Treatment of paper mill effluent using an anaerobic/aerobic hybrid side-stream membrane bioreactor

This paper presents the design and operational performance data of an anaerobic/aerobic hybrid side-stream Membrane Bioreactor (MBR) process for treating paper mill effluent operated over a 6 month period. The paper mill effluent stream was characterized by a chemical oxygen demand (COD) range of between 1,600 and 4,400 mg/L and an average BOD of 2,400 mg/L. Despite large fluctuations in COD feed concentration, stable process performance was achieved. The anaerobic Expanded Granular Sludge Bed (EGSB) pre-treatment step effectively lowered the organic loading by 65 to 85%, thus lowering the MBR COD feed concentration to consistently below 750 mg/L. The overall MBR COD removal was consistent at an average of 96%, regardless of the effluent COD or changes in the hydraulic retention time (HRT) and organic loading rate (OLR). Combining a high-rate anaerobic pre-treatment EGSB with a Modified Ludzack-Ettinger (MLE) MBR process configuration produced a high quality permeate. Preliminary NF and RO results indicated an overall COD removal of around 97 and 98%, respectively.     

Measurement of market integration and arbitrage

We develop a measurement theory of market integration, basedon two notions of 'integrated markets'. First, two markets cannotbe perfectly integrated in any sense if one can construct twoportfolios, one from each market, that have identical payoffsbut different prices. In that case, the law of one price isviolated across the markets. Second, they cannot be integratedin a stronger sense if there are cross-market arbitrage opportunities.Two measures of market integration are developed, respectivelyreflecting these notions. The smaller the measures, the moreclosely integrated (in the respective senses) the markets. Amongother things, they are interpreted as measuring pricing discrepancybetween markets.     

Stock returns and inflation with supply and demand disturbances

We account for the relation between stock returns and inflationwith two independent disturbances: supply shocks and demandshocks. Supply shocks reflect real output shocks and cause anegative relation between stock returns and inflation, whiledemand shocks are mainly due to monetary shocks and generatea positive relation between stock returns and inflation. Weshow, both theoretically and empirically, that the stock return-inflationrelation varies over time and across countries, depending onthe relative importance of the two types of shocks. Our empiricalevidence is based on pre- and postwar periods in the UnitedStates, as well as the postwar period in the United Kingdom,Japan, Germany.     

TIME-DOMAIN ANALYSIS OF WAVE FORCES ON SHIPS WITH FORWARD SPEED

Analyses of wave forces on Wigley and Series 60 ships at forward speedare presented in time domain which is based on a free surface transient Green functionwith linearized condition. The main effort focus on the investigation of the numerical sta-bility of time stepping calculation and the waterline intergal contribution to the excitingforces. Numerical study shows that the stable results can be obtained when a wall-sided as-sumption is used at the stern only and the effect of waterline can be neglected. Compar-isons have been made between the present time domain calculations and other works. Nu-merical results for the added resistance on a C_B=0.8 ship in short waves are presentedbased on the assumption that the steady disturbance of ship hull can be neglected.     

Spatial economic development in South Africa: an overview and evaluation of the platinum spatial development initiative

The Platinum Spatial Development Initiative (Platinum SDI), located in the North West province of South Africa, is examined in this article. The article commences with a historical synopsis of industrial policy and regional industrial development policy in South Africa. Thereafter the trade and industrial policies of the North West Provincial Government are discussed in the contexts of its economic development strategies ‘North West 2001’ from 1997, and the ‘North West Economic Development and Industrialisation Strategy’ from 2002. Various arguments for and against the viability of the Platinum SDI are put forward.     

Portfolio performance measurement: theory and applications

Any admissible portfolio performance measure should satisfyfour minimal conditions: it assigns zero performance to eachreference portfolio and it is linear, continuous, and nontrivial.Such an admissible measure exists if and only if the securitiesmarket obeys the law of one price. A positive admissible measureexists if and only if there is no arbitrage. This article characterizesthe (infinite) set of admissible performance measures. It isshown that performance evaluation is generally quite arbitrary.A mutual fund data set is also used to demonstrate how the measurementmethod developed here can be applied.     

Litigation risk, intermediation, and the underpricing of initial public offerings

We formally examine the role of litigation risk in initial publicoffering (IPO) pricing. The underwriter's pricing decision tradesoff current revenue against expected future litigation costs,both of which are increasing in the IPO price. Given a time-consistencyconstraint and rational expectations on the part of investors,however, the 'standard' litigation risk argument does not leadto equilibrium underpricing. We develop a richer model thatprovides sufficient conditions under which there is equilibriumunderpricing. The issuer's choice of employing an underwriterversus floating the IPO on its own is examined, and varioustestable implications of the model are developed.     

Estimating the profits from trading strategies

Price improvement is the difference between the execution priceof an order and the quoted bid or ask when the order was submitted.We show that expected price improvement falls off dramaticallyas the size of the order approaches the quoted depth, and becomesnegative for larger orders. This is particularly important forsmall firms because the quoted depths are low. Using quotedspreads and depths and our estimate of expected price improvement,we show that trading strategies that attempt to exploit theweekly predictability of small-firm returns would be swampedby transaction costs.