Are the Best Small Companies the Best Investments?

Previous research finds that large companies previously judged to be excellent growth companies have subsequently been poor investments. We examine small companies selected by Business Week on the basis of multiple criteria used in annual articles featuring highly rated growth companies. We study the investment performance over the three years before eleven annual Business Week publications and the three years after publication. We find positive excess returns in the pre‐publication period, but negative excess returns in the post‐publication period. This reversal in investment performance appears to be due to a mean‐reversion tendency in operating performance, in which the earnings and the past rates of return on capital of such companies subsequently decrease significantly.     

Accounting for Option–based Compensation: The Economic Cost Approach

The intrinsic value approach amortizes over the life of the option, the difference between the stock price on the date of the grant and the exercise price of the option. The fair market value approach amortizes over the life of the option, the market value of stock options on the date of the grant. These approaches do not reflect the changes in the option–based compensation cost after the grant date. This paper proposes an economic cost approach that not only adjusts for the changes in the value of the options during its life but also records the issuance of the stock at fair market value on the exercise date.     

Effect of sampling density on the measurement of stream condition indicators in two lowland Australian streams

There is widespread application of indicators to the assessment of environmental condition of streams. These indicators are intended for use by managers in making various comparative and absolute assessments and often have a role in resource allocation and performance assessment. Therefore, the problem of formally defining confidence in the results is important but difficult because the sampling strategies used are commonly based on a compromise between the requirements of statistical rigour and the pragmatic issues of access and resources. It is rare to see this compromise explicitly considered and consequently there is seldom quantification of the uncertainty that could affect the confidence a manager has in an indicator. In this paper, we present a method for quantitatively assessing the tradeoffs between sampling density and uncertainty in meeting various monitoring objectives. Assessments using judgement‐based representative reaches are shown to be unreliable; instead a sampling approach is recommended based on the random selection of measuring sites. A detailed dataset was collected along two streams in Victoria, Australia, and the effect of sampling density was assessed by subsampling from this dataset with precision related to the number of sites assessed per reach length and the intensity of the sampling at each site. The sampling scheme to achieve a given precision is shown to depend on the monitoring objective. In particular, three objectives were considered: (1) making a baseline assessment of current condition; (2) change detection; and (3) detection of a critical threshold in condition. Change detection is shown to be more demanding than assessing baseline condition with additional sampling effort required to achieve the same precision. Sampling to detect a critical threshold depends on nominating acceptable values of Type I and II error and the size of the effect to be detected. Copyright © 2006 John Wiley & Sons, Ltd.     

Organic matter release in low temperature thermal treatment of biological sludge for reduction of excess sludge production.

Thermal treatment applied in association with a biological system allows for a significant reduction in excess sludge production (approximately 50%). In general, heat treatment is described as a sludge disintegration technique. This paper offers a thorough study on the impact of heat treatment, at temperatures below 100 degrees C, on the solubilisation of the sludge COD and its biodegradability. Discontinuous heating experiments were performed on activated and digested sludge. At all temperatures tested the released COD for digested sludge was systematically higher than that for activated sludge (15 and 40%, respectively, at 95 degrees C for 40 min of contact time). For the first 30 min, a 1st order kinetic, with respect to the residual COD, was systematically found. In the range of 40-95 degrees C, digested sludge had a lower activation energy than activated sludge (26 kcal/mol compared to 70-160 kcal/mol). COD solubilisation is thus more positively influenced by temperature in the case of activated sludge. This may be due to the significant difference in the ratio of protein/carbohydrate in digested and activated sludge (1-5 and 0.2-0.7, respectively). The increase in the COD/TKN ratio in the solubilised fraction after thermal treatment of activated sludge suggests a preferential solubilisation of proteins over carbohydrates. Respirometric tests performed on the solubilised COD showed that whatever the sludge origin, only 40-50% of released COD is biodegradable at a conventional hydraulic retention time (i.e., 24 h). Hence, heat treatment would act more through organic matter solubilisation rather than by a biodegradability increase.     

The colors of investors’ money: The role of institutional investors around the world

We study the role of institutional investors around the world using a comprehensive data set of equity holdings from 27 countries. We find that all institutional investors have a strong preference for the stock of large firms and firms with good governance, while foreign institutions tend to overweight firms that are cross-listed in the U.S. and members of the Morgan Stanley Capital International World Index. Firms with higher ownership by foreign and independent institutions have higher firm valuations, better operating performance, and lower capital expenditures. Our results indicate that foreign and independent institutions, with potentially fewer business ties to firms, are involved in monitoring corporations worldwide.     

The economic performance of the Russian economy in 2006 and a forecast for 2008–2010

This article examines the economic outcome of 2006 and builds a forecast for 2007–2010. The medium-term development risks of the Russian economy are analyzed.     

2008:全球经济预测和中期展望

一、全球经济展望 实际上要想做得精确非常容易,但是要想做正确是很难的,经济学家在社会当中只会"正确"两字,所以我想给大家介绍各种各样的想法,并进行讨论,你们可以自己判断经济的前景到底如何,以及我们面临怎样的风险.     

Use of electrochemical oxidation process as post-treatment for the effluents of a UASB reactor treating cellulose pulp mill wastewater.

The main purpose of this study was to evaluate the performance of the electrochemical oxidation process as a post-treatment for the effluents of a bench-scale UASB reactor treating simulated wastewater from an unbleached pulp plant. The oxidation process was performed using a single compartment cell with two plates as electrodes. The anode was made of Ti/Ru0.3Ti0.7O2 and the cathode of stainless steel. The following variables were evaluated: current density (75, 150 and 225 mA cm(-2)) and recirculation flow rate in the electrochemical cell (0.22, 0.45 and 0.90 L h(-1)). The increase in current density from 75 to 225 mA cm(-2) did not increased the color removal efficiency for the tested flow rates, 0.22, 0.45 and 0.90 L h(-1), however the energy consumption increased significantly. The results indicated the technical feasibility of the electrochemical treatment as post-treatment for UASB reactors treating wastewaters from pulp and paper plants.     

Disc filtration for separation of flocs from a moving bed bio-film reactor.

A Discfilter with 10 and 18 microm filter openings, respectively, was placed in parallel to a flotation plant for separation of biological flocs from a post-denitrifying Kaldnes Moving Bed Process, the last treatment step at the municipal wastewater treatment plant at Sj?unda, Malm?, Sweden. The effluent concentrations from the 10 and 18 microm filter were 2-5 and 2-8 mg SS L(-1), respectively, which is comparable to, or better than, the flotation plant. Comparison with experiences from activated sludge plants shows that the Discfilter works especially well after the Kaldnes process. Particle size distribution (PSD) studies show that particles larger than the filter openings of 10 and 18 microm are separated with approximately 90% efficiency, whereas most of the smaller particles pass the filter. This fact indicates that the major particle separation mechanism is physical blocking. These findings point to the possibility of improving the prediction of the separation efficiency by combining measurements of turbidity and suspended solids with particle size analysis.