Capital Ownership, Capital Structure and Capital Markets: Financial Constraints and the Decline of the Lancashire Cotton Textile Industry 1880-1965

The objective of this analysis is to provide a reinterpretation of the decline of the Lancashire cotton textile industry during the twentieth century. Its principal concerns are with the governance structure of the industry, the resultant capital structures of firms and the constraints thereby imposed on the activities of entrepreneurs. Its central thesis is that ownership of the industry, and the redistribution of ownership claims during booms and slumps, imposed pressures and constraints on decision-makers. These financial constraints dominated the strategic questions of re-equipment and modernisation

Forward error correction for molecular communications

Communication between nanoscale devices is an area of considerable importance as it is essential that future devices be able to form nanonetworks and realise their full potential. Molecular communication is a method based on diffusion, inspired by biological systems and useful over transmission distances in the nm to μm range. The propagation of messenger molecules via diffusion implies that there is thus a probability that they can either arrive outside of their required time slot or ultimately, not arrive at all. Therefore, in this paper, the use of a error correcting codes is considered as a method of enhancing the performance of future nanonetworks. Using a simple block code, it is shown that it is possible to deliver a coding gain of ∼1.7 dB at transmission distances of . Nevertheless, energy is required for the coding and decoding and as such this paper also considers the code in this context. It is shown that these simple error correction codes can deliver a benefit in terms of energy usage for transmission distances of upwards of for receivers of a radius

Keynes and the cotton industry: a reappraisal

The paper reinterprets Keynes’s analysis of the crisis in the Lancashire cotton industry in the 1920s. It presents empirical evidence showing that syndicates of local shareholders, but not the banks, were an important brake on firms exiting, at a time when exit barriers were otherwise unproblematic in this competitive industry. Moreover, syndicates milked firms of any profits through dividends, thereby limiting reinvestment and re-equipment possibilities. The case shows that where laissez-faire fails in response to a crisis, the associated response may need to assess both ownership structure and its relationship to competitive industry structure

Business strategy and firm performance: the British corporate economy, 1949-1984

There has been considerable and ongoing debate about the performance of the British economy since 1945. Empirical studies have concentrated on aggregate or industry level indicators. Few have examined individual firms’ financial performance. This study takes a sample of c.3000 firms in 19 industries and identifies Britain’s best performing companies over a period of 35 years. Successful companies are defined as a) those that survive as independent entities, b) that outperform peer group average return to capital for that industry, and c) that outperform other firms in the economy according to return on capital relative to industry average. Results are presented as league tables of success and some tentative explanations offered concerning the common strategies of successful firms. A broader research agenda for British business history is suggested

Multi-user indoor optical wireless communication system channel control using a genetic algorithm

A genetic algorithm controlled multispot transmitter is demonstrated that is capable of optimising the received power distribution for randomly aligned single element receivers in multiple fully diffuse optical wireless communications systems with multiple mobile users. Using a genetic algorithm to control the intensity of individual diffusion spots, system deployment environment changes, user movement and user alignment can be compensating for, with negligible impact on the bandwidth and root mean square delay spread. It is shown that the dynamic range, referenced against the peak received power, can be reduced up to 27% for empty environments and up to 26% when the users are moving. Furthermore, the effect of user movement, that can perturb the channel up to 8%, can be reduced to within 5% of the optimised case. Compared to alternative bespoke designs that are capable of mitigating optical wireless channel drawbacks, this method provides the possibility of cost-effectiveness for mass-produced receivers in applications where end-user friendliness and mobility are paramount

Adaptive Measurements in the Optical Quantum Information Laboratory

Adaptive techniques make practical many quantum measurements that would otherwise be beyond current laboratory capabilities. For example: they allow discrimination of nonorthogonal states with a probability of error equal to the Helstrom bound; they allow measurement of the phase of a quantum oscillator with accuracy approaching (or in some cases attaining) the Heisenberg limit; and they allow estimation of phase in interferometry with a variance scaling at the Heisenberg limit, using only single qubit measurement and control. Each of these examples has close links with quantum information, in particular experimental optical quantum information: the first is a basic quantum communication protocol; the second has potential application in linear optical quantum computing; the third uses an adaptive protocol inspired by the quantum phase estimation algorithm. We discuss each of these examples, and their implementation in the laboratory, but concentrate upon the last, which was published most recently [Higgins {\em et al.}, Nature vol. 450, p. 393, 2007].Comment: 12 pages, invited paper to be published in IEEE Journal of Selected Topics in Quantum Electronics: Quantum Communications and Information Scienc

Role of oxygen in the electron-doped superconducting cuprates

We report on resistivity and Hall measurements in thin films of the electron-doped superconducting cuprate Pr$_{2-x}$Ce$_{x}$CuO$_{4\pm\delta}$. Comparisons between x = 0.17 samples subjected to either ion-irradiation or oxygenation demonstrate that changing the oxygen content has two separable effects: 1) a doping effect similar to that of cerium, and 2) a disorder effect. These results are consistent with prior speculations that apical oxygen removal is necessary to achieve superconductivity in this compound.Comment: 5 pages, 5 figure

Exploring metastability via the third harmonic measurements in single crystals of 2H2H-NbSe2NbSe_2 showing anomalous Peak effect

We explore the metastability effects across the order-disorder transition pertaining to the peak effect phenomenonon in critical current density ($J_c$) via the first and the third harmonic ac susceptibility measurements in the weakly pinned single crystals of $2H$-$NbSe_2$. An analysis of our data suggests that an imprint of the limiting (spinodal) temperature above which $J_c$ is path independent can be conveniently located in the third harmonic data ($\chi_{3\omega}^{\prime}$).Comment: Accepted for publication in Phys. Rev.

Online instructional videos as a complimentary method of teaching practical rehabilitation skills for groups and individuals

Online instructional videos are becoming increasingly common within education. This study adopts a quasi-experimental 2 × 2 crossover design (control and experimental groups) to evaluate the efficacy of instructional videos to teach practical rehabilitation skills. The students performed practical sessions in class and were formatively assessed by their lecturers. The results demonstrate that the group effect was moderate with an effect size of 0.68, CI [0.04, 1.31]; the magnitude-based inferences indicate the probabilities the video was beneficial or trivial or harmful were 93.9% or 5.4% or 0.6%. The results of the study demonstrate that the instructional videos had a small to moderate beneficial effect on all assessed criteria