An Empirical Examination of the Relationship Between Real Options Values and the Rate of Investment

This paper examines the relationship between uncertainty and investment decisions by food and non-food firms. Using hysteresis and the real options paradigm, we review why uncertainty might cause firms to delay investment. In particular, our model looks for a negative relationship between capital invested and uncertainty. In the alternative, if the relationship is positive, this may be consistent with the exercise of growth options or competitive markets. Empirical results are mixed. In one of the four models we present there is clear evidence of hysteresis, that is a negative relationship between year over year investment and uncertainty. The remaining 3 models indicate the opposite, a positive relationship between investment and risk. Although the models differ, the first model is the stronger of the three. Nonetheless, the results are ambiguous. Although we use a large cross sectional, time series panel set of data, we find nothing remarkable about the food industry per se, except that across industries, their level of investment is about in the middle.Financial Economics,

Telephone multiline signaling using common signal pair

An operator can rapidly and automatically produce coded electrical signals by manipulating mechanical thumb wheel switches so as to instruct a service center to connect any number of telephone lines to the console thus enabling the operator to listen and/or talk over several lines simultaneously. The system includes an on-site console having several mechanically operated thumb wheel switches to which the desired lines to be connected can be dialed in. Electrical coded signals are fed to a number of banks of line AND gates representing units, tens and hundreds, a group of channel gates, and a command gate. These signals are gated out in a controlled manner to an encoder which generates tones that are transmitted over a single line to a communication service center

The Mid-Late Holocene Evolution of Southern Walland Marsh and the Origin of the ‘Midley Sand’

This paper documents new litho-, bio- and chronostratigraphic information and sedimentological data from sites at Sandyland on Broomhill Level, Midley and Lydd. These locations are situated between former tidal inlets at Romney and Rye which were instrumental in driving Foreland and Marshland environmental change during the last 2000 years. Peat formation commenced c. 4500 cal. yr BP at Sandyland and after 3700 cal. yr BP at Lydd. At Sandyland, eutrophic fen carr communities were replaced by acidic, nutrient-poor Myrica-dominated vegetation from c. 4100 cal. yr BP, a shift reported from other sites on Walland Marsh and from neighbouring areas. At Lydd, there was no local development of Myrica, probably due to the proximity of the site to tidal channels associated with an opening in the barrier at Hythe. Inundation occurred sometime after c. 2300 cal. yr BP at both sites although the upper contacts of the peat are sharp and have probably been eroded. The sedimentological investigations of the surface outcrops of ‘Midley Sand’ at Sandyland and Midley, combined with other stratigraphic and palaeogeographic evidence, are consistent with deposition in a tidal channel. The data support the existence of an open-ended channel connecting the inlets at Romney and Rye between AD 700 and the 12th century AD, which had already begun to infill and become reclaimed prior to the storms of the 13th century AD. The Wainway Channel appears to be a later feature which developed in the area after the closure of the Romney inlet and enlargement of the Rye inlet as a result of these storms

Veterans public housing in Massachusetts--a tenant survey

Thesis (M.C.P.) Massachusetts Institute of Technology. Dept. of Architecture, 1954.Bibliography: leaf 167.by William D. Toole.M.C.P

A Follow-up Study on the Persistence of Savings from the Retrocommissioning of Ten Buildings on a University Campus: Preliminary Results

A study has been initiated to provide follow-up analysis on the persistence of savings achieved from the retrocommissioning of ten buildings on a university campus. The buildings were originally commissioned in 1996, and the energy savings achieved over the next four years were tracked to evaluate their persistence levels. This study has now expanded the time frame after commissioning to an average of eight years by analyzing the energy consumption data for each building for the most recent year that valid data were available for the building. Preliminary results show high aggregate levels of savings persistence over the eight year average period for each building. The aggregate chilled water usage for the most recent data year for the ten buildings was virtually identical with the 1997 level, and only 56% of the baseline consumption. The aggregate hot water usage for the most recent data year for the ten buildings showed savings of 60.6% vs. savings of 66.4% for 1997, while the aggregate electricity savings were 22.9% vs. 11.5% for 1997. However, virtually all of the change in electricity use occurred in two buildings where it can not be regarded as a result of commissioning activities. The two buildings that required follow-up commissioning in 2001 (Kleberg and G.R. White) showed greater thermal savings after the follow-up than in 1997, suggesting that the 2001 effort was more thorough than that in 1997. If they are excluded from the analysis, the aggregate CHW savings of the other eight buildings decreased from 45.0% in 1997 to 36.3% in the most recent year while HW savings decreased from 54.4% to 40.5%. Even these savings show a high level of persistence over an average period of more than seven years. More analysis is needed to verify the quality of the data used in these comparisons, as well as to fill in some missing years where data are available. Follow up investigation is also needed to compare current building operating parameters with those in place just after commissioning and in the year 2000, to get a clearer picture of why changes in savings have occurred in each building

Review on Persistence of Commissioning Benefits in New and Existing Buildings

In recent years the topic of persistence of benefits has gained more interest both for existing building retrocommissioning and new building commissioning. This topic is relatively new, and the only relevant projects identified in the literature to date involve a total of 27 retrocommissioned buildings and 10 new buildings. In retrocommissioned buildings, savings generally decreased with time. 10 buildings in Texas: o cooling savings dropped from 44.8% to 35.1% from 1997 to 2000 o heating savings dropped from 79.7% to 49.7 % from 1998 to 2000 o retrocommissioning savings in 2000 were $985,626/year compared with$1,192,000 in 1998 o three fourths of the decrease was caused by component failures in two buildings Eight buildings in California: o peak aggregate savings occurred in years two and three o about 1/4 of the savings disappearing in year four (year 4 data available for only four buildings) Three buildings in Oregon: o 89% of the electric savings but none of the gas savings in three of the Oregon buildings persisted four years later. One building in Colorado: o 86% of the savings persisted after seven years In new buildings (after at least two years) o over half of the fifty-six commissioning fixes persisted o hardware fixes, such as moving a sensor or adding a valve, and control algorithm changes that were reprogrammed generally persisted. o Control strategies that could easily be changed, such as occupancy schedules, reset schedules, and chiller staging tended not to persist. o persistence is also related to operator training

High dimethylsulfide photolysis rates in nitrate-rich Antarctic waters

Author Posting. © American Geophysical Union, 2004. This article is posted here by permission of American Geophysical Union for personal use, not for redistribution. The definitive version was published in Geophysical Research Letters 31 (2004): L11307, doi:10.1029/2004GL019863.The photochemistry of dimethylsulfide (DMS) was examined in the Southern Ocean to assess its impact on the biogeochemical dynamics of DMS in Antarctic waters. Very high DMS photolysis rate constants (0.16–0.23 h−1) were observed in surface waters exposed to full sunlight. DMS photolysis rates increased linearly with added nitrate concentrations, and 35% of the DMS loss in unamended samples was attributed to the photochemistry of ambient nitrate (29 μM). Experiments with optical filters showed that the UV-A band of sunlight (320–400 nm) accounted for ~65% of DMS photolysis suggesting that dissolved organic matter was the main photosensitizer for DMS photolysis. During the austral spring, DMS photolysis was the dominant loss mechanism under non-bloom and non-ice cover conditions owing to the high doses and deep penetration of UV radiation in the water column, low observed microbial consumption rates, and high in situ nitrate concentrations.This work was supported by NSF (OPP- 0230499, DJK; OPP-0230497, RPK)

Reconstructing Tuberculosis Services after Major Conflict: Experiences and Lessons Learned in East Timor

BACKGROUND: Tuberculosis (TB) is a major public health problem in developing countries. Following the disruption to health services in East Timor due to violent political conflict in 1999, the National Tuberculosis Control Program was established, with a local non-government organisation as the lead agency. Within a few months, the TB program was operational in all districts. METHODS AND FINDINGS: Using the East Timor TB program as a case study, we have examined the enabling factors for the implementation of this type of communicable disease control program in a post-conflict setting. Stakeholder analysis was undertaken, and semi-structured interviews were conducted in 2003 with 24 key local and international stakeholders. Coordination, cooperation, and collaboration were identified as major contributors to the success of the TB program. The existing local structure and experience of the local non-government organisation, the commitment among local personnel and international advisors to establishing an effective program, and the willingness of international advisers and local counterparts to be flexible in their approach were also important factors. This success was achieved despite major impediments, including mass population displacement, lack of infrastructure, and the competing interests of organisations working in the health sector. CONCLUSIONS: Five years after the conflict, the TB program continues to operate in all districts with high notification rates, although the lack of a feeling of ownership by government health workers remains a challenge. Lessons learned in East Timor may be applicable to other post-conflict settings where TB is highly prevalent, and may have relevance to other disease control programs

Rib Fracture Fixation Restores Inspiratory Volume and Peak Flow in a Full Thorax Human Cadaveric Breathing Model

Background: Multiple rib fractures cause significant pain and potential for chest wall instability. Despite an emerging trend of surgical management of flail chest injuries, there are no studies examining the effect of rib fracture fixation on respiratory function. Objectives: Using a novel full thorax human cadaveric breathing model, we sought to explore the effect of flail chest injury and subsequent rib fracture fixation on respiratory outcomes. Patients and Methods: We used five fresh human cadavers to generate negative breathing models in the left thorax to mimic physiologic respiration. Inspiratory volumes and peak flows were measured using a flow meter for all three chest wall states: intact chest, left-sided flail chest (segmental fractures of ribs 3 - 7), and post-fracture open reduction and internal fixation (ORIF) of the chest wall with a pre-contoured rib specific plate fixation system. Results: A wide variation in the mean inspiratory volumes and peak flows were measured between specimens; however, the effect of a flail chest wall and the subsequent internal fixation of the unstable rib fractures was consistent across all samples. Compared to the intact chest wall, the inspiratory volume decreased by 40 ± 19% in the flail chest model (P = 0.04). Open reduction and internal fixation of the flail chest returned the inspiratory volume to 130 ± 71% of the intact chest volumes (P = 0.68). A similar 35 ± 19% decrease in peak flows was seen in the flail chest (P = 0.007) and this returned to 125 ± 71% of the intact chest following ORIF (P = 0.62). Conclusions: Negative pressure inspiration is significantly impaired by an unstable chest wall. Restoring mechanical stability of the fractured ribs improves respiratory outcomes similar to baseline values

Grazing Behaviour of Dorper Sheep and Farmed Goats and Their Implications for Natural Resource Management in Western NSW

The introduction of exotic herbivores into the semi-arid and arid zones of Australia resulted in dramatic change in the native vegetation (e.g. Noble and Tongway 1986; Friedel et al. 1990). Overgrazing and trampling reduced ground cover and changed species composition from dominance by perennial grasses and shrubs to dominance by annual species over extensive areas (e.g. Gunn 1986), or assisted the encroachment of woody species (Wilcox and Cunningham 1994). It is particularly in this context that the recent introduction of new sheep breeds, reputedly hardier than traditional Merinos, and the increasing trend to farming or re-domestication of feral goats, poses serious questions for the ecological sustainability of the region. This ongoing project aims to combine information from laboratory experiments, field studies and producer experience to develop practical management strategies that are supportive of regional and national ground cover targets aimed at reducing wind erosion and maintaining biodiversity values. We report the preliminary results and recommend management strategies