Flexibility and firm value: the role of inventories

In the present thesis I study the contribution to firm value of inventories management from a risk management perspective. I find a significant contribution of inventories to the value of risk management especially through the operating flexibility channel. In contrast, I do not find evidence supporting the view of inventories a reserve of liquidity. Inventories substitute, albeit not perfectly, derivatives or cash holdings. The substitution between hedging with derivatives and inventory is moderated by the correlation between cash flow and the underlying asset in the derivative contract. Hedge ratios increase with the effectiveness of derivatives. The decision to hedge with cash holdings or inventories is strongly influenced by the degree of complementarity between production factors and by cash flow volatility. In addition, I provide a risk management based explanation of the secular substitution between inventories and cash holdings documented, among others, in Bates et al. (2009), Journal of Finance. In a sample of U.S. firms between 1980 and 2006, I empirically confirm the negative relation between inventories and cash and provide evidence on the poor performance of investment cash flow sensitivities as a measure of financial constraints also in the case of inventories investment. This result can be explained by firms' scarce reliance on inventories as a reserve of liquidity. Finally, as an extension of my study, I contrast with empirical data the theoretical predictions of a model on the integrated management of inventories, trade credit and cash holdings.

LoneStar : Design and evaluation of an energy-efficient, disk-based archival storage system

Bandlaufwerke waren bisher die vorherrschende Technologie, um die anfallenden Datenmengen in Archivsystemen zu speichern. Mit Zugriffsmustern, die immer aktiver werden, und Speichermedien wie Festplatten die kostenmäßig aufholen, muss die Architektur vor Speichersystemen zur Archivierung neu überdacht werden. Zuverlässigkeit, Integrität und Haltbarkeit sind die Haupteigenschaften der digitalen Archivierung. Allerdings nimmt auch die Zugriffsgeschwindigkeit einen erhöhten Stellenwert ein, wenn aktive Archive ihre gesamten Inhalte für den direkten Zugriff bereitstellen. Ein band-basiertes System kann die hierfür benötigte Parallelität, Latenz und Durchsatz nicht liefern, was in der Regel durch festplattenbasierte Systeme als Zwischenspeicher kompensiert wird.rnIn dieser Arbeit untersuchen wir die Herausforderungen und Möglichkeiten ein festplattenbasiertes Speichersystem zu entwickeln, das auf eine hohe Zuverlässigkeit und Energieeffizienz zielt und das sich sowohl für aktive als auch für kalte Archivumgebungen eignet. Zuerst analysieren wir die Speichersysteme und Zugriffsmuster eines großen digitalen Archivs und präsentieren damit ein mögliches Einsatzgebiet für unsere Architektur. Daraufhin stellen wir Mechanismen vor um die Zuverlässigkeit einer einzelnen Festplatte zu verbessern und präsentieren sowie evaluieren einen neuen, energieeffizienten, zwei- dimensionalen RAID Ansatz der für „Schreibe ein Mal, lese mehrfach“ Zugriffe optimiert ist. Letztlich stellen wir Protokollierungs- und Zwischenspeichermechanismen vor, die die zugrundeliegenden Ziele unterstützen und evaluieren das RAID System in einer Dateisystemumgebung.

Molecular risk assessment of BIG 1-98 participants by expression profiling using RNA from archival tissue

The purpose of the work reported here is to test reliable molecular profiles using routinely processed formalin-fixed paraffin-embedded (FFPE) tissues from participants of the clinical trial BIG 1-98 with a median follow-up of 60 months.

Raw as Archival Still Image Format: A Consideration

Source materials like fine art, over-sized, fragile maps, and delicate artifacts have traditionally been digitally converted through the use of controlled lighting and high resolution scanners and camera backs. In addition the capture of items such as general and special collections bound monographs has recently grown both through consortial efforts like the Internet Archive's Open Content Alliance and locally at the individual institution level. These projects, in turn, have introduced increasingly higher resolution consumer-grade digital single lens reflex cameras or "DSLRs" as a significant part of the general cultural heritage digital conversion workflow. Central to the authors' discussion is the fact that both camera backs and DSLRs commonly share the ability to capture native raw file formats. Because these formats include such advantages as access to an image's raw mosaic sensor data within their architecture, many institutions choose raw for initial capture due to its high bit-level and unprocessed nature. However to date these same raw formats, so important to many at the point of capture, have yet to be considered "archival" within most published still imaging standards, if they are considered at all. Throughout many workflows raw files are deleted and thrown away after more traditionally "archival" uncompressed TIFF or JPEG 2000 files have been derived downstream from their raw source formats [1][2]. As a result, the authors examine the nature of raw anew and consider the basic questions, Should raw files be retained? What might their role be? Might they in fact form a new archival format space? Included in the discussion is a survey of assorted raw file types and their attributes. Also addressed are various sustainability issues as they pertain to archival formats with a special emphasis on both raw's positive and negative characteristics as they apply to archival practices. Current common archival workflows versus possible raw-based ones are investigated as well. These comparisons are noted in the context of each approach's differing levels of usable captured image data, various preservation virtues, and the divergent ideas of strictly fixed renditions versus the potential for improved renditions over time. Special attention is given to the DNG raw format through a detailed inspection of a number of its various structural components and the roles that they play in the format's latest specification. Finally an evaluation is drawn of both proprietary raw formats in general and DNG in particular as possible alternative archival formats for still imaging.

Zur Geschichte der Juden in Wien : nach archival. Urkunden

von G. Wolf

Joseph Wertheimer : ein Lebens- und Zeitbild : Beiträge zur Geschichte d. Juden Oesterreich's in neuester Zeit ; mit Benützung archival. Quellen

von G. Wolf

An Inexpensive Alternative to CS Photoshop & Bridge: Archival Master Image Capture and Batch Derivative Creation in Canon Scan Gear & Adobe Photoshop Elements 7

This presentation was made at the Connecticut State Library Service Center, Willimantic, CT, April 14, 2009. It focused on digital capture workflows for both archival and derivative image creation using accepted current standards. Tools used were inexpensive by choice and focused towards the needs of small to mid-sized cultural heritage institutions who wish to begin digital capture in their own facilities.

The Austrian Glacier Inventories GI 1 (1969), GI 2 (1998), GI 3 (2006), and GI LIA in ArcGIS (shapefile) format

Glacier inventories provide the basis for further studies on mass balance and volume change, relevant for local hydrological issues as well as for global calculation of sea level rise. In this study, a new Austrian glacier inventory has been compiled, updating data from 1969 (GI 1) and 1998 (GI 2) based on high-resolution lidar digital elevation models (DEMs) and orthophotos dating from 2004 to 2012 (GI 3). To expand the time series of digital glacier inventories in the past, the glacier outlines of the Little Ice Age maximum state (LIA) have been digitalized based on the lidar DEM and orthophotos. The resulting glacier area for GI 3 of 415.11 ± 11.18 km**2 is 44% of the LIA area. The annual relative area losses are 0.3%/yr for the ~119-year period GI LIA to GI 1 with one period with major glacier advances in the 1920s. From GI 1 to GI 2 (29 years, one advance period of variable length in the 1980s) glacier area decreased by 0.6% yr?1 and from GI 2 to GI 3 (10 years, no advance period) by 1.2%/yr. Regional variability of the annual relative area loss is highest in the latest period, ranging from 0.3 to 6.19%/yr. The mean glacier size decreased from 0.69 km**2 (GI 1) to 0.46 km**2 (GI 3), with 47% of the glaciers being smaller than 0.1 km**2 in GI 3 (22%).