The impact of constructive operating lease capitalisation on key accounting ratios

Current UK lease accounting regulation does not require operating leases to be capitalised in the accounts of lessees, although this is likely to change with the publication of FRS 5. This study conducts a prospective analysis of the effects of such a change. The potential magnitude of the impact of lease capitalisation upon individual users' decisions, market valuations, company cash flows, and managers' behaviour can be indicated by the effect on key accounting ratios, which are employed in decision-making and in financial contracts. The capitalised value of operating leases is estimated using a method similar to that suggested by Imhoff, Lipe and Wright (1991), adapted for the UK accounting and tax environment, and developed to incorporate company-specific assumptions. Results for 1994 for a random sample of 300 listed UK companies show that, on average, the unrecorded long-term liability represented 39% of reported long-term debt, while the unrecorded asset represented 6% of total assets. Capitalisation had a significant impact (at the 1% level) on six of the nine selected ratios (profit margin, return on assets, asset turnover, and three measures of gearing). Moreover, the Spearman rank correlation between each ratio before and after capitalisation revealed that the ranking of companies changed markedly for gearing measures in particular. There were significant inter-industry variations, with the services sector experiencing the greatest impact. An analysis of the impact of capitalisation over the five-year period from 1990 to 1994 showed that capitalisation had the greatest impact during the trough of the recession. Results were shown to be robust with respect to key assumptions of the capitalisation method. These findings contribute to the assessment of the economic consequences of a policy change requiring operating lease capitalisation. Significant changes in the magnitude of key accounting ratios and a major shift in company performance rankings suggest that interested parties' decisions and company cash flows are likely to be affected

A polynomial training algorithm for calculating perceptrons of optimal stability

Recomi (REpeated COrrelation Matrix Inversion) is a polynomially fast algorithm for searching optimally stable solutions of the perceptron learning problem. For random unbiased and biased patterns it is shown that the algorithm is able to find optimal solutions, if any exist, in at worst O(N^4) floating point operations. Even beyond the critical storage capacity alpha_c the algorithm is able to find locally stable solutions (with negative stability) at the same speed. There are no divergent time scales in the learning process. A full proof of convergence cannot yet be given, only major constituents of a proof are shown.Comment: 11 pages, Latex, 4 EPS figure

Exploring the Influence of Impervious Surface Density and Shape on Urban Heat Islands in the Northeast USA Using MODIS and Landsat

Impervious surface area (ISA) from the National Land Cover Database (NLCD) 2001 and land surface temperature (LST) from MODIS averaged over three annual cycles (2003-2005) are used in a spatial analysis to assess the urban heat island (UHI) signature and its relationship to settlement size and shape, development intensity distribution, and land cover composition for 42 urban settlements embedded in forest biomes in the Northeastern United States. Development intensity zones, based on percent ISA, are defined for each urban area emanating outward from the urban core to nearby rural areas and are used to stratify land surface temperature. The stratification is further constrained by biome type and elevation to insure objective intercomparisons between urban zones within an urban settlement and between settlements. Stratification based on ISA allows the definition of hierarchically ordered urban zones that are consistent across urban settlements and scales. In addition to the surrounding ecological context, we find that the settlement size and shape as well as the development intensity distribution significantly influence the amplitude of summer daytime UHI. Within the Northeastern US temperate broadleaf mixed forest, UHI magnitude is positively related to the logarithm of the urban area size. Our study indicates that for similar urban area sizes, the development intensity distribution is one of the major drivers of UHI. In addition to urban area size and development intensity distribution, this analysis shows that both the shape of the urban area and the land cover composition in the surrounding rural area play an important role in modulating the UHI magnitude in different urban settlements. Our results indicate that remotely sensed urban area size and shape as well as the development intensity distribution influence UHI amplitude across regional scales

Remote Sensing of the Urban Heat Island Effect Across Biomes in the Continental USA

Impervious surface area (ISA) from the Landsat TM-based NLCD 2001 dataset and land surface temperature (LST) from MODIS averaged over three annual cycles (2003-2005) are used in a spatial analysis to assess the urban heat island (UHI) skin temperature amplitude and its relationship to development intensity, size, and ecological setting for 38 of the most populous cities in the continental United States. Development intensity zones based on %ISA are defined for each urban area emanating outward from the urban core to the nonurban rural areas nearby and used to stratify sampling for land surface temperatures and NDVI. Sampling is further constrained by biome and elevation to insure objective intercomparisons between zones and between cities in different biomes permitting the definition of hierarchically ordered zones that are consistent across urban areas in different ecological setting and across scales. We find that ecological context significantly influences the amplitude of summer daytime UHI (urban-rural temperature difference) the largest (8 C average) observed for cities built in biomes dominated by temperate broadleaf and mixed forest. For all cities combined, ISA is the primary driver for increase in temperature explaining 70% of the total variance in LST. On a yearly average, urban areas are substantially warmer than the non-urban fringe by 2.9 C, except for urban areas in biomes with arid and semiarid climates. The average amplitude of the UHI is remarkably asymmetric with a 4.3 C temperature difference in summer and only 1.3 C in winter. In desert environments, the LST's response to ISA presents an uncharacteristic "U-shaped" horizontal gradient decreasing from the urban core to the outskirts of the city and then increasing again in the suburban to the rural zones. UHI's calculated for these cities point to a possible heat sink effect. These observational results show that the urban heat island amplitude both increases with city size and is seasonally asymmetric for a large number of cities across most biomes. The implications are that for urban areas developed within forested ecosystems the summertime UHI can be quite high relative to the wintertime UHI suggesting that the residential energy consumption required for summer cooling is likely to increase with urban growth within those biomes

Internal Migration and Regional Population Dynamics in Europe: Netherlands Case Study

This report summarises the presentations made and discussions held at the Second of the ESRC/JISC Workshops Planning for the 2001 Census. The report presents views of expert census users and summarises the recommendations to ESRC and JISC about what kinds of data from the 2001 Census should be requested from the UK Census Offices. The Workshops are supported by ESRC Award H507265031. The Census of Population is a very large exercise in data collection and processing. In 2001 some 25 million households in the United Kingdom will be contacted and asked to provide answers to a simple questionnaire of 25 to 30 questions. Such a task is likely to cost £125-150 millions to the Census Offices. Purchase of the data for academic research purposes is likely to cost ESRC and JISC some £1.5 to £2 millions directly and an equivalent amount indirectly on support over the following decade. It is therefore essential that the Population Census is very carefully planned beforehand and that the greatest possible value is extracted from the data collected. This edited collection of papers reports on presentations and discussions in the Fourth and Final Workshop in the series Workshops Planning for the 2001 Census - Determining Academic Community Needs and Strategy. The Fourth Workshop was entitled The 2001 Census: What do we really really want?. The aim was to gather together and summarise the principal recommendations of the First (Geography), Second (Interfaces) and Third (Special Data Sets) Workshops. The Workshop was twinned with another on The One Number Census: A Research Workshop, organised by Ludi Simpson. The One Number Census project is a major undertaking by the Census Offices to deal with anticipated underenumeration by estimating how many households and people are missed by the standard enumeration. Part 1 of the report on Look Up Tables and Area Statistics contains chapters by David Martin on the output geography proposals for 2001, by Seraphim Alvanides and Stan Openshaw on further developments to the methods being used to define output areas and by Bob Barr on what the Look Up Tables associated with the 2001 Census should be like. These chapters contain key recommendations on census output geography. Part 2 of the report puts forward recommendations for the preparation of Microdata - Samples of Anonymised Records and Longitudinal Data from the 2001 Census. Angela Dale summarises the conclusions of the SARs Sub-Group of the Census Offices' Output Working Group. Brian Dodgeon and Heather Joshi document the essential features of the 2001 Census Link to the Longitudinal Study and make a final plea for some new questions. Part 3 of the report reviews proposals for the improvement of Interaction Statistics from the 2001 UK Census. Paul Boyle and Phil Rees make radical proposals for revamping the provision of Migration Statistics. Martin Frost concentrates on ways of improving the accuracy of the Workplace Statistics. The fourth part of the report gathers together recommendations about information technology interfaces to census data, arguing that the tools and infrastructure are now in place to make networked and standalone access to the different types of data so much easier for the new user. Donald Morse and Alistair Towers review what interfaces to boundary data should look like. James Harris argues for the development of interfaces based on general data standards and the Web to access census statistics. Oliver Duke-Williams outlines how complex migration statistics can be presented for access in a simpler and easier to use interface. Ian Turton identifies how current software developments in Java programming will make possible delivering easy to use interfaces to microdata very simple. Finally, Paul Williamson describes a design of a data dictionary for all census data sets. In Part 5, recommendations are summarised. Phil Rees reports on the views of 140 respondents drawn from the different corners of the academic community. The final pages try to draw out some general points from the very large number of recommendations made in the Fourth Workshop

Thioalkalicoccus limnaeus gen. nov., sp. nov., a new alkaliphilic purple sulfur bacterium with bacteriochlorophyll b

Four strains of purple sulfur bacteria containing bacteriochlorophyll b were isolated from cyanobacterial mats of soda lakes in the steppe of south-east Siberia, Russia. Cells of all strains were cocci without gas vesicles. Eventually, cells with flagella were seen in the electron microscope, but motile cells were observed very rarely in cultures. Internal photosynthetic membranes were of the tubular type. Photosynthetic pigments were bacteriochlorophyll b and carotenoids with spectral characteristics similar to 3,4,3',4'-tetrahydrospirilloxanthin. The bacteria were obligately phototrophic and strictly anaerobic. Hydrogen sulfide and elemental sulfur were used as photosynthetic electron donors. Thiosulfate was not used. During growth on sulfide, sulfur globules were formed as intermediate oxidation products, deposited inside the cells and centrally located. In the presence of sulfide and sodium bicarbonate, acetate, malate, propionate, pyruvate, succinate, fumarate and yeast extract were photoassimilated. Growth factors were not required. The new bacterium is an obligate alkaliphile growing at pH 8-10 with an optimum at pH 9. It showed good growth up to 6.0% sodium chloride and up to 8.5% sodium carbonates. Phenotypically, it is similar to Thiococcus pfennigii, but different by virtue of its alkaliphily and salt tolerance. The DNA G+C content was 63.6-64.8 mol %, compared to 69.4-69.9 mol % for Thiococcus pfennigii. The 16S rDNA sequence of strain A26T was approximately 92% similar to that of Thiococcus pfennigii DSM 226 and therefore a new genus and species name, Thioalkalicoccus limnaeus gen. nov. and sp. nov., are proposed for the new bacteriu

Ultraviolet and Multiwavelength Variability of the Blazar 3C 279: Evidence for Thermal Emission

The gamma-ray blazar 3C 279 was monitored on a nearly daily basis with IUE, ROSAT and EGRET for three weeks between December 1992 and January 1993. During this period, the blazar was at a historical minimum at all wavelengths. Here we present the UV data obtained during the above multiwavelength campaign. A maximum UV variation of ~50% is detected, while during the same period the X-ray flux varied by no more than 13%. At the lowest UV flux level the average spectrum in the 1230-2700 A interval is unusually flat for this object (~1). The flattening could represent the lowest energy tail of the inverse Compton component responsible for the X-ray emission, or could be due to the presence of a thermal component at ~20000 K possibly associated with an accretion disk. The presence of an accretion disk in this blazar object, likely observable only in very low states and otherwise hidden by the beamed, variable synchrotron component, would be consistent with the scenario in which the seed photons for the inverse Compton mechanism producing the gamma-rays are external to the relativistic jet. We further discuss the long term correlation of the UV flux with the X-ray and gamma-ray fluxes obtained at various epochs. All UV archival data are included in the analysis. Both the X- and gamma-ray fluxes are generally well correlated with the UV flux, approximately with square root and quadratic dependences, respectively.Comment: 22 pages, Latex, 7 PostScript figures, to appear in The Astrophysical Journa