gLucifer: next generation visualization framework for high-performance computational geodynamics

High-performance computing provides unprecedented capabilities to produce higher resolution 4-D models in a fraction of time. Thus, the need exists for a new generation of visualization systems able to maintain parity with the enormous volume of data generated. In attempting to write this much data to disk, each computational step introduces a significant performance bottleneck, yet most existing visualization software packages inherently rely on reading data in from a dump file. Available packages make this assumption of postprocessing at quite a fundamental level and are not very well suited for plotting very large numbers of specialized particles. This necessitates the creation of a new visualization system that meets the needs of large-scale geodynamic modeling. We have developed such a system, gLucifer, using a software framework approach that allows efficient reuse of our efforts in other areas of research. gLucifer is capable of producing movies of a 4-D data set “on the fly” (simultaneously with running the parallel scientific application) without creating a performance bottleneck. By eliminating most of the human efforts involved in visualizing results through postprocessing, gLucifer reconnects the scientist to the numerical experiment as it unfolds. Data sets that were previously very difficult to even manage may be efficiently explored and interrogated without writing to disk, and because this approach is based entirely on memory distributed across as many processors as are being utilized by the scientific application, the visualization solution is scalable into terabytes of data being rendered in real time.     

The Impact on UK Acquirers of Domestic, Cross‐border, Public and Private Acquisitions

Abstract:   We examine the announcement and post‐acquisition share returns of UK acquirers in over 4,000 acquisitions of domestic, cross‐border, public and private targets. Domestic public acquisitions result in negative announcement and post‐acquisition returns, whilst cross‐border public acquisitions result in zero announcement returns and negative post‐acquisition returns. In contrast, both domestic and cross‐border private acquisitions result in positive announcement returns and zero post‐acquisition returns. The main differences between private and public acquisitions are that glamour acquirers underperform in public acquisitions but not in private acquisitions, and that acquirers using noncash methods of payment underperform in domestic public acquisitions but not in domestic private acquisitions. Overall, cross‐border acquisitions result in lower announcement and long run returns than domestic acquisitions. In cross‐border acquisitions, those involving high‐tech firms perform relatively well, as do those with low national cultural differences.     

Pretty Vacant: Recruitment in Low-Wage Labour Markets

This paper is a study of the process by which employers in five relatively low-wage British firms fill vacancies. It studies the determinants of the number and quality of applicants, the way in which these applicants are selected for interviews and offered jobs. The main conclusions are that thenumber of applicants is relatively small, the monetary and non-monetaryaspects of jobs are important determinants of the number of applicants forjobs, but that firms do eventually fall virtually all vacancies. Non-employedjob applicants have more difficulty in getting a job interview than those whoare currently employed but, once interviewed, do not appear to face any further difficulties in getting employment.     

How necessary are universities?

The paper discusses whether universities can continue to be the 'template for the extension and transmission of knowledge.' Technical and social changes are already undermining the universities' previous near-monopoly of delivery of higher education. Alternative delivery methods ought to be considered on their own merits and barriers to entry should be removed. The ideal form of higher education is not necessarily residence combined with traditional teaching and associated research.     

The Long Run Abnormal Performance of UK Acquirers and the Free Cash Flow Hypothesis

Abstract:   Evidence from recent US and UK studies reveals a pattern of poor long run post acquisition performance by acquiring firms. One explanation, due to Jensen (1986) is that acquirers with an excess of free cash flow (FCF) will have a propensity to squander this on wasteful investments, including take‐overs. In this paper, using a dataset of UK take‐overs and proxies for free cash flow similar to those used by Lang, Stulz and Walking (1991) , we find no support for the FCF hypothesis and show that this conclusion is robust to the model of long run returns employed. Contrary to the free cash flow hypothesis there is evidence that acquirers with high free cash flow perform better than acquirers with low free cash flow. Although not consistent with the Jensen hypothesis, this evidence is compatible with the emerging UK evidence that shows cash flow‐to‐price measures are associated with market returns.     

Facts & figures

Financial Management in the NHS: a Manager's Handbook By H. Mellett, N. Marriott, S. Harris (Chapman and Hall, London, 1993), pp. xvii + 265. £29.50. ISBN 0 412 47320 8.

Competing for Quality—a Manager's Guide to Market Testing By Lynton Barker (Longman, Harlow, 1993). £38.50. ISBN 0 582 23688 6.

The Role of Chief Executives in Local Government By Janice Morphet (Longman, Harlow, 1993), pp. vi + 245. £29.95.     

Research Note: Resolving Contested Notions of Tourism Sustainability on Western Australia's 'Turquoise Coast': The Squatter Settlements

Squatter's shacks, or informal holiday homes, have been a feature of sections of Western Austalia's coastline for many years. However, population growth and improved accessibility have brought pressure on government to deal with the problems they present. This paper outlines the procedures being used to address the squatter situation, while also suggesting that many of the characteristics of the squatter communities might be used to advantage in the development of new holiday-based settlements.     

SILICON VALLEY'S HIGH-VELOCITY LABOR MARKET

The remarkable growth of Silicon Valley has often been linked to its high-velocity labor market, as characterized by short-term hiring and frequent employee departures to competitors or start-ups. Such employee mobility is said to contribute to economic growth by facilitating rapid diffusion of information among firms. Law, nearly everywhere, is a potential obstacle to Silicon Valley-style growth. In nearly all European countries, the problem is labor laws that discourage the creation of short-term employment relations and saddle employers with significant obligations when jobs are eliminated. In America, the legal obstacle to the creation of high-velocity labor markets is the law of covenants not to compete and trade secrets. California law, however, does not permit effective enforcement of either covenants not to compete or trade secret agreements. California companies that have sued departing employees have usually lost the suits, suffered damage to their reputations in their industry, and had difficulty recruiting employees. After showing how this result has been achieved by the California legal system, this article goes on to explain why a labor market in which employees have information that is valuable to employers, and in which long-term contracting is not feasible, may be economically efficient (in spite of a potentially dampening effect on corporate R & D). A high-velocity labor market functions more like an information market than like the traditional labor markets analyzed by economists; by spreading information more rapidly, it eliminates much wasteful duplication of effort and achieves more rapid “convergence” on solutions to technological problems—which in turn creates more growth opportunities and start-ups. In making this argument, the author draws on Paul Romer's model of economic growth in which growth rests on “increasing returns” to information. Following Romer, the author suggests that the economic benefits of information diffusion achieved by labor mobility are likely to outweigh the risks that companies will underinvest in research because of their reduced ability to protect trade secrets.