Option-Style Multi-Factor Comparable Company Valuation for Practical Use

Classical single-factor comparable company valuation (CCV) like e.g. valuation using the price-earnings ratio is associated with several shortcomings. The two most important are the non-applicability of negative values in the basis of reference and the high requirements to the qualitative characteristics of comparable companies. This paper develops a multi-factor CCV model based on substance and performance related accounting attributes that largely overcomes these drawbacks. Additionally, the model allows to depict expected future earnings development economically sounder than single-factor models. Furthermore, by accounting for management?s option to adapt firm assets differently or to liquidate the company the model can conclusively assign positive stock prices to currently negatively performing companies. --Valuation,Multiples,Real Options

Effects of immobilization on spermiogenesis

The influence of immobilization stress on spermiogenesis in rats was investigated. After 96 hour immobilization, histological changes began to manifest themselves in the form of practically complete disappearance of cell population of the wall of seminiferous tubule as well as a markedly increased number of cells with pathologic mitoses. Enzymological investigations showed various changes of activity (of acid and alkaline phosphatase and nonspecific esterase) in the 24, 48, and 96 hour immobilization groups

Computer code for predicting coolant flow and heat transfer in turbomachinery

A computer code was developed to analyze any turbomachinery coolant flow path geometry that consist of a single flow passage with a unique inlet and exit. Flow can be bled off for tip-cap impingement cooling, and a flow bypass can be specified in which coolant flow is taken off at one point in the flow channel and reintroduced at a point farther downstream in the same channel. The user may either choose the coolant flow rate or let the program determine the flow rate from specified inlet and exit conditions. The computer code integrates the 1-D momentum and energy equations along a defined flow path and calculates the coolant's flow rate, temperature, pressure, and velocity and the heat transfer coefficients along the passage. The equations account for area change, mass addition or subtraction, pumping, friction, and heat transfer

Analysis of metal temperature and coolant flow with a thermal-barrier coating on a full-coverage-film-cooled turbine vane

The potential benefits of combining full-coverage film cooling with a thermal-barrier coating were investigated analytically for sections on the suction and pressure sides a high-temperature, high-pressure turbine vane. Metal and ceramic coating temperatures were calculated as a function of coating thickness and coolant flow. With a thermal-barrier coating, the coolant flows required for the chosen sections were half those of an uncoated design, and the metal outer temperatures were simultaneously reduced by over 111 K (200 F). For comparison, transpiration cooling was also investigated. Full-coverage film cooling of a coated vane required more coolant flow than did transpiration cooling

The Impact of a Stock Market Downturn on Corporate Financing Activities in Germany

The paper analyses the potential impact of stock market developments on lending behaviour from different perspectives. First we scrutinize the impact of stock market movements on the banks' and on the borrowers' balance sheets. Subsequently we estimate aggregate credit supply and demand functions including a stock market indicator as explanatory variable. The analysis reveals no major importance of the bank balance sheet channel for the relationship between stock market volatility and corporate financing possibilities of non-financial companies. A possible impact of stock market movements on banks' lending behaviour might be rooted in their impact on the balance sheets of corporate borrowers. The empirical results of the credit market analysis yield some confirming evidence for an impact of stock market developments. However, the results are not very stable and depend on the specification of the model and on the time period under observation. --