This thesis consists of three chapters and investigates the issues related to liquidity risk, credit market contagion, and corporate cash holdings. The first chapter is coauthored work with Professor Jay Sa-Aadu and Associate Professor Ashish Tiwari and is titled ‘Market Liquidity, Funding Liquidity, and Hedge Fund Performance.’ The second chapter is sole-authored and is titled ‘Credit Market Contagion and Liquidity Shocks.’ The third chapter is coauthored with Steven Savoy and titled ‘Ambiguity Aversion and Corporate Cash Holdings.’ The first chapter examines the interaction between hedge funds’ performance and their market liquidity risk and funding liquidity risk. Using a 2-state Markov regime switching model we identify regimes with low and high market-wide liquidity. While funds with high market liquidity risk exposures earn a premium in the high liquidity regime, this premium vanishes in the low liquidity states. Moreover, funding liquidity risk, measured by the sensitivity of a hedge fund’s return to the Treasury-Eurodollar (TED) spread, is an important determinant of fund performance. Hedge funds with high loadings on the TED spread underperform low-loading funds by about 0.49% (10.98%) annually in the high (low) liquidity regime, during 1994-2012. The second chapter provides evidence on credit market contagion using CDS index data and identifies the channels through which contagion propagates in credit markets. The results show that funding liquidity and market liquidity are significant channels of contagion during periods with widening credit spreads and adverse liquidity shocks. These results provide support for the theoretical model proposed by Brunnermeier and Pedersen (2009) according to which negative liquidity spirals can lead to contagion across various asset classes. Furthermore, during periods with tightening credit spreads and positive liquidity shocks, the results indicate that a prime broker index and a bank index are important channels contributing to co-movement in credit spreads. This suggests that financial intermediaries play an important role in spreading market rallies across credit markets. The third chapter investigates the link between investors’ ambiguity aversion and precautionary corporate cash holdings. Investors’ ambiguity aversion is measured by the proportion of individual investors in a firm’s investor base who are hypothesized to be more ambiguity averse compared to institutional investors. We show that the value of cash holdings is negatively associated with the extent of ambiguity aversion in a firm’s shareholder base for firms that are financially constrained. Our results also show that financially constrained firms with a higher proportion of ambiguity averse investors hold less cash. These results provide support for models in which ambiguity averse investors dislike the cash holdings of firms, that are held for precautionary reasons to fund long term projects, given that the returns on long term projects are ambiguous.

Noting how organizations today are increasingly dependent on IT for a broad range of organizational activities, the thesis starts from the observation that many IT-related endeavors nevertheless fail. In tracing part of the problem to the inability of many organizations to cope with changes in the surrounding material and social context, the emphasis is put on the processes by which IT-artifacts are adapted and re-adapted, after they have been put into daily use. Assuming human sensemaking as a good basis for coping with the changes, qualitative data from two organizations — a Swedish social services department and a software firm — provides an empirical context for assessing how sensemaking processes affect IT-adaptation. Conceptually, the thesis draws on Karl Weick's thinking, introducing the "double interact" and the "response repertoire" as sensitizing concepts with which to understand the mechanisms generating adaptation of IT-artifacts. Methodologically, the interpretive case study is employed, using the "hermeneutic circle" as the guiding principle for the research process. The thesis draws some specific implications concerning how IT-adaptation can be understood in organizations. The generic IT-adaptation process can be divided into two elementar}- phases, exploration and exploitation. During the exploration phase, several individual interpretations of a particular IT-artifact co-exist, occasioning ambiguity about its meaning in organizational daily activity. During the exploitation phase, the IT-artifact itself is in the background of matters of attention, providing organizational actors, who pursue individual goals and desires, the opportunity to exploit the shared and taken-for-granted meaning they see in the artifact. While the exploitation phase is important for organizational efficacy, there is nevertheless a risk that the meaning exploited becomes outdated by surrounding socio-material changes over time. Among other proposals, the thesis therefore suggests that triggering sensemaking processes can be important for meaningful IT-adaptation. In addition, it suggests the activity of searching for the interlacing areas of professional identity of actor groups, as a means to make IT-artifacts meaningful in organizing endeavors. / <p>[8] s., s. 1-64: sammanfattning, s. 65-168: 6 uppsatser</p> / digitalisering@umu

Each painting in this exhibition is a transformed documentation of a specific experience culled from my daily, ordinary life. These encounters are not monumental; however their impact is significant because of their disturbing, disgusting, puzzling and humourously entertaining qualities. The awkwardness and resulting ambiguity of my imagery is defined through connections to the uncanny, the surreal, the grotesque and the literary genre of tragicomedy. The work also acknowledges a strong relationship to historic traditions within painting and aspires to use comedy to provide an opportunity for viewers to retrieve and recreate a moment of personal history.

A large body of literature studies the issues of the option price and other ex-ante welfare measures under the microeconomic theory to valuate reductions of risks inherent in environment and human health. However, it does not offer a careful discussion of how to estimate risk reduction values using data, especially the modeling and estimating individual perceptions of risks present in the econometric models. The central theme of my dissertation is the approaches taken for the empirical estimation of probabilistic risks under alternative assumptions about individual perceptions of risk involved: the objective probability, the Savage subjective probability, and the subjective distributions of probability. Each of these three types of risk specifications is covered in one of the three essays. The first essay addresses the problem of empirical estimation of individual willingness to pay for recreation access to public land under uncertainty. In this essay I developed an econometric model and applied it to the case of lottery-rationed hunting permits. The empirical result finds that the model correctly predicts the responses of 84% of the respondents in the Maine moose hunting survey. The second essay addresses the estimation of a logit model for individual binary choices that involve heterogeneity in subjective probabilities. For this problem, I introduce the use of the hierarchical Bayes to estimate, among others, the parameters of distribution of subjective probabilities. The Monte Carlo study finds the estimator asymptotically unbiased and efficient. The third essay addresses the problem of modeling perceived mortality risks from arsenic concentrations in drinking water. I estimated a formal model that allows for ambiguity about risk. The empirical findings revealed that perceived risk was positively associated with exposure levels and also related individuating factors, in particular smoking habits and one’s current health status. Further evidence was found that the variance of the perceived risk distribution is non-zero. In all, the three essays contribute methodological approaches and provide empirical examples for developing empirical models and estimating value of risk reductions in environment and human health, given the assumption about the individual’s perceptions of risk, and accordingly, the reasonable specifications of risks involved in the models.

Considerable research has been done by various scholars to assess the significance of sketching in the early stages of the design process. However, sketching in design studies usually corresponds to drawing and the extensive research on the cognitive aspects of sketching does not always include three-dimensional sketching through physical and digital models produced in the early phases of design process. The aim of the presented research is to identify some characteristics of model-making that make it effective in the design process and design cognition as a form of sketching. Departing from key research on sketching which articulates its uncertain nature as a positive drive in early design phases, this thesis looks at whether physical and digital models can also be counted among ambiguous design tools. The inquiry is supported by empirical data from the protocol studies realized with three graduate students of architecture.

The Ambivalent Animal project explores the interactions of animals, culture and technology. The project employs both artistic practice and critical theory, each in ways that inspire the other. My creative practice centers around two projects that focus on domestic pets. These projects highlight the animal's uncertain status as they explore the overlapping ontologies of animal, human and machine. They provide concrete artifacts that engage with theoretical issues of anthropocentrism, animality and alterity. My theoretical work navigates between the fields of animal studies, art and design, media and culture studies, and philosophy. My dissertation explores animality through four real and imagined animal roles: cyborg, clone, chimera and shapeshifter. Each animal role is considered in relation to three dialectics: irreducibility and procedurality, autonomy and integration, aura and abjection. These dialectics do not seek full synthesis but instead embrace the oscillations of irresolvable debates and desires. The dialectics bring into focus issues of epistemology, ontology, corporeality and subjectivity. When the four animal roles engage the three dialectics, connected yet varied themes emerge. The cyborgian animal is simultaneously liberated and regulated, assisted and restricted, integrated and isolated. The cloned animal is an emblem of renewal and loss; she is both idealized code and material flesh and finds herself caught in the battles of nature and nurture. The chimera is both rebel and conformist; his unusual juxtapositions pioneer radical corporeal transgressions but also conform to the mechanisms of global capital. And the shapeshifter explores the thrill and anxiety of an altered phenomenology; she gains new perceptions though unstable subjectivity. These roles reveal corporeal adjustments and unfamiliar subjectivities that inspire the creative practice. Both my writing and making employ an ambivalent aesthetic--an aesthetic approach that evokes two or more incompatible sensibilities. The animal's uncertain status contributes to this aesthetic: some animals enjoy remarkable care and attention, while others are routinely exploited, abused and discarded. Ambivalence acknowledges the complexity of lived experience, philosophical and political debate, and academic inquiry. My approach recognizes the light and dark of these complex ambivalences--it privileges paradox and embraces the confusion and wonder of creative research. Rather than erase, conceal or resolve ambiguity, an ambivalent aesthetic foregrounds the limits of language and representation and highlights contradiction and irresolution.

This work presents a systematic investigation of two topics. One is in stochastic dynamic general equilibrium. It incorporates private information into dynamic general equilibrium framework. An existence of competitive equilibrium is established. Quantitative analysis is provided for health insurance problem. The other topic is in decision problems under ambiguity. Lack of precise information regarding a decision problem is represented by a set of probabilities. Descriptive richness of the set of probabilities is defi ned. It is used to generalize Skorohod's theorem to sets of probabilities. The latter is used to show the constancy of the coefficient in alpha-maximin multiple prior preferences. Examples illustrate: the implications of this representation; and the restrictions arising from the failure of descriptive richness. / text

Les silhouettes ambiguës, comme celle du lapin/canard (Jastrow, 1899), ont été étudiées selon plusieurs approches. Toutefois, les figures prises en exemples dans la large majorité des études sont généralement les mêmes. Cette redondance des images ambiguës utilisées pousse à croire qu'elles sont peut-être assez rares. Certaines observations anecdotiques suggèrent cependant qu’elles seraient au contraire relativement fréquentes. C'est ce que cherche à déterminer cette expérience. Nous avons utilisé des modèles tridimensionnels d'animaux projetés de façon aléatoire afin d'en extraire les silhouettes dont la complexité périmétrique a ensuite été modifiée par lissage. Treize sujets ont dû indiquer ce qu'ils percevaient dans l'image. Nous démontrons qu’une silhouette est classée en moyenne dans 1.9079 catégories de base. Nous avons également démontré qu’une diminution de la complexité périmétrique rend d’abord une silhouette plus ambiguë pour éventuellement atteindre un sommet (équivalent à environ six fois la complexité périmétrique d’un disque) à la suite duquel l’ambiguïté chute. / Ambiguous silhouettes such as the duck/rabbit (Jastrow, 1899) have been studied by several approaches. However, the figures taken as examples in the vast majority of studies are generally the same. This redundancy of the ambiguous images used in litterature implies they may be quite rare. On the other hand, anecdotal evidence suggests that they might be relatively frequent. This is what this experiment is trying to establish. We used three-dimensional models of animals from a random point of view to extract silhouettes whose perimetric complexity was subsequently modified by smoothing. Thirteen subjects were asked to indicate what they saw in the image. We show that silhouettes are classified on average with 1.9079 based categories. We also established that a decrease in the perimetric complexity initially makes a more ambiguous figure but that this effect eventually reaches a peak (at a perimetric complexity of approximately 6 times that of a disk) after which ambiguity drops.

This thesis reports on the association between particular psychological attributes of owner/operators and organisational financial performance in New Zealand small to medium sized enterprises (SME's). The specific psychological attributes of interest are ambiguity tolerance, self efficacy, resilience and planning orientation. A direct response mail survey was sent to 4,500 New Zealand organisations fitting the criteria for this study. Ambiguity tolerance, self efficacy and resilience were assessed using established item scales from the literature. Planning orientation was assessed using planning scenario analysis. Data analysis was conducted using structural equation modeling. Results show that the planning orientation of owner/operators has a significant direct association with organisational financial performance. Ambiguity tolerance, self efficacy and resilience were found to have a significant indirect association with financial performance. The findings of this research have implications for both theory and practice. Theoretically there are implications for cognitive and personality psychology, organisational theory and behaviour, entrepreneurship and research related to the psychological attributes of interest in this thesis. Practically, the results provide managers with a meaningful tool to aid in the selection, training and management of individuals responsible for strategic decision making in SME and other organisational settings.

As a consequence of Cuba’s severe mid-1990s economic crisis and the government’s attempt to remedy it by investing in the tourism sector, a new interactional space has opened up, providing Cubans with the opportunity to form economically advantageous relationships with foreigners. This thesis contributes to the anthropological understanding of the lifeworlds of Cuban women who engage in relationships with foreign men that are sexualized and commercialized to various degrees. These touristic encounters are morally and ideologically contested in late socialist Cuba. They are also characterized by an ambiguous tension, as the women have to manage foreign men’s expectations regarding exchanges of love and money. Based on six months of fieldwork in Havana, I examine the components and developments of such relationships and discuss the women’s particular role. I highlight their agency as they capitalize on touristic desires and fantasies of the exotic and erotic Caribbean Other, simultaneously reproducing a system of sexualized, racialized and gendered inequalities. Through a discussion of the methodologies employed in the research, I question the analytical use of empirical categories in anthropological analysis. I argue that emic categories applied to relationships between Cuban women and foreign men are political and normative markers of social statuses, but are not valid analytical units.