Testing against changing correlation

A test for time-varying correlation is developed within the framework of a dynamic conditional score (DCS) model for both Gaussian and Student t-distributions. The test may be interpreted as a Lagrange multiplier test and modified to allow for the estimation of models for time-varying volatility in the individual series. Unlike standard moment-based tests, the score-based test statistic includes information on the level of correlation under the null hypothesis and local power arguments indicate the benefits of doing so. A simulation study shows that the performance of the score-based test is strong relative to existing tests across a range of data generating processes. An application to the Hong Kong and South Korean equity markets shows that the new test reveals changes in correlation that are not detected by the standard moment-based test.

Boarding control system for improved accessibility to offshore wind turbines: Full-scale testing

This paper considers the dynamic modelling and motion control of a Surface Effect Ship (SES) for safer transfer of personnel and equipment from vessel to-and-from an offshore wind-turbine. The control system designed is referred to as Boarding Control System (BCS). The performance of this system is investigated for a specific wind-farm service vessel—The Wave Craft. On a SES, the pressurized air cushion supports the majority of the weight of the vessel. The control problem considered relates to the actuation of the pressure such that wave-induced vessel motions are minimized. Results are given through simulation, model- and full-scale experimental testing.