Determinants of Terminal Value in the Evaluation of Companies: A Panel Data Approach to the Context of European Companies.

The uncertainty of the future of a firm has to be modelled and incorporated into the evaluation of companies outside their explicit period of analysis, i.e., in the continuing or terminal value considered within valuation models. However, there is a multiplicity of factors that influence the continuing value of businesses which are not currently being considered within valuation models. In fact, ignoring these factors may cause significant errors of judgment, which can lead models to values of goodwill or badwill, far from the substantial value of the inherent assets. Consequently, these results provided will be markedly different from market values. So, why not consider alternative models incorporating life expectancy of companies, as well as the influence of other attributes of the company in order to get a smoother adjustment between market price and valuation methods? This study aims to provide a contribution towards this area, having as its main objective the analysis of potential determinants of firm value in the long term. Using a sample of 714 listed companies, belonging to 15 European countries, and a panel data for the period between 1992 and 2011, our results show that continuing value cannot be regarded as the current value of a constant or growth perpetuity of a particular attribute of the company, but instead be according to a set of attributes such as free cash flow, net income, the average life expectancy of the company, investment in R&D, capabilities and quality of management, liquidity and financing structure.

The Terminal Value (TV) Performing in Firm Valuation: The Gap of Literature and Research Agenda

The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value (TV). There is a multiplicity of factors that influence the TV of firms which are not being considered within current evaluation models. This aspect leads to the incurring of unrecoverable errors, thus leading to values of goodwill or bad will far away from the substantial value of intrinsic assets. As a consequence, the evaluation results will be presented markedly different from market values. There is no consensus in the scientific community about the method of computation of the TV as a forecast in an infinite horizon. The size of the terminal, or non-explicit period, assumed as infinite, is never called into question by scientific literature, or the probability of business bankruptcy. This paper aims to promote a study of the existing literature on the TV, to highlight the fragility of the evaluation models of companies that have been used by the academic community and by financial analysts, and to point out lines for future research to minimize these errors.

The significant role of third-party logistics (3pl) operators as fosterers of organizational performance in colombian companies

La eliminación de barreras entre países es una consecuencia que llega con la globalización y con los acuerdos de TLC firmados en los últimos años. Esto implica un crecimiento significativo del comercio exterior, lo cual se ve reflejado en un aumento de la complejidad de la cadena de suministro de las empresas. Debido a lo anterior, se hace necesaria la búsqueda de alternativas para obtener altos niveles de productividad y competitividad dentro de las empresas en Colombia, ya que el entorno se ha vuelto cada vez más complejo, saturado de competencia no sólo nacional, sino también internacional. Para mantenerse en una posición competitiva favorable, las compañías deben enfocarse en las actividades que le agregan valor a su negocio, por lo cual una de las alternativas que se están adoptando hoy en día es la tercerización de funciones logísticas a empresas especializadas en el manejo de estos servicios. Tales empresas son los Proveedores de servicios logísticos (LSP), quienes actúan como agentes externos a la organización al gestionar, controlar y proporcionar actividades logísticas en nombre de un contratante. Las actividades realizadas pueden incluir todas o parte de las actividades logísticas, pero como mínimo la gestión y ejecución del transporte y almacenamiento deben estar incluidos (Berglund, 2000). El propósito del documento es analizar el papel de los Operadores Logísticos de Tercer nivel (3PL) como promotores del desempeño organizacional en las empresas colombianas, con el fin de informar a las MIPYMES acerca de los beneficios que se obtienen al trabajar con LSP como un medio para mejorar la posición competitiva del país.

Impact of IS/IT Investments on Firm Performance: Does Stakeholder Orientation Matter?

This research project addresses a central question in the IS business value field: Does IS/IT investments impact positively on firm financial performance? IS/IT investments are seen as having an enormous potential impact on the competitive position of the firm, on its performance, and demand an active and motivated participation of several stakeholder groups. Actual research conducted in the Information Systems field, relating IS/IT investments with firm performance use transactions costs economics and resource-based view of the firm to try to explain and understand that relationship. However, it lacks to stress the importance of stakeholder management, as a moderator variable in that relationship. Stakeholder theory sees the firm as the hub centric to the spokes representing various stakeholders who were in essence equidistant to the firm, and survival and continuing profitability of the corporation depend upon its ability to fulfil its economic and social purpose, which is to create and distribute wealth or value sufficient to ensure that each primary stakeholder group continues as part of the corporation’s stakeholder system. Stakeholder theory in its instrumental version, argues that if a firm pays attention to the stakes of all stakeholder groups (and not just shareholders), it will obtain higher levels of financial performance. With this premise in mind, the aim of this paper is to discuss and test the use of stakeholder theory in the IS business value stream of research, in order to achieve a better understanding of the impact of IS/IT investments on firm performance (moderated by stakeholder management). To achieve the expected impact from an IS/IT investment, it is argued that firms need a strong commitment from those stakeholder groups, which lead us to the need of a corporate “stakeholder orientation”. When firm financial performance is measured by returns on assets (ROA), returns on investments (ROI) and returns on sales (ROS), the results show that “stakeholder orientation” impact positively in the relation between IS/IT and firm performance, using a sample of Portuguese large companies.

An Assessment of Pharmacological Properties of Schinus Essential Oils: A Soft Computing Approach

Plants of genus Schinus are native South America and introduced in Mediterranean countries, a long time ago. Some Schinus species have been used in folk medicine, and Essential Oils of Schinus spp. (EOs) have been reported as having antimicrobial, anti-tumoural and anti-inflammatory properties. Such assets are related with the EOs chemical composition that depends largely on the species, the geographic and climatic region, and on the part of the plants used. Considering the difficulty to infer the pharmacological properties of EOs of Schinus species without a hard experimental setting, this work will focus on the development of an Artificial Intelligence grounded Decision Support System to predict pharmacological properties of Schinus EOs. The computational framework was built on top of a Logic Programming Case Base approach to knowledge representation and reasoning, which caters to the handling of incomplete, unknown, or even self-contradictory information. New clustering methods centered on an analysis of attribute’s similarities were used to distinguish and aggregate historical data according to the context under which it was added to the Case Base, therefore enhancing the prediction process.

Biodeterioration of easel paintings: development of new mitigation strategies

Easel paintings have undergone biodeterioration processes due to microbiological agents proliferation, particularly by development of fungal strains that are associated to biofilms formation and microstructure disintegration of these artworks, due to a wide diversity of available nutrients. Thus, mitigation strategies, using green and non-toxic biocides, which eliminate and prevent the microbiological contamination of these cultural assets are in progress.

Metrological characterization of sensors and instrumentation for distribution grid monitoring and electrical asset diagnostics

The Smart Grid needs a large amount of information to be operated and day by day new information is required to improve the operation performance. It is also fundamental that the available information is reliable and accurate. Therefore, the role of metrology is crucial, especially if applied to the distribution grid monitoring and the electrical assets diagnostics. This dissertation aims at better understanding the sensors and the instrumentation employed by the power system operators in the above-mentioned applications and studying new solutions. Concerning the research on the measurement applied to the electrical asset diagnostics: an innovative drone-based measurement system is proposed for monitoring medium voltage surge arresters. This system is described, and its metrological characterization is presented. On the other hand, the research regarding the measurements applied to the grid monitoring consists of three parts. The first part concerns the metrological characterization of the electronic energy meters’ operation under off-nominal power conditions. Original test procedures have been designed for both frequency and harmonic distortion as influence quantities, aiming at defining realistic scenarios. The second part deals with medium voltage inductive current transformers. An in-depth investigation on their accuracy behavior in presence of harmonic distortion is carried out by applying realistic current waveforms. The accuracy has been evaluated by means of the composite error index and its approximated version. Based on the same test setup, a closed-form expression for the measured current total harmonic distortion uncertainty estimation has been experimentally validated. The metrological characterization of a virtual phasor measurement unit is the subject of the third and last part: first, a calibrator has been designed and the uncertainty associated with its steady-state reference phasor has been evaluated; then this calibrator acted as a reference, and it has been used to characterize the phasor measurement unit implemented within a real-time simulator.

Wireless solutions for the industrial internet of things

The fourth industrial revolution is paving the way for Industrial Internet of Things applications where industrial assets (e.g., robotic arms, valves, pistons) are equipped with a large number of wireless devices (i.e., microcontroller boards that embed sensors and actuators) to enable a plethora of new applications, such as analytics, diagnostics, monitoring, as well as supervisory, and safety control use-cases. Nevertheless, current wireless technologies, such as Wi-Fi, Bluetooth, and even private 5G networks, cannot fulfill all the requirements set up by the Industry 4.0 paradigm, thus opening up new 6G-oriented research trends, such as the use of THz frequencies. In light of the above, this thesis provides (i) a broad overview of the main use-cases, requirements, and key enabling wireless technologies foreseen by the fourth industrial revolution, and (ii) proposes innovative contributions, both theoretical and empirical, to enhance the performance of current and future wireless technologies at different levels of the protocol stack. In particular, at the physical layer, signal processing techniques are being exploited to analyze two multiplexing schemes, namely Affine Frequency Division Multiplexing and Orthogonal Chirp Division Multiplexing, which seem promising for high-frequency wireless communications. At the medium access layer, three protocols for intra-machine communications are proposed, where one is based on LoRa at 2.4 GHz and the others work in the THz band. Different scheduling algorithms for private industrial 5G networks are compared, and two main proposals are described, i.e., a decentralized scheme that leverages machine learning techniques to better address aperiodic traffic patterns, and a centralized contention-based design that serves a federated learning industrial application. Results are provided in terms of numerical evaluations, simulation results, and real-world experiments. Several improvements over the state-of-the-art were obtained, and the description of up-and-running testbeds demonstrates the feasibility of some of the theoretical concepts when considering a real industry plant.

Optimal energy management of smart households with electric vehicles, energy storage and distributed generation

In this thesis, the optimal operation of a neighborhood of smart households in terms of minimizing the total energy cost is analyzed. Each household may comprise several assets such as electric vehicles, controllable appliances, energy storage and distributed generation. Bi-directional power flow is considered for each household . Apart from the distributed generation unit, technological options such as vehicle-to-home and vehicle-to-grid are available to provide energy to cover self-consumption needs and to export excessive energy to other households, respectively.

Attenuation of thermal radiation from flare through water curtains on offshore platform.

Flaring has been widely used in the upstream operation of the oil and gas industry, both onshore and offshore. It is considered a safe and reliable way to protect assets from overpressure and the environment from toxic gas using combustion. However, there are drawbacks to using flares, such as vibration and thermal radiation. Excessive contact with thermal radiation is harmful to offshore personnel and equipment. Research organizations and companies have invested time and money to combat this. Many technologies have been developed so far to reduce the risk of thermal radiation, one of them being the water curtain system. Several tests were done to see the effectiveness of the water curtain system in mitigating thermal radiation in an offshore environment. Each test varied in the flare output, wind speed, and the size of water droplets size of the water curtain. Later, the results of each test were compared and analyzed. The results showed that a water curtain system could be a solution to excessive thermal radiation that comes from an offshore flare. Moreover, the water curtain with smaller water droplets diameter gives a more favorable result in reducing thermal radiation. These results suggest that, although it offers simplicity and efficiency, designing an efficient water curtain system requires deep study. Various conditions, such as wind speed, flare intensity, and the size of the water droplets, plays a vital role in the effectiveness of the water curtain system in attenuating thermal radiation.

Assessment and Protection of maritime-vernacular architectural Heritage on the Mediterranean Coasts. Documentation and Preservation Strategies for the Dry Docks on the Island of Formentera.

The importance of vernacular architecture as an integral part of our cultural heritage is often undervalued, and the management of rural constructions of heritage value often requires the application of more flexible and adjusted preservation principles compared to monumental assets. For vernacular architecture, the preservation and consolidation concern not only their physical substance but also their intangible values and purpose in society. More than other heritage values, the vernacular raises the question of prospective functions it can fulfill in contemporary societies without undermining its legacy. This work analyzes the topic by studying the case study of the dry docks on the Balearic Island of Formentera, including abundant documentation of traditional construction techniques and materials realized through a field study, followed by the assessment of threats to and opportunities for vernacular architecture on Formentera, closing with suggestions for the maintenance and potential functions of the dry docks. For this, a comparative case study was introduced: the capanni da pesca at the Adriatic coast of Italy. The suggestions focus on the importance of maintenance for rural heritage, expressed through the creation of a guide for owners of protected dry docks highlighting good and bad practice examples and recurrent works of care. Furthermore, the thesis seeks to raise awareness for the significance of landscape and social factors in the discourse about vernacular heritage sites. Ultimately, different outlines of tourism development are proposed. The idea is to explore rural and sustainable tourism as a tool for territory development and enhancement of the cultural heritage value by helping to prevent the destination's decline through careful evaluation of its limits of acceptable change and identifying beneficial, sustainable scenarios for the future of the heritage asset and the respective community.

HBIM to Virtual Reality Workflow for Industrial Archaeology Immovable Assets’ Management: A Case Study

As a witness on the industrialization in Bologna, since its first generation was born in the late 1760, the Battiferro lock has been coping with the innovation that the city experienced throughout the centuries, until it has lost its functionality due to the technological development for which Bologna’s canals were gradually covered starting from the 1950s under Giuseppe Dozza ’s administration, as part of the reconstruction, reclamation and urban requalification that was carried out in the aftermath the World War II and which involved the whole city. The interest of the research carried out on this case study was primarily to reintroduce the landmark that is still intact, to what is considered to be the fourth generation of the industrial revolution, namely in the construction field, which is recognized as Construction 4.0, by means of the Historic (or Heritage) Information Modeling HBIM and Virtual Reality (VR) application. A scan-to-BIM approach was followed to create 3D as-built BIM model, as a first step towards the storytelling of the abandoned industrial built asset in VR environment, or as a seed for future applications such as Digital Twins (DT), heritage digital learning, sustainable impact studies, and/or interface with other interfaces such as GIS. Based on the HBIM product, examples of the primary BIM deliverables such as 2D layouts is given, then a workflow to VR is proposed and investigated the reliability of data and the type of users that may benefit of the VR experience, then the potential future development of the model is investigated, with comparison of a relatively similar experience in the UK.

Pipkiiα Is Widely Expressed In Hematopoietic-derived Cells And May Play A Role In The Expression Of Alpha- And Gamma-globins In K562 Cells.

Characterized for the first time in erythrocytes, phosphatidylinositol phosphate kinases (PIP kinases) belong to a family of enzymes that generate various lipid messengers and participate in several cellular processes, including gene expression regulation. Recently, the PIPKIIα gene was found to be differentially expressed in reticulocytes from two siblings with hemoglobin H disease, suggesting a possible relationship between PIPKIIα and the production of globins. Here, we investigated PIPKIIα gene and protein expression and protein localization in hematopoietic-derived cells during their differentiation, and the effects of PIPKIIα silencing on K562 cells. PIPKIIα silencing resulted in an increase in α and γ globins and a decrease in the proliferation of K562 cells without affecting cell cycle progression and apoptosis. In conclusion, using a cell line model, we showed that PIPKIIα is widely expressed in hematopoietic-derived cells, is localized in their cytoplasm and nucleus, and is upregulated during erythroid differentiation. We also showed that PIPKIIα silencing can induce α and γ globin expression and decrease cell proliferation in K562 cells.

The Clinical Impact Of Cerebellar Grey Matter Pathology In Multiple Sclerosis.

The cerebellum is an important site for cortical demyelination in multiple sclerosis, but the functional significance of this finding is not fully understood. To evaluate the clinical and cognitive impact of cerebellar grey-matter pathology in multiple sclerosis patients. Forty-two relapsing-remitting multiple sclerosis patients and 30 controls underwent clinical assessment including the Multiple Sclerosis Functional Composite, Expanded Disability Status Scale (EDSS) and cerebellar functional system (FS) score, and cognitive evaluation, including the Paced Auditory Serial Addition Test (PASAT) and the Symbol-Digit Modalities Test (SDMT). Magnetic resonance imaging was performed with a 3T scanner and variables of interest were: brain white-matter and cortical lesion load, cerebellar intracortical and leukocortical lesion volumes, and brain cortical and cerebellar white-matter and grey-matter volumes. After multivariate analysis high burden of cerebellar intracortical lesions was the only predictor for the EDSS (p<0.001), cerebellar FS (p = 0.002), arm function (p = 0.049), and for leg function (p<0.001). Patients with high burden of cerebellar leukocortical lesions had lower PASAT scores (p = 0.013), while patients with greater volumes of cerebellar intracortical lesions had worse SDMT scores (p = 0.015). Cerebellar grey-matter pathology is widely present and contributes to clinical dysfunction in relapsing-remitting multiple sclerosis patients, independently of brain grey-matter damage.

Dna Extraction From Filter-paper Spots Of Vaginal Samples Collected After Sexual Violence.

To detect the presence of male DNA in vaginal samples collected from survivors of sexual violence and stored on filter paper. A pilot study was conducted to evaluate 10 vaginal samples spotted on sterile filter paper: 6 collected at random in April 2009 and 4 in October 2010. Time between sexual assault and sample collection was 4-48hours. After drying at room temperature, the samples were placed in a sterile envelope and stored for 2-3years until processing. DNA extraction was confirmed by polymerase chain reaction for human β-globin, and the presence of prostate-specific antigen (PSA) was quantified. The presence of the Y chromosome was detected using primers for sequences in the TSPY (Y7/Y8 and DYS14) and SRY genes. β-Globin was detected in all 10 samples, while 2 samples were positive for PSA. Half of the samples amplified the Y7/Y8 and DYS14 sequences of the TSPY gene and 30% amplified the SRY gene sequence of the Y chromosome. Four male samples and 1 female sample served as controls. Filter-paper spots stored for periods of up to 3years proved adequate for preserving genetic material from vaginal samples collected following sexual violence.