The promotion of recent critical load securing of power system research has been directed towards centralized commands and control functions.This paper presents a multi-agent based critical load securing in a PV based...The promotion of recent critical load securing of power system research has been directed towards centralized commands and control functions.This paper presents a multi-agent based critical load securing in a PV based microgrid.For the trustworthy operation of critical buildings,the reliability,efficiency and security of the power system should be guaranteed.At present,to increase the security and reliability of electricity supply there is a need to design a distributed and autonomous subset of a larger grid or a microgrid.This work also clearly discusses the modelling and simulation of specialized microgrid called an Intelligent Distributed Autonomous Power Systems(IDAPS).The IDAPS microgrid plays a crucial role in constructing power grid that facilitate use of renewable energy technologies.IDAPS microgrid comprising of solar photovoltaic as distributed energy resources,different loads and their control algorithms,has been developed.Several case studies have been simulated to evaluate the operation of the IDAPS microgrid during parallel,islanded mode operation and securing critical loads during emergency.展开更多
We have shown that cornerstone articles considering effects of corporate debt on the firm value and constituting the basis of the trade-off theory of capital structure are wrong.Their main mistake is in ignoring the b...We have shown that cornerstone articles considering effects of corporate debt on the firm value and constituting the basis of the trade-off theory of capital structure are wrong.Their main mistake is in ignoring the business securing expenses(BSEs).In the framework of the extended Merton model(EMM),we consider the cumulative effect of debt and corporate taxes on the firm value and its survival,in other words,we revisit Modigliani-Miller Proposition 3(MMP3).We show that(1)debt affects the firm value and its survival,(2)this effect is negative,diminishing the firm value and its chances to survive,(3)the pressure increases as the debt grows provoking the firm’s default,(4)the main factors depressing the levered firm are its debt payments added to the BSEs of the identical unlevered firm and the length of debt maturity,(5)corporate taxes cause development of positive skewness in the asset distribution,but do not affect the location of this distribution in the asset axis.The presented model helps estimate the consequences of choosing this or that level of debt in the presence of corporate taxes and can make a useful instrument for practicing financial managers.展开更多
We have shown that classic works of Modigliani and Miller, Black and Scholes, Merton, Black and Cox, and Leland making the foundation of the modern asset pricing theory, are wrong due to misinterpretation of no arbitr...We have shown that classic works of Modigliani and Miller, Black and Scholes, Merton, Black and Cox, and Leland making the foundation of the modern asset pricing theory, are wrong due to misinterpretation of no arbitrage as the martingale no-arbitrage principle. This error explains appearance of the geometric Brownian model (GBM) for description of the firm value and other long-term assets considering the firm and its assets as self-financing portfolios with symmetric return distributions. It contradicts the empirical observations that returns on firms, stocks, and bonds are skewed. On the other side, the settings of the asset valuation problems, taking into account the default line and business securing expenses, BSEs, generate skewed return distributions for the firm and its securities. The Extended Merton model (EMM), taking into account BSEs and the default line, shows that the no-arbitrage principle should be understood as the non-martingale no arbitrage, when for sufficiently long periods both the predictable part of returns and the mean of the stochastic part of returns occur negative, and the value of the return deficit depends on time and the states of the firm and market. The EMM findings explain the problems with the S&P 500 VIX, the strange behavior of variance and skewness of stock returns before and after the crisis of 1987, etc.展开更多
We have shown that three classic works considering the effects of corporate debt on the firm value,namely,Modigliani and Miller(1958,1963),Merton(1974),and Leland(1994),are wrong.Their main mistake is ignoring the bus...We have shown that three classic works considering the effects of corporate debt on the firm value,namely,Modigliani and Miller(1958,1963),Merton(1974),and Leland(1994),are wrong.Their main mistake is ignoring the business security expenses,BSEs.We suggest the model taking account of BSEs and apply it to the analysis of debt influence on the firm value and survival.Our modeling demonstrates that(1)the debt affects the firm value and its survival,(2)this influence is negative,diminishing the firm value and its chances to survive,(3)the pressure of the negative effect of debt increases as the debt grows,provoking the firm default.The debt can be beneficial for the firm if the loan is taken to improve its technology.The model helps estimate the chances to succeed in the technological modernization for various parameters of the firm and its business environment;and by that,to find the technology most suitable for the firm.It is shown that there is a serious problem in reading the market signals concerning a firm and using this information to control this firm.展开更多
Due to their significant correlation and redundancy,conventional block cipher cryptosystems are not efficient in encryptingmultimedia data.Streamciphers based onCellularAutomata(CA)can provide amore effective solution...Due to their significant correlation and redundancy,conventional block cipher cryptosystems are not efficient in encryptingmultimedia data.Streamciphers based onCellularAutomata(CA)can provide amore effective solution.The CA have recently gained recognition as a robust cryptographic primitive,being used as pseudorandom number generators in hash functions,block ciphers and stream ciphers.CA have the ability to perform parallel transformations,resulting in high throughput performance.Additionally,they exhibit a natural tendency to resist fault attacks.Few stream cipher schemes based on CA have been proposed in the literature.Though,their encryption/decryption throughput is relatively low,which makes them unsuitable formultimedia communication.Trivium and Grain are efficient stream ciphers that were selected as finalists in the eSTREAM project,but they have proven to be vulnerable to differential fault attacks.This work introduces a novel and scalable stream cipher named CeTrivium,whose design is based on CA.CeTrivium is a 5-neighborhood CA-based streamcipher inspired by the designs of Trivium and Grain.It is constructed using three building blocks:the Trivium(Tr)block,the Nonlinear-CA(NCA)block,and the Nonlinear Mixing(NM)block.The NCA block is a 64-bit nonlinear hybrid 5-neighborhood CA,while the Tr block has the same structure as the Trivium stream cipher.The NM block is a nonlinear,balanced,and reversible Boolean function that mixes the outputs of the Tr and NCA blocks to produce a keystream.Cryptanalysis of CeTrivium has indicated that it can resist various attacks,including correlation,algebraic,fault,cube,Meier and Staffelbach,and side channel attacks.Moreover,the scheme is evaluated using histogramand spectrogramanalysis,aswell as several differentmeasurements,including the correlation coefficient,number of samples change rate,signal-to-noise ratio,entropy,and peak signal-to-noise ratio.The performance of CeTrivium is evaluated and compared with other state-of-the-art techniques.CeTrivium outperforms them in展开更多
Chongqing takes back its streets from gangs six people were sentenced to death and another five received jail terms during trials in southwest China’s Chongqing Municipality on October 21 for their involvement in gan...Chongqing takes back its streets from gangs six people were sentenced to death and another five received jail terms during trials in southwest China’s Chongqing Municipality on October 21 for their involvement in gang activity.展开更多
New policies address grain concerns and allow China to remain grain self-sufficient The current drought that has depleted water resources in many parts
文摘The promotion of recent critical load securing of power system research has been directed towards centralized commands and control functions.This paper presents a multi-agent based critical load securing in a PV based microgrid.For the trustworthy operation of critical buildings,the reliability,efficiency and security of the power system should be guaranteed.At present,to increase the security and reliability of electricity supply there is a need to design a distributed and autonomous subset of a larger grid or a microgrid.This work also clearly discusses the modelling and simulation of specialized microgrid called an Intelligent Distributed Autonomous Power Systems(IDAPS).The IDAPS microgrid plays a crucial role in constructing power grid that facilitate use of renewable energy technologies.IDAPS microgrid comprising of solar photovoltaic as distributed energy resources,different loads and their control algorithms,has been developed.Several case studies have been simulated to evaluate the operation of the IDAPS microgrid during parallel,islanded mode operation and securing critical loads during emergency.
文摘We have shown that cornerstone articles considering effects of corporate debt on the firm value and constituting the basis of the trade-off theory of capital structure are wrong.Their main mistake is in ignoring the business securing expenses(BSEs).In the framework of the extended Merton model(EMM),we consider the cumulative effect of debt and corporate taxes on the firm value and its survival,in other words,we revisit Modigliani-Miller Proposition 3(MMP3).We show that(1)debt affects the firm value and its survival,(2)this effect is negative,diminishing the firm value and its chances to survive,(3)the pressure increases as the debt grows provoking the firm’s default,(4)the main factors depressing the levered firm are its debt payments added to the BSEs of the identical unlevered firm and the length of debt maturity,(5)corporate taxes cause development of positive skewness in the asset distribution,but do not affect the location of this distribution in the asset axis.The presented model helps estimate the consequences of choosing this or that level of debt in the presence of corporate taxes and can make a useful instrument for practicing financial managers.
文摘We have shown that classic works of Modigliani and Miller, Black and Scholes, Merton, Black and Cox, and Leland making the foundation of the modern asset pricing theory, are wrong due to misinterpretation of no arbitrage as the martingale no-arbitrage principle. This error explains appearance of the geometric Brownian model (GBM) for description of the firm value and other long-term assets considering the firm and its assets as self-financing portfolios with symmetric return distributions. It contradicts the empirical observations that returns on firms, stocks, and bonds are skewed. On the other side, the settings of the asset valuation problems, taking into account the default line and business securing expenses, BSEs, generate skewed return distributions for the firm and its securities. The Extended Merton model (EMM), taking into account BSEs and the default line, shows that the no-arbitrage principle should be understood as the non-martingale no arbitrage, when for sufficiently long periods both the predictable part of returns and the mean of the stochastic part of returns occur negative, and the value of the return deficit depends on time and the states of the firm and market. The EMM findings explain the problems with the S&P 500 VIX, the strange behavior of variance and skewness of stock returns before and after the crisis of 1987, etc.
文摘We have shown that three classic works considering the effects of corporate debt on the firm value,namely,Modigliani and Miller(1958,1963),Merton(1974),and Leland(1994),are wrong.Their main mistake is ignoring the business security expenses,BSEs.We suggest the model taking account of BSEs and apply it to the analysis of debt influence on the firm value and survival.Our modeling demonstrates that(1)the debt affects the firm value and its survival,(2)this influence is negative,diminishing the firm value and its chances to survive,(3)the pressure of the negative effect of debt increases as the debt grows,provoking the firm default.The debt can be beneficial for the firm if the loan is taken to improve its technology.The model helps estimate the chances to succeed in the technological modernization for various parameters of the firm and its business environment;and by that,to find the technology most suitable for the firm.It is shown that there is a serious problem in reading the market signals concerning a firm and using this information to control this firm.
文摘Due to their significant correlation and redundancy,conventional block cipher cryptosystems are not efficient in encryptingmultimedia data.Streamciphers based onCellularAutomata(CA)can provide amore effective solution.The CA have recently gained recognition as a robust cryptographic primitive,being used as pseudorandom number generators in hash functions,block ciphers and stream ciphers.CA have the ability to perform parallel transformations,resulting in high throughput performance.Additionally,they exhibit a natural tendency to resist fault attacks.Few stream cipher schemes based on CA have been proposed in the literature.Though,their encryption/decryption throughput is relatively low,which makes them unsuitable formultimedia communication.Trivium and Grain are efficient stream ciphers that were selected as finalists in the eSTREAM project,but they have proven to be vulnerable to differential fault attacks.This work introduces a novel and scalable stream cipher named CeTrivium,whose design is based on CA.CeTrivium is a 5-neighborhood CA-based streamcipher inspired by the designs of Trivium and Grain.It is constructed using three building blocks:the Trivium(Tr)block,the Nonlinear-CA(NCA)block,and the Nonlinear Mixing(NM)block.The NCA block is a 64-bit nonlinear hybrid 5-neighborhood CA,while the Tr block has the same structure as the Trivium stream cipher.The NM block is a nonlinear,balanced,and reversible Boolean function that mixes the outputs of the Tr and NCA blocks to produce a keystream.Cryptanalysis of CeTrivium has indicated that it can resist various attacks,including correlation,algebraic,fault,cube,Meier and Staffelbach,and side channel attacks.Moreover,the scheme is evaluated using histogramand spectrogramanalysis,aswell as several differentmeasurements,including the correlation coefficient,number of samples change rate,signal-to-noise ratio,entropy,and peak signal-to-noise ratio.The performance of CeTrivium is evaluated and compared with other state-of-the-art techniques.CeTrivium outperforms them in
文摘Chongqing takes back its streets from gangs six people were sentenced to death and another five received jail terms during trials in southwest China’s Chongqing Municipality on October 21 for their involvement in gang activity.
文摘New policies address grain concerns and allow China to remain grain self-sufficient The current drought that has depleted water resources in many parts
