Can company-fund manager meetings convey informational benefits? Exploring the rationalisation of equity investment decision making by UK fund managers

Conventional economic theory, applied to information released by listed companies, equates ‘useful’ with ‘price-sensitive’. Stock exchange rules accordingly prohibit the selec- tive, private communication of price-sensitive information. Yet, even in the absence of such communication, UK equity fund managers routinely meet privately with the senior execu- tives of the companies in which they invest. Moreover, they consider these brief, formal and formulaic meetings to be their most important sources of investment information. In this paper we ask how that can be. Drawing on interview and observation data with fund managers and CFOs, we find evidence for three, non-mutually exclusive explanations: that the characterisation of information in conventional economic theory is too restricted, that fund managers fail to act with the rationality that conventional economic theory assumes, and/or that the primary value of the meetings for fund managers is not related to their investment decision making but to the claims of superior knowledge made to clients in marketing their active fund management expertise. Our findings suggest a disconnect between economic theory and economic policy based on that theory, as well as a corre- sponding limitation in research studies that test information-usefulness by assuming it to be synonymous with price-sensitivity. We draw implications for further research into the role of tacit knowledge in equity investment decision-making, and also into the effects of the principal–agent relationship between fund managers and their clients.

Interpreting at Vindolanda: commercial and linguistic mediation in the Roman army.

A fragmentary tablet from Vindolanda (Tab. Vindol. II, 213) contains an occurrence of the verb interpretari (‘interpret’, ‘explain’, ‘mediate’) in an apparently commercial context, relating to the grain supply for the Roman fort. This usage is paralleled in a text on a wooden stilus tablet from Frisia in the Netherlands. ‘Interpreters’ and their activities make rather infrequent appearances in the Latin epigraphic and documentary records. In the Danubian provinces, interpreters (interpretes) are attested as army officers and officials in the office of the provincial governor. ‘Interpreters’, in both Latin and Greek inscriptions and papyri, often, however, play more ambiguous roles, not always connected with language-mediation, but also, or instead, with mediation in commercial transactions

The effect of BREEAM on clients and construction professionals

The effects and influence of the Building Research Establishment’s Environmental Assessment Methods (BREEAM) on construction professionals are examined. Most discussions of building assessment methods focus on either the formal tool or the finished product. In contrast, BREEAM is analysed here as a social technology using Michel Foucault’s theory of governmentality. Interview data are used to explore the effect of BREEAM on visibilities, knowledge, techniques and professional identities. The analysis highlights a number of features of the BREEAM assessment process which generally go unremarked: professional and public understandings of the method, the deployment of different types of knowledge and their implication for the authority and legitimacy of the tool, and the effect of BREEAM on standard practice. The analysis finds that BREEAM’s primary effect is through its impact on standard practices. Other effects include the use of assessment methods to defend design decisions, its role in both operationalizing and obscuring the concept of green buildings, and the effect of tensions between project and method requirements for the authority of the tool. A reflection on assessment methods as neo-liberal tools and their adequacy for the promotion of sustainable construction suggests several limitations of lock-in that hinder variation and wider systemic change.

Κύριε, Δέσποτα, Domine: Greek Politeness in the Roman Empire

Why did the Greeks of the Roman period make such extensive use of the vocative κύριε, when Greeks of earlier periods had been content with only one vocative meaning ‘master’, δέσποτα? This study, based primarily on a comprehensive search of documentary papyri but also making extensive use of literary evidence (particularly that of the Septuagint and New Testament), traces the development of both terms from the classical period to the seventh century AD. It concludes that κύριε was created to provide a translation for Latin domine, and that domine, which has often been considered a translation of κύριε, had a Roman origin. In addition, both κύριε and domine were from their beginnings much less deferential than is traditionally supposed, so that neither term underwent the process of ‘weakening’ which converted English ‘master’ into ‘Mr’. δέσποτα, which was originally far more deferential than the other two terms, did undergo some weakening, but not (until a very late period) as much as is usually supposed. These findings in turn imply that Imperial politeness has been somewhat misunderstood and suggest that the Greeks of the first few centuries AD were much less servile in their language than is traditionally assumed.

Provenance of chalk tesserae from a Roman town-house in Vine Street, Leicester

Fourth-century a.d. chalk tesserae from Roman Leicester (Ratae Corieltavorum) yield rich microfossil assemblages that identify a biostratigraphical age of Cretaceous Late Cenomanian to Early Turonian. The nearest chalk outcrops to Leicester lie in Hertfordshire, Lincolnshire, Yorkshire and north Norfolk, indicating that the material for the tesserae must have been sourced remotely and transported to Ratae. Superimposing the Roman road network onto a map of the relevant Chalk Group distribution provides a guide to possible sources. A process of evaluation identifies Baldock in Hertfordshire and Bridlington in Yorkshire as the most likely sources for the Leicester tesserae.

The ϝhεδιέστας inscription from archaic Argos (SEG 11:314): a reconsideration

This article offers a re-edition of SEG 11:314, Argos inventory number E274, based on re-examination of the stone and of recently rediscovered squeezes preserving material now lost from the stone; these allow improved readings in numerous places. We also offer a reinterpretation of the disputed syntax of the last three lines, which we translate ‘As for the things with which a δαμιοργóς is to compel (him to make amends), the ἀμφίπολος is to give thought to these things’.

A lost insular version of the romance of Octavian

This article is the first full examination of the Irish translation of the popular and influential medieval romance "Octavian". I argue that the source for this Irish translation was an insular version of the romance, probably in Middle English. I show how the Irish translator incorporated material from another romance, "Fierabras", in order to introduce the characters of Charlemagne and his vassals into the story. This is the only version of "Octavian" that gives the text a Carolingian setting. I also demonstrate that the version of the romance from which the Irish translation was produced differed in significant ways from any of the surviving versions in other languages. I suggest that the Irish translation provides our only witness to a lost variant version of "Octavian" and, as such, extends our knowledge of the corpus of insular romance in the Middle Ages.

Reflections on the concept of the common good from an economic perspective

The chapter considers how the common good can be implemented when opinions differ within society about the nature of the common good. It explains how economic analysis can shed light on efficient conflict-management in these circumstances. The chapter argues, more generally, that virtue theorists make too little use of economics because they have an unduly restricted view of the nature and scope of the discipline

Worldwide sequence conservation of transmission-blocking vaccine candidate Pvs230 in Plasmodium vivax

Pfs230, surface protein of gametocyte/gamete of the human malaria parasite, Plasmodium falciparum, is a prime candidate of malaria transmission-blocking vaccine. Plasmodium vivax has an ortholog of Pfs230 (Pvs230), however, there has been no study in any aspects on Pvs230 to date. To investigate whether Pvs230 can be a vivax malaria transmission-blocking vaccine, we performed evolutionary and population genetic analysis of the Pvs230 gene (pvs230: PVX_003905). Our analysis of Pvs230 and its orthologs in eight Plasmodium species revealed two distinctive parts: an interspecies variable part (IVP) containing species-specific oligopeptide repeats at the N-terminus and a 7.5 kb interspecies conserved part (ICP) containing 14 cysteine-rich domains. Pvs230 was closely related to its orthologs, Pks230 and Pcys230, in monkey malaria parasites. Analysis of 113 pvs230 sequences obtained from worldwide, showed that nucleotide diversity is remarkably low in the non-repeat 8-kb region of pvs230 (theta pi = 0.00118) with 77 polymorphic nucleotide sites, 40 of which results in amino acid replacements. A signature of purifying selection but not of balancing selection was seen on pvs230. Functional and/or structural constraints may limit the level of polymorphism in pvs230. The observed limited polymorphism in pvs230 should ground for utilization of Pvs230 as an effective transmission-blocking vaccine. (C) 2011 Elsevier Ltd. All rights reserved.

Existence of secondary bifurcations or isolas for PDEs

In this paper, we introduce a method to conclude about the existence of secondary bifurcations or isolas of steady state solutions for parameter dependent nonlinear partial differential equations. The technique combines the Global Bifurcation Theorem, knowledge about the non-existence of nontrivial steady state solutions at the zero parameter value and explicit information about the coexistence of multiple nontrivial steady states at a positive parameter value. We apply the method to the two-dimensional Swift-Hohenberg equation. (C) 2011 Elsevier Ltd. All rights reserved.

Photoproduction of J/psi and of high mass e(+)e(-) in ultra-peripheral Au plus Au collisions at root s(NN)=200 GeV

We present the first measurement of photoproduction of J/psi and of two-photon production of high-mass e(+)e(-) pairs in electromagnetic (or ultra-peripheral) nucleus-nucleus interactions, using Au + Au data at root s(NN) = 200 GeV. The events are tagged with forward neutrons emitted following Coulomb excitation of one or both Au* nuclei. The event sample consists of 28 events with m(e+e-) > 2 GeV/c(2) with zero like-sign background. The measured cross sections at midrapidity of d sigma/dy (J/psi + Xn, y = 0) = 76 +/- 33 (stat) +/- 11 (syst) pb and d(2)sigma /dm dy (e(+) e(-) + Xn, y = 0) = 86 +/- 23(stat) +/- 16(syst) mu b/ (GeV/c(2)) for m(e+e-) epsilon vertical bar 2.0, 2.8 vertical bar GeV/c(2) have been compared and found to be consistent with models for photoproduction of J/psi and QED based calculations of two-photon production of e(+)e(-) pairs. (C) 2009 Elsevier B.V. All rights reserved.

A framework for ICT-based knowledge sharing in sustainable rural development : the case of Gilgit-Baltistan, Pakistan

Some 50% of the people in the world live in rural areas, often under harsh conditions and in poverty. The need for knowledge of how to improve living conditions is well documented. In response to this need, new knowledge of how to improve living conditions in rural areas and elsewhere is continuously being developed by researchers and practitioners around the world. People in rural areas, in particular, would certainly benefit from being able to share relevant knowledge with each other, as well as with stakeholders (e.g. researchers) and other organizations (e.g. NGOs). Central to knowledge management is the idea of knowledge sharing. This study is based on the assumption that knowledge management can support sustainable development in rural and remote regions. It aims to present a framework for knowledge management in sustainable rural development, and an inventory of existing frameworks for that. The study is interpretive, with interviews as the primary source for the inventory of stakeholders, knowledge categories and Information and Communications Technology (ICT) infrastructure. For the inventory of frameworks, a literature study was carried out. The result is a categorization of the stakeholders who act as producers and beneficiaries of explicit and indigenous development knowledge. Stakeholders are local government, local population, academia, NGOs, civil society and donor agencies. Furthermore, the study presents a categorization of the development knowledge produced by the stakeholders together with specifications for the existing ICT infrastructure. Rural development categories found are research, funding, agriculture, ICT, gender, institutional development, local infrastructure development, and marketing & enterprise. Finally, a compiled framework is presented, and it is based on ten existing frameworks for rural development that were found in the literature study, and the empirical findings of the Gilgit-Baltistan case. Our proposed framework is divided in four levels where level one consists of the identified stakeholders, level two consists of rural development categories, level three of the knowledge management system and level four of sustainable rural development based on the levels below. In the proposed framework we claim that the sustainability of rural development can be achieved through a knowledge society in which knowledge of the rural development process is shared among all relevant stakeholders.