The prediction of a company's financial health is of critical importance to a variety of stakeholders ranging from auditors, creditors, customers, employees, financial institutions and investors through to management. There has been considerable research in this field, ranging from the univariate dichotomous approach of Beaver (1966) to the multivariate multi-state approaches of Lau (1987) and Ward (1994). All of the South African studies namely, Strebel and Andrews (1977), Daya (1977), De La Rey (1981), Clarke et al (1991) and Court et al (1999), and even, Lukhwareni's (2005) four separate models, were dichotomous in nature providing either a "Healthy" or a "Failed" state; or a "Winner" or "Loser" as in the latter case. Notwithstanding, all of these models would be classified as first stage, initial screening models. This study has focused on following a two stage approach to identifying (first stage) and analysing (second stage) the States of Health in a company. It has not adopted the rigid "Healthy" or "Failed" dichotomous methodology. For the first stage, three-state models were developed classifying a company as Healthy, Intermittent or Distressed. Both three year and five year Profit after Tax (PAT) averages for Real Earnings Growth (REG) calculations were used to determine the superior definition for the Intermittent state; with the latter coming out as superior. Models were developed for the current year (Yn), one (Yn-1), two (Yn-2) and three years (Yn-3) forward using a Test sample of twenty companies and their predictive accuracy determined by using a Holdout sample of twenty-two companies and all their data points or years of information. The statistical methods employed were a Naïve model using the simple Shareholder Value Added (SVA) ratio, CHAID and MDA, with the latter providing very disappointing results - for the Yn year (five year average), the Test sample results were 100%, 95% and 95%, respectively; with the Holdout sample results being 81.3%, 83.8% and 52.5%, respectively. The Yn-1 to Yn-3 models produced very good results for the Test sample but somewhat disappointing Holdout sample results. The best two Yn models namely, the Naïve and the CHAID models, were modified so as to enable a comparison with the notable, dichotomous De La Rey (1981) model. As such, three different approaches were adopted and in all cases, both the modified Naïve (100%, 81.3%, 100%) and the modified CHAID (100%, 85.9%, 98%) produced superior results to the De La Rey model (84.8%, 62.6%, 75.3%). For the second stage, a Financial Risk Analysis Model (FRAM) using ratios in the categories of Growth, Performance Analysis, Investment Analysis and Financial Status were used to provide underlying information or clues, independent of the first stage model, so as to enable the stakeholder to establish a more meaningful picture of the company. This would pave the way for the appropriate strategy and course of action to be followed, to take the company to the next level; whether it be taking the company out of a Distressed State (D) or further improving on its Healthy status (H). / Business Management / D. BL.

Chung Kwong-leung. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 80-84). / Abstracts in English and Chinese. / ACKNOWOLEDGMENTS --- p.iii / LIST OF TABLES --- p.iv / LIST OF ILLUSTRATIONS --- p.vi / CHAPTER / Chapter ONE --- INTORDUCTION --- p.1 / Chapter TWO --- LITERATURE REVIEW --- p.5 / Volatility / ARCH Models / The Accuracy of ARCH Volatility Estimates / Chapter THREE --- METHODOLOGY --- p.11 / Testing and Estimation / Simulation / Chapter FOUR --- DATA DESCRIPTION AND EMPIRICAL RESULTS --- p.29 / Data Description / Testing and Estimation Results / Simulation Results / Chapter FIVE --- CONCLUSION --- p.45 / TABLES --- p.49 / ILLUSTRATIONS --- p.58 / APPENDICES --- p.77 / BIBOGRAPHY --- p.80

Many techniques have been developed over the years in first world countries for the estimation of flood hydrographs from small catchments for application in design, management and operations of water related issues. However, relatively little attention has been directed towards the transfer and adaptation of such techniques to developing countries in which major hydrological decisions are crucially needed, but in which a scarcity of quality hydrological data often occurs. As a result, hydrologists and engineers in developing countries are frequently unable to alleviate the problems that extreme rainfall events can create through destructive flood flows or, alternatively, they do not possess the appropriate tools with which to design economically viable hydraulic structures. Eritrea is a typical example of a developing country which faces difficulties in regard to the adaptation of an appropriate design flood estimation technique for application on small catchments. As a result, the need has arisen to adapt a relatively simple and robust design flood model that can aid hydrologists and engineers in making economic and safe designs of hydraulic structures in small catchments. One objective of this study was, therefore, to review approaches to hydrological modelling and design flood estimation techniques on small catchments, in order to identify the barriers regarding their adaptation, as well as to assist in the selection of an appropriate technique for application, in Eritrea. The southern African adaptation of the SCS (i.e. Soil Conservation Service) design hydrograph technique, which has become a standard method for design flood estimation from small catchments in that region, was selected for application on small catchments in Eritrea for several reasons. It relies on the determination of a simple catchment response index in the form of an initial Curve Number (CN), which reflects both the abstraction characteristics and the non-linear stormflow responses of the catchment from a discrete rainfall event. Many studies on the use of SCS-based hydrological models have identified that adjustment of the initial CN to a catchment's antecedent soil moisture (ASM) to be crucial, as the ASM has been found to be one of the most sensitive parameters for accurate estimates of design flood volumes and peak discharges. In hydrologically heterogeneous regions like Eritrea, the hypothesis was postulated that simulations using a suitable soil water budgeting procedure for CN adjustment would lead to improved estimates of design flood volumes and peak discharges when compared with adjustments using the conventional SCS antecedent moisture conditions (SCS-AMC) method. The primary objective of this dissertation was to develop a surrogate methodology for the soil water budgeting procedure of CN adjustment, because any direct applications of soil water budgeting techniques are impractical in most parts of Eritrea owing to a scarcity of adequate and quality controlled hydrological information. It was furthermore hypothesised that within reasonably similar climatic regions, median changes in soil moisture storage from the socalled "initial" catchment soil moisture conditions, i.e. LIS, were likely to be similar, while between different climatic regions median LISs were likely to be different. Additionally, it was postulated that climatic regions may be represented by a standard climate classification system. Based on the above hypotheses, the Koppen climate classification, which can be derived from mean monthly rainfall and temperature information, was first applied to the 712 relatively homogeneous hydrological response zones which had previously been identified in southern Africa. A high degree of homogeneity of median values of LIS, derived by the daily time step ACRU soil moisture budgeting model, was observed for zones occurring within each individual Koppen climate class (KCC) - this after a homogeneity test had been performed to check if zones falling in a specific KCC had similar values of median LIS. Further assessment within each KCC found in southern Africa then showed that a strong relationship existed between LIS and Mean Annual Precipitation (MAP). This relationship was, however, different between KCCs. By developing regression equations, good simulations of median LIS from MAP were observed in each KCC, illustrating the potential application of the Koppen climate classification system as an indicator of regional median LIS, when only very basic monthly climatological information is available. The next critical task undertaken was to test whether the estimate of median LIS from MAP by regression equation for a specific Koppen climate class identified in southern Africa would remain similar for an identical Koppen climatic region in Eritrea. As already mentioned, LIS may be determined from daily time step hydrological soil moisture budget models such as ACRU model. The performance of the ACRU stormflow modelling approach was, therefore, first verified on an Eritrean gauged research catchment, viz. the Afdeyu, in order to have confidence in the use of values of LIS generated by it. A SCS-ACRU stormflow modelling approach was then tested on the same catchment by using the new approach of CN adjustment, termed the ACRU-Koppen method, and results were compared against stormflow volumes obtained using the SCS-AMC classes and the Hawkins' soil water budgeting procedures for CN adjustment, as well as when CNs remain unadjusted. Despite the relatively limited level of information on climate, soils and land use for the Afdeyu research catchment, the ACRU model simulated both daily and monthly flows well. By comparing the outputs generated from the SCS model when using the different methods of CN adjustment, the ACRU-Koppen method displayed better levels of performances than either of the other two SCS-based methods. A further statistical comparison was made among the ACRU, the SCS adjusted by ACRU-Koppen, the SCS adjusted by AMC classes and the unadjusted SCS models for the five highest stormflows produced from the five highest daily rainfall amounts of each year on the Afdeyu catchment. The ACRU model produced highly acceptable statistics from stormflow simulations on the Afdeyu catchment when compared to the SCS-based estimates. In comparing results from the ACRU-Koppen method to those from the SCS-AMC and unadjusted CN methods it was found that, statistically, the ACRU-Koppen performed much better than either of the other two SCS based methods. On the strength of these results the following conclusions were drawn: • Changes in soil moisture storage from so-called "initial" catchment soil moisture conditions, i.e. L1S, are similar in similar climatic regions; and • Using the ACRU-Koppen method ofCN adjustment, the SCS-SA model can, therefore, be adapted for application in Eritrea, for which Koppen climates can be produced from monthly rainfall and temperature maps. Finally, future research needs for improvements in the SCS-ACRU-Koppen (SAK) approach in light of data availability and the estimation ofL1S were identified. From the findings of this research and South African experiences, a first version of a "SCSEritrea" user manual based on the SAK modelling approach has been produced to facilitate its use throughout Eritrea. This user manual, although not an integral part of this dissertation, is presented in its entirety as an Appendix. A first Version of the SCS-Eritrea software is also included. / Thesis (M.Sc.)-University of KwaZulu-Natal, Pietermaritzburg, 2004.

The prediction of a company's financial health is of critical importance to a variety of stakeholders ranging from auditors, creditors, customers, employees, financial institutions and investors through to management. There has been considerable research in this field, ranging from the univariate dichotomous approach of Beaver (1966) to the multivariate multi-state approaches of Lau (1987) and Ward (1994). All of the South African studies namely, Strebel and Andrews (1977), Daya (1977), De La Rey (1981), Clarke et al (1991) and Court et al (1999), and even, Lukhwareni's (2005) four separate models, were dichotomous in nature providing either a "Healthy" or a "Failed" state; or a "Winner" or "Loser" as in the latter case. Notwithstanding, all of these models would be classified as first stage, initial screening models. This study has focused on following a two stage approach to identifying (first stage) and analysing (second stage) the States of Health in a company. It has not adopted the rigid "Healthy" or "Failed" dichotomous methodology. For the first stage, three-state models were developed classifying a company as Healthy, Intermittent or Distressed. Both three year and five year Profit after Tax (PAT) averages for Real Earnings Growth (REG) calculations were used to determine the superior definition for the Intermittent state; with the latter coming out as superior. Models were developed for the current year (Yn), one (Yn-1), two (Yn-2) and three years (Yn-3) forward using a Test sample of twenty companies and their predictive accuracy determined by using a Holdout sample of twenty-two companies and all their data points or years of information. The statistical methods employed were a Naïve model using the simple Shareholder Value Added (SVA) ratio, CHAID and MDA, with the latter providing very disappointing results - for the Yn year (five year average), the Test sample results were 100%, 95% and 95%, respectively; with the Holdout sample results being 81.3%, 83.8% and 52.5%, respectively. The Yn-1 to Yn-3 models produced very good results for the Test sample but somewhat disappointing Holdout sample results. The best two Yn models namely, the Naïve and the CHAID models, were modified so as to enable a comparison with the notable, dichotomous De La Rey (1981) model. As such, three different approaches were adopted and in all cases, both the modified Naïve (100%, 81.3%, 100%) and the modified CHAID (100%, 85.9%, 98%) produced superior results to the De La Rey model (84.8%, 62.6%, 75.3%). For the second stage, a Financial Risk Analysis Model (FRAM) using ratios in the categories of Growth, Performance Analysis, Investment Analysis and Financial Status were used to provide underlying information or clues, independent of the first stage model, so as to enable the stakeholder to establish a more meaningful picture of the company. This would pave the way for the appropriate strategy and course of action to be followed, to take the company to the next level; whether it be taking the company out of a Distressed State (D) or further improving on its Healthy status (H). / Business Management / D. BL.

This thesis explores various aspects of long memory behaviour in African stock markets (ASMs). First, we examine long memory in both equity returns and volatility using the weak-form version of the efficient market hypothesis (EMH) as a criterion. The results show that these markets (largely) display a predictable component in returns; while evidence of long memory in volatility is mixed. In general, these findings contradict the precepts of the EMH and a variety of remedial policies are suggested. Next, we re-examine evidence of volatility persistence and long memory in light of the potential existence of neglected breaks in the stock return volatility data. Our results indicate that a failure to account for time-variation in the unconditional mean variance can lead to spurious conclusions. Furthermore, a modification of the GARCH model to allow for mean variation is introduced, which, generates improved volatility forecasts for a selection of ASMs. To further evaluate the quality of volatility forecasts we compare the performance of a number of long memory models against a variety of alternatives. The results generally suggest that over short horizons simple statistical models and the short memory GARCH models provide superior forecasts of volatility; while, at longer horizons, we find some evidence in favour of long memory models. However, the various model rankings are shown to be sensitive to the choice of error statistic used to assess the accuracy of the forecasts. Finally, a wide range of volatility forecasting models are evaluated in order to ascertain which method delivers the most accurate value-at-risk (VaR) estimates in the context of Basle risk framework. The results show that both asymmetric and long memory attributes are important considerations in delivering accurate VaR measures.

Thesis (MSc (Geography and Environmental Studies))--Stellenbosch University, 2008. / Accelerating urban growth places increasing pressure not only on the efficiency of infrastructure and service provision, but also on the natural environment. City managers are delegated the task of identifying problem areas that arise from this phenomenon and planning the strategies with which to alleviate them. It is with this in mind that the research investigates the implementation of an urban growth model, SLEUTH, as a support tool in the planning and decision making process. These investigations are carried out on historical urban data for the region falling under the control of the Cape Metropolitan Authority. The primary aim of the research was to simulate future urban expansion of Cape Town based on past growth patterns by making use of cellular automata methodology in the SLEUTH modeling platform. The following objectives were explored, namely to: a) determine the impact of urbanization on the study area, b) identify strategies for managing urban growth from literature, c) apply cellular automata as a modeling tool and decision-making aid, d) formulate an urban growth policy based on strategies from literature, and e) justify SLEUTH as the desired modeling framework from literature. An extensive data base for the study area was acquired from the product of a joint initiative between the private and public sector, called “Urban Monitoring”. The data base included: a) five historical urban extent images (1977, 1988, 1993, 1996 and 1998); b) an official urban buffer zone or ‘urban edge’, c) a Metropolitan Open Space System (MOSS) database, d) two road networks, and d) a Digital Elevation Model (DEM). Each dataset was converted to raster format in ArcEdit and finally .gif images were created of each data layer for compliance with SLEUTH requirements. SLEUTH processed this historic data to calibrate the growth variables for best fit of observed historic growth. An urban growth forecast was run based on the calibration parameters. Findings suggest SLEUTH can be applied successfully and produce realistic projection of urban expansion. A comparison between modelled and real urban area revealed 76% model accuracy. The research then attempts to mimic urban growth policy in the modeling environment, with mixed results.

Mise en oeuvre de techniques de modélisation récentes pour la prévision statistique et économique. / Doctorat en Sciences / info:eu-repo/semantics/nonPublished

Consider the following questions in the early stage of new product development. What should be the target market for proposed design concepts? Who will be the competitors and how fast are they moving forward in terms of performance improvements? Ultimately, is the current design concept and targeted launch date feasible and competitive? To answer these questions, there is a need to integrate the product benchmarking with the assessment of performance improvement so that analysts can have a risk measure for their R&D target setting practices. Consequently, this study presents how time series benchmarking analysis can be used to assist scheduling new product releases. Specifically, the proposed model attempts to estimate the "auspicious" time by which proposed design concepts will be available as competitive products by taking into account the rate of performance improvement expected in a target segment. The empirical illustration of commercial airplane development has shown that this new method provides valuable information such as dominating designs, distinct segments, and the potential rate of performance improvement, which can be utilized in the early stage of new product development. In particular, six dominant airplanes are identified with corresponding local RoCs and, inter alia, technological advancement toward long-range and wide-body airplanes represents very competitive segments of the market with rapid changes. The resulting individualized RoCs are able to estimate the arrivals of four different design concepts, which is consistent with what has happened since 2007 in commercial airplane industry. In addition, the case study of the Exascale supercomputer development is presented to demonstrate the predictive use of the new method. The results indicate that the current development target of 2020 might entail technical risks considering the rate of change emphasizing power efficiency observed in the past. It is forecasted that either a Cray-built hybrid system using Intel processors or an IBM-built Blue Gene architecture system using PowerPC processors will likely achieve the goal between early 2021 and late 2022. This indicates that the challenge to improve the power efficiency by a factor of 23 would require the maximum delay of 4 years to reach the Exascale supercomputer compared to the existing performance curve.

Thesis: M.S., Massachusetts Institute of Technology, Department of Materials Science and Engineering, 1982 / Bibliography: leaves 174-177. / by Mary Rowena Cummings. / M.S. / M.S. Massachusetts Institute of Technology, Department of Materials Science and Engineering

by Wong Hiu Ming. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 74-79). / Abstracts in English and Chinese. / ACKNOWLEDGMENTS --- p.iii / LIST OF TABLES --- p.iv / LIST OF ILLUSTRATIONS --- p.v / CHAPTER / Chapter ONE --- INTRODUCTION --- p.1 / Chapter TWO --- THE LITERATURE REVIEW --- p.5 / ARCH/GARCH Models / Nonparametric Method / Chapter THREE --- METHODOLOGY --- p.14 / ARCH Modeling / Semiparametric GARCH Modeling / Causality Test / Local Polynomial Model / Chapter FOUR --- DATA AND EMPIRICAL RESULTS --- p.37 / Data / GARCH Modeling / Semiparametric GARCH Modeling / Causality Test / Local Polynomial Model / Chapter FIVE --- CONCLUSION --- p.52 / TABLES --- p.56 / ILLUSTRATIONS --- p.62 / APPENDIX --- p.71 / BIBLIOGRAPHY --- p.74