by Kwan Chi Tak. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 44-45). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF FIGURES --- p.vi / LIST OF TABLES --- p.vii / ACKNOWLEDGEMENT --- p.viii / CHAPTER / Chapter I. --- OBJECTIVES AND METHODOLOGY --- p.1 / Objectives --- p.1 / Methodology --- p.1 / Data Source --- p.1 / Analysis on the Efficiency of Secondary Bond Market --- p.1 / Data Collected --- p.2 / Period of Investigation --- p.2 / Bonds Selected --- p.3 / Interviews --- p.3 / Chapter II. --- DEVELOPMENT OF BOND MARKET IN CHINA --- p.4 / Amount of Issue --- p.4 / Types of Bonds Available in China --- p.5 / Government Bonds --- p.6 / Policy Financial Bonds --- p.7 / Enterprise Bonds --- p.7 / Conclusion --- p.7 / Chapter III. --- DEVELOPMENT OF GOVERNMENT BOND MARKET --- p.9 / Background --- p.9 / Issuance Methods --- p.9 / Types --- p.11 / Cost of Issuance and Redemption --- p.12 / The Establishment of Secondary Market --- p.13 / Conclusion --- p.14 / Chapter IV. --- GOVERNMENT DEFICIT FINANCING --- p.16 / The Economy of China --- p.17 / Government revenues and Expenditures --- p.17 / Deficits --- p.19 / Government Bond Issuance --- p.21 / repayment Ability --- p.22 / Conclusion --- p.23 / Chapter V. --- BENCHMARK RATES --- p.23 / Primary Market --- p.23 / Interest Rates --- p.23 / Government Bond Coupons --- p.24 / Anomaly --- p.24 / Pricing of other securities --- p.25 / secondary market --- p.25 / Efficiency of Secondary Bond Market --- p.27 / Conclusion --- p.29 / Chapter VI. --- OPEN MARKET OPERATIONS --- p.30 / Background --- p.30 / Open Market Operations --- p.30 / The Effectiveness --- p.31 / Conclusion --- p.33 / Chapter VII. --- OTHER FACTORS --- p.34 / Education --- p.34 / Institutional Investors --- p.34 / Transaction Costs --- p.35 / Distribution --- p.35 / Transaction Fees --- p.35 / Conclusion --- p.36 / Chapter VIII. --- CONCLUSIONS AND RECOMMENDATIONS --- p.37 / Conclusions --- p.37 / Positive Factors --- p.37 / Negative Factors --- p.38 / Recommendations --- p.39 / Chapter IX. --- APPENDIX I --- p.41 / Chapter X. --- APPENDIX --- p.43 / Chapter XI. --- BIBLIOGRAPHY --- p.44

This thesis investigates dynamics of determinants of government bond spreads in EMU and non-EMU countries, using non-linear Markov-switching method and Dynamic model averaging. Utilizing Dynamic model averaging we found evidence of three bond pricing regimes - pre-crisis, crisis and post Outright monetary transaction announcements. These three regimes are characteristic for all EMU countries (except Slovak Republic) and Czech Republic. Announcements of OMTs triggered post OMTs announcement regime also in Slovak republic. Third regime is not present in Poland, Hungary and United Kingdom. Moreover United Kingdom has only one regime and is dominated solely by market expectations. We found that there is heterogeneity in the determinants of bond spreads across all examined countries. Moreover we found that spreads are significantly related to market and economic sentiments. JEL Classification F12, F21, F23, H25, H71, H87 Keywords Bond yields, bond spreads, DMA Author's e-mail jan.popadak@fsv.cuni.cz Supervisor's e-mail jaromir.baxa@fsv.cuni.cz

There are three parts in this thesis: In the first part (Chapter 2), we discuss the port excitation (Wave port vs Lumped port) suitable for sub-millimeter wave operations. We realized on printed circuit board a grounded coplanar waveguide (CPWG) and on gallium arsenic (GaAs) a microstrip line. We performed simulation on these structures using high frequency structure simulator (HFSS), and compared the results with measured ones. From the comparison, we found close match for CPWG insertion loss from 10 MHz to 67 GHz using the Wave port. However, for G-S-G lumped port, only matched up to 40 GHz. The wave port not only was more accurate, but also consumed less time in simulation. Consequently, we employed wave port as our simulation excitation for our sub-millimeter wave QFN design. In the second part (Chapter 3), we focused on design of low cost QFN for sub-millimeter wave applications. We fabricated test structures, which include IC pads and transmission lines, wire bonds, QFN leads, and G-S-G structures on printed circuit board. In HFSS simulation, our specially designed ribbon bonds and QFN configuration show return loss less than -20dB and insertion loss less than -0.4 dB up to 60 GHz. Using the same design principles, we strived to improve the performance of a commercially available QFN, which normally operates at 3 to 6 GHz. The extraction method to obtain the high frequency characteristics was introduced first, and the characteristics of a commercially available QFN (with our wire bond configuration) were then obtained. The insertion loss was less than -20 dB and insertion loss less than -0.5 dB up to 20 GHz. In Chapter 5, we discuss the performance discrepancies between the simulated ribbon bond results and that for fabricated wire bonds. In the third part (Chapter 4), we introduced a method to extract the characteristics of a single backside via and investigated the effects of die attachment on the performance of a single and multiple backside via(s). Using silver epoxy and Cu blank layer as die attach methods, we found it was important to provide a broad path (Cu blank layer), as opposed to a restrict path (like silver epoxy) to reduce the inductance of the backside vias. The conclusion and future work are provided in Chapter 5.

Thesis (M.Com. (Economics & Economic History)) - Rhodes University, 2009. / A thesis submitted in partial fulfilment of the requirements for the degree of Masters in Commerce (Financial Markets).

Proefschrift Universiteit van Amsterdam. / Met lit. opg. en reg. - Met samenvatting in het Engels.

Thesis (Ph.D.) -- University of Rhode Island, 2009. / Typescript. Includes bibliographical references (leaves 155-158).

The work described in this thesis documents the development of new rhodium(I)-catalysed methodologies within two areas of research. The first examines the use of carbonyls as chelating groups in hydroacylation to produce synthetically valuable ketones and enones. The second area explores new carbon-carbon bond activation methodologies. Chapter 1 presents a literature review of the historical development of rhodium-catalysed hydroacylation, with a focus on chelating groups that can currently be used to suppress decarbonylation. A brief review of methodologies that avoid the requirement for a tether is also included. Chapter 2 describes the development of a novel hydroacylation methodology employing carbonyl-based functional groups as tethers on aldehyde substrates. The chapter begins with the optimisation studies for the hydroacylation of β-formyl amides with terminal and internal alkynes, allenes and terminal alkenes, and subsequently explores the substrate scope for each case. The chapter then outlines the investigations undertaken with 1,4-dicarbonyl and 1,5-dicarbonyl systems, N-formyl amides, β-formyl esters and finally β-formyl ketones. A detailed description of the routes undertaken to synthesise each starting material is also presented. Chapter 3 presents a short review surveying the key milestones in the development of carbon-carbon activation methodologies. The chapter begins with a theoretical comparison to carbon-hydrogen activation and a discussion of the unique challenges that are faced. An overview of the major strategies employed to enact these processes is subsequently presented for both strained and unstrained substrates. Chapter 4 outlines the attempts undertaken to develop a novel carbon-carbon bond activation methodology. The work evaluates sulfur-, nitrogen- and alkene-based chelating groups, known to be successful in hydroacylation, in analogous ketone substrates. Chapter 5 discusses the conclusions from this work and the potential for further work. Chapter 6 presents the experimental procedures and data.

This thesis investigates, using finite element modelling and experimental investigation, the fracture of mesh reinforcement in composite floor slabs at elevated temperatures. The main objective of the research is the study of the bond strength between the welded mesh reinforcement and concrete at elevated temperatures, since this was found to be the principal behaviour that governs the fracture of the reinforcement in a composite floor slab.The experimental programme included steady state and transient pull-out tests carried out at temperatures varying from 20°C to 1000°C. However, unlike previous work, which concentrated on the bond of single bars, rectangular normal concrete prisms were constructed with one longitudinal bar, ensuring a bond length of 200 mm, and one transverse bar welded centrally. As a result, the influence of the weld of the mesh reinforcement in the bond strength between reinforcement and concrete was studied. The bond strength-slip-temperature relationship was obtained for various sized ribbed and plain bars. It was found that the 6, 7 and 8mm diameter ribbed mesh failed by fracture of the longitudinal bar at all temperatures, including ambient temperature. It was shown that the reduction of bond strength of ribbed mesh was similar to the reduction in strength of the bar, which together with the observed modes of failure, lead to the conclusion that ribbed mesh can be assumed to be fully bonded at all temperatures. The 10mm diameter ribbed mesh failed by splitting due to the cover-bar diameter ratio being small. In contrast, all the plain bars failed by fracture of the weld followed by pull-out of the bar. Therefore the correct bond stress-slip relationship should be modelled for smooth bars to accurately predict global structural behaviour.The investigation using finite element modelling utilizes the DIANA program. The incorporation by the author of the bond strength-slip-temperature relationship within the models permits a better prediction of fracture of the reinforcement in composite floor slabs. It has been shown that smooth bars are more beneficial since the bond is broken before fracture of the bar allowing strains to be distributed along the bar. In the case of ribbed bars the bond is such that localised strain will occur in the bar at crack locations leading quickly to fracture of the reinforcement.

Environmental remediation liabilities are generated primarily as a result of past actions by a firm. The most important of these liabilities for domestic U.S. firms are related to Superfund sites as designated by the Environmental Protection Agency (EPA). These liabilities are important for domestic firms because of their size, which is estimated to be approximately $300 billion (Congressional Budget Office 1994) and because of public concern for the environment. This study examines the relation among bond ratings, bond yields, and EPA-based estimates of contingent environmental remediation liabilities to test if the relationships hold as theory implies it would. Extant theory suggests that financial variables, such as environmental remediation liabilities, have incremental explanatory power beyond the information included in bond ratings for bond yield. The purpose of this study is to determine the importance of external estimates of a firm's contingent environmental liabilities for a firm's cost of debt. In addition, the manner in which a firm's contingent environmental liabilities are included in the costs of debt is examined in this study. The results of this study indicate that external estimates for environmental liabilities are associated with the bond ratings and bond yield for a data set of new bond issues collected from the period 1995 to 1997. Despite that firms are increasing their recognition of environmental liabilities, either due to regulatory pressure or other factors, the measures based on EPA data still have significant explanatory power. The results imply that firms are either still lagging in appropriate recognition or that the external measures proxy for amounts imputed by the capital markets for some probable unspecified future costs. The latter explanation is supported by additional evidence in this study that the largest monetary measure of the liability is the most significantly associated with bond ratings and bond yields. Further, the results indicate that the external estimates are incorporated in bond ratings as part of the firm's default risk and have no direct influence over bond yield beyond that included in the bond ratings. This implies that bond ratings are particularly important for any evaluation of investment in debt securities from firms that have contingent environmental liabilities. / Ph. D.

This dissertation explores three current issues relevant to the accounting and business communities by empirically examining the effect these issues have on the bond credit market. The first study examines the effect earnings predictability has on both the initial bond rating and the initial pricing of the issue. Earnings predictability is measured as (1) the annual earnings surprise (actual minus analyst forecast) and (2) the dispersion of initial analyst forecasts. The results indicate a negative association between a lack of earnings predictability and both bond ratings and initial bond price. The results are consistent with creditors interpreting greater earnings variability as a dimension of default risk incremental to the benchmark model. These results add to the existing literature by documenting a favorable benefit in the credit arena for firms that have predictable earnings. The second study investigates the effect perceived auditor independence has on the rating assigned to newly issued bonds. The magnitude of non-audit service fees is utilized as a proxy for auditor independence. The results of the study document a consistent negative relationship between the level of non-audit fees provided by the external auditor and the bond rating received by the client for new issues. Several non-audit fee measures are used in the study (raw measure, log scaled, asset scaled, unexpected) and each possess a significant negative association with a firm's bond rating. Importantly, no economic effect was discernable in a classification accuracy analysis. The third study examines what effect, if any, longer auditor tenure has on the client's bond rating. There is some contention that longer auditor tenure can lead to substandard audits either through the auditor's excessive desire to retain the client or through general auditor complacency. However, the issue of auditor tenure is far from one-sided. An alternative view asserts that longer auditor tenure increases client-specific knowledge and, thus, results in increased audit quality. Results indicate a positive association between auditor tenure and the client's bond rating on new issues suggesting that longer auditor tenure is perceived to be beneficial by bond rating analysts. This is consistent with financial statement users perceiving longer tenured auditors to have more client specific knowledge thus increasing auditor competency and a better audit. Overall, these results contribute to the existing knowledge-base in accounting by empirically demonstrating how several important issues of interest to the accounting profession are impounded into a firm's bond rating. This research provides a detailed look at how one important group of knowledgeable financial statement users, i.e. bond rating analysts, incorporate several issues that are relevant and important to the professional community. / Ph. D.