Empirical Evidence on Equity Valuation of Thai Firms

This study aims at providing empirical evidence on a comparison of two equity valuation models: (1) the dividend discount model (DDM) and (2) the residual income model (RIM), in estimating equity values of Thai firms during 1995-2004. Results suggest that DDM and RIM underestimate equity values of Thai firms and that RIM outperforms DDM in predicting cross-sectional stock prices. Results on regression of cross-sectional stock prices on the decomposed DDM and RIM equity values indicate that book value of equity provides the greatest incremental explanatory power, relative to other components in DDM and RIM terminal values, suggesting that book value distortions resulting from accounting procedures and choices are less severe than forecast and measurement errors in discount rates and growth rates. We also document that the incremental explanatory power of book value of equity during 1998-2004, representing the information environment under Thai Accounting Standards reformed after the 1997 economic crisis to conform to International Accounting Standards, is significantly greater than that during 1995-1996, representing the information environment under the pre-reformed Thai Accounting Standards. This implies that the book value distortions are less severe under the 1997 Reformed Thai Accounting Standards than the pre-reformed Thai Accounting Standards.

Effect of Stocking Density on Monosex Nile Tilapia Growth during Pond Culture in India

Stocking density is considered one of the important factors affecting fish growth. But, information related to impact of stocking density on growth performance of monosex tilapia population under the ecological conditions of Gangetic plains in West Bengal, India is limited. The aim of our study was to compare the growth potential of monosex tilapia at various stocking densities and to determine an ideal stocking density for culture of all-male monosex fish. The males were isolated by examination of genital papilla region and were stocked separately in 0.01 ha earthen ponds at different stocking densities (5000, 10000, 15000, 20000, 25000 and 30000 fingerlings/ha). It was found that the highest weight, length, daily weight gain, growth rate and protein content were observed for the 20000 fish/ha density class. Thus, culture of monosex tilapia at a density of 20000 fish/ha can be considered ideal for augmented production of the fish under Indian context.

Nutrients Removal from Municipal Wastewater Treatment Plant Effluent using Eichhornia Crassipes

Water hyacinth has been used in aquatic systems for wastewater purification in many years worldwide. The role of water hyacinth (Eichhornia crassipes) species in polishing nitrate and phosphorus concentration from municipal wastewater treatment plant effluent by phytoremediation method was evaluated. The objective of this project is to determine the removal efficiency of water hyacinth in polishing nitrate and phosphorus, as well as chemical oxygen demand (COD) and ammonia. Water hyacinth is considered as the most efficient aquatic plant used in removing vast range of pollutants such as organic matters, nutrients and heavy metals. Water hyacinth, also referred as macrophytes, were cultivated in the treatment house in a reactor tank of approximately 90(L) x 40(W) x 25(H) in dimension and built with three compartments. Three water hyacinths were placed in each compartments and water sample in each compartment were collected in every two days. The plant observation was conducted by weight measurement, plant uptake and new young shoot development. Water hyacinth effectively removed approximately 49% of COD, 81% of ammonia, 67% of phosphorus and 92% of nitrate. It also showed significant growth rate at starting from day 6 with 0.33 shoot/day and they kept developing up to 0.38 shoot/day at the end of day 24. From the studies conducted, it was proved that water hyacinth is capable of polishing the effluent of municipal wastewater which contains undesirable amount of nitrate and phosphorus concentration.

Pathogen Removal Under the Influence of Iron

Drinking water is one of the most valuable resources available to mankind. The presence of pathogens in drinking water is highly undesirable. Because of the Lateritic soil, the iron concentrations were high in ground water. High concentration of iron and other trace elements could restrict bacterial growth and modify their metabolic pattern as well. The bacterial growth rate reduced in the presence of iron in water. This paper presents the results of a controlled laboratory study conducted to assess the inhibition of micro-organism (pathogen) in well waters in the presence of dissolved iron concentrations. Synthetic samples were studied in the laboratory and the results compared with field samples. Predictive model for microbial inhibition in the presence of iron is presented. It was seen that the bore wells, open wells and the field results varied, probably due to the nature of micro-organism utilizing the iron in well waters.

Integrated Cultivation Technique for Microbial Lipid Production by Photosynthetic Microalgae and Locally Oleaginous Yeast

The objective of this research is to study of microbial lipid production by locally photosynthetic microalgae and oleaginous yeast via integrated cultivation technique using CO2 emissions from yeast fermentation. A maximum specific growth rate of Chlorella sp. KKU-S2 of 0.284 (1/d) was obtained under an integrated cultivation and a maximum lipid yield of 1.339g/L was found after cultivation for 5 days, while 0.969g/L of lipid yield was obtained after day 6 of cultivation time by using CO2 from air. A high value of volumetric lipid production rate (QP, 0.223 g/L/d), specific product yield (YP/X, 0.194), volumetric cell mass production rate (QX, 1.153 g/L/d) were found by using ambient air CO2 coupled with CO2 emissions from yeast fermentation. Overall lipid yield of 8.33 g/L was obtained (1.339 g/L of Chlorella sp. KKU-S2 and 7.06g/L of T. maleeae Y30) while low lipid yield of 0.969g/L was found using non-integrated cultivation technique. To our knowledge this is the unique report about the lipid production from locally microalgae Chlorella sp. KKU-S2 and yeast T. maleeae Y30 in an integrated technique to improve the biomass and lipid yield by using CO2 emissions from yeast fermentation.