The impact of constructive operating lease capitalisation on key accounting ratios

Current UK lease accounting regulation does not require operating leases to be capitalised in the accounts of lessees, although this is likely to change with the publication of FRS 5. This study conducts a prospective analysis of the effects of such a change. The potential magnitude of the impact of lease capitalisation upon individual users' decisions, market valuations, company cash flows, and managers' behaviour can be indicated by the effect on key accounting ratios, which are employed in decision-making and in financial contracts. The capitalised value of operating leases is estimated using a method similar to that suggested by Imhoff, Lipe and Wright (1991), adapted for the UK accounting and tax environment, and developed to incorporate company-specific assumptions. Results for 1994 for a random sample of 300 listed UK companies show that, on average, the unrecorded long-term liability represented 39% of reported long-term debt, while the unrecorded asset represented 6% of total assets. Capitalisation had a significant impact (at the 1% level) on six of the nine selected ratios (profit margin, return on assets, asset turnover, and three measures of gearing). Moreover, the Spearman rank correlation between each ratio before and after capitalisation revealed that the ranking of companies changed markedly for gearing measures in particular. There were significant inter-industry variations, with the services sector experiencing the greatest impact. An analysis of the impact of capitalisation over the five-year period from 1990 to 1994 showed that capitalisation had the greatest impact during the trough of the recession. Results were shown to be robust with respect to key assumptions of the capitalisation method. These findings contribute to the assessment of the economic consequences of a policy change requiring operating lease capitalisation. Significant changes in the magnitude of key accounting ratios and a major shift in company performance rankings suggest that interested parties' decisions and company cash flows are likely to be affected

Finite temperature bosonization

Finite temperature properties of a non-Fermi liquid system is one of the most challenging probelms in current understanding of strongly correlated electron systems. The paradigmatic arena for studying non-Fermi liquids is in one dimension, where the concept of a Luttinger liquid has arisen. The existence of a critical point at zero temperature in one dimensional systems, and the fact that experiments are all undertaken at finite temperature, implies a need for these one dimensional systems to be examined at finite temperature. Accordingly, we extended the well-known bosonization method of one dimensional electron systems to finite temperatures. We have used this new bosonization method to calculate finite temperature asymptotic correlation functions for linear fermions, the Tomonaga-Luttinger model, and the Hubbard model.Comment: REVTex, 48 page

Molecular Clouds as Ensembles of Transient Cores

We construct models of molecular clouds that are considered as ensembles of transient cores. Each core is assumed to develop in the background gas of the cloud, grow to high density and decay into the background. The chemistry in each core responds to the dynamical state of the gas and to the gas-dust interaction. Ices are deposited on the dust grains in the core's dense phase, and this material is returned to the gas as the core expands to low density. The cores of the ensemble number typically one thousand and are placed randomly in position within the cloud, and are assigned a random evolutionary phase. The models are used to generate molecular line contour maps of a typical dark cloud. These maps are found to represent extremely well the characteristic features of observed maps of the dark cloud L673, which has been observed at both low and high resolutions. The computed maps are found to exhibit the general morphology of the observed maps, and to generate similar sizes of emitting regions, molecular column densities, and the separations between peaks of emissions of various molecular species. The models give insight into the nature of molecular clouds and the dynamical processes occurring within them, and significantly constrain dynamical and chemical processes in the interstellar medium.Comment: 29 pages, 8 figures. Accepted for publication in Ap

Population characteristics of Shovelnose Sturgeon during low- and high-water conditions in the lower Platte River, Nebraska

Cycles of low- and high-water periods (i.e., years) in river systems are natural occurrences, but understanding how cyclical climatological patterns affect fishes, especially long-lived species, is unclear. We assessed Shovelnose Sturgeon population dynamics between a period of low- (2001-2004) and high- (2009-2012) water years in the lower Platte River, Nebraska. Low-flow periods in the lower Platte River can cause disconnection(s) between upstream and downstream reaches resulting in isolated pools and elevated water temperatures leading to stressful situations for aquatic life and possible mortality. Our data show no measurable differences between key population indices between flow condition periods which is consistent with current paradigms for long-lived fish species. Shovelnose Sturgeon relative weights were generally \u3e 80 during both low- and high-water periods and the size structure did not differ between the two periods. Shovelnose Sturgeon abundances, however, were greater during high-water conditions compared to low-water conditions (Kruskal-Wallis: χ2 = 6.15, d.f. = 1, P = 0.01). Shovelnose Sturgeon may have migrated to more suitable habitats during low-water periods to seek refuge allowing these individuals to return during more suitable conditions. Shovelnose Sturgeon and other riverine fish have evolved in a variable environment and have been able to endure relatively minor anthropogenic changes within the lower Platte River. Rivers like the lower Platte River that have retained much of their original physical features and flow regimes are likely key components for the resistance and resilience of riverine species. However, as alterations to landscapes continue and uncertainty exists surrounding future climate predictions, it is unknown how these riverine species will be able to adapt to future changes. The reduction in anthropogenic changes that disrupt flow regimes and increasing connectivity among river systems could provide more fish refuge during stressful conditions helping to protect these riverine species

Temperature dependent fluctuations in the two-dimensional XY model

We present a detailed investigation of the probability density function (PDF) of order parameter fluctuations in the finite two-dimensional XY (2dXY) model. In the low temperature critical phase of this model, the PDF approaches a universal non-Gaussian limit distribution in the limit T-->0. Our analysis resolves the question of temperature dependence of the PDF in this regime, for which conflicting results have been reported. We show analytically that a weak temperature dependence results from the inclusion of multiple loop graphs in a previously-derived graphical expansion. This is confirmed by numerical simulations on two controlled approximations to the 2dXY model: the Harmonic and ``Harmonic XY'' models. The Harmonic model has no Kosterlitz-Thouless-Berezinskii (KTB) transition and the PDF becomes progressively less skewed with increasing temperature until it closely approximates a Gaussian function above T ~ 4\pi. Near to that temperature we find some evidence of a phase transition, although our observations appear to exclude a thermodynamic singularity.Comment: 15 pages, 5 figures and 1 tabl

Introducing willingness-to-pay for noise changes into transport appraisal: an application of benefit transfer.

Numerous research studies have elicited willingness-to-pay values for transport-related noise, however, in many industrialised countries including the UK, noise costs and benefits are still not incorporated into appraisals for most transport projects and policy changes (Odgaard et al, 2005; Grant-Muller et al, 2001). This paper describes the actions recently taken in the UK to address this issue, comprising: primary research based on the city of Birmingham; an international review of willingness-to-pay evidence; development of values using benefit transfers over time and locations; and integration with appraisal methods. Amongst the main findings are: that the willingness-to-pay estimates derived for the UK are broadly comparable with those used in appraisal elsewhere in Europe; that there is a case for a lower threshold at 1 45dB(A)Leq,18hr1 rather than the more conventional 55dB(A); and that values per dB(A) increase with the noise level above this threshold. There are significant issues over the valuation of rail versus road noise, the neglect of non-residential noise and the valuation of high noise levels in different countries. Conclusions are drawn regarding the feasibility of noise valuation based on benefit transfers in the UK and elsewhere, and future research needs in this field are discussed

On the Second Law of thermodynamics and the piston problem

The piston problem is investigated in the case where the length of the cylinder is infinite (on both sides) and the ratio $m/M$ is a very small parameter, where $m$ is the mass of one particle of the gaz and $M$ is the mass of the piston. Introducing initial conditions such that the stochastic motion of the piston remains in the average at the origin (no drift), it is shown that the time evolution of the fluids, analytically derived from Liouville equation, agrees with the Second Law of thermodynamics. We thus have a non equilibrium microscopical model whose evolution can be explicitly shown to obey the two laws of thermodynamics.Comment: 29 pages, 9 figures submitted to Journal of Statistical Physics (2003

Genomic analysis reveals neutral and adaptive patterns that challenge the current management regime for East Atlantic cod Gadus morhua L

Challenging long‐held perceptions of fish management units can help to protect vulnerable stocks. When a fishery consisting of multiple genetic stocks is managed as a single unit, overexploitation and depletion of minor genetic units can occur. Atlantic cod (Gadus morhua) is an economically and ecologically important marine species across the North Atlantic. The application of new genomic resources, including SNP arrays, allows us to detect and explore novel structure within specific cod management units. In Norwegian waters, coastal cod (i.e. those not undertaking extensive migrations) are divided into two arbitrary management units defined by ICES: one between 62° and 70°N (Norwegian coastal cod; NCC) and one between 58° and 62°N (Norwegian coastal south; NCS). Together, these capture a fishery area of >25,000 km2 containing many spawning grounds. To assess whether these geographic units correctly represent genetic stocks, we analysed spawning cod of NCC and NCS for more than 8,000 SNPs along with samples of Russian White Sea cod, north‐east Arctic cod (NEAC: the largest Atlantic stock), and outgroup samples representing the Irish and Faroe Sea's. Our analyses revealed large differences in spatial patterns of genetic differentiation across the genome and revealed a complex biological structure within NCC and NCS. Haplotype maps from four chromosome sets show regional specific SNP indicating a complex genetic structure. The current management plan dividing the coastal cod into only two management units does not accurately reflect the genetic units and needs to be revised. Coastal cod in Norway, while highly heterogenous, is also genetically distinct from neighbouring stocks in the north (NEAC), west (Faroe Island) and the south. The White Sea cod are highly divergent from other cod, possibly yielding support to the earlier notion of subspecies rank.publishedVersio

The abundance of C18O and HDO in the envelope and hot core of the intermediate mass protostar NGC 7129 FIRS 2

NGC 7129 FIRS 2 is a young intermediate-mass (IM) protostar, which is associated with two energetic bipolar outflows and displays clear signs of the presence of a hot core. It has been extensively observed with ground based telescopes and within the WISH Guaranteed Time Herschel Key Program. We present new observations of the C18O 3-2 and the HDO 3_{12}-2_{21} lines towards NGC 7129 FIRS 2. Combining these observations with Herschel data and modeling their emissions, we constrain the C18O and HDO abundance profiles across the protostellar envelope. In particular, we derive the abundance of C18O and HDO in the hot core. The intensities of the C18O lines are well reproduced assuming that the C18O abundance decreases through the protostellar envelope from the outer edge towards the centre until the point where the gas and dust reach the CO evaporation temperature (~20-25 K) where the C18O is released back to the gas phase. Once the C18O is released to the gas phase, the modelled C18O abundance is found to be ~1.6x10^{-8}, which is a factor of 10 lower than the reference abundance. This result is supported by the non-detection of C18O 9-8, which proves that even in the hot core (T_k>100 K) the CO abundance must be 10 times lower than the reference value. Several scenarios are discussed to explain this C18O deficiency. One possible explanation is that during the pre-stellar and protostellar phase, the CO is removed from the grain mantles by reactions to form more complex molecules. Our HDO modeling shows that the emission of HDO 3_{12}-2_{21} line is maser and comes from the hot core (T_k>100 K). Assuming the physical structure derived by Crimier et al. (2010), we determine a HDO abundance of ~0.4 - 1x10^{-7} in the hot core of this IM protostar, similar to that found in the hot corinos NGC 1333 IRAS 2A and IRAS 16293-2422.Comment: 10 pages, 7 figure