The financial and environmental performance of firms exposed to the EU Emissions Trading Scheme

This thesis is an empirical-based study of the European Union’s Emissions Trading Scheme (EU ETS) and its implications in terms of corporate environmental and financial performance. The novelty of this study includes the extended scope of the data coverage, as most previous studies have examined only the power sector. The use of verified emissions data of ETS-regulated firms as the environmental compliance measure and as the potential differentiating criteria that concern the valuation of EU ETS-exposed firms in the stock market is also an original aspect of this study. The study begins in Chapter 2 by introducing the background information on the emission trading system (ETS), which focuses on (i) the adoption of ETS as an environmental management instrument and (ii) the adoption of ETS by the European Union as one of its central climate policies. Chapter 3 surveys four databases that provide carbon emissions data in order to determine the most suitable source of the data to be used in the later empirical chapters. The first empirical chapter, which is also Chapter 4 of this thesis, investigates the determinants of the emissions compliance performance of the EU ETS-exposed firms through constructing the best possible performance ratio from verified emissions data and self-configuring models for a panel regression analysis. Chapter 5 examines the impacts on the EU ETS-exposed firms in terms of their equity valuation with customised portfolios and multi-factor market models. The research design takes into account the emissions allowance (EUA) price as an additional factor, as it has the most direct association with the EU ETS to control for the exposure. The final empirical Chapter 6 takes the investigation one step further, by specifically testing the degree of ETS exposure facing different sectors with sector-based portfolios and an extended multi-factor market model. The findings from the emissions performance ratio analysis show that the business model of firms significantly influences emissions compliance, as the capital intensity has a positive association with the increasing emissions-to-emissions cap ratio. Furthermore, different sectors show different degrees of sensitivity towards the determining factors. The production factor influences the performance ratio of the Utilities sector, but not the Energy or Materials sectors. The results show that the capital intensity has a more profound influence on the utilities sector than on the materials sector. With regard to the financial performance impact, ETS-exposed firms as aggregate portfolios experienced a substantial underperformance during the 2001–2004 period, but not in the operating period of 2005–2011. The results of the sector-based portfolios show again the differentiating effect of the EU ETS on sectors, as one sector is priced indifferently against its benchmark, three sectors see a constant underperformance, and three sectors have altered outcomes.

Understanding advances in the simulation of the Madden-Julian Oscillation in a numerical weather prediction model.

The Madden-Julian Oscillation (MJO) is the dominant mode of intraseasonal variability in the Trop- ics. It can be characterised as a planetary-scale coupling between the atmospheric circulation and organised deep convection that propagates east through the equatorial Indo-Pacific region. The MJO interacts with weather and climate systems on a near-global scale and is a crucial source of predictability for weather forecasts on medium to seasonal timescales. Despite its global signifi- cance, accurately representing the MJO in numerical weather prediction (NWP) and climate models remains a challenge. This thesis focuses on the representation of the MJO in the Integrated Forecasting System (IFS) at the European Centre for Medium-Range Weather Forecasting (ECMWF), a state-of-the-art NWP model. Recent modifications to the model physics in Cycle 32r3 (Cy32r3) of the IFS led to ad- vances in the simulation of the MJO; for the first time the observed amplitude of the MJO was maintained throughout the integration period. A set of hindcast experiments, which differ only in their formulation of convection, have been performed between May 2008 and April 2009 to asses the sensitivity of MJO simulation in the IFS to the Cy32r3 convective parameterization. Unique to this thesis is the attribution of the advances in MJO simulation in Cy32r3 to the mod- ified convective parameterization, specifically, the relative-humidity-dependent formulation for or- ganised deep entrainment. Increasing the sensitivity of the deep convection scheme to environmen- tal moisture is shown to modify the relationship between precipitation and moisture in the model. Through dry-air entrainment, convective plumes ascending in low-humidity environments terminate lower in the atmosphere. As a result, there is an increase in the occurrence of cumulus congestus, which acts to moisten the mid-troposphere. Due to the modified precipitation-moisture relationship more moisture is able to build up which effectively preconditions the tropical atmosphere for the transition to deep convection. Results from this thesis suggest that a tropospheric moisture control on convection is key to simulating the interaction between the physics and large-scale circulation associated with the MJO.

Multi-objective clustering ensemble for gene expression data analysis

In this paper, we present an algorithm for cluster analysis that integrates aspects from cluster ensemble and multi-objective clustering. The algorithm is based on a Pareto-based multi-objective genetic algorithm, with a special crossover operator, which uses clustering validation measures as objective functions. The algorithm proposed can deal with data sets presenting different types of clusters, without the need of expertise in cluster analysis. its result is a concise set of partitions representing alternative trade-offs among the objective functions. We compare the results obtained with our algorithm, in the context of gene expression data sets, to those achieved with multi-objective Clustering with automatic K-determination (MOCK). the algorithm most closely related to ours. (C) 2009 Elsevier B.V. All rights reserved.

A novel intelligent system to nitrogen content prediction in plants using indirect chlorophyll measurements

The accurate identification of the nitrogen content in plants is extremely important since it involves economic aspects and environmental impacts, Several experimental tests have been carried out to obtain characteristics and parameters associated with the health of plants and its growing. The nitrogen content identification in plants involves a lot of non-linear parameters and complexes mathematical models. This paper describes a novel approach for identification of nitrogen content thought SPAD index using artificial neural networks (ANN). The network acts as identifier of relationships among, crop varieties, fertilizer treatments, type of leaf and nitrogen content in the plants (target). So, nitrogen content can be generalized and estimated and from an input parameter set. This approach can form the basis for development of an accurate real time system to predict nitrogen content in plants.

Carbon fiber non-crimp multi-axial reinforcement and epoxy mono-component system composite: fatigue behavior

Fiber reinforced polymer composites have been widely applied in the aeronautical field. However, composite processing, which uses unlocked molds, should be avoided in view of the tight requirements and also due to possible environmental contamination. To produce high performance structural frames meeting aeronautical reproducibility and low cost criteria, the Brazilian industry has shown interest to investigate the resin transfer molding process (RTM) considering being a closed-mold pressure injection system which allows faster gel and cure times. Due to the fibrous composite anisotropic and non homogeneity characteristics, the fatigue behavior is a complex phenomenon quite different from to metals materials crucial to be investigated considering the aeronautical application. Fatigue sub-scale specimens of intermediate modulus carbon fiber non-crimp multi-axial reinforcement and epoxy mono-component system composite were produced according to the ASTM 3039 D. Axial fatigue tests were carried out according to ASTM D 3479. A sinusoidal load of 10 Hz frequency and load ratio R = 0.1. It was observed a high fatigue interval obtained for NCF/RTM6 composites. Weibull statistical analysis was applied to describe the failure probability of materials under cyclic loads and fractures pattern was observed by scanning electron microscopy. (C) 2010 Published by Elsevier Ltd.

Real-time multi-sensors measurement system with temperature effects compensation for impedance-based structural health monitoring

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Determination of Glyphosate in Water Samples by Multi-pumping Flow System Coupled to a Liquid Waveguide Capillary Cell

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Prediction of occurrences of diverse chemical classes in the Asteraceae through artificial neural networks

The training and the application of a neural network system for the prediction of occurrences of secondary metabolites belonging to diverse chemical classes in the Asteraceae is described. From a database containing about 604 genera and 28,000 occurrences of secondary metabolites in the plant family, information was collected encompassing nine chemical classes and their respective occurrences for training of a multi-layer net using the back-propagation algorithm. The net supplied as output the presence or absence of the chemical classes as well as the number of compounds isolated from each taxon. The results provided by the net from the presence or absence of a chemical class showed a 89% hit rate; by excluding triterpenes from the analysis, only 5% of the genera studied exhibited errors greater than 10%. Copyright (C) 2004 John Wiley Sons, Ltd.

An intelligent system to real time rainfall prediction using radar data

This work presents a new approach for rainfall measurements making use of weather radar data for real time application to the radar systems operated by institute of Meteorological Research (IPMET) - UNESP - Bauru - SP-Brazil. Several real time adjustment techniques has been presented being most of them based on surface rain-gauge network. However, some of these methods do not regard the effect of the integration area, time integration and distance rainfall-radar. In this paper, artificial neural networks have been applied for generate a radar reflectivity-rain relationships which regard all effects described above. To evaluate prediction procedure, cross validation was performed using data from IPMET weather Doppler radar and rain-gauge network under the radar umbrella. The preliminary results were acceptable for rainfalls prediction. The small errors observed result from the spatial density and the time resolution of the rain-gauges networks used to calibrate the radar.

Minimization of lead and copper interferences on spectrophotometric determination of cadmium using electrolytic deposition and ion-exchange in multi-commutation flow system

A new strategy for minimization of Cu2+ and Pb2+ interferences on the spectrophotometric determination of Cd2+ by the Malachite green (MG)-iodide reaction using electrolytic deposition of interfering species and solid phase extraction of Cd2+ in flow system is proposed. The electrolytic cell comprises two coiled Pt electrodes concentrically assembled. When the sample solution is electrolyzed in a mixed solution containing 5% (v/v) HNO3, 0.1% (v/v) H2SO4 and 0.5 M NaCl, Cu2+ is deposited as Cu on the cathode, Pb2+ is deposited as PbO2 on the anode while Cd2+ is kept in solution. After electrolysis, the remaining solution passes through an AG1-X8 resin (chloride form) packed minicolumn in which Cd2+ is extracted as CdCl4/2-. Electrolyte compositions, flow rates, timing, applied current, and electrolysis time was investigated. With 60 s electrolysis time, 0.25 A applied current, Pb2+ and Cu2+ levels up to 50 and 250 mg 1-1, respectively, can be tolerated without interference. For 90 s resin loading time, a linear relationship between absorbance and analyte concentration in the 5.00-50.0 μg Cd 1-1 range (r2 = 0.9996) is obtained. A throughput of 20 samples per h is achieved, corresponding to about 0.7 mg MG and 500 mg KI and 5 ml sample consumed per determination. The detection limit is 0.23 μg Cd 1-1. The accuracy was checked for cadmium determination in standard reference materials, vegetables and tap water. Results were in agreement with certified values of standard reference materials and with those obtained by graphite furnace atomic absorption spectrometry at 95% confidence level. The R.S.D. for plant digests and water containing 13.0 μg Cd 1-1 was 3.85% (n = 12). The recoveries of analyte spikes added to the water and vegetable samples ranged from 94 to 104%. (C) 2000 Elsevier Science B.V.

Multi-areas optimal reactive power flow

This paper describes a method for the decentralized solution of the optimal reactive power flow (ORPF) problem in interconnected power systems. The ORPF model is solved in a decentralized framework, consisting of regions, where the transmission system operator in each area operates its system independently of the other areas, obtaining an optimal coordinated but decentralized solution. The proposed scheme is based on an augmented Lagrangian approach using the auxiliary problem principle (APP). An implementation of an interior point method is described to solve the decoupled problem in each area. The described method is successfully implemented and tested using the IEEE two area RTS 96 test system. Numerical results comparing the solutions obtained by the traditional and the proposed decentralized methods are presented for validation. ©2008 IEEE.

Dental arches multi-projection system with semantic descriptions

This paper presents the development of an multi-projection stereoscopic dental arches application with semantic descriptions. The first section presents the concepts of the used technologies. Applications and examples are demonstrated. Finally, is presented the physical structure and the developed system, where a 3D dental arch is used as a model and can be viewed in multi-projection, thereby, providing greater user's immersion. ©2010 IEEE.

Decentralized AC power flow for real-time multi-TSO power system operation

This paper adjusts decentralized OPF optimization to the AC power flow problem in power systems with interconnected areas operated by diferent transmission system operators (TSO). The proposed methodology allows finding the operation point of a particular area without explicit knowledge of network data of the other interconnected areas, being only necessary to exchange border information related to the tie-lines between areas. The methodology is based on the decomposition of the first-order optimality conditions of the AC power flow, which is formulated as a nonlinear programming problem. To allow better visualization of the concept of independent operation of each TSO, an artificial neural network have been used for computing border information of the interconnected TSOs. A multi-area Power Flow tool can be seen as a basic building block able to address a large number of problems under a multi-TSO competitive market philosophy. The IEEE RTS-96 power system is used in order to show the operation and effectiveness of the decentralized AC Power Flow. ©2010 IEEE.