Academic literature on the topic 'Cash flow asymmetry'
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Journal articles on the topic "Cash flow asymmetry"
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Ascioglu, Asli, Shantaram P. Hegde, and John B. McDermott. "Information asymmetry and investment–cash flow sensitivity." Journal of Banking & Finance 32, no. 6 (June 2008): 1036–48. http://dx.doi.org/10.1016/j.jbankfin.2007.09.018.
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Permatasari, Devi. "PROFIT MANAGEMENT IN ISLAM AND THE FACTORS." International Journal of Islamic Business Ethics 3, no. 1 (March 5, 2018): 388. http://dx.doi.org/10.30659/ijibe.3.1.388-400.
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Profit Management is a phenomenon that is influenced by various factors. Among them are such as information asymmetry and free cash flow. In Indonesia alone there are already cases of profit management from several years ago. This study aims to determine the influence of information asymmetry, and free cash flow on profit management practices in manufacturing companies listed on the Stock Exchange. The population of this study are the manufacturing companies that listed in Indonesia Stock Exchange (IDX) 2012-2016. The sampling technique used was purposive sampling method. The method of analysis used in this study using multiple linear regression. The total number of samples for this study are 180 companies. But, there are found 45 samples as outlier should be excluded from sample observation. So,the final samples for this study are 136 companies. The results showed that the free cash flow has influence on profit management, and information asymmetry has no effect on profit management.Keywords:�� �Profit managements, Information Asymmetry, Free cash flow.
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Lee, Jaehong, and Eunsoo Kim. "Foreign Monitoring and Predictability of Future Cash Flow." Sustainability 11, no. 18 (September 4, 2019): 4832. http://dx.doi.org/10.3390/su11184832.
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A company’s sustainability is generally determined by whether it is able to create a positive long-term cash flow. This paper investigates whether the predictive ability of cash flows and earnings in forecasting future cash flows differs depending on the foreign investors’ ownership. Based on firms listed in the Korea Stock Exchange market from 2000 to 2017, we find that earnings and cash flow components of financial statements enhance the predictability of future cash flow in the Korean stock market. Conversely, foreign investors showed a tendency to decide on investments based on operating cash flow instead of earnings when predicting future cash flow. These findings indicate that reliability towards earnings may fall since foreign investors’ concerns are on the prospects of earnings management. These results were strengthened by the addition of several more analyses including cluster analyses, consideration of information asymmetry and the chaebol governance.
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Chowdhury, Jaideep, Raman Kumar, and Dilip Shome. "Investment–cash flow sensitivity under changing information asymmetry." Journal of Banking & Finance 62 (January 2016): 28–40. http://dx.doi.org/10.1016/j.jbankfin.2015.07.003.
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Khansalar, Ehsan, Mahmoud Lari Dasht-Bayaz, and Aref Miri. "Stock Yield and Information Asymmetry." International Journal of Economics and Finance 7, no. 11 (October 27, 2015): 250. http://dx.doi.org/10.5539/ijef.v7n11p250.
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One of the most fundamental economic problems is optimal allocation of resources towards high-yield investments with reasonable risk. For this achievement, it is required to have operational evaluation criteria that some of which emphasize on cash flow variables and some others on the information content of accounting interest. In order to achieve this end, in this study, the relationship between yields before interest and tax and operational cash flow with shareholders’ output in information asymmetry conditions during the life cycle of the listed companies in Tehran Stock Exchange was investigated. To do testing hypotheses, multiple pooled data Regression was used. To separate the companies through life-cycle, Anthony and Ramesh’s (1992) research was used. The results of empirical tests results, by using information related to 142 firms during 2008 to 2013, indicate that in each of three stages of growth-maturity and the firms’ fading and interest before benefit and tax-have no positive and significant relationship with the output of the firms’ stock on the other hand, the interest before benefit and tax rather than operational cash flow have more information content.
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Nurainun Bangun, Christabel,. "PENGARUH FREE CASH FLOW, STRUKTUR MODAL, DAN ASIMETRI INFORMASI TERHADAP MANAJEMEN LABA." Jurnal Paradigma Akuntansi 2, no. 3 (October 9, 2020): 1010. http://dx.doi.org/10.24912/jpa.v2i3.9526.
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The research objective is to present empirical evidence of the effect of free cash flow, capital structure, and information asymmetry on earnings management in manufacturing companies listed on the Indonesia Stock Exchange in 2016-2018. Company samples used in this study were 39 companies. This research uses a purposive sampling techniqueand uses panel data assisted by the E-views 10+ program in data processing. T test results in this research indicate that free cash flow has a negative and significant effect on earnings management, while capital structure and information asymmetry have no significant effect on earnings management.
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Oh, Hyun Min, and Ho young Shin. "A Study on the Relationship between Analysts’ Cash Flow Forecasts Issuance and Accounting Information: Evidence from Korea." Sustainability 11, no. 12 (June 20, 2019): 3399. http://dx.doi.org/10.3390/su11123399.
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This study analyzes the relationship between the future cash flow forecast information provided by financial analysts and accounting information. We examine whether the joint issuance of financial analyst earnings forecasts and cash flow forecasts from 2011 to 2015 contributes to the information usefulness of Korean listed firms. The empirical results of this study are as follows. First, the issuance of analysts’ cash flow forecasts and earnings forecast accuracy were significant positive values. Cash flow forecast accuracy and earnings forecast accuracy were significant positive values. Second, the issuance of analysts’ cash flow forecasts and buy–sell bid spread are significant negative values. These results show that the information asymmetry between the manager and the investor can be reduced based on the rich information environment. This study suggests that cash flow forecasting information of financial analysts provides important evidence for capital market participants because it provides evidence that capital market participants’ information can be used as useful information for economic decision-making. These results show the sustainability of a firm from the viewpoint of a financial analyst who acts as an intermediary and external supervisor in the capital market. In addition, the analysts’ cash flow forecasting information is expected to reduce the information asymmetry between the company and the investor, thereby increasing the transparency and sustainability of the firm.
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Hong, Hyun A., Yongtae Kim, and Gerald J. Lobo. "Does Financial Reporting Conservatism Mitigate Underinvestment?" Journal of Accounting, Auditing & Finance 34, no. 2 (August 29, 2017): 258–83. http://dx.doi.org/10.1177/0148558x17719786.
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This study examines the role of financial reporting conservatism in mitigating underinvestment problems. Recognizing that volatile cash flows increase the need to access external capital markets and that agency conflicts and information asymmetry make external capital costlier than internal capital, which leads managers to forgo valuable investment projects, Minton and Schrand document a negative relation between cash flow volatility and investment. We draw on Minton and Schrand’s framework to isolate underinvestment problems and hypothesize and document that conservatism mitigates the negative relation between cash flow volatility and investment and that this mitigative effect is more pronounced for firms with ex ante more severe agency conflicts. We also document that conservatism mitigates the sensitivity of investment to cash flow volatility by facilitating access to external capital.
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Oh, Hyun Min, Sam Bock Park, and Jong Hyun Kim. "Do Analysts’ Cash Flow Forecasts Improve Firm Value?" International Journal of Financial Studies 8, no. 4 (October 13, 2020): 60. http://dx.doi.org/10.3390/ijfs8040060.
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We examine whether analysts’ cash flow forecasts improve firm value. First, we analyze whether the joint issuance of financial analysts’ earnings and cash flow forecasts improve firm value. Second, we analyze whether the quality of analysts’ cash flow forecasts improve firm value. The empirical results of our study are as follows. First, the joint issuance of analysts’ earnings and cash flow forecasts has a significantly positive effect on firm value; providing cash flow forecasts reduces information asymmetry and increases earnings quality, thereby increasing corporate value. Second, the quality of analysts’ cash flow forecasts has a significantly positive effect on firm value; the more accurate cash flow forecasts are, the higher firm value is. Our study provides empirical evidence for that the conclusion that cash flow forecasting information produced by financial analysts provides useful information for capital market participants in economic decision making.
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Collins, Daniel W., Paul Hribar, and Xiaoli (Shaolee) Tian. "Cash flow asymmetry: Causes and implications for conditional conservatism research." Journal of Accounting and Economics 58, no. 2-3 (November 2014): 173–200. http://dx.doi.org/10.1016/j.jacceco.2014.08.010.
Full textDissertations / Theses on the topic "Cash flow asymmetry"
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Chowdhury, Jaideep. "Investment-Cash Flow Sensitivity Under Changing Information Asymmetry." Diss., Virginia Tech, 2011. http://hdl.handle.net/10919/28344.
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Most studies of the investment-cash flow sensitivity hypothesis in the literature compare estimates of the sensitivity coefficients from cross sectional regressions across groups of firms classified into more or less financially constrained groups based on some measure of perceived financial constraint. These studies report conflicting results depending on the classification scheme used to stratify the sample. They have been criticized on conceptual and methodological grounds. In this study we mitigate some of these problems reported in the literature by using the insights from Cleary, Povel and Raith (2007) in a new research design. We test for the significances of the changes in the investment-cash flow sensitivity, in a time-series rather than cross sectional framework, for the same set of firms surrounding an exogenous shock to the firmsâ information asymmetry. The CPR (2007) model predicts an unambiguous increase (decrease) in investment-cash flow sensitivity when information asymmetry of the firm increases (decreases). Further, by examining the differences in the sensitivity coefficients we expect some of the biases in the coefficient from measurement errors in Q to cancel out. The two events we study are (i) the implementation of SOX which is expected to decrease information asymmetry from improved and increased disclosure and (ii) the deregulation of industries which is expected to increase information asymmetry largely from the lifting of price controls and entry barriers. We report that information asymmetry decreases following SOX and that there is a commensurate decrease in the investment-cash flow sensitivity, pre- to post SOX. The hypothesis that a greater change in investment cash flow sensitivity is associated with a greater change in information asymmetry is only weakly supported by the data. We also report that information asymmetry increases following deregulation with a commensurate increase in investment cash flow sensitivity, pre to post deregulation. The hypothesis of a greater increase in the sensitivity for subsamples with a greater increase in information asymmetry is not supported by the data. Overall, however, the study supports the investment-cash flow sensitivity hypothesis using a research design that corrects for some of the problems identified in the existing literature on the hypothesis.Ph. D.
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Machado, Kalleb de Souza Rangel. "Análise da sensibilidade do investimento em relação ao fluxo de caixa: um estudo nas empresas da indústria brasileira listadas na BM&FBOVESPA entre os anos 2004 e 2014." Universidade Federal de São Carlos, 2016. https://repositorio.ufscar.br/handle/ufscar/8520.
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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)
Modigliani and Miller`s seminal article, published in 1958, gave great contribution to modern financial theory. The assumptions that guided this article stated that in a perfect capital market, the capital structure of the company did not interfere in its investment decision because the internal and external financing costs were perfect substitutes, as well as the fact that the company operates an investment opportunity if the rate of return on the investment is equal to or greater than the average cost of capital. Many authors, refuting the assumptions of Modigliani and Miller, and considering the existence of problems related to market imperfections and asymmetry information, now it has started to include variables in their models that capture these imperfections and demonstrated that some companies had restrictions on access to foreign credit market. Fazzari, Hubbard and Petersen (1988) are among the authors and have developed a model that aimed to demonstrate that the market imperfections could limit the gain of external funding for some companies. The results showed that there was investment sensitivity to cash flow, assuring the hypothesis of financial constraint in the companies analyzed. Due to this fact, the present research has as its goals to analyze the investment-cash flow sensitivities for Brazilian companies in the industries manufacture and extractive listed on the BM&FBOVESPA from 2004 and 2014 and the following two sub-periods of 2004 to 2008 and 2009 to 2014. To test the financial constraint hypothesis was used panel data, wherein data from the secondary system Economática were used. Thus, obtained results by the method of OLS, proved inconsistent, do not corroborate for all periods analyzed, the hypothesis defended by Fazzari, Hubbard and Petersen (1988)
O artigo seminal publicado por Modigliani e Miller em 1958 prestou grande colaboração à teoria financeira moderna. Os pressupostos que nortearam o artigo afirmavam que em um mercado perfeito de capitais, a estrutura de capital da empresa não interferia na sua decisão de investimento, pois os custos do financiamento interno e externos eram substitutos perfeitos, assim como o fato de que a empresa explora uma oportunidade de investimento se a taxa de retorno sobre o investimento realizado for igual ou maior do que o custo médio do capital. Muitos autores, refutando os pressupostos de Modigliani e Miller, e considerando a existência de problemas de assimetria de informação e imperfeições de mercado passaram a incluir variáveis em seus modelos que captassem essas imperfeições e demonstrassem que algumas empresas possuíam restrições no acesso ao mercado de crédito externo. Fazzari, Hubbard e Petersen (1988) estão entre esses autores e desenvolveram um modelo que tinha como objetivo demonstrar que as imperfeições de mercado podiam limitar a obtenção de financiamento externo para algumas empresas. Os resultados obtidos demonstraram que existia sensibilidade do investimento em relação ao fluxo de caixa, afirmando a hipótese de existência de restrição financeira entre as empresas analisadas. A partir do exposto, o objetivo desta pesquisa foi analisar a sensibilidade do investimento ao fluxo de caixa entre as empresas brasileiras dos setores industriais de transformação e extrativo listadas na BM&FBOVESPA, entre os anos de 2004 e 2014 e os subperíodos de 2004 a 2008 e 2009 a 2014. Para testar a hipótese de restrição financeira foi utilizado dados em painel, em que, foram utilizados dados secundários retirados do sistema Economática. Desta forma, os resultados encontrados, por meio do Método dos Mínimos Quadrados Ordinários, revelaram-se contrários ao esperado, não corroborando, para todos os períodos analisados, a hipótese defendida por Fazzari, Hubbard e Petersen (1988).
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Steele, Logan B. "On the Asymmetric Timeliness of Operating Cash Flows." Diss., The University of Arizona, 2011. http://hdl.handle.net/10150/145457.
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I examine why operating cash flows exhibit asymmetric timeliness with respect to stock returns and given this understanding, address the consequences for research into conditional accounting conservatism. Numerous studies document that operating cash flows are more sensitive to negative stock returns relative to positive returns. Because the properties of cash flows are defined largely by the operating (rather than reporting) decisions taken by management, the asymmetric relation with returns cannot be explained by conditional conservatism. I find that the asymmetric timeliness of cash flows is primarily driven by product pricing, whereby managers are quick to cut prices in response to bad economic news, but do not appear to increase prices in response to good economic news. Consistent with this reasoning, I find that firms with greater pricing power exhibit lower asymmetric timeliness in operating cash flows as well as in earnings.Variation in the asymmetric timeliness of earnings induced by operating cash flows should not be interpreted as evidence of conditional conservatism. With this in mind, I revisit several existing inferences regarding conditional conservatism. I conclude that researchers should employ a specification of the Basu 1997 model that (1) avoids the confounding effect of cash flow asymmetry and (2) addresses the matching role of accruals.
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Chen, Yen-yu, and 陳衍佑. "Agency Problem, Investment Cash Flow Sensitivity and Information Asymmetry." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/77895575250363654080.
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碩士靜宜大學
會計學系研究所
98
The purpose of this paper is to investigate the relationships among corporate agency problem, information asymmetry and investment cash flow sensitivity. Our findings suggest that agency problems increase the degree of investment cash flow sensitivity, and core agency problems have a greater impact than traditional agency problems. In addition, this paper also finds that companies with greater transparency will decrease the degree of investment cash flow sensitivity arising from agency problems by reducing information asymmetry between insiders and outsiders. In sum, this is consistent with the findings of Pawlina and Renneboog (2005) and Wei and Zhang (2008). Besides, we find that the core agency problems are the key determinant of the investment-cash flow sensitivity, which is our major contribution in the literature.
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Wen, Cheng Ting, and 鄭婷文. "Earnings Volatility, Cash Flow Volatility, Information Asymmetry in Capital Market." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/qum3ah.
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碩士國立中正大學
會計資訊與法律數位學習碩士在職專班
102
This study aimed to examine the association between volatility in reported earnings/cash flows and information asymmetry in capital markets. This study follows Sudarshan Jayaraman (2007) research model to investigate the impact of relative volatility of earnings vs. cashflows on the information asymmetry in firms listed in Taiwan Stock Exchange. Based on a sample of corporate financial informations from 2003 to 2011, and intraday trade data from 2008 to 2012 in Taiwan Stock Exchange, our empirical results show that volatility in earnings or cash flow volatility alone does have impact on market information asymmetry, and that the difference in volatility between earnings volatility and cashflows also have positive impact on market information asymmetry.
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Lin, Chen-Hsu, and 林禎栩. "The Impact of Information Asymmetry on Investment-Cash Flow Sensitivity." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/33238733951057878454.
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碩士國立高雄第一科技大學
金融研究所
102
The pecking order theory claims that asymmetric information problems drive a hierarchy in firm’s financing activities, namely, preference for internal financing over external financing, and for debt financing over equity financing when it comes to external financing. According to the theory, previous studies test the impact of information asymmetry on the relationship between investment and internal fund. In contrast, we examine if information asymmetry drives both the investment-internal cash flow sensitivity and the investment-external cash flow sensitivity as suggested by previous theoretical models. The result shows that firm’s information asymmetry exhibits no significant impact on investment-internal cash flow sensitivities. However, firms with greater information asymmetry exhibit lower investment-external cash flow sensitivities. The evidence we present supports that the higher degree of information asymmetry make firms reduce external fund as investment expenditures.
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Yeh, Chun-Tsen, and 葉春岑. "The Impact of Growth Opportunity,Information Asymmetry and Free Cash Flow on Dividend Policy." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/67197469432994115879.
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碩士朝陽科技大學
企業管理系碩士班
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Rozeff (1982) and Easterbrook (1984) related dividend policy and the agency problems. They indicated dividend payment would force company to raise their funds from capital markets, and lead to lessen agency problems by outside mechanisms of monitoring. Following Rozeff and Easterbrook’s argument, we explore the impacts of growth opportunity, asymmetric information, and free cash flow on dividend payment. Firstly, we found that companies with lower growth opportunity would pay more dividends, which is consistent with Smith and Watts’ contracting hypothesis. Secondly, to reduce agency problems, companies with higher information asymmetry are associated with higher dividends. Finally, free cash flow has positive effect on dividend payment. Generally our evidences support agency problems viewpoint on dividend payment.
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Chiu, Wan-Yun, and 邱琬芸. "The Influence of Agency Problem and Information Asymmetry on the Investment-Cash Flow Sensitivity." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/62372692081755367566.
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碩士輔仁大學
金融與國際企業學系金融碩士班
102
In this study, we investigate investment-cash flow sensitivity of the listed firms in China from 2003 to 2012. According to prior studies, investment-cash flow sensitivity could be affected by agency problems and information asymmetry. In this study we explore which one, agency problem or information asymmetry, would result in a close linkage between investment and cash flow. Variables of ownership structure and board characteristics are used to capture agency problems while variables of accounting and market liquidity are used to capture information asymmetry. The empirical results indicate that the effect of agency problems is more pronounced than information asymmetry in affecting the investment-cash flow sensitivity. Specifically, voting-cash flow wedge and state control accentuate while cash flow rights, board size and CEO/chairmen duality attenuate the investment-cash flow relation. Finally, we evidence a structural change of the investment-cash flow relation after share reform.
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Ni, Chih-Hao, and 倪志豪. "Is Investment-Cash Flow Sensitivity Caused by Information Asymmetry, Overconfidence or Agency Problem: Evidence from Taiwan Listed Companies." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/34491316183534324391.
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碩士東海大學
管理碩士在職專班
95
Our main purpose of this paper is to examine the main source of the investment-cash flow sensitivity of the Taiwan listed manufacturing companies. We firstly use firm-level estimates to classify three different sample groups into high, low, and negative of investment-cash flow sensitivity. We then apply comprehensive of financial characteristics on financial constraints, internal liquidity, and growth opportunity to associate the three classified groups. We use both single and multivariate tests throughout the analysis. The results demonstrate the financial characteristics of high sensitive firms mostly comply with prior literatures; and the results also show the investment-cash flow sensitivity is more significantly related to agency problem than information asymmetry in Taiwan. Further, as some literatures discuss overconfidence is also closely correlated with investment policy, we test managers’ shareholding, a controversial proxy of both overconfidence and agency problem to be the variable. Our finding indicates that managers’ shareholding is more relates to agency problem instead of overconfidence. To confirm this point, we apply institutional shareholding and Chairman also served as CEO to obtain supportive evidence of the aforementioned point. Our empirical evidences of this paper conclude that a cash flow dependent investment policy results mainly from agency problem in Taiwan listed manufacturing companies.
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Wu, Yi-Wei, and 吳一緯. "Asymmetric cash flow sensitivity of cash holdings-The case of Taiwan." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/qaj3x2.
Full textBooks on the topic "Cash flow asymmetry"
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Khramov, Vadim. Asymmetric Effects of the Financial Crisis: Collateral-Based Investment-Cash Flow Sensitivity Analysis. International Monetary Fund, 2012.
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Khramov, Vadim. Asymmetric Effects of the Financial Crisis: Collateral-Based Investment-Cash Flow Sensitivity Analysis. International Monetary Fund, 2012.
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Khramov, Vadim. Asymmetric Effects of the Financial Crisis: Collateral-Based Investment-Cash Flow Sensitivity Analysis. International Monetary Fund, 2012.
Find full textBook chapters on the topic "Cash flow asymmetry"
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Dhumale, Rahul. "Internal Finance as a Source of Investment: Managerial/Principal Agent or Asymmetric Information Approach?" In Excess Cash Flow, 13–22. London: Palgrave Macmillan UK, 2003. http://dx.doi.org/10.1057/9780230509511_2.
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Mazrooei Rad, Elias. "EEG and MRI Processing for Alzheimer’s Diseases." In Vision Sensors - Recent Advances [Working Title]. IntechOpen, 2022. http://dx.doi.org/10.5772/intechopen.107162.
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A new method for the diagnosis of Alzheimer’s disease in the mild stage is presented according to combining the characteristics of electroencephalogram (EEG) signal and magnetic resonance imaging (MRI) images. Then, proper features of brain signals are extracted according to the nonlinear and chaotic nature of the brain such as Lyapunov exponent, correlation dimension, and entropy. These features combined with brain MRI images properties include medial temporal lobe atrophy (MTA), cerebrospinal fluid flow (CSF), gray matter (GM), index asymmetry (IA), and white matter (WM) to diagnose the disease. Then two classifiers, the support vector machine and Elman neural network, are used with the optimal combined features extracted by analysis of variance. Results showed that between the three brain signals, and between the four modes of evaluation, the accuracy of the Pz channel and excitation mode was more than the others The accuracy of the results in Elman neural network with the combination of brain signal features and medical images is 94.4% and in the case without combining the signal and image features, the accuracy of the results is 92.2%.
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Alarcón, Mariano, Manuel Seco-Nicolás, Juan Pedro Luna-Abad, and Alfonso P. Ramallo-González. "Forced Laminar Flow in Pipes Subjected to Asymmetric External Conditions: The HEATT© Platform for Online Simulations." In Pipeline Engineering [Working Title]. IntechOpen, 2022. http://dx.doi.org/10.5772/intechopen.107215.
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This chapter studies the fluid flow within pipes subjected to thermal asymmetrical boundary conditions. The phenomenon at hand takes place in many real-world industrial situations, such as solar thermal devices, aerial pipelines. A steady-state analysis of laminar forced-convection heat transfer for an incompressible Newtonian fluid is studied. The fluid is considered to flow through a straight round pipe provided with straight fins. For the case studied, axial heat conduction in the fluid has been considered and the effects of the forced convection have been considered to be dominant. A known uniform temperature field is applied at the upper external surface of the assembly. The 3D assembly has been created combining cylindrical and Cartesian coordinates. The governing differential equation system is solved numerically through suitable discretization in a set of different finite volume elements. The results are shown through the thermal profiles in respect of longitudinal and radial-azimuthal coordinates and the problem characteristic length. To facilitate the resolution of this phenomenon, an open computing platform called HEATT©, based on this model, has been developed, and it is also shown here. The platform is now being built and is expected to be freely available at the end of year 2022.
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Epstein, Irving R., and John A. Pojman. "Coupled Oscillators." In An Introduction to Nonlinear Chemical Dynamics. Oxford University Press, 1998. http://dx.doi.org/10.1093/oso/9780195096705.003.0018.
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We have thus far learned a great deal about chemical oscillators, but, except in Chapter 9, where we looked at the effects of external fields, our oscillatory systems have been treated as isolated. In fact, mathematicians, physicists, and biologists are much more likely than are chemists to have encountered and thought about oscillators that interact with one another and with their environment. Forced and coupled oscillators, both linear and nonlinear, are classic problems in mathematics and physics. The key notions of resonance and damping that arise from studies of these systems have found their way into several areas of chemistry as well. Although biologists rarely consider oscillators in a formal sense, the vast variety of interdependent oscillatory processes in living systems makes the representation of an organism by a system of coupled oscillators a less absurd caricature than one might at first think. In this chapter, we will examine some of the rich variety of behaviors that coupled chemical oscillators can display. We will consider two approaches to coupling oscillatory chemical reactions, and then we will look at the phenomenology of coupled systems. We begin with some general considerations about forced oscillators, which constitute a limiting case of asymmetric coupling, in which the linkage between two oscillators is infinitely stronger in one direction than in the other. As an aid to intuition, picture a child on a swing or a pendulum moving periodically. The forcing consists of an impulse that is applied, either once or periodically, generally with a frequency different from that of the unforced oscillator. In a chemical oscillator, the forcing might occur through pulsed addition of a reactive species or variation of the flow rate in a CSTR. Mathematically, we can write the equations describing such a system as . . . dX/dt = f(x) + ε g(X, t) (12.1) . . . where the vector x contains the concentrations, the vector function f(x) contains all the rate and flow terms in the absence of forcing, g(x) represents the appropriately scaled temporal dependence of the forcing, and the scalar parameter e specifies the strength of the forcing.
Conference papers on the topic "Cash flow asymmetry"
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Bukit, Rina Br, Sri Mulyani, Fahmi N. Nasution, and Phou Sambath. "Firm Value in a Situation of Free Cash Flow and Investment Sensitivity, External Finance Constraint and Information Asymmetry." In Economics and Business International Conference 2019. SCITEPRESS - Science and Technology Publications, 2019. http://dx.doi.org/10.5220/0009328306250631.
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Momayez, Ladan, Marouen Dghim, Mohsen Ferchichi, and Sylvain Graveline. "On the Response of Planar Wakes to Asymmetric Initial Conditions." In ASME 2014 4th Joint US-European Fluids Engineering Division Summer Meeting collocated with the ASME 2014 12th International Conference on Nanochannels, Microchannels, and Minichannels. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/fedsm2014-22018.
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This work reports an experimental investigation on the response of a planar wake generated by a profiled flat plate to various upstream flow conditions. A tripping wire was placed on the upper side of the flat plate just downstream of the leading edge of the plate that resulted in asymmetric separating shear layers at the trailing edge. The near wake asymmetry is compared to the symmetrical case at two different Reynolds numbers. Two asymmetric initial conditions resulted, namely, laminar boundary layer on the lower side and a turbulent boundary layer on the upper side, and a turbulent boundary layer on the lower side and tripped turbulent boundary layer on the upper surface. The near wake dynamics were investigated under the effects of the degree of asymmetry using hot-wire anemometry and flow visualizations. The measurements showed when one of the two boundary layers was tripped, the wake shifted towards the tripped side and wake spreading was found to be larger than in the case of the symmetrical wake with the effect being more pronounced in the asymmetric laminar wake. Self-similarity of the asymmetrical wakes was established by properly selecting appropriate similarity variables however, the similarity of the wake was less evident in the tripped laminar boundary layer case. Convection velocity, Uc, of the Von Karman large eddies, estimated using processed flow visualization images seemed to increase with increased Reynolds number and with increased upstream momentum thickness. In the symmetric laminar wake, Uc/U∞ increases from 0.2 and reached an asymptotic value of about 0.85 further downstream. In the presence of perturbation, Uc/U∞ attained a constant value of about 0.83 further downstream compared to the symmetric case. For the turbulent wake, however, asymmetry of the turbulence levels was found to increase the convection speed compared to both the laminar wake and the symmetric turbulent wake reaching a constant value nearly at the same downstream position for both the symmetric and asymmetric turbulent wake.
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Xu, Hong, Yiban Xu, Liping Cao, Yixing Sung, Vefa N. Kucukboyaci, and Richard F. Wright. "CFD Analysis of Thermal Mixing and Mass Flux Distribution in the PWR After MSLB." In 2017 25th International Conference on Nuclear Engineering. American Society of Mechanical Engineers, 2017. http://dx.doi.org/10.1115/icone25-67345.
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During a postulated main steam line break (MSLB) event of a Pressurized Water Reactor (PWR) initiated at the Hot Zero Power (HZP) condition, increased heat removal from the broken steam generator (SG) on the secondary side that significantly reduces the coolant temperature on the primary side, and cold primary coolant enters the reactor vessel through the affected loop resulting in asymmetric temperature and mass flux distributions into the reactor core. A plant safety analysis under the MSLB condition needs to account for the thermal and mass flux asymmetry effects on the reactor core response due to the colder water flowing from the affected SG and the reactor coolant system (RCS) to reactor vessel. High resolution computational fluid dynamics (CFD) methodology with ANSYS CFX (Version 16.1) software was applied to analyze the flow behaviors and thermal-hydraulic phenomena and to study the thermal mixing and asymmetry effects in the downcomer and lower-plenum of a typical Westinghouse design four-loop PWR under the MSLB conditions. Two scenarios were considered for the CFD simulation distinct by reactor coolant pump status: (1) Low-flow case: without offsite power where the reactor core is cooled through natural circulation (2) High-flow case: with offsite power available and the reactor coolant pumps in operation The CFX CFD modeling and simulation were based on the reactor vessel boundary conditions from a system code transient simulation at the limiting time steps with respect to thermal margin of the fuel design. The geometric model included the vessel downcomer and the lower internals up to the reactor core inlet below the fuel assemblies. The results of CFD simulation show the different flow patterns and temperature distributions at the reactor core inlet for the low-flow case and for the high-flow case. Thermal asymmetric effect exists in both cases, but in the low-flow case, cold flow enters into core inlets at the opposite side of faulted loop located, and in the high-flow case cold flow enters into core inlets at the same side of faulted loop located. A mass flux asymmetric effect exists in both cases, but for the low-flow case, the core inlet mass flow distribution is more uniform than that for the high-flow case. The reactor core inlet distributions under the MSLB condition were further evaluated through comparisons with the results from the STAR-CCM+ (Version 10.04.01) CFD modeling and simulation. The evaluation showed that the simulation results are in good agreement with the STAR-CCM+ predictions and consistent with the phenomenon observed in an experiment published in open literature and site engineer judgment based on the available detected data.
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Lou, Zhipeng, Adrian Herrera-Amaya, Margaret L. Byron, and Chengyu Li. "Hydrodynamics of Metachronal Motion: Effects of Spatial Asymmetry on the Flow Interaction Between Adjacent Appendages." In ASME 2022 Fluids Engineering Division Summer Meeting. American Society of Mechanical Engineers, 2022. http://dx.doi.org/10.1115/fedsm2022-86967.
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Abstract Metachronal motion is a unique swimming strategy widely adopted by many small animals on the scale of microns up to several centimeters (e.g., ctenophores, copepods, krill, and shrimp). During propulsion, each evenly spaced appendage performs a propulsive stroke sequentially with a constant phaselag from its neighbor, forming a metachronal wave. To produce net thrust in the low-to-intermediate Reynolds number regime, where viscous forces are dominant, the beat cycle of a metachronal appendage must present significant spatial asymmetry between the power and recovery stroke. As the Reynolds number increases, the beat cycle is observed to change from high spatial asymmetry to lower spatial asymmetry. However, it is still unclear how the magnitude of spatial asymmetry can modify the shear layers near the tip of appendages and thus affect its associated hydrodynamic performance. In this study, ctenophores are used to investigate the hydrodynamics of multiple appendages performing a metachronal wave. Ctenophores swim using paddle-like ciliary structures (i.e., ctenes), which beat metachronally in rows circumscribing an ovoid body. Based on high-speed video recordings, we reconstruct the metachronal wave of ctenes for both a lower spatial asymmetry case and a higher spatial asymmetry case. An in-house immersed-boundary-method-based computational fluid dynamics solver is used to simulate the flow field and associated hydrodynamic performance. Our simulation results aim to provide fundamental fluid dynamic principles for guiding the design of bio-inspired miniaturized flexible robots swimming in the low-to-intermediate Reynolds number regime.
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Anandalakshmi, R., and Tanmay Basak. "Heat Flow Visualization for Natural Convection in Rhombic Enclosures: Bejan’s Heatline Approach." In ASME/JSME 2011 8th Thermal Engineering Joint Conference. ASMEDC, 2011. http://dx.doi.org/10.1115/ajtec2011-44531.
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The phenomena of natural convection within a rhombic enclosure filled with air (Pr = 0.71) for (a) isothermally (case 1) and (b) non-isothermally (case 2) heated bottom walls with various aspect-ratios has been studied numerically. In all the cases, top horizontal wall is maintained adiabatic and side walls are maintained cold. Galerkin finite element method with penalty parameter is used to solve non-linear coupled partial differential equations for flow and temperature fields. Poisson equation of streamfunction and heatfunction is also solved using Galerkin method. Simulations are carried out over a range of Rayleigh numbers and numerical results are presented in terms of streamfunction, heatfunction and temperature contours. Streamlines are useful to visualize the fluid flow whereas heatlines are used to study the heat energy distribution within the rhombic cavity. Heatlines are further used to visualize the trajectories of heat flow and zones of high thermal mixing. At lower Ra, heatlines are smooth circular arcs with low magnitude streamfunctions and heatfunctions and thus the heat transfer is conduction dominant. Asymmetric flow is observed for all the cases due to geometrical asymmetry. As Ra increases, buoyant force starts dominating and the magnitudes of streamfunctions and heatfunctions are found to be greater due to enhanced convection effect. Heatlines are distorted greatly showing complex heat distribution inside the cavity. It is observed that primary heat circulation cell is larger for greater tilt angles and thus thermal mixing is high. Heat transfer rates are also studied via local and average Nusselt numbers as functions of Ra and Pr on bottom, left and right walls. Various quantitative and qualitative features of Nusselt numbers have also been explained based on heatlines.
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Acharya, Vishal, and Timothy Lieuwen. "Response of Non-Axisymmetric Premixed, Swirl Flames to Helical Disturbances." In ASME Turbo Expo 2014: Turbine Technical Conference and Exposition. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/gt2014-27059.
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Flow oscillations associated with hydrodynamic instabilities comprise a key element of the feedback loop during self-excited combustion driven oscillations. This work is motivated in particular by the question of how to scale thermoacoustic stability results from single nozzle or sector combustors to full scale systems. Specifically, this paper considers the response of non-axisymmetric flames to helical flow disturbances of the form u^i′∝expimθ where m denotes the helical mode number. This work closely follows prior studies of the response of axisymmetric flames to helical disturbances. In that case, helical modes induce strong flame wrinkling, but only the axisymmetric, m = 0 mode, leads to fluctuations in overall flame surface area and, therefore, heat release. All other helical modes induce local area/heat release fluctuations with azimuthal phase variations that cancel each other out when integrated over all azimuthal angles. However, in the case of mean flame non-axisymmetries, the azimuthal deviations on the mean flame surface inhibit such cancellations and the asymmetric helical modes (m ≠ 0) cause a finite global flame response. In this paper, a theoretical framework for non-axisymmetric flames is developed and used to illustrate how the flame shape influences which helical modes lead to net flame surface area fluctuations. Example results are presented which illustrate the contributions made by these asymmetric helical modes to the global flame response and how this varies with different control parameters such as degree of asymmetry in the mean flame shape or Strouhal number. Thus, significantly different sensitivities may be observed in single and multi-nozzle flames in otherwise identical hardware in flows with strong helical disturbances, if there are significant deviations in time averaged flame shape between the two, particularly if one of the cases is nearly axisymmetric.
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Al-haddad, Aya Hadi, and Ahmed M. Abdul hadi. "Influence of Peristaltic Flow And Brownian Motion Of Jeffery Nanofluid In A Tapered Asymmetric Channel." In 2019 First International Conference of Computer and Applied Sciences (CAS). IEEE, 2019. http://dx.doi.org/10.1109/cas47993.2019.9075645.
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Deng, Bi-Li, and Xin-Rong Zhang. "Flow Stability of Laminar Supercritical CO2 Sudden Expansion Flow With Field Synergy Principle." In 2010 14th International Heat Transfer Conference. ASMEDC, 2010. http://dx.doi.org/10.1115/ihtc14-22464.
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Forced convection of two-dimensional supercritical CO2 flow in plane symmetric sudden expansion duct is investigated numerically in this paper. Simulations were conducted under three wall boundary conditions, i.e., heating, cooling and isothermal, at low Reynolds numbers. Critical Reynolds numbers above which flow asymmetric occurs were examined under each condition. Results of the isothermal case agree well with previous numerical results. However, Compared with the isothermal case, smaller critical Reynolds numbers are found under both of heating and cooling conditions. In addition, the critical Reynolds numbers decrease with the increasing of heating/cooling intensity each under these two conditions. Furthermore, a new concept from the viewpoint of field synergy is introduced to illustrate this phenomenon of the reduction of flow stability.
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LeBoeuf, Catherine, and Mark Laurito. "New Control Valve Technology Requiring Engineering Solutions to Reduce Erosion Corrosion and Flow Accelerated Corrosion." In ASME 2019 International Mechanical Engineering Congress and Exposition. American Society of Mechanical Engineers, 2019. http://dx.doi.org/10.1115/imece2019-11563.
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Abstract Due to the new control valve technology presented in this paper, inlet and outlet reducers must be used to replace globe valves up to five times its size in existing systems. In many water, steam or any high velocity fluid application, there are wear mechanisms, such as Erosion Corrosion (EC) and Flow Accelerated Corrosion (FAC), that cause wall-thinning and pitting in process equipment. This deterioration of the reducer wall can be extremely dangerous and, ultimately, can cause reducers to fail. In an attempt to lessen the risk of these failure modes, using Computational Fluid Dynamics (CFD), Clarke Valve™ has engineered new asymmetric reducers that are cast into the body of the valve. These newly designed reducers with a coned-shaped inlet and a bell-shaped outlet will decrease failures in the field by reducing high velocity areas along the pipe wall, preventing unplanned downtime and unsafe system failures. A digital twin of both the off-the-shelf (OTS) reducers and the newly designed asymmetric reducers were created and, in support of the design process, CFD simulations were used to not only observe the deficiencies in the existing “off-the-shelf” (OTS) reducers, but also optimize the newly integrated asymmetric reducers.
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Ye, Lin, Cun-liang Liu, Hui-ren Zhu, Jian-xia Luo, and Ying-ni Zhai. "Investigations on the Influence of Rib Orientation Angle on Film Cooling Performance of Cylindrical Holes." In ASME Turbo Expo 2017: Turbomachinery Technical Conference and Exposition. American Society of Mechanical Engineers, 2017. http://dx.doi.org/10.1115/gt2017-63968.
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This paper presents an experimental and numerical investigation on the film cooling with different coolant feeding channel structures. Two ribbed cross-flow channels with rib-orientation of 135° and 45° respectively and the plenum coolant channel have been studied and compared to find out the effect of rib orientation on the film cooling performances of cylindrical holes. The film cooling effectiveness and heat transfer coefficient were measured by the transient heat transfer measurement technique with narrow-band thermochromic liquid crystal. Numerical simulations with realizable k-ε turbulence model were also performed to analyze the flow mechanism. The results show that the coolant channel structure has a notable effect on the flow structure of film jet which is the most significant mechanism affecting the film cooling performance. Generally, film cooling cases fed with ribbed cross-flow channels have asymmetric counter-rotating vortex structures and related asymmetric temperature distributions, which make the film cooling effectiveness and the heat transfer coefficient distributions asymmetric to the hole centerline. The discharge coefficient of the 45° rib case is the lowest among the three cases under all the blowing ratios. And the plenum case has higher discharge coefficient than the 135° rib case under low blowing ratio. With the increase of blowing ratio, the discharge coefficient of the 135° rib case gets larger than the plenum case gradually, because the vortex in the upper half region of the coolant channel rotates in the same direction with the film hole inclination direction and makes the jet easy to flow into the film hole in the 135° rib case.