The Effects of Competition Policy on TFP Growth: Some Evidence from the Malaysian Electricity Supply Industry

The main objectives of this paper are to measure total factor productivity (TFP) growth in the electricity supply industry in Peninsular Malaysia from 1975 to 2005 and to assess the impact of private entry reforms upon TFP in this industry. Prior to 1995, a government-linked, vertically-integrated electricity utility, Tenaga Nasional Berhad (TNB), was essentially the sole operator. However, since 1995 privately-owned Independent Power Producers (IPPs) have also begun generating electricity, all of which is purchased by TNB under fixed Power Purchase Agreements (PPAs). The introduction of IPPs has reduced the need for TNB to find finance for new power plants. It has been argued that the participation of IPPs in the electricity generation industry should also facilitate improvements in industry productivity; however this proposition is yet to be tested. In this study we calculate TFP growth using Törnqvist index methods, finding that there is no direct evidence of productivity improvements attributable to the privatization. Furthermore, it is not clear that consumers have benefited from this, since the PPAs have generally been quite generous to the IPPs in terms of risk sharing and prices paid.

Diverse assessment methods in group work settings

The assessment scheme and mid-course feedback play a central role in the student's learning experience. However, within the student population there are many different perceptions of teaching and learning, and to accommodate these a diverse range of assessment and feedback activites are required. This issue is particularly important when group-orientated problem-based learning is employed, since much of the learning occurs within the groups and away from the direct supervision of the unit coordinators. We have explored a range of assessment styles in a suite of units of study in second year chemical engineering, centred around group-based project work. Group written project reports, interviews, confidential self and peer-assessments, individual laboratory reports, quizzes and a final examination have been used so far. Alignment of these assessments and teaching & learning activities with the learning outcomes guided our development of this framework, and this alignment has been verified by the students' results. The projects themselves are open-ended and present realistic engineering scenarios, including recommending the best type of artificial heart, the overall design of a desalination plant, and the design of a soap and cosmetics factory. A high level of student engagement and enthusiasm for the project work has been observed, arising mainly from the real-world nature of the projects, coupled with the stimuli provided by the range of assessment activities used

Making the journey with me : a qualitative study of experiences of a bespoke mental health smoking cessation intervention for service users with serious mental illness

BACKGROUND: Smoking is one of the major modifiable risk factors contributing to early mortality for people with serious mental illness. However, only a minority of service users access smoking cessation interventions and there are concerns about the appropriateness of generic stop-smoking services for this group. The SCIMITAR (Smoking Cessation Intervention for Severe Mental Ill-Health Trial) feasibility study explored the effectiveness of a bespoke smoking cessation intervention delivered by mental health workers. This paper reports on the nested qualitative study within the trial. METHODS: Qualitative semi-structured interviews were conducted with 13 service users receiving the intervention and 3 of the MHSCPs (mental health smoking cessation practitioners) delivering the intervention. Topic guides explored the perceived acceptability of the intervention particularly in contrast to generic stop-smoking services, and perceptions of the implementation of the intervention in practice. Transcripts were analysed using the Constant Comparative Method. RESULTS: Generic services were reported to be inappropriate for this group, due to concerns over stigma and a lack of support from health professionals. The bespoke intervention was perceived positively, with both practitioners and service users emphasising the benefits of flexibility and personalisation in delivery. The mental health background of the practitioners was considered valuable not only due to their increased understanding of the service users' illness but also due to the more collaborative relationship style they employed. Challenges involved delays in liaising with general practitioners and patient struggles with organisation and motivation, however the MHSCP was considered to be well placed to address these problems. CONCLUSION: The bespoke smoking cessation intervention was acceptable to service users and the both service users and practitioners reported the value of a protected mental health worker role for delivering smoking cessation to this group. The results have wider implications for understanding how to achieve integrated and personalised care for this high-risk population and further underscore the need for sensitised smoking cessation support for people with serious mental illness. TRIAL REGISTRATION: Current Controlled Trials ISRCTN79497236 . Registered 3(rd) July 2009

Augmented reality for nDimensional building information modelling contextualization, customization and curation

This paper presents an experimental method and apparatus of augmented reality (AR) for nDimensional (nD) building information modeling (BIM). BIM allows nD information to be visualized simultaneously by architects, engineers and constructors to gain a synchronized understanding viewing from different perspectives. However, BIM is conventionally being operated on a desktop-based computer which makes collaboration less flexible, and it also creates an isolation gap between the model and reality. This isolation gap does not severely affect experienced and skilled professionals, as they can bridge the isolation gap with their intuition developed over the years. Nevertheless, users who are lack of such experience will feel the isolation gap between the digital realm and practicable reality, which could be the hurdle in project participation and decision making. AR allows virtual content to be mixed with real environment for user experience. In the context of our study, AR is functional to present the nD information of BIM, at the same time retaining users’ connection with the reality. It is not just being utilized solely for presentation, but also to maximize the potential for communication, interaction and experience. This pilot study investigates effective technological approach of using AR as an effective collaboration technology combining with BIM through proposed key aspects of contextualization, customization and curation. Contextualization is significant to enable users to understand the AR content by making the presented information meaningful to the target audience, implemented thru the means of 2D annotations, animations and options comparison. This study compares both AR BIM with and without contextualization. Customization can generate unique virtual environment and content for different level of users tailored to their needs and preference to create intuitive interaction with AR BIM. Curation is crucial to provide users with a reliable experience, and to formulate a continually improving AR BIM thru log data and users’ feedback. All in all, this paper explores the major aspects of contextualization, customization and curation, to distinguish effective approach in the currently “free for all” AR BIM development. Finally, an implication is provided for future study in terms of balance in information sufficiency and complexity for AR BIM

Too Big to Fail — U.S. Banks’ Regulatory Alchemy: Converting an Obscure Agency Footnote into an “At Will” Nullification of Dodd-Frank’s Regulation of the Multi-Trillion Dollar Financial Swaps Market

The multi-trillion-dollar market for, what was at that time wholly unregulated, over-the-counter derivatives (“swaps”) is widely viewed as a principal cause of the 2008 worldwide financial meltdown. The Dodd-Frank Act, signed into law on July 21, 2010, was expressly considered by Congress to be a remedy for this troublesome deregulatory problem. The legislation required the swaps market to comply with a host of business conduct and anti-competitive protections, including that the swaps market be fully transparent to U.S. financial regulators, collateralized, and capitalized. The statute also expressly provides that it would cover foreign subsidiaries of big U.S. financial institutions if their swaps trading could adversely impact the U.S. economy or represent the use of extraterritorial trades as an attempt to “evade” Dodd-Frank. In July 2013, the CFTC promulgated an 80-page, triple-columned, and single-spaced “guidance” implementing Dodd-Frank’s extraterritorial reach, i.e., that manner in which Dodd-Frank would apply to swaps transactions executed outside the United States. The key point of that guidance was that swaps trading within the “guaranteed” foreign subsidiaries of U.S. bank holding company swaps dealers were subject to all of Dodd-Frank’s swaps regulations wherever in the world those subsidiaries’ swaps were executed. At that time, the standardized industry swaps agreement contemplated that, inter alia, U.S. bank holding company swaps dealers’ foreign subsidiaries would be “guaranteed” by their corporate parent, as was true since 1992. In August 2013, without notifying the CFTC, the principal U.S. bank holding company swaps dealer trade association privately circulated to its members standard contractual language that would, for the first time, “deguarantee” their foreign subsidiaries. By relying only on the obscure footnote 563 of the CFTC guidance’s 662 footnotes, the trade association assured its swaps dealer members that the newly deguaranteed foreign subsidiaries could (if they so chose) no longer be subject to Dodd-Frank. As a result, it has been reported (and it also has been understood by many experts within the swaps industry) that a substantial portion of the U.S. swaps market has shifted from the large U.S. bank holding companies swaps dealers and their U.S. affiliates to their newly deguaranteed “foreign” subsidiaries, with the attendant claim by these huge big U.S. bank swaps dealers that Dodd-Frank swaps regulation would not apply to these transactions. The CFTC also soon discovered that these huge U.S. bank holding company swaps dealers were “arranging, negotiating, and executing” (“ANE”) these swaps in the United States with U.S. bank personnel and, only after execution in the U.S., were these swaps formally “assigned” to the U.S. banks’ newly “deguaranteed” foreign subsidiaries with the accompanying claim that these swaps, even though executed in the U.S., were not covered by Dodd-Frank. In October 2016, the CFTC proposed a rule that would have closed the “deguarantee” and “ANE” loopholes completely. However, because it usually takes at least a year to finalize a “proposed” rule, this proposed rule closing the loopholes in question was not finalized prior to the inauguration of President Trump. All indications are that it will never be finalized during a Trump Administration. Thus, in the shadow of the recent tenth anniversary of the Lehman failure, there is an understanding among many market regulators and swaps trading experts that large portions of the swaps market have moved from U.S. bank holding company swaps dealers and their U.S. affiliates to their newly deguaranteed foreign affiliates where Dodd- Frank swaps regulation is not being followed. However, what has not moved abroad is the very real obligation of the lender of last resort to rescue these U.S. swaps dealer bank holding companies if they fail because of poorly regulated swaps in their deguaranteed foreign subsidiaries, i.e., the U.S. taxpayer. While relief is unlikely to be forthcoming from the Trump Administration or the Republican-controlled Senate, some other means will have to be found to avert another multi-trillion-dollar bank bailout and/or a financial calamity caused by poorly regulated swaps on the books of big U.S. banks. This paper notes that the relevant statutory framework affords state attorneys general and state financial regulators the right to bring so-called “parens patriae” actions in federal district court to enforce, inter alia, Dodd- Frank on behalf of a state’s citizens. That kind of litigation to enforce the statute’s extraterritorial provisions is now badly needed