Developing Zero-Emission Bus and Truck Markets Will Require a Mix of Financial Incentives, Sale Mandates, and Demonstration Projects

California has a number of programs intended to encourage the introduction of zero- and near-zero emission vehicle (ZEV) technologies into the medium- and heavy-duty truck markets. Meeting the goals of these programs will require the sale of large numbers of battery-electric and hydrogen fuel cell transit buses and trucks by 2025 and beyond. However, several barriers to widespread adoption of these technologies will need to be addressed, including their purchase price, utility, durability and reliability, as well as the cost of energy and the availability of refueling infrastructure. Policies such as mandates or incentives will likely be necessary to overcome these barriers and the uncertainty of adopting a new, unproven technology. These policies must make economic sense to both the bus and truck manufacturers and the vehicle purchasers if they are to be successful in the long term. To gain a better understanding of the financial barriers for ZEV bus and truck adoption, researchers at UC Davis conducted technology and cost assessments for batteryelectric and fuel cell vehicles in the medium- and heavy-duty truck sector. High-level findings and the policy implications of this research are summarized in this brief

On the Complexity of the Tiden-Arnborg Algorithm for Unification modulo One-Sided Distributivity

We prove that the Tiden and Arnborg algorithm for equational unification modulo one-sided distributivity is not polynomial time bounded as previously thought. A set of counterexamples is developed that demonstrates that the algorithm goes through exponentially many steps.Comment: In Proceedings UNIF 2010, arXiv:1012.455

Presence of the “Threatened” \u3ci\u3eTrimerotropis Huroniana\u3c/i\u3e (Orthoptera: Acrididae) in Relation to the Occurrence of Native Dune Plant Species and the Exotic \u3ci\u3eCentaurea Biebersteinii\u3c/i\u3e

Trimerotropis huroniana Wlk. is a “Threatened” species in Michigan and Wisconsin with a distribution limited to open dune systems in the northern Great Lakes region of North America. Pitfall traps were utilized in the Grand Sable Dunes of Pictured Rocks National Lakeshore, MI, along with an herbaceous plant survey, to identify the relationship of T. huroniana with native dune plant species, Ammophila breviligulata Fern. (American beachgrass, Poaceae), Artemisia campestris L. (field sagewort, Asteraceae), and the exotic invasive plant Centaurea biebersteinii DC. [=Centaurea maculosa, spotted knapweed, Lamarck] (Asteraceae). The absence of C. biebersteinii resulted in an increased likelihood of capturing T. huroniana. This was most likely due to the increased likelihood of encountering A. campestris in areas without C. biebersteinii. The occurrence of A. breviligulata was independent of C. biebersteinii presence. A significant positive linear relationship occurred between the percent cover of A. campestris and the traps that captured T. huroniana. There was no significant relationship between A. breviligulata percent cover and the traps that captured T. huroniana. The occurrence and distribution of T. huroniana is closely related to the presence and abundance of A. campestris. Habitat conservation and improvement for T. huroniana should include increases in A. campestris populations through the removal of C. biebersteinii

Cost of sovereign debt and foreign bias in bond allocations

Finance theory suggests that markets where foreign bond portfolio investors overweight their portfolio relative to the prescribed theoretical benchmark should experience higher international risk sharing. Correspondingly, the cost of debt in such markets should be lower compared to markets facing a lower degree of international risk sharing. We empirically examine this prediction using a panel data set of sovereign bond yield spreads and a measure of suboptimal foreign bond portfolio allocations for 50 emerging and ten developed markets. Consistent with theory, our results show higher levels of foreign bond allocations – relative to the theoretical benchmark – are negatively related to the cost of debt. These results have important policy implications as a country’s cost of debt could potentially be lowered by encouraging foreign portfolio investors to hold their optimal allocation

The Choice of Debt Source by UK Firms

Peer reviewedPostprin

Exchange rate exposure, foreign currency derivatives and the introduction of the euro : French evidence

We investigate the impact of the introduction of the Euro on exchange rate exposures for French corporations and examine the corporate use of foreign currency derivatives to hedge exchange rate exposure post-Euro. Our findings indicate that the introduction of the Euro is associated with both a reduction in the number of firms that have significant exchange rate exposure and the absolute size of exposure. Consistent with these reduced exposures, French firms use foreign currency derivatives less intensively. Furthermore, the use of foreign currency derivatives is found to be associated with lower exchange rate exposure but there is insufficient evidence that these instruments are more effective in the post-Euro environment

Zero-Emission Medium- and Heavy-duty Truck Technology, Markets, and Policy Assessments for California

This report assesses zero emissions medium- and heavy-duty vehicle technologies, their associated costs, projected market share, and possible policy mandates and incentives to support their adoption. Cost comparisons indicate that battery-electric transit buses and city delivery trucks are the most economically attractive of the zero-emission vehicles (ZEVs) based on their break-even mileage being a small fraction of the expected total mileage. These ZEVs using fuel cells are also attractive for a hydrogen cost of $5/kg. The most economically unattractive vehicle types for ZEV adoption are long-haul trucks and inter-city buses. Developing mandates for buses and trucks will be more difficult than for passenger cars for several reasons, including the large differences in the size and cost of the vehicles and the ways they are used in commercial, profit-oriented fleets. The best approach will be to develop separate mandates for classes of vehicles that have similar sizes, cost characteristics, use patterns, and ownership/business models. These mandates should be coupled to incentives that vary by vehicle type/class and by year or accumulated sales volume, to account for the effects of expected price reductions with time

Financing, fire sales, and the stockholder wealth effects of asset divestiture announcements

We thank Dimitris Andriosopoulos, Leonidas Barbopoulos, Robert Faff, Russell Gregory-Allan, Krishna Paudyal, Amandeep Sahota, Jianren Xu, participants at the 2015 European Accounting Association Annual Congress (Glasgow), 2015 Financial Management Association European Conference (Venice), 2015 Financial Management Association Annual Meeting (Orlando), and seminar participants at the University of Strathclyde for helpful comments on earlier versions of this work. We also thank Martin Kemmitt for helpful research assistance. All errors remain our own.Peer reviewedPostprin