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

The survey of the effect of ginger extract on gastric residual volume in mechanically ventilated patients hospitalized in the Intensive Care Units

Background and purpose: Delayed gastric emptying in mechanically ventilated patients is common. According to evidences, Ginger can accelerate gastric emptying. This study aimed to determine the effect of ginger extract on gastric residual volume of patients admitted to the Intensive Care Unit. Materials and Methods: In this double-blind randomized controlled clinical trial with before and after schematization, 24 mechanically ventilated patients hospitalized in ICUs were divided into two groups, intervention group (12 patients) and control group (n = 12) after matching for sex and severity of disease. After 48 hours of feeding with a standard gavage solution, the intervention group received 120mg of ginger extract in 4 days and the control group received 5 ml water as placebo in 4 days. The mean residual volume was recorded in the fifth and the sixth days. Data analysis was done with independent and paired T-tests at a significance level of 0.05. Results: The mean residual volume in the first 48 hours was not significantly different between the groups. But after 48 hours of starting treatment, the average of mean and standard deviation of the residual volume in the fifth and sixth days were (24.58±16.81) in intervention group and (108.33±15.09) in control group that according to the Independent T-test showed a significant difference (P <0.0001). Discussion and Conclusion: The result of this study showed that ginger extract reduces gastric residual volume in mechanically ventilated patients hospitalized in intensive care units compared with placebo. © 2013 AENSI Publisher All rights reserved

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

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

Synchronization in Random Geometric Graphs

In this paper we study the synchronization properties of random geometric graphs. We show that the onset of synchronization takes place roughly at the same value of the order parameter that a random graph with the same size and average connectivity. However, the dependence of the order parameter with the coupling strength indicates that the fully synchronized state is more easily attained in random graphs. We next focus on the complete synchronized state and show that this state is less stable for random geometric graphs than for other kinds of complex networks. Finally, a rewiring mechanism is proposed as a way to improve the stability of the fully synchronized state as well as to lower the value of the coupling strength at which it is achieved. Our work has important implications for the synchronization of wireless networks, and should provide valuable insights for the development and deployment of more efficient and robust distributed synchronization protocols for these systems.Comment: 5 pages, 4 figure

Effect of different pretreatments on egyptian sugar-cane bagasse saccharification and bioethanol production

AbstractSugar-cane processing generates large amount of bagasse. Disposal of bagasse is critical for both agricultural profitability and environmental protection. Sugar-cane bagasse is a renewable resource that can be used to produce ethanol.In this study, twelve microbial isolates, five bacteria, four yeasts and three filamentous fungi were isolated from sugar-cane bagasse. Bacterial and yeast isolates were selected for their ability to utilize different sugars and cellulose. Chipped and ground bagasse was subjected to different pretreatment methods; physically through steam treatment by autoclaving at 121°C and 1.5bar for 20min and/or different doses of gamma γ irradiation (50 and 70Mrad). Autoclaved pretreated bagasse was further biologically treated through the solid state fermentation process by different fungal isolates; F-66, F-94 and F-98 producing maximum total reducing sugars of 18.4., 26.1 and 20.4g/L, respectively.Separate biological hydrolysis and fermentation (SHF) process for bagasse was done by the two selected fungal isolates; Trichoderma viride F-94 and Aspergillus terreus F-98 and the two yeast isolates identified as Candida tropicalis Y-26 and Saccharomyces cerevisiae Y-39. SHF processes by F-94 and Y-26 produced 226kg of ethanol/ton bagasse while that of F-98 and Y-39 produced 185kg of ethanol/ton bagasse

Perceptions about Probiotic Yogurt for Health and Nutrition in the Context of HIV/AIDS in Mwanza, Tanzania

Recently, the food and malnutrition issues have taken centre stage within the arena of HIV/AIDS epidemic, with several calls being made for context-specific health and nutrition interventions to deal with the emerging food insecurity and malnutrition issues in settings with high burdens of HIV/AIDS. The use of probiotics as nutritional supplements in HIV/AIDS-affected and resource-poor settings has also been advocated. This paper presents the results of a qualitative study on community knowledge and perceptions about probiotics and their potential impact on people's everyday life in the context of the HIV/AIDS epidemic. In-depth interviews (n=26) were conducted with residents in Mwanza, Tanzania. The results showed that people living with HIV/AIDS, who were using probiotic yogurt produced through a joint partnership of Western Heads East, Tanzania Medical Research Institute and the Tukwamune Women's Group, reported perceived beneficial effects, such as gain in weight and improved health and well-being. Yet, these beneficial effects might be resulting in growing misconceptions about probiotic yogurt being ‘medicine’ for the treatment of HIV/AIDS; this is leading some people living with HIV/AIDS to abandon taking their antiretroviral medications based on the view that the probiotic yogurt is making them feel much better. The findings illustrate the potential challenges with regard to the introduction of nutritional food supplements into new contexts plagued by malnutrition and infectious diseases. Public-health education and awareness programmes are needed when introducing novel foods into such contexts

Efficacy of tenofovir disoproxil fumarate therapy in nucleoside-analogue naive Iranian patients treated for chronic hepatitis B

Background: Tenofovir disoproxil fumarate (TDF) is a new effective treatment option for patients with chronic hepatitis B (CHB). Objectives: To evaluate TDF efficacy in nucleos(t)ide analogues (NAs)-naive Iranian patients with CHB. Patients and Methods: The NA-naive patients received TDF for at least six months. The primary endpoint was the proportion of patients achieving a complete virological response (CVR) during the treatment. Multivariate Cox regression analysis determined predictive factors independently associated with the time to CVR. The secondary endpoints were biochemical and serological responses, frequency of virological breakthrough, genotypic resistance development, safety and tolerability. Results: In all, 93 patients (64.5 hepatitis B e antigen HBeAg-negative) were eligible. Of these, 70 patients completed 24 months of treatment. The cumulative CVR rates in HBeAg-negative and HBeAg-positive patients were 87% versus 53% at 24 months, respectively. The multivariate Cox regression model showed only HBeAg positivity at baseline and a high baseline HBV DNA level were independent factors predicting a CVR. No patient achieved hepatitis B surface antigen (HBsAg) and HBeAg loss or seroconversion and no virologic breakthrough occurred. A new amino acid substitution (rtD263E) was observed to develop in 60% of patients with viremia. Conclusions: The cumulative CVR rates showed that patients with HBeAg-negative have better virologic respond than those with HBeAg-positive during the same period. The rtD263E mutation might be associated with partial resistance to TDF. © 2015, Kowsar Corp