The study empirically investigates the relationship between the value anomaly and firms’ investment and financing environment. The evidence supports the relevance of investment irreversibility and the value anomaly as suggested in Zhang (2005). The higher the investment irreversibility gap between value and growth firms, the higher the value premium. While the Fama and French three factor model...

We show the effects of uncertainty, ecological and economic irreversibility, and endogenous learning on land preservation decisions for species conservation. We compare the optimal decisions of three types of decision makers: an experimenting decision maker who recognizes the endogeneity of information, a real options decision maker who ignores the endogeneity but recognizes the future availabi...

This communication presents finite time thermodynamic optimization of irreversible cascaded refrigeration and heat pump cycles having source/sink thermal reservoirs of finite heat capacitance. A general expression for the optimum coefficient of performance of the refrigerator/heat pump is derived at minimum power input and given cooling/heating load conditions, respectively. External irreversib...

in this study, mixed convection heat transfer and local and global entropy generation in aventilated square cavity have been investigated numerically. the natural convection effect isachieved by a constant heat flux imposed at the bottom wall and cooled by injecting a coldfollow. in order to investigate the effect of port location, four different placementconfigurations of the inlet and outlet ...

The relation between macroscopic irreversibility and microscopic reversibility is a present unsolved problem. Constructal law is introduced to develop analytically the Einstein's, Schrödinger's, and Gibbs' considerations on the interaction between particles and thermal radiation (photons). The result leads to consider the atoms and molecules as open systems in continuous interaction with flows ...

Magnetization measurements on Y0.47Pr0.53Ba2Cu3O7 single crystal in the vicinity of the superconducting transition temperature Tc = 7 K revealed a reentrant irreversibility for applied magnetic fields higher than the irreversibility field Hirr. The transition to the second hysteresis loop occurs through an irreversible jump in magnetization. The temperature range of this irreversibility extends...

in this paper, first a sensitivity analysis of parameters affecting the performance of the steam generator is performed. this process includes the pinch temperature difference and the gas velocity (width of the hrsg) as the operating parameter and geometrical parameters (fin’s thickness, fin’s height, number of fins in each inch, tube transverse pitch) for each pressure parts is carried out, an...