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Journal Accounting / Finance / Investing Hysteresis in Financial Statements
2013 Volume 16 Issue 2
Hysteresis in Financial Statements
Effects of the U.S. Recession on Company Performance and Prospects for Recovery
By David W. Crain, PhD
With the U.S. and world economy seemingly climbing out of serious recession, it is time to take stock of corporations that are recovering and those that may have suffered more lasting damage. Here, the concept from the physical world, hysteresis, is applied to corporate financial statements contrasting the path of growth leading up to the recession to the path of contraction that follows. This is the first time in business literature the economic concept of hysteresis is linked to its physical sciences counterpart and applied to individual company financial statements and performance.
Accounting / Finance / Investing, Economics
"Hysteresis" Defined
The term "hysteresis" means that which comes later, being derived from the Greek verb meaning "to be behind." In terms of cause and effect relationships, a hysteresis effect is one that remains after the initial cause is removed. To say it another way, the equilibrium state of any system is a product of that system's prior conditioning.[1] In classical physics, magnetic hysteresis pertains to the various magnetic attributes of a material depending on the material's voltage-current conditioning. In the engineering world, hysteresis effects are observed in the deformation of materials, thermal systems, and the design theory of control systems. Rechargeable batteries display hysteresis where the charging curve does not retrace under discharge, producing battery "memory effect" or permanent change to a battery's properties when subjected to at least one charge-discharge cycle.
Macroeconomic hysteresis effects have been occasionally reported since the 1940s and broader application developed in the 1980s to describe the weak European economy where high unemployment went from temporary to chronic.[2] Last year, Ben Bernanke described the U.S. economy in a state of "hysteresis."[3] The Fed Chief was referring to U.S. unemployment levels that, after being shocked by the U.S. recession, might not return to historical levels. Figure 1 depicts the recent U.S. unemployment history in a traditional manner with columns of data marching against time measured by years. While unemployment hovers between 4 and 6 percent over the first half of the decade, unemployment shot up to 8 and 10 percent over the past five years beginning with 2008. (The U.S. recession is said to have started in December 2007 and ended in the summer of 2009 but, barring the still-feared double dip, the assessment remains tentative.) However, describing the shift in unemployment levels as "hysteresis," as possibly permanent, is not ascertainable from such a plot.
Figure 1. A customary depiction of U.S. unemployment, one with sharp jumps in 2008 and again in 2009.
Physicists would say this is not the way to understand hysteresis. A more revealing depiction of unemployment trends would be to plot unemployment, not as a function of time but as a function of some other economic variable, here GDP. Figure 2 presents a much more dramatic picture of the U.S. economy and the recession's impact on unemployment. Clearly, the end of 2007 marks a shock to the U.S. economy sending unemployment levels soaring through 2009. The correlation between rising unemployment and the contracting economy is made strikingly conspicuous in Figure 2. Since the end of 2009, unemployment is seen to be steadily improving with indication that a return to historical levels may yet be achieved (albeit in 4 years time). The recession's impact may not be permanent; Bernanke's hysteresis is not present and the traditional pattern of U.S. economic growth at 5 percent unemployment levels may return.
Figure 2. A hysteresis depiction of U.S. unemployment for 12 years, ending in 2012, showing the correlation between contraction in U.S. economic output and unemployment levels. The U.S. recession is said to have started in December 2007 and ended in the summer of 2009 but, barring the still-feared double dip, the assessment remains tentative.
Going from macroeconomics to micro, can hysteresis effects be observed in company financial statements? Can the pre-recession growth followed by contraction of corporations be examined through the lens of hysteresis? Is the recession's impact permanent or can the path of corporate growth be reclaimed? The recent U.S. recession provides many examples of company growth arrested by economic collapse, then retrenchment.[4] Company growth can be likened to a rechargeable battery where battery charge/discharge induces a change in the battery's capacity to recharge, some times called "memory effect." The battery's physical structure is changed if not damaged. In what follows, hysteresis in corporate growth is revealed under the shock of the U.S. recession where some companies show resiliency while others show signs of lasting structural change. Two industries are taken as illustrative: Technical Services and Homebuilding.
Hysteresis in Corporate Financial Statements—The Professional Services Industry
Here we will examine company financial statements in a new way, teasing out hysteresis effects in the financial statements of the firm. Instead of plotting financial performance in a year-on-year manner, financial metrics will be analyzed in relation to some other company size metric. Further, to see hysteresis the metrics should be intrinsic, meaning the metrics apply equally to small and large firms. (In the physical world, hysteresis effects are independent of physical system size.) Such financial intrinsic measures include managerial accounting measures (e.g., a quick ratio of 1 has the same meaning in an entrepreneurial firm as it does in a multi-billion dollar company) and so-called critical success factors such as revenue per square foot in retailing.[5]
With the U.S. economy now about 80 percent services, the recession incurred many casualties in the service sector. Professional services firms like accountants, engineers, lawyers, financial managers and advisors, office manpower providers, and all services rendered via billable hours, are managed to at least one CSF, namely revenue per employee. Company professional services revenues must cover:
Fully burdened labor rates of billable hour employees;
Corporate overhead functions such as marketing, IT support, legal and accounting;
Allowance for nonbillable hours in the otherwise billable workforce (vacation, training and the like); and
Net profit.
The leaner the company overhead, the closer revenue per employee approximates fully burdened employee salary rates. As a result, the professional services provider becomes more efficient at generating revenue as it adds employees. Revenue per employee is a good holistic indicator of company vitality. Growth in a successful service provider should show concurrent growth in revenue per employee.
Let us see what happened to major professional services providers through the recession. The Boston Consulting Group's revenue per employee grows steadily over an 8-year period spanning the recession with only a slight hiccup in 2008 when the firm hit recessionary headwinds, Figure 3.
Figure 3. The Boston Consulting Group's revenue per employee grows progressively with company size, showing little impact from the U.S. recession.[6]
Deloitte Touch, another business consultant, shows much stronger reaction to the recessionary headwinds of 2008, Figure 4. The company's revenue per employee sharply decreases as revenues also decrease. The path of retreat does not retrace the previous path of growth and, as indicated by the clockwise turn toward contraction, Deloitte Touche sheds revenues faster than it can shed employees. The company corrected its one-year fall in 2009, recovering nicely to pre-recessionary form through 2012.
Figure 4. A second consulting firm shows sharp reaction to the recessionary headwinds of 2008.
Showing that these plots aren't peculiar to one industry, engineering and construction firm Bechtel shows very similar behavior, experiencing growth reversal in 2008 and, this time, recovery beginning in 2010, Figure 5.
Figure 5. Engineering firm Becthel's revenue per employee undergoes a two-year retreat, then recovers in 2011.
Finally, PricewaterhouseCoopers, shows a little different behavior, Figure 6. Here, the company's revenue per employee contracts in 2008 but unlike the other curves, in 2009, revenue per employee has rejoined PricewaterhouseCoopers' pre-2008 growth trajectory.
Figure 6. PricewaterhouseCoopers suffers the reversals of 2008's recessionary headwinds but the company completely recovers by 2010, rejoining its pre-2007 growth trajectory.
The hysteresis effects revealed in these plots can be interpreted through the phenomenon of hysteresis as seen from the physical world. Drawing on analogy to the physics of materials science, growing a company by staffing up is elastic (reversible stress) while shedding staff is inelastic, or plastic, due to residual strain left in the organization from being overstaffed while workload declines. Deloitte Touche and Bechtel exhibit plastic deformation, or hysteresis, as both organization's revenue per employee may someday recover to pre-recession levels, but the companies will need much larger staffs and revenues to support pre-recession organizational efficiencies. PricewaterhouseCoopers is a more classical hysteresis behavior first seen in classical physics' magnetization and demagnetization of ferrous materials. Here, the hysteresis loop closes and, even though there is slight plastic deformation, the company appears to completely recover its pre-recession growth trajectory and the prior organizational efficiency necessary to achieve it. We now turn to a company where hysteresis effects are beyond plastic, of a more permanent nature.
Jacobs Engineering revenue per employee plot (Figure 4) shows reasonably healthy growth in revenue per employee through 2008 when growth is intercepted by the recession. The curve turns (clockwise) and retreats and Jacobs, like other professional services firms, sheds revenue faster than it sheds employees. By 2010, contraction stops and revenues start growing again, but the turn in the plot is not to close the hysteresis loop but to turn counter-clockwise, a reflection that renewed growth comes from adding too many employees in 2011 compared to pre-2008 revenue per employee levels. Worse, 2012 shows more revenue growth, growth fed by ever increasing employee additions. Clearly this downward trend cannot be sustained. In any event the organization has suffered some sort of longer-term damage, and is so far unable to reclaim its historical growth pattern and trajectory.
Figure 7. Jacobs' revenue per employee is still searching for its historical ascent following the U.S. recession. The company's plastic deformation may be of a more permanent nature as recovery to pre-recession revenue-per-employee levels appear to be a long way off.
When Will Home Building Recover, if at All?
The recession's impact on new home construction is severe. Demand for new homes came to a hard stop in early 2008 and homebuilders were left with inventories of undesired homes. Inventory turnover rate is a CSF in homebuilding as the carrying costs of home inventory are enormous compared to other consumer product inventory costs. Hardest hit may have been Standard Pacific homes.
The effect of the recession on inventory turnover is dramatically illustrated by the hysteresis plot for Standard Pacific Homes (Figure 8).[7] From 2001 on, inventory turnover rate was reasonably steady at 1.4, meaning newly constructed homes sat in inventory about 8 months before being sold. The onslaught of the housing recession in 2005 is dramatic with inventory turnover dropping to nearly 18 months in one year. From that point revenues started a long multiyear decline and Standard Pacific, like most homebuilders facing an economic downturn, cut overhead expense (including marketing) and sold off inventory while, at the same time, attempted to maintain operations, which counterproductively only added to unsold inventory.
Figure 8. A dramatic depiction of the U.S. recession's impact on home builder Standard Pacific.
The effect is nearly disastrous for the entire homebuilding industry, as home builders find themselves trapped in a deep hole of long inventory turns that gets only deeper as builders add to inventory (Figure 9-1 and 9-2). Hysteresis is chronic, if not calcified, and recent reports of nascent homebuilding recovery notwithstanding, these homebuilders' capacity to grow has been seriously damaged, perhaps beyond repair while hysteresis indicates the recession lives on.[8]
Figure 9-1. (See Figure 9-2.)
Figure 9-2. Other leading homebuilders with similar hysteresis trajectories. Although some improvement in inventory turnover rate occurred in 2010, homebuilders renewed their downward spiral into what looks like a black hole from which none can escape.
Concluding Note
The few examples given here are just the beginning application of the concept of hysteresis to ascertaining company financial performance as well as capacity for turnaround and recapture of historical growth trajectories. Here, we see how analyzing company financial performance through the lens of hysteresis can be diagnostic—Jacobs' inability to adjust workforce to meet declining work load inflicted long-term damage on the company—and prognostic—the home building industry will require many years to return to normal. There are many more industries and many more company financial statements to which the concept of financial hysteresis can be applied. Hysteresis trajectories through the recent recession provide track records of management in tough economic times, insight that will be useful in the next economic downturn, if indeed, the present one is behind us.
[1] Cross, Rod. "Hysteresis." An Encyclopedia of Macroeconomics, Edward Elgar, 328-36, 2002.
[2] Blanchard, Oliver J., & Summers. Lawrence H. "Hysteresis and the European Unemployment Problem." NBER Macroeconomics Annual, 1986. This is the seminal paper identifying and applying the so-called "Hysteresis Hypothesis." Lawrence Summers later became chief economic advisor to President Barrack Obama.
[3] Kearns, Jeff, Gage, Caroline Salas, & Ito, Aki. "Hysteresis Undermining Labor Pattern Becomes Bernanke Fed Focus." Bloomberg News, May 6, 2012.
[4] Rosenberg, Jerry M. The Concise Encyclopedia of The Great Recession 2007-2012, Plymouth, UK: Scarecrow Press, 2012.
[5] The term "Critical Success Factor" was developed by John F. Rockart, "Chief Executives Define Their Own Data Needs," Harvard Business Review, March 1, 1979. Later, the CSF concept was expanded in Rockart's text, "A Primer on Critical Success Factors," published in The Rise of Managerial Computing: The Best of the Center for Information Systems Research, edited with Christine V. Bullen, 1981. For a discussion linking managerial accounting measures and critical success factors to business strategy, see Stanley C. Abraham, Strategic Planning: A Practical Guide for Competitive Success, Second Edition, Emerald Publishing, 2012.
[6] All data is taken from publically reported sources. The dates shown reflect the end of the fiscal year, usually December 31, but in some instances, June 30 and September 30 of the noted year. In calculations involving changing asset levels (i.e, workforce and product inventory), the mid-year values are used, meaning the year-beginning and year-end values are averaged.
[7] Here, homebuilding inventories are measured in units rather than dollars as most homebuilders reported "impaired" inventories and began writing down valuations in 2006.
[8] Arends, Brett. "Housing Is Back—But Housing Stocks Are Due for a Fall." The Wall Street Journal, January 25, 2013. There is some conjecture newly constructed homes are filling an inventory vacuum created by unresolved foreclosures.
David W. Crain, PhD
David W. Crain, PhD, is strategy practitioner at Pepperdine University's Graziadio School of Business and Management. A marketing and strategy consultant, Dr. Crain was formerly Director of Marketing and Strategies at Fluor Corporation and at Sempra Energy.
More articles from 2013 Volume 16 Issue 2
Liam McGee from The Hartford Speaks at DELS
Let the Social Networking Games Begin
Business managers are encouraged to assess the value of social networking games for HR processes to enhance the organization's performance and value of workers.
By Donald M. Atwater, PhD
Entrepreneurship / Innovation, Information Management/Technology (IT), Management
The Case of Microsoft's Surface Tablet
The complexity of organizations has increased. SWOT provides a way to organize information into internal "Strengths & Weaknesses" and external "Opportunities & Threats."
By David R. King, PhD and Todd Peterson, MBA
Management, Strategy
Hysteresis is applied to corporate financial statements contrasting the path of growth leading up to the recession to the path of contraction that follows.
LESSONS LEARNED: Creating Values That Work
Defining values and associated behaviors provide both a focus and the glue that binds leadership behavior and managerial culture.
By Marianne Tracy, MSOD
Ethics, Leadership, Management, Work-Life Balance
EDITORIAL: Getting Ready for Virtually Anything in Management Education
The growing use of social media in higher education, in general, and management education, in particular, will forever change the traditional learning landscape.
By Owen P. Hall, Jr., PE, PhD
Editorials, Strategy


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University home > Unit and programme catalogues in 2015/16 > Unit catalogue > Faculty of Arts > Department of History of Art (Historical Studies) > Art and Memory (Level M Lecture Response Unit)
Unit information: Art and Memory (Level M Lecture Response Unit) in 2015/16
Art and Memory (Level M Lecture Response Unit)
HARTM0030
Dr. Dent
Department of History of Art (Historical Studies)
Images are a way of remembering that which is no longer present. Amongst the many myths about the origins of art, several of the most moving involve the making of an effigy to act as a substitute for an absent lover. Through works of art, the fickle and ephemeral images in our memories can be given permanent presence in the external world. Conversely, the process of forgetting often involves the physical destruction of images in order to enable the erasure of a memory that we no longer wish to recall. But the relationship between art and memory goes deeper than this. From the ancient world onwards, the skill of remembering itself has been constructed around the sophisticated creation of mental images. Not only do these artificial techniques permit great feats of memory, they also underpin the creative recombination of knowledge. This in turn has shaped the history of the image itself. This course will trace some of the significant steps in the relationship between art and memory and will reflect on the ongoing role that visual culture in all its forms continues to play in memorialisation in the modern world.
1) To provide students with a detailed understanding of the relationship between art and memory.
2) To place students in direct contact with the current research interests of the academic tutor and to enable them to explore the issues surrounding the state of research in the field.
3) To develop students' ability to work with primary sources relating to this field and produce a research-led essay based on such sources.
4) To develop students' abilities to integrate primary source material into a wider art historical and historiographical analysis.
5) To develop students' ability to learn independently within a group context.
1 x 2-hour interactive lecture per week.
One summative coursework essay of 5000 words (100%). This will assess ILOs 2-5.
F. Yates, The Art of Memory, London, 1966 M. Carruthers, The Book of Memory: A Study of Memory in Medieval Culture, 2nd ed., Cambridge, 2008 H. Weinrich, Lethe: The Art and Critique of Forgetting, Ithaca, 2004 M. Bettini, The Portrait of the Lover, trans. Laura Gibbs, Berkeley, 1999 R. Bevan, The Destruction of Memory: Architecture at War, London, 2006
Units available in the Department of History of Art (Historical Studies)

redpajama_set_name: RedPajamaCommonCrawl


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Park Hae Joon Plays His First Lead Role in 'I Haven't Done My Best'
Park Hae Joon joined JTBC's new series, I Haven't Done My Best, as the main character. It will be his first time playing a sole leading role.
I Haven't Done My Best is about the male breadwinner of a family in his 40s. And the story begins as he bravely decides to take an unusual path.
The series is an adaptation of a Japanese comic book of the same title. Moreover, Yuna's Street director Im Tae Woo, The Third Charm screenwriter Park Eun Young, and Park Hee Kwon will produce the series.
Park Hae Joon will be returning to television a year after JTBC's The World of the Married. He will be playing the character Nam Keum Pill. In other words, he is a man in his 40s who quit his job and became unemployed to pursue his dream of being a comic book writer. Soon, he learns that his neighbor, who Keum Pill thought was living a similar life to his, was a comic book writer pulling down six figures. Then, he decides to become a comic book writer.
The officials shared, "Park Hae Joon will be playing a comedic role for the first time. In a society where people are forced to do their best, a man who has never put his best effort is about to do so with great courage. We hope people look forward to watching his journey."
Source(1)
jtbcPark Hae Joon


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Inflection Biosciences
Inflection Biosciences Announces Pre-clinical Data to be Presented at 2nd EACR-AACR-SIC Special Conference 2017
(23 Jun 2017)
Dublin, Ireland, June 23, 2017 – Inflection Biosciences Ltd, a private company developing innovative therapeutics for cancer, today announced that data on IBL-301, a pan-PIM/pan-PI3K/mTOR inhibitor, will be presented at the 2nd EACR-AACR-SIC Special Conference 2017 being held in Florence, Italy on June 24 - 27, 2017.
The pre-clinical data was generated through a collaboration between Inflection Biosciences and Trinity College Dublin, led by Dr. Kathy Gately, Clinical Lecturer Thoracic Oncology Research at the Trinity Translational Medicine Institute, St. James's Hospital Dublin. The collaboration is jointly funded by Enterprise Ireland and Inflection Biosciences Ltd.
Dr Michael O'Neill, Director of Research and Development at Inflection Biosciences commented "This work has shown for the first time that PIM kinase is a key regulator of resistance to PI3K/mTOR inhibition in NSCLC. The data provides further rationale for the company's strategy of co-targeting PIM kinase and PI3K/mTOR pathways."
The details for the poster presentations are as follows:
Poster Title: Pim kinase: A mechanism of resistance to PI3K-mTOR inhibition in NSCLC
Date & Time: 10.15 am – 17.00 pm, Monday 26th June, 2017
Presenter: Dr. Kathy Gately
Session Track: Experimental/Molecular Therapeutics, Pharmacogenesis II
Location: Poster Area, Exhibition Hall, Firenze Fiera
The full abstract can be viewed here.
About PIM/PI3 kinase inhibitors
The PI3K/AKT pathway is commonly activated in human cancer. Multiple small-molecule inhibitors have been developed to target PI3K/mTOR or AKT kinases, but the efficacy of these drugs is compromised by the stimulation of compensatory signalling pathways. PIM kinase, which produces parallel oncogenic signals to AKT and mTOR and shares several downstream molecular targets, is increasingly recognised as a major compensatory signalling pathway. Therefore, combined inhibition of such activities in a single molecule might have the potential to achieve better clinical efficacy and prevent/suppress resistance in comparison with classical PI3K/AKT/mTOR inhibitors.
About Inflection Biosciences
Inflection Biosciences Ltd, based in Dublin and London, is developing small molecule therapeutics for the treatment of cancer. The company's pipeline of highly innovative cancer treatments was licensed from the Spanish National Cancer Research Centre (CNIO). The pipeline comprises the IBL-300 series (PIM/PI3K/mTOR inhibitors) and IBL-202 (PIM/PI3K inhibitor) selected from a series of unique dual mechanism kinase inhibitors and the IBL-100 series (selective pan-PIM kinase inhibitors), currently in pre-clinical stages of development. Data generated to date suggests potential application in a range of treatment resistant solid tumours and haematological malignancies. Inflection Biosciences was named 'Start-up Company of the Year' at the 2014 Irish Pharma Awards. For more information please visit www.inflectionbio.com
Signup to our email list
Dual Mechanism Kinase Inhibitors
IBL-202
IBL-100s - Pim Kinase Inhibitors
In-licensing
Out-licensing
Inflection Biosciences. Suite 15, Anglesea House Carysfort Avenue, Blackrock, Co. Dublin.
Company registration no. 509046.
Email: info@inflectionbio.com
© 2020 Inflection Biosciences. Web Design by Webtrade


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Prominent Cases & Precedent-Setting Decisions
Judicial Commendations
Shareholder Derivative
Portfolio Monitoring Program®
Case Evaluation & Litigation
Securities Cases
Settled Cases
Payment Card Interchange Fee and Merchant Discount Antitrust Litigation
The merchant plaintiffs in In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL No. 1720 (MKB)(JO), have asked a federal court in Brooklyn to approve their landmark class action settlement.
Robbins Geller attorneys, serving as co-lead counsel on behalf of merchants, have reached a $6.26 billion cash settlement with defendants in this antitrust litigation. Defendants have contributed additional funds to the class settlement fund that remains from the earlier settlement in 2012, which was approved by the district court in 2013 but was then reversed on appeal in 2016. The case was preliminarily approved on January 24, 2019. The final approval hearing is scheduled for November 7, 2019.
Memorandum in Support of Rule 23(b)(3) Class Plaintiffs' Motion for Class Settlement Preliminary Approval
Superseding and Amended Definitive Class Settlement Agreement of the Rule 23(b)(3) Class Plaintiffs and the Defendants
Alexandra Bernay
Patrick Coughlin
Carmen Medici
© 2020 Robbins Geller Rudman & Dowd LLP
Under the rules of certain jurisdictions, this website may constitute attorney advertising.


Are you getting a holiday? No anxieties. Now, you have the preference to convey with you your dirt bicycle, motorcycle or other related parts mainly because you have a toy hauler. Even so, you must have a pounds distribution hitch or fifth wheel hitch to make confident of a secure and for that reason safe journey. As the weights of your masses are evenly dispersed, you are decreasing the probability of receiving into vehicular accident thanks to bad highway ailments, wind issue and other folks.
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You shouldn't be amazed to see fire extinguisher in the record of toy hauler must-haves. The fact is that you really should have at minimum two inside of your toy hauler. Some, nonetheless, desire to be confident of their and their vehicle's basic safety that they locate just one in the bed room, just one in the kitchen area and just one in the door entrance. It is not great ample, while, that you have them you will need to know how to use them. You really should learn how to put out fire so as to protect against hurt to your attributes and extra crucial, to people inside of the trailer.
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As the title implies, tire locking chock is a instrument that locks tandem tires to protect against the fifth wheel from transferring and to provide added firmness. Most tire locking chocks are light-weight and straightforward to hold. Similarly, most instruments consist of padlocks for extra protection.
You can get toy hauler parts and accessories in California from suppliers and manufacturers. You can furthermore buy on the web. Look for companies that promote these around the website. Right before paying out your revenue, nonetheless, inquire kinfolk, good friends and other folks for tips. They may well know of unique brand names that can be reliable. You may well also glance at reading purchaser critiques to obtain precious information and facts.


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package org.rapidoid.http.handler.optimized;

import org.rapidoid.annotation.Authors;
import org.rapidoid.annotation.Since;
import org.rapidoid.http.FastHttp;
import org.rapidoid.http.HttpRoutes;
import org.rapidoid.http.Req;
import org.rapidoid.http.Resp;
import org.rapidoid.http.handler.AbstractDecoratingHttpHandler;
import org.rapidoid.http.impl.RouteOptions;
import org.rapidoid.lambda.TwoParamLambda;
import org.rapidoid.net.abstracts.Channel;
import org.rapidoid.u.U;

@Authors("Nikolche Mihajlovski")
@Since("5.1.0")
public class DelegatingParamsAwareReqRespHandler extends AbstractDecoratingHttpHandler {

    private final TwoParamLambda<Object, Req, Resp> handler;

    public DelegatingParamsAwareReqRespHandler(FastHttp http, HttpRoutes routes, RouteOptions options, TwoParamLambda<?, ?, ?> handler) {
        super(http, options);
        this.handler = U.cast(handler);
    }

    @Override
    protected Object handleReq(Channel channel, boolean isKeepAlive, Req req) throws Exception {
        return handler.execute(req, req.response());
    }

    @Override
    public String toString() {
        return contentTypeInfo("(Req, Resp) -> ...");
    }

}

redpajama_set_name: RedPajamaGithub


The Tajmahal was built by Moghul Emperor Shahjahan in loving memory of his queen Mamtaj in the year 1653.
The Tajmahal was built by Moghul Emperor Shahjahan in loving memory of his queen Mamtaj in the year 1653. It is open all days from sunrise to sunset except Friday & public holidays.Marvelous to watch on every Full Moon night as it is open from 8.30 PM to 12.30 AM.
It was commissioned by Akbar the Great in the year 1565. Inside this fort are buildings of Shish Mahal, Khas Mahal , Pearl Mosque & Jahangir Palace. Open all days from 6 AM to 5.30 PM.
This was built by King Akbar & gifted to his son Jahangir. Earlier this building was inhabited by Rajput wives than later used by queen Noor Jahan.
King Shahjahan built this in loving memory of his daughter in the year 1648.
Founded by King Akbar in the year 1569. It was the capital of Moghul Empire from 1571-1585. It shows great work of Moghul Arts & Architecture.
Hotel Bookings at Agra: There a number of good 5 star hotels for your comfortable stay.
Travel Services : Agra is very well connected with all major rail heads & airports in India.


Baton Rouge, LA (U-WIRE) -- Many students may not describe Baton Rouge as a fast-paced city with abundant resources, but that's exactly what one swimmer says.
Then again, most LSU students aren't from Africa and have not been chosen to represent their nation in the 2008 Olympics based on their performance at LSU.
Brand, wildlife and ecology senior, is from Harare, Zimbabwe - almost 9,000 miles from Baton Rouge. She is captain of the LSU swimming and diving team.
Besides the cultural differences she has taken in, Brand has excelled in sports on a worldwide level, learned the value of being part of a team and found her other passion - wildlife.
"People think it's funny when I describe Louisiana as fast-paced, but compared to where I'm from, it is. Everything here is fast," Brand said. "I was amazed when I first went into Wal-Mart and saw all the products they offered."
Last year, Brand was the only Lady Tiger swimmer to make it to the NCAA National Championships. This past summer, she competed in the FINA World Championships in Montreal, Canada.
"It brought me such pride to represent my country knowing that the reason I'm there is because of LSU. I want people to see where I've come from so they'll come to LSU too," Brand said.
While swimming at the World Championships, Brand met incoming freshmen and future LSU teammate Berit Aljand. Aljand was also competing and representing her native country, Estonia.
"I was so excited when I met her. LSU had created a connection between the two of us in a completely different part of the world," Brand said.
Aljand and Brand are two of seven LSU swimmers from other countries.
Brand hasn't been home in two and a half years, so she said her team has become her family away from home. She will spend Thanksgiving with the team, the way she has spent most holidays in the United States.
"Back home, swimming was mainly an individual sport. Here it is all about the team," Brand said. "I thrive in a team environment, and they really are like my family."
Brand's teammates have also come to appreciate her.
"The younger athletes look up to her," said assistant swimming coach Dave Geyer. "They see her leadership and respect her both in and out of the water."
Brand was born in South America and moved to Zimbabwe when she was 12. She started swimming when she was four and entered competitions at the age of eight. She ran triathlons, played field hockey and was involved in diving and swimming throughout high school.
"I was recruited in high school and offered a scholarship to LSU. I took it and I've never been more happy about a decision in my life. Everyone knows if you want to continue a sport and get better, you come to America," Brand said.
The Zimbabwe Olympic Committee earlier this month selected Brand as a finalist for the 2008 Olympic games.
"I think she is now ranked in the top 20 in the world and she deserves to be part of Team Zimbabwe 2008," ZOC chief executive Robert Mutsauki said.
Brand is also one of five Zimbabwe athletes in the world up for a scholarship to continue training in the United States for the 2008 Olympics. If she gets the scholarship, she will continue to train here at LSU with the team.
Swimming is not her only passion. She is a wildlife and ecology major and has big plans for a future involving wild animals.
"Both of my dreams came true when I came to LSU. I was able to swim and learn about wildlife. Those are my two favorite things," Brand said.
As a two-time SEC Academic Honor Roll member and a member of the Dean's List, Brand takes her studies very seriously.
"I appreciate what I've learned in America and at LSU," Brand said. "Imagine what I could do with the knowledge I've gained here in a third world country,"
Brand said her dream is to open an animal rehabilitation center and to educate Africans on the dangers of hunting and poaching.
Brand gives credit to her parents and her faith for her accomplishments.
"Before every race I write the words 'Mom, Dad and God' on the starting blocks," Brand said. "I never forget why I'm here."
LSU has meant endless opportunities to Brand.
"I'm very thankful to America for giving me a chance. It's very humbling when I go back home," she said. "Sometimes I feel like I take the resources for granted in America. I feel like you can get and do anything in America."
LSU may have found a recruiter in Brand.
"From what I have accomplished here, people back home recognize me and look up to me. My goal is to bring other students to LSU to do the same. To make it to the Olympics and swim with other LSU swimmers," Brand said.
The swim team will start the first day of the Texas A&M Invitational today in College Station. The next home match for swimming and diving is the Bengal Tiger Christmas Invitational on Dec. 2 in the LSU Natatorium.


Do like-minded people get along well by living together? This experience is put to the test in the first part of Level Three, to be followed by more new and exciting experiences. What else would you expect in a school of hard knocks?
The idealistic child in Margie was allowed to be guided to delve into a fantasy world, retrieve her unresolved issues, get closure from them and move forward towards the inner peace that had always eluded her. Her journey ran the gamut of emotions with a great deal of love and laughter as the healing process.


We had provisioned 100 % reserves on two of our problematic loans totalling Rub 33.5 million, as a result the end of year loss stood at Rub 31.4 million.
Gross Loan portfolio stood at Rub 504.8 million (decrease of 2.5% from end of 2017), stable net interest income and slightly higher operational expenses due to unplanned costs incused due to new reporting system requirements and expenses during receipt of a new base banking license.
We strongly believe we will return to our profitable operation in 2019 and gain back majority of our losses from problematic loans.


text:
Chief Editor(s)
Siddhartha Sarkar
Dr. Siddhartha Sarkar
Asian School of Management and Technology
Honorary Editor
Dr. John Victor Mensah
University of Cape Coast, Ghana
Ahmet Faruk Aysan
Atulya K. Nagar
Liverpool Hope University,
Christopher Gan
Lincoln University, New Zealand
Daniel K.B. Inkoom
Kwame Nkrumah University of Science and Technology, Ghana
Dennis C. Canterbury
Eastern Connecticut State University, USA
Gyorgy Komaromi
University of the South Pacific, Fiji
Joy Mueni M. Kiiru
University of Nairobi, Kenya
Michael Tribe
Bradford Centre for International Development, United Kingdom
Ngozi M. Nwakeze
University of Lagos, Nigeria
Stephen B. Kendie
Vol.4, Nos.1-2 Vol.3, No.2 Vol.3, No.1 Vol.2, No.2 Vol.2, No.1 Vol.1, No.2 Volume 1, Number 1
Journal library
International Journal of Development Research and Quantitative Techniques
Chief Editor(s): Siddhartha Sarkar
Available in Paperback Available in e-editions
Publisher: BrownWalker Press
Frequency: Bi-Annually
About the Journal: ISSN 0974-3472
The applicability of quantitative methods in social science research has gained much more attention to many researchers and policy makers, and there is much enduring discussion and debate across the social science disciplines, which feeds into the development of new approaches to social science research. This peer-reviewed International Journal of Development Research and Quantitative Techniques (IJDRQT) is intended as a practical guide to various quantitative methods in development and social science research. While the focus is on practical methods, this Journal includes a section on the theory of scientific method, which informs most quantitative techniques and approaches. Users of the Journal are also likely to find that much of the literature also touches on the theory behind these methods as well as providing practical guides to their implementation.
Instructions for contributors:
All articles in IJCCS are published in English biannually in Spring and Autumn. Manuscript must be typed in Microsoft word (Times New Roman with 12 font size, 1.5 line spacing, 1" both sides margin and British spelling throughout). No manuscript should ordinarily exceed twenty typed pages including tables, graphs, figures, notes and references. The title, author(s) including affiliation, correspondence and e-mail address, abstract (not exceeding 250 words), and acknowledgements, if any should be clearly specified in the first page of the manuscript. Notes should be circumvented if possible, but while necessary must be put at the bottom of the text (endnotes) followed by a complete list of references used. The contributors should ensure that they are not infringing copyright. Submission of a manuscript implies that it contains unpublished original work and is not being considered for publication elsewhere.
All technical queries may be addressed to Dr. Siddhartha Sarkar, Series Editor and Director, Asian School of Management and Technology at drsarkar.s[at]gmail.com
Download Complete Submission Guidelines


Property Location Located in Rapid City, Howard Johnson by Wyndham Rapid City is within a 5-minute drive of Berlin Wall Exhibit and Journey Museum & Learning Center. This hotel is 0.9 mi (1.5 km) from Art Alley and 0.9 mi (1.5 km) from Main Street Square.Rooms Make yourself at home in one of the 98 air-conditioned rooms featuring refrigerators and microwaves. Complimentary wired and wireless Internet access keeps you connected, and cable programming provides entertainment. Bathrooms have shower/tub combinations and complimentary toiletries. Conveniences include safes and desks, and housekeeping is provided daily.Amenities Enjoy a range of recreational amenities, including an indoor pool, a spa tub, and a fitness center. Additional amenities at this hotel include complimentary wireless Internet access, a fireplace in the lobby, and tour/ticket assistance.Dining Grab a bite from the snack bar/deli serving guests of Howard Johnson by Wyndham Rapid City. Mingle with other guests at the complimentary reception, held on select days. A complimentary continental breakfast is served daily from 6 AM to 9 AM.Business, Other Amenities Featured amenities include complimentary wired Internet access, a business center, and complimentary newspapers in the lobby. Planning an event in Rapid City? This hotel has 1915 square feet (178 square meters) of space consisting of conference space and meeting rooms. A roundtrip airport shuttle is complimentary (available 24 hours).
โรงแรม ฮาวเวิร์ด จอห์นสัน บาย วินด์แฮม แรพิดซิตี้ ต้นทุนขึ้นอยู่กับฤดูกาลและราคาสามารถแตกต่างกันมากขึ้นอยู่กับวันที่เลือก แผนภาพด้านล่างแสดงให้เห็นถึงการเปลี่ยนแปลงราคาแบบไดนามิกสำหรับ ฮาวเวิร์ด จอห์นสัน บาย วินด์แฮม แรพิดซิตี้ โรงแรมโดยเดือน ตัวอย่างเช่น ราคาต่ำสุด - โดยเฉลี่ย 1 603 ฿ - อยู่ใน เมษายน, และโดย กันยายน โรงแรม ฮาวเวิร์ด จอห์นสัน บาย วินด์แฮม แรพิดซิตี้ ต้นทุนเพิ่มขึ้นโดยเฉลี่ยสูงถึง 4 262 ฿.


An avid follower of Google myself, I couldn't even attempt the question (though my able colleague did). And thus started my pursuit of KNOL, a unit of knowledge.
For the late starter, such as I, Knol is an article written by experts. Just as the information on Wikipedia. These are authoritative articles written by experts. An interesting starting point is this article in Google blog which says- 100,000th knol published (wow, I didn't know that it was that big?).
Knol has been dubbed as the "Wikipedia killer" (Actually one of the polls on the web that I came across deems it otherwise. There is a huge loyality for Wikipedia). Now, coming back to Knol, the author who creates the knol, can accept or reject the edits made by the person writing the review. Sometimes it is also compared to Squidoo, which is also created by specialists (read authorities) and be rewarded for it. However, it has to go a long way when you compare it to 2.7 Mln content pages on wikipedia.
You can log onto knol.google.com and get a first hand experience yourself!
Picture: A westerners image of India- poor & hungry people. The movie has timed well with Arvind Adiga's "The White Tiger", which is also about the poor destitute India. Maybe here we would want a richer picture of India, demonstrating our progress.
Director: Hats off to Danny Boyle for the film. Super camera and shots. I have seen "Trainspotting", and that is a brilliant film as well.
The last one was for Music. It was great to see AR Rahman, SRK and Anil Kapoor on the stage, a proud moment for India (I'm sure Gandhi would be similarly exciting, but I wasn't around). I hope that it wins at least 4 Oscar from here. Man, you should have seen Anil Kapoor on the stage, he was so pumped up!.
2. Blog search in Hindi was more dismal- only 7 results.
However, there is a silver lining, blogging is becoming big. Aamir Khan (http://www.aamirkhan.com/) has a blog. I had heard that even Amitabh Bacchan had started blogging, however even after 10 minutes of persistent search I couldn't find it. Akshay Kumar also seems to have a blog (http://akshaykumarblogs.blogspot.com/2007/11/akshay-kumar.html), but doesn't look genuine.
Blogging has started in some way, but has to still reach the tipping point (borrowed from Malcolm Gladwel :). We still have to go a long way beyond clicks and click through rates and ROIs.
Pray with me for Slumdog's Oscar win!! But before that please watch the movie; it is releasing on Jan 23rd 2009.
BTW, have you seen the Google's new favicon (small icon in your browser), it's great.
Blogging has started in some way, but has sto still reach the tipping point (borrowed from Malcolm Gladwel :). We still have to go a long way beyond clicks and click through rates and ROIs. Blooging, I believe is the true word of mouth marketing.
The other day someone sent me Asia Digital Marketing Association (ADMA) Yearbook, the second in the series. The association collects data from all the digital sources- Mobile, portals, e-Commerce sites. agencies, technology solution providers etc. The report gives a general picture of the region, with specifics of online population, their activity, marketer's budgets and also illustrates trends. It is pretty comprehensive (don't hesitate to email me at dushyant.prakash@gmail.com if you need the copy).
– Overall internet users 46 Mln with 32 million active users (Dec 2007 figures). Compare this to China(210Mln), Indonesia (25Mln), Australia (15.5Mln), Malaysia (13.5 Mln).


I tend to think of organisational development as rather a grand thing - changing a whole company, strategic, big intervention.
And of coaching as rather a modest practice - one-to-one conversation, a guided dialogue to open up possibility.
So what role can coaching play in management education and development?
Thanks for setting up this group, and kicking off this discussion.
I guess one obvious way that a coach can help, is when the coachee has a responsibility for 'organisational development' in some way. The coach can help them be more effective at that.
Another cross-over is when, as a consultant with some wider organisational brief, it seems that taking a coaching approach would be helpful to one or more of the client team.
Looking forward to wider discussion.
To some extent, I am using coaching within organisations, although not so much with management but with staff.
I hope my answer is of some use.
I think we might be mixing issues of different scales and parts with wholes.
Organisational development - changing a whole company, strategic, big intervention. Systemic change through the interaction of many or all members and possibly stakeholders. Often a statement of intent but to a greater extent an emergent process - out of direct management control.
Now if compare that with coaching.
Coaching - one-to-one conversation, a guided dialogue to open up possibility. Agreed. The bit I would add is from Patricia Shaws concept of changing conversations - through coaching it is possible (desirable) to change perspective (of self, others and issues) such that the coachee's conversation changes in their interactions with others. In my opinion these changing conversations are the raw material emergence at a systems level.
The issue is the belief that OD and change are able to be actively managed, as apposed to the emergent, systemic and complex processes that actually go on within organisations as old narratives are reinforced (immune response) or new narrative take hold (emergence.) Coaching perhaps plays a critical role in creating, igniting, amplifying, nurturing and reinforcing these trends but not necessarily in any coordinated and aligned way. Who knows what goes on behind close doors!
So what role can coaching play in management education and development? (This seems a different question) but I agree with the contributions of Penny & Janice.
I see coaching as integral to "OD activities". It can be a valuable way to help both individuals and teams reflect on their taken-for-granted asumptions and open up new ways of thinking and decision-making. A coaching approach to management is key in engaging employees and thus moving an organisation forward. Coaching is not a 'quick fix', but over time has an important role to play in supporting culture change, and consequently in management education and development.
It seems to me that if we are to take complexity and emergence ideas seriously, as Nick does (and I do too), then both 'classic' OD and coaching are changing the organisation. It's quite feasible for coaching of one person to have an organisation-wide knock on effect (see Carey Glass's chapter The Power of One in our collection Solutions Focus Working - http://www.sfwork.com/jsp/index.jsp?lnk=827).
Another possibility, which we've been doing in one NHS Trust recently, is to run a six-month programme to encourage managers to use more of a coaching style in their everyday work. Now that over 100 managers have completed this programme, there are definite signs of organisation-wide shifts emerging as shown in staff survey responses etc. This was not really the expressed purpose at the outset - however, it is proving very welcome! There is a Health Service Journal article about this at http://www.sfwork.com/graphics/keys_to_unlock_leadership.jpg.
So, I might think of OD - Coaching as a spectrum rather than two poles.
Thank you for setting up this group and to Belinda who invited me to join. I recognise one or two old friends in the list of members so 'greetings'.
The comments are stimulating and I agree with Nick's framing of some of the dimensions. It is certainly a big subject.
One small aspect that interests me is the potential cross-over in scale and focus when coaching accentuates self-managed learning and the value of such learning to both an individual and the organisation in which they are working. In such a case I think that the work experiences discussed may then become the raw material for both individual management and education and influence the collective - especially if others are also using coaching for reflective learning.
Is there also a question of 'expertise' here? A coach is not (necessarily) expected to know much, if anything, of the clients' issues. The coach skillfully leads a conversation, offers space for reflection. Whereas an OD practitioner is perhaps expected to know how organisations 'work' and 'develop' - even if prompting questions and reflections are among the major tools deployed.
Can I simply say organisations are emergent, and any one thing may well impact others, so my minimal interventions (eg a single coaching conversation) are valid/valuable pieces of OD?
Just a quick reply to show willing before leaving on an internet-free holiday this morning. Really interesting ideas here, and I'm wondering if it might also be helpful to explore the angle of our shifting roles in addition to processes. I spend a fair bit of time coaching senior doctors such as Medical Directors who sit in NHS Boards, and it seems to me that there's some sort of relationship here between contributing to both OD and personal development work. Many of us work as appropriate in different roles, drawing upon a repertoire of professional skills - sometimes coach, sometimes OD etc. I'm particularly interested in exploring the micro-processes of OD (if that's not a contradiction in terms).
Hi Paul - our company has provided coach training skills to customers - typically as part of a wider professional development or leadership development intervention. It builds capacity into the organisation by providing confidence in peoples' innate strengths. I personally also love team coaching - a 'one to many/many to many' conversation!
Your post from 2010 caught my eye.
I have been fortunate to work with coachees who are progressing through long term leadership development programmes which incorporate significant, coachee defined, organisational change projects. In these circumstances, where initial interventions focus on the results of assessment and feedback and the subsequent coaching interventions are associated with the choice, definition and implementation of these projects it has been my privilege, as a coach, to witness an extremely high degree of association between the guided dialogue, as you describe it, and the development of the organisation.
The developmental projects are of the greatest value when the coach supports the choice, definition and implementation of a project that integrates relevant leadership development for the coachee and, often, their team members together with or in the context of the business development project they own.
I don't therefore tend to see the gap between corporate change and development and individual leadership and management development - both supported by coaching - in the rather stark, disconnected terms that you have outlined.


An Indianapolis woman faces one misdemeanor count of domestic battery and one misdemeanor count of battery after an alleged assault on Indianapolis Colts linebacker Tyjuan Hagler.
Alana Mosley, Hagler's ex-girlfriend and mother of a child with him, according to a probable cause affidavit, went to Hagler's home at 2 a.m. Nov. 11 and kicked the door and rang the doorbell. When he opened the door, Mosley allegedly slapped him with an open hand.
He's not a kicker, for goodness sake, or even a quarterback or running back, but a linebacker, one of those monsters like Alex Karras who punched out the horse in "Blazing Saddles." And she's charged with domestic battery over a slap? She must be have one wicked hand. Unless there's more we're not being told, this seems like a lot of criminal justice chasing very little criminal wrongdoing.
"And Justice For All", Leo.
Since he's not allowed to bring his size into play when dealing with Ms. Mosley, I think the criminal charges are appropriate. I'm sure he's physically capable of throwing her through a window. But the law doesn't permit him to take physical action against Ms. Mosley. Since the law has limited his ability to respond, I think it's appropriate that the law respond in his place.


text:
Performance Benchmarking of Fast Multipole Methods
Noha A. Al-Harthi
The current trends in computer architecture are shifting towards smaller byte/flop ratios, while available parallelism is increasing at all levels of granularity – vector length, core count, and MPI process. Intel's Xeon Phi coprocessor, NVIDIA's Kepler GPU, and IBM's BlueGene/Q all have a Byte/flop ratio close to 0.2, which makes it very difficult for most algorithms to extract a high percentage of the theoretical peak flop/s from these architectures. Popular algorithms in scientific computing such as FFT are continuously evolving to keep up with this trend in hardware. In the meantime it is also necessary to invest in novel algorithms that are more suitable for computer architectures of the future. The fast multipole method (FMM) was originally developed as a fast algorithm for ap- proximating the N-body interactions that appear in astrophysics, molecular dynamics, and vortex based fluid dynamics simulations. The FMM possesses have a unique combination of being an efficient O(N) algorithm, while having an operational intensity that is higher than a matrix-matrix multiplication. In fact, the FMM can reduce the requirement of Byte/flop to around 0.01, which means that it will remain compute bound until 2020 even if the cur- rent trend in microprocessors continues. Despite these advantages, there have not been any benchmarks of FMM codes on modern architectures such as Xeon Phi, Kepler, and Blue- Gene/Q. This study aims to provide a comprehensive benchmark of a state of the art FMM code "exaFMM" on the latest architectures, in hopes of providing a useful reference for deciding when the FMM will become useful as the computational engine in a given application code. It may also serve as a warning to certain problem size domains areas where the FMM will exhibit insignificant performance improvements. Such issues depend strongly on the asymptotic constants rather than the asymptotics themselves, and therefore are strongly implementation and hardware dependent. The primary objective of this study is to provide these constants on various computer architectures.
David Keyes (Supervisor)
Fast Multiple Method


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The Architecture, Construction and Engineering Mentor Program of Southeast Tennessee and North Georgia is raising scholarship funds for architecture, construction and engineering students.
ACE is an after school mentoring program through which high school students meet with architects, engineers and builders to learn about careers in the design and construction industry.
Students work on a real-world project and have the opportunity to compete for scholarships to pursue an ACE career beyond high school.
Currently in its third month for the 2018-19 school year, students have visited the Edney Building, learned about Chattanooga's Innovation District and started work on their project – the redevelopment of the City Hall Annex located at 100 E. 11th St.
Scholarship applications are being accepted now. To be eligible for scholarships, students must purse higher education in one of the ACE fields. Scholarships will be awarded at ACE's annual banquet in January.
"The ACE Mentor program encourages students to further their interest and education in the industry," says Jim Williamson, current board president and vice president of River City Company.
Sponsorship recognition is available on many levels.