Suchergebnisse

Naval ships are long life assets that could be called upon to perform missions not considered in their original design. The through life support arrangement is influenced by the military requirement as well as contracting practice. In navies that contract out the building and support of ships in different competitive packages, condition monitoring technology for through life health management may be stripped out to reduce ship building cost. This paper investigates the potential benefits of incorporating health management for the test and commissioning stages in naval shipbuilding to reduce the overall cost of a ship programme. Scenario planning using simulation suggests that for ships of high complexity in a multiple ships programme, health management is likely to enhance the lessons learnt process. The benefits to the follow on ships could justify the investment.

AbstractThe existing literature documents a number of cross‐sectional stock return anomalies. This article examines how pervasive these anomalies are and whether factor models provide valid inferences on anomalous returns. First, by shrinking the stock space along the dimension of a predictive variable, we show that the book‐to‐market ratio (BM) and net stock issues effects are pervasive, whereas the size, momentum, and illiquidity effects are driven mainly by stocks on the long side, and the idiosyncratic volatility, accrual, capital expenditure, and sales growth effects mainly by stocks on the short side. Second, we provide evidence that commonly used factor models have limited explanatory power of stock returns. Restricting to stock samples where the four‐factor model adequately explains the size, BM, and momentum effects, we show that only the idiosyncratic volatility, accrual, and net stock issues effects remain significant.