Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-09-21T12:29:24Z No. of bitstreams: 1 Marcio Bernardi.pdf: 1335328 bytes, checksum: bdd4452185e79c51c13207951fbdeb6b (MD5) / Made available in DSpace on 2017-09-21T12:29:24Z (GMT). No. of bitstreams: 1 Marcio Bernardi.pdf: 1335328 bytes, checksum: bdd4452185e79c51c13207951fbdeb6b (MD5) Previous issue date: 2017-09-15 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / The uprising of June 2013, which had, at first moment, just small groups and social movements of the left, aimed to reverse the increase of bus and subway passes in major centers. What was a common event in big cities has suddenly become one of the biggest manifestations of the country and with a wide range of demands before the most varied social sectors. In São Paulo city, the great organizer of the uprising was the Free Pass Movement [Movimento Passe Livre], a movement that has the characteristic of being horizontal, without leadership and considered non-traditional, which, on the one hand, allowed for the expansion of both uprising and patterns, But on the other hand, it was criticized by other social movements for this spontaneous aspect. Another feature of June of 2013 was the role of the press, initially acting in opposition to the uprising, and throughout the events, however, ended up supporting the uprising, causing a certain part of the sectors of social movements to question the Real sense of manifestations and of such support. Nevertheless, the social networks maintained a prominent role by rivaling the press on the ways of telling what was happening in the uprising. Add to that all the electoral factor in which Brazil was, that is, on the eve of a presidential race, and in the city of São Paulo we had Fernando Haddad recently elected, besides being on the eve of receiving two important events: the 2014 Soccer World Cup and the 2016 Olympic Games. All these factors are on the streets of São Paulo during the uprising and this work intends to analyze the outcome of this unorthodox meeting / As manifestações de Junho de 2013, que contou, de princípio, apenas com pequenos grupos e movimentos sociais de esquerda, tinha como objetivo reverter o aumento das passagens de ônibus e metrô nos grandes centros. O que era um evento comum nas grandes cidades, de repente se tornou uma das maiores manifestações do país e com um grande leque de reivindicações diante dos mais variados setores sociais. Na cidade de São Paulo, o grande organizador das manifestações foi o Movimento Passe Livre, um movimento que tem como característica ser horizontal, sem liderança e considerado não tradicional, o que, por um lado, permitiu a ampliação tanto de manifestantes quanto de pautas, mas, por outro, acabou sendo criticado por outros movimentos sociais justamente por este aspecto espontaneísta. Outra característica de Junho de 2013 foi o papel da imprensa, portando-se, num primeiro momento, em oposição às manifestações, e ao longo dos acontecimentos, contudo, acabou apoiando as manifestações, fazendo com que certa parte dos setores de movimentos sociais questionasse o real sentido das manifestações e de tal apoio. Não obstante, as redes sociais mantiveram papel de destaque por rivalizar com a imprensa sobre as formas de contar o que estava ocorrendo nas manifestações. Some-se a isso tudo o fator eleitoral em que o Brasil se encontrava, a saber, às vésperas de uma disputa presidencial, sendo que na cidade de São Paulo tínhamos Fernando Haddad recém-eleito, além de estar às vésperas de receber dois eventos importantes: a Copa do Mundo de 2014 e as Olimpíadas de 2016. Todos esses fatores se encontram nas ruas de São Paulo durante as manifestações e este trabalho pretende analisar o resultado deste encontro tão heterodoxo

En raison de sa stabilité microstructurale l'acier martensitique 'X10CrMoVNb9-1' est considéré comme un des candidats pour plusieurs futurs composants des réacteurs à hautes températures 'Very High Temperature Reactor' (VHTR). Ces épais composants (200 mm) sont assemblés par soudage TIG multi-passe. Ce procédé de soudage génère des cycles thermiques et thermomécaniques complexes au niveau de la Zone Affectée Thermiquement (ZAT). Cette thèse est la suite de celle de G.-M. Roux. Ce travail de six ans a pour but de prédire l'état microstructural après soudage dans la ZAT. G.-M. Roux a déjà développé une première version d'un modèle Thermo-Métallurgico-Mécanique (TMM) et a été validée en termes de contraintes résiduelles sur des essais de soudage simples mono-passe. Dans cette thèse une nouvelle version du modèle TMM est proposée, permettant d'améliorer les prévisions en termes de l'état microstructural post soudage dans la ZAT, et les contraintes résiduelles engendrées par l'opération de soudage.Cette thèse s¿appuie sur une approche de modélisation fine des transformations de phases, à savoir la modélisation de la transformation matériau de base - austénite lors d'un chargement anisotherme complexe, la modélisation de la transformation austénite - martensite et finalement la modélisation du revenu de la martensite. Sans oublier la caractérisation du comportement mécanique de chaque phase et l'étude du comportement multi-phasique. La simulation numérique avec le code éléments finis Cast3M de plusieurs procédés de soudage permet de comparer les modèles aux résultats expérimentaux. / Due to its microstructural stability, the martensitic steel 'X10CrMoVNb9-1 is considered a candidate for several future high temperatures reactor components. These thick components (200 mm) are assembled by GTA multi-pass welding. This welding process generates complex thermal and thermomechanical cycles in the Heat Affected Zone (HAZ). This thesis is following that of G.-M. Roux. This work of 6 years aims to predict the microstructural state after welding in the HAZ. A first version of a Thermo-Metallurgical-Mechanical model (TMM) has been developed and validated in terms of residual stresses on single-pass welding simple tests. In this thesis a new version of the TMM model is proposed to improve the forecasts in terms of the microstructural state and residual stresses post welding in the HAZ. The main improvements of this model TMM its capabilities to take into account the successive heating and cooling cycles, characterizing the multi-pass welding process. This thesis is based on a detailed modeling approach for phase transformations, namely modeling the transformation base material - austenite during anisothermal complex loadings, modeling transformation austenite - martensite and finally the martensite tempering modeling. Not to mention the characterization of the mechanical behavior of each phase and the study of multiphase behavior. Numerical simulation with the finite element code Cast3M of several welding processes was used to compare models with experimental results.

台灣的經濟發展，仰賴對外貿易甚鉅。廠商如何因應匯率的變動，在國際競爭激烈的貿易市場中策略性的定價以取得優勢，一直是國際貿易與金融發展上重要的議題。因此，本論文包括三篇文章，依序透過台灣進口物價、出口物價，以及人造纖維梭織布的出口價格，探討匯率轉嫁與市場取價的相關議題。以下就每篇文章的重點摘要如下。 第一篇主要驗證「菜單成本」(menu costs) 存在，所產生之不對稱匯率轉嫁行為。由於菜單成本的存在，出口商必須在調價所產生的菜單成本，以及不調價對其市場競爭力的減損中，進行權衡取捨(trade-off)。我們首先透過模型推導，說明在此情況下，出口商唯有在匯率變動超過某一水準（門檻）時， 才會因應匯率變動進行調價。這意謂若匯率波動幅度較小時，出口商囿於菜單成本不會調整價格，進口國將面臨完全匯率轉嫁；而若匯率變動幅度夠大，出口商才會調整價格以維持其市場競爭力，而產生不完全匯率轉嫁。為驗證並說明此一不對稱匯率轉嫁現象，我們利用門檻迴歸模型(threshold regression model)進行台灣進口品是否有不對稱轉嫁之實證分析。結果顯示，以匯率變動幅度為門檻變數下，當匯率變動幅度小於門檻值3%時，匯率轉嫁程度高達58.7%;而匯率變動幅度高於門檻值3%時，則無顯著之匯率轉嫁。 我們因此認為菜單成本的存在，確實可能導致匯率不對稱轉嫁行為。 第二篇則應用門檻迴歸模型檢驗台灣出口物價是否因菜單成本導致在匯率變動幅度不同時，產生不同程度調整加成的出口定價行為，導致不對稱匯率轉嫁。 實證結果顯示，當匯率變動幅度低於門檻2.5%時，調整出口價格的幅度為27%。反之，當匯率變動幅度超過門檻值時，相較於前者，調價幅度增加至42%。經檢定兩者有顯著差異，證實有不對稱匯率轉嫁。上述不對稱匯率轉嫁的實證結果與理論預期並未完全相符。我們認為可能的原因在於出口商考量當期市佔率對未來利潤的潛在影響力，因此即使當期匯率變動幅度小，仍選擇微幅調價，藉以維持市場優勢與價格競爭力。亦即菜單成本可能並非影響其定價行為的關鍵因素。此外，廠商也有可能考量其在短期無法立即因應需求而擴張產能，因此即使匯率變動幅度小，仍選擇調價穩定進口價格，如此可避免因產能不足無法接單而流失客戶。再者，受限於資料的取得，我們採用總體出口物價資料，因此僅能呈現出平均的定價行為，而無法凸顯個別產業的出口定價行為。上述皆有可能是造成理論預期與實證結果不完全一致的原因。 為修正前兩篇使用總體資料的缺點，並進一步瞭解出口商因應匯率變動時是否依不同目標市場決定不同的調整加成幅度，在第三篇中本文使用人造纖維梭織布產業資料，主要探討在不完全競爭市場的結構下，出口商面對匯率變動時的「市場取價」行為。由於紡織業為台灣創匯產業，早期以出口胚布和成衣服飾品為主。到1980年代以後，逐漸地轉為以出口紗與成品布為主。在2005年全面取消全球紡織品配額後，紡織業的競爭更加激烈。儘管台灣有許多紡織廠外移至大陸及東南亞國家生產，使得台灣布料的出口額逐年減少。然而，台灣的人造纖維梭織布的出口單價卻有上升的趨勢。因此，本文主要探討台灣自1999年至2009年，人造纖維梭織布出口至美國、中國、香港及印尼等前四大出口目的國，因應匯率變動的出口定價行為是否具有市場取價的特性。此研究有助於我們瞭解產業競爭的過程與廠商的定價行為。實證結果顯示，台灣人纖梭織布的出口有市場取價的能力。對於出口至美國及香港的人纖梭織布，出口商會因應匯率等比例調整加成，自行吸收匯率變動對進口價格的影響，以穩定進口價格(即 local currency pricing stability)。對於出口至中國及印尼的人纖梭織布，則未有明顯的證據支持類似的調價行為。

本論文探討不同的物價環境對匯率轉嫁程度的影響。有別於既有文獻將通貨緊縮納入低通膨的區間一併討論，本論文特別區分通貨緊縮與低且正的通膨區間，估計不同物價環境下的匯率轉嫁效果。 利用門檻迴歸模型（threshold model）及台灣1981-2008年的資料，且區分能源價格及非能源價格，本文的實證結果顯示，通貨緊縮考慮與否將影響匯率轉嫁程度與通膨、通縮環境的關係。不同於既有文獻發現匯率轉嫁效果與通膨環境呈正相關，本文發現通貨緊縮環境下的匯率轉嫁效果會提高。此外，包含能源價格之匯率轉嫁效果隨物價環境變化的幅度較大，與既有文獻的看法一致。 因此，在匯率轉嫁效果與物價環境的分析上，明確區分通貨緊縮的情況有其必要性，否則可能形成偏誤之推論。 / This dissertation incorporates inflation and deflation in the analysis of exchange rate pass-through at different price levels. Because the existing literature generally consider deflation as part of low inflation, pass-through estimates tend to be considered the same for these two regimes. This study separates the effects of deflation and low positive inflation and estimates the pass-through for different price levels. This dissertation uses a nonlinear model with aggregate and disaggregate import prices data from 1981–2008 in Taiwan to first examine the pass-through for two regimes of high inflation and low inflation. The results confirm the notion in the literature that a positive relationship exists between pass-through and inflation. Then, this dissertation extends the model to a three-regime setting, including high inflation, low positive inflation, and deflation. When deflation is clearly defined in a three-regime model, the degree of exchange rate pass-through is found to be increasing in both high inflation and deflation. The positive relationship at all price levels is no longer valid while the effect of deflation is separated from that of low inflation. In Taiwan, the pass-through becomes inversely greater as the inflation rate falls into a deflationary regime. That the pass-through is higher in a deflationary regime became particularly obvious after the 1997 financial crisis. Contrary to the results predicted by the positive relationship, this analysis does not find an unlimited downward trend for the pass-through. A rebound occurs in the degree of pass-through once deflation is clearly identified, and this pattern is also found for half of the importing industries categorized using the Standard International Trade Classification (SITC). In addition, the results are consistent with the notion that oil prices usually fluctuate much more than the prices of other imports. The estimates show that the pass-through changes the most for fuels and related materials. Obviously, fluctuations in the price of oil influence the measurement of the pass-through. The increase in the pass-through found in a deflationary regime becomes smaller when oil prices are excluded.

Cette thèse traite de la relation entre le taux de change nominal et les prix dans le cadre de la conduite de la politique monétaire au sein des pays membres de l'Accord d'Agadir. Cette question est abordée sous différentes approches empiriques. La première consiste à étudier la contribution du taux de change nominal dans l'ajustement macroéconomique des effets des chocs sur la base du critère de la persistance de l'inflation avancé par Gerlach et Gerlach-Kristen (2006). La deuxième est fondée sur l'étude du «Pass-through» des mouvements du taux de change nominal aux prix des biens échangeables et non échangeables dans le but de déterminer le rôle du taux de change nominal en tant qu'outil d'absorption des effets inflationnistes des chocs. Cette approche suit le courant de pensée d'Edwards (2006). La troisième approche repose sur notre étude empirique moyennant l'estimation des modèles SVAR (auto-régressifs vectoriels structurels) contraints. Notre approche empirique permet non seulement de se prononcer sur la capacité du taux de change nominal d'agir en tant qu'instrument d'amortissement des effets des chocs sur les différentes variables de la politique monétaire, mais aussi d'évaluer la sensibilité de ces variables aux différents chocs structurels. Les différents outils d'absorption des effets des chocs sont également identifiés. Dans tous les cas, nous aboutissons à la même conclusion : en Tunisie, le taux change nominal ne joue pas le rôle d'un instrument d'absorption des effets des chocs, notamment sur les prix. En revanche, en Jordanie, le taux de change nominal est un outil d'ajustement des effets inflationnistes des chocs.

<p>In today’s world the multi-standard wireless receivers are gaining more and more popularity. End-users want to access voice, data and streaming media from a single wireless terminal. An ideal approach for multi-standard receiver front-end is to digitize a wide band RF signal available from the antenna. All radio functions such as downconversion, demodulation and channel selection can be then performed in the digital domain. Analog to Digital Converter in such a case should guarantee very high linearity, speed and bandwidth specifications while consuming a lot of power. Unfortunately an ADC with such stringent requirements cannot be realized in today’s CMOS technology. In a typical receiver a mixer is used to downconvert the RF signal to baseband (or IF) before digitization is performed. A passive mixer is often used in this case to mitigate the effect of the low frequency flicker noise. Specially it can be a sampling mixer which also serves as a S/H circuit usually required for A/D conversion. In this thesis a lowpass sigma-delta converter with RF sampling is presented. The ΣΔ modulator is SC passive circuit plus comparator, so an operational amplifier usually needed to realize the integrator is avoided. To reduce the complexity, the sampling mixer in front of the modulator is merged with the passive loop filter. As a result the sampling mixer is closed in the modulator loop, so the overall linearity of the frontend is improved to some extent. Downconversion is combined with digitization that reduces the circuit complexity as well.The challenges while digitizing high frequency RF signal are discussed in details. Switches required to realize the loop filter are very critical and tend to be nonlinear. Parasitic effects associated with MOS transistors strongly show up at GHz frequencies. Optimized transistor sizes are obtained through simulation while addressing the speed and linearity trade-off. Another major challenge is the kT/C noise that is the real bottleneck in high frequency SC circuit design. A thermal noise model for ΣΔ-modulator with second-order loop filter is presented and it is shown that a passive ΣΔ-modulator is  in fact thermal noise limited rather than quantization noise limited. It is because the capacitor values are limited by the very high sampling frequency used in this case.The downconverting lowpass ΣΔ modulator with second order SC passive loop filter and 1-bit quantizer is simulated at transistor level in 90nm CMOS process. This modulator can operate at very high sampling frequency upto 4GHz and can sample RF signal with carrier of upto 4GHz as well. The designed ΣΔ modulator is flexible and supports sub-sampling by 2 to 8 (fs = 500MHz, ... 2GHz). Besides, the presented design is very power efficient as it does not use OpAmps – which consume most of the power in the typical ΣΔ modulators. From schematic simulation on average, signal-to-noise and distortion ratio (SNDR) of 52 dB is obtained (ENOB = 8.3). SNDR results does not vary much for three different cases of baseband digitalization, RF sampling and RF sub-sampling. This SNDR value seems to be a good number for a passive sigma-delta modulator. The detailed simulation results for the three cases discussed in the thesis work shown that, the modulator performs equally well for a wide range of sampling and RF signal frequencies.</p>

<p>One of the aims of this thesis was to investigate the involvement of efflux proteins, such as the P-glycoprotein (Pgp), in the drug transport in different regions of the rat and the human intestine. The intestinal extrusion of intracellularly formed CYP3A4 metabolites, including whether this extrusion might be mediated by Pgp, was also studied. The model drugs used were local anaesthetics (LA), which have been evaluated for inflammatory bowel disease, such as ropivacaine, lidocaine and bupivacaine. The intestinal permeability to LAs was found to be high throughout all intestinal regions of the rat and human intestine. Results from the Ussing chamber model indicated only minor efflux involvement as the drug permeability was higher in the serosa to mucosa transport direction than in the opposite direction. However, the involvement of efflux in the absorption of LAs could not be verified using in situ single-pass perfusion of rat jejunum. The extrusion of the ropivacaine metabolite, 2´,6´-pipecoloxylidide (PPX), was polarized to the mucosal reservoir of the Ussing chamber for both rat and human intestinal samples, and was probably not caused by any Pgp involvement. The expression levels of CYP3A4 and efflux transporters were consistent with the enzymes’ activity in human intestine. PPX formation was mediated by CYP3A4 in human intestine, and cyp2c and cyp2d in rat intestine. Species differences were observed, as PPX was formed in rat colon, but not human colon. In conclusion, the permeability of ropivacaine, lidocaine and bupivacaine was not subjected to efflux transport of significance for their intestinal uptake. The transport of ropivacaine metabolites to the mucosal compartment was probably not mediated by Pgp. The Ussing chamber model showed consistent results with those from intestinal microsomes as far as intestinal metabolism is concerned, making it a suitable model for investigations of the interplay of efflux and metabolism. </p>

This research study deals mainly with the influence of the medium of instruction on throughput at the Vaal University of Technology. The underlying hypothesis driving this research, is that learners at the Vaal University of Technology will tend to underachieve during their period of study, largely because the medium of instruction and assessment is not their first language, but a second or even a third language. The assertion is that learners on tertiary level can only perform academically well if they have gained a certain level of competency in their mother tongue, to ease the difficult process of acquiring the second language English, which is the main medium of instruction at the VUT. For most human beings language is the medium through which knowledge is transferred or negotiated. The success of this interaction is determined by the effectiveness of communication. Thus it would be fair to say, that if the means of communication is inappropriate, there will be little or no language transfer. Further, it seems logical that before any other considerations are made with regard to teaching and learning, the instrument which enables this interaction should first be in place. The research aims are: to determine the influence of a second language as medium of instruction on academic performance, to establish the nature of the support system which might facilitate the advancement of learners not prepared for the academic demands of university, to determine what can be done to address the problem and provide possible recommendations for improved academic performance. In order to attain the abovementioned research aims, a literature review and an empirical investigation were undertaken. The literature study discussed the role which the medium of instruction has played in the history of South African Education. The South African Language Policy, before and after 1994, was then reviewed. Parent and learner choice in respect of the choice of medium of instruction was then considered. The findings of the empirical study have shown that the medium of instruction has a remarkable influence on learners' proficiency and eventual performance in their content subjects. The empirical research was conducted by using a questionnaire in order to obtain data on relevant variables as indicated by the literature study, as well as identify barriers perceived by students that hamper their academic progress. Descriptive statistics, such as frequencies, were used to summarize the data. Marks from the compulsory language test at the institution were also taken into account in order to establish learners' English language proficiency. This data, together with students' marks, were interpreted in the empirical analysis. The target population for this study consisted of L1 and L2 students who registered in 2004 and will have completed their studies in 2006, as well as students having completed in 2007. The population consisted of both female and male students from the Faculty of Visual Arts and Design. In the last chapter, Chapter 6, conclusions from the literature review and empirical investigation were drawn. Recommendations for further research were provided which stressed the need for developing an appropriate training course for L2MI (Second Language Medium of Instruction) content subject teachers. Effective training in L2MI is one of the most important factors in improving the level of academic literacy in South African learners. / Thesis (M.Ed.)--North-West University, Vaal Triangle Campus, 2009.

One of the aims of this thesis was to investigate the involvement of efflux proteins, such as the P-glycoprotein (Pgp), in the drug transport in different regions of the rat and the human intestine. The intestinal extrusion of intracellularly formed CYP3A4 metabolites, including whether this extrusion might be mediated by Pgp, was also studied. The model drugs used were local anaesthetics (LA), which have been evaluated for inflammatory bowel disease, such as ropivacaine, lidocaine and bupivacaine. The intestinal permeability to LAs was found to be high throughout all intestinal regions of the rat and human intestine. Results from the Ussing chamber model indicated only minor efflux involvement as the drug permeability was higher in the serosa to mucosa transport direction than in the opposite direction. However, the involvement of efflux in the absorption of LAs could not be verified using in situ single-pass perfusion of rat jejunum. The extrusion of the ropivacaine metabolite, 2´,6´-pipecoloxylidide (PPX), was polarized to the mucosal reservoir of the Ussing chamber for both rat and human intestinal samples, and was probably not caused by any Pgp involvement. The expression levels of CYP3A4 and efflux transporters were consistent with the enzymes’ activity in human intestine. PPX formation was mediated by CYP3A4 in human intestine, and cyp2c and cyp2d in rat intestine. Species differences were observed, as PPX was formed in rat colon, but not human colon. In conclusion, the permeability of ropivacaine, lidocaine and bupivacaine was not subjected to efflux transport of significance for their intestinal uptake. The transport of ropivacaine metabolites to the mucosal compartment was probably not mediated by Pgp. The Ussing chamber model showed consistent results with those from intestinal microsomes as far as intestinal metabolism is concerned, making it a suitable model for investigations of the interplay of efflux and metabolism.

This thesis consists of five separate papers, broadly within the field of International Finance. The first paper, An Empirical Analysis of the Currency Denomination in International Trade, investigates the choice of currency in international trade transactions by Swedish exporting firms. It uses an extensive dataset on payment transactions between foreign importers and Swedish exporting firms. It is the first paper to examine currency invoicing at such a disaggregated level. The main findings are that high exchange rate volatility reduces the likelihood of using the importers currency while high GDP and GDP per capita in the importing country increases the likelihood. A large market share of a third country increases the likelihood of using the third country's currency. A further finding is a decreased use of Swedish krona and a rise in the use of the euro as a vehicle currency. State Dependent Pricing, Invoicing Currency and Exchange Rate Pass-Through, written jointly with Martin Flodén, analyzes exchange rate pass-through in a dynamic model with menu costs. In the paper, we provide a link between the fixed and flexible price analyses by specifying a dynamic framework with exogenous choice of exporting currency, but with endogenous pricing decisions. We consider the pricing strategies of firms that produce in a home country, sell on a foreign market, and can change the price in response to exchange rate fluctuations, while being subject to menu costs. Our main finding is that when the exporter prefers to set price in the importer’s currency, the exporter also changes prices less frequently than if price was set in the exporter’s home currency. The intuition is that in this setting, the optimal currency choice is the one that on average minimizes the difference between fixed and flexible price profits, and thereby the frequency of price updates. When the importer’s currency is preferred it leads to limited pass-through and a low correlation between exchange rate movements and import prices. The third paper, Demand and Distance: Evidence of Cross Border Shopping , written jointly with Marcus Asplund and Richard Friberg, uses data from 287 Swedish municipalities to estimate how responsive alcohol sales are to foreign prices, and relate the sensitivity to the location's distance to the border. Typical results suggest that the elasticity with respect to the foreign price is around 0.4 in the border region; moving 200 (400) kilometers inland reduces it to 0.2 (0.1).  For example, a 10 percent reduction in the Danish price of spirits causes a fall in per capita sales of roughly 4 percent at the border (Malmö). This large cross price elasticity is almost half the own price elasticity. The effect diminishes gradually as one moves further from the border, but fall in sales is estimated to drop below 1 percent only at 460 kilometer from the border. Not until we reach 1000 kilometers can we reject that the effect is zero. Common Currencies and Equity Prices: Evidence from a Political Event, uses a political event, the Swedish referendum on whether or not to join the European Monetary Union (EMU), as a natural experiment to examine the relationship between common currencies and the market value of exporting firms. If Sweden would have voted to join the EMU, exchange rate uncertainty as well as transaction costs would have been greatly reduced for many exporting companies. Prior to the referendum, these potential gains (adjusted for the probability of joining) should have been included in equity prices. The day after the referendum that probability of was zero and one would expect a decline in equity prices of exporting firms. We find evidence of statistically significant negative abnormal returns on the trading day after the election for only two out of fifteen examined industry indices. The small effects found in this study are in line with earlier research that finds a weak relationship between exchange rates and equity prices. The fifth paper, When is a Lower Exchange Rate Pass-Through Associated with Greater Exchange Rate Exposure?, written jointly with Martin Flodén and Witness Simbanegavi, we study the relationship between exchange rate pass-through and exchange rate exposure (the relation between profits and exchange rates) under flexible prices. We introduce a convex cost function and study the effects of changing the elasticity of costs with respect to output. We do this both in a model of monopolistic competition as well as in the oligopoly models used by Bodnar et al (2002). We find that increasing the convexity of costs reduces both exchange rate pass-through and exposure, both under monopolistic competition and in duopoly settings. The conclusion is thus that if industries differ mainly on the supply side, this would imply a positive correlation between pass-through and exposure. However, our extension does not affect the result in Bodnar et al. that exchange rate pass-through and exposure should be negatively correlated across industries if industries differ mainly on the demand side, more specifically in the substitutability between domestically produced and imported goods. / <p>Diss. (sammanfattning) Stockholm : Handelshögskolan, 2006, S. 3-12: sammanfattning, s. 15-120: 5 uppsatser</p>