This thesis is an extension of a recent study into the relationship between merger size and profitability. It studies a class of Cournot oligopoly with linear cost and quadratic demand. Its focus is to analyze how a mergers profitability is affected by its size and by the demand elasticity. Such results have not yet been reported in previous studies, perhaps due to the complexity of the equilibrium equation involved. It shows an increase in the demand elasticity also raises a mergers profitability. Consequently, an increase in the demand elasticity reduces merged members critical combined per-merger market share for the merger to be profit enhancing. Comparing with 80% minimum market share requirement for a profitable merger in Salant, Switzer, and Reynolds (1983), a greater market share is needed when the demand function is concave (demand is relatively inelastic), while a smaller market share may still be profitable when the demand function is convex (demand is relatively elastic). In our model, mergers are generally detrimental to public interests by increasing market price and reducing output. However, the merger will be less harmful when the goods are very inelastic.

This thesis is an extension of a recent study into the relationship between merger size and profitability. It studies a class of Cournot oligopoly with linear cost and quadratic demand. Its focus is to analyze how a mergers profitability is affected by its size and by the demand elasticity. Such results have not yet been reported in previous studies, perhaps due to the complexity of the equilibrium equation involved. It shows an increase in the demand elasticity also raises a mergers profitability. Consequently, an increase in the demand elasticity reduces merged members critical combined per-merger market share for the merger to be profit enhancing. Comparing with 80% minimum market share requirement for a profitable merger in Salant, Switzer, and Reynolds (1983), a greater market share is needed when the demand function is concave (demand is relatively inelastic), while a smaller market share may still be profitable when the demand function is convex (demand is relatively elastic). In our model, mergers are generally detrimental to public interests by increasing market price and reducing output. However, the merger will be less harmful when the goods are very inelastic.

Hyporheic exchange is an ecologically and biogeochemically essential function of rivers and streams. One important driver of hydrostatic (hyporheic) exchange is gra- dients in the hydrostatic hydraulic head at the streambed. This thesis investigates the impact of discharge on hydrostatic exchange in two stream reaches in Uppland, Sweden, with different geomorphological characteristics. By comparing 1D approx- imations of hydrostatic head variations along different longitudinal profiles across the streams, the use of a 2D hydraulic model for defining such variations is evaluated. Channel topography and discharge data have been obtained through field surveys in the two streams and form the basis for the setup of two HEC-RAS 2D models. The models have been calibrated against stream-depth measurements, validated against stream depth and stream velocity, and used for simulation of a range of discharges in both reaches. Water surface elevations, obtained for the different discharges in three profiles along each reach, have been used as input in a spectral model evaluating flow across streambed area; average hyporheic exchange velocity W. The results show that W , and thereby the hydrostatic exchange, decreases with increasing dis- charge and varies between different longitudinal profiles in the reach with the most complex geomorphology. For the reach with simpler geomorphology, the effects of discharge, as well as variations across the streams, are negligible. This implies that a 1D approximation of the hydrostatic head variations at the streambed can be sat- isfactory for a stream with simple geomorphology, whereas a 2D evaluation is more accurate for a stream with a complex geomorphology. / Denna uppsats handlar om hur ett vattendrags geomorfologi (form och geologi) och vattenföring påverkar hyporheiskt utbyte. Hyporheiskt utbyte är en process där ytvat- ten tränger igenom vattendragets botten, flödar i den så kallade hyporheiska zonen och blandas med grundvatten för att sedan återvända till vattendraget. Det är en vik- tig funktion på grund av dess påverkan på ekologi och biogeokemiska reaktioner, exempelvis genom syresättning av botten. Hyporheiskt utbyte påverkas bland annat av variationer i vattnets energinivå (hydrau- lisk tryckhöjd) vid bottnen. Den hydrauliska tryckhöjden varierar med vattenytans höjd, som är summan av bottnens topografi och vattnets djup. Målet med studien var att undersöka vattenföringens påverkan på hydrostatiskt, hyporheiskt utbyte i två vattendrag med olika geomorfologiska egenskaper. Endimensionella (1D) approx- imationer av hydraulisk tryckhöjd används ibland vid modellering av hyporheiskt utbyte. Därför var ytterligare ett mål att utvärdera flera endimensionella (1D) ap- proximationer av hydraulisk tryckhöjd vid botten, för att på så sätt undersöka om tvådimensionell (2D) modellering tillför mer information. För att uppnå målen genomfördes fältstudier vid två vattendrag i Uppland, vid vilka topografimätningar och spårämnesförsök gjordes. Dessa lade grunden för uppbygg- nad av 2D-modeller över vattendragen i modelleringsverktyget HEC-RAS. Model- lerna kalibrerades mot uppmätta djupdata och användes sedan för simulering av ett antal olika vattenföringar. Longitudinella profiler placerades i mitten samt till vänster respektive höger om mitten i vattendragen. Längs dessa profiler, för de olika vatten- föringarna, erhölls vattenytans höjd, som blev indata till en spektral modell. Utifrån topografi och vattenytans höjd längs en profil beskriver den spektrala modellen hur den hydrauliska trycknivån varierar med hjälp av en Fourier-serie. Den spektrala modellen beräknar det hyporheiska utbytets medelhastighet W , vil- ken är ett mått på hur stor volym vatten som genomtränger bottenarea per tid. Re- sultaten visar att för vattendraget med mest komplex geomorfologi minskar W med ökande vattenföring, och W varierar också mellan de olika longitudinella profilerna. För det andra vattendraget, som har en enklare geomorfologi, syns inga betydande skillnader, varken mellan olika vattenföringar eller profiler. Därutöver är W mind- re för vattendraget med enklare geomorfologi jämfört med vattendraget med kom- plex geomorfologi. Resultaten antyder därmed att 1D-approximationer av hydraulisk tryckhöjd vid bottnen är tillräckliga för vattendrag med enkel geomorfologi, medan 2D-modellering tillför information för ett vattendrag med komplex geomorfologi.

In order to reduce the use of landfilling within waste management great emphasis is being placed on waste reduction and recycling. Each year in the UK approximately 2.5 Mt of waste glass is produced and approximately half of this waste is not recyclable. Therefore alternative ways need to be found for using waste glass and one possibility is to use it within concrete as a replacement for cement and/ or aggregate. In the research programme concrete mixes were tested which had 0%, 25%, 50% and 100% of the fine aggregate replaced by crushed waste glass. All glass was originally in bottle form and was crushed to produce ‘sand’ which had a grading curve more-orless identical to fine aggregate obtained from a commercial supplier. Three colours of glass were studied, i.e. flint (clear), amber and green. Concretes were also made which contained a mixture of colours (in proportion according to the weight of each type of waste glass produced annually within the UK) and also a mixture of unwashed waste glasses. The overall concrete mix adopted for investigation, i.e. 1:2:4, was selected because of its wide use within industry, and all concrete was made with a water:cement content of 0.6 without the addition of plasticiser or ASR-retarding agents. The suite of laboratory tests included; slump, flow, initial and final setting time, ultrasonic pulse velocity, water absorption by immersion and capillarity rise, ASR measurement (volumetric and linear), compression strength at ages from 7 days to 365 days. Techniques of developed digital imaging and processing have been applied to the glass aggregate to quantify various particle shape factors, i.e. aspect ratio, percentage concavity, Riley inscribed sphericity and surface texture index. Statistical analysis has been used to compare the distribution of particle forms present within the fine aggregate materials used in the experimental work. Dimensional changes (in three orthogonal directions) were measured as concrete cubes hardened over a period up to 365 days. The length changes of concrete prisms were also measured over the same period of time. The resultant data indicated that a fine aggregate which comprised 25% glass and 75% sand would be categorised as “non-expansive”, i.e. the same as the sand on its own. As the proportion of glass in the fine aggregate became greater than the aggregate became more expansive but it did not exceed recommended limits.

Fiber laser welding (FLW) was used to join advanced high strength steel (AHSS) and high strength steel (HSS); specifically two dual-phase (DP) steels, with ultimate tensile strengths above 980 MPa and with different chemistries (DP980 Rich and DP980 Lean), and a high strength low alloy (HSLA) steel, with an ultimate tensile strength of 450MPa (HSLA450). The welding speed and power were varied to develop a process envelope for minimizing weld concavity. In order to attain welds free of weld concavity a balance of speed and power was required; weld concavity could be reduced by lowering power and increasing speed. Welds with amounts of concavity ranging from 15 % to 35 % were characterized with respect to hardness, tensile and fatigue testing. Tensile results revealed that DP steel was sensitive to weld concavity while HSLA450 was not. At stress amplitudes enduring beyond 1000 cycles, welded specimens exhibited lower fatigue resistance compared to the base metal. Concavity reduced the fatigue life of DP980 steels, where increasing the amount of concavity further reduced the fatigue resistance, while the fatigue resistance of HSLA steel welds was not sensitive to weld concavity. Hardness profiling of the welds revealed that HAZ softening was present in the DP980 steel welds. The amount of HAZ softening was normalized; allowing for comparison of different steels. Welds made by FLW demonstrated reduced softening compared other laser welding types because FLW was capable of welding with lower heat input. A difference in the FZ hardness was observed between the DP980 steels because of the difference in carbon content of the steels; where higher carbon content resulted in higher FZ hardness. Additionally the high cooling rate in FLW created higher fusion zone hardness than the values predicted by Yurioka’s model based on arc welding. Examination of the microstructure revealed that the soft zone of DP980 Lean steel possessed severely tempered martensite and untransformed ferrite while DP980 Rich generated a structure with a mixture of tempered martensite, untransformed ferrite and a small fraction of non-tempered martensite. This difference in HAZ softening was attributed to the alloying content of the DP980 Rich steel the higher alloying content of DP980 Rich steel formed a stable austenite that could exist near the Ac1 temperature and enabled the formation of new martensite in the soft zone. The effects of HAZ softening were apparent in tensile testing where the DP980 Lean steel, which exhibited higher softening, demonstrated by a severe reduction in elongation while the DP980 Rich steel, which had higher resistance to softening, attained elongation comparable to its base metal. HSLA450 exhibited a slight reduction in elongation due to the hardening of the fusion zone. The welded DP980 Rich and HSLA450 steels consistently failed within the base metal, while the DP980 Lean steel failed in the soft zone. The welded DP980 Rich steel also demonstrated limiting dome heights comparable to the base metal while the severe softening in the DP980 Lean led to premature fracture in the soft zone, yielding a larger reduction in the limiting dome height.

Fiber laser welding (FLW) was used to join advanced high strength steel (AHSS) and high strength steel (HSS); specifically two dual-phase (DP) steels, with ultimate tensile strengths above 980 MPa and with different chemistries (DP980 Rich and DP980 Lean), and a high strength low alloy (HSLA) steel, with an ultimate tensile strength of 450MPa (HSLA450). The welding speed and power were varied to develop a process envelope for minimizing weld concavity. In order to attain welds free of weld concavity a balance of speed and power was required; weld concavity could be reduced by lowering power and increasing speed. Welds with amounts of concavity ranging from 15 % to 35 % were characterized with respect to hardness, tensile and fatigue testing. Tensile results revealed that DP steel was sensitive to weld concavity while HSLA450 was not. At stress amplitudes enduring beyond 1000 cycles, welded specimens exhibited lower fatigue resistance compared to the base metal. Concavity reduced the fatigue life of DP980 steels, where increasing the amount of concavity further reduced the fatigue resistance, while the fatigue resistance of HSLA steel welds was not sensitive to weld concavity. Hardness profiling of the welds revealed that HAZ softening was present in the DP980 steel welds. The amount of HAZ softening was normalized; allowing for comparison of different steels. Welds made by FLW demonstrated reduced softening compared other laser welding types because FLW was capable of welding with lower heat input. A difference in the FZ hardness was observed between the DP980 steels because of the difference in carbon content of the steels; where higher carbon content resulted in higher FZ hardness. Additionally the high cooling rate in FLW created higher fusion zone hardness than the values predicted by Yurioka’s model based on arc welding. Examination of the microstructure revealed that the soft zone of DP980 Lean steel possessed severely tempered martensite and untransformed ferrite while DP980 Rich generated a structure with a mixture of tempered martensite, untransformed ferrite and a small fraction of non-tempered martensite. This difference in HAZ softening was attributed to the alloying content of the DP980 Rich steel the higher alloying content of DP980 Rich steel formed a stable austenite that could exist near the Ac1 temperature and enabled the formation of new martensite in the soft zone. The effects of HAZ softening were apparent in tensile testing where the DP980 Lean steel, which exhibited higher softening, demonstrated by a severe reduction in elongation while the DP980 Rich steel, which had higher resistance to softening, attained elongation comparable to its base metal. HSLA450 exhibited a slight reduction in elongation due to the hardening of the fusion zone. The welded DP980 Rich and HSLA450 steels consistently failed within the base metal, while the DP980 Lean steel failed in the soft zone. The welded DP980 Rich steel also demonstrated limiting dome heights comparable to the base metal while the severe softening in the DP980 Lean led to premature fracture in the soft zone, yielding a larger reduction in the limiting dome height.

No description available.

In this thesis we compute the Frobenius manifold of the Landau-Ginzburg A-model (FJRW theory) for certain polynomials. Specifically, our computations apply to polynomials that are sums of An and Dn singularities, paired with the corresponding maximal symmetry group. In particular this computation applies to several K3 surfaces. We compute the necessary correlators using reconstruction, the concavity axiom, and new techniques. We also compute the Frobenius manifold of the D3 singularity.

This dissertation has three chapters studying accounting conservatism in the property-liability (P&L) insurance industry. There are two types of accounting conservatism – ex-ante (unconditional) conservatism and ex-post (conditional) conservatism. The former means that firms over-report liabilities initially, before more detailed information becomes available. The latter means that firms respond to this new information asymmetrically by recognizing expected losses more quickly than expected gains. My analysis throughout the dissertation focuses on the loss reserve accruals since it is the most significant accruals on the balance sheet. One benefit of studying the P&L insurance industry is that we have specific and detailed information regarding the development of loss reserve accruals over time. Chapter 1 is an executive summary of the next two chapters, highlighting the key results, the policy implications, and the contributions of the dissertation. Chapter 2 studies the two types of accounting conservatism and explore three research questions: (1) whether ex-ante and ex-post conservatism prevails in the P&L insurance industry; (2) what the relations are between ex-post conservatism and other managerial incentives including ex-ante conservatism; and (3) how much the opportunity cost is for being conservative. I study all U.S. domiciled P&L insurance companies from 1996 to 2012 and follow the previous literature to measure accounting conservatism in Chapter 2. I find that both types of accounting conservatism prevail in the insurance industry. Besides, the back-of-the-envelope estimates based on the industry average insurer indicate that their opportunity costs are trivial compared to the amounts of net income and total assets. Chapter 2 also shows that the practices of ex-ante and ex-post conservatism exhibit a nonlinear, U-shape relationship. This finding supports the view that the two types of conservatism can be compliments because they can serve for different purposes. Ex-ante conservatism is mainly used to create a cushion against future unexpected losses, whereas ex-post conservatism can reduce informational frictions. In Chapter 3, I develop a new method of assessing conditional conservatism using more detailed data from the insurance industry. I look at how conditional conservatism affects insolvency risk and the financial strength rating of P&L insurance companies. I also investigate how a change to accounting rules affects conditional conservatism. The new method of measuring conditional conservatism is based on the concavity of the loss development curve. I study all U.S. domiciled P&L insurance companies from 1995 to 2015 and find that the greater the degree of conditional conservatism, the lower is insolvency probability, and the better is the financial strength rating, with other things being constant. The result indicates that regulators and rating agencies do reward insurers that voluntarily utilize conditional conservatism accounting strategy. Moreover, I find that the level of conditional conservatism is reduced after the enactment of the Model Audit Rule (MAR). MAR, like the Sarbanes-Oxley Act Section 404, increased board oversight of internal risk management. The result suggests that complying with additional disclosure requirements provides a “safe harbor” for insurance companies so that they have fewer incentives to be conditionally conservative. / Business Administration/Risk Management and Insurance

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