Analysis of WIMAX/BWA Licensing in India: A real option approach

Indian Internet and broadband market has experienced very slow growth and limited penetration till now. The introduction of Broadband Wireless Access (BWA) is expected to aid in increasing the penetration of internet and broadband in India. The report sheds light on the guidelines and procedure used in 4G/BWA spectrum auction and presents comparative analysis of the competing technologies, providing the information about suitability of each technology available. Recently held 4G/ BWA spectrum auction saw enthusiastic participation by the industry and even saw some new entrants in Indian broadband market. Government benefited by Rs, 385bn that it earned as revenue from the auction of the spectrum and projected it as successful auction. However, the question remains if the auctions were efficient and whether they led to creation of value or will it prove to be burden to the telecom operators and will depress their balance sheet for years to come. The report uses both traditional valuation methods such as Discounted Cash Flow as well as Real Option approach to answer such questions. Using DCF analysis, the broadband subscribers have been forecasted to grow from present 13.77mn to 544mn by the end of 2025. The wireless subscribers are forecasted to be 70% of the total broadband subscribers after 5 years of roll out as it will be difficult to replace all wireline subscribers with wireless subscribers in India due to the high cost of wireless broadband and new technology. WiMAX is expected to increase its presence with time and reach 90mn subscribers from meager 0.35mn subscribers by 2025. Using industry wide cost of capital as 12.05%, the Net Present Value has been found Rs 221bn aggregate with an IRR of 17.1%. Using Real option approach, the value of license has been calculated as Rs 437bn which is 13.5% more than the spectrum fees paid by the operators. This mismatch, between the auction value and the correct value that should have been discovered by supply-demand dynamics, can be due to limited participants in BWA spectrum auctions and companies such as TATA and Reliance opting out of the auction process midway as well as uncertainty about acceptance of new technology with Indian subscribers.WiMAX, broadband, 3G spectrum, 4G,broadband wireless access, valuation, licensing, real option

Active Hedging Greeks of an Options Portfolio integrating churning and minimization of cost of hedging using Quadratic & Linear Programing

This paper proposes a methodology for active hedging Greeks of an option portfolio integrating churning and minimization of cost of hedging. In the first section, hedging strategy is implemented by taking positions in other available options, while simultaneously minimizing the net premium paid for the hedging and then churning the portfolio to take into account the changed value of Greeks in the new portfolio. In the second section, the paper extends the model to incorporate the transaction cost while hedging the portfolio and churning it in Indian Scenario. Both constant and nonlinear shape of transaction cost has been considered as per the Security Transaction Tax and Brokerage charges in India. A quadratic programming has been presented which has been approximated by a linear programming solution. The prototype software has been developed in MS Excel using Visual Basic.Options Portfolio, Hedging Greeks, Churning of Portfolio, Linear Programing, Transaction Cost

Heavy inertial particles in turbulent flows gain energy slowly but lose it rapidly

We present an extensive numerical study of the time irreversibility of the dynamics of heavy inertial particles in three-dimensional, statistically homogeneous and isotropic turbulent flows. We show that the probability density function (PDF) of the increment, $W(\tau)$, of a particle's energy over a time-scale $\tau$ is non-Gaussian, and skewed towards negative values. This implies that, on average, particles gain energy over a period of time that is longer than the duration over which they lose energy. We call this $\textit{slow gain}$ and $\textit{fast loss}$. We find that the third moment of $W(\tau)$ scales as $\tau^3$, for small values of $\tau$. We show that the PDF of power-input $p$ is negatively skewed too; we use this skewness ${\rm Ir}$ as a measure of the time-irreversibility and we demonstrate that it increases sharply with the Stokes number ${\rm St}$, for small ${\rm St}$; this increase slows down at ${\rm St} \simeq 1$. Furthermore, we obtain the PDFs of $t^+$ and $t^-$, the times over which $p$ has, respectively, positive or negative signs, i.e., the particle gains or loses energy. We obtain from these PDFs a direct and natural quantification of the the slow-gain and fast-loss of the particles, because these PDFs possess exponential tails, whence we infer the characteristic loss and gain times $t_{\rm loss}$ and $t_{\rm gain}$, respectively; and we obtain $t_{\rm loss} < t_{\rm gain}$, for all the cases we have considered. Finally, we show that the slow-gain in energy of the particles is equally likely in vortical or strain-dominated regions of the flow; in contrast, the fast-loss of energy occurs with greater probability in the latter than in the former

Performance Analysis of Full Adder Circuits Using CMOS 90nm Technology

This paper represents designing of full adder circuit using CMOS 90nm technology. In this paper three full adder circuits have been proposed using 28 and 36 transistors and comparison analysis is done between 28T(a),28T(b) and 36T on the basis of area, power and number of transistors. By comparison it shows that proposed 28T(b) full adder circuit is better than 28T(a) and 36T full adder circuits as it required power less than other two circuits

How long do particles spend in vortical regions in turbulent flows?

We obtain the probability distribution functions (PDFs) of the time that a Lagrangian tracer or a heavy inertial particle spends in vortical or strain-dominated regions of a turbulent flow, by carrying out direct numerical simulation (DNS) of such particles advected by statistically steady, homogeneous and isotropic turbulence in the forced, three-dimensional, incompressible Navier-Stokes equation. We use the two invariants, $Q$ and $R$, of the velocity-gradient tensor to distinguish between vortical and strain-dominated regions of the flow and partition the $Q-R$ plane into four different regions depending on the topology of the flow; out of these four regions two correspond to vorticity-dominated regions of the flow and two correspond to strain-dominated ones. We obtain $Q$ and $R$ along the trajectories of tracers and heavy inertial particles and find out the time $\mathrm{t_{pers}}$ for which they remain in one of the four regions of the $Q-R$ plane. We find that the PDFs of $\mathrm{t_{pers}}$ display exponentially decaying tails for all four regions for tracers and heavy inertial particles. From these PDFs we extract characteristic times scales, which help us to quantify the time that such particles spend in vortical or strain-dominated regions of the flow

“Re-envisioning a Caitanya Vaiṣṇava ‘Perfect Being Theology’ and Demonstrating Its Theodical Implications”

Popular imaginations and receptions of Hinduism often neglect to consider its theological dimensions that conceive of the divine reality along conceptual pathways analogous to those of the major Judeo-Christian religious traditions. Thus, within Western scholarship, there have been no systematic attempts to delineate central doxastic elements within the Caitanya Vaiṣṇava tradition by suggesting correlations with distinctive Christian concepts, and this scholarly lacuna within Caitanya Vaiṣṇavism restricts comparative theological dialogue between Caitanya Vaiṣṇavism and Christianity. In order to address this lacuna, I demonstrate that aspects of Caitanya Vaiṣṇavism’s theological framework can be conceptualized in conversation with their Christian counterparts. By illustrating certain parities between the theological frameworks of Caitanya Vaiṣṇavism and Christianity, I also aim to pave the way for further comparative theological dialogue between these two religious traditions. In particular, I propose that Caitanya Vaiṣṇavism’s theological framework enables the tradition to become a suitable dialogical partner to Christianity in comparative theodicy. I also suggest and put into practice a criterion that can be helpful for refining the comparative theodical exchanges between Caitanya Vaiṣṇavism and Christianity

Investigation of Structural Damage in a Corrosive Environment: A Case Study

This paper presents the methodology and results of an investigation into the causes of structural damage to a reinforced concrete block wall building in Lake Havasu City, Arizona. The structural damage was in the form of cracking and spalling of the lower courses of the block along the building perimeter. The structural damage to the building had been incorrectly attributed to the Hector Mine Earthquake by another investigator. An evaluation of the response of the building to the estimated level of ground shaking, coupled with site observations, conclusively ruled out the earthquake ground shaking as a cause for the structural damage. Site observations indicated corrosion of reinforcing steel as the fundamental cause for the cracking of the concrete block. Samples of the block, grout, soil, flatwork concrete, and irrigation water were collected during the site investigation. Chemical testing of the soil and water samples, which indicated high levels of sulfates and chlorides, substantiated the site observations that over time the exposure to the soil and water had resulted in an environment that facilitated and resulted in severe corrosion of the steel. This case study highlights the potential for serious structural damage in a corrosive environment, and also cautions against reaching engineering conclusions without a holistic understanding of the problem