The market for second-hand ships: Further results on efficiency using cointegration analysis

This paper examines the dynamic behaviour of second-hand prices of tankers and dry-cargo vessels over various time periods, with a view to determining whether or not the markets for such assets are efficient. It extends and re-analyses the results of an earlier study by Hale and Vanags, published in this journal in 1992. Using a more modern method of testing for cointegration, it is shown that both the tanker and dry cargo markets appear to be cointegrated, a fact which would suggest that these markets are inefficient. It is suggested that the existence of cointegration does not necessarily imply market inefficiency, if the factors that create the common trends are themselves stochastic in nature. With this in mind, it is argued that the evidence put forward in this paper is still consistent with market efficiency in the long run.     

铁路传统转向架和具有轴间连接转向架的蛇行稳定性比较

将传统2轴转向架与具有轴间连接轮对导向系统的转向架进行比较,表明自重轻的轴间连接轮对导向系统,能使转向架具有较好的蛇行稳定性和曲线通过性能,从而降低了轮轨间的横向力,并减小轮轨磨耗。     

Protecting Rhode Island's coastal salt ponds: An economic assessment of downzoning

Abstract

In southern Rhode Island, there is growing concern that housing and recreational demands will soon overwhelm the capacity of the coastal salt ponds to absorb wastes, produce seafood, and maintain scenic qualities. As a result, coastal towns have been studying the feasibility of using land controls such as downzoning to protect these coastal amenities. The paper presents an economic analysis of the downzoning program proposed in the town of South Kingstown. Hedonic price and contingent valuation methods are used to value coastal amenities. The estimated net present value of “swimmable” water is shown to be $3.1 million.     

Conditional modelling of tanker market risk using route specific freight rates

This paper provides statistical evidence in support of the view, widely held in the tanker industry, that there are systematic differences in the degree of risk involved in investing in tankers of different sizes, and in operating tankers in spot and time charter markets. The industry view, broadly supported by the results of this paper, is that larger vessels are 'risker' assets than smaller vessels, and operating vessels in the time-charter market is less risky than employing them on a spot basis. The results are obtained by using a method derived from the financial economics literature, which models both the conditional mean and variance of a variable, known as GARCH modelling. Only one other paper has applied this method to the tanker market, and these results provide confirmatory support of those findings.     

Development of a Human Use Objectives Framework for Integrated Management of the Eastern Scotian Shelf

Under the 1997 Oceans Act, Fisheries and Oceans Canada (DFO) is required to lead and facilitate the development of integrated management plans for Canada's oceans. One of the integrated management projects is the Eastern Scotian Shelf Integrated Management Initiative (ESSIM), through which DFO is working with a range of stakeholders to develop and implement an integrated ocean management plan for the eastern Scotian Shelf. As part of this Initiative, DFO has undertaken a program to develop a set of objectives and related indicators for ocean management. This includes the development of a framework, objectives, and indicators for human use of the resource including the social, economic, and institutional (governance) components of ocean management, areas that have received little attention internationally. This article provides some background to ESSIM and human uses of the resources of the eastern Scotian Shelf; briefly reviews objectives-based management and human use objectives internationally; outlines the process undertaken to develop the Human Use Objectives Framework; presents the resultant objectives and indicators that were developed; and highlights some of the lessons learned and challenges for their implementation.     

Land rents and transport improvements: Some urban parables

Define a transportation improvement's impact zone as the area within which resident households and business firms regularly utilize the improvement. Three simple parables suggest that the increases in impact-zone land rents that usually accompany improvements do not accurately reflect its benefits. Seemingly modest variations in the demand and supply relationships that characterize impact-zone residents can have major effects on the relationship between benefits received and the land-rent changes that are measured. Generally speaking, increases in impact-zone land rents substantially understate benefits unless these benefits are small either absolutely (because the improvement is modest) or relatively (because the impact zone is part of a homogeneous area of much larger size).