京都大学 / 0048 / 新制・課程博士 / 博士(農学) / 甲第17901号 / 農博第2024号 / 新制||農||1017(附属図書館) / 学位論文||H25||N4797(農学部図書室) / 30721 / 京都大学大学院農学研究科地域環境科学専攻 / (主査)教授 近藤 直, 准教授 小川 雄一, 教授 飯田 訓久 / 学位規則第4条第1項該当 / Doctor of Agricultural Science / Kyoto University / DFAM

No description available.

This paper investigates the effect of CEO compensation structure on the risk-taking of the firms in Sweden. In addition, the study examines whether the gender of the CEO plays a role in this relationship. In the recent decades, there has been a drastic increase in the use of variable pay in the CEO compensation package, motivated by the alignment of risk preferences between shareholders and CEOs. However, researchers have failed to reach a unanimous conclusion regarding the effect of variable pay on risk-taking. This study examines the companies listed on Nasdaq OMX Stockholm, comprising 643 observations during the three-year period from 2017- 2019. The results from this study find no positive relationship between compensation and risk-taking as predicted by the agency theory. The study results confirm no or negative relation, depending on the risk measure; indicating that increased CEO variable compensation reduces firm risk through less financial leverage and no significant relationship is found between variable pay and volatility of stock return. Moreover, when examining the gender aspect of risk-taking, no significant difference is found and gender has no impact in the effect of compensation structure on risk-taking.

CEO compensation is an important issue since shareholders, politicians, regulators, and the media have different opinions on the appropriate level. Critics argue that CEO compensation is excessive due to the weak link to firm performance, but even though the field has been thoroughly researched there are mixed findings regarding the relationship between CEO compensation and firm performance. Literature suggests that this could be due to that each economy is unique and has its specificities when determining CEO compensation. CEO compensation in Sweden is generally lower than in the US and Britain, but the performance of the firm is the same or even better. Therefore, the aim of this paper was to study the relationship between CEO compensation and firm performance in the Swedish context. Through a univariate, bivariate, and multivariate analysis of 38 firms on the Nasdaq OMX Stockholm, our findings show that there is no significant relationship between CEO compensation and firm performance in Swedish listed firms when using standard control variables. This result is more consistent with the managerial power theory and less with the agency theory and contract theory. The findings suggest that there is no alignment between Swedish CEOs' compensation incentives and the shareholders' interest (i.e., firm performance).

Thesis (Ed.D.)--Boston University.

Despite being the prefered approach for still-image compression for nearly a decade, wavelet-based coding for video has been slow to emerge, due primarily to the fact that the shift variance of the discrete wavelet transform hinders motion estimation and compensation crucial to modern video coders. Recently it has been recognized that a redundant, or overcomplete, wavelet transform is shift invariant and thus permits motion prediction in the wavelet domain. In this dissertation, other uses for the redundancy of overcomplete wavelet transforms in video coding are explored. First, it is demonstrated that the redundant-wavelet domain facilitates the placement of an irregular triangular mesh to video images, thereby exploiting transform redundancy to implement geometries for motion estimation and compensation more general than the traditional block structure widely employed. As the second contribution of this dissertation, a new form of multihypothesis prediction, redundant wavelet multihypothesis, is presented. This new approach to motion estimation and compensation produces motion predictions that are diverse in transform phase to increase prediction accuracy. Finally, it is demonstrated that the proposed redundant-wavelet strategies complement existing advanced video-coding techniques and produce significant performance improvements in a battery of experimental results.

No description available.

I det här arbetet har vi jämfört ersättning vid expropriation mellan länderna Sverige och Kina. Expropriation är en tvångsåtgärd som medför att mark kan överföras med tvång från en fastighetsägare till en annan i syfte att tillgodose ett allmänt intresse. I både Sverige och Kina utgår ersättning när staten med tvång tar mark i anspråk och vi har studerat hur denna ersättning utgår samt vilka faktorer som påverkar ersättningens storlek i respektive land.  Arbetet behandlar vilken typ av ersättning som utgår, vem som har rätt till denna ersättning och hur stor denna ersättning är i Kina respektive Sverige. Arbetet går även in på vad för effekter de olika systemen kan ha på såväl en individnivå som en samhällsnivå. För att redogöra för detta har vi studerat vad lagstiftningen säger och hur den skiljer sig åt i de båda länderna. Ett expropriationsfall från Kina har även tagits med i jämförelsen för att erhålla en tydligare bild av skillnaderna och likheterna som finns i de båda ersättningssystemen.  Jämförelsen av Sverige och Kina har gett en förståelse för att ländernas ersättningssystem vid expropriation är väldigt olika men på ett övergripande plan ändå innehar en del likheter i sina grundläggande värderingar, såsom att ingen individ ska gå med ekonomisk förlust till följd av expropriation. De stora skillnaderna är hur de beräknar den ersättning som ska utgå vid expropriation samt hur denna ersättning erläggs. Arbetet uppmärksammar vad som är allra mest intressant angående det kinesiska ersättningssystemet, vilket är att ersättningen är standardiserad. Det standardiserade systemet innebär att fasta ersättningsvärden sätts för hela områden istället för att värdena bestäms för varje enskilt fall som det är i det svenska systemet. Det här leder till flera intressanta effekter för både samhället i stort men också för den enskilda individen. Avslutningsvis ges förslag på hur ett standardiserat system skulle kunna användas i Sverige för att uppnå högre effektivitet vid expropriativa åtgärder inom infrastrukturprojekt. / In this project, we have compared compensation in the event of expropriation between the two countries Sweden and China. Expropriation is a coercive measure that means that land can be transferred by force from one property owner to another in order to satisfy a public interest. In both Sweden and China, compensation is paid when the state forcibly claims land and we have studied how this compensation is paid and what factors affect the size of the compensation in each country. The project looks at what type of compensation is paid, who has the right to compensation and what the size of the compensation is. The project also discusses the effects that each system of compensation has on an individual level as well as on a societal level. To explain this we have studied what the law says in each country and looked at how it differs between the countries. An expropriation case from China has been included in order to gain a clearer picture of how expropriative procedures look like in China as well as to be able to point out differences and similarities between the two systems of compensation. The comparison between Sweden and China have resulted in an understanding that the countries systems for compensation in expropriative procedures differ a lot but on an overall level still holds a few similarities when it comes to fundamental values, such as that no individual should experience a financial loss due to expropriation. The big differences are in how the countries calculate the compensations to be paid as well as how this compensation is paid. The project pays attention to what is most interesting in regards to the Chinese system for compensation, which is that the compensation is standardized. The standardized system means that fixed compensation values are set for entire areas instead of the values being determined for each individual case as it is in the Swedish system. This leads to several interesting effects for both society at large but also for the individual. Finally, suggestions are given on how a standardized system could be used in Sweden to achieve higher efficiency in expropriative measures within infrastructure projects.

Yes / This study examines the effects of firm performance and corporate governance on chief executive officer (CEO) compensation in an emerging market, Pakistan. Using a more robust Generalized Method of Moments (GMM) estimation approach for a sample of non-financial firms listed at Karachi Stock Exchange (KSE) over the period 2005 to 2012, we find that both current and previous year accounting performance has positive influence on CEO compensation. However, stock market performance does not appear to have a positive impact on executive compensation. We further find that ownership concentration is positively related with CEO compensation, indicating some kind of collusion between management and largest shareholder to get personal benefits. Inconsistent with agency theory, CEO duality appears to have a negative influence, while board size and board independence have no convincing relationship with CEO compensation, indicating board ineffectiveness in reducing CEO entrenchment. The results of dynamic GMM model suggest that CEO pay is highly persistent and takes time to adjust to long-run equilibrium.

Ce travail est le résultat d'une collaboration entre le laboratoire LAPLACE, la "Seconda Università degli Studi di Napoli" (SUN) et la Société National des Chemins de fer Français SNCF. Le sujet de recherche concerne l'utilisation de dispositifs électroniques de puissance dans les sous stations ferroviaires 25kV/50Hz afin d’améliorer la qualité de l'énergie électrique. Dans le transport ferroviaire, le système d'électrification monophasé 25kV/50Hz est largement diffusé en particulier pour les lignes ferroviaires à grande vitesse. Bien qu'aujourd'hui les systèmes d’alimentation en courant continu soient encore largement utilisés, l'adoption du courant alternatif monophasé offre des avantages économiques pour les infrastructures d'environ 30% en termes d'investissement, d'exploitation et d'entretien. Initialement, compte tenu de la simplicité du circuit, il n'y avait aucune nécessité d'intégrer de l'électronique de puissance dans les sous stations. Toutefois, au cours de la décennie passée, l'intérêt pour ces équipements est apparu car ils peuvent apporter une solution d'optimisation du réseau lorsque le trafic augmente ou lorsqu’une nouvelle sous station est envisagée. Deux principaux types de dispositifs sont installés aujourd'hui sur le réseau ferré français : les compensateurs de puissance réactive et les compensateurs de déséquilibre de tension. Cette thèse présente de nouvelles topologies de compensateurs basées sur le concept d’impédances contrôlées par gradateur MLI. Comparées aux solutions existantes, ces topologies ont des caractéristiques particulièrement intéressantes en termes de pertes dans les semi-conducteurs et de volume des composants réactifs. Le manuscrit contient trois parties principales: La première partie présente le principe de l’électrification en 25kV/50Hz et souligne l’intérêt d’installer des moyens de compensation statique dans les sous stations. Après une description des solutions actuellement utilisées, le concept d’impédance contrôlée par gradateur MLI (CCI : Chopper Controlled Impedance ) est ensuite présenté. La deuxième partie du travail concerne l'utilisation du concept de CCI pour la compensation de puissance réactive. La sous-station SNCF de Revest est considérée comme cas d’étude. Celle-ci est équipée d'un transformateur monophasé de 60MVA dont le primaire est connecté à une ligne de transport 225kV. Deux topologies de compensateur de puissance réactive, basées sur des montages abaisseur ou élévateur de tension sont présentées. Le dimensionnement des gradateurs est effectué sur la base d'une campagne de mesures réalisée à la sous station. Des simulations numériques utilisant des formes d’ondes réelles de courant et de tension sont présentées. Des résultats expérimentaux effectués à la plateforme de test de la SNCF sur un prototype de 1,2MVAR permettent de valider le concept de CCI. La dernière partie du travail concerne le problème du déséquilibre de tension en amont de la sous station. Un circuit de Steinmetz « actif », toujours basée sur des gradateurs MLI, est présenté et étudié. La sous station SNCF d'Evron est alors considérée comme cas étude. Celle-ci comporte un transformateur de 32MVA et est connectée à une ligne de transmission 90kV. Les mesures effectuées sur le site permettent le dimensionnement du compensateur ainsi que l’utilisation des formes d'onde réelles de courant et de tension dans les simulations numériques. Une comparaison avec des solutions classiques basées sur des onduleurs 2 niveaux et 3 niveaux souligne les avantages de la solution proposée. Ainsi, les résultats des calculs et des simulations montrent que l'énergie stockée dans les éléments réactifs est réduite d’un facteur six et que les pertes dans les semi-conducteurs sont réduites de 40%. Des résultats expérimentaux obtenus sur une maquette de 1.5 kVA permettent de valider le principe du circuit de Steinmetz actif. / This work is the result of collaboration between the LAPLACE laboratory, the “Seconda Università degli Studi di Napoli” (SUN) and the French national railways operator SNCF. The research topic treated herein concerns the use of power electronic devices in 25kV/50Hz railways substations to achieve power quality improvements. In railway transportation, single-phase 25kV-50Hz electrification system is widely diffused especially for high-speed railway applications. Although electrified DC systems are still widely applied, the adoption of AC single-phase system offers economical advantages for the infrastructures of about 30% in terms of investment, exploitation and maintenance. In early ages, due to its very simple diagram, there was no necessity to integrate power electronics in substations. However, for the last decade, the interest in power electronic equipments raised since they can provide the solution for network optimization when traffic increases or when a difficulty is foreseen for a substation implementation. Two types of devices are implemented today on the French Railway Network: Reactive Power compensators and Voltage Unbalance compensators. This thesis presents an investigation into new topologies based on the concept of “Chopper Controlled Impedances”(CCI). Compared to existing solutions, the new topologies show interesting features in terms of semi-conductor losses reduction and volume of reactive components. The manuscript is developed through three main parts: Firstly, the French railways system is introduced and the interest in installing power electronic compensators in substations is highlighted. After a brief description of currently used solutions, the CCI concept is presented: the use of Pulse Width Modulated AC Choppers allows achieving structures which behave as variable impedances. In the second part, the use of CCI structures in reactive power compensation is investigated. The SNCF substation of Revest is under study. It is equipped by a 60MVA single phase transformer with the primary side connected to a 225kV transmission line. Based on the step-down or step-up functioning mode of CCIs, two topologies of reactive power compensator are presented. The converter design is developed on the base of a measurement campaign carried out at the substation. Numerical simulations using real current and voltage waveforms are presented. Finally, experimental results carried out at the SNCF test platform on a 1.2MVAR prototype are shown. In the last part, the problem of voltage unbalance is treated. Using the concept of CCI, the feasibility of an active Steinmetz circuit based on AC choppers is explored. As a case study, the substation of Evron is considered. It is a 32MVA substation connected to a 90kV transmission line. Measurements carried out on the substation site allow the compensator design and the possibility to consider real waveforms for current and voltage in numerical simulations. A comparison with classical solution based on two levels VSI and three levels NPC-VSI highlights the advantages of the proposed solution. Calculation and simulation results show that the stored energy in reactive elements is reduced by a factor six whereas the semiconductor losses are 40% lower. Experimental results obtained on a scaled demonstrator (1.5 kVA) validate the principle of the active Steinmetz circuit.