The distribution of London residential property prices and the role of spatial lock-in

Much of mainstream economic analysis assumes that markets adjust smoothly, through prices, to changes in economic conditions. However, this is not necessarily the case for local housing markets, whose spatial structures may exhibit persistence, so that conditions may not be those most suited to the requirements of modern-day living. Persistence can arise from the existence of transaction costs. The paper tests the proposition that housing markets in Inner London exhibit a degree of path dependence, through the construction of a three-equation model, and examines the impact of variables constructed for the 19th and early 20th centuries on modern house prices. These include 19th-century social structures, slum clearance programmes and the 1908 underground network. Each is found to be significant. The tests require the construction of novel historical datasets, which are also described in the paper.

Field-aligned plasma flow in the quiet, mid-latitude ionosphere deduced from topside soundings

A method for quantifying diffusive flows of O+ ions in the topside ionosphere from satellite soundings is described. A departure from diffusive equilibrium alters the shape of the plasma scale-height profile near the F2-peak where ion-neutral frictional drag is large. The effect enables the evaluation of , the field-aligned flux of O+ ions relative to the neutral oxygen atom gas, using MSIS model values for the neutral thermospheric densities and temperature. Upward flow values are accurate to within about 10%, the largest sources of error being the MSIS prediction for the concentration of oxygen atoms and the plasma temperature gradient deduced from the sounding. Downward flux values are only determined to within 20%. From 60,000 topside soundings, taken at the minimum and rising phase of the solar cycle, a total of 1098 mean scale-height profiles are identified for which no storm sudden commencement had occurred in the previous 12 days and for which Kp was less than 2o, each mean profile being an average of about six soundings. A statistical study ofdeduced from these profiles shows the diurnal cycle of O+ flow in the quiet, topside ionosphere at mid-latitudes and its seasonal variations. The differences betweenand ion flux observations from incoherent scatter radars are considered using the meridional thermospheric winds predicted by a global, three-dimensional model. The mean interhemispheric flow from summer to winter is compared with predictions by a numerical model of the protonospheric coupling of conjugate ionospheres for up to 6 days following a geomagnetic storm. The observed mean (of order 3 × 1016 ions day−1 along a flux tube of area 1 m2 at 1000 km) is larger than predicted for day 6 and the suggested explanation is a decrease in upward flows from the winter, daytime ionosphere between the sixth and twelfth days.

Half-remembered quotations from mostly forgotten speeches: the limits of Labour’s European policy discourse

This article uses discourse analysis to study the continuities in British foreign policy thinking within the Labour party from the 1960s to the present day. Using representative extracts from speeches by Hugh Gaitskell, Harold Wilson, Tony Blair and Gordon Brown, it identifies the ideational consis- tencies in the leaders’ attitudes to: Empire; federalism in the EEC/EU; and laying down conditions that have to be met before any constructive engagement with ‘Europe’ can be countenanced. We argue that these consistencies, spanning a 50-year period, exemplify a certain stagnation both within Labour’s European discourses and within British foreign policy thinking more widely. We develop the idea that Labour party thinking has been crucially framed by both small ‘c’ conser- vative and upper-case Conservative ideology, popularised by Winston Churchill in his ‘three circles’ model of British foreign policy.

Understanding complexities in international accounting standard setting: agenda entry and the case of IFRS for SMEs

Earlier accounting works have shown that an understanding of agenda entry is critical to better understanding the accounting standards setting process. Consider Walker and Robinson (1993; 1994) and Ryan (1998); and more generally agenda entrance as theorized in Kingdon (2011). In 2003, the IASB placed on its agenda a project to promulgate a standard for small and medium-sized entities (SMEs). This provides our focus. It seemed to be a departure from the IASB’s constitutional focus on capital market participants. Kingdon’s three-streams model of agenda entry helps to identify some of the complexities related to politics and decision making messiness that resulted in a standard setting project for simplified IFRS, misleadingly titled IFRS for SMEs. Complexities relate to the broader international regulatory context, including the boundaries of the IASB’s standard-setting jurisdiction, the role of board members in changing those boundaries, and such sensitivities over the language that the IASB could not agree on a suitably descriptive title. The paper shows similarities with earlier agenda entrance studies by Walker and Robinson (1994) and Ryan (1998). By drawing on interviewees’ recollections and other material it especially reinforces the part played by the nuanced complexities that influence what emerges as an international accounting standard.

”Potato seeking rice”: language, culture, and identity in gay personal ads in Hong Kong

This paper examines the relationship between language, culture, and identity in a corpus of gay personal ads collected from two publications in Hong Kong in the three years before the 1997 transition of sovereignty. Gay personal ads are seen äs an "island of discourse," whose marginal nature is reflected in the use of language and in turn reflects issues of marginalization in the larger social context. Using Fairclough's (1992, 1993) three- dimensional model for critical discourse analysis, an attempt is made to uncover the relationship between text structure and issues ofpower/ideology in the society that produces the texts. On the level of text, it was found that structural components, particularly the degree of grammatical elaboration, differ according to the stated race or cultural background of the authors and their targets. On the level of discourse practice, authors were found to appropriate a variety of "voices"from the larger culture arena, the use of which amplifies or limits the participation of particular classes of individuals. Finally, on the level of social practice, the ads were found to reflect and re-create both the racial stereotypes and heterosexist ideology found in the dominant culture.

Influence of Post and Resin Cement on Stress Distribution of Maxillary Central Incisors Restored with Direct Resin Composite

The current study evaluated the influence of two endodontic post systems and the elastic modulus and film thickness of resin cement on stress distribution in a maxillary central incisor (MCI) restored with direct resin composite using finite element analysis (FEA). A three-dimensional model of an MCI with a coronary fracture and supporting structures was performed. A static chewing pressure of 2.16 N/mm(2) was applied to two areas on the palatal surface of the composite restoration. Zirconia ceramic (ZC) and glass fiber (GF) posts were considered. The stress distribution was analyzed in the post, dentin and cement layer when ZC and GF posts were fixed to the root canals using resin cements of different elastic moduli (7.0 and 18.6 GPa) and different layer thicknesses (70 and 200 mu m). The different post materials presented a significant influence on stress distribution with lesser stress concentration when using the GF post. The higher elastic modulus cement created higher stress levels within itself. The cement thicknesses did not present significant changes.

Genetic algorithm inversion of the average 1D crustal structure using local and regional earthquakes

Knowing the best 1D model of the crustal and upper mantle structure is useful not only for routine hypocenter determination, but also for linearized joint inversions of hypocenters and 3D crustal structure, where a good choice of the initial model can be very important. Here, we tested the combination of a simple GA inversion with the widely used HYPO71 program to find the best three-layer model (upper crust, lower crust, and upper mantle) by minimizing the overall P- and S-arrival residuals, using local and regional earthquakes in two areas of the Brazilian shield. Results from the Tocantins Province (Central Brazil) and the southern border of the Sao Francisco craton (SE Brazil) indicated an average crustal thickness of 38 and 43 km, respectively, consistent with previous estimates from receiver functions and seismic refraction lines. The GA + HYPO71 inversion produced correct Vp/Vs ratios (1.73 and 1.71, respectively), as expected from Wadati diagrams. Tests with synthetic data showed that the method is robust for the crustal thickness, Pn velocity, and Vp/Vs ratio when using events with distance up to about 400 km, despite the small number of events available (7 and 22, respectively). The velocities of the upper and lower crusts, however, are less well constrained. Interestingly, in the Tocantins Province, the GA + HYPO71 inversion showed a secondary solution (local minimum) for the average crustal thickness, besides the global minimum solution, which was caused by the existence of two distinct domains in the Central Brazil with very different crustal thicknesses. (C) 2010 Elsevier Ltd. All rights reserved.

Bayesian analysis and constraints on kinematic models from union SNIa

The kinematic expansion history of the universe is investigated by using the 307 supernovae type Ia from the Union Compilation set. Three simple model parameterizations for the deceleration parameter ( constant, linear and abrupt transition) and two different models that are explicitly parametrized by the cosmic jerk parameter ( constant and variable) are considered. Likelihood and Bayesian analyses are employed to find best fit parameters and compare models among themselves and with the flat Lambda CDM model. Analytical expressions and estimates for the deceleration and cosmic jerk parameters today (q(0) and j(0)) and for the transition redshift (z(t)) between a past phase of cosmic deceleration to a current phase of acceleration are given. All models characterize an accelerated expansion for the universe today and largely indicate that it was decelerating in the past, having a transition redshift around 0.5. The cosmic jerk is not strongly constrained by the present supernovae data. For the most realistic kinematic models the 1 sigma confidence limits imply the following ranges of values: q(0) is an element of [-0.96, -0.46], j(0) is an element of [-3.2,-0.3] and z(t) is an element of [0.36, 0.84], which are compatible with the Lambda CDM predictions, q(0) = -0.57 +/- 0.04, j(0) = -1 and z(t) = 0.71 +/- 0.08. We find that even very simple kinematic models are equally good to describe the data compared to the concordance Lambda CDM model, and that the current observations are not powerful enough to discriminate among all of them.

Long-Term Culture of Mouse Embryonic Stem Cell-Derived Adherent Neurospheres and Functional Neurons

Innumerous protocols, using the mouse embryonic stem (ES) cells as model for in vitro study of neurons functional properties and features, have been developed. Most of these protocols are short lasting, which, therefore, does not allow a careful analysis of the neurons maturation, aging, and death processes. We describe here a novel and efficient long-lasting protocol for in vitro ES cells differentiation into neuronal cells. It consists of obtaining embryoid bodies, followed by induction of neuronal differentiation with retinoic acid of nonadherent embryoid bodies (three-dimensional model), which further allows their adherence and formation of adherent neurospheres (AN, bi-dimensional model). The AN can be maintained for at least 12 weeks in culture under repetitive mechanical splitting, providing a constant microenvironment (in vitro niche) for the neuronal progenitor cells avoiding mechanical dissociation of AN. The expression of neuron-specific proteins, such as nestin, sox1, beta III-tubulin, microtubule-associated protein 2, neurofilament medium protein, Tau, neuronal nuclei marker, gamma-aminobutyric acid, and 5-hydroxytryptamine, were confirmed in these cells maintained during 3 months under several splitting. Additionally, expression pattern of microtubule-associated proteins, such as lissencephaly (Lis1) and nuclear distribution element-like (Ndel1), which were shown to be essential for differentiation and migration of neurons during embryogenesis, was also studied. As expected, both proteins were expressed in undifferentiated ES cells, AN, and nonrosette neurons, although presenting different spatial distribution in AN. In contrast to previous studies, using cultured neuronal cells derived from embryonic and adult tissues, only Ndel1 expression was observed in the centrosome region of early neuroblasts from AN. Mature neurons, obtained from ES cells in this work, display ionic channels and oscillations of membrane electrical potential typical of electrically excitable cells, which is a characteristic feature of the functional central nervous system (CNS) neurons. Taken together, our study demonstrated that AN are a long-term culture of neuronal cells that can be used to analyze the process of neuronal differentiation dynamics. Thus, the protocol described here provides a new experimental model for studying neurological diseases associated with neuronal differentiation during early development, as well as it represents a novel source of functional cells that can be used as tools for testing the effects of toxins and/or drugs on neuronal cells.

Essays on growth and environment

This thesis consists of a summary and four self-contained papers. Paper [I] Following the 1987 report by The World Commission on Environment and Development, the genuine saving has come to play a key role in the context of sustainable development, and the World Bank regularly publishes numbers for genuine saving on a national basis. However, these numbers are typically calculated as if the tax system is non-distortionary. This paper presents an analogue to genuine saving in a second best economy, where the government raises revenue by means of distortionary taxation. We show how the social cost of public debt, which depends on the marginal excess burden, ought to be reflected in the genuine saving. We also illustrate by presenting calculations for Greece, Japan, Portugal, U.K., U.S. and OECD average, showing that the numbers published by the World Bank are likely to be biased and may even give incorrect information as to whether the economy is locally sustainable. Paper [II] This paper examines the relationships among per capita CO2 emissions, per capita GDP and international trade based on panel data spanning the period 1960-2008 for 150 countries. A distinction is also made between OECD and Non-OECD countries to capture the differences of this relationship between developed and developing economies. We apply panel unit root and cointegration tests, and estimate a panel error correction model. The results from the error correction model suggest that there are long-term relationships between the variables for the whole sample and for Non-OECD countries. Finally, Granger causality tests show that there is bi-directional short-term causality between per capita GDP and international trade for the whole sample and between per capita GDP and CO2 emissions for OECD countries. Paper [III] Fundamental questions in economics are why some regions are richer than others, why their growth rates differ, whether their growth rates tend to converge, and what key factors contribute to explain economic growth. This paper deals with the average income growth, net migration, and changes in unemployment rates at the municipal level in Sweden. The aim is to explore in depth the effects of possible underlying determinants with a particular focus on local policy variables. The analysis is based on a three-equation model. Our results show, among other things, that increases in the local public expenditure and income taxe rate have negative effects on subsequent income income growth. In addition, the results show conditional convergence, i.e. that the average income among the municipal residents tends to grow more rapidly in relatively poor local jurisdictions than in initially “richer” jurisdictions, conditional on the other explanatory variables. Paper [IV] This paper explores the relationship between income growth and income inequality using data at the municipal level in Sweden for the period 1992-2007. We estimate a fixed effects panel data growth model, where the within-municipality income inequality is one of the explanatory variables. Different inequality measures (Gini coefficient, top income shares, and measures of inequality in the lower and upper part of the income distribution) are examined. We find a positive and significant relationship between income growth and income inequality measured as the Gini coefficient and top income shares, respectively. In addition, while inequality in the upper part of the income distribution is positively associated with the income growth rate, inequality in the lower part of the income distribution seems to be negatively related to the income growth. Our findings also suggest that increased income inequality enhances growth more in municipalities with a high level of average income than in municipalities with a low level of average income.

Introdução ao forjamento isotérmico

Pretende este trabalho dar início ao estudo do processo de forjamento isotérmico de uma peça de uma liga de alumínio (Al Mg Sil) através de alguns parâmetros como curva de escoamento, influência de lubrificantes e modelos de cálculo de força. Para a análise da curva de escoamento da liga Al Mg Sil foram realizados testes alterando-se tanto a temperatura de ensaio como a velocidade de prensagem. Os resultados obtidos foram comparados com os resultados de duas referências bibliográficas. Em relação ao forjamento apresenta-se a ferramenta utilizada nos testes e descreve-se sobre as influências de alguns lubrificantes testados. Finalizando, mostra-se os resultados obtidos experimentalmente e os resultados obtidos através da aplicação de três modelos teóricos extraídos da literatura. Conclusões e sugestões para futuros trabalhos são também apresentados.

Detectando não-linearidades nos retornos dos fundos multimercados

Estudos recentes apontam que diversas estratégias implementadas em hedge funds geram retornos com características não lineares. Seguindo as sugestões encontradas no paper de Agarwal e Naik (2004), este trabalho mostra que uma série de hedge funds dentro da indústria de fundos de investimentos no Brasil apresenta retornos que se assemelham ao de uma estratégia em opções de compra e venda no índice de mercado Bovespa. Partindo de um modelo de fatores, introduzimos um índice referenciado no retorno sobre opções de modo que tal fator possa explicar melhor que os tradicionais fatores de risco a característica não linear dos retornos dos fundos de investimento.

Transformação estrutural na América Latina

I investigate the role of sectoral di¤erences in labor productivity and the process of structural transformation (reallocation of labor across sectors) in accounting for the time path of aggregate productivity across six Latin American countries (Brazil, Chile, Argentina, Colombia, Mexico and Venezuela) during the period from 1950 to 2003. Although they have started the process of structural transformation in di¤erent times, all of them went through a common process. I consider a simple three-sector-model of structural transformation and calibrate it to the experience of the six latin american economies. I use the model to measure sectoral labor productivity di¤erences between these countries and the United States. I have found that the services sector can explain the recent decrease of labor productivity in Brazil, Argentina and Mexico, after these countries had gone through a catch up in relative productivity (considering the United States as a benchmark) during the period from 1950 to 1980. Among Latin American economies, only the Chilean one has been catching up in relative productivity from 1980 to the present. There are some cases like Colombia, Mexico and Venezuela that the ine¢ ciency of all sectors was responsible for the failure in reducing the gap of productivity in relation to the United States during the last years of the sample.

A sucessão na empresa familiar: um estudo de caso na empresa Centro Elétrico na cidade de São Luís Estado do Maranhão

This paper deals with the familiar enterprise succession leaving as a goal to identify, describe and analyze the factors which facilitate and make difficult the process of succession of the familiar enterprise. To this it contextualizes the familiar enterprise in the labor market through its contexts, process and characters. Afterward it treats of the familiar enterprise as an system in its complexity of this segment of the enterprise. It considered the need on studying its origin, evolution and characteristics. Also the ethics and familiar administration. It also, considered the cycle of life, the three-dimensional model of development having as a base the propriety, family and enterprise axes as well as the familiar profissionalization, the main focus reposes in the succession process having as a base its planning the field search reveals it self descriptive, that¿s to say a case study through interview with the proprietors, successors, aggregates and succeeded ones. Finally the management indicators which aim, to contribute to the familiar succession.

Estudo sobre o efeito de variáveis macro econômico e do spread de credit default swap no risco de evento de crédito soberano

Este trabalho explora a realização de default soberano em função da estrutura de spreads de CDS (Credit Default Swap). Pode-se dizer que os spreads revelam a probabilidade de default de um país. Aplicamos a metodologia proposta neste trabalho para Argentina, Coreia, Equador, Indonésia, México, Peru, Turquia, Ucrânia, Venezuela e Rússia. Nós mostramos que um modelo de um único fator seguindo um processo lognormal captura a probabilidade de default. Também mostramos que as variáveis macro econômicas inflação, desemprego e crescimento não explicam a variável dependente do estudo (probabilidade de default). Cada país reage de maneira diferente a crise econômica que a leva a não honrar seus compromissos com as dívidas contraídas.