The effects of information and communication technologies on the banking sector and the payments system

This dissertation studies the effects of Information and Communication Technologies (ICT) on the banking sector and the payments system. It provides insight into how technology-induced changes occur, by exploring both the nature and scope of main technology innovations and evidencing their economic implications for banks and payment systems. Some parts in the dissertation are descriptive. They summarise the main technological developments in the field of finance and link them to economic policies. These parts are complemented with sections of the study that focus on assessing the extent of technology application to banking and payment activities. Finally, it includes also some work which borrows from the economic literature on banking. The need for an interdisciplinary approach arises from the complexity of the topic and the rapid path of change to which it is subject. The first chapter provides an overview of the influence of developments in ICT on the evolution of financial services and international capital flows. We include main indicators and discuss innovation in the financial sector, exchange rates and international capital flows. The chapter concludes with impact analysis and policy options regarding the international financial architecture, some monetary policy issues and the role of international institutions. The second chapter is a technology assessment study that focuses on the relationship between technology and money. The application of technology to payments systems is transforming the way we use money and, in some instances, is blurring the definition of what constitutes money. This chapter surveys the developments in electronic forms of payment and their relationship to the banking system. It also analyses the challenges posed by electronic money for regulators and policy makers, and in particular the opportunities created by two simultaneous processes: the Economic and Monetary Union and the increasing use of electronic payment instruments. The third chapter deals with the implications of developments in ICT on relationship banking. The financial intermediation literature explains relationship banking as a type of financial intermediation characterised by proprietary information and multiple interactions with customers. This form of banking is important for the financing of small and medium-sized enterprises. We discuss the effects of ICT on the banking sector as a whole and then apply these developments to the case of relationship banking. The fourth chapter is an empirical study of the effects of technology on the banking business, using a sample of data from the Spanish banking industry. The design of the study is based on some of the events described in the previous chapters, and also draws from the economic literature on banking. The study shows that developments in information management have differential effects on wholesale and retail banking activities. Finally, the last chapter is a technology assessment study on electronic payments systems in Spain and the European Union. It contains an analysis of existing payment systems and ongoing or planned initiatives in Spain. It forms part of a broader project comprising a series of country-specific analyses covering ten European countries. The main issues raised across the countries serve as the starting point to discuss implications of the development of electronic money for regulation and policies, and in particular, for monetary-policy making.

Conceptual design of wastewater treatment plants using multiple objectives

La implementació de la Directiva Europea 91/271/CEE referent a tractament d'aigües residuals urbanes va promoure la construcció de noves instal·lacions al mateix temps que la introducció de noves tecnologies per tractar nutrients en àrees designades com a sensibles. Tant el disseny d'aquestes noves infraestructures com el redisseny de les ja existents es va portar a terme a partir d'aproximacions basades fonamentalment en objectius econòmics degut a la necessitat d'acabar les obres en un període de temps relativament curt. Aquests estudis estaven basats en coneixement heurístic o correlacions numèriques provinents de models determinístics simplificats. Així doncs, moltes de les estacions depuradores d'aigües residuals (EDARs) resultants van estar caracteritzades per una manca de robustesa i flexibilitat, poca controlabilitat, amb freqüents problemes microbiològics de separació de sòlids en el decantador secundari, elevats costos d'operació i eliminació parcial de nutrients allunyant-les de l'òptim de funcionament. Molts d'aquestes problemes van sorgir degut a un disseny inadequat, de manera que la comunitat científica es va adonar de la importància de les etapes inicials de disseny conceptual. Precisament per aquesta raó, els mètodes tradicionals de disseny han d'evolucionar cap a sistemes d'avaluació mes complexos, que tinguin en compte múltiples objectius, assegurant així un millor funcionament de la planta. Tot i la importància del disseny conceptual tenint en compte múltiples objectius, encara hi ha un buit important en la literatura científica tractant aquest camp d'investigació. L'objectiu que persegueix aquesta tesi és el de desenvolupar un mètode de disseny conceptual d'EDARs considerant múltiples objectius, de manera que serveixi d'eina de suport a la presa de decisions al seleccionar la millor alternativa entre diferents opcions de disseny. Aquest treball de recerca contribueix amb un mètode de disseny modular i evolutiu que combina diferent tècniques com: el procés de decisió jeràrquic, anàlisi multicriteri, optimació preliminar multiobjectiu basada en anàlisi de sensibilitat, tècniques d'extracció de coneixement i mineria de dades, anàlisi multivariant i anàlisi d'incertesa a partir de simulacions de Monte Carlo. Això s'ha aconseguit subdividint el mètode de disseny desenvolupat en aquesta tesis en quatre blocs principals: (1) generació jeràrquica i anàlisi multicriteri d'alternatives, (2) anàlisi de decisions crítiques, (3) anàlisi multivariant i (4) anàlisi d'incertesa. El primer dels blocs combina un procés de decisió jeràrquic amb anàlisi multicriteri. El procés de decisió jeràrquic subdivideix el disseny conceptual en una sèrie de qüestions mes fàcilment analitzables i avaluables mentre que l'anàlisi multicriteri permet la consideració de diferent objectius al mateix temps. D'aquesta manera es redueix el nombre d'alternatives a avaluar i fa que el futur disseny i operació de la planta estigui influenciat per aspectes ambientals, econòmics, tècnics i legals. Finalment aquest bloc inclou una anàlisi de sensibilitat dels pesos que proporciona informació de com varien les diferents alternatives al mateix temps que canvia la importància relativa del objectius de disseny. El segon bloc engloba tècniques d'anàlisi de sensibilitat, optimització preliminar multiobjectiu i extracció de coneixement per donar suport al disseny conceptual d'EDAR, seleccionant la millor alternativa un cop s'han identificat decisions crítiques. Les decisions crítiques són aquelles en les que s'ha de seleccionar entre alternatives que compleixen de forma similar els objectius de disseny però amb diferents implicacions pel que respecte a la futura estructura i operació de la planta. Aquest tipus d'anàlisi proporciona una visió més àmplia de l'espai de disseny i permet identificar direccions desitjables (o indesitjables) cap on el procés de disseny pot derivar. El tercer bloc de la tesi proporciona l'anàlisi multivariant de les matrius multicriteri obtingudes durant l'avaluació de les alternatives de disseny. Específicament, les tècniques utilitzades en aquest treball de recerca engloben: 1) anàlisi de conglomerats, 2) anàlisi de components principals/anàlisi factorial i 3) anàlisi discriminant. Com a resultat és possible un millor accés a les dades per realitzar la selecció de les alternatives, proporcionant més informació per a una avaluació mes efectiva, i finalment incrementant el coneixement del procés d'avaluació de les alternatives de disseny generades. En el quart i últim bloc desenvolupat en aquesta tesi, les diferents alternatives de disseny són avaluades amb incertesa. L'objectiu d'aquest bloc és el d'estudiar el canvi en la presa de decisions quan una alternativa és avaluada incloent o no incertesa en els paràmetres dels models que descriuen el seu comportament. La incertesa en el paràmetres del model s'introdueix a partir de funcions de probabilitat. Desprès es porten a terme simulacions Monte Carlo, on d'aquestes distribucions se n'extrauen números aleatoris que es subsisteixen pels paràmetres del model i permeten estudiar com la incertesa es propaga a través del model. Així és possible analitzar la variació en l'acompliment global dels objectius de disseny per a cada una de les alternatives, quines són les contribucions en aquesta variació que hi tenen els aspectes ambientals, legals, econòmics i tècnics, i finalment el canvi en la selecció d'alternatives quan hi ha una variació de la importància relativa dels objectius de disseny. En comparació amb les aproximacions tradicionals de disseny, el mètode desenvolupat en aquesta tesi adreça problemes de disseny/redisseny tenint en compte múltiples objectius i múltiples criteris. Al mateix temps, el procés de presa de decisions mostra de forma objectiva, transparent i sistemàtica el perquè una alternativa és seleccionada en front de les altres, proporcionant l'opció que més bé acompleix els objectius marcats, mostrant els punts forts i febles, les principals correlacions entre objectius i alternatives, i finalment tenint en compte la possible incertesa inherent en els paràmetres del model que es fan servir durant les anàlisis. Les possibilitats del mètode desenvolupat es demostren en aquesta tesi a partir de diferents casos d'estudi: selecció del tipus d'eliminació biològica de nitrogen (cas d'estudi # 1), optimització d'una estratègia de control (cas d'estudi # 2), redisseny d'una planta per aconseguir eliminació simultània de carboni, nitrogen i fòsfor (cas d'estudi # 3) i finalment anàlisi d'estratègies control a nivell de planta (casos d'estudi # 4 i # 5).

Emotion recognition in multiple sclerosis

The effect of multiple sclerosis (MS) on the ability to identify emotional expressions in faces was investigated, and possible associations with patients’ characteristics were explored. 56 non-demented MS patients and 56 healthy subjects (HS) with similar demographic characteristics performed an emotion recognition task (ERT), the Benton Facial Recognition Test (BFRT), and answered the Hospital Anxiety and Depression Scale (HADS). Additionally, MS patients underwent a neurological examination and a comprehensive neuropsychological evaluation. The ERT consisted of 42 pictures of faces (depicting anger, disgust, fear, happiness, sadness, surprise and neutral expressions) from the NimStim set. An iViewX high-speed eye tracker was used to record eye movements during ERT. The fixation times were calculated for two regions of interest (i.e., eyes and rest of the face). No significant differences were found between MS and HC on ERT’s behavioral and oculomotor measures. Bivariate and multiple regression analyses revealed significant associations between ERT’s behavioral performance and demographic, clinical, psychopathological, and cognitive measures.

Construindo pontes para a inclusão: um projeto de ensino/aprendizagem cooperativa

O presente trabalho constitui um projecto de investigação acção realizado numa escola de primeiro ciclo do distrito de Lisboa, mais especificamente numa truma do 4º ano de escolaridade,desencadeado por dois alunos diagnosticados com dificuldades intelectuais e desenvolvimentais que integravam uma unidade de apoio e specializado a alunos com multideficiência e surdocegueira congénita . Paralelamente foram também mobilizados os docentes do núcleo de educação especial do agrupamento de escolas . A caraterização destes três contextos a turma, a unidade e o núcleo- realizou-se através da utilização dos seguintei instrumentos de recolha de dados: análise documental, observação naturalista, entrevista semi-estruturada e sociometria. A análise dos mesmos permitiu fazer as seguintes constatações : turma bastante heterogénea, diferentes níveis de aprendizagem, alunos de língua portuguesa não materna, de diferentes etnias, e nível socioeconómico, problemas de relacionamento entre eles e alguma resistência em aceitar os colegas considerados com dificuldades intelectuais e desenvolvimentais; passividade e pouca responsabilidade no ato de aprender; dificuldades no cumprimento de regras; participação escassa das famílias no processo de ensino/aprendizagem; um tipo de ensino preferencialmente expositivo ; trabalho essencialmente individualizado , por parte dos alunos; dificuldade em incluir aqueles cujas diferenças individuais são mais significativas - diferenciação pedagógica descontextualizada . Na unidade de apoio especializado verificou –se a necessidade de um trabalho mais cooperado e convergente entre todos os intervenientes . No grupo de docentes de educação especial, constatou-se que as práticas de apoio aos sessenta alunos considerados com necessidades educativas especiais de caráter permanente eram essencialmente centradas no apoio direto ao aluno, fora da sala de aula .Tendo como quadro concetual de referência o paradigma da diversidade,a inclusão, a escola e educação inclusivas, a diferenciação pedagógica inclusiva, a aprendizagem cooperativa, e , tal como já se referiu, uma abordagem assente nas permissas da investigação ação como um processo cíclico de refletir para agir e refletir sobre a acção , desenvolveram –se ações nos referidos contextos da intervenção. Turma–diferenciação pedagógica inclusiva, utilização de metodologias de ensino/aprendizagem cooperativa na área da língua portuguesa Na unidade de apoio especializado –intervenção individualizada com os alunos “caso” para O desenvolvimento das competências estipuladas nos seus currículos específicos individuais, tendo por base um trabalho coordenado e cooperativo entre professores, famílias, assistentes operacionais e técnica de terapia da fala. No núcleo de educação especial – ação de sensibilização sobre a importância do papel de parceria pedagógica com os docentes do ensino regular , para implementação de uma pedagogia diferenciada inclusiva e da aprendizagem cooperativa como estratégias de inclusão . Considerando a complexidade dos contextos de intervenção e a competência profissional tão necessária ao sucesso de todos os alunos e à melhoria da escola , com a realização deste projeto de investigação acção pelo enriquecimento profissional que proporcionou, pôde constatar-se que este tipo de abordagem (o professor como investigador crítico e reflexivo), se apresenta de facto, como uma via importantíssimade formação contínua. Neste caso, o desenvolvimento deste projeto, permitiu encontrar algumas respostas que contribuíram para a melhoria profissional dos implicados e dos contextos em questão, atenuando os problemas identificados e perspetivar outras respostas . No entanto, esta abordagem não foi um processo fácil, pois esta capacidade de fazer juízos críticos sobre o próprio trabalho requer tempo de aprendizagem e principalmente a vontade de querer fazer, sempre, mais e melhor.

A Field Evaluation of the Time-of-Detection Method to Estimate Population Size and Density for Aural Avian Point Counts

The time-of-detection method for aural avian point counts is a new method of estimating abundance, allowing for uncertain probability of detection. The method has been specifically designed to allow for variation in singing rates of birds. It involves dividing the time interval of the point count into several subintervals and recording the detection history of the subintervals when each bird sings. The method can be viewed as generating data equivalent to closed capture–recapture information. The method is different from the distance and multiple-observer methods in that it is not required that all the birds sing during the point count. As this method is new and there is some concern as to how well individual birds can be followed, we carried out a field test of the method using simulated known populations of singing birds, using a laptop computer to send signals to audio stations distributed around a point. The system mimics actual aural avian point counts, but also allows us to know the size and spatial distribution of the populations we are sampling. Fifty 8-min point counts (broken into four 2-min intervals) using eight species of birds were simulated. Singing rate of an individual bird of a species was simulated following a Markovian process (singing bouts followed by periods of silence), which we felt was more realistic than a truly random process. The main emphasis of our paper is to compare results from species singing at (high and low) homogenous rates per interval with those singing at (high and low) heterogeneous rates. Population size was estimated accurately for the species simulated, with a high homogeneous probability of singing. Populations of simulated species with lower but homogeneous singing probabilities were somewhat underestimated. Populations of species simulated with heterogeneous singing probabilities were substantially underestimated. Underestimation was caused by both the very low detection probabilities of all distant individuals and by individuals with low singing rates also having very low detection probabilities.

Single versus multiple occupancy - Effects on toxicity parameters measured on Eisenia fetida in lead nitrate-treated soil

The mortality (7 and 14 d), weight change (7 and 14 d), and metal uptake of Eisenia fetida (Savigny, 1826) kept in Pb(NO3)(2)-treated Kettering loam soil in single- and multiple-occupancy (10 earthworms) test containers were determined. The number of earthworms to dry mass (g) ratio of soil was 1:50 in both sets of test containers. Lead concentrations were in the nominal range of 0 to 10,000 mg Pb/kg soil (mg/kg hereafter). Levels of mortality at a given concentration were statistically identical between the single- and multiple-occupancy tests, except at 1,800 mg/kg, at which significantly (p less than or equal to 0.05) more mortality occurred in the multiple-occupancy tests. Death of individual earthworms in the multiple-occupancy tests did not trigger death of the other earthworms in that soil. The LC50 values (concentration statistically likely to kill 50% of the population) were identical between the multiple- and single-occupancy soils: 2,662 mg/kg (2,598-2,984, 7 d) and 2,589 mg/kg (2,251-3,013, 14 d) for the multiple-occupancy soils and 2,827 mg/kg (2,443-3,168, both 7 and 14 d) for the single-occupancy soils (values in brackets represent the 95% confidence intervals). Data were insufficient to calculate the concentration statistically likely to reduce individual earthworm mass by 50% (EC50), but after 14 d, the decrease in earthworm weight in the 1,800 and 3,000 mg/kg tests was significantly greater in the multiple- than in the single-occupancy soils. At 1,000, 1,800, and 3,000 mg/kg tests, earthworm Pb tissue concentration was significantly (p less than or equal to 0.05) greater in earthworms from the multiple-occupancy soils. The presence of earthworms increased the NH3 content of the soil; earthworm mortality increased NH3 concentrations further but not to toxic levels.

Chill unit models for blackcurrant (Ribes nigrum L.) cultivars 'Ben Gairn', 'Ben Hope' and 'Ben Tirran'

Temperate-zone crops require a period of winter chilling to terminate dormancy and ensure adequate bud break the following spring. The exact chilling requirement of blackcurrant (Ribes nigrum), a commercially important crop in northern Europe, is relatively unknown. Chill unit models have been successfully utilized to determine the optimum chilling temperature of a range of crops, with one chill unit equating to I h exposure to the optimum temperature for chill satisfaction. Two-year-old R. nigrum plants of the cultivars 'Ben Gairn', 'Ben Hope' and 'Ben Tirran' were exposed to temperatures of -10.1 degrees C. -3.4 degrees C. 0.1 degrees C, 1.5 degrees C, 2.1 degrees C, 3.4 degrees C or 8.9 degrees C (+/- 0.7 degrees C) for durations of 0, 2, 4, 6, 8 or 10 weeks and multiple regression analyses used to determine the optimum temperature for chill satisfaction. (C) 2009 Elsevier B.V. All rights reserved.

Effect of prolonged intravenous glucose and essential amino acid infusion on nitrogen balance, muscle protein degradation and ubiquitin-conjugating enzyme gene expression in calves

Background: Intravenous infusions of glucose and amino acids increase both nitrogen balance and muscle accretion. We hypothesised that co-infusion of glucose ( to stimulate insulin) and essential amino acids (EAA) would act additively to improve nitrogen balance by decreasing muscle protein degradation in association with alterations in muscle expression of components of the ubiquitin-proteasome proteolytic pathway. Methods: We examined the effect of a 5 day intravenous infusions of saline, glucose, EAA and glucose + EAA, on urinary nitrogen excretion and muscle protein degradation. We carried out the study in 6 restrained calves since ruminants offer the advantage that muscle protein degradation can be assessed by excretion of 3 methyl-histidine and multiple muscle biopsies can be taken from the same animal. On the final day of infusion blood samples were taken for hormone and metabolite measurement and muscle biopsies for expression of ubiquitin, the 14-kDa E2 ubiquitin conjugating enzyme, and proteasome sub-units C2 and C8. Results: On day 5 of glucose infusion, plasma glucose, insulin and IGF-1 concentrations were increased while urea nitrogen excretion and myofibrillar protein degradation was decreased. Co-infusion of glucose + EAA prevented the loss of urinary nitrogen observed with EAA infusions alone and enhanced the increase in plasma IGF-1 concentration but there was no synergistic effect of glucose + EAA on the decrease in myofibrillar protein degradation. Muscle mRNA expression of the ubiquitin conjugating enzyme, 14-kDa E2 and proteasome sub-unit C2 were significantly decreased, after glucose but not amino acid infusions, and there was no further response to the combined infusions of glucose + EAA. Conclusion: Prolonged glucose infusion decreases myofibrillar protein degradation, prevents the excretion of infused EAA, and acts additively with EAA to increase plasma IGF-1 and improve net nitrogen balance. There was no evidence of synergistic effects between glucose + EAA infusion on muscle protein degradation or expression of components of the ubiquitin-proteasome proteolytic pathway.

Structure and function analysis of the poliovirus cis-acting replication element (CRE)

The poliovirus cis-acting replication element (CRE) templates the uridylylation of VPg, the protein primer for genome replication. The CRE is a highly conserved structural RNA element in the enteroviruses and located within the polyprotein-coding region of the genome. We have determined the native structure of the CRE, defined the regions of the structure critical for activity, and investigated the influence of genomic location on function. Our results demonstrate that a 14-nucleotide unpaired terminal loop, presented on a suitably stable stem, is all that is required for function. These conclusions complement the recent analysis of the 14-nucleotide terminal loop in the CRE of human rhinovirus type 14. The CRE can be translocated to the 5' noncoding region of the genome, at least 3.7-kb distant from the native location, without adversely influencing activity, and CRE duplications do not adversely influence replication. We do not have evidence for a specific interaction between the CRE and the RNA-binding 3CD(pro) complex, an essential component of the uridylylation reaction, and the mechanism by which the CRE is coordinated and orientated during the reaction remains unclear. These studies provide a detailed overview of the structural determinants required for CRE function, and will facilitate a better understanding of the requirements for picornavirus replication.

Construction of coordination polymers of cadmium(II) with mixed hexamethylenetetramine and terephthalate or thiocyanate ligands

Three new polymeric complexes [Cd(hmt)(SCN)(2)(H2O)(2)](n) (1), [Cd-3(mu(2)-hmt)(2)(SCN)(6)(H2O)(2)](n) (2), and [Cd-2(hmt)(2)(tP)(2)(H2O)(6)](n) (3) [hmt = hexamethylenetetramine, tp = terephthalate] have been synthesized and characterized by single crystal X-ray diffraction. Both the compounds 1 and 2 are 1-D polymers where Cd units are linked by double end-to-end thiocyanate bridges but in 2 the chain is wider containing three cadmium atoms instead of one as found in 1. In both compounds the coordination environment around cadmium atom is distorted octahedral. Compound 3 is a three-dimensional polymer having water-filled microporous channels. Both tp and brut are mu(2)-bridged. One of the acid groups of tp is coordinated in chelating bidentate and the other in monodentate fashion. Half of its Cd atoms are hexa-coordinated and the rest are hepta-coordinated. Thermogravimetric analysis and X-ray diffraction study of 3 show that its framework remains intact upon removal of water molecules. The flexibility of coordination number around cadmium atoms (six or seven) probably plays an important role in establishing the rigidity of the framework. (C) 2003 Elsevier Ltd. All rights reserved.

A study of the effect of heat source location in a ventilated room using multiple regression analysis

Multiple regression analysis is a statistical technique which allows to predict a dependent variable from m ore than one independent variable and also to determine influential independent variables. Using experimental data, in this study the multiple regression analysis is applied to predict the room mean velocity and determine the most influencing parameters on the velocity. More than 120 experiments for four different heat source locations were carried out in a test chamber with a high level wall mounted air supply terminal at air change rates 3-6 ach. The influence of the environmental parameters such as supply air momentum, room heat load, Archimedes number and local temperature ratio, were examined by two methods: a simple regression analysis incorporated into scatter matrix plots and multiple stepwise regression analysis. It is concluded that, when a heat source is located along the jet centre line, the supply momentum mainly influences the room mean velocity regardless of the plume strength. However, when the heat source is located outside the jet region, the local temperature ratio (the inverse of the local heat removal effectiveness) is a major influencing parameter.

Creating teaching and learning in Europe: promoting a new paradigm

The tides of globalization and the unsteady surges and distortions in the evolution of the European Union are causing identities and cultures to be in a state of flux. Education is used by politicians as a major lever for political and social change through micro-management, but it is a crude tool. There can, however, be opportunities within educational experience for individual learners to gain strong, reflexive, multiple identities and multiple citizenship through the engagement of their creative energies. It has been argued that the twenty-first century needs a new kind of creativity characterized by unselfishness, caring and compassion—still involving monetary wealth, but resulting in a healthy planet and healthy people. Creativity and its economically derived relation, innovation, have become `buzz words' of our times. They are often misconstrued, misunderstood and plainly misused within educational conversations. The small-scale pan-European research study upon which this article is founded discovered that more emphasis needs to be placed on creative leadership, empowering teachers and learners, reducing pupils' fear of school, balancing teaching approaches, and ensuring that the curriculum and assessment are responsive to the needs of individual learners. These factors are key to building strong educational provision that harnesses the creative potential of learners, teachers and other stakeholders, values what it is to be human and creates a foundation upon which to build strong, morally based, consistent, participative democracies.

The "freedom to frame questions... worth asking" or three stories and three (other) fragments of research

In our state of centralised control of the curriculum and high-stakes testing an examination subject's assessment objectives have become high profile. Some of the anomalous effects of this profile are shown in the teaching, question-setting, and marking of English literature. Glimpses of earlier times are revealed, all three secondary school key stages are considered, examination performances are discussed, and the views of beginning teachers about teaching to the test are sought.

Assessment of CloudSat reflectivity measurements and ice cloud properties using ground-based and airborne cloud radar observations

A quantitative assessment of Cloudsat reflectivities and basic ice cloud properties (cloud base, top, and thickness) is conducted in the present study from both airborne and ground-based observations. Airborne observations allow direct comparisons on a limited number of ocean backscatter and cloud samples, whereas the ground-based observations allow statistical comparisons on much longer time series but with some additional assumptions. Direct comparisons of the ocean backscatter and ice cloud reflectivities measured by an airborne cloud radar and Cloudsat during two field experiments indicate that, on average, Cloudsat measures ocean backscatter 0.4 dB higher and ice cloud reflectivities 1 dB higher than the airborne cloud radar. Five ground-based sites have also been used for a statistical evaluation of the Cloudsat reflectivities and basic cloud properties. From these comparisons, it is found that the weighted-mean difference ZCloudsat − ZGround ranges from −0.4 to +0.3 dB when a ±1-h time lag around the Cloudsat overpass is considered. Given the fact that the airborne and ground-based radar calibration accuracy is about 1 dB, it is concluded that the reflectivities of the spaceborne, airborne, and ground-based radars agree within the expected calibration uncertainties of the airborne and ground-based radars. This result shows that the Cloudsat radar does achieve the claimed sensitivity of around −29 dBZ. Finally, an evaluation of the tropical “convective ice” profiles measured by Cloudsat has been carried out over the tropical site in Darwin, Australia. It is shown that these profiles can be used statistically down to approximately 9-km height (or 4 km above the melting layer) without attenuation and multiple scattering corrections over Darwin. It is difficult to estimate if this result is applicable to all types of deep convective storms in the tropics. However, this first study suggests that the Cloudsat profiles in convective ice need to be corrected for attenuation by supercooled liquid water and ice aggregates/graupel particles and multiple scattering prior to their quantitative use.

Internal rents and corporate property management: a study into the use of internal rents in UK corporate organisations

Research in the late 1980s showed that in many corporate real estates users were not fully aware of the full extent of their property holdings. In many cases, not only was the value of the holdings unknown, but there was uncertainty over the actual extent of ownership within the portfolio. This resulted in a large number of corporate occupiers reviewing their property holdings during the 1990s, initially to create a definitive asset register, but also to benefit from an more efficient use of space. Good management of corporately owned property assets is of equal importance as the management of other principal resources within the company. A comprehensive asset register can be seen as the first step towards a rational property audit. For the effective, efficient and economic delivery of services, it is vital that all property holdings are utilised to the best advantage. This requires that the property provider and the property user are both fully conversant with the value of the property holding and that an asset/internal rent/charge is made accordingly. The advantages of internal rent charging are twofold. Firstly, it requires the occupying department to “contribute” an amount to the business equivalent to the open market rental value of the space that it occupies. This prevents the treating of space as a free good and, as individual profit centres, each department will then rationalise its holdings to minimise its costs. The second advantage is from a strategic viewpoint. By charging an asset rent, the holding department can identify the performance of its real estate holdings. This can then be compared to an internal or external benchmark to help determine whether the company has adopted the most efficient tenure pattern for its properties. This paper investigates the use of internal rents by UK-based corporate businesses and explains internal rents as a form of transfer pricing in the context of management and responsibility accounting. The research finds that the majority of charging organisations introduced internal rents primarily to help calculate true profits at the business unit level. However, less than 10% of the charging organisations introduced internal rents primarily to capture the return on assets within the business. There was also a sizeable element of the market who had no plans to introduce internal rents. Here, it appears that, despite academic and professional views that internal rents are beneficial in improving the efficient use of property, opinion at the business and operational level has not universally accepted this proposition.