Este trabalho aborda os conceitos básicos da teoria de segunda ordem das placas elásticas delgadas, utilizando o Método dos Elementos Finitos (introduzido através do Método dos Resíduos Ponderados, na variante de Galerkin). São deduzidas as matrizes de rigidez geométrica, de rigidez secante e de rigidez tangente, relativas ao problema em consideração. É proposta ainda uma conduta notavelmente simplificada, que facilita sobremaneira a construção da matriz de rigidez tangente. / This paper delas with the basic concepts of the secondf order theory of thin elastic plates, through the use of the Finite Element Method 9introcuced through the Weighted Residual Method, in Galerkin\'s approach). The matrices of geometric stiffness, secant stiffness, and tangent stiffness for the problem under consideration are deduced. It is also proposed an outstandingly simplified conduct, which will greatly easen the construction of the tangent stiffness matrix.

Purpose: The thesis purpose is to, with regards to relevant theories, explain how the variables industry affiliation, growth, uniqueness and tangiability affect modern, swedish firms capital structure. Method: A quantitative method along with a deductive approach has been used to make this study. Multiple regression analysis has been applied in order to identify statistical relationships between various variables. Conclusion: The empirical results can only to a certain degree confirm what the theories are claiming. The statistical relationship the growth, profitability, uniqueness in a firm has with leverage is negative. Moreover, tangibility turned out to have a positive relationship to leverage, which coincides with said theories. / Syfte: Uppsatsens syfte är att utifrån relevanta teorier förklara hur variablerna lönsamhet, branschtillhörighet, tillväxt, unikhet och tillgångsstruktur påverkar svenska bolags kapitalstruktur. Metod: En kvantitativ metod med deduktiv ansats har använts för att möjliggöra denna studie. Multipel regressionsanalys har tillämpats för att statistiskt kunna identifiera samband mellan olika variabler. Slutsats: Resultatet stämmer nästan genomgående med teoriernas antaganden. Sambandet mellan tillväxt, lönsamhet, unikhet mot skuldsättningen är negativt. Det visade sig dessutom att det finns ett positivt samband mellan tillgångsstruktur och skuldsättningsgrad, vilket stämmer med vad teorierna hävdar.

This thesis contain three chapters. Default Risk in Corporate Bond Pricing. This chapter provides a model for how the corporate bond default risk influences the systematic risk and an empirical analysis of the systematic and idiosyncratic parts of U.S. corporate bond returns during 2001-2005. The average corporate bond beta is low and positive (0.06). Investment grade bonds have negative betas (between - 0.01 and -0.13) and non-investment grade bonds have positive betas (between 0.11 and 1.48), but both groups have similar within groups systematic risks. When controls for interest rate and liquidity risks are introduced there are still remaining default probabilities, implying that the default risk is in part systematic and in part idiosyncratic.   Returns to Defaulted Corporate Bonds.   In the second chapter short term excess returns in a sample of 279 defaulted US corporate bonds are tested for using multiple regression analysis. There are robust excess returns after controlling for market and liquidity risk. The expected recovery rate during 2001-2006 is estimated to be, on average, four percentage points lower the first month after default than the present value of the recovery rate after nine months. Capital Structure Choices.   The trade-off and pecking order theories are tested using both established tests from the literature and new tests. The main contributions of this chapter are the new tests of financing of operating net assets (for the pecking order theory), the mean reversion tests (for the trade-off theory) and the test of mean reversion and trends. These tests allow for extended conclusions on the validity of the pecking order versus the tradeoff theory. / <p>Diss. Stockholm : Handelshögskolan, 2008 Sammanfattning jämte 3 uppsatser</p>

This paper describes and develops a trade off model of optimal capital structure by Bradley et al. (1984). The model is then tested to examine how changes in corporate tax rates affect the optimal capital structure of firms. Based on theoretical implications of the model, four hypotheses are derived stating that firms’ optimal debt-to-value ratio is (1) negatively related to financial distress costs, (2) negatively related to non-debt tax shields, (3) negatively related to firm volatility and (4) positively related to the corporate tax rate. Based on the results of two regression models applied on 753 Scandinavian and German firms, we find empirical support for hypothesis 1 and 3 while we find no empirical support for hypothesis 2 and 4. These results can be explained by problematic empirical proxies and in the light of the pecking-order theory.

本篇論文探討亞太地區債券市場中是否存在著擇時行為，以此區域中三個經濟區為代表—澳洲、新加坡及香港，透過分析此區域2000~2009期間的絕對利率、相對利率與絕對債券發行量、相對債券發行量間之關係，以及進一步控制影響企業債券發行之因素，包括市場的成長機會、再融資及企業特性等，最後，實證結果指出亞太地區之債券市場並無擇時行為之存在，且其融資行為較傾向支持靜態抵換理論，亦即亞太企業進行舉債融資時較可能同時考慮舉債所帶來的正面及負面效果，因此有一最適資本結構存在的可能。 / The purpose of this thesis is to test whether there is market timing behavior existing in Asia-pacific bond market. Using the data during 2000~2009 in three representative places, including Australia, Hong Kong and Singapore, we compare both the absolute and relative interest rate to both the absolute and relative amount of debt issue. In addition, we further control the factors that affect the debt issue of firms, including the market growth opportunities, refinancing and the characteristics of firms. Finally, we find there is no market timing behavior in Asia-pacific bond market. Besides, firms’ financing behavior in Asia-pacific are better explained by the trade-off theory, which means it is possible that there is a optimal capital structure for each firm.

Este trabalho aborda os conceitos básicos da teoria de segunda ordem das placas elásticas delgadas, utilizando o Método dos Elementos Finitos (introduzido através do Método dos Resíduos Ponderados, na variante de Galerkin). São deduzidas as matrizes de rigidez geométrica, de rigidez secante e de rigidez tangente, relativas ao problema em consideração. É proposta ainda uma conduta notavelmente simplificada, que facilita sobremaneira a construção da matriz de rigidez tangente. / This paper delas with the basic concepts of the secondf order theory of thin elastic plates, through the use of the Finite Element Method 9introcuced through the Weighted Residual Method, in Galerkin\'s approach). The matrices of geometric stiffness, secant stiffness, and tangent stiffness for the problem under consideration are deduced. It is also proposed an outstandingly simplified conduct, which will greatly easen the construction of the tangent stiffness matrix.

O principal objetivo deste trabalho é apresentar um estudo sobre análise de estrutura tridimensional de edifícios de andares múltiplos considerando a interação de deslocamentos e esforços entre os vários elementos que formam a estrutura, levando-se em consideração a rigidez transversal à flexão das lajes. Isto é realizado através de um modelo que compatibiliza o elemento que discretiza o núcleo com sete graus de liberdade, baseado na teoria da flexo-torção de Vlassov, com o restante da estrutura tridimensional de edifícios de andares múltiplos formada pelos núcleos, pilares, vigas e lajes. Os elementos finitos de placa adotados na discretização do pavimento, responsáveis pela consideração da rigidez transversal das lajes na análise do edifício são o DKT (Discrete Kirchhoff Theory) e DST (Discrete Shear Theory). Para os pilares e os núcleos o equilíbrio de forças é verificado na sua posição deformada, ou como é conhecido da literatura técnica, análise em teoria de 2ª ordem, considerando a não linearidade geométrica. Para o cálculo dos esforços e deslocamentos na estrutura são aplicadas as técnicas de subestruturação em série e paralelo na matriz de rigidez global da estrutura. Elaborou-se um programa de computador para o processo de cálculo, utilizando a linguagem computacional Fortran Power Station 90 e pré e pós processadores em Visual Basic 6.0 para ambiente Windows. Finalmente são apresentados alguns exemplos para comprovar a validade do processo de cálculo utilizado / The main aim of this work is to apresent a study about analysis of three-dimentional structures of multistory buildings considering the interaction of displacements and stresses of the elements of the structures, with the influence of the transverse bending stiffness of slabs. The plate finite elements adopted in floor discretization, responsible for considering the bending stiffness contribution of slabs in the analysis of buildings, are the DKT (Discrete Kirchhoff Theory) and the DST (Discrete Shear Theory). For columns and core walls the forces equilibrium is verified for the columns in their deformed position, which is known in the technical literature as second order analysis, considering the geometric non-linearity. The techniques of serial and parallel analyses of substructures are applied to the global stiffness matrix for the calculus of forces and displacements in the structure. A computer program was developed for the calculation process, using the computer language Fortran Power Station 90 and pre and post-processors in Visual Basic 6.0 for a Windows environment. Finally, some examples are presented to check the validity of the employed calculus process

Submitted by Neusa Fagundes (neusa.fagundes@unioeste.br) on 2018-02-27T14:38:05Z No. of bitstreams: 2 André_Gallina2017.pdf: 1856721 bytes, checksum: b9572845f772a3d4c2da52bf9cecdb70 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-02-27T14:38:05Z (GMT). No. of bitstreams: 2 André_Gallina2017.pdf: 1856721 bytes, checksum: b9572845f772a3d4c2da52bf9cecdb70 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-07-18 / The capital structure has been studied since the mid-1950s, especially since Durand (1952), and the subject has been explored by Modigliani and Miller (1958), Myers and Majluf (1984), and others, always with different approaches over time. One of the theoretical fronts is the pecking order theory, led by Myers (1984) and Myers and Majluf (1984), which analyzes the influence of information asymmetry on the capital structure of organizations. Therefore, in order to verify the influence of the asymmetry on the capital structure of Brazilian and North American companies from 2011 to 2015, a panel data analysis was carried out, modeling variables linked to information asymmetry to verify if they influenced, or not, the indebtedness of the companies analyzed, in order to respond to the following research problem: "What is the influence of information asymmetry in determining the capital structure of Brazilian and US publicly traded companies in the period from 2011 to 2015?". Thus, it is expected that the study will contribute, in particular, to the accomplishment of the comparative analysis between the mentioned countries, identifying the behavior of the data and the adequacy of the companies to the precepts of the financial theories mentioned, emphasizing that the comparative analysis undertaken is the main gap in the study, given the scarcity of comparative studies within the capital structure. As for main findings, it was verified that the existence of lower information asymmetry indexes led to lower indebtedness in both Brazilian and North American companies, which is recommended by pecking order, that is, it was verified that in fact, the information asymmetry has an influence on corporate indebtedness. However, the beha vior of the variables in Brazilian and North American companies diverges, and not always the variables showed the expected behavior, according to what the theory suggested. In addition, differences in the economic environment, market structure, cost of credit and others may cause a result initially contrary to that predicted by the theory is not necessarily a divergent result. As a practical contribution of the study, when analyzing data from two different countries, a broader view is given, especially for the investor (as an external user of the accounting information) and the administrator (as internal user), about the debt behavior, and on which variables are able to affect this behavior, in particular to assess the influence of the variables related to the asymmetry of information in this theme. With this, it can be verified empirically as relevant business issues, such as corporate governance, influence the directions taken by companies. Finally, although the subject is widely studied, it remains available and with research gaps, with ample space for studies that contribute to the better understanding of the issue. / A estrutura de capital vem sendo estudada desde meados dos anos 1950, em especial a partir de Durand (1952), tendo o tema sido explorado ainda por Modigliani e Miller (1958), Myers e Majluf (1984), e outros, sempre com diferentes abordagens ao longo do tempo. Uma das frentes teóricas que se dedica ao tema é a pecking order theory, encabeçada por Myers (1984) e Myers e Majluf (1984), que analisa a influência da assimetria de informação na estrutura de capital das organizações. Diante disso, e visando verificar a influência da assimetria na estrutura de capital das empresas brasileiras e norte-americanas de 2011 a 2015, realizou-se uma análise com dados em painel, modelando-se variáveis ligadas à assimetria de informação para verificação se elas influenciaram, ou não, o endividamento das empresas analisadas, para responder ao seguinte problema de pesquisa: “Qual a influência da assimetria de informação na determinação da estrutura de capital de empresas brasileiras e americanas de capital aberto no período de 2011 a 2015?”. Com isso, espera-se que o estudo contribua, em especial, no sentido da realização da análise comparativa entre os países mencionados, identificando o comportamento dos dados e a adequação das empresas aos preceitos das teorias financeiras, salientando que a análise comparativa empreendida se apresenta como a principal lacuna do estudo, dada a escassez de estudos comparativos dentro da temática da estrutura de capital. Como principais resultados, verificou-se que a existência de menores índices de assimetria de informação conduziu a um menor endividamento tanto nas empresas brasileiras quanto nas norte-americanas, o que é preconizado pela teoria pecking order, ou seja, constatou-se que de fato a assimetria de informação exerce influência no endividamento empresarial. Contudo, o comportamento das variáveis nas empresas brasileiras e norte-americanas diverge, e nem sempre as variáveis apresentaram o comportamento esperado, de acordo com o sugerido pela teoria, além de que diferenças de ambiente econômico, de estrutura de mercado, de custo de crédito e outros podem fazer com que um resultado inicialmente contrário ao previsto pela teoria não seja, necessariamente, um resultado divergente. Como contribuição prática do estudo, ao analisar dados de dois países distintos, tem-se uma visão mais ampla, em especial para o investidor (como usuário externo da informação contábil) e do administrador (como usuário interno), sobre o comportamento da dívida e sobre quais variáveis são capazes de afetar esse comportamento, em especial de aferir qual a influência das variáveis ligadas à assimetria de informação nessa temática. Com isso, pode-se verificar empiricamente como questões empresariais relevantes, como a governança corporativa, influenciam nos rumos tomados pelas companhias. Por fim, embora o tema seja amplamente estudado, continua aberto e com lacunas de pesquisa, com amplo espaço para realização de estudos que contribuam com a explicação da questão.

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The aim of this thesis is to perform an analysis of capital structure of joint stock companies based in the Czech Republic. The first part of the thesis introduces modern theories and main determinants of capital structure. Further it stakes out basic models used for testing the validity of mentioned theories and the methodology used. The second part of the thesis focuses on practical results of the analysis. The first chapter summarises descriptive analysis of the passive structure, the level of leverage, the composition of equity and liabilities of the joint stock companies. These ratios are judged mainly according to industry classification and the type of ownership. In the next step, the relationship between leverage and profitability is closely explored since it is thought to be one of the main determinants. In the last chapter, the models are applied to the sample of Czech companies with the effort to judge the validity of capital structure theories and to evaluate the effect of determinants on capital structure.