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The impact of external debt on economic growth is a debatable issue between scholars since the onset of the debt crisis in 1980’s. This thesis examines whether external debt affects the economic growth of selected heavily indebted poor African countries through the debt overhang and debt crowding out effect. This is carried out by using data for eight heavily indebted poor African countries between 1991 to 2010.The result from estimation shows that external debt affects economic growth by the debt crowding out effect rather than debt overhang. Moreover, in an attempt to mark out debt servicing history, the thesis found the selected countries are not paying (servicing) more than 95% of their accumulated debt.

Research on unit load stability aids manufacturing facilities in selecting the most efficient load stabilizer when shipping their products to market. This study's objective was to compare the performance a variety of different commonly used load stabilizers to stretch hooding. Stretch hooding is a method of load stabilization in which a tubular film is heat sealed at the top, stretched by four mechanical arms to a desired width, pulled down over the unit load. The film is slowly released as the arms descend, and is released under the pallet. 400ga stretch hooding, 80ga and 63ga stretch wrap and strapping were tested. Twenty unit loads for both vibration and impact testing were used, with 5 replications per load stabilizer. Container displacement and pallet-container displacement were measured, and the number of tares in the load stabilizer film, on the corners of the test units, after testing, was noted. Container displacement was significantly greater during impact testing than in vibration testing. Strapping was the most effective stabilizer during vibration testing because of its ability to restrict vertical displacement. The stretch hooding was the most effective stabilizer during impact testing because of its ability to restrict horizontal displacement. / Master of Science

Cette thèse applique la théorie des prospects et la théorie du regret à l’étude sur la performance des actions et à expliquer une anomalie du marché connue appelé l’effet momentum. Cette thèse propose un modèle théorique qui lie les facteurs comportementaux à la performance des actions et à l’effet momentum, et ensuite réalise des tests empiriques pour examiner le modèle théorique. Dans le chapitre 2, le modèle est établi sur un concept des gains/pertes potentiels, qui indiquent si un investisseur se trouve actuellement dans une situation gagnante ou perdante. Ensuite, le modèle montre que les investisseurs sont très réticents à vendre leurs stocks dans une situation des grands gains ou des grandes pertes. Les chapitres 3 et 4 effectuent des tests empiriques sur le modèle des gains/pertes potentiels. L'échantillon des tests comprend tous les stocks de NYSE et l'AMEX de l’année 1982 à 2012. Les tests sont en mesure de confirmer l'influence des gains/pertes potentiels sur les rendements des actions. En outre, une stratégie de coût nul d’Extrémité moins Moyen (EMM), basée sur le modèle théorique, est documentée pour être rentable après contrôlée pour des risques. Dans le chapitre 5, le modèle des gains/pertes potentiels est développé dans une version dynamique. Il suggère que l'influence des gains/pertes potentiels pourrait persister pendant une période de intermédiaire à long terme, et génère une tendance à la hausse de la performance pour les actions avec un grand gain/perte potentiel. Les tests empiriques dans ce chapitre se concentrent sur l'évolution de série temporelle des rendements. Les tests montrent que les actions avec un grand gain/perte potentiel ont une plus forte tendance à la hausse. Le chapitre 6 applique les résultats du chapitre précédent pour expliquer l'effet momentum. La tendance à la hausse correspond à une auto-corrélation positive des rendements, ce qui est l'une des sources qui contribuent au profit de momentum. Les tests empiriques dans ce chapitre regardent la similitude entre la stratégie de momentum et les gains/pertes potentiels, et examinent également la corrélation entre le profit de momentum et le profit de la stratégie EMM. Les tests montrent que des gains/pertes potentiels pourraient contribuer à l'effet momentum, mais ne sont pas la seule source. L'effet momentum peut être le résultat d'une combinaison de plusieurs facteurs complexes. / This dissertation applies the prospect theory and the regret theory to the study on the stock performance and to explain one well-known market anomaly called the momentum effect. The dissertation proposes a theoretical model that links the behavior factors to stock performance and the momentum effect, and performed empirical test to examine the theoretical model. In chapter 2, the model is established on the concept of the potential gain/loss, which indicates if an investor is currently at a winning or a losing position. The model then shows that the investors are highly reluctant to sell their stocks in a large gain or in a large loss situation. The chapter 3 and 4 perform empirical tests on the model of potential gain/loss. The test sample includes all stocks in NYSE and AMEX from 1982 to 2012. The tests are able to confirm the influence of the potential gain/loss on stock returns. Moreover, a zero-cost Extremity minus Middle (EMM) strategy based on the theoretical model is documented to be profitable after controlling for risks. In chapter 5, the model of potential gain/loss is developed into a dynamic version. It suggests that the influence of a potential gain/loss could persist over an intermediate to long term, and generates an upward trend in performance for stocks with large potential gain/loss. The empirical tests in this chapter focus on the time serial evolution of returns. The tests show that stocks with large potential gain/loss have a stronger upward trend. The chapter 6 applies the results from the previous chapter to explain the momentum effect. The upward trend corresponds to a positive return autocorrelation, which is one of the sources that contribute to the momentum profit. The empirical tests in this chapter look into the similarity between the momentum strategy and the potential gain/loss, and also examine the correlation between the momentum profit and the profit from the EMM strategy. Tests show that the potential gain/loss could contribute to the momentum effect, but is not the only source. The momentum effect could be a result of a combination of many complex factors.

Economical constraints on the design of bridges usually necessitate the use of as few girders as possible across the bridge width. The girders are typically uniformly spaced transversely with the deck extending past the fascia girders, thereby resulting in an overhang. While designers commonly employ rules of thumb with regard to the geometry of the overhang, these rules of thumb generally lack research justification and the actual girder behavior is not well understood. Overhang construction often produces torsinally unbalanced loading on the girder system, which can lead to problems in steel and concrete girder bridges during construction. The main issue with concrete girder bridges is excessive lateral rotation in the fascia girder, which can cause potential problems of construction safety and maintenance. Field problems on concrete bridges have been reported in the state of Texas where the fascia girders experienced excessive rotation during construction. For steel girder bridges, the unbalanced overhang loading can lead to both local and global instability. Locally, the overhang brackets often exert a large force on the web plate that can distort the web and increase the magnitude of the plate imperfection. Global stability problems have also occurred primarily on bridge widening projects when a few girders are added to an existing bridge system. The girders in the widening are usually isolated from the existing bridge and the unbalanced load from the overhang can cause excessive twist that intensifies the global stability of the girder system. The objective of this study was to improve the understanding of the bridge behavior due to the unbalanced loading from the overhangs and to identify critical factors affecting the girder behavior. The study was also aimed at developing simple design methodologies and design recommendations for overhang construction. The research included field monitoring, laboratory tests, and parametric finite element analyses. The data from the field monitoring and laboratory tests were used to validate finite element models for both concrete and steel girder bridges. Based on the validated models, detailed parametric studies were conducted to investigate the effects of the unbalanced loading. Results from the parametric studies were used to identify the geometries of girder systems that are prone to problems with the overhangs as well as to provide design suggestions. In addition, a closed-form solution for lateral rotation in the fascia girder in a concrete girder bridge was derived using a rigid-body model, and was used to develop design methodology and design recommendations for overhang construction. / text

In this thesis, I investigate economic and policy implications of corporate debt financing. In the first chapter, I examine whether or not leverage has a negative effect on corporate investment due to a debt overhang problem. Existing empirical studies face a challenging endogeneity problem inherent in the investment-leverage relationship, the source of which is the firm's anticipation of its growth opportunities. I develop a novel approach to control for this problem by using analysts' earnings forecasts as an anticipation measure. I show that anticipations influence the investment-leverage relationship in that firms that do anticipate future growth opportunities suffer less from debt overhang. In the second chapter, I extend Chapter One's analysis to a dynamic setting. I first establish that there is a stable long-term relationship between investment and leverage, and then disentangle the short-term dynamics of leverage and investment and find that the deviation of leverage from its benchmark path has a negative impact on the change in investment. I also employ dynamic panel models to estimate the causal dynamic effects of leverage on investment. The estimations show that the impact is negative for recent leverage, but positive for leverage in the more distant past. Also, the effects of leverage are attenuated when the investment uncertainties are further controlled. This suggests that the firm's response to investment uncertainties might explain dynamic effects of leverage on investment. In Chapter Three, I investigate the effects of the U.S. Chapter 11 bankruptcy-reorganization law on firm operating performance, and adopt matching methods to account for self-selection and heterogeneity in firms' pre-filing characteristics. Matching methods entail the selection of a control group of non-bankrupt firms that are comparable to Chapter 11 filing firms in a wide range of pre-filing characteristics that affect filing decisions. Comparing the operating performances of the two groups, I find that filing firms' net cash flows, but not operating incomes, improve significantly during bankruptcy. Furthermore, firms reduce their leverage levels and incur lower interest expenses after bankruptcy. The results suggest that the reduction in interest expenses contributes to the improvement in firms' net cash flows during bankruptcy.

In this thesis, I investigate economic and policy implications of corporate debt financing. In the first chapter, I examine whether or not leverage has a negative effect on corporate investment due to a debt overhang problem. Existing empirical studies face a challenging endogeneity problem inherent in the investment-leverage relationship, the source of which is the firm's anticipation of its growth opportunities. I develop a novel approach to control for this problem by using analysts' earnings forecasts as an anticipation measure. I show that anticipations influence the investment-leverage relationship in that firms that do anticipate future growth opportunities suffer less from debt overhang. In the second chapter, I extend Chapter One's analysis to a dynamic setting. I first establish that there is a stable long-term relationship between investment and leverage, and then disentangle the short-term dynamics of leverage and investment and find that the deviation of leverage from its benchmark path has a negative impact on the change in investment. I also employ dynamic panel models to estimate the causal dynamic effects of leverage on investment. The estimations show that the impact is negative for recent leverage, but positive for leverage in the more distant past. Also, the effects of leverage are attenuated when the investment uncertainties are further controlled. This suggests that the firm's response to investment uncertainties might explain dynamic effects of leverage on investment. In Chapter Three, I investigate the effects of the U.S. Chapter 11 bankruptcy-reorganization law on firm operating performance, and adopt matching methods to account for self-selection and heterogeneity in firms' pre-filing characteristics. Matching methods entail the selection of a control group of non-bankrupt firms that are comparable to Chapter 11 filing firms in a wide range of pre-filing characteristics that affect filing decisions. Comparing the operating performances of the two groups, I find that filing firms' net cash flows, but not operating incomes, improve significantly during bankruptcy. Furthermore, firms reduce their leverage levels and incur lower interest expenses after bankruptcy. The results suggest that the reduction in interest expenses contributes to the improvement in firms' net cash flows during bankruptcy.

Engineers proposed the idea that arching action present may be present in bridge deck cantilever slab overhangs, stiffened along their longitudinal free edge via a traffic barrier, subjected to a wheel load. The experimental research program consisted of the design, construction, and static as well as fatigue destructive testing of a full-scale innovative bridge deck slab complete with two traffic barrier walls. The observed experimental data provided extremely interesting findings that indicated a very strong presence of arching action in edge-stiffened cantilever slab overhangs subjected to static and fatigue wheel loads. Deflection profiles indicated curvatures that contradict classical flexural behavior. Large tensile strain magnitudes on the bottom reinforcing mat in all cantilever test locations as well as cracking patterns dictate behavior typical to arching action. Top transverse strains measured did not agree with flexural theory and patterns confirmed earlier research finding that the quantity of top transverse reinforcement may be reduced. Compressive strains measured on the top surface of the cantilever contradicted flexural theory and confirmed the presence of arching action. Punching shear modes of failure observed in all test locations also strengthened the argument for the presence of arching action. Theoretical and analytical modeling techniques were able to validate and confirm the experimental test results. Based on experimental research findings and analytical modeling researchers were able to confirm a major presence of arching action in edge-stiffened cantilever slab overhangs subjected to static and fatigue wheel loads. Recommendations include a proposed reduction in top transverse reinforcement provided in the adjacent internal panel due to the presence arching action that could contribute to a significant initial capital cost savings. Based on the research findings, the report also suggests potential provisions to design codes that take into account the presence of arching action. Further research and theoretical modeling is still required to better understand the presence of arching action in edge-stiffened cantilever slab overhangs. Additional testing and a demonstration project complete with civionics and structural health monitoring will aid engineers in the implementation of the break-through findings highlighted in this study. / February 2016

This thesis is an attempt to bridge some research gaps in the area of behavioural finance and investment through adopting the three essays scheme of PhD dissertations. There is a widespread belief that the traditional finance theory failed to provide a sufficient and plausible explanation for (1) what motivates individual investors to trade, (2) the pattern of their trading and the formation of their portfolios, (3) the determinants of cross section of expected returns other than risk. Behavioural Finance, however, offers more realistic assumptions based on two building blocks; behavioural biases of irrational investors and the limits of arbitrage that prevent the arbitrageurs from correcting mispricing and pushing prices back to fundamental values. This dissertation is structured as follows: In the first essay, the disposition effect is defined as the propensity of investors to realize gains too early while being loath to realize losses. Capital gains overhang is a measure of unrealized capital gains and losses that is associated with the disposition effect and the trading activities of behaviourally biased investors. We discover that firm characteristics can play a role in explaining variations in the capital gains overhang that is consistent with the activities of behaviourally biased and disposition investors. Specifically, we find that capital gains overhang is increasing in firm attributes that attract behaviourally biased investors, namely, earnings per share, leverage, growth and size. Capital gains overhang is also declining in market liquidity, possibly because liquidity allows behaviourally biased investors to excessively trade shares and beta and corporate earnings, probably because when high risk and inefficient firms experience losses, disposition investors experience capital losses that they are reluctant to realize. In the second essay, quantile regressions are employed to analyse the relationship between the unrealized capital gains overhang and expected returns. The ability of the disposition effect to generate momentum is also considered for the extreme expected return regions (0.05th) and (0.95th) quantiles. To do so, 450,617 observations belonging to 5176 US firms are employed, covering a time span from January 1998 to June 2015. Following the methodology of Grinblatt and Han (2005), the findings show significant differences across various quantiles in terms of signs and magnitudes. These findings indicate a nonlinear relationship between capital gains overhang and expected returns since the impact of capital gains overhang as a proxy for disposition effect on expected returns vary across the expected return distribution. More precisely, the coefficients of capital gains overhang are significantly positive and decline as the expected returns quantiles increase from the lowest to the median expected return quantiles. However, they become significantly negative and rise with the increase in expected returns quantiles above median expected returns quantiles. The findings also suggest that the disposition effect is not a good noisy proxy for momentum at the lowest expected return quantile (0.05th). However, interestingly it seems to generate contrarian in returns at the highest expected returns quantile (0.95th). In the third essays, we try to discover systematic disagreements in momentum, asymmetric volatility and the idiosyncratic risk momentum return relationship between high-tech stocks and low-tech stocks. We develop several hypotheses that suggest greater momentum profits, fainter asymmetric volatility and weaker idiosyncratic risk-momentum return relation in the high-tech stocks relative to the low tech stocks. To this end, we divide 5795 stocks that are listed in the Russell 3000 index from January 1995 to December 2015 into two samples SIC code and analysed them using the Fama French with GJR-GARCH-M term. The results show that the high-tech stocks provide greater momentum profits especially for portfolios that have holding and ranking periods of less than 12 months. In most cases momentum returns in the high-tech stocks explain a symmetric response to good and bad news while the momentum returns in the low-tech stocks show an asymmetric response. Finally, the idiosyncratic risk-momentum return relation is insignificant for high-tech stocks while it is significant and negative for low-tech stocks. That is, as idiosyncratic risk increases, momentum decreases for low-tech stocks. These findings are robust to different momentum strategies and to different breakpoints.

Wire and arc additive manufacturing (WAAM) is a manufacturing method using a numerical controlled motion system and a welding system to additively manufacture three dimensional components. The motion system is programmed from three dimensional computer aided design model data (3D-CAD) of the intended geometry which is then sliced in to layers and welded on additively. There are seven process categories within additive manufacturing (AM), each with their own benefits and drawbacks. One of these process categories is directed energy deposition (DED) which uses an energy source to melt material onto a build plate. Instead of filling the build plate with material and selectively melting or sintering the material, DED only deposit material which is to be melted. WAAM is a process within the DED process category. BAE Systems Hägglunds manufactures relatively large components with requirements for mass reduction. Hägglunds has therefor invested in a WAAM laboratory, for testing and investigation on how to utilize this technology to their advantage. During the master thesis a geometrical correlation between the overhang angle and the material deposition on the edges of the overhangs has been found. A slicing strategy utilising this correlation has proven useful in combatting an issue where the top surface of a parallelepiped ends up unwantedly not parallel to the substrate plate. This master thesis has also increased the capability from 30° to 45° overhang angle. A numeric simulation of cooling times in the WAAM process has been developed. The simulation had a maximum error of one minute or about 69 % longer measured than simulated cooling time at worst case.