On the solution of a class of capital investment problems

In this work the solution of a class of capital investment problems is considered within the framework of mathematical programming. Upon the basis of the net present value criterion, the problems in question are mainly characterized by the fact that the cost of capital is defined as a non-decreasing function of the investment requirements. Capital rationing and some cases of technological dependence are also included, this approach leading to zero-one non-linear programming problems, for which specifically designed solution procedures supported by a general branch and bound development are presented. In the context of both this development and the relevant mathematical properties of the previously mentioned zero-one programs, a generalized zero-one model is also discussed. Finally,a variant of the scheme, connected with the search sequencing of optimal solutions, is presented as an alternative in which reduced storage limitations are encountered.

Defects in steel investment castings

A general investigation was performed, in an industrial environment, of the major types of defect specific to investment castings in steel. As a result of this work three types of metallurgical defect were selected for further study. In the first of these, defects in austenitic stainless steel castings were found to result from deoxidation by-products. As a result of metallographic investigation and the statistical analysis of experimental data, evidence was found to support the hypothesis that the other two classes of defects - in martensite stainless and low alloy steels -both resulted from internal or grain boundary oxidation of the chromium alloy constituent This was often found to be followed by reaction between the metal oxides and the ceramic mould material. On the basis of this study, proposals are made for a more fundamental investigation of the mechanisms involved and interim suggestions are given for methods of ameliorating the effect in an industrial situation.

The effects of the environment on the stability and expression of genetically engineered plasmids

The lac promoter is widely used in plasmid expression systems, even though it is prone to catabolite repression. As a consequence glycerol is often used as an alternative carbon source. Three plasmids containing various sizes of the staphylococcal protein A (SPA) gene, which are under the control of the lac promoter were investigated in continuous culture, to evaluate the effects of nutrient limitations on their stability and expression. The fears of catabolite repression were dispelled as a low expression plasmid (pPA16) produced a greater amount of truncated SPA under glucose limiting conditions (11 ug mg-1 cell protein) when compared to that using glycerol (8 ug mg-1 cell protein). Segregational instability was also observed under glycerol limiting conditions at all the dilution rates investigated. Whereas pPA16 was relatively stable under glucose limiting conditions, with SPA production being continuous. Experiments using excess glycerol with limited ammonium increased the stability of pPA16, (when compared to limited glycerol) with expression of SPA being continuous but reduced (6 ug mg-1 cell protein). With excess glucose and limited ammonium the copy numbers remained high but expression of SPA paralled that produced under glucose limiting conditions. This might indicate that the higher levels of glucose are reducing expression (catabolite repression) or that the low level of ammonium is affecting protein production. A high expression plasmid (pPA31) produced nearly 100 ug full length SPA mg-1 cell protein, while another high expression plasmid (pPA34) producing truncated SPA proved to be very unstable. An ELISA was developed to detect the SPA produced by these experiments, which could be adapted for western blotting or immunogold probing using electron microscopy. SPA was localised in electron lucent areas present in the periplasmic space of the E. coli host harbouring pPA16. While in the same host containing pPA31, SPA was localised not only in electron lucent areas but also around the whole of the outer-membrane.

The Application of Geographic Information Systems to climate change & land evaluation : a study of the effects of climate change upon crop productivity in a sub-tropical environment

This research investigates the contribution that Geographic Information Systems (GIS) can make to the land suitability process used to determine the effects of a climate change scenario. The research is intended to redress the severe under representation of Developing countries within the literature examining the impacts of climatic change upon crop productivity. The methodology adopts some of the Intergovernmental Panel on Climate Change (IPCC) estimates for regional climate variations, based upon General Circulation Model predictions (GCMs) and applies them to a baseline climate for Bangladesh. Utilising the United Nations Food & Agricultural Organisation's Agro-ecological Zones land suitability methodology and crop yield model, the effects of the scenario upon agricultural productivity on 14 crops are determined. A Geographic Information System (IDRISI) is adopted in order to facilitate the methodology, in conjunction with a specially designed spreadsheet, used to determine the yield and suitability rating for each crop. A simple optimisation routine using the GIS is incorporated to provide an indication of the 'maximum theoretical' yield available to the country, should the most calorifically significant crops be cultivated on each land unit both before and after the climate change scenario. This routine will provide an estimate of the theoretical population supporting capacity of the country, both now and in the future, to assist with planning strategies and research. The research evaluates the utility of this alternative GIS based methodology for the land evaluation process and determines the relative changes in crop yields that may result from changes in temperature, photosynthesis and flooding hazard frequency. In summary, the combination of a GIS and a spreadsheet was successful, the yield prediction model indicates that the application of the climate change scenario will have a deleterious effect upon the yields of the study crops. Any yield reductions will have severe implications for agricultural practices. The optimisation routine suggests that the 'theoretical maximum' population supporting capacity is well in excess of current and future population figures. If this agricultural potential could be realised however, it may provide some amelioration from the effects of climate change.

The performance of stabilized and unstabilized minestone in an aqueous environment with emphasis on its erosion resistance

Britain's sea and flood defences are becoming increasingly aged and as a consequence, more fragile and vulnerable. As the government's philosophy on resources shifts against the use of prime quarried and dredged geo-materials, the need to find alternative bulk materials to bolster Britain's prone defences becomes more pressing. One conceivable source for such a material is colliery waste or minestone. Although a plethora of erosion-abrasion studies have been carried out on soils and soil-cements, very little research has been undertaken to determine the resistance of minestone and its cement stabilized form to the effects of water erosion. The thesis reviews the current extent to which soil-cements, minestone and cement stabilized minestone (CSM) have been employed for hydraulic construction projects. A synopsis is also given on the effects of immersion on shales, mudstones and minestone, especially with regard to the phenomena of slaking. A laboratory study was undertaken featuring a selection of minestones from several British coalfields. The stability of minestone and CSM in sea water and distilled water was assessed using slaking tests and immersion monitoring and the bearing on the use of these materials for hydraulic construction is discussed. Following a review of current erosion apparatus, the erosion/abrasion test and rotating cylinder device were chosen and employed to assess the erosion resistance of minestone and CSM. Comparison was made with a sand mix designed to represent a dredged sand, the more traditional, bulk hydraulic construction material. The results of the erosion study suggest that both minestone and CSM were more resistant to erosion and abrasion than equivalently treated sand mixes. The greater resistance of minestone to the agents of erosion and abrasion is attributed to several factors including the size of the particles, a greater degree of cement bonding and the ability of the minestone aggregate to absorb, rather than transmit shock waves produced by impacting abrasive particles. Although minestone is shown to be highly unstable when subjected to cyclic changes in its moisture content, the study suggests that even in an intertidal regime where cyclic immersion does takes place, minestone will retain sufficient moisture within its fabric to prevent slaking from taking place. The slaking study reveals a close relationship between slaking susceptibility and total pore surface area as revealed by porosimetry. The immersion study shows that although the fabric of CSM is rapidly attacked in sea water, a high degree of the disruption is associated with the edges and corners of samples (ie. free surface) while the integrity of the internal fabric remains relatively intact. CSM samples were shown to be resilient when subjected to immersion in distilled water. An overall assessment of minestone and CSM would suggest that with the implementation of judicious selection and appropriate quality control they could be used as alternative materials for flood and sea defences. It is believed, that even in the harsh regime of a marine environment, CSM could be employed for temporary and sacrificial schemes.

Bridging the gap? Corruption, knowledge and foreign ownership

We argue that in addition to host corruption per se, as accounted for by the existing literature, an explanation of inter-country variation in FDI needs to account for the distance between the host and home corruption, which we call relative corruption. We use a large matched home-host firm-level panel data-set for 1998-2006 from CEE transition countries. Year-specific selectivity corrected estimates suggest that, ceteris paribus, higher relative ‘grand’ corruption lowers foreign ownership as the returns to investment tends to be lower in more corrupt environment. However, after controlling for the selectivity bias, knowledge-intensive parent firms are found to hold controlling ownership, as the difficulty of successful joint venture looms large in more corrupt environment. Results are robust to alternative specifications.

Economic reforms as a tool to attract foreign direct investment:is it a chimera?

The policy implication of the existing literature on foreign direct investment (FDI) inflows is that countries that require FDI can attract it by adopting policy measures that facilitate the emergence of appropriate regulatory and institutional environment, greater integration with the global economy and the development of resources like human capital. We test the plausible hypothesis that, on the contrary, FDI flows are largely path dependent, and our empirical exercise finds prima facie support in favour of this hypothesis. This has obvious implications for FDI flows to poor countries.

Market oriented cognitive subcultures in a multiple stakeholder environment

The importance of an organisation wide market oriented culture revolves around the performance implications of a focus on customers. However, in contemporary multiple stakeholder environments different notions of ‘the customer’ can exist adding complexity and introducing the possibility of different market oriented subcultures. An analysis of managers’ cognitive maps within a single case study highlight different beliefs and values associated with two alternative market oriented subcultures externally driven by a focus on two different customer groups. The lack of management consensus was further emphasised by two other alternative internally driven subcultures within the same firm. The implications are briefly discussed.

Organised for inward investment? Development agencies, local government, and firms in the inward investment process

Inward investment promotion and aftercare remain central aspects of local economic development for English Regional Development Agencies, Scottish and Welsh development bodies, and local authorities in Britain. In many cases, partnership and consultation mechanisms have become integral to attracting inward investment and providing aftercare. Inward investment is thus an important area in which to explore interinstitutional relations between agents operating along diverse spatial boundaries and with different responsibilities. In this paper we analyse the local and regional institutional structures and relations characterising the inward investment process in Britain using new survey data from local authorities, regional bodies, and inward investors. We find that promotional activities have clearly defined structures which are chiefly led by the regional level. Aftercare is characterised by more collaborative arrangements involving both regional bodies and local government. However, many bodies are little used, with competition and tension between partners remaining frequent within English regions, regardless of recent institutional changes designed to reduce such problems. In Scotland and Wales, however, their national institutions are not only widely used, but they create high levels of satisfaction from firms. Hence, England has yet to respond to the effective challenges of Scotland and Wales. The analysis also highlights the limited importance of all national, regional, and local public institutions in attracting inward investors and their subsequent aftercare. The critical inputs to business decisions appear to be driven chiefly by more general supply-side conditions (for example, general skills versus local public packages) and the general attractions of a particular location.

About the Multi Criteria Ranging Problem in the Fuzzy Environment

Decision making and technical decision analysis demand computer-aided techniques and therefore more and more support by formal techniques. In recent years fuzzy decision analysis and related techniques gained importance as an efficient method for planning and optimization applications in fields like production planning, financial and economical modeling and forecasting or classification. It is also known, that the hierarchical modeling of the situation is one of the most popular modeling method. It is shown, how to use the fuzzy hierarchical model in complex with other methods of Multiple Criteria Decision Making. We propose a novel approach to overcome the inherent limitations of Hierarchical Methods by exploiting multiple criteria decision making.

Az európai uniós tagság mint modernizációs hajtóerő. Gondolatok a kelet-közép-európai országok EU-tagságának 10. évfordulóján = EU membership as a driving force of modernization. Ideas on the 10th anniversary of EU membership of East Central European countries

A szerző az Európai Unióhoz az elmúlt évtizedben csatlakozott országok felzárkózásának összefüggéseit vizsgálja, rámutatva arra, hogy a kelet-közép-európai térség országainak természetes modernizációs központja az Európai Unió. Az európai integrációba történő szerves beépülésnek nem volt és a jövőben sincs reális alternatívája. Annak ellenére, hogy a nemzetközi pénzügyi és gazdasági válság rendkívül kedvezőtlen fordulatot hozott, az új tagországok többségében jelentős ütemű felzárkózási folyamat indult el: egy évtizeden belül relatív pozíciójuk az uniós átlaghoz képest átlagosan 15 százalékpont javult a vásárlóerő-paritáson mért egy főre jutó GDP-t tekintve. A tagság számos előnye közül ki kell emelni, hogy az uniós költségvetésből származó közvetlen transzferek hatására az új tagállamok számottevő külső forráshoz jutottak, aminek révén hosszú távú fejlődésüket és versenyképességüket befolyásoló területeken jelentős beruházásokat hajthattak végre. E transzferek kapcsán a szerző felhívja a figyelmet arra, hogy a szűk látókörűen számított nettó haszonélvezői pozíció valójában kölcsönös előnyöket rejt: az EU fejlettebb országai számára is komoly előnyök származnak a megnövekedett importkeresletből és általában a bővülés kereskedelemteremtő hatásaiból. _____ The author analyses some catch-up aspects of countries joining the EU in 2004 and 2007, pointing out that the EU is an obvious centre of modernization for the countries in East Central Europe. There was no realistic alternative to participating in the European integration process and this applies also to the future. Contrary to the extremely bad general environment caused by the international financial and economic crisis, most new member-states were able to converge on the EU average quite fast: within a decade the relative regional level of development measured in GDP per capita terms and compared with the EU average increased by 15 per cent. It should be stressed that among several advantages of EU membership, direct transfers from the EU-level budget played a crucial role in improving competitiveness through investment. Looking beyond narrow-minded net budgetary positions, the author sees mutual comprehensive benefits: the more developed member-states can enjoy additional demand for their products, and in general benefit from the trade-creating effects of enlargement.

The effects of using an alternative method for teaching badminton to post secondary level students in Taiwan

The effect of teaching method in physical education is an important issue and has been a concern of the expert teacher. Teachers are expected to create a model of teaching in their field; therefore, it is reasonable to question what is the effect of an alternative teaching method on student performance in physical education. This study explores whether teaching methods with advanced planning, behavior and belief in high enthusiasm, use of instructional strategies and evaluation, together termed a systematic teaching approach, used in a physical education activity would provide an effective environment for learning which supports student achievement in the psychomotor, cognitive, and affective domains. This study also investigated whether there was a difference in performance between students who were taught with a systematic teaching approach and students who were taught with the traditional teaching model. Information was collected using two performance skills, a written test, and one questionnaire. The 68 participants were randomly assigned into either an experimental group or a control group. Two teachers were assigned to either the experimental group or the control group. The teaching experiment took place at Tamsui Oxford University College in Taiwan and lasted eight weeks. ^ Research questions were analyzed using the t-test. Results indicated that a significant difference in students' performance was found between the experimental group and the control group on both the skill tests and the paper test. Analysis of student attitude toward their teacher and their course on the questionnaire indicated a significant difference between the experimental group and the control group. ^ The findings of this study imply that students who were taught with a systematic teaching style were significantly superior to students who were taught with the traditional model on these measures. This finding supports the contention that effective teaching in physical education is related to advanced planning, high enthusiasm, instructional strategy and evaluation and that all physical education teachers should implement these planning elements in the development of the teaching strategies. ^

Essays on the determinants of private investment: The effects of relative price uncertainty and political instability

The objective of this study was to provide empirical evidence on the effects of relative price uncertainty and political instability on private investment. My effort is expressed in a single-equation model using macroeconomic and socio-political data from eight Latin American countries for the period 1970–1996. Relative price uncertainty is measured by the implied volatility of the exchange rate and political instability is measured by using indicators of social unrest and political violence. ^ I found that, after controlling for other variables, relative price uncertainty and political instability are negatively associated with private investment. Macroeconomic and political stability are key ingredients for the achievement of a strong investment response. This highlights the need to develop the state and build a civil society in which citizens can participate in decision-making and express consent without generating social turmoil. At the same time the government needs to implement structural policies along with relative price adjustments to eliminate excess volatility in price movements in order to provide a stable environment for investment. ^

A comprehensive portfolio construction under stochastic environment

Prior research has established that idiosyncratic volatility of the securities prices exhibits a positive trend. This trend and other factors have made the merits of investment diversification and portfolio construction more compelling. ^ A new optimization technique, a greedy algorithm, is proposed to optimize the weights of assets in a portfolio. The main benefits of using this algorithm are to: (a) increase the efficiency of the portfolio optimization process, (b) implement large-scale optimizations, and (c) improve the resulting optimal weights. In addition, the technique utilizes a novel approach in the construction of a time-varying covariance matrix. This involves the application of a modified integrated dynamic conditional correlation GARCH (IDCC - GARCH) model to account for the dynamics of the conditional covariance matrices that are employed. ^ The stochastic aspects of the expected return of the securities are integrated into the technique through Monte Carlo simulations. Instead of representing the expected returns as deterministic values, they are assigned simulated values based on their historical measures. The time-series of the securities are fitted into a probability distribution that matches the time-series characteristics using the Anderson-Darling goodness-of-fit criterion. Simulated and actual data sets are used to further generalize the results. Employing the S&P500 securities as the base, 2000 simulated data sets are created using Monte Carlo simulation. In addition, the Russell 1000 securities are used to generate 50 sample data sets. ^ The results indicate an increase in risk-return performance. Choosing the Value-at-Risk (VaR) as the criterion and the Crystal Ball portfolio optimizer, a commercial product currently available on the market, as the comparison for benchmarking, the new greedy technique clearly outperforms others using a sample of the S&P500 and the Russell 1000 securities. The resulting improvements in performance are consistent among five securities selection methods (maximum, minimum, random, absolute minimum, and absolute maximum) and three covariance structures (unconditional, orthogonal GARCH, and integrated dynamic conditional GARCH). ^