Risk and return of U.S. water transportation stocks over time and over bull and bear market conditions

The aim of this paper is to investigate the behaviour of water transportation company stock returns in the U.S. stock exchanges from 1985 to 1994 in order to determine whether the systematic risk of this industry is different from that of the 'average' company in the market, whether it has changed over the ten year period, over bull and bear market conditions, and whether there is a firm 'size' effect in the industry. In the context of the Capital Asset Pricing Model (Capm), we find that the systematic risk of the shipping industry return is not different from that of the 'average' company. It is also found that the covariance of water transportation companies with respect to the overall stock market return did not change over the ten year period although it appears that it has changed over normal upward/downward market movements. There is also reasonable evidence that the intercept of the equation might have changed over normal upward/downward market movements. Finally, we document contradictory evidence regarding the size effect; during the period 1985-1989 we find small companies to have significantly higher returns and risk while during the period 1990-1994 medium size companies tend to have higher risk than small and large firms, which is not however compensated by higher returns.     

Analysis of Driver's Decelerating Strategy in a Car-following Situation

This report describes a decelerating driver-model expressed by driving mode transition in car-following situations. The assumptions for constructing the model are that decelerating strategy of a driver is classified into several simple driving modes and that a driver changs his driving modes based on his perceptible characteristics and experiential rules. Deceleration action is divided into three states; following, standing and braking, which are applied to the model. The model has two paths for driver's decelerating action, one of which is selected by the driver based on the perceptible characteristics and experiential rules. The suitability of the model has been experimentally verified.     

Multiphysic modelling of railway vehicles equipped with pneumatic suspensions

This article presents a multidisciplinary approach of railway pneumatic suspension modelling: both multibody and pneumatic aspects are taken into account. The work aims at obtaining a realistic model of the secondary suspension and coupling it with a multibody model of a train. Various components of the pneumatic circuit such as bellows, tanks, pipes and valves are taken into account. The article focuses on the bellow-pipe-tank subsystem for which several modelling approaches are presented and compared. Differences between differential and algebraic models are highlighted, and an application-dependent choice between them is suggested. A complete model of the pneumatic circuit is then obtained and coupled with a multibody model of the train. As a result, the behaviour of a suburban train equipped with a pneumatic secondary suspension is analysed, in particular undesired oscillating motions which affect the comfort. Topological modifications and improvements of the suspension are also investigated and discussed.     

Managing transportation during highway reconstruction: A recommended process

Major highway reconstruction can cause significant disruptions to existing travel patterns and economic activity. Reducing these impacts on travelers, shippers, businesses and residents requires that innovative and effective transportation management actions be developed and implemented. This paper reports the major findings and recommendations of a research study on managing transportation during highway, reconstruction. The primary objectives of the study were

The design of bus route systems — An interactive location-allocation approach

An interactive modelling approach is developed to solve the practical problem of bus route network design. Possible bus routes are identified with facilities which can be located. Zones or pairs of zones in the urban area are identified with customers who will be allocated to the established facilities. It is shown that the classical Set Covering Problem is useful under the assumption of fixed demand; the Simple Plant Location Problem is effective under the assumption of demand which is sensitive to the level of bus service provided.     

Exploring the impact of walk–bike infrastructure,safety perception,and built-environment on active transportation mode choice: a random parameter model using New York City commuter data

This study estimates a random parameter (mixed) logit model for active transportation (walk and bicycle) choices for work trips in the New York City (using 2010–2011 Regional Household Travel Survey Data). We explored the effects of traffic safety, walk–bike network facilities, and land use attributes on walk and bicycle mode choice decision in the New York City for home-to-work commute. Applying the flexible econometric structure of random parameter models, we capture the heterogeneity in the decision making process and simulate scenarios considering improvement in walk–bike infrastructure such as sidewalk width and length of bike lane. Our results indicate that increasing sidewalk width, total length of bike lane, and proportion of protected bike lane will increase the likelihood of more people taking active transportation mode This suggests that the local authorities and planning agencies to invest more on building and maintaining the infrastructure for pedestrians. Further, improvement in traffic safety by reducing traffic crashes involving pedestrians and bicyclists, will increase the likelihood of taking active transportation modes. Our results also show positive correlation between number of non-motorized trips by the other family members and the likelihood to choose active transportation mode. The model would be an essential tool to estimate the impact of improving traffic safety and walk–bike infrastructure which will assist in investment decision making.     

Disused shrimp ponds: Options for redevelopment of mangroves

Associated with the rapid increase in the production of cultured marine shrimp has been large‐scale conversion of mangroves to shrimp ponds. Production in many regions has proved to be unsustainable, largely due to inappropriate construction methods, poor environmental conditions, overstocking, and disease. A number of shrimp ponds consequently are unproductive and lie idle. Accurate assessments of pond disuse are difficult to obtain; however, unofficial estimates have suggested that as many as 70% of ponds may be disused after a period in production. Pond construction, shrimp culture, and pond disuse lead to alterations to the physical and chemical properties of soil, hydrological conditions, and the flora and fauna composition of the pond area. The case for restoration, or rehabilitation to a sustainable use, is strong. Consideration must be given to the causes of production failure, the environmental conditions remaining following disuse, the needs and preferences of pond owners and coastal managers, and technical constraints.     

An improved formulation for bulk cargo ship scheduling with a single loading port

This paper presents an improved, significantly more efficient formulation of an existing model for bulk cargo or semi-bulk cargo ship scheduling problems with a single loading port. The original model, published by Ronen in 1986, was formulated as a non-linear, mixed integer program. In this work, the authors were able to re-formulate it into a linear one, by eliminating all the non-linearities of the original model. In addition, this model has far fewer integer variables than the original one. A numerical example has been given to illustrate the elimination of non-linearities and how 40 integer variables, in the original model, are reduced to just eight. This example also shows that this model is better at finding exact optimal solutions than the original one. It is also worth observing that the resulting model is a generalization of the ‘capacitated facility location problem’.     

The design of a terminal for dangerous goods

This paper aims at examining the possibility of setting up a model terminal for the transportation of dangerous goods. It should be designed in such a manner that its use would be possible for any kind of transportation.

This consideration has been prompted by the interface between transportation planning and technology, as well as by the tendency for harmonizing international recommendations pertaining to the transportation and handling of dangerous goods, especially during the last decades where unified transport has gained ground due to the advantages provided for the safe consignment of dangerous cargoes.

Since the large increase in terminal productivity is due to the heavy investments that were effected in terminal installations and to the modernization of the administration‐management of terminals, a mathematical simulation has been adopted to assist the determination of the capacity of a terminal for dangerous goods.

It is evident that different criteria and various assumptions have been taken into account in order to facilitate a deeper analysis, without ignoring the contribution of dangerous goods to the socio‐economic development.

From the outset of the study, it was already clear that the said process will make it possible to present—as a model—a simple but well defined situation for the purpose of drawing useful conclusions.     

Assessing a maritime service website prototype in a ship bridge simulator: navigators’ experiences and perceptions of novel e-Navigation solutions

The aim of this study was to assess proof of concept and usability of a maritime service website prototype in a full-mission ship bridge simulator through Swedish mariners’ experiences and perceptions. This test was part of the European Commission’s EfficienSea2 project for e-navigation. The prototype was intended as an aid to existing standard systems and methodologies for planning, executing and monitoring voyages. The study began with 5 days of simulator trials focused on today’s standard practices. This served as a baseline to compare to subsequent 4 days of simulator trials testing the prototype. For data collection, observations, video footage, interviews, and eye tracking were used. Data analysis included breaking apart the qualitative data to capture the perceptions of the participants, and a preliminary analysis of eye-tracking data as a complement. The results suggested that the prototype could be more suitable for a route planning stage, that the participants were familiar with similar existing solutions from other manufacturers, and that the contents of the tool would be most beneficial if integrated within the Electronic Chart Display and Information Systems (ECDIS). There is a pressing need for the novel solutions to be user needs-driven, integrated with the existing technologies, and standardized across the domain, and these processes must go hand-in-hand with accounting for all involved stakeholders, procedures, regulations, and training, as this will alter the course of shipping.