Executive remuneration, financial performance and corporate governance in UK and Spanish listed firms

This study examines the relationship between executive directors’ remuneration and the financial performance and corporate governance arrangements of the UK and Spanish listed firms. These countries’ corporate governance framework has been shaped by differences in legal origin, culture and backgrounds. For example, the UK legal arrangements can be defined as to be constituted in common-law, whereas for Spanish firms, the legal arrangement is based on civil law. We estimate both static and dynamic regression models to test our hypotheses and we estimate our regression using Ordinary Least Squares (OLS) and the Generalised Method of Moments (GMM). Estimated results for both countries show that directors’ remuneration levels are positively related with measures of firm value and financial performance. This means that remuneration levels do not lead to a point whereby firm value is reduced due to excessive remuneration. These results hold for our long-run estimates. That is, estimates based on panel cointegration and panel error correction. Measures of corporate governance also impacts on the level of executive pay. Our results have important implications for existing corporate governance arrangements and how the interests of stakeholders are protected. For example, long-run results suggest that directors’ remuneration adjusts in a way to capture variation in financial performance

Correcting errors in optical data transmission using neural networks

Optical data communication systems are prone to a variety of processes that modify the transmitted signal, and contribute errors in the determination of 1s from 0s. This is a difficult, and commercially important, problem to solve. Errors must be detected and corrected at high speed, and the classifier must be very accurate; ideally it should also be tunable to the characteristics of individual communication links. We show that simple single layer neural networks may be used to address these problems, and examine how different input representations affect the accuracy of bit error correction. Our results lead us to conclude that a system based on these principles can perform at least as well as an existing non-trainable error correction system, whilst being tunable to suit the individual characteristics of different communication links.

Adaptive electrical signal post-processing in optical communications systems

Improving bit error rates in optical communication systems is a difficult and important problem. The error correction must take place at high speed and be extremely accurate. We show the feasibility of using hardware implementable machine learning techniques. This may enable some error correction at the speed required.

A 20-Mb/s VLC link with a polymer LED and a multilayer perceptron equalizer

This letter experimentally demonstrates a visible light communication system using a 350-kHz polymer lightemitting diode operating at a total bit rate of 19 Mb/s with a bit error rate (BER) of 10-6and 20 Mb/s at the forward error correction limit for the first time. This represents a remarkable net data rate gain of ~55 times. The modulation format adopted is ON-OFF keying in conjunction with an artificial neural network classifier implemented as an equalizer. The number of neurons used in the experiment is varied from the set N = {5, 10, 20, 30, 40} with 40 neurons offering the best performance at 19 Mb/s and the BER of 10-6.

Developments towards practical free-space quantum cryptography

We describe a free space quantum cryptography system which is designed to allow continuous unattended key exchanges for periods of several days, and over ranges of a few kilometres. The system uses a four-laser faint-pulse transmission system running at a pulse rate of 10MHz to generate the required four alternative polarization states. The receiver module similarly automatically selects a measurement basis and performs polarization measurements with four avalanche photodiodes. The controlling software can implement the full key exchange including sifting, error correction, and privacy amplification required to generate a secure key.

A 10 Mb/s visible light communication system using a low bandwidth polymer light-emitting diode

In this paper we experimentally demonstrate a 10 Mb/s error free visible light communications (VLC) system using polymer light-emitting diodes (PLEDs) for the first time. The PLED under test is a blue emitter with ∼600 kHz bandwidth. Having such a low bandwidth means the introduction of an intersymbol interference (ISI) induced penalty at higher transmission speeds and thus the requirement for an equalizer. In this work we improve on previous literature by implementing a decision feedback equalizer, rather than a linear equalizer. Considering 7% and 20% forward error correction codes, transmission speeds up to ∼12 Mb/s can be supported.

On Graph-Based Cryptography and Symbolic Computations

We have been investigating the cryptographical properties of in nite families of simple graphs of large girth with the special colouring of vertices during the last 10 years. Such families can be used for the development of cryptographical algorithms (on symmetric or public key modes) and turbocodes in error correction theory. Only few families of simple graphs of large unbounded girth and arbitrarily large degree are known. The paper is devoted to the more general theory of directed graphs of large girth and their cryptographical applications. It contains new explicit algebraic constructions of in finite families of such graphs. We show that they can be used for the implementation of secure and very fast symmetric encryption algorithms. The symbolic computations technique allow us to create a public key mode for the encryption scheme based on algebraic graphs.

Interleavers and BCH codes for coherent DQPSK systems with laser phase noise

The relatively high phase noise of coherent optical systems poses unique challenges for forward error correction (FEC). In this letter, we propose a novel semianalytical method for selecting combinations of interleaver lengths and binary Bose-Chaudhuri-Hocquenghem (BCH) codes that meet a target post-FEC bit error rate (BER). Our method requires only short pre-FEC simulations, based on which we design interleavers and codes analytically. It is applicable to pre-FEC BER ∼10-3, and any post-FEC BER. In addition, we show that there is a tradeoff between code overhead and interleaver delay. Finally, for a target of 10-5, numerical simulations show that interleaver-code combinations selected using our method have post-FEC BER around 2× target. The target BER is achieved with 0.1 dB extra signal-to-noise ratio.

Upgrading legacy long-haul WDM systems through unbalancing the proportion of 1s and 0s in the transmitted data

We present experimental results for wavelength-division multiplexed (WDM) transmission performance using unbalanced proportions of 1s and 0s in pseudo-random bit sequence (PRBS) data. This investigation simulates the effect of local, in time, data unbalancing which occurs in some coding systems such as forward error correction when extra bits are added to the WDM data stream. We show that such local unbalancing, which would practically give a time-dependent error-rate, can be employed to improve the legacy long-haul WDM system performance if the system is allowed to operate in the nonlinear power region. We use a recirculating loop to simulate a long-haul fibre system.

Assembly accuracy analysis for small components with a planar surface in large-scale metrology

Large-scale mechanical products, such as aircraft and rockets, consist of large numbers of small components, which introduce additional difficulty for assembly accuracy and error estimation. Planar surfaces as key product characteristics are usually utilised for positioning small components in the assembly process. This paper focuses on assembly accuracy analysis of small components with planar surfaces in large-scale volume products. To evaluate the accuracy of the assembly system, an error propagation model for measurement error and fixture error is proposed, based on the assumption that all errors are normally distributed. In this model, the general coordinate vector is adopted to represent the position of the components. The error transmission functions are simplified into a linear model, and the coordinates of the reference points are composed by theoretical value and random error. The installation of a Head-Up Display is taken as an example to analyse the assembly error of small components based on the propagation model. The result shows that the final coordination accuracy is mainly determined by measurement error of the planar surface in small components. To reduce the uncertainty of the plane measurement, an evaluation index of measurement strategy is presented. This index reflects the distribution of the sampling point set and can be calculated by an inertia moment matrix. Finally, a practical application is introduced for validating the evaluation index.

WDM orthogonal subcarrier multiplexing

Electro-optical transceivers can be implemented employing all-analog signal processing in order to achieve low values of power consumption and latency. This paper shows that the spectral efficiency of such solutions can be increased by combining orthogonal multicarrier techniques and off-the-shelf microwave components. A real-time 108-Gbit/s experiment was performed emulating a wavelength division multiplexing (WDM) system composed of five optical channels. The optical carriers were provided by an externally injected gain switched optical frequency comb. Each optical channel transmitted a 21.6-Gbit/s orthogonal subcarrier multiplexing (SCM) signal that was modulated and demodulated in the electrical domain without the requirement for digital signal processing. The net data rate remained higher than 100 Gbit/s after taking into account forward error correction overheads. The use of orthogonally overlapping subchannels achieves an unprecedented spectral efficiency in all-analog real-time broadband WDM/SCM links.

Effects of special educator peer coaching on general educator effectiveness in inclusive classroom settings

This dissertation investigated the effects of a peer coaching relationship between a special education teacher and two general education teachers. More specifically, a two-tier multiple baseline design across subjects was used to evaluate the effects of peer coaching on the general education teachers' use of effective instructional practices (EIPs) and subsequent effects on the engagement rate and academic performance of students with and without disabilities. The peer coaching process included modeling, direct support, and feedback on the use of effective instructional practices including getting student attention, giving specific directions, asking specific questions with wait time, contingent positive reinforcement, positive error correction, precorrection, prompting, and proximity control. A 30-second partial interval recording procedure was used to observe the general education teachers' use of effective instructional practices and student engagement rates. Student participants' academic performance was measured using weekly quizzes. ^ Peer coaching resulted in an overall increase in the teachers' use of EIPs. One general education teacher had a 30% increase in average EIP use from 46% during the baseline phase to 76% during intervention. Student engagement for her two student participants with and without disabilities indicated an increase from 54% to 69% and from 47% to 65% respectively. Results for the second general education teacher indicated a 34% increase in average EIP use from 55% during the baseline to 89% during intervention. Student engagement for the two student participants with and without disabilities in her class increased from 48% to 83% and from 29% to 71% respectively. Student academic performance showed a small increase. In follow-up observations, the effects of peer coaching on teacher use of EIPs and student engagement and academic performance were maintained. ^ The results of this study suggest that using peer coaching to support general education teachers can be an effective method to improve the educational outcomes of students with and without disabilities in general education. Further research is needed to investigate the effects of peer coaching with other special and general educator partnerships and other student participants. ^

Effects of repeated readings on reading abilities of English language learners with specific learning disabilities

This study investigated the effects of repeated readings on the reading abilities of 4, third-, fourth-, and fifth-grade English language learners (ELLs) with specific learning disabilities (SLD). A multiple baseline probe design across subjects was used to explore the effects of repeated readings on four dependent variables: reading fluency (words read correctly per minute; wpm), number of errors per minute (epm), types of errors per minute, and answer to literal comprehension questions. Data were collected and analyzed during baseline, intervention, generalization probes, and maintenance probes. Throughout the baseline and intervention phases, participants read a passage aloud and received error correction feedback. During baseline, this was followed by fluency and literal comprehension question assessments. During intervention, this was followed by two oral repeated readings of the passage. Then the fluency and literal comprehension question assessments were administered. Generalization probes followed approximately 25% of all sessions and consisted of a single reading of a new passage at the same readability level. Maintenance sessions occurred 2-, 4-, and 6-weeks after the intervention ended. The results of this study indicated that repeated readings had a positive effect on the reading abilities of ELLs with SLD. Participants read more wpm, made fewer epm, and answered more literal comprehension questions correctly. Additionally, on average, generalization scores were higher in intervention than in baseline. Maintenance scores were varied when compared to the last day of intervention, however, with the exception of the number of hesitations committed per minute maintenance scores were higher than baseline means. This study demonstrated that repeated readings improved the reading abilities of ELLs with SLD and that gains were generalized to untaught passages. Maintenance probes 2-, 4-, and 6- weeks following intervention indicated that mean reading fluency, errors per minute, and correct answers to literal comprehensive questions remained above baseline levels. Future research should investigate the use of repeated readings in ELLs with SLD at various stages of reading acquisition. Further, future investigations may examine how repeated readings can be integrated into classroom instruction and assessments.

Effects of Repeated Readings on Reading Abilities of English Language Learners with Specific Learning Disabilities

This study investigated the effects of repeated readings on the reading abilities of 4, third-, fourth-, and fifth-grade English language learners (ELLs) with specific learning disabilities (SLD). A multiple baseline probe design across subjects was used to explore the effects of repeated readings on four dependent variables: reading fluency (words read correctly per minute; wpm), number of errors per minute (epm), types of errors per minute, and answer to literal comprehension questions. Data were collected and analyzed during baseline, intervention, generalization probes, and maintenance probes. Throughout the baseline and intervention phases, participants read a passage aloud and received error correction feedback. During baseline, this was followed by fluency and literal comprehension question assessments. During intervention, this was followed by two oral repeated readings of the passage. Then the fluency and literal comprehension question assessments were administered. Generalization probes followed approximately 25% of all sessions and consisted of a single reading of a new passage at the same readability level. Maintenance sessions occurred 2-, 4-, and 6-weeks after the intervention ended. The results of this study indicated that repeated readings had a positive effect on the reading abilities of ELLs with SLD. Participants read more wpm, made fewer epm, and answered more literal comprehension questions correctly. Additionally, on average, generalization scores were higher in intervention than in baseline. Maintenance scores were varied when compared to the last day of intervention, however, with the exception of the number of hesitations committed per minute maintenance scores were higher than baseline means. This study demonstrated that repeated readings improved the reading abilities of ELLs with SLD and that gains were generalized to untaught passages. Maintenance probes 2-, 4-, and 6- weeks following intervention indicated that mean reading fluency, errors per minute, and correct answers to literal comprehensive questions remained above baseline levels. Future research should investigate the use of repeated readings in ELLs with SLD at various stages of reading acquisition. Further, future investigations may examine how repeated readings can be integrated into classroom instruction and assessments.