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The apparent success of export-oriented industrialisation in Japan, the so-called four little dragons — Taiwan, South Korea, Hong Kong and Singapore — and increasingly during the last decade the southern coastal provinces of Guangdong and Fujian in China has cast a harsh spotlight on the generally poor industrial performance of the formerly “new societies” over the same period. Even the United States has been passing through a period of reduced competitiveness in traditionally strong manufacturing sectors, epitomised in the creation of the aptly named “rust belt” in the old industrial heartland. The other neo-Europes — Crosby's rather ugly neologism for countries of recent white settlement in the temperate zone — have to a differing degree also seen a halting performance from the industrial sector. In the case of many Latin American countries that sector has always remained limited in size and significantly uncompetitive. In all the “new societies” there has been a crisis of industrial competitiv...

This fascinating book considers one of the most important problems in economics: the inception of modern economic development. There is at present no satisfactory explanation of the inception of modern economic development; an excessive focus on either pure theory or on unique histories limits the explanatory power. This book realises the need to integrate the two approaches, moving beyond the proximate causes of economic theory to review the role in an analytic narrative of significant ultimate causes – geography, risk environments, human capital, and institutions.

The synthesis and crystal structure of the title compounds are reported. The corresponding tetramethylmenthyl derivative was co-crystallized with triphenylphosphineoxide, ie. as [Rh{C 5 Me 4 -(menthyl)}Cl 2 ] 2 ·2[(C 6 H 5 ) 3 PO]. Both compounds are active hydrogenation catalysts in the presence of Et 3 N but with prochiral alkenes the enantioselectivity is low (i.e. ≤ 13% ee).

Dent disease is an X-linked renal proximal tubulopathy associated with mutations in CLCN5 (Dent 1) or OCRL1 (Dent 2). OCRL1 mutations also cause the oculocerebrorenal syndrome of Lowe.Dent patients with normal sequence for CLCN5 were sequenced for mutations in OCRL1. By analyzing these and all other OCRL1 mutations reported, a model relating OCRL1 mutations to the resulting disease (Dent 2 or Lowe's) was developed.Six boys with Dent disease had novel OCRL1 mutations: two missense (R301H, G304E) and four mutations predicted to produce premature termination codons (L56DfsX1, S149X, P161PfsX3, and M170IfsX1). These include one of the original patients reported by Dent and Friedman. Slit lamp examinations revealed early cataracts in only one boy with normal vision. None of these Dent 2 patients had metabolic acidosis; 3 had mild mental retardation. Analysis of all known OCRL1 mutations show that Dent 2 mutations fall into two classes that do not overlap with Lowe mutations. Bioinformatics analyses identified expressed OCRL1 splice variants that help explain the variability of those clinical features that distinguish Dent disease from Lowe syndrome.OCRL1 mutations can cause the renal phenotype of Dent disease, without acidosis or the dramatic eye abnormalities typical of Lowe syndrome. We propose a model to explain the phenotypic variability between Dent 2 and Lowe's based on distinctly different classes of mutations in OCRL1 producing splice variants.

Herein, we show an important transformation of Pb(II) to Pb(IV) in chlorinated water under laboratory conditions. The study results will give an insight toward understanding how corrosion by-products on lead materials found in drinking water distribution systems develop and breakdown with time. The experiments were conducted to elucidate the morphology of lead (IV) oxide mineral transformation from hydrocerussite and its relationship to color change over a period of time. Scanning electron microscopy and transmission electron microscopy were used to describe the surface morphology, shape and size of lead solids. X-ray diffraction (XRD) analysis was performed to determine the mineral structure of lead solids. Solids analysis results were compared over a 14-day period of time to define changes in the crystal structure and morphology of lead solids. XRD analysis results of freshly synthesized lead solids showed that hydrocerussite, [Pb 3 (CO 3 ) 2 (OH) 2 ], was the only lead mineral present. After 14 days, a mixture of cerussite (PbCO 3 ) and α-PbO 2 and β-PbO 2 was present. Lead precipitates, i.e. hydrocerussite changed color from white to reddish brown confirming a transformation of the lead phase with time. This was correlated to a change in morphology from flower shaped crystals to hexagonal bars and submicron particles.

Reaction of (R) Ru -Ru(nmcp)(CO)(PPh 3 )Cl (nmcp=neomenthylcyclopentadienyl) with MeMgBr proceeds stereospecifically to yield (R) Ru -Ru(nmcp)(CO)(PPh 3 )Me which reacts in liquid SO 2 , undergoing SO 2 insertion to yield (R) Ru -Ru(nmcp)(CO)(PPh 3 )SO 2 Me. The corresponding (S) Ru -Ru(nmcp)-(CO)(PPh 3 )Cl undergoes a similar sequence of reactions, also with retention of configuration at ruthenium. The X-ray structures of (S) Ru -Ru(nmcp)(CO)(PPh 3 )Me and (R) Ru -Ru(nmcp)(CO)(PPh 3 )SO 2 Me have been determined at room temperature

The reaction of Ru3(CO)12 with C5Ph5Br yields Ru(η5-C5Ph5)(CO)2Br (1), which reacts with phosphorus donor ligands to give Ru(η5-C5Ph5)(CO)LBr (2: L = PPh3; 3: L = P(OMe)3; 4: L = P(OPh)3). A limited kinetic study has revealed that these carbonyl replacement reactions occur via a dissociative mechanism at a rate significantly faster than those for Ru(Cp′)(CO)2Br (Cp′ = C5H5 or C5Me4Et). The crystal structure of 2 is reported, and reveals that the triphenylphosphine ligand extends into the region occupied by the pentaphenyl propeller, forcing this propeller into an unsymmetrical chiral array. This chiral array complexed to a chiral ruthenium atom gives rise to diastereoisomers which can be seen in the 13C and 31P NMR spectra of 2.

Raised in Hull, John Turner was educated at Hymers College but to his mother's disapproval, he chose medicine rather than the family's laundry business (Bentley's). After qualifying he did his national service in the Fleet Air Arm and postgraduate training in the Leeds hospitals, where he met theatre sister Jean Williamson, whom he married …

This chapter asks what the heroification of Nelson immediately after his death entailed. What conflicting images were created, in text and visual media, perhaps continuing the ways in which Nelson himself had manipulated his image during his lifetime? Contrasting official with popular commemoration, and exploring their interaction, it presents a nuanced picture of ‘national’ commemorations.

EDITOR—The two recent articles on thromboembolism made no mention of the porcine origin of heparins, which is an important issue in some religions, for example, Islam.1 2 Many doctors and nurses are unaware of …

The present chapter takes an organisational perspective, focusing on the structure of an enterprise. The analysis concentrates on the nature of the enterprise as a network of stakeholder groups who are affected by, and have an influence on, the investment decision. This chapter explores the way in which the joint stock limited liability company privileges the one stakeholder group, the shareholders, and how various risk environments have influenced the development of the organisational framework and the relevant law, notably in the areas of limited liability and bankruptcy. It goes on to show how the way in which key decisions are made reflects relations between different stakeholder groups. These relations determine the distribution of both value and risk. Further sections consider key stakeholder relations, notably those between owners and managers, and between creditors and owners. The organisation of the enterprise and its capital structure provides the context in which investment decisions are made. The capital structure of an enterprise can influence the way in which risk affects the investment decision. The chapter concludes by considering the general nature of the decision-making process.

The aim of the chapter is to show how an investment project can be appraised, taking into account all the complexities of decision making. Most of the book has been devoted to placing the investment decision in its appropriate contexts, and in delineating how to identify and conceptualise the various risk environments which confront decision makers. This chapter starts by considering the two stages required in incorporating risk into the valuation of an investment project, quantification of country risk and valuation of an investment project. It brings together the different approaches — financial, strategic and organisational, and the different risk environments, culminating in the statement of an expanded net present value formula and how to determine the inputs into such a formula.

This chapter begins by explaining the difference between generic and specific risk. It explores the nature of generic risk, concentrating particular attention on two types of generic risk, which are potentially significant for enterprise or project risk, global and industry risk. It argues that such risks are systematic enough to be considered separately. It produces comprehensive classifications of the two risk types and indicates the steps necessary in the quantification of this risk and its later incorporation into an investment appraisal.

The final chapter in this section returns to the enterprise level and to the components/sub-components of enterprise risk, and through enterprise risk to project risk. The focus of any decision maker is the total risk which confronts the enterprise and which is relevant to the investment decision under analysis. Any enterprise in making an investment decision is faced by two different kinds of risk, the element of generic or systematic risk filtered from higher levels, considered in the previous two chapters, and the element of risk specific to the enterprise. Whatever the exact source the broader types of risk impinge on the enterprise or project in highly specific ways.

As a preliminary to the macro analysis of the relationship between FDI and risk there is a review of how decision makers respond to risk and how this affects FDI flows. This is followed by an analysis of attempts by rating agencies to measure country risk in order to discover a usable index. There are two other major themes to this chapter. The first is a profile of changing aggregate FDI stocks and flows. The chapter looks at the dramatic way in which FDI has grown over the recent past and its potential for further growth. It considers the way in which FDI fluctuates, whether there are regular cycles and of what length, and how far obvious shocks disturb such regular fluctuations. Finally, it analyses the geographical pattern of flows.

This chapter considers the platform of existing theory on which an acceptable treatment of risk and FDI can be built.1 It is appropriate to consider at some length the way in which risk is treated in the financial literature and to show its limited relevance to the appraisal of foreign direct investment. It is also necessary to place the FDI decision in the context of the investment decision-making process in general.

This chapter analyses in what sense and why the aggregate level of foreign direct investment is lower than might be anticipated. It begins by pointing out the ambiguities of definition and the limitations of the estimates made of FDI. It goes on to explore the degree to which all economic actors, whether they are individuals, governments or companies, prefer their own. This applies to where a person works, where he/she places savings, or to the origin of the goods and services consumed by that person. It also applies to where a company invests in productive facilities, who it employs and where it purchases. It explores three arguments advanced to establish such a bias, analysing in turn the arguments based on deficiencies in market integration, the tendency for equality between national savings and national investment, and a pronounced domestic orientation in the composition of portfolios of financial assets. The chapter defines home country bias, indicates how it might be measured and seeks to explain it. It concludes by making a link between country risk and home country bias in FDI.

This chapter emphasises the importance of avoiding two types of mistakes, making a poor investment and ignoring a good one. It continues with the articulation of the formula for estimating the net present value of a single project, initially in which there is no uncertainty. The next section explores the significant measurement problems for inputs into such a formula, including the problems following from its international nature. The assumptions of the analysis are made explicit. Later sections show how such a formula over-simplifies the appraisal of an investment project, by ignoring the key issue of uncertainty. The chapter goes on to analyse the impact of uncertainty on decisions making, assuming that all the relevant risk is epistemic risk, risk arising from a lack of the relevant information. This uncertainty relates both to the identification of the project and to the reading of the environment in which the project will operate and its influence on the project. The real options approach which allows for a reduction of uncertainty is discussed.

This chapter turns from the project level to the enterprise level, mainly because an appraisal which considers an investment project in isolation is inadequate. An enterprise perspective is necessary. The chapter, therefore, adopts a strategic perspective on investment decision making, one which places the appraisal of a single investment project in the context of the overall enterprise strategy, including its relationship with other projects — past, present and future. Such a perspective stresses the role of the enterprise as a maker of strategy. It is consistent with a view which interprets most strategy as emerging from a learning process. It also discusses the strategic risk arising from the strategy of other players before presenting an expanded version of net present value and a decision rule which takes full account of uncertainty. It follows up with a review of the requirements of a relevant information strategy. The chapter concludes with an analysis of a critical aspect of strategy, the appropriate mode of entry to be adopted into international business transactions.

This chapter starts by indicating how necessary it is to bring together the disparate approaches to risk in a genuinely integrated manner which assimilates all risk factors and the different disciplinary approaches to risk. It defines what risk is and shows the universality of that risk with careful distinctions made between incidence, impact and response. The analysis shows how such risk-generating events might be classified. One method of classification is by the different levels at which risk arises and has to be controlled. The analysis then turns to the response to risk by considering the appetite for risk, or degree of risk aversion, of those confronting risk. Part of such an analysis is consideration of the nature of risk exposure for organisations and individuals, notably different stakeholder groups. In conclusion, the chapter analyses the connection between risk and return which is considered a positive one by financial theorists but paradoxically has appeared in the empirical data to be negative; successful organisations are able to increase returns and reduce risk simultaneously.

Born in 1899 in Springfield, OH; died in 1979. Bliss is best known for work on probit (probability integral transformation) analysis, much of it in collaboration with R.A. Fisher, and also for playing a major role in founding the International Biometric Society. Keywords: probit analysis; probability integral transformation; International Biometric Society; Fisher

On the morning of 21 October 1805, at about 8.00am, Vice-Admiral Lord Nelson went down to his cabin on the upper gun deck of HMS Victory. Most of his furniture and belongings had been packed up and stowed in the hold, earlier at daybreak, when the ship’s company had cleared for action, but canvas screens had been erected to give him a little privacy and some essential items left behind, such as his portable writing desk. Taking a small pocket notebook, in which he habitually made brief notes of each day’s events, he wrote: Monday Octr: 21st 1805 at day Light saw the Enemys Combined fleet from East to ESE bore away made the Signal for Order of Sailing and to Prepare for Battle the Enemy with the heads to the Southward. At 7 the Enemy wearing in succession.