Corporate Funding on the European Debt Capital Market

The integrated European debt capital market has undoubtedly broadened the possibilities for companies to access funding from the public and challenged investors to cope with an ever increasing complexity of its market participants. Well into the Euro-era, it is clear that the unified market has created potential for all involved parties, where investment opportunities are able to meet a supply of funds from a broad geographical area now summoned under a single currency. Europe’s traditionally heavy dependency on bank lending as a source of debt capital has thus been easing as corporate residents are able to tap into a deep and liquid capital market to satisfy their funding needs. As national barriers eroded with the inauguration of the Euro and interest rates for the EMU-members converged towards over-all lower yields, a new source of debt capital emerged to the vast majority of corporate residents under the new currency and gave an alternative to the traditionally more maturity-restricted bank debt. With increased sophistication came also an improved knowledge and understanding of the market and its participants. Further, investors became more willing to bear credit risk, which opened the market for firms of ever lower creditworthiness. In the process, the market as a whole saw a change in the profile of issuers, as non-financial firms increasingly sought their funding directly from the bond market. This thesis consists of three separate empirical studies on how corporates fund themselves on the European debt capital markets. The analysis focuses on a firm’s access to and behaviour on the capital market, subsequent the decision to raise capital through the issuance of arm’s length debt on the bond market. The specific areas considered are contributing to our knowledge in the fields of corporate finance and financial markets by considering explicitly firms’ primary market activities within the new market area. The first essay explores how reputation of an issuer affects its debt issuance. Essay two examines the choice of interest rate exposure on newly issued debt and the third and final essay explores pricing anomalies on corporate debt issues.

Influence of drying on the liquid limit behaviour of a marine clay

The possible mechanisms of particle aggregation and reduction in liquid limit of the Cochin marine clay on drying are investigated. Mineralogical analysis showed the absence of halloysite in the marine specimen. Experimental results also ruled out the possibility of cementitious material being responsible for particle aggregation and reduction in clay plasticity on drying. The presence of calcium and magnesium as the predominant exchangeable ions and of a high pore salt concentration facilitates strong interparticle attraction and small particle separations; the latter leads to development of significant capillary stresses that permits an intimate contact of particles and growth of strong van der Waals' and Coulombic bonds.

Asymptotic behaviour and boundedness of linear systems with time varying coefficients

Motivated by developments in spacecraft dynamics, the asymptotic behaviour and boundedness of solution of a special class of time varying systems in which each term appears as the sum of a constant and a time varying part, are analysed in this paper. It is not possible to apply standard textbook results to such systems, which are originally in second order. Some of the existing results are reformulated. Four theorems which explore the relations between the asymptotic behaviour/boundedness of the constant coefficient system, obtained by equating the time varying terms to zero, to the corresponding behaviour of the time varying system, are developed. The results show the behaviour of the two systems to be intimately related, provided the solutions of the constant coefficient system approach zero are bounded for large values of time, and the time varying terms are suitably restrained. Two problems are tackled using these theorems.

Behaviour of Bi-adhesive Joints

The use of relatively low modulus adhesive at the ends of overlap in a bi-adhesive bondline of a bonded joint can reduce the stress concentration significantly and, therefore, potentially lead to higher strength of the joint. This study presents the two-dimensional and three-dimensional nonlinear (geometric and material) finite element analyses of adhesively bonded single lap joints having modulus-graded bondline under monotonic loading conditions. The adhesives were modelled as an elasto-plastic multi-linear material, while the substrates were regarded as both linear elastic and bi-linear elasto-plastic material. The computational simulations have been performed to investigate the bondline behaviour by studying the stress and strain distributions both at the mid-plane as well as at the interface of the bondline. It has been observed that the static strength is higher for joints with bi-adhesive bondlines compared to those with single adhesives in bondline. Higher joint strength has also been observed for optimum bi-adhesive bondline ratio through parametric studies. Effects of load level, and bondline thickness on stress distribution in the bi-adhesive bondline have also been studied. 3D analysis results reveal the existence of complex multi-axial stress/strain state at the ends of the overlap in the bondline which cannot be observed in 2D plane strain analysis. About 1/3rd of the width of the joint from the free edge in the width direction has 3D stress state, especially in the compliant adhesive of the bondline. Magnitudes of longitudinal and lateral stress/strain components are comparable to peel stress/strain components. It has also been analytically shown that the in-plane global stiffness of the joint remains unaffected by modulus gradation of the bondline adhesive. (C) Koninklijke Brill NV, Leiden, 2010.

Influence of propellant choice on MPD arcjet cathode surface current density distribution

The radial current density on an MPD arcjet cathode surface is theoretically investigated for five propellants. It is found that excessive current concentration at the upstream end of the cathode occurs in the case of hydrogen. This undesirable effect is traced to the higher electrical conductivity of hydrogen plasma.

Colours as Non-Verbal Signs on Packages

Colour is an essential aspect of our daily life, and still, it is a neglected issue within marketing research. The main reason for studying colours is to understand the impact of colours on consumer behaviour, and thus, colours should be studied when it comes to branding, advertising, packages, interiors, and the clothes of the employees, for example. This was an exploratory study about the impact of colours on packages. The focus was on low-involvement purchasing, where the consumer puts limited effort into the decision-making. The basis was a scenario in which the consumer faces an unpredictable problem needing immediate action. The consumer may be in hurry, which indicate time pressure. The consumer may lack brand preferences, or the preferred brand may be out of stock. The issue is that the choice is to be made at the point of purchase. Further, the purchasing involves product classes where the core products behind the brands are indistinguishable from each other. Three research questions were posed. Two questions were answered by conjoint analysis, i.e. if colours have an impact on decision-making and if a possible impact is related to the product class. 16 hypothetical packages were designed in two product classes within the healthcare, i.e. painkillers and medicine against sore throats. The last research question aimed at detecting how an analysis could be carried out in order to understand the impact of colours. This question was answered by conducting interviews that were analysed by applying laddering method and a semiotics approach. The study found that colours do indeed have an impact on consumer behaviour, this being related to the context, such as product class. The role of colours on packages was found to be threefold: attention, aesthetics, and communication. The study focused on colours as a means of communication, and it proposes that colours convey product, brand, and product class meanings, these meanings having an impact on consumers’ decision-making at the point of purchase. In addition, the study demonstrates how design elements such as colours can be understood by regarding them as non-verbal signs. The study also presents an empirical design, involving quantitative and qualitative techniques that can be used to gain in depth understanding of the impact of design elements on consumer behaviour. Hannele Kauppinen is associated with CERS, the Centre for Relationship Marketing and Service Management of the Swedish School of Economics and Business Administration

Tool wear monitoring using ant behaviour

In this paper we show the applicability of Ant Colony Optimisation (ACO) techniques for pattern classification problem that arises in tool wear monitoring. In an earlier study, artificial neural networks and genetic programming have been successfully applied to tool wear monitoring problem. ACO is a recent addition to evolutionary computation technique that has gained attention for its ability to extract the underlying data relationships and express them in form of simple rules. Rules are extracted for data classification using training set of data points. These rules are then applied to set of data in the testing/validation set to obtain the classification accuracy. A major attraction in ACO based classification is the possibility of obtaining an expert system like rules that can be directly applied subsequently by the user in his/her application. The classification accuracy obtained in ACO based approach is as good as obtained in other biologically inspired techniques.

Behaviour of autonomous mobile agents using linear cyclic pursuit laws

In this paper, the behaviour of a group of autonomous mobile agents under cyclic pursuit is studied. Cyclic pursuit is a simple distributed control law, in which the agent i pursues agent i + 1 modulo n.. The equations of motion are linear, with no kinematic constraints on motion. Behaviourally, the agents are identical, but may have different controller gains. We generalize existing results in the literature and show that by selecting these gains, the behavior of the agents can be controlled. They can be made to converge at a point or be directed to move in a straight line. The invariance of the point of convergence with the sequence of pursuit is also shown.

The Hybrid Consumer: Exploring the Drivers of a New Consumer Behaviour Type

A dramatically different consumption pattern seems to be emerging among a vast group of consumers. This may mean that conventional consumer stereotypes and segmentation theory are becoming outdated. The so called hybrid consumers seem to increasingly opt for both premium and budget alternatives in various product and service categories while mid-priced alternatives are losing share in their consumption basket. Although this type of polarisation, or dispersion, is already recognized as an important change, hybrid behaviour is still largely under-researched. The present study aims to analyze the possible drivers of hybrid consumption and by identifying typical categories and situations of trading up versus trading down derive tentative characteristics of hybrid consumption for further research on the topic. A tentative pattern of hybrid consumption was identified, which relates trading up to high-involvement, discretional spending and trading down to low-involvement necessities. However, it was also found that hybrid consumption transcends product category boundaries and may thus be less straightforward than previously perhaps assumed. In addition, a purchase pattern continuum was developed, accounting for various degrees of hybrid consumption.

Studies on the ageing behaviour of Polyvinylchloride/ammonium perchlorate composite solid propellant

The effects of ageing on the properties of a complete polyvinyl chloride — dibutyl phthalate — ammonium perchlorate solid propellant have been studied by measurements of burning rates, thermal decomposition rates (by thermogravimetry and DTA) and calorimetric values. Ageing leads to loss of HCl by dehydrochlorination and a corresponding increase in heat of combustion.

Asynchronous behaviour in some three-atom linear concerted radical-exchange reactions

A few simple three-atom thermoneutral radical exchange reactions (i.e. A + BC --> AB + C) are examined by ab initio SCF methods. Emphasis is laid on the detailed analysis of density matrices rather than on energetics. Results reveal that the sum of the bond orders of the breaking and forming bonds is not conserved to unity, due to development of free valence on the migrating atom 'B' in the transition state. Bond orders, free valence and spin densities on the atoms are calculated. The present analysis shows that the bond-cleavage process is always more advanced than the bond-formation process in the transition state. Further analysis shows a development of the negative spin density on the migrating atom 'B' in the transition state. The depletion of the alpha-spin density on the radical site "A" in the reactant during the reaction lags behind the growth of the alpha-spin density on the terminal atom "C" of the reactant bond, 'B-C' in the transition state. But all these processes are completed simultaneously at the end of the reaction. Hence, the reactions are asynchronous but kinetically concerted in most cases.

Electrical and Dielectric Behaviour at the Critical Point of Binary Liquids: Acetonitrile + Cyclohexane

The electrical capacitance and resistance of the binary liquid mixture cyclohexane + acetonitrile are measured in the one phase and two phase regions at spot frequencies between 5 kHz and 100 kHz. This sample has a very low gravity affected (∼0.6 mK) region. In one phase region the capacitance data show a sharp, ∼0.7% increase above background within 0.5 degrees of Tc whereas the resistance has a smooth increase of ∼1.5% above background in a (T−Tc) range of 4 degrees. Two phase values of capacitance and resistance from the coexisting phases are used to determine the critical parameters Tc (critical temperature), Rc (resistance at Tc) and Cc (capacitance at Tc). A precise knowledge of these parameters reduces the uncertainty on the critical exponent 0 for C and R. The one phase capacitance data fit to an (1 - α) exponent in a limited temperature range of 0.2 degrees. Resistance data strongly support an (1 - α) exponent over the entire 5 degree range.

Development of Nonsocial Behaviour in the Asiatic Elephant

The elephant calf, a defended follower is completely dependent on adults till the age of 3 months. It begins to explore and attempts to feed at 3 to 6 months, and then becomes partially independent with some feeding on its own. The characteristics of behavior in adults are examined and the development of this pattern in the calf is traced by analyis of duration, transition and clustering of the behavioural elements. Essential activities like suckling, locomotion and lying down for rest appear soon after birth whereas elements of feeding, grooming and play appear only at a later stage. The calf takes the initiative in suckling and its termination, drinking directly by mouth till the age of 6 months. The first element of feeding appears at about a week in attempts to pick up and hold objects in the trunk. Co-ordination of limb, trunk and mouth movement is achieved by about 1 month. The calf is strong enough to pull out plants by 6 months when independent feeding begins. In about a year feeding, drinking and dusting patterns are well developed.