The transaction cost economics theory of the family firm: family-based human asset specificity and the bifurcation bias

We develop a transaction cost economics theory of the family firm, building upon the concepts of family-based asset specificity, bounded rationality, and bounded reliability. We argue that the prosperity and survival of family firms depend on the absence of a dysfunctional bifurcation bias. The bifurcation bias is an expression of bounded reliability, reflected in the de facto asymmetric treatment of family vs. nonfamily assets (especially human assets). We propose that absence of bifurcation bias is critical to fostering reliability in family business functioning. Our study ends the unproductive divide between the agency and stewardship perspectives of the family firm, which offer conflicting accounts of this firm type's functioning. We show that the predictions of the agency and stewardship perspectives can be usefully reconciled when focusing on how family firms address the bifurcation bias or fail to do so.

Fast adaptive real-time classification for data streams with concept drift

An important application of Big Data Analytics is the real-time analysis of streaming data. Streaming data imposes unique challenges to data mining algorithms, such as concept drifts, the need to analyse the data on the fly due to unbounded data streams and scalable algorithms due to potentially high throughput of data. Real-time classification algorithms that are adaptive to concept drifts and fast exist, however, most approaches are not naturally parallel and are thus limited in their scalability. This paper presents work on the Micro-Cluster Nearest Neighbour (MC-NN) classifier. MC-NN is based on an adaptive statistical data summary based on Micro-Clusters. MC-NN is very fast and adaptive to concept drift whilst maintaining the parallel properties of the base KNN classifier. Also MC-NN is competitive compared with existing data stream classifiers in terms of accuracy and speed.

Accounting as interpretive framing

The study furthers our understanding of the persuasive and constructive aspects of accounting information. We consider it as a process of ‘interpretive framing’ in the quest for legitimacy - an attempt to justify decisions and excuse mistakes. We base our theoretical discussion on the premise that the picture reported by accounting information is an example of institutional reality and thus mediated by the social contexts in which it is constructed and interpreted. Accounting information is a matter of ‘the interpretation of interpretations’ - the provision of accounting information, which is already a result of a competitive interplay among prior interpretations of certain aspects of our economic phenomena, undergoes further interpretation by the recipients of that information. This notion applies equally to narratives and numbers. We challenge notions of rigor, accuracy and objectivity assigned to quantification in accounting and posit that numbers can be an even more powerful rhetorical device due to their image of being rational and ‘rhetoric free’. We illustrate our theoretical propositions presenting explicit references to the constructive and rhetorical aspects of financial reporting from Pacioli and his times (late 15th century) to the recent regulatory developments of FASB/IASB in 2013, i.e. from the rhetoric of double entry book-keeping to the rhetoric of 'fair value’. We acknowledge, building on these theoretical foundations, the inherent subjectivity of accounting information (influenced by perceptions and interests) without entirely denying however its informative functions. We illustrate the practical implications of this, in a situation where “shared and socially accepted” perceptions may be the nearest we can get to anything resembling a faithful representation of economic reality. The paper contributes to a broader understanding of how accounting information can be viewed as a social and humanistic construction, and challenges taken-for-granted assumptions about impartiality, neutrality and rationality in regard to the process.

Incremental processing in head-final child language: online comprehension of relative clauses in Turkish-speaking children and adults

The present study investigates the parsing of pre-nominal relative clauses (RCs) in children for the first time with a realtime methodology that reveals moment-to-moment processing patterns as the sentence unfolds. A self-paced listening experiment with Turkish-speaking children (aged 5–8) and adults showed that both groups display a sign of processing cost both in subject and object RCs at different points through the flow of the utterance when integrating the cues that are uninformative (i.e., ambiguous in function) and that are structurally and probabilistically unexpected. Both groups show a processing facilitation as soon as the morphosyntactic dependencies are completed and parse the unbounded dependencies rapidly using the morphosyntactic cues rather than waiting for the clause-final filler. These findings show that five-year-old children show similar patterns to adults in processing the morphosyntactic cues incrementally and in forming expectations about the rest of the utterance on the basis of the probabilistic model of their language.

Are mortgage lenders guilty of the housing bubble? A UK perspective

Existing theoretical models of house prices and credit rely on continuous rationality of consumers, an assumption that has been frequently questioned in recent years. Meanwhile, empirical investigations of the relationship between prices and credit are often based on national-level data, which is then tested for structural breaks and asymmetric responses, usually with subsamples. Earlier author argues that local markets are structurally different from one another and so the coefficients of any estimated housing market model should vary from region to region. We investigate differences in the price–credit relationship for 12 regions of the UK. Markov-switching is introduced to capture asymmetric market behaviours and turning points. Results show that credit abundance had a large impact on house prices in Greater London and nearby regions alongside a strong positive feedback effect from past house price movements. This impact is even larger in Greater London and the South East of England when house prices are falling, which are the only instances where the credit effect is more prominent than the positive feedback effect. A strong positive feedback effect from past lending activity is also present in the loan dynamics. Furthermore, bubble probabilities extracted using a discrete Kalman filter neatly capture market turning points.

A general Trotter-Kato formula for a class of evolution operators

In this article we prove new results concerning the existence and various properties of an evolution system U(A+B)(t, s)0 <= s <= t <= T generated by the sum -(A(t) + B(t)) of two linear, time-dependent, and generally unbounded operators defined on time-dependent domains in a complex and separable Banach space B. In particular, writing L(B) for the algebra of all linear bounded operators on B, we can express U(A+B)(t, s)0 <= s <= t <= T as the strong limit in C(8) of a product of the holomorphic contraction semigroups generated by -A (t) and - B(t), respectively, thereby proving a product formula of the Trotter-Kato type under very general conditions which allow the domain D(A(t) + B(t)) to evolve with time provided there exists a fixed set D subset of boolean AND(t is an element of)[0,T] D(A(t) + B(t)) everywhere dense in B. We obtain a special case of our formula when B(t) = 0, which, in effect, allows us to reconstruct U(A)(t, s)0 <=(s)<=(t)<=(T) very simply in terms of the semigroup generated by -A(t). We then illustrate our results by considering various examples of nonautonomous parabolic initial-boundary value problems, including one related to the theory of timedependent singular perturbations of self-adjoint operators. We finally mention what we think remains an open problem for the corresponding equations of Schrodinger type in quantum mechanics.

A Trotter-Kato product formula for a class of non-autonomous evolution equations

In this article dedicated to Professor V. Lakshmikantham on the occasion of the celebration of his 84th birthday, we announce new results concerning the existence and various properties of an evolution system UA+B(t, s)(0 <= s <= t <= T) generated by the sum -(A(t)+B(t)) of two linear, time-dependent and generally unbounded operators defined on time-dependent domains in a complex and separable Banach space B. In particular, writing G(B) for the algebra of all linear bounded operators on B, we can express UA+B(t, s)(0 <= s <= t <= T) as the strong limit in L(B) of a product of the holomorphic contraction semigroups generated by -A(t) and -B(t), thereby getting a product formula of the Trotter-Kato type under very general conditions which allow the domain D(A(t)+B(t)) to evolve with time provided there exists a fixed set D subset of boolean AND D-t epsilon[0,D-T](A(t)+B(t)) everywhere dense in B. We then mention several possible applications of our product formula to various classes of non-autonomous parabolic initial-boundary value problems, as well as to evolution problems of Schrodinger type related to the theory of time-dependent singular perturbations of self-adjoint operators in quantum mechanics. We defer all the proofs and all the details of the applications to a separate publication. (C) 2008 Elsevier Ltd. All rights reserved.

On AGM for Non-Classical Logics

The AGM theory of belief revision provides a formal framework to represent the dynamics of epistemic states. In this framework, the beliefs of the agent are usually represented as logical formulas while the change operations are constrained by rationality postulates. In the original proposal, the logic underlying the reasoning was supposed to be supraclassical, among other properties. In this paper, we present some of the existing work in adapting the AGM theory for non-classical logics and discuss their interconnections and what is still missing for each approach.

HOMEOMORPHISMS OF THE ANNULUS WITH A TRANSITIVE LIFT II

Let f be a homeomorphism of the closed annulus A that preserves the orientation, the boundary components and that has a lift (f) over tilde to the in finite strip (A) over tilde which is transitive. We show that, if the rotation number of (f) over tilde restricted to both boundary components of A is strictly positive, then there exists a closed nonempty connected set Gamma subset of (A) over tilde such that Gamma subset of] - infinity,0] x [0,1], Gamma is unbounded, the projection of to Gamma A is dense, Gamma - (1, 0) subset of Gamma and (f) over tilde(Gamma) subset of Gamma. Also, if p(1) is the projection on the first coordinate of (A) over tilde, then there exists d > 0 such that, for any (z) over tilde is an element of Gamma, lim sup (n ->infinity) p(1)((f) over tilde (n) ((Z) over tilde)) - p(1) ((Z) over tilde)/n < -d.

Homeomorphisms of the annulus with a transitive lift

Let f be a homeomorphism of the closed annulus A that preserves the orientation, the boundary components and that has a lift (f) over tilde to the infinite strip (A) over tilde which is transitive. We show that, if the rotation numbers of both boundary components of A are strictly positive, then there exists a closed nonempty unbounded set B(-) subset of (A) over tilde such that B(-) is bounded to the right, the projection of B to A is dense, B - (1, 0) subset of B and (f) over tilde (B) subset of B. Moreover, if p(1) is the projection on the first coordinate of (A) over tilde, then there exists d > 0 such that, for any (z) over tilde is an element of B(-), lim sup (n ->infinity) p1((f) over tilde (n)((z) over tilde)) - p(1) ((z) over tilde)/n < - d. In particular, using a result of Franks, we show that the rotation set of any homeomorphism of the annulus that preserves orientation, boundary components, which has a transitive lift without fixed points in the boundary is an interval with 0 in its interior.

Aspects of Liminality in Eilis Ni Dhuibhne's The Dancers Dancing

In this essay I refer Eilis Ni Dhuibhne’s narrative construction of the main characters and the theme of the novel The Dancers Dancing, in the context of the anthropologist Victor Turner’s concept of liminality. Thus the summer in the Gaeltacht that five teenage girls experience, can be understood as a depiction of the liminal phase in a rite of passage. Ni Dhuibhne’s differently constructed characters enlighten different aspects of liminality and through the céilí dance their experiences are exposed. Furthermore this essay suggests that Julia Kristeva’s notion of the chora, which can be associated to dance, is also relevant when describing the unbounded and unlimited process that radically can reform social structures. I conclude that the liminal space offers an area of many possibilities. It functions as a free zone where the main characters can freely explore their personal issues that trouble them, or the difficulties of their own society.

Chinese Basic Pension Substitution Rate: A Monte Carlo Demonstration of the Individual Account Model

At the end of 2005, the State Council of China passed ”The Decision on adjusting the Individual Account of Basic Pension System”, which adjusted the individual account in the 1997 basic pension system. In this essay, we will analyze the adjustment above, and use Life Annuity Actuarial Theory to establish the basic pension substitution rate model. Monte Carlo simulation is also used to prove the rationality of the model. Some suggestions are put forward associated with the substitution rate according to the current policy.

Konsten att välja rätt spårvagn : en studie av segregation, skolval och unga människors studieplaner

The art of choosing the right tram – A study of urban segregation, choice of school and young people’s life plans When discussing barriers to integration and young people’s choice of school, research often focuses on language skills, cultural capital, supportive environments and other more obvious, distinct and material aspects that have an impact on educational achievement. In the present study, we have instead chosen to look at how young immigrants construct their inner career landscapes and life-plans, and how this relates to their perception of ethnicity, neighbourhood and identity. The sample used here consists of altogether twenty individuals. The interviews were used to explore certain designated dimensions and processes. All interviews were conducted in the school environment, in classrooms and other locations. The students attended two different inner-city schools. A narrative-sociological approach is used in the analysis. The young people’s perceptions and narratives are analysed in relation to concepts such as: territorial stigmatization, identity, self-perception and modifications of life plans. The findings show that the feelings of otherness which originates in housing conditions, experiences of exclusion and the everyday life of many immigrants, are transposed into the school area and transformed into strategies and life plans.

« Moi d’ici, moi de là-bas » : La géographie imaginaire du roman Le Ventre de l’Atlantique de Fatou Diome

L’objectif de la présente étude est d’explorer la « géographie imaginaire » du roman Le Ventre de l’Atlantique, écrit par Fatou Diome. Le concept de la « géographie imaginaire » décrit les rapports de domination spatiale et la construction d’un « Autre », entièrement différent de « nous » (Saïd, 1980). Les deux pays du roman, la France et le Sénégal, sont analysés comme deux sphères inconciliables, associées aux oppositions comme nous – l’Autre, individualisme – collectivisme, rationalité - superstition. Deux images spatiales sont discutées dans ce mémoire: l’île Niodior au Sénégal et l‘océan Atlantique. L’isolation de l’île Niodior renforce la séparation en deux espaces opposés, alors que l’Atlantique constitue un élément parfois chargé de forces magiques, lié à la vie et à la mort. Evoquant l’idée d’hybridité, le roman montre également des espaces et des identités alternatifs, qui transgressent la structure coloniale.

Photovoltaic System Design for a Contaminated Area in Falun – Comparison of South and East- West Layout

In this thesis the solar part of a large grid-connected photovoltaic system design has been done. The main purpose was to size and optimize the system and to present figures helping to evaluate the prospective project rationality, which can potentially be constructed on a contaminated area in Falun. The methodology consisted in PV market study and component selection, site analysis and defining suitable area for solar installation; and system configuration optimization based on PVsyst simulations and Levelized Cost of Energy calculations. The procedure was mainly divided on two parts, preliminary and detailed sizing. In the first part the objective was complex, which included the investigation of the most profitable component combination and system optimization due to tilt and row distance. It was done by simulating systems with different components and orientations, which were sized for the same 100kW inverter in order to make a fair comparison. For each simulated result a simplified LCOE calculation procedure was applied. The main results of this part show that with the price of 0.43 €/Wp thin-film modules were the most cost effective solution for the case with a great advantage over crystalline type in terms of financial attractiveness. From the results of the preliminary study it was possible to select the optimal system configuration, which was used in the detailed sizing as a starting point. In this part the PVsyst simulations were run, which included full scale system design considering near shadings created by factory buildings. Additionally, more complex procedure of LCOE calculation has been used here considered insurances, maintenance, time value of money and possible cost reduction due to the system size. Two system options were proposed in final results; both cover the same area of 66000 m2. The first one represents an ordinary South faced design with 1.1 MW nominal power, which was optimized for the highest performance. According to PVsyst simulations, this system should produce 1108 MWh/year with the initial investment of 835,000 € and 0.056 €/kWh LCOE. The second option has an alternative East-West orientation, which allows to cover 80% of occupied ground and consequently have 6.6 MW PV nominal power. The system produces 5388 MWh/year costs about 4500,000 € and delivers electricity with the same price of 0.056 €/kWh. Even though the EW solution has 20% lower specific energy production, it benefits mainly from lower relative costs for inverters, mounting and annual maintenance expenses. After analyzing the performance results, among the two alternatives none of the systems showed a clear superiority so there was no optimal system proposed. Both, South and East-West solutions have own advantages and disadvantages in terms of energy production profile, configuration, installation and maintenance. Furthermore, the uncertainty due to cost figures assumptions restricted the results veracity.