Temporary Intervention and Long Term Legacy: Lessons from London Case Studies

The paper explores the issue of temporary projects on vacant land focusing on London in the 2007-2012 downturn. Using a case study approach, a link has been identified between the success of temporary projects and a longer-term vision, as well as a move toward better integration between temporary occupants and developer/land-owner. Within this paradox the whole idea of temporariness is put under question, as is the traditional mainstream depiction of bottom-up in opposition to top-down action. These trends are contextualised within the dynamics of recession that has triggered new types of creative conversations between parties traditionally considered in opposition and may contribute to reframing urban development as an incremental, organic and collaborative process.

The Crisis in the UK's High Streets: can the evening and night-time economy help?

Changes in retailing over the last half century have had a detrimental effect on the UK’s local high streets. The recession of 2008-2012 exacerbated these trends leading to a high number of vacancies and neglected properties. The impact was sufficiently severe for the term ‘crisis’ to be used in connection with the British high street. In the academic and commercial reports generated by the recognition that the high street needed to adapt to changing circumstances, a view emerged that the leisure component of high street activity would gain in importance. This article reviews the relationship of the evening and nighttime economy to the high street and considers its potential in reinventing the vitality that is normally associated with these mixed-use urban corridors. The article argues that there is hope in the high street offering a different type of experience to the mainstream forms of entertainment that are consolidating in major town and city centres. It concludes by suggesting that for this to be successful, some public support is necessary.

The Worsening of the employment and work conditions and its relationship to the self-perceived health in European working population. Relevance and effects of the latest socioeconomic crisis

The recent crisis of the capitalistic economic system has altered the working conditions and occupations in the European Union. The recession situation has accelerated trends and has brought transformations that have been observed before. Changes have not looked the same way in all the countries of the Union. The social occupation norms, labour relations models and the type of global welfare provision can help underline some of these inequalities. Poor working conditions can expose workers to situations of great risk. This is one of the basic assumptions of the theoretical models and analytical studies of the approach to the psychosocial work environment. Changes in working conditions of the population seems to be important to explain in the worst health states. To observe these features in the current period of economic recession it has made a comparative study of trend through the possibilities of the European Working Conditions Survey in the 2005 and 2010 editions. It has also set different multivariate logistic regression models to explore potential partnerships with the worst conditions of employment and work. It seems that the economic crisis has intensified changes in working conditions and highlighted the effects of those conditions on the poor health of the working population. This conclusion can’t be extended for all EU countries; some differences were observed in terms of global welfare models.

This Time is Different: Causes and Consequences of British Banking Instability over the Long Run

This paper addresses three questions: (1) How severe were the episodes of banking instability
experienced by the UK over the past two centuries? (2) What have been the macroeconomic
indicators of UK banking instability? and (3) What have been the consequences of UK banking
instability for the cost of credit? Using a unique dataset of bank share prices from 1830 to 2010
to assess the stability of the UK banking system, we find that banking instability has grown more
severe since the 1970s. We also find that interest rates, inflation, lending growth, and equity
prices are consistent macroeconomic indicators of UK banking instability over the long run.
Furthermore, utilising a unique dataset of corporate-bond yields for the period 1860 to 2010, we
find that there is a significant long-run relationship between banking instability and the creditrisk
premium faced by businesses.

Antecedents of Concession Bargaining in the Great Recession: Evidence from Ireland

Concession or ‘give back’ bargaining involves firms seeking changes in pay and conditions of employment from trade unions in return for pledges of enhanced job security and sometimes other forms of reciprocation. Several distinct modes of concession bargaining are distinguishable in the literature, and three modes of concession bargaining have been identified in Ireland during the Great Recession: integrative, distributive and minimal engagement. Deploying qualitatively informed quantitative data on the conduct of collective bargaining during the Great Recession, this article examines a series of antecedent influences on the choices firms make in conducting concession bargaining with unions.

The Great Transition:Climate, disease and society in the late-medieval world

In the fourteenth century the Old World witnessed a series of profound and abrupt changes in the trajectory of long-established historical trends. Trans-continental networks of exchange fractured and an era of economic contraction and demographic decline dawned from which Latin Christendom would not begin to emerge until its voyages of discovery at the end of the fifteenth century. In a major new study of this 'Great Transition', assessment is made of the contributions of commercial recession, war, climate change,and eruption of the Black Death to a far-reaching reversal of fortunes which spared no part of Eurasia. A wealth of new historical, palaeoecological and biological evidence are synthesised, including estimates of national income, reconstructions of past climates. and genetic analysis of DNA extracted from the teeth of plague victims, to provide a fresh account of the creation, collapse and realignment of western Europe's late-medieval commercial economy.

Bond Fund Performance During Recessions and Expansions: Empirical Evidence from a Small Market

This paper provides the first investigation about bond mutual fund performance during recession and expansion periods separately. Based on multi-factor performance evaluation models, results show that bond funds significantly underperform the market during both phases of the business cycle. Nevertheless, unlike equity funds, bond funds exhibit considerably higher alphas during good economic states than during market downturns. These results, however, seem entirely driven by the global financial crisis subperiod. In contrast, during the recession associated to the Euro sovereign debt crisis, bond funds are able to accomplish neutral performance. This improved performance throughout the debt crisis seems to be related to more conservative investment strategies, which reflect an increase in managers’ risk aversion.

A Flow-Through Analysis of the US Lodging Industry During the Great Recession

Purpose – The objective of this exploratory study is to investigate the “flow-through” or relationship between top-line measures of hotel operating performance (occupancy, average daily rate and revenue per available room) and bottom-line measures of profitability (gross operating profit and net operating income), before and during the recent great recession. Design/methodology/approach – This study uses data provided by PKF Hospitality Research for the period from 2007-2009. A total of 714 hotels were analyzed and various top-line and bottom-line profitability changes were computed using both absolute levels and percentages. Multiple regression analysis was used to examine the relationship between top and bottom line measures, and to derive flow-through ratios. Findings – The results show that average daily rate (ADR) and occupancy are significantly and positively related to gross operating profit per available room (GOPPAR) and net operating income per available room (NOIPAR). The evidence indicates that ADR, rather than occupancy, appears to be the stronger predictor and better measure of RevPAR growth and bottom-line profitability. The correlations and explained variances are also higher than those reported in prior research. Flow-through ratios range between 1.83 and 1.91 for NOIPAR, and between 1.55 and 1.65 for GOPPAR, across all chain-scales. Research limitations/implications – Limitations of this study include the limited number of years in the study period, limited number of hotels in a competitive set, and self-selection of hotels by the researchers. Practical implications – While ADR and occupancy work in combination to drive profitability, the authors' study shows that ADR is the stronger predictor of profitability. Hotel managers can use flow-through ratios to make financial forecasts, or use them as inputs in valuation models, to forecast future profitability. Originality/value – This paper extends prior research on the relationship between top-line measures and bottom-line profitability and serves to inform lodging owners, operators and asset managers about flow-through ratios, and how these ratios impact hotel profitability.

Phocid seal leptin: tertiary structure and hydrophobic receptor binding site preservation during distinct leptin gene evolution

The cytokine hormone leptin is a key signalling molecule in many pathways that control physiological functions. Although leptin demonstrates structural conservation in mammals, there is evidence of positive selection in primates, lagomorphs and chiropterans. We previously reported that the leptin genes of the grey and harbour seals (phocids) have significantly diverged from other mammals. Therefore we further investigated the diversification of leptin in phocids, other marine mammals and terrestrial taxa by sequencing the leptin genes of representative species. Phylogenetic reconstruction revealed that leptin diversification was pronounced within the phocid seals with a high dN/dS ratio of 2.8, indicating positive selection. We found significant evidence of positive selection along the branch leading to the phocids, within the phocid clade, but not over the dataset as a whole. Structural predictions indicate that the individual residues under selection are away from the leptin receptor (LEPR) binding site. Predictions of the surface electrostatic potential indicate that phocid seal leptin is notably different to other mammalian leptins, including the otariids. Cloning the grey seal leptin binding domain of LEPR confirmed that this was structurally conserved. These data, viewed in toto, support a hypothesis that phocid leptin divergence is unlikely to have arisen by random mutation. Based upon these phylogenetic and structural assessments, and considering the comparative physiology and varying life histories among species, we postulate that the unique phocid diving behaviour has produced this selection pressure. The Phocidae includes some of the deepest diving species, yet have the least modified lung structure to cope with pressure and volume changes experienced at depth. Therefore, greater surfactant production is required to facilitate rapid lung re-inflation upon surfacing, while maintaining patent airways. We suggest that this additional surfactant requirement is met by the leptin pulmonary surfactant production pathway which normally appears only to function in the mammalian foetus.

CSR Reporting in the Finnish Banking Sector – Status and Recent Development

This thesis reviews the development of CSR reporting in the Finnish banking sector. This was achieved by analyzing the content of specific CSR reports published by three banks during years 2012-2014. The banks selected represent the three largest banks operating in Finland according to their market share, constituting approximately 70 percent of the total perceived market share. The purpose of the analysis is to establish a clear descriptive overview of the status of CSR reporting and how it has thematically developed over the years. The research was conducted with the qualitative content analysis method. By analyzing the contents of the CSR reports it was found that CSR reporting is understood in 3 different themes that reflect the general CSR theory: economic, social and environmental responsibility. The following research focused on analyzing these three core themes separately during years 2012-2014 in order to find specific tendencies in the development of CSR reporting. The results confirm that CSR reporting is developing in the Finnish banking sector. Reporting about economic responsibility is based on core financial performance reporting, and it’s mainly developing in the assessment of the global recession and how the potential fiscal reforms affect to the bank sector’s performance. Economic responsibility is also being understood and reported as a wider concept, including intertwined and shared meanings with the other responsibility reporting themes. The research also suggests that banks value social responsibility reporting increasingly each year. Environmental responsibility reporting is the most standardized form of reporting, however, the reporting development includes the increased use of digitalization as source of lessening the environmental impact.

Millennial-scale fluctuations of the European Ice Sheet at the end of the last glacial, and their potential impact on global climate

Reconstructing Northern Hemisphere ice-sheet oscillations and meltwater routing to the ocean is important to better understand the mechanisms behind abrupt climate changes. To date, research efforts have mainly focused on the North American (Laurentide) ice-sheets (LIS), leaving the potential role of the European Ice Sheet (EIS), and of the Scandinavian ice-sheet (SIS) in particular, largely unexplored. Using neodymium isotopes in detrital sediments deposited off the Channel River, we provide a continuous and well-dated record for the evolution of the EIS southern margin through the end of the last glacial period and during the deglaciation. Our results reveal that the evolution of EIS margins was accompanied with substantial ice recession (especially of the SIS) and simultaneous release of meltwater to the North Atlantic. These events occurred both in the course of the EIS to its LGM position (i.e., during Heinrich Stadial –HS– 3 and HS2; ∼31–29 ka and ∼26–23 ka, respectively) and during the deglaciation (i.e., at ∼22 ka, ∼20–19 ka and from 18.2 ± 0.2 to 16.7 ± 0.2 ka that corresponds to the first part of HS1). The deglaciation was discontinuous in character, and similar in timing to that of the southern LIS margin, with moderate ice-sheet retreat (from 22.5 ± 0.2 ka in the Baltic lowlands) as soon as the northern summer insolation increase (from ∼23 ka) and an acceleration of the margin retreat thereafter (from ∼20 ka). Importantly, our results show that EIS retreat events and release of meltwater to the North Atlantic during the deglaciation coincide with AMOC destabilisation and interhemispheric climate changes. They thus suggest that the EIS, together with the LIS, could have played a critical role in the climatic reorganization that accompanied the last deglaciation. Finally, our data suggest that meltwater discharges to the North Atlantic produced by large-scale recession of continental parts of Northern Hemisphere ice sheets during HS, could have been a possible source for the oceanic perturbations (i.e., AMOC shutdown) responsible for the marine-based ice stream purge cycle, or so-called HE's, that punctuate the last glacial period.

Scalar field dark matter and the Higgs field

We discuss the possibility that dark matter corresponds to an oscillating scalar field coupled to the Higgs boson. We argue that the initial field amplitude should generically be of the order of the Hubble parameter during inflation, as a result of its quasi-de Sitter fluctuations. This implies that such a field may account for the present dark matter abundance for masses in the range 10^-6 - 10^-4 eV, if the tensor-to-scalar ratio is within the range of planned CMB experiments. We show that such mass values can naturally be obtained through either Planck-suppressed non-renormalizable interactions with the Higgs boson or, alternatively, through renormalizable interactions within the Randall–Sundrum scenario, where the dark matter scalar resides in the bulk of the warped extra-dimension and the Higgs is confined to the infrared brane.

Contratos futuros sobre o petróleo: um estudo sobre a assimetria na volatilidade

Mestrado em Contabilidade e Análise Financeira

Using importance-satisfaction analysis in evaluating student satisfaction: a case study of economics and administration Faculty of Qafqaz University

Education is one of the main industries in the world, which needs to focus more than other types of industries. As Mandela said, “Education is the most powerful weapon, which you can use to change the world” (www.brainyquote.com). Global economic recession era put serious pressure on private Higher Education Institutions (HEI), which resulted as decrease in the university spending`s budget. Therefore, HEI forced to develop more competitive ways to find new financial resources for rapid technological and organizational changes (Savsar, 2012). Students are the motive of being of Higher Education. The aim of this study is to implement İmportance-Satisfaction Analysis (IPA) matrix to evaluate the student`s satisfaction and assess importance of different attributes in terms of student`s perception. The students that participated in this study enrolled in the present academic year, 2015/2016, in the Economics and Administration Faculty-Qafqaz University. In order to perform study, survey method applied to collect the data and number of received valid questionnaire were 266. Questionnaire used to collect demographic information of students, identify importance given to each attribute and satisfaction degree of each attribute. Descriptive analysis used to identify profile of respondents, also find satisfaction and importance degree for each attributes. To evaluate differences between groups, built association between variables, find relation between variables and answering to the research hypothesis inferential analysis applied. Moreover, IPA matrix was been used to explore the attributes that needs improvement that perceived as attributes that are more important for the students. The result showed that generally students are satisfied with service quality offered by HEI-on sample of the Qafqaz University. In addition, research found that there are no differences in overall satisfaction and importance by department, gender, academic year and grade point average. IPA matrix highlighted the main attributes, which performs well, namely Academic Services and Teaching aspects, and in another hand needs to concentrate in Undergraduate program and External Relations. In addition, research found that loyalty of students is very low and there is a negative correlation between loyalty and satisfaction.

ESSAYS ON DISPLACED WORKERS AND RESIDENTIAL MIGRATION

In this dissertation, I explore how workers’ human capital, local industry composition, and business cycles affect employment outcomes and residential migration for job losers and other workers. I first examine whether the poor employment outcomes of job losers are due to a lack of jobs that require their human capital within their local labor market. I answer this question by analyzing the extent to which the industry composition in the job loser’s local labor market affects employment outcomes when job loss occurs during expansions and during recessions. I find that if job losers reside in an area with a high employment concentration of their original industry of employment, they are 2.1-2.8 percent more likely to be re-employed at another job if job loss occurs during an expansion; I find an insignificant relationship in most specifications when job loss occurs during a recession, and in some specifications I even find a negative relationship between industry concentration and employment. I conclude that the industry composition within an area matters for job losers, since firms are more willing to hire workers from within their own industry, as these workers have more relevant accumulated human capital. However, firms are less likely to hire during a recession, making job losers’ human capital less important for job finding. Next, Erika McEntarfer, Henry Hyatt, and I examine whether the business cycle affects earnings changes for job losers, and the factors that explain these differences across time. We find that job losers who lost their job during the Great Recession have earnings changes that are 10 percent more negative relative to other job losers from other periods. This result is driven primarily by longer nonemployment lengths and worse subsequent job matches. Finally, Erika McEntarfer, Henry Hyatt, Alexandria Zhang, and I explore the extent to which residential migration is driven by job opportunities. We use four databases and find that changes in job moves explain some of the changes in residential migration, but the relationship is not as strong as previously documented. We find that migration patterns differ across databases, with some databases documenting steeper declines and more cyclicality.