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.

Evaluation of neighborhood impacts caused by companies of the high-tech industrial cluster of São Carlos, SP, Brazil

The purpose of this study was to develop a methodology for evaluating neighborhood impacts using a Geographic Information System (GIS) and to apply the procedures to the companies of the High-Technology Industrial Cluster of São Carlos. To this end, an evaluation was made of the neighborhood impacts on the physical environment, urban components, quality of life, and urban infrastructure using impact matrices, and the impacts were assigned scores according to type, order, magnitude and duration. Fifty one companies were examined based on data provided by the companies themselves and on field surveys. The impacts are represented spatially in proportional symbols maps, based on the spatial distribution of the companies in the urban area of the city of São Carlos and the areas of influence of each company. The application of the proposed methodology served to validate it and indicated that the neighborhood impacts caused by the companies of this study are related to each company's type of activity, its size, and its occupation of the area. © 2008 Journal of Urban and Environmental Engineering (JUEE). All rights reserved.

Evaluation of an Augmented Reality Collaborative Process Modelling System

Identifying, modelling and documenting business processes usually requires the collaboration of many stakeholders that may be spread across companies in inter-organizational business settings. While there are many process modelling tools available, the support they provide for remote collaboration is still limited. This paper investigates the application of virtual environment and augmented reality technologies to remote business process modelling, with an aim to assisting common collaboration tasks by providing an increased sense of immersion in a shared workspace. We report on the evaluation of a prototype system with five key informants. The results indicate that this approach to business process modelling is suited to remote collaborative task settings, and stakeholders may indeed benefit from using augmented reality interfaces.

Evaluation of Australian Performing Arts Market 2014-2018: APAM inter-year report 2015

In the awarding of the tender for APAM by the Australia Council to Brisbane Powerhouse for the delivery of the market in 2014-2018, a requirement is that a formal evaluation of the three iterations of APAM be undertaken by the Queensland University of Technology, Creative Industries Faculty, under the leadership of Associate Professor Sandra Gattenhof. The agreed research model delivers reporting on outcomes not only in the year in which APAM is delivered (2014, 2016, 2018) but also in the years between (2015, 2017). This inter-year report focuses on the domestic and international touring outcomes resulting from engagement in the 2014 Market and responds two of the three key research foci for the evaluation that are articulated in the Brisbane Powerhouse Tender (2011) document as: • Evaluation of international market development outcomes through showcasing work to targeted international presenters and agents • Evaluation of national market development outcomes through showcasing work to national presenters and producers. The reporting for mid-year 2015, a non-APAM year, collects data from two key sources – six identified case study productions that have been tracked for eighteen months, and an online survey delivered to all APAM 2014 delegates. This inter-year report is a six month follow-up with delegates and identified case studies companies that track the ongoing progress of market outcomes and levers for ongoing improvement of the APAM delivery model that was tabled in the Year One Report delivered to Brisbane Powerhouse in October 2014.

An evaluation of a new product data model

Engineering companies face many challenges today such as increased competition, higher expectations from consumers and decreasing product lifecycle times. This means that product development times must be reduced to meet these challenges. Concurrent engineering, reuse of engineering knowledge and the use of advanced methods and tools are among the ways of reducing product development times. Concurrent engineering is crucial in making sure that the products are designed with all issues considered simultaneously. The reuse of engineering knowledge allows existing solutions to be reused. It can also help to avoid the mistakes made in previous designs. Computer-based tools are used to store information, automate tasks, distribute work, perform simulation and so forth. This research concerns the evaluation of tools that can be used to support the design process. These tools are evaluated in terms of the capture of information generated during the design process. This information is vital to allow the reuse of knowledge. Present CAD systems store only information on the final definition of the product such as geometry, materials and manufacturing processes. Product Data Management (PDM) systems can manage all this CAD information along with other product related information. The research includes the evaluation of two PDM systems, Windchill and Metaphase, using the design of a single-handed water tap as a case study. The two PDMs were then compared to PROSUS/DDM. PROSUS is the Process-Based Support System proposed by [Blessing 94] using the same case study. The Design Data Model is the product data model that includes PROSUS. The results look promising. PROSUS/DDM is able to capture most design information and structure and present it logically. The design process and product information is related and stored within the DDM structure. The PDMs can capture most design information, but information from early stages of design is stored only as unstructured documentation. Some problems were found with PROSUS/DDM. A proposal is made that may make it possible to resolve these problems, but this will require further research.

Evaluation of TFTP DDoS Amplification Attack.

Web threats are becoming a major issue for both governments and companies. Generally, web threats increased as much as 600% during last year (WebSense, 2013). This appears to be a significant issue, since many major businesses seem to provide these services. Denial of Service (DoS) attacks are one of the most significant web threats and generally their aim is to waste the resources of the target machine (Mirkovic & Reiher, 2004). Dis-tributed Denial of Service (DDoS) attacks are typically executed from many sources and can result in large traf-fic flows. During last year 11% of DDoS attacks were over 60 Gbps (Prolexic, 2013a). The DDoS attacks are usually performed from the large botnets, which are networks of remotely controlled computers. There is an increasing effort by governments and companies to shut down the botnets (Dittrich, 2012), which has lead the attackers to look for alternative DDoS attack methods. One of the techniques to which attackers are returning to is DDoS amplification attacks. Amplification attacks use intermediate devices called amplifiers in order to amplify the attacker's traffic. This work outlines an evaluation tool and evaluates an amplification attack based on the Trivial File Transfer Proto-col (TFTP). This attack could have amplification factor of approximately 60, which rates highly alongside other researched amplification attacks. This could be a substantial issue globally, due to the fact this protocol is used in approximately 599,600 publicly open TFTP servers. Mitigation methods to this threat have also been consid-ered and a variety of countermeasures are proposed. Effects of this attack on both amplifier and target were analysed based on the proposed metrics. While it has been reported that the breaching of TFTP would be possible (Schultz, 2013), this paper provides a complete methodology for the setup of the attack, and its verification.

Collaborative business networks evaluation of technological tools for decision support making

Nowadays, companies are living great difficulties on managing their business due to constant and unpredictable economic market fluctuations. Recent changes in market trends (such as the constant demand for new products and services, mass customization and the drastic reduction of delivery time) lead companies to adopt strategies of creating partnerships with other companies as a way to respond effectively to such difficult economical times. Collaborative Networks’ concept born by the consequence of companies could no longer consider their internal business processes’ management as sufficient and tend to seek for a collaborative approach with other partners for their critical processes. Information technologies (ICT) assumed a major role acting as “enablers” of these kinds of networks, enhancing information sharing and business process integration. Several new trends concerning ICT architectures have been created to support collaborative networks requirements, but still doesn’t exist a common platform to reduce the needed integration effort on virtual organizations. This study aims to investigate the current technological solutions available in the market which enhances the management of companies’ business processes (specially, Collaborative Planning). Finally, the research work ends with the presentation of a conceptual model to answer to the constraints evaluated.

LASER-TESTING RIG : Measurement System for evaluation of Shape of concentrating reflector for solar collector Absolicon X10

This Thesis project is a part of the all-round automation of production of concentrating solar PV/T systems Absolicon X10. ABSOLICON Solar Concentrator AB has been invented and started production of the prospective solar concentrated system Absolicon X10. The aims of this Thesis project are designing, assembling, calibrating and putting in operation the automatic measurement system intended to evaluate the shape of concentrating parabolic reflectors.On the basis of the requirements of the company administration and needs of real production process the operation conditions for the Laser testing rig were formulated. The basic concept to use laser radiation was defined.At the first step, the complex design of the whole system was made and division on the parts was defined. After the preliminary conducted simulations the function and operation conditions of the all parts were formulated.At the next steps, the detailed design of all the parts was conducted. Most components were ordered from respective companies. Some of the mechanical components were made in the workshop of the company. All parts of the Laser-testing rig were assembled and tested. Software part, which controls the Laser-testing rig work, was created on the LabVIEW basis. To tune and test software part the special simulator was designed and assembled.When all parts were assembled in the complete system, the Laser-testing rig was tested, calibrated and tuned.In the workshop of Absolicon AB, the trial measurements were conducted and Laser-testing rig was installed in the production line at the plant in Soleftea.

Universal Experimental Measurement System «Sun-Walker» : Automotive measurement system for the evaluation of the solar irradiation distribution for the tests of the solar concentrated systems.

This Thesis project is a part of the research conducted in Solar industry. ABSOLICON Solar Concentrator AB has invented and started production of the prospective solar concentrated system Absolicon X10. The aims of this Thesis project are designing, assembling, calibrating and putting in operation the automatic measurement system intended to evaluate distribution of density of solar radiation in the focal line of the concentrated parabolic reflectors and to measure radiation from the artificial source of light being a calibration-testing tool.On the basis of the requirements of the company’s administration and needs of designing the concentrated reflectors the operation conditions for the Sun-Walker were formulated. As the first step, the complex design of the whole system was made and division on the parts was specified. After the preliminary conducted simulation of the functions and operation conditions of the all parts were formulated.As the next steps, the detailed design of all the parts was made. Most components were ordered from respective companies. Some of the mechanical components were made in the workshop of the company. All parts of the Sun-Walker were assembled and tested. The software part, which controls the Sun-Walker work and conducts measurements of solar irradiation, was created on the LabVIEW basis. To tune and test the software part, the special simulator was designed and assembled.When all parts were assembled in the complete system, the Sun-Walker was tested, calibrated and tuned.

Evaluation Of Reservoir Model Integration With Deterministic And Probabilistic Streamflow Forecasts

Due to the increase in water demand and hydropower energy, it is getting more important to operate hydraulic structures in an efficient manner while sustaining multiple demands. Especially, companies, governmental agencies, consultant offices require effective, practical integrated tools and decision support frameworks to operate reservoirs, cascades of run-of-river plants and related elements such as canals by merging hydrological and reservoir simulation/optimization models with various numerical weather predictions, radar and satellite data. The model performance is highly related with the streamflow forecast, related uncertainty and its consideration in the decision making. While deterministic weather predictions and its corresponding streamflow forecasts directly restrict the manager to single deterministic trajectories, probabilistic forecasts can be a key solution by including uncertainty in flow forecast scenarios for dam operation. The objective of this study is to compare deterministic and probabilistic streamflow forecasts on an earlier developed basin/reservoir model for short term reservoir management. The study is applied to the Yuvacık Reservoir and its upstream basin which is the main water supply of Kocaeli City located in the northwestern part of Turkey. The reservoir represents a typical example by its limited capacity, downstream channel restrictions and high snowmelt potential. Mesoscale Model 5 and Ensemble Prediction System data are used as a main input and the flow forecasts are done for 2012 year using HEC-HMS. Hydrometeorological rule-based reservoir simulation model is accomplished with HEC-ResSim and integrated with forecasts. Since EPS based hydrological model produce a large number of equal probable scenarios, it will indicate how uncertainty spreads in the future. Thus, it will provide risk ranges in terms of spillway discharges and reservoir level for operator when it is compared with deterministic approach. The framework is fully data driven, applicable, useful to the profession and the knowledge can be transferred to other similar reservoir systems.

Delivering educational value: evaluation of The Corporate International Master's Program by its stakeholders

Over the past decade, the number and diversity of executive education (EE) programs have continued to grow (BusinessWeek, 2006). With the proliferation of EE programs come the challenges of evaluating the overall quality of such programs. What makes a valuable EE program to the companies that purchase them, to the universities that manage them, and to the participants that learn from them? The present research focuses on key factors that have served to determine the value of EE programs, and apply these criteria to evaluate the quality of a new EE program: The Corporate International Master’s (CIM) program. The CIM program was launched in the fall of 2013. Hence, the present research will focus on evaluating the CIM program in its first year of operations. It is my hope that this research will inform the optimization and future development of the CIM program.

Evaluation of the zinox and zeolite materials as adsorbents to remove H2S from natural gas

MELO, Dulce Maria de Araújo et al. Evaluation of the Zinox and Zeolite materials as adsorbents to remove H2S from natural gas. Colloids and Surfaces. A, Physicochemical and Engineering Aspects, Estados Unidos, v. 272, p. 32-36, 2006.

Are supplier selection criteria going green? Case studies of companies in Brazil

Purpose - The purpose of this paper is to verify if Brazilian companies are adopting environmental requirements in the supplier selection process. Further, this paper intends to analyze whether there is a relation between the level of environmental management maturity and the inclusion of environmental criteria in the companies' selection of suppliers.Design/methodology/approach - A review of mainstream literature on environmental management, traditional criteria in the supplier selection process and the incorporation of environmental requirements in this context. The empirical study's strategy is based on five Brazilian case studies with industrial companies. Face-to-face interviews and informal conversations are to be held, explanations made by e-mail with representatives from the purchasing, environmental management, logistics and other areas, and observation and the collection of company documents are also employed.Findings - Based on the cases, it is concluded that companies still use traditional criteria to select suppliers, such as quality and cost, and do not adopt environmental requirements in the supplier selection process in a uniform manner. Evidence found shows that the level of environmental management maturity influences the depth with which companies adopt environmental criteria when selecting suppliers. Thus, a company with more advanced environmental management adopts more formal procedures for selecting environmentally appropriate suppliers than others.Originality/value - This is the first known study to verify if Brazilian companies are adopting environmental requirements in the supplier selection process.

Evaluation of maturity levels in the management of product development: case studies in the capital goods industry

In recent approaches to the management of product development process (PDP), maturity levels have attracted the attention of practitioners and researchers. The CMMI model contributes to evaluate the maturity levels and improvement of the product development process management. This paper, based on CMMI model, analyzes the practices adopted in two companies of the capital goods industry, which develop and manufacture equipment upon request. It was observed that on account of market conditioning factors and different practices adapted to PDP management, these companies are at different maturity levels. One company is at the initial level of maturity while the other at the most advanced one. It was also noted that the application of CMMI model can provide improvement to PDP management, as well as present guidelines to achieve higher maturity levels, adequate to companies' needs.

Evaluation of the trading development in the Iberian Energy Derivatives Market

The efficiency of the Iberian Energy Derivatives Market in its first five and a half years is assessed in terms of volume, open interest and price. The continuous market shows steady liquidity growth. Its volume is strongly correlated to that of the Over The Counter (OTC) market, the amount of market makers, the enrolment of financial agents and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume in its clearing house. The hedging efficiency, measured through the ratio between the final open interest and the cleared volume, shows the lowest values for the Spanish base load futures as they are the most liquid contracts. The ex-post forward risk premium has diminished due to the learning curve and the effect of the fixed price retributing the indigenous coal fired generation. This market is quite less developed than the European leaders headquartered in Norway and Germany. Enrolment of more traders, mainly international energy companies, financial agents, energy intensive industries and renewable generation companies is desired. Market monitoring reports by the market operator providing post-trade transparency, OTC data access by the energy regulator, and assessment of the regulatory risk can contribute to efficiency gains.