Global shipping IPOs performance

We analyze the short- and long-run price performance of 143 global shipping IPOs listed during the 1984–2007 period in major stock exchanges, computing Buy-and-Hold Abnormal Returns (BHARs) and Cumulative Average Returns (CARs). We find the average underpricing for shipping IPOs to be 17.69%. The light underpricing is positively related to the age of the firm, the reputation of the stock exchange the IPO is listed in and the market condition of the period in which the firm went public, and negatively related to the reputation of the underwriters. In the long run, shipping IPOs underperform after a five-month holding period. Specifically, using the BHARs as a benchmark for long-run performance, we reveal that investors who buy immediately after listing and hold shares for 3 years will make a loss of 15.72%. The conclusions suggested by this survey of the global shipping industry surprises us regarding the maturity in the behavior of its investors.     

Function Integration for Lightweight Chassis Based on Axiomatic Design and Design Structure Matrix

Function integration is the way used commonly to achieve the lightweight design system. To realize the design successfully by combing two systems multifaceted issues in need to be considered. The potential functional conflicts between the existing systems are the major unfavorable factors limiting the design. In order to complete the better design, the functional and physical relationships in the systems should be figured out. This paper proposes the approach, by which the function integration process is expressed using the axiomatic design. In the design process, the mutual relationships of design parameters in the systems are investigated by means of design matrices. The design concepts are compared and evaluated by the method combining the axiomatic design and design structure matrix.     

Simulator training for maritime complex tasks: an experimental study

Training simulators are largely deployed to provide operators working within complex systems to instil adequate skills to handle normal and abnormal situations. Improved technology and higher computation power have significantly increased the use of training simulators in the training programs. The goal of this pilot study is to determine the design of training in order to prepare for complex tasks within the maritime domain. In this experimental study, students are trained to perform docking operations when ocean currents with increasing complexity are introduced in the training program. The effect of the training is evaluated by comparing two groups: one trained with homogenous currents and the other with heterogeneous currents. Objective performance measures are used to analyse the participants’ performance. The results indicate that when the participants were exposed to tasks with gradually increasing complexity, they performed better as compared to those who were exposed to complex tasks too early in the training. The results suggest that even though the technology and computational power provide for new possibilities in training simulators, new features that make the tasks more complicated should not be included too early in the training without sufficient investigation. It is also found that increasing functional fidelity of the simulation during training has resulted in the improved performance of the participants during the complex tasks (docking operations), as compared to those training with the highest fidelity from the beginning.     

Well-to-wheel analysis for electric, diesel and hydrogen traction for railways

This paper derives the energy efficiencies and CO₂ emissions for electric, diesel and hydrogen traction for railway vehicles on a well-to-wheel basis, using the low heating value and high heating value of the enthalpy of oxidation of the fuel. The tank-to-wheel and well-to-tank efficiency are determined. Gaseous hydrogen has a WTW efficiency of 25% low heating value, if produced from methane and used in a fuel cell. This efficiency is similar to diesel and electric traction in the UK, US, and California. A reduction of about 19% in CO₂ is achieved when hydrogen gas is used in a fuel cell compared to diesel traction, and a 3% reduction compared to US electricity.     

Structural Performance Evaluation Procedure for Large Flexible Airship of HALE Stratospheric Platform Conception

Basic loads applied on the airship envelope were analyzed.The resultant forces,the static bending moment and the dynamic bending moment were formulated.Based on classic linear elastic membrane theory,the procedures to calculate the minimum pressure were proposed for sufficient rigidity evaluation.The limit load capacity was further investigated,and the related formula were developed.Finally,the stress and internal forces analysis was carried out for cylindrical and non-cylindrical approximations of envelope hull of airship.The present research is very valuable to the overall preliminary design of airship and further research.     

Individual characteristics and stated preferences for alternative energy sources and propulsion technologies in vehicles: A discrete choice analysis for Germany

With respect to the German goal of a transition to a lead market for electromobility within a short time period, this paper empirically examines the preferences for alternative energy sources or propulsion technologies in vehicles and particularly for electric vehicles. The data stem from a stated preference discrete choice experiment with 598 potential German car buyers. In order to simulate a realistic future purchase situation, seven vehicle types were incorporated in each of the six choice sets, i.e. hybrid, gas, biofuel, hydrogen, and electric vehicles besides common gasoline and diesel vehicles. The econometric analysis with flexible multinomial probit models reveals that potential car buyers in Germany currently have a low stated preference for electric, hydrogen, and hybrid vehicles. While our paper also discusses the impact of common vehicle attributes such as purchase price or service station availability, it particularly considers the effect of socio-demographic and environmental awareness variables. The estimation results reveal that younger potential car buyers have a higher stated preference for hydrogen and electric vehicles, males have a higher stated choice of hydrogen vehicles, and environmentally aware potential car buyers have a higher stated preference for hydrogen and electric vehicles. These results suggest that common policy instruments such as the promotion of research and development, taxation, or subsidization in the field of electromobility could be supplemented by strategies to increase the social acceptance of alternative vehicle types that are directly oriented to these population groups. Methodologically, our study highlights the importance of the inclusion of taste persistence across the choice sets and a high number of random draws in the Geweke–Hajivassiliou–Keane simulator in the simulated maximum likelihood estimation of the multinomial probit models.     

An environmental comparison of repair versus replacement in vehicle maintenance

In consequence of traffic accidents car maintenance is essential. There are two maintenance options: to either repair the damaged components or replace them. Economic and environmental considerations come into making the optimal choice. This article develops a comparative environmental assessment of the options for typical non-structural damage to passenger cars using life cycle assessment. The results show that the environmental impact is generally lower when a damaged car component is repaired than when a new one is fitted. Single process steps have a significant influence on the results, and selective improvements may have an effect on the respective impacts.     

无线技术在亚洲腾飞

随着新技术给铁路通信系统提出更高的要求，无线网络被证明是一种非常受欢迎的数据传输方式。西门子公司的沃尔夫冈·西门子和安德烈·基斯特解释了无线网络是如何在最具挑战的条件下支持一系列应用的。     

An eddy-permitting, coupled ecosystem-circulation model of the Arabian Sea: comparison with observations

A nitrogen-based, pelagic ecosystem model has been coupled with an eddy-permitting ocean general circulation model of the Arabian Sea, and the results are compared with observations. The seasonal variability simulated by the model is in good agreement with observations: during the southwest monsoon season, phytoplankton increases in the western Arabian Sea due to upwelling along the coast; during the northeast monsoon season, phytoplankton abundance is large in the northern Arabian Sea because of the enhanced nitrate entrained by relatively deep vertical mixing. Two major differences are, however, found in the basin-wide comparison between model results and observations: an unrealistic nitrate maximum in the subsurface layer of the northern Arabian Sea and too low primary production in oligotrophic regimes. The former may be attributed to the lack of denitrification in the model. Possible causes for the latter include the present model's underestimation of fast nutrient recycling, the neglect of carbon fixation decoupled from nitrogen uptake and of nitrogen fixation, and inadequate nitrate entrainment by mixed layer deepening. The rate at which simulated nitrate increases in the northern Arabian Sea is 11–24 TgN/year, and should correspond to the denitrification rate integrated over the northern Arabian Sea assuming that the loss of nitrogen through denitrification is balanced by advective input. The model does not reproduce the observed phytoplankton bloom in the late southwest monsoon season. Possible causes are that the mixed layer may be too shallow in summer and that the horizontal transport of nitrate from the coast of Oman may be too weak. Sensitivity experiments demonstrate a strong dependence of the simulated primary productivity on the vertical mixing scheme and on the inclusion of a fast recycling loop in the ecosystem model.     

Variation of households<Emphasis Type="Bold">’</Emphasis> car ownership across time: application of a panel data model

For economic and environmental policy formulation and with the effort of creating less car dependent societies, it is important to study the changing characteristics of car ownership in a household through time as well as factors responsible of these variations. There is a vast body of literature on empirical studies of car ownership and use. These studies have investigated the socio-economic background of the decision maker, the built environment and the perception associated with owning a car as determinant factors of car ownership and use. In most cases, these analyses have been carried out using cross-sectional data sets. However, the analysis of factors determining changes in travel behavior of an individual or household requires information on their behavior over time (longitudinal data set). In this study, the German Mobility Panel (1996–2006) is used to examine variation of car ownership through time and across households. The panel data modeling results showed that there are variations of car ownership between households whereas changes in car ownership of a given household over time (within household variations) are insignificant. The influence of other factors such as the households’ socio-economic background, the availability of public transportation and shopping/leisure facilities, perception on parking difficulties and satisfaction with existing public transportation services on the car owning characteristics of households is also presented and discussed in this paper.