City University London

About: City University London is a education organization based out in London, United Kingdom. It is known for research contribution in the topics: Population & Health care. The organization has 5735 authors who have published 17285 publications receiving 453290 citations.

Systemic Risk on the Interbank Market

Abstract: We simulate interbank lending. Each bank faces fluctuations in liquid assets and stochastic investment opportunities which mature with delay. This creates the risk of liquidity shortages. An interbank market lets participants pool this risk but also creates the potential for one bank's crisis to propagate through the system. We study banking systems with homogeneous banks, as well as systems in which banks are heterogeneous. With homogeneous banks, an interbank market unambiguously stabilizes the system. With heterogeneity, knock-on effects become possible but the stabilizing role of interbank lending remains so that the interbank market can play an ambiguous role.

Self-mixing interference inside a single-mode diode laser for optical sensing applications

Abstract: This paper presents a theoretical analysis and a comparison with experimental results on self-mixing interference inside a single-longitudinal-mode diode laser. A theoretical model, based on the steady-state equations of the lasing condition in a Fabry-Perot type laser cavity, is described, and through it a satisfactory analysis of self-mixing interference for optical sensing applications is given. In this work, the self-mixing interference produced by an external optical feedback is found to be due to the variations in the threshold gain and in the spectral distribution of the laser output. The gain variation results in an optical intensity modulation, and the spectral variation determines both the modulation waveform and the coherence properties of the interference. The theoretical analysis of the self-mixing interference is seen to yield a simulation of the laser power modulation which is in good agreement with the experiment results reported. >

Momentum strategies in commodity futures markets.

Abstract: The article tests for the presence of short-term continuation and long-term reversal in commodity futures prices. While contrarian strategies do not work, the article identifies 13 profitable momentum strategies that generate 9.38% average return a year. A closer analysis of the constituents of the long–short portfolios reveals that the momentum strategies buy backwardated contracts and sell contangoed contracts. The correlation between the momentum returns and the returns of traditional asset classes is also found to be low, making the commodity-based relative-strength portfolios excellent candidates for inclusion in well-diversified portfolios.

Governance, ownership structure, and performance of IPO firms: the impact of different types of private equity investors and institutional environments

Abstract: This paper examines performance effects of ownership concentration and two types of private equity investors (venture capitalists and business angels) in firms that have recently undergone an initial public offering (IPO) in the United Kingdom and France. We expand and contextualize nascent understanding of multiple agency theory by examining heterogeneity of private equity investors and by suggesting that multiple agency relationships are affected by different institutional contexts. We employ a unique, hand-collected dataset of 224 matched IPOs (112 in each country). Controlling for the endogeneity of private equity investors’ retained share ownership, we find support for the agency theory argument that concentrated ownership improves IPO’s performance. The research also shows that the two types of private equity investors have a differential impact on performance, and the legal institutions in a given country moderate this impact.

Working identities? Antagonistic discursive resources and managerial identity:

Abstract: In this article, we analyse the principal antagonistic discourses on which managers in a large UK-based engineering company drew in their efforts to construct versions of their selves. Predicated on an understanding that subjectively construed discursive identities are available to individuals as in-progress narratives that are contingent and fragile, the research contribution we make is threefold. First, we argue that managers may draw on mutually antagonistic discursive resources in authoring conceptions of their selves. Second, we contend that rather than being relatively coherent or completely fluid and fragmented managers' identity narratives may incorporate contrasting positions or antagonisms. Third, we show that managers' identity work constituted a continuing quest to (re)-author their selves as moral beings. Antagonisms in managers' identities, we suggest, may appropriately be analysed as the complex and ambiguous effects of organizationally based disciplinary practices and individuals' discursi...