65 research outputs found

    Does the choice of performance measure shape the appraisal of private equity funds?

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    Conducting an empirical study on cash flows of 71 private equity funds, spanning the vintages 1990 to 2008, we compare the two most common performance measures, IRR and TVPI, to four proposed alternatives. We also document cash flow characteristics that complicate performance measurement. Our findings determine that funds rank differently depending on the measure we employ. However, rank correlations among all measures suggest that the differences are fairly small, and that deviations further decrease when excluding young funds. Funds identified as top quartile by one measure are likely to receive similar appraisals by other measures, but performance is neither robustly, nor fully described by only one measure. The alternative measures better align the interests between the general and limited partners, and contribute to separate skill from fortunate timing. Limited partners should therefore use several measures in the appraisal of fund performance

    Prediction of parametric rolling for a container ship in regular and irregular waves using a fully nonlinear time domain potential flow method

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    In this paper numerical simulations of parametric rolling have been performed. SAFEDOR, an EU funded benchmark study on the capability of different methods to predict such motion, was replicated here, in order to assess the quality of SHIPFLOW MOTIONS for the evaluation of this phenomenon. The code is a fully nonlinear 3D unsteady potential flow method. Since viscosity is not implicitly accounted for by a potential flow method, two different techniques are used here to introduce viscous damping coefficients in the roll motion equation. The results obtained with this method are aligned with the results from the best performing methods analyzed in the benchmark, showing a satisfactory match with experimental results

    Added resistance, heave and pitch for the KVLCC2 tanker using a fully nonlinear unsteady potential flow boundary element method

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    In this paper, a fully nonlinear unsteady potential flow method is used to predict added resistance, heave and pitch for the KVLCC2 hull in regular head waves at design speed. The method presents a nonlinear decomposition of the velocity potential and the wave field and an adaptive grid refinement. A formulation for the acceleration potential is used to obtain the pressure. To improve computational efficiency, a Barnes-Hut algorithm is introduced. A grid dependency study and a study on the impact of different time steps on the solution are performed. Numerical results have been compared with experimental data for the design speed. A general good agreement is found for added resistance, especially for longer waves. Heave and pitch are properly computed for all wave lengths in the range λ/L =0.4 to 1.4

    Osmolal and anion gaps after acute self-poisoning with agricultural formulations of the organophosphorus insecticides profenofos and diazinon : A pilot study

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    Self-poisoning with organophosphorus (OP) insecticides is an important means of global self-harm. The insecticides are formulated with solvents that may also contribute to toxicity. We set up a study to detect changes in osmolal and anion gaps following ingestion of OP insecticides. We recruited consecutive patients admitted to a Teaching Hospital, Sri Lanka, with a history of OP self-poisoning. The osmolal and anion gaps were calculated on admission and at 4, 24 and 72 h post-ingestion together with ethanol concentration. Forty-nine patients were recruited (28 profenofos, 10 diazinon, one coumaphos, one chlorpyrifos, one phenthoate and eight unknown OP). Only modest increases in osmolal and anion gaps were noted. Small rises in osmolal gap above the upper limit of normal were noted in 16/49 (32.7%) of all cases, 9/28 (32.1%) profenofos cases and 4/10 (40.0%) diazinon cases. The anion gap was raised in 24/49 (49.0%) of all cases, 15/28 (53.6%) profenofos cases and 5/10 (50.0%) diazinon cases. We observed a trend for a fall in osmolal gap during the first 24 h, followed by an increase up to 72 h. There was no correlation between the anion gap and serum lactate concentration, indicating that a lactic acidosis was not responsible for the anion gap. Formate, which could have explained the increased gap, was not detected in any of the samples; ketoacids (beta-hydroxybutyrate and acetoacetate) were not measured. This pilot study found that profenofos and diazinon poisoning caused only modest increases in the osmolal and anion gaps in a minority of cases.Peer reviewe

    Protocol for evaluating and implementing a pragmatic value-based healthcare management model for patients with inflammatory arthritis:A Danish population-based regional cohort and qualitative implementation study

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    Introduction The provision of healthcare for patients with inflammatory arthritis occurs in the context of somewhat conflicting targets, values and drivers. Therefore, there is a need for introducing 'value-based healthcare' defined as the value of patient relevant health outcomes in relation to costs. This term is a central part of tomorrow's healthcare sector, especially for rheumatic diseases, yet the transition is a huge challenge, as it will impact the development, delivery and assessment of healthcare. Aims The aim of this study is to compare medical and patient evaluated impact of the traditional settlement and financing production (DAGS) controlled healthcare setting with a value-based and patient-centred adjunctive to standard care. Methods and analysis Patients with inflammatory arthritis receiving treatment in routine care at the outpatient clinics in the Capital Region of Denmark will prospectively and consecutively be enrolled in a Non-Intervention-Study framework providing a pragmatic value-based management model. A Danish reference cohort, used for comparison will be collected as part of routine clinical care. The enrolment period will be from 1 June 2018 until 31December 2023. Baseline and follow-up visits will be according to routine clinical care. Registry data will be obtained directly from patients and include personal, clinical and outcomes information. The study results will be reported in accordance with the STROBE statement. Ethics and dissemination The study has been notified to the Danish Data Protection Agency and granted authorisation for the period June 2018 to January 2025 (pending). Informed consent will be obtained from all patients before enrolment in the study. The study is approved by the ethics committee, Capital Region of Denmark (H-18013158). Results of the study will be disseminated through publication in international peer-reviewed journals

    Düben Collection Database Catalogue

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    The Düben Collection Database Catalogue (DCDC) is a digitised catalogue presenting metadata and scanned facsimiles of the Düben Collection, a large and important collection of musical manuscripts and prints from the 17th and early 18th centuries. DCDC contains about 2,300 musical works in manuscript, mostly hand writings of liturgical vocal and instrumental music, and some 25 prints. The collection was obtained by the leaders of the Swedish Royal Court Orchestra during the Swedish Empire Period [1611-1721] and was donated to Uppsala University in 1732 by Anders von Düben. The position of Court Musician was held by various members of the Düben family from 1640 to 1718. Gustav Düben the Elder (1628-1690) is generally regarded as the main assembler of the collection, which contains works by more than 300 composers from Germany, Italy, France, Poland, England, the Baltic countries and Sweden, beside a large number of anonymous works. The Collection remained untouched for a long time and was therefore intact from the time of the donation. It includes a large amount of vocal music by Buxtehude and many other German church musicians. The collection reflects the musical life in the cities around the Baltic Sea, but it also includes many pieces of Italian, English and French music. French opera repertoire from Lully's time is the biggest profane part of the collection. DCDC is a dynamic and open resource. It will be continuously updated with new data, representing the state of the art of relevant research. The Catalogue is managed by the Department of Musicology at Uppsala University. Purpose: The aim of the Düben Collection Database Catalogue is to provide a searchable database for the collection.Düben Collection Database Catalogue (DCDC) är en digitaliserad katalog som presenterar metadata och skannade faksimil av Dübensamlingen, en stor och viktig samling av musikaliska handskrifter och tryck från 1600-tal och början av 1700-talet. DCDC innehåller ca 2300 musikaliska verk i handskrift och ca 25 tryck, vilka huvudsakligen utgörs av liturgisk vokal- och instrumentalmusik. Samlingen anskaffades av det svenska hovkapellets ledare under stormaktstiden och donerades till Uppsala universitetsbibliotek 1732 av Anders von Düben. Hovkapellmästartjänsten innehades av olika medlemmar av släkten Düben från 1640 till 1718. Gustav Düben d.ä. (1628-1690) betraktas som huvudansvarig för insamlingen, som innehåller verk av mer än 300 kompositörer från Tyskland, Italien, Frankrike, Polen, England, Baltikum och Sverige, förutom en stort antal anonyma verk. Samlingen låg länge orörd och är därmed intakt från den tid då den donerades. Den innehåller en stor mängd vokalmusik av Buxtehude och av många andra nordtyska kyrkomusiker. Den speglar musiklivet i städerna kring Östersjön, men den har också starka inslag av italiensk musik och även av engelsk och fransk. Fransk operarepertoar från Lullys tid är den största profana delen av samlingen. DCDC är en dynamisk och öppen resurs. Den kommer att uppdateras kontinuerligt med nya data, som representerar relevant forskning. Institutionen för musikvetenskap vid Uppsala universitet ansvarar för katalogen. Syfte: Syftet med Düben Collection Database Catalogue är att tillhandahålla en sökbar databas för samlingen

    Does the choice of performance measure shape the appraisal of private equity funds?

    Get PDF
    Conducting an empirical study on cash flows of 71 private equity funds, spanning the vintages 1990 to 2008, we compare the two most common performance measures, IRR and TVPI, to four proposed alternatives. We also document cash flow characteristics that complicate performance measurement. Our findings determine that funds rank differently depending on the measure we employ. However, rank correlations among all measures suggest that the differences are fairly small, and that deviations further decrease when excluding young funds. Funds identified as top quartile by one measure are likely to receive similar appraisals by other measures, but performance is neither robustly, nor fully described by only one measure. The alternative measures better align the interests between the general and limited partners, and contribute to separate skill from fortunate timing. Limited partners should therefore use several measures in the appraisal of fund performance
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