We use yield spreads to construct ex-ante returns on corporate securities, and then use the ex-ante returns in asset pricing assets. Differently from the standard approach, our tests do not use ex-post average returns as a proxy for expected returns. We find that the market beta plays a much...

We construct firm-specific measures of expected equity returns using corporate bond yields, and replace standard ex post average returns with our expected-return measures in asset pricing tests. We find that the market beta is significantly priced in the cross section of expected returns. The...

Tidal current energy is one of the most predictable ocean renewable energies. Survivability of the device used to harness tidal power and its remedial actions are critical to ensure a successful power generation. Marine environment is harsh with the continuous attacks of waves, current, saline...

Prediction of the wake structure is important to understand the lee flow of a tidal current turbine. The proposed analytical wake model consists of several equations derived from the theoretical works of a ship propeller jet. Axial momentum theory was used to predict the minimum velocity at the...

The investigation of hydrodynamics near seabed is an initial input to study marine current turbine-induced seabed scour. The authors investigated the slipstream between the seabed and the marine current turbine via OpenFOAM. The axial component of velocity is the dominating velocity of flow...

In this paper, an improved routing strategy is proposed for enhancing the traffic capacity of scale-free networks. Instead of using the information of degree and betweenness centrality, the new algorithm is derived on the basis of the expanding betweenness centrality of nodes, which gives an...

The relative predictability of returns and dividends is a central issue because it forms the paradigm to interpret asset price variation. A little studied question is how dividend smoothing, as a choice of corporate policy, affects predictability. We show that even if dividends are supposed to...