The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multipli...The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multiplicity of factors that influence the TV of firms which are not being considered within current evaluation models. This aspect leads to the incurring of unrecoverable errors, thus leading to values of goodwill or bad will far away from the substantial value of intrinsic assets. As a consequence, the evaluation results will be presented markedly different from market values. There is no consensus in the scientific community about the method of computation of the TV as a forecast in an infinite horizon. The size of the terminal, or non-explicit period, assumed as infinite, is never called into question by scientific literature, or the probability of business bankruptcy. This paper aims to promote a study of the existing literature on the TV, to highlight the fragility of the evaluation models of companies that have been used by the academic community and by financial analysts, and to point out lines for future research to minimize these errors.展开更多
Valuation is stated as monetary value belonging to firm assets （Verginis ＆ Taylor, 2004）. According to M. L. Rock, R. H. Rock, and Sikora （1994）, valuation is the answer of the following questions： What is the m...Valuation is stated as monetary value belonging to firm assets （Verginis ＆ Taylor, 2004）. According to M. L. Rock, R. H. Rock, and Sikora （1994）, valuation is the answer of the following questions： What is the maximum price that will be paid for the firm？ What are the risk areas？ What are the results of cash flows, profitability, and balance-sheet？ Chambers （2005, p. 5）, on the other hand, estimated a probable price that will be paid for the goods and service at a specific time. For the calculation of continuing value （CV）, Verginis and Taylor （2004） used discounted cash flows （DCF） method and Onal, Karadeniz, and Kandlr （2005） used economic profit method. Klrh （2005） suggested Continuous and Constant Growing Model （Gordon Model）, Value Driver Model, and Economic Profit Model. In this study, DCF which is suggested by Onal et al. （2005） and Verginis and Taylor （2004） is used for the aim of determining CV of the firm at issue. In this study, analyses are made by using the financial statement data of a tourism business whose shares are dealt in Istanbul Stock Exchange. In consequence of the calculations, CV of the examined firm is found to be 7,485,402 TL and firm value is found to be 15,195,366 TL.展开更多
The quantitative real-time reverse transcription PCR(qRT-PCR)is a widely used technique to analyze gene expression levels.Selecting a suitable reference gene is a crucial step to obtain an accurate result in qRT-PCR.H...The quantitative real-time reverse transcription PCR(qRT-PCR)is a widely used technique to analyze gene expression levels.Selecting a suitable reference gene is a crucial step to obtain an accurate result in qRT-PCR.However,most previous studies on fishes adopted reference genes that were commonly used in mammals without validation.In this study,we utilized 89 transcrip-tome datasets covering early developmental stages and different adult tissues,and carried out transcriptome-wide identification and validation of reference genes in Sebastes schlegelii.Finally,121 candidate reference genes were identified based on four criteria.Eight candidates(METAP2,BTF3L4,EIF5A1,TCTP,UBC,PAIRB,RAB10,and DLD)and four commonly used reference genes in mam-mals(TUBA,ACTB,GAPDH,RPL17)were selected for validation via qRT-PCR and four statistical analysis methods(delta-Ct,Best-Keeper,geNorm,and NormFinder).The results indicated that when the black rockfish are cultured in a general condition,the eight candidate reference genes are more stable than traditional reference genes in mammals,and RAB10,EIF5A1,PAIRB and BTF3L4 are the best reference genes in rockfish.This is the first study to conduct transcriptome-wide identification and validation of reference genes for quantitative RT-PCR in the black rockfish,and lay an important foundation for gene expression analysis in teleost.展开更多
Adequacy is a key concern of power system planning,which refers to the availability of sufficient facilities to meet demand.The capacity value(CV)of variable renewable energy(VRE)generation represents its equivalent c...Adequacy is a key concern of power system planning,which refers to the availability of sufficient facilities to meet demand.The capacity value(CV)of variable renewable energy(VRE)generation represents its equivalent contribution to system adequacy,in comparison to conventional generators.While VRE continues to grow and increasingly dominates the generation portfolio,its CV is becoming non-negligible,with the corresponding impact mechanisms becoming more complicated and nuanced.In this paper,the concept of CV is revisited by analyzing how VRE contributes to power system balancing at a high renewable energy penetration level.A generalized loss function is incorporated into the CV evaluation framework considering the adequacy of the power system.An analytical method for the CV evaluation of VRE is then derived using the statistical properties of both hourly load and VRE generation.Through the explicit CV expression,several critical impact factors,including the VRE generation variance,source-load correlation,and system adequacy level,are identified and discussed.Case studies demonstrate the accuracy and effectiveness of the proposed method in comparison to the traditional capacity factor-based methods and convolution-based methods.In the IEEERTS79 test system,the CV of a 2500 MW wind farm(with40%renewable energy penetration level)is found to be 6.8%of its nameplate capacity.Additionally,the sensitivity of CV to various impact factors in power systems with high renewable energy penetration is analyzed.展开更多
文摘The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multiplicity of factors that influence the TV of firms which are not being considered within current evaluation models. This aspect leads to the incurring of unrecoverable errors, thus leading to values of goodwill or bad will far away from the substantial value of intrinsic assets. As a consequence, the evaluation results will be presented markedly different from market values. There is no consensus in the scientific community about the method of computation of the TV as a forecast in an infinite horizon. The size of the terminal, or non-explicit period, assumed as infinite, is never called into question by scientific literature, or the probability of business bankruptcy. This paper aims to promote a study of the existing literature on the TV, to highlight the fragility of the evaluation models of companies that have been used by the academic community and by financial analysts, and to point out lines for future research to minimize these errors.
文摘Valuation is stated as monetary value belonging to firm assets （Verginis ＆ Taylor, 2004）. According to M. L. Rock, R. H. Rock, and Sikora （1994）, valuation is the answer of the following questions： What is the maximum price that will be paid for the firm？ What are the risk areas？ What are the results of cash flows, profitability, and balance-sheet？ Chambers （2005, p. 5）, on the other hand, estimated a probable price that will be paid for the goods and service at a specific time. For the calculation of continuing value （CV）, Verginis and Taylor （2004） used discounted cash flows （DCF） method and Onal, Karadeniz, and Kandlr （2005） used economic profit method. Klrh （2005） suggested Continuous and Constant Growing Model （Gordon Model）, Value Driver Model, and Economic Profit Model. In this study, DCF which is suggested by Onal et al. （2005） and Verginis and Taylor （2004） is used for the aim of determining CV of the firm at issue. In this study, analyses are made by using the financial statement data of a tourism business whose shares are dealt in Istanbul Stock Exchange. In consequence of the calculations, CV of the examined firm is found to be 7,485,402 TL and firm value is found to be 15,195,366 TL.
基金This study was supported by the National Key R&D Program of China(No.2018YFD0900101).
文摘The quantitative real-time reverse transcription PCR(qRT-PCR)is a widely used technique to analyze gene expression levels.Selecting a suitable reference gene is a crucial step to obtain an accurate result in qRT-PCR.However,most previous studies on fishes adopted reference genes that were commonly used in mammals without validation.In this study,we utilized 89 transcrip-tome datasets covering early developmental stages and different adult tissues,and carried out transcriptome-wide identification and validation of reference genes in Sebastes schlegelii.Finally,121 candidate reference genes were identified based on four criteria.Eight candidates(METAP2,BTF3L4,EIF5A1,TCTP,UBC,PAIRB,RAB10,and DLD)and four commonly used reference genes in mam-mals(TUBA,ACTB,GAPDH,RPL17)were selected for validation via qRT-PCR and four statistical analysis methods(delta-Ct,Best-Keeper,geNorm,and NormFinder).The results indicated that when the black rockfish are cultured in a general condition,the eight candidate reference genes are more stable than traditional reference genes in mammals,and RAB10,EIF5A1,PAIRB and BTF3L4 are the best reference genes in rockfish.This is the first study to conduct transcriptome-wide identification and validation of reference genes for quantitative RT-PCR in the black rockfish,and lay an important foundation for gene expression analysis in teleost.
基金supported in part by the National Key R&D Program of China(No.2022YFB2403300)in part by the Scientific&Technical Project of State Grid Shanghai Electric Power Company(No.SGSHDK00DWJS2310470)in part by the Scientific&Technical Project of China Electric Power Planning&Engineering Institute(No.K202316)。
文摘Adequacy is a key concern of power system planning,which refers to the availability of sufficient facilities to meet demand.The capacity value(CV)of variable renewable energy(VRE)generation represents its equivalent contribution to system adequacy,in comparison to conventional generators.While VRE continues to grow and increasingly dominates the generation portfolio,its CV is becoming non-negligible,with the corresponding impact mechanisms becoming more complicated and nuanced.In this paper,the concept of CV is revisited by analyzing how VRE contributes to power system balancing at a high renewable energy penetration level.A generalized loss function is incorporated into the CV evaluation framework considering the adequacy of the power system.An analytical method for the CV evaluation of VRE is then derived using the statistical properties of both hourly load and VRE generation.Through the explicit CV expression,several critical impact factors,including the VRE generation variance,source-load correlation,and system adequacy level,are identified and discussed.Case studies demonstrate the accuracy and effectiveness of the proposed method in comparison to the traditional capacity factor-based methods and convolution-based methods.In the IEEERTS79 test system,the CV of a 2500 MW wind farm(with40%renewable energy penetration level)is found to be 6.8%of its nameplate capacity.Additionally,the sensitivity of CV to various impact factors in power systems with high renewable energy penetration is analyzed.
