Developing a brand performance measure for financial services brands

With no universal approach for measuring brand performance, we show how a consumer-based brand measure was developed for corporate financial services brands. Churchill's paradigm was adopted. A literature review and 20 depth interviews with experts suggested that brand loyalty, consumer satisfaction and reputation constitute the brand performance measure. Ten financial services organisations provided access to their consumers. Following a postal survey, 600 questionnaires were analysed through principal components analysis to identify the consumer-based measure. Further testing revealed this to be a valid and reliable brand performance measure.

The underpricing of IPOs on the stock exchange of Mauritius

This paper investigates the underpricing of IPOs on the Stock Exchange of Mauritius (SEM). Taking into account the whole population of firms which went public since the inception of the SEM until 2010, the results show an average degree of underpricing within the range 10 to 20%. Using a regression approach, we demonstrate that the aftermarket risk level and auditor's reputation both have a significant positive impact on initial returns. We propose the use of the Z-score as a composite measure of a firm's ex ante financial strength, and find that it has a significant negative effect on the degree of short-run underpricing.

Design of a biomimetic skin for an octopus-inspired robot– Part I: characterising octopus skin

Octopus skin samples were tested under quasi-static and scissor cutting conditions to measure the in-plane material properties and fracture toughness. Samples from all eight arms of one octopus were tested statically to investigate how properties vary from arm to arm. Another nine octopus skins were measured to study the influence of body mass on skin properties. Influence of specimen location on skin mechanical properties was also studied. Material properties of skin, i.e. the Young's modulus, ultimate stress, failure strain and fracture toughness have been plotted against the position of skin along the length of arm or body. Statistical studies were carried out to help analyzing experimental data obtained. Results of this work will be used as guidelines for the design and development of artificial skins for an octopus-inspired robot.

Design of a biomimetic skin for an octopus-inspired robot - Part II: Development of the skin artefact

In order to develop skin artefact for an octopus-inspired robot arm, which is designed to be able to elongate 60% of its original length, silicone rubber and knitted nylon sheet were selected to manufacture an artificial skin, due to their higher elastic strain and high flexibility. Tensile and scissors cutting tests were conducted to characterise the matrix and reinforcing materials and the skin artefact. Material properties of the individual and the composite materials were compared with the measured properties of real octopus skin presented in Part I. The Young’s modulus of the skin should be below 20 MPa and the elastic strain range should be over 60%. The fracture toughness should be at least 0.9 kJ·m−2. Tubes made of the skin artefact filled with liquid were tested to study volume change under deformation. Finite element analysis model was developed to simulate the material and arm structure under tensile loading. Results show that the skin artefact developed has similar mechanical properties as the real octopus skin and satisfies all the design specifications of the OCTOPUS robot.

Developing “Best Practices” for bankers’ pay in line with Basel III

This paper proposes hybrid capital securities as a significant part of senior bank executive incentive compensation in light of Basel III, a new global regulatory standard on bank capital adequacy and liquidity agreed by the members of the Basel Committee on Banking Supervision. The committee developed Basel III in a response to the deficiencies in financial regulation brought about by the global financial crisis. Basel III strengthens bank capital requirements and introduces new regulatory requirements on bank liquidity and bank leverage. The hybrid bank capital securities we propose for bank executives’ compensation are preferred shares and subordinated debt that the June 2004 Basel II regulatory framework recognised as other admissible forms of capital. The past two decades have witnessed dramatic increase in performance-related pay in the banking industry. Stakeholders such as shareholders, debtholders and regulators criticise traditional cash and equity-based compensation for encouraging bank executives’ excessive risk taking and short-termism, which has resulted in the failure of risk management in high profile banks during the global financial crisis. Paying compensation in the form of hybrid bank capital securities may align the interests of executives with those of stakeholders and help banks regain their reputation for prudence after years of aggressive risk-taking. Additionally, banks are desperately seeking to raise capital in order to bolster balance sheets damaged by the ongoing credit crisis. Tapping their own senior employees with large incentive compensation packages may be a viable additional source of capital that is politically acceptable in times of large-scale bailouts of the financial sector and economically wise as it aligns the interests of the executives with the need for a stable financial system.

It was never good world sence minister must have wyves”: clerical celibacy, clerical marriage, and anticlericalism in Reformation England

The impact of the Reformation was felt strongly in the nature and character of the priesthood, and in the function and reputation of the priest. A shift in the understanding of the priesthood was one of the most tangible manifestations of doctrinal change, evident in the physical arrangement of the church, in the language of the liturgy, and in the relaxation of the discipline of celibacy, which had for centuries bound priests in the Latin tradition to a life of perpetual continence. Clerical celibacy, and accusations of clerical incontinence, featured prominently in evangelical criticisms of the Catholic church and priesthood, which made a good deal of polemical capital out of the perceived relationship of the priest and the efficacy of his sacred function. Citing St Paul, Protestant polemicists presented clerical marriage as the only, and appropriate remedy, for priestly immorality. But did the advent of a married priesthood create more problems than it solved? The polemical certainties that informed evangelical writing on sacerdotal celibacy did not guarantee the immediate acceptance of a married priesthood, and the vocabulary that had been used to denounce clergy who failed in their obligation to celibacy was all too readily turned against the married clergy. The anti-clerical lexicon, and its usage, remained remarkably static despite the substantial doctrinal and practical challenges posed to the traditional model of priesthood by the Protestant Reformation.

Lorrie Moore: Mo(o)re than an interim assessment

Lorrie Moore has long shed the image of the precocious talent who won the Seventeen story prize with her first submission as a nineteen-year-old undergraduate, but there is still a sense that her best work may be yet to come. In that respect, this mini special issue represents by no means the final word on Moore, but rather an interim assessment of a career that is already substantial and that promises much more to come. Together these three essays (and introduction) offer a coherent and striking exploration of Moore's work that develops new directions for future criticism and will help cement her growing reputation as one of the most original and distinctive contemporary writers. They sometimes circle around the same stories, even the same quotations, reading them in a variety of frames and picking up (and at) the nuances of Moore's sustained wordplay and careful documenting of space, of identity, of gender. Thus these essays work together rather than separately, layering over multiple understandings of Moore's incisive American literature.

Developing skin analogues for a robotic octopus

In order to fabricate a biomimetic skin for an octopus inspired robot, a new process was developed based on mechanical properties measured from real octopus skin. Various knitted nylon textiles were tested and the one of 10-denier nylon was chosen as reinforcement. A combination of Ecoflex 0030 and 0010 silicone rubbers was used as matrix of the composite to obtain the right stiffness for the skin-analogue system. The open mould fabrication process developed allows air bubble to escape easily and the artificial skin produced was thin and waterproof. Material properties of the biomimetic skin were characterised using static tensile and instrumented scissors cutting tests. The Young’s moduli of the artificial skin are 0.08 MPa and 0.13 MPa in the longitudinal and transverse directions, which are much lower than those of the octopus skin. The strength and fracture toughness of the artificial skin, on the other hand are higher than those of real octopus skins. Conically-shaped skin prototypes to be used to cover the robotic arm unit were manufactured and tested. The biomimetic skin prototype was stiff enough to maintain it conical shape when filled with water. The driving force for elongation was reduced significantly compared with previous prototypes.

Adapting Jules Verne for the baby-boom generation: Hachette and the Bibliothèque Verte, c.1956-1966

How do changing notions of children’s reading practices alter or even create classic texts? This article looks at how the nineteenth-century author Jules Verne (1828-1905) was modernised by Hachette for their Bibliothèque Verte children’s collection in the 1950s and 60s. Using the methodology of adaptation studies, the article reads the abridged texts in the context of the concerns that emerged in postwar France about what children were reading. It examines how these concerns shaped editorial policy, and the transformations that Verne’s texts underwent before they were considered suitable for the children of the baby-boom generation. It asks whether these adapted versions damaged Verne’s reputation, as many literary scholars have suggested, or if the process of dividing his readership into children and adults actually helped to reinforce the new idea of his texts as complex and multilayered. In so doing, this article provides new insights into the impact of postwar reforms on children’s publishing and explores the complex interplay between abridgment, censorship, children’s literature and the adult canon.

Flooding tolerance in four 'Garrigue' landscape plants: implications for their future use in the urban landscapes of north-west Europe?

Within a changing climate, Mediterranean ‘Garrigue’ xerophytes are increasingly recommended as suitable urban landscape plants in north-west Europe, based on their capacity to tolerate high temperature and reduced water availability during summer. Such species, however, have a poor reputation for tolerating waterlogged soils; paradoxically a phenomenon that may also increase in north-west Europe due to predictions for both higher volumes of winter precipitation, and short, but intensive periods of summer rainfall. This study investigated flooding tolerance in four landscape ‘Garrigue’ species, Stachys byzantina, Cistus × hybridus, Lavandula angustifolia and Salvia officinalis. Despite evolving in a dry habitat, the four species tested proved remarkably resilient to flooding. All species survived 17 days flooding in winter, with Stachys and Lavandula also surviving equivalent flooding duration during summer. Photosynthesis and biomass production, however, were strongly inhibited by flooding although the most tolerant species, Stachys quickly restored its photosynthetic capacity on termination of flooding. Overall, survival rates were comparable to previous studies on other terrestrial (including wetland) species. Subsequent experiments using Salvia (a species we identified as ‘intermediate’ in tolerance) clearly demonstrated adaptations to waterlogging, e.g. acclimation against anoxia when pre-treated with hypoxia. Despite anecdotal information to the contrary, we found no evidence to suggest that these xerophytic species are particularly intolerant of waterlogging. Other climatic and biotic factors may restrict the viability and distribution of these species within the urban conurbations of north-west Europe, but we believe increased incidence of flooding per se should not preclude their consideration.

The civic zeitgeist: nationalism and liberal values in the European radical right

This article examines the relationship between nationalism and liberal values, and more specifically the redefinition of boundaries between national communities and others in the rhetoric of radical right parties in Europe. The aim is to examine the tension between radical right party discourse and the increasing need to shape this discourse in liberal terms. We argue that the radical right parties that successfully operate within the democratic system tend to be those best able to tailor their discourse to the liberal and civic characteristics of national identity so as to present themselves and their ideologies as the true authentic defenders of the nation's unique reputation for democracy, diversity and tolerance. Comparing the success of a number of European radical right parties ranging from the most electorally successful SVP to the more mixed BNP, FN and NPD, we show that the parties that effectively deploy the symbolic resources of national identity through a predominantly voluntaristic prism tend to be the ones that fare better within their respective political systems. In doing so, we challenge the conventional view in the study of nationalism which expects civic values to shield countries from radicalism and extremism.

Prizes for modernity in the provinces: The Arts Council’s 1950-1951 regional playwriting competition

As part of its contribution to the 1951 Festival of Britain, the Arts Council ran what can be seen in retrospect to be an important playwriting competition. Disregarding the London stage entirely, it invited regional theatres throughout the UK to put forward nominations for new plays within their repertoire for 1950-1951. Each of the five winning plays would receive, what was then, the substantial sum of £100. Originality and innovation featured highly amongst the selection criteria, with 40 per cent of the judges’ marks being awarded for “interest of subject matter and inventiveness of treatment”. This article will assess some of the surprising outcomes of the competition and argue that it served as an important nexus point in British theatrical historiography between two key moments in post-war Britain: the first being the inauguration of the Festival of Britain in 1951, the other being the debut of John Osborne’s Look Back in Anger in May 1956. The article will also argue that the Arts Council’s play competition was significant for two other reasons. By circumventing the London stage, it provides a useful tool by which to reassess the state of new writing in regional theatre at the beginning of the 1950s and to question how far received views of parochialism and conservatism held true. The paper will also put forward a case for the competition significantly anticipating the work of George Devine at the English Stage Company, which during its early years established a reputation for itself by heavily exploiting the repertoire of new plays originally commissioned by regional theatres. This article forms part of a five year funded Arts and Humanities Research Council (AHRC) project, ‘Giving Voice to the Nation: The Arts Council of Great Britain and the Development of Theatre and Performance in Britain 1945-1994’. Details of the Arts Council’s archvie, which is housed at the Victoria & Albert Museum in London can be found at http://www.vam.ac.uk/vastatic/wid/ead/acgb/acgbf.html Keywords: Arts Council of Great Britain, regional theatre, playwriting, Festival of Britain, English Stage Company (Royal Court) , Yvonne Mitchell

Boundaries and Bridges: the influence of James Cooksey Culwick on the development of the teaching and learning of music in nineteenth century Ireland

James Cooksey Culwick (1845-1907) was born in England. Trained as chorister and organist in Lichfield Cathedral, he moved to Ireland at twenty- one and remained until his death in 1907. Although his reputation as scholar, musician and teacher was acknowledged widely during his lifetime - he received an honorary doctorate from University of Dublin (1893) - little is known about the contribution he made to music education. This paper addresses this gap in the literature and argues that it was Culwick's singular achievement to pay attention to music pedagogy at secondary level, by recognizing that music could be seen as a serious career option for girls, and by providing resources for teachers which emphasised the development of an 'art-feeling' in pupils of all abilities. In addition, he considered Irish music as an art which had significance as music first, and Irish music second, and advocated a 'laudable tolerance' for opposing views on matters of cultural identity to Ireland at the end of the nineteenth century.

The causal inefficacy of content

The paper begins with the assumption that psychological event tokens are identical to or constituted from physical events. It then articulates a familiar apparent problem concerning the causal role of psychological properties. If they do not reduce to physical properties, then either they must be epiphenomenal or any effects they cause must also be caused by physical properties, and hence be overdetermined. It then argues that both epiphenomenalism and over-determinationism are prima facie perfectly reasonable and relatively unproblematic views. The paper proceeds to argue against Kim’s (Kim, 2000, 2005) attempt to articulate a plausible version of reductionism. It is then argued that psychological properties, along with paradigmatically causally efficacious macro-properties, such as toughness, are causally inefficacious in respect of their possessor’s typical effects, because they are insufficiently distinct from those effects. It is finally suggested that the distinction between epiphenomenalism and overdeterminationism may be more terminological than real.

West African monsoon 2012

Living up to its reputation as a highly variable climate system, the West African Monsoon (WAM) 2012 contrasted strikingly with the previous year. In 2011, the West African rainy season was delayed, patchy, and irregular. In 2012, whilst it was anomalously wet in many area, the Guinea coastal countries and some crucial agricultural regions remained very dry, persisting from the previous year. As a result, 2012 generated the third big food crisis to hit the region in the last seven years. The 2012 WAM forecast, observed climate conditions and the ongoing socio-economic implications for the region are reviewed here.