The CFO’s Information Challenge in Managing Macroeconomic Risk

In this chapter we examine the role of the CFO in setting risk management strategy with respect to macroeconomic risk, in particular, and we consider the information requirements for setting a strategy that is consistent with corporate objectives. We argue that macroeconomic risk management requires a broad approach encompassing financial, operational and strategic considerations. Furthermore, several interdependent sources of risk in the macroeconomic environment must be taken into account. Once this interdependence among, for example, exchange rates, interest rates and inflation are taken into account macroeconomic risk management can be considered a relatively self-contained aspect of Integrated Risk Management (IRM) provided relevant information is available to management. Financial risk management cannot be considered a self-contained part of macroeconomic risk management, however, since value increasing investments in flexibility of business operations affect corporate exposure and make it uncertain.Risk Management Strategy; Macroeconomic Risk; Integrated Risk Management; Chief Financial Officer; Information Needs; Corporate Strategy; Financial Risk; Real Options

Photoacoustics Modelling using Amplitude Mode Expansion Method in a Multiscale T-cell Resonator

The photoacoustic (PA) effect consisting of the generation of an acoustic signal based on the absorption of light has already demonstrated its potential for various spectroscopic applications for both gaseous and solid samples. The signal produced during photoacoustic spectroscopy (PAS) measurement is, however, usually weak and needs to be amplified. This is achieved by using a photoacoustic cell resonator where acoustic resonances are utilized to significantly boost the signal. Therefore, a PA resonator has a significant role in PAS measurement set-ups. When designing or optimizing a new PA resonator, numerical methods are generally used to simulate the photoacoustic signal generation. In this paper, the amplitude mode expansion (AME) method is presented as a quick and accurate simulation tool. The method is used to simulate the photoacoustic signal in a multi-scale T-cell resonator over a wide frequency range. The AME method is based on eigenmode expansion and introduction of losses by quality factors. The AME simulation results are compared and analyzed against the results from the viscothermal method. Reasonably good agreement is obtained between the two methods. However, small frequency shifts in the resonances of the AME method are noted. The shifts are attributed to the location of the dominant mode within the T-cell. The viscothermal method is considered the most accurate method for simulating the photoacoustic signal in small resonators. However, it is computationally very demanding. The AME method provides a much faster simulation alternative. This is particularly useful in the design and optimization of photoacoustic resonators where numerical methods are preferred over experimental measurements due to their speed and low cost.Comment: Comsol Conference 201

Surface-confined 2D polymerization of a brominated copper-tetraphenylporphyrin on Au(111)

A coupling-limited approach for the Ullmann reaction-like on-surface synthesis of a two-dimensional covalent organic network starting from a halogenated metallo-porphyrin is demonstrated. Copper-octabromo-tetraphenylporphyrin molecules can diffuse and self-assemble when adsorbed on the inert Au(111) surface. Splitting-off of bromine atoms bonded at the macrocyclic core of the porphyrin starts at room temperature after the deposition and is monitored by X-ray photoelectron spectroscopy for different annealing steps. Direct coupling between the reactive carbon sites of the molecules is, however, hindered by the molecular shape. This leads initially to an ordered non-covalently interconnected supramolecular structure. Further heating to 300{\deg}C and an additional hydrogen dissociation step is required to link the molecular macrocycles via a phenyl group and form large ordered polymeric networks. This approach leads to a close-packed covalently bonded network of overall good quality. The structures are characterized using scanning tunneling microscopy. Different kinds of lattice defects and, furthermore, the impact of polymerization on the HOMO-LUMO gap are discussed. Density functional theory calculations corroborate the interpretations and give further insight into the adsorption of the debrominated molecule on the surface and the geometry and coupling reaction of the polymeric structure.Comment: 9 pages, 6 figure

Dynamics of strangeness production and strange matter formation

We want to draw the attention to the dynamics of a (finite) hadronizing quark matter drop. Strange and antistrange quarks do not hadronize at the same time for a baryon-rich system1. Both the hadronic and the quark matter phases enter the strange sector fs 6= 0 of the phase diagram almost immediately, which has up to now been neglected in almost all calculations of the time evolution of the system. Therefore it seems questionable, whether final particle yields reflect the actual thermodynamic properties of the system at a certain stage of the evolution. We put special interest on the possible formation of exotic states, namely strangelets (multistrange quark clusters). They may exist as (meta-)stable exotic isomers of nuclear matter 2. It was speculated that strange matter might exist also as metastable exotic multi-strange (baryonic) objects (MEMO s 3). The possible creation in heavy ion collisions of long-lived remnants of the quark-gluon-plasma, cooled and charged up with strangeness by the emission of pions and kaons, was proposed in 1,4,5. Strangelets can serve as signatures for the creation of a quark gluon plasma. Currently, both at the BNL-AGS and at the CERN-SPS experiments are carried out to search for MEMO s and strangelets, e. g. by the E864, E878 and the NA52 collaborations9

Baryon stopping and strangeness production in ultra-relativistic heavy ion collisions

The stopping behaviour of baryons in massive heavy ion collisions ( s k 10AGeV) is investigated within di erent microscopic models. At SPS-energies the predictions range from full stopping to virtually total transparency. Experimental data are indicating strong stopping. The initial baryo-chemical potentials and temperatures at collider energies and their impact on the formation probability of strange baryon clusters and strangelets are discussed

Spatial configuration of plot systems and urban diversity: empirical support for a differentiation variable in spatial morphology

The central variables in any urban model are distance and attraction. Space syntax research has contributed to the development of new geometric descriptions and measures of distance that have broken new ground, not least when it comes to capturing pedestrian movement. However, the description and measurement of attractions has not been central to the field.In this paper we extend measurement of attractions to the variable of differentiation. Earlier empirical studies have shown strong indications that there is a correlation between the degree of land division into plots (parcels) and the diversity of socio-economic content, such as residents and economic activity (Marcus et al., 2017; Cantarino & Netto, 2017). Building on this, we present results from an extensive empirical study of Stockholm, in the aim to pave the way towards a spatial variable of differentiation in spatial morphology, with direct impact on socio- economic diversity. The investigation concerns a correlation analysis between, on the one hand, measures of the configuration of plot systems, and on the other hand, categories of economic activity, measured using Simpson Diversity Index.Special attention has been payed to the demands in studies of this kind for close scrutiny of, on the one hand, the definition of the urban scale the study concerns, and on the other hand, the categorisation of economic activity related to this. Diversity in economic activity can be found at different urban scales. For instance, on the district level, the retail category ‘clothes’ may be part of creating diversity together with ‘food’ and ‘computers’, while on the street level, we may find retail related only to ‘clothes’, implying no diversity. In addition, on the city level, areas that have variety of basic services (retail, public and cultural facilities), but homogeneous in terms of retail categories, can be also considered as generally diverse.Hence, the question ‘diversity of what’ and ‘diversity on what urban scale’, and sensitive categorisations in accordance with this, are central issues, for this study.The twofold aim of the paper includes first, presenting an overview of complex issues behind diversity concept with the focus on categorisation and scale, and second, empirical studies that support the proposed impact of variable of differentiation on urban diversity

05142 Abstracts Collection -- Disruption Tolerant Networking

From 03.04.05 to 06.04.05, the Dagstuhl Seminar 05142 ``Disruption Tolerant Networking\u27\u27 was held in the International Conference and Research Center (IBFI), Schloss Dagstuhl. During the seminar, several participants presented their current research, and ongoing work and open problems were discussed. Abstracts of the presentations given during the seminar as well as abstracts of seminar results and ideas are put together in this paper. The first section describes the seminar topics and goals in general. Links to extended abstracts or full papers are provided, if available