Networks of learning : how motorsport companies collaborate and share knowledge:evidence from the UK and Italian motorsport industries

The motorsport industry is a high value-added and highly innovative business sector. The UK’s leading racing car manufacturers are world class centres of research, development and engineering. However, individual firms in the sector do not have the range and depth of capabilities to compete independently in motorsport’s dynamic and competitive environment. Industry attention has therefore progressively focused on how networks of collaborating firms can work together to develop new products, improve business processes and reduce costs. This report presents findings from a three year Cardiff Business School study which examined the ways in which firms collaborate as part of wider networks. The research involved gathering data from over 120 firms in the UK and Italian motorsport sectors.

The law and finance of share repurchases in Europe

This article analyses the impact of the EU market abuse law on share repurchases. We find that the Member States' previous rules differed considerably, and therefore it can be said that the Regulation on share repurchases has provided uniformity as to the availability of a safe harbour for share repurchases. The picture, however, gets more difficult to assess if we consider our findings on the actual effect of the law. Our results do not confirm a “simple law and finance story“ according to which market participants would have just reacted as expected by the new legal rules. Rather, it seems to be the case that the value of legal certainty and the positive signal of common legal rules have also had an impact on the propensity to repurchase own stock.

Stock repurchases and treasury share sales:do they stabilize price and enhance liquidity?

Can companies reduce the volatility and increase the liquidity of their stocks by trading them? In the context of the Italian stock market, where companies have far more leeway to sell as well as buy their own stocks than in the U.S., the answer is yes. We examine the effects of trading (open-market share repurchases and treasury shares sales) on liquidity (bid–ask spread) and volatility (return variance). Further, we examine the impact of shareholder approvals of repurchase programs on liquidity and volatility. We find clear evidence that trading increases liquidity and reduces volatility. These results are consistent with our analysis of the motives Italian companies give for making share repurchases.

Evaluation of Melbourne Edge Test contrast sensitivity measures in the visually impaired

Aim: Contrast sensitivity (CS) provides important information on visual function. This study aimed to assess differences in clinical expediency of the CS increment-matched new back-lit and original paper versions of the Melbourne Edge Test (MET) to determine the CS of the visually impaired. Methods: The back-lit and paper MET were administered to 75 visually impaired subjects (28-97 years). Two versions of the back-lit MET acetates were used to match the CS increments with the paper-based MET. Measures of CS were repeated after 30 min and again in the presence of a focal light source directed onto the MET. Visual acuity was measured with a Bailey-Lovie chart and subjects rated how much difficulty they had with face and vehicle recognition. Results: The back-lit MET gave a significantly higher CS than the paper-based version (14.2 ± 4.1 dB vs 11.3 ± 4.3 dB, p < 0.001). A significantly higher reading resulted with repetition of the paper-based MET (by 1.0 ± 1.7 dB, p < 0.001), but this was not evident with the back-lit MET (by 0.1 ± 1.4 dB, p = 0.53). The MET readings were increased by a focal light source, in both the back-lit (by 0.3 ± 0.81, p < 0.01) and paper-based (1.2 ± 1.7, p < 0.001) versions. CS as measured by the back-lit and paper-based versions of the MET was significantly correlated to patients' perceived ability to recognise faces (r = 0.71, r = 0.85 respectively; p < 0.001) and vehicles (r = 0.67, r = 0.82 respectively; p < 0.001), and with distance visual acuity (both r =-0.64; p < 0.001). Conclusions: The CS increment-matched back-lit MET gives higher CS values than the old paper-based test by approximately 3 dB and is more repeatable and less affected by external light sources. Clinically, the MET score provides information on patient difficulties with visual tasks, such as recognising faces. © 2005 The College of Optometrists.

Normative contrast sensitivity values for the back-lit Melbourne Edge Test and the effect of visual impairment

Background: The Melbourne Edge Test (MET) is a portable forced-choice edge detection contrast sensitivity (CS) test. The original externally illuminated paper test has been superseded by a backlit version. The aim of this study was to establish normative values for age and to assess change with visual impairment. Method: The MET was administered to 168 people with normal vision (18-93 years old) and 93 patients with visual impairment (39-97 years old). Distance visual acuity (VA) was measured with a log MAR chart. Results: In those eyes without disease, MET CS was stable until the age of 50 years (23.8 ± .7 dB) after which it decreased at a rate of ≈1.5 dB per decade. Compared with normative values, people with low vision were found to have significantly reduced CS, which could not be totally accounted for by reduced VA. Conclusions: The MET provides a quick and easy measure of CS, which highlights a reduction in visual function that may not be detectable using VA measurements. © 2004 The College of Optometrists.

Optimising market share and profit margin:SMDP-based tariff pricing under the smart grid paradigm

Smart grid technologies have given rise to a liberalised and decentralised electricity market, enabling energy providers and retailers to have a better understanding of the demand side and its response to pricing signals. This paper puts forward a reinforcement-learning-powered tool aiding an electricity retailer to define the tariff prices it offers, in a bid to optimise its retail strategy. In a competitive market, an energy retailer aims to simultaneously increase the number of contracted customers and its profit margin. We have abstracted the problem of deciding on a tariff price as faced by a retailer, as a semi-Markov decision problem (SMDP). A hierarchical reinforcement learning approach, MaxQ value function decomposition, is applied to solve the SMDP through interactions with the market. To evaluate our trading strategy, we developed a retailer agent (termed AstonTAC) that uses the proposed SMDP framework to act in an open multi-agent simulation environment, the Power Trading Agent Competition (Power TAC). An evaluation and analysis of the 2013 Power TAC finals show that AstonTAC successfully selects sell prices that attract as many customers as necessary to maximise the profit margin. Moreover, during the competition, AstonTAC was the only retailer agent performing well across all retail market settings.

Share.TEC Portal: How the Metadata Repositories of Educational Resources Meet the Users’ Expectations

This is an extended version of an article presented at the Second International Conference on Software, Services and Semantic Technologies, Sofia, Bulgaria, 11–12 September 2010.

Disciplinary Divides in Post-Conflict Justice and Peace : Tracking If and How we Share Ideas

Peer reviewed

A Framework to Capture and Share Knowledge Using Storytelling and Video Sharing in Global Product Development

In global engineering enterprises, information and knowledge sharing are critical factors that can determine a project’s success. This statement is widely acknowledged in published literature. However, according to some academics, tacit knowledge is derived from a person’s lifetime of experience, practice, perception and learning, which makes it hard to capture and document in order to be shared. This project investigates if social media tools can be used to improve and enable tacit knowledge sharing within a global engineering enterprise. This paper first provides a brief background of the subject area, followed by an explanation of the industrial investigation, from which the proposed knowledge framework to improve tacit knowledge sharing is presented. This project’s main focus is on the improvement of collaboration and knowledge sharing amongst product development engineers in order to improve the whole product development cycle.

What Moved Share Prices in the Nineteenth-Century London Stock Market?

Using a new weekly blue-chip index, this paper investigates the causes of stock price movements on the London market between 1823 and 1870. We find that economic fundamentals explain about 15 per cent of weekly and 34 per cent of monthly variation in share prices. Contemporary press reporting from the London Stock Exchange is used to ascertain what market participants thought were causing the largest movements on the market. The vast majority of large movements were attributed by the press to geopolitical, monetary, railway-sector, and financial-crisis news. Investigating the stock price changes on an independent list of events reaffirms these findings, suggesting that the most important specific events which moved markets were wars involving European powers.

Wi-share: partilha de configurações wi-fi

A popularidade dos dispositivos móveis tem vindo a aumentar significativamente nos últimos anos e, com isso, surge a necessidade de aceder à Internet nos smartphones e tablets, quer para fins laborais quer para lazer. Devido às limitações de tráfego nas redes móveis, como 3G ou 4G, as pessoas procuram conectar-se aos pontos de acesso nas suas proximidades para poupar tráfego móvel. Os pontos de acesso também são uma outra forma de se conseguir conectar à Internet no estrangeiro, mesmo quando não se tem disponível um plano de dados móveis. As soluções existentes, que visam conectar os seus utilizadores à Internet através de pontos de acesso, requerem o pagamento de uma taxa elevada ou violam a privacidade das redes Wi-Fi ao permitir que todos os utilizadores se consigam conectar sem a devida autorização dos proprietários e que consumam tráfego e largura de banda sem quaisquer restrições. Com este trabalho pretende-se permitir que os proprietários das redes possam limitar os recursos de quem acede às suas redes (tráfego, largura de banda e/ou número de utilizadores conectados) usando apenas uma aplicação Android para fazer todo o controlo de acesso e limitação de recursos. Além de limitar os recursos pretende-se possibilitar a interoperabilidade entre pontos de acesso de diferentes plataformas para permitir que utilizadores de diferentes operadores de telecomunicações possam partilhar as suas redes mutuamente. Para se atingir estes objetivos foi desenvolvido um sistema composto por uma aplicação Android e um servidor web. O teste da solução foi feito através de testes com utilizadores, identificando-se que os participantes partilharam maioritariamente as suas próprias redes. A maioria dos utilizadores optou por partilhar as suas redes de forma pública (com todos os utilizadores) e limitar o número de utilizadores conectados para salvaguardar o desempenho da sua ligação. Com este trabalho, consegue-se concluir que é possível incentivar os utilizadores a partilhar as suas redes caso estejam presentes mecanismos que consigam manter a privacidade da rede e que lhes consigam dar controlo sobre a partilha.

Think Deeper; Share Often

2016 3rd Place Award

Empirical studies on share issuance and repurchase decisions

Financial constraints influence corporate policies of firms, including both investment decisions and external financing policies. The relevance of this phenomenon has become more pronounced during and after the recent financial crisis in 2007/2008. In addition to raising costs of external financing, the effects of financial crisis limited the availability of external financing which had implications for employment, investment, sale of assets, and tech spending. This thesis provides a comprehensive analysis of the effects of financial constraints on share issuance and repurchases decisions. Financial constraints comprise both internal constraints reflecting the demand for external financing and external financial constraints that relate to the supply of external financing. The study also examines both operating performance and stock market reactions associated with equity issuance methods. The first empirical chapter explores the simultaneous effects of financial constraints and market timing on share issuance decisions. Internal financing constraints limit firms’ ability to issue overvalued equity. On the other hand, financial crisis and low market liquidity (external financial constraints) restrict availability of equity financing and consequently increase the costs of external financing. Therefore, the study explores the extent to which internal and external financing constraints limit market timing of equity issues. This study finds that financial constraints play a significant role in whether firms time their equity issues when the shares are overvalued. The conclusion is that financially constrained firms issue overvalued equity when the external equity market or the general economic conditions are favourable. During recessionary periods, costs of external finance increase such that financially constrained firms are less likely to issue overvalued equity. Only unconstrained firms are more likely to issue overvalued equity even during crisis. Similarly, small firms that need cash flows to finance growth projects are less likely to access external equity financing during period of significant economic recessions. Moreover, constrained firms have low average stock returns compared to unconstrained firms, especially when they issue overvalued equity. The second chapter examines the operating performance and stock returns associated with equity issuance methods. Firms in the UK can issue equity through rights issues, open offers, and private placement. This study argues that alternative equity issuance methods are associated with a different level of operating performance and long-term stock returns. Firms using private placement are associated with poor operating performance. However, rights issues are found empirically to be associated with higher operating performance and less negative long-term stock returns after issuance in comparison to counterpart firms that issue private placements and open offers. Thus, rights issuing firms perform better than open offers and private placement because the favourable operating performance at the time of issuance generates subsequent positive long-run stock price response. Right issuing firms are of better quality and outperform firms that adopt open offers and private placement. In the third empirical chapter, the study explores the levered share repurchase of internally financially unconstrained firms. Unconstrained firms are expected to repurchase their shares using internal funds rather than through external borrowings. However, evidence shows that levered share repurchases are common among unconstrained firms. These firms display this repurchase behaviour when they have bond ratings or investment grade ratings that allow them to obtain cheap external debt financing. It is found that internally financially unconstrained firms borrow to finance their share repurchase when they invest more. Levered repurchase firms are associated with less positive abnormal returns than unlevered repurchase firms. For the levered repurchase sample, high investing firms are associated with more positive long-run abnormal stock returns than low investing firms. It appears the market underreact to the levered repurchase in the short-run regardless of the level of investments. These findings indicate that market reactions reflect both undervaluation and signaling hypotheses of positive information associated with share repurchase. As the firms undertake capital investments, they generate future cash flows, limit the effects of leverage on financial distress and ultimately reduce the risk of the equity capital.

Wi-share: partilha de configurações wi-fi

A popularidade dos dispositivos móveis tem vindo a aumentar significativamente nos últimos anos e, com isso, surge a necessidade de aceder à Internet nos smartphones e tablets, quer para fins laborais quer para lazer. Devido às limitações de tráfego nas redes móveis, como 3G ou 4G, as pessoas procuram conectar-se aos pontos de acesso nas suas proximidades para poupar tráfego móvel. Os pontos de acesso também são uma outra forma de se conseguir conectar à Internet no estrangeiro, mesmo quando não se tem disponível um plano de dados móveis. As soluções existentes, que visam conectar os seus utilizadores à Internet através de pontos de acesso, requerem o pagamento de uma taxa elevada ou violam a privacidade das redes Wi-Fi ao permitir que todos os utilizadores se consigam conectar sem a devida autorização dos proprietários e que consumam tráfego e largura de banda sem quaisquer restrições. Com este trabalho pretende-se permitir que os proprietários das redes possam limitar os recursos de quem acede às suas redes (tráfego, largura de banda e/ou número de utilizadores conectados) usando apenas uma aplicação Android para fazer todo o controlo de acesso e limitação de recursos. Além de limitar os recursos pretende-se possibilitar a interoperabilidade entre pontos de acesso de diferentes plataformas para permitir que utilizadores de diferentes operadores de telecomunicações possam partilhar as suas redes mutuamente. Para se atingir estes objetivos foi desenvolvido um sistema composto por uma aplicação Android e um servidor web. O teste da solução foi feito através de testes com utilizadores, identificando-se que os participantes partilharam maioritariamente as suas próprias redes. A maioria dos utilizadores optou por partilhar as suas redes de forma pública (com todos os utilizadores) e limitar o número de utilizadores conectados para salvaguardar o desempenho da sua ligação. Com este trabalho, consegue-se concluir que é possível incentivar os utilizadores a partilhar as suas redes caso estejam presentes mecanismos que consigam manter a privacidade da rede e que lhes consigam dar controlo sobre a partilha.