IPO valuation in an emerging market – a study in Iran

Purpose: This study aims to highlight the accuracy, performance and selection of the IPO valuation methods in the Islamic Republic of Iran's emerging market. Design/methodology/approach: We performed accurate ex-ante evaluations based on a pre-IPO dataset obtained from valuation institutions. We considered valuation methods through correlations, Mann-Whitney U tests and regression analysis, using a sample of 83 IPOs from January 2017 to March 2021. Findings: We found that the Dividend Discount Model (DDM) was the most popular in Iran. Even after controlling firm characteristics and market circumstances, the IPO price was highly correlated to pre-IPO reports' estimates. The results showed that firms' age, size and profitability affected the selection of valuation methods. The valuers did not apply forward P/E in a volatile market. Firm size affected the weights assigned to Free Cash Flow to the Firm (FCFF), and the valuers considered the Asset-in-Place (AIP) intensity to determine the weights of DDM, P/E and Net Asset Value (NAV), and they mainly employed the P/E to value old firms. Finally, this study estimated the accuracy of the pre-IPO report at 61% and found the highest accuracy to be associated with DDM. Originality/Value: IPO pricing in emerging markets constitutes a more significant dilemma than in developed markets. This paper provides empirical evidence of IPO pricing focusing on valuation methods used in the context of an emerging market – the Islamic Republic of Iran

Linearna i nelinearna optička svojstva modulirane kvantne jame

The electron energy levels and envelope wave functions in a double confinement quantum-barrier structure, are numerically calculated utilizing the transfer matrix method. Analytic forms of the linear and the nonlinear optical absorption coefficients and change in refractive indices due to intersubband optical transitions with an applied electric field are derived theoretically based on the density-matrix formalism.Za konačno duboku kvantnu jamu određeni su numerički energetski nivoi elektrona i valne funkcije primjenom metode matrice prijelaza. Nađen je analitički oblik za koeficijente linearne i nelinearne optičke apsorpcije te za promjenu indeksa loma zbog optičkih prijelaza medu podvrpcama uzrokovanih vanjskim električnim poljem. Račun je napravljen pomoću formalizma matrice gustoće

Linearna i nelinearna optička svojstva modulirane kvantne jame

The electron energy levels and envelope wave functions in a double confinement quantum-barrier structure, are numerically calculated utilizing the transfer matrix method. Analytic forms of the linear and the nonlinear optical absorption coefficients and change in refractive indices due to intersubband optical transitions with an applied electric field are derived theoretically based on the density-matrix formalism.Za konačno duboku kvantnu jamu određeni su numerički energetski nivoi elektrona i valne funkcije primjenom metode matrice prijelaza. Nađen je analitički oblik za koeficijente linearne i nelinearne optičke apsorpcije te za promjenu indeksa loma zbog optičkih prijelaza medu podvrpcama uzrokovanih vanjskim električnim poljem. Račun je napravljen pomoću formalizma matrice gustoće

Using Electrical Stimulation in Diabetic Therapy

This study aimed to find a new technique for diabetic therapy using new device of electrical stimulation by treating 320 cases of diabetic patient divided in four groups. The first was for patients with no drug and herbal therapy. The second group took 1 tablet of (G or D) or 1herbal dose. The third took more than tablet of (G or D) or (1 tablet + 1 herbal dose). The fourth group was treated by Insulin. All these groups of patients were exposed to electrical stimulation using the above device, and the test of all patients were done, observing that the exposure time increased with the increasing of age for the patient group of the same diabetic level, and the number of patients increases in the range (35-55) year for the first group, (35-60) year for the second group, (30-40) year for the third group. By fitting the curve response we get the mathematic equation that helps us to determine the start point of therapy. Keywords: Electrical, Diabetic, Stimulation, Therapy

Vezana stanja elektrona i šupljine u valjkastoj kvantnoj točki

The ground-state energies of an electron and of a hole in a finite-potential quantum dot disc of GaAs are calculated. Solving the Schrödinger equation for the two particles separately, we calculated the first two excited states for each one. To study the effect of the disc dimensionality on the eigen-energies, we considered different discs with different values of radius (R) and width (L). Discussing the potential effect, we examined the eigen-value behaviour at different values of the barrier heights. The corresponding wave functions are obtained.Izračunali smo energije osnovnih stanja elektrona i šupljine u konačnom potencijalu valjkaste kvantne točke u GaAs. Rješavanjem Schrodingerove jednadžbe posebno za svaku od čestica, izračunali smo prvo i dva viša stanja za svaku česticu. Radi proučavanja učinka veličine valjka na svojstvene energije, razmatrali smo valjke različitih polumjera i duljine. Razmatrali smo utjecaj potencijala ispitivanjem ovisnosti svojstvenih vrijednosti za tri vrijednosti visine barijere. Izveli smo odgovarajuće valne funkcije

Vezana stanja elektrona i šupljine u valjkastoj kvantnoj točki

The ground-state energies of an electron and of a hole in a finite-potential quantum dot disc of GaAs are calculated. Solving the Schrödinger equation for the two particles separately, we calculated the first two excited states for each one. To study the effect of the disc dimensionality on the eigen-energies, we considered different discs with different values of radius (R) and width (L). Discussing the potential effect, we examined the eigen-value behaviour at different values of the barrier heights. The corresponding wave functions are obtained.Izračunali smo energije osnovnih stanja elektrona i šupljine u konačnom potencijalu valjkaste kvantne točke u GaAs. Rješavanjem Schrodingerove jednadžbe posebno za svaku od čestica, izračunali smo prvo i dva viša stanja za svaku česticu. Radi proučavanja učinka veličine valjka na svojstvene energije, razmatrali smo valjke različitih polumjera i duljine. Razmatrali smo utjecaj potencijala ispitivanjem ovisnosti svojstvenih vrijednosti za tri vrijednosti visine barijere. Izveli smo odgovarajuće valne funkcije

HERMITE NUMERICAL METHOD TO ESTIMATE THE RADON AND RADIUM EFFECTS OF THE SOIL IN BARTELLA REGION

The Hermite numerical interpolation method used to estimate and predict the radon and radium concentrations, from some of the experimental measurements made on the soil samples of the Bartella region in Iraq. The results obtained from deductible mathematical method were close to real experimental results. Predicted results are in the range of 80.04–4051.59 Bq/m3radon concentrations and 0.322–17.276 Bq/Kgradium concentrations corresponding to 200-10000 tracks of alpha particles. The maximum errors were less than 0.289 and 1.172 percent for radon and radium concentrations, respectively. The effects of radium and radon radiations estimated of soil in the studied area depend on its concentrations, a higher number of alpha particle tracks mean high radiation concentration, the high radiation will cause human health damage. The values are below 370 Bq/Kg the recommended radium concentration permissible values, by the Organization ащк Economic Cooperation and Development (OECD), the studied area is safe from hazards on health of radium and radon exposure from the soi

Eksitonska stanja u kvantnoj točki

The exciton binding energies in finite-potential quantum dot discs of GaAs are obtained and the eigenstates and the eigenvalues of the exciton are calculated. We present the exciton binding energy for different values of the disc radius (R) and the disc half-width (L/2). The exciton-state stability for large and small sizes of the dot is discussed. We compare our results with the existing theoretical and experimental results. Our results give good estimates for the optimal quantum dot disc geometry, and represent useful data in studies of the optical properties of quantum dots in nano-scale devices.Izračunali smo energiju vezanja, svojstvena stanja i svojstvene vrijednosti eksitona u kvantnoj točki s konačnim potencijalom. Opisujemo energiju vezanja eksitona za više vrijednosti polumjera (R) i poluširine (L/2) diska. Raspravljamo stabilnost eksitona za male i veće dimenzije diska. Uspoređujemo naše rezultate s poznatim drugim teorijskim i eksperimentalnim rezultatima. Naši rezultati daju dobre ocjene za povoljnu veličinu diska kvantne točke, i predstavljaju korisne podatke za proučavanje optičkih svojstava kvantnih točaka u napravama nano veličine

Review of the biotechnology research and development (R and D) in OECD countries concerning biological drugs

The pharmaceutical industry is among high technology industries that needs considerable attention in research and development. Overall, the processes that a drug must go through from its production in the laboratory, to clinical trials on certain groups, to the drug being licensed and finally planning for its marketing makes it different to any other product. Boosting research and development capability in this industry as well as saving patients’ lives is also essential in controlling the costs of importing drugs. According to this point of view, having suitable R and D strategies in the pharmaceutical sector becomes very important for every country. In this study, we aimed to review several studies concerning biological drugs R and D in selected countries. Since the discussions in relation to the R and D within the pharmaceutical sector about biological drugs come under the umbrella of innovation system of each country. By reviewing the pharmaceutical innovation system studies of selected OECD countries including Norway, Germany and Japan, we aimed to look at the main factors in national R and D system, the trading system conditions, R and D co-operations, human resources, financial matters, entrepreneurship, the market, R and D policy making and coordination of different organizations and main support policies within the biological drugs system.Key words: R and D, biotechnology, biological drugs