From Value Protection to Value Creation: Rethinking Corporate Governance Standards for Firm Innovation

A company’s pro-innovation needs are often met by the exploitation of its resources, widely defined. The resource-based theory of the firm provides immense empirical insights into how a firm’s corporate governance factors can contribute to promoting innovation. However, these implications may conflict with the prevailing standards of corporate governance imposed on many securities markets for listed companies, which have developed based on theoretical models supporting a shareholder-centered and agency-based theory of the firm. Although prevailing corporate governance standards can to an extent support firm innovation, tensions are created in some circumstances where companies pit their corporate governance compliance against resource-based needs that promote innovation. In the present context of steady internationalization and convergence in corporate governance standards in global securities markets towards a shareholder-centered agency-based model, we argue that there is a need to provide some room for accommodating the resource-based needs for companies in relation to promoting innovation. We explore a number of options and suggest that the most practicable option would be the development of recognized exceptions that deviate from prevailing corporate governance standards. We further suggest as to how an exceptions-based regime can be implemented in the U.K. and U.S., comparing the rules-based regime in the U.S. with the principles-based regime in the U.K

A New Layer Casting System for Ceramic Laser Rapid Prototyping Apparatus

In the existing Ceramic Laser Fusion system, slurry is fed on the high temperature surface of the green part; therefore, a part of water infiltrates into the green block and vaporizes before the process of layer casting. As a result, the slurry viscosity rises gradually; the quality of the layer surface is not uniform, and the green part density is uneven. The aim of present study is to develop a new layer casting system which can solve the problems mentioned above to obtain a green part with uniform surface quality and density, and to shorten the time-taken of part fabrication. The first part of the paper illustrates the major requirements and parameters of a slurry distributor; the second part describes the integration of the slurry feeding device and layer casting system. The integrated system can feed slurry and cast thin layer simultaneously; consequently, the drawbacks of the existing system can be eliminated and the time-taken of the layer casting can be shortened. A variable-frequency drive (inverter) is used to control the motor speed. The relation between the frequency and the slurry delivery can be included in the process control program to adjust the quantity in accordance with the layer thickness; hence, the waste of the slurry can be reduced.Mechanical Engineerin

The Characteristics and Applications of Ceramic Laser Fusion and Ceramic Laser Sintering

The aim of present study is to investigate the possible application of the ceramic parts which are fabricated with the process of Ceramic Laser Fusion or Ceramic Laser Sintering. The experimental results reveal: (1) CLF can lead to a reduction in the porosity of the ceramic part but also can induce micro-cracks. Therefore, this process cannot produce a part with the required strength by a post-process of infiltration; (2) CLS is capable of fabricating a ceramic part with high porosity. By adjusting the slurry formulation and varying the scanning energy, the open porosity can be over 90vol% of the total porosity. After a post-process of infiltration, the density can be increased to 95%; therefore, CLS can apply to produce a part with high strength. Because the high open porosity leads to a good permeability, the process of CLS is suitable for the fabrication of ceramic shell mold.Mechanical Engineerin

Perturbation Calculation of the Axial Anomaly of a Ginsparg-Wilson lattice Dirac operator

A recent proposal suggests that even if a Ginsparg-Wilson lattice Dirac operator does not possess any topological zero modes in topologically-nontrivial gauge backgrounds, it can reproduce correct axial anomaly for sufficiently smooth gauge configurations, provided that it is exponentially-local, doublers-free, and has correct continuum behavior. In this paper, we calculate the axial anomaly of this lattice Dirac operator in weak coupling perturbation theory, and show that it recovers the topological charge density in the continuum limit.Comment: 25 pages, v2: calculation up to O(g^4) for nonabelian gauge backgroun

Solutions of the Ginsparg-Wilson Relation

We analyze general solutions of the Ginsparg-Wilson relation for lattice Dirac operators and formulate a necessary condition for such operators to have non-zero index in the topologically nontrivial background gauge fields.Comment: 6 pages, latex, no figures, set T to 1 in eqs. (10)--(13