Double Exponential Instability of Triangular Arbitrage Systems

If financial markets displayed the informational efficiency postulated in the efficient markets hypothesis (EMH), arbitrage operations would be self-extinguishing. The present paper considers arbitrage sequences in foreign exchange (FX) markets, in which trading platforms and information are fragmented. In Kozyakin et al. (2010) and Cross et al. (2012) it was shown that sequences of triangular arbitrage operations in FX markets containing 4 currencies and trader-arbitrageurs tend to display periodicity or grow exponentially rather than being self-extinguishing. This paper extends the analysis to 5 or higher-order currency worlds. The key findings are that in a 5-currency world arbitrage sequences may also follow an exponential law as well as display periodicity, but that in higher-order currency worlds a double exponential law may additionally apply. There is an "inheritance of instability" in the higher-order currency worlds. Profitable arbitrage operations are thus endemic rather that displaying the self-extinguishing properties implied by the EMH.Comment: 22 pages, 22 bibliography references, expanded Introduction and Conclusion, added bibliohraphy reference

Determining the influence and effects of manufacturing variables on sulfur dioxide cells

A survey of the Li/SO2 manufacturing community was conducted to determine where variability exists in processing. The upper and lower limits of these processing variables might, by themselves or by interacting with other variables, influence safety, performance, and reliability. A number of important variables were identified and a comprehensive design experiment is being proposed to make the proper determinations

From a fossil-fuel to a biobased economy : the politics of industrial biotechnology

Industrial biotechnology involves the replacement of petrochemical processes and inputs with more energy-efficient and renewable biological ones. It is already being used in the production of biofuels and bioplastics and has been touted as a means by which modern economies can be shifted toward a more competitive, low-carbon growth model. This paper does two things. First, it outlines the policy framework established in the European Union and the narrative of a knowledge-based bioeconomy (KBBE) underpinning this. Second, it argues that the ‘win – win’ rhetoric contained within the KBBE narrative is misleading. Among the different groups commenting on the use of industrial biotechnology, the paper locates cleavages between farmers and agribusiness, between those convinced and those sceptical of environmental technofixes, and between procorporate and anticorporate NGOs. Taken together, they show the purported transition from a fossil-fuel to a bio-based economy to be a resolutely political one

Furthering alternative cultures of valuation in higher education research

The value of higher education is often implicit or assumed in educational research. The underlying and antecedent premises that shape and influence debates about value remain unchallenged which perpetuates the dominant, but limiting, terms of the debate and fosters reductionism. I proceed on the premise that analyses of value are not self–supporting or self-referential but are embedded within prevailing cultures of valuation. I contend that challenging, and providing alternatives to, dominant narratives of higher education requires an appreciation of those cultures. I therefore highlight some of the existing cultures of valuation and their influence. I then propose Sayer’s concept of lay normativity as a culture of valuation and discuss how it translates into the practices of research into higher education, specifically the practice of analysis. I animate the discussion by detecting the presence of lay normativity in the evaluative space of the capability approach

The potential of trading activity income to fund third sector organisations operating in deprived areas

In the United Kingdom, as in other countries, Third Sector Organisations (TSOs) have been drawn towards income sources associated with trading activities (Teasdale, 2010), but many remain reliant on grant funding to support such activities (Chell, 2007). Using a multivariate analysis approach and data from the National Survey of Charities and Social Enterprises (NSCSE), it is found that trading activities are used relatively commonly in deprived areas. These organisations are also more likely to attempt to access public sector funds. This suggests policy-makers need to consider the impact of funding cuts on TSOs in the most deprived areas as TSOs are unlikely achieve their objectives without continuing support

Smart Cities: Towards a New Citizenship Regime? A Discourse Analysis of the British Smart City Standard

Growing practice interest in smart cities has led to calls for a less technology-oriented and more citizen-centric approach. In response, this articles investigates the citizenship mode promulgated by the smart city standard of the British Standards Institution. The analysis uses the concept of citizenship regime and a mixture of quantitative and qualitative methods to discern key discursive frames defining the smart city and the particular citizenship dimensions brought into play. The results confirm an explicit citizenship rationale guiding the smart city (standard), although this displays some substantive shortcomings and contradictions. The article concludes with recommendations for both further theory and practice development

Part-time learners in open and distance learning: revisiting the critical importance of choice, flexibility and employability

In this article, we argue that, if open learning seeks to (re)assert a social justice mission, issues of openness and flexibility are more critical than ever. Drawing on qualitative data from a National Union of Students Wales/Open University study, which explored, in the voices of Welsh students, the identity, motivation and barriers faced by part-time distance learners, three key findings emerged. First, the chimaera of ‘choice’ – for part-time distance learners whose personal circumstances prevent any other mode of study; second, the vacuity of policy assertions around ‘flexibility’ in HE – what personalised learning means for part-time distance learners should be contested and re-examined; third, the mantra of ‘employability’ – for part-time distance learners, employability is a conundrum which needs to be understood in a far more inclusively nuanced way. We conclude that the voices of part-time distance learners need to be heard by policy makers and should inform open universities’ continuing efforts to enable vulnerable and marginalised learners to access HE

The geographies of access to enterprise finance: the case of the West Midlands, UK

The geographies of access to enterprise finance: the case of the West Midlands, UK, Regional Studies. Whilst there is a long history of credit rationing to small and medium-sized enterprises (SMEs) in the UK, the financial crisis has seen banks retreat further from lending to viable SMEs due to a reassessment of risk and lack of available capital. In so doing, the credit crunch is thought to be creating new geographies of financial exclusion. This paper explores the financial inclusion of enterprise through community development finance institutions (CDFIs) which provide loan finance to firms at the commercial margins in the West Midlands, UK. The paper concludes that CDFIs could partially address the financial exclusion of enterprise as an additional, alternative source of finance to that of mainstream banks

Managerial Hubris, Trade-Associations, and Regulatory Knowledge in Micro-Firms

To avoid breaking the law for regulatory non-compliance, it is essential that micro-firm owner-managers are aware of deficiencies in their knowledge, so that they can seek improvement and avoid over-confidence (i.e. hubris) in their knowledge levels. Using newly collected survey data from micro-firms in the English accommodation sector and multivariate techniques, the authors explore the possibility of hubris by making a novel distinction between the Perceived-Knowledge and Actual-Knowledge of regulation held by micro-firm owner-managers. Both Perceived-Knowledge (from self-assessment) and Actual-Knowledge (from a simple test) over four core areas of regulation are found to be different, generally poor and suggestive of hubris. The relationship between these knowledge levels is further explored by considering the role of trade association membership (since they support members) and attitude (since it effects learning). Attitude is found to be positively associated with both forms of knowledge, while trade association memberships are also found to be associated with enhanced Perceived-Knowledge, but not Actual-Knowledge. In light of the results, the authors suggest several priority areas for improving Actual-Knowledge and self-assessment skills, and areas for future research.</p

The changing nature of labour regulation: the distinctiveness of the National Agreement for the Engineering Construction Industry

The article addresses the changing nature of labour regulation through analysis of the National Agreement for the Engineering Construction Industry, originating in 1981. It shows how multiple spatial regulatory scales, the changing coalitions of actors involved, employer and client engagement and labour agency have been critical to National Agreement for the Engineering Construction Industry's survival