A Study of Stock Market Fluctuations and their Relations to Business Conditions

Most research on stock prices is based on the present value model or the more general consumption-based model. When applied to real economic data, both of them are found unable to account for both the stock price level and its volatility. Three essays here attempt to both build a more realistic model, and to check whether there is still room for bubbles in explaining fluctuations in stock prices. In the second chapter, several innovations are simultaneously incorporated into the traditional present value model in order to produce more accurate model-based fundamental prices. These innovations comprise replacing with broad dividends the more narrow traditional dividends that are more commonly used, a nonlinear artificial neural network (ANN) forecasting procedure for these broad dividends instead of the more common linear forecasting models for narrow traditional dividends, and a stochastic discount rate in place of the constant discount rate. Empirical results show that the model described above predicts fundamental prices better, compared with alternative models using linear forecasting process, narrow dividends, or a constant discount factor. Nonetheless, actual prices are still largely detached from fundamental prices. The bubble-like deviations are found to coincide with business cycles. The third chapter examines possible cointegration of stock prices with fundamentals and non-fundamentals. The output gap is introduced to form the non-fundamental part of stock prices. I use a trivariate Vector Autoregression (TVAR) model and a single equation model to run cointegration tests between these three variables. Neither of the cointegration tests shows strong evidence of explosive behavior in the DJIA and S&P 500 data. Then, I applied a sup augmented Dickey-Fuller test to check for the existence of periodically collapsing bubbles in stock prices. Such bubbles are found in S&P data during the late 1990s. Employing econometric tests from the third chapter, I continue in the fourth chapter to examine whether bubbles exist in stock prices of conventional economic sectors on the New York Stock Exchange. The ‘old economy’ as a whole is not found to have bubbles. But, periodically collapsing bubbles are found in Material and Telecommunication Services sectors, and the Real Estate industry group.

Delay-Sensitive Service Request Scheduling for Cloud Computing

Cloud computing realizes the long-held dream of converting computing capability into a type of utility. It has the potential to fundamentally change the landscape of the IT industry and our way of life. However, as cloud computing expanding substantially in both scale and scope, ensuring its sustainable growth is a critical problem. Service providers have long been suffering from high operational costs. Especially the costs associated with the skyrocketing power consumption of large data centers. In the meantime, while efficient power/energy utilization is indispensable for the sustainable growth of cloud computing, service providers must also satisfy a user's quality of service (QoS) requirements. This problem becomes even more challenging considering the increasingly stringent power/energy and QoS constraints, as well as other factors such as the highly dynamic, heterogeneous, and distributed nature of the computing infrastructures, etc. In this dissertation, we study the problem of delay-sensitive cloud service scheduling for the sustainable development of cloud computing. We first focus our research on the development of scheduling methods for delay-sensitive cloud services on a single server with the goal of maximizing a service provider's profit. We then extend our study to scheduling cloud services in distributed environments. In particular, we develop a queue-based model and derive efficient request dispatching and processing decisions in a multi-electricity-market environment to improve the profits for service providers. We next study a problem of multi-tier service scheduling. By carefully assigning sub deadlines to the service tiers, our approach can significantly improve resource usage efficiencies with statistically guaranteed QoS. Finally, we study the power conscious resource provision problem for service requests with different QoS requirements. By properly sharing computing resources among different requests, our method statistically guarantees all QoS requirements with a minimized number of powered-on servers and thus the power consumptions. The significance of our research is that it is one part of the integrated effort from both industry and academia to ensure the sustainable growth of cloud computing as it continues to evolve and change our society profoundly.

Have Anglo-Saxon concepts really influenced the development of European qualifications policy?

This paper considers how far Anglo-Saxon conceptions of have influenced European Union vocational education and training policy, especially given the disparate approaches to VET across Europe. Two dominant approaches can be identified: the dual system (exemplified by Germany); and output based models (exemplified by the NVQ ‘English style’). Within the EU itself, the design philosophy of the English output-based model proved in the first instance influential in attempts to develop tools to establish equivalence between vocational qualifications across Europe, resulting in the learning outcomes approach of the European Qualifications Framework, the credit-based model of European VET Credit System and the task-based construction of occupation profiles exemplified by European Skills, Competences and Occupations. The governance model for the English system is, however, predicated on employer demand for ‘skills’ and this does not fit well with the social partnership model encompassing knowledge, skills and competences that is dominant in northern Europe. These contrasting approaches have led to continual modifications to the tools, as these sought to harmonise and reconcile national VET requirements with the original design. A tension is evident in particular between national and regional approaches to vocational education and training, on the one hand, and the policy tools adopted to align European vocational education and training better with the demands of the labour market, including at sectoral level, on the other. This paper explores these tensions and considers the prospects for the successful operation of these tools, paying particular attention to the European Qualifications Framework, European VET Credit System and European Skills, Competences and Occupations tool and the relationships between them and drawing on studies of the construction and furniture industries.

Deep Head Pose: Gaze-Direction Estimation in Multimodal Video

In this paper we present a convolutional neuralnetwork (CNN)-based model for human head pose estimation inlow-resolution multi-modal RGB-D data. We pose the problemas one of classification of human gazing direction. We furtherfine-tune a regressor based on the learned deep classifier. Next wecombine the two models (classification and regression) to estimateapproximate regression confidence. We present state-of-the-artresults in datasets that span the range of high-resolution humanrobot interaction (close up faces plus depth information) data tochallenging low resolution outdoor surveillance data. We buildupon our robust head-pose estimation and further introduce anew visual attention model to recover interaction with theenvironment. Using this probabilistic model, we show thatmany higher level scene understanding like human-human/sceneinteraction detection can be achieved. Our solution runs inreal-time on commercial hardware

Control Strategues for Automatic Generation Control over MTDC Grid

Increasingly in power systems, there is a trend towards the sharing of reserves and integration of markets over wide areas in order to enable increased penetration of renewable sources in interconnected power systems. In this paper, a number of simple PI and gain based Model Predictive Control algorithms are proposed for Automatic Generation Control in AC areas connected to Multi-Terminal Direct Current grids. The paper discusses how this approach improves the sharing of secondary reserves and could assist in achieving EU energy targets for 2030 and beyond.

Real-time detection of faces in video streams

[EN]This paper describes a face detection system which goes beyond traditional approaches normally designed for still images. First the video stream context is considered to apply the detector, and therefore, the resulting system is designed taking into consideration a main feature available in a video stream, i.e. temporal coherence. The resulting system builds a feature based model for each detected face, and searches them using various model information in the next frame. The results achieved for video stream processing outperform Rowley-Kanade's and Viola-Jones' solutions providing eye and face data in a reduced time with a notable correct detection rate.

Modeling long-term variability and change of soil moisture and groundwater level - from catchment to global scale

The water stored in and flowing through the subsurface is fundamental for sustaining human activities and needs, feeding water and its constituents to surface water bodies and supporting the functioning of their ecosystems. Quantifying the changes that affect the subsurface water is crucial for our understanding of its dynamics and changes driven by climate change and other changes in the landscape, such as in land-use and water-use. It is inherently difficult to directly measure soil moisture and groundwater levels over large spatial scales and long times. Models are therefore needed to capture the soil moisture and groundwater level dynamics over such large spatiotemporal scales. This thesis develops a modeling framework that allows for long-term catchment-scale screening of soil moisture and groundwater level changes. The novelty in this development resides in an explicit link drawn between catchment-scale hydroclimatic and soil hydraulics conditions, using observed runoff data as an approximation of soil water flux and accounting for the effects of snow storage-melting dynamics on that flux. Both past and future relative changes can be assessed by use of this modeling framework, with future change projections based on common climate model outputs. By direct model-observation comparison, the thesis shows that the developed modeling framework can reproduce the temporal variability of large-scale changes in soil water storage, as obtained from the GRACE satellite product, for most of 25 large study catchments around the world. Also compared with locally measured soil water content and groundwater level in 10 U.S. catchments, the modeling approach can reasonably well reproduce relative seasonal fluctuations around long-term average values. The developed modeling framework is further used to project soil moisture changes due to expected future climate change for 81 catchments around the world. The future soil moisture changes depend on the considered radiative forcing scenario (RCP) but are overall large for the occurrence frequency of dry and wet events and the inter-annual variability of seasonal soil moisture. These changes tend to be higher for the dry events and the dry season, respectively, than for the corresponding wet quantities, indicating increased drought risk for some parts of the world.

End-to-end modelling for an ecosystem approach to fisheries in the Northern Humboldt Current Ecosystem

This work represents an original contribution to the methodology for ecosystem models' development as well as the rst attempt of an end-to-end (E2E) model of the Northern Humboldt Current Ecosystem (NHCE). The main purpose of the developed model is to build a tool for ecosystem-based management and decision making, reason why the credibility of the model is essential, and this can be assessed through confrontation to data. Additionally, the NHCE exhibits a high climatic and oceanographic variability at several scales, the major source of interannual variability being the interruption of the upwelling seasonality by the El Niño Southern Oscillation, which has direct e ects on larval survival and sh recruitment success. Fishing activity can also be highly variable, depending on the abundance and accessibility of the main shery resources. This context brings the two main methodological questions addressed in this thesis, through the development of an end-to-end model coupling the high trophic level model OSMOSE to the hydrodynamics and biogeochemical model ROMS-PISCES: i) how to calibrate ecosystem models using time series data and ii) how to incorporate the impact of the interannual variability of the environment and shing. First, this thesis highlights some issues related to the confrontation of complex ecosystem models to data and proposes a methodology for a sequential multi-phases calibration of ecosystem models. We propose two criteria to classify the parameters of a model: the model dependency and the time variability of the parameters. Then, these criteria along with the availability of approximate initial estimates are used as decision rules to determine which parameters need to be estimated, and their precedence order in the sequential calibration process. Additionally, a new Evolutionary Algorithm designed for the calibration of stochastic models (e.g Individual Based Model) and optimized for maximum likelihood estimation has been developed and applied to the calibration of the OSMOSE model to time series data. The environmental variability is explicit in the model: the ROMS-PISCES model forces the OSMOSE model and drives potential bottom-up e ects up the foodweb through plankton and sh trophic interactions, as well as through changes in the spatial distribution of sh. The latter e ect was taken into account using presence/ absence species distribution models which are traditionally assessed through a confusion matrix and the statistical metrics associated to it. However, when considering the prediction of the habitat against time, the variability in the spatial distribution of the habitat can be summarized and validated using the emerging patterns from the shape of the spatial distributions. We modeled the potential habitat of the main species of the Humboldt Current Ecosystem using several sources of information ( sheries, scienti c surveys and satellite monitoring of vessels) jointly with environmental data from remote sensing and in situ observations, from 1992 to 2008. The potential habitat was predicted over the study period with monthly resolution, and the model was validated using quantitative and qualitative information of the system using a pattern oriented approach. The nal ROMS-PISCES-OSMOSE E2E ecosystem model for the NHCE was calibrated using our evolutionary algorithm and a likelihood approach to t monthly time series data of landings, abundance indices and catch at length distributions from 1992 to 2008. To conclude, some potential applications of the model for shery management are presented and their limitations and perspectives discussed.

The Effect of Wasta on Business Conduct and HRM in Jordan

Despite rapid globalisation, boom in multinational business and increasing interest in international human resource management (IHRM) generally, research on developing countries in the Middle-East is limited. A three year PhD research project seeks to begin to fill this gap by studying the effect of Jordanian culture on the transfer of western recruitment and selection (R&S) frameworks into Jordan. This paper opens up an investigation into a cultural concept at the heart of management and human resource management (HRM) in Jordan: ‘wasta’. Wasta is a concept that springs from tribalism; favouritism based on family and tribal relations. For multinational organisations this presents a challenge in balancing the western idea of fairness, equal opportunities and diversity and the local system based on favouritism. We argue that the perceived benefits of wasta cannot match the moral case for a merit based model.

Integrating functional connectivity and climate change in the design of protected area networks

Le rapide déclin actuel de la biodiversité est inquiétant et les activités humaines en sont la cause directe. De nombreuses aires protégées ont été mises en place pour contrer cette perte de biodiversité. Afin de maximiser leur efficacité, l’amélioration de la connectivité fonctionnelle entre elles est requise. Les changements climatiques perturbent actuellement les conditions environnementales de façon globale. C’est une menace pour la biodiversité qui n’a pas souvent été intégrée lors de la mise en place des aires protégées, jusqu’à récemment. Le mouvement des espèces, et donc la connectivité fonctionnelle du paysage, est impacté par les changements climatiques et des études ont montré qu’améliorer la connectivité fonctionnelle entre les aires protégées aiderait les espèces à faire face aux impacts des changements climatiques. Ma thèse présente une méthode pour concevoir des réseaux d’aires protégées tout en tenant compte des changements climatiques et de la connectivité fonctionnelle. Mon aire d’étude est la région de la Gaspésie au Québec (Canada). La population en voie de disparition de caribou de la Gaspésie-Atlantique (Rangifer tarandus caribou) a été utilisée comme espèce focale pour définir la connectivité fonctionnelle. Cette petite population subit un déclin continu dû à la prédation et la modification de son habitat, et les changements climatiques pourraient devenir une menace supplémentaire. J’ai d’abord construit un modèle individu-centré spatialement explicite pour expliquer et simuler le mouvement du caribou. J’ai utilisé les données VHF éparses de la population de caribou et une stratégie de modélisation patron-orienté pour paramétrer et sélectionner la meilleure hypothèse de mouvement. Mon meilleur modèle a reproduit la plupart des patrons de mouvement définis avec les données observées. Ce modèle fournit une meilleure compréhension des moteurs du mouvement du caribou de la Gaspésie-Atlantique, ainsi qu’une estimation spatiale de son utilisation du paysage dans la région. J’ai conclu que les données éparses étaient suffisantes pour ajuster un modèle individu-centré lorsqu’utilisé avec une modélisation patron-orienté. Ensuite, j’ai estimé l’impact des changements climatiques et de différentes actions de conservation sur le potentiel de mouvement du caribou. J’ai utilisé le modèle individu-centré pour simuler le mouvement du caribou dans des paysages hypothétiques représentant différents scénarios de changements climatiques et d’actions de conservation. Les actions de conservation représentaient la mise en place de nouvelles aires protégées en Gaspésie, comme définies par le scénario proposé par le gouvernement du Québec, ainsi que la restauration de routes secondaires à l’intérieur des aires protégées. Les impacts des changements climatiques sur la végétation, comme définis dans mes scénarios, ont réduit le potentiel de mouvement du caribou. La restauration des routes était capable d’atténuer ces effets négatifs, contrairement à la mise en place des nouvelles aires protégées. Enfin, j’ai présenté une méthode pour concevoir des réseaux d’aires protégées efficaces et j’ai proposé des nouvelles aires protégées à mettre en place en Gaspésie afin de protéger la biodiversité sur le long terme. J’ai créé de nombreux scénarios de réseaux d’aires protégées en étendant le réseau actuel pour protéger 12% du territoire. J’ai calculé la représentativité écologique et deux mesures de connectivité fonctionnelle sur le long terme pour chaque réseau. Les mesures de connectivité fonctionnelle représentaient l’accès général aux aires protégées pour le caribou de la Gaspésie-Atlantique ainsi que son potentiel de mouvement à l’intérieur. J’ai utilisé les estimations de potentiel de mouvement pour la période de temps actuelle ainsi que pour le futur sous différents scénarios de changements climatiques pour représenter la connectivité fonctionnelle sur le long terme. Le réseau d’aires protégées que j’ai proposé était le scénario qui maximisait le compromis entre les trois caractéristiques de réseau calculées. Dans cette thèse, j’ai expliqué et prédit le mouvement du caribou de la Gaspésie-Atlantique sous différentes conditions environnementales, notamment des paysages impactés par les changements climatiques. Ces résultats m’ont aidée à définir un réseau d’aires protégées à mettre en place en Gaspésie pour protéger le caribou au cours du temps. Je crois que cette thèse apporte de nouvelles connaissances sur le comportement de mouvement du caribou de la Gaspésie-Atlantique, ainsi que sur les actions de conservation qui peuvent être prises en Gaspésie afin d’améliorer la protection du caribou et de celle d’autres espèces. Je crois que la méthode présentée peut être applicable à d’autres écosystèmes aux caractéristiques et besoins similaires.

Increased water charges improve efficiency and equity in an irrigation system

Conventional wisdom in many agricultural systems across the world is that farmers cannot, will not, or should not pay the full costs associated with surface water delivery. Across Organisation for Economic Co-operation and Development (OECD) countries, only a handful can claim complete recovery of operation, maintenance, and capital costs; across Central and South Asia, fees are lower still, with farmers in Nepal, India, and Kazakhstan paying fractions of a U.S. penny for a cubic meter of water. In Pakistan, fees amount to roughly USD 1-2 per acre per season. However, farmers in Pakistan spend orders of magnitude more for diesel fuel to pump groundwater each season, suggesting a latent willingness to spend for water that, under the right conditions, could potentially be directed toward water-use fees for surface water supply. Although overall performance could be expected to improve with greater cost recovery, asymmetric access to water in canal irrigation systems leaves the question open as to whether those benefits would be equitably shared among all farmers in the system. We develop an agent-based model (ABM) of a small irrigation command to examine efficiency and equity outcomes across a range of different cost structures for the maintenance of the system, levels of market development, and assessed water charges. We find that, robust to a range of different cost and structural conditions, increased water charges lead to gains in both efficiency and concomitant improvements in equity as investments in canal infrastructure and system maintenance improve the conveyance of water resources further down watercourses. This suggests that, under conditions in which (1) farmers are currently spending money to pump groundwater to compensate for a failing surface water system, and (2) there is the possibility that through initial investment to provide perceptibly better water supply, genuine win-win solutions can be attained through higher water-use fees to beneficiary farmers.

An experimental investigation of air flow and convective heat transfer in enclosures having large ventilative flow rates

The prediction of convective heat transfer in enclosures under high ventilative flow rates is primarily of interest for building design and simulation purposes. Current models are based on experiments performed forty years ago with flat plates under natural convection conditions.

Scheduling of track inspection and maintenance activities in railroad networks

The U.S. railroad companies spend billions of dollars every year on railroad track maintenance in order to ensure safety and operational efficiency of their railroad networks. Besides maintenance costs, other costs such as train accident costs, train and shipment delay costs and rolling stock maintenance costs are also closely related to track maintenance activities. Optimizing the track maintenance process on the extensive railroad networks is a very complex problem with major cost implications. Currently, the decision making process for track maintenance planning is largely manual and primarily relies on the knowledge and judgment of experts. There is considerable potential to improve the process by using operations research techniques to develop solutions to the optimization problems on track maintenance. In this dissertation study, we propose a range of mathematical models and solution algorithms for three network-level scheduling problems on track maintenance: track inspection scheduling problem (TISP), production team scheduling problem (PTSP) and job-to-project clustering problem (JTPCP). TISP involves a set of inspection teams which travel over the railroad network to identify track defects. It is a large-scale routing and scheduling problem where thousands of tasks are to be scheduled subject to many difficult side constraints such as periodicity constraints and discrete working time constraints. A vehicle routing problem formulation was proposed for TISP, and a customized heuristic algorithm was developed to solve the model. The algorithm iteratively applies a constructive heuristic and a local search algorithm in an incremental scheduling horizon framework. The proposed model and algorithm have been adopted by a Class I railroad in its decision making process. Real-world case studies show the proposed approach outperforms the manual approach in short-term scheduling and can be used to conduct long-term what-if analyses to yield managerial insights. PTSP schedules capital track maintenance projects, which are the largest track maintenance activities and account for the majority of railroad capital spending. A time-space network model was proposed to formulate PTSP. More than ten types of side constraints were considered in the model, including very complex constraints such as mutual exclusion constraints and consecution constraints. A multiple neighborhood search algorithm, including a decomposition and restriction search and a block-interchange search, was developed to solve the model. Various performance enhancement techniques, such as data reduction, augmented cost function and subproblem prioritization, were developed to improve the algorithm. The proposed approach has been adopted by a Class I railroad for two years. Our numerical results show the model solutions are able to satisfy all hard constraints and most soft constraints. Compared with the existing manual procedure, the proposed approach is able to bring significant cost savings and operational efficiency improvement. JTPCP is an intermediate problem between TISP and PTSP. It focuses on clustering thousands of capital track maintenance jobs (based on the defects identified in track inspection) into projects so that the projects can be scheduled in PTSP. A vehicle routing problem based model and a multiple-step heuristic algorithm were developed to solve this problem. Various side constraints such as mutual exclusion constraints and rounding constraints were considered. The proposed approach has been applied in practice and has shown good performance in both solution quality and efficiency.

Global change and climate-driven invasion of the Pacific oyster (Crassostrea gigas) along European coasts: a bioenergetics modelling approach

Aim The spread of non-indigenous species in marine ecosystems world-wide is one of today's most serious environmental concerns. Using mechanistic modelling, we investigated how global change relates to the invasion of European coasts by a non-native marine invertebrate, the Pacific oyster Crassostrea gigas. Location Bourgneuf Bay on the French Atlantic coast was considered as the northern boundary of C. gigas expansion at the time of its introduction to Europe in the 1970s. From this latitudinal reference, variations in the spatial distribution of the C. gigas reproductive niche were analysed along the north-western European coast from Gibraltar to Norway. Methods The effects of environmental variations on C. gigas physiology and phenology were studied using a bioenergetics model based on Dynamic Energy Budget theory. The model was forced with environmental time series including in situ phytoplankton data, and satellite data of sea surface temperature and suspended particulate matter concentration. Results Simulation outputs were successfully validated against in situ oyster growth data. In Bourgneuf Bay, the rise in seawater temperature and phytoplankton concentration has increased C. gigas reproductive effort and led to precocious spawning periods since the 1960s. At the European scale, seawater temperature increase caused a drastic northward shift (1400 km within 30 years) in the C. gigas reproductive niche and optimal thermal conditions for early life stage development. Main conclusions We demonstrated that the poleward expansion of the invasive species C. gigas is related to global warming and increase in phytoplankton abundance. The combination of mechanistic bioenergetics modelling with in situ and satellite environmental data is a valuable framework for ecosystem studies. It offers a generic approach to analyse historical geographical shifts and to predict the biogeographical changes expected to occur in a climate-changing world.