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Sample records for cash flow model

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

    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.

  2. Cash flow forecasting model for nuclear power projects

    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. Monitoring of Shadow Cash Flows Using Computer Modelling

    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

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

    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.

  5. Risk assessment future cash flows

    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.

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

    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,…

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

    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.

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

    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 ...

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

    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

  10. Cash flow forecast for South African firms

    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...

  11. Cash flow forecast for South African firms

    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.

  12. Cash flow optimization in industrial enterprise

    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.

  13. A Cash Management Model.

    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…

  14. Hedging Cash Flows from Commodity Processing

    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...

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

    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.

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

    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.

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

    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.

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

    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...

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

    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.

  20. Management of Agricultural Enterprise Cash Flows

    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...

  1. Equivalence of ten different discounted cash flow valuation methods

    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

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

    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).

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

    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)

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

    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.

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

    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

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

    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...

  9. ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

    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. Get the Most from Your Cash Flow.

    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)

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

    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. Dividend growth, cash flow, and discount rate news

    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...

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

    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 ...

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

    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...

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

    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.

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

    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...

  17. Reserves and cash flows under stochastic retirement

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

    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...

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

    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.

  20. Predictability of Returns and Cash Flows

    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

    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. The FASB explores accounting for future cash flows.

    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.

  3. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    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.

  4. 48 CFR 232.072-3 - Cash flow forecasts.

    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...

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

    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.

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

    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...

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

    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...

  8. Financial Development and Investment-Cash Flow Sensitivity

    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.

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

    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...

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

    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...

  11. THE STATEMENT OF CASH FLOWS USING FINANCIAL STATEMENT EQUATIONS

    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...

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

    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. Effects of Long Cycles in Cash Flows on Present Value

    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...

  14. CASH FLOWS IN ROMANIAN SMALL AND MEDIUM ENTERPRISES

    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

  15. Strategic Management Accounting in Organizations’ Cash Flow Control

    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.

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

    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. Strategic Management Accounting in Organizations’ Cash Flow Control

    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...

  18. Fourteen Steps to More Effective Cash Flow Management

    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

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

    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

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

    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

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

    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.

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

    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...

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

    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.

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

    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)

  6. The cash-flow analysis of the firm

    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

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

    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,...

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

    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.

  9. A tax proposal for a cash flow corporate tax

    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.

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

    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.

  11. Information-analytical support of management company cash flow

    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.

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

    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...

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

    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.

  14. A tax proposal for a cash flow corporate tax

    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...

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

    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.

  16. CASH-FLOW SENSITIVITY TO PAYMENTS FOR MATERIAL RESSOURCES

    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.

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

    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.

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

    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. CASH FLOW-FINANCIAL PLANNING TOOL IN THE TOURISM UNITS

    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.

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

    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.

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

    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.

  2. Cash pooling

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

    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...

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

    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 ...

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

    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

  6. Watch for pitfalls of discounted cash flow techniques.

    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.

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

    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

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

    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.

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

    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

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

    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.

  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

    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. Designing a portfolio management programme to optimize cash-flow

    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)

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

    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.

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

    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...

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

    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 .

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

    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...

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

    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.

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

    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.

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

    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...

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

    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.

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

    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

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

    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

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

    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

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

    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...

  5. Why Cash Flow Is No Longer for Wimps

    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'…

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

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

    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.

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

    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...

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

    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

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

    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)

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

    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)

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

    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)

  13. 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)

    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.

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

    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.

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

    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.

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

    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!...

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

    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

    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

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

    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

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

    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

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

    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

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

    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...

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

    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...

  6. Cash flow jako prvek finanční analýzy

    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...

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

    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.

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

    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.

  9. 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

    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...

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

    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.

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

    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…

  12. 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)

    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...

  13. 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

    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.

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

    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.

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

    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.

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

    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

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

    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.

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

    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.

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

    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.

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

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

    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.

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

    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.

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

    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.

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

    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.

  5. 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

    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.

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

    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

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

    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.

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

    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

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

    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…

  10. A new, but old business model for family physicians: cash.

    Weber, J Michael

    2013-01-01

    The following study is an exploratory investigation into the opportunity identification, opportunity analysis, and strategic implications of implementing a cash-only family physician practice. The current market dynamics (i.e., increasing insurance premiums, decreasing benefits, more regulations and paperwork, and cuts in federal and state programs) suggest that there is sufficient motivation for these practitioners to change their current business model. In-depth interviews were conducted with office managers and physicians of family physician practices. The results highlighted a variety of issues, including barriers to change, strategy issues, and opportunities/benefits. The implications include theory applications, strategic marketing applications, and managerial decision-making.

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

    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.

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

    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

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

    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...

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

    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.

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

    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.

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

    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...

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

    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...

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

    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.

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

    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.

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

    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.

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

    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...

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

    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...

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

    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

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

    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.

  5. Valuing uncertain cash flows from investments that enhance energy efficiency.

    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.

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

    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.

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

    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.

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

    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.

  9. A planning model for the short-term management of cash.

    Broyles, Robert W; Mattachione, Steven; Khaliq, Amir

    2011-02-01

    This paper develops a model that enables the health administrator to identify the balance that minimizes the projected cost of holding cash. Adopting the principles of mathematical expectation, the model estimates the expected total costs of adopting each of the several strategies concerning the cash balance that the organization might maintain. Expected total costs consist of anticipated short costs, resulting from a potential shortage of funds. Long costs are associated with a potential surplus of funds and an opportunity cost represented by foregone investment income. Of importance to the model is the potential for the health service organization to realize a surplus of funds during periods characterized by a net cash disbursement. The paper also develops an interactive spreadsheet that enables the administrator to perform sensitivity analysis and examine the response of the desired or target cash balance to changes in the parameters that define the expected long and short cost functions.

  10. 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

    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.

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

    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.

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

    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...

  13. Cash efficiency for bank branches.

    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.

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

    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

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

    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.

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

    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.

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

    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.

  18. Understanding the tools for managing cash.

    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.

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

    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

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

    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…

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

    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…

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

    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.

  3. Optimal ratio of cash and non-cash payments

    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.

  4. 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

    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.

  5. Excess cash holdings and shareholder value

    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, ...

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

    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

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

    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.

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

    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.

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

    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.

  10. Cash Management.

    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…

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

    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.

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

    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.

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

    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.

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

    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

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

    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...

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

    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.

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

    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.

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

    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.

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

    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.

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

    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.

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

    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.

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

    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.

  3. A Cash Waqf Investment Model: An Alternative Model for Financing Micro-Enterprises in Malaysia

    Jarita Duasa

    2016-02-01

    Full Text Available This study was designed to empirically determine: (i to look the factors causes micro enterprises opt for using internal funding instead of external funding; and (ii to observe the probability of micro enterprises opt for Cash Waqf fund as alternative source of funding their business. The primary data is collected from the administered survey questions in Klang Valley (Selangor and Kuala Lumpur and the analysis is conducted using statistical analysis and Structural Equation Modeling (SEM. The model is validated its acceptance in the field by adopting the Theory of Reasoned Action (TRA. From the findings, among the factors that lead micro enterprises to use internal funding are strict collateral requirement by commercial financial institutions, high cost of financing, strict documentation requirement and good financial and business track record. Unfortunately, most of them cannot fulfill these conditions and continue to face the problem of accessing finance. The present study has developed the Cash Waqf Investment model to support micro enterprises to improve their access to finance and enhance the skills. Based on the responses received from the field, it has been shown that the intention and readiness of micro enterprises in accepting the model as a source of financial and human capital development services is impressive.

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

    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.

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

    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.

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

    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.

  7. Stochastic Nominal Wage Contacts in a Cash-in-Advance Model

    Collard, Fabrice; Ertz, Guy

    1996-01-01

    We build a simple cash-in-advance model for the German economy, in which we introduce stochastic nominal wage contracts. This allows to weaken the negative effect of the inflation tax such that monetary shocks exert a positive effect on output dynamics. The nominal wage contract model is able to mimic the correlation of inflation and real balances with output. It also lowers the standard deviation of inflation relative to that of output. Further, the variance decomposition analysis indicates ...

  8. Cash transfer program and education investment: A model for social evolution

    Schimit, P. H. T.; Monteiro, L. H. A.; Omar, N.

    2014-03-01

    Assume that the households of a country are socially classified according to the monthly total income, and that they can be part of a lower, a middle or an upper class. By using multi-agent systems, here we model and simulate the economic evolution of households which earn a wage, pay taxes and invest in education. The return of the education investment is monthly added to the salary of the family, and it is function of the corresponding grand total put in education along the time. When a family is unemployed, we consider that it receives cash due to a social program made by the government. The time evolution of the percentages of households belonging to each class is investigated by varying the government investment in such a program of cash transfer and the proportion of employed households in the population. We show that the government should invest in the unemployed lower class if it intends a growth of the middle class. We also propose and analyze a mean-field approximation written in terms of ordinary differential equations. In addition, we verify that our model fits real data from Brazil, in the period between 2003 (when the cash transfer program Bolsa Família was launched) and 2011.

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

    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.

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

    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.

  11. Optimizing model. 1. Insemination, replacement, seasonal production and cash flow.

    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

  12. 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

    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.

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

    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

  14. Vector autoregressive model approach for forecasting outflow cash in Central Java

    hoyyi, Abdul; Tarno; Maruddani, Di Asih I.; Rahmawati, Rita

    2018-05-01

    Multivariate time series model is more applied in economic and business problems as well as in other fields. Applications in economic problems one of them is the forecasting of outflow cash. This problem can be viewed globally in the sense that there is no spatial effect between regions, so the model used is the Vector Autoregressive (VAR) model. The data used in this research is data on the money supply in Bank Indonesia Semarang, Solo, Purwokerto and Tegal. The model used in this research is VAR (1), VAR (2) and VAR (3) models. Ordinary Least Square (OLS) is used to estimate parameters. The best model selection criteria use the smallest Akaike Information Criterion (AIC). The result of data analysis shows that the AIC value of VAR (1) model is equal to 42.72292, VAR (2) equals 42.69119 and VAR (3) equals 42.87662. The difference in AIC values is not significant. Based on the smallest AIC value criteria, the best model is the VAR (2) model. This model has satisfied the white noise assumption.

  15. The effect of unconditional cash transfers on adult labour supply: A unitary discrete choice model for the case of Ecuador

    Mideros, A.; O'Donoghue, C.

    2014-01-01

    We examine the effect of unconditional cash transfers by a unitary discrete labour supply model. We argue that there is no negative income effect of social transfers in the case of poor adults because leisure could not be assumed to be a normal good under such conditions. Using data from the

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

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

    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.

  18. 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

    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.

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

    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...

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

    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.

  1. Stock Return and Cash Flow Predictability: The Role of Volatility Risk

    Bollerslev, Tim; Xu, Lai; Zhou, Hao

    risk premium positively forecast both short-horizon returns and dividend growth rates. We also confirm that dividend yield positively forecasts long-horizon returns, but that it cannot forecast dividend growth rates. Our equilibrium-based “structural” factor GARCH model permits much more accurate...

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

    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.

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

    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...

  4. Rating Your Cash Manager?

    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)

  5. 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

    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.

  6. Modeling of information flows in natural gas storage facility

    Ranjbari, Leyla; Bahar, Arifah; Aziz, Zainal Abdul

    2013-09-01

    The paper considers the natural-gas storage valuation based on the information-based pricing framework of Brody-Hughston-Macrina (BHM). As opposed to many studies which the associated filtration is considered pre-specified, this work tries to construct the filtration in terms of the information provided to the market. The value of the storage is given by the sum of the discounted expectations of the cash flows under risk-neutral measure, conditional to the constructed filtration with the Brownian bridge noise term. In order to model the flow of information about the cash flows, we assume the existence of a fixed pricing kernel with liquid, homogenous and incomplete market without arbitrage.

  7. 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

    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.

  8. Comparison of two cash transfer strategies to prevent catastrophic costs for poor tuberculosis-affected households in low- and middle-income countries: An economic modelling study.

    Rudgard, William E; Evans, Carlton A; Sweeney, Sedona; Wingfield, Tom; Lönnroth, Knut; Barreira, Draurio; Boccia, Delia

    2017-11-01

    Illness-related costs for patients with tuberculosis (TB) ≥20% of pre-illness annual household income predict adverse treatment outcomes and have been termed "catastrophic." Social protection initiatives, including cash transfers, are endorsed to help prevent catastrophic costs. With this aim, cash transfers may either be provided to defray TB-related costs of households with a confirmed TB diagnosis (termed a "TB-specific" approach); or to increase income of households with high TB risk to strengthen their economic resilience (termed a "TB-sensitive" approach). The impact of cash transfers provided with each of these approaches might vary. We undertook an economic modelling study from the patient perspective to compare the potential of these 2 cash transfer approaches to prevent catastrophic costs. Model inputs for 7 low- and middle-income countries (Brazil, Colombia, Ecuador, Ghana, Mexico, Tanzania, and Yemen) were retrieved by literature review and included countries' mean patient TB-related costs, mean household income, mean cash transfers, and estimated TB-specific and TB-sensitive target populations. Analyses were completed for drug-susceptible (DS) TB-related costs in all 7 out of 7 countries, and additionally for drug-resistant (DR) TB-related costs in 1 of the 7 countries with available data. All cost data were reported in 2013 international dollars ($). The target population for TB-specific cash transfers was poor households with a confirmed TB diagnosis, and for TB-sensitive cash transfers was poor households already targeted by countries' established poverty-reduction cash transfer programme. Cash transfers offered in countries, unrelated to TB, ranged from $217 to $1,091/year/household. Before cash transfers, DS TB-related costs were catastrophic in 6 out of 7 countries. If cash transfers were provided with a TB-specific approach, alone they would be insufficient to prevent DS TB catastrophic costs in 4 out of 6 countries, and when increased enough

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

    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…

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

    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...

  11. Taxable Cash Dividends

    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...

  12. Inflation, operating cycle, and cash holdings

    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.

  13. C.A.S.H. - a transient integrated plant model for a HTR-module power plant. User manual

    Biesenbach, R.; Lauer, A.; Struth, S.

    1997-07-01

    The computer code C.A.S.H. has been developed as an integrated plant model for the HTR-Module reactor, in order to treat safety related questions about this type of power plant which require a detailed numeric simulation of the transient behaviour of the integrated plant. The present report contains the user manual for this plant model. It consists of three parts: In the first part, the code structure and functions, the course of the simulation calculations, and important code parts are described. The second part is devoted to the practical application and explains extensively the handling of the complex code system with several sample calculations. These computing cases comprise load-follow transients and the shutdown procedure of the HTR-Module and are presented and discussed with the full input data, job patterns, and numerous computer graphics. The third part contains the input manual of C.A.S.H. and is rather extensive as it includes the complete inputs of several reactor component computer codes along with the control program of the integrated plant model. (orig./DG) [de

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

    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...

  15. An EPQ model under cash discount and permissible delay in payments derived without derivatives

    Huang Yung-Fu

    2007-01-01

    Full Text Available The main purpose of this paper is to investigate the case where the retailer’s unit selling price and the purchasing price per unit are not necessarily equal within the economic production quantity (EPQ framework under cash discount and permissible delay in payments. We establish the retailer’s inventory system as a cost minimization problem to determine the retailer’s optimal inventory cycle time, optimal order quantity and optimal payment time. This paper provides an algebraic approach to determine the optimal cycle time, optimal order quantity and optimal payment time. This approach provides one theorem to efficiently determine the optimal solution. Some previously published results of other researchers are deduced as special cases. Finally, numerical examples are given to illustrate the result and the managerial insights are also obtained.

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

    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...

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

    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.

  18. Cash Reconciliation Tool

    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...

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

    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 ...

  20. The redefinition of the familialist home care model in France: the complex formalization of care through cash payment.

    Le Bihan, Blanche

    2012-05-01

    This article investigates the impact of policy measures on the organisation of home-based care for older people in France, by examining the balance between formal and informal care and the redefinition of the initial familialist model. It focuses on the specific cash for care scheme (the Allocation personnalisée d'autonomie - Personalised allowance for autonomy) which is at the core of the French home-based care policy. The author argues that in a redefined context of 'welfare mix', the French public strategy for supporting home-based care in France is articulated around two major objectives, which can appear contradictory. It aims to formalise a professional care sector, with respect to the employment policy while allowing the development of new forms of informal care, which cannot be considered to be formal employment. The data collection is two-fold. Firstly, a detailed analysis was made of different policy documents and public reports, together with a systematic review of existing studies. Secondly, statistical analysis on home-based care resources were collected, which was not easy, as home-care services for older people in France are part of a larger sector of activity, 'personal services' (services à la personne). The article exposes three main findings. First, it highlights the complexity of the formalisation process related to the introduction of the French care allowance and demonstrates that formalisation, which facilitates the recognition of care as work, does not necessarily mean professionalisation. Second, it outlines the diversity of the resources available: heterogeneous professional care, semi-formal forms of care work with the possibility to employ a relative and informal family care. Finally, the analysis outlines the importance of the regulation of cash payments on the reshaping of formal and informal care and comments on its impact on the redefinition of informal caring activities. © 2012 Blackwell Publishing Ltd.

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

    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.

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

    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...

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

    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.

  4. UZ Flow Models and Submodels

    Y. Wu

    2004-01-01

    The purpose of this report is to document the unsaturated zone (UZ) flow models and submodels, as well as the flow fields that have been generated using the UZ flow model(s) of Yucca Mountain, Nevada. In this report, the term ''UZ model'' refers to the UZ flow model and the several submodels, which include tracer transport, temperature or ambient geothermal, pneumatic or gas flow, and geochemistry (chloride, calcite, and strontium) submodels. The term UZ flow model refers to the three-dimensional models used for calibration and simulation of UZ flow fields. This work was planned in the ''Technical Work Plan (TWP) for: Unsaturated Zone Flow Analysis and Model Report Integration'' (BSC 2004 [DIRS 169654], Section 1.2.7). The table of included Features, Events, and Processes (FEPs), Table 6.2-11, is different from the list of included FEPs assigned to this report in the ''Technical Work Plan for: Unsaturated Zone Flow Analysis and Model Report Integration'' (BSC 2004 [DIRS 169654], Table 2.1.5-1), as discussed in Section 6.2.6. The UZ model has revised, updated, and enhanced the previous UZ model (BSC 2001 [DIRS 158726]) by incorporating the repository design with new grids, recalibration of property sets, and more comprehensive validation effort. The flow fields describe fracture-fracture, matrix-matrix, and fracture-matrix liquid flow rates, and their spatial distributions as well as moisture conditions in the UZ system. These three-dimensional UZ flow fields are used directly by Total System Performance Assessment (TSPA). The model and submodels evaluate important hydrogeologic processes in the UZ as well as geochemistry and geothermal conditions. These provide the necessary framework to test hypotheses of flow and transport at different scales, and predict flow and transport behavior under a variety of climatic conditions. In addition, the limitations of the UZ model are discussed in Section 8.11

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

    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.

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

    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.

  7. Two-phase flow models

    Delaje, Dzh.

    1984-01-01

    General hypothesis used to simplify the equations, describing two-phase flows, are considered. Two-component and one-component models of two-phase flow, as well as Zuber and Findlay model for actual volumetric steam content, and Wallis model, describing the given phase rates, are presented. The conclusion is made, that the two-component model, in which values averaged in time are included, is applicable for the solving of three-dimensional tasks for unsteady two-phase flow. At the same time, using the two-component model, including values, averaged in space only one-dimensional tasks for unsteady two-phase flow can be solved

  8. Techniques for Improving Cash Management.

    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…

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

    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...

  10. UZ Flow Models and Submodels

    Dixon, P.

    2004-01-01

    The purpose of this Model Report is to document the unsaturated zone (UZ) fluid flow and tracer transport models and submodels as well as the flow fields generated utilizing the UZ Flow and Transport Model of Yucca Mountain (UZ Model), Nevada. This work was planned in ''Technical Work Plan (TWP) for: Performance Assessment Unsaturated Zone'' (BSC 2002 [160819], Section 1.10, Work Package AUZM06). The UZ Model has revised, updated, and enhanced the previous UZ Flow Model REV 00 ICN 01 (BSC 2001 [158726]) by incorporation of the conceptual repository design with new grids, recalibration of property sets, and more comprehensive validation effort. The flow fields describe fracture-fracture, matrix-matrix, and fracture-matrix liquid flow rates and their spatial distributions as well as moisture conditions in the UZ system. These 3-D UZ flow fields are used directly by Performance Assessment (PA). The model and submodels evaluate important hydrogeologic processes in the UZ as well as geochemistry and geothermal conditions. These provide the necessary framework to test conceptual hypotheses of flow and transport at different scales and predict flow and transport behavior under a variety of climatic conditions. In addition, this Model Report supports several PA activities, including abstractions, particle-tracking transport simulations, and the UZ Radionuclide Transport Model

  11. UZ Flow Models and Submodels

    P. Dixon

    2004-02-11

    The purpose of this Model Report is to document the unsaturated zone (UZ) fluid flow and tracer transport models and submodels as well as the flow fields generated utilizing the UZ Flow and Transport Model of Yucca Mountain (UZ Model), Nevada. This work was planned in ''Technical Work Plan (TWP) for: Performance Assessment Unsaturated Zone'' (BSC 2002 [160819], Section 1.10, Work Package AUZM06). The UZ Model has revised, updated, and enhanced the previous UZ Flow Model REV 00 ICN 01 (BSC 2001 [158726]) by incorporation of the conceptual repository design with new grids, recalibration of property sets, and more comprehensive validation effort. The flow fields describe fracture-fracture, matrix-matrix, and fracture-matrix liquid flow rates and their spatial distributions as well as moisture conditions in the UZ system. These 3-D UZ flow fields are used directly by Performance Assessment (PA). The model and submodels evaluate important hydrogeologic processes in the UZ as well as geochemistry and geothermal conditions. These provide the necessary framework to test conceptual hypotheses of flow and transport at different scales and predict flow and transport behavior under a variety of climatic conditions. In addition, this Model Report supports several PA activities, including abstractions, particle-tracking transport simulations, and the UZ Radionuclide Transport Model.

  12. The Determinants and Implications of Corporate Cash Holdings

    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...

  13. Modeling of Turbulent Swirling Flows

    Shih, Tsan-Hsing; Zhu, Jiang; Liou, William; Chen, Kuo-Huey; Liu, Nan-Suey; Lumley, John L.

    1997-01-01

    Aircraft engine combustors generally involve turbulent swirling flows in order to enhance fuel-air mixing and flame stabilization. It has long been recognized that eddy viscosity turbulence models are unable to appropriately model swirling flows. Therefore, it has been suggested that, for the modeling of these flows, a second order closure scheme should be considered because of its ability in the modeling of rotational and curvature effects. However, this scheme will require solution of many complicated second moment transport equations (six Reynolds stresses plus other scalar fluxes and variances), which is a difficult task for any CFD implementations. Also, this scheme will require a large amount of computer resources for a general combustor swirling flow. This report is devoted to the development of a cubic Reynolds stress-strain model for turbulent swirling flows, and was inspired by the work of Launder's group at UMIST. Using this type of model, one only needs to solve two turbulence equations, one for the turbulent kinetic energy k and the other for the dissipation rate epsilon. The cubic model developed in this report is based on a general Reynolds stress-strain relationship. Two flows have been chosen for model evaluation. One is a fully developed rotating pipe flow, and the other is a more complex flow with swirl and recirculation.

  14. UZ Flow Models and Submodels

    Y. Wu

    2004-11-01

    The purpose of this report is to document the unsaturated zone (UZ) flow models and submodels, as well as the flow fields that have been generated using the UZ flow model(s) of Yucca Mountain, Nevada. In this report, the term ''UZ model'' refers to the UZ flow model and the several submodels, which include tracer transport, temperature or ambient geothermal, pneumatic or gas flow, and geochemistry (chloride, calcite, and strontium) submodels. The term UZ flow model refers to the three-dimensional models used for calibration and simulation of UZ flow fields. This work was planned in the ''Technical Work Plan (TWP) for: Unsaturated Zone Flow Analysis and Model Report Integration'' (BSC 2004 [DIRS 169654], Section 1.2.7). The table of included Features, Events, and Processes (FEPs), Table 6.2-11, is different from the list of included FEPs assigned to this report in the ''Technical Work Plan for: Unsaturated Zone Flow Analysis and Model Report Integration'' (BSC 2004 [DIRS 169654], Table 2.1.5-1), as discussed in Section 6.2.6. The UZ model has revised, updated, and enhanced the previous UZ model (BSC 2001 [DIRS 158726]) by incorporating the repository design with new grids, recalibration of property sets, and more comprehensive validation effort. The flow fields describe fracture-fracture, matrix-matrix, and fracture-matrix liquid flow rates, and their spatial distributions as well as moisture conditions in the UZ system. These three-dimensional UZ flow fields are used directly by Total System Performance Assessment (TSPA). The model and submodels evaluate important hydrogeologic processes in the UZ as well as geochemistry and geothermal conditions. These provide the necessary framework to test hypotheses of flow and transport at different scales, and predict flow and transport behavior under a variety of climatic conditions. In addition, the limitations of the UZ model are discussed in Section 8.11.

  15. Centrifuge modelling of granular flows

    Cabrera, Miguel Angel; Wu, Wei

    2015-04-01

    A common characteristic of mass flows like debris flows, rock avalanches and mudflows is that gravity is their main driving force. Gravity defines the intensity and duration of the main interactions between particles and their surrounding media (particle-particle, particle-fluid, fluid-fluid). At the same time, gravity delimits the occurrence of phase separation, inverse segregation, and mass consolidation, among other phenomena. Therefore, in the understanding of the flow physics it is important to account for the scaling of gravity in scaled models. In this research, a centrifuge model is developed to model free surface granular flows down an incline at controlled gravity conditions. Gravity is controlled by the action of an induced inertial acceleration field resulting from the rotation of the model in a geotechnical centrifuge. The characteristics of the induced inertial acceleration field during flow are discussed and validated via experimental data. Flow heights, velocity fields, basal pressure and impact forces are measured for a range of channel inclinations and gravity conditions. Preliminary results enlighten the flow characteristics at variable gravity conditions and open a discussion on the simulation of large scale processes at a laboratory scale. Further analysis on the flow physics brings valuable information for the validation of granular flows rheology.

  16. C-A-S-H synthesis and thermodynamics modelling in CaO-Al2O3-SiO2-H2O system

    Haas, J.; Pochard, I.; Nonat, A.

    2015-01-01

    Ordinary Portland cement (OPC) is being increasingly replaced by blended cements, where part of the clinker is replaced by secondary cementitious materials (SCM) such as blast furnace or fly ash. The use of SCM enables to achieve various aims as the cost reduction by recovery of by-products, the CO 2 emission reduction, the obtaining of specific properties as low pH. So, blended cements are more and more current in different fields as civil engineering and nuclear waste repository. The use of silica and/or aluminium rich SCMs directly impacts the amount and the kind of hydrates formed, hence the volume and the porosity and finally the durability of these materials. Aluminates containing hydrates formation is not well understood. Al content can result from Al-uptake in C-S-H due to Al-substitution of Si-tetrahedra to well crystallised hydrates like straetlingite or katoite phases. This study proposes a surface dependant thermodynamic model to predict and to correlate the Al-uptake (substitution) of C-A-S-H with solutions representative of that of cement pores chemistry. For this purpose, pure C-A-S-H alkali-free were synthesized in diluted suspensions. On one hand, hydrates and their solutions were characterized at equilibrium. On the other hand, thermodynamics modelling were performed from these collected data to describe C-A-S-H in the equilibrium solutions. These results allowed evaluating the Al-availability in the cementitious system and especially for aluminates containing hydrates precipitation. (authors)

  17. a cash flow eoq inventory model for non- deteriorating items with ...

    under inflation and time discounting, and the rate is assumed to be constant. ... the EOQ gives us a good indication of whether or not present order quantities are ... h: Inventory holding cost per unit per unit time excluding interest charges,.

  18. Models for tracer flow

    Zuber, A.

    1983-01-01

    A review and discussion is given of mathematical models used for interpretation of tracer experiments in hydrology. For dispersion model, different initial and boundary conditions are related to different injection and detection modes. Examples of applications of various models are described and commented. (author)

  19. Turbulence models in supersonic flows

    Shirani, E.; Ahmadikia, H.; Talebi, S.

    2001-05-01

    The aim of this paper is to evaluate five different turbulence models when used in rather complicated two-dimensional and axisymmetric supersonic flows. They are Baldwin-Lomax, k-l, k-ε, k-ω and k-ζ turbulence models. The compressibility effects, axisymmetric correction terms and some modifications for transition region are used and tested in the models. Two computer codes based on the control volume approach and two flux-splitting methods. Roe and Van Leer, are developed. The codes are used to simulate supersonic mixing layers, flow behind axisymmetric body, under expanded jet, and flow over hollow cylinder flare. The results are compared with experimental data and behavior of the turbulence models is examined. It is shown that both k-l and k-ζ models produce very good results. It is also shown that the compressibility correction in the model is required to obtain more accurate results. (author)

  20. Cash Holdings Policy: a Dynamic Analysis of Brazilian Companies

    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.

  1. The Behavioral Intention of Micro Enterprises to Use the Integrated Cash Waqf Micro Enterprise Investment (ICWME-I Model as a Source of Financing

    Mohamed Asmy Mohd Thas Thaker

    2016-08-01

    Full Text Available This study is designed to examine the behavioural intention of micro enterprises to use the Integrated Cash Waqf Micro Enterprise Investment (ICWME-I model as a source of financing in Malaysia. The primary data are collected from the survey administered to micro entrepreneurs in the Klang Valley and the analysis is conducted using Structural Equation Modeling (SEM. Furthermore, the model has validated its acceptance in the field by adopting the Theory of Reasoned Action (TRA. This study has revealed that both the attitude and subjective norms are found to have a positive impact on the intention of micro entrepreneurs to use the ICWME-I Model in the context of Malaysia.

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

    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.

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

    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

  4. Computational modeling of concrete flow

    Roussel, Nicolas; Geiker, Mette Rica; Dufour, Frederic

    2007-01-01

    particle flow, and numerical techniques allowing the modeling of particles suspended in a fluid. The general concept behind each family of techniques is described. Pros and cons for each technique are given along with examples and references to applications to fresh cementitious materials....

  5. Modeling groundwater flow on MPPs

    Ashby, S.F.; Falgout, R.D.; Smith, S.G.; Tompson, A.F.B.

    1993-10-01

    The numerical simulation of groundwater flow in three-dimensional heterogeneous porous media is examined. To enable detailed modeling of large contaminated sites, preconditioned iterative methods and massively parallel computing power are combined in a simulator called PARFLOW. After describing this portable and modular code, some numerical results are given, including one that demonstrates the code's scalability

  6. Numerical modeling of foam flows

    Cheddadi, Ibrahim

    2010-01-01

    Liquid foam flows are involved in numerous applications, e.g. food and cosmetics industries, oil extraction, nuclear decontamination. Moreover, their study leads to fundamental knowledge: as it is easier to manipulate and analyse, foam is used as a model material to understand the flow of emulsions, polymers, pastes, or cell aggregates, all of which display both solid and liquid behaviour. Systematic experiments performed by Francois Graner et al. provide precise data that emphasize the non Newtonian properties of the foam. Meanwhile, Pierre Saramito proposed a visco-elasto-plastic continuous tensorial model, akin to predict the behaviour of the foam. The goal of this thesis is to understand this complex behaviour, using these two elements. We have built and validated a resolution algorithm based on a bidimensional finite elements methods. The numerical solutions are in excellent agreement with the spatial distribution of all measured quantities, and confirm the predictive capabilities of the model. The dominant parameters have been identified and we evidenced the fact that the viscous, elastic, and plastic contributions to the flow have to be treated simultaneously in a tensorial formalism. We provide a substantial contribution to the understanding of foams and open the path to realistic simulations of complex VEP flows for industrial applications. (author)

  7. Turbulence modelling for incompressible flows

    Rodi, W.

    1985-12-01

    EUROMECH colloquium 180 was held at Karlsruhe from 4-6 July, 1984, with the aim of bringing together specialists working in the area of turbulence modelling and of reviewing the state-of-the-art in this field. 44 scientists from 12 countries participated and 28 papers were presented. The meeting started with a review of the performance of two-equation turbulence models employing transport equations for both the velocity and the length scale of turbulence. These models are now generally well established, but it was found that their application to certain flow situations remains problematic. The modelling assumptions involved in Reynolds stress-equation models were reviewed next, and new assumptions were proposed. It was generally agreed that, as computing power increases, these more complex models will become more popular also for practical applications. The increase in computing power also allows more and more to resolve the viscous sublayer with low Reynolds numbers models, and the capabilities and problems of these models were discussed. In this connection, special aspects of boundary layer calculations were also discussed, namely those associated with 3D boundary layers, converging and diverging flow and slightly detached boundary layers. The complex physical phenomena prevalent in situations under the influence of buoyancy and rotation were reviewed, and several papers were presented on models for simulating these effects. (orig./HP) [de

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

    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...

  9. 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

    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

  10. How much cash does your company need?

    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.

  11. Internationalization and Corporate Cash Holdings: Evidence from Brazil and Mexico

    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.

  12. 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

    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.

  13. Empirical Studies on Cash Payments

    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

  14. Optimal Cash Management Under Uncertainty

    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.

  15. Cash transfers and domestic violence.

    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.

  16. Stochastic models for turbulent reacting flows

    Kerstein, A. [Sandia National Laboratories, Livermore, CA (United States)

    1993-12-01

    The goal of this program is to develop and apply stochastic models of various processes occurring within turbulent reacting flows in order to identify the fundamental mechanisms governing these flows, to support experimental studies of these flows, and to further the development of comprehensive turbulent reacting flow models.

  17. Prudency reviews, cash management issues emerge

    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

  18. Online traffic flow model applying dynamic flow-density relation

    Kim, Y.

    2002-01-01

    This dissertation describes a new approach of the online traffic flow modelling based on the hydrodynamic traffic flow model and an online process to adapt the flow-density relation dynamically. The new modelling approach was tested based on the real traffic situations in various homogeneous motorway sections and a motorway section with ramps and gave encouraging simulation results. This work is composed of two parts: first the analysis of traffic flow characteristics and second the development of a new online traffic flow model applying these characteristics. For homogeneous motorway sections traffic flow is classified into six different traffic states with different characteristics. Delimitation criteria were developed to separate these states. The hysteresis phenomena were analysed during the transitions between these traffic states. The traffic states and the transitions are represented on a states diagram with the flow axis and the density axis. For motorway sections with ramps the complicated traffic flow is simplified and classified into three traffic states depending on the propagation of congestion. The traffic states are represented on a phase diagram with the upstream demand axis and the interaction strength axis which was defined in this research. The states diagram and the phase diagram provide a basis for the development of the dynamic flow-density relation. The first-order hydrodynamic traffic flow model was programmed according to the cell-transmission scheme extended by the modification of flow dependent sending/receiving functions, the classification of cells and the determination strategy for the flow-density relation in the cells. The unreasonable results of macroscopic traffic flow models, which may occur in the first and last cells in certain conditions are alleviated by applying buffer cells between the traffic data and the model. The sending/receiving functions of the cells are determined dynamically based on the classification of the

  19. Global scale groundwater flow model

    Sutanudjaja, Edwin; de Graaf, Inge; van Beek, Ludovicus; Bierkens, Marc

    2013-04-01

    As the world's largest accessible source of freshwater, groundwater plays vital role in satisfying the basic needs of human society. It serves as a primary source of drinking water and supplies water for agricultural and industrial activities. During times of drought, groundwater sustains water flows in streams, rivers, lakes and wetlands, and thus supports ecosystem habitat and biodiversity, while its large natural storage provides a buffer against water shortages. Yet, the current generation of global scale hydrological models does not include a groundwater flow component that is a crucial part of the hydrological cycle and allows the simulation of groundwater head dynamics. In this study we present a steady-state MODFLOW (McDonald and Harbaugh, 1988) groundwater model on the global scale at 5 arc-minutes resolution. Aquifer schematization and properties of this groundwater model were developed from available global lithological model (e.g. Dürr et al., 2005; Gleeson et al., 2010; Hartmann and Moorsdorff, in press). We force the groundwtaer model with the output from the large-scale hydrological model PCR-GLOBWB (van Beek et al., 2011), specifically the long term net groundwater recharge and average surface water levels derived from routed channel discharge. We validated calculated groundwater heads and depths with available head observations, from different regions, including the North and South America and Western Europe. Our results show that it is feasible to build a relatively simple global scale groundwater model using existing information, and estimate water table depths within acceptable accuracy in many parts of the world.

  20. Cash Holdings and Leverage of German Listed Firms

    Rapp, Marc Steffen; Killi, Andreas Maximilian

    2016-01-01

    We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using prediction models...... firms are associated with measures of uncertainty faced by firms. Our results suggest that German firms have increased (reduced) their cash (net debt leverage) levels over time in order to adopt more precautionary financial policies....

  1. 34 CFR 668.166 - Excess cash.

    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...

  2. Cash efficiency for bank branches

    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 ...

  3. 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

    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

  4. empirical modeling of oxygen modeling of oxygen uptake of flow

    eobe

    structure. Keywords: stepped chute, skimming flow, aeration l. 1. INTRODUCTION ..... [3] Toombes, L. and Chanson, H., “Air-water flow and gas transfer at aeration ... of numerical model of the flow behaviour through smooth and stepped.

  5. Small business, cash budgets and general practice.

    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.

  6. Site-Scale Saturated Zone Flow Model

    G. Zyvoloski

    2003-01-01

    The purpose of this model report is to document the components of the site-scale saturated-zone flow model at Yucca Mountain, Nevada, in accordance with administrative procedure (AP)-SIII.lOQ, ''Models''. This report provides validation and confidence in the flow model that was developed for site recommendation (SR) and will be used to provide flow fields in support of the Total Systems Performance Assessment (TSPA) for the License Application. The output from this report provides the flow model used in the ''Site-Scale Saturated Zone Transport'', MDL-NBS-HS-000010 Rev 01 (BSC 2003 [162419]). The Site-Scale Saturated Zone Transport model then provides output to the SZ Transport Abstraction Model (BSC 2003 [164870]). In particular, the output from the SZ site-scale flow model is used to simulate the groundwater flow pathways and radionuclide transport to the accessible environment for use in the TSPA calculations. Since the development and calibration of the saturated-zone flow model, more data have been gathered for use in model validation and confidence building, including new water-level data from Nye County wells, single- and multiple-well hydraulic testing data, and new hydrochemistry data. In addition, a new hydrogeologic framework model (HFM), which incorporates Nye County wells lithology, also provides geologic data for corroboration and confidence in the flow model. The intended use of this work is to provide a flow model that generates flow fields to simulate radionuclide transport in saturated porous rock and alluvium under natural or forced gradient flow conditions. The flow model simulations are completed using the three-dimensional (3-D), finite-element, flow, heat, and transport computer code, FEHM Version (V) 2.20 (software tracking number (STN): 10086-2.20-00; LANL 2003 [161725]). Concurrently, process-level transport model and methodology for calculating radionuclide transport in the saturated zone at Yucca Mountain using FEHM V 2.20 are being

  7. Studying shocks in model astrophysical flows

    Chakrabarti, S.K.

    1989-01-01

    We briefly discuss some properties of the shocks in the existing models for quasi two-dimensional astrophysical flows. All of these models which allow the study of shock analytically have some unphysical characteristics due to inherent assumptions made. We propose a hybrid model for a thin flow which has fewer unpleasant features and is suitable for the study of shocks. (author). 5 refs

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

    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.

  9. Two-phase flow model with nonequilibrium and critical flow

    Sureau, H.; Houdayer, G.

    1976-01-01

    The model proposed includes the three conservation equations (mass, momentum, energy) applied to the two phase flows and a fourth partial derivative equation which takes into account the nonequilibriums and describes the mass transfer process. With this model, the two phase critical flow tests performed on the Moby-Dick loop (CENG) with several geometries, are interpreted by a unique law. Extrapolations to industrial dimension problems show that geometry and size effects are different from those obtained with earlier models (Zaloudek, Moody, Fauske) [fr

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

    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.

  11. Cash transfers for HIV prevention: considering their potential.

    Heise, Lori; Lutz, Brian; Ranganathan, Meghna; Watts, Charlotte

    2013-08-23

    Cash payments to vulnerable households and/or individuals have increasingly garnered attention as a means to reduce poverty, improve health and achieve other development-related outcomes. Recent evidence from Malawi and Tanzania suggests that cash transfers can impact HIV-related behaviours and outcomes and, therefore, could serve as an important addition to HIV prevention efforts. This article reviews the current evidence on cash transfers for HIV prevention and suggests unresolved questions for further research. Gaps include (1) understanding more about the mechanisms and pathways through which cash transfers affect HIV-related outcomes; (2) addressing key operational questions, including the potential feasibility and the costs and benefits of different models of transfers and conditionality; and (3) evaluating and enhancing the wider impacts of cash transfers on health and development. Ongoing and future studies should build on current findings to unpack unresolved questions and to collect additional evidence on the multiple impacts of transfers in different settings. Furthermore, in order to address questions on sustainability, cash transfer programmes need to be integrated with other sectors and programmes that address structural factors such as education and programming to promote gender equality and address HIV.

  12. 中国上市公司现金股利决策模型%Decision-making models for cash dividend policies for Chinese listed companies

    姜琪; 宋逢明

    2012-01-01

    Data for listed companies in the Shanghai and Shenzhen Stock Exchanges was used to analyze the factors contributing to the propensity for cash dividend distributions and the cash payout ratio of Chinese listed companies.Regulatory changes in the CSRC refinancing policy significantly increased the listed companies' propensity to pay cash dividends.Cash dividends have become the major channel for profit distributions in the Chinese stock market.Companies with higher retained earnings ratios have higher propensity to pay cash dividends,which supports the life-cycle theory of dividends.However,higher profitability and higher growth rates lead to lower payout ratios suggesting that some high-quality companies choose lower payout ratios to meet regulatory requirements,which may be the major driving force for the low ratio of aggregate cash dividends to aggregate profits in the Chinese stock market.%该文从是否现金分红和现金股利支付水平2个维度,建立公司现金股利决策模型,分析确定影响中国沪深两市A股上市公司现金股利政策的因素。2001-03中国证监会再融资政策的调整,显著提高了上市公司现金分红的意愿,现金股利已成为中国上市公司利润分配的主要形式。公司留存收益的比例越高,则现金分红的可能性越大,支持了股利的生命周期理论。而从现金分红公司的股利支付水平来看,盈利水平越高,成长性越好的公司,现金股利的支付率却越低,其原因在于中国部分优质上市公司为达到再融资的监管要求而勉强分红,从而导致了中国A股市场现金股利总额占净利润总额的比例偏低。

  13. DETERMINANTS OF CASH WAQF CONTRIBUTION IN KLANG VALLEY AND SELANGOR: A SEM APPROACH

    Muhammad Rizky Prima Sakti

    2016-08-01

    Full Text Available Cash waqf is becoming one of the popular Islamic financial instruments which not only focus on the religiosity but also has significant impact to the ummah development. This waqf scheme does not require richness in wealth, yet everybody in the society can contribute to cash waqf. The importance of cash waqf is getting popular as it has benefited in many ways, for example it can be used to develop assets and abandoned land for business and agricultural purposes. In addition, cash waqf also can be utilized to help institutions who are facing financial problem or liquidity issues. Nonetheless, rarely we found in the literature that empirically examines the cash waqf determinants and contributions. This paper is one of the few empirical studies that investigate the determinants towards the contribution of cash waqf in Malaysia. The purpose of this paper is to investigate the main factors that influence people towards the contribution of cash waqf instruments, special reference to the Klang Valley and Selangor. This paper employs structural equation modeling (SEM to verify the determinants of cash waqf contribution. In doing so, we use primary data by distributing self-administrated questionnaire constituting a sample of 114 respondents from Klang Valley and Selangor. Our empirical results reveal that the main factors that driven people towards the contribution of cash waqf products are attitude and social influences, however interestingly religion obligation is not influence the contribution of cash waqf.

  14. Aeroacoustic modelling of low-speed flows

    Wen Zhong Shen; Noerkaer Soerensen, Jens

    1998-08-01

    A new numerical algorithm for acoustic noise generation is developed. The approach involves two steps comprising an incompressible flow part and inviscid acoustic part. The acoustic part can be started at any time of the incompressible computation. The formulation can be applied both for isentropic flows and non-isentropic flows. The model is validated for the cases of an isentropic pulsating sphere and non-isentropic flows past a circular cylinder and a NACA 0015 airfoil. The computations show that the generated acoustic frequencies have the form 1/m of the basic frequency of incompressible flow. (au) 15 refs.

  15. A turbulent two-phase flow model for nebula flows

    Champney, J.M.; Cuzzi, J.N.

    1990-01-01

    A new and very efficient turbulent two-phase flow numericaly model is described to analyze the environment of a protoplanetary nebula at a stage prior to the formation of planets. Focus is on settling processes of dust particles in flattened gaseous nebulae. The model employs a perturbation technique to improve the accuracy of the numerical simulations of such flows where small variations of physical quantities occur over large distance ranges. The particles are allowed to be diffused by gas turbulence in addition to settling under gravity. Their diffusion coefficients is related to the gas turbulent viscosity by the non-dimensional Schmidt number. The gas turbulent viscosity is determined by the means of the eddy viscosity hypothesis that assumes the Reynolds stress tensor proportional to the mean strain rate tensor. Zero- and two-equation turbulence models are employed. Modeling assumptions are detailed and discussed. The numerical model is shown to reproduce an existing analytical solution for the settling process of particles in an inviscid nebula. Results of nebula flows are presented taking into account turbulence effects of nebula flows. Diffusion processes are found to control the settling of particles. 24 refs

  16. A Review on Macroscopic Pedestrian Flow Modelling

    Anna Kormanová

    2013-12-01

    Full Text Available This paper reviews several various approaches to macroscopic pedestrian modelling. It describes hydrodynamic models based on similarity of pedestrian flow with fluids and gases; first-order flow models that use fundamental diagrams and conservation equation; and a model similar to LWR vehicular traffic model, which allows non-classical shocks. At the end of the paper there is stated a comparison of described models, intended to find appropriate macroscopic model to eventually be a part of a hybrid model. The future work of the author is outlined.

  17. Probabilistically modeling lava flows with MOLASSES

    Richardson, J. A.; Connor, L.; Connor, C.; Gallant, E.

    2017-12-01

    Modeling lava flows through Cellular Automata methods enables a computationally inexpensive means to quickly forecast lava flow paths and ultimate areal extents. We have developed a lava flow simulator, MOLASSES, that forecasts lava flow inundation over an elevation model from a point source eruption. This modular code can be implemented in a deterministic fashion with given user inputs that will produce a single lava flow simulation. MOLASSES can also be implemented in a probabilistic fashion where given user inputs define parameter distributions that are randomly sampled to create many lava flow simulations. This probabilistic approach enables uncertainty in input data to be expressed in the model results and MOLASSES outputs a probability map of inundation instead of a determined lava flow extent. Since the code is comparatively fast, we use it probabilistically to investigate where potential vents are located that may impact specific sites and areas, as well as the unconditional probability of lava flow inundation of sites or areas from any vent. We have validated the MOLASSES code to community-defined benchmark tests and to the real world lava flows at Tolbachik (2012-2013) and Pico do Fogo (2014-2015). To determine the efficacy of the MOLASSES simulator at accurately and precisely mimicking the inundation area of real flows, we report goodness of fit using both model sensitivity and the Positive Predictive Value, the latter of which is a Bayesian posterior statistic. Model sensitivity is often used in evaluating lava flow simulators, as it describes how much of the lava flow was successfully modeled by the simulation. We argue that the positive predictive value is equally important in determining how good a simulator is, as it describes the percentage of the simulation space that was actually inundated by lava.

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

    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...

  19. Modeling and simulation of reactive flows

    Bortoli, De AL; Pereira, Felipe

    2015-01-01

    Modelling and Simulation of Reactive Flows presents information on modeling and how to numerically solve reactive flows. The book offers a distinctive approach that combines diffusion flames and geochemical flow problems, providing users with a comprehensive resource that bridges the gap for scientists, engineers, and the industry. Specifically, the book looks at the basic concepts related to reaction rates, chemical kinetics, and the development of reduced kinetic mechanisms. It considers the most common methods used in practical situations, along with equations for reactive flows, and va

  20. 7 CFR 277.7 - Cash depositories.

    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...

  1. Regression modeling of ground-water flow

    Cooley, R.L.; Naff, R.L.

    1985-01-01

    Nonlinear multiple regression methods are developed to model and analyze groundwater flow systems. Complete descriptions of regression methodology as applied to groundwater flow models allow scientists and engineers engaged in flow modeling to apply the methods to a wide range of problems. Organization of the text proceeds from an introduction that discusses the general topic of groundwater flow modeling, to a review of basic statistics necessary to properly apply regression techniques, and then to the main topic: exposition and use of linear and nonlinear regression to model groundwater flow. Statistical procedures are given to analyze and use the regression models. A number of exercises and answers are included to exercise the student on nearly all the methods that are presented for modeling and statistical analysis. Three computer programs implement the more complex methods. These three are a general two-dimensional, steady-state regression model for flow in an anisotropic, heterogeneous porous medium, a program to calculate a measure of model nonlinearity with respect to the regression parameters, and a program to analyze model errors in computed dependent variables such as hydraulic head. (USGS)

  2. Modeling Submarine Lava Flow with ASPECT

    Storvick, E. R.; Lu, H.; Choi, E.

    2017-12-01

    Submarine lava flow is not easily observed and experimented on due to limited accessibility and challenges posed by the fast solidification of lava and the associated drastic changes in rheology. However, recent advances in numerical modeling techniques might address some of these challenges and provide unprecedented insight into the mechanics of submarine lava flow and conditions determining its wide-ranging morphologies. In this study, we explore the applicability ASPECT, Advanced Solver for Problems in Earth's ConvecTion, to submarine lava flow. ASPECT is a parallel finite element code that solves problems of thermal convection in the Earth's mantle. We will assess ASPECT's capability to model submarine lava flow by observing models of lava flow morphology simulated with GALE, a long-term tectonics finite element analysis code, with models created using comparable settings and parameters in ASPECT. From these observations we will contrast the differing models in order to identify the benefits of each code. While doing so, we anticipate we will learn about the conditions required for end-members of lava flow morphology, for example, pillows and sheet flows. With ASPECT specifically we focus on 1) whether the lava rheology can be implemented; 2) how effective the AMR is in resolving morphologies of the solidified crust; 3) whether and under what conditions the end-members of the lava flow morphologies, pillows and sheets, can be reproduced.

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

    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 modelcash 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

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

    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...

  5. Incorporating groundwater flow into the WEPP model

    William Elliot; Erin Brooks; Tim Link; Sue Miller

    2010-01-01

    The water erosion prediction project (WEPP) model is a physically-based hydrology and erosion model. In recent years, the hydrology prediction within the model has been improved for forest watershed modeling by incorporating shallow lateral flow into watershed runoff prediction. This has greatly improved WEPP's hydrologic performance on small watersheds with...

  6. Mathematical modelling of two-phase flows

    Komen, E.M.J.; Stoop, P.M.

    1992-11-01

    A gradual shift from methods based on experimental correlations to methods based on mathematical models to study 2-phase flows can be observed. The latter can be used to predict dynamical behaviour of 2-phase flows. This report discusses various mathematical models for the description of 2-phase flows. An important application of these models can be found in thermal-hydraulic computer codes used for analysis of the thermal-hydraulic behaviour of water cooled nuclear power plants. (author). 17 refs., 7 figs., 6 tabs

  7. Pengaruh krisis keuangan global dan karakteristik perusahaan terhadap cash holding perusahaan di Indonesia

    Bambang Sutrisno

    2016-12-01

    Full Text Available The aim of this study is to examine the effect of the global financial crisis and firm characteristics on corporate cash holdings in Indonesia. A total of 101 manufacturing firms listed in the Indonesia Stock Exchange from 2005 to 2014 are examined. This study employs panel regression with fixed effect model. The results show that Indonesia firms hold more cash during the global financial crisis than in the normal times. Investment opportunities set and divident payment have positive effect on cash holding, meanwhile firm size, capital expenditure, liquid assets substitutes, and leverage have negative effect on cash holding. 

  8. Cash Holdings and Mutual Fund Performance

    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...

  9. Lower cash flow hampers offshore activities

    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

  10. 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

    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

  11. Integrated soft sensor model for flow control.

    Aijälä, G; Lumley, D

    2006-01-01

    Tighter discharge permits often require wastewater treatment plants to maximize utilization of available facilities in order to cost-effectively reach these goals. Important aspects are minimizing internal disturbances and using available information in a smart way to improve plant performance. In this study, flow control throughout a large highly automated wastewater treatment plant (WWTP) was implemented in order to reduce internal disturbances and to provide a firm foundation for more advanced process control. A modular flow control system was constructed based on existing instrumentation and soft sensor flow models. Modules were constructed for every unit process in water treatment and integrated into a plant-wide model. The flow control system is used to automatically control recirculation flows and bypass flows at the plant. The system was also successful in making accurate flow estimations at points in the plant where it is not possible to have conventional flow meter instrumentation. The system provides fault detection for physical flow measuring devices. The module construction allows easy adaptation for new unit processes added to the treatment plant.

  12. Modeling of two-phase slug flow

    Fabre, J.; Line, A.

    1992-01-01

    When gas and liquid flow in a pipe, over a range of flow rates, a flow pattern results in which sequences of long bubbles, almost filling the pipe cross section, are successively followed by liquid slugs that may contain small bubbles. This flow pattern, usually called slug flow, is encountered in numerous practical situations, such as in the production of hydrocarbons in wells and their transportation in pipelines; the production of steam and water in geothermal power plants; the boiling and condensation in liquid-vapor systems of thermal power plants; emergency core cooling of nuclear reactors; heat and mass transfer between gas and liquid in chemical reactors. This paper provides a review of two phase slug flow modeling

  13. Flow model study of 'Monju' reactor vessel

    Miyaguchi, Kimihide

    1980-01-01

    In the case of designing the structures in nuclear reactors, various problems to be considered regarding thermo-hydrodynamics exist, such as the distribution of flow quantity and the pressure loss in reactors and the thermal shock to inlet and outlet nozzles. In order to grasp the flow characteristics of coolant in reactors, the 1/2 scale model of the reactor structure of ''Monju'' was attached to the water flow testing facility in the Oarai Engineering Center, and the simulation experiment has been carried out. The flow characteristics in reactors clarified by experiment and analysis so far are the distribution of flow quantity between high and low pressure regions in reactors, the distribution of flow quantity among flow zones in respective regions of high and low pressure, the pressure loss in respective parts in reactors, the flow pattern and the mixing effect of coolant in upper and lower plenums, the effect of the twisting angle of inlet nozzles on the flow characteristics in lower plenums, the effect of internal cylinders on the flow characteristics in upper plenums and so on. On the basis of these test results, the improvement of the design of structures in reactors was made, and the confirmation test on the improved structures was carried out. The testing method, the calculation method, the test results and the reflection to the design of actual machines are described. (Kako, I.)

  14. An Introduction To Digital Cash World

    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. 

  15. NUMERICAL SIMULATION AND MODELING OF UNSTEADY FLOW ...

    2014-06-30

    Jun 30, 2014 ... objective of this study is to control the simulation of unsteady flows around structures. ... Aerospace, our results were in good agreement with experimental .... Two-Equation Eddy-Viscosity Turbulence Models for Engineering.

  16. Base Flow Model Validation, Phase II

    National Aeronautics and Space Administration — The program focuses on turbulence modeling enhancements for predicting high-speed rocket base flows. A key component of the effort is the collection of high-fidelity...

  17. Numerical models of groundwater flow and transport

    Konikow, L.F.

    1996-01-01

    This chapter reviews the state-of-the-art in deterministic modeling of groundwater flow and transport processes, which can be used for interpretation of isotope data through groundwater flow analyses. Numerical models which are available for this purpose are described and their applications to complex field problems are discussed. The theoretical bases of deterministic modeling are summarized, and advantages and limitations of numerical models are described. The selection of models for specific applications and their calibration procedures are described, and results of a few illustrative case study type applications are provided. (author). 145 refs, 17 figs, 2 tabs

  18. Numerical models of groundwater flow and transport

    Konikow, L F [Geological Survey, Reston, VA (United States)

    1996-10-01

    This chapter reviews the state-of-the-art in deterministic modeling of groundwater flow and transport processes, which can be used for interpretation of isotope data through groundwater flow analyses. Numerical models which are available for this purpose are described and their applications to complex field problems are discussed. The theoretical bases of deterministic modeling are summarized, and advantages and limitations of numerical models are described. The selection of models for specific applications and their calibration procedures are described, and results of a few illustrative case study type applications are provided. (author). 145 refs, 17 figs, 2 tabs.

  19. Improved choked flow model for MARS code

    Chung, Moon Sun; Lee, Won Jae; Ha, Kwi Seok; Hwang, Moon Kyu

    2002-01-01

    Choked flow calculation is improved by using a new sound speed criterion for bubbly flow that is derived by the characteristic analysis of hyperbolic two-fluid model. This model was based on the notion of surface tension for the interfacial pressure jump terms in the momentum equations. Real eigenvalues obtained as the closed-form solution of characteristic polynomial represent the sound speed in the bubbly flow regime that agrees well with the existing experimental data. The present sound speed shows more reasonable result in the extreme case than the Nguyens did. The present choked flow criterion derived by the present sound speed is employed in the MARS code and assessed by using the Marviken choked flow tests. The assessment results without any adjustment made by some discharge coefficients demonstrate more accurate predictions of choked flow rate in the bubbly flow regime than those of the earlier choked flow calculations. By calculating the Typical PWR (SBLOCA) problem, we make sure that the present model can reproduce the reasonable transients of integral reactor system

  20. Modeling groundwater flow and quality

    Konikow, Leonard F.; Glynn, Pierre D.; Selinus, Olle

    2013-01-01

    In most areas, rocks in the subsurface are saturated with water at relatively shallow depths. The top of the saturated zone—the water table—typically occurs anywhere from just below land surface to hundreds of feet below the land surface. Groundwater generally fills all pore spaces below the water table and is part of a continuous dynamic flow system, in which the fluid is moving at velocities ranging from feet per millennia to feet per day (Fig. 33.1). While the water is in close contact with the surfaces of various minerals in the rock material, geochemical interactions between the water and the rock can affect the chemical quality of the water, including pH, dissolved solids composition, and trace-elements content. Thus, flowing groundwater is a major mechanism for the transport of chemicals from buried rocks to the accessible environment, as well as a major pathway from rocks to human exposure and consumption. Because the mineral composition of rocks is highly variable, as is the solubility of various minerals, the human-health effects of groundwater consumption will be highly variable.

  1. How does Cash and Counseling affect costs?

    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

  2. Modelling of Emulsion Flow in Porous Media

    Abou-Kassem, J.H. [UAE University (United Arab Emirates); Farouq Ali, S.M. [UAE University (United Arab Emirates)

    1995-06-01

    Oil recovery methods predominantly involve emulsion formation. Oil recovery simulation requires the incorporation of emulsion characteristics and flow in porous media, in order to optimize oil recovery from petroleum reservoirs. This paper explored the nature and rheology of emulsions, and evaluated several models of flow of Newtonian and non-Newtonian fluids in porous media. It also summarized in situ emulsion formation in porous media. A model for both Newtonian and non-Newtonian emulsion fluid flow was proposed, with special emphasis on pore size, and tortuosity in the porous media.

  3. Modelling and control of systems with flow

    van Mourik, S.

    2008-01-01

    In practice, feedback control design consists of three steps: modelling, model reduction and controller design for the reduced model. Systems with flow are often complicated, and there is yet no standard algorithm that integrates these steps. In this thesis we make a modest effort by considering two

  4. Amendment to Validated dynamic flow model

    Knudsen, Torben

    2011-01-01

    The purpose of WP2 is to establish flow models relating the wind speed at turbines in a farm. Until now, active control of power reference has not been included in these models as only data with standard operation has been available. In this report the first data series with power reference excit...... turbine in undisturbed flow. For this data set both the multiplicative model and in particular the simple first order transfer function model can predict the down wind wind speed from upwind wind speed and loading.......The purpose of WP2 is to establish flow models relating the wind speed at turbines in a farm. Until now, active control of power reference has not been included in these models as only data with standard operation has been available. In this report the first data series with power reference...

  5. Tracer technology modeling the flow of fluids

    Levenspiel, Octave

    2012-01-01

    A vessel’s behavior as a heat exchanger, absorber, reactor, or other process unit is dependent upon how fluid flows through the vessel.  In early engineering, the designer would assume either plug flow or mixed flow of the fluid through the vessel.  However, these assumptions were oftentimes inaccurate, sometimes being off by a volume factor of 100 or more.  The result of this unreliable figure produced ineffective products in multiple reaction systems.   Written by a pioneering researcher in the field of chemical engineering, the tracer method was introduced to provide more accurate flow data.  First, the tracer method measured the actual flow of fluid through a vessel.  Second, it developed a suitable model to represent the flow in question.  Such models are used to follow the flow of fluid in chemical reactors and other process units, like in rivers and streams, or solid and porous structures.  In medicine, the tracer method is used to study the flow of chemicals—harmful  and harmless—in the...

  6. Hypervapotron flow testing with rapid prototype models

    Driemeyer, D.; Hellwig, T.; Kubik, D.; Langenderfer, E.; Mantz, H.; McSmith, M.; Jones, B.; Butler, J.

    1995-01-01

    A flow test model of the inlet section of a three channel hypervapotron plate that has been proposed as a heat sink in the ITER divertor was prepared using a rapid prototyping stereolithography process that is widely used for component development in US industry. An existing water flow loop at the University of Illinois is being used for isothermal flow tests to collect pressure drop data for comparison with proposed vapotron friction factor correlations. Differential pressure measurements are taken, across the test section inlet manifold, the vapotron channel (about a seven inch length), the outlet manifold and the inlet-to-outlet. The differential pressures are currently measured with manometers. Tests were conducted at flow velocities from 1--10 m/s to cover the full range of ITER interest. A tap was also added for a small hypodermic needle to inject dye into the flow channel at several positions to examine the nature of the developing flow field at the entrance to the vapotron section. Follow-on flow tests are planned using a model with adjustable flow channel dimensions to permit more extensive pressure drop data to be collected. This information will be used to update vapotron design correlations for ITER

  7. Reduced order model of draft tube flow

    Rudolf, P; Štefan, D

    2014-01-01

    Swirling flow with compact coherent structures is very good candidate for proper orthogonal decomposition (POD), i.e. for decomposition into eigenmodes, which are the cornerstones of the flow field. Present paper focuses on POD of steady flows, which correspond to different operating points of Francis turbine draft tube flow. Set of eigenmodes is built using a limited number of snapshots from computational simulations. Resulting reduced order model (ROM) describes whole operating range of the draft tube. ROM enables to interpolate in between the operating points exploiting the knowledge about significance of particular eigenmodes and thus reconstruct the velocity field in any operating point within the given range. Practical example, which employs axisymmetric simulations of the draft tube flow, illustrates accuracy of ROM in regions without vortex breakdown together with need for higher resolution of the snapshot database close to location of sudden flow changes (e.g. vortex breakdown). ROM based on POD interpolation is very suitable tool for insight into flow physics of the draft tube flows (especially energy transfers in between different operating points), for supply of data for subsequent stability analysis or as an initialization database for advanced flow simulations

  8. Scaled Experimental Modeling of VHTR Plenum Flows

    ICONE 15

    2007-04-01

    Abstract The Very High Temperature Reactor (VHTR) is the leading candidate for the Next Generation Nuclear Power (NGNP) Project in the U.S. which has the goal of demonstrating the production of emissions free electricity and hydrogen by 2015. Various scaled heated gas and water flow facilities were investigated for modeling VHTR upper and lower plenum flows during the decay heat portion of a pressurized conduction-cooldown scenario and for modeling thermal mixing and stratification (“thermal striping”) in the lower plenum during normal operation. It was concluded, based on phenomena scaling and instrumentation and other practical considerations, that a heated water flow scale model facility is preferable to a heated gas flow facility and to unheated facilities which use fluids with ranges of density to simulate the density effect of heating. For a heated water flow lower plenum model, both the Richardson numbers and Reynolds numbers may be approximately matched for conduction-cooldown natural circulation conditions. Thermal mixing during normal operation may be simulated but at lower, but still fully turbulent, Reynolds numbers than in the prototype. Natural circulation flows in the upper plenum may also be simulated in a separate heated water flow facility that uses the same plumbing as the lower plenum model. However, Reynolds number scaling distortions will occur at matching Richardson numbers due primarily to the necessity of using a reduced number of channels connected to the plenum than in the prototype (which has approximately 11,000 core channels connected to the upper plenum) in an otherwise geometrically scaled model. Experiments conducted in either or both facilities will meet the objectives of providing benchmark data for the validation of codes proposed for NGNP designs and safety studies, as well as providing a better understanding of the complex flow phenomena in the plenums.

  9. Multiple Temperature Model for Near Continuum Flows

    XU, Kun; Liu, Hongwei; Jiang, Jianzheng

    2007-01-01

    In the near continuum flow regime, the flow may have different translational temperatures in different directions. It is well known that for increasingly rarefied flow fields, the predictions from continuum formulation, such as the Navier-Stokes equations, lose accuracy. These inaccuracies may be partially due to the single temperature assumption in the Navier-Stokes equations. Here, based on the gas-kinetic Bhatnagar-Gross-Krook (BGK) equation, a multitranslational temperature model is proposed and used in the flow calculations. In order to fix all three translational temperatures, two constraints are additionally proposed to model the energy exchange in different directions. Based on the multiple temperature assumption, the Navier-Stokes relation between the stress and strain is replaced by the temperature relaxation term, and the Navier-Stokes assumption is recovered only in the limiting case when the flow is close to the equilibrium with the same temperature in different directions. In order to validate the current model, both the Couette and Poiseuille flows are studied in the transition flow regime

  10. Flow field mapping in data rack model

    Matěcha J.

    2013-04-01

    Full Text Available The main objective of this study was to map the flow field inside the data rack model, fitted with three 1U server models. The server model is based on the common four-processor 1U server. The main dimensions of the data rack model geometry are taken fully from the real geometry. Only the model was simplified with respect to the greatest possibility in the experimental measurements. The flow field mapping was carried out both experimentally and numerically. PIV (Particle Image Velocimetry method was used for the experimental flow field mapping, when the flow field has been mapped for defined regions within the 2D/3D data rack model. Ansys CFX and OpenFOAM software were used for the numerical solution. Boundary conditions for numerical model were based on data obtained from experimental measurement of velocity profile at the output of the server mockup. This velocity profile was used as the input boundary condition in the calculation. In order to achieve greater consistency of the numerical model with experimental data, the numerical model was modified with regard to the results of experimental measurements. Results from the experimental and numerical measurements were compared and the areas of disparateness were identified. In further steps the obtained proven numerical model will be utilized for the real geometry of data racks and data.

  11. Numerical modelling of flow pattern for high swirling flows

    Parra Teresa

    2015-01-01

    Full Text Available This work focuses on the interaction of two coaxial swirling jets. High swirl burners are suitable for lean flames and produce low emissions. Computational Fluid Dynamics has been used to study the isothermal behaviour of two confined jets whose setup and operating conditions are those of the benchmark of Roback and Johnson. Numerical model is a Total Variation Diminishing and PISO is used to pressure velocity coupling. Transient analysis let identify the non-axisymmetric region of reverse flow. The center of instantaneous azimuthal velocities is not located in the axis of the chamber. The temporal sampling evidences this center spins around the axis of the device forming the precessing vortex core (PVC whose Strouhal numbers are more than two for Swirl numbers of one. Influence of swirl number evidences strong swirl numbers are precursor of large vortex breakdown. Influence of conical diffusers evidence the reduction of secondary flows associated to boundary layer separation.

  12. Modeling sediment concentration of rill flow

    Yang, Daming; Gao, Peiling; Zhao, Yadong; Zhang, Yuhang; Liu, Xiaoyuan; Zhang, Qingwen

    2018-06-01

    Accurate estimation of sediment concentration is essential to establish physically-based erosion models. The objectives of this study were to evaluate the effects of flow discharge (Q), slope gradient (S), flow velocity (V), shear stress (τ), stream power (ω) and unit stream power (U) on sediment concentration. Laboratory experiments were conducted using a 10 × 0.1 m rill flume under four flow discharges (2, 4, 8 and 16 L min-1), and five slope gradients (5°, 10°, 15°, 20° and 25°). The results showed that the measured sediment concentration varied from 87.08 to 620.80 kg m-3 with a mean value of 343.13 kg m-3. Sediment concentration increased as a power function with flow discharge and slope gradient, with R2 = 0.975 and NSE = 0.945. The sediment concentration was more sensitive to slope gradient than to flow discharge. The sediment concentration was well predicted by unit stream power (R2 = 0.937, NSE = 0.865), whereas less satisfactorily by flow velocity (R2 = 0.470, NSE = 0.539) and stream power (R2 = 0.773, NSE = 0.732). In addition, using the equations to simulate the measured sediment concentration of other studies, the result further indicated that slope gradient, flow discharge and unit stream power were good predictors of sediment concentration. In general, slope gradient, flow discharge and unit stream power seem to be the preferred predictors for estimating sediment concentration.

  13. Multiphase flow models for hydraulic fracturing technology

    Osiptsov, Andrei A.

    2017-10-01

    The technology of hydraulic fracturing of a hydrocarbon-bearing formation is based on pumping a fluid with particles into a well to create fractures in porous medium. After the end of pumping, the fractures filled with closely packed proppant particles create highly conductive channels for hydrocarbon flow from far-field reservoir to the well to surface. The design of the hydraulic fracturing treatment is carried out with a simulator. Those simulators are based on mathematical models, which need to be accurate and close to physical reality. The entire process of fracture placement and flowback/cleanup can be conventionally split into the following four stages: (i) quasi-steady state effectively single-phase suspension flow down the wellbore, (ii) particle transport in an open vertical fracture, (iii) displacement of fracturing fluid by hydrocarbons from the closed fracture filled with a random close pack of proppant particles, and, finally, (iv) highly transient gas-liquid flow in a well during cleanup. The stage (i) is relatively well described by the existing hydralics models, while the models for the other three stages of the process need revisiting and considerable improvement, which was the focus of the author’s research presented in this review paper. For stage (ii), we consider the derivation of a multi-fluid model for suspension flow in a narrow vertical hydraulic fracture at moderate Re on the scale of fracture height and length and also the migration of particles across the flow on the scale of fracture width. At the stage of fracture cleanaup (iii), a novel multi-continua model for suspension filtration is developed. To provide closure relationships for permeability of proppant packings to be used in this model, a 3D direct numerical simulation of single phase flow is carried out using the lattice-Boltzmann method. For wellbore cleanup (iv), we present a combined 1D model for highly-transient gas-liquid flow based on the combination of multi-fluid and

  14. Particle in the Brusselator Model with Flow

    Kuptsov, P.V.; Kuznetsov, S.P.; Mosekilde, Erik

    2002-01-01

    We consider the interaction of a small moving particle with a stationary space-periodic pattern in a chemical reaction-diffusion system with a flow. The pattern is produced by a one-dimensional Brusselator model that is perturbed by a constant displacement from the equilibrium state at the inlet....... By partially blocking the flow, the particle gives rise to a local increment of the flow rate. For certain parameter values a response with intermittent Hopf and Turing type structures is observed. In other regimes a wave of substitution of missing peaks runs across the pattern....

  15. 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

    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

  16. Electromechanical Model of Blood Flow in Vessels

    Ivo Cap; Barbora Czippelova

    2008-01-01

    The present paper deals with some theoretical derivations connected with very efficient method of solution of hydrodynamic problems of blood flow in human cardiovascular system. The electromechanical analogy of liquid flow in a tube and electromagnetic wave propagating along an electric transmission line is discussed. We have derived a detailed circuit-like model of an elementary section of the elastic tube with viscose Newtonian liquid. The analogy harmonic current electrical cir...

  17. Electromechanical Model of Blood Flow in Vessels

    Ivo Cap

    2008-01-01

    Full Text Available The present paper deals with some theoretical derivations connected with very efficient method of solution of hydrodynamic problems of blood flow in human cardiovascular system. The electromechanical analogy of liquid flow in a tube and electromagnetic wave propagating along an electric transmission line is discussed. We have derived a detailed circuit-like model of an elementary section of the elastic tube with viscose Newtonian liquid. The analogy harmonic current electrical circuit has been designed

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

    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 ...

  19. Review and selection of unsaturated flow models

    Reeves, M.; Baker, N.A.; Duguid, J.O. [INTERA, Inc., Las Vegas, NV (United States)

    1994-04-04

    Since the 1960`s, ground-water flow models have been used for analysis of water resources problems. In the 1970`s, emphasis began to shift to analysis of waste management problems. This shift in emphasis was largely brought about by site selection activities for geologic repositories for disposal of high-level radioactive wastes. Model development during the 1970`s and well into the 1980`s focused primarily on saturated ground-water flow because geologic repositories in salt, basalt, granite, shale, and tuff were envisioned to be below the water table. Selection of the unsaturated zone at Yucca Mountain, Nevada, for potential disposal of waste began to shift model development toward unsaturated flow models. Under the US Department of Energy (DOE), the Civilian Radioactive Waste Management System Management and Operating Contractor (CRWMS M&O) has the responsibility to review, evaluate, and document existing computer models; to conduct performance assessments; and to develop performance assessment models, where necessary. This document describes the CRWMS M&O approach to model review and evaluation (Chapter 2), and the requirements for unsaturated flow models which are the bases for selection from among the current models (Chapter 3). Chapter 4 identifies existing models, and their characteristics. Through a detailed examination of characteristics, Chapter 5 presents the selection of models for testing. Chapter 6 discusses the testing and verification of selected models. Chapters 7 and 8 give conclusions and make recommendations, respectively. Chapter 9 records the major references for each of the models reviewed. Appendix A, a collection of technical reviews for each model, contains a more complete list of references. Finally, Appendix B characterizes the problems used for model testing.

  20. Review and selection of unsaturated flow models

    Reeves, M.; Baker, N.A.; Duguid, J.O.

    1994-01-01

    Since the 1960's, ground-water flow models have been used for analysis of water resources problems. In the 1970's, emphasis began to shift to analysis of waste management problems. This shift in emphasis was largely brought about by site selection activities for geologic repositories for disposal of high-level radioactive wastes. Model development during the 1970's and well into the 1980's focused primarily on saturated ground-water flow because geologic repositories in salt, basalt, granite, shale, and tuff were envisioned to be below the water table. Selection of the unsaturated zone at Yucca Mountain, Nevada, for potential disposal of waste began to shift model development toward unsaturated flow models. Under the US Department of Energy (DOE), the Civilian Radioactive Waste Management System Management and Operating Contractor (CRWMS M ampersand O) has the responsibility to review, evaluate, and document existing computer models; to conduct performance assessments; and to develop performance assessment models, where necessary. This document describes the CRWMS M ampersand O approach to model review and evaluation (Chapter 2), and the requirements for unsaturated flow models which are the bases for selection from among the current models (Chapter 3). Chapter 4 identifies existing models, and their characteristics. Through a detailed examination of characteristics, Chapter 5 presents the selection of models for testing. Chapter 6 discusses the testing and verification of selected models. Chapters 7 and 8 give conclusions and make recommendations, respectively. Chapter 9 records the major references for each of the models reviewed. Appendix A, a collection of technical reviews for each model, contains a more complete list of references. Finally, Appendix B characterizes the problems used for model testing

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

    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.

  2. Assessing alternative conceptual models of fracture flow

    Ho, C.K.

    1995-01-01

    The numerical code TOUGH2 was used to assess alternative conceptual models of fracture flow. The models that were considered included the equivalent continuum model (ECM) and the dual permeability (DK) model. A one-dimensional, layered, unsaturated domain was studied with a saturated bottom boundary and a constant infiltration at the top boundary. Two different infiltration rates were used in the studies. In addition, the connection areas between the fracture and matrix elements in the dual permeability model were varied. Results showed that the two conceptual models of fracture flow produced different saturation and velocity profiles-even under steady-state conditions. The magnitudes of the discrepancies were sensitive to two parameters that affected the flux between the fractures and matrix in the dual permeability model: (1) the fracture-matrix connection areas and (2) the capillary pressure gradients between the fracture and matrix elements

  3. Unsaturated zone flow modeling for GWTT-95

    Ho, C.K.; Altman, S.J.; McKenna, S.A.; Arnold, B.W.

    1995-01-01

    In accordance with the Nuclear Regulatory Commission regulation regarding groundwater travel times at geologic repositories, various models of unsaturated flow in fractured tuff have been developed and implemented to assess groundwater travel times at the potential repository at Yucca Mountain, Nevada. Kaplan used one-dimensional models to describe the uncertainty and sensitivity of travel times to various processes at Yucca Mountain. Robey and Arnold et al. used a two-dimensional equivalent continuum model (ECM) with inter- and intra-unit heterogeneity in an attempt to assess fast-flow paths through the unsaturated, fractured tuff at Yucca Mountain (GWTT-94). However, significant flow through the fractures in previous models was not simulated due to the characteristics of the ECM, which requires the matrix to be nearly saturated before flow through the fractures is initiated. In the current study (GWTT-95), four two-dimensional cross-sections at Yucca Mountain are simulated using both the ECM and dual-permeability (DK) models. The properties of both the fracture and matrix domains are geostatistically simulated, yielding completely heterogeneous continua. Then, simulations of flow through the four cross-sections are performed using spatially nonuniform infiltration boundary conditions. Steady-state groundwater travel times from the potential repository to the water table are calculated

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

    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.

  5. Manipulation of Cash-Settled Futures Contracts.

    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...

  6. A subchannel based annular flow dryout model

    Hammouda, Najmeddine; Cheng, Zhong; Rao, Yanfei F.

    2016-01-01

    Highlights: • A modified annular flow dryout model for subchannel thermalhydraulic analysis. • Implementation of the model in Canadian subchannel code ASSERT-PV. • Assessment of the model against tube CHF experiments. • Assessment of the model against CANDU-bundle CHF experiments. - Abstract: This paper assesses a popular tube-based mechanistic critical heat flux model (Hewitt and Govan’s annular flow model (based on the model of Whalley et al.), and modifies and implements the model for bundle geometries. It describes the results of the ASSERT subchannel code predictions using the modified model, as applied to a single tube and the 28-element, 37-element and 43-element (CANFLEX) CANDU bundles. A quantitative comparison between the model predictions and experimental data indicates good agreement for a wide range of flow conditions. The comparison has resulted in an overall average error of −0.15% and an overall root-mean-square error of 5.46% with tube data representing annular film dryout type critical heat flux, and in an overall average error of −0.9% and an overall RMS error of 9.9% with Stern Laboratories’ CANDU-bundle data.

  7. On renormalization group flow in matrix model

    Gao, H.B.

    1992-10-01

    The renormalization group flow recently found by Brezin and Zinn-Justin by integrating out redundant entries of the (N+1)x(N+1) Hermitian random matrix is studied. By introducing explicitly the RG flow parameter, and adding suitable counter terms to the matrix potential of the one matrix model, we deduce some interesting properties of the RG trajectories. In particular, the string equation for the general massive model interpolating between the UV and IR fixed points turns out to be a consequence of RG flow. An ambiguity in the UV region of the RG trajectory is remarked to be related to the large order behaviour of the one matrix model. (author). 7 refs

  8. Multiphase reacting flows modelling and simulation

    Marchisio, Daniele L

    2007-01-01

    The papers in this book describe the most widely applicable modeling approaches and are organized in six groups covering from fundamentals to relevant applications. In the first part, some fundamentals of multiphase turbulent reacting flows are covered. In particular the introduction focuses on basic notions of turbulence theory in single-phase and multi-phase systems as well as on the interaction between turbulence and chemistry. In the second part, models for the physical and chemical processes involved are discussed. Among other things, particular emphasis is given to turbulence modeling strategies for multiphase flows based on the kinetic theory for granular flows. Next, the different numerical methods based on Lagrangian and/or Eulerian schemes are presented. In particular the most popular numerical approaches of computational fluid dynamics codes are described (i.e., Direct Numerical Simulation, Large Eddy Simulation, and Reynolds-Averaged Navier-Stokes approach). The book will cover particle-based meth...

  9. A void distribution model-flashing flow

    Riznic, J.; Ishii, M.; Afgan, N.

    1987-01-01

    A new model for flashing flow based on wall nucleations is proposed here and the model predictions are compared with some experimental data. In order to calculate the bubble number density, the bubble number transport equation with a distributed source from the wall nucleation sites was used. Thus it was possible to avoid the usual assumption of a constant bubble number density. Comparisons of the model with the data shows that the model based on the nucleation site density correlation appears to be acceptable to describe the vapor generation in the flashing flow. For the limited data examined, the comparisons show rather satisfactory agreement without using a floating parameter to adjust the model. This result indicated that, at least for the experimental conditions considered here, the mechanistic predictions of the flashing phenomenon is possible on the present wall nucleation based model

  10. Cash dividends and futures prices on discontinuous filtrations

    Vellekoop, M.H.; Nieuwenhuis, J.W.

    We derive a general formula for the futures price process without the restriction that the assets used in the future margin account are continuous and of finite variation. To do so, we model tradeable securities with dividends which are not necessarily cash dividends at fixed times or continuously

  11. Electronic Payments Profitability Extent Model

    Rudolf Vohnout

    2016-12-01

    Full Text Available Cashless payments are recent phenomena, which even increased with the introduction of contactless means like NFC, PayPass or payWave. Such new methods speed-up the entire payment process and in comparison to cash transactions are much simpler and faster. But on the other hand the key question for merchant is if it is worth to have such device, which accept these new payment means or not to have the terminal at all. What is the amount of cash flow, which delimits the cash holdings to be still profitable? This paper tries to give answers to such question by presenting general profitability model, which will address defining the cash threshold amount. The aim is to show that cash holdings could be profitable up to certain amount, but after the threshold is met, cashless payment methods are fairly superior despite their additional costs.

  12. An Introduction to Digital Cash World

    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...

  13. Date Attachable Offline Electronic Cash Scheme

    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.

  14. Date attachable offline electronic cash scheme.

    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.

  15. Date Attachable Offline Electronic Cash Scheme

    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

  16. Numerical modeling of the debris flows runout

    Federico Francesco

    2017-01-01

    Full Text Available Rapid debris flows are identified among the most dangerous of all landslides. Due to their destructive potential, the runout length has to be predicted to define the hazardous areas and design safeguarding measures. To this purpose, a continuum model to predict the debris flows mobility is developed. It is based on the well known depth-integrated avalanche model proposed by Savage and Hutter (S&H model to simulate the dry granular materials flows. Conservation of mass and momentum equations, describing the evolving geometry and the depth averaged velocity distribution, are re-written taking into account the effects of the interstitial pressures and the possible variation of mass along the motion due to erosion/deposition processes. Furthermore, the mechanical behaviour of the debris flow is described by a recently developed rheological law, which allows to take into account the dissipative effects of the grain inelastic collisions and friction, simultaneously acting within a ‘shear layer’, typically at the base of the debris flows. The governing PDEs are solved by applying the finite difference method. The analysis of a documented case is finally carried out.

  17. SATURATED ZONE FLOW AND TRANSPORT MODEL ABSTRACTION

    B.W. ARNOLD

    2004-01-01

    The purpose of the saturated zone (SZ) flow and transport model abstraction task is to provide radionuclide-transport simulation results for use in the total system performance assessment (TSPA) for license application (LA) calculations. This task includes assessment of uncertainty in parameters that pertain to both groundwater flow and radionuclide transport in the models used for this purpose. This model report documents the following: (1) The SZ transport abstraction model, which consists of a set of radionuclide breakthrough curves at the accessible environment for use in the TSPA-LA simulations of radionuclide releases into the biosphere. These radionuclide breakthrough curves contain information on radionuclide-transport times through the SZ. (2) The SZ one-dimensional (I-D) transport model, which is incorporated in the TSPA-LA model to simulate the transport, decay, and ingrowth of radionuclide decay chains in the SZ. (3) The analysis of uncertainty in groundwater-flow and radionuclide-transport input parameters for the SZ transport abstraction model and the SZ 1-D transport model. (4) The analysis of the background concentration of alpha-emitting species in the groundwater of the SZ

  18. DETERMINANTS OF RURAL FARMERS PREFERENCE FOR CASH-LESS TRANSACTIONS IN IMO STATE

    Igwe Ikenna UKOHA

    2017-04-01

    Full Text Available The preference for cash-less transaction by Nigerians cannot be exaggerated, but despite its patronage, there exist limited access and utilization of the cash-less technologies among farmers in South-East Nigeria. The study analysed the determinants of rural farmers’ preference for cash-less transactions in Imo state, South-East Nigeria. Multi-stage sampling technique was employed in selection of 100 farmers for the study. The determinant of rural farmers’ preference for cash-less transactions in Imo State, was achieved using logit model. The result of the analysis showed that age (5%, gender (10% education levels of the farmers (1%, user friendliness of technologies (5%, transaction charge (5% and security of transactions (5% were found to be the major determinants of farmers preference for cash-less transactions based on their levels of significance. Centred on the findings, the study recommended the strengthening of the use of cash-less transaction by farmers by providing a favourable financial environment through better orientation programs, so as to enable a smooth transition from a cash-based economy to cash-less economy.

  19. Improved modeling techniques for turbomachinery flow fields

    Lakshminarayana, B. [Pennsylvania State Univ., University Park, PA (United States); Fagan, J.R. Jr. [Allison Engine Company, Indianapolis, IN (United States)

    1995-10-01

    This program has the objective of developing an improved methodology for modeling turbomachinery flow fields, including the prediction of losses and efficiency. Specifically, the program addresses the treatment of the mixing stress tensor terms attributed to deterministic flow field mechanisms required in steady-state Computational Fluid Dynamic (CFD) models for turbo-machinery flow fields. These mixing stress tensors arise due to spatial and temporal fluctuations (in an absolute frame of reference) caused by rotor-stator interaction due to various blade rows and by blade-to-blade variation of flow properties. These tasks include the acquisition of previously unavailable experimental data in a high-speed turbomachinery environment, the use of advanced techniques to analyze the data, and the development of a methodology to treat the deterministic component of the mixing stress tensor. Penn State will lead the effort to make direct measurements of the momentum and thermal mixing stress tensors in high-speed multistage compressor flow field in the turbomachinery laboratory at Penn State. They will also process the data by both conventional and conditional spectrum analysis to derive momentum and thermal mixing stress tensors due to blade-to-blade periodic and aperiodic components, revolution periodic and aperiodic components arising from various blade rows and non-deterministic (which includes random components) correlations. The modeling results from this program will be publicly available and generally applicable to steady-state Navier-Stokes solvers used for turbomachinery component (compressor or turbine) flow field predictions. These models will lead to improved methodology, including loss and efficiency prediction, for the design of high-efficiency turbomachinery and drastically reduce the time required for the design and development cycle of turbomachinery.

  20. 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

    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

  1. Modelling Nitrogen Transformation in Horizontal Subsurface Flow ...

    A mathematical model was developed to permit dynamic simulation of nitrogen interaction in a pilot horizontal subsurface flow constructed wetland receiving effluents from primary facultative pond. The system was planted with Phragmites mauritianus, which was provided with root zone depth of 75 cm. The root zone was ...

  2. Modelling of flow phenomena during DC casting

    Zuidema, J.

    2005-01-01

    Modelling of Flow Phenomena during DC Casting Jan Zuidema The production of aluminium ingots, by semi-continuous casting, is a complex process. DC Casting stands for direct chill casting. During this process liquid aluminium transforms to solid aluminium while cooling down. This is not an

  3. Multiphase flow modeling in centrifugal partition chromatography.

    Adelmann, S; Schwienheer, C; Schembecker, G

    2011-09-09

    The separation efficiency in Centrifugal Partition Chromatography (CPC) depends on selection of a suitable biphasic solvent system (distribution ratio, selectivity factor, sample solubility) and is influenced by hydrodynamics in the chambers. Especially the stationary phase retention, the interfacial area for mass transfer and the flow pattern (backmixing) are important parameters. Their relationship with physical properties, operating parameters and chamber geometry is not completely understood and predictions are hardly possible. Experimental flow visualization is expensive and two-dimensional only. Therefore we simulated the flow pattern using a volume-of-fluid (VOF) method, which was implemented in OpenFOAM®. For the three-dimensional simulation of a rotating FCPC®-chamber, gravitational centrifugal and Coriolis forces were added to the conservation equation. For experimental validation the flow pattern of different solvent systems was visualized with an optical measurement system. The amount of mobile phase in a chamber was calculated from gray scale values of videos recorded by an image processing routine in ImageJ®. To visualize the flow of the stationary phase polyethylene particles were used to perform a qualitative particle image velocimetry (PIV) analysis. We found a good agreement between flow patterns and velocity profiles of experiments and simulations. By using the model we found that increasing the chamber depth leads to higher specific interfacial area. Additionally a circular flow in the stationary phase was identified that lowers the interfacial area because it pushes the jet of mobile phase to the chamber wall. The Coriolis force alone gives the impulse for this behavior. As a result the model is easier to handle than experiments and allows 3D prediction of hydrodynamics in the chamber. Additionally it can be used for optimizing geometry and operating parameters for given physical properties of solvent systems. Copyright © 2011 Elsevier B

  4. Multiphase flow modelling of furnace tapholes

    Reynolds, Quinn G.; Erwee, Markus W.

    2017-01-01

    Pyrometallurgical furnaces of many varieties make use of tapholes in order to facilitate the removal of molten process material from inside the vessel. Correct understanding and operation of the taphole is essential for optimal performance of such furnaces. The present work makes use of computational fluid dynamics models generated using the OpenFOAM® framework in order to study flow behaviour in the taphole system. Single-phase large-eddy simulation models are used to quantify the discharge ...

  5. 23 CFR 140.612 - Cash management.

    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...

  6. School District Cash Management. Program Audit.

    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.…

  7. Cash Management/Data Matching. Training Guide.

    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…

  8. Lessons about Cash and Manager Priorities

    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…

  9. Theoretical modelling of nuclear waste flows - 16377

    Adams, J.F.; Biggs, S.R.; Fairweather, M.; Njobuenwu, D.; Yao, J.

    2009-01-01

    A large amount of nuclear waste is stored in tailings ponds as a solid-liquid slurry, and liquid flows containing suspensions of solid particles are encountered in the treatment and disposal of this waste. In processing this waste, it is important to understand the behaviour of particles within the flow in terms of their settling characteristics, their propensity to form solid beds, and the re-suspension characteristics of particles from a bed. A clearer understanding of such behaviour would allow the refinement of current approaches to waste management, potentially leading to reduced uncertainties in radiological impact assessments, smaller waste volumes and lower costs, accelerated clean-up, reduced worker doses, enhanced public confidence and diminished grounds for objection to waste disposal. Mathematical models are of significant value in nuclear waste processing since the extent of characterisation of wastes is in general low. Additionally, waste processing involves a diverse range of flows, within vessels, ponds and pipes. To investigate experimentally all waste form characteristics and potential flows of interest would be prohibitively expensive, whereas the use of mathematical models can help to focus experimental studies through the more efficient use of existing data, the identification of data requirements, and a reduction in the need for process optimisation in full-scale experimental trials. Validated models can also be used to predict waste transport behaviour to enable cost effective process design and continued operation, to provide input to process selection, and to allow the prediction of operational boundaries that account for the different types and compositions of particulate wastes. In this paper two mathematical modelling techniques, namely Reynolds-averaged Navier-Stokes (RANS) and large eddy simulation (LES), have been used to investigate particle-laden flows in a straight square duct and a duct with a bend. The flow solutions provided by

  10. Traffic flow dynamics data, models and simulation

    Treiber, Martin

    2013-01-01

    This textbook provides a comprehensive and instructive coverage of vehicular traffic flow dynamics and modeling. It makes this fascinating interdisciplinary topic, which to date was only documented in parts by specialized monographs, accessible to a broad readership. Numerous figures and problems with solutions help the reader to quickly understand and practice the presented concepts. This book is targeted at students of physics and traffic engineering and, more generally, also at students and professionals in computer science, mathematics, and interdisciplinary topics. It also offers material for project work in programming and simulation at college and university level. The main part, after presenting different categories of traffic data, is devoted to a mathematical description of the dynamics of traffic flow, covering macroscopic models which describe traffic in terms of density, as well as microscopic many-particle models in which each particle corresponds to a vehicle and its driver. Focus chapters on ...

  11. Stationary spiral flow in polytropic stellar models

    Pekeris, C. L.

    1980-01-01

    It is shown that, in addition to the static Emden solution, a self-gravitating polytropic gas has a dynamic option in which there is stationary flow along spiral trajectories wound around the surfaces of concentric tori. The motion is obtained as a solution of a partial differential equation which is satisfied by the meridional stream function, coupled with Poisson's equation and a Bernoulli-type equation for the pressure (density). The pressure is affected by the whole of the Bernoulli term rather than by the centrifugal part only, which acts for a rotating model, and it may be reduced down to zero at the center. The spiral type of flow is illustrated for an incompressible fluid (n = 0), for which an exact solution is obtained. The features of the dynamic constant-density model are discussed as a basis for future comparison with the solution for compressible models. PMID:16592825

  12. Symposium on unsaturated flow and transport modeling

    Arnold, E.M.; Gee, G.W.; Nelson, R.W.

    1982-09-01

    This document records the proceedings of a symposium on flow and transport processes in partially saturated groundwater systems, conducted at the Battelle Seattle Research Center on March 22-24, 1982. The symposium was sponsored by the US Nuclear Regulatory Commission for the purpose of assessing the state-of-the-art of flow and transport modeling for use in licensing low-level nuclear waste repositories in partially saturated zones. The first day of the symposium centered around research in flow through partially saturated systems. Papers were presented with the opportunity for questions following each presentation. In addition, after all the talks, a formal panel discussion was held during which written questions were addressed to the panel of the days speakers. The second day of the Symposium was devoted to solute and contaminant transport in partially saturated media in an identical format. Individual papers are abstracted

  13. Symposium on unsaturated flow and transport modeling

    Arnold, E.M.; Gee, G.W.; Nelson, R.W. (eds.)

    1982-09-01

    This document records the proceedings of a symposium on flow and transport processes in partially saturated groundwater systems, conducted at the Battelle Seattle Research Center on March 22-24, 1982. The symposium was sponsored by the US Nuclear Regulatory Commission for the purpose of assessing the state-of-the-art of flow and transport modeling for use in licensing low-level nuclear waste repositories in partially saturated zones. The first day of the symposium centered around research in flow through partially saturated systems. Papers were presented with the opportunity for questions following each presentation. In addition, after all the talks, a formal panel discussion was held during which written questions were addressed to the panel of the days speakers. The second day of the Symposium was devoted to solute and contaminant transport in partially saturated media in an identical format. Individual papers are abstracted.

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

    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...

  15. Mathematical model of melt flow channel granulator

    A. A. Kiselev

    2016-01-01

    Full Text Available Granulation of carbohydrate-vitamin-mineral supplements based on molasses is performed at a high humidity (26 %, so for a stable operation of granulator it is necessary to reveal its melt flow pattern. To describe melt non-isothermal flow in the granulator a mathematical model with following initial equations: continuity equation, motion equation and rheological equation – was developed. The following assumptions were adopted: the melt flow in the granulator is a steady laminar flow; inertial and gravity forces can be ignored; melt is an incompressible fluid; velocity gradient in the flow direction is much smaller than in the transverse direction; the pressure gradient over the cross section of the channel is constant; the flow is hydrodynamically fully developed; effects impact on the channel inlet and outlet may be neglected. Due to the assumptions adopted, it can be considered that in this granulator only velocity components in the x-direction are significant and all the members of the equation with the components and their derivatives with respect to the coordinates y and z can be neglected. The resulting solutions were obtained: the equation for the mean velocity, the equation for determining the volume flow, the formula for calculating of mean time of the melt being in the granulator, the equation for determining the shear stress, the equation for determining the shear rate and the equation for determining the pressure loss. The results of calculations of the equations obtained are in complete agreement with the experimental data; deviation range is 16–19 %. The findings about the melt movement pattern in granulator allowed developing a methodology for calculating a rational design of the granulator molding unit.

  16. Viscoelastic Flow Modelling for Polymer Flooding

    de, Shauvik; Padding, Johan; Peters, Frank; Kuipers, Hans; Multi-scale Modelling of Multi-phase Flows Team

    2015-11-01

    Polymer liquids are used in the oil industry to improve the volumetric sweep and displacement efficiency of oil from a reservoir. Surprisingly, it is not only the viscosity but also the elasticity of the displacing fluid that determine the displacement efficiency. The main aim of our work is to obtain a fundamental understanding of the effect of fluid elasticity, by developing an advanced computer simulation methodology for the flow of non-Newtonian fluids through porous media. We simulate a 3D unsteady viscoelastic flow through a converging diverging geometry of realistic pore dimension using computational fluid dynamics (CFD).The primitive variables velocity, pressure and extra stresses are used in the formulation of models. The viscoelastic stress part is formulated using a FENE-P type of constitutive equation, which can predict both shear and elongational stress properties during this flow. A Direct Numerical Simulation (DNS) approach using Finite volume method (FVM) with staggered grid has been applied. A novel second order Immersed boundary method (IBM) has been incorporated to mimic porous media. The effect of rheological parameters on flow characteristics has also been studied. The simulations provide an insight into 3D flow asymmetry at higher Deborah numbers. Micro-Particle Image Velocimetry experiments are carried out to obtain further insights. These simulations present, for the first time, a detailed computational study of the effects of fluid elasticity on the imbibition of an oil phase.

  17. Levy Random Bridges and the Modelling of Financial Information

    Hoyle, Edward; Hughston, Lane P.; Macrina, Andrea

    2009-01-01

    The information-based asset-pricing framework of Brody, Hughston and Macrina (BHM) is extended to include a wider class of models for market information. In the BHM framework, each asset is associated with a collection of random cash flows. The price of the asset is the sum of the discounted conditional expectations of the cash flows. The conditional expectations are taken with respect to a filtration generated by a set of "information processes". The information processes carry imperfect inf...

  18. Modelling framework for groundwater flow at Sellafield

    Hooper, A.J.; Billington, D.E.; Herbert, A.W.

    1995-01-01

    The principal objective of Nirex is to develop a single deep geological repository for the safe disposal of low- and intermediate-level radioactive waste. In safety assessment, use is made of a variety of conceptual models that form the basis for modelling of the pathways by which radionuclides might return to the environment. In this paper, the development of a conceptual model for groundwater flow and transport through fractured rock on the various scales of interest is discussed. The approach is illustrated by considering how some aspects of the conceptual model are developed in particular numerical models. These representations of the conceptual model use fracture network geometries based on realistic rock properties. (author). refs., figs., tabs

  19. Mathematical modeling of swirled flows in industrial applications

    Dekterev, A. A.; Gavrilov, A. A.; Sentyabov, A. V.

    2018-03-01

    Swirled flows are widely used in technological devices. Swirling flows are characterized by a wide range of flow regimes. 3D mathematical modeling of flows is widely used in research and design. For correct mathematical modeling of such a flow, it is necessary to use turbulence models, which take into account important features of the flow. Based on the experience of computational modeling of a wide class of problems with swirling flows, recommendations on the use of turbulence models for calculating the applied problems are proposed.

  20. Modelling aspects of two phase flow

    Mayinger, F.

    1977-01-01

    In two phase flow scaling is much more limited to very narrowly defined physical phenomena than in single phase fluids. For complex and combined phenomena it can be achieved not by using dimensionless numbers alone but in addition a detailed mathematical description of the physical problem - usually in the form of a computer program - must be available. An important role plays the scaling of the thermodynamic data of the modelling fluid. From a literature survey and from own scaling experiments the conclusion can be drawn that Freon is a quite suitable modelling fluid for scaling steam-water mixtures. However, whithout a theoretical description of the phenomena nondimensional numbers for scaling two phase flow must be handled very carefully. (orig.) [de

  1. Modelling information flow along the human connectome using maximum flow.

    Lyoo, Youngwook; Kim, Jieun E; Yoon, Sujung

    2018-01-01

    The human connectome is a complex network that transmits information between interlinked brain regions. Using graph theory, previously well-known network measures of integration between brain regions have been constructed under the key assumption that information flows strictly along the shortest paths possible between two nodes. However, it is now apparent that information does flow through non-shortest paths in many real-world networks such as cellular networks, social networks, and the internet. In the current hypothesis, we present a novel framework using the maximum flow to quantify information flow along all possible paths within the brain, so as to implement an analogy to network traffic. We hypothesize that the connection strengths of brain networks represent a limit on the amount of information that can flow through the connections per unit of time. This allows us to compute the maximum amount of information flow between two brain regions along all possible paths. Using this novel framework of maximum flow, previous network topological measures are expanded to account for information flow through non-shortest paths. The most important advantage of the current approach using maximum flow is that it can integrate the weighted connectivity data in a way that better reflects the real information flow of the brain network. The current framework and its concept regarding maximum flow provides insight on how network structure shapes information flow in contrast to graph theory, and suggests future applications such as investigating structural and functional connectomes at a neuronal level. Copyright © 2017 Elsevier Ltd. All rights reserved.

  2. One-Dimensional Model for Mud Flows.

    1985-10-01

    law relation between the Chezy coefficient and the flow Reynolds number. Jeyapalan et al. [2], in their analysis of mine tailing dam failures...8217.. .: -:.. ; .r;./. : ... . :\\ :. . ... . RESULTS The model is compared with several dambreak experiments performed by Jeyapalan et al. [3]. In these...0.34 seconds per computational node. 5i Test 6 Test 2 Test 7 44 E 3 A2 Experimental Results0 Jeyapalan at al. (3) - C6- Numerical Results 4 8 12 i6 Time

  3. Diffuse interface methods for multiphase flow modeling

    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. MODEL DE PREZENTARE A FLUXURILOR DE NUMERAR DEZVOLTAT PRIN METODA DIRECTĂ

    Daniel BRÎNDESCU – OLARIU

    2013-11-01

    Full Text Available The information supplied by the cash-flow statement represents an important basis in the decision-making process for all the stakeholders of the company. The utility of the cash-flow statements built through the direct method is superior to that of the cash-flow statements built through the indirect method, but the direct method is employed with a significantly lower frequency because of the difficulty in accessing the required accounting data. A study conducted over a sample of 50 companies from the Timis County concerning the methods employed for the construction of the cash-flow statement reflects o preference for the direct approach in forecasts, as in such situations the accounting data is easier to collect. Still, in practice, the cash-flow statements developed through the direct method are often incomplete, which makes the explanation of the cash variation impossible. The current study proposes a cash-flow statement model developed through the direct method and tested through simulations within a software application specially conceived for this purpose.

  5. On the modelling of shallow turbidity flows

    Liapidevskii, Valery Yu.; Dutykh, Denys; Gisclon, Marguerite

    2018-03-01

    In this study we investigate shallow turbidity density currents and underflows from mechanical point of view. We propose a simple hyperbolic model for such flows. On one hand, our model is based on very basic conservation principles. On the other hand, the turbulent nature of the flow is also taken into account through the energy dissipation mechanism. Moreover, the mixing with the pure water along with sediments entrainment and deposition processes are considered, which makes the problem dynamically interesting. One of the main advantages of our model is that it requires the specification of only two modeling parameters - the rate of turbulent dissipation and the rate of the pure water entrainment. Consequently, the resulting model turns out to be very simple and self-consistent. This model is validated against several experimental data and several special classes of solutions (such as travelling, self-similar and steady) are constructed. Unsteady simulations show that some special solutions are realized as asymptotic long time states of dynamic trajectories.

  6. Modelling debris flows down general channels

    S. P. Pudasaini

    2005-01-01

    Full Text Available This paper is an extension of the single-phase cohesionless dry granular avalanche model over curved and twisted channels proposed by Pudasaini and Hutter (2003. It is a generalisation of the Savage and Hutter (1989, 1991 equations based on simple channel topography to a two-phase fluid-solid mixture of debris material. Important terms emerging from the correct treatment of the kinematic and dynamic boundary condition, and the variable basal topography are systematically taken into account. For vanishing fluid contribution and torsion-free channel topography our new model equations exactly degenerate to the previous Savage-Hutter model equations while such a degeneration was not possible by the Iverson and Denlinger (2001 model, which, in fact, also aimed to extend the Savage and Hutter model. The model equations of this paper have been rigorously derived; they include the effects of the curvature and torsion of the topography, generally for arbitrarily curved and twisted channels of variable channel width. The equations are put into a standard conservative form of partial differential equations. From these one can easily infer the importance and influence of the pore-fluid-pressure distribution in debris flow dynamics. The solid-phase is modelled by applying a Coulomb dry friction law whereas the fluid phase is assumed to be an incompressible Newtonian fluid. Input parameters of the equations are the internal and bed friction angles of the solid particles, the viscosity and volume fraction of the fluid, the total mixture density and the pore pressure distribution of the fluid at the bed. Given the bed topography and initial geometry and the initial velocity profile of the debris mixture, the model equations are able to describe the dynamics of the depth profile and bed parallel depth-averaged velocity distribution from the initial position to the final deposit. A shock capturing, total variation diminishing numerical scheme is implemented to

  7. Review and selection of unsaturated flow models

    NONE

    1993-09-10

    Under the US Department of Energy (DOE), the Civilian Radioactive Waste Management System Management and Operating Contractor (CRWMS M&O) has the responsibility to review, evaluate, and document existing computer ground-water flow models; to conduct performance assessments; and to develop performance assessment models, where necessary. In the area of scientific modeling, the M&O CRWMS has the following responsibilities: To provide overall management and integration of modeling activities. To provide a framework for focusing modeling and model development. To identify areas that require increased or decreased emphasis. To ensure that the tools necessary to conduct performance assessment are available. These responsibilities are being initiated through a three-step process. It consists of a thorough review of existing models, testing of models which best fit the established requirements, and making recommendations for future development that should be conducted. Future model enhancement will then focus on the models selected during this activity. Furthermore, in order to manage future model development, particularly in those areas requiring substantial enhancement, the three-step process will be updated and reported periodically in the future.

  8. An introduction to multilevel flow modeling

    Lind, Morten

    2011-01-01

    Multilevel Flow Modeling (MFM) is a methodology for functional modeling of industrial processes on several interconnected levels of means-end and part-whole abstractions. The basic idea of MFM is to represent an industrial plant as a system which provides the means required to serve purposes in i...... in detail by a water mill example. The overall reasoning capabilities of MFM and its basis in cause-effect relations are also explained. The appendix contains an overview of MFM concepts and their definitions....

  9. Stochastic modelling of two-phase flows including phase change

    Hurisse, O.; Minier, J.P.

    2011-01-01

    Stochastic modelling has already been developed and applied for single-phase flows and incompressible two-phase flows. In this article, we propose an extension of this modelling approach to two-phase flows including phase change (e.g. for steam-water flows). Two aspects are emphasised: a stochastic model accounting for phase transition and a modelling constraint which arises from volume conservation. To illustrate the whole approach, some remarks are eventually proposed for two-fluid models. (authors)

  10. Modeling variability in porescale multiphase flow experiments

    Ling, Bowen; Bao, Jie; Oostrom, Mart; Battiato, Ilenia; Tartakovsky, Alexandre M.

    2017-07-01

    Microfluidic devices and porescale numerical models are commonly used to study multiphase flow in biological, geological, and engineered porous materials. In this work, we perform a set of drainage and imbibition experiments in six identical microfluidic cells to study the reproducibility of multiphase flow experiments. We observe significant variations in the experimental results, which are smaller during the drainage stage and larger during the imbibition stage. We demonstrate that these variations are due to sub-porescale geometry differences in microcells (because of manufacturing defects) and variations in the boundary condition (i.e., fluctuations in the injection rate inherent to syringe pumps). Computational simulations are conducted using commercial software STAR-CCM+, both with constant and randomly varying injection rates. Stochastic simulations are able to capture variability in the experiments associated with the varying pump injection rate.

  11. Modeling steam pressure under martian lava flows

    Dundas, Colin M.; Keszthelyi, Laszlo P.

    2013-01-01

    Rootless cones on Mars are a valuable indicator of past interactions between lava and water. However, the details of the lava–water interactions are not fully understood, limiting the ability to use these features to infer new information about past water on Mars. We have developed a model for the pressurization of a dry layer of porous regolith by melting and boiling ground ice in the shallow subsurface. This model builds on previous models of lava cooling and melting of subsurface ice. We find that for reasonable regolith properties and ice depths of decimeters, explosive pressures can be reached. However, the energy stored within such lags is insufficient to excavate thick flows unless they draw steam from a broader region than the local eruption site. These results indicate that lag pressurization can drive rootless cone formation under favorable circumstances, but in other instances molten fuel–coolant interactions are probably required. We use the model results to consider a range of scenarios for rootless cone formation in Athabasca Valles. Pressure buildup by melting and boiling ice under a desiccated lag is possible in some locations, consistent with the expected distribution of ice implanted from atmospheric water vapor. However, it is uncertain whether such ice has existed in the vicinity of Athabasca Valles in recent history. Plausible alternative sources include surface snow or an aqueous flood shortly before the emplacement of the lava flow.

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

    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...

  13. Banknotes and unattended cash transactions

    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.

  14. Cash Advance Accounting: Accounting Regulations and Practices

    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.

  15. Uue kunsti muuseumis laulab Johnny Cash

    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

  16. TEVA-SPOT-GUI - Containing Preliminary Flow Model

    U.S. Environmental Protection Agency — This ZIP file contains the developmental, test version of TEVA-SPOT-GUI's Flow Model. The Flow Model is a new, event based water quality algorithm for EPANET. The...

  17. 47 CFR 36.182 - Cash working capital.

    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...

  18. THE CARD - CURRENCY WITH AND WITHOUT CASH

    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.

  19. Consequence Reasoning in Multilevel Flow Modelling

    Zhang, Xinxin; Lind, Morten; Ravn, Ole

    2013-01-01

    Consequence reasoning is a major element for operation support system to assess the plant situations. The purpose of this paper is to elaborate how Multilevel Flow Models can be used to reason about consequences of disturbances in complex engineering systems. MFM is a modelling methodology...... for representing process knowledge for complex systems. It represents the system by using means-end and part-whole decompositions, and describes not only the purposes and functions of the system but also the causal relations between them. Thus MFM is a tool for causal reasoning. The paper introduces MFM modelling...... syntax and gives detailed reasoning formulas for consequence reasoning. The reasoning formulas offers basis for developing rule-based system to perform consequence reasoning based on MFM, which can be used for alarm design, risk monitoring, and supervision and operation support system design....

  20. Traffic flow dynamics. Data, models and simulation

    Treiber, Martin [Technische Univ. Dresden (Germany). Inst. fuer Wirtschaft und Verkehr; Kesting, Arne [TomTom Development Germany GmbH, Berlin (Germany)

    2013-07-01

    First comprehensive textbook of this fascinating interdisciplinary topic which explains advances in a way that it is easily accessible to engineering, physics and math students. Presents practical applications of traffic theory such as driving behavior, stability analysis, stop-and-go waves, and travel time estimation. Presents the topic in a novel and systematic way by addressing both microscopic and macroscopic models with a focus on traffic instabilities. Revised and extended edition of the German textbook ''Verkehrsdynamik und -simulation''. This textbook provides a comprehensive and instructive coverage of vehicular traffic flow dynamics and modeling. It makes this fascinating interdisciplinary topic, which to date was only documented in parts by specialized monographs, accessible to a broad readership. Numerous figures and problems with solutions help the reader to quickly understand and practice the presented concepts. This book is targeted at students of physics and traffic engineering and, more generally, also at students and professionals in computer science, mathematics, and interdisciplinary topics. It also offers material for project work in programming and simulation at college and university level. The main part, after presenting different categories of traffic data, is devoted to a mathematical description of the dynamics of traffic flow, covering macroscopic models which describe traffic in terms of density, as well as microscopic many-particle models in which each particle corresponds to a vehicle and its driver. Focus chapters on traffic instabilities and model calibration/validation present these topics in a novel and systematic way. Finally, the theoretical framework is shown at work in selected applications such as traffic-state and travel-time estimation, intelligent transportation systems, traffic operations management, and a detailed physics-based model for fuel consumption and emissions.

  1. Modeling reproducibility of porescale multiphase flow experiments

    Ling, B.; Tartakovsky, A. M.; Bao, J.; Oostrom, M.; Battiato, I.

    2017-12-01

    Multi-phase flow in porous media is widely encountered in geological systems. Understanding immiscible fluid displacement is crucial for processes including, but not limited to, CO2 sequestration, non-aqueous phase liquid contamination and oil recovery. Microfluidic devices and porescale numerical models are commonly used to study multiphase flow in biological, geological, and engineered porous materials. In this work, we perform a set of drainage and imbibition experiments in six identical microfluidic cells to study the reproducibility of multiphase flow experiments. We observe significant variations in the experimental results, which are smaller during the drainage stage and larger during the imbibition stage. We demonstrate that these variations are due to sub-porescale geometry differences in microcells (because of manufacturing defects) and variations in the boundary condition (i.e.,fluctuations in the injection rate inherent to syringe pumps). Computational simulations are conducted using commercial software STAR-CCM+, both with constant and randomly varying injection rate. Stochastic simulations are able to capture variability in the experiments associated with the varying pump injection rate.

  2. 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)

    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 ...

  3. Examining the Costs and Benefits of Family Rewards 2.0: A Conditional Cash Transfer Program in Two American Cities

    Rudd, Timothy; Rodriguez, Jonathan; Greenberg, David

    2016-01-01

    Family Rewards was an innovative approach to poverty reduction in the United States that was modelled on the conditional cash transfer (CCT) programs common in lower- and middle-income countries. The program offered cash assistance to poor families to reduce immediate hardship, provided they met certain criteria related to family health care,…

  4. Effects of a Modified Conditional Cash Transfer Program in Two American Cities: Findings from Family Rewards 2.0

    Miller, Cynthia; Miller, Rhiannon; Verma, Nandita; Dechausay, Nadine; Yang, Edith; Rudd, Timothy; Rodriguez, Jonathan; Honig, Sylvie

    2016-01-01

    Family Rewards was an innovative approach to poverty reduction in the United States that was modeled on the conditional cash transfer (CCT) programs common in lower- and middle-income countries. The program offered cash assistance to low-income families, provided that they met certain conditions related to family health care, children's education,…

  5. Conceptual and Numerical Models for UZ Flow and Transport

    Liu, H.

    2000-01-01

    The purpose of this Analysis/Model Report (AMR) is to document the conceptual and numerical models used for modeling of unsaturated zone (UZ) fluid (water and air) flow and solute transport processes. This is in accordance with ''AMR Development Plan for U0030 Conceptual and Numerical Models for Unsaturated Zone (UZ) Flow and Transport Processes, Rev 00''. The conceptual and numerical modeling approaches described in this AMR are used for models of UZ flow and transport in fractured, unsaturated rock under ambient and thermal conditions, which are documented in separate AMRs. This AMR supports the UZ Flow and Transport Process Model Report (PMR), the Near Field Environment PMR, and the following models: Calibrated Properties Model; UZ Flow Models and Submodels; Mountain-Scale Coupled Processes Model; Thermal-Hydrologic-Chemical (THC) Seepage Model; Drift Scale Test (DST) THC Model; Seepage Model for Performance Assessment (PA); and UZ Radionuclide Transport Models

  6. Determinants of cash holdings in the accommodation industry: evidence from Southerm European Countries

    Morais, Flávio

    2013-01-01

    This study analyzes the determinants of cash holdings for the accommodation industry in Southern European countries (Spain, Greece, Italy and Portugal) using a sample of 5964 firms during the period 2003-2011. A fixed-effects panel data model revealed that larger companies, higher leveraged, where most debt is short-term and that maintain better relationships with financial institutions exhibit lower cash to assets ratios. Liquid assets substitutes, capital expenditures and asset tangibility ...

  7. An introduction to multilevel flow modeling

    Lind, Morten

    2011-01-01

    Multilevel Flow Modeling (MFM) is a methodology for functional modeling of industrial processes on several interconnected levels of means-end and part-whole abstractions. The basic idea of MFM is to represent an industrial plant as a system which provides the means required to serve purposes in its environment. MFM has a primary focus on plant goals and functions and provide a methodological way of using those concepts to represent complex industrial plant. The paper gives a brief introduction to the historical development, introduces the concepts of MFM and presents the application of the concepts in detail by a water mill example. The overall reasoning capabilities of MFM and its basis in cause-effect relations are also explained. The appendix contains an overview of MFM concepts and their definitions. (author)

  8. Dynamic Modeling Strategy for Flow Regime Transition in Gas-Liquid Two-Phase Flows

    Xia Wang

    2012-12-01

    Full Text Available In modeling gas-liquid two-phase flows, the concept of flow regimes has been widely used to characterize the global interfacial structure of the flows. Nearly all constitutive relations that provide closures to the interfacial transfers in two-phase flow models, such as the two-fluid model, are flow regime dependent. Current nuclear reactor safety analysis codes, such as RELAP5, classify flow regimes using flow regime maps or transition criteria that were developed for steady-state, fully-developed flows. As two-phase flows are dynamic in nature, it is important to model the flow regime transitions dynamically to more accurately predict the two-phase flows. The present work aims to develop a dynamic modeling strategy to determine flow regimes in gas-liquid two-phase flows through introduction of interfacial area transport equations (IATEs within the framework of a two-fluid model. The IATE is a transport equation that models the interfacial area concentration by considering the creation of the interfacial area, fluid particle (bubble or liquid droplet disintegration, boiling and evaporation, and the destruction of the interfacial area, fluid particle coalescence and condensation. For flow regimes beyond bubbly flows, a two-group IATE has been proposed, in which bubbles are divided into two groups based on their size and shapes, namely group-1 and group-2 bubbles. A preliminary approach to dynamically identify the flow regimes is discussed, in which discriminators are based on the predicted information, such as the void fraction and interfacial area concentration. The flow regime predicted with this method shows good agreement with the experimental observations.

  9. CASH HOLDING, GOOD CORPORATE GOVERNANCE AND FIRM VALUE

    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.

  10. Modeling Fluid Flow in Faulted Basins

    Faille I.

    2014-07-01

    Full Text Available This paper presents a basin simulator designed to better take faults into account, either as conduits or as barriers to fluid flow. It computes hydrocarbon generation, fluid flow and heat transfer on the 4D (space and time geometry obtained by 3D volume restoration. Contrary to classical basin simulators, this calculator does not require a structured mesh based on vertical pillars nor a multi-block structure associated to the fault network. The mesh follows the sediments during the evolution of the basin. It deforms continuously with respect to time to account for sedimentation, erosion, compaction and kinematic displacements. The simulation domain is structured in layers, in order to handle properly the corresponding heterogeneities and to follow the sedimentation processes (thickening of the layers. In each layer, the mesh is unstructured: it may include several types of cells such as tetrahedra, hexahedra, pyramid, prism, etc. However, a mesh composed mainly of hexahedra is preferred as they are well suited to the layered structure of the basin. Faults are handled as internal boundaries across which the mesh is non-matching. Different models are proposed for fault behavior such as impervious fault, flow across fault or conductive fault. The calculator is based on a cell centered Finite Volume discretisation, which ensures conservation of physical quantities (mass of fluid, heat at a discrete level and which accounts properly for heterogeneities. The numerical scheme handles the non matching meshes and guaranties appropriate connection of cells across faults. Results on a synthetic basin demonstrate the capabilities of this new simulator.

  11. Comparison of two conceptual models of flow using the TSA

    Wilson, M.L.

    1992-01-01

    Several new capabilities have been added to the Total-System Analyzer (TSA), including a new model of unsaturated flow and transport, two new models of source releases, a different computational method for saturated transport, and gas-release capability. In this paper these new capabilities are described, and a comparison is made of results from the two different conceptual models of unsaturated flow that are now part of the TSA, a composite-porosity model and a simple fracture-flow model

  12. Numerical investigation on cavitation flow of hydrofoil and its flow noise with emphasis on turbulence models

    Sanghyeon Kim

    2017-06-01

    Full Text Available In this study, cavitation flow of hydrofoils is numerically investigated to characterize the effects of turbulence models on cavitation-flow patterns and the corresponding radiated sound waves. The two distinct flow conditions are considered by varying the mean flow velocity and angle of attack, which are categorized under the experimentally observed unstable or stable cavitation flows. To consider the phase interchanges between the vapor and the liquid, the flow fields around the hydrofoil are analyzed by solving the unsteady compressible Reynolds-averaged Navier–Stokes equations coupled with a mass-transfer model, also referred to as the cavitation model. In the numerical solver, a preconditioning algorithm with dual-time stepping techniques is employed in generalized curvilinear coordinates. The following three types of turbulence models are employed: the laminar-flow model, standard k − ε turbulent model, and filter-based model. Hydro-acoustic field formed by the cavitation flow of the hydrofoil is predicted by applying the Ffowcs Williams and Hawkings equation to the predicted flow field. From the predicted results, the effects of the turbulences on the cavitation flow pattern and radiated flow noise are quantitatively assessed in terms of the void fraction, sound-pressure-propagation directivities, and spectrum.

  13. Environmental flows in hydro-economic models

    Pereau, Jean-Christophe; Pryet, Alexandre

    2018-03-01

    The protection of environmental flows, as a management objective for a regulating agency, needs to be consistent with the aquifer water balance and the degree of resource renewability. A stylized hydro-economic model is used where natural recharge, which sustains environmental flows, is considered both in the aquifer water budget and in the welfare function as ecosystem damage. Groundwater recharge and the associated natural drainage may be neglected for aquifers containing fossil water, where the groundwater is mined. However, when dealing with an aquifer that constitutes a renewable resource, for which recharge is not negligible, natural drainage should explicitly appear in the water budget. In doing so, the optimum path of net extraction rate does not necessarily converge to the recharge rate, but depends on the costs associated with ecosystem damages. The optimal paths and equilibrium values for the water volume and water extraction are analytically derived, and numerical simulations based on the Western La Mancha aquifer (southwest Spain) illustrate the theoretical results of the study.

  14. Modelling cavitating flow around underwater missiles

    Fabien Petitpas

    2011-12-01

    Full Text Available The diffuse interface model of Saurel et al. (2008 is used for the computation of compressible cavitating flows around underwater missiles. Such systems use gas injection and natural cavitation to reduce drag effects. Consequently material interfaces appear separating liquid and gas. These interfaces may have a really complex dynamics such that only a few formulations are able to predict their evolution. Contrarily to front tracking or interface reconstruction method the interfaces are computed as diffused numerical zones, that are captured in a routinely manner, as is done usually with gas dynamics solvers for shocks and contact discontinuity. With the present approach, a single set of partial differential equations is solved everywhere, with a single numerical scheme. This leads to very efficient solvers. The algorithm derived in Saurel et al. (2009 is used to compute cavitation pockets around solid bodies. It is first validated against experiments done in cavitation tunnel at CNU. Then it is used to compute flows around high speed underwater systems (Shkval-like missile. Performance data are then computed showing method ability to predict forces acting on the system.

  15. The use and applicability of flow models to quantify intermine flow in the Western Witbank coalfields

    Havenga, A.; Usher, B.; Hodgson, E.; van Tonder, G. [University of Free State, Bloemfontein (South Africa). Inst. of Groundwater Studies

    2005-11-15

    After the closure of collieries, they naturally start to fill up with water. As a result, hydraulic gradients develop between them and different hydraulic pressures are exerted onto peripheral areas or compartments within mines. This results in water flow between mines, or onto the surface. This flow is referred to as intermine flow. The collieries in the Witbank Coalfield have geometries such that there are several areas where this intermine flow is possible. Since the Department of Water Affairs and Forestry has declared intermine flow as one of its greatest concerns for granting closure to South African mines, much research into this phenomenon is required. The challenges in determining intermine flow are numerous, and attention has focused on identification of areas where these flows can take place. The quantification of these flows is problematic due to the uncertainties in exact geometric configurations and the variation in site-specific hydraulic properties of the coal and overlying lithological layers. During this study, use has been made of numerical flow modelling and several analytic solutions to test the applicability of the flow models as well as to predict groundwater flow directions, filling times of voids and flow volumes. The numerical modelling methodology entailed a downscaling approach starting with a broad regional model covering the entire area, followed by modelling the interactions between interconnected mines, and finally looking in detail at the major areas of interaction.

  16. Estimating preferential flow in karstic aquifers using statistical mixed models.

    Anaya, Angel A; Padilla, Ingrid; Macchiavelli, Raul; Vesper, Dorothy J; Meeker, John D; Alshawabkeh, Akram N

    2014-01-01

    Karst aquifers are highly productive groundwater systems often associated with conduit flow. These systems can be highly vulnerable to contamination, resulting in a high potential for contaminant exposure to humans and ecosystems. This work develops statistical models to spatially characterize flow and transport patterns in karstified limestone and determines the effect of aquifer flow rates on these patterns. A laboratory-scale Geo-HydroBed model is used to simulate flow and transport processes in a karstic limestone unit. The model consists of stainless steel tanks containing a karstified limestone block collected from a karst aquifer formation in northern Puerto Rico. Experimental work involves making a series of flow and tracer injections, while monitoring hydraulic and tracer response spatially and temporally. Statistical mixed models (SMMs) are applied to hydraulic data to determine likely pathways of preferential flow in the limestone units. The models indicate a highly heterogeneous system with dominant, flow-dependent preferential flow regions. Results indicate that regions of preferential flow tend to expand at higher groundwater flow rates, suggesting a greater volume of the system being flushed by flowing water at higher rates. Spatial and temporal distribution of tracer concentrations indicates the presence of conduit-like and diffuse flow transport in the system, supporting the notion of both combined transport mechanisms in the limestone unit. The temporal response of tracer concentrations at different locations in the model coincide with, and confirms the preferential flow distribution generated with the SMMs used in the study. © 2013, National Ground Water Association.

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

    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

  18. Modeling of the Bosphorus exchange flow dynamics

    Sözer, Adil; Özsoy, Emin

    2017-04-01

    The fundamental hydrodynamic behavior of the Bosphorus Strait is investigated through a numerical modeling study using alternative configurations of idealized or realistic geometry. Strait geometry and basin stratification conditions allow for hydraulic controls and are ideally suited to support the maximal-exchange regime, which determines the rate of exchange of waters originating from the adjacent Black and Mediterranean Seas for a given net transport. Steady-state hydraulic controls are demonstrated by densimetric Froude number calculations under layered flow approximations when corrections are applied to account for high velocity shears typically observed in the Bosphorus. Analyses of the model results reveal many observed features of the strait, including critical transitions at hydraulic controls and dissipation by turbulence and hydraulic jumps. It is found that the solution depends on initialization, especially with respect to the basin initial conditions. Significant differences between the controlled maximal-exchange and drowned solutions suggest that a detailed modeling implementation involving coupling with adjacent basins needs to take full account of the Bosphorus Strait in terms of the physical processes to be resolved.

  19. TRAC-PF1 choked-flow model

    Sahota, M.S.; Lime, J.F.

    1983-01-01

    The two-phase, two-component choked-flow model implemented in the latest version of the Transient Reactor analysis Code (TRAC-PF1) was developed from first principles using the characteristic analysis approach. The subcooled choked-flow model in TRAC-PF1 is a modified form of the Burnell model. This paper discusses these choked-flow models and their implementation in TRAC-PF1. comparisons using the TRAC-PF1 choked-flow models are made with the Burnell model for subcooled flow and with the homogeneous-equilibrium model (HEM) for two-phae flow. These comparisons agree well under homogeneous conditions. Generally good agreements have been obtained between the TRAC-PF1 results from models using the choking criteria and those using a fine mesh (natural choking). Code-data comparisons between the separate-effects tests of the Marviken facility and the Edwards' blowdown experiment also are favorable. 10 figures

  20. Effect of Flow Rate Controller on Liquid Steel Flow in Continuous Casting Mold using Numerical Modeling

    Gursoy, Kadir Ali; Yavuz, Mehmet Metin

    2014-11-01

    In continuous casting operation of steel, the flow through tundish to the mold can be controlled by different flow rate control systems including stopper rod and slide-gate. Ladle changes in continuous casting machines result in liquid steel level changes in tundishes. During this transient event of production, the flow rate controller opening is increased to reduce the pressure drop across the opening which helps to keep the mass flow rate at the desired level for the reduced liquid steel level in tundish. In the present study, computational fluid dynamic (CFD) models are developed to investigate the effect of flow rate controller on mold flow structure, and particularly to understand the effect of flow controller opening on meniscus flow. First, a detailed validation of the CFD models is conducted using available experimental data and the performances of different turbulence models are compared. Then, the constant throughput casting operations for different flow rate controller openings are simulated to quantify the opening effect on meniscus region. The results indicate that the meniscus velocities are significantly affected by the flow rate controller and its opening level. The steady state operations, specified as constant throughput casting, do not provide the same mold flow if the controller opening is altered. Thus, for quality and castability purposes, adjusting the flow controller opening to obtain the fixed mold flow structure is proposed. Supported by Middle East Technical University (METU) BAP (Scientific Research Projects) Coordination.

  1. Nonlinear flow model for well production in an underground formation

    J. C. Guo

    2013-05-01

    Full Text Available Fluid flow in underground formations is a nonlinear process. In this article we modelled the nonlinear transient flow behaviour of well production in an underground formation. Based on Darcy's law and material balance equations, we used quadratic pressure gradients to deduce diffusion equations and discuss the origins of nonlinear flow issues. By introducing an effective-well-radius approach that considers skin factor, we established a nonlinear flow model for both gas and liquid (oil or water. The liquid flow model was solved using a semi-analytical method, while the gas flow model was solved using numerical simulations because the diffusion equation of gas flow is a stealth function of pressure. For liquid flow, a series of standard log-log type curves of pressure transients were plotted and nonlinear transient flow characteristics were analyzed. Qualitative and quantitative analyses were used to compare the solutions of the linear and nonlinear models. The effect of nonlinearity upon pressure transients should not be ignored. For gas flow, pressure transients were simulated and compared with oil flow under the same formation and well conditions, resulting in the conclusion that, under the same volume rate production, oil wells demand larger pressure drops than gas wells. Comparisons between theoretical data and field data show that nonlinear models will describe fluid flow in underground formations realistically and accurately.

  2. Numerical modeling of economic uncertainty

    Schjær-Jacobsen, Hans

    2007-01-01

    Representation and modeling of economic uncertainty is addressed by different modeling methods, namely stochastic variables and probabilities, interval analysis, and fuzzy numbers, in particular triple estimates. Focusing on discounted cash flow analysis numerical results are presented, comparisons...... are made between alternative modeling methods, and characteristics of the methods are discussed....

  3. Modeling liquid hydrogen cavitating flow with the full cavitation model

    Zhang, X.B.; Qiu, L.M.; Qi, H.; Zhang, X.J.; Gan, Z.H. [Institute of Refrigeration and Cryogenic Engineering, Zhejiang University, Hangzhou 310027 (China)

    2008-12-15

    Cavitation is the formation of vapor bubbles within a liquid where flow dynamics cause the local static pressure to drop below the vapor pressure. This paper strives towards developing an effective computational strategy to simulate liquid hydrogen cavitation relevant to liquid rocket propulsion applications. The aims are realized by performing a steady state computational fluid dynamic (CFD) study of liquid hydrogen flow over a 2D hydrofoil and an axisymmetric ogive in Hord's reports with a so-called full cavitation model. The thermodynamic effect was demonstrated with the assumption of thermal equilibrium between the gas phase and liquid phase. Temperature-dependent fluid thermodynamic properties were specified along the saturation line from the ''Gaspak 3.2'' databank. Justifiable agreement between the computed surface pressure, temperature and experimental data of Hord was obtained. Specifically, a global sensitivity analysis is performed to examine the sensitivity of the turbulent computations to the wall grid resolution, wall treatments and changes in model parameters. A proper near-wall model and grid resolution were suggested. The full cavitation model with default model parameters provided solutions with comparable accuracy to sheet cavitation in liquid hydrogen for the two geometries. (author)

  4. Regional Balance Model of Financial Flows through Sectoral Approaches System of National Accounts

    Ekaterina Aleksandrovna Zaharchuk

    2017-03-01

    Full Text Available The main purpose of the study, the results of which are reflected in this article, is the theoretical and methodological substantiation of possibilities to build a regional balance model of financial flows consistent with the principles of the construction of the System of National Accounts (SNA. The paper summarizes the international experience of building regional accounts in the SNA as well as reflects the advantages and disadvantages of the existing techniques for constructing Social Accounting Matrix. The authors have proposed an approach to build the regional balance model of financial flows, which is based on the disaggregated tables of the formation, distribution and use of the added value of territory in the framework of institutional sectors of SNA (corporations, public administration, households. Within the problem resolution of the transition of value added from industries to sectors, the authors have offered an approach to the accounting of development, distribution and use of value added within the institutional sectors of the territories. The methods of calculation are based on the publicly available information base of statistics agencies and federal services. The authors provide the scheme of the interrelations of the indicators of the regional balance model of financial flows. It allows to coordinate mutually the movement of regional resources by the sectors of «corporation», «public administration» and «households» among themselves, and cash flows of the region — by the sectors and directions of use. As a result, they form a single account of the formation and distribution of territorial financial resources, which is a regional balance model of financial flows. This matrix shows the distribution of financial resources by income sources and sectors, where the components of the formation (compensation, taxes and gross profit, distribution (transfers and payments and use (final consumption, accumulation of value added are

  5. Modeling microcirculatory blood flow: current state and future perspectives.

    Gompper, Gerhard; Fedosov, Dmitry A

    2016-01-01

    Microvascular blood flow determines a number of important physiological processes of an organism in health and disease. Therefore, a detailed understanding of microvascular blood flow would significantly advance biophysical and biomedical research and its applications. Current developments in modeling of microcirculatory blood flow already allow to go beyond available experimental measurements and have a large potential to elucidate blood flow behavior in normal and diseased microvascular networks. There exist detailed models of blood flow on a single cell level as well as simplified models of the flow through microcirculatory networks, which are reviewed and discussed here. The combination of these models provides promising prospects for better understanding of blood flow behavior and transport properties locally as well as globally within large microvascular networks. © 2015 Wiley Periodicals, Inc.

  6. Modeling on bubbly to churn flow pattern transition for vertical upward flows in narrow rectangular channel

    Wang Yanlin; Chen Bingde; Huang Yanping; Wang Junfeng

    2011-01-01

    A theoretical model was developed to predict the bubbly to churn flow pattern transition for vertical upward flows in narrow rectangular channel. The model was developed based on the imbalance theory of Helmholtz and some reasonable assumptions. The maximum ideal bubble in narrow rectangular channel and the thermal hydraulics boundary condition leading to bubbly flow to churn flow pattern transition was calculated. The model was validated by experimental data from previous researches. Comparison between predicted result and experimental result shows a reasonable good agreement. (author)

  7. RELAPS choked flow model and application to a large scale flow test

    Ransom, V.H.; Trapp, J.A.

    1980-01-01

    The RELAP5 code was used to simulate a large scale choked flow test. The fluid system used in the test was modeled in RELAP5 using a uniform, but coarse, nodalization. The choked mass discharge rate was calculated using the RELAP5 choked flow model. The calulations were in good agreement with the test data, and the flow was calculated to be near thermal equilibrium

  8. Novel simplified hourly energy flow models for photovoltaic power systems

    Khatib, Tamer; Elmenreich, Wilfried

    2014-01-01

    Highlights: • We developed an energy flow model for standalone PV system using MATLAB line code. • We developed an energy flow model for hybrid PV/wind system using MATLAB line code. • We developed an energy flow model for hybrid PV/diesel system using MATLAB line code. - Abstract: This paper presents simplified energy flow models for photovoltaic (PV) power systems using MATLAB. Three types of PV power system are taken into consideration namely standalone PV systems, hybrid PV/wind systems and hybrid PV/diesel systems. The logic of the energy flow for each PV power system is discussed first and then the MATLAB line codes for these models are provided and explained. The results prove the accuracy of the proposed models. Such models help modeling and sizing PV systems

  9. Modeling sheet-flow sand transport under progressive surface waves

    Kranenburg, Wouter

    2013-01-01

    In the near-shore zone, energetic sea waves generate sheet-flow sand transport. In present day coastal models, wave-induced sheet-flow sand transport rates are usually predicted with semi-empirical transport formulas, based on extensive research on this phenomenon in oscillatory flow tunnels.

  10. 3-D numerical modelling of flow around a groin

    Miller, R.; Roulund, A.; Sumer, B. Mutlu

    2003-01-01

    A 3-D flow code, EllipSys3D, has been implemented to simulate the 3-D flow around a groin in steady current. The k  turbulence model has been used for closure. Two kinds of groins are considered: (1) A vertical-wall groin, and (2) A groin with a side slope. Steady-flow simulations were conducted...

  11. Computational model on pulsatile flow of blood through a tapered ...

    S PRIYADHARSHINI

    2017-11-02

    Nov 2, 2017 ... It is pertinent to note that the magnitudes of flow resistance are higher in the case of ... mathematical model on non-Newtonian flow of blood through a ..... The important predictions of the present investigation are enumerating the .... drug carriers for targeted drug delivery, reducing blood flow at the time of ...

  12. Modeling flow-accelerated corrosion in CANDU

    Burrill, K.A.

    1995-11-01

    Flow-accelerated corrosion (FAC) of large areas of carbon steel in various circuits of CANDU plants generates significant quantities of corrosion products. As well, the relatively rapid corrosion rate can lead to operating difficulties with some components. Three areas in the plant are identified and a simple model of mass-transfer controlled corrosion of the carbon steel is derived and applied to these areas. The areas and the significant finding for each are given below: A number of lines in the feedwater system generate sludge by FAC, which causes steam generator fouling. Prediction of the steady-state iron concentration at the feedtrain outlet compares well with measured values. Carbon steel outlet feeders connect the reactor core with the steam generators. The feeder surface provides the dissolved iron through FAC, which fouls the primary side of the steam generator tubes, and can lead to derating of the plant and difficulty in tube inspection. Segmented carbon steel divider plates in the steam generator primary head leak at an increasing rate with time. The leakage rate is strongly dependent on the tightness of the overlapping joints. which undergo FAC at an increasing rate with time. (author) 7 refs., 5 tabs., 6 figs

  13. Modelling of high-enthalpy, high-Mach number flows

    Degrez, G; Lani, A; Panesi, M; Chazot, O; Deconinck, H

    2009-01-01

    A review is made of the computational models of high-enthalpy flows developed over the past few years at the von Karman Institute and Universite Libre de Bruxelles, for the modelling of high-enthalpy hypersonic (re-)entry flows. Both flows in local thermo-chemical equilibrium (LTE) and flows in thermo-chemical non-equilibrium (TCNEQ) are considered. First, the physico-chemical models are described, i.e. the set of conservation laws, the thermodynamics, transport phenomena and chemical kinetics models. Particular attention is given to the correct modelling of elemental (LTE flows) and species (chemical non-equilibrium-CNEQ-flows) transport. The numerical algorithm, based on a state-of-the-art finite volume discretization, is then briefly described. Finally, selected examples are included to illustrate the capabilities of the developed solver. (review article)

  14. Modelling of Churn-Annular foam flows

    Westende, J.M.C. van 't; Shoeibi Omrani, P.; Vercauteren, F.F.; Nennie, E.D.

    2016-01-01

    Foam assisted lift is a deliquification method in the oil and gas industry, which aims to prevent or postpone countercurrent gas-liquid flow in maturing gas wells or to assist in removing downhole accumulated liquids. According to Nimwegen, who performed experiments with foam flows, foam

  15. Spatial modeling of potential woody biomass flow

    Woodam Chung; Nathaniel Anderson

    2012-01-01

    The flow of woody biomass to end users is determined by economic factors, especially the amount available across a landscape and delivery costs of bioenergy facilities. The objective of this study develop methodology to quantify landscape-level stocks and potential biomass flows using the currently available spatial database road network analysis tool. We applied this...

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

    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.

  17. Cash Management Yields Many Maximum Returns.

    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…

  18. Cash Management Program Reaps Financial Rewards.

    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…

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

    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...

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

    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

  1. 18 CFR 154.306 - Cash working capital.

    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...

  2. 40 CFR 35.3160 - Cash draw rules.

    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...

  3. 18 CFR 357.5 - Cash management programs.

    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...

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

    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…

  5. 18 CFR 260.400 - Cash management programs.

    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...

  6. 18 CFR 141.500 - Cash management programs.

    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...

  7. 6th International Workshop on Model Reduction in Reactive Flow

    2018-01-01

    reduction in reacting flow . Registration DateRegistration TypeFirst Name Middle NameLast Name Affiliation US State /Canadian ProvinceState/Province/R gion...Report: 6th International Workshop on Model Reduction in Reactive Flow The views, opinions and/or findings contained in this report are those of the...Agreement Number: W911NF-17-1-0121 Organization: Princeton University Title: 6th International Workshop on Model Reduction in Reactive Flow Report Term

  8. Modeling of high speed micro rotors in moderate flow confinement

    Dikmen, E.; van der Hoogt, Peter; Aarts, Ronald G.K.M.; Sas, P.; Bergen, B.

    2008-01-01

    The recent developments in high speed micro rotating machinery lead to the need for multiphysical modeling of the rotor and the surrounding medium. In this study, thermal and flow induced effects on rotor dynamics of geometries with moderate flow confinement are studied. The structure is modeled via

  9. Higher-order RANS turbulence models for separated flows

    National Aeronautics and Space Administration — Higher-order Reynolds-averaged Navier-Stokes (RANS) models are developed to overcome the shortcomings of second-moment RANS models in predicting separated flows....

  10. International Trade Modelling Using Open Flow Networks: A Flow-Distance Based Analysis.

    Shen, Bin; Zhang, Jiang; Li, Yixiao; Zheng, Qiuhua; Li, Xingsen

    2015-01-01

    This paper models and analyzes international trade flows using open flow networks (OFNs) with the approaches of flow distances, which provide a novel perspective and effective tools for the study of international trade. We discuss the establishment of OFNs of international trade from two coupled viewpoints: the viewpoint of trading commodity flow and that of money flow. Based on the novel model with flow distance approaches, meaningful insights are gained. First, by introducing the concepts of trade trophic levels and niches, countries' roles and positions in the global supply chains (or value-added chains) can be evaluated quantitatively. We find that the distributions of trading "trophic levels" have the similar clustering pattern for different types of commodities, and summarize some regularities between money flow and commodity flow viewpoints. Second, we find that active and competitive countries trade a wide spectrum of products, while inactive and underdeveloped countries trade a limited variety of products. Besides, some abnormal countries import many types of goods, which the vast majority of countries do not need to import. Third, harmonic node centrality is proposed and we find the phenomenon of centrality stratification. All the results illustrate the usefulness of the model of OFNs with its network approaches for investigating international trade flows.

  11. Characteristics-based modelling of flow problems

    Saarinen, M.

    1994-02-01

    The method of characteristics is an exact way to proceed to the solution of hyperbolic partial differential equations. The numerical solutions, however, are obtained in the fixed computational grid where interpolations of values between the mesh points cause numerical errors. The Piecewise Linear Interpolation Method, PLIM, the utilization of which is based on the method of characteristics, has been developed to overcome these deficiencies. The thesis concentrates on the computer simulation of the two-phase flow. The main topics studied are: (1) the PLIM method has been applied to study the validity of the numerical scheme through solving various flow problems to achieve knowledge for the further development of the method, (2) the mathematical and physical validity and applicability of the two-phase flow equations based on the SFAV (Separation of the two-phase Flow According to Velocities) approach has been studied, and (3) The SFAV approach has been further developed for particular cases such as stratified horizontal two-phase flow. (63 refs., 4 figs.)

  12. The flow of financial resources : An inevitable part of supply chain design activities

    Hofmann, Erik

    2007-01-01

    Supply chain managers do not only face the challenge of designing material and information flows. They also need to arrange the flow of financial resources. The financial side of supply chain design comprises all the economic aspects that result from collaborative concepts and applications. This paper provides an introduction into the field of cash flow organization in supply chains by presenting a collaborative payment model and its common instruments.

  13. A Study on the Pricing Model for 3PL of Inventory Financing

    Zhilan Song

    2016-01-01

    Full Text Available Being a new research area, logistics finance solves the contradiction between banks and SMEs (small and medium enterprises about financing; it is beneficial to financial market and logistics market development too. As a service innovation, it unites the interests of bank, 3PL (third-party logistics providers, and SMEs and integrates material, finance, and information. Logistics finance has been developed in recent years in China, but the research is not enough on 3PL enterprises. On the background of that, the paper makes a research in the field of logistics finance with different pricing methods, based on the perspective of third-party logistics enterprises. This paper proposes a pricing model of inventory financing that can maximize the cash flow of 3PL enterprise, when the default rate of the small- and medium-sized enterprise is affected by the pledge price. And then this paper studies the model of inventory financing that can maximize the cash flow of enterprise under the condition of the existence of cash discount rate. The core factors affecting the loan-to-value ratio were established through analysis of mathematical model. We also consider the loan-to-value ratio of cash discount rate in the model. Results show that in the pledge of the known function and cash discount the price change can be calculated to meet enterprise cash flow lending rates and get biggest loan-to-value ratio.

  14. Modeling Vertical Plasma Flows in Solar Filament Barbs

    Litvinenko, Y.

    2003-12-01

    Speeds of observed flows in quiescent solar filaments are typically much less than the local Alfvén speed. This is why the flows in filament barbs can be modeled by perturbing a local magnetostatic solution describing the balance between the Lorentz force, gravity, and gas pressure in a barb. Similarly, large-scale filament flows can be treated as adiabatically slow deformations of a force-free magnetic equilibrium that describes the global structure of a filament. This approach reconciles current theoretical models with the puzzling observational result that some of the flows appear to be neither aligned with the magnetic field nor controlled by gravity.

  15. Two-phase-flow models and their limitations

    Ishii, M.; Kocamustafaogullari, G.

    1982-01-01

    An accurate prediction of transient two-phase flow is essential to safety analyses of nuclear reactors under accident conditions. The fluid flow and heat transfer encountered are often extremely complex due to the reactor geometry and occurrence of transient two-phase flow. Recently considerable progresses in understanding and predicting these phenomena have been made by a combination of rigorous model development, advanced computational techniques, and a number of small and large scale supporting experiments. In view of their essential importance, the foundation of various two-phase-flow models and their limitations are discussed in this paper

  16. A formal definition of data flow graph models

    Kavi, Krishna M.; Buckles, Bill P.; Bhat, U. Narayan

    1986-01-01

    In this paper, a new model for parallel computations and parallel computer systems that is based on data flow principles is presented. Uninterpreted data flow graphs can be used to model computer systems including data driven and parallel processors. A data flow graph is defined to be a bipartite graph with actors and links as the two vertex classes. Actors can be considered similar to transitions in Petri nets, and links similar to places. The nondeterministic nature of uninterpreted data flow graphs necessitates the derivation of liveness conditions.

  17. Geomorphic dam-break flows. Part I: conceptual model

    Leal, JGAB; Ferreira, RML; Cardoso, AH

    2010-01-01

    Proceedings of the Institution of Civil Engineers - Water Management 163 Issue WM6 This paper presents a one-dimensional conceptual model for simulating geomorphic dam-break flows. The model is based on conservation laws drawn from continuum mixture theory that are integrated over the flow depth,assuming that the f10w is composed of two transport layers. Closure equations were derived from the review and reanalysis of previous studies on granular flow,debris f10w and sheet flow. The sedime...

  18. [Statistical modeling studies of turbulent reacting flows

    Dwyer, H.A.

    1987-01-01

    This paper discusses the study of turbulent wall shear flows, and we feel that this problem is both more difficult and a better challenge for the new methods we are developing. Turbulent wall flows have a wide variety of length and time scales which interact with the transport processes to produce very large fluxes of mass, heat, and momentum. At the present time we have completed the first calculation of a wall diffusion flame, and we have begun a velocity PDF calculation for the flat plate boundary layer. A summary of the various activities is contained in this report

  19. A computer model for dispersed fluid-solid turbulent flows

    Liu, C.H.; Tulig, T.J.

    1985-01-01

    A computer model is being developed to simulate two-phase turbulent flow phenomena in fluids containing finely dispersed solids. The model is based on a dual-continuum picture of the individual phases and an extension of a two-equation turbulence closure theory. The resulting set of nonlinear partial differential equations are solved using a finite difference procedure with special treatment to promote convergence. The model has been checked against a number of idealized flow problems with known solutions. The authors are currently comparing model predictions with measurements to determine a proper set of turbulence parameters needed for simulating two-phase turbulent flows

  20. Stochastic description of heterogeneities of permeability within groundwater flow models

    Cacas, M.C.; Lachassagne, P.; Ledoux, E.; Marsily, G. de

    1991-01-01

    In order to model radionuclide migration in the geosphere realistically at the field scale, the hydrogeologist needs to be able to simulate groundwater flow in heterogeneous media. Heterogeneity of the medium can be described using a stochastic approach, that affects the way in which a flow model is formulated. In this paper, we discuss the problems that we have encountered in modelling both continuous and fractured media. The stochastic approach leads to a methodology that enables local measurements of permeability to be integrated into a model which gives a good prediction of groundwater flow on a regional scale. 5 Figs.; 8 Refs

  1. Physical modelling of flow and dispersion over complex terrain

    Cermak, J. E.

    1984-09-01

    Atmospheric motion and dispersion over topography characterized by irregular (or regular) hill-valley or mountain-valley distributions are strongly dependent upon three general sets of variables. These are variables that describe topographic geometry, synoptic-scale winds and surface-air temperature distributions. In addition, pollutant concentration distributions also depend upon location and physical characteristics of the pollutant source. Overall fluid-flow complexity and variability from site to site have stimulated the development and use of physical modelling for determination of flow and dispersion in many wind-engineering applications. Models with length scales as small as 1:12,000 have been placed in boundary-layer wind tunnels to study flows in which forced convection by synoptic winds is of primary significance. Flows driven primarily by forces arising from temperature differences (gravitational or free convection) have been investigated by small-scale physical models placed in an isolated space (gravitational convection chamber). Similarity criteria and facilities for both forced and gravitational-convection flow studies are discussed. Forced-convection modelling is illustrated by application to dispersion of air pollutants by unstable flow near a paper mill in the state of Maryland and by stable flow over Point Arguello, California. Gravitational-convection modelling is demonstrated by a study of drainage flow and pollutant transport from a proposed mining operation in the Rocky Mountains of Colorado. Other studies in which field data are available for comparison with model data are reviewed.

  2. Modeling shallow water flows using the discontinuous Galerkin method

    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...

  3. Money matters: cash transfers for adaptation

    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.

  4. A coupled three dimensional model of vanadium redox flow battery for flow field designs

    Yin, Cong; Gao, Yan; Guo, Shaoyun; Tang, Hao

    2014-01-01

    A 3D (three-dimensional) model of VRB (vanadium redox flow battery) with interdigitated flow channel design is proposed. Two different stack inlet designs, single-inlet and multi-inlet, are structured in the model to study the distributions of fluid pressure, electric potential, current density and overpotential during operation of VRB cell. Electrolyte flow rate and stack channel dimension are proved to be the critical factors affecting flow distribution and cell performance. The model developed in this paper can be employed to optimize both VRB stack design and system operation conditions. Further improvements of the model concerning current density and electrode properties are also suggested in the paper. - Highlights: • A coupled three-dimensional model of vanadium redox flow cell is proposed. • Interdigitated flow channels with two different manifold designs are simulated. • Manifold structure affects uniformity of distribution patterns significantly. • Increased electrolyte flow rate improves cell performance for both designs. • Decreased channel size and enlarged land width enhance cell voltage

  5. Modelling of two-phase flow based on separation of the flow according to velocity

    Narumo, T. [VTT Energy, Espoo (Finland). Nuclear Energy

    1997-12-31

    The thesis concentrates on the development work of a physical one-dimensional two-fluid model that is based on Separation of the Flow According to Velocity (SFAV). The conventional way to model one-dimensional two-phase flow is to derive conservation equations for mass, momentum and energy over the regions occupied by the phases. In the SFAV approach, the two-phase mixture is divided into two subflows, with as distinct average velocities as possible, and momentum conservation equations are derived over their domains. Mass and energy conservation are treated equally with the conventional model because they are distributed very accurately according to the phases, but momentum fluctuations follow better the flow velocity. Submodels for non-uniform transverse profile of velocity and density, slip between the phases within each subflow and turbulence between the subflows have been derived. The model system is hyperbolic in any sensible flow conditions over the whole range of void fraction. Thus, it can be solved with accurate numerical methods utilizing the characteristics. The characteristics agree well with the used experimental data on two-phase flow wave phenomena Furthermore, the characteristics of the SFAV model are as well in accordance with their physical counterparts as of the best virtual-mass models that are typically optimized for special flow regimes like bubbly flow. The SFAV model has proved to be applicable in describing two-phase flow physically correctly because both the dynamics and steady-state behaviour of the model has been considered and found to agree well with experimental data This makes the SFAV model especially suitable for the calculation of fast transients, taking place in versatile form e.g. in nuclear reactors. 45 refs. The thesis includes also five previous publications by author.

  6. Modelling of two-phase flow based on separation of the flow according to velocity

    Narumo, T.

    1997-01-01

    The thesis concentrates on the development work of a physical one-dimensional two-fluid model that is based on Separation of the Flow According to Velocity (SFAV). The conventional way to model one-dimensional two-phase flow is to derive conservation equations for mass, momentum and energy over the regions occupied by the phases. In the SFAV approach, the two-phase mixture is divided into two subflows, with as distinct average velocities as possible, and momentum conservation equations are derived over their domains. Mass and energy conservation are treated equally with the conventional model because they are distributed very accurately according to the phases, but momentum fluctuations follow better the flow velocity. Submodels for non-uniform transverse profile of velocity and density, slip between the phases within each subflow and turbulence between the subflows have been derived. The model system is hyperbolic in any sensible flow conditions over the whole range of void fraction. Thus, it can be solved with accurate numerical methods utilizing the characteristics. The characteristics agree well with the used experimental data on two-phase flow wave phenomena Furthermore, the characteristics of the SFAV model are as well in accordance with their physical counterparts as of the best virtual-mass models that are typically optimized for special flow regimes like bubbly flow. The SFAV model has proved to be applicable in describing two-phase flow physically correctly because both the dynamics and steady-state behaviour of the model has been considered and found to agree well with experimental data This makes the SFAV model especially suitable for the calculation of fast transients, taking place in versatile form e.g. in nuclear reactors

  7. Modeling and control of compressor flow instabilities

    Willems, F.P.T.; Jager, de A.G.

    1999-01-01

    Compressors are widely used for the pressurization of fluids. Applications involve air compression for use in aircraft engines and pressurization and transportation of gas in the process and chemical industries. The article focuses on two commonly used types of continuous flow compressors: the axial

  8. Migration Flows: Measurement, Analysis and Modeling

    Willekens, F.J.; White, Michael J.

    2016-01-01

    This chapter is an introduction to the study of migration flows. It starts with a review of major definition and measurement issues. Comparative studies of migration are particularly difficult because different countries define migration differently and measurement methods are not harmonized.

  9. Numerical simulation of interior flow field of nuclear model pump

    Wang Chunlin; Peng Na; Kang Can; Zhao Baitong; Zhang Hao

    2009-01-01

    Reynolds time-averaged N-S equations and the standard k-ε turbulent model were adopted, and three-dimensional non-structural of tetrahedral mesh division was used for modeling. Multiple reference frame model of rotating fluid mechanical model was used, under the design condition, the three-dimensional incompressible turbulent flow of nuclear model pump was simulated, and the results preferably post the characteristics of the interior flow field. This paper first analyzes the total pressure and velocity distribution in the flow field, and then describes the interior flow field characteristics of each part such as the impeller, diffuser and spherical shell, and also discusses the reasons that cause these characteristics. The study results can be used to estimate the performance of nuclear model pump, and will provide some useful references for its hydraulic optimized design. (authors)

  10. Core surface flow modelling from high-resolution secular variation

    Holme, R.; Olsen, Nils

    2006-01-01

    -flux hypothesis, but the spectrum of the SV implies that a conclusive test of frozen-flux is not possible. We parametrize the effects of diffusion as an expected misfit in the flow prediction due to departure from the frozen-flux hypothesis; at low spherical harmonic degrees, this contribution dominates...... the expected departure of the SV predictions from flow to the observed SV, while at high degrees the SV model uncertainty is dominant. We construct fine-scale core surface flows to model the SV. Flow non-uniqueness is a serious problem because the flows are sufficiently small scale to allow flow around non......-series of magnetic data and better parametrization of the external magnetic field....

  11. Application of the load flow and random flow models for the analysis of power transmission networks

    Zio, Enrico; Piccinelli, Roberta; Delfanti, Maurizio; Olivieri, Valeria; Pozzi, Mauro

    2012-01-01

    In this paper, the classical load flow model and the random flow model are considered for analyzing the performance of power transmission networks. The analysis concerns both the system performance and the importance of the different system elements; this latter is computed by power flow and random walk betweenness centrality measures. A network system from the literature is analyzed, representing a simple electrical power transmission network. The results obtained highlight the differences between the LF “global approach” to flow dispatch and the RF local approach of randomized node-to-node load transfer. Furthermore, computationally the LF model is less consuming than the RF model but problems of convergence may arise in the LF calculation.

  12. A methodology for the parametric modelling of the flow coefficients and flow rate in hydraulic valves

    Valdés, José R.; Rodríguez, José M.; Saumell, Javier; Pütz, Thomas

    2014-01-01

    Highlights: • We develop a methodology for the parametric modelling of flow in hydraulic valves. • We characterize the flow coefficients with a generic function with two parameters. • The parameters are derived from CFD simulations of the generic geometry. • We apply the methodology to two cases from the automotive brake industry. • We validate by comparing with CFD results varying the original dimensions. - Abstract: The main objective of this work is to develop a methodology for the parametric modelling of the flow rate in hydraulic valve systems. This methodology is based on the derivation, from CFD simulations, of the flow coefficient of the critical restrictions as a function of the Reynolds number, using a generalized square root function with two parameters. The methodology is then demonstrated by applying it to two completely different hydraulic systems: a brake master cylinder and an ABS valve. This type of parametric valve models facilitates their implementation in dynamic simulation models of complex hydraulic systems

  13. Verification of the karst flow model under laboratory controlled conditions

    Gotovac, Hrvoje; Andric, Ivo; Malenica, Luka; Srzic, Veljko

    2016-04-01

    Karst aquifers are very important groundwater resources around the world as well as in coastal part of Croatia. They consist of extremely complex structure defining by slow and laminar porous medium and small fissures and usually fast turbulent conduits/karst channels. Except simple lumped hydrological models that ignore high karst heterogeneity, full hydraulic (distributive) models have been developed exclusively by conventional finite element and finite volume elements considering complete karst heterogeneity structure that improves our understanding of complex processes in karst. Groundwater flow modeling in complex karst aquifers are faced by many difficulties such as a lack of heterogeneity knowledge (especially conduits), resolution of different spatial/temporal scales, connectivity between matrix and conduits, setting of appropriate boundary conditions and many others. Particular problem of karst flow modeling is verification of distributive models under real aquifer conditions due to lack of above-mentioned information. Therefore, we will show here possibility to verify karst flow models under the laboratory controlled conditions. Special 3-D karst flow model (5.6*2.6*2 m) consists of concrete construction, rainfall platform, 74 piezometers, 2 reservoirs and other supply equipment. Model is filled by fine sand (3-D porous matrix) and drainage plastic pipes (1-D conduits). This model enables knowledge of full heterogeneity structure including position of different sand layers as well as conduits location and geometry. Moreover, we know geometry of conduits perforation that enable analysis of interaction between matrix and conduits. In addition, pressure and precipitation distribution and discharge flow rates from both phases can be measured very accurately. These possibilities are not present in real sites what this model makes much more useful for karst flow modeling. Many experiments were performed under different controlled conditions such as different

  14. Secondary flow structures under stent-induced perturbations for cardiovascular flow in a curved artery model

    Glenn, Autumn L.; Bulusu, Kartik V.; Shu Fangjun; Plesniak, Michael W.

    2012-01-01

    Secondary flows within curved arteries with unsteady forcing result from amplified centrifugal instabilities and are expected to be driven by the rapid accelerations and decelerations inherent in physiological waveforms. These secondary flows may also affect the function of curved arteries through pro-atherogenic wall shear stresses, platelet residence time and other vascular response mechanisms. Planar PIV measurements were performed under multi-harmonic non-zero-mean and physiological carotid artery waveforms at various locations in a rigid bent-pipe curved artery model. Results revealed symmetric counter-rotating vortex pairs that developed during the acceleration phases of both multi-harmonic and physiological waveforms. An idealized stent model was placed upstream of the bend, which initiated flow perturbations under physiological inflow conditions. Changes in the secondary flow structures were observed during the systolic deceleration phase (t/T ≈ 0.20–0.50). Proper Orthogonal Decomposition (POD) analysis of the flow morphologies under unsteady conditions indicated similarities in the coherent secondary-flow structures and correlation with phase-averaged velocity fields. A regime map was created that characterizes the kaleidoscope of vortical secondary flows with multiple vortex pairs and interesting secondary flow morphologies. This regime map in the curved artery model was created by plotting the secondary Reynolds number against another dimensionless acceleration-based parameter marking numbered regions of vortex pairs.

  15. Secondary flow structures under stent-induced perturbations for cardiovascular flow in a curved artery model

    Glenn, Autumn L.; Bulusu, Kartik V. [Department of Mechanical and Aerospace Engineering, George Washington University, 801 22nd Street, NW., Washington, DC 20052 (United States); Shu Fangjun [Department of Mechanical and Aerospace Engineering, New Mexico State University, MSC 3450, P.O. Box 30001, Las Cruces, NM 88003-8001 (United States); Plesniak, Michael W., E-mail: plesniak@gwu.edu [Department of Mechanical and Aerospace Engineering, George Washington University, 801 22nd Street, NW., Washington, DC 20052 (United States)

    2012-06-15

    Secondary flows within curved arteries with unsteady forcing result from amplified centrifugal instabilities and are expected to be driven by the rapid accelerations and decelerations inherent in physiological waveforms. These secondary flows may also affect the function of curved arteries through pro-atherogenic wall shear stresses, platelet residence time and other vascular response mechanisms. Planar PIV measurements were performed under multi-harmonic non-zero-mean and physiological carotid artery waveforms at various locations in a rigid bent-pipe curved artery model. Results revealed symmetric counter-rotating vortex pairs that developed during the acceleration phases of both multi-harmonic and physiological waveforms. An idealized stent model was placed upstream of the bend, which initiated flow perturbations under physiological inflow conditions. Changes in the secondary flow structures were observed during the systolic deceleration phase (t/T Almost-Equal-To 0.20-0.50). Proper Orthogonal Decomposition (POD) analysis of the flow morphologies under unsteady conditions indicated similarities in the coherent secondary-flow structures and correlation with phase-averaged velocity fields. A regime map was created that characterizes the kaleidoscope of vortical secondary flows with multiple vortex pairs and interesting secondary flow morphologies. This regime map in the curved artery model was created by plotting the secondary Reynolds number against another dimensionless acceleration-based parameter marking numbered regions of vortex pairs.

  16. Calibration of the Site-Scale Saturated Zone Flow Model

    Zyvoloski, G. A.

    2001-01-01

    The purpose of the flow calibration analysis work is to provide Performance Assessment (PA) with the calibrated site-scale saturated zone (SZ) flow model that will be used to make radionuclide transport calculations. As such, it is one of the most important models developed in the Yucca Mountain project. This model will be a culmination of much of our knowledge of the SZ flow system. The objective of this study is to provide a defensible site-scale SZ flow and transport model that can be used for assessing total system performance. A defensible model would include geologic and hydrologic data that are used to form the hydrogeologic framework model; also, it would include hydrochemical information to infer transport pathways, in-situ permeability measurements, and water level and head measurements. In addition, the model should include information on major model sensitivities. Especially important are those that affect calibration, the direction of transport pathways, and travel times. Finally, if warranted, alternative calibrations representing different conceptual models should be included. To obtain a defensible model, all available data should be used (or at least considered) to obtain a calibrated model. The site-scale SZ model was calibrated using measured and model-generated water levels and hydraulic head data, specific discharge calculations, and flux comparisons along several of the boundaries. Model validity was established by comparing model-generated permeabilities with the permeability data from field and laboratory tests; by comparing fluid pathlines obtained from the SZ flow model with those inferred from hydrochemical data; and by comparing the upward gradient generated with the model with that observed in the field. This analysis is governed by the Office of Civilian Radioactive Waste Management (OCRWM) Analysis and Modeling Report (AMR) Development Plan ''Calibration of the Site-Scale Saturated Zone Flow Model'' (CRWMS M and O 1999a)

  17. Labour flows in a simulation model of the firm

    Butter, F.A.G. den; Gameren, E. van

    1998-01-01

    A hierarchical model is calibrated and used to illustrate labour market flows within a firm. The model establishes a link between the models of the firm from the literature on industrial organisation and the description of labour market dynamics in the flow approach to labour markets. It describes the decision of the personnel management of the firm whether to fire workers, and/or whether to hire workers from the internal or external labour market. The decision is based on firing costs, hirin...

  18. Topology Model of the Flow around a Submarine Hull Form

    2015-12-01

    UNCLASSIFIED Topology Model of the Flow around a Submarine Hull Form S.-K. Lee Maritime Division Defence Science and Technology Group DST-Group–TR...3177 ABSTRACT A topology model constructed from surface-streamer visualisation describes the flow around a generic conventional submarine hull form at...pure yaw angles of 0 ◦, 10 ◦ and 18 ◦. The model is used to develop equations for sway-force and yaw-moment coefficients which relate to the hull - form

  19. Model for radial gas fraction profiles in vertical pipe flow

    Lucas, D.; Krepper, E.; Prasser, H.M.

    2001-01-01

    A one-dimensional model is presented, which predicts the radial volume fraction profiles from a given bubble size distribution. It bases on the assumption of an equilibrium of the forces acting on a bubble perpendicularly to the flow path (non drag forces). For the prediction of the flow pattern this model could be used within an procedure together with appropriate models for local bubble coalescence and break-up. (orig.)

  20. Phenomenological model of an electron flow with a virtual cathode

    Koronovskij, A.A.; Khramov, A.E.; Anfinogenov, V.G.

    1999-01-01

    A phenomenological model of electron flow with a virtual cathode in diode space, which is a modification of cellular automation, is suggested. The type of models, called cellular conveyer, permits making allowance for distribution and delay in a beam with a virtual cathode. A good agreement between results of numerical study of electron flow dynamics and results obtained using the phenomenological model described has been achieved [ru

  1. An eddy viscosity model for flow in a tube bundle

    Soussan, D.; Grandotto, M.

    1998-01-01

    The work described in this paper is part of the development of GENEPI a 3-dimensional finite element code, designed for the thermalhydraulic analysis of steam generators. It focuses on the implementation of two-phase flow turbulence-induced viscosity in a tube bundle. The GENEPI code, as other industrial codes, uses the eddy viscosity concept introduced by Boussinesq for single phase flow. The concept assumes that the turbulent momentum transfer is similar to the viscous shear stresses. Eddy viscosity formulation is reasonably well known for single phase flows, especially in simple geometries (i.e., in smooth tube, around a single body, or behind a row of bars/tubes), but there exists very little information on it for two-phase flows. An analogy between single and two-phases is used to set up a model for eddy viscosity. The eddy viscosity model examined in this paper is used for a tube bundle geometry and, therefore, is extended to include anisotropy to the classic model. Each of the main flow directions (cross flow inline, cross flow staggered, and parallel flows) gives rise to a specific eddy viscosity formula. The results from a parametric study indicate that the eddy viscosity in the staggered flow is roughly 1.5 times as large as that for the inline cross flow, 60 times as large as that for the parallel flow, and 105 as large as that for the molecular viscosity. Then, the different terms are combined with each other to result in a global eddy viscosity model for a steam generator tube bundle flow. (author)

  2. Thermal performance modeling of cross-flow heat exchangers

    Cabezas-Gómez, Luben; Saíz-Jabardo, José Maria

    2014-01-01

    This monograph introduces a numerical computational methodology for thermal performance modeling of cross-flow heat exchangers, with applications in chemical, refrigeration and automobile industries. This methodology allows obtaining effectiveness-number of transfer units (e-NTU) data and has been used for simulating several standard and complex flow arrangements configurations of cross-flow heat exchangers. Simulated results have been validated through comparisons with results from available exact and approximate analytical solutions. Very accurate results have been obtained over wide ranges

  3. Macro-scale turbulence modelling for flows in porous media

    Pinson, F.

    2006-03-01

    - This work deals with the macroscopic modeling of turbulence in porous media. It concerns heat exchangers, nuclear reactors as well as urban flows, etc. The objective of this study is to describe in an homogenized way, by the mean of a spatial average operator, turbulent flows in a solid matrix. In addition to this first operator, the use of a statistical average operator permits to handle the pseudo-aleatory character of turbulence. The successive application of both operators allows us to derive the balance equations of the kind of flows under study. Two major issues are then highlighted, the modeling of dispersion induced by the solid matrix and the turbulence modeling at a macroscopic scale (Reynolds tensor and turbulent dispersion). To this aim, we lean on the local modeling of turbulence and more precisely on the k - ε RANS models. The methodology of dispersion study, derived thanks to the volume averaging theory, is extended to turbulent flows. Its application includes the simulation, at a microscopic scale, of turbulent flows within a representative elementary volume of the porous media. Applied to channel flows, this analysis shows that even within the turbulent regime, dispersion remains one of the dominating phenomena within the macro-scale modeling framework. A two-scale analysis of the flow allows us to understand the dominating role of the drag force in the kinetic energy transfers between scales. Transfers between the mean part and the turbulent part of the flow are formally derived. This description significantly improves our understanding of the issue of macroscopic modeling of turbulence and leads us to define the sub-filter production and the wake dissipation. A f - f - w >f model is derived. It is based on three balance equations for the turbulent kinetic energy, the viscous dissipation and the wake dissipation. Furthermore, a dynamical predictor for the friction coefficient is proposed. This model is then successfully applied to the study of

  4. The model coupling fluid flow in reservoir with flow in horizontal wellbore

    Liu, Xiangping; Jiang, Zhixiang [RIPED-TEXACO Horizontal Well Technology Laboratory (United States)

    1998-12-31

    Three-dimensional pressure distributions of oil flow in a reservoir with horizontal well were derived, and a new formula to calculate pressure drop along the horizontal wellbore was developed based on the principle of conservation of matter and momentum. The formula considers the effect of influx into the horizontal wellbore from the reservoir on pressure drop in the wellbore. A mathematical model to couple fluid flow in the reservoir with flow in the horizontal wellbore is presented. Model results and experimental data showed good correspondence. Results showed the influence of pressure drop on well performance. 13 refs., 2 tabs., 7 figs.

  5. A hydrodynamic model for granular material flows including segregation effects

    Gilberg, Dominik; Klar, Axel; Steiner, Konrad

    2017-06-01

    The simulation of granular flows including segregation effects in large industrial processes using particle methods is accurate, but very time-consuming. To overcome the long computation times a macroscopic model is a natural choice. Therefore, we couple a mixture theory based segregation model to a hydrodynamic model of Navier-Stokes-type, describing the flow behavior of the granular material. The granular flow model is a hybrid model derived from kinetic theory and a soil mechanical approach to cover the regime of fast dilute flow, as well as slow dense flow, where the density of the granular material is close to the maximum packing density. Originally, the segregation model has been formulated by Thornton and Gray for idealized avalanches. It is modified and adapted to be in the preferred form for the coupling. In the final coupled model the segregation process depends on the local state of the granular system. On the other hand, the granular system changes as differently mixed regions of the granular material differ i.e. in the packing density. For the modeling process the focus lies on dry granular material flows of two particle types differing only in size but can be easily extended to arbitrary granular mixtures of different particle size and density. To solve the coupled system a finite volume approach is used. To test the model the rotational mixing of small and large particles in a tumbler is simulated.

  6. Flow-based model of computer hackers' motivation.

    Voiskounsky, Alexander E; Smyslova, Olga V

    2003-04-01

    Hackers' psychology, widely discussed in the media, is almost entirely unexplored by psychologists. In this study, hackers' motivation is investigated, using the flow paradigm. Flow is likely to motivate hackers, according to views expressed by researchers and by hackers themselves. Taken as granted that hackers experience flow, it was hypothesized that flow increases with the increase of hackers' competence in IT use. Self-selected subjects were recruited on specialized web sources; 457 hackers filled out a web questionnaire. Competence in IT use, specific flow experience, and demographic data were questioned. An on-line research was administered within the Russian-speaking community (though one third of Ss are non-residents of Russian Federation); since hacking seems to be international, the belief is expressed that the results are universal. The hypothesis is not confirmed: flow motivation characterizes the least and the most competent hackers, and the members of an intermediate group, that is, averagely competent Ss report the "flow crisis"-no (or less) flow experience. Two differing strategies of task choice were self-reported by Ss: a step-by-step increase of the difficulty of choices leads to a match of challenges and skills (and to preserving the flow experience); putting choices irrespective of the likelihood of solution leads to a "flow crisis." The findings give productive hints on processes of hackers' motivational development. The flow-based model of computer hackers' motivation was developed. It combines both empirically confirmed and theoretically possible ways of hackers' "professional" growth.

  7. Tempered fractional time series model for turbulence in geophysical flows

    Meerschaert, Mark M.; Sabzikar, Farzad; Phanikumar, Mantha S.; Zeleke, Aklilu

    2014-09-01

    We propose a new time series model for velocity data in turbulent flows. The new model employs tempered fractional calculus to extend the classical 5/3 spectral model of Kolmogorov. Application to wind speed and water velocity in a large lake are presented, to demonstrate the practical utility of the model.

  8. Tempered fractional time series model for turbulence in geophysical flows

    Meerschaert, Mark M; Sabzikar, Farzad; Phanikumar, Mantha S; Zeleke, Aklilu

    2014-01-01

    We propose a new time series model for velocity data in turbulent flows. The new model employs tempered fractional calculus to extend the classical 5/3 spectral model of Kolmogorov. Application to wind speed and water velocity in a large lake are presented, to demonstrate the practical utility of the model. (paper)

  9. A Comparison of Simplified Two-dimensional Flow Models Exemplified by Water Flow in a Cavern

    Prybytak, Dzmitry; Zima, Piotr

    2017-12-01

    The paper shows the results of a comparison of simplified models describing a two-dimensional water flow in the example of a water flow through a straight channel sector with a cavern. The following models were tested: the two-dimensional potential flow model, the Stokes model and the Navier-Stokes model. In order to solve the first two, the boundary element method was employed, whereas to solve the Navier-Stokes equations, the open-source code library OpenFOAM was applied. The results of numerical solutions were compared with the results of measurements carried out on a test stand in a hydraulic laboratory. The measurements were taken with an ADV probe (Acoustic Doppler Velocimeter). Finally, differences between the results obtained from the mathematical models and the results of laboratory measurements were analysed.

  10. Numerical models for high beta magnetohydrodynamic flow

    Brackbill, J.U.

    1987-01-01

    The fundamentals of numerical magnetohydrodynamics for highly conducting, high-beta plasmas are outlined. The discussions emphasize the physical properties of the flow, and how elementary concepts in numerical analysis can be applied to the construction of finite difference approximations that capture these features. The linear and nonlinear stability of explicit and implicit differencing in time is examined, the origin and effect of numerical diffusion in the calculation of convective transport is described, and a technique for maintaining solenoidality in the magnetic field is developed. Many of the points are illustrated by numerical examples. The techniques described are applicable to the time-dependent, high-beta flows normally encountered in magnetically confined plasmas, plasma switches, and space and astrophysical plasmas. 40 refs

  11. Effect of Brazil's conditional cash transfer programme on tuberculosis incidence.

    Nery, J S; Rodrigues, L C; Rasella, D; Aquino, R; Barreira, D; Torrens, A W; Boccia, D; Penna, G O; Penna, M L F; Barreto, M L; Pereira, S M

    2017-07-01

    To evaluate the impact of the Brazilian cash transfer programme (Bolsa Família Programme, BFP) on tuberculosis (TB) incidence in Brazil from 2004 to 2012. We studied tuberculosis surveillance data using a combination of an ecological multiple-group and time-trend design covering 2458 Brazilian municipalities. The main independent variable was BFP coverage and the outcome was the TB incidence rate. All study variables were obtained from national databases. We used fixed-effects negative binomial models for panel data adjusted for selected covariates and a variable representing time. After controlling for covariates, TB incidence rates were significantly reduced in municipalities with high BFP coverage compared with those with low and intermediate coverage (in a model with a time variable incidence rate ratio = 0.96, 95%CI 0.93-0.99). This was the first evidence of a statistically significant association between the increase in cash transfer programme coverage and a reduction in TB incidence rate. Our findings provide support for social protection interventions for tackling TB worldwide.

  12. Modelling hydrodynamic parameters to predict flow assisted corrosion

    Poulson, B.; Greenwell, B.; Chexal, B.; Horowitz, J.

    1992-01-01

    During the past 15 years, flow assisted corrosion has been a worldwide problem in the power generating industry. The phenomena is complex and depends on environment, material composition, and hydrodynamic factors. Recently, modeling of flow assisted corrosion has become a subject of great importance. A key part of this effort is modeling the hydrodynamic aspects of this issue. This paper examines which hydrodynamic parameter should be used to correlate the occurrence and rate of flow assisted corrosion with physically meaningful parameters, discusses ways of measuring the relevant hydrodynamic parameter, and describes how the hydrodynamic data is incorporated into the predictive model

  13. One-dimensional energy flow model for poroelastic material

    Kim, Jung Soo; Kang, Yeon June

    2009-01-01

    This paper presents a one-dimensional energy flow model to investigate the energy behavior for poroelastic media coupled with acoustical media. The proposed energy flow model is expressed by an independent energy governing equation that is classified into each wave component propagating in poroelastic media. The energy governing equation is derived using the General Energetic Method (GEM). To facilitate a comparison with the classical solution based on the conventional displacement-base formulation, approximate solutions of energy density and intensity are obtained. Furthermore, the limitations and usability of the proposed energy flow model for poroelastic media are described.

  14. Modelling the Multiphase Flow in Dense Medium Cyclones

    Kaiwei Chu

    2010-12-01

    Full Text Available Dense medium cyclone (DMC is widely used in mineral industry to separate solids by density. It is simple in design but the flow pattern within it is complex due to the size and density distributions of the feed and process medium solids, and the turbulent vortex formed. Recently, the so-called combined computational fluid dynamics (CFD and discrete element method (DEM (CFD-DEM was extended from two-phase flow to model the flow in DMCs at the University of New South Wales (UNSW. In the CFD-DEM model, the flow of coal particles is modelled by DEM and that of medium flow by CFD, allowing consideration of medium-coal mutual interaction and particle-particle collisions. In the DEM model, Newton's laws of motion are applied to individual particles, and in the CFD model the local-averaged Navier-Stokes equations combined with the volume of fluid (VOF and mixture multiphase flow models are solved. The application to the DMC studies requires intensive computational effort. Therefore, various simplified versions have been proposed, corresponding to the approaches such as Lagrangian particle tracking (LPT method where dilute phase flow is assumed so that the interaction between particles can be ignored, one-way coupling where the effect of particle flow on fluid flow is ignored, and the use of the concept of parcel particles whose properties are empirically determined. In this paper, the previous works on the modelling of DMCs at UNSW are summarized and the features and applicability of the models used are discussed.

  15. Numerical modeling of flow boiling instabilities using TRACE

    Kommer, Eric M.

    2015-01-01

    Highlights: • TRACE was used to realistically model boiling instabilities in single and parallel channel configurations. • Model parameters were chosen to exactly mimic other author’s work in order to provide for direct comparison of results. • Flow stability maps generated by the model show unstable flow at operating points similar to other authors. • The method of adjudicating when a flow is “unstable” is critical in this type of numerical study. - Abstract: Dynamic flow instabilities in two-phase systems are a vitally important area of study due to their effects on a great number of industrial applications, including heat exchangers in nuclear power plants. Several next generation nuclear reactor designs incorporate once through steam generators which will exhibit boiling flow instabilities if not properly designed or when operated outside design limits. A number of numerical thermal hydraulic codes attempt to model instabilities for initial design and for use in accident analysis. TRACE, the Nuclear Regulatory Commission’s newest thermal hydraulic code is used in this study to investigate flow instabilities in both single and dual parallel channel configurations. The model parameters are selected as to replicate other investigators’ experimental and numerical work in order to provide easy comparison. Particular attention is paid to the similarities between analysis using TRACE Version 5.0 and RELAP5/MOD3.3. Comparison of results is accomplished via flow stability maps non-dimensionalized via the phase change and subcooling numbers. Results of this study show that TRACE does indeed model two phase flow instabilities, with the transient response closely mimicking that seen in experimental studies. When compared to flow stability maps generated using RELAP, TRACE shows similar results with differences likely due to the somewhat qualitative criteria used by various authors to determine when the flow is truly unstable

  16. Assessing the Hydrogeomorphic Effects of Environmental Flows using Hydrodynamic Modeling.

    Gregory, Angela; Morrison, Ryan R; Stone, Mark

    2018-04-13

    Water managers are increasingly using environmental flows (e-flows) as a tool to improve ecological conditions downstream from impoundments. Recent studies have called for e-flow approaches that explicitly consider impacts on hydrogeomorphic processes when developing management alternatives. Process-based approaches are particularly relevant in river systems that have been highly modified and where water supplies are over allocated. One-dimensional (1D) and two-dimensional (2D) hydrodynamic models can be used to resolve hydrogeomorphic processes at different spatial and temporal scales to support the development, testing, and refinement of e-flow hypotheses. Thus, the objective of this paper is to demonstrate the use of hydrodynamic models as a tool for assisting stakeholders in targeting and assessing environmental flows within a decision-making framework. We present a case study of e-flows on the Rio Chama in northern New Mexico, USA, where 1D and 2D hydrodynamic modeling was used within a collaborative process to implement an e-flow experiment. A specific goal of the e-flow process was to improve spawning habitat for brown trout by flushing fine sediments from gravel features. The results revealed that the 2D hydrodynamic model provided much greater insight with respect to hydrodynamic and sediment transport processes, which led to a reduction in the recommended e-flow discharge. The results suggest that 2D hydrodynamic models can be useful tools for improving process understanding, developing e-flow recommendations, and supporting adaptive management even when limited or no data are available for model calibration and validation.

  17. Modeling of groundwater flow for Mujib aquifer, Jordan

    Jordan is an arid country with very limited water resources. ... groundwater flow model to simulate the behavior of the flow system under ... decision makers and planners in selecting optimum management schemes suitable for arid and semi- arid regions. 2. Methodology ..... This work was supported by the Jordan University.

  18. Modelling flow dynamics in water distribution networks using ...

    One such approach is the Artificial Neural Networks (ANNs) technique. The advantage of ANNs is that they are robust and can be used to model complex linear and non-linear systems without making implicit assumptions. ANNs can be trained to forecast flow dynamics in a water distribution network. Such flow dynamics ...

  19. Modeling skin blood flow: a neuro-physiological approach

    Kingma, B.R.M.; Saris, W.H.M.; Frijns, A.J.H.; Steenhoven, van A.A.; Marken Lichtenbelt, van W.D.

    2010-01-01

    In humans skin blood flow (SBF) plays a major role in body heat loss. Therefore the accuracy of models ofhuman thermoregulation depends for a great deal on their ability to predict skin blood flow. Most SBFmodelsuse body temperatures directly for calculation of skin perfusion. However, humans do not

  20. Two Phase Flow Split Model for Parallel Channels | Iloeje | Nigerian ...

    The model and code are capable of handling single and two phase flows, steady states and transients, up to ten parallel flow paths, simple and complicated geometries, including the boilers of fossil steam generators and nuclear power plants. A test calculation has been made with a simplified three-channel system ...