Research question- This thesis investigates the determinants of capital structure of the Swedish companies. In order to do so, the two dominant theories of the corporate structure are studied and their assumptions are tested. Thus, the study researches which one of the two theories is more appealing for the Swedish market. Methodology-The study follows a purely quantitative study, by conducting an econometric analysis. The data are collected from a secondary source and more particularly the "Retriever" database, which contains financial data of the Swedish companies. Findings- The findings indicate that the determinants of the corporate structure for the Swedish market do not differ from other studies which have been conducted in other countries. However, there is a difference when it comes to tax and non-tax shields. The results suggest that in most cases the Pecking Order Theory appears to be more representative for the Swedish market, since most of the coefficient appear to be in favour of it. Moreover, the significance of the effect of the industry for the financial leverage is confirmed.

Objective: The primary aim of this study was to assess patients’ preferences between radiofrequency ablation (RFA) versus hepatic resection (HR) for the treatment of small hepatocellular carcinomas (HCC). Methods: Decision analysis was performed by using probability trade-off (PTO) technique to elicit patients’ preferences and the strength of their decisions. Results: The vast majority of the study population preferred RFA over HR (70% vs. 30%, p=0.001). Their initial choice changed if 5-year survival benefit after surgery was at least 14% superior to RFA and if the 3-year disease-free survival advantage was at least 13% better than ablation. Conclusions: The results of this study suggest that fully informed cirrhotic patients would prefer RFA if diagnosed with early stage HCC even if able to undergo surgery.

Les risques de sécheresse sévère augmentent sous l’effet du changement climatique. Mieux comprendre les stratégies adaptatives des plantes au stress hydrique est ainsi l’un des défis majeurs de la recherche écologique et agronomique. Cette thèse explore la survie à la sécheresse d’une graminée herbacée pérenne (Dactylis glomerata L.) en étudiant la variabilité intraspécifique des traits aériens et souterrains d’une quinzaine de populations natives et cultivées issues d’un gradient latitudinal allant de la Scandinavie au Maroc. Une caractérisation des populations en conditions optimales sur une année a montré une coordination phénologique des traits aériens en relation avec les limitations saisonnières de croissances liées à l’origine des populations. Le rythme de croissance au printemps et à l’automne ne discrimine pas les origines, alors que la dormance estivale des populations méditerranéennes s’oppose à la dormance hivernale des populations scandinaves. Ces résultats suggéraient l’existence d’un compromis entre survie à une déshydratation sévère (sécheresse, gel) et potentiel de croissance. Alors que ce compromis a été vérifié en été (sècheresse sévère à Montpellier) et en hiver (gel en Norvège), la survie à une déshydratation de contre-saison au printemps n’est pas corrélée au potentiel de croissance des populations. Les résultats invalident donc l’existence d’un compromis constant entre survie au stress et potentiel de croissance aérienne. Ce découplage chez le dactyle permet d’envisager la sélection artificielle, à partir de la variabilité intraspécifique existante, de variétés à la fois productives et tolérantes au stress hydrique. L’imposition d’une déshydratation édaphique sévère en pots limitant l’expansion du système racinaire a montré que les populations méditerranéennes survivent mieux que les populations tempérées ou nordiques. L’association de ces résultats avec ceux issus d’une expérimentation en longs tubes favorisant le développement potentiel des racines révèle un compromis entre les stratégies d’évitement de la déshydratation (acquisition de l’eau et maintien de la croissance) et de tolérance à la déshydratation (faible croissance et forte survie à la sécheresse) qui pourrait limiter la combinaison de stratégies adaptatives au sein d’un même phénotype. Cette thèse contribue à améliorer notre compréhension des compromis fonctionnels, peu étudiés à l’échelle intraspécifique, mais qui sous-tendent la réponse des plantes à la sécheresse. / Drought risk increases with climate change. Improving our understanding of the adaptive mechanisms of plants response to drought has thus become one of the major challenges of ecological and agronomical research. This work investigates the drought survival of a perennial herbaceous species (Dactylis glomerata L.) through the intraspecific variability of above and below ground traits expressed by fifteen native and cultivated populations originating from a large latitudinal gradient, from Scandinavia to Morocco. Population traits characterization across one year under optimal growth conditions showed phenological coordination of above ground traits associated with seasonal growth limitations according to the origins of the populations. The spring growth rhythm does not discriminate origins while the summer dormancy of Mediterranean population contrasts with the winter dormancy of Scandinavian populations. These results suggested a growth-dehydration stress survival trade-off. Although this trade-off was confirmed in summer (severe drought in Montpellier) and winter (severe frost in Norway), no correlation was found between an off-season (spring) drought stress survival and populations’ growth potential. The result invalidates the existence of a constant trade-off between stress survival and aerial growth potential. This apparent decoupling in cocksfoot could be considered to produce new cultivars with both high productivity and high drought tolerance, from existent intraspecific variability. A severe dehydration stress imposed on plants grown in short pots, limiting roots expansion, showed that Mediterranean populations survived better than temperate or Nordic populations. In association with a long tube experiment allowing full expression of roots development, this result revealed a functional trade-off between dehydration avoidance (water acquisition and growth maintenance) and dehydration tolerance (low growth and high drought survival) which could limit the combination of adaptive strategies in a single phenotype. This work contribute to improve our knowledge about functional trade-offs, few studied within species, that underpin plant response to drought stress.

This study is conducted with the aims to develop a new ranking method for multi-criteria decision making problem with conflicting criteria. Such a problem has a set of Pareto solutions, where the act of improving a value of one solution will result in depreciating some of the others. Thus, in this type of problem, there is no unique solution. However, out of many available options, the Decision Maker eventually has to choose only one solution. With this problem as the motivation, the current study develops a compromise ranking algorithm, namely a trade-off ranking method. The trade-off ranking method able to give a trade-off solution with the least compromise compared to other choices as the best solution. The properties of the algorithm are studied in the thesis on several test cases. The proposed method is compared against several multi-criteria decision making methods with ranking based on the distance measure, which are the TOPSIS, relative distance and VIKOR. The sensitivity analysis and uncertainty test are carried out to examine the methods robustness. A critical criteria analysis is also done to test for the most critical criterion in a multi-criteria problem. The decision making method is considered further in a fuzzy environment problem where the fuzzy trade-off ranking is developed and compared against existing fuzzy decision making methods.

Balancing trade-offs between production cost and holding cost is critical for production and operations management. Utilization of an operating room affects production cost, which relates to makespan, and patient flowtime affects holding cost. There are trade-offs between two objectives, to minimize makespan and to minimize flowtime. However, most existing constructive heuristics focus only on single-objective optimization. In the current literature, NEH is the best constructive heuristic to minimize makespan, and LR heuristic is the best to minimize flowtime. In this thesis, we propose a current and future deviation (CFD) heuristic to balance trade-offs between makespan and flowtime minimizations. Based on 5400 randomly generated instances and 120 instances in Taillard’s benchmarks, our CFD heuristic outperforms NEH and LR heuristics on trade-off balancing, and achieves the most stable performances from the perspective of statistical process control.

The dynamics of natural populations may be influenced by a variety of factors, ranging from feeding interference and territoriality to the risk of predation and climatic effects. The relative influence of these factors may be contingent upon the quality of the habitat in which individuals reside. A factor that can largely affect population dynamics and that often covaries with habitat structure is predation risk. However, the combined effect of habitat and predation risk can vary according to the social context and intrinsic characteristics that affect individual behavioural responses. This thesis investigates the effects of habitat quality at the level of the population and the individual, and examines how it relates to the above factors in Siberian jays (Perisoreus infaustus), a territorial, group-living species in which the main cause of mortality is predation. The results demonstrate a strong effect of habitat on survival, reproduction and behaviour. Mortality was generally higher in open areas and managed forests and reproductive success decreased after forest management. Breeding females were more sensitive to environmental factors than males, possibly because of higher reproductive costs. Estimates of spatial demography suggested that there were more sinks than sources, and that they were located in open, managed forests. Behavioural decisions confirmed that open forests were associated with higher predation risks. However, decisions depended on social context; immigrants took highest risks and were the recipients of most aggression, largely an effect of social subordination. Also, parents provide their offspring with benefits that are withheld from immigrants. As a result, first-year survival was higher in retained offspring. Investigating the effects of multi-scale habitat quality on individual behaviour and population dynamics has generated an increased understanding of the effects of forest management on the dynamics of this population. This approach should facilitate development of an effective conservation management policy for this species.

Optimization of time and cost in construction projects has been subject to extensive research since the development of the Critical Path Method (CPM). Many researchers have investigated various versions of the well-known Time-Cost Trade-off (TCT) problem including linear, convex, concave, and also the discrete (DTCT) version. Traditional methods in the literature for optimizing time and cost of construction projects range from mathematical methods to evolutionary-based ones, such as genetic algorithms, particle swarm, ant-colony, and leap frog optimization. However, none of the existing research studies has dealt with the optimization of large-scale projects in which any small saving would be significant. Traditional approaches have all been applied to projects of less than 100 activities which are far less than what exists in real-world construction projects. The objective of this study is to utilize recent developments in computation technology and novel optimization techniques such as Constraint Programming (CP) to improve the current limitations in solving large-scale DTCT problems. Throughout the first part of this research, an Excel-based TCT model has been developed to investigate the performance of traditional optimization methods, such as mathematical programming and genetic algorithms, for solving large TCT problems. The result of several experimentations confirms the inefficiency of traditional methods for optimizing large TCT problems. Subsequently, a TCT model has been developed using Optimization Programming Language (OPL) to implement the Constraint Programming (CP) technique. CP Optimizer of IBM ILOG Optimization Studio has been used to solve the model and to successfully optimize several projects ranging from a small project of 18 activities to very large projects consisting of more than 10,000 activities. Constraint programming proved to be very efficient in solving large-scale TCT problems, generating substantially better results in terms of solution quality and processing speed. While traditional optimization methods have been used to optimize projects consisting of less than one hundred activities, constraint programming demonstrated its capability of solving TCT problems comprising of thousands of activities. As such, the developed model represents a significant improvement in optimization of time and cost of large-scale construction projects and can greatly enhance the level of planning and control in such projects.

The time/cost trade-off models in project management aim to compress the project completion time by accelerating the activity durations at an expense of additional resources. The budget problem in discrete time/cost trade-off scheduling selects the time/cost mode -among the discrete set of specified modes- for each activity so as to minimize the project completion time without exceeding the available budget. There may be alternative modes that solve the budget problem optimally, however each solution may have a different total cost value. In this study we aim to find the minimum cost solution among the optimal solutions of the budget problem. We analyze the structure of the problem together with its linear programming relaxation and derive some mechanisms for reducing the problem size. We solve the reduced problem by linear programming relaxation and branch and bound based approximation and optimization algorithms. We find that our branch and bound algorithm finds optimal solutions for medium-sized problem instances in reasonable times and the approximation algorithms produce high quality solutions. We also discuss the way our algorithms could be used to construct the time/cost trade-off curve.

Författare: Narina Bengtsson och Victor Friis-Liby Handledare: Eva BerggrenTitel: Fastighetsbolagens finansiering – En studie om fastighetsbolagens nyafinansieringsalternativ Bakgrund och problem: Kapitaltunga bolag som fastighetsbolag är ständigt i behov avkapital. Bankkredit som alltid varit det vanligaste och mest använda finanseringsalternativethar i större utsträckning ersatts med företagsobligationer och preferensaktier. Marknaden försvenska företagsobligationer har växt de senaste åren och fastighetsbolagen står idag för tvåtredjedelar av de totala preferensaktierna på Stockholmsbörsen. Efter den senaste finanskrisensvarade myndigheterna med att ta fram Basel III – regelverket, som ställer striktarekapitaltäckningskrav för bankerna. Med anledning av hur marknaden har utvecklats med nyafinansieringsalternativ och införandet av Basel III - regelverket vill vi undersöka hurfastighetsbolagen resonerar kring finansiering i nuläget. Syfte: Syftet med studien är att undersöka om de svenska börsnoterade fastighetsbolagens valav finansiering har förändrats efter finanskrisen 2008.Avgränsning: Studien bortser från fastighetsbolag som inte är börsnoterade och verksamheterutanför Sverige. Studien bortser också från de delar av kapitalmarknaden som inte berörfastighetsbolag och därför inte är aktuella för studien. Studien går igenom Basel III -regelverket som en följd av finanskrisen men vi kommer inte gå in djupare på orsaken tillfinanskrisen. Metod: Vi har gjort en kvalitativ studie på tre svenska börsnoterade fastighetsbolag. Slutsats: Basel III har enligt vår studie inte påverkat fastighetsbolagens tillgång till kapital pådet sättet som tidigare studier pekat på. Förändringen på marknaden beror på flera faktorer isamverkan som alla påverkat fastighetsbolagens val av finansiering. Vi kommer fram till attPecking order teorin inte är aktuell längre eftersom olika finansieringsalternativ idagkombineras för att diversifiera finansieringsrisken. Marknaden har förändrats sedan Peckingorder teorin utvecklades och det är därför inte längre möjligt att göra analyser på samma sättsom tidigare. Idag påverkas marknaden av flera faktorer samtidigt, vilket innebär attfastighetsbolagens finansieringsbeteende bara är en del av informationen att ta hänsyn till. Anledningen tros bland annat vara att vi idag är mer globalt integrerade än tidigare vilketinnebär att tillgången till information är större. Dessutom påverkas marknaden av flerstörningar nu än tidigare. Räntederivat, certifikatprogram och preferensaktier är alla nyafinansieringsalternativ som används av fastighetsbolagen och som inte tas upp i Pecking order teorin.

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