Dollarizing The Cash Conversion Cycle

For most companies to be financially successful, it is critically important that operating cash flows be effectively managed. The Cash Conversion Cycle (CCC) is a traditional tool that companies use to measure the average time required for operating cash flows to cycle from cash out for the payment of payables and back to cash flow in from the collection of receivables. Knowledge that the rate their operating cash flow is speeding up or slowing down, as indicated by a decreasing or increasing CCC, while useful information, is of limited value to the company. The CCC indicates nothing about the absolute dollar amount of the cash flow. This paper illustrates a method by which the current year actual CCC and the next year target CCC, along with a few other items of data, can be used to forecast the dollar amount of the next year’s operating cash flows. The extension of the CCC to enable it to help forecast the dollar amount of operating cash flows makes the CCC more useful to companies attempting to effectively manage operating cash flows

HerMES: A Statistical Measurement of the Redshift Distribution of Herschel-SPIRE Sources Using the Cross-correlation Technique

The wide-area imaging surveys with the Herschel Space Observatory at submillimeter (sub-mm) wavelengths have now resulted in catalogs of the order of one-hundred-thousand dusty, starburst galaxies. These galaxies capture an important phase of galaxy formation and evolution, but, unfortunately, the redshift distribution of these galaxies, N(z), is still mostly uncertain due to limitations associated with counterpart identification at optical wavelengths and spectroscopic follow-up. We make a statistical estimate of N(z) using a clustering analysis of sub-mm galaxies detected at each of 250, 350 and 500 μm from the Herschel Multi-tiered Extragalactic Survey centered on the Boötes field. We cross-correlate Herschel galaxies against galaxy samples at optical and near-IR wavelengths from the Sloan Digital Sky Survey, the NOAO Deep Wide Field Survey, and the Spitzer Deep Wide Field Survey. We create optical and near-IR galaxy samples based on their photometric or spectroscopic redshift distributions and test the accuracy of those redshift distributions with similar galaxy samples defined with catalogs from the Cosmological Evolution Survey (COSMOS), which has superior spectroscopic coverage. We model the clustering auto- and cross-correlations of Herschel and optical/IR galaxy samples to estimate N(z) and clustering bias factors. The S_(350) > 20 mJy galaxies have a bias factor varying with redshift as b(z) = 1.0^(+1.0)_(–0.5)(1 + z)^1.2^(+0.3)_(–0.7). This bias and the redshift dependence is broadly in agreement with galaxies that occupy dark matter halos of mass in the range of 1012 to 10^(13) M_☉. We find that galaxy selections in all three Spectral and Photometric Imaging Receiver (SPIRE) bands share a similar average redshift, with = 1.8 ± 0.2 for 250 μm selected samples, and = 1.9 ± 0.2 for both 350 and 500 μm samples, while their distributions behave differently. For 250 μm selected galaxies we find the a larger number of sources with z ≤ 1 when compared with the subsequent two SPIRE bands, with 350 and 500 μm selected SPIRE samples having peaks in N(z) at progressively higher redshifts. We compare our clustering-based N(z) results to sub-mm galaxy model predictions in the literature, and with an estimate of N(z) using a stacking analysis of COSMOS 24 μm detections

The star formation history of mass-selected galaxies from the VIDEO survey

© 2014 The Authors Published by Oxford University Press on behalf of the Royal Astronomical SocietyWe measure star formation rates (SFRs) and specific SFRs (SSFRs) of Ks-selected galaxies from the VISTA Deep Extragalactic Observations survey by stacking 1.4 GHz Very Large Array data.We split the sample, which spans 0 < z<3 and stellar masses 108.0 < M*/M⊙ < 1011.5, into elliptical, irregular or starburst galaxies based on their spectral energy distributions. We find that SSFR falls with stellar mass, in agreement with the 'downsizing' paradigm. We consider the dependence of the SSFR-mass slope on redshift: for our full and elliptical samples the slope flattens, but for the irregular and starburst samples the slope is independent of redshift. The rate of SSFR evolution reduces slightly with stellar mass for ellipticals, but irregulars and starbursts co-evolve across stellar masses. Our results for SSFR as a function of stellar mass and redshift are in agreement with those derived from other radio-stacking measurements of mass-selected passive and star-forming galaxies, but inconsistent with those generated from semi-analytic models, which tend to underestimate SFRs and SSFRs. There is a need for deeper high-resolution radio surveys such as those from telescopes like the next-generation MeerKAT in order to probe lower masses at earlier times and to permit direct detections, i.e. to study individual galaxies in detail.Peer reviewe

Comparing nuclear power trajectories in Germany and the UK: from ‘regimes' to ‘democracies’ in sociotechnical transitions and Discontinuities

This paper focuses on arguably the single most striking contrast in contemporary major energy politics in Europe (and even the developed world as a whole): the starkly differing civil nuclear policies of Germany and the UK. Germany is seeking entirely to phase out nuclear power by 2022. Yet the UK advocates a ‘nuclear renaissance’, promoting the most ambitious new nuclear construction programme in Western Europe.Here,this paper poses a simple yet quite fundamental question: what are the particular divergent conditions most strongly implicated in the contrasting developments in these two countries. With nuclear playing such an iconic role in historical discussions over technological continuity and transformation, answering this may assist in wider understandings of sociotechnical incumbency and discontinuity in the burgeoning field of‘sustainability transitions’. To this end, an ‘abductive’ approach is taken: deploying nine potentially relevant criteria for understanding the different directions pursued in Germany and the UK. Together constituted by 30 parameters spanning literatures related to socio-technical regimes in general as well as nuclear technology in particular, the criteria are divided into those that are ‘internal’ and ‘external’ to the ‘focal regime configuration’ of nuclear power and associated ‘challenger technologies’ like renewables. It is ‘internal’ criteria that are emphasised in conventional sociotechnical regime theory, with ‘external’ criteria relatively less well explored. Asking under each criterion whether attempted discontinuation of nuclear power would be more likely in Germany or the UK, a clear picture emerges. ‘Internal’ criteria suggest attempted nuclear discontinuation should be more likely in the UK than in Germany– the reverse of what is occurring. ‘External’ criteria are more aligned with observed dynamics –especially those relating to military nuclear commitments and broader ‘qualities of democracy’. Despite many differences of framing concerning exactly what constitutes ‘democracy’, a rich political science literature on this point is unanimous in characterising Germany more positively than the UK. Although based only on a single case,a potentially important question is nonetheless raised as to whether sociotechnical regime theory might usefully give greater attention to the general importance of various aspects of democracy in constituting conditions for significant technological discontinuities and transformations. If so, the policy implications are significant. A number of important areas are identified for future research, including the roles of diverse understandings and specific aspects of democracy and the particular relevance of military nuclear commitments– whose under-discussion in civil nuclear policy literatures raises its own questions of democratic accountability

Biotechnology and the Politics of Truth : From the Green Revolution to an Evergreen Revolution

This paper investigates why and how issues around the diffusion of GM technologies and products to developing countries have become so central to a debate which has shifted away from technical issues of cost-benefit optimisation in a context of uniform mass production and consumption in the North, to the moral case for GM crops to feed the hungry and aid ‘development’ in the South. Using comparison between agricultural biotechnology and the ‘Green Revolution’ as a cross cutting theme, the contributions of this paper are threefold. Firstly, by analysing biotechnology as a set of overlapping frames within a discursive formation, four frames are identified which summarise key challenges presented by biotechnology era. Secondly, the use of Foucault's concept of bio-power to synthesise key themes from the frame analysis illuminates the ‘revolutionary’ nature of the biotech revolution. Thirdly, the potential of actor-network theory to provide a tools for the empirical study of processes of (re)negotiation of nature/society relations in the context of agricultural biotechnology controversies is explored

Consistency and flexibility in solving spatial tasks: different horses show different cognitive styles

Individual animals vary in their behaviour and reactions to novel situations. These differences may extend to differences in cognition among individuals. We tested twenty-six horses for their ability to detour around symmetric and asymmetric obstacles. All of the animals were able to get around the barrier to reach a food target, but varied in their approach. Some horses moved slowly but were more accurate in choosing the shortest way. Other horses acted quickly, consistently detoured in the same direction, and did not reliably choose the shortest way. The remaining horses shifted from a faster, directionally consistent response with the symmetric barrier, to a slower but more accurate response with the asymmetric barrier. The asymmetric barrier induced a reduction in heart rate variability, suggesting that this is a more demanding task. The different approaches used to solve the asymmetric task may reflect distinct cognitive styles in horses, which vary among individuals, and could be linked to different personality traits. Understanding equine behaviour and cognition can inform horse welfare and management

The Herschel-SPIRE Legacy Survey (HSLS): the scientific goals of a shallow and wide submillimeter imaging survey with SPIRE

A large sub-mm survey with Herschel will enable many exciting science opportunities, especially in an era of wide-field optical and radio surveys and high resolution cosmic microwave background experiments. The Herschel-SPIRE Legacy Survey (HSLS), will lead to imaging data over 4000 sq. degrees at 250, 350, and 500 micron. Major Goals of HSLS are: (a) produce a catalog of 2.5 to 3 million galaxies down to 26, 27 and 33 mJy (50% completeness; 5 sigma confusion noise) at 250, 350 and 500 micron, respectively, in the southern hemisphere (3000 sq. degrees) and in an equatorial strip (1000 sq. degrees), areas which have extensive multi-wavelength coverage and are easily accessible from ALMA. Two thirds of the of the sources are expected to be at z > 1, one third at z > 2 and about a 1000 at z > 5. (b) Remove point source confusion in secondary anisotropy studies with Planck and ground-based CMB data. (c) Find at least 1200 strongly lensed bright sub-mm sources leading to a 2% test of general relativity. (d) Identify 200 proto-cluster regions at z of 2 and perform an unbiased study of the environmental dependence of star formation. (e) Perform an unbiased survey for star formation and dust at high Galactic latitude and make a census of debris disks and dust around AGB stars and white dwarfs

HerMES : SPIRE galaxy number counts at 250, 350, and 500 μm

Emission at far-infrared wavelengths makes up a significant fraction of the total light detected from galaxies over the age of Universe. Herschel provides an opportunity for studying galaxies at the peak wavelength of their emission. Our aim is to provide a benchmark for models of galaxy population evolution and to test pre-existing models of galaxies.With the Herschel Multi-tiered Extra-galactic survey, HerMES, we have observed a number of fields of different areas and sensitivity using the SPIRE instrument on Herschel. We have determined the number counts of galaxies down to ∼20 mJy. Our constraints from directly counting galaxies are consistent with, though more precise than, estimates from the BLAST fluctuation analysis. We have found a steep rise in the Euclidean normalised counts <100 mJy. We have directly resolved ∼15% of the infrared extra-galactic background at the wavelength near where it peaks