We show how to decompose a firm’s beta into its beta of assets-in-place and its beta of growth opportunities. Our empirical results demonstrate that the beta of growth opportunities is greater than the beta of assets-in-place for virtually all industries over all periods of time dating back to 1977. The difference has important implications for determining the cost of capital. For example, when...

in today's communities achieving to effectiveness of urban advertising is one of troubles of advertisement industry. this research is trying to answer this question that using three-dimensional design in urban advertising has what place in urban field? this query has been conducted in the method of iconological analysis on chosen urban advertising works of last 15 years in the world with t...

Gas hydrates have lately received increased attention as a potential future energy source, which is not surprising given their global and widespread occurrence. This article presents an integrated study of the Nyegga site offshore mid-Norway, where a gas hydrate prospect is defined on the basis of a multitude of geophysical models and one shallow geotechnical borehole. This prospect appears to ...

Research evaluation is praised as the symbol of modern quality management. We claim firstly, that output evaluations in academic research have higher costs than normally assumed, because the evaluated persons and institutions systematically change their behavior and develop counter strategies. Moreover, intrinsic work motivation is crowded out and undesired lock-in effects take place. Secondly,...

OBJECTIVES Preferences for aging-in-place are unclear among low-income elderly Chinese city-dwellers, who are more likely to be geographically bound, to have little care support, but possess strong filial values and family cohesiveness. This study investigated the preferences for aging-in-place and its contributing neighborhood factors among low-income Chinese elderly in a metropolitan city. ...

This paper presents a novel page overwriting scheme for NAND flash memory. It provides significantly improved in-place page update with minimum hardware overhead. It does not require valid page copy for erase operation in order to modify data in a written page. Experimental results show 3.3 ∼ 47.5 times faster page update time with one overwrite allowance and 1.3 ∼ 18.7 with four overwrites all...

In-place reconstruction of differenced data allows information on devices with limited storage capacity to be updated efficiently over low-bandwidth channels. Differencing encodes a version of data compactly as a set of changes from a previous version. Transmitting updates to data as a version difference saves both time and bandwidth. In-place reconstruction rebuilds the new version of the data...

Indexes are the key technology underpinning efficient text search. A range of algorithms have been developed for fast query evaluation and for index creation, but update algorithms for high-performance indexes have not been evaluated or even fully described. In this paper, we explore the three main alternative strategies for index update: in-place update, index merging, and complete re-build. O...

In this paper, we study the problem of designing in-place algorithms for finding the maximum clique in the intersection graphs of axis-parallel rectangles and disks in R2. First, we propose an O(n2 log n) time in-place algorithm for finding the maximum clique of the intersection graph of a set of n axis-parallel rectangles of arbitrary sizes. For the intersection graph of fixed height rectangle...

A team of undergraduate students from mechanical engineering and poultry science was assembled and worked cooperatively on a food safety project. The particular problem addressed was the development of a non-chemical-based clean-in-place system for cleaning the piping used to transport giblets in a poultry processing plant. The design and testing of the system required engineers to work with po...