It is well established that hydrogen has the potential to make a significant contribution to the world energy production.In U.S.,majority of hydrogen production plants implement steam methane reforming(SMR) for centra...It is well established that hydrogen has the potential to make a significant contribution to the world energy production.In U.S.,majority of hydrogen production plants implement steam methane reforming(SMR) for centralized hydrogen production.However,there is a wide lack of agreement on the nascent stage of using hydrogen as fuel in vehicles industry because of the difficulty in delivery and storage.By performing technological and economic analysis,this work aims to establish the most feasible hydrogen production pathway for automotives in near future.From the evaluation,processes such as thermal cracking of ammonia and centralized hydrogen production followed by bulk delivery are eliminated while on-site steam reforming of methanol and natural gas are the most technologically feasible options.These two processes are further evaluated by comprehensive economic analysis.The results showed that the steam reforming(SR) of natural gas has a shorter payback time and a higher return on investment(ROI) and internal rate of return(IRR).Sensitivity analysis has also been constructed to evaluate the impact of variables like NG feedstock price,capital of investment and operating capacity factor on the overall production cost of hydrogen.Based on this study,natural gas is prompted to be the most economically and technologically available raw material for short-term hydrogen production before the transition to renewable energy source such as solar energy,biomass and wind power.展开更多
In this study we examine the validity of the earnings-book value capitalization model in the pricing of bank stocks in Europe. We perform cross-sectional tests using a sample of banks operating in 21 European Union co...In this study we examine the validity of the earnings-book value capitalization model in the pricing of bank stocks in Europe. We perform cross-sectional tests using a sample of banks operating in 21 European Union countries. We split our sample into code and common law countries to control for the influence of the financial reporting system upon the pricing of earnings and book value. Our empirical findings suggest that disaggregating total reported clean surplus income into reported gains and losses from securities and other income increases the explanatory power of the accounting valuation model. Indeed, reported gains and losses from securities are priced lower than other income, irrespective of whether the financial reporting system is classified as a code or a common law system, probably because the market considers the former as a less stable source of income. Additionally, we observe that the pricing of both earnings and book value is influenced by the financial reporting system. We conclude that earnings announced under a common law financial reporting system are priced differently from those reported under the respective code law system. Finally, we provide evidence that comprehensive and dirty surplus income are two value relevant variables for banks reporting earnings under the code law system, although dirty surplus income is priced lower than clean surplus income.展开更多
基金support from the Hong Kong University of Science and Technology via the Undergraduate Research Opportunity Program (UROP)Lighten R&D Consultancy Ltd for providing advices
文摘It is well established that hydrogen has the potential to make a significant contribution to the world energy production.In U.S.,majority of hydrogen production plants implement steam methane reforming(SMR) for centralized hydrogen production.However,there is a wide lack of agreement on the nascent stage of using hydrogen as fuel in vehicles industry because of the difficulty in delivery and storage.By performing technological and economic analysis,this work aims to establish the most feasible hydrogen production pathway for automotives in near future.From the evaluation,processes such as thermal cracking of ammonia and centralized hydrogen production followed by bulk delivery are eliminated while on-site steam reforming of methanol and natural gas are the most technologically feasible options.These two processes are further evaluated by comprehensive economic analysis.The results showed that the steam reforming(SR) of natural gas has a shorter payback time and a higher return on investment(ROI) and internal rate of return(IRR).Sensitivity analysis has also been constructed to evaluate the impact of variables like NG feedstock price,capital of investment and operating capacity factor on the overall production cost of hydrogen.Based on this study,natural gas is prompted to be the most economically and technologically available raw material for short-term hydrogen production before the transition to renewable energy source such as solar energy,biomass and wind power.
文摘In this study we examine the validity of the earnings-book value capitalization model in the pricing of bank stocks in Europe. We perform cross-sectional tests using a sample of banks operating in 21 European Union countries. We split our sample into code and common law countries to control for the influence of the financial reporting system upon the pricing of earnings and book value. Our empirical findings suggest that disaggregating total reported clean surplus income into reported gains and losses from securities and other income increases the explanatory power of the accounting valuation model. Indeed, reported gains and losses from securities are priced lower than other income, irrespective of whether the financial reporting system is classified as a code or a common law system, probably because the market considers the former as a less stable source of income. Additionally, we observe that the pricing of both earnings and book value is influenced by the financial reporting system. We conclude that earnings announced under a common law financial reporting system are priced differently from those reported under the respective code law system. Finally, we provide evidence that comprehensive and dirty surplus income are two value relevant variables for banks reporting earnings under the code law system, although dirty surplus income is priced lower than clean surplus income.
