Another Look at the Cross-section of Expected Stock Returns

Our examination of the cross-section of expected returns reveals economically and statistically significant compensation (about 6 to 9 percent per annum) for beta risk when betas are estimated from time-series regressions of annual portfolio returns on the annual return on the equally weighted market index. The relation between book-to-market equity and returns is weaker and less consistent than that in Fama and French (1992). We conjecture that past book-to-market results using COMPUS-TAT data are affected by a selection bias and provide indirect evidence.     

Preliminary studies using hybrid mediated electrochemical oxidation (HMEO) for the removal of persistent organic pollutants (POPs).

This study investigates the hybrid mediated electrochemical oxidation (HMEO) technology, which is a newly developed non thermal electrochemical oxidation process for organic destruction. A combination of ozone and ultrasonication processes to the mediated electrochemical oxidation (MEO) process is termed as hybrid mediated electrochemical oxidation. The electrochemical cell was developed in this laboratory. In the present study, several organic compounds, such as phenol, benzoquinone and ethylenediaminetetraacetic acid (EDTA), were chosen as the model organic pollutants to be destructed by the hybrid process. The organic destruction was monitored based on the CO2 generation and total organic carbon (TOC) reduction. The HMEO process was found to be extremely effective in the destruction of all the target organics chosen in this study. The information obtained from this study will provide an insight in adopting this technique for dealing with more recalcitrant organics (POPs).     

The prediction of solute transport in surcharged manholes using CFD.

Solute transport processes occur within a wide range of water engineering structures, and urban drainage engineers increasingly rely on modelling tools to represent the transport of dissolved materials. The models take as input representative travel time and dispersion characteristics for key system components, and these generally have to be identified via field or laboratory measurements. Computational Fluid Dynamics (CFD) has the potential to reveal the underlying hydraulic processes that control solute transport, and to provide a generic means of identifying relevant parameter values. This paper reports on a study that has been undertaken to evaluate the feasibility of utilising a CFD-based approach to modelling solute transport. Discrete phase modelling has been adopted, as this is computationally efficient and robust when compared with the time-dependent solution of the advection-dispersion equation. Simulation results are compared with published laboratory data characterising the dispersion effects of surcharged manholes, focusing specifically on an 800 mm diameter laboratory manhole for a flowrate of 0.002 m(3)/s and a range of surcharge depths. Preliminary indications are that the CFD results adequately replicate the measured downstream temporal concentration profiles, and that a threshold surcharge depth, corresponding to a change in hydraulic regime within the manhole, can also be identified.     

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.     

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.     

Microbial conversion of selected azo dyes and their breakdown products.

Four selected azo dyes (acid orange 6, acid orange 7, methyl orange and methyl red) were completely decolourised in the presence of anaerobic granular sludge, while only methyl red was degraded in aerobic conditions using a conventional activated sludge. Additional experiments with culture broth devoid of cells showed that anaerobic decolourisation of azo dyes was performed by extracellular reducing agents produced by anaerobic bacteria. This was further confirmed by abiotic experiments with sulphide and NADH. The presence of redox mediators such as riboflavin led to dramatic acceleration of the anaerobic biodecolourisation process. The azo dye reduction products were found to be sulphanilic acid and 4-aminoresorcinol for acid orange 6; sulphanilic acid and 1-amino-2-naphthol for acid orange 7; N,N-dimethyl-1,4-phenylenediamine and sulphanilic acid for methyl orange; and N,N-dimethyl-1,4-phenylenediamine and anthranilic acid for methyl red. Anaerobic toxicity assays showed that the azo dyes were more toxic than their breakdown products (aromatic amines), except 1-amino-2-naphthol. In the presence of activated sludge, only anthranilic acid was completely mineralised while sulphanilic acid was persistent. 4-aminoresorcinol, 1-amino-2-naphthol and N,N-dimethyl-1,4-phenylenediamine underwent autooxidation in aerobic conditions yielding coloured polymeric products. On the contrary, in the presence of granular methanogenic sludge, 4-aminoresorcinol, 1-amino-2-naphthol and anthranilic acid were quantitatively methanised, sulphanilic acid was partially (70%) mineralised while N,N-dimethyl-1,4-phenylenediamine was only demethylated producing 1,4-phenylenediamine as an end product.     

Impact of dams on point bar habitat: a case for the extirpation of the Sacramento Valley Tiger Beetle,C. hirticollis abrupta

Quantitative analyses of flow and stage data, remote sensing and geographic information systems analysis, and field studies were used to assess the impact of dams and diversions on the point bar habitat of the Sacramento Valley Tiger Beetle (Cicindela hirticollis abrupta). The reaches of interest include sites of known historic populations of C. h. abrupta along the Sacramento River from approximately 8 km north of Colusa southward to the confluence with the Feather River and along the Feather River between Yuba City and its confluence with the Sacramento River. The results from this study show that construction of two major dams has altered flows such that prolonged and increased flows during summer, fall, and early winter have most likely disrupted life cycles, flooded larvae, drowned overwintering adults and led to high mortality. Additionally, habitat availability has decreased over time because point bars have decreased in number and area causing increased distances between populations and isolation of populations. Moreover, point bar armouring, channel scouring, altered flows, redirected flows through weirs, and lithologic controls have produced a bimodal distribution of mean grain sizes in the Sacramento River in which the more northern bars contain gravel deposits and more southern bars possess fine sands. These conditions negatively alter moisture retention and sediment compaction and, consequently, burrowing conditions needed by this tiger beetle. Additionally, more stabilized flows (reduced variability) and increased fine‐grained deposition have enabled development and encroachment of vegetation onto the sand bars. Finally, human stresses, such as foot traffic and vehicular traffic may have interfered with burrowing, ovipositing, and foraging. The combination of these stress factors has most likely led to a reduction in source populations and, ultimately, the apparent extirpation of the entire metapopulation. Copyright © 2006 John Wiley & Sons, Ltd.     

Effect of reliability of grounding of the shaft of a turboset on the operation of devices for control and protection of exciting circuits

Disturbance of the grounding of the shaft of a turboset or its absence for technical reasons can result in failure, misoperation, limitation of the operating zone, errors or limitation of the sensitivity of devices for control and protection of exciting circuits from single-point leakage, and electroerosion of elements of the turboset structure. Measures for increasing the reliability of the grounding of the shaft are discussed. __________ Translated from élektricheskie Stantsii, No. 3, March 2006, pp. 61–66.