generated. When recycling water, the environmental impact is reduced. The reutilization of shrimp shell as biomaterial is also shown. With the more dotted thick black arrows, the shrimp-chitosan link of the system is shown, where chitosan is reused and water is recycled. In the long term this system will transform into an integral production system where each one of the wastes from the links will become reintegrated into the global productive chain. What is expected is that the production costs will be reduced with this. The traditional financial evaluation of a project to estimate its Net Present Value (NPV) consists in estimating the benefits and costs in each period and obtaining a cash flow that is updated to the starting period when using a discount rate that was 12 % in this study. The initial investment is subtracted
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In a benefit cost analysis of risk mitigation strategies, it is necessary to estimate the expected costs of the intervention and assign (monetary) values to a list of benefits, and summarize the feasibility or goodness of an alternative by using metrics such as the expected Net Present Value (Aven & Kristensen, 2005). In the case of schools, a comprehensive evaluation of the benefits of risk mitigation strategies should include the expected losses in terms of the economic value of the buildings, as well as the risk to the life of the students and the disruption of the educational services. Given the difficulties to justify an acceptable value of the loss of life (May, 2007) or a target probability of failure of the schools’ services, benefit cost analysis often consider consequences measurable into monetary terms and exclude others. As a complement, cost effective indices are suggested in order to solve this limitation (Aven & Kristensen, 2005). Nevertheless, it is also difficult to express and understand these indexes from a political point of view (i.e. it is difficult to state if a cost per expected saved lives of students is feasible or not) (Birkmann et al. 2013). Under these considerations, the proposed methodology aims evaluating the benefits of the structural interventions in schools based on the expected damages and economic losses of buildings. In this regard, the use of the AAL is encouraged, given that this metric allows identifying the expected losses in buildings due to the seismic hazard of the area where they are located.
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During the last decade, forced internal displacement in Colombia has been a growing phenomenon closely linked to the escalation of the internal armed conflict - particularly in rural areas. The displacement problem has affected nearly every region and vulnerable groups of the population. Two emerging policy questions are whether the magnitude of the response to this problem has been proportional to its size and to what extent the instruments chosen are the most adequate to address it. The purpose of this paper is twofold. First, to identify the determinants of displacement behavior and to compare these findings with standard migration literature. Second, to estimate the burden or welfare losses of displacement. Empirical evidence shows that the welfare loss of displacement is considerable and amount to 37 percent of the net present value of rural lifetime aggregate consumption for the average household. This loss is estimated for each household with a method that derives welfare changes from behavioral model estimates – widely used in environmental economics. Our empirical findings also show that the level of violence at the origin site is not only the dominant factor of displacement behavior, but also that in a violent environment other migration determinants have the opposite effect, relative to the one expected by the migration literature in a non-violent context. That is, the violent environment modifies the migration incentives for risk aversion, access to information, the planning horizon, and location-specific assets – human and non-human.
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Therefore, customer equity (CE) is concerned with identifying the value of the whole base of customers for the seller. According to this idea, Richards and Jones consider that “measuring CE provides an indication that a margin is generated above and beyond both the product costs and the costs to sell those products to a group of customers”. In the calculation process for CE, individual customer lifetime values (CLV) or life time value (LTV) are determined for each customer and ultimately CE is related to a return on marketing measurement. Customer lifetime value is defined as the net present value (NPV) of a single customer's value and CE is defined as the discounted sum of each customer's LTV less any on-going investments required to maintain customer relationships. There are some mathematical models to express this concept depending on the characteristics of the market (business-to-business or business-to-consumer).
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Llano-Ferro (2009) proposes a solution to avoid “significant errors” when the Weighted Average Cost of Capital (WACC) “obtained by the standard formula leads to significant errors in Net Present Value of the Firm calculations; particularly in those that apply to perpetual cash flow series”. In this paper we show that there are not “significant errors” but a wrong use of the formula and improper calculations of values. The Weighted Average Cost of Capital (WACC) is used in finance for several applications, including Capital Budgeting analysis, EVA® calculations, and firm valuation. WACC obtained by the standard formula leads to significant errors in Net Present Value of the Firm calcu- lations; particularly in those that apply perpetual cash flow series. The present paper identifies the problem, and provides alternative, and accurate formulas to obtain WACC for Firm Valuation calculations.
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The purpose is to discuss how these different issues might affect the final result of a valuation. Of course, it must be remembered that valuations are not but an exercise to estimate the possible value of a company, and that a well-performed valuation will never produce the “true” value of a firm but just a range of values consistent with the assumptions adopted by the analyst. This paper only pretends to improve the esti- mation of such a range. For simplicity, through most of the paper parameters and projections will ignore inflation. That is, they will be expressed in real terms.
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13 partial pressure” and the possibility of air seeding coming from the pit pores. Reduced soil water availability increases xylem sap tension leading to higher probabilities of cavitation (Zimmerman 1983; Tyree & Sperry 1989). Gas created by embolism becomes trapped in the xylem conduits. This gas can spread across vessels with air seeding at pit membranes, cavitating more vessels and causing a progressive decrease of xylem hydraulic conductance (Sperry et al., 1988; Choat et al., 2008; Brodersen et al. 2013). Pit membranes are interconnections between vessels that present nanometer- sized pores that prevent the spread of gas through the xylem vessels. When critical pressure values are reached in vessels exceeding the capillary sealing capacity of pit membranes the embolism is spread to other vessels causing dramatic falls of hydraulic conductivity which could become irreversible (Choat, 2013; Lens et al., 2013). Plants need to maintain xylem water potential within a range that prevents extensive embolism in the xylem vessels in order to survive to drought stress. One method to control the spread of embolism is stomatal closure which limits water loss and delay the spread of gas embolism across the xylem network.
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The purpose of this paper is to advance the evidence on the empirical va- lidity of the linear PV model of stock prices in two ways. In the …rst place, in order to avoid the econometric problems mentioned above, we make use of recent developments in cointegrated regression models with multiple structural changes. Speci…cally, we use the approach proposed by Kejriwal and Perron (2008, 2010) to test for multiple structural changes in cointegrated regression models. These authors develop a sequential procedure that not only enables detection of parameter instability in cointegration regression models but also allows for consistency in the number of breaks present. Furthermore, we test the cointegrating relationship when multiple regime shifts are identi…ed endoge- nously. In particular, the nature of the long run relationship between real stock prices and dividends is analyzed using the residual based test of the null hy- pothesis of cointegration with multiple breaks proposed in Arai and Kurozumi (2007) and Kejriwal (2008).
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El Net Art es un movimiento que a través del estudio de su historia y evolución, abre una mirada distinta al manejo de la publicidad en Internet, específicamente en Colombia. En las décadas anteriores al surgimiento del grupo artístico, se instauró una nueva mirada del arte por medio de conceptos como experiencia, desmaterialización e interacción, creando un nuevo método comunicacional en el cual el espectador era un factor determinante en la realización de la obra. Dicho paradigma, visto desde el escenario publicitario, posibilita una nueva mirada a la publicidad en Internet, con el fin de que los usuarios en lugar de rechazar los anuncios, encuentren en ellos un espacio de atracción, identificación y entretenimiento a través de la creación de páginas Web que conformen espacios de discusión, crecimiento, y sobre todo una opción de vida para aquellos que no han encontrado un modo de surgir profesionalmente.
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A curtailment gain or loss comprises (a) the change in the present value of the defined benefit obligation, (b) any resulting change in fair value of the plan assets, and (c) a pro rata share of any related actuarial gains and losses, unrecognised transition amount, and past service cost that had not previously been recognised.
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To solve certain restrictions intherent in NPV, we can use real option valuation that emerged from the proposal by Myers in 1977. Real option valuation considers active management of corporate investments and, therefore, the value of their flexibility. In addition, this model takes into account non-monetary outcomes arriving from previous resource allocations and which become as a source of new opportunities for future decisions of the firm. In this paper we try to increase current empirical evidence on the relevance of real options for explaining firm investment decisions through the study of the entrant of a new competitor in the mobile telecommunications industry. Real Options valuation is very suitable in this industry, due to the future growth opportunities in the telecoms industry, the huge investments required and uncertainties embedded in the market, which are key elements in justifying the real option valuation methodology (Riihimäki, 2009).
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restoration costs); passive with protection (costs of fencing and fire suppression); and active (costs of native tree planting, fencing, and fire suppression). The opportunity costs of lost livestock production, which is the main alternative land use in each of the study areas, were also taken into account. Results showed that passive restoration was cost-effective for all study areas on the basis of the services analyzed, whereas the benefits from active restoration were generally outweighed by the relatively high costs involved (Birch et al. 2010; Figure 4). These findings were found to be relatively insensitive to discount rate but were sensitive to the market value of carbon. Substantial variation in values was recorded between study areas, demonstrating that ecosystem service values are strongly context specific. However, spatial analysis enabled localized areas of net benefits to be identified, indicating the value of this approach for identifying the relative costs and benefits of restoration interventions across a landscape. It should be noted that the analyses were limited to five ecosystem services, namely, carbon storage, timber, non- timber forest products, tourism, and livestock production. Different results might have been obtained had additional ecosystem services been considered.
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El presente trabajo se desarrolló mediante la aplicación de la valoración financiera a la empresa Empaques del Cauca S. A., empresa del sector industrial cuya actividad económica es la producción de sacos de fique y polifique, de gran trayectoria y aporte a la economía caucana. El ejercicio se efectuó a través de una metodología compuesta de cuatro procesos: revisión de marco teórico para la identificación de los principales referentes para la valoración, elaboración de diagnóstico a través de la aplicación de análisis estratégico, contable y financiero, proyección de estados financieros a partir de históricos del periodo de 2012 a 2016 y proyectados a 2026 a través de métodos de variación absoluta y de supuestos fundamentados a partir de los análisis realizados, aplicación de los métodos de valoración financiera Adjusted Value Present (APV) y del Flujo de Caja Libre con WACC tradicional, destacando la incidencia del WACC y, particularmente, del apalancamiento, al igual que el valor operativo y total de la empresa y, finalmente, el análisis de sensibilidad para generar conclusiones y recomendaciones que permitan a la empresa mejorar en su operación.
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All part in the conventional way of carrying out mining planning, and is that this methodology does not incorporate time or temporality in the generation of economic pits; that is, we made a life plan for the mine at a zero initial time; for this we use a very common tool such as the Lerchs and Grossman algorithm for the stages of generation of final cut and phases of mining. So the phases are designed manually considering some restrictions such as the amount of material that is due to plant and operational restrictions, all based on the pits nested at different prices or considering a factor of return to the price of the metal called revenue factor, but none without consider the most important variable of time. A new methodology is proposed in this investigation that includes time in the value of the economic block or model, that is, based on a previous mining plan that provides the periodicity (the period in which the block will have to be mined), making it possible to calculate the present value of each block in the economic model that will again be subjected to the Lerchs and Grossman algorithm whose sensitization variable will no longer be the price of the metal but the discount rate, giving a better orientation and direction of the mining phases and a new, more robust mining plan.
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eral) equilibrium effects of changes in entrepreneurial net worth and monitoring ability of investors when entrepreneurs and investors have incentives to form firms or partnerships through endogenous matching. In particular, we consider a market where heterogeneous entrepreneurs are assigned to heterogenous institutional investors. Entrepreneurs, heterogenous with respect to net worth, lack sufficient fund, and hence require to rely on institutional investors to fund their projects. Non- verifiability of entrepreneurial effort along with limited liability give rise to a moral hazard problem in effort choice. Investors, heterogeneous with respect to monitoring ability, may choose to monitor their borrowers in order to mitigate the entrepreneurial moral hazard problem. Since monitoring ac- tivities are costly and chosen after the firms are formed, there is an additional incentive problem in monitoring. As we have discussed earlier, differences in monitoring ability may stem from various fundamentals of the credit market, but for the purpose of the current paper we would assume that a higher ability to securitize loans translates into a lower monitoring efficiency because of the moral hazard problem that may exist between the issuers of the securities (investors in our model) and their buyers. Thus in the present context, partnership formation is subject to a double-sided moral hazard problem which implies the failure in implementing the efficient market outcomes.
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Third, to get the beta of the equation, it is convenient to know what kind of company we are in, this is a company that, like so many in Castellón, is dedicated to ceramics. It is true that, in times not too distant, shortly before the crisis broke out, ceramic companies had as clients large companies dedicated to construction and that during this period these companies became strong in addition to provoking a growth not only of the companies themselves Existing ones but those that were new to the sector, since there was so much presence of this type of companies in the market, to differentiate and acclaim more customers had to differentiate by launching new products or modifying existing ones. Which to this day also do? After the crisis, construction has declined in Spain and many of the ceramic companies had to close, remaining in the market those who have decided to export to other territories where construction is booming, especially countries like Saudi Arabia, United Arab Emirates, Qatar, Dubai and Bahrain. It can be observed that we are facing a sector that depends a lot on the economy, mainly for the construction and followed by if in general the population does not own any wealth nor will they make reforms that require tiles in their houses or companies. Consequently, and referring to the company in which the Investment project has a small size and its client portfolio is present in 55 countries, therefore, we are facing an organization that has been open to the market. Of the market at all times. The design of its products is aimed at companies as well as individuals.
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Background: Obstructive sleep apnea syndrome is a major public health problem. The morphometric model and the Sleep Apnea Clinical Score are widely used to evaluate adults; however, neither of these tools has been validated in a Mexican popu- lation. Objective: To determine the diagnostic value of the morphometric model and the Sleep Apnea Clinical Score and compare them with conventional clinical instruments. Methods: A total of 97 individuals were recruited prospectively. Initial screening excluded 36, of whom nine were subjects without apnea; the remaining 52 were consecutive patients with obstructive sleep apnea syndrome diagnosed by nocturnal polysomnography. Diagnostic values of each test were calculated. Results: Obstructive sleep apnea syndrome patients had significantly higher scores with both instruments than controls: morphometric model: 61.3 (95% CI: 45.5-75.3) vs. 41.0 (95% CI: 35.6-45.6); Sleep Apnea Clinical Score: 45.3 (95% CI: 39.5-40.3) vs. 36 (95% CI: 34.0-36.5), respectively. For severe cases, the best cutoff point for morphometric model was 46, with a sensitivity of 81% (95% CI: 62.5-92.6) and specificity of 46.7% (95% CI: 66.4-100), while for Sleep Apnea Clinical Score it was > 48, with a sensitivity of 61% (95% CI: 46.1-74.2) and specificity of 80.4% (95% CI: 66-90.6). Conclusions: A morphometric model value of ≥ 46 or an adjusted neck circumference (Sleep Apnea Clinical Score) > 48 were adequate for diagnosing obstructive sleep apnea syndrome. (REV INVES CLIN. 2015;67:258-65)
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We will estimate the welfare losses brought about by displacement based on methods used in environmental economics. To value the wel- fare losses stemming from goods and services not transacted in markets, environmental econ- omists developed micro-based models to illus- trate how individuals modify behavior to mitigate the impact of environmental shocks and to deﬁne the consequent welfare losses. The shock from displacement exhibits a similar structure to those caused by environmental problems. An external negative shock, in this case violence, induces changes in behavior, which in turn impose welfare losses on house- holds. One way of measuring changes in utility in monetary units is compensating variation. 12 In this case, compensating variation can be interpreted as a measure of the willingness to accept income in exchange for a deterioration in security conditions. As shown by Hanemann (1982), compensating variation (CV) can be de- ﬁned as the measure equating the expected maximum utility before and after displacement. For the model explained above, expected com- pensating variation can be deﬁned as 13
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We can apply the growing perpetuity formula of Equation 4.12 only by assum- ing a regular and discrete pattern of cash flow. Although this assumption is sensible because the formula saves so much time, the user should never forget that it is an assumption . This point will be mentioned again in the chapters ahead. A few words should be said about terminology. Authors of financial textbooks gen- erally use one of two conventions to refer to time. A minority of financial writers treat cash flows as being received on exact dates —for example date 0, date 1, and so forth. Under this convention, date 0 represents the present time. However, because a year is an interval, not a specific moment in time, the great majority of authors refer to cash flows that occur at the end of a year (or alternatively, the end of a period ). Under this end-of-the-year convention, the end of year 0 is the present, the end of year 1 occurs one period hence, and so on. (The beginning of year 0 has already passed and is not generally referred to.) 2
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En el bloque 4 se valida el comando que el usuario introduce de acuerdo con la función o funciones que desee ejecutar. En caso de que el comando sea correcto, el bloque 5 captura en una o más variables la función o funciones invocadas. Dichas variables se utilizan para la posterior ejecución de la función solicitada. Cuando el usuario introduce valores por fuera del rango requerido por una función en particular, por ejemplo, valores negativos para la función lifetime, el programa de todas maneras se ejecuta pero utiliza los valores establecidos por defecto (de 5 segundos), lo cual se le indica al usuario mediante el bloque 6. El bloque 8 instala las capas físicas y de enlace en cada una de las interfaces de los nodos, mientras que el bloque 7 instala la pila de IPv6 en las mismas. El bloque 9 utiliza el API Ipv6AddressHelper para crear los prefijos de cada subred IPv6 dentro del sitio. Las líneas 13 y 14 de la figura 3 ilustran la creación del prefijo 2001:0:cafe:1::/64, el cual le corresponde a la subred net 1; las líneas 16 a 18 ilustran el código que hace que el nodo n0 carezca inicialmente de una dirección IPv6, y que para generar su dirección de manera automática, tome como base el anuncio del prefijo 2001:0:cafe:1::/64 (y del segundo prefijo, 2001:beca::/64), difundido por el encaminador R1; las líneas 20 a 22 presentan el código que permite asignar de manera estática la dirección 2001:0:cafe:1::2/64 a la interfaz que R1 tiene en el lado de net 1; la línea 24 habilita al nodo R1 para que haga las funciones de encaminador; la línea 25 permite que R1 sea la puerta de enlace por defecto de los equipos finales que están conectados en la net 1, por ejemplo el nodo n0. En el sistema desarrollado, las direcciones IPv6 de los nodos n0 y n1, se configuran automáticamente de acuerdo con los anuncios de encaminador (en adelante RA, Router Advertisements) difundidos por los encaminadores R1 y R2, respectivamente. En contraste, la dirección IPv6 del nodo n2 se configura de manera estática. Las líneas 28 a 35 presentan parte del código que hace posible que R1 difunda el prefijo
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