Valuing Investment Decisions: Flotation Costs And Capital Budgeting

We highlight a measurement problem inherent in the prevalent approach to factoring flotation costs in capital budgeting decision-making.  This arises because the traditional method calculates a higher cost of capital, while keeping the initial cash-flow unchanged.  We demonstrate an alternate approach that corrects for this problem by assigning a higher initial investment due to flotation costs, while keeping the cost of capital unchanged

Internationalizing A Business School Program: A Descriptive Study Of A Strategic Implementation Process Of Internationalization

The purpose of this study is to explain the process that a small private business school with limited resources and no prior experience took to internationalize its business school program. The extent of this globalization project was not limited to just revising, initiating, and enhancing its course offerings for accounting, business administration and economics major but it also included a plan to provide additional Study Abroad opportunities for its business students, to develop collaborative partnerships with the Spanish foreign language faculty, and to increase educational programs to the outside business communities. All of these will be briefly explained because this globalization process would be incomplete without their inclusion; however, the focus of this particular study will concentrate on the internationalization of the business school curriculum

Bankruptcy Prediction In The Textile Industry

This paper extends the use of Altman’s Z-Score bankruptcy predictor to the textile industry. Generally, firms benefited from the North American Free Trade Agreement (NAFTA) but suffered financially after the Asian currency crisis. The study finds that Type I classification errors support prior research while Type II classification errors are much higher than previous literature findings. The results indicate a need for a modified bankruptcy predictor for the textile industry

Reducing the environmental impact of surgery on a global scale: systematic review and co-prioritization with healthcare workers in 132 countries

Abstract Background Healthcare cannot achieve net-zero carbon without addressing operating theatres. The aim of this study was to prioritize feasible interventions to reduce the environmental impact of operating theatres. Methods This study adopted a four-phase Delphi consensus co-prioritization methodology. In phase 1, a systematic review of published interventions and global consultation of perioperative healthcare professionals were used to longlist interventions. In phase 2, iterative thematic analysis consolidated comparable interventions into a shortlist. In phase 3, the shortlist was co-prioritized based on patient and clinician views on acceptability, feasibility, and safety. In phase 4, ranked lists of interventions were presented by their relevance to high-income countries and low–middle-income countries. Results In phase 1, 43 interventions were identified, which had low uptake in practice according to 3042 professionals globally. In phase 2, a shortlist of 15 intervention domains was generated. In phase 3, interventions were deemed acceptable for more than 90 per cent of patients except for reducing general anaesthesia (84 per cent) and re-sterilization of ‘single-use’ consumables (86 per cent). In phase 4, the top three shortlisted interventions for high-income countries were: introducing recycling; reducing use of anaesthetic gases; and appropriate clinical waste processing. In phase 4, the top three shortlisted interventions for low–middle-income countries were: introducing reusable surgical devices; reducing use of consumables; and reducing the use of general anaesthesia. Conclusion This is a step toward environmentally sustainable operating environments with actionable interventions applicable to both high– and low–middle–income countries

Coupled thermal-hydrological-mechanical behavior of rock mass surrounding a high-temperature thermal energy storage cavern at shallow depth

We numerically model the thermal-hydrological-mechanical (THM) processes within the rock mass surrounding a cavern used for thermal energy storage (TES). We consider a cylindrical rock cavern with a height of 50 m and a radius of 10 m storing thermal energy of 350 °C as a conceptual TES model, and simulate its operation for thirty years. At first, the insulator performance are not considered for the purpose of investigating the possible coupled THM behavior of the surrounding rock mass; then, the effects of an insulator are examined for different insulator thicknesses. The key concerns are hydro-thermal multiphase flow and heat transport in the rock mass around the thermal storage cavern, the effect of evaporation of rock mass, thermal impact on near the ground surface and the mechanical behavior of the surrounding rock mass. It is shown that the rock temperature around the cavern rapidly increases in the early stage and, consequently, evaporation of groundwater occurs, raising the fluid pressure. However, evaporation and multiphase flow does not have a significant effect on the heat transfer and mechanical behavior in spite of the high-temperature (350 °C) heat source. The simulations showed that large-scale heat flow around a cavern is expected to be conduction-dominated for a reasonable value of rock mass permeability. Thermal expansion as a result of the heating of the rock mass from the storage cavern leads to a ground surface uplift on the order of a few centimeters, and to the development of tensile stress above the storage cavern, increasing the potentials for shear and tensile failures after a few years of the operation. Finally, the analysis shows that high tangential stress in proximity of the storage cavern can some shear failure and local damage, although large rock wall failure could likely be controlled with appropriate insulators and reinforcement

Coupled thermal-hydrological-mechanical behavior of rock mass surrounding a high-temperature thermal energy storage cavern at shallow depth

We numerically model the thermal-hydrological-mechanical (THM) processes within the rock mass surrounding a cavern used for thermal energy storage (TES). We consider a cylindrical rock cavern with a height of 50 m and a radius of 10 m storing thermal energy of 350 °C as a conceptual TES model, and simulate its operation for thirty years. At first, the insulator performance are not considered for the purpose of investigating the possible coupled THM behavior of the surrounding rock mass; then, the effects of an insulator are examined for different insulator thicknesses. The key concerns are hydro-thermal multiphase flow and heat transport in the rock mass around the thermal storage cavern, the effect of evaporation of rock mass, thermal impact on near the ground surface and the mechanical behavior of the surrounding rock mass. It is shown that the rock temperature around the cavern rapidly increases in the early stage and, consequently, evaporation of groundwater occurs, raising the fluid pressure. However, evaporation and multiphase flow does not have a significant effect on the heat transfer and mechanical behavior in spite of the high-temperature (350 °C) heat source. The simulations showed that large-scale heat flow around a cavern is expected to be conduction-dominated for a reasonable value of rock mass permeability. Thermal expansion as a result of the heating of the rock mass from the storage cavern leads to a ground surface uplift on the order of a few centimeters, and to the development of tensile stress above the storage cavern, increasing the potentials for shear and tensile failures after a few years of the operation. Finally, the analysis shows that high tangential stress in proximity of the storage cavern can some shear failure and local damage, although large rock wall failure could likely be controlled with appropriate insulators and reinforcement

Modeling of coupled thermodynamic and geomechanical performance of underground compressed air energy storage (CAES) in lined rock caverns

We applied coupled nonisothermal, multiphase fluid flow and geomechanical numerical modeling to study the coupled thermodynamic and geomechanical performance of underground compressed air energy storage (CAES) in concrete-lined rock caverns. The paper focuses on CAES in lined caverns at relatively shallow depth (e.g., 100 m depth) in which a typical CAES operational pressure of 5 to 8 MPa is significantly higher than both ambient fluid pressure and in situ stress. We simulated a storage operation that included cyclic compression and decompression of air in the cavern, and investigated how pressure, temperature and stress evolve over several months of operation. We analyzed two different lining options, both with a 50 cm thick low permeability concrete lining, but in one case with an internal synthetic seal such as steel or rubber. For our simulated CAES system, the thermodynamic analysis showed that 96.7% of the energy injected during compression could be recovered during subsequent decompression, while 3.3% of the energy was lost by heat conduction to the surrounding media. Our geomechanical analysis showed that tensile effective stresses as high as 8 MPa could develop in the lining as a result of the air pressure exerted on the inner surface of the lining, whereas thermal stresses were relatively smaller and compressive. With the option of an internal synthetic seal, the maximum effective tensile stress was reduced from 8 to 5 MPa, but was still in substantial tension. We performed one simulation in which the tensile tangential stresses resulted in radial cracks and air leakage though the lining. This air leakage, however, was minor (about 0.16% of the air mass loss from one daily compression) in terms of CAES operational efficiency, and did not significantly impact the overall energy balance of the system. However, despite being minor in terms of energy balance, the air leakage resulted in a distinct pressure increase in the surrounding rock that could be quickly detected using pressure monitoring outside the concrete lining

The impact of personal and outdoor temperature exposure during cold and warm seasons on lung function and respiratory symptoms in COPD

Rationale Chronic obstructive pulmonary disease (COPD) patients often report aggravated symptoms due to heat and cold, but few studies have formally evaluated this. Methodology We followed 30 Boston-based former smokers with COPD for four non-consecutive 30-day periods over 12 months. Personal and outdoor temperature exposure were measured using portable and Boston-area outdoor stationary monitors. Participants recorded daily morning lung function measurements as well as any worsening breathing (breathlessness, chest tightness, wheeze) and bronchitis symptoms (cough, sputum colour and amount) compared to baseline. Using linear and generalised linear mixed-effects models, we assessed associations between personal and outdoor temperature exposure (1-3-day moving averages) and lung function and symptoms, adjusting for humidity, smoking pack-years and demographics. We also stratified by warm and cold season. Results Participants were on average 71.1 +/- 8.4 years old, with 54.4 +/- 30.7 pack-years of smoking. Each 5 degrees C increase in personal temperature exposure was associated with 1.85 (95% CI 0.99-3.48) higher odds of worsening breathing symptoms. In the warm season, each 5 degrees C increase in personal and outdoor temperature exposure was associated with 3.20 (95% CI 1.05-9.72) and 2.22 (95% CI 1.41-3.48) higher odds of worsening breathing symptoms, respectively. Each 5 degrees C decrease in outdoor temperature was associated with 1.25 (95% CI 1.04-1.51) higher odds of worsening bronchitis symptoms. There were no associations between temperature and lung function. Conclusions Our findings suggest that higher temperature, including outdoor exposure during the warm season and personal temperature exposure year-round, may worsen dyspnoea, while colder outdoor temperature may trigger cough and phlegm symptoms among COPD patients

“It's a cause I believe in”: factors motivating participation and engagement in longitudinal, respiratory-focused research studies

Abstract Background Key to the success of any prospective cohort study is the effective recruitment and retention of participants, but the specific factors that influence younger adults of the Millennial generation to participate in research are not well-understood. The objective of this qualitative study was to identify factors that motivated participation and engagement in longitudinal research studies focused on respiratory health among a diverse group of young adults. Methods We conducted qualitative, semi-structured interviews with 50 younger adult participants (aged 25–35 years) regarding factors influencing their participation in longitudinal research studies. Thematic analysis was used to develop, organize, and tabulate the frequency of key themes. In exploratory analyses, we examined for patterns in the distribution of key themes across racial, ethnic, or socioeconomic groups. Results Participants identified several key themes that affected their willingness to participate in longitudinal studies. These included the health-related benefits generated by research (both to the individual and to society at-large), factors related to the institution and study team conducting the research, concerns regarding unethical and/or unrepresentative study design, and barriers to participation in research. Certain factors may be more impactful to underrepresented groups, including concerns regarding data privacy and confidentiality. Conclusions In this diverse group of younger adults, we identified specific factors that motivated participation and predicted high engagement in longitudinal research studies focused on respiratory health. Implementing and integrating these factors into study protocols may improve recruitment and retention, including among participants who are historically underrepresented in research