Selecting volatility forecasting models for portfolio allocation purposes

Techniques for evaluating and selecting multivariate volatility forecasts are not yet understood as well as their univariate counterparts. This paper considers the ability of different loss functions to discriminate between a set of competing forecasting models which are subsequently applied in a portfolio allocation context. It is found that a likelihood-based loss function outperforms its competitors, including those based on the given portfolio application. This result indicates that considering the particular application of forecasts is not necessarily the most effective basis on which to select models.

Antispin thrust allocation for marine vessels

In extreme weather conditions, thrusters on ships and rigs may be subject to severe thrust losses caused by ventilation and in-and-out-of-water events. When a thruster ventilates, air is sucked down from the surface and into the propeller. In more severe cases, parts of or even the whole propeller can be out of the water. These losses vary rapidly with time and cause increased wear and tear in addition to reduced thruster performance. In this paper, a thrust allocation strategy is proposed to reduce the effects of thrust losses and to reduce the possibility of multiple ventilation events. This thrust allocation strategy is named antispin thrust allocation, based on the analogous behavior of antispin wheel control of cars. The proposed thrust allocation strategy is important for improving the life span of the propulsion system and the accuracy of positioning for vessels conducting station keeping in terms of dynamic positioning or thruster-assisted position mooring. Application of this strategy can result in an increase of operational time and, thus, increased profitability. The performance of the proposed allocation strategy is demonstrated with experiments on a model ship.

A low-complexity flight controller for Unmanned Aircraft Systems with constrained control allocation

In this paper, we propose a framework for joint allocation and constrained control design of flight controllers for Unmanned Aircraft Systems (UAS). The actuator configuration is used to map actuator constraint set into the space of the aircraft generalised forces. By constraining the demanded generalised forces, we ensure that the allocation problem is always feasible; and therefore, it can be solved without constraints. This leads to an allocation problem that does not require on-line numerical optimisation. Furthermore, since the controller handles the constraints, and there is no need to implement heuristics to inform the controller about actuator saturation. The latter is fundamental for avoiding Pilot Induced Oscillations (PIO) in remotely operated UAS due to the rate limit on the aircraft control surfaces.

Joint motion control and control allocation design for UAS flight control systems

As Unmanned Aircraft Systems (UAS) grow in complexity, and their level of autonomy increases|moving away from the concept of a remotely piloted systems and more towards autonomous systems|there is a need to further improve reliability and tolerance to faults. The traditional way to accommodate actuator faults is by using standard control allocation techniques as part of the flight control system. The allocation problem in the presence of faults often requires adding constraints that quantify the maximum capacity of the actuators. This in turn requires on-line numerical optimisation. In this paper, we propose a framework for joint allocation and constrained control scheme via vector input scaling. The actuator configuration is used to map actuator constraints into the space of the aircraft generalised forces, which are the magnitudes demanded by the light controller. Then by constraining the output of controller, we ensure that the allocation function always receive feasible demands. With the proposed framework, the allocation problem does not require numerical optimisation, and since the controller handles the constraints, there is not need to implement heuristics to inform the controller about actuator saturation.

Structured contract strategies for capital and operations expenditure projects in the oil and gas industry

This project was a step forward in developing a 'descriptive theory' of contracting in the oil and gas industry that reflects the operating environment in which the project manager operates. This study investigates the existing processes and methods used in establishing contracts which are very often prescriptive, and not always appropriate or optimal for a given situation. This study contributes to contracting effectiveness or optimal contracting in the oil and gas industry.

Control design for positioning of underwater vehicles with control allocation

In this paper, we address the control design problem of positioning of over-actuated underwater vehicles. The proposed design is based on a control architecture with combined position and velocity loops and a control tuning method based on the decoupled models. We derive analytical tuning rules based on requirements of closed-loop stability, positioning performance, and the vehicle velocity dynamic characteristics. The vehicle modelling is considered from force to motion with appropriate simplifications related to low-speed manoeuvring hydrodynamics and vehicle symmetry. The control design is considered together with a control allocation mapping. This approach makes the control tuning independent of the characteristics of the force actuators and provides the basis for control reconfiguration in the presence of actuator failure. We propose an anti-wind-up implementation of the controller, which ensures that the constraints related to actuation capacity are not violated. This approach simplifies the control allocation problem since the actuator constraints are mapped into generalised force constraints.

Anti-wind-up designs for dynamic positioning of marine vehicles with control allocation

This paper presents a framework for the design of a joint motion controller and a control allocation strategy for dynamic positioning of marine vehicles. The key aspects of the proposed designs are a systematic approach to deal with actuator saturation and to inform the motion controller about saturation. The proposed system uses a mapping that translates the actuator constraint sets into constraint sets at the motion controller level. Hence, while the motion controller addresses the constraints, the control allocation algorithm can solve an unconstrained optimisation problem. The constrained control design is approached using a multivariable anti-wind-up strategy for strictly proper controllers. This is applicable to the implementation of PI and PID type of motion controllers.

Curse or cure? Revisiting state, capital and resources

WA’s experience, as portrayed in this volume, not only highlights the changeable nature of the mining industry, the volatility of global commodity markets and the impact of global capital on people and place, it also draws into question the promise of lasting value derived from resource development as currently practiced. It is in this context that Chapter 18 revisits WA's resource boom and assesses the sustainability of resource-led development in the state, to arrive at an answer to the question of ‘curse or cure?’. Opening up the discourse beyond the dominant developmentalist narrative invites discussion on new perspectives of economic sustainability that include well-being, equity and the protection of people, culture and place.

Capital cost model for Robert evaporators

ROBERT EVAPORATORS in Australian sugar factories are traditionally constructed with 44.45 mm outside diameter stainless steel tubes of ~2 m length for all stages of evaporation. There are a few vessels with longer tubes (up to 2.8 m) and smaller and larger diameters (38.1 and 50.8 mm). Queensland University of Technology is undertaking a study to investigate the heat transfer performance of tubes of different lengths and diameters for the whole range of process conditions typically encountered in the evaporator set. Incorporation of these results into practical evaporator designs requires an understanding of the cost implications for constructing evaporator vessels with calandrias having tubes of different dimensions. Cost savings are expected for tubes of smaller diameter and longer length in terms of material, labour and installation costs in the factory. However these savings must be considered in terms of the heat transfer area requirements for the evaporation duty, which will likely be a function of the tube dimensions. In this paper a capital cost model is described which provides a relative cost of constructing and installing Robert evaporators of the same heating surface area but with different tube dimensions. Evaporators of 2000, 3000, 4000 and 5000 m2 are investigated. This model will be used in conjunction with the heat transfer efficiency data (when available) to determine the optimum tube dimensions for a new evaporator at a specified evaporation duty. Consideration is also given to other factors such as juice residence time (and implications for sucrose degradation and control) and droplet de-entrainment in evaporators of different tube dimensions.

Forms of capital, intra-ethnic variation and Polish entrepreneurs in Leicester

A study of ten Polish entrepreneurs operating in Leicester, UK is reported in this article. The concepts of social, cultural and economic capital are used as the lens through which to explore the way the capital they access is employed and converted into entrepreneurial activity. Ethnic entrepreneurship takes place within wider social, political and economic institutional frameworks and opportunity structures and so this is taken into account by differentiating two groups – post-war and contemporary Polish entrepreneurs. The differing origins and amounts of forms of capital they can access are shown as is how these are converted into valued outcomes. Combining the mixed embeddedness approach with a forms-of-capital analysis enables looking beyond social capital to elaborate on intra-ethnic variation in the UK’s Polish entrepreneurial community.

Psychological capital as moderator of organizational change demands on nursing stress

Healthcare organizations in all OECD countries have continued to undergo change. These changes have been found to have a negative effect on work engagement of nursing staff. While the extent to which nursing staff dealt with these changes has been documented in the literature, little is known of how they utilized their personal resources to deal with the consequences of these changes. This study will address this gap by integrating the Job Demands-Resources theoretical perspective with Positive Psychology, in particular, psychological capital (PsyCap). PsyCap is operationalized as a source of personal resources. Data were collected from 401 nurses from Australia and analyses were undertaken using Partial Least Squares modelling and moderation analysis. Two types of changes on the nursing work were identified. There was an increase in changes to the work environment of nursing. These changes, included increasing administrative workload and the amount of work, resulted in more job demands and job resources. On the other hand, another type of changes relate to reduction to training and management support, which resulted in less job demands. Nurses with more job demands utilized more job resources to address these increasing demands. We found PsyCap to be a crucial source of personal resources that has a moderating effect on the negative effects of job demands and role stress. PsyCap and job resources were both critical in enhancing the work engagement of nurses, as they encountered changes to nursing work. These findings provided empirical support for a positive psychological perspective of understanding nursing engagement.

Capital-C culture : the perfect American at the Brisbane Festival

A review of Philip Glass's opera The Perfect American. The Brisbane Festival’s production of Philip Glass’s opera The Perfect American is only the third production of the 2012 work ever to be staged. That’s quite a coup for the Brisbane Festival and Opera Queensland. The Perfect American was commissioned by Madrid’s Teatro Real and London’s English National Opera to mark the American composer’s 75th birthday. Glass’s telling of the Disney myth focuses on the final stages of Walt Disney’s life and career – a high art critique of a popular culture icon...

Marx as a Critical Discourse Analyst : The Genesis of a Critical Method and its Relevance to the Critique of Global Capital (with Phil Graham)

In this paper we identify elements in Marx’s economic and political writings that are relevant to contemporary critical discourse analysis (CDA). We argue that Marx can be seen to be engaging in a form of discourse analysis. We identify the elements in Marx’s historical materialist method that support such a perspective, and exemplify these in longitudinal comparison of Marx’s texts.

Interactive content analysis : evaluating interactive variants of non-negative Matrix Factorisation and Latent Dirichlet Allocation as qualitative content analysis aids

This thesis addressed issues that have prevented qualitative researchers from using thematic discovery algorithms. The central hypothesis evaluated whether allowing qualitative researchers to interact with thematic discovery algorithms and incorporate domain knowledge improved their ability to address research questions and trust the derived themes. Non-negative Matrix Factorisation and Latent Dirichlet Allocation find latent themes within document collections but these algorithms are rarely used, because qualitative researchers do not trust and cannot interact with the themes that are automatically generated. The research determined the types of interactivity that qualitative researchers require and then evaluated interactive algorithms that matched these requirements. Theoretical contributions included the articulation of design guidelines for interactive thematic discovery algorithms, the development of an Evaluation Model and a Conceptual Framework for Interactive Content Analysis.