Global production networks in the aerospace industry: the role of risk and revenue sharing partnerships

The last 30 years have seen a major trend towards the internationalisation of production. In some industry sectors this process has become global as production systems have been integrated on an inter-continental basis. Global production networks have been identified as an important factor in this development. A number of studies have explored the use of global production networks in sectors such as clothing and textiles, electronics and automotive products. In general this research has been confined to consumer items that take the form of standardised, high volume commodities. This study in contrast, examines the use of global production networks by capital goods manufacturers producing non-standardised, high technology products in relatively small volumes. The context is the commercial aerospace industry and an in-depth case study of a single manufacturer, the UK based engine maker Rolls-Royce and the global production network used to develop and manufacture its Trent 1000 engine for the Boeing 787 Dreamliner, is presented. The study focuses on the use of risk and revenue sharing partnerships (RRSPs), a form of inter-firm collaboration almost unique in the aerospace industry. It analyses the role of RRSPs in facilitating the creation and operation of global production networks and the driving forces that have led to the use of this form of cooperation. The implications of the move to global production networks are considered both for flagship firms at the centre of such networks and their partners

The Great Albatross Philippine Expedition and Its Fishes

The Philippine Expedition of 1907-10 was the longest and most extensive assignment of the Albatross's 39-year career. It came about because the United States had acquired the Philippines following the Spanish-American War of 1898 and the bloody Philippine Insurection of 1899-1902. The purpose of the expedition was to surbey and assess the aquatic resources of the Philippine Islands. Dr. Hugh M. Smith, the Deputy Commissioner of the U.S. Bureau of Fisheries, was the Director of the Expedition. Other scientific participants were Frederick M. Chamberlain, Lewis Radcliffe, Paul Bartsch, Harry C. Fasset, Clarence Wells, Albert Burrows, Alvin Seale, and Roy Chapman Andrews. The expedition consisted of a series of cruises, each beginning and ending in Manila and exploring a different part of the island group. In addition to the Philippines proper, the ship also explored parts of the Dutch East Indies and areas around Hong Kong and Taiwan. The expedition returned great quantities of fish and invertebrate speciments as well as hydrographic and fisheries data; most of the material was eventually deposited in the Smithsonian Institution's National Museum of Natural History. The fisehs were formally accessioned into the museum in 1922 and fell under the car of Barton A. Bean, Assistant Curator of Fishes, who then recruited Henry W. Fowler to work up the material. Fowler completed his studies of the entire collection, but only part of it was ever published, due in part to the economic constraints caused by the Depression. The material from the Philippine Expedition constituted the largest single accession of fishes ever received by the museum. These speciments are in good condition today and are still being used in scientific research

Episodic Post-Shock Dust Formation in the Colliding Winds of Eta Carinae

Eta Carinae shows broad peaks in near-infrared (IR) JHKL photometry, roughly correlated with times of periastron passage in the eccentric binary system. After correcting for secular changes attributed to reduced extinction from the thinning Homunculus Nebula, these peaks have IR spectral energy distributions (SEDs) consistent with emission from hot dust at 1400-1700 K. The excess SEDs are clearly inconsistent, however, with the excess being entirely due to free-free wind or photospheric emission. One must conclude, therefore, that the broad near-IR peaks associated with Eta Carinae's 5.5 yr variability are due to thermal emission from hot dust. I propose that this transient hot dust results from episodic formation of grains within compressed post-shock zones of the colliding winds, analogous to the episodic dust formation in Wolf-Rayet binary systems like WR140 or the post-shock dust formation seen in some supernovae like SN2006jc. This dust formation in Eta Carinae seems to occur preferentially near and after periastron passage; near-IR excess emission then fades as the new dust disperses and cools. With the high grain temperatures and Eta Car's C-poor abundances, the grains are probably composed of corundum or similar species that condense at high temperatures, rather than silicates or graphite. Episodic dust formation in Eta Car's colliding winds significantly impacts our understanding of the system, and several observable consequences are discussed.Comment: MNRAS accepted; 8 pages, 5 figs, 2 color fig

The SEC's "Fair Value" Standard for Mutual Fund Investment in Restricted Shares and Other Illiquid Securities

Mutual funds generally do not invest in venture capital, private equity, or restricted shares of public companies. Consequently, individuals who desire to invest in such securities are unable to do so through diversified mutual funds. In this paper, we identify public policies and regulations that discourage mutual fund involvement in the markets for illiquid equity. We also present evidence that changes in SEC policy caused mutual funds to retreat from investing in illiquid equity. Under the Investment Company Act of l940, the SEC requires mutual fund boards to determine and report the “fair value” of their investments in restricted shares and other illiquid equity claims. The SEC interprets fair value to mean value in current sale. Under the Investment Company Act, fair value reporting is a “certification” standard that presumes investors rely on the value representations of the fund board and its auditors. We consider whether alternatives to certification and current sale valuation could reduce barriers to mutual fund investment, without exposing individuals who invest in mutual funds to excessive risk or potential manipulation. To assess the effects of public policies, we analyze recent efforts of the SEC to apply the fair-value standard and examine court decisions arising from subsequent litigation. We also analyze the financial economics literature concerning discounts for illiquidity and the implications for valuing restricted shares. The paper concludes with a discussion of policy alternatives, including allowing funds to rely more on “transparency” in lieu of certification and allowing funds more latitude in determining and reporting the values of their illiquid securities.

Ligeti and Stockhausen: A concert of piano and electronics works from the 195

I curated a concert of piano and electronics pieces including the premiere of my new realisation of Karlheinz Stockhausen's "Studie II.

Estimation of pedigree errors in the UK dairy population using microsatellite markers and the impact on selection

The proportion of cows in the UK dairy herd whose sires were misidentified was estimated using DNA markers. Genetic marker genotypes were determined on 568 cows (from 168 milk samples and 400 hair samples) and 96 putative sires (from semen samples). The estimated pedigree error rate from the hair samples was 8.8%, and from the milk samples, 13.1%, giving an overall estimate of the error rate of 10%. This level of pedigree errors will have a relatively large impact on the efficiency of progeny testing and the accuracy of cow predicted breeding values. We predict a loss of response to selection of approximately 2 to 3% given this error rate

An economic study of an advanced technology supersonic cruise vehicle

A description is given of the methods used and the results of an economic study of an advanced technology supersonic cruise vehicle. This vehicle was designed for a maximum range of 4000 n.mi. at a cruise speed of Mach 2.7 and carrying 292 passengers. The economic study includes the estimation of aircraft unit cost, operating cost, and idealized cash flow and discounted cash flow return on investment. In addition, it includes a sensitivity study on the effects of unit cost, manufacturing cost, production quantity, average trip length, fuel cost, load factor, and fare on the aircraft's economic feasibility

The Coastal Barrier Island Network (CBIN): Future management strategies for barrier islands

Barrier islands are ecosystems that border coastal shorelines and form a protective barrier between continental shorelines and the wave action originating offshore. In addition to forming and maintaining an array of coastal and estuarine habitats of ecological and economic importance, barrier island coastlines also include some of the greatest concentrations of human populations and accompanying anthropogenic development in the world. These islands have an extremely dynamic nature whereby major changes in geomorphology and hydrology can occur over short time periods (i.e. days, hours) in response to extreme episodic storm events such as hurricanes and northeasters. The native vegetation and geological stability of these ecosystems are tightly coupled with one another and are vulnerable to storm-related erosion events, particularly when also disturbed by anthropogenic development. (PDF contains 4 pages

Determining the parameters in a social welfare function using stated preference data: an application to health

One way in which economists might determine how best to balance the competing objectives of efficiency and equity is to specify a social welfare function (SWF). This paper looks at how the stated preferences of a sample of the general public can be used to estimate the shape of the SWF in the domain of health benefits. The results suggest that it is possible to determine the parameters in a social welfare function from stated preference data, but show that people are sensitive to what inequalities exist and to the groups across which those inequalities exist

Strategies to Strengthen Youth Leadership and Youth Participation Opportunities in Central Appalachia

The purpose of this study was to assess opportunities for strengthening youth leadership and participation in the Central Appalachian region. In particular, authors Rebecca O’Doherty, Ada Smith, Ben Spangler, Elandria Williams, and Katie Richards-Schuster sought to understand and document the range of activities and strategies in the region as well as understand the nuances involved in promoting and sustaining youth leadership opportunities. Through interviews with key leaders in the region, they explored critical themes for strengthening youth leadership. To highlight the potential and opportunities for future development, they share a case study of an innovative approach to nurturing and sustaining youth leadership. They conclude with a set of recommendations for consideration by policy makers and stakeholders interested in developing sustainable youth leadership practices in Central Appalachia