Is CalPERS a Sovereign Wealth Fund?

Sovereign Wealth Funds (SWFs) are the subject of intense debate. While these funds are hard to define in precise terms, all agree they are government-sponsored pools of financial assets. With roughly $3 trillion under management today and forecasts that suggest this number could approach$10 trillion in under a decade, many wonder what role these public investment funds will play in private markets. Due to SWFsí government sponsorship, some fear that they will be used illegitimately to advance political, instead of commercial, agendas. This geopolitical concern is compounded by a general lack of transparency and a perception among Western analysts of weak accountability and poor governance practices...

Effectiveness of Circadian countermeasures in simulated transmeridian flight schedules

The symptoms of jet-lag commonly afflict travelers who cross time zones. Insomnia during the new night, daytime fatigue, malaise, sleepiness, and gastrointestinal disturbances can occur for as long as 3 weeks after jet travel across even a few time zones. These symptoms are largely due to the slow rate of adjustment of the internal circadian timing system to the new time zone. Since business (or pleasure) can be seriously interrupted by such symptoms, it is important to determine ways to speed up the adjustment process to ameliorate the symptoms. Airline pilots have reported that they frequently nap to counter jet lag symptoms, and that they view this as a useful technique. Napping as a countermeasure would be attractive since it is practical and would take advantage of a naturally occurring phase of sleepiness after lunch. Napping also makes sense since insomnia is a common jet lag symptom. Thus, a laboratory simulation of jet lag was designed to test the ability of napping to increase the rate of adjustment following a time zone shift in a population of middle-aged men

Sovereign Wealth Funds: Form and Function in the 21st Century

As representatives of nation-states in global financial markets, sovereign wealth funds (SWFs) share a common form and many functions. Arguably their form and functions owe as much to a shared (global) moment of institutional formation as they owe their form and functions to the hegemony of Anglo-American finance over the late 20th and early 21st centuries. We distinguish between the immediate future for SWFs in the aftermath of the global financial crisis, and two possible long-term scenarios; one of which sees SWFs becoming financial goliaths dominating global markets, while the other sees SWFs morphing into nation-state development institutions that intermediate between financial markets and the long-term commitments of the nation-state sponsors. If the former scenario dominates, global financial integration will accelerate with attendant costs and benefits. If the latter scenario dominates, SWFs are likely to differentiate and evolve, returning, perhaps, to their national traditions and their respective places in a world of contested power and influence. Here, we clarify the assumptions underpinning the conception and formation of sovereign wealth funds over the past twenty years or so in the face of the ‘new’ realities of global finance.Sovereign Wealth Funds, Crisis, Market Performance, Long-term Investment

A comparison of head and manual control for a position-control pursuit tracking task

Head control was compared with manual control in a pursuit tracking task involving proportional controlled-element dynamics. An integrated control/display system was used to explore tracking effectiveness in horizontal and vertical axes tracked singly and concurrently. Compared with manual tracking, head tracking resulted in a 50 percent greater rms error score, lower pilot gain, greater high-frequency phase lag and greater low-frequency remnant. These differences were statistically significant, but differences between horizontal- and vertical-axis tracking and between 1- and 2-axis tracking were generally small and not highly significant. Manual tracking results were matched with the optimal control model using pilot-related parameters typical of those found in previous manual control studies. Head tracking performance was predicted with good accuracy using the manual tracking model plus a model for head/neck response dynamics obtained from the literature

Pattern formation by lateral inhibition with feedback: a mathematical model of Delta-Notch intercellular signalling

In many developing tissues, adjacent cells diverge in character so as to create a fine-grained pattern of cells in contrasting states of differentiation. It has been proposed that such patterns can be generated through lateral inhibition—a type cells–cell interaction whereby a cell that adopts a particular fate inhibits its immediate neighbours from doing likewise. Lateral inhibition is well documented in flies, worms and vertebrates. In all of these organisms, the transmembrane proteins Notch and Delta (or their homologues) have been identified as mediators of the interaction—Notch as receptor, Delta as its ligand on adjacent cells. However, it is not clear under precisely what conditions the Delta-Notch mechanism of lateral inhibition can generate the observed types of pattern, or indeed whether this mechanism is capable of generating such patterns by itself. Here we construct and analyse a simple and general mathematical model of such contact-mediated lateral inhibition. In accordance with experimental data, the model postulates that receipt of inhibition (i.e. activation of Notch) diminishes the ability to deliver inhibition (i.e. to produce active Delta). This gives rise to a feedback loop that can amplify differences between adjacent cells. We investigate the pattern-forming potential and temporal behavior of this model both analytically and through numerical simulation. Inhomogeneities are self-amplifying and develop without need of any other machinery, provided the feedback is sufficiently strong. For a wide range of initial and boundary conditions, the model generates fine-grained patterns similar to those observed in living systems

Adaptive Transmission Techniques for Mobile Satellite Links

Adapting the transmission rate in an LMS channel is a challenging task because of the relatively fast time variations, of the long delays involved, and of the difficulty in mapping the parameters of a time-varying channel into communication performance. In this paper, we propose two strategies for dealing with these impairments, namely, multi-layer coding (MLC) in the forward link, and open-loop adaptation in the return link. Both strategies rely on physical-layer abstraction tools for predicting the link performance. We will show that, in both cases, it is possible to increase the average spectral efficiency while at the same time keeping the outage probability under a given threshold. To do so, the forward link strategy will rely on introducing some latency in the data stream by using retransmissions. The return link, on the other hand, will rely on a statistical characterization of a physical-layer abstraction measure.Comment: Presented at the 30th AIAA International Communications Satellite Systems Conference (ICSSC), Ottawa, Canada, 2012. Best Professional Paper Awar

Police violence at anti-fracking protests: pacifying disruptive subjects

Will Jackson and Helen Monk maintain that the ‘extreme’ policing of anti-fracking protestors needs to be understood as a routine function of policin