1,720,963 research outputs found
Econometric analysis of the R&D performance in the national hydrogen energy technology development for measuring relative efficiency:The fuzzy AHP/DEA integrated model approach
No full textHydrogen energy technology can be one of the best key players related to the sector of the United Nations Framework Convention on Climate Change (UNFCCC) and the hydrogen economy. Comparing to other technologies, hydrogen energy technology is more environmentally sound and friendly energy technology and has great potential as a future dominant energy carrier. Advanced nations including Korea have been focusing on the development of hydrogen energy technology R&D for the sustainable development and low carbon green society. In this paper, we applied the integrated fuzzy analytic hierarchy process (Fuzzy AHP) and the data envelopment analysis (DEA) for measuring the relative efficiency of the R&D performance in the national hydrogen energy technology development. On the first stage, the fuzzy AHP effectively reflects the vagueness of human thought. On the second stage, the DEA approach measures the relative efficiency of the national R&D performance in the sector of hydrogen energy technology development with economic viewpoints. The efficiency score can be the fundamental data for policymakers for the well focused R&D planning. Crow
A novel twin asset approach for real options valuation
No full textLAUREA MAGISTRALEIn questa ricerca consideriamo il problema della valutazione di un opzione
con sottostante non negoziabile. Questo problema è frequentemente incontrato
quando si desidera prezzare un opzione reale. Qui presentiamo un
nuovo approccio basato su dati di mercato che consiste nella costruzione di
un attivo gemello negoziabile, o portfolio gemello, che funge da surrogato
dell’attivo reale del problema. Ci collochiamo in un contesto nel quale ci
sono a disposizione dati storici di flussi di cassa o del valore attuale netto
del progetto/attivo reale al fine di definire, e poi costruire, l’attivo gemello.
Questa è una situazione tipicamente incontrata quando si vuole valutare
un’opzione legata all’investimento nell’estensione di un progetto (processo
di produzione, attività di esplorazione etc.). In questa esposizione vedremo
un esempio pratico di tale opzione relativa all’attività di un’azienda Giapponese
che ha collaborato e in parte finanziato la ricerca.
Una parte significativa di questa ricerca consiste nella definizione e implementazione
di un algoritmo ottimizzato per la costruzione di un portfolio
gemello a partire da un vasto database contenente le serie temporali dei
prezzi di vari attivi quotati in mercati globali. Presenteremo un algoritmo di
ricerca basato sul clustering di serie temporali, confrontando i risultati con
un algoritmo più semplice di selezione a passi.
Le motivazioni teoriche principali di questa ricerca sono legate ai limiti
inerenti l’adozione del principio del non-arbitraggio, fondamentale nella
teoria classica della valutazione di opzioni, quando attivo surrogato e attivo
reale non sono perfettamente correlati. L’idea alla base dell’attivo gemello
è quella di superare questo inconveniente, oltre che apportare interessanti
idee per lo sviluppo di un nuovo framework per affrontare il problema del
prezzaggio. I potenziali vantaggi del nuovo approccio sono stati messi
a confronto con altri metodi di valutazione già affermati, quali il classic
market-data based e l’approccio market asset disclaimer (MAD).
Questo elaborato è organizzato come segue. Nella prima parte, dopo aver
introdotto brevemente il campo di ricerca e il contesto, presentiamo gli obiettivi
della ricerca e i risultati ottenuti. Nella seconda parte vengono rivisti
vari metodi affermati per la valutazione di opzioni reali, discutendone i loro
limiti. Inoltre vengono definiti gli obiettivi principali della ricerca. La terza
parte include una descrizione dettagliata del maximum correlation portfolio
(MCP) e del problema rilevante della ricerca di un MCP ottimale a partire
da un vasto database di attivi quotati su mercati globali. Successivamente
descriviamo il funzionamento e l’implementazione del nuovo algoritmo di
ricerca sviluppato in questo lavoro e applichiamo l’attivo gemello così ottenuto
al fine di prezzare l’opzione del nostro caso di riferimento. Nella
parte conclusiva riassumiamo i risultati ottenuti, i limiti e svantaggi del
nostro metodo e infine discutiamo possibili sviluppi futuri per estendere
la ricerca.In this work we consider the evaluation problem of an option which
is contingent on a non-tradable underlying asset. This situation typically
arises in the context of real options. We present a new market-data based
pricing framework which consists in the construction of a tradable twin asset,
or twin portfolio, employed as a surrogate of the real (non-tradable) asset.
We collocate us in a context in which historical time series data of free
cash flows (FCF), net present values (NPV) or any other relevant data related
to the underlying real asset/project are provided in order to define and
construct the twin asset. This is typically the case encountered in project
extension options. We will present and practically work on a benchmark
business case of such an extension option evaluation problem, encountered
by the Japanese company that collaborated with us.
An important part of the present work concerned the development of an
optimized algorithm to construct the twin portfolio based on historical market
data available in a large dataset. We will present our current optimized
search algorithm based on stratified hierarchical clustering of time series,
comparing its performance with a more simple, but less efficient, multi step
selection algorithm.
The main theoretical motivation of this research is related to the limitations
of the no-arbitrage pricing argument, a cornerstone in classical financial
option evaluation theory, that are encountered by the established
market data based pricing framework when the tradable surrogate asset is
not perfectly correlated with the real asset value. The main goal of our twin
asset approach is to overcome this theoretical limitation, but also to provide
some interesting ideas which could eventually lead to the development of a
new practical pricing framework for real options. In this work some of the
potential advantages of our new approach are presented when comparing
it against other established methods (e.g. classic market-data based and
market asset disclaimer (MAD) approaches).
This work is organized as follows. In the first introduction part we present
the research objectives and our main results. In the second part we review
different existing real option pricing approaches and we discuss their limitations.
Furthermore we define the main theoretical motivations behind the
research. The third part includes a detailed description of maximum correlation
portfolios (MCP) and a discussion about the problem of searching
an optimal MCP adopting a large dataset, including assets traded in several
markets. Finally we describe the new developed algorithm to perform
this task and we employ the results to practically determine the price of the
extension option considered in our benchmark case. In the concluding part
we summarize the research achievements, the shortcomings of our approach
and finally we discuss further developments for the future
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
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