Safety Impacts of Pavement Edge Drop-offs, 2006

A vehicle may leave its travel lane for a number of reasons, such as driver error, poor surface conditions, or avoidance of a collision with another vehicle in the travel lane. When a vehicle leaves the travel lane, pavement edge drop-off poses a potential safety hazard because significant vertical differences between surfaces can affect vehicle stability and reduce a driver’s ability to handle the vehicle. Numerous controlled studies have tested driver response to encountering drop-offs under various conditions, including different speeds, vehicle types, drop-off height and shape, and tire scrubbing versus non-scrubbing conditions. The studies evaluated the drivers’ ability to return to and recover within their own travel lane after leaving the roadway and encountering a drop-off. Many of these studies, however, have used professional drivers as test subjects, so results may not always apply to the population of average drivers. Furthermore, test subjects are always briefed on what generally is to be expected and how to respond; thus, the sense of surprise that a truly naïve driver may experience upon realizing that one or two of his or her tires have just dropped off the edge of the pavement, is very likely diminished. Additionally, the studies were carried out under controlled conditions. The actual impact of pavement edge drop-off on drivers’ ability to recover safely once they leave the roadway, however, is not well understood under actual driving conditions. Additionally, little information is available that quantifies the number or severity of crashes that occur where pavement edge drop-off may have been a contributing factor. Without sufficient information about the frequency of edge drop-off-related crashes, agencies are not fully able to measure the economic benefits of investment decisions, evaluate the effectiveness of different treatments to mitigate edge drop-off, or focus maintenance resources. To address these issues, this report details research to quantify the contribution of pavement edge drop-off to crash frequency and severity. Additionally, the study evaluated federal and state guidance in sampling and addressing pavement edge drop-off and quantified the extent of pavement edge drop-off in two states. This study focused on rural two-lane paved roadways with unpaved shoulders, since they are often high speed facilities (55+ mph), have varying levels of maintenance, and are likely to be characterized by adverse roadway conditions such as narrow lanes or no shoulders.

Three essays in dynamic corporate finance

Summary Throughout my thesis, I elaborate on how real and financing frictions affect corporate decision making under uncertainty, and I explore how firms time their investment and financing decisions given such frictions. While the macroeconomics literature has focused on the impact of real frictions on investment decisions assuming all equity financed firms, the financial economics literature has mainly focused on the study of financing frictions. My thesis therefore assesses the join interaction of real and financing frictions in firms' dynamic investment and financing decisions. My work provides a rationale for the documented poor empirical performance of neoclassical investment models based on the joint effect of real and financing frictions on investment. A major observation relies in how the infrequency of corporate decisions may affect standard empirical tests. My thesis suggests that the book to market sorts commonly used in the empirical asset pricing literature have economic content, as they control for the lumpiness in firms' optimal investment policies. My work also elaborates on the effects of asymmetric information and strategic interaction on firms' investment and financing decisions. I study how firms time their decision to raise public equity when outside investors lack information about their future investment prospects. I derive areal-options model that predicts either cold or hot markets for new stock issues conditional on adverse selection, and I provide a rational approach to study jointly the market timing of corporate decisions and announcement effects in stock returns. My doctoral dissertation therefore contributes to our understanding of how under real and financing frictions may bias standard empirical tests, elaborates on how adverse selection may induce hot and cold markets in new issues' markets, and suggests how the underlying economic behaviour of firms may induce alternative patterns in stock prices.

How well do individuals predict the selling prices of their homes?

Self-reported home values are widely used as a measure of housing wealth by researchers employing a variety of data sets and studying a number of different individual and household level decisions. The accuracy of this measure is an open empirical question, and requires some type of market assessment of the values reported. In this research, we study the predictive power of self-reported housing wealth when estimating sales prices utilizing the Health and Retirement Study. We find that homeowners, on average, overestimate the value of their properties by between 5% and 10%. More importantly, we are the first to document a strong correlation between accuracy and the economic conditions at the time of the purchase of the property (measured by the prevalent interest rate, the growth of household income, and the growth of median housing prices). While most individuals overestimate the value of their properties, those who bought during more difficult economic times tend to be more accurate, and in some cases even underestimate the value of their house. These results establish a surprisingly strong, likely permanent, and in many cases long-lived, effect of the initial conditions surrounding the purchases of properties, on how individuals value them. This cyclicality of the overestimation of house prices can provide some explanations for the difficulties currently faced by many homeowners, who were expecting large appreciations in home value to rescue them in case of increases in interest rates which could jeopardize their ability to live up to their financial commitments.

Endogeneizing know-how flows through the nature of R&D investments

In this paper we carefully link knowledge flows to and from a firm s innovation process with this firm s investment decisions. Three types of investments are considered: investments in applied research, investments in basic research, and investments in intellectual property protection. Only when basic research is performed, can the firm effectively access incoming knowledge flows and these incoming spillovers serve to increase the efficiency of own applied research. The firm can at the same time influence outgoing knowledge flows, improving appropriability of its innovations, by investing in protection. Our results indicate that firms with small budgets for innovation will not invest in basic research. This occurs in the short run, when the budget for know-how creation is restricted, or in the long-run, when market opportunities are low, when legal protection is not very important, or, when the pool of accessible and relevant external know-how is limited. The ratio of basic to applied research is non-decreasing in the size of the pool of accessible external know-how, the size and opportunity of the market, and, the effectiveness of intellectual property rights protection. This indicates the existence of economies of scale in basic research due to external market related factors. Empirical evidence from a sample of innovative manufacturing firms in Belgium confirms the economies of scale in basic research as a consequence of the firm s capacity to access external knowledge flows and to protectintellectual property, as well as the complementarity between legal and strategic investments.

Determinants of Corporate Disclosure : A Multicountry, Multilevel Model

Abstract The complexity of the current business world is making corporate disclosure more and more important for information users. These users, including investors, financial analysts, and government authorities rely on the disclosed information to make their investment decisions, analyze and recommend shares, and to draft regulation policies. Moreover, the globalization of capital markets has raised difficulties for information users in understanding the differences incorporate disclosure across countries and across firms. Using a sample of 797 firms from 34 countries, this thesis advances the literature on disclosure by illustrating comprehensively the disclosure determinants originating at firm systems and national systems based on the multilevel latent variable approach. Under this approach, the overall variation associated with the firm-specific variables is decomposed into two parts, the within-country and the between-country part. Accordingly, the model estimates the latent association between corporate disclosure and information demand at two levels, the within-country and the between-country level. The results indicate that the variables originating from corporate systems are hierarchically correlated with those from the country environment. The information demand factor indicated by the number of exchanges listed and the number of analyst recommendations can significantly explain the variation of corporate disclosure for both "within" and "between" countries. The exogenous influences of firm fundamentals-firm size and performance-are exerted indirectly through the information demand factor. Specifically, if the between-country variation in firm variables is taken into account, only the variables of legal systems and economic growth keep significance in explaining the disclosure differences across countries. These findings strongly support the hypothesis that disclosure is a response to both corporate systems and national systems, but the influence of the latter on disclosure reflected significantly through that of the former. In addition, the results based on ADR (American Depositary Receipt) firms suggest that the globalization of capital markets is harmonizing the disclosure behavior of cross-boundary listed firms, but it cannot entirely eliminate the national features in disclosure and other firm-specific characteristics.

Public infrastructure and the performance of manufacturing industries: short-and long-run

We present a theoretical framework for determining the short- and long-run effects of infrastructure. While the short-run effects have been the focus of most previous studies, here we derive long-run elasticities by taking into account the adjustment of quasi-fixed inputs to their optimum levels. By considering the impact of infrastructure on private investment decisions, we observe how, apart from the direct effect on costs in the short-run, infrastructure exerts an indirect source of influence in the long-run through their effect on private capital. The model is applied to manufacturing industries in the Spanish regions

Public infrastructure and the performance of manufacturing industries: short-and long-run

We present a theoretical framework for determining the short- and long-run effects of infrastructure. While the short-run effects have been the focus of most previous studies, here we derive long-run elasticities by taking into account the adjustment of quasi-fixed inputs to their optimum levels. By considering the impact of infrastructure on private investment decisions, we observe how, apart from the direct effect on costs in the short-run, infrastructure exerts an indirect source of influence in the long-run through their effect on private capital. The model is applied to manufacturing industries in the Spanish regions

Confusió i borsa

En aquest article es conceptualitza la confusió en termes d'incertesa, considerant posteriorment com intervé en el procés de formació de creences i en la presa de decisions d'inversió i distingint tres tipus d'estratègies inversores, la diversificació, la concentració en empreses confiant en el pla empresarial i en la capacitat de gestió i, finalment, el seguidisme, referent a l'estratègia basada en confiar en tercers (rumors, notícies, experts, gurus ...). D'acord amb aquesta anàlisi, s'estableix la influència de la informació i la confusió en formació de les bombolles financeres i s'il·lustra amb l'exemple de la bombolla immobiliària i el crac borsari de 2008 a Espanya.

Total Cost of Transportation Analysis of Road and Highway Issues, HR-388, 2002

In the administration, planning, design, and maintenance of road systems, transportation professionals often need to choose between alternatives, justify decisions, evaluate tradeoffs, determine how much to spend, set priorities, assess how well the network meets traveler needs, and communicate the basis for their actions to others. A variety of technical guidelines, tools, and methods have been developed to help with these activities. Such work aids include design criteria guidelines, design exception analysis methods, needs studies, revenue allocation schemes, regional planning guides, designation of minimum standards, sufficiency ratings, management systems, point based systems to determine eligibility for paving, functional classification, and bridge ratings. While such tools play valuable roles, they also manifest a number of deficiencies and are poorly integrated. Design guides tell what solutions MAY be used, they aren't oriented towards helping find which one SHOULD be used. Design exception methods help justify deviation from design guide requirements but omit consideration of important factors. Resource distribution is too often based on dividing up what's available rather than helping determine how much should be spent. Point systems serve well as procedural tools but are employed primarily to justify decisions that have already been made. In addition, the tools aren't very scalable: a system level method of analysis seldom works at the project level and vice versa. In conjunction with the issues cited above, the operation and financing of the road and highway system is often the subject of criticisms that raise fundamental questions: What is the best way to determine how much money should be spent on a city or a county's road network? Is the size and quality of the rural road system appropriate? Is too much or too little money spent on road work? What parts of the system should be upgraded and in what sequence? Do truckers receive a hidden subsidy from other motorists? Do transportation professions evaluate road situations from too narrow of a perspective? In considering the issues and questions the author concluded that it would be of value if one could identify and develop a new method that would overcome the shortcomings of existing methods, be scalable, be capable of being understood by the general public, and utilize a broad viewpoint. After trying out a number of concepts, it appeared that a good approach would be to view the road network as a sub-component of a much larger system that also includes vehicles, people, goods-in-transit, and all the ancillary items needed to make the system function. Highway investment decisions could then be made on the basis of how they affect the total cost of operating the total system. A concept, named the "Total Cost of Transportation" method, was then developed and tested. The concept rests on four key principles: 1) that roads are but one sub-system of a much larger 'Road Based Transportation System', 2) that the size and activity level of the overall system are determined by market forces, 3) that the sum of everything expended, consumed, given up, or permanently reserved in building the system and generating the activity that results from the market forces represents the total cost of transportation, and 4) that the economic purpose of making road improvements is to minimize that total cost. To test the practical value of the theory, a special database and spreadsheet model of Iowa's county road network was developed. This involved creating a physical model to represent the size, characteristics, activity levels, and the rates at which the activities take place, developing a companion economic cost model, then using the two in tandem to explore a variety of issues. Ultimately, the theory and model proved capable of being used in full system, partial system, single segment, project, and general design guide levels of analysis. The method appeared to be capable of remedying many of the existing work method defects and to answer society's transportation questions from a new perspective.

Iowa In Motion: State Transportation Plan, 1997

What is Iowa in Motion? The Iowa Department of Transportation is continuing the journey to develop Iowa’s future transportation system. This ongoing planning process, known as Iowa in Motion, was developed in response to the Intermodal Surface Transportation Efficiency Act (ISTEA) and Iowa’s changing transportation needs. The completion of Parts I, II and III of Iowa in Motion has led to development of this State Transportation Plan. Part IV includes activities, both current and future, to support the plan. This State Transportation Plan represents the thoughts and concerns of thousands of Iowans. Individuals, metropolitan planning organizations (MPOs), regional planning affiliations (RPAs), associations and organizations have become involved and have made recommendations concerning which direction should be followed regarding transportation investments. This plan represents their extensive input into the Iowa in Motion process and consensus building as we moved towards adoption of this State Transportation Plan. The adopted plan serves as a guide for development of transportation policies, goals, objectives, initiatives and investment decisions through the year 2020.

Sähkönjakeluverkon ja sähköasemien kehittämissuunnitelma

Tämän työn tavoitteena on tarkastella keskijänniteverkonja sähköasemien kehittämistarpeita kahdella kohdealueella Kymenlaakson Sähköverkko Oy:n verkossa. Tarkastelun pohjatiedoiksi selvitettiin verkon sähköinen nykytila, luotettavuus, verkon topologia, kuormitusten jakautuminen ja muodostettiintulevaisuuden kuormitusennusteet. Lisäksi tarkasteltiin sähköasemien korvattavuus. Keskeiseksi työn sisällöksi muodostui kevytsähköasemien eri sijoituspaikkojen kannattavuustarkastelut, ottaen huomioon uuden keskijännitesyöttöpisteen vaikutukset keskijänniteverkon vahvistustarpeisiin, häviöihin ja käyttövarmuuteen. Laskelmat suoritettiin elinkaarikustannusperiaatteella huomioiden investointien, keskeytyksestä aiheutuneen haitan, häviöiden, kunnossapidon javiankorjauksen kustannukset. Työn tuloksena saatiin investointistrategiaehdotukset, joiden pohjalta verkkoyhtiö voi tehdä lähitulevaisuuden ratkaisuja sekä valmistautua tuleviin investointeihin.

Energiatehokkaiden tuotteiden myynti voimalaitoksiin

Tämän diplomityö käsittelee energiasäästömahdollisuuksia taajuusmuuttajien ja korkean hyötysuhteen moottoreiden avulla Suomen voimalaitoksissa. Energiatehokkuuden parantaminen voimalaitosten tuotantoprosessissa tarjoaa suuria myyntimahdollisuuksia ja on siten mielenkiintoinen tutkimuksen kohde. Työn tavoitteena on analysoida voimalaitostoimialaa Suomessa ja selvittäävoimalaitosten energiansäästöpotentiaalia suurimpien sähköä kuluttavien laitteiden osalta. Työn perusteella saadaan muodostettua kuva taajuusmuuttaja ja korkean hyötysuhteen moottorien markkinoista voimalaitoksiin. Työnalkuosassa keskitytään voimalaitostoimialan ja energiamarkkinoiden analyysiin. Analyysissä käydään läpi yleisimpien voimalaitosten toimintaperiaatteet ja energiatehokkaiden tuotteiden markkinakehitys sekä teollisuuden investointeihin liittyviä tekijöitä. Työn loppuosa käsittelee voimalaitosten suurimpien pumppujen ja puhaltimien energiansäästömahdollisuutta taajuusmuuttajien avulla. Työn tuloksena on muodostettu analyysi eri voimalaitostyyppien laittokannasta ja arvio energiasäästöstä sekä myyntipotentiaalista, jos laitteet muutetaan taajuusmuuttajakäytöiksi.

Redes sociales y negocios. La red de inversión del Banco de Barcelona en la economía catalana a mediados del siglo XIX

The appearance of the Banco de Barcelona involved the formation of an investment compact network between its directors. In this work we studied how this investment network grew within a larger one, the one formed by the major investors in Catalonia during the period 1815-1866, as well as the role played by the top executives of the Bank inside it. Our findings indicate that some of the directors of the Bank held a central position in the main Catalan investors" network. This important role guaranteed reliable information on the progress of businesses. This information not only favored the operations of the institution, but also allowed its directors to take investment decisions inside the network. Moreover, the Bank interconnects individuals who were associated with different investors" sectors, which made the institution coalesced around an investing core with different important influences and connections.

Tuotannon läpäisyajan analyysi

Diplomityö on tapaustutkimus, jossa analysoidaan yrityksen tilausohjautuvan massatuotannon läpimenoon vaikuttavia tekijöitä huippukuormituksen aikana. Tavoitteena oli selvittää päätuotantolinjan yksittäisten osien kapasiteetin käyttösuhdetta pienentävät ja koko tuotantoketjun läpäisyaikaan vaikuttavat tekijät, kapasiteetin käyttösuhdetta pienentävien tekijöiden poistamiseksi tarvittavat toimenpiteet ja teoreettinen maksimikapasiteetti näiden toimenpiteiden suorittamisen jälkeen. Selvitystä käytettiin tukimateriaalina päätettäessä tulevaisuuden laiteinvestoinneista. Projektin tiedonkeruun menetelminä toteutettiin osallistuvaa havainnointia, tehtiin aikamittauksia sekä kokeiltiin erilaisia tuotannonohjauksen järjestelyjä. Kerättyjen tietojen pohjalta laadittiin arviolaskelmia kapasiteetin käyttösuhteen määrittämiseksi sekä arvioitiin eri muuttujien vaikutusta. Tutkimuksen perusteella löydettiin kustakin päätuotantolinjan työvaiheesta kapasiteetin käyttösuhdetta vähentäviä tekijöitä ja laadittiin parannusehdotuksia. Esimerkkeinä työaikajärjestelyt ja käyttömiesten toimenkuvaan kuuluvien tehtävien järjestelyt, sekä kunnossapidon, tuotannonohjauksen ja tiedonkulun kehittäminen. Tutkimuksessa esitettyjen parannusehdotusten, kysynnän kehitysennusteiden ja suunnitellun laitteistoinvestoinnin toteutumisen myötä tuotannon pullonkaulatyövaihe siirtyy tuotantoketjussa seuraavaan vaiheeseen. Tämän huomioiminen investointipäätöksissä on oleellista tasaisesti virtaavan tuotannon aikaansaamiseksi.

Suomalaisen rahastosijoittajan profiili

Tutkimuksen tarkoituksena on luoda suomalaisen rahastosijoittajan profiili. Tutkimuskohteena ovat sijoittajien demografiset ominaisuudet, rahastosijoitukset sekä rahastotransaktiot. Aineistona on erään suomalaisen rahastoyhtiön henkilöasiakastietokanta vuosilta 1998 - 2003. Tutkimustulosten mukaan rahastosijoittaminen on yleistynyt Suomessa viime vuosien aikana. Erityisesti naisten määrä rahastosijoittajien joukossa on kasvussa. Rahastosijoitusten suuruus riippuu sijoittajan iästä sekä sukupuolesta. Mitä vanhempi sijoittaja on, sitä enemmän hän on sijoittanut rahastoihin. Lisäksi miehet sijoittavat suurempia summia kuin naiset. Viimeisten kolmen vuoden aikana suomalaisten rahastosijoittajien sijoituskohteiden painopiste on muuttunut riskillisemmistä rahastoista vähäriskisiin rahastoihin, erityisesti lyhyen koron rahastoihin. Osakemarkkinoiden mennyt kehitys vaikuttaa sijoituspäätöksiin. Rahastosijoittajien markkina-ajoituskyky on kuitenkin melko heikko. Miehet tekevät aktiivisemmin merkintöjä ja lunastuksia ja lisäksi reagoivat naisia nopeammin markkinoiden muutoksiin.