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.     

学习贯彻两个部令全面提高铁路工程质量

2006年1月4日,刘志军部长分别签署了铁道部第25号、第26号令,发布了《铁路建设工程质量管理规定》和《铁路建设工程勘察设计管理办法》(以下简称“两个部令”),自2006年3月1日起施行。学习贯彻“两个部令”,是当前铁路建设管理的一项重要工作任务。1“两个部令”的重要意义铁道     

桥梁裂缝产生原因浅谈

从施工荷载引起的裂缝,温度变化引起的裂缝,收缩引起的裂缝,地基础变形引起的裂缝,钢筋锈蚀引起的裂缝,冻胀引起的裂缝,施工材料质量引起的裂缝,施工工艺质量引起的裂缝等方面阐述桥梁裂缝产生的原因。     

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.     

铁路旅客服务综合信息系统总体方案的研究

为给铁路旅客提供更加人性化的服务,提高旅客满意度,建立铁路旅客服务综合信息系统成为提高铁路竞争力的重要手段之一。经过充分的调研,确定了铁路旅客服务综合信息系统的总体框架及其系统结构设计,提出该系统不仅要真正满足旅客的需要,而且也要建立以旅客为中心的服务理念,为客户提供最大程度的满意服务。系统在建设中遵循自上而下的原则,以点带面,逐步推进,切实创建一流服务信息系统品牌效应。     

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.     

在实践中创新在岗位上奉献

一位普通的工人技师,在30多年的工作中,敢于拿港口的洋设备“开刀”,主持开展技术革新130多项,为单位创造效益8400多万元,两次被评为全国劳动模范,两次荣获天津市特等劳动模范称号。拥有“知识型产业工人”“、蓝领专家”“、港口工人的坐标”、“排障专家”等众多赞誉。他就是天津港(集团)公司煤码头有限责任公司操作一队队长孔祥瑞。应广大读者要求,本刊约请孔祥瑞撰写他的创新成果,以飨读者。————编者