Agency theory problems behind the fall of shopping centers

The present article assesses agency theory related problems contributing to the fall of shopping centers. The negative effects of the financial and economic downturn started in 2008 were accentuated in emerging markets like Romania. Several shopping centers were closed or sold through bankruptcy proceedings or forced execution. These failed shopping centers, 10 in number, were selected in order to assess agency theory problems contributing to the failure of shopping centers; as research method qualitative multiple cases-studies is used. Results suggest, that in all of the cases the risk adverse behavior of the External Investor- Principal, lead to risk sharing problems and subsequently to the fall of the shopping centers. In some of the cases Moral Hazard (lack of Developer-Agent’s know-how and experience) as well as Adverse Selection problems could be identified. The novelty of the topic for the shopping center industry and the empirical evidences confer a significant academic and practical value to the present article.

The long term preservation of an 18th century gene bank heritage

The allée is one of the oldest instruments and forms of landscape architecture, which has often been used from the Antiquity for the expression of visual and functional relationships, for the delimitation of space, or for the pictorial creation of movement. The several hundred years old allées of the late baroque age, which still live among us as the witnesses of bygone times, represent a special value throughout Europe. The longevity and the respectable size as such bestow a certain value upon the trees. However, the allées also stand for a garden art, landscape, culture historical and natural value, which in a summarized way are called cultural heritage. Furthermore, the gene pool of the proven longevous, high tolerance tree specimens is a natural and genetic heritage of scientific signification. The age of the trees and allées is finite. Even with a careful and professional care, the renewal is inevitable, which, beyond technical problems of landscape architecture might raise many scientific, nature conservation, yes, esthetical and ethical questions. This is why there is no universal methodology, but there are aspects and examination procedures of general validity with the help of which a renewal can be prepared. The renewal concept of the lime tree allée in Nagycenk aims at the protection and the transmission of the value-ensemble embodied in the allée. One part of the value-ensemble is the spiritual, cultural heritage, the extraordinary value of the landscape-scaled, landscape architectural creation planted and taken care of by the Széchenyis. On the other hand the two and a half centuries old trees represent an inestimable botanical and genetic wealth. Its transmission and preservation is a scientifically important program coming up to the Széchenyi heritage. After the registration of the originally planted old trees, the complete nursery material of the “Széchenyi limes” necessary for the replanting can be produced by vegetative propagation. The gradual replacement of the stand with its own propagation material, by the carefully raised nursery trees of the same age can be a model for the gene-authentic renewal method – a novelty even at an international level.

Segregation in Minds

In this paper, I explore socio-spatial segregation from a particular perspective, which may probably be considered a novelty in the investigation of spatial social patterns, as it focuses on questions such as: What kind of distinction occurs between socio-spatial patterns designated by statistical data and the cognitive representations of those patterns in people's minds? and What explains these diff erences, and what kind of impact can they generate?

Stylization: a method for preserving the character of climate sensitive habitats. A case study of acidofrequent mixed forests

Stylization is a common method of ornamental plant use that imitates nature and evokes the scenery. This paper discloses a not yet proposed aspect of stylization, since the method offers the possibility of preserving the physiognomy of those habitats that seem to vanish due to future climate change. In addition, novelty of the method is founded also on that vulnerability of the Hungarian habitats has been examined by the researchers only from the botanical and ecological point of view so far and not in terms of its landscape design value. In Hungary, acidofrequent mixed forests appear to be highly sensitive to climate change according to ecological models. We are going to discuss the methodology of stylization of climate sensitive habitats and briefly refer to acidofrequent mixed forests as a case study. Those coniferous and deciduous tree species of the studied habitat that are water demanding are proposed to be substituted by drought tolerant ones with similar characteristics, and an optionally expandable list of these taxa is presented. Based on this the authors suggest experimental investigations of those of the proposed taxa for which the higher drought tolerance is based on observations only.

State subsidy and moral hazard in corporate financing

This paper investigates the impact of state subsidy on the behavior of the entrepreneur under asymmetric information. Several authors formulated concerns about state intervention as it can aggravate moral hazard in corporate financing. In the seminal paper of Holmström and Tirole (1997) a two-player moral hazard model is presented with an entrepreneur initiating a risky scalable project and a private investor (e.g. bank or venture capitalist) providing outside financing. The novelty of our research is that this basic moral hazard model is extended to the case of positive externalities and to three players by introducing the state subsidizing the project. It is shown that in the optimum, state subsidy does not harm, but improves the incentives of the entrepreneur to make efforts for the success of the project; hence in effect state intervention reduces moral hazard. Consequently, state subsidy increases social welfare which is defined as the sum of private and public net benefits. Also, the exact form of the state subsidy (ex-ante/ex-post, conditional/unconditional, refundable/nonrefundable) is irrelevant in respect of the optimal size and the total welfare effect of the project. Moreover, in case of nonrefundable subsidies state does not crowd out private investors; but on the contrary, by providing additional capital it boosts private financing. In case of refundable subsidies some crowding effects may occur depending on the subsidy form and the parameters.

How much is corporate cash-pooling worth? Modelling and simulation

The paper analyzes a special corporate banking product, the so called cash-pool, which gained remarkable popularity in the recent years as firms try to centralize and manage their liquidity more efficiently. The novelty of this paper is the formalization of a valuation model which can serve as a basis for a Monte Carlo simulation to assess the most important benefits of the firms arising from the pooling of their cash holdings. The literature emphasizes several benefits of cash-pooling such as interest rate savings, economy of scale and reduced cash-flow volatility. The presented model focuses on the interest rate savings complemented with a new aspect: the reduced counterparty risk toward the bank. The main conclusion of the analysis is that the value of a cash-pool is higher in case of firms with large, diverse and volatile cash-flows having less access to the capital markets especially if the partner bank is risky and offers a high interest spread. It is also shown that cash-pooling is not the privilege of large multinational firms any more as the initial direct costs can be easily regained within a year even in the case of SMEs.

Square and compass: Freemasonry's tools for constructing a global civil society

The concept of a global civil society is gaining greater acceptance among International Relations (IR) scholars, yet few studies exist that look at the role of fraternal organizations and their influence in constructing this realm. Freemasonry, one of the oldest fraternal orders, exerts a powerful influence on its membership through its symbolism, architecture and ritual, based on the tenets of mutual respect and tolerance towards all human beings. Such principles helped in creating a body of practices and institutions as early as the eighteenth century which two hundred years later were identified and conceptualized as global civil society. ^ The allegations of anti-Masons and conspiracy theorists offer a continuous account of Masonry's influence on the political scene since its modern founding in 1717 Great Britain. Conspiracy theorists portray the coming of a New World Order, orchestrated and directed by a secret hierarchy of Masons/Illuminati. Even though the lens of conspiracy theories paints a distorted view of reality, it does focus attention to Freemasonry's activities as a major player in politics over the span of three centuries. Not only do such theories challenge the novelty of practices that make up a global civil society, but also the notion that it is an inclusive and growing sector that unites people across the globe. They also provide a valuable critique by pointing out the inconsistencies and discriminatory practices of Masonry as contrasted with the lofty ideals and aims for humanity. ^ The Masonic influence in the social world is perceived as one that reflects the liberal worldview where the nation-state and power structures are in pursuit of human progress, or profit. The symbolism of Masonry, however, carries a message that can be characterized as representing republican ideals. Masonic symbolism and ritual create spaces of meaning where the contradictions between the ideals and the structures of inequality and elitism can be resolved. Freemasonry as a symbolic system proclaiming their inherent republican values does have a global reach. However, the effectiveness of these values is bounded by the constraints that are inherent in a liberal world dominated by nation-states. ^

High frequency electric machine models for the evaluation of operational impacts in integrated drives

A high frequency physical phase variable electric machine model was developed using FE analysis. The model was implemented in a machine drive environment with hardware-in-the-loop. The novelty of the proposed model is that it is derived based on the actual geometrical and other physical information of the motor, considering each individual turn in the winding. This is the first attempt to develop such a model to obtain high frequency machine parameters without resorting to expensive experimental procedures currently in use. The model was used in a dynamic simulation environment to predict inverter-motor interaction. This includes motor terminal overvoltage, current spikes, as well as switching effects. In addition, a complete drive model was developed for electromagnetic interference (EMI) analysis and evaluation. This consists of the lumped parameter models of different system components, such as cable, inverter, and motor. The lumped parameter models enable faster simulations. The results obtained were verified by experimental measurements and excellent agreements were obtained. A change in the winding arrangement and its influence on the motor high frequency behavior has also been investigated. This was shown to have a little effect on the parameter values and in the motor high frequency behavior for equal number of turns. An accurate prediction of overvoltage and EMI in the design stages of the drive system would reduce the time required for the design modifications as well as for the evaluation of EMC compliance issues. The model can be utilized in the design optimization and insulation selection for motors. Use of this procedure could prove economical, as it would help designers develop and test new motor designs for the evaluation of operational impacts in various motor drive applications.

The ethical paradigm of Jose Marti's writings beyond Modernity

This dissertation explores the nature of Jose Marti's ethical ideas in relation to the rise of late Nineteenth Century Modernity and in tandem with the deconstruction and subversion of the principal constituencies of colonial and aesthetic discourses. Marti proposes a new paradigm that question the insatiable pursuit of novelty, the hostility towards tradition, the historical perspectivism and a critical stance with regard to social aesthetic Modernity. He also questions the cult of reason, the linear historicism, and the teleological progress framed in philosophical utilitarian pragmatism of bourgeois Modernity. His radical criticism of the structures and institutions of the hegemonic power of the modern state override the ontological and epistemological foundations of Modernity. Marti's deconstruction of the fundamental discourses of euro-centristic Occidental culture leads him, through his ethical writings, to an arqueology of Native American civilizations, thus reinserting, within the false premises of European universalism, his counter-discourse of tradition and the voice of the Other.

A Markov chain location-allocation meta-model for hurricane relief

An emergency is a deviation from a planned course of events that endangers people, properties, or the environment. It can be described as an unexpected event that causes economic damage, destruction, and human suffering. When a disaster happens, Emergency Managers are expected to have a response plan to most likely disaster scenarios. Unlike earthquakes and terrorist attacks, a hurricane response plan can be activated ahead of time, since a hurricane is predicted at least five days before it makes landfall. This research looked into the logistics aspects of the problem, in an attempt to develop a hurricane relief distribution network model. We addressed the problem of how to efficiently and effectively deliver basic relief goods to victims of a hurricane disaster. Specifically, where to preposition State Staging Areas (SSA), which Points of Distributions (PODs) to activate, and the allocation of commodities to each POD. Previous research has addressed several of these issues, but not with the incorporation of the random behavior of the hurricane's intensity and path. This research presents a stochastic meta-model that deals with the location of SSAs and the allocation of commodities. The novelty of the model is that it treats the strength and path of the hurricane as stochastic processes, and models them as Discrete Markov Chains. The demand is also treated as stochastic parameter because it depends on the stochastic behavior of the hurricane. However, for the meta-model, the demand is an input that is determined using Hazards United States (HAZUS), a software developed by the Federal Emergency Management Agency (FEMA) that estimates losses due to hurricanes and floods. A solution heuristic has been developed based on simulated annealing. Since the meta-model is a multi-objective problem, the heuristic is a multi-objective simulated annealing (MOSA), in which the initial solution and the cooling rate were determined via a Design of Experiments. The experiment showed that the initial temperature (T0) is irrelevant, but temperature reduction (δ) must be very gradual. Assessment of the meta-model indicates that the Markov Chains performed as well or better than forecasts made by the National Hurricane Center (NHC). Tests of the MOSA showed that it provides solutions in an efficient manner. Thus, an illustrative example shows that the meta-model is practical.

Development of face recognition: Infancy to early childhood

Perception and recognition of faces are fundamental cognitive abilities that form a basis for our social interactions. Research has investigated face perception using a variety of methodologies across the lifespan. Habituation, novelty preference, and visual paired comparison paradigms are typically used to investigate face perception in young infants. Storybook recognition tasks and eyewitness lineup paradigms are generally used to investigate face perception in young children. These methodologies have introduced systematic differences including the use of linguistic information for children but not infants, greater memory load for children than infants, and longer exposure times to faces for infants than for older children, making comparisons across age difficult. Thus, research investigating infant and child perception of faces using common methods, measures, and stimuli is needed to better understand how face perception develops. According to predictions of the Intersensory Redundancy Hypothesis (IRH; Bahrick & Lickliter, 2000, 2002), in early development, perception of faces is enhanced in unimodal visual (i.e., silent dynamic face) rather than bimodal audiovisual (i.e., dynamic face with synchronous speech) stimulation. The current study investigated the development of face recognition across children of three ages: 5 – 6 months, 18 – 24 months, and 3.5 – 4 years, using the novelty preference paradigm and the same stimuli for all age groups. It also assessed the role of modality (unimodal visual versus bimodal audiovisual) and memory load (low versus high) on face recognition. It was hypothesized that face recognition would improve across age and would be enhanced in unimodal visual stimulation with a low memory load. Results demonstrated a developmental trend (F(2, 90) = 5.00, p = 0.009) with older children showing significantly better recognition of faces than younger children. In contrast to predictions, no differences were found as a function of modality of presentation (bimodal audiovisual versus unimodal visual) or memory load (low versus high). This study was the first to demonstrate a developmental improvement in face recognition from infancy through childhood using common methods, measures and stimuli consistent across age.

A study on uncertain dynamic disaster management tasks, knowledge sharing, and task performance

Each disaster presents itself with a unique set of characteristics that are hard to determine a priori. Thus disaster management tasks are inherently uncertain, requiring knowledge sharing and quick decision making that involves coordination across different levels and collaborators. While there has been an increasing interest among both researchers and practitioners in utilizing knowledge management to improve disaster management, little research has been reported about how to assess the dynamic nature of disaster management tasks, and what kinds of knowledge sharing are appropriate for different dimensions of task uncertainty characteristics. ^ Using combinations of qualitative and quantitative methods, this research study developed the dimensions and their corresponding measures of the uncertain dynamic characteristics of disaster management tasks and tested the relationships between the various dimensions of uncertain dynamic disaster management tasks and task performance through the moderating and mediating effects of knowledge sharing. ^ Furthermore, this research work conceptualized and assessed task uncertainty along three dimensions: novelty, unanalyzability, and significance; knowledge sharing along two dimensions: knowledge sharing purposes and knowledge sharing mechanisms; and task performance along two dimensions: task effectiveness and task efficiency. Analysis results of survey data collected from Miami-Dade County emergency managers suggested that knowledge sharing purposes and knowledge sharing mechanisms moderate and mediate uncertain dynamic disaster management task and task performance. Implications for research and practice as well directions for future research are discussed.^

Power and thermal aware scheduling for real-time computing systems

Over the past few decades, we have been enjoying tremendous benefits thanks to the revolutionary advancement of computing systems, driven mainly by the remarkable semiconductor technology scaling and the increasingly complicated processor architecture. However, the exponentially increased transistor density has directly led to exponentially increased power consumption and dramatically elevated system temperature, which not only adversely impacts the system's cost, performance and reliability, but also increases the leakage and thus the overall power consumption. Today, the power and thermal issues have posed enormous challenges and threaten to slow down the continuous evolvement of computer technology. Effective power/thermal-aware design techniques are urgently demanded, at all design abstraction levels, from the circuit-level, the logic-level, to the architectural-level and the system-level. ^ In this dissertation, we present our research efforts to employ real-time scheduling techniques to solve the resource-constrained power/thermal-aware, design-optimization problems. In our research, we developed a set of simple yet accurate system-level models to capture the processor's thermal dynamic as well as the interdependency of leakage power consumption, temperature, and supply voltage. Based on these models, we investigated the fundamental principles in power/thermal-aware scheduling, and developed real-time scheduling techniques targeting at a variety of design objectives, including peak temperature minimization, overall energy reduction, and performance maximization. ^ The novelty of this work is that we integrate the cutting-edge research on power and thermal at the circuit and architectural-level into a set of accurate yet simplified system-level models, and are able to conduct system-level analysis and design based on these models. The theoretical study in this work serves as a solid foundation for the guidance of the power/thermal-aware scheduling algorithms development in practical computing systems.^

Antipredator Responses by Native Mosquitofish to Non-Native Cichlids: An Examination of the Role of Prey Naiveté

The strong impact of non-native predators in aquatic systems is thought to relate to the evolutionary naiveté of prey. Due to isolation and limited dispersal, this naiveté may be relatively high in freshwater systems. In this study, we tested this notion by examining the antipredator response of native mosquitofish, Gambusia holbrooki, to two non-native predators found in the Everglades, the African jewelfish, Hemichromis letourneuxi, and the Mayan cichlid, Cichlasoma urophthalmus. We manipulated prey naiveté by using two mosquitofish populations that varied in their experience with the recent invader, the African jewelfish, but had similar levels of experience with the longer-established Mayan cichlid. Specifically, we tested these predictions: (1) predator hunting modes differed between the two predators, (2) predation rates would be higher by the novel jewelfish predator, (3) particularly on the naive population living where jewelfish have not invaded yet, (4) antipredator responses would be stronger to Mayan cichlids due to greater experience and weaker and/or ineffective to jewelfish, and (5) especially weakest by the naive population. We assayed prey and predator behavior, and prey mortality in lab aquaria where both predators and prey were free-ranging. Predator hunting modes and habitat domains differed, with jewelfish being more active search predators that used slightly higher parts of the water column and less of the habitat structure relative to Mayan cichlids. In disagreement with our predictions, predation rates were similar between the two predators, antipredator responses were stronger to African jewelfish (except for predator inspections), and there was no difference in response between jewelfish-savvy and jewelfish-naive populations. These results suggest that despite the novelty of introduced predators, prey may be able to respond appropriately if non-native predator archetypes are similar enough to those of native predators, if prey rely on general antipredator responses or predation cues, and/or show neophobic responses.

Antipredator behavior and cue recognition by multiple Everglades prey to a novel cichlid predator

Novel predator introductions are thought to have a high impact on native prey, especially in freshwater systems. Prey may fail to recognize predators as a threat, or show inappropriate or ineffective responses. The ability of prey to recognize and respond appropriately to novel predators may depend on the prey’s use of general or specific cues to detect predation threats.We used laboratory experiments to examine the ability of three native Everglades prey species (Eastern mosquitofish, flagfish and riverine grass shrimp) to respond to the presence, as well as to the chemical and visual cues of a native predator (warmouth) and a recentlyintroduced non-native predator (African jewelfish). We used prey from populations that had not previously encountered jewelfish. Despite this novelty, the native warmouth and nonnative jewelfish had overall similar predatory effects, except on mosquitofish, which suffered higher warmouth predation. When predators were present, the three prey taxa showed consistent and strong responses to the non-native jewelfish, which were similar in magnitude to the responses exhibited to the native warmouth. When cues were presented, fish prey responded largely to chemical cues, while shrimp showed no response to either chemical or visual cues. Overall, responses by mosquitofish and flagfish to chemical cues indicated low differentiation among cue types, with similar responses to general and specific cues. The fact that antipredator behaviours were similar toward native and non-native predators suggests that the susceptibility to a novel fish predator may be similar to that of native fishes, and prey may overcome predator novelty, at least when predators are confamilial to other common and longer-established non-native threats.