Results of familiarization of and prospects for a procedure for the burning of wastes in a vortical fluidized bed

Problems that have arisen during tune-up of the production line for the thermal processing of solid household waste by the method of burning in a vortical fluidized bed (principally, a new technology for Russia), and means of their solution are presented. Investigative studies are cited. __________ Translated from élektricheskie Stantsii, No. 6, pp. 20–26, August, 2006.     

Costs of financial instability, household-sector balance sheets and consumption

Extant work on costs of financial instability focuses on fiscal costs and declines in aggregate GDP following banking crises. We estimate effects of banking and currency crises on consumption in 19 OECD countries, showing consumption plays an important role in the adjustment following a crisis, and effects are not captured solely by the impact of crises on standard consumption determinants, income and wealth. Additional effects, attributable to factors such as time-varying confidence, uncertainty and credit rationing, are aggravated by high and rising leverage, despite financial liberalisation easing liquidity constraints. High leverage implies that banking crises taking place now could have greater incidence than in the past.     

Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets

This paper tests how competition in local U.S. banking markets affects the market structure of nonfinancial sectors. Theory offers competing hypotheses about how competition ought to influence firm entry and access to bank credit by mature firms. The empirical evidence, however, strongly supports the idea that in markets with concentrated banking, potential entrants face greater difficulty gaining access to credit than in markets in which banking is more competitive.     

Floc size distribution in a stirred suspension.

This paper focuses on the distribution of alumino-humic flocs found in a stirred suspension. Distributions were scaled using the transformation u = d/dL in which d is floc diameter and dL its arithmetic mean value and fitted by a gamma distribution. Flocs were treated as monofractal with solids mass concentration specified by C = A'rhos (d/do)D-3 in which A' is a packing coefficient, rhos the density of the floc solids, D the fractal dimension and do a reference size. It was shown that the overall solids concentration (M) complies with the dependence M proportional to NA'dDL-S(D) in which N is the number of flocs per unit volume and S(D) a distribution moment. Initial estimates of A' and D were obtained from analysis of floc sedimentation behaviour. From knowledge of the base parameters, the calculated value of M did not match the measured M and varied with shear. This was attributed to a kinematic influence on C over and beyond changes associated with the response of dL to shear. Issues of self-similarity were examined and it was concluded that distributions did not display strict self-similarity. Data are provided on the size distribution found in the flocculators of a treatment works at full scale.     

Cap and trade policies in the presence of monopoly and distortionary taxation

We extend an analytical general equilibrium model of environmental policy with pre-existing labor tax distortions to include pre-existing monopoly power as well. We show that the existence of monopoly power has two offsetting effects on welfare. First, the environmental policy reduces monopoly profits, and the negative effect on income increases labor supply in a way that partially offsets the pre-existing labor supply distortion. Second, environmental policy raises prices, so interaction with the pre-existing monopoly distortion further exacerbates the labor supply distortion. This second effect is larger, for reasonable parameter values, so the existence of monopoly reduces the welfare gain (or increases the loss) from environmental restrictions.     

Biofilm adaptation to sulfate reduction in anaerobic immobilized biomass reactors sujected to different COD/sulfate ratios.

Various aspects of biofilm adaptation to sulfate reduction in horizontal-flow anaerobic immobilized biomass (HAIB) reactors subjected to increasing sulfate concentrations and different COD/sulfate ratios are presented and discussed. Four bench-scale HAIB reactors filled with vegetal carbon (R1 and R2) and polyurethane foam matrices (R3 and R4) were utilized. Influent sulfate concentrations ranging from 500 to 3000 mg/L were applied at COD/sulfate ratios ranging from 5.0 to 1.7. Reactors R1 and R4 were operated with higher sulfate loads than those applied to R2 and R3. For the same COD/sulfate ratio, the highest sulfate reduction efficiency (approximately 80%) was displayed by the vegetal carbon reactor (R2) subjected to low sulfate loads. According to the results of our molecular biology analyses, the different support materials provided different biomass colonization conditions. The lowest diversity of sulfate-reducing bacteria was found in the HAIB filled with polyurethane foam matrices operating with high sulfate loads.     

On the Statistical Significance of Event Effects on Unsystematic Volatility

We develop a method for determining the significance of the effect of a certain event (stock split, corporate restructuring, change in regulation, etc.) on unsystematic volatility of asset returns. Simulations show that the suggested tests reject the true null hypothesis of no effect on volatility at appropriate levels, whereas the rejection rates of a false null hypothesis increase with the magnitude of the effect. An application of the method to corporate spin‐offs reveals statistically significant and long‐lasting estimated increases in unsystematic volatility of parent companies' returns.