Relevant bibliographies by topics / Premium to NAV

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  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers

Academic literature on the topic 'Premium to NAV'

Author: Grafiati
Published: 4 June 2021
Last updated: 12 February 2022

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Journal articles on the topic "Premium to NAV"

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Erol, Isil, and Tanja Tyvimaa. "Explaining the premium to NAV in publicly traded Australian REITs, 2008–2018." Journal of Property Investment & Finance 38, no. 1 (September 17, 2019): 4–30. http://dx.doi.org/10.1108/jpif-06-2019-0078.

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Purpose The purpose of this paper is to explore the levels and determinants of net asset value (NAV) premiums/discounts for publicly traded Australian Real Estate Investment Trust (A-REIT) market during the last decade. A-REITs were severely affected by the global financial crisis as S&P/ASX 200 A-REIT index-listed property stocks experienced 47 per cent discount to NAV, on average, in 2008–2009 crisis. Since 2013, A-REIT sector has exhibited a strong recovery from the financial crisis and traded at high premiums to date. Understanding the relationship between pricing in the public and private real estate markets has taken on great importance as A-REITs continue to trade at significant premium to NAV unlike their counterparts in the USA and Europe. Design/methodology/approach This paper follows a rational approach to explain variations in NAV premiums and explores the company-specific factors such as liquidity, financial leverage, size, stock price volatility and portfolio diversification behind the A-REIT NAV premiums/discounts. The study specifies and estimates a model of cross-sectional and time variation in premiums/discounts to NAV using semi-annual data for a sample of 40 A-REITs over the 2008–2018 period. Findings The results reveal that A-REIT premiums to NAV can be explained not only by the liquidity benefit of listed property stocks but also positive financial leverage effect. During the past decade, A-REITs have followed an aggressive approach in financing their growth by using borrowed funds to purchase assets as the income from the property offsets the cost of borrowing and the risk that accompanies it. Debt-to-equity ratio has to be considered as an important source of NAV premiums as highly geared A-REITs that favoured debt financing over equity financing traded at significant premiums to NAV of their underlying real estate assets. Practical implications The paper includes implications for the REIT market investors. The regression analysis shows that specialty A-REITs with a focus on creative market niches traded at higher premiums compared with other property stocks, especially in the post-GFC recovery period. Specialty REITs are more highly valued by the market than their traditional specialised counterparts (e.g. office and retail REITs), and those pursuing a diversified strategy. Originality/value This paper presents an Australian case study as the A-REIT market provides a suitable environment for testing the effect of financial gearing on the REIT premium to NAV. The study provides empirical evidence supporting the importance of debt-to-equity ratio in explaining the variation in A-REIT NAV premiums.
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Brent, William, Lynne Kelly, Debby Lindsey, and Russell M. Price. "NAV And Risk: The Case Of REITs." Journal of Business & Economics Research (JBER) 9, no. 7 (June 23, 2011): 31. http://dx.doi.org/10.19030/jber.v9i7.4679.

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A study is done on Net Asset Value (NAV) of equity REITs from 1993 to 2006. The value (growth) determination of REITs is investigated based on NAV per share as opposed to book value per share since the underlying value of the REITs assets (NAV) drives the trading decision. The NAV to Market ratio (NM) is evaluated as a risk measure when used in a Fama-French and Carhart model setting. We find this measure contributes only 0.10% to the REIT risk premium.
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Patel, Kanak, Ricardo A. M. G. Pereira, and Kirill V. Zavodov. "Mean-Reversion in REITs Discount to NAV & Risk Premium." Journal of Real Estate Finance and Economics 39, no. 3 (May 12, 2009): 229–47. http://dx.doi.org/10.1007/s11146-009-9185-z.

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Brounen, Dirk, David C. Ling, and Melissa Porras Prado. "Short Sales and Fundamental Value: Explaining the REIT Premium to NAV." Real Estate Economics 41, no. 3 (June 7, 2013): 481–516. http://dx.doi.org/10.1111/reec.12004.

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Shanmugham, R., and Zabiulla. "Pricing Efficiency of Nifty BeES in Bullish and Bearish Markets." Global Business Review 13, no. 1 (January 17, 2012): 109–21. http://dx.doi.org/10.1177/097215091101300107.

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This article examines the pricing efficiency of Nifty BeES in bullish and bearish market conditions using high frequency data for a period of seven years. It seeks to address three questions. First, does the portfolio manager of Nifty BeES follow its benchmark replication strategy across different market conditions? Second, whether the portfolio manager minimizes the portfolio return volatility relative to the benchmark volatility. Third, whether the magnitude of premiums/discounts varies in bullish and bearish market conditions. Our findings suggest a significant difference in alpha-generation abilities of fund manager between the two market conditions. Tracking error was found to be relatively high in bearish conditions. The average premium is higher in bearish markets characterized with highest volatility. On the other hand, the average discount is higher in bullish markets characterized with least volatility. The price divergence disappears within three days and the market price and the fund’s net asset value (NAV) get aligned due to arbitrage mechanism.
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Almudhaf, Fahad, and Bader Alhashel. "Pricing efficiency of Saudi exchange traded funds (ETFs)." Journal of Islamic Accounting and Business Research 11, no. 3 (January 2, 2020): 793–809. http://dx.doi.org/10.1108/jiabr-06-2017-0082.

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Purpose This paper aims to investigate the pricing efficiency of Saudi Sharia-compliant (i.e. Islamic) exchange-traded funds (ETFs). Design/methodology/approach The paper adheres to a positivist research philosophy with a deductive research approach where data is collected, analyzed and interpreted to examine a hypothesis. Ordinary least squares (OLS) regressions are applied to investigate pricing efficiency and persistence. Findings The results show that Saudi ETFs do not currently offer proper diversification for investors, possibly due to their low trading volumes and the delays of market prices in reflecting net asset value (NAV). On average, ETFs trade at a premium to their NAVs. Moreover, the authors find that the deviations of ETF prices from their NAVs (i.e. premiums or discounts) do not disappear in one day. The results reveal a significant positive relationship between the trading volume of Saudi ETFs and volatility, a significant positive correlation between ETF returns and contemporaneous deviations and a significant negative relationship between returns and lagged deviations. These findings can be interpreted as evidence against the market efficiency of Saudi ETFs. Practical implications Individual and institutional investors can use Saudi ETFs, especially as their efficiency improves with increased trading volume (liquidity). Saudi regulators must increase their efforts to educate market participants and expand the availability of information to enhance transparency and awareness of the benefits of investing in ETFs, which will positively affect liquidity and pricing efficiency in the future. Originality/value This paper is the first to perform empirical tests on Saudi ETFs. Saudi Arabia deserves further attention because it is the most significant stock market in the Gulf Cooperation Council and only recently allowed foreigners to participate.
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Kim, Dongshin, and Jonathan A. Wiley. "NAV Premiums & REIT Property Transactions." Real Estate Economics 47, no. 1 (May 9, 2018): 138–77. http://dx.doi.org/10.1111/1540-6229.12239.

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Ismailescu, Iuliana. "Determinants of the Time-Variation in Emerging-Market Closed-End Fund Premiums: A Comparison between Equity and Bond Funds." American Economist 52, no. 2 (October 2008): 54–64. http://dx.doi.org/10.1177/056943450805200207.

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This paper explores the determinant factors of the time-variation in emerging markets closed-end fund premiums, price returns, and NAV returns. After controlling for variables previously proposed in the emerging market closed-end funds literature, such as the U.S. stock market risk, local stock market return, and the percentage change in exchange rates, two hypothesis are used to explain the variation in fund premiums: the U.S. investor sentiment and the market segmentation theory. The results of the time-series analyses show that country funds, regional equity funds, and global bond funds are influenced quite differently by the suggested factors.
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Morri, Giacomo, and Alessandro Baccarin. "European REITs NAV discount: do investors believe in property appraisal?" Journal of Property Investment & Finance 34, no. 4 (July 4, 2016): 347–74. http://dx.doi.org/10.1108/jpif-09-2015-0068.

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Purpose – The purpose of this paper is to analyse the NAV discount of European REITs listed in France, the Netherlands and the UK between 2003 and 2014, considering elements of both “rational” and “noise trader” approaches. Design/methodology/approach – The analysis examines the hypothesis that discounts (premiums) are the result of leverage, size, liquidity, risk, performance, investment activity and sentiment. The regressions are initially run against the traditional NAV discount, subsequently using the unlevered NAV discount measure introduced by Morri et al. (2005) in order to clean out the bias generated by the level of leverage. The NAV discount is then adjusted for investor sentiment (appraisal reduction) with the aim of better identifying firm-specific factors, considering distortions induced by sentiment. Findings – Higher liquidity commands lower discounts for French REITs, while Dutch and British REITs, which trade in markets characterized by a higher number of average daily transactions, do not seem to feature discounts resulting from liquidity. For all three samples, operational risk and performance are significant in explaining the NAV discount, the former having a positive relationship with the discount, and the latter a negative one. When measured using the average sector discount, sentiment has a profound effect on the discount, accounting alone for 10-15 per cent of the explanatory power of the model. Practical implications – REITs listed in different markets behave differently. When the discount is adjusted in order to remove the bias resulting from the level of debt, the relationship between leverage and the unlevered discount becomes less pronounced in all cases. Originality/value – The paper considers a new approach to NAV discount puzzle that takes into account market sentiment and appraisals.
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Brečko, Daniela. "Kako se odrasli spreminjamo: Osebnostni razvoj in socialna komunikacija." Andragoška spoznanja 4, no. 1-2 (December 1, 1998): 97. http://dx.doi.org/10.4312/as.4.1-2.97.

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Stara domislica je, da se ljudje razvijamo in zorimo le v mladosti, in da je naš osebnostni razvoj zaključen približno s koncem obdobja adolescence. Potemtakem naj bi odraslost predstavljala relativno mirno obdobje brez velikih sprememb in pričakovanj. Toda prvi dvomi v stabilno odraslost so se začeli z opazovanjem in znanstvenim preučevanjem krize srednjih let. Ali je res vse, kar dosežemo v življenju, odvisno od zgodnjega otroštva? Delo Daniele Brečko nam daje imeniten vpogled v zadevno problematiko, začenši z obširno razpravo, kaj je osebnost in kaj je razvoj. V svojem delu se je lotila tudi zgodovinskega pregleda pogledov na osebnost in razvoj, ker so jasno vidni premiki v razmišljanju in gledanju na človeka. Prikazani so pogledi različnih svetovnih mislecev, kronološko zaporedje paradigme pa daje slutiti, da razmišljanje o osebnosti še zdaleč ni zaključeno.
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Dissertations / Theses on the topic "Premium to NAV"

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Gustafsson, Joacim, and Zhuquan Peng. "Discount and Premium to NAV in Swedish Listed Property Companies." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-190058.

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Listed property companies trading at a discount or premium to their Net Asset Value (NAV) is a widely recognized phenomenon. Previous research within this field has primarily applied OLS-regressions and is mainly focused on U.K. and U.S. markets. This study is the first to empirically assess discounts and premiums in Swedish-listed property companies. By applying a fixed effect model controlling for panel data, this study also expands previous work and contributes to more knowledge about company-specific effects. The study covers 14 Swedish-listed property companies between the years of 2008 to 2015. Two OLS regression models and one fixed effect model were applied on cross-sectional data. Overall, the results show that the size, reputation, portfolio concentration and debt to asset ratio of a firm are negatively correlated with discount to NAV. The overall market sentiment and stock volatility are positively correlated with discount to NAV. Moreover, the overall market sentiment in tandem with firm-specific factors is believed to significantly impact discounts and premiums. Board size, insider ownership, administration costs and cross-border investments were found to not have a significant impact on discounts and premiums. Last it was also found that discounts and premiums are not determined by within variations in the subject companies, rather it is determined by across variations in the firm-specific variables.
Noterade fastighetsbolag som handlas till rabatt eller premium av sitt substansvärde är ett känt fenomen. Tidigare studier har huvudsakligen fokuserat på data från Storbritannien och USA. De studier som gjorts har primärt varit regressionsmodeller av typen OLS. Den här studien är den första som kvantitativt undersöker substansrabatt och substanspremier i svenska fastighetsbolag. Vi applicerar också en regressionsmodell av typen fixed effect, där vi kontrollerar för paneldata. Därför kan denna studie ses som en utökning gentemot tidigare studier. Denna studie omfattas av 14 noterade fastighetsbolag. Datan som används sträcker sig mellan perioden 2008 till 2015. Generellt kan sägas att storlek, rykte, portföljfokus och skulder i förhållande till totala tillgångar hos ett företag är negativt korrelerade med substansrabatt. Vidare så visar resultaten tydligt på att aktuellt marknadsförhållande tillsammans med bolagsspecifika faktorer, spelar en stor roll för skillnaden mellan aktiekurs och substansvärde. Volatilititen i en aktie och det aktuella marknadsförhållandet är båda positivt korrelerade med substansrabatt. Styrelsens storlek, insiderägande, kostnad för administration och internationella investeringar har däremot inte någon statistiskt signifikant påverkan på rabatter och premier i svenska noterade fastighetsbolag. Slutligen kan sägas att nästan inga företagsspecifika effekter hittades. De faktorer vi konstaterar ha en påverkan på substansrabatter och substanspremier varierar över hela datasetet.
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Gaszynska, Dorota Izabela. "Factors that impact on South African REITs trading at a discount or premium to their NAV." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29665.

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This research investigates the factors that impact on South African Real Estate Investment Trusts (REITs) listed on the JSE trading at a discount or premium to their net asset value (NAV), known as the NAV spread. Globally, REITs have become an increasingly popular means for investing in real estate representing 41% of the global listed property industry and reaching a total market capitalisation of US$ 1.3 trillion as at June 2017 (EPRA, 2017). In South Africa, as at November 2017, there were 31 SA REITs listed on the JSE, representing a market capitalisation of over R422 billion (PropertyWheel, 2017). There are broadly two approaches to understanding and explaining the NAV spread, namely, the rational approach and the irrational approach (Morri et al., 2005; Mueller and Pfnuer, 2013). Factors under each approach were identified and discussed in the literature review. A quantitative research methodology was adopted in which 12 REITs were investigated between 1 July 2012 and 30 June 2017. A regression analysis using a linear mixed effects model was carried out in order to test whether the factors identified in the literature impacted on the NAV spread of SA REITs. Five rational and four irrational factors were regressed against two versions of NAV discount, namely, using a Traditional NAV Discount formula and an Unlevered NAV Discount formula which accounts for the effect of debt on the discount. Model diagnostics were carried out on two regressions and an outlying observation was found for each NAV Discount formula and hence each model was run twice, namely, the regression was run with the Traditional NAV Discount formula using the full set of observations (Model 1) and with one outlying observation removed (Model 2). Thereafter the regression was run with the Unlevered NAV Discount formula using the full set of observations (Model 3) and with one outlying observation removed (Model 4). The results of the regression analysis found only one factor, Dividend Yield (DY), to have a statistically significant impact on REITs trading at a discount or premium to their NAV in all four models employed. Sector Average Discount (SAD) was found to be statistically significant in Models 2, 3 and 4. Size (SIZE) was found to be statistically significant in Models 1 and 2. Return on Equity (ROE) was found to be statistically significant in Models 3 and 4. Consumer Confidence Index (CCI) was found to be statistically significant in Model 4. The SA Property Index (SAPI) was found to be marginally statistically significant in Model 1. Based on the model diagnostics Models 2 and 4 showed a better fit with the regression model and hence were the preferred models. The statistically significant variables in Model 2 were DY, SIZE and SAD; and in Model 4 were DY, SAD, ROE and CCI. This suggests that both rational factors (DY, ROE and SIZE) and irrational factors (SAD, CCI and SAPI) impact on South African REITs trading at a discount or premium to their NAV, however, the factors are dependent on whether debt is accounted for or not in the NAV Discount Formula. The results also suggest that the factors are partly influenced by the outlying observations, as was the case for SAD, CCI and SAPI.
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Belin, Ludwig, and Adam Janselius. "Vad påverkar värderingen av investmentbolag : En kvantitativ studie om investmentbolagens avvikelser från substansvärdet." Thesis, Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-167168.

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Bakgrund: Investmentbolag hanterar kapital och investerar i huvudsak i andra aktiebolag. Ett vanligt tillvägagångssätt när det kommer till att värdera ett investmentbolag är att analysera substansvärdet. Trots att information om marknadsvärden på investmentbolagens innehav finns tillgängliga, avviker ofta börsens värdering av investmentbolagen från det så kallade substansvärdet och det uppkommer rabatter och premier. Genom den forskning som gjorts på området saknas det en genomgående uppfattning för vilka förklaringar som påverkar investmentbolagens substansrabatter och premier. Syfte: Syftet med studien är att analysera och undersöka vad som orsakar att investmentbolagen noterade på Nasdaq Stockholm i perioder värderas till en substansvärdepremie/-rabatt. Metod: En kvantitativ forskningsmetod har använts för att besvara studiens syfte. För att besvara studiens syfte har fyra potentiella förklaringar till substansrabatterna/-premiernas uppkomst undersökts. Data har samlats in och kategorisats under respektive investmentbolag under den undersökta tidsperioden. Paneldataanalyser har utförts för att studera eventuella samband mellan potentiella förklaringar och värderingens avvikelse från substansvärdet. Slutsats: I sju av nio fall visade studien att avkastningen på OMXSPI kan förklara substansvärdesförändring med en positiv koefficient. Det vill säga att substansvärdepremie/-rabatten rör sig i en positiv riktning vid en en-procentig förändring i index. Utifrån det lir slutsatsen att det finns relativt starka underlag för att OMXSPI delvis kan förklara investmentbolagens avvikelser från substansvärdet. Studien visar att det inte går att med statistisk signifikans att härleda övriga förklaring till avvikelsen. Därför kan vi inte med säkerhet säga att några av förklaringarna förutom OMXSPI besitter statiska samband med substansvärdepremie/-rabatten i investmentbolagen.
Background: Closed-end funds manage capital and invest mainly in other listed companies. A common approach when it comes to valuate a closed-end fund is to analyse the net asset value. Although information about the closed-end fund holdings is available, the market valuation of the closed-end funds often deviates from the so-called net asset value and discount and premiums arise. Through the research done in this area, there is no comprehensive understanding of which explanations actually affect the closed-end funds NAV discount and premiums. Purpose: The purpose of this study is to analyse and investigate what causes the closed-end funds listed on Nasdaq Stockholm to be valued at a NAV discount or premium during certain periods of time. Method: A quantitative research method has been used to answer this papers purpose. To answer the purpose of the paper, four potential explanations for emerge of NAV discount and premiums have been investigated. Data has been collected and categorized under respectively closed-end fund during the examined period. Panel data models were built to analyse the possible relationship between potential explanations and the valuation deviation to the net asset value. Conclusion: In seven out of nine cases, the study showed that the return on OMXSPI can explain net asset value change with a positive coefficient. That is, the NAV premium / discount moves in a positive direction in the event of a one percent change in the index. Based on this, it is concluded that there is relatively strong evidence that OMXSPI can partly explain the closed-end funds’ deviations from the net asset value. Furthermore, the study shows that it is not possible to derive other explanations for the deviation with statistical significance. Therefore, we cannot say with certainty that the explanations besides OMXSPI have a statistical relationship with the NAV premium / discount in the closed-end funds.
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Figueiredo, Filipa Frazão. "Do premium ao preço: mudança nas estratégias de comunicação das marcas." Master's thesis, Instituto Superior de Ciências Sociais e Políticas, 2013. http://hdl.handle.net/10400.5/6499.

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Tese de Mestrado em Comunicação Social na especialização de Comunicação Estratégica
Este estudo exploratório pretende analisar e compreender a evolução recente das estratégias de comunicação das marcas. Num período em que Portugal atravessa uma grave crise económica e uma forte contenção ao nível do consumo, várias marcas optaram por abdicar de uma comunicação aspiracional e preferiram reintroduzir o elemento preço na sua comunicação como forma de atrair novos clientes, fidelizar os habituais e aumentar a sua notoriedade junto do público-alvo. Mas será a comunicação do preço transversal a todas as categorias de produto? Qual a opinião do consumidor sobre esta alteração? Será esta uma tendência a manter-se no futuro? Para responder a estas questões foram analisados artigos e relatórios e realizadas entrevistas a profissionais e académicos das áreas de estudos de mercado, publicidade, marketing, comunicação e consumo e a consumidores. Foram ainda estudados casos práticos das marcas Adagio, Chicco, Mercedes-Benz, Renova e Skip de forma a sustentar e complementar a abordagem teórica da investigação. Os resultados obtidos revelam que o preço influencia as decisões atuais de comunicação das marcas, em diversas categorias de produto. Contudo, os especialistas acreditam que, no futuro, as marcas optarão por uma estratégia que junte o lado emotivo e glamoroso da comunicação às menções ao preço.
This exploratory study aims to analyse and understand the recent evolution concerning brands’ communication strategies. Under a period of serious economic crisis and decrease in consumption levels in Portugal, several brands opted to abdicate from aspirational communication preferring to reintroduce the mention to the price in its communication as a way to attract new customers, maintain the usual customers and increase their reputation along the target audience. But will the communication of price become transversal to all product categories? What is the consumer opinion about this change? Will this be a trend in the future? To answer these questions, articles and reports have been analysed and interviews with experts and academics of market research, advertising, marketing, communication and consumption and with consumers have been conducted. Practical cases of Adagio, Chicco, Mercedes-Benz, Renova and Skip brands have also been studied in order to support and complement the theoretical approach of the research. The results show that price influences the current decisions of brands’ communication in several product categories. However, the experts believe that, in the future, brands will choose a strategy that combines the emotional and glamorous aspects of communication with references to the price as well.
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Fauntleroy, Ronald A. "An analysis of the marriage and dependency premiums among active duty Navy personnel." Monterey, California. Naval Postgraduate School, 2005. http://hdl.handle.net/10945/10030.

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MBA Professional Report
Within the Navy, married active duty service members and unwed single sailors with dependents are entitled to receive additional benefits compared to their single counterparts. The majority of these benefits are received through increases in the service member's Basic Allowance for Housing, Family Separation Allowance and medical coverage for spouses and dependents. This study estimates how much these increases cost the Navy. Data acquired from the Center for Defense Manpower Data Center and the Center for Naval Analyses are used to determine the average increase in BAH, FSA and medical coverage costs for married sailors and unwed single sailors with dependents. Surprisingly, the pay premium for being married or having dependents ranges from only 4 percent to only 10 percent for all enlisted ranks of E-5 and above and for all officer ranks. This premium is well below the marriage premium in the civilian labor market. Also, it is far below the pay increment received from advancement to the next paygrade.
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Vencent, Hélène. "Les élèves officiers de marine à la fin du Premier Empire et leur destin." Thesis, Paris 4, 2016. http://www.theses.fr/2016PA040091.

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Les écoles spéciales de marine (Brest et Toulon) sont créées par le décret du 27 septembre 1810 par Napoléon et son ministre de la marine Decrès. Après une période révolutionnaire qui fragilise le corps des officiers de marine, cette création s’inscrit dans la réforme du système éducatif de l’empire mais aussi dans la tradition de la formation de l’officier de marine en France. Seulement ces écoles spéciales sont fermées dès la Restauration : seule une génération d’officier a été formée, et seul un tiers de ces élèves est conservé dans la marine. L’étude de leur carrière nous montre que malgré l’épuration de la marine à la Restauration, l’ambition élitiste de Napoléon est conservée et poursuivie à travers les élèves qui parviennent à demeurer dans la marine. La deuxième partie porte alors sur les missions de la marine à travers les yeux et les actions de ces officiers. Ces derniers se démarquent par une véritable vitalité dans les projets et études scientifiques menés, mais aussi à travers les opérations militaires qui marquent l’époque. Cette étude nous montre aussi des hommes qui sont à la fois un lien entre la France métropolitaine et les territoires extra européens par leur métier, et savent s’adapter aux conjonctures politiques de leur époque : politique intérieure et politique extérieure. Une approche plus individuelle est particulièrement développée dans une troisième partie à travers leur vie de famille, l’aspect sanitaire de ce métier très exigeant pour la santé et les rapports que ces officiers entretiennent avec les autorités politiques et la hiérarchie militaire
The Navy « Écoles spéciales » (in Brest and Toulon) were created by a bill on Septembre 27th 1810 by Napoleon and his minister of Navy, Decrès. The revolutionary era had weakened the Naval officers corps ; therefore, this decision fit into the larger education reforms by Napoleon but calls back as well to the traditional schooling of Naval officers. But those schools were shut down during the Restauration : Only one generation of officers benefited from these schools and one third of those officers remained in the Navy. Studying their career shows that, in spite of the Navy being purged during the Restauration, Napoleon’s ambition to create an elite was kept alive by those alumni who managed to stay in the Navy. The second part tackles the key objectives of the Navy as seen through the eyes and actions of these officers. These men stand out through the energy they deploy in scientific endeavours and studies, but also through their service in the military operations of the time. This study shines a light on men who, thanks to their chosen profession, are a bridge between France and oversea territories, and know how to navigate the changing politics of their time, both domestically and overseas. Thanks to their logs and reports, we can also take a closer look at the men under the uniform, studying in a third part their family life, the health aspects of their profession and the relationship those officers have with civilian authorities and their hierarchy
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Pereira, Nuno Manuel de Jesus. "Avaliação de empresas numa óptica de aquisição hostil : o caso Brasilcel, N.V." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/4572.

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Mestrado em Ciências Empresariais
A concepção do presente estudo pretendeu dar resposta à questão "como avaliar empresas numa óptica de aquisição hostil?", recorrendo para tal ao estudo do caso único da aquisição da Brasilcel. A metodologia adoptada foi o estudo de um caso único (Yin, 1994), que procura responder a questões do tipo "como?" e "porquê?". A avaliação realizada recorreu aos métodos dos fluxos de caixa livre e dos múltiplos, acrescida de um prémio de aquisição. Observou-se que o valor da participação na Brasilcel é de aproximadamente 4,078 mil milhões de euros, segundo o método dos fluxos de caixa livre, e que o mercado de capitais subavalia a empresa. Foi também apurado um prémio de aquisição de 83,93% de acordo com este método de avaliação. A conclusão a que foi possível chegar é que, no caso de aquisições hostis, a avaliação deve ser feita recorrendo ao método dos fluxos de caixa livre acrescido de um prémio de aquisição.
The purpose of this study was to answer "how to value firms in an hostile acquisition perspective?". To do so it was examined the unique case of the acquisition of Brasilcel. The methodology used was the unique case study (Yin, 1994) which tries to answer for "how" and "why" type of questions. The valuation performer resorted to the free cash flow and multiples methods plus an acquisition premium. The results of the study were that the value of the share of Brasilcel is approximately 4,078 million euros and the stock market undervalues the company according to the free cash flow valuation method. It was also determined an acquisition premium of 83,93%. The main conclusion is that in the case of hostile acquisitions the valuation should be made using the free cash flow method plus an acquisition premium.
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Silva, Ricardo Alexandre Pereira da. "A implementação da metodologia Balanced Scorecard e a melhoria do desempenho na Marinha Portuguesa." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10363.

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Mestrado em Gestão/MBA
A Marinha Portuguesa implementou em 2011 um novo sistema de gestão estratégica baseado na metodologia Balanced Scorecard. Esta encontra-se amplamente disseminada, quer no sector público quer no privado, com reconhecida utilidade para a gestão estratégica e controlo do desempenho organizacional. O presente trabalho de investigação aborda, de forma exploratória, a adoção da metodologia Balanced Scorecard pela Marinha e o impacto daí decorrente sobre o desempenho da organização. Durante a investigação foi efetuada uma revisão bibliográfica exaustiva sobre os temas da avaliação de desempenho organizacional, Balanced Scorecard e desempenho operacional. Foi analisada a documentação estruturante da gestão estratégica da Marinha e recolhidas opiniões de peritos e decisores através de instrumentos qualitativos e quantitativos. Com a análise da informação coligida, foi possível caracterizar a implementação do novo sistema como um sucesso, na medida em que traduz um balanço positivo para a Marinha em termos de custo-benefício agregado. Quanto ao desempenho operacional da Marinha, considera-se que houve um acréscimo potencial de eficiência, que significa que o mesmo nível de output passou a poder ser sustentado por menos recursos, fundamentalmente, dada uma melhoria do alinhamento interno e do controlo estratégico. No entanto, ainda não foi observada uma melhoria significativa, qualitativa ou quantitativa, do produto institucional disponibilizado pela Marinha ao Estado e à sociedade, como resultado da adoção do novo sistema de gestão estratégica. Por fim, é apresentado um modelo conceptual aplicável à Marinha Portuguesa, que propõe uma ligação teórica entre a adoção da metodologia Balanced Scorecard e a melhoria do desempenho operacional.
The Portuguese Navy implemented in 2011 a new comprehensive strategic management system based on the Balanced Scorecard. This methodology is widely used, both in the private as in the public sector, with recognized benefits for the strategic management and the organizational control functions. The present paper studies, with an exploratory approach, the adoption of the Balanced Scorecard methodology by the Navy and its effect on the performance of that organization. For this study a thorough literature review was conducted on the themes of organizational performance management, balanced scorecard and operational performance. The navy?s strategic management doctrine was analysed, and the opinions of experts and decision makers were collected, through both qualitative and quantitative methods. By analysing the collected data, it was possible to characterize the implementation of the new system as a success in a cost-benefit analysis. Regarding the operational performance of the navy, it is considered that efficiency has been potentially improved, which signifies that the same output can now be supported by fewer resources, mainly, due to improvements in internal alignment and strategic control. Notwithstanding, there are yet to be observed significant qualitative or quantitative improvements on the aggregate operational output offered by the navy to the State and to society, as a result of the adoption of the new strategic management system. Finally, a conceptual model applicable to the Portuguese Navy is presented. This model proposes a theoretical connection between the adoption of the Balanced Scorecard and the improvement of operational performance.
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JARDIM, A. M. "O Pagamento por Serviços Ambientais nas Áreas de Preservação Permanente da Bacia do Ribeirão da Confusão no Município de Rancharia - SP: um estudo sobre a viabilidade econômica da implantação." Universidade do Oeste Paulista, 2016. http://bdtd.unoeste.br:8080/jspui/handle/jspui/988.

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Brazil is considered one of the countries with the greatest number of environmental legislation in the world, ingroducing as Governmental strategy the use of command-and-control standards in the conservation of areas of permanent preservation and legal reserve located in rural properties. However, the so-called environmental punishment rules (command and control) have been showing an ineffective result, discouraging rural producers in the care of their environmental areas because the reforestation (planting, cleaning the land, fencing in the area, pest control, seedlings) presents itself very costly for producers. Some economic instruments, however, have been being used in the preservation of resources, in particular the payment for environmental services (PSA), used by many countries in Latin America and in Brazil, this payment model is gaining economic strength. The payment for environmental services is presented as a Prized Punishment, one that does something positive for the environment, should be awarded a prize or reward for the option of keeping the forest standing, taking care and pricing the marginalised services by the market. The work had as main objective to present the importance of payment for environmental services in areas of permanent preservation (APP) in an area located in the basin of the Confusão stream within Rancharia- SP city. At first, the bibliographic survey was about the topic and from seized theories and concepts raised, mapping were held as: arboreal vegetation, water resources and permanent preservation areas. Secondly, we conducted a survey of data through documental research (satellite images and data from the IBGE) in Rancharia city, focusing on the properties located on the banks of the Confusão basil. The hypothesis adopted in this work is that the payment for environmental services in the city of Rancharia is viable and this will facilitate the awareness of farmers in conservation of natural resources within the municipality. The research here adopted, was based on a qualitative research, using the bibliographical and documentary research and techniques of direct intensive observation. It was concluded that the implementation of the payment for environmental services in the areas of permanent preservation located in the basin of the Confusão, would contribute to the formation of public policy focused on the management of natural resources located in the city of Rancharia, in order to restore these forests, due to the multitude of ecosystem services that they provide to all collective. However, the results of the survey showed that it will only be possible through the installation of public policy adhered by municipal bodies.
O Brasil é considerado um dos países que mais possuem legislação ambiental do mundo, apresentando como estratégia governamental a utilização de normas de comando e controle na conservação das áreas de preservação permanente e reserva legal localizadas nas propriedades rurais. Porém, as referidas normas de penalização ambiental (comando e controle) vêm se apresentando de maneira ineficaz, desestimulando os produtores rurais no cuidado de suas áreas ambientais, pois a reposição florestal (plantio, limpeza do terreno, cercamento da área, controle de pragas, mudas) se apresenta muito onerosa aos produtores. Alguns instrumentos econômicos, entretanto, vêm sendo utilizados na preservação dos recursos, em especial o pagamento por serviços ambientais (PSA), utilizado por muitos países da América Latina e no Brasil, este modelo de pagamento econômico vem ganhando força. O pagamento por serviços ambientais consiste na sanção premial, ou seja, aquele que faz algo positivo para o meio ambiente deve ser agraciado com um prêmio ou recompensa pela opção de manter a floresta em pé valorando e precificando os serviços ambientais marginalizados pelo mercado. O trabalho teve como objetivo principal em apresentar a importância do pagamento por serviços ambientais em áreas de preservação permanente (APP) em uma área localizada na Bacia da Confusão dentro do Município de Rancharia SP. Num primeiro momento da pesquisa, fez-se o levantamento bibliográfico sobre o tema e a partir da teoria apreendida e dos conceitos levantados, foram realizados os mapeamentos de aspectos como: vegetação arbórea, recursos hídricos e áreas de preservação permanente. Num segundo momento, foi realizado um levantamento de dados através de pesquisa documental (imagens de satélite e dados do IBGE) no Município de Rancharia, enfocando as propriedades localizadas as margens Bacia da Confusão. A hipótese adotada no trabalho é que o pagamento por serviços ambientais no município de Rancharia seja viável e com isso venha possibilitar a conscientização dos produtores rurais na preservação dos recursos naturais dentro do município. A pesquisa aqui adotada foi baseada sob uma investigação qualitativa, utilizando-se do levantamento bibliográfico e da pesquisa documental e com técnicas da observação direta intensiva. Foi possível concluir que a implementação do pagamento por serviços ambientais nas áreas de preservação permanentes localizadas na Bacia do Ribeirão da Confusão, contribuiria para a formação de uma política pública voltada para o gerenciamento dos recursos naturais localizados no município de Rancharia, de modo a restaurar essas matas, pela infinidade de serviços ecossistêmicos que elas prestam a toda coletividade. Contudo os resultados da pesquisa mostraram que só será possível, mediante a instalação de políticas públicas aderidas pelos órgãos municipais.
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Maccagnani, Anna. "Studio applicato sull'evoluzione dell'ERP da locale a cloud: il caso Microsoft Dynamics 365 Business Central." Master's thesis, Alma Mater Studiorum - Università di Bologna, 2020.

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Confronto tra i diversi paradigmi di implementazione ERP on premise e cloud based, con riferimento a Microsoft Dynamics, e sviluppo di un’applicazione in Dynamics NAV ed una extension in Business Central. Si è proceduto delineando le due diverse modalità di programmazione delle due soluzioni software, in modo da creare due diverse applicazioni che rappresentano i due diversi paradigmi di sviluppo che differenziano soluzioni di tipo on premise rispetto a soluzioni cloud based, evidenziando i relativi vantaggi ed evoluzioni.
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Books on the topic "Premium to NAV"

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ktov, Nikolai Polue. Samogonnye khroniki: Ot nat Łsional £noi idei k uspeshnomu premium-brendu. Moskva: ID "Kommersant ð, 2008.

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Dimitrov, Nikola. Izkhod bozhiĭ koĭ povi͡a︡rva da se spasi: Blazheno e onova plame, na koeto Bog e Gospodʹ : brati͡a︡ i sestry, iskate li da znaete kakvo shte premine nad Bŭlgarii͡a︡ do 2000ta godina i posle i kak da se izbavim ot vsi͡a︡ko zlo, koeto shte nastane po sveta i u nas? : prochetete tazi kniga! 2nd ed. Bŭlgarii͡a︡: N. Dimitrov, 1994.

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Holy Bible: New Living Translation, Premium Slimline, Navy Bonded Leather. Tyndale House Publishers, 2002.

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Holy Bible: New Living Translation, Premium Slimline, Navy Bonded Leather. Tyndale House Publishers, 2002.

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NIV, Premium Gift Bible, Leathersoft, Navy, Red Letter Edition, Comfort Print. HarperCollins Publishers, 2019.

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Log Book Log Book Corner. Sugar? Nah, I Am Sweet Enough : Premium Quality: Simple Tracking Journal ,Daily Glucose Tracker. Independently Published, 2020.

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Holy Bible: New Living Translation, TuTone Navy/Chestnut Bonded Leather Premium Slimline Reference (Book only). 2nd ed. Tyndale House Publishers, 2005.

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NIV, Premium Gift Bible, Leathersoft, Navy, Red Letter Edition, Thumb Indexed, Comfort Print: The Perfect Bible for Any Gift-Giving Occasion. Zondervan, 2019.

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Washington State University. Extension. Energy Program. and United States. Bonneville Power Administration., eds. Motor efficiency improvements at the Bremerton Naval Complex: Motor survey and NEMA Premium [symbol for trademark] motor replacement analysis results -- final report. Olympia, Wash: Washington State University Extension Energy Program, 2005.

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Cross, Berry. Notebook Police Officer Mom Law Enforcemen Family Suppor Premium: 6x9 Navi Blue Cover Dot Lined Notebook Great Gift Idea for Your Police Mom, Mother or Bestfriends. Independently Published, 2020.

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Book chapters on the topic "Premium to NAV"

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Filho, Marcio Ribeiro, and Ycarim Melgaço Barbosa. "A CORRUPÇÃO PRIVADA NO ESPORTE E AS SUAS INCIDÊNCIAS NO DIREITO PENAL BRASILEIRO." In Coleção Gênesis: ciência e tecnologia, 182–92. Pontifícia Universidade Católica de Goiás, 2019. http://dx.doi.org/10.18224/genesis.v1.2019.185-192.

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Introdução: a corrupção privada é um delito não criminalizado no Brasil. Isso impede a responsabilização dos agentes envolvidos no escândalo de Corrupção no Futebol e nas Olimpíadas. Tal delito se insere no rol crimes que se propagam com maior ênfase na sociedade, associados a organizações criminosas, se enquadrando no contexto de macrocriminalidade. Objetivo(s): verificar o que venha ser corrupção privada, sua incidência nas práticas de corrupção no esporte, bem como relaciona-la com as tendências para o Direito Penal atualmente, as quais o criminal compliance, o Direito Premial e a conjuntura da macrocriminalidade. Método: foi analisado o tipo criminalizado na Espanha, bem como o estudo por parte da doutrina desse país, além dos projetos de lei que tramitam no Congresso Nacional do Brasil. Examinamos a conjuntura da corrupção no esporte, abordando suas bases, sujeitas as matérias de destaque do Direito Penal. Resultados: avançamos na interpretação do tipo da corrupção privada, para sua compreensão no aspecto macro, com base na leitura da corrupção no esporte, verificando sua total pertinência nos quadros do que mais se discute no âmbito Direito. Conclusão): a corrupção privada tem total relação com o compadrio que permeia a maioria das relações privadas, com bases nos valores cultivados em nossa sociedade, sustentando uma elite que interfere na economia de mercado competitiva, justificando a incidência do Direito Premial e do criminal compliance no combate à macrocriminalidade.
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Vovk, Olena. "Fostering foreign language grammatical competence. Ways of representing linguistic knowledge." In Edukacja zorientowana na ucznia i studenta, 271–89. Wydawnictwo Uniwersytetu w Białymstoku, 2021. http://dx.doi.org/10.15290/eznuis.2021.16.

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This study presents the framework for mastering foreign language grammar within a University curriculum. Fostering learners’ grammatical competence (GC) is identified as a desired effect of grammar acquisition. The premise is advanced that to achieve this target, the teaching and learning process has to take into account multiple factors, which might facilitate enhancing GC. It is hypothesized that developing GC can be efficacious on condition that the teacher considers cognitive profiles of the students and takes into account affective determinants of grammar acquisition. Multiple ways of presenting linguistic knowledge are emphasized in the paper. Specifically, the key idea is that rationally combining various types of linguistic input may turn out conducive to the understanding, conceptualization, and internalization of the subject matter.
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Spandonis, Sophie. "Le premier Prix Goncourt : Force ennemie de John-Antoine Nau ou la naissance d’un « petit événement littéraire »." In Les Goncourt dans leur siècle, 287–301. Presses universitaires du Septentrion, 2005. http://dx.doi.org/10.4000/books.septentrion.54446.

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Amaral, Kaíto Loui Sousa do, Vládia Barbosa Sobreira, and Angélica de Castro Abreu. "OS CAMINHOS QUE LEVAM ÁS CIDADES ACESSÍVEIS: O PANORAMA BRASILEIRO E O PREMIO ACCESS. CITY PARA AS CIDADES DA EU." In A produção do conhecimento nas Ciências Exatas e da Terra, 140–47. Antonella Carvalho de Oliveira, 2019. http://dx.doi.org/10.22533/at.ed.38819030413.

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Lobato, Ana Katerine de Carvalho Lima, Lucas Gois Brandão, and Victor Hoffmann Barroso. "ESTUDO CINÉTICO DA PRODUÇÃO DE HIDROMEL PELAS CEPAS Saccharomyces cerevisiae Lalvin 71b 1122 e Saccharomyces bayanus RED STAR PREMIER BLANK." In Impactos das Tecnologias na Engenharia Química 2, 53–72. Antonella Carvalho de Oliveira, 2019. http://dx.doi.org/10.22533/at.ed.3641903048.

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Alves, Osvanira dos Santos, Ligia Fatima Lima Calixto, Karoll Andrea Alfonso Torres-Cordido, Túlio Leite Reis, and Felipe Dilelis de Resende Sousa. "REDUÇÃO DOS NIVEIS DE VITAMINA D3 EM PREMIX E SUPLEMENTAÇÃO COM 1,25(OH)2D3 NA RAÇÃO DE FRANGOS DE CORTE." In A Produção do Conhecimento na Medicina Veterinária, 121–32. Atena Editora, 2019. http://dx.doi.org/10.22533/at.ed.52219011013.

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"Ultrasonic homogenizing systems are able to produce particle-size and droplet-size distributions that approach those of piston homogenizers with a lower power re-quirement. In order to work, they must be fed a well-blended premix or a metered feed of the liquid components. The vibrating element is an extra maintenance item, espe-cially in heavy or abrasive service. Overall, they offer an attractive option when fixed-gap rotor/stator devices do not produce the required size distributions. 5. Homogenizer/Extruder Another high-pressure homogenizer/extruder with an adjustable valve having produc-tion capacities from 8 mL/hr to 12,000 LL/hr is available. A positive displacement pump produces pressures up to 30,000 psig. The manufacturer claims that no O-ring is used in the product pass and pump seal, and this homogenizer/extruder was approved by the U.S. Food and Drug Administration for pharmaceutical use [36]. At this writing, in-formation concerning the internal structure is not available. The apparatus is capable of producing fine emulsions and liposomal dispersions. Figure 36 shows a laboratory unit. 6. Microfluidizer Technologies A more recent invention to find wide use in specialized forms of dispersed system dosage forms is the microfluidizer. This device uses a high-pressure positive-displacement pump operating at a pressure of 500-20,000 psig, which accelerates the process flow to up to 500 m/min through the interaction chamber. The interaction chamber consists of small channels known as microchannels. The microchannel diameters can be as narrow as 50 urn and cause the flow of product to occur as very thin sheets. The configuration of these microchannels within the interaction chamber resembles Y-shaped flow streams in which the process stream divides into these microchannels, creating two separate microstreams. The sum of cross-sectional areas of these two microstreams is less than the cross-sectional area of the pipe before division to two separate streams. This nar-rowing of the flow pass creates an (axisymmetric) elongational flow to generate high Fig. 36 Emulsiflex-C5, a high-pressure homogenizer. (From Ref. 36.)." In Pharmaceutical Dosage Forms, 365–67. CRC Press, 1998. http://dx.doi.org/10.1201/9781420000955-54.

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Conference papers on the topic "Premium to NAV"

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Martins, Lia. "Algoritmo Premium: uma ferramenta de ensino para auxiliar o aprendiz com deficiência intelectual nos cursos técnicos em informática." In Workshops do Congresso Brasileiro de Informática na Educação. Sociedade Brasileira de Computação - SBC, 2016. http://dx.doi.org/10.5753/cbie.wcbie.2016.241.

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Toda, Armando, Filipe Dwan Pereira, Ana Carolina Tomé Klock, Luiz Rodrigues, Paula Palomino, Wilk Oliveira, Elaine Harada Teixeira Oliveira, Isabela Gasparini, Alexandra Ioana Cristea, and Seiji Isotani. "For whom should we gamify? Insights on the users intentions and context towards gamification in education." In Simpósio Brasileiro de Informática na Educação. Sociedade Brasileira de Computação, 2020. http://dx.doi.org/10.5753/cbie.sbie.2020.471.

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Gamification design in educational environments is not trivial and many variables need to be considered to achieve positive outcomes. Often, educators and designers do not know when the students intentions on the use of gamified environments might influence their experience. Based on this premise, this paper describes an exploratory study on the users intention to use gamification, focusing on its influence in the field of education. We conducted a survey study with participants (N=1.692) and analysed their answers using unsupervised data mining techniques. As a result, we obtained empirical evidence showing that demographic and contextual variables influence (positively and negatively) peoples intention to use gamification. This evidence can support designers and educators better understand whether and when they should or should not gamify a learning environment.
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Socoloski, Paul, Michael Maier, and Michael Lamberto. "Life-Cycle Engineering Support From the US Navy Gas Turbine Ship Complex." In ASME 1996 International Gas Turbine and Aeroengine Congress and Exhibition. American Society of Mechanical Engineers, 1996. http://dx.doi.org/10.1115/96-gt-496.

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The United States Navy has tested propulsion plants since the beginning of the century. There is a long record of successful test programs which have either proven new systems for introduction to the fleet or demonstrated the inability of new systems to meet the requirements of the fleet. Traditionally these test programs concluded with the introduction of the propulsion system into service. With the conception of the Gas Turbine Ship Complex in the mid 1980s, the Navy recognized the need to maintain a facility for conducting life cycle engineering activities to support the more complex gas turbine plants and control systems in the fleet. The Gas Turbine Ship Complex successfully tested the DDG-51 Class propulsion plant before the introduction of the Arleigh Burke and now continues to provide testing of gas turbine plant upgrades, allows training for DDG-51 Class precommissioning crews, enables In-Service Engineers to conduct plant operations to resolve emergent fleet problems and conducts Research and Development on new and upgraded systems. This paper recounts the premiss for developing the Gas Turbine Ship Complex and shows how the plant has gone beyond traditional propulsion plant test programs to fulfill its mission as a facility for life cycle support of gas turbine ships.
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Stossier, Walt, Matt Stauffer, and Glenn E. Perkins. "WR-21 Recuperator Core Test." In ASME 1997 International Gas Turbine and Aeroengine Congress and Exhibition. American Society of Mechanical Engineers, 1997. http://dx.doi.org/10.1115/97-gt-514.

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WR-21 is the designation for the Intercooled, Recuperated (ICR) Gas Turbine Engine System currently under development for the U.S. Navy (USN), with the Royal Navy (RN) and French Navy as major participants. The purpose of the program is to design, develop and qualify a fuel efficient engine system for surface ships. A key enabling technology for the ICR Engine System is the recuperator used to recover exhaust gas heat for reinsertion into the engine cycle thereby reducing specific fuel consumption. A test of a full scale, reduced capacity WR-21 recuperator core was conducted at the Naval Surface Warfare Center, Carderock Division, Ship Systems Engineering Station (NSWCCD-SSES) to determine system response to transient maneuvers typical to ship gas turbine engines. Existing Navy gas turbines located at the site were used to provide the air and gas media for the test apparatus. The test program was directed by Northrop Grumman Marine Systems, the ICR prime contractor, and Allied Signal Aerospace, the recuperator manufacturer. This paper provides a description of the core test premise, test facility, test instrumentation, test experiments and resultant test data.
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d’Oliveira, Celso A., Eliane H. de Paula, and Dilian A. D. Freire. "Environmental Impact Mitigation on the Gasduc-3 Project." In 2010 8th International Pipeline Conference. ASMEDC, 2010. http://dx.doi.org/10.1115/ipc2010-31148.

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This paper approaches the environment impact mitigation measures adopted in the Cabiu´nas-Reduc-3 project (Gasduc-3), completed in January 2010. This high complexity project has great strategic importance to the Company and for the extension of natural gas offer in Brazil. Due to the large size of the project and its interference with environmentally sensitive areas, several programs and actions have been carried out in the influenced areas what allowed the team to conclude Gasduc-3 and, at the same time, follow through with the premise of sustainable development.
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Corso, Christopher, Andrew Bigley, Brian Connery, and Jeremy Nichols. "Full Authority Digital Control (FADC) Local Operating Panels (LOCOPs)…The Foundation for Improvement." In ASME 2011 Turbo Expo: Turbine Technical Conference and Exposition. ASMEDC, 2011. http://dx.doi.org/10.1115/gt2011-45911.

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Full Authority Digital Control systems are the premier control system. The applications are limitless (motorcycles to power plants and everything in between). Over the past 15 years, the US Navy has worked successfully with Woodward Governor Co. to develop and implement FADC LOCOPs for use in a number of applications including DDG and CG class ships gas turbine generators. The FADC LOCOPs provide closed loop control features as did the old analog control systems. But the FADC LOCOPs add the ease and speed of control improvements via software change, constant data monitoring/recording and network connectivity. The network connectivity advantage is still early in development; however this key feature of the control system opens up many doors. Distance support can be taken to an entirely new level via the network. Imagine a setup where if the control detects an abnormality…an email containing control system data gets sent to the blackberry of the In Service Engineering Agent (ISEA) so immediate action can be taken to maintain system reliability and reduce overall system cost. This future can help save money and avoid expensive catastrophic failure via condition based maintenance. In this future, it is possible that eventually the ISEA suggestions can be prompted right back to the FADC LOCOP so the sailors onboard can communicate with the ISEA via the FADC LOCOP. Essentially, every ship could have the ISEA (or an ISEA representative)onboard 24 hours a day seven days a week via FADC LOCOP communicating over a network. The system is not this evolved yet. However, several Navy Programs are working in conjunction towards a similar future including DDG Modernization and Integrated Condition Assessment System (ICAS) via Maintenance Engineering Library Server (MELS) and Integrated Performance Analysis Reports (IPAR). FADC LOCOPs are the foundation upon which these improvements rely to be implemented…thus the premier control system.
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Ojukwu, Kelechi, Omowumi Iledare, Joseph Ajienka, Adewale Dosunmu, and Chidi Ibe. "Estimating Fair Market Value of Petroleum Assets in Nigeria: A Risk-Based Approach." In SPE Nigeria Annual International Conference and Exhibition. SPE, 2021. http://dx.doi.org/10.2118/207078-ms.

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Abstract Many independent Nigerian oil & gas companies have emerged over the last decade out ofthe divestments of ageing petroleum assets by multinational oil companies. Thesetransactions are marked by pervasive cases of overvaluation and huge gap in offers that leadto unnecessarily high acquisition costs. Petroleum analysts around the world adopt the Discounted Cashflow Analysis method forestimating present value of future oil production revenues. Unfortunately, project economicsusing conventional analysis does not de-risk the reserves components appropriately oraccount for the excess and political risk premiums. Even when analysts derive the NetPresent Value from conventional evaluation, say at discount rates of say 10% or 15%, theyface the dilemma of extracting offer price from that figure. Some post a conservative offerbased on 50% NPV, while others throw in all the NPV in a scheme to win the bid at all cost. Some also start by guesstimating value by rule of thumb and then offer the NPV that is leftbehind. The decision to offer a given percentage of the NPV is entirely subjective and variesamongst investors and as such does not depict a logical perception of market value, or therisks thereof. Furthermore, by omitting political risk, buyers are invariably ignoring the mostcrucial risk of all. The adoption of different bases of reserves tend to compound the problemby yielding NPVs that are few and far between each other. They are usually based on un-risked ‘proved plus probable’ (2P) reserves, which is highly speculative and unrealistic forvaluation. For the first time, the concerns of high purchase price and offer gaps were debuggedleveraging the new Risk-Based Valuation approach which is based on a modified Discounted Cashflow model. A research deeply investigates the problems first by reconstructing originaltransaction to identify the root causes. Furthermore, the study concludes that buyers arepaying on average 4 times the value and that regulating reserves base is fundamental inorder to minimize offer gaps that sometimes tend to a billion dollars for large deals. Thus, the Risk-Based Discounted Cashflow Analysis technique can help prevent overpricing orunderpricing of Nigerian assets, minimize offer gaps in the market as well as account for theimpact of political risks (or its mitigation) in valuation.
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8

Dvornak, Michael. "Development of Engine Intake Anti-Icing Systems for LCAC." In ASME Turbo Expo 2007: Power for Land, Sea, and Air. ASMEDC, 2007. http://dx.doi.org/10.1115/gt2007-27240.

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US Navy ships operating in cold weather require the protection of an engine intake air anti-ice system to prevent blockage of combustion airflow during snow and icing conditions. This requirement does not present any unusual design demands on large displacement type ships because there is more available space, an abundance of usable thermal energy, and lastly their design allows engine weather intakes to be placed in relatively protected locations. However on small craft such as the Navy’s Landing Craft Air Cushion (LCAC), intake air anti-icing presents a unique design challenge. This is due to the spray generated by venting of the craft’s pressurized air cushion during normal over-water operations that results in significant carry-over of this spray onto the cargo deck, from which it is subsequently ingested into the engine intakes. LCAC is also powered by gas turbines that require large quantities of inlet combustion air for power generation. Because of these considerations the thermal energy required for intake anti-icing on LCAC are significantly higher than for large displacement type ships. Adding to this challenge are the facts that on-board space in an air cushion vehicle is at a premium, and power for thermal energy must be obtained from existing sources whose primary function is other than anti-icing. This paper will trace the development and evolution of LCAC’s engine intake anti-ice systems from the craft’s initial design, through to the present systems used in the fleet. It will present the tradeoff issues that effected selection of the anti-ice systems, such as energy availability, cold weather criteria, and craft design constraints.
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Cunningham, Matthew, Steve Deline, Tim Schatz, Abby Beltrame, Erik Steinmetz, Sarah Howard, and Mark Smith. "Thrombogenicity Testing for Blood-Contacting Medical Devices in an In Vitro Ovine Blood Loop: Design Improvements and Continuing Validation." In 2017 Design of Medical Devices Conference. American Society of Mechanical Engineers, 2017. http://dx.doi.org/10.1115/dmd2017-3385.

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Thrombogenicity testing is often a requirement for regulatory approval of many types of blood-contacting medical devices [1, 2]. This study describes the continuing improvement in design and characterization of a minimally-heparinized in vitro blood-loop assay which utilizes freshly drawn ovine blood. These modifications were made after studies using this in vitro model were submitted to the FDA in lieu of the in vivo nonanticoagulated venous implant (NAVI) thrombogenicity test. After extensive discussions with FDA reviewers, several modifications which further characterize and improve the assay have been included: 1). Improved temperature control of the blood before and during the incubation period, 2). Improved uniformity and reproducibility of loop geometry, specifically the length of working space for device deployment and a fixed curvature for the radius of the return segment of the loop, 3). Additional measurement of blood parameters prior to and during the incubation period, complete blood counts and activated clotting time (ACT), 4). More rigorous management of ACT, 5). Measurement of non-adherent thrombus formation in the blood, 6).Incorporation of a legally marketed predicate comparator device in all the assays, and 7).Physical characterization of the positive controls. This validated method with enhanced characterization and more reproducible methods allows for a more robust and reliable assay. These results continue to support the premise that this in vitro blood loop assay may eventually supplant the NAVI model for routine hemocompatibility testing for catheter-like blood contacting medical devices.
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Omotosho, Yetunde, Williams Adeyemi, and Lateef Akinpelu. "Nigerian Stranded Gas Utilization–Investment and Risk Analysis of a Medium Scale GTL Option." In SPE Nigeria Annual International Conference and Exhibition. SPE, 2021. http://dx.doi.org/10.2118/208240-ms.

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Abstract Nigerian stranded gas reserves is a vast natural gas resource opportunity (with estimates exceeding 84 trillion cubic feet or 44% of current proved reserves of 190.4 Tcf) is already being monetized especially as the global environment continues to favour low carbon footprint energy sources. Natural gas utilization projects such as Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG), Independent Power Projects (IPP), Gas-to-Liquid (GTL), from associated gas (AG) have taken off, however, Nigeria still struggles with low pace of stranded gas development as a result of huge capital expenditure outlays, uncertain fiscal terms as well as inadequate infrastructure, hence, stranded gas remains minimally tapped. Not only that, they exist in pockets of fields unevenly dispersed across Nigerian fields. About 70% of the onshore stranded gas are found in fields with less than 500 billion cubic feet (bcf) reserves, severely limiting gathering system optimization opportunities. In this work, GTL option is investigated as a viable utilization option. A modular medium scale GTL plant with a capacity to produce 25,000 barrels per day of premium products, is considered. GTL economics is analyzed with and without Natural Gas Liquids (NGL) extraction. The various internal and external risks associated with its development, are also explored. Without NGL extraction accruing to the GTL owner, the project becomes unattractive and never pays out within the projected timeframe of operation. With NGL extraction, project payout is 10 years, NPV@10% is $1,132.6 million and IRR is 15.4%. From the risk assessment, the capital expenditure (CAPEX) and product prices (NGL price being the most important) are major factors affecting project economic risks. Because of the huge impact of NGL extraction on GTL economics, consideration will have to be given to alternative incentives to improve profitability where this extraction opportunity is low or non-existent by fiscal authorities.
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