Extended dividend, cash flow and residual income valuation models: Accounting for deviations from ideal conditions

Standard equity valuation approaches (i.e., DDM, RIM, and DCF model) are derived under the assumption of ideal conditions, such as infinite payoffs and clean surplus accounting. Because these conditions are hardly ever met, we extend the standard approaches, based on the fundamental principle of financial statement articulation. The extended models are then tested empirically by employing two sets of forecasts: (1) analyst forecasts provided by Value Line and (2) forecasts generated by cross-sectional regression models. The main result is that our extended models yield considerably smaller valuation errors. Moreover, by construction, identical value estimates are obtained across the extended models. By reestablishing empirical equivalence under non-ideal conditions, our approach provides a benchmark that enables us to quantify the errors resulting from individual deviations from ideal conditions, and thus, to analyze the robustness of the standard approaches. Finally, by providing a level playing field for the different valuation approaches, our findings have implications for other empirical settings, for example, estimating the implied cost of capital. --Dirty Surplus,Terminal Value,Steady-State,Valuation Error

Purification and properties of citrate synthase from Acetobacter europaeus

Citrate synthase (EC 4.1.3.7) was purified from the acidophilic bacterium Acetobacter europaeus to electrophoretic homogeneity. The specific activity was 228 units/mg of protein during the exponential ethanol-oxidation growth phase. The enzyme has a molecular mass of 280 kDa and is a hexamer with a subunit size of 46 kDa. The apparent Km values were 20 μM for oxaloacetate and 51 μM for acetyl-CoA. Unlike citrate synthase from other Gram-negative bacteria, the activity of the enzyme was inhibited by ATP, slightly enhanced by ADP and not effected by NADH. Acetate caused activation of the enzyme. The pH optimum on the citrate synthase activity in vitro was 8.1. The amino-terminal amino acid sequence of the purified enzyme was ENGKSATISLNGKDVALPV

Strengthening Canonical Pattern Databases with Structural Symmetries

Symmetry-based state space pruning techniques have proved to greatly improve heuristic search based classical planners. Similarly, abstraction heuristics in general and pattern databases in particular are key ingredients of such planners. However, only little work has dealt with how the abstraction heuristics behave under symmetries. In this work, we investigate the symmetry properties of the popular canonical pattern databases heuristic. Exploiting structural symmetries, we strengthen the canonical pattern databases by adding symmetric pattern databases, making the resulting heuristic invariant under structural symmetry, thus making it especially attractive for symmetry-based pruning search methods. Further, we prove that this heuristic is at least as informative as using symmetric lookups over the original heuristic. An experimental evaluation confirms these theoretical results

Electrochemical reactors for wastewater treatment

Regarding the treatment of (waste)water, electrochemical processes have various advantages over other methods. They are robust, easy to operate and flexible in case of fluctuating wastewater streams. In addition, a relatively broad spectrum of organic and inorganic impurities can be removed. This contribution provides an overview of electrochemical reactors for water, process water, and wastewater treatment, which are already in technical‐scale operation or subject of research. Some essential basics of electrochemical processes for the treatment of water are presented and examples for applications are given. This is followed by a description of the reactors

16S-23S ribosomal RNA spacer regions of Acetobacter europaeus and A. xylinum, tRNA genes and antitermination sequences

The 16S-23S ribosomal RNA spacer regions of Acetobacter europaeus DSM 6160, A. xylinum NCIB 11664 and A. xyUnion CL27 were amplified by PCR. Specific PCR products were obtained from each strain and their nucleotide sequences determined. The spacer region of A. europaeus comprises 768 nucleotides (nt), that of A. xylinum 778 nt and that of A. xylinum CL27 759 nt. Genes encoding tRNAIle and tRNAAla were identified. Putative antitermination sequences were found between the tRNAAla sequence and the 5′-terminus of the 23S rRNA coding sequence. The boxA element has the nucleotide sequence TGCTCTTTGATA. Based on hybridization data of digested chromosomal DNA with spacer-specific probes, the copy number of the rrn operons on the chromosome of Acetobacter strains is estimated to be fou