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In this dissertation, we examine whether the disposition effect, the tendency to sell winners and hold losers, exists among U.S. equity mutual funds and how the disposition effect influences fund performance and particularly flows. We find that a significant fraction (32%) of all funds exhibit some degree of disposition behavior. These funds underperform funds that are not disposition prone by 4-6% per year. Moreover, we find that the disposition effect has a significant impact on future fund flows. Without controlling for performance, disposition-prone funds experience 2-3% less flows each quarter than other funds. The difference in flows is probably due to poor performance of such funds. However, even after controlling for performance and other factors that potentially influence flows, funds with a high disposition effect experience 0.7-2% less flows than funds without such behavior. Past research has found that funds with low tax overhang garner larger inflows. Though disposition-prone funds are likely to have a lower tax overhang because they sell their winners quickly, we find that fund flows to disposition-prone funds are smaller than flows to non-disposition oriented funds after controlling for tax overhang. These results suggest that performance and tax efficiency as well as tax overhang are all important to mutual fund investors. / Ph. D.

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The objective of the thesis is a detailed analysis of overhang seats, the peculiarity of the German electoral system. The theoretical part of this thesis focuses on research of the electoral systems and their political consequences. The second chapter devoted to the German electoral system explains his mechanical functioning and discuses his influence on the degree of proportionality and the party system. The analytical part tries to clear the phenomenon of overhang seats, his origins by means of testing presented variables using the electoral results data from 1990 - 2009. The current electoral reform is also discussed.

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Bridge edge beam system is an increasing concern in Sweden. Because it is the mostvisible part of the structure which is subjected to harsh weather. The edge beamcontributes to the stiffness of overhang slab and helps to distribute the concentratedload. The design of edge beam is not only affected by the structural members, but it isalso affected by non-structural members.The aim of the thesis is to investigate the influence of edge beam on the structuralbehavior of reinforced concrete overhang slab. A three-dimensional (3D) non-linearfinite element model is developed by using the commercial software ABAQUS version6.1.14. The load displacement curves and failure modes were observed. The bendingmoment and shear capacity of the cantilever slab is studied.The validated model from non-linear analysis of reinforced concrete slab gives morestiffer result and leads to the high value of load capacity when comparing with theexperimental test. The presence of the edge beam in the overhang slab of length 2.4 mslightly increases the load capacity and shows ductile behavior due to the self-weightof the edge beam. The non-linear FE-analysis of overhang slab of length 10 m leads tomuch higher load capacity and gives stiffer response as compare to the overhang slabof 2.4 m. The presence of the edge beam in the overhang slab of length 10 m giveshigher load capacity and shows stiffer response when comparing with the overhangslab of length 10 m. This might be due to the self-weight of the edge beam and theoverhang slab is restrained at the right side of the slab.

Increasing application of Additive Manufacturing (AM) in industrial production demands product reimagination (assemblies, subsystems) from an AM standpoint. Simulation driven design tools play an important part in achieving this with design optimization subject to the capabilities of AM technologies. Therefore, the bus frames department (RBRF) in Scania CV AB, Södertälje wanted to examine the synergies between topology optimization and Design for AM (DfAM) in the context of this thesis. In this thesis, a methodology is developed to establish a DfAM framework involving topology optimization and is accompanied by a manufacturability analysis stage. A case study implementation of this developed methodology is performed for validation and further development. The case study replaces an existing load bearing cross member with a new structure optimized with respect to weight and manufacturing process. It resulted in a nearly self supporting AM friendly design with improved stiffness along with a 9.5% weight reduction, thereby proving the benefit of incorporating topology optimization and AM design fundamentals during the early design phase. / Ökad användning av Additive Manufacturing (AM) i industriell produktion kräver ett nytänkade av produkter (enheter, delsystem) ur AM-synvinkel. Simuleringsdrivna designverktyg spelar en viktig roll för att nå detta med designoptimering med hänsyn taget till AM-teknikens möjligheter. Därför ville bussramavdelningen (RBRF) på Scania CV AB, Södertälje undersöka synergierna mellan topologioptimering och Design för AM (DfAM) i detta examensarbete. I examensarbetet utvecklas en metodik för att skapa en DfAM-ramverk som involverar topologioptimering och åtföljs av ett tillverkningsanalyssteg. En fallstudieimplementering av denna utvecklade metodik utförs för validering och fortsatt utveckling. Fallstudien ersätter en befintlig lastbärande tvärbalk med en ny struktur optimerad med avseende på vikt och tillverkningsprocess. Det resulterade i en nästan självbärande AM-vänlig design med förbättrad styvhet tillsammans med en viktminskning på 9,5 %, vilket visar fördelen med att integrera topologioptimering och grundläggande AM-design tidigt i designfasen.

This paper addresses the problem of a failing net debt approach; deposited funds rarely compensate the cost of debt. Venturing into operational credit facilities, the study evaluates the efficiency and feasibility of transitioning into fully cash-free liquidity management. The study takes a holistic approach and evaluates the research questions from the perspective of management through case studies on four smaller Swedish industrial firms. The study finds that there is substantial potential to free up capital; return on equity could have been boosted by an annual 5-10 percent including substantial one-off distributions. The study also concludes that Agency reasons are strong reasons for why firms are carrying material cash reserves. Through qualitative interviews, the study identifies several additional, but not less important, obstacles in the way of a full out cash-free transition. Most significantly, the financial system is not offering fully committed long term operational credit facilities and operating across different jurisdictions complicates the consolidation of liquidity. The study concludes that the matter would not have vast negative implications on real business activities, although further research would be required in regard to an extended debt overhang problem. / Uppsatsen kretsar kring den fallerande logiken med begreppet nettoskuld; tillgodohavanden på bank genererar sällan upp för kostnaden relaterad till motsvarande skuld. Med utgångspunkt i operationella kreditstrukturer utvärderas möjliga effektivitetsvinster och genomförbarheten av en fullständig övergång till kassa-fri likviditetshantering. Studien har ett holistiskt angreppssätt och utvärderar frågeställningarna från ett management-perspektiv genom fallstudier på fyra mindre svenska industriella bolag. Studien finner betydande möjligheter att frigöra kapital; årliga avkastningen på eget kapital hade kunnat öka med 5–10 procent och betydande engångsutdelningar hade varit möjliga. Studien finner vidare att agentteorin är en stark anledning till att bolag bär betydande kassapositioner. Genom kvalitativa intervjuer identifierar studien ytterligare, men ej desto mindre betydande, hinder för en kassa-fri övergång. Mest betydelsefullt, är att nuvarande finansiella system inte erbjuder för syftet fullgoda kreditstrukturer, samt det faktum att företag med verksamhet över olika jurisdiktioner upplever juridiska svårigheter med att konsolidera likviditet. Studien drar slutsatsen att en övergång inte skulle medföra betydande negativa konsekvenser för den operativa affärsverksamheten, men identifierar samtidigt att ytterligare studier skulle vara nödvändiga framförallt kring hur finansiella incitament kopplade till agent-teorins ’debt overhang’ skulle förändras vill en övergång till en fullt garanterad operationell kreditstruktur.

Orientador: Anselmo Eduardo Diniz / Dissertação (mestrado) - Universidade Estadual de Campinas, Faculdade de Engenharia Mecanica / Made available in DSpace on 2018-08-05T19:57:39Z (GMT). No. of bitstreams: 1 Pivetta_CarlosSergio_M.pdf: 2572259 bytes, checksum: d75f09a259545ac56a46ecc1d5870ba0 (MD5) Previous issue date: 2005 / Resumo: O fresamento de cavidades de moldes e matrizes em material endurecido usando ferramenta de topo esférico tem limitações em termos de profundidades das cavidades, da taxa de remoção de cavaco e da vida da ferramenta. Algumas operações de fresamento em cavidades profundas não podem ser realizadas, devido à necessidade de se ter ferramenta com alto balanço, o que gera vibração e, em conseqüência, danos à rugosidade da peça e à vida da ferramenta. Outro ponto ainda não totalmente compreendido é a influência da rugosidade deixada na peça pela operação anterior, na rugosidade da operação de acabamento, já que, devido às baixas profundidades utilizadas nesta operação, a rugosidade da operação anterior pode influenciar a profundidade real removida. O principal objetivo deste trabalho é verificar a influência da relação comprimento/diâmetro da ferramenta (balanço), da rugosidade da operação anterior e da velocidade de corte na rugosidade da peça e na vida da ferramenta de fresamento em acabamento. Para isto foram realizados ensaios de fresamento em aço endurecido AISI D2 (58 HRC) com ferramenta de ponta esférica de metal duro recoberto, variando-se os citados parâmetros de influência. Dentre as conclusões deste trabalho, pode-se destacar: nem a rugosidade da operação anterior, nem o balanço da ferramenta influenciaram a rugosidade da peça, pelo menos nos níveis utilizados neste trabalho; com balanço da ferramenta pequeno, consegue-se baixos valores de desgaste e, com isso, longa vida da ferramenta, mas quando se utiliza conjuntamente balanço da ferramenta e velocidades de corte altas, a vida da ferramenta é bastante reduzida / Abstract: The milling of molds and dies cavities carried out on hardened steel using ball end mill presents limitations in terms of cavity depth, metal removal rates and tool life. Some milling operations on deep cavities are not possible due to the require of long tool overhang, what generates vibrations and, consequently, resulted in poor surface roughness and short tool life. Other point which is not totally understood up to the present is the influence of the surface roughness obtained in the previous operation on the results of finishing operation because on finishing operations, the actual depth of cut is not much larger than the height of roughness left on the surface by the previous operation. The main objective of this work is to verify the influence of the ratio tool overhang/ tool diameter, the roughness of the previous operation and cutting speed on the tool wear in finishing operations. Besides, it also intends to verify the influence of tool wear on the tool vibration, measured through the real time tool deflection. Milling experiments on AISI D2 hardened steel (58 HRC) were carried out using coated (TiNAl) carbide ball end mills with the input variables already mentioned. The main conclusions of this experiments, for the used conditions, were: the previous surface roughness neither the tool overhang have influence on the resulting surface roughness; when the tool overhang was the lowest one, cutting speed did not influence so much tool wear, but when the highest tool overhang was used, cutting speed presented a strong influence on tool wear / Mestrado / Materiais e Processos de Fabricação / Mestre em Engenharia Mecânica