The exchange rate exposure of UK non-financial companies

Purpose – The purpose of this paper is to investigate the exchange rate exposure of UK nonfinancial companies from January 1981 to December 2001. Design/methodology/approach – The study employs different exchange rate measures and adopts an equally weighted exchange rate. The analyses are conducted at the firm level. All analyses are conducted by regressing the firm’s exchange rate exposure coefficients on its size, foreign activity variables and financial hedging proxies over the whole sample period. Findings – The findings show that a higher percentage of UK non-financial companies are exposed to exchange rate changes than those reported in previous studies. Generally, the results provide a stronger support for the suggested equally weighted rate as an economic variable, which affects firms’ stock returns. The results also show a high proportion of positive exposure coefficients among firms with significant exchange rate exposure, indicating a higher proportion of firms benefiting from an appreciation of the pound. Finally, the results also indicate evidence that firms’ foreign operations and hedging variables affect their sensitivity to exchange rate exposure. Practical implications – This study provides important implications for public policymakers who wish to understand links between policies that affect exchange rates and relative wealth effects. Originality/value – The empirical results of this study should help investors to examine how common stock returns react to exchange rate fluctuations when making financial decisions, and prove useful for financial managers when measuring exposure to foreign exchange rate changes.

International risk management:systems, internal control and corporate governance

This book is very practical in its international usefulness (because current risk practice and understanding is not equal across international boundaries). For example, an accountant in Belgium would want to know what the governance regulations are in that country and what the risk issues are that he/she needs to be aware of. This book covers the international aspect of risk management systems, risk and governance, and risk and accounting. In doing so the book covers topics such as: internal control and corporate governance; risk management systems; integrating risk into performance management systems; risk and audit; governance structures; risk management of pensions; pension scheme risks e.g. hedging derivatives, longevity bonds etc; risk reporting; and the role of the accountant in risk management. There are the case studies through out the book which illustrate by way of concrete practical examples the major themes contained in the book. The book includes highly topical areas such as the Sarbanes Oxley Act and pension risk management.

Candidate knowledge? Exploring epistemic claims in scientific writing:a corpus-driven approach

In this article I argue that the study of the linguistic aspects of epistemology has become unhelpfully focused on the corpus-based study of hedging and that a corpus-driven approach can help to improve upon this. Through focusing on a corpus of texts from one discourse community (that of genetics) and identifying frequent tri-lexical clusters containing highly frequent lexical items identified as keywords, I undertake an inductive analysis identifying patterns of epistemic significance. Several of these patterns are shown to be hedging devices and the whole corpus frequencies of the most salient of these, candidate and putative, are then compared to the whole corpus frequencies for comparable wordforms and clusters of epistemic significance. Finally I interviewed a ‘friendly geneticist’ in order to check my interpretation of some of the terms used and to get an expert interpretation of the overall findings. In summary I argue that the highly unexpected patterns of hedging found in genetics demonstrate the value of adopting a corpus-driven approach and constitute an advance in our current understanding of how to approach the relationship between language and epistemology.

The relationship between educational placement, instructional practices, and achievement gains of Black students with specific learning disabilities in secondary urban school settings

Black students, in general, are underserved academically (Darling-Hammond, 2000; Townsend, 2002) and overrepresented in special education (Donovan & Cross, 2002). Black students with disabilities are further overrepresented in more restrictive educational environments (Skiba, Poloni-Staudinger, Gallini, Simmons & Feggins-Azziz, 2006). Although the National Longitudinal Transition Study 2 (NLTS2) revealed that the academic performance of students with learning disabilities is positively related to the percentage of courses taken in the general education setting (Newman, 2006), the research specifically on placement of Black students with disabilities, particularly at the secondary level, as it relates to academic achievement is lacking. While previous studies have sought to determine which placement is better for students with disabilities, no study was found that specifically examined the impact of placement specific to Black students with specific learning disabilities (SLD) in urban settings (Fore, III, Hagan-Burke, Burke, Boon & Smith, 2008; Rea, McLaughlin & Walther-Thomas, 2002). This study examined educational placement, instructional best practices, and achievement gains of Black students with SLD in urban secondary settings using an ex post facto research design. Achievement, placement, and demographic data were collected and analyzed on approximately 314 Black eighth grade students with SLD. The Teacher Instructional Practices Survey was developed and used to collect and analyze data from the teachers of 78 of these students as it relates to instructional best practices. Results indicate no significant difference in reading but a significant difference in math gains of students served in inclusive settings as compared to resource settings with a small effect size. Also, no significant relationship was found between achievement gains and the reported use of instructional best practices. However, there was a relationship between educational placement and the use of instructional best practices. The results implied that there is a need for training with both general and special education teachers on instructional best practices for SWD and that there should be certain IEP team considerations when making placement decisions for this population of students with disabilities. It is recommended that future research in this area include classroom observations and factors other than test scores to measure growth in achievement.

Radiation fluxes, soil heat flux, air temperature, soil temperature, soil moisture and vegetation at dwarf shrubs and wet sedges in Kytalyk, NE Siberia

Vegetation changes, such as shrub encroachment and wetland expansion, have been observed in many Arctic tundra regions. These changes feed back to permafrost and climate. Permafrost can be protected by soil shading through vegetation as it reduces the amount of solar energy available for thawing. Regional climate can be affected by a reduction in surface albedo as more energy is available for atmospheric and soil heating. Here, we compared the shortwave radiation budget of two common Arctic tundra vegetation types dominated by dwarf shrubs (Betula nana) and wet sedges (Eriophorum angustifolium) in North-East Siberia. We measured time series of the shortwave and longwave radiation budget above the canopy and transmitted radiation below the canopy. Additionally, we quantified soil temperature and heat flux as well as active layer thickness. The mean growing season albedo of dwarf shrubs was 0.15 ± 0.01, for sedges it was higher (0.17 ± 0.02). Dwarf shrub transmittance was 0.36 ± 0.07 on average, and sedge transmittance was 0.28 ± 0.08. The standing dead leaves contributed strongly to the soil shading of wet sedges. Despite a lower albedo and less soil shading, the soil below dwarf shrubs conducted less heat resulting in a 17 cm shallower active layer as compared to sedges. This result was supported by additional, spatially distributed measurements of both vegetation types. Clouds were a major influencing factor for albedo and transmittance, particularly in sedge vegetation. Cloud cover reduced the albedo by 0.01 in dwarf shrubs and by 0.03 in sedges, while transmittance was increased by 0.08 and 0.10 in dwarf shrubs and sedges, respectively. Our results suggest that the observed deeper active layer below wet sedges is not primarily a result of the summer canopy radiation budget. Soil properties, such as soil albedo, moisture, and thermal conductivity, may be more influential, at least in our comparison between dwarf shrub vegetation on relatively dry patches and sedge vegetation with higher soil moisture.

Multi-year weather data in the remote semi-arid to arid mountain region of the Saharan flank of the Atlas Mountains

In 2001, a weather and climate monitoring network was established along the temperature and aridity gradient between the sub-humid Moroccan High Atlas Mountains and the former end lake of the Middle Drâa in a pre-Saharan environment. The highest Automated Weather Stations (AWS) was installed just below the M'Goun summit at 3850 m, the lowest station Lac Iriki was at 450 m. This network of 13 AWS stations was funded and maintained by the German IMPETUS (BMBF Grant 01LW06001A, North Rhine-Westphalia Grant 313-21200200) project and since 2011 five stations were further maintained by the GERMAN DFG Fennec project (FI 786/3-1), this way some stations of the AWS network provided data for almost 12 years from 2001-2012. Standard meteorological variables such as temperature, humidity, and wind were measured at an altitude of 2 m above ground. Other meteorological variables comprise precipitation, station pressure, solar irradiance, soil temperature at different depths and for high mountain station snow water equivalent. The stations produced data summaries for 5-minute-precipitation-data, 10- or 15-minute-data and a daily summary of all other variables. This network is a unique resource of multi-year weather data in the remote semi-arid to arid mountain region of the Saharan flank of the Atlas Mountains. The network is described in Schulz et al. (2010) and its further continuation until 2012 is briefly discussed in Redl et al. (2015, doi:10.1175/MWR-D-15-0223.1) and Redl et al. (2016, doi:10.1002/2015JD024443).

First-year and second-year snow properties on sea ice in the Weddell Sea during POLARSTERN cruise ANT-XXII/2 (ISPOL) during the drift

Observations of snow properties, superimposed ice, and atmospheric heat fluxes have been performed on first-year and second-year sea ice in the western Weddell Sea, Antarctica. Snow in this region is particular as it does usually survive summer ablation. Measurements were performed during Ice Station Polarstern (ISPOL), a 5-week drift station of the German icebreaker RV Polarstern. Net heat flux to the snowpack was 8 W/m**2, causing only 0.1 to 0.2 m of thinning of both snow cover types, thinner first-year and thicker second-year snow. Snow thinning was dominated by compaction and evaporation, whereas melt was of minor importance and occurred only internally at or close to the surface. Characteristic differences between snow on first-year and second-year ice were found in snow thickness, temperature, and stratigraphy. Snow on second-year ice was thicker, colder, denser, and more layered than on first-year ice. Metamorphism and ablation, and thus mass balance, were similar between both regimes, because they depend more on surface heat fluxes and less on underground properties. Ice freeboard was mostly negative, but flooding occurred mainly on first-year ice. Snow and ice interface temperature did not reach the melting point during the observation period. Nevertheless, formation of discontinuous superimposed ice was observed. Color tracer experiments suggest considerable meltwater percolation within the snow, despite below-melting temperatures of lower layers. Strong meridional gradients of snow and sea-ice properties were found in this region. They suggest similar gradients in atmospheric and oceanographic conditions and implicate their importance for melt processes and the location of the summer ice edge.

Baseline characteristics of climate, permafrost, and land cover from Samoylov Island, Lena River Delta, Siberia

Samoylov Island is centrally located within the Lena River Delta at 72° N, 126° E and lies within the Siberian zone of continuous permafrost. The landscape on Samoylov Island consists mainly of late Holocene river terraces with polygonal tundra, ponds and lakes, and an active floodplain. The island has been the focus of numerous multidisciplinary studies since 1993, which have focused on climate, land cover, ecology, hydrology, permafrost and limnology. This paper aims to provide a framework for future studies by describing the characteristics of the island's meteorological parameters (temperature, radiation and snow cover), soil temperature, and soil moisture. The land surface characteristics have been described using high resolution aerial images in combination with data from ground-based observations. Of note is that deeper permafrost temperatures have increased between 0.3 to 1.3 °C over the last five years. However, no clear warming of air and active layer temperatures is detected since 1998, though winter air temperatures during recent years have not been as cold as in earlier years.

Meteorological observations and eddy covariance raw data from polygonal tundra in the Lena River Delta, Siberia

We present the first ecosystem-scale methane flux data from a northern Siberian tundra ecosystem covering the entire snow-free period from spring thaw until initial freeze-back. Eddy covariance measurements of methane emission were carried out from the beginning of June until the end of September in the southern central part of the Lena River Delta (72°22' N, 126°30' E). The study site is located in the zone of continuous permafrost and is characterized by Arctic continental climate with very low precipitation and a mean annual temperature of -14.7°C. We found relatively low fluxes of on average 18.7 mg/m**2/d, which we consider to be because of (1) extremely cold permafrost, (2) substrate limitation of the methanogenic archaea, and (3) a relatively high surface coverage of noninundated, moderately moist areas. Near-surface turbulence as measured by the eddy covariance system in 4 m above the ground surface was identified as the most important control on ecosystem-scale methane emission and explained about 60% of the variance in emissions, while soil temperature explained only 8%. In addition, atmospheric pressure was found to significantly improve an exponential model based on turbulence and soil temperature. Ebullition from waterlogged areas triggered by decreasing atmospheric pressure and near-surface turbulence is thought to be an important pathway that warrants more attention in future studies. The close coupling of methane fluxes and atmospheric parameters demonstrated here raises questions regarding the reliability of enclosure-based measurements, which inherently exclude these parameters.

Nanotechnology in food industry II: risk assessment and legislation

Currently, there is increasing use of nanomaterials in the food industry thanks to the many advantages offered and make the products that contain them more competitive in the market. Their physicochemical properties often differ from those of bulk materials, which require specialized risk assessment. This should cover the risks to the health of workers and consumers as well as possible environmental risks. The risk assessment methods must go updating due to more widespread use of nanomaterials, especially now that are making their way down to consumer products. Today there is no specific legislation for nanomaterials, but there are several european dispositions and regulations that include them. This review gives an overview of the risk assessment and the existing current legislation regarding the use of nanotechnology in the food industry.

Real-time depth camera tracking with CAD models and ICP

In recent years, depth cameras have been widely utilized in camera tracking for augmented and mixed reality. Many of the studies focus on the methods that generate the reference model simultaneously with the tracking and allow operation in unprepared environments. However, methods that rely on predefined CAD models have their advantages. In such methods, the measurement errors are not accumulated to the model, they are tolerant to inaccurate initialization, and the tracking is always performed directly in reference model's coordinate system. In this paper, we present a method for tracking a depth camera with existing CAD models and the Iterative Closest Point (ICP) algorithm. In our approach, we render the CAD model using the latest pose estimate and construct a point cloud from the corresponding depth map. We construct another point cloud from currently captured depth frame, and find the incremental change in the camera pose by aligning the point clouds. We utilize a GPGPU-based implementation of the ICP which efficiently uses all the depth data in the process. The method runs in real-time, it is robust for outliers, and it does not require any preprocessing of the CAD models. We evaluated the approach using the Kinect depth sensor, and compared the results to a 2D edge-based method, to a depth-based SLAM method, and to the ground truth. The results show that the approach is more stable compared to the edge-based method and it suffers less from drift compared to the depth-based SLAM.

Epistemic Modality in Linguistic and Literature Essays in English : A comparative corpus-based study of modal verbs in student claims

This study is a corpus-based comparison between student essays written in the subject areas of English linguistics and literature at undergraduate level. They are 200 Bachelor degree theses submitted at a variety of university departments (such as English, Language and Literature, Humanities, Social and Intercultural Studies) in Sweden. The comparison concerns frequencies of core modal verbs and how often they occur together with the I, we and it subject pronouns and in the structures this/the [essay, study, project, thesis] when students attempt to communicate their personal claims. Quantitative and qualitative analyses of the essays show few similarities in the ways that core modal verbs appear in both disciplines. The results indicate mainly distinct differences, especially in relation to clusters and variation of performative verbs. Specific patterns in the ways that students use core modal verbs as hedges have also been identified.