Essays in corporate finance

China has been growing rapidly over the last decades. The private sector is the driving force of this growth. This thesis focuses on firm-level investment and cash holdings in China, and the chapters are structured around the following issues. 1. Why do private firms grow so fast when they are more financially constrained? In Chapter 3, we use a panel of over 600,000 firms of different ownership types from 1998 to 2007 to find the link between investment opportunities and financial constraints. The main finding indicates that private firms, which are more likely to be financially constrained, have high investment-investment opportunity sensitivity. Furthermore, this sensitivity is relatively lower for state-owned firms in China. This shows that constrained firms value investment opportunities more than unconstrained firms. To better measure investment opportunities, we attempt to improve the Q model by considering supply and demand sides simultaneously. When we capture q from the supply side and the demand side, we find that various types of firms respond differently towards different opportunity shocks. 2. In China, there are many firms whose cash flow is far greater than their fixed capital investment. Why is their investment still sensitive to cash flow? To explain this, in Chapter 4, we attempt to introduce a new channel to find how cash flow affects firm-level investment. We use a dynamic structural model and take uncertainty and ambiguity aversion into consideration. We find that uncertainty and ambiguity aversion will make investment less sensitive to investment opportunities. However, investment-cash flow sensitivity will increase when uncertainty is high. This suggests that investment cash flow sensitivities could still be high even when the firms are not financially constrained. 3. Why do firms in China hold so much cash? How can managers’ confidence affect corporate cash holdings? In Chapter 5, we analyse corporate cash holdings in China. Firms hold cash for precautionary reasons, to hedge frictions such as financing constraints and uncertainty. In addition, firms may act differently if they are confident or not. In order to determine how confidence shocks affect precautionary savings, we develop a dynamic model taking financing constraints, uncertainty, adjustment costs and confidence shocks into consideration. We find that without confidence shocks, firms will save money in bad times and invest in good times to maximise their value. However, if managers lose their confidence, they tend to save money in good times to use in bad times, to hedge risks and financing constraint problems. This can help explain why people find different results on the cash flow sensitivity of cash. Empirically, we use a panel of Chinese listed firms. The results show that firms in China save more money in good times, and the confidence shock channel can significantly affect firms’ cash holdings policy.

Desenvolvimento de uma Metodologia para a Seletividade cinética aplicada ao processo de hidroconversão do petróleo, ocorrendo em reator gás-líquido

Este trabalho tem como objetivo desenvolver uma metodologia de seletividade cinética, para os pseudocomponentes do petróleo em escoamento gás-liquido em colunas de bolhas usando a Fluidodinâmica Computacional (CFD). Uma geometria cilíndrica de 2,5m de altura e 0,162m de diâmetro foi usada tanto na validação fluidodinâmica com base em dados experimentais da literatura, como na análise cinética do reator operando em dois modos distintos em relação a fase líquida: batelada e contínuo. Todos os casos de estudo operam em regime heterogêneo de escoamento, com velocidade superficial do gás igual a 8 cm/s e diâmetro médio de bolhas de 6 mm. O modelo fluidodinâmico validado apresentou boa concordância com os dados experimentais, sendo empregado como base para a implementação do modelo cinético de rede de Krishna e Saxena (1989). A análise da hidroconversão foi realizada a 371ºC, e os resultados mostraram o comportamento esperado para o processo reativo estudado, definindo-se os tempos (batelada) e posições axiais (contínuo) de coleta ideal para os pseudocomponentes leves. Em síntese, ressaltase o uso da ferramenta CFD no entendimento, desenvolvimento e otimização de processos.

SEQUENTIAL DECISIONS AND PREDICTIONS IN NATURAL LANGUAGE PROCESSING

Natural language processing has achieved great success in a wide range of ap- plications, producing both commercial language services and open-source language tools. However, most methods take a static or batch approach, assuming that the model has all information it needs and makes a one-time prediction. In this disser- tation, we study dynamic problems where the input comes in a sequence instead of all at once, and the output must be produced while the input is arriving. In these problems, predictions are often made based only on partial information. We see this dynamic setting in many real-time, interactive applications. These problems usually involve a trade-off between the amount of input received (cost) and the quality of the output prediction (accuracy). Therefore, the evaluation considers both objectives (e.g., plotting a Pareto curve). Our goal is to develop a formal understanding of sequential prediction and decision-making problems in natural language processing and to propose efficient solutions. Toward this end, we present meta-algorithms that take an existent batch model and produce a dynamic model to handle sequential inputs and outputs. Webuild our framework upon theories of Markov Decision Process (MDP), which allows learning to trade off competing objectives in a principled way. The main machine learning techniques we use are from imitation learning and reinforcement learning, and we advance current techniques to tackle problems arising in our settings. We evaluate our algorithm on a variety of applications, including dependency parsing, machine translation, and question answering. We show that our approach achieves a better cost-accuracy trade-off than the batch approach and heuristic-based decision- making approaches. We first propose a general framework for cost-sensitive prediction, where dif- ferent parts of the input come at different costs. We formulate a decision-making process that selects pieces of the input sequentially, and the selection is adaptive to each instance. Our approach is evaluated on both standard classification tasks and a structured prediction task (dependency parsing). We show that it achieves similar prediction quality to methods that use all input, while inducing a much smaller cost. Next, we extend the framework to problems where the input is revealed incremen- tally in a fixed order. We study two applications: simultaneous machine translation and quiz bowl (incremental text classification). We discuss challenges in this set- ting and show that adding domain knowledge eases the decision-making problem. A central theme throughout the chapters is an MDP formulation of a challenging problem with sequential input/output and trade-off decisions, accompanied by a learning algorithm that solves the MDP.

Influences of change strategies to achieve organizational flexibility: a system dynamics approach.

257 p.

NUMERICAL SIMULATION STUDY OF VIBRATION MITIGATION EFFECTIVENESS OF TUNED MASS DAMPERS FOR TRAFFIC SIGNAL MAST ARM STRUCTURES

Fatigue damage in the connections of single mast arm signal support structures is one of the primary safety concerns because collapse could result from fatigue induced cracking. This type of cantilever signal support structures typically has very light damping and excessively large wind-induced vibration have been observed. Major changes related to fatigue design were made in the 2001 AASHTO LRFD Specification for Structural Supports for Highway Signs, Luminaries, and Traffic Signals and supplemental damping devices have been shown to be promising in reducing the vibration response and thus fatigue load demand on mast arm signal support structures. The primary objective of this study is to investigate the effectiveness and optimal use of one type of damping devices termed tuned mass damper (TMD) in vibration response mitigation. Three prototype single mast arm signal support structures with 50-ft, 60-ft, and 70-ft respectively are selected for this numerical simulation study. In order to validate the finite element models for subsequent simulation study, analytical modeling of static deflection response of mast arm of the signal support structures was performed and found to be close to the numerical simulation results from beam element based finite element model. A 3-DOF dynamic model was then built using analytically derived stiffness matrix for modal analysis and time history analysis. The free vibration response and forced (harmonic) vibration response of the mast arm structures from the finite element model are observed to be in good agreement with the finite element analysis results. Furthermore, experimental test result from recent free vibration test of a full-scale 50-ft mast arm specimen in the lab is used to verify the prototype structure’s fundamental frequency and viscous damping ratio. After validating the finite element models, a series of parametric study were conducted to examine the trend and determine optimal use of tuned mass damper on the prototype single mast arm signal support structures by varying the following parameters: mass, frequency, viscous damping ratio, and location of TMD. The numerical simulation study results reveal that two parameters that influence most the vibration mitigation effectiveness of TMD on the single mast arm signal pole structures are the TMD frequency and its viscous damping ratio.

Zig-zagging in geometrical reasoning in technological collaborative environments: a Mathematical Working Space-framed study concerning cognition and affect

This study highlights the importance of cognition-affect interaction pathways in the construction of mathematical knowledge. Scientific output demands further research on the conceptual structure underlying such interaction aimed at coping with the high complexity of its interpretation. The paper discusses the effectiveness of using a dynamic model such as that outlined in the Mathematical Working Spaces (MWS) framework, in order to describe the interplay between cognition and affect in the transitions from instrumental to discursive geneses in geometrical reasoning. The results based on empirical data from a teaching experiment at a middle school show that the use of dynamic geometry software favours students’ attitudinal and volitional dimensions and helps them to maintain productive affective pathways, affording greater intellectual independence in mathematical work and interaction with the context that impact learning opportunities in geometric proofs. The reflective and heuristic dimensions of teacher mediation in students’ learning is crucial in the transition from instrumental to discursive genesis and working stability in the Instrumental-Discursive plane of MWS.

Contribuição à estabilidade transitória de sistemas elétricos industriais de unidades estacionárias de produção de petróleo

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Tecnologia, Departamento de Engenharia Elétrica, 2015.

Estudo da aplicação de molas magnéticas na recolha da energia de fontes renováveis

Dissertação de Mestrado, Engenharia Elétrica e Eletrónica, Especialização em Sistemas de Energia e Controlo, Instituto Superior de Engenharia, Universidade do Algarve, 2016

MODELING AND HARDWARE-IN-THE-LOOP SIMULATION OF POWER-SPLIT HYBRID ELECTRIC VEHICLES

Conventional vehicles are creating pollution problems, global warming and the extinction of high density fuels. To address these problems, automotive companies and universities are researching on hybrid electric vehicles where two different power devices are used to propel a vehicle. This research studies the development and testing of a dynamic model for Prius 2010 Hybrid Synergy Drive (HSD), a power-split device. The device was modeled and integrated with a hybrid vehicle model. To add an electric only mode for vehicle propulsion, the hybrid synergy drive was modified by adding a clutch to carrier 1. The performance of the integrated vehicle model was tested with UDDS drive cycle using rule-based control strategy. The dSPACE Hardware-In-the-Loop (HIL) simulator was used for HIL simulation test. The HIL simulation result shows that the integration of developed HSD dynamic model with a hybrid vehicle model was successful. The HSD model was able to split power and isolate engine speed from vehicle speed in hybrid mode.

SELECTED CHEMOAUTOTROPHIC PROCESSES IN WASTEWATER TREATMENT: LOW TEMPERATURE NITRIFICATION INHIBITION BY AN AZO DYE AND BIOFILTRATION FOR ODOR CONTROL OF HYDROGEN SULFIDE

Biochemical processes by chemoautotrophs such as nitrifiers and sulfide and iron oxidizers are used extensively in wastewater treatment. The research described in this dissertation involved the study of two selected biological processes utilized in wastewater treatment mediated by chemoautotrophic bacteria: nitrification (biological removal of ammonia and nitrogen) and hydrogen sulfide (H2S) removal from odorous air using biofiltration. A municipal wastewater treatment plant (WWTP) receiving industrial dyeing discharge containing the azo dye, acid black 1 (AB1) failed to meet discharge limits, especially during the winter. Dyeing discharge mixed with domestic sewage was fed to sequencing batch reactors at 22oC and 7oC. Complete nitrification failure occurred at 7oC with more rapid nitrification failure as the dye concentration increased; slight nitrification inhibition occurred at 22oC. Dye-bearing wastewater reduced chemical oxygen demand (COD) removal at 7oC and 22oC, increased i effluent total suspended solids (TSS) at 7oC, and reduced activated sludge quality at 7oC. Decreasing AB1 loading resulted in partial nitrification recovery. Eliminating the dye-bearing discharge to the full-scale WWTP led to improved performance bringing the WWTP into regulatory compliance. BiofilterTM, a dynamic model describing the biofiltration processes for hydrogen sulfide removal from odorous air emissions, was calibrated and validated using pilot- and full-scale biofilter data. In addition, the model predicted the trend of the measured data under field conditions of changing input concentration and low effluent concentrations. The model demonstrated that increasing gas residence time and temperature and decreasing influent concentration decreases effluent concentration. Model simulations also showed that longer residence times are required to treat loading spikes. BiofilterTM was also used in the preliminary design of a full-scale biofilter for the removal of H2S from odorous air. Model simulations illustrated that plots of effluent concentration as a function of residence time or bed area were useful to characterize and design biofilters. Also, decreasing temperature significantly increased the effluent concentration. Model simulations showed that at a given temperature, a biofilter cannot reduce H2S emissions below a minimum value, no matter how large the biofilter.

Essays on competition in the pharmaceutical industry

Chapter 1: Patents and Entry Competition in the Pharmaceutical Industry: The Role of Marketing Exclusivity. Effective patent length for innovation drugs is severely curtailed because of extensive efficacy and safety tests required for FDA approval, raising concern over adequacy of incentives for new drug development. The Hatch-Waxman Act extends patent length for new drugs by five years, but also promotes generic entry by simplifying approval procedures and granting 180-day marketing exclusivity to a first generic entrant before the patent expires. In this paper we present a dynamic model to examine the effect of marketing exclusivity. We find that marketing exclusivity may be redundant and its removal may increase generic firms' profits and social welfare. ^ Chapter 2: Why Authorized Generics?: Theoretical and Empirical Investigations Facing generic competition, the brand-name companies some-times launch generic versions themselves called authorized generics. This practice is puzzling. If it is cannibalization, it cannot be profitable. If it is divisionalization, it should be practiced always instead of sometimes. I explain this phenomenon in terms of switching costs in a model in which the incumbent first develops a customer base to ready itself against generic competition later. I show that only sufficiently low switching costs or large market size justifies launch of AGs. I then use prescription drug data to test those results and find support. ^ Chapter 3: The Merger Paradox and R&D Oligopoly theory says that merger is unprofitable, unless a majority of firms in industry merge. Here, we introduce R&D opportunities to resolve this so-called merger paradox. We have three results. First, when there is one R&D firm, that firm can profitably merge with any number of non-R&D firms. Second, with multiple R&D firms and multiple non-R&D firms, all R&D firms can profitably merge. Third, with two R&D firms and two non-R&D firms, each R&D firms prefer to merge with a non-R&D firm. With three or more than non-R&D firms, however, the R&D firms prefer to merge with each other.^

Situação de risco com impacto em toda a família: gravidez na adolescência

Introdução: A gravidez na adolescência constitui uma situação de risco com impacto em toda a família, podendo gerar crises não apenas na jovem que engravida - em virtude da inexperiência e consequente dificuldade que surge para cuidar de um filho - , como do ponto de vista transgeracional. Objetivos: Aplicar o Modelo Dinâmico de Avaliação e Intervenção Familiar (MDAIF) Figueiredo (2009) e avaliar o impacto dos cuidados de enfermagem numa família em contexto clínico. Métodos: Estudo de caso qualitativo realizado com base no MDAIF em contexto clínico nos Cuidados de Saúde Primários. Este estudo focou-se no processo de intervenção familiar desenvolvido com uma família de uma adolescente de 16 anos que engravida, fruto de uma relação fugaz com um rapaz 9 anos mais velho que conheceu através das redes sociais (Facebook). Instrumentos: Genograma, Ecomapa, Apgar familiar e Escala de Graffar. Resultados: Família extensa, com diferentes subsistemas e limites rígidos. A família encontra-se na etapa do ciclo vital – família com filhos adolescentes, segundo Duvall (1977). Família de classe média. Com a gravidez não desejada da adoelscente, e apesar da relação conflituosa com a sua mãe, esta torna-se um apoio importante no percurso da vida da adolescente e no desenvolvimento do recém-nascido. Conclusões: A utilização do MDAIF permitiu o desenvolvimento das habilidades dos enfermeiros para uma abordagem familiar, contribuindo assim para dar resposta às necessidades da família, enquanto unidade alvo de cuidados. Além disto, permitiu à adolescente prosseguir com a realização do seu projeto de vida, com o apoio familiar e social. Sugere-se a continuidade da utilização do MDAIF.

Dynamical modeling of biogas production supported by an experimental anaerobic digestion process

This paper presents the development of a combined experimental and numerical approach to study the anaerobic digestion of both the wastes produced in a biorefinery using yeast for biodiesel production and the wastes generated in the preceding microbial biomass production. The experimental results show that it is possible to valorise through anaerobic digestion all the tested residues. In the implementation of the numerical model for anaerobic digestion, a procedure for the identification of its parameters needs to be developed. A hybrid search Genetic Algorithm was used, followed by a direct search method. In order to test the procedure for estimation of parameters, first noise-free data was considered and a critical analysis of the results obtain so far was undertaken. As a demonstration of its application, the procedure was applied to experimental data.

Exploring nest destruction and bird mortality in mown Mediterranean dry grasslands: an increasing threat to grassland bird conservation

In recent years, haying has extended to Iberian Mediterranean dry grasslands potentially impacting on grassland bird ecology. We evaluated the impact of haying on a grassland bird community of South Portugal. Our main goals were: (1) to investigate the exposure of different species to haying, (2) to investigate potential removal of nests and dead birds from hayed fields by haying machinery using the ratio (REC) between the expected number of records and the number of records collected and (3) to link clutch destruction and bird mortality with haying management practices. Hayed fields were surveyed for signs of breeding and birds censused prior to mowing. Linear models were computed, linking the REC with haying machinery and sward properties. GLMs and model averaging were used to obtain models linking clutch destruction, bird mortality and haying management variables. Only 4 % of records evidenced successful nesting attempts (N = 177). REC evaluation suggested high nest or dead bird removal by the machinery, particularly in fields with lower vegetation biomass prior to cutting. Sickle bar mowers and one-rotor rotary rakes returned higher REC but lower probability of found nests removed from the original nesting sites comparatively to discs mowers and wheel rakes. Higher probabilities of mortality events were found in fields mown earlier (but not in all years). On the other hand, lower mortality was found in fields raked with two-rotor rotary rakes. Delayed haying, silage production in temporary crops and the use haying machinery enabling simultaneously mowing and gathering hay in lines are discussed as management alternatives.

Waste Heat Recovery Systems: Numerical and Experimental Analysis of organic Rankine Cycle Solutions

This thesis aims to present the ORC technology, its advantages and related problems. In particular, it provides an analysis of ORC waste heat recovery system in different and innovative scenarios, focusing on cases from the biggest to the lowest scale. Both industrial and residential ORC applications are considered. In both applications, the installation of a subcritical and recuperated ORC system is examined. Moreover, heat recovery is considered in absence of an intermediate heat transfer circuit. This solution allow to improve the recovery efficiency, but requiring safety precautions. Possible integrations of ORC systems with renewable sources are also presented and investigated to improve the non-programmable source exploitation. In particular, the offshore oil and gas sector has been selected as a promising industrial large-scale ORC application. From the design of ORC systems coupled with Gas Turbines (GTs) as topper systems, the dynamic behavior of the GT+ORC innovative combined cycles has been analyzed by developing a dynamic model of all the considered components. The dynamic behavior is caused by integration with a wind farm. The electric and thermal aspects have been examined to identify the advantages related to the waste heat recovery system installation. Moreover, an experimental test rig has been realized to test the performance of a micro-scale ORC prototype. The prototype recovers heat from a low temperature water stream, available for instance in industrial or residential waste heat. In the test bench, various sensors have been installed, an acquisitions system developed in Labview environment to completely analyze the ORC behavior. Data collected in real time and corresponding to the system dynamic behavior have been used to evaluate the system performance based on selected indexes. Moreover, various operational steady-state conditions are identified and operation maps are realized for a completely characterization of the system and to detect the optimal operating conditions.