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Search Results: 1 - 10 of 2397 matches for " Jack Penm "
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Effectiveness of high interest rate policy on exchange rates: A reexamination of the Asian financial crisis
Tim Brailsford,Jack H. W. Penm,Chin Diew Lai
Advances in Decision Sciences , 2006, DOI: 10.1155/jamds/2006/35752
Abstract: One of the most controversial issues in the aftermath of the Asian financial crisis has been the appropriate response of monetary policy to a sharp decline in the value of some currencies. In this paper, we empirically examine the effects on Asian exchange rates of sharply higher interest rates during the Asian financial crisis. Taking account of the currency contagion effect, our results indicate that sharply higher interest rates helped to support the exchange rates of South Korea, the Philippines, and Thailand. For Malaysia, no significant causal relation is found from the rate of interest to exchange rates, as the authorities in Malaysia did not actively adopt a high interest rate policy to defend the currency.
An evolutionary recursive algorithm in selecting statistical subset neural network/VDL filtering
Andrew H. Chen,Jack H. Penm,R. D. Terrell
Advances in Decision Sciences , 2006, DOI: 10.1155/jamds/2006/46592
Abstract: We propose an evolutionary recursive algorithm, for the exact windowed case, to estimate subset vector discrete lag (SVDL) filters with a forgetting factor and an intercept variable. SVDL filtering is demonstrated as a basis for constructing a multi-layered polynomial neural network by Penm et al. (2000) The new proposed time update recursions allow users to update SVDL filters at consecutive time instants, and can show evolutionary changes detected in filter structures. With this new approach we are able to more effectively analyse complex relationships where the relevant financial time series have been generated from structures subject to evolutionary changes in their environment. An illustration of these procedures is presented to examine the integration between the Australian and the Japanese bond markets, and the USA and the UK bond markets, changed over the period. The proposed algorithms are also applicable to full-order vector discrete lag (VDL) filtering with a forgetting factor and an intercept.
An evolutionary recursive algorithm in selecting statistical subset neural network/VDL filtering
Andrew H. Chen,Jack H. Penm,R. D. Terrell
Advances in Decision Sciences , 2006,
Abstract: We propose an evolutionary recursive algorithm, for the exact windowed case, to estimate subset vector discrete lag (SVDL) filters with a forgetting factor and an intercept variable. SVDL filtering is demonstrated as a basis for constructing a multi-layered polynomial neural network by Penm et al. (2000) The new proposed time update recursions allow users to update SVDL filters at consecutive time instants, and can show evolutionary changes detected in filter structures. With this new approach we are able to more effectively analyse complex relationships where the relevant financial time series have been generated from structures subject to evolutionary changes in their environment. An illustration of these procedures is presented to examine the integration between the Australian and the Japanese bond markets, and the USA and the UK bond markets, changed over the period. The proposed algorithms are also applicable to full-order vector discrete lag (VDL) filtering with a forgetting factor and an intercept.
The relationship between stock markets of major developed countries and Asian emerging markets
Wing-Keung Wong,Jack Penm,Richard Deane Terrell,Karen Yann Ching Lim
Advances in Decision Sciences , 2004, DOI: 10.1155/s1173912604000136
Abstract: With the emergence of new capital markets and liberalization of stock markets in recent years, there has been an increase in investors' interest in international diversification. This is so because international diversification allows investors to have a larger basket of foreign securities to choose from as part of their portfolio assets, so as to enhance the reward-to-volatility ratio. This benefit would be limited if national equity markets tend to move together in the long run. This paper thus studies the issue of co-movement between stock markets in major developed countries and those in Asian emerging markets using the concept of cointegration. We find that there is co-movement between some of the developed and emerging markets, but some emerging markets do differ from the developed markets with which they share a long-run equilibrium relationship. Furthermore, it has been observed that there has been increasing interdependence between most of the developed and emerging markets since the 1987 Stock Market Crash. This interdependence intensified after the 1997 Asian Financial Crisis. With this phenomenon of increasing co-movement between developed and emerging stock markets, the benefits of international diversification become limited.
The Tidal Stream Power Curve: A Case Study  [PDF]
Jack Hardisty
Energy and Power Engineering (EPE) , 2012, DOI: 10.4236/epe.2012.43018
Abstract: It is important to understand the relationship between the ambient ebb and flood currents and the electricity generated by tidal stream power generators to minimise investment risk and to optimise power generation for distribution purposes. Such analyses no longer rely on average descriptions of the flow field or on single values for the device efficiency. In the present paper, we demonstrate a new method involving the integration of synthesised long termflow vectors with logistic descriptions of the device power curves. New experiments are then described with the Neptune Proteus vertical axis tidal stream power generator involving tow tests at speeds to 1.5 ms–1 in William Wright Dock on the Humber. The results are used to derive appropriate coefficients in the logisticcurve and to estimate the device’s annual electrical output.
Water Resource and Power Generation: An Alternative Formulation  [PDF]
Jack Robles
Theoretical Economics Letters (TEL) , 2012, DOI: 10.4236/tel.2012.23062
Abstract: Crampes and Moreaux [1] provide a two period model of competition between a hydrostation and a thermal station for the generation of electricity. We modify this model to make it more directly comparable with an infinite horizon model. The closed loop equilibrium is characterized.
The Economic Potential of Brewer’s Spent Grain (BSG) as a Biomass Feedstock  [PDF]
Jack Buffington
Advances in Chemical Engineering and Science (ACES) , 2014, DOI: 10.4236/aces.2014.43034
Abstract:

This paper analyzes a pro-forma economic market and supply chain system for the reuse of a lignocellulose (brewer’s spent grain) in an industrial biotechnology environment. An extant literature review was conducted, followed by a technical analysis of BSG, and the development of a supply chain system and economic market analysis based upon a participant brewing company and industry experts. In this paper, it was found that, even with the potential for future improvements in the conversion of brewer’s spent grain (BSG) from an efficiency standpoint, this industrial residual is supply chain prohibitive as a biofeedstock in comparison to other lignocellulose materials, therefore, centralized market relationships would not be advantageous for sellers and buyers. Future research should consider the viability of centralized supply chain structures for alternatives that may exist as future bio-feedstocks.

Pressure Gradient, Power, and Energy of Vortices  [PDF]
Jack Denur
Open Journal of Fluid Dynamics (OJFD) , 2018, DOI: 10.4236/ojfd.2018.82015
Abstract: We consider small vortices, such as tornadoes, dust devils, whirlpools, and small hurricanes at low latitudes, for which the Coriolis force can be neglected. Such vortices are (at least approximately) cylindrically symmetrical about a vertical axis through the center of a calm central region or eye of radius \"\". In the region \"\" fluid (gas or liquid) circulates about the eye with speed \"\". We take \"\"to be the outer periphery of the vortex, where the fluid speed is reduced to that of the surrounding wind field (in the cases of tornadoes, dust devils, and small hurricanes at low latitudes) or deemed negligible (in the case of whirlpools). If \"\", angular momentum is conserved within the fluid itself; if \"\", angular momentum must be exchanged with Earth to ensure conservation of total angular momentum. We derive the steepness and upper limit of the pressure gradients in vortices. We then discuss the power and energy of vortices. We compare the kinetic energy of atmospheric vortices and the power required to maintain them against frictional dissipation with the same quantities for Earth’s atmosphere as a whole. We explain why the kinetic energy of atmospheric vortices must be replaced on much shorter timescales than is the case for Earth’s atmosphere as a whole. Brief comparisons of cyclostrophic flow with geostrophic and friction-balanced flows are then provided. We then consider an analogy that might be drawn, at least to some extent, with gravitational systems, considering mainly spherically-symmetrical and cylindrically-symmetrical ones. Generation of kinetic energy at the expense of potential energy in fluid vortices, in geostrophic and friction-balanced flows, and in gravitational systems is then briefly discussed. We explain the variations of pressure and gravitational gradients corresponding to generation of kinetic energy exceeding, equaling, and falling short of frictional dissipation. In the Appendix, we describe a simple method for maximizing power extraction from environmental fluid (air or water) flows. In summary, we provide an overview of features and energetics of Earth’s environmental fluid flows and of gravitational analogies thereto that,
Self-Directed Learners or Not? Delivering Agroforestry Technology to Farmers in the Philippines  [PDF]
Jack Baynes, John Herbohn
Open Journal of Forestry (OJF) , 2011, DOI: 10.4236/ojf.2011.11001
Abstract: This paper presents an evaluation of the usefulness of a participatory approach and adult learning principles for agroforestry extension in the Philippines. Visual observations and analysis of interviews with farmers during an extension program found that their ability to act as self-directed adult learners changed according to the situations with which they were faced. Farmers used a self-directed approach to their selection of inputs for the establishment of woodlots. However, when propagating seedlings, lack of technical knowledge caused them to shift to a state of dependency on ‘top-down’ didactic instruction. Farmers’ familiarity with agricultural crops, e.g. rice and coconuts, did not provide them with the skills to raise tree seedlings. A consequence of farmers applying their own interpretation of woodlot establishment procedures was that some sites were destroyed and seedling growth on other sites was poor. These failed woodlots are likely to present a negative image of the program in the future. Contributing influences to farmers’ limited uptake of technology may have been a lack of other sources of support and information and the difficulty of interacting and sharing ideas with their peers. The practical implications of this research are that farmers in developing countries may lack the education, support services and peer-to-peer interaction to behave similarly to self-directed learners in developed countries. A totally participatory approach to program delivery may maintain participants’ enthusiasm and commitment but may result in unforseen outcomes. Hence, a flexible approach to the use of adult learning principles may be necessary.
Surgical Resident Attrition and the Menninger Morale Curve  [PDF]
Jack Contessa, Tassos Kyriakides
Surgical Science (SS) , 2011, DOI: 10.4236/ss.2011.27087
Abstract: BACKGROUND: Attrition in surgical residency programs continues to be a significant challenge. Ap-proximately 20% of residents who begin a categorical surgery residency fail to complete it. A number of studies speculated reasons for this including work hours, life style, family pressures, and resident feelings of inadequacy including fear of termination. To date no research has been conducted investigating the relation-ship between resident morale and attrition. This study sought to determine if this linkage exists in surgery residents. METHODS: The Morale Assessment in General Practice Index (MAGPI) was administered to 21 PGY 1, 2, 3, and 5 surgical residents to assess level of morale. Non-parametric methods were carried out to assess if there were differences in morale among the four PGY groups. Additionally, analyses of the four factors comprising the MAGPI were also conducted. RESULTS: Although differences did not reach statis-tical significance, analysis of the data reveals that residents demonstrate different trends in their levels of morale based on the amount of time they spend in a residency and in a way that approximates the morale curve described by W. Walter Menninger, M.D. Additionally, two of the four factors comprising the MAGPI also indicate trends similar to that described by the Menninger morale curve. CONCLUSIONS: Although no statistically significant results were achieved, the data reveal trends that approximate shifts in morale similar to those described by the Menninger morale curve, with residents at the PGY 2 and 3 levels present-ing lower morale levels than at the PGY 1 and 5 levels. This may be due in part to the size of the population studied. Future research should be continued in this area with a larger sample size.
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