The aspiration for producing algal biofuel is motivated by the desire to replace conventional petroleum fuels, produce fuels domestically, and reduce greenhouse gas emissions. Although, in theory, algae have the potential to produce a large amount of petroleum fuel substitutes and capture carbon emissions, in practice, profitable algal biofuel production has proven quite challenging. This dissertation characterizes the production pathways for producing petroleum fuel substitutes from algae and evaluates constraints on algal biofuel production. Chapter 8 provides a summary of the entire dissertation. The first chapter provides a framework for reporting the production of renewable diesel from algae in a consistent way by using data that are specific and by presenting information with relevant metrics. The second chapter presents a review of analytical tools (i.e., microscopy, spectroscopy, and chromatography) that can be used to analyze the structure and composition of intermediate products in an algal biofuel production pathway. In chapters 3 through 6, the energy return on investment, water intensity, and financial return on investment are presented for three cases: 1) an Experimental Case in which data were measured during five batches of algal biocrude production with a combined processed volume of about 7600 L, 2) a hypothetical Reduced Case that assumes the same energy output as the Experimental Case, with reduced energy and material inputs, and 3) a Highly Productive Case that assumes higher energy outputs than the Experimental Case, with reduced energy and material inputs, similar to the Reduced Case. For all three cases, the second-order energy return on investment was determined to be significantly less than 1, which means that all three cases are energy negative. The water intensity (consumption and withdrawal) for all cases was determined to be much greater than that of conventional petroleum fuels and biofuels produced from non-irrigated crops. The financial return on investment was also found to be significantly less than 1 for all cases, indicating production would be unprofitable. Additionally, it was determined that large-scale algal biofuel production would be constrained by the availability of critical energy and material inputs (e.g., nitrogen and carbon dioxide). The final part of this dissertation presents a first-principles thermodynamic analysis that represents an initial attempt at characterizing the thermodynamic limits for algal biofuel production. In that analysis, the energy, entropy, and exergy is calculated for each intermediate product in the algal biofuel production pathway considered here. Based on the results presented in this body of work, game-changing technology and biotechnology developments are needed for sustainable and profitable algal biofuel production. / text

The purpose of this thesis is to gain a deeper understanding of the term impact investing and examine how Nordic impact investors manage risk, return, and social and/or environmental in emerging markets. Relevant aspects to impact investing have been identified to enable this thesis to be conducted. The thesis derives from a qualitative research method, this to gain a deeper understanding of the term and how Nordic impact investors conduct their business in emerging markets. The thesis is based on a deductive research approach due to that the term impact investing has a limited amount of previous research.   The literature review highlights relevant theories related to the research questions. The concepts presented are impact investing, emerging markets, dual interest, and risk management. These theories have later been put into a conceptual framework to showcase the interconnections. From the conceptual framework, three main concepts (impact investing, dual interest, and risk management in emerging markets) have been established and then later analysed based on the empirical data gathered from a multi-case study.   The analysis chapter includes a comparison and discussion between the empirical findings and the literature review in order to answer the thesis research questions. Furthermore, the analysis follows the same concepts presented in the operationalization. The final chapter reveals the conclusions drawn based on the analysis conducted. The final chapter further highlight implications both theoretical and practical, followed by suggestions for future research. The theoretical implications of the thesis pinpoint that impact investing require conceptual clarity to raise more awareness and gain recognition. Furthermore, risk management is an essential part of conducting investments in emerging markets. The practical implications showcase that impact investing can be conducted in several different ways and that there are no distinct patterns on how to manage impact investments best. Furthermore, the thesis stresses the importance of impact investing in emerging markets.

Submitted by MATEUS DA SILVA TONON null (malphateus@hotmail.com) on 2016-12-14T18:24:10Z No. of bitstreams: 1 Dissertação.pdf: 5357617 bytes, checksum: 3b8314a11b9f377d4ce389642bf6d955 (MD5) / Approved for entry into archive by Felipe Augusto Arakaki (arakaki@reitoria.unesp.br) on 2016-12-20T15:41:21Z (GMT) No. of bitstreams: 1 tonon_ms_me_ilha.pdf: 5357617 bytes, checksum: 3b8314a11b9f377d4ce389642bf6d955 (MD5) / Made available in DSpace on 2016-12-20T15:41:21Z (GMT). No. of bitstreams: 1 tonon_ms_me_ilha.pdf: 5357617 bytes, checksum: 3b8314a11b9f377d4ce389642bf6d955 (MD5) Previous issue date: 2016-10-21 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / O Brasil apresenta um cenário propício à utilização em larga escala das chamadas energias renováveis, tanto das provenientes de fontes solares quanto das de fontes eólicas. Ressaltando, ainda, o uso da biomassa como outra alternativa nacional na produção de energia elétrica, em especial a produzida pela queima do bagaço da cana-de-açúcar. Há uma ampla possibilidade de utilização dos sistemas que aproveitam a energia solar de alguma forma, aplicáveis aos setores residencial, comercial ou industrial. O objetivo deste trabalho foi avaliar os impactos ocasionados pelos usos de sistemas fotovoltaicos e sistemas de aquecimento de água, tanto na conta de energia elétrica como no sistema elétrico em si, na região do Assentamento Estrela da Ilha, em Ilha Solteira – SP. Para tal, foi necessário realizar um levantamento das características de carga das residências presentes no local. A metodologia aplicada nas avaliações de retorno financeiro dos projetos foi escolhida de modo a proporcionar que sua aplicação possa ser realizada por qualquer pessoa que se interesse em avaliar a viabilidade de projetos semelhantes em suas residências ou quaisquer estabelecimentos. No levantamento das características de carga do local houve a divisão em três faixas de consumidores, separadas pelo consumo bruto mensal. A faixa de 0 à 200 kWh apresentou um fator de demanda de 0,0577, a de 200,01 à 400 kWh um de 0,1271 e a de 400,01 kWh ou mais um de 0,1540. Nas avaliações de retorno financeiro nenhum dos sistemas propostos apresentou atratividade em seu custo-benefício final. No estudo do impacto ocasionado pelo uso de painéis fotovoltaicos, no sistema de alimentação presente, não houve mudança significativa no perfil de tensão dos secundários dos transformadores, mesmo quando do uso de altos percentuais de geração fotovoltaica. Essa não mudança deve-se ao fato do sistema rural, em estudo, não apresentar uma grande concentração de consumidores conectados a um mesmo transformador e tampouco uma carga tão diversificada nas residências do local. / The Brazil present an auspicious scenery in the massive scale use of renewable sources, thus the derived for solar sources as for wind sources. Emphasizing the use of biomass like a national alternative in the electrical energy production, specially when produced by the burn of the bagasse for sugar cane. There are great potentialities in the use of systems than exploit the solar energy by anyway and applicables to residential, commercial and industrial sectors. The aim of this work was avaluate the impacts of the use of photovoltaic systems and solar water heating systems, thus in the electrical energy bill as in the electrical systems itself, in the zone of Assentamento Estrela da Ilha located in Ilha Solteira – SP. A load basic features making was realized in the residences belong in local. The applied metodology for financial return evaluation of the projects was selected for propitiate that its aplication could be realized by any people who has concern in evaluated the avaiability of similar projects in his residences or any other establishments. There are a division of the consumers in 3 streaks after the load basic features making, separated by the monthly consumption. The streak of 0 to 200 kWh presents a demand coefficient of 0.0577, in the streak of 200.01 to 400 kWh a demand coefficient of 0.1271 and the streak of 400.01 kWh or more a demand coefficient of 0.1540. The financial return evaluations shows that none of the systems had attractive when compared cost and final gains. The impact study of the use of photovoltaic panels in the existent electrical grid shows no significant changes in transformers secondary voltage levels even when used high perceptuals of photovoltaic generation. This result for the system analyzed be a rural one where there are low conected consumers concentration in a same transformer and few diversity of load in the local residences.

Orientador: Júlio Borges de Souza / Resumo: O Brasil apresenta um cenário propício à utilização em larga escala das chamadas energias renováveis, tanto das provenientes de fontes solares quanto das de fontes eólicas. Ressaltando, ainda, o uso da biomassa como outra alternativa nacional na produção de energia elétrica, em especial a produzida pela queima do bagaço da cana-de-açúcar. Há uma ampla possibilidade de utilização dos sistemas que aproveitam a energia solar de alguma forma, aplicáveis aos setores residencial, comercial ou industrial. O objetivo deste trabalho foi avaliar os impactos ocasionados pelos usos de sistemas fotovoltaicos e sistemas de aquecimento de água, tanto na conta de energia elétrica como no sistema elétrico em si, na região do Assentamento Estrela da Ilha, em Ilha Solteira – SP. Para tal, foi necessário realizar um levantamento das características de carga das residências presentes no local. A metodologia aplicada nas avaliações de retorno financeiro dos projetos foi escolhida de modo a proporcionar que sua aplicação possa ser realizada por qualquer pessoa que se interesse em avaliar a viabilidade de projetos semelhantes em suas residências ou quaisquer estabelecimentos. No levantamento das características de carga do local houve a divisão em três faixas de consumidores, separadas pelo consumo bruto mensal. A faixa de 0 à 200 kWh apresentou um fator de demanda de 0,0577, a de 200,01 à 400 kWh um de 0,1271 e a de 400,01 kWh ou mais um de 0,1540. Nas avaliações de retorno financeiro nenhum dos si... (Resumo completo, clicar acesso eletrônico abaixo) / Mestre

The thesis is focused on financial planning of building order. The thesis gradually defines building order, Phase of building order and their sources of financing, it also deals with the costs, financial return and cash flows. One section is also devoted to financial planning, of building order and financial analysis. The practical part is focused on financial plan of a specific building order and assessment of company financial stability. The financial plan building order will be demonstrated in two different ways of planning and financing.

La classe des modèles à chaîne de Markov cachée (HMM, Hidden Markov Models) permet, entre autres, de modéliser des données financières. Par exemple, dans ce type de modèle, la distribution du rendement sur un actif financier est exprimée en fonction d'une variable non-observée, une chaîne de Markov, qui représente la volatilité de l'actif. Notons que les dynamiques de cette volatilité sont difficiles à reproduire, car la volatilité est très persistante dans le temps. Les HMM ont la particularité de permettre une variation de la volatilité selon les états de la chaîne de Markov. Historiquement, ces modèles ont été estimés avec un nombre faible de régimes (états), car le nombre de paramètres à estimer explose rapidement avec le nombre de régimes et l'optimisation devient vite difficile. Pour résoudre ce problème une nouvelle sous-classe de modèles à chaîne de Markov cachée, dite à haute dimension, a vu le jour grâce aux modèles dits factoriels et à de nouvelles méthodes de paramétrisation de la matrice de transition. L'objectif de cette thèse est d'étendre cette classe de modèles avec de nouvelles approches plus générales et de montrer leurs applications dans le domaine financier. Dans sa première partie, cette thèse formalise la classe des modèles factoriels à chaîne de Markov cachée et étudie les propriétés théoriques de cette classe de modèles. Dans ces modèles, la dynamique de la volatilité dépend d'une chaîne de Markov latente de haute dimension qui est construite en multipliant des chaînes de Markov de dimension plus faible, appelées composantes. Cette classe englobe les modèles factoriels à chaîne de Markov cachée précédemment proposés dont les composantes sont de dimension deux. Le modèle MDSV (Multifractal Discrete Stochastic Volatility) est introduit afin de pouvoir considérer des composantes de dimension supérieure à deux, généralisant ainsi les modèles factoriels existants. La paramétrisation particulière de ce modèle lui offre suffisamment de flexibilité pour reproduire différentes allures de décroissance de la fonction d'autocorrélation, comme celles qui sont observées sur les données financières. Un cadre est également proposé pour modéliser séparément ou simultanément les données de rendements financiers et de variances réalisées. Une analyse empirique sur 31 séries d'indices financiers montre que le modèle MDSV présente de meilleures performances en termes d'estimation et de prévision par rapport au modèle realized EGARCH. La modélisation par l'entremise des modèles factoriels à chaîne de Markov cachée nécessite qu'on définisse le nombre N de composantes à multiplier et cela suppose qu'il n'existe pas d'incertitude lié à ce nombre. La seconde partie de cette thèse propose, à travers une approche bayésienne, le modèle iFHMV (infinite Factorial Hidden Markov Volatility) qui autorise les données à déterminer le nombre de composantes nécessaires à leur modélisation. En s'inspirant du processus du buffet indien (IBP, Indian Buffet Process), un algorithme est proposé pour estimer ce modèle, sur les données de rendements financiers. Une analyse empirique sur les données de deux indices financiers et de deux actions permet de remarquer que le modèle iFHMV intègre l'incertitude liée au nombre de composantes pour les estimations et les prévisions. Cela lui permet de produire de meilleures prévisions par rapport à des modèles de référence. / Hidden Markov Models (HMMs) are popular tools to interpret, model and forecast financial data. In these models, the return dynamics on a financial asset evolve according to a non-observed variable, a Markov chain, which generally represents the volatility of the asset. This volatility is notoriously difficult to reproduce with statistical models as it is very persistent in time. HMMs allow the volatility to vary according to the states of a Markov chain. Historically, these models are estimated with a very small number of regimes (states), because the number of parameters to be estimated grows quickly with the number of regimes and the optimization becomes difficult. The objective of this thesis is to propose a general framework to construct HMMs with a richer state space and a higher level of volatility persistence. In the first part, this thesis studies a general class of high-dimensional HMMs, called factorial HMMs, and derives its theoretical properties. In these models, the volatility is linked to a high-dimensional Markov chain built by multiplying lower-dimensional Markov chains, called components. We discuss how previously proposed models based on two-dimensional components adhere to the factorial HMM framework. Furthermore, we propose a new process---the Multifractal Discrete Stochastic Volatility (MDSV) process---which generalizes existing factorial HMMs to dimensions larger than two. The particular parametrization of the MDSV model allows for enough flexibility to reproduce different decay rates of the autocorrelation function, akin to those observed on financial data. A framework is also proposed to model financial log-returns and realized variances, either separately or jointly. An empirical analysis on 31 financial indices reveals that the MDSV model outperforms the realized EGARCH model in terms of fitting and forecasting performance. Our MDSV model requires us to pre-specify the number of components and assumes that there is no uncertainty on that number. In the second part of the thesis, we propose the infinite Factorial Hidden Markov Volatility (iFHMV) model as part of a Bayesian framework to let the data drive the selection of the number of components and take into account the uncertainty related to the number of components in the fitting and forecasting procedure. We also develop an algorithm inspired by the Indian Buffet Process (IBP) to estimate the iFHMV model on financial log-returns. Empirical analyses on two financial indices and two stocks show that the iFHMV model outperforms popular benchmarks in terms of forecasting performance.