The Experts below are selected from a list of 30 Experts worldwide ranked by ideXlab platform

Enrico Drioli - One of the best experts on this subject based on the ideXlab platform.

  • The role of membrane distillation/crystallization technologies in the integrated membrane system for seawater desalination
    Desalination and Water Treatment, 2009
    Co-Authors: Sulaiman Al Obaidani, Efrem Curcio, Gianluca Di Profio, Enrico Drioli
    Abstract:

    Membrane desalination technology has emerged in recent years as the most viable solution to water shortage. However, despite the enormous improvement in membrane desalination technology, some critical developments are still necessary in order to accomplish possible improvements in the Process Efficiency (Increase recovery), operational stability (reduce fouling and scaling problems), environmental impact (reduce brine disposal), water quality (remove harmful substances) and costs. In particular, cost effective and environmentally sensitive concentrate management is today recognized as a significant obstacle to extensive implementation of desalination technologies. As a result of the significant impact of desalination plants on the environment, the requirements for concentrate management tight up: brine disposal minimization and zero liquid discharge (ZLD) are the demanding targets for several applications. In this concept, conventional pressure-driven membranes such as MF, NF and RO were integrated with t...

Jorge Alberto - One of the best experts on this subject based on the ideXlab platform.

  • The effects of firm maturity: IPO and post -IPO performance, growth, Efficiency, profitability and returns; & the rational part of momentum
    2008
    Co-Authors: Murillo Garza, Jorge Alberto
    Abstract:

    The Effects of Firm Maturity: IPO and Post-IPO Performance, Growth, Efficiency, Profitability and Returns; & The Rational Part of Momentum Jorge Alberto Murillo Garza This thesis analyses the relation of firm maturity (age) and firm's performance at their IPO and Post DPO returns and fundamentals. The first chapter analyses post-issuance performance utilizing a sample of 9,400 IPOs spread from 1935 to 2002 and shows that young firms (under 9 years old) are the most likely to underperform and be delisted; three and five year cumulative abnormal returns range between -20% and -75% for this age group. Between 8% and 18% of young firms delist before reaching their third IPO anniversary, in contrast only 2% of old and mature firms delist. The increasing number of young firms listed during the 80's and 90's, both on the Nasdaq and NYSE, accounts for the strong underperformance during that period. Given the small supply of young-small IPOs it is very plausible that investors seeking "the next Big Thing" overprice these "lottery like" securities and underestimate their failure probabilities, resulting in overall underperformance from this group. The second chapter establishes an important link between industrial economics and finance by exploring the effects of a firm's age on realized returns and firm fundamentals. Over four decades, Mature firms generated an excess return of 20 to 30 basis points after controlling for industry, size and book-to-market characteristics. A simple zero cost strategy that takes long positions in mature firms and short positions in young and old firms yields annualized returns of 5.38% and 5.60% or between 7.33% and 3.71% in excess to size and value portfolios. We decompose age, listing cohort, and year effects to analyze key firm fundamental characteristics related to growth, innovation, Efficiency, liquidity, default risk, and profitability. Maturity decreases firms' default probability, earnings uncertainty, market illiquidity, and shortens the investment horizon. While innovation and growth opportunities decrease with time, profitability, dividend yield, and Process Efficiency Increase with firm age. Firms in their mature stage enjoy growth, profitability, lower risk and offer higher returns. Finally, the third chapter presents arguments supporting rationality in the well known momentum effect. We find that the returns of different momentum deciles closely track a measure the rate of change in fundamental value calculated from analysts' earnings estimates. We also find that while past changes in fundamental value predict future stock returns, stock rates of return appear to predict subsequent changes in fundamental value, up to a year in the future. The ability of past returns to predict both future returns and future changes in fundamental value is consistent with heterogeneous expectations models of capital market equilibrium, where the expectations of informed investors create the apparent predictive ability of past returns. Since heterogeneous expectations models are consistent with rational behavior, if there is a significant irrational component to momentum, it is likely to deal with biases in the way analysts and investors form estimates of earnings and fundamental value.

Sulaiman Al Obaidani - One of the best experts on this subject based on the ideXlab platform.

  • The role of membrane distillation/crystallization technologies in the integrated membrane system for seawater desalination
    Desalination and Water Treatment, 2009
    Co-Authors: Sulaiman Al Obaidani, Efrem Curcio, Gianluca Di Profio, Enrico Drioli
    Abstract:

    Membrane desalination technology has emerged in recent years as the most viable solution to water shortage. However, despite the enormous improvement in membrane desalination technology, some critical developments are still necessary in order to accomplish possible improvements in the Process Efficiency (Increase recovery), operational stability (reduce fouling and scaling problems), environmental impact (reduce brine disposal), water quality (remove harmful substances) and costs. In particular, cost effective and environmentally sensitive concentrate management is today recognized as a significant obstacle to extensive implementation of desalination technologies. As a result of the significant impact of desalination plants on the environment, the requirements for concentrate management tight up: brine disposal minimization and zero liquid discharge (ZLD) are the demanding targets for several applications. In this concept, conventional pressure-driven membranes such as MF, NF and RO were integrated with t...

Murillo Garza - One of the best experts on this subject based on the ideXlab platform.

  • The effects of firm maturity: IPO and post -IPO performance, growth, Efficiency, profitability and returns; & the rational part of momentum
    2008
    Co-Authors: Murillo Garza, Jorge Alberto
    Abstract:

    The Effects of Firm Maturity: IPO and Post-IPO Performance, Growth, Efficiency, Profitability and Returns; & The Rational Part of Momentum Jorge Alberto Murillo Garza This thesis analyses the relation of firm maturity (age) and firm's performance at their IPO and Post DPO returns and fundamentals. The first chapter analyses post-issuance performance utilizing a sample of 9,400 IPOs spread from 1935 to 2002 and shows that young firms (under 9 years old) are the most likely to underperform and be delisted; three and five year cumulative abnormal returns range between -20% and -75% for this age group. Between 8% and 18% of young firms delist before reaching their third IPO anniversary, in contrast only 2% of old and mature firms delist. The increasing number of young firms listed during the 80's and 90's, both on the Nasdaq and NYSE, accounts for the strong underperformance during that period. Given the small supply of young-small IPOs it is very plausible that investors seeking "the next Big Thing" overprice these "lottery like" securities and underestimate their failure probabilities, resulting in overall underperformance from this group. The second chapter establishes an important link between industrial economics and finance by exploring the effects of a firm's age on realized returns and firm fundamentals. Over four decades, Mature firms generated an excess return of 20 to 30 basis points after controlling for industry, size and book-to-market characteristics. A simple zero cost strategy that takes long positions in mature firms and short positions in young and old firms yields annualized returns of 5.38% and 5.60% or between 7.33% and 3.71% in excess to size and value portfolios. We decompose age, listing cohort, and year effects to analyze key firm fundamental characteristics related to growth, innovation, Efficiency, liquidity, default risk, and profitability. Maturity decreases firms' default probability, earnings uncertainty, market illiquidity, and shortens the investment horizon. While innovation and growth opportunities decrease with time, profitability, dividend yield, and Process Efficiency Increase with firm age. Firms in their mature stage enjoy growth, profitability, lower risk and offer higher returns. Finally, the third chapter presents arguments supporting rationality in the well known momentum effect. We find that the returns of different momentum deciles closely track a measure the rate of change in fundamental value calculated from analysts' earnings estimates. We also find that while past changes in fundamental value predict future stock returns, stock rates of return appear to predict subsequent changes in fundamental value, up to a year in the future. The ability of past returns to predict both future returns and future changes in fundamental value is consistent with heterogeneous expectations models of capital market equilibrium, where the expectations of informed investors create the apparent predictive ability of past returns. Since heterogeneous expectations models are consistent with rational behavior, if there is a significant irrational component to momentum, it is likely to deal with biases in the way analysts and investors form estimates of earnings and fundamental value.

I.c. Brem - One of the best experts on this subject based on the ideXlab platform.

  • Keeping track of the performance of the Purchase-to-pay Process of Philips Lighting
    2015
    Co-Authors: I.c. Brem
    Abstract:

    In this thesis, we develop a performance measurement system (PMS) for the Purchase-to-pay Process (P2P) of the Procurement Department of Philips Lighting, which they can use to continuously control and improve the performance of the P2P Process. Currently, there is a lack of insight into the overall performance of the P2P Process. Interviews with the stakeholders of the Process are the main input for the selection of the key performance indicators (KPIs). The objectives of the PMS are to Increase Process Efficiency, Increase Process effectiveness, and maintain compliance with the internal controls. All selected KPIs are categorized according to one of these objectives. Once the PMS is implemented and validated, Philips Lighting can start working with the PMS. We recommend that they involve all employees during and after the implementation to reduce the likelihood of resistance.