GLAMOUR VERSUS VALUE: TRADING BEHAVIOR OF INSTITUTIONS AND INDIVIDUAL INVESTORS

We design a new metric to measure the net buying and selling by institutions and individual investors and find that from 1980 to 2004 institutional investors were net buyers of growth stocks and net sellers of value stocks, implying that individual investors were net buyers of value stocks and net sellers of glamour stocks. The institutional preference for glamour and value stocks seems to be related to sell‐side analysts' recommendations and recent favorable stock price performances, especially during the post‐1994 period. Finally, the institutional buying of growth stocks and sale of value stocks was not based on superior information.     

Productive Efficiency of the Swine Industry in Hawaii: Stochastic Frontier vs. Data Envelopment Analysis

Improving productive efficiency is an increasingly important determinant of the future of the swine industry in Hawaii. This paper examines the productive efficiency of a sample of swine producers in Hawaii by estimating a stochastic frontier production function and the constant returns to scale (CRS) and variable returns to scale (VRS) output-oriented DEA models. The technical efficiency estimates obtained from the two frontier techniques are compared. The scale properties are also examined under the two approaches. The industry's potential for increasing production through improved efficiency is also discussed.     

A Scenario Based Impact Assessment of Trace Metals on Ecosystem of River Ganges Using Multivariate Analysis Coupled with Fuzzy Decision-Making Approach

The growing consciousness about the health risks associated with environmental pollutants has brought a major shift in global concern towards prevention of hazardous/trace metals discharge in water bodies. Majority of these trace metals gets accumulated in the body of aquatic lives, which are considered as potential indicators of hazardous content. This results in an ecological imbalance in the form of poisoning, diseases and even death of fish and other aquatic lives, and ultimately affect humans through food chain. Trace metals such as Cd, Cr, Cu, Mn, Ni, Pb and Zn originated from various industrial operations containing metallic solutions and agricultural practices, have been contributing significantly to cause aquatic pollution. The present study develops a novel approach of expressing sustainability of river’s ecosystem based on health of the fish by coupling fuzzy sensitivity analysis into multivariate analysis. A systematic methodology has been developed by generating monoplot, two dimensional biplot and rotated component matrix (using ‘Analyze it’ and ‘SPSS’ software), which can simultaneously identify critical trace metals and their industrial sources, critical sampling stations, and adversely affected fish species along with their interrelationships. A case study of assessing the impact of trace metals on the aquatic life of river Ganges, India has also been presented to demonstrate effectiveness of the model. The clusters pertaining to various water quality parameters have been identified using Principal Component Analysis (PCA) to determine actual sources of pollutants and their impact on aquatic life. The fuzzy sensitivity analysis reveals the cause-effect relationship of these critical parameters. The study suggests pollution control agencies to enforce appropriate regulations on the wastewater dischargers responsible for polluting river streams with a particular kind of trace metal(s).     

Sub additive measures of relative information and inaccuracy

Summary In the study of information theoretic measures, additivity has been the basic requirement. However it is quite interesting to investigate the sub-additive measures. Starting from subadditivity for measures associated with a pair of distributions of a discrete random variable, it has been changed into an equality relation using another function of a pair of distributions., Under the sum property of the function and the measures, the relation is expressed in terms of a functional equation of which the most general complex solutions have been obtained. In terms of the real continuous solutions of the functional equation, the sub-additive measures of Relative information and Inaccuracy have been defined and characterized. Particular cases and simple properties particularly the convexities of some of these new measures have also been studied.     

Energy savings by reduced mixing in aeration tanks: results from a full scale investigation and long term implementation at Avedoere wastewater treatment plant

The aim of this project was to investigate the potential of reducing number of mixers in the biological treatment process and thereby achieve energy and economical savings and contribute to cleaner environment. The project was carried out at Avedoere wastewater treatment plant and a full scale investigation was conducted to study the effect of reduced mixing on flow velocity, suspended solid sedimentation, concentration gradients of oxygen and SS with depth and treatment efficiency. The only negative effect observed was on flow velocity; however the velocity was above the critical velocity. The plant has been operating with 50% of its designed number of mixers since September 2007 and long term results also confirm that reduced mixing did not have any negative effect on treatment efficiency. The estimated yearly electricity saving is 0.75 GWh/year.     

Discussion of the enabling environments for decentralised water systems

Decentralised water supply systems are becoming increasingly affordable and commonplace in Australia and have the potential to alleviate urban water shortages and reduce pollution into natural receiving marine and freshwater streams. Learning processes are necessary to support the efficient implementation of decentralised systems. These processes reveal the complex socio-technical and institutional factors to be considered when developing an enabling environment supporting decentralised water and wastewater servicing solutions. Critical to the technological transition towards established decentralised systems is the ability to create strategic and adaptive capacity to promote learning and dialogue. Learning processes require institutional mechanisms to ensure the lessons are incorporated into the formulation of policy and regulation, through constructive involvement of key government institutions. Engagement of stakeholders is essential to the enabling environment. Collaborative learning environments using systems analysis with communities (social learning) and adaptive management techniques are useful in refining and applying scientists' and managers' knowledge (knowledge management).     

A laboratory assessment of the impact of brewery wastewater discharge on sulfide and methane production in a sewer

The impact of brewery wastewater discharge on sulfide and methane production in a sewer was assessed. Experiments were carried out on laboratory scale sewer reactors consisting of both an experimental and a control reactor. The control reactor was intermittently fed with real fresh sewage while the experimental reactor was fed with a mixture of brewery and domestic wastewater at two different proportions (10 and 25% v/v). 10% v/v discharge of brewery wastewater increased the H2S and CH4 production rates in the sewer reactor by 40% and 30%, respectively. When the brewery wastewater fraction was increased to 25% v/v, the H2S production rate of the experimental reactor decreased to the level of the control reactor. In contrast, the CH4 production rate maintained at a level that was 30% higher than that in the control reactor. These results indicate that the discharge of brewery wastewater into sewers can give negative impacts in relation to odour and corrosion management of the systems and will increase the greenhouse gas emissions from sewers. The study also reveals that the impact of trade waste on the biological reactions in sewers is complex, and requires careful experimental assessment in each case.     

Assessing Decentralised Water Solutions: Towards a Framework for Adaptive Learning

This paper reports on the use of qualitative analysis to inform a risk analysis framework for decentralised water systems. To realise the benefits from these technologies, a methodology is applied to learn from previous difficulties in implementing and managing them. A workshop process was used to capture stories from industry professionals on difficulties they have encountered in planning and implementation. Qualitative analysis of story narratives revealed stages where there was some type of development process failure; as well as failure modes and factors influencing the difficulties encountered. The analysis also generated insights: difficulties in one part of the development process tends to propagate to subsequent stages; system difficulties most often occurred in the policy stage of development due to institutional inertia and lack of adaptive governance; and the best indicator of problems with a decentralised system was complaints of poor water quality. Furthermore, this paper also provides a method to learn from past difficulties by identifying what data needs to be collected in order to populate a risk model which can be used for improving risk assessment of the development process for decentralised systems. This can provide a basis for better decision making, policy and guidelines; an important factor in mainstream acceptance.     

When an executive defects

The news that one of the company's senior managers is leaving comes as a complete surprise to Paul Simmonds, CEO of Kinsington Textiles, Inc. Ned Carpenter, KTI's vice president of operations for three years, writes in his resignation letter than he is leaving for a better opportunity. Simmonds soon learns that Carpenter's new job is at Daltex, one of KTI's main rivals in the intensely competitive carpet industry. Hiring Carpenter had helped Simmonds establish his reputation as a topnotch manager. Carpenter came to KTI with lots of ideas and put his enthusiasm to good use. Three years into a five-year change program, Carpenter had turned KTI's operations from one of the worst in the industry to one of the best. He also had helped develop and plan the upcoming launch of a new fiber coating--KTI's first breakthrough in years. In this fictitious case study, Simmonds, along with the company's counsel and vice president of human resources, must figure out how much and what sort of damage control they need. What are they going to tell the company's employees and the media? Should they immediately replace Carpenter with John Brady, the second-in-command of operations? What if Carpenter is taking KTI employees--and strategic information--with him to Daltex? Should Simmonds ask all his managers to sign noncompete agreements-something Carpenter was never asked to do? Should KTI sue Carpenter? Five experts offer advice about communicating with KTI's employees, the media, and Carpenter himself, and about protecting the company's confidential information.     

The Impact of Acquisitions on Operating Performance: Some Australian Evidence

This study investigates the impact of acquisitions on the operating performance of Australian firms. For a sample of 36 Australian acquisitions occurring between 1986 to 1991 inclusive, and using matched firms to control for industry and economy-wide factors, the results based on four accrual and four cash flow performance measures show that corporate acquisitions do not lead to significant improvements in post-acquisition operating performance. The consistency of the results with the agency, the hubris and the financial motivation hypotheses suggests that corporate acquisitions in Australia may be undertaken for other than synergistic reasons. The results assist in explaining inconsistent findings reported in the literature.