The financial system reform in China: the lesson learnt from the global financial crisis

This paper reviews the impact of the global financial crisis on financial system reform in China. Scholars and practitioners have critically questioned the efficiencies of the Anglo- American principal-agent model of corporate governance which promotes shareholder-value maximisation. Should China continue to follow the U.K.-U.S. path in relation to financial reform? This conceptual paper provides an insightful review of the corporate governance literature, regulatory reports and news articles from the financial press. After examining the fundamental limitations of the laissez-faire philosophy that underpins the neo-liberal model of capitalism, the paper considers the risks in opening up China’s financial markets and relaxing monetary and fiscal policies. The paper outlines a critique of shareholder-capitalism in relation to the German team-production model of corporate governance, promoting a “social market economy” styled capitalism. Through such analysis, the paper explores numerous implications for China to consider in terms of developing a new and sustainable corporate governance model. China needs to follow its own financial reform through understanding its particular economy. The global financial crisis might help China rethink the nature of corporate governance, identify its weakness and assess the current reform agenda.

A novel satellite mission concept for upper air water vapour, aerosol and cloud observations using integrated path differential absorption LiDAR limb sounding

We propose a new satellite mission to deliver high quality measurements of upper air water vapour. The concept centres around a LiDAR in limb sounding by occultation geometry, designed to operate as a very long path system for differential absorption measurements. We present a preliminary performance analysis with a system sized to send 75 mJ pulses at 25 Hz at four wavelengths close to 935 nm, to up to 5 microsatellites in a counter-rotating orbit, carrying retroreflectors characterized by a reflected beam divergence of roughly twice the emitted laser beam divergence of 15 µrad. This provides water vapour profiles with a vertical sampling of 110 m; preliminary calculations suggest that the system could detect concentrations of less than 5 ppm. A secondary payload of a fairly conventional medium resolution multispectral radiometer allows wide-swath cloud and aerosol imaging. The total weight and power of the system are estimated at 3 tons and 2,700 W respectively. This novel concept presents significant challenges, including the performance of the lasers in space, the tracking between the main spacecraft and the retroreflectors, the refractive effects of turbulence, and the design of the telescopes to achieve a high signal-to-noise ratio for the high precision measurements. The mission concept was conceived at the Alpbach Summer School 2010.

Look up, look around: is there anything different about team-level OCB in China?

Ethical leadership has been widely identified as the key variable in enhancing team-level organizational citizenship behavior (team-level OCB) in western economic and business contexts. This is challenged by empirical evidence in China and findings of this study. Our study examined the relationship between ethical leadership, organizational ethical context (ethical culture and corporate ethical values) and team-level OCB. Team-level data has been collected from 57 functional teams in 57 firms operating in China. The findings suggest that although ethical leadership is positively associated with team-level OCB, ethical context positively moderates the relationship between ethical leadership and team-level OCB. The higher ethical context is found to be, the greater is the (positive) effects of ethical leadership on team-level OCB and the opposite holds true when ethical context is low. Key implications are discussed on the role of contextual ethics for team level OCB, while managerial implications include how non-Chinese firms could improve team-level OCB in the Chinese business context.

Comparative study of the performance of the M-cycle counter-flow and cross-flow heat exchangers for indirect evaporative cooling - paving the path towards sustainable cooling of buildings

This paper provides a comparative study of the performance of cross-flow and counter-flow M-cycle heat exchangers for dew point cooling. It is recognised that evaporative cooling systems offer a low energy alternative to conventional air conditioning units. Recently emerged dew point cooling, as the renovated evaporative cooling configuration, is claimed to have much higher cooling output over the conventional evaporative modes owing to use of the M-cycle heat exchangers. Cross-flow and counter-flow heat exchangers, as the available structures for M-cycle dew point cooling processing, were theoretically and experimentally investigated to identify the difference in cooling effectiveness of both under the parallel structural/operational conditions, optimise the geometrical sizes of the exchangers and suggest their favourite operational conditions. Through development of a dedicated computer model and case-by-case experimental testing and validation, a parametric study of the cooling performance of the counter-flow and cross-flow heat exchangers was carried out. The results showed the counter-flow exchanger offered greater (around 20% higher) cooling capacity, as well as greater (15%–23% higher) dew-point and wet-bulb effectiveness when equal in physical size and under the same operating conditions. The cross-flow system, however, had a greater (10% higher) Energy Efficiency (COP). As the increased cooling effectiveness will lead to reduced air volume flow rate, smaller system size and lower cost, whilst the size and cost are the inherent barriers for use of dew point cooling as the alternation of the conventional cooling systems, the counter-flow system is considered to offer practical advantages over the cross-flow system that would aid the uptake of this low energy cooling alternative. In line with increased global demand for energy in cooling of building, largely by economic booming of emerging developing nations and recognised global warming, the research results will be of significant importance in terms of promoting deployment of the low energy dew point cooling system, helping reduction of energy use in cooling of buildings and cut of the associated carbon emission.

Cloud droplet size and liquid water path retrievals from zenith radiance measurements: examples from the Atmospheric Radiation Measurement Program and the Aerosol Robotic Network

The ground-based Atmospheric Radiation Measurement Program (ARM) and NASA Aerosol Robotic Net- work (AERONET) routinely monitor clouds using zenith ra- diances at visible and near-infrared wavelengths. Using the transmittance calculated from such measurements, we have developed a new retrieval method for cloud effective droplet size and conducted extensive tests for non-precipitating liquid water clouds. The underlying principle is to combine a liquid-water-absorbing wavelength (i.e., 1640 nm) with a non-water-absorbing wavelength for acquiring information on cloud droplet size and optical depth. For simulated stratocumulus clouds with liquid water path less than 300 g m−2 and horizontal resolution of 201 m, the retrieval method underestimates the mean effective radius by 0.8μm, with a root-mean-squared error of 1.7 μm and a relative deviation of 13%. For actual observations with a liquid water path less than 450 g m−2 at the ARM Oklahoma site during 2007– 2008, our 1.5-min-averaged retrievals are generally larger by around 1 μm than those from combined ground-based cloud radar and microwave radiometer at a 5-min temporal resolution. We also compared our retrievals to those from combined shortwave flux and microwave observations for relatively homogeneous clouds, showing that the bias between these two retrieval sets is negligible, but the error of 2.6 μm and the relative deviation of 22 % are larger than those found in our simulation case. Finally, the transmittance-based cloud effective droplet radii agree to better than 11 % with satellite observations and have a negative bias of 1 μm. Overall, the retrieval method provides reasonable cloud effective radius estimates, which can enhance the cloud products of both ARM and AERONET.

Economic transformation in Ghana: where will the path lead?

In the context of the Ghanaian government’s objective of structural transformation with an emphasis on manufacturing, this paper provides a case study of economic transformation in Ghana, exploring patterns of growth, sectoral transformation, and agglomeration. We document and examine why, despite impressive growth and poverty reduction figures, Ghana’s economy has exhibited less transformation than might be expected for a country that has recently achieved middle-income status. Ghana’s reduced share of agriculture in the economy, unlike many successfully transformed countries in Asia and Latin America, has been filled by services, while manufacturing has stagnated and even declined. Likely causes include weak transformation of the agricultural sector and therefore little development of agroprocessing, the emergence of consumption cities and consumption-driven growth, upward pressure on the exchange rate, weak production linkages, and a poor environment for private-sector-led manufacturing.

Safe construction through design: perspectives from the site team

How does the work of designers impact on the safety of operatives at the construction site? Safety research and policy emphasize the importance of designing for safe construction, yet the interface between design and construction is poorly understood: accidents have multiple causes making it hard to establish causal links between design choices and safety outcomes. An in-depth case study of a major station project examines how professionals on the construction site perceive and manage the safety challenges of a building design. Analyses reveal understandings that, on the project studied, design has an impact on safety because of: (1) the timing of design work, where the volume of late design changes increased the difficulty of planning safe procedures, e.g. for working at height, lifting heavy items, refurbishing and demolishing old buildings; and (2) inputs from design stakeholders with insufficient practical knowledge of construction and operation required unplanned work-arounds, e.g. to coordinate different sub-systems, provide maintenance access, and manage loads during construction. These findings suggest that safety suffers where projects are under-designed, and that alongside regulation, there is a need for robust management attention to the contractual structures, incentives, processes and tools that enable clients and designers to understand material practices of construction and operation.

The role of team leadership in Portuguese child protection teams

The majority of team leadership studies have ignored the specific context in which that leadership takes place and the cyclical correlation of inputs and processes on ongoing performance. It is our contention that leadership is a mediator of team processes and team effectiveness on ongoing functioning of multidisciplinary teams (MDT). The members of 126 multidisciplinary teams responded to a survey on several aspects related to the functioning and leadership of their teams. The results support the hypothesis that leadership does mediate the relationship between reflexivity and effectiveness (i.e. team management performance, boundary spanning and satisfaction) within the team. Theoretically, these findings challenge those of linear models that typically analyse the impact of leadership as something that happens in isolation. Future research should describe and consider not just the team type and tasks but also investigate the roles that context and time play in team leadership.

Team leadership across contexts: a qualitative study

Purpose – The purpose of this paper is to compare leadership functions from different team contexts considering context characteristics that contribute to team effectiveness. Design/methodology/approach – A qualitative study was conducted. Seven leaders of multidisciplinary child protection teams (MDTs) and nine managers of an information technology (IT) company took part in semi-structured interviews. The data were analyzed using content analysis with ATLAS.ti. Findings – Results showed that the two types of teams used different performance criteria, with teams from non-profit contexts lacking defined performance criteria. The results also showed that transition leadership functions are more frequently mentioned by IT than by MDT leaders. Moreover, interpersonal leadership functions emerged as independent functions that may occur in both the transition and action phases. Research limitations/implications – Context is paramount for performance criteria definition and for the relevance of certain team leadership functions over others. It also presents some suggestions for improvement to the model of Morgeson et al. (2010a). Practical implications – The results support the idea that there are differences in the leadership functions that are most valued by leaders, depending on the specific team’s context. Results also showed that some non-profit and less task-structured teams lack the specific performance criteria that could help them make more successful interventions. Originality/value – This paper reviews context literature, it shows that the emphasis on team leadership functions can vary across contexts and to the knowledge it is the first that compares the model of Morgeson et al. (2010a) in different contexts.

Regionalization strategy and performance: the moderating role of industry dynamism and top management team diversity

Purpose– This paper contributes to the debate about the performance implications of adopting a regional as opposed to a global strategic posture. The aim of this paper is to argue that the performance effects of a regionalization strategy vary based on the characteristics of the industry in which the MNE operates and the composition of its top management team (TMT). Design/methodology/approach– This analysis is based on a cross‐sectional dataset of 211 large European MNEs headquartered in four Western European economies at the end of 2005. Findings– Results show that firms adopting a regional orientation outperform MNEs with global strategic positioning. This positive relationship is less pronounced under conditions of industry dynamism and inter‐regional TMT diversity. Originality/value– The study contributes to our understanding of whether and under what conditions MNEs benefit from adopting a regional as opposed to a global strategic posture.

Simplified estimation of ray-path mirroring height for HF radiowaves reflected from the ionospheric F-region

From Milsom's equations, which describe the geometry of ray-path hops reflected from the ionospheric F-layer, algorithms for the simplified estimation of mirror-reflection height are developed. These allow for hop length and the effects of variations in underlying ionisation (via the ratio of the F2- and E-layer critical frequencies) and F2-layer peak height (via the M(3000)F2-factor). Separate algorithms are presented which are applicable to a range of signal frequencies about the FOT and to propagation at the MUF. The accuracies and complexities of the algorithms are compared with those inherent in the use of a procedure based on an equation developed by Shimazaki.

SPARE-ICE: synergistic Ice Water Path from passive operational sensors

This article presents SPARE-ICE, the Synergistic Passive Atmospheric Retrieval Experiment-ICE. SPARE-ICE is the first Ice Water Path (IWP) product combining infrared and microwave radiances. By using only passive operational sensors, the SPARE-ICE retrieval can be used to process data from at least the NOAA 15 to 19 and MetOp satellites, obtaining time series from 1998 onward. The retrieval is developed using collocations between passive operational sensors (solar, terrestrial infrared, microwave), the CloudSat radar, and the CALIPSO lidar. The collocations form a retrieval database matching measurements from passive sensors against the existing active combined radar-lidar product 2C-ICE. With this retrieval database, we train a pair of artificial neural networks to detect clouds and retrieve IWP. When considering solar, terrestrial infrared, and microwave-based measurements, we show that any combination of two techniques performs better than either single-technique retrieval. We choose not to include solar reflectances in SPARE-ICE, because the improvement is small, and so that SPARE-ICE can be retrieved both daytime and nighttime. The median fractional error between SPARE-ICE and 2C-ICE is around a factor 2, a figure similar to the random error between 2C-ICE ice water content (IWC) and in situ measurements. A comparison of SPARE-ICE with Moderate Resolution Imaging Spectroradiometer (MODIS), Pathfinder Atmospheric Extended (PATMOS-X), and Microwave Surface and Precipitation Products System (MSPPS) indicates that SPARE-ICE appears to perform well even in difficult conditions. SPARE-ICE is available for public use.

Systematic and random errors between collocated satellite ice water path observations

There remains large disagreement between ice-water path (IWP) in observational data sets, largely because the sensors observe different parts of the ice particle size distribution. A detailed comparison of retrieved IWP from satellite observations in the Tropics (!30 " latitude) in 2007 was made using collocated measurements. The radio detection and ranging(radar)/light detection and ranging (lidar) (DARDAR) IWP data set, based on combined radar/lidar measurements, is used as a reference because it provides arguably the best estimate of the total column IWP. For each data set, usable IWP dynamic ranges are inferred from this comparison. IWP retrievals based on solar reflectance measurements, in the moderate resolution imaging spectroradiometer (MODIS), advanced very high resolution radiometer–based Climate Monitoring Satellite Applications Facility (CMSAF), and Pathfinder Atmospheres-Extended (PATMOS-x) datasets, were found to be correlated with DARDAR over a large IWP range (~20–7000 g m -2 ). The random errors of the collocated data sets have a close to lognormal distribution, and the combined random error of MODIS and DARDAR is less than a factor of 2, which also sets the upper limit for MODIS alone. In the same way, the upper limit for the random error of all considered data sets is determined. Data sets based on passive microwave measurements, microwave surface and precipitation products system (MSPPS), microwave integrated retrieval system (MiRS), and collocated microwave only (CMO), are largely correlated with DARDAR for IWP values larger than approximately 700 g m -2 . The combined uncertainty between these data sets and DARDAR in this range is slightly less MODIS-DARDAR, but the systematic bias is nearly an order of magnitude.

Optimized hash for network path encoding with minimized false positives

The Bloom filter is a space efficient randomized data structure for representing a set and supporting membership queries. Bloom filters intrinsically allow false positives. However, the space savings they offer outweigh the disadvantage if the false positive rates are kept sufficiently low. Inspired by the recent application of the Bloom filter in a novel multicast forwarding fabric, this paper proposes a variant of the Bloom filter, the optihash. The optihash introduces an optimization for the false positive rate at the stage of Bloom filter formation using the same amount of space at the cost of slightly more processing than the classic Bloom filter. Often Bloom filters are used in situations where a fixed amount of space is a primary constraint. We present the optihash as a good alternative to Bloom filters since the amount of space is the same and the improvements in false positives can justify the additional processing. Specifically, we show via simulations and numerical analysis that using the optihash the false positives occurrences can be reduced and controlled at a cost of small additional processing. The simulations are carried out for in-packet forwarding. In this framework, the Bloom filter is used as a compact link/route identifier and it is placed in the packet header to encode the route. At each node, the Bloom filter is queried for membership in order to make forwarding decisions. A false positive in the forwarding decision is translated into packets forwarded along an unintended outgoing link. By using the optihash, false positives can be reduced. The optimization processing is carried out in an entity termed the Topology Manger which is part of the control plane of the multicast forwarding fabric. This processing is only carried out on a per-session basis, not for every packet. The aim of this paper is to present the optihash and evaluate its false positive performances via simulations in order to measure the influence of different parameters on the false positive rate. The false positive rate for the optihash is then compared with the false positive probability of the classic Bloom filter.