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We provide evidence that current CDS slope negatively predicts future stock returns over several months in the Korean market. The entire sample period covers January 2003 through June 2009. The empirical results are as follows. First, when constructing quartile portfolios based on the slope of CDS spreads, we find that predictive power of CDS slope lasts for seven months. In addition, the lower the CDS slope is, the higher average stock return is. Specifically, a slope-based strategy of buying the lowest slope and selling the highest slope makes profits over 2% each month. The profitability is statistically and economically significant even after controlling for some risk factors. We also find that the results are robust to various sub-samples, portfolio-weighting schemes, as well as the number of sorted portfolios. This abnormal return cannot be explained by standard risk factors, default risk, and expectation hypothesis.

The purpose of this paper investigates dynamic ease distributions of clothes at bust and waist lines with different body surface angle by using a Qualisys three-dimensional motion capture system (3DMCS).

The current method first obtain the specific markers of participants and their clothes along the bust and waist lines through 3DMCS, then using the least square method and four piecewise polynomial fitting participants and their clothes' bust and waist curves. The coordinates of the markers were tracked by the 3DMCS, while the participants under different body surface angle walked on a treadmill calculated the distances of markers coordinates to the participants' bust and waist curves. Finally, the data of samples were analyzed. It was found that the dynamic ease distributions showed different patterns at different body surface angle.

The results revealed the bust convex angle is 26.53 degrees (Specification:X3) and back slope angle is 13.96 degrees (Specification: Y1), the fluctuation of participant ease distributions on bust section was most obvious, and the maximum fluctuation value was ±20 mm and ±25 mm. The ease distributions of participant waist section fluctuated most obviously when the bust convex angle is 28.10 degrees (Specification: X5) and the back slope angle is 13.96 degrees (Specification: Y1), and the maximum fluctuation was ±30 mm and ±20 mm. The bust convex angle has the greatest influence on 1# garment, and the back slope angle has the greatest influence on 2# garment.

Currently, there is little information in the literature about dynamic ease distributions of garment on a different body types. This paper takes different body surface angles as the research objects to analyze the ease distributions of different clothes, the conclusion can provide reference data for 3D garment modeling and improve the authenticity of virtual garment fitting.

The purpose of this paper is to investigate whether the headlined eco-bulkers ordered in 2012 and 2013 are posing a threat to the less-efficient ships ordered at the end of the boom in 2008 and 2009.

This paper will first investigate the drivers for the interest in such low-emission, low-speed bulker as well as the more general history of bulker designs. This is followed by a study on the vessels delivered between 2005 and 2014, based on eight parameters representing fuel efficiency, speed and hydromechanics properties. Within these results, evidence is sought for a significant change in the qualities of the vessels delivered after the last boom.

The data showed that at least till present, no significant changes could be discovered between 2014 and the earlier years. This indicates that either because of the long delivery times at the end of the boom, such vessels are still to be delivered, or that they were not ordered in an amount large enough to change the trend. For the future, this fact and the changes in vessel design resulting from the introduction of the energy efficiency design index (EEDI) in 2017 and the large fluctuations in the fuel prices will be interesting to keep monitoring the developments in the eight studied parameters.

This paper extends (in time) and improves (number of variables studied) a number of earlier studies on average qualities of the world fleet. It studies both the composition and the changes in average properties of the ships produced each year. It allowed the author to discover and explain the trends that would not have been evident when studying ships as single units or as the result of a business opportunity optimisation. Most important of which is the fact that, on average, ships produced are optimised for the current economic conditions and are not taken into consideration for future trends and scenarios.

The objective of this study is to investigate the impact of longitudinal forces on extreme-long heavy-haul trains, providing new insights and methods for their design and operation, thereby enhancing safety, operational efficiency and track system design.

A longitudinal dynamics simulation model of the super long heavy haul train was established and verified by the braking test data of 30,000 t heavy-haul combination train on the long and steep down grade of Daqing Line. The simulation model was used to analyze the influence of factors on the longitudinal force of super long heavy haul train.

Under normal conditions, the formation length of extreme-long heavy-haul combined train has a small effect on the maximum longitudinal coupler force under full service braking and emergency braking on the straight line. The slope difference of the long and steep down grade has a great impact on the maximum longitudinal coupler force of the extreme-long heavy-haul trains. Under the condition that the longitudinal force does not exceed the safety limit of 2,250 kN under full service braking at the speed of 60 km/h the maximum allowable slope difference of long and steep down grade for 40,000 t super long heavy-haul combined trains is 13‰, and that of 100,000 t is only 5‰.

The results will provide important theoretical basis and practical guidance for further improving the transportation efficiency and safety of extreme-long heavy-haul trains.

The capital asset pricing model has failed to explain the effect of systematic risk (referred to as beta) on actual stock market returns. Accordingly, this study analyzes daily returns by splitting it into overnight and daytime returns. The study analysis empirically confirms a positive relationship between overnight returns and beta and a negative relation between daytime returns and beta. Furthermore, this paper aims to determine that empirical results are mostly the same with three different beta calculations, namely, daily, overnight and daytime returns. The study concludes that beta on overnight returns has the strongest explanatory power and is statistically significant.

This study reexamines the sustainability of fiscal policy in Sweden.

To test the sustainability of fiscal policy, two approaches are used; the methodology of Kejriwal and Perron (2010), testing for multiple structural changes in a cointegrated regression model and time-varying cointegration test of Bierens and Martins (2010), and Martins (2015).

Using the first approach of testing for multiple structural changes in a cointegrated regression model, the results indicate that government spending and revenue are cointegrated with two breaks. An estimation of a two-break long-run model shows that the slope coefficient increases from 0.678 to 0.892 from the first to the second regime, implying that fiscal deficits were weakly sustainable in the first two regimes, from 1800 to 1943, and from 1944 to 1974. Further, results from time-varying cointegration test indicate that cointegration between spending and revenue in Sweden is time-varying. Fiscal deficits were found to be unsustainable for the periods 1801–1811, 1831–1838, 1853–1860 , 1872–1882, 1897–1902, 1929–1940 and 1976–1982 and weakly sustainable over the rest of the study period.

A number of implications arise from this study: (1) Accounting for breaks in cointegration analysis and in the estimation of the level relationship between spending and revenue is very important because ignoring breaks may lead to an overestimated slope coefficient and hence a bias on the magnitude of fiscal deficit sustainability. (2) In testing for cointegration between spending and revenue, assuming a constant cointegrating slope when it is actually time-varying can also be misleading because deficits can be sustainable for a period of time and unsustainable over another period.

The contribution of this study is three-fold; first, the study uses a long series of annual data spanning over a period of two centuries, from 1800 to 2011. Second, because of the importance of structural change in economics, to examine the existence of a level relationship between spending and revenue, the study uses the methodology of Kejriwal and Perron (2010) to test for multiple structural changes in a cointegrated regression model, as well as time-varying cointegration of Bierens and Martins (2010) and Martins (2015).

Cesspits are the means for each house to dispose of wastewater in the Bani Kinanah District (BKD) of Jordan, which creates severe environmental complications. This research aimed to find a suitable site for a wastewater treatment plant (WWTP) in BKD.

Geographic Information System (GIS)-based multicriteria decision analysis (MCDA) was used for an optimal site selection for a sewage treatment plant. Several datasets were obtained to prepare the maps of the criteria influencing the choice of the most suitable site for the WWTP. The analytic hierarchy process was used to apply the weights for each factor.

Five classes of suitability were generated: 0.23% very high suitability, 8.49% high suitability, 47.12% moderate suitability, 37.67% low suitability and 6.49% very low suitability. According to Analytical Hierarchy Process (AHP) results, the elevations, slope and groundwater depth have high importance; where their weights 21%, 19% and 17%, respectively. The most suitable site for establishing a WWTP was found in the northern part of the study area, where it is characterized by relatively low elevations (−90 to −93 m), low slope (0–2.5 %), distance from groundwater level (47–82 m) and the space is sufficient for building the plant (25328 m², 8861 m² and 8586 m²).

This research is limited by the availability of data.

The research is invaluable for decision makers involved in urban planning.

Wastewater treatment plants are essential for communities with limited resources such as Jordan. It has also profound impacts on the surrounding environment.

From the present study, it can be concluded that GIS is essential in urban utility establishment, like urban domestic wastewater treatment site selection. Although the study area has adequate potential areas for establishing WWTP, further assessment of flood vulnerability, wastewater amount quantification, population growth and urban expansion must be seriously considered before implementation.

We consider a domestic monopolist who is protected by an import quota on the product he produces. He faces a domestic demand curve which is characterized by a constant price elasticity. He is unable to export and has an upward sloping marginal cost curve. We demonstrate that in this case his employment of labor rises with the import quota until imports rise to a fraction lie of domestic output where e is the elasticity of domestic demand. Thus, the employment maximizing quota sets permissible imports at a fraction of domestic output which is at least as high as the reciprocal of the elasticity of demand. We also make a case for liberalizing all the way right away, "cold turkey liberalization. "

This paper examined tax compliance and its impact on agrochemical traders in Ghana.

Based on the registered agrochemical lists obtained from the Plant Protection and Regulatory Service Department, 92 agrochemical traders were sampled for data collection. Probit regression was used to estimate determinants of tax compliance, whereas the Inverse Probability Weighted Regression Adjustment Model was employed to evaluate the impact of tax compliance on business performance.

The results revealed that age and gender relate positively to enforced tax compliance, while education positively impacts voluntary tax compliance. Nonetheless, tax rate, trust and monthly sales positively affect voluntary tax compliance but negatively impact enforced tax compliance. Inversely, while authorities’ power negatively impacted voluntary compliance, it positively influenced enforced tax compliance confirming the Slippery Slope Framework.

To the best knowledge of the authors, this paper is the first to investigate tax compliance determinants and impact among agrochemical traders, despite the tremendous growth of the agrochemical sub-sector in Africa and Ghana. Therefore, this study makes a modest contribution to empirical studies that validate the Slippery Slope Framework in promoting tax compliance in the agricultural and agribusiness sectors of a developing country. Similarly, it also unearths the impact of tax compliance on agribusiness growth which has yet to be highlighted in the extant literature.

The overall objective of this study is envisaged to provide decision makers with actionable insights and access to multi-risk maps for the most in-danger stave churches (SCs) among the existing 28 churches at high spatial resolution to better understand, reduce and mitigate single- and multi-risk. In addition, the present contribution aims to provide decision makers with some information to face the exacerbation of the risk caused by the expected climate change.

Material and data collection started with the consultation of the available literature related to: (1) SCs' conservation status, (2) available methodologies suitable in multi-hazard approach and (3) vulnerability leading indicators to consider when dealing with the impact of natural hazards specifically on immovable cultural heritage.

The paper contributes to a better understanding of place-based vulnerability with local mapping dimension also considering future threats posed by climate change. The results highlight the danger at which the SCs of Røldal, in case of floods, and of Ringebu, Torpo and Øye, in case of landslide, may face and stress the urgency of increasing awareness and preparedness on these potential hazards.

The contribution for the first time aims to homogeneously collect and report all together existing spread information on architectural features, conservation status and geographical attributes for the whole group of SCs by accompanying this information with as much as possible complete 2D sections collection from existing drawings and novel 3D drawn sketches created for this contribution. Then the paper contributes to a better understanding of place-based vulnerability with local mapping dimension also considering future threats posed by climate change. Then it highlights the danger of floods and landslides at which the 28 SCs are subjected. Finally it reports how these risks will change under the ongoing impact of climate change.