The Role of Ethical Standards in the Relationship Between Religious Social Norms and M&A Announcement Returns

Journal of Business Ethics - Prior studies suggest that firms headquartered in areas with strong religious social norms have higher ethical standards. In this study, we examine whether the ethical...     

Real Incentive Effects of Soft Information

Both soft, noncontractible, and hard, contractible, information are informative about managerial ability and future firm performance. If a manager's future compensation depends on expectations of ability or future performance, then the manager has implicit incentives to affect the information. We examine the real incentive effects of soft information in a dynamic agency with limited commitment. When long-term contracts are renegotiated, the rewards for future performance inherent in long-term contracts allow the principal partial control over the implicit incentives. This is because the soft information affects the basis for contract renegotiation. With short-term contracts, the principal has no control over the basis for contract negotiation, and thus long-term contracts generally dominate short-term contracts. With long-term contracts, the principal's control over implicit incentives is characterized in terms of effective contracting on an implicit aggregation of the soft information that arises from predicting (forming expectations of) future performance. We provide sufficient conditions for soft information to have no real incentive effects. In general, implicit incentives not controllable by the principal include fixed effects, such as career concerns driven by labor markets external to the agency. When controllable incentives span the fixed effects of career concerns, the latter have no real effects with regard to total managerial incentives—they would optimally be the same with or without career concerns. Our analysis suggests empirical tests for estimating career concerns that should explicitly incorporate noncontractible information.     

Results of Studies on Strengthening Retaining Walls with Composite Materials

Power Technology and Engineering - The experimental results on retaining reinforced-concrete walls reinforced with anchor ties and carbon composite materials on the face side of hydraulic...     

Fault detection for control of wastewater treatment plants.

Interest in real-time model-based control is increasing as more and more facilities are being asked to meet stricter effluent requirements while at the same time minimizing costs. It has been identified that biological process models and automated process control technologies are being used at wastewater treatments plants throughout the world and that great potential for optimising biotreatment may exist with the integration of these two technology areas. According to our experience, wastewater treatment plants are indeed looking for ways to successfully integrate their modelling knowledge into their process control structure; however, there are practical aspects of this integration that must be addressed if the benefits of this integration are to be realised. This paper discusses the practical aspects of monitoring, filtering and analysing real sensor data with an aim to produce a reliable real-time data stream that might be used within a model-based control structure. Several real case study examples are briefly discussed in this paper.     

Comparison of total and faecal coliforms as faecal indicator in eutrophicated surface water.

The aim of this study was to evaluate the use of total coliforms (TC) and faecal coliforms (FC) using a membrane filtration method for precise monitoring of faecal pollution in Korean surface water. The samples were collected in Korea from both main rivers and their tributaries. Presumptive TC * FC were enumerated. The ratios of presumptive FC to TC were not constant, but varied widely, and TC were difficult to enumerate because of overgrowth by background colonies. For FC this was not the case. Seven hundred and three purified strains of presumptive TC * FC and their background colonies were biotyped using API 20E. Among 272 presumptive TC, non-faecal related species, Aeromonas hydrophila dominated (34.6%) and E. coli accounted for only 5.1%. In contrast, E. coli made up 89% of the 209 presumptive FC. Furthermore, of 164 background colonies on Endo Agar LES, 54.9% was A. hydrophila, while background colonies on m-FC Agar were few (58 strains), and despite their atypical colony appearance, most of them were biotyped as enteric bacteria. These results reveal that the detection of FC rather than TC using m-FC Agar is more appropriate for faecal pollution monitoring in eutrophicated surface water located in a temperate region.     

Maximum efforts in contests with asymmetric valuations

Efforts may be reduced when players with different valuations participate in a contest. This paper considers the problem of designing a contest to elicit maximum aggregate effort from players with asymmetric valuations. Optimal designs for different classes of contest technologies are computed and characterized. A value weighted contest is optimal in the concave case. In the unconstrained case, the optimal contest is equivalent to a first price all-pay auction with a reserve price. The optimal design discounts the effort of the high valuation player in order to induce him to compete vigorously.     

Retention of Escherichia coli in municipal sewage by means of planted soil filters in two-stage pilot plant systems.

Different types of constructed wetlands in a pilot-plant system were fed with identical municipal waste water to compare the sanitisation process in two-stage systems. With combinations of a vertical and a horizontal flow filter an E. coli reduction of 5 log10 with an E. coli influent concentration of 10(7) MPN/100 ml was achieved. Using different filter materials in each stage the total performance of the two-stage system was independent from the sequence of these materials. However, using coarser filter material in the first stage makes the filter less prone to clogging and is thus the preferential option with regard to operational reliability.     

Lessons learnt from 15 years of ICA in anaerobic digesters.

Anaerobic digestion plants are highly efficient wastewater treatment processes with inherent energy production. Despite these advantages, many industries are still reluctant to use them because of their instability confronted with changes in operating conditions. There is therefore great potential for application of instrumentation, control and automation (ICA) in the field of anaerobic digestion. This paper will discuss the requirements (in terms of on-line sensors needed, modelling efforts and mathematical complexity) but also the advantages and drawbacks of different control strategies that have been applied to AD high rate processes over the last 15 years.     

An integrated system to remote monitor and control anaerobic wastewater treatment plants through the internet.

The TELEMAC project brings new methodologies from the Information and Science Technologies field to the world of water treatment. TELEMAC offers an advanced remote management system which adapts to most of the anaerobic wastewater treatment plants that do not benefit from a local expert in wastewater treatment. The TELEMAC system takes advantage of new sensors to better monitor the process dynamics and to run automatic controllers that stabilise the treatment plant, meet the depollution requirements and provide a biogas quality suitable for cogeneration. If the automatic system detects a failure which cannot be solved automatically or locally by a technician, then an expert from the TELEMAC Control Centre is contacted via the internet and manages the problem.