Resident-funded retirement village valuations : complications with the application of the DCF

Retirement village assets are different from traditional residential assets due to their operation in accordance with statutory legislation. Designed for independent living, retirement villages provide either detached or semi-detached residential dwellings with car parking and small private yards with community facilities providing a shared congregational area for village activities and socialising. In essence, the village operator provides the land and buildings to the residents who pay an amount on entry for the right of occupation. On departure from the units an agreed proportion of either the original purchase price or the sale price is paid to the outgoing resident. As ongoing levies are typically offset by ongoing operational expenses the market value of the operator's interest in the retirement village is therefore predominantly based upon the estimated future income from deferred management fees and capital gain upon roll-over receivable by the operator in accordance with the respective residency agreements. Given the lumpiness of these payments, there is general acceptance that the most appropriate approach to valuation is through discounted cash flow (DCF) analysis. There is however inconsistency between valuers across Australia in how they undertake their DCF analysis, leading to differences in reported values and subsequent confusion among users of valuation services. To give guidance to valuers and enhance confidence from users of valuation services this paper investigates the five major elements of DCF methodology, namely cash flows, escalation factors, holding period, terminal value and discount rate.

Calibration and operational analysis of variable speed limits for high flow condition

Variable Speed Limits (VSL) is a control tool of Intelligent Transportation Systems (ITS) which can enhance traffic safety and which has the potential to contribute to traffic efficiency. This study presents the results of a calibration and operational analysis of a candidate VSL algorithm for high flow conditions on an urban motorway of Queensland, Australia. The analysis was done using a framework consisting of a microscopic simulation model combined with runtime API and a proposed efficiency index. The operational analysis includes impacts on speed-flow curve, travel time, speed deviation, fuel consumption and emission.

Minimising wave drag for free surface flow past a two-dimensional stern

Free surface flow past a two-dimensional semi-infinite curved plate is considered, with emphasis given to solving for the shape of the resulting wave train that appears downstream on the surface of the fluid. This flow configuration can be interpreted as applying near the stern of a wide blunt ship. For steady flow in a fluid of finite depth, we apply the Wiener-Hopf technique to solve a linearised problem, valid for small perturbations of the uniform stream. Weakly nonlinear results found using a forced KdV equation are also presented, as are numerical solutions to the fully nonlinear problem, computed using a conformal mapping and a boundary integral technique. By considering different families of shapes for the semi-infinite plate, it is shown how the amplitude of the waves can be minimised. For plates that increase in height as a function of the direction of flow, reach a local maximum, and then point slightly downwards at the point at which the free surface detaches, it appears the downstream wavetrain can be eliminated entirely.

Youth theatre and the articulation of cultural capital : refocusing Bourdieu through ethnography

This study of working-class and middle-class youth theatre workshops examines the processes through which this cultural form is appropriated by different class groups. Whereas the middle-class workshop proceeded efficiently and harmoniously, the working-class group resisted a number of institutional constraints traditionally associated with play rehearsal and performance. The processes of such symbolic struggle in the working-class group appeared to differ from Bourdieu's account of cultural domination. The article explores the explanatory contribution of the ethnographic case study to the analysis of the class basis of cultural tastes and practices and suggest that Bourdieu's account of class relations would gain from inclusion of this level of analysis. The situated study of the youth theatre workshops suggests that at this level, there is possibly more scope for symbolic struggle between the classes than was found by Bourdieu.

Flow field investigation in a water treatment reactor using computational fluid dynamics

The hydrodynamic behaviour of a novel flat plate photocatalytic reactor for water treatment is investigated using CFD code FLUENT. The reactor consists of a reactive section that features negligible pressure drop and uniform illumination of the photocatalyst to ensure enhanced photocatalytic efficiency. The numerical simulations allowed the identification of several design issues in the original reactor, which include extensive boundary layer separation near the photocatalyst support and regions of flow recirculation that render a significant portion of the reactive area. The simulations reveal that this issue could be addressed by selecting the appropriate inlet positions and configurations. This modification can cause minimal pressure drop across the reactive zone and achieves significant uniformization of the tested pollutant on the photocatalyst surface. The influence of roughness elements type has also been studied with a view to identify their role on the distribution of pollutant concentration on the photocatalyst surface. The results presented here indicate that the flow and pollutant concentration field strongly depend on the geometric parameters and flow conditions.

Numerical simulation of flow in a photocatalytic reactor containing baffles

In this study a new immobilized flat plate photocatalytic reactor for wastewater treatment has been investigated using computational fluid dynamics (CFD). The reactor consists of a reactor inlet, a reactive section where the catalyst is coated, and outlet parts. For simulation, the reactive section of the reactor was modelled with an array of baffles. In order to optimize the fluid mixing and reactor design, this study attempts to investigate the influence of baffles with differing heights on the flow field of the flat plate reactor. The results obtained from the simulation of a baffled flat plate reactor hydrodynamics for differing baffle heights for certain positions are presented. Under the conditions simulated, the qualitative flow features, such as the distribution of local stream lines, velocity contours, and high shear region, boundary layers separation, vortex formation, and the underlying mechanism are examined. At low and high Re numbers, the influence of baffle heights on the distribution of species mass fraction of a model pollutant are also highlighted. The simulation of qualitative and quantitative properties of fluid dynamics in a baffled reactor provides valuable insight to fully understand the effect of baffles and their role on the flow pattern, behaviour, and features of wastewater treatment using a photocatalytic reactor.

Disclosure, conservatism and the cost of equity capital : a review of the foundation literature

In this review piece, we survey the literature on the cost of equity capital implications of corporate disclosure and conservative accounting policy choice decisions with the principle objective of providing insights into the design and methodological issues, which underlie the empirical investigations. We begin with a review of the analytical studies most typically cited in the empirical research as providing a theoretical foundation. We then turn to consider literature that offers insights into the selection of proxies for each of our points of interest, cost of equity capital, disclosure quality and accounting conservatism. As a final step, we review selected empirical studies to illustrate the relevant evidence found within the literature. Based on our review, we interpret the literature as providing the researcher with only limited direct guidance on the appropriate choice of measure for each of the constructs of interest. Further, we view the literature as raising questions about both the interpretation of empirical findings in the face of measurement concerns and the suitability of certain theoretical arguments to the research setting. Overall, perhaps the message which is most clear is that one of the most controversial and fundamental issues underlying the literature is the issue of the diversifiability or nondiversifiability of information effects.

Radiation effects on natural convection laminar flow from a horizontal circular cylinder

The effect of radiation on natural convection flow from an isothermal circular cylinder has been investigated numerically in this study. The governing boundary layer equations of motion are transformed into a non-dimensional form and the resulting nonlinear systems of partial differential equations are reduced to convenient boundary layer equations, which are then solved numerically by two distinct efficient methods namely: (i) implicit finite differencemethod or the Keller-Box Method (KBM) and (ii) Straight Forward Finite Difference Method (SFFD). Numerical results are presented by velocity and temperature distribution of the fluid as well as heat transfer characteristics, namely the shearing stress and the local heat transfer rate in terms of the local skin-friction coefficient and the local Nusselt number for a wide range of surface heating parameter and radiation-conduction parameter. Due to the effects of the radiation the skin-friction coefficients as well as the rate of heat transfer increased and consequently the momentum and thermal boundary layer thickness enhanced.

Radiation effect on free convection laminar flow along a vertical flat plate with streamwise sinusoidal surface temperature

The effect of thermal radiation on a steady two-dimensional natural convection laminar flow of viscous incompressible optically thick fluid along a vertical flat plate with streamwise sinusoidal surface temperature has been investigated in this study. Using the appropriate variables; the basic governing equations are transformed to convenient form and then solved numerically employing two efficient methods, namely, Implicit finite difference method (IFD) together with Keller box scheme and Straight forward finite difference (SFFD) method. Effects of the variation of the physical parameters, for example, conduction-radiation parameter (Planck number), surface temperature parameter, and the amplitude of the surface temperature, are shown on the skin friction and heat transfer rate quantitatively are shown numerically. Velocity and temperature profiles as well as streamlines and isotherms are also presented and discussed for the variation of conduction-radiation parameter. It is found that both skin-friction and rate of heat transfer are enhanced considerably by increasing the values of conduction radiation parameter, Rd.

The effect of temperature dependent viscosity on MHD natural convection flow from an isothermal sphere

Laminar magnetohydrodynamic (MHD) natural convection flow from an isothermal sphere immersed in a fluid with viscosity proportional to linear function of temperature has been studied. The governing boundary layer equations are transformed into a non-dimensional form and the resulting nonlinear system of partial differential equations are reduced to convenient form which are solved numerically by two very efficient methods, namely, (i) Implicit finite difference method together with Keller box scheme and (ii) Direct numerical scheme. Numerical results are presented by velocity and temperature distribution, streamlines and isotherms of the fluid as well as heat transfer characteristics, namely the local skin-friction coefficients and the local heat transfer rate for a wide range of magnetohydrodynamic paramagnet and viscosity-variation parameter.