Dissertations / Theses on the topic 'Speed of Adjustment (SOA)'
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Lopes, Natalia Cristina. "Speed of adjustment of capital structure: empirical study." reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/13493.
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We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered.
Analisamos o impacto de características específicas da empresa, bem como os fatores econômicos sobre a velocidade de ajustamento para alcançar o ponto ótimo da dívida. Usando métodos diferentes, encontramos velocidades de ajustamento que variam de 14,4% a 37%. Os resultados indicam que a velocidade de ajustamento é afetada por variáveis do ciclo de negócios: O termo de interação relacionado ao term spread revela, como esperado, um ajustamento mais rápido em booms do que em recessões e uma relação negativa entre o spread de curto prazo e velocidade de ajustamento. Mostramos também que a velocidade de ajustamento torna-se estacionária quando o aumento das de firmas com dívida zero é considerado.
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Fong, Wai-Ming. "Trading halts and the speed of adjustment of the market." Connect to resource, 1993. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1269525391.
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Husodo, Za??fri Ananto Banking & Finance Australian School of Business UNSW. "Speed of adjustment, volatility and noise in the Indonesia Stock Exchange." Awarded by:University of New South Wales. Banking & Finance, 2008. http://handle.unsw.edu.au/1959.4/41860.
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This research contains three essays that explore the speed of adjustment, volatility and noise in the Indonesia Stock Exchange. The first essay explores the speed of adjustment in the Indonesia Stock Exchange at daily interval from 2000 to 2004. The model employed is the speed of adjustment with noise. Firstly, I work on the estimation of the speed of adjustment. The estimated speed of adjustment coefficient concludes that the large size leads the smaller size group to adjust to new information. Secondly, I analyse the component in the noise that contributes significantly to the speed of adjustment level. It is confirmed that the factor determining the noise is bid-ask fluctuations. Therefore, it is reasonable to infer the component in the noise from bid-ask component. The decomposition of bid-ask spread into transaction cost and asymmetric information reveals that the latter is found to be a significant component determining the speed of adjustment level. The second essay analyses the fine grain dynamics of the speed of price adjustment to new information from 2000 to 2007. The exact time of adjustment is estimated at intraday frequency instead of at daily frequency. In this work, as an alternative of first moment estimation, second moment model-free estimation using volatility signature plot to estimate of the speed of adjustment is proposed. Both first and second moment estimation of the speed of adjustment provide consistent result of 30 minute adjustment period. Negative relation after 5-minute return interval between speed of adjustment estimate and realized variance is found implying lower noise leads to smaller deviation between observed and equilibrium price. In the third essay, I concentrate the work on the second moment of continuously compounded returns from 2000 to 2007 in the Indonesia Stock Exchange. The main purpose of the last essay is to estimate the noise and efficient variance in the Indonesia Stock Exchange. The realized variance based estimator is employed in the third essay. During the period of the study, noise variance decreases indicating smaller deviation between the observed and equilibrium price, hence improving market quality in the Indonesia Stock Exchange. The optimal frequency to estimate the efficient variance, on average, is nine minutes. The variance ratio of daily efficient variance to daily open-to-close reveals significant private information underlying price process in the Indonesia Stock Exchange.
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Zhu, Ting Ting. "Capital structure in Europe : determinants, market timing and speed of adjustment." Thesis, University of Leicester, 2015. http://hdl.handle.net/2381/33020.
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In broad terms, the aim of this thesis is to investigate the determinants of capital structure in European-listed firms. More specifically, it examines the existence of market timing effects in European firms and the speed of adjustment towards optimal capital structure as well as its determinants. Over the last two decades, Europe has undergone an intriguing experience involving changes in the political geography, financial liberalization, financial integration, a financial crisis and, most recently, financial reform. These exogenous shocks have taken their toll on European capital markets and banking sectors. In particular, the recent financial crisis has unveiled a number of inefficiencies in the incomplete financial integration process in terms of weak governance and ineffective regulations. The crisis period witnessed an increase in the following: the probability of bankruptcy; the number of banks and firms failing; illiquidity; and a significant loss in firms’ values. This in turn affected the flow of funds into firms either from bank lending channels or from capital markets. Indeed, such financial turmoil calls for further investigation into the determinants of firms’ capital structure in the European markets. This thesis contributes to the literature in two ways. First, this is the first study that empirically tests the market timing theory in 15 European countries. Second, it adds to the scant literature on comparative studies that examine the target capital speed of adjustment and its determinants. The thesis employs various econometric models to analyse the unbalanced panel data collected from 15 European countries. The generalized method of moments (GMM) estimator (among other panel data techniques) is deemed appropriate to estimate the models. It is designed to accommodate the unbalanced panels, multiple endogeneity and the autoregressive properties in the dependent variable. The new evidence provided by the findings of this study will be of great interest to the literature and policy-makers. The results confirm the effect of market valuation. However, it is negative in Europe, rather than positive as theory suggests. The results provide evidence that partially supports both pecking order and trade-off theories. For European firms, the annual speed of adjustment towards target capital is, on average, one quarter for book leverage and one half for market leverage. Firms in the Netherlands and Finland are the fastest to adjust their capital while firms in France and Spain are the slowest. The driving forces of the adjustment speed reveal that firms adjust more rapidly in wealthier and healthier environments such as those which involve a stable economy, a concentrated banking system and a promising future.
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Boulter, Terry. "The efficiency of currency markets: Studies of volatility and speed of adjustment." Thesis, Queensland University of Technology, 2006. https://eprints.qut.edu.au/16472/1/Terry_Boulter_Thesis.pdf.
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Whether or not currency markets may be regarded as efficient or not has been a hotly debated issue in the academic literature over recent decades. Economic theory would suggest that these markets should be efficient because they are apparently good examples of a perfectly competitive market structure. On the other hand, empirical tests of the efficient market hypothesis within these currency markets unequivocally find them to be inefficient. There is still no good explanation for this conundrum and as a result a fair amount of effort is still expended on refining the empirical studies of market efficiency, a task which is taken up in the four empirical studies that comprise this thesis.
Within efficient markets, prices are predicted to respond "quickly" with the arrival of new information and the empirical work in the thesis focuses on these issues by identifying three key areas for research, namely, price adjustment and volatility, volatility and the "news", and the speed of price adjustment. In essence, the studies examine whether there is inefficient adjustment to news in terms of excessive volatility, whether or not news is actually the main driver of exchange rate volatility and whether or not "quickly" can be measured empirically.
The empirical results reported within this thesis confirm that the Australian dollar has not been an excessively volatile currency, even though the level of volatility has been increasing; that the pattern of information flow explains a significant degree of the non constant variance in the returns of the world's most actively traded currencies, (i.e. information explains price innovation); that the reaction time to macroeconomic news occurs within seconds of a pre-scheduled announcement, and that the bulk of adjustment to fundamental value occurs within the hour. These findings are consistent with what would be expected within an efficient market.
The results reported within this thesis therefore suggest that the currency markets studied are efficient, at least for the sample periods of the data used in the studies. Exchange rates adjust rapidly with information arrival albeit not completely. It is also the case that a number of additional research questions emerge from this research. For example we know that volatility is not excessive and that it is increasing. What we do not know is the point at which increasing volatility becomes excessive. We know that exchange rates react quickly with the arrival of macroeconomic news, but we do not know precisely how long it takes for volatility to return to preannouncement levels, or why the reaction to news is inconsistent. We also do not know what type of information best explains volatility above that which is explained by the systematic dissemination of information or why full adjustment to fundamental value does not occur? Answers to these questions provide a future research agenda. Answers may provide insight that will help financial economists explain the apparent failure of the speculative efficient hypothesis.
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Boulter, Terry. "The efficiency of currency markets : studies of volatility and speed of adjustment." Queensland University of Technology, 2006. http://eprints.qut.edu.au/16472/.
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Whether or not currency markets may be regarded as efficient or not has been a hotly debated issue in the academic literature over recent decades. Economic theory would suggest that these markets should be efficient because they are apparently good examples of a perfectly competitive market structure. On the other hand, empirical tests of the efficient market hypothesis within these currency markets unequivocally find them to be inefficient. There is still no good explanation for this conundrum and as a result a fair amount of effort is still expended on refining the empirical studies of market efficiency, a task which is taken up in the four empirical studies that comprise this thesis. Within efficient markets, prices are predicted to respond "quickly" with the arrival of new information and the empirical work in the thesis focuses on these issues by identifying three key areas for research, namely, price adjustment and volatility, volatility and the "news", and the speed of price adjustment. In essence, the studies examine whether there is inefficient adjustment to news in terms of excessive volatility, whether or not news is actually the main driver of exchange rate volatility and whether or not "quickly" can be measured empirically. The empirical results reported within this thesis confirm that the Australian dollar has not been an excessively volatile currency, even though the level of volatility has been increasing; that the pattern of information flow explains a significant degree of the non constant variance in the returns of the world's most actively traded currencies, (i.e. information explains price innovation); that the reaction time to macroeconomic news occurs within seconds of a pre-scheduled announcement, and that the bulk of adjustment to fundamental value occurs within the hour. These findings are consistent with what would be expected within an efficient market. The results reported within this thesis therefore suggest that the currency markets studied are efficient, at least for the sample periods of the data used in the studies. Exchange rates adjust rapidly with information arrival albeit not completely. It is also the case that a number of additional research questions emerge from this research. For example we know that volatility is not excessive and that it is increasing. What we do not know is the point at which increasing volatility becomes excessive. We know that exchange rates react quickly with the arrival of macroeconomic news, but we do not know precisely how long it takes for volatility to return to preannouncement levels, or why the reaction to news is inconsistent. We also do not know what type of information best explains volatility above that which is explained by the systematic dissemination of information or why full adjustment to fundamental value does not occur? Answers to these questions provide a future research agenda. Answers may provide insight that will help financial economists explain the apparent failure of the speculative efficient hypothesis.
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Hablas, Hossam El-Din Abdel Moneim. "A Study of Inclement Weather Impacts on Freeway Free-Flow Speed." Thesis, Virginia Tech, 2007. http://hdl.handle.net/10919/33880.
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The research presented in this thesis attempts to investigate the impact of detector failure frequency and failure duration on the accuracy of loop detector speed, flow, and density measurements using a Monte Carlo simulation approach. The inputs to the model are the frequency of failures and failure duration. Several regression models were developed to relate loop detector accuracy to detector failure data. The results showed that the models were consistent and similar for the same location with an R square that ranged between 86% and 94% for all models and in comparing two locations, the differences between the regression models were minor except for the flow model errors, the location had the same trend but the magnitude of the flow RMSE increased by 7.5 to 15%.
The second part of the research effort attempts to quantify the impact of inclement weather (precipitation and visibility) on traffic stream free-flow speeds along freeway sections. The analysis is conducted using weather (precipitation and visibility) and loop detector data (speed) obtained from Baltimore, Minneapolis/St. Paul, and Seattle, US. The results demonstrate that visibility alone has a minimum impact on free-flow speed with reductions in the range of 1 to 3%. These reductions only appear as the visibility level falls below 1.2 km. The study demonstrates that the impact of snow is more significant than that of rain for similar intensity levels. Reductions caused by rain are in the neighborhood of 2 to 5% depending on the precipitation intensity while reductions caused by snow are in the neighborhood of 6 to 20%. With regards to freezing rain, higher reductions in free-flow speed were observed when compared to rain and snow. Specifically, the free-flow speed was reduced by 14% at the onset of freezing rain precipitation with a maximum decrease of 27% at freezing rain intensity of about 0.53 cm/h for Baltimore and as the case of Seattle the reduction was found to be constant with 31%.
Finally, the paper derives free-flow speed reduction factors that vary as a function of the precipitation type and intensity level. These reduction factors can be incorporated within the Highway Capacity Manual's procedures.
Master of Science
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ESCRAGNOLLE-TAUNAY, HENRIQUE D. "A SPATIAL PARTITIONING HEURISTIC FOR AUTOMATIC ADJUSTMENT OF THE 3D NAVIGATION SPEED IN MULTISCALE VIRTUAL ENVIRONMENTS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2016. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=33439@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROCOORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE EXCELENCIA ACADEMICA
Com a evolução tecnológica, ambientes virtuais em 3D crescem continuamente em complexidade; este é o caso de ambientes multiescala, i.e., ambientes que contêm grupos de objetos com níveis de escala extremamente divergentes. Tal variação em escala dificulta a navegação interativa neste tipo de ambiente dado sua demanda repetitiva e não-intuitiva de ajustes em tanto velocidade quanto escala, levando em consideração os objetos que estão próximos ao observador, para garantir uma navegação estável e confortável. Esforços recentes tem sido desenvolvidos trabalhando com soluções fortemente baseadas na GPU que nem sempre podem ser viáveis dependendo da complexidade de uma cena. Nós apresentamos uma heurística de particionamento espacial para o ajuste automático de velocidade de navegação 3D em um ambiente multiescala virtual, minimizando o esforço computacional e transferindo este para a CPU, permitindo que a GPU possa focar na renderização. Nossa proposta descreve uma estratégia geométrica durante a fase de pré-processamento que nos permite estimar, em tempo real, qual é a menor distância entre o observador e o objeto mais próximo dele. A partir desta informação única, somos capazes de ajustar automaticamente a velocidade de navegação de acordo com a caraterística de escala da região na qual o observador se encontra. Com a informação topológica da cena obtida na fase de pré-processamento, somos capazes de responder, em tempo real, qual é o objeto mais próximo assim como o objeto visível mais próximo, que nos permite propor duas diferentes heurísticas de velocidade de navegação automática. Finalmente, com o objetivo de verificar o ganho de usabilidade alcançado com as abordagens propostas, foram realizados testes de usuário para avaliar a eficiência e precisão da navegação, assim como a satisfação subjetiva do usuário. Os resultados foram particularmente significantes ao demonstrar o ganho em precisão da navegação ao utilizar as abordagens propostas, tanto para usuários experientes quanto para leigos.
With technological evolution, 3D virtual environments continuously increase in complexity; such is the case with multiscale environments, i.e., environments that contain groups of objects with extremely diverging levels of scale. Such scale variation makes it difficult to interactively navigate in this kind of environment since it demands repetitive and unintuitive adjustments in either velocity or scale, according to the objects that are close to the observer, in order to ensure a comfortable and stable navigation. Recent efforts have been developed working with heavy GPU based solutions that are not feasible depending on the complexity of the scene. We present a spatial partitioning heurístic for automatic adjustment of the 3D navigation speed in a multiscale virtual environment minimizing the workload and transferring it to the CPU, allowing the GPU to focus on rendering. Our proposal describes a geometric strategy during the preprocessing phase that allows us to estimate, in real-time phase, which is the shortest distance between the observer and the object nearest to him. From this unique information, we are capable to automatically adjusting the speed of navigation according to the characteristic scale of the region where the observer is. With the scene topological information obtained in a preprocessing phase, we are able to obtain, in real-time, the closest object and the visible objects, which allows us to propose two different heurístics for automatic navigation velocity. Finally, in order to verify the usability gain in the proposed approaches, user tests were conducted to evaluate the accuracy and echiency of the navigation, and users subjective satisfaction. Results were particularly significant for demonstrating accuracy gain in navigation while using the proposed approaches for both laymen and advanced users.
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Tan, Lin Chiang Thomas C. "Empirical analysis of Chinese stock market behavior : evidence from dynamic correlations, herding behavior, and speed of adjustment /." Philadelphia, Pa. : Drexel University, 2005. http://dspace.library.drexel.edu/handle/1860/514.
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Anagnosti, Maria. "Design and fabrication of a photonic integrated circuit comprising a semi-conductor optical amplifier and a high speed photodiode (SOA-UTC) for >100 Gbit/s applications." Thesis, Evry, Institut national des télécommunications, 2015. http://www.theses.fr/2015TELE0022.
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Ce travail porte sur la conception, la fabrication et la caractérisation d’une photodiode très haut débit (UTC PD) et son intégration avec un préamplificateur optique à semi-conducteur (SOA) pour les liaisons optiques à courte distance à 100 Gbit/s en bandes C et O. Il porte également sur la conception d'un duplexeur (Tx / Rx) avec liaison montante en bande C et liaison descendante en bande O. L'intégration monolithique d’un SOA avec une photodiode haut débit sans filtre optique entre les deux présente des avantages majeurs parmi lesquels: - Augmentation de la distance de transmission. - Augmentation du nombre d'utilisateurs connectés. - Diminution des coûts globaux de fabrication incluant l’assemblage. La première partie de cette étude porte sur l'optimisation SOA pour un fonctionnement à forte puissance (Psat). Un faible facteur de bruit (NF) et une faible dépendance à la polarisation (PDL) sont requis pour les récepteurs préamplifiés. De plus, un fonctionnement du et opérer en régime linéaire est nécessaire pour les schémas de modulation complexes. Le SOA actuel possède un gain de 18 dB avec un facteur de bruit de 8 dB, une faible PDL (<2 dB), et une bonne puissance de saturation en entrée (-8 dBm). Grâce à l’optimisation de la structure verticale du SOA et de son couplage avec la fibre les performances attendues sont améliores : Psat >-5 dBm, NF <8 dB, PDL et gain similaire. D'autre part, les interconnexions électriques de la photodiode ont été optimisées ce qui a permis de démontrer des photodiodes avec une bande passante supérieure à 100 GHz. Les photodiodes présentent un fort coefficient de réponse (R) (0,6 A/W à 1,3 μm et 0,55 A/W à 1,55 μm) et une faible PDL <1 dB. Un fort courant de saturation de 14 mA à 100 GHz a aussi été démonté. Enfin, la caractérisation des SOA-UTC réalisés a montré simultanément une très forte responsivité (95 A/W), une faible dépendance à la polarisation PDL (<2 dB), un faible NF (8 dB) et une large bande passante à 3 dB (> 95 GHz), qui placent nos composants au meilleur niveau de l’état de l’art avec un produit gain-bande record de 6,1 THz. Les Mesures numériques à 64 Gbit/s montrent que notre récepteur atteint une sensibilité de -17 dBm pour un taux d'erreur de 10-9, et la sensibilité attendue à 100 Gbit/s est de -14 dBmThis work focuses on the design, fabrication and measurements of a uni-travelling carrier high speed photodiode (UTC PD) and its integration with a semiconductor optical preamplifier (SOA) for short reach 100 Gbit/s optical links, in O- and C- bands. This work also focuses on the design of a duplexer (Tx/Rx) with downstream in O-band and upstream in C-band. The SOA monolithic integration with a high speed PD without an optical filter in between yields major benefits among which: - Increase in the transmission distance. - Increase in the split ratio correlated to the number of connected users. - Decrease of the overall fabrication and assembling cost. The first part of this work is dedicated to optimizing the SOA for high power operation (Psat). The low noise figure (NF), and polarization dependence loss (PDL) are critical parameters for a preamplified receiver. Also complex modulation formats require linear gain regime of the SOA. The current SOA presents 18 dB gain with NF (8 dB), low PDL (<2 dB), and good input power saturation (-8 dBm). Thanks to further optimization of the SOA vertical structure and coupling with the optical fiber, the expected SOA performance is higher Psat >-5 dBm, NF <8 dB, similar PDL and gain. Secondly, the electrical interconnects of the photodiode is optimized to increase the photodiodes’ bandwidth, which allows to demonstrate photodiode with >100 GHz bandwidth. The PD presents high responsivity (R) (0,6 A/W at 1,3 μm and 0.55 A/W at 1,55 μm) and low PDL <1 dB. Also the saturation photocurrent is high (14 mA at 100 GHz). Finally, the SOA-UTC demonstrates high responsivity (95 A/W), low PDL (<2 dB), low NF (8 dB) and a wide 3 dB bandwidth (>95 GHz), which yields a record gain-bandwidth product of 6.1 THz. Large signal measurements at 64 Gbit/s show that our receiver reaches a low sensitivity of -17 dBm for a bit error rate of 10-9, and is expected to reach -14 dBm at 100 Gbit/s
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WOJEWODZKI, Michal. "The role of credit ratings on capital structure and its speed of adjustment in bank-oriented and market-oriented economies." Digital Commons @ Lingnan University, 2013. https://commons.ln.edu.hk/fin_etd/10.
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This study investigates both the direct and indirect roles of credit ratings (CR) on the capital structures of 1,513 firms operating in 19 countries with different financial orientations and levels of economic development over the 20-year period (1991-2010).
Until recently, it has been common place to classify countries into capital market-based oriented (MB) and bank-based oriented (BB) in terms of their financial systems’ orientation (Antoniou et al. 2008). Traditionally, in MB economies (Australia, Canada, Hong Kong, South Korea, Mexico, the Netherlands, Sweden, Switzerland, Thailand, the U.K., and the U.S.) having a CR helps firms issue equity or bonds. In contrast, in BB economies (France, Germany, India, Indonesia, Italy, Japan, Russia, and Spain), companies tend to obtain loans from banks with which they maintain a long-term relationship. The creditworthiness of the firms is thus assessed by banks without much need for external CR.
I find that the CRs’ impact on a capital structure is more significant and negative in countries with more MB oriented financial systems when quantified by the Financial Architecture variable (measuring the size, activity and efficiency of a stock market vis–à–vis the banking system of country annually), but not by the traditional division into MB and BB countries. This is consistent with the pecking order theory and information role of CRs in issuing equity, as well as the evidence of a rapid development of stock markets in many BB countries, which dulls the distinction between the traditionally defined MB and BB economies. Furthermore, the relation between the CRs and firms’ leverage ratio is significantly stronger for companies operating in advanced countries than companies operating in developing economies. Moreover, my analysis shows that CRs play more significant role in the U.S. than in other countries.
In addition, I find that companies with poorer CRs display a faster speed of adjustment towards a desired level of gearing. This phenomenon takes place regardless of financial orientation or economic development of a country and can be linked with a different degree of financial constraints across differently rated firms.
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Liao, Li-Kai. "Two Essays: “Does Corporate Governance Affect the Adjustment Speed towards Target Capital Structure?” and “Do Option Traders on REITs and Non-REITs React Differently to New Information?”." ScholarWorks@UNO, 2012. http://scholarworks.uno.edu/td/1458.
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The first chapter investigates how corporate governance influences firms’ capital structure behavior. Based on the premise that costs associated with deviations from the target capital structure are positively correlated to the extent of deviation, we hypothesize that the initial deviation from the target will be shorter for a firm with good corporate governance than for a firm with poor corporate governance. We also hypothesize that the former group will employ a higher speed of adjustment towards target than the latter group due primarily to the following reasons. First, a firm with well-placed governance system will adjust at a faster rate because longer it stays deviated, the higher the loss of value it faces. Second, firms with better governance structures enjoy lower adjustment costs. We develop three sets of measures for the quality of corporate governance and analyze how they influence a firm’s rebalancing behavior in presence of relevant control variables. Our results are consistent with the hypotheses.
The second chapter explores investors’ reactions to new information on REITs and non-REITs option markets. The real estate market can be fairly volatile; what remains unclear is whether price changes are excessively volatile relative to fundamentals. This study attempts to examine the latter by using the methodology based on Stein (1989), which utilizes option data. The advantage of using option data rather than stock data to assess the reactions to information is that option valuation is not affected by changes in risk premium. Under volatility mean reversion, the changes in implied volatilities of long-term options should be less than those of short-term options. If not, an excessive reaction is suggested. Specifically, the study compares the changes in implied volatilities of options on REITs and non-REITs. Because real estate transactions typically involve a great degree of leverage, reactions can be greater for REITs than for non-REITs; on the other hand, there are several reasons that REITs are subject to potentially a lower degree of excessive reactions. Empirical results indicate that the reactions to information are stronger in non-REITs than in REITs. Moreover, we find that down markets are associated with stronger reactions, which we argue might be due to a leverage effect.
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Wang, Xiaodong. "Effects of U-turns on capacity at signalized intersections and simulation of U-turning movement by synchro." [Tampa, Fla] : University of South Florida, 2008. http://purl.fcla.edu/usf/dc/et/SFE0002468.
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Amountzias, Chrysovalantis. "Market imperfections and price rigidities : a case study of the Greek manufacturing industry." Thesis, University of Hertfordshire, 2016. http://hdl.handle.net/2299/17254.
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This study investigates the market conditions under which the Greek manufacturing sectors operate, and provides a formal measurement and determination of the observed degree of rigidity in nominal prices using panel modelling techniques. Two parameters in particular are found to capture the essence of market imperfections and price rigidity arising from various sources: the first parameter is conjectural variation elasticity which defines the degree of market divergence from perfect competition; and the last parameter refers to the speed of price adjustment towards the equilibrium level, which is estimated along with a set of important factors that affect this parameter. The data sample of this research consists of 56 3-digit manufacturing sectors, as defined by Eurostat (NACErev2) over the period 1980-2012, while the econometrical approach mainly incorporates the Fixed and Random Effects Model for panel data. The estimation process is divided into four steps: in the first step, the degree of market power and the speed of price adjustment are estimated for the whole manufacturing industry; in the second step, the same process is reiterated for the 3-digit sectors individually; in the third step the estimations are conducted for each year over 1980-2012; in the last step, the effects of a set of variables on the speed of price adjustment are estimated in order to provide an adequate interpretation of how market imperfections and price rigidities can be formed and how they relate to each other. By using the Greek economy as a case study, the empirical results provide significant evidence of a degree of market power similar to the one of a duopoly accompanied by relatively slow price adjustment in the 56 manufacturing sectors and the 33 years over 1980-2012.
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Agyei-Boapeah, Henry. "Mergers and acquisitions and corporate financial leverage : an empirical analysis of UK firms." Thesis, Loughborough University, 2013. https://dspace.lboro.ac.uk/2134/13455.
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This thesis examines the link between mergers and acquisitions (M&As) and corporate financial leverage. The thesis proposes and tests various hypotheses regarding: (1) the relationship between the probability of firms undertaking M&As and corporate financial leverage; and (2) the changes in financial leverage prior to firms' decision to initiate M&As. The empirical evidence on the proposed hypotheses is based on a large sample of firms in the UK during the period 1996 and 2006. The empirical analysis presented in this study contributes to the large and growing body of literature on the interdependence of corporate financing and investment decisions. Specifically, this study contributes to the literature in two ways. First, the thesis investigates the link between firms leverage deviations (i.e. the deviations of firms observed leverage ratios from target leverage ratios) and the probability of undertaking M&As in the future. Building upon the earlier literature, it is argued that extreme leverage deviations lower the probability of undertaking M&As by impairing firms ability to raise capital to finance these deals. The study s empirical analyses suggest that extremely overleveraged firms have lower probability of undertaking M&As. Moreover, the link between extreme overleverage and the probability of undertaking M&As is weaker for diversification-increasing acquisitions (i.e. deals in which the acquirer and the target firm operate in different industries); for domestic acquisitions (i.e. deals in which the acquirer and the target firm are domiciled in the same country); and for focused (i.e. single-segment) firms undertaking acquisitions. Thus, the leverage deviation effect is not symmetric for all types of acquisitions and for all firms. Second, the thesis examines how the pre-acquisition changes in corporate financial leverage may be influenced by: (1) the extent to which firms deviate from their target leverage ratios; and (2) firms intentions to initiate M&As. Key empirical findings in this section suggest that firms that have higher leverage deviations adjust their leverage at a higher rate than those with lower deviations. More importantly, the empirical evidence suggests that firms that undertake M&As adjust their pre-acquisition leverage at a higher rate than those that do not. These findings suggest that, when making adjustments to corporate capital structure, managers tend to consider their firms leverage deviations and their future acquisition plans. Furthermore, the study s findings partly explain the differences in the speeds of financial leverage adjustments reported in the existing literature.
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Perez, Giovanni. "Essays on Capital Structure of Nations." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2539.
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Bakkar, Yassine. "Systemic risk, bank charter value, capital structure and international complexity : evidence from developed countries." Thesis, Limoges, 2018. http://www.theses.fr/2018LIMO0002/document.
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Cette thèse a pour objectif de prendre part à la réflexion sur le risque systémique et ses conséquences négatives sur l’économie réelle, et au débat sur la mise en place d’une règlementation macro-prudentielle (effets systémiques) efficace pour l’industrie bancaire en visant la stabilité financière. Pour cela, ce travail contribue à la littérature existante à travers plusieurs aspects. Dans le premier chapitre de cette thèse, sur un échantillon de banques de l’OCDE, nous étudions la manière dont la valeur de la franchise affecte le risque bancaire avant, pendant et après la crise financière mondiale de 2007–2008, en utilisant des mesures de risque individuelles et systémiques. Nous réétudions l’hypothèse de la valeur de la franchise bancaire et son rôle disciplinant au regard de la prise de risque et de l’expansion au risque systémique avant, pendant et après la crise financière. Nous montrons qu’avant la crise, la valeur de la franchise bancaire impacte positivement la prise de risque et le risque systémique non seulement des très grandes banques dites “too-big-too-fail” mais aussi des grandes banques européennes et américaines. Cependant, nos résultats montrent que pendant et après la crise, cet effet s’inverse. En considérant la période d’avant crise, nous allons plus loin dans nos investigations sur la relation entre la valeur de la franchise d’une part et la prise de risque et l’exposition au risque systémique d’autre part, en prenant en compte les effets des différences entre les cultures de prise de risque, la taille des banques et les stratégies bancaires. Le deuxième chapitre analyse la dynamique de la structure du capital des banques en fonction de leur niveau de capital interne ciblé et/ou externe imposé. Plus précisément, il examine plusieurs caractéristiques. (i) si les frictions du marché et les coûts d’ajustement du capital sont plus considérables lorsqu’il s’agit d’ajuster les ratios de fonds propres réglementaires par rapport à un ratio de levier simple. (ii) les mécanismes d’ajustement utilisés par les banques pour ajuster leur ratio de capital. (iii) comment la vitesse d’ajustement et les mécanismes d’ajustement diffèrent entre les grandes banques systémiques et complexes d’une part, et les banques moins systémiques d’autre part. Les résultats suggèrent que les banques sont plus flexibles et plus rapides dans l’ajustement de leur ratio de levier que dans l’ajustement de leurs ratios de capital réglementaire. Tandis que les banques d’importance systémique (SIFI) sont moins réactives que les autres banques dans l’ajustement de leur ratio de levier cible, elles sont néanmoins plus rapides à atteindre leurs ratios réglementaires cibles. D’autres investigations montrent que les SIFIs pourraient être plus réticentes à modifier leur base de capital en émettant ou en rachetant des actions et préfèrent une réduction plus importante ou une expansion plus rapide de leur taille. Dans le dernier chapitre, nous analysons comment la structure organisationnelle internationale et l’expansion géographique de 105 banques européennes cotées qui ont des filiales à travers le monde, pourrait affecter leur importance systémique au cours de la période 2005–2013. Nous examinons également comment le pic de la crise financière mondiale de 2008–2009 et l’ampleur de la crise de la dette souveraine européenne de 2010–2011 pourraient avoir affecté ces relations. Nous montrons que l’internationalisation et la complexité organisationnelle sont des facteurs importants du risque systémique bancaire, en particulier pendant les années de stress financier 2008–2013The aim of this thesis is to contribute on the current debate on the systemic risk and its policy implications for the implementation of new (systemic risk-based) capital requirements in the banking industry. We extend the existing literature in many aspects. In the first chapter, we investigate how bank charter value affects risk for a sample of OECD banks by using standalone and systemic risk measures before, during, and after the global financial crisis of 2007–2008. We revisit the self‐discipline role of charter value on bank’s risk-taking and systemic risk prior, during and after the crisis. We show that bank charter value is positively associated with risk-taking and systemic risk for very large “too-big-too-fail” banks and large U.S. and European banks prior to the crisis, but such a relationship is inverted during and after the crisis. Then, we deepen investigation on this relation between charter value and risk-taking and systemic risk prior to the crisis, regarding differences in risk taking cultures, bank size and bank strategies. The second chapter analyzes the dynamics of banks’ capital structure towards their desired and/or imposed capital level. It analyzes several interesting features. (i) whether or not market frictions and capital adjustment costs are larger for regulatory capital ratios vis-à-vis a plain leverage ratio. (ii) which adjustment channels banks use to adjust their capital ratio. (iii) how the speed of adjustment and adjustment channels differ between large, systemic and complex banks versus small banks. Findings suggest that banks are more flexible and faster in adjusting to their leverage capital ratio than to regulatory capital ratios. Whereas, systemically important banks are slower than other banks in adjusting to their target leverage ratio but quicker in reaching their target regulatory ratios. Further explores show that SIFIs might be more reluctant to change their capital base by either issuing or repurchasing equity and prefer sharper downsizing or faster expansion. In the third chapter, we analyze how the international organization structure and the geographic expansion, of 105 European listed banks that have foreign affiliates around the world, could affect bank level measures of systemic risk during the 2005–2013 period. We also investigate how the peak of the global financial crisis of 2008–2009 and the height of the European sovereign debt crisis of 2010–2011 might have affected such relationships. We find that internationalization and foreign complexity are important drivers of bank systemic risk, particularly during the 2008–2013 financial stress years
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Brasil, Carolina Machado. "How the brazilian banks fit your reasons for capital: a Analysis of the period 2005 to 2010." Universidade Federal do CearÃ, 2012. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=8791.
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nÃo hÃImplementation of Basel, whose goal is to strengthen the soundness and stability of the financial system is essentially based on the stipulation of a minimum capital ratio. Although a higher ratio of capital increase costs for institutions, it is common to note that many of these institutions maintain a capital ratio above the regulatory minimum. Thus, this work is meant to examine how Brazilian banks adjust their capital ratios. Secondarily aims to assess the determinants of the speed of adjustment, emphasizing the importance of the variables of rating. For this purpose, we use the methodology employed by Berger et al. (2008) using a model in three stages. We used quarterly data from 2005 to 2010 refer to 57 banks. As a result it was found that if the bank has traded lower its rate of capital, the larger the size the greater the bankâs capital held, which is contrary to results obtained in the literature, and the proxies to measure the rating institutions were non-significant.
A implementaÃÃo do Acordo de BasilÃia, cujo objetivo à o de reforÃar a solidez e a estabilidade do sistema financeiro, baseia-se essencialmente na estipulaÃÃo de uma razÃo mÃnima de capital. Muito embora uma maior razÃo de capital aumente os custos para as instituiÃÃes, à comum verificar-se que muitas dessas instituiÃÃes mantÃm uma razÃo acima do mÃnimo regulatÃrio. Neste sentido, este trabalho tem como principal objetivo analisar como os bancos brasileiros ajustam suas razÃes de capital. De modo secundÃrio, pretende-se avaliar os determinantes da velocidade de ajuste, ressaltando-se a importÃncia das variÃveis de rating. Para tanto, utilizase a metodologia empregada por Berger et al. (2008) que utiliza um modelo em trÃs estÃgios. Foram utilizados dados trimestrais de 2005 a 2010 referentes a 57 bancos. Como resultado obteve-se que, se o banco possui capital aberto menor serà a sua razÃo de capital, quanto maior o tamanho do banco maior serà o capital mantido, sendo este contrÃrio a resultados obtidos na literatura, e as proxys para mensurar o rating das instituiÃÃes mostraram-se nÃo significante.
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Thai, Thi Hong An. "Trois essais sur la structure du capital et la vitesse d'ajustement vers d’un ratio «cible» d’endettement des entreprises vietnamiennes." Thesis, Université Grenoble Alpes (ComUE), 2019. http://www.theses.fr/2019GREAG005.
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Le premier article issu de cette thèse cherche à explorer les déterminants de la structure du capital des sociétés vietnamiennes cotées en bourse. Les analyses empiriques montrent que la proportion des investissements publics a un impact non linéaire sur le ratio d'endettement des entreprises, sous la forme d'un U inversé. En outre, nos résultats empiriques montrent que la proportion d’investissement étrangers est négativement associée au ratio d'endettement des entreprises vietnamiennes, qu'il s'agisse du ratio d'endettement à court terme ou du ratio d'endettement total. La même relation est observée pour la proportion d'investissement de la part de grands détenteurs.La deuxième étude vise à explorer de nouveaux aspects de la problématique de la vitesse d’ajustement à la structure de capital cible, optimale, des entreprises vietnamiennes cotées en bourse. Pour étudier cette problématique, nous adoptons un modèle d’ajustement partiel. Le cadre adopté est celui de la théorie du compromis, selon lequel les entreprises réajustent leur effet de levier en comparant les coûts et les avantages de l'ajustement, ce qui induit une hétérogénéité dans la structure du capital ainsi que la vitesse d'ajustement. Pour avoir un aperçu détaillé du mécanisme d’ajustement, la présente étude considère différents sous-échantillons d’entreprises, selon que leur niveau d'endettement est au-dessus ou en-dessous de la cible, proche ou loin de la cible. Nos résultats montrent un fort degré d'hétérogénéité dans le comportement d'ajustement des entreprises, ce qui est ligne avec la théorie du compromis.La dernière étude de la thèse analyse l'ajustement de la structure du capital des entreprises au cours de leur cycle de vie, et ce pour des sociétés vietnamiennes de 2005 à 2017. Les résultats montrent que la vitesse d'ajustement en fonction de l'effet de levier cible varie de manière significative au cours des cinq phases de la vie des entreprises. Nous avons également constaté que le modèle de flux de trésorerie est un indicateur plus fiable des étapes du cycle de vie d'une entreprise que son âge ou son taux de croissance. Nos résultats empiriques appuient la théorie du financement hiérarchique en tant que cadre pour comprendre le comportement des sociétés cotées en bourse tout au long de leur vieThe first paper stemmed from this thesis seeks to explore the determinants of the capital structure of Vietnamese listed companies, with an emphasis on outside ownership. The empirical results demonstrate that the proportion of state investment has no linear impact on firm leverage. The results, however, reveal an inverted U-shaped relationship. Besides, our empirical results show that the proportions of foreign investment and large holders are negatively associated with short-term, total and market leverage. There is no evidence about the non-linear relationship between foreign and large ownership and the capital structure of observed firms.The second study aims to explore some new aspects of the issue of adjustment speed toward the target leverage for Vietnamese publicly quoted firms by adopting a partial adjustment model. Through testing the existence of the target leverage and estimating the speed of adjustment, the study tries to find evidence of heterogeneity in adjustment behavior. Indeed, the assumption that the speed of adjustment is the same for all firms is inconsistent with the argument of the tradeoff theory which states that firms readjust their leverage by comparing the costs and benefits of adjustment. For different firms, these elements are different, leading to heterogeneity in speed. Even for a single company, the speed could change over time. To have an in-depth overview of the adjustment mechanism, this study goes inside different sub-samples of firms, i.e., above versus below the target; close versus far from the target; deficit versus surplus firms.The last essay belonging to the thesis provides the first ever evidence of the changes of adjustment behaviors over the business life cycle of Vietnam quoted firms from 2005 to 2017. The outcomes show that the adjustment speed towards the target leverage varies significantly across the five phases of life, and reaches the highest level in the stage of introduction. The results also indicate that the cash flow pattern is a more reliable proxy of business life cycle stages than firm age and growth rate. Our empirical evidence supports the pecking order theory as the best-fit framework to understand the funding behavior of Vietnam listed firms throughout corporate life
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Bastos, Douglas Dias. "Velocidade de ajuste da estrutura de capital e a frequência de aquisições: um estudo com empresas norte-americanas." Universidade de São Paulo, 2014. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-16072014-154027/.
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As conclusões das pesquisas sobre velocidade de ajustamento da estrutura de capital em direção ao alvo (SOA - Speed Of Adjustment) são muito divergentes quanto à velocidade medida. A maioria dos estudos mensura o SOA sem levar em conta certas especificidades das empresas ou de suas estratégias. Dividindo-se a amostra em empresas não adquirentes, adquirentes eventuais e adquirentes em série, o presente estudo tem por objetivo investigar o padrão de comportamento do SOA no período entre 1990 e 2010 para empresas norte-americanas. Considerando diversas variáveis de controle (restrições financeiras, oportunidades de crescimento, grau de alavancagem financeira e emissão/redução de dívidas e ações), tem-se uma investigação mais aprofundada de como as empresas não adquirentes, adquirentes eventuais e adquirentes em série ajustam sua estrutura de capital em direção ao alvo. São utilizadas como variáveis dependentes o endividamento a valor de mercado e endividamento líquido a valor de mercado. Verificou-se que os endividamentos médios para as três amostras são diferentes entre si, de forma estatisticamente significante. As empresas adquirentes em série possuem o menor endividamento, ao passo que as empresas não adquirentes são as mais endividadas, estando as empresas adquirentes eventuais em posição intermediária quanto ao endividamento. Este resultado sugere que as empresas possuem padrões de endividamentos distintos em função de sua política de investimentos relacionada à aquisições. É utilizado o modelo de ajustamento parcial para mensurar o SOA, empregando painel de dados dinâmico com a técnica do Método dos Momentos Generalizados (GMM) Sistêmico para se medir a velocidade de ajustamento da estrutura de capital de um período a outro. Esta técnica tem-se mostrado a menos enviesada e, assim, tem sido uma das mais utilizadas em trabalhos empíricos. Os resultados encontrados evidenciam que o padrão de comportamento do SOA pode depender da sua estratégia de investimentos em aquisições. O SOA das empresas adquirentes em série é constantemente menor em comparação ao SOA das empresas adquirentes, mesmo considerando as diversas variáveis de controle. O SOA das empresas não adquirentes permanece em posição intermediária. Esses resultados em conjunto sugerem que a folga financeira (baixo nível de endividamento e elevado saldo de caixa) seja um fator relevante para as adquirentes em série. Desse modo, tais empresas ajustam seu endividamento de forma mais lenta, em resposta a uma estrutura de capital mais adequada à sua política de investimentos. Por outro lado, as empresas adquirentes eventuais ajustam mais rapidamente sua estrutura de capital em função de sua política de aquisições esporádicas.The conclusions of surveys on speed of adjustment (SOA) towards the target capital structure are widely divergent as regards the measured speed. Most studies measure the SOA without taking into account certain specificities of the companies or of their strategies. Dividing the sample in non-acquiring companies, sporadic acquiring companies and serial acquirers, this study seeks to investigate the pattern of behavior of the SOA, in the period between 1990 and 2010 for North American companies. Considering several control variables (financial restrictions, growth opportunities, degree of financial leverage and issuance/reduction of debts and shares), we have a more in-depth investigation into how non-acquiring companies, sporadic acquiring companies and serial acquirers adjust their capital structure towards the target. Market leverage value and net market leverage are used as dependent variables. It was verified that the average debt levels for the three samples are different from one another, in a statistically significant manner. The serial acquirers have the lowest leverage, while non-acquiring companies have the highest leverage, with acquirers companies in an intermediate position on the leverage. This result suggests that companies have different debts patterns, due to its investment policy related to acquisitions. The partial adjustment model is employed to measure the SOA, using dynamic panel data with the Generalized Method of Moments (GMM) Systemic to measure the speed of adjustment of the capital structure from one period to another. This technique has shown itself to be less biased and has thus been one of the most commonly used techniques in empirical studies. The results show evidence that the SOA may depend of its investment strategy. The SOA of serial acquirers companies is constantly lower than the SOA of acquiring companies, even considering all the control variables. The SOA of non-acquiring companies remains in an intermediate position. Taken together, these results suggest that the financial slack (low debt and high cash balance) is a relevant factor to serial acquirers. Thus such companies adjust their debt more slowly in response to a more adequate capital structure to their investment policy. On the other hand, sporadic acquiring companies adjust faster its capital structure, due to its sporadic acquisition policy.
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Gavioli, Karen Priscilla da Cunha. "Condição macroeconômica e estrutura de capital, evidências do Brasil entre os anos de 1995 e 2013." Universidade Presbiteriana Mackenzie, 2015. http://tede.mackenzie.br/jspui/handle/tede/650.
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Previous issue date: 2015-02-11Given the broad topic in the field of capital structure, this work aims to contribute to the advancement of studies analyzing firms belonging to São Paulo Stock Exchange (BOVESPA), from 1995 to 2013. With the focus on identifying the behavior of financial leverage and the speed adjustment under different macroeconomic conditions, analogously with Cook and Tang (2010) and Mukherjee and Mahakud (2012). Some studies realized in other countries and also in Brazil used the macroeconomic variables as part of the company's debt composition, and there are, by all stakeholders, the need to improve knowledge on how companies react to changes of these macroeconomic variables. From a sample of 334 Brazilian, the panel was used in the art, applying the fixed effects method and then using dynamic through the GMM method (General Method of Moments) as a way to compare the results obtained in the static model and understand the leverage adjustment speed. Our results demonstrate that Brazilian companies are influenced by GDP and M4 when there is an unfavorable moment in the economy, adjusting their leverage faster, unlike in the case of the Selic interest rate, interest spread, inflation and exchange. In general, it appears that in Brazil companies tend to increase leverage when there is less growth for not sufiencientes reserves to survive the fall of the growth, and benefits from the low rates of times to get the most benefit front of banks and companies of development.
Diante do vasto tema no campo da estrutura de capital, esta dissertação visa contribuir no avanço dos estudos analisando empresas pertencentes a Bolsa de Valores de São Paulo (BOVESPA), no cenário de 1995 a 2013. Com foco em identificar o comportamento da alavancagem financeira e a velocidade de ajuste em diferentes condições macroeconômicas, analogamente com Cook e Tang (2010) e Mukherjee e Mahakud (2012). Alguns estudos em outros Países e no Brasil utilizaram as variáveis macroeconômicas como integrante na composição de endividamento da empresa, e há por parte de todos os agentes a necessidade de aprimorar o conhecimento em como as empresas reagem às mudanças dessas variáveis macroeconômicas. A partir de uma amostra de 334 empresas brasileiras, foi utilizado a técnica em painel, aplicando-se o método de efeitos fixos e em seguida utilizando o dinâmico por meio do método de GMM (General Method of Moments) como forma de comparar os resultados obtidos no modelo estático e entender a velocidade de ajustamento da alavancagem. Nossos resultados demonstram que as empresas brasileiras são influenciadas pelo PIB e M4 quando há um momento desfavorável na economia, ajustando a sua alavancagem mais rapidamente, diferentemente no caso das taxas de juros Selic, spread de juros, inflação e câmbio. De modo geral, verifica-se que no Brasil as empresas tendem aumentar a alavancagem quando há menor crescimento por não ter reservas sufiencientes para sobreviver a queda do crescimento, e beneficia-se do momentos de taxas baixas para obter maior benefício frente aos bancos e empresas de fomento.
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Zappa, Pedro Albuquerque. "Governança corporativa e a velocidade de ajuste da estrutura de capital das empresas brasileiras." reponame:Repositório Institucional do FGV, 2011. http://hdl.handle.net/10438/8634.
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This study aims to examine the relationship between corporate governance and the speed of adjustment to the optimal capital structure of companies listed on BM&FBovespa between 1998 and 2009, from the perspective of the Dynamic Trade-Off Theory. The level of corporate governance was measured on the basis of different listing segments of the BM&FBovespa, with some control variables used to determine the optimal leverage. The results indicate that firms with better governance have lower degree of leverage and adjust more quickly towards the optimum.
O presente trabalho tem por objetivo analisar a relação entre governança corporativa e a velocidade de ajuste para a estrutura ótima de capital das empresas listadas na BM&FBovespa entre 1998 e 2009, sob o prisma da teoria do Trade-Off Dinâmico. O nível de governança corporativa foi medido com base nos segmentos de listagem diferenciada da BM&FBovespa, tendo sido utilizadas algumas variáveis de controle para a determinação da alavancagem ótima. Os resultados indicam que empresas com melhor governança têm menor grau de alavancagem e se ajustam mais rapidamente em direção ao ótimo.
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Lin, Hsien-ping, and 林憲平. "Dynamic Capital Structure Adjustment Speed, Adjustment Capacity and Financing Choice." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/06487169266713305315.
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博士國立中正大學
財務金融研究所
103
I.The Determinants of Dynamic Capital Structure Adjustment Speed This paper applies both views of market discipline hypothesis and agency problem hypothesis to explore the determinants of dynamic capital structure adjustment speed. As to market discipline hypothesis testing, the evidences show that firms with higher profitability, more growth opportunities, stronger uniqueness or better rating usually have a faster speed. In addition, industrial adjustment speed usually dominates firm’s speed. However, the proportion of tangible assets and the deviation between observed and target leverage are negatively related to firm’s adjustment speed. Although firm size and dividend policy have impacts on the speed, the direction is uncertain. With regard to agency problem hypothesis testing, the results show that larger board size is usually associated with a slower speed, but greater board independence with better corporate governance may positively correlate with the speed. Moreover, the results show no compelling evidences that inside directors or CEO-chairman may impact the speed. With the exception of a higher inside ownership, a higher board ownership, block ownership, institutional ownership or foreign ownership usually induces a slower speed. II.Capital Structure Adjustment-Capacity and Financing Choice This study examines the endogenous relationships between capital structure adjustment-capacity and financing choice. Using a simultaneously equation model and a new adjustment-capacity econometric technique, we find that financing choice could trigger a better adjustment-capacity. Choice decision also could be driven by adjustment-capacity when firms borrow from public. Consistent with previous literatures, large or under-levered firms prefer to issue debt rather than issue equity as financing instrument; in contrast, equity financing might be a better option for small or over-levered firms. The result shows that firms with higher financing capacity usually have more flexibility to face business conditions.
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Kara, Orhan. "Determinants of trade flows : speed of adjustment /." 2002. http://www.gbv.de/dms/zbw/558294367.pdf.
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Yen-JuLi and 李彥儒. "Optimal Scheduling and Speed Adjustment for Arriving Airplanes." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/18912079191175324518.
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碩士國立成功大學
民航研究所
98
Flow control is one of the major problems for busy airports during rush hours. Air traffic controllers (ATCs) must quickly arrange the approaching sequence of the aircraft and make necessary separation arrangements. This paper presents a scheduling algorithm to generate the optimal arrival sequence, which utilizes both mixed-integer programming and quadratic programming. Firstly, using mixed-integer programming, the estimated arrival time for each aircraft and the separation time required between different types of aircraft are used to find an optimal sequence that attains the minimum time required for all the aircraft in a pre-specified time window to arrive at the airport. A separation time matrix generated using the separation time between different types of aircraft is used to construct the constraints. Secondly, we use quadratic programming to modify the speed of the aircraft in the pre-specified time window to obtain the minimal arrival time variation after using the optimal scheduling sequence. The speed change capabilities for different aircraft are also considered in the constraints. Using the proposed two-stage optimization process, the final results will meet both optimal sequence and minimal time variation requirements if the aircraft use the suggested velocity in the pre-specified time window. Finally, historical data for Taiwan Taoyuan International Airport is used to demonstrate the effectiveness of our approach.
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Fonseca, Miguel Ângelo De Sá Monteiro Da. "Fiscal consolidations: welfare effects of the adjustment speed." Master's thesis, 2020. http://hdl.handle.net/10362/104271.
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This work studies the response of social welfare to fiscal consolidations, by focusingon a less debated characteristic of fiscal plans: the speed of deleveraging. A neo-classical overlapping generations model is calibrated to the German economy, anda sequence of reductions of the same size in the debt-to-GDP ratio are simulatedconsidering different adjustment periods. Welfare gains are found to be larger inslow, delayed fiscal consolidations, due to the presence of incomplete markets. It isalso found that the aggregate welfare response depends on the distribution of wealthand the type of fiscal instrument used.
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chinjen-wag and 王欣仁. "Automatic Feed Rate Adjustment for High Speed Machining." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/25304375847139617329.
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碩士國立臺灣科技大學
工程技術研究所自動化及控制學程
90
Traditional machining of sculptured surfaces removes metal material with a fixed feed rate. Due to abrupt cutting forces during the machining processes, cutting tools tend to be damaged, influencing the precision and quality of machined parts. This research proposes the methodology to adjust feed rates for semi-roughing and finishing operations. For the process of semi-roughing, the relationship of cutting force and feed rate is studied to keep cutting force maintaining in an appropriate range; thus the pressure on cutting tools will not change so abruptly. In finishing operations, the maintenance of constant material removal rate is the core concept. The volume on each point to be machined is estimated based on the curvature of the point and the results are used to adjust the feed rates.
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Chang, Yi-Han, and 張伊涵. "Optimal Capital Structure and Speed of Adjustment: Inside Debt Perspective." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/04273040314671157305.
Full textAbstract:
碩士國立臺灣大學
財務金融學研究所
102
This study examines the effects of inside debts on a firm''s target leverage and explains the low-leverage puzzle (e.g. Graham, 2000) by the over estimation of the target leverage due to neglecting the effects of inside debts. We find that a firm’s inside debt affects not only the target leverage, but also the speed of adjustment toward that target. A firm’s target leverage is negatively related to the amount of inside debt and the effect of inside debt is alleviated when a firm’s funding status is positive. Additionally, the adjustment speeds are faster when considering inside debt effects during 1985-2012 and 2007-2012. If we separated the whole sample firms into below- and above- traditional target leverage, we find that adjustment speeds are slower (faster) when firms have below-target (above- target) leverage after 2007.
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Yang, Shu-Ting, and 楊淑婷. "Cross-country Determinants of Partial Adjustment Speed toward Target Capital Structure." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/86262505437146211923.
Full textAbstract:
碩士國立政治大學
財務管理研究所
95
Recent empirical literature provides evidences that firms in most developed countries do partially adjust toward their target capital structure. In this paper, we show that no only firms in developed countries, but also those in emerging countries gradually move back to their long-run equilibrium when they are away from it. But the adjustment speeds vary from country to country. We study the determinants of adjustment speeds around the world by focusing on differences in laws and regulations across countries. Our evidences show that firms in countries with common-law tradition, stronger shareholder right, or more completed accounting standards tend to move back to their optimal leverage quicker. Furthermore, we add two variables related to other two main capital structures (pecking order and market timing) in our analysis to capture their effects. Both theories add some information in explaining capital structure, but the impacts differ when applying different leverage measures. When we define leverage ratio as long-term debts dividend by net assets, we observe that pecking order factor lowers the adjustment speed a lot. And the magnitude of decrease on adjustment speed is significantly correlated with market condition, law enforcement, corporate tax rate and accounting standard. More developed countries and countries with stronger law enforcement, higher corporate tax rate, or more completed accounting standards tend to have less reduction on adjustment speed when including pecking order factor, because they have less information asymmetries.
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Su, Yi-Li, and 蘇益立. "Application of Fuzzy Intelligence to Speed Adjustment of Electrically Assisted Bicycle." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/73089468181182354390.
Full textAbstract:
碩士國立中正大學
電機工程研究所
89
As rotating machines, DC motors have commonly been used in many respects of control application for a long time. Which have good performances, such as high start torque, linearly control achievement and fast response property. Due to their peripheral elements sufficient and cost low, DC motors are especially suitable for application of control in industry. The main purpose of this thesis is to develop a fuzzy speed controller for dc motors applied to electrically assisted bicycles. First, we established a knowledge base composing of 49 control rules governing the input and output relationship of the speed controller. By applying the knowledge base and an inference engine, a control signal can be determined according to the speed error and change of speed error. The input signals of speed error and change of speed error are first fuzzified as fuzzy variables using seven membership functions. Fuzzy set operations including minimum and maximum operations are then performed on these fuzzy variables to obtain a fuzzy output. Finally, we defuzzify the fuzzy output to obtain a control signal using the method of center of gravity. This control signal serves as the input for the subsequent motor drives. For comparision, we also apply a PID controller to the motor drives. The fuzzy logic control for DC motors of speed control has many better performances. The fuzzy control techniques appling for design of the driving control circuit of an electrically assisted bicycle as well as for the velocity control module of an autonomous bicycle are developed. A digital controller of the electrically assisted bicycle with speed feedback is designed and implemented utilizing a single-chip microcontroller. The proposed fuzzy logic controller is compared with the conventional PI controller. Simulation results show that the proposed controller has good performances and is more robust than the conventional PI controller. In general, the fuzzy controller has less overshoot and steady error compared with PI controller. Moveover, it has better speed response. Besides the design of fuzzy controller does not require a precise model, and it is easy to implement by fuzzy schemes. Experimental results show that the proposed driving techniques are capable of supplying complementary power.
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Huang, Bao-Ju, and 黃寶儒. "The Study on the Speed of Price Adjustment under Trading Restriction." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/81945646556497381784.
Full textAbstract:
碩士淡江大學
財務金融學系碩士班
98
The study focuses is the speed of price adjustment when Taiwan Stock Exchange Corp. (TSEC) relax short sales restrictions on the Taiwan 50/100 index (T50/T100) components. Furthermore, we apply the dynamic unrestricted VAR and Dimson beta regressions models to measure the impact of new public/private firm-specific information. The pric adjustment reversal of T50/T100 has been on the rise when trading restrictions are completely removed. Only the price adjustment reversal of T50, belongs to the type-one sample, however, has been increasing in the long run. The speed of autocorrelation in the trade has been decreasing both in short and long term. The extents of reaction to the market information of type-one sample and type-two sample before the restrictions removed are higher than the time after the restrictions are removed. Finally, by adopting cross-sectional regression, we can see that, on the one hand, shortly after the changing of trading mechanism, the adjustment speed of short sales influenced by information is a positive correlation. On the other hand, after a certain period of the removal of trading restrictions, the adjustment speed of short sales do not necessarily signal a positive correlation comparing with the initial period.
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Chang, Ching-Hsuan, and 張京軒. "Application of Fuzzy Control to Spindle Speed Adjustment during Rigid Tapping Processes." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/y8qfk6.
Full textAbstract:
碩士國立臺北科技大學
機電整合研究所
102
Computer numerical control (CNC) machine tools have been widely applied to the manufacturing of mechanical parts since many years; machining parameters such as spindle speed and feedrate are usually set by the operators of CNC machine tools, by part designers through the use of CAD/CAM software, or by using the design rules obtained from the statistic database of machining. Therefore, operators who lack machining experience usually cannot operate CNC machine tools to shorten the machining time and to maintain machining accuracy and cutting tool integrity. This study therefore developed a method for adjusting spindle speed using fuzzy control. The developed adjustment method refers to the settings of the cutting torque command and the fuzzy rules designed in this study and consequently adjusts the spindle speed adequately; then, less experienced operators can successfully and efficiently operate CNC machine tools during rigid tapping processes. To reduce the adverse effects of measurement noises generated from a complicated connection of devices, this study further developed a signal conditioner using a differential amplifier; experimental results demonstrate that the developed signal conditioner can significantly reduce the adverse effects of measurement noises. According to the results of machining carried out on a CNC tapping machine, a rate of torque error of 2.43% is achieved; thus, the machining results validate the proposed method for spindle speed adjustment.
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RAHIM, RELIA NOVITA, and RELIA NOVITA RAHIM. "MACROECONOMIC CONDITION AND CAPITAL STRUCTURE ADJUSTMENT SPEED - EVIDENCE FROM INDONESIAN STOCK EXCHANGE." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/90369189412385594068.
Full textAbstract:
碩士亞洲大學
財務金融學系碩士班
100
This thesis provides analysis of the adjusting behavior for the firms listed in Indonesian stock exchange from 1992 to 2010 when the adjustment speed of capital structure affected bu macroeconomic condition. This thesis also differentiate the overlevered and underlevered firms on speed adjustment of capital structure and the impact of macroeconomic condition on overlevered and underlevered firms to their speed adjustment of capital structure.The paper uses leverage ratio as an independent variable. The leverage ratio is defined by the ratio of book value and market value respectively. The ratio of debt to book value is measured by the sum of the firm’s short-term and long-term book debt divided by net assets, and the ratio of debt to market value is measured by the sum of the firm’s short-term and long-term book divided by the number of common shares outstanding multiplied by the stock price per share. Dependent variables include firm’s determinant factors and macroeconomic conditions. The firm’s determinant factors include probability, tangibility, growth, size, net debt tax shields and selling expenses and macroeconomic conditions are defined by the inflation rate and GDP growth rate. Using OLS and controlling firms fixed effect approach, the thesis finds that Indonesian firms adjust their leverage faster in bad economic condition. The observed firms show that overlevered firms adjust faster than underlevered firms. However, by controlling the variable of macroeconomic condition, the overlevered and underlevered firms show insignificance effects against capital structure adjustment speed.
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Yang, Pei-Chun, and 楊培君. "Business Employment Adjustment Speed: Based on Agency Theory and Stewardship Theory Perspectives." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/2mjr98.
Full textAbstract:
碩士國立中央大學
人力資源管理研究所
105
This study attempts to investigate whether the corporate governance theories beliefs owned by business executives have impact on the speed of business employment adjustment. Based on the difference of forecasting behavior between agency theory and stewardship theory perspectives, this paper establishes a business discriminative index of agency theory and stewardship theory orientation by five standardized variables including the proportion of research and development expenditure, nonsystematic risk index, cash holdings, dividends to earnings ratio, and the proportion of outside directors, then try to find out the relevance between the orientation index and the speed of company employment adjustment. Collecting data from listed electronic companies at stock exchange market and over-the-counter market in Taiwan from 2009 to 2015, including 294 firms and 2058 observations. The empirical results indicate that the speed of company employment adjustment varies with different corporate governance theory orientation, and when the orientation index gets more close to stewardship theory, the business employment adjusts faster. Furthermore, dividing the employment adjustment situation into staffing and layoff, the results show that layoff speed also faster when the orientation index gets more close to stewardship theory. However, the staffing speed doesn’t vary due to different orientation index. Besides, the higher proportion of R&D expenditure, the higher nonsystematic risk index, the lower cash holdings, and the higher proportion of outside directors, the business employment adjusts faster, yet dividends to earnings ratio isn’t significant related to the speed of company employment adjustment.
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KAO, PEI-WEN, and 高珮紋. "Determinants of Cash Ratio Adjustment Speed: The Case of Listed Companies in Taiwan." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/6m3hj4.
Full textAbstract:
碩士國立中正大學
財務金融系研究所
105
The sample of this study is the listed companies in Taiwan. The sample period spans from 1991 to 2016. This paper is mainly to explore the difference between a company's actual cash ratio adjustment speed and its target cash ratio adjustment speed. The study first explores whether firm characteristics have significant relationships with the firm’s cash ratio and then tries to find determinants of the cash ratio adjustment speed based on a regression approach. The empirical results show that firms with larger size, higher Tobin’s Q, higher industry cash flow risk, higher asset beta or higher R&D tend to maintain a higher cash ratio. On the other hand, firms with higher cash flow, higher net working capital, higher capital expenditure, higher leverage ratio or a longer publically listed period tend to set a lower cash ratio. In addition, the firm paying cash dividends or receiving no debt rating also tend to maintain a higher cash ratio. Regarding factors affecting the cash ratio adjustment speed, we find that when a firm is at a high cash level, it tends to adjust its cash ratio towards its target cash ratio at a higher speed. We further find that operating and financial risks are significantly related to the cash ratio adjustment speed. To be specific, operating and financial risks are significantly related to the adjustment speed when the firm’s cash level is high. However, only the financial risk is significantly related to the adjustment speed when the firm has a lower cash level.
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Huang, Shih-Fang, and 黃勢芳. "A Study on the High Speed Rail Control Points Displacement Using the Dynamic Model Adjustment." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/00080047393496228141.
Full textAbstract:
碩士國立交通大學
土木工程系
88
Traditional Adjustment method combines the new observations by fix the upper control points. It can produce new coordinates of control points in the same reference frame, and can avoid creating conflict between construction boundaries while works are processing. The High Speed Rail (HSR) in Taiwan has 345 kilometers which includes ten stations and two depots. The HSR passes through the West of Taiwan and connects to Metropolitan Transit System of every city. In this study, The displacement of HSR control points after the 921 earthquake and estimating the affection of civil engineering will be analyzed.
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Chu, Nan-Yuan, and 邱南源. "An Analysis of Liquidity and the Speed of Price Adjustment of Major U.S. Index Futures." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/58514665228736119425.
Full textAbstract:
碩士淡江大學
財務金融學系
91
This thesis compares the liquidity and the speed of price adjustment of the ATS and traditional open outcry systems for U.S. index futures. Using data of E-mini and regular S&P500 and Nasdaq100 futures, the empirical results show that E-mini futures has smaller spread than the traditional regular contracts based the liquidity measures of Thompson-Waller（1988）and Roll (1984). A comparison of the market depth shows that E-mini futures contracts have deeper market depth than the regular contracts. For the cases that FED monetary policy is expected, E-mini futures contracts have the same speed of price adjustment as the regular contracts. However, as to the unexpected FED monetary policy, E-mini futures contracts react faster than the regular contracts.
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Chu, Ying-Jung, and 朱映蓉. "The factors that affect the speed of leverage adjustment: The case of Taiwan traded companies." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/subfju.
Full textAbstract:
碩士國立臺灣大學
財務金融學研究所
104
Using basic dynamic panel model to estimate the impact of macroeconomic, market and firm financial factors on the speed of leverage adjustments, we find the evidence that term spread, real gdp growth rate, market dividend yield, industry average market to book ratio, book asset, dividends, operating cash flow, proportion of shareholding in directors and supervisors and proportion of shareholding in foreign investments are significant factors for Taiwan traded companies. Furthermore, we find that firms adjust their leverage toward targets faster in good macroeconomic situation and market timing. In addition, firm’s book asset is positively related to the adjustment speed of firms. However, proportion of shareholding in foreign investment is negatively related to the adjustment speed of firms.
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Tu, Chia-Shan, and 杜佳珊. "The study of the effect of Investor Sentiment on adjustment speed of target capital structure." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/28183409844722379330.
Full textAbstract:
碩士東海大學
財務金融學系
99
In the competitive market, company in order to go after business performance and maximal stockholder's value with the purpose of sustainable operation. It is the most important matter to company that how to finance and make the best of funds. In a real environment, because of imperfect capital market result in adjustment costs. The adjustment costs have great impact on the adjustment speed of target capital structure. Investor sentiment also have great influence on the adjustment speed except for firm characteristic and macroeconomic conditions. Our research findings show that it is the faster adjustment speed of target capital structure In high investor sentiment than in low investor sentiment. In addition, when at the same investor sentiment period, different company characteristic have different influence on the adjustment speed. In the view of internal information of company, the company which current capital structure high than target capital structure, it will take advantage of fluctuation of market by irrational investors to reduce debt ratio. Consequently, company of high than target capital structure will have the faster adjustment speed of target capital structure. In the view of the financial constraint, high financial constraint company will make the best of high investor sentiment to adjust their capital structure. On the other hand, investors will request high financial constraint company to heighten risk premium in low investor sentiment. It will increase adjustment costs and can't take advantage of this times of devious stock price to adjust capital structure. Finally, in the view of external information of company, the company of high equity liquidity have low transaction costs and adjust capital structure frequently. Therefore, it will make no difference on investor sentiment. However, the company of low equity liquidity will make use of fluctuation of market by irrational investors to adjust capital structure and have the faster adjustment speed of target capital structure.
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Lin, Yan-you, and 林彥佑. "The impact of Investor''s sentiment on the speed of stock price adjustment." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/26803249128455836095.
Full textAbstract:
碩士國立高雄第一科技大學
金融系碩士班金融組
103
Recently, investor’s sentiment has become an important issue in financial literature. In this study, I use the consumer price index (CPI Index) as a proxy of investor’s sentiment. Following Hou and Moskowitz (2005)’s measure, which assesses the power of lagged market returns for predicting contemporaneous stock returns, this study examines the speed of stock price adjustment under high and low investor’s sentiment. The higher the measure is, the slower the speed of stock price adjustment. The results suggest that the speed of stock price adjustment under the high investor’s sentiment is slower than that under the low investor’s sentiment. The results remain after distinguishing the positive and negative returns.
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Hsieh, Sheng-Wei, and 謝勝韋. "Is Adjustment Speed of Target Capital Structure Caused by the Agency Costs or Asymmetric Information?" Thesis, 2013. http://ndltd.ncl.edu.tw/handle/42335190185307549898.
Full textAbstract:
碩士東海大學
財務金融學系
101
In previous literatures, the capital structure is unstable as the adjustment cost exist which is supposed to deviate from the optimal capital structure temporarily. In this paper, we use the two-stage model to investigate the difference between the factor of the capital structure adjustment process and the adjustment speed. Based on the dynamic capital structure theory, we examine that the agency costs or the asymmetric information is intend to impact the adjustment of capital structure more. Our empirical researches are consist with Berger et al. (1997) which is that the higher agency costs firms is faster than lower agency costs in adjustment speed of target capital structure. It shows the manager probably will raise a loan as there is a threat of merger and acquisition. In addition, we also find that the higher the level of asymmetric information firms is faster than lower ones, in other words, when firms are subject to financial constraints, managers have incentive to adjust the capital structure to reduce the asymmetric information. Regardless of agency costs, the lower the level of asymmetric information firms will reflect greater asymmetric information effect, but higher ones reflect greater agency cost effect. Finally, we embed the macroeconomic variables and find that the adjustment speed is higher than before. It shows firms are able to enhance the original effect. The contribution of this research make up a deficiency in the adjustment speed of target capital structure.
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Krishna, Sudha. "The effect of macroeconomic conditions on the capital structure adjustment speed of South African listed firms." Thesis, 2012. http://hdl.handle.net/10539/11576.
Full textAbstract:
This paper uses a two-stage, dynamic partial adjustment model which accounts for potential mean-reversion, with the Arellano-Bover GMM estimation technique, to observe the effect of various macroeconomic variables on the speed at which South African listed firms adjust toward their target capital structures. Employing two definitions of financial constraints, these effects were also compared for financially constrained and unconstrained subsamples. Using a sample of listed firms spanning from 2000 to 2010, the findings of the study show some indication that firms adjust faster in unfavourable macroeconomic states relative to favourable states. There is also evidence to suggest that the adjustment dynamics of unconstrained firms differ from that of constrained firms. In addition, higher adjustment speeds are generally observed when using short-term debt relative to other debt definitions. However, the evidence is largely inconclusive as adjustment speed estimates are highly sensitive to the definition of financial constraints used, and to the inclusion of extreme leverage observations.
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Yeh, Shih-ho, and 葉時合. "A study on the effect of institutional ownership shares on adjustment speed of target capital structure." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/77285748256892899002.
Full textAbstract:
碩士大同大學
事業經營學系(所)
97
This study is to research the impact from ownership structure on the adjustment speed of a firm’s target capital structure when the institutional investor is a large shareholder. Take the listed companies in Taiwan for example, empirical study found that the adjustment speed to a target debt ratio will be accelerated under the consideration of a firm’s financial characteristics. The evidences supported trade-off theory; there existed a target debt ratio. Further on, the study explores whether there is significant difference in the adjustment speed toward target capital structure in term of the market-based value or book-based value estimation when the single institutional investor is large shareholder. The result shows that the preferred debt ratios between institutional investor and management are different, causing the agency problem easily. The debt ratio for the next period will be determined on the basis of current debt ratio when the institutional investor is large shareholder. The speed of the adjustment from current ratio toward the ratio for next period will be slow; its financial decision behavior supported the trade-off theory. Compared with book-based value estimation, the speed will be faster in term of the market-based value estimation (the influence of market value to the debt ratio is being considered). This shows that the volatility of the stock price would affect the adjustment speed, but the volatility would not make the target debt ratio disappeared. When the institutional investor is large shareholder, its financial decision behavior will be influenced by the market value and the volatility of the stock price. This result supports the trade-off theory and market timing theory at the same time.
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Tan, Lin. "Empirical analysis of Chinese stock market behavior evidence from dynamic correlations, herding behavior, and speed of adjustment /." 2005. http://catalog.hathitrust.org/api/volumes/oclc/70871874.html.
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Kuo, Chang-Ting, and 郭昶廷. "The Speed of Adjustment to Information:A Case on Listed Companies of Taiwan, China and American Depositary Receipts." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/81357031241750803751.
Full textAbstract:
碩士國立臺北大學
國際企業研究所
97
This paper examines the speed of price adjustment in Taiwan, China stock market and American Depositary Receipts. We use a VAR model to show the interaction for stocks and American Depositary Receipts of Taiwan and China. The sample period of this study is from January, 2002 to December, 2008. The empirical results prove that two-way feedback relationship between stocks and ADRs of Taiwan, and we find the positive relationship between stocks and ADRs of China. Our analysis of firm characteristics suggests that the speed of stock price adjustment for Taiwan market is related to market value, while that for American market is related to turnover ratio. We also find asymmetric effects of returns on the speed of adjustment. Investors in Taiwan react more quickly to good news, while investors in America react identically to good news and bad news.
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Hui, Chang Chien, and 張千慧. "The study of the effect of firm-specific return variation on adjustment speed of target capital structure." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/58494946782432806812.
Full textAbstract:
碩士東海大學
會計學系
93
The purpose of this paper is to research the new influence of firm-specific return variation on the adjustment speed of firm’s target capital structure. The example of the listed companies in Taiwan over the period of 1995-2003 was used to evaluate significant causes relevant to the adjustment speed of firm’s target capital structure. The paper adopted the radical principle of “the firm-specific return variation,” as Roll had publiced in 1988, and explained the adjustment speed toward capital structure in term of the market-based value and book-based value estimation. Besides, the study generated three points by observing the reaction of “target capital structure” and “market efficiency”. First, the higher firm-specific return variation, the faster adjustment speed of target capital structure in the view of the marker value and the book value. In addition, the ration of the book value to the debt will be less affected by market, if the adjusted speed of book-value capture structure is slower than the adjusted speed of market-value capture structure. Finally, the adjustment speed of target capital structure, in market value opinion, will be sooner than before if the fluctuation of stock price leads to the ration of the market value to the debt which is more significant. Thus, the study presumed that the company’s leverage decision is supported by what kind of the theories of captal structure, and covers the best solution by investigating the adjusted speed of individual array of firm-specific return variation of target capital structure. Through the final discoveries, I suggested that, first, in Taiwan captal maket has a long-term target capital structure and the empirical result obsolutly supports trade-off theory. Moreover, on market-valued view the only array of higher firm-specific return variation in Taiwan companies stand for pecking order theory; otherwise, on book-value view the leverage decision in Taiwan companies is unsuitable for. As a result, on market-valued view, the leverage decision of lower firm-specific return variation in Taiwan companies is show up supporting market timing theory.
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Vivier, Thornton. "The immediate effect of thoracic spine manipulation on power output, speed and stroke rate in paddlers." Thesis, 2016. http://hdl.handle.net/10321/1770.
Full textAbstract:
Submitted in partial compliance with the requirements for the Masters’ Degree in Technology: Chiropractic, Durban University of Technology, Durban, South Africa, 2016.Background: Kayaking performance can be improved either through reducing drag of the boat or increasing propulsion (Michael et al., 2009). In order to increase propulsion, biomechanical efficiency is required. The trunk muscles have been highlighted as having an important role in the paddler’s stroke. Due to their relationship with the thoracic spine, dysfunction of the movement of the thoracic vertebrae could negatively impact the ability of the trunk muscles to work effectively. Spinal manipulation is used to restore joint range of motion and this has been shown to have a positive effect on the surrounding muscles. Limited studies have investigated the effect of spinal manipulation on performance outcomes, specifically in paddlers. Objective: To determine the effect of lower thoracic spine manipulation, of T7 - T12 vertebrae, compared to sham laser, on the mean power (watts) of a paddler’s stroke, the time taken (seconds) to paddle a 200m distance and stroke rate (strokes/min). Method: This study was designed as a pre-test, post-test experiment, involving 30 asymptomatic, male paddlers from Durban. Participants were divided into an intervention group, receiving spinal manipulation to the lower thoracic spine between T7 - T12 or a control group receiving sham laser. Participants performed a 200m sprint on a kayak ergometer followed by a timed five minute break, during which, the interventions were administered. This was followed by a second 200m sprint on the kayak ergometer post-intervention. Outcome measures were average power (watts), time taken to paddle a 200m sprint on a kayak ergometer (seconds) and stroke rate (strokes per minute). Conclusion: Lower thoracic spine manipulation did not result in a significant change in average power, time taken to paddle 200m on a kayak ergometer or stroke rate. Future studies are necessary to investigate the trends observed.
M
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Coldbeck, B., and Aydin Ozkan. "Comparison of adjustment speeds in target research and development and capital investment: What did the financial crisis of 2007 change?" 2017. http://hdl.handle.net/10454/14224.
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NoThis paper investigates the dynamics of R&D and capital investment using a large sample of US firms during the period 2002–2016. A partial adjustment approach is employed with a specific focus on the impact of the financial crisis on target adjustment speed. Evidence suggests that firms have a target in both types of investment and adjust to it at varying speeds. Specifically, firms adjusted to the capital investment target faster than to R&D investment. However, firms increased the adjustment speed in R&D investment significantly during the crisis, and it has remained at similar levels during the post-crisis period. The changes in adjustment speeds can be explained by several firm-specific characteristics that are related to the ability of firms to raise internal finance.
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Sood, Kanwal Deep. "The immediate effect of lumbar spine manipulation, thoracic spine manipulation, combination lumbar and thoracic spine manipulation and sham laser on bowling speed in action cricket fast bowlers." Thesis, 2008. http://hdl.handle.net/10321/434.
Full textAbstract:
Dissertation submitted in partial compliance with the requirements for the Master's Degree in Technology: Chiropractic, Durban University of Technology, 2008.To compare trunk flexion and lateral flexion range of motion (ROM) pre-post intervention. To compare the bowling speed of Action Cricket fast bowlers pre-post intervention. To determine the correlation between change in bowling speed immediately post-intervention to change in trunk flexion and lateral flexion ROM immediately post-intervention. To determine the association between change in bowling speed immediately post-intervention and the subjects’ perception of change in bowling speed. Methods: Forty asymptomatic Action Cricket fast bowlers were divided into four groups of ten each. Group 1 received lumbar spine manipulation, Group 2 received thoracic spine manipulation, Group 3 received combined thoracic and lumbar spine manipulation and Group 4 received the sham laser intervention (placebo). Pre- and post-intervention trunk flexion and lateral flexion ROM and bowling speed were measured using a digital inclinometer and a SpeedTracTM Speed Sport Radar. The subjects’ perception of a change in bowling speed post-intervention was also recorded. SPSS version 15.0 was used to analyse the data. Two-tailed tests were used in all cases. Results: Trunk flexion and lateral flexion increased significantly (p < 0.05) post-spinal manipulation. There was a significant increase in bowling speed post-thoracic (p = 0.042) and post-combined manipulation (p < 0.000). A significant yet weak positive correlation (p = 0.003; r = 0.451) was seen in change in bowling speed and change in thoracic flexion and lateral flexion. There was no significant difference in the percentage subjective change by intervention group (p = 0.217). Conclusions: Spinal manipulation is a valid intervention for short-term increase in bowling speed.
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Chi, Jung-Hung, and 紀榕宏. "Study on a fan coil unit by using BLDC motor with stepless variable speed driving technology for air volume adjustment." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/v7hpeu.
Full textAbstract:
碩士國立臺北科技大學
機電整合研究所
105
In recent years, due to the greenhouse effect, carbon reduction has become the focus of continuously promoted national policies, the relevant data indicates that the domestic air-conditioning usage is up to 90%; in summer season, the overall energy consumption of the air conditioning is around 30% of the total electricity consumption in the country. At peak hours, it can be even as high as 41% to 45%, and is still increasing rapidly by 15% every year. People rely on air condition equipment because it brings us comfortability, so the high power consumption of air conditioning equipment has become a cost burden for many industries. Thus, this research proposes an optimized energy-saving plan for the fan coil unit (FCU) of air conditioning system. The cumulative power savings are considerable because fan coil unit has long operation times in the air conditioning system to maintain the air recirculation and keep the room comfortable. The stepless variable speed brushless DC (BLDC) motor developed in this research was applied to the supply air motor on the FCU, and was compare with a commercially available AC motor to drive the FCU and to highlight the value of this study. According to the liquid crystal display (LCD) module’s control interface, we can select the motor driving mode (Manual or Auto mode). In the manual mode, the output percentage can be adjusted by variable resistance on the LCD module, changes of variable resistance value make the output percentage to vary linearly (30-150%), thereby changing the motor speed. In the auto mode, the speed of the BLDC motor is automatically adjusted via a temperature sensor feedback according to changes in the indoor room temperature thereby changing the FCU’s air volume. Comparison of three AC motor fan speed (high, medium, low), from the original three sections of air volume (484CFM,690CFM,892CFM) to enhance the changing range (169 CFM-845CFM) of the overall air volume. The proposed new technique has more flexible regulation of the air volume. In the same auto mode, the original change in temperature difference of 1°C was adjusted to change every 0.1°C, Based on the change of room temperature difference to adjust the air volume on FCU, to perform the best match between the temperature difference and the air volume. After a long time running test for these two kinds of fan motor combined with ACH in the single-zone, the experimental result that the energy-saving ratio can reach 33.4%, not only to achieve the effect of constant temperature environment, but also to effectively reduce the power consumption of the FCU, and thus, reached the benefits of energy-saving.