Capital structure, risk and asymmetric information : theory and evidence

This paper proposes a principal-agent model between banks and firms with risk and asymmetric information. A mixed form of finance to firms is assumed. The capital structure of firms is a relevant cause for the final aggregate level of investment in the economy. In the model analyzed, there may be a separating equilibrium, which is not economically efficient, because aggregate investments fall short of the first-best level. Based on European firm-level data, an empirical model is presented which validates the result of the relevance of the capital structure of firms. The relative magnitude of equity in the capital structure makes a real difference to the profits obtained by firms in the economy.

The economics of credit markets: theory and evidence.

Doutoramento em Economia.

Evaluating tests for convergence of economic series using Monte Carlo methods with an application to real GDP's per head.

Doutoramento em Economia.

Optimization of Energy Distribution in Solar Panel Array Configurations by Graph Theory and Minkowski’s Paths

Nowadays, the development of the photovoltaic (PV) technology is consolidated as a source of renewable energy. The research in the topic of maximum improvement on the energy efficiency of the PV plants is today a major challenge. The main requirement for this purpose is to know the performance of each of the PV modules that integrate the PV field in real time. In this respect, a PLC communications based Smart Monitoring and Communications Module, which is able to monitor at PV level their operating parameters, has been developed at the University of Malaga. With this device you can check if any of the panels is suffering any type of overriding performance, due to a malfunction or partial shadowing of its surface. Since these fluctuations in electricity production from a single panel affect the overall sum of all panels that conform a string, it is necessary to isolate the problem and modify the routes of energy through alternative paths in case of PV panels array configuration.

Assessing Decision Making Skill in Complex and Dynamic Environments Using Representative and Simulated Tasks

Traditional decision making research has often focused on one's ability to choose from a set of prefixed options, ignoring the process by which decision makers generate courses of action (i.e., options) in-situ (Klein, 1993). In complex and dynamic domains, this option generation process is particularly critical to understanding how successful decisions are made (Zsambok & Klein, 1997). When generating response options for oneself to pursue (i.e., during the intervention-phase of decision making) previous research has supported quick and intuitive heuristics, such as the Take-The-First heuristic (TTF; Johnson & Raab, 2003). When generating predictive options for others in the environment (i.e., during the assessment-phase of decision making), previous research has supported the situational-model-building process described by Long Term Working Memory theory (LTWM; see Ward, Ericsson, & Williams, 2013). In the first three experiments, the claims of TTF and LTWM are tested during assessment- and intervention-phase tasks in soccer. To test what other environmental constraints may dictate the use of these cognitive mechanisms, the claims of these models are also tested in the presence and absence of time pressure. In addition to understanding the option generation process, it is important that researchers in complex and dynamic domains also develop tools that can be used by `real-world' professionals. For this reason, three more experiments were conducted to evaluate the effectiveness of a new online assessment of perceptual-cognitive skill in soccer. This test differentiated between skill groups and predicted performance on a previously established test and predicted option generation behavior. The test also outperformed domain-general cognitive tests, but not a domain-specific knowledge test when predicting skill group membership. Implications for theory and training, and future directions for the development of applied tools are discussed.

A real time electromagnetic analysis of electric machines for educational purposes and laboratory implementation

This thesis presents a system for visually analyzing the electromagnetic fields of the electrical machines in the energy conversion laboratory. The system basically utilizes the finite element method to achieve a real-time effect in the analysis of electrical machines during hands-on experimentation. The system developed is a tool to support the student's understanding of the electromagnetic field by calculating performance measures and operational concepts pertaining to the practical study of electrical machines. Energy conversion courses are fundamental in electrical engineering. The laboratory is conducted oriented to facilitate the practical application of the theory presented in class, enabling the student to use electromagnetic field solutions obtained numerically to calculate performance measures and operating characteristics. Laboratory experiments are utilized to help the students understand the electromagnetic concepts by the use of this visual and interactive analysis system. In this system, this understanding is accomplished while hands-on experimentation takes place in real-time.

Techniques for distributed theory synthesis in multiagent systems

Data sources are often dispersed geographically in real life applications. Finding a knowledge model may require to join all the data sources and to run a machine learning algorithm on the joint set. We present an alternative based on a Multi Agent System (MAS): an agent mines one data source in order to extract a local theory (knowledge model) and then merges it with the previous MAS theory using a knowledge fusion technique. This way, we obtain a global theory that summarizes the distributed knowledge without spending resources and time in joining data sources. New experiments have been executed including statistical significance analysis. The results show that, as a result of knowledge fusion, the accuracy of initial theories is significantly improved as well as the accuracy of the monolithic solution.

The influence of queer theory on marriage and civil partnership in Scotland

This thesis will explore the whether queer theory has had any real influence on the law on marriage and civil partnership in Scotland. It will do so by examining the work of Michael Foucault and Judith Butler, reviewing both The History of Sexuality Volume One, and Gender Trouble to establish what queer theory has to say on gender and sexuality. Both works expose the artificiality of gender and sexuality, and in doing so, show that marriage and civil partnership are institutions created to support these artificial structures. Marriage and civil partnership are not isolated from the continuing influence of queer discourse on both gender and sexuality; however, as I will show, the influence has been contained largely to opening up privilege, both legally and socially, to those who wish to conform to structures that remain heteronormative and prescriptive.

Eulerian-Lagrangian definition of coarse bed-load transport: Theory and verification with low-cost inertial measurement units

Fluvial sediment transport is controlled by hydraulics, sediment properties and arrangement, and flow history across a range of time scales. This physical complexity has led to ambiguous definition of the reference frame (Lagrangian or Eulerian) in which sediment transport is analysed. A general Eulerian-Lagrangian approach accounts for inertial characteristics of particles in a Lagrangian (particle fixed) frame, and for the hydrodynamics in an independent Eulerian frame. The necessary Eulerian-Lagrangian transformations are simplified under the assumption of an ideal Inertial Measurement Unit (IMU), rigidly attached at the centre of the mass of a sediment particle. Real, commercially available IMU sensors can provide high frequency data on accelerations and angular velocities (hence forces and energy) experienced by grains during entrainment and motion, if adequately customized. IMUs are subjected to significant error accu- mulation but they can be used for statistical parametrisation of an Eulerian-Lagrangian model, for coarse sediment particles and over the temporal scale of individual entrainment events. In this thesis an Eulerian-Lagrangian model is introduced and evaluated experimentally. Absolute inertial accelerations were recorded at a 4 Hz frequency from a spherical instrumented particle (111 mm diameter and 2383 kg/m3 density) in a series of entrainment threshold experiments on a fixed idealised bed. The grain-top inertial acceleration entrainment threshold was approximated at 44 and 51 mg for slopes 0.026 and 0.037 respectively. The saddle inertial acceleration entrainment threshold was at 32 and 25 mg for slopes 0.044 and 0.057 respectively. For the evaluation of the complete Eulerian-Lagrangian model two prototype sensors are presented: an idealised (spherical) with a diameter of 90 mm and an ellipsoidal with axes 100, 70 and 30 mm. Both are instrumented with a complete IMU, capable of sampling 3D inertial accelerations and 3D angular velocities at 50 Hz. After signal analysis, the results can be used to parametrize sediment movement but they do not contain positional information. The two sensors (spherical and ellipsoidal) were tested in a series of entrainment experiments, similar to the evaluation of the 111 mm prototype, for a slope of 0.02. The spherical sensor entrained at discharges of 24.8 ± 1.8 l/s while the same threshold for the ellipsoidal sensor was 45.2 ± 2.2 l/s. Kinetic energy calculations were used to quantify the particle-bed energy exchange under fluvial (discharge at 30 l/s) and non-fluvial conditions. All the experiments suggest that the effect of the inertial characteristics of coarse sediments on their motion is comparable to the effect hydrodynamic forces. The coupling of IMU sensors with advanced telemetric systems can lead to the tracking of Lagrangian particle trajectories, at a frequency and accuracy that will permit the testing of diffusion/dispersion models across the range of particle diameters.

Feminist Disability Theory: Domestic Violence Against Women with a Disability

Women with a disability continue to experience social oppression and domestic violence as a consequence of gender and disability dimensions. Current explanations of domestic violence and disability inadequately explain several features that lead women who have a disability to experience violent situations. This article incorporates both disability and material feminist theory as an alternative explanation to the dominant approaches (psychological and sociological traditions) of conceptualising domestic violence. This paper is informed by a study which was concerned with examining the nature and perceptions of violence against women with a physical impairment. The emerging analytical framework integrating material feminist interpretations and disability theory provided a basis for exploring gender and disability dimensions. Insight was also provided by the women who identified as having a disability in the study and who explained domestic violence in terms of a gendered and disabling experience. The article argues that material feminist interpretations and disability theory, with their emphasis on gender relations, disablism and poverty, should be used as an alternative tool for exploring the nature and consequences of violence against women with a disability.