The Cost of Equity of Network Operators - Empirical Evidence and Regulatory Practice

In many European countries, the deregulation of energy markets leading to the introduction of unbundling and incentive regulation for utilities firms has made the task of setting an adequate cost of equity more difficult. Firstly, Legal Unbundling led to the creation of many legally independent network operators that have to be regulated separately, excluding the generation or sales activities of mother firms. Identifying adequate costs of capital is thereby complicated by the fact that only very few network operators are traded on stock exchanges. Secondly, the increased pressure through incentive regulation schemes has reinforced the importance of setting the equity return adequately. The approaches chosen by regulatory agencies have often been accompanied by heavy criticism regarding methodology and empirical data sets used. In this context the question arises, how regulators set equity returns for network operators and whether the methodologies applied are in line with state-of-the-art capital market models. This paper therefore starts by providing an overview on empirical results, reviewing major published studies of betas and equity returns regarding utilities and network operators. This research helps to identify and discuss the most important drivers of capital costs which is an indispensable groundwork for determining adequate betas. Additionally, an overview of the current practice of regulatory equity return setting is provided. These results are then compared to an empirical analysis based on a recent data set with more than 20 network operators. Based on this data set the required equity returns according to different methodologies (CAPM, Fama-French-TFM, Ross-APT) are computed. This provides evidence that regulatory practice in Europe and Australia ignores the Fama-French-TFM or the APT, even though notably the Fama-French TFM shows the potential to provide improved estimates of required equity returns. The paper concludes by providing a suggestion on how to put the FF TFM into practice accounting for the size of non-stock listed network operators.Network operator, cost of capital, asset pricing models, regulation, cost of equity

A near-field study on the transition from localized to propagating plasmons on 2D nano-wedges

In this manuscript we report on a near-feld study of two-dimensional plasmonic gold nano-wedges using electron energy loss spectroscopy in combination with scanning transmission electron microscopy, as well as discontinuous Galerkin time-domain computations. With increasing nano-wedge size, we observe a transition from localized surface plasmons on small nano-wedges to non-resonant propagating surface plasmon polaritons on large nano-wedges. Furthermore we demonstrate that nano-wedges with a groove cut can support localized as well as propagating plasmons in the same energy range

De Se Puzzles and Frege Puzzles

What is the relationship between Frege’s puzzle and the puzzle of the de se? An increasingly influential view claims that the de se puzzle is merely an instance of Frege’s puzzle and that the idea that de se attitudes pose a distinctive theoretical challenge rests on a myth. Here we argue that this view is misguided. There are important differences between the two puzzles. First, unlike Frege puzzle cases, de se puzzle cases involve unshareable Fregean senses. Second, unlike Frege puzzle cases, de se puzzle cases cannot be resolved by objective information alone. Further, there seem to be pure cases of each puzzle: instances of the de se puzzle which do not have a Fregean structure, and instances of Frege’s puzzle, which do not involve de se attitudes. We conclude that the two puzzles are fundamentally different and that the traditional theory of attitudes needs to be amended

Circuit Design

Circuit Design = Science + Art! Designers need a skilled "gut feeling" about circuits and related analytical techniques, plus creativity, to solve all problems and to adhere to the specifications, the written and the unwritten ones. You must anticipate a large number of influences, like temperature effects, supply voltages changes, offset voltages, layout parasitics, and numerous kinds of technology variations to end up with a circuit that works. This is challenging for analog, custom-digital, mixed-signal or RF circuits, and often researching new design methods in relevant journals, conference proceedings and design tools unfortunately gives the impression that just a "wild bunch" of "advanced techniques" exist. On the other hand, state-of-the-art tools nowadays indeed offer a good cockpit to steer the design flow, which include clever statistical methods and optimization techniques.Actually, this almost presents a second breakthrough, like the introduction of circuit simulators 40 years ago! Users can now conveniently analyse all the problems (discover, quantify, verify), and even exploit them, for example for optimization purposes. Most designers are caught up on everyday problems, so we fit that "wild bunch" into a systematic approach for variation-aware design, a designer's field guide and more. That is where this book can help! Circuit Design: Anticipate, Analyze, Exploit Variations starts with best-practise manual methods and links them tightly to up-to-date automation algorithms. We provide many tractable examples and explain key techniques you have to know. We then enable you to select and setup suitable methods for each design task - knowing their prerequisites, advantages and, as too often overlooked, their limitations as well. The good thing with computers is that you yourself can often verify amazing things with little effort, and you can use software not only to your direct advantage in solving a specific problem, but also for becoming a better skilled, more experienced engineer. Unfortunately, EDA design environments are not good at all to learn about advanced numerics. So with this book we also provide two apps for learning about statistic and optimization directly with circuit-related examples, and in real-time so without the long simulation times. This helps to develop a healthy statistical gut feeling for circuit design. The book is written for engineers, students in engineering and CAD / methodology experts. Readers should have some background in standard design techniques like entering a design in a schematic capture and simulating it, and also know about major technology aspects

What is Special about De Se Attitudes?

De se attitudes seem to play a special role in action and cognition. This raises a challenge to the traditional way in which mental attitudes have been understood. In this chapter, we review the case for thinking that de se attitudes require special theoretical treatment and discuss various ways in which the traditional theory can be modified to accommodate de se attitudes

Effect of high glucose concentration on the synthesis of monocyte chemoattractant protein-1 in human peritoneal mesothelial cells: Involvement of protein kinase C

Human peritoneal mesothelial cells (HMC) contribute to the activation and control of inflammatory processes in the peritoneum by their potential to produce various inflammatory mediators. The present study was designed to assess the effect of glucose, the osmotic active compound in most commercially available peritoneal dialysis fluids, on the synthesis of the C-C chemokine monocyte chemoattractant protein-1 (MCP-1) in cultured HMC. The MCP-1 concentration in the cell supernatants was determined by enzyme-linked immunosorbent assay and the MCP-1 mRNA expression was examined using Northern blot analysis. Incubation of HMC with glucose (30-120 mM) resulted in a time- and concentration-dependent increase in MCP-1 protein secretion and mRNA expression. After 24 h the MCP-1 synthesis was increased from 2.8 +/- 0.46 to 4.2 +/- 0.32 ng/10(5) cells (n = 5, p 2001 S. Karger AG. Basel

Topological properties of minimally doubled fermions in two space-time dimensions

The two-dimensional Schwinger model is used to explore how lattice fermion operators perceive the global topological charge $q \in \mathbb{Z}$ of a given background gauge field. We focus on Karsten-Wilczek and Borici-Creutz fermions, which are minimally doubled, and compare them to Wilson, Brillouin, naive, staggered and Adams fermions. For each operator the eigenvalue spectrum in a background with $q \neq 0$ is determined along with the chiralities of the eigenmodes, and the spectral flow of the pertinent hermitean operator is worked out. We find that Karsten-Wilczek and Borici-Creutz fermions perceive the global topological charge $q$ in the same way as staggered and naive fermions do.Comment: 32 pages, 31 figures with 68 panel

Dispersion relation and spectral range of Karsten-Wilczek and Borici-Creutz fermions

We investigate some properties of Karsten-Wilczek and Borici-Creutz fermions, which are the best known varieties in the class of minimally doubled lattice fermion actions. Our focus is on the dispersion relation and the distribution of eigenvalues in the free-field theory. We consider the situation in two and four space-time dimensions, and we discuss how properties vary as a function of the Wilson-like lifting parameter $r$.Comment: 41 pages, 16 figures, 5 appendices; v2: enhanced discussion, 6 additional references, typo in caption of Fig.6 fixe

Circuit Design

Circuit Design = Science + Art! Designers need a skilled "gut feeling" about circuits and related analytical techniques, plus creativity, to solve all problems and to adhere to the specifications, the written and the unwritten ones. You must anticipate a large number of influences, like temperature effects, supply voltages changes, offset voltages, layout parasitics, and numerous kinds of technology variations to end up with a circuit that works. This is challenging for analog, custom-digital, mixed-signal or RF circuits, and often researching new design methods in relevant journals, conference proceedings and design tools unfortunately gives the impression that just a "wild bunch" of "advanced techniques" exist. On the other hand, state-of-the-art tools nowadays indeed offer a good cockpit to steer the design flow, which include clever statistical methods and optimization techniques.Actually, this almost presents a second breakthrough, like the introduction of circuit simulators 40 years ago! Users can now conveniently analyse all the problems (discover, quantify, verify), and even exploit them, for example for optimization purposes. Most designers are caught up on everyday problems, so we fit that "wild bunch" into a systematic approach for variation-aware design, a designer's field guide and more. That is where this book can help! Circuit Design: Anticipate, Analyze, Exploit Variations starts with best-practise manual methods and links them tightly to up-to-date automation algorithms. We provide many tractable examples and explain key techniques you have to know. We then enable you to select and setup suitable methods for each design task - knowing their prerequisites, advantages and, as too often overlooked, their limitations as well. The good thing with computers is that you yourself can often verify amazing things with little effort, and you can use software not only to your direct advantage in solving a specific problem, but also for becoming a better skilled, more experienced engineer. Unfortunately, EDA design environments are not good at all to learn about advanced numerics. So with this book we also provide two apps for learning about statistic and optimization directly with circuit-related examples, and in real-time so without the long simulation times. This helps to develop a healthy statistical gut feeling for circuit design. The book is written for engineers, students in engineering and CAD / methodology experts. Readers should have some background in standard design techniques like entering a design in a schematic capture and simulating it, and also know about major technology aspects