Dynamics of investor spanning trees around dot-com bubble.

We identify temporal investor networks for Nokia stock by constructing networks from correlations between investor-specific net-volumes and analyze changes in the networks around dot-com bubble. The analysis is conducted separately for households, financial, and non-financial institutions. Our results indicate that spanning tree measures for households reflected the boom and crisis: the maximum spanning tree measures had a clear upward tendency in the bull markets when the bubble was building up, and, even more importantly, the minimum spanning tree measures pre-reacted the burst of the bubble. At the same time, we find less clear reactions in the minimal and maximal spanning trees of non-financial and financial institutions around the bubble, which suggests that household investors can have a greater herding tendency around bubbles.

Measuring in-use ship emissions with international and U.S. federal methods.

UNLABELLED: Regulatory agencies have shifted their emphasis from measuring emissions during certification cycles to measuring emissions during actual use. Emission measurements in this research were made from two different large ships at sea to compare the Simplified Measurement Method (SMM) compliant with the International Maritime Organization (IMO) NOx Technical Code to the Portable Emission Measurement Systems (PEMS) compliant with the US. Environmental Protection Agency (EPA) 40 Code of Federal Regulations (CFR) Part 1065 for on-road emission testing. Emissions of nitrogen oxides (NOx), carbon dioxide (CO2), and carbon monoxide (CO) were measured at load points specified by the International Organization for Standardization (ISO) to compare the two measurement methods. The average percentage errors calculated for PEMS measurements were 6.5%, 0.6%, and 357% for NOx, CO2, and CO, respectively. The NOx percentage error of 6.5% corresponds to a 0.22 to 1.11 g/kW-hr error in moving from Tier III (3.4 g/kW-hr) to Tier I (17.0 g/kW-hr) emission limits. Emission factors (EFs) of NOx and CO2 measured via SMM were comparable to other studies and regulatory agencies estimates. However EF(PM2.5) for this study was up to 26% higher than that currently used by regulatory agencies. The PM2.5 was comprised predominantly of hydrated sulfate (70-95%), followed by organic carbon (11-14%), ash (6-11%), and elemental carbon (0.4-0.8%). IMPLICATIONS: This research provides direct comparison between the International Maritime Organization and U.S. Environmental Protection Agency reference methods for quantifying in-use emissions from ships. This research provides correlations for NOx, CO2, and CO measured by a PEMS unit (certified by U.S. EPA for on-road testing) against IMO's Simplified Measurement Method for on-board certification. It substantiates the measurements of NOx by PEMS and quantifies measurement error. This study also provides in-use modal and overall weighted emission factors of gaseous (NOx, CO, CO2, total hydrocarbons [THC], and SO2) and particulate pollutants from the main engine of a container ship, which are helpful in the development of emission inventory.

Greenhouse gas and criteria emission benefits through reduction of vessel speed at sea.

Reducing emissions from ocean-going vessels (OGVs) as they sail near populated areas is a widely recognized goal, and Vessel Speed Reduction (VSR) is one of several strategies that is being adopted by regulators and port authorities. The goal of this research was to measure the emission benefits associated with greenhouse gas and criteria pollutants by operating OGVs at reduced speed. Emissions were measured from one Panamax and one post-Panamax class container vessels as their vessel speed was reduced from cruise to 15 knots or below. VSR to 12 knots yielded carbon dioxide (CO(2)) and nitrogen oxides (NO(x)) emissions reductions (in kg/nautical mile (kg/nmi)) of approximately 61% and 56%, respectively, as compared to vessel cruise speed. The mass emission rate (kg/nmi) of PM(2.5) was reduced by 69% with VSR to 12 knots alone and by ~97% when coupled with the use of the marine gas oil (MGO) with 0.00065% sulfur content. Emissions data from vessels while operating at sea are scarce and measurements from this research demonstrated that tidal current is a significant parameter affecting emission factors (EFs) at lower engine loads. Emissions factors at ≤20% loads calculated by methodology adopted by regulatory agencies were found to underestimate PM(2.5) and NO(x) by 72% and 51%, respectively, when compared to EFs measured in this study. Total pollutant emitted (TPE) in the emission control area (ECA) was calculated, and emission benefits were estimated as the VSR zone increased from 24 to 200 nmi. TPE(CO2) and TPE(PM2.5) estimated for large container vessels showed benefits for CO(2) (2-26%) and PM(2.5) (4-57%) on reducing speeds from 15 to 12 knots, whereas TPE(CO2) and TPE(PM2.5) for small and medium container vessels were similar at 15 and 12 knots.