8,094 research outputs found
Arbitrage and Simple Financial Market Efficiency during the South Sea Bubble: A Comparative Study of the Royal African and South Sea Companies Subscription Share Issues
Subscription shares of the early 18th century were early examples of what today would be called innovated securities. Either by intent or happenstance, they served to overcome imperfections in the capital markets of the day. Not all such securities were, however, alike. The prominent examples of the subscription shares of the South Sea Company and the Royal African Company in 1720 were quiet different in their design and the corporate financial policies they were intended to aid. The historical literature emphasises the importance of irrational pricing behaviour during the South Sea Bubble, yet it is remarkable that in the financial markets of 1720 the relative values of subscription shares are easily understandable using standard financial theory.Royal African Company, South Sea Company, Financial Revolution, subscription shares, call options, derivatives, instalment receipts, innovated securities.
East India Company and Bank of England Shareholders during the South Sea Bubble: Partitions, Components and Connectivity in a Dynamic Trading Network
A new dataset, in the form of a network graph, is used to study inventory and trading behaviour amongst owners of East India Company (EIC) and Bank of England (BoE)stock around the South Sea Bubble. There was a decline in market intermediation in which the goldsmith bankers were dominant in 1720, but foreigners and Jews to some extent restored intermediation services after the Bubble. Company directors temporarily helped to sustain intermediation in 1720 itself. Whereas before and during the Bubble intermediation was largely in the form of brokerage, after the Bubble dealership noticeably began to displace brokerage.South Sea Company; Financial Revolution; social networks, financial intermediation, inventories.
Optimal passive filter design for effective utilization of cables and transformers under non-sinusoidal conditions
Transformers and cables have overheating and reduced loading capabilities under non-sinusoidal conditions due to the fact that their losses increases with not only rms value but also frequency of the load current. In this paper, it is aimed to employ passive filters for effective utilization of the cables and transformers in the harmonically contaminated power systems. To attain this goal, an optimal passive filter design approach is provided to maximize the power factor definition, which takes into account frequency-dependent losses of the power transmission and distribution equipment, under non-sinusoidal conditions. The obtained simulation results show that the proposed approach has a considerable advantage on the reduction of the total transmission loss and the transformer loading capability under non-sinusoidal conditions when compared to the traditional optimal filter design approach, which aims to maximize classical power factor definition. On the other hand, for the simulated system cases, both approaches lead to almost the same current carrying (or loading) capability value of the cables. © 2014 IEEE.This work is supported by Turkish Republic Ministry of Science, Industry and Technology and BEST Transformers Co. under the project number of 01008.STZ.2011 - 2
Policy Formulation, Implementation and Feedback in EU Merger Control
This paper analyses the formulation of the EU Merger Control Regulation (MCR) and its implementation via the 1992 Nestlé/Perrier merger. It offers two arguments. First, these phases of policy development occurred in ‘macro’ and ‘micro’ policy communities found at the supranational level of governance. The first community consists of larger Commission and business interests that formulated the MCR and the second of specific actors within the ‘macro’ community - the Merger Task Force and the firms – that implemented the rules. Secondly, the development of these communities can be explained by private interest theory. The conclusions highlight two main lessons for students of comparative European politics. First, the concept of ‘macro’ and ‘micro’ communities existing at both the formulation and implementation phases of policy offers a framework for comparativists to better analyse which types of actors will interact during different stages of the policy-making process. It is argued that while the (larger) ‘macro’ community helps define the nature of the regulations, a related, but not necessarily equally composed, ‘micro’ community eventually implements the rules, potentially changing the nature of the policy itself via a ‘feedback’ mechanism. Secondly, this study suggests that comparativists must pay more attention to the private interests of policy-makers and how these are intertwined with their ‘private fears.’ Such interests and fears guide policy-makers while simultaneously constrain them from acting alone.
Multiscaling for Classical Nanosystems: Derivation of Smoluchowski and Fokker-Planck Equations
Using multiscale analysis and methods of statistical physics, we show that a
solution to the N-atom Liouville Equation can be decomposed via an expansion in
terms of a smallness parameter epsilon, wherein the long scale time behavior
depends upon a reduced probability density that is a function of slow-evolving
order parameters. This reduced probability density is shown to satisfy the
Smoluchowski equation up to order epsilon squared for a given range of initial
conditions. Furthermore, under the additional assumption that the nanoparticle
momentum evolves on a slow time scale, we show that this reduced probability
density satisfies a Fokker-Planck equation up to the same order in epsilon.
This approach applies to a broad range of problems in the nanosciences.Comment: 23 page
European refugee crisis: psychological trauma of refugees and care givers
Purpose – In recent years, the number of refugees and migrants entering Europe has increased dramatically. Such trauma may affect not only refugees themselves, but also care givers and rescue workers. The purpose of this paper is to discuss the intensity and psychological impact of the refugee crisis, with a view to suggesting ways of moving forward.
Design/methodology/approach – Based on recent literature, this paper briefly looks at the importance of attention to health and social issues, before discussing the psychological trauma of refugees and potential emotional trauma of those involved in rescue operations.
Findings – The provision of psychological support which is both compassionate and culturally competent should be viewed as essential. Furthermore, the development of resources and tools to assist with the current refugee crisis could enable care givers, rescue workers, and healthcare professionals to provide psychological support to migrants and refugees. Such resources could also encourage, and support, frontline responders in caring for their own personal psychological well-being.
Originality/value – The content of this paper could help to encourage further research in this field, including research into the emotional trauma of rescue workers. Furthermore, it is intended that this paper could contribute to an on-line knowledge base when considering the development of tools and resources to assist with the current refugee crisis.
Keywords Crisis, Refugee, Psychological, Care-givers
Paper type General revie
Near-Field Limits on the Role of Faint Galaxies in Cosmic Reionization
Reionizing the Universe with galaxies appears to require significant star
formation in low-mass halos at early times, while local dwarf galaxy counts
tell us that star formation has been minimal in small halos around us today.
Using simple models and the ELVIS simulation suite, we show that reionization
scenarios requiring appreciable star formation in halos with at are in serious tension with galaxy counts
in the Local Group. This tension originates from the seemingly inescapable
conclusion that 30 - 60 halos with at
will survive to be distinct bound satellites of the Milky Way at .
Reionization models requiring star formation in such halos will produce dozens
of bound galaxies in the Milky Way's virial volume today (and 100 - 200
throughout the Local Group), each with of old stars
( Gyr). This exceeds the stellar mass function of classical Milky
Way satellites today, even without allowing for the (significant)
post-reionization star formation observed in these galaxies. One possible
implication of these findings is that star formation became sharply inefficient
in halos smaller than at early times, implying that the
high- luminosity function must break at magnitudes brighter than is often
assumed (at ). Our results suggest that JWST (and
possibly even HST with the Frontier Fields) may realistically detect the
faintest galaxies that drive reionization. It remains to be seen how these
results can be reconciled with the most sophisticated simulations of early
galaxy formation at present, which predict substantial star formation in
halos during the epoch of reionization.Comment: 6 pages, 4 figures; minor updates. Published in MNRAS Letter
Clean Cities Niche Market Overview: Refuse Haulers (Brochure)
Refuse haulers are ideal for the adoption of alternative fuels and advanced vehicle technologies. By using fuels like natural gas, propane, or biodiesel, and technologies like hybrid electric and hydraulic hybrid systems, the refuse-hauling sector could substantially decrease its petroleum use and greenhouse gas emissions. Fleet managers should explore the benefits of the fuels and technologies available, as well as the individual fleet needs, before adoption
On the stark difference in satellite distributions around the Milky Way and Andromeda
We compare spherically-averaged radial number counts of bright (> 10^5 Lsun)
dwarf satellite galaxies within 400 kpc of the Milky Way (MW) and M31 and find
that the MW satellites are much more centrally concentrated. Remarkably, the
two satellite systems are almost identical within the central 100 kpc, while
M31 satellites outnumber MW satellites by about a factor of four at deprojected
distances spanning 100 - 400 kpc. We compare the observed distributions to
those predicted for LCDM suhbalos using a suite of 44 high-resolution ~10^12
halo zoom simulations, 22 of which are in pairs like the MW and M31. We find
that the radial distribution of satellites around M31 is fairly typical of
those predicted for subhalos, while the Milky Way's distribution is more
centrally concentrated that any of our simulated LCDM halos. One possible
explanation is that our census is bright (> 10^5 Lsun) MW dwarf galaxies is
significantly incomplete beyond ~ 100 kpc of the Sun. If there were ~8 - 20
more bright dwarfs orbiting undetected at 100 - 400 kpc, then the Milky Way's
radial distribution would fall within the range expected from subhalo
distributions and alos look very much like the known M31 system. We use our
simulations to demonstrate that there is enough area left unexplored by the
Sloan Digital Sky Survey and its extensions that the discovery of ~10 new
bright dwarfs is not implausible given the expected range of angular anisotropy
of subhalos in the sky.Comment: 10 pages, 8 figures, submitted to MNRA
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