Academic literature on the topic 'Return on Positive Cash Flow'
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Journal articles on the topic "Return on Positive Cash Flow"
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Yuliarti, Atika, and Lucia Ari Diyani. "The Effect of Firm Size, Financial Ratios and Cash Flow On Stock Return." Indonesian Accounting Review 8, no. 2 (December 28, 2018): 229. http://dx.doi.org/10.14414/tiar.v8i2.1313.
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Stocks are kinds of financial instruments with high returns that have high levels of uncertainty. Before decide to invest the investor needs to formulate the expected rate of return. Companies with good financial performance will increase the value of the company so that the company's stock price increases and stock return also increases. The purpose of this research was to determine the effect of Firm Size, Return On Equity, Market Book Ratio, Current Ratio, Cash Flow from Operating Activities, Cash Flow from Investing Activities and Cash Flow from Financing Activities to Stock Return. The object of research used were seven pharmaceutical industry companies listed in BEI period the 2011-2016 with multiple analysis methods. The results of this study indicate that partially Market Book Ratio has a significant positive effect on Stock Return and Cash Flow from Financing Activities has a significant negative effect on Stock Return while Firm Size, Return On Equity, Current Ratio Cash Flow from Operating and Investing Activities have no significant effect on Stock Return. All variables in this study simultaneously have a significant effect on Stock Return.
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Eksandy, Arry, and Dirvi Surya Abbas. "Relevansi Nilai Earning per Share, Price Book Value, Cash Flow, Current Ratio dan Harga Saham: Return on Asset Sebagai Pemoderasi." Jurnal Akuntansi 12, no. 2 (October 26, 2020): 187–202. http://dx.doi.org/10.28932/jam.v12i2.2152.
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The purpose of this study is to determine the results of Earnings Per Share, Book Value Equity, Operating Cash Flow, Investment Cash Flow, Funding Cash Flow, Current Ratio, Asset Returns and Asset Returns moderate Operating Cash Flow to Share Prices in manufacturing companies found in Indonesia stock exchange. This research population publishes manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2015-2018 period. The sampling technique uses purposive sampling technique. Based on predetermined criteria the number of samples obtained by 9 companies. The type of data used in this study is secondary data using panel data regression analysis methods. The results showed that Earnings Per Share and Book Value of Equity showed a positive effect on the Share Price, then, Funding Cash Flow, Return on Assets and Return on Assets moderate the Operating Cash Flow negatively evaluating the Stock Price. Whereas Operating Cash Flow, Investment Cash Flow, and Current Ratio do not affect the stock price.
Keywords: Stock Prices, Cash Flow, Finance Ratio
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Kristanti, Ika Neni. "ANALISIS PENGARUH ARUS KAS OPERASI DAN LABA AKUNTANSI TERHADAP RETURN SAHAM PERUSAHAAN PERAIH INVESTMENT AWARD (BEST ISSUERS) DI BURSA EFEK INDONESIA." Jurnal Ilmiah Akuntansi dan Keuangan 7, no. 2 (July 31, 2018): 29–44. http://dx.doi.org/10.32639/jiak.v7i2.217.
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Investors in investing always expect high stock returns. Therefore, investors should be able to assess which companies have good performance, so the stock return is also high. The financial statements, particularly those relating to information on changes in operating cash flows and corporate accounting profit, are one of the important information that can be used by investors to assess company performance. This study aims to provide empirical evidence related to the effect of operating cash flow and accounting earnings on stock returns.
The data in this study is secondary data obtained from the company's annual financial statements in Indonesia Capital Market Directory (ICMD) and Indonesia Stock Exchange (IDX). This study was conducted using the company population of the company winning the investment award (best issues) 2017 listed on the Indonesia Stock Exchange in 2015 and 2016.
The result of this research is partially variable of operating cash flow (AKO) have positive and significant effect to stock return, while partially, variable of accountancy profit (LAK) have no effect to stock return and simultaneously variable operating cash flow (AKO) and change of accountancy profit (LAK) jointly have a significant effect on stock returns in the company's winning investment award (best issues) 2017 listed on the Indonesia Stock Exchange in 2015 and 2016.
Keywords: Operating Cash Flow, Accounting Profit, and Stock Return
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Wardani, Sinta, Hermiyetti Hermiyetti, and Muhammad Yusuf. "Profitabilitas, Likuiditas, Leverage, Arus Kas Operasi dan Return Saham Syariah pada Perusahaan Jakarta Islamic Index." Jurnal Riset Akuntansi & Perpajakan (JRAP) 4, no. 01 (June 5, 2017): 1–12. http://dx.doi.org/10.35838/jrap.v4i01.145.
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ABSTRACT
This study aims to analyze and believe the factors that affect the return of sharia in the Jakarta Islamic Index. The sample of research is 29 companies with data from 2009-2015. Data analysis using multiple regression analysis. The results showed, liquidity and leverage is not significant significant to the return of sharia stocks. Operating cash flows are significant and positive against Sharia share returns. An interesting finding in this research is the role of operating cash flow as a determinant of stock returns. Future research can be proven the role of cash flow and other financial performance as a determinant of stock returns.
A B S T R A K
Penelitian ini bertujuan untuk menganalisis dan menguji secara empiris mengenai faktor-faktor yang mempengaruhi return saham syariah di Jakarta Islamic Index. Sampel penelitian sebanyak 29 perusahaan dengan data tahun 2009-2015. Analisis data menggunakan analisis regresi berganda. Hasil penelitian menunjukkan bahwa profitabilitas. likuiditas dan leverage tidak berpengaruh signifikan terhadap return saham syariah. Arus kas operasi berpengaruh signifikan dan positif terhadap return saham syariah. Temuan menarik dalam penelitian ini adalah peran arus kas operasi sebagai penentu return saham. Penelitian mendatang dapat dibuktikan peran arus kas investasi dan pendanaan serta kinerja keuanganlainnya sebagai penentu return saham.
JEL Classification: H54, R53
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Wardani, Sinta, Hermiyetti Hermiyetti, and Muhammad Yusuf. "Profitabilitas, Likuiditas, Leverage, Arus Kas Operasi dan Return Saham Syariah pada Perusahaan Jakarta Islamic Index." Jurnal Riset Akuntansi & Perpajakan (JRAP) 4, no. 01 (June 5, 2017): 1–12. http://dx.doi.org/10.35838/jrap.2017.004.01.1.
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ABSTRACT
This study aims to analyze and believe the factors that affect the return of sharia in the Jakarta Islamic Index. The sample of research is 29 companies with data from 2009-2015. Data analysis using multiple regression analysis. The results showed, liquidity and leverage is not significant significant to the return of sharia stocks. Operating cash flows are significant and positive against Sharia share returns. An interesting finding in this research is the role of operating cash flow as a determinant of stock returns. Future research can be proven the role of cash flow and other financial performance as a determinant of stock returns.
A B S T R A K
Penelitian ini bertujuan untuk menganalisis dan menguji secara empiris mengenai faktor-faktor yang mempengaruhi return saham syariah di Jakarta Islamic Index. Sampel penelitian sebanyak 29 perusahaan dengan data tahun 2009-2015. Analisis data menggunakan analisis regresi berganda. Hasil penelitian menunjukkan bahwa profitabilitas. likuiditas dan leverage tidak berpengaruh signifikan terhadap return saham syariah. Arus kas operasi berpengaruh signifikan dan positif terhadap return saham syariah. Temuan menarik dalam penelitian ini adalah peran arus kas operasi sebagai penentu return saham. Penelitian mendatang dapat dibuktikan peran arus kas investasi dan pendanaan serta kinerja keuanganlainnya sebagai penentu return saham.
JEL Classification: H54, R53
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Pasrin, Nursarmimi, and Mursal Mursal. "Pengaruh Laba Akuntansi dan Arus Kas Operasi terhadap Return Saham pada Perusahaan Pertambangan Batubara yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018." Zona Keuangan: Program Studi Akuntansi (S1) Universitas Batam 11, no. 1 (August 31, 2021): 29–40. http://dx.doi.org/10.37776/zuang.v11i1.764.
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This research aims to examine:The Influence of Accounting Profit to Stock Return in 2014-2018,The influence of Operating Cash Flow to Stock Return in 2014-2018,The Influence of Accounting Profit and Operating Cash Flow simultaneously to Stock Return in 2014-2018.The data used in this study are financial report published on the Indonesian stock exchange website. The population in this study were coal mining companies listed on the Indonesia stock exchange for the period 2014-2018. The sampling technique used purposive sampling so that 10 companies were obtained as research samples. Technical data analysis using descriptive statistical analysis,classic assumption test, multiple linear regression analysis, t test,and F test.Based on hypothesis testing by using t test, it is concluded that Accounting Profit is not positive influence on Stock Return and Operating Cash Flow have positive effect on Stock Return. Based on F test it is concluded that Accounting Profit and Operating Cash Flow simultaneously have a positive effect on Stock Return.
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KURNIAWAN, LIA INDRIYATI. "PENGARUH PERUBAHAN NILAI TUKAR RUPIAH TERHADAP RETURA' SAHAM MELALUI PERUBAHAN ARUS KAS DAN PERUBAHAN EARNING PER SHARE (EPS): BUKTI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEJ." Jurnal Riset Akuntansi dan Keuangan 2, no. 2 (August 2, 2006): 107. http://dx.doi.org/10.21460/jrak.2006.22.127.
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The srudy is ot empirical one wlnse pwposes or,e to prove if exclwnge rate'risk have a positive inJluence in stock return from earning per share alteration and cash flow alteration. Samples which are used in this stu$t are 192 data of manufacturing corporations that listed inBEI. The period of sudy is 199&2004. &atistic mdels which are used in this study are simple regression od multiple regression analysis. Tlwre,wefow models used in this study. TTtere ue, model I and model II are used to prove if information of eorning per share alteration and cash flow alteration ltove a positive intluence for cumulative abnormal return. Model III and Model IY are used to pnove if exchange rate risk have a positive infiuence for earning per share alteration and cash flow alteration.The results are information of earning per share alteraion and cash flow alteration have not a positive inJluence for cumulative abnormal return, exchange rate risk have not a positive influence in eorning per share, but exchange rate risk altergtion have a positive influence for cash flow alteration.Keywords: Real Exchange Rate, Earning Per Share, Cash Flow
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Firdarini, Khoirunnisa Cahya, and Kunaidi Kunaidi. "PENGARUH ARUS KAS OPERASI DAN LABA AKUNTANSI TERHADAP RETURN SAHAM (Studi Kasus Pada Perusahaan LQ – 45 di Bursa Efek Indonesia Periode 2016 – 2019)." Jurnal Riset Manajemen Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha Program Magister Manajemen 9, no. 1 (December 28, 2021): 28–36. http://dx.doi.org/10.32477/jrm.v9i1.338.
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This research aims to determine the effect of operational cash flow and accounting earnings to the stock return both partially and simoultantly. Population in this study are LQ45 firms for 2016-2019 period and the sample was selected through purposive sampling. Based on classic assumptiont test, we have 100 total sample. Data analysis technique used is multiple regression analysis. The result of this study indicate that (1) operational cash flow not have significant effect to the stock return, (2) accounting earnings have positive and significant effect to the stock return and (3) operational cash flow and unting earnings have positive and significant effect to the stock return simoultantly.
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Tjhoa, Elisa. "PENGARUH FREE CASH FLOW, PERTUMBUHAN PERUSAHAAN, RETURN ON ASSETS, CASH RATIO, DEBT TO EQUITY RATIO DAN FIRM SIZE TERHADAP KEBIJAKAN DIVIDEN (Studi Empiris pada Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Periode 2015." Ultimaccounting : Jurnal Ilmu Akuntansi 12, no. 1 (June 19, 2020): 44–67. http://dx.doi.org/10.31937/akuntansi.v12i1.1570.
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Abstract- The company’s decision on the distribution of dividend, as one of the returns expected by investors aside of capital gain, is an important decision due to its impacts on company’s value and shareholders’ wealth. The purpose of this research is to obtain empirical evidence regarding the determinants on Dividend Payout Ratio, namely Free Cash Flow, Company’s Growth, Return on Assets, Cash Ratio, Debt to Equity Ratio, and Firm Size (Empirical Study on Consumption Goods Industry Companies Listed on Indonesia Stock Exchange between 2015-2017). The samples in this study were selected through purposive sampling method and secondary data were analyzed through multiple linear regression methods. In total, 13 companies were used as samples. The result of this study showed Free Cash Flow, Cash Ratio and Firm Size partially have significant and positive effect towards Dividend Payout Ratio, and Company’s Growth has significant and negative effect towards Dividend Payout Ratio. While Return on Assets and Debt to Equity Ratio has no significant effects toward Dividend Payout Ratio. Free Cash Flow, Company’s Growth, Return on Assets, Cash Ratio, Debt to Equity Ratio and Firm Size simultaneously have significant effect toward Dividend Payout Ratio (DPR).
Keywords: Cash Ratio, Debt to Equity Ratio, Dividend Payout Ratio, Firm Size, Free Cash Flow, Growth, Return on Assets
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Thio Lie Sha, Michelle,. "PENGARUH ASSET GROWTH, PROFITABILITY, FIRM SIZE, OPERATING CASH FLOW TERHADAP STOCK RETURN." Jurnal Paradigma Akuntansi 2, no. 2 (April 9, 2020): 883. http://dx.doi.org/10.24912/jpa.v2i2.7671.
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The purpose of this study is to obtain evidence that shows the effects of asset growth, profitability, firm size, and operating cash flow to stock returns in manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2016-2018 period. This study uses39 samples of manufacturing companies that have been selected through a purposive sampling method for three years. The data used are secondary data consisting of financial information from financial statements and annual reports. The data in this study is processed using the statistic program E-views ver. 10.0. The F-test result shows that asset growth, profitability, firm size, and operating cash flow simultaneously have a significant effect on stock return. The t-test result shows that partially firm size has a significant and negative effect on stock return, operating cash flow has a significant and positive effect on stock return, whereas asset growth and profitability have no significant effect on stock return.
Dissertations / Theses on the topic "Return on Positive Cash Flow"
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Chaika, Tetiana, Nataliia Poberezhna, and Olga Panasenko. "Possibilities of using Ukrainian companies’ open financial statements in the profitability analyzing of cash flows." Thesis, Дике Поле, 2019. http://repository.kpi.kharkov.ua/handle/KhPI-Press/42712.
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Cash flow information is more transparent, easier to control, less affected by accounting policies, and more clearly shows whether a company generates real money. Therefore, it is obvious that when assessing the profitability, along with the other profitability ratios, it is also necessary to take into account return on cash flow ratios.
The Ukrainian companies’ financial statements contain information that allows to calculate a number of cash flow profitability metrics. There are various approaches to the design of cash flow profitability metrics: some of them interpret cash flow as a dynamic form of company’s monetary resources, and others – as a result of financial activity. Cash flow profitability metrics are less susceptible to distortion than traditional profitability metrics calculated by profit. Unfortunately, the statistical reports of the Ukraine State Statistics Service do not contain information about the cash flows of the Ukrainian business entities, so there is no possibility to compare the obtained values with industry average indicators. This makes it difficult to carry out comparative analytical work when using metrics of cash flow profitability.Інформація про рух грошових коштів більш прозора, легше піддається контролю, менше схильна до впливу облікової політики та чіткіше показує, чи генерує компанія реальні грошові кошти. Тому очевидно, що при оцінці прибутковості підприємства, поряд з іншими коефіцієнтами рентабельності, необхідно брати до уваги також і коефіцієнти рентабельності грошових потоків. Фінансова звітність українських підприємств містить інформацію, яка дозволяє розрахувати цілий ряд метрик рентабельності грошового потоку. Існують різні підходи до конструювання метрик рентабельності грошового потоку: одні з них трактують грошовий потік як динамічну форму грошових ресурсів підприємства, а інші – як результат фінансової діяльності. Метрики рентабельності грошового потоку менш схильні до спотворень, ніж традиційні метрики рентабельності, які розраховані за прибутком. На жаль, статистичні звіти Державної служби статистики України не містять інформації про грошові потоки українських суб'єктів господарської діяльності, тому відсутня можливість порівнювати отримані значення з середньогалузевими показниками. Це істотно ускладнює проведення порівняльної аналітичної роботи при використанні метрик рентабельності грошових потоків.
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Demel, Petr. "Hodnocení finanční situace podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-264834.
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This thesis evaluates the progress and the level of financial stability of the joint–stock company Pivovar Litovel for the years 2002–2007. On a basis of facts-finding about causes of the progress and the types of influence, which are projected on the reached facts, I recommend particular measures for improvement of current standing.
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Lehmann, Steffen. "Neue Wege in der Bewertung börsennotierter Aktiengesellschaften : ein Cash-flow-orientiertes Ertragswertmodell /." Wiesbaden : Deutscher Universitäts-Verlag, 1994. http://aleph.unisg.ch/hsgscan/hm00034927.pdf.
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Staňa, Marek. "Podnikatelský záměr - realizace výrobní linky stavebních tvárnic." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2019. http://www.nusl.cz/ntk/nusl-399718.
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The thesis focuses on the creation of a business plan for the establishment of a production plant for the production of building blocks. This thesis dealing with the various options of final products, depending on the profitability. The main aim of this thesis is to consider the possible risks, the size of investment costs, possible sources of financing and to evaluate the benefits of implementing this project. This work also focuses on analyzing the current market situation and determining the strength of competition.
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Bayat, Babolghani Babak, and Sebastian Reuter. "A study on profitability of Nordic large cap companies, effects of free cash flow and debt." Thesis, Umeå universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-150154.
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This paper has studied the relationship between free cash flow & debt with profitability of the Nordic Nasdaq large cap for the period of 2012-1017. Population of the study consists of 223 Nordic companies listed in Nasdaq. From this population a sample of 100 companies from different sectors have been chosen by random sampling, but the sample does not include financial institutions because the way these kinds of institutions are financing differ from companies in other sectors. Data has been collected from Eikon program which provides financial information about the listed companies around the world based on the company's audited financial statements. validity and reliability of the data have been checked to make sure the data are not wrong. In this study, free cash flow, debt to equity ratio & debt ratio are considered as independent variables and profitability of the firm has been considered as dependent variable. In addition, diversity of the companies based on the countries they are established in is considered as dummy variable. Profitability of the firms have been measured by return on asset. The research philosophy is positivism and the research approach is deductive. Based on a quantitative research in which secondary data has been analyzed by running the Pearson correlation analysis and regression analysis. Result of the study revealed that; free cash flow has a positive effect on profitability of the Nordic Nasdaq large cap. In addition, the result of study showed that; debt ratio has negative effect on profitability of the targeted firms. But, the result showed that; the debt to equity ratio does not affect profitability of the firms. The result of running dummy variable revealed that; companies in Finland have 2,3 % lower return on assets compared with the companies located in Denmark. Also, the companies established in Sweden have a 2,3 % lower return on assets compared with Denmark.
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Hiasat, Shuja'a Ahmad Abdelfattah. "Stock price and cost of debt reaction to changes in cash flow from operations." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20218.
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Mestrado em FinançasInvestigamos como o fluxo de caixa das operações afeta o retorno do preço das ações e o custo da dívida e comparamos o efeito relativo do fluxo de caixa versus o lucro líquido nos dois custos de financiamento. Este documento também compara a liquidez entre os índices STOXX Europe 600 e Amman 100 (ASE100), usando quatro medidas: Fluxo de Caixa das Operações, Retorno Ajustado ao Mercado, Retorno Anormal Cumulativo e o Custo da Dívida e seu impacto relativo na associação de fluxo de caixa com custo de capital. Os dados trimestrais utilizados para esta pesquisa são de empresas de capital aberto da Jordânia e de países europeus, de 2009 a 2018. Este estudo contribui para a literatura, pois fornece evidências sobre a associação relativa de ganhos e fluxos de caixa com o custo da dívida e retorno das ações. Também somos os primeiros a considerar qualquer efeito de liquidez de mercado nessa associação. Os resultados mostram um efeito positivo do fluxo de caixa das operações no retorno do preço das ações. Também mostra uma associação negativa e uma influência mais significativa do fluxo de caixa das operações do que o lucro líquido no custo da dívida, reduzindo-o. Além disso, o documento também mostra que o fluxo de caixa das operações tende a influenciar o retorno anormal acumulado e o custo da dívida de uma maneira melhor na Jordânia (um mercado menos líquido) do que no mercado europeu mais desenvolvido.
We investigate how the Cash Flow from Operations affects both the Stock Price Return and the Cost of Debt and compare the relative effect of Cash Flow versus Net Income on both costs of financing. This paper also compares the liquidity between STOXX Europe 600 and Amman stock exchange 100 (ASE100) indexes using four measures, Cash Flow from Operations, Market Adjusted Return, Cumulative Abnormal Return, and the Cost of Debt and its relative impact on Cash flow association with cost of capital. The quarterly data used for this research comes from publicly listed firms from Jordan and European countries, from 2009 through 2018. This study contributes to literature since it provides evidence on the relative association of Earnings and cash flows with cost of debt and stock returns. We are also the first to consider any market liquidity effect on this association. The results show a positive effect of Cash Flow from Operations on Stock Price Returns. It also shows a negative association and a more significant influence from Cash Flow from Operations than Net Income on the Cost of Debt, by reducing it. Furthermore, the paper also shows Cash Flow from Operations tend to influence the Cumulative Abnormal Return and the Cost of Debt in a better way in Jordan (a less liquid market) than in the more developed European market.
info:eu-repo/semantics/publishedVersion
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Andronoudis, Dimos. "Essays on risk, stock return volatility and R&D intensity." Thesis, University of Exeter, 2015. http://hdl.handle.net/10871/21278.
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This thesis consists of three empirical essays studying the capital market implications of the accounting for R&D costs. The first empirical study (Chapter 2) re-visits the debate over the positive R&D-returns relation. The second empirical study (Chapter 3) examines the risk relevance of current R&D accounting. The third empirical study (Chapter 4) explores the joint impact of R&D intensity and competition on the relative relevance of the idiosyncratic part of earnings. Prior research argues that the positive relation between current R&D activity and future returns is evidence of mispricing, a compensation for risk inherent in R&D or a transformation of the value/growth anomaly. The first empirical study contributes to this debate by taking into account the link between R&D activity, equity duration and systematic risk. This link motivates us to employ Campbell and Vuolteenaho (2004)'s intertemporal asset pricing model (ICAPM) which accommodates stochastic discount rates and investors' intertemporal preferences. The results support a risk based explanation; R&D intensive firms are exposed to higher discount rate risk. Hedge portfolio strategies show that the mispricing explanations is not economically significant. The second empirical study contributes to prior research on the value relevance of financial reporting information on R&D, by proposing an alternative approach which relies on a return variance decomposition model. We find that R&D intensity has a significant influence on market participants' revisions of expectations regarding future discount rates (or, discount rate news) and future cash flows (or, cash flow news), thereby driving returns variance. We extend this investigation to assess the risk relevance of this information by means of its influence on the sensitivity of cash flow and discount rate news to the market news. Our findings suggest R&D intensity is associated with significant variation in the sensitivity of cash flow news to the market news which implies that financial reporting information on R&D is risk relevant. Interestingly, we do not establish a similar pattern with respect to the sensitivity of discount news to the market news which may dismiss the impact of sentiment in stock returns of R&D intensive firms. The third empirical study examines the effect of financial reporting information on R&D to the value relevance of common and idiosyncratic earnings. More specifically, we investigate the value relevance of common and idiosyncratic earnings through an extension of the Vuolteenaho (2002) model which decomposes return variance into its discount rate, idiosyncratic and common cash flow news. We demonstrate that the relative importance of idiosyncratic over common cash flow news in explaining return variance increases with firm-level R&D intensity. Extending this analysis, we find that this relation varies with the level of R&D investment concentration in the industry. Those results indicate that the market perceives that more pronounced R&D activity leads to outcomes that enable the firm to differentiate itself from its rivals. However, our results also suggest that the market perceives that this relation depends upon the underlying economics of the industry where the firm operates.
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John, Jaroslav. "Úspěšnost vybraných metod fundamentální analýzy na vzorku akcií." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-18804.
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The diploma thesis deals with the effectiveness of chosen fundamental analysis valuation methods on a sample of stocks. The sample consists of stocks traded on the Prague Stock Exchange and on the New York Stock Exchange. The Czech part of the sample consists of stocks of ČEZ, Erste Group Bank, Komerční banka, Philip Morris ČR and Telefónica O2. The American part of the sample includes stocks of Coca Cola, General Electric, Intel, Southern Company and Bank of America. These stocks are valued by dividend discount models and cash-flow models stepwise to the end of the years 2005 and 2006. As regards the dividend models, the Gordon model, the three-stage model and the H-model are applied whereas within the cash-flow models the DCF equity method was chosen. The effectiveness of the valuation process was subsequently tested over the course of three years by comparing the particular stock returns and the returns of the market portfolio represented by market index. The evaluation of effectiveness is then done in terms of the absolute, the relative and the portfolio effectiveness.
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Кальченко, Н. М. "Управління грошовими потоками на підприємстві." Master's thesis, Сумський державний університет, 2019. http://essuir.sumdu.edu.ua/handle/123456789/76179.
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В сучасних умовах господарювання більшість підприємств відчувають брак фінансових ресурсів. Актуальним постає питання самофінансування. Управління грошовими потоками є одним з найважливіших аспектів фінансового менеджменту, оскільки грошові кошти є найбільш ліквідними активами підприємства, здатними легко трансформуватися в будь-який інший вид активів. В Україні в умовах інфляції, нестабільної політичної ситуації, постійних змін в законодавстві і кризи неплатежів управління грошовими потоками є найбільш актуальним завданням в управлінні фінансами. Підвищення ефективності фінансового управління є основним фактором добробуту компанії. Ефективне функціонування підприємств у значній мірі обумовлене станом його грошових потоків, оскільки саме вони визначають платоспроможність підприємств та ліквідність балансу. Підприємство, що за результатами звітного періоду отримало прибуток може виявитися неплатоспроможним через нестачу грошових коштів та потенційних джерел швидкого самофінансування. У такому випадку керівництво підприємства ризикує втратити можливість самостійно приймати рішення і відтепер його долю починають вирішувати зовнішні структури, наприклад, кредитор, з яким не розрахувалось підприємство, або банк, позика якого лишилася неповернутою. А тому в умовах ринкової економіки все більшого значення набуває підвищення ефективності управління грошовими потоками підприємств як запорука не тільки виживання, але і їх стабільного функціонування. Необхідність подальшого дослідження та поглиблення теоретичних, методичних і прикладних аспектів організаційно-методичного забезпечення аналізу ефективності грошових потоків визначає актуальність дослідження. Метою написання кваліфікаційної роботи є удосконалення теоретичних та практичних основ управління грошовими потоками виробничого підприємства. Об’єктом дослідження є економічні відносини, що виникають на підприємстві в процесі управління його грошовими потоками. Предметом дослідження виступає механізм управління грошовими потоками на прикладі корпорації Roshen. Теоретичну основу дослідження становить сукупність загальнонаукових методів та ряд спеціальних методів економічних досліджень: історичний метод, метод порівняння (у теоретичній частині – перший розділ роботи), метод дослідження, методи аналізу (у другому розділі роботи при оцінці та аналізі ефективності грошових потоків підприємства). Інформаційну базу дослідження становлять наукова література, періодичні видання, нормативні акти та закони, дані про результати фінансовогосподарської діяльності корпорації Roshen. Практичне значення одержаних результатів полягає у тому, що вони можуть бути використані для побудови більш досконалої системи управління грошовими потоками на підприємствах України.В современных условиях хозяйствования большинство предприятий испытывают недостаток финансовых ресурсов. Актуальным становится вопрос самофинансирования. Управление денежными потоками является одним из важнейших аспектов финансового менеджмента, поскольку денежные средства являются наиболее ликвидными активами предприятия, способными легко трансформироваться в любой другой вид активов. В Украине в условиях инфляции, нестабильной политической ситуации, постоянных изменений в законодательстве и кризиса неплатежей управление денежными потоками является наиболее актуальной задачей в управлении финансами. Повышение эффективности финансового управления является основным фактором благосостояния компании. Эффективное функционирование предприятий в значительной степени обусловлено состоянием его денежных потоков, поскольку именно они определяют платежеспособность предприятий и ликвидность баланса. Предприятие, по результатам отчетного периода получило прибыль может оказаться неплатежеспособным из-за недостатка денежных средств и потенциальных источников быстрого самофинансирования. В таком случае руководство предприятия рискует потерять возможность самостоятельно принимать решения и отныне его судьбу начинают решать внешние структуры, например, кредитор, с которым не рассчиталось предприятие, или банк, заем которого осталась невозвращенной. Поэтому в условиях рыночной экономики все большее значение приобретает повышение эффективности управления денежными потоками предприятий как залог не только выживания, но и их стабильного функционирования. Необходимость дальнейшего исследования и углубления теоретических, методических и прикладных аспектов организационно-методического обеспечения анализа эффективности денежных потоков определяет актуальность исследования. Целью написания квалификационной работы является совершенствование теоретических и практических основ управления денежными потоками производственного предприятия. Объектом исследования являются экономические отношения, возникающие на предприятии в процессе управления его денежными потоками. Предметом исследования выступает механизм управления денежными потоками на примере корпорации Roshen. Теоретическую основу исследования составляет совокупность общенаучных методов и ряд специальных методов экономических исследований: исторический метод, метод сравнения (в теоретической части - первый раздел работы), метод исследования, методы анализа (во втором разделе работы при оценке и анализе эффективности денежных потоков предприятия). Информационную базу исследования составляют научная литература, периодические издания, нормативные акты и законы, данные о результатах финансово-хозяйственной деятельности корпорации Roshen. Практическое значение полученных результатов заключается в том, что они могут быть использованы для построения более совершенной системы управления денежными потоками на предприятиях Украины.
In today's economic environment, most businesses experience a lack of financial resources. The question of self-financing is urgent. Cash flow management is one of the most important aspects of financial management, as cash is the most liquid asset of an entity that can easily be transformed into any other type of assets. In Ukraine, in the context of inflation, unstable political situation, constant changes in legislation and the crisis of non-payment, cash flow management is the most urgent task in financial management. Improving the effectiveness of financial management is a major factor in the well-being of the company. The effective functioning of enterprises is largely conditioned by the state of its cash flows, since they determine the solvency of the enterprises and the liquidity of the balance sheet. An enterprise that, as a result of the reporting period, has made a profit may be insolvent due to lack of cash and potential sources of rapid self-financing. In this case, the management of the company risks losing the ability to make their own decisions and from now on, its fate begins to decide on external structures, for example, a lender, with whom the company did not pay off, or a bank whose loan remained outstanding. Therefore, in a market economy, it is becoming increasingly important to improve the efficiency of cash flow management of enterprises as a guarantee not only of survival but also of their stable functioning. The need for further research and deepening of theoretical, methodological and applied aspects of organizational and methodological support for the analysis of cash flow efficiency determines the relevance of the study. The purpose of writing a qualification paper is to improve the theoretical and practical foundations of managing the cash flows of a manufacturing enterprise. The object of study is the economic relations that arise in the enterprise in the process of managing its cash flows. The subject of the study is the mechanism of cash flow management on the example of Roshen Corporation. The theoretical basis of the study is a set of general scientific methods and a number of special methods of economic research: historical method, method of comparison (in the theoretical part - the first section of work), research method, methods of analysis (in the second section of work in the evaluation and analysis of the efficiency of cash flows of the enterprise). The research database is composed of scientific literature, periodicals, regulations and laws, data on the financial performance of Roshen Corporation. The practical significance of the results is that they can be used to build a more sophisticated cash flow management system at Ukrainian enterprises.
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Mlčoch, Zdeněk. "Podnikatelský záměr." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2011. http://www.nusl.cz/ntk/nusl-222932.
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The present dissertation is the design of a company's business plan, with a view to the construction of an automobile paint shop, with all the important factors such as economic and non-economic factors, and legislative changes in the branch taken into consideration. Last but not least, the economic standing of the company is also evaluated. The project is simultaneously assessed from the viewpoint of potential implementation of the proposed solution.
Books on the topic "Return on Positive Cash Flow"
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Hecht, Peter. Explaining returns with cash-flow proxies. Cambridge, Mass: National Bureau of Economic Research, 2005.
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Ljungqvist, Alexander. The cash flow, return and risk characterstics of private equity. Cambridge, Mass: National Bureau of Economic Research, 2003.
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Hansen, Lars Peter. Consumption strikes back?: Measuring long-run risk. Cambridge, MA: National Bureau of Economic Research, 2005.
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Lamont, Owen A. The diversification discount: Cash flows vs. returns. Cambridge, MA: National Bureau of Economic Research, 1999.
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Cash return on capital invested: Ten years of investment analysis with the CROCI economic profit model. Amsterdam: Butterworth-Heinemann, 2006.
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Howell-Carey, Chantal. The All-New Real Estate Foreclosure, Short-Selling, Underwater, Property Auction, Positive Cash Flow Book. New York: John Wiley & Sons, Ltd., 2009.
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The ultimate guide to trust deed investing: Learn how to get a high return and steady cash flow. Richmond, VA: Tandem Books, 2007.
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Vuolteenaho, Tuomo. What drives firm-level stock returns? Cambridge, MA: National Bureau of Economic Research, 2001.
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1951-, Carey Bill, ed. The all-new real estate foreclosure, short-selling, underwater, property auction, positive cash flow book: Your ultimate guide to making money in a crashing market. Hoboken, N.J: Wiley & Sons, 2009.
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Lomas, Margaret. Truth about Positive Cash Flow Property. Wiley & Sons Australia, Limited, John, 2011.
Find full textBook chapters on the topic "Return on Positive Cash Flow"
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Fraser, W. D. "Estimating the Required Return." In Cash-Flow Appraisal for Property Investment, 101–30. London: Macmillan Education UK, 2004. http://dx.doi.org/10.1007/978-1-137-11652-9_7.
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Myers, Stewart C., and Richard A. Cohn. "A Discounted Cash Flow Approach to Property-Liability Insurance Rate Regulation." In Fair Rate of Return in Property-Liability Insurance, 55–78. Dordrecht: Springer Netherlands, 1987. http://dx.doi.org/10.1007/978-94-015-7753-3_3.
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Abdel-Aal, Hussein K. "Discounted Cash Flow Rate of Return (D.C.F.R.) and Present Value Index (P.V.I.)." In Economic Analysis of Oil and Gas Engineering Operations, 77–85. First edition. | Boca Raton, FL: CRC Press, 2021.: CRC Press, 2021. http://dx.doi.org/10.1201/9781003137696-7.
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Harvey, Adam. "19. Introduction; The Time Value of Money; The Annuity Equation; Unit Energy Cost and Net Income; Net Present Value: NPV (r%); Internal Rate of Return (IRR); Simple and Discounted Payback Periods; Bank Loans and Interest; Cash Flow Analysis." In Micro-Hydro Design Manual, 305–20. Rugby, Warwickshire, United Kingdom: Practical Action Publishing, 1993. http://dx.doi.org/10.3362/9781780445472.019.
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Raaijmakers, René. "Cash Flow Positive." In ASML’s Architects. SPIE, 2019. http://dx.doi.org/10.1117/3.2572060.ch59.
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"The CEO and Investor Return." In Free Cash Flow, 129–43. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118266847.ch8.
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Villadsen, Bente, Michael J. Vilbert, Dan Harris, and A. Lawrence Kolbe. "Discounted Cash Flow Models." In Risk and Return for Regulated Industries, 97–116. Elsevier, 2017. http://dx.doi.org/10.1016/b978-0-12-812587-8.00005-8.
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Gollier, Christian. "The Weitzman Argument." In Pricing the Planet's Future. Princeton University Press, 2012. http://dx.doi.org/10.23943/princeton/9780691148762.003.0007.
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This chapter examines a model in which the exogeneous rate of return of capital is constant but random. Safe investment projects must be evaluated and implemented before this uncertainty can be fully revealed, i.e., before knowing the opportunity cost of capital. A simple rule of thumb in this context would be to compute the net present value (NPV) for each possible discount rate, and to implement the project if the expected NPV is positive. If the evaluator uses this approach, this is as if one would discount cash flows at a rate that is decreasing with maturity. This approach is implicitly based on the assumptions that the stakeholders are risk-neutral and transfer the net benefits of the project to an increase in immediate consumption. Opposite results prevail if one assumes that the net benefit is consumed at the maturity of the project.
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"The Sources of Equity Return." In Free Cash Flow and Shareholder Yield, 23–37. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119197065.ch2.
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"ACCOUNTING TO CASH FLOW RETURN ON INVESTMENT." In Beyond Earnings, 57–110. Hoboken, New Jersey: John Wiley & Sons, Inc., 2017. http://dx.doi.org/10.1002/9781119440512.ch3.
Full textConference papers on the topic "Return on Positive Cash Flow"
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King, Carey W., Gu¨rcan Gu¨len, Joseph Essandoh-Yeddu, and Susan Hovorka. "Economic Analysis of an Integrated Anthropogenic Carbon Dioxide Network for Capture and Enhanced Oil Recovery Along the Texas Gulf Coast." In ASME 2009 3rd International Conference on Energy Sustainability collocated with the Heat Transfer and InterPACK09 Conferences. ASMEDC, 2009. http://dx.doi.org/10.1115/es2009-90415.
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This paper explains the system economics of an example integrated network that uses anthropogenic CO2 from Texas Gulf Coast fossil power plants for enhanced oil recovery (EOR). These CO2 sources and sinks are connected via a pipeline network. A discounted cash flow model indicates that for all candidate oil fields that require less than an estimated $10/BBL in EOR capital expenditure, all three entities (CO2 capture, pipelines, and EOR operators) can have 20% internal rate of return at $55 per tonne of CO2 and $56 per barrel of oil. These results include no existing or future tax incentives, and there are some costs not yet included. However, a Monte Carlo analysis shows insight by indicating that the total system rate of return is most sensitive to oil production parameters. Oil price and estimated amount of recoverable oil are the most positively influential factors while the EOR capital cost is the most negatively sensitive factor. The capital costs of capture and CO2 price are less sensitive, both negatively affecting rate of return.
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Yu, J. P. "Simulation Approach in Risk-Weighted Cash Flow Rate of Return Determination." In SPE Annual Technical Conference and Exhibition. Society of Petroleum Engineers, 1986. http://dx.doi.org/10.2118/15557-ms.
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Ramly, Ismail Rasulong, Buyung Romadhoni, Diah Ayu Gustiningsih, Alamsjah, and St Ramlah. "Relationship between Fundamental Signals and Cash Flow Information on Stock Return after the Convergence of IFRS." In Proceedings of the 3rd International Conference on Accounting, Management and Economics 2018 (ICAME 2018). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/icame-18.2019.35.
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Williams, John F., and John C. Parker. "Measuring the Sustainable Return on Investment (SROI) of Waste-to-Energy." In 18th Annual North American Waste-to-Energy Conference. ASMEDC, 2010. http://dx.doi.org/10.1115/nawtec18-3552.
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Waste to Energy facilities serve their communities in a number of important ways. Our industry does a terrific job reducing volumes that would have otherwise been destined for landfills. Energy recovery is an important and positive byproduct of that process but not the only one. Beyond these two obvious attributes you seldom hear of anything else. This is unfortunate because there are significant social, environmental, and economic benefits associated with the technology. Industry “silence” can be attributed to an inability to describe those benefits in ways people understand or see a dollar value in. In other words, we have a tough time measuring the value of “Green.” This paper describes a framework through which we can make the case for sustainable benefits associated with Waste to Energy. It begins with discussion of why it is important to seek a connection with the “triple bottom line” including the social, environmental, and economic attributes of a given program/project/facility. It sheds light on the need to think beyond traditional life cycle cost analysis techniques that focus on direct cash benefits. It describes a process through which noncash and external costs and benefits can be calculated and presented in monetary terms, referred to as the Sustainable Return on Investment or SROI (direct cash + noncash + external costs and benefits = SROI). This paper should help readers make an aggressive case to reveal the FULL VALUE of Waste to Energy across the sustainability triple bottom line.
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Belhaj, Hadi, Mohamad Haroun, and Terry Lay. "Keeping Net Cash Flow Alive for a Petroleum Exploration Project: Risk Analysis Approach." In ASME 2010 International Mechanical Engineering Congress and Exposition. ASMEDC, 2010. http://dx.doi.org/10.1115/imece2010-37190.
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Meaningful risk analysis can be a tedious task to perform for many reasons, yet extremely rewarding. Lack of information, uncertainty surrounding risk parameters and their distributions, failure to define proper correlations relating some risk parameters, inappropriate selection of risk analysis criterion and misinterpretation of results are among these reasons. Risking net cash flow (NCF), through traditionally approaches can be a leap of faith. Rather, NCF should be treated with more subjectivity and in-depth understanding of all risk parameters and their interrelationships. Current practice of risk management in the petroleum industry adopts schemes that aim at separating risk into two main categories to understand, simplify, analyze, and evaluate existing contingencies. Commonly, the first category is referred to as subsurface risk that includes resource size, production rate, and access cost. Category two is surface risk that demonstrates total expenditure, facilities delivery, delays, performance, oil/gas prices, etc. Risk analysis of each is normally performed alone. Our study shows that separating risks for an investment with a singular outcome is misleading and extremely dangerous. In this paper, we introduce comprehensive criteria for handling risk associated with oil and gas exploration as well as development of mature reservoirs through EOR and IOR that involves large cash expenditures for; in-fill drilling, waterflooding, gas injection, and thermal and chemical treatment of heavy oil recovery. Basically, one or a combined uncertainty of these elements may create “business risk” that may cause “business impact”. The impact can be positive leading to “business opportunity” or negative leading to “business threat”. Also, instead of risking NCF using risk parameters like gross revenue that consists of hydrocarbon in-place and unit price of oil and gas, and net expenditure (CAPEX and OPEX) by simply defining their risk distributions and parameters, our approach breaks down each risk parameter to sub-parameters, then risk components and finally risk fragments. This produces a break-down model of risk analysis approach by including all parameters with no stage separation that avoids risk of poor assumptions. Hence, risk parameters are simplified by evaluating specific distributions. Case study involving one major Gulf States oil reservoirs is used to demonstrate the approach presented in this paper. Results show great improvement of results as compared to the traditionally used method.
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Galerkin, Y., and A. Drozdov. "Centrifugal Compressor Stage Design Principles Checking." In ASME 2015 Gas Turbine India Conference. American Society of Mechanical Engineers, 2015. http://dx.doi.org/10.1115/gtindia2015-1213.
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Laboratory “Gas dynamics of turbo machines” (LGDTM) has quite effective optimal design computer programs based on theoretic analysis and experimental data. The authors do not share an opinion that 3D impellers are superior in any case. A lot of designed compressors are provided with traditional 2D impellers with cylindrical blades disposed in a radial part of an impeller. The industrial partner tested recently 1:2 scale model of a single stage 32 MWt pipeline compressor. The flow path design is based on the medium specific speed 2D impeller. Good general scheme of the industrial partner, no constrains and profound design optimization have led to maximum efficiency 90% and to excellent performance in a whole. But if a design flow rate coefficient exceeds 0,070 … 0,08 application of 3D impeller is inevitable. Meridian configuration and blade cascade shape of 3D impellers are much more complicated in comparison with 2D impellers. LGDTM has no at its disposal complete information on physical or numerical tests of 3D impeller candidates with different design solutions. Modern trend to apply CFD calculation for investigations to fill the gap seems to be most logical. But the authors’ own experience and published data show that CFD modeling of 3D impeller performance curves is not satisfactory. As a rule calculated performances are shifted to bigger flow rates and work coefficient is 6–9% higher. But the positive moment is that the efficiency at the design flow coefficient is predicted quite accurately. It opens a way to compare stage’s candidates at the design regimes efficiency at the design flow coefficient. The initial design of the stage 3D impeller + vaneless diffuser + return channel with flow rate coefficient 0,105 and loading factor 0,56 is based on general principles of LGDTM: inlet velocity minimization, mean velocity deceleration control, Q-3-D non-viscid velocity diagrams with non-incidence inlet and minimal load at leading edges. CFD calculation has demonstrated necessity to apply a diffuser with tampered initial part, and better shape of the tampered part was defined. The better shape of the crossover was defined by CFD calculations too. The impeller candidates with gas dynamic and geometry principle of blade design, with different degree of flow deceleration, different axial dimension and different exit blade angles were compared. The new 6th version of the optimal design computer programs (Universal modeling was widely presented at the conferences in Japan, Germany, Great Britain, etc.) is tuned on high flow rate stages with 3D impellers. Validation calculations demonstrated good level of performance curves modeling. The program was applied to study series of candidates with different dimensions in meridian plane. As these dimensions influence mean blade load each parameter was studied with different number of blades. Main results are: axial elongation of an impeller does not lead to efficiency grow, optimal leading edge position is at about 25% of meridian distance from an impeller inlet, optimal inlet diameter is 8,5% less that the diameter corresponding to minimal peripheral inlet velocity. The last conclusion is of particular interest and needs additional proof. The comparison of 94 impellers candidates has led to the stage efficiency increase on about 1.5%. The results have verified general principles of design applied in the laboratory “Gas dynamics of turbo machines” and pointed out on some improvements of design principles.
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Bačová Mitková, Veronika, and Dana Halmová. "ESTIMATION OF THE FLOOD MAXIMUM VOLUMES FOR VARIOUS DURATIONS OF THE RIVER RUNOFF AND THEIR MUTUAL DEPENDANCES: A CASE STUDY ON HRON RIVER IN SLOVAKIA." In XXVII Conference of the Danubian Countries on Hydrological Forecasting and Hydrological Bases of Water Management. Nika-Tsentr, 2020. http://dx.doi.org/10.15407/uhmi.conference.01.17.
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This work deals with the determination of the annual maximum discharge volumes on the Hron River for the runoff time duration t = 2, 5, 10, and 20 days. The series of 84 years (1931–2015) mean daily discharges of the Hron River at Banská Bystrica station was used as input data to calculate the maximum annual volumes of runoff of the Hron River. Subsequently, the theoretical curves of exceedance of the maximal discharge volumes were determined by the LogPearson distribution of the Type III. This type of probability distribution is used to estimate maximum (extreme) values across a range of natural processes. The results of the estimated T-year volumes by using PL III distribution were compared to other types of theoretical distribution functions used in hydrological extreme analyses in Slovakia (Gamma, Log-normal, etc.). The second part of our work was focused on the bivariate modelling of the relationship between T-year maximum volumes with different duration and peak discharges. In the case of modelling without evaluating this mutual dependence of the flood wave characteristics, they may be overestimated (in the case of the negative dependence) or underestimated (in the case of the positive dependence). The Archimedean class of copula functions was used as mathematical tool for the dependence modelling. The LP III distribution was used as marginal probability distribution function. Subsequently joint and conditional return periods of the T-year maximum annual flows and T-year maximum volumes with different time duration were calculated. The first one defines joint return periods as: the return periods using one random variable equaling or exceeding a certain magnitude and/or using another random variable equaling or exceeding another certain magnitude. The second one is conditional return periods for one random variable, given that another random variable equals or exceeds a specific magnitude.
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Yadav, R., Priyesh Srivastava, and Samir Saraswati. "Thermo-Economic Analysis of Combined Cycles." In International Joint Power Generation Conference collocated with TurboExpo 2003. ASMEDC, 2003. http://dx.doi.org/10.1115/ijpgc2003-40119.
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The paper presents a thermo-economic analysis of gas/steam combined cycle. The stated objective is achieved by optimizing thermo-economic parameters for simple combined cycle (large and medium range) and to apply this to economic model of these cycles. The economic parameters evaluated in the present study include discount cash flow rate of return (DCRR) and gross payout period (GPO), two terms commonly employed in engineering economic analysis. DCRR and GPO are calculated for various electric sale and fuel prices. It has been found that maximum value of DCRR and minimum value of GPO are found with large size plant.
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Townsend, Aaron K., and Michael E. Webber. "Energetic and Economic Performance of a Compressed Air Energy Storage Facility in Texas as a Function of Technical and Cost Parameters." In ASME 2011 International Mechanical Engineering Congress and Exposition. ASMEDC, 2011. http://dx.doi.org/10.1115/imece2011-63830.
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In this research an optimization model was used to determine the sensitivity of the revenue, net cash flow (defined as revenue less amortized capital costs, fixed and variable operating costs, and return on investment), and operational characteristics of a compressed air energy storage (CAES) facility to certain technical factors in the Electric Reliability Council of Texas (ERCOT) zonal market. The technical factors considered were compressor capacity and storage capacity relative to turbine capacity, non-spinning reserve market participation, minimum allowable runtime of the compressor and turbine systems, and costs associated with startup of the compressor and turbine systems. Additionally, the work showed that the nine-year optimization problem could be decomposed into nine single-year optimization problems with decreased computation time and minimal divergence from the nine-year solution. Previous work had determined the optimal compressor and storage capacities for a given expander capacity; the current work expanded on the previous work to show that the economics of CAES are reasonably insensitive (defined as within 5% of the maximum net cash flow) to compressor capacity within a range of 0.45 to 0.8 MW per MW of turbine capacity in the West zone of ERCOT and 0.25 to 0.5 MW per MW of turbine capacity in the non-West zones in ERCOT. Similarly, the economics of CAES are reasonably insensitive to storage capacity within a range of 20 to 60 MWh per MW of turbine capacity in the West zone of ERCOT and 12 to 35 MWh per MW of turbine capacity in the non-West zones. Previous work had determined that participation of the turbine-generator system in the non-spinning reserve market increased the revenues and net cash flow and reduced the amount of electricity bought and sold in the balancing energy market. This work confirmed the previous finding and also determined that the participation of the motor-compressor as dispatchable load in the non-spinning reserve market increased the revenues and net cash flow and increased the amount of electricity bought and sold. The increase in electricity sales due to the motor-compressor participation in the non-spinning reserve market only partially offset the decrease in the amount of electricity sold due to the turbine-generator participation. The net effect of both systems participating in the non-spinning reserve market was an increase in revenue of 29% to 37% and net cash flow of 130% to 250% and a decrease in the amount of electricity bought and sold by about 10%. This work also found that a CAES facility is sensitive to minimum runtime constraints and startup costs. Minimum runtime constraints reduce the net cash flow by 11% to 13% and increase the amount of electricity bought and sold by 1% to 3%, for a minimum runtime of 4 hours. The effect of startup costs is to reduce both the net cash flow by 5% to 6% and the amount of electricity bought and sold by 4% to 5% for startup costs of $2/MW-start.
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Galerkin, Y., L. Marenina, and K. Soldatova. "CFD Wind Tunnel Tests of Centrifugal Stage Return Channel Vane Cascades." In ASME 2015 Gas Turbine India Conference. American Society of Mechanical Engineers, 2015. http://dx.doi.org/10.1115/gtindia2015-1216.
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Stator part of a centrifugal compressor stage is a proper object of study by CFD calculations meaning better understanding of flow behavior, checking of field type design methods and possible improvements. Several stators with vane and vaneless diffusers for stages with different specific speed were designed by standard methodology and numerically analyzed. Results were verified. Calculation in a whole has demonstrated validity of existing recommendation. The specific velocity for stators is introduced which can be applied to match an impeller and a stator. Calculations demonstrated quick efficiency drop for stators with specific speed less than 0,215. Return channel vane cascades were studied in wide range of solidity with constant vane height and with constant radial component of velocity. Empirical formulae with non-dimensional circulation as an argument are proposed for loss coefficient, profile loss coefficient, optimal incidence angle and exit lag angle. Candidates of the low specific speed stator have demonstrated that an arbitrary channels’ wideness to diminish friction losses is not effective. Better flow organization is preferable. Modification of a crossover demonstrated positive results for high and low specific speed stators.
Reports on the topic "Return on Positive Cash Flow"
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Ljungqvist, Alexander, and Matthew Richardson. The cash flow, return and risk characteristics of private equity. Cambridge, MA: National Bureau of Economic Research, January 2003. http://dx.doi.org/10.3386/w9454.
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McCulloch, Bob. INDOT Research Program Benefit Cost Analysis—Return on Investment for Projects Completed in FY 2020. Purdue University, 2021. http://dx.doi.org/10.5703/1288284317265.
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To demonstrate the value of research and its implementation, the Governor’s Office requested an annual financial analysis of the INDOT Research Program to determine the return on the research investment (ROI). The current financial analysis is for research projects that completed in FY 2020. Analyses on previous year’s projects is necessary primarily due to the time it takes some project outcomes to be implemented, extending into the following year. Therefore, the FY 2020 analysis is completed in calendar 2021. The ROI analysis will supplement the annual IMPACT report by adding a more rigorous quantitative benefit cost analysis (BCA) to the Research Program. Previous financial analyses used the approach of calculating net present values of cash flows to determine a benefit cost ratio and this report uses the same approach. Additionally, an overall program rate of return (ROI) is reported and will be accumulated over time into a rolling 5-year average. While the quantitative benefit cost analysis (BCA) was rigorous, results are limited to projects where benefits and costs could be quantified, where data is available to perform a quantitative analysis. Qualitative benefits are highlighted in the companion annual IMPACT report (https://www.in.gov/indot/files/Research-Program-Impact-Report.pdf ). In 2018, INDOT unveiled its new Strategic Plan. The Strategic Plan guides the priority research needs of the Research Program and in turn the research results support accomplishing the INDOT Strategic Plan, Strategic Objectives. A new Strategic Objective has been added to the INDOT Strategic Plan addressing Innovation & Technology. Additionally, INDOT created a new Office of Innovation. While the Research Program supports all of INDOT’s Strategic Objectives, these new initiatives have further highlighted the importance of research and its role in achieving the Strategic Objectives outlined in the new INDOT Strategic Plan. There has been more emphasis of new research needs related to new technology changes and transformational technologies. This will help position INDOT for future growth, adoption of new technologies and partnering opportunities. These new research projects will provide large qualitative ROI, however are difficult to quantify due to their complexity and newness.