Revisiting capital structure theory : a test of pecking order and static order trade-of model from Malaysian capital market

This study revisits the capital structure theory and test Pecking Order Hypothesis (POH) and Static Order Trade-off theory (STOT) using Malaysian Listed firms over a period from 1999 to 2002. The evidence from pecking order model suggests that the internal fund deficiency is the most important determinant that possibly explains the issuance of new debt in Malaysian capital market despite the lower predicting power.  While static trade off-model is not fit to explain the issuance of new debt issue in Malaysian capital market. This is an interesting findings that confirm the fact that Malaysian firms do not too much care about tax-shield benefit derive from employ both debt and non-debt tax-shield. The finn's size, which is used to neutralize the size effect, appears to provide some explanation for the variation in its capital structure policy choice; however asset structure and growth no evidence of static-order-trade-off is observed in Malaysian capital market.

Determinants of Capital Structure of Swedish limited companies : Testing Trade-off Theory Against Pecking Order Theory

Research question- This thesis investigates the determinants of capital structure of the Swedish companies. In order to do so, the two dominant theories of the corporate structure are studied and their assumptions are tested. Thus, the study researches which one of the two theories is more appealing for the Swedish market. Methodology-The study follows a purely quantitative study, by conducting an econometric analysis. The data are collected from a secondary source and more particularly the "Retriever" database, which contains financial data of the Swedish companies. Findings- The findings indicate that the determinants of the corporate structure for the Swedish market do not differ from other studies which have been conducted in other countries. However, there is a difference when it comes to tax and non-tax shields. The results suggest that in most cases the Pecking Order Theory appears to be more representative for the Swedish market, since most of the coefficient appear to be in favour of it. Moreover, the significance of the effect of the industry for the financial leverage is confirmed.

Compact arrays for mobile platforms : trade-off between size and performance for SDMA and MIMO applications

Smart antenna receiver and transmitter systems consist of multi-port arrays with an individual receiver channel (including ADC) and an individual transmitter channel (including DAC)at every of the M antenna ports, respectively. By means of digital beamforming, an unlimited number of simultaneous complex-valued vector radiation patterns with M-1 degrees of freedom can be formed. Applications of smart antennas in communication systems include space-division multiple access. If both stations of a communication link are equipped with smart antennas (multiple-input-multiple-output, MIMO). multiple independent channels can be formed in a "multi-path-rich" environment. In this article, it will be shown that under certain circumstances, the correlation between signals from adjacent ports of a dense array (M + ΔM elements) can be kept as low as the correlation between signals from adjacent ports of a conventional array (M elements and half-wavelength pacing). This attractive feature is attained by means of a novel approach which employs a RF decoupling network at the array ports in order to form new ports which are decoupled and associated with mutually orthogonal (de-correlated) radiation patterns.

Diversity-Rate Trade-off for Fading Channels with Power Control

We consider a complex, additive, white Gaussian noise channel with flat fading. We study its diversity order vs transmission rate for some known power allocation schemes. The capacity region is divided into three regions. For one power allocation scheme, the diversity order is exponential throughout the capacity region. For selective channel inversion (SCI) scheme, the diversity order is exponential in low and high rate region but polynomial in mid rate region. For fast fading case we also provide a new upper bound on block error probability and a power allocation scheme that minimizes it. The diversity order behaviour of this scheme is same as for SCI but provides lower BER than the other policies.

Semi-Parametric Weak Instrument Regressions with an Application to the Risk-Return Trade-off

Recent work shows that a low correlation between the instruments and the included variables leads to serious inference problems. We extend the local-to-zero analysis of models with weak instruments to models with estimated instruments and regressors and with higher-order dependence between instruments and disturbances. This makes this framework applicable to linear models with expectation variables that are estimated non-parametrically. Two examples of such models are the risk-return trade-off in finance and the impact of inflation uncertainty on real economic activity. Results show that inference based on Lagrange Multiplier (LM) tests is more robust to weak instruments than Wald-based inference. Using LM confidence intervals leads us to conclude that no statistically significant risk premium is present in returns on the S&P 500 index, excess holding yields between 6-month and 3-month Treasury bills, or in yen-dollar spot returns.

Optimization of cable cycles : a trade-off between reliability and cost

This paper elaborates the routing of cable cycle through available routes in a building in order to link a set of devices, in a most reasonable way. Despite of the similarities to other NP-hard routing problems, the only goal is not only to minimize the cost (length of the cycle) but also to increase the reliability of the path (in case of a cable cut) which is assessed by a risk factor. Since there is often a trade-off between the risk and length factors, a criterion for ranking candidates and deciding the most reasonable solution is defined. A set of techniques is proposed to perform an efficient and exact search among candidates. A novel graph is introduced to reduce the search-space, and navigate the search toward feasible and desirable solutions. Moreover, admissible heuristic length estimation helps to early detection of partial cycles which lead to unreasonable solutions. The results show that the method provides solutions which are both technically and financially reasonable. Furthermore, it is proved that the proposed techniques are very efficient in reducing the computational time of the search to a reasonable amount.

Trade-off manipulations in the development of negotiation decision support systems

Our model of negotiation for constructing Negotiation Decision Support Systems is based upon Principled Negotiation and uses trade-off manipulations in order to provide decision support. A resulting system, Family_Winner, was constructed using several information systems techniques. Trade-off Maps (a variant of Constraint Diagrams) are used to represent trade-off opportunities, while an empirically derived formula calculates the amount of compensation given to the ratings of issues remaining in dispute. The Issue Decomposition Hierarchy embedded in the system allows for the incorporation of sub-issues. Family_Winner was originally built for use in Australian Family Law. We believe our model can be extended for use in various other domains.

Family_Winner has been evaluated in the areas of industrial relations, international disputation and company disputes. Results from our evaluation suggest the system works satisfactorily in these domains. We conclude this paper by describing future projects that will develop and extend Family_Winner's functions and applicability.

Trade-off aproaches for the vibroacoustic analysis of trains

Passengers’ comfort in terms of acoustic noise levels is a key design driver for train design. The problem is especially relevant for high speed trains, where the aerodynamic induced noise is dominant, but it is also important for medium speed trains where the mechanical sources of noise may have more influence. The numerical interior noise prediction inside the train is a very comp lex problem, involving many different parameters: complex geometries and materials, different noise sources, com- plex interactions among those sources, broad range of frequencies where the phenomenon is important, etc. In this paper, the main findings of this work developed at IDR/UPM (Instituto de Microgravedad “Ignacio Da Riva”, Universidad Politécnica de Madrid) are presented, concentrat ing on the different modelling methodologies used for the different frequency ranges of interest, from FEM-BEM models, hybrid FEM-SEA to pure SEA models. The advantages and disadvantages of the different approaches are summarized. Different modelling techniques have also been evaluated and compared, taking into account the various and specific geometrical configurations typical in this type of structures, and the material properties used in the models. The critical configuration of the train inside a tunnel is studied in order to evaluate the external loads due to noise sources of the train. In this work, a SEA-model composed by periodic characteristic sections of a high spee d train is analysed inside a tunnel.

Measuring bitrate and quality trade-off in a fast region-of-interest based video coding

Prevailing video adaptation solutions change the quality of the video uniformly throughout the whole frame in the bitrate adjustment process; while region-of-interest (ROI)-based solutions selectively retains the quality in the areas of the frame where the viewers are more likely to pay more attention to. ROI-based coding can improve perceptual quality and viewer satisfaction while trading off some bandwidth. However, there has been no comprehensive study to measure the bitrate vs. perceptual quality trade-off so far. The paper proposes an ROI detection scheme for videos, which is characterized with low computational complexity and robustness, and measures the bitrate vs. quality trade-off for ROI-based encoding using a state-of-the-art H.264/AVC encoder to justify the viability of this type of encoding method. The results from the subjective quality test reveal that ROI-based encoding achieves a significant perceptual quality improvement over the encoding with uniform quality at the cost of slightly more bits. Based on the bitrate measurements and subjective quality assessments, the bitrate and the perceptual quality estimation models for non-scalable ROI-based video coding (AVC) are developed, which are found to be similar to the models for scalable video coding (SVC).

Life-history constraints in grassland plant species : a growth-defence trade-off is the norm

Plant growth can be limited by resource acquisition and defence against consumers, leading to contrasting trade-off possibilities. The competition-defence hypothesis posits a trade-off between competitive ability and defence against enemies (e.g. herbivores and pathogens). The growth-defence hypothesis suggests that strong competitors for nutrients are also defended against enemies, at a cost to growth rate. We tested these hypotheses using observations of 706 plant populations of over 500 species before and following identical fertilisation and fencing treatments at 39 grassland sites worldwide. Strong positive covariance in species responses to both treatments provided support for a growth-defence trade-off: populations that increased with the removal of nutrient limitation (poor competitors) also increased following removal of consumers. This result held globally across 4 years within plant life-history groups and within the majority of individual sites. Thus, a growth-defence trade-off appears to be the norm, and mechanisms maintaining grassland biodiversity may operate within this constraint.

Finite-SNR diversity-multiplexing trade-off of inter-vehicular cooperative diversity protocols

The finite-signal-to-noise ratio (SNR) diversity-multiplexing trade-off (DMT) of cooperative diversity protocols are investigated in vehicular networks based on cascaded Rayleigh fading. Lower bounds of DMT at finite SNR for orthogonal and non-orthogonal protocols are derived. The results showcase the first look into the achievable DMT trade-off of cooperative diversity in volatile vehicular environments. It is shown that the diversity gains are significantly suboptimal at realistic SNRs.

Modelling the nitrogen-driven trade-off between nitrogen utilisation efficiency and water use efficiency of wheat in eastern Australia.

The nitrogen-driven trade-off between nitrogen utilisation efficiency (yield per unit nitrogen uptake) and water use efficiency (yield per unit evapotranspiration) is widespread and results from well established, multiple effects of nitrogen availability on the water, carbon and nitrogen economy of crops. Here we used a crop model (APSIM) to simulate the yield, evapotranspiration, soil evaporation and nitrogen uptake of wheat, and analysed yield responses to water, nitrogen and climate using a framework analogous to the rate-duration model of determinate growth. The relationship between modelled grain yield (Y) and evapotranspiration (ET) was fitted to a linear-plateau function to derive three parameters: maximum yield (Ymax), the ET break-point when yield reaches its maximum (ET#), and the rate of yield response in the linear phase ([Delta]Y/[Delta]ET). Against this framework, we tested the hypothesis that nitrogen deficit reduces maximum yield by reducing both the rate ([Delta]Y/[Delta]ET) and the range of yield response to evapotranspiration, i.e. ET# - Es, where Es is modelled median soil evaporation. Modelled data reproduced the nitrogen-driven trade-off between nitrogen utilisation efficiency and water use efficiency in a transect from Horsham (36°S) to Emerald (23°S) in eastern Australia. Increasing nitrogen supply from 50 to 250 kg N ha-1 reduced yield per unit nitrogen uptake from 29 to 12 kg grain kg-1 N and increased yield per unit evapotranspiration from 6 to 15 kg grain ha-1 mm-1 at Emerald. The same increment in nitrogen supply reduced yield per unit nitrogen uptake from 30 to 25 kg grain kg-1 N and increased yield per unit evapotranspiration from 6 to 25 kg grain ha-1 mm-1 at Horsham. Maximum yield ranged from 0.9 to 6.4 t ha-1. Consistent with our working hypothesis, reductions in maximum yield with nitrogen deficit were associated with both reduction in the rate of yield response to ET and compression of the range of yield response to ET. Against the notion of managing crops to maximise water use efficiency in low rainfall environments, we emphasise the trade-off between water use efficiency and nitrogen utilisation efficiency, particularly under conditions of high nitrogen-to-grain price ratio. The rate-range framework to characterise the relationship between yield and evapotranspiration is useful to capture this trade-off as the parameters were responsive to both nitrogen supply and climatic factors.

On trade-off solution pairs in a special type of transportation problem

Abstract is not available.

The Relay Selection and Transmission Trade-off in Cooperative Communication Systems

A common and practical paradigm in cooperative communication systems is the use of a dynamically selected `best' relay to decode and forward information from a source to a destination. Such systems use two phases - a relay selection phase, in which the system uses transmission time and energy to select the best relay, and a data transmission phase, in which it uses the spatial diversity benefits of selection to transmit data. In this paper, we derive closed-form expressions for the overall throughput and energy consumption, and study the time and energy trade-off between the selection and data transmission phases. To this end, we analyze a baseline non-adaptive system and several adaptive systems that adapt the selection phase, relay transmission power, or transmission time. Our results show that while selection yields significant benefits, the selection phase's time and energy overhead can be significant. In fact, at the optimal point, the selection can be far from perfect, and depends on the number of relays and the mode of adaptation. The results also provide guidelines about the optimal system operating point for different modes of adaptation. The analysis also sheds new insights on the fast splitting-based algorithm considered in this paper for relay selection.

Performance and variability trade-off with gate-to-source/drain overlap length

The impact of gate-to-source/drain overlap length on performance and variability of 65 nm CMOS is presented. The device and circuit variability is investigated as a function of three significant process parameters, namely gate length, gate oxide thickness, and halo dose. The comparison is made with three different values of gate-to-source/drain overlap length namely 5 nm, 0 nm, and -5 nm and at two different leakage currents of 10 nA and 100 nA. The Worst-Case-Analysis approach is used to study the inverter delay fluctuations at the process corners. The drive current of the device for device robustness and stage delay of an inverter for circuit robustness are taken as performance metrics. The design trade-off between performance and variability is demonstrated both at the device level and circuit level. It is shown that larger overlap length leads to better performance, while smaller overlap length results in better variability. Performance trades with variability as overlap length is varied. An optimal value of overlap length of 0 nm is recommended at 65 nm gate length, for a reasonable combination of performance and variability.