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Comparison of adjustment speeds in target research and development and capital investment: What did the financial crisis of 2007 change?
This paper investigates the dynamics of R&D and capital investment using a large sample of US firms during the
period 2002–2016. A partial adjustment approach is employed with a specific focus on the impact of the financial
crisis on target adjustment speed. Evidence suggests that firms have a target in both types of investment
and adjust to it at varying speeds. Specifically, firms adjusted to the capital investment target faster than to R&D
investment. However, firms increased the adjustment speed in R&D investment significantly during the crisis,
and it has remained at similar levels during the post-crisis period. The changes in adjustment speeds can be
explained by several firm-specific characteristics that are related to the ability of firms to raise internal finance
Socially responsible investing
Socially responsible investment or investing (SRI) is the practice of integrating social, environmental and ethical (SEE) considerations into investment decisions. In particular, SRI refers to the addition of SEE criteria to conventional financial criteria in the selection and management of portfolios of shares (stocks) of companies listed on stock markets. SR investors care not only about the size of their prospective financial return and the risk attached to it, but also about its source – the nature of the company’s products and services or how it does business. ‘[I]t matters where the money comes from’ (Lewis, 2002: p4
Breakfast, Lunch and Dinner at Tiffany’s: Existentialism and Consumption in Capote’s Novella
Existentialism has been used within marketing to enrich understanding of consumer motivations and behaviour. Consumption may be used as a means of existential avoidance or facilitator of existential authenticity. However the overlap, mutual support, limitations and nuances of the relationships between existentialism and consumption are underdeveloped. Drawing on the literary tradition of the philosophy, this think piece explores the themes of existentialism and consumption within Truman Capote’s classic fiction. Breakfast at Tiffany’s provides a succinct, engaging and holistic depiction of existential consumption and demonstrates the value of reading literature in enriching marketing theory
Prediction of wheel and rail wear under different contact conditions using artificial neural networks
Wheel and rail wear is a significant issue in railway systems. Accurate prediction of this wear can improve economy, ride comfort, prevention of derailment and planning of maintenance interventions. Poor prediction can result in failure and consequent delay and increased costs if it is not controlled in an effective way. However, prediction of wheel and rail wear is still a great challenge for railway engineers and operators. The aim of this paper is to predict wheel wear and rail wear using an artificial neural network. Nonlinear Autoregressive models with exogenous input neural network (NARXNN) have been developed for wheel and rail wear prediction.
Testing with a twin disc rig, together with measurement of wear using replica material and a profilometer have been carried out for wheel and rail wear under dry, wet and lubricated conditions and after sanding. Tests results from the twin disk rig have been used to train, validate, and test the neural network. Wheel and rail profiles plus load, speed, yaw angle, and first and second derivative of the wheel and rail profiles were used as an inputs to the neural network, while the output of neural network was the wheel wear and rail wear. Accuracy of wheel and rail wear prediction using the neural network was investigated and assessed in term of mean absolute percentage error (MAPE).
The results demonstrate that the neural network can be used efficiently to predict wheel and rail wear. The methods of collecting wear data using the replica material and the profilometer have also proved effective for wheel and rail wear measurements for training and validating the neural network. The laboratory tests have aimed to validate the wear predictions for realistic wheel and rail profiles and materials but they necessarily cover only a limited set of conditions. The next steps for this work will be to test the methods for rail and wheel data from field tests
Wireless Sensor Network for Radiometric Detection and Assessment of Partial Discharge in High-Voltage Equipment
Monitoring of PD activity within high-voltage electrical environments is increasingly used for the assessment of insulation condition. Traditional measurement techniques employ technologies that require either off-line installation or have high power consumption and are hence costly. A wireless sensor network is proposed that utilizes only received signal strength to locate areas of PD activity within a high voltage electricity substation. The network comprises low-power and low-cost radiometric sensor nodes which receive the radiation propagated from a source of PD. Results are reported from several empirical tests performed within a large indoor environment and a substation environment using a network of nine sensor nodes. A portable PD source emulator was placed at multiple locations within the network. Signal strength measured by the nodes is reported via WirelessHART to a data collection hub where it is processed using a location algorithm. The results obtained place the measured location within 2 m of the actual source location
Future directions in international financial integration research - A crowdsourced perspective
This paper is the result of a crowdsourced effort to surface perspectives on the present and future direction of international finance. The authors are researchers in financial economics who attended the INFINITI 2017 conference in the University of Valencia in June 2017 and who participated in the crowdsourcing via the Overleaf platform. This paper highlights the actual state of scientific knowledge in a multitude of fields in finance and proposes different directions for future research
Current condition and future directions for lean construction in highways projects: A small and medium-sized enterprises (SMEs) perspective
The aim of this study is to identify the parameters defining how Lean Construction (LC) is being implemented (current condition) and how LC can be further promoted (future direction) from a Small-Medium Sized Enterprises (SMEs) perspective. Although SMEs constitute the largest group in construction supply chains, LC, as an emerging phenomenon in civil construction project management, has been rarely investigated from an SMEs perspective. Also, overlooking the more macro factors like project governance and supply chain management, LC deployments have been mainly discussed from a production process perspective to date. After a review of the extant literature and 20 interviews with managers from the highways sector, a list of 31 current condition and 40 future direction statements were produced, classified under the delivery, process, training, project governance and supply chain related headings and used in a questionnaire survey with 110 responses. The current condition highlights problems like a short-term relations structure, competitive tendering mechanisms, fragmentation, problems in engaging with SMEs for LC, unstandardised LC techniques, and issues with convincing SMEs to deploy LC by demonstrating the business case on mutual benefits. Action items relating to the current project delivery structure were given the highest importance by the supply chain, alongside the LC training and project governance issues for the future of LC at highways SMEs. Additionally, a statistically significant correlation was identified among many future action items
Preliminary concurrent validity of the Fitbit-Zip and ActiGraph activity monitors for measuring steps in people with polymyalgia rheumatica
Background
Activity monitors provide objective measurements of physical activity, however, the accuracy of these devices in people with polymyalgia rheumatica (PMR) is unknown. Therefore, this study aimed to obtain preliminary evidence of the accuracy of two activity monitors and explore if clinical and gait-related factors altered device accuracy in people with PMR.
Methods
The ActiGraph with low frequency extension (+LFE) and standard (-LFE) algorithms, Fitbit-Zip (waist) and Fitbit-Zip (shirt) were concurrently tested using a two-minute walk test (2MWT) and stairs test in 27 people with PMR currently treated with prednisolone. To determine accuracy, activity monitor step-count was compared to a gold-standard step-count (GSSC; calculated from video recording) using Bland-Altman plots.
Results
The Fitbit-Zip (waist) achieved closest agreement to the GSSC for the 2MWT (mean bias (95%CI): 10 (-3, 23); 95%LOA: −55, 74). The ActiGraph (+LFE) achieved closest agreement to the GSSC for the stairs test (mean bias (95%CI): 0 (-1, 1); 95%LOA: −5, 5). The ActiGraph (-LFE) performed poorly in both tests. All devices demonstrated reduced accuracy in participants with lower gait velocity, reduced stride length, longer double-limb support phase and greater self-reported functional impairment.
Conclusion
Our preliminary results suggest that in controlled conditions, the Fitbit-Zip fairly accurately measures step-count during walking in people with PMR receiving treatment. However, device error was greater than data published in healthy people. The ActiGraph may not be recommended without activation of the LFE. We identified clinical and gait-related factors associated with higher levels of functional impairment that reduced device accuracy. Further work is required to evaluate the validity of the activity monitors in field conditions