An Arbitrary Benchmark CAPM: One Additional Frontier Portfolio is Sufficient

The benchmark CAPM linearly relates the expected returns on an arbitrary asset, an arbitrary benchmark portfolio, and an arbitrary MV frontier portfolio. The benchmark is not required to be on the frontier and may be non-perfectly correlated with the frontier portfolio. The benchmark CAPM extends and generalizes previous CAPM formulations, including the zero beta, two correlated frontier portfolios, riskless augmented frontier, and inefficient portfolio versions. The covariance between the off-frontier benchmark and the frontier portfolio affects the systematic risk of any asset. Each asset has a composite beta, derived from the simple betas of both the asset and the benchmark.Benchmark; CAPM; non-frontier portfolio; zero beta portfolio; composite beta

A dozen consistent CAPM-related valuation models : so why use the incorrect one?

This paper focuses on applications of the CAPM in capital budgeting and in valuation of "mispriced" financial assets. Most textbooks in finance do not warn against a common pitfall in discounting expected cash flows by risk adjusted discount rates that are conceptually inconsistent with the CAPM. Betas computed from returns based on investment cost rather than on market value, may give systematically inappropriate discount rates and numerically incorrect present values for non-zero NPVs and "mispriced" assets. The paper provides a self contained collection of a dozen consistent CAPM-related methods, that all give correct valuation results. The models include approaches based on certainty equivalents, equilibrium and disequilibrium required discount rates, simplified discounting rules based on absence of arbitrage for particular cash flow patterns, as well as required adaptations to make valuations from more advanced valuation methods consistent with correct CAPM procedures. Derivations of the valuation methods are shown in an appendix. A running base case numerical example illustrates the various procedures. Further illustrations are provided by a textbook example that also demonstrates how some simple procedures work for more complex cases than previously recognized

Modular Multilevel Converter for Electric Motor Drive Applications

In this master thesis the topic of Modular Multilevel Converters (MMC) has been studied. The working principle of the converter is presented with advantageous attributes such as a multilevel waveform, a modular realization and cost saving features. Vital control objectives are active and reactive power control, DC link voltage control, submodule capacitor voltage control and current control. A level-shifted pulse-width modulation (PWM) switching scheme was found to have relatively low total harmonic distortion (THD), thus used in the upcoming simulations. In order to ensure balancing of the converter capacitors, a voltage balancing algorithm was presented, sorting the capacitors based on their voltage level, and giving a state command accordingly. The thesis has examined the challenges of using MMC for electric motor drive applications. It has been found that the low frequency operation causes large voltage ripple in the capacitors, thus a large circulating current. Through a literature search, different measures where found in order to reduce the circulating current, including circulating current suppressing and manipulation. In addition an introduction of a common mode voltage was presented as a possible measure. After developing the one-phase model of the project thesis into a three-phase model, the circulating current suppressing controllers (CCSC) were tested, first at 50Hz, and then at 25Hz. At 50Hz, all three controllers worked as intended, reducing the circulating current by up to 72% and the voltage ripple was reduced from ∆vc = 10V to ∆vc = 6V . At 25Hz, all the controllers maintained their ability to reduce the circulating current. Nonetheless, it was concluded that further measures must be studied, as all controllers increased the capacitor voltage ripple at f =25Hz

A dozen consistent CAPM-related valuation models : so why use the incorrect one?

This paper focuses on applications of the CAPM in capital budgeting and in valuation of "mispriced" financial assets. Most textbooks in finance do not warn against a common pitfall in discounting expected cash flows by risk adjusted discount rates that are conceptually inconsistent with the CAPM. Betas computed from returns based on investment cost rather than on market value, may give systematically inappropriate discount rates and numerically incorrect present values for non-zero NPVs and "mispriced" assets. The paper provides a self contained collection of a dozen consistent CAPM-related methods, that all give correct valuation results. The models include approaches based on certainty equivalents, equilibrium and disequilibrium required discount rates, simplified discounting rules based on absence of arbitrage for particular cash flow patterns, as well as required adaptations to make valuations from more advanced valuation methods consistent with correct CAPM procedures. Derivations of the valuation methods are shown in an appendix. A running base case numerical example illustrates the various procedures. Further illustrations are provided by a textbook example that also demonstrates how some simple procedures work for more complex cases than previously recognized

Policy and regulatory framework to enhance local content : yardsticks and best practice

The focus of this paper is on how to design a policy to enhance national participation in the local oil and gas industry in a way that actually turns out the benefit the host country of these resources. The underlying idea of the policy approach we recommend is to create a sound business climate, to encourage oil companies to compete in involving domestic value generating activities and firms, and to let their track record in this respect influence their rights to future oil and gas. Doing so on a competitive basis, which also allows for preferential treatment of efforts to develop local firms and local labour, should contribute positively to the development of local industrial capacity in relation to the domestic oil and gas industry. This will, in turn, most likely spin off positively to industrial development in other areas of the host country economy as well, which means that also industrial sectors other than oil and gas related industry should benefit. Altogether, this means that the chances for the host country to expand and realize its industrial potential ought to become significantly strengthened

Investigation of external refrigeration systems for long term cryogenic storage Final report

Data on external refrigeration systems for space storage of cryogens for long period

Investigation of external refrigeration systems for long-term cryogenic storage

Evaluation of cryogenic refrigeration systems for space application

Dehydrogenated polycyclic aromatic hydrocarbons and UV bump

Recent calculations have shown that the UV bump at about 217.5 nm in the extinction curve can be explained by a complex mixture of PAHs in several charge states. Other studies proposed that the carriers are a restricted population made of neutral and singly-ionised dehydrogenated coronene molecules (C24Hn, n less than 3), in line with models of the hydrogenation state of interstellar PAHs predicting that medium-sized species are highly dehydrogenated. To assess the observational consequences of the latter hypothesis we have undertaken a systematic study of the electronic spectra of dehydrogenated PAHs. We use our first results to see whether such spectra show strong general trends upon dehydrogenation. We used state-of-the-art techniques in the framework of the density functional theory (DFT) to obtain the electronic ground-state geometries, and of the time- dependent DFT to evaluate the electronic excited-state properties. We computed the absorption cross-section of the species C24Hn (n=12,10,8,6,4,2,0) in their neutral and cationic charge-states. Similar calculations were performed for other PAHs and their fullydehydrogenated counterparts. pi electron energies are always found to be strongly affected by dehydrogenation. In all cases we examined, progressive dehydrogenation translates into a correspondingly progressive blue shift of the main electronic transitions. In particular, the pi-pi* collective resonance becomes broader and bluer with dehydrogenation. Its calculated energy position is therefore predicted to fall in the gap between the UV bump and the far-UV rise of the extinction curve. Since this effect appears to be systematic, it poses a tight observational limit on the column density of strongly dehydrogenated medium-sized PAHs.Comment: 5 pages, 7 figures, Astronomy & Astrophysics, in pres