Exploring the rationale of enlightened shareholder value in the realm of UK company law – the path dependence perspective

Despite conventional beliefs in the predominance of shareholder value, a broader agenda of stakeholder consideration has been advocated in the UK by the recently-introduced ESV principle – the overriding corporate objective in the new company law regime. In this paper, the efficiency of this principle in terms of stakeholder enhancement is challenged through an interdisciplinary analysis. Through a critical review of the ESV principle, it is discovered that stakeholder enhancement practices in the context of the 2006 company law regime are still for the fundamental goal of shareholder value maximisation, and that their enlightened impact has been fairly limited in practice. Furthermore, by revisiting the interrelationships between UK economic, political and cultural factors with the predominance objective of shareholder value maximisation in the Companies Act 2006, it is discovered that the enlightened effect of this new approach in the company law regime is in fact impeded by strong, persistent forces deriving from shareholder-oriented particulars. Providing insight into the future direction of corporate governance practice, the paper concludes the rationale behind the shareholder-oriented ESV principle, and further suggests the continuing predominance of shareholder value in UK corporate governance

Simple robust control laws for robot manipulators. Part 2: Adaptive case

A new class of asymptotically stable adaptive control laws is introduced for application to the robotic manipulator. Unlike most applications of adaptive control theory to robotic manipulators, this analysis addresses the nonlinear dynamics directly without approximation, linearization, or ad hoc assumptions, and utilizes a parameterization based on physical (time-invariant) quantities. This approach is made possible by using energy-like Lyapunov functions which retain the nonlinear character and structure of the dynamics, rather than simple quadratic forms which are ubiquitous to the adaptive control literature, and which have bound the theory tightly to linear systems with unknown parameters. It is a unique feature of these results that the adaptive forms arise by straightforward certainty equivalence adaptation of their nonadaptive counterparts found in the companion to this paper (i.e., by replacing unknown quantities by their estimates) and that this simple approach leads to asymptotically stable closed-loop adaptive systems. Furthermore, it is emphasized that this approach does not require convergence of the parameter estimates (i.e., via persistent excitation), invertibility of the mass matrix estimate, or measurement of the joint accelerations

Simple robust control laws for robot manipulators. Part 1: Non-adaptive case

A new class of exponentially stabilizing control laws for joint level control of robot arms is introduced. It has been recently recognized that the nonlinear dynamics associated with robotic manipulators have certain inherent passivity properties. More specifically, the derivation of the robotic dynamic equations from the Hamilton's principle gives rise to natural Lyapunov functions for control design based on total energy considerations. Through a slight modification of the energy Lyapunov function and the use of a convenient lemma to handle third order terms in the Lyapunov function derivatives, closed loop exponential stability for both the set point and tracking control problem is demonstrated. The exponential convergence property also leads to robustness with respect to frictions, bounded modeling errors and instrument noise. In one new design, the nonlinear terms are decoupled from real-time measurements which completely removes the requirement for on-line computation of nonlinear terms in the controller implementation. In general, the new class of control laws offers alternatives to the more conventional computed torque method, providing tradeoffs between robustness, computation and convergence properties. Furthermore, these control laws have the unique feature that they can be adapted in a very simple fashion to achieve asymptotically stable adaptive control

Quantitative assessment of Earth’s radiation belt modeling

The “Quantitative Assessment of Radiation Belt Modeling” focus group was in place at Geospace Environment Modeling from 2014 to 2018. The overarching goals of this focus group were to bring together the current state‐of‐the‐art models for the acceleration, transport, and loss processes in Earth's radiation belts; develop event‐specific and global inputs of wave, plasma, and magnetic field to drive these models; and combine all these components to achieve a quantitative assessment of radiation belt modeling by validating against contemporary radiation belt measurements. This article briefly reviews the current understanding of radiation belt dynamics and related modeling efforts, summarizes the activities and accomplishments of the focus group, and discusses future directions.Accepted manuscrip

Quantitative assessment of radiation belt modeling

The “Quantitative Assessment of Radiation Belt Modeling” focus group was in place at Geospace Environment Modeling from 2014 to 2018. The overarching goals of this focus group were to bring together the current state‐of‐the‐art models for the acceleration, transport, and loss processes in Earth's radiation belts; develop event‐specific and global inputs of wave, plasma, and magnetic field to drive these models; and combine all these components to achieve a quantitative assessment of radiation belt modeling by validating against contemporary radiation belt measurements. This article briefly reviews the current understanding of radiation belt dynamics and related modeling efforts, summarizes the activities and accomplishments of the focus group, and discusses future directions.Accepted manuscrip

Crystallization of the glassy phase of grain boundaries in silicon nitride

Three types of hot-pressed silicon nitride specimens (containing 5wt% Y2O3 and 2wt% Al2O3 additives) which were subjected to different temperature heat treatments were studied by X-ray diffraction, X-ray microanalysis and high resolution electron microscopy. The results indicated that there were phase changes in the grain boundaries after heat treatment and the glassy phase at the grain boundaries was crystallized by heat treatment