Day-of-the-Week Effects in the Long-Run Performance of Initial Public Offerings

This study examines the influence of day-of-the-week patterns in security returns on long-run IPO underperformance. Comparisons are made between the IPOs in Ritter's [20] database, and a constructed set of matching firms based on SIC code and size, using NYSE, AMEX, and NASDAQ securities. It is found that virtually all of the IPO underperformance occurs on Mondays and Tuesdays and that the degree of underperformance significantly differs from other days. Thus, a common explanation may exist for the general day-of-the-week pattern in security returns and IPO long-run underperformance.     

Classification and aggregation: An application to industrial classification in cps data

In this paper we offer a method for deciding how to aggregate a set of elementary industries. The method is then applied to the problem of estimating a wage equation that allows for industry-specific effects. Our method explicitly formalizes the trade-off between goodness-of-fit and parsimony implicit in an aggregation problem. By varying the parameter of the assumed loss function, one obtains a whole sequence of aggregation levels. Further, the resulting sequence is consistent; that is, groupings formed at one level of aggregation will never be undone when one aggregates further.     

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 prediction of solute transport in surcharged manholes using CFD.

Solute transport processes occur within a wide range of water engineering structures, and urban drainage engineers increasingly rely on modelling tools to represent the transport of dissolved materials. The models take as input representative travel time and dispersion characteristics for key system components, and these generally have to be identified via field or laboratory measurements. Computational Fluid Dynamics (CFD) has the potential to reveal the underlying hydraulic processes that control solute transport, and to provide a generic means of identifying relevant parameter values. This paper reports on a study that has been undertaken to evaluate the feasibility of utilising a CFD-based approach to modelling solute transport. Discrete phase modelling has been adopted, as this is computationally efficient and robust when compared with the time-dependent solution of the advection-dispersion equation. Simulation results are compared with published laboratory data characterising the dispersion effects of surcharged manholes, focusing specifically on an 800 mm diameter laboratory manhole for a flowrate of 0.002 m(3)/s and a range of surcharge depths. Preliminary indications are that the CFD results adequately replicate the measured downstream temporal concentration profiles, and that a threshold surcharge depth, corresponding to a change in hydraulic regime within the manhole, can also be identified.     

Nitrification parameter measurement for plant design: experience and experimental issues with new methods.

Nitrification kinetics are important for process design, optimization, and capacity rating of activated sludge wastewater treatment plants. A Water Environment Research Foundation (WERF) project on Methods for Wastewater Characterization in Activated Sludge Modeling (WERF, 2003) focused significantly on the development of procedures for measuring the nitrifier maximum specific growth rate, micro(AUT). In addition, the importance of (and lack of data for) the nitrifier decay rate, b(AUT), was identified. This paper describes three bench-scale methods for measuring micro(AUT): the Low F/M SBR, Washout and High F/M methods. During the WERF project, the importance of pH and temperature control was investigated briefly; this paper summarizes further experimental work performed to address these issues. A summary of micro(AUT) measurements in a number of locations and using the different measurement techniques is provided.     

Removal of E. coli and helminth eggs in UASB: Polishing pond systems in Brazil.

Ponds following anaerobic reactors, such as Upflow Anaerobic Sludge Blanket (UASB) reactors, have been termed polishing ponds in the literature. The present paper analyses the removal of E. coli and helminth eggs in five UASB-polishing pond systems in Brazil. Since there were ponds in series, the total number of ponds was 10. The ponds had average retention times varying from 2 to 21 days, and depths ranging from 0.40 to 2.00 m. The shallow ponds in series, even with low retention times, were able to produce effluents complying with the coliform WHO guidelines for unrestricted irrigation (< or = 1000 MPN/100 ml). An equation for the coliform decay coefficient was proposed: Kb (dispersed flow) = 0.710H(-0955) (20 degrees C). The equation highlights the inverse relationship between the pond depth and the decay coefficient. All polishing pond systems were able to produce effluents with helminth eggs concentrations predominantly equal to zero, and satisfying the WHO guidelines for unrestricted and restricted irrigation (< or = 1 egg/L, arithmetic mean). The approximate range of helminth eggs removal efficiency was predicted satisfactorily.     

Detection of fatty acid beta-oxidizing syntrophic bacteria by fluorescence in situ hybridization.

A new 16S rRNA-targeted oligonucleotide probe, specific for the cluster of fatty acid beta-oxidizing syntrophic bacteria of the family Syntrophomonadaceae was designed for fluorescence in situ hybridization. This probe was evaluated with target as well as non-target cultures. Moreover this probe was assessed with butyrate and oleate degrading enrichment cultures and methanogenic sludges from full-scale plants. The results showed that the probe revealed the presence of fatty acid beta-oxidizing syntrophic bacteria in some of the samples analyzed. However, cell quantification was possible only in enrichment cultures and in a flocculent sludge from a reactor that treats lipid-rich wastewaters, but not in methanogenic granular sludges from upflow anaerobic sludge blanket reactors.     

Understanding community receptivity to water re-use: Ku-ring-gai Council case study.

This social research project investigated community receptivity to using rainwater and greywater as alternative domestic water sources. It was focused in the Ku-ring-gai local government area in northern Sydney, and involved a household questionnaire followed by community leader interviews and resident focus groups. Trends, such as a prolonged drought and increasing population, compound the current crisis and concern facing Sydney's available water supply. Substitution of domestic potable water has been promoted as part of the solution. The research results revealed that community receptivity was highest for external uses, such as watering gardens and flushing toilets, and progressively decreased with increasing personal contact. Receptivity to greywater reuse fell more rapidly with the community believing there was a higher health risk associated with its use. Gender and cultural background were revealed as significant variables and give insight into the design of strategies to target these demographic groups. This evidence provides a reliable stocktake of current receptivity revealing that the community has good awareness and positive association with water reuse for many household activities. This now needs to be harnessed through programs targeted at developing skills, resources and motivation for new water reuse practices and technologies across diverse social groupings.     

The effects of deep zones on wetland nitrogen processing.

Twelve research wetlands were operated under varying conditions at a site west of the city of Phoenix. These were constructed as a triplicated design, with zero, one, two and three internal deep zones, all containing an inlet distribution and an outlet collection deep zone, together comprising 12.5-35% of the wetland areas. The water supply was partially nitrified effluent from a city wastewater treatment plant. Total nitrogen was reduced by about 50%, from inflow concentrations between 6 and 8 mg/L. Speciation of the inflow was approximately 25% organic nitrogen, 25% ammonium nitrogen and 50% nitrate nitrogen. Typical outflow concentrations were about 1.2 mg/L organic, 0.5 mg/L ammonium and 0.0-2.5 mg/L nitrate. Rate constants for total nitrogen were 15-20 m/year at 20 degrees C, and 20-30 m/year for nitrate, which agree well with other project reports. Temperature factors averaged 1.100 for total nitrogen, and 1.184 for nitrate. There were no differences in the internal hydraulics with deep zone numbers. Deep zone numbers in the wetlands did not affect nitrogen treatment performance. No differences with deep zone numbers were found for temperature, dissolved oxygen, pH, or nitrogen removals or rate constants. In conjunction with other reported results, there appears to be no large treatment benefit or detriment of incorporating internal deep zones in free water surface wetlands.