New Entrants versus Incumbents in the Emerging On-Line Financial Services Complex

The emergence of electronic commerce complexes raises important questions regarding competence building and leveraging, both for practitioners and strategy scholars. Competences of brick-and-mortar incumbents (large and mature players) are being challenged by new entrants' click-and-mortar or click-and-click business models. The implications of this challenge for the financial services industry - as for many other industries - are only starting to become clear. In this paper we contribute to these initial understandings by developing a conceptual framework that considers which strategies incumbents and new entrants might adopt to improve their competitiveness. We identify four relevant organizational types in the emerging on-line financial services complex. For each of these types we outline how ties to sponsoring organizations can be used as a buffer against environmental turbulence and as a bridge towards changing stakeholder perspectives.legitimacy;e-commerce;co-evolution;competence building and leveraging;on-line financial services complex

Speech register influences listeners’ word expectations

We utilized the N400 effect to investigate the influence of speech register on predictive language processing. Participants listened to long stretches (4 – 15 min) of naturalistic speech from different registers (dialogues, news broadcasts, and read-aloud books), totalling approximately 50,000 words, while the EEG signal was recorded. We estimated the surprisal of words in the speech materials with the aid of a statistical language model in such a manner that it reflected different predictive processing strategies; generic, register-specific, or recency-based. The N400 amplitude was best predicted with register-specific word surprisal, indicating that the statistics of the wider context (i.e., register) influences predictive language processing. Furthermore, adaptation to speech register cannot merely be explained by recency effects; instead, listeners adapt their word anticipations to the presented speech register

In search of an appropriate abstraction level for motif annotations

In: Proceedings of the 2012 Workshop on Computational Models of Narrative, (pp. 22-28).

Properties of Galaxy Groups in the SDSS: I.-- The Dependence of Colour, Star Formation, and Morphology on Halo Mass

Using a large galaxy group catalogue constructed from the SDSS, we investigate the correlation between various galaxy properties and halo mass. We split the population of galaxies in early types, late types, and intermediate types, based on their colour and specific star formation rate. At fixed luminosity, the early type fraction increases with increasing halo mass. Most importantly, this mass dependence is smooth and persists over the entire mass range probed, without any break or feature at any mass scale. We argue that the previous claim of a characteristic feature on galaxy group scales is an artefact of the environment estimators used. At fixed halo mass, the luminosity dependence of the type fractions is surprisingly weak: galaxy type depends more strongly on halo mass than on luminosity. We also find that the early type fraction decreases with increasing halo-centric radius. Contrary to previous studies, we find that this radial dependence is also present in low mass haloes. The properties of satellite galaxies are strongly correlated with those of their central galaxy. In particular, the early type fraction of satellites is significantly higher in a halo with an early type central galaxy than in a halo of the same mass but with a late type central galaxy. This phenomenon, which we call `galactic conformity', is present in haloes of all masses and for satellites of all luminosities. Finally, the fraction of intermediate type galaxies is always ~20 percent, independent of luminosity, independent of halo mass, independent of halo-centric radius, and independent of whether the galaxy is a central galaxy or a satellite galaxy. We discuss the implications of all these findings for galaxy formation and evolution.Comment: 28 pages, 15 figures. Submitted for publication in MNRA

Broad expertise retrieval in sparse data environments

Expertise retrieval has been largely unexplored on data other than the W3C collection. At the same time, many intranets of universities and other knowledge-intensive organisations offer examples of relatively small but clean multilingual expertise data, covering broad ranges of expertise areas. We first present two main expertise retrieval tasks, along with a set of baseline approaches based on generative language modeling, aimed at finding expertise relations between topics and people. For our experimental evaluation, we introduce (and release) a new test set based on a crawl of a university site. Using this test set, we conduct two series of experiments. The first is aimed at determining the effectiveness of baseline expertise retrieval methods applied to the new test set. The second is aimed at assessing refined models that exploit characteristic features of the new test set, such as the organizational structure of the university, and the hierarchical structure of the topics in the test set. Expertise retrieval models are shown to be robust with respect to environments smaller than the W3C collection, and current techniques appear to be generalizable to other settings

Identification and parameter-varying decoupling of a 3-DOF platform with manipulator

The paper describes identification and a new parameter-varying decoupling method for a 3-degree-of-freedom (DOF) platform with a manipulator on top of it, which is magnetically levitated by 9 voice-coil actuators. The identification has been performed in closed-loop using two different indirect approaches. In the first approach time-domain data of the system were processed using Ho-Kalman algorithm. The second approach was based on frequency-response measurements. The 3 DOFs of the platform are coupled and the coupling is even varying as the manipulator on top is moving. In order to design separate SISO controllers for each DOF of the platform, a new decoupling method has been developed which uses frequency response measurements of the system obtained for different positions of the manipulator

Price-based control of electrical power systems

In this chapter we present the price-based control as a suitable approach to solve some of the challenging problems facing future, market-based power sys tems. On the example of economically optimal power balance and transmission network congestion control, we present how global objectives and constraints can in real-time be translated into time-varying prices which adequately reflect the cur rent state of the physical system. Furthermore, we show how the price signals can be efficiently used for control purposes. Becoming the crucial control signals, the timevarying prices are employed to optimally shape, coordinate and synchronize local, profit-driven behaviors of producers/consumers to mutually reinforce and guarantee global objectives and constraints. The main focus in the chapter is on exploiting specific structural properties of the global system constraints in the synthesis of price-based controllers. The global constraints arise from sparse and highly struc tured power flow equations. Preserving this structure in the controller synthesis implies that the devised solutions can be implemented in a distributed fashion

State fusion with unknown correlation : ellipsoidal intersection

Some crucial challenges of estimation over sensor networks are reaching consensus on the estimates of different systems in the network and separating the mutual information of two estimates from their exclusive information. Current fusion methods of two estimates tend to bypass the mutual information and directly optimize the fused estimate. Moreover, both the mean and covariance of the fused estimate are fully determined by optimizing the covariance only. In contrast to that, this paper proposes a novel fusion method in which the mutual information results in an additional estimate, which defines a mutual mean and covariance. Both variables are derived from the two initial estimates. The mutual covariance is used to optimize the fused covariance, while the mutual mean optimizes the fused mean. An example of decentralized state estimation, where the proposed fusion method is applied, shows a reduction in estimation error compared to the existing alternatives

Boards of Directors’ Contribution to Strategy: A Literature Review and Research Agenda

Manuscript Type: Literature review.Research Question/Issue: Over the last four decades, research on the relationship between boards of directors and strategy has proliferated. Yet to date there is little theoretical and empirical agreement regarding the question of how boards of directors contribute to strategy. This review assesses the extant literature by highlighting emerging trends and identifying several avenues for future research.Research Findings/Insights: Using a content-analysis of 150 articles published in 23 manage-ment journals until 2007, we describe and analyze how research on boards of directors and strategy has evolved over time. We illustrate how topics, theories, settings and sources of data interact and influence insights about board-strategy relationships during three specific periods.Theoretical/Academic Implications: Our study illustrates that research on boards of directors and strategy evolved from normative and structural approaches to behavioral and cognitive approaches. Our results encourage future studies (i) to examine the impact of institutional and context-specific factors on the (expected) contribution of boards to strategy, and (ii) to apply alternative methods to fully capture the impact of board processes and dynamics on strategy-making.Practical/Policy Implications: The increasing interest in boards of directors’ contribution to strategy echoes a movement towards more strategic involvement of boards of directors. However, best governance practices and the emphasis on board independence and control may hinder the board contribution to the strategic decision-making. Our study invites investors and policy-makers to consider the requirements for an effective strategic task when they nominee board members and develop new regulations.boards of directors;contribution to strategy;literature review

Active noise compensation for multichannel magnetocardiography in an unshielded environment

A multichannel high-T/sub c/-SQUID-based heart scanner for unshielded environments is under development, Outside a magnetically shielded room, sensitive SQUID measurements are possible using gradiometers. However, it is difficult to realize large-baseline gradiometers in high-T/sub c/ materials, Therefore, the authors developed two active noise compensation techniques. In the Total Field Compensation technique, a Helmholtz type coil set is placed around the sensors. One magnetometer is used as a zero detector controlling the compensation current through the coil set. For Individual Flux Compensation, the reference signal is sent to the separate SQUIDs (or their flux transformer circuits) to compensate the local environmental noise fluxes, The latter technique was tested on low-T/sub c/ rf-SQUID magnetometers, each sensor set to a field resolution SQUID magnetometers, i.e. 0.1 pT/sub RMS///spl radic/Hz. The authors were able to suppress the environmental disturbances to such an extent that magnetocardiograms could be recorded in an ordinary environment. Here the two suppression techniques are described and experimental results are presente