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.     

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.     

Addict Death

A bstract .   The full implications of the problem of the death of addicts have been ignored in the economic analysis of policy toward drugs. This article argues that drug dealers can, in theory, play an important role in sustaining the lives of addicts. This needs to be taken into account in policy enforcement and could lead to some radical changes to conventional policy proposals.     

An Economic and Policy Analysis of Australian Export Concession Schemes

This paper examines the relationship between the implementation of industry policy instruments known as export concession schemes and the growth in Australian value-added exports.     

Deposit Insurance, Capital Regulations, and Financial Contagion in Multinational Banks

Abstract:  Banking sector globalization has caused an expansion in foreign-owned bank assets. In this paper we analyse the effects of a MNB's liability structure upon its investment in a foreign country. We develop a model in which capital adequacy requirements introduce some deliberate underinvestment which counters deposit insurance-induced overinvestment. Diversification is unattractive with fixed bank capital requirements, because it reduces the expected value of the deposit insurance net. This effect applies in multinational banks (MNBs), where shocks to the home country economy alter the value of the deposit insurance net and hence affect overseas lending incentives. Thus, MNBs act as a channel for financial contagion. We discuss the policy implications of our results.     

An analysis of the impact of the first phase of South Africa's motor industry development programme (midp), 1995–2000

The South African motor vehicle industry is an important branch of the local manufacturing sector, contributing significantly to manufacturing value added and employment. Over the last decade, the local industry has undergone a series of policy reforms, and in recent years has increasingly been exposed to globalisation. This article reviews the role of government policy in shaping the industry, and examines the impact of the first phase of the Motor Industry Development Programme on the industry for the period 1995–2000 in respect of domestic production, automotive industry employment, export performance and the automotive trade balance. The article concludes that even though the industry registered strong export growth that contributed to improving the automotive trade deficit, it was deficient in sustaining domestic production and employment levels. The imminent challenge for the local industry's development is to maintain its export growth trajectory in the long term in the absence of costly government protective incentive mechanisms.     

Conventional arbitration in the professional footballers’ labour market: an assessment of the FLAC experience

This article describes the operations of the Football League Appeals Committee in determining ‘compensation’ fees for disputed transfers of ‘end of contract’ football players, and examines its settlements with respect to ‘case facts’ and ‘final offers’. The FLAC system has been generally viewed as fair in principle and its retention, in a post-Bosman regime, should ensure the continuation of an interesting context in which to examine arbitration behaviour.     

Alternative Input-Output Matrix Updating Formulations

There has been a recent resurgence of interest in biproportional adjustment methods for updating and interpreting change in matrix representations of regional structures, most commonly input-output accounts. Although the biproportional method, commonly called the RAS technique in the input-output literature, has been shown to have a number of theoretically appealing properties, various alternatives do exist. In this paper, we develop and empirically assess a number of alternatives, comparing performance and examining the attributes of these adjustment methods. Two of these are sign-preserving updating methods for use when tables contain both positive and negative entries. One of these is shown to generate less information gain than does a generalized RAS method that Junius & Oosterhaven (2003) formulated to deal with matrices with both positive and negative values. Overall, while the RAS method continues to be commonly used and its choice is often rational, alternative methods can perform as well or better along certain dimensions and in certain contexts.