Effect of a simulated kilning regime on the profile and antioxidant activity of the free phenolic acids extracted from green malt

Free phenolic acids were extracted from a laboratory-produced sample of green malt. Aliquots of the phenolic acid extract were heated from 25 to 110°C over 27 h, representative of a commercial kilning regime. Samples were taken at regular intervals throughout heating and were assessed for changes in antioxidant activity by both the 2,2(prime)-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) radical-cation scavenging (ABTS(^•+)) and the ferric-reducing antioxidant potential (FRAP) assays. Changes in the profile of the phenolic acids of the extracts were determined by HPLC. Overall, there was a decrease in both antioxidant activity level and the level of phenolic acids, but as the temperature increased from 80 to 100°C, there was an increase in both the antioxidant activity level and the level of detected phenolic acids.

The British ‘failure’ that never was? The Anglo-American ‘productivity gap’ in large-scale interwar retailing—evidence from the department store sector

Interwar British retailing has been characterized as having lower productivity, less developed managerial hierarchies and methods, and weaker scale economies than its US counterpart. This article examines comparative productivity for one major segment of large-scale retailing in both countries—the department store sector. Drawing on exceptionally detailed contemporary survey data, we show that British department stores in fact achieved superior performance in terms of operating costs, margins, profits, and stock-turn. While smaller British stores had lower labour productivity than US stores of equivalent size, TFP was generally higher for British stores, which also enjoyed stronger scale economies. We also examine the reasons behind Britain's surprisingly strong relative performance, using surviving original returns from the British surveys. Contrary to arguments that British retailers faced major barriers to the development of large-scale enterprises, that could reap economies of scale and scope and invest in machinery and marketing to support the growth of their primary sales functions, we find that British department stores enthusiastically embraced the retail ‘managerial revolution’—and reaped substantial benefits from this investment.

Is there regime behavior in monsoon convection in the late 20th century?

Mixture model techniques are applied to a daily index of monsoon convection from ERA‐40 reanalysis to show regime behavior. The result is the existence of two significant regimes showing preferred locations of convection within the Asia/Western‐North Pacific domain, with some resemblance to active‐break events over India. Simple trend analysis over 1958–2001 shows that the first regime has become less frequent while the second becomes much more dominant. Both undergo a change in structure contributing to the total OLR trend over the ERA‐40 period. Stratifying the data according to a large‐scale dynamical index of monsoon interannual variability, we show the regime occurrence to be strongly perturbed by the seasonal condition, in agreement with conceptual ideas. This technique could be used to further examine predictability issues relating the seasonal mean and intraseasonal monsoon variability or to explore changes in monsoon behavior in centennial‐scale model integrations.

The later Anglo-Saxon settlement at Bishopstone. A downland manor in the making

This volume reports on the excavations from 2002 to 2005 designed to investigate this transition, with the focus on the origins of Bishopstone village. Excavations adjacent to St Andrew’s churchyard revealed a dense swathe of later Anglo-Saxon (8th- to late 10th-/early 11th-century) habitation, including a planned complex of ‘timber halls’, and a unique cellared tower. The occupation encroached upon a pre-Conquest cemetery of 43 inhumations. The report provides a comprehensive analysis, interpretation and academic contextualisation of the archaeological discoveries brought to light by these excavations, the first to sample a later Anglo-Saxon rural settlement in East Sussex on an extensive scale. The inter-disciplinary approach appraises the historical and topographical evidence alongside that recovered during the excavations.

A three-regime model of speculative behaviour: modelling the evolution of the S&P 500 composite index

We examine whether a three-regime model that allows for dormant, explosive and collapsing speculative behaviour can explain the dynamics of the S&P 500. We extend existing models of speculative behaviour by including a third regime that allows a bubble to grow at a steady rate, and propose abnormal volume as an indicator of the probable time of bubble collapse. We also examine the financial usefulness of the three-regime model by studying a trading rule formed using inferences from it, whose use leads to higher Sharpe ratios and end of period wealth than from employing existing models or a buy-and-hold strategy.