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The purpose of this paper is to establish the flow-to-equity method, the free cash flow (FCF) method, the adjusted present value method and the relationships between these methods when the FCF appears as an annuity. More specifically, we depart from the two most widely used evaluation settings. The first setting is that of Modigliani and Miller who based their analysis on a stationary FCF. The second setting is that of Miles and Ezzell who worked with an FCF that represents an autoregressive possess of first order.

Inspired by recent observations in the literature concerning cash flows, discount rates and values in discounted cash flow (DCF) methods, we mathematically derive DCF valuation formulas for annuities.

The following relationships are established: (a) the correct discount rate of the tax shield when the free cash flow takes the form of a first-order autoregressive annuity, (b) the direct valuation of the tax shield from the free cash flow for a first-order autoregressive annuity, (c) the correct translation from the required return on unlevered equity to the levered equity, when the free cash flow is a stationary annuity and (d) direct calculation of the unlevered and levered firm values and the value of the tax shield for a stationary annuity.

Until now the complete set of formulas for the valuation of stochastic annuities by different DCF methods has not been established in the literature. These formulas are developed here. These formulas are important for practitioners and academics when it comes to the valuation of cash flows of finite lifetime.

Describes statistical methods applied to sensory discrimination tests. Illustrates binomial and chi‐square statistical analysis and discusses similarity testing, power and replication in discrimination testing.

The power cable maintenance robot is an important equipment to ensure the reliable operation of high-voltage transmission (HVT) lines and is a useful exploration to achieve high-quality power transmission. In respond to a series of technical problems in the operation process, such as robot shaking, terminal positioning error, camera image blurred and visual servo control difficulty which caused by the influence of high altitude random wind load on the motion control of power maintenance robot. The purpose of this study is to minimizing the impact of wind loads on robot motion control on the high voltage transmission line, so as to obtain the sound motion performance.

This paper presents a robust stabilization control method for flexible wire power maintenance robot under wind load action, the coupling mathematical model between the flexible wire with the robot has been established, and the robot rolling model under wind load has also been established. According to the tilt sensor, the robot pendulum angle value can be obtained and fitted through sinusoidal function; the robot swing period and frequency under wind load action can be also obtained; the feedforward- and feedback-based robot closed-loop control system is also designed.

Through the online detection of wind load dection, so as to dynamic control the clamping force of the robot's dual-arm jaws, therefore, the robot robust stabilization control with different grades of wind load can be realized. Finally, the effectiveness and engineering practicability of the proposed algorithm are verified by simulation experiments and field operation experiments. Compared with the conventional proportional integral differential (PID) algorithm, this method can effectively suppress the influence of wind load on the robot robust stabilization motion control, and the robot posture detection operation control has been further optimized.

A robust stabilization control method for power robot under wind load is proposed. The coupling motion model of flexible HVT and robot is established. The mathematical relationship between the robot wind rolling angle and the wind force has been deduced, and the corresponding closed-loop control system with feedforward and feedback has also been designed. Through the design of robust stabilization control algorithm based on mixed sensitivity function, the effectiveness of the mixed sensitivity robust stabilization control algorithm is verified by simulation experiments in MATLAB environment. Compared with the traditional PID algorithm, this method can effectively suppress the influence of large-scale disturbance information represented by wind load on the robot motion control. The engineering practicability of the robot robust stabilization control algorithm is further verified by the robot live damper replacement operation under the field wind load, which further improves the robot operation efficiency and intelligence.

An alarming number of spreadsheet faults have been reported in the literature, indicating that effective and easy-to-apply spreadsheet testing techniques are not available for “non-technical,” end-user programmers. The purpose of this paper is to alleviate the problem by introducing a metamorphic testing (MT) technique for spreadsheets.

The paper discussed four common challenges encountered by end-user programmers when testing a spreadsheet. The MT technique was then discussed and how it could be used to solve the common challenges was explained. An experiment involving several “real-world” spreadsheets was performed to determine the viability and effectiveness of MT.

The experiment confirmed that MT is highly effective in spreadsheet fault detection, and yet MT is a general technique that can be easily used by end-user programmers to test a large variety of spreadsheet applications.

The paper provides a detailed discussion of some common challenges of spreadsheet testing encountered by end-user programmers. To the best of the authors knowledge, the paper is the first that includes an empirical study of how effective MT is in spreadsheet fault detection from an end-user programmer's perspective.

Dear Madam, ‘Technical translations—making the master’, your September 1961 issue, by J. B. Reed seeks to indicate ways to do this work economically. Some practical detail may help and I offer these comments with that intention.

Knowledge of spreadsheet tools like Microsoft Excel is a valuable skill to have in today’s job market. The preliminary assessment of a group of business school students shows that most of them struggle to perform simple tasks in a spreadsheet. The purpose of this paper is to propose using student tutors to teach these skills.

The authors identify students proficient in Excel as tutors and organize one-on-one peer tutoring lessons. The authors compare the Excel competency level of students prior to and after the tutoring sessions.

The results suggest that most students with minimal Excel skills significantly improve their competency level after tutoring.

The proposed hands-on approach appears to be effective in helping students acquire basic Excel capabilities.

The oil film thickness provides a key performance indicator of a ball bearing lubrication condition. This paper aims to propose an approach to calculate and measure the oil film thickness of the bearing.

On a specially designed test rig, measurement of the capacitance is used to monitor the oil film thickness of ball bearing. A corrected film thickness formula taking account of the influences of non-Newtonian shear thinning and thermal is introduced to predict the oil film thickness of ball bearing. And then the film thickness distribution and the corresponding capacitances are calculated.

Measurement and calculation of oil film thickness in a ball bearing are carried out under various rotating speeds and external loads. By comparing the calculated capacitances with measured results, it can be concluded that the calculated results obtained by the amended film thickness formula are much closer to the test findings than the classical computed values according to Hamrock–Dowson.

A new corrected film thickness formula is introduced in predicting oil film thickness of ball bearing and verified by the series of experiments according to capacitance method.

Based on the asymptotic solution for predicted natural frequencies of a two‐dimensional elastodynamic problem from the finite element analysis, presents the concept of the asymptotic error, which is an approximate error but tends to the exact error when the characteristic length of elements approaches zero, and a practical error estimator. The present practical error estimator contains two criteria: one is the error estimator criterion, the other the finite element mesh design criterion. Using this practical error estimator, not only can the accuracy of a finite element solution for natural frequencies of a two‐dimensional elastodynamic problem be directly evaluated without any further finite element calculation, but also a new target finite element mesh for the desired accuracy of solution can be immediately designed from the relevant information of an original finite element solution. Generally, for the purpose of designing a new target finite element mesh, this original finite element solution is obtainable from a very coarse mesh of a few elements and usually does not satisfy the accuracy requirement. Since the new target finite element mesh could result in a finite element solution with a desire accuracy, the finite element solution so obtained can be used for a structural design in engineering practice. The related numerical results from vibration problems of three representative plates of different shapes under plane stress conditions have demonstrated the correctness and applicability of the present practical error estimator.

This study aims to research the large cross-section tunnel stability evaluation method corrected after considering the thickness-span ratio.

First, taking the Liuyuan Tunnel of Huanggang-Huangmei High-Speed Railway as an example and taking deflection of the third principal stress of the surrounding rock at a vault after tunnel excavation as the criterion, the critical buried depth of the large section tunnel was determined. Then, the strength reduction method was employed to calculate the tunnel safety factor under different rock classes and thickness-span ratios, and mathematical statistics was conducted to identify the relationships of the tunnel safety factor with the thickness-span ratio and the basic quality (BQ) index of the rock for different rock classes. Finally, the influences of thickness-span ratio, groundwater, initial stress of rock and structural attitude factors were considered to obtain the corrected BQ, based on which the stability of a large cross-section tunnel with a depth of more than 100 m during mechanized operation was analyzed. This evaluation method was then applied to Liuyuan Tunnel and Cimushan No. 2 Tunnel of Chongqing Urban Expressway for verification.

This study shows that under different rock classes, the tunnel safety factor is a strict power function of the thickness-span ratio, while a linear function of the BQ to some extent. It is more suitable to use the corrected BQ as a quantitative index to evaluate tunnel stability according to the actual conditions of the site.

The existing industry standards do not consider the influence of buried depth and span in the evaluation of tunnel stability. The stability evaluation method of large section tunnel considering the correction of overburden span ratio proposed in this paper achieves higher accuracy for the stability evaluation of surrounding rock in a full or large-section mechanized excavation of double line high-speed railway tunnels.