The impact of cleaner processing on nutrient availability in the bleached kraft industry.

The pulp and paper industry has invested heavily over recent years in cleaner processing, to reduce losses and minimise its impact on the environment. Over the past fifteen years, a New Zealand integrated bleached kraft mill has undergone a comprehensive programme of upgrades to increase production, reduce water consumption and streamline its biological treatment process. Whilst the overall discharge of contaminants from the site decreased, the treatment system performance did not show a concurrent improvement as may have been expected. Reduced BOD removal, low dissolved oxygen levels, and poor solids settlability were symptomatic of phosphorus limitation in the aerated lagoon treatment system. The wastewater entering the system was found to be phosphorus limited at a BOD:P ratio of 100:0.2. Mono-ammonium-phosphate was supplemented, at approximately 30 kg P/d, to raise the phosphorus levels to a BOD:P ratio of 100:0.3. Treatment efficiencies improved very quickly after phosphorus dosage, with a 50% reduction in BOD and TSS discharge, a significant increase in dissolved oxygen levels, and improved BOD removal (85% to 93%). This case study demonstrates that whilst more closed operation can result in reduced discharge of organic loads, there may be negative impacts on the availability of nutrients for balanced biological growth.     

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.     

Degradation of wine industry wastewaters by photocatalytic advanced oxidation.

Wine industry wastewaters contain a high concentration of organic biodegradable compounds as well as a great amount of suspended solids. These waters are difficult to treat by conventional biological processes because they are seasonal and a great flow variation exists. Photocatalytic advanced oxidation is a promising technology for waters containing high amounts of organic matter. In this study we firstly investigated the application of H2O2 as oxidant combined with light (artificial or natural) in order to reduce the organic matter in samples from wine industry effluents. Secondly, we studied its combination with heterogeneous catalysts: titanium dioxide and clays containing iron minerals. The addition of photocatalysts to the system reduces the required H2O2 concentration. Although the H2O2/TiO2 system produces higher efficiencies, the H2O2/clays system requires a H2O2 dosage between three and six times lower.     

Performance of a combined eco-system of ponds and constructed wetlands for wastewater reclamation and reuse.

An on-site study on the operational performance of a combined eco-system of ponds and SF constructed wetland for municipal wastewater treatment and reclamation/reuse in Donging City, Shandong, China was carried out from January 2001 through October 2003. The removal efficiencies for various main parameters were: TSS 84.8 +/- 7.3%, BOD5 87.2 +/- 5.3%, CODCr 70.2 +/- 18.6%, TP 52.3 +/- 23.1%, and NH(3)-N 54.8 +/- 23.9% with effluent concentration of TSS 9.12 +/- 5.12 mg/l, BOD5 6.44 +/- 4.58 mg/l, CODCr, 42.8 +/- 6.7 mg/l, TP 0.94 +/- 0.27 mg/l and NH(3)-N 7.95 +/- 2.36 mg/l. In addition, the removal efficiencies for faecal coliforms and total bacteria were > 99.97% and > 99.998% respectively, which well meet Chinese National standards for effluent quality of municipal wastewater treatment plants. The composition of TSS was closely related to CODCr and BOD5 variations, and nitrification-denitrification is the major mechanism of nitrogen removal both in ponds and in wetlands. In addition, sedimentation also played an important role in the removal of TSS, nitrogen, phosphorus and BOD5. The removal efficiencies of various parameters, the number of species and biomass of biological community in the system increased gradually with the ecological maturation.     

Complexity, Governance and Constitutional Craftsmanship

Economic policy is commonly treated as a vehicle for selecting among possible allocative outcomes within an economy. An economy, however, is a complex network of relationships whose patterns can be understood but whose details can be neither predicted nor controlled. Because of this complexity, allocative outcomes are not direct objects of choice. They are simply emergent consequences of human interaction that takes place within some framework of governing rules and conventions. All economic policy can do is modify some of the rules that govern this interaction. Economic policy is thus constitutive and not allocative in character, being centrally involved in shaping the character of the regime that governs our relationships with each other.     

Effects of solid retention time on the performance of submerged anoxic/oxic membrane bioreactor.

In this study, four similar bench-scale submerged Anoxic/Oxic Membrane Bioreactors (MBR) were used simultaneously to investigate the effects of solids retention time (SRT) on organic and nitrogen removal in MBR for treating domestic wastewater. COD removal efficiencies in all reactors were consistently above 94% under steady state conditions. Complete conversion of NH(4+)-N to NO(3-)-N was readily achieved over a feed NH(4+)-N concentration range of 30 to 50 mg/L. It was also observed that SRT did not significantly affect the nitrification in the MBR systems investigated. The average denitrification efficiencies for the 3, 5, 10 and 20 days SRT operations were 43.9, 32.6, 47.5 and 66.5%, respectively. In general, the average effluent nitrogen concentrations, which were mainly nitrate, were about 22.2, 27.6, 21.7 and 13.9 mg/L for the 3, 5, 10 and 20 days SRT systems, respectively. The rate of membrane fouling at 3 days SRT operation was more rapid than that observed at 5 days SRT. No fouling was noted in the 10 days and 20 days SRT systems during the entire period of study.     

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.     

Exchange rate exposure and foreign exchange derivatives: do ineffective hedgers modify future derivatives use?

Recent studies examining the relationship between stock returns and exchange rate changes have provided evidence that the exchange rate exposure of non-financial companies is reduced by the use of foreign exchange derivatives. Building on such research, this study investigates whether past ineffective derivative hedging contributes to explaining future derivatives use. To the extent that companies monitor the effectiveness of their currency risk management practices, past ineffective hedgers can be expected to modify their future use of foreign exchange derivatives accordingly. In our study of 94 non-financial US multinationals, we provide evidence that the change in derivatives use from 1996–1998 to 1998–2000 can be explained in part by the ineffective hedging of currency risk in 1996–1998, controlling for variables associated with theories of optimal hedging. Additional analyses confirm that such primary results are robust to firm size, the level of foreign operations, and the use of derivatives to partially hedge currency risk. Our results imply that as exchange markets and risk management practices change, the use of derivatives to manage exchange rate risk also changes. Our contribution to this field of study is that we find evidence that past ineffective hedgers tend to increase their future use of FXDs.     

TRANSFERABLE STOCK OPTIONS (TSOS) AND THE COMING REVOLUTION IN EQUITY-BASED PAY

The dominant form of equity pay in the U.S. will change dramatically when accounting rules are changed (most likely in 2005) to require companies to charge the cost of their stock option plans on their income statements. Many companies are already switching from stock options to other forms of equity pay, especially restricted stock. The most notable switcher was Microsoft, the world's largest user of stock option pay. In July 2003, partnering with J.P. Morgan, Microsoft created a onetime transferable stock option (TSO) program that allowed holders of underwater Microsoft options to sell their options to J.P. Morgan in return for restricted shares.
But the most important consequence of this transaction may not be a widespread shift by corporate America to restricted shares, but rather the creation of a more costeffective kind of stock option. By clearing the potentially messy hurdles involving taxes, accounting, SEC rules, and "transaction mechanics," Microsoft has opened the door for TSOs to be considered as an ongoing equitypay instrument, perhaps replacing standard stock options (which are not transferable). TSOs share the key advantages of restricted stock in terms of providing robust retention and ownership incentives and higher valuecost efficiency, while maintaining the key "leverage" advantage of options. In so doing, they create significant upside (and downside) while largely avoiding the "pay for pulse" problem of restricted stock. They also introduce the discipline of competitive pricing by third-party bidders. The bid prices of investment banks create nearly all of the information required for accurate estimates of option cost, which should foster greater board accountability and improved corporate governance.