The electric vehicle market has rapidly expanded due to technological advancements for the last decade and a key enabler is the development of high-performance batteries with greater energy density, faster charging, and longer lifespan. The construction equipment sector faces unique challenges in electrification, including high power demands, extended operating hours, and the need for minimal downtime. To address these challenges Volvo Construction Equipment is investigating a battery swap system solution that allows for quick battery swaps, reducing downtime and a decoupled lifetime from the machines. The aim for this study is to design a battery pack used for the battery swap system while answering the following research questions: RQ1: What configuration of battery modules, rack and auxiliary systems achieve the highest energy density when designing a battery pack for construction equipment? RQ2: What factors should be considered when designing the battery modules, rack, and auxiliary systems to achieve the highest energy density of a battery pack for construction equipment? This project followed a limited version of Ulrich et al.'s (2019) product development process, focusing on concept development and system-level design for a battery swapping system. An inductive research approach was taken, gathering qualitative and quantitative data from interviews, literature, documents, and meetings to create a holistic understanding of the project challenges. A structured literature review was conducted using relevant keywords across multiple databases, employing techniques like forward and backward snowballing. Data analysis methods, including conversation analysis, were employed to structure and analyze collected data, ensuring validity and reliability through triangulation, and cross-referencing with experts at Volvo. Empirical studies were conducted through benchmarking and a case study, providing quantitative data on specifications and qualitative insights from internal documentation and communication with product developers. The findings formed an iterative concept generation process, emphasizing the importance of exploring diverse possibilities in the early stages. The design process involved evaluating previous battery pack solutions, working within predefined constraints like using a specific shell, internally developed battery modules, auxiliary components while satisfying a set of stakeholder needs. Some auxiliary components and a rack that supports the battery modules were also developed as there is a new internal layout of the battery pack. This resulted in a conceptual battery pack that theoretically have a 30% higher energy density than the previous battery pack solutions. The proposed solution enables Volvo Construction Equipment to offer machines with longer runtimes and increased productivity by maximizing the energy storage capacity within the given constraints.

Land use transition in dryland ecosystems is one of the major driving forces to landscape change that directly impacts the welfare of humans. In this study, the support vector machine (SVM) classification algorithm and cross tabulation matrix analysis are used to identify systematic and random processes of change. The magnitude and prevailing signals of land use transitions are assessed taking into account net change and swap change. Moreover, spatiotemporal patterns and the relationship of precipitation and the Normalized Difference Vegetation Index (NDVI) are explored to evaluate landscape degradation. The assessment showed that 44% of net change and about 54% of total change occurred during the study period, with the latter being due to swap change. The conversion of over 39% of woodland to cropland accounts for the existence of the highest loss of valuable ecosystem of the region. The spatial relationship of NDVI and precipitation also showed R2 of below 0.5 over 55% of the landscape with no significant changes in the precipitation trend, thus representing an indicative symptom of land degradation. This in-depth analysis of random and systematic landscape change is crucial for designing policy intervention to halt woodland degradation in this fragile environment.

西元二零零八年(民國九十七年)發生的全球性金融海嘯在歷史上絕對會是重要的金融事件之一，初期的徵兆點可追溯自二零零七年美國的次貸事件惡化，此次金融海嘯會在何時畫下句點，各領域的大師眾說紛紜：有人聲稱這次金融海嘯是二次世界大戰以來發生之最嚴峻的一次，將持續至少四~五年；有人說經濟大蕭條會延宕到二零一零年；樂觀的多頭大師則云今年(西元二零零九年)下半年即可嗅到景氣回春的訊息，然而在我寫這論文時，景氣蕭條的氛圍仍持續瀰漫著。雖然這篇論文並不是要探討這次歷史性金融海嘯的前因後果，但是引發我探討這篇論文主題的基差風險，卻源於美國次貸事件惡化後，金融市場反應的LIBOR 3M與LIBOR 6M間基差報價擴大現象而有所關聯。 本文針對交易室的投資組合中，在利率產品交易裡使用的浮動利率指標(Floating Rate Index)，不論是LIBOR 1M、LIBOR 3M、LIBOR 6M或LIBOR 12M，原本用來評價內含這些浮動利率指標產品的曲線(Revaluation Curve)均是由3M Swap Rate (USD LIBOR 3M)市場價格所建構而成；在納入基差因子，實際反映市場基差報價來分別建構不同浮動利率指標交易對應的不同評價曲線，比較納入基差因子前後及模擬各種基差市場價格情境下，對投資組合進行評價的損益差異，來說明忽略基差風險對投資組合的影響程度。

相較於單一信用違約交換只能對單一信用標的進行信用保護，一籃子信用違約交換則能對一籃子的信用標的進行信用保護。此種產品的評價決定於一籃子信用標的實體的聯合機率分配，因此多個標的資產間違約相關性的衡量，對於一籃子信用違約交換的評價和風險管理是相當重要的課題。 　　在一個資產池中，有時可以將其切割成兩個以上的群體，各群體間彼此相互獨立，而在各群內彼此相依。我們將其視為在多因子模型下的特例，此模型提供我們更具彈性的方式去建立資產之間彼此的相關性。 　　在這篇文章中，我們主要以 Chiang, Yueh, and Hsieh (2007) 在單因子模型下所提出來的方法為基礎，將其延伸至多因子的模型下的特例。藉由選擇一個合適的(IS)分配，在每一次的模擬中必定會有k個違約事件發生；因此我們獲得一個有效率的方法對一籃子違約交換進行評價，此演算法不僅簡單並且其變異數較蒙地卡羅小。 / In contrast to a single name credit default swaps which provides credit protection for a single underlying, a basket credit default swap extends the credit protection to portfolio of obligors with the restriction that the default of only one underlying is compensated. The price of the products depends on the joint default probability of the underlying in the credit portfolio. Thus, the modeling of default correlation, default risk and expected loss is a key issue for the valuation and risk management of basket default swaps. Sometimes a pool of underlying obligors can have two or more separate groups, between those they are unrelated, but in each part they are related. The special cases provide more flexible way to construct the correlation between two or more underlying obligors. In this paper, our approach is based on the construction of importance sampling (IS) method proposed by Chiang, Yueh and Hsieh (2007) under one-factor model, and then we extend the model to a special case under the multi-factor model. By the appropriate choice of the importance sampling distribution, we establish a way of ensuring that for every path generated, k default events always take place. Then we can obtain an efficiency algorithm for basket default swap valuation. The algorithm is simple to implement and it also guarantees variance reduction.

In this paper dependence between credit default swap (CDS) values and stock price movements of the largest European banking groups is examined and effectiveness of the usage of CDS contracts as a tool to hedge exposure to the price movements of the underlying stock during the pre-crisis and crisis periods is assessed. The effectiveness is evaluated by comparing estimated Value-at-Risk (VaR) and Expected Shortfall (ES) risk measures of portfolios consisting of stocks and CDS vis-à-vis portfolios consisting of only stocks. CDS are valued using mark-to-market approach. Marginal distributions of CDS value changes and stock returns are estimated using Kernel density estimate from historical time-series data of daily stock returns and CDS value changes. Dependence between marginal distributions is estimated using Gaussian, Gumbel and Student‟s t copulas. Random portfolio values are simulated using Monte Carlo Simulation from estimated copulas parameters and marginal distributions for daily, quarterly and yearly time horizons. VaR and ES with 90%, 95% and 99% confidence level are estimated from the simulated portfolio return distribution. The results show that there is a significant negative dependence between CDS values and stock prices during financial crisis while dependence is weak in the pre-crisis period. The main finding of the paper is that CDS added into the portfolio of stocks significantly reduces VaR and ES of a portfolio during the period of financial crisis while they... [to full text] / Šiame darbe tikrinama didţiausių Europos bankų grupių kredito rizikos apsikeitimo sandorių (CDS) ir akcijų kainų priklausomybė bei vertinamas CDS efektyvumas, jei jais draudţiamasi nuo akcijų kainų svyravimų prieš kriziniu ir kriziniu laikotarpiu. Efektyvumas yra įvertinamas lyginant apskaičiuotas rizikos vertes (VaR) ir tikėtinus vertės trūkumus (ES) dviejų portfelių: akcijų portfelio bei akcijų ir CDS portfelio. CDS vertinti yra naudojamas pagal rinką vertinimo būdas (mark-to-market approach). CDS verčių pasikeitimo ir akcijų grąţos ribiniai pasiskirstymai yra įvertinami, naudojant Kernel įvertinimą (Kernel Estimator) iš istorinių akcijų grąţų ir CDS verčių pokyčių duomenų. Priklausomybė tarp ribinių pasiskirstymų yra įvertinama naudojant Gauso, Gumbelio ir Studento t kopulas (copulas). Atsitiktinės portfelių vertės yra susimuliuojamos naudojant Monte Carlo simuliaciją, pritaikant kopulų parametrus bei kintamųjų ribinius pasiskirstymus vienos dienos, ketvirčio bei metų periodams. VaR ir ES su 90%, 95% ir 99% pasitikėjimo intervalais yra skaičiuojami iš susimuliuotų portfelio grąţų pasiskirstymo. Gauti rezultatai rodo, kad tarp akcijų kainų ir CDS verčių yra stipri priklausomybė krizės laikotarpiu, tuo tarpu prieš kriziniu laikotarpiu priklausomybė yra silpna. Pagrindinė darbo išvada yra ta, jog CDS įtraukti į akcijų portfelį reikšmingai sumaţina portfelio VaR ir ES kriziniu laikotarpiu, tačiau nesumaţina prieš kriziniu laikotarpiu. Portfelio rizika gali būti sumaţinta, jei... [toliau žr. visą tekstą]

Different capital regulatory requirements in the bank and insurer markets lead to finding and using of new more complex financial tools linked with capital release and subsequent optimization of the investment objectives, but they are also linked with promises and risk transfers that could cause a collapse or a systemic risk of the financial markets, as evidence by the recent financial crisis. The aim of my work is to examine the behavior of credit default swap spreads on the securitization and reinsurance markets, followed by analyzing arbitrage conditions between securitization and reinsurance markets by cointegration analysis. The thesis focuses on Italy because it is one of four main European players in the securitization market and it has highly developed bank and insurer markets. Moreover, it still faces to consequences of the recent financial crisis that is indicator of strong possible bases for above mentioned complex financial instruments. On the dataset of Top 8 Italian banks and insurer companies in the period 2006 - 2012 I showed by cointegration analysis a presence of just one cointegration relationship between securitization and reinsurance market, therefore I rejected possibility of arbitrage between these markets. But on the other hand, they converge to long term equilibrium slowly...

This thesis analyses long and short-term perception of announcements issued by leading credit rating agencies (Fitch, Moody's and S&P) in sovereign bond markets. Using three empirical approaches we assess the nature of impact of CRAs on 10Y sovereign bond yields and 5Y CDS of 24 countries of EU between 2002 and 2012. We find significant response of sovereign bond yield and CDS spreads to downgrades and negative outlooks. Furthermore there is evidence of anticipative power of sovereign bond markets in foreseeing negative events implying CRAs lag the market. The spillover effect from credit rating announcements has been revealed between both EMU and non-EMU parts of EU implying the financial integration is not limited only to countries with common currency. Well performing economies outside EMU are resistant to contagion. JEL Classification C23, F34, G10, G14, G15 Keywords credit rating; credit default swap; rating agency; sovereign bond; EU Author's e-mail tomhav@gmail.com Supervisor's e-mail roman.horvath@gmail.com

The work is focused on combined transport in the Czech Republic and abroad. The theoretical part contains basic information about combined transport, as well as the combined transport in the CR, the most important terminals and information on individual subjects in combined transport. The work discusses the different development of combined transport both at home and in Germany. The next section discussed the problem of international combined transport and of course the positive aspects of its use. Conclusion of the theoretical part contains trend of combined transport and impact of the financial crisis. The practical part contains model calculation of the return on investment to swap bodies and demonstate the benefits of investment.

Dans un contexte de mondialisation, les entreprises africaines doivent s'adapter en permanence aux diverses contingences économiques, juridiques ou sociales. Conscient de cette réalité, le législateur africain a mis en place dans le cadre de la reforme de l'OHADA, un arsenal juridique afin de leur permettre de s'acclimater en permanence aux tendances et pressions du marché : le droit de la restructuration qui désigne l’ensemble des techniques conçues par le législateur pour réorganiser l’entreprise. Ces techniques ont eu pour source d’inspiration le droit français des restructurations qui a connu des mutations. La confrontation des deux systèmes de droit permet de constater que si dans les principes fondamentaux les deux systèmes répondent aux mêmes objectifs à savoir assurer la pérennisation des entreprises par la promotion de la croissance de l’entreprise et sa survie lorsqu’elle est le seuil de difficultés diverses, il existe toutefois des différences d’ordre pratique et technique consécutives aux dernières réformes intervenues. / In a context of globalization, the african companies have to adapt themselves permanently to economic legal or social contingencies. Conscious of that reality, african legislator set up within the OHADA reform legal measures to allow theme acclimatize to the tendencies and markets pression : the restructuring law which design all the technicals proceedings conceived by the legislator to reorganize the company. Those technicals was inspirated by French law restructuring which has been reorganized. The confrontation of both systems allows to notice that if in the fundamental principles they are the same objectives consisting in substainability of companies for their growth or their survival there are however pratical and technical differences materialized by the recents french reforms.

The development of rural areas concerning food security, sustainability and social-economic stability is key issue to the globalized community. Regarding the current state of climatic change, especially semi-arid regions in uenced by monsoon or El Niño are prone to extreme weather events. Droughts, ooding, erosion, degradation of soils and water quality and deserti cation are some of the common impacts. State of the art in hydrologic environmental modeling is generally operating under a reductionist paradigm (Sivapalan 2005). Even an enormous quantity of process-oriented models exists, we fail in due reproduction of complexly interacting processes in their effective scale in the space-time-continuum, as they are described through deterministic small-scale process theories (e.g. Beven 2002). Yet large amounts of parameters - with partly doubtful physical expression - and input data are needed. In contradiction to that most soft information about patterns and organizing principles cannot be employed (Seibert and McDonnell 2002). For an analysis of possible strategies on the one hand towards integrated hydrologic modeling as decision support and on the other hand for sustainable land use development the 512 km2 large catchment of the Mod river in Jhabua, Madhya Pradesh, India has been chosen. It is characterized by a setting of common problems of peripheral rural semi-arid human-eco-systems with intensive agriculture, deforestation, droughts and general hardship for the people. Scarce data and missing gauges are adding to the requirements of data acquisition and process description. The study at hand presents a methodical framework to combine eld scale data analysis and remote sensing for the setup of a database focusing plausibility over strict data accuracy. The catena-based hydrologic model WASA (Güntner 2002) employes this database. It is expanded by a routine for crop development simulation after the de Wit approach (e.g. in Bouman et al. 1996). For its application as decision support system an agentbased land use algorithm is developed which decides on base of site speci cations and certain constraints (like maximum pro t or best local adaptation) about the cropping. The new model is employed to analyze (some) land use strategies. Not anticipated and a priori de ned scenarios will account for the realization of the model but the interactions within the system. This study points out possible approaches to enhance the situation in the catchment. It also approaches central questions of ways towards due integrated hydrological modeling on catchment scale for ungauged conditions and to overcome current paradigms. / Die Entwicklung ländlicher Regionen hinsichtlich von Ernährungssicherheit, Nachhaltigkeit und sozio-ökonomischer Stabilität ist eine der wichtigsten Aufgaben unserer globalisierten Gemeinschaft. In Hinblick auf den Klimawandel sind insbesondere semi-aride Gebiete im Einfluss von Monsun oder El Niño von extremen Wetterereignissen betroffen. Tockenheiten, Überschwemmungen, Erosion, Bodendegradation, Verschlechterung der Wasserqualität und Versteppung sind nur einige, oft beobachtete Folgen. Der Stand der Forschung in Sachen hydrologischer Umweltmodellierung ist insbesondere einem reduktionistischen Paradigma verhaftet (Sivapalan 2005). Obwohl eine enorme Menge verschiedenster Prozessmodelle existiert können auf Grundlage kleinskaliger Prozessapproximationen die komplex interagierenden Prozesse in ihren wirkenden Skalen im Raum-Zeit-Kontinuum nur begrenzt beschreiben werden (z.B. Beven 2002). Während die verwendeten Modelle große Mengen an Parametern und Daten benötigen, können wichtige Informationen über Muster und Organisationsprinzipien nicht in die Simulationen einfließen. Für eine Analyse möglicher Wege und Restriktionen der integrierten hydrologischen Modellierung als Mittel in der Entscheidungsunterstützung wurde das 512 km² große Einzugsgebiet des Mod Flusses in Jhabua, Madhya Pradesh, Indien ausgewählt. Es ist gekennzeichnet von charakteristischen Problemen der Neuen Peripherie (z.B. Scholz 2004) (im human-geographischen Kontext) und intensiv anthropogen beeinflusster Agrar-Öko-Systeme der semi-ariden Tropen. Die dünne Datengrundlage des nicht-bepegelten Einzugsgebiets stellt dabei eine besondere Anforderung an die Datenakquise. In der vorliegenden Arbeit wird ein methodischer Ansatz vorgestellt, der Feld- und Fernerkundungstechniken zur Landschaftsanalyse verbindet. Mit dem Fokus auf Plausibilität statt strenger "Datengenauigkeit" wird eine Datenbank zur hydrologischen Modellierung des Gebiets entwickelt. Das Catena-basierte hydrologische Prozessmodell WASA (Güntner 2002) wird um eine Routine zur Simulation der Entwicklung von Nutzpflanzen nach de Wit (z.B. in Bouman et al. 1996) erweitert. Zur Anwendung des Modells als Entscheidungsunterstützungssystem ist ein agentenbasierter Landnutzungsalgorithmus entwickelt worden, welcher auf Grundlage von Standorteigenschaften und politischen Vorgaben wie Profitmaximierung oder Standortanpassung über die Landnutzung entscheidet. Das neue Modellsystem wird zur Untersuchung von einigen Landnutzungstrategien so verwendet, dass nicht antizipierte Szenarien sondern die Wechselwirkung des Systems selbst die Realisation des Modells bestimmen. Die Umsetzung zeigt einerseits mögliche Ansätze zur Verbesserung der Situation im Untersuchungsgebiet auf. Anderseits gibt sie konkrete Vorschläge zu zentralen Fragen hydrologischer Umweltmodellierung und zur Überwindung bestehender Paradigmen.