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.     

提升大学生法律意识的现实路径

提升大学生法律意识既是塑造大学生公民德性的要求,又可以降低社会制度运行和维护的成本。笔者提出提升大学生法律意识的关键在于高校法制教育创新,包括高校法制教育观念创新,教育体制创新,教育内容和形式创新,以及教育方法和手段创新。     

Biologically induced modification of seawater viscosity in the Eastern English Channel during a Phaeocystis globosa spring bloom

To identify the potential relationship between Pheaocystis globosa bloom conditions and seawater properties, a hydrobiological survey was performed in the inshore waters of the Eastern English Channel over the course of the phytoplankton spring bloom. Chlorophyll concentration, auto- and hetero/mixotrophic composition of protists and standing stock, and seawater viscosity were measured weekly from March to June 2004. The decline of the bloom is characterized by a massive foam formation in the turbulent surf zone. Before foam formation, seawater viscosity significantly increased, showing a significant positive correlation with chlorophyll concentration. In contrast, after foam formation this correlation was negative, seawater viscosity kept increasing despite a sharp decrease in chlorophyll concentrations. No significant correlation has been found between seawater viscosity and the composition of the phytoplankton assemblages observed during the survey. However, significant positive correlations have been found between seawater viscosity and both the size and the abundance of P. globosa colonies. From the correlation patterns observed between chlorophyll concentration and seawater viscosity, we suggest that the rheological properties of seawater are mainly driven by extracellular materials associated with colony formation and maintenance rather than by cell composition and standing stock.     

Driver steering and muscle activity during a lane-change manoeuvre

The article reports an experimental study of driver steering control behaviour in a lane-change manoeuvre. Eight test subjects were instrumented with electromyography to measure muscle activation and co-contraction. Each subject completed 30 lane-change manoeuvres with one vehicle on a fixed-base driving simulator. For each driver, the steering torque feedback characteristic was changed after every ten manoeuvres; the response of the vehicle to steering angle inputs was not changed. Drivers' control strategies were found to be robust to changes in steering torque feedback. Path-following errors, muscle activity and muscle co-contraction all reduce with the number of lane-changes performed by the driver, suggesting the existence of a learning process. Comparing the test subjects, there was some evidence that high levels of co-contraction were used to allow high-frequency steering inputs to be generated. The results contribute to the understanding of vehicle-driver (and more generally, human-machine) dynamic interaction.     

Evasive manoeuvres with a steering robot

In the pursuit of an objective rating on vehicle stability performance, it is always desirable to reduce disturbances and inconsistencies during experimental evaluations, especially the ones introduced by human drivers. This paper presents the development of a steering robot designed for closed-loop steering tasks during evasive manoeuvres. It describes the controller structure and discusses experimental results, in addition to simulation/vehicle model verifications and theoretical control analysis.     

碎石桩处理软土地基室内模型试验

以室内模型试验为手段,对碎石桩复合地基的机理进行了深入探讨。通过对模型试验的分析,以相似理论的相关原理为理论基础,采用量纲分析法导出了碎石桩复合地基模型试验的相似准则,并以此设计了大比例室内模型试验,获得了有益的试验数据。探讨了路堤沉降与路堤高度的关系,桩土应力比与加载次数的关系及桩身应力与桩侧摩阻力沿桩埋深的关系。     

进口运杂费低瞒报问题及对策

为了加强海关的风险管理,以ABC分类法为管理的原则,借鉴美国FMC的先进做法,以及依靠我国已经开始试点的运价报备制度,对进口运杂费低瞒报问题的解决提出了建设性的解决方法     

FRP正弦波形夹心桥面板的等效有限元模型

以FRP正弦波形夹心桥面板作为研究对象,得到等效正交各项异性实心板,通过理论分析和数值对比,证明了方法的可行性;采用该法对一实际的FRP正弦波形夹心板桥进行了模态分析。     

ICE(R)系列新动车用 COBRA诊断系统--对车务人员和维修的创新支持

ICE 系列新动车ICE3、ICET、ICE TD采用了层级结构的诊断系统COBRA(Central On Board RailwayAssistant车载辅助中心),有各装置的自诊断和动车有关的上一级诊断.COBRA诊断系统有清晰的目标群取向,总是只向车务人员和维修人员提供重要的信息和可能的补救措施.在列车进段之前就对自动释放和经无线传输的诊断数据做了计算.列车一进段就准备好了维修人员和维修材料,例如更换损坏件和磨耗件,在进行清洁作业的同时为列车下一次运行准备好了良好的状态.     

Maritime liner shipping and the stevedoring industry: market structure and competition strategies

Globalization, liberalization, competition and spatial interaction are significant factors affecting the transformation of manufacturing industries worldwide. In the transportation and logistics industry, however, cooperation is becoming even more critical than competition in determining firms' efficiency. Cooperation has always characterized the liner sector in which strategic alliances, mergers and acquisitions have generated twin effects: notable increases in ship size and falls in freight rates. Meanwhile, the stevedoring industry is undergoing privatization-driven consolidation and the emergence of global pure terminal operators. This article focuses on vertical integration between global carriers and terminal operators. We address the following key current issues:

• dedicated terminals as a strategy for cutting costs and controlling integrated transport chains;
• the struggle for supply chain control, involving global carriers versus global terminal operators, driven by financial power and technical and managerial capability.

We close analysing one of the core problems of the market, namely the evolving role of the dedicated terminals. For the pure stevedores they represent an opportunity to secure a cargo, while in the hands of the liners they enable cost stability and the possibility to put pressure on pure terminal operators.