Agency Conflicts and Corporate Payout Policies: A Global Study

We investigate the roles of finn and country level agency conflicts in determining corporate payout policics. Based on a large sample of 29,610 firms in 42 countries from 2001 to 2006, we show there is a form of "pecking order" in investors' ability to extract cash (whether as dividends only or share repurchases) from firms. Although investors are able to use their legal powers to extract cash from firms in high protection countries, their ability to do so can be substantially hindered when agency costs at the firm level are high. In poor protection countries, investors seem to take whatever cash they can get, even though the amount may be small, and with scant regard for investment opportunities and firm level agency conflicts. Finally, compared to repurchases, we find dividends are more likely to be the sole method of payout in high protection countries and in non insider-dominated firms.

Nonlinear vibration analysis of composite laminated and sandwich plates with random material properties

Nonlinear vibration analysis is performed using a C-0 assumed strain interpolated finite element plate model based on Reddy's third order theory. An earlier model is modified to include the effect of transverse shear variation along the plate thickness and Von-Karman nonlinear strain terms. Monte Carlo Simulation with Latin Hypercube Sampling technique is used to obtain the variance of linear and nonlinear natural frequencies of the plate due to randomness in its material properties. Numerical results are obtained for composite plates with different aspect ratio, stacking sequence and oscillation amplitude ratio. The numerical results are validated with the available literature. It is found that the nonlinear frequencies show increasing non-Gaussian probability density function with increasing amplitude of vibration and show dual peaks at high amplitude ratios. This chaotic nature of the dispersion of nonlinear eigenvalues is also r

Modelling of symmetric laminates under extension

A higher-order theory of laminated composites under in-plane loads is developed. The displacement field is expanded in terms of the thickness co-ordinate, satisfying the zero shear stress condition at the surfaces of the laminate. Using the principle of virtual displacement, the governing equations and boundary conditions are established. Numerical results for interlaminar stresses arising in the case of symmetric laminates under uniform extension have been obtained and are compared with similar results available in the literature.

Playing Games on Sets and Models

The most prominent objective of the thesis is the development of the generalized descriptive set theory, as we call it. There, we study the space of all functions from a fixed uncountable cardinal to itself, or to a finite set of size two. These correspond to generalized notions of the universal Baire space (functions from natural numbers to themselves with the product topology) and the Cantor space (functions from natural numbers to the {0,1}-set) respectively. We generalize the notion of Borel sets in three different ways and study the corresponding Borel structures with the aims of generalizing classical theorems of descriptive set theory or providing counter examples. In particular we are interested in equivalence relations on these spaces and their Borel reducibility to each other. The last chapter shows, using game-theoretic techniques, that the order of Borel equivalence relations under Borel reduciblity has very high complexity. The techniques in the above described set theoretical side of the thesis include forcing, general topological notions such as meager sets and combinatorial games of infinite length. By coding uncountable models to functions, we are able to apply the understanding of the generalized descriptive set theory to the model theory of uncountable models. The links between the theorems of model theory (including Shelah's classification theory) and the theorems in pure set theory are provided using game theoretic techniques from Ehrenfeucht-Fraïssé games in model theory to cub-games in set theory. The bottom line of the research declairs that the descriptive (set theoretic) complexity of an isomorphism relation of a first-order definable model class goes in synch with the stability theoretical complexity of the corresponding first-order theory. The first chapter of the thesis has slightly different focus and is purely concerned with a certain modification of the well known Ehrenfeucht-Fraïssé games. There we (me and my supervisor Tapani Hyttinen) answer some natural questions about that game mainly concerning determinacy and its relation to the standard EF-game

Large deformation dynamic finite element analysis of delaminated composite plates using contact-impact conditions

A new C-0 composite plate finite element based on Reddy's third order theory is used for large deformation dynamic analysis of delaminated composite plates. The inter-laminar contact is modeled with an augmented Lagrangian approach. Numerical results show that the widely used ``unconditionally stable'' beta-Newmark method presents instability problems in the transient simulation of delaminated composite plate structures with large deformation. To overcome this instability issue, an energy and momentum conserving composite implicit time integration scheme presented by Bathe and Baig is used. It is found that a proper selection of the penalty parameter is very crucial in the contact simulation. (C) 2014 Elsevier Ltd. All rights reserved.

Effect of nonlinear wave-current interaction on flow fields and hydrodynamic forces

A fifth-order theory for solving the problem of interaction between Stokes waves and exponential profile currents is proposed. The calculated flow fields are compared with measurements. Then the errors caused by the linear superposition method and approximate theory are discussed. It is found that the total wave-current field consists of pure wave, pure current and interaction components. The shear current not only directly changes the flow field, but also indirectly does sx, by changing the wave parameters due to wave-current interaction. The present theory can predict the wave kinematics on shear currents satisfactorily. The linear superposition method may give rise to more than 40% loading error in extreme conditions. When the apparent wave period is used and the Wheeler stretching method is adopted to extrapolate the current, application of the approximate theory is the best.

Topics in linear and nonlinear dispersive waves

The various singularities and instabilities which arise in the modulation theory of dispersive wavetrains are studied. Primary interest is in the theory of nonlinear waves, but a study of associated questions in linear theory provides background information and is of independent interest.

The full modulation theory is developed in general terms. In the first approximation for slow modulations, the modulation equations are solved. In both the linear and nonlinear theories, singularities and regions of multivalued modulations are predicted. Higher order effects are considered to evaluate this first order theory. An improved approximation is presented which gives the true behavior in the singular regions. For the linear case, the end result can be interpreted as the overlap of elementary wavetrains. In the nonlinear case, it is found that a sufficiently strong nonlinearity prevents this overlap. Transition zones with a predictable structure replace the singular regions.

For linear problems, exact solutions are found by Fourier integrals and other superposition techniques. These show the true behavior when breaking modulations are predicted.

A numerical study is made for the anharmonic lattice to assess the nonlinear theory. This confirms the theoretical predictions of nonlinear group velocities, group splitting, and wavetrain instability, as well as higher order effects in the singular regions.

Dividendos, endividamento e impostos:evidência empírica para as empresas não financeiras cotadas na Euronext Lisboa

Dissertação, Mestrado, Contabilidade e Finanças, Instituto Politécnico de Santarém, Escola Superior de Gestão e Tecnologia, 2015

A estrutura de capital e o ciclo de vida das empresas

Dissertação de mest., Finanças Empresariais, Faculdade de Economia, Univ. do Algarve, 2003

Determinantes da estrutura de capital das PME do Distrito de Faro

Dissertação de mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2014

Determinantes da estrutura de capital das startups portuguesas

Dissertação de mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2014

Generating Relation Algebras for Qualitative Spatial Reasoning

Basic relationships between certain regions of space are formulated in natural language in everyday situations. For example, a customer specifies the outline of his future home to the architect by indicating which rooms should be close to each other. Qualitative spatial reasoning as an area of artificial intelligence tries to develop a theory of space based on similar notions. In formal ontology and in ontological computer science, mereotopology is a first-order theory, embodying mereological and topological concepts, of the relations among wholes, parts, parts of parts, and the boundaries between parts. We shall introduce abstract relation algebras and present their structural properties as well as their connection to algebras of binary relations. This will be followed by details of the expressiveness of algebras of relations for region based models. Mereotopology has been the main basis for most region based theories of space. Since its earliest inception many theories have been proposed for mereotopology in artificial intelligence among which Region Connection Calculus is most prominent. The expressiveness of the region connection calculus in relational logic is far greater than its original eight base relations might suggest. In the thesis we formulate ways to automatically generate representable relation algebras using spatial data based on region connection calculus. The generation of new algebras is a two pronged approach involving splitting of existing relations to form new algebras and refinement of such newly generated algebras. We present an implementation of a system for automating aforementioned steps and provide an effective and convenient interface to define new spatial relations and generate representable relational algebras.

Region Connection Calculus: Composition Tables and Constraint Satisfaction Problems

Qualitative spatial reasoning (QSR) is an important field of AI that deals with qualitative aspects of spatial entities. Regions and their relationships are described in qualitative terms instead of numerical values. This approach models human based reasoning about such entities closer than other approaches. Any relationships between regions that we encounter in our daily life situations are normally formulated in natural language. For example, one can outline one's room plan to an expert by indicating which rooms should be connected to each other. Mereotopology as an area of QSR combines mereology, topology and algebraic methods. As mereotopology plays an important role in region based theories of space, our focus is on one of the most widely referenced formalisms for QSR, the region connection calculus (RCC). RCC is a first order theory based on a primitive connectedness relation, which is a binary symmetric relation satisfying some additional properties. By using this relation we can define a set of basic binary relations which have the property of being jointly exhaustive and pairwise disjoint (JEPD), which means that between any two spatial entities exactly one of the basic relations hold. Basic reasoning can now be done by using the composition operation on relations whose results are stored in a composition table. Relation algebras (RAs) have become a main entity for spatial reasoning in the area of QSR. These algebras are based on equational reasoning which can be used to derive further relations between regions in a certain situation. Any of those algebras describe the relation between regions up to a certain degree of detail. In this thesis we will use the method of splitting atoms in a RA in order to reproduce known algebras such as RCC15 and RCC25 systematically and to generate new algebras, and hence a more detailed description of regions, beyond RCC25.

Children's Lie-Telling and Self-Awareness as an Honesty Promoting Technique

The present study investigated how social-cognitive development relates to children’s lie-telling and the effectiveness of a novel honesty promoting technique (i.e., self-awareness). Sixty-four children were asked not to peek at a toy in the experimenter’s absence and were later asked about whether they had peeked as a measure of their honesty. Half of the children were questioned in the self-awareness condition and half in the control condition. Additionally, children completed a battery of cognitive and social-cognitive tests to assess executive functioning and theory-of-mind understanding. While first-order theory-of-mind understanding, inhibitory control, and visuospatial working memory did not significantly relate to children’s lie-telling, measures of inhibitory control in conjunction with working memory and complex working memory were significantly related to children’s lie-telling. Finally, the novel honesty promoting technique was effective: children in the self-aware condition lied significantly less often than children in the control condition.

La logique et les logiques : la question du pluralisme

Partant des travaux séminaux de Boole, Frege et Russell, le mémoire cherche à clarifier l‟enjeu du pluralisme logique à l‟ère de la prolifération des logiques non-classiques et des développements en informatique théorique et en théorie des preuves. Deux chapitres plus « historiques » sont à l‟ordre du jour : (1) le premier chapitre articule l‟absolutisme de Frege et Russell en prenant soin de montrer comment il exclut la possibilité d‟envisager des structures et des logiques alternatives; (2) le quatrième chapitre expose le chemin qui mena Carnap à l‟adoption de la méthode syntaxique et du principe de tolérance, pour ensuite dégager l‟instrumentalisme carnapien en philosophie de la Logique et des mathématiques. Passant par l‟analyse d‟une interprétation intuitive de la logique linéaire, le deuxième chapitre se tourne ensuite vers l‟établissement d‟une forme logico-mathématique de pluralisme logique à l‟aide de la théorie des relations d‟ordre et la théorie des catégories. Le troisième chapitre délimite le terrain de jeu des positions entourant le débat entre monisme et pluralisme puis offre un argument contre la thèse qui veut que le conflit entre logiques rivales soit apparent, le tout grâce à l‟utilisation du point de vue des logiques sous-structurelles. Enfin, le cinquième chapitre démontre que chacune des trois grandes approches au concept de conséquence logique (modèle-théorétique, preuve-théorétique et dialogique) forme un cadre suffisamment général pour établir un pluralisme. Bref, le mémoire est une défense du pluralisme logique.