Airline industry deregulation and changes in systematic risk

Deregulation of U.S. Airline Industry may have lowered systematic risk because pricing freedom and route flexibility improved airline management reaction to various economic conditions. Reduced systematic risk offers lower cost of equity capital for the industry as a whole as well as for individual carriers. Previous research has had mixed results in identifying a relationship between deregulation and airline industry cost of capital. This study plots airline industry Beta coefficients across the years 1963 to 1987 and clears up previously conflicting research findings. Beta coefficients had been falling since the fuel crisis of 1974 and continued to fall through 1980. Fluctuations since deregulation have been relatively minor and systematic risk has leveled off at a significantly lower value than before deregulation. Studies which concentrate on the fluctuation in Beta since 1978 are dependent on the exact time period of analysis, and their conclusions that deregulation raised or lowered systematic risk are likewise suspect. A broader view of systematic risk changes in the deregulatory era shows airline Betas peaking from 1971 to 1973 and a gradual decrease as deregulation was being discussed, implemented, and legally mandated. This gradual decline from 1974 to 1980 may be attributed to such factors as fuel prices, interest rates, general inflation as well as deregulation. In any case systematic risk of the U.S. Airline industry has been lower since deregulation than in decades before.     

IEC列车通信网络

国际电工委员会（ＩＥＣ）和国际铁路联盟（ＵＩＣ）为铁路车辆之间和车辆内互相联接的可编程设备制定了一项标准——《列车通信网络》（ＴＣＮ），其目的是有利于铁路运用部门、装配厂和设备供应商实现世界范围的车辆间的相互操作和插入式设备的联接。文章介绍了ＴＣＮ的体系结构，包括绞线式列车总线（ＷＴＢ）和多功能车辆总线（ＭＶＢ）的功能、技术参数、公共协议及网络管理，并对ＴＣＮ原型的开发、试验验证情况和标准草案工作进程作了简要的说明。     

柴油机气缸盖机械变形和应力的精确三维分析

本文在分析了国内外大量气缸盖结构分析算例特点的基础上,对16V240ZJ柴油机气缸盖的机械应力用三维有限元法在微机上进行了比较全面细致的计算,在计算模型中,对气缸盖各部分结构都不作替代简化;在边界条件的处理方面,计入了气缸套的弹性,并与刚性支承边界条件计算结果进行了比较,计算求得的位移和应力分布规律与实测完全一致,最大位移误差6.5％,最大压应力误差7.4％。     

Prediction of ship brittle fracture casualty rates by a probabilistic method

It has been proposed that grade A should be replaced with a tougher steel for ship construction. This recommendation is not supported by casualty statistics. Brittle fractures have decreased from once every 10 ship years at the time of the Liberty ships, to once every 100 ship years in the 1950s, and now stand at around once every 10,000 ship years. The authors have developed a probabilistic fracture mechanics approach indexed to the Charpy 27 Joule temperature, T_27J. This is used here to analyse the Liberty ship failures. Comparison with a databank of T_27J values for grade A steel spanning 1920 to 1995 suggests that the Liberty ship steel was unusually brittle. The probability analysis shows good agreement between predicted and observed fracture casualty rates for the Liberty ships and helps explain why brittle fractures are now uncommon in grade A steel ships.     

The exceptional service of driverless metros

Automated People Movers can be classified on the basis of scale as “architectural”, institutional”, and “mass transit”. The paper examines mass transit applications in both America and overseas, with emphasis on experience in France, Great Britain, Copenhagen, Canada, and Japan. The benefits of automation are discussed.     

电气化铁路传动技术100年的发展(二)

在直流电气化铁路上,一开始就较好地掌握了传动技术,但在交流电气化铁路上,几十年来传动技术要求供电电源的频率低于地方电网的频率.进一步发展传动技术时只有使用电力电子技术才可减小受电网支配的影响.今天用GTO和IGBT电力电子元件和微机控制技术,能在所有供电电网下使用交流传动技术.     

Impact Analysis of the Reduction Effect for Reducing Joint Position of Stick-slip Fault TunnelEI北大核心

Research purposes: Based on an engineering of traffic tunnel, anti-breaking model experiment of large-scale 1 :30 is carried out under fault dislocation. Reduction effect of three working conditions(working condition A of no reducing joint, B of staggered setting of reducing joint and dislocation surface, C of reducing joint set at dislocation position) is comparatively analyzed by analysis of contact pressure, lining strain and lining stress. The optimal location of reduction joint is explored. Research conclusions:(1)The reduction effect of different position of reducing joint is different, such as A相似文献   

轮-轴组件的三维弹性接触分析

本文根据接触问题的参变量最小势能原理,建立了接触问题的有限元参数二次规划解,并以RE_2型车轴为例,按三维接触模型进行了计算分析。     

Scientists and Crew

This study reports on scientist/crew relations aboard research vessels at sea. It is a case study in a case study in a long-range project dealing with the relations of natural scientists in the U.S.A. to various segments of the lay population. An earlier paper dealt with the interaction of scientists and Government policy makers during the science-advisory process [1]. In that study we found that the frustration was reciprocal; scientists and policy makers were equally vocal on what was wrong with ‘ the other groups’. The present research, by comparison, focuses on scientists and members of ‘the working class’. Here we find the frustration rather one-sided, reflecting the differences in status and power of the two groups. On a research vessel, science and scientists control the lives and careers of the mariners. In the science-advising committee, members of both government and science meet as social equals.

In this paper elements of conflict between scientists and crew on a research vessel are described. It is suggested that conflict between these two groups is the inevitable result of extending the ‘intellectual’/‘worker’ class conflict of our society to a closed space at sea. The controlling mechanism of the conflict may be called ‘subcultural privacy’, a mechanism worked out by mariners to cope with the disrupting effects of a constant stream of strangers into their sea-going home. The mechanism takes the form of institutionalized ‘bitching’ and systematic physical separation of scientists and crew during critical periods of the day. It is suggested that attempts to create greater crew/scientist harmony by forcing by greater interaction (and thus a breakdown of subcultural privacy) will be counter productive.     

The exclusive economic zone: criteria and machinery for the resolution of international conflicts between different users of the EEZ

It is highly probable that one of the results of the Third United Nations Conference on the Law of the Sea will be the recognition of a new jurisdictional zone—the exclusive economic zone (EEZ). This 200-mile zone will be used for a variety of potentially conflicting purposes by both the coastal state and non-coastal states and it is therefore important to ensure that the new convention emerging from the conference should establish criteria and make provision for machinery for the resolution of the international conflicts between different users which will undoubtedly arise. This paper contains a critical analysis of the latest draft articles under consideration at the Conference and considers the criteria by reference to which disputes might be resolved.