8 research outputs found
Applications of Engineering and Financial Analysis to the Valuation of Investments in Railroad Infrastructure
This record of study presents the findings of industry research projects performed during
a one-year doctoral internship with the Austin Rail Group of HNTB Corporation. Four
main internship objectives were established that address infrastructure problems related
to the railroad industry and required the integration of engineering and financial analysis
to develop effective project evaluation tools. Completion of the objectives resulted in:
1. Transformation of the Federal Railroad Administration methodology
currently used to perform highway-railroad grade crossing analyses to a
system of equations that can easily be used to evaluate regional rail
infrastructure investments. Transportation engineering equations based on
queuing theory were extended to new but equivalent formulations that
accommodate unlimited, discrete train performance data from computer
simulations of rail networks.
2. Application of risk assessment methods and railroad accident statistics to
recommend a cost-effective alternative to legislative proposals to relocate
hazardous materials transported by rail around metropolitan areas. A risk
analysis model was developed to predict the risk of exposure from the release
of a hazardous material following a train derailment so that changes in
exposure achieved by alternative risk mitigation strategies could be observed.
3. A new method of measuring the susceptibility of railroads to financial
distress following the catastrophic loss of a timber railroad bridge. Economic
and finance principles were used to predict financial distress by determining
of the number of revenue periods required to offset economic loss.
4. Demonstration of the use of financial market data in calculating the discount
rate of public railroad companies for engineering analyses that involve
negotiations with the public agencies. Surface Transportation Board rulings
on the determination of a railroad?s cost of equity were applied to a
comparative assessment of costs of capital for Class I railroads. A
hypothetical example was used to demonstrate the interrelationship between
engineering design strategies and their effects on the pricing of compensation
to a railroad for right-of-way acquisition.
These results, in fulfillment of the doctoral internship objectives, have provided HNTB
with economic decision analysis tools and a series of conclusions used to provide
recommendations to the Illinois, Missouri, and Texas Departments of Transportation, the
Texas Legislature, and the railroad industry
Applications of Engineering and Financial Analysis to the Valuation of Investments in Railroad Infrastructure
This record of study presents the findings of industry research projects performed during
a one-year doctoral internship with the Austin Rail Group of HNTB Corporation. Four
main internship objectives were established that address infrastructure problems related
to the railroad industry and required the integration of engineering and financial analysis
to develop effective project evaluation tools. Completion of the objectives resulted in:
1. Transformation of the Federal Railroad Administration methodology
currently used to perform highway-railroad grade crossing analyses to a
system of equations that can easily be used to evaluate regional rail
infrastructure investments. Transportation engineering equations based on
queuing theory were extended to new but equivalent formulations that
accommodate unlimited, discrete train performance data from computer
simulations of rail networks.
2. Application of risk assessment methods and railroad accident statistics to
recommend a cost-effective alternative to legislative proposals to relocate
hazardous materials transported by rail around metropolitan areas. A risk
analysis model was developed to predict the risk of exposure from the release
of a hazardous material following a train derailment so that changes in
exposure achieved by alternative risk mitigation strategies could be observed.
3. A new method of measuring the susceptibility of railroads to financial
distress following the catastrophic loss of a timber railroad bridge. Economic
and finance principles were used to predict financial distress by determining
of the number of revenue periods required to offset economic loss.
4. Demonstration of the use of financial market data in calculating the discount
rate of public railroad companies for engineering analyses that involve
negotiations with the public agencies. Surface Transportation Board rulings
on the determination of a railroad?s cost of equity were applied to a
comparative assessment of costs of capital for Class I railroads. A
hypothetical example was used to demonstrate the interrelationship between
engineering design strategies and their effects on the pricing of compensation
to a railroad for right-of-way acquisition.
These results, in fulfillment of the doctoral internship objectives, have provided HNTB
with economic decision analysis tools and a series of conclusions used to provide
recommendations to the Illinois, Missouri, and Texas Departments of Transportation, the
Texas Legislature, and the railroad industry
The effect of institutional distance on cross-border merger and acquisition time to completion: an empirical analysis of European Union deals
Cross-border merger and acquisitions (CBM&As) have extensively been used as a
favorite entry mode in foreign markets, rapidly providing resources, competencies and
local intelligence without risk of facing the liability of foreignness, or the burden of
starting a greenfield investment. Studies indicate that greater institutional distance
increases the costs of doing business in a foreign country, because it is associated with
greater uncertainty and non-familiarity with the local environment. Besides that, prolonged
duration of the M&A process has negative consequences for target and acquirer firms and
bear significant costs for both parties. However, until so far, the studies regarding the
effect of institutional distances on time to completion of a CBM&A deal are scarce. My
theoretical model speculates on the effect of institutional distances (Political, Economic,
Administrative and Cultural) in CBM&As time to completion. I further propose that
European Union membership, of both target and acquirer countries, moderates the effect of
institutional distances on CBM&As time to completion. The hypotheses are tested using a
sample of 2,110 CBM&A deals that occurred during 2011 in European Union. On one
hand, the results suggest that Political and Cultural distance have a positive effect on the
time hiatus between announcement and completion of a CBM&A deal. On the other hand,
the results suggest that European Union membership does moderate the effect of Economic and Administrative distance in CBM&A time to completion
Freight transportation system and method
According to one embodiment of the invention, a freight transportation system includes a track comprising a pair of rails and a linear motor reaction plate disposed between the rails and a transport vehicle having a universal intermodal container bay configured to accommodate a plurality of containers. The transport vehicle includes one or more suspension systems each having a plurality of steel wheels engaged with the rails. The freight transportation system further includes a linear induction propulsion system coupled to the transport vehicle and operable to work in conjunction with the linear motor reaction plate to move the transport vehicle, and a control system coupled to the linear induction propulsion system and operable to control the movement of the transport vehicle.U
Freight transportation system and method
According to one embodiment of the invention, a freight transportation system includes a track comprising a pair of rails and a linear motor reaction plate disposed between the rails and a transport vehicle having a universal intermodal container bay configured to accommodate a plurality of containers. The transport vehicle includes one or more suspension systems each having a plurality of steel wheels engaged with the rails. The freight transportation system further includes a linear induction propulsion system coupled to the transport vehicle and operable to work in conjunction with the linear motor reaction plate to move the transport vehicle, and a control system coupled to the linear induction propulsion system and operable to control the movement of the transport vehicle.U