832 resultados para Free Cash Flow to Equity


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The unsteady laminar free convection flow of an incompressible electrically conducting fluid over two-dimensional and axisymmetric bodies embedded in a highly porous medium with an applied magnetic field has been studied. The unsteadiness in the flow field is caused by the variation of the wall temperature and concentration with time. The coupled nonlinear partial differential equations with three independent variables have been solved numerically using an implicit finite-difference scheme in combination with the quasilinearization technique. It is observed that the skin friction, heat transfer and mass transfer increase with the permeability parameter but decrease with the magnetic parameter. The results are strongly dependent on the variation of wall temperature and concentration with time. The skin friction and heat transfer increase or decrease as the buoyancy forces from species diffusion assist or oppose the thermal buoyancy force. However, the mass transfer is found to be higher for small values of the ratio of the buoyancy parameters than for large values

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Detailed steady and unsteady experimental measurements and analysis were performed on a Single stage Transonic Axial Compressor with asymmetric rotor tip clearance for studying the compressor stall phenomena. The installed compressor had asymmetric tip clearance around the rotor casing varying from about 0.65mm to 1.25mm. A calibrated 5-hole aerodynamic probe was traversed radially at exit of rotor and showed the characteristics of increased flow angle at lower mass flow rates for all the speeds. Mach number distribution and boundary layer effects were also clearly captured. Unsteady measurements for velocity were carried out to study the stall cell behavior using a single component calibrated hotwire probe oriented in axial and tangential directions for choke/free flow and near stall conditions. The hotwire probe was traversed radially across the annulus at inlet to the compressor and showed that the velocity fluctuations were dissimilar when probe was aligned axial and tangential to the flow. Averaged velocities across the annulus showed the reduction in velocity as stall was approached. Axial mean flow velocity decreased across the annulus for all the speeds investigated. Tangential velocity at free flow condition was higher at the tip region due to larger radius. At stall condition, the tangential velocity showed decreased velocities at the tip and slightly increased velocities at the hub section indicating that the flow has breakdown at the tip region of the blade and fluid is accelerated below the blockage zone. The averaged turbulent intensity in axial and tangential flow directions increased from free flow to stall condition for all compressor rated speeds. Fast Fourier Transform (FFT) of the raw signals at stall flow condition showed stall cell and its corresponding frequency of occurrence. The stalling frequency of about half of rotational speed of the rotor along with large tip clearance suggests that modal type stall inception was occurring.

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Singular perturbation theory of two-time scale expansions was developed both in inviscid and weak viscous fluids to investigate the motion of single surface standing wave in a liquid-filled circular cylindrical vessel, which is subject to a vertical periodical oscillation. Firstly, it is assumed that the fluid in the circular cylindrical vessel is inviscid, incompressible and the motion is irrotational, a nonlinear evolution equation of slowly varying complex amplitude, which incorporates cubic nonlinear term, external excitation and the influence of surface tension, was derived from solvability condition of high-order approximation. It shows that when forced frequency is low, the effect of surface tension on mode selection of surface wave is not important. However, when forced frequency is high, the influence of surface tension is significant, and can not be neglected. This proved that the surface tension has the function, which causes free surface returning to equilibrium location. Theoretical results much close to experimental results when the surface tension is considered. In fact, the damping will appear in actual physical system due to dissipation of viscosity of fluid. Based upon weakly viscous fluids assumption, the fluid field was divided into an outer potential flow region and an inner boundary layer region. A linear amplitude equation of slowly varying complex amplitude, which incorporates damping term and external excitation, was derived from linearized Navier-Stokes equation. The analytical expression of damping coefficient was determined and the relation between damping and other related parameters (such as viscosity, forced amplitude and depth of fluid) was presented. The nonlinear amplitude equation and a dispersion, which had been derived from the inviscid fluid approximation, were modified by adding linear damping. It was found that the modified results much reasonably close to experimental results. Moreover, the influence both of the surface tension and the weak viscosity on the mode formation was described by comparing theoretical and experimental results. The results show that when the forcing frequency is low, the viscosity of the fluid is prominent for the mode selection. However, when the forcing frequency is high, the surface tension of the fluid is prominent. Finally, instability of the surface wave is analyzed and properties of the solutions of the modified amplitude equation are determined together with phase-plane trajectories. A necessary condition of forming stable surface wave is obtained and unstable regions are illustrated. (c) 2005 Elsevier SAS. All rights reserved.

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This technical memorandum documents the design, implementation, data preparation, and descriptive results for the 2006 Annual Economic Survey of Federal Gulf Shrimp Permit Holders. The data collection was designed by the NOAA Fisheries Southeast Fisheries Science Center Social Science Research Group to track the financial and economic status and performance by vessels holding a federal moratorium permit for harvesting shrimp in the Gulf of Mexico. A two page, self-administered mail survey collected total annual costs broken out into seven categories and auxiliary economic data. In May 2007, 580 vessels were randomly selected, stratified by state, from a preliminary population of 1,709 vessels with federal permits to shrimp in offshore waters of the Gulf of Mexico. The survey was implemented during the rest of 2007. After many reminder and verification phone calls, 509 surveys were deemed complete, for an ineligibility-adjusted response rate of 90.7%. The linking of each individual vessel’s cost data to its revenue data from a different data collection was imperfect, and hence the final number of observations used in the analyses is 484. Based on various measures and tests of validity throughout the technical memorandum, the quality of the data is high. The results are presented in a standardized table format, linking vessel characteristics and operations to simple balance sheet, cash flow, and income statements. In the text, results are discussed for the total fleet, the Gulf shrimp fleet, the active Gulf shrimp fleet, and the inactive Gulf shrimp fleet. Additional results for shrimp vessels grouped by state, by vessel characteristics, by landings volume, and by ownership structure are available in the appendices. The general conclusion of this report is that the financial and economic situation is bleak for the average vessels in most of the categories that were evaluated. With few exceptions, cash flow for the average vessel is positive while the net revenue from operations and the “profit” are negative. With negative net revenue from operations, the economic return for average shrimp vessels is less than zero. Only with the help of government payments does the average owner just about break even. In the short-term, this will discourage any new investments in the industry. The financial situation in 2006, especially if it endures over multiple years, also is economically unsustainable for the average established business. Vessels in the active and inactive Gulf shrimp fleet are, on average, 69 feet long, weigh 105 gross tons, are powered by 505 hp motor(s), and are 23 years old. Three-quarters of the vessels have steel hulls and 59% use a freezer for refrigeration. The average market value of these vessels was $175,149 in 2006, about a hundred-thousand dollars less than the average original purchase price. The outstanding loans averaged $91,955, leading to an average owner equity of $83,194. Based on the sample, 85% of the federally permitted Gulf shrimp fleet was actively shrimping in 2006. Of these 386 active Gulf shrimp vessels, just under half (46%) were owner-operated. On average, these vessels burned 52,931 gallons of fuel, landed 101,268 pounds of shrimp, and received $2.47 per pound of shrimp. Non-shrimp landings added less than 1% to cash flow, indicating that the federal Gulf shrimp fishery is very specialized. The average total cash outflow was $243,415 of which $108,775 was due to fuel expenses alone. The expenses for hired crew and captains were on average $54,866 which indicates the importance of the industry as a source of wage income. The resulting average net cash flow is $16,225 but has a large standard deviation. For the population of active Gulf shrimp vessels we can state with 95% certainty that the average net cash flow was between $9,500 and $23,000 in 2006. The median net cash flow was $11,843. Based on the income statement for active Gulf shrimp vessels, the average fixed costs accounted for just under a quarter of operating expenses (23.1%), labor costs for just over a quarter (25.3%), and the non-labor variable costs for just over half (51.6%). The fuel costs alone accounted for 42.9% of total operating expenses in 2006. It should be noted that the labor cost category in the income statement includes both the actual cash payments to hired labor and an estimate of the opportunity cost of owner-operators’ time spent as captain. The average labor contribution (as captain) of an owner-operator is estimated at about $19,800. The average net revenue from operations is negative $7,429, and is statistically different and less than zero in spite of a large standard deviation. The economic return to Gulf shrimping is negative 4%. Including non-operating activities, foremost an average government payment of $13,662, leads to an average loss before taxes of $907 for the vessel owners. The confidence interval of this value straddles zero, so we cannot reject, with 95% certainty, that the population average is zero. The average inactive Gulf shrimp vessel is generally of a smaller scale than the average active vessel. Inactive vessels are physically smaller, are valued much lower, and are less dependent on loans. Fixed costs account for nearly three quarters of the total operating expenses of $11,926, and only 6% of these vessels have hull insurance. With an average net cash flow of negative $7,537, the inactive Gulf shrimp fleet has a major liquidity problem. On average, net revenue from operations is negative $11,396, which amounts to a negative 15% economic return, and owners lose $9,381 on their vessels before taxes. To sustain such losses and especially to survive the negative cash flow, many of the owners must be subsidizing their shrimp vessels with the help of other income or wealth sources or are drawing down their equity. Active Gulf shrimp vessels in all states but Texas exhibited negative returns. The Alabama and Mississippi fleets have the highest assets (vessel values), on average, yet they generate zero cash flow and negative $32,224 net revenue from operations. Due to their high (loan) leverage ratio the negative 11% economic return is amplified into a negative 21% return on equity. In contrast, for Texas vessels, which actually have the highest leverage ratio among the states, a 1% economic return is amplified into a 13% return on equity. From a financial perspective, the average Florida and Louisiana vessels conform roughly to the overall average of the active Gulf shrimp fleet. It should be noted that these results are averages and hence hide the variation that clearly exists within all fleets and all categories. Although the financial situation for the average vessel is bleak, some vessels are profitable. (PDF contains 101 pages)

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This thesis investigates the design and implementation of a label-free optical biosensing system utilizing a robust on-chip integrated platform. The goal has been to transition optical micro-resonator based label-free biosensing from a laborious and delicate laboratory demonstration to a tool for the analytical life scientist. This has been pursued along four avenues: (1) the design and fabrication of high-$Q$ integrated planar microdisk optical resonators in silicon nitride on silica, (2) the demonstration of a high speed optoelectronic swept frequency laser source, (3) the development and integration of a microfluidic analyte delivery system, and (4) the introduction of a novel differential measurement technique for the reduction of environmental noise.

The optical part of this system combines the results of two major recent developments in the field of optical and laser physics: the high-$Q$ optical resonator and the phase-locked electronically controlled swept-frequency semiconductor laser. The laser operates at a wavelength relevant for aqueous sensing, and replaces expensive and fragile mechanically-tuned laser sources whose frequency sweeps have limited speed, accuracy and reliability. The high-$Q$ optical resonator is part of a monolithic unit with an integrated optical waveguide, and is fabricated using standard semiconductor lithography methods. Monolithic integration makes the system significantly more robust and flexible compared to current, fragile embodiments that rely on the precarious coupling of fragile optical fibers to resonators. The silicon nitride on silica material system allows for future manifestations at shorter wavelengths. The sensor also includes an integrated microfluidic flow cell for precise and low volume delivery of analytes to the resonator surface. We demonstrate the refractive index sensing action of the system as well as the specific and nonspecific adsorption of proteins onto the resonator surface with high sensitivity. Measurement challenges due to environmental noise that hamper system performance are discussed and a differential sensing measurement is proposed, implemented, and demonstrated resulting in the restoration of a high performance sensing measurement.

The instrument developed in this work represents an adaptable and cost-effective platform capable of various sensitive, label-free measurements relevant to the study of biophysics, biomolecular interactions, cell signaling, and a wide range of other life science fields. Further development is necessary for it to be capable of binding assays, or thermodynamic and kinetics measurements; however, this work has laid the foundation for the demonstration of these applications.

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This paper focuses on the financial analysis involved in setting up of fish farming on a small-scale in a homestead. About 0.5 acres of land was used for the construction of pond which as a stock of Clarias spp/ Heterobranchus spp and Tilapia spp at the ratio of one to three for a period of 12 months. The land/land development cost is N26,500.00, pond construction cost, N35,700.00, equipment cost, N2,650.00 and stock/Input requirement cost N155,727.00 while the revenue from sales is N376,000.00. A cash flow analysis is also calculated for the fish farm, which is N155,423.00 for first year cash flow, and appropriate profit/mosses were calculated for five-year production cycle of N1,036,515.00 million. At the end appreciable profit is realized from the enterprises. This type of enterprises is viable for small-scale farmers to practices and adopted for financial support for their family

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Numerous studies have shown that flexible materials improve resilience and durability of a structure. Several studies have investigated the behavior of elastic plates under the influence of a free stream, such as studies of the fluttering flag and others of shape reconfiguration, due to a free stream.

The principle engineering contribution of this thesis is the design and development of a vertical axis wind turbine that features pliable blades which undergo various modes of behavior, ultimately leading to rotational propulsion of the turbine. The wind turbine design was tested in a wind tunnel and at the Caltech Laboratory for Optimized Wind Energy. Ultimately, the flexible blade vertical axis wind turbine proved to be an effective way of harnessing the power of the wind.

In addition, this body of work builds on the current knowledge of elastic cantilever plates in a free stream flow by investigating the inverted flag. While previous studies have focused on the fluid structure interaction of a free stream on elastic cantilever plates, none had studied the plate configuration where the trailing edge was clamped, leaving the leading edge free to move. Furthermore, the studies presented in this thesis establish the geometric boundaries of where the large-amplitude flapping occurs.

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This paper is the third part of a report on systematic measurements and analyses of wind-generated water waves in a laboratory environment. The results of the measurements of the turbulent flow on the water side are presented here, the details of which include the turbulence structure, the correlation functions, and the length and velocity scales. It shows that the mean turbulent velocity profiles are logarithmic, and the flows are hydraulically rough. The friction velocity in the water boundary layer is an order of magnitude smaller than that in the wind boundary layer. The level of turbulence is enhanced immediately beneath the water surface due to micro-breaking, which reflects that the Reynolds shear stress is of the order u *w 2. The vertical velocities of the turbulence are related to the relevant velocity scale at the still-water level. The autocorrelation function in the vertical direction shows features of typical anisotropic turbulence comprising a large range of wavelengths. The ratio between the microscale and macroscale can be expressed as λ/Λ=a Re Λ n, with the exponent n slightly different from -1/2, which is the value when turbulence production and dissipation are in balance. On the basis of the wavelength and turbulent velocity, the free-surface flows in the present experiments fall into the wavy free-surface flow regime. The integral turbulent scale on the water side alone underestimates the degree of disturbance at the free surface. © 2012 Elsevier B.V.

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The present study aims at accounting for swirling mean flow effects on rotor trailing-edge noise. Indeed, the mean flow in between the rotor and the stator of the fan or of a compressor stage is highly swirling. The extension of Ffowcs-Williams & Hawkings' acoustic analogy in a medium at rest with moving surfaces and of Goldstein's acoustic analogy in a circular duct with uniform mean flow to a swirling mean flow in an annular duct is introduced. It is first applied to tonal noise. In most cases, the swirl modifies the pressure distribution downstream of the fan. In several configurations, when the swirl is rather close to a solid body swirl, it is often sufficient to apply a simple Doppler effect correction when predicting the duct modes in uniform mean flow in order to predict accurately the noise radiated with swirl. However, in other realistic configurations, the swirling mean-flow effect cannot be addressed using this simple Doppler effect correction. Second, a rotor trailing-edge noise model accounting for both the effects of the annular duct and the swirling mean flow is developed and applied to a realistic fan rotor with different swirling and sheared mean flows (and as a result different associated blade stagger angles). The benchmark cases are built from the Boeing 18-inch Fan Rig Broadband Noise Test. In all cases the swirling mean flow has an effect. In some cases the a simple Doppler effect may address it, but, in other realistic configurations our acoustic analogy with swirl is needed. © 2012 by the authors. Published by the American Institute of Aeronautics and Astronautics, Inc.

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Two types of macromolecular free radicals similar to CH2CONH(C) over dotHCH(2) similar to (a) and similar to CH2(C) over dot = O (b) trapped in irradiated polyamide-1010 (PA1010) and PA1010 filled with neodymium oxide (Nd2O3) were characterized by an ESR approach. It is found that (a) is prevailingly trapped in the fold surface of the lamellae and (b) in the amorphous phase. This result suggests that trapped radicals mainly exist in the non-crystalline phases. The effect of the fold surface area of the lamellae on the behavior of the trapped radicals is discussed in this paper. Whether for the specimens with similar crystallinities, but different crystallite sizes, or for those with the same concentration of neodymium oxide, but different crystallinities, radical (a) exists dominantly in the specimen with a larger fold surface area of the lamellae. Under certain circumstances, radical (a) can transform into radical (b), obviously for a specimen with a larger fold surface area of the lamellae. It means that the fold surface area of the lamellae plays an important role in the transformation of radical (a) to (b). (C) 1997 Elsevier Science Ltd.

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The issues surrounding collision of projectiles with structures has gained a high profile since the events of 11th September 2001. In such collision problems, the projectile penetrates the stucture so that tracking the interface between one material and another becomes very complex, especially if the projectile is essentially a vessel containing a fluid, e.g. fuel load. The subsequent combustion, heat transfer and melting and re-solidification process in the structure render this a very challenging computational modelling problem. The conventional approaches to the analysis of collision processes involves a Lagrangian-Lagrangian contact driven methodology. This approach suffers from a number of disadvantages in its implementation, most of which are associated with the challenges of the contact analysis component of the calculations. This paper describes a 'two fluid' approach to high speed impact between solid structures, where the objective is to overcome the problems of penetration and re-meshing. The work has been carried out using the finite volume, unstructured mesh multi-physics code PHYSICA+, where the three dimensional fluid flow, free surface, heat transfer, combustion, melting and re-solidification algorithms are approximated using cell-centred finite volume, unstructured mesh techniques on a collocated mesh. The basic procedure is illustrated for two cases of Newtonian and non-Newtonian flow to test various of its component capabilities in the analysis of problems of industrial interest.

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Electromagnetic levitation of electrically conductive droplets by alternating magnetic fields is a technique used to measure the physical properties of liquid metallic alloys such as surface tension or viscosity. Experiments can be conducted under terrestrial conditions or in microgravity, to reduce electromagnetic stirring and shaping of the droplet. Under such conditions, the time-dependent behaviour of a point of the free surface is recorded. Then the signal is analysed considering the droplet as a harmonic damped oscillator. We use a spectral code, for fluid flow and free surface descriptions, to check the validity of this assumption for two cases. First when the motion inside the droplet is generated by its initial distortion only and second, when the droplet is located in a uniform magnetic field originating far from the droplet. It is found that some deviations exist which can lead to an overestimate of the value of viscosity.

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The generation and near-field radiation of aerodynamic sound from a low-speed unsteady flow over a two-dimensional automobile door cavity is simulated by using a source-extraction-based coupling method. In the coupling procedure, the unsteady cavity flow field is first computed solving the Reynolds averaged Navier–Stokes (RANS) equations. The radiated sound is then calculated by using a set of acoustic perturbation equations with acoustic source terms which are extracted from the time-dependent solutions of the unsteady flow. The aerodynamic and its resulting acoustic field are computed for the Reynolds number of 53,266 based on the base length of the cavity. The free stream flow velocity is taken to be 50.9m/s. As first stage of the numerical investigation of flow-induced cavity noise, laminar flow is assumed. The CFD solver is based on a cell-centered finite volume method. A dispersion-relation-preserving (DRP), optimized, fourth-order finite difference scheme with fully staggered-grid implementation is used in the acoustic solver

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Macroeconomic models of equity and exchange rate returns perform poorly at high frequencies. The proportion of daily returns that these models explain is essentially zero. Instead of relying on macroeconomic determinants, we model equity price and exchange rate behavior based on a concept from microstructure – order flow. The international order flows are derived from belief changes of different investor groups in a two-country setting. We obtain a structural relationship between equity returns, exchange rate returns and their relationship to home and foreign equity market order flow. To test the model we construct daily aggregate order flow data from 800 million equity trades in the U.S. and France from 1999 to 2003. Almost 60% of the daily returns in the S&P100 index are explained jointly by exchange rate returns and aggregate order flows in both markets. As predicted by the model, daily exchange rate returns and order flow into the French market have significant incremental explanatory power for the daily S&P returns. The model implications are also validated for intraday returns.

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The history of publishing legal decisions (law reporting) in the UK has been that of a privatised system since its inception, and that history has encompassed several hundred years. The privatised nature of this has meant that the product (the law report) has been, except in limited cases, viewed as the property of the publisher, rather than the property of the court or public. BAILII is an open access legal database that came about in part because of the copyrighted, privatised nature of this legal information. In this paper, we will outline the problem of access to pre-2000 judgments in the UK and consider whether there are legal or other remedies which might enable BAILII to both develop a richer historic database and also to work in harmony, rather than in competition, with legal publishers. We argue that public access to case law is an essential requirement in a democratic common law system, and that BAILII should be seen as a potential step towards a National Law Library.