Lämmönsiirron numeerinen laskenta profiloidulle kanavalle.

Työn tavoitteena oli tutkia aaltomaisen profiloinnin vaikutusta suorien jäähdytyskanavien lämmönsiirtoon ja painehäviöön. Erilaisia profiileja oli kymmenen kappaletta ja ne olivat 5mm leveitä ja 30cm pitkiä kukin. Ne laskettiin kolmeulotteisina tapauksina FINFLO-virtausratkaisijalla kolmella eri Reynoldsin luvulla, jotka vastasivat laminaarista, osittain turbulenttista ja lähes kokonaan turbulenttista virtausta. Lämmönsiirtoaine oli kuiva +30°C ilma ja profiloinnin toteutustapa oli toisiaan sivuavat ympyräkaaret kolmella erilaisella säteen arvolla ja kolmella erilaisella aallonpituuden arvolla. Lisäksi laskettiin saman levyisen tasokanavan arvot jokaisella Reynoldsin luvulla kaksiulotteisina tapauksina. Näitä profiloimattomia kanavia pidettiin referenssitapauksina. Tuloksena havaittiin että profiloimalla saadaan yksiselitteisesti suurempi lämpöteho ulos samasta tilavuudesta. Lämmönsiirtokerroin kasvaa profiloinnin avulla parhaimmillaan n. 20% käytetystä turbulenssimallista tai lämmönsiirtokertoimen määritelmästä riippumatta. Painehäviö kasvaa myös aina, mutta kitkakerroin voi hieman pienentyä. Profiilin varsinaisena hyvyyskriteerinä pidettiin lämmönsiirtokertoimen ja kitkakertoimen suhdetta h/f. Se osoittautui riippuvaksi Reynoldsin luvusta ja turbulenssimallista; ASM ja Chien k-έ -mallit ennustavat transitioetäisyyden eri tavalla. Laminaarisilla virtauksilla h/f :n vaihtelu oli vähäistä; suhde vaihteli vain ±5% eri profiilien kesken. ASM-mallilla havaittiin sekundääripyörteilyä, ehkä siksi että se mallintaa anisotrooppisen turbulenssin. Chien k-έ malli ennusti suuremman ja aikaisemmin alkavan turbulenttisuuden kuin ASM. Lisäksi havaittiin mm. että tietyillä profiileilla muodostuu kanavan kapeimpaan kohtaan selvä virtausnopeuden paikallinen minimi seinämän läheisyyden takia.

PulpExpert-massa-analysaattorin arkinmuodostus

Laboratoriossa tutkittiin rainaussakeuden ja neliömassan vaikutusta formaatioon ja muiden paperin ominaisuuksien hajontoihin sakeusalueella 0,036 %- 0,067 % ja neliömassa-alueella 65 g/m2- 125 g/m2. Havaittiin, että rainaussakeudella oli vaikutusta vain mäntysellusta valmistettujen arkkien formaatioon. Neliömassan noustessa kaikista tutkituista massoista valmistettujen arkkien formaatiot huononivat. Pulseeraus tai alipaine vedenpoiston aikana ei parantanut Turbulence Pulse Sheet Former-laitteella valmistettujen kuumahierrearkkien formaatiota. Kahdella koelaitteella tehtiin sakeusajo, toistokoe ja vuorottelukoe. Laite A mittasi tiettyihin sakeuksiin valmistettujen massojen sakeudet tarkasti. Laitteen B sakeusmittauksessa havaittiin säännöllinen poikkeama. Toistokokeen tuloksista tarkasteltiin mitattujen arvojen hajontoja, laitteiden massanerotuskykyä ja arkkien formaatiota. Laite A teki silmämääräisesti tasaisempia arkkeja, mutta niiden formaatio oli huonompi. Laitteella A saavutettiin pienemmät näytepisteiden sisäiset hajonnat repäisylujuusmittauksessa ja laitteella B vaaleuden mittauksessa. Laite A erotteli massat paremmin vaaleusmittauksessa ja laite B ilmanläpäisevyyden mittauksessa. Vuorottelukokeessa havaittiin, ettei massojen nopea vuorottelu kasvata olennaisesti mittaustuloksien hajontoja.

Toms-ilmiön vaikutuksen mallinnus turbulenssivirtauksessa

Diplomityön tavoitteena oli laatia putkivirtaukselle laskentamalli, joka huomioi turbulenssin vaimentamiseen käytetyn lisäaineen vaikutuksen. Kirjallisuusosassa käsitellään turbulenssiin ja putkiston painehäviön laskentaan liittyviä asioita. Lisäksi käydään läpi virtausvastusta alentavien aineiden (DRA-aineiden) ominaisuuksia, vaikutusmekanismia ja niiden vaikutusta virtausominaisuuksiin sekä laskentamalleihin. Kokeellisessa osassa laadittiin kaksi Excel-pohjaista laskentamallia, joilla huomioitiin lisäaineen vaikutus putkiston virtausmäärien parantumiseen ja painehäviöihin. Malli I laskee ensin virtausvastuksen alenemisen (DR-efektin) annetuista lähtötiedoista. DR-efektien perusteella saadaan laskettua putkiston painehäviötiedot. Malli II laskee ensin virtausvastuskertoimet ilman DRA-ainetta ja DRA-aineen kanssa. Tämän jälkeen malli II laskee DR-efektin. Mallien vaatimat lähtötiedot koostuvat virtausmääristä, fluidin ominaisuuksista, polymeerin ominaisuuksista, lisäaineen annostelutiedoista ja putkiston tiedoista.

Kuristettujen isotermisen vesivirtausten kolmidimensionaalinen mallintaminen

Työssä on tutkittu CFX ja Fluent virtauslaskentaohjelmien soveltavuutta kuristet-tujen isotermisten vesivirtausten kolmidimensionaaliseen mallintamiseen. Teoriaosassa on esitelty virtausta hallitsevat perusyhtälöt sekä eri kavitaatioteori-oita kavitaatiokuplan syntymisestä tuhoutumiseen. Laskennallisessa osassa esitellään käytetyt virtauslaskentaohjelmat ja laskentatapaukset sekä verrataan saatuja tuloksia aiemmin suoritettuihin mittauksiin. Työn pääpaino oli tutkia käytettyjen virtauslaskentaohjelmien soveltuvuutta kuris-tettujen virtauksien mallinnukseen.

Virtauslaskentaa ja energia-analyysiä hyödyntävä huoneilman lämpöolosuhteiden simulointimalli

Huonetilojen lämpöolosuhteiden hallinta on tärkeä osa talotekniikan suunnittelua. Tavallisesti huonetilan lämpöolosuhteita mallinnetaan menetelmillä, joissa lämpödynamiikkaa lasketaan huoneilmassa yhdessä laskentapisteessä ja rakenteissa seinäkohtaisesti. Tarkastelun kohteena on yleensä vain huoneilman lämpötila. Tämän diplomityön tavoitteena oli kehittää huoneilman lämpöolosuhteiden simulointimalli, jossa rakenteiden lämpödynamiikka lasketaan epästationaarisesti energia-analyysilaskennalla ja huoneilman virtauskenttä mallinnetaan valittuna ajanhetkenä stationaarisesti virtauslaskennalla. Tällöin virtauskentälle saadaan jakaumat suunnittelun kannalta olennaisista suureista, joita tyypillisesti ovat esimerkiksi ilman lämpötila ja nopeus. Simulointimallin laskentatuloksia verrattiin testihuonetiloissa tehtyihin mittauksiin. Tulokset osoittautuivat riittävän tarkoiksi talotekniikan suunnitteluun. Mallilla simuloitiin kaksi huonetilaa, joissa tarvittiin tavallista tarkempaa mallinnusta. Vertailulaskelmia tehtiin eri turbulenssimalleilla, diskretointitarkkuuksilla ja hilatiheyksillä. Simulointitulosten havainnollistamiseksi suunniteltiin asiakastuloste, jossa on esitetty suunnittelun kannalta olennaiset asiat. Simulointimallilla saatiin lisätietoa varsinkin lämpötilakerrostumista, joita tyypillisesti on arvioitu kokemukseen perustuen. Simulointimallin kehityksen taustana käsiteltiin rakennusten sisäilmastoa, lämpöolosuhteita ja laskentamenetelmiä sekä mallinnukseen soveltuvia kaupallisia ohjelmia. Simulointimallilla saadaan entistä tarkempaa ja yksityiskohtaisempaa tietoa lämpöolosuhteiden hallinnan suunnitteluun. Mallin käytön ongelmia ovat vielä virtauslaskennan suuri laskenta-aika, turbulenssin mallinnus, tuloilmalaitteiden reunaehtojen tarkka määritys ja laskennan konvergointi. Kehitetty simulointimalli tarjoaa hyvän perustan virtauslaskenta- ja energia-analyysiohjelmien kehittämiseksi ja yhdistämiseksi käyttäjäystävälliseksi talotekniikan suunnittelutyökaluksi.

Radiaalikompressorin spiraalivirtauksen numeerinen mallinnus

Diplomityössä mallinnetaan numeerisesti radiaalikompressorin spiraalin virtaus. Spiraalin tarkoituksena radiaalikompressorissa on kerätä tasaisesti virtaus diffuusorin kehältä. Spiraaliin on viime aikoina kiinnitetty enemmän huomiota, koska on havaittu, että kompressorin hyötysuhdetta voidaan parantaa spiraalia optimoimalla. Spiraalin toimintaa tarkastellaan kolmella eri massavirralla. Työn alussa käsitellään spiraalin toimintaperiaatteita. Numeerisena ratkaisijana käytetään Teknillisessä korkeakoulussa kehitettyä FIN-FLO -koodia. FINFLO -laskentaohjelmassa ratkaistaan Navier-Stokes yhtälöt kolmeulotteiselle laskenta-alueelle. Diskretointi perustuu kontrollitilavuus menetelmään. Työssä käsitellään laskentakoodin toimintaperiaatteitta. Turbulenssia mallinnetaan algebrallisella Baldwin-Lomaxin ja kahden yhtälön Chienin k-e turbulenssimalleilla. Laskentatuloksia verrataan Lappeenrannan teknillisessä korkeakoulussa tehtyihin mittauksiin kyseessä olevasta kompressorin spiraalista. Myös eri turbulenssimalleilla ja hilatasoilla saatuja tuloksia verrataan keskenään. Laskentatuloksien jälkikäsittelyä varten ohjelmoitiin neljä eri tietokoneohjelmaa. Laskennalla pyritään saamaan lisäselvyyttä virtauksen käyttäytymiseen spiraalissa ja erityisesti ns. kielen alueella. Myös kahden eri turbulenssimallin toimivuutta kompressorin numeerisessa mallinnuksessa tutkitaan.

Ilmanjaon päätelaitteen virtauskentän mallintaminen

Tässä työssä esitetään tuloilmalaitteen virtausten laskennallinen tarkastelu huonetilassa virtauslaskentaohjelmiston avulla. Tarkastelu suoritetaan kolmiulotteisena sekä isotermisille että termisille tapauksille, jolloin huonetilan joihinkin pintoihin asetetaan lämpövuo ja epäpuhtauslähde. Työn tarkoituksena on arvioida CFX -virtauslaskentaohjelmiston soveltuvuutta huonetilavirtausten mallintamiseen ja tarkastella huonetilan ilmanvaihdon tehokkuutta eri tapauksissa. Arviointi suoritetaan vertaamalla laskentatuloksia mittaustuloksiin. Turbulenssimallien vaikutusta on arvioitu käyttämällä nollan yhtälön ja standardi k-e turbulenssimalleja. CFX:n k-e turbulenssimallilla lasketut nopeuden alenemat eri tilavuusvirroilla vastasivat paremmin mittaustuloksia kuin nollan yhtälön turbulenssimallilla, jolla erot olivat huomattavia. Huonetilan ilmanvaihdon tehokkuus vaihteli suuresti tuloilmalaitteen sijoituspaikan ja lämpövuon mukaan.

Fluid flow in T-junction of pipes

The aim of this work is to study flow properties at T-junction of pipe, pressure loss suffered by the flow after passing through T-junction and to study reliability of the classical engineering formulas used to find head loss for T-junction of pipes. In this we have compared our results with CFD software packages with classical formula and made an attempt to determine accuracy of the classical formulas. In this work we have studies head loss in T-junction of pipes with various inlet velocities, head loss in T-junction of pipes when the angle of the junction is slightly different from 90 degrees and T-junction with different area of cross-section of the main pipe and branch pipe. In this work we have simulated the flow at T-junction of pipe with FLUENT and Comsol Multiphysics and observed flow properties inside the T-junction and studied the head loss suffered by fluid flow after passing through the junction. We have also compared pressure (head) losses obtained by classical formulas by A. Vazsonyi and Andrew Gardel and formulas obtained by assuming T-junction as combination of other pipe components and observations obtained from software experiments. One of the purposes of this study is also to study change in pressure loss with change in angle of T-junction. Using software we can have better view of flow inside the junction and study turbulence, kinetic energy, pressure loss etc. Such simulations save a lot of time and can be performed without actually doing the experiment. There were no real life experiments made, the results obtained completely rely on accuracy of software and numerical methods used.

An analytic approach to distribution logistics strategic management

Logistics management is increasingly being recognised by many companies to be of critical concern. The logistics function includes directly or indirectly many of the new areas for achieving or maintaining competitive advantage that companies have been forced to develop due to increasing competitive pressures. The key to achieving a competitive advantage is to manage the logistics function strategically which involves determining the most cost effective method of providing the necessary customer service levels from the many combinations of operating procedures in the areas of transportation, warehousing, order processing and information systems, production, and inventory management. In this thesis, a comprehensive distribution logistics strategic management process is formed by integrating the periodic strategic planning process with a continuous strategic issues management process. Strategic planning is used for defining the basic objectives for a company and assuring co operation and synergy between the different functions of a company while strategic issues management is used on a continuous basis in order to deal with environmental and internal turbulence. The strategic planning subprocess consists of the following main phases: (1) situational analyses, (2) defining the vision and strategic goals for the logistics function, (3) determining objectives and strategies, (4) drawing up tactical action plans, and (5) evaluating the implementation of the plans and making the needed adjustments. The aim of the strategic issues management subprocess is to continuously scan the environment and the organisation for early identification of the issues having a significant impact on the logistics function using the following steps: (1) the identification of trends, (2) assessing the impact and urgency of the identified trends, (3) assigning priorities to the issues, and (4) planning responses to the, issues. The Analytic Hierarchy Process (AHP) is a systematic procedure for structuring any problem. AHP is based on the following three principles: decomposition, comparative judgements, and synthesis of priorities. AHP starts by decomposing a complex, multicriteria problem into a hierarchy where each level consists of a few manageable elements which are then decomposed into another set of elements. The second step is to use a measurement methodology to establish priorities among the elements within each level of the hierarchy. The third step in using AHP is to synthesise the priorities of the elements to establish the overall priorities for the decision alternatives. In this thesis, decision support systems are developed for different areas of distribution logistics strategic management by applying the Analytic Hierarchy Process. The areas covered are: (1) logistics strategic issues management, (2) planning of logistic structure, (3) warehouse site selection, (4) inventory forecasting, (5) defining logistic action and development plans, (6) choosing a distribution logistics strategy, (7) analysing and selecting transport service providers, (8) defining the logistic vision and strategic goals, (9) benchmarking logistic performance, and (10) logistic service management. The thesis demonstrates the potential of AHP as a systematic and analytic approach to distribution logistics strategic management.

Performance Improvement of Centrifugal Compressor Stage with Pinched Geometry or Vaned Diffuser

Centrifugal compressors are widely used for example in refrigeration processes, the oil and gas industry, superchargers, and waste water treatment. In this work, five different vaneless diffusers and six different vaned diffusers are investigated numerically. The vaneless diffusers vary only by their diffuser width, so that four of the geometries have pinch implemented to them. Pinch means a decrease in the diffuser width. Four of the vaned diffusers have the same vane turning angle and a different number of vanes, and two have different vane turning angles. The flow solver used to solve the flow fields is Finflo, which is a Navier-Stokes solver. All the cases are modeled with the Chien's k – έ- turbulence model, and selected cases are modeled also with the k – ώ-SST turbulence model. All five vaneless diffusers and three vaned diffusers are investigated also experimentally. For each construction, the compressor operating map is measured according to relevant standards. In addition to this, the flow fields before and after the diffuser are measured with static and total pressure, flow angle and total temperature measurements. When comparing the computational results to the measured results, it is evident that the k – ώ-SST turbulence model predicts the flow fields better. The simulation results indicate that it is possible to improve the efficiency with the pinch, and according to the numerical results, the two best geometries are the ones with most pinch at the shroud. These geometries have approximately 4 percentage points higher efficiency than the unpinched vaneless diffusers. The hub pinch does not seem to have any major benefits. In general, the pinches make the flow fields before and after the diffuser more uniform. The pinch also seems to improve the impeller efficiency. This is down to two reasons. The major reason is that the pinch decreases the size of slow flow and possible backflow region located near the shroud after the impeller. Secondly, the pinches decrease the flow velocity in the tip clearance, leading to a smaller tip leakage flow and therefore slightly better impeller efficiency. Also some of the vaned diffusers improve the efficiency, the increment being 1...3 percentage points, when compared to the vaneless unpinched geometry. The measurement results confirm that the pinch is beneficial to the performance of the compressor. The flow fields are more uniform with the pinched cases, and the slow flow regions are smaller. The peak efficiency is approximately 2 percentage points and the design point efficiency approximately 4 percentage points higher with the pinched geometries than with the un- pinched geometry. According to the measurements, the two best geometries are the ones with the most pinch at the shroud, the case with the pinch only at the shroud being slightly better of the two. The vaned diffusers also have better efficiency than the vaneless unpinched geometries. However, the pinched cases have even better efficiencies. The vaned diffusers narrow the operating range considerably, whilst the pinch has no significant effect on the operating range.

Separation of Gas Bubbles from Circulation Waters and Pulp Suspensions in Open Channel Flow

The objective of this thesis was to study the removal of gases from paper mill circulation waters experimentally and to provide data for CFD modeling. Flow and bubble size measurements were carried out in a laboratory scale open gas separation channel. Particle Image Velocimetry (PIV) technique was used to measure the gas and liquid flow fields, while bubble size measurements were conducted using digital imaging technique with back light illumination. Samples of paper machine waters as well as a model solution were used for the experiments. The PIV results show that the gas bubbles near the feed position have the tendency to escape from the circulation channel at a faster rate than those bubbles which are further away from the feed position. This was due to an increased rate of bubble coalescence as a result of the relatively larger bubbles near the feed position. Moreover, a close similarity between the measured slip velocities of the paper mill waters and that of literature values was obtained. It was found that due to dilution of paper mill waters, the observed average bubble size was considerably large as compared to the average bubble sizes in real industrial pulp suspension and circulation waters. Among the studied solutions, the model solution has the highest average drag coefficient value due to its relatively high viscosity. The results were compared to a 2D steady sate CFD simulation model. A standard Euler-Euler k-ε turbulence model was used in the simulations. The channel free surface was modeled as a degassing boundary. From the drag models used in the simulations, the Grace drag model gave velocity fields closest to the experimental values. In general, the results obtained from experiments and CFD simulations are in good qualitative agreement.

Numerical modelling of small supersonic axial flow turbines

Supersonic axial turbine stages typically exhibit lower efficiencies than subsonic axial turbine stages. One reason for the lower efficiency is the occurrence of shock waves. With higher pressure ratios the flow inside the turbine becomes relatively easily supersonic if there is only one turbine stage. Supersonic axial turbines can be designed in smaller physical size compared to subsonic axial turbines of same power. This makes them good candidates for turbochargers in large diesel engines, where space can be a limiting factor. Also the production costs are lower for a supersonic axial turbine stage than for two subsonic stages. Since supersonic axial turbines are typically low reaction turbines, they also create lower axial forces to be compensated with bearings compared to high reaction turbines. The effect of changing the stator-rotor axial gap in a small high (rotational) speed supersonic axial flow turbine is studied in design and off-design conditions. Also the effect of using pulsatile mass flow at the supersonic stator inlet is studied. Five axial gaps (axial space between stator and rotor) are modeled using threedimensional computational fluid dynamics at the design and three axial gaps at the off-design conditions. Numerical reliability is studied in three independent studies. An additional measurement is made with the design turbine geometry at intermediate off-design conditions and is used to increase the reliability of the modelling. All numerical modelling is made with the Navier-Stokes solver Finflo employing Chien’s k ¡ ² turbulence model. The modelling of the turbine at the design and off-design conditions shows that the total-to-static efficiency of the turbine decreases when the axial gap is increased in both design and off-design conditions. The efficiency drops almost linearily at the off-design conditions, whereas the efficiency drop accelerates with increasing axial gap at the design conditions. The modelling of the turbine stator with pulsatile inlet flow reveals that the mass flow pulsation amplitude is decreased at the stator throat. The stator efficiency and pressure ratio have sinusoidal shapes as a function of time. A hysteresis-like behaviour is detected for stator efficiency and pressure ratio as a function of inlet mass flow, over one pulse period. This behaviour arises from the pulsatile inlet flow. It is important to have the smallest possible axial gap in the studied turbine type in order to maximize the efficiency. The results for the whole turbine can also be applied to some extent in similar turbines operating for example in space rocket engines. The use of a supersonic stator in a pulsatile inlet flow is shown to be possible.

CFD Simulation of Two-phase and Three-phase Flows in Internal-loop Airlift

Airlift reactors are pneumatically agitated reactors that have been widely used in chemical, petrochemical, and bioprocess industries, such as fermentation and wastewater treatment. Computational Fluid Dynamics (CFD) has become more popular approach for design, scale-up and performance evaluation of such reactors. In the present work numerical simulations for internal-loop airlift reactors were performed using the transient Eulerian model with CFD package, ANSYS Fluent 12.1. The turbulence in the liquid phase is described using κ- ε the model. Global hydrodynamic parameters like gas holdup, gas velocity and liquid velocity have been investigated for a range of superficial gas velocities, both with 2D and 3D simulations. Moreover, the study of geometry and scale influence on the reactor have been considered. The results suggest that both, geometry and scale have significant effects on the hydrodynamic parameters, which may have substantial effects on the reactor performance. Grid refinement and time-step size effect have been discussed. Numerical calculations with gas-liquid-solid three-phase flow system have been carried out to investigate the effect of solid loading, solid particle size and solid density on the hydrodynamic characteristics of internal loop airlift reactor with different superficial gas velocities. It was observed that averaged gas holdup is significantly decreased with increasing slurry concentration. Simulations show that the riser gas holdup decreases with increase in solid particle diameter. In addition, it was found that the averaged solid holdup increases in the riser section with the increase of solid density. These produced results reveal that CFD have excellent potential to simulate two-phase and three-phase flow system.

The Role of Preannouncing In Innovation Launch Strategy

The objective of this master’s thesis was to examine the role of preannouncing in innovation launch strategy. Preannouncing was studied from three different angles that were preannouncement usage, preannouncement timing and preannouncement goals and from two different perspectives that were the firm’s internal strategy and the external circumstances. The firm’s internal strategy encompassed the product strategy the firm had chosen. The external circumstances consisted of the industry, the nature of competition and the nature of market. Additionally, the product’s performance in the short term was studied in order to be able to speak out whether it is advantageous to preannounce. The empirical study was conducted as a partial replication study. The data for the empirical part was collected with a wide mailing and Internet enquiry in October 2008 – June 2009. Sample (N = 713) consisted of Finnish firms representing different industries and innovation activities. The data collection produced 272 answers and thus, the final response rate of the study was 38.15 %. The data was analyzed by using Microsoft Excel and statistical analysis program SAS Enterprise Guide. As a conclusion, the major results indicate that even if the firms use preannouncing quite often (54.8 % of the respondents), preannouncing behavior cannot be explained by industry. However, out of other external circumstances, the customer related turbulence affects on preannouncing usage. It was also revealed that the product type has an effect on preannouncing behavior. Additionally, preannouncement timing was noticed to differ according to audiences (distributors and end users).

The Anchoring Bias of Investors and the 52-Week High Momentum Strategy in the OMX Helsinki Stock Exchange: Psychological Approach to Market Efficiency

The behavioural finance literature expects systematic and significant deviations from efficiency to persist in securities markets due to behavioural and cognitive biases of investors. These behavioural models attempt to explain the coexistence of intermediate-term momentum and long-term reversals in stock returns based on the systematic violations of rational behaviour of investors. The study investigates the anchoring bias of investors and the profitability of the 52-week momentum strategy (GH henceforward). The relatively highly volatile OMX Helsinki stock exchange is a suitable market for examining the momentum effect, since international investors tend to realise their positions first from the furthest security markets by the time of market turbulence. Empirical data is collected from Thomson Reuters Datastream and the OMX Nordic website. The objective of the study is to provide a throughout research by formulating a self-financing GH momentum portfolio. First, the seasonality of the strategy is examined by taking the January effect into account and researching abnormal returns in long-term. The results indicate that the GH strategy is subject to significantly negative revenues in January, but the strategy is not prone to reversals in long-term. Then the predictive proxies of momentum returns are investigated in terms of acquisition prices and 52-week high statistics as anchors. The results show that the acquisition prices do not have explanatory power over the GH strategy’s abnormal returns. Finally, the efficacy of the GH strategy is examined after taking transaction costs into account, finding that the robust abnormal returns remain statistically significant despite the transaction costs. As a conclusion, the relative distance between a stock’s current price and its 52-week high statistic explains the profits of momentum investing to a high degree. The results indicate that intermediateterm momentum and long-term reversals are separate phenomena. This presents a challenge to current behavioural theories, which model these aspects of stock returns as subsequent components of how securities markets respond to relevant information.