Flexible drive allows blind machining and welding in hard-to-reach areas

Flexible power and control unit performs welding and machining operations in confined areas. A machine/weld head is connected to the unit by a flexible transmission shaft, and a locking- indexing collar is incorporated onto the head to allow it to be placed and held in position

An Exploratory Investigation of the Fundamental Determinants of National Equity Market Returns

This paper studies average and conditional expected returns in national equity markets, and their relation to a number of fundamental country attributes. The attributes are organized into three groups. The first is relative valuation ratios, such as price-to-book-value, cash-flow, earnings and dividends. The second group measures relative economic performance and the third measures industry structure. We find that average returns across countries are related to the volatility of their price-to-book ratios. Predictable variation in returns is also related to relative gross domestic product, interest rate levels and dividend-price ratios. We explore the hypothesis that cross-sectional variation in the country attributes proxy for variation in the sensitivity of national markets to global measures of economic risks. We test single-factor and two-factor models in which countries' conditional betas are assumed to be functions of the more important fundamental attributes.

Insensitive control technology development

THe investigation of two insensitive controller synthesis techniques was reported. The finite dimensional inverse approach produces a time varying insensitive controller and/or parameter identifier by constructing inverse functions derived from a finite number of input output pair relationships. The MD/IM concept relies on the information matrix theory that was developed in the estimation and identification field. The MD/IM synthesis technique is based on the hypothesis that minimizing the information matrix will reduce system identifiability and consequently system sensitivity to uncertain parameters. The controllers designed with both techniques were evaluated on a realistic C-5A aircraft flight control problem. Results indicate that the FDI controller is more suited to trajectory type problems because of its time varying nature. The MD/IM controller performed as well as the top-rated controllers of the initial effort and has direct application to aircraft flight control problems

Conditioning Variables and the Cross-Section of Stock Returns

Previous studies have identified predetermined variables that have some power to explain the time series of stock and bond returns. This paper shows that loadings on the same variables also provide significant cross-sectional explanatory power for stock portfolio returns. These loadings are important, over and the above the variables advocated by Fama and French (1993) in their three factor model,' and also the four factors of Elton, Gruber and Blake (1995). The explanatory power of the loadings on lagged variables is robust to various portfolio grouping procedures and other considerations. The lagged variables reveal information about the cross-section of expected returns that is not captured by popular asset pricing factors. These results carry implications for risk analysis, performance measurement, cost-of-capital calculations and other applications.

Sources of Risk and Expected Returns in Global Equity Markets

This paper empirically examines multifactor asset pricing models for the returns and expected returns on eighteen national equity markets. The factors are chosen to measure global economic risks. Although previous studies do not reject the unconditional mean- variance efficiency of a world market portfolio, our evidence indicates that the tests are low in power, and the world market betas do not provide a good explanation of cross-sectional differences in average returns. Multiple beta models provide an improved explanation of the equity returns.

In Memoriam

An obituary for minister John H. Ruble