Factors associated with bicycle ownership and use: a study of six small U.S. cities

As a means of transportation and as a form of physical activity, bicycling generates benefits to the bicyclist as well as to the community as a whole. Bicycling now accounts for less than 1 percent of all trips for all purposes in the U.S., but evidence from other western countries suggests that under the right conditions, bicycling levels can be significantly higher. Indeed, the experiences of some U.S. cities suggest that it is possible to create conditions conducive to higher levels of bicycling even in the U.S. However, the extent to which bicycle investments have contributed to bicycling levels in these communities has not been rigorously assessed. The purpose of this study is to provide a better understanding of the determinants of bicycle ownership and use as a basis for identifying ways to promote bicycling. A cross-sectional study of six cities was designed to test the importance of bicycle infrastructure and other physical environment factors relative to individual factors and social environment factors, using a nested logit model to examine ownership and use decisions jointly. The results show strong effects of individual attitudes and physical and social environment factors on bicycle ownership and use.     

Price and volume dynamics in second-hand dry bulk and tanker shipping markets

The relationship between trading volume, prices and return volatility is thoroughly investigated in different second-hand dry bulk and tanker market segments. The objective is to gain fruitful insight on the sale and purchase market dynamics, and the sensitivity of vessel price movements following the arrival of new information signals in the shipping markets. Contemporaneous relationships are identified between returns and volume, particularly in the markets of handysize and panamax bulks as well as of handysize and aframax tankers. Price changes are found to have an impact on trading volume indicating that expectations to higher capital gains induce increases in trading activity. Volume appears to have a negative impact on the volatility of price changes mainly in the dry bulk market; this may be due to thin trading, limited transaction transparency and absence of vessel price quotes. The empirical findings can contribute to a better understanding of shipping markets’ microstructure and price volatility dynamics by market participants. This, in turn, can be useful for investors who construct their portfolios of real assets with a view to attain superior capital gains, controlling for the underlying investment risk.     

Price and volume dynamics in second-hand dry bulk and tanker shipping markets

The relationship between trading volume, prices and return volatility is thoroughly investigated in different second-hand dry bulk and tanker market segments. The objective is to gain fruitful insight on the sale and purchase market dynamics, and the sensitivity of vessel price movements following the arrival of new information signals in the shipping markets. Contemporaneous relationships are identified between returns and volume, particularly in the markets of handysize and panamax bulks as well as of handysize and aframax tankers. Price changes are found to have an impact on trading volume indicating that expectations to higher capital gains induce increases in trading activity. Volume appears to have a negative impact on the volatility of price changes mainly in the dry bulk market; this may be due to thin trading, limited transaction transparency and absence of vessel price quotes. The empirical findings can contribute to a better understanding of shipping markets' microstructure and price volatility dynamics by market participants. This, in turn, can be useful for investors who construct their portfolios of real assets with a view to attain superior capital gains, controlling for the underlying investment risk.     

Why do paratransit operators resist participation in bus rapid transit? Case evidence from Bogota,Mexico City,Johannesburg and Lagos

ABSTRACT

Public transport in cities of the Global South is mainly provided by paratransit operators who self-regulate their services in the absence of adequate formal transport supply and due to weak or no formal regulatory framework and enforcement. Paratransit operators compete with each other for passengers as every passenger translates into profit. Governments in the Global South have sought to reform public transport services through Bus Rapid Transit (BRT) to regulate and ensure efficiency, address the problems of drivers competition and negative externalities associated with paratransit operations. Paratransit operators have been considered as one of the barriers to public transport reforms such as BRT without much consideration for their style of operations. This neglect has contributed to their resistance and low interest in participating in BRT and has even led to opposition. Consequently, non-consideration of incumbent operators in the implementation of transit reforms has been one important reason for delay or failure in their introduction. In this study, we identify reasons why paratransit operators resist and show low interest in BRT even in situations where public institutions have opted not to replace them but rather invite them to participate in the reforms. The basis is a case study analysis of four cities with different characteristics and different BRT implementation strategies where paratransit operators showed resistance and low interest to participate. We identify (1) loss of autonomy, flexibility and established practices/routines, (2) financial and economic risk avoidance and (3) lack of trust in governments who initiate reforms as a basis for their resistance and low interest. These findings are theoretically substantiated by organisational management and social psychology concepts that explain resistance to change. Understanding and recognising these reasons may help planners in designing more appropriate strategies for paratransit reforms.     

Large-scale network distribution of pooled empty freight cars over time,with limited substitution and equitable benefits

A set of models and procedures is described for finding the optimal distribution of empty freight cars owned by the railroads participating in a pooling agreement. A distinction is drawn between a system focus, in which the emphasis is on minimizing total cost, and a company focus, in which the benefits of the agreement to the individual railroads are emphasized. Limited car substitution is accounted for by combining interchange costs with distribution costs, and incorporating interchange possibilities and prohibitions into the network structure. Temporal variations in car supply and demand levels are also taken into account. A large-scale network algorithm is used in conjunction with decomposition to obtain solutions which show for a given time horizon how much equity can be achieved in the balance of savings among the railroads involved and at what cost. Results using actual operating data are reported.     

Investor herding behaviour in globally listed shipping stocks

ABSTRACT

This study undertakes one of the first empirical attempts to investigate and contribute a set of innovative findings to investor herding behavior and herding spillover effects in globally listed shipping company stock returns. Distinguishing between OECD and Non-OECD markets, herding behavior is tested on a diversified set of shipping companies traded in international equity markets, over different business cycle phases, financial crises, and external shocks. A set of dynamic models, well established in the relevant behavioral finance literature, is implemented. Empirical evidence indicates investor herding behavior in shipping stock returns and herding spillover effects between different shipping sectors, albeit not robust in all cases. These challenging findings can have a material impact on efficient investment and financing decisions of shipping market players.     

Methodology for Validating Dynamic Origin–Destination Matrix Estimation Models with Implications for Advanced Traveler Information Systems

This paper describes a methodology for validating online dynamic O–D matrix estimation models using loop detector data in large-scale transportation networks. The simulation procedure focuses on travel aspects related to the collective trip structure of users, including the amount and duration of trips between O–D pairs, trip departure rates, average travel time from each origin and combinations of them. The analysis identifies emerging systematic patterns between these factors and issues related to the model performance, including network scale effects. This procedure aims to enhance the usage of prior O–D information based on, e.g. travel surveys, that are typically used in the estimation process. Moreover, it seeks to integrate the validation of dynamic O–D matrix estimation models with strategies for identifying target population groups for online planning and assessment of real-time travel information services within the context of Advanced Traveler Information Systems (ATIS).     

Asset allocation and value at risk in shipping equity portfolios

This study employs alternative dynamic volatility models to investigate the risk and return characteristics of a carefully selected sample of shipping stocks, in order to enhance asset allocation opportunities. As private and institutional investors are in search of alternative style investments, the assessment of stock volatility is a critical issue for efficient asset allocation, dynamic portfolio management and firm valuation. The empirical findings indicate a highly volatile profile for shipping stock returns, in line with respective (tanker and dry bulk) earnings. Sectoral and company fundamentals may affect shipping stock volatility, which is found to be sensitive to asymmetric shocks. The results support high portfolio returns for shipping stock portfolios that appear to be superior to standard market benchmarks but are associated with higher risk level.     

Value creation through corporate destruction? Corporate governance in shipping takeovers

This paper investigates corporate governance implications for shareholder value in shipping takeovers. Inadequate corporate governance structures are shown to affect corporate growth and even turn a company into a takeover target. The interesting case study of Stelmar Shipping is employed in an event study model, in order to evaluate the impact of takeover bids on corporate value and assess target and bidder shareholder returns. In line with past evidence, target shareholders are found to attain positive value gains but bidder shareholders only marginal benefits. The empirical findings underline the need for convenient corporate governance systems that minimize frictions related to agency problems and potentially result to a positive impact on shareholder value.     

Evaluating security of rail transit systems: A metric system approach

Crime and fear of crime is a major problem plaguing U.S. transit systems, particularly those serving large urban areas. This paper presents a normative framework for assessing rail transit security following a system-wide metric approach. The security metric can also be used to assess the marginal improvement in security as a result of improving or adopting alternative policing and monitoring strategies. The model consists of five tasks: surveying rail transit security systems, developing a rail transit security metric, assigning efficiency ratings to rail security functions, developing a composite index for the efficiency of the overall security system, and applying a probability matrix to temper the results. Efficiency ratings can be translated into probability of occurrence figures that can be used in a decision tree context to improve rail transit security.