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Average rates of return, working capital, and NPV-consistency in project appraisal: A sensitivity analysis approach
میانگین نرخ بازده ، سرمایه در گردش و سازگاری NPV در ارزیابی پروژه: یک رویکرد تحلیل حساسیت-2020 In project appraisal under uncertainty, the economic reliability of a measure of financial efficiency such as a
rate of return depends on its strong NPV-consistency, meaning that the performance metric (i) supplies the
same recommendation in accept–reject decisions as the NPV, (ii) ranks competing projects in the same way
as the NPV, (iii) has the same sensitivity to perturbations in the input data as the NPV. In real-life projects,
financial efficiency is greatly affected by the management of the working capital. Using a sensitivity analysis
approach and taking into explicit account the role of working capital, we show that the average return on
investment (ROI) is not strongly NPV-consistent in accept–reject decisions if the working capital is uncertain
and changes under changes in revenues and costs. Also, it is not strongly NPV-consistent in project ranking.
We also show that the internal rate of return (IRR) is not strongly NPV-consistent and economic analysis may
even turn out to be impossible, owing to possible nonexistence and multiplicity caused by perturbations in the
input data, as well as to possible shifts in the financial meaning of IRR under changes in the project’s value
drivers. We introduce the straight-line rate of return (SLRR), based on the notion of average rate of change,
which overcomes all the problems encountered by average ROI and IRR: It always exists, is unique, strongly
NPV-consistent for both accept–reject decisions and project ranking, and has an unambiguous financial nature. Keywords: Finance | Project-based evaluation | Working capital | ROI | IRR | Sensitivity analysis | Net present value | Straight-line | Project ranking |
مقاله انگلیسی |
2 |
Publicly verifiable databases with efficient insertion/deletion operations
پایگاه داده های قابل اطمینان قابل اعتماد با عملیات درج / حذف کارآمد-2017 The notion of verifiable database (VDB) enables a resource-constrained client to securely
outsource a very large database to an untrusted server and the client could later retrieve a
database record and update it efficiently. Meanwhile, any tampering with the database by
the server will be detected by the client. We argue that all existing VDB schemes can only
support the updating operation called replacement. That is, the client can efficiently update
a data record by assigning a new value. However, the proposed solutions are not applicable
for other updating operations such as insertion and deletion. In this paper, we first
propose a new VDB scheme that supports all updating operations of replacement, deletion,
and insertion by incorporating the techniques of commitment binding and hierarchical
commitment. Security evaluation shows that the proposed construction can achieve the
desired security properties in the standard computational Diffie–Hellman assumption.
Keywords: Verifiable database | Vector commitment | Public verifiability | Outsourcing of storage | Bilinear pairings |
مقاله انگلیسی |