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Article
Publication date: 21 March 2019

Huan Zhao and Zhenghong Gao

The high probability of the occurrence of separation bubbles or shocks and early transition to turbulence on surfaces of airfoil makes it very difficult to design…

Abstract

Purpose

The high probability of the occurrence of separation bubbles or shocks and early transition to turbulence on surfaces of airfoil makes it very difficult to design high-lift and high-speed Natural-Laminar-Flow (NLF) airfoil for high-altitude long-endurance unmanned air vehicles. To resolve this issue, a framework of uncertainty-based design optimization (UBDO) is developed based on an adjusted polynomial chaos expansion (PCE) method.

Design/methodology/approach

The γ ̄Re-θt transition model combined with the shear stress transport k-ω turbulence model is used to predict the laminar-turbulent transition. The particle swarm optimization algorithm and PCE are integrated to search for the optimal NLF airfoil. Using proposed UBDO framework, the aforementioned problem has been regularized to achieve the optimal airfoil with a tradeoff of aerodynamic performances under fully turbulent and free transition conditions. The tradeoff is to make sure its good performance when early transition to turbulence on surfaces of NLF airfoil happens.

Findings

The results indicate that UBDO of NLF airfoil considering Mach number and lift coefficient uncertainty under free transition condition shows a significant deterioration when complicated flight conditions lead to early transition to turbulence. Meanwhile, UBDO of NLF airfoil with a tradeoff of performances under both fully turbulent and free transition conditions holds robust and reliable aerodynamic performance under complicated flight conditions.

Originality/value

In this work, the authors build an effective uncertainty-based design framework based on an adjusted PCE method and apply the framework to design two high-performance NLF airfoils. One of the two NLF airfoils considers Mach number and lift coefficient uncertainty under free transition condition, and the other considers uncertainties both under fully turbulent and free transition conditions. The results show that robust design of NLF airfoil should simultaneously consider Mach number, lift coefficient (angle of attack) and transition location uncertainty.

Article
Publication date: 1 July 2011

Wang Wen Hui

The purpose of this paper is to argue that Bernoulli's “utility function solution to the St Petersburg paradox” was wrong and to find a new method to solve the paradox.

Abstract

Purpose

The purpose of this paper is to argue that Bernoulli's “utility function solution to the St Petersburg paradox” was wrong and to find a new method to solve the paradox.

Design/methodology/approach

This goal is attained through two ways: using Bernoulli's and Kramer's utility function to construct new paradoxes; and designing and implementing a new St Petersburg game which does not carry the effect of diminishing marginal utility.

Findings

In this paper, the author finds that Bernoulli's “utility function solution to the St Petersburg paradox” was wrong, and also finds a new model to solve the paradox, which is also a brand‐new model of estimates under uncertainty.

Research limitations/implications

Bernoulli put forward the diminishing marginal utility of currency and thus accordingly provided the utility function solution to solve the paradox. This paper indicates that the Bernoulli's utility function solution does not work. Thus, further research needs to be taken in several aspects: is the diminishing marginal utility of currency tenable? Does the marginal utility of currency decrease monotonically? Are concave utility functions represented by negative index functions which are widely used in theoretical study reasonable?

Practical implications

The paper proposes a brand‐new possible research idea and direction for economic theoretical researches based on uncertainty.

Originality/value

This paper proved the untenability of the utility function solution to solve the St Petersburg paradox for the first time and proposed the pioneering “risk adjustment model” of estimates under uncertainty.

Details

China Finance Review International, vol. 1 no. 3
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 26 April 2011

Konstantinos J. Liapis and Elena P. Christodoulopoulou

The purpose of this study is to identify how different Generally Accepted Accounting Principles (GAAP) influence property management. The study is based on two basic…

3353

Abstract

Purpose

The purpose of this study is to identify how different Generally Accepted Accounting Principles (GAAP) influence property management. The study is based on two basic accounting principles for the valuation of assets: fair value and historical cost. The study focuses on land and buildings as a main part of the total fixed assets of a company. It uses the framework of the Greek real estate market as an experimental setting where the principles of historic cost and fair value accounting can be compared.

Design/methodology/approach

The topic is approached using an integration of fixed assets into four main portfolio categories: own used; investments; held for sale assets; and inventories. According to this framework the study examines the accounting treatments under International Financial Reporting Standards (IFRS), US GAAP and Greek GAAP for each portfolio transaction and analyses the impact of accounting entries to equity and profit and loss account.

Findings

The study results to a comparative analysis of the different studied GAAP and tries to establish a purchase price allocation method for property acquisition.

Originality/value

The contribution of this article is that it surveys principles, literature and practice about the above issues from a critical perspective, and presents a way to managing and monitoring real estate investments, using logical decision trees, from an accounting point of view.

Details

Journal of Property Investment & Finance, vol. 29 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 20 April 2020

Jundong (Jeff) Wang

This paper aims to investigate the association between analyst forecast dispersion and investors’ perceived uncertainty toward earnings.

Abstract

Purpose

This paper aims to investigate the association between analyst forecast dispersion and investors’ perceived uncertainty toward earnings.

Design/methodology/approach

A new measure for investors’ expectations of earnings announcement uncertainty is constructed, using changes in implied volatility of option contracts prior to earnings announcements. Unlike other proxies of uncertainty, this measure isolates the incremental uncertainty regarding the upcoming earnings announcement and is a forward-looking measure.

Findings

Using this new proxy, this paper finds a significant negative correlation between analyst forecast dispersion and investors’ uncertainty regarding the upcoming earnings announcements. Further tests show that this negative correlation is driven by analysts’ private information acquisition rather than analysts; uncertainty toward upcoming earnings announcements. Additional cross-sectional tests show that this negative relationship is more pronounced in the subsample with lower earnings quality.

Social implications

This paper helps to further the understanding of the information content of analyst forecast dispersion, particularly the ways in which they gather and produce private information and their incentives for so doing.

Originality/value

This paper introduces a new market-based and forward-looking proxy of earnings announcement uncertainty that should be useful in future research. This paper also provides original empirical evidence that analysts gather and produce an additional private information to the market when facing noisy signals and that their information reduces investors’ uncertainty toward upcoming earnings announcements.

Details

Review of Accounting and Finance, vol. 19 no. 3
Type: Research Article
ISSN: 1475-7702

Keywords

Article
Publication date: 1 December 1996

Donald Moliver and Jess Boronico

Reports the results of an empirical investigation conducted for the purposes of exploring the issue of unit selection and the sales comparison approach. The proximate…

514

Abstract

Reports the results of an empirical investigation conducted for the purposes of exploring the issue of unit selection and the sales comparison approach. The proximate motivation of this study was in determining how non‐reinforcing appraisal estimates may be addressed. The investigation proceeds by exploring two possible criteria through which the reliability of appraisal estimates may be measured. The first involves the percentage error made in price per unit of comparison (UOC), while the second concerns the total valuation error in the appraisal of real property. Results involve the utilization of the coefficient of variation and the Markov inequality, and may assist appraisers when different units of comparison yield non‐reinforcing estimates of value. It is shown that maximum confidence in guaranteeing that the percentage error between the estimated and actual price per UOC lies within a tolerance level chosen ex‐ante obtains through choosing the UOC with the minimum coefficient of variation. Total valuation error is minimized as a function of the standard deviation for the price per UOC, the sample size, and the UOC’s value for the real property being appraised. While minimum per unit percentage error may be obtained utilizing a particular UOC, the minimization of total valuation error may imply the utilization of an alternative unit. It is shown for the empirical analysis conducted, that when two common units of comparison are considered ‐ acreage and front footage ‐ both percentage and total valuation error were minimized through the use of price per acre rather than price per front foot.

Details

Journal of Property Valuation and Investment, vol. 14 no. 5
Type: Research Article
ISSN: 0960-2712

Keywords

Article
Publication date: 28 June 2013

Andreas Wibowo and Hans Wilhelm Alfen

The present paper aims to introduce a new methodology taking risk behavior of decision maker into account to fine‐tune the value of a risky public‐private‐partnership…

1344

Abstract

Purpose

The present paper aims to introduce a new methodology taking risk behavior of decision maker into account to fine‐tune the value of a risky public‐private‐partnership (PPP) project and the corresponding cost of capital based on the target rate of return set by the project sponsor and the degree of project risks.

Design/methodology/approach

The proposed methodology combines the cumulative prospect theory (CPT) to characterize the risk preference of the project sponsor and the Monte Carlo simulation to assess the project riskiness. The methodology requires a pre‐set target rate of return that will define the relative gains and losses for a prospect theory project sponsor. The application was illustrated using a build/operate/transfer toll road project as a case study.

Findings

As the project sponsor sets a greater target return, the probability of the project not meeting the target is accordingly greater. Given that losses have greater impact than gains on the decision, other things being equal, a higher target return leads to a higher value correction. It has also been demonstrated that the corresponding project's cost of capital can be up‐ or downadjusted depending on the project's riskiness which may result in a reverse preference to favor a higher risk scenario.

Research limitations/implications

The methodology uses the CPT parameters that need to be further confirmed and validated if applied to value large risky projects like PPP investments.

Originality/value

The proposed methodology offers a different approach to correctly value a risky PPP project by extending the application of the cumulative prospect theory that well explains the irrationality of human decision behavior under risk into a financial decision‐making process. It takes the full benefit of simulation to understand project risks and also assists financial decision‐making.

Details

Engineering, Construction and Architectural Management, vol. 20 no. 4
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 13 September 2011

Ellen Lau and Steve Rowlinson

The purpose of this paper is to examine trust relationships in managing construction projects to determine the trust situations, the psychological perception of trust…

2573

Abstract

Purpose

The purpose of this paper is to examine trust relationships in managing construction projects to determine the trust situations, the psychological perception of trust relationship, and the underlying value of trust. Association is made to project management, project team and strategy implementation for managing construction projects.

Design/methodology/approach

A case study approach is adopted to collect qualitative data from ten projects. The collected data are analysed with content analysis and discussed with a flow model and interactive model approach.

Findings

Using the real‐life evidence, the findings revealed a diversified meaning of trust, which subsequently confirm the multi‐faceted nature of trust with qualitative data analysis.

Research limitations/implications

Further research is necessary for multi‐party working as this working style dominates the construction industry and greatly affects the overall project performance, and the effect of such is particularly obvious when managing differences among people. For a better understanding of trust, the moral and social dimensions of trust need to be studied separately.

Practical implications

The study offers a direction for implementation of relational contracting in project management, project teamwork and strategy implementation. Implications in practice include: project management – time, cost and quality are greatly affected by people implementation and therefore a balance of control and trust is required; project team – trust needs to be cultivated with rules and norms in a multi‐party working team because trust is not self‐generated; and strategy implementation – both interpersonal and inter‐firm trust have to be considered, particularly at the middle management level.

Originality/value

The paper is of value to both practitioners and academics/researchers in the management development of construction projects by providing a different perspective from the human side.

Details

International Journal of Managing Projects in Business, vol. 4 no. 4
Type: Research Article
ISSN: 1753-8378

Keywords

Article
Publication date: 1 December 2004

Hong Zhang, Heng Li and C.M. Tam

Construction‐oriented discrete‐event simulation often faces the problem of defining uncertain information input, such as subjectivity in selecting probability…

1427

Abstract

Construction‐oriented discrete‐event simulation often faces the problem of defining uncertain information input, such as subjectivity in selecting probability distributions that result from insufficient or lack of site productivity data. This paper proposes incorporation of fuzzy set theory with discrete‐event simulation to handle the vagueness, imprecision and subjectivity in the estimation of activity duration, especially when insufficient or no sample data are available. Based upon an improved activity scanning simulation algorithm, a fuzzy distance ranking measure is adopted in fuzzy simulation time advancement and event selection for simulation experimentation. The uses of the fuzzy activity duration and the probability distribution‐modeled duration are compared through a series of simulation experiments. It is observed that the fuzzy simulation outputs are arrived at through only one cycle of fuzzy discrete‐event simulation, still they contain all the statistical information that are produced through multiple cycles of simulation experiments when the probability distribution approach is adopted.

Details

Engineering, Construction and Architectural Management, vol. 11 no. 6
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 3 April 2017

Saeed Rouhani

Information technology service management (ITSM) has become a major IT department management system in organizations. Successful implementation of ITSM depends on select…

Abstract

Purpose

Information technology service management (ITSM) has become a major IT department management system in organizations. Successful implementation of ITSM depends on select adequate ITSM software. Evaluation and selection of the ITSM solution or software packages is complicated and time-consuming decision-making problem. This paper aims to present an approach for dealing with such a problem.

Design/methodology/approach

This approach introduces functional, non-functional requirements and novel fuzzy out-ranking evaluation method for ITSM software selection. The presented approach breaks down ITSM software selection criteria into two broad categories, namely, functional (service strategy, service design, service transition, service operation, continual service improvement according to Information Technology Infrastructure Library V3) and non-functional requirements (quality, technical, vendor, implementation) including totally 46 selection criteria. A novel fuzzy superiority and inferiority ranking (FSIR) was developed and made applicable for ITSM software selection based on identified criteria.

Findings

The proposed approach is applied to IT services company to select and acquire ITSM software, and the provided numerical example illustrates the applicability of the approach for this choice. The approach can facilitate firms to achieve suitable ITSM software and have a precise acquisition decision; however, the limitation of dependency on experts’ competence and proficiency in the both ITSM field and IT technical issues exists.

Research limitations/implications

The approach can facilitate firms to achieve suitable ITSM software and have a precise acquisition decision; however, the limitation of dependency on experts’ competence and proficiency in the both ITSM field and IT technical issues exists.

Practical implications

Facilitating of ITSM implementation through its handy software selection is the major impact of current research.

Originality/value

A facile FSIR-based approach for software selection has been customized to contribute to the current literature in the ITSM field. Facilitating of ITSM implementation through its handy software selection is the major impact of current research.

Book part
Publication date: 28 November 2017

Francesco Bellandi

Part V analyzes the details of how to assess materiality. It first tackles qualitative versus quantitative criteria and the role of professional judgment. It then analyzes…

Abstract

Part V analyzes the details of how to assess materiality. It first tackles qualitative versus quantitative criteria and the role of professional judgment. It then analyzes the selection of quantitative threshold, to expand to the choice of benchmarks. It contrasts the whole financial statements with subaggregates, line items, and components.

Specific sections contrast IASB, FASB, SEC, and other guidance on materiality applied to comparative information, interim reporting, and segment reporting.

The section on estimates mingles complex guidance coming from accounting, auditing, and internal control over financial reporting to explain how the management can improve its assessment of materiality concerning estimates.

After explaining the techniques to move from individual to cumulative misstatements, the part tackles verification ex post, and finally summarizes the intricacies of whether immaterial misstatements are permissible and their consequences.

Details

Materiality in Financial Reporting
Type: Book
ISBN: 978-1-78743-736-4

Keywords

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