Liquidity, Labels and Medium-Term Notes

We suggest that the medium-term note market provides an excellent laboratory for exploring the relationships between yield, liquidity, and the label affixed to a financial instrument. Crabbe and Turner (1995) examined the liquidity issue and uncovered the counter-intuitive result that issue size is unrelated to liquidity. Their study failed to examine a potential channel for a liquidity effect, however, in the form of multiple issues from a single, typically large, MTN registration filing. We find evidence that file size is significantly related to yield in a number of instances. Several other proxies for liquidity, such as frequency of issue, are also sometimes significantly related to yields. Contrary to Crabbe and Turner (1995) , we find that labeling a security an MTN can have an impact on its yield. The label "note" also appears to matter for yield in some instances.     

Using a weight-of-evidence approach for management of watersheds.

This research used a weight-of-evidence approach to evaluate sources of contaminants in a drinking water watershed that serves as part of the City of Boston's water supply. The approach incorporated land use analysis using GIS, sanitary surveys, traditional water quality monitoring and microbial source tracking (MST) tools. Case-study tributaries were selected based on elevated faecal coliform counts. Land use analysis and sanitary surveys were used to identify suspected microbial sources, including residential septic systems, agricultural animal operations, commercial/industrial operations and wildlife activity. Sampling sites were selected to hydrologically isolate potential contamination sources. Samples were collected seasonally over 1 year and analysed for traditional and MST parameters. Results demonstrated that both septic systems and a horse stable were contributing microbial loads in the first tributary. In the second tributary, septic systems from the townhouses were contributing microbial loads while a plant nursery was contributing organic matter. This evidence was used to evaluate best management practices to mitigate the contamination.     

Granular biofilm-based anaerobic digestion: molecular biomonitoring and high-rate psychrophilic treatment of phenolic wastewater.

Two pairs of expanded granular sludge bed (EGSB) bioreactors, R1/R2 and R3/R4, were designed. R1/R2 were used for mesophilic (37 degrees C) treatment of synthetic wastewater over a 100-day trial. A successful start-up was achieved by R1 and R2, with COD removal over 90%. Both reactors were operated under identical parameters; however, increased organic loading induced a reduction in COD removal by R1, while R2 maintained satisfactory performance throughout the experiment. R3/R4 were operated at 15 degrees C throughout a 422-day trial and were used for the stabilisation of volatile fatty acid-based wastewater. Phenol was introduced to R4 at an applied loading rate of 1 kg phenol m(-3)d(-1), which was increased to 2 kg phenol m(-3)d(-1). No phenol was supplied to R3. Efficient COD conversion was recorded in both R3 and R4, thus demonstrating the feasibility of high-rate phenol degradation under psychrophilic conditions. Terminal restriction fragment length polymorphism analysis was applied to the characterisation of microbial community dynamics within each of the reactors. The results indicated a microbiological basis for the deviation, in terms of operational performance, of R1 and R2. TRFLP analyses indicated stable microbial communities in R3 and R4, but detected changes in the abundance of specific ribotypes in response to phenol mineralisation.     

Fluidised pellet bed bioreactor: a promising technology for onsite wastewater treatment and reuse.

A pilot-scale fluidised pellet bed (FPB) bioreactor, which combines chemical coagulation, biological degradation, particle pelletisation and separation in one unit, was applied for onsite wastewater treatment and reuse. As a result of rational use of inorganic coagulant and organic polymer and moderate mechanical agitation, spherical particles were generated in the upflow column and a well-fluidised bed was formed. With a continuous supply of dissolved oxygen through a recycling loop, an aerobic condition was kept in the bottom section of the FPB column. Under such conditions the pellets in the FPB column showed the following characteristics: (1) compact structure and high density; (2) rich in microorganisms; and (3) high MLSS and MLVSS concentrations. Therefore, the FPB bioreactor achieved more than 90% removal of SS, COD, BOD and TP from raw domestic wastewater within a total hydraulic retention time (HRT) of only about 30 minutes. It also showed nitrification and denitrification ability and the TN removal could be about 50% as the recycling ratio was increased to 1:1. The treated water quality is generally competitive with the secondary effluent from a conventional activated sludge process. With these advantages the FPB bioreactor is recommendable as a compact system for onsite wastewater treatment and reuse.     

Integrated modelling under uncertainty in watershed-level assessment and management.

Uncertainty in water quality model predictions is inevitably high due to natural stochasticity, model uncertainty, and parameter uncertainty. An integrated modelling system (modified-BASINS) under uncertainty is described and demonstrated for use in receiving-water quality prediction and watershed management. A Monte Carlo simulation was used to investigate the effect of various uncertainty types on output prediction. Without pollution control measures in the watershed, the concentrations of total nitrogen (T-N) and total phosphorus (T-P) in the Hwaong Reservoir, considering three uncertainty types, would be less than about 4.4 and 0.23 mg L(-1), respectively, in 2012, with 90% confidence. The effects of two watershed management practices, wastewater treatment plants (WWTP) and constructed wetlands (WETLAND), were evaluated. The combined scenario (WWTP + WETLAND) was the most effective at improving reservoir water quality, bringing concentrations of T-N and T-P in the Hwaong Reservoir to less than 3.4 and 0.14 mg L(-1), 24 and 41% improvements, respectively, with 90% confidence. Overall, the Monte Carlo simulation in the integrated modelling system was practical for estimating uncertainty and reliable in water quality prediction. The approach described here may allow decisions to be made based on the probability and level of risk, and its application is recommended.     

Characterisation and biological treatment of greywater.

Characterisation of greywater was conducted in two different greywater streams in the Netherlands (Groningen and Sneek). The concentrations of macropollutants and nutrients measured were very different in both streams; in particular the COD was 425 mg/L in Groningen's water whereas in Sneek it was 1,583 mg/L. The aerobic treatment of greywater in a fed-batch reactor led to a 90% removal of COD at different organic loading rates. Anaerobically, the removal reached 40% COD removal on average, the possible reason being the high amount of surfactants present in the influent.     

Satellite-Based Water Quality Mapping from Sequential Simulation with Parameter Outlier Removal

The satellite-based regression model provides the data model that identifies water quality for inland and coastal waters. However, the satellite regression usually depends on the selection of observation, satellite data, and model type. A resampling simulation technique, such as sequential simulation using geographically weighted regression (GWR simulation), can be applied in generating multiple realizations for water quality estimation to reduce the sampling effect and consider spatial heterogeneity. Traditional models often result in considerable underestimation in extreme observations. The GWR simulation provides the best goodness of fit and spatial varying relationship between observed water quality and remote sensing considering parameter outlier and noise removal for parameter stability. This simulation model can increase the sampling diversity from various observations and reduce the neighboring effects of observations using outlier and noise removal. The model that handles spatial uncertainty and heterogeneity is a novel tool for inferring the characteristics of water quality from a series of sample subsets.

     

P distribution in different sediment fraction of a constructed wetland

The aim of this work was to study the accumulation and fractionation of P in the inlet and outlet sediment of a constructed wetland for the wastewater treatment of a metallurgic plant in Argentina. It was important to predict whether P could be released into the water again by changing environmental conditions or retained over time. P-fractionation was performed using a sequential extraction method. Sediment cores were sliced at depths of: 0-3; 3-7 and 7-10 cm. Sediment showed high pH values and anoxic conditions. In the inlet area, P was principally bound to the carbonate fraction, whereas in the outlet area, it was mainly bound in the residual fraction. This behavior was justified by the effluent composition, which is rich in Ca2+ and Fe3+ and presents high values of pH and conductivity. These conditions favor CaCO3 and Fe(OOH)n precipitation and the subsequent sorption of P to their surface. The sediment active layer involved in the exchange reactions was the superficial one (0-3 cm). The wetland is highly efficient in P retention. P was retained by sediment in fractions that will not release it to the water while chemical and environmental conditions of the system are maintained.