The Clustering of Financial Services in London*

This paper reports a one-year study which investigated the clustering of financial services activity in London. A questionnaire asking about the advantages and disadvantages of a London location was sent to a stratified sample of 1,500 firms and institutions. In addition, thirty-nine on-site interviews with firms, professional institutions, government bodies and other related agencies were conducted. The study finds that banking, including investment banking, forms the cluster’s hub with most other companies depending on relationships with this sub-sector. Generally, the cluster confers many advantages to its incumbents including enhanced reputation, the ability to tap into large, specialized labor pool and customer proximity. The localized nature of relationships between skilled labor, customers and suppliers is a critical factor which helps firms achieve innovative solutions, develop new markets and attain more efficient ways to deliver services and products. Particularly important are the personal relationships which are enhanced by the on-going face-to-face contact that is possible in a compact geographical space. Many of the cluster’s advantages are dynamic in that they become stronger as agglomeration increases. The study also finds important disadvantages in the cluster which threaten its future growth and prosperity. These include the poor quality and reliability of transport, particularly the state of the London Underground and links to airports, increasing levels of regulation and government policy that is not co-ordinated with the whole of the cluster in mind. Key words: Industrial clustering, agglomeration, financial services.

The Clustering of Financial Services in London

This paper reports a one-year study which investigated the clustering of financial services activity in London. A questionnaire asking about the advantages and disadvantages of a London location was sent to a stratified sample of 1,500 firms and institutions. In addition, thirty-nine on-site interviews with firms, professional institutions, government bodies and other related agencies were conducted. The study finds that banking, including investment banking, forms the cluster’s hub with most other companies depending on relationships with this sub-sector. Generally, the cluster confers many advantages to its incumbents including enhanced reputation, the ability to tap into large, specialized labor pool and customer proximity. The localized nature of relationships between skilled labor, customers and suppliers is a critical factor which helps firms achieve innovative solutions, develop new markets and attain more efficient ways to deliver services and products. Particularly important are the personal relationships which are enhanced by the on-going face-to-face contact that is possible in a compact geographical space. Many of the cluster’s advantages are dynamic in that they become stronger as agglomeration increases. The study also finds important disadvantages in the cluster which threaten its future growth and prosperity. These include the poor quality and reliability of transport, particularly the state of the London Underground and links to airports, increasing levels of regulation and government policy that is not co-ordinated with the whole of the cluster in mind. Key words: Industrial clustering, agglomeration, financial services

An integrated sequence stratigraphic, palaeoenvironmental, and chronostratigraphic analysis of the Tangahoe Formation, southern Taranaki coast, with implications for mid-Pliocene (c. 3.4–3.0 Ma) glacio-eustatic sea-level changes

Sediments of the mid-Pliocene (c. 3.4–3.0 Ma) Tangahoe Formation exposed in cliffs along the South Taranaki coastline of New Zealand comprise a 270 m thick, cyclothemic shallow-marine succession that has been gently warped into a north to south trending, low angle anticline. This study examines the sedimentologic, faunal, and petrographic characteristics of 10 Milankovitch-scale (6th order), shallow-marine depositional sequences exposed on the western limb of the anticline. The sequences are recognised on the basis of the cyclic vertical stacking of their constituent lithofacies, which are bound by sharp wave cut surfaces produced during transgressive shoreface erosion. Each sequence comprises three parts: (1) a 0.2–2 m thick, deepening upwards, basal suite of reworked bioclastic lag deposits (onlap shellbed) and/or an overlying matrix supported, molluscan shellbed of offshore shelf affinity (backlap shellbed); (2) a 5–20 m thick, gradually shoaling, aggradational siltstone succession; and (3) a 5–10 m thick, strongly progradational, well sorted “forced regressive” shoreline sandstone. The three-fold subdivision corresponds to transgressive, highstand, and regressive systems tracts (TSTs, HSTs, and RSTs) respectively, and represents deposition during a glacio-eustatic sea-level cycle. Lowstand systems tract sediments are not recorded because the outcrop is situated c. 100 km east of the contemporary shelf edge and was subaerially exposed at that time. Well developed, sharp- and gradational-based forced regressive sandstones contain a variety of storm-emplaced sedimentary structures, and represent the rapid and abrupt basinward translation of the shoreline on to a storm dominated, shallow shelf during eustatic sea-level fall. Increased supply of sediment from north-west South Island during “forced regression” is indicated from petrographic analyses of the heavy mineralogy of the sandstones. A chronology based on biostratigraphy and the correlation of a new magnetostratigraphy to the magnetic polarity timescale allows: (1) identification of the Mammoth (C2An.2r) and Kaena (C2An.1r) subchrons; (2) correlation of the coastal section to the Waipipian Stage; and (3) estimation of the age of the coastal section as 3.36–3.06 Ma. Qualitative assessment of foraminiferal census data and molluscan palaeoecology reveals cyclic changes in water depth from shelf to shoreline environments during the deposition of each sequence. Seven major cycles in water depth of between 20 and 50m have been correlated to individual 40 ka glacio-eustatic sea-level cycles on the marine oxygen isotope timescale. The coastal Tangahoe Formation provides a shallow-marine record of global glacio-eustasy prior to the development of significant ice sheets on Northern Hemisphere continents, and supports evidence from marine δ18O archives that changes in Antarctic ice volume were occurring during the Pliocene

Deficiency of Th17 cells in hyper IgE syndrome due to mutations in STAT3

Hyper–immunoglobulin E syndrome (HIES) is a primary immune deficiency characterized by abnormal and devastating susceptibility to a narrow spectrum of infections, most commonly Staphylococcus aureus and Candida albicans. Recent investigations have identified mutations in STAT3 in the majority of HIES patients studied. Despite the identification of the genetic cause of HIES, the mechanisms underlying the pathological features of this disease remain to be elucidated. Here, we demonstrate a failure of CD4+ T cells harboring heterozygous STAT3 mutations to generate interleukin 17–secreting (i.e., T helper [Th]17) cells in vivo and in vitro due to a failure to express sufficient levels of the Th17-specific transcriptional regulator retinoid-related orphan receptor γt. Because Th17 cells are enriched for cells with specificities against fungal antigens, our results may explain the pattern of infection susceptibility characteristic of patients with HIES. Furthermore, they underscore the importance of Th17 responses in normal host defense against the common pathogens S. aureus and C. albicans

Time Dynamics of Self-Pumped Reflection Gratings in a Photorefractive Polymer

The time dynamics of self-pumped reflection gratings in a commonly used photorefractive polymer PDCST:PVK:ECZ-BBP:C60 with no additional electron sources or traps is investigated. While holes are normally the mobile charges and responsible for grating formation, our experimental observations, analyzed using multi-exponential fitting curves, show evidence of electrons in addition to holes as charge carriers, particularly above an applied field of 40 V/μm. The dependence of effective carrier mobilities on the applied electric field, deduced from experimental results, show stronger field dependence of electron mobility at high electric fields. At an applied field of 70 V/μm, electron and hole mobilities become approximately equal, and the contribution of electrons on grating formation becomes significant

Harvesting Single Ferroelectric Domain Stressed Nanoparticles for Optical and Ferroic Applications

We describe techniques to selectively harvest single ferroelectric domain nanoparticles of BaTiO3 as small as 9 nm from a plethora of nanoparticles produced by mechanical grinding. High resolution transmission electron microscopy imaging shows the unidomain atomic structure of the nanoparticles and reveals compressive and tensile surface strains which are attributed to the preservation of ferroelectric behavior in these particles. We demonstrate the positive benefits of using harvested nanoparticles in disparate liquid crystal systems

Cultural and economic complementarities of spatial agglomeration in the British television broadcasting industry: Some explorations.

This paper considers the processes supporting agglomeration in the British television broadcasting industry. It compares and contrasts the insights offered by the cultural turn in geography and more conventionally economic approaches. It finds that culture and institutions are fundamental to the constitution of production and exchange relationships and also that they solve fundamental economic problems of coordinating resources under conditions of uncertainty and limited information. Processes at a range of spatial scales are important, from highly local to global, and conventional economics casts some light on which firms are most active and successful

Motorcycle Helmet Effectiveness in Reducing Head, Face and Brain Injuries by State and Helmet Law

Background: Despite evidence that motorcycle helmets reduce morbidity and mortality, helmet laws and rates of helmet use vary by state in the U.S. Methods: We pooled data from eleven states: five with universal laws requiring all motorcyclists to wear a helmet, and six with partial laws requiring only a subset of motorcyclists to wear a helmet. Data were combined in the Crash Outcome Data Evaluation System\u27s General Use Model and included motorcycle crash records probabilistically linked to emergency department and inpatient discharges for years 2005-2008. Medical outcomes were compared between partial and universal helmet law settings. We estimated adjusted relative risks (RR) and 95 % confidence intervals (CIs) for head, facial, traumatic brain, and moderate to severe head/facial injuries associated with helmet use within each helmet law setting using generalized log-binomial regression. Results: Reported helmet use was higher in universal law states (88 % vs. 42 %). Median charges, adjusted for inflation and differences in state-incomes, were higher in partial law states (emergency department $1987 vs.$1443; inpatient $31,506 vs.$25,949). Injuries to the head and face, including traumatic brain injuries, were more common in partial law states. Effectiveness estimates of helmet use were higher in partial law states (adjusted-RR (CI) of head injury: 2.1 (1.9-2.2) partial law single vehicle; 1.4 (1.2, 1.6) universal law single vehicle; 1.8 (1.6-2.0) partial law multi-vehicle; 1.2 (1.1-1.4) universal law multi-vehicle). Conclusions: Medical charges and rates of head, facial, and brain injuries among motorcyclists were lower in universal law states. Helmets were effective in reducing injury in both helmet law settings; lower effectiveness estimates were observed in universal law states