Search results

1 – 10 of over 24000
Book part
Publication date: 23 December 2005

David Ng and Mehdi Sadeghi

This paper studies the empirical application of an asset pricing model derived from the irrational individual behavior of loss aversion. Previous research using loss aversion…

Abstract

This paper studies the empirical application of an asset pricing model derived from the irrational individual behavior of loss aversion. Previous research using loss aversion asset pricing finds conclusive evidence that estimations match market equity premium and volatility using simulation data. We find that within its empirical application, the estimated errors are comparable to errors estimated from the capital asset pricing model. This study of the correlations between rational and irrational asset pricing model from the empirical results finds validity for both estimated values. Finally, we see the importance of cultures, economic development and financial development on asset pricing through an empirical examination of five pacific-basin countries in the estimation of asset pricing models.

Details

Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century
Type: Book
ISBN: 978-0-76231-258-0

Article
Publication date: 13 November 2009

Zbigniew Gmyrek

The purpose of this paper is to discuss a new method of iron loss estimation under pulse width modulation (PWM) converter supply. The proposed method concerns the longitudinal…

Abstract

Purpose

The purpose of this paper is to discuss a new method of iron loss estimation under pulse width modulation (PWM) converter supply. The proposed method concerns the longitudinal magnetisation.

Design/methodology/approach

A novel method of iron loss estimation applies values of iron losses that come from a single higher harmonic coexisting with a DC‐bias field. This method considers non‐linearity of ferromagnetic. Results of estimation are validated using experimental results.

Findings

The paper formulates that the dependence of iron losses come from harmonics, on DC‐bias field. Moreover, it formulates possibilities of their utilization to iron loss estimation in case of deformed flux. On the other hand, it discusses the influence of DC‐bias field on static hysteresis and classical eddy current losses.

Research limitations/implications

Experimental verification will still be needed as to the accuracy of the proposed model and applicability to various magnetic materials.

Practical implications

The paper provides an easy mathematical method of iron loss estimation, under PWM voltage supply.

Originality/value

The paper explains how to use an analytical method and results of iron losses come from single harmonics, obtained under coexistence with DC‐bias field, to iron loss estimation in case of longitudinal magnetisation where deformed magnetic flux occurs.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 28 no. 6
Type: Research Article
ISSN: 0332-1649

Keywords

Article
Publication date: 10 August 2018

Valentin Ionita, Lucian Petrescu and Emil Cazacu

The electrical machines connected to modern electric power grids are non-sinusoidal excited, and their augmented losses, including iron losses, limit their working…

Abstract

Purpose

The electrical machines connected to modern electric power grids are non-sinusoidal excited, and their augmented losses, including iron losses, limit their working characteristics. This paper aims to propose a prediction method for iron losses in non-oriented grains (NO) FeSi sheets under non-sinusoidal voltage, involving an inverse classical Preisach hysteresis model and the time-integration of each loss component.

Design/methodology/approach

The magnetic history management in inverse Preisach model is optimized and a numerical Everett function is identified from measured symmetrical hysteresis cycles. The experimental data for sinusoidal waveforms obtained by a single sheet tester were also used to identify the parameters involved in Bertotti’ losses separation method. The non-sinusoidal magnetic induction waveform, corresponding to a measured voltage in an industrial electrical grid, was the input for Preisach model, the output magnetic field being accurately computed. The hysteresis, classical and excess losses are calculated by time-integration and the total losses are compared with those obtained for sinusoidal excitation.

Findings

The proposed method allows to estimate the iron losses for non-sinusoidal magnetic induction, using carefully identified parameters of FeSi NO sheets, using experimental data from sinusoidal regimes.

Originality/value

The method accuracy is assured by using a numerical Everett function, a variable Preisach grid step (adapted for the high non-linearity of FeSi sheets) and high-order fitting polynomials for the microscopic parameters involved in the excess loss estimation. The procedure allows a better design of magnetic cores and an improved estimation of the electric machine derating for non-sinusoidal voltages.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 37 no. 5
Type: Research Article
ISSN: 0332-1649

Keywords

Article
Publication date: 11 December 2020

Chengke Wu, Peng Wu, Rui Jiang, Jun Wang, Xiangyu Wang and Ming Wan

Multiutility tunnel (MUT) has been recognised as a more sustainable method to place underground utilities than the traditional directly buried (DB) method. However, the…

Abstract

Purpose

Multiutility tunnel (MUT) has been recognised as a more sustainable method to place underground utilities than the traditional directly buried (DB) method. However, the implementation of MUT is hindered because of high initial construction costs and the difficulty to demonstrate its benefits, especially social benefits that are hard to be quantified. To address the limitation, this paper aims to quantify and compare both economic costs and traveller loss (i.e. an important part of social costs) of the MUT and DB method.

Design/methodology/approach

An agent-based model (ABM) is developed, which considers attributes and actions of vehicles, interactions between vehicles and interactions between vehicles and the road network. The ABM is used to estimate traveller loss by comparing traveller time when the MUT and DB method is adopted, respectively. The traveller loss is combined with economic costs to estimate and compare the LCC of the MUT and DB method. To verify the ABM-based approach, it is implemented in an MUT project in Shanghai, China.

Findings

Results of the study indicate: (1) When the DB method is adopted, periodic E&Rs cause severe traffic congestion and substantial traveller loss. (2) When traveller loss is not included in the LCC estimation, the DB method has a lower LCC in most scenarios. (3) When traveller loss is included, the relative LCC of MUT and the time it takes to cover the LCC of the MUT and DB method is largely reduced. Thus, when social costs are considered, MUT will bring more benefits than the DB method.

Originality/value

Previous studies on comparing the MUT and DB method focus on investigating economic costs, while other costs, e.g. social costs, are not well addressed quantitatively. Besides, current studies of traveller loss estimation lack consideration of factors such as unique attributes, actions and interactions of vehicles and the network. Hence, this paper applies an ABM-based approach to involve these factors and produce more reliable estimation of traveller loss than existing approaches. Moreover, by integrating traveller loss into LCC analysis, this paper helps to understand the benefits of MUT thus assisting decision-making in selecting utilities placement methods.

Details

Engineering, Construction and Architectural Management, vol. 29 no. 1
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 9 December 2020

Chee Kwong Lau

This study examines (1) the extent of key audit matters (KAMs) reported by auditors is related to accounting estimates, (2) whether measurement uncertainty and management bias…

1190

Abstract

Purpose

This study examines (1) the extent of key audit matters (KAMs) reported by auditors is related to accounting estimates, (2) whether measurement uncertainty and management bias affect auditors to do so and (3) whether the use of accounting estimates, given the measurement uncertainty and management bias reported in KAMs adversely affects the decision usefulness of accounting information.

Design/methodology/approach

Data on key audit matters, accounting estimates, measurement uncertainty, management bias, etc. were collected from the auditor's reports of 351 sample Chinese listed firms. It employs regression analyses to assess the hypotheses on issues affecting the report of these key audit matters and the impacts on the decision usefulness of accounting information.

Findings

Fair value and impairment loss estimations make up of 2.6 and 44.1% of the 606 KAMs identified, respectively. Measurement uncertainty is positively, while management bias is negatively, affecting auditors report KAMs related to accounting estimates. The use of accounting estimates in firms where their auditors reported the KAMs related to accounting estimates does not enhance the value and predictive relevance of reported earnings. The assurance works on, and reporting of, KAMs served as a “red flag” about the accounting estimates.

Practical implications

The use of accounting estimates does not always lead to enhanced decision-useful accounting information. Auditors, in their stewardship role, shall ensure that the measurement uncertainty issue is appropriately identified, addressed and verified. In addition, they shall provide an effective check-and-balance to the accounting discretion managers have in providing decision-useful information from opportunistic reporting.

Originality/value

This study examines the proposition that while the use of estimates can enhance the decision usefulness of accounting information, it can also induce measurement uncertainty and management bias into financial reporting.

Details

Asian Review of Accounting, vol. 29 no. 1
Type: Research Article
ISSN: 1321-7348

Keywords

Abstract

Details

Applying Maximum Entropy to Econometric Problems
Type: Book
ISBN: 978-0-76230-187-4

Article
Publication date: 1 January 2006

Bogomir Zidarič, Mykhaylo Zagirnyak, Konrad Lenasi and Damijan Miljavec

To analyze the Jiles and Atherton hysteresis model used for hysteresis losses estimation in soft magnetic composite (SMC) material.

Abstract

Purpose

To analyze the Jiles and Atherton hysteresis model used for hysteresis losses estimation in soft magnetic composite (SMC) material.

Design/methodology/approach

The Jiles and Atherton hysteresis model parameters are optimized with genetic algorithms (GAs) according to measured symmetric hysteresis loop of soft magnetic composite material. To overcome the uncertainty, finding the best‐optimized parameters in a wide predefined searching area is done with the proposed new approach. These parameters are then used to calculate the hysteresis losses for the modeled hysteresis. The asymmetric hysteresis loops are also investigated.

Findings

The classical GAs are good optimization methods when a pre‐defined possible set of solutions is known. If no assumption on solutions is present and a wide searching area range for parameter estimation is selected then the use of the new approach with nested GAs gives good results for symmetric hysteresis loops and further for the estimation of hysteresis losses.

Research limitations/implications

The use of the Jiles and Atherton hysteresis model for asymmetric hysteresis must be explored further. Only one set of optimized Jiles and Atherton hysteresis model parameters used for estimation of hysteresis losses gives good results for only symmetric hysteresis loops. These parameters have limitations for asymmetric hysteresis loops.

Practical implications

Nested GAs are a useful method for optimization when a wide searching area is used.

Originality/value

The originality of the paper is in the establishment of nested GAs and their application in Jiles and Atherton hysteresis model parameters optimization. Also, original is the use of the Jiles and Atherton hysteresis model for hysteresis loop description of soft‐magnetic composite material.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 25 no. 1
Type: Research Article
ISSN: 0332-1649

Keywords

Article
Publication date: 13 November 2017

Charles A.E. Goodhart and Miguel A. Segoviano

This paper proposes an objective metric to trigger bank recovery. Banks’ living wills involve both recovery and resolution. Since it may not always be clear when recovery plans or…

Abstract

Purpose

This paper proposes an objective metric to trigger bank recovery. Banks’ living wills involve both recovery and resolution. Since it may not always be clear when recovery plans or actions should be triggered, there is a role for an objective metric to trigger recovery.

Design/methodology/approach

We outline how such a metric could be constructed meeting criteria of adequate loss absorption; distinguishing between weak and sound banks; little susceptibility to manipulation; timeliness; scalable from the individual bank to the system.

Findings

We show how this would have worked in the UK, during 2007-2011.

Originality/value

This approach has the added advantage that it could be extended to encompass a whole ladder of sanctions of increasing severity as capital erodes.

Details

Journal of Financial Regulation and Compliance, vol. 25 no. 4
Type: Research Article
ISSN: 1358-1988

Keywords

Abstract

Details

Energy Economics
Type: Book
ISBN: 978-1-83867-294-2

Article
Publication date: 12 February 2018

Mário Marques, Ricardo Monteiro and Raimundo Delgado

Portugal experienced very destructive earthquakes in the past, such as the well-known “Lisbon earthquake” in 1755. With such in mind, accurate estimates of human and economic…

Abstract

Purpose

Portugal experienced very destructive earthquakes in the past, such as the well-known “Lisbon earthquake” in 1755. With such in mind, accurate estimates of human and economic losses can play a significant role in providing various societal key players with objective information for response strategies. This paper aims to present the contribution of the most recent study in Portugal (PRISE) concerning comprehensive seismic risk assessment, which can be used as good practice and reproduced in different contexts.

Design/methodology/approach

PRISE (earthquake loss assessment of the Portuguese building stock) covered three main lines of research, corresponding to the three components typically considered in any seismic risk assessment study: the characterization of the seismic hazard, the identification of the exposure to earthquakes and loss potential and the vulnerability of the exposed assets. Each of these components has been fully characterized through the collection of census and local data (exposure), used to carry out nonlinear analysis (hazard and fragility).

Findings

By involving different research institutions and partners with extensive knowledge and expertise in the earthquake domains, the developed model is capable of producing economic and human earthquake loss estimates in real time (through an innovative Web-based platform) or for specific event scenarios, considering exposed population, residential and industrial buildings. The platform uses open-source tools and hence, it can be reproduced in other countries or contexts.

Research limitations/implications

Research wise, the hazard, vulnerability and exposure models can still be significantly improved, e.g. by adding critical infrastructure (hospitals, school buildings and bridges) or updating the nonlinear models, for more accurate loss predictions.

Practical implications

The findings and loss estimates for different earthquake scenarios show that planned interventions are required. Decision-makers and other relevant stakeholders (Civil Protection) can make use of the developed platform to produce specific estimates, to test the effect of different retrofitting interventions or to plan for emergency scenarios.

Originality/value

A real-time Web-based framework to estimate building damage and economic/human losses because of seismic events has been developed, aiming to provide the Portuguese Civil Protection and other playmakers with a unique platform for planning and preparing for emergency scenarios.

Details

International Journal of Disaster Resilience in the Built Environment, vol. 9 no. 1
Type: Research Article
ISSN: 1759-5908

Keywords

1 – 10 of over 24000