Growth, profits and technological choice: The case of the Lancashire cotton textile industry

Using Lancashire textile industry company case studies and financial records, mainly from the period just before the First World War, the processes of growth and decline are re-examined. These are considered by reference to the nature of Lancashire entrepreneurship and the impact on technological choice. Capital accumulation, associated wealth distributions and the character of Lancashire business organisation were sybiotically linked to the success of the industry before 1914. However, the legacy of that accumulation in later decades, chronic overcapacity, formed a barrier to reconstruction and enhanced the preciptious decline of a once great industry

Risk and value in labour and capital markets: The UK corporate economy, 1980-2005.

The paper sets out a theoretical model linking stock market financial risk to labour market conditions, including labour intensity and the risk arising from the specification of labour contracts. A value added analysis is conducted combining national and firm level accounts data to examine the relationship between the share of value and the share of risk, contrasting manufacturing and service industries. In conjunction with a firm level analysis, empirical support for the model is established showing rational trade-offs between the risk and value appropriations of investors and employees and a less rational accumulation of structured debt finance as the UK economy has shifted from manufacturing to services in the last 30 years. The shift to services, flexibility and deregulation has tended to promote labour intensity, inflexibility of cost structures, and, as a consequence greater financial risk

Industrial districts as organizational environments: resources, networks and structures

The paper combines economic and sociological perspectives on organizations in order to gain a better understanding of the forces shaping the structures of industrial districts (IDs) and the organizations of which they are constituted. To effect the combination , the resource based view (RBV) and resource dependency theory are combined to explain the evolution of different industry structures. The paper thus extends work by Toms and Filatotchev by spatializing consideration of resource distribution and resource dependence. The paper has important implications for conventional interpretations in the fields of business and organizational history and for the main areas of theory hitherto considered separately, particularly the Chandlerian model of corporate hierarchy as contrasted with the alternative of clusters of small firms coordinated by networks

Does Community and Environmental Responsibility Affect Firm Risk? Evidence from UK Panel Data 1994-2006

The question of how an individual firm’s environmental performance impacts its firm risk has not been examined in any empirical UK research. Does a company that strives to attain good environmental performance decreases its market risk or is environmental performance just a disadvantageous cost that increases such risk levels for these firms? Answers to this question have important implications for the management of companies and the investment decisions of individuals and institutions. The purpose of this paper is to examine the relationship between corporate environmental performance and firm risk in the British context. Using the largest dataset so far assembled, with Community and Environmental Responsibility (CER) rankings for all rated UK companies between 1994 and 2006, we show that a company’s environmental performance is inversely related to its systematic financial risk. However, an increase of 1.0 in the CER score is associated with only a 0.02 reduction in firm’s risk and cost of capital

The association between accounting and market-based risk measures

The paper derives operating and financial measures of leverage and tests their association with market based measures of equity risk. It is the first such study to use purely accounting-based data to derive the leverage measures. In line with previous literature it conducts a new test on the relative importance of operating and financial leverage. The results suggest that operating costs have a greater impact

Quantized bulk scalar fields in the Randall-Sundrum brane-model

We examine the lowest order quantum corrections to the effective action arising from a quantized real scalar field in the Randall-Sundrum background spacetime. The leading term is the familiar vacuum, or Casimir, energy density. The next term represents an induced gravity term that can renormalize the 4-dimensional Newtonian gravitational constant. The calculations are performed for an arbitrary spacetime dimension. Two inequivalent boundary conditions, corresponding to twisted and untwisted field configurations, are considered. A careful discussion of the regularization and renormalization of the effective action is given, with the relevant counterterms found. It is shown that the requirement of self-consistency of the Randall-Sundrum solution is not simply a matter of minimizing the Casimir energy density. The massless, conformally coupled scalar field results are obtained as a special limiting case of our results. We clarify a number of differences with previous work.Comment: 31 pages, 1 figur

Interactions between the Madden-Julian oscillation and mesoscale to global scale phenomena

2019 Summer.Includes bibliographical references.The Madden-Julian Oscillation (MJO) influences and interacts with atmospheric phenomena across the globe, from the tropics to the poles. In this two-part study, the interactions of the MJO with other phenomena across a broad range of scales are considered, including mesoscale convective structures within the tropics and global teleconnection patterns. While the two studies are distinct in the scales of the interactions they discuss, each highlights an aspect of the importance of interactions between the MJO and variability across a broad range of scales within the climate system. The study of such cross-scale interactions is important for understanding our climate system, as these interactions can transfer energy between phenomena of starkly different spatial and temporal scales. Part one of the study uses a cloud-resolving model, the Regional Atmospheric Modeling System, to consider the relationship between mesoscale convective structures within the Indo-Pacific region and the regional, intraseasonal anomalies associated with the MJO. The simulation captures the entirety of a canonical boreal summertime MJO event, spanning 45 days in July and August of 2016, during which the convective anomaly associated with the MJO propagated over the Maritime Continent. The convective cloud structures, or cells, within the simulation were tracked and logged according to their location relative to the regional convective anomaly of the MJO. Using both spectral analysis and phase compositing, it was found that a progressive relationship exists between the boreal summertime MJO and mesoscale deep convective structures within the Indo-Pacific region, specifically within the convectively enhanced region of the MJO, as follows: increased cell longevity in the initial phases of the MJO, followed by increased cell number in the intermediate phases, progressing into increased cell expanse in the terminal phases. This progressive relationship is connected back to the low-frequency atmospheric response to the MJO. It is suggested that the bulk thermodynamic and kinematic anomalies of the MJO are closely related to the convective cell expanse and longevity, although the number of convective cells appears to be tied to another source of variability not identified within this study. These findings emphasize that while the MJO is commonly defined as an intraseasonal-scale convective anomaly, it is also intrinsically tied to the mesoscale variability of the convective systems that constitute its existence. The second part of the study quantifies the prevalence of the MJO within the overall climate system, along with the dependence of its teleconnections on variability in another tropical phenomena on a larger scale than itself. It is well known that the MJO exhibits pronounced seasonality in its tropical and global signature, and recent research has suggested that its tropical structure also depends on the state of the Quasi-Biennial Oscillation (QBO). We therefore first quantify the relationship between 300-mb geopotential anomalies and the MJO across the globe, then test the dependence of the relationship on both the meteorological season and the QBO phase using a derivative of cross-spectral analysis, magnitude-squared coherence Coh2. It is found that the global upper-tropospheric signature of the MJO exhibits pronounced seasonality, but also that the QBO significantly modulates the upper-tropospheric tropical and extratropical anomalies associated with the MJO. Globally, variability in upper tropospheric geopotential linked to the MJO is maximized during the boreal summertime and wintertime of easterly QBO phases, which is consistent with previous research that has shown easterly QBO phases to enhance the persistence of tropical convection associated with the MJO. Additional features are identified, such as the global maximum in upper-tropospheric variability associated with the MJO occurring during boreal summertime, rather than boreal wintertime. Overall, the MJO explains seven to thirteen percent of intraseasonal atmospheric variability in 300-mb geopotential, depending on season and QBO phase. These results highlight the importance of considering the phase of the QBO in analyses related to either global or local impacts of the MJO, along with the importance of cross-scale relationships, such as those between the MJO and QBO, in governing the coupling between the MJO and teleconnections across the globe. This thesis considers the relationship between the MJO and processes that operate on both longer and shorter timescales than itself, including tropical convection and the Quasi-Biennial Oscillation. In doing so, this work highlights the importance of considering relationships between the MJO and atmospheric phenomena on different spatial and temporal scales and with origins distinct from the MJO itself. While theories exist describing the MJO as its own distinct entity, this research corroborates the idea that it is at its core fundamentally linked to the rest of the climate system, both modulating and being modulated by a broad range of atmospheric processes

Comparison theory and smooth minimal C*-dynamics

We prove that the C*-algebra of a minimal diffeomorphism satisfies Blackadar's Fundamental Comparability Property for positive elements. This leads to the classification, in terms of K-theory and traces, of the isomorphism classes of countably generated Hilbert modules over such algebras, and to a similar classification for the closures of unitary orbits of self-adjoint elements. We also obtain a structure theorem for the Cuntz semigroup in this setting, and prove a conjecture of Blackadar and Handelman: the lower semicontinuous dimension functions are weakly dense in the space of all dimension functions. These results continue to hold in the broader setting of unital simple ASH algebras with slow dimension growth and stable rank one. Our main tool is a sharp bound on the radius of comparison of a recursive subhomogeneous C*-algebra. This is also used to construct uncountably many non-Morita-equivalent simple separable amenable C*-algebras with the same K-theory and tracial state space, providing a C*-algebraic analogue of McDuff's uncountable family of II_1 factors. We prove in passing that the range of the radius of comparison is exhausted by simple C*-algebras.Comment: 30 pages, no figure