Executive remuneration, financial performance and corporate governance in UK and Spanish listed firms

This study examines the relationship between executive directors’ remuneration and the financial performance and corporate governance arrangements of the UK and Spanish listed firms. These countries’ corporate governance framework has been shaped by differences in legal origin, culture and backgrounds. For example, the UK legal arrangements can be defined as to be constituted in common-law, whereas for Spanish firms, the legal arrangement is based on civil law. We estimate both static and dynamic regression models to test our hypotheses and we estimate our regression using Ordinary Least Squares (OLS) and the Generalised Method of Moments (GMM). Estimated results for both countries show that directors’ remuneration levels are positively related with measures of firm value and financial performance. This means that remuneration levels do not lead to a point whereby firm value is reduced due to excessive remuneration. These results hold for our long-run estimates. That is, estimates based on panel cointegration and panel error correction. Measures of corporate governance also impacts on the level of executive pay. Our results have important implications for existing corporate governance arrangements and how the interests of stakeholders are protected. For example, long-run results suggest that directors’ remuneration adjusts in a way to capture variation in financial performance

Experiments in time:exploring the components of motor timing behaviour in dyslexia

This investigation aimed to pinpoint the elements of motor timing control that are responsible for the increased variability commonly found in children with developmental dyslexia on paced or unpaced motor timing tasks (Chapter 3). Such temporal processing abilities are thought to be important for developing the appropriate phonological representations required for the development of literacy skills. Similar temporal processing difficulties arise in other developmental disorders such as Attention Deficit Hyperactivity Disorder (ADHD). Motor timing behaviour in developmental populations was examined in the context of models of typical human timing behaviour, in particular the Wing-Kristofferson model, allowing estimation of the contribution of different timing control systems, namely timekeeper and implementation systems (Chapter 2 and Methods Chapters 4 and 5). Research examining timing in populations with dyslexia and ADHD has been inconsistent in the application of stimulus parameters and so the first investigation compared motor timing behaviour across different stimulus conditions (Chapter 6). The results question the suitability of visual timing tasks which produced greater performance variability than auditory or bimodal tasks. Following an examination of the validity of the Wing-Kristofferson model (Chapter 7) the model was applied to time series data from an auditory timing task completed by children with reading difficulties and matched control groups (Chapter 8). Expected group differences in timing performance were not found, however, associations between performance and measures of literacy and attention were present. Results also indicated that measures of attention and literacy dissociated in their relationships with components of timing, with literacy ability being correlated with timekeeper variance and attentional control with implementation variance. It is proposed that these timing deficits associated with reading difficulties are attributable to central timekeeping processes and so the contribution of error correction to timing performance was also investigated (Chapter 9). Children with lower scores on measures of literacy and attention were found to have a slower or failed correction response to phase errors in timing behaviour. Results from the series of studies suggest that the motor timing difficulty in poor reading children may stem from failures in the judgement of synchrony due to greater tolerance of uncertainty in the temporal processing system.

Correcting errors in optical data transmission using neural networks

Optical data communication systems are prone to a variety of processes that modify the transmitted signal, and contribute errors in the determination of 1s from 0s. This is a difficult, and commercially important, problem to solve. Errors must be detected and corrected at high speed, and the classifier must be very accurate; ideally it should also be tunable to the characteristics of individual communication links. We show that simple single layer neural networks may be used to address these problems, and examine how different input representations affect the accuracy of bit error correction. Our results lead us to conclude that a system based on these principles can perform at least as well as an existing non-trainable error correction system, whilst being tunable to suit the individual characteristics of different communication links.

Adaptive electrical signal post-processing in optical communications systems

Improving bit error rates in optical communication systems is a difficult and important problem. The error correction must take place at high speed and be extremely accurate. We show the feasibility of using hardware implementable machine learning techniques. This may enable some error correction at the speed required.

A 20-Mb/s VLC link with a polymer LED and a multilayer perceptron equalizer

This letter experimentally demonstrates a visible light communication system using a 350-kHz polymer lightemitting diode operating at a total bit rate of 19 Mb/s with a bit error rate (BER) of 10-6and 20 Mb/s at the forward error correction limit for the first time. This represents a remarkable net data rate gain of ~55 times. The modulation format adopted is ON-OFF keying in conjunction with an artificial neural network classifier implemented as an equalizer. The number of neurons used in the experiment is varied from the set N = {5, 10, 20, 30, 40} with 40 neurons offering the best performance at 19 Mb/s and the BER of 10-6.

Developments towards practical free-space quantum cryptography

We describe a free space quantum cryptography system which is designed to allow continuous unattended key exchanges for periods of several days, and over ranges of a few kilometres. The system uses a four-laser faint-pulse transmission system running at a pulse rate of 10MHz to generate the required four alternative polarization states. The receiver module similarly automatically selects a measurement basis and performs polarization measurements with four avalanche photodiodes. The controlling software can implement the full key exchange including sifting, error correction, and privacy amplification required to generate a secure key.

A 10 Mb/s visible light communication system using a low bandwidth polymer light-emitting diode

In this paper we experimentally demonstrate a 10 Mb/s error free visible light communications (VLC) system using polymer light-emitting diodes (PLEDs) for the first time. The PLED under test is a blue emitter with ∼600 kHz bandwidth. Having such a low bandwidth means the introduction of an intersymbol interference (ISI) induced penalty at higher transmission speeds and thus the requirement for an equalizer. In this work we improve on previous literature by implementing a decision feedback equalizer, rather than a linear equalizer. Considering 7% and 20% forward error correction codes, transmission speeds up to ∼12 Mb/s can be supported.

On Graph-Based Cryptography and Symbolic Computations

We have been investigating the cryptographical properties of in nite families of simple graphs of large girth with the special colouring of vertices during the last 10 years. Such families can be used for the development of cryptographical algorithms (on symmetric or public key modes) and turbocodes in error correction theory. Only few families of simple graphs of large unbounded girth and arbitrarily large degree are known. The paper is devoted to the more general theory of directed graphs of large girth and their cryptographical applications. It contains new explicit algebraic constructions of in finite families of such graphs. We show that they can be used for the implementation of secure and very fast symmetric encryption algorithms. The symbolic computations technique allow us to create a public key mode for the encryption scheme based on algebraic graphs.

Interleavers and BCH codes for coherent DQPSK systems with laser phase noise

The relatively high phase noise of coherent optical systems poses unique challenges for forward error correction (FEC). In this letter, we propose a novel semianalytical method for selecting combinations of interleaver lengths and binary Bose-Chaudhuri-Hocquenghem (BCH) codes that meet a target post-FEC bit error rate (BER). Our method requires only short pre-FEC simulations, based on which we design interleavers and codes analytically. It is applicable to pre-FEC BER ∼10-3, and any post-FEC BER. In addition, we show that there is a tradeoff between code overhead and interleaver delay. Finally, for a target of 10-5, numerical simulations show that interleaver-code combinations selected using our method have post-FEC BER around 2× target. The target BER is achieved with 0.1 dB extra signal-to-noise ratio.

Dimensioning BCH codes for coherent DQPSK systems with laser phase noise and cycle slips

Forward error correction (FEC) plays a vital role in coherent optical systems employing multi-level modulation. However, much of coding theory assumes that additive white Gaussian noise (AWGN) is dominant, whereas coherent optical systems have significant phase noise (PN) in addition to AWGN. This changes the error statistics and impacts FEC performance. In this paper, we propose a novel semianalytical method for dimensioning binary Bose-Chaudhuri-Hocquenghem (BCH) codes for systems with PN. Our method involves extracting statistics from pre-FEC bit error rate (BER) simulations. We use these statistics to parameterize a bivariate binomial model that describes the distribution of bit errors. In this way, we relate pre-FEC statistics to post-FEC BER and BCH codes. Our method is applicable to pre-FEC BER around 10-3 and any post-FEC BER. Using numerical simulations, we evaluate the accuracy of our approach for a target post-FEC BER of 10-5. Codes dimensioned with our bivariate binomial model meet the target within 0.2-dB signal-to-noise ratio.

Upgrading legacy long-haul WDM systems through unbalancing the proportion of 1s and 0s in the transmitted data

We present experimental results for wavelength-division multiplexed (WDM) transmission performance using unbalanced proportions of 1s and 0s in pseudo-random bit sequence (PRBS) data. This investigation simulates the effect of local, in time, data unbalancing which occurs in some coding systems such as forward error correction when extra bits are added to the WDM data stream. We show that such local unbalancing, which would practically give a time-dependent error-rate, can be employed to improve the legacy long-haul WDM system performance if the system is allowed to operate in the nonlinear power region. We use a recirculating loop to simulate a long-haul fibre system.

WDM orthogonal subcarrier multiplexing

Electro-optical transceivers can be implemented employing all-analog signal processing in order to achieve low values of power consumption and latency. This paper shows that the spectral efficiency of such solutions can be increased by combining orthogonal multicarrier techniques and off-the-shelf microwave components. A real-time 108-Gbit/s experiment was performed emulating a wavelength division multiplexing (WDM) system composed of five optical channels. The optical carriers were provided by an externally injected gain switched optical frequency comb. Each optical channel transmitted a 21.6-Gbit/s orthogonal subcarrier multiplexing (SCM) signal that was modulated and demodulated in the electrical domain without the requirement for digital signal processing. The net data rate remained higher than 100 Gbit/s after taking into account forward error correction overheads. The use of orthogonally overlapping subchannels achieves an unprecedented spectral efficiency in all-analog real-time broadband WDM/SCM links.

Empirical study of exchange rates in Brazil, Canada and the Caribbean

This dissertation examines the monetary models of exchange rate determination for Brazil, Canada, and two countries in the Caribbean, namely, the Dominican Republic and Jamaica. With the exception of Canada, the others adopted the floating regime during the past ten years.^ The empirical validity of four seminal models in exchange rate economics were determined. Three of these models were entirely classical (Bilson and Frenkel) or Keynesian (Dornbusch) in nature. The fourth model (Real Interest Differential Model) was a mixture of the two schools of economic theory.^ There is no clear empirical evidence of the validity of the monetary models. However, the signs of the coefficients of the nominal interest differential variable were as predicted by the Keynesian hypothesis in the case of Canada and as predicted by the Chicago theorists in the remaining countries. Moreover, in case of Brazil, due to hyperinflation, the exchange rate is heavily influenced by domestic money supply.^ I also tested the purchasing power parity (PPP) for this same set of countries. For both the monetary as well as the PPP hypothesis, I tested for co-integration and applied ordinary least squares estimation procedure. The error correction model was also used for the PPP model, to determine convergence to equilibrium.^ The validity of PPP is also questionable for my set of countries. Endogeinity among the regressors as well as the lack of proper price indices are the contributing factors. More importantly, Central Bank intervention negate rapid adjustment of price and exchange rates to their equilibrium value. However, its forecasting capability for the period 1993-1994 is superior compared to the monetary models in two of the four cases.^ I conclude that in spite of the questionable validity of these models, the monetary models give better results in the case of the "smaller" economies like the Dominican Republic and Jamaica where monetary influences swamp the other determinants of exchange rate. ^

Effects of special educator peer coaching on general educator effectiveness in inclusive classroom settings

This dissertation investigated the effects of a peer coaching relationship between a special education teacher and two general education teachers. More specifically, a two-tier multiple baseline design across subjects was used to evaluate the effects of peer coaching on the general education teachers' use of effective instructional practices (EIPs) and subsequent effects on the engagement rate and academic performance of students with and without disabilities. The peer coaching process included modeling, direct support, and feedback on the use of effective instructional practices including getting student attention, giving specific directions, asking specific questions with wait time, contingent positive reinforcement, positive error correction, precorrection, prompting, and proximity control. A 30-second partial interval recording procedure was used to observe the general education teachers' use of effective instructional practices and student engagement rates. Student participants' academic performance was measured using weekly quizzes. ^ Peer coaching resulted in an overall increase in the teachers' use of EIPs. One general education teacher had a 30% increase in average EIP use from 46% during the baseline phase to 76% during intervention. Student engagement for her two student participants with and without disabilities indicated an increase from 54% to 69% and from 47% to 65% respectively. Results for the second general education teacher indicated a 34% increase in average EIP use from 55% during the baseline to 89% during intervention. Student engagement for the two student participants with and without disabilities in her class increased from 48% to 83% and from 29% to 71% respectively. Student academic performance showed a small increase. In follow-up observations, the effects of peer coaching on teacher use of EIPs and student engagement and academic performance were maintained. ^ The results of this study suggest that using peer coaching to support general education teachers can be an effective method to improve the educational outcomes of students with and without disabilities in general education. Further research is needed to investigate the effects of peer coaching with other special and general educator partnerships and other student participants. ^

Effects of repeated readings on reading abilities of English language learners with specific learning disabilities

This study investigated the effects of repeated readings on the reading abilities of 4, third-, fourth-, and fifth-grade English language learners (ELLs) with specific learning disabilities (SLD). A multiple baseline probe design across subjects was used to explore the effects of repeated readings on four dependent variables: reading fluency (words read correctly per minute; wpm), number of errors per minute (epm), types of errors per minute, and answer to literal comprehension questions. Data were collected and analyzed during baseline, intervention, generalization probes, and maintenance probes. Throughout the baseline and intervention phases, participants read a passage aloud and received error correction feedback. During baseline, this was followed by fluency and literal comprehension question assessments. During intervention, this was followed by two oral repeated readings of the passage. Then the fluency and literal comprehension question assessments were administered. Generalization probes followed approximately 25% of all sessions and consisted of a single reading of a new passage at the same readability level. Maintenance sessions occurred 2-, 4-, and 6-weeks after the intervention ended. The results of this study indicated that repeated readings had a positive effect on the reading abilities of ELLs with SLD. Participants read more wpm, made fewer epm, and answered more literal comprehension questions correctly. Additionally, on average, generalization scores were higher in intervention than in baseline. Maintenance scores were varied when compared to the last day of intervention, however, with the exception of the number of hesitations committed per minute maintenance scores were higher than baseline means. This study demonstrated that repeated readings improved the reading abilities of ELLs with SLD and that gains were generalized to untaught passages. Maintenance probes 2-, 4-, and 6- weeks following intervention indicated that mean reading fluency, errors per minute, and correct answers to literal comprehensive questions remained above baseline levels. Future research should investigate the use of repeated readings in ELLs with SLD at various stages of reading acquisition. Further, future investigations may examine how repeated readings can be integrated into classroom instruction and assessments.