In this study we contribute to the ongoing research on the rationales for corporate diversification. Using plant-level data from the U.S. Census Bureau, we examine whether combining several lines of business in one entity leads to increased productive efficiency. Studying the direct effect of diversification on efficiency allows us to discern between two major theories of corporate diversification: the synergy hypothesis and the agency-cost hypothesis. To measure productive efficiency, we employ a non-parametric approach—a test based on Varian’s Weak Axiom of Profit Maximization (WAPM). This method has several advantages over other conventional measures of productive efficiency. Most importantly, it allows one to perform the efficiency test without relying on assumptions about the functional form of the underlying production function. To the best of our knowledge, this study is the first application of the WAPM test to a large sample of non-financial firms. The study provides evidence that business segments of diversified firms are more efficient compared to single-segment firms in the same industry. This finding suggests that the existence of the so-called ‘diversification discount’ cannot be explained by efficiency differences between multi-segment and focused firms. Furthermore, more efficient segments tend to be vertically integrated with others segments in the same firm and to have been added through acquisitions rather than grown internally. Overall, the results of this study indicate that corporate diversification is value-enhancing, and that it is not necessarily driven by managers’ pursuit of their private benefits.

Success of investment depends to many mathematical rates. Every investor knows that there is a tradeoff between risk and reward: to obtain greater expected returns on investments, one must be willing to take on greater risk. The tool was designed to estimate these indexes and others conditions of investment and to offer to users optimal portfolio of investment. The models and technologies for system of estimation of investment efficiency are analyzed. Problems and difficulties of investment optimization are described. Analyses of how various methods solve these problems, finding their advantages and disadvantages. This tool helps users and students of investment sciences to choose optimal portfolio of investment with desirable risk and maximum returns. The development documentation of the tool is presented. It shows all steps of the tool development including results. The experiments of implemented model are described, analyzing new model’s influence for requirements specification process.

Magistro baigiamajame darbe apžvelgiami ir išsamiai išanalizuojami gamybinės įmonės veiklos efektyvumo vertinimo principai, vertinimo galimybės bei metodologija. Remiantis kitų šalių patirtimi bei teorinėmis žiniomis, apsvarstytos efektyvumo gerinimo alternatyvos. Iš gautų UAB “Terekas” finansinės analizės rezultatų, atliktas pagrindinių veiklos efektyvumą įtakojančių rodiklių prognozavimas, pasitelkiant koreliacinės regresinės analizės bei eksponentinių reikšmių lyginimo skaičiavimo būdus atlikta pardavimų apimties prognozė, bendrojo bei grynojo pelno prognozės 2008-2009 metams, įvertinta įmonės bankroto tikimybė bei stabilaus augimo koeficientas. Pagal gautus rezultatus, pateiktos rekomendacijos veiklos (gamybos) efektyvumui gerinti. Patvirtinama autorės suformuluota mokslinio tyrimo hipotezė, kad gamybinės įmonės veiklos efektyvumo vertinimo rodikliai atskleidžia įmonės finansinę padėtį ir leidžia spręsti apie įmonės veiklos efektyvumą. / This Master thesis contains a review and a thorough analysis of production company’s principles of activity effectiveness evaluation, evaluation possibilities and methodology. With reference to the experience of foreign countries and theoretical knowledge, the alternatives of effectiveness improvement were discussed. The results of financial analysis were received. Thus the forecast of the main influencing indicators of the activity effectiveness was accomplished. With the help of correlation and regressive analysis as well as the calculating ways of comparing exponential values, sales volume, profit and gross profit for 2008-2009 were forecasted. The possibility of bankrupt and the coefficient of steady progress were evaluated. According to the gained results, the recommendations of improvement of activity (production) effectiveness were proposed. The scientific hypothesis of the author was proven. It claims that the evaluation indicators of a production company’s activity effectiveness reveal the financial state of a company and let decide about a company’s activity effectiveness.

Magistro darbe yra suformuluotos Lietuvoje veikiančių komercinių bankų veiklos efektyvumo ir rizikos valdymo problemos. Esant stipriai konkurencijai bankų sektoriuje, bankai priversti daugiau dėmesio skirti veiklos efektyvumo didinimui bei rizikos valdymui. Darbe išanalizuoti ir susisteminti įvairių Lietuvos ir užsienio autorių teoriniai bei praktiniai komercinio banko veiklos efektyvumo ir rizikos vertinimo metodai. Vertinami AB Šiaulių banko veiklos efektyvumo bei rizikos valdymo rodikliai, taikant Bernstein, Du Pont metodus. Hipotezė, kad komercinio banko rizikos valdymo įtaka veiklos efektyvumui priklauso nuo tinkamai parinktos banko valdymo strategijos pasitvirtino pritaikius veiklos efektyvumo ir rizikos rūšių jautrumo analizę. / Of the Master's work is the formulation of commercial banks operating in Lithuania operational efficiency and risk management issues. With strong competition in the banking sector, banks are forced to pay more attention to operational efficiency and risk management. Work to analyze and structure the various Lithuanian and foreign author's theoretical and practical commercial bank efficiency and risk assessment methods. AB Siauliu bank evaluated the effectiveness of the Bank's activities and risk management indicators, the application of Bernstein, Du Pont methods. The hypothesis that commercial bank risk management activities influence the effectiveness depends on proper selection of the bank management strategy to be adaptedto the effectiveness and risks of sensitivity analysis.

Undesired reactions in Li-ion batteries, which lead to capacity loss, can consume or produce charge at either the positive or negative electrode. For example, the formation and repair of the solid electrolyte interphase consumes Li+ and e- at the negative electrode. Electrolyte oxidation at the positive electrode allows extra electrons (with corresponding electrolyte decomposition products) to be extracted at the electrode compared to the number which could be extracted in the absence of electrolyte oxidation. High purity electrolytes, various electrolyte additives, electrode coatings and special electrode materials are known to improve cycle life and therefore must impact coulombic efficiency. Careful measurements of coulombic efficiency are needed to quantify the impact of different battery materials on cell life time in only a few charge-discharge cycles and in a relatively short time. In order to make an impact on Li-ion cells for automotive and energy storage applications, where thousands of charge-discharge cycles are required, coulombic efficiency must be measured to an accuracy and precision of at least 0.01%. An instrument designed to make high-precision coulombic efficiency measurements on Li ion batteries is described in this thesis. Such measurements can be used to detect the influence of different electrode materials, voltage ranges, cell temperature, etc. on the performance of a cell. The effects of cycle induced and time-related capacity loss can be probed using experiments carried out at different C-rates. Precision differential voltage and capacity measurements can also be used to identify the different failure mechanisms that occur in full cells.

This thesis presents a high efficiency RF to DC converter for RFID applications. The proposed circuit has been designed in 90 nm CMOS technology using a single RF source. It exploits an internal Vth cancellation technique along with a leakage current reducer. The circuit operates in two phases: Phase 1, applies a DC voltage between gate and drain to reduce the VDS of the PMOS transistor; and Phase 2 removes this DC voltage meanwhile by pulling the drain and source terminals of the same transistor to the same potential, reducing the sub-threshold leakage current and enhancing the power conversion efficiency. The simulation results show that high DC power up to 8.1µA can be delivered to the load. The PCE has been measured 36.3% at -14.3dBm and can be improved to 54.5% providing an impedance matching network between the source and rectifier input.

This thesis presents the design of new integrated charge pumps with high performance. An analysis method is determined to evaluate the voltage gain, the output resistance and the conversion efficiency parameters of integrated charge pumps. An optimization method is developed to improve the performance through capacitor sizing based on area constraints. Several charge pumps structures are optimized and compared including the losses due to devices parasitics. Results show that the Dickson charge pump (voltage doubler) is the best structure for integration. Therefore, techniques to improve per- formance and conversion efficiency of integrated voltage doubler are proposed. Switch bootstrapping technique prevents short-circuit losses, improves driving capability, and enhances the overall efficiency. The application of charge reuse technique reduces the dynamic power losses of integrated voltage doublers and double charge pumps. A pro- totype of the integrated voltage doublers was fabricated in a 0.18-μm CMOS process with the proposed techniques. Measured results have been presented, demonstrating the improvements in performance and conversion efficiency, with a good correlation between measured and predicted results.

This thesis examines the impact of farm level cost efficiency on quota trading in a supply regulated industry. Comparative statics illustrate the role of cost efficiency in quota transfers. For estimation purposes, the dependent variable; net quota purchases is specified both quantitatively and qualitatively and modelled by a linear regression model and multinomial logit model, respectively. Empirical results indicate that variation in cost efficiency does not have a significant effect on the sample producers’ decision to purchase quota. Meanwhile, quota purchasers are younger producers, with large herds, underutilized barn space, and had purchase quota in the previous year. / OMAFRA funding code: 200222

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