WorldWideScience

Sample records for cash flow method

  1. Equivalence of ten different discounted cash flow valuation methods

    OpenAIRE

    Fernandez, Pablo

    2004-01-01

    This paper shows that ten methods of company valuation using discounted cash flows (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality using the same assumptions; t...

  2. Analyzing the Cash Flow Profiles of Firms Using the Cash Flow Patterns Method

    OpenAIRE

    Aktaş, Rabia; Karğın, Sibel; Karğın, Mahmut

    2012-01-01

    Statement of cash flows that presents important information about firm’s power of cash generation and cash consumption is a reliable source of information for financial statement users. Therefore, financial reporting standards require cash flow statement to be reported and presented with the other financial statements such as statement of financial position, statement of comprehensive income, and statement of changes in equity. Turkish Accounting Standard 7 – “Statement of Cash Flows” (TMS 7 ...

  3. Equivalence of ten different methods for valuing companies by cash flow discounting.

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

    This paper shows that ten methods of company valuation using cash flow discounting (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality based upon the same assumptio...

  4. Valuing companies by cash flow discounting: Ten methods and nine theories

    OpenAIRE

    Fernández , Pablo

    2002-01-01

    This paper is a summarized compendium of all the methods and theories on company valuation using cash flow discounting. The paper shows the ten most commonly used methods for valuing companies by cash flow discounting: 1) free cash flow discounted at the WACC; 2) equity cash flows discounted at the required return to equity; 3) capital cash flows discounted at the WACC before tax; 4) APV (Adjusted Present Value); 5) the business's risk-adjusted free cash flows discounted at the required retur...

  5. Three residual income valuation methods and discounted cash flow valuation

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

    In this paper we show that the three residual Income models for equity valuation always yield the same value as the Discounted Cash Flow Valuation models. We use three residual income measures: Economic Profit, Economic Value Added (EVA) and Cash Value Added. We also show that economic profit and EVA are different, although Copeland, Koller and Murrin (2000, page 55) say that economic profit is a synonym of EVA. Specifically, we first show that the present value of the Economic Profit discoun...

  6. A Conceptual Framework for the Indirect Method of Reporting Net Cash Flow from Operating Activities

    Science.gov (United States)

    Wang, Ting J.

    2010-01-01

    This paper describes the fundamental concept of the reconciliation behind the indirect method of the statement of cash flows. A conceptual framework is presented to demonstrate how accrual and cash-basis accounting methods relate to each other and to illustrate the concept of reconciling these two accounting methods. The conceptual framework…

  7. Hedging Cash Flows from Commodity Processing

    OpenAIRE

    Dahlgran, Roger A.

    2005-01-01

    Agribusinesses make long-term plant-investment decisions based on discounted cash flow. It is therefore incongruous for an agribusiness firm to use cash flow as a plant-investment criterion and then to completely discard cash flow in favor of batch profits as an operating objective. This paper assumes that cash flow and its stability is important to commodity processors and examines methods for hedging cash flows under continuous processing. Its objectives are (a) to determine how standard he...

  8. International Harmonisation Of Accounting Standards: The Case For A Mandatory Requirement For The Direct Method Of Reporting Operating Cash Flows

    OpenAIRE

    Christine Yap

    2011-01-01

    Even though standard setters have now embraced cash flow statements there remains ambivalence as to the best format (i.e. direct or indirect method) for disclosing cash flow from operations. In 1987 the FASB asserted that information about the gross amounts of cash receipts and cash payments is more relevant than information about the net amounts of cash receipts and payments. Yet apart from Australia and New Zealand, most standard setting bodies, including the International Accounting Standa...

  9. PACTOLUS, Nuclear Power Plant Cost and Economics by Discounted Cash Flow Method. CLOTHO, Mass Flow Data Calculation for Program PACTOLUS

    International Nuclear Information System (INIS)

    Haffner, D.R.

    1976-01-01

    1 - Description of problem or function: PACTOLUS is a code for computing nuclear power costs using the discounted cash flow method. The cash flows are generated from input unit costs, time schedules and burnup data. CLOTHO calculates and communicates to PACTOLUS mass flow data to match a specified load factor history. 2 - Method of solution: Plant lifetime power costs are calculated using the discounted cash flow method. 3 - Restrictions on the complexity of the problem - Maxima of: 40 annual time periods into which all costs and mass flows are accumulated, 20 isotopic mass flows charged into and discharged from the reactor model

  10. Valuation of micro and small enterprises using the methodology multicriteria and method of discounted cash flow

    Directory of Open Access Journals (Sweden)

    Marcus Vinicius Andrade de Lima

    2010-01-01

    Full Text Available This paper presents a contribution to the method of discounted cash flow methodology using multicriteria decision aid. This methodology incorporates qualitative variables and subjective to the traditional method of discounted cash flows used in valuation companies. To illustrate the proposed method was a descriptive study of exploratory nature applied to a multicase. The intervention was in Micro and Small Enterprises (MSE from the chemical, pharmaceutical and tourism. As a result, the appraiser set the price of the business taking into account the result of mixing between the two methodologies.

  11. Equivalence of the different discounted cash flow valuation methods. Different alternatives for determining the discounted value of tax shields and their implications for the valuation

    OpenAIRE

    Fernández, Pablo

    1999-01-01

    This paper addresses the valuation of firms by cash flow discounting. The first part shows that the four most commonly used discounted cash flow valuation methods (free cash flow discounted at the WACC; cash flow available for equity holders discounted at the required return on the equity flows; capital cash flow discounted at the WACC before taxes; and Adjusted Present Value) always give the same value. This result is logical because all the methods analyse the same reality under the same hy...

  12. Risk assessment future cash flows

    OpenAIRE

    Chachina H. G.

    2012-01-01

    This article is about risk assessment in planning future cash flows. Discount rate in DCF-model must include four factors: risk cash flow, inflation, value of investments, turnover assets. This has an influence net present value cash flow and make his incomparable.

  13. Management of Agricultural Enterprise Cash Flows

    OpenAIRE

    Tamara Kucherenko; Inna Tkachuk

    2014-01-01

    Cash is the only kind of company resource which can be transformed directly and with minimum time lag into any other kind of resources, their movement servicing all management operational processes. The article is covers the development of cash management algorithm in agricultural enterprise. The author has worked out the algorithm for determining the efficiency of cash management in agricultural enterprise. As the basis of the algorithm the income approach and discounted cash flow method has...

  14. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    Energy Technology Data Exchange (ETDEWEB)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-07-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  15. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    International Nuclear Information System (INIS)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-01-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  16. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    Energy Technology Data Exchange (ETDEWEB)

    Emhjellen, Magne; Alaouze, Chris M

    2002-07-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  17. Methods of the enterprise cash flows optimization in the context of sustainable development

    OpenAIRE

    O. Bardyn

    2015-01-01

    This paper deals with nature and analysis of current approaches to optimization of cash flows of the enterprise. Ways and management directions in order to achieve sustainable development by enterprise have been justified

  18. Cash flow optimization in industrial enterprise

    Directory of Open Access Journals (Sweden)

    Myznikova T.N.

    2017-01-01

    Full Text Available Optimization of cash flows of the industrial company provides economic entity necessity and sufficiency of financial resources for sustainable activities. Cash optimization techniques are grouped into two blocks: theoretical - is mainly foreign methods and applied techniques that are mostly used by Russian authors. Models described in the literature are not allowed for the particular industry in the formation of cash. The mathematical models described in the literature do not allow to take into account industry characteristics in the formation of funds. The proposed methodology by authors allows to predict cash amounts based on business company. The balance of cash flows is provided by the budgeting system. The company’s the released money can send funds for investment purposes. Effectiveness of confirmed by practical testing methodology on the existing machine-building enterprise.

  19. The FASB explores accounting for future cash flows.

    Science.gov (United States)

    Luecke, R W; Meeting, D T

    2001-03-01

    The FASB's Statement of Financial Accounting Concepts No. 7, Using Cash Flow Information and Present Value in Accounting Measurements (Statement No. 7), presents the board's views regarding how cash-flow information and present values should be used in accounting for future cash flows when information on fair values is not available. Statement No. 7 presents new concepts regarding how an asset's present value should be calculated and when the interest method of allocation should be used. The FASB proposes a present-value method that takes into account the degree of uncertainty associated with future cash flows among different assets and liabilities. The FASB also suggests that rather than use estimated cash flows (in which a single set of cash flows and a single interest rate is used to reflect the risk associated with an asset or liability), accountants should use expected cash flows (in which all expectations about possible cash flows are used) in calculating present values.

  20. Cash flows: The Gap Between Reported and Estimated Operating Cash Flow Elements

    Directory of Open Access Journals (Sweden)

    Mark Hughes

    2010-03-01

    Full Text Available The FASB and the IASB recently released a joint Discussion Paper “Preliminary Views on FinancialStatement Presentation” (International Accounting Standards Board 2008, which contains a major proposalrequiring companies to report operating cash flows using the direct method and it also requires that theindirect method of calculating operating cash flows be disclosed in the notes. This is a departure from currentrules and has generated considerable debate among respondents’ comment letters on the Discussion Paper.This paper adds to this debate by providing some evidence as to the size of the gap users confront when usingthe indirect method to estimate the major operating cash flow elements, such as cash collected fromcustomers and cash paid to suppliers. Using a sample of Australian companies which reported operating cashflows using the direct method, and presented the indirect method in the notes, we find significant differencesbetween reported and estimated figures for both cash collected from customers and cash paid to suppliers.These findings support the discussion paper’s proposal that companies be required to report cash flows usingboth the direct and indirect methods.

  1. Assets Expropriation via Cash Dividends? Free Cash Flow or Tunneling

    Directory of Open Access Journals (Sweden)

    Jeng-Ren Chiou

    2010-06-01

    Full Text Available This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership control than those of firms with higher ownership control. This is more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow hypothesis better explains firms' dividend policy. Investors value more the cash dividends of firms with fewer investment opportunities and higher probability of expropriation. This study indicates that investors are concerned with the potential asset expropriation through cash payouts, unless firms possess high growth opportunities.

  2. Teaching the Indirect Method of the Statement of Cash Flows in Introductory Financial Accounting: A Comprehensive, Problem-Based Approach

    Science.gov (United States)

    Brickner, Daniel R.; McCombs, Gary B.

    2004-01-01

    In this article, the authors provide an instructional resource for presenting the indirect method of the statement of cash flows (SCF) in an introductory financial accounting course. The authors focus primarily on presenting a comprehensive example that illustrates the "why" of SCF preparation and show how journal entries and T-accounts can be…

  3. ANFIS Based Time Series Prediction Method of Bank Cash Flow Optimized by Adaptive Population Activity PSO Algorithm

    Directory of Open Access Journals (Sweden)

    Jie-Sheng Wang

    2015-06-01

    Full Text Available In order to improve the accuracy and real-time of all kinds of information in the cash business, and solve the problem which accuracy and stability is not high of the data linkage between cash inventory forecasting and cash management information in the commercial bank, a hybrid learning algorithm is proposed based on adaptive population activity particle swarm optimization (APAPSO algorithm combined with the least squares method (LMS to optimize the adaptive network-based fuzzy inference system (ANFIS model parameters. Through the introduction of metric function of population diversity to ensure the diversity of population and adaptive changes in inertia weight and learning factors, the optimization ability of the particle swarm optimization (PSO algorithm is improved, which avoids the premature convergence problem of the PSO algorithm. The simulation comparison experiments are carried out with BP-LMS algorithm and standard PSO-LMS by adopting real commercial banks’ cash flow data to verify the effectiveness of the proposed time series prediction of bank cash flow based on improved PSO-ANFIS optimization method. Simulation results show that the optimization speed is faster and the prediction accuracy is higher.

  4. Presentation of Consolidated Statement of Cash Flows under IAS 7, Statement of Cash Flows

    OpenAIRE

    Calota Traian-Ovidiu; Tănase Alin-Eliodor

    2013-01-01

    The consolidated financial statements must includ a specific statement, regarding cash flows from all activities of the entity, called „consolidated statement of cash flow”. Information for preparing cash flow statements can be found in all other components of the financial statements, such as financial position, statement of comprehensive income and statement of changes in equity. The cash flow statement shall report cash flows during the period classified by operating, investing and financi...

  5. THE VALUATION OF INITIAL SHARE PRICE USING THE FREE CASH FLOW TO FIRM METHOD AND THE REAL OPTION METHOD IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Adhy Listya Paramitha

    2014-01-01

    Full Text Available The purposes of this study were to determine fair share value, to analyze the factors that influence undervalue and overvalue, and to determine the best valuation method. This study made valuation using real options method and free cash flow to firm method. The results of partial logistic regression on Free Cash Flow to Firm showed that tenor variable and equity variable had positive and significant effects, while dummy variable had a negative and significant effect. In the real option model, tenor variable and implied volatility variable had positive and significant effects, while sheets of share variable had a negative and significant effect

  6. A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

    OpenAIRE

    Mehari Mekonnen Akalu; Rodney Turner

    2002-01-01

    textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got higher forecast errors as compared to SVA model.

  7. A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

    NARCIS (Netherlands)

    M.M. Akalu; J.R. Turner (Rodney)

    2002-01-01

    textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got

  8. FREE CASH FLOW AS PART OF VOLUNTARY REPORTING. LITERATURE REVIEW

    Directory of Open Access Journals (Sweden)

    Negrea Laura Georgeta

    2011-12-01

    Full Text Available The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, 'Cash Flow is King', while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy. In this context, voluntary additional reporting, like free cash flow may come either as an aid in providing the fair view or as an opportunistically reported figure. Throughout the paper, the intention was to provide answers to three main research questions: What are the definition and calculation method of free cash flow? Why is there an interest in free cash flow reporting? What is the impact of free cash flow on the agency theory? In order to provide relevant conclusions, four international data basis were used, and related articles and studies were extracted. The results proved that there is no generally accepted definition and computing method, while the format depends on the end-user of the report (shareholders, investors, analysts, bankers, a.s.o.. As stated below, this aspect generates confusion and lack of comparability, giving room to creative accounting techniques. Moreover, the interest on free cash flow reporting is connected mainly to liquidity assessment, company valuation and investors choice. Still, in the context of agency theory, results show that in presence of high free cash flow, managers tend to make investment choices that satisfy their personal interest and that generate low efficiency and profitability for the company. The contribution to current state of research is providing a literature review study, focused on a comparative approach, as well as on underlying an objective image upon a debatable financial indicator and

  9. ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

    Directory of Open Access Journals (Sweden)

    MELANIA ELENA MICULEAC

    2012-01-01

    Full Text Available In order to reach the objective of supplying some relevant information regarding the liquidity inflows and outflows during a financial exercise, the total cash flow analysis must include the analysis of result cashable from operation, of payments and receipts related to the investment and of financing decisions of the last exercise, as well as the analysis of treasury variation (of cash items. The management of total cash flows ensures the correlation of current liquidness flows as consequence of receipts with the payments ’flows, in order to provide payment continuity of mature obligations.

  10. The Cash Flow Budget. Part II--Implementation

    Science.gov (United States)

    Gehm, Rudy

    1978-01-01

    An "aged accounts payable" (A/P) summary and a cash disbursements journal are advocated as management measures useful in monitoring the cash flow in a college store. Methods for maintaining the A/P summary and for updating the journal are illustrated. (LBH)

  11. Get the Most from Your Cash Flow.

    Science.gov (United States)

    Bauer, Richard I.

    1995-01-01

    Provides guidelines for overseeing a school district's cash-flow management program: (1) receipts into cash; (2) types of float; (3) concentration account or controlled-disbursement account; (4) bank-account analysis; and (5) safety. One figure is included. (LMI)

  12. Cash flow forecast for South African firms

    OpenAIRE

    Li, Yun; Moutinho, Luiz; Opong, Kwaku K.; Pang, Yang

    2015-01-01

    This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA an...

  13. Study on the association between earnings management and value relevance based on the reporting method used for operating cash flows

    Directory of Open Access Journals (Sweden)

    Marilena Mironiuc

    2018-02-01

    Full Text Available This paper analyses the association between earnings management and value relevance of accounting information, for a number of 556 observations from a sample of 65 companies listed on the Bucharest Stock Exchange during a 10 year period: 2006-2015. Sampled companies are classified according to the method used for the reporting of operating cash flows. Findings confirm that entities using the indirect method have a higher level of discretionary accruals and are more tempted to opportunistically increase their earnings. As far as value relevance is concerned, results show that participants on the Romanian capital market place more weight on the information reported by entities experiencing higher levels of discretionary accruals.

  14. Information-analytical support of management company cash flow

    OpenAIRE

    Golovko, V.; Mysaka, G.

    2010-01-01

    Article is dedicated to study of the actual questions of the improvement of the dataware and methodic of the economic analysis of the cash and flow in process of the optimization of management company financial resource.

  15. Cash flow forecast for South African firms

    Directory of Open Access Journals (Sweden)

    Yun Li

    2015-06-01

    Full Text Available This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA and Australia. Inclusion of more explanatory variables does not necessarily improve the models, according to the out-of-sample results. The paper proposes the application of moving average model in panel data, and vector regressive model for multi-period-ahead prediction of cash flows for South Africa firms.

  16. Forecasting of cash flow from an enterprise’s principal activities

    OpenAIRE

    Kanapickienė, Rasa; Šlekienė, Vaida

    2008-01-01

    The article deals with the forecasting of a cash flow from primary activities of an enterprise. Different mathematical methods are applied to forecast cash flow. Cash flow forecasts are often introduced in the project of the enterprise budget. Some scientific sources state that it is possible to forecast cash flow from primary activities of an enterprise according to its historical financial data by the means of regression analysis. These sources suggest various models of regression analysis ...

  17. A new method to estimate risk and return of non-traded assets from cash flows : The case of private equity funds

    NARCIS (Netherlands)

    Driessen, J.J.A.G.; Lin, T.C.; Phalippou, L.

    2012-01-01

    We develop a new methodology to estimate abnormal performance and risk exposure of nontraded assets from cash flows. Our methodology extends the standard internal rate of return approach to a dynamic setting. The small-sample properties are validated using a simulation study. We apply the method to

  18. PENGARUH MODIFIED AUDIT OPINION TERHADAP BORROWING CASH FLOW DAN INVESTMENT CASH FLOW

    Directory of Open Access Journals (Sweden)

    Puspita Hardina Cahyaningrum

    2013-06-01

    Full Text Available This study examines and analyzes the economic consequences of modified audit opinion on borrowing cash flow and investment cash flow. Panel data model was used to observe the research. The sample of this study was 247 companies listed in Indonesia Stock Exchange for the years 2008-2010. The results show that modified audit opinion, except unqualified opinion with explanatory paragraph about going concern, did not affect borrowing cash flow because audit opinion was not the only consideration for granting credit by creditors. Companies receiving modified audit opinion were proven using more operating cash flow for investing shown in investment cash flow, especially companies receiving unqualified opinion with explanatory paragraph about going concern.

  19. Cash flow is cash and is a fact. Net income is just an opinion

    OpenAIRE

    Fernandez, Pablo

    2006-01-01

    A company's profit after tax (or net income) is quite an arbitrary figure, obtained after assuming certain accounting hypotheses regarding expenses and revenues. On the other hand, its cash flow is an objective measure, a single figure that is not subject to any personal criterion. In general, to study a company's situation, it is more useful to operate with the cash flow (equity cash flow, free cash flow or capital cash flow) as it is a single figure, while the net income is one of several t...

  20. Predictability of Returns and Cash Flows

    OpenAIRE

    Ralph S.J. Koijen; Stijn Van Nieuwerburgh

    2010-01-01

    We review the literature on return and cash-flow growth predictability from the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries.

  1. The analysis of exergy and cash flow

    International Nuclear Information System (INIS)

    Weimin, H.

    1989-01-01

    The paper presents the analysis of the economic content of exergy parameter and the thermodynamical analogy of the analysis of cash flow, and gives out the reasonable foundations of the analysis of heat economy. The thoughts of optimum design of the combination of heat economic analysis and investment policy are also put forward

  2. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    Directory of Open Access Journals (Sweden)

    Odd A. Asbjørnsen

    1983-10-01

    Full Text Available The net present value of a discounted cash flow is used to evaluate projects. It is shown that the LaPlace transform of the cash flow time function is particularly useful when the cash flow profiles may be approximately described by ordinary linear differential equations in time. However, real cash flows are stochastic variables due to the stochastic nature of the disturbances during production.

  3. 48 CFR 232.072-3 - Cash flow forecasts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Cash flow forecasts. 232..., DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 232.072-3 Cash flow forecasts. (a... contractor to submit a cash flow forecast covering the duration of the contract. (b) A contractor's inability...

  4. Developing a planning model to estimate future cash flows.

    Science.gov (United States)

    Barenbaum, L; Monahan, T F

    1988-03-01

    Financial managers are discovering that net income and other traditional measures of cash flow may not provide them with the flexibility needed for comprehensive internal planning and control. By using a discretionary cash flow model, financial managers have a forecasting tool that can help them measure anticipated cash flows, and make better decisions concerning financing alternatives, capital expansion, and performance appraisal.

  5. A study on relationship between operating cash flows and performance evaluation criteria based on the theory of constraints (TOC versus traditional method

    Directory of Open Access Journals (Sweden)

    Mohammad Sadegh Arabi Ashtiani

    2013-08-01

    Full Text Available This study presents an empirical investigation to measure the relationship between traditional accounting performance measurement as well as theory of constraint-based figures with operating cash flow. Traditional accounting measurement includes net profit and return of investment and theory of constraint method includes net profit and return of investment based on theory of constraints. The study selects 69 firms list on Tehran Stock Exchange over the period 2000-2010. Using panel data and fixed effect, the study performs regression analysis and the results confirm that there was a positive relationship between net profit measured by theory of constraints and cash flow and it can be effectively used for performance measurement.

  6. CASH FLOW-FINANCIAL PLANNING TOOL IN THE TOURISM UNITS

    Directory of Open Access Journals (Sweden)

    Boby COSTI

    2017-05-01

    Full Text Available This paper addresses the issue of cash-flow tool for financial planning, cash flow calculation by applying the indirect method within a company in the field of tourism. Thus, it tackled issues concerning the organization of accounting of treasury which made a presentation of the subject reflected in treasury accounting record of the existence and movement of securities placement, availability of the accounts at banks, short term bank loans and other cash values. The importance of access to information as well as more detailed and clearer leads to an upward trend of the tourism society. Standardization of definitions helps to ensure that all parties are talking of the same terms or concepts with lower or no variables. This is essential for developers and contractors in different geographical regions of the world and different countries when they discuss issues of tourism and travel.

  7. Şirket Değerlemede İndirgenmiş Nakit Akımları Yöntemi’nin Bir Girdisi Olarak Devam Eden Değer’in Belirlenmesi(In Corporate Valuation Determination of Continuing Value As A Input of Discounted Cash Flows Method)

    OpenAIRE

    Mustafa KIRLI

    2005-01-01

    Three basic inputs or three independent variables are used in the applications of corporate valuation which considers discounted cash flows method.These are cash flows realized in the future,discount rate and continuing value.Continuing value is the company value of present value of cash flows after explicit forecast period.There are two basic approaches in the estimating of continuing value.First approach considers the cash flows after explicit forecast period and suggests Gordon Model,Valu...

  8. Pengaruh Free Cash Flow Dan Kualitas Audit Terhadap Manajemen Laba

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-04-01

    Full Text Available Asymmetric information refers to a situation where one party has more information than the other party. The agency problems arise from asymmetric information in the principal agent contracts. In addition, there are also several factors that could affect earnings management that is free cash flow and audit quality. The aim of this research is to provide empirical evidence about the impact of free cash flow and audit quality variables on discretionary accruals, as a measure of Earnings Management with the control variables company’s size. This research used 103 manufacturing companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluced that the variable independent free cash flow have a negative and significant effect on earning management. It means that companies with high free cash flow will restrict the practice of earnings management. While the audit quality no significance effect on earning management.

  9. Cash Flow Forecasting : Proposal for New Long-Term Cash Flow Forecast in the Case Company

    OpenAIRE

    Pitkänen, Annika

    2016-01-01

    The purpose of this study was to develop a cash flow forecast model for the case company. The case company in this thesis was a Finnish building construction company. The group controlling set a target to improve the corporate treasury’s current long-term cash flow forecast because it was inaccurate and it often had outstanding deficiencies between actual and forecasted figures. A project team was set up to investigate on this issue and this research and development project is documented in t...

  10. The marginal value of cash, cash flow sensitivities, and bank-finance shocks in nonlisted firms

    OpenAIRE

    Ostergaard, Charlotte; Sasson, Amir; Sørensen, Bent E

    2011-01-01

    We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external finance on the margin. Linking firms to their main bank, we find that shocks to bank finance affect firms' trade-offs and have real effects in high-MVC firms, making investment more sensitiv...

  11. Financial Development and Investment-Cash Flow Sensitivity

    Directory of Open Access Journals (Sweden)

    Jungwon Suh

    2007-06-01

    Full Text Available Using firm-level data from thirty-five countries around the world, this paper empirically examines whether investment-cash flow sensitivity reflects financial constraints. Recent US studies have raised questions on the prediction that investment-cash flow sensitivity is a measure of financial constraints. Looking at thirty-five countries with varying degrees of financial development, this study tests whether investment-cash flow sensitivity is in fact related to financial constraints. In most countries, the evidence supporting the argument that firms likely facing financially constraints display high investment-cash flow sensitivity is weak. Moreover, the evidence that firms in the absence of developed financial markets display high investment-cash flow sensitivity is also weak. Overall, the results from this international investigation do not support the prediction that investment-cash flow sensitivity reflects financial constraints.

  12. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    OpenAIRE

    Roghayeh Ahmdi Panah Banad Koki; Iman Jokar

    2014-01-01

    This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also perf...

  13. THE STATEMENT OF CASH FLOWS USING FINANCIAL STATEMENT EQUATIONS

    OpenAIRE

    Harold Fletcher; Thomas Ulrich

    2010-01-01

    This paper addresses one of the more difficult topics in teaching MBA level financial management, the statement of cash flows. By employing financial statement equations in preparing the statement of cash flows, students: (1) are employing tools that they are more familiar and comfortable with which mitigates their anxiety and enhances their understanding, (2) are better able to understand the logic of the statement of cash flows and the relationships that exist between it and the income stat...

  14. Effects of Long Cycles in Cash Flows on Present Value

    OpenAIRE

    Bell, Peter N

    2015-01-01

    This paper explores how present value varies over time when the underlying cash flow has a deterministic period. I assume that cash flows are known with certainty and follow a cycle with a long or short period. When the cash flow has a short period, the present value is relatively stable over time because the present value calculation smooths out several cycles. However, when the cash flow has a long period the present value itself develops a long and large cycle. These results are driven...

  15. CASH FLOWS IN ROMANIAN SMALL AND MEDIUM ENTERPRISES

    Directory of Open Access Journals (Sweden)

    GĂBAN LUCIAN

    2016-08-01

    Full Text Available Financial reporting system includes three main pillars, namely balance sheet, income statement and cash flow. If the balance sheet reflects shareholders’ wealth at a given time, income statement demonstrates the efficiency or inefficiency of the activity and cash flows measures the company’s viability. This is the reason for which I have approached the cash flow matter in this paper, reviewing the latest studies and studying in detail the evolution of cash flow ratios on small and medium enterprises in Romania for a period between 2006 and 2014, highlighting the effects of the financial crisis on these enterprises

  16. Something for Nothing: Cash Flow as a Contract Incentive

    Science.gov (United States)

    2016-03-01

    mented, delays our ability to recover a significant amount of costs incurred on a contract and thus affects the timing of our cash flows. Northrop...Defense AT&L: March-April 2016 16 Something for Nothing “ Cash Flow” as a Contract Incentive John Pritchard n John Krieger Pritchard and...The government actually has complete control over one of the strongest con-tract incentives possible— cash flow. Most important, in our fiscally

  17. Reserves and cash flows under stochastic retirement

    DEFF Research Database (Denmark)

    Gad, Kamille Sofie Tågholt; Nielsen, Jeppe Woetmann

    2016-01-01

    Uncertain time of retirement and uncertain structure of retirement benefits are risk factors for life insurance companies. Nevertheless, classical life insurance models assume these are deterministic. In this paper, we include the risk from stochastic time of retirement and stochastic benefit...... structure in a classical finite-state Markov model for a life insurance contract. We include discontinuities in the distribution of the retirement time. First, we derive formulas for appropriate scaling of the benefits according to the time of retirement and discuss the link between the scaling...... and the guarantees provided. Stochastic retirement creates a need to rethink the construction of disability products for high ages and ways to handle this are discussed. We show how to calculate market reserves and how to use modified transition probabilities to calculate expected cash flows without significantly...

  18. Fourteen Steps to More Effective Cash Flow Management

    Science.gov (United States)

    Neugebauer, Roger

    2004-01-01

    Managing cash flow is an incredibly important skill for a center director. Even a center with an annual budget showing a healthy surplus may experience brief periods where funds in the checkbook are insufficient to pay all the bills. To discover how successful directors manage cash flow in tight times, the author surveyed members of the "Exchange…

  19. A Logical Approach to the Statement of Cash Flows

    Science.gov (United States)

    Petro, Fred; Gean, Farrell

    2014-01-01

    Of the three financial statements in financial reporting, the Statement of Cash Flows (SCF) is perhaps the most challenging. The most difficult aspect of the SCF is in developing an understanding of how previous transactions are finalized in this document. The purpose of this paper is to logically explain the indirect approach of cash flow whereby…

  20. Factors affecting the different results in terms of acceptance and refusal of free cash flow to equity and free cash flow to firm in investment decisions on a project

    Directory of Open Access Journals (Sweden)

    Hasan Bal

    2010-03-01

    Full Text Available Decisions on whether investment projects will be invested are based on such methods as net present value and internal rate of return. These methods focus on net cash flows that will be provided throughout the economic life from the investment. In determining the cash flows there are the methods of free cash flow to firm and free cash flow to equity. In the evaluation of an investment project, each method finds the net present value with a different result. It is such that concerning some projects, while one method finds a positive net present value; the other method can find a negative net present value. This study sets out to examine the factors affecting the conflicting points of the each method, free cash flow to equity and free cash flow to firm, in the acceptance of an investment project.

  1. The cash-flow analysis of the firm

    OpenAIRE

    Mariana Man

    2001-01-01

    The analysis of economic and financial indicators of the firm regards the profit and loss account analysis and the balance sheet analysis. The cash-flow from operating activities represents the amount of cash obtained by a firm from selling goods and services after deducting the costs involved by raw materials, materials and processenig operations

  2. Cash flow forecasting model for nuclear power projects

    International Nuclear Information System (INIS)

    Liu Wei; Guo Jilin

    2002-01-01

    Cash flow forecasting is very important for owners and contractors of nuclear power projects to arrange the capital and to decrease the capital cost. The factors related to contractor cash flow forecasting are analyzed and a cash flow forecasting model is presented which is suitable for both contractors and owners. The model is efficiently solved using a cost-schedule data integration scheme described. A program is developed based on the model and verified with real project data. The result indicates that the model is efficient and effective

  3. A tax proposal for a cash flow corporate tax

    Directory of Open Access Journals (Sweden)

    Lourdes Jerez Barroso

    2013-12-01

    Full Text Available Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the accounting documents that companies must present and through which the stock variables and the accounting documents’ work flow is transformed into cash flow.Findings: An implementation on the basis of the accounting documents that Spanish companies must present. Practical Implications: This paper defines the procedure to follow in order to determine the tax base of a cash flow corporate income tax on the basis of its accounts, which would allow an estimation of this tax figure’s revenue impact.Originality/ Value: The design of a tax base of cash flows for companies. The accounting approximation carried out to determine the cash flows justifies the fact that the tax base proposal is technically possible.

  4. Does Operational Risk Disclosure Quality Increase Operating Cash Flows?

    Directory of Open Access Journals (Sweden)

    Haitham Nobanee

    2017-12-01

    Full Text Available This study aims to measure the degree of operational risk disclosure and examine its impact on operating cash flow of banks listed on the UAE Abu Dhabi Stock Exchange (ADX and Dubai Financial Market (DFM during the period 2003-2016. The authors conducted content analysis of the annual reports to measure the degree of operational risk disclosure. In addition, they used dynamic panel data regressions to analyze the impact of operational risk disclosure on the operating cash flow generated by the banks. The results show a low degree of operational risk disclosure for all UAE banks, both Islamic and conventional. In addition, the results show no association between the levels of disclosure of operational risk and cash flow for all banks, conventional and Islamic. Operational risk disclosure of Islamic banks has not been examined by any prior researchers. In addition, this paper examines the potential impact of operational risk disclosure on the operating cash flow generated by the banks.

  5. ACFAC: a cash flow analysis code for estimating product price from an industrial operation

    International Nuclear Information System (INIS)

    Delene, J.G.

    1980-04-01

    A computer code is presented which uses a discountted cash flow methodology to obtain an average product price for an industtrial process. The general discounted cash flow method is discussed. Special code options include multiple treatments of interest during construction and other preoperational costs, investment tax credits, and different methods for tax depreciation of capital assets. Two options for allocating the cost of plant decommissioning are available. The FORTRAN code listing and the computer output for a sample problem are included

  6. Dividend growth, cash flow, and discount rate news

    OpenAIRE

    Garrett, Ian; Priestley, Richard

    2012-01-01

    This is the authors’ accepted and refereed manuscript to the article. Publishers web site http://journals.cambridge.org/ Using a new variable based on a model of dividend smoothing, we find that dividend growth is highly predictable and that cash flow news contributes importantly to return variability. Cash flow betas derived from this predictability are central to explaining the size effect in the cross section of returns. However, they do not explain the value effect; this is explained b...

  7. Cash Flow Statement Spreadsheet Modeling Case Using a Prototype System Development Process

    Science.gov (United States)

    Davis, Jefferson T.

    2015-01-01

    U.S. GAAP and IFRS standards both require a cash flow statement that presents operating, investing and financing net cash flows (FASB, FAS 95; 1987; IASB, IAS 7, 1992). Although students are exposed to the cash flow statement in beginning accounting courses and then study the cash flow statement in more depth in intermediate accounting classes,…

  8. Şirket Değerlemede İndirgenmiş Nakit Akımları Yöntemi’nin Bir Girdisi Olarak Devam Eden Değer’in Belirlenmesi(In Corporate Valuation Determination of Continuing Value As A Input of Discounted Cash Flows Method

    Directory of Open Access Journals (Sweden)

    Mustafa KIRLI

    2005-01-01

    Full Text Available Three basic inputs or three independent variables are used in the applications of corporate valuation which considers discounted cash flows method.These are cash flows realized in the future,discount rate and continuing value.Continuing value is the company value of present value of cash flows after explicit forecast period.There are two basic approaches in the estimating of continuing value.First approach considers the cash flows after explicit forecast period and suggests Gordon Model,Value Driver Model and Economic Profit Method.Second approach does not consider the cash flows after explicit forecast period and suggests Liquidation Value Method and Relative Valuation Method.In the applications of corporate valuation,continuing value accounts for anywhere from 50 percent to 125 percent of total company value,therefore these models and methods separetely must be analysed and their results must be evaluated.

  9. Monitoring of Shadow Cash Flows Using Computer Modelling

    Directory of Open Access Journals (Sweden)

    Evgeniya Vladimirovna Baturina

    2018-03-01

    Full Text Available The computer simulation of economic systems is a promising tool in the development of the theory of the country’s economic security. We have examined the Russian banking legislation and synthesized judicial economic expertise. This has allowed to develop an algorithm for the investigation of the marker pattern of shadow cash flows. The authors’ algorithm of marker monitoring of cash flow consists of the following sequences. Firstly, we set the time of the first receipt of money and the first withdrawals. Secondly, we compare cash balance of an organization at the beginning of the period with the first withdrawals. Thirdly, under the given condition, the minimum value of interested money flow in these withdrawals is calculated. This value is characterized by the marker parameters and forms a table containing data on the cash flow, recipients and payers, spheres of their activity. And last, on the basis of this table, we build a graph of relationships between the subjects of the shadow economy. The graph’s vertices represent these subjects. The visual representation of the graph is a marker pattern of shadow cash flow. The practical importance of this algorithm is due to its applicability in the investigation of economic crimes both at the stage of intelligence operations, and when obtaining proofs of the brought criminal cases in the form of the conclusions of expertseconomists. In addition, marker patterns of shadow cash flows can describe the state of the shadow economy of a region as a whole including its dynamics. This expands its parameterization. The created database of the shadow flows of the economy can be also useful for the scientific community. On the basis of the received results, we have developed management decisions to create and administer the information resource of the Bank of Russia “Shadow economy of a region”. This information resource ensures tracking the marker trace of cash flow in the bank environment by the

  10. Free Cash-Flow, Issuance Costs and Stock Price Volatility

    OpenAIRE

    Décamps, Jean-Paul; Mariotti, Thomas; Rochet, Jean-Charles; Villeneuve, Stéphane

    2008-01-01

    We study the issuance and payout policies that maximize the value of a firm facing both agency costs of free cash-flow and external financing costs. We find that the firm optimally issues equity. Equity distributes no dividends until a target cash level is reached, while new equity is issued when the firm runs out of cash. We characterize the process modelling the number of outstanding shares and the dynamics of the stock prices. In line with the leverage effect identified by Black (1976), we...

  11. VOLUNTARY DISCLOSURE OF CASH FLOWS INFORMATION AND COMPANY'S CHARACTERISTICS: EVIDENCE FROM THE CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Željana Aljinović Barać

    2012-12-01

    Full Text Available This paper focuses on the voluntary disclosure of cash flows information of Croatian large companies whose shares are listed on the Zagreb Stock Exchange, with the aim to identify characteristics of companies that provide extensive disclosures. In order to conduct the research and test the likelihood that company publicly announces wealth of information about cash flows, three groups of company’s features are defined as variables: accounting data, capital market information and company’s qualitative characteristics. Verification of empirical evidence was provided through the sample of Croatian listed companies using logistic regression analysis. Obtained results indicate that despite the desire of the regulatory authorities that capital market investors receive all relevant information, companies voluntarily disclose information about cash flows very rarely. Those companies are young (i.e. their shares are listed on an organized securities market for a short time and profitable, with growing net income and growing cash flow from operating activities and usually use indirect method for operating cash flow report. The provision of features of Croatian companies that voluntary disclose cash flow information can be found as contribution of our research, because this topic in a cases of macro-oriented accounting system economies, i.e. bank oriented economies with emerging capital market is still unexplored.

  12. A tax proposal for a cash flow corporate tax

    OpenAIRE

    Lourdes Jerez Barroso; Joaquín Texeira Quirós

    2013-01-01

    Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the...

  13. Financial Reporting Quality, Free Cash Flow, and Investment Efficiency

    Directory of Open Access Journals (Sweden)

    Wang Fusheng

    2015-01-01

    Full Text Available This paper based on the perspective of firm’s agency conflicts to examine the relationship between financial reporting quality and investment efficiency and to analyze the interaction effect between financial reporting and free cash flow on investment efficiency. We use 3,726 samples of Chinese listed firms during the period 2008–2012 to test the empirical models and find that financial reporting quality is negatively associated with both underinvestment and overinvestment. Further, we find that financial reporting quality is more strongly associated with overinvestment for firms with large free cash flow, which suggests that financial reporting quality can reduce information asymmetry arising from agency conflicts between the managers and investors. This paper extends the field of application of financial reporting quality and investment efficiency in the emerging capital markets in the world. Moreover, this is the first study that analyzes the interaction effect between financial reporting quality and free cash flow on investment efficiency.

  14. Analysis of cash flow ratios: A study on CMC

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2018-01-01

    Full Text Available Cash flow ratios help financial users get relevant information about financial resources for a given time. Cash flow ratios are now used more than the traditional ones because it is more effective and justified. Cash flow based ratios are especially surprising because they do not only play a significant role in the credit rating of evaluation, but also forecast the failure of a corporation. In this study, we perform an empirical investigation on a company named CMC. From the study, it is clear that the liquidity and solvency positions of the company were moderate whereas the company maintained low profitability. On the other hand, the efficiency and sufficiency ratios of the study give us a new look on financial judgement.

  15. CASH-FLOW SENSITIVITY TO PAYMENTS FOR MATERIAL RESSOURCES

    Directory of Open Access Journals (Sweden)

    Lavinia Elena BRÎNDESCU OLARIU

    2014-12-01

    Full Text Available The financing decision is taken based on the expectations concerning the future cash-flows generated in the operating activity, which should provide coverage for the debt service and allow for an increase of the shareholders’ wealth. Still, the future cash-flows are affected by risk, which makes the sensitivity analysis a very important part of the decision process. The current research sets to evaluate the sensitivity of the payment capacity to variations of the payments for raw materials and consumables. The study employs 391 forecasted yearly cash-flow statements collected from 50 companies together with detailed information concerning the hypotheses of the forecasts. The results of the study allow for the establishment of benchmarks for the payment capacity’s sensitivity, the determination of the mechanisms through which the variation of payments for raw materials and consumables impacts the payment capacity, as well as the identification of the possible causes of such a variation.

  16. MANAGEMENT OF CASH FLOWS OF THE ENTERPRISE AND THEIR OPTIMIZATION

    Directory of Open Access Journals (Sweden)

    Natalie V. Gryzunova

    2015-01-01

    Full Text Available The purpose of this work is the analysis of structure and process of management of cash flows of the enterprise, researchof a financial position and development of recommendationsabout increase of effective management of cash fl ows. When performing work various methods of research were applied:fi nancial, coeffi cient, ekonomiсo-mathematical, etc. As a result of the analysis reserves of increase of management efficiency are revealed and models of free cash flows, the most actual for group of the considered enterprises are offered.

  17. Mathematical annuity models application in cash flow analysis ...

    African Journals Online (AJOL)

    Mathematical annuity models application in cash flow analysis. ... We also compare the cost efficiency between Amortisation and Sinking fund loan repayment as prevalent in financial institutions. Keywords: Annuity, Amortisation, Sinking Fund, Present and Future Value Annuity, Maturity date and Redemption value.

  18. The Cash Flow as Financial Management Tool For Small Businesses

    Directory of Open Access Journals (Sweden)

    Osmar Siena

    2015-06-01

    Full Text Available This study is engaged on the axis of Financial Management, with research into the factors controlling corporation in small business finance. It has as main objective to analyze the cash flow tool as a tool for financial management and specific process to describe the use of the Cash Flow tool objectives; analyze the feasibility of implementing the Cash Flow tool as an instrument of financial management and suggest proposals for suitability for deployment of Cash Flows as a financial management system. Facing these objectives the research uses the precedence of qualitative methodology and applies the instruments on-site visit, interview and questionnaire to collect data. Descriptive analysis that confront the theoretical basis and the data obtained from research is used. With the completion of the analysis the following results were achieved: description of business processes researched; identifying the needs and forms of control currently used and presentation of improvement measures for the adjustment of non-conformities identified. The study contributes to both the academic improvement by analyzing the real situation of the company, as well as it serves as a recommendation to companies embracing similar difficulties in financial management.

  19. CASH FLOW – AN INSTRUMET FOR ANNALYSING AND DETERMINING THE VALUE OF AN ENTERPRISE

    Directory of Open Access Journals (Sweden)

    Valentina Dorina BOGDAN

    2015-11-01

    Full Text Available The purpose of this thesis is to understand the logic of the approach based on income and the methods included in this approach. Reading through this paper must provide us with the ability to choose and correctly apply the methods presented in order to estimate the enterprise value. Understanding the method cash - flow update – is conditioned by the differentiation between collection and income, fees and expenses. The profit is the result of comparing revenues and expenses. Not all revenue generate collection at the same time; not all expenses generate payments. Their registration into accounting is delayed. Cash-flow is the evolution of the availability of funds in itself of the company, the evolution of the net treasury. In summary, we note that approach based on income estimates an enterprise value by converting future streams of income in the present value of an enterprise which can generate those cash flows.

  20. Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-01-01

    Full Text Available The aim of this research is to provide empirical evidence on the impact of good corporate governance, free cash flow, and leverage ratio on earnings management. Good corporate governance is measured by audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership. Discretionary accrual is the proxy of earning management. This research used 14 textile companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluded that all components of good corporate governance (audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership, have no significant effect on earnings management, while leverage ratio has a significant effect on earnings management, and free cash flow has a negative and significant effect on earnings management. It means that companies with high free cash flow will restrict the practice of earnings management.

  1. A study on relationship between earnings before tax, interest and operational cash flows with stockholders’ equity

    Directory of Open Access Journals (Sweden)

    Mohammad Reza karimi Torghabeh

    2014-08-01

    Full Text Available One of the primary economic issues is associated with optimum resource allocation in profitable investments with reasonable risk. For this purpose, performance measurement’s criteria are needed some of which emphasize cash flow variables and some others focus on information content of accounting profit. On this basis, this study examines the relationship between earnings before tax and interest and operational cash flows with stockholders’ return in Tehran Stock Exchange (TSE. In this regard, information asymmetry was also examined. To test hypotheses, multivariable regression and combined data method were used. The results showed that based on the information of 102 companies in stock market from 2004 to 2009, there was a positive and significant correlation between earnings before interest and tax and stock return in the companies. While, operational cash flow has no significant impact on stock return. Increasing information asymmetry, earnings before interest and tax has a positive and significant correlation with stockholders ’return; but operational cash flow has no significant effect on stockholders’ return. In other words, earnings before interest and tax have higher information content than operational cash flow.

  2. Do analysts disclose cash flow forecasts with earnings estimates when earnings quality is low?

    OpenAIRE

    Bilinski, P.

    2014-01-01

    Cash flows are incrementally useful to earnings in security valuation mainly when earnings quality is low. This suggests that when earnings quality decreases, analysts will be more likely to supplement their earnings forecasts with cash flow estimates. Contrary to this prediction, we find that analysts do not disclose cash flow forecasts when the quality of earnings is low. This is because cash flow forecast accuracy depends on the accuracy of the accrual estimates and the precision of accrua...

  3. A study on relationship between market share and cash flow policy

    OpenAIRE

    Somayeh Sadeghi Moghaddam; Fateme Zabihi

    2014-01-01

    This paper presents an empirical investigation to study the relationship between cash flow and market share on selected firms from Tehran Stock Exchange over the period 2007-2011. Using regression analysis, the study has detected a positive and meaningful relationship between cash flow on one side and three other investment opportunities, firm size and operating cash flow. In addition, there is a negative and meaningful relationship between leverage and cash flow. However, the study does not ...

  4. Cash Flow and Discount Rate Risk in Up and Down Markets: What is actually priced?

    NARCIS (Netherlands)

    Botshekan, M.; Kraeussl, R.G.W.; Lucas, A.

    2012-01-01

    We test whether asymmetric preferences for losses versus gains affect the prices of cash flow versus discount rate risk. We construct a return decomposition distinguishing cash flow and discount rate betas in up and down markets. Using U.S. data, we find that downside cash flow and discount rate

  5. Strategic Management Accounting in Organizations’ Cash Flow Control

    Directory of Open Access Journals (Sweden)

    Y. P. Vetrov

    2017-09-01

    Full Text Available The article deals with the various interpretations of the term "strategic management accounting". The role and importance of strategic management accounting in the organization’s cash flows control are investigated. The accounting and analytical models of strategic management accounting are analyzed. The territorial scope of this article covers the Russian Federation. The study concludes that the system of assessment parameters of organization’s financial condition should cover all its aspects, namely, financial sustainability, solvency, liquidity and business activity. Hence, strategic management accounting of cash flows makes it possible to correctly set information base to monitor financial flows of a company which responds the tends of market economy and allows to make optimal management decisions.

  6. Which cost of debt should be used in forecasting cash flows?

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez–Pareja

    2009-04-01

    Full Text Available Frequently, analysts and teachers use the capitalized rate of interest for the cost of debt when forecasting and discounting cash flows. Others estimate the interest payments when forecasting annual financial statements or cash flows based on the average of debt calculated with the beginning and ending balance. Others use the end of year convention that calculates the yearly interest multiplying the beginning balance times its contractual cost. The use of one or other methods is critical for the definition of the tax savings. These approaches are illustrated with examples and the differences in using them. A simple proposal to solve the problem is presented.

  7. Cash Management, Revenue Sources and Cost Effective Methods of Revenue Collection at Local Government Level

    OpenAIRE

    Mustapha Gimba Kumshe; Kagu Bukar

    2013-01-01

    The main objective of this paper was to focus on the elements, objectives, goals and importance of cash management; and also to examine the sources of revenue and cost effective collections for local governments. The elements of cash management are identified as establishing bank relations, preparing cash flow statements, estimating collection receipts and analyzing cash flow and preparing a budget. Amongst the objectives of cash management is to ensure availability of cash resources at all t...

  8. Watch for pitfalls of discounted cash flow techniques.

    Science.gov (United States)

    Chow, C W; McNamee, A H

    1991-04-01

    Discounted cash flow (DCF) techniques can enhance the effectiveness of a healthcare organization's capital budgeting decisions. But a financial manager unaware of common misapplications of DCF techniques may make capital decisions with a hidden bias against long-term projects, an inaccurate evaluation of options, or inappropriate estimations of expected inflation and risk. Social and psychological factors also can impede effective decisions on projects already introduced.

  9. Strategic Management Accounting in Organizations’ Cash Flow Control

    OpenAIRE

    Y. P. Vetrov; O. G. Vandina; A. R. Galustov

    2017-01-01

    The article deals with the various interpretations of the term "strategic management accounting". The role and importance of strategic management accounting in the organization’s cash flows control are investigated. The accounting and analytical models of strategic management accounting are analyzed. The territorial scope of this article covers the Russian Federation. The study concludes that the system of assessment parameters of organization’s financial condition should cover all its aspect...

  10. Cutting risk, boosting cash flow and developing marginal fields

    International Nuclear Information System (INIS)

    Baustad, T.; Courtin, G.; Davies, T.; Kenison, R.; Turnbull, J.; Gray, B.; Jalali, Y.; Remondet, J.C.; Hjelmsmark, L.; Oldfield, T.; Romano, C.; Saier, R.; Rannestad, G.

    1996-01-01

    To minimize financial risk and accelerate return on investment, oil companies are using low-cost, reusable production systems. The scope of these development options is illustrated by looking at three offshore case studies that range from extended well test to marginal field development. In each case, production systems technology has been deployed to provide superior data, early oil or both, thus reducing economic uncertainty and delivering accelerated cash flow. 10 figs., 23 refs

  11. METHODOLOGICAL APPROACHES TO THE ANALYSIS OF EFFICIENCY OF CASH FLOW MANAGEMENT IN INVESTMENT ACTIVITY OF THE ENTERPRISES

    OpenAIRE

    I. Magdych

    2015-01-01

    The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their o...

  12. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Roghayeh Ahmdi Panah Banad Koki

    2014-03-01

    Full Text Available This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also performs an investigation on discretionary accrual and finds that the firms with higher accruals maintain lower return compared with firms with lower return. This means there is a clear evidence of discretionary accruals on Tehran Stock Exchange.

  13. Back to Basics: Algebraic Foundations of the Statement of Cash Flows

    Science.gov (United States)

    Joyner, Donald T.; Banatte, Jean-Marie; Dondeti, V. Reddy

    2014-01-01

    The indirect method for preparing the statement of cash flows, as described in many standard textbooks, involves an item-by-item approach, telling you to add to or subtract from the net income, the increases or decreases in the balance sheet items, such as accounts payable or accounts receivable. Many business students, especially at the…

  14. A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

    Directory of Open Access Journals (Sweden)

    Mahdi Salehi

    2013-08-01

    Full Text Available The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data during 6 years revealed that the earnings in comparison to the cash flows are very important as they have positive effects on the stock. Moreover, in the case of the relations of earnings and earnings changes with the expected return of stocks and the relation of cash flows and cash flow changes with the expected return of stock, it was found that there is only a meaningful relationship between earning changes and the expected return of stock in banking groups. However, there is no meaningful relationship between earning and cash flows with the expected return of stock. The result was that the informational content test didn’t support the value relation of earning and cash flows. Furthermore, the classifying of information through banking group indicated that the changes of earning was in the first rank and next were earning, the changes of cash flow and cash flows.Keywords: Earnings; Cash flows; expected return; Value relevance; Banking risks

  15. Business valuation: an analysis of projected cash flows versus takeover bids

    Directory of Open Access Journals (Sweden)

    Camila Menezes

    2017-12-01

    Full Text Available One of the main financial statements is the Cash Flow. It became mandatory from the law # 11,638/2007 on, which changed the law # 6,404/1976 – the Corporations’ law, and the Cash Flow statement allows analysis about the companies’ operations activities effects, investing and financing, highlighting their main sources of financial allocation. In 2005 and 2006, 37 companies registered takeover bids in the Brazilian Securities Exchange Commission (CVM – Comissão de Valores Mobiliários. Based on these companies’ analysis of Projected Cash Flows (FCP – Fluxos de Caixa Projetados when the takeover bids were put in place and their Actual Cash Flows (FCR – Fluxo de Caixa Realizados the objective of this work was to compare those cash flows, to analyze the differences between the Statements of Cash Flows attached to the Appraisal Reports and the actual ones, as well as to check if these companies’ cash were in line with the balances projected in the takeover bids. The obtained results via statistical analysis of differences between the Projected Cash Flows attached to the Appraisal Reports and the effective Actual Cash Flows, all of them compared in the period between 2007 and 2013, did not show significant differences among them. IE: it was observed that, nevertheless the companies did not accomplish the promised Cash Flows delivery when the OPAs were put in place, the differences between the balances projected and the actual ones were not statistically significant.

  16. Designing a portfolio management programme to optimize cash-flow

    International Nuclear Information System (INIS)

    Fassom, D.

    1996-01-01

    The design and implementation of any portfolio management programme must, by definition, be tailored to the drivers and particular objectives of the company owning the assets. This paper will concentrate on one of the most important driving forces, namely managing cash-flow. Five key steps are required to achieve an effective portfolio management programme: 1. establish targets/goals; 2. describe and value the assets in your company's portfolio; 3. identify and catalogue potential 'customers'; 4. construct appropriate deal structures and other strategies to achieve your targets; 5. work hard and do deals. (author)

  17. A study on effects of cash flow patterns and auditors’ opinions in predicting financial distress

    Directory of Open Access Journals (Sweden)

    Fatemeh Namvar

    2013-07-01

    Full Text Available Bankruptcy has been one of the most important issues among investors in stock market and there are literally different techniques for predicting bankruptcy. In this paper, we study on effects of cash flow patterns and auditors’ opinions in predicting financial distress on some 80 selected firms traded on Tehran Stock Exchange over the period 2005-2011. In this study, the combination of cash flow patterns represent firm’s resource allocations and operational capabilities interacted with their strategy choices. In additions, predictions about each individual cash flow components, operational, investment, financial, are derived from economic theory, which forms a basis for the life proxy. We use cash flow patterns in the decline stage and compare the results with auditors’ opinions. The results indicate that cash flow patterns could predict financial distress companies in Iran. In addition, the effective cash flow patterns in predicting financial distress is more than auditors’ feedbacks.

  18. Methodological Approach to Company Cash Flows Target-Oriented Forecasting Based on Financial Position Analysis

    OpenAIRE

    Sergey Krylov

    2012-01-01

    The article treats a new methodological approach to the company cash flows target-oriented forecasting based on its financial position analysis. The approach is featured to be universal and presumes application of the following techniques developed by the author: financial ratio values correction techniques and correcting cash flows techniques. The financial ratio values correction technique assumes to analyze and forecast company financial position while the correcting cash flows technique i...

  19. An evaluation of the usefulness of cash flow ratios to predict financial distress

    Directory of Open Access Journals (Sweden)

    L. Jooste

    2007-12-01

    Full Text Available Purpose: With the introduction of the cash flow statement it became an integral part of financial reporting. A need arose to develop ratios for the effective evaluation of cash flow information. This article investigates cash flow ratios suggested by various researchers and suggests a list of ratios with the potential to predict financial failure. Design: The cash flow ratios suggested by researchers, from as early as 1966, are investigated and eight cash flow ratios selected for inclusion in an analysis to predict financial failure. Ten failed entities are selected for a cash flow evaluation by means of the selected ratios for five years prior to failure. For a comparison, non-failed entities in similar sectors are selected and also evaluated by means of the cash flow ratios. The mean values of each ratio, for each year prior to failure, were then calculated and the means of the failed entities were compared to the non-failed entities. Findings: The comparison revealed that cash flow ratios have predictive value with the cash flow to total debt identified as the best indicator of failure. It was also determined that, although failed entities have lower cash flows than non-failed entities, they also had smaller reserves of liquid assets. Furthermore, they have less capacity to meet debt obligations and they tend to incur more debt. The ratios of the failed entities were unstable and fluctuated from one year to the next. Finally, bankruptcy could be predicted three years prior to financial failure. Implications: Income statement and balance sheet ratios are not enough to measure liquidity. An entity can have positive liquidity ratios and increasing profits, yet have serious cash flow problems. Ratios developed from the cash flow statement should supplement traditional accrual-based ratios to provide additional information on the financial strengths and weaknesses of an entity .

  20. The Incremental Information Content of the Cash Flow Statement: An Australian Empirical Investigation

    OpenAIRE

    Hadri Kusuma

    2014-01-01

    The general objective of the present study is to investigate and assess the incremental information content of cash flow disclosures as required by the AASB 1026 ¡°Statement of Cash Flows¡±. This test addresses the issue of whether a change in cash flow components has the same relationship with security prices as that in earnings. Several previous studies indicate both income and cash flow statements may be mutually exclusive or mutually inclusive statements. The data to test three hypotheses...

  1. Growth Opportunities, Earnings Permanence and the Valuation of Free Cash Flow

    Directory of Open Access Journals (Sweden)

    Ahsan Habib

    2011-12-01

    Full Text Available This paper examines empirically the effect of firm growth opportunities and earnings quality on the market valuation of free cash flow, defined as the difference between operating cash flows and capital expenditures. Equity valuation theory prescribes that free cash flow should not be associated with stock returns because itdoes not add value. However, free cash flow could become a value-relevant construct in certain contexts. This study considers growth opportunities and transitory earnings as two such contexts and examines the valuation of free cash flow. An accounting-based valuation framework is developed where stock returns are regressed onfree cash flow interacted with growth and earnings quality proxies, after controlling for book values, dividends, and current earnings realisations. Findings reveal that firms with a positive free cash flow and attractive growth opportunities command a valuation premium. Furthermore, free cash flow is found to be positively associatedwith stock returns when earnings are transitory. The results are robust to alternative definitions of both free cash flow and growth opportunities.

  2. The Role of Cash Holdings in Reducing Investment-Cash Flow Sensitivity: Evidence from a Financial Crisis Period in an Emerging Market

    OpenAIRE

    Ozgur Arslan; Chrisostomos Florackis; Aydin Ozkan

    2006-01-01

    This paper investigates the relationship between financing constraints and investment-cash flow sensitivities by focusing on cash holdings of firms as the basic classification scheme to separate firms into financially constrained and unconstrained categories. The idea is that high cash reserves increase the ability of firms to undertake profitable investment opportunities. Our classification scheme is based on an optimal cash model, which helps us identify the firms that deviate significantly...

  3. Cash flow in the context of economic equation of continuity

    Directory of Open Access Journals (Sweden)

    Fernando Gómez Villarraga

    2006-07-01

    Full Text Available The mathematic scheme, known as economic equation of continuity, is established for the balance of economic resources. In order to apply this equation it is necessary to determine an economic volume of control. The patrimonial equation is also proposed as a speed equationfor this volurne. The integral equation of economic continuity is applied to the «cash» system along with the integral patrimonial equation and so it gets expressions that correspond to model to elaborate cashflow statement with the particularities of the direct and indirect method. This model generales a useful definition for the calculation of this basic financial statement classified by operating, investing and financing activities.

  4. ChargeOut! : discounted cash flow compared with traditional machine-rate analysis

    Science.gov (United States)

    Ted Bilek

    2008-01-01

    ChargeOut!, a discounted cash-flow methodology in spreadsheet format for analyzing machine costs, is compared with traditional machine-rate methodologies. Four machine-rate models are compared and a common data set representative of logging skidders’ costs is used to illustrate the differences between ChargeOut! and the machine-rate methods. The study found that the...

  5. REVERSE CHARGE AND THE CASH FLOW OF THE PUBLIC BUDGETS IN THE CZECH REPUBLIC

    Directory of Open Access Journals (Sweden)

    Kohoutková Růžena

    2015-12-01

    Full Text Available Reverse charge is currently used as a measure against VAT carousel fraud. Its extension to all goods and services is discussed among the tax policy makers at the national and EU level. Opponents of general reverse-charge argue that this method of VAT collection would completely change the nature of the VAT system. One of the practical drawbacks of reverse charge is the negative impact on the cash flow of the public budgets. This article quantifies the average monthly financing available to the State thanks to delayed repayments of input tax to VAT payers under the normal VAT system. This amount equals to almost 53 billion CZK and represents the negative impact of the general reverse charge on the cash flow of the public budgets. A change in the deadline for remitting VAT or introducing VAT advances to be paid prior to the final tax payment would reduce the negative influence on public finances.

  6. Cross section of equity returns and assets’ fundamental cash-flow risk

    NARCIS (Netherlands)

    Galsband, V.

    2010-01-01

    The decomposition of consumption beta into a component driven by assets' cash-flow news and one related to assets' discount-rate news reveals that macroeconomic risks embodied in cash flows largely account for the cross-sectional dynamics of average stock returns. Empirically, we find that

  7. Investment cash flow sensitivity and financing constraints : New evidence from Indian business group firms

    NARCIS (Netherlands)

    George, R.; Kabir, Mohammed Rezaul; Qian, J.

    2011-01-01

    A controversy exists on the use of the investment–cash flow sensitivity as a measure of financing constraints of firms.Were-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment–cash flow sensitivity for both group-affiliated and independent

  8. Operating Cash Flow, Earning Response Coefficient, and Fixed Asset Revaluation: Study on Manufacturing Company

    Directory of Open Access Journals (Sweden)

    Andison Andison

    2017-03-01

    Full Text Available The purpose of this study to determine the effect of operating cash flow to the abnormal return and the effect of operating cash flow to the abnormal return of companies that conduct the revaluation is higher than that of non revaluation which adopted SFAS No. 16 (2012. The analysis used in this study are multiple regression, for the period 2012-2015. The results showed that operating cash flow has no effect on non-sampled companies revaluation, while the sample of firms that perform revaluation proves that operating cash flow has a positive and significant impact on the abnormal return. Moreover, the effect of revaluation policy can strengthen the influence between operating cash flow to the firm abnormal return than non revaluation.DOI: 10.15408/etk.v16i1.4820

  9. A Priority Rule-Based Heuristic for Resource Investment Project Scheduling Problem with Discounted Cash Flows and Tardiness Penalties

    Directory of Open Access Journals (Sweden)

    Amir Abbas Najafi

    2009-01-01

    Full Text Available Resource investment problem with discounted cash flows (RIPDCFs is a class of project scheduling problem. In RIPDCF, the availability levels of the resources are considered decision variables, and the goal is to find a schedule such that the net present value of the project cash flows optimizes. In this paper, we consider a new RIPDCF in which tardiness of project is permitted with defined penalty. We mathematically formulated the problem and developed a heuristic method to solve it. The results of the performance analysis of the proposed method show an effective solution approach to the problem.

  10. Why Cash Flow Is No Longer for Wimps

    Science.gov (United States)

    Curry, John R.; Hutton, Lyn

    2012-01-01

    Managing liquidity--a college or university's ability to access cash quickly or to easily convert assets to cash--is an increasingly crucial component of enterprise risk management. Liquidity risks lurk around nearly every corner--in the endowment portfolio, the debt portfolio, and in working-capital management. It also influences students'…

  11. Valuation of Index-Linked Cash Flows in a Heath–Jarrow–Morton Framework

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    Jonas Alm

    2015-09-01

    Full Text Available In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims inflation, i.e., an increase in claims cost per sold insurance contract. We focus primarily on the case when a deep and liquid market for index-linked contracts is absent or when the market price data are unreliable. Firstly, we present an approach for assigning a monetary value to a stochastic cash flow that does not require full knowledge of the joint dynamics of the cash flow and the term structure of interest rates. Secondly, we investigate in detail model selection, estimation and validation in a Heath–Jarrow–Morton framework. Finally, we analyze the effects of model uncertainty on the valuation of the cash flows and how forecasts of cash flows and interest rates translate into model parameters and affect the valuation.

  12. METHODOLOGICAL APPROACHES TO THE ANALYSIS OF EFFICIENCY OF CASH FLOW MANAGEMENT IN INVESTMENT ACTIVITY OF THE ENTERPRISES

    Directory of Open Access Journals (Sweden)

    I. Magdych

    2015-06-01

    Full Text Available The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their optimization for the purpose of maximization of social and economic benefit. The research performed here allowed generalization and definition of stages of analysis for investing cash flow of the enterprise with the appropriate reasoning. It is necessary that research is going concern in this direction of effectiveness valuation of cash flow management in investing activity of the enterprise.

  13. Potential dividends and actual cash flows in equity valuation. A critical analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available Practitioners and most academics in valuation include changes in liquid assets (potential dividends in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Hence, when valuing cash flows, we should consider only actual payments.

  14. Valuation of index-linked cash flows in a Heath-Jarrow-Morton framework

    OpenAIRE

    Alm, Jonas; Lindskog, Filip

    2015-01-01

    In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims...

  15. Effects of Organisational Characteristics on Contractors’ Construction Cash Flow Forecasting Capabilities

    Directory of Open Access Journals (Sweden)

    Muhammad Abdullahi

    2017-01-01

    Full Text Available Inadequate cash resources resulting from poor cash flows have been among the fundamental causes of construction project failures. Despite the panoply of cash flow forecasting (CFF tools, the cash flow performance of many construction firms have been reported to be poor due weak Cash flow forecasting (CFF process capabilities influenced by a couple of organisational characteristics. Although these organisational characteristics have been reported to significantly influence firms’ CFF process capabilities, the underlying mechanisms of how these organisational features and characteristics exhibit their specific influences on the cash flow forecasting capabilities of construction firms still remains underexplored. Therefore, this study aims at empirically exploring the influence of some organisation characteristics on the CFF process capabilities of construction firms. Best practices in CFF identified from the Royal Institute of Chartered Surveyors (RICS Cash Flow Forecasting (CFF guide were used to develop an assessment criteria used to assess the CFF capabilities of construction firms. The assessment was conducted through a questionnaire survey involving contracting organisations involved in both building and civil engineering works in Nigeria. The key best practices in CFF were ranked based on arithmetic mean value scores and averages were also determined for each of the four CFF components assessed (Knowledge and understanding CFF concepts and principles, Practical application, Practical considerations, and other Managerial issues. Hierarchical regression analysis was then used to examine the relationships between contractors’’ CFF process capabilities and some organisational characteristics. Results of the study reveals that organisational characteristics are strongly associated to firms’ abilities to prudently manage cash flows. The results of this study could serve as a basis for the strategic planning and improvement of Cash Flow

  16. A study on relationship between earnings management and operating cash flows management: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Bahman Banimahd

    2013-06-01

    Full Text Available This study investigates the impact of earnings management on operating cash flows management over the period 2004-2011 using the information of 119 firms listed on the Tehran Stock Exchange. Results indicate that there is a meaningful relationship between earnings management and operating cash flows management. In other words, earnings management creates and shapes operating cash flows management. In addition, after controlling for the loss reporting, firm size and firm's financial risk, the results show that there was a relationship between loss reporting and firm size with the cash flows management. When firms report loss, then operating cash flows increases. Finally, operating cash flows decreases when firm size increases. However, our survey does not provide any evidence to believe there is any relationship between financial risk and cash flows management.

  17. A study on the relationship between operational cash flow and the return of stockholders

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-07-01

    Full Text Available Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the information of 54 firms from Tehran Stock Exchange. The results show that there were some meaningful relationship between the operating cash flow, profitability and the returns of all stakeholders. However, this happens by increasing profitability and cash flow of information asymmetry proportion to their correlation with the economic efficiency of shareholders’ returns.

  18. Impact of VAT on the Profitability and the Cash Flow of Romanian Small and Medium Enterprises

    Directory of Open Access Journals (Sweden)

    MARIA ZENOVIA GRIGORE

    2014-05-01

    Full Text Available The options available to taxpayers make tax systems attractive and give them an opportunity to choose one system or another after a careful analysis of the fiscal advantages and disadvantages of each choice. A small or medium company has to explore the options available, whether that is VAT registration or de-registration or choosing the best VAT special scheme. VAT optimisation is particularly interesting because of the high cash flow involved and because of the cash flow benefits that can be obtained. This paper presents an analysis of VAT costs and their impact on profitability and cash flow of small and medium enterprises. We also analysed specific mechanisms to improve profitability and cash flow through VAT optimisation.

  19. IMPACT OF VAT ON THE PROFITABILITY AND THE CASH FLOW OF ROMANIAN SMALL AND MEDIUM ENTREPRISES

    Directory of Open Access Journals (Sweden)

    Maria Zenovia GRIGORE

    2014-05-01

    Full Text Available The options available to taxpayers make tax systems attractive and give them an opportunity to choose one system or another after a careful analysis of the fiscal advantages and disadvantages of each choice. A small or medium company has to explore the options available, whether that is VAT registration or de-registration or choosing the best VAT special scheme. VAT optimisation is particularly interesting because of the high cash flow involved and because of the cash flow benefits that can be obtained. This paper presents an analysis of VAT costs and their impact on profitability and cash flow of small and medium enterprises. We also analysed specific mechanisms to improve profitability and cash flow through VAT optimisation.

  20. ANALYSIS OF FINANCIAL PERFORMANCE BASED ON THE RELATIONSHIP BETWEEN INVESTMENTS AND CASH-FLOW

    Directory of Open Access Journals (Sweden)

    Ludmila PROFIR

    2018-06-01

    Full Text Available Financial performance is often difficult to achieve by economic entities, especially in the current economic context and successful models of some companies constitute examples of good practice for aspirants. Cash-flow explains investment because it contains information about future flows of cash and because investment is made in pursuit of future income. Therfore, the purpose of this paper is to analyze the relationship between cash-flow, investment and net income. The target population of the study was the companies listed and traded on the Bucharest Stock Exchange during 2012-2016. The results of this empirical study showed that most of the companies listed and traded on BVB that earn profit constantly generate cash-flow and 65% of the companies listed and traded on BVB during the period 2012-2016 show a satisfactory long-term financial balance.

  1. Cash Flow Valuation in an Inflactionary World. The Case of World Bank for Regulated Firms

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2007-11-01

    Full Text Available We show that project evaluation should be based on free cash flows at nominal prices. We present a case where the results from the constant price method are biased upwards and there is a risk to accept bad projects. It is a widespread practice to evaluate projects at constant prices. With an example presented in the training on economic regulation of public utilities developed by the World Bank Institute we asses that methodology. We show an overvaluation of 21% when compared with the current prices methodology and using a correct Weighted Average Cost of Capital, WACC.

  2. A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

    OpenAIRE

    Mahdi Salehi; Mirsohrab Seyedghorbani

    2013-01-01

    The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE) and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data dur...

  3. Using Cash Flows to Predict Bankruptcy of Chemical Companies: Case Study Approach

    OpenAIRE

    Siow, Hui Wen

    2009-01-01

    The intent of this study is to present an argument for the usefulness of cash flow information in bankruptcy prediction, and whether cash flow information provide a superior prediction of business failure over the conventional accrual accounting information. In addition, this dissertation also aim to analyze other important factors leading to bankruptcy, particularly contingent liabilities in which the obligations are not accrued and accounted for, nor are they considered in conventional bank...

  4. Investment cash flow sensitivity under managerial optimism: new evidence from NYSE panel data firms

    OpenAIRE

    Mohamed, Ezzeddine Ben; Fairchild, Richard; Bouri, Abdelfettah

    2014-01-01

    Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is well documented in standard corporate finance, it is still young under behavioral corporate finance. In this paper, we test the investment cash flow sensitivity among panel data of American industrial firms during 1999-2010. Using Q-model of investment (Tobin, 1969), we construct and introduce a proxy of managerial optimism following Malmendier and Tate (2005a) to show the impac...

  5. A study on the relationship between operational cash flow and the return of stockholders

    OpenAIRE

    Hassan Ghodrati; Hassan Abyak

    2014-01-01

    Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the info...

  6. The value relevance of direct cash flows under international financial reporting standards

    OpenAIRE

    Clacher, I; de Ricquebourg, AD; Hodgson, A

    2013-01-01

    This study examines if there has been a change in the value relevance of direct cash flow components since the adoption of International Financial Reporting Standards (IFRS) in Australia. Our results show that for both industrial and extractive firms direct cash flow statements are value relevant under Australian Generally Accepted Accounting Principles (AGAAP) and remain so after the adoption of IFRS. In addition, for industrial firms there is a significant increase in the value relevance of...

  7. Cash flow jako prvek finanční analýzy

    OpenAIRE

    HANZLOVÁ, Monika

    2008-01-01

    The cash flow report is very important for a financial management, especially from the point of monitoring liquidity of the company. Its great advantage, in comparison to a profit and loss statement, is the fact, that it eliminates effects emerging from an accounting principle. The financial analysis has a great importance too. It can show to management some signals about financial health of the company. Fundamental provisions concerning the cash flow is asserted in the prerequisites of the C...

  8. STATEMENT OF CASH FLOWS - A MEASURE OF OPERATIONAL PERFORMANCE ON AN ACCRUAL BASIS

    Directory of Open Access Journals (Sweden)

    GHEORGHE LEPADATU

    2011-04-01

    Full Text Available Statement of cash flows presents useful information about changing the company's financial position, allowing to assess the enterprise’s ability to generate future cash flows and cash equivalents in the operating, investing and financing activities and their appropriate use. Treasury of an economic entity can be considered its strong point. The manner in which they manage money and financial flows, the final outcome will depend on the respective entity. Treasury is also an essential and main restriction of the financial management of the enterprise. Treasury embodies the results of operations and how to achieve financial balance of compliance. Not always an entity that ends year with benefits, has a positive cash (cash at bank and in availability. And this, because the gap between the recording and accounting of revenue and expenditure receipts and payments as they fall due, that gap can be decisive for the fate of the enterprise. This is a major requirement of the accrual. Therefore, an efficient management of the economic entity comprises both the asset management flows (revenues / expenses and cash management, i.e. the flows of receipts and payments. The statistical evidence shows that most of the failures are due to weaknesses in treasury management.

  9. An Experiment of Student Understanding of Accruals versus Cash Flows

    Science.gov (United States)

    Miranda-Lopez, Jose Eduardo; Nichols, Linda M.

    2007-01-01

    The concepts of both accrual accounting and cash basis accounting need to be thoroughly understood by accounting graduates as they enter the workplace. In making decisions, both managers and investors often may need to make adjustments from one basis to the other. But do students really understand these concepts? This study uses an experimental…

  10. The relationship between operating cash flow per share and portfolio default probability

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2014-03-01

    Full Text Available One of the primary duties of the depositary banks is to protect themselves against any possibility of bankruptcy. This requires the identification and measurement of risks, including default risk, which is important given the nature of the activities of banks. This paper presents an empirical investigation to study the relationship between default probability and some financial figures including operating cash flow, liabilities and return of equities. The proposed study of this paper uses historical data of twenty-two firms listed on Tehran Stock Exchange over the period 2008-2012. Default probability as the dependent variable is measured by the method developed by Moody’s KMV Company. The study uses linear regression model to examine the relationship between default probability and some independent variables. The results of the present study suggest that there were some reverse relationship between operating cash flow per share, return on equities and default probability. In addition, there was a direct relationship between log facilities and default probability. However, there was not any relationship between net sales and default probability.

  11. ANALISIS FREE CASH FLOW DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN PUBLIK DI INDONESIA

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    R. Anastasia Endang Susilawati

    2010-06-01

    Full Text Available The main objective of this research is to examine behavior public company in Indonesia to manage of free cash flows and the role namagerial ownership on corporate debt policy. The using dependent variable on this research is debt, so independent variables are free cash flows and managerial ownership. The sample used was the public companies listed in the Jakarta Stock Exchange (JSX. There were 59 companies which have and during the period from 2005-2009. Data collected by purposive sampling. The result examination is that public company in Indonesia have low investment opportunity set (IOS when free cash flow high attending by using debt for cost operation company. This result robust because evidence with chow test the result that significant difference regression stability between free cash flow to corporate debt policy have low and high investment opportunity set. Although, when dividend based big company have low investment opportunity and small company have low investment opportunity, both have the same effect between free cash flow on corporate debt policy. The result chow test suggest examination there are not statistically significant difference. Managerial ownership association negative with debt policy, this result evidence that agency cost of debt can be reduce by managerial ownership

  12. Earnings volatility and the role of cash flows in the capital markets: Empirical evidence

    Directory of Open Access Journals (Sweden)

    Dr. Melita Charitou

    2013-07-01

    Full Text Available The recent global financial crisis brought to the forefront of the capital markets the importance of firm fundamentals and especially, the valuation role of cash flows. In this study, we examine the role of earnings and cash flows in two major capital markets, namely, USA and France. We hypothesize that the relationship between cash flows and security returns improves when earnings are transitory and this robustness is country specific. The dataset consists of more than 37,000 USA and French firm-year observations over an eight-year period. Multivariate statistical regression analysis is undertaken to test the major research hypotheses. Results indicate that when earnings are transitory (unstable, investors pay more attention to cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. In summary, the evidence provided in this study supports that there are substantial differences in the way investors and financial analysts perceive financial information such as earnings and cash flows in France and USA. These results should be of great importance to the major stakeholders such as investors, creditors, financial analysts, especially after the recent global financial crisis and the collapse of giant organizations worldwide.

  13. Relevance of free cash flow as a measure of generating value for owners

    Directory of Open Access Journals (Sweden)

    Bešlić Ivana

    2014-01-01

    Full Text Available In the new economy or knowledge economy the main goal of any company should be directed towards the achievement of the business in the interest of the owners, or generating the value for owners. In dynamic business environment, an effective performance measurement system is key determinant of successful implementation of corporate strategy, growth and survival of the company. Modern performance measures should provide an accurate assessment of the intrinsic value of the company, as well as the value for the owners (shareholders. The essence is maximizing the immanent or guaranteed value of the company. The immanent value is the value of a company based on internal evaluation (assessment discounted cash flows or expected cash flow in the future by the management team. Corporate managers in Serbia are facing the challenge of increasingly efficient capital markets and the competition in the future, which requires the implementation of a value oriented corporate governance, therefore this paper presents FCF (Free Cash Flow methodology of valuation. Free cash flow (FCF is the amount of cash available for owners of the company after the necessary investments in fixed assets and working capital to maintain the current scope of activities and support to planning.

  14. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    Directory of Open Access Journals (Sweden)

    Jurica Lucyanda

    2012-12-01

    Full Text Available Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009. Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhadap pembagian dividen adalah free cash flow, kepemilikan institusional, dan ukuran perusahaan. Jumlah free cash flow perusahaan yang tinggi, persentase kepemilikan institusional yang rendah, dan ukuran perusahaan yang besar akan menghasilkan dividend payout ratio yang tinggi. Variabel kepemilikan keluarga, kepemilikan asing, kebijakan utang, dan kesempatan investasi tidak terbukti mempunyai pengaruh yang signifikan terhadap Dividend Payout Ratio perusahaan.This study aims at testing the effect of free cash flow and ownership structure on the dividend payout ratio of non-financial companies, listed on the Indonesia Stock Exchange. Multiple regression was employed to analyze data. The study collected empirical data from the Indonesia Stock Exchange consisting of 70 companies. The data were collected from financial report from three consecutive years (2007-2009. The finding indicates that the variables which have a significant effect on the dividend payout ratio are free cash flow, institutional ownership, and firm size. The high free cash flow,  the low percentage of institutional ownership, and the large size companies will produce high dividends. The variable of family ownership, foreign ownership, debt policy, and investment opportunities do not significantly effect corporate dividend payout ratio.

  15. APROACHING THE ECONOMIC DIMENSION OF SUSTAINABLE DEVELOPMENT FROM A FINANCIAL PERSPECTIVE: A CASE STUDY REGARDING CASH - FLOW ANALYSIS AND THE RELATIONSIPS BETWEEN CASH - FLOW AND NET INCOME

    Directory of Open Access Journals (Sweden)

    Diana Elena Vasiu

    2014-10-01

    Full Text Available Europe 2020, a strategy for smart, sustainable and inclusive growth stresses the necessity of smart, sustainable and inclusive growth. The objectives of a sustainable economic development include sustaining economic growth, maximizing private profits and expanding markets. Considering this, economic development must based on facts, not on papers. Therefore, considering the economic dimension of sustainable development, it is important to establish if Romanian companies listed and traded on Bucharest Stock Exchange are able to obtain profit while cash is withdrawn. Even if reported in the income statement, net profit is not simultaneously charged due to accrual accounting that makes the balance sheet provide a static picture of the financial position, while the cash flow statement provides a dynamic picture of it. Therefore, the financial performance analysis based on classical indicators of performance must be accompanied by the analysis of treasury, namely of the cash flow, which provides a comprehensive assessment possibility of the financial performance, flexibility and adaptability of the economic entity, in the context of a highly competitive and often unstable environment. A positive net flows is a confirmation of the economic success of the company representing the concrete expression of the net profit and other pecuniary accumulations, interpreted as the real self-financing investment capacity, which would lead to the real asset growth and thus to the increase of the owners' wealth.

  16. Modelling of project cash flow on construction projects in Malang city

    Science.gov (United States)

    Djatmiko, Bambang

    2017-09-01

    Contractors usually prepare a project cash flow (PCF) on construction projects. The flow of cash in and cash out within a construction project may vary depending on the owner, contract documents, and construction service providers who have their own authority. Other factors affecting the PCF are down payment, termyn, progress schedule, material schedule, equipment schedule, manpower schedules, and wages of workers and subcontractors. This study aims to describe the cash inflow and cash outflow based on the empirical data obtained from contractors, develop a PCF model based on Halpen & Woodhead's PCF model, and investigate whether or not there is a significant difference between the Halpen & Woodhead's PCF model and the empirical PCF model. Based on the researcher's observation, the PCF management has never been implemented by the contractors in Malang in serving their clients (owners). The research setting is in Malang City because physical development in all field and there are many new construction service providers. The findings in this current study are summarised as follows: 1) Cash in included current assets (20%), owner's down payment (20%), termyin I (5%-25%), termyin II (20%), termyin III (25%), termyin IV (25%) and retention (5%). Cash out included direct cost (65%), indirect cost (20%), and profit + informal cost(15%), 2)the construction work involving the empirical PCF model in this study was started with the funds obtained from DP or current assets and 3) The two models bear several similarities in the upward trends of direct cost, indirect cost, Pro Ic, progress billing, and S-curve. The difference between the two models is the occurrence of overdraft in the Halpen and Woodhead's PCF model only.

  17. Is Investment-Cash Flow Sensitivity Caused by the Agency Costs or Asymmetric Information? Evidence from the UK

    NARCIS (Netherlands)

    Pawlina, G.; Renneboog, L.D.R.

    2005-01-01

    We investigate the investment-cash flow sensitivity of a large sample of the UK listed firms and confirm that investment is strongly cash flow-sensitive.Is this suboptimal investment policy the result of agency problems when managers with high discretion overinvest, or of asymmetric information when

  18. Net Income, Book Value and Cash Flows: The Value Relevance in Jordanian Economic Sectors

    Directory of Open Access Journals (Sweden)

    DHIAA SHAMKI

    2013-07-01

    Full Text Available This paper examines the value relevance of financial statements variables namely net income, book value and cash flows simultaneously relative to Jordanian services and industrial firms for the period from 2000 to 2009. The main findings of this paper are three- dimensional. First, net income is value relevant, while book value and cash flows are irrelevant. Second, net income is more value relevant than book value and cash flows in both sectors. Third, this value relevance is greater in services sector than in industrial sector. The study shows that net income assist more in explaining market values in Jordanian services and industrial firms. Since research on the value relevance of these variables has neglected Jordan (and the Middle Eastern region, the study tries to fill this practical gap. The study is the first in Jordan that examines the value relevance of net income, book value and cash flows simultaneously and compares this value relevance according to Amman Stock Exchange sectors in one study in Jordan.

  19. A cash flow oriented EOQ model under permissible delay in payments

    African Journals Online (AJOL)

    A cash flow oriented EOQ model under permissible delay in payments. RP Tripathi, SS Misra, HS Shukla. Abstract. This study presents an inventory model to determine an optimal ordering policy for non-deteriorating items and timedependent demand rate with delay in payments permitted by the supplier under inflation and ...

  20. Convex order approximations in case of cash flows of mixed signs

    NARCIS (Netherlands)

    Dhaene, J.; Goovaerts, M.J.; Vanmaele, M.; van Weert, K.

    2012-01-01

    In Van Weert et al. (2010), results are obtained showing that, when allowing some of the cash flows to be negative, convex order lower bound approximations can still be used to solve general investment problems in a context of provisioning or terminal wealth. In this paper, a correction and further

  1. PENGGUNAAN METODE DISCOUNTED CASH FLOW DAN UKURAN NON KEUANGAN DALAM PENGANGGARAN MODAL: PENDEKATAN KONTINJENSI

    Directory of Open Access Journals (Sweden)

    Ahmad Rosyid

    2012-10-01

    Full Text Available This study aims to (1 examine the degree of use between Discounted Cash Flow (DCF method and non financial measures in capital budgeting (2 examine managers’ satisfaction on both methods when there is a contingency fit between those methods with two contingency variables: product standardization and firm strategy. This research used purposive sampling method to collect data. The research population was manufacturing firms listed in BEI and major non listed firms located in Jawa Tengah and got 35 responses. Multiple regression and Moderated Regression Analysis (MRA were used to test the hypothesis. Research results indicate that (1 DCF method is not more important than non financial measures. Managers tend to use both methods simultaneously (2 firm strategy affects to DCF method and non financial measures significantly which it means that firms with prospector strategy tend to place more emphasis on non financial measures while firms with defender strategy tend to place more emphasis on DCF method. (3 product standardization has no effect on both methods (4 firm strategy has a moderating effect on the relation between two capital budgeting methods and manager’s satisfaction on budgeting process while product standardization has no effect.

  2. SOFTWARE SOLUTIONS FOR MEASURING AND FORECASTING THE CASH GENERATING UNIT FLOWS RELATED TO INTANGIBLE ASSETS

    Directory of Open Access Journals (Sweden)

    Veronica R GROSU

    2016-08-01

    Full Text Available In light of the difficulties encountered in assessing the value of the CGU (Cash Generating Unit and of the cash flows associated with goodwill or other intangible assets of a company and after performing the impairment test as provided by the IAS 36-Intangibile Asset and the forecasts related to it, the aim of this paper is to identify and suggest software instruments that would assist in the measurement and forecasting of these elements. The employment of the SPSS and the NeuroShell programmes in analyzing and forecasting the changes in CGU and CGU flows has helped compare the results and the ensuing error margins, thus giving the business entity the possibility to select the best software option, depending on certain variables identified on a micro or a macroeconomic level that may affect the depreciation or the increases in value of the underlying assets for CGU or CGU flows.

  3. The management of subsurface uncertainty using probabilistic modeling of life cycle production forecasts and cash flows

    International Nuclear Information System (INIS)

    Olatunbosun, O. O.

    1998-01-01

    The subject pertains to the implementation of the full range of subsurface uncertainties in life cycle probabilistic forecasting and its extension to project cash flows using the methodology of probabilities. A new tool has been developed in the probabilistic application of Crystal-Ball which can model reservoir volumetrics, life cycle production forecasts and project cash flows in a single environment. The tool is modular such that the volumetrics and cash flow modules are optional. Production forecasts are often generated by applying a decline equation to single best estimate values of input parameters such as initial potential, decline rate, abandonment rate etc -or sometimes by results of reservoir simulation. This new tool provides a means of implementing the full range of uncertainties and interdependencies of the input parameters into the production forecasts by defining the input parameters as probability density functions, PDFs and performing several iterations to generate an expectation curve forecast. Abandonment rate is implemented in each iteration via a link to an OPEX model. The expectation curve forecast is input into a cash flow model to generate a probabilistic NPV. Base case and sensitivity runs from reservoir simulation can likewise form the basis for a probabilistic production forecast from which a probabilistic cash flow can be generated. A good illustration of the application of this tool is in the modelling of the production forecast for a well that encounters its target reservoirs in OUT/ODT situation and thus has significant uncertainties. The uncertainty in presence and size (if present) of gas cap and dependency between ultimate recovery and initial potential amongst other uncertainties can be easily implemented in the production forecast with this tool. From the expectation curve forecast, a probabilistic NPV can be easily generated. Possible applications of this tool include: i. estimation of range of actual recoverable volumes based

  4. REFCO83, Nuclear Fuel Cycle Cost Economics Using Discounted Cash Flow Analysis

    International Nuclear Information System (INIS)

    Delene, J.G.; Hermann, O.W.

    2001-01-01

    1 - Description of program or function: REFCO83 utilizes a discounted cash flow (DCF) analysis procedure to calculate batch, cycle, and lifetime levelized average nuclear fuel cycle costs. The DCF analysis establishes an energy 'cost' associated with the fuel by requiring that the revenues from the sale of energy be adequate to pay the required return on outstanding capital, to pay all expenses including taxes, and to retire the outstanding investment to zero by the end of the economic life of the set of fuel investments. The program uses reactor mass flow information together with individual fuel cost parameters and utility capital structure and money costs to calculate levelized costs cumulatively through any batch or cycle. 2 - Method of solution: A fuel cycle cost component is considered to be any fuel material purchase, processing cost, or discharge material credit in the complete fuel cycle. The costs for each individual component, i.e. uranium, enrichment, etc., may either be expensed or capitalized for tax purposes or, in the case of waste disposal, the cost may also be made proportional to power production. To properly account for the effect of income taxes, all calculations in REFCO83 are done using 'then' current dollars, including price escalations caused by inflation. The database used for the default values for REFCO83 was taken from the Nuclear Energy Cost Data Base. 3 - Restrictions on the complexity of the problem: The maximum number of fuel batches is 120

  5. Cash-Flow Analysis Base of the Company's Performance Evaluation

    OpenAIRE

    Radu Riana Iren; Mihalcea Lucean; Negoescu Gheorghe

    2013-01-01

    Analyses based on the study of financial flows allow coherent merge to study the financial equilibrium of the firm's performance. If static analysis to assess the financial imbalance at some point, but does not explain its evolution, in contrast, dynamic analysis highlights the evolution of financial imbalance, but does not indicate the extent of it. It follows that the two kinds of analysis are complementary and should be pursued simultaneously. Dynamic analysis is based on the concept of st...

  6. Potential dividends and actual cash flows. A regional latin american analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.

  7. The Economic Role and Limitations of Cooperatives: An Investment Cash Flow Derivation

    OpenAIRE

    Peterson, H. Christopher

    1992-01-01

    The economic role and limitations of cooperatives are derived using an approach based on investment cash flows and net present value. Cooperatives are viewed as an option for member investment as well as an option for member patronage. The investment approach yields results similar to the traditional paradigms that focus on patronage. In addition, the approach makes more explicit the impact of member investment on cooperative existence, valuation, performance measurement, and strategy options.

  8. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    OpenAIRE

    Jurica Lucyanda; Lilyana -

    2012-01-01

    Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009). Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhad...

  9. Manajemen Laba Pada Perusahaan Dengan Permasalahan Free Cash Flow Dan Peran Moderasi Dari Monitoring Eksternal

    OpenAIRE

    Tresnaningsih, Elok

    2008-01-01

    This study examines whether low-growth companies with free cash flow (HFLG) will use income-increasing discretionary accruals to offset the low or negative earnings that inevitably accompany investment with negative net presents values (NPVs). Using 413 manufacturing company year observations over the period 2001-2005, the results show that there is a significantly association between HFLG and increasing discretionary accruals. This study also examines the role o f monitoring by auditors, cre...

  10. Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis

    Directory of Open Access Journals (Sweden)

    Yane Chandera

    2014-08-01

    Full Text Available This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders’ free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985.Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf’s pecking order hypothesisbut unsupportive of Jensen’s free cash flow hypothesis.

  11. Preparation of Financial Statements for Sme’s in Romania. Interest for Cash-Flow Statement

    Directory of Open Access Journals (Sweden)

    Nicoleta FARCANE

    2012-05-01

    Full Text Available The purpose of this article is to obtain feedback about the transition to IFRS standards and their implementation in the context of small and medium-sized enterprises in Romania in terms of the cashflow situation. Research methodology is based on a quantitative survey carried out in order to verify the importance and usefulness of perception on the cash-flow statement. The investigation based on testing four hypotheses has been carried out within the framework of small and medium-sized enterprises in Western Romania and the categories of respondents to the study were: upper management and accounting specialists. The results highlight the fact that there are differences between the categories of users of the cash-flow statements, fact highlighted and illustrated by our findings. The article ends with the conclusions of the authors regarding the importance and usefulness of the use and implementation of the cash-flow statement of the small and medium enterprises in Western Romania.

  12. The Role of Corporate Governance as a Leverage Moderating and Free Cash Flow on Earnings Management

    Directory of Open Access Journals (Sweden)

    Reni Yendrawati

    2017-07-01

    Full Text Available According to agency theory there were separation of function between principal and agent. This separation created different interest between principal and agent. This condition occurs because of the asymmetric information that agent more knew company information than principal. Therefore, it was interesting to study the actions of management.This research aimed to analyze the influence of leverage and free cash flow to earning management and the ability to analyze the influence corporate governance consisting of managerial ownership, institutional ownership, independent commissioner, and audit committee in influencing earnings management on the listed manufacturing companies in Indonesia Stock Exchange during years 2010-2014. The results showed that leverage significantly influence to earnings management and free cash flow significantly influence to earnings management moderating variables that influence the relationship of leverage to earnings management is managerial ownership, independent commissioner,audit committee, and moderating variables that influence the relationship of free cash flow to earning management was managerial ownership and institutional ownership.

  13. Analytical solution to the circularity problem in the discounted cash flow valuation framework

    Directory of Open Access Journals (Sweden)

    Felipe Mejía-Peláez

    2011-12-01

    Full Text Available In this paper we propose an analytical solution to the circularity problem between value and cost of capital. Our solution is derived starting from a central principle of finance that relates value today to value, cash flow, and the discount rate for next period. We present a general formulation without circularity for the equity value (E, cost of levered equity (Ke, levered firm value (V, and the weighted average cost of capital (WACC. We furthermore compare the results obtained from these formulas with the results of the application of the Adjusted Present Value approach (no circularity and the iterative solution of circularity based upon the iteration feature of a spreadsheet, concluding that all methods yield exactly the same answer. The advantage of this solution is that it avoids problems such as using manual methods (i.e., the popular “Rolling WACC” ignoring the circularity issue, setting a target leverage (usually constant with the inconsistencies that result from it, the wrong use of book values, or attributing the discrepancies in values to rounding errors.

  14. Cash Flows versus Accounting Earnings in Managing Exchange Rate Exposures: An Empirical Study of Non-Financial Companies

    DEFF Research Database (Denmark)

    Aabo, Tom

    Financial theory argues that companies should manage cash flows and not accounting earnings when they hedge exchange rate exposures. Still, empirical evidence shows that a number of companies choose to manage accounting earnings. This empirical study of Danish, non-financial companies finds (1......) that when hedging the majority of companies expect to add value to their company by avoiding financial distress (reduce down side risk), (2) that when hedging managing cash flows versus managing accounting earnings as a first priority splits the companies in two, (3) a lack of difference (except...... for profitability) in company characteristics between the group of companies that manage cash flows versus the group of companies that manage accounting earnings as a first priority. The decision in real business on whether to manage cash flows or accounting earnings when hedging exchange rate exposures seems...

  15. Liquidity Analysis Using Cash Flow Ratios as Compared to Traditional Ratios in the Pharmaceutical Sector in Jordan

    OpenAIRE

    Sulayman H. Atieh

    2014-01-01

    The purpose of this study is to examine the liquidity position of the Jordanian pharmaceutical sector using the traditional ratios as compared to the more recently developed cash flow ratios. The research involved the comparison between traditional ratios and cash flow ratios of the big seven companies of the pharmaceutical industry in Jordan over six years period (2007¨C2012). The companies were all from the same sector, and the data was obtained from the annual reports of these companies. T...

  16. Mathematical Analysis of Replication by Cash Flow Matching

    Directory of Open Access Journals (Sweden)

    Jan Natolski

    2017-02-01

    Full Text Available The replicating portfolio approach is a well-established approach carried out by many life insurance companies within their Solvency II framework for the computation of risk capital. In this note,weelaborateononespecificformulationofareplicatingportfolioproblem. Incontrasttothetwo most popular replication approaches, it does not yield an analytic solution (if, at all, a solution exists andisunique. Further,althoughconvex,theobjectivefunctionseemstobenon-smooth,andhencea numericalsolutionmightthusbemuchmoredemandingthanforthetwomostpopularformulations. Especially for the second reason, this formulation did not (yet receive much attention in practical applications, in contrast to the other two formulations. In the following, we will demonstrate that the (potential non-smoothness can be avoided due to an equivalent reformulation as a linear second order cone program (SOCP. This allows for a numerical solution by efficient second order methods like interior point methods or similar. We also show that—under weak assumptions—existence and uniqueness of the optimal solution can be guaranteed. We additionally prove that—under a further similarly weak condition—the fair value of the replicating portfolio equals the fair value of liabilities. Based on these insights, we argue that this unloved stepmother child within the replication problem family indeed represents an equally good formulation for practical purposes.

  17. Areva - 2013 annual results: breakeven free operating cash flow objective reached despite a difficult environment

    International Nuclear Information System (INIS)

    Duperray, Julien; Grange, Aurelie; Rosso, Jerome; Thebault, Alexandre; Scorbiac, Marie de; Repaire, Philippine du

    2014-01-01

    The Areva group reached a major milestone in 2013 in turning performance around by meeting a key objective of its Action 2016 plan: the return to breakeven of free operating cash flow. For the first time since 2005, cash generated by the Group's operations allowed it to fully fund strategic capital expenditures essential to the group's profitable growth. To achieve this result, Areva built on robust growth in nuclear operations, on contributions from its cost reduction plan and on strict management of capital spending. However, two projects launched in the previous decade (OL3 and a power plant modernization) and the Renewable Energies business impacted negatively the group's 2013 net income. On the Renewable Energies market, in a situation marked by a reduction of capital spending by customers, AREVA anticipated the consolidation required in the sector by implementing industrial partnerships such as the joint venture project with Gamesa, which aims to create a European champion in offshore wind. Similar initiatives were undertaken in solar energy and energy storage. The Group continues to implement the Action 2016 plan to pursue its recovery. While the economic environment remains uncertain and projects launched in the previous decade remain a burden, the Group forecasts further performance improvement and significant growth in cash flow generation by the end of the plan

  18. The source of investment cash flow sensitivity in manufacturing firms: Is it asymmetric information or agency costs?

    Directory of Open Access Journals (Sweden)

    Daniel Makina

    2016-09-01

    Full Text Available In the literature, positive investment cash flow sensitivity is attributed to either asymmetric information induced financing constraints or the agency costs of free cash flow. Using data from a sample of 68 manufacturing firms listed on the South African JSE, this paper contributes to the literature by investigating the source of investment cash flow sensitivity. We have found that asymmetric information explains the positive investment cash flow sensitivity better than agency costs. Furthermore, asymmetric information has been observed to be more pronounced in low-dividend-paying firms and small firms. Despite South Africa’s having a developed financial system by international standards, small firms are seen to be financially constrained. We attribute the absence of investment cash flow sensitivity due to agency costs to good corporate governance of South African listed firms. Thus the paper provides further evidence in support of the proposition in the literature that the source of investment cash flow sensitivity may depend on the institutional setting of a country, such as its corporate governance.

  19. Deaccessioning and Agency Costs of Free Cash Flow in Manager's Hands: A Formal Model

    Directory of Open Access Journals (Sweden)

    Andrej Srakar

    2014-12-01

    Full Text Available The problem of agency costs of free cash flow in manager's hands has been firstly noted by Easterbrook and Jensen. We present one of the first attempts to formally model the problem in light of similar situation faced by managers of museums being allowed (or disallowed to deaccession the artworks from their collections. We show that deaccessioning funds always lead to various forms of agency costs for the museum. This finding applies for any non-profit firm and its endowment. The task lying ahead is to formally prove the general conjecture also for the case of private for-profit firms.

  20. Consumer-driven health plans: latest challenge to practices' cash flow.

    Science.gov (United States)

    Hajny, Tom

    2007-01-01

    CDHPs are here to stay. Employers welcome CDHPs because they drive costs away from themselves and into the hands of both consumers and provides. The consumer will make medical purchase decisions tempered by personal economic considerations. The providers are left to figure it all out with the hope their cash flow, cost budgets, and customer service will not be negatively impacted. It will not be easy. Practices must become educated on how CDHPs work, become knowledgeable about specific HSA scenarios in their market, develop optimum processes and procedures, and train staff.

  1. The incremental information content of earnings, working capital from operations, and cash flows

    Directory of Open Access Journals (Sweden)

    Simin Banifatemi Kashi

    2015-09-01

    Full Text Available This paper presents an empirical study to determine the effects of different factors including present profit, depreciation, working capital, operating cash flow and other accruals on future earnings stability. The study selects the information of 124 selected firms from Tehran Stock Exchange over the period 2006-2012. Using two regression analysis, the study has determined that as the fluctuation of profit increases, the profitability increases too. In addition, the study has concluded that firms with minimum fluctuations preserve more stable profitability. Moreover, firms with higher fluctuation in profitability maintain more volatile profitability for the next consecutive period.

  2. Cash pooling

    OpenAIRE

    Lozovaya, Karina

    2009-01-01

    This work makes a mention of cash management. At next chapter describes two most known theoretical models of cash management -- Baumol Model and Miller-Orr Model. Principal part of work is about cash pooling, types of cash pooling, cash pooling at Czech Republic and influence of cash pooling over accounting and taxes.

  3. Specifics of financial management of holdings when managing cash-flow

    Directory of Open Access Journals (Sweden)

    David Ficbauer

    2010-01-01

    Full Text Available Concentration and cooperation belong to the main attributes of the modern business life. Business competition makes the start of a new business more difficult. Just the moment of concentration and cooperation can make the break to the new business easier. This can be achieved by including new businesses into holding companies. Basically there are two ways how to do a business. These depend on whether company carries out many lines of business or on the amount of asset. The first way is to cover everything with one enterprise and thus to create one accounting unit. The second way is based on a foundation of a holding structure with subsidiaries and the holder on the top. In fact holding is a specific way how to cover business by many subsidiaries.The goal of this article is to describe specifics of a financial management of holdings when managing cash-flow. The focus is on reasons of holding structure and usage of both theoretical and other models of managing cash such as Baumol model, Miller-Orr model and Beránek model. As transfers within the holding organization belong to the main advantageous of holding, the way how to transfer finance from one subsidiary to other or from subsidiary to holder or reversely is handled here.

  4. Comparing the role of accruals and operating cash flows on users' decisions on financial statements: A case study of Tehran Stock Exchange

    OpenAIRE

    Mohsen Sohrabi Araghi; Sharifaldin Attari

    2013-01-01

    One of the major challenges facing all of individuals and organizations is decision-making based on the information. The issues of priority about cash flows and accruals data in decision-making process for different groups of financial statement users include investors, creditors, shareholders, directors, etc. one of the issues that has been controversial between accrual and cash accounting advocators for a long time. In this study, we survey the role of accruals and operating cash flows in d...

  5. Alternative Methods in the Evaluation of School District Cash Management Programs.

    Science.gov (United States)

    Dembowski, Frederick L.

    1980-01-01

    Empirically evaluates three measures of effectiveness of school district cash management: the rate of return method in common use and two new measures--efficiency rating and Net Present Value (NPV). The NPV approach allows examination of efficiency and provides a framework for evaluating other areas of educational policy. (Author/IRT)

  6. Managerial optimism and the impact of cash flow sensitivity on corporate investment: The case of Greece

    Directory of Open Access Journals (Sweden)

    Dimitrios I. Maditinos

    2015-10-01

    Full Text Available Purpose - The existence of optimism as a personal psychological characteristic of managers is a necessity in contemporary economy and decision making, although the phenomenon of over-optimism may lead to unfavourable outcomes. The purpose of this study is to examine the optimism bias and its impact on the firms' future performance. Especially regarding the recent years where Greece faces increased economic depression, high percentages of unemployment and lack of budgetary discipline, the goal is therefore, to find whether managerial optimism has an impact on corporate investment of Greek firms. Design/methodology/approach - The investment of firms with optimistic managers is more sensitive to cash flow than the investment of firms with managers who are not optimistic. To test the research question a number of fixed effect panel regressions of capital expenditures (capital expenditures divided by lagged assets is the dependent variable is run. In all regressions we analyse cash flow divided by lagged assets and lagged Tobin's Q as the independent variables, for firms whose managers are classified as optimistic and not optimistic. This classification is based on the optimism "dummy" variable, which is equal to 1 when members of the Executive Board and the Supervisory Board (ALL, only the Executive Board (EB, and only CEO are classified as optimistic. The concept of this study is tested for firms which are listed in the Athens Stock Exchange. A total of 243 firms are recorded, for the time period between 2007 and 2012, including firms from 11 different industries; basic materials, chemicals, consumer goods, consumer services, health care, industrials, financials, oil and gas, technology, telecommunications and utilities. Based on the literature and on related methodology aspects, financial firms are excluded. Findings - It was revealed that managerial optimism affects corporate investment in firms with high degree of closely held shares. Moreover

  7. Free Cash Flow, Agency Theory Dan Signaling Theory: Konsep dan Riset Empiris

    Directory of Open Access Journals (Sweden)

    Syukriy Abdullah

    2016-01-01

    Full Text Available This paper discusses the literature on free cash flow (FCF, which is one source of corporate funding that can be distributed to investors after finance all investments with positive NPV. FCF contain agency problems (Jensen, 1986 giving rise to agency costs such as auditing fees. FCF can be distributed through dividends or stock repurchase, but sometimes management does not do so and instead uses for wealth management, such as for bonus and investment that can increase power and reduce the possibility of takeover. FCF can be used by management as a signal about the prospects of the company in the future due to policies such as specially designated dividend and stock repurchase has information content. In addition, some studies suggest that the management policy on FCF correlated with income and dividends smoothing.

  8. The detection and prevention of manipulations in the balance sheet and the cash flow statement

    Directory of Open Access Journals (Sweden)

    Dragomir Dimitrijevic

    2015-08-01

    Full Text Available Financial statements which consist of objective, real and reliable information represent the key basis for making many business decisions. If, when writing financial statements, certain manipulation techniques are used for displaying the best possible results of transactions, the quality of financial reports will be endangered. Many financial frauds have led to a great mistrust in the system of financial reporting and the profession of accounting and auditing, which are often accused of the emergence of fraud and losing trust in the reliability of financial information by many users and economic decision makers. These are the reasons why the paper discusses the techniques of manipulation in financial statements, especially in balance sheets and cash flow statements, since these forms of manipulation are harder to detect and prevent when compared to manipulations of revenues and expenses in the income statement.

  9. Understanding the tools for managing cash.

    Science.gov (United States)

    Pelfrey, S

    1990-10-01

    An institution's survival in the 1990s depends on its ability to generate enough cash to meet its needs. The author discusses two accounting tools, the cash budget and the statement of cash flows, that help monitor and control cash flows. By understanding the nature and impact of each report, nurse administrators can help safeguard one of their institution's scarcest resources: cash.

  10. Is Investment-Cash flow Sensitivity a Good Measure of Financing Constraints? New Evidence from Indian Business Group Firms

    NARCIS (Netherlands)

    George, R.; Kabir, M.R.; Qian, J.

    2005-01-01

    Several studies use the investment - cash flow sensitivity as a measure of financing constraints while some others disagree.The source of this disparity lies mostly in differences in opinion regarding the segregation of severely financially constrained firms from less constrained ones.We examine

  11. Financial Crisis Now Striking Home for School Districts: Project Delays, Worries About Cash Flow Result of Tight Credit Markets

    Science.gov (United States)

    Davis, Michelle R.

    2008-01-01

    This article reports that the crisis besetting U.S. and world financial markets is hitting school districts hard, as they struggle to float the bonds needed for capital projects, borrow money to ensure cash flow, and get access to investment funds locked up in troubled institutions. Some schools districts depend heavily on borrowed money to pay…

  12. Vehicle Infrastructure Cash-Flow Estimation--VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

    Energy Technology Data Exchange (ETDEWEB)

    Mitchell, G.

    2015-04-02

    This presentation discusses the differences between the original Vehicle and Infrastructure Cash-Flow Evaluation (VICE) Model and the revamped version, VICE 2.0. The enhanced tool can now help assess projects to acquire vehicles and infrastructure, or to acquire vehicles only.

  13. ChargeOut! : determining machine and capital equipment charge-out rates using discounted cash-flow analysis

    Science.gov (United States)

    E.M. (Ted) Bilek

    2007-01-01

    The model ChargeOut! was developed to determine charge-out rates or rates of return for machines and capital equipment. This paper introduces a costing methodology and applies it to a piece of capital equipment. Although designed for the forest industry, the methodology is readily transferable to other sectors. Based on discounted cash-flow analysis, ChargeOut!...

  14. Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA

    Directory of Open Access Journals (Sweden)

    Cecilia Maya Ochoa

    2004-12-01

    Full Text Available There exists an abysm between market prices and traditional valuation approaches such as Discounted Cash Flows (DCF, a fact that neither academics nor practitioners could continue ignoring. Recently, a complementary approach has taken a foothold into the valuation world. Building on the DCF approach yet going further in the sense of incorporating flexibility in management investment decisions, and taking advantage of the advances in option pricing theory, the real options approach (ROA has become the alternative to capital budgeting and, lately, to corporate valuation. Empirical evidence shows that ROA explains actual prices better than DCF approaches and nowadays there is no question that from a theoretical point of view, ROA is a much more appealing concept than passive NPV. However, its acceptance by practitioners has been very slow due to the complexity of real options pricing.Existe un abismo entre precios de Mercado y la valoración estimada por métodos tradicionales tales como Flujos de Caja Descontados, un hecho que ni académicos ni practicantes pueden continuar ignorando. Recientemente, una metodología complementaria ha tomado gran fuerza. Partiendo de los Flujos de Caja Descontados, pero incorporando flexibilidad en las decisiones de inversión y aprovechando los avances en la teoría de valoración de opciones, el enfoque de opciones reales (ROA se ha convertido en la alternativa para presupuestación de capital y valoración de empresas. La evidencia empírica muestra que ROA explica los precios de mercado mejor que los enfoques basados en flujos de caja descontados y, hoy en día, no hay discusión de que es más atractivo desde un punto de vista teórico; sin embargo, su utilización en la práctica ha sido muy limitada debido a las dificultades que presenta la valoración de las opciones reales.

  15. DETERMINANTS AND OPTIMAL LEVEL OF CORPORATE CASH HOLDINGS: EVIDENCE FROM US, UK AND JAPAN

    OpenAIRE

    Zhang, Shan Shan

    2013-01-01

    This paper firstly investigates the empirical determinants of corporate cash holdings for a sample of listed US, UK and Japanese firms during the 2000-2012 period. Through applying the pooled time-series cross-sectional estimations, cross-sectional estimations and GMM two-step method of estimations, the results reveal that firms’ cash flow, cash flow variability, bank debt and degree of shareholders protection and creditor protection all have inverse relationship with cash holdings. Contraril...

  16. The Importance of using Discounted Cash Flow Methodology in Techno-economic Analyses of Energy and Chemical Production Plants

    Directory of Open Access Journals (Sweden)

    Zorka Novak Pintarič

    2017-06-01

    Full Text Available This paper demonstrates the correct application of discounted cash flow methodology forevaluating and designing energy and chemical production plants. Such processes usuallycorrespond to capital intensive long-term projects. Simple economic criteria, like theprofit or production cost are insufficient for this type of decision making because they donot take into account the time value of money and underestimate the profitabilities of theevaluated plants. This paper shows that some of those criteria based on the discountedcash flows establish suitable compromises between long-term cash flow generation andprofitability. As several alternative options are usually evaluated in parallel, it is shownhow to rank mutually exclusive alternatives properly and how to select the best optionfrom among them. Two large-scale case studies demonstrate that using discounted cashflow methodology can result in substantially different decisions than non-discountedcriteria, however, these decisions are affected by several input parameters.

  17. The Role of Cash Flow in Financial Early Warning of Agricultural Enterprises Based on Logistic Model

    Science.gov (United States)

    Sun, Fengru

    2018-01-01

    This paper chooses the agricultural listed companies as the research object, compares the financial situation of the enterprise and the theory of financial early warning, combines the financial status of the agricultural listed companies, selects the relevant cash flow indicators, discusses the application of the Logistic financial early warning model in the agricultural listed companies, Agricultural enterprises get better development. Research on financial early warning of agricultural listed companies will help the agricultural listed companies to predict the financial crisis. Financial early warning model is simple to establish, operational and strong, the use of financial early warning model, to help enterprises in the financial crisis before taking rapid and effective measures, which can avoid losses. Help enterprises to discover signs of deterioration of the financial situation in time to maintain the sustainable development of agricultural enterprises. In addition, through the financial early warning model, investors can correctly identify the financial situation of agricultural enterprises, and can evaluate the financial situation of agricultural enterprises and to help investors to invest in scientific and rational, beneficial to investors to analyze the safety of investment. But also help the relevant regulatory agencies to effectively monitor the market and promote the healthy and stable development of the market.

  18. A cash flow model of development activity and the scope for energy savings. [Commercial office buildings

    Energy Technology Data Exchange (ETDEWEB)

    Leifer, D [Queensland Univ., St. Lucia (AU). Dept. of Architecture

    1991-01-01

    When proposing energy saving measures to the developers of large commercial office projects, it is necessary to appreciate what the developers' goals and perceptions are. This paper looks at a simple cash-flow model of development activity, and illustrates the potential for energy savings with reference to some data from two major Australian cities. This data was collected between July and November 1989 by surveys which were carried out on the basic design of 26 of the tallest Brisbane commercial office buildings. This survey followed an extensive investigation into the premises needs of modern office building tenants in Brisbane, in which over 200 CBD tenants were questioned. This investigation showed that there was an increasing need for air conditioning capacity and electrical power; greater tendencies for ''after hours'' office work; a desire for larger floor-plates to cater for expanding tenant organizations, and the emergence of ''professional tenants''. These observations have been documented elsewhere in the orbit reports amongst others. The buildings surveyed represent 60% of the estimated Brisbane central business district (CBD) office stock of area 1,256,000 m{sup 2}. (author).

  19. Cash Management.

    Science.gov (United States)

    Fischer, Mary L.; Ostrom, John S.

    1982-01-01

    Elements of an effective management program for colleges and universities are examined. Five basic purposes of an effective program of cash management are identified: developing accurate cash projections, managing cash receipts, controlling cash disbursements, establishing sound banking relationships, and investing funds. It is suggested that all…

  20. EBITDA/EBIT and cash flow based ICRs: A comparative approach in the agro-food system in Italy

    Directory of Open Access Journals (Sweden)

    Mattia Iotti

    2012-05-01

    Full Text Available The interest coverage ratios (ICRs are used to quantify the ability of firms to pay financial debts; ICRs are then considered by banks such as covenants in the financing term sheet, and are used by researchers and the rating agencies to estimate the probability of default of firms. Typically, ICRs calculation is based on profit margins, such as EBITDA and EBIT; EBITDA and EBIT approximate, but do not directly express, cash flows available to pay financial debts. The article aims to evaluate whether there are significant differences in results using ICRs based on EBITDA or EBIT and ICRs based on different definitions of cash flow (CF. The application is made to a sample of firms characterized by high absorption of capital operating in the Italian agro-food sector. The article highlights that there are statistically significant differences using ICRs EBITDA and EBIT based and ICRs based on different CF definitions.

  1. Incorporating a Time Horizon in Rate-of-Return Estimations: Discounted Cash Flow Model in Electric Transmission Rate Cases

    International Nuclear Information System (INIS)

    Chatterjee, Bishu; Sharp, Peter A.

    2006-01-01

    Electric transmission and other rate cases use a form of the discounted cash flow model with a single long-term growth rate to estimate rates of return on equity. It cannot incorporate information about the appropriate time horizon for which analysts' estimates of earnings growth have predictive powers. Only a non-constant growth model can explicitly recognize the importance of the time horizon in an ROE calculation. (author)

  2. Financial modeling in medicine: cash flow, basic metrics, the time value of money, discount rates, and internal rate of return.

    Science.gov (United States)

    Lexa, Frank James; Berlin, Jonathan W

    2005-03-01

    In this article, the authors cover tools for financial modeling. Commonly used time lines and cash flow diagrams are discussed. Commonly used but limited terms such as payback and breakeven are introduced. The important topics of the time value of money and discount rates are introduced to lay the foundation for their use in modeling and in more advanced metrics such as the internal rate of return. Finally, the authors broach the more sophisticated topic of net present value.

  3. Integrated risk management in a commercial market-maker bank using the 'cash flow at risk' approach

    OpenAIRE

    Voloshyn, Ihor; Voloshyn, Mykyta

    2013-01-01

    In this article, on the basis of the "cash flow at risk" approach, the system of the integrated (credit, market, operational and liquidity risks) risk management in a market-maker commercial bank is developed. This system guarantees reaching profitability, liquidity and coverage of banking risks and thus allows the fullest protection of the interests of depositors, creditors and shareholders of the bank providing its sustainable development.

  4. MANA YANG LEBIH MEMILIKI VALUE-RELEVANT: NET INCOME ATAU CASH FLOWS (Studi Terhadap Siklus Hidup Organisasi

    Directory of Open Access Journals (Sweden)

    Juniarti Juniarti

    2005-01-01

    Full Text Available This research is aimed to examine the relative value-relevant of net income and cash flow measures in different life cycle stages. Corporate life cycle consists of four stages: start up, growth, mature, and decline stage. Firms in different life cycle stages have different characteristics, and therefore in each life cycle stages the usefulness of accounting measures also different. Net incomes are predicted to be more value relevant in mature stages, while cash flows are expected to be more value relevant in stages characterized by start up, growth, and decline stages. The results prove that in the growth stage, the analysis supports the hypothesis that cash flows are more value relevant than net income. However, in the mature stage, the analysis results reject the hypothesis. This research do not analyze for the start up stage and decline stage, because of the limitation of the sample data. Abstract in Bahasa Indonesia: Penelitian ini bertujuan untuk menguji manakah yang lebih memiliki value-relevant pengukuran laba atau arus kas pada masing-masing siklus hidup perusahaan. Siklus hidup perusahaan umumnya terbagi dalam tahap start-up, growth, mature dan decline. Karakteristik perusahaan berbeda untuk setiap tahap siklus hidup tersebut, karena itu kegunaan pengukuran akuntansi juga akan berbeda. Laba diperkirakan lebih memiliki value-relevant pada tahap mature, sementara arus kas diekspektasikan lebih memiliki value-relevant ketika perusahaan berada pada tahap start-up, growth dan decline. Penelitian ini membuktikan bahwa pada tahap growth, hasil pengujian yang dilakukan mendukung hipotesis bahwa cash flow lebih memiliki value relevant dibanding laba. Tetapi, untuk tahap mature, hipotesis yang diajukan tidak berhasil dibuktikan. Penelitian ini tidak dapat melakukan pengujian untuk tahap start-up dan decline, dikarenakan data sampel untuk kedua tahap tersebut tidak mencukupi untuk dilakukan pengujian. Kata kunci: siklus hidup organisasi, value

  5. Investment Opportunity, Institutional Ownership, Cash Flow, Company Life Cycle Terhadap Kebijakan Dividen Dan Return Saham

    OpenAIRE

    Wiagustini, Ni Luh Putu

    2009-01-01

    The objective of this research was to examine and to analyze the infl uences of investmentopportunity, cash fl ow, company institutional ownership, and company life cycle stages to dividendpolicy; and the infl uences of dividend policy to investment opportunity, cash fl ow, institutionalownership, and company life cycle stages to share return. The samples used in this research weremanufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularlywithin the perio...

  6. Improvements of the cash-flow statement control function in financial reporting

    Directory of Open Access Journals (Sweden)

    Metka Duhovnik

    2008-06-01

    Full Text Available On the basis of deductive considerations applying professional judgement, the article focuses on the additional value of accounting information that can be given to the users of fi nancial statements by a properly prepared statement of cash fl ows. It is based on the fi nding that the professional literature is inconsistent in distinguishing liquidity and profi tability information, and consequently also in distinguishing between the ratios calculated on that basis. It therefore stimulates an improvement in the quality of accounting information with a direct statement of cash fl ows, based on tracing instead of calculating the actual cash fl ow. On the basis of fi nancial statements, including a direct statement of cash fl ows, the ratio analysis of fi nancial statements should be approached from both aspects of profi tability and cash return. The cash fl ow ratios would serve as a control mechanism over the assumptions used when preparing the balance sheet and income statement within the chosen financial reporting framework.

  7. Budgetary cash flows in the EU and their impact on national budget liquidity: the case of Slovenia

    Directory of Open Access Journals (Sweden)

    Tanja Markovič Hribernik

    2005-12-01

    Full Text Available On May 1, 2004 ten new states joined the EU. At the same time, budgetary cash flow mechanisms between the EU budget (as the central subject and national budgets were established. Despite the fact that all the rules are clear and known in advance - stipulated by the EU directives and regulations - there are some uncertainties, which may have an important effect on the liquidity as well as on the budgetary cash flows in new member states. The greatest problem for the liquidity of new member states’ budgets is posed by the time lags between inflows and outflows of EU funds. These lags are mainly because of delayed payments from the EU budget and problems with some member state’s absorption capacity. This article deals with the dynamics and the scale of budgetary cash flows between the Slovenian budget and the EU budget until 2006. A couple of likely scenarios are presented, which could happen in case of delayed payments of European funds. Consequently, both an unexpected state budget liquidity deficit and an additional burden arising from interest on delayed payments to the Brussels are possible for Slovenia.

  8. A study on relationship among free cash flow, firm value and investors’ cautiousness: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-09-01

    Full Text Available Financial statements as well as financial standards are always considered as primary sources for getting rich information of firms. The standards are normally divided in two categories of economic and accounting and each of these standards shows one of the specifications of the company and has its own advantageous and disadvantageous. There are different standards, which are used for firm assessment. Therefore, a company with more gained prominences has more change to succeed in attracting credits and financing from the capital market. Under such circumstances, such a company can attract more finance and it can be sold sooner on the stock exchange. This paper tries to investigate on the free cash flow as an effective factor in specifying the real value of the business enterprises on 56 selected firms from Tehran Stock Exchange. The results of this study have disclosed that, there was a direct and meaningful relationship between free cash flow of the business enterprises and their real values. Second, the real values of the business enterprises are more than their predicted values. Finally, the predicted value of the business enterprises on the basis of the free cash flow is more than their market value.

  9. Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet: Vehicle Infrastructure Cash-Flow Estimation -- VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

    Energy Technology Data Exchange (ETDEWEB)

    Gonzales, John

    2015-04-02

    Presentation by Senior Engineer John Gonzales on Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet using the Vehicle Infrastructure Cash-flow Estimation (VICE) 2.0 model.

  10. PENGARUH EARNINGS, OPERATING CASH FLOW DAN ASSET GROWTH TERHADAP STOCK RETURN PERUSAHAAN YANG TERDAFTAR PADA INDEKS LQ 45 UNTUK PERIODE 2009-2011

    Directory of Open Access Journals (Sweden)

    Yulius ,

    2017-02-01

    Full Text Available The objective of this research is to test the impact of earnings, operating cash flow and asset growth to firm’s stock return which listed in LQ 45 index in Indonesian for 2009-2011. The result of this research is earnings, operating cash flow and asset growth have not significant effect to stock return both when those variabels is tested separately or silmutaneously. This result show that earnings, operating cash flow and asset growth are not only the one to be the basis of consideration for investor to make investment to get the stock return. Therefore, for making investment, investor should consider other factors which effect the firm’s stock return as macro economics and politics. Furthermore, from this result, be expected an improvement of quality financial statement which addopted IFRS. Keyword: Earnings, Operating Cash Flow, Asset Growth, Stock Return.

  11. Is There a Difference in Credit Constraints Between Private and Listed Companies in Brazil? Empirical Evidence by The Cash Flow Sensitivity Approach

    Directory of Open Access Journals (Sweden)

    Alan Nader Ackel Ghani

    2015-04-01

    Full Text Available This article analyzes the credit constraints, using the cash flow sensitivity approach, of private and listed companies between 2007 and 2010. According to this approach, the econometric results show that the credit constraints are the same for either private or listed companies. This paper seeks to contribute to the literature because the study of credit constraints of private companies based on cash flow sensitivity in Brazil has been rare.

  12. CASH FINANCIAL FLOWS PERFORMANCE ON THE OCCASION OF COLLECTING STATE TREASURY BUDGETARY CLAIMS

    Directory of Open Access Journals (Sweden)

    RISTI LUCIA

    2015-07-01

    Full Text Available The present paper analyzes the financial flows caused by the collection of taxes and other budget payments from businesses or other legal entities and individuals who have accounts with commercial banks, fact which amends the volume and structure of the execution of public funds, on the whole of public Treasury. The current legislation in Romania establishes the obligation for operators and other taxpayers to pay on their own initiative the debts they have to the state1 , otherwise, Ministry of Finance bodies2 are entitled and even obliged to undertake forced pursuing these state budget rights applying forced tracking forms to concerned taxpayers which are provided by law. In this respect, based on the information provided by its own accounting or tax decisions passed by the tax bodies; taxpayers, individuals or legal entities, submit payment documents whether to commercial banks where they have opened accounts or to operational units of Treasuries, if they have open available accounts ere, payment documents for their debts to the state and, all those transactions are subject to this research. Along with the cash settlement, the settlement of cashless payments for operators and other taxpayers who have bank accounts with commercial banks in order to pay their debts to the state, these can be achieved in three ways: on their own initiative; on the basis of payment documents deposited with commercial banks where they have opened their accounts on their own initiative; at the customs facilities in the case of import operations regarding state budget obligations connected to the nature of customs duties, excise duties, value added tax and; thirdly, on the tax authorities or customs initiative by forced tracking on the available accounts or other property of the debtor taxpayers.

  13. Testando o “Cash-Flow-at-Risk” em empresas têxteis

    Directory of Open Access Journals (Sweden)

    Fernanda Finotti Cordeiro Perobelli

    2012-01-01

    Full Text Available A despeito da relevância, para uma empresa, de mensurar a probabilidade do fluxo de caixa, numa data futura, atingir valores que a impeçam de honrar compromissos ou firmar projetos de investimento ou financiamento, discussões sobre métodos capazes de fornecer tal probabilidade são incipientes. Pretendendo contribuir para tal discussão, este artigo apresenta métodos alternativos para verificação do fluxo de caixa em risco baseados na métrica Cash-Flow-at-Risk (C-FaR. Ilustrativamente, uma aplicação no segmento têxtil é realizada, sendo apresentados dois métodos para estimação dos fatores de risco relevantes do fluxo: setorial (painel e individual (séries temporais, com simulação de choques inesperados sobre as previsões a partir da série do fator (nível e da série de erros de previsão do fator (erro, além de um procedimento ingênuo, em que a distribuição do fluxo de caixa é acessada sem que se identifiquem explicitamente seus fatores de risco, pelo bootstrap da série de valores históricos de seus componentes (receitas, custos e despesas. Os resultados encontrados revelam que, na amostra, o melhor método estimou fatores de risco por empresa (enfoque de série de tempo e simulou choques a partir dos erros de previsão dos fatores de risco.

  14. Impact of political costs on company benefits in the institutions with high free cash flow and low growth opportunity: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Pasandidehfar

    2015-11-01

    Full Text Available The political costs, bonuses paid to managers, how to use the growth opportunities obtained and their effects on the profitability of companies are the issues that have always been a major of corporations’ concerns. Company exposure to political decisions, its costs and effects on the company's cash flow is very important. Hence, understanding the relationship between variables in a company and how they influence on each other helps management decisions for better opportunities and reduction in political costs, increase cash flow and ultimately increase the profitability of the firms. This survey studies the relationship between the impact of political costs on companies with high free cash flow and low growth opportunity. In this survey, company's assets, sales, income and number of employees are estimated. Then the indexes related to these costs are evaluated based on the tax component, the cost of the sports, personnel costs and relationships among them. Pearson correlation coefficient, regression coefficients and analysis of variance have been used to examine the hypotheses of the survey. The results show that the political cost, high free cash flow and low growth opportunity had negative correlations with each other. In other words, there was a negative relationship between profit and political costs in companies with high free cash flow and low growth opportunity. Moreover, high free cash flow and low growth opportunities had significant effect on the relationship between political costs and benefits in companies listed in Tehran Stock Exchange.

  15. Influência do cálculo de depreciação no imposto de renda e no fluxo de caixa de uma atividade de transporte florestal Influence of methods for calculating depreciation on the income tax and cash flow of a forest transportion activity

    Directory of Open Access Journals (Sweden)

    Luis Carlos de Freitas

    2007-04-01

    Full Text Available Este trabalho buscou ilustrar um cenário de alternativas na cobrança de impostos, baseado em diferentes métodos de depreciação. A referência foi a atividade de transporte florestal, sendo o estudo desenvolvido para o caminhão bitrem. O fluxo de caixa foi calculado antes e depois dos impostos, sendo estes determinados com base num porcentual incidido sobre a renda tributável, que variou em função das metodologias utilizadas no cálculo da depreciação. Após a elaboração do fluxo de caixa pós-impostos, realizou-se um estudo econômico utilizando o Valor Presente Líquido (VPL. O impacto do imposto de renda ocasionou retrações na VPL de 53,36%, 52,22%, 50,54%, 48,07% e 47,72% quando se consideraram, respectivamente, os seguintes métodos de depreciação: soma inversa dos dígitos, fundo de renovação, linear, exponencial e soma dos dígitos. A metodologia mais compatível para o bitrem foi a mesma que apresentou maior VPL (soma dos dígitos, indicando que o método adotado pelo governo pode acarretar sobrecarga tributária. Isso reflete a necessidade de se estabelecerem critérios mais justos na cobrança de impostos, através da adoção de metodologias mais adequadas às realidades dos equipamentos.This work sought to illustrate a scenario of alternatives to taxation, based on different methods of depreciation. The parameter was the forest transportation activity, being the study developed for the Bitrem truck. Cash flow was calculated before and after taxation, which values were determined on the basis of a percentage on the taxable income, varying according to the methodologies used for calculating depreciation. After drawing up the post-taxation cash flow, an economic study was carried out using Net Present Value (NPV. The impact of the income tax caused a reduction in NPV of 53.36%, 52.22%, 50.54%, 48.07% and 47.72% respectively when considering the following methods of depreciation: inverse sum of the digits ; sinking fund

  16. A Discounted Cash Flow variant to detect the optimal amount of additional burdens in Public-Private Partnership transactions.

    Science.gov (United States)

    Copiello, Sergio

    2016-01-01

    The Discounted Cash Flow method is a long since well-known tool to assess the feasibility of investment projects, as the background which shapes a broad range of techniques, from the Cost-Benefit Analysis up to the Life-Cycle Cost Analysis. Its rationale lies in the comparison of deferred values, only once they have been discounted back to the present. The DCF variant proposed here fits into a specific application field. It is well-suited to the evaluations required in order to structure equitable transactions under the umbrella of Public-Private Partnership. •The discount rate relies upon the concept of expected return on equity, instead than on those of weighted average cost of capital, although the latter is the most common reference within the scope of real estate investment valuation.•Given a feasible project, whose Net Present Value is more than satisfactory, we aim to identify the amount of the additional burdens that could be charged to the project, under the condition of keeping the same economically viable.•The DCF variant essentially deals with an optimization problem, which can be solved by means of simple one-shot equations, derived from financial mathematics, or through iterative calculations if additional constraints must be considered.

  17. Probabilistic Cash Flow-Based Optimal Investment Timing Using Two-Color Rainbow Options Valuation for Economic Sustainability Appraisement

    Directory of Open Access Journals (Sweden)

    Yonggu Kim

    2017-10-01

    Full Text Available This research determines the optimal investment timing using real options valuation to support decision-making for economic sustainability assessment. This paper illustrates an option pricing model using the Black-Scholes model applied to a case project to understand the model performance. Applicability of the project to the model requires two Monte Carlo simulations to satisfy a Markov process and a Wiener process. The position of project developers is not only the seller of products, but it is also the buyer of raw materials. Real options valuation can be influenced by the volatility of cash outflow, as well as the volatility of cash inflow. This study suggests two-color rainbow options valuation to overcome this issue, which is demonstrated for a steel plant project. The asymmetric results of the case study show that cash outflow (put option influences the value of the steel plant project more than cash inflow (call option does of which the discussion of the results is referred to a sensitivity analysis. The real options valuation method proposed in this study contributes to the literature on applying the new model, taking into consideration that investors maximize project profitability for economic sustainable development.

  18. Pengaruh Agency Cost of Free Cash Flow Terhadap Tingkat Konservatisme dan Pengujian Efek Moderasi Kebijakan Hutang, Pendistribusian Kas, Persistensi Kas, dan Tata Kelola Perusahaan

    Directory of Open Access Journals (Sweden)

    Hendro Hendro

    2015-01-01

    Full Text Available This research investigates whether the J-type firm (high agency cost of free cash flow provide more conservative financial statements than non J-type firm. Besides, this research also aim to examine the moderating effects of debt, dividend, stock repurchase, cash persistency, and corporate governance on the relationship between the level of agency cost of free cash flow and conservatism level of financial statements. This research uses two measurement of conservatism, namely accrual conservatism and market value conservatism. Research sample includes manufacturing companies listed in the Indonesian Stock Exchange for the year 2007, 2008 and 2010. The result proves that there is a positive and significant relationship between the level of agency cost of free cash flow and the two measurement of conservatism level of financial stataments. However, this research shows that there is no effect of the moderating variables on that relationship.

  19. A Cash Management Model.

    Science.gov (United States)

    Boyles, William W.

    1975-01-01

    In 1973, Ronald G. Lykins presented a model for cash management and analysed its benefits for Ohio University. This paper attempts to expand on the previous method by providing answers to questions raised by the Lykins methods by a series of simple algebraic formulas. Both methods are based on two premises: (1) all cash over which the business…

  20. Comparing the role of accruals and operating cash flows on users' decisions on financial statements: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohsen Sohrabi Araghi

    2013-01-01

    Full Text Available One of the major challenges facing all of individuals and organizations is decision-making based on the information. The issues of priority about cash flows and accruals data in decision-making process for different groups of financial statement users include investors, creditors, shareholders, directors, etc. one of the issues that has been controversial between accrual and cash accounting advocators for a long time. In this study, we survey the role of accruals and operating cash flows in decisions of financial statement users in listed companies on Tehran stock exchange, information content of operating cash flows and accruals in the connection with decision-making criteria used by different groups using financial statement has been examined. In this study, we use eliminating sampling and implied limitations and the sample size includes 203 companies to examine six hypotheses. The results of this research indicate that there is a significant different between accruals and operating cash flows information content in relation to various decision-making criteria but utilizing accruals and operating cash flows supplementary and simultaneously in profit frame depending on the selection criteria may or may not be include information value-added.

  1. Cash transfers for HIV prevention: what do young women spend it on? Mixed methods findings from HPTN 068

    Directory of Open Access Journals (Sweden)

    Catherine MacPhail

    2017-07-01

    Full Text Available Abstract Background Social grants have been found to have an impact on health and wellbeing in multiple settings. Who receives the grant, however, has been the subject of discussion with regards to how the money is spent and who benefits from the grant. Methods Using survey data from 1214 young women who were in the intervention arm and completed at least one annual visit in the HPTN 068 trial, and qualitative interview data from a subset of 38 participants, we examined spending of a cash transfer provided to young women conditioned on school attendance. Results We found that spending was largely determined and controlled by young women themselves and that the cash transfer was predominately spent on toiletries, clothing and school supplies. In interview data, young women discussed the significant role of cash transfers for adolescent identity, specifically with regard to independence from family and status within the peer network. There were almost no negative consequences from receiving the cash transfer. Conclusions We established that providing adolescents access to cash was not reported to be associated with social harms or negative consequences. Rather, spending of the cash facilitated appropriate adolescent developmental behaviours. The findings are encouraging at a time in which there is global interest in addressing the structural drivers of HIV risk, such as poverty, for young women. Trial registration Clinicaltrials.gov NCT01233531 (1 Nov 2010. First participant enrolled 5 March 2011.

  2. Inventory model with cash flow oriented and time-dependent holding cost under permissible delay in payments

    Directory of Open Access Journals (Sweden)

    Tripathi R.P.

    2013-01-01

    Full Text Available This study develops an inventory model for determining an optimal ordering policy for non-deteriorating items and time-dependent holding cost with delayed payments permitted by the supplier under inflation and time-discounting. The discounted cash flows approach is applied to study the problem analysis. Mathematical models have been derived under two different situations i.e. case I: The permissible delay period is less than cycle time for settling the account and case II: The permissible delay period is greater than or equal to cycle time for settling the account. An algorithm is used to obtain minimum total present value of the costs over the time horizon H. Finally, numerical example and sensitivity analysis demonstrate the applicability of the proposed model. The main purpose of this paper is to investigate the optimal cycle time and optimal payment time for an item so that annual total relevant cost is minimized.

  3. Optimal portfolio selection in a Lévy market with uncontrolled cash flow and only risky assets

    Science.gov (United States)

    Zeng, Yan; Li, Zhongfei; Wu, Huiling

    2013-03-01

    This article considers an investor who has an exogenous cash flow evolving according to a Lévy process and invests in a financial market consisting of only risky assets, whose prices are governed by exponential Lévy processes. Two continuous-time portfolio selection problems are studied for the investor. One is a benchmark problem, and the other is a mean-variance problem. The first problem is solved by adopting the stochastic dynamic programming approach, and the obtained results are extended to the second problem by employing the duality theory. Closed-form solutions of these two problems are derived. Some existing results are found to be special cases of our results.

  4. Rapid flow imaging method

    International Nuclear Information System (INIS)

    Pelc, N.J.; Spritzer, C.E.; Lee, J.N.

    1988-01-01

    A rapid, phase-contrast, MR imaging method of imaging flow has been implemented. The method, called VIGRE (velocity imaging with gradient recalled echoes), consists of two interleaved, narrow flip angle, gradient-recalled acquisitions. One is flow compensated while the second has a specified flow encoding (both peak velocity and direction) that causes signals to contain additional phase in proportion to velocity in the specified direction. Complex image data from the first acquisition are used as a phase reference for the second, yielding immunity from phase accumulation due to causes other than motion. Images with pixel values equal to MΔΘ where M is the magnitude of the flow compensated image and ΔΘ is the phase difference at the pixel, are produced. The magnitude weighting provides additional vessel contrast, suppresses background noise, maintains the flow direction information, and still allows quantitative data to be retrieved. The method has been validated with phantoms and is undergoing initial clinical evaluation. Early results are extremely encouraging

  5. A survey on relationship between capital structure, free cash flow and diversification and firm performance of listed companies in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2014-10-01

    Full Text Available This paper presents an empirical investigation to study the effects of free cash flow, share diversification and capital structure on Tobin-Q in selected firms on Tehran Stock Exchange. The population of the survey includes 520 firms listed on this exchange until year 2012 and the survey uses a sample of 105 firms, randomly. The study uses the models originally developed by Palepu (1985 [Palepu, K. (1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3, 239-255.] to measure the effects of different factors on Tobin Q. The study has indicated that while capital structure and free cash flow influence positively on Tobin Q, diversification has maintained a negative and meaningful relationship with Tobin Q.

  6. The effects of return on investment, sales growth rate, volatility of investment, cash flow and structure of institutional shareholders on the ratio of debt to equities

    Directory of Open Access Journals (Sweden)

    Jalal Golmohammadi

    2015-12-01

    Full Text Available This paper presents a study to measure the effects of return on investment, sales growth rate, volatility investment, cash flow and structure of institutional shareholders on the ratio of debt to equities. The study selects 102 firms listed on Tehran Stock Exchange and, using regression technique with Panel data, examines five different hypotheses over the period 2008-2012. The results indicate that there was a negative and meaningful relationship between return of investment and the ratio of debt to equities and a positive and meaningful relationship between sales growth and the ratio of debt to equities. Moreover, there were positive and meaningful relationships between volatility of investment as well as cash flow and the ratio of debt to equities. Finally, the survey has indicated that there was a negative and meaningful relationship between the structure of institutional shareholders and the ratio of debt to equities.

  7. The impact of net value added on predicting the earnings and operating cash flow: An empirical study based on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Omid Imani Khoshkhoo

    2013-12-01

    Full Text Available Information content of earnings and its components and other issues except the earnings such as the operating cash flow (OCF have been tested widely in the accounting and finance literature. Since they have had an essential role in most cases including financial reporting, contracts and evaluation models, specifying the items and financial variables that have had a significant relationship with these two variables are expected to be of utmost importance. One example of these variables and indicators is the value added. Although this variable has an economic concept, reporting of value added to the beneficiaries of business entity as the value-added statement has been observed in the field of accounting theories for many years. The main objective of this study was to investigate the effect of net value added (NVA as the basic result of value-added statement in predicting the accounting earnings and operating cash flow. For this purpose, the relationship of changes in net value added with the changes in accounting earnings and operating cash flow of listed companies in Tehran Stock Exchange from 2007 to 2011 was tested. Firstly the Single variable cross-sectional regression was analyzed and then the panel data analysis with the PLS technique was used to do a pooled analysis. The results of testing research hypothesis imply the significant relationship between changes in net value added and accounting earnings in the listed companies as cross-sectional and pooled forms. The results showed no significant relationship between changes in net value added and operating cash flow in the listed companies neither in cross-sectional nor pooled form.

  8. Effect of Managerial Ownership, Free Cash Flow and Size Company Policy on Debt (Empirical Study on Industrial Enterprises Basic and Chemicals Listed in Bei)

    OpenAIRE

    Hasan, Mudrika Alamsyah

    2013-01-01

    The purpose of this study was to obtain empirical evidence about the effect of managerial ownership structure, free cash flow and the size of the companys debt policy the Basic Industry and Chemicals companies listed on the Stock Exchange.The population in this research is the basic chemical sector companies listed on the Indonesia Stock Exchange during the last three years, is from the years 2009-2011, amounting to 43 companies, using purposive sampling and the sampling results obtained by 3...

  9. Turkish Accounting Standards, IAS - 39 "Financial Instruments: Recognition and Measurement" Under the Cash Flow Hedge Derivative Products Use: The Case of Forward

    Directory of Open Access Journals (Sweden)

    Emine ÇINA BAL

    2013-06-01

    Full Text Available Businesses face interest rate, exchange rate, liquidity, use derivative financial instruments to hedge against such risks. Forward transactions with derivative financial instruments, the non-organized markets, interest rates pre-determined future date, foreign currency contracts that contain delivery of goods as well as financial assets. Cash flow hedge that forms the subject of this study, a recognized asset or liability or a highly probable forecast transaction and the net profit or loss attributable to a particular risk of affecting the nature of a cash flow hedge to hedge changes in the process. Study the case of the application of foreign money has a tangible fixed asset purchases. Related to the purchase of tangible fixed assets at future foreign mercenaries were forward contracts to hedge the cash flow risk. Forward contracts, principal accounts on the balance sheet in accordance with IAS 39 Standard, derivative financial instruments are shown as fixed assets. The fair value of the contract during the contract period at the end of the period to show the valuation differences arising from the valuation of equity shown in the balance sheet. Net valuation differences arising from the contract are accounted for by two separate options. The first option, the net costs associated with the asset valuation difference. The second option is deducted from the amount of depreciation for the asset at the end of the period.

  10. Cash efficiency for bank branches.

    Science.gov (United States)

    Cabello, Julia García

    2013-01-01

    Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks' branches is also a relevant issue as any significant improvement in cash management at the bank distribution channels may have a positive effect in reducing liquidity tensions. In this paper, we propose a simple programme of cash efficiency for the banks' branches, very easy to implement, which conform to a set of instructions to be imposed from the bank to their branches. This model proves to significantly reduce cash holdings at branches thereby providing efficiency improvements in liquidity management. The methodology we propose is based on the definition of some stochastic processes combined with renewal processes, which capture the random elements of the cash flow, before applying suitable optimization programmes to all the costs involved in cash movements. The classical issue of the Transaction Demand for the Cash and some aspects of Inventory Theory are also present. Mathematics Subject Classification (2000) C02, C60, E50.

  11. Governance mechanisms, investment opportunity set and SMEs cash holdings

    OpenAIRE

    Belghitar, Yacine; Khan, James

    2013-01-01

    This study analyses the effect of firm characteristics and governance mechanisms on cash holdings for a sample of UK SMEs. The results show that UK SMEs with greater cash flow volatility and institutional investors hold more cash; whereas levered and dividend paying SMEs with non-executive ownership hold less cash. We also find that ownership structure is significant only in explaining the cash holdings for firms with high growth investment opportunities, and leverage is only significant in e...

  12. Rating Your Cash Manager?

    Science.gov (United States)

    Nielsen, George A.; Johannisson, Eric E.

    1989-01-01

    The primary objective of a public cash management policy should include safety, liquidity, yield, and legality. Contains a cash management policy/procedure checklist, a test for cash managers, and a formula for calculating the rate of return. (MLF)

  13. Optimal ratio of cash and non-cash payments

    Directory of Open Access Journals (Sweden)

    Galina S. Panova

    2014-01-01

    Full Text Available Analysis of the present condition and prospects of development of the monetary sector of the Russian economy. Quantitative parameters of aggregate turnover, including the value of cash and non-cash it. Researched issues restricting cash advance industry in Russia and other countries; the problems encountered by foreign States in imposing administrative limits on cash payments; provides specific recommendations and identified risks imposing such restrictions in Russia. The article deals with topical issues of optimization of structure of aggregate turnover. Analyzing the development of money turnover, the role and the place of cash in the economy, the author explored the basic approaches to the determination and regulation of money turnover, proposed a new approach to ensure transparency in money flows. Particularly promising cash flow optimization are: a measures aimed at improving the cash turnover (including maintaining the stability of the national currency, improving the procedures for issuing and withdrawing money from circulation, determine the optimal structure of monetary aggregates, etc. and b development of cashless money turnover. The author's position is presented on the future of the scientific basis and practical realization of the optimal ratio of cash and cashless money turnover in Russia and other countries. In particular, felt the need to increase information transparency, openness international information exchange in order to improve monetary policy by countries at the national and international level. To develop common approaches (models of the analysis and forecasting of financial markets, as well as the establishment of an international coordination centre responsible for the collection, verification and access to public information databases for the cross-country studies of banking and financial and monetary sphere.

  14. Effects of dry period length on production, cash flows and greenhouse gas emissions of the dairy herd: A dynamic stochastic simulation model.

    Directory of Open Access Journals (Sweden)

    Akke Kok

    Full Text Available Shortening or omitting the dry period of dairy cows improves metabolic health in early lactation and reduces management transitions for dairy cows. The success of implementation of these strategies depends on their impact on milk yield and farm profitability. Insight in these impacts is valuable for informed decision-making by farmers. The aim of this study was to investigate how shortening or omitting the dry period of dairy cows affects production and cash flows at the herd level, and greenhouse gas emissions per unit of milk, using a dynamic stochastic simulation model. The effects of dry period length on milk yield and calving interval assumed in this model were derived from actual performance of commercial dairy cows over multiple lactations. The model simulated lactations, and calving and culling events of individual cows for herds of 100 cows. Herds were simulated for 5 years with a dry period of 56 (conventional, 28 or 0 days (n = 50 herds each. Partial cash flows were computed from revenues from sold milk, calves, and culled cows, and costs from feed and rearing youngstock. Greenhouse gas emissions were computed using a life cycle approach. A dry period of 28 days reduced milk production of the herd by 3.0% in years 2 through 5, compared with a dry period of 56 days. A dry period of 0 days reduced milk production by 3.5% in years 3 through 5, after a dip in milk production of 6.9% in year 2. On average, dry periods of 28 and 0 days reduced partial cash flows by €1,249 and €1,632 per herd per year, and increased greenhouse gas emissions by 0.7% and 0.5%, respectively. Considering the potential for enhancing cow welfare, these negative impacts of shortening or omitting the dry period seem justifiable, and they might even be offset by improved health.

  15. Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

    Science.gov (United States)

    Tuner, James A.

    2016-01-01

    Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

  16. An Introduction To Digital Cash World

    Directory of Open Access Journals (Sweden)

    Lusiana Citra Dewi

    2010-12-01

    Full Text Available Digital cash is one of the payment methods that is very easy to use, especially when someone is doing a transaction through the internet. Digital cash has many forms and systems, which are supposed to simplify and make the process of transaction easier. This paper will discuss about the definition of the digital cash itself, the important properties that it has, the problems which occur due to its existence, the examples of some key players who operate the digital cash from all around the world, along with how the digital cash works, and lastly, how the digital cash is put into the practical world. The purpose of this paper is to give a glimpse of view on the functions of the digital cash, the systems or protocols which are needed to implement it, and the problems faced by those who use it. 

  17. Inflation, operating cycle, and cash holdings

    Directory of Open Access Journals (Sweden)

    Yanchao Wang

    2014-12-01

    Full Text Available A corporate cash-holding strategy is a trade-off between the costs and benefits of holding cash. At the macrolevel, firms are inclined to adjust and optimize their cash-holding strategies in response to changes in purchasing power due to inflation. At the microlevel, the operating cycle, which indicates the speed and turnover of corporate cash flow, also influences the corporate cash-holding strategy. Firms flexibly adjust their cash-holding strategies in response to changes in the internal and external environment, which is referred to as the cash adjustment strategy. We examine these predicted relationships using a sample of listed firms in China’s stock market over the 1998–2009 period. Consistent with our predictions, the empirical results indicate a significant negative association between cash holdings and the CPI, but the relationship is reversed when the CPI reaches a certain level. There is also a U-shaped relationship between operating cycle and cash holdings, and this relationship is similarly influenced by changes in the inflation level. In examining the macroeconomic environment and microlevel firm-specific characteristics simultaneously, our findings supplement the literature on firms’ cash-holding strategies and provide theoretical and practical implications.

  18. Prudency reviews, cash management issues emerge

    International Nuclear Information System (INIS)

    Anon.

    1985-01-01

    Utility management is paying increasing attention to the broadening of regulatory commission prudency reviews to cover operating generating plants as well as those under construction. Utilities can expect a prudency review after a major outage, and should investigate the possibility for legal action against a third party or be prepared to defend itself. The Shoreham nuclear plant serves as a warning to utilities of the need for on-going documentation of cost-benefit analyses conducted during the construction period. Utility managers should demand a prudency standard from their regulators, and minority owners in large projects should make independent prudency findings. There is also a growing need for utilities to develop intelligent strategies for handling excess cash. Methods for handling cash flow include the financial investment, grid refurbishment, dividend payout, decapitalization, and diversification

  19. Heat flow method

    International Nuclear Information System (INIS)

    Chen Yunmei

    1994-01-01

    In this paper we study the heat flow of harmonic maps between two compact Riemannian manifolds. The global existence of the regular solution and the weak solution, as well as the blow up of the weak solution are discussed. (author). 14 refs

  20. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling)

    OpenAIRE

    Ali KABAKÇI

    2011-01-01

    Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash m...

  1. Corporate Cash Holdings and Adjustment Behaviour in Chinese Firms: An Empirical Analysis Using Generalized Method of Moments

    Directory of Open Access Journals (Sweden)

    Ajid ur Rehman

    2016-05-01

    Full Text Available This study is intended to find out the motives of cash holding in Chinese firms and theories associated with these motives. The study is unique because it not only estimates the adjustment speed of corporate cash holdings but also discuss several firm specific factors that affects cash holdings in Chinese firms with special reference to Chinese SOEs and NSOEs. An extensive set of panel data comprising 1632 A listed Chines firms, over a period from 2001 to 2013 are taken for analysis. The study reports a lower adjustment coefficient for Chinese firms compared to other developed nations. The study finds that target level of cash holdings in Chinese firms is better explained by Trade off and Pecking order theories. To cope with issues of endogeneity and serial correlation the study apply GMM and random effects model with an added AR (autoregressive term.

  2. Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

    OpenAIRE

    Irene Clara Pisón Fernández; Félix Puime Guillén; Miguel Ángel Crespo Cibrán

    2015-01-01

    En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégi...

  3. Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

    Directory of Open Access Journals (Sweden)

    Irene Clara Pisón Fernández

    2015-06-01

    Full Text Available En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégico dentro de la economía española de las próximas décadas.

  4. Cash Reconciliation Tool

    Data.gov (United States)

    US Agency for International Development — CART is a cash reconciliation tool that allows users to reconcile Agency cash disbursements with Treasury fund balances; track open unreconciled items; and create an...

  5. An Introduction to Digital Cash World

    OpenAIRE

    Dewi, Lusiana Citra

    2010-01-01

    Digital cash is one of the payment methods that is very easy to use, especially when someone is doing a transaction through the internet. Digital cash has many forms and systems, which are supposed to simplify and make the process of transaction easier. This paper will discuss about the definition of the digital cash itself, the important properties that it has, the problems which occur due to its existence, the examples of some key players who operate the digital cash from all around the wor...

  6. Flows method in global analysis

    International Nuclear Information System (INIS)

    Duong Minh Duc.

    1994-12-01

    We study the gradient flows method for W r,p (M,N) where M and N are Riemannian manifold and r may be less than m/p. We localize some global analysis problem by constructing gradient flows which only change the value of any u in W r,p (M,N) in a local chart of M. (author). 24 refs

  7. The Determinants of Corporate Cash Holdings- An Empirical study from UK Firms

    OpenAIRE

    GUO, YI

    2013-01-01

    Cash holding is most important financial decision in the company management strategy. In this dissertation, the determinants of corporate cash holdings in UK non-financial publicly traded firms over the period from 2003 to 2012 are investigated. Our study finds that growth opportunities and cash flow and cash flow variability are positively associated with the level of corporate cash holdings, while firm size, leverage, net working capital, bank debt and dividend payment have negative impact ...

  8. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling

    Directory of Open Access Journals (Sweden)

    Ali KABAKÇI

    2011-01-01

    Full Text Available Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash management approach and pooling technique in order to optimize the parent-subsidiary and inter-subsidiary cash flows.

  9. A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hosein Parsian

    2014-01-01

    Full Text Available Decision making about dividend payout is one of the most important decision that companies should encounter. Identifying factors that influence dividends can help managers in making an appropriate dividend policy. In the other side, companies’ dividend payouts over time and with a stable manner may influence on stock price, future earnings growth and finally investor's evaluation about owners' equity. Hence, investigating the factors influencing dividend payout ratio is of high importance. In this research, we investigate the effects of various factors on dividend payout ratio of Tehran Stock Exchange (TSE listed companies. We use time series regression (panel data in order to test the hypothesis of this study. This study provides empirical evidences by choosing a sample of 102 companies over the time span of 2005-2010. The result shows that independent variables of free cash flow and profitability current ratio have negative and significant impact on dividend payout ratio; whereas, the independent variable of leverage ratio has a positive and significant impact on dividend payout ratio. The other independent ratio such as size of the company, growth opportunities and systematic risk do not have any significant influence on dividend payout ratio.

  10. Measuring VaR of Discounted Cash Flows. Application to a Business Case Medición del valor en riesgo de los flujos de caja descontados. Aplicación a un caso empresarial

    Directory of Open Access Journals (Sweden)

    Jenny Moscoso Escobar

    2009-12-01

    Full Text Available This article seeks to appropriate a Cash Flow at Risk –CFAR- model from the literature developed in the research of Postgraduate, Measuring Value at Risk of Discounted Cash Flow for the Colombian Firm not listed on the stock market and apply it to a non-financial firm at the real sector, which specifies the operational and macroeconomic variables as random results, in a process of statistical modeling by Monte Carlo simulation approach structured in order to measure the variation in future cash flows discounted by a risk-adjusted rates for applications such as toolmaking decisions through the CFaR.A partir de la literatura existente se pretende mostrar el modelo de Flujo de Caja en Riesgo (CFaR, desarrollado en la investigación titulada, “Medición del valor en riesgo de los flujos de caja descontados para la empresa colombiana que no cotiza en bolsa”. Al mismo tiempo, aplicarlo a una empresa no financiera del sector real, con especificación de las variables operacionales y macroeconómicas como resultados aleatorios, en un proceso de modelado estadístico por medio del enfoque de Simulación Montecarlo Estructurado. El objetivo es medir la posible variación de los flujos de caja futuros descontados, a través de una tasa ajustada por riesgo, para aplicarla como herramienta de toma de decisiones con base en el CFaR.

  11. Determination of Boundary Parameters of Cash Flows Regulation of Bank Contractors Using Methods of Financial Analysis Определение предельных параметров регулирования движения денежных потоков контрагентов банка

    Directory of Open Access Journals (Sweden)

    Azarenkova Galina M.

    2012-04-01

    Full Text Available The selected risk forming factors of cash flow value is determined with the help of hierarchical system of interconnected methods and models of different types. The boundary parameters of cash flows regulation between economic agents by taking into account the coefficient of credit resource of bank contractor in the period of lending bank service for contractor is determined by expansion of parametric model.В исследовании с помощью иерархической системы взаимосвязанных методов и моделей разных типов определено влияние выделенных факторов на величину денежного потока. Посредством расширения параметрической модели путем учета коэффициента кредитного ресурса контрагента банка определены предельные параметры регулирования движения денежных потоков между экономическими агентами в период кредитного обслуживания контрагента банком.

  12. Quantifying the value of investing in distributed natural gas and renewable electricity systems as complements: Applications of discounted cash flow and real options analysis with stochastic inputs

    International Nuclear Information System (INIS)

    Pless, Jacquelyn; Arent, Douglas J.; Logan, Jeffrey; Cochran, Jaquelin; Zinaman, Owen

    2016-01-01

    One energy policy objective in the United States is to promote the adoption of technologies that provide consumers with stable, secure, and clean energy. Recent work provides anecdotal evidence of natural gas (NG) and renewable electricity (RE) synergies in the power sector, however few studies quantify the value of investing in NG and RE systems together as complements. This paper uses discounted cash flow analysis and real options analysis to value hybrid NG-RE systems in distributed applications, focusing on residential and commercial projects assumed to be located in the states of New York and Texas. Technology performance and operational risk profiles are modeled at the hourly level to capture variable RE output and NG prices are modeled stochastically as geometric Ornstein-Uhlenbeck (OU) stochastic processes to capture NG price uncertainty. The findings consistently suggest that NG-RE hybrid distributed systems are more favorable investments in the applications studied relative to their single-technology alternatives when incentives for renewables are available. In some cases, NG-only systems are the favorable investments. Understanding the value of investing in NG-RE hybrid systems provides insights into one avenue towards reducing greenhouse gas emissions, given the important role of NG and RE in the power sector. - Highlights: • Natural gas and renewable electricity can be viewed as complements. • We model hybrid natural gas and renewable electricity systems at the hourly level. • We incorporate variable renewable power output and uncertain natural gas prices. • Hybrid natural gas and renewable electricity systems can be valuable investments.

  13. Overview of multifluid-flow-calculation methods

    International Nuclear Information System (INIS)

    Stewart, H.B.

    1981-01-01

    Two categories of numerical methods which may be useful in multiphase flow research are discussed. The first category includes methods which are specifically intended for accurate computation of discontinuities, such as the method of characteristics, particle-in-cell method, flux-corrected transport, and random choice methods. Methods in this category could be applied to research on rocket exhaust plumes and interior ballistics. The second category includes methods for smooth, subsonic flows, such as fractional step methods, semi-implicit method, and methods which treat convection implicitly. The subsonic flow methods could be of interest for ice flows

  14. Cash budgeting: an underutilized resource management tool in not-for-profit health care entities.

    Science.gov (United States)

    Hauser, R C; Edwards, D E; Edwards, J T

    1991-01-01

    Cash budgeting is generally considered to be an important part of resource management in all businesses. However, respondents to a survey of not-for-profit health care entities revealed that some 40 percent of the participants do not currently prepare cash budgets. Where budgeting occurred, the cash forecasts covered various time frames, and distribution of the document was inconsistent. Most budgets presented cash receipts and disbursements according to operating, investing, and financing activities--a format consistent with the year-end cash flow statement. By routinely preparing monthly cash budgets, the not-for-profit health care entity can project cash inflow/outflow or position with anticipated cash insufficiencies and surpluses. The budget should be compared each month to actual results to evaluate performance. The magnitude and timing of cash flows is much too critical to be left to chance.

  15. Techniques for Improving Cash Management.

    Science.gov (United States)

    Lykins, Ronald G.

    1973-01-01

    This article deals with several techniques for regulating cash inflow and outflow and investing surplus cash for short periods of time. The techniques are: (1) consolidating checking accounts, (2) determining surplus cash by examining bank balances in conjunction with the cash book, (3) selecting a minimum bank balance, (4) investing a greater…

  16. The Determinants and Implications of Corporate Cash Holdings

    OpenAIRE

    Tim Opler; Lee Pinkowitz; Rene Stulz; Rohan Williamson

    1997-01-01

    We examine the determinants and implications of holdings of cash and marketable" securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growth" opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firms" that have the greatest access to the capital markets (e.g. large firms and those with credit" ratings) tend to hold lower ratios of cash to total assets. These results are consistent with the" view that firms hold liquid assets...

  17. Insertable fluid flow passage bridgepiece and method

    Science.gov (United States)

    Jones, Daniel O.

    2000-01-01

    A fluid flow passage bridgepiece for insertion into an open-face fluid flow channel of a fluid flow plate is provided. The bridgepiece provides a sealed passage from a columnar fluid flow manifold to the flow channel, thereby preventing undesirable leakage into and out of the columnar fluid flow manifold. When deployed in the various fluid flow plates that are used in a Proton Exchange Membrane (PEM) fuel cell, bridgepieces of this invention prevent mixing of reactant gases, leakage of coolant or humidification water, and occlusion of the fluid flow channel by gasket material. The invention also provides a fluid flow plate assembly including an insertable bridgepiece, a fluid flow plate adapted for use with an insertable bridgepiece, and a method of manufacturing a fluid flow plate with an insertable fluid flow passage bridgepiece.

  18. VALUATION METHODS- LITERATURE REVIEW

    OpenAIRE

    Dorisz Talas

    2015-01-01

    This paper is a theoretical overview of the often used valuation methods with the help of which the value of a firm or its equity is calculated. Many experts (including Aswath Damodaran, Guochang Zhang and CA Hozefa Natalwala) classify the methods. The basic models are based on discounted cash flows. The main method uses the free cash flow for valuation, but there are some newer methods that reveal and correct the weaknesses of the traditional models. The valuation of flexibility of managemen...

  19. "No one says 'No' to money" - a mixed methods approach for evaluating conditional cash transfer schemes to improve girl children's status in Haryana, India.

    Science.gov (United States)

    Krishnan, Anand; Amarchand, Ritvik; Byass, Peter; Pandav, Chandrakant; Ng, Nawi

    2014-01-31

    Haryana was the first state in India to launch a conditional cash transfer (CCT) scheme in 1994. Initially it targeted all disadvantaged girls but was revised in 2005 to restrict it to second girl children of all groups. The benefit which accrued at girl attaining 18 years and subject to conditionalities of being fully immunized, studying till class 10 and remaining unmarried, was increased from about US$ 500 to US$ 2000. Using a mixed methods approach, we evaluated the implementation and possible impact of these two schemes. A survey was conducted among 200 randomly selected respondents of Ballabgarh Block in Haryana to assess their perceptions of girl children and related schemes. A cohort of births during this period was assembled from population database of 28 villages in this block and changes in sex ratio at birth and in immunization coverage at one year of age among boys and girls was measured. Education levels and mean age at marriage of daughters were compared with daughters-in-law from outside Haryana. In-depth interviews were conducted among district level implementers of these schemes to assess their perceptions of programs' implementation and impact. These were analyzed using a thematic approach. The perceptions of girls as a liability and poor (9% to 15%) awareness of the schemes was noted. The cohort analysis showed that while there has been an improvement in the indicators studied, these were similar to those seen among the control groups. Qualitative analysis identified a "conspiracy of silence" - an underplaying of the pervasiveness of the problem coupled with a passive implementation of the program and a clash between political culture of giving subsidies and a bureaucratic approach that imposed many conditionalities and documentary needs for availing of benefits. The apparent lack of impact on the societal mindset calls for a revision in the current approach of addressing a social issue by a purely conditional cash transfer program.

  20. Adaptive Methods for Compressible Flow

    Science.gov (United States)

    1994-03-01

    labor -intensive task of purpose of this work is to demonstrate the generating acceptable surface triangulations, advantages of integrating the CAD/CAM...sintilar results). L 1 (’-1)(2sn~p) boundary error (MUSCL) The flow variables wre then given by .04 .78% M=asOIne/i .02 AM% v= acosO /sintt .01 .0 p

  1. Bypass flow rate control method

    International Nuclear Information System (INIS)

    Kiyama, Yoichi.

    1997-01-01

    In a PWR type reactor, bypass flow rate is controlled by exchanging existent jetting hole plugs of a plurality of nozzles disposed to the upper end of incore structures in order to flow a portion of primary coolants as a bypass flow to the upper portion of the pressure vessel. Two kinds of exchange plugs, namely, a first plug and a second plug each having a jetting out hole of different diameter are used as exchange plugs. The first plug has the diameter as that of an existent plug and the second plug has a jetting out hole having larger diameter than that of the existent plug. Remained extent plugs are exchanged to a combination of the first and the second plugs without exchanging existent plugs having seizing with the nozzles, in which the number and the diameter of the jetting out holes of the second plugs are previously determined based on predetermined total bypass flow rate to be jetted from the entire plugs after exchange of plugs. (N.H.)

  2. Excess cash holdings and shareholder value

    OpenAIRE

    Lee, Edward; Powell, Ronan

    2011-01-01

    We examine the determinants of corporate cash holdings in Australia and the impact on shareholder wealth of holding excess cash. Our results show that a trade-off model best explains the level of a firm’s cash holdings in Australia. We find that 'transitory' excess cash firms earn significantly higher risk-adjusted returns compared to 'persistent' excess cash firms, suggesting that the market penalises firms that hoard cash. The marginal value of cash also declines with larger cash balances, ...

  3. Taxable Cash Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    Firms pay out cash using both dividends and share repurchases. In many aspects these two means are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper...... provides an explanation for this dividend puzzle by developing a class of signaling models violating the "single-crossing" property in which information about the quality of the firm is asymmetric between the management and the shareholders. In these models a high-quality firm can always signal its quality...... by using share repurchases only. However, in certain cases share repurchases become costlier on the margin for a high-quality firm than for a low-quality imitator. In such cases, the high-quality firm signals most cost efficiently by means of a combination of share repurchases and taxable cash dividends...

  4. 26 CFR 1.448-1 - Limitation on the use of the cash receipts and disbursements method of accounting.

    Science.gov (United States)

    2010-04-01

    ... accrual method of accounting for its first section 448 year. Unless the taxpayer complies with the... to an overall accrual method—(i) Timely changes in method of accounting. Notwithstanding any other available procedures to change to the accrual method of accounting, a taxpayer to whom paragraph (h) of this...

  5. Otimização de fluxos em rede na gestão financeira do caixa: aplicação em uma empresa agroindustrial Cash management network flow optimization: application within an agroindustrial company

    Directory of Open Access Journals (Sweden)

    José Vinícius de Avila Pacheco

    2010-01-01

    Full Text Available Neste estudo, formulou-se o problema de gestão do fluxo de caixa encontrado em uma típica empresa agroindustrial como um modelo de otimização de fluxos em rede (com perdas e ganhos proposto em Golden, Liberatore e Lieberman (1979. O objetivo é maximizar o retorno dos recursos financeiros do caixa no final de um horizonte de planejamento multiperíodos e finito. Dois exemplos são estudados aplicando-se programação linear: no primeiro, o modelo original de fluxos em rede é usado para apoiar decisões operacionais de fluxo de caixa e, no segundo, o modelo é estendido para tratar de um planejamento tático de pagamentos de empréstimos. Os modelos matemáticos são resolvidos usando-se a ferramenta de otimização de um software de planilha eletrônica bem conhecido na prática de empresas. Os resultados numéricos obtidos mostram que os modelos são flexíveis e eficazes, sendo capazes de gerar soluções tão boas ou melhores do que as da tesouraria da empresa.In this study we formulate the cash flow management problem encountered in a typical agroindustrial company as a network flow optimization model (with gains and losses proposed in Golden, Liberatore e Lieberman (1979. The objective is to maximize the cash return of the financial resources at the end of a multi-period and finite planning horizon. Two examples are studied applying linear programming: in the first, the original network flow model is used to support operational cash flow decisions and in the second, the model is extended to deal with a tactical planning of loan payments. The mathematical models are solved using the optimization tool of a widely-used software spreadsheet package. The numerical results obtained show that the models are flexible and effective, being able to generate solutions, equal to or superior to the company solutions.

  6. Costs and cost-efficiency of a mobile cash transfer to prevent child undernutrition during the lean season in Burkina Faso: a mixed methods analysis from the MAM'Out randomized controlled trial.

    Science.gov (United States)

    Puett, Chloe; Salpéteur, Cécile; Houngbe, Freddy; Martínez, Karen; N'Diaye, Dieynaba S; Tonguet-Papucci, Audrey

    2018-01-01

    This study assessed the costs and cost-efficiency of a mobile cash transfer implemented in Tapoa Province, Burkina Faso in the MAM'Out randomized controlled trial from June 2013 to December 2014, using mixed methods and taking a societal perspective by including costs to implementing partners and beneficiary households. Data were collected via interviews with implementing staff from the humanitarian agency and the private partner delivering the mobile money, focus group discussions with beneficiaries, and review of accounting databases. Costs were analyzed by input category and activity-based cost centers. cost-efficiency was analyzed by cost-transfer ratios (CTR) and cost per beneficiary. Qualitative analysis was conducted to identify themes related to implementing electronic cash transfers, and barriers to efficient implementation. The CTR was 0.82 from a societal perspective, within the same range as other humanitarian transfer programs; however the intervention did not achieve the same degree of cost-efficiency as other mobile transfer programs specifically. Challenges in coordination between humanitarian and private partners resulted in long wait times for beneficiaries, particularly in the first year of implementation. Sensitivity analyses indicated a potential 6% reduction in CTR through reducing beneficiary wait time by one-half. Actors reported that coordination challenges improved during the project, therefore inefficiencies likely would be resolved, and cost-efficiency improved, as the program passed the pilot phase. Despite the time required to establish trusting relationships among actors, and to set up a network of cash points in remote areas, this analysis showed that mobile transfers hold promise as a cost-efficient method of delivering cash in this setting. Implementation by local government would likely reduce costs greatly compared to those found in this study context, and improve cost-efficiency especially by subsidizing expansion of mobile

  7. Cross flow electrofilter and method

    Science.gov (United States)

    Gidaspow, Dimitri; Lee, Chang H.; Wasan, Darsh T.

    1981-01-01

    A filter for clarifying carbonaceous liquids containing finely divided solid particles of, for instance, unreacted coal, ash and other solids discharged from a coal liquefaction process is presented. The filter includes two passageways separated by a porous filter medium. In one preferred embodiment the filter medium is of tubular shape to form the first passageway and is enclosed within an outer housing to form the second passageway within the annulus. An electrode disposed in the first passageway, for instance along the tube axis, is connected to a source of high voltage for establishing an electric field between the electrode and the filter medium. Slurry feed flows through the first passageway tangentially to the surfaces of the filter medium and the electrode. Particles from the feed slurry are attracted to the electrode within the first passageway to prevent plugging of the porous filter medium while carbonaceous liquid filters into the second passageway for withdrawal. Concentrated slurry is discharged from the first passageway at an end opposite to the feed slurry inlet. Means are also provided for the addition of diluent and a surfactant into the slurry to control relative permittivity and the electrophoretic mobility of the particles.

  8. Do Consumers Pay More Using Debit Cards than Cash

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    2015-01-01

    We conduct an incentivized experiment to study the effect of the payment method on spending. We find that the willingness to pay is higher when subjects pay with debit cards compared to cash. The result is robust to controlling for cash-on-hand constraints, spending type, price familiarity...

  9. Factors Affecting Corporate Cash Holding of Non-Financial Firms in Pakistan

    Directory of Open Access Journals (Sweden)

    Atif Kafayat

    2014-06-01

    Full Text Available The previous researches explore the question of why firms hold cash. But there are few researches done in developing countries like Pakistan. The need for cash is characterized by its policies of firms regarding capital structure, working capital requirements, cash flow management, dividend payments, and asset management. In this paper, the impact of these factors is normally analyzed under the framework of Tradeoff theory, Pecking Order Theory and Free Cash Flow Theory. This paper focuses on determining the level of corporate cash holdings of non-financial Pakistani firms, and cash holding requirement among different industries. The data is set for period of 2008- 2012 by using the data of 40companies and 6 industries. The findings of the study support the theories. Which show that firm size, net working capital, leverage, Capital Expenditure and Dividend significantly affect the cash holdings of non-financial firms in Pakistan.

  10. Demonstração dos fluxos de caixa: uma contribuição para a evidenciação contábil Statement of cash flows: a contribution to accounting disclosure

    Directory of Open Access Journals (Sweden)

    Hudson Fernandes Amaral

    2003-01-01

    Full Text Available Existe uma tendência mundial visando a padronização de procedimentos contábeis, no intuito de possibilitar uma maior interação das empresas, dos investidores e do mercado de capitais em função do fenômeno da globalização. Para tanto, serão necessárias as harmonizações das normas contábeis, bem como o estudo de quais Demonstrativos são realmente importantes para o processo de evidenciação. Uma dessas tendências é a substituição da demonstração das origens e aplicações de recursos (DOAR pela demonstração dos fluxos de caixa (DFC. Essa substituição, via de regra, deve-se à dificuldade que usuários menos afeitos à Contabilidade têm em entender aquela demonstração. No Brasil, já existe um anteprojeto de lei tramitando no Congresso Nacional, que propõe a substituição da DOAR pela DFC, a partir da reformulação da Lei n. 6.404/76 - Lei das Sociedades Anônimas. Dessa maneira, procura-se com este estudo verificar as contribuições que a elaboração e divulgação da DFC pode trazer para a evidenciação contábil.There is a worldwide tendency aiming to standardise accounting procedures in order to make bigger companies, investors and capital market interaction possible in the entire world according to the globalisation phenomenon. For that, the harmonisation of Accounting Standards, as well as the study of which Statements are really important for the process of disclosure will be necessary. One of these tendencies is the substitution of the Statement of Changes in Financial Position by the Statement of Cash Flows. This substitution, as a rule, is due to the difficulty that some groups of users have to understand that statement. In Brazil, there's already a pre-project of law in course at the National Congress, which proposes the substitution of Statement of Changes in Financial Position by Statement of Cash Flows from the revision of the law n. 6 404/74 - the Incorporated Company Law. In this way, this study

  11. Análise empírica de modelos de valuation no ambiente brasileiro: fluxo de caixa descontado versus modelo de Ohlson (RIV Empirical analysis of valuation models in the brazilian environment: discounted cash flow versus Ohlson's model

    Directory of Open Access Journals (Sweden)

    Fernando Caio Galdi

    2008-08-01

    Full Text Available Dentro do contexto controverso de comparações entre modelos de valuation, o presente trabalho investiga, baseado nas projeções dos analistas de mercado de capitais para empresas brasileiras, se existem diferenças entre os valores de uma empresa estimados pelo modelo de fluxo de caixa descontado (DCF e pelo modelo de Ohlson (modelo de lucros residuais - RIV. Essa abordagem é inovadora à medida que trabalhos já realizados visando à comparação entre esses modelos consideram o valor da empresa calculado com base nas informações publicadas/divulgadas pela empresa e não com base na expectativa dos agentes de mercado (como por exemplo, o analista de mercado de capitais. Entretanto, a correta implementação dos modelos em análise deve ser realizada considerando-se as expectativas dos agentes de mercado. Adicionalmente, são realizadas regressões para verificar qual dos modelos (DCF ou OHLSON explica melhor a relação preço/valor patrimonial (P/B de uma empresa em períodos futuros. As conclusões obtidas foram: i existem diferenças estatisticamente significantes para o valor estimado das empresas pelo fluxo de caixa descontado e pelo modelo de Ohlson (RIV e ii os índices P/B, calculados a partir das estimativas dos analistas (que utilizam o DCF, apresentam maior poder explicativo dos índices P/B futuros da empresa do que as estimativas do índice P/B feitas pelo modelo de Ohlson (RIV.This paper uses equity analysts' forecasts for Brazilian firms to analyze whether there are significant differences between the results from the estimation of equity value when applying the discounted cash flow model (DCF and the residual income model (OHLSON. The approach used in this research is pioneer, considering that previous papers comparing valuation models in Brazil used researchers' assumptions, based on public information, to implement the valuation models. However, the correct implementation of these models relies on market expectations (i

  12. Fluorescent multiplex cell flow systems and methods

    KAUST Repository

    Merzaban, Jasmeen

    2017-06-01

    Systems and methods are provided for simultaneously assaying cell adhesion or cell rolling for multiple cell specimens. One embodiment provides a system for assaying adhesion or cell rolling of multiple cell specimens that includes a confocal imaging system containing a parallel plate flow chamber, a pump in fluid communication with the parallel plate flow chamber via a flow chamber inlet line and a cell suspension in fluid communication with the parallel plate flow chamber via a flow chamber outlet line. The system also includes a laser scanning system in electronic communication with the confocal imaging system, and a computer in communication with the confocal imaging system and laser scanning system. In certain embodiments, the laser scanning system emits multiple electromagnetic wavelengths simultaneously it cause multiple fluorescent labels having different excitation wavelength maximums to fluoresce. The system can simultaneously capture real-time fluorescence images from at least seven cell specimens in the parallel plate flow chamber.

  13. Boundary element method for internal axisymmetric flow

    Directory of Open Access Journals (Sweden)

    Gokhman Alexander

    1999-01-01

    Full Text Available We present an accurate fast method for the computation of potential internal axisymmetric flow based on the boundary element technique. We prove that the computed velocity field asymptotically satisfies reasonable boundary conditions at infinity for various types of inlet/exit. Computation of internal axisymmetric potential flow is an essential ingredient in the three-dimensional problem of computation of velocity fields in turbomachines. We include the results of a practical application of the method to the computation of flow in turbomachines of Kaplan and Francis types.

  14. Small but effective: India's targeted unconditional cash transfers

    OpenAIRE

    Puja Dutta; Stephen Howes; Rinku Murgai

    2010-01-01

    India's approach to social security stresses the provision of subsidized food and public works. Targeted, unconditional cash transfers are little used, and have been little evaluated. An evaluation of cash transfers for the elderly and widows based on national household survey data and surveys on social pension utilization in two of India's states, Karnataka and Rajasthan, reveal that these social pension schemes work reasonably well. Levels of leakage (corruption) are low, funds flow disprop...

  15. 自由现金流的代理成本效应检验:基于在职消费视角%Cost Effect of Free Cash Flow:Based on Position-related Consumption

    Institute of Scientific and Technical Information of China (English)

    刘银国; 张琛

    2012-01-01

    Free cash flow (FCF) is cash flow in excess of that required to fund all projects that have positive net present values when discounted at the relevant cost of capital. Jensen published a treatise named "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers" in 1986, puts forward FCF agency costs hypothesis, opened the link between FCF and agency costs, corporate governance. Because of the separation of ownership and manage- ment rights in modem enterprise, managers always make their own benefit maximization, and then resulting in the principal-agent problem and high agency costs. Managers have an incentive to use FCF for the excessive invest- ment, low efficiency acquisitions and discretionary revenue expenditure, and cause the decline in corporate per- formance finally. Is Jensen's agency costs hypothesis exists in the real China? How to control the Chinese state- owned enterprises' FCF reasonably; reduce position-related consumption and over-investment in senior manage- ment; and improve corporate performance, which becomes common issues need to address in the field of finance and corporate governance. This paper selected the sample of 2007 ~ 2010 Shanghai-listed company data, and em- pirically tested the correlation between FCF and position-related consumption, corporate performance in China's lis- ted companies. On this basis, the paper proposed the policy recommendations of optimization and control of FCF, and improvement of the corporate governance structure. From the study, we could see that Companies hold certain cash flow, indicating that companies have the ability to reward investors and selfvmanagement, but because incon- sistent with the objectives and information asymmetry between business owners and operators, there is differences in using FCF. Excess cash flow can often make the executives more easily for personal gain or the lack of due care and full consideration in disposing cash flow. At the same time as the management contract in

  16. How much cash does your company need?

    Science.gov (United States)

    Passov, Richard

    2003-11-01

    In late 2001, the directors of Pfizer asked that very question. And with good reason. After its 2000 merger with rival Warner-Lambert, the New York-based pharmaceutical giant found itself sitting on a net cash position of $8 billion, which seemed extraordinarily conservative for a company whose products generated $30 billion in revenues. Most large companies with revenues that healthy would increase leverage, thereby unlocking tremendous value for shareholders. But knowledge-intensive companies like Pfizer, this author argues, are in a class apart. Because their largely intangible assets (like R&D) are highly volatile and cannot easily be valued, they are more vulnerable to financial distress than are firms with a preponderance of tangible assets. To insure against that risk, they need to maintain large positive cash balances. These companies' decisions to run large cash balances is one of the key reasons their shares sustain consistent premiums. Only by investing in their intangible assets can knowledge-based companies hope to preserve the value of those assets. A company that finds itself unable to do so because unfavorable market conditions reduce its operating cash flows will see its share price suffer almost as much as if it were to default on its debts. By the same token, with the right balance sheet, knowledge companies can profitably insure against the risk of failing to sustain value-added investments in difficult times. An optimal capital structure that calls for significant cash balances is certainly at odds with the results of a traditional capital structure analysis, the author demonstrates, but it explains the financial policies of many well-run companies, from Pfizer to Intel to ChevronTexaco.

  17. PENGARUH KUALITAS AKRUAL DAN LEVERAGE TERHADAP CASH HOLDING PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Anggita Langgeng Wijaya

    2010-12-01

    Full Text Available This research tests the effect of accrual quality and leverage on corporate cash holding for a sample of manufacturing company listed in Indonesian Stock Exchange over the period 2006-2007. This research also tests the role of asymmetric information as a mediating variable on the relation between accrual quality and cash holding. Population of this research is 197 manufacturing companies at the Indonesian Stock Exchange. This research uses the purposive sampling method. Hypothesis test of this research em­ploys multiple regression analysis and path analysis. The results show that: accrual quality does not affect asymmetric information; asymmetric information positively affects corporate cash holdings; asymmetric information is not a mediating variable on the relation between accrual quality and cash holding; leverage negatively affects corporate cash holding.

  18. Empirical Studies on Cash Payments

    NARCIS (Netherlands)

    J. Kippers (Jeanine)

    2004-01-01

    textabstractCash is still the most common means of daily payments. The large number of cash payments is supported by a costly distribution system in which retailers, banks and central banks participate. Currency is issued in a range of bank note and coin denominations to facilitate efficiency

  19. Optimal Cash Management Under Uncertainty

    OpenAIRE

    Bensoussan, Alain; Chutani, Anshuman; Sethi, Suresh

    2009-01-01

    We solve an agent's optimization problem of meeting demands for cash over time with cash deposited in bank or invested in stock. The stock pays dividends and uncertain capital gains, and a commission is incurred in buying and selling of stock. We use a stochastic maximum principle to obtain explicitly the optimal transaction policy.

  20. Cash transfers and domestic violence.

    Science.gov (United States)

    Hidrobo, Melissa; Fernald, Lia

    2013-01-01

    Violence against women is a major health and human rights problem yet there is little rigorous evidence as to how to reduce it. We take advantage of the randomized roll-out of Ecuador's cash transfer program to mothers to investigate how an exogenous increase in a woman's income affects domestic violence. We find that the effect of a cash transfer depends on a woman's education and on her education relative to her partner's. Our results show that for women with greater than primary school education a cash transfer significantly decreases psychological violence from her partner. For women with primary school education or less, however, the effect of a cash transfer depends on her education relative to her partner's. Specifically, the cash transfer significantly increases emotional violence in households where the woman's education is equal to or more than her partner's. Copyright © 2012 Elsevier B.V. All rights reserved.

  1. Lattice Boltzmann methods for moving boundary flows

    International Nuclear Information System (INIS)

    Inamuro, Takaji

    2012-01-01

    The lattice Boltzmann methods (LBMs) for moving boundary flows are presented. The LBM for two-phase fluid flows with the same density and the LBM combined with the immersed boundary method are described. In addition, the LBM on a moving multi-block grid is explained. Three numerical examples (a droplet moving in a constricted tube, the lift generation of a flapping wing and the sedimentation of an elliptical cylinder) are shown in order to demonstrate the applicability of the LBMs to moving boundary problems. (invited review)

  2. Lattice Boltzmann methods for moving boundary flows

    Energy Technology Data Exchange (ETDEWEB)

    Inamuro, Takaji, E-mail: inamuro@kuaero.kyoto-u.ac.jp [Department of Aeronautics and Astronautics, and Advanced Research Institute of Fluid Science and Engineering, Graduate School of Engineering, Kyoto University, Kyoto 606-8501 (Japan)

    2012-04-01

    The lattice Boltzmann methods (LBMs) for moving boundary flows are presented. The LBM for two-phase fluid flows with the same density and the LBM combined with the immersed boundary method are described. In addition, the LBM on a moving multi-block grid is explained. Three numerical examples (a droplet moving in a constricted tube, the lift generation of a flapping wing and the sedimentation of an elliptical cylinder) are shown in order to demonstrate the applicability of the LBMs to moving boundary problems. (invited review)

  3. Diffuse interface methods for multiphase flow modeling

    International Nuclear Information System (INIS)

    Jamet, D.

    2004-01-01

    Full text of publication follows:Nuclear reactor safety programs need to get a better description of some stages of identified incident or accident scenarios. For some of them, such as the reflooding of the core or the dryout of fuel rods, the heat, momentum and mass transfers taking place at the scale of droplets or bubbles are part of the key physical phenomena for which a better description is needed. Experiments are difficult to perform at these very small scales and direct numerical simulations is viewed as a promising way to give new insight into these complex two-phase flows. This type of simulations requires numerical methods that are accurate, efficient and easy to run in three space dimensions and on parallel computers. Despite many years of development, direct numerical simulation of two-phase flows is still very challenging, mostly because it requires solving moving boundary problems. To avoid this major difficulty, a new class of numerical methods is arising, called diffuse interface methods. These methods are based on physical theories dating back to van der Waals and mostly used in materials science. In these methods, interfaces separating two phases are modeled as continuous transitions zones instead of surfaces of discontinuity. Since all the physical variables encounter possibly strong but nevertheless always continuous variations across the interfacial zones, these methods virtually eliminate the difficult moving boundary problem. We show that these methods lead to a single-phase like system of equations, which makes it easier to code in 3D and to make parallel compared to more classical methods. The first method presented is dedicated to liquid-vapor flows with phase-change. It is based on the van der Waals' theory of capillarity. This method has been used to study nucleate boiling of a pure fluid and of dilute binary mixtures. We discuss the importance of the choice and the meaning of the order parameter, i.e. a scalar which discriminates one

  4. A simple flow-concentration modelling method for integrating water ...

    African Journals Online (AJOL)

    A simple flow-concentration modelling method for integrating water quality and ... flow requirements are assessed for maintenance low flow, drought low flow ... the instream concentrations of chemical constituents that will arise from different ...

  5. Dynamic methods of air traffic flow management

    Directory of Open Access Journals (Sweden)

    Jacek SKORUPSKI

    2011-01-01

    Full Text Available Air traffic management is a complex hierarchical system. Hierarchy levels can be defined according to decision making time horizon or to analyze area volume. For medium time horizon and wide analysis area, the air traffic flow management services were established. Their main task is to properly co-ordinate air traffic in European airspace, so as to minimize delays arising in congested sectors. Those services have to assure high safety level at the same time. Thus it is a very complex task, with many goals, many decision variables and many constraints.In the paper review of the methods developed for aiding air traffic flow management services is presented. More detailed description of a dynamic method is given. This method is based on stochastic capacity and scenario analysis. Some problems in utilization of presented methods are also pointed out, so are the next research possibilities.

  6. Finite element methods for incompressible flow problems

    CERN Document Server

    John, Volker

    2016-01-01

    This book explores finite element methods for incompressible flow problems: Stokes equations, stationary Navier-Stokes equations, and time-dependent Navier-Stokes equations. It focuses on numerical analysis, but also discusses the practical use of these methods and includes numerical illustrations. It also provides a comprehensive overview of analytical results for turbulence models. The proofs are presented step by step, allowing readers to more easily understand the analytical techniques.

  7. Transformation of Commercial Flows into Physical Flows of Electricity – Flow Based Method

    Directory of Open Access Journals (Sweden)

    M. Adamec

    2009-01-01

    Full Text Available We are witnesses of large – scale electricity transport between European countries under the umbrella of the UCTE organization. This is due to the inabilyof generators to satisfy the growing consumption in some regions. In this content, we distinguish between two types of flow. The first type is physical flow, which causes costs in the transmission grid, whilst the second type is commercial flow, which provides revenues for the market participants. The old methods for allocating transfer capacity fail to take this duality into account. The old methods that allocate transmission border capacity to “virtual” commercial flows which, in fact, will not flow over this border, do not lead to optimal allocation. Some flows are uselessly rejected and conversely, some accepted flows can cause congestion on another border. The Flow Based Allocation method (FBA is a method which aims to solve this problem.Another goal of FBA is to ensure sustainable development of expansion of transmission capacity. Transmission capacity is important, because it represents a way to establish better transmission system stability, and it provides a distribution channel for electricity to customers abroad. For optimal development, it is necessary to ensure the right division of revenue allocation among the market participants.This paper contains a brief description of the FBA method. Problems of revenue maximization and optimal revenue distribution are mentioned. 

  8. Flow coating apparatus and method of coating

    Science.gov (United States)

    Hanumanthu, Ramasubrahmaniam; Neyman, Patrick; MacDonald, Niles; Brophy, Brenor; Kopczynski, Kevin; Nair, Wood

    2014-03-11

    Disclosed is a flow coating apparatus, comprising a slot that can dispense a coating material in an approximately uniform manner along a distribution blade that increases uniformity by means of surface tension and transfers the uniform flow of coating material onto an inclined substrate such as for example glass, solar panels, windows or part of an electronic display. Also disclosed is a method of flow coating a substrate using the apparatus such that the substrate is positioned correctly relative to the distribution blade, a pre-wetting step is completed where both the blade and substrate are completed wetted with a pre-wet solution prior to dispensing of the coating material onto the distribution blade from the slot and hence onto the substrate. Thereafter the substrate is removed from the distribution blade and allowed to dry, thereby forming a coating.

  9. 34 CFR 668.166 - Excess cash.

    Science.gov (United States)

    2010-07-01

    ... the Secretary for the costs the Secretary incurred in providing that excess cash to the institution... 34 Education 3 2010-07-01 2010-07-01 false Excess cash. 668.166 Section 668.166 Education..., DEPARTMENT OF EDUCATION STUDENT ASSISTANCE GENERAL PROVISIONS Cash Management § 668.166 Excess cash. (a...

  10. Cash efficiency for bank branches

    OpenAIRE

    Cabello, Julia Garc?a

    2013-01-01

    Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks? branches is also a relevant issue as any significant improvement in cash management at the bank ...

  11. Small business, cash budgets and general practice.

    Science.gov (United States)

    Jackson, A R

    1991-01-01

    In practice management, general practice falls into the category of small business with all its attendant generic problems. Disciplined planning and good financial management are not often seen in small business. These are required if general practitioners are to continue (or return to) the provision of high quality medical services. An effective budget process, especially cash-flow budgeting, is the key to successful planning and financial management. Budgeting will bring Control, Co-ordination, and Credibility to your practice. It will enable you to set goals and to achieve them.

  12. Robust Discontinuity Preserving Optical Flow Methods

    Directory of Open Access Journals (Sweden)

    Nelson Monzón

    2016-11-01

    Full Text Available In this work, we present an implementation of discontinuity-preserving strategies in TV-L1 optical flow methods. These are based on exponential functions that mitigate the regularization at image edges, which usually provide precise flow boundaries. Nevertheless, if the smoothing is not well controlled, it may produce instabilities in the computed motion fields. We present an algorithm that allows three regularization strategies: the first one uses an exponential function together with a TV process; the second one combines this strategy with a small constant that ensures a minimum isotropic smoothing; the third one is a fully automatic approach that adapts the diffusion depending on the histogram of the image gradients. The last two alternatives are aimed at reducing the effect of instabilities. In the experiments, we observe that the pure exponential function is highly unstable while the other strategies preserve accurate motion contours for a large range of parameters.

  13. Diagnostic methods of thermal dusty plasma flows

    International Nuclear Information System (INIS)

    Nefedov, A.P.

    1995-01-01

    The presence in the high-temperature flows of condensed disperse phase (CDP) particles may lead either to an increase of the electron number density n e if the particles assume a positive charge or to its decrease if the charge is negative. The existence of CDP also may effect on optical parameters of the thermal dusty plasma flows, on heat and radiative transfer in the plasma. The entire range of states, from a Debye plasma to a highly nonideal system of charged particles, is realized in a thermal dusty plasma under standard conditions T=2000-3000 K, n e =10 8 - 10 14 cm -3 . The advanced probe and optical diagnostic instruments are needed to study the optical and electrophysical properties of thermal dusty plasma flows. The diagnostic techniques must give the data about such parameters of gas and dispersed phase as temperatures of gas and particles, number densities of electrons, atoms and ions of alkali metals, sizes, velocities and concentrations of CDP particles. It should be noted that number density of alkali metal atoms and gas temperature may be measured by the well known full absorption and generalized reversal methods. This paper describes the probe and optical techniques for diagnostic of dusty plasma flows developed in High Energy Density Research Center of Russian Academy of Sciences. The Forward Angle Scattering Transmissometer (FAST) allows measurement of the average size (Sauter diameter), mass number density, and refractive index of particles in the 0.5-15.0 gm size range. The basis of the method is a dependence of the measured extinction of radiation upon an angular acceptance aperture of the photo detector. The FAST instrument allows one to determine the mass density and the Sauter diameter of a polydispersion of particles without a priori specification of the particle size distribution model and exact data about the article refractive index

  14. Diagnostic methods of thermal dusty plasma flows

    International Nuclear Information System (INIS)

    Nefedov, A.P.

    1995-01-01

    The presence in the high-temperature flows of condensed disperse phase (CDP) particles may lead either to an increase of the electron number density n e if the particles assume a positive charge or to its decrease if the charge is negative. The existence of CDP also may effect on optical parameters of the thermal dusty plasma flows, on heat and radiative transfer in the plasma. The entire range of states, from a Debye plasma to a highly nonideal system of charged particles, is realized in a thermal dusty plasma under standard conditions T=2000-3000 K, n e =10 8 -10 14 cm -3 . The advanced probe and optical diagnostic instruments are needed to study the optical and electrophysical properties of thermal dusty plasma flows. The diagnostic techniques must give the data about such parameters of gas and dispersed phase as temperatures of gas and particles, number densities of electrons, atoms and ions of alkali metals, sizes, velocities and concentrations of CDP particles. It should be noted that number density of alkali metal atoms and gas temperature may be measured by the well known full absorption and generalized reversal methods. This paper describes the probe and optical techniques for diagnostic of dusty plasma flows developed in High Energy Density Research Center of Russian Academy of Sciences. The Forward Angle Scattering Transmissometer (FAST) allows measurement of the average size (Sauter diameter), mass number density, and refractive index of particles in the 0.5-15.0 μm size range. The basis of the method is a dependence of the measured extinction of radiation upon an angular acceptance aperture of the photo detector. The FAST instrument allows one to determine the mass density and the Sauter diameter of a polydispersion of particles without a priori specification of the particle size distribution model and exact data about the particle refractive index

  15. Method of measuring blood flow by radiation

    International Nuclear Information System (INIS)

    Gildenberg, P.L.

    1977-01-01

    A method of measuring relative blood flow through at least a part of the body using penetrating radiation comprises transmitting a plurality of rays at an initial angle or initial mean angle through a planar slice of the body to define a first set of rays, transmitting a plurality of further sets of rays at angles or mean angles different from each other and from the initial angle or initial mean angle through the same planar slice of the body to define by the intersection of all such rays a two-dimensional matrix of elements of the body in the slice, measuring for each ray emerging from the body a number of over the period of time at least equal to a pulse interval representing the momentary sum of the transmissions or absorptions of the element of the body intersected by the ray, determining from the momentary signals momentary signals a difference signal representing the maximum difference between the momentary signals for each ray over the period of time, deriving sets of discrete difference signals corresponding to the sets of rays, the difference signals being indicative of the transmission or absorption of blood flowing through each element of the body in the matrix, and calculating from the difference signals resultant signals representing the transmissions or absorptions due to blood flow in the elements of the matrix. These resultant signals may be visually depicted on a cathode ray tube display, as a digital print-out, or as a photograph. 30 claims, 8 figures

  16. Numerical method for partial equilibrium flow

    International Nuclear Information System (INIS)

    Ramshaw, J.D.; Cloutman, L.D.; Los Alamos, New Mexico 87545)

    1981-01-01

    A numerical method is presented for chemically reactive fluid flow in which equilibrium and nonequilibrium reactions occur simultaneously. The equilibrium constraints on the species concentrations are established by a quadratic iterative procedure. If the equilibrium reactions are uncoupled and of second or lower order, the procedure converges in a single step. In general, convergence is most rapid when the reactions are weakly coupled. This can frequently be achieved by a judicious choice of the independent reactions. In typical transient calculations, satisfactory accuracy has been achieved with about five iterations per time step

  17. Impact of cash conversion cycle on cash holding – A study on FMCG sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2017-11-01

    Full Text Available In today’s environment, cash conversion cycle is randomly used as a measure of liquidity of the organizations. Cash conversion cycle is considered as the length of time between raw-materials and collection of cash from debtors. It can be used as a benchmarking competitors or comparing companies. On the other hand, Cash holding is one of the most important financial decisions that a manager has to make in any organization. Some organizations hold more cash and some organizations hold less cash. In this study, we perform a survey to make a relationship between Cash Conversion Cycle and Cash Holding.

  18. Meshless Method for Simulation of Compressible Flow

    Science.gov (United States)

    Nabizadeh Shahrebabak, Ebrahim

    In the present age, rapid development in computing technology and high speed supercomputers has made numerical analysis and computational simulation more practical than ever before for large and complex cases. Numerical simulations have also become an essential means for analyzing the engineering problems and the cases that experimental analysis is not practical. There are so many sophisticated and accurate numerical schemes, which do these simulations. The finite difference method (FDM) has been used to solve differential equation systems for decades. Additional numerical methods based on finite volume and finite element techniques are widely used in solving problems with complex geometry. All of these methods are mesh-based techniques. Mesh generation is an essential preprocessing part to discretize the computation domain for these conventional methods. However, when dealing with mesh-based complex geometries these conventional mesh-based techniques can become troublesome, difficult to implement, and prone to inaccuracies. In this study, a more robust, yet simple numerical approach is used to simulate problems in an easier manner for even complex problem. The meshless, or meshfree, method is one such development that is becoming the focus of much research in the recent years. The biggest advantage of meshfree methods is to circumvent mesh generation. Many algorithms have now been developed to help make this method more popular and understandable for everyone. These algorithms have been employed over a wide range of problems in computational analysis with various levels of success. Since there is no connectivity between the nodes in this method, the challenge was considerable. The most fundamental issue is lack of conservation, which can be a source of unpredictable errors in the solution process. This problem is particularly evident in the presence of steep gradient regions and discontinuities, such as shocks that frequently occur in high speed compressible flow

  19. The dynamics of stock price and determination of investor's cash ...

    African Journals Online (AJOL)

    Our aim is to also determine investor's cash flows valuation generated from the investment. The investor invested her short position into N number of investment firms. The firms in turn invest the short position of the investor into the stock and bond markets in order to hedge out the risks associated with the investor's portfolio.

  20. Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia

    Directory of Open Access Journals (Sweden)

    Aldea Mita Cheryta

    2018-02-01

    Full Text Available This research aimed to analyze the effect of leverage and asymmetry information on the firm value through cash holding as mediation variable. The populations of this research were all the firms which listed on the Indonesia Stock Exchange since 2012 – 2015. A sample of this research was saturated sample and census, consisted 56 firms related the population criteria.  This research used secondary data from the firm financial report through path analysis method. This research showed that leverage had a negative effect on the cash holdings, asymmetry information had a negative effect on the firm value through cash holding, and cash holding had a negative effect on the firm value.  With leverage and effect on cash, holding cannot affect the firm value, due to investor risk-averse, investor risk seeker, and neutral investor has their own point of view in assessing the company. Cash holdings can lead to asymmetric information that can lead to agency conflict that can affect a company's performance, so that indirectly, with the existence of asymmetry information had an effect on the declining the firm value. 

  1. The determinants of corporate cash holdings: An empirical investigation of the industry effect of UK publicly held firms (1998-2013)

    OpenAIRE

    WANG, ZIWEN

    2015-01-01

    Abstract This paper investigates the determinants of cash holdings by publicly traded firms over the period 1998-2013. The results suggest that cash holdings are positively affected by investment opportunity set, capital expenditure and profitability and negatively affected by the real firm size, liquid assets substitutes, leverage level, cash flow and dividend payments, which are generally in line with previous studies. In addition, we observed the change of corporate cash holdings during...

  2. Method and device for measuring fluid flow

    International Nuclear Information System (INIS)

    Atherton, R.; Marinkovich, P.S.; Spadaro, P.R.; Stout, J.W.

    1976-01-01

    The invention is a fluid flow measuring device for determining the coolant flow at the entrance to a specific nuclear reactor fuel region. The device comprises a plurality of venturis having the upstream inlet and throat pressure of each respectively manifolded together to provide one static pressure signal for each region monitored. The device provides accurate flow measurement with low pressure losses and uniform entrance and discharge flow distribution. 1 claim, 7 figures

  3. 7 CFR 277.7 - Cash depositories.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false Cash depositories. 277.7 Section 277.7 Agriculture... FOOD STAMP AND FOOD DISTRIBUTION PROGRAM PAYMENTS OF CERTAIN ADMINISTRATIVE COSTS OF STATE AGENCIES § 277.7 Cash depositories. (a) The term “cash depositories” refers to banks or other institutions which...

  4. Microfluidic devices and methods for integrated flow cytometry

    Science.gov (United States)

    Srivastava, Nimisha [Goleta, CA; Singh, Anup K [Danville, CA

    2011-08-16

    Microfluidic devices and methods for flow cytometry are described. In described examples, various sample handling and preparation steps may be carried out within a same microfluidic device as flow cytometry steps. A combination of imaging and flow cytometry is described. In some examples, spiral microchannels serve as incubation chambers. Examples of automated sample handling and flow cytometry are described.

  5. OPTIMIZATION OF ATM AND BRANCH CASH OPERATIONS USING AN INTEGRATED CASH REQUIREMENT FORECASTING AND CASH OPTIMIZATION MODEL

    OpenAIRE

    Canser BİLİR

    2018-01-01

    In this study, an integrated cash requirement forecasting and cash inventory optimization model is implemented in both the branch and automated teller machine (ATM) networks of a mid-sized bank in Turkey to optimize the bank’s cash supply chain. The implemented model’s objective is to minimize the idle cash levels at both branches and ATMs without decreasing the customer service level (CSL) by providing the correct amount of cash at the correct location and time. To the best of our knowledge,...

  6. The way to a man’s heart is through his stomach?: a mixed methods study on causal mechanisms through which cash and in-kind food transfers decreased intimate partner violence

    Directory of Open Access Journals (Sweden)

    Ana Maria Buller

    2016-06-01

    Full Text Available Abstract Background Intimate partner violence (IPV is highly prevalent and has detrimental effects on the physical and mental health of women across the world. Despite emerging evidence on the impacts of cash transfers on intimate partner violence, the pathways through which reductions in violence occur remain under-explored. A randomised controlled trial of a cash and in-kind food transfer programme on the northern border of Ecuador showed that transfers reduced physical or sexual violence by 30 %. This mixed methods study aimed to understand the pathways that led to this reduction. Methods We conducted a mixed methods study that combined secondary analysis from a randomised controlled trial relating to the impact of a transfer programme on IPV with in-depth interviews and focus group discussions with male and female beneficiaries. A sequential analysis strategy was followed, whereby qualitative results guided the choice of variables for the quantitative analysis and qualitative insights were used to help interpret the quantitative findings. Results We found qualitative and quantitative evidence that the intervention led to reductions in IPV through three pathways operating at the couple, household and individual level: i reduced day-to-day conflict and stress in the couple; ii improved household well-being and happiness; and iii increased women’s decision making, self-confidence and freedom of movement. We found little evidence that any type of IPV increased as a result of the transfers. Discussion While cash and in-kind transfers can be important programmatic tools for decreasing IPV, the positive effects observed in this study seem to depend on circumstances that may not exist in all settings or programmes, such as the inclusion of a training component. Moreover, the programme built upon rather than challenged traditional gender roles by targeting women as transfer beneficiaries and framing the intervention under the umbrella of food

  7. A topological method for vortex identification in turbulent flows

    Energy Technology Data Exchange (ETDEWEB)

    Zhong, Qiang; Chen, Huai; Li, Danxun [State Key Laboratory of Hydroscience and Engineering, Tsinghua University, Beijing 100084 (China); Chen, Qigang, E-mail: lidx@mail.tsinghua.edu.cn [School of Civil Engineering, Beijing Jiaotong University, Beijing 100044 (China)

    2017-02-15

    We present a novel vortex identification method based on structured vorticity ( ω {sub s}) of the direction field of flow (velocity vectors set to unit magnitude). As a direct measure of streamline curvature is insensitive to vortex strength, ω {sub s} is effective in detecting vortices of various strengths. The effectiveness has been tested against both analytical flows (pure shear flow, Oseen vortex flow, strong outward spiraling motion, straining flow, Taylor–Green flow) and experimental flows (closed cavity flow, closed and open channel flow). Comparison of the new method with the swirling-strength method indicates that the new method shows promise as being a simple and effective criterion for vortex identification. (paper)

  8. QuickCash: Secure Transfer Payment Systems

    Directory of Open Access Journals (Sweden)

    Abdulrahman Alhothaily

    2017-06-01

    Full Text Available Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users’ needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN. In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties.

  9. QuickCash: Secure Transfer Payment Systems

    Science.gov (United States)

    Alhothaily, Abdulrahman; Alrawais, Arwa; Song, Tianyi; Lin, Bin; Cheng, Xiuzhen

    2017-01-01

    Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users’ needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN). In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties. PMID:28608846

  10. QuickCash: Secure Transfer Payment Systems.

    Science.gov (United States)

    Alhothaily, Abdulrahman; Alrawais, Arwa; Song, Tianyi; Lin, Bin; Cheng, Xiuzhen

    2017-06-13

    Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users' needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN). In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties.

  11. Corporate Financial Flexibility, Investment Activities, and Cash Holding: Evidence From Indonesia

    OpenAIRE

    Rahmat Heru Setianto; Addenver Kusumaputra

    2017-01-01

    This paper examines empirically the impact of financial flexibility on investment activities. Furthermore, we also investigate how financial flexibility determines the sensitivity of investment activities to cash flow. Using annual data of Indonesian manufacturing firms spanning five years, our analyses reveal that financial flexibility enhances investment ability and decreases sensitivity of investment activities to cash flow. Further analysis indicates that financially flexible firms in Ind...

  12. The financial determinants of corporate cash holdings in an oil rich country: Evidence from Kingdom of Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Muncef Guizani

    2017-09-01

    Full Text Available This paper investigates the determinants of the cash holdings for a sample of Saudi firms over the period 2006–2014, using static and dynamic panel models. Our results show that leverage, firm size, capital expenditure, net working capital and cash flow volatility are important in determining cash holdings. When we divide our sample into two sub-samples: petrochemical and non-petrochemical firms, our results show a significant difference between the determinants of cash holdings of the two groups of firms. We also investigate the characteristics of high liquid firms (conservative firms. The results indicate that conservative firms are less leveraged, have large size, have low investment expenditures and have low cash flow fluctuation. Furthermore, dynamic panel estimation indicates that Saudi firms adjust their liquidity holdings quickly towards an endogenous target cash ratio.

  13. Cash Holdings and Mutual Fund Performance

    OpenAIRE

    Mikhail Simutin

    2014-01-01

    Cash holdings of equity mutual funds impose a drag on fund performance but also allow managers to make quick investments in attractive stocks and satisfy outflows without costly fire sales. This article shows that actively managed equity funds with high abnormal cash—that is, with cash holdings in excess of the level predicted by fund attributes—outperform their low abnormal cash peers by over 2% per year. Managers carrying high abnormal cash compensate for the low return on cash by making su...

  14. Lower cash flow hampers offshore activities

    International Nuclear Information System (INIS)

    Hughes, C.

    1992-01-01

    This paper reports that the past 18 months have seen many changes in the North Sea petroleum industry. There have been some major corporate deals, resulting in departure of certain players and the introduction of new companies. The Northwest European continental shelf has been notably active in terms of farm-ins/outs, asset sales and swaps, primarily offshore the United Kingdom and Netherlands. As a result of last year's activity, it appears that majors are gradually disposing of some of their interests in mature areas like the North Sea, in favor of frontier regions like the CIS and Far East

  15. Análise da Produção Científica sobre os fluxos de caixa e a demonstração dos fluxos de caixa: um estudo da Revista de Contabilidade e Finanças da Universidade de São Paulo, no período de 1989 a 2009 = Analysis of Scientific Literature on the Cash Flows and the Cash Flows Statement: a study of the Journal of Accounting and Finance, of the University of São Paulo from 1989 to 2009

    Directory of Open Access Journals (Sweden)

    Débora Gomes Machado

    2011-09-01

    Full Text Available Em mercados cada vez mais competitivos, as empresas precisam de um diferencial que lhes traga vantagens em relação à concorrência. Esse diferencial deve contribuir para que a empresa se mantenha saudável no mercado e para com a administração, no intento de gerir de forma eficaz os seus fluxos de caixa. Neste enfoque, o presente estudo situa-se na gestão financeira e tem como objetivo verificar a produção científica sobre os fluxos de caixa e a Demonstração dos Fluxos de Caixa – DFC, na Revista de Contabilidade e Finanças da Universidade de São Paulo, no período de 1989 a 2009. O estudo foi realizado por meio de uma pesquisa bibliométrica, procurando identificar as características dos artigos analisados. Trata-se de uma pesquisa descritivo-exploratória, documental e de abordagem qualitativa. Verificou-se que as publicações científicas referentes aos fluxos de caixa e a Demonstração dos Fluxos de Caixa, na Revista Contabilidade e Finanças, não possuem um número expressivo de publicações relacionadas ao assunto, nos últimos 21 anos. Dentre as publicações identificou-se a quantidade de autores por artigo, as instituições de ensino superior a qual os mesmos estão vinculados, o autor seminal do tema, o tipo e origem das referências utilizadas e os principais temas abordados.In increasingly competitive markets, companies need a differential that will bring them advantages over the competition. This differential should help the company to remain healthy for the market and with the administration, in an attempt to effectively manage their cash flows. In this approach, this study lies in financial management and aims to verify the scientific literature on the cash flows and the Cash Flows Statement, in the Journal of Accounting and Finance, University of São Paulo, from 1989 to 2009. The study was conducted through a bibliometric research, aiming to identify the characteristics of the articles analyzed. This is a

  16. EPA flow reference method testing and analysis: Findings report

    International Nuclear Information System (INIS)

    1999-06-01

    This report describes an experimental program sponsored by the US Environmental Protection Agency (EPA) to evaluate potential improvements to the Agency's current reference method for measuring volumetric flow (Method 2, 40 CFR Part 60, Appendix B). Method 2 (Determination of Stack Gas Velocity and Volumetric Flow Rate (Type S Pitot Tube)) specifies measurements to determine volumetric flow, but does not prescribe specific procedures to account for yaw or pitch angles of flow when the flow in the stack is not axial. Method 2 also allows the use of only two probe types, the Type S and the Prandtl

  17. Boundary integral methods for unsaturated flow

    International Nuclear Information System (INIS)

    Martinez, M.J.; McTigue, D.F.

    1990-01-01

    Many large simulations may be required to assess the performance of Yucca Mountain as a possible site for the nations first high level nuclear waste repository. A boundary integral equation method (BIEM) is described for numerical analysis of quasilinear steady unsaturated flow in homogeneous material. The applicability of the exponential model for the dependence of hydraulic conductivity on pressure head is discussed briefly. This constitutive assumption is at the heart of the quasilinear transformation. Materials which display a wide distribution in pore-size are described reasonably well by the exponential. For materials with a narrow range in pore-size, the exponential is suitable over more limited ranges in pressure head. The numerical implementation of the BIEM is used to investigate the infiltration from a strip source to a water table. The net infiltration of moisture into a finite-depth layer is well-described by results for a semi-infinite layer if αD > 4, where α is the sorptive number and D is the depth to the water table. the distribution of moisture exhibits a similar dependence on αD. 11 refs., 4 figs.,

  18. Cash Management Policies By Evolutionary Models: A Comparison Using The MILLER-ORR Model

    Directory of Open Access Journals (Sweden)

    Marcelo Botelho da Costa Moraes

    2013-10-01

    Full Text Available This work aims to apply genetic algorithms (GA and particle swarm optimization (PSO to managing cash balance, comparing performance results between computational models and the Miller-Orr model. Thus, the paper proposes the application of computational evolutionary models to minimize the total cost of cash balance maintenance, obtaining the parameters for a cash management policy, using assumptions presented in the literature, considering the cost of maintenance and opportunity for cost of cash. For such, we developed computational experiments from cash flows simulated to implement the algorithms. For a control purpose, an algorithm has been developed that uses the Miller-Orr model defining the lower bound parameter, which is not obtained by the original model. The results indicate that evolutionary algorithms present better results than the Miller-Orr model, with prevalence for PSO algorithm in results.

  19. Morphometric methods for simulation of water flow

    NARCIS (Netherlands)

    Booltink, H.W.G.

    1993-01-01

    Water flow in structured soils is strongly governed by the occurence of macropores. In this study emphasis was given to combined research of morphology of water- conducting macropores and soil physical measurements on bypass flow. Main research objectives were to: (i) develop and improve

  20. “No one says ‘No’ to money” – a mixed methods approach for evaluating conditional cash transfer schemes to improve girl children’s status in Haryana, India

    Science.gov (United States)

    2014-01-01

    Introduction Haryana was the first state in India to launch a conditional cash transfer (CCT) scheme in 1994. Initially it targeted all disadvantaged girls but was revised in 2005 to restrict it to second girl children of all groups. The benefit which accrued at girl attaining 18 years and subject to conditionalities of being fully immunized, studying till class 10 and remaining unmarried, was increased from about US$ 500 to US$ 2000. Using a mixed methods approach, we evaluated the implementation and possible impact of these two schemes. Methods A survey was conducted among 200 randomly selected respondents of Ballabgarh Block in Haryana to assess their perceptions of girl children and related schemes. A cohort of births during this period was assembled from population database of 28 villages in this block and changes in sex ratio at birth and in immunization coverage at one year of age among boys and girls was measured. Education levels and mean age at marriage of daughters were compared with daughters-in-law from outside Haryana. In-depth interviews were conducted among district level implementers of these schemes to assess their perceptions of programs’ implementation and impact. These were analyzed using a thematic approach. Results The perceptions of girls as a liability and poor (9% to 15%) awareness of the schemes was noted. The cohort analysis showed that while there has been an improvement in the indicators studied, these were similar to those seen among the control groups. Qualitative analysis identified a “conspiracy of silence” - an underplaying of the pervasiveness of the problem coupled with a passive implementation of the program and a clash between political culture of giving subsidies and a bureaucratic approach that imposed many conditionalities and documentary needs for availing of benefits. Conclusion The apparent lack of impact on the societal mindset calls for a revision in the current approach of addressing a social issue by a purely

  1. The use of fuzzy real option valuation method to rank Giga ...

    African Journals Online (AJOL)

    The use of fuzzy real option valuation method to rank Giga Investment Projects on Iran's natural gas reserves. ... Journal of Fundamental and Applied Sciences ... methodology – discounted cash flow analysis – in valuation of Giga investments.

  2. OPTIMIZATION OF ATM AND BRANCH CASH OPERATIONS USING AN INTEGRATED CASH REQUIREMENT FORECASTING AND CASH OPTIMIZATION MODEL

    Directory of Open Access Journals (Sweden)

    Canser BİLİR

    2018-04-01

    Full Text Available In this study, an integrated cash requirement forecasting and cash inventory optimization model is implemented in both the branch and automated teller machine (ATM networks of a mid-sized bank in Turkey to optimize the bank’s cash supply chain. The implemented model’s objective is to minimize the idle cash levels at both branches and ATMs without decreasing the customer service level (CSL by providing the correct amount of cash at the correct location and time. To the best of our knowledge, the model is the first integrated model in the literature to be applied to both ATMs and branches simultaneously. The results demonstrated that the integrated model dramatically decreased the idle cash levels at both branches and ATMs without degrading the availability of cash and hence customer satisfaction. An in-depth analysis of the results also indicated that the results were more remarkable for branches. The results also demonstrated that the utilization of various seasonal indices plays a very critical role in the forecasting of cash requirements for a bank. Another unique feature of the study is that the model is the first to include the recycling feature of ATMs. The results demonstrated that as a result of the inclusion of the deliberate seasonal indices in the forecasting model, the integrated cash optimization models can be used to estimate the cash requirements of recycling ATMs.

  3. PDF methods for turbulent reactive flows

    Science.gov (United States)

    Hsu, Andrew T.

    1995-01-01

    Viewgraphs are presented on computation of turbulent combustion, governing equations, closure problem, PDF modeling of turbulent reactive flows, validation cases, current projects, and collaboration with industry and technology transfer.

  4. Metrology of two-phase flow: different methods

    International Nuclear Information System (INIS)

    Delhaye, J.M.; Galaup, J.P.; Reocreux, M.; Ricque, R.

    Nine papers are presented concerning different methods of measuring two-phase flow. Some of the methods and equipment discussed include: radiation absorption, electromagnetic flowmeter, anemometry, resistance probes, phase indicating microthermocouples, optical probes, sampling methods, and pitot tubes

  5. HOW THE DEPRECIATION METHOD CONTRIBUTES TO ESTIMATING FUTURE TREASURY FLOWS OUT OF THE ASSETS USE – CASE STUDY IN THE GROUPS OF SOCIETIES FROM THE ROMANIAN AREA

    Directory of Open Access Journals (Sweden)

    Manea Marinela - Daniela

    2015-05-01

    Full Text Available The current paper further pursues a previous research which sets out to test the contribution of the amortization method to generating the future cash flows from using tangible fixed assets within the European and Romania area. The process was initiated out of the necessity to identify new working tools available for the Romanian accountant professionals with regard to implementing the provisions of the accounting international standards (IFRS and it came across the difficulty of modeling the sample – 40 societies – and collecting information from financial situations, often incomplete, insufficiently formalized and difficult to process.

  6. Frontier in nanoscale flows fractional calculus and analytical methods

    CERN Document Server

    Lewis, Roland; Liu, Hong-yan

    2014-01-01

    This ebook covers the basic properties of nanoscale flows, and various analytical and numerical methods for nanoscale flows and environmental flows. This ebook is a good reference not only for audience of the journal, but also for various communities in mathematics, nanotechnology and environmental science.

  7. Method and apparatus for monitoring two-phase flow. [PWR

    Science.gov (United States)

    Sheppard, J.D.; Tong, L.S.

    1975-12-19

    A method and apparatus for monitoring two-phase flow is provided that is particularly related to the monitoring of transient two-phase (liquid-vapor) flow rates such as may occur during a pressurized water reactor core blow-down. The present invention essentially comprises the use of flanged wire screens or similar devices, such as perforated plates, to produce certain desirable effects in the flow regime for monitoring purposes. One desirable effect is a measurable and reproducible pressure drop across the screen. The pressure drop can be characterized for various known flow rates and then used to monitor nonhomogeneous flow regimes. Another useful effect of the use of screens or plates in nonhomogeneous flow is that such apparatus tends to create a uniformly dispersed flow regime in the immediate downstream vicinity. This is a desirable effect because it usually increases the accuracy of flow rate measurements determined by conventional methods.

  8. Uma Análise comparativa dos indicadores financeiros da Petrobras por meio da avaliação da demonstração dos fluxos de caixa do período de 2005 a 2007 = A Comparative Analysis of Petrobrás Inc. Financial Indicators Through an Evaluation of its Cash Flow Statement from 2005 to 2007

    Directory of Open Access Journals (Sweden)

    Letícia Goulart dos Santos

    2009-03-01

    Full Text Available Uma das principais mudanças ocorridas no cenário atual foi a aprovação da Lei 11.638/07, que, entre outras alterações, determina a substituição da Demonstração de Origense Aplicações de Recursos – DOAR pela Demonstração dos Fluxos de Caixa – DFC. Essa, mudança é considerada benéfica para os investidores e usuários da informação por ser considerada de linguagem mais simples e clara. O objetivo do presente estudo é demonstrar a situação financeira da empresa Petrobras, no período de 2005, 2006 e2007, por meio da análise dos indicadores vinculados à Demonstração dos Fluxos de Caixa, que avaliam a liquidez. Uma ferramenta ainda pouco utilizada pelos acionistas são alguns indicadores que facilitam a interpretação da situação financeira da empresa por meio do fluxo de caixa. Os índices foram classificados em quatro grupos, relacionados à cobertura do caixa, à qualidade do resultado, ao dispêndio de capital e ao retorno do fluxo de caixa. Esses têm o propósito de avaliar desde a capacidade de pagamento a téas taxas de retorno de caixa. Em termos metodológicos, a pesquisa caracteriza-se, quanto os objetivos, como um estudo descritivo, e, quanto aos procedimentos, como um estudo de caso. Por meio deste estudo pode-se por fim demonstrar a importância dessa análise comparativa para que os envolvidos tenham uma visão mais profunda da verdadeiras atuação da empresa e das condições de continuidade do seu negócio.One of the most important changes that happened on the present economical scenery itwas the approval to the law n. 11.638/07, which sets, among other alterations, thereplacement of the Statements of Source and Application of Funds for the Cash FlowStatement.This switch is considered a benefit for both investors and users of this termdue to its simple and clear words. In this way, the purpose of this study is to report onthe financial situation of the Petrobras Inc. over the period of 2005,2006 and

  9. Analysis of cash holding for measuring the efficiency of cash management: A study on IT sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-01-01

    Full Text Available For measuring the efficiency of management of cash, cash holding is one of the most important financial decisions that the manager of the concerned organization, has to make in the organization. Basically, it is observed that the organization hold cash for future purposes is very negligible. If the organization invested cash in profitable securities then there is some flexibility but when it relates to the capital market holding cash is not advantageous. Generally two contradictory theories such as Trade-off theory and the Pecking order theory are considered for measuring the efficiency of cash management. In this study we generally observed measured the efficiency of Cash Management influenced by Cash Holding. We also measured whether cash holding of the organization is affected with the degree of financial leverage, size of the organization, investment and profitability. This study helps us to understand the influence of DFL, Investment and Size of the organization on Cash holding. Proper holding of cash in cash management can prevent the bankruptcy of any organization and also increases the efficiency of Cash or Liquidity management.

  10. Modeling shallow water flows using the discontinuous Galerkin method

    CERN Document Server

    Khan, Abdul A

    2014-01-01

    Replacing the Traditional Physical Model Approach Computational models offer promise in improving the modeling of shallow water flows. As new techniques are considered, the process continues to change and evolve. Modeling Shallow Water Flows Using the Discontinuous Galerkin Method examines a technique that focuses on hyperbolic conservation laws and includes one-dimensional and two-dimensional shallow water flows and pollutant transports. Combines the Advantages of Finite Volume and Finite Element Methods This book explores the discontinuous Galerkin (DG) method, also known as the discontinuous finite element method, in depth. It introduces the DG method and its application to shallow water flows, as well as background information for implementing and applying this method for natural rivers. It considers dam-break problems, shock wave problems, and flows in different regimes (subcritical, supercritical, and transcritical). Readily Adaptable to the Real World While the DG method has been widely used in the fie...

  11. Do business groups affect corporate cash holdings? Evidence from a transition economy

    Directory of Open Access Journals (Sweden)

    Weixing Cai

    2016-03-01

    Full Text Available We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult external capital acquisition. A hand-collected dataset of Chinese firms reveals that group affiliation decreases cash holdings, alleviating the free-cash-flow problem of agency costs. State ownership and control of listed firms moderate this benefit, which is more pronounced when the financial market is less liquid. Group affiliation facilitates related-party transactions, increases debt capacity and decreases investment-cash-flow sensitivity and overinvestment. In transitional economies, privately controlled firms are more likely to benefit from group affiliation than state-controlled firms propped up by the government.

  12. Manipulation of Cash-Settled Futures Contracts.

    OpenAIRE

    Pirrong, Craig

    2001-01-01

    Replacement of delivery settlement of futures contracts with cash settlement is frequently proposed to reduce the frequency of market manipulation. This article shows that it is always possible to design a delivery-settled futures contract that is less susceptible to cornering by a large long than any given cash-settled contract. Such a contract is more susceptible to manipulation by large shorts, however. Therefore, cash settlement does not uniformly dominate delivery settlement as a means o...

  13. Towards the establishment of cash waqf microfinance fund for refugees

    Directory of Open Access Journals (Sweden)

    Omar Ahmad Kachkar

    2017-07-01

    Full Text Available Purpose - This paper aims to propose cash waqf (endowment to develop a conceptual model that can be utilised to extend microfinance for refugees. Design/methodology/approach - Qualitative method is used in this research. An extensive review of the literature has been conducted. Latest literature on refugees, microfinance has been critically examined beside the current cash waqf models. Findings - Empirical studies have shown that many refugees are equipped with marketable skills and talents that can be utilised to improve their socio-economic situations. The proposed model – cash waqf refugee microfinance fund (CWRMF – is structured to extend microfinance to potential refugee micro entrepreneurs. To address the lack of collateral, which is a requirement to gain any microfinance, CWRMF has been incorporated with a takaful unit (cooperation by which refugees may guarantee each other. Additionally, the model has also been structured to address the challenge of sustainability of the institution that would provide microfinance. Hence, a reserve fund has also been integrated into the model. Practical implications - CWRMF represents a potential model to be implemented by humanitarian non-governmental organisations (NGOs and aid agencies to support livelihood of refugees in particular for Muslim refugees. Positive outcome is expected from the implementation of this model. This is because of the various advantages of microfinance programs not only on refugees but also on concerned NGOs, host populations and donor parties. Additionally, this paper is a set of primarily thoughts aims to open the door wider for more researchers to explore the potential of cash waqf as one of the instruments to finance refugee microenterprises and business activities. Originality/value - Recently cash waqf has been into several models for socio-economic development and poverty alleviation. This paper is proposing cash waqf as a source for a microfinance fund that can

  14. Date Attachable Offline Electronic Cash Scheme

    Directory of Open Access Journals (Sweden)

    Chun-I Fan

    2014-01-01

    Full Text Available Electronic cash (e-cash is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  15. Date attachable offline electronic cash scheme.

    Science.gov (United States)

    Fan, Chun-I; Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  16. Date Attachable Offline Electronic Cash Scheme

    Science.gov (United States)

    Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling. PMID:24982931

  17. Long-term Stable Conservative Multiscale Methods for Vortex Flows

    Science.gov (United States)

    2017-10-31

    Computing Department, Florida State (January 2016) - L. Rebholz, SIAM Southeast 2016, Special session on Recent advances in fluid flow and...Multiscale Methods for Vortex Flows (x) Material has been given an OPSEC review and it has been determined to be non sensitive and, except for...distribution is unlimited. UU UU UU UU 31-10-2017 1-Aug-2014 31-Jul-2017 Final Report: Long-term Stable Conservative Multiscale Methods for Vortex Flows

  18. Free-surface viscous flow solution methods for ship hydrodynamics

    NARCIS (Netherlands)

    Wackers, J.; Koren, B.; Raven, H.C.; Ploeg, van der A.; Starke, A.R.; Deng, G.; Queutey, P.; Visonneau, M.; Hino, T.; Ohashi, K.

    2011-01-01

    The simulation of viscous free-surface water flow is a subject that has reached a certain maturity and is nowadays used in industrial applications, like the simulation of the flow around ships. While almost all methods used are based on the Navier-Stokes equations, the discretisation methods for the

  19. Ultrasonic 3-D Vector Flow Method for Quantitative In Vivo Peak Velocity and Flow Rate Estimation

    DEFF Research Database (Denmark)

    Holbek, Simon; Ewertsen, Caroline; Bouzari, Hamed

    2017-01-01

    Current clinical ultrasound (US) systems are limited to show blood flow movement in either 1-D or 2-D. In this paper, a method for estimating 3-D vector velocities in a plane using the transverse oscillation method, a 32×32 element matrix array, and the experimental US scanner SARUS is presented...... is validated in two phantom studies, where flow rates are measured in a flow-rig, providing a constant parabolic flow, and in a straight-vessel phantom ( ∅=8 mm) connected to a flow pump capable of generating time varying waveforms. Flow rates are estimated to be 82.1 ± 2.8 L/min in the flow-rig compared...

  20. Divulgação voluntária da demonstração dos fluxos de caixa no mercado de capitais Brasileiro Voluntary disclosure of statement of cash flows in the Brazilian capital market

    Directory of Open Access Journals (Sweden)

    Bruno Meirelles Salotti

    2008-12-01

    Full Text Available Este trabalho avalia os motivos da divulgação voluntária da DFC, Demonstração dos Fluxos de Caixa, no mercado de capitais brasileiro. Para tal, utiliza o referencial teórico da Teoria da Divulgação Voluntária. A partir do modelo proposto por Verrecchia (2001, são elaboradas cinco hipóteses relacionando a divulgação voluntária da DFC a outras variáveis. Essas hipóteses são testadas a partir dos dados das companhias abertas com ações listadas na BOVESPA, Bolsa de Valores de São Paulo, as quais divulgaram voluntariamente a DFC no período de 2000 a 2004. Utilizam-se testes estatísticos univariados de diferenças de médias e multivariados, a partir da aplicação do modelo da regressão logística. As evidências empíricas sugerem que a divulgação voluntária da DFC tem forte correlação positiva com a divulgação voluntária passada da DFC e positiva com a importância dada pela empresa às percepções dos outsiders. Percebe-se, ainda, correlação positiva com o desempenho da empresa; negativa com os custos de divulgação e negativa com o nível de assimetria informacional. Também é empregada uma variável de controle relacionada à participação das empresas nos programas de ADRs, American Depositary Receipts, notandose uma correlação positiva entre a divulgação da DFC e a participação das empresas nos programas de ADRs.This paper analyzes companies' motives to voluntarily disclose the SCF - Statement of Cash Flows in the Brazilian capital market, using the theoretical frame of Voluntary Disclosure Theory. Based on Verrecchia's (2001 model, five hypotheses are constructed to relate voluntary disclosure of SCF to other variables. These hypotheses are tested with data from public companies listed on BOVESPA, Bolsa de Valores de São Paulo, which voluntarily disclosed SCF from 2000 to 2004. Univariate statistical mean difference tests and multivariate logistic regression are used. Empirical evidence suggests a

  1. 自由現金流量對私立大學校院成長機會之影響 Implication of Free Cash Flows on Growth Opportunities of Private Universities and Colleges

    Directory of Open Access Journals (Sweden)

    宋旻錞 Min-Chuen Sung

    2009-06-01

    Full Text Available 本文以我國私立大學校院為研究對象,探討自由現金流量與其成長機會之間的關聯。研究結果顯示,在考慮代理問題與監督效果影響之前,自由現金流量與私立大學校院的成長機會並沒有顯著關聯。經控制代理問題影響後發現,在高代理問題的樣本中,自由現金流量與成長機會呈顯著的負向關係;不過,將監督效果納入考慮後,其結論仍與未考量前相同。進一步將高代理問題樣本再依監督效 果強弱加以區分後發現,在高代理問題且高監督效果組中,自由現金流量與成長機會之間的負向關係並不顯著,只有在高代理問題且低監督效果組中,兩者才會呈現顯著的負向關聯。因此在考慮其他影響效果前,自由現金流量是否會為私立大學校院帶來成長機會,其結論並不明確。不過,對於高代理問題的私校而言,其自由現金流量會與成長機會呈顯著的負相關。然而,私校若可強化其監督機制,上述負面影響就會變得比較緩和,因此降低代理問題且加強監督機制,是私校追求成長機會的必要條件。 This study aims to explore whether free cash flows (FCF can induce growth opportunities (GO of private universities and colleges in Taiwan. The relationship between FCF and GO is not initially significant. After controlling the effects of agency problem, we find that FCF have significant negative effects on GO in samples with the high-agency problem. However, the relationship between FCF and Go does not show statistically significant in the samples of high-agency problems or low-monitoring effects. Further, we find that FCF will solely reduce GO of private universities and colleges that display both high-agency problems and low-monitoring effects. Thus, reducing agency problems and enhancing monitoring effects are key for private universities and colleges to sustain institutional

  2. Aortic blood flow subtraction: an alternative method for measuring total renal blood flow in conscious dogs

    DEFF Research Database (Denmark)

    Sandgaard, N C F; Andersen, J L; Holstein-Rathlou, N-H

    2002-01-01

    We have measured total renal blood flow (TRBF) as the difference between signals from ultrasound flow probes implanted around the aorta above and below the renal arteries. The repeatability of the method was investigated by repeated, continuous infusions of angiotensin II and endothelin-1 seven...... arterial blood pressure by 49% and decreased TRBF by 12%, providing an increase in renal vascular resistance of 69%. Dynamic analysis showed autoregulation of renal blood flow in the frequency range ... of TRBF by aortic blood flow subtraction is a practical and reliable method that allows direct comparison of excretory function and renal blood flow from two kidneys. The method also allows direct comparison between TRBF and flow in the caudal aorta....

  3. 23 CFR 140.612 - Cash management.

    Science.gov (United States)

    2010-04-01

    ... 23 Highways 1 2010-04-01 2010-04-01 false Cash management. 140.612 Section 140.612 Highways FEDERAL HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION PAYMENT PROCEDURES REIMBURSEMENT Reimbursement for Bond Issue Projects § 140.612 Cash management. By July 1 of each year the SHA will provide...

  4. School District Cash Management. Program Audit.

    Science.gov (United States)

    New York State Legislative Commission on Expenditure Review, Albany.

    New York State law permits school districts to invest cash not immediately needed for district operation and also specifies the kinds of investments that may be made in order to ensure the safety and liquidity of public funds. This audit examines cash management and investment practices in New York state's financially independent school districts.…

  5. Cash Management/Data Matching. Training Guide.

    Science.gov (United States)

    Office of Student Financial Assistance (ED), Washington, DC.

    This training guide for financial aid staff explains the process of direct loan reconciliation and suggests appropriate cash management accounting practices. Chapter 1 explains the importance of cash management, the role of data matching, and reviews basic reconciliation concepts and terms and direct loan reporting requirements. Chapter 2 reviews…

  6. Lessons about Cash and Manager Priorities

    Science.gov (United States)

    Mong, Donald

    2013-01-01

    Experienced managers know that cash affects virtually every aspect of a company's strategy and operations. Business students and new managers, however, sometimes lose sight of the importance of cash amidst the details of accrual-based accounting courses, formula-based finance courses, and production-based management courses. We therefore use…

  7. The synthesis method for design of electron flow sources

    Science.gov (United States)

    Alexahin, Yu I.; Molodozhenzev, A. Yu

    1997-01-01

    The synthesis method to design a relativistic magnetically - focused beam source is described in this paper. It allows to find a shape of electrodes necessary to produce laminar space charge flows. Electron guns with shielded cathodes designed with this method were analyzed using the EGUN code. The obtained results have shown the coincidence of the synthesis and analysis calculations [1]. This method of electron gun calculation may be applied for immersed electron flows - of interest for the EBIS electron gun design.

  8. Objective measurement of inhaler inhalation flow profile using acoustic methods

    Energy Technology Data Exchange (ETDEWEB)

    Lacalle, H.; Taylor, T.E.; Marco, S.; Reilly, R.B.

    2016-07-01

    Patients with asthma and chronic obstructive pulmonary diseases (COPD) are mostly treated with inhalers that deliver medication directly to their airways. Drug delivery from dry powder inhalers (DPIs) is very much reliant on the inhalation manoeuvre, specifically the peak inspiratory flow rate (PIFR), inspiratory capacity (IC) and inhalation rise time (IRT) of the inhalation. It has been widely reported that patients may not follow correct inhalation technique while using their inhaler. In this study, a novel acoustic method is proposed to accurately estimate inhalation flow profile using only one inhalation recording for calibration. An Ellipta DPI was placed inside an airtight container with a spirometer connected in order to measure inhalation flow parameters. An acoustic recording device (Inhaler Compliance Assessment (INCA)) was also attached to the DPI. Inhalation audio and flow signals were recorded simultaneously. The data were collected from 20 healthy subjects while performing inhaler inhalations at a range of inspiratory flow rates. A power law regression model was computed to obtain the relationship between the acoustic envelope of the inhalation and flow profile of each recording. Each model was tested on the remaining audio signals to estimate flow profile. The average estimation error was found to be 10.5±0.3% for estimating flow profile from audio signals. Inhalation flow profile parameters (PIFR, IC and IRT) could then be measured from the estimated flow profile with high accuracy giving information on user inhalation technique. This method may assist in improving patient inhaler adherence and overall disease control. (Author)

  9. Review of Upscaling Methods for Describing Unsaturated Flow

    Energy Technology Data Exchange (ETDEWEB)

    Wood, Brian D.

    2000-09-26

    Representing samll-scale features can be a challenge when one wants to model unsaturated flow in large domains. In this report, the various upscaling techniques are reviewed. The following upscaling methods have been identified from the literature: stochastic methods, renormalization methods, volume averaging and homogenization methods. In addition, a final technique, full resolution numerical modeling, is also discussed.

  10. Corporate Governance, Cash Holdings, and Firm Value: Evidence from Japan

    OpenAIRE

    Qi Luo; Toyohiko Hachiya

    2005-01-01

    This paper presents evidence on cash holdings for Japanese firms listed on the Tokyo Stock Exchange, focusing on the impact of corporate governance factors in cash holdings and the implication of cash holdings to firm value. We find that insider ownership and bank relations of firms play a significant role in determining cash holdings. Our results indicate that foreign stockholders select profitable firms to invest, and these firms have higher levels of cash. We document evidence that cash ho...

  11. Sodium flow rate measurement method of annular linear induction pump

    International Nuclear Information System (INIS)

    Araseki, Hideo

    2011-01-01

    This report describes a method for measuring sodium flow rate of annular linear induction pumps arranged in parallel and its verification result obtained through an experiment and a numerical analysis. In the method, the leaked magnetic field is measured with measuring coils at the stator end on the outlet side and is correlated with the sodium flow rate. The experimental data and the numerical result indicate that the leaked magnetic field at the stator edge keeps almost constant when the sodium flow rate changes and that the leaked magnetic field change arising from the flow rate change is small compared with the overall leaked magnetic field. It is shown that the correlation between the leaked magnetic field and the sodium flow rate is almost linear due to this feature of the leaked magnetic field, which indicates the applicability of the method to small-scale annular linear induction pumps. (author)

  12. Constrained blind deconvolution using Wirtinger flow methods

    KAUST Repository

    Walk, Philipp; Jung, Peter; Hassibi, Babak

    2017-01-01

    In this work we consider one-dimensional blind deconvolution with prior knowledge of signal autocorrelations in the classical framework of polynomial factorization. In particular this univariate case highly suffers from several non-trivial ambiguities and therefore blind deconvolution is known to be ill-posed in general. However, if additional autocorrelation information is available and the corresponding polynomials are co-prime, blind deconvolution is uniquely solvable up to global phase. Using lifting, the outer product of the unknown vectors is the solution to a (convex) semi-definite program (SDP) demonstrating that -theoretically- recovery is computationally tractable. However, for practical applications efficient algorithms are required which should operate in the original signal space. To this end we also discuss a gradient descent algorithm (Wirtinger flow) for the original non-convex problem. We demonstrate numerically that such an approach has performance comparable to the semidefinite program in the noisy case. Our work is motivated by applications in blind communication scenarios and we will discuss a specific signaling scheme where information is encoded into polynomial roots.

  13. Constrained blind deconvolution using Wirtinger flow methods

    KAUST Repository

    Walk, Philipp

    2017-09-04

    In this work we consider one-dimensional blind deconvolution with prior knowledge of signal autocorrelations in the classical framework of polynomial factorization. In particular this univariate case highly suffers from several non-trivial ambiguities and therefore blind deconvolution is known to be ill-posed in general. However, if additional autocorrelation information is available and the corresponding polynomials are co-prime, blind deconvolution is uniquely solvable up to global phase. Using lifting, the outer product of the unknown vectors is the solution to a (convex) semi-definite program (SDP) demonstrating that -theoretically- recovery is computationally tractable. However, for practical applications efficient algorithms are required which should operate in the original signal space. To this end we also discuss a gradient descent algorithm (Wirtinger flow) for the original non-convex problem. We demonstrate numerically that such an approach has performance comparable to the semidefinite program in the noisy case. Our work is motivated by applications in blind communication scenarios and we will discuss a specific signaling scheme where information is encoded into polynomial roots.

  14. Cross-flow electrofilter and method

    Science.gov (United States)

    Gidaspow, Dimitri; Lee, Chang H.; Wasan, Darsh T.

    1980-01-01

    A filter for clarifying carbonaceous liquids containing finely divided solid particles of, for instance, unreacted coal, ash and other solids discharged from a coal liquefaction process is presented. The filter includes two passageways separated by a porous filter medium. In one preferred embodiment the filter medium is of tubular shape to form the first passageway and is enclosed within an outer housing to form the second passageway within the annulus. An electrode disposed in the first passageway, for instance along the tube axis, is connected to a source of high voltage for establishing an electric field between the electrode and the filter medium. Slurry feed flows through the first passageway tangentially to the surfaces of the filter medium and the electrode. Particles from the feed slurry are attracted to the electrode within the first passageway to prevent plugging of the porous filter medium while carbonaceous liquid filters into the second passageway for withdrawal. Concentrated slurry is discharged from the first passageway at an end opposite to the feed slurry inlet. Means are also provided for the addition of diluent and a surfactant into the slurry to control relative permittivity and the electrophoretic mobility of the particles.

  15. A Level Set Discontinuous Galerkin Method for Free Surface Flows

    DEFF Research Database (Denmark)

    Grooss, Jesper; Hesthaven, Jan

    2006-01-01

    We present a discontinuous Galerkin method on a fully unstructured grid for the modeling of unsteady incompressible fluid flows with free surfaces. The surface is modeled by embedding and represented by a levelset. We discuss the discretization of the flow equations and the level set equation...

  16. Clearance gap flow: Simulations by discontinuous Galerkin method and experiments

    Czech Academy of Sciences Publication Activity Database

    Hála, Jindřich; Luxa, Martin; Bublík, O.; Prausová, H.; Vimmr, J.

    2016-01-01

    Roč. 92, May (2016), 02073-02073 ISSN 2100-014X. [EFM14 – Experimental Fluid Mechanics 2014. Český Krumlov, 18.11.2014-21.11.2014] Institutional support: RVO:61388998 Keywords : compressible fluid flow * narrow channel flow * discontinuous Galerkin finite element method Subject RIV: BK - Fluid Dynamics

  17. PDF methods for combustion in high-speed turbulent flows

    Science.gov (United States)

    Pope, Stephen B.

    1995-01-01

    This report describes the research performed during the second year of this three-year project. The ultimate objective of the project is extend the applicability of probability density function (pdf) methods from incompressible to compressible turbulent reactive flows. As described in subsequent sections, progress has been made on: (1) formulation and modelling of pdf equations for compressible turbulence, in both homogeneous and inhomogeneous inert flows; and (2) implementation of the compressible model in various flow configurations, namely decaying isotropic turbulence, homogeneous shear flow and plane mixing layer.

  18. The art and science of flow control - case studies using flow visualization methods

    Science.gov (United States)

    Alvi, F. S.; Cattafesta, L. N., III

    2010-04-01

    Active flow control (AFC) has been the focus of significant research in the last decade. This is mainly due to the potentially substantial benefits it affords. AFC applications range from the subsonic to the supersonic (and beyond) regime for both internal and external flows. These applications are wide and varied, such as controlling flow transition and separation over various external components of the aircraft to active management of separation and flow distortion in engine components and over turbine and compressor blades. High-speed AFC applications include control of flow oscillations in cavity flows, supersonic jet screech, impinging jets, and jet-noise control. In this paper we review some of our recent applications of AFC through a number of case studies that illustrate the typical benefits as well as limitations of present AFC methods. The case studies include subsonic and supersonic canonical flowfields such as separation control over airfoils, control of supersonic cavity flows and impinging jets. In addition, properties of zero-net mass-flux (ZNMF) actuators are also discussed as they represent one of the most widely studied actuators used for AFC. In keeping with the theme of this special issue, the flowfield properties and their response to actuation are examined through the use of various qualitative and quantitative flow visualization methods, such as smoke, shadowgraph, schlieren, planar-laser scattering, and Particle image velocimetry (PIV). The results presented here clearly illustrate the merits of using flow visualization to gain significant insight into the flow and its response to AFC.

  19. Acceleration methods for multi-physics compressible flow

    Science.gov (United States)

    Peles, Oren; Turkel, Eli

    2018-04-01

    In this work we investigate the Runge-Kutta (RK)/Implicit smoother scheme as a convergence accelerator for complex multi-physics flow problems including turbulent, reactive and also two-phase flows. The flows considered are subsonic, transonic and supersonic flows in complex geometries, and also can be either steady or unsteady flows. All of these problems are considered to be a very stiff. We then introduce an acceleration method for the compressible Navier-Stokes equations. We start with the multigrid method for pure subsonic flow, including reactive flows. We then add the Rossow-Swanson-Turkel RK/Implicit smoother that enables performing all these complex flow simulations with a reasonable CFL number. We next discuss the RK/Implicit smoother for time dependent problem and also for low Mach numbers. The preconditioner includes an intrinsic low Mach number treatment inside the smoother operator. We also develop a modified Roe scheme with a corresponding flux Jacobian matrix. We then give the extension of the method for real gas and reactive flow. Reactive flows are governed by a system of inhomogeneous Navier-Stokes equations with very stiff source terms. The extension of the RK/Implicit smoother requires an approximation of the source term Jacobian. The properties of the Jacobian are very important for the stability of the method. We discuss what the chemical physics theory of chemical kinetics tells about the mathematical properties of the Jacobian matrix. We focus on the implication of the Le-Chatelier's principle on the sign of the diagonal entries of the Jacobian. We present the implementation of the method for turbulent flow. We use a two RANS turbulent model - one equation model - Spalart-Allmaras and a two-equation model - k-ω SST model. The last extension is for two-phase flows with a gas as a main phase and Eulerian representation of a dispersed particles phase (EDP). We present some examples for such flow computations inside a ballistic evaluation

  20. Hydrothermal optimal power flow using continuation method

    International Nuclear Information System (INIS)

    Raoofat, M.; Seifi, H.

    2001-01-01

    The problem of optimal economic operation of hydrothermal electric power systems is solved using powerful continuation method. While in conventional approach, fixed generation voltages are used to avoid convergence problems, in the algorithm, they are treated as variables so that better solutions can be obtained. The algorithm is tested for a typical 5-bus and 17-bus New Zealand networks. Its capabilities and promising results are assessed

  1. DEMONSTRATION BULLETIN: COLLOID POLISHING FILTER METHOD - FILTER FLOW TECHNOLOGY, INC.

    Science.gov (United States)

    The Filter Flow Technology, Inc. (FFT) Colloid Polishing Filter Method (CPFM) was tested as a transportable, trailer mounted, system that uses sorption and chemical complexing phenomena to remove heavy metals and nontritium radionuclides from water. Contaminated waters can be pro...

  2. A simple method for potential flow simulation of cascades

    Indian Academy of Sciences (India)

    vortex panel method to simulate potential flow in cascades is presented. The cascade ... The fluid loading on the blades, such as the normal force and pitching moment, may ... of such discrete infinite array singularities along the blade surface.

  3. Pressure algorithm for elliptic flow calculations with the PDF method

    Science.gov (United States)

    Anand, M. S.; Pope, S. B.; Mongia, H. C.

    1991-01-01

    An algorithm to determine the mean pressure field for elliptic flow calculations with the probability density function (PDF) method is developed and applied. The PDF method is a most promising approach for the computation of turbulent reacting flows. Previous computations of elliptic flows with the method were in conjunction with conventional finite volume based calculations that provided the mean pressure field. The algorithm developed and described here permits the mean pressure field to be determined within the PDF calculations. The PDF method incorporating the pressure algorithm is applied to the flow past a backward-facing step. The results are in good agreement with data for the reattachment length, mean velocities, and turbulence quantities including triple correlations.

  4. Experimental research on intraocular aqueous flow by PIV method.

    Science.gov (United States)

    Yang, Hongyu; Song, Hongfang; Mei, Xi; Li, Lin; Fu, Xineng; Zhang, Mindi; Liu, Zhicheng

    2013-10-21

    Aqueous humor flows regularly from posterior chamber to anterior chamber, and this flow much involves intraocular pressure, the eye tissue nutrition and metabolism. To visualize and measure the intraocular flow regular pattern of aqueous humor. Intraocular flow in the vitro eyeball is driven to simulate the physiological aqueous humor flow, and the flow field is measured by Particle Image Velocimetry(PIV). Fluorescent particle solution of a certain concentration was infused into the root of Posterior Chamber(PC) of vitro rabbit eye to simulate the generation of aqueous and was drained out at a certain hydrostatic pressure from the angle of Anterior Chamber(AC) to represent the drainage of aqueous. PIV method was used to record and calculate the flow on the midsagittal plane of the eyeball. Velocity vector distribution in AC has been obtained, and the distribution shows symmetry feature to some extent. Fluorescent particle solution first fills the PC as it is continuously infused, then surges into AC through the pupil, flows upwards toward the central cornea, reflecting and scattering, and eventually converges along the inner cornea surface towards the outflow points at the periphery of the eyeball. Velocity values around the pupillary margin are within the range of 0.008-0.012 m/s, which are close to theoretical values of 0.0133 m/s, under the driving rate of 100 μl/min. Flow field of aqueous humor can be measured by PIV method, which makes it possible to study the aqueous humor dynamics by experimental method. Our study provides a basis for experimental research on aqueous humor flow; further, it possibly helps to diagnose and treat eye diseases as shear force damage of ocular tissues and destructions on corneal endothelial cells from the point of intraocular flow field.

  5. Computational methods for two-phase flow and particle transport

    CERN Document Server

    Lee, Wen Ho

    2013-01-01

    This book describes mathematical formulations and computational methods for solving two-phase flow problems with a computer code that calculates thermal hydraulic problems related to light water and fast breeder reactors. The physical model also handles the particle and gas flow problems that arise from coal gasification and fluidized beds. The second part of this book deals with the computational methods for particle transport.

  6. Fast Multilevel Panel Method for Wind Turbine Rotor Flow Simulations

    NARCIS (Netherlands)

    van Garrel, Arne; Venner, Cornelis H.; Hoeijmakers, Hendrik Willem Marie

    2017-01-01

    A fast multilevel integral transform method has been developed that enables the rapid analysis of unsteady inviscid flows around wind turbines rotors. A low order panel method is used and the new multi-level multi-integration cluster (MLMIC) method reduces the computational complexity for

  7. Semiempirical method of determining flow coefficients for pitot rake mass flow rate measurements

    Science.gov (United States)

    Trefny, C. J.

    1985-01-01

    Flow coefficients applicable to area-weighted pitot rake mass flow rate measurements are presented for fully developed, turbulent flow in an annulus. A turbulent velocity profile is generated semiempirically for a given annulus hub-to-tip radius ratio and integrated numerically to determine the ideal mass flow rate. The calculated velocities at each probe location are then summed, and the flow rate as indicated by the rake is obtained. The flow coefficient to be used with the particular rake geometry is subsequently obtained by dividing the ideal flow rate by the rake-indicated flow rate. Flow coefficients ranged from 0.903 for one probe placed at a radius dividing two equal areas to 0.984 for a 10-probe area-weighted rake. Flow coefficients were not a strong function of annulus hub-to-tip radius ratio for rakes with three or more probes. The semiempirical method used to generate the turbulent velocity profiles is described in detail.

  8. Discrete method for design of flow distribution in manifolds

    International Nuclear Information System (INIS)

    Wang, Junye; Wang, Hualin

    2015-01-01

    Flow in manifold systems is encountered in designs of various industrial processes, such as fuel cells, microreactors, microchannels, plate heat exchanger, and radial flow reactors. The uniformity of flow distribution in manifold is a key indicator for performance of the process equipment. In this paper, a discrete method for a U-type arrangement was developed to evaluate the uniformity of the flow distribution and the pressure drop and then was used for direct comparisons between the U-type and the Z-type. The uniformity of the U-type is generally better than that of the Z-type in most of cases for small ζ and large M. The U-type and the Z-type approach each other as ζ increases or M decreases. However, the Z-type is more sensitive to structures than the U-type and approaches uniform flow distribution faster than the U-type as M decreases or ζ increases. This provides a simple yet powerful tool for the designers to evaluate and select a flow arrangement and offers practical measures for industrial applications. - Highlights: • Discrete methodology of flow field designs in manifolds with U-type arrangements. • Quantitative comparison between U-type and Z-type arrangements. • Discrete solution of flow distribution with varying flow coefficients. • Practical measures and guideline to design of manifold systems.

  9. Sodium flow rate measurement method of annular linear induction pumps

    International Nuclear Information System (INIS)

    Araseki, Hideo; Kirillov, Igor R.; Preslitsky, Gennady V.

    2012-01-01

    Highlights: ► We found a new method of flow rate monitoring of electromagnetic pump. ► The method is very simple and does not require a large space. ► The method was verified with an experiment and a numerical analysis. ► The experimental data and the numerical results are in good agreement. - Abstract: The present paper proposes a method for measuring sodium flow rate of annular linear induction pumps. The feature of the method lies in measuring the leaked magnetic field with measuring coils near the stator end on the outlet side and in correlating it with the sodium flow rate. This method is verified through an experiment and a numerical analysis. The data obtained in the experiment reveals that the correlation between the leaked magnetic field and the sodium flow rate is almost linear. The result of the numerical analysis agrees with the experimental data. The present method will be particularly effective to sodium flow rate monitoring of each one of plural annular linear induction pumps arranged in parallel in a vessel which forms a large-scale pump unit.

  10. Annular dispersed flow analysis model by Lagrangian method and liquid film cell method

    International Nuclear Information System (INIS)

    Matsuura, K.; Kuchinishi, M.; Kataoka, I.; Serizawa, A.

    2003-01-01

    A new annular dispersed flow analysis model was developed. In this model, both droplet behavior and liquid film behavior were simultaneously analyzed. Droplet behavior in turbulent flow was analyzed by the Lagrangian method with refined stochastic model. On the other hand, liquid film behavior was simulated by the boundary condition of moving rough wall and liquid film cell model, which was used to estimate liquid film flow rate. The height of moving rough wall was estimated by disturbance wave height correlation. In each liquid film cell, liquid film flow rate was calculated by considering droplet deposition and entrainment flow rate. Droplet deposition flow rate was calculated by Lagrangian method and entrainment flow rate was calculated by entrainment correlation. For the verification of moving rough wall model, turbulent flow analysis results under the annular flow condition were compared with the experimental data. Agreement between analysis results and experimental results were fairly good. Furthermore annular dispersed flow experiments were analyzed, in order to verify droplet behavior model and the liquid film cell model. The experimental results of radial distribution of droplet mass flux were compared with analysis results. The agreement was good under low liquid flow rate condition and poor under high liquid flow rate condition. But by modifying entrainment rate correlation, the agreement become good even under high liquid flow rate. This means that basic analysis method of droplet and liquid film behavior was right. In future work, verification calculation should be carried out under different experimental condition and entrainment ratio correlation also should be corrected

  11. Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis

    OpenAIRE

    Nyborg, Kjell G; Wang, Zexi

    2013-01-01

    The paper contributes to the literature on corporate cash holdings by showing that there is a financial markets channel that affects corporations’ cash holdings. Leaning on the literature on stock price feedback to firm fundamentals, we advance the hypothesis that firms with more liquid stocks hold more cash, ceteris paribus, as ammunition to defend against negative cascades or stimulate positive ones. This contrasts with an alternative view that firms with more liquid stocks are less financi...

  12. Banknotes and unattended cash transactions

    Science.gov (United States)

    Bernardini, Ronald R.

    2000-04-01

    There is a 64 billion dollar annual unattended cash transaction business in the US with 10 to 20 million daily transactions. Even small problems with the machine readability of banknotes can quickly become a major problem to the machine manufacturer and consumer. Traditional note designs incorporate overt security features for visual validation by the public. Many of these features such as fine line engraving, microprinting and watermarks are unsuitable as machine readable features in low cost note acceptors. Current machine readable features, mostly covert, were designed and implemented with the central banks in mind. These features are only usable by the banks large, high speed currency sorting and validation equipment. New note designs should consider and provide for low cost not acceptors, implementing features developed for inexpensive sensing technologies. Machine readable features are only as good as their consistency. Quality of security features as well as that of the overall printing process must be maintained to ensure reliable and secure operation of note readers. Variations in printing and of the components used to make the note are one of the major causes of poor performance in low cost note acceptors. The involvement of machine manufacturers in new currency designs will aid note producers in the design of a note that is machine friendly, helping to secure the acceptance of the note by the public as well as acting asa deterrent to fraud.

  13. Cash Advance Accounting: Accounting Regulations and Practices

    Directory of Open Access Journals (Sweden)

    Aristita Rotila

    2012-12-01

    Full Text Available It is known the fact that often the entities offer to staff or third parties certain amounts of money, in order to make payments for the entities, such sums being registered differently in the accounting as cash advances. In the case in which the advances are offered in a foreign currency, there is the problem of the exchange rate used when justifying the advance, for the conversion in lei of payments that were carried out. In this article we wanted to signal the effect that the exchange rate, used in the assessment for reflecting in the accounting operations concerning cash advance reimbursements in a foreign currency, has on the information presented in the financial statement. Therewith, we signal some aspects from the content of the accounting regulations, with reference at defining the cash advances, meaning, and the presentation in the balance sheet of cash advances, which, in our opinion, impose clarifications.

  14. Uue kunsti muuseumis laulab Johnny Cash

    Index Scriptorium Estoniae

    2010-01-01

    Pärnu uue kunsti muuseumis linastub portreefilm ameerika kantri- ja folklauljast Johnny Cashist "Johnny Cash Folsomi vanglas", mis kirjeldab 1968. a. Folsomi vanglas karistust kandnud laulja albumi "Folsom Prison Blues" lindistamist

  15. 47 CFR 36.182 - Cash working capital.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Cash working capital. 36.182 Section 36.182... PROCEDURES; STANDARD PROCEDURES FOR SEPARATING TELECOMMUNICATIONS PROPERTY COSTS, REVENUES, EXPENSES, TAXES... Cash Working Capital § 36.182 Cash working capital. (a) The amount for cash working capital, if not...

  16. A particle-based method for granular flow simulation

    KAUST Repository

    Chang, Yuanzhang; Bao, Kai; Zhu, Jian; Wu, Enhua

    2012-01-01

    We present a new particle-based method for granular flow simulation. In the method, a new elastic stress term, which is derived from a modified form of the Hooke's law, is included in the momentum governing equation to handle the friction of granular materials. Viscosity force is also added to simulate the dynamic friction for the purpose of smoothing the velocity field and further maintaining the simulation stability. Benefiting from the Lagrangian nature of the SPH method, large flow deformation can be well handled easily and naturally. In addition, a signed distance field is also employed to enforce the solid boundary condition. The experimental results show that the proposed method is effective and efficient for handling the flow of granular materials, and different kinds of granular behaviors can be well simulated by adjusting just one parameter. © 2012 Science China Press and Springer-Verlag Berlin Heidelberg.

  17. Method of detaching adherent cells for flow cytometry

    KAUST Repository

    Kaur, Mandeep

    2015-12-24

    In one aspect, a method for detaching adherent cells can include adding a cell lifting solution to the media including a sample of adherent cells and incubating the sample of adherent cells with the cell lifting solution. No scraping or pipetting is needed to facilitate cell detachment. The method do not require inactivation of cell lifting solution and no washing of detaching cells is required to remove cell lifting solution. Detached cells can be stained with dye in the presence of cell lifting solution and are further analyzed using flow cytometer. The method has been tested using 6 different cell lines, 4 different assays, two different plate formats (96 and 384 well plates) and two different flow cytometry instruments. The method is simple to perform, less time consuming, with no cell loss and makes high throughput flow cytometry on adherent cells a reality.

  18. Probabilistic Power Flow Method Considering Continuous and Discrete Variables

    Directory of Open Access Journals (Sweden)

    Xuexia Zhang

    2017-04-01

    Full Text Available This paper proposes a probabilistic power flow (PPF method considering continuous and discrete variables (continuous and discrete power flow, CDPF for power systems. The proposed method—based on the cumulant method (CM and multiple deterministic power flow (MDPF calculations—can deal with continuous variables such as wind power generation (WPG and loads, and discrete variables such as fuel cell generation (FCG. In this paper, continuous variables follow a normal distribution (loads or a non-normal distribution (WPG, and discrete variables follow a binomial distribution (FCG. Through testing on IEEE 14-bus and IEEE 118-bus power systems, the proposed method (CDPF has better accuracy compared with the CM, and higher efficiency compared with the Monte Carlo simulation method (MCSM.

  19. A particle-based method for granular flow simulation

    KAUST Repository

    Chang, Yuanzhang

    2012-03-16

    We present a new particle-based method for granular flow simulation. In the method, a new elastic stress term, which is derived from a modified form of the Hooke\\'s law, is included in the momentum governing equation to handle the friction of granular materials. Viscosity force is also added to simulate the dynamic friction for the purpose of smoothing the velocity field and further maintaining the simulation stability. Benefiting from the Lagrangian nature of the SPH method, large flow deformation can be well handled easily and naturally. In addition, a signed distance field is also employed to enforce the solid boundary condition. The experimental results show that the proposed method is effective and efficient for handling the flow of granular materials, and different kinds of granular behaviors can be well simulated by adjusting just one parameter. © 2012 Science China Press and Springer-Verlag Berlin Heidelberg.

  20. Fiber optic liquid mass flow sensor and method

    Science.gov (United States)

    Korman, Valentin (Inventor); Gregory, Don Allen (Inventor); Wiley, John T. (Inventor); Pedersen, Kevin W. (Inventor)

    2010-01-01

    A method and apparatus are provided for sensing the mass flow rate of a fluid flowing through a pipe. A light beam containing plural individual wavelengths is projected from one side of the pipe across the width of the pipe so as to pass through the fluid under test. Fiber optic couplers located at least two positions on the opposite side of the pipe are used to detect the light beam. A determination is then made of the relative strengths of the light beam for each wavelength at the at least two positions and based at least in part on these relative strengths, the mass flow rate of the fluid is determined.

  1. Applying flow chemistry: methods, materials, and multistep synthesis.

    Science.gov (United States)

    McQuade, D Tyler; Seeberger, Peter H

    2013-07-05

    The synthesis of complex molecules requires control over both chemical reactivity and reaction conditions. While reactivity drives the majority of chemical discovery, advances in reaction condition control have accelerated method development/discovery. Recent tools include automated synthesizers and flow reactors. In this Synopsis, we describe how flow reactors have enabled chemical advances in our groups in the areas of single-stage reactions, materials synthesis, and multistep reactions. In each section, we detail the lessons learned and propose future directions.

  2. A finite element method for flow problems in blast loading

    International Nuclear Information System (INIS)

    Forestier, A.; Lepareux, M.

    1984-06-01

    This paper presents a numerical method which describes fast dynamic problems in flow transient situations as in nuclear plants. A finite element formulation has been chosen; it is described by a preprocessor in CASTEM system: GIBI code. For these typical flow problems, an A.L.E. formulation for physical equations is used. So, some applications are presented: the well known problem of shock tube, the same one in 2D case and a last application to hydrogen detonation

  3. Study of the Transition Flow Regime using Monte Carlo Methods

    Science.gov (United States)

    Hassan, H. A.

    1999-01-01

    This NASA Cooperative Agreement presents a study of the Transition Flow Regime Using Monte Carlo Methods. The topics included in this final report are: 1) New Direct Simulation Monte Carlo (DSMC) procedures; 2) The DS3W and DS2A Programs; 3) Papers presented; 4) Miscellaneous Applications and Program Modifications; 5) Solution of Transitional Wake Flows at Mach 10; and 6) Turbulence Modeling of Shock-Dominated Fows with a k-Enstrophy Formulation.

  4. A study on the effects of banks’ cash management on their share value

    Directory of Open Access Journals (Sweden)

    Syed Behzad Zakaria

    2014-09-01

    Full Text Available Banking industry, which is closely associated with the invention and spread of the money, influences on economic growth and development. The main role of the banking system is to create a saving of deposits and using it in beneficial investments or lending it to different people with various investment purposes. Accordingly, banks play essential role as financial intermediaries and provide necessary funds from investors to borrowers and users. In this regard, appropriate management of cash flows is essential for banks. Cash management is a trade-off between risk and return like what happens in other kinds of managements meaning that improving cash management increases the cash considering the limited amount of resources and eventually increases the share of the financial institution. In this paper, the impact of cash management in Iranian banks on their value of stock in 2011 was examined based on the econometrics model and least-square technique. The results indicate a significant and positive impact of the increase in the cash management index on the banks’ stock value, meaning that a one percent increase in this index will increase 1.1 percent of the banks’ stock value.

  5. Mathematical Flow Determination in Open Channel by Method of ...

    African Journals Online (AJOL)

    In this paper grid method of continues forward characteristics and rectangular grid broken backward characteristics is presented, for the solution of saint Venant equations for free surface flow. The method yield depth and velocity hydrographs at predetermined distances from which depths and velocity are obtained.

  6. A direct simulation method for flows with suspended paramagnetic particles

    NARCIS (Netherlands)

    Kang, T.G.; Hulsen, M.A.; Toonder, den J.M.J.; Anderson, P.D.; Meijer, H.E.H.

    2008-01-01

    A direct numerical simulation method based on the Maxwell stress tensor and a fictitious domain method has been developed to solve flows with suspended paramagnetic particles. The numerical scheme enables us to take into account both hydrodynamic and magnetic interactions between particles in a

  7. THE CARD - CURRENCY WITH AND WITHOUT CASH

    Directory of Open Access Journals (Sweden)

    Nicoara Mihaela

    2012-12-01

    Full Text Available Use by individuals and businesses resulting in reduced cash cards in circulation, the corresponding increase in transfer payments and payments accounts also limit exchange risks and make effective use of currency. As a result, we have the effect of reducing cash in circulation. These advantages are also available for businesses and for banks and leads to favorable effects on import-export business. Following this, banks can diversify our products, so to meet customers' new products.

  8. Analisis Fundamеntal untuk Mеnilai Kеwajaran Harga Saham Dеngan Pеndеkatan Discountеd Cash Flow (Studi pada Pеrusahaan Dеngan Kapitalisasi Pasar Tеrbеsar dari Jakarta Islamic Indеx dan Ftsе Bursa Malaysia Hijrah Shariah Indеx Pеriodе 2011-2015)

    OpenAIRE

    Jatnika, Oktana Indriyatna; Nuzula, Nila Firdausi

    2017-01-01

    Thе rеsеarch is conductеd to find out thе fairnеss of sharе pricе of sharia companiеs listеd in Bursa Еfеk Indonеsia and Bursa Malaysia and to givе rеcommеndation rеlatеd to thе valuation rеsult obtainеd by using fundamеntal analysis of Discountеd Cash Flow (DCF) approach. Thе rеsеarch typе is dеscriptivе rеsеarch with quantitativе approach. Thе population in this study arе all companiеs listеd in Jakarta Islamic Indеx (JII) and FTSЕ Bursa Malaysia Hijrah Shariah Indеx (FBMHS) in 2015. Total ...

  9. El flujo de caja como determinante de la estructura financiera de las empresas españolas. Un análisis en tiempos de crisis || Cash flow as determinant of financial structure of Spanish firms. Analysis in a crisis period

    Directory of Open Access Journals (Sweden)

    Rodríguez-Masero, Natividad

    2016-06-01

    Full Text Available Este trabajo propone el uso de la variable Flujo de Caja Contable de la Explotación (FCE como un factor con incidencia significativa en la estructura financiera de la empresa española en un periodo (2008-2012 caracterizado por dificultades para la financiación empresarial. En la literatura previa son escasos los trabajos que tienen en cuenta esta variable, midiendo la liquidez en la mayoría de los casos con datos obtenidos del Balance y la Cuenta de Resultados y no del Estado de Flujos de Efectivo (EFE. Metodológicamente se usa un análisis multivariante con datos de panel aplicados a una muestra de grandes empresas españolas no cotizadas. Adicionalmente, este trabajo se inserta en el debate teórico existente en la literatura acerca de los factores determinantes de la estructura financiera de las empresas. Los resultados indican que un modelo basado en datos del EFE, principalmente el FCE tiene capacidad predictiva de dicha estructura financiera. || This paper proposes the use of the Cash Flow from Operations (CFO obtained from Cash Flow Statement (CFS as a factor with significant impact on the financial structure of the Spanish firms in a period (2008-2012 that was characterized by dificulties in business finance. In the previous literature, there are few studies that consider this variable, since liquidity in most cases was measured with data obtained from the Balance Sheet and the Income Statement. Methodologically, we have used a multivariate panel data analysis applied to a sample of large Spanish companies not quoted on the stock exchange. Additionally, this work embeds into the theoretical debate existing in the literature about the determinants of the financial structure of firms. The results indicate that a data model based on figures from CSF, mainly the CFO, has predictive ability of the financial structure.

  10. Water flow measurements with the pulsed neutron activation method

    International Nuclear Information System (INIS)

    Linden, P.

    1997-05-01

    The objective of this work was to develop and study the feasibility of a flow-meter, based on the pulsed neutron activation method. It is a non-invasive method with good potential regarding accuracy. However, the ultimate accuracy has not been fully investigated before. Two series of flow rate measurements have been performed and analysed. The first series was done under moderately accurate flow calibration conditions to get sufficient confidence in the method and to get indication of the obtainable accuracy. The results were encouraging and further measurements with high accuracy flow calibration were planned. A dedicated loop was designed and built, and it was used with satisfactory performance. Two models have been used for analysis of recorded data; time weighting method and a fit to Taylor diffusion theory. The results show that the accuracy in mean flow velocity obtained from the used analysis models is in the range of 2-4% for Reynolds numbers greater than 10,000. Data recorded from high calibration measurements will also be used for validation of future calculations. 19 refs, 4 figs

  11. Cash Accounting in the Equation of the Budget Execution and of the Public Management

    OpenAIRE

    Iuliana Cenar

    2009-01-01

    Accounting is the instrument used by the management of a public institution to satisfy the need for information and to direct their decisions. The state’s treasury is the public institution that ensures the perpetuation of the cash based accounting. The paper approaches the following: the treasury’s role in achieving the execution phase of the budgetary process, methods of changing into cash the budgetary incomes and to pay the expenses, the accounting instruments of the various transactions ...

  12. Application of PDF methods to compressible turbulent flows

    Science.gov (United States)

    Delarue, B. J.; Pope, S. B.

    1997-09-01

    A particle method applying the probability density function (PDF) approach to turbulent compressible flows is presented. The method is applied to several turbulent flows, including the compressible mixing layer, and good agreement is obtained with experimental data. The PDF equation is solved using a Lagrangian/Monte Carlo method. To accurately account for the effects of compressibility on the flow, the velocity PDF formulation is extended to include thermodynamic variables such as the pressure and the internal energy. The mean pressure, the determination of which has been the object of active research over the last few years, is obtained directly from the particle properties. It is therefore not necessary to link the PDF solver with a finite-volume type solver. The stochastic differential equations (SDE) which model the evolution of particle properties are based on existing second-order closures for compressible turbulence, limited in application to low turbulent Mach number flows. Tests are conducted in decaying isotropic turbulence to compare the performances of the PDF method with the Reynolds-stress closures from which it is derived, and in homogeneous shear flows, at which stage comparison with direct numerical simulation (DNS) data is conducted. The model is then applied to the plane compressible mixing layer, reproducing the well-known decrease in the spreading rate with increasing compressibility. It must be emphasized that the goal of this paper is not as much to assess the performance of models of compressibility effects, as it is to present an innovative and consistent PDF formulation designed for turbulent inhomogeneous compressible flows, with the aim of extending it further to deal with supersonic reacting flows.

  13. Measuring method of liquid flow behavior using visualization

    International Nuclear Information System (INIS)

    Serizawa, Akimi; Kamei, Takashi; Takahashi, Osamu; Kawara, Zensaku

    1994-01-01

    It is important for the safety of nuclear reactor to understand the behavior of gas-liquid two-phase flow. For that analysis, we have to understand its time and spatial dependence. But most of the measuring methods applied to two-phase flow experiments are not enough for this purpose, because they consider the time averaged value, and they are put on the local position in test sections. Standing on such a point of view, we have been developing a measuring method using fluorescence. And from those pictures gotten by video camera, after processed by computer, we measure liquid film thickness. (author)

  14. Systems and methods for rebalancing redox flow battery electrolytes

    Science.gov (United States)

    Pham, Ai Quoc; Chang, On Kok

    2015-03-17

    Various methods of rebalancing electrolytes in a redox flow battery system include various systems using a catalyzed hydrogen rebalance cell configured to minimize the risk of dissolved catalyst negatively affecting flow battery performance. Some systems described herein reduce the chance of catalyst contamination of RFB electrolytes by employing a mediator solution to eliminate direct contact between the catalyzed membrane and the RFB electrolyte. Other methods use a rebalance cell chemistry that maintains the catalyzed electrode at a potential low enough to prevent the catalyst from dissolving.

  15. Integral methods for shallow free-surface flows with separation

    DEFF Research Database (Denmark)

    Watanabe, S.; Putkaradze, V.; Bohr, Tomas

    2003-01-01

    eddy and separated flow. Assuming a variable radial velocity profile as in Karman-Pohlhausen's method, we obtain a system of two ordinary differential equations for stationary states that can smoothly go through the jump. Solutions of the system are in good agreement with experiments. For the flow down...... an inclined plane we take a similar approach and derive a simple model in which the velocity profile is not restricted to a parabolic or self-similar form. Two types of solutions with large surface distortions are found: solitary, kink-like propagating fronts, obtained when the flow rate is suddenly changed......, and stationary jumps, obtained, for instance, behind a sluice gate. We then include time dependence in the model to study the stability of these waves. This allows us to distinguish between sub- and supercritical flows by calculating dispersion relations for wavelengths of the order of the width of the layer....

  16. CASH HOLDING, GOOD CORPORATE GOVERNANCE AND FIRM VALUE

    Directory of Open Access Journals (Sweden)

    Prana Wahyu Nisasmara

    2016-12-01

    Full Text Available This research aims to understand the influence of profitability, capital structure, cash holding, and GCG (Good Corporate Governance on firm value.  The samples of this study were the property sector and real estate companies listed on Indonesia Stock Exchange (IDX in the period of 2008-2013. The data used from the annual report company. The methods of data analysis were multiple regression models and analyzed using IBM SPSS software. The results of this study are profitability has no influence on firm value, capital structure has positive influence on firm value, cash holding has no influence on firm value and GCG a has a positive influence on firm value.

  17. Methods of Bank Valuation in the Age of Globalization

    Directory of Open Access Journals (Sweden)

    Alexander Karminsky

    2015-01-01

    Full Text Available This paper reviews the theory ofvalue-based management at the commercial bank and the main valuation methods in the age of globalization. The paper identifies five main factors that significantly influence valuation models selection and building: funding, liquidity, risks, exogenous factors and the capital cushion. It is shown that valuation models can be classified depending on underlying cash flows. Particular attention is paid to models based on potentially available cash flows (Discounted cash flow-oriented approaches, DCF and models based on residual income flows (Residual income-oriented approaches. In addition, we consider an alternative approach based on comparison with same sector banks (based on multiples. For bank valuation equity discounted сash flow method is recommended (Equity DCF. Equity DCF values equity value of a bank directly by discounting cash flows to equity at the cost of equity (Capital Asset Pricing Model, CAPM, rather than at the weighted average cost of capital (WACC. For the purposes of operational management residual income-oriented approaches are recommended for use, because they are better aligned with the process of internal planning and forecasting in banks. For strategic management residual income-oriented methods most useful when expected cash flows are negative throughout the forecast period. Discounted сash flow-oriented approaches are preferable when expected cash flows have positive values and needs for models using is motivated by supporting the investment decisions. Proposed classification can be developed in interests of bank management tasks in the midterm in the age of globalization.

  18. Methods for compressible multiphase flows and their applications

    Science.gov (United States)

    Kim, H.; Choe, Y.; Kim, H.; Min, D.; Kim, C.

    2018-06-01

    This paper presents an efficient and robust numerical framework to deal with multiphase real-fluid flows and their broad spectrum of engineering applications. A homogeneous mixture model incorporated with a real-fluid equation of state and a phase change model is considered to calculate complex multiphase problems. As robust and accurate numerical methods to handle multiphase shocks and phase interfaces over a wide range of flow speeds, the AUSMPW+_N and RoeM_N schemes with a system preconditioning method are presented. These methods are assessed by extensive validation problems with various types of equation of state and phase change models. Representative realistic multiphase phenomena, including the flow inside a thermal vapor compressor, pressurization in a cryogenic tank, and unsteady cavitating flow around a wedge, are then investigated as application problems. With appropriate physical modeling followed by robust and accurate numerical treatments, compressible multiphase flow physics such as phase changes, shock discontinuities, and their interactions are well captured, confirming the suitability of the proposed numerical framework to wide engineering applications.

  19. Accrual-based accounting system versus cash-based accounting: An empirical study in municipality organization

    Directory of Open Access Journals (Sweden)

    Mahbobeh Arab

    2013-01-01

    Full Text Available There are many cases, where we may wish to choose a good accounting system and would like to learn how they work and the advantages and disadvantages of each so we can choose the better one for a business. In this paper, we present an empirical survey to understand whether we can choose accrual or cash accounting system. The proposed study designs a questionnaire among 220 experts in area of accounting affairs. The survey considers four sub hypotheses and one main hypothesis to see whether there are reliable rules and regulations in accrual-based accounting compared with cash accounting or not. Similarly, the survey investigates whether accrual-based accounting is more informative, comprehensive and provides better comparative results compared with cash accounting. The results indicate that accrual-based account performs better in terms of all mentioned criteria and it is a better method for managing accounting affairs compared with cash accounting systems.

  20. Methods for estimating low-flow statistics for Massachusetts streams

    Science.gov (United States)

    Ries, Kernell G.; Friesz, Paul J.

    2000-01-01

    Methods and computer software are described in this report for determining flow duration, low-flow frequency statistics, and August median flows. These low-flow statistics can be estimated for unregulated streams in Massachusetts using different methods depending on whether the location of interest is at a streamgaging station, a low-flow partial-record station, or an ungaged site where no data are available. Low-flow statistics for streamgaging stations can be estimated using standard U.S. Geological Survey methods described in the report. The MOVE.1 mathematical method and a graphical correlation method can be used to estimate low-flow statistics for low-flow partial-record stations. The MOVE.1 method is recommended when the relation between measured flows at a partial-record station and daily mean flows at a nearby, hydrologically similar streamgaging station is linear, and the graphical method is recommended when the relation is curved. Equations are presented for computing the variance and equivalent years of record for estimates of low-flow statistics for low-flow partial-record stations when either a single or multiple index stations are used to determine the estimates. The drainage-area ratio method or regression equations can be used to estimate low-flow statistics for ungaged sites where no data are available. The drainage-area ratio method is generally as accurate as or more accurate than regression estimates when the drainage-area ratio for an ungaged site is between 0.3 and 1.5 times the drainage area of the index data-collection site. Regression equations were developed to estimate the natural, long-term 99-, 98-, 95-, 90-, 85-, 80-, 75-, 70-, 60-, and 50-percent duration flows; the 7-day, 2-year and the 7-day, 10-year low flows; and the August median flow for ungaged sites in Massachusetts. Streamflow statistics and basin characteristics for 87 to 133 streamgaging stations and low-flow partial-record stations were used to develop the equations. The

  1. A numerical method to calculate flow-induced vibrations in a turbulent flow

    International Nuclear Information System (INIS)

    Sadaoka, Noriyuki; Umegaki, Kikuo

    1993-01-01

    An unsteady fluid force on structures in a turbulent flow can cause their vibration. The phenomenon is the most important among various flow-induced vibrations and it is an important subject in design nuclear plant components such as heat exchangers. A new approach to simulate flow-induced vibrations is introduced. A fully coupled analysis of fluid-structure interaction has been realized in a turbulent flow field by integrating the following calculational steps: (a) solving turbulent flow by a direct simulation method where the ALE (arbitrary Lagrangian Eulerian) type approximation is adopted to take account of structure displacements; (b) estimating fluid force on structures by integrating fluid pressure and shear stress; (c) calculating dynamic response of structures and determining the amount of displacement; (d) regenerate curvilinear grids for new geometry using the boundary-fitted coordinate transformation method. Forced vibration of a circular cylinder in a cross flow were successfully simulated and the synchronization phenomena between Karman-vortices and cylinder vibrations were clearly seen

  2. Convection in multiphase fluid flows using lattice Boltzmann methods

    NARCIS (Netherlands)

    Biferale, L.; Perlekar, P.; Sbragaglia, M.; Toschi, F.

    2012-01-01

    We present high-resolution numerical simulations of convection in multiphase flows (boiling) using a novel algorithm based on a lattice Boltzmann method. We first study the thermodynamical and kinematic properties of the algorithm. Then, we perform a series of 3D numerical simulations changing the

  3. Numerical simulation methods for phase-transitional flow

    NARCIS (Netherlands)

    Pecenko, A.

    2010-01-01

    The object of the present dissertation is a numerical study of multiphase flow of one fluid component. In particular, the research described in this thesis focuses on the development of numerical methods that are based on a diffuse-interface model (DIM). With this approach, the modeling problem

  4. Application of multiphase flow methods to horizontal underbalanced drilling

    Energy Technology Data Exchange (ETDEWEB)

    Smith, S. P.; Gregory, G. A.; Munro, N.; Muqeem, M.

    1998-12-31

    Ways in which multiphase flow pressure loss calculations can be used in the design and optimization of underbalanced drilling operations are demonstrated. Existing pressure loss calculation methods are evaluated using detailed field measurements for three oil wells and one gas well drilled underbalanced with coiled tubing. 10 refs., 3 tabs., 17 figs.

  5. Hybrid inverse design method for nonlifting bodies in incompressible flow

    CSIR Research Space (South Africa)

    Broughton, BA

    2006-11-01

    Full Text Available A methodology for the inverse design of non-lifting axisymmetric bodies in compressible flow is presented. In this method, an inverse design approach based on conformal mapping is used to design a set of airfoils in isolation. These airfoils...

  6. Beyond the arrow plot : new methods for flow visualization

    NARCIS (Netherlands)

    Wijk, van J.J.

    1999-01-01

    Within the realm of CFD-based flow analysis, the presentation of data is a vital issue. Researchers and developers need to gain insight, and non-technical managers and commercial staff have a critical need to understand the true ramifications of the data. Unfortunately, current methods for

  7. Methods of Visually Determining the Air Flow Around Airplanes

    Science.gov (United States)

    Gough, Melvin N; Johnson, Ernest

    1932-01-01

    This report describes methods used by the National Advisory Committee for Aeronautics to study visually the air flow around airplanes. The use of streamers, oil and exhaust gas streaks, lampblack and kerosene, powdered materials, and kerosene smoke is briefly described. The generation and distribution of smoke from candles and from titanium tetrachloride are described in greater detail because they appear most advantageous for general application. Examples are included showing results of the various methods.

  8. A fast method for optimal reactive power flow solution

    Energy Technology Data Exchange (ETDEWEB)

    Sadasivam, G; Khan, M A [Anna Univ., Madras (IN). Coll. of Engineering

    1990-01-01

    A fast successive linear programming (SLP) method for minimizing transmission losses and improving the voltage profile is proposed. The method uses the same compactly stored, factorized constant matrices in all the LP steps, both for power flow solution and for constructing the LP model. The inherent oscillatory convergence of SLP methods is overcome by proper selection of initial step sizes and their gradual reduction. Detailed studies on three systems, including a 109-bus system, reveal the fast and reliable convergence property of the method. (author).

  9. Cash seeking behaviour and migration: a place-to-place migration function for Cote d'Ivoire.

    Science.gov (United States)

    Velenchik, A D

    1993-12-01

    "This paper presents estimates of an aggregate place-to-place migration function for Cote d'Ivoire based on the premise that migration is motivated by rural residents' desire for cash income. The results indicate that migration from a region responds differently to changes in cash and food income, which supports the idea that it is the composition of rural income, and not just its level, that determines migration flows." excerpt

  10. Application of system reliability analytical method, GO-FLOW

    International Nuclear Information System (INIS)

    Matsuoka, Takeshi; Fukuto, Junji; Mitomo, Nobuo; Miyazaki, Keiko; Matsukura, Hiroshi; Kobayashi, Michiyuki

    1999-01-01

    The Ship Research Institute proceed a developmental study on GO-FLOW method with various advancing functionalities for the system reliability analysis method occupying main parts of PSA (Probabilistic Safety Assessment). Here was attempted to intend to upgrade functionality of the GO-FLOW method, to develop an analytical function integrated with dynamic behavior analytical function, physical behavior and probable subject transfer, and to prepare a main accident sequence picking-out function. In 1997 fiscal year, in dynamic event-tree analytical system, an analytical function was developed by adding dependency between headings. In simulation analytical function of the accident sequence, main accident sequence of MRX for improved ship propulsion reactor became possible to be covered perfectly. And, input data for analysis was prepared with a function capable easily to set by an analysis operator. (G.K.)

  11. Vortex flows in the solar chromosphere. I. Automatic detection method

    Science.gov (United States)

    Kato, Y.; Wedemeyer, S.

    2017-05-01

    Solar "magnetic tornadoes" are produced by rotating magnetic field structures that extend from the upper convection zone and the photosphere to the corona of the Sun. Recent studies show that these kinds of rotating features are an integral part of atmospheric dynamics and occur on a large range of spatial scales. A systematic statistical study of magnetic tornadoes is a necessary next step towards understanding their formation and their role in mass and energy transport in the solar atmosphere. For this purpose, we develop a new automatic detection method for chromospheric swirls, meaning the observable signature of solar tornadoes or, more generally, chromospheric vortex flows and rotating motions. Unlike existing studies that rely on visual inspections, our new method combines a line integral convolution (LIC) imaging technique and a scalar quantity that represents a vortex flow on a two-dimensional plane. We have tested two detection algorithms, based on the enhanced vorticity and vorticity strength quantities, by applying them to three-dimensional numerical simulations of the solar atmosphere with CO5BOLD. We conclude that the vorticity strength method is superior compared to the enhanced vorticity method in all aspects. Applying the method to a numerical simulation of the solar atmosphere reveals very abundant small-scale, short-lived chromospheric vortex flows that have not been found previously by visual inspection.

  12. Review of Upscaling Methods for Describing Unsaturated Flow

    Energy Technology Data Exchange (ETDEWEB)

    BD Wood

    2000-09-26

    The representation of small-scale features can be a challenge when attempting to model unsaturated flow in large domains. Upscaling methods offer the possibility of reducing the amount of resolution required to adequately simulate such a problem. In this report, the various upscaling techniques that are discussed in the literature are reviewed. The following upscaling methods have been identified from the literature: (1) stochastic methods, (2) renormalization methods, and (3) volume averaging and homogenization methods; in addition, a final technique, full resolution numerical modeling, is also discussed. Each of these techniques has its advantages and disadvantages. The trade-off is a reduction in accuracy in favor of a method that is easier to employ. For practical applications, the most reasonable approach appears to be one in which any of the upscaling methods identified above maybe suitable for upscaling in regions where the variations in the parameter fields are small. For regions where the subsurface structure is more complex, only the homogenization and volume averaging methods are probably suitable. With the continual increases in computational capacity, fill-resolution numerical modeling may in many instances provide a tractable means of solving the flow problem in unsaturated systems.

  13. REFORMASI SISTEM AKUNTANSI CASH BASIS MENUJU SISTEM AKUNTANSI ACCRUAL BASIS

    Directory of Open Access Journals (Sweden)

    Yuri Rahayu

    2016-03-01

    Full Text Available Abstract –  Accounting reform movement was born with the aim of structuring the direction of improvement . This movement is characterized by the enactment of the Act of 2003 and Act 1 of 2004, which became the basis of the birth of Government Regulation No.24 of 2005 on Government Accounting Standards ( SAP . The general,  accounting is based on two systems,  the cash basis  and the accrual basis. The facts speak far students still at problem with differences to the two methods that result in a lack of understanding on the treatment system for recording. The purpose method of research is particularly relevant to student references who are learning basic accounting so that it can provide information and more meaningful understanding of the accounting method cash basis and Accrual basis. This research was conducted through a normative approach, by tracing the document that references a study/library that combines source of reference that can be believed either from books and the internet are processed with a foundation of knowledge and experience of the author. The conclusion can be drawn that basically to be able to understand the difference of the system and the Cash Basis accrual student base treatment requires an understanding of both methods. To be able to have the ability and understanding of both systems required reading exercises and reference sources.   Keywords : Reform, cash basis, accrual basis   Abstrak - Gerakan reformasi akuntansi dilahirkan dengan tujuan penataan ke arah perbaikan. Gerakan ini  ditandai dengan dikeluarkannya  Undang-Undang tahun 2003 dan Undang-Undang No.1 Tahun 2004  yang menjadi dasar lahirnya Peraturan Pemerintah No.24 Tahun 2005 tentang Standar Akuntansi Pemerintah (SAP . Pada umumnya pencatatan akuntansi di dasarkan pada dua sistem yaitu basis kas (Cash Basis dan basis akrual  (Accrual Basis. Fakta berbicara Selama ini mahasiswa masih dibinggungkan dengan perbedaan ke dua metode itu sehingga

  14. Vectorization of a particle simulation method for hypersonic rarefied flow

    Science.gov (United States)

    Mcdonald, Jeffrey D.; Baganoff, Donald

    1988-01-01

    An efficient particle simulation technique for hypersonic rarefied flows is presented at an algorithmic and implementation level. The implementation is for a vector computer architecture, specifically the Cray-2. The method models an ideal diatomic Maxwell molecule with three translational and two rotational degrees of freedom. Algorithms are designed specifically for compatibility with fine grain parallelism by reducing the number of data dependencies in the computation. By insisting on this compatibility, the method is capable of performing simulation on a much larger scale than previously possible. A two-dimensional simulation of supersonic flow over a wedge is carried out for the near-continuum limit where the gas is in equilibrium and the ideal solution can be used as a check on the accuracy of the gas model employed in the method. Also, a three-dimensional, Mach 8, rarefied flow about a finite-span flat plate at a 45 degree angle of attack was simulated. It utilized over 10 to the 7th particles carried through 400 discrete time steps in less than one hour of Cray-2 CPU time. This problem was chosen to exhibit the capability of the method in handling a large number of particles and a true three-dimensional geometry.

  15. Vectorization of a particle simulation method for hypersonic rarefied flow

    International Nuclear Information System (INIS)

    Mcdonald, J.D.; Baganoff, D.

    1988-01-01

    An efficient particle simulation technique for hypersonic rarefied flows is presented at an algorithmic and implementation level. The implementation is for a vector computer architecture, specifically the Cray-2. The method models an ideal diatomic Maxwell molecule with three translational and two rotational degrees of freedom. Algorithms are designed specifically for compatibility with fine grain parallelism by reducing the number of data dependencies in the computation. By insisting on this compatibility, the method is capable of performing simulation on a much larger scale than previously possible. A two-dimensional simulation of supersonic flow over a wedge is carried out for the near-continuum limit where the gas is in equilibrium and the ideal solution can be used as a check on the accuracy of the gas model employed in the method. Also, a three-dimensional, Mach 8, rarefied flow about a finite-span flat plate at a 45 degree angle of attack was simulated. It utilized over 10 to the 7th particles carried through 400 discrete time steps in less than one hour of Cray-2 CPU time. This problem was chosen to exhibit the capability of the method in handling a large number of particles and a true three-dimensional geometry. 14 references

  16. The New Performance Calculation Method of Fouled Axial Flow Compressor

    Directory of Open Access Journals (Sweden)

    Huadong Yang

    2014-01-01

    Full Text Available Fouling is the most important performance degradation factor, so it is necessary to accurately predict the effect of fouling on engine performance. In the previous research, it is very difficult to accurately model the fouled axial flow compressor. This paper develops a new performance calculation method of fouled multistage axial flow compressor based on experiment result and operating data. For multistage compressor, the whole compressor is decomposed into two sections. The first section includes the first 50% stages which reflect the fouling level, and the second section includes the last 50% stages which are viewed as the clean stage because of less deposits. In this model, the performance of the first section is obtained by combining scaling law method and linear progression model with traditional stage stacking method; simultaneously ambient conditions and engine configurations are considered. On the other hand, the performance of the second section is calculated by averaged infinitesimal stage method which is based on Reynolds’ law of similarity. Finally, the model is successfully applied to predict the 8-stage axial flow compressor and 16-stage LM2500-30 compressor. The change of thermodynamic parameters such as pressure ratio, efficiency with the operating time, and stage number is analyzed in detail.

  17. Analytical methods for heat transfer and fluid flow problems

    CERN Document Server

    Weigand, Bernhard

    2015-01-01

    This book describes useful analytical methods by applying them to real-world problems rather than solving the usual over-simplified classroom problems. The book demonstrates the applicability of analytical methods even for complex problems and guides the reader to a more intuitive understanding of approaches and solutions. Although the solution of Partial Differential Equations by numerical methods is the standard practice in industries, analytical methods are still important for the critical assessment of results derived from advanced computer simulations and the improvement of the underlying numerical techniques. Literature devoted to analytical methods, however, often focuses on theoretical and mathematical aspects and is therefore useless to most engineers. Analytical Methods for Heat Transfer and Fluid Flow Problems addresses engineers and engineering students. The second edition has been updated, the chapters on non-linear problems and on axial heat conduction problems were extended. And worked out exam...

  18. An efficient unstructured WENO method for supersonic reactive flows

    Science.gov (United States)

    Zhao, Wen-Geng; Zheng, Hong-Wei; Liu, Feng-Jun; Shi, Xiao-Tian; Gao, Jun; Hu, Ning; Lv, Meng; Chen, Si-Cong; Zhao, Hong-Da

    2018-03-01

    An efficient high-order numerical method for supersonic reactive flows is proposed in this article. The reactive source term and convection term are solved separately by splitting scheme. In the reaction step, an adaptive time-step method is presented, which can improve the efficiency greatly. In the convection step, a third-order accurate weighted essentially non-oscillatory (WENO) method is adopted to reconstruct the solution in the unstructured grids. Numerical results show that our new method can capture the correct propagation speed of the detonation wave exactly even in coarse grids, while high order accuracy can be achieved in the smooth region. In addition, the proposed adaptive splitting method can reduce the computational cost greatly compared with the traditional splitting method.

  19. A new method of measuring the thermal flow

    Directory of Open Access Journals (Sweden)

    Grexová Slávka

    2001-03-01

    Full Text Available The subject of this article is the measurement of thermal flow under laboratory conditions. We can define thermal flow as the amount of heat transmitted through the surface of rock over a certain period of time.According to the Atlas of Geothermal Energy the thermal flow ranges from 40 to 120 mW/m2; it is not possible to measure directly on the surface of the rock. The conventional method of measurement is the use of “separation bar” thermic conduction measurement system or to measure the temperature of the rock in two different places at selected underground depth intervals.The method of measurement suggested by us combines these two techniques. The measurement is based on a sample of processed store from the Slovak Academy of Science. This sample represents the rock massiv:The complex model includes:- a heating system to imitate the thermal flow,- an isolation box to maintain stable conditions,- temperature stabilizing components (thermostat, bulbs, electric conductors,- a heat accumulator including a temperature sensor.A special computer program to measure the thermal flow was created using the Borland Delphi 3.0 programming language. The role of the program is to process extensive data quickly. The results of the measured temperatures and modelled thermal flow are displayed graphically in this article. As seen from the graph, the course of measurement thermal flow is linear. In our geographical location this value is cca 120 m W.m-2. This value proves, that at the projection physical model we are approximating to the reality in areas of sensitive elements. Another fact is that Joule heat which rose into a heater system of transformer straps under muster would thermal flow 2,25 W.m-2. From the present results that by follow the sensitivity measurement scanners it is needed to measure a minimum threefold during a longer time or to improve the sensitivity measurement chains.These measurements and analyses are not sufficient to make a final

  20. Axial flow heat exchanger devices and methods for heat transfer using axial flow devices

    Science.gov (United States)

    Koplow, Jeffrey P.

    2016-02-16

    Systems and methods described herein are directed to rotary heat exchangers configured to transfer heat to a heat transfer medium flowing in substantially axial direction within the heat exchangers. Exemplary heat exchangers include a heat conducting structure which is configured to be in thermal contact with a thermal load or a thermal sink, and a heat transfer structure rotatably coupled to the heat conducting structure to form a gap region between the heat conducting structure and the heat transfer structure, the heat transfer structure being configured to rotate during operation of the device. In example devices heat may be transferred across the gap region from a heated axial flow of the heat transfer medium to a cool stationary heat conducting structure, or from a heated stationary conducting structure to a cool axial flow of the heat transfer medium.

  1. Modelling the Solid Waste Flow into Sungai Ikan Landfill Sites by Material Flow Analysis Method

    Science.gov (United States)

    Ghani, Latifah A.; Ali, Nora'aini; Hassan, Nur Syafiqah A.

    2017-12-01

    The purpose of this paper is to model the material flow of solid waste flows at Kuala Terengganu by using Material Flow Analysis (MFA) method, generated by STAN Software Analysis. Sungai Ikan Landfill has been operated for about 10 years. Average, Sungai Ikan Landfill receive an amount around 260 tons per day of solid waste. As for the variety source of the solid waste coming from, leachates that accumulated has been tested and measured. Highest reading of pH of the leachate is 8.29 which is still in the standard level before discharging the leachate to open water which pH in between 8.0-9.0. The percentages of the solid waste has been calculated and seven different types of solid waste has been segregated. That is, plastics, organic waste, paper, polystyrene, wood, fabric and can. The estimation of the solid waste that will be end as a residue are around 244 tons per day.

  2. Research on stochastic power-flow study methods. Final report

    Energy Technology Data Exchange (ETDEWEB)

    Heydt, G. T. [ed.

    1981-01-01

    A general algorithm to determine the effects of uncertainty in bus load and generation on the output of conventional power flow analysis is presented. The use of statistical moments is presented and developed as a means for representing the stochastic process. Statistical moments are used to describe the uncertainties, and facilitate the calculations of single and multivarlate probability density functions of input and output variables. The transformation of the uncertainty through the power flow equations is made by the expansion of the node equations in a multivariate Taylor series about an expected operating point. The series is truncated after the second order terms. Since the power flow equations are nonlinear, the expected values of output quantities is in general not the solution to the conventional load flow problem using expected values of input quantities. The second order transformation offers a correction vector and allows the consideration of larger uncertainties which have caused significant error in the current linear transformation algorithms. Voltage controlled busses are included with consideration of upper and lower limits. The finite reactive power available at generation sites, and fixed ranges of transformer tap movement may have a significant effect on voltage and line power flow statistics. A method is given which considers limitation constraints in the evaluation of all output quantities. The bus voltages, line power flows, transformer taps, and generator reactive power requirements are described by their statistical moments. Their values are expressed in terms of the probability that they are above or below specified limits, and their expected values given that they do fall outside the limits. Thus the algorithm supplies information about severity of overload as well as probability of occurrence. An example is given for an eleven bus system, evaluating each quantity separately. The results are compared with Monte Carlo simulation.

  3. Numerical methods on flow instabilities in steam generator

    International Nuclear Information System (INIS)

    Yoshikawa, Ryuji; Hamada, Hirotsugu; Ohshima, Hiroyuki; Yanagisawa, Hideki

    2008-06-01

    The phenomenon of two-phase flow instability is important for the design and operation of many industrial systems and equipment, such as steam generators. The designer's job is to predict the threshold of flow instability in order to design around it or compensate for it. So it is essential to understand the physical phenomena governing such instability and to develop computational tools to model the dynamics of boiling systems. In Japan Atomic Energy Agency, investigations on heat transfer characteristics of steam generator are being performed for the development of Sodium-cooled Fast Breeder Reactor. As one part of the research work, the evaluations of two-phase flow instability in the steam generator are being carried out experimentally and numerically. In this report, the numerical methods were studied for two-phase flow instability analysis in steam generator. For numerical simulation purpose, the special algorithm to calculate inlet flow rate iteratively with inlet pressure and outlet pressure as boundary conditions for the density-wave instability analysis was established. There was no need to solve property derivatives and large matrices, so the spurious numerical instabilities caused by discontinuous property derivatives at boiling boundaries were avoided. Large time-step was possible. The flow instability in single heat transfer tube was successfully simulated with homogeneous equilibrium model by using the present algorithm. Then the drift-flux model including the effects of subcooled boiling and two phase slip was adopted to improve the accuracy. The computer code was developed after selecting the correlations of drift velocity and distribution parameter. The capability of drift flux model together with the present algorithm for simulating density-wave instability in single tube was confirmed. (author)

  4. Numerical method for the unsteady potential flow about pitching airfoils

    International Nuclear Information System (INIS)

    Parrouffe, J.-M.; Paraschivoiu, I.

    1985-01-01

    This paper presents a numerical method for the unsteady potential flow about an aerodynamic profile and in its wake. This study has many applications such as airplane wings and propellers, guide vanes, subcavitant hydrofoils and wind turbine blades. Typical of such nonstationary configurations is the rotor of the Darrieus vertical-axis wind turbine whose blades are exposed to cyclic aerodynamic loads in the operating state

  5. Mathematical aspects of finite element methods for incompressible viscous flows

    Science.gov (United States)

    Gunzburger, M. D.

    1986-01-01

    Mathematical aspects of finite element methods are surveyed for incompressible viscous flows, concentrating on the steady primitive variable formulation. The discretization of a weak formulation of the Navier-Stokes equations are addressed, then the stability condition is considered, the satisfaction of which insures the stability of the approximation. Specific choices of finite element spaces for the velocity and pressure are then discussed. Finally, the connection between different weak formulations and a variety of boundary conditions is explored.

  6. Gas flow parameter determination by molecular beam method

    International Nuclear Information System (INIS)

    Zarvin, A.E.; Sharafutdinov, R.G.

    1977-01-01

    This paper describes a molecular-beam system intended for studying nonequilibrium processes in supersonic rarefied gas flows. The system represented is a small molecular beam source placed inside the low intensity wind tunnel of the Institute of Thermophysics, Siberian Branch of the USSR Academy of Sciences. The time-of-flight method is used for measuring molecular velocity distribution functions on molecular beam axis. (Auth.)

  7. A GPU-accelerated implicit meshless method for compressible flows

    Science.gov (United States)

    Zhang, Jia-Le; Ma, Zhi-Hua; Chen, Hong-Quan; Cao, Cheng

    2018-05-01

    This paper develops a recently proposed GPU based two-dimensional explicit meshless method (Ma et al., 2014) by devising and implementing an efficient parallel LU-SGS implicit algorithm to further improve the computational efficiency. The capability of the original 2D meshless code is extended to deal with 3D complex compressible flow problems. To resolve the inherent data dependency of the standard LU-SGS method, which causes thread-racing conditions destabilizing numerical computation, a generic rainbow coloring method is presented and applied to organize the computational points into different groups by painting neighboring points with different colors. The original LU-SGS method is modified and parallelized accordingly to perform calculations in a color-by-color manner. The CUDA Fortran programming model is employed to develop the key kernel functions to apply boundary conditions, calculate time steps, evaluate residuals as well as advance and update the solution in the temporal space. A series of two- and three-dimensional test cases including compressible flows over single- and multi-element airfoils and a M6 wing are carried out to verify the developed code. The obtained solutions agree well with experimental data and other computational results reported in the literature. Detailed analysis on the performance of the developed code reveals that the developed CPU based implicit meshless method is at least four to eight times faster than its explicit counterpart. The computational efficiency of the implicit method could be further improved by ten to fifteen times on the GPU.

  8. Noninvasive 133Xe inhalation method for cerebral blood flow measurement

    International Nuclear Information System (INIS)

    Takagi, Shigeharu; Kobatake, Keitaro; Shinohara, Yukito

    1991-01-01

    Recent development of the 133 Xe inhalation technique has made it possible to measure cerebral blood flow (CBF) noninvasively. Recording of the head curves from the frontal and temporal areas during inhalation of 133 Xe, however, is contaminated by the artifact from the air passages. A method based on Fourier transforms was reported to be able to eliminate air passage artifact (APA) effectively. However, it was pointed out that such an algorithm does not give a complete correction if the artifact seen by the head detectors differs in shape from that recorded from the airways at the mouth, which may happen when there is a slow isotope convection in the nasal and sinus cavities. The purpose of this study was to compare the CBF values calculated by the Fourier method with those by the conventional method of Obrist (VM method). Mean hemispheric gray matter flow (F 1 ) calculated by the VM method in 11 subjects, including normal volunteers and patients with various neurological diseases, was 69.2±13.2 mg/100 g brain/ min, whereas F 1 calculated by the Fourier method in the same subjects was 64.4±13.5, indicating that APA can be effectively eliminated by the Fourier method. The F 1 values calculated by the Fourier method from the frontal and temporal regions were relatively high, and closer to the F 1 values calculated by the VM method. The size of the APA was large in these regions. It was concluded that the deformed APA contaminated the results in these regions, and could not be eliminated effectively by the Fourier method. It is suggested that the shape of the head curve and the size of APA should be carefully examined to ensure that CBF data are reliable. (author)

  9. Why Cash "Doesn't" Motivate...

    Science.gov (United States)

    Freifeld, Lorri

    2011-01-01

    If money is the root of all evil, is it also the root of all motivation? When talking about workplace performance and training, the experts' consensus is a resounding "No." This article discusses why cash doesn't motivate everyone all the time when it comes to workplace performance and training and takes a look at what does.

  10. Cash Management Yields Many Maximum Returns.

    Science.gov (United States)

    Traynham, William W., Jr

    1987-01-01

    Outlines the cash management program developed by the Orangeburg School District (SC) for the district's funds. They take bids from banks before deciding which bank to use for all their services, including an investment program. This new system has saved $30,000 in the first year. Sidebars tell how to shop for bank services and list technical…

  11. Cash Management Program Reaps Financial Rewards.

    Science.gov (United States)

    Saylor, Joan Nesenkar

    1984-01-01

    Basic components of a New Jersey district's profitable cash management program include consolidating funds using a negotiated bank agreement, a short term investment policy, accurate flowcharts for precise planning, and revenue and expenditure analysis. Data collection and analysis and the alternative of using a bank service agreement are…

  12. Path planning in uncertain flow fields using ensemble method

    KAUST Repository

    Wang, Tong

    2016-08-20

    An ensemble-based approach is developed to conduct optimal path planning in unsteady ocean currents under uncertainty. We focus our attention on two-dimensional steady and unsteady uncertain flows, and adopt a sampling methodology that is well suited to operational forecasts, where an ensemble of deterministic predictions is used to model and quantify uncertainty. In an operational setting, much about dynamics, topography, and forcing of the ocean environment is uncertain. To address this uncertainty, the flow field is parametrized using a finite number of independent canonical random variables with known densities, and the ensemble is generated by sampling these variables. For each of the resulting realizations of the uncertain current field, we predict the path that minimizes the travel time by solving a boundary value problem (BVP), based on the Pontryagin maximum principle. A family of backward-in-time trajectories starting at the end position is used to generate suitable initial values for the BVP solver. This allows us to examine and analyze the performance of the sampling strategy and to develop insight into extensions dealing with general circulation ocean models. In particular, the ensemble method enables us to perform a statistical analysis of travel times and consequently develop a path planning approach that accounts for these statistics. The proposed methodology is tested for a number of scenarios. We first validate our algorithms by reproducing simple canonical solutions, and then demonstrate our approach in more complex flow fields, including idealized, steady and unsteady double-gyre flows.

  13. Well balanced finite volume methods for nearly hydrostatic flows

    International Nuclear Information System (INIS)

    Botta, N.; Klein, R.; Langenberg, S.; Luetzenkirchen, S.

    2004-01-01

    In numerical approximations of nearly hydrostatic flows, a proper representation of the dominant hydrostatic balance is of crucial importance: unbalanced truncation errors can induce unacceptable spurious motions, e.g., in dynamical cores of models for numerical weather prediction (NWP) in particular near steep topography. In this paper we develop a new strategy for the construction of discretizations that are 'well-balanced' with respect to dominant hydrostatics. The classical idea of formulating the momentum balance in terms of deviations of pressure from a balanced background distribution is realized here through local, time dependent hydrostatic reconstructions. Balanced discretizations of the pressure gradient and of the gravitation source term are achieved through a 'discrete Archimedes' buoyancy principle'. This strategy is applied to extend an explicit standard finite volume Godunov-type scheme for compressible flows with minimal modifications. The resulting method has the following features: (i) It inherits its conservation properties from the underlying base scheme. (ii) It is exactly balanced, even on curvilinear grids, for a large class of near-hydrostatic flows. (iii) It solves the full compressible flow equations without reference to a background state that is defined for an entire vertical column of air. (iv) It is robust with respect to details of the implementation, such as the choice of slope limiting functions, or the particularities of boundary condition discretizations

  14. Computation of a turbulent channel flow using PDF method

    International Nuclear Information System (INIS)

    Minier, J.P.; Pozorski, J.

    1997-05-01

    The purpose of the present paper is to present an analysis of a PDF model (Probability Density Function) and an illustration of the possibilities offered by such a method for a high-Reynolds turbulent channel flow. The first part presents the principles of the PDF approach and the introduction of stochastic processes along with a Lagrangian point of view. The model retained is the one put forward by Pope (1991) and includes evolution equations for location, velocity and dissipation of a large number of particles. Wall boundary conditions are then developed for particles. These conditions allow statistical results of the logarithmic region to be correctly reproduced. Simulation of non-homogeneous flows require a pressure-gradient algorithm which is briefly described. Developments are validated by analysing numerical predictions with respect to Comte Bellot experimental data (1965) on a channel flow. This example illustrates the ability of the approach to simulate wall-bounded flows and to provide detailed information such as skewness and flatness factors. (author)

  15. Intangible Capital and Corporate Cash Holdings: Theory and Evidence

    OpenAIRE

    Dalida Kadyrzhanova; Antonio Falato; Jae Sim

    2012-01-01

    The rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. We construct a new measure of intangible capital and show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other standard determinants together. We then develop a new model of corporate cash holdings that introduces intangibl...

  16. Numerical Method for Darcy Flow Derived Using Discrete Exterior Calculus

    Science.gov (United States)

    Hirani, A. N.; Nakshatrala, K. B.; Chaudhry, J. H.

    2015-05-01

    We derive a numerical method for Darcy flow, and also for Poisson's equation in mixed (first order) form, based on discrete exterior calculus (DEC). Exterior calculus is a generalization of vector calculus to smooth manifolds and DEC is one of its discretizations on simplicial complexes such as triangle and tetrahedral meshes. DEC is a coordinate invariant discretization, in that it does not depend on the embedding of the simplices or the whole mesh. We start by rewriting the governing equations of Darcy flow using the language of exterior calculus. This yields a formulation in terms of flux differential form and pressure. The numerical method is then derived by using the framework provided by DEC for discretizing differential forms and operators that act on forms. We also develop a discretization for a spatially dependent Hodge star that varies with the permeability of the medium. This also allows us to address discontinuous permeability. The matrix representation for our discrete non-homogeneous Hodge star is diagonal, with positive diagonal entries. The resulting linear system of equations for flux and pressure are saddle type, with a diagonal matrix as the top left block. The performance of the proposed numerical method is illustrated on many standard test problems. These include patch tests in two and three dimensions, comparison with analytically known solutions in two dimensions, layered medium with alternating permeability values, and a test with a change in permeability along the flow direction. We also show numerical evidence of convergence of the flux and the pressure. A convergence experiment is included for Darcy flow on a surface. A short introduction to the relevant parts of smooth and discrete exterior calculus is included in this article. We also include a discussion of the boundary condition in terms of exterior calculus.

  17. A generalized sound extrapolation method for turbulent flows

    Science.gov (United States)

    Zhong, Siyang; Zhang, Xin

    2018-02-01

    Sound extrapolation methods are often used to compute acoustic far-field directivities using near-field flow data in aeroacoustics applications. The results may be erroneous if the volume integrals are neglected (to save computational cost), while non-acoustic fluctuations are collected on the integration surfaces. In this work, we develop a new sound extrapolation method based on an acoustic analogy using Taylor's hypothesis (Taylor 1938 Proc. R. Soc. Lon. A 164, 476-490. (doi:10.1098/rspa.1938.0032)). Typically, a convection operator is used to filter out the acoustically inefficient components in the turbulent flows, and an acoustics dominant indirect variable Dcp‧ is solved. The sound pressure p' at the far field is computed from Dcp‧ based on the asymptotic properties of the Green's function. Validations results for benchmark problems with well-defined sources match well with the exact solutions. For aeroacoustics applications: the sound predictions by the aerofoil-gust interaction are close to those by an earlier method specially developed to remove the effect of vortical fluctuations (Zhong & Zhang 2017 J. Fluid Mech. 820, 424-450. (doi:10.1017/jfm.2017.219)); for the case of vortex shedding noise from a cylinder, the off-body predictions by the proposed method match well with the on-body Ffowcs-Williams and Hawkings result; different integration surfaces yield close predictions (of both spectra and far-field directivities) for a co-flowing jet case using an established direct numerical simulation database. The results suggest that the method may be a potential candidate for sound projection in aeroacoustics applications.

  18. Cash Conversion Cycle, Cash Management and Profitability: An Empirical Study on the ISE Traded Companies

    OpenAIRE

    Tulay Yucel; Gulizar Kurt

    2002-01-01

    This paper investigates the relationship of cash conversion cycle, a tool in working capital management, with profitability, liquidity and debt structure. The data covering the period of 1995-2000, of 167 firms whose stocks are listed on the Istanbul Stock Exchange (ISE). The cash conversion cycle, profitability, liquidity and debt structure were examined comparatively in this study on the basis of period, industry and firm size. It was examined that the relationships of these variables and t...

  19. Multinational cash management and conglomerate discounts in the euro zone

    NARCIS (Netherlands)

    Eije, Henk von; Westerman, Wim

    2001-01-01

    We discuss the impact of liberalisation, deregulation and the introduction of a single currency on cash management within multinationals in the euro zone. The developments in the euro zone reduce financial market imperfections in transferring cash and diminish the need for separate local cash

  20. 18 CFR 154.306 - Cash working capital.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash working capital... Changes § 154.306 Cash working capital. A natural gas company that files a tariff change under this part may not receive a cash working capital adjustment to its rate base unless the company or other...

  1. 40 CFR 35.3160 - Cash draw rules.

    Science.gov (United States)

    2010-07-01

    ... refinancing or purchase of the local debt. Cash draws for incurred building costs will generally be treated as refinanced costs. (2) The State may immediately draw cash for up to five percent of each fiscal year's... actual construction cost. In the latter case, the amount of the cash draw would be the actual...

  2. 18 CFR 357.5 - Cash management programs.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management...: CARRIERS SUBJECT TO PART I OF THE INTERSTATE COMMERCE ACT § 357.5 Cash management programs. Oil pipeline... and § 357.2 of this title that participate in cash management programs must file these agreements with...

  3. Title IV Cash Management Life Cycle Training. Participant's Guide.

    Science.gov (United States)

    Department of Education, Washington, DC.

    This participant's guide includes: "Introduction: Welcome to Cash Management Life Cycle Training"; "Module 1: Review of Cash Management Principles" (cash management overview and activity); "Module 2: Common Origination and Disbursement (COD) System Overview" (e.g., full participants and phase-in participants, COD…

  4. 18 CFR 260.400 - Cash management programs.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management... Cash management programs. Natural gas companies subject to the provisions of the Commission's Uniform... management programs must file these agreements with the Commission. The documentation establishing the cash...

  5. 18 CFR 141.500 - Cash management programs.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management... OF 1978 STATEMENTS AND REPORTS (SCHEDULES) § 141.500 Cash management programs. Public utilities and... and § 141.1 or § 141.2 of this title that participate in cash management programs must file these...

  6. Numerical methods for two-phase flow with contact lines

    Energy Technology Data Exchange (ETDEWEB)

    Walker, Clauido

    2012-07-01

    This thesis focuses on numerical methods for two-phase flows, and especially flows with a moving contact line. Moving contact lines occur where the interface between two fluids is in contact with a solid wall. At the location where both fluids and the wall meet, the common continuum descriptions for fluids are not longer valid, since the dynamics around such a contact line are governed by interactions at the molecular level. Therefore the standard numerical continuum models have to be adjusted to handle moving contact lines. In the main part of the thesis a method to manipulate the position and the velocity of a contact line in a two-phase solver, is described. The Navier-Stokes equations are discretized using an explicit finite difference method on a staggered grid. The position of the interface is tracked with the level set method and the discontinuities at the interface are treated in a sharp manner with the ghost fluid method. The contact line is tracked explicitly and its dynamics can be described by an arbitrary function. The key part of the procedure is to enforce a coupling between the contact line and the Navier-Stokes equations as well as the level set method. Results for different contact line models are presented and it is demonstrated that they are in agreement with analytical solutions or results reported in the literature.The presented Navier-Stokes solver is applied as a part in a multiscale method to simulate capillary driven flows. A relation between the contact angle and the contact line velocity is computed by a phase field model resolving the micro scale dynamics in the region around the contact line. The relation of the microscale model is then used to prescribe the dynamics of the contact line in the macro scale solver. This approach allows to exploit the scale separation between the contact line dynamics and the bulk flow. Therefore coarser meshes can be applied for the macro scale flow solver compared to global phase field simulations

  7. Compressible flow modelling in unstructured mesh topologies using numerical methods developed for incompressible flows

    International Nuclear Information System (INIS)

    Caruso, A.; Mechitoua, N.; Duplex, J.

    1995-01-01

    The R and D thermal hydraulic codes, notably the finite difference codes Melodie (2D) and ESTET (3D) or the 2D and 3D versions of the finite element code N3S were initially developed for incompressible, possibly dilatable, turbulent flows, i.e. those where density is not pressure-dependent. Subsequent minor modifications to these finite difference code algorithms enabled extension of their scope to subsonic compressible flows. The first applications in both single-phase and two flow contexts have now been completed. This paper presents the techniques used to adapt these algorithms for the processing of compressible flows in an N3S type finite element code, whereby complex geometries normally difficult to model in finite difference meshes could be successfully dealt with. The development of version 3.0 of he N3S code led to dilatable flow calculations at lower cost. On this basis, a 2-D prototype version of N3S was programmed, tested and validated, drawing maximum benefit from Cray vectorization possibilities and from physical, numerical or data processing experience with other fluid dynamics codes, such as Melodie, ESTET or TELEMAC. The algorithms are the same as those used in finite difference codes, but their formulation is variational. The first part of the paper deals with the fundamental equations involved, expressed in basic form, together with the associated digital method. The modifications to the k-epsilon turbulence model extended to compressible flows are also described. THe second part presents the algorithm used, indicating the additional terms required by the extension. The third part presents the equations in integral form and the associated matrix systems. The solutions adopted for calculation of the compressibility related terms are indicated. Finally, a few representative applications and test cases are discussed. These include subsonic, but also transsonic and supersonic cases, showing the shock responses of the digital method. The application of

  8. A finite-elements method for turbulent flow analysis

    International Nuclear Information System (INIS)

    Autret, A.

    1986-03-01

    The work discussed here covers turbulent flow calculations using GALERKIN's finite-element method. Turbulence effects on the mean field are taken into account by the k-epsilon model with two evolution equations: one for the kinetic energy of the turbulence, and one for the energy dissipation rate. The wall zone is covered by wall laws, and by REICHARDT's law in particular. A law is advanced for the epsilon input profile, and a numerical solution is proposed for the physically aberrant values of k and epsilon generated by the model. Single-equation models are reviewed comparatively with the k-epsilon model. A comparison between calculated and analytical solutions or calculated and experimental results is presented for decreasing turbulence behind a grid, for the flow between parallel flat plates with three REYNOLDS numbers, and for backward facing step. This part contains graphs and curves corresponding to results of the calculations presented in part one [fr

  9. Dual-scale Galerkin methods for Darcy flow

    Science.gov (United States)

    Wang, Guoyin; Scovazzi, Guglielmo; Nouveau, Léo; Kees, Christopher E.; Rossi, Simone; Colomés, Oriol; Main, Alex

    2018-02-01

    The discontinuous Galerkin (DG) method has found widespread application in elliptic problems with rough coefficients, of which the Darcy flow equations are a prototypical example. One of the long-standing issues of DG approximations is the overall computational cost, and many different strategies have been proposed, such as the variational multiscale DG method, the hybridizable DG method, the multiscale DG method, the embedded DG method, and the Enriched Galerkin method. In this work, we propose a mixed dual-scale Galerkin method, in which the degrees-of-freedom of a less computationally expensive coarse-scale approximation are linked to the degrees-of-freedom of a base DG approximation. We show that the proposed approach has always similar or improved accuracy with respect to the base DG method, with a considerable reduction in computational cost. For the specific definition of the coarse-scale space, we consider Raviart-Thomas finite elements for the mass flux and piecewise-linear continuous finite elements for the pressure. We provide a complete analysis of stability and convergence of the proposed method, in addition to a study on its conservation and consistency properties. We also present a battery of numerical tests to verify the results of the analysis, and evaluate a number of possible variations, such as using piecewise-linear continuous finite elements for the coarse-scale mass fluxes.

  10. STUDY ON SIMULATION METHOD OF AVALANCHE : FLOW ANALYSIS OF AVALANCHE USING PARTICLE METHOD

    OpenAIRE

    塩澤, 孝哉

    2015-01-01

    In this paper, modeling for the simulation of the avalanche by a particle method is discussed. There are two kinds of the snow avalanches, one is the surface avalanche which shows a smoke-like flow, and another is the total-layer avalanche which shows a flow like Bingham fluid. In the simulation of the surface avalanche, the particle method in consideration of a rotation resistance model is used. The particle method by Bingham fluid is used in the simulation of the total-layer avalanche. At t...

  11. VALUATION METHODS- LITERATURE REVIEW

    Directory of Open Access Journals (Sweden)

    Dorisz Talas

    2015-07-01

    Full Text Available This paper is a theoretical overview of the often used valuation methods with the help of which the value of a firm or its equity is calculated. Many experts (including Aswath Damodaran, Guochang Zhang and CA Hozefa Natalwala classify the methods. The basic models are based on discounted cash flows. The main method uses the free cash flow for valuation, but there are some newer methods that reveal and correct the weaknesses of the traditional models. The valuation of flexibility of management can be conducted mainly with real options. This paper briefly describes the essence of the Dividend Discount Model, the Free Cash Flow Model, the benefit from using real options and the Residual Income Model. There are a few words about the Adjusted Present Value approach as well. Different models uses different premises, and an overall truth is that if the required premises are real and correct, the value will be appropriately accurate. Another important condition is that experts, analysts should choose between the models on the basis of the purpose of valuation. Thus there are no good or bad methods, only methods that fit different goals and aims. The main task is to define exactly the purpose, then to find the most appropriate valuation technique. All the methods originates from the premise that the value of an asset is the present value of its future cash flows. According to the different points of view of different techniques the resulted values can be also differed from each other. Valuation models and techniques should be adapted to the rapidly changing world, but the basic statements remain the same. On the other hand there is a need for more accurate models in order to help investors get as many information as they could. Today information is one of the most important resources and financial models should keep up with this trend.

  12. A Method for Measuring Sludge Settling Characteristics in Turbulent Flows

    DEFF Research Database (Denmark)

    Rasmussen, Michael R.; Larsen, Torben

    1996-01-01

    A method for the determination of the settlilng velocity for sludge as a funktion of turbulence intensity and sludge concentration has been developed. The principle of the method is to continuously feed the top of a settling column with sludge so that a steady state and uniform concentration...... distribution occurs in the middle of the column. This eliminates time scale effects such as flocculation from the measurements, as the resulting settling velocity only can be found at steady state and uniform conditions. The method assumes that flocculated sludge settles faster than disintegratedsludge to make...... a mass balance involving concentration at the top and the middle of the column as well as the inlet sludge flow. The resulting mass balance is used to calculate a lokal settling velocity. The turbulence is introduced by an oscillating grid in the whole depth of the settling column. Settling velocities...

  13. An Engineering Aerodynamic Heating Method for Hypersonic Flow

    Science.gov (United States)

    Riley, Christopher J.; DeJarnette, Fred R.

    1992-01-01

    A capability to calculate surface heating rates has been incorporated in an approximate three-dimensional inviscid technique. Surface streamlines are calculated from the inviscid solution, and the axisymmetric analog is then used along with a set of approximate convective-heating equations to compute the surface heat transfer. The method is applied to blunted axisymmetric and three-dimensional ellipsoidal cones at angle of attack for the laminar flow of a perfect gas. The method is also applicable to turbulent and equilibrium-air conditions. The present technique predicts surface heating rates that compare favorably with experimental (ground-test and flight) data and numerical solutions of the Navier-Stokes (NS) and viscous shock-layer (VSL) equations. The new technique represents a significant improvement over current engineering aerothermal methods with only a modest increase in computational effort.

  14. Modeling of Unsteady Flow through the Canals by Semiexact Method

    Directory of Open Access Journals (Sweden)

    Farshad Ehsani

    2014-01-01

    Full Text Available The study of free-surface and pressurized water flows in channels has many interesting application, one of the most important being the modeling of the phenomena in the area of natural water systems (rivers, estuaries as well as in that of man-made systems (canals, pipes. For the development of major river engineering projects, such as flood prevention and flood control, there is an essential need to have an instrument that be able to model and predict the consequences of any possible phenomenon on the environment and in particular the new hydraulic characteristics of the system. The basic equations expressing hydraulic principles were formulated in the 19th century by Barre de Saint Venant and Valentin Joseph Boussinesq. The original hydraulic model of the Saint Venant equations is written in the form of a system of two partial differential equations and it is derived under the assumption that the flow is one-dimensional, the cross-sectional velocity is uniform, the streamline curvature is small and the pressure distribution is hydrostatic. The St. Venant equations must be solved with continuity equation at the same time. Until now no analytical solution for Saint Venant equations is presented. In this paper the Saint Venant equations and continuity equation are solved with homotopy perturbation method (HPM and comparison by explicit forward finite difference method (FDM. For decreasing the present error between HPM and FDM, the st.venant equations and continuity equation are solved by HAM. The homotopy analysis method (HAM contains the auxiliary parameter ħ that allows us to adjust and control the convergence region of solution series. The study has highlighted the efficiency and capability of HAM in solving Saint Venant equations and modeling of unsteady flow through the rectangular canal that is the goal of this paper and other kinds of canals.

  15. A finite-elements method for turbulent flow analysis

    International Nuclear Information System (INIS)

    Autret, A.

    1986-03-01

    The work discussed here covers turbulent flow calculations using GALERKIN's finite-element method. In our specific case, we have to deal with monophasic incompressible flow in Boussinesq approximation in the normal operating conditions of a primary circuit of nuclear power plant. Turbulence effects on the mean field are taken into account by the k-epsilon model with two evolution equations: one for the kinetic energy of the turbulence, and one for the energy dissipation rate. The wall zone is covered by wall laws, and by REICHARDT's law in particular. A Law is advanced for the epsilon input profile, and a numerical solution is proposed for the physically aberrant values of k and epsilon generated by the model. Single-equation models are reviewed comparatively with the k-epsilon model. A comparison between calculated and analytical solutions or calculated and experimental results is presented for decreasing turbulence behind a grid, for the flow between parallel flat plates with three REYNOLDS numbers, and for backward facing step [fr

  16. The control variable method: a fully implicit numerical method for solving conservation equations for unsteady multidimensional fluid flow

    International Nuclear Information System (INIS)

    Le Coq, G.; Boudsocq, G.; Raymond, P.

    1983-03-01

    The Control Variable Method is extended to multidimensional fluid flow transient computations. In this paper basic principles of the method are given. The method uses a fully implicit space discretization and is based on the decomposition of the momentum flux tensor into scalar, vectorial, and tensorial, terms. Finally some computations about viscous-driven flow and buoyancy-driven flow in cavity are presented

  17. Methods for early prediction of lactation flow in Holstein heifers

    Directory of Open Access Journals (Sweden)

    Vesna Gantner

    2010-12-01

    Full Text Available The aim of this research was to define methods for early prediction (based on I. milk control record of lactation flow in Holstein heifers as well as to choose optimal one in terms of prediction fit and application simplicity. Total of 304,569 daily yield records automatically recorded on a 1,136 first lactation Holstein cows, from March 2003 till August 2008., were included in analysis. According to the test date, calving date, the age at first calving, lactation stage when I. milk control occurred and to the average milk yield in first 25th, T1 (and 25th-45th, T2 lactation days, measuring monthcalving month-age-production-time-period subgroups were formed. The parameters of analysed nonlinear and linear methods were estimated for each defined subgroup. As models evaluation measures,adjusted coefficient of determination, and average and standard deviation of error were used. Considering obtained results, in terms of total variance explanation (R2 adj, the nonlinear Wood’s method showed superiority above the linear ones (Wilmink’s, Ali-Schaeffer’s and Guo-Swalve’s method in both time-period subgroups (T1 - 97.5 % of explained variability; T2 - 98.1 % of explained variability. Regarding the evaluation measures based on prediction error amount (eavg±eSD, the lowest average error of daily milk yield prediction (less than 0.005 kg/day, as well as of lactation milk yield prediction (less than 50 kg/lactation (T1 time-period subgroup and less than 30 kg/lactation (T2 time-period subgroup; were determined when Wood’s nonlinear prediction method were applied. Obtained results indicate that estimated Wood’s regression parameters could be used in routine work for early prediction of Holstein heifer’s lactation flow.

  18. Money matters: cash transfers for adaptation

    Energy Technology Data Exchange (ETDEWEB)

    Wood, Rachel Godfrey

    2011-04-15

    Developed countries have pledged billions of dollars a year to help poor nations adapt to climate change. But how should the money be spent? For the world's poor, who are both the most vulnerable to climate change and the most in need of social protection, the best answer may be cash transfer programmes. Giving money out in this way has a strong track record in reaching the poor and helping them improve their nutrition, education and incomes — all of which are vital for building their long-term capacity to adapt to climate change. Cash transfers are also well accepted at the local level and, given the right political backing, can be implemented on a broad scale.

  19. Cerebral blood flow (CBF) with 133Xe inhalation method

    International Nuclear Information System (INIS)

    Kusunoki, Tadaki; Masumura, Michio; Tamaki, Norihiko; Matsumoto, Satoshi; Yamashita, Hideyuki.

    1982-01-01

    The effects of CO 2 inhalation on the cerebral blood flow (CBF) were examined with 133 Xe inhalation method (Novo Inhalation Cerebrograph) on 9 normal peoples and 20 patients. Nine normal peoples were divided into 3 groups consisting of each 3 peoples, namely young age group, middle age group, and old age group. Each increased CBF (%) by CO 2 inhalation was 40 -- 44 in young age group, 36 -- 37 in middle age group, and 35 -- 36 in old age group in the blood flow of the first compartment (F 1 ), and 27 -- 28 in young age group, 30 -- 31 in middle age group and 23 -- 24 in old age group in the initial slope index (ISI). Each CO 2 reactivity factor (RF) was 5.5 -- 5.8 in young age group, 3.8 -- 4.0 in middle age group and 3.3 in old age group in F 1 , and 3.1 -- 3.2 in young age group, 2.0 -- 3.3 in middle age group, and 1.2 -- 1.3 in old age group in ISI. Twenty patients consisted of 15 patients of occlusive cerebrovascular disease, 2 patients of head injury, 2 patients of normal pressure hydrocephalus and one patient of subarachnoid hemorrhage. RF was abnormally lower than normal value in 5 patients in F 1 , but in 7 in ISI. Clinical benefits of CBF study during CO 2 inhalation with 133 Xe inhalation method were discussed. (author)

  20. An adaptative finite element method for turbulent flow simulations

    International Nuclear Information System (INIS)

    Arnoux-Guisse, F.; Bonnin, O.; Leal de Sousa, L.; Nicolas, G.

    1995-05-01

    After outlining the space and time discretization methods used in the N3S thermal hydraulic code developed at EDF/NHL, we describe the possibilities of the peripheral version, the Adaptative Mesh, which comprises two separate parts: the error indicator computation and the development of a module subdividing elements usable by the solid dynamics code ASTER and the electromagnetism code TRIFOU also developed by R and DD. The error indicators implemented in N3S are described. They consist of a projection indicator quantifying the space error in laminar or turbulent flow calculations and a Navier-Stokes residue indicator calculated on each element. The method for subdivision of triangles into four sub-triangles and tetrahedra into eight sub-tetrahedra is then presented with its advantages and drawbacks. It is illustrated by examples showing the efficiency of the module. The last concerns the 2 D case of flow behind a backward-facing step. (authors). 9 refs., 5 figs., 1 tab

  1. Method and apparatus for controlling the flow rate of mercury in a flow system

    Science.gov (United States)

    Grossman, Mark W.; Speer, Richard

    1991-01-01

    A method for increasing the mercury flow rate to a photochemical mercury enrichment utilizing an entrainment system comprises the steps of passing a carrier gas over a pool of mercury maintained at a first temperature T1, wherein the carrier gas entrains mercury vapor; passing said mercury vapor entrained carrier gas to a second temperature zone T2 having temperature less than T1 to condense said entrained mercury vapor, thereby producing a saturated Hg condition in the carrier gas; and passing said saturated Hg carrier gas to said photochemical enrichment reactor.

  2. Adaptive discontinuous Galerkin methods for non-linear reactive flows

    CERN Document Server

    Uzunca, Murat

    2016-01-01

    The focus of this monograph is the development of space-time adaptive methods to solve the convection/reaction dominated non-stationary semi-linear advection diffusion reaction (ADR) equations with internal/boundary layers in an accurate and efficient way. After introducing the ADR equations and discontinuous Galerkin discretization, robust residual-based a posteriori error estimators in space and time are derived. The elliptic reconstruction technique is then utilized to derive the a posteriori error bounds for the fully discrete system and to obtain optimal orders of convergence. As coupled surface and subsurface flow over large space and time scales is described by (ADR) equation the methods described in this book are of high importance in many areas of Geosciences including oil and gas recovery, groundwater contamination and sustainable use of groundwater resources, storing greenhouse gases or radioactive waste in the subsurface.

  3. Flow injection spectrofluorimetric method for the determination of cadmium

    International Nuclear Information System (INIS)

    Bo Tang; Taixing Yue; Lili Zhang; Junsen Wu; Zhenzhen Chen

    2004-01-01

    A novel fluorescent reagent, o-vanillin furoylhydrazone (OVFH), was synthesized, and its infrared spectrum, elemental analysis and dissociation constant are reported. The reaction between Cd 2+ and OVFH produces an intensely fluorescent complex in ethanol-water medium of pH 10.00, and this finding has led to a simple, rapid, and sensitive flow injection (FI) spectrofluorimetric method for on-line determination of Cd 2+ . Under the optimum experimental conditions, the fluorescent complex had excitation and emission maxima at 393 and 494 nm, respectively. The linear range is from 0.025 to 8.0 μg mL -1 of Cd 2+ , the detection limit is 7.6 μg L -1 and the maximum sampling rate is 80 h -1 . The effect of interferences was studied. The method was successfully applied to the determination of cadmium in environmental samples. (author)

  4. Flow visualization of two-phase flows using photochromic dye activation method

    International Nuclear Information System (INIS)

    Kawaji, M.; Ahmad, W.; DeJesus, J.M.; Sutharshan, B.; Lorencez, C.; Ojha, M.

    1993-01-01

    A non-intrusive flow visualization technique based on light activation of photochromic dye material has been used to obtain velocity profiles in gas-liquid flows including annular, slug and stratified flows. The preliminary results revealed several important two-phase flow mechanisms that have not been clearly seen previously. (orig.)

  5. Waste and product oils recover cash

    Energy Technology Data Exchange (ETDEWEB)

    Mason, R.

    1980-05-01

    Fram Industrial developed a method for removing contaminants from bilge water before dumping it overboard. Framarine separators use a patented arrangement of closely placed corrugated plates aligned horizontally to induce a sinusoidal laminar flow pattern in the oily-water mixture flowing through them, guaranteeing recovery of all droplets larger than 20 microns and a large portion of droplets as small as 7 microns will also be removed. Performance can be accurately predicted by computer whenever the contamination conditions can be defined. The systems and their performance are described. They are being used for pollution control, to recovery liquid products in process plant, and for hydro-metallurgy and other solids separation applications.

  6. Flow Diode and Method for Controlling Fluid Flow Origin of the Invention

    Science.gov (United States)

    Dyson, Rodger W (Inventor)

    2015-01-01

    A flow diode configured to permit fluid flow in a first direction while preventing fluid flow in a second direction opposite the first direction is disclosed. The flow diode prevents fluid flow without use of mechanical closures or moving parts. The flow diode utilizes a bypass flowline whereby all fluid flow in the second direction moves into the bypass flowline having a plurality of tortuous portions providing high fluidic resistance. The portions decrease in diameter such that debris in the fluid is trapped. As fluid only travels in one direction through the portions, the debris remains trapped in the portions.

  7. Method for confirming flow pattern of gas-water flow in horizontal tubes under rolling state

    International Nuclear Information System (INIS)

    Luan Feng; Yan Changqi

    2008-01-01

    An experimental study on the flow patterns of gas-water flow was carried out in horizontal tubes under rolling state. It was found that the pressure drop of two phase flow was with an obvious periodical characteristic. The flow pattern of the gas-water flow was distinguished according to the characteristics of the pressure drop in this paper. It was proved that the characteristics of the pressure drop can distinguish the flow pattern of gas-water flow correctly through comparing with the result of careful observation and high speed digital camera. (authors)

  8. The effects of cash transfers and vouchers on the use and quality of maternity care services: A systematic review

    OpenAIRE

    Hunter, Benjamin M.; Harrison, Sean; Portela, Anayda; Bick, Debra

    2017-01-01

    BackgroundCash transfers and vouchers are forms of `demand-side financing' that have been widely used to promote maternal and newborn health in low- and middle-income countries during the last 15 years.MethodsThis systematic review consolidates evidence from seven published systematic reviews on the effects of different types of cash transfers and vouchers on the use and quality of maternity care services, and updates the systematic searches to June 2015 using the Joanna Briggs Institute appr...

  9. A flow cytometric method for assessing viability of intraerythrocytic hemoparasites.

    Science.gov (United States)

    Wyatt, C R; Goff, W; Davis, W C

    1991-06-24

    We have developed a rapid, reliable method of evaluating growth and viability of intraerythrocytic protozoan hemoparasites. The assay involves the selective uptake and metabolic conversion of hydroethidine to ethidium by live parasites present in intact erythrocytes. The red fluorescence imparted by ethidium intercalated into the DNA of the parasite permits the use of flow cytometry to distinguish infected erythrocytes with viable parasites from uninfected erythrocytes and erythrocytes containing dead parasites. Comparison of the fluorochromasia technique of enumerating the number and viability of hemoparasites in cultured erythrocytes with enumeration in Giemsa-stained films and uptake of [3H]hypoxanthine demonstrated the fluorochromasia technique yields comparable results. Studies with the hemoparasite, Babesia bovis, have shown the fluorochromasia technique can also be used to monitor the effect of parasiticidal drugs on parasites in vitro. The cumulative studies with the fluorochromasia assay suggest the assay will also prove useful in investigations focused on analysis of the immune response to hemoparasites and growth in vitro.

  10. Methods for estimating flow-duration and annual mean-flow statistics for ungaged streams in Oklahoma

    Science.gov (United States)

    Esralew, Rachel A.; Smith, S. Jerrod

    2010-01-01

    Flow statistics can be used to provide decision makers with surface-water information needed for activities such as water-supply permitting, flow regulation, and other water rights issues. Flow statistics could be needed at any location along a stream. Most often, streamflow statistics are needed at ungaged sites, where no flow data are available to compute the statistics. Methods are presented in this report for estimating flow-duration and annual mean-flow statistics for ungaged streams in Oklahoma. Flow statistics included the (1) annual (period of record), (2) seasonal (summer-autumn and winter-spring), and (3) 12 monthly duration statistics, including the 20th, 50th, 80th, 90th, and 95th percentile flow exceedances, and the annual mean-flow (mean of daily flows for the period of record). Flow statistics were calculated from daily streamflow information collected from 235 streamflow-gaging stations throughout Oklahoma and areas in adjacent states. A drainage-area ratio method is the preferred method for estimating flow statistics at an ungaged location that is on a stream near a gage. The method generally is reliable only if the drainage-area ratio of the two sites is between 0.5 and 1.5. Regression equations that relate flow statistics to drainage-basin characteristics were developed for the purpose of estimating selected flow-duration and annual mean-flow statistics for ungaged streams that are not near gaging stations on the same stream. Regression equations were developed from flow statistics and drainage-basin characteristics for 113 unregulated gaging stations. Separate regression equations were developed by using U.S. Geological Survey streamflow-gaging stations in regions with similar drainage-basin characteristics. These equations can increase the accuracy of regression equations used for estimating flow-duration and annual mean-flow statistics at ungaged stream locations in Oklahoma. Streamflow-gaging stations were grouped by selected drainage

  11. A Finite Element Method for Simulation of Compressible Cavitating Flows

    Science.gov (United States)

    Shams, Ehsan; Yang, Fan; Zhang, Yu; Sahni, Onkar; Shephard, Mark; Oberai, Assad

    2016-11-01

    This work focuses on a novel approach for finite element simulations of multi-phase flows which involve evolving interface with phase change. Modeling problems, such as cavitation, requires addressing multiple challenges, including compressibility of the vapor phase, interface physics caused by mass, momentum and energy fluxes. We have developed a mathematically consistent and robust computational approach to address these problems. We use stabilized finite element methods on unstructured meshes to solve for the compressible Navier-Stokes equations. Arbitrary Lagrangian-Eulerian formulation is used to handle the interface motions. Our method uses a mesh adaptation strategy to preserve the quality of the volumetric mesh, while the interface mesh moves along with the interface. The interface jump conditions are accurately represented using a discontinuous Galerkin method on the conservation laws. Condensation and evaporation rates at the interface are thermodynamically modeled to determine the interface velocity. We will present initial results on bubble cavitation the behavior of an attached cavitation zone in a separated boundary layer. We acknowledge the support from Army Research Office (ARO) under ARO Grant W911NF-14-1-0301.

  12. 现金分红、盈余管理方式选择与企业价值%Cash Dividends,Earnings Management Choice and Corporate Value

    Institute of Scientific and Technical Information of China (English)

    刘衡; 苏坤; 李彬

    2013-01-01

    In recent years,there is increasing public concern about the phenomena of em-phasizing on financing and ignoring investors‘return of China‘s listed companies.The China Securities Regulatory Commission has issued a series of announcements designed to strength-en cash dividends of listed companies and strengthen the awareness of the investor‘s returns. Cash dividends and earnings management are hot issues of capital market,but accrual-based earnings management is the main content of the traditional earnings management research,re-al earnings management has been neglected.In theory,the behavior of cash dividend reduces the level of corporate cash flow,the change of earnings management can improve the level cash flow and the corporate performance,which eventually leads to the change of corporate value. Using China‘s A-share market listed companies panel data from 1 998 to 2010,this paper studies the relationships between cash dividends,earnings management and corporate value. We find that the extent of real earnings management of cash dividend companies is significant-ly lower than the corresponding extent of non-cash dividends companies,and the extent of ac-crual-based earnings management of cash dividend companies is greatly higher than the corre-sponding extent of non-cash dividends companies,which means that cash dividend behavior has a significant impact on the choice of the listed company earnings management,and there is the phenomenon of collusion between real earnings management and accrual-based earnings management.The cash dividend company has a higher corporate value than the non-cash divi-dend company,which indicates that the listed company‘s cash dividend behavior helps to en-hance the corporate value.Further research suggests real earnings management and accrual-based earnings management have significant intermediary roles in the relationship between cash dividends and corporate value.These conclusions provide helpful insight for revealing the

  13. A proposed through-flow inverse method for the design of mixed-flow pumps

    Science.gov (United States)

    Borges, Joao Eduardo

    1991-01-01

    A through-flow (hub-to-shroud) truly inverse method is proposed and described. It uses an imposition of mean swirl, i.e., radius times mean tangential velocity, given throughout the meridional section of the turbomachine as an initial design specification. In the present implementation, it is assumed that the fluid is inviscid, incompressible, and irrotational at inlet and that the blades are supposed to have zero thickness. Only blade rows that impart to the fluid a constant work along the space are considered. An application of this procedure to design the rotor of a mixed-flow pump is described in detail. The strategy used to find a suitable mean swirl distribution and the other design inputs is also described. The final blade shape and pressure distributions on the blade surface are presented, showing that it is possible to obtain feasible designs using this technique. Another advantage of this technique is the fact that it does not require large amounts of CPU time.

  14. Cash Holdings Policy: a Dynamic Analysis of Brazilian Companies

    Directory of Open Access Journals (Sweden)

    Fadwa Muhieddine Dahrouge

    2013-09-01

    Full Text Available This paper investigates how corporate cash holdings were adjusted over time for Brazilian companies during the crisis of 2008-2009. We adopt a dynamic model of corporate cash holdings to evaluate the main determinants for the speed of adjustment of cash holdings at the optimum level. We find evidence that: a the adjustment costs of Brazilian companies are high implying a delay in reaching the optimum level of cash; b the low speed adjustment to the optimum level is due to the limited availability of credit and the high cost of bank debt; c during crisis, the changes in working capital are positively related to the level of cash holdings providing evidence that companies prefer finance to growth with liquidity; d companies have looked for long-term financing to secure liquidity rather than investing on fixed assets, implying a negative relationship between investment and cash holding.

  15. River Flow Prediction Using the Nearest Neighbor Probabilistic Ensemble Method

    Directory of Open Access Journals (Sweden)

    H. Sanikhani

    2016-02-01

    Full Text Available Introduction: In the recent years, researchers interested on probabilistic forecasting of hydrologic variables such river flow.A probabilistic approach aims at quantifying the prediction reliability through a probability distribution function or a prediction interval for the unknown future value. The evaluation of the uncertainty associated to the forecast is seen as a fundamental information, not only to correctly assess the prediction, but also to compare forecasts from different methods and to evaluate actions and decisions conditionally on the expected values. Several probabilistic approaches have been proposed in the literature, including (1 methods that use resampling techniques to assess parameter and model uncertainty, such as the Metropolis algorithm or the Generalized Likelihood Uncertainty Estimation (GLUE methodology for an application to runoff prediction, (2 methods based on processing the forecast errors of past data to produce the probability distributions of future values and (3 methods that evaluate how the uncertainty propagates from the rainfall forecast to the river discharge prediction, as the Bayesian forecasting system. Materials and Methods: In this study, two different probabilistic methods are used for river flow prediction.Then the uncertainty related to the forecast is quantified. One approach is based on linear predictors and in the other, nearest neighbor was used. The nonlinear probabilistic ensemble can be used for nonlinear time series analysis using locally linear predictors, while NNPE utilize a method adapted for one step ahead nearest neighbor methods. In this regard, daily river discharge (twelve years of Dizaj and Mashin Stations on Baranduz-Chay basin in west Azerbijan and Zard-River basin in Khouzestan provinces were used, respectively. The first six years of data was applied for fitting the model. The next three years was used to calibration and the remained three yeas utilized for testing the models

  16. Measurement of vascular flow in the brain with the xenon/CT method

    International Nuclear Information System (INIS)

    Wist, A.O.; Cothran, A.; Fatouros, P.P.; Kishore, P.R.S.

    1988-01-01

    The authors are proposing a modification of the xenon/CT method that allows measurement of the flow in the different brain vessels. Based on an improved stable xenon/CT method, they developed several additional algorithms to differentiate the vessel flow from tissue flow and from artifacts and noise, which are based on the height, steepness, and other parameters of the detected flow values. The vessel flow maps, together with the tissue flow maps and new composite flow maps of recent patients, demonstrate that the stable xenon/CT technique can be extended to quantify vascular flow in the brain. The diagnostic capability of this method can be further improved by removing the vessel flow from the flow maps

  17. Cash in the Czech Republic: Trend Analysis 2003–2015

    OpenAIRE

    Zbyněk Revenda

    2017-01-01

    Electronization of banking services is a  strong reason for relative growth of cashless payments. The importance of cash, i.e., banknotes and coins, for realizing transactions should decrease. An analysis for the Czech Republic in the period 2003–2015 confirms this. Demand of nonbank entities for cash is associated mainly with liquidity, banks’ credibility and technological sophistication. Illegal transactions also form part of the demand. Zero return on cash counteracts demand, but it has li...

  18. Preconditioned Conjugate Gradient methods for low speed flow calculations

    Science.gov (United States)

    Ajmani, Kumud; Ng, Wing-Fai; Liou, Meng-Sing

    1993-01-01

    An investigation is conducted into the viability of using a generalized Conjugate Gradient-like method as an iterative solver to obtain steady-state solutions of very low-speed fluid flow problems. Low-speed flow at Mach 0.1 over a backward-facing step is chosen as a representative test problem. The unsteady form of the two dimensional, compressible Navier-Stokes equations are integrated in time using discrete time-steps. The Navier-Stokes equations are cast in an implicit, upwind finite-volume, flux split formulation. The new iterative solver is used to solve a linear system of equations at each step of the time-integration. Preconditioning techniques are used with the new solver to enhance the stability and the convergence rate of the solver and are found to be critical to the overall success of the solver. A study of various preconditioners reveals that a preconditioner based on the lower-upper (L-U)-successive symmetric over-relaxation iterative scheme is more efficient than a preconditioner based on incomplete L-U factorizations of the iteration matrix. The performance of the new preconditioned solver is compared with a conventional line Gauss-Seidel relaxation (LGSR) solver. Overall speed-up factors of 28 (in terms of global time-steps required to converge to a steady-state solution) and 20 (in terms of total CPU time on one processor of a CRAY-YMP) are found in favor of the new preconditioned solver, when compared with the LGSR solver.

  19. Screening method for piping wall loss by flow accelerated corrosion

    International Nuclear Information System (INIS)

    Ryu, Kyung Ha; Hwang, Il Soon; Lee, Na Young; Oh, Young Jin; Kim, Ji Hyun; Park, Jin Ho; Sohn, Chang Ho

    2008-01-01

    Flow accelerated corrosion (FAC) phenomenon has persisted its impact on plant reliability and personnel safety. Unless we change the operation condition drastically, most parameters affecting FAC will not be effectively controlled. In order to help expand piping inspection coverage, we have developed a screening approach to monitor the wall thinning by direct current potential drop (DCPD) technique. To improve the applicability to the complex piping network such as the secondary cooling water system in PWR's, we devised the equipotential control method that can eliminate undesired leakage currents outside a measurement section. In this paper, we present Wide Range Monitoring (WiRM) and Narrow Range Monitoring (NaRM) with Equipotential Switching Direct Current Potential Drop (ES-DCPD) method to rapidly monitor the thinning of piping. Based on the WiRM results, susceptible locations can be identified for further inspection by ultrasound technique (UT). On-line monitoring of a thinned location can be made by NaRM. Finite element analysis results and a closed-form resistance model are developed for the comparison with measured wall thinning by the developed DCPD technique. Verification experiments were conducted using UT as the reference. The result shows that model predictions and the experimental results agree well to confirm that both WiRM and NaRM based on ES-DCPD can be applicable to FAC management efforts

  20. Screening method for piping wall loss by flow accelerated corrosion

    International Nuclear Information System (INIS)

    Ryu, K.H.; Hwang, I.S.; Lee, N.Y.; Oh, Y.J.; Park, J.H.; Sohn, C.H.

    2007-01-01

    Flow accelerated corrosion (FAC) phenomenon has persisted in its impact on plant reliability and personnel safety. Unless we change the operation condition drastically, most parameters affecting FAC will not be effectively controlled. In order to help expand piping inspection coverage, we have developed a screening approach to monitor the wall thinning by a Direct Current Potential drop (DCPD) technique. To improve the applicability to the complex piping network such as the secondary cooling water system in PWR's, we devised the equipotential control method that can eliminate undesired leakage currents outside a measurement section. In this paper, we present Wide Range Monitoring (WiRM) and Narrow Range Monitoring (NaRM) with Equipotential Switching Direct Current Potential Drop (ES-DCPD) method to rapidly monitor the thinning of piping. Based on the WiRM results, susceptible locations can be identified for further inspection by Ultrasonic Technique (UT). On-line monitoring of a thinned location can be made by NaRM. Finite element analysis results and a closed-form resistance model are developed for the comparison with measured wall thinning by the developed DCPD technique. Verification experiments were conducted using UT as the reference. The result shows that model predictions and the experimental results agree well to confirm that both WiRM and NaRM based on ES-DCPD can be applicable to FAC management efforts. (author)

  1. Devices and methods of operation thereof for providing stable flow for centrifugal compressors

    Science.gov (United States)

    Skoch, Gary J. (Inventor); Stevens, Mark A. (Inventor); Jett, Thomas A. (Inventor)

    2008-01-01

    Centrifugal compressor flow stabilizing devices and methods of operation thereof are disclosed that act upon the flow field discharging from the impeller of a centrifugal compressor and modify the flow field ahead of the diffuser vanes such that flow conditions contributing to rotating stall and surge are reduced or even eliminated. In some embodiments, shaped rods and methods of operation thereof are disclosed, whereas in other embodiments reverse-tangent air injection devices and methods are disclosed.

  2. Cash Advance Accounting: Accounting Regulations and Practices

    OpenAIRE

    Aristita Rotila

    2012-01-01

    It is known the fact that often the entities offer to staff or third parties certain amounts of money, in order to make payments for the entities, such sums being registered differently in the accounting as cash advances. In the case in which the advances are offered in a foreign currency, there is the problem of the exchange rate used when justifying the advance, for the conversion in lei of payments that were carried out. In this article we wanted to signal the effect that the exchange rate...

  3. How does Cash and Counseling affect costs?

    Science.gov (United States)

    Dale, Stacy B; Brown, Randall S

    2007-02-01

    To test the effect of a consumer-directed model (Cash and Counseling) of Medicaid personal care services (PCS) or home- and community-based waiver services (HCBS) on the cost of Medicaid services. Medicaid claims data were collected for all enrollees in the Cash and Counseling demonstration. Demonstration enrollees included those eligible for PCS (in Arkansas), those assessed to receive such services (in New Jersey), and recipients of Medicaid HCBS (in Florida). Enrollment occurred from December 1998 through April 2001. The follow-up period covered up to 24 months after enrollment. Demonstration volunteers were randomly assigned to have the option to participate in Cash and Counseling (the treatment group), or to receive Medicaid services as usual from an agency (the control group). Ordinary least squares regressions were used to estimate the effect of the program on costs for Medicaid PCS/waiver services and other Medicaid services, while controlling for consumers' preenrollment characteristics and preenrollment Medicaid spending. Models were estimated separately for nonelderly and elderly adults in each state and for children in Florida. Each state supplied claims data for demonstration enrollees. Largely because the program increased consumers' ability to get the authorized amount of paid care, expenditures for personal care/waiver services were higher for the treatment group than for the control group in each state and age group, except among the elderly in Florida. Higher costs for personal care/waiver services were partially offset by savings in other Medicaid services, particularly those related to long-term care. During year 1, total Medicaid costs were generally higher for the treatment group than for the control group, with treatment-control cost differences ranging from 1 percent (and statistically insignificant) for the elderly in Florida to 17 percent for the elderly in Arkansas. In year 2, these cost differences were generally greater than in year 1

  4. On Numerical Methods in Non-Newtonian Flows

    International Nuclear Information System (INIS)

    Fileas, G.

    1982-12-01

    The constitutive equations for non-Newtonian flows are presented and the various flow models derived from continuum mechanics and molecular theories are considered and evaluated. Detailed account is given of numerical simulation employing differential and integral models of different kinds of non-Newtonian flows using finite-difference and finite-element techniques. Appreciating the fact that no book or concentrated material on Numerical Non-Newtonian Fluid Flow exists at the present, procedures for computer set-ups are described and references are given for finite-difference, finite-element and molecular-theory based programmes for several kinds of flow. Achievements and unreached goals in the field of numerical simulation of non-Newtonian flows are discussed and the lack of numerical work in the fields of suspension flows and heat transfer is pointed out. Finally, FFOCUS is presented as a newly built computer program which can simulate freezing flows on Newtonian fluids through various geometries and is aimed to be further developed to handle non-Newtonian freezing flows and certain types of suspension phenomena involved in corium flow after a hypothetical core melt-down accident in a PWR. (author)

  5. Cash on Demand: A Framework for Managing a Cash Liquidity Position.

    Science.gov (United States)

    Augustine, John H.

    1995-01-01

    A well-run college or university will seek to accumulate and maintain an appropriate cash reserve or liquidity position. A rigorous analytic process for estimating the size and cost of a liquidity position, based on judgments about the institution's operating risks and opportunities, is outlined. (MSE)

  6. Raising Cash under Duress and the Role of Cash Value Life Insurance: An Educational Example

    Science.gov (United States)

    Russell, David T.; Chong, James T.; Phillips, G. Michael

    2018-01-01

    Consumers face hard choices when they need cash quickly. Hard choices can lead to emotional or economically unsound decisions. Traditional classroom discussions of raising funds to pay for expenses usually focus on generating income, borrowing, or the sale of real and financial assets, if hardship is discussed at all. However, many families have…

  7. Analysis of methods to estimate spring flows in a karst aquifer.

    Science.gov (United States)

    Sepúlveda, Nicasio

    2009-01-01

    Hydraulically and statistically based methods were analyzed to identify the most reliable method to predict spring flows in a karst aquifer. Measured water levels at nearby observation wells, measured spring pool altitudes, and the distance between observation wells and the spring pool were the parameters used to match measured spring flows. Measured spring flows at six Upper Floridan aquifer springs in central Florida were used to assess the reliability of these methods to predict spring flows. Hydraulically based methods involved the application of the Theis, Hantush-Jacob, and Darcy-Weisbach equations, whereas the statistically based methods were the multiple linear regressions and the technology of artificial neural networks (ANNs). Root mean square errors between measured and predicted spring flows using the Darcy-Weisbach method ranged between 5% and 15% of the measured flows, lower than the 7% to 27% range for the Theis or Hantush-Jacob methods. Flows at all springs were estimated to be turbulent based on the Reynolds number derived from the Darcy-Weisbach equation for conduit flow. The multiple linear regression and the Darcy-Weisbach methods had similar spring flow prediction capabilities. The ANNs provided the lowest residuals between measured and predicted spring flows, ranging from 1.6% to 5.3% of the measured flows. The model prediction efficiency criteria also indicated that the ANNs were the most accurate method predicting spring flows in a karst aquifer.

  8. Numerical method for two-phase flow discontinuity propagation calculation

    International Nuclear Information System (INIS)

    Toumi, I.; Raymond, P.

    1989-01-01

    In this paper, we present a class of numerical shock-capturing schemes for hyperbolic systems of conservation laws modelling two-phase flow. First, we solve the Riemann problem for a two-phase flow with unequal velocities. Then, we construct two approximate Riemann solvers: an one intermediate-state Riemann solver and a generalized Roe's approximate Riemann solver. We give some numerical results for one-dimensional shock-tube problems and for a standard two-phase flow heat addition problem involving two-phase flow instabilities

  9. ISS Payload Racks Automated Flow Control Calibration Method

    Science.gov (United States)

    Simmonds, Boris G.

    2003-01-01

    Payload Racks utilize MTL and/or LTL station water for cooling of payloads and avionics. Flow control range from valves of fully closed, to up to 300 Ibmhr. Instrument accuracies are as high as f 7.5 Ibm/hr for flow sensors and f 3 Ibm/hr for valve controller, for a total system accuracy of f 10.5 Ibm/hr. Improved methodology was developed, tested and proven that reduces accuracy of the commanded flows to less than f 1 Ibmhr. Uethodology could be packed in a "calibration kit" for on- orbit flow sensor checkout and recalibration, extending the rack operations before return to earth. -

  10. Axial and Centrifugal Compressor Mean Line Flow Analysis Method

    Science.gov (United States)

    Veres, Joseph P.

    2009-01-01

    This paper describes a method to estimate key aerodynamic parameters of single and multistage axial and centrifugal compressors. This mean-line compressor code COMDES provides the capability of sizing single and multistage compressors quickly during the conceptual design process. Based on the compressible fluid flow equations and the Euler equation, the code can estimate rotor inlet and exit blade angles when run in the design mode. The design point rotor efficiency and stator losses are inputs to the code, and are modeled at off design. When run in the off-design analysis mode, it can be used to generate performance maps based on simple models for losses due to rotor incidence and inlet guide vane reset angle. The code can provide an improved understanding of basic aerodynamic parameters such as diffusion factor, loading levels and incidence, when matching multistage compressor blade rows at design and at part-speed operation. Rotor loading levels and relative velocity ratio are correlated to the onset of compressor surge. NASA Stage 37 and the three-stage NASA 74-A axial compressors were analyzed and the results compared to test data. The code has been used to generate the performance map for the NASA 76-B three-stage axial compressor featuring variable geometry. The compressor stages were aerodynamically matched at off-design speeds by adjusting the variable inlet guide vane and variable stator geometry angles to control the rotor diffusion factor and incidence angles.

  11. On-line sample processing methods in flow analysis

    DEFF Research Database (Denmark)

    Miró, Manuel; Hansen, Elo Harald

    2008-01-01

    In this chapter, the state of the art of flow injection and related approaches thereof for automation and miniaturization of sample processing regardless of the aggregate state of the sample medium is overviewed. The potential of the various generation of flow injection for implementation of in...

  12. Continuous-Flow Biochips: Technology, Physical Design Methods and Testing

    DEFF Research Database (Denmark)

    Pop, Paul; Araci, Ismail Emre; Chakrabarty, Krishnendu

    2015-01-01

    This article is a tutorial on continuous-flow biochips where the basic building blocks are microchannels, and microvalves, and by combining them, more complex units such as mixers, switches, and multiplexers can be built. It also presents the state of the art in flow-based biochip technology...

  13. A numerical method for a model of two-phase flow in a coupled free flow and porous media system

    KAUST Repository

    Chen, Jie; Sun, Shuyu; Wang, Xiaoping

    2014-01-01

    In this article, we study two-phase fluid flow in coupled free flow and porous media regions. The model consists of coupled Cahn-Hilliard and Navier-Stokes equations in the free fluid region and the two-phase Darcy law in the porous medium region. We propose a Robin-Robin domain decomposition method for the coupled Navier-Stokes and Darcy system with the generalized Beavers-Joseph-Saffman condition on the interface between the free flow and the porous media regions. Numerical examples are presented to illustrate the effectiveness of this method. © 2014 Elsevier Inc.

  14. A numerical method for a model of two-phase flow in a coupled free flow and porous media system

    KAUST Repository

    Chen, Jie

    2014-07-01

    In this article, we study two-phase fluid flow in coupled free flow and porous media regions. The model consists of coupled Cahn-Hilliard and Navier-Stokes equations in the free fluid region and the two-phase Darcy law in the porous medium region. We propose a Robin-Robin domain decomposition method for the coupled Navier-Stokes and Darcy system with the generalized Beavers-Joseph-Saffman condition on the interface between the free flow and the porous media regions. Numerical examples are presented to illustrate the effectiveness of this method. © 2014 Elsevier Inc.

  15. Numerical study on modeling of liquid film flow under countercurrent flow limitation in volume of fluid method

    Energy Technology Data Exchange (ETDEWEB)

    Watanabe, Taro, E-mail: watanabe_t@qe.see.eng.osaka-u.ac.jp [Graduate School of Engineering, Osaka University, 2-1, Yamadaoka, Suita-shi, Osaka 565-7895 (Japan); Takata, Takashi, E-mail: takata.takashi@jaea.go.jp [Japan Atomic Energy Agency, 4002 Narita-chou, Oarai-machi, Higashi-Ibaraki-gun, Ibaraki 331-1393 (Japan); Yamaguchi, Akira, E-mail: yamaguchi@n.t.u-tokyo.ac.jp [Graduate School of Engineering, The University of Tokyo, 2-22 Shirakata-Shirane, Tokai-mura, Naka-gun, Ibaraki 319-1188 (Japan)

    2017-03-15

    Highlights: • Thin liquid film flow under CCFL was modeled and coupled with the VOF method. • The difference of the liquid flow rate in experiments of CCFL was evaluated. • The proposed VOF method can quantitatively predict CCFL with low computational cost. - Abstract: Countercurrent flow limitation (CCFL) in a heat transfer tube at a steam generator (SG) of pressurized water reactor (PWR) is one of the important issues on the core cooling under a loss of coolant accident (LOCA). In order to improve the prediction accuracy of the CCFL characteristics in numerical simulations using the volume of fluid (VOF) method with less computational cost, a thin liquid film flow in a countercurrent flow is modeled independently and is coupled with the VOF method. The CCFL characteristics is evaluated analytically in condition of a maximizing down-flow rate as a function of a void fraction or a liquid film thickness considering a critical thickness. Then, we have carried out numerical simulations of a countercurrent flow in a vertical tube so as to investigate the CCFL characteristics and compare them with the previous experimental results. As a result, it has been concluded that the effect of liquid film entrainment by upward gas flux will cause the difference in the experiments.

  16. Industrial flow measurement, with particular emphasis on new methods. 2. rev. ed.

    International Nuclear Information System (INIS)

    Bonfig, K.W.

    1987-01-01

    The book reviews in detail the various methods of flow measurement, their basic principles and characteristic features, fields of application, and error sources. An account is given of the state of the art of the different flow measuring techniques currently available, as e.g.: Volumetric flow measurement, pressure-dependent measuring techniques, tracer methods, techniques using the pressure drop, difference in height, magnetic induction, or temperature fluctuations; ultrasonic flow, mass flow, vortex shedding and swirlmeters, oscillatory flow measurement, corona anemometers, velocity measurement using laser beams, or nuclear resonance. (DG) [de

  17. The Design Method of Axial Flow Runners Focusing on Axial Flow Velocity Uniformization and Its Application to an Ultra-Small Axial Flow Hydraulic Turbine

    Directory of Open Access Journals (Sweden)

    Yasuyuki Nishi

    2016-01-01

    Full Text Available We proposed a portable and ultra-small axial flow hydraulic turbine that can generate electric power comparatively easily using the low head of open channels such as existing pipe conduits or small rivers. In addition, we proposed a simple design method for axial flow runners in combination with the conventional one-dimensional design method and the design method of axial flow velocity uniformization, with the support of three-dimensional flow analysis. Applying our design method to the runner of an ultra-small axial flow hydraulic turbine, the performance and internal flow of the designed runner were investigated using CFD analysis and experiment (performance test and PIV measurement. As a result, the runners designed with our design method were significantly improved in turbine efficiency compared to the original runner. Specifically, in the experiment, a new design of the runner achieved a turbine efficiency of 0.768. This reason was that the axial component of absolute velocity of the new design of the runner was relatively uniform at the runner outlet in comparison with that of the original runner, and as a result, the negative rotational flow was improved. Thus, the validity of our design method has been verified.

  18. 47 CFR 32.1120 - Cash and equivalents.

    Science.gov (United States)

    2010-10-01

    ..., destroyed, or otherwise disposed of is replaced, and also cash realized from the sale of the company's securities and deposited with trustees to be held until invested in physical property of the company or for...; the amount of cash deposited to insure the performance of contracts to be performed within one year...

  19. 36 CFR 254.12 - Value equalization; cash equalization waiver.

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 2 2010-07-01 2010-07-01 false Value equalization; cash... AGRICULTURE LANDOWNERSHIP ADJUSTMENTS Land Exchanges § 254.12 Value equalization; cash equalization waiver. (a..., either with or without adjustments of relative values as compensation for various costs, the parties to...

  20. Creditor rights, country governance, and corporate cash holdings

    NARCIS (Netherlands)

    Seifert, Bruce; Gonenc, Halit

    2016-01-01

    This study examines the impact of creditor rights and country governance on cash holdings using a sample of firms from 47 countries. We hypothesize that cash holdings are smaller when both creditor rights and country governance are high. In these circumstances firms will not need to hold as much

  1. Cash in the Czech Republic: Trend Analysis 2003–2015

    Directory of Open Access Journals (Sweden)

    Zbyněk Revenda

    2017-03-01

    Full Text Available Electronization of banking services is a  strong reason for relative growth of cashless payments. The importance of cash, i.e., banknotes and coins, for realizing transactions should decrease. An analysis for the Czech Republic in the period 2003–2015 confirms this. Demand of nonbank entities for cash is associated mainly with liquidity, banks’ credibility and technological sophistication. Illegal transactions also form part of the demand. Zero return on cash counteracts demand, but it has little meaning with the decline in interest rates on bank deposits. The total stock of cash in the analyzed period rises, but its relative importance declines. Demand deposits are also liquid assets of households and enterprises. Cash compared with demand deposits clearly confirms the declining importance. Its share was the highest in 2004, at 30 %. It fell to less than 18 % in 2015. We found a similar tendency in the comparison of cash with other variables. Barring unforeseen circumstances such as complete collapse of computer networks or severe banking crisis, the author assumes that the relative importance of cash must decline in the long term. Some theoretical aspects of cash and cashless money are also discussed.

  2. Legal issues in cash balance pension plan conversions.

    Science.gov (United States)

    Forman, J B

    2001-01-01

    Replacing a traditional pension with a cash balance plan raises a number of complicated and unsettled legal issues, including the protection of accrued benefits, the rate of benefit accrual, age discrimination and notice requirements. This article discusses those issues and concludes that routine conversions to cash balance plans appear to be legal both currently and into the foreseeable future.

  3. Do Consumers Pay More Using Debit Cards than Cash?

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits...

  4. 17 CFR 256.136 - Temporary cash investments.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Temporary cash investments... UTILITY HOLDING COMPANY ACT OF 1935 3. Current and Accrued Assets § 256.136 Temporary cash investments. This account shall include the cost of investments, such as demand and time loans, bankers' acceptances...

  5. Method of coupling 1-D unsaturated flow with 3-D saturated flow on large scale

    Directory of Open Access Journals (Sweden)

    Yan Zhu

    2011-12-01

    Full Text Available A coupled unsaturated-saturated water flow numerical model was developed. The water flow in the unsaturated zone is considered the one-dimensional vertical flow, which changes in the horizontal direction according to the groundwater table and the atmospheric boundary conditions. The groundwater flow is treated as the three-dimensional water flow. The recharge flux to groundwater from soil water is considered the bottom flux for the numerical simulation in the unsaturated zone, and the upper flux for the groundwater simulation. It connects and unites the two separated water flow systems. The soil water equation is solved based on the assumed groundwater table and the subsequent predicted recharge flux. Then, the groundwater equation is solved with the predicted recharge flux as the upper boundary condition. Iteration continues until the discrepancy between the assumed and calculated groundwater nodal heads have a certain accuracy. Illustrative examples with different water flow scenarios regarding the Dirichlet boundary condition, the Neumann boundary condition, the atmospheric boundary condition, and the source or sink term were calculated by the coupled model. The results are compared with those of other models, including Hydrus-1D, SWMS-2D, and FEFLOW, which demonstrate that the coupled model is effective and accurate and can significantly reduce the computational time for the large number of nodes in saturated-unsaturated water flow simulation.

  6. Energy efficient SDN commodity switch based practical flow forwarding method

    KAUST Repository

    Alghadhban, Amer Mohammad JarAlla; Shihada, Basem

    2016-01-01

    -table size and the number of control messages. Consequently, the power consumption of network switches is in orders of magnitude less than other evaluated solutions. It also provides flow management flexibility and scalability. We compare EncPath with single

  7. A review on measuring methods of gas-liquid flow rates

    International Nuclear Information System (INIS)

    Minemura, Kiyoshi; Yamashita, Masato

    2000-01-01

    This paper presents a review on the state of current measuring techniques for gas-liquid multiphase flow rates. After briefly discussing the basic idea on measuring methods for single-phase and two-phase flows, existing methods for the two-phase flow rates are classified into several types, that is, with or without a homogenizing device, single or combined method of several techniques, with intrusive or non-intrusive sensors, and physical or software method. Each methods are comparatively reviewed in view of measuring accuracy and manageability. Its scope also contains the techniques developed for petroleum-gas-water flow rates. (author)

  8. Internationalization and Corporate Cash Holdings: Evidence from Brazil and Mexico

    Directory of Open Access Journals (Sweden)

    Newton Arata

    2015-05-01

    Full Text Available This research expands on previous studies of cash holdings and their determinants by studying the relationship between the degree of internationalization and the level of corporate cash holdings. We used a sample of nonfinancial, publicly traded companies from Brazil and Mexico for the period from 2006 to 2010. Our results suggest that the degree of internationalization is a determinant of cash, and that cash holding increases quadratically as the degree of company internationalization grows. Such behavior was different from the North American company studies in Chiang and Wang (2011. Similar to previous studies, both Trade-off and Pecking Order predictions are relevant control variables in our model. Finally, companies held less cash on their balance sheets during the precrisis period.

  9. Cutaneous blood flow. A comparative study between the thermal recovery method and the radioxenon clearance method

    Energy Technology Data Exchange (ETDEWEB)

    Tavares, C M; Ferreira, J M; Fernandes, F V

    1975-01-01

    Since 1968 a thermal recovery method to study the cutaneous circulation has been utilized in the detection of skin circulation changes caused by certain pharmacological agents or by some pathological conditions. This method is based in the determination of the thermal recuperation of a small area of the skin previously cooled. In this work, we want to present the results of a comparative analysis between the thermal recovery method and the clearance of the radioactive xenon injected intracutaneously. The study was performed in the distal extremity of the lower limbs in 16 normal subjects, 16 hyperthyroid patients with increased cutaneous temperature and 11 patients with presumably low cutaneous blood flow (3 patients with hypothyroidism and 8 with obstructive arteriosclerosis).

  10. Optimizing model. 1. Insemination, replacement, seasonal production and cash flow.

    NARCIS (Netherlands)

    Delorenzo, M.A.; Spreen, T.H.; Bryan, G.R.; Beede, D.K.; Arendonk, van J.A.M.

    1992-01-01

    Dynamic programming to solve the Markov decision process problem of optimal insemination and replacement decisions was adapted to address large dairy herd management decision problems in the US. Expected net present values of cow states (151,200) were used to determine the optimal policy. States

  11. THE REFLECTION OF ENTERPRISE PERFORMANCE THROUGH CASH FLOWS

    OpenAIRE

    Petru Stefea; Andrei Pelin; Daniel Brindescu

    2008-01-01

    The meaning diversity of the concept performance shows that it is vieweddifferently by financial information users, according to their perception, and their pursuedgoals. Thus, managers are focused on the general performance of the enterprise that they aremanaging, actual and potential investors behold performance through the prism of theachieved investment efficiency, the employees are interested in stability and enterprisedevelopment, the creditors appreciate its reliability, and the client...

  12. Financing Constraints, Cash-Flow Risk, and Corporate Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Viswanatha, Marc

    2011-01-01

    This paper examines the effect of debt and liquidity on corporate investment in a continuous-time framework. We show that stockholder-bondholder agency conflicts cause investment thresholds to be U-shaped in leverage and decreasing in liquidity. In the absence of tax effects, we derive the optimal...

  13. Credit and Debit Card Usage and Cash Flow Management Control ...

    African Journals Online (AJOL)

    First Lady

    2012-10-27

    Oct 27, 2012 ... Simiyu, Justo Simiyu - Department of Business Management, Chuka. University College ... Key words: Debit cards, credit cards, commercial banks, Kenya. Introduction ..... saving at once convenience without proper planning.

  14. Valuing uncertain cash flows from investments that enhance energy efficiency.

    Science.gov (United States)

    Abadie, Luis M; Chamorro, José M; González-Eguino, Mikel

    2013-02-15

    There is a broad consensus that investments to enhance energy efficiency quickly pay for themselves in lower energy bills and spared emission allowances. However, investments that at first glance seem worthwhile usually are not undertaken. One of the plausible, non-excluding explanations is the numerous uncertainties that these investments face. This paper deals with the optimal time to invest in an energy efficiency enhancement at a facility already in place that consumes huge amounts of a fossil fuel (coal) and operates under carbon constraints. We follow the Real Options approach. Our model comprises three sources of uncertainty following different stochastic processes which allows for application in a broad range of settings. We assess the investment option by means of a three-dimensional binomial lattice. We compute the trigger investment cost, i.e., the threshold level below which immediate investment would be optimal. We analyze the major drivers of this decision thus aiming at the most promising policies in this regard. Copyright © 2012 Elsevier Ltd. All rights reserved.

  15. Cash usage in the Netherlands: How much, where, when, who and whenever one wants?

    OpenAIRE

    Nicole Jonker; Anneke Kosse; Lola Hernández

    2012-01-01

    Having accurate information on cash usage is essential for monitoring the substitution process of cash by cards and for assessing the cost efficiency of the payment system. Moreover, estimates on cash usage reflect the transaction demand for cash. This is useful for central banks which are responsible for producing and issuing banknotes. The latest estimates of the number and value of cash payments made in the Netherlands date from 2007. How has cash usage developed since then? In what branch...

  16. Corporate Cash Holdings and Shareholder Risk : Investigating the relationship between corporate cash holdings and the risk of stocks listed on the Stockholm Stock Exchange

    OpenAIRE

    Olausson, Jonas; Löfgren, Christoffer

    2013-01-01

    Corporate cash holdings is a topic constantly under review, companies hoarding cash are criticized by shareholders who rather have companies using their cash for new investments or dividend payouts. Recent academic research has discovered that levels of cash holding are high in times when risk is deemed to be high and found that levels of corporate cash holdings are substantially higher than they used to, making more coverage and a better understanding of the phenomenon crucial. This thesis i...

  17. Analysis of a discrete element method and coupling with a compressible fluid flow method

    International Nuclear Information System (INIS)

    Monasse, L.

    2011-01-01

    This work aims at the numerical simulation of compressible fluid/deformable structure interactions. In particular, we have developed a partitioned coupling algorithm between a Finite Volume method for the compressible fluid and a Discrete Element method capable of taking into account fractures in the solid. A survey of existing fictitious domain methods and partitioned algorithms has led to choose an Embedded Boundary method and an explicit coupling scheme. We first showed that the Discrete Element method used for the solid yielded the correct macroscopic behaviour and that the symplectic time-integration scheme ensured the preservation of energy. We then developed an explicit coupling algorithm between a compressible inviscid fluid and an un-deformable solid. Mass, momentum and energy conservation and consistency properties were proved for the coupling scheme. The algorithm was then extended to the coupling with a deformable solid, in the form of a semi implicit scheme. Finally, we applied this method to unsteady inviscid flows around moving structures: comparisons with existing numerical and experimental results demonstrate the excellent accuracy of our method. (author) [fr

  18. A new method to measure flow in professional tasks – A FLOW-W questionnaire (FLOW at Work

    Directory of Open Access Journals (Sweden)

    Wolfigiel Beata

    2017-06-01

    Full Text Available The aim of the article is to present a new Polish tool for measuring the flow experience in professional tasks - a FLOW-W Questionnaire. The questionnaire was inspired by Csikszentmihalyi’s (1990 flow theory and flow in Bakker’s work (2008. On its basis a set of positions was established, on which subsequently an exploratory (study 1, N = 101 and confirmatory (study 2, N = 275 factor analysis was conducted. The analysis showed the possibility of a uni- or bifactorial solution. After checking the theoretical and empirical validity of both solutions, the unifactorial solution was adopted. The validity of the questionnaire was examined, i.a. by correlations with theoretically related variables: work engagement with the UWES questionnaire (Szabowska-Walaszczyk, Zawadzka, Wojtaś, 2011 and affect at work (Zalewska, 2002. The studies showed a significant positive correlation between flow at work and work engagement (0.84 and between flow and positive affect (0.74. The reliability of the questionnaire is very high; α = 0.96. The tool has very good psychometric properties.

  19. 2. Basis of measurement of plasma flow. 2.3 Plasma flow measurements. Spectroscopic methods

    International Nuclear Information System (INIS)

    Kado, Shinichiro

    2007-01-01

    The construction of optical system, optical fiber incident system, reciprocal linear dispersion, grating smile and astigmatism of the reflection plane diffraction grating spectrometer are explained in order to measure the plasma flow. The specification of flow measurement and evaluation of 0 point of velocity are stated. For examples of measurements, the fine structures of He II (Δn = 3 - 4) in material and plasma(MAP)-II of Tokyo University, plasma flow measurement by the charge exchange recombination spectroscopy using Large Helical Device and by Zeeman spectroscopy using TRIAM-1M tokamak plasma are stated. (S.Y.)

  20. APAKAH DISTRIBUSI BAGI HASIL CASH BASIS ADIL BAGI DEPOSAN BANK SYARIAH ?

    Directory of Open Access Journals (Sweden)

    Saparuddin Siregar

    2016-04-01

    Full Text Available Abstrak: Apakah Distribusi Bagi Hasil Cash Basis Berkeadilan Bagi Deposan Bank Syariah? Artikel ini bertujuan untuk menganalisis metode pendistribusian bagi hasil bank syariah di Indonesia dengan berfokus kepada penerapan basis kas. Artikel ini menggunakan pendekatan kritis berdasarkan teori keadilan yang menekankan pada analisis koherensi atau konsistensi. Hasil studi menunjukkan bahwa distribusi bagi hasil basis kas tidak diterapkan secara konsisten untuk seluruh stakeholder bank syariah. Hal ini menyebabkan penerimaan yang lebih rendah untuk deposan. Studi ini merekomendasikan perlunya revisi terhadap standar akuntansi syariah agar menerapkan basis akrual pada semua bentuk distribusi bagi hasil. Abstract: Is Cash-Basis Profi-and-Loss Sharing Distribution Just for Islamic Bank Depositors? This article aims to analyze the distribution method of the profi sharing of Islamic bank in Indonesia which focusing in the application of cash basis. This article uses a critical approach which based in a theory of justice that emphasizes on the analysis of coherence or consistency. The study shows that the distribution of cash basis profi sharing are not applied consistently to all stakeholders in Islamic banks. This causes the lower receipts for depositors. This study recommends for a revision of the sharia accounting standards which apply to all forms of accrual basis for the profi sharing distribution.