This dissertation consists of two essays. In the first essay, I examine the source of momentum in stock returns. The reversal of momentum returns has been interpreted as evidence that momentum results from delayed overreaction to information. I examine momentum and reversals conditional on firms’ share issuance (net of repurchases) during the momentum holding period and show that (1) among losers, the momentum returns are statistically significant, but the reversals are non-existent, for both issuers and non-issuers; (2) among winners, momentum and reversals are restricted to issuers, but are non-existent among non-issuers. After further conditioning on firm size, I find that winner reversals are restricted to small, equity issuing firms. After excluding these small issuers from the sample, the remaining firms have strong momentum profits with no accompanying reversals. The evidence suggests that the return reversals are a manifestation of the poor performance of equity issuing firms. Further, while investor overreaction potentially contributes to the momentum among winners, a large fraction of firms do not earn any significant abnormal returns following initial price continuation, suggesting that underreaction, and not delayed overreaction to information, is the dominant source of momentum in stock returns. In the second essay, I examine alternative explanations of reversals in stock returns. George and Hwang (2007) find that long-term reversals in stock returns are driven by investors’ incentive to defer payment of taxes on locked-in capital gains rather than by overreaction to information. I show that return reversals are instead attributable to the negative relationship between firms’ composite share issuance and future stock returns documented in Daniel and Titman (2006). The ability of locked-in capital gains measures to forecast stock returns is largely subsumed by the composite share issuance measure. My results do not support the hypothesis that capital gains taxes drive long-term return reversals. / Ph. D.

This dissertation is intended to further technology studies by analyzing some of its important methodological tools and using those tools in combination to study complex technological systems in an historical context. The first chapter of the dissertation examines in detail four influential models by which complex technological systems have been analyzed: Hughes's system model, Bijker's social construction model, Latour, Callon, and Law's actor-network model, and Ruth Schwartz Cowan's consumption junction model. For each model, I summarize the seminal works, analyze the uses of the model in the literature, and offer some refinements to the models based on that analysis. Chapter 2 presents three case studies applying these models two different technological systems. First, the early development of the American automobile industry, 1895 to 1940, is studied using Hughes's concepts of technological momentum and reverse salients. Second, the automobile's impact on American society is explored over the same time period relying on Ruth Schwartz Cowan's consumer-oriented perspective and Wiebe Bijker's concept of technological frames. The third case study examines the technological means by which, over a long period of time, American cities were rendered impervious to huge conflagrations—commonplace until the end of the 19th century. For the analysis of this system, I use actor-network theory, Wiebe Bijker's technological frames, and Hughes's reverse salients. / Ph. D.

Future long baseline neutrino oscillation experiments like the Deep Underground Neutrino Experiment (DUNE) rely on Liquid Argon Time Projection Chamber (LArTPC) detectors. The reconstruction of neutrino flavors and energy through interactions with Argon is a critical issue for assuring the DUNE success. The neutrino-Argon nuclear cross section is one of the biggest sources of uncertainty in measuring possible Charge-Parity Violation (CPV) in the neutrino (ν) sector and decoupling background like matter-effects. This thesis summarizes the exclusive electron scattering measurement of the Jefferson Lab E12-14-012 experiment. The E12-14-012 experiment goals are to explore the Ti(e,e′p) and Ar(e,e′p) reactions in a wide range of kinematics in order to determine the spectral function of protons and neutrons in Argon. The measurements made in E12-14-012 are the first of their kind in argon and are a pivotal step in understanding the electron-Argon interaction and its relation to neutrino scattering. Titanium was specifically chosen under an assumption that its protons can be a proxy for argon neutron spectral functions. The analysis of the exclusive electron scattering in titanium is described in detail in this thesis. / M.S. / While considerable progress has been made in understanding the power of the atom, nucleons (protons and neutrons) trapped in medium-to-heavy nuclei have properties that we still need to understand. The purpose of this thesis is to explore the nuclear investigation conducted at Jefferson Lab (JLab) in Newport News, Virginia. Specifically, we follow the data analysis of the JLab Hall A Experiment E12-14-012 which seeks to quantify the nuclear energy momentum distributions of nucleons in complex nuclei like titanium and argon. These measurements, the first of their kind experimentally, are done to provide a reliable model for lepton-nucleus interactions. Modeling lepton-nucleus interactions in argon is of paramount importance, as argon is the primary target medium in future long baseline neutrino oscillation experiments like DUNE. Neutrinos are notoriously difficult to measure; and therefore, when they interact, we only measure the interaction products as they come out of the nucleus. Sometimes the products of the primary interaction will not escape the nucleus and have to be modelled to accurately estimate the incoming neutrino energy. The analysis on titanium provided in this thesis is a bridge for argon interactions with leptons, where titanium is used to determine argon neutron momentum and energy distributions.

Gas-solid flow is fundamental to many industrial processes. Extensive experimental and numerical studies have been devoted to understand the interphase momentum and heat transfer in these systems. Most of the studies have focused on spherical particle shapes, however, in most natural and industrial processes, the particle shape is seldom spherical. In fact, particle shape is one of the important parameters that can have a significant impact on momentum, heat and mass transfer, which are fundamental to all processes. In this study particle-resolved simulations are performed to study momentum and heat transfer in flow through a fixed random assembly of ellipsoidal particles with sphericity of 0.887. The incompressible Navier-Stokes equations are solved using the Immersed Boundary Method (IBM). A Framework for generating particle assembly is developed using physics engine PhysX. High-order boundary conditions are developed for immersed boundary method to resolve the heat transfer in the vicinity of fluid/particle boundary with better accuracy. A complete framework using particle-resolved simulation study assembly of particles with any shape is developed. The drag force of spherical particles and ellipsoid particles are investigated. Available correlations are evaluated based on simulation results and recommendations are made regarding the best combinations. The heat transfer in assembly of ellipsoidal particle is investigated, and a correlation is proposed for the particle shape studied. The lift force, lateral force and torque of ellipsoid particles in assembly and their variations are quantitatively presented and it is shown that under certain conditions these forces and torques cannot be neglected as is done in the larger literature. / Ph. D. / Gas-solid flow is fundamental to many industrial processes such as pollution control, CO2 capture, biomass gasification, chemical reactors, sprays, pneumatic conveying, etc. Extensive experimental and numerical studies have been devoted to understand the interphase momentum and heat transfer in these systems. Most of the studies have focused on spherical particle shapes, however, in most natural and industrial processes, the particle shape is seldom spherical. In fact, particle shape is one of the important parameters that can have a significant impact on momentum, heat and mass transfer, which are fundamental to all processes. In this study particle-resolved simulations are performed to study momentum and heat transfer in flow through a fixed random assembly of ellipsoidal particles. A Framework for generating particle assembly is developed using physics engine—PhysX. A complete framework using particle-resolved simulation study assembly of particles with any shape is developed. The drag force of spherical particles and ellipsoidal particles are investigated. Available correlations are evaluated based on simulation results and recommendations are made regarding the best combinations. The heat transfer in assembly of ellipsoidal particle is investigated, and a correlation is proposed for the particle shape studied. The lift force, lateral force and torque of ellipsoidal particles in assembly and their variations are quantitatively presented and it is shown that under certain conditions these forces and torques cannot be neglected as is done in the larger literature. The framework developed in this work can be used to study the heat and momentum transfer in flow with spherical and non-spherical particles. With data collected using this method, more accurate drag and heat transfer models can be developed for fluid-particle system.

My dissertation consists of two papers, one in the area of investment and the second in the area of corporate finance. The first paper examines robustness of momentum returns in the US stock market over the period 1965 to 2012. We find that momentum profits have become insignificant since the late 1990s partially driven by pronounced increase in the volatility of momentum profits in the last 14 years. Investigations of momentum profits in high and low volatility months address the concerns about unprecedented levels of market volatility in this period rendering momentum strategy unprofitable. Past returns, can no longer explain the cross-sectional variation in stock returns, even following up markets. We suggest three possible explanations for the declining momentum profits that involve uncovering of the anomaly by investors, decline in the risk premium on a macroeconomic factor, growth rate in industrial production in particular and relative improvement in market efficiency. We study the impact of venture capital funds' (VC) liquidity concerns on the timing and outcome of their portfolio firms' exit events. We find that VC funds approaching the end of their lifespan are more likely to exit during cold exit market conditions. Such late exits are also less likely to be via initial public offerings (IPO). A one standard deviation increase in the age of a VC fund at the time of the exit event is associated with a 5 percentage points decline in the probability of an IPO vs. a trade sale from an unconditional probability of roughly 30%. Several tests indicate that the decline in IPOs with VC fund age is not caused by lower portfolio firm quality. Focusing on the aftermath of IPOs, VC-backed firms experience significantly larger trading volume and lower stock returns around lock-up expirations if they are backed by older funds, and this lock-up effect is amplified if there are multiple VC firms approaching the end of their lifespan. Altogether, our results suggest that the exit process is strongly influenced by VCs' liquidity considerations. / Ph. D.

No / River morphological processes are among the most complex and least understood phenomenon in nature. Recent research indicates that the braiding of marine waterways of the estuary zone occurs at an aspect ratio similar to the alluvial braided river. The instability of complex sporadic fluvial processes at river-sea interface is responsible for bar formation in alluvial as well as in marine waterbodies Due to the lack of knowledge of flow characteristics around bar, the flow structure around the sand bar is analyzed. The bursting events play the crucial role in understanding the fluvial characteristics in the vicinity of submerged structure. The study of bursting events around the mid-channel bar is only done by the present author. The effect of submergence ratio on the turbulence behavior in the proximity of bar is analyzed in this study. The flow turbulence generated by the mid-channel bar is also analyzed in detail. The extreme turbulent burst is segregated from low intensity turbulent events by using the hole size concept. The effect of hole size on the parameter Dominance Function is analysed which is not yet studied by any researcher for mid-channel bar. The Momentum Dominance Function (MDF) parameter increases with increase in the Hole Size. This indicates that the magnitude of upward flux increases with increase in the hole size. The effect of bar height on the turbulent burst which is not yet studied by any researchers is analyzed in the present research. The joint probability distribution of bursting events is modeled using the Gram-Charlier bivariate joint probability function. The joint probability distribution gives the details of probabilistic structure of flow in the vicinity of bar. The effect of bar is predominant only in the lower flow layer. The joint probability distribution graph becomes more eccentric toward the dominant quadrants with increase in the submergence ratio. This indicates that the probability of dominant events further increases with increase in the submergence ratio.

Yes / The wave–seabed interaction issue is of great importance for the design of foundation around marine infrastructures. Most previous investigations for such a problem have been limited to uncoupled or one-way coupled methods connecting two separated wave and seabed sub models with the continuity of pressures at the seabed surface. In this study, a strongly coupled model was proposed to realize both wave and seabed processes in a same program and to calculate the wave fields and seabed response simultaneously. The information between wave fields and seabed fields were strongly shared and thus results in a more profound investigation of the mechanism of the wave–seabed interaction. In this letter, the wave and seabed models were validated with previous experimental tests. Then, a set of application of present model were discussed in prediction of the wave-induced seabed response. Numerical results show the wave-induced liquefaction area of coupled model is smaller than that of uncoupled model. / Yes

In 1927, Nobel prize winning physicist, E. Schrodinger, in correspondence with Ehrenfest, wrote the following about the new theory: “What is unpleasant here, and indeed directly to be objected to, is the use of complex numbers. Psi is surely fundamentally a real function.” This seemingly simple issue remains unexplained almost ninety years later. In this dissertation I elucidate the physical and theoretical origins of the complex requirement. I identify a freedom/constraint situation encountered by vectors when, employed in accordance with adopted quantum representational methodology, and representing angular momentum states in particular. Complex vectors, quite simply, provide more available adjustable variables than do real vectors. The additional variables relax the constraint situation allowing the theory’s representational program to carry through. This complex number issue, which lies at the deepest foundations of the theory, has implications for important issues located higher in the theory. For example, any unification of the classical and quantum accounts of the settled order of nature, will rest squarely on our ability to account for the introduction of the imaginary unit.

The purpose of this research was to examine the influence of fictitious scoring updates on psychological momentum (PM) and athletic performance in a competitive basketball setting. The participants included in this study were 50 male undergraduate students who reported having played basketball previously and qualified by being able to make more than 24% (12 out of 50) of their 3-point shots in a pre-trial session. Participants were told that they were competing in a 50 shot, 3-point shooting competition against another individual, equal in ability. After every 10 shots, participants were given a fabricated score update and answered four questions used to measure PM. Results showed that the fictitious score updates significantly (p < .01) influenced participants’ PM scores, where those who were told they led had higher PM scores than those who were told they trailed. As for shooting performance, no significant differences (p = .76) were found between positive and negative PM states for participants who reported experiencing both during the competition. Together, these findings suggest that manufactured score updates can influence PM, but resultant performance differences may not exist. Results of this study lend support to the notion that PM is experienced by athletes. However, when examining basketball shooting performance, the momentum-performance relationship is statistically unsupported. Thus, although PM is thought of by many as a game-changing factor, this study would suggest that PM plays a negligible role in changes to individual performance.

In this thesis, an investigation into the modal characteristics of novel beam shapes is presented. Sculpting the phase profile of a Gaussian beam can result in the generation of a beam with unique properties. Described in this thesis are Laguerre-Gaussian (LG), Hermite-Gaussian (HG) and Bessel beams (BBs). The diffraction of LG beam modes from a triangular aperture is explored and this effect can be used for the efficient measurement of the azimuthal mode index l that indicates the number of multiples of 2π of phase changes that the field displays around one circumference of the optical axis. In this study, only LG beams with zero radial mode index p, with p + 1 denoting the number of bright high intensity concentric rings around the optical axis, were considered. Then, a powerful approach to simultaneously determine both mode indices of a pure LG beam using the principal component analysis (PCA) algorithm on the observed far-field diffraction patterns was demonstrated. Owing to PCA algorithm, the shape of the diffracting element used to measure the mode indices is in fact of little importance and the crucial step is ‘training' any diffracting optical system and transforming the observed far-field diffraction patterns into the uncorrelated variables (principal components). Our PCA method is generic and it was extended to other families of light fields such as HG, Bessel and superposed beams. This reinforces the widespread applicability of this method for various applications. Finally, both theoretically and experimentally investigations using interferometry show the definitive linkage between both the radial and azimuthal mode indices of a partially coherent LG beam and the dislocation rings in the far-field cross-correlation function (CCF).