Corporate tournaments and executive compensation: evidence from the UK

This study tests the implications of tournament theory using data on 100 U.K. stock market companies, covering over 500 individual executives, in the late 1990s. Our results provide some evidence consistent with the operation of tournament mechanisms within the U.K. business context. Firstly, we find a convex relationship between executive pay and organizational level and secondly, that the gap between CEO pay and other board executives (i.e., tournament prize) is positively related to the number of participants in the tournament. However, we also show that the variation in executive team pay has little role in determining company performance.

Using interior point algorithms for the solution of linear programs with special structural features

Linear Programming (LP) is a powerful decision making tool extensively used in various economic and engineering activities. In the early stages the success of LP was mainly due to the efficiency of the simplex method. After the appearance of Karmarkar's paper, the focus of most research was shifted to the field of interior point methods. The present work is concerned with investigating and efficiently implementing the latest techniques in this field taking sparsity into account. The performance of these implementations on different classes of LP problems is reported here. The preconditional conjugate gradient method is one of the most powerful tools for the solution of the least square problem, present in every iteration of all interior point methods. The effect of using different preconditioners on a range of problems with various condition numbers is presented. Decomposition algorithms has been one of the main fields of research in linear programming over the last few years. After reviewing the latest decomposition techniques, three promising methods were chosen the implemented. Sparsity is again a consideration and suggestions have been included to allow improvements when solving problems with these methods. Finally, experimental results on randomly generated data are reported and compared with an interior point method. The efficient implementation of the decomposition methods considered in this study requires the solution of quadratic subproblems. A review of recent work on algorithms for convex quadratic was performed. The most promising algorithms are discussed and implemented taking sparsity into account. The related performance of these algorithms on randomly generated separable and non-separable problems is also reported.

Global non-dynamic refinement of radial orbit error for altimetric earth satellites

The accuracy of altimetrically derived oceanographic and geophysical information is limited by the precision of the radial component of the satellite ephemeris. A non-dynamic technique is proposed as a method of reducing the global radial orbit error of altimetric satellites. This involves the recovery of each coefficient of an analytically derived radial error correction through a refinement of crossover difference residuals. The crossover data is supplemented by absolute height measurements to permit the retrieval of otherwise unobservable geographically correlated and linearly combined parameters. The feasibility of the radial reduction procedure is established upon application to the three day repeat orbit of SEASAT. The concept of arc aggregates is devised as a means of extending the method to incorporate longer durations, such as the 35 day repeat period of ERS-1. A continuous orbit is effectively created by including the radial misclosure between consecutive long arcs as an infallible observation. The arc aggregate procedure is validated using a combination of three successive SEASAT ephemerides. A complete simulation of the 501 revolution per 35 day repeat orbit of ERS-1 is derived and the recovery of the global radial orbit error over the full repeat period is successfully accomplished. The radial reduction is dependent upon the geographical locations of the supplementary direct height data. Investigations into the respective influences of various sites proposed for the tracking of ERS-1 by ground-based transponders are carried out. The potential effectiveness on the radial orbital accuracy of locating future tracking sites in regions of high latitudinal magnitude is demonstrated.

The mechanical behaviour of cylindrical GRP panels

Glass reinforced plastic (GRP) is now an established material for the fabrication of sonar windows. Its good mechanical strength, light weight, resistance to corrosion and acoustic transparency, are all properties which fit it for this application. This thesis describes a study, undertaken at the Royal Naval Engineering College, Plymouth, into the mechanical behaviour of a circular cylindrical sonar panel. This particular type of panel would be used to cover a flank array sonar in a ship or submarine. The case considered is that of a panel with all of its edges mechanically clamped and subject to pressure loading on its convex surface. A comprehensive program of testing, to determine the orthotropic elastic properties of the laminated composite panel material is described, together with a series of pressure tests on 1:5 scale sonar panels. These pressure tests were carried out in a purpose designed test rig, using air pressure to provide simulated hydrostatic and hydrodynamic loading. Details of all instrumentation used in the experimental work are given in the thesis. The experimental results from the panel testing are compared with predictions of panel behaviour obtained from both the Galerkin solution of Flugge's cylindrical shell equations (orthotropic case), and finite element modelling of the panels using PAFEC. A variety of appropriate panel boundary conditions are considered in each case. A parametric study, intended to be of use as a preliminary design tool, and based on the above Galerkin solution, is also presented. This parametric study considers cases of boundary conditions, material properties, and panel geometry, outside of those investigated in the experimental work Final conclusions are drawn and recommendations made regarding possible improvements to the procedures for design, manufacture and fixing of sonar panels in the Royal Navy.

Application of ERS-1 and Topex/Poseidon altimetry using precise orbits

The work described in this thesis concerns the application of radar altimetry, collected from the ERS-1 and TOPEX/POSEIDON missions, to precise satellite orbits computed at Aston University. The data is analysed in a long arc fashion to determine range biases, time tag biases, sea surface topographies and to assess the radial accuracy of the generated orbits through crossover analysis. A sea surface variability study is carried out for the North Sea using repeat altimeter profiles from ERS-1 and TOPEX/POSEIDON in order to verify two local U.K. models for ocean tide and storm surge effects. An on-side technique over the English Channel is performed to compute the ERS-1, TOPEX and POSEIDON altimeter range biases by using a combination of altimetry, precise orbits determined by short arc methods, tide gauge data, GPS measurements, geoid, ocean tide and storm surge models. The remaining part of the thesis presents some techniques for the short arc correction of long arc orbits. Validation of this model is achieved by way of comparison with actual SEASAT short arcs. Simulations are performed for the ERS-1 microwave tracking system, PRARE, using the range data to determine time dependent orbit corrections. Finally, a brief chapter is devoted to the recovery of errors in station coordinates by the use of multiple short arcs.

Volcanogenic mineralisation in the limestone lake area, Saskatchewan, Canada

This thesis describes the geology, geochemistry and mineralogy of a Lower Proterozoic, metamorphosed volcanogenic Cu-Zn deposit, situated at the western end of the Flin Flon greenstone belt. Stratabound copper mineralisation occurs in silicified and chloritoid-bearing alteration assemblages within felsic tuffs and is mantled by thin (< 3m) high-grade sphalerite layers. Mineralisation is underlain by garnet-hornblende bearing Lower Iron Formation (LIF), and overlain by garnet-grunerite bearing Upper Iron Formation (UIF). Distinctive trace element trends, involving Ti and Zr, in mineralised and footwall felsic tuffs are interpreted to have formed by fractionation associated with a high-level magma chamber in a caldera-type environment. Discrimination diagrams for basaltic rocks are interpreted to indicate their formation in an environment similar to that of recent, primitive, tholeiitic island arcs. Microprobe studies of key mineral phases demonstrate large and small scale chemical variations in silicate phases related to primary lithological, rather than metamorphic, controls. LIF is characterised by alumino-ferro-tschermakite and relatively Mn-poor, Ca-rich garnets, whereas UIF contains manganoan grunerite and Mn-rich garnets. Metamorphic mineral reactions are considered and possible precursor assemblages identified for garnet-, and chloritoid-bearing rocks. Chloritoid-bearing rocks are interpreted as the metamorphosed equivalents of iron-rich feeder zones formed near the surface. The iron-formations are thought to represent iron-rich sediments formed on the sea floor formed from the venting of the ore fluids. Consideration of various mineral assemblages leads to an estimate for peak metamorphic conditions of 450-500oC and > 4Kb total pressure. Comparisons with other volcanogenic deposits indicate affinities with deposits of `Mattabi-type' from the Archean of Ontario. An extrapolation of the main conclusions of the thesis to adjacent areas points to the presence of a number of geologically similar localities with potential for mineralisation.

Evaluation of videokeratoscopy

The present thesis evaluates various aspects of videokeratoscopes, which are now becoming increasingly popular in the investigation of corneal topography. The accuracy and repeatability of these instruments has been assessed mainly using spherical surfaces, however, few studies have assessed the performance of videokeratoscopes in measuring convex aspheric surfaces. Using two videokeratoscopes, the accuracy and repeatability of measurements using twelve aspheric surfaces is determined. Overall, the accuracy and repeatability of both instruments were acceptable, however, progressively flatter surfaces introduced greater errors in measurement. The possible reasons for these errors are discussed. The corneal surface is a biological structure lubricated by the precorneal tear film. The effects of variations in the tear film on the repeatability of videokeratoscopes have not been determined in terms of peripheral corneal measurements. The repeatability of two commercially available videokeratoscopes is assessed. The repeatability is found to be dependent on the point of measurement on the corneal surface. Typically, superior and nasal meridians exhibit poorest repeatability. It is suggested that interference of the ocular adnexa is responsible for the reduced repeatability. This localised reduction in repeatability will occur for all videokeratoscopes. Further, comparison with the keratometers and videokeratoscopes used show that measurements between these instruments are not interchangeable. The final stage of this thesis evaluates the performance of new algorithms. The characteristics of a new videokeratoscope are described. This videokeratoscope is used to test the accuracy of the new algorithms for twelve aspheric surfaces. The new algorithms are accurate in determining the shape of aspheric surfaces, more so than those algorithms proposed at present.

Studies on the luminance-related characteristics of the transient pattern reversal electroretinogram

The electroretinogram evoked by reversal pattern stimulation (rPERG) is known to contain both pattern contrast and luminance related components. The retinal mechanisms of the transient rPERGs subserving these functional characteristics are the main concern in the present studies. Considerable attention has been paid to the luminance-related characteristics of the response. The transient PERGs were found to consist of two subsequent processes using low frequency attenuation analysis. The processes overlapped and the individual difference in each process timings formed the major cause for the variations of the negative potential waveform of the transient rPERGs. Attention has been paid to those having ‘notch’ type of variation. Under different contrast levels, the amplitudes of the positive and negative potentials were linearly increased with higher contrast level and the negative potential showed a higher sensitivity to contrast changes and higher contrast gain. Under lower contrast levels, the decreased amplitudes made the difference in the timing course of the positive and negative processes evident, interpreting the appearance of the notch in some cases. Visual adaptation conditions for recording the transient rPERG were discussed. Another effort was to study the large variation of the transient rPERGs (especially the positive potential, P50) in the elderly who’s distant and near visual acuity were normal. It was found that reduction of retinal illumination contributed mostly to the P50 amplitude loss and contrast loss mostly to the negative potential (N95) amplitude loss. Senile miosis was thought to have little effect on the reduction of the retinal illumination, while the changes in the optics of the eye was probably the major cause for it, which interpreted the larger individual variation of the P50 amplitude of the elderly PERGs. Convex defocus affected the transient rPERGs more effectively than concave lenses, especially the N95 amplitude in the elderly. The disability of accommodation and the type and the degree of subjects’ ametropia should be taken into consideration when the elderly rPERGs were analysed.

Network lifetime maximization with cross-layer design in wireless sensor networks

This paper investigates a cross-layer design approach for minimizing energy consumption and maximizing network lifetime (NL) of a multiple-source and single-sink (MSSS) WSN with energy constraints. The optimization problem for MSSS WSN can be formulated as a mixed integer convex optimization problem with the adoption of time division multiple access (TDMA) in medium access control (MAC) layer, and it becomes a convex problem by relaxing the integer constraint on time slots. Impacts of data rate, link access and routing are jointly taken into account in the optimization problem formulation. Both linear and planar network topologies are considered for NL maximization (NLM). With linear MSSS and planar single-source and single-sink (SSSS) topologies, we successfully use Karush-Kuhn-Tucker (KKT) optimality conditions to derive analytical expressions of the optimal NL when all nodes are exhausted simultaneously. The problem for planar MSSS topology is more complicated, and a decomposition and combination (D&C) approach is proposed to compute suboptimal solutions. An analytical expression of the suboptimal NL is derived for a small scale planar network. To deal with larger scale planar network, an iterative algorithm is proposed for the D&C approach. Numerical results show that the upper-bounds of the network lifetime obtained by our proposed optimization models are tight. Important insights into the NL and benefits of cross-layer design for WSN NLM are obtained.

Generalized methods and solvers for noise removal from piecewise constant signals. I. Background theory

Removing noise from piecewise constant (PWC) signals is a challenging signal processing problem arising in many practical contexts. For example, in exploration geosciences, noisy drill hole records need to be separated into stratigraphic zones, and in biophysics, jumps between molecular dwell states have to be extracted from noisy fluorescence microscopy signals. Many PWC denoising methods exist, including total variation regularization, mean shift clustering, stepwise jump placement, running medians, convex clustering shrinkage and bilateral filtering; conventional linear signal processing methods are fundamentally unsuited. This paper (part I, the first of two) shows that most of these methods are associated with a special case of a generalized functional, minimized to achieve PWC denoising. The minimizer can be obtained by diverse solver algorithms, including stepwise jump placement, convex programming, finite differences, iterated running medians, least angle regression, regularization path following and coordinate descent. In the second paper, part II, we introduce novel PWC denoising methods, and comparisons between these methods performed on synthetic and real signals, showing that the new understanding of the problem gained in part I leads to new methods that have a useful role to play.

Financial constraints in investment:panel data results from Estonia, 1995–1999

To investigate investment behaviour the present study applies panel data techniques, in particular the Arellano-Bond (1991) GMM estimator, based on data on Estonian manufacturing firms from the period 1995-1999. We employ the model of optimal capital accumulation in the presence of convex adjustment costs. The main research findings are that domestic companies seem to be financially more constrained than those where foreign investors are present, and also, smaller firms are more constrained than their larger counterparts.

Almost Separable Data Aggregation by Layers of Formal Neurons

Information extraction or knowledge discovery from large data sets should be linked to data aggregation process. Data aggregation process can result in a new data representation with decreased number of objects of a given set. A deterministic approach to separable data aggregation means a lesser number of objects without mixing of objects from different categories. A statistical approach is less restrictive and allows for almost separable data aggregation with a low level of mixing of objects from different categories. Layers of formal neurons can be designed for the purpose of data aggregation both in the case of deterministic and statistical approach. The proposed designing method is based on minimization of the of the convex and piecewise linear (CPL) criterion functions.

CAPS in Z(2,n)

We consider point sets in (Z^2,n) where no three points are on a line – also called caps or arcs. For the determination of caps with maximum cardinality and complete caps with minimum cardinality we provide integer linear programming formulations and identify some values for small n.

A Recession Notion for a Class of Monotone Bivariate Functions

Using monotone bifunctions, we introduce a recession concept for general equilibrium problems relying on a variational convergence notion. The interesting purpose is to extend some results of P. L. Lions on variational problems. In the process we generalize some results by H. Brezis and H. Attouch relative to the convergence of the resolvents associated with maximal monotone operators.

A Clarke–Ledyaev Type Inequality for Certain Non–Convex Sets

We consider the question whether the assumption of convexity of the set involved in Clarke-Ledyaev inequality can be relaxed. In the case when the point is outside the convex hull of the set we show that Clarke-Ledyaev type inequality holds if and only if there is certain geometrical relation between the point and the set.