Essays on the impact of stakeholders' sentiment on the financial decision making process

The most important factor that affects the decision making process in finance is the risk which is usually measured by variance (total risk) or systematic risk (beta). Since investors’ sentiment (whether she is an optimist or pessimist) plays a very important role in the choice of beta measure, any decision made for the same asset within the same time horizon will be different for different individuals. In other words, there will neither be homogeneity of beliefs nor the rational expectation prevalent in the market due to behavioral traits. This dissertation consists of three essays. In the first essay, “ Investor Sentiment and Intrinsic Stock Prices”, a new technical trading strategy was developed using a firm specific individual sentiment measure. This behavioral based trading strategy forecasts a range within which a stock price moves in a particular period and can be used for stock trading. Results indicate that sample firms trade within a range and give signals as to when to buy or sell. In the second essay, “Managerial Sentiment and the Value of the Firm”, examined the effect of managerial sentiment on the project selection process using net present value criterion and also effect of managerial sentiment on the value of firm. Final analysis reported that high sentiment and low sentiment managers obtain different values for the same firm before and after the acceptance of a project. Changes in the cost of capital, weighted cost of average capital were found due to managerial sentiment. In the last essay, “Investor Sentiment and Optimal Portfolio Selection”, analyzed how the investor sentiment affects the nature and composition of the optimal portfolio as well as the portfolio performance. Results suggested that the choice of the investor sentiment completely changes the portfolio composition, i.e., the high sentiment investor will have a completely different choice of assets in the portfolio in comparison with the low sentiment investor. The results indicated the practical application of behavioral model based technical indicator for stock trading. Additional insights developed include the valuation of firms with a behavioral component and the importance of distinguishing portfolio performance based on sentiment factors.

Comprehensive process maps for synthesizing high density aluminum oxide-carbon nanotube coatings by plasma spraying for improved mechanical and wear properties

Plasma sprayed aluminum oxide ceramic coating is widely used due to its outstanding wear, corrosion, and thermal shock resistance. But porosity is the integral feature in the plasma sprayed coating which exponentially degrades its properties. In this study, process maps were developed to obtain Al2O3-CNT composite coatings with the highest density (i.e. lowest porosity) and improved mechanical and wear properties. Process map is defined as a set of relationships that correlates large number of plasma processing parameters to the coating properties. Carbon nanotubes (CNTs) were added as reinforcement to Al2O 3 coating to improve the fracture toughness and wear resistance. Two novel powder processing approaches viz spray drying and chemical vapor growth were adopted to disperse CNTs in Al2O3 powder. The degree of CNT dispersion via chemical vapor deposition (CVD) was superior to spray drying but CVD could not synthesize powder in large amount. Hence optimization of plasma processing parameters and process map development was limited to spray dried Al2O3 powder containing 0, 4 and 8 wt. % CNTs. An empirical model using Pareto diagram was developed to link plasma processing parameters with the porosity of coating. Splat morphology as a function of plasma processing parameter was also studied to understand its effect on mechanical properties. Addition of a mere 1.5 wt. % CNTs via CVD technique showed ∼27% and ∼24% increase in the elastic modulus and fracture toughness respectively. Improved toughness was attributed to combined effect of lower porosity and uniform dispersion of CNTs which promoted the toughening by CNT bridging, crack deflection and strong CNT/Al2O3 interface. Al2O 3-8 wt. % CNT coating synthesized using spray dried powder showed 73% improvement in the fracture toughness when porosity reduced from 4.7% to 3.0%. Wear resistance of all coatings at room and elevated temperatures (573 K, 873 K) showed improvement with CNT addition and decreased porosity. Such behavior was due to improved mechanical properties, protective film formation due to tribochemical reaction, and CNT bridging between the splats. Finally, process maps correlating porosity content, CNT content, mechanical properties, and wear properties were developed.

Essays on the Impact of Stakeholders' Sentiment on the Financial Decision Making Process

The most important factor that affects the decision making process in finance is the risk which is usually measured by variance (total risk) or systematic risk (beta). Since investors' sentiment (whether she is an optimist or pessimist) plays a very important role in the choice of beta measure, any decision made for the same asset within the same time horizon will be different for different individuals. In other words, there will neither be homogeneity of beliefs nor the rational expectation prevalent in the market due to behavioral traits. This dissertation consists of three essays. In the first essay, Investor Sentiment and Intrinsic Stock Prices, a new technical trading strategy is developed using a firm specific individual sentiment measure. This behavioral based trading strategy forecasts a range within which a stock price moves in a particular period and can be used for stock trading. Results show that sample firms trade within a range and show signals as to when to buy or sell. The second essay, Managerial Sentiment and the Value of the Firm, examines the effect of managerial sentiment on the project selection process using net present value criterion and also effect of managerial sentiment on the value of firm. Findings show that high sentiment and low sentiment managers obtain different values for the same firm before and after the acceptance of a project. The last essay, Investor Sentiment and Optimal Portfolio Selection, analyzes how the investor sentiment affects the nature and composition of the optimal portfolio as well as the performance measures. Results suggest that the choice of the investor sentiment completely changes the portfolio composition, i.e., the high sentiment investor will have a completely different choice of assets in the portfolio in comparison with the low sentiment investor. The results indicate the practical application of behavioral model based technical indicators for stock trading. Additional insights developed include the valuation of firms with a behavioral component and the importance of distinguishing portfolio performance based on sentiment factors.

Influence of cutting parameters and tool wear on martensitic stainless steel surface integrity after a face milling process

Surface finish is one of the most relevant aspects of machining operations, since it is one of the principle methods to assess quality. Also, surface finish influences mechanical properties such as fatigue behavior, wear, corrosion, etc. The feed, the cutting speed, the cutting tool material, the workpiece material and the cutting tool wear are some of the most important factors that affects the surface roughness of the machined surface. Due to the importance of the martensitic 416 stainless steel in the petroleum industry, especially in valve parts and pump shafts, this material was selected to study the influence of the feed per tooth and cutting speed on tool wear and surface integrity. Also the influence of tool wear on surface roughness is analyzed. Results showed that high values of roughness are obtained when using low cutting speed and feed per tooth and by using these conditions tool wear decreases prolonging tool life. Copyright © 2009 by ASME.

Resonance Energy Transfer-Based Molecular Switch Designed Using a Systematic Design Process Based on Monte Carlo Methods and Markov Chains

A RET network consists of a network of photo-active molecules called chromophores that can participate in inter-molecular energy transfer called resonance energy transfer (RET). RET networks are used in a variety of applications including cryptographic devices, storage systems, light harvesting complexes, biological sensors, and molecular rulers. In this dissertation, we focus on creating a RET device called closed-diffusive exciton valve (C-DEV) in which the input to output transfer function is controlled by an external energy source, similar to a semiconductor transistor like the MOSFET. Due to their biocompatibility, molecular devices like the C-DEVs can be used to introduce computing power in biological, organic, and aqueous environments such as living cells. Furthermore, the underlying physics in RET devices are stochastic in nature, making them suitable for stochastic computing in which true random distribution generation is critical.

In order to determine a valid configuration of chromophores for the C-DEV, we developed a systematic process based on user-guided design space pruning techniques and built-in simulation tools. We show that our C-DEV is 15x better than C-DEVs designed using ad hoc methods that rely on limited data from prior experiments. We also show ways in which the C-DEV can be improved further and how different varieties of C-DEVs can be combined to form more complex logic circuits. Moreover, the systematic design process can be used to search for valid chromophore network configurations for a variety of RET applications.

We also describe a feasibility study for a technique used to control the orientation of chromophores attached to DNA. Being able to control the orientation can expand the design space for RET networks because it provides another parameter to tune their collective behavior. While results showed limited control over orientation, the analysis required the development of a mathematical model that can be used to determine the distribution of dipoles in a given sample of chromophore constructs. The model can be used to evaluate the feasibility of other potential orientation control techniques.

DEVELOPMENT OF A MECHANISM AND PROCESS TO CONTINUOUSLY PRODUCE SPHERICAL, TORREFIED BIOMASS PELLETS

A recently developed novel biomass fuel pellet, the Q’ Pellet, offers significant improvements over conventional white pellets, with characteristics comparable to those of coal. The Q’ Pellet was initially created at bench scale using a proprietary die and punch design, in which the biomass was torrefied in-situ¬ and then compressed. To bring the benefits of the Q’ Pellet to a commercial level, it must be capable of being produced in a continuous process at a competitive cost. A prototype machine was previously constructed in a first effort to assess continuous processing of the Q’ Pellet. The prototype torrefied biomass in a separate, ex-situ reactor and transported it into a rotary compression stage. Upon evaluation, parts of the prototype were found to be unsuccessful and required a redesign of the material transport method as well as the compression mechanism. A process was developed in which material was torrefied ex-situ and extruded in a pre-compression stage. The extruded biomass overcame multiple handling issues that had been experienced with un-densified biomass, facilitating efficient material transport. Biomass was extruded directly into a novel re-designed pelletizing die, which incorporated a removable cap, ejection pin and a die spring to accommodate a repeatable continuous process. Although after several uses the die required manual intervention due to minor design and manufacturing quality limitations, the system clearly demonstrated the capability of producing the Q’ Pellet in a continuous process. Q’ Pellets produced by the pre-compression method and pelletized in the re-designed die had an average dry basis gross calorific value of 22.04 MJ/kg, pellet durability index of 99.86% and dried to 6.2% of its initial mass following 24 hours submerged in water. This compares well with literature results of 21.29 MJ/kg, 100% pellet durability index and <5% mass increase in a water submersion test. These results indicate that the methods developed herein are capable of producing Q’ Pellets in a continuous process with fuel properties competitive with coal.

Polymer Process Partitioning: Extruding Plastic Pipe

When plastic pipe is solidified, it proceeds through a long cooling chamber. Inside this chamber, inside the hollow extrudate, the plastic is molten, and this inner surface solidifies last. Sag, the flow due to the self-weight of the molten plastic, then happens in this cooling chamber, and sometimes, thickened regions (called knuckles) arise in the lower quadrants, especially of large diameter thickwalled pipes. To compensate for sag, engineers normally shift the die centerpiece downward. This thesis focuses on the consequences of this decentering. Specifically, when the molten polymer is viscoelastic, as is normally the case, a downward lateral force is exerted on the mandrel. Die eccentricity also affects the downstream axial force on the mandrel. These forces govern how rigidly the mandrel must be attached (normally, on a spider die). We attack this flow problem in eccentric cylindrical coordinates, using the Oldroyd 8-constant constitutive model framework. Specifically, we revise the method of Jones (1964), called polymer process partitioning. We estimate both axial and lateral forces. We develop a corresponding map to help plastics engineers predict the extrudate shape, including extrudate knuckles. From the mass balance over the postdie region, we then predict the shape of the extrudate entering the cooling chamber. We further include expressions for the stresses in the extruded polymer melt. We include detailed dimensional worked examples to show process engineers how to use our results to design pipe dies, and especially to suppress extrudate knuckling.

Time series wind power forecasting based on variant Gaussian process and TLBO

Due to the variability and stochastic nature of wind power system, accurate wind power forecasting has an important role in developing reliable and economic power system operation and control strategies. As wind variability is stochastic, Gaussian Process regression has recently been introduced to capture the randomness of wind energy. However, the disadvantages of Gaussian Process regression include its computation complexity and incapability to adapt to time varying time-series systems. A variant Gaussian Process for time series forecasting is introduced in this study to address these issues. This new method is shown to be capable of reducing computational complexity and increasing prediction accuracy. It is further proved that the forecasting result converges as the number of available data approaches innite. Further, a teaching learning based optimization (TLBO) method is used to train the model and to accelerate
the learning rate. The proposed modelling and optimization method is applied to forecast both the wind power generation of Ireland and that from a single wind farm to show the eectiveness of the proposed method.

A Novel Methodology to Characterize the Constitutive Behaviour of Polyethylene terephthalate for the Stretch Blow Moulding process

The stretch blow moulding (SBM) process is the main method for the mass production of PET containers. And understanding the constitutive behaviour of PET during this process is critical for designing the optimum product and process. However due to its nonlinear viscoelastic behaviour, the behaviour of PET is highly sensitive to its thermomechanical history making the task of modelling its constitutive behaviour complex. This means that the constitutive model will be useful only if it is known to be valid under the actual conditions of interest to the SBM process. The aim of this work was to develop a new material characterization method providing new data for the deformation behaviour of PET relevant to the SBM process. In order to achieve this goal, a reliable and robust characterization method was developed based on an instrumented stretch rod and a digital image correlation system to determine the stress-strain relationship of material in deforming preforms during free stretch-blow tests. The effect of preform temperature and air mass flow rate on the deformation behaviour of PET was also investigated.

An innovative electroforming process for oil heated rotational moulding tools

Rotational moulding is a method to produce hollow plastic articles. Heating is normally carried out by placing the mould into a hot air oven where the plastic material in the mould is heated. The most common cooling media are water and forced air. Due to the inefficient nature of conventional hot air ovens most of the energy supplied by the oven does not go to heat the plastic and as a consequence the procedure has very long cycle times. Direct oil heating is an effective alternative in order to achieve better energy efficiency and cycle times. This research work has combined this technology with new innovative design of mould, applying the advantages of electroforming and rapid prototyping. Complex cavity geometries are manufactured by electroforming from a rapid prototyping mandrel. The approach involves conformal heating and cooling channels , where the oil flows into a parallel channel to the electroformed cavity (nickel or copper). Because of this the mould enables high temperature uniformity with direct heating and cooling of the electroformed shell, Uniform heating and cooling is important not only for good quality parts but also for good uniform wall thickness distribution in the rotationally moulded part. The experimental work with the manufactured prototype mould has enabled analysis of the thermal uniformity in the cavity, under different temperatures. Copyright © 2008 by ASME.

Consapevolezza e qualità in process: applicazine della UNI ISO/TS 16949:2009 nel reparto produttivo di pressatura in Sinteris Spa

Lo studio nasce dalla necessità di verificare l’applicazione di alcuni punti della ISO/TS 16949:2009 nel reparto di pressatura dell’azienda. Era importante valutare il livello di consapevolezza dei dipendenti relativamente al problema qualità in un’azienda automotive. Perciò, a partire dalla normativa, è stata fatta un’Indagine di Consapevolezza tra tutti i dipendenti il cui lavoro ha influenza sulla qualità del processo produttivo e del prodotto realizzato. Inoltre, serviva controllare se la logistica del reparto di pressatura fosse adeguata per permettere agli operatori di svolgere al meglio l’ autocontrollo, ossia un controllo in process delle quote geometriche e dimensionali durante la produzione di serie. È stata verificata l’adeguatezza delle unità di carico per la movimentazione dei prodotti, sia a livello logistico che di carico di lavoro per chi le deve movimentare. È risultato che le UdC attualmente in uso, ossia carrelli mossi manualmente, non possono essere sostituite, ma le si può rendere più maneggevoli cambiandone le ruote. Si è studiato il carico di lavoro del reparto di pressatura, per valutare se fosse possibile introdurre misure che diano la possibilità agli operatori di reparto di svolgere i controlli in process con più accuratezza, ipotizzando l’introduzione di una figura specifica, l’Operatore dell’Autocontrollo, che possa occuparsi solo di questo incarico, sollevando gli altri operatori da tale incombenza. Infine, ci si è posti il problema di ridurre l’utilizzo dei carrelli elevatori all’interno del reparto. È risultato necessario mantenerne l’uso per poter garantire la grande flessibilità nella produzione di quest’azienda, ma si è ipotizzato di separare il reparto in due diverse zone al momento del rinnovo del parco macchine, in modo da eliminarne l’utilizzo in una delle due zone e concentrarlo nell’altra, rendendoli indispensabili solo per un determinato tipo di produzione che si svolga in un settore ben definito del reparto.

Our Landscape, Ourselves: Integrating Process and Traditional food Principles for Wellbeing + Resilience in the Swinomish Tribal Community

Thesis (Master's)--University of Washington, 2016-08

Pico Cell Integration to Operator’s Incident Management Process

Mobile network coverage is traditionally provided by outdoor macro base stations, which have a long range and serve several of customers. Due to modern passive houses and tightening construction legislation, mobile network service is deteriorated in many indoor locations. Typically, solutions for indoor coverage problem are expensive and demand actions from the mobile operator. Due to these, superior solutions are constantly researched. The solution presented in this thesis is based on Small Cell technology. Small Cells are low power access nodes designed to provide voice and data services.. This thesis concentrates on a specific Small Cell solution, which is called a Pico Cell. The problem regarding Pico Cells and Small Cells in general is that they are a new technological solution for the mobile operator, and the possible problem sources and incidents are not properly mapped. The purpose of this thesis is to figure out the possible problems in the Pico Cell deployment and how they could be solved within the operator’s incident management process. The research in the thesis is carried out with a literature research and a case study. The possible problems are investigated through lab testing. Pico Cell automated deployment process was tested in the lab environment and its proper functionality is confirmed. The related network elements were also tested and examined, and the emerged problems are resolvable. Operators existing incident management process can be used for Pico Cell troubleshooting with minor updates. Certain pre-requirements have to be met before Pico Cell deployment can be considered. The main contribution of this thesis is the Pico Cell integrated incident management process. The presented solution works in theory and solves the problems found during the lab testing. The limitations in the customer service level were solved by adding the necessary tools and by designing a working question pattern. Process structures for automated network discovery and pico specific radio parameter planning were also added for the mobile network management layer..

Ledroit Park, A Portrait In Black And White: A Study Of Historic Districts, Social Change, And The Process Of Neighborhood Placemaking

This research examines the process of placemaking in LeDroit Park, a residential Washington, DC, neighborhood with a historic district at its core. Unpacking the entwined physical and social evolution of the small community within the context of the Nation’s Capital, this analysis provides insight into the role of urban design and development as well as historic designation on shaping collective identity. Initially planned and designed in 1873 as a gated suburb just beyond the formal L’Enfant-designed city boundary, LeDroit Park was intended as a retreat for middle and upper-class European Americans from the growing density and social diversity of the city. With a mixture of large romantic revival mansions and smaller frame cottages set on grassy plots evocative of an idealized rural village, the physical design was intentionally inwardly-focused. This feeling of refuge was underscored with a physical fence that surrounded the development, intended to prevent African Americans from nearby Howard University and the surrounding neighborhood, from using the community’s private streets to access the City of Washington. Within two decades of its founding, LeDroit Park was incorporated into the District of Columbia, the surrounding fence was demolished, and the neighborhood was racially integrated. Due to increasingly stringent segregation laws and customs in the city, this period of integration lasted less than twenty years, and LeDroit Park developed into an elite African American enclave, using the urban design as a bulwark against the indignities of a segregated city. Throughout the 20th century housing infill and construction increased density, yet the neighborhood never lost the feeling of security derived from the neighborhood plan. Highlighting the architecture and street design, neighbors successfully received historic district designation in 1974 in order to halt campus expansion. After a stalemate that lasted two decades, the neighborhood began another period of transformation, both racial and socio-economic, catalyzed by a multi-pronged investment program led by Howard University. Through interviews with long-term and new community members, this investigation asserts that the 140-year development history, including recent physical interventions, is integral to placemaking, shaping the material character as well as the social identity of residents.

From social action to business action - A qualitative research on the professionalization process of a blogger: Case P.s. I Love Fashion -blog

Blogging is one of the most common forms of social media today. Blogs have become a powerful media and bloggers are settled stakeholders to marketers. Commercialization of the blogosphere has enabled an increasing number of bloggers professionalize and blog as a full-time occupation. The purpose of this study is to understand the professionalization process of a blogger from an amateur blogger to a professional actor. The following sub-questions were used to further elaborate the topic: What have been the meaningful events and developments fostering professionalization? What are the prerequisites for popularity in blogging? Are there any key success factors to acknowledge in order being able to make business out of your blog? The theoretical framework of this study was formed based on the two chosen focus areas for professionalization; social drivers and business drivers. The theoretical framework is based on literature from fields of marketing and social sciences, as well as previous research on social media, blogging and professionalization. The study is a qualitative case-study and the research data was collected in a semi-structured interview. The case chosen to this study is a lifestyle-blog. The writer of the case blog has been able to develop her blog to become a full-time professional blogger. Based on the results, the professionalization process of a blogger is not a defined process, but instead comprised of coincidental events as well as considered advancements. Success in blogging is based on the bloggers own motivation and passion for writing and expressing oneself in the form of a blog, instead of a systematic construction of a successful career in blogging. Networking with other bloggers as well as affiliates was seen as an important success factor. Popularity in the blogosphere and a high number of followers enable professionalization, as marketers actively seek to collaborate with popular bloggers with strong personal brands. Bloggers with strong personal brands are especially attractive due to their opinion leadership in their reference group. A blogger can act professionally either as entrepreneur or blogging for a commercial webpage. According to the results of this study, it is beneficial for the blogger’s professional development as well as career progress, to act on different operating models