Financing of SME's: an asset side story

The main sources of financing for small and medium sized enterprises (SMEs) are equity (internally generated cash), trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information (cost of gathering and analysing information) and transactions costs associated with non-payment (costs of collecting and selling collateral). According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME's confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are rejected.

Isomorphic effects of managerial and directoral career paths

The extensive array of interlocking directorate research remains near-exclusively cross-sectional or comparative cross-sectional in nature. While this has been fruitful in identifying persistent structures of inter-organisational relationships evidence of the impact of these structures on organisational performance or activity has been more limited. This should not be surprising because, by their nature, relationships have strong longitudinal and dynamic qualities that are likely to be difficult to isolate through cross-sectional approaches. Clearly, managerial practice is inevitably strongly conditioned by the specific contingencies of the time and the information available through networks of colleagues and advisers (particularly at board level) at the time. But managerial and directoral capabilities and mental sets are also developed over time, particularly through previous experiences in these roles and the formation of long-lasting 'strong' and 'weak' relationships. This paper tests the influence of three longitudinal dimensions of managers and directors' relationships on a set of indicators of financial performance, drawing from a large dataset of detailing historic board membership of UK firms. It finds evidence of isomorphic processes through these channels and establishes that the longitudinal design considerably enhances the detection of performance effects from directorate interlocks. More broadly, the research has implications for the conception of collective action and the constitution of 'community'.

Association for Learning Technology Annual Survey 2014 Data and Report

This is the first report from ALT’s new Annual Survey launched in December 2014. This survey was primarily for ALT members (individual or at an organisation which is an organisational member) it could however also be filled in by others, perhaps those interested in taking out membership. The report and data highlight emerging work areas that are important to the survey respondents. Analysis of the survey responses indicates a number of areas ALT should continue to support and develop. Priorities for the membership are ‘Intelligent use of learning technology’ and ‘Research and practice’, aligned to this is the value placed by respondent’s on by communication via the ALT Newsletter/News, social media and Research in Learning Technology. The survey also reveals ‘Data and Analytics’ and ‘Open Education’ are areas where the majority of respondents are finding are becoming increasingly important. As such our community may benefit from development opportunities ALT can provide. The survey is also a reminder that ALT has an essential role in enabling members to develop research and practice in areas which might be considered as minority interest. For example whilst the majority of respondents didn't indicate areas such as ‘Digital and Open Badges’, and ‘Game Based Learning’ as important there are still members who consider these areas are very significant and becoming increasingly valuable and as such ALT will continue to better support these groups within our community. Whilst ALT has conducted previous surveys of ALT membership this is the first iteration in this form. ALT has committed to surveying the sector on an annual basis, refining the core question set but trying to preserve an opportunity for longitudinal analysis.

Association for Learning Technology Annual Survey 2015 Data and Report.

This is the second report of the ALT’s Annual Survey which was open for responses between the 1st December 2015 and 17th January 2016. In total 196 responses have been analysed as part of this report. Given a number of core questions remain unchanged between this and the 2014 edition of the survey analysis includes data from the previous survey.

Continuous Plankton Recorder Database: evolution, current uses and future directions.

The Continuous Plankton Recorder (CPR) survey, operated by the Sir Alister Hardy Foundation for Ocean Science (SAHFOS), is the largest plankton monitoring programme in the world and has spanned >70 yr. The dataset contains information from ~200 000 samples, with over 2.3 million records of individual taxa. Here we outline the evolution of the CPR database through changes in technology, and how this has increased data access. Recent high-impact publications and the expanded role of CPR data in marine management demonstrate the usefulness of the dataset. We argue that solely supplying data to the research community is not sufficient in the current research climate; to promote wider use, additional tools need to be developed to provide visual representation and summary statistics. We outline 2 software visualisation tools, SAHFOS WinCPR and the digital CPR Atlas, which provide access to CPR data for both researchers and non-plankton specialists. We also describe future directions of the database, data policy and the development of visualisation tools. We believe that the approach at SAHFOS to increase data accessibility and provide new visualisation tools has enhanced awareness of the data and led to the financial security of the organisation; it also provides a good model of how long-term monitoring programmes can evolve to help secure their future.

History of the Continuous Plankton Recorder Database. Proceedings of 'The Colour of Ocean Data' Symposium, Brussels, 25-27 November 2002.

The Continuous Plankton Recorder Survey has operated in the North Atlantic and North Sea since 1931, providing a unitque multi-decadal dataset of plankton abundance. Over the period since 1931 technology has advanced and the system for storing the CPR data has developed considerably. From 1969 an electronic database was developed to store the results of CPR analysis. Since that time the CPR database has undergone a number of changes due to performance related factors such as processor speed and disk capacity as well as economic factors such as the cost of software. These issues have been overcome and the system for storing and retrieving the data has become more user friendly at every development stage.

The CPR Survey (1948-1997): a gridded database browser of plankton abundance in the North Sea.

The Continuous Plankton Recorder (CPR) survey provides a unique multi- decadal dataset on the abundance of plankton in the North Sea and North Atlantic and is one of only a few monitoring programmes operating at a large spatio- temporal scale. The results of all samples analysed from the survey since 1946 are stored on an Access Database at the Sir Alister Hardy Foundation for Ocean Science (SAHFOS) in Plymouth. The database is large, containing more than two million records (~80 million data points, if zero results are added) for more than 450 taxonomic entities. An open data policy is operated by SAHFOS. However, the data are not on-line and so access by scientists and others wishing to use the results is not interactive. Requests for data are dealt with by the Database Manager. To facilitate access to the data from the North Sea, which is an area of high research interest, a selected set of data for key phytoplankton and zooplankton species has been processed in a form that makes them readily available on CD for research and other applications. A set of MATLAB tools has been developed to provide an interpolated spatio-temporal description of plankton sampled by the CPR in the North Sea, as well as easy and fast access to users in the form of a browser. Using geostatistical techniques, plankton abundance values have been interpolated on a regular grid covering the North Sea. The grid is established on centres of 1 degree longitude x 0.5 degree latitude (~32 x 30 nautical miles). Based on a monthly temporal resolution over a fifty-year period (1948-1997), 600 distribution maps have been produced for 54 zooplankton species, and 480 distribution maps for 57 phytoplankton species over the shorter period 1958-1997. The gridded database has been developed in a user-friendly form and incorporates, as a package on a CD, a set of options for visualisation and interpretation, including the facility to plot maps for selected species by month, year, groups of months or years, long-term means or as time series and contour plots. This study constitutes the first application of an easily accessed and interactive gridded database of plankton abundance in the North Sea. As a further development the MATLAB browser is being converted to a user- friendly Windows-compatible format (WinCPR) for release on CD and via the Web in 2003.

An overview of plankton ecology in the North Sea

The purpose of this report is to give an overview of plankton ecology in the North Sea, and the processes that effect it, as derived from current research. The Sir Alister Hardy Foundation has extensive data for the North Sea area, and other sources have also been used to provide information for this report. Shortfalls in current research have also been highlighted. The information contained herein is to be contributed towards an information base for the Strategic Environmental Assessment. The North Sea is an extension of the North Atlantic that has an area of 574,980 km2. The deepest area is off the coast of Norway (660m), with a number of shallow areas, such as the Dogger Bank (15m). The North Sea represents a large source of hydrocarbons that have been exploited since the early 1970s. The aim of this study is to provide the Department of Trade and Industry with biological data on the planktonic community of the North Sea, as a contribution towards the Strategic Environmental Assessment (SEA 2). An overview of phyto- and zoo- plankton community composition, plankton blooms, Calanus, mero-, pico- and megaplankton, sensitivity to disturbance / contamination, phytodetritus and vertical fluxes and the resting stages of phytoplankton is made using the results of the survey database. Additional published literature has also been used, and gaps in available data have been highlighted. 1.3 The Continuous Plankton Recorder (CPR) survey provides a unique long-term dataset of plankton abundance in the North Atlantic and North Sea (Warner and Hays 1994). The survey has been running for almost 70 years, using ‘ships of opportunity’ to tow CPRs on regular, and incidental routes, sampling at a depth of 10 m. Each sample represents 18 km of tow and approximately 3 m3 of filtered seawater. Over 400 taxa of plankton are routinely identified by a team of taxonomists. The samples are also compared to colour charts to give an indication of ‘greenness’, which provides a visual index of chlorophyll value. CPRs have been towed for over 4 million nautical miles, accumulating almost 200,000 samples. The design of the CPR has remained virtually unchanged since sampling started, thus providing a consistency of sampling that provides good historical comparisons. By systematically monitoring the plankton over a period, changes in abundance and long term trends can be distinguished. From this baseline data, inferences can be made, particularly concerning climate change and potentialanthropogenic impacts.

Ecological Status Report: results from the CPR Survey 2004/2005.

Using a number of ecological indices, this report summarises unusual species found, large phytoplankton blooms, changes in community structure and trends in hydrobiological indicators from regions in the North Atlantic (with an emphasis on the North Sea). In the majority of cases the term unuasual or large in referring to phytoplankton blooms refers to population increases greater than four standard deviations above the species recorded baseline mean (baseline mean: 1980-2003). Notable blooms that are geographically lareg refer to patch sizes greater then 100 km in diameter. The primary regional assessment area used to monitor changes in community structure, biomass and phenological changes is the central North Sea. Most data analysis has been performed to highlight the year 2004 in relation to the long-term dataset. 2005 sample data is presented but has not yet undergone quality checks. Annual abundance estimates were calculated for each CPR box when eight or more months were sampled, no annual estimate of abundance was calculated. Sea surface temperature was used as an indicator of ocean climate and climate change.

How should sparse marine in situ measurements be compared to a continuous model: an example

This work demonstrates an example of the importance of an adequate method to sub-sample model results when comparing with in situ measurements. A test of model skill was performed by employing a point-to-point method to compare a multi-decadal hindcast against a sparse, unevenly distributed historic in situ dataset. The point-to-point method masked out all hindcast cells that did not have a corresponding in situ measurement in order to match each in situ measurement against its most similar cell from the model. The application of the point-to-point method showed that the model was successful at reproducing the inter-annual variability of the in situ datasets. Furthermore, this success was not immediately apparent when the measurements were aggregated to regional averages. Time series, data density and target diagrams were employed to illustrate the impact of switching from the regional average method to the point-to-point method. The comparison based on regional averages gave significantly different and sometimes contradicting results that could lead to erroneous conclusions on the model performance. Furthermore, the point-to-point technique is a more correct method to exploit sparse uneven in situ data while compensating for the variability of its sampling. We therefore recommend that researchers take into account for the limitations of the in situ datasets and process the model to resemble the data as much as possible.

Particulate optical scattering coefficients along an Atlantic Meridional Transect

The particulate optical backscattering coefficient (bbp) is a fundamental optical property that allows monitoring of marine suspended particles both in situ and from space. Backscattering measurements in the open ocean are still scarce, however, especially in oligotrophic regions. Consequently, uncertainties remain in bbp parameterizations as well as in satellite estimates of bbp. In an effort to reduce these uncertainties, we present and analyze a dataset collected in surface waters during the 19th Atlantic Meridional Transect. Results show that the relationship between particulate beam-attenuation coefficient (cp) and chlorophyll-a concentration was consistent with published bio-optical models. In contrast, the particulate backscattering per unit of chlorophyll-a and per unit of cp were higher than in previous studies employing the same sampling methodology. These anomalies could be due to a bias smaller than the current uncertainties in bbp. If that was the case, then the AMT19 dataset would confirm that bbp:cp is remarkably constant over the surface open ocean. A second-order decoupling between bbp and cp was, however, evident in the spectral slopes of these coefficients, as well as during diel cycles. Overall, these results emphasize the current difficulties in obtaining accurate bbp measurements in the oligotrophic ocean and suggest that, to first order, bbp and cp are coupled in the surface open ocean, but they are also affected by other geographical and temporal variations.

The carbonate system of the NW European shelf: sensitivity and model validation

The ocean plays an important role in regulating the climate, acting as a sink for carbon dioxide, perturbing the carbonate system and resulting in a slow decrease of seawater pH. Understanding the dynamics of the carbonate system in shelf sea regions is necessary to evaluate the impact of Ocean Acidification (OA) in these societally important ecosystems. Complex hydrodynamic and ecosystem coupled models provide a method of capturing the significant heterogeneity of these areas. However rigorous validation is essential to properly assess the reliability of such models. The coupled model POLCOMS–ERSEM has been implemented in the North Western European shelf with a new parameterization for alkalinity explicitly accounting for riverine inputs and the influence of biological processes. The model has been validated in a like with like comparison with North Sea data from the CANOBA dataset. The model shows good to reasonable agreement for the principal variables, physical (temperature and salinity), biogeochemical (nutrients) and carbonate system (dissolved inorganic carbon and total alkalinity), but simulation of the derived variables, pH and pCO2, are not yet fully satisfactory. This high uncertainty is attributed mostly to riverine forcing and primary production. This study suggests that the model is a useful tool to provide information on Ocean Acidification scenarios, but uncertainty on pH and pCO2 needs to be reduced, particularly when impacts of OA on ecosystem functions are included in the model systems.

A thematic cost-benefit analysis of a marine protected area

The implementation of Marine Protected Areas (MPAs) is ultimately a social endeavour to sustain or improve human well-being via the conservation of marine ecosystems. The degree to which ecological gains are realised can depend upon how economic, ecological and social costs (negative impacts) and benefits (positive impacts) are included in the designation and management process. Without the support of key stakeholder groups whose user rights have been affected by the creation of an MPA, human impacts cannot be reduced. This study analyses a three year dataset to understand the themes associated with the economic, environmental and social costs and benefits of an MPA in Lyme Bay, United Kingdom (UK) following its establishment in 2008. Methodologically, the paper presents an ecosystem based management framework for analysing costs and benefits. Two hundred and forty one individuals were interviewed via questionnaire between 2008 and 2010 to determine perceptions and the level of support towards the MPA. Results reveal that despite the contentious manner in which this MPA was established, support for the MPA is strong amongst the majority of stakeholder groups. The level of support and the reasons given for support vary between stakeholder groups. Overall, the stakeholders perceive the social, economic and environmental benefits of the MPA to outweigh the perceived costs. There have been clear social costs of the MPA policy and these have been borne by mobile and static gear fishermen and charter boat operators. Local support for this MPA bodes well for the development of a network of MPAs around the UK coast under the United Kingdom Marine and Coastal Access Act 2009. However, this initial optimism is at risk if stakeholder expectation is not managed and the management vacuum is not filled.

Real-time sea surface air temperature retrieval over Southern Ocean using AMSR-E data

The AMSR-E satellite data and in-situ data were applied to retrieve sea surface air temperature (Ta) over the Southern Ocean. The in-situ data were obtained from the 24~(th) -26~(th) Chinese Antarctic Expeditions during 2008-2010. First, Ta was used to analyze the relativity with the bright temperature (Tb) from the twelve channels of AMSR-E, and no high relativity was found between Ta and Tb from any of the channels. The highest relativity was 0.38 (with 23.8 GHz). The dataset for the modeling was obtained by using in-situ data to match up with Tb, and two methods were applied to build the retrieval model. In multi-parameters regression method, the Tbs from 12 channels were used to the model and the region was divided into two parts according to the latitude of 50°S. The retrieval results were compared with the in-situ data. The Root Mean Square Error (RMS) and relativity of high latitude zone were 0.96℃and 0.93, respectively. And those of low latitude zone were 1.29 ℃ and 0.96, respectively. Artificial neural network (ANN) method was applied to retrieve Ta.The RMS and relativity were 1.26 ℃ and 0.98, respectively.

Wave height analysis from 10 years of observations in the Norwegian Sea

Large waves pose risks to ships, offshore structures, coastal infrastructure and ecosystems. This paper analyses 10 years of in-situ measurements of significant wave height (Hs) and maximum wave height (Hmax) from the ocean weather ship Polarfront in the Norwegian Sea. During the period 2000 to 2009, surface elevation was recorded every 0.59 s during sampling periods of 30 min. The Hmax observations scale linearly with Hs on average. A widely-used empirical Weibull distribution is found to estimate average values of Hmax/H s and Hmax better than a Rayleigh distribution, but tends to underestimate both for all but the smallest waves. In this paper we propose a modified Rayleigh distribution which compensates for the heterogeneity of the observed dataset: the distribution is fitted to the whole dataset and improves the estimate of the largest waves. Over the 10-year period, the Weibull distribution approximates the observed Hs and Hmax well, and an exponential function can be used to predict the probability distribution function of the ratio Hmax/Hs. However, the Weibull distribution tends to underestimate the occurrence of extremely large values of Hs and Hmax. The persistence of Hs and Hmax in winter is also examined. Wave fields with Hs > 12 m and Hmax > 16 m do not last longer than 3 h. Low-to-moderate wave heights that persist for more than 12 h dominate the relationship of the wave field with the winter NAO index over 2000–2009. In contrast, the inter-annual variability of wave fields with Hs > 5.5 m or Hmax > 8.5 m and wave fields persisting over ~2.5 days is not associated with the winter NAO index.