Journal articles: 'Optimal distribution of dividends'

1

Dickson, David C. M., and Howard R. Waters. "Some Optimal Dividends Problems." ASTIN Bulletin 34, no. 01 (May 2004): 49–74. http://dx.doi.org/10.2143/ast.34.1.504954.

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We consider a situation originally discussed by De Finetti (1957) in which a surplus process is modified by the introduction of a constant dividend barrier. We extend some known results relating to the distribution of the present value of dividend payments until ruin in the classical risk model and show how a discrete time risk model can be used to provide approximations when analytic results are unavailable. We extend the analysis by allowing the process to continue after ruin.

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Dickson, David C. M., and Howard R. Waters. "Some Optimal Dividends Problems." ASTIN Bulletin 34, no. 1 (May 2004): 49–74. http://dx.doi.org/10.1017/s0515036100013878.

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We consider a situation originally discussed by De Finetti (1957) in which a surplus process is modified by the introduction of a constant dividend barrier. We extend some known results relating to the distribution of the present value of dividend payments until ruin in the classical risk model and show how a discrete time risk model can be used to provide approximations when analytic results are unavailable. We extend the analysis by allowing the process to continue after ruin.

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3

Qoshen, Zohar. "Optimal Dividend Policy and Tax Distortions." Israel Law Review 28, no. 1 (1994): 23–42. http://dx.doi.org/10.1017/s0021223700017039.

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A logical starting point for any discussion about dividends is the Irrelevance Theorem developed by Modigliani & Miller. According to this theorem, dividend policy does not affect the firm's value if its investment policy is predetermined. In practice, however, the market does not behave in this manner. Firms do distribute dividends, and increases in dividends usually lead to increases in share prices. Given the inferior tax treatment of cash dividends as opposed to capital gains and the high costs involved in raising new funds in the market, this suggests, contrary to the irrelevance theorem, that investors and managers do care about dividend policy. This phenomenon is known as the “Dividend Puzzle”.The literature on dividend policy revolves around this “puzzle”. Why do managers distribute dividends at all? Why do investors care about dividends? Various explanations have been offered suggesting some benefits to compensate for the extra costs associated with dividend distribution: information or signaling effects (managers use dividends to credibly signal their forecast of the firm's future performance through changes in the level of distribution); reduction of agency costs (by both driving the firm into the capital market and diminishing the internal cash flow available to management).

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Zhu, Jinxia, and Hailiang Yang. "Optimal financing and dividend distribution in a general diffusion model with regime switching." Advances in Applied Probability 48, no. 2 (June 2016): 406–22. http://dx.doi.org/10.1017/apr.2016.7.

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Abstract We study the optimal financing and dividend distribution problem with restricted dividend rates in a diffusion type surplus model, where the drift and volatility coefficients are general functions of the level of surplus and the external environment regime. The environment regime is modeled by a Markov process. Both capital injection and dividend payments incur expenses. The objective is to maximize the expectation of the total discounted dividends minus the total cost of the capital injection. We prove that it is optimal to inject capital only when the surplus tends to fall below 0 and to pay out dividends at the maximal rate when the surplus is at or above the threshold, dependent on the environment regime.

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Avanzi, Benjamin, and Hans U. Gerber. "Optimal Dividends in the Dual Model with Diffusion." ASTIN Bulletin 38, no. 02 (November 2008): 653–67. http://dx.doi.org/10.2143/ast.38.2.2033357.

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In the dual model, the surplus of a company is a Lévy process with sample paths that are skip-free downwards. In this paper, the aggregate gains process is the sum of a shifted compound Poisson process and an independent Wiener process. By means of Laplace transforms, it is shown how the expectation of the discounted dividends until ruin can be calculated, if a barrier strategy is applied, and how the optimal dividend barrier can be determined. Conditions for optimality are discussed and several numerical illustrations are given. Furthermore, a family of models is analysed where the individual gain amount distribution is rescaled and compensated by a change of the Poisson parameter.

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Avanzi, Benjamin, and Hans U. Gerber. "Optimal Dividends in the Dual Model with Diffusion." ASTIN Bulletin 38, no. 2 (November 2008): 653–67. http://dx.doi.org/10.1017/s0515036100015324.

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In the dual model, the surplus of a company is a Lévy process with sample paths that are skip-free downwards. In this paper, the aggregate gains process is the sum of a shifted compound Poisson process and an independent Wiener process. By means of Laplace transforms, it is shown how the expectation of the discounted dividends until ruin can be calculated, if a barrier strategy is applied, and how the optimal dividend barrier can be determined. Conditions for optimality are discussed and several numerical illustrations are given. Furthermore, a family of models is analysed where the individual gain amount distribution is rescaled and compensated by a change of the Poisson parameter.

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Hartono, Powell Gian, Wahyuni Rusliyana Sari, Georgina Maria Tinungki, Jakaria Jakaria, and Agus Budi Hartono. "The Determinants of Dividend Policy: An Empirical Study of Inconsistent Distribution of Dividends Using Balanced Panel Data Analysis." Media Ekonomi dan Manajemen 36, no. 2 (July 1, 2021): 89. http://dx.doi.org/10.24856/mem.v36i2.2023.

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<p>The inconsistent distribution of dividends is a unique phenomenon and it needs to be examined. Therefore, the purpose of this study is to examine ten predictors affecting dividend policy of the inconsistent distribution of dividends. This study used the purposive sampling method to analyze the data that were obtained from a total sample of 133 observation objects collected in the 19 real estates, property, and building construction companies listed on the IDX Between 2013 - 2019. Furthermore, the method used is hypotheses testing and statistical analysis tool used is the hierarchical multiple panel data regression with the Least Squares Dummy Variables. The results obtained from panel A are firm risk, financial leverage, and investment opportunity that affect the dividend policy. Meanwhile, the panel B results are company risk, financial leverage, investment opportunity, and previous dividend, although the previous dividend had no effect due to the different direction of influence. This study proves the determinants and relevance of the parametric statistical analysis in the inconsistent distribution of dividends. Moreover, it is useful for managerial practitioners to pay attention to predictors for increasing company performances and to ensure investors obtain optimal return of their dividend.</p>

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8

Yao, Dingjun, Hailiang Yang, and Rongming Wang. "OPTIMAL DIVIDEND AND REINSURANCE STRATEGIES WITH FINANCING AND LIQUIDATION VALUE." ASTIN Bulletin 46, no. 2 (January 25, 2016): 365–99. http://dx.doi.org/10.1017/10.1017/asb.2015.28.

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AbstractThis study investigates a combined optimal financing, reinsurance and dividend distribution problem for a big insurance portfolio. A manager can control the surplus by buying proportional reinsurance, paying dividends and raising money dynamically. The transaction costs and liquidation values at bankruptcy are included in the risk model. Under the objective of maximising the insurance company's value, we identify the insurer's joint optimal strategies using stochastic control methods. The results reveal that managers should consider financing if and only if the terminal value and the transaction costs are not too high, less reinsurance is bought when the surplus increases or dividends are always distributed using the barrier strategy.

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9

Dickson, D. C. M., and S. Drekic. "Optimal Dividends Under a Ruin Probability Constraint." Annals of Actuarial Science 1, no. 2 (September 2006): 291–306. http://dx.doi.org/10.1017/s1748499500000166.

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ABSTRACTWe consider a classical surplus process modified by the payment of dividends when the insurer's surplus exceeds a threshold. We use a probabilistic argument to obtain general expressions for the expected present value of dividend payments, and show how these expressions can be applied for certain individual claim amount distributions. We then consider the question of maximising the expected present value of dividend payments subject to a constraint on the insurer's ruin probability.

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10

Zou, Zhentao. "Optimal dividend-distribution strategy under ambiguity aversion." Operations Research Letters 48, no. 4 (July 2020): 435–40. http://dx.doi.org/10.1016/j.orl.2020.05.004.

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11

Jiang, Zhengjun, and Martijn Pistorius. "Optimal dividend distribution under Markov regime switching." Finance and Stochastics 16, no. 3 (March 1, 2012): 449–76. http://dx.doi.org/10.1007/s00780-012-0174-3.

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12

Kyprianou, A. E., and Z. Palmowski. "Distributional Study of De Finetti's Dividend Problem for a General Lévy Insurance Risk Process." Journal of Applied Probability 44, no. 02 (June 2007): 428–43. http://dx.doi.org/10.1017/s0021900200003077.

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We provide a distributional study of the solution to the classical control problem due to De Finetti (1957), Gerber (1969), Azcue and Muler (2005), and Avram et al. (2007), which concerns the optimal payment of dividends from an insurance risk process prior to ruin. Specifically, we build on recent work in the actuarial literature concerning calculations of the nth moment of the net present value of dividends paid out in the optimal strategy as well as the moments of the deficit at ruin and the Laplace transform of the red period. The calculations we present go much further than the existing literature, in that our calculations are valid for a general spectrally negative Lévy process as opposed to the classical Cramér–Lundberg process with exponentially distributed jumps. Moreover, the technique we use appeals principally to excursion theory rather than integro-differential equations and, for the case of the nth moment of the net present value of dividends, makes a new link with the distribution of integrated exponential subordinators.

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13

Kyprianou, A. E., and Z. Palmowski. "Distributional Study of De Finetti's Dividend Problem for a General Lévy Insurance Risk Process." Journal of Applied Probability 44, no. 02 (June 2007): 428–43. http://dx.doi.org/10.1017/s0021900200117930.

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We provide a distributional study of the solution to the classical control problem due to De Finetti (1957), Gerber (1969), Azcue and Muler (2005), and Avram et al. (2007), which concerns the optimal payment of dividends from an insurance risk process prior to ruin. Specifically, we build on recent work in the actuarial literature concerning calculations of the nth moment of the net present value of dividends paid out in the optimal strategy as well as the moments of the deficit at ruin and the Laplace transform of the red period. The calculations we present go much further than the existing literature, in that our calculations are valid for a general spectrally negative Lévy process as opposed to the classical Cramér–Lundberg process with exponentially distributed jumps. Moreover, the technique we use appeals principally to excursion theory rather than integro-differential equations and, for the case of the nth moment of the net present value of dividends, makes a new link with the distribution of integrated exponential subordinators.

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14

Kyprianou, A. E., and Z. Palmowski. "Distributional Study of De Finetti's Dividend Problem for a General Lévy Insurance Risk Process." Journal of Applied Probability 44, no. 2 (June 2007): 428–43. http://dx.doi.org/10.1239/jap/1183667412.

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We provide a distributional study of the solution to the classical control problem due to De Finetti (1957), Gerber (1969), Azcue and Muler (2005), and Avram et al. (2007), which concerns the optimal payment of dividends from an insurance risk process prior to ruin. Specifically, we build on recent work in the actuarial literature concerning calculations of the nth moment of the net present value of dividends paid out in the optimal strategy as well as the moments of the deficit at ruin and the Laplace transform of the red period. The calculations we present go much further than the existing literature, in that our calculations are valid for a general spectrally negative Lévy process as opposed to the classical Cramér–Lundberg process with exponentially distributed jumps. Moreover, the technique we use appeals principally to excursion theory rather than integro-differential equations and, for the case of the nth moment of the net present value of dividends, makes a new link with the distribution of integrated exponential subordinators.

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15

Avram, Florin, Andras Horváth, Serge Provost, and Ulyses Solon. "On the Padé and Laguerre–Tricomi–Weeks Moments Based Approximations of the Scale Function W and of the Optimal Dividends Barrier for Spectrally Negative Lévy Risk Processes." Risks 7, no. 4 (December 11, 2019): 121. http://dx.doi.org/10.3390/risks7040121.

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This paper considers the Brownian perturbed Cramér–Lundberg risk model with a dividends barrier. We study various types of Padé approximations and Laguerre expansions to compute or approximate the scale function that is necessary to optimize the dividends barrier. We experiment also with a heavy-tailed claim distribution for which we apply the so-called “shifted” Padé approximation.

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16

Angoshtari, Bahman, Erhan Bayraktar, and Virginia R. Young. "Optimal Dividend Distribution Under Drawdown and Ratcheting Constraints on Dividend Rates." SIAM Journal on Financial Mathematics 10, no. 2 (January 2019): 547–77. http://dx.doi.org/10.1137/18m119567x.

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17

V. Gapeev, Pavel, and Hessah Al Motairi. "Perpetual American Defaultable Options in Models with Random Dividends and Partial Information." Risks 6, no. 4 (November 6, 2018): 127. http://dx.doi.org/10.3390/risks6040127.

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We present closed-form solutions to the perpetual American dividend-paying put and call option pricing problems in two extensions of the Black–Merton–Scholes model with random dividends under full and partial information. We assume that the dividend rate of the underlying asset price changes its value at a certain random time which has an exponential distribution and is independent of the standard Brownian motion driving the price of the underlying risky asset. In the full information version of the model, it is assumed that this time is observable to the option holder, while in the partial information version of the model, it is assumed that this time is unobservable to the option holder. The optimal exercise times are shown to be the first times at which the underlying risky asset price process hits certain constant levels. The proof is based on the solutions of the associated free-boundary problems and the applications of the change-of-variable formula.

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18

Cheung, Eric C. K., and Steve Drekic. "Dividend Moments in the Dual Risk Model: Exact and Approximate Approaches." ASTIN Bulletin 38, no. 02 (November 2008): 399–422. http://dx.doi.org/10.2143/ast.38.2.2033347.

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In the classical compound Poisson risk model, it is assumed that a company (typically an insurance company) receives premium at a constant rate and pays incurred claims until ruin occurs. In contrast, for certain companies (typically those focusing on invention), it might be more appropriate to assume expenses are paid at a fixed rate and occasional random income is earned. In such cases, the surplus process of the company can be modelled as a dual of the classical compound Poisson model, as described in Avanzi et al. (2007). Assuming further that a barrier strategy is applied to such a model (i.e., any overshoot beyond a fixed level caused by an upward jump is paid out as a dividend until ruin occurs), we are able to derive integro-differential equations for the moments of the total discounted dividends as well as the Laplace transform of the time of ruin. These integro-differential equations can be solved explicitly assuming the jump size distribution has a rational Laplace transform. We also propose a discrete-time analogue of the continuous-time dual model and show that the corresponding quantities can be solved for explicitly leaving the discrete jump size distribution arbitrary. While the discrete-time model can be considered as a stand-alone model, it can also serve as an approximation to the continuous-time model. Finally, we consider a generalization of the so-called Dickson-Waters modification in optimal dividends problems by maximizing the difference between the expected value of discounted dividends and the present value of a fixed penalty applied at the time of ruin.

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19

Cheung, Eric C. K., and Steve Drekic. "Dividend Moments in the Dual Risk Model: Exact and Approximate Approaches." ASTIN Bulletin 38, no. 2 (November 2008): 399–422. http://dx.doi.org/10.1017/s0515036100015221.

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In the classical compound Poisson risk model, it is assumed that a company (typically an insurance company) receives premium at a constant rate and pays incurred claims until ruin occurs. In contrast, for certain companies (typically those focusing on invention), it might be more appropriate to assume expenses are paid at a fixed rate and occasional random income is earned. In such cases, the surplus process of the company can be modelled as a dual of the classical compound Poisson model, as described in Avanzi et al. (2007). Assuming further that a barrier strategy is applied to such a model (i.e., any overshoot beyond a fixed level caused by an upward jump is paid out as a dividend until ruin occurs), we are able to derive integro-differential equations for the moments of the total discounted dividends as well as the Laplace transform of the time of ruin. These integro-differential equations can be solved explicitly assuming the jump size distribution has a rational Laplace transform. We also propose a discrete-time analogue of the continuous-time dual model and show that the corresponding quantities can be solved for explicitly leaving the discrete jump size distribution arbitrary. While the discrete-time model can be considered as a stand-alone model, it can also serve as an approximation to the continuous-time model. Finally, we consider a generalization of the so-called Dickson-Waters modification in optimal dividends problems by maximizing the difference between the expected value of discounted dividends and the present value of a fixed penalty applied at the time of ruin.

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20

Zhu, Jinxia. "OPTIMAL FINANCING AND DIVIDEND DISTRIBUTION WITH TRANSACTION COSTS IN THE CASE OF RESTRICTED DIVIDEND RATES." ASTIN Bulletin 47, no. 1 (October 5, 2016): 239–68. http://dx.doi.org/10.1017/asb.2016.29.

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AbstractWe consider the optimal financing (capital injections) and dividend payment problem for a Brownian motion model in the case of restricted dividend rates. The company has no obligation to inject capitals and therefore, the bankruptcy risk is present. Capital injections, if any, will incur both fixed and proportional transaction costs and dividend payments incur proportional transaction costs. The aim is to find the optimal strategy to maximize the expected present value of dividend payments minus the total cost of capital injections up to the time of bankruptcy. The problem is formulated as a mixed impulse-regular control problem. We address the problem via studying three cases of two auxiliary functions. We derive important analytical properties of the auxiliary functions and use them to study the value function and then identify the optimal control strategy. We show that the optimal dividend control is of threshold type and the optimal financing strategy prescribes to either never inject capitals or inject capitals only when the surplus reaches 0 with a fixed lump sum amount.

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21

Azcue, Pablo, and Nora Muler. "OPTIMAL REINSURANCE AND DIVIDEND DISTRIBUTION POLICIES IN THE CRAMER-LUNDBERG MODEL." Mathematical Finance 15, no. 2 (April 2005): 261–308. http://dx.doi.org/10.1111/j.0960-1627.2005.00220.x.

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22

Taksar, Michael I. "Optimal risk and dividend distribution control models for an insurance company." Mathematical Methods of Operations Research (ZOR) 51, no. 1 (February 17, 2000): 1–42. http://dx.doi.org/10.1007/s001860050001.

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23

Zhu, Jinxia, and Hailiang Yang. "Optimal capital injection and dividend distribution for growth restricted diffusion models with bankruptcy." Insurance: Mathematics and Economics 70 (September 2016): 259–71. http://dx.doi.org/10.1016/j.insmatheco.2016.05.011.

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24

Chen, Yi-Cheng, and Chia-Chi You. "Optimal Design of a Secondary Optical Element for a Noncoplanar Two-Reflector Solar Concentrator." International Journal of Photoenergy 2015 (2015): 1–8. http://dx.doi.org/10.1155/2015/861353.

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This paper presents the results of a parametric design process used to achieve an optimal secondary optical element (SOE) in a noncoplanar solar concentrator composed of two reflectors. The noncoplanar solar concentrator comprises a primary parabolic mirror (M1) and a secondary hyperbolic mirror (M2). The optical performance (i.e., acceptance angle, optical efficiency, and irradiance distribution) of concentrators with various SOEs was compared using ray-tracing simulation. The parametric design process for the SOE was divided into two phases, and an optimal SOE was obtained. The sensitivity to assembly errors of the solar concentrator when using the optimal SOE was studied and the findings are discussed.

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Yang, Yang, Isao Shoji, and Sumei Kanehiro. "Optimal dividend distribution policy from the perspective of the impatient and loss-averse investor." Journal of Socio-Economics 38, no. 3 (June 2009): 534–40. http://dx.doi.org/10.1016/j.socec.2009.02.009.

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26

Xu, Jingfeng, and Ming Zhou. "Optimal risk control and dividend distribution policies for a diffusion model with terminal value." Mathematical and Computer Modelling 56, no. 7-8 (October 2012): 180–90. http://dx.doi.org/10.1016/j.mcm.2011.12.041.

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Højgaard, Bjarne, and Michael Taksar. "Optimal dynamic portfolio selection for a corporation with controllable risk and dividend distribution policy." Quantitative Finance 4, no. 3 (June 2004): 315–27. http://dx.doi.org/10.1088/1469-7688/4/3/007.

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28

Choulli, Tahir, Michael Taksar, and Xun Yu Zhou. "A Diffusion Model for Optimal Dividend Distribution for a Company with Constraints on Risk Control." SIAM Journal on Control and Optimization 41, no. 6 (January 2003): 1946–79. http://dx.doi.org/10.1137/s0363012900382667.

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29

Xie, Shu Tong, and Li Fang Pan. "Optimization of Machining Parameters for Parallel Turnings Using Estimation of Distribution Algorithms." Advanced Materials Research 753-755 (August 2013): 1192–95. http://dx.doi.org/10.4028/www.scientific.net/amr.753-755.1192.

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Optimal machining parameters can lead to considerable savings in manufacturing problems. In this paper, to deal with the nonlinear optimization problem of machining parameters which aims to minimize the unit production cost (UC) in parallel turnings, we propose a novel optimization approach which divides this complicated problem into several sub-problems. Then an estimation of distribution algorithm (EDA) is developed to search the optimal results for each sub-problem. Computer simulations show that the proposed approach is efficient in searching the optimal solutions to reduce significantly the unit production cost.

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30

Bernheim, B. Douglas. "Emmanuel Saez: 2009 John Bates Clark Medalist." Journal of Economic Perspectives 24, no. 3 (August 1, 2010): 183–206. http://dx.doi.org/10.1257/jep.24.3.183.

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Emmanuel Saez, winner of the 2009 John Bates Clark Medal, has distinguished himself by making fundamental contributions concerning critical theoretical and empirical issues within the field of public economics. He is one of those exceptional scholars whose work reflects a broad and thoroughly integrated vision. In carefully and creatively implementing that vision, he has led a remarkable resurgence of interest in tax policy research over the last decade. Emmanuel's work can be divided into five areas: the theory of optimal taxes and transfers; the measurement of income and wealth distributions; the measurement of behavioral responses to personal taxation; the taxation of corporate dividends; and retirement saving. A great deal of his work is closely interrelated across these topics, which makes the whole considerably greater than the sum of the parts. In effect, he has bridged the chasm between theory and practical policymaking by attacking the policy design problem from both sides at once. This article provides a survey of Emmanuel's work.

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Hosoi, Y. "Model of leak inspection and repair of water distribution network." Water Supply 1, no. 2 (March 1, 2001): 225–30. http://dx.doi.org/10.2166/ws.2001.0041.

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Theories and policies for the maintenance and renewal of water supply systems are required. The occurrence of water distribution pipe breakage and water leakage is influenced by pipe material, size and age as well as soil characteristics and transportation. The water leakage has to be discovered as soon as possible from the viewpoint of minimizing water loss. However, it costs more to increase inspections for water leakage. In this study, the model to determine the optimal inspection interval for water leakage of the water distribution network was examined. The optimal inspection interval was estimated to minimize the total cost of inspection, pipe repair and lost water. The developed model was applied to a water distribution area whose water main is 486 kilometres long. The area was divided into sub-area of 250 metres square. Those sub-areas were classified into 6 groups according to pipe break rate. The optimal inspection interval was obtained for each group and its validity examined by numerical simulation.

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Antoine, Lisa H., Roy P. Koomullil, Timothy M. Wick, and Arie Nakhmani. "Optimization of catheter placement for convection-enhanced delivery to brain tumors." F1000Research 10 (January 12, 2021): 18. http://dx.doi.org/10.12688/f1000research.28247.1.

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Background: Recent trends suggest that physicians will diagnose thousands of children in the United States with a brain or central nervous system tumor in 2020. Malignant brain tumors are difficult to treat, with low life expectancy rates in children and adults. Convection-enhanced delivery (CED) shows promise for the treatment of brain tumors, yet remains in clinical trials despite being developed more than 20 years ago. To advance CED to standard of care status and help improve survival rates, this study group developed a quantitative computer simulation model to determine and optimize therapy distribution in brain tumors based on the catheter infusion locations for CED. Methods: The simulations resulted in the identification of four infusion reference locations, which were used to conduct an optimization study to identify the optimal locations for CED. Patient-specific T1-weighted images and diffusion-weighted images provided information regarding tumor shape and size and the approximate rate at which therapy distributes at spatial locations within the tumor. Using the images, the researchers in this study developed a model which allowed the calculation of therapy distribution within the tumor while considering its permeability, porosity, and interstitial fluid pressure characteristics. We divided the tumor into regions and calculated distribution for four infusion locations per region. Using the location from each region with the highest volume distribution allowed our study group to conduct the response surface optimization. Results: Twelve optimal locations emerged from the optimization with volume percentage distributions ranging from 7.92% to 9.09%, compared to 2.87% to 6.32% coverage for non-optimal locations. This optimization method improved distribution from 27.80% to 45.95%, which may improve therapeutic value. Conclusions: Catheter placement appears to influence volume therapy distribution percentages. The selection of the highest percentages per region may provide optimal therapy for the entire tumor region.

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Asmussen, S�ren, Bjarne H�jgaard, and Michael Taksar. "Optimal risk control and dividend distribution policies. Example of excess-of loss reinsurance for an insurance corporation." Finance and Stochastics 4, no. 3 (May 1, 2000): 299–324. http://dx.doi.org/10.1007/s007800050075.

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Gerber, Hans U., and Elias S. W. Shiu. "Optimal Dividends." North American Actuarial Journal 8, no. 1 (January 2004): 1–20. http://dx.doi.org/10.1080/10920277.2004.10596125.

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Kim, E. S., C. W. Baek, and J. H. Kim. "Estimate of pipe deterioration and optimal scheduling of rehabilitation." Water Supply 5, no. 2 (September 1, 2005): 39–46. http://dx.doi.org/10.2166/ws.2005.0020.

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This study proposes an optimal scheduling model for rehabilitation based on the deterioration prediction of existing pipes by using the deterioration survey method for a water distribution system. The deterioration prediction model divides the deterioration degree of each pipe into 5 degrees by using the Probabilistic Neural Networks (PNN). Furthermore, the maximum residual service time is estimated by the calculated deterioration degree for each pipe and pipe diameter. The optimal rehabilitation model by integer programming (IP), based on the shortest path, can calculate the time and cost of maintenance, rehabilitation, and replacement. Consequently, the model proposed by the study can be utilized as a quantitative method for the management of a water distribution system.

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Zhao, Yanchun, Shiqiang Hu, and Yongsheng Yang. "Inverse kinematics for the variable geometry truss manipulator via a Lagrangian dual method." International Journal of Advanced Robotic Systems 13, no. 6 (November 28, 2016): 172988141666677. http://dx.doi.org/10.1177/1729881416666779.

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This article studies the inverse kinematics problem of the variable geometry truss manipulator. The problem is cast as an optimization process which can be divided into two steps. Firstly, according to the information about the location of the end effector and fixed base, an optimal center curve and the corresponding distribution of the intermediate platforms along this center line are generated. This procedure is implemented by solving a non-convex optimization problem that has a quadratic objective function subject to quadratic constraints. Then, in accordance with the distribution of the intermediate platforms along the optimal center curve, all lengths of the actuators are calculated via the inverse kinematics of each variable geometry truss module. Hence, the approach that we present is an optimization procedure that attempts to generate the optimal intermediate platform distribution along the optimal central curve, while the performance index and kinematic constraints are satisfied. By using the Lagrangian duality theory, a closed-form optimal solution of the original optimization is given. The numerical simulation substantiates the effectiveness of the introduced approach.

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Smitiukh, Andrii. "The exercise of the corporate rights certified by the corporate shares (stocks) encumbered with the usufruct." Law Review of Kyiv University of Law, no. 2 (August 10, 2020): 223–27. http://dx.doi.org/10.36695/2219-5521.2.2020.39.

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The article presents the result of comparative legal studies of the distribution of the exercise of corporate rights certified by corporateshares (stocks) encumbered with the usufruct between a company’s shareholder and a fructuary in the legislations of a numberof civil law legal system countries (namely Belgium, France, Germany, the Netherlands, Spain, Switzerland and Turkey). It is concludedthat the legislative approach varies significantly in this issue in different countries. The author elaborates an optimal legislativemodel to be introduced into the domestic legislation of Ukraine for the distribution of the corporate rights (for dividends, for corporateproperty quotas, for acquisition of corporate shares issued by the company or alienated by other shareholders, for voting and other rightsconstituting jointly the right to participate in management of the company as well as a right to access the information about the activitiesof the company’s activity) between the fructuary and a shareholder who owns the share encumbered with the usufruct on a dispositivebasis mainly. The dispositive nature of the rules elaborated by the author makes the usufruct multivariate as a result of the possibilityto change balance of distribution of the corporate rights certified by the shares encumbered with the usufruct between a shareholder anda fructuary by an agreement or by a will (testamentary renunication or legatum) within limits provided by law and company’s charter.It allows to implement various models of usufruct: a «passive» one, which endows a fructuary with a dividend right only leaving theexercise of the rest of the corporate rights to the company’s shareholder, an usufruct established in order to optimize tax relations on acorporate share and property management of minors or as a transfer of a corporate share to a minor heir and finally as a mean of managementof a corporate share (stock) on a paid basis. It was concluded also that all the cases the fructuary is obliged to do not makeobstacles for exercise of corporate rights by the shareholder.

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Yan, Lei, Kairong Hong, and Hui Li. "Transfer of Land Use Rights in Rural China and Farmers’ Utility: How to Select an Optimal Payment Mode of Land Increment Income." Land 10, no. 5 (April 23, 2021): 450. http://dx.doi.org/10.3390/land10050450.

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Background: The distribution of farmers’ increment income is the key to the transfer of land use rights. This research aims to detect the optimal payment mode for the distribution of land increment income obtained by farmers in land rights transfer. Methods: The research relied on case analysis, mathematical analysis, and numerical simulation. Results: According to China’s existing payment modes for the increment income of rural collectively owned operating construction land (RCOCL), we summarized these payment modes into three: namely, lump-sum currency payment, a mixed payment of pension and lump-sum currency, and a mixed payment of dividend and lump-sum currency. If the land transfer price of RCOCL is lower than a specific value, the lump-sum currency payment will be optimal for farmers. Suppose the land transfer price is higher than this value. If the enterprise’s profit margin is higher than the pension rate of return, the mixed payment of dividend and lump-sum currency will be optimal; if not, the mixed payment of pension and lump-sum currency will be optimal. Conclusions: Differences in regions, enterprise attributes, and farmers’ characteristics will make the optimal proportion of pension or stock capital in land increment income (OPPSC) different. Generally, OPPSC is often between 40% and 60%.

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Neves, José Luis, and Eby G. Friedman. "Automated Synthesis of Skew-Based Clock Distribution Networks." VLSI Design 7, no. 1 (January 1, 1998): 31–57. http://dx.doi.org/10.1155/1998/72951.

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In this paper a top-down methodology is presented for synthesizing clock distribution networks based on application-dependent localized clock skew. The methodology is divided into four phases: 1) determination of an optimal clock skew schedule for improving circuit performance and reliability; 2) design of the topology of the clock tree based on the circuit hierarchy and minimum clock path delays; 3) design of circuit structures to implement the delay values associated with the branches of the clock tree; and 4) design of the geometric layout of the clock distribution network. Algorithms to determine an optimal clock skew schedule, the optimal clock delay to each register, the network topology, and the buffer circuit dimensions are presented.The clock distribution network is implemented at the circuit level in CMOS technology and a design strategy based on this technology is presented to implement the individual branch delays. The minimum number of inverters required to implement the branch delays is determined, while preserving the polarity of the clock signal. The clock lines are transformed from distributed resistive-capacitive interconnect lines into purely capacitive interconnect lines by partitioning the RC interconnect lines with inverting repeaters. The inverters are specified by the geometric size of the transistors, the slope of the ramp shaped input/output waveform, and the output load capacitance. The branch delay model integrates an inverter delay model with an interconnect delay model. Maximum errors of less than 2.5% for the delay of the clock paths and 4% for the clock skew between any two registers belonging to the same global data path are obtained as compared with SPICE Level-3.

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Zhang, Zhong Liang, and Jie Chen. "A Comprehensive Study of Propulsion Torque Distribution for a Parallel Hydraulic Hybrid Heavy Bus." Applied Mechanics and Materials 365-366 (August 2013): 454–58. http://dx.doi.org/10.4028/www.scientific.net/amm.365-366.454.

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The purpose of this paper is to improve the fuel economy of a parallel hydraulic hybrid heavy bus. And an optimal distribution strategy of the propulsion torque was proposed based on engine working points of the conventional bus. The universal characteristics map of the engine was divided into three zones by the optimal operating line and the fuel contour CBF. The results indicated this strategy can not only overcome the low energy density disadvantage of the accumulator but also prohibit frequent switching between the engine and the pump/motor. The HHP can provide most of the required torque and make most working points of the engine around or on the optimal operating line. When the value of the fuel contour CBF is 213g/kw.h, the bus has the minimal fuel consumption in the typical urban bus cycle and the fuel economy of the engine improves 24.8% compared to the conventional bus.

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Alsalem, Zaher Hamad, Ramkumar Harikrishnakumar, Vatsal Maru, and Krishna Krishnan. "Optimal Supply Chain Network with Multi-Echelon." Industrial and Systems Engineering Review 7, no. 2 (December 30, 2019): 102–15. http://dx.doi.org/10.37266/iser.2019v7i2.pp102-115.

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The study of the effect of redistribution strategy and aggregation, on a multi-echelon supply chain network by managing demand volatility is discussed in this research. For this an operational supply chain design is considered. Multi-echelon network consisting of manufacturing plants, distribution centers, warehouses, and retailers is used to develop the case study. Aggregation strategy was analyzed in the context of single product and multi-product for a multi-period production problem under demand uncertainty. Product sourcing between echelons and distribution strategies are considered for the study. Objective was to use the redistribution strategy to optimize the objective functions for the network. The objective functions include minimization of total cost, minimization of overage and stock-out conditions, and maximization of the customer service level. The total cost function includes product flow, transportation cost and distance cost. The mathematical formulation is carried out in Mixed Integer Linear Programming (MILP) with the help of Generic Algebraic Modeling System (GAMS). Problem formulation considers three type of demand based on volatility and uncertainty cases as high, medium, and low. The research is divided into three main phases to discuss an optimal multi-echelon supply chain network for single product using aggregation strategy.

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Choi, Young Hwan. "Qualification of Hydraulic Analysis Models for Optimal Design of Water Distribution Systems." Applied Sciences 11, no. 17 (September 2, 2021): 8152. http://dx.doi.org/10.3390/app11178152.

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The hydraulic analysis of water distribution systems (WDSs) is divided into two approaches, namely, a demand-driven analysis (DDA) and a pressure-driven analysis (PDA). In DDA, the basic assumption is that the nodal demand is fully supplied irrespective of the nodal pressure, which is mainly suitable for normal operating conditions. However, in abnormal conditions, such as pipe failures or unexpected increases in demand, the DDA approach may cause unrealistic results, such as negative pressure. However, despite these realistic hydraulic analysis approaches for WDSs being emphasized in the design process, this consideration was lacking in the design aspect. Therefore, in this study, the designs by the DDA-based design model and PDA-based design model are compared, and their design characteristics are analyzed to identify the efficiency of the WDSs design under abnormal system conditions. The developed PDA model was applied to three networks (a well-known benchmark system and a real-life WDN), and the results showed that the proposed model is superior to other reported models when dealing with negative pressure under abnormal conditions. In addition, the optimal design of WDN considered PDA is presented, and the optimal construction cost is decreased to increase the percentage of PDA.

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Arasteh, Hossein, Mohammad Reza Salimpour, and Mohammad Reza Tavakoli. "Optimal distribution of metal foam inserts in a double-pipe heat exchanger." International Journal of Numerical Methods for Heat & Fluid Flow 29, no. 4 (April 1, 2019): 1322–3142. http://dx.doi.org/10.1108/hff-04-2018-0162.

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PurposeIn the present research, a numerical investigation is carried out to study the fluid flow and heat transfer in a double-pipe, counter-flow heat exchanger exploiting metal foam inserts partially in both pipes. The purpose of this study is to achieve the optimal distribution of a fixed volume of metal foam throughout the pipes which provides the maximum heat transfer rate with the minimum pressure drop increase.Design/methodology/approachThe governing equations are solved using the finite volume method. The metal foams are divided into different number of parts and positioned at different locations. The number of metal foam parts, their placements and their volume ratios in each pipe are sought to reach the optimal conditions. The four-piece metal foam with optimized placement and partitioning volume ratios is selected as the best layout. The effects of the permeability of metal foam on the Nusselt number, the performance evaluation criteria (PEC) and the overall heat transfer coefficient are investigated.FindingsIt was observed that the heat transfer rate, the overall heat transfer coefficient and the effectiveness of the heat exchanger can be improved as high as 69, 124 and 9 per cent, respectively, while the highest value of PEC is 1.36.Practical implicationsPorous materials are widely used in thermo-fluid systems such as regenerators, heat sinks, solar collectors and heat exchangers.Originality/valueHaving less pressure drop than fully filled heat exchangers, partially filled heat exchangers with partitioned metal foams distributed optimally enhance heat transfer rate more economically.

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Ma, Feng Ying. "Optimal Sensor Placement Based on Simulation of Gas Distribution in Underground Heading Face." Advanced Materials Research 562-564 (August 2012): 1788–91. http://dx.doi.org/10.4028/www.scientific.net/amr.562-564.1788.

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The gas sensor is significant for coalmine production safety. In order to carry out optimal gas sensor placement in heading face, the software named Fluent was used to simulate underground gas distribution. Geometry model was established and divided by grids. Gas distribution in heading face was simulated using RNG k-ε model by Fluent according to conversation equation in turbulent state, turbulent kinetic energy equation and turbulent dissipation rate equation. The results show that gas is likely to accumulate in the upper corner, when wind passes through the corner after washing heading face, wind velocity is unstable, the performance of sensor placed in inner side of turning is different from that placed in outer side of turning. Distance of gas sensor to heading face should be no more than 10m which accords with the mine safety regulations well. The result shows that gas can be monitored effectively by applying this method which has an important value and instructive significance.

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Fornasier, Massimo, Benedetto Piccoli, and Francesco Rossi. "Mean-field sparse optimal control." Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences 372, no. 2028 (November 13, 2014): 20130400. http://dx.doi.org/10.1098/rsta.2013.0400.

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We introduce the rigorous limit process connecting finite dimensional sparse optimal control problems with ODE constraints, modelling parsimonious interventions on the dynamics of a moving population divided into leaders and followers, to an infinite dimensional optimal control problem with a constraint given by a system of ODE for the leaders coupled with a PDE of Vlasov-type, governing the dynamics of the probability distribution of the followers. In the classical mean-field theory, one studies the behaviour of a large number of small individuals freely interacting with each other, by simplifying the effect of all the other individuals on any given individual by a single averaged effect. In this paper, we address instead the situation where the leaders are actually influenced also by an external policy maker , and we propagate its effect for the number N of followers going to infinity. The technical derivation of the sparse mean-field optimal control is realized by the simultaneous development of the mean-field limit of the equations governing the followers dynamics together with the Γ -limit of the finite dimensional sparse optimal control problems.

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Hurtado-López, Luis-Mauricio, Alejandro Ordoñez-Rueda, Felipe-Rafael Zaldivar-Ramírez, and Erich Basurto-Kuba. "Regional Node Distribution in Papillary Thyroid Cancer with Microscopic Metastasis." Journal of Thyroid Research 2018 (November 1, 2018): 1–5. http://dx.doi.org/10.1155/2018/1718284.

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Background. Optimal neck lymphadenectomy in patients with papillary thyroid cancer (PTC) and microscopic lymph node metastasis needs to be defined in order to aid surgeons in their decision about the best way to proceed in these cases.Methods. Patients who underwent total thyroidectomy and lymphadenectomy at levels IIa to VI were divided into two groups: Group 1 (G1) with macroscopic metastasis detected before surgery and Group 2 (G2) with microscopic metastasis detected in sentinel node during surgery. Odds ratio (OR) was computed for age, sex, tumor size, multicentricity, capsular invasion, vascular/lymphatic permeation, and nodes with metastasis.Results. Primary tumor size was (G1 versus G2, respectively) 3.8 cm versus 1.98 cm (P<0.001); only lymphatic permeation was correlated to an increase in metastasis in lymph nodes 65.4% versus 25% (OR=5.6, p<0.001); metastatic frequency by region was IIa 18.5% versus 1.5%, III 24.3% versus 9.9%, IV 17.4% versus 18.1%, and VI 25.9% versus 71,2%. Metastasis to level V was found only in G1.Conclusion. Selective lymphadenectomy at levels III, IV, and VI is optimal for PTC patients without preoperative evidence of lymph node disease, but who present with lymph node microscopic metastasis in an intraoperative assessment.

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Browne, Sid. "The return on investment from proportional portfolio strategies." Advances in Applied Probability 30, no. 01 (March 1998): 216–38. http://dx.doi.org/10.1017/s000186780000817x.

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Dynamic asset allocation strategies that are continuously rebalanced so as to always keep a fixed constant proportion of wealth invested in the various assets at each point in time play a fundamental role in the theory of optimal portfolio strategies. In this paper we study the rate of return on investment, defined here as the net gain in wealth divided by the cumulative investment, for such investment strategies in continuous time. Among other results, we prove that the limiting distribution of this measure of return is a gamma distribution. This limit theorem allows for comparisons of different strategies. For example, the mean return on investment is maximized by the same strategy that maximizes logarithmic utility, which is also known to maximize the exponential rate at which wealth grows. The return from this policy turns out to have other stochastic dominance properties as well. We also study the return on the risky investment alone, defined here as the present value of the gain from investment divided by the present value of the cumulative investment in the risky asset needed to achieve the gain. We show that for the log-optimal, or optimal growth policy, this return tends to an exponential distribution. We compare the return from the optimal growth policy with the return from a policy that invests a constant amount in the risky stock. We show that for the case of a single risky investment, the constant investor's expected return is twice that of the optimal growth policy. This difference can be considered the cost for insuring that the proportional investor does not go bankrupt.

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Browne, Sid. "The return on investment from proportional portfolio strategies." Advances in Applied Probability 30, no. 1 (March 1998): 216–38. http://dx.doi.org/10.1239/aap/1035228001.

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Dynamic asset allocation strategies that are continuously rebalanced so as to always keep a fixed constant proportion of wealth invested in the various assets at each point in time play a fundamental role in the theory of optimal portfolio strategies. In this paper we study the rate of return on investment, defined here as the net gain in wealth divided by the cumulative investment, for such investment strategies in continuous time. Among other results, we prove that the limiting distribution of this measure of return is a gamma distribution. This limit theorem allows for comparisons of different strategies. For example, the mean return on investment is maximized by the same strategy that maximizes logarithmic utility, which is also known to maximize the exponential rate at which wealth grows. The return from this policy turns out to have other stochastic dominance properties as well. We also study the return on the risky investment alone, defined here as the present value of the gain from investment divided by the present value of the cumulative investment in the risky asset needed to achieve the gain. We show that for the log-optimal, or optimal growth policy, this return tends to an exponential distribution. We compare the return from the optimal growth policy with the return from a policy that invests a constant amount in the risky stock. We show that for the case of a single risky investment, the constant investor's expected return is twice that of the optimal growth policy. This difference can be considered the cost for insuring that the proportional investor does not go bankrupt.

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Yan, Yu Tao, Zhi Li Sun, Xin Ren, and Qiang Yang. "Real-Time Reliability Analysis and Optimal Distribution of the Reliability on Five-Axis Machining Center." Applied Mechanics and Materials 84-85 (August 2011): 552–56. http://dx.doi.org/10.4028/www.scientific.net/amm.84-85.552.

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The some five-axis machining center was investigated, and it divided ten subsystems. Based on analysis of fault data, the distribution of fault time submits to Weibull distribution, the distribution function and reliability function of each subsystem were confirmed. The reliability allocation model with the constraints of cost is established based on reliability prediction to get optimal reliability allocation results of the complicated mechano-electronic system. The most growth potential of the reliability of subsystem and growth situation of reliability of each subsystem could be got by using this method. The reliability allocation is an important part of reliability design, because its result influences system design directly. This provides reference for design improving of this series of new products.

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Zheng, Haitao, Junzhang Hao, Manying Bai, and Zhengjun Zhang. "Valuation of Guaranteed Unitized Participating Life Insurance under MEGB2 Distribution." Discrete Dynamics in Nature and Society 2019 (February 6, 2019): 1–16. http://dx.doi.org/10.1155/2019/9439786.

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Crisis events have significantly changed the view that extreme events in financial markets have negligible probability. Especially in the life insurance market, the price of guaranteed participating life insurance contract will be affected by a change in asset volatility which leads to the fluctuations in embedded option value. Considering the correlation of different asset prices, MEGB2 (multivariate exponential generalized beta of the second kind) distribution is proposed to price guaranteed participating life insurance contract which can effectively describe the dependence structure of assets under some extreme risks. Assuming the returns of two different assets follow the MEGB2 distribution, a multifactor fair valuation pricing model of insurance contract is split into four components: the basic contract, the annual dividend option, the terminal dividend option, and the surrender option. This paper studies the effect of death rate, minimum guaranteed yield rate, annual dividend ratio, terminal dividend ratio, and surrender on the embedded option values and calculates the single premium of the insurance contract under different influence factors. The Least-Squares Monte Carlo simulation method is used to simulate the pricing model. This article makes a comparison in the sensitivity of the pricing parameters under the MEGB2 distribution and Multivariate Normal distribution asset returns. Finally, an optimal hedging strategy is designed to cover the possible risks of the underlying assets, which can effectively hedge the risks of portfolio.

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Journal articles on the topic 'Optimal distribution of dividends'

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