The Labour year book

"Issued under the auspices of the Parlimentary Committee of the Trades Union Congress, the Executive Committee of the Labour Party, the Fabian Research department"

Directory of agricultural and home economics leaders, United States and Canada...official directory the agricultural extension services executives and personnel, including county agricultural agents and home economics teachers.

Volumes for 1922- also called 4th ed.-

World prices and the building industry; index numbers of prices of 40 basic commodities for 14 countries in currency and in gold, and material on the building industry,

Mode of access: Internet.

The best books: a reader's guide and literary reference book, being a contribution towards systematic bibliography,

Parts 1, 2, 4 and 5 issued with cover-titles only. Title-pages, with original date, were issued for all volumes with part 6.

Report of proceedings of the convention.

Nov. 1908-1955 conventions held annually, except none held in 1945.

Industry wage survey.

No more published.

1992 census of construction industries.

Mode of access: Internet.

A note on execution costs for stock index futures: Information versus liquidity effects

This paper examines execution costs and the impact of trade size for stock index futures using price-volume transaction data from the London International Financial Futures and Options Exchange. Consistent with Subrahmanyam [Rev. Financ. Stud. 4 (1991) 11] we find that effective half spreads in the stock index futures market are small compared to stock markets, and that trades in stock index futures have only a small permanent price impact. This result is important as it helps to better understand the success of equity index products such as index futures and Exchange Traded Funds. We also find that there is no asymmetry in the post-trade price reaction between purchases and sales for stock index futures across various trade sizes. This result is consistent with the conjecture in Chan and Lakonishok [J. Financ. Econ. 33 (1993) 173] that the asymmetry surrounding block trades in stock markets is due to the high cost of short selling and the general reluctance of traders to short sell on stock markets. (C) 2004 Elsevier B.V. All rights reserved.

A new class of critical sets in Latin squares

Previously the process of finding critical sets in Latin squares has been inside cumbersome by the complexity and number of Latin trades that, must be constructed. In this paper we develop a theory of Latin trades that yields more transparent constructions. We use these Latin trades to find a new class of critical sets for Latin squares which are a product of the Latin square of order 2 with a. back circulant Latin square of odd order.

ADSL transceivers applying DSM and their nonstationary noise robustness

Dynamic spectrum management (DSM) comprises a new set of techniques for multiuser power allocation and/or detection in digital subscriber line (DSL) networks. At the Alcatel Research and Innovation Labs, we have recently developed a DSM test bed, which allows the performance of DSM algorithms to be evaluated in practice. With this test bed, we have evaluated the performance of a DSM level-1 algorithm known as iterative water-filling in an ADSL scenario. This paper describes the results of, on the one hand, the performance gains achieved with iterative water-filling, and, on the other hand, the nonstationary noise robustness of DSM-enabled ADSL modems. It will be shown that DSM trades off nonstationary noise robustness for performance improvements. A new bit swap procedure is then introduced to increase the noise robustness when applying DSM.

The trading mechanism, cross listed stocks:A comparison of the Paris Bourse and SEAQ-International

This paper studies the behaviour of returns for a sample of cross-listed stocks, listed on both the Paris Bourse and SEAQ-International in London. The aim of the paper is to discover which market adjusts to fundamental news more quickly, the home market of Paris or SEAQ-International. We find that prices in London adjust to changes in their fundamental value more slowly than Paris prices, despite the ability to quickly arbitrage between the two markets. We suggest that this finding may reflect the type of trading, which takes place in the two markets and differences associated with the reporting of large trades. We also estimate the amount of noise present in the two markets and show that the Paris market is more noisy than London. © 2003 Published by Elsevier B.V.

Partnership and organizing:an empirical assessment of two contrasting approaches to union revitalization in the UK

The Trades Union Congress (TUC) in Britain has been advocating two contrasting approaches to union revitalization namely: ‘labour—management partnership’ and ‘union organizing’. Using a case study of a public services union this article examines empirically the prospects of union revival offered by these two contrasting approaches. Public services with relatively high union density should offer better prospects for union revival through partnership. However, the authors’ findings indicate that even in public services, partnership was not associated with management’s support for union recruitment, better facility time provisions for union representatives, lower worker grievances or union membership gains. Rank-and-file organizing, on the other hand, was associated with lower worker grievances, greater worker satisfaction with the union, higher worker involvement in union activities and union membership gains. Overall, the findings question the ‘mutual gains’ assertions of partnership advocates and lend support to the critics of partnership who propose an alternative organizing approach to union revitalization.

A versenyképesség aktuális kérdései a pénzügyekben - Összefoglaló a pénzügyi kutatócsoport munkájáról = Current issues of competitiveness - Summary on the work of the Finance research team

A pénzügy kutatócsoport a TÁMOP-4.2.1.B-09/1/KMR-2010-0005 azonosítójú projektjében igen szerteágazó elemzési munkát végzett. Rámutattunk, hogy a különböző szintű gazdasági szereplők megnövekedett tőkeáttétele egyértelműen a rendszerkockázat növekedéséhez vezet, hiszen nő az egyes szereplők csődjének valószínűsége. Ha a tőkeáttételt eltérő mértékben és ütemben korlátozzák az egyes szektorokban, országokban akkor a korlátozást később bevezető szereplők egyértelműen versenyelőnyhöz jutnak. Az egyes pénzügyi intézmények tőkeallokációját vizsgálva kimutattuk, hogy a különféle divíziók közt mindig lehetséges a működés fedezetésül szolgáló tőkét (kockázatot) úgy felosztani, hogy a megállapodás felmondás egyik érintettnek se álljon érdekében. Ezt azonban nem lehet minden szempontból igazságosan megtenni, így egyes üzletágak versenyhátrányba kerülhetnek, ha a konkurens piaci szereplők az adott tevékenységet kevésbé igazságtalanul terhelték meg. Kimutattunk, hogy az egyes nyugdíjpénztárak befektetési tevékenységének eredményességére nagy hatással van a magánnyugdíjpénztárak tevékenységének szabályozása. Ezek a jogszabályok a társadalom hosszú távú versenyképességére vannak hatással. Rámutattunk arra is, hogy a gazdasági válság előtt a hazai bankok sem voltak képesek ügyfeleik kockázatviselő képességét helyesen megítélni, ráadásul jutalékrendszerük nem is tette ebben érdekelté azokat. Számos vizsgálatunk foglalkozott a magyar vállalatok versenyképességének alakulásával is. Megvizsgáltuk a különféle adónemek, árfolyamkockázatok és finanszírozási politikák versenyképességet befolyásoló hatását. Külön kutatás vizsgálta a kamatlábak ingadozásának és az hitelekhez kapcsolódó eszközfedezet meglétének vállalati értékre gyakorolt hatásait. Rámutattunk a nemfizetés növekvő kockázatára, és áttekintettük a lehetséges és a ténylegesen alkalmazott kezelési stratégiákat is. Megvizsgáltuk azt is, hogy a tőzsdei cégek tulajdonosai miként használják ki az osztalékfizetéshez kapcsolódó adóoptimalizálási lehetőségeket. Gyakorlati piaci tapasztalataik alapján az adóelkerülő kereskedést a befektetők a részvények egy jelentős részénél végrehajtják. Külön kutatás foglakozott a szellemi tőke hazai vállalatoknál játszott szerepéről. Ez alapján a cégek a problémát 2009-ben lényegesen magasabb szakértelemmel kezelték, mint öt esztendővel korábban. Rámutattunk arra is, hogy a tulajdonosi háttér lényeges hatást gyakorolhat arra, ahogyan a cégek célrendszerüket felépítik, illetve ahogy az intellektuális javakra tekintenek. _____ The Finance research team has covered a wide range of research fields while taking part at project TÁMOP-4.2.1.B-09/1/KMR-2010-0005. It has been shown that the increasing financial gearing at the different economic actors clearly leads to growth in systematic risk as the probability of bankruptcy climbs upwards. Once the leverage is limited at different levels and at different points in time for the different sectors, countries introducing the limitations later gain clearly a competitive advantage. When investigating the leverage at financial institutions we found that the capital requirement of the operation can always be divided among divisions so that none of them would be better of with cancelling the cooperation. But this cannot be always done fairly from all point of view meaning some of the divisions may face a competitive disadvantage if competitors charge their similar division less unfairly. Research has also shown that the regulation of private pension funds has vital effect on the profitability of the investment activity of the funds. These laws and regulations do not only affect the funds themselves but also the competitiveness of the whole society. We have also fund that Hungarian banks were unable to estimate correctly the risk taking ability of their clients before the economic crisis. On the top of that the bank were not even interested in that due to their commission based income model. We also carried out several research on the competitiveness of the Hungarian firms. The effect of taxes, currency rate risks, and financing policies on competitiveness has been analysed in detail. A separate research project was dedicated to the effect of the interest rate volatility and asset collaterals linked to debts on the value of the firm. The increasing risk of non-payment has been underlined and we also reviewed the adequate management strategies potentially available and used in real life. We also investigated how the shareholders of listed companies use the tax optimising possibilities linked to dividend payments. Based on our findings on the Hungarian markets the owners perform the tax evading trades in case of the most shares. A separate research has been carried out on the role played by intellectual capital. After that the Hungarian companies dealt with the problem in 2009 with far higher proficiency than five years earlier. We also pointed out that the ownership structure has a considerable influence on how firms structure their aims and view their intangible assets.

Law Enforcement Actions in Urban Spaces Governed by Violent Non-State Entities: Lessons from Latin America

In response to a crime epidemic afflicting Latin America since the early 1990s, several countries in the region have resorted to using heavy-force police or military units to physically retake territories de facto controlled by non-State criminal or insurgent groups. After a period of territory control, the heavy forces hand law enforcement functions in the retaken territories to regular police officers, with the hope that the territories and their populations will remain under the control of the state. To a varying degree, intensity, and consistency, Brazil, Colombia, Mexico, and Jamaica have adopted such policies since the mid-1990s. During such operations, governments need to pursue two interrelated objectives: to better establish the state’s physical presence and to realign the allegiance of the population in those areas toward the state and away from the non-State criminal entities. From the perspective of law enforcement, such operations entail several critical decisions and junctions, such as: Whether or not to announce the force insertion in advance. The decision trades off the element of surprise and the ability to capture key leaders of the criminal organizations against the ability to minimize civilian casualties and force levels. The latter, however, may allow criminals to go to ground and escape capture. Governments thus must decide whether they merely seek to displace criminal groups to other areas or maximize their decapitation capacity. Intelligence flows rarely come from the population. Often, rival criminal groups are the best source of intelligence. However, cooperation between the State and such groups that goes beyond using vetted intelligence provided by the groups, such as a State tolerance for militias, compromises the rule-of-law integrity of the State and ultimately can eviscerate even public safety gains. Sustaining security after initial clearing operations is at times even more challenging than conducting the initial operations. Although unlike the heavy forces, traditional police forces, especially if designed as community police, have the capacity to develop trust of the community and ultimately focus on crime prevention, developing such trust often takes a long time. To develop the community’s trust, regular police forces need to conduct frequent on-foot patrols with intensive nonthreatening interactions with the population and minimize the use of force. Moreover, sufficiently robust patrol units need to be placed in designated beats for substantial amount of time, often at least over a year. Establishing oversight mechanisms, including joint police-citizens’ boards, further facilities building trust in the police among the community. After disruption of the established criminal order, street crime often significantly rises and both the heavy-force and community-police units often struggle to contain it. The increase in street crime alienates the population of the retaken territory from the State. Thus developing a capacity to address street crime is critical. Moreover, the community police units tend to be vulnerable (especially initially) to efforts by displaced criminals to reoccupy the cleared territories. Losing a cleared territory back to criminal groups is extremely costly in terms of losing any established trust and being able to recover it. Rather than operating on a priori determined handover schedule, a careful assessment of the relative strength of regular police and criminal groups post-clearing operations is likely to be a better guide for timing the handover from heavy forces to regular police units. Cleared territories often experience not only a peace dividend, but also a peace deficit – in the rise new serious crime (in addition to street crime). Newly – valuable land and other previously-inaccessible resources can lead to land speculation and forced displacement; various other forms of new crime can also significantly rise. Community police forces often struggle to cope with such crime, especially as it is frequently linked to legal business. Such new crime often receives little to no attention in the design of the operations to retake territories from criminal groups. But without developing an effective response to such new crime, the public safety gains of the clearing operations can be altogether lost.

(Supporting Information) 14Cage plateau tuning of local Atlantic sediment cores

Modeling studies predict that changes in radiocarbon (14C) reservoir ages of surface waters during the last deglacial episode will reflect changes in both atmospheric 14C concentration and ocean circulation including the Atlantic Meridional Overturning Circulation. Tests of these models require the availability of accurate 14C reservoir ages in well-dated late Quaternary time series. We here test two models using plateau-tuned 14C time series in multiple well-placed sediment core age-depth sequences throughout the lower latitudes of the Atlantic Ocean. 14C age plateau tuning in glacial and deglacial sequences provides accurate calendar year ages that differ by as much as 500-2500 years from those based on assumed global reservoir ages around 400 years. This study demonstrates increases in local Atlantic surface reservoir ages of up to 1000 years during the Last Glacial Maximum, ages that reflect stronger trades off Benguela and summer winds off southern Brazil. By contrast, surface water reservoir ages remained close to zero in the Cariaco Basin in the southern Caribbean due to lagoon-style isolation and persistently strong atmospheric CO2 exchange. Later, during the early deglacial (16 ka) reservoir ages decreased to a minimum of 170-420 14C years throughout the South Atlantic, likely in response to the rapid rise in atmospheric pCO2 and Antarctic temperatures occurring then. Changes in magnitude and geographic distribution of 14C reservoir ages of peak glacial and deglacial surface waters deviate from the results of Franke et al. (2008) but are generally consistent with those of the more advanced ocean circulation model of Butzin et al. (2012).