Viewshed refers to the calculation and visualisation of what part of a terrain isvisible from a given observer point. It is used within many fields, such as militaryplanning or telecommunication tower placement. So far, no general fast methodsexist for calculating the viewshed for multiple observers that may for instancerepresent a road within the terrain. Additionally, if the terrain contains over-lapping structures such as man-made constructions like bridges, most currentviewshed algorithms fail. This report describes two novel methods for viewshedcalculation using multiple observers for terrain that may contain overlappingstructures. The methods have been developed at Vricon in Linköping as a Mas-ter’s Thesis project. Both methods are implemented using the graphics program-ming unit and the OpenGL graphics library, using a computer graphics approach.Results are presented in the form of figures and images, as well as running timetables using two different test setups. Lastly, future possible improvements arealso discussed. The results show that the first method is a viable real-time solu-tion and that the second method requires some additional work.

After the financial crisis and several corporate scandals, efforts to improve the quality of corporate governance have been made but extended regulatory actions can be seen as insufficient as issues still arise. According to several scholars and practitioners one way for boards to become more efficient is by increasing their involvement in strategy. However, there are discrepancies in what the boards are expected to do and what they are capable of doing. By researching what the barriers are for boards’ active involvement in strategy, the purpose of this paper is to fill, or at least partly explain, this empirical gap. Palepu (2012) has identified four potential barriers for boards’ strategic involvement; the role of the board, external pressures, access to information and boardroom dynamics. Based on Palepu’s framework 17 board members were interviewed with the aim to explore underlying issues and problems preventing strategic work in the boardroom. The results of this study show that the potential barriers for strategic involvement have two different effects on strategy. The role of the board, as well as the external pressure affect the amount of time spent on strategy in the boardroom. The boardroom dynamics and the access to information on the other hand have an impact on the quality of the strategic discussions. These four factors may then limit boards’ involvement in strategic questions if not handled correctly. Two main areas that have shown to be of utmost importance in improving the strategy engagement and the board work in full are increasing the level of engagement of the individual director and having more diversified boards in large. Diversification and higher levels of engagement are thereby two key factors which should be prioritized in order to ensure a sustainable development of corporate governance with more efficient boards actively involved in strategy.

The empirical data indicates that Generation Y generally has a very high average financial literacy. The rationality they exhibit in the mastery of financial information and tools does not affect their savings and investments. Instead, the investment behavior is given in expression by their character, but also demographic basis.

Gillespie's Stochastic Simulation Algorithm (SSA) provides an elegant simulation approach for simulating models composed of coupled chemical reactions. Although this approach can be used to describe a wide variety biological, chemical, and ecological systems, often systems have external behaviors that are difficult or impossible to characterize using chemical reactions alone. This work extends the applicability of the SSA by adding mechanisms for the inclusion of external events and external triggers. We define events as changes that occur in the system at a specified time while triggers are defined as changes that occur to the system when a particular condition is fulfilled. We further extend the SSA with the efficient implementation of these model parameters. This work allows numerous systems that would have previously been impossible or impractical to model using the SSA to take advantage of this powerful simulation technique.

The efficient market hypothesis is one of the most important propositions in finance theory and has been subjected to years of rigorous empirical testing. We examine power of a new tool for evaluating market efficiency, fractal dimension. Characteristics and abilities of fractal dimension measure are explored through extensive Monte Carlo simulations. We prove that it provides an accurate evaluation of market's efficiency and its changes. This approach is highly innovative and creates new possibilities for examination of markets. The uniqueness of fractal dimension is in its ability to assign a numerical ranking to examined series describing the level of (in)efficiency; it is accurate for small samples of observations and quickly reflects changes in market efficiency structure. Powered by TCPDF (www.tcpdf.org)

In this thesis, the gate matrix layout problem in VLSI design is considered where the goal is to minimize the number of tracks required to layout a given circuit and a taxonomy of approaches to its solution is presented. An efficient hybrid heuristic is also proposed for this combinatorial optimization problem, which is based on the combination of probabilistic hill-climbing technique and greedy method. This heuristic is tested experimentally with respect to four existing algorithms. As test cases, five benchmark problems from the literature as well as randomly generated problem instances are considered. The experimental results show that the proposed hybrid algorithm, on the average, performs better than other heuristics in terms of the required computation time and/or the quality of solution. Due to the computation-intensive nature of the problem, an exact solution within reasonable time limits is impossible. So, it is difficult to judge the effectiveness of any heuristic in terms of the quality of solution (number of tracks required). A probabilistic model of the gate matrix layout problem that computes the expected number of tracks from the given input parameters, is useful to this respect. Such a probabilistic model is proposed in this thesis, and its performance is experimentally evaluated.

This thesis focuses on stochastic dominance in portfolio selection problems. The thesis recalls basic knowledge from the area of portfolio optimization with utility functions and first, second, $N$-th and infinite order of stochastic dominance. It sumarizes Post's, Kuosmanen's and Kopa's criteria for portfolio efficiency and necessary and sufficient conditions of stochastic dominance for discrete and continuous probability distributions. The thesis also contains formulations of optimization problems with second order stochastic dominance constraints derived for discrete and continuous probability distributions. A practical application is also a part of the thesis, where the optimization problems for monthly returns of Czech stocks are solved using optimization software GAMS.

Throughout recent years, computer based programs have been applied to solve and analyse industrial problems encountered global fields such as automobile design for reduction of CO2-gas, designing wind parks aimed at increasing power output etc. One of these developed programs is Computational Fluid Dynamics (CFD) which numerically solves complex flow behaviour based on computer power. As there is an ongoing expansion of CFD usage in industry, certain issues need to be addressed as they are becoming more frequently encountered. The general demand for the simulation of larger control volumes and more advanced flow processes result in an extensive requirement of computer resources. Moreover, the implementation of commercial CFD codes in small-scaled industrial companies seems to generally be utilised as a black box based on the knowledge of fluid mechanic theory. Increased partnerships between industry and the academic world involving various CFD based design processes generally yield to a verbal communication interface, which is a crucial step in the process given the level of dependency between both sides. Based on these notions, a method for establishing time efficient CFD-models with implementation of volume forces as sink terms in the momentum equation is presented. The internal structure, or parts of the structure, in the simulation domain is removed which reduces the geometrical complexity and along with it, computational demand.  These models are the basis of assessing the benefits of utilizing a numerical based design process in industry in which the CFD code is used as a communication tool for knowledge sharing with counterparts in different fields. / As there is an ongoing expansion of CFD usage in industry, certain issues need to be addressed as they are becoming more frequently encountered. The general demand for the simulation of larger control volumes and more advanced flow processes result in an extensive requirement of computer resources. Moreover, the implementation of commercial CFD codes in small-scaled industrial companies seems to generally be utilised as a black box based on the knowledge of fluid mechanic theory. Increased partnerships between industry and the academic world involving various CFD based design processes generally yield to a verbal communication interface, which is a crucial step in the process given the level of dependency between both sides. Based on these notions, a method for establishing time efficient CFD-models with implementation of volume forces as sink terms in the momentum equation is presented. The internal structure, or parts of the structure, in the simulation domain is removed which reduces the geometrical complexity and along with it, computational demand.  These models are the basis of assessing the benefits of utilizing a numerical based design process in industry in which the CFD code is used as a communication tool for knowledge sharing with counterparts in different fields.

Student Number: 0308601G School of Civil Engineering Faculty of Engineering and the Built Environment / This research report focuses on the impact of environmental management systems (EMS) on the economic performance of business enterprises with respect to the three research variables, namely water, energy and raw materials. A systematic sampling technique with a random start and the K-Value sampling interval were employed to draw a sample size of 30 enterprises from a list of 240 EMS certified enterprises. However, the response rate ultimately turned out to be only 30 % of the sample size. The research discovered that EMS programmes that are practised by enterprises under study in South Africa are inefficient, as strategies adopted to cut down on the consumption of the research variables are inefficient. It has further been found that due to unavailability of data, business enterprises failed to consistently and convincingly provide data pertaining to the costs of EMS adoption. Inefficient strategies in cutting down consumption of research variables are concluded to have led to minimal savings and revenue accruing to the enterprises. This is observed to be a result of the following factors: not undertaking some research ahead of any action to shed light on the nature and magnitude of responsive measures required for specific problem areas; costly EMS technology and infrastructure; lack of innovativeness in exhausting the full potential value of the research variables; poor EMS practice etc. Failure to provide data by enterprises is observed to be a result of little value, which enterprises attached to information storage and documentation as well as environmental accounting system, yet they are such crucial components of EMS. This has therefore made impossible to weigh gains against costs to establish whether business enterprises are gaining or losing in their EMS projects. On the basis of the observed shortcomings, enterprises are advised to have in place a comprehensive EMS database and to conduct some research ahead of any responsive action. The South African government is recommended to intervene by providing an enabling environment for EMS by implementing EMS supporting policies and promoting awareness campaigns. Furthermore, research into the observed problem areas has been recommended in order to get to the bottom of EMS problems in South Africa.

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2015. / Researchers have suggested that emerging markets’ activity is driven largely by unlisted companies. These companies are dynamic, and show a relatively equitable income distribution. However, they operate under severe challenges which can be a deterrent to their success. In spite of these difficulties, the companies form exceptional investment targets due to their innovative abilities, ability to customize products and formulate business models that reduce bottlenecks and input costs as well as take advantage of economies of scale and scope. Important risk factors such as: political, currency, corporate governance and information risks, amongst others, should be factored in during the valuation process of emerging market companies. In this paper, several criteria are used to assess thirteen popular emerging market valuation models’ ability to effectively incorporate these risks. Based on the outcomes of the assessment a best fit model is selected. However, none of the emerging market valuation models explicitly factor in irrationality of market participants. In order to address this, the study focuses on seven behavioural approaches to valuation under the assumption of investor rationality and managerial overconfidence and/or optimism, with a purpose to select one to include in the above mentioned “best fit” emerging market valuation models. Next, assessment mechanisms for adapting these two models for private company valuation were flagged by discussing approaches currently used in academia and corporate finance. Finally, possible means of combining the three objectives, and assessing the success of doing so, as an area for further research, were recommended. Key Words: emerging markets, valuation, risk premium, country risk, systematic risk, unsystematic risk, private companies, managerial overconfidence, managerial optimism, irrationality, efficient markets, capital asset pricing model