The design of buildings is a multi-criterion optimization problem, there always being a tradeoff to be made between capital expenditure, operating cost, and occupant thermal comfort. This paper investigates the application of a multi-objective genetic algorithm (MOGA) search method in the identification of the optimum payoff characteristic between the elements of the building design problem. Re...

Levy and Arditti (1973) introduced depreciable assets into the Modigliani and Miller (1958) model, and analyzed the implications for the cost of capital. Assuming that the firm reinvests indefinitely to maintain a constant expected cash flow, they found that depreciation increases the cost of capital before and after tax. Most of their assumptions are maintained. However, commitment to perpetua...

This paper recognizes two main factors that cause the capital requirement to affect the weighted average cost of capital and hence the investment behavior ofbanks: underpriced debt resulting from the deposit insurance and information asymmetry between managers and the stock market. For a bank enjoying a low cost of debt (deposits), an increased proportion of equity financing raises the weighted...

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We propose a cross-sectional time-series model to assess the impact of market liberalizations in emerging equity markets on the cost of capital, volatility, beta, and correlation with world market returns. Liberalizations are defined by regulatory changes, the introduction of depositary receipts and country funds, and structural breaks in equity capital flows to the emerging markets. We control...

The shadow return on capital in 75 small municipal water systems is estimated using a gamma frontier variable cost function. The estimated Social Cost of capital exceeds the shadow return by an average ratio of 4.37:1, with a median capital stock inefficiency of $70, 500 per year per system owing to overinvestment in public water supply capital. In addition, actual production costs exceed minim...

The rapid growth of elastic computing services, together with a raising need to target savings, enable new IT scenarios. In particular, Law Enforcement Agencies (LEAs) can benefit of digital forensic services sharing, lowering CAPEX and OPEX especially in case of spiky utilization of forensic hardware and software resources. In fact, considering the workloads related to the size of a forensic o...

Traditionally, optical networks have been designed with the objective of minimizing the capital expenditure (CAPEX) without considering the operative costs (OPEX), due for instance to energy consumption. However, the increase of energy consumption and corresponding costs and the challenges imposed by the environmental issues (such as the global warming and the limited oil reserves) are demandin...

In several US states, the legalisation of euthanasia has become a question for voters to decide in public referenda. This democratic approach in politics is consistent with notions of personal autonomy in medicine, but the right of choice does not mean all choices are morally equal. A presumption against the taking of human life is embedded in the formative moral traditions of society; human li...

capital asset pricing, as one of the basic theories in finance and investment area, develop a model for estimation of expected rate of return and equity cost of capital. this model has many applications in the field of finance. one of anomalies in the capital asset pricing model is the value premium that its proponents believe this risk premium is compensation for a risk not mentioned in origin...