Principal-agent issues in asset acquisition: UK institutions and their investment agents

This paper explores principal‐agent issues in the stock selection processes of institutional property investors. Drawing upon an interview survey of fund managers and acquisition professionals, it focuses on the relationships between principals and external agents as they engage in property transactions. The research investigated the extent to which the presence of outcome‐based remuneration structures could lead to biased advice, overbidding and/or poor asset selection. It is concluded that institutional property buyers are aware of incentives for opportunistic behaviour by external agents, often have sufficient expertise to robustly evaluate agents’ advice and that these incentives are counter‐balanced by a number of important controls on potential opportunistic behaviour. There are strong counter‐incentives in the need for the agents to establish personal relationships and trust between themselves and institutional buyers, to generate repeat and related business and to preserve or generate a good reputation in the market.

Issues in the assimilation of the sources of a trace gas by inverse modelling

The problem of reconstructing the (otherwise unknown) source and sink field of a tracer in a fluid is studied by developing and testing a simple tracer transport model of a single-level global atmosphere and a dynamic data assimilation system. The source/sink field (taken to be constant over a 10-day assimilation window) and initial tracer field are analysed together by assimilating imperfect tracer observations over the window. Experiments show that useful information about the source/sink field may be determined from relatively few observations when the initial tracer field is known very accurately a-priori, even when a-priori source/sink information is biased (the source/sink a-priori is set to zero). In this case each observation provides information about the source/sink field at positions upstream and the assimilation of many observations together can reasonably determine the location and strength of a test source.

Ensuring operational compliance and ethical responsibility in the regulation of ART: the HFEA, past, present, and future

Under the Public Bodies Bill 2010, the HFEA, cornerstone in the regulation of assisted reproduction technologies (ART) for the last twenty years, is due to be abolished. This implies that there is no longer a need for a dedicated regulator for ART and that the existing roles of the Authority as both operational compliance monitor, and instance of ethical evaluation, may be absorbed by existing healthcare regulators. This article presents a timely analysis of these disparate functions of the HFEA, charting reforms adopted in 2008 and assessing the impact of the current proposals. Taking assisted conception treatment as the focus activity, it will be shown that the last few years have seen a concentration on the HFEA as a technical regulator based upon the principles of Better Regulation, with little analysis of how the ethical responsibility of the Authority fits into this framework. The current proposal to abolish the HFEA continues to fail to address this crucial question. Notwithstanding the fact that the scope of the Authority's ethical role may be questioned, its abolition requires that the Government consider what alternatives exists - or need to be put in place - to provide both responsive operational regulation and a forum for ethical reflection and decision-making in an area which continues to pose regulatory challenges

HCI issues in power systems

With the advance of information technology capabilities, and the importance of human computer interfaces within society there has been a significant increase in research activity within the field of human computer interaction (HCI). This paper summarizes some of the work undertaken to date, paying particular attention to methods applicable to on-line control and monitoring systems such as those employed by The National Grid Company plc.