Testing term structure estimation methods:evidence from the UK STRIPs market

Prices and yields of UK government zero-coupon bonds are used to test alternative yield curve estimation models. Zero-coupon bonds permit a more pure comparison, as the models are providing only the interpolation service and also not making estimation feasible. It is found that better yield curves estimates are obtained by fitting to the yield curve directly rather than fitting first to the discount function. A simple procedure to set the smoothness of the fitted curves is developed, and a positive relationship between oversmoothness and the fitting error is identified. A cubic spline function fitted directly to the yield curve provides the best overall balance of fitting error and smoothness, both along the yield curve and within local maturity regions.

Individual spirit at work and its relationship with employee work attitudes and organisational outcomes:An empirical examination in corporate Thailand

The purpose of this thesis is to conduct empirical research in corporate Thailand in order to (1) validate the Spirit at Work Scale (2) investigate the relationships between individual spirit at work and three employee work attitudinal variables (job satisfaction, organisational identification and psychological well-being) and three organisational outcomes (in-role performance, organisational citizenship behaviours (OCB), and turnover intentions) (3) further examine causal relations among these organisational behaviour variables with a longitudinal design (4) examine three employee work attitudes as mediator variables between individual spirit at work and three organisational outcomes and (5) explore the potential antecedents of organisational conditions that foster employee experienced individual spirit at work. The two pilot studies with 155 UK and 175, 715 Thai samples were conducted for validation testing of the main measure used in this study: Spirit at Work Scale (Kinjerski & Skrypnek, 2006a). The results of the two studies including discriminant validity analyses strongly provided supportive evidence that Spirit at Work Scale (SAWS) is a sound psychometric measure and also a distinct construct from the three work attitude constructs. The final model of SAWS contains a total of twelve items; a three factor structure (meaning in work, sense of community, and spiritual connection) in which the sub-factors loaded on higher order factors and also had very acceptable reliability. In line with these results it was decided to use the second-order of SAWS model for Thai samples in the main study and subsequent analysis. The 715 completed questionnaires were received from the first wave of data collection during July - August 2008 and the second wave was conducted again within the same organisations and 501 completed questionnaires were received during March - April 2009. Data were obtained through 49 organisations which were from three types of organisations within Thailand: public organisations, for-profit organisations, and notfor-profit organisations. Confirmatory factor analysis of all measures used in the study and hypothesised model were tested with structural equation modelling techniques. The results were greatly supportive for the direct structural model and partially supportive for the fully mediated model. Moreover, there were different findings across self report and supervisor rating on performance and OCB models. Additionally, the antecedent conditions that fostered employees experienced individual spirit at work and the implications of these findings for research and practice are discussed.

Chain-store pricing and the structure of retail markets

This paper investigates competition between chain-stores and independents in the UK opticians' industry, using the relationship between the number of outlets present in a local market and the market size. Chain-stores are shown to have a significant effect on local market competition. In addition, the empirical approach is extended to allow inferences on the nature and extent of product differentiation. The results are broadly consistent with a model of vertical product differentiation in which chain-stores adopt national pricing strategies. The evidence suggests that the nature of competition between independent retailers depends on whether a chain-store is present.

The degradation of gel-spun poly(beta-hydroxybutyrate) fibrous matrix

Poly(β-hydroxybutyrate), (PHB), is a biologically produced, biodegradable thennoplastic with commercial potential. In this work the qualitative and quantitative investigations of the structure and degradation of a previously unstudied, novel, fibrous form of PHB, were completed. This gel-spun PHB fibrous matrix, PHB(FM), which has a similar appearance to cotton wool, possesses a relatively complex structure which combines a large volume with a low mass and has potential for use as a wound scaffolding device. As a result of the intrinsic problems presented by this novel structure, a new experimental procedure was developed to analyze the degradation of the PHB to its monomer hydroxybutyric acid, (HBA). This procedure was used in an accelerated degradation model which accurately monitored the degradation of the undegraded and degraded fractions of a fibrous matrix and the degradation of its PHB component. The in vitro degradation mechanism was also monitored using phase contrast and scanning electron microscopy, differential scanning calorimetry, fibre diameter distributions and Fourier infra-red photoacoustic spectroscopy. The accelerated degradation model was used to predict the degradation of the samples in the physiological model and this provided a clearer picture as to the samples potential biodegradation as medical implantation devices. The degradation of the matrices was characterized by an initial penetration of the degradative medium and weakening of the fibre integrity due to cleavage of the ester linkages, this then led to the physical collapse of the fibres which increased the surface area to volume ratio of the sample and facilitated its degradation. Degradation in the later stages was reduced due to the experimental kinetics, compaction and degradation resistant material, most probably the highly crystalline regions of the PHB. The in vitro degradation of the PHB(FM) was influenced by blending with various polysaccharides, copolymerizing with poly(~-hydroxyvalerate), (PHV), and changes to the manufacturing process. The degradation was also detennined to be faster than that of conventional melt processed PHB based samples. It was concluded that the material factors such as processing, sample size and shape affected the degradation of PHB based samples with the major factor of sample surface area to volume ratio being of paramount importance in determining the degradation of a sample.

Prediction of Klason lignin and lignin thermal degradation products by Py-GC/MS in a collection of Lolium and Festuca grasses

A rapid method for the analysis of biomass feedstocks was established to identify the quality of the pyrolysis products likely to impact on bio-oil production. A total of 15 Lolium and Festuca grasses known to exhibit a range of Klason lignin contents were analysed by pyroprobe-GC/MS (Py-GC/MS) to determine the composition of the thermal degradation products of lignin. The identification of key marker compounds which are the derivatives of the three major lignin subunits (G, H, and S) allowed pyroprobe-GC/MS to be statistically correlated to the Klason lignin content of the biomass using the partial least-square method to produce a calibration model. Data from this multivariate modelling procedure was then applied to identify likely "key marker" ions representative of the lignin subunits from the mass spectral data. The combined total abundance of the identified key markers for the lignin subunits exhibited a linear relationship with the Klason lignin content. In addition the effect of alkali metal concentration on optimum pyrolysis characteristics was also examined. Washing of the grass samples removed approximately 70% of the metals and changed the characteristics of the thermal degradation process and products. Overall the data indicate that both the organic and inorganic specification of the biofuel impacts on the pyrolysis process and that pyroprobe-GC/MS is a suitable analytical technique to asses lignin composition. © 2007 Elsevier B.V. All rights reserved.

The chemical structure and mechanical properties of phenolic resins and related polymers

Paper-based phenolic laminates are used extensively in the electrical industry. Many small components are fabricated from these materials by the process known as punching. Recently an investigation was carried out to study the effect of processing variables on the punching properties. It was concluded that further work would be justified and that this should include a critical examination of the resin properties in a more controlled and systematic manner. In this investigation an attempt has been made to assess certain features of the resin structure in terms of thermomechanical properties. The number of crosslinks in the system was controlled using resins based on phenol and para-cresol formulations. Intramolecular hydrogen bonding effects were examined using substituted resins and a synthetically derived phenol based on 1,3-di-(o-hydroxyphenyl) propane.. A resin system was developed using the Friedel Crafts reaction to examine inter-molecular hydrogen bonding at the resin-paper interface. The punching properties of certain selected resins were assessed on a qualitative basis. In addition flexural and dynamic mechanical properties were determined in a general study of the structure-property relationships of these materials. It has been shown that certain features of the resin structure significantly influenced mechanical properties. :F'urther, it was noted that there is a close relationship between punching properties, mechanical damping and flexural strain. This work includes a critical examination of the curing mechanism and views are postulated in an attempt to extend knowledge in this area of the work. Finally, it is argued that future work should be based on a synthetic approach and that dynamic mechanical testing would provide a powerful tool In developing a deeper understanding of the resin fine structure.

Protein deposition at polymer surfaces:the bulk and surface structure-property effects of hydrogels

The primary objective of this research has been to investigate the interfacial phenomenon of protein adsorption in relation to the bulk and surface structure-property effect s of hydrogel polymers. In order to achieve this it was first necessary to characterise the bulk and surface properties of the hydrogels, with regard to the structural chemistry of their component monomers. The bulk properties of the hydrogels were established using equilibrium water content measurements, together with water-binding studies by differential scanning calorimetry (D.S.C.). Hamilton and captive air bubble-contact angle techniques were employed to characterise the hydrogel-water interface and from which by a mathematical derivation, the interfacial free energy (ðsw) and the surface free energy components (ð psv, ðdsv, ðsv) were obtained. From the adsorption studies using the radio labelled iodinated (125I) proteins of human serum albumin (H.S.A.) and human fibrinogen (H.Fb.), it was Found that multi-layered adsorption was occurring and that the rate and type of this adsorption was dependent on the physico-chemical behaviour of the adsorbing protein (and its bulk concentration in solution), together with the surface energetics of the adsorbent polymer. A potential method for the invitro evaluation of a material's 'biocompatibility' was also investigated, based on an empirically observed relationship between the adsorption of albumin and fibrinogen and the 'biocompatibility' of polymeric materials. Furthermore, some consideration was also given to the biocompatibility problem of proteinaceous deposit formation on hydrophilic soft' contact lenses and in addition a number of potential continual wear contact lens formulations now undergoing clinical trials,were characterised by the above techniques.

A survey of some small firms in the rural areas of England: their structure and functions, with special reference to factors that affect their development

This study was concerned with the structure, functions and development, especially the performance, of some rural small firms associated with the Council for Small Industries in Rural Areas (C?SIRA) of England. Forty firms were used as the main basis of analysis. For some aspects of the investigation, however, data from another 54 firms, obtained indirectly through nine CoSIRA Organisers, were also used. For performance-analysis, the 40 firms were firstly ranked according to their growth and profitability rates which were calculated from their financial data. Then each of the variables hypothesised to be related to performance was tested to ascertain its relationship with performance, using the Spearman's Rank Correlation technique. The analysis indicated that each of the four factors .. the principal, the firm itself, its management, and the environment - had a bearing upon the performance of the firm. Within the first factor, the owner-manager's background and attitudes were found to be most important; in the second, the firm's size, age and scope of activities were also found to be correlated with performance; with respect to the third, it was revealed that firms which practised some forms of systems in planning, control and costing performed better than those which did not and, finally with respect to the fourth factor, it was found that some of the services provided by CoSIRA, especially credit finance, were facilitative to the firm's performance. Another significant facet of the firms highlighted by the study was their multifarious roles. These, meeting economic, psychological, sociological and political needs, were considered to be most useful to man and his society. Finally, the study has added light to the structural characteristics of the sampled firms, including various aspects of their development, orientation and organisation, as well as their various structural strengths and weakness. ' .

Ability assessment and job structure measures in occupational mobility

Recent and potential changes in technology have resulted in the anticipation of increases in the frequency of job changes. This has led manpower policy makers to investigate the feasibility of incorporating the employment skills of job groups in the general prediction of future job learning and performance with a view to the establishment of "job families" within which transfer might be considered reciprocally high. A structured job analysis instrument (the Position Analysis Questionnaire) is evaluated in terms of two distinct sets of scores; job dimensions and synthetically established attribute/trait profiles. Studies demonstrate that estimates of a job's structure/dimensions and requisite human attributes can be reliably established. Three alternative techniques of statistically assembling profiles of the requisite human attributes for jobs are found to have differential levels of reliability and differential degrees of validity in their estimation of the "actual" ability requirements of jobs. The utility of these two sets of job descriptors to serve as representations of the cognitive structure similarity of job groups is investigated in a study which simulates a job transfer situation. The central role of the index of similarity used to assess the relationship between "target" and "present" job is demonstrated. The relative extents to which job structure similarity and job attribute similariity are associated with positive transfer are investigated. The studies demonstrate that the dimensions of jobs, and more fruitfully their requisite human attributes can serve as bases to predict job transfer learning and performance. The nature of the index of similarity used to optimally formulate predictions of transfer is such that networks of jobs might be establishable to which current job incumbents could be expected to transfer positively. The derivation of "job families" with anticipated reciprocal transfer consequences is considered to be less appropriate.

The relationship of mineralization to petrology at Parys Mountain, Anglesey

The Lower Palaeozoic succession at Parys Mountain overlies a Precambrian basement (the Iona Series). This succession consists of Ordovician slates, overlain by, and in part interbedded with, Ordovician dacitic and rhyolitic volcanics, which in turn are unconformably overlain by Silurian slates. Both basement and Palaeozoic rocks have been deformed during Caledonian and Variscan orogenies. The resultant structure of Parys Mountain is interpreted as an east-north-easterly trending, single syncline overturned to the north. Many primary extrusive characters are retained by the volcanic rocks, despite the high degree of deformation. The lithologies and textures allow subdivision and interpretation of these rocks as dacite, lithic tuff, siliceous sinter, rhyolitic tuff, rhyolitic ignimbrite, rhyolitic tuff-lava, and rhyolitic lava. The results of 61 bulk chemical analyses are interpreted to show that the volcanism was of the orogenic calc-alkaline type from a continental margin/island arc environment. The magmas probably result from either partial melting of the crustal part of the oceanic lithosphere on a Benioff zone, or partial melting of the mantle, above a Benioff zone, under high load pressures and high water pressures. The mineral deposits are largely confined within the volcanic succession though some occur in the Ordovician and Silurian slates near to their contacts with the volcanics. The majority of the deposits form conformable lenses and tabular bodies, with subordinate deposits as veins and stockworks. The ore mineral assemblages are of chalcopyrite, galena, sphalerite, and pyrite. The general paragenetic sequence (73 sections) is pyrite--chalcopyrite--galena-sphalerite. The main mineralization episode is interpreted to be syngenetic, genetically related to the volcanism. The veins and stockworks probably result from Caledonian and Variscan remobilization of the primary mineralization. Trace element analyses (Cu, Zn, Pb, Ni, Co, Cd, Cr, Hg, Ba, Sr), on 350 specimens, detected anomalous concentrations of these elements around the mineralized zones, though some occur where no mineralization was found. The analyses also indicate a close relationship between the mineralization and the volcanic horizons, especially the siliceous sinter.

The nature of cognitive style and its relationship to educational performance

A survey is made of the literature relating to a number of dimensions of cognitive style, from which it is concluded that cognitive style has a strong theoretical potential as a predictor of academic performance. It is also noted that there have been few attempts to relate co gnitive style to academic performance, and that these have met with limited success. On the assumption that theories of individual differences should be congruent with theories of general functioning, an examination is made of the model of cognition presupposed by ,dimen sions of cognitive style. A central feature of this model is the distinction between cognitive content and cognitive structure. The origins of this distinction are traced back to the normative and experimental or quasi-experimental characteristics of research in psychology. The validity of the distinction is examined with reference to modern research findings, and the conclusion is drawn that the norma~ive experimental method is an increasingly inappropriate tool of research when applied to higher levels of cognitive functioning, as it cannot handle subject idiosyncracy or patterns of interaction. An examination of the presuppositions of educational research leads to the complementary conclusion that the research methods imply an oversimplified model of the educational situation. Two empirical studies are reported: (1) An experiment using conventional cognitive style dimensions as predictors of performance under two teaching methods (2) An attempt to predict individual differences in overall academic performance by means of a research technique which uses a questionnaire, intra-individual scoring, and an analysis of patterns of responses, and which attempts to take some account of subject idiosyncracy. The implifications of these studies for fUrther research are noted.

In vitro hydrolytic degradation of centrifugally spun polyhydroxybutyrate-pectin composite fibres

BACKGROUND: Centrifugal spinning is a novel fibre-forming process that readily permits the incorporation of additives while avoiding the thermal damage often associated with conventional melt spinning. Centrifugal spinning of a viscous solution of poly(3-hydroxybutyrate) (PHB) mixed with pectin was used to fabricate a range of fibres containing different concentrations of this biologically active agent. The influence of this blending on fibre morphology and in vitro degradation in an accelerated hydrolytic model at 70 ?C and pH of 10.6 is reported. RESULTS: Blending influenced the physiochemical properties of the fibres, andthis significantly affected thedegradation profile of both the fibre and its PHB constituent. A greater influence on degradation was exerted by the type of pectin and its degree of esterification than by variations in its loading. CONCLUSION: Centrifugal spinning permits the fabrication of composite fibrous matrices from PHB and pectin. Incorporation of the polysaccharide into the fibres can be used to manipulate degradation behaviour and demonstrates a model for doping of matrices with active biological constituents. The unique features of the centrifugal spinning process, as illustrated by the structure of the fibres and the degradation profiles, suggest possible applications of centrifugally spun biopolymers as wound scaffolding devices and in tissue engineering.

Anatomical correlates of dynamic auditory processing:relationship to literacy during early adolescence

Adults show great variation in their auditory skills, such as being able to discriminate between foreign speech-sounds. Previous research has demonstrated that structural features of auditory cortex can predict auditory abilities; here we are interested in the maturation of 2-Hz frequency-modulation (FM) detection, a task thought to tap into mechanisms underlying language abilities. We hypothesized that an individual's FM threshold will correlate with gray-matter density in left Heschl's gyrus, and that this function-structure relationship will change through adolescence. To test this hypothesis, we collected anatomical magnetic resonance imaging data from participants who were tested and scanned at three time points: at 10, 11.5 and 13 years of age. Participants judged which of two tones contained FM; the modulation depth was adjusted using an adaptive staircase procedure and their threshold was calculated based on the geometric mean of the last eight reversals. Using voxel-based morphometry, we found that FM threshold was significantly correlated with gray-matter density in left Heschl's gyrus at the age of 10 years, but that this correlation weakened with age. While there were no differences between girls and boys at Times 1 and 2, at Time 3 there was a relationship between gray-matter density in left Heschl's gyrus in boys but not in girls. Taken together, our results confirm that the structure of the auditory cortex can predict temporal processing abilities, namely that gray-matter density in left Heschl's gyrus can predict 2-Hz FM detection threshold. This ability is dependent on the processing of sounds changing over time, a skill believed necessary for speech processing. We tested this assumption and found that FM threshold significantly correlated with spelling abilities at Time 1, but that this correlation was found only in boys. This correlation decreased at Time 2, and at Time 3 we found a significant correlation between reading and FM threshold, but again, only in boys. We examined the sex differences in both the imaging and behavioral data taking into account pubertal stages, and found that the correlation between FM threshold and spelling was strongest pre-pubertally, and the correlation between FM threshold and gray-matter density in left Heschl's gyrus was strongest mid-pubertally.

Ownership structure and investment finance in transition economies:a survey of evidence from large firms in Hungary and Poland

Using survey data on 157 large private Hungarian and Polish companies this paper investigates links between ownership structures and CEOs’ expectations with regard to sources of finance for investment. The Bayesian estimation is used to deal with the small sample restrictions, while classical methods provide robustness checks. We found a hump-shaped relationship between ownership concentration and expectations of relying on public equity. The latter is most likely for firms where the largest investor owns between 25 percent and 49 percent of shares, just below the legal control threshold. More profitable firms rely on retained earnings for their investment finance, consistent with the ‘pecking order’ theory of financing. Finally, firms for which the largest shareholder is a domestic institutional investor are more likely to borrow from domestic banks.

An investigation into enterprise structure and ERP implementations:a contribution to praxis

This professional doctoral research reports on the relationship between Enterprise Systems, specifically Enterprise Resource Planning Systems, and enterprise structures. It offers insights and guidance to practitioners on factors for consideration in the implementation of ERP systems in organisations operating in modern enterprise structures. It reports on reflective ethnographic action research conducted in a number of companies from a diverse range of industries covering supply chains for both goods and services. The primary contribution is in highlighting areas in which clients, practitioners and ERP software vendors can bring a greater awareness of internet era enterprise structures and business requirements into the ERP arena. The concepts and insights have been explored in a focus group setting, comprised of practitioners from the enterprise systems implementation and consulting fraternity and revealed limitations and constraints in the implementation of enterprise systems. However, it also showed that current systems do not have the full capabilities required to support, in use, modern era enterprise structures, as required by practitioners and decision makers.