Essays on Corporate Governance and the Quality of Disclosed Earnings: Across Transitional Europe

A growing body of empirical research examines the structure and effectiveness of corporate governance systems around the world. An important insight from this literature is that corporate governance mechanisms address the excessive use of managerial discretionary powers to get private benefits by expropriating the value of shareholders. One possible way of expropriation is to reduce the quality of disclosed earnings by manipulating the financial statements. This lower quality of earnings should then be reflected by the stock price of firm according to value relevance theorem. Hence, instead of testing the direct effect of corporate governance on the firm’s market value, it is important to understand the causes of the lower quality of accounting earnings. This thesis contributes to the literature by increasing knowledge about the extent of the earnings management – measured as the extent of discretionary accruals in total disclosed earnings - and its determinants across the Transitional European countries. The thesis comprises of three essays of empirical analysis of which first two utilize the data of Russian listed firms whereas the third essay uses data from 10 European economies. More specifically, the first essay adds to existing research connecting earnings management to corporate governance. It testifies the impact of the Russian corporate governance reforms of 2002 on the quality of disclosed earnings in all publicly listed firms. This essay provides empirical evidence of the fact that the desired impact of reforms is not fully substantiated in Russia without proper enforcement. Instead, firm-level factors such as long-term capital investments and compliance with International financial reporting standards (IFRS) determine the quality of the earnings. The result presented in the essay support the notion proposed by Leuz et al. (2003) that the reforms aimed to bring transparency do not correspond to desired results in economies where investor protection is lower and legal enforcement is weak. The second essay focuses on the relationship between the internal-control mechanism such as the types and levels of ownership and the quality of disclosed earnings in Russia. The empirical analysis shows that the controlling shareholders in Russia use their powers to manipulate the reported performance in order to get private benefits of control. Comparatively, firms owned by the State have significantly better quality of disclosed earnings than other controllers such as oligarchs and foreign corporations. Interestingly, market performance of firms controlled by either State or oligarchs is better than widely held firms. The third essay provides useful evidence on the fact that both ownership structures and economic characteristics are important factors in determining the quality of disclosed earnings in three groups of countries in Europe. Evidence suggests that ownership structure is a more important determinant in developed and transparent countries, while economic determinants are important determinants in developing and transitional countries.

Elimination of common mode voltage and fifth and seventh harmonics in a multilevel inverter fed IM drive using 12-sided polygonal voltage spacephasor

A multilevel inverter with 12-sided polygonal voltage space vector structure is proposed in this paper. The present scheme provides elimination of common mode voltage variation and 5(th) and 7(th) order harmonics in the entire operating range of the drive. The proposed multi level structure is achieved by cascading only the conventional two-level inverters with asymmetrical DC link voltages. The bandwidths problems associated with conventional hexagonal voltage space vector structure current controllers, due to the presence of 5(th) and 7(th) harmonics, in the over modulation region, is absent in the present 12-sided structure. So a linear voltage control up to 12-step operation is possible, from the present twelve sided scheme, with less current control complexity. An open-end winding structure is used for the induction motor drive.

Robust/optimal temperature profile control using neural networks

An approximate dynamic programming (ADP) based neurocontroller is developed for a heat transfer application. Heat transfer problem for a fin in a car's electronic module is modeled as a nonlinear distributed parameter (infinite-dimensional) system by taking into account heat loss and generation due to conduction, convection and radiation. A low-order, finite-dimensional lumped parameter model for this problem is obtained by using Galerkin projection and basis functions designed through the 'Proper Orthogonal Decomposition' technique (POD) and the 'snap-shot' solutions. A suboptimal neurocontroller is obtained with a single-network-adaptive-critic (SNAC). Further contribution of this paper is to develop an online robust controller to account for unmodeled dynamics and parametric uncertainties. A weight update rule is presented that guarantees boundedness of the weights and eliminates the need for persistence of excitation (PE) condition to be satisfied. Since, the ADP and neural network based controllers are of fairly general structure, they appear to have the potential to be controller synthesis tools for nonlinear distributed parameter systems especially where it is difficult to obtain an accurate model.

Active vibration suppression of beams with discrete actuators using optimal dynamic inversion

Most of the structural elements like beams, cables etc. are flexible and should be modeled as distributed parameter systems (DPS) to represent the reality better. For large structures, the usual approach of 'modal representation' is not an accurate representation. Moreover, for excessive vibrations (possibly due to strong wind, earthquake etc.), external power source (controller) is needed to suppress it, as the natural damping of these structures is usually small. In this paper, we propose to use a recently developed optinial dynamic inversion technique to design a set of discrete controllers for this purpose. We assume that the control force to the structure is applied through finite number of actuators, which are located at predefined locations in the spatial domain. The method used in this paper determines control forces directly from the partial differential equation (PDE) model of the system. The formulation has better practical significance, both because it leads to a closed form solution of the controller (hence avoids computational issues) as well as because a set of discrete actuators along the spatial domain can be implemented with relative ease (as compared to a continuous actuator).

Optimal Blood Glucose Regulation using Single Network Adaptive Critics

Diabetes is a serious disease during which the body's production and use of insulin is impaired, causing glucose concentration level toincrease in the bloodstream. Regulating blood glucose levels as close to normal as possible, leads to a substantial decrease in long term complications of diabetes. In this paper, an intelligent neural network on-line optimal feedback treatment strategy based on nonlinear optimal control theory is presented for the disease using subcutaneous treatment strategy. A simple mathematical model of the nonlinear dynamics of glucose and insulin interaction in the blood system is considered based on the Bergman's minimal model. A glucose infusion term representing the effect of glucose intake resulting from a meal is introduced into the model equations. The efficiency of the proposed controllers is shown taking random parameters and random initial conditions in presence of physical disturbances like food intake. A comparison study with linear quadratic regulator theory brings Out the advantages of the nonlinear control synthesis approach. Simulation results show that unlike linear optimal control, the proposed on-line continuous infusion strategy never leads to severe hypoglycemia problems.

Paganism, Traditionalism, Nationalism : Narratives of Russian Rodnoverie

The topic of this dissertation is Rodnoverie, a religion that revives pre-Christian Slavic spirituality. Rodnoverie has been noted to be one of the fastest growing new religions in Russia and the aim of the study is to analyse why and how the movement has attained its popularity. First, the analysis asks how Rodnovers themselves explain the revival of ancient Paganism at this particular historical moment. Secondly, these interpretations are reflected in the framework of sociological discussions about contemporary religiosity. The analysis discusses how the Rodnoverie movement corresponds to some tendencies that are considered to characterise late modern religiosity. The primary material of the research is Rodnoverie texts: books, newspapers and electronic articles. The published literature is supplemented by fieldwork material which includes interviews with some Rodnoverie leaders and the author s participant observation of rituals and gatherings. Methodologically, the study draws on a sociological narrative approach that is focused on examining how individuals and groups use narratives to construct their identities and to challenge mainstream discussions and interpretations. The analysis discerns three narratives. The first one of these portrays Rodnoverie as a revival of the native Russian or Slavic religion. The narrative provides a new version of the old Slavophile idea, according to which imitation of the West has misguided Russia and, therefore, Russians should turn to their own tradition. In the second narrative, Rodnoverie is presented as a nature religion that features tolerance and pluralistic values. According to these perceptions, the emergence of Rodnoverie marks the dead-end of the earlier hegemonic universalistic world-views, the mono-ideologies . While the nationalist narrative focuses on Russia s national heritage, the third narrative interprets the tradition in more universal terms as an alternative to modern values and way of life. The main argument of this narrative is that contemporary people have become alienated from nature, their roots and their community. The themes that are discussed in the theoretical literature on late modern religiosity often configure in Rodnovers interpretations either directly or when looked at through an analytical framework. Of the various themes that are addressed in a sociological study of religion the ones that have most relevance for Rodnoverie are the discussions on individualisation, globalisation and secularisation. Rodnoverie reflects such tendencies as the subjectivisation of religion and the modern crisis of authority. The movement also both exemplifies and actively promotes religious pluralisation in Russia.

A Resonant Integrator Based PLL and AC Current Controller for Single Phase Grid Connected PWM-VSI

Grid connected PWM-VSIs are being increasingly used for applications such as Distributed Generation (DG), power quality, UPS etc. Appropriate control strategies for grid synchronisation and line current regulation are required to establish such a grid interconnection and power transfer. Control of three phase VSIs is widely reported in iterature. Conventionally, dq control in Synchronous Reference Frame(SRF) is employed for both PLL and line current control where PI-controllers are used to track the DC references. Single phase systems do not have defined direct (d) and quadrature (q) axis components that are required for SRF transformation. Thus, references are AC in nature and hence usage of PI controllers cannot yield zero steady state errors. Resonant controllers have the ability to track AC references accurately. In this work, a resonant controller based single phase PLL and current control technique are being employed for tracking grid frequency and the AC current reference respectively. A single phase full bridge converter is being operated as a STATCOM for performance evaluation of the control scheme.

A structure-preserving energy function for stability analysis of AC/DC systems

Direct stability analysis ofAC/DC power systems using a structure-preserving energy function (SPEF) is proposed in this paper. The system model considered retains the load buses thereby enabling the representation of nonlinear voltage dependent loads. TheHVDC system is represented with the same degree of detail as is normally done in transient stability simulation. The converter controllers can be represented by simplified or detailed models. Two or multi-terminalDC systems can be considered. The stability analysis is illustrated with a 3-machine system example and encouraging results have been obtained.

Koodinvaihto Madventures-matkailuohjelmassa

Pro gradu tutkielman aiheena on kielensisäinen koodinvaihto suomalaisessa Madventures-matkailuohjelmassa. Tutkielman tavoitteena on selvittää, mitä funktioita koodinvaihdolla on kyseisessä ohjelmassa ja millä tavoin koodinvaihto siinä ilmenee. Aineistona on ohjelman ensimmäinen tuotantokausi, joka on kuvattu vuonna 2002. Tuotantokausi koostuu kymmenestä 45 50 minuuttia pitkästä jaksosta. Tarkasteltavana on ohjelman kahden juontajan, Riku Rantalan ja Tuomas Tunna Milonoffin kieli. Tutkielmassa hyödynnettävät tutkimussuuntaukset ovat sosiolingvistinen variaationtutkimus ja keskustelunanalyysi. Analyysiluvut rakentuvat koodinvaihdon funktioiden mukaan. Luvussa 3 tarkastellaan koodinvaihtoja, jotka viestivät siirtymästä roolista toiseen. Koodinvaihdon funktiona voi tällöin olla aikaisemman, todella tapahtuneen tai sellaisena esitetyn puhetilanteen referointi, kuvitteellisen puhetilanteen esittäminen tai ohjelman juontajan rooliin orientoituminen. Luvussa 4 käsitellään koodinvaihtoa merkkinä siirtymästä näkökulmasta toiseen. Vaihtelevina näkökulmina voivat tällöin olla persoonallinen ja objektiivinen, nykyinen ja mennyt aika tai puhujan ja katsojan näkökulma. Luku 5 on sekaluku, johon on koottu muita aineistossani esiintyviä koodinvaihdon funktioita. Niitä ovat moodinvaihto, vuoron vastaanottajan vaihtuminen, siirtyminen toiminnasta toiseen, edeltävän käskyn vahvistaminen tai sen ilmaiseminen, ettei sanottu asia pidä paikkaansa. Useilla koodinvaihdoilla on samaan aikaan monia eri funktioita. Esimerkiksi kuvitteellisen puhetilanteen referointiin liittyy aina myös moodinvaihto vakavasta humoristiseen. Enemmistö koodinvaihdoista tapahtuu pääkaupunkiseudun puhekielen ja yleiskielen välillä. Jonkin verran koodinvaihtoa tapahtuu myös murteelliseen koodiin tai toiseen kielelliseen tyyliin. Tavallisesti puhujat osoittavat orientoituvansa toiseen koodiin paralingvistisillä piirteillä mutta myös muilla ei-kielellisillä keinoilla kuten ilmeillä ja eleillä. Paralingvististen piirteiden esiintyminen vaihtelee jossain määrin koodinvaihdon funktioiden mukaan. Silloin kun koodinvaihdon funktiona on referointi tai siirtyminen katsojan näkökulmaan, koodinvaihdon yhteydessä esiintyy usein äänenlaadun muutoksia sekä muusta puheesta poikkeavaa prosodiaa. Muissa funktiossa niitä esiintyy harvemmin. Koodinvaihto ilmenee toisinaan myös lauserakenteessa, erityisesti viestiessään näkökulman muutoksesta. Erikoinen piirre tämän tutkielman koodinvaihdoissa on se, ettei koodinvaihto aina koske sanastoa. Vaikka äänne- ja muotopiirteet ovatkin yleiskielisiä, voi koodinvaihtojakson sanasto siitä huolimatta olla slangipitoista. Runsas slangisanasto onkin Madventuresin kielelle kaikkein ominaisin piirre. Koodinvaihdossa on useimmiten olennaisempaa kontrasti kahden eri kielimuodon välillä kuin se, mihin kielimuotoon koodi vaihtuu. Tällöin koodinvaihdon funktio on sama riippumatta siitä, vaihtuuko koodi pääkaupunkiseudun puhekielestä yleiskieleen vai esimerkiksi murteeseen. Tietyissä funktioissa koodinvaihtojakson kielimuodolla on kuitenkin merkitystä funktion kannalta. Esimerkiksi ohjelman juontajan rooliin siirryttäessä koodi vaihtuu poikkeuksetta pääkaupunkiseudun puhekielestä yleiskieleen. Sen sijaan esimerkiksi referoitaessa kielimuodolla ei ole juuri merkitystä funktion kannalta, vaan referaateissa esiintyy useita eri kielimuotoja. Ohjelman juontajat eivät vaihda koodia samalla tavalla, vaan heidän koodinvaihtotavoissaan on eroja. Riku vaihtaa aineistossa koodia selvästi useammin kuin Tunna. Lisäksi hän käyttää koodinvaihtoa useammissa funktioissa ja hyödyntää koodinvaihdossa useita eri kielimuotoja. Sen sijaan Tunnan koodinvaihdot rajoittuvat lähes yksinomaan pääkaupunkiseudun puhekielen ja yleiskielen välille.

Modeling and Field Oriented Control of Salient Pole Wound Field Synchronous Machine in Stator Flux Coordinates

This paper describes the field oriented control of a salient pole wound field synchronous machine in stator flux coordinates. The procedure for derivation of flux linkage equations along any general rotating axes including stator flux axes is given. The stator flux equations are used to identify the cross-coupling occurring between the axes due to saliency in the machine. The coupling terms are canceled as feedforward terms in the generation of references for current controllers to achieve good decoupling during transients. The design of current controller for stator-flux-oriented control is presented. This paper proposes the method of extending rotor flux closed loop observer for sensorless control of wound field synchronous machine. This paper also proposes a new sensorless control by using stator flux closed loop observer and estimation of torque angle using stator current components in stator flux coordinates. Detailed experimental results from a sensorless 15.8 hp salient pole wound field synchronous machine drive are presented to demonstrate the performance of the proposed control strategy from a low speed of 0.8 Hz to 50 Hz.

A Cache coherence protocol for MIN-based multiprocessors

In this paper we present a cache coherence protocol for multistage interconnection network (MIN)-based multiprocessors with two distinct private caches: private-blocks caches (PCache) containing blocks private to a process and shared-blocks caches (SCache) containing data accessible by all processes. The architecture is extended by a coherence control bus connecting all shared-block cache controllers. Timing problems due to variable transit delays through the MIN are dealt with by introducing Transient states in the proposed cache coherence protocol. The impact of the coherence protocol on system performance is evaluated through a performance study of three phases. Assuming homogeneity of all nodes, a single-node queuing model (phase 3) is developed to analyze system performance. This model is solved for processor and coherence bus utilizations using the mean value analysis (MVA) technique with shared-blocks steady state probabilities (phase 1) and communication delays (phase 2) as input parameters. The performance of our system is compared to that of a system with an equivalent-sized unified cache and with a multiprocessor implementing a directory-based coherence protocol. System performance measures are verified through simulation.

Evaluation and improvement of generators reactive power margins in interconnected power systems

The amount of reactive power margin available in a system determines its proximity to voltage instability under normal and emergency conditions. More the reactive power margin, better is the systems security and vice-versa. A hypothetical way of improving the reactive margin of a synchronous generator is to reduce the real power generation within its mega volt-ampere (MVA) ratings. This real power generation reduction will affect its power contract agreements entered in the electricity market. Owing to this, the benefit that the generator foregoes will have to be compensated by paying them some lost opportunity cost. The objective of this study is three fold. Firstly, the reactive power margins of the generators are evaluated. Secondly, they are improved using a reactive power optimization technique and optimally placed unified power flow controllers. Thirdly, the reactive power capacity exchanges along the tie-lines are evaluated under base case and improved conditions. A detailed analysis of all the reactive power sources and sinks scattered throughout the network is carried out in the study. Studies are carried out on a real life, three zone, 72-bus equivalent Indian southern grid considering normal and contingency conditions with base case operating point and optimised results presented.

Robust/Optimal Temperature Profile Control of a High-Speed Aerospace Vehicle Using Neural Networks

An approximate dynamic programming (ADP)-based suboptimal neurocontroller to obtain desired temperature for a high-speed aerospace vehicle is synthesized in this paper. A I-D distributed parameter model of a fin is developed from basic thermal physics principles. "Snapshot" solutions of the dynamics are generated with a simple dynamic inversion-based feedback controller. Empirical basis functions are designed using the "proper orthogonal decomposition" (POD) technique and the snapshot solutions. A low-order nonlinear lumped parameter system to characterize the infinite dimensional system is obtained by carrying out a Galerkin projection. An ADP-based neurocontroller with a dual heuristic programming (DHP) formulation is obtained with a single-network-adaptive-critic (SNAC) controller for this approximate nonlinear model. Actual control in the original domain is calculated with the same POD basis functions through a reverse mapping. Further contribution of this paper includes development of an online robust neurocontroller to account for unmodeled dynamics and parametric uncertainties inherent in such a complex dynamic system. A neural network (NN) weight update rule that guarantees boundedness of the weights and relaxes the need for persistence of excitation (PE) condition is presented. Simulation studies show that in a fairly extensive but compact domain, any desired temperature profile can be achieved starting from any initial temperature profile. Therefore, the ADP and NN-based controllers appear to have the potential to become controller synthesis tools for nonlinear distributed parameter systems.

Active vibration suppression of beams with discrete actuators using optimal dynamic inversion

Most of the structural elements like beams, cables etc. are flexible and should be modeled as distributed parameter systems (DPS) to represent the reality better. For large structures, the usual approach of 'modal representation' is not an accurate representation. Moreover, for excessive vibrations (possibly due to strong wind, earthquake etc.), external power source (controller) is needed to suppress it, as the natural damping of these structures is usually small. In this paper, we propose to use a recently developed optimal dynamic inversion technique to design a set of discrete controllers for this purpose. We assume that the control force to the structure is applied through finite number of actuators, which are located at predefined locations in the spatial domain. The method used in this paper determines control forces directly from the partial differential equation (PDE) model of the system. The formulation has better practical significance, both because it leads to a closed form solution of the controller (hence avoids computational issues) as well as because a set of discrete actuators along the spatial domain can be implemented with relative ease (as compared to a continuous actuator)

Modeling and control of unified power flow controller for transient stability

FACTS controllers are emerging as viable and economic solutions to the problems of large interconnected ne networks, which can endanger the system security. These devices are characterized by their fast response, absence of inertia, and minimum maintenance requirements. Thyristor controlled equipment like Thyristor Controlled Series Capacitor (TCSC), Static Var Compensator (SVC), Thyristor Controlled Phase angle Regulator (TCPR) etc. which involve passive elements result in devices of large sizes with substantial cost and significant labour for installation. An all solid-state device using GTOs leads to reduction in equipment size and has improved performance. The Unified Power Flow Controller (UPFC) is a versatile controller which can be used to control the active and reactive power in the Line independently. The concept of UPFC makes it possible to handle practically all power flow control and transmission line compensation problems, using solid-state controllers, which provide functional flexibility, generally not attainable by conventional thyristor controlled systems. In this paper, we present the development of a control scheme for the series injected voltage of the UPFC to damp the power oscillations and improve transient stability in a power system. (C) 1998 Elsevier Science Ltd. All rights reserved.