When you Step Out

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When you Step Out

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Econometrics of the Forward Premium Puzzle

This paper compares the "level" regression of the future spot rate on the current forward rate, which yields a slope coefficient close to unity, to the forward premium puzzle, i.e., a regression of the change in the spot exchange rate on the forward premium, which paradoxically yields a slope coefficient that is frequently negative. We argue that the striking difference between these two otherwise equivalent regressions follows from the existence of a bias together with the non-stationarity of underlying variables. In addition, we contend that non-rationality may potentially explain the existence of the bias that generates the forward premium puzzle.Forward premium puzzle

Technology, Innovation and Latecomer Strategies: Evidence from the Mobile Handset Manufacturing Sector in China

Since the entry of Chinese domestic mobile handset manufacturers in 1998, Chinese domestic suppliers have successfully surpassed the market share of joint ventures (JVs) while direct imports have been largely phased out. By examining China’s mobile handset manufacturing sector as a whole and through case studies, we found several factors that contributed to the success of China’s domestic handset manufacturers which can be classified into three categories: market conditions, competition, and government’s support.

Solving Sewing Machine Problems

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Solar water heating system for a lunar base

An investigation of the feasibility of using a solar water heater for a lunar base is described. During the investigation, computer codes were developed to model the lunar base configuration, lunar orbit, and heating systems. Numerous collector geometries, orientation variations, and system options were identified and analyzed. The results indicate that the recommended solar water heater could provide 88 percent of the design load and would not require changes in the overall lunar base design. The system would give a 'safe-haven' water heating capability and use only 7 percent to 10 percent as much electricity as an electric heating system. As a result, a fixed position photovoltaic array can be reduced by 21 sq m

A new view of quiet-Sun topology from Hinode/SOT

Context. With the recent launch of the Hinode satellite our view of the nature and evolution of quiet-Sun regions has been improved. In light of the new high resolution observations, we revisit the study of the quiet Sun's topological nature. Aims. Topology is a tool to explain the complexity of the magnetic field, the occurrence of reconnection processes, and the heating of the corona. This Letter aims to give new insights to these different topics. Methods. Using a high-resolution Hinode/SOT observation of the line-of-sight magnetic field on the photosphere, we calculate the three dimensional magnetic field in the region above assuming a potential field. From the 3D field, we determine the existence of null points in the magnetic configuration. Results. From this model of a continuous field, we find that the distribution of null points with height is significantly different from that reported in previous studies. In particular, the null points are mainly located above the bottom boundary layer in the photosphere (54%) and in the chromosphere (44%) with only a few null points in the corona (2%). The density of null points (expressed as the ratio of the number of null points to the number of photospheric magnetic fragments) in the solar atmosphere is estimated to be between 3% and 8% depending on the method used to identify the number of magnetic fragments in the observed photosphere. Conclusions. This study reveals that the heating of the corona by magnetic reconnection at coronal null points is unlikely. Our findings do not rule out the heating of the corona at other topological features. We also report the topological complexity of the chromosphere as strongly suggested by recent observations from Hinode/SOT

Reaching women with perinatal mental illness at the booking-in appointment

Purpose The paper looks at the positive future gains of reaching women with perinatal mental illness at the first midwifery booking-in appointment, a unique opportunity that could be more widely used as a point of detection, awareness and prevention of illness in the perinatal period. Design/methodology/approach A more robust section of this appointment that includes focused detection and awareness of prior and current mental health concerns as well as the stigma attached to these conditions will allow midwives to signpost women to get much needed treatment prior to delivery. Suitable treatment options also need to be available and in place at this point. Findings The existing booking-in process, for highlighting and diagnosing mental health conditions, has limited suitability. Detection in the postnatal period has inherent difficulties due to time pressures on women, the costs to the mother, baby, family and the economic costs to society, which are considerable. The postnatal period may be too late for treatment, with the harm already done to the woman, their baby and their family. Research limitations/implications Research is needed to assess the efficacy of such a strategy, including the costs to train the midwives to deliver this additional service, and the consideration of suitable treatment options at the antenatal stage. This may help to reduce the high levels of attrition within treatment programmes currently running. Originality/value This paper fulfils a need to diagnose and prevent perinatal mental illness at an earlier point in pregnancy