993 resultados para Investor characteristics


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Assessing the structural health state of urban infrastructure is crucial in terms of infrastructure sustainability. This chapter uses dynamic computer simulation techniques to apply a procedure using vibration-based methods for damage assessment in multiple-girder composite bridges. In addition to changes in natural frequencies, this multi-criteria procedure incorporates two methods, namely, the modal flexibility and the modal strain energy method. Using the numerically simulated modal data obtained through finite element analysis software, algorithms based on modal flexibility and modal strain energy change, before and after damage, are obtained and used as the indices for the assessment of structural health state. The feasibility and capability of the approach is demonstrated through numerical studies of a proposed structure with six damage scenarios. It is concluded that the modal strain energy method is capable of application to multiple-girder composite bridges, as evidenced through the example treated in this chapter.

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Principal Topic: For forward thinking companies, the environment may represent the ''biggest opportunity for enterprise and invention the industrial world has ever seen'' (Cairncross 1990). Increasing awareness of environmental and sustainability issues through media including the promotion of Al Gore's ''An Inconvenient Truth'' has seen increased awareness of environmental and sustainability issues and increased demand for business processes that reduce detrimental environmental impacts of global development (Dean & McMullen 2007). The increased demand for more environmentally sensitive products and services represents an opportunity for the development of ventures that seek to satisfy this demand through entrepreneurial action. As a consequence, increasing recent market developments in renewable energy, carbon emissions, fuel cells, green building, and other sectors suggest an increasing importance of opportunities for environmental entrepreneurship (Dean and McMullen 2007) and increasingly important area of business activity (Schaper 2005). In the last decade in particular, big business has sought to develop a more ''sustainability/ green friendly'' orientation as a response to public pressure and increased government legislation and policy to improve environmental performance (Cohen and Winn 2007). Whilst much of the literature and media is littered with examples of sustainability practices of large firms, nascent and young sustainability firms have only recently begun generating strong research and policy interest (Shepherd, Kuskova and Patzelt 2009): not only for their potential to generate above average financial performance and returns owing to a greater popularity and demand towards sustainability products and services offerings, but also for their intent to lessen environmental impacts, and to provide a more accurate reflection of the ''true cost'' of market offerings taking into account carbon and environmental impacts. More specifically, researchers have suggested that although the previous focus has been on large firms and their impact on the environment, the estimated collective impact of entries and exits of nascent and young firms in development is substantial and could outweigh the combined environmental impact of large companies (Hillary, 2000). Therefore, it may be argued that greater attention should be paid to nascent and young firms and researching sustainability practices, for both their impact in reducing environmental impacts and potential higher financial performance. Whilst acknowledging this research only uses the first wave of a four year longitudinal study of nascent and young firms, it can still begin to provide initial analysis on which to continue further research. The aim of this paper therefore is to provide an overview of the emerging literature in sustainable entrepreneurship and to present some selected preliminary results from the first wave of the data collection, with comparison, where appropriate, of sustainable and firms that do not fulfil this criteria. ''One of the key challenges in evaluating sustainability entrepreneurship is the lack of agreement in how it is defined'' (Schaper, 2005: 10). Some evaluate sustainable entrepreneurs simply as one category of entrepreneurs with little difference between them and traditional entrepreneurs (Dees, 1998). Other research recognises values-based sustainable enterprises requiring a unique perspective (Parrish, 2005). Some see the environmental or sustainable entrepreneurship is a subset of social entrepreneurship (Cohen & Winn, 2007; Dean & McMullen, 2007) whilst others see it as a separate, distinct theory (Archer 2009). Following one of the first definitions of sustainability developed by the Brundtland Commission (1987) we define sustainable entrepreneurship as firms which ''seek to meet the needs and aspirations of the present without compromising the ability to meet those of the future''. ---------- Methodology/Key Propositions: In this exploratory paper we investigate sustainable entrepreneurship using Cohen et al.'s (2008) framework to identify strategies of nascent and young entrepreneurial firms. We use data from The Comprehensive Australian Study of Entrepreneurial Emergence (CAUSEE). This study shares the general empirical approach with PSED studies in the US (Reynolds et al 1994; Reynolds & Curtin 2008). The overall study uses samples of 727 nascent (not yet operational) firms and another 674 young firms, the latter being in an operational stage but less than four years old. To generate the sub sample of sustainability firms, we used content analysis techniques on firm titles, descriptions and product descriptions provided by respondents. Two independent coders used a predefined codebook developed from our review of the sustainability entrepreneurship literature (Cohen et al. 2009) to evaluate the content based on terms such as ''sustainable'' ''eco-friendly'' ''renewable energy'' ''environment'' amongst others. The inter-rater reliability was checked and the Kappa's co-efficient was found to be within the acceptable range (0.746). 85 firms fulfilled the criteria given for inclusion in the sustainability cohort. ---------- Results and Implications: The results for this paper are based on Wave one of the CAUSEE survey which has been completed and the data is available for analysis. It is expected that the findings will assist in beginning to develop an understanding of nascent and young firms that are driven to contribute to a society which is sustainable, not just from an economic perspective (Cohen et al 2008), but from an environmental and social perspective as well. The CAUSEE study provides an opportunity to compare the characteristics of sustainability entrepreneurs with entrepreneurial firms without a stated environmental purpose, which constitutes the majority of the new firms created each year, using a large scale novel longitudinal dataset. The results have implications for Government in the design of better conditions for the creation of new business, firms who assist sustainability in developing better advice programs in line with a better understanding of their needs and requirements, individuals who may be considering becoming entrepreneurs in high potential arenas and existing entrepreneurs make better decisions.

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In this thesis we are interested in financial risk and the instrument we want to use is Value-at-Risk (VaR). VaR is the maximum loss over a given period of time at a given confidence level. Many definitions of VaR exist and some will be introduced throughout this thesis. There two main ways to measure risk and VaR: through volatility and through percentiles. Large volatility in financial returns implies greater probability of large losses, but also larger probability of large profits. Percentiles describe tail behaviour. The estimation of VaR is a complex task. It is important to know the main characteristics of financial data to choose the best model. The existing literature is very wide, maybe controversial, but helpful in drawing a picture of the problem. It is commonly recognised that financial data are characterised by heavy tails, time-varying volatility, asymmetric response to bad and good news, and skewness. Ignoring any of these features can lead to underestimating VaR with a possible ultimate consequence being the default of the protagonist (firm, bank or investor). In recent years, skewness has attracted special attention. An open problem is the detection and modelling of time-varying skewness. Is skewness constant or there is some significant variability which in turn can affect the estimation of VaR? This thesis aims to answer this question and to open the way to a new approach to model simultaneously time-varying volatility (conditional variance) and skewness. The new tools are modifications of the Generalised Lambda Distributions (GLDs). They are four-parameter distributions, which allow the first four moments to be modelled nearly independently: in particular we are interested in what we will call para-moments, i.e., mean, variance, skewness and kurtosis. The GLDs will be used in two different ways. Firstly, semi-parametrically, we consider a moving window to estimate the parameters and calculate the percentiles of the GLDs. Secondly, parametrically, we attempt to extend the GLDs to include time-varying dependence in the parameters. We used the local linear regression to estimate semi-parametrically conditional mean and conditional variance. The method is not efficient enough to capture all the dependence structure in the three indices —ASX 200, S&P 500 and FT 30—, however it provides an idea of the DGP underlying the process and helps choosing a good technique to model the data. We find that GLDs suggest that moments up to the fourth order do not always exist, there existence appears to vary over time. This is a very important finding, considering that past papers (see for example Bali et al., 2008; Hashmi and Tay, 2007; Lanne and Pentti, 2007) modelled time-varying skewness, implicitly assuming the existence of the third moment. However, the GLDs suggest that mean, variance, skewness and in general the conditional distribution vary over time, as already suggested by the existing literature. The GLDs give good results in estimating VaR on three real indices, ASX 200, S&P 500 and FT 30, with results very similar to the results provided by historical simulation.

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Teaching and learning in working groups is a challenge to both teacher and student. Collaboration is an elusive concept, difficult to teach, impossible to enforce, yet the ability to work in this way is an essential characteristic of any Creative Industries professional. In 2006, a group of creative industries students were charged with the task of collaboratively creating a performance as part of their coursework. This research project closely followed their development as agents of collaborative creativity using an innovative methodology which combined performance and documentary making. The result is COLLABORATORY - a DVD documentary isolating key behaviours and features of collaborative learning: Convergence and divergence of ideas, Characters and behaviours in collaboration, Leadership and facilitation, Motivation and Intersubjectivity. An engaging presentation of theory and practice capturing what Meill and Littleton (2004) call “the emotional dance of collaboration”.

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We investigate whether characteristics of the home country capital environment, such as information disclosure and investor rights protection continue to affect ADRs cross-listed in the U.S. Using microstructure measures as proxies for adverse selection, we find that characteristics of the home markets continue to be relevant, especially for emerging market firms. Less transparent disclosure, poorer protection of investor rights and weaker legal institutions are associated with higher levels of information asymmetry. Developed market firms appear to be affected by whether or not home business laws are common law or civil law legal origin. Our finding contributes to the bonding literature. It suggests that cross-listing in the U.S. should not be viewed as a substitute for improvement in the quality of local institutions, and attention must be paid to improve investor protection in order to achieve the full benefits of improved disclosure. Improvement in the domestic capital market environment can attract more investors even for U.S. cross-listed firms.

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Differential axial shortening in vertical members of reinforced concrete high-rise buildings occurs due to shrinkage, creep and elastic shortening, which are time dependent effects of concrete. This has to be quantified in order to make adequate provisions and mitigate its adverse effects. This paper presents a novel procedure for quantifying the axial shortening of vertical members using the variations in vibration characteristics of the structure, in lieu of using gauges which can pose problems in use during and after the construction. This procedure is based on the changes in the modal flexiblity matrix which is expressed as a function of the mode shapes and the reciprocal of the natural frequencies. This paper will present the development of this novel procedure.

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Controlling differential axial shortening in vertical load bearing concrete elements is a major concern for new generation tall buildings with complex geometries and mechanisms. Quantification of axial shortening using gauges to verify the pre-estimated numerical values used at the design stage is a well established method. This method makes adequate provision to mitigate the adverse effects during the construction. However, this method is becoming increasingly unusable due to its drawbacks. This highlights the need a novel method to quantify the axial shortening using ambient measurements. This paper will first brief introduce the method and then illustrate its application to a high-rise building with two outrigger and belt systems. Moreover, this procedure can be used as a health or performance monitoring tool of the building structure, both during and after construction.

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This paper presents the outcomes of a study which focused on evaluating roof surfaces as stormwater harvesting catchments. Build-up and wash-off samples were collected from model roof surfaces. The collected build-up samples were separated into five different particle size ranges prior to the analysis of physico-chemical parameters. Study outcomes showed that roof surfaces are efficient catchment surfaces for the deposition of fine particles which travel over long distances. Roof surfaces contribute relatively high pollutant loads to the runoff and hence significantly influence the quality of the harvested rainwater. Pollutants associated with solids build-up on roof surfaces can vary with time, even with minimal changes to total solids load and particle size distribution. It is postulated that this variability is due to changes in distant atmospheric pollutant sources and wind patterns. The study highlighted the requirement for first flush devices to divert the highly polluted initial portion of roof runoff. Furthermore, it is highly recommended to not to harvest runoff from small intensity rainfall events since there is a high possibility that the runoff would contain a significant amount of pollutants even after the initial runoff fraction.

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The vibration characteristics of structural members are significantly influenced by the axial loads and hence axial deformation of the member. Numerous methods have been developed to quantify the axial loads in individual structural members using their natural frequencies. However, the findings of these methods cannot be applied to individual members in a structural framing system as the natural frequency is a global parameter for the entire framing system. This paper proposes an innovative method which uses the modal flexibility parameter to quantify axial deformations in load bearing elements of structural framing systems. The proposed method is illustrated through examples and results highlight that the method can be used to quantify the axial deformations of Individual elements of structural framing systems.

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LiteSteel beam (LSB) is a new cold-formed steel hollow flange channel beam. The unique LSB section is produced by a patented manufacturing process involving simultaneous cold-forming and dual electric resistance welding. To date, limited research has been undertaken on the shear buckling behaviour of LSBs with torsionally rigid, rectangular hollow flanges. For the shear design of LSB web panels, their elastic shear buckling strength must be determined accurately including the potential post-buckling strength. Currently the elastic shear buckling coefficients of web panels are determined by assuming conservatively that the web panels are simply supported at the junction between the flange and web elements. Therefore finite element analyses were carried out to investigate the elastic shear buckling behaviour of LSB sections including the effect of true support conditions at the junction between their flange and web elements. An improved equation for the higher elastic shear buckling coefficient of LSBs was developed and included in the shear capacity equations of Australian cold-formed steel codes. Predicted ultimate shear capacity results were compared with available experimental results, both of which showed considerable improvement to the shear capacities of LSBs. A study on the shear flow distribution of LSBs was also undertaken prior to the elastic buckling analysis study. This paper presents the details of this investigation and the results including the shear flow distribution of LSBs. Keywords: LiteSteel beam, Elastic shear buckling, Shear flow, Cold-formed steel structures, Slender web, Hollow flanges.

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This paper treats the crush behaviour and energy absorption response of foam-filled conical tubes subjected to oblique impact loading. Dynamic computer simulation techniques validated by experimental testing are used to carry out a parametric study of such devices. The study aims at quantifying the energy absorption of empty and foam-filled conical tubes under oblique impact loading, for variations in the load angle and geometry parameters of the tube. It is evident that foam-filled conical tubes are preferable as impact energy absorbers due to their ability to withstand oblique impact loads as effectively as axial impact loads. Furthermore, it is found that the energy absorption capacity of filled tubes is better maintained compared to that of empty tubes as the load orientation increases. The primary outcome of this study is design information for the use of foam-filled conical tubes as energy absorbers where oblique impact loading is expected.

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Over many centuries of settlement, Vietnamese inhabitants have developed a vernacular architecture that is well adapted to the region’s climatic and topographical conditions. Vernacular Vietnamese housing uses natural systems to create a built environment that integrates well with nature. The vernacular combines site-sensitive, passive solar design, natural materials and appropriate structure to achieve harmony among nature, humans and the built environment. Unfortunately, these unique features have not been applied in contemporary Vietnamese architecture, which displays energy-intensive materials and built forms. This research is analysing how environmentally-responsive elements of vernacular architecture could be applied to modern sustainable housing in Vietnam. Elements of many types of vernacular architecture throughout the country are reviewed as precedents for future building planning and design. The paper also looks at culturally and ecologically appropriate legislative and voluntary options for encouraging more sustainable housing.