Volatility clustering and the bid–ask spread: Exchange rate behavior in early Renaissance Florence

This paper investigates the nature and behavior of the domestic (local) currency market that existed in Florence (Italy) during the late 14th and early 15th centuries (a.k.a. the Early Renaissance). We find that the extant volatility and microstructure models developed for modern asset markets are able to describe the statistical volatility properties observed for the denaro-florin exchange rate. Volatility is clustered and is related to the bid–ask spread. This supports the notion that, although there are huge social, industrial and technological differences between capitalism then and now, individuals trading financial assets in an organized venue behave in a similar manner.     

Manifestations of compulsiveness in the consumer-marketplace domain

The marketing literature exhibits a consistent lack of concern to recognize the distinct differences among the various possible manifestations of compulsiveness in the consumer-marketplace domain. The practice of using terms pertaining to different manifestations of compulsiveness synonymously, especially when the meaning of the term “compulsive behavior” is itself under debate, creates further semantic uncertainties that hinder typological endeavors in the budding area of abnormal or deviant consumer behavior. This article attempts to remove such uncertainties by elucidating and establishing the differences among the above manifestations.     

Options on bond futures: Isolating the risk premium

The introduction of unspanned sources of risk (and frictions) implies that option prices include a risk premium. Prima facie evidence of the existence of risk premia in option prices is contained in the implied volatility smile patterns reported in the literature. This article isolates the risk premium (defined as the simple difference between estimated and observed option prices) on options on U.K. Gilts, German Bunds, and U.S. Treasury bond futures using models that include price jumps and stochastic volatility. This study finds that single and multi‐factor stochastic volatility models with jumps may explain the empirical regularities observed in bond futures. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:169–215, 2003     

Runoff and infiltration characteristics of pavement structures--review of an extensive monitoring program.

The stormwater runoff and infiltration performance of permeable pavements has been systematically evaluated within an intensive monitoring program. The primary objective of the investigation was to generate a broad database, which enables the development of an advanced simulation module for urban drainage modelling. Over 160 field and lab scale experiments have been completed and analyzed for surface runoff and infiltration characteristics. The test series include several pavement types under various boundary conditions such as diverse precipitation impacts, varying surface slope and layer construction as well as different stages of surface clogging and several base and subgrade layer characteristics. The results represent a reliable and comprehensive database that allows profound conclusions and substantial recommendations.     

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.     

Evidence for Remote Effects of Dreissenid Mussels on the Amphipod Diporeia: Analysis of Lake Ontario Benthic Surveys, 1972–2003

The status of invasive dreissenid mussels (Dreissena polymorpha and D. bugensis) and native amphipods (Diporeia spp.) in Lake Ontario was assessed in 2003 and compared with historical data. D. polymorpha (zebra mussels) were rarely observed in 2003, having been displaced by D. bugensis (quagga mussels). D. bugensis expanded its depth range from 38 m depth in 1995 to 174 m in 2003 and this dreissenid reached densities averaging 8,000/m² at all sites < 90 m. During the same time period, Diporeia populations almost completely disappeared from 0–90 m depth, continuing a declining trend from 1994–1997 reported in previous studies. The average density of Diporeia in the 30–90 m depth interval decreased from 1,380/m² to 63/m² between 1997 and 2003. Prior to 2003, areas deeper than 90 m represented a refuge for Diporeia, but even these deep populations decreased, with densities declining from 2,181/m2 in 1999 to 545/m2 in 2003. Two common hypotheses for the decline of Diporeia in the Great Lakes are food limitation and a toxin/pathogen associated with dreissenid pseudofeces. The Diporeia decline in deep waters preceded the expansion of D. bugensis to these depths, and suggests that shallow dreissenid populations remotely influence profundal habitats. This pattern of decline is consistent with mechanisms that act from some distance including nearshore dreissenid grazing and downslope transport of pseudofeces.     

Responsibility, Taint, and Ethical Distance in Business Ethics

Much light can be shed on events which characterize or underlie scandals at firms such as Enron, Arthur Andersen, Worldcom, ImClone, and Tyco by appealing to the notion of ethical distance. Various inquiries have highlighted the difficulties in finding or identifying particular individuals to blame for particular events, and in the context of situations as complex as these it can sometimes be helpful to investigate the comparative ethical distance of various participants in these events. In this essay I offer a characterization of ethical distance in terms of moral responsibility, and in doing so I describe and illustrate the rough inverse correlation between moral distance and degrees of moral responsibility. I urge that the concept of ethical distance is capable of shedding light upon situations in which several people are involved in bringing about a state of affairs. I then argue that moral responsibility cannot do justice to all situations involving ethical distance. When the distance between a person and a state of affairs grows sufficiently large, a different type of treatment is called for, and I introduce the notion of moral taint to describe the moral status of agents in these situations.     

Experience with the antibiotic resistance analysis and DNA fingerprinting in tracking faecal pollution at two lake beaches.

Posting or closing of swimming beaches because of faecal contamination is a widespread problem reported in many locations. In a risk-based approach to this problem, the risk to swimmers' health is assessed by field monitoring of indicator bacteria and the associated risks are managed by source controls and other remedial measures. In risk assessment, great advances have been made in recent years with the introduction of microbial source tracking (MST) techniques. Two such techniques, antibiotic resistance analysis and DNA fingerprinting, were applied in a study of causes of faecal contamination at two lake beaches in Toronto, Ontario. Both methods identified bird faeces as the dominant sources of E. coli. Coping with this type of pollution presents a major environmental challenge.     

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.