China’s goal of eventually having the renminbi (RMB) be “fully convertible” necessarily requires that its capital account be fully liberated; this paper investigates the on-going changes of the implemented capital controls by China and China’s progress on liberalizing the country’s capital account. The first portion of the paper studies deviations of the covered interest parity, a common measure of capital controls. Econometrical analysis provides evidence for significant and persistent RMB/USD interest rate differentials, calculated from monthly data of 1-month yields for the sample period of 1999 to 2014. At the same time, evidence for cointegration between the onshore and offshore yield suggests that capital flows are not fully restrictive in the long run. The second portion of the paper analyzes constructed de jure capital control indices based on IMF’s AREAER documents following Chen and Qian (2015), and actual capital account flows based on China’s Balance of Payments. The constructed de jure indices quantify the intensity of changes of capital controls, capturing the gradualist style that China adopts in implementing its policies. The index reveals that China has been increasing its pace of capital account liberalization in the recent years compared to the past, and in particular, prioritizes liberalizing controls on outward FDI flows and equity securities inflows. The constructed de jure indices and the respective flows for FDI and equity securities are found to be highly correlated, implying that flows have been responsive to changes in the controls. It also indicates that prior to the restriction lift offs, the capital controls had been relatively effective.

The covered warrant market in the UK has gained in popularity over time since first launched in 2002. This has opened up an alternative investment choice which offers derivative securities with a life of typically one to two years. It seems to fulfill many of the functions of a traded options market. Since most research has been focused on options trading, the investigation on covered warrants trading is still very limited. This is also largely due to the lack of readily available data for end-traded covered warrants and the existing covered warrants. A unique set of hand-collected data, supplemented by public and private data from main covered warrants issuer and the financial database are employed, making this thesis possible. The sample periods can be divided into two separate sets. The UK covered warrants trading during the period July 2004 - December 2006 are used to examine the impact of warrant introduction and expiration on the price, volume and volatility of the underlying securities. For the introduction analyses, both the announcement and listing of covered warrants have negative impacts on the price of underlying securities for both call and put features, though the impact of the announcement is more pronounced than that of the listing. These affects are temporary and do not persist much beyond the introduction of the warrants. Negative price impacts of the expiration event are also reported for both call and put covered warrants. However, this study finds no significant impacts on the volume of underlying securities trading from the announcement, listing and expiration of call and put covered warrants. Further evidence indicates an increase in volatility of the underlying securities during the announcement and listing of covered warrants. The results hold true for both call and put warrants cases. On the other hand, a decreasing stock volatility is found as a consequence of the expiration of both call and put covered warrants. The second data set involves the call covered warrants traded in the UK market between April 2007 and December 2008; this was analysed for evidence of the best appropriate covered warrants pricing model. This study suggests default risk as a major concern for the warrant price which is called the Vulnerable warrant price. The reasons behind this arise from concern about the issuer’s creditworthiness due to traders’ fraudulent action and the recent subprime problem, the difficulties of dynamic hedging by issuers because of market imperfections, as well as the no guarantees on covered warrant trading provided by the London Stock Exchange. The most salient findings of the study are the following. The Vulnerable warrant price is generally lower than both the Black-Scholes price and warrant market price throughout the warrant’s lifetime. The evidence suggests an overvalued warrant price in the UK market. Moreover, the in-the-money warrants indicate a higher rate of default in comparison to the out-of-the-money warrants. An additional finding shows that the market becomes aware of the default risk only on a short-term basis. The presentation of negative abnormal returns of both market and the Black-Sholes prices support the assumption that default risk is a relevant factor in pricing the UK covered warrants. These findings add to the literature dealing with the effect of derivatives trading on the underlying securities as well as providing more empirical evidence on a particular covered warrant market. This could be of interest not only for practitioners to widen their investment opportunities but also for regulators to have this as a guideline for their future related policies planning.

Författarens syfte med studien är att undersöka om optionsstrategin covered call, kan generera bättre riskjusterad avkastning än jämförelseindex. Författaren bygger den kvantitativa undersökningen på sekundärdata som inhämtats från flera leverantörer av finansiell datahistorik. Ekonomisk teori som tillämpas är teorin om effektiva marknader, finansiell beteendevetenskap samt prospektteorin. Resultatet påvisar en riskjusterad högre avkastning för covered call-strategin. Adderas uppskattade transaktionskostnader visar resultatet att covered call har lägre standardavvikelse medan avkastningen är densamma som index.

Na manutenção de tubulações e dutos de aços de alta resistência baixa liga (ARBL), os reparos são executados com eletrodo revestido e com o equipamento operação, com o intuito de reduzir custos com paradas. Nesta aplicação, os gradientes de temperatura são mais elevados quando comparados com sondagens realizadas ao ar, o que pode levar à redução das propriedades mecânicas nessas juntas soldadas e causar maiores impactos financeiros ou mesmo ambientais. No metal depositado resultante do eletrodo revestido AWS E7018-1, usualmente utilizado no reparo de dutos de aços ARBL, as propriedades mecânicas têm forte relação com a ferrita acicular, microestrutura que ocorre intergranularmente, nucleando preferencialmente em inclusões do metal depositado. O objetivo desse trabalho é analisar a influência de diferentes condições de soldagem e de resfriamento sobre o teor de oxigênio e sobre a microdureza do metal depositado resultante do uso de eletrodos revestidos AWS E7018-1, usando técnicas de planejamento experimental como as metodologias Taguchi e experimentos fatoriais. Usando o método Taguchi foi possível observar que os três fatores (fabricante do eletrodo, corrente de soldagem e condição de resfriamento) influenciam no teor de oxigênio e que o fornecedor do eletrodo é o fator com maior efeito sobre a resposta, seguido pela corrente de sondagem. Com relação à etapa de experimentos fatoriais mapas operacionais para o teor de oxigênio e microdureza dos cordões de solda foram construídos. Foi possível observar que a corrente de soldagem tem efeito mais impactante que a taxa de resfriamento sobre o teor de oxigênio e a microdureza. / Covered electrodes had been developed at the beginning of the 20th Century and, despite the evolution of several welding processes, the shielded metal arc welding (SMAW) still find widespread application, even within the oil and gás industry, e.g. repairing of high strength low (HSLA) steel pipes. The pipe repairing is carried out during its operation (in order to reduce costs) and, therefore, the temperature gradients in the base metal are higher compared to removing the pipe system from service. This could lead to reducing mechanical properties in these welded joints that could cause higher financial or even environmental impacts. In the low carbon weld metal (e.g. AWS E7018-1 electrode is usually employed in HSLA pipe repair). The mechanical properties have a strong relationship with the acicular ferrite fraction, which occurs intergranularly and nucleating preferentially in inclusions within weld metal. The objective of this work is to analyze the influence of different welding and cooling conditions on the oxygen content ando n the mechanical properties of the weld metal from the AWS E7018-1 covered electrodes, using design of experiments techniques as Taguchi\'s method and response surface methodology (RSM). Using the Taguchi\'s method, it was possible to observe that three factors (namely electrode supplier, welding current and cooling condition) have influence on the oxygen content and the electrode supplier is the factor with the greatest effect on the response, followed by the welding current. Regarding to the factorial experiment, operational maps for the oxygen content and microhardness of the weld beads were constructed. It was possible to observe that the welding current hás a more impactful effect than the cooling rate on the oxygen content and microhardness.

Na manutenção de tubulações e dutos de aços de alta resistência baixa liga (ARBL), os reparos são executados com eletrodo revestido e com o equipamento operação, com o intuito de reduzir custos com paradas. Nesta aplicação, os gradientes de temperatura são mais elevados quando comparados com sondagens realizadas ao ar, o que pode levar à redução das propriedades mecânicas nessas juntas soldadas e causar maiores impactos financeiros ou mesmo ambientais. No metal depositado resultante do eletrodo revestido AWS E7018-1, usualmente utilizado no reparo de dutos de aços ARBL, as propriedades mecânicas têm forte relação com a ferrita acicular, microestrutura que ocorre intergranularmente, nucleando preferencialmente em inclusões do metal depositado. O objetivo desse trabalho é analisar a influência de diferentes condições de soldagem e de resfriamento sobre o teor de oxigênio e sobre a microdureza do metal depositado resultante do uso de eletrodos revestidos AWS E7018-1, usando técnicas de planejamento experimental como as metodologias Taguchi e experimentos fatoriais. Usando o método Taguchi foi possível observar que os três fatores (fabricante do eletrodo, corrente de soldagem e condição de resfriamento) influenciam no teor de oxigênio e que o fornecedor do eletrodo é o fator com maior efeito sobre a resposta, seguido pela corrente de sondagem. Com relação à etapa de experimentos fatoriais mapas operacionais para o teor de oxigênio e microdureza dos cordões de solda foram construídos. Foi possível observar que a corrente de soldagem tem efeito mais impactante que a taxa de resfriamento sobre o teor de oxigênio e a microdureza. / Covered electrodes had been developed at the beginning of the 20th Century and, despite the evolution of several welding processes, the shielded metal arc welding (SMAW) still find widespread application, even within the oil and gás industry, e.g. repairing of high strength low (HSLA) steel pipes. The pipe repairing is carried out during its operation (in order to reduce costs) and, therefore, the temperature gradients in the base metal are higher compared to removing the pipe system from service. This could lead to reducing mechanical properties in these welded joints that could cause higher financial or even environmental impacts. In the low carbon weld metal (e.g. AWS E7018-1 electrode is usually employed in HSLA pipe repair). The mechanical properties have a strong relationship with the acicular ferrite fraction, which occurs intergranularly and nucleating preferentially in inclusions within weld metal. The objective of this work is to analyze the influence of different welding and cooling conditions on the oxygen content ando n the mechanical properties of the weld metal from the AWS E7018-1 covered electrodes, using design of experiments techniques as Taguchi\'s method and response surface methodology (RSM). Using the Taguchi\'s method, it was possible to observe that three factors (namely electrode supplier, welding current and cooling condition) have influence on the oxygen content and the electrode supplier is the factor with the greatest effect on the response, followed by the welding current. Regarding to the factorial experiment, operational maps for the oxygen content and microhardness of the weld beads were constructed. It was possible to observe that the welding current hás a more impactful effect than the cooling rate on the oxygen content and microhardness.

Studies of glacier-hydrology have focused on clean Alpine glaciers, and recently ice sheet outlet glaciers, but there are few studies on debris-covered glaciers. It is known debris affects ablation rates, and that debris-covered glaciers evolve differently to their debris-free counterparts, but how the debris influences the hydrology is poorly understood. This thesis aims to understand the influence of the debris on the hydrological system and water balance of Miage Glacier, Western Italian Alps. The supraglacial hydrology was studied by modelling ablation using a distributed energy balance melt model, and measuring supraglacial stream discharges; the structure and evolution of the englacial and subglacial network was investigated using dye tracing and water chemistry monitoring; and the proglacial runoff was examined through detailed hydrograph analysis. Glacier velocity measurements were used to investigate the debris’ influence on the glacier dynamics. High ablation rates occurred on clean ice and beneath thin debris on the upper glacier, resulting in large supraglacial streams which led into an efficient drainage system. Glacier velocities had a greater magnitude and variability close to the upper glacier moulins. Thick debris on the lower glacier reduced ablation, and consequently the discharge of supraglacial streams and efficiency of the hydrological network. Despite locally inefficient subglacial drainage, glacier velocities on the lower glacier remained subdued, partly because the debris attenuated water inputs. This attenuation reduced the occurrence of high amplitude diurnal cycles in the proglacial runoff and confined them to particularly warm weather. Lag times from peak air temperature to peak runoff were long relative to comparable debris-free glaciers. Evaporation of rainfall from debris-surfaces was high, and dependant on the debris permeability, suggesting this is an important water balance component. Under climate warming, it is predicted the ablation of Miage Glacier will increase, but this may be negated given an increase in debris cover.

O desgaste de máquinas e seus componentes têm grande influência econômica em diversos setores da indústria. Diante dessa situação, tem sido feitos estudos visando desenvolver novos materiais e revestimentos que apresentem maior resistência ao desgaste. O revestimento é um dos métodos mais utilizados quando se procura garantir a uma superfície alguma propriedade mecânica que não é intrínseca ao metal base. O objetivo deste trabalho é realizar um estudo comparativo de ligas de diferentes composições químicas, através do desenvolvimento de um consumível para soldagem manual ao arco elétrico a ser aplicado especialmente para o recobrimento de superfícies submetidas ao desgaste abrasivo. Os eletrodos desenvolvidos foram compostos pela combinação de cromo-carbono e tungstênio-carbono misturados em um revestimento base com rutilo-carbonato de cálcio-fluorita, resultando em eletrodos revestidos com sete diferentes composições. A comparação e avaliação da resistência à abrasão foi feita com base nos dados obtidos no ensaio de desgaste abrasivo, segundo a norma ASTM G65-91, e também baseada nos resultados da composição química, microestrutura e análise microestrutural dos revestimentos. Os resultados mostraram que os depósitos com maior resistência ao desgaste abrasivo foram obtidos com eletrodos com as composições contendo carbono e 7% de tungstênio e carbono e 1,5% de cromo. Esses mesmos depósitos foram os que apresentaram valores mais elevados de microdureza, e em sua microestrutura pode-se perceber a formação de maior quantidade de carbonetos. / The wear in machines and equipments is one of the main sources of economic losses. Nowadays many studies have been conducted to develop new materials and coverages to produce wear resistance. The hardfacing is one of most common methods to produce a deposit having properties not intrinsic to that of the base material. The main objective of this work is to study the viability of using different alloys compositions to produce covered electrodes for shielded metal arc welding (SMAW) resistant to abrasive wear. The covered electrodes were produced adding chromiumcarbon and tungsten-carbon to rutile-calcium carbide-fluorite base. Comparison and evaluation of wear resistance of the developed electrodes was based in ASTM G65-91 wear tests, deposit chemical compositions and the resultant microstructures. The results shown that electrodes containing additions of C-W 7 % and C-Cr 1.5 % produced best performance of wear test deposits. These compositions produced deposits containing the higher amounts of carbides and exhibit higher hardness values.

Chan Ka Wai, Jennifer. / "Architecture Department, Chinese University of Hong Kong, Master of Architecture Programme 2009-2010, design report." / "May 2010."

Due to the sharpen regulation of the Swedish plain vanilla warrant in 2006 and the recent increase in trade among private investors, this thesis examined the informa-tion efficiency of Swedish plain vanilla warrants. This was done in three different ways. First the theoretical Black & Scholes (B&S) price was tested against the ac-tual market price. Secondly likelihood ratio test statistics was used to see whether information regarding past returns added any information to that already captured by the implied volatility (IV) generated from observed warrant market prices via the B&S model. The third method used was a comparison of the IV´s among com-parable warrants. As the regulation of the Swedish plain vanilla warrant market states that only certified issuer are allowed short calls and puts, the self adjusting price mechanism found in the option market doesn’t exist on this market. As a con-sequence of this, investors on this market is reliant of accurate ask and bid prices from the issuers. Further, the information efficiency of a capital market is of es-sence for capital allocation, price discovery and risk management. The results from all three tests rejected the information efficiency hypothesis of the sample. Thus concluding that the included warrants in this thesis are none ideally for activities such as capital allocation, price discovery and risk management.

Atherosclerosis is the number one cause of death in the United States and one of the most common treatments is the implantation of a stent. In order to eliminate the two most common complications - restenosis and thrombosis - a novel covered stent is investigated. A covered stent membrane should be able to undergo large stretch, prevent restenosis, and be relatively non-thrombogenic. Polyvinyl alcohol (PVA) cryogels are examined as a candidate material for covered stent membranes. Mechanical testing included uniaxial tensile testing, puncture testing, and the fabrication and expansion of PVA cryogel covered stents. Uniaxial testing showed PVA cryogels to have sufficient ultimate stretch which was similar to bare metal stents during deployment. Puncture testing revealed that PVA cryogels are not likely to puncture in vivo. No tears were seen in the PVA cryogel membrane after expansion of the covered stents. Finite element analysis was used to determine a PVA cryogel membrane's effect on artery wall stress. PVA cryogel covered stents reduced both artery wall stress and tissue prolapse when compared to equivalent uncovered stents. Migration assays were used to determine if PVA cryogels are able to block the smooth muscle cell migration seen during restenosis. PVA cryogels significantly reduced cellular migration in modified Boyden chambers - suggesting that they would be able to prevent restenosis in vivo. Thrombogenicity was tested in vitro with a gravity-fed flow loop using porcine blood and in vivo with a sheep model. PVA cryogels were found to be less thrombogenic than polyester controls with the flow loop system. The sheep study demonstrated the feasibility of implanting PVA cryogel covered stents and good early patency. After explantation, the PVA cryogel membranes were intact - providing in vivo evidence for the durability of PVA cryogel covered stents. Overall, this work provides evidence that covered stents made with PVA cryogels are a feasible device in terms of their mechanics, ability to prevent restenosis, and low thrombogenicity. This work represents a major advancement in the development of PVA cryogel covered stents and provides necessary safety and feasibility data for future clinical trials.