Asset Price Instability and Policy Responses: The Legacy of Liberalization

The problem of asset price bubbles, and more generally of instability in the financial system, has been a matter of concern since the 1980s but has only recently moved to the center of the macroeconomic policy debate. The main concern with bubbles arises when they burst, imposing losses on investors holding the bubble assets and potentially on the financial institutions that have extended credit to them. Asset price volatility is an inevitable consequence of financial market liberalization and, in extreme cases, generates asset price bubbles, the bursting of which can impose substantial economic and social costs. Policy responses within the existing liberalized financial system face daunting levels of uncertainty and risk. Given the pattern of increasing asset market volatility over recent decades and the policy issues highlighted in this paper, the future looks uncertain. Another significant cycle of asset price movements, especially in one of the major economies, could see a fundamental revision of thinking about the costs and benefits of liberalized financial systems.

Twin study of adolescent genetic susceptibility to mosquito bites using ordinal and comparative rating data

Ordinal and comparative rating measures of mosquito attraction and mosquito bite frequency and symptoms were administered in a self-report questionnaire format to a sample of 197 monozygotic and 326 dizygotic Australian adolescent twin pairs at age 12 between 1992 and 1999, in order to investigate the environmental and possibly genetic determinants of variation between individuals. Repeat measures were obtained from the twin pairs at age 14. Ordinal variable measures, although providing some support for genetic effects on mosquito susceptibility, were affected by low repeatability. However, analysis of a comparative rating variable compared with your twin, who is bitten by mosquitoes more often? indicated a strong genetic influence on frequency of being bitten by mosquitoes, with no significant differences observed between males and females. Comparative rating questionnaire items are a potentially valuable tool for complementing and improving the results obtained from more conventional absolute measures. (C) 2000 Wiley-Liss, Inc.

Workplace diversity: The moderating role of work context on the relationship between surface and deep level diversity and group functioning

This research examines the relationship between perceived group diversity and group conflict, and the moderating role of team context. Currentiy, diversity research predominantly focuses on surface and job-related dimensions, largely to the neglect of deep-level diversity (in terms of values, attitude and beliefs). First, this research hjfpothesised that all three dimensions of diversity would be positively related to group conflict, with deep-level diversity the strongest predictor of task. conflict. Second, it was hypothesised that team context would moderate the relationship between deep-level diversity and group conflict. Team context refers to the extent to which the work performed (1) has high consequences (in terms of health and well being for team members and others); (2) is relatively isolating, (3) requires a high reliance upon team members; (4) is volatile; and (5) interpersonal attraction and mutual helpfulness is essential. Two studies were conducted. The first study employed 44 part-time employees across a range of occupations, and the second study employed 66 full-time employees from a mining company in Australia. A series of hierarchical multiple regressions and moderated multiple regressions confirmed both hypotheses. Practical implications and future research directions are discussed.

Hydrodynamics and mass transfer studies in a scheibel extractor

A 10 cm diameter four-stage Scheibel column with dispersed phase wetted packing sections has been constructed to study the hydrodynamics and mass transfer using the system toluene-acetone-water. The literature pertaining to the above extractor has been examined and the important phenomena such as droplet break-up and coalescence, mass transfer and backmixing have been reviewed. A critical analysis of the backmixing or axial mixing models and the corresponding techniques for parameter estimation was applied and an optimization technique based on Marquardt's algorithm was implemented. A single phase sampling technique was developed to estimate the acetone concentration profile in both phases along the column. Column flooding characteristics were investigated under various operating conditions and it was found that, when the impellers were located at about DI/5cm from the upper surface of the pads, the limiting flow rates increased with impeller speed. This unusual behaviour was explained in terms of the pumping effect created by the turbine impellers. Correlations were developed to predict Sauter mean drop diameters. A five-cell with backflow model was used to estimate the column performance (stage efficiency) and phases non-ideality (backflow parameters). Overall mass transfer coefficients were computed using the above model and compared with those calculated using the correlations based on single drop mechanism.

Tensile properties of as fabricated, aged, and stretched SiC whisker and particle reinforced 2009 aluminium alloy

Tensile tests were carried out using specimens of 2009 aluminium alloy reinforced by either SiC whiskers or particles. The size distributions of the whiskers and particles in the matrix were obtained by image analysis. It was found that failure was a result of uniform void nucleation and coalescence in the as fabricated composites, or a result of fast crack propagation initiated by a flaw developed at clusters of SiC in the aged or stretched and aged composites. The strengths of the as fabricated composites were estimated based on the results of image analysis using continuum mechanics and dislocation theories. The estimation indicated that the tensile strengths are largely contributed to by composite strengthening, supplemented by residual dislocation strengthening and work hardening. Owing to the flaw controlled failure, the tensile strengths of the aged or stretched and aged composites were independent of aging time, aging temperature, and the amount of stretching. The elastic moduli of the composites were estimated using the Halpin-Tsai model and a good correlation was found between the measured and estimated moduli. © 1996 The Institute of Materials.

Predicting the effect of mixing on oxygen transfer and nutrient removal in activated sludge basins

Activated sludge basins (ASBs) are a key-step in wastewater treatment processes that are used to eliminate biodegradable pollution from the water discharged to the natural environment. Bacteria found in the activated sludge consume and assimilate nutrients such as carbon, nitrogen and phosphorous under specific environmental conditions. However, applying the appropriate agitation and aeration regimes to supply the environmental conditions to promote the growth of the bacteria is not easy. The agitation and aeration regimes that are applied to activated sludge basins have a strong influence on the efficacy of wastewater treatment processes. The major aims of agitation by submersible mixers are to improve the contact between biomass and wastewater and the prevention of biomass settling. They induce a horizontal flow in the oxidation ditch, which can be quantified by the mean horizontal velocity. Mean values of 0.3-0.35 m s-1 are recommended as a design criteria to ensure best conditions for mixing and aeration (Da Silva, 1994). To give circulation velocities of this order of magnitude, the positioning and types of mixers are chosen from the plant constructors' experience and the suppliers' data for the impellers. Some case studies of existing plants have shown that measured velocities were not in the range that was specified in the plant design. This illustrates that there is still a need for design and diagnosis approach to improve process reliability by eliminating or reducing the number of short circuits, dead zones, zones of inefficient mixing and poor aeration. The objective of the aeration is to facilitate the quick degradation of pollutants by bacterial growth. To achieve these objectives a wastewater treatment plant must be adequately aerated; thus resulting in 60-80% of all energetic consummation being dedicated to the aeration alone (Juspin and Vasel, 2000). An earlier study (Gillot et al., 1997) has illustrated the influence that hydrodynamics have on the aeration performance as measure by the oxygen transfer coefficient. Therefore, optimising the agitation and aeration systems can enhance the oxygen transfer coefficient and consequently reduce the operating costs of the wastewater treatment plant. It is critically important to correctly estimate the mass transfer coefficient as any errors could result in the simulations of biological activity not being physically representative. Therefore, the transfer process was rigorously examined in several different types of process equipment to determine the impact that different hydrodynamic regimes and liquid-side film transfer coefficients have on the gas phase and the mass transfer of oxygen. To model the biological activity occurring in ASBs, several generic biochemical reaction models have been developed to characterise different biochemical reaction processes that are known as Activated Sludge Models, ASM (Henze et al., 2000). The ASM1 protocol was selected to characterise the impact of aeration on the bacteria consuming and assimilating ammonia and nitrate in the wastewater. However, one drawback of ASM protocols is that the hydrodynamics are assumed to be uniform by the use of perfectly mixed, plug flow reactors or as a number of perfectly mixed reactors in series. This makes it very difficult to identify the influence of mixing and aeration on oxygen mass transfer and biological activity. Therefore, to account for the impact of local gas-liquid mixing regime on the biochemical activity Computational Fluid Dynamics (CFD) was used by applying the individual ASM1 reaction equations as the source terms to a number of scalar equations. Thus, the application of ASM1 to CFD (FLUENT) enabled the investigation of the oxygen transfer efficiency and the carbon & nitrogen biological removal in pilot (7.5 cubic metres) and plant scale (6000 cubic metres) ASBs. Both studies have been used to validate the effect that the hydrodynamic regime has on oxygen mass transfer (the circulation velocity and mass transfer coefficient) and the effect that this had on the biological activity on pollutants such as ammonia and nitrate (Cartland Glover et al., 2005). The work presented here is one part to of an overall approach for improving the understanding of ASBs and the impact that they have in terms of the hydraulic and biological performance on the overall wastewater treatment process. References CARTLAND GLOVER G., PRINTEMPS C., ESSEMIANI K., MEINHOLD J., (2005) Modelling of wastewater treatment plants ? How far shall we go with sophisticated modelling tools? 3rd IWA Leading-Edge Conference & Exhibition on Water and Wastewater Treatment Technologies, 6-8 June 2005, Sapporo, Japan DA SILVA G. (1994). Eléments d'optimisation du transfert d'oxygène par fines bulles et agitateur séparé en chenal d'oxydation. PhD Thesis. CEMAGREF Antony ? France. GILLOT S., DERONZIER G., HEDUIT A. (1997). Oxygen transfer under process conditions in an oxidation ditch equipped with fine bubble diffusers and slow speed mixers. WEFTEC, Chicago, USA. HENZE M., GUJER W., MINO T., van LOOSDRECHT M., (2000). Activated Sludge Models ASM1, ASM2, ASM2D and ASM3, Scientific and Technical Report No. 9. IWA Publishing, London, UK. JUSPIN H., VASEL J.-L. (2000). Influence of hydrodynamics on oxygen transfer in the activated sludge process. IWA, Paris - France.

Human resource management in China and India

The first decade of the twenty-first century has witnessed further growth in emerging markets, which is significantly influencing the global economic landscape. For the first time in almost two hundred years, it is in this decade that the emerging economies have caught up with, and raced ahead of, the developed ones in terms of gross domestic product. This is a trend that is likely to continue for some time as many of the developed economies struggle to recover from the global financial crisis. In particular, China and India as two fast growing economies are significantly contributing to the world economic growth and are the flag bearers of this transformation. Acknowledged as favourite destinations for global manufacturing (China) and services (India) related outsourcing, both nations offer huge growth opportunities in most products and services. However, in order to sustain their phenomenal economic growth of the past decades, both countries are facing a number of challenges to their human resource management (HRM). From a macro perspective, these issues tend to appear similar (e.g., attraction and retention of talent), but given the significant sociocultural, institutional, political, legal and other differences between the two nations, the logics underpinning the approaches to managing human resources issues appear somewhat different. This chapter therefore aims to highlight the key forces determining the nature of HRM in China and India. The chapter consists of three main sections, in addition to the Introduction and Conclusions.

Phase behavior and far-from-equilibrium gelation in charged attractive colloids

In this Rapid Communication we demonstrate the applicability of an augmented Gibbs ensemble Monte Carlo approach for the phase behavior determination of model colloidal systems with short-ranged depletion attraction and long-ranged repulsion. This technique allows for a quantitative determination of the phase boundaries and ground states in such systems. We demonstrate that gelation may occur in systems of this type as the result of arrested microphase separation, even when the equilibrium state of the system is characterized by compact microphase structures.

Table 3.5 Content and composition of air in fresh ice

Natural ice is formed by freezing of water or by sintering of dry or wet snow. Each of these processes causes atmospheric air to be enclosed in ice as bubbles. The air amount and composition as well as the bubble sizes and density depend not only on the kind of process but also on several environmental conditions. The ice in the deepest layers of the Greenland and thc Antarctic ice sheet was formed more than 100 000 years ago. In the bubbles of this ice, samples of atmospheric air from that time are preserved. The enclosure of air is discussed for each of the three processes. Of special interest are the parameters which control the amount and composition of the enclosed air. If the ice is formed by sintering of very cold dry snow, the air composition in the bubbles corresponds with good accuracy to the composition of atmospheric air.

Bubble Growth From First Principals

We consider the simplest relevant problem in the foaming of molten plastics, the growth of a single bubble in a sea of highly viscous Newtonian fluid, and without interference from other bubbles. This simplest problem has defied accurate solution from first principles. Despite plenty of research on foaming, classical approaches from first principles have neglected the temperature rise in the surrounding fluid, and we find that this oversimplification greatly accelerates bubble growth prediction. We use a transport phenomena approach to analyze the growth of a solitary bubble, expanding under its own pressure. We consider a bubble of ideal gas growing without the accelerating contribution from mass transfer into the bubble. We explore the roles of viscous forces, fluid inertia, and viscous dissipation. We find that bubble growth depends upon the nucleus radius and nucleus pressure. We begin with a detailed examination of the classical approaches (thermodynamics without viscous heating). Our failure to fit experimental data with these classical approaches, sets up the second part of our paper, a novel exploration of the essential decelerating role of viscous heating. We explore both isothermal and adiabatic bubble expansion, and also the decelerating role of surface tension. The adiabatic analysis accounts for the slight deceleration due to the cooling of the expanding gas, which depends on gas polyatomicity. We also explore the pressure profile, and the components of the extra stress tensor, in the fluid surrounding the growing bubble. These stresses can eventually be frozen into foamed plastics. We find that our new theory compares well with measured bubble behavior.

Characterisation of polyethylene powders for rotational moulding and effect of powder size and shape on densification behaviour

The particle size, shape and distribution of a range of rotational moulding polyethylenes (PEs) ground to powder was investigated using a novel visual data acquisition and analysis system (TP Picture®), developed by Total Petrochemicals. Differences in the individual particle shape factors of the powder samples were observed and correlations with the grinding conditions were determined. When heated, the bubble dissolution behaviour of the same powders was investigated and the shape factor correlated with densification rate, bubble size and bubble distribution.

Date adjustment tools : Date rollover and Individual date adjustment

Learning Management Systems (LMSs) have become a larger part of teaching and learning in the modern world. Therefore has Moodle, a free and open source e-learning tool surfaced and gained a lot of attraction and downloads. A purpose of this study has been to develop a new local plugin in Moodle with guidelines from Magnus Eriksson and Tsedey Terefe. A purpose for this project has also been to build a plugin which has the functions Date rollover and Individual date adjustment. Mid Sweden University (Miun) stated that WebCT/Blackboard was in use before Moodle and some other LMSs and the dissatisfaction with WebCT/Blackboard was rife, however some teachers liked it. Therefore WebCT/Blackboard was abandoned and Moodle was embraced. The methods of gaining information has generally been web based sources and three interviews, likewise called user tests. Programs and other aids that have been used include but are not limited to: Google Drive, LTI Provider, Moodle, Moodle documentation, Notepad++, PHP and XAMPP. The plugin has been implemented as a local plugin. The result has shown that the coded plugin, Date adjustment tools could be improved and that it was changed. In the plugin, support for old American English dates were added and the code for using the two functions “Date rollover” and “Individual date adjustment” were rewritten to not interfere with one another. A conclusion to draw from the result is that the plugin has been improved from Terefe’s implementation, although more work can be made with the plugin Date adjustment tools.

The Business Case for (and Against) Restaurant Tipping

Recent interest in replacing tipping with service charges or higher service-inclusive menu pricing prompted this review of empirical evidence on the advantages and disadvantages to restaurants of these different compensation systems. The evidence indicates that these different pricing systems affect the attraction and retention of service workers, the satisfaction of customers with service, the actual and perceived costs of eating out, and the costs of hiring employees and doing business. However, the author comes away from the data believing that the biggest reason for restaurateurs to replace tipping is that the practice takes revenue away from them in the form of lower prices and gives it to servers in the form of excessively high tip income. The biggest reason for restaurateurs to keep tipping is that it allows them to reduce menu prices, which increases demand. Thus, restaurateurs’ decisions to keep voluntary tipping or not should ultimately depend on the relative strengths of these benefits. The more that a restaurant’s servers are overpaid relative to the back of house and the wealthier and less price-sensitive a restaurant’s customers are, the more the owner of that restaurant should consider abandoning tipping. By this reasoning, many upscale, expensive restaurants (especially those in states with no or small tip credits) probably should replace tipping with one of its alternatives.

FM as a Business Enabler

As a functioning performing arts centre, commercial enterprise, tourist attraction and major national asset, Sydney Opera House must continue to demonstrate the optimal use and effectiveness of its facilities management (FM) to provide value for its stakeholders. To better achieve this, the Cooperative Research Centre for Construction Innovation focussed on the following three themes for investigation in the FM Exemplar Project — Sydney Opera House: digital modelling — developing a building information model capable of integrating information from disparate software systems and hard copy, and combining this with a spatial 3D computeraided design (CAD)/geographic information system (GIS) platform. This model offers a visual representation of the building and its component elements in 3D, and provides comprehensive information on each element. The model can work collaboratively through an open data exchange standard (common to all compliant software) in order to mine the data required to further FM objectives (such as maintenance) more efficiently and effectively. services procurement — developing a multi-criteria performance-based procurement framework aligned with organisational objectives for FM service delivery performance benchmarking — developing an FM benchmarking framework that enables facilities/ organisations to develop key performance indicators (KPIs) to identify better practice and improvement strategies. These three research stream outcomes were then aligned within the broader context of Sydney Opera House’s Total Asset Management (TAM) Plan and Strategic Asset Maintenance (SAM) Plan in arriving at a business framework aligned with, and in support of, organisational objectives. The Sydney Opera House is managed by the Sydney Opera House Trust on behalf of the Government of the State of New South Wales. Within the framework of the TAM Plan prepared in accordance with NSW Treasury Guidelines, the assimilation of these three themes provides an integrated FM solution capable of supporting Sydney Opera House’s business objectives and functional requirements. FM as a business enabler showcases innovative methods in improving FM performance, a better alignment of service and performance objectives and provides a better-practice model to support the business enterprise.

Moving towards a knowledge city : Brisbane's experience in knowledge-based urban development

In the global knowledge economy, knowledge-intensive industries and knowledge workers are extensively seen as the primary factors to improve the welfare and competitiveness of cities. To attract and retain such industries and workers, cities produce knowledge-based urban development strategies, where such strategising is also an important development mechanism for cities and their economies. This paper investigates Brisbane’s knowledge-based urban development strategies that support generation, attraction, and retention of investment and talent. The paper provides a clear understanding on the policy frameworks, and relevant applications of Brisbane’s knowledge-based urban development experience in becoming a prosperous knowledge city.