The impact of capacity expansion on the market value of the firm

This paper empirically investigates the impact of capacity expansion decisions on the market value of the firm. Event study methodology is used to estimate the abnormal change in stock prices around capacity expansion decision announcements. On the day of the announcement, the magnitude of the price change is abnormally high, evidenced by a significantly positive mean standardized square of the abnormal change (Beaver's U-statistic). We also analyze factors that we could affect the direction and magnitude of the abnormal change in the stock prices. We find that the change in price on the day of the announcement is positively and significantly related to the real growth rate of the industry, and negatively and significantly related to the variability of demand. A negative relationship between the price change and industry capacity utilization is also found which can have important implications for companies which follow the wait-and-see approach to capacity expansion decisions. We also find management ownership to be a significant predictor in explaining stock price changes around these announcements.     

A comparison of approximately optimal stratification given proportional allocation with other methods of stratification and allocation

Summary In this article, we shall present an approximately optimal method for constructing stratum boundary points when the sample is allocated proportionally. The method is based on an equal partitioning of the cumulative off ^1/3, wheref is the distribution of the stratification variable. We show that in many practical situations this technique compares favourably with approximately optimal stratification and allocation methods previously suggested.

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Zusammenfassung In diesem Artikel stellen wir eine annähernd optimale Methode zur Festlegung von Stratabegrenzungspunkten dar, die für proportional angeordnete Samples gilt. Die Methode basiert auf einer gleichen Einteilung derf ^1/3-Kummulation, wobeif die Verteilung der Stratifikations-variablen darstellt. Wir zeigen, daß diese Technik in vielen praktischen Fällen gegenüber den bisher vorgeschlagenen Methoden zur optimalen Stratifikation und Zuordnung nicht schlecht abschneidet.

     

Biofilm Responses to Flow Regulation by Dams in Mediterranean Rivers

Dams regulate downstream hydrology and modify water quality, which in turn can impinge on the biota, especially in rivers naturally subject to large hydrological variability, such as those under Mediterranean climate. The effect of dams on biofilms was analysed in three tributaries (Cinca, Siurana and Montsant) of the Ebro River (NE Spain). We hypothesized that flow regulation would lead to lower spatial variability of biofilms on the streambed and to a decrease in their metabolic rate per unit biomass, especially during low flow periods. Biofilm characteristics were studied in five transects evenly spaced along river reaches upstream (control) and downstream (impact) of dams in each river, along with riverbed granulometry, hydraulics and water chemistry. Chlorophyll‐a, respiratory activity, photosynthetic capacity and efficiency, and extracellular enzymatic activities (β‐d ‐glucosidase, alkaline phosphatase and leucine‐amino‐peptidase) of epilithic biofilms were measured in different seasons. Spatial variability of chemical and biological variables was reduced downstream of the dams. Chlorophyll‐a concentration, photosynthetic efficiency and respiration capacity were higher in impact than in control reaches, but generally, low inorganic phosphorus concentrations resulted in comparable phosphatase activities downstream and upstream of dams. On the other hand, β‐d ‐glucosidase and leucine‐amino‐peptidase activities were higher at impact reaches. Biofilms were thicker and metabolically more active at the impact reaches, with higher ability to transform dissolved organic matter. Overall, results from this study provide evidence that dams can largely affect the structure and activity of river biofilms, with foreseeable important consequences for river ecosystem functioning. Copyright © 2014 John Wiley & Sons, Ltd.     

Environmental Influences on Fish Migration in a Hydropeaking River

Fish have evolved traits and life history characteristics that enable them to survive, exploit and depend on the flow regime of rivers, particularly the timing and predictability of flows for spawning and rearing their young. It is unclear to what degree pulsed flows from hydropower facilities and other environmental variables influence migratory behaviours. We used Dual Frequency Identification Sonar in the Michipicoten River, Canada, to address the relationship between fish migration and environmental factors with a focus on flow magnitude and fluctuation. In both 2007 and 2009, the peak of the Chinook (Oncorhynchus tshawytscha) and pink salmon (Oncorhynchus gorbuscha) migration occurred on 8 September. Mean water temperature on this date was 18 °C and precipitously dropped afterwards. The photoperiod was roughly 12‐h long with sunrise at 700 h and sunset at 2000 h. Most fishes moved upstream during the hours of darkness between 2000 and 600 h. The lowest counts of fish occurred from noon to just before sunset, whereas highest counts commonly occurred from 1 to 2 h after sunset. Fish moved upstream during all magnitudes of flow; however, there was a slight preference for larger flows in 2007 but not in 2009. Changes in flow magnitude occurred both during the day and night, with flows typically increasing during the day to meet electrical demand and decreasing at night. Most fishes moved upstream during periods of little to no change in flow. High flows and changing flows may deter salmon from moving up the Michipicoten River but not likely in a significant manner to cause energetic stress or harm. Other adverse effects of pulsed flows, however, must still be considered for spawning, hatching and rearing success. Copyright © 2014 John Wiley & Sons, Ltd.     

Storm water infiltration in a monitored green roof for hydrologic restoration

The objectives of this study are to provide detailed information about green roof performance in the Mediterranean climate (retained volume, peak flow reduction, runoff delay) and to identify a suitable modelling approach for describing the associated hydrologic response. Data collected during a 13-month monitoring campaign and a seasonal monitoring campaign (September-December 2008) at the green roof experimental site of the University of Genova (Italy) are presented together with results obtained in quantifying the green roof hydrologic performance. In order to examine the green roof hydrologic response, the SWMS_2D model, that solves the Richards' equation for two-dimensional saturated-unsaturated water flow, has been implemented. Modelling results confirm the suitability of the SWMS_2D model to properly describe the hydrologic response of the green roofs. The model adequately reproduces the hydrographs; furthermore, the predicted soil water content profile generally matches the observed values along a vertical profile where measurements are available.     

Influence of operating conditions on ceramic ultrafiltration membrane performance when treating textile effluents

This work studies the performance of three commercial ceramic ultrafiltration membranes (ZrO(2)-TiO(2)) treating raw effluent from a textile industry. The effect of crossflow velocity at 3, 4 and 5 m s(-1) as well as membrane characteristics, such as molecular weight cut-off (30, 50 and 150 kDa), on process performance were studied. Experiments were carried out in concentration mode in order to observe the effect of volume reduction factor simultaneously. Results showed a combined influence of both crossflow velocity and molecular weight cut-off on flux performance. TOC and COD removals up to 70% and 84% respectively were reached. On the other hand, almost complete color (>97%) and turbidity (>99%) removals were achieved for all the membranes and operating conditions.     

An economic input-output analysis for urban stormwater quality planning

A new approach using input-output techniques is proposed for the analysis of urban stormwater pollution caused by urban land development. The input-output model provides projections of sectoral outputs within an urban region. By defining land as an input to production, these output projections may be translated into projections of commercial and industrial land development. Furthermore, the closed version of the input-output model is used to project residential land development as a function of projected wage income. The pollutant generation in urban stormwater is related to the quantity of each category of land development by a pollutant coefficient matrix. Thus, the model can be used to predict the impact of various economic growth scenarios on pollution loadings in runoff water. This will help planners in assessing the environmental costs of various scenarios, and in preparing for remedial actions. A numerical example is provided to illustrate the applications of the model.     

Economic and legal aspects of the organization of planning and construction of structures on the continental shelf of Arctic Seas of Russia

Power Technology and Engineering -