Getting left behind? The localised consequences of exclusion from the credit market for UK SMEs

The authors wish to acknowledge the funding they received for the project from the Economic and Social Research Council (ESRC) grant number ES/W010259/1.Recent research has identified a key subset of the business population that comprises firms who had sought external finance but subsequently withdrew from the credit market completely despite still requiring finance. Utilising the UK’s Longitudinal Small Business Survey between 2015 and 2020, we identify the consequences in terms of lost jobs and sales of these small- and medium-sized enterprises (SMEs) dropping out of the credit market for finance. We conduct our analysis at the regional and sub-regional level and found that around 230,000 SMEs have dropped out of the UK credit market and that in many localities this has reduced job creation and sales income growth. We conclude that this exclusionary borrowing behaviour will add further to existing regional and sub-regional economic inequalities in the UK, making the ‘levelling up’ agenda a very elusive policy objective.Publisher PDFPeer reviewe

Experimental Identification of the Kink Instability as a Poloidal Flux Amplification Mechanism for Coaxial Gun Spheromak Formation

The magnetohydrodynamic kink instability is observed and identified experimentally as a poloidal flux amplification mechanism for coaxial gun spheromak formation. Plasmas in this experiment fall into three distinct regimes which depend on the peak gun current to magnetic flux ratio, with (I) low values resulting in a straight plasma column with helical magnetic field, (II) intermediate values leading to kinking of the column axis, and (III) high values leading immediately to a detached plasma. Onset of column kinking agrees quantitatively with the Kruskal-Shafranov limit, and the kink acts as a dynamo which converts toroidal to poloidal flux. Regime II clearly leads to both poloidal flux amplification and the development of a spheromak configuration.Comment: accepted for publication in Physical Review Letter

Socio-economic disparities of childhood body mass index in a newly developed population: Evidence from Hong Kong's 'Children of 1997' birth cohort

Background: Childhood adiposity in developed countries is often associated with lower socio-economic position (SEP) of the family and neighbourhood. However, the association of adiposity with SEP varies with national income. The authors examined whether childhood BMI was associated with family or neighbourhood socio-economic characteristics in a recently and rapidly developed Chinese population. Methods: The authors used multilevel modelling in Hong Kong's population-representative 'Children of 1997' birth cohort (n=8327) to examine the association of BMI z-score and overweight (including obesity) at ages 6-11 years with parental education, mother's birthplace, sex and neighbourhood median income. Results: In 7108 (85 % successful follow-up) children, boys were more adipose than girls. The association of parental education with BMI z-score varied with mother's birthplace (p value for interaction 0.001). In children of Hong Kong-born mothers, parental education was negatively associated with BMI z-score (mean difference -0.15, 95% CI -0.25 to -0.05 for highest compared with lowest). However, in children of mainland China-born mothers, parental education was positively associated with BMI z-score (0.18, 95% CI 0.02 to 0.34 in the same comparison). Neighbourhood had no association with BMI z-score. Conclusions: In this recently developed Chinese population, there was no consistent association between socio-economic characteristics and childhood BMI. Other factors, such as experience of economic transition, as proxied by mother's place of birth, exerted a modifying impact. The cultural and biological mechanisms underlying these socio-historical intergenerational influences need to be determined, so that effective interventions can be implemented in China and elsewhere.published_or_final_versio

Thermodynamics of MHD flows with axial symmetry

We present strategies based upon extremization principles, in the case of the axisymmetric equations of magnetohydrodynamics (MHD). We study the equilibrium shape by using a minimum energy principle under the constraints of the MHD axisymmetric equations. We also propose a numerical algorithm based on a maximum energy dissipation principle to compute in a consistent way the equilibrium states. Then, we develop the statistical mechanics of such flows and recover the same equilibrium states giving a justification of the minimum energy principle. We find that fluctuations obey a Gaussian shape and we make the link between the conservation of the Casimirs on the coarse-grained scale and the process of energy dissipation

Testosterone therapy and cardiovascular events among men: a systematic review and meta-analysis of placebo-controlled randomized trials

Background Testosterone therapy is increasingly promoted. No randomized placebo-controlled trial has been implemented to assess the effect of testosterone therapy on cardiovascular events, although very high levels of androgens are thought to promote cardiovascular disease. Methods A systematic review and meta-analysis was conducted of placebo-controlled randomized trials of testosterone therapy among men lasting 12+ weeks reporting cardiovascular-related events. We searched PubMed through the end of 2012 using “(“testosterone” or “androgen”) and trial and (“random*”)” with the selection limited to studies of men in English, supplemented by a bibliographic search of the World Health Organization trial registry. Two reviewers independently searched, selected and assessed study quality with differences resolved by consensus. Two statisticians independently abstracted and analyzed data, using random or fixed effects models, as appropriate, with inverse variance weighting. Results Of 1,882 studies identified 27 trials were eligible including 2,994, mainly older, men who experienced 180 cardiovascular-related events. Testosterone therapy increased the risk of a cardiovascular-related event (odds ratio (OR) 1.54, 95% confidence interval (CI) 1.09 to 2.18). The effect of testosterone therapy varied with source of funding (P-value for interaction 0.03), but not with baseline testosterone level (P-value for interaction 0.70). In trials not funded by the pharmaceutical industry the risk of a cardiovascular-related event on testosterone therapy was greater (OR 2.06, 95% CI 1.34 to 3.17) than in pharmaceutical industry funded trials (OR 0.89, 95% CI 0.50 to 1.60). Conclusions The effects of testosterone on cardiovascular-related events varied with source of funding. Nevertheless, overall and particularly in trials not funded by the pharmaceutical industry, exogenous testosterone increased the risk of cardiovascular-related events, with corresponding implications for the use of testosterone therapy