Investment strategies in market uncertainty

The nature of the global economy is one of dynamic change. Shipping is a service industry with its demand related to changes in international trade levels and patterns. As a consequence shipping is subject to sometimes unpredictable swings in demand so that the operator is required to make strategic planning decisions while navigating through boom or bust environments. While boom economies generate rising freight rates which are welcomed and encourage investment, ship operators may also have to face falling freight demand and declining freight rates that may have significant impact on profitability, often falling to uneconomic levels for extended periods. In such a period of uncertainty and declining profitability management will make operational decisions to reduce costs. However, shipping lines operate in a market environment so any decisions made to rationalize the trade may have significant long-term competitive implications. For example, traditional micro economic theory might suggest that the prudent strategy to adopt would be to close down the operation and reopen when the market conditions improve. In a world of certainty or when costs of taking this action are zero, this would be a valid strategy. However, because of fear of competitors taking up a line's market share if the shipping company exits, even temporarily, this strategy cannot be valued simply in terms of shut-down and start-up costs. A further consideration is the fact that standard capital budgeting techniques, such as Net Present Value (NPV), cannot incorporate the flexibility to respond to new information and strategic responses explicitly into their investment analysis. This paper will demonstrate the use of Real Option Analysis (ROA) to provide guidelines for decisions about closing operations in adverse market conditions.     

大体积混凝土温度裂缝成因及防预措施

萧山港区及其物流现状萧山港区是杭州港四大港区中唯一位于钱塘江南岸的相对独立港区。近些年来,杭州港萧山港区的建设得到了快速发展。2006年完成货物吞吐量1157万吨,约占杭州港年度     

The coastal edge of the Northeast Water polynya in spring 1993

Multidisciplinary, marine ecological observations were conducted at the shallow water edge of the Northeast Water in June, 1993. Although variable in size and shape, a small polynya was constantly present at Eskimonaes, at the fast-ice edge of Ingolfsfjord. A shallow stratified layer developed at the water sufface at negative water and air temperatures—an effect of sea ice melting in cold water early in the season. Nutrients were recorded in considerable quantities, although by mid July NO₃ had become depleted. The chlorophyll and phytoplankton maxima at 8–12 m depth had peak values of 2 mg chl a m⁻³, typical for Arctic algal blooms. The phytoplankton included over 90 species and was dominated by the Fragillariopsis group. Zooplankton was poor in biomass and density, but over 23 taxa were found, with the copepods Oithona similis and Pseudocalanus acuspes being numerically dominant. Sedimentation was approximately 0.2 g dry weight m⁻² d⁻¹ and suspended matter concentrations ranged from 4 to 19 mg l⁻¹. The benthos was represented by hard bottom forms only, with a surprisingly dense cover of macrophytes. Juvenile sea urchins (Strongylocentrotus droebachiensis), brittle stars (Ophiocten sericeum) and amphipods were dominant. Higher trophic levels were represented by benthic feeders, such as eiders and walruses. The area observed was more similar to high Arctic fjord ecosystems than to the offshore central Northeast Water polynya.     

基于GT/ERP的大规模定制汽车订单管理系统

从供应链的角度出发，对大规模定制（mass customization．MC）下的汽车制造业的客户订单管理方法进行了研究．分析了大规模定制实现的基础．给出了针对汽车制造的客户订单处理的典型流程以及运作汽车订单管理系统中的难点，并做了深入细致的研究分析．提出了基于GT／ERP的订单管理解决方案．     

德国铁路电力机车动车概况

简要介绍德国铁路现有电力机车动车的各种系列、数量和主要改进.     

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.     

铁路罐车容积计量检定工作的几点思考

通过对目前铁路罐车容积检定工作中存在的问题进行深入的分析，找出存在问题的原因，提出了解决的具体办法。     

高精度GPS工程控制网天线高问题

介绍GPS接收机天线的基本结构和天线高的量取方法,从基线向量、闭合差、大地高、点位坐标等方面,阐述了天线高误差对平差计算造成的影响,说明在高精度GPS测量中要重视天线高问题,并探讨了天线高粗差探测的方法。     

桥梁施工控制网复测方法及成果分析

以某桥梁施工控制网为例,介绍桥梁施工控制网的复测方法及精度分析。     

五极纵轴测深法在长大深埋隧道勘探中应用

介绍五极纵轴测深法的基本原理,野外工作方法及工程实例,在宜万铁路长大深埋隧道的勘探中应用了五极纵轴测深法,经钻探验证基本吻合。理论及实践证明,五极纵轴测深法在非层状地层的探测方面有较好的分辨率,并可以直观地划分物探异常和绘出可信度较高的物性地质断面。