On the Role of Futures Trading in Spot Market Fluctuations: Perpetrator of Volatility or Victim of Regret?

We examine the role of index futures trading in spot market volatility. We use the exponential generalized autoregressive conditional heteroskedasticity (EGARCH) approach to measure volatility, analyze causality and feedback relations between volatilities in the spot and futures markets, and test various hypotheses in the context of a multivariate model that incorporates other macrostate variables. Our empirical results suggest index futures trading may not be blamed for the observed volatility in the spot market. Rather, we find stronger and more consistent support for the alternative posture that volatility in the futures market is an outgrowth of a turbulent cash market. We use the regret (cognitive dissonance) theory to explain our results.     

Philadelphia obtains useful information from its customers about taste and odour quality.

Customers are sensitive to the flavour of water. Customers evaluate drinking water based on their expectations, on experiences with their usual drinking water and on experiences with alternative waters. The Philadelphia Water Department provides one example of success in developing a better understanding of customer perceptions and attitudes about tap water taste and odour. Philadelphia found that customers do communicate in ways that water utilities can understand. Water utilities can enhance that communication and collect useful data. In addition, water utilities can characterise their tap water flavour, track it for changes and correlate changes to customer complaints.     

Removal of endocrine disrupting chemicals (EDCs) using low pressure reverse osmosis membrane (LPROM).

Endocrine disrupting chemicals (EDCs) are the focus of current environmental issues, as they can cause adverse health effects to animals and human, subsequent to endocrine function. The objective of this study was to remove a specific compound of EDCs (i.e. pentachlorophenol, C(6)OCL(5)Na, molecular weight of 288 g/mol) using low pressure reverse osmosis membrane (LPROM). A cross flow module of LPROM was used to observe the effects of operating parameters, i.e. pH, operating pressure and temperature. The design of the experiment was based on MINITAB(TM) software, and the analysis of results was conducted by factorial analysis. It was found that the rejection of pentachlorophenol was higher than 80% at a recovery rate of 60 to 70%. The rejection was subjected to increase with the increase of pH. The flux was observed to be increased with the increase of operating pressure and temperature. This study also investigated the interaction effects between operating parameters involved.     

The impact of cleaner processing on nutrient availability in the bleached kraft industry.

The pulp and paper industry has invested heavily over recent years in cleaner processing, to reduce losses and minimise its impact on the environment. Over the past fifteen years, a New Zealand integrated bleached kraft mill has undergone a comprehensive programme of upgrades to increase production, reduce water consumption and streamline its biological treatment process. Whilst the overall discharge of contaminants from the site decreased, the treatment system performance did not show a concurrent improvement as may have been expected. Reduced BOD removal, low dissolved oxygen levels, and poor solids settlability were symptomatic of phosphorus limitation in the aerated lagoon treatment system. The wastewater entering the system was found to be phosphorus limited at a BOD:P ratio of 100:0.2. Mono-ammonium-phosphate was supplemented, at approximately 30 kg P/d, to raise the phosphorus levels to a BOD:P ratio of 100:0.3. Treatment efficiencies improved very quickly after phosphorus dosage, with a 50% reduction in BOD and TSS discharge, a significant increase in dissolved oxygen levels, and improved BOD removal (85% to 93%). This case study demonstrates that whilst more closed operation can result in reduced discharge of organic loads, there may be negative impacts on the availability of nutrients for balanced biological growth.     

Effects of solid retention time on the performance of submerged anoxic/oxic membrane bioreactor.

In this study, four similar bench-scale submerged Anoxic/Oxic Membrane Bioreactors (MBR) were used simultaneously to investigate the effects of solids retention time (SRT) on organic and nitrogen removal in MBR for treating domestic wastewater. COD removal efficiencies in all reactors were consistently above 94% under steady state conditions. Complete conversion of NH(4+)-N to NO(3-)-N was readily achieved over a feed NH(4+)-N concentration range of 30 to 50 mg/L. It was also observed that SRT did not significantly affect the nitrification in the MBR systems investigated. The average denitrification efficiencies for the 3, 5, 10 and 20 days SRT operations were 43.9, 32.6, 47.5 and 66.5%, respectively. In general, the average effluent nitrogen concentrations, which were mainly nitrate, were about 22.2, 27.6, 21.7 and 13.9 mg/L for the 3, 5, 10 and 20 days SRT systems, respectively. The rate of membrane fouling at 3 days SRT operation was more rapid than that observed at 5 days SRT. No fouling was noted in the 10 days and 20 days SRT systems during the entire period of study.     

Some 'real' problems of 'virtual' organisation

This paper presents an ethnographic study of organisational change in a retail bank considering issues surrounding the supposed emergence of the 'virtual organisation'. It outlines emerging problems in organisational work as a consequence of the shift toward 'virtuality' and questions the explanatory value of such theoretical stances.     

Phosphorus Inputs to Lake Simcoe from 1990 to 2003: Declines in Tributary Loads and Observations on Lake Water Quality

Total phosphorus (TP) inputs to Lake Simcoe have led to hypolimnetic dissolved oxygen (DO) depletion and loss of cold water fish habitat. Since 1990, efforts have been made to reduce the total TP input to the lake below a defined target of 75 t/year, which was predicted to lead to reductions in spring TP concentration and improvements in end-of-summer hypolimnetic DO concentrations. The total TP load to the lake during the most recent period of record (1998/99-2003/04) ranged from 53 to 76 t/yr and averaged 67 t/yr, compared to an average of 114 t/yr estimated between 1990/91 and 1997/98 (range 85-157 t/yr). Reductions in TP loads from the catchment via tributary discharge (∼26 t) accounted for the majority of the decrease in total load between the two time periods. Total P concentrations decreased significantly in four out of six long-term monitored tributaries; however, concentrations in all six tributaries remain above the level recommended to avoid nuisance plant growth (30 μg/L). Although TP loads to the lake are currently below the target 75 t/yr, excessive growths of filamentous algae and macrophytes continue to be a problem in the nearshore zone. End-of-summer minimum hypolimnetic DO concentrations (average 4.3 mg/L, 1998/99-2003/04) remain substantially below the level (7 mg/L) that is considered protective of lake trout. Efforts to reduce TP loads to the lake therefore need to continue.     

Modeling of anaerobic treatment of wastewater in ponds.

A mathematical model to simulate the performance of anaerobic ponds was developed incorporating both settling of particulate components and the biological anaerobic digestion process. The biological activity includes solubilization of particulate organic matter; methanogenesis and the sulphate reduction process. The model considers that an anaerobic pond comprises a series of equal size columns. Each column has three compartments viz. liquid layer, active sediment layer and inert sediment layer. The existence of organic matter and sulphate removal mechanisms both in the bulk as well as sediment layer of the ponds and the exchange of the soluble components between the layers has been included in the model. The model was transferred to a computer program using VisSim Basic software. The model was verified by comparing simulated results with full-scale as well as with laboratory-scale anaerobic pond performance data. A good agreement between the simulated and the observed pond performance was achieved.     

Maturation ponds, rock filters and reedbeds in the UK: statistical analysis of winter performance.

Wastewater treatment technologies suitable for serving large populations are generally reliable and reasonably cost-effective, yet they are almost always financially inappropriate for small communities (< 2,000 p.e.). Comparative cost data suggests that waste stabilization ponds should be an attractive option for small communities, yet perceptions relating to land costs, climate and effluent quality have limited their application in the UK. This paper details typical UK land costs, climate and winter performance data for a pilot-scale waste stabilization pond with various upgrading technologies: system A, two tertiary maturation ponds in series; B, two tertiary maturation ponds in series followed by a reed bed channel; C, a control rock filter; D, an aerated rock filter; and E, a constructed wetland. System D was found to perform best, closely followed by system B.