DURATION MOMENTS AND YIELD CURVE MOVEMENTS

In this paper we will analyze the relationship between the value and duration moments of a cash flow and movements in the yield curve. We will show that for changes in the yield curve which can be related to tⁿ , the 1st order changes in the net present value of a cash flow are linearly dependent on the n + lth duration moments, and that the 2nd order changes are dependent on the sum of duration moments of order 2 n + 1 and 2 n + 2. We will use this relationship to tilt tracking portfolios so as to protect them against specific changes in the yield curve.     

Conditions for reliable dewatering systems based on voidless drainage in slightly permeable soils

Conclusions 1. Use of dewatering systems based on voidless drainage is most effective when dewatering slightly permeable soils in regions with a deep seasonal frost. 2. Two-story drainage with the upper and lower stories spaced 30 m apart accelerates the discharge of gravitational water from the arable layer. Results of observations on two-story drainage in experimental-production sections indicated that it discharges 2 – 3.8 times more water than systematic tubular drainage with an interdrain spacing of 10 m and a 0.2-m thick three-dimensional filter of a sandy-gravelly mixture. 3. It is recommended to use crushed stone and porous-clay gravel with a fineness of 10 – 20 mm as a filler. In that case, protection of the drain filler is, as a rule, required only from the intrusion of soil from above during construction in cohesive soils with a plasticity indexW _p≥7. 4. seepage rate in a voidless drain should be lower than the scouring velocity for the soil in which the voidless drainage is placed. In the opposite case, it is necessary to lower the grade of the drains or select a filler gradation such that the seepage rate in the drain be lower than the scouring velocity. Translated from Gidrotekhnicheskoe Stroitel’stvo, No. 8, pp. 41–43, August, 1998.     

Information styles of marketing and R&D personnel during technological product innovation projects

Abstract The research question in the present article can be phrased in the following way: what are the elements which influence the perception of the utility of information received from another function? A field study research has been conducted in 40 Belgian companies. In each company, we have studied two on-going innovation projects (one planning project, one development project). Crossfunctional communication behaviours at the R&D/marketing interface have been measured by means of mailed structured questionnaires. Three-hundred and eighty-six questionnaires have been returned. The data analyses show that there are four underlying information dimensions, i.e. the perceived relevance, the perceived comprehensibility, the perceived novelty and the perceived credibility of information. We also discuss some contingency variables (function of the message receiver, stage in the innovation process) that might moderate the impact of these dimensions. It will be shown that the interaction between source and receiver has a significant impact on the perceived credibility, the perceived comprehensibility and the perceived novelty of the received information.     

Negotiation support using the Graph Model for Conflict Resolution

The Graph Model for Conflict Resolution is a flexible methodology for systematically studying strategic conflicts in the real world, and is therefore a natural tool for negotiation support. The basic definitions underlying the graph model are reviewed, and the techniques for analysis and interpretation are discussed. The modeling and analysis of a case study, an international trade negotiation concerning the export of Canadian softwood lumber to the United States, are used to demonstrate the practical application of the Graph Model for Conflict Resolution as a negotiation support tool. The modeling and analysis is carried out using the GMCR software system. The ability of the Graph Model for Conflict Resolution to provide insights and advice to negotiators is emphasized.     

Role transitions in older adults: A marketing opportunity

Consumers act out roles throughout their lives. Marketers assist in this role playing by providing the wardrobes, props, and sets in the form of products and services. They also help people understand acceptable role behavior by portraying roles in their communication programs. Consumers assume new roles as they age. This article is designed to enhance understanding of the often-ignored roles that accompany aging and provides examples of and suggestions for effective marketing for these role transitions.     

Optimal immigration, education and growth in the long run

The paper extends Manning's model on education and balanced growth to include labour immigration. Each immigration unit is assumed to consist of one skilled worker and some unskilled members. The optimal immigration policy which maximizes the per capita steady-state consumption of the host country is derived. We show that optimal immigration policy can reduce the steady-state skilled labour ratio. More interesting still, contrary to the widespread belief that immigration of skilled workers hurts local skilled workers, it is the unskilled local workers whose interests are threatened by optimal immigration policy.