Exploring the financial consequences of the servitization of manufacturing

Commentators suggest that to survive in developed economies manufacturing firms have to move up the value chain, innovating and creating ever more sophisticated products and services, so they do not have to compete on the basis of cost. While this strategy is proving increasingly popular with policy makers and academics there is limited empirical evidence to explore the extent to which it is being adopted in practice. And if so, what the impact of this servitization of manufacturing might be. This paper seeks to fill a gap in the literature by presenting empirical evidence on the range and extent of servitization. Data are drawn from the OSIRIS database on 10,028 firms incorporated in 25 different countries. The paper presents an analysis of these data which suggests that: [i] manufacturing firms in developed economies are adopting a range of servitization strategies-12 separate approaches to servitization are identified; [ii] these 12 categories can be used to extend the traditional three options for servitization-product oriented Product-Service Systems, use oriented Product-Service Systems and result oriented Product-Service Systems, by adding two new categories "integration oriented Product-Service Systems" and "service oriented Product-Service Systems"; [iii] while the manufacturing firms that have servitized are larger than traditional manufacturing firms in terms of sales revenues, at the aggregate level they also generate lower profits as a % of sales; [iv] these findings are moderated by firm size (measured in terms of numbers of employees). In smaller firms servitization appears to pay off while in larger firms it proves more problematic; and [v] there are some hidden risks associated with servitization-the sample contains a greater proportion of bankrupt servitized firms than would be expected. © Springer Science + Business Media, LLC 2009.

Dynamic Covariance Models for Multivariate Financial Time Series

The accurate prediction of time-changing covariances is an important problem in the modeling of multivariate financial data. However, some of the most popular models suffer from a) overfitting problems and multiple local optima, b) failure to capture shifts in market conditions and c) large computational costs. To address these problems we introduce a novel dynamic model for time-changing covariances. Over-fitting and local optima are avoided by following a Bayesian approach instead of computing point estimates. Changes in market conditions are captured by assuming a diffusion process in parameter values, and finally computationally efficient and scalable inference is performed using particle filters. Experiments with financial data show excellent performance of the proposed method with respect to current standard models.

Optical properties of highly strained GaInAs/GaAs quantum wells grown by Sb assistance

Optical properties of highly strained GaInAs/GaAs quantum wells (QWs) grown by molecular beam epitaxy with Sb assistance are investigated. The samples grown by Sb incorporation and Sb pre-deposition methods display high room-temperature photoluminescence (PL) intensity at extended long wavelength. This result is explained by the surfactant effects of Sb during the growth of GaInAs/GaAs QW systems. An abnormal S-shaped temperature dependence of the PL peak position is found in the In0.42Ga0.58As/GaAs triple QWs sample grown with Sb pre-deposition. By investigating the transmission electron microscope images and time-resolved PL spectra, it is found that the S-shaped temperature dependence of the PL peak position originates from the exciton localization effect brought by the Sb-rich clusters on the QW interface.

Multi-wavelength erbium-doped fibre lasers on assistance of high-nonlinear photonic-crystal fibres

On the basis of self-stability effect of four-wave mixings (FWMs) in high-nonlinear photonic-crystal fibres, a novel multi-wavelength erbium-doped fibre (EDF) laser is proposed and demonstrated experimentally at room temperature. The proposed lasers have the capacity of switching and tuning with excellent uniformity and stability. By means of adjusting the attenuators, the triple-, four-, or five-wavelength EDF lasers can be lasing simultaneously. With the assistance of the FWM self-stability function, the multi-wavelength spectrum is excellently stabilized with uniformity less than 0.9 dB.

A method for quantitative analysis of nitrogen oxides and N2 by means of mass spectrometry with the assistance of a catalytic technique for the reduction of NO with CO or hydrocarbons

Mass spectrometry is not able to differentiate NOx and N2 from other interferences (e.g. CO and C2H4) in the deNOx reactions. In the present study, a quantitative method for analysis of NOx and N2 simultaneously in these reactions with an assisted converter operated at higher temperature under O2-rich condition, which eliminates the interferences, is developed. The NOx conversion from this method is comparable to the one from an Automotive Emission Analyser equipped with NOx electrochemical sensor. Two types of deNOx reactions are tested in terms of selectivity of N2 production. The application of this method is discussed.

Seed-mediated synthesis of branched gold nanoparticles with the assistance of citrate and their surface-enhanced Raman scattering properties

We report an easy synthesis of highly branched gold particles through a seed-mediated growth approach in the presence of citrate. The addition of citrate in the growth solution is found to be crucial for the formation of these branched gold particles. Their size can be varied from 47 to 185 nm. The length of the thumb-like branch is estimated to be between about 5 and 20 nm, and changes slightly as the particle size increases. Owing to these obtuse and short branches, their surface plasmon resonance displays a marked red-shift with respect to the normal spherical particles. These branched gold particles exhibit stronger SERS activity than the non-branched ones, which is most likely related to these unique branching features.