, has taken a lead in this debate by promoting greater regulation and producing numerous recommendations with regard to the proper governance of charitable organizations. However, the concept of what is meant by governance is unclear and a myriad of ideas are placed under the umbrella of ‘good governance’. This paper explores the major themes that form the basis of much of this discussion, examining both the theoretical underpinnings and empirical investigations relating to this area (looking from the perspective of the key stakeholders in the charity sector). Based on an analysis of the extant literature, this paper presents a broad definition of governance with respect to charities and outlines a future research agenda for those interested in adding to knowledge in this area.