The effects of corporate and country sustainability characteristics on the cost of debt: an international investigation

We investigate the relationship between corporate and country sustainability on the cost of bank loans. We look into 470 loan agreements signed between 2005 and 2012 with borrowers based in 28 different countries across the world and operating in all major industries. Our principal findings reveal that country sustainability, relating to both social and environmental frameworks, has a statistically and economically impactful effect on direct financing of economic activity. An increase of one unit in a country's sustainability score is associated with an average decrease in the cost of debt by 64 basis points. Our international analysis shows that the environmental dimension of a country's institutional framework is approximately twice as impactful as the social dimension, when it comes to determining the cost of corporate loans. On the other hand, we find no conclusive evidence that firm-level sustainability influences the interest rates charged to borrowing firms by banks. Our main findings survive a battery of robustness tests and additional analyses concerning subsamples, alternative sustainability metrics and the effects of financial crisis.

Local authorities as niche actors: the case of energy governance in the UK

This paper draws from work conducted under the NERC-funded project 'Understanding energy governance at local and community levels'(Project Reference: NE/H013598/1). This project was a 24 month study carried out in collaboration with the UK Energy Research Council which began in April 2010. The particular workpackage from which these interviews were drawn specifically explores the role of local authorities in emerging energy and environmental responsibilities, paying particular attention to current institutional structures and how external forces and actors influence local authorities on their decision making and practices. It is concluded that whilst the role of local authorities has been changing in response to energy and environmental ‘landscape’ issues, their influence on the design and implementation of energy policy in the UK will correspondingly remain as an emerging process for the foreseeable future, with the more progressive local authorities continuing to exert political, social/cultural and technological influence over ways of designing, articulating, and engaging with energy governance at the local level.

Innovation and change in English teaching in the western provinces of China: the impact of overseas training

In this article we explore issues around the impact of continuing professional development (CPD) for secondary teachers of English offered by an overseas provider through the lens of participants from the Western provinces of China who completed courses at a UK university between 2003 and 2012. We start by offering an overview of English teaching in China. We then report two complementary studies of the same programme. The first aimed for breadth of understanding and involved the collection and analysis of interviews and focus groups discussions with former participants, their teaching colleagues and senior management, as well as classroom observation. The second aimed for depth and drew on data collected from a cohort of 38 teachers on one of the courses, using pre- and post-course surveys; focus group discussions at the end of the course with the whole cohort; and interviews with five of the participants both before they left the UK and again six months later. Evidence is presented for changes in teachers’ philosophies of education directly attributable to participation in the courses; for improved teacher competencies (linguistic, cultural and pedagogical) in the classroom; and for the ways in which returnees are undertaking new roles and responsibilities that exploit their new understandings. Finally, we discuss the implications of these findings for both providers and sponsors of CPD for English language teachers.

Doing well by talking good? A topic modelling-assisted discourse study of corporate social responsibility

Using the novel technique of topic modelling, this paper examines thematic patterns and their changes over time in a large corpus of corporate social responsibility (CSR) reports produced in the oil sector. Whereas previous research on corporate communications has been small-scale or interested in selected lexical aspects and thematic categories identified ex ante, our approach allows for thematic patterns to emerge from the data. The analysis reveals a number of major trends and topic shifts pointing to changing practices of CSR. Nowadays ‘people’, ‘communities’ and ‘rights’ seem to be given more prominence, whereas ‘environmental protection’ appears to be less relevant. Using more established corpus-based methods, we subsequently explore two top phrases - ‘human rights’ and ‘climate change’ that were identified as representative of the shifting thematic patterns. Our approach strikes a balance between the purely quantitative and qualitative methodologies and offers applied linguists new ways of exploring discourse in large collections of texts.

Assessing the diurnal evolution of surface radiation balance over the western region of Tropical Atlantic Ocean using in situ measurements carried out during the FluTuA balance Project

In this work, the diurnal evolution of the radiation balance components over the tropical Atlantic Ocean is described and analysed. The analysis is based on measurements carried Out on board a Brazilian Navy ship during the observational campaign of the FluTuA Project (`Fluxos Turbulentos sobre o Atlantico`), from 15 to 23 May 2002. The observations indicated that the albedo responds its expected to atmospheric attenuation effects with a diurnal evolution similar to the Fresnel albedo. In general, the observed longwave radiation values agreed better with the estimated values obtained without longwave reflection. In agreement with the literature, the average surface emissivity was around 0.97. The net radiation, estimated from published equations for albedo, atmospheric transmissivity and surface emissivity, agreed with the observations, indicating that these parameters are representative of the radiometric properties of the air-sea interface in the region between Natal (6 degrees S, 35.2 degrees W) and the Sao Pedro and Sao Paulo Archipelago (1 degrees N, 29.3 degrees W). Copyright (C) 2008 Royal Meteorological Society

EXACT AND QUASI-EXACT MODELS OF STRANGE STARS

We construct and compare in this work a variety of simple models for strange stars, namely, hypothetical self-bound objects made of a cold stable version of the quark-gluon plasma. Exact, quasi-exact and numerical models are examined to find the most economical description for these objects. A simple and successful parametrization of them is given in terms of the central density, and the differences among the models are explicitly shown and discussed. In particular, we present a model starting with a Gaussian ansatz for the density profile that provides a very accurate and almost complete analytical integration of the problem, modulo a small difference for one of the metric potentials.

In Vitro Activity of the Antifungal Plant Defensin RsAFP2 against Candida Isolates and Its In Vivo Efficacy in Prophylactic Murine Models of Candidiasis

We show that RsAFP2, a plant defensin that interacts with fungal glucosylceramides, is active against Candida albicans, inhibits to a lesser extent other Candida species, and is nontoxic to mammalian cells. Moreover, glucosylceramide levels in Candida species correlate with RsAFP2 sensitivity. We found RsAFP2 prophylactically effective against murine candidiasis.

Approach to Equilibrium for a Class of Random Quantum Models of Infinite Range

We consider random generalizations of a quantum model of infinite range introduced by Emch and Radin. The generalizations allow a neat extension from the class l (1) of absolutely summable lattice potentials to the optimal class l (2) of square summable potentials first considered by Khanin and Sinai and generalised by van Enter and van Hemmen. The approach to equilibrium in the case of a Gaussian distribution is proved to be faster than for a Bernoulli distribution for both short-range and long-range lattice potentials. While exponential decay to equilibrium is excluded in the nonrandom l (1) case, it is proved to occur for both short and long range potentials for Gaussian distributions, and for potentials of class l (2) in the Bernoulli case. Open problems are discussed.

Renormalization of the S parameter in holographic models of electroweak symmetry breaking

We show that the S parameter is not finite in theories of electroweak symmetry breaking in a slice of anti-de Sitter five-dimensional space, with the light fermions localized in the ultraviolet. We compute the one-loop contributions to S from the Higgs sector and show that they are logarithmically dependent on the cutoff of the theory. We discuss the renormalization of S, as well as the implications for bounds from electroweak precision measurements on these models. We argue that, although in principle the choice of renormalization condition could eliminate the S parameter constraint, a more consistent condition would still result in a large and positive S. On the other hand, we show that the dependence on the Higgs mass in S can be entirely eliminated by the renormalization procedure, making it impossible in these theories to extract a Higgs mass bound from electroweak precision constraints.

Late Paleozoic-Early Triassic magmatism on the western margin of Gondwana: Collahuasi area, Northern Chile

The basement in the `Altiplano` high plateau of the Andes of northern Chile mostly consists of late Paleozoic to Early Triassic felsic igneous rocks (Collahuasi Group) that were emplaced and extruded along the western margin of the Gondwana supercontinent. This igneous Suite crops out in the Collalluasi area and forms the backbone of most of the high Andes from latitude 20 degrees to 22 degrees S. Rocks of the Collahuasi Group and correlative formations form art extensive belt of volcanic and subvolcanic rocks throughout the main Andes of Chile, the Frontal Cordillera of Argentina (Choiyoi Group or Choiyoi Granite-Rhyolite Province), and the Eastern Cordillera of Peru. Thirteen new SHRIMP U-Pb zircon ages from the Collahuasi area document a bimodal timing for magnatism, with a dominant peak at about 300 Ma and a less significant one at 244 Ma. Copper-Mo porphyry mineralization is related to the younger igneous event. Initial Hf isotopic ratios for the similar to 300 Ma zircons range from about -2 to +6 indicating that the magmas incorporated components with a significant crustal residence time. The 244 Ma magmas were derived from a less enriched source, with the initial HT values ranging from +2 to +6, suggestive of a mixture with a more depleted component. Limited whole rock (144)Nd/(143)Nd and (87)Sr/(86)Sr isotopic ratios further support the likelihood that the Collahuasi Group magmatism incorporated significant older crustal components, or at least a mixture of crustal sources with more and less evolved isotopic signatures. (C) 2007 International Association for Gondwana Research. Published by Elsevier B.V. All rights reserved.

Do Different Models of Integration Affect Actual Integration? The Cases of France and Great Britain Revisited

Britain and France adapted two different integration models, namely assimilationist and multiculturalism to integrate their immigrants. These two big models of integration have distinctive characteristics to integrate immigrants. There is a general claim that multiculturalism model is the best for integrating immigrants in terms of actual integration, however, some argue the opposite, that French assimilationist model is ‘better off.’ This study examines these controversial claims by looking at the level to which immigrants are integrated in economic, social, political, cultural dimensions of integration and attitudes towards immigrants in Britain and France. Within a given theoretical framework, this study compares the overall competency level of immigrants’ integration in terms of actual integration between British multiculturalism model and French assimilationist model and validate that both these two big models of integration have reached a comparable level of integration and they do not have any decisive impact on actual integration.