Optimisation of hysteretic losses in high-temperature superconducting wires

Hysteretic loss optimisations through numerical simulation and subsequent experimental confirmation in transport current and background field measurements: ferromagnetic shielding and topological geometry optimisation is used to reduce energy dissipation in HTS coated conductor geometries. Single tapes and coil geometries are investigated. A 3D model capable of taking into account contact resistances is also presented for the Twisted Stacked Tape Conductor cable

The WACC Fallacy: The Real Effects of Using a Unique Discount Rate

We document investment distortions induced by the use of a single discount rate within firms. According to textbook capital budgeting, firms should value any project using a discount rate determined by the risk characteristics of the project. If they use a unique company-wide discount rate, they overinvest (resp. underinvest) in divisions with a market beta higher (resp. lower) than the firm's core industry beta. We directly test this consequence of the WACC fallacy and establish a robust and significant positive relationship between division-level investment and the spread between the division's market beta and the firm's core industry beta. Consistently with bounded rationality theories, this bias is stronger when the measured cost of taking the wrong discount rate is low, for instance, when the division is small. Finally, we measure the value loss due to the WACC fallacy in the context of acquisitions. Bidder abnormal returns are higher in diversifying mergers and acquisitions in which the bidder's beta exceeds that of the target. On average, the present value loss is about 0.7% of the bidder's market equity.Investment, Behavioral finance, Cost of capital

The WACC Fallacy: The Real Effects of Using a Unique Discount Rate

We document investment distortions induced by the use of a single discount rate within firms. According to textbook capital budgeting, firms should value any project using a discount rate determined by the risk characteristics of the project. If they use a unique company-wide discount rate, they overinvest (resp. underinvest) in divisions with a market beta higher (resp. lower) than the firm's core industry beta. We directly test this consequence of the WACC fallacy and establish a robust and significant positive relationship between division-level investment and the spread between the division's market beta and the firm's core industry beta. Consistently with bounded rationality theories, this bias is stronger when the measured cost of taking the wrong discount rate is low, for instance, when the division is small. Finally,we measure the value loss due to the WACC fallacy in the context of acquisitions. Bidder abnormal returns are higher in diversifying mergers and acquisitions in which the bidder's beta exceeds that of the target. On average, the present value loss is about 0.7% of the bidder's market equity

The WACC Fallacy: The Real Effects of Using a Unique Discount Rate

We document investment distortions induced by the use of a single discount rate within firms. According to textbook capital budgeting, firms should value any project using a discount rate determined by the risk characteristics of the project. If they use a unique company-wide discount rate, they overinvest (resp. underinvest) in divisions with a market beta higher (resp. lower) than the firm's core industry beta. We directly test this consequence of the WACC fallacy and establish a robust and significant positive relationship between division-level investment and the spread between the division's market beta and the firm's core industry beta. Consistently with bounded rationality theories, this bias is stronger when the measured cost of taking the wrong discount rate is low, for instance, when the division is small. Finally,we measure the value loss due to the WACC fallacy in the context of acquisitions. Bidder abnormal returns are higher in diversifying mergers and acquisitions in which the bidder's beta exceeds that of the target. On average, the present value loss is about 0.7% of the bidder's market equity

How do emotions act on the audience? : Facts and strategies for events using the example of the “Retro Clash Party” in Cologne

Die folgende Arbeit gibt einen Überblick über das heutige Eventmanagement und dessen Arbeitsweise. Dabei wird untersucht, wie sich Emotionen für die Beeinflussung des Publikums auf Events nutzen lassen und welche Wirkung sie haben. Als praktisches Beispiel wurde die „Retro Clash Party” in Köln untersucht, die aufschlussreiche Ergebnisse zur Relevanz der Emotionalisierung in der Praxis geliefert hat

Optimisation of hysteretic losses in high-temperature superconducting wires

Hysteretic loss optimisations through numerical simulation and subsequent experimental confirmation in transport current and background field measurements: ferromagnetic shielding and topological geometry optimisation is used to reduce energy dissipation in HTS coated conductor geometries. Single tapes and coil geometries are investigated. A 3D model capable of taking into account contact resistances is also presented for the Twisted Stacked Tape Conductor cable

Effects of Exercise Combined with a Healthy Diet or Calanus finmarchicus Oil Supplementation on Body Composition and Metabolic Markers : A Pilot Study

Aging is accompanied by a progressive decline in muscle mass and an increase in fat mass, which are detrimental changes associated with the development of health conditions such as type-2 diabetes mellitus or chronic low-grade inflammation. Although both exercise as well as nutritional interventions are known to be beneficial in counteracting those age-related changes, data to which extent untrained elderly people may benefit is still sparse. Therefore, a randomized, controlled, 12-week interventional trial was conducted in which 134 healthy untrained participants (96 women and 38 men, age 59.4 ± 5.6 years, body mass index (BMI) 28.4 ± 5.8 kg/m2) were allocated to one of four study groups: (1) control group with no intervention (CON); (2) 2×/week aerobic and resistance training only (EX); (3) exercise routine combined with dietary counseling in accordance with the guidelines of the German Nutrition Society (EXDC); (4) exercise routine combined with intake of 2 g/day oil from Calanus finmarchicus (EXCO). Body composition (bioelectrical impedance analysis), as well as markers of glucose metabolism and blood lipids, were analyzed at the beginning and the end of the study. The highest decreases in body fat were observed within the EXCO group (−1.70 ± 2.45 kg, p < 0.001), and the EXDC (−1.41 ± 2.13 kg, p = 0.008) group. Markers of glucose metabolism and blood lipids remained unchanged in all groups. Taken together results of this pilot study suggest that a combination of moderate exercise and intake of oil from Calanus finmarchicus or a healthy diet may promote fat loss in elderly untrained overweight participants

Data-driven process analysis for iron foundries with automatic sand molding process

This paper proposes a methodological framework to develop a data-driven process control using pure industrial production data from a cast iron foundry, despite the limitation of complete casting traceability. The aim is to help sand foundries to produce good castings. A reference foundry, which produces mainly automotive and oven parts with automatic sand molding and pouring machines, was selected. Past data, where only good castings were produced, were extracted from the database to determine parameter control limits (upper and lower control limits) with the aid of statistical approach. To identify critical process parameters associated with casting defects, process data from the zero and high scrap production batches were systematically compared. This method clearly identified unstable parameters without exact synchronization between inline and part quality data. Molding sand moisture, temperature and compactability, liquidus temperature of the melt, phosphorus content, carbon equivalent and pouring temperature were found to be the critical parameters to be stabilized. Finally, a regression model for predicting and controlling of molding sand moisture and liquidus temperature of the melt was created. The determined boundaries and the models were helpful for the foundry in assisting ongoing production control and correction of process inputs to achieve target casting quality