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.     

The market for second-hand ships: Further results on efficiency using cointegration analysis

This paper examines the dynamic behaviour of second-hand prices of tankers and dry-cargo vessels over various time periods, with a view to determining whether or not the markets for such assets are efficient. It extends and re-analyses the results of an earlier study by Hale and Vanags, published in this journal in 1992. Using a more modern method of testing for cointegration, it is shown that both the tanker and dry cargo markets appear to be cointegrated, a fact which would suggest that these markets are inefficient. It is suggested that the existence of cointegration does not necessarily imply market inefficiency, if the factors that create the common trends are themselves stochastic in nature. With this in mind, it is argued that the evidence put forward in this paper is still consistent with market efficiency in the long run.     

Gain and noise figure analysis of Er<Superscript>3+</Superscript>-doped YAG transparent ceramic microchip amplifier

The rate equations and the power evolution equations based on excited state absorption (ESA) and cooperative upconversion (CUC) of high concentration erbium-doped yttrium aluminum garnet (YAG) transparent ceramic waveguide amplifier are set up to analyze the effects of the pump power, active ion concentration and waveguide length on the amplifier gain and noise figure (NF). The numerical analysis predicts that with a pump power of 100mW, an active ion concentration of 1.0×10²⁶ ion/m³ and a waveguide length of 3 cm, a small-signal gain of 30 dB and an NF of 5 dB can be achieved in the micro-chip amplifier.     

Ontario cottager associations and shoreline management

Abstract

Growth in the number of cottager, or lake property owner, associations in Ontario has been rapid. Cottager associations attempt to address directly, and influence government decision‐making on, issues affecting shoreline management and the recreational experience of cottagers. However, associations infrequently resolve these issues to their satisfaction. A questionnaire and case study show that the nature of the issue, human and financial resources available to the association, and the nature of the decision‐making process affect the extent to which associations influence outcomes. Unreceptiveness of government officials to association participation in decision‐making and confused agency jurisdictions over shoreline resources appear to inhibit association effectiveness. Concerns about the status of shoreline management in Ontario and public participation in decision‐making are raised.     

Development of a hull form definition tool with a related knowledge-based advisory system

The development of a parametric hull form design system utilizing combined knowledge-based and objectoriented methodologies, approaches, and techniques is the major purpose of this research. One objective was the development of a powerful, intuitive, and parameter-based hull definition system with a related hull definition advisory system that would provide useful and necessary advice to the user. Object and knowledge modeling activities were conducted during the analysis and design stage to facilitate the implementation of a hull design program and advisory system. The hull design system includes the generation of a geometric model from a process of aggregating simple user-selected shapes representing different boundaries. Design involves the capability to vary simple parameters such as entrance angles, length-breadth ratios, and radii to define local and general surface geometries. Hydrostatic calculations are included for analysis; results are referred to an advisory system for evaluation and the determination of the acceptability of parameters and analysis results. The advisory system includes a knowledge bases consisting of hull form databases, results of the statistical analysis of data, design parameter constraints, and expert knowledge acquired from designers, reference materials, and technical reports. Use of the design tool with the advisory system results in the rapid generation of hull forms and associated design evaluations. Flexibility in decision making results from the separation of the design system from the advisory system. The independence of the two systems allows for a wide range of user experience with experts using the design tool with minimal reference to the advisory system. On the other hand, the expertise and knowledge stored in the advisory system is fully available to inexperienced designers and users.     

Study of the helicopter blade running elevation measurement system

Helicopter blade running elevation measurement is an important measure target in helicopter blade dynamic balance experimentation. The elevation influences the helicopter＇ s security and other performance capabilities. In testing, however, it has been difficult to measure the elevation when the rotor reaches high speeds. To get a simple, fast and highly accurate measurement system, photo electricity technology was applied to measuring the blade running elevation. Discussed is the measurement principle of blade running elevation, tire design of the measurement system and analysis of the measurement precision.     

异步电动机矢量控制(FOC)和直接转矩控制(DTC)方案的比较

磁场定向控制和直接转矩控制技术正在成为异步电动机转矩控制的工业标准.文章给出这两种控制方案的详细比较,重点是它们的优、缺点.从转矩和电流脉动、跟踪转矩命令阶跃变化的转矩瞬态响应等方面评估了两种控制方案的性能.根据数值仿真结果进行了分析,但未涉及系统硬件带来的二次影响.     

Course-keeping control of underactuated hovercraft

The course-keeping control of underactuated hovercraft with two aft propellers was considered. The control of the heading error and cross-track error was accomplished by the yaw torque merely in this case. The hovercraft dynamic model is nonlinear and underactuated. At first the Controllability of course-keeping control for hovercraft was proved, then a course-keeping control law was derived that keeps hovercraft heading constant as well as minimizes the lateral movement of hovercraft. The proposed law guarantees heading error and sway error all converge to zero exponentially. Simulation tests were carried out to illustrate the effectiveness of the proposed control law. For further research, the disturbance influence would be considered in the dynamic equations.     

Special requirements for alumina ceramic of ESG electrode bowl

At present ESG (Electrostatic Suspended Gyro) is the most precise inertia element in the world. The electrode bowl, which has direct effect on the precision of ESG, is a key part to ESG. Through the analysis of the function and characteristic of the electrode bowl in hollow rotor ESG and the present situation of new material development in the world, the alumina ceramic is regarded as the best material for the electrode bowl of hollow rotor ESG. By analyzing the present situation of alumina ceramic in the world, main technique requirements have been put forward for the alumina ceramic of ESG electrode bowl which is also fit for solid rotor ESG.