Short-term Price Behavior and the Effect of Foreign Investors in Finnish Equity Markets (summary section only)

As globalization and capital free movement has increased, so has interest in the effects of that global money flow, especially during financial crises. The concern has been that large global money flows will affect the pricing of small local markets by causing, in particular, overreaction. The purpose of this thesis is to contribute to the body of work concerning short-term under- and overreaction and the short-term effects of foreign investment flow in the small Finnish equity markets. This thesis also compares foreign execution return to domestic execution return. This study’s results indicate that short-term under- and overreaction occurs in domestic-buy portfolios (domestic net buying) rather than in foreign-buy portfolios. This under- and overreaction, however, is not economically meaningful after controlling for the bid-ask bounce effect. Based on this finding, one can conclude that foreign investors do not have a destabilizing effect in the short-term in the Finnish markets. Foreign activity affects short-term returns. When foreign investors are net buyers (sellers) there are positive (negative) market adjusted returns. Literature related to nationality and institutional effect leads us to expect these kind of results. These foreign flows are persistent at a 5 % to 21 % level and the persistence of foreign buy flow is higher than the foreign sell flow. Foreign daily trading execution is worse than domestic execution. Literature which quantifies foreign investors as liquidity demanders and literature related to front-running leads us to expect poorer foreign execution than domestic execution.

The dynamics of the Ramdas layer

A little more than sixty years ago, the late L. A. Ramdas discovered a curious atmospheric phenomenon which had not been satisfactorily explained till recently. The phenomenon is the observation of a temperature minimum some 20-50 cm above bare soil on calm, clear nights. The first reports of these observations were treated with much scepticism, as the prevailing view was that the nocturnal temperature minimum always occurs at ground. In the present address the history of work on the lifted temperature minimum is traced and a new explanation is offered. It is emphasized that in this as well as many other phenomena, it is important to account for surfaces that are not perfectly black radiatively, i.e. those whose emissivity is not unity.

Effectors of Salmonella pathogenicity island 2: An island crucial to the life of Salmonella

The tug of war between a pathogen and its host has been one of the most amazing stories in the field of microbial pathogenesis for ages. The strongest known species of all living organisms is the Homo sapiens and yet it is incredible how a pathogen of the size of few microns is smart enough to defeat this mightiest group of survivors. It is of utmost interest to understand the mechanisms behind the successful habitation of a pathogen inside the ever-resisting and complicate human body. Numerous examples of diseases caused by such pathogens exist which intrigues us to venture in the world of host-pathogen interactions.

A modelling approach to the development of an active management strategy for the Queen Elizabeth II reservoir

This article outlines the outcome of work that set out to provide one of the specified integral contributions to the overarching objectives of the EU- sponsored LIFE98 project described in this volume. Among others, these included a requirement to marry automatic monitoring and dynamic modelling approaches in the interests of securing better management of water quality in lakes and reservoirs. The particular task given to us was to devise the elements of an active management strategy for the Queen Elizabeth II Reservoir. This is one of the larger reservoirs supplying the population of the London area: after purification and disinfection, its water goes directly to the distribution network and to the consumers. The quality of the water in the reservoir is of primary concern, for the greater is the content of biogenic materials, including phytoplankton, then the more prolonged is the purification and the more expensive is the treatment. Whatever good that phytoplankton may do by way of oxygenation and oxidative purification, it is eventually relegated to an impurity that has to be removed from the final product. Indeed, it has been estimated that the cost of removing algae and microorganisms from water represents about one quarter of its price at the tap. In chemically fertile waters, such as those typifying the resources of the Thames Valley, there is thus a powerful and ongoing incentive to be able to minimise plankton growth in storage reservoirs. Indeed, the Thames Water company and its predecessor undertakings, have a long and impressive history of confronting and quantifying the fundamentals of phytoplankton growth in their reservoirs and of developing strategies for operation and design to combat them. The work to be described here follows in this tradition. However, the use of the model PROTECH-D to investigate present phytoplankton growth patterns in the Queen Elizabeth II Reservoir questioned the interpretation of some of the recent observations. On the other hand, it has reinforced the theories underpinning the original design of this and those Thames-Valley storage reservoirs constructed subsequently. The authors recount these experiences as an example of how simulation models can hone the theoretical base and its application to the practical problems of supplying water of good quality at economic cost, before the engineering is initiated.

The effect of human rhythm on packet delivery

In communication networks such as the Internet, the relationship between packet generation rate and time is similar to a rectangle wavefunction due to the rhythm of humans. Thus, we investigate the traffic dynamics on a network with a rectangle wavepacket generation rate. It is found that the critical delivering capacity parameter beta(c) (which separates the congested phase and the free phase) decreases significantly with the duty cycle r of the rectangle wave for package generation. And, in the congested phase, more collective generation of packets (smaller r) is helpful for decreasing the packet aggregation rate. Moreover, it is found that the congested phase can be divided into two regions, i.e., region1 and region2, where the distributions of queue lengths are nonlinear and linear, respectively. Also, the linear expression for the distribution of queue lengths in region2 is obtained analytically. Our work reveals an obvious effect of the rectangle wave on the traffic dynamics and the queue length distribution in the system, which is of essential interest and may provide insights into the designing of work-rest schedules and routing strategies.

Agency and animation: the performance of interactive game characters

As an animator and practice-based researcher with a background in games development, I am interested in technological change in the video game medium, with a focus on the tools and technologies that drive game character animation and interactive story. In particular, I am concerned with the issue of ‘user agency’, or the ability of the end user to affect story development—a key quality of the gaming experience and essential to the aesthetics of gaming, which is defined in large measure by its interactive elements. In this paper I consider the unique qualities of the video game1 as an artistic medium and the impact that these qualities have on the production of animated virtual character performances. I discuss the somewhat oppositional nature of animated character performances found in games from recent years, which range from inactive to active—in other words, low to high agency. Where procedural techniques (based on coded rules of movement) are used to model dynamic character performances, the user has the ability to interactively affect characters in real-time within the larger sphere of the game. This game play creates a high degree of user agency. However, it lacks the aesthetic nuances of the more crafted sections of games: the short cut-scenes, or narrative interludes where entire acted performances are mapped onto game characters (often via performance capture)2 and constructed into relatively cinematic representations. While visually spectacular, cut-scenes involve minimal interactivity, so user agency is low. Contemporary games typically float between these two distinct methods of animation, from a focus on user agency and dynamically responsive animation to a focus on animated character performance in sections where the user is a passive participant. We tend to think of the majority of action in games as taking place via playable figures: an avatar or central character that represents a player. However, there is another realm of characters that also partake in actions ranging from significant to incidental: non-playable characters, or NPCs, which populate action sequences where game play takes place as well as cut scenes that unfold without much or any interaction on the part of the player. NPCs are the equivalent to supporting roles, bit characters, or extras in the world of cinema. Minor NPCs may simply be background characters or enemies to defeat, but many NPCs are crucial to the overall game story. It is my argument that, thus far, no game has successfully utilized the full potential of these characters to contribute toward development of interactive, high performance action. In particular, a type of NPC that I have identified as ‘pivotal’3—those constituting the supporting cast of a video game—are essential to the telling of a game story, particularly in genres that focus on story and characters: adventure games, action games, and role-playing games. A game story can be defined as the entirety of the narrative, told through non-interactive cut-scenes as well a interactive sections of play, and development of more complex stories in games clearly impacts the animation of NPCs. I argue that NPCs in games must be capable of acting with emotion throughout a game—in the cutscenes, which are tightly controlled, but also in sections of game play, where player agency can potentially alter the story in real-time. When the animated performance of NPCs and user agency are not continuous throughout the game, the implication is that game stories may be primarily told through short movies within games, making it more difficult to define video games animation as a distinct artistic medium.

Constructing a myth of purity: the marketing of Welsh water

Roberts, Owen. 'Constructing a myth of purity: the marketing of Welsh water', in: 'A history of Water. Vol. iii: the world of water', (London: I.B. Tauris, 2006), pp.254-268 RAE2008

The role of structure in the electrochemical performance of nanostructured metal oxides for lithium ion battery anodes

The Li-ion battery has for a number of years been a key factor that has enabled an ever increasing number of modern consumer devices, while in recent years has also been sought to power a range of emerging electric and hybrid electric vehicles. Due to their importance and popularity, a number of characteristics of Li-ion batteries have been subjected to intense work aimed at radical improvement. Although electrode material selection intrinsically defines characteristics like maximum capacity or voltage, engineering of the electrode structure may yield significant improvements to the lifetime performance of the battery, which would not be available if the material was used in its bulk form. The body of work presented in this thesis describes the relationship between the structure of electrochemically active materials and the course of the electrochemical processes occurring within the electrode. Chapter one describes the motivation behind the research presented herein. Chapter two serves to highlight a number of key advancements which have been made and detailed in the literature over recent years, pertaining to the use of nanostructured materials in Li-ion technology. Chapter three details methods and techniques applied in developing the body of work presented in this thesis. Chapter four details structural, molecular and electrochemical characteristics of tin oxide nanoparticle based electrodes, with particular emphasis on the relationship between the size distribution and the electrode performance. Chapter five presents findings of structural, electrochemical and optical study of indium oxide nanoparticles grown on silicon by molecular beam epitaxy. In chapter 6, tin oxide inverted opal electrodes are investigated for the conduct of the electrochemical performance of the electrodes under varying rate of change of potential. Chapter 7 presents the overall conclusions drawn from the results presented in this thesis, coupled with an indication of potential future work which may be explored further.

From 'Good as Gold' to 'Gold Diggers': Farming Women and the Survival of British Family Farming

The survival of family farming in British agriculture has long been a topic of interest for rural researchers and is undergoing something of a current renewal of interest. However, insights from feminist approaches remain underutilised despite the crucial role farming women continue to play in family farming. This paper addresses the unity of farm, family and business by interpreting it as a patriarchal â??way of lifeâ??. An ethnographic-informed repeated life history methodology is employed to study in detail the family members of seven farms in rural mid-Wales. Findings show that the recent survival of the family farms investigated has been heavily dependent upon compliance with a patriarchal ideology that demands women be â??as good as goldâ??. However, it is discovered that a new view of women is emerging in the world of British family farming, that of â??gold diggerâ??. Women entering relationships with farming men are increasingly being considered a threat to farm survival by virtue of their entitlements if the relationship breaks down. The necessity to study the intricacies of personal relationships in family farming has important implications for most future research into this form of agricultural business arrangement.

Between Colonial Violence and Socialist Worldview: The Conversions of Ernst Daumig

In 1900, Ernst Däumig (1866–1922) wrote to Karl Kautsky of his ‘bitter experiences’ of violence in the French Foreign Legion and then in the Prussian military that had led to his recent ‘conversion’ to the socialist worldview. This article takes up Däumig's letters, articles and travelogues, and a drama, to explore how he recast his experiences of colonial and military violence twice, first as a writer for a German soldiers’ journal and then as an aspiring socialist journalist. As well as a burden that pushed him to critique his past, Däumig's military and colonial experiences are shown to have been his starting capital in the world of journalism and politics. The article gives particular attention to the process of conversion, through which Däumig forged a new life narrative out of the moral tales offered by the adopted worldview and the events of his own past. In addition to providing a case study of worldview conversion, this article demonstrates how biographical research can challenge assumptions about the impact of colonial violence on German metropolitan culture. At the same time, this biographical analysis sheds light on the early career of one of the key figures in the German Revolution of 1918 to 1921. As co-chairman of the Independent Social Democratic Party (USPD), Däumig led the USPD into union with the Communist Party in 1920.

A pseudo-transient solution strategy for the analysis of delamination by means of interface elements

Recent efforts in the finite element modelling of delamination have concentrated on the development of cohesive interface elements. These are characterised by a bilinear constitutive law, where there is an initial high positive stiffness until a threshold stress level is reached, followed by a negative tangent stiffness representing softening (or damage evolution). Complete decohesion occurs when the amount of work done per unit area of crack surface is equal to a critical strain energy release rate. It is difficult to achieve a stable, oscillation-free solution beyond the onset of damage, using standard implicit quasi-static methods, unless a very refined mesh is used. In the present paper, a new solution strategy is proposed based on a pseudo-transient formulation and demonstrated through the modelling of a double cantilever beam undergoing Mode I delamination. A detailed analysis into the sensitivity of the user-defined parameters is also presented. Comparisons with other published solutions using a quasi-static formulation show that the pseudo-transient formulation gives improved accuracy and oscillation-free results with coarser meshes