Yes / This paper develops and estimates a new-Keynesian dynamic stochastic general equilibrium (DSGE) model for the analysis of fiscal policy in the UK. We find that government consumption and investment yield the highest GDP multipliers in the short-run, whereas capital income tax and public investment have dominating effect on GDP in the long-run. When nominal interest rate is at the zero lower bound, consumption taxes and public consumption and investment are found to be the most effective fiscal instruments throughout the analysed horizon, and capital and labour income taxes are established to be the least effective. The paper also shows that the effectiveness of fiscal policy decreases in a small open-economy scenario and that nominal rigidities improve effectiveness of public spending and consumption taxes, whereas decrease that of income taxes.

Yes / Digital inclusion research has been critically important in drawing an understanding of how policies, society, organisations, and information technologies can all come together within a national environment that aspires to be a digital nation. This research aims to examine the factors influencing e-Inclusion in the UK within a digital-by-default policy for government services. This study is pursued through combining the Decomposed Theory of Planned Behaviour (DTPB) with Use and Gratification Theory (U&G) and conducting a self-administered survey targeting 510 Internet users to study the level of citizens engagement with e-government services in the UK. By incorporating gratification, trust, risk and external factors (i.e. self-efficacy, accessibility, availability, affordability) within DTPB, the proposed model of e-Inclusion used in the paper demonstrates a considerable explanatory and predictive power and offers a frame of reference to study the acceptance and usage of e-government within a national context where nearly all government transactions are digital-by-default. The findings revealed six dimensions as key inhibitors for e-Inclusion, namely: demographic, economic, social, cultural, political, and infrastructural.

No

No / A description of the ab initio quantum chemistry package GAMESS-UK is presented. The package offers a wide range of quantum mechanical wavefunctions, capable of treating systems ranging from closed-shell molecules through to the species involved in complex reaction mechanisms. The availability of a wide variety of correlation methods provides the necessary functionality to tackle a number of chemically important tasks, ranging from geometry optimization and transition-state location to the treatment of solvation effects and the prediction of excited state spectra. With the availability of relativistic ECPs and the development of ZORA, such calculations may be performed on the entire Periodic Table, including the lanthanides. Emphasis is given to the DFT module, which has been extensively developed in recent years, and a number of other, novel features of the program. The parallelization strategy used in the program is outlined, and detailed speedup results are given. Applications of the code in the areas of enzyme and zeolite catalysis and in spectroscopy are described.

Yes / Violence against women in politics is on the rise, threatening political achievements with respect to equality. Little research, however, has been conducted on the experiences of women from minority communities. This article, therefore, takes an intersectional approach to explore how gender, religion, and other categories of difference intersect when it comes to Muslim women’s experiences in the UK. Based on a longitudinal case study of Bradford West during the 2015, 2017, and 2019 general elections that combines participant observations, qualitative interviews, and a Twitter analysis, we argue that, in addition to the violence often experienced by women, Muslim women are also confronted with Islamophobic bias and abuse, as well as intersectional intimidation and harassment from within the Muslim community in their constituencies. Our case study approach, however, also reveals the existence of appreciation and support for Muslim women in politics that needs to be nurtured to counter abuse.

Riverine physical habitats and habitat utilization by fish have often been studied independently. Varying flows modify habitat composition and connectivity within a stream but its influence on habitat use is not well understood. This study examined brown trout (Salmo trutta) and bullhead (Cottus gobio) utilization of physical habitats that vary with flow in terms of size and type, persistence or duration, and frequency of change from one state to another, by comparing groundwater-dominated sites on the River Tern (Shropshire) with surface runoff-dominated lowland, riffle-pool sites on the Dowles Brook (Worcestershire). Mesohabitat surveys carried out at two-month intervals on a groundwater-dominated stream and on a surface runoff-influenced stream showed differences in habitat composition and diversity between the two types of rivers. The temporal variability in mesohabitat composition was also shown to differ between the two flow regime types. In the groundwater-influenced stream, mesohabitat composition hardly varied between flows whereas in the flashy stream it varied to a great extent with discharge. Habitat suitability curves for brown trout and bullhead were constructed to predict the potential location of the fish according to flow. The resulting prediction maps were tested in the field during fish surveys using direct underwater observation (snorkelling). Under the groundwater-influenced flow regime brown trout displayed a constant pattern of mesohabitat use over flows. Mesohabitats with non-varying characteristics over flows and with permanent features such as large woody debris, macrophytes or any feature providing shelter and food were favoured. Biological processes, such as hierarchy, life cycle and life stage appeared to play a key role in determining fish habitat use and to a greater extent than physical processes in these streams. Bullhead observations in the flashy river showed that mesohabitat use varied with flow but that some mesohabitats were always favoured in the stream. Pools and glides were the most commonly used mesohabitat, due to their stability over flows and their role as shelter from harsh hydraulic conditions and as food retention zones. The presence of cobbles was also found to be determinant in bullhead choice of habitat. In this flashy environment, physical processes such as flow and depth and velocity conditions appeared to be a more decisive factor in bullhead strategy of habitat use than biological processes. This research shows that: 1. Though differences in habitat use strategies between the two flow regimes can in part be attributed to differing ecology between the species, flow variability affects fish behaviour. 2. A stable flow regime allows biological processes to be the main driving force in determining fishbehaviour and location. A highly variable environment requires fish to develop behaviour strategies in response to variations in hydraulic conditions, such as depth and velocity, which constitute the key factor in determining fish location.

This thesis consists of four essays or chapters that investigate acquisitions made by UK firms. The main focus of the research is the acquirers’ abnormal returns that are associated with the announcement of domestic and cross-border acquisitions. The research provides empirical evidence on some of the significant issues that have been raised in the literature, particularly focusing on measuring operating performance for domestic and cross-border acquisitions over the long-term. The first essay investigates acquirers’ announcement abnormal returns for acquisitions that have been conducted by UK firms, either domestically or internationally. The principal finding is that acquisitions of domestic firms appear to generate larger returns, whereas acquisitions classified as cross-border do not appear to add value to the acquiring firm. The second essay examines the characteristics of the deal, and how these impact the acquirers’ returns for both domestic and cross-border acquisitions. The characteristics considered are the method of payment, the industrial relationship between the acquirer and the target, the relative size of the acquirer to the target, the type of the target firm and the Book-to-Market ratio of the acquiring firm. The third essay investigates the directors’ overconfidence and its impact on the acquirers’ returns. Directors’ overconfidence is examined depending on the self-attribution bias by distinguishing between the abnormal returns to frequent and infrequent acquirers. The fourth essay examines insider trading via studying the relationship between the private investment decisions of the directors and the firm’s investment in respect of acquisitions it makes over the announcement date of the acquisition. Two different methods are proposed to classify directors into optimistic and neutral based on these personal portfolio trades. The fifth empirical chapter focuses on domestic and cross-border acquisitions with public targets, and studies their synergy gains and operating performance for a 3-year period after the announcement year. The aim is to try to understand what these firms gain from such acquisitions, given the apparent absence of a gain in value at the announcement of the investment. It is essential to add that the importance of this thesis comes from shedding a light on the role of acquisition activity in UK market within last 10 years domestically and internationally. Furthermore, providing a significant advice to firms not to allocate their capital in acquisitions with public targets because there is not benefit from investing in these types of investment.

The evolution of big business in manufacturing and some service industries, together with the role played in this by merger and acquisition (M&A) activity has been thoroughly researched and is well documented. However, despite' the increasing economic and social importance of the UK hotel industry, its development has been largely neglected. Therefore, this thesis set out to explore the development of big business in the hotel industry through the study of M&A activities. This study employs the multiple case study approach (four UK hotel companies), using M&A theory as the theoretical framework; extensive historical secondary data and semi-structured interviews were carried out for the study, covering a period of 26 years. The analysis was conducted by synthesising data with the M&A theory, in terms of two levels, organisational motives and macro environmental factors. The findings confirm those in the existing literature on what is encompassed by the term big business and the part played by M&A activity in the creation of big business. They also suggest that in the hotel industry the acquisition of brand name and brand rights is an important motive, one which has been neglected in the general M&A literature discussion. These findings added several new dimensions to big business concepts, through illuminating the role of brand and brand right acquisition in the context of the UK hotel industry. This thesis confirms the utility of deploying the wide range and large quantity of publicly available historical secondary information, which is rarely used. In addition, the application of a qualitative and longitudinal approach, applied to management theory, has broadened the research agenda in the study of hotel business, business history and business management theory.

Leniency Programmes have been introduced as a complementary measure in the enforcement of competition law in detecting cartels, on the basis that hard to find evidence will be provided by undertakings coming forward to confess, in exchange for immunity or reduction in fines. The advantages of leniency are deemed to be twofold, since evidence is thereby expected to be given voluntarily, and in turn it would save up the limited resources available to enforcement authorities, by reducing lengthy investigations in search of evidence. Therefore, the widely accepted view by regulators, economists, and lawyers alike is that leniency is by far the most effective method of detecting and deterring anticompetitive activities by undertakings. An 'undertaking' covers any entity engaged in an economic activity that offers goods or services in a given market. In the UK, Chapter I of the Competition Act 1998 governs prohibitions that fall within the category of cartels of which price-fixing, market or customer sharing, agreements to restrict production or supply, and bid-rigging are the most serious 'hard-core cartels'. This study evaluates the efficacy of the Leniency Programme in the enforcement of competition law applied in respect of cartel infringements based on cases decided by the UK's principal enforcement authority. Chapter I cases decided and published over a twelve-year period, since the Competition Act 1998 came into force, have been analysed in order to evaluate whether the leniency programme has been an incentive for colluders to apply for leniency. The results indicate that very few leniency applications were submitted voluntarily before an investigation was begun by the enforcement authority. Moreover, the detection rate of Chapter I cases on average has been very low over the twelve-year period, less than 2 cases per year, excluding settlements. The research also shows that contrary to the accepted view that evidence relating to cartels is difficult to find, cartels studied in this thesis have left a trail of both electronic, and other evidence that the authorities were able to seize. Further, the leniency applicants were not always reliable witnesses, and despite leniency, the enforcement authorities had to conduct lengthy investigations, negating the cost saving assertion and taking resources away from ex officio interventions by the authorities. The conclusion drawn from this study is that rather than enhancing detection and deterrence of anticompetitive behaviour by undertakings, the leniency programme overlaps, and in effect, undermines the public enforcement of competition law in the UK.

This thesis examines the legal duties of directors of UK public companies in the light of the 'stakeholder' approach to the firm. It considers the theory that directors are not simply agents of shareholders, but have a duty to take into consideration and, where appropriate, to balance the interests of several constituencies. Examples of suggested stakeholders include employees, customers, suppliers and creditors, as well as the local community and the natural environment. If this broad view of public company responsibility is warranted, the role of the law in securing a 'stakeholder' style of management needs to be examined, and this study attempts that task. To this end, empirical research was conducted via interviews with public company directors and secretaries from a range of public companies of different sizes operating in many business sectors to investigate: • the extent to which at present they view their role as requiring assessment and inclusion of the interests of stakeholders • the manner in which such assessment and inclusion is actually carried out • the impact which a statutory formulation of duties to incorporate stakeholder interests would or might have on decisionmaking in practice • the effect of board structure on corporate decisionmaking. The effect of 'stakeholder orientation' of company directors on the economic performance and social impact of UK public companies was considered. The DTI's Company Law Review Steering Group has referred to the distinction between 'Enlightened Shareholder Value' and the 'Pluralist' approach. This thesis further reviews those arguments and seeks to set them in their commercial context. It is highly probable that there will be a new UK Companies Act following the next General Election. This thesis suggests a new statutory statement of directors' duties and considers the impact which such statutory wording might have. If directors' legal duties were to be reformulated, that change would needs to buttressed by a mechanism to protect stakeholder expectations, in court as a last resort. This thesis argues that the most promising form for such stakeholder remedies is that of the current 'unfair prejudice' action. If the UK is to avoid being left behind internationally in its system of corporate regulation, it needs to take its European Union obligations and the laws of other Member States into account. It is argued that the UK can find much to learn from the continental European traditions. The conclusion of the thesis focuses on the Company Law Review and its potential economic impact. It is argued that UK company law should address the rights of all stakeholders if it is to be ‘modern’ and ‘competitive’.