What drives the commodity price beta of oil industry stocks

We test theoretical drivers of the oil price beta of oil industry stocks. The strongest statistical and economic support comes for market conditions-type variables as the prime drivers: namely, oil price (+), bond rate (+), volatility of oil returns (−) and cost of carry (+). Though statistically significant, exogenous firm characteristics and oil firms' financing decisions have less compelling economic significance. There is weaker support for the prediction that financial risk management reduces the exposure of oil stocks to crude oil price variation. Finally, extended modelling shows that mean reversion in oil prices also helps explain cross-sectional variation in the oil beta.

Who drives E&P innovation?

Few would argue that the upstream oil and gas industry has become more technology- intensive over the years. At the same time, the increasing costs and complexity of today’s exploration and production (E&P) technologies are making it increasingly difficult for any one company to support an aggressive research and development (R&D) agenda single handedly. The coming together of these two evolutionary forces gives rise to important questions. How does innovation happen in the E&P industry? Specifically, what ideas and inputs flow from which parts of the industry’s value network, and where do these inputs go? And how do firms and organizations from different countries contribute differently to this process? This survey was designed to shed light on these issues.

Sensor fault-resilient control of interior permanent-magnet synchronous motor drives

In a conventional ac motor drive using field-oriented control, a dc-link voltage, speed, and at least two current sensors are required. Hence, in the event of sensor failure, the performance of the drive system can be severely compromised. This paper presents a sensor fault-tolerant control strategy for interior permanent-magnet synchronous motor (IPMSM) drives. Three independent observers are proposed to estimate the speed, dc-link voltage, and currents of the machine. If a sensor fault is detected, the drive system isolates the faulty sensor while retaining the remaining functional ones. The signal is then acquired from the corresponding observer in order to maintain the operation of the drive system. The experimental results provided verify the effectiveness of the proposed approach.

A sensor fault detection and isolation method in interior permanent-magnet synchronous motor drives based on an extended Kalman filter

Interior permanent-magnet synchronous motors (IPMSMs) become attractive candidates in modern hybrid electric vehicles and industrial applications. Usually, to obtain good control performance, the electric drives of this kind of motor require one position, one dc link, and at least two current sensors. Failure of any of these sensors might lead to degraded system performance or even instability. As such, sensor fault resilient control becomes a very important issue in modern drive systems. This paper proposes a novel sensor fault detection and isolation algorithm based on an extended Kalman filter. It is robust to system random noise and efficient in real-time implementation. Moreover, the proposed algorithm is compact and can detect and isolate all the sensor faults for IPMSM drives. Thorough theoretical analysis is provided, and the effectiveness of the proposed approach is proven by extensive experimental results.

Microplasma-chemical synthesis and tunable real-time plasmonic responses of alloyed Aux Ag1−x nanoparticles

Tunable synthesis of bimetallic AuxAg1-x alloyed nanoparticles and in situ monitoring of their plasmonic responses is presented. This is a new conceptual approach based on green and energy efficient, reactive, and highly-non-equilibrium microplasma chemistry.

An improved robust field weakening algorithm for direct torque controlled synchronous reluctance motor drives

This paper presents an improved field weakening algorithm for synchronous reluctance motor (RSMs) drives. The proposed algorithm is robust to the variations in the machine d- and q-axes inductances. The transition between the maximum torque per ampere (MTPA), current and voltage limits as well as the maximum torque per flux (MTPF) trajectories is smooth. The proposed technique is combined with the direct torque control method to attain a high performance drive in the field weakening region. Simulation and experimental results are supplemented to verify the effectiveness of the proposed approach.

Pre-packaging preschool literacy: What drives early childhood teachers to use commercially produced phonics programs in prior to school settings

Language-rich environments are key to overall quality in early childhood settings, including frequent child–staff interactions around picture books and dramatic play. In a language-rich environment, explicit teaching of literacy concepts, such as phonics, is embedded in authentic and meaningful situations where alphabet letters and sounds are taught in a context meaningful to the child. Recent research, however, suggests that the use of commercial pre-packaged phonics programs (such as Letterland and Jolly Phonics) is widespread in prior to school settings in Sydney, Australia. Little is known about why early childhood teachers choose to use such programs with children aged five and under. In the present study, thematic analysis of data from interviews with five early childhood teachers using commercial phonics programs found that their reasons were pragmatic rather than pedagogical. Motivations included the idea that the programs reduced their workload, provided tangible evidence to parents of their child’s ‘school readiness’, and served as a marketing tool to attract parents. Further analysis found that the teachers were unable to articulate what phonics and phonological awareness are and how they are learnt in early childhood.

Investigation of drive-train dynamics of mechanical transmissions incorporating cycloidal drives

Cycloidal drives are compact, high-ratio gear transmission systems used in a wide range of mechanical applications from conveyor drives to articulated robots. This research hypothesises that these drives can be successfully applied in dynamic loading situations and thereby focuses on the understanding of differences between static and dynamic loading conditions where load varies with time. New methods of studying the behaviour of these drives under static and dynamic loading circumstances were developed, leading to novel understanding and knowledge. A new model was developed to facilitate research and development on Cycloidal drives with potential benefits for manufacturing, robotics and mechanical-process-industries worldwide.

Rainfall variability drives interannual variation in N2O emissions from a humid, subtropical pasture

Variations in interannual rainfall totals can lead to large uncertainties in annual N2O emission budget estimates from short term field studies. The interannual variation in nitrous oxide (N2O) emissions from a subtropical pasture in Queensland, Australia, was examined using continuous measurements of automated chambers over 2 consecutive years. Nitrous oxide emissions were highest during the summer months and were highly episodic, related more to the size and distribution of rain events than soil water content. Over 48% of the total N2O emitted was lost in just 16% of measurement days. Interannual variation in annual N2O estimates was high, with cumulative emissions increasing with decreasing rainfall. Cumulative emissions averaged 1826.7 ± 199.9 g N2O-N ha−1 yr−1 over the two year period, though emissions from 2008 (2148 ± 273 g N2O-N ha−1 yr−1) were 42% higher than 2007 (1504 ± 126 g N2O-N ha−1 yr−1). This increase in annual emissions coincided with almost half of the summer precipitation from 2007 to 2008. Emissions dynamics were chiefly driven by the distribution and size of rain events which varied on a seasonal and annual basis. Sampling frequency effects on cumulative N2O flux estimation were assessed using a jackknife technique to inform future manual sampling campaigns. Test subsets of the daily measured data were generated for the pasture and two adjacent land-uses (rainforest and lychee orchard) by selecting measured flux values at regular time intervals ranging from 1 to 30 days. Errors associated with weekly sampling were up to 34% of the sub-daily mean and were highly biased towards overestimation if strategically sampled following rain events. Sampling time of day also played a critical role. Morning sampling best represented the 24 hour mean in the pasture, whereas sampling at noon proved the most accurate in the shaded rainforest and lychee orchard.

Minimization of Torque Ripple in PWM AC Drives

A pulsewidth modulation (PWM) technique is proposed for minimizing the rms torque ripple in inverter-fed induction motor drives subject to a given average switching frequency of the inverter. The proposed PWM technique is a combination of optimal continuous modulation and discontinuous modulation. The proposed technique is evaluated both theoretically as well as experimentally and is compared with well-known PWM techniques. It is shown that the proposed method reduces the rms torque ripple by about 30% at the rated speed of the motor drive, compared to conventional space vector PWM.

FPGA based digital platform for the control of AC drives

This paper presents the new trend of FPGA (Field programmable Gate Array) based digital platform for the control of power electronic systems. There is a rising interest in using digital controllers in power electronic applications as they provide many advantages over their analog counterparts. A board comprising of Cyclone device EP1C12Q240C8 of Altera is used for developing this platform. The details of this board are presented. This developed platform can be used for the controller applications such as UPS, Induction Motor drives and front end converters. A real time simulation of a system can also be done. An open-loop induction motor drive has been implemented using this board and experimental results are presented.

A Combination of Hexagonal and 12-Sided Polygonal Voltage Space Vector PWM Control for IM Drives Using Cascaded Two-Level Inverters

This paper proposes a multilevel inverter configuration which produces a hexagonal voltage space vector structure in the lower modulation region and a 12-sided polygonal space vector structure in the overmodulation region. A conventional multilevel inverter produces 6n plusmn 1 (n = odd) harmonics in the phase voltage during overmodulation and in the extreme square-wave mode of operation. However, this inverter produces a 12-sided polygonal space vector location, leading to the elimination of 6n plusmn 1 (n = odd) harmonics in the overmodulation region extending to a final 12-step mode of operation with a smooth transition. The benefits of this arrangement are lower losses and reduced torque pulsation in an induction motor drive fed from this converter at higher modulation indexes. The inverter is fabricated by using three conventional cascaded two-level inverters with asymmetric dc-bus voltages. A comparative simulation study of the harmonic distortion in the phase voltage and associated losses in conventional multilevel inverters and that of the proposed inverter is presented in this paper. Experimental validation on a prototype shows that the proposed converter is suitable for high-power applications because of low harmonic distortion and low losses.

What drives plant biodiversity in the clay floodplain grasslands of NSW?

An assessment of the relative influences of management and environment on the composition of floodplain grasslands of north-western New South Wales was made using a regional vegetation survey sampling a range of land tenures (e. g. private property, travelling stock routes and nature reserves). A total of 364 taxa belonging to 55 different plant families was recorded. Partitioning of variance with redundancy analysis determined that environmental variables accounted for a greater proportion (61.3%) of the explained variance in species composition than disturbance-related variables (37.6%). Soil type (and fertility), sampling time and rainfall had a strong influence on species composition and there were also east-west variations in composition across the region. Of the disturbance-related variables, cultivation, stocking rate and flooding frequency were all influential. Total, native, forb, shrub and subshrub richness were positively correlated with increasing time since cultivation. Flood frequency was positively correlated with graminoid species richness and was negatively correlated with total and forb species richness. Site species richness was also influenced by environmental variables (e. g. soil type and rainfall). Despite the resilience of these grasslands, some forms of severe disturbance (e. g. several years of cultivation) can result in removal of some dominant perennial grasses (e. g. Astrebla spp.) and an increase in disturbance specialists. A simple heuristic transitional model is proposed that has conceptual thresholds for plant biodiversity status. This knowledge representation may be used to assist in the management of these grasslands by defining four broad levels of community richness and the drivers that change this status.