OWNERSHIP STRUCTURE AND FIRM CASH HOLDINGS: EVIDENCE FROM THE PUBLIC FLOAT IN IPOS

Department of Management EngineeringI examine the effect of insider ownership on the level of cash holding by measuring the percentage of shares issued to the public, namely public float. Using a sample of 4,402 IPOs between 1990 and 2013, I find that public float has significantly negative relation with the level of firm???s cash holdings. Specifically, the reduced insider ownership by large percentage of shares issued to the public seems to motivate insiders to waste more cash, resulting in decrease in the level of cash holding. This relation persists even after controlling for various firm characteristics. High public float (or small insider ownership) also exacerbate agency problem evidenced by public float being positively associated with discretionary accrual proxy for agency problem. The level of cash holding reduced further when we interact public float with discretionary accrual term. Collectively, this finding suggests that large sales in insider ownership in IPO market worsen the agency problem and consequently motivate insider to squander firm???s cash holding.ope

Feasibility and sustainability of co-firing biomass in coal power plants in Vietnam

The technology of co-firing biomass with coal is well-matured as demonstrated in many power plants in Europe and the US. It is considered a low-cost technology to utilize biomass in power generation as well as to reduce the greenhouse gases emissions and coal consumption in coal power plants. In Vietnam, the factors that draw attention to biomass co-firing include national energy security, climate change and environmental issues. To ensure national electricity security, the capacity of coal power plants in Vietnam will be expanded to 75 GW by 2030, which accounts for 57% of total power generation. This will increase the greenhouse gases emissions and pose a great challenge on coal supply for Vietnam. This research aims to evaluate the feasibility and sustainability of co-firing biomass in coal power plants in Vietnam through a set of indicators, which covers technical, economical, environmental and social aspects. These indicators are calculated for two cases, a newly constructed 1080 MW fluidized bed coal power plant and a 100 MW pulverized coal power plant. In the case study, direct co-firing technology with 5% of biomass is selected for the evaluation of the indicators. Results indicate that co-firing is technically feasible but not yet economically profitable for the plants to employ this technology without supporting mechanisms. However, from the environmental and social aspects, co-firing can offer various benefits including greenhouse gases emission reduction of about 10-11%, extra income for farmers and coal export company and jobs creation. Thus, it is recommended that co-firing is still an option to be considered as a way to reduce emission and to utilize biomass resource for electricity generation in Vietnam.La technologie de la co-combustion de biomasse avec le charbon est prête à l’utilisation comme il est démontré dans beaucoup de centrales électriques en Europe et aux États-Unis. On considère que c’est une technologie relativement bon marché que d’utiliser la biomasse pour produire de l’électricité et pour réduire les émissions de gaz à effet de serre ainsi que la consommation de charbon dans les centrales électriques à charbon. Au Vietnam, les facteurs qui attirent l’attention vers la co-combustion de biomasse incluent l'indépendance énergétique et la souveraineté nationale, les questions de changement climatique et d’environnement. Pour assurer la capacité des centrales électriques au charbon, le Plan prévoit de la développer jusqu’à 75 GW en 2030, ce qui implique 57% de la production électrique totale. Cela augmentera les émissions de gaz à effet de serre et posera la question de ressources en charbon pour le Vietnam. Notre recherche veut évaluer la possibilité et la durabilité de la co-combustion de biomasse dans les centrales électriques au charbon au Vietnam. Pour cela, on envisage une série d’indicateurs qui couvre les aspects technique, économique, environnemental et social. Ces indicateurs sont calculés pour deux cas, une centrale récemment construite, à charbon fluidisé de 1080 MW, et une centrale à charbon pulvérisé de 100 MW. Dans ces études de cas, la technologie de co-combustion directe avec 5% de biomasse est sélectionnée pour l’évaluation des indicateurs. Les résultats montrent que la co-combustion est techniquement réalisable mais pas encore profitable économiquement pour les deux centrales si on emploie cette technologie sans mécanismes pour la soutenir. Cependant, du point de vue environnemental et social, la co-combustion peut offrir des bienfaits comme la réduction de gaz à effet de serre d’environ 10-11%, un revenu supplémentaire pour les fermiers et la compagnie d’exportation du charbon ainsi que des créations d’emplois. Ainsi, on recommande que la co-combustion soit une option à considérer, comme un moyen de réduire l’émission de gaz à effet de serre et un moyen d’utiliser les ressources de biomasse pour produire de l’électricité au Vietnam. On peut ainsi également réduire réduire la pollution de l’air causée par l’incinération des déchets agricoles en plein champ. C’est une option qui mérite d’être étudiée davantage.Công nghệ đồng đốt sinh khối với than đã được ứng dụng tại nhiều nhà máy nhiệt điện than ở ChâuÂu và Hoa Kz. Đây là công nghệ tận dụng sinh khối để phát điện có chi phí đầu tư tương đối thấpcũng như có tiềm năng giảm phát thải khí nhà kính tại các nhà máy nhiệt điện than. Tại Việt Nam, cácyếu tố thu hút sự quan tâm đến đồng đốt sinh khối với than bao gồm an ninh năng lượng quốc gia,biến đổi khí hậu và các vấn đề môi trường. Để đảm bảo an ninh năng lượng, Việt Nam sẽ tăng tổngcông suất lắp máy của các nhà máy nhiệt điện than lên 75 GW vào năm 2030, khi đó sản lượng điệntừ nhiệt điện than sẽ chiếm 57% tổng sản lượng điện. Việc này sẽ dẫn đến sự gia tăng phát thải khínhà kính và đặt ra thách thức trong việc cung ứng than cho các nhà máy nhiệt điện than ở Việt Nam.Mục đích của báo cáo này là nhằm đánh giá tính khả thi và tính bền vững của đồng đốt sinh khối vớithan tại các nhà máy nhiệt điện than ở Việt Nam thông qua một bộ các chỉ số bao gồm các khía cạnhvề kỹ thuật, kinh tế, môi trường và xã hội. Những chỉ số này sau đó được tính toán cho hai trườnghợp: một nhà máy nhiệt điện mới đi vào vận hành, công suất 1080 MW sử dụng công nghệ tầng sôivà một nhà máy điện điện đã vận hành nhiều năm, công suất 100 MW sử dụng công nghệ thanphun. Trong tính toán này, công nghệ đồng đốt trực tiếp sinh khối với than ở tỉ lệ 5% được giả thiếtáp dụng đối với cả hai trường hợp để đánh giá các chỉ số. Kết quả cho thấy công nghệ đồng đốt cókhả năng áp dụng được về mặt kỹ thuật, tuy nhiên lại chưa cho thấy tính khả thi về mặt kinh tế nếunhư không có các cơ chế hỗ trợ. Mặt khác, về môi trường và xã hội, công nghệ đồng đốt cho thấy lợiích trên nhiều khía cạnh, bao gồm giảm phát thải khí nhà kính từ 10-11%, tăng thêm thu nhập chonông dân cũng như tạo công ăn việc làm. Do đó, đồng đốt sinh khối với than vẫn nên được xem xétnhư một cách tiếp cận trong việc giảm phát thải khí nhà kính cũng như tận dụng nguồn năng lượngsinh khối để sản xuất điện tại Việt Nam

Nutrition and feeding behaviour in two species of mud crabs Scylla serrata and Scylla paramamosain

Mud crabs of the genus Scylla are widely exploited for aquaculture in the Asia- Pacific region. In the current study, a series of in vivo experiments were carried to assess the protein requirement, protein sparing effects of starch and the capacity of Scylla serrata to digest diets that contained different animal and plant-based feed meals and different levels and types of starch. Results from a protein requirement study indicated that juvenile S. serrata fed diets containing 45% or 55% protein demonstrated significantly higher growth responses than those fed the diet containing 25% protein. The subsequent study was carried out to determine if responses to dietary protein could be influenced by using purified wheat, potato, rice or corn starch to manipulate the gross energy level of fishmeal- based diets (18 or 15.5 MJ kg-1), i.e., to see if starch had a protein sparing effect in these animals. Overall, growth responses in this study appeared to be positively correlated with the level of protein in the diet with the highest growth rates achieved using diets containing 45% protein, regardless of the energy level of the diet. In addition, at a dietary protein level of 40% there was no evidence that the source of starch had any significant impact on growth performance or feed utilisation suggesting it had no protein sparing effect. By contrast, it was found that growth of juvenile S. serrata was strongly correlated with the intake of digestible dietary protein. The investigation of the capacity of sub-adult S. serrata to digest different animal and plant- based feed meals showed that apparent dry matter digestibility (ADMD) and apparent gross energy digestibility (AGED) values were not significant different for most selected feed meals (cotton seed, poultry, canola, fishmeal, soybean, and lupin meal). Apparent crude protein digestibility (ACPD) for all test feed meals were relatively high (86-96%). A subsequent study was carried out to determine if purified starch from different sources influenced the digestibility of fishmeal based diets. Overall, most diets containing starch were readily digested by mud crabs. In particular, there were no negative impacts on the digestibility of major nutrients (e.g. protein) observed following the inclusion of wheat, rice or corn starch in formulated feeds. Nevertheless, the apparent starch digestibility (ASD) of wheat starch decreased significantly as the inclusion level was increased from 15% to 60%, although there was no significant effect on ACPD values. At a 30% inclusion level, the ASD of diets containing different starches decreased in the order corn > wheat > potato = rice. Moreover, ACPD values were significantly higher for diets containing corn or rice starch than for those containing wheat or potato starch. The capacity of another species of mud crab commonly exploited for aquaculture in South East Asia, S. paramamosain, to digest the local plant-based ingredients (defatted soybean meal, rice bran, cassava and corn flour) was also conducted in Vietnam. Overall, the findings of this study showed that at a 30% inclusion level diets containing soybean meal or rice bran were well digested by mud crabs. In particular, the ACPD and AGED values for all diets containing soybean meal were not significantly different from the fishmeal based reference diet. Likewise, all digestibility values for the diet containing 30% rice bran were relatively high and not significantly different from the reference diet. By contrast, diets containing cassava flour appeared to be poorly utilised since their digestibility values for all parameters were lower than those from other testingredients. In summary, the apparent digestibility of dry matter, protein and energy was in the following order (from most to least digestible) soybean meal ~ rice bran > corn flour > cassava flour. In the next study the effects of attractants in diets (chicken meal, betaine, tuna oil and bait enhancer), temperature (26.5oC, 28.5oC and 30.5oC), sex (female and male) and size (small, medium and large) on feeding responses of S. serrata were investigated. Significant differences were observed in the behavioral responses of mud crabs to diets containing different attractants. Specifically, consumption of diets with chicken meal or betaine was significantly higher than for other treatments. With the exception of betaine, no significant difference in food consumption was observed when attractant inclusion levels were raised from 2% to 5%. Overall, small crabs consumed significantly more of the ration (as a percentage of body weight) than larger crabs. Temperature showed a significant impact on most behaviour of mud crabs, excepting continuation response and there was some evidence that females were significantly more active than males. Light intensity was considered as a main factor effect to crab response since there were extremely high percentage time of crab spent in half-shaded of the Y –maze which valued at 95.6%, 93.8 and 94.4% (corresponded to small, medium and large size respectively) in comparison to those of crabs spent in the unshaded side. Overall, the findings from these studies demonstrated that mud crabs have a high capacity to digest a range of plant based feed ingredients. In particular, soybean meal appeared to be well digested by both species of mud crabs examined. It was also shown that a range of purified starches were well digested by S. serrata although starch inclusion in diets did not appear to reduce the requirement for protein to promote growth. Subsequent attractant studies demonstrated that chicken meal and betaine produced significantly elevated feeding responses and food consumption when added to diets. Based on these results we propose that these ingredients can be utilised to increase the attractiveness and consumption of artificial mud crab feeds

The Ekeland variational principle for set-valued maps involving coderivatives

AbstractIn this paper we use the Fréchet, Clarke, and Mordukhovich coderivatives to obtain variants of the Ekeland variational principle for a set-valued map F and establish optimality conditions for set-valued optimization problems. Our technique is based on scalarization with the help of a marginal function associated with F and estimates of subdifferentials of this function in terms of coderivatives of F

Automatic Crack Detection in Built Infrastructure Using Unmanned Aerial Vehicles

This paper addresses the problem of crack detection which is essential for health monitoring of built infrastructure. Our approach includes two stages, data collection using unmanned aerial vehicles (UAVs) and crack detection using histogram analysis. For the data collection, a 3D model of the structure is first created by using laser scanners. Based on the model, geometric properties are extracted to generate way points necessary for navigating the UAV to take images of the structure. Then, our next step is to stick together those obtained images from the overlapped field of view. The resulting image is then clustered by histogram analysis and peak detection. Potential cracks are finally identified by using locally adaptive thresholds. The whole process is automatically carried out so that the inspection time is significantly improved while safety hazards can be minimised. A prototypical system has been developed for evaluation and experimental results are included.Comment: In proceeding of The 34th International Symposium on Automation and Robotics in Construction (ISARC), pp. 823-829, Taipei, Taiwan, 201

Real-time Human Detection in Fire Scenarios using Infrared and Thermal Imaging Fusion

Fire is considered one of the most serious threats to human lives which results in a high probability of fatalities. Those severe consequences stem from the heavy smoke emitted from a fire that mostly restricts the visibility of escaping victims and rescuing squad. In such hazardous circumstances, the use of a vision-based human detection system is able to improve the ability to save more lives. To this end, a thermal and infrared imaging fusion strategy based on multiple cameras for human detection in low-visibility scenarios caused by smoke is proposed in this paper. By processing with multiple cameras, vital information can be gathered to generate more useful features for human detection. Firstly, the cameras are calibrated using a Light Heating Chessboard. Afterward, the features extracted from the input images are merged prior to being passed through a lightweight deep neural network to perform the human detection task. The experiments conducted on an NVIDIA Jetson Nano computer demonstrated that the proposed method can process with reasonable speed and can achieve favorable performance with a [email protected] of 95%.Comment: 5 pages, 6 figures, 2 table

On periodic solution for the Boussinesq system on real hyperbolic Manifolds

In this work we study the existence and uniqueness of the periodic mild solutions of the Boussinesq system on the real hyperbolic manifold $\mathbb{H}^d(\mathbb{R})$ ($d \geqslant 2$). We will consider Ebin-Marsden's Laplace operator associated with the corresponding linear system. Our method is based on the dispertive and smoothing estimates of the semigroup generated by Ebin-Marsden's Laplace operator. First, we prove the existence and the uniqueness of the bounded periodic mild solution for the linear system. Next, using the fixed point arguments, we can pass from the linear system to the semilinear system to establish the existence of the periodic mild solution. Finally, we prove the unconditional uniqueness of large periodic mild solutions for the Boussinesq system on the framework of hyperbolic spaces.Comment: 23 page

Choosing ERP system for a Vietnamese Small‐sized retailing company : Case ThaiLai LTD

Information sharing is very important in any organization. However, having reliable information and continuous flow of it between departments is not an easy goal to achieve, especially without help of technology. A small-sized retailing company in Vietnam was the object of researching. The traditional way which they work and the results it delivers were studied and analyzed. After having a big picture of the company’s operation, ERP systems from chosen vendors were analyzed to find out which system can fulfill the needs of the organization. In order to do that, the following questions had to be answered, “What features of an ERP system does ThaiLai Ltd. expect?”, ”Who will become the potential ERP vendors for ThaiLai Ltd. in Vietnam?” and “What Logistics-oriented advantages an ERP implementation will give ThaiLai Ltd.?”. Case study approach was used. Necessary data for analysis was collected by Qualitative research method. At the beginning, theoretical basis was created to elaborate the subject with clarity. Later, it served as foundation for analyzing and grading of the chosen ERP systems. Several interviews were conducted to draw perspectives of important people from the host company, to identify their needs and expectations. As a result, three research questions were answered, including finding a suitable ERP system for ThaiLai Ltd., regarding their greatest concern about inventory validity and information sharing

Socio-economic impacts of co-firing in Vietnam: The case of Ninh Binh Coal Power Plant

International audienceCo-firing biomass with coal is a relatively low-cost technology to utilize biomass for electricity production compared to dedicated biomass power plant. Co-firing could help to reduce the negative impact of coal power plants to economy, environment and society. Vietnam has potential to develop co-firing base on the abundant of biomass resources and because Vietnam will continue to build more coal-fired power plant in the next 2 decades as stated in the latest National Power Development Plan.Among the co-firing technologies, direct co-firing is the most suitable for Vietnam context. Despite of low biomass ratio, direct co-firing offers low investment cost and could utilize most of the biomass feedstock. Vietnam has huge biomass potential, especially the agriculture and forestry residues. These biomasses should be considered first as feedstock for co-firing. Biomass pellets is also a good choice in term of technical features and local supply. However, the price of pellets is not yet competitive with coal or agricultural residues.Economic benefit of co-firing would be higher in the plants that has following features: assess to stable biomass supply, biomass price competitive with coal, incentives and support in term of market for renewable energy utilization and waste reduction. Vietnam should start experimenting co-firing in the coal power plants that located in the area where biomass resource is available, easy to collect and deliver to the plant, using imported coal such as Vinh Tan 2, Duyen Hai 1, Long Phuoc 1…; or the plants that are soon or already depreciated such as Ninh Binh, Uong Bi or Pha Lai to utilize the existing infrastructures.The case study of co-firing 5% rice straw with coal in Ninh Binh Coal Power Plant shows that co-firing could bring benefit to the plant owner in the condition that lack supporting mechanism for co-firing as well as with the absent of carbon credit. Farmers and workers that work in biomass supply chain also benefit from co-firing, especially farmers. In addition, co-firing provide significant positive externalities, in which the most notable is health benefit from reducing air-borne pollutants. Greenhouse gas emissions reduction adds a small part to the overall benefit of co-firing