in recent years, many different methods have been developed to simulate free surface flows coupled with moving bodies. in this paper, for simulating ship maneuver, vof method (cicsam) and also for coupling velocity field and pressure a fractional step method are used. to increase simulation accuracy, the mesh size should be significantly fine. unfortunately, fine grid causes increase in simulat...

We demonstrate that analysts revise their forecasts of net operating income downward following the announcement of an equity-for-debt swap. Their revisions are positively correlated with the size of the stock-price reaction to the swap announcement. This evidence supports the hypothesis that announcements of equity-for-debt swaps convey information about the expected level of cash flows of the ...

This paper investigates how free cash flow (FCF) is associated with agency costs (AC), and how FCF and AC influence firm performance. The research purpose is therefore threefold. Specifically, the study is to explore the impact of FCF on AC, to re-examine the free cash flow hypothesis, and to test the agency theory based on the empirical data from Taiwan publicly-listed companies. The study use...

Abstract: The implementation of government legislation, social responsibility, environmental concerns regarding the reduction of waste, hazardous material and other consumer residuals have made the competition between the firms stricter than ever and nowadays firms that want to survive need a more productive and innovative approach toward the financial aspects of their businesses.his pape...

Objective: Market anomalieschange with economic conditions, stock markets, selected samples, time periods and differences between industries. Revision of past forecasts leads to forecast error. The revisions result from new information. On the other hand, some managers slowly revise their forecasts in responding to new information. Therefore, the purpose of this research is to investigate the r...

and his coauthors begin from the observation that it is difficult to distinguish that specification from an alternative one in which the drift in log consumption growth is itself a highly persistent covariance stationary process with low conditional volatility but high unconditional volatility. Thus, the drift itself is almost but not quite a random walk. The high unconditional volatility of th...

Corporate finance textbooks (e.g., Webster 2003, Chapter 12) recommend that a company invest in a project if and only if the project’s internal rate of return exceeds the cost of capital. If companies operated this way, their investment decisions would be independent across projects within the company, conditional on the projects’ cash flows being independent. In practice, such conditional inde...

We present a robust optimization approach when the uncertainty in objective coefficients is described using multiple ranges for each coefficient. This setting arises when the value of the uncertain coefficients, such as cash flows, depends on an underlying random variable, such as the effectiveness of a new drug. Traditional robust optimization with a single range per coefficient would require ...