The Business Cycle, Macroeconomic Shocks and the Cross Section: Evidence from UK Quoted Companies

Co-movements and correlations in the major macroeconomic aggregates has been the focus of much of the recent literature in business cycle research. In this paper we provide another dimension to business cycle analysis. We examine the evolution of the cross sectional distribution of the growth of UK quoted companies from 1968 to 1997 and find correlations between aggregate business cycle fluctuations and the higher moments of the cross sectional distribution. To explain this we analyse the sensitivity of firms to aggregate shocks, conditioning growth on firm size, age and industry. We find that the contemporaneous effects of aggregate shocks, both positive and negative, are significantly more pronounced for firms in the middle range of growth. This explains the cycle-related patterns in the moments of the growth rate cross section. These findings are of importance in understanding firm level as well as business cycle dynamics.

Operating Leverage over the Business Cycle

Operating leverage describes the extent to which a firm's operating costs are fixed in the short run. The effect of operating leverage is to amplify the impact on profit of a change in revenues; an effect which is further amplified by financial leverage and by asymmetry in the tax system. In this paper we provide empirical estimates of operating leverage at the firm level, using a long panel of data on UK quoted firms. We report sectoral differences in operating leverage around the business cycle, and show that these can be partly explained in terms of costly labour adjustment and asymmetric price adjustment

Electrochemical detection of TNT at cobalt phthalocyanine mediated screen-printed electrodes and application to detection of airborne vapours

We describe the use of cobalt phthalocyanine as a mediator to improve the sensitivity for the electrochemical detection of TNT. Commercial screen-printed electrodes containing cobalt phthalocyanine were employed for determination of TNT. Improved sensitivities compared to screen-printed carbon electrodes without phthalocyanine were observed, current response for cyclic voltammetric measurements at modified electrodes being at least double that of unmodified electrodes. A synergistic effect between oxygen and TNT reduction was also observed. Correlation between TNT concentrations and sensor output was observed between 0–200 µM TNT. Initial proof-of-concept experiments combining electrochemical determinations, with the use of an air-sampling cyclone, are also reported

Graphene-based LbL deposited films: further study of electrical and gas sensing properties

Graphene-surfactant composite materials obtained by the ultrasonic exfoliation of graphite powder in the presence of ionic surfactants (either CTAB or SDS) were utilised to construct thin films using layer-by-layer (LbL) electrostatic deposition technique. A series of graphene-based thin films were made by alternating layers of either graphene-SDS with polycations (PEI or PAH) or graphene-CTAB with polyanions (PSS). Also, graphene-phthalocyanine composite films were produced by alternating layers of graphene-CTAB with tetrasulfonated nickel phthalocyanine. Graphene-surfactant LbL films exhibited good electric conductivity (about 0.1 S/cm) of semiconductor type with a band gap of about 20 meV. Judging from UV-vis spectra measurements, graphene-phthalocyanine LbL films appeared to form joint π-electron system. Gas sensing testing of such composite films combining high conductivity of graphene with the gas sensing abilities of phthalocyanines showed substantial changes (up to 10%) in electrical conductivity upon exposure to electro-active gases such as HCl and NH3

The experience of cognitive behavioural therapy in depressed adolescents who are fatigued

Objective: Fatigue is a common and debilitating symptom of major depressive disorder (MDD). Cognitive behavioural therapy (CBT) is a recommended psychological treatment for adolescents with moderate to severe depression. This study explored the experience of CBT in fatigued adolescents with MDD. Design: A qualitative study was conducted using existing data from the qualitative arm of a large randomized control trial, the IMPACT study. Methods: Data were obtained from semi-structured interviews conducted after therapy. Participants were 18 adolescents (aged 13–18 years) who reached the clinical threshold for fatigue on diagnostic assessment before starting treatment. The data were analysed using thematic framework analysis. Results: Three themes and seven sub-themes were developed. Adolescents appeared to find taking part in initial sessions, engaging in ongoing sessions and completing homework challenging. Perceiving the therapist as genuine seemed to provide a sense of safety which enabled adolescents to open up in sessions. When the therapist was not perceived as genuine, adolescents appeared to find CBT less helpful. The structure of CBT appeared to enable treatment goals to be set, and facilitated an increase in meaningful activity. Ensuring that tasks were perceived as manageable and goals as achievable seemed important for participation. Cognitive restructuring appeared useful, although some adolescents tended to engage in distraction from thoughts as an alternative strategy. Conclusions: This study provides an initial insight into how fatigued adolescents with MDD experience CBT. Further research is required to establish whether the themes are pervasive and relatedly, how best to treat depression in fatigued adolescents receiving CBT. Practitioner points: Fatigued adolescents with depression found engaging in CBT sessions and therapeutic homework demanding. Establishing a collaborative therapeutic relationship, where the therapist was perceived as genuine, appeared helpful for participation. The structured approach to therapy, combined with flexibility, was experienced as helpful. Adolescents who perceived the pace of sessions to be manageable and therapeutic goals as achievable seemed to find CBT helpful overall. These findings provide insight into how fatigued adolescents with depression experience CBT and highlight the importance of being aware of fatigue and adapting therapy accordingly

Graphene-based LbL deposited films: further study of electrical and gas sensing properties

Graphene-surfactant composite materials obtained by the ultrasonic exfoliation of graphite powder in the presence of ionic surfactants (either CTAB or SDS) were utilised to construct thin films using layer-by-layer (LbL) electrostatic deposition technique. A series of graphene-based thin films were made by alternating layers of either graphene-SDS with polycations (PEI or PAH) or graphene-CTAB with polyanions (PSS). Also, graphene-phthalocyanine composite films were produced by alternating layers of graphene-CTAB with tetrasulfonated nickel phthalocyanine. Graphene-surfactant LbL films exhibited good electric conductivity (about 0.1 S/cm) of semiconductor type with a band gap of about 20 meV. Judging from UV-vis spectra measurements, graphene-phthalocyanine LbL films appeared to form joint π-electron system. Gas sensing testing of such composite films combining high conductivity of graphene with the gas sensing abilities of phthalocyanines showed substantial changes (up to 10%) in electrical conductivity upon exposure to electro-active gases such as HCl and NH3

Aggregate and Firm level volatility: the role of acquisitions and disposals.

The purpose of this paper is to revisit an intriguing finding. Although over the last few decades leading up to the financial crisis there was a marked reduction in the volatility of aggregate output and inflation, there appears to have been a corresponding increase in the sales volatility of individual firms. Here we argue that a significant reason for this apparent increase in firm level volatility was an increase in churning of firm activity through the acquisition and disposal of businesses. This created an increase in observed negative covariances between firms, so even if the volatility of underlying organic growth has also fallen, observed volatility has rise

The Baum-Connes Conjecture via Localisation of Categories

We redefine the Baum-Connes assembly map using simplicial approximation in the equivariant Kasparov category. This new interpretation is ideal for studying functorial properties and gives analogues of the assembly maps for all equivariant homology theories, not just for the K-theory of the crossed product. We extend many of the known techniques for proving the Baum-Connes conjecture to this more general setting

The contribution model:a school-level funding model

Over a number of years, as the Higher Education Funding Council for England (HEFCE)'s funding models became more transparent, Aston University was able to discover how its funding for teaching and research was calculated. This enabled calculations to be made on the funds earned by each school in the University, and Aston Business School (ABS) in turn to develop models to calculate the funds earned by its programmes and academic groups. These models were a 'load' and a 'contribution' model. The 'load' model records the weighting of activities undertaken by individual members of staff; the 'contribution' model is the means by which funds are allocated to academic units. The 'contribution' model is informed by the 'load' model in determining the volume of activity for which each academic unit is to be funded