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There has been much debate in the world of academia over the valuation of conglomerates. This thesis proposes the use of the EVA theory in explaining fluctuations in conglomerates’ valuation, and we believe that ROIC, WACC, and ROIC-WACC are three indicators that to a certain extent explain these valuation fluctuations.

There has been much debate in the world of academia over the valuation of conglomerates. This thesis proposes the use of the EVA theory in explaining fluctuations in conglomerates’ valuation, and we believe that ROIC, WACC, and ROIC-WACC are three indicators that to a certain extent explain these valuation fluctuations. Through analysis of a sample containing 23 conglomerates, this thesis finds that ROIC, WACC, and ROIC-WACC exhibit positive correlation with valuation fluctuations. In the case study on Fosun, this thesis finds that ROIC-WACC is highly correlated with Fosun’s valuation fluctuations and next with ROIC. Thus this thesis conjectures that for investment companies for which investment capital is derived largely from insurance float, such as Fosun, ROIC-WACC is a better valuation tool.
ContributorsLiang, Xinjun (Author) / Chen, Hong (Thesis advisor) / Pei, Ker-Wei (Thesis advisor) / Zhu, Ning (Committee member) / Arizona State University (Publisher)
Created2015
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Description
Based on multiple case studies of the transactions in China by private equity funds, this paper attempts to explore the value-creation capabilities of private equity funds at the transaction/deal level.

Previous studies on financial performance of PE funds utilized data collected from publically traded companies in European/US markets. By

Based on multiple case studies of the transactions in China by private equity funds, this paper attempts to explore the value-creation capabilities of private equity funds at the transaction/deal level.

Previous studies on financial performance of PE funds utilized data collected from publically traded companies in European/US markets. By measuring financial performance of both “pre- and post-transactions,” these studies researched two questions: 1) Do buyout funds create value? 2) If they do, what are the sources of value creation? In general, studies conclude that private equity/buyout funds do create value at both the deal level and investor level. They also identified four possible sources of such value creation: 1) undervaluation, 2) leverage effect, 3) better governance, and 4) operational improvement.

However, relatively little is known about the process of value creation. In this study, I attempt to fill that gap, revealing the “secret recipe” of value creation.

By carefully looking into the process of value creation, this study suggests five propositions covering capabilities at 1) deal selection/screening, 2) deal structuring, 3) operational improvement, 4) investment exit, and 5) Top Management Team (TMT). These capabilities at private equity/buyout funds are critical factors for value creation. In a thorough review of the value-creation process, this paper hopes to:

1) Share real-life experiences and lessons learned on private equity transactions in China as a developing economy.

2) Reveal the process of deal/transaction to observe measures taken place within deal/transaction for value creation.

3) Show how well-executed strategies and capabilities in deal selection/screening, deal structuring, operational improvement, and investment exit can still create value for private equity firms without financial leverage.

4) Share the experience of State-Owned Enterprises (SOE) reform participated in by private equity firms in China. This could provide valuable information for policy makers in China.
ContributorsYe, Youming (Author) / Lee, Peggy (Thesis advisor) / Zhu, Ning (Thesis advisor) / Wahal, Sunil (Committee member) / Arizona State University (Publisher)
Created2016
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Description
Readout Integrated Circuits(ROICs) are important components of infrared(IR) imag

ing systems. Performance of ROICs affect the quality of images obtained from IR

imaging systems. Contemporary infrared imaging applications demand ROICs that

can support large dynamic range, high frame rate, high output data rate, at low

cost, size and power. Some of these applications are

Readout Integrated Circuits(ROICs) are important components of infrared(IR) imag

ing systems. Performance of ROICs affect the quality of images obtained from IR

imaging systems. Contemporary infrared imaging applications demand ROICs that

can support large dynamic range, high frame rate, high output data rate, at low

cost, size and power. Some of these applications are military surveillance, remote

sensing in space and earth science missions and medical diagnosis. This work focuses

on developing a ROIC unit cell prototype for National Aeronautics and Space Ad

ministration(NASA), Jet Propulsion Laboratory’s(JPL’s) space applications. These

space applications also demand high sensitivity, longer integration times(large well

capacity), wide operating temperature range, wide input current range and immunity

to radiation events such as Single Event Latchup(SEL).

This work proposes a digital ROIC(DROIC) unit cell prototype of 30ux30u size,

to be used mainly with NASA JPL’s High Operating Temperature Barrier Infrared

Detectors(HOT BIRDs). Current state of the art DROICs achieve a dynamic range

of 16 bits using advanced 65-90nm CMOS processes which adds a lot of cost overhead.

The DROIC pixel proposed in this work uses a low cost 180nm CMOS process and

supports a dynamic range of 20 bits operating at a low frame rate of 100 frames per

second(fps), and a dynamic range of 12 bits operating at a high frame rate of 5kfps.

The total electron well capacity of this DROIC pixel is 1.27 billion electrons, enabling

integration times as long as 10ms, to achieve better dynamic range. The DROIC unit

cell uses an in-pixel 12-bit coarse ADC and an external 8-bit DAC based fine ADC.

The proposed DROIC uses layout techniques that make it immune to radiation up to

300krad(Si) of total ionizing dose(TID) and single event latch-up(SEL). It also has a

wide input current range from 10pA to 1uA and supports detectors operating from

Short-wave infrared (SWIR) to longwave infrared (LWIR) regions.
ContributorsPraveen, Subramanya Chilukuri (Author) / Bakkaloglu, Bertan (Thesis advisor) / Kitchen, Jennifer (Committee member) / Long, Yu (Committee member) / Arizona State University (Publisher)
Created2019