I examine the impact of hedge fund managers selling ownership stakes in their firms to outside owners. Funds with outside owners do not subsequently outperform a matched sample of funds but do attract higher flows, suggesting that managers sell stakes to obtain strategic growth partners. The flow impact is greater for i) funds with lower prior flows or performance, ii) smaller funds, and iii) funds with more reputable outside owners. Outsiders also monitor their investments as funds with outside owners reduce their returns management. The reduction in return management is stronger after the 2008 financial crisis when institutions’ reputations are more tarnished. Combined, the results indicate that outside ownership benefits managers, outsiders, and fund investors.

Since the first observation of antineutrinos from beta decay of the fission products inside a nuclear reactor in 1956, the design and operating experience of antineutrino detectors near reactors has increased to the point where monitoring the reactor's power level and progression through its burnup cycle has become possible. With the expected increase in world nuclear energy capacity, including the dissemination of reactor technologies to non-nuclear states, the need for safeguards measures which are able to provide continuous, near-real-time information about the state of the core, including its isotopic composition, in a tamper- and spoof-resistant manner is evident. Near-field (~20 m from the core) antineutrino detectors are able to fulfill this demand without perturbing normal reactor operation, without requiring instrumentation which penetrates the reactor vessel, and without displacing other plant structures. Two sodium-cooled long-life fast reactors that are characteristic of next-generation reactors which are attractive for installation in non-nuclear states, one large and one small power rating, have been modeled throughout their reference burnup cycles using MCC-3 and DIF3D/REBUS. Various diversions of fissile material from the core designed to obtain weapons-usable material for the purpose of nuclear proliferation were studied as perturbed core states. The difference in detector event rates between the reference and perturbed states was used to determine the probability that a particular diversionary activity would be apparent before the material could be converted into a weapon. These data indicate which types of diversion antineutrino safeguards are particularly strong against and how the technology might be implemented in current and future international policies concerning nuclear proliferation.

published_or_final_version / abstract / toc / Civil Engineering / Master / Master of Philosophy

published_or_final_version / abstract / Electrical and Electronic Engineering / Master / Master of Philosophy

Condition monitoring business has been of interest to Sulzer since the 1990s when the Sulzer Diagnostic System (SUDIS) was developed. However, since the invention of SUDIS, Sulzer has had limited commercial success with condition monitoring products and services. Several recent investigations at Sulzer have explored possibilities for new machine monitoring business, with the most recent being the condition monitoring equipment survey of Nyitray. This report leads on from the work of Nyitray to evaluate the attractiveness of current machine monitoring markets and the strength of current and concept control and monitoring business models. Sales and customer support services (CSS) staff in all business segments and areas were surveyed for information regarding customer demand for machine monitoring solutions. The results of the survey lacked a unified view on customer needs, indicating that customer needs vary significantly with industry and region. Results also indicated that Sulzer sales and CSS staff currently have very little contact with customers regarding machine monitoring issues, which was expected since Sulzer currently has very limited machine monitoring offers. Overall customer interest in machine monitoring for cost saving purposes is high. Moreover, some customers expect equipment manufactures like Sulzer to support their equipment with machine monitoring offers. Business model environmental factors for each Sulzer Pumps focus market were identified allowing the most attractive markets for machine monitoring business to be selected. A survey of Sulzer Pumps business segment heads also contributed to the market selection process. This evaluation concluded that the water and power generation industries had favourable markets for machine monitoring business, mainly because Sulzer has a good competitive position in these markets. Unfortunately pumps in the electricity generation industry are relatively reliable compared to other machinery such as electrical generators. Hence, opportunities identified in the electricity generation industry seemed to be more appropriate for Sulzer Turbo Services than Sulzer Pumps. However, cross-divisional collaboration of Sulzer Pumps and Sulzer Turbo services would allow Sulzer to offer solutions for entire drivetrains. Other opportunities suitable for Sulzer Pumps were identified in the district heating and water industries, with energy monitoring being a common theme. An evaluation of the oil pipeline industry yielded that there is significant market demand for machine and pipeline monitoring. However, Sulzer currently does not have the experience or resources to provide the demanded monitoring services independently. Hence searching for key partners or acquisition targets was acknowledged as an essential activity for Sulzer Pumps to enter this market. Another means of market entry would be to develop novel technology or integrate emerging technologies (e.g. online viscosity sensors) into new pipeline monitoring solutions, i.e. to create a novel value proposition. Subsequent feedback from Sulzer alliance managers concluded that oil pipeline customer acquisition may be difficult since many pipeline companies already have monitoring solutions which they are satisfied with. Hence the oil pipeline market is not recommended for new machine monitoring business ventures. ABS pump control and monitoring solutions are currently the only machine monitoring solutions offered by Sulzer Pumps. In this study the business model behind these solutions was analysed to evaluate its strength and identify areas for improvement. Although the ABS control and monitoring business model is profitable, sales figures are below their potential. Recommendations to improve the business models effectiveness mainly focused on improving channels through which Sulzer connects with its customers. These included improving Sulzer digital marketing material, improving product selection tools, increasing complementary advertising and quotation contents to connect Sulzer control and monitoring products with pump equipment products, and most importantly increasing the amount of sales and CSS staff training.

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4 pp.

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