Inflation Risk?

Intereconomics - Inflation is on the rise again in the industrialised world. This has led to fears of a sustained surge in inflation. This article argues that while such fears may make sense in the...     

Entrepreneurial orientation and innovation in family SMEs: Unveiling the (actual) impact of the Board of Directors

Drawing on stewardship and resource dependence theories, we examine how the board of directors (BoD) influences the link between entrepreneurial orientation (EO) and ambidextrous innovation in small and medium sized family firms (family SMEs). Our analysis of 230 Spanish family SMEs shows that family involvement in the BoD has a negative effect on their ability to turn EO into innovation. Moreover, we show that the BoD's strategic involvement in service and control tasks and the provision of knowledge and skills have positive effects, whereas the intensity of BoD activity has a surprisingly negative effect. These findings underscore that the effects of the BoD on the entrepreneurship-innovation link are more complex than previously thought, pointing to the important role of both BoD composition and BoD functioning for enabling innovation in family SMEs.     

On the issue of trend and noise in the estimation of extreme rainfall properties.

Up until today extreme rainfall properties are frequently applied in sewer design guidelines. Uncertainty in the estimation of such properties will hence directly influence the dimensions of sewers, structures and pumps. In this paper the issue of potential trend and noise in the estimation is investigated for 6 rain series ranging from 19 to 55 years in duration. Different to recent research that predicts a climate induced-increase in heavy precipitation no clear indication for such trend was found in the investigated historical rain series. Another important aspect is the length of the rain series that is required for the estimation of extreme rainfall properties and the associated uncertainty. The analysis indicates that at least a period of 10 years should be used for the estimation. But even so the possible deviation expressed in terms of the 90 percentile is in the order of 5 to 10% of the 'true value', defined as the value derived when the whole given series is used for the estimation.     

On the effect of spatial variances in historical rainfall time series to CSO performance evaluation.

Historical, high-resolution rain series are the backbone of modern combined sewer overflow (CSO) structure design. These rain series are the input to the computational estimation of the performance of the measures with respect to CSO pollution abatement. However, those historical precipitation measurements are available at only a few locations. Frequently rain series have to be used from gauging stations at a significant distance. In order to judge and to compensate for this influence an estimate between rain characteristics and combined sewer outflow (CSO) performance indicators would be useful. In this paper such correlations have been sought for a collection of 37 rain series covering large areas of Europe. It was found that the mean annual rain volume can explain most of the variances for the performance indicators Number of overflows and CSO volume. For explaining the spatial differences in the efficiency of the CSO structure another rain characteristic, i.e. the maximum event with a return period of one year, is to be used.     

浅谈东深供水改造工程的设计监理工作

施工图阶段设计监理工作的内容归纳起来主要是对设计质量进行控制.依据<水利建设工程招标、施工图阶段设计监理试行规定>,其具体工作内容仅限于设计成果的合法性和安全性,没有充分发挥设计监理作用,对施工图阶段设计质量的理解是不全面的.施工图阶段的设计质量不仅仅是提交合法和安全的图纸,而且图纸的提交时限性、可实施性及经济性也应是考核设计质量的重要组成部分,为此东深供水改造工程的设计监理工作内容确定为"五项控制"和"两项权利",全面地对施工图阶段的设计质量进行控制.     

大坝监测自动化中的人工比测研究

阐述了人工比测的概念、方式和数据分析方法,对人工比测及数据分析中应注意的问题也进行了深入研究。     

An Empirical Analysis of Entrant and Incumbent Bidding in Road Construction Auctions

This paper explores differences in the bidding patterns of entrants and incumbents in road construction auctions. We find that entrants bid more aggressively and win auctions with significantly lower bids than incumbents. The differences in their bidding patterns are consistent with a model of auctions in which the distribution of an entrant's costs exhibits greater dispersion than that of an incumbent's and relations of stochastic dominance in the distributions do not persist for the entire range of estimated costs. We also find that more efficient firms bid, on average, more aggressively and firms with greater backlogs bid less aggressively.     

Intraday Lead-Lag Relationships Between the Futures-, Options and Stock Market

In rational, efficiently functioning and complete markets, returns on derivative and underlying securities should be perfectly contemporaneously correlated. Due to market imperfections, one of these markets may reflect information faster. The use of high-frequency data and the choice for a small unit time interval to measure these lead-lag relations comes at the cost of some or many missing observations, causing traditional estimators to either under- or overestimate covariances and correlations. We use a new estimator to estimate lead-lag relationships between the cash AEX index, options and futures. We find that futures returns lead both options and cash index returns by approximately 10 minutes. The relationship between options and the cash market is not completely unidirectional.     

THE STATISTICAL DISTRIBUTION OF EXTREME VALUES OF WAVE-CURRENT FORCES ACTING ON SLENDER CIRCULAR CYLINDER IN IRREGULAR WAVES

Based on model test,the statistical distribution of extreme values of wave-current in-line forces acting on vertical circular cylinder is analyzed in this paper.It is shownthat the results calculated by the simplified method,proposed by authors,agree well with the testdata;Weibull distribution is also adoptable in the region of high KC number, and the shapeparameter a and scale parameter β are related well with KC number respectively.