While the frontline members of the cluster focus on building their businesses or conducting their research, the intermediary adds value by tying the threads together.
As net interest return is dependent onthe investments undertaken by the firm, thevalue of this return is highly dependent onthe efforts of theresearch arm.
Research examining the impact of cramdown on agricultural loans found that banks usually got more than foreclosure valueon reorganised loans, and that interest rates scarcely rose.
One might expect this work at least to raise a caution flag, but it has been vociferously attacked on methodological grounds by the same organizations that tout thevalue of politically congenial research that suffers from more severe methodological shortcomings.
Officials had looked at research evidence which "raised questions about the real value of universal 'health checks' based solely on a medical model and helped us design an approach which allows Wales to test something new".