The Application of Real Options to Capital Budgeting

Real options theory suggests that managerial flexibility embedded within irreversible investments can account for a significant value in project valuation. Although the argument has become the dominant focus of capital investment theory over decades, yet recent survey literature in capital budgeting indicates that corporate practitioners still do not explicitly apply real options in investment decisions. In this paper, we explore how real options decision criteria can be transformed into equivalent capital budgeting criteria under the consideration of uncertainty, assuming that underlying stochastic process follows a geometric Brownian motion (GBM), a mixed diffusion-jump (MX), or a mean-reverting process (MR). These equivalent valuation techniques can be readily decomposed into conventional investment rules and “option impacts", the latter of which describe the impacts on optimal investment rules with the option value considered. Based on numerical analysis and Monte Carlo simulation, three major findings are derived. First, it is shown that real options could be successfully integrated into the mindset of conventional capital budgeting. Second, the inclusion of option impacts tends to delay investment. It is indicated that the delay effect is the most significant under a GBM process and the least significant under a MR process. Third, it is optimal to adopt the new capital budgeting criteria in investment decision-making and adopting a suboptimal investment rule without considering real options could lead to a substantial loss in value.

Multi-Scale Gabor Feature Based Eye Localization

Eye localization is necessary for face recognition and related application areas. Most of eye localization algorithms reported so far still need to be improved about precision and computational time for successful applications. In this paper, we propose an eye location method based on multi-scale Gabor feature vectors, which is more robust with respect to initial points. The eye localization based on Gabor feature vectors first needs to constructs an Eye Model Bunch for each eye (left or right eye) which consists of n Gabor jets and average eye coordinates of each eyes obtained from n model face images, and then tries to localize eyes in an incoming face image by utilizing the fact that the true eye coordinates is most likely to be very close to the position where the Gabor jet will have the best Gabor jet similarity matching with a Gabor jet in the Eye Model Bunch. Similar ideas have been already proposed in such as EBGM (Elastic Bunch Graph Matching). However, the method used in EBGM is known to be not robust with respect to initial values and may need extensive search range for achieving the required performance, but extensive search ranges will cause much more computational burden. In this paper, we propose a multi-scale approach with a little increased computational burden where one first tries to localize eyes based on Gabor feature vectors in a coarse face image obtained from down sampling of the original face image, and then localize eyes based on Gabor feature vectors in the original resolution face image by using the eye coordinates localized in the coarse scaled image as initial points. Several experiments and comparisons with other eye localization methods reported in the other papers show the efficiency of our proposed method.

Insights into Smoothies with High Levels of Fibre and Polyphenols: Factors Influencing Chemical, Rheological and Sensory Properties

Attempts to add fibre and polyphenols (PPs) into popular beverages present challenges related to the properties of finished products such as smoothies. Consumer acceptability, viscosity and phenolic composition of smoothies containing high levels of fruit fibre (2.5-7.5 g per 300 mL serve) and PPs (250-750 mg per 300 mL serve) were examined. The changes in total extractable PP, vitamin C content, and colour of selected smoothies over a storage stability trial (4°C, 14 days) were compared. A set of acidic aqueous model beverages were prepared to further examine the effect of two different heat treatments on the stability and extractability of PPs. Results show that overall consumer acceptability of high fibre and PP smoothies was low, with average hedonic scores ranging from 3.9 to 6.4 (on a 1-9 scale). Flavour, texture and overall acceptability decreased as fibre and polyphenol contents increased, with fibre content exerting a stronger effect. Higher fibre content resulted in greater viscosity, with an elevated PP content increasing viscosity only slightly. The presence of fibre also aided the stability and extractability of PPs after heating. A reduction of extractable PPs, vitamin C content and colour intensity of smoothies was observed after a 14-day storage period at 4°C. Two heat treatments (75°C for 45 min or 85°C for 1 min) that are normally used for beverage production, did not cause significant reduction of total extracted PPs. It is clear that high levels of added fibre and PPs greatly influence the consumer appeal of smoothies, suggesting the need to develop novel formulation and processing methods if a satisfactory functional beverage is to be developed incorporating these ingredients.

Carbon Accumulation in Winter Wheat under Different Growing Intensity and Climate Change

World population growth drives food demand, promotes intensification of agriculture, development of new production technologies and varieties more suitable for regional nature conditions. Climate change can affect the length of growing period, biomass and carbon accumulation in winter wheat. The increasing mean air temperature resulting from climate change can reduce the length of growth period of cereals, and without adequate adjustments in growing technologies or varieties, can reduce biomass and carbon accumulation. Deeper understanding and effective measures for monitoring and management of cereal growth process are needed for adaptation to changing climate and technological conditions.

Students- uses of Wiki in Teacher Education: A Statistical Analysis

Wikis are considered to be part of Web 2.0 technologies that potentially support collaborative learning and writing. Wikis provide opportunities for multiple users to work on the same document simultaneously. Most wikis have also a page for written group discussion. Nevertheless, wikis may be used in different ways depending on the pedagogy being used, and the constraints imposed by the course design. This work explores students- uses of wiki in teacher education. The analysis is based on a taxonomy for classifying students- activities and actions carried out on the wiki. The article also discusses the implications for using wikis as collaborative writing tools in teacher education.

A Security Model of Voice Eavesdropping Protection over Digital Networks

The purpose of this research is to develop a security model for voice eavesdropping protection over digital networks. The proposed model provides an encryption scheme and a personal secret key exchange between communicating parties, a so-called voice data transformation system, resulting in a real-privacy conversation. The operation of this system comprises two main steps as follows: The first one is the personal secret key exchange for using the keys in the data encryption process during conversation. The key owner could freely make his/her choice in key selection, so it is recommended that one should exchange a different key for a different conversational party, and record the key for each case into the memory provided in the client device. The next step is to set and record another personal option of encryption, either taking all frames or just partial frames, so-called the figure of 1:M. Using different personal secret keys and different sets of 1:M to different parties without the intervention of the service operator, would result in posing quite a big problem for any eavesdroppers who attempt to discover the key used during the conversation, especially in a short period of time. Thus, it is quite safe and effective to protect the case of voice eavesdropping. The results of the implementation indicate that the system can perform its function accurately as designed. In this regard, the proposed system is suitable for effective use in voice eavesdropping protection over digital networks, without any requirements to change presently existing network systems, mobile phone network and VoIP, for instance.

Lower Order Harmonics Minimisation in CHB Inverter Using GA and Decomposition by WT

Nowadays Multilevel inverters are widely using in various applications. Modulation strategy at fundamental switching frequency like, SHEPWM is prominent technique to eliminate lower order of harmonics with less switching losses and better harmonic profile. The equations which are formed by SHE are highly nonlinear transcendental in nature, there may exist single, multiple or even no solutions for a particular MI. However, some loads such as electrical drives, it is required to operate in whole range of MI. In order to solve SHE equations for whole range of MI, intelligent techniques are well suited to solve equations so as to produce lest %THDV. Hence, this paper uses Continuous genetic algorithm for minimising harmonics. This paper also presents wavelet based analysis of harmonics. The developed algorithm is simulated and %THD from FFT analysis and Wavelet analysis are compared. MATLAB programming environment and SIMULINK models are used whenever necessary.

A Study of the Relationship of PSI and LMX to Service Providers' CS in Hospitality Industry

The purpose of the current study is to gain insight into the relative role of professional self-image (PSI) for service providers among leader-member exchange (LMX), career success. Lack of studies demonstrated that PSI of service providers affect on their CS. So, it is necessary to, according to service providers- perspective, explore the relationship among LMX and CS in hospitality industry. The result of the current study can suggest strategic directions for hospitality practitioners in terms of constructing LMX relationship, so as to make service providers realize and build their PSI, and to promote their CS. Implications of these findings for hospitality implementations as well as future research directions are subsequently discussed.

Modelling of Soil Erosion by Non Conventional Methods

Soil erosion is the most serious problem faced at global and local level. So planning of soil conservation measures has become prominent agenda in the view of water basin managers. To plan for the soil conservation measures, the information on soil erosion is essential. Universal Soil Loss Equation (USLE), Revised Universal Soil Loss Equation 1 (RUSLE1or RUSLE) and Modified Universal Soil Loss Equation (MUSLE), RUSLE 1.06, RUSLE1.06c, RUSLE2 are most widely used conventional erosion estimation methods. The essential drawbacks of USLE, RUSLE1 equations are that they are based on average annual values of its parameters and so their applicability to small temporal scale is questionable. Also these equations do not estimate runoff generated soil erosion. So applicability of these equations to estimate runoff generated soil erosion is questionable. Data used in formation of USLE, RUSLE1 equations was plot data so its applicability at greater spatial scale needs some scale correction factors to be induced. On the other hand MUSLE is unsuitable for predicting sediment yield of small and large events. Although the new revised forms of USLE like RUSLE 1.06, RUSLE1.06c and RUSLE2 were land use independent and they have almost cleared all the drawbacks in earlier versions like USLE and RUSLE1, they are based on the regional data of specific area and their applicability to other areas having different climate, soil, land use is questionable. These conventional equations are applicable for sheet and rill erosion and unable to predict gully erosion and spatial pattern of rills. So the research was focused on development of nonconventional (other than conventional) methods of soil erosion estimation. When these non-conventional methods are combined with GIS and RS, gives spatial distribution of soil erosion. In the present paper the review of literature on non- conventional methods of soil erosion estimation supported by GIS and RS is presented.

Control of Thermal Flow in Machine Tools Using Shape Memory Alloys

In this paper the authors propose and verify an approach to control heat flow in machine tool components. Thermal deformations are a main aspect that affects the accuracy of machining. Due to goals of energy efficiency, thermal basic loads should be reduced. This leads to inhomogeneous and time variant temperature profiles. To counteract these negative consequences, material with high melting enthalpy is used as a method for thermal stabilization. The increased thermal capacity slows down the transient thermal behavior. To account for the delayed thermal equilibrium, a control mechanism for thermal flow is introduced. By varying a gap in a heat flow path the thermal resistance of an assembly can be controlled. This mechanism is evaluated in two experimental setups. First to validate the ability to control the thermal resistance and second to prove the possibility of a self-sufficient option based on the selfsensing abilities of thermal shape memory alloys.

Numerical Simulation of the Flow Field around a Vertical Flat Plate of Infinite Extent

This paper presents a CFD analysis of the flow field around a thin flat plate of infinite span inclined at 90° to a fluid stream of infinite extent. Numerical predictions have been compared to experimental measurements, in order to assess the potential of the finite volume code of determining the aerodynamic forces acting on a bluff body invested by a fluid stream of infinite extent. Several turbulence models and spatial node distributions have been tested. Flow field characteristics in the neighborhood of the flat plate have been investigated, allowing the development of a preliminary procedure to be used as guidance in selecting the appropriate grid configuration and the corresponding turbulence model for the prediction of the flow field over a two-dimensional vertical flat plate.

Courses Pre-Required Visualization Using Force Directed Placement Technique

Visualizing “Courses – Pre – Required - Architecture" on the screen has proven to be useful and helpful for university actors and specially for students. In fact, these students can easily identify courses and their pre required, perceive the courses to follow in the future, and then can choose rapidly the appropriate course to register in. Given a set of courses and their prerequired, we present an algorithm for visualization a graph entitled “Courses-Pre-Required-Graph" that present courses and their prerequired in order to help students to recognize, lonely, what courses to take in the future and perceive the contain of all courses that they will study. Our algorithm using “Force Directed Placement" technique visualizes the “Courses-Pre-Required-Graph" in such way that courses are easily identifiable. The time complexity of our drawing algorithm is O (n2), where n is the number of courses in the “Courses-Pre-Required-Graph".

High Capacity Data Hiding based on Predictor and Histogram Modification

In this paper, we propose a high capacity image hiding technology based on pixel prediction and the difference of modified histogram. This approach is used the pixel prediction and the difference of modified histogram to calculate the best embedding point. This approach can improve the predictive accuracy and increase the pixel difference to advance the hiding capacity. We also use the histogram modification to prevent the overflow and underflow. Experimental results demonstrate that our proposed method within the same average hiding capacity can still keep high quality of image and low distortion

Implementation of On-Line Cutting Stock Problem on NC Machines

Introduction applicability of high-speed cutting stock problem (CSP) is presented in this paper. Due to the orders continued coming in from various on-line ways for a professional cutting company, to stay competitive, such a business has to focus on sustained production at high levels. In others words, operators have to keep the machine running to stay ahead of the pack. Therefore, the continuous stock cutting problem with setup is proposed to minimize the cutting time and pattern changing time to meet the on-line given demand. In this paper, a novel method is proposed to solve the problem directly by using cutting patterns directly. A major advantage of the proposed method in series on-line production is that the system can adjust the cutting plan according to the floating orders. Examples with multiple items are demonstrated. The results show considerable efficiency and reliability in high-speed cutting of CSP.

Fast Complex Valued Time Delay Neural Networks

Here, a new idea to speed up the operation of complex valued time delay neural networks is presented. The whole data are collected together in a long vector and then tested as a one input pattern. The proposed fast complex valued time delay neural networks uses cross correlation in the frequency domain between the tested data and the input weights of neural networks. It is proved mathematically that the number of computation steps required for the presented fast complex valued time delay neural networks is less than that needed by classical time delay neural networks. Simulation results using MATLAB confirm the theoretical computations.

Reversible Watermarking on Stereo Image Sequences

In this paper, a new reversible watermarking method is presented that reduces the size of a stereoscopic image sequence while keeping its content visible. The proposed technique embeds the residuals of the right frames to the corresponding frames of the left sequence, halving the total capacity. The residual frames may result in after a disparity compensated procedure between the two video streams or by a joint motion and disparity compensation. The residuals are usually lossy compressed before embedding because of the limited embedding capacity of the left frames. The watermarked frames are visible at a high quality and at any instant the stereoscopic video may be recovered by an inverse process. In fact, the left frames may be exactly recovered whereas the right ones are slightly distorted as the residuals are not embedded intact. The employed embedding method reorders the left frame into an array of consecutive pixel pairs and embeds a number of bits according to their intensity difference. In this way, it hides a number of bits in intensity smooth areas and most of the data in textured areas where resulting distortions are less visible. The experimental evaluation demonstrates that the proposed scheme is quite effective.

Neutralization of Alkaline Waste-Waters using a Blend of Microorganisms

The efficient operation of any biological treatment process requires pre-treatment of incompatible pollutants such as acids, bases, oil, toxic substances, etc. which hamper the treatment of other major components which are otherwise degradable. The pre-treatment of alkaline waste-waters, generated from various industries like textile, paper & pulp, potato-processing industries, etc., having a pH of 10 or higher, is essential. The pre-treatment, i.e., neutralization of such alkaline waste-waters can be achieved by chemical as well as biological means. However, the biological pretreatment offers better package over the chemical means by being safe and economical. The biological pre-treatment can be accomplished by using a blend of microorganisms able to withstand such harsh alkaline conditions. In the present study, for the proper pre-treatment of alkaline waste-waters, a package of alkalophilic bacteria is formulated to neutralise the alkaline pH of the industrial waste-waters. The developed microbial package is cost-effective as well as environmental friendly.

Does Perceived Organizational Virtuousness Explain Organizational Citizenship Behaviors?

The paper shows how the perceptions of five organizational virtuousness dimensions (optimism, trust, compassion, integrity, and forgiveness) explain organizational citizenship behaviors (altruism, sportsmanship, courtesy, conscientiousness, and civic virtue). A sample comprising 216 individuals from 14 industrial organizations was collected. Individuals reported their perceptions of organizational virtuousness, their organizational citizenship behaviors (OCB) being reported by their supervisors. The main findings are the following: (a) the perceptions of trust predict altruism; (b) the perceptions of integrity predict civic virtue.

Comparison of Classical and Ultrasound-Assisted Extractions of Hyphaene thebaica Fruit and Evaluation of Its Extract as Antibacterial Activity in Reducing Severity of Erwinia carotovora

Erwinia carotovora var. carotovora is the main cause of soft rot in potatoes. Hyphaene thebaica was studied for biocontrol of E. carotovora which inhibited growth of E. carotovora on solid medium, a comparative study of classical and ultrasound-assisted extractions of Hyphaene thebaica fruit. The use of ultrasound decreased significant the total time of treatment and increase the total amount of crude extract. The crude extract was subjected to determine the in vitro, by a bioassay technique revealed that the treatment of paper disks with ultrasound extraction of Hyphaene thebaica reduced the growth of pathogen and produced inhibition zones up to 38mm in diameter. The antioxidant activity of ultrasound-ethanolic extract of Doum fruits (Hyphaene thebaica) was determined. Data obtained showed that the extract contains the secondary metabolites such as Tannins, Saponin, Flavonoids, Phenols, Steroids, Terpenoids, Glycosides and Alkaloids.

Parallel Distributed Computational Microcontroller System for Adaptive Antenna Downlink Transmitter Power Optimization

This paper presents a tested research concept that implements a complex evolutionary algorithm, genetic algorithm (GA), in a multi-microcontroller environment. Parallel Distributed Genetic Algorithm (PDGA) is employed in adaptive beam forming technique to reduce power usage of adaptive antenna at WCDMA base station. Adaptive antenna has dynamic beam that requires more advanced beam forming algorithm such as genetic algorithm which requires heavy computation and memory space. Microcontrollers are low resource platforms that are normally not associated with GAs, which are typically resource intensive. The aim of this project was to design a cooperative multiprocessor system by expanding the role of small scale PIC microcontrollers to optimize WCDMA base station transmitter power. Implementation results have shown that PDGA multi-microcontroller system returned optimal transmitted power compared to conventional GA.