Third-party complaints and firm performance: an application in Spanish banking

This article focuses on the impact of third-party complaints on firm performance. We propose two research hypotheses, which are developed from the literature of dissatisfaction, emotions, and economics. The methodology is based on an event study to estimate variation in firm share returns in the stock market due to the publication of the Annual Complaints Service Report by the Bank of Spain; as well as a regression analysis to examine the impact of the number of complaints per branch on the variation obtained. The empirical focus is on a sample of eleven banks to which complaints were made and which were quoted on the Spanish Stock Exchange between 1992 and 2001. The results show a negative impact of the publication of these annual complaint reports on the share returns of the banks concerned. Additionally, these returns have a negative relationship with the number of complaints per branch.

A note on the periodic orbits of a self excited rigid body

The aim of the present paper is to study the periodic orbits of a perturbed self excited rigid body with a fixed point. For studying these periodic orbits we shall use averaging theory of first order.

Evaluation of semi-passive treatment technologies for septic lagoon capacity expansion

In Canada, increases in rural development has led to a growing need to effectively manage the resulting municipal and city sewage without the addition of significant cost- and energy- expending infrastructure. Storring Septic Service Limited is a family-owned, licensed wastewater treatment facility located in eastern Ontario. It makes use of a passive waste stabilization pond system to treat and dispose of waste and wastewater in an environmentally responsible manner. Storring Septic, like many other similar small-scale wastewater treatment facilities across Canada, has the potential to act as a sustainable eco-engineered facility that municipalities and service providers could utilize to manage and dispose of their wastewater. However, it is of concern that the substantial inclusion of third party material could be detrimental to the stability and robustness of the pond system. In order to augment the capacity of the current facility, and ensure it remains a self-sustaining system with the capacity to safely accept septage from other sewage haulers, it was hypothesized that pond effluent treatment could be further enhanced through the incorporation of one of three different technology solutions, which would allow the reduction of wastewater quality parameters below existing regulatory effluent discharge limits put in place by Ontario’s Ministry of the Environment and Climate Change (MOECC). Two of these solutions make use of biofilm technologies in order to enhance the removal of wastewater parameters of interest, and the third utilizes the natural water filtration capabilities of zebra mussels. Pilot-scale testing investigated the effects of each of these technologies on treatment performance under both cold and warm weather operation. This research aimed to understand the important mechanisms behind biological filtration methods in order to choose and optimize the best treatment strategy for full-scale testing and implementation. In doing so, a recommendation matrix was elaborated provided with the potential to be used as a universal operational strategy for wastewater treatment facilities located in environments of similar climate and ecology.

The euro before the financial crisis of 2008: an integrating and stabilizing factor. Jean Monnet/Robert Schuman Vol. 13 No. 9, June 2013

From the Introduction. The main focus of this study is to examine whether the euro has been an economic, monetary, fiscal, and social stabilizer for the Eurozone. In order to do this, the underpinnings of the euro are analysed, and the requirements and benchmarks that have to be achieved, maintained, and respected are tested against the data found in three major statistics data sources: the European Central Bank’s Statistics Data Warehouse (http://sdw.ecb.europa.eu/), Economagic (www.economagic.com), and E-signal. The purpose of this work is to analyse if the euro was a stabilizing factor from its inception to the break of the financial crisis in summer 2008 in the European Union. To answer this question, this study analyses a number of indexes to understand the impact of the euro in three markets: (1) the foreign exchange market, (2) the stock market, and the Crude Oil and commodities markets, (3) the money market.

Planktonic foraminiferal stratigraphy, datum levels and ages of ODP Sites 184-1146 and 184-1148, South China Sea

Over 30 first and last occurrence (FO and LO, respectively) planktonic foraminifer datums were recognized from the Oligocene-Miocene section of Ocean Drilling Program (ODP) Site 1148. Most datum levels occur in similar order as, and are by correlation as probably synchronous with, their open-ocean records. Several datum levels represent local bioevents resulting from dissolution and Site 1148's unique paleoceanographic setting in the northern South China Sea. An age of 9.5-9.8 Ma is estimated for the local LO of Globoquadrina dehiscens (257 meters composite depth [mcd]), whereas the local LO of Globorotalia fohsi s.l. (301 mcd) is projected to be at ~13.0 Ma and the local FO of Globigerinatella insueta (367 mcd) is projected to be at ~18.0 Ma. The combined planktonic foraminifer and nannofossil results indicate that the Oligocene-Miocene section at Site 1148 is not complete. Unconformities up to 2-3 m.y. in duration, occurring at and before the Oligocene/Miocene boundary (OHS1, OHS2, OHS3, and OHS4 = MHS1), are associated with slump deposits between 457 and 495 mcd that signal tectonic instability during the transition from rifting to spreading in the South China Sea. Shorter unconformities of <0.5 m.y. duration that truncate the Miocene section were more likely to have been caused by sea-bottom erosion as well as dissolution. A total of 12 Miocene unconformities, MHS1 through MHS12, are mainly affected by dissolution and an elevated carbonate compensation depth (CCD) during Miocene third-order glaciations recorded in deep-sea positive oxygen isotope Mi glaciation events. Respectively, they fall at ~457 mcd (MHS1 = Mi-1), 407 mcd (MHS2 = Mi-1a), 385 mcd (MHS3 = Mi-1aa), 366 mcd (MHS4 = Mi-1b), 358 mcd (MHS5 = MLi-1), 333 mcd (MHS6 = Mi-2), 318 mcd (MHS7 = MSi-1), 308 mcd (MHS8 = Mi-3), 295 mcd (MHS9 = Mi-4), 288 mcd (MHS10 = Mi-5), 256 mcd (MHS11 = Mi-6), and 250 mcd (MHS12 = Mi-7). The correlation of these unconformities with Mi events indicates that some related driving mechanisms have been operating, causing deepwater circulation changes concomitantly in world oceans and in the marginal South China Sea.

X-ray fluorescence scannings, diatoms, and dinocyst of ODP Site 189-1172

Eocene sediments drilled at the East Tasman Plateau (ETP) exhibit well-defined cycles, high-resolution magnetic stratigraphy, and environmentally-controlled dinoflagellate and diatom distribution patterns. We derive a cyclostratigraphy from the spectral analysis of high-resolution elemental concentration records (Ca, Fe) for this shallow marine time series spanning the middle to early late Eocene (C16n.2n - C21). Changes in carbonate content, the ratio between Gonyaulacoid and Peridinioid dinocysts, and relative abundance of "oligotrophic" diatoms serve as proxies for a high-resolution climatic and sea-level history with high values representing high sea-level stands and decreased eutrophy of surface waters. Changing ratios between high latitude dinocysts versus cosmopolitan species provide clues on sea surface temperature trends and water mass exchange. Our results show that the relatively shallow-water middle Eocene environments of the ETP are influenced by orbitally-forced climatic cycles superimposed on third order relative sea-level changes. Changes in the dominance of Milankovitch frequency at ~38.6 Ma (late Eocene) is related to an initial deepening-step within the Tasmanian Gateway prior to the major deepening during the middle late Eocene (~35.5 Ma). Decreasing sedimentation rates at 38 Ma and 37.2 Ma reflect winnowing associated with sea-level fall. This episode is followed by renewed transgression. Dinocyst distribution patterns indicate high latitude, probably cool temperate surface water conditions throughout, with the exception of a sudden surge in cosmopolitan species near the base of subchron C18.2r, at ~41 Ma; this event is tentatively correlated to the Middle Eocene Climatic Optimum.

The Constitution, statutes and rules of order ...

Mode of access: Internet.

A digest of the laws of the Independent Order of Odd-Fellows of Pennsylvania.

Includes index.

The land of poco tiempo,

The land of poco tiempo [New Mexico]--"Lo" who is not poor.--The city in the sky.--The Penitent brothers.--The chase of the chongo.--The wanderings of Cochiti.--The Apache warrior.--On the trail of the renegades.--New Mexican folk-songs.--A day of the saints.--The cities that were forgotten.

Globalisation, security and international order after 11 September

This article advances the discussion of the contentious question of links between global inequalities of power and violent responses, focussing on globalisation and non-inclusive forms of governance. Drawing on international political economy, the article criticises the nationstate-centrism in much political discourse, suggesting that both authority and security need to be reconsidered - to account for less plausible national borders and controls. It suggests that human security (including issues of development and equality) ought to replace national security as the primary focus of public policy. It draws attention to the intractability of difference, insisting that the terrorism of 2001 has complex transnational antecedents. Realist approaches to international order have become part of a problem to be overcome through further intellectual debate.

A time-domain test for some types of nonlinearity

The bispectrum and third-order moment can be viewed as equivalent tools for testing for the presence of nonlinearity in stationary time series. This is because the bispectrum is the Fourier transform of the third-order moment. An advantage of the bispectrum is that its estimator comprises terms that are asymptotically independent at distinct bifrequencies under the null hypothesis of linearity. An advantage of the third-order moment is that its values in any subset of joint lags can be used in the test, whereas when using the bispectrum the entire (or truncated) third-order moment is required to construct the Fourier transform. In this paper, we propose a test for nonlinearity based upon the estimated third-order moment. We use the phase scrambling bootstrap method to give a nonparametric estimate of the variance of our test statistic under the null hypothesis. Using a simulation study, we demonstrate that the test obtains its target significance level, with large power, when compared to an existing standard parametric test that uses the bispectrum. Further we show how the proposed test can be used to identify the source of nonlinearity due to interactions at specific frequencies. We also investigate implications for heuristic diagnosis of nonstationarity.

Brain maps, great and small: lessons from comparative studies of primate visual cortical organization

In this paper, we review evidence from comparative studies of primate cortical organization, highlighting recent findings and hypotheses that may help us to understand the rules governing evolutionary changes of the cortical map and the process of formation of areas during development. We argue that clear unequivocal views of cortical areas and their homologies are more likely to emerge for 'core' fields, including the primary sensory areas, which are specified early in development by precise molecular identification steps. In primates, the middle temporal area is probably one of these primordial cortical fields. Areas that form at progressively later stages of development correspond to progressively more recent evolutionary events, their development being less firmly anchored in molecular specification. The certainty with which areal boundaries can be delimited, and likely homologies can be assigned, becomes increasingly blurred in parallel with this evolutionary/developmental sequence. For example, while current concepts for the definition of cortical areas have been vindicated in allowing a clarification of the organization of the New World monkey 'third tier' visual cortex (the third and dorsomedial areas, V3 and DM), our analyses suggest that more flexible mapping criteria may be needed to unravel the organization of higher-order visual association and polysensory areas.

Random vibration of the functionally graded laminates in thermal environments

This work deals with the random free vibration of functionally graded laminates with general boundary conditions and subjected to a temperature change, taking into account the randomness in a number of independent input variables such as Young's modulus, Poisson's ratio and thermal expansion coefficient of each constituent material. Based on third-order shear deformation theory, the mixed-type formulation and a semi-analytical approach are employed to derive the standard eigenvalue problem in terms of deflection, mid-plane rotations and stress function. A mean-centered first-order perturbation technique is adopted to obtain the second-order statistics of vibration frequencies. A detailed parametric study is conducted, and extensive numerical results are presented in both tabular and graphical forms for laminated plates that contain functionally graded material which is made of aluminum and zirconia, showing the effects of scattering in thermo-clastic material constants, temperature change, edge support condition, side-to-thickness ratio, and plate aspect ratio on the stochastic characteristics of natural frequencies. (c) 2005 Elsevier B.V. All rights reserved.

A victim of its own success: Internationalization, neoliberalism, and organizational involution at the Business Council of Australia

The focus of this article is on the Business Council of Australia (BCA), an association of the CEOs of the 100 or so largest companies operating in Australia. Since its inception the BCA has been an influential supporter of largely successful efforts to neoliberalize and internationalize the Australian economy. Running in parallel with these developments, however, the BCA has moved from being a "somewhat strong" to a relatively weak policy organization. This article argues these two trends are causally related. Neoliberal-inspired economic restructuring and economic internationalization have weakened the "logic of membership" and the "logic of influence" of the BCA, leading to a process of organizational involution. Furthermore, potential offsets to what I describe as the organizational predations of neoliberalism and internationalization - especially via a willingness or capacity to forge supportive or mutualistic relations with the state - have not been realized.

Influence of imperfect interfaces on bending and vibration of laminated composite shells

This paper is devoted to modeling elastic behavior of laminated composite shells, with special emphasis on incorporating interfacial imperfection. The conditions of imposing traction continuity and displacement jump across each interface are used to model imperfect interfaces. Vanishing transverse shear stresses on two free surfaces of a shell eliminate the need for shear correction factors. A linear theory underlying elastostatics and kinetics of laminated composite shells in a general configuration is presented from Hamilton's principle. In the special case of vanishing interfacial parameters, this theory reduces to the conventional third-order zigzag theory for perfectly bonded laminated shells. Numerical results for bending and vibration problems of laminated circular cylindrical panels are tabulated and plotted to indicate the influence of the interfacial imperfection. (C) 2000 Elsevier Science Ltd. All rights reserved.