Reconciling value estimates from the discounted cash flow model and the residual income model

This paper examines why practitioners and researchers get different estimates of equity value when they use a discounted cash flow (CF) model versus a residual income (RI) model. Both models are derived from the same underlying assumption -- that price is the present value of expected future net dividends discounted at the cost of equity capital -- but in practice and in research they frequently yield different estimates. We argue that the research literature devoted to comparing the accuracy of these two models is misguided; properly implemented, both models yield identical valuations for all firms in all years. We identify how prior research has applied inconsistent assumptions to the two models and show how these seemingly small errors cause surprisingly large differences in the value estimates. [ABSTRACT FROM AUTHOR]

Lepocreadiinae lepocreadiids (Digenea) from tetraodontiform fishes in the waters off Tasmania, Queensland and Moorea, French Polynesia

Two new species of Pseudocreadium are described from off northern Tasmania, P maturini sp. nov. from Meuschenia freycineti and P aubreyi sp. nov. from Acanthaluteres vittiger. They differ from the only other recognised species in the genus by the number of ovarian lobes and by size, and they differ from each other by size, shape, caecal length, forebody length, pre-oral lobe size, uterine position, excretory vesicle length and oral sucker shape. Lobatocreadium exiguum is redescribed from Sufflamen bursa, off Moorea, French Polynesia and Abalistes stellatus, Swain Reefs, Great Barrier Reef, Queensland. Records and measurements are given for Hypocreadium cavum from Sufflamen fraenatus and Lepotrema clavatum from Melichthys vidua, both off Heron Island, Great Barrier Reef, Queensland.

Cloud-point extraction and preconcentration of cyanobacterial toxins (microcystins) from natural waters using a cationic surfactant

A new cloud-point extraction and preconcentration method, using a cationic, surfactant, Aliquat-336 (tricaprylyl-methy;ammonium chloride), his-been developed for the determination of cyanobacterial toxins, microcystins, in natural waters. Sodium sulfate was used to induce phase separation at 25 degreesC. The phase behavior of Aliquat-336 with respect to concentration of Na2SO4 was studied. The cloud-point system revealed a very high phase volume ratio compared to other established systems of nonionic, anionic, and cationic surfactants: At pH 6-7, it showed an outstanding selectivity in ahalyte extraction for anionic species. Only MC-LR and MC-YR, which are known to be predominantly anionic, were extracted (with averaged recoveries of 113.9 +/- 9% and 87.1 +/- 7%, respectively). MC-RR, which is likely to be amphoteric at the above pH range, was. not cle tectable in.the extract. Coupled to HPLC/UV separation and detection, the cloud-point extraction method (with 2.5 mM Aliquat-336 and 75 mM Na2SO4 at 25 degreesC) offered detection limits of 150 +/- 7 and 470 +/- 72 pg/mL for MC-LR and MC-YR, respectively, in 25 mL of deionized water. Repeatability of the method was 7.6% for MC-LR and 7.3% for MC-YR: The cloud-point extraction process can be. completed within 10-15 min with no cleanup steps required. Applicability of the new method to the determination of microcystins in real samples was demonstrated using natural surface waters, collected from a local river and a local duck pond spiked with realistic. concentrations of microcystins. Effects of salinity and organic matter (TOC) content in the water sample on the extraction efficiency were also studied.

The residual effects of cooperative-learning experiences: A two-year follow-up

The author investigated how training in small-group and interpersonal behaviors affected children's behavior and interactions as they worked in small groups 2 years later. The authors assigned 52 fifth graders, who had been trained 2 years previously in cooperative group behaviors, to the trained condition and 36 fifth graders, who had not previously been trained, to the untrained condition. Both were reconstituted from the pool of students who had participated previously in group activities. The results showed a residual training effect, with the children in the trained groups being more cooperative and helpful than their untrained peers.

A new species of Dactylostomum Woolcock, 1935 (Digenea: Opecoelidae) from the goatfish Upeneichthys lineatus (Bloch & Schneider) (Mullidae) in Western Australian waters

Dactylostomum nicolli n. sp. is described from the intestine of the goatfish Upeneichthys lineatus (Bloch & Schneider) (Mullidae) caught off Point Peron, Western Australia. The problem of assigning the new species to the appropriate genus, especially with regard to its close resemblance to Paropecoelus Pritchard, 1966, which also infects goatfishes, is discussed. This is the second report of Dactylostomum Woolcock, 1935 from an Australian marine fish. The new species is distinguished by its elongate form, simple ventral sucker papillae and irregularly shaped ovary.

Species of Stephanostomum Looss, 1899 (Digenea : Acanthocolpidae) from fishes of Australian and South Pacific waters, including five new species

Nine species of Stephanostomum are described from Australian and Southern Pacific marine fishes: Stephanostomum madhaviae n. sp. [syn. S. orientalis of Madhavi ( 1976)] from Caranx ignobilis, off Hope Island, Queensland, with 30-34 circum-oral spines and vitelline fields almost reaching to the posterior extremity of the cirrus-sac; S. bicoronatum (Stossich, 1883) from Argyrosomus hololepidotus, off Southport Broadwater, Queensland; S. votonimoli n. sp. from Scomberoides lysan, off Moorea, French Polynesia ( type-locality) and Western Samoa, with 33-38 circum-oral spines, a uroproct and the vitelline fields not reaching the cirrus-sac; S. nyoomwa n. sp. from Caranx sexfasciatus, off Heron Island, Queensland, with 33-38 circum-oral spines, a uroproct and the vitelline fields reaching the cirrus-sac; S. cobia n. sp. from Rachycentron canadum, off Heron Island, with 36 circum-oral spines, a uroproct and the vitelline fields reaching the cirrus-sac; S. petimba Yamaguti, 1970 from Seriola hippos, off Rottnest Island, Western Australia; S. pacificum ( Yamaguti, 1951) from Pseudocaranx wrighti, off Fremantle, Western Australia; S. aaravi n. sp. from Lethrinus miniatus, off Heron Island, with 36-39 circumoral spines, probably a uroproct and the vitelline fields reaching the ventral sucker; S. pagrosomi ( Yamaguti, 1939) from L. nebulosus, L. miniatus and L. atkinsoni off Heron Island, Pagrus auratus, off Rottnest Island, Western Australia and Gymnocranius audleyi, off Heron Island. A digest of described species of Stephanostomum is included as an appendix.

Bartoliella pritchardae n.g., n.sp. (Digenea: Opecoelidae) in Epinephelides armatus (Serranidae) from temperate marine waters of Western Australia

An opecoelid, Bartoliella pritchardae n. g., n. sp., is described from the intestine of Epinephelides armatus from Western Australia. The new genus has been assigned to the subfamily Opecoelininae Gibson & Bray, 1984, bringing the number of genera in the subfamily to two. Although the new genus is similar to Opecoelina Manter, 1934 morphologically, the pedunculate ventral sucker and complete absence of a cirrus-sac necessitate the erection of a new genus. A formal re-definition of the subfamily is given, based on the diagnoses of the genera Opecoelina and Bartoliella n. g.

Allopodocotyle skoliorchis n. sp. (Opecoelidae: Plagiorporinae) from Parequula melbournensis (Castelnau) (Gerreidae), a temperate marine fish in Australian waters

A new species of Allopodocotyle Pritchard, 1966 is described from the intestine and pyloric caeca of Parequula melbournensis (Gerreidae) caught from the waters off South and Western Australia. The new species is distinguished from other species by its larger eggs, broader form, pre-bifurcal genital pore and a number of other measurable features that are discussed. Of the species that share morphological similarities with Allopodocotyle skoliorchis n. sp., it is the only species known from a gerreid; all the other species are from serranids.

An approach to verifying and debugging simulation models governed by ordinary differential equations: Part 1. Methodology for residual generation

For dynamic simulations to be credible, verification of the computer code must be an integral part of the modelling process. This two-part paper describes a novel approach to verification through program testing and debugging. In Part 1, a methodology is presented for detecting and isolating coding errors using back-to-back testing. Residuals are generated by comparing the output of two independent implementations, in response to identical inputs. The key feature of the methodology is that a specially modified observer is created using one of the implementations, so as to impose an error-dependent structure on these residuals. Each error can be associated with a fixed and known subspace, permitting errors to be isolated to specific equations in the code. It is shown that the geometric properties extend to multiple errors in either one of the two implementations. Copyright (C) 2003 John Wiley Sons, Ltd.