Nonlinear Residual Income Model Abstract Residual income has been proven to be a new approach of value relevance recently. The purpose of this study is to introduces residual income completely, and hopefully make some creativeness and contribution to residual income model. This paper is a both modeling and empirical study. In modeling, we have the following results¡G (1) Next period residual income is a nonlinear function of this period residual income, when we consider managers¡¦ real option. (2) This study introduces ¡§nonlinear residual income model¡¨ into Ohlson model, therefore firms¡¦ value is a nonlinear function of this period residual income. (3) This paper develops an option-based valuation model. According to this paper, equity value consists of the expected value from maintaining current operations, plus the value of the (put) option to discontinue operations at date t+1, and value of the (call) option to expand operations at date t+1. Empirical tests based on 27,536 firm-year observations from 1991-99 supports the above predictions of (1) and (2). In addition to the traditional OLS, this paper applies a new statistical approach--Sliced Inversed Regression (SIR). By SIR, we identify that our data has nonlinear components. This paper provides an alternative choice of valuation model and suggests that future research should approach the basic of value drivers.

Thesis (MSc)--Stellenbosch University, 2013. / Please refer to full text to view abstract.

Nowadays, the number of applications which need more than one power source is increasing. Distributed generating systems or micro-grid systems normally use more than one power source or more than one kind of energy source. Also, to increase the utilization of renewable energy sources, diversified energy source combination is recommended. For example, a wind-photovoltaic generating system, a combination of a wind generator and photovoltaic array, can give a greater degree of freedom when choosing the install location. The combination of more power sources and diversified power sources makes it possible to obtain higher availability in a power system. A parallel connection of converters has been used to integrate more than one energy source in a power system. However, a multiple-input converter (MIC) can generally have the following advantages compare to a combination of several individual converters; (1) cost reduction, (2) compactness, (3) more expandability and (4) greater manageability. First, this research suggests MIC topology comparison criteria that can be used as a decision guide for choosing a MIC topology depending on the application. Even though there are some MIC topology classification methods such as by the kind of combining methods, the classification methods are not enough to choose one particular topology. The comparison criteria presented in this dissertation are practical enough to decide which topology is suitable and should be chosen. Second, a new MI modified inverse Watkins-Johnson converter (MIMIWJC) without a coupled inductor is proposed. The circuit configuration of this converter and its operation principles are described, including the open-loop and closed-loop circuit. For control purposes, a small signal model of the proposed converter is developed using Middlebrook’s extra element theorem. In addition, two possible control methods are introduced in this dissertation. Finally, the theoretical analysis of the proposed converter is verified with simulations and experiments. / text

The thesis deals with experimental research of mechanism of liquid breakup at twin-fluid atomizers. Four different atomizers were examined at the beginning of the research. Two of them were of standard design (Y-jet and effervescent nozzles), and the rest two atomizers were developed as a part of the thesis (so called CFT and inversed effervescent atomizers). Results show that only the inversed effervescent atomizer was capable of generating stable spray under examined conditions due to the specific breakup mechanism. This mechanism is similar to what was observed in effervescent atomizers. However, the mixing process inside the inversed effervescent atomizer is very different. The specific breakup mechanism was then defined as the main scope of the thesis. It was investigated by the high-speed imaging. The images were then processed by proper orthogonal decomposition and by fast Fourier transformation. Spray spatial development was examined using phase Doppler anemometer. The data was analyzed to describe the dynamics of the spray. A detailed description of the breakup mechanism is made from the combination of the experimental and post-processing techniques. The thesis brings new insight into the understanding of the liquid breakup mechanism and shows a potential for a further development of the inversed effervescent atomizer.

The goal of this master thesis is creation of an online system serving as a performing application for presentation results of visual geo-localization in nature and mountain environment. The system offers the users to choose one of the pre-defined photographs or~to~upload one's own photography while choosing a file or inserting an URL address. The~system will localizate a camera of a given image based on a visual geo-localization. The~geo-localization uses the mountain horizon as a key characteristic when searching for similar horizons. The~curve line of the horizon is extracted by a fully automatic algorithm based on supervised learning and dynamic programming. Visual geo-localization running on the server which using new inversed index with cache politic. This allows further scaling of the system. The server processing detected horizon curve and respond with set of the best candidates on results. Results are visualised to the user in form of classic map, detailed sattelite view and rendering of found panorama.