The impact of an innovative human resource function on firm performance: the moderating role of financing strategy

The current study examined the impact of the human resource function and financing strategy on the financial performance of 104 UK manufacturing firms. Hypotheses are drawn from a resource-based perspective on human resource management and a financial theory perspective on capital structure. Results show that an innovative HR function is significantly related to economic performance. However, the relationship between an innovative HR function and economic performance was moderated by the firm¿s financing strategy. Firms obtained higher returns from an innovative HR function when pursuing a low leveraging (debt) financing strategy, a finding consistent with modern finance theory notions that firmspecific strategic assets provide greatest value when financed primarily through equity as opposed to debt

An Empirical Examination of the Relationship Between Real Options Values and the Rate of Investment

This paper examines the relationship between uncertainty and investment decisions by food and non-food firms. Using hysteresis and the real options paradigm, we review why uncertainty might cause firms to delay investment. In particular, our model looks for a negative relationship between capital invested and uncertainty. In the alternative, if the relationship is positive, this may be consistent with the exercise of growth options or competitive markets. Empirical results are mixed. In one of the four models we present there is clear evidence of hysteresis, that is a negative relationship between year over year investment and uncertainty. The remaining 3 models indicate the opposite, a positive relationship between investment and risk. Although the models differ, the first model is the stronger of the three. Nonetheless, the results are ambiguous. Although we use a large cross sectional, time series panel set of data, we find nothing remarkable about the food industry per se, except that across industries, their level of investment is about in the middle.Financial Economics,

Using local ecological knowledge to assess the status of the Critically Endangered Chinese giant salamander Andrias davidianus in Guizhou Province, China

The Critically Endangered Chinese giant salamander Andrias davidianus, the world's largest amphibian, is severely threatened by unsustainable exploitation of wild individuals. However, field data with which to assess the salamander's status, population trends, or exploitation across its geographical range are limited, and recent field surveys using standard ecological field techniques have typically failed to detect wild individuals. We conducted community-based fieldwork in three national nature reserves (Fanjingshan, Leigongshan and Mayanghe) in Guizhou Province, China, to assess whether local ecological knowledge constitutes a useful tool for salamander conservation. We collected a sample of dated salamander sighting records and associated data from these reserves for comparative assessment of the relative status of salamander populations across the region. Although Fanjingshan and Leigongshan are still priority sites for salamander conservation, few recent sightings were recorded in either reserve, and respondents considered that salamanders had declined locally at both reserves. The species may already be functionally extinct at Mayanghe. Although respondent data on threats to salamanders in Guizhou are more difficult to interpret, overharvesting was the most commonly suggested explanation for salamander declines, and it is likely that the growing salamander farming industry is the primary driver of salamander extraction from Guizhou's reserves. Questionnaire-based surveys can collect novel quantitative data that provide unique insights into the local status of salamander populations, and we advocate wide-scale incorporation of this research approach into future salamander field programmes

Response of beam-to-column web cleated joints for FRP pultruded members

Physical testing is used to characterize the structural properties of beam-to-column joints, comprising pultruded fiber-reinforced polymer (FRP) H-shapes of depth 203 mm, connected by 128 mm-long web cleats and two M16 bolts per leg. Testing is performed on two batches of nominally identical specimens. One batch had web cleats of pultruded FRP and the other had structural steel. The structural behavior of the joints is based on their moment-rotation responses, failure modes, and serviceability vertical deflection limits. Joints with FRP cleats failed by delamination cracking at the top of the cleats, and when the cleats were of steel, the FRP failure occurred inside the column members. Neither failure mode is reported in the design manuals from pultruders. At the onset of the FRP damage, it was found that the steel joints were twice as stiff as the FRP joints. On the basis of a characteristic (damage) rotation, calculated in accordance with Eurocode 0, the serviceability deflection limits are established to be span/300 and span/650 for the joints with FRP and steel cleats, respectively. This finding suggests that appropriate deflection limits, in relation to cleated connections, should be proposed in manufactures’ design manuals and relative design standards and design codes. Failure to address the serviceability, by the engineer of record, could lead to unreliable designs

Innovation, knowledge spending and productivity growth in the UK: interim report for NESTA 'Innovation Index’ project

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Dynamic self-referencing approach to whispering gallery mode biosensing and its application to measurement within undiluted serum

Biosensing within complex biological samples requires a sensor that can compensate for fluctuations in the signal due to changing environmental conditions and nonspecific binding events. To achieve this, we developed a novel self-referenced biosensor consisting of two almost identically sized dye-doped polystyrene microspheres placed on adjacent holes at the tip of a microstructured optical fiber (MOF). Here self-referenced biosensing is demonstrated with the detection of Neutravidin in undiluted, immunoglobulin-deprived human serum samples. The MOF allows remote excitation and collection of the whispering gallery modes (WGMs) of the microspheres while also providing a robust and easy to manipulate dip-sensing platform. By taking advantage of surface functionalization techniques, one microsphere acts as a dynamic reference, compensating for nonspecific binding events and changes in the environment (such as refractive index and temperature), while the other microsphere is functionalized to detect a specific interaction. The almost identical size allows the two spheres to have virtually identical refractive index sensitivity and surface area, while still having discernible WGM spectra. This ensures their responses to nonspecific binding and environmental changes are almost identical, whereby any specific changes, such as binding events, can be monitored via the relative movement between the two sets of WGM peaks.Tess Reynolds, Alexandre Franc, ois, Nicolas Riesen, Michelle E. Turvey, Stephen J. Nicholls, Peter Hoffmann, and Tanya M. Monr

Russia-UK collaboration in paleontology: past, present, and future

There is a long history of collaboration between Russia and the United Kingdom in paleontology. This began, arguably, in 1821, with the seminal work by William Fox-Strangways, who produced a geological map of the area around St Petersburg. Most famously, Roderick Murchison carried out extensive surveying and observations throughout European Russia in 1840 and 1841, and published a major monograph on geology and paleontology of European Russia in 1845. Since then, and continuing today, there have been many fruitful collaborations on Precambrian life, Paleozoic marine organisms, terrestrialization of plants and vertebrates, the Permian–Triassic mass extinction, fossil mammals, human evolution, and conservation paleobiology

Search for squarks and gluinos in events with isolated leptons, jets and missing transverse momentum at s√=8 TeV with the ATLAS detector

The results of a search for supersymmetry in final states containing at least one isolated lepton (electron or muon), jets and large missing transverse momentum with the ATLAS detector at the Large Hadron Collider are reported. The search is based on proton-proton collision data at a centre-of-mass energy s√=8 TeV collected in 2012, corresponding to an integrated luminosity of 20 fb−1. No significant excess above the Standard Model expectation is observed. Limits are set on supersymmetric particle masses for various supersymmetric models. Depending on the model, the search excludes gluino masses up to 1.32 TeV and squark masses up to 840 GeV. Limits are also set on the parameters of a minimal universal extra dimension model, excluding a compactification radius of 1/R c = 950 GeV for a cut-off scale times radius (ΛR c) of approximately 30