The role of interparticle forces in colloidal aggregates: local investigations and modelling of restructuring during filtration.

Industrial solid-liquid separation processes, such as pressure filtration or membrane processes, involve the application of pressure to suspensions. In response, some water is extracted, the suspension volume is reduced, and the dispersed aggregates start to form a network. In recent works, we aimed to make a prediction for the response of aggregates to stress which occurs during a filtration. We chose model systems made of aggregated silica nanoparticles. Some of these systems offer a strong resistance to applied stresses, and retain their permeability; others yield and collapse. We used small angle neutron scattering by which we can locally quantify the particle distribution withi the network to determine the processes by which particles reorganise during collapse: we found that reordering processes at the scale of 1 to 10 particle diameters control the course of collapse and the loss of permeability. Finally we constructed a numerical model for describing the processes by which colloidal aggregates are compressed. This model predicts that the response of such networks to pressure follows some scaling laws, which depend only on the elastic vs. dissipative nature of interparticle bonds.     

Inflation dynamics in Kazakhstan1

In January 1992, Kazakhstan initiated a reform programme to move towards market-determined prices. The price liberalization process was characterized by large relative price shifts and an increase in the overall price level towards those observed in market economies. The paper shows how the piecemeal manner in which prices were liberalized resulted in strong relative price variability over a prolonged period of time, against a background of high inflation. Convergence towards international relative and absolute price levels has progressed but is not complete, with prices for energy and services in particular still below market economy levels.     

SIMILARITY LAW OF FLUCTUATING PRESSURE WITHIN HYDRAULIC JUMP AREA

Through a series of model tests of five scales for 2-D free hydraulic jump, the da-ta of fluctuating pressure acting on the floor level within the hydraulic jump were obtained. Dur-ing the experiments, Froude number varied from 2.94 to 8.61, and Reynolds number rangedfrom 2×10~4 to 6×10~5. Experiment results indicate that the amplitude scale of fluctuating pres-sure is the length scale of model, i. e. P'=L, which agrees with gravity similarity law: Thefrequency scale of the fluctuating pressure is a unity i. e., f=1, which does not satisfy thegravity similarity law.     

Service Competitiveness – An Anglo-US Study

This article reports on the latest in a series of international comparisons of management practices and performance outcomes of industries in various countries. Here, it is the service industries in the UK and the US which come under the microscope. Among the companies surveyed, there were more world-class performers in the US than the UK, but also more low performers. The concluding part of the article is diagnostic – the authors also suggest measures which could improve performance.     

Buyout candidates and their investment banking relationships: An empirical analysis of returns adjoining buyout offers

Previous studies document a significant positive price reaction at the proposal of a buyout offer. In this study the author examines the influence of investment banking relationships on target firms associated with buyout offers. The results support the hypothesis that knowledge of an impending buyout manifests itself before a buyout’s public announcement. The evidence supports the hypothesis that investment bankers use different strategies before a buyout.     

Pricing Options on an Asset with Bernoulli Jump-Diffusion Returns

The price movements of certain assets can be modeled by stochastic processes that combine continuous diffusion with discrete jumps. This paper compares values of options on assets with no jumps, jumps of fixed size, and jumps drawn from a lognormal distribution. It is shown that not only the magnitude but also the direction of the mispricing of the Black-Scholes model relative to jump models can vary with the distribution family of the jump component. This paper also discusses a methodology for the numerical valuation, via a backward induction algorithm, of American options on a jump-diffusion asset whose early exercise may be profitable. These cannot, in general, be accurately priced using analytic models. The procedure has the further advantage of being easily adaptable to nonanalytic, empirical distributions of period returns and to nonstationarity in the underlying diffusion process.     

Current Issues in the Analysis of Commercial Real Estate

This paper identifies and discusses a number of current issues regarding our understanding of commercial real estate markets. These issues include: 1) accurate estimation of the quantity and location of our nation's commercial space; 2) an understanding of the linkage between the space and capital markets for commercial real estate; 3) identification of the macroeconomic factors that affect the rate of return on commercial property and whether local market factors also affect the rate of return; 4) problems associated with measuring the return characteristics of equity investments in commercial property (including measures of the diversification benefits and inflation-hedging abilities of this asset class); 5) a better understanding of rental markets, including good measures of changes in effective rents over time; and 6) examination of the rationale for ownership of commercial space by corporate users. This paper reviews recent research related to these questions and suggests future research that should prove to be fruitful.