On pricing kernels, information and risk

We discuss the finding that cross-sectional characteristic based models have yielded portfolios with higher excess monthly returns but lower risk than their arbitrage pricing theory counterparts in an analysis of equity returns of stocks listed on the JSE. Under the assumption of general no-arbitrage conditions, we argue that evidence in favour of characteristic based pricing implies that information is more likely assimilated by means of nonlinear pricing kernels for the markets considered.Comment: 20 pages, 3 figures, 1 tabl

Benefits of VTOL aircraft in offshore petroleum logistics support

The mission suitability and potential economic benefits of advanced VTOL aircraft were investigated for logistics support of petroleum operations in the North Sea and the Gulf of Mexico. Concepts such as the tilt rotor and lift/cruise fan are promising for future operations beyond 150 miles offshore, where their high cruise efficiency provides savings in trip time, fuel consumption, and capital investment. Depending upon mission requirements, the aircraft operating costs are reduced by as much as 20 percent to 50 percent from those of current helicopters

Cosmological constant and Euclidean space from nonperturbative quantum torsion

Heisenberg's nonperturbative quantization technique is applied to the nonpertrubative quantization of gravity. An infinite set of equations for all Green's functions is obtained. An approximation is considered where: (a) the metric remains as a classical field; (b) the affine connection can be decomposed into classical and quantum parts; (c) the classical part of the affine connection are the Christoffel symbols; (d) the quantum part is the torsion. Using a scalar and vector fields approximation it is shown that nonperturbative quantum effects gives rise to a cosmological constant and an Euclidean solution.Comment: title is changed. arXiv admin note: text overlap with arXiv:1201.106

Cost and schedule management on the quiet short-haul research aircraft project

The Quiet Short-Haul Research Aircraft (QSRA) Project, one of the largest aeronautical programs undertaken by NASA to date, achieved a significant cost underrun. This is attributed to numerous factors, not the least of which were the contractual arrangement and the system of cost and schedule management employed by the contractor. This paper summarizes that system and the methods used for cost/performance measurement by the contractor and by the NASA project management. Recommendations are made for the use of some of these concepts in particular for future programs of a similar nature

A possible correlation between maxima of the far ultraviolet solar irradiance and central meridian passages of solar magnetic sector boundaries

Satellite observations of the sun over almost 5 yrs show that principally two UV active longitudes have persisted over a significant portion of this observational period. A comparison between the position of solar magnetic sector boundaries and UV enhancements of the sun seems to show, at least during the year 1969, that the UV maxima tend to occur near the times when a solar sector boundary is near central meridian. An estimate of the magnitude of the variable UV solar energy input into the atmosphere resulting from the rotation of active solar longitudes is that for wavelengths less than 175 nm and down to H Lyman-alpha it exceeds the annual variation, whereas at longer wavelengths it is less

Vorticity interaction effects on blunt bodies

Numerical solutions of the viscous shock layer equations governing laminar and turbulent flows of a perfect gas and radiating and nonradiating mixtures of perfect gases in chemical equilibrium are presented for hypersonic flow over spherically blunted cones and hyperboloids. Turbulent properties are described in terms of the classical mixing length. Results are compared with boundary layer and inviscid flowfield solutions; agreement with inviscid flowfield data is satisfactory. Agreement with boundary layer solutions is good except in regions of strong vorticity interaction; in these flow regions, the viscous shock layer solutions appear to be more satisfactory than the boundary layer solutions. Boundary conditions suitable for hypersonic viscous shock layers are devised for an advanced turbulence theory

Quiet propulsive lift for commuter airlines

The performance of STOL or RTOL aircraft and NASA's research program to provide options for future design and certification of quiet propulsive-life transports is described

Computation of turbulent boundary layers on curved surfaces, 1 June 1975 - 31 January 1976

An accurate method was developed for predicting effects of streamline curvature and coordinate system rotation on turbulent boundary layers. A new two-equation model of turbulence was developed which serves as the basis of the study. In developing the new model, physical reasoning is combined with singular perturbation methods to develop a rational, physically-based set of equations which are, on the one hand, as accurate as mixing-length theory for equilibrium boundary layers and, on the other hand, suitable for computing effects of curvature and rotation. The equations are solved numerically for several boundary layer flows over plane and curved surfaces. For incompressible boundary layers, results of the computations are generally within 10% of corresponding experimental data. Somewhat larger discrepancies are noted for compressible applications