Two Independent Triggers for the Indian Ocean Dipole/Zonal Mode in a Coupled GCM

The question of whether and how tropical Indian Ocean dipole or zonal mode (IOZM) interannual variability is independent of El Nino-Southern Oscillation (ENSO) variability in the Pacific is addressed in a comparison of twin 200-yr runs of a coupled climate model. The first is a reference simulation, and the second has ENSO-scale variability suppressed with a constraint on the tropical Pacific wind stress. The IOZM can exist in the model without ENSO, and the composite evolution of the main anomalies in the Indian Ocean in the two simulations is virtually identical. Its growth depends on a positive feedback between anomalous equatorial easterly winds, upwelling equatorial and coastal Kelvin waves reducing the thermocline depth and sea surface temperature off the coast of Sumatra, and the atmospheric dynamical response to the subsequently reduced convection. Two IOZM triggers in the boreal spring are found. The first is an anomalous Hadley circulation over the eastern tropical Indian Ocean and Maritime Continent, with an early northward penetration of the Southern Hemisphere southeasterly trades. This situation grows out of cooler sea surface temperatures in the southeastern tropical Indian Ocean left behind by a reinforcement of the late austral summer winds. The second trigger is a consequence of a zonal shift in the center of convection associated with a developing El Nino, a Walker cell anomaly. The first trigger is the only one present in the constrained simulation and is similar to the evolution of anomalies in 1994, when the IOZM occurred in the absence of a Pacific El Nino state. The presence of these two triggers-the first independent of ENSO and the second phase locking the IOZM to El Nino-allows an understanding of both the existence of IOZM events when Pacific conditions are neutral and the significant correlation between the IOZM and El Nino.

Impact of the Atlantic Ocean on the multidecadal fluctuation of El Nino–Southern Oscillation–South Asian monsoon relationship in a coupled general circulation model

The multidecadal variability of El Niño–Southern Oscillation (ENSO)–South Asian monsoon relationship is elucidated in a 1000 year control simulation of a coupled general circulation model. The results indicate that the Atlantic Multidecadal Oscillation (AMO), resulting from the natural fluctuation of the Atlantic Meridional Overturning Circulation (AMOC), plays an important role in modulating the multidecadal variation of the ENSO-monsoon relationship. The sea surface temperature anomalies associated with the AMO induce not only significant climate impact in the Atlantic but also the coupled feedbacks in the tropical Pacific regions. The remote responses in the Pacific Ocean to a positive phase of the AMO which is resulted from enhanced AMOC in the model simulation and are characterized by statistically significant warming in the North Pacific and in the western tropical Pacific, a relaxation of tropical easterly trades in the central and eastern tropical Pacific, and a deeper thermocline in the eastern tropical Pacific. These changes in mean states lead to a reduction of ENSO variability and therefore a weakening of the ENSO-monsoon relationship. This study suggests a nonlocal mechanism for the low-frequency fluctuation of the ENSO-monsoon relationship, although the AMO explains only a fraction of the ENSO–South Asian monsoon variation on decadal-multidecadal timescale. Given the multidecadal variation of the AMOC and therefore of the AMO exhibit decadal predictability, this study highlights the possibility that a part of the change of climate variability in the Pacific Ocean and its teleconnection may be predictable.

The impact of multiskilling on UK construction manpower

The overall significance of the construction and building services sector internationally cannot be overemphasised. In the UK, the industry currently accounts for 10% gross domestic product (GDP) and employs 2 million people, which is more than 1 in 14 of the total workforce. However, regardless of its output (approximately £65 billion annually) there has been a steady decline in the number of trade entrants into the construction and building services sector. Consequently, the available ‘pool of labour’ is inadequately resourced; productivity is low; the existing labour force is overstressed; there is an increase in site deaths; and a long-term labour shortage is envisaged. Today, the evidence seems to suggest that multiskilling is a tentative redress for ameliorating the skills crisis in the construction and building sectors. A 43-year time-series of data on 23 manpower attributes was evaluated as part of this investigation. The developed linear regression models show that the concept of multiskilling obeys the ‘law of diminishing returns'. That is, a weak relation was found between construction output and a three or more combination of manpower attributes. An optimisation model is prescribed for traditional trades.

Innovative approach to building systems integration problems: Using systems theory, technological forecasting and scenario planning

Building services are worth about 2% GDP and are essential for the effective and efficient operations of the building. It is increasingly recognised that the value of a building is related to the way it supports the client organisation’s ongoing business operations. Building services are central to the functional performance of buildings and provide the necessary conditions for health, well-being, safety and security of the occupants. They frequently comprise several technologically distinct sub-systems and their design and construction requires the involvement of numerous disciplines and trades. Designers and contractors working on the same project are frequently employed by different companies. Materials and equipment is supplied by a diverse range of manufacturers. Facilities managers are responsible for operation of the building service in use. The coordination between these participants is crucially important to achieve optimum performance, but too often is neglected. This leaves room for serious faults. The need for effective integration is important. Modern technology offers increasing opportunities for integrated personal-control systems for lighting, ventilation and security as well as interoperability between systems. Opportunities for a new mode of systems integration are provided by the emergence of PFI/PPP procurements frameworks. This paper attempts to establish how systems integration can be achieved in the process of designing, constructing and operating building services. The essence of the paper therefore is to envisage the emergent organisational responses to the realisation of building services as an interactive systems network.

Permanent trading impacts and bond yields

We analyze four years of transaction data for euro-area sovereign bonds traded on the MTS electronic platforms. In order to measure the informational content of trading activity, we estimate the permanent price response to trades. We find not only strong evidence of information asymmetry in sovereign bond markets, but we also show the relevance of information asymmetry in explaining the cross-sectional variations of bond yields across a wide range of bond maturities and countries. Our results confirm that trades of more recently issued bonds and longer maturity bonds have a greater permanent effect on prices. We compare the price impact of trades for bonds across different maturity categories and find that trades of French and German bonds have the highest long-term price impact in the short maturity class whereas trades of German bonds have the highest permanent price impacts in the long maturity class. More importantly, we study the cross-section of bond yields and find that after controlling for conventional factors, investors demand higher yields for bonds with larger permanent trading impact. Interestingly, when investors face increased market uncertainty, they require even higher compensation for information asymmetry.

Motivational factors impacting the productivity of construction master craftsmen in Kuwait

In today's global economic conditions, improving the productivity of the construction industry is becoming more pressing than ever. Several factors impact the efficiency of construction operatives, but motivation is among the most important. Since low productivity is one of the significant challenges facing the construction industry in the State of Kuwait, the objective of this case study is to identify, explore, and rank the relative importance of the factors perceived to impact the motivational level of master craftsmen involved in primary construction trades. To achieve this objective, a structured questionnaire survey comprising 23 factors, which were shortlisted based on relevant previous research on motivation, the input of local industry experts, and numerous interviews with skilled operatives, was distributed to a large number of master craftsmen. Using the “Relative Importance Index” technique, the following prominent factors are identified: (1) payment delay; (2) rework; (3) lack of a financial incentive scheme; (4) the extent of change orders during execution; (5) incompetent supervisors; (6) delays in responding to Requests For Information (RFI); (7) overcrowding and operatives interface; (8) unrealistic scheduling and performance expectation; (9) shortage of materials on site; and (10) drawings quality level. The findings can be used to provide industry practitioners with guidance for focusing, acting upon, and controlling the critical factors influencing the performance of master craftsmen, hence, assist in achieving an efficient utilization of the workforce, and a reasonable level of competitiveness and cost effective operation.

Pushing the boundaries of the social: private agri-food standards and the governance of Fair Trade in European public procurement

The article explores how fair trade and associated private agri-food standards are incorporated into public procurement in Europe. Procurement law is underpinned by principles of equity, non-discrimination and transparency; one consequence is that legal obstacles exist to fair trade being privileged within procurement practice. These obstacles have pragmatic dimensions, concerning whether and how procurement can be used to fulfil wider social policy objectives or to incorporate private standards; they also bring to the fore underlying issues of value. Taking an agency-based approach and incorporating the concept of governability, empirical evidence demonstrates the role played by different actors in negotiating fair trade’s passage into procurement through pre-empting and managing legal risk. This process exposes contestations that arise when contrasting values come together within sustainable procurement. This examination of fair trade in public procurement helps reveal how practices and knowledge on ethical consumption enter into a new governance arena within the global agri-food system.

On the connection between the 1984 Atlantic warm event and the 1982-1983 ENSO

The warm event which spread in the tropical Atlantic during Spring-Summer 1984 is assumed to be partially initiated by atmospheric disturbances, themselves related to the major 1982–1983 El-Niño which occurred 1 year earlier in the Pacific. This paper tests such an hypothesis. For that purpose, an atmospheric general circulation model (AGCM) is forced by different conditions of climatic and observed sea surface temperature and an Atlantic ocean general circulation model (OGCM) is subsequently forced by the outputs of the AGCM. It is firstly shown that both the AGCM and the OGCM correctly behave when globally observed SST are used: the strengthening of the trades over the tropical Atlantic during 1983 and their subsequent weakening at the beginning of 1984 are well captured by the AGCM, and so is the Spring 1984 deepening of the thermocline in the eastern equatorial Atlantic, simulated by the OGCM. As assumed, the SST anomalies located in the El-Niño Pacific area are partly responsible for wind signal anomaly in the tropical Atlantic. Though this remotely forced atmospheric signal has a small amplitude, it can generate, in the OGCM run, an anomalous sub-surface signal leading to a flattening of the thermocline in the equatorial Atlantic. This forced oceanic experiment cannot explain the amplitude and phase of the observed sub-surface oceanic anomaly: part of the Atlantic ocean response, due to local interaction between ocean and atmosphere, requires a coupled approach. Nevertheless this experiment showed that anomalous conditions in the Pacific during 82–83 created favorable conditions for anomaly development in the Atlantic.

Time and the price impact of a trade

We use Hasbrouck's (1991) vector autoregressive model for prices and trades to empirically test and assess the role played by the waiting time between consecutive transactions in the process of price formation. We find that as the time duration between transactions decreases, the price impact of trades, the speed of price adjustment to trade‐related information, and the positive autocorrelation of signed trades all increase. This suggests that times when markets are most active are times when there is an increased presence of informed traders; we interpret such markets as having reduced liquidity.

The role of Investment Management Systems in regulatory compliance: a Post-Financial Crisis study of displacement mechanisms

The financial crisis of 2007–2009 and the resultant pressures exerted on policymakers to prevent future crises have precipitated coordinated regulatory responses globally. A key focus of the new wave of regulation is to ensure the removal of practices now deemed problematic with new controls for conducting transactions and maintaining holdings. There is increasing pressure on organizations to retire manual processes and adopt core systems, such as Investment Management Systems (IMS). These systems facilitate trading and ensure transactions are compliant by transcribing regulatory requirements into automated rules and applying them to trades. The motivation of this study is to explore the extent to which such systems may enable the alteration of previously embedded practices. We researched implementations of an IMS at eight global financial organizations and found that overall the IMS encourages responsible trading through surveillance, monitoring and the automation of regulatory rules and that such systems are likely to become further embedded within financial organizations. We found evidence that some older practices persisted. Our study suggests that the institutionalization of technology-induced compliant behaviour is still uncertain.

The mirror of consumption: celebritization, developmental consumption and the shifting cultural politics of fair trade

This paper explores the shifting cultural politics of development as expressed in the changing narratives and discursive transparencies of fair trade marketing tactics in the UK. Pursued through what I call ‘developmental consumption’ and the increasing celebritization of development, it is now through the global media mega-star that the subaltern speaks. After a more general discussion of the implications of the celebritization of development, specific analysis focuses on two parallel processes complicit in the ‘mainstreaming’ of fair trade markets and the desire to develop fair trade as a product of ‘quality’. The first involves improving the taste of fair trade commodities through alterations in their material supply chains while the second involves novel marketing narratives designed to invoke these conventions of quality through highly meaningful discursive and visual means. The later process is conceptualized through the theoretical device of the shifting ‘embodiments’ of fair trade which have moved from small farmers’ livelihoods, to landscapes of ‘quality’, to increasing congeries of celebrities such as Chris Martin from the UK band Coldplay. These shifts encapsulate what is referred to here as fair trade’s Faustian Bargain and its ambiguous results: the creation of increasing economic returns and, thus, more development through the movement of fair trade goods into mainstream retail markets at the same time there is a de-centering of the historical discursive transparency at the core of fair trade’s moral economy. Here, then, the celebritization of fair trade has the potential to create ‘the mirror of consumption’, whereby, our gaze is reflected back upon ourselves in the form of ‘the rich and famous’ Northern celebrity muddling the ethics of care developed by connecting consumers to fair trade farmers and their livelihoods. The paper concludes with a consideration of development and fair trade politics in the context of their growing aestheticization and celebritization.

Do long-short speculators destabilize commodity futures markets?

This paper contributes to the debate on the effects of the financialization of commodity futures markets by studying the conditional volatility of long–short commodity portfolios and their conditional correlations with traditional assets (stocks and bonds). Using several groups of trading strategies that hedge fund managers are known to implement, we show that long–short speculators do not cause changes in the volatilities of the portfolios they hold or changes in the conditional correlations between these portfolios and traditional assets. Thus calls for increased regulation of commodity money managers are, at this stage, premature. Additionally, long–short speculators can take comfort in knowing that their trades do not alter the risk and diversification properties of their portfolios.

Heaps and Chains: Is the Chaining Argument for parity a sorites?

I argue that the Ruth Chang’s Chaining Argument for her parity view of value incomparability trades illicitly on the vagueness of the predicate ‘is comparable with’. Chang is alert to this danger and argues that the predicate is not vague, but this defense does not succeed. The Chaining Argument also faces a dilemma. The predicate is either vague or precise. If it is vague, then the argument is most plausibly a sorites. If it is precise, then the argument is either question begging or dialectically ineffective. I argue that no chaining-type argument can succeed.

The co-development of technology and new buildings: incorporating building integrated photovoltaics

Current approaches for the reduction of carbon emissions in buildings are often predicated on the integration of renewable technologies into building projects. Building integrated photovoltaics (BIPV) is one of these technologies and brings its own set of challenges and problems with a resulting mutual articulation of this technology and the building. A Social Construction of Technology (SCOT) approach explores how negotiations between informal groups of project actors with shared interests shape the ongoing specification of both BIPV and the building. Six main groups with different interests were found to be involved in the introduction of BIPV (Cost Watchers, Design Aesthetes, Green Guardians, Design Optimizers, Generation Maximizers and Users). Their involvement around three sets of issues (design changes from lack of familiarity with the technology, misunderstandings from unfamiliar interdependencies of trades and the effects of standard firm procedure) is followed. Findings underline how BIPV requires a level of integration that typically spans different work packages and how standard contractual structures inhibit the smooth incorporation of BIPV. Successful implementation is marked by ongoing (re-)design of both the building and the technology as informal fluid groups of project actors with shared interests address the succession of problems which arise in the process of implementation.