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.     

The role of professional associations in shipping

This article is in three parts. The first covers the historical development of qualifying associations. The second covers the particular role of maritime institutions that include The Royal Institution of Naval Architects, The Institute of Marine Engineering Science and Technology and The Nautical Institute. The third and final section considers the future for maritime professional associations in the context of international shipping.     

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.     

A Simplified Model for the Effect of Weld-Induced Residual Stresses on the Axial Ultimate Strength of Stiffened Plates

The present work investigates the compressive axial ultimate strength of fillet-welded steel-plated ship structures subjected to uniaxial compression, in which the residual stresses in the welded plates are calculated by a thermo-elasto-plastic finite element analysis that is used to fit an idealized model of residual stress distribution. The numerical results of ultimate strength based on the simplified model of residual stress show good agreement with those of various methods including the International Association of Classification Societies (IACS) Common Structural Rules (CSR), leading to the conclusion that the simplified model can be effectively used to represent the distribution of residual stresses in steel-plated structures in a wide range of engineering applications. It is concluded that the widths of the tension zones in the welded plates have a quasi-linear behavior with respect to the plate slenderness. The effect of residual stress on the axial strength of the stiffened plate is analyzed and discussed.     

冰荷载作用下护岸结构数值模拟

季节性冰冻河流春季开江产生的流冰会严重威胁堤防建筑物的安全,开展流冰对结构物的碰撞规律研究十分必要。为此,以松花江汤原县胜利堤护岸结构为例,利用ANSYS/LS-DYNA软件,基于结构地质地形,考虑松花江春季江面开化流冰情况,建立计入冰荷载作用下的护岸结构数值分析模型,开展护岸结构在冰排撞击作用下的有限元分析研究,理清结构承载变化规律,为季节性冰冻地区护岸结构的设计及后期维护提供理论参考和技术支持。     

Economic Outcomes for Harvesters under the West Coast Groundfish Trawl Catch Share Program: Have Goals and Objectives Been Met?

Abstract

The West Coast Groundfish Trawl Catch Share Program was designed to achieve multiple economic goals and objectives, including increasing net benefits, profitability, flexibility, and utilization of harvest allocations. In this article, we leverage seven years of comprehensive cost and earnings data to evaluate progress towards these goals with a focus on harvesters. Our assessment shows that five years post-implementation, net benefits to the nation have doubled, and indicators of productivity and profitability have increased. The fleet that targets Pacific whiting has seen the largest gains, due in part to increases in total allowable catch and the elimination of the race-to-fish. However, increased revenues have not been realized to the degree that was expected for harvesters targeting non-whiting groundfish, partly due to lower than predicted consolidation and relatively low quota utilization. Economic outcomes indicate that tradeoffs exist between certain objectives of the program, specifically between achieving full utilization and flexibility for harvesters. Results are discussed in the context of the design and evaluation of catch share programs for diverse, multispecies fisheries.