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 marine electronic highway in the Straits of Malacca and Singapore—an assessment of costs and key benefits

The Straits of Malacca and Singapore are an important trade route linking the Indian Ocean to the South China Sea and Pacific Ocean. They are also rich in resources and support a range of activities that benefit the economies of the littoral states (Indonesia, Malaysia and Singapore). This important shipping route is a very congested waterway and the authorities are keen to improve navigation facilities to promote ship safety and reduce the risk of groundings, collisions and accidents. This will also help to protect the marine environment from the effects of pollution and hence reduce its damaging impact on activities related to the Straits, e.g. fisheries and tourism. The Marine Electronic Highway (MEH) is an attempt to bring together maritime safety technologies and environmental management systems. The paper examines the costs of providing such a highway and considers some of the benefits which could accrue from its implementation. The analysis, conducted in the form of a cost-benefit study, clearly shows the economic viability of the scheme.     

Institutional reform in ports of developing countries: the case of Lebanon—part I: the plan

Upon the expiry of the concession contract signed between Lebanon and a private company for the Port of Beirut operation (in December 1990), the Government appointed a temporary commission to operate the port under the rules of the expiring concession. The legality of this measure has since always been questioned, while the temporary commission underwent three major personnel changes which clearly prevented any long-term thinking or planning. In 1998, the temporary commission entered into a 20-year joint venture for the establishment of a container terminal. Meanwhile, Lebanon's two main ports were facing major regional competition, while competing against each other to some degree. Thus, the need became urgent to end the temporary status and propose reforms to the entire sector. To that end, the Ministry of Public Works and Transport was commissed by the Government to propose a permanent institutional framework for the port of Beirut while assessing the need for a national maritime sector regulator. This paper presents the recommendations for the institutional reform of the Lebanese maritime transport sector.     

Méthode de validation formelle d’un poste d’aiguillage informatique

In this article, we discuss on how to solve the following problems: the checks and tests before putting the safety facilities into service, and the results of these tests which are essential, time consuming and may show great variations among each other. Economic constraints and the increasing complexity associated with the development of computerized tools tend to limit the capacity of the classic approval process. In practice, a reduction of the test cover rate is observed. The method presented in this article makes it possible to formally validate the new computerized mechanisms of the existing French interlocking systems with real-time functional interpreted Petri nets. The aim of our project was to provide SNCF with an operating method for the formal validation of interlocking systems. A formal proof method by assertion, applicable to our interlocking system, which covers equally the specification and its real software implementation, is presented in this article. With the proposed method and its associated tools, we completely verify that the system follows all safety procedures at all times and does not show superfluous conditions. This replaces all plateform tests checks. It is included in the existing testing procedures. The advantages of using this method are the following: a significant reduction of testing time and of the related costs, an increase of the test coverage rate (determinisitic safety vs. probabilistic safety), and an answer to the new demand of railway infrastructure maintenance engineering to modify and validate computerized interlocking systems. The mastery of formal methods by infrastructure engineers is surely a key to prove that additional safety is not expensive.     

T��l��phoner au volant : impact sur la conduite et risque d��accident, une revue de la litt��rature

This paper gives a literature review from experimental, epidemiological and naturalistic studies, having tried to measure on the one hand, the impact of mobile phone use on driving and, on the other hand, the risk of accident associated with this practice. The overview of these studies allowed first of all to show that the driving task is altered during the period of mobile phone use, and to quantify the disturbance (experimental studies), then to verify that this disturbance can be at the origin of accidents and quantify this risk (epidemiological studies). The naturalistic studies, consisting in following-up fleet vehicles, give some more explanations and tend to confirm the results. Advantages and limits of each approach are also discussed.     

Initiatives in Philippine Coastal Management: An Overview

Standardized and free-format questionnaires on the state of coastal management were fielded to coastal management practitioners during three workshops and a national feedback and recommendation workshop. The most commonly cited responses were identified for each of 13 political regions and overall trends were identified. Management frameworks frequently included research, community organizing, education, livelihood, resource enhancement, resource protection, regulation, and networking components. Gender issues, documentation, and infrastructure investment were rare. The most commonly perceived environmental problem was illegal/ destructive fishing and its associated overfishing and low fish catch. The most commonly cited socioeconomic problem was the inadequacy of law enforcement. The best monitored variables were usually those related to environmental management: status and change of habitats, resources, and degree of enforcement/patrolling activities. The most common nonregulatory enhancement, aside from environmental education (which is the most popular), was mangrove reforestation. In terms of regulations, the majority of the respondents have reportedly formulated an integrated coastal management plan. In practice, regulating destructive and illegal fishing practices and then the establishment of fish sanctuaries are the next most implemented. The most popular quality-of-life enhancement strategies focused on the improvement of sustainable fishing as a livelihood and on a variety of supplementary livelihoods. The most usual institutional intervention being implemented was the setting up of local community people's organizations. Major factors which may influence success or failure of coastal management and recommendations on research, community organizing and livelihood, legislation and policies, implementation and coordination, and networking are also summarized.     

In-car power line communications: Advanced transmission techniques

The increasing number of electronic control units (ECUs) inside a vehicle implies the need to develop and deploy on board robust, low latency and low complex telecommunication systems. In this respect, power line communications (PLC) is an attractive solution. The benefits provided by the introduction of power line communications in the in-car environment are multiple and they are related to the possibility of exploiting the existing and capillary wiring infrastructure to simplify the design of the in-vehicle data network (IVN) and, more importantly, to save weight and cost of the wiring harness. In this paper, we deal with the analysis of the performance achievable by applying innovative advanced modulation techniques to in-car measured power line channels, i.e., multicarrier (MC) and impulsive ultra wideband (I-UWB) modulation. We show that for low speed command and control applications, I-UWB is suitable since it requires lower power and lower computational efforts w.r.t. MC systems. Furthermore, we study the design of the optimal transmitted pulse to further improve the performance of I-UWB.     

机械电子技术在未来铁道车辆中的应用与发展(续完)

倾摆方式的引入显现出冰山的一角,一旦主动控制系统被铁道车辆所采用,那么引进其他主动控制系统从技术方面讲将变得越来越简单。在转向架和车体之间的倾摆系统是一种特殊的二系主动悬挂系统。因此本文接下去将探讨如何将二系主动悬挂系统进行推广,基本目的在于改善由于轨道不平顺带来的干扰,也     

轻轨车辆的制造

根据庞巴迪运输部德国车辆制造有限公司（ＤＷＡ）轻轨车设计开发、车体模型制作与试验等课题研究情况,进一步介绍如何实现车体轻量化结构、防撞击设计、防火安全及采用的先进的焊接技术。