623 research outputs found
Mark M. Michalski: Editorial
No full textThe Journal of Business and Public Administration wel-comes and is pleased to introduce two new Editors: Dr Jaro-slaw Wenancjusz Przybytniowski of the Department of Man-agement at Jan Kochanowski University as an Academic (Theme) Editor and Dr Dominik Dziekanski of Economic Department at Jan Kochanowski University as a Technical Editor.Journal opens with an article by professor Przybyt-niowski, titled: Competitiveness of financial distribution channels in the time of the ongoing crisis. It presents an as-sessment of service provision by insurance companies. The author shows a critical link between customers’ expectations and relationship management as of paramount importance in cultivating loyalty and continuous flow of profitable busi-ness. Just as a ditty tells us: there is no better business than repeat business. Insurance companies form a system of channels to provide the insurance services in the most opti-mal way to achieve their own goals. They allow the potential customers to use the services of channels with which the in-surance company distributes its products. Managing cus-tomer relationships is an important element of nurture loy-alty. However, it must be accompanied by appropriate measures to maintain the relationship at every level of or-ganization. The aim of this article is to analyze the insurance market in Poland from side of insurance an insurance medi-ation
Full-wave Surface Integral Equation Method for Electromagnetic-circuit Simulation of Three-dimensional Interconnects in Layered Media
No full textA new full-wave surface impedance integral equation method is presented for
three-dimensional arbitrary-shaped interconnect parasitic extraction in layered media.
Various new ways of applying voltage and current excitations for electromagnetic-circuit
simulation are introduced. A new algorithm is proposed for matrix formation
of electromagnetic-circuit simulation, low frequency solution and layered media so
that it can be easily integrated to a Rao-Wilton-Glisson based method of moment
code. Two mixed potential integral equation forms of the electric field integral equation
are adapted along with the Michalski-Mosig formulations for layered kernels to
model electromagnetic interactions of interconnects in layered media over a conducting
substrate. The layered kernels are computed directly for controllable accuracy. The proposed methods are validated against existing methods for both electromagnetic and electromagnetic-circuit problems
A finite element approach to the 3D CSEM modeling problem and applications to the study of the effect of target interaction andtopography
No full textThe solution of the secondary coupled-vector potential formulation of Maxwell??s equations governing the controlled-source electromagnetic (CSEM) response of an arbitrary, threedimensionalconductivitymodelmust be calculatednumerically.The finite elementmethod is attractive, because it allows the model to be discretized into an unstructured mesh, permitting the specification of realistic irregular conductor geometries, and permitting the mesh to be refined locally, where finer resolution is needed. The calculated results for a series ofsimple test problems, ranging from one-dimensionalscalar differentialequations to three-dimensional coupled vector equations match the known analytic solutions well, with error values several orders of magnitude smaller than the calculated values. The electromagnetic fields of a fully three-dimensional CSEM model, recovered from the potentials using the moving least squares interpolation numerical differentiation algorithm, compares well with published numerical modeling results, particularly when local refinement is applied. Multiple buried conductors in a conductive host interact via mutual induction and current flow through the host due to the dissipation of charge accumulated on the conductor boundary. The effect of this interaction varies with host conductivity, transmitter frequency, and conductor geometry, orientation, and conductivity. For three test models containingtwo highly conductive plate-like targets, oriented in various geometries (parallel, perpendicular, and horizontal), mutual coupling ranges as high as twenty times the total magnetic field. The effect of varying host conductivity is significant, especially at high frequencies. Numerical modeling also shows that the vorticity of the currents density induced in a vertically oriented plate-like conductor rotates from vertical at high frequencies, to horizontal at low frequencies, a phenomenon confirmed by comparison with time domain field data collected in Brazos County, Texas. Furthermore, the effect of the presence of a simple horst on the CSEM response of a homogeneous conductive earth is significant, even when the height of the horst is only a fraction of the skin depth of the model. When the transmitter is placedon topofthe horst, the currents inducedtherein account for nearly all of the total magnetic field of the model, indicating that topography, like mutual coupling must be accounted for when interpreting CSEM data
Heidegger and rhetoric
No full textIncludes bibliographical references (p. 177-183) and indexes.edited by Daniel M. Gross and Ansgar Kemmann.Introduction: Being-moved: the pathos of Heidegger's rhetorical ontology / Daniel M. Gross -- Ansgar Kemmann -- Mark Michalski -- Michael J. Hyde -- Nancy S. Struever -- Theodore Kisiel -- Otto Pèoggeler. Heidegger as rhetor: Hans-Georg Gadamer interviewed / Hermeneutic phenomenology as philology / A matter of the heart: epideictic rhetoric and Heidegger's call of conscience / Alltèaglichkeit, timefulness, in the Heideggerian program / Rhetorical protopolitics in Heidegger and Arendt / Heidegger's restricted conception of rhetoric
Do countries falsify economic data strategically? Some evidence that they might.
No full textUsing Benford's Law, we find evidence supporting the hypothesis that countries at times misreport their economic data strategically. We group countries with similar economic conditions and find that for countries with fixed exchange rate regimes, high negative net foreign asset positions, negative current account balances or more vulnerable to capital flow reversals we reject the first-digit law for the balance of payments data. This corroborates the intuition of a simple economic model. The main results do not seem to be driven by countries in Sub-Saharan Africa or those with low institutional quality ratings.capital flows; public information provision; misinformation; Benford's Law; transparency
Optical modeling and resist metrology for deep-UV photolithography
No full textThis thesis first presents a novel and highly accurate methodology for investigating
the kinetics of photoacid diffusion and catalyzed-deprotection of positive-tone
chemically amplified resists during post exposure bake (PEB) by in-situ monitoring the
change of resist and capacitance (RC) of resist film during PEB. Deprotection converts
the protecting group to volatile group, which changes the dielectric constant of resist. So
the deprotection rate can be extracted from the change of capacitance. The photoacid
diffusivity is extracted from the resistance change because diffusivity determines the rate
of change of the acid distribution. Furthermore, by comparing the R and C curves, the
dependence of acid diffusivity on reaction state can be extracted. The kinetics of
non-Fickean acid transportation, deprotection, free volume generation and
absorption/escaping, and resist shrinkage is analyzed and a comprehensive model is
proposed that includes these chemical/physical mechanisms.
Then in this thesis a novel lithographic technique, liquid immersion contact
lithography (LICL) is proposed and the simulations are performed to illustrate its main features and advantages. Significant depth-of-field (DOF) enhancement can be achieved
for large pitch gratings with deep-UV light (������=248nm) illumination with both TM and
TE polarizations by liquid immersion. Better than 100nm DOF can be achieved by when
printing 70nm apertures. The simulation results show that it is very promising to apply
this technique in scanning near field optical microscopy.
Finally, a rigorous, full vector imaging model of non-ideal mask is developed and
the simulation of the imaging of such a mask with 2D roughness is performed. Line edge
roughness (LER) has been a major issue limiting the performance of sub-100nm
photolithography. A lot of factors contribute to LER, including mask roughness, lens
imperfection, resist chemistry, process variation, etc. To evaluate the effect of mask
roughness on LER, a rigorous full vector model has been developed by the author. We
calculate the electromagnetic (EM) field immediately after a rough mask by using
TEMPEST and simulate the projected wafer image with SPLAT. The EM field and wafer
image deviate from those from an ideal mask. LER is finally calculated based on the
projected image
In memoriam: Bernard T. Pitsvada, Ph.D.
No full textA remarkable man and a true friend, and mentor passed away on May 9, 2014. Dr. Bernard T. Pitsvada was a man of many dimensions, and he excelled in each. He was born in Burlington, New Jersey in 1933, and attended Temple University in Philadelphia, but he spent his whole adult life in the service of the United States government. He started out by serving 3 years in the Army (Intelligence) in Japan and Korea. He became interested in the business of governing, and when he got out of the Army he obtained a Ph.D. in Government at American University in 1972. Dr. Pitsvada spent thirty years in the Defense Department, mostly in the Office of the Comptroller. Bernie was a master of the strategies and techniques of public finance, but also a noted expert on the broader issues of U. S. foreign policy, and was the author of highly regarded books on both subjects
ON THE FAR-ZONE ELECTROMAGNETIC FIELD OF A VERTICAL AND HORIZONTAL ELECTRICAL DIPOLE OVER AN IMPERFECTLY CONDUCTING HALF-SPACE WITH EXTENSIONS TO PLASMONICS
No full textThe new asymptotic formulas for the radiation fields from vertical and horizontal electric dipoles over an imperfectly conducting half-space are derived using the modified saddle point method. The asymptotic formulation is assessed in comparison with the Norton-Bannister formula, King formula, and the results of rigorous numerical evaluation of the Sommerfeld integrals. From RMS errors of the numerical results of the field patterns and surface field plots, the new second-order asymptotic formulation has been found to be more accurate than the other compared formula for the problems with seawater in microwave range and gold in the visible range, especially in the plasmonic case
IVGPR: A New Program for Advanced End-To-End GPR Processing
No full textGround penetrating radar (GPR) processing workflows commonly rely on techniques
developed particularly for seismic reflection imaging. Although this practice has produced
an abundance of reliable results, it is limited to basic applications. As the popularity of
GPR continues to surge, a greater number of complex studies demand the use of routines
that take into account the unique properties of GPR signals. Such is the case of surveys
that examine the material properties of subsurface scatterers. The nature of these complicated
tasks have created a demand for GPR-specific processing packages flexible enough
to tackle new applications. Unlike seismic processing programs, however, GPR counterparts
often afford only a limited amount of functionalities. This work produced a new
GPR-specific processing package, dubbed IVGPR, that offers over 60 fully customizable
procedures. This program was built using the modern Fortran programming language in
combination with serial and parallel optimization practices that allow it to achieve high
levels of performance. Within its many functions, IVGPR provides the rare opportunity
to apply a three-dimensional single-component vector migration routine. This could be
of great value for advanced workflows designed to develop and test new true-amplitude
and inversion algorithms. Numerous examples given through this work demonstrate the
effectiveness of key routines in IVGPR. Additionally, three case studies show end-to-end
applications of this program to field records that produced satisfactory result well-suited
interpretatio
Value-Based Working Capital Management Determining Liquid Asset Levels in Entrepreneurial Environments
No full textCollected data and research material presented in the monograph are a result of financing of the Polish science budget in the years 2011−14; the research project was financed by the National Science Centre according to decision no. DEC-2011/01/B/HS4/04744.
The project that resulted in this monograph was financed from public funds for education for 2011 − 2014, the National Science Center under Contract No. DEC-2011/01/B/HS4/04744.Value-Based Working Capital Management analyzes the causes and effects of improper cash flow management between entrepreneurial organizations with varying levels of risk. This work looks at the motives and criteria for decision-making by entrepreneurs in their efforts to protect the financial security of their businesses and manage financial liquidity. Michalski argues that businesses exposed to greater risk need a different approach to managing liquidity levels. The scientific aim of this monograph is to present the essence of financial liquidity management under specific conditions faced by enterprises with risk and uncertainty. Enterprises differ from one another in risk sensitivity. This difference affects the area of taking decisions by the managers of those enterprises. The result of interactions between levels of liquidity and sensitivity to risk affects the managers of such enterprises (Altman 1984; Tobin 1958; Back 2001; Tobin 1969). In this monograph the research hypothesis is the claim that enterprises with a higher sensitivity to risk are very different from enterprises with a lower sensitivity to risk, resulting in a different approach to managing their working capital. Enterprise managing teams react to risk, and this reaction is adjusted by an enterprise’s sensitivity to risk. Because of its subject area, the book will address the issues of corporate finance. The monograph discusses the behavior of enterprises and the relationships between them and other factors in the market occurring in the management process under the conditions of limited resources. As a result of these interactions with the market and the environment in which individuals who manage enterprises operate, there is an interaction between money and real processes that in the end are the cornerstone of wealth building. This chapter discusses the objectives and nature of enterprises in the context of their risk sensitivity, as well as the relationships between the objectives of enterprises and the characteristic features of their businesses. Enterprises operate in various business environments, but generally speaking, they all have one main aim: wealth creation for their owners. The realization of that aim depends on an idea of business in which the enterprise is an instrument to collect money from clients of the enterprise’s services and products. Business environment is crucial not only for future enterprise cash inflows from the market but also for risk and uncertainty (Asch, and Kaye 1997; Copeland, and Weston 1988; Fazzari, and Petersen 1993). According to the author, it is necessary to include an understanding of that risk and uncertainty of future in the rate that reduces the net size of free cash flows for the enterprise owners, beneficiaries, or more generally stakeholders. Enterprise value creation is the main financial aim of the firm in relation to working capital components (Graber 1948; Jensen, and Meckling 1976; Lazaridis, and Trifonidis 2006). Working capital management is a part of a general enterprise strategy to its value maximization (Laffer 1970; Kieschnick, Laplante, and Moussawi 2009; Lyland, and Pyle 1977). This chapter presents a definition of financial liquidity and liquidity-level measurements. This chapter contains four subchapters that address the specific role of short-term financial decisions, a classification of definitions of financial liquidity, sources of information about liquidity level, and liquidity-level measurements (Lazaridis and Tryfonidis 2006; Long, Malitz, and Ravid 1993; Kieschnick, Laplante, and Moussawi 2009). Financial liquidity definition and liquidity-level measurements Here we have an opportunity to present the author’s opinion on what assets should be financed with short-term funds and what the level of liquidity is in an enterprise (Michalski 2012a). The discussion also pertains to the issue of the dividing line between long-term and short-term decisions, with greater emphasis on the durability of their effects, rather than the decision-making speed. This section also attempts to answer the question: What are the short-term effects of operations under conditions of uncertainty and risk? The reason for the considerations in this section is the need to characterize the decisions that affect the level of enterprise liquidity. The research hypothesis of this monograph assumes that differences between more risk sensitive and less risk sensitive enterprises are seen in liquidity management. Simply because the enterprises, during financial liquidity management, take into account the differences in their risk sensitivity. This chapter discusses the relationship between firm value and business risk sensitivity. The chapter starts with a presentation of intrinsic liquidity value and firm reactions to market liquidity value. This is the basis for target liquidity level in the enterprise. Liquid assets are the main part of working capital assets, so the next part of the chapter focuses on working capital investment strategies and strategies of financing such investments in working capital in the context of firm value creation. The chapter concludes that, from a firm-value-creation point of view, more risk-sensitive entities should use flexible-conservative strategies, while less risk-sensitive entities have the freedom to use restrictive-aggressive strategies. In the context of a crisis, this is the clear answer and explanation for higher levels of working capital investments observed empirically during and after a crisis. The determinants of intrinsic value of liquidity are attributed to liquidity by enterprise management. Enterprises in which financial liquidity has a high internal value will have a tendency to maintain reasonable liquid resource assets at a higher level. The levels of stocks of funds maintained by enterprises are also the result of the relationship between the liquidity market value and the intrinsic value of liquidity. It demonstrates how to approach the estimation of liquidity and presents the market value of liquidity. Having connected this information with the knowledge of manifestations of the internal liquidity, we can offer an explanation as to why the target (and also probably the optimal) level of liquidity for enterprises with higher-than-average risk sensitivity is at a higher level than the corresponding target (optimal) level for enterprises with a lower level of risk sensitivity. Working capital value-based management models In this part of the monograph we discuss the items contained within the cost of maintaining inventory. Using this approach, a model of managing inventories is presented. Theoretically, the value-maximizing optimal level of inventory is determined to be the modified EOQ model, presented as VBEOQ model. We also present an outline of issues associated with the risk of inventory management and its impact on the value of the enterprise for its owner. We also discuss the principle of the optimal batch production model and how the size of the production batch affects the value of the enterprise for its owner. Here also is demonstrated a modification of the POQ model: VBPOQ. The proposed modification takes into account the rate of the cost of capital financing and the measures involved in inventory when determining the optimal batch production. When managing the commitment of the inventory, it is crucial to take into account the impact of such decisions on the long-term effectiveness of the enterprise. This chapter also discusses the relationships between the management of accounts receivables and the value of a business. A modified (considering the value of a business) model of incremental analysis of receivables is presented, as is a discussion of the importance of capacity utilization by an enterprise for making management decisions pertaining to accounts receivables. Issues related to the management of working capital and enterprise liquidity are and will be an area of research. The analysis in this study focused primarily on working capital and liquidity management; understanding its specifics will facilitate the management of liquidity in any type of organization. Working capital as a specific buffer against risk has its special role during a crisis and can serve as a good forecasting indicator about future economic problems in the economy if a whole business environment notices higher levels of working capital and its components, like cash, inventories, and accounts receivables. The scientific value of the issues discussed in the book is associated with the issue of working capital and liquidity management in enterprises. It is also a result of the exploration and definition of the main financial objective of businesses and the relationship between the objective and the management of working capital and enterprise liquidity. The choice of topic and the contents of research resulted also from empirical observation. Empirical data on enterprises that operate in countries touched by the last crisis document higher-than-average levels of working capital before, during, and after the crisis in these enterprises. These conditions provided the means for a “natural experiment” of sorts. From that point, working capital management theory faced a necessity of even wider development.Collected data and research material presented in the monograph are a result of financing of the Polish science budget in the years 2011−14; the research project was financed by the National Science Centre according to decision no. DEC-2011/01/B/HS4/04744. The project that resulted in this monograph was financed from public funds for education for 2011 − 2014, the National Science Center under Contract No. DEC-2011/01/B/HS4/04744.How to Cite this Book Harvard Grzegorz Michalski . (April 2014). Value-Based Working Capital Management . [Online] Available at: http://www.palgraveconnect.com/pc/doifinder/10.1057/9781137391834. (Accessed: 28 May 2014). APA Grzegorz Michalski . (April 2014). Value-Based Working Capital Management . Retrieved from http://www.palgraveconnect.com/pc/doifinder/10.1057/9781137391834 MLA Grzegorz Michalski . Value-Based Working Capital Management . (April 2014) Palgrave Macmillan. 28 May 2014. Vancouver Grzegorz Michalski . Value-Based Working Capital Management [internet]. New York: Palgrave Macmillan; April 2014. [cited 2014 May 28]. Available from: http://www.palgraveconnect.com/pc/doifinder/10.1057/9781137391834 OSCOLA Grzegorz Michalski , Value-Based Working Capital Management , Palgrave Macmillan April 2014Author Biography Grzegorz Michalski is Assistant Professor of Corporate Finance at the Wroclaw University of Economics, Poland. His main areas of research are Business Finance and Financial Liquidity Management. He is currently studying the liquidity decisions made by organizations. He is the author or co-author of over 80 papers and 10 books, and sits on the editorial board of international conferences and journals. Reviews 'Due to the recent financial crisis, interest in the topic of working capital has grown significantly to both theory and practice. The research results presented by Grzegorz Michalski contribute to the development of a comprehensive theory of liquidity management and the creation of an integrated working capital and liquidity for different types of business model. The job is processed on a high quality level." -Marek Panfil, Ph.D, Director of Business Valuation Department Warsaw School of Economics 'The book of Grzegorz Michalski is a very good publication that has found the right balance between theory and practical aspects of financial liquidity management. It is extremely timely and valuable, and should be required reading for all corporate finance practitioners, academicians, and students of finance. Value-Based Working Capital Management is comprehensive, highly readable publication, and replete with useful practical examples. It has also enabled corporate leaders to make better-informed decisions in their efforts to protect the financial security of their businesses and manage financial liquidity.' -Petr Polak, Author of Centralization of Treasury Management, and Associate Professor of Finance, University of Brunei DarussalamREFERENCES Introduction Adner, R., and D. A. Levinthal (2004). “What Is Not a Real Option: Considering Boundaries for the Application of Real Options to Business Strategy.” Academy of Management Review 29(1). Altman, E. (1984). “A Further Empirical Investigation of the Bankruptcy Cost Question.” Journal of Finance 39. Back, P. (2001). “Testing Liquidity Measures as Bankruptcy Prediction Variables.” Liiketaloudellinen Aikakauskirja—The Finnish Journal of Business Economics 2001(3). Baker, M., and J. 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