Increasing Shareholders Value through NPV-Negative Projects

The concept of Net Present Value (NPV) is a widely accepted tool for verification of financial rationality of planned investment projects. Projects with positive NPV increase a company's value. Similarly, those with negative NPV lead to a decline in the value of a business. This article attempts to answer the question: are projects with negative NPV always disadvantageous in terms of maximization of shareholder value and when should an NPV-negative project be considered justified? The authors discuss the issues of project valuation depending on different conditions. First, they briefly summarize the main idea of valuation - the aim of every company is to maximize shareholder value. Contemporary professional texts say that the way to achieve this goal is through projects that can generate a positive Net Present Value. When there are no such investments within reach, the company should pay dividends to its owners. The authors claim that some circumstances justify investments with a negative Net Present Value, as they still produce maximum possible shareholder value. The three model situations where this takes place are: (1) tax on dividends; (2) shareholders' perception of risk; and (3) temporary inefficiency of the markets. Taxes on dividends reduce cashflows for shareholders from distributed dividends. Therefore, they act exactly as an investment with a negative NPV. The authors conclude that this creates an opportunity to maximize shareholder value by comparing this loss with available alternate projects with negative NPV. If the loss of worth, caused by such taxes, is bigger that the negative NPV of possible investments it will be more rational to invest instead of paying dividends. And, according to the authors, a project with a negative NPV leads to maximized shareholder value. In the second situation, the authors point out that some projects may have negative fundamental (intrinsic) value when valuated by the market (diversified owners) because of their higher expected rate of return. In the same circumstances, an undiversified shareholder may have a different perception of the investment. It is highly possible that he would be ready to accept a lower rate of return in exchange for more safety for his capital. The authors conclude that negative fundamental value (based on the market situation) may be of importance for such shareholder as he prefers projects with lower risk and a lower rate of return. Temporary inefficiencies of the markets may produce a risk of bankruptcy or liquidity problems. The authors argue that NPV-negative projects may be a way to free additional cashflows, which will allow the financial restructuring of the company

Health-promoting value of cow, sheep and goat milk and yogurts

Svrha ovog rada bila je odrediti sastav masnih kiselina te lipida s povoljnim zdravstvenim učincima kao i odabranih mikro- i makroelemenata u kravljem, ovčjem i kozjem mlijeku i jogurtu. Sastav masnih kiselina određivan je GC-FID metodom pomoću 100-m kapilarne kolone s CP Sil 88 fazom. Makroelementi (željezo, cink, bakar i mangan) i mikroelementi (magnezij i kalcij) određivani su primjenom plamene atomske apsorpcijske spektrometrije, dok su natrij i kalij određivani emisijskom metodom. Udio fosfora određen je kolorimetrijskom metodom. Ovo istraživanje pokazalo je da ovčje, kravlje i kozje mlijeko te jogurti sadrže različite količine masnih kiselina, mikro- i makroelemenata. Ovčje mlijeko i jogurt su se pokazali boljim izvorom višestruko nezasićenih masnih kiselina (PUFA) (4,41 odnosno 4,35 % ukupnih masnih kiselina) i n-3 masnih kiselina (1,05 % ukupnih masnih kiselina). U usporedbi s ostalim uzorcima mlijeka i jogurta, ovi uzorci također su imali manji omjer n6/n3 masnih kiselina (1,93, odnosno 1,92) kao i najniži indeks trombogenosti (TI). S druge strane kozje mlijeko i jogurt sadržavali su najviše koncentracije kratkolančanih masnih kiselina (SCFA), (18,07 odnosno 18,17 % ukupnih masnih kiselina), najniže koncentracije zasićenih masnih kiselina (SFA), (54,62 odnosno 54,93 %, ukupnih masnih kiselina) i najniži indeks aterogenosti (AI) (2,79 odnosno 2,84). Koncentracije svih određivanih mikro- i makroelemenata bile su značajno (P<0,05) više u jogurtu nego u mlijeku. Kozji jogurt sadržavao je više koncentracije bakra, željeza i kalija u odnosu na ovčji i kravlji jogurt. S druge strane, ovčji jogurt je sadržavao više cinka, magnezija, kalcija i fosfora u odnosu na ostale vrste analiziranih jogurta.The purpose of the presented study was to determine the fatty acid composition, health lipid indices content and selected micro and macronutrients in cow, sheep and goat milk and yogurts produced there of. Fatty acid composition was determined by the GC-FID method using a 100-m capillary column with CP Sil 88 phase. Microelements (iron, zinc, copper and manganese) and macroelements (magnesium and calcium) were analysed using flame atomic absorption spectrometry, whereas sodium and potassium were determined by the emission method. Phosphorus was analysed by the colorimetric method. The conducted study demonstrated that sheep, cow and goat milks and yogurts were characterized by different contents of fatty acids, micro- and macroelements. Sheep milk and yogurts could be regarded as richer sources of polyunsaturated fatty acids (PUFA), (4.41 and 4.35 % of total fatty acids, respectively), n-3 fatty acids (1.05 % of total fatty acids). These samples also had lower n6/n3 ratio (1.93 and 1.92, respectively) and the lowest value index of Thrombogenicity (TI) in comparison to the other analyzed milk and yogurt samples. In turn, goat milk and yogurts were characterized by the highest content of short-chain fatty acids (SCFA), (18.07 and 18.17 % of total fatty acids, respectively) the lowest content of saturated fatty acids (SFA), (54.62 and 54.93 %, respectively) and the lowest value index of Atherogenicity (AI) (2.79 and 2.84, respectively). Concentrations of all analyzed microand macroelements were significantly (P<0.05) higher in yogurts than in milk samples used for their production. Goat yogurts contained higher concentrations of copper, iron, and potassium compared to sheep and cow yogurts. In turn, sheep yogurts had more zinc, magnesium, calcium, and phosphorus than the other analyzed yogurt samples

The effect of storage on the yogurt fatty acid profile

U ovom istraživanju je ispitivan utjecaj hladnog skladištenja na profil masnih kiselina, sadržaj konjugirane linolne kiseline (CLA) te trans izomera masnih kiselina C18:1 i C18:2 u jogurtima od kravljeg, kozjeg i ovčjeg mlijeka. Na 21. dan skladištenja utvrđen je značajan pad (P<0,05) sadržaja jednostruko (MUFA) i višestruko nezasićenih (PUFA) masnih kiselina u jogurtima od kravljeg mlijeka. Sadržaj ovih masnih kiselina mijenjao se u jogurtima od ovčjeg i kozjeg mlijeka. Sadržaj izomera CLA u svježe pripremljenim jogurtima kretao se između 3,58 mg g-1 masti (ovčji jogurt) i 4,47 mg g-1 masti (kravlji jogurt). Tijekom perioda skladištenja se sadržaj CLA značajno snizio u kravljem jogurtu, dok je značajno narastao u kozjem jogurtu (P<0.05), a u ovčjem jogurtu je ostao više manje nepromijenjen.The presented study analysed whether refrigerated storage time affects the fatty acid profile, the content of conjugated linoleic acid (CLA) and trans isomers of C18:1 and C18:2 acids in yogurts made from goat, sheep and cow milk. On the 21st day of storage, significant decreases (P<0.05) in monounsaturated fatty acids (MUFA) and polyunsaturated fatty acids (PUFA) were observed in in yogurts made from cow milk. In yogurts made from sheep and goat milk, the content of these acids fluctuated during storage. The CLA isomer in fresh yogurts ranged from 3.58 mg g-1 fat in yogurts made from sheep milk to 4.47 mg g-1 fat in yogurts made of cow milk. During storage the content of CLA significantly decreased in cow milk yogurts and significantly increased in goat milk yogurts (P<0.05), while it remained more or less unchanged throughout the entire storage period in sheep milk yogurts

Fatty acid composition and content of trans isomers in cheese-like products

Przedmiotem badań przedstawionych w artykule było oznaczenie zawartości tłuszczu i określenie składu kwasów tłuszczowych oraz izomerów trans w tłuszczu wydzielonym z wyrobów seropodobnych dostępnych na polskim rynku. Przeprowadzone badania wykazały, że badane wyroby charakteryzowały się zróżnicowaną zawartością tłuszczu i zróżnicowanym składem kwasów tłuszczowych. W tłuszczu wszystkich badanych produktów stwierdzono obecność izomerów trans kwasu C18:1 oraz C18:2. Udział tych izomerów w ogólnym składzie kwasów tłuszczowych wynosił od 0,39% do 3,63%. W pięciu z dziesięciu analizowanych produktach stwierdzono też niewielkie ilości sprzężonego kwasu linolowego (CLA), od 0,02% do 0,09%.The subject of the research presented in the article was to determine fat content and fatty acid composition and trans isomers content in fat extracted from cheese-like products available on the polish market. It demonstrated that the analyzed food products were characterized by diversified content of fat and diversified composition of particular groups of fatty acids (saturated, monoenoic and polyenoic). Fat of all examined products was found to contain trans isomers of C18:1 and C18:2 acids. Their content in the total fatty acid composition ranged from 0.39% to 3.63%. In five out of ten analyzed products analyses showed also small quantities of conjugated linoleic acid (CLA), i.e. from 0.02% to 0.09%

Comparison of biblical phrases in German and Polish

W powyższej pracy licencjackiej zostały wyróżnione dwie części: teoretyczna i praktyczna. Tematem pracy jest porównanie frazeologizmów o pochodzeniu biblijnym w języku polskim oraz w języku niemieckim. Wybrane frazeologizmy na podstawie Biblii Tysiąclecia i Biblii Lutra zostały przetłumaczone za pomocą słowników frazeologicznych lub w procesie odszukania odpowiedników w tychże wydaniach Biblii. Frazeologizmy biblijne zostały pogrupowane w tabelach na zasadzie ekwiwalencji według Urszuli Topczewskiej. Analiza wykazała, że najczęściej występującymi podczas tłumaczenia są frazeologizmy, które posiadają ekwiwalencję całkowitą (71%).Część teoretyczna pracy zawiera wstęp oraz trzy rozdziały: wstęp do frazeologii, klasyfikację frazeologizmów, a także rozdział traktujący o ekwiwalencji frazeologizmów. W pierwszym rozdziale została opisana krótka historia badań frazeologicznych oraz terminologia frazeologiczna. Drugi rozdział ukazuje klasyfikację frazeologizmów, przy okazji zwracając uwagę na miejsce, które zajmują frazeologizmy biblijne. Trzeci rozdział szczegółowo opisuje ekwiwalencję i jej rodzaje.Część praktyczna pracy odnosi się do analizy frazeologizmów biblijnych na zasadzie wcześniej wspomnianej ekwiwalencji. Na początku rozdziału czwartego zostały wyjaśnione takie terminy jak: Biblia i frazeologizm biblijny oraz ich znaczenie na tle kulturowym, a także historycznym. Wyniki analizy porównawczej frazeologizmów biblijnych w języku polskim i w języku niemieckim zostały przedstawione w trzech tabelach wraz z przypisanymi do nich rodzajami ekwiwalencji. Kolejnym etapem analizy było wyliczenie, ile procent wśród wszystkich wybranych frazeologizmów biblijnych zajmują te z ekwiwalencją całkowitą (71%), połowiczną (26%) i zerową (3%).The following paper consists of two sections: theoretical and practical, and deals with the comparison between Polish and German biblical phrases. The phrases were grouped in the origin of equivalence. The general objective of the thesis was to investigate the existing dissimilarities of biblical phrases rendered into Polish and German and to present them in the most comprehensible manner. The intention was to analyze the extracts of the German and Polish editions of the Bible in order to compare the phrases. The phrasal dictionaries were also used to make above comparisons, while scrutinizing the biblical terminology. This was showed in three different tables in the principle of three equivalence criteria: no equivalence, half equivalence and full equivalence. Furthermore, the incidence percentage of occurrence of the above mentioned criteria was carried out. The results of the conducted research revealed that full equivalent biblical phrases were the most common within the domain of translation (up to 71% of the whole of biblical phrases used in the scrutiny). The theoretical part of the thesis encloses the introduction and three chapters: the introduction to phraseology, classification of phrases and equivalence of phrases. The first chapter aims at portraying the rough outline of the phraseology, including history of the scrutiny, as well as a review of head researchers, the crucial terminology within the domain of phraseology and the overview of the phrases’ features. The second chapter presents the general outline of the division of phrases and magnifies the location of the biblical phrases, the subject of the following thesis. The third chapter gives a detailed description of the equivalence, its criteria and most important aspects while translating, for instance: what is the main aim of translation and how are the texts in the source and in the object language correlated to each other. The practical part deals with the comparison between Polish and German biblical phrases, which were thoroughly examined in view of equivalence criteria mentioned above. There were two crucial terms set forth beforehand: the Bible and the biblical phrase, as well as their cultural and historical significance. The results were divided into congruent with their equivalence tables. The following division depicted the percentages of occurrence of the following types of equivalence with the biblical phrases, which were: full equivalent biblical phrases - 71%, half equivalent biblical phrases – 26% and non-equivalent biblical phrases – 3%.In der vorliegenden Arbeit wurden ausgewählte Biblismen und ihre polnischen und deutschen Übersetzungen dargestellt. Die durchgeführte Analyse hatte zum Ziel, die Unterschiede zwischen polnisch- und deutschsprachigen Übersetzungen von den Biblismen zu zeigen, bzw. sie anhand Äquivalenztypen (Null, Teil- oder Volläquivalenz) zu beschreiben. Wir haben verschiedene Texte aus den auf Polnisch und auf Deutsch verfassten Ausgaben der Bibel gewählt und nach Biblismen durchsucht. Danach wurden die Biblismen in den Wörterbüchern überprüft und ihre Äquivalenztypen wurden zugeschrieben. In den Tabellen haben wir die Biblismen verglichen, was ermöglichte, den Prozentsatz anhand der Häufigkeit deren Vorkommen zu berechnen.Theoretische Grundlage für diese Untersuchung ist mit der Geschichte der Phraseologieforschung und den phraseologischen Termini verbunden. Die wichtigsten Fragen zu dem Thema sind: was haben die bekanntesten Forscher in dem phraseologischen Gebiet hineingebracht, woher stammt das Wort Phraseologie und wann wurde es erstmalig benutzt, ebenso wie wird Phraseologie nach BURGER und FLEISCHER definiert, was kann man unter dem Phraseologismus verstehen und letztens womit charakterisieren sich die Phraseologismen (der erste Kapitel). Im zweiten Kapitel wurde die Frage der Einteilung der Phraseologismen erarbeitet. Neben den allgemeinen Informationen über die Klassifikationen wurde auch die Klassifikation nach BURGER aufgezeigt. In der Beschreibung wurden Biblismen kurz erwähnt nach dem von MÜLDNER-NIECKOWSKI geschriebenen “Nowy szkolny słownik frazeologiczny”. Im dritten Kapitel wurde der Termin Äquivalenz im Sinne von ŁABNO-FALĘCKA und ALBRECHT definiert und die wichtigste damit verbundene Aspekte der Übersetzungen präsentiert: was zählt zu dem Zweck Übersetzens ein, wie sollte die Übersetzung aussehen, was sind deren Faktoren und wie streng ist die Relation zwischen Auslegungen in beiden Sprachen (in der Ausgangs- und in der Zielsprache). In diesem Kapitel wurde ebenfalls erläutert, was KOLLER als die Kernfrage aller Übersetzungtheorie betrachtet und welche Einteilung der Äquivalenztypen wir zur vorliegenden Analyse gewählt haben.Aufbauend auf dem theoretischen Wissen in dem ersten Teil der vorliegenden Arbeit konnte im vierten Kapitel der Vergleich der Biblismen durchgeführt werden. In Anbetracht der Äquivalenztypen, die zu den gewählten Biblismen zugeschrieben worden sind, wurde die einprägsame Analyse deren Gemeinsamkeiten und Unterschiede unternommen. Vorher wurden die Termini: der Bibel und der Biblismus und kulturelle und historische Bedeutung der Bibel dargelegt. Um die Äquivalenzabgrenzung zwischen Biblismen noch deutlicher zu machen, wurden die Tabellen des Vergleichs der Biblismen in dem praktischen Teil der Arbeit vorgeführt. Im Fokus der Überlegungen stand die Berechnung des Prozentsatzes der Voll-, Teil- und Nulläquivalenz unter 35 gewählten Biblismen. Aus der ersten Recherche kann man schließen, dass die volläquivalente Biblismen sehr häufig auftreten (71%) - sie sind sowohl in der Ausgangssprache als auch in der Zielsprache gleichwertig. Mit den zweiten und dritten Untersuchungen bezweckt man die Prozentsätze der Teiläquivalenz (26%) und der Nulläquivalenz (3%). Außerdem diente die ganze zwischensprachliche Untersuchung der Biblismen der Ermittlung der Gemeinsamkeiten und Unterschiede

Cheese and Butter as a Source of Health-Promoting Fatty Acids in the Human Diet

The assessment of fatty acid composition, including the content of conjugated linoleic acid cis9trans11 C18:2 (CLA) and trans C18:1 and C18:2 isomers in fat extracted from selected high-fat dairy products commonly available to consumers in retail sale on the Polish market, and a comparison of their indicators as to the quality of lipids was the aim of the study. The experimental materials were hard cheeses, white-mold cheeses, blue-veined cheeses, and butters. The conducted study demonstrated that various contents of groups of fatty acids and the values of lipid quality indices were found in the tested products. Butters turned out to be richer sources of short-chain, branched-chain, and odd-chain fatty acids. The fat extracted from butters and white-mold cheeses had a significantly higher (p &lt; 0.05) content of n-3 fatty acids. Lower values of the n-6/n-3 ratio were determined in the fat extracted from butters and white-mold cheeses. The highest values of the thrombogenicity index (TI) were found in fat extracted from hard cheeses. Significantly lower values (p &lt; 0.05) of the atherogenicity index (AI) and values of the H/H ratio were found in fat from mold cheeses. Fat from butters and white-mold cheeses had a significantly higher (p &lt; 0.05) content of CLA and total content of trans C18:1

The Map by Bernard Wapowski versus Chorography by Jan Dlugosz. The analytical and synthetic outline

The article compares two outstanding personalities and their works showing the Polish Kingdom (Corona Regni Poloniae). The first of them was Jan Długosz (1415–1480) and his ’Chorography’, the other one is Bernard Wapowski (1450–1535), author of the first map of the Polish Kingdom. The article shows the process of creating these works, moreover, common inspiration for both authors and the creative process were examined. Comparing the informative value of Chorography and of the Wapowski’s map of the Polish Kingdom, author tried to answer the question whether Wapowski used the Długosz’es work as a source for his research. The answer to this question was positive. The common element of both works was a river network on which Dlugosz was focused and which was the main point of orientation in the Wapowski’s map. Additionally, the author compared Poland’s urban network and the accuracy of its performance in both sources