Speed of adjustment within currency markets

One measure of market efficiency is the speed at which prices adjust to fundamental value with the arrival of information. This paper examines this issue by estimating speed of adjustment coefficients using three  methodologies for eight currencies for the entire year of 1996 using half hourly non-overlapping return intervals. We find that the bulk of adjustment to fundamental value for all currencies occurs within the hour but then quickly deteriorates. Within the hour adjustment is sufficiently quick to be considered efficient but the lack of full adjustment to fundamental value is not what would be predicted within an efficient market. There is no evidence for any of the currencies studied of a tendency to over react. There is also little difference in the speeds of adjustment between actively and less actively traded  currencies. There is however a definite difference in the speed at which currencies adjustment depending on whether they are free floating or managed exchange rates. Free floating rates adjust much quicker. Government intervention slows adjustment to fundamental value.

Do organizational service recovery actions impact on hotel guests future intentions and does speed of recovery matter?

This paper investigates hotel guests’ responses to organizational actions dealing with service failure. Eight service failure scenarios were used to identify guests’ intentions towards future visits. Guests’ intentions to switch hotels, revisit the property and remain loyal to the chain were found to vary based on the recovery efforts undertaken. This research found that empowering employees contribute to positive consumer intentions toward the service provider. Compensation was also found effective if offered through empowered employees. Speed of response to service failure was also identified as important action to improve consumer future intentions. Based on these findings, implications for future research are highlighted. Recommendations to the practitioners of hospitality and tourism sector were made for the management of failed service encounter.

Role of organizational service recovery actions on sustomer switching intentions in a process based service failure : does speed of recovery matters?

The study examines how organizational activities of compensation and empowerment impact on consumers switching intentions and also whether these differ based on the speed of service recovery. Data is collected using hypothetical scenarios in a situation of process failure. It is found that there is no direct effect of either compensation or empowerment on switching intent, although the interaction effect is significant when recovery occurs quickly.

Faster than the speed of white (noise): potential pressure points in research partnerships and processes

White noise occurs in the thinking, decision making and communication of dominant Settler cultures. It inhibits clear reception of messages, somewhat like the indistinct, fuzzy static of an un-tuned radio. As much a systemic issue as an individual one, it results from assumed privilege and lack of knowledge of worldviews other than the dominant. Until white noise is acknowledged, development of partnerships between Indigenous and non-Indigenous groups is likely to be limited by having to continually start at a point of inequality where nonIndigenous gaps in knowledge and understanding remain unrecognised. This paper/workshop considers challenges encountered while researching experiences of Aboriginal education in Western Australian prisons. Each pressure point occurred where the dominant world view prevailed without question. Discussion will focus on the specific pressure points of ethics approval, project development, informed consent and application of outcomes and findings. The paper asks the questions ‘Who decides what stories are created at these pressure points? What informs those stories?’ As individuals, we might not be able to crash through the white noise barrier but we can chip away and be transparent about its existence with the goal of eventually moving faster than the speed of white (noise).

Estimating the speed of adjustment to target levels: the case of energy prices

In this paper, we propose a model that estimates the speed of energy price adjustment to its target level. We also explain the source of price adjustment. Moreover, we extract energy price bubbles and show that bubbles help explain price adjustment. Since ours is the first paper that develops an energy price adjustment model and links it to bubbles, several avenues for future research have emerged from our analysis. The first is to provide a theoretical framework for the bubbles and price adjustment mechanism. The second direction of research will be to continue the search for other potential determinants of price adjustment.

Stability of aqueous films between bubbles. Part 1. The effect of speed on bubble coalescence in purified water and simple electrolyte solutions

Film thinning experiments have been conducted with aqueous films between two air phases in a thin film pressure balance. The films are free of added surfactant but simple NaCl electrolyte is added in some experiments. Initially the experiments begin with a comparatively large volume of water in a cylindrical capillary tube a few millimeters in diameter, and by withdrawing water from the center of the tube the two bounding menisci are drawn together at a prescribed rate. Thismodels two air bubbles approaching at a controlled speed. In pure water, the results show three regimes of behavior depending on the approach speed; at slow speed (<1 μm/s) it is possible to form a flat film of pure water, ∼100 nm thick, that is stabilized indefinitely by disjoining pressure due to repulsive double-layer interactions between naturally charged air/water interfaces. The data are consistent with a surface potential of -57mV on the bubble surfaces. At intermediate approach speed (∼1-150 μm/s), the films are transiently stable due to hydrodynamic drainage effects, and bubble coalescence is delayed by ∼10-100 s. At approach speeds greater than ∼150 μm/s, the hydrodynamic resistance appears to become negligible, and the bubbles coalesce without any measurable delay. Explanations for these observations are presented that take into account Derjaguin-Landau-Verwey-Overbeek and Marangoni effects entering through disjoining pressure, surface mobility, and hydrodynamic flow regimes in thin film drainage. In particular, it is argued that the dramatic reduction in hydrodynamic resistance is a transition from viscosity-controlled drainage to inertia-controlled drainage associated with a change from immobile to mobile air/water interfaces on increasing the speed of approach of two bubbles. A simple model is developed that accounts for the boundaries between different film stability or coalescence regimes. Predictions of the model are consistent with the data, and the effects of adding electrolyte can be explained. In particular, addition of electrolyte at high concentration inhibits the near-instantaneous coalescence phenomenon, thereby contributing to increased foam film stability at high approach speeds, as reported in previous literature. This work highlights the significance of bubble approach speed as well as electrolyte concentration in affecting bubble coalescence.

The volume of water filtered by a Continuous Plankton Recorder sample: the effect of ship speed

The Continuous Plankton Recorder (CPR) survey is one of the largest plankton-monitoring programmes in the world. Since 1931, the CPR has collected ∼380 000 samples, each representing 10 miles of tow. It has been assumed that the volume of seawater filtered by each sample remained constant and close to 3 m3. In this study, the volume filtered for each CPR sample was measured on two routes (SA and IN), monitored by the CPR survey, between 1995 and 2000. Although the filtered volume was near the theoretical value of 3 m3 on the SA route (3.2 m3), it was significantly higher on the IN route (3.8 m3). A significant negative relationship was found between the volume filtered and the speed of the ships. This relationship indicates that the faster the speed of the ship, the lower the volume filtered. This could have implications for the CPR survey as the speed of the ships has increased continuously since the end of the 1950s. However, no significant correlation was found between the long-term changes in the speed of the ships and two commonly used indicators of plankton variability: the Phytoplankton Colour and the Total Copepods indices. This absence of relationship may indicate that the effect found is small in comparison with the influence of hydroclimatic forcing, although a more extensive study is needed to confirm these findings.

Modeling, parameter measurement and sensorless speed estimation of IPM synchronous generator for direct drive variable speed wind turbine application

This paper presents simple methods of determining parameters of interior permanent magnet (IPM) synchronous generator such as magnet flux (λM), d-axis inductance (Ld) and q-axis inductance (Lq) of IPM synchronous generator, which are used to control the wind turbine generator. These methods are simple and do not require any complex theory, signal injection or special equipment. Moreover, a sensorless speed estimator is proposed to estimate the speed of the generator without using speed sensor. The measured parameters are used in this speed estimator. The elimination of speed sensor will enhance the system robustness and reduce the design complexity and system cost for a small-scale wind turbine considered in this paper. The effectiveness of parameter measurement methods and sensorless speed estimator is demonstrated by experimental results. Experimental results show that the proposed speed estimator that uses the measured parameters can estimate the generator speed with a small error.

The oral language skills of young offenders: a pilot invesitgation

Although there is a large body of evidence attesting to the poor social skills of juvenile offenders, few workers have examined the underlying language skills of this population. This pilot study investigated the language skills of a group of young offenders in comparison to non-offending school students. Data were gathered from 15 community-based young offender males, aged between 13 and 21 years (M = 16.5 years, SD = 2.1) from the Victorian southern region Juvenile Justice Units. The comparison group comprised 15 male students, aged between 15 and 17 years (M = I 6.4 years; SD = 0.5 I) from government high schools in south-eastern metropolitan Melbourne. Each participant completed a narrative discourse task and measures of speed of processing, and abstract language. It was hypothesised that the young offender group would perform more poorly on each of the language tasks than the comparison group. Independent t tests (with a modified alpha level to control for family-wise error rates) showed that there were significant differences in the expected direction, on all language measures. Notwithstanding the pilot nature of the investigation, implications of these findings for both further research and intervention/early intervention are described.

A finite element simulation of micro-mechanical frictional behaviour in metal forming

Friction is a critical factor for sheet metal forming (SMF). The Coulomb friction model is usually used in most finite element (FE) simulation for SMF. However, friction is a function of the local contact deformation conditions, such as local pressure, roughness and relative velocity. Frictional behaviour between contact surfaces can be based on three cases: boundary, hydrodynamic and mixed lubrication. In our microscopic friction model based on the finite element method (FEM), the case of dry contact between sheet and tool has been considered. In the view of microscopic geometry, roughness depends upon amplitude and wavelength of surface asperities of sheet and tool. The mean pressure applied on the surface differs from the pressure over the actual contact area. The effect of roughness (microscopic geometric condition) and relative speed of contact surfaces on friction coefficient was examined in the FE model for the microscopic friction behaviour. The analysis was performed using an explicit FE formulation. In this study, it was found that the roughness of deformable sheet decreases during sliding and the coefficient of friction increases with increasing roughness of contact surfaces. Also, the coefficient of friction increases with the increase of relative velocity and adhesive friction coefficient between contact surfaces.

Speed control and policing in a cellular mobile network: speedNet

In this paper, we describe SpeedNet, a GSM network variant which resembles an ad hoc wireless mobile network where base stations keep track of the velocities of mobile users (cars). SpeedNet is intended to track mobile users and their speed passively for both speed policing and control of traffic. The speed of the vehicle is controlled in a speed critical zone by means of an electro-mechanical control system, suitably referred to as VVLS (Vehicular Velocity Limiting System). VVLS is mounted on the vehicle and responds to the command signals generated by the base station. It also determines the next base station to handoff, in order to improve the connection reliability and bandwidth efficiency of the underlying network. Robust Extended Kalman Filter (REKF) is used as a passive velocity estimator of the mobile user with the widely used proportional and integral controller speed control. We demonstrate through simulation and analysis that our prediction algorithm can successfully estimate the mobile user’s velocity with low system complexity as it requires two closest mobile base station measurements and also it is robust against system uncertainties due to the inherent deterministic nature in the mobility model.