Appraisal of combined agreements in BOT project finance: Focused on minimum revenue guarantee and revenue cap agreements

Limited public funds for infrastructures have the government consider joining the private in a BOT project finance scheme. Generally, the BOT projects entail lots of managerial flexibilities that may induce the radical change of project's cash flows, an asymmetric payoff, when facing on the uncertainties due to the BOT project finance's unique characteristics. Among various managerial flexibilities in the BOT projects, the MRG (Minimum Revenue Guarantee) and the RCP (Revenue Cap) agreements are frequently used to protect the government and the developer from the operational risk. However, the combined effect of the MRG and RCP on the project value is not understood well because the traditional capital budgeting theory, the NPV (Net Present Value) analysis, is limited to assess the contingency of these agreements. So, the purpose of this paper is to develop the numerical model to assess the combined impact of the MRG and RCP agreements on the project value based on the option pricing theory and to suggest a theoretical framework. The approach applied in this paper is justified with the hypothetical BOT toll case and some meaningful conclusions are drawn from. The results by the option pricing concept are analyzed over those by NPV analysis and, finally, the combined value of the MRG and RCP agreements appears significant relative to the project value. Santruka Del ribotu viešojo sektoriaus lešu vyriausybe nusprende sujungti privačias lešas pagal SVP (angl. BOT) projektu finansavimo schema. Paprastai SVP projektai yra lanksčiai valdomi, todel gali sukelti radikaliu pokyčiu grynuosiuose projekto pinigu srautuose asimetrini atsipirkima del unikaliu SVP projektu finansavimo savybiu. Tarp ivairiu lanksčiu SVP projektu valdymo pavyzdžiu minetini minimalios pajamu garantijos (angl. MRG) ir pajamu kapitalizacijos (angl. RCP) susitarimai. Jie dažnai naudojami siekiant apsaugoti valdžia ir vystytoja nuo veiklos rizikos. Tačiau bendras minimaliu pajamu garantiju ir pajamu kapitalizacijos susitarimu poveikis projekto vertei nesuprantamas ir del to, kad tradicine kapitalo teorija, grynosios dabartines vertes (angl. NPV) analize yra ribotos vertinant nenumatytus šiu susitarimu atvejus. Taigi šio straipsnio tikslas ‐ pletoti skaitmenini modeli, ivertinti bendra minetu susitarimu poveiki projekto vertei, pagristai pasirinkto sandorio ikainojimo teorija, ir pasiūlyti teorini pagrindima. Šiame straipsnyje taikomas metodas pagristas hipotetiniais SVP rinkliavos atvejais ir kai kuriomis padarytomis išvadomis. Pasirinkto sandorio ikainojimo samprata analizuojama atliekant grynosios dabartines vertes analize, kol bendra minimaliu pajamu garantiju ir pajamu kapitalizacijos susitarimu verte tampa labai svarbi, palyginti su projekto verte. First Published Online: 18 Oct 201

Draft genome sequence of the Tibetan antelope

The Tibetan antelope (Pantholops hodgsonii) is endemic to the extremely inhospitable high-altitude environment of the Qinghai-Tibetan Plateau, a region that has a low partial pressure of oxygen and high ultraviolet radiation. Here we generate a draft genome of this artiodactyl and use it to detect the potential genetic bases of highland adaptation. Compared with other plain-dwelling mammals, the genome of the Tibetan antelope shows signals of adaptive evolution and gene-family expansion in genes associated with energy metabolism and oxygen transmission. Both the highland American pika, and the Tibetan antelope have signals of positive selection for genes involved in DNA repair and the production of ATPase. Genes associated with hypoxia seem to have experienced convergent evolution. Thus, our study suggests that common genetic mechanisms might have been utilized to enable high-altitude adaptation

Analyses of pig genomes provide insight into porcine demography and evolution

For 10,000 years pigs and humans have shared a close and complex relationship. From domestication to modern breeding practices, humans have shaped the genomes of domestic pigs. Here we present the assembly and analysis of the genome sequence of a female domestic Duroc pig (Sus scrofa) and a comparison with the genomes of wild and domestic pigs from Europe and Asia. Wild pigs emerged in South East Asia and subsequently spread across Eurasia. Our results reveal a deep phylogenetic split between European and Asian wild boars ∼1 million years ago, and a selective sweep analysis indicates selection on genes involved in RNA processing and regulation. Genes associated with immune response and olfaction exhibit fast evolution. Pigs have the largest repertoire of functional olfactory receptor genes, reflecting the importance of smell in this scavenging animal. The pig genome sequence provides an important resource for further improvements of this important livestock species, and our identification of many putative disease-causing variants extends the potential of the pig as a biomedical model

SERS-Based Immunoassays for the Detection of Botulinum Toxins A and B Using Magnetic Beads

Rapid and sensitive detection of botulinum neurotoxins (BoNTs) is important for immediate treatment with proper antitoxins. However, it is difficult to detect BoNTs at the acute phase of infection, owing to its rarity and ambiguous symptoms. To resolve this problem, we developed a surface-enhanced Raman scattering (SERS)-based immunoassay technique for the rapid and sensitive detection of BoNTs. Magnetic beads and SERS nanotags as capture substrates and detection probes, respectively, and Nile Blue A (NBA) and malachite green isothiocyanate (MGITC) as Raman reporter molecules were used for the detection of two different types of BoNTs (types A and B), respectively. The corresponding limits of detection (LODs) were determined as 5.7 ng/mL (type A) and 1.3 ng/mL (type B). Total assay time, including that for immunoreaction, washing, and detection, was less than 2 h

Reproducible and Sensitive Plasmonic Sensing Platforms Based on Au-Nanoparticle-Internalized Nanodimpled Substrates

Electromagnetic enhancement effects through localized surface plasmon resonance considerably amplify the intensity of incident light when molecules are positioned in the vicinity of miniscule nanogaps. The aggregation of plasmonic nanoparticles synthesized using bottom-up methods has been extensively used to generate hot spots in solutions. These methods assist in obtaining non-periodic plasmonic signals, because the realization of uniform nanogaps through particle aggregation is difficult. Nanostructured substrates with gaps of 20-100 nm have also been fabricated using the top-down approach. However, the fabrication of smaller nanogap templates using these methods is difficult owing to high costs and low throughput. Therefore, a nanodimple array internalized with AuNPs is developed in this study to mitigate the challenges encountered in the bottom-up and top-down approaches. Precise nanogaps are generated by regularly internalizing AuNPs in the cavities of nanodimples through DNA hybridization. Simulations of the electric field distribution indicate that the incorporation of 80 nm-sized AuNPs into a curved nanodimpled Au substrate generate high-density volumetric hot spots within a detection volume, and result in a high plasmonic enhancement factor of 8.25 x 10(7). The tremendous potential of the proposed plasmonic platform as an SERS-based biomedical diagnostic device is also verified

Ultra-Wide Range Pressure Sensor Based on a Microstructured Conductive Nanocomposite for Wearable Workout Monitoring

Conventional flexible pressure sensors are not suitable for high-pressure applications due to their low saturation pressure. In this study, an ultra-wide range pressure sensor is designed based on the optimized microstructure of the polyimide/carbon nanotubes (PI/CNT) nanocomposite film. The sensing range of the pressure sensor is expanded by adopting polyimide (PI) with a high elastic modulus as a matrix material and its sensitivity is improved through functional sensing film with tip-flattened microdome arrays. As a result, the pressure sensor can measure a wide pressure range (≈ 0–3000 kPa) and possesses the sensitivity of ≈ 5.66 × 10−3–0.23 × 10−3 kPa−1 with high reliability and durability up to 1000 cycles. The proposed sensor is integrated into the hand and foot pressure monitoring systems for workout monitoring. The representative values of the pressure distribution in the hands and feet during the powerlifting are acquired and analyzed through Pearson's correlation coefficient (PCC). The analyzed results suggest that the pressure sensor can provide useful real-time information for healthcare and sports performance monitoring

Integrated SERS-Based Microdroplet Platform for the Automated Immunoassay of F1 Antigens in <i>Yersinia pestis</i>

The development of surface-enhanced Raman scattering (SERS)-based microfluidic platforms has attracted significant recent attention in the biological sciences. SERS is a highly sensitive detection modality, with microfluidic platforms providing many advantages over microscale methods, including high analytical throughput, facile automation, and reduced sample requirements. Accordingly, the integration of SERS with microfluidic platforms offers significant utility in chemical and biological experimentation. Herein, we report a fully integrated SERS-based microdroplet platform for the automatic immunoassay of specific antigen fraction 1 (F1) in <i>Yersinia pestis</i>. Specifically, highly efficient and rapid immunoreactions are achieved through sequential droplet generation, transport, and merging, while wash-free immunodetection is realized through droplet-splitting. Such integration affords a novel multifunctional platform capable of performing complex multistep immunoassays in nL-volume droplets. The limit of detection of the F1 antigen for <i>Yersinia pestis</i> using the integrated SERS-based microdroplet platform is 59.6 pg/mL, a value approximately 2 orders of magnitude more sensitive than conventional enzyme-linked immunosorbent assays. This assay system has additional advantages including reduced sample consumption (less than 100 μL), rapid assay times (less than 10 min), and fully automated fluid control. We anticipate that this integrated SERS-based microdroplet device will provide new insights in the development of facile assay platforms for various hazardous materials