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.     

Mathematical Modelling of Vibrations and Loading of Railway Tanks Taking into Account the Liquid Cargo Mobility

Dynamics and loading of railway tank cars transporting liquid cargo are investigated. The approach based on the mechanical-pendulum analogy for the liquid cargo mobility simulation is proposed. Hydrodynamic parameters of the mechanical analogy are determined using the solution of the boundary-value problem for the liquid cargo vibrations in a cavity with the tank boiler shape. The fitting of the developed mathematical models is proved by comparison of calculated results and test data. Vibration characteristics and loading of tank-cars under their shunt collisions and motion along straight and curved track in trains are evaluated. It is shown that as a rule the liquid cargo mobility has an essential influence on tank dynamic properties.     

Effect of fatigue strain range on properties of high-strength structural steel

Ship hulls are built with stiffened steel plates and experience continuous fatigue load cycles when in service. Mechanical properties of the steel are expected to change due to the application of these cyclic loads. Therefore, the mechanical properties of the material at various levels of fatigue damage need to be understood. This paper presents two test series that were conducted to determine the effect of two different strain ranges (2000 and 3000 micro strains) of fatigue cycles on the mechanical properties of high-strength structural steel. The test results indicate that the cycle-dependent behaviours of the material can cause a slight increase or a significant decrease in the yield strength when compared to its virgin state. However, the ductility of the steel does not change much as the strain cycle increases.     

Subsidy and public transit performance: A factor analytic approach

The need to measure and evaluate transit system performance has led to the development of numerous performance indicators. However, depending upon the indicator, we oftentimes reach different conclusions regarding transit system performance. The research reported in this paper uses factor analytic methods to generate a set of underlying attributes (factors) that capture the performance of public transit systems in Indiana. Similar to what is reported in the literature, this study finds three attributes that best describe transit system performance: efficiency, effectiveness, and overall performance. Based upon systemsÕ factor scores, the study finds that systems scoring highly on one attribute generally perform well on the remaining attributes. Further, there is an inverse relationship between system performance and subsidies, a finding that supports performance based subsidy allocations.     

Valuation of externalities through neo-classical methods by including institutional variables

Externalities are uncompensated influences that are not expressed in a market but that affect the production possibilities or the welfare level of third parties. An example is the noise pollution in airport areas. Although air transport is an important source of economic growth and employment in many countries, the social and environmental problems connected with this sector are rising rapidly. Consequently, airports are becoming a matter of concern to many politicians. On what kind of values should they base their decisions as to further growth or consolidation of the current situation? In this paper we discuss two approaches, one based on mainstream, neo-classical, economics, and one based on institutional approaches, more in particular new institutional economics, which can be seen as a development complementary to the mainstream.     

Eddies around Madagascar — The retroflection re-considered

The Agulhas Current with its retroflection and attendant eddy-shedding is the cause of some of the greatest mesoscale variability in the ocean. This paper considers the area to the south and east of Madagascar, which provides some of the source waters of the Agulhas Current, and examines the propagating sea surface height signals in altimetry and output from a numerical model, OCCAM. Both show bands of variability along the axis of the East Madagascar Current (EMC) and along a zonal band near 25°S. Sequences of images plus associated temperature data suggest that a number of westward-propagating eddies are present in this zonal band. The paper then focuses on the region to the south of the island, where ocean colour and infra-red imagery are evocative of an East Madagascar Retroflection. The synthesis of data analysed in this paper, however, shows that remotely observed features in this area can be explained by anticyclonic eddies moving westward through the region, and this explanation is consistent with numerical model output and the trajectories of drifting buoys.     

A review of the Effect of α/W ratio on fracture toughness （Ⅱ） experimental investigation in LEFM

In part I of this series, experimental investigation in EPFM （elastic-plastic fracture mechanics） had been discussed. In this paper, experimental investigation in LEFM （ linear elastic fracture mechanics） is given. Fracture toughness tests had been carried out on three different strength steels, using both through-cracked specimens with different α/W ratio and semi-elliptical cracked specimens with variable crack size and shape. Results show that the fracture toughness KIC increases with decreasing α/W when α/W 〈 0.3 for three-point-bend specimens, and that for α/W 〉 0.3, it is independent of α/W. Shallow crack specimens, both through-cracked and surface-cracked, gave markedly higher values than deeply notched specimens. However, the effect of crack shape on fracture toughness is negligible. Results also show that the LEFM approach to fracture is not tenable for design stresses where αc is often very small, far less than 2.5 （ KIC/σy）^2.     

GLUTAMATE－IMMUNOREACTIVE NEURONS IN MEDULLARY RAPHE－CEREBELLUM PATHWAY IN THE KITTEN

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