Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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".
Abstract: 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
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.
Abstract: 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.