Intraday Linkages across International Equity Markets

Utilizing concurrent 5-minute returns, the intraday dynamics and inter-market dependencies in international equity markets were investigated. A strong intraday cyclical autocorrelation structure in the volatility process was observed to be caused by the diurnal pattern. A major rise in contemporaneous cross correlation among European stock markets was also noticed to follow the opening of the New York Stock Exchange. Furthermore, the results indicated that the returns for UK and Germany responded to each other’s innovations, both in terms of the first and second moment dependencies. In contrast to earlier research, the US stock market did not cause significant volatility spillover to the European markets.

On the Importance of Mutual Fund Families in Emerging Markets

This study contributes to the mutual fund literature by looking at performance persistence on a fund family level, allowing for individual equity, bond and balanced funds to be included under single family umbrellas. The study is conducted on the emerging Finnish mutual fund market, an environment in which the importance of superior fund family teams is likely to be accentuated. Using both non–parametric and parametric tests we find robust evidence of performance persistence for the fund families. Persistence is particularly strong in the first half of the investigation period, which highlights the importance of fund families at early stages of market development.

Board Effectiveness in Small Firms

Purpose: This study investigates boards of directors in small firms and explores the link between board effectiveness and the composition, roles and working styles of the boards. Design/methodology/approach: The study analyses data from a telephone survey of boards in 45 small firms. The survey included both the CEO and the chairperson of the board. Findings: The study identifies three groups of small firms: ‘paperboards’, ‘professional boards’, and ‘management lead’ boards. Results show that board composition, board roles and board working style influence board effectiveness in small firms. Research limitations/implications: Although the present study has found a link between board effectiveness and the role, composition and working style of boards of small firms, other potentially influential factors are also worthy of investigation; for example, the personal characteristics of the individuals involved, generational factors in family firms, and the situational circumstances of various firms. Practical implications: The study reveals that, in practice, the management team and the board are substantially intertwined in small firms. Originality/value: The main contributions are that the study explores how boards in small firms actually function and gives a detailed account of their composition and roles.More insight into this issue is important given the overemphasis within the governance literature on input-output studies using samples of large publiclylisted firms.

Cross-Border Competence Management in Emerging Markets: Voices from China and Russia

This book is on cross-border competence management in Russia and China. Corporations are facing a number of problems and challenges in their international operations, to which there typically are no simple solutions. For instance, they need to understand and respond to cultural and institutional diversity and ascertain that their foreign units are integrated with the rest of the corporation. Throughout this report we will discuss a range of challenges confronting firms as they seek to develop their capabilities to operate internationally. Some of the challenges are clearly case specific, and although this book aims to offer research-based advice to practicing managers there is a potential danger in applying lessons from other companies to the own firm. Our hope is that our analyses of the challenges facing Finnish corporations in China and Russia reported together with extensive quotes from our interviews and insights from other recent studies will help readers draw their own conclusions as to how to deal with issues related to competence management across borders. With this book we also aspire to contribute to the academic literature by providing new insights into cross-border competence management in general and the operations of Finnish corporations in Russia and China in particular.

Novel composite coded pattern for small angle measurement using imaging method -art.no.62891D

A novel approach for measurement of small rotation angles using imaging method is proposed and demonstrated. A plane mirror placed on a precision rotating table is used for imaging the newly designed composite coded pattern. The imaged patterns are captured with the help of a CCD camera. The angular rotation of the plane mirror is determined from a pair of the images of the pattern, captured once before and once after affecting the tilt of the mirror. Both simulation and experimental results suggest that the proposed approach not only retains the advantages of the original imaging method but also contributes significantly to the enhancement of its measuring range (+/- 4.13 degrees with accuracy of the order of 1 arcsec).

Helicopter blade flapping with and without small angle assumption in the presence of dynamic stall

The flapping equation for a rotating rigid helicopter blade is typically derived by considering (1)small flap angle, (2) small induced angle of attack and (3) linear aerodynamics. However, the use of nonlinear aerodynamics such as dynamic stall can make the assumptions of small angles suspect as shown in this paper. A general equation describing helicopter blade flap dynamics for large flap angle and large induced inflow angle of attack is derived. A semi-empirical dynamic stall aerodynamics model (ONERA model) is used. Numerical simulations are performed by solving the nonlinear flapping ordinary differential equation for steady state conditions and the validity of the small angle approximations are examined. It is shown that the small flapping assumption, and to a lesser extent, the small induced angle ofattack assumption, can lead to inaccurate predictions of the blade flap response in certain flight conditions for some rotors when nonlinear aerodynamics is considered. (C) 2010 Elsevier Inc. All rights reserved.

sRNAscanner: A Computational Tool for Intergenic Small RNA Detection in Bacterial Genomes

Background:Bacterial non-coding small RNAs (sRNAs) have attracted considerable attention due to their ubiquitous nature and contribution to numerous cellular processes including survival, adaptation and pathogenesis. Existing computational approaches for identifying bacterial sRNAs demonstrate varying levels of success and there remains considerable room for improvement. Methodology/Principal Findings: Here we have proposed a transcriptional signal-based computational method to identify intergenic sRNA transcriptional units (TUs) in completely sequenced bacterial genomes. Our sRNAscanner tool uses position weight matrices derived from experimentally defined E. coli K-12 MG1655 sRNA promoter and rho-independent terminator signals to identify intergenic sRNA TUs through sliding window based genome scans. Analysis of genomes representative of twelve species suggested that sRNAscanner demonstrated equivalent sensitivity to sRNAPredict2, the best performing bioinformatics tool available presently. However, each algorithm yielded substantial numbers of known and uncharacterized hits that were unique to one or the other tool only. sRNAscanner identified 118 novel putative intergenic sRNA genes in Salmonella enterica Typhimurium LT2, none of which were flagged by sRNAPredict2. Candidate sRNA locations were compared with available deep sequencing libraries derived from Hfq-co-immunoprecipitated RNA purified from a second Typhimurium strain (Sittka et al. (2008) PLoS Genetics 4: e1000163). Sixteen potential novel sRNAs computationally predicted and detected in deep sequencing libraries were selected for experimental validation by Northern analysis using total RNA isolated from bacteria grown under eleven different growth conditions. RNA bands of expected sizes were detected in Northern blots for six of the examined candidates. Furthermore, the 5'-ends of these six Northern-supported sRNA candidates were successfully mapped using 5'-RACE analysis. Conclusions/Significance: We have developed, computationally examined and experimentally validated the sRNAscanner algorithm. Data derived from this study has successfully identified six novel S. Typhimurium sRNA genes. In addition, the computational specificity analysis we have undertaken suggests that similar to 40% of sRNAscanner hits with high cumulative sum of scores represent genuine, undiscovered sRNA genes. Collectively, these data strongly support the utility of sRNAscanner and offer a glimpse of its potential to reveal large numbers of sRNA genes that have to date defied identification. sRNAscanner is available from: http://bicmku.in:8081/sRNAscanner or http://cluster.physics.iisc.ernet.in/sRNAscanner/.

PIV studies of large scale structures in the near field of small aspect ratio elliptic jets

The near flow field of small aspect ratio elliptic turbulent free jets (issuing from nozzle and orifice) was experimentally studied using a 2D PIV. Two point velocity correlations in these jets revealed the extent and orientation of the large scale structures in the major and minor planes. The spatial filtering of the instantaneous velocity field using Gaussian convolution kernel shows that while a single large vortex ring circumscribing the jet seems to be present at the exit of nozzle, the orifice jet exhibited a number of smaller vortex ring pairs close to jet exit. The smaller length scale observed in the case of the orifice jet is representative of the smaller azimuthal vortex rings that generate axial vortex field as they are convected. This results in the axis-switching in the case of orifice jet and may have a mechanism different from the self induction process as observed in the case of contoured nozzle jet flow.