And then there were four: a study of UK market concentration - causes, consequences and the scope for market adjustment

While concentration measures are a good indicator of market structure, the link with competitiveness is more complex than often assumed. In particular, the modern theory of industrial organisation makes no clear statement regarding the impact of concentration on competition - the focus of this paper is concentration and no inferences are made about competitive aspects of the market. The extent and nature of concentration within the UK listed company audit market as at April, 2002 and, pro forma, after the collapse of Andersen is documented and analysed in detail (by firm, market segment and industry sector). The largest four firms held 90 per cent of the market (based on audit fees) in 2002, rising to 96 per cent with the demise of Andersen. A single firm, Pricewaterhouse-Coopers, held 70 per cent or more of the share of six out of 38 industry sectors, with a share of 50 per cent up to 70 per cent in a further seven sectors. The provision of non-audit services (NAS) by incumbent auditors is also considered. As at April 2002, the average ratio of non-audit fees (paid to auditor) to audit fees was 208 per cent, and exceeded 300 per cent in seven sectors. It is likely, however, that disposals by firms of their management consultancy and outsource firms, combined with the impact of the Smith Report on audit committees will serve to reduce these ratios. Another finding is that audit firms with expertise in a particular sector appeared to earn significantly higher nonaudit fees from their audit clients in that sector. The paper thus provides a solid empirical basis for debate. The subsequent discussion considers the implications for companies and audit firms of the high level of concentration in the current regulatory climate, where no direct regulatory intervention is planned

Political trials and the suppression of popular radicalism in England, 1799-1820

This chapter examines the decision-making process between the Home Office and the government’s law officers in prosecuting individuals for sedition and treason in the period 1799–1820. The term state trial suggests a more centralised and government-led repression of popular radicalism than the process was in practice. Provincial reformers also faced the complex layers of their local justice system, which was more loyalist, committed to stamping out political radicalism. The trial of the “Thirty Eight” Manchester radicals in June 1812 demonstrates the mutable definitions of treason, sedition and processes of justice in the theatre of the court.Peer reviewe

Support for graphicacy: a review of textbooks available to accounting students

This Teaching Note reports on the support available in textbooks for graphicacy that will help students understand the complexities of graphical displays. Graphical displays play a significant role in financial reporting, and studies have found evidence of measurement distortion and selection bias. To understand the complexities of graphical displays, students need a sound understanding of graphicacy and support from the textbooks available to them to develop that understanding. The Teaching Note reports on a survey that examined the textbooks available to students attending two Scottish universities. The support of critical graphicacy skills was examined in conjunction with textbook characteristics. The survey, which was not restricted to textbooks designated as required reading, examined the textbooks for content on data measurement and graphical displays. The findings highlight a lack of support for graphicacy in the textbooks selected. The study concludes that accounting educators need to scrutinize more closely the selection of textbooks and calls for more extensive research into textbooks as a pedagogic tool

Excitation spectrum of a two-component Bose-Einstein condensate in a ring potential

A mixture of two distinguishable Bose-Einstein condensates confined in a ring potential has numerous interesting properties under rotational and solitary-wave excitation. The lowest-energy states for a fixed angular momentum coincide with a family of solitary-wave solutions. In the limit of weak interactions, exact diagonalization of the many-body Hamiltonian is possible and permits evaluation of the complete excitation spectrum of the system.Comment: 4 pages, 1 figur

The Royal Pardon and Criminal Procedure in Early Modern England

The study of the royal power of pardon illuminates the English criminal justice system, particularly in the eighteenth century. Pardons granted on condition of transportation acted as a counterbalance to the harshness of the “Bloody Code”, notably after 1689 when a considerable increase in the number of capital statutes threatened a vast rise in executions. The documents generated by the pardon process, especially petitions and judges' reports, suggest the boundaries within which the royal authority was exercised and the relative weight given to the nature of the offence, the character of the accused and the influence of the social and political elite. A study of those who were pardoned and those on the other hand who were hanged reveals that the overriding aim of those who administered the criminal law was to interpret and enforce the law so as to enhance its terror while underlining the king's justice and humanity. The royal power of pardon was an essential element in that administration of the law. During the late-eighteenth and early-nineteenth centuries, the convictions and attitudes which supported the criminal justice system came under scrutiny, and the cruelty and capriciousness of capital punishment was the subject of particular criticism. The reform of the law in the early decades of the nineteenth century sharply curtailed the role that the royal pardon had played in the administration of justice for several centuries.Lorsqu'on se penche sur la prérogative royale du pardon aux condamnés, cette étude jette une lumière particulière sur plusieurs aspects du système judiciaire criminel anglais, particulièrement au XVIIIe siècle. Cette prérogative faisait souvent contrepoids au système du jury nouvellement instairé, notamment après 1689, alors que l'augmentation notable des peines capitales menaçait d'entraîner des exécutions en plus grand nombre. D'après le témoignage que nous livrent les pétitions pour grâce du XVIIIe siècle, l'autorité royale jouissait d'un large champ d'action. Étaient mis en balance l'intérêt public et la nature du crime, l'opinion du juge et celle des hommes influents qui défendaient le condamné. Le pardon allait donc dans le sens de l'appareil judiciaire, qu 'il contribuait à raffiner en lui permettant d'interpréter et d'appliquer la loi criminelle de façon à mettre en relief l'effet de terreur tout en faisant ressortir le sens de la justice et l'humanité du roi. La prérogative royale permettait de faire fonctionner au mieux le système judiciare et d'obtenir l'effet désiré. A la fin du XVIIIe siècle et au début du XIXe, on passa minutieusement au crible les condamnations et les attitudes qui avaient donné sa force au système judiciare criminel. La cruauté et l'arbitraire des peines capitales firent l'objet de critiques particulières. Au début du XIXe siècle, tout le système social fut remis en question, et la prérogative royale du pardon fut parmi les mesures abrogées par la réforme politique et sociale

Cropping System Diversification Reduces Severity and Incidence of Soybean Sudden Death Syndrome Caused by Fusarium virguliforme

Current management of sudden death syndrome (SDS) of soybean, caused by Fusarium virguliforme, focuses on planting resistant varieties and improving soil drainage; however, these measures are not completely effective. A 6-year study evaluated the effects of cropping system diversification on SDS and soybean yield. SDS, root health, yield, and F. virguliforme density in soil were assessed in a naturally infested field trial comparing a 2-year cropping system consisting of a corn-soybean rotation and synthetic fertilizer applications with 3- and 4-year cropping systems consisting of corn-soybean-oat + red clover and corn-soybean-oat +alfalfa-alfalfa rotations, respectively, with both manure and low synthetic fertilizer rates. In 5 of 6 years, SDS incidence and severity were lower and yield higher in the 3- and 4-year systems than in the 2-year system. SDS severity and incidence were up to 17-fold lower in the diversified systems than in the 2-year system. Incidence and severity of SDS explained 45 to 87% of the variation in yield. Plants in the 2-year system generally showed more severe root rot and lower plant weights than plants in the diversified systems. F. virguliforme density in soil was up to fivefold greater in the 2-year system compared with the 4-year system. The processes responsible for the suppression of SDS and yield protection in the diversified cropping systems still need to be determined

Optical properties of high quality Cu2ZnSnSe4 thin films

Cu2ZnSnSe4 thin films, fabricated on bare or molybdenum coated glass substrates by magnetron sputtering and selenisation, were studied by a range of techniques. Photoluminescence spectra reveal an excitonic peak and two phonon replicas of a donor-acceptor pair (DAP) recombination. Its acceptor and donor ionisation energies are 27 and 7 meV, respectively. This demonstrates that high-quality Cu2ZnSnSe4 thin films can be fabricated. An experimental value for the longitudinal optical phonon energy of 28 meV was estimated. The band gap energy of 1.01 eV at room temperature was determined using optical absorption spectr