Dynamic and asymmetric impacts of macroeconomic fundamentals on an integrated stock market

A large body of evidence indicates that macroeconomic and financial variables are dynamically interrelated. In an international setup, we analyze the transmission mechanisms of macroeconomic shocks on the stock market of a small open economy in an increasingly integrated world. We use a time-varying vector error correction model (VECM) that allows analysis of asymmetric impacts that depend on the state of the business cycle. A special focus is directed on monetary policy surprises, where we find that foreign shocks exert a strong influence on an integrated stock market, and that the stage of the business cycle heavily affects the signals of the shocks.     

三峡水电站坝后钢衬钢筋混凝土压力背管的非线性有限元分析

采用钢筋混凝土非线性有限元方法，对三峡水电站钢衬钢筋混凝压力管道结构进行了计算，求得了各种钢材配置下的荷载效应并进行了相应的分析。     

Modeling of anaerobic treatment of wastewater in ponds.

A mathematical model to simulate the performance of anaerobic ponds was developed incorporating both settling of particulate components and the biological anaerobic digestion process. The biological activity includes solubilization of particulate organic matter; methanogenesis and the sulphate reduction process. The model considers that an anaerobic pond comprises a series of equal size columns. Each column has three compartments viz. liquid layer, active sediment layer and inert sediment layer. The existence of organic matter and sulphate removal mechanisms both in the bulk as well as sediment layer of the ponds and the exchange of the soluble components between the layers has been included in the model. The model was transferred to a computer program using VisSim Basic software. The model was verified by comparing simulated results with full-scale as well as with laboratory-scale anaerobic pond performance data. A good agreement between the simulated and the observed pond performance was achieved.     

Evaluation of hydrological processes in a mountainous small basin using a quinone biomarker.

An applicability of quinone biomarker to the analysis of hillslope runoff was investigated. At first, quinone profiles of three streams as well as a hillslope runoff in a forested headwater catchment were compared. The quinone composition of hillslope runoff differed from others. Moreover, there were remarkable differences in quinone profile of hillslope runoff under different rainfall conditions. Then, the behavior of quinone biomarker during the increase and decrease of hillslope runoff after a rainfall event was examined. The fractional changes in Q-9 (H2), Q-10 (H2), Q-11, MK-6 and MK-10 suggested the effect of interflow.     

A Product and Process Model of the Technology-Sourcing Decision

The technology‐sourcing decision traditionally has examined the choice either to innovate internally or to acquire technology from outside sources. The increasing complexity of this decision requires a move beyond the simple “make‐versus‐buy” dichotomy. We seek to test factors that influence the technology decision of subsidiaries for product and process technology across the continuum of options from internal development to outsourcing. We also explore concordance between the research streams of new product development and technology sourcing. Regression models are used to analyze data from 187 subsidiaries that suggest product and process technology development decisions sometimes are associated with similar factors and at other times they diverge. In particular, we find that external product and process technology acquisition decisions are associated negatively with differentiation goals and associated positively with product dynamism. While external product acquisition is associated negatively with a low cost goal and positively with increasing distance between primary marketing and R&D operations, external process technology acquisition is associated positively with high competitive intensity. Implications include the following: (1) While external product technology acquisition may provide quicker or even less expensive initial solutions, external reliance makes it difficult to maintain a long‐term positional advantage; (2) When greater distances separate key functional activities, external partners may provide solutions that are more responsive to local consumer needs, and the potential for improved communication may allow for quicker adaptation and increased flexibility; (3) In highly dynamic product situations, internal development, while providing greater control, can be expensive and can result in technologies that are not accepted by the marketplace; and (4) As competitive intensity increases, strategic imperatives may reduce the focus on product design and development and may require increasing concentration on manufacturing costs and efficiencies.     

10 years of operation of an integrated nutrient removal treatment plant: ups and downs. Background and water treatment.

Water retention times less than 3 h from inlet to outlet were necessary to meet new effluent requirements without extending the footprint of the existing plant. Nitrogen removal was required at the existing, high loaded, direct precipitation plant and space was not readily available. The staff at the VEAS WWTP took on the task to design a new process at their own risk. Selected solutions and ups and downs in the water treatment during the past 10 years of operations and further developments are presented in this paper. Always asking for well-proven solutions might make life easy. The intent of this paper is to encourage some of our colleagues to be more daring in their approach to new challenges. However, expect sleepless nights in order to solve the unexpected problems along the way.     

基于小波变换的入库径流组合预测方法研究

应用小波分析理论中的多尺度分析,分析水库入库径流过程,采用àtrous算法分解原始径流过程,对分解后的系数组进行周期分析,利用周期均值叠加法作各级系数外延预测,重构预测的系数组,取得入库径流过程预测结果。利用该方法对三峡水库的实例研究取得了较满意的结果,结果表明组合方法比直接利用周期均值叠加法预测精度高。     

Oppression and resistance: the powerless and the future

Relations between rich and poor (across and within countries) appeared in some questions in Images; there were clear differences between what the powerful and the powerless hoped and expected from the future. This is compared with what actually happened and a deeper analysis is made of ‘power’ as an organizing concept. It turned out that the pessimism associated with powerlessness tended to make better predictions.     

Expenditure on different categories of meat in Greece: the influence of changing tastes

This paper employs a latent variable approach to isolate the effects of changing tastes on the share of total meat expenditure on different categories of meat products in Greece during the period 1965–1995. We find that changes in the relative expenditure on different categories of meat cannot be explained by changes in the relative prices of the different meat products and increased expenditure alone. For pork products in particular, the increase in the share of expenditure has been greater than would be expected as a result of the relative fall in their price. The increase can therefore be associated with changes in taste. This finding is of general interest to those conducting empirical research into consumer behaviour both in economies where there have been significant changes in patterns of food consumption, and where, as in the case of many less industrialised economies, rapid structural changes in food consumption patterns are still to come. It is also of importance to policy makers in assessing die effectiveness of advertising or promotional campaigns in influencing longer term changes in consumer preferences for different products.