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9 Empirical Evidence on Equity Valuation of Thai Firms
Authors: Somchai Supattarakul, Anya Khanthavit
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This study aims at providing empirical evidence on a comparison of two equity valuation models: (1) the dividend discount model (DDM) and (2) the residual income model (RIM), in estimating equity values of Thai firms during 1995-2004. Results suggest that DDM and RIM underestimate equity values of Thai firms and that RIM outperforms DDM in predicting cross-sectional stock prices. Results on regression of cross-sectional stock prices on the decomposed DDM and RIM equity values indicate that book value of equity provides the greatest incremental explanatory power, relative to other components in DDM and RIM terminal values, suggesting that book value distortions resulting from accounting procedures and choices are less severe than forecast and measurement errors in discount rates and growth rates. We also document that the incremental explanatory power of book value of equity during 1998-2004, representing the information environment under Thai Accounting Standards reformed after the 1997 economic crisis to conform to International Accounting Standards, is significantly greater than that during 1995-1996, representing the information environment under the pre-reformed Thai Accounting Standards. This implies that the book value distortions are less severe under the 1997 Reformed Thai Accounting Standards than the pre-reformed Thai Accounting Standards.Keywords: Dividend Discount Model, Equity Valuation Model, Residual Income Model, Thai Stock Market
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 18908 Design and Performance Comparison of Metamaterial Based Antenna for 4G/5G Mobile Devices
Authors: Jalal Khan, Daniyal Ali Sehrai, Shakeel Ahmad
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This paper presents the design and performance evaluation of multiband metamaterial based antenna operating in the 3.6 GHz (4G), 14.33 GHz, and 28.86 GHz (5G) frequency bands, for future mobile and handheld devices. The radiating element of the proposed design is made up of a conductive material supported by a 1.524 mm thicker Rogers-4003 substrate, having a relative dielectric constant and loss tangent of 3.55 and 0.0027, respectively. The substrate is backed by truncated ground plane. The future mobile communication system is based on higher frequencies, which are highly affected by the atmospheric conditions. Therefore, to overcome the path loss problem, essential enhancements and improvements must be made in the overall performance of the antenna. The traditional ground plane does not provide the in-phase reflection and surface wave suppression due to which side and back lobes are produced. This will affect the antenna performance in terms of gain and efficiency. To enhance the overall performance of the antenna, a metamaterial acting as a high impedance surface (HIS) is used as a reflector in the proposed design. The simulated gain of the metamaterial based antenna is enhanced from {2.76-6.47, 4.83-6.71 and 7.52-7.73} dB at 3.6, 14.33 and 28.89 GHz, respectively relative to the gain of the antenna backed by a traditional ground plane. The proposed antenna radiated efficiently with a radiated efficiency (>85 %) in all the three frequency bands with and without metamaterial surface. The total volume of the antenna is (L x W x h=45 x 40 x 1.524) mm3. The antenna can be potentially used for wireless handheld devices and mobile terminal. All the simulations have been performed using the Computer Simulation Technology (CST) software.
Keywords: Multiband, fourth generation (4G), fifth generation (5G), metamaterial, CST MWS.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 18877 Spanner Barb at Thepchana Waterfall, Khao Nan National Park, Thailand
Authors: S. Sutin, M. Pollar, M. Jaroensutasinee, K. Jaroensutasinee
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This study investigated morphology of the Spanner Barb (Puntius lateristriga Valenciennes, 1842) and water quality at Thepchana waterfall. This study was conducted at Thepchana Waterfall, Khao Nan National Park from March to May 2007. There were 40 Spanner Barb collected with 20 males and 20 females. Males had an average of 5.57 cm in standard length, 6.62 cm in total length and 5.18 g in total body weight. Females had an average of 7.25 cm in standard length, 8.24 cm in total length and 10.96 g in total body weight. The length (L) – weight (W) relationships for combining sexes, males and females were LogW = -2.137 + 3.355logL, log W = -0.068 + 3.297logL, and log W = -2.068 + 3.297logL, respectively. The Spanner Barb were smaller size fish with a compressed form; terminal mouth; villiform teeth; ctenoid scale; concave tail; general body color yellowish olive, with slight reddish tint to fins; vertical band beginning below dorsal and horizontal stripe from base of tail almost to vertical band. They also had a vertical band midway between the eye and first vertical band. There was a black spot above anal fin. The bladder looked like J-shape. Inside of the bladder was found small insects and insect lava. The body length and the bowels length was 1:1 ratio. The water temperature ranged from 25.00 – 27.00 °C which was appropriate for their habitat characteristics. Acid - alkalinity ranged from 6.65 – 6.90 mg/l. Dissolved oxygen ranged from 4.55 – 4.70 mg/l. Water hardness ranged from 31.00 – 48.00 mg/l. The amount of ammonia was about 0.25 mg/l.
Keywords: Spanner barb, morphology, water quality.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 16516 Salinity Reduction from Saharan Brackish Water by Fluoride Removal on Activated Natural Materials: A Comparative Study
Authors: Amina Ramadni, Safia Taleb, André Dératani
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The present study presents, firstly, to characterize the physicochemical quality of brackish groundwater of the Terminal Complex (TC) from the region of Eloued-souf and to investigate the presence of fluoride, and secondly, to study the comparison of adsorbing power of three materials, such as (activated alumina AA, sodium clay SC and hydroxyapatite HAP) against the groundwater in the region of Eloued-souf. To do this, a sampling campaign over 16 wells and consumer taps was undertaken. The results show that the groundwater can be characterized by very high fluoride content and excessive mineralization that require in some cases, specific treatment before supply. The study of adsorption revealed removal efficiencies fluoride by three adsorbents, maximum adsorption is achieved after 45 minutes at 90%, 83.4% and 73.95%, and with an adsorbed fluoride content of 0.22 mg/L, 0.318 mg/L and 0.52 mg/L for AA, HAP and SC, respectively. The acidity of the medium significantly affects the removal fluoride. Results deducted from the adsorption isotherms also showed that the retention follows the Langmuir model. The adsorption tests by adsorbent materials show that the physicochemical characteristics of brackish water are changed after treatment. The adsorption mechanism is an exchange between the OH- ions and fluoride ions. Three materials are proving to be effective adsorbents for fluoride removal that could be developed into a viable technology to help reduce the salinity of the Saharan hyper-fluorinated waters. Finally, a comparison between the results obtained from the different adsorbents allowed us to conclude that the defluoridation by AA is the process of choice for many waters of the region of Eloued-souf, because it was shown to be a very interesting and promising technique.Keywords: Fluoride removal, groundwater, hydrochemical characterization, natural materials.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 11095 Spatio-temporal Variations in Heavy Metal Concentrations in Sediment of Qua Iboe River Estuary, Nigeria
Authors: Justina I. R. Udotong, Ime R. Udotong, Offiong U. Eka
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The concentrations of heavy metals in sediments of Qua Iboe River Estuary (QIRE) were monitored at four different sampling locations in wet and dry seasons. A preliminary survey to determine the four sampling stations along the river continuum showed that the area spanned between <0.1‰ salinity at the control station and 21.5‰ at the fourth station along the river continuum. A preliminary survey to determine the four sampling locations along the river estuary showed variations in salinity and other physicochemical parameters. The estuary was found to be polluted with heavy metals from point and nonpoint sources at varying degrees. Mean values of 7.80 mg/kg, 4.97 mg/kg and 2.80 mg/kg of nickel were obtained for sediment samples from Douglas creek, Qua Iboe and Atlantic sampling locations, respectively in the dry season. The wet season nickel concentrations were however lower. The entire study area was grossly contaminated by iron. At Douglas creek, the concentration of iron in sediment was 9274 ± 9.54mg/kg while copper, nickel, lead and vanadium were <0.5mg/kg each as compared to iron. Bioaccumulation was therefore suspected within the study area as values of 31.00 ± 0.79, 36.00 ± 0.10 and 55.00 ± 0.05 mg/kg of zinc were recorded in sediment at Douglas creek, Atlantic and the control sampling locations. The results from this study showed that the source of these heavy metals were from point sources like the corrosion of metal steel pipes from old bridges as well as oily sludge wastes from the Qua Iboe Terminal / tank farm located within the vicinity of the study area.Keywords: Heavy metal, Qua Iboe River Estuary, seasonal variations, sediment.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 21224 Experimental Simulation Set-Up for Validating Out-Of-The-Loop Mitigation when Monitoring High Levels of Automation in Air Traffic Control
Authors: Oliver Ohneiser, Francesca De Crescenzio, Gianluca Di Flumeri, Jan Kraemer, Bruno Berberian, Sara Bagassi, Nicolina Sciaraffa, Pietro Aricò, Gianluca Borghini, Fabio Babiloni
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An increasing degree of automation in air traffic will also change the role of the air traffic controller (ATCO). ATCOs will fulfill significantly more monitoring tasks compared to today. However, this rather passive role may lead to Out-Of-The-Loop (OOTL) effects comprising vigilance decrement and less situation awareness. The project MINIMA (Mitigating Negative Impacts of Monitoring high levels of Automation) has conceived a system to control and mitigate such OOTL phenomena. In order to demonstrate the MINIMA concept, an experimental simulation set-up has been designed. This set-up consists of two parts: 1) a Task Environment (TE) comprising a Terminal Maneuvering Area (TMA) simulator as well as 2) a Vigilance and Attention Controller (VAC) based on neurophysiological data recording such as electroencephalography (EEG) and eye-tracking devices. The current vigilance level and the attention focus of the controller are measured during the ATCO’s active work in front of the human machine interface (HMI). The derived vigilance level and attention trigger adaptive automation functionalities in the TE to avoid OOTL effects. This paper describes the full-scale experimental set-up and the component development work towards it. Hence, it encompasses a pre-test whose results influenced the development of the VAC as well as the functionalities of the final TE and the two VAC’s sub-components.
Keywords: Automation, human factors, air traffic controller, MINIMA, OOTL, Out-Of-The-Loop, EEG, electroencephalography, HMI, human machine interface.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 14523 Modeling the Fischer-Tropsch Reaction In a Slurry Bubble Column Reactor
Authors: F. Gholami, M. Torabi Angaji, Z. Gholami
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Fischer-Tropsch synthesis is one of the most important catalytic reactions that convert the synthetic gas to light and heavy hydrocarbons. One of the main issues is selecting the type of reactor. The slurry bubble reactor is suitable choice for Fischer- Tropsch synthesis because of its good qualification to transfer heat and mass, high durability of catalyst, low cost maintenance and repair. The more common catalysts for Fischer-Tropsch synthesis are Iron-based and Cobalt-based catalysts, the advantage of these catalysts on each other depends on which type of hydrocarbons we desire to produce. In this study, Fischer-Tropsch synthesis is modeled with Iron and Cobalt catalysts in a slurry bubble reactor considering mass and momentum balance and the hydrodynamic relations effect on the reactor behavior. Profiles of reactant conversion and reactant concentration in gas and liquid phases were determined as the functions of residence time in the reactor. The effects of temperature, pressure, liquid velocity, reactor diameter, catalyst diameter, gasliquid and liquid-solid mass transfer coefficients and kinetic coefficients on the reactant conversion have been studied. With 5% increase of liquid velocity (with Iron catalyst), H2 conversions increase about 6% and CO conversion increase about 4%, With 8% increase of liquid velocity (with Cobalt catalyst), H2 conversions increase about 26% and CO conversion increase about 4%. With 20% increase of gas-liquid mass transfer coefficient (with Iron catalyst), H2 conversions increase about 12% and CO conversion increase about 10% and with Cobalt catalyst H2 conversions increase about 10% and CO conversion increase about 6%. Results show that the process is sensitive to gas-liquid mass transfer coefficient and optimum condition operation occurs in maximum possible liquid velocity. This velocity must be more than minimum fluidization velocity and less than terminal velocity in such a way that avoid catalysts particles from leaving the fluidized bed.Keywords: Modeling, Fischer-Tropsch Synthesis, Slurry Bubble Column Reactor.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 30202 The Mouth and Gastrointestinal Tract of the African Lung Fish Protopterus annectens in River Niger at Agenebode, Nigeria
Authors: Marian Agbugui
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The West African Lung fishes are fishes rich in protein and serve as an important source of food supply for man. The kind of food ingested by this group of fishes is dependent on the alimentary canal as well as the fish’s digestive processes which provide suitable modifications for maximum utilization of food taken. A study of the alimentary canal of P. annectens will expose the best information on the anatomy and histology of the fish. Samples of P. annectens were dissected to reveal the liver, pancreas and entire gut wall. Digital pictures of the mouth, jaws and the Gastrointestinal Tract (GIT) were taken. The entire gut was identified, sectioned and micro graphed. P. annectens was observed to possess a terminal mouth that opens up to 10% of its total body length, an adaptive feature to enable the fish to swallow the whole of its pry. Its dentition is made up of incisors- scissor-like teeth which also help to firmly grip, seize and tear through the skin of prey before swallowing. A short, straight and longitudinal GIT was observed in P. annectens which is known to be common feature in lungfishes, though it is thought to be a primitive characteristic similar to the lamprey. The oesophagus is short and distensible similar to other predatory and carnivorous species. Food is temporarily stored in the stomach before it is passed down into the intestine. A pyloric aperture is seen at the end of the double folded pyloric valve which leads into an intestine that makes up 75% of the whole GIT. The intestine begins at the posterior end of the pyloric aperture and winds down in six coils through the whole length intestine and ends at the cloaca. From this study it is concluded that P. annectens possess a composite GIT with organs similar to other lung fishes; it is a detritor with carnivorous abilities.
Keywords: Gastrointestinal tract, incisors scissor-like teeth, intestine, mucus, Protopterus annectens, serosa.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 7421 Reconsidering the Palaeo-Environmental Reconstruction of the Wet Zone of Sri Lanka: A Zooarchaeological Perspective
Authors: Kalangi Rodrigo, Kelum Manamendra-Arachchi
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Bones, teeth, and shells have been acknowledged over the last two centuries as evidence of chronology, Palaeo-environment, and human activity. Faunal traces are valid evidence of past situations because they have properties that have not changed over long periods. Sri Lanka has been known as an Island, which has a diverse variety of prehistoric occupation among ecological zones. Defining the Paleoecology of the past societies has been an archaeological thought developed in the 1960s. It is mainly concerned with the reconstruction from available geological and biological evidence of past biota, populations, communities, landscapes, environments, and ecosystems. This early and persistent human fossil, technical, and cultural florescence, as well as a collection of well-preserved tropical-forest rock shelters with associated 'on-site ' Palaeoenvironmental records, makes Sri Lanka a central and unusual case study to determine the extent and strength of early human tropical forest encounters. Excavations carried out in prehistoric caves in the low country wet zone has shown that in the last 50,000 years, the temperature in the lowland rainforests has not exceeded 5 degrees. Based on Semnopithecus Priam (Gray Langur) remains unearthed from wet zone prehistoric caves, it has been argued periods of momentous climate changes during the Last Glacial Maximum (LGM) and Terminal Pleistocene/Early Holocene boundary, with a recognizable preference for semi-open ‘Intermediate’ rainforest or edges. Continuous genus Acavus and Oligospira occupation along with uninterrupted horizontal pervasive of Canarium sp. (‘kekuna’ nut) have proven that temperatures in the lowland rain forests have not changed by at least 5 °C over the last 50,000 years. Site catchment or territorial analysis cannot be any longer defensible, due to time-distance based factors as well as optimal foraging theory failed as a consequence of prehistoric people were aware of the decrease in cost-benefit ratio and located sites, and generally played out a settlement strategy that minimized the ratio of energy expended to energy produced.Keywords: Palaeo-environment, palaeo-ecology, palaeo-climate, prehistory, zooarchaeology.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 738