Risk and Abnormal Returns in Markets for Congestion Revenue Rights

In organized energy markets that use locational pricing, power generators and energy suppliers procure financial transmission rights (FTRs) to hedge against grid con- gestion charges, while third-party speculators attempt to capture a return with these extremely volatile contracts. This paper develops a novel methodology for estimating the systematic risk of individual FTRs and detecting the presence of abnormal returns among these financial instruments. The prevalence of congestion paths with abnormal returns could be used by policy experts as an efficiency measure when assessing the performance of FTR markets. Being the only organized energy market in the Western Interconnection, California has implemented a version of FTRs officially known as congestion revenue rights (CRRs). This paper applies the proposed methodology to all auctioned CRRs from 2009 to 2015. Our analysis identifies the paths that exhibit persistent abnormal returns, with the majority of them being positive. We also compare the patterns of risk and abnormal returns between on-peak and off-peak CRRs, and find no significant differences

Is Something Amiss? A Commentary on the Aftermath of Phillips v. AWH Corp.

In Phillips v. AWH Corp., decided en banc in July of 2005, the Federal Circuit held that dictionaries or other similar sources may be used to assist a construing court in its quest to interpret the claim language, but must take an inferior role to the meanings of claim terms as they would be understood by one of ordinary skill in the art in view of the intrinsic evidence. The court further noted that the usage of a term in the specification is the single best guide to the meaning of [a] disputed term. This decision reversed the court\u27s opinion in Texas Digital Inc. v. Telegenix, Inc. (2002) where the court had held that dictionaries and the like are particularly useful resources to assist the court in determining the ordinary and customary meanings of claim terms, and should be consulted before referencing the specification and prosecution history in an attempt to prevent limitations from being read into the claims. In rejecting this approach, the Phillips court stated that, If the District Court starts with the broad dictionary definition in every case and fails to fully appreciate how the specification implicitly limits definition, the error will systematically cause the construction of the claim to be unduly expansive. The article’s topic considers the aftermath of Phillips. The Federal Circuit has already revisited this issue several times since July 2005, and it is drawing much attention from practitioners. One of the main purposes of my article is to profile these post-Phillips cases and their effects. The article also introduces several considerations for the patent prosecutor in the aftermath of Phillips

Rumour Processes on N

We study four discrete time stochastic systems on \bbN modeling processes of rumour spreading. The involved individuals can either have an active or a passive role, speaking up or asking for the rumour. The appetite in spreading or hearing the rumour is represented by a set of random variables whose distributions may depend on the individuals. Our goal is to understand - based on those random variables distribution - whether the probability of having an infinite set of individuals knowing the rumour is positive or not

Study of fluorine behaviour in silicon by selective point defect injection

This letter reports a point defect injection study of 185 keV 2.3x1015cm?2 fluorine implanted silicon. After an inert anneal at 1000°C, fluorine peaks are seen at depths of 0.3Rp and Rp and a shoulder between 0.5–0.7Rp. The shallow peak (at 0.3Rp) is significantly smaller under interstitial injection than under both inert and vacancy injection conditions. For a longer anneal under interstitial injection, both the shallow peak and the shoulder are eliminated. These results support earlier work suggesting that the shallow fluorine peak is due to vacancy-fluorine clusters which are responsible for suppression of boron thermal diffusion in silicon. The elimination of the shallow fluorine peak and the shoulder is explained by the annihilation of vacancies in the clusters with injected interstitials

Harga Diri Sebagai Moderator Pada Hubungan Kesepian Dan Adiksi Internet Pada Remaja

Many researches have been conducted in evaluating internet addiction on adolescents.Generally previous researches focus on internet addiction antecedents or the impact of theaddiction. So far it can be noted that very few attention given to identify moderating variablein creating internet addiction. Given the fruitfull of studies on the relationship betweeninternet addiction and relating variables, it is important to understand the moderating factor,especially in term of causal relation. The aim of the the study was to investigate themoderating impact of self-esteem on the relationship between loneliness and internetaddiction among adolescents. The sample of the study consisted of 121 adolescents selectedfrom several internet cafes in Central Jakarta. Three valid and reliable questionnaires titledInternet Addiction Scale, Loneliness Scale, and Self-esteem Scale were used for this study. Theresults revealed that self-esteem did not significantly moderate the relationship betweenloneliness and internet addiction among respondents. However, self-esteem exhibited asignificant unique relationship with internet addiction

Life Stress, Religiosity, and Personal Adjustment of Indonesian as International Students

Understanding adaptation problem in International context is necessary as a source from which host universities formulate support services and counseling provision as well as for preparation before departure for International students. Although research on adjustment has burgeoned over the past several decades, relatively little is known about overseas student, particularly among Indonesian students as expatriates in some countries around the world. The present study is intended to examine the relationship of their life stress, religiosity, and adjustment. Data from 96 Indonesian International students were collected using demographic questions, personal adjustment scale, religiosity scale, and Index of Life Stress. Results revealed that the samples experienced moderate life stress, high religiosity, and high personal adjustment. Moreover, it was found that religiosity did not serve as moderator in the relationship between life stress and adjustment. Further, source of education financial support, as a part of general living issues, has unique contribution to their adjustment. Implication and limitations of this study are discussed in term of further research

PEMANFAATAN BLACKBERRY PUSH TECHNOLOGY SEBAGAI MEDIA ALTERNATIF PUBLIKASI INFORMASI AKADEMIK

Informasi akademik bagi institusi pendidikan tinggi merupakan salah satu sarana komunikasi dan pertukaran informasi. Perkembangan teknologi mobile dan besamya market share perangkat mobile di kalangan mahasiswa menciptakan potensi altematif sebagai sarana atau media komunikasi sekaligus publikasi informasi akademik via mobile. BlackBerry sebagai salah satu perangkat mobile dengan market share terbesar di Indonesia yakni sebesar 47% didukung dengan layanan push. Layanan ini memanfaatkan Internet serta menggunakan notifikasi sebagai alert pada handheld manakala infonnasi terbaru yang dirilis oleh publisher informasi berhasil diunggah. Dengan keunggulan inilah, maka terbuka peluang bahwa informasi akademik dapat dipublikasikan dengan memanfaatkan push technology. Untuk itu dirancang sistem yang mampu mengakomodir publikasi infonnasi akademik ke handheld. Perancangan sistem dibagi menjadi dua bagian yaitu di sisi handheld (client) sebagai penerima informasi publikasi dan di sisi server sebagai publisher informasi akademik. Hasil perancangan direalisasikan dengan membangun aplikasi di sisi handheld (client) menggunakan BlackBerry Java SDK dan di sisi server menggunakan server scripting language. Publikasi infonnasi akademik melalui BlackBerry push technology memberikan manfaat kepada sivitas academica berupa notifikasi dan informasi yang up-to-date

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI PENCAPAIAN REALISASI PAD DI KABUPATEN/KOTA PROVINSI JAWA BARAT

This study was conducted to analyze the factors that affect the achievement of realization of local revenue in districts/ municipalities of West Java Province with the period of 2009-2012. All sample based on the use of purposive sampling with several criteria determined by the researchers. Analysis model used in this research with Data Model Estimation used panel data of fixed effect model. The variables used in this study are realization of local revenue, PDRB, population, and number of Industries. The results of this study to show that the PDRB has a positive and significant effect to the dependent variable. It provides an explanation that there is a relationship between PDRB and realization of PAD. Number of industries variable has positive and significant effect to the dependent variable. The number of industries contributed 68 percent to the realization of local revenue. This indicates that if the number of industries increases, region income also increases. The population variable has a positive and significant effect on the dependent variable. This explains that large populations will be increase local revenue