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The inception of the economic and monetary union (EMU) in January 1999 created new conditions for government debt. By eliminating currency exchange rate risk between the member states, the hope was to achieve a more sustainable and integrated government debt market in the euro area. Even though we witnessed relative stability for several years, the financial turmoil starting in 2008 and more so the European government debt crisis starting in late 2009 led to higher and more volatile yield differentials between the member states. This thesis explores the European government bond market to find the fundamental determinants of yield spreads and to see if the impact of these determinants changed since the start of the debt crisis. Financial theory suggests that there are three main fundamental drivers of government bond yields and as such lay the framework for finding the explanatory variables. By using a fixed-effect panel regression model the empirical findings of this study show that credit risk, liquidity risk, risk aversion all play a significant role in explaining yield spreads in the euro area. Furthermore, we find evidence of increasing marginal effects of all explanatory variables except for global risk aversion since the start of the crisis. We also consider the effect of the statement by the ECB President in 2012 where the ECB committed to quantitative easing as an important reason for the decrease in yields and illustrate this by expanding our model. The contribution of this study is centered around the use of longer timeseries data that provides the significant advantage of fully incorporating the European debt crisis which is something that previous studies were lacking. / Införandet av den ekonomiska och monetära unionen (EMU) i januari 1999 skapade nya villkor för statsskuldmarknaden. Genom att eliminera valutakursrisk mellan medlemsstaterna var förhoppningen att skapa en mer hållbar och integrerad statsskuldmarknad i euroområdet. Trots flera år av relativ stabilitet ledde finanskrisen 2008 och eurokrisen i slutet av 2009 till högre och mer volatila ränteskillnader mellan medlemsstaterna. Denna uppsats undersöker den europeiska obligationsmarknaden för att hitta de grundläggande determinanterna för räntespreads och för att se om effekterna av dessa determinanter har förändrats sedan skuldkrisens början. Genom att använda en “fixed-effects” regressionsmodell visar de empiriska resultaten att kreditrisk, likviditetsrisk, riskaversion spelar en viktig roll för att förklara räntespreads i euroområdet. Vidare finner vi bevis på ökande marginaleffekter för alla determinanter med undantag för global riskaversion sedan krisens början. Vi undersöker också effekten av ECB-Presidentens uttalande 2012 som indikerade en hängivenhet till kvantitativ lättnad som en viktig orsak till fallet i räntespread och illustrerar detta genom att utöka vår modell. Bidraget från denna studie är centrerad kring användandet av längre tidsseriedata som ger den stora fördelen att inkorporera den europeiska skuldkrisen vilket är något som tidigare studier ofta saknat.

Alors que le début de la crise de l'euro a relancé le débat sur l’interdépendance du risque decrédit et la relation dette bancaire-dette souveraine, l’importance du secteur réel est négligéedans l’élaboration des mesures de relance de la croissance économique dans la zone euro. Cettethèse se concentre sur ces questions au sein de la zone euro. D’abord, nous évaluons les effets«spillover» de la crise souveraine sur le coût de crédit des entreprises non financières enprésence des mesures d’austérité (Chapitre-I). Nos résultats indiquent un effet significatif de ladette publique sur le coût des prêts. En outre, en période de crise, les mesures d’austéritéimpactent significativement le coût de crédit tandis qu’avant la crise, on note une petite illustrationde la demande agrégée de Keynes. Ensuite, nous montrons que les fonctions traditionnelles desbanques, notamment celle de création de liquidité fragilisent le secteur souverain (Chapitre-II). Enparticulier, nous montrons que le risque de liquidité des banques agit comme un canal depropagation de l'incertitude vers les sociétés non financières et inversement. Enfin, nousexaminons la dynamique du risque de crédit sur la dette souveraine, les entreprises et lesbanques (Chapitre-III). Nos résultats montrent qu’il existe un risque de contagion sur les secteurset les marchés financiers de l’union monétaire. Par ailleurs, les résultats des simulations dechocs de primes de risque des pays «noyaux» de la zone euro confirment l’existence d’effetsindirects sur le reste de la zone. De plus, nous constatons un phénomène de fuite desinvestisseurs vers les valeurs refuges. / The onset of euro crisis has rekindled the policy debate regarding credit risk interdependenceamong sovereign-bank nexus. In this vein, the importance of real sector is overlooked whileformulating corrective measures for the recovery of economic growth in EMU. This thesispresents a study that examined these issues in euro zone. First, we evaluate spillover effect ofeuro crisis on borrowing cost of non-financial firms in presence of austerity measures (Chapter-I).Our results suggest significant effect especially where creditor rights protection are weak. Inaddition during recent crisis, results indicate presence of credibility channel due to austeritymeasures whereas; there is slight indication of aggregate demand channel before crisis. Second,we find traditional function of bank’s liquidity creation as a significant conduit of sovereign distressto real sector (Chapter-II). Particularly, our main finding shows that bank liquidity risk acts as aconduit which propagates uncertainty towards non-financial firms and re-channels it back torespective government. Finally, we examine cross-market credit risk dynamics among sovereignbank-firm nexus to identify presence of contagion during euro crisis period (Chapter-III). Ourresults report grave evidence of credit risk contagion across sectors and member states incorresponding financial markets in EMU. Moreover like peripheral countries, simulation results toshock in core countries risk premia strongly provide evidence of contagion towards remainingeuro zone.

This dissertation focuses on the scattering phenomena by well-polished optical mirror surfaces. Specifically, predicting image degradation by surface scatter from rough mirror surfaces for a two-mirror telescope operating at extremely short wavelengths (9nm~30nm) is performed. To evaluate image quality, surface scatter is predicted from the surface metrology data and the point spread function in the presence of both surface scatter and aberrations is calculated. For predicting the scattering intensity distribution, both numerical and analytic methods are considered. Among the numerous analytic methods, the small perturbation method (classical Rayleigh-Rice surface scatter theory), the Kirchhoff approximation method (classical BeckmanKirchhoff surface scatter theory), and the generalized Harvey-Shack surface scatter theory are adopted. As a numerical method, the integral equation method (method of moments) known as a rigorous solution is discussed. Since the numerical method is computationally too intensive to obtain the scattering prediction directly for the two mirror telescope, it is used for validating the three analytic approximate methods in special cases. In our numerical comparison work, among the three approximate methods, the generalized Harvey-Shack model shows excellent agreement to the rigorous solution and it is used to predict surface scattering from the mirror surfaces. Regarding image degradation due to surface scatter in the presence of aberrations, it is shown that the composite point spread function is obtained in explicit form in terms of convolutions of the geometrical point spread function and scaled bidirectional scattering distribution functions of the individual surfaces of the imaging system. The approximations and assumptions in this iv formulation are discussed. The result is compared to the irradiance distribution obtained using commercial non-sequential ray tracing software for the case of a two-mirror telescope operating at the extreme ultra-violet wavelengths and the two results are virtually identical. Finally, the image degradation due to the surface scatter from the mirror surfaces and the aberration of the telescope is evaluated in terms of the fractional ensquared energy (for different wavelengths and field angles) which is commonly used as an image quality requirement on many NASA astronomy programs.

Made available in DSpace on 2016-12-23T14:00:41Z (GMT). No. of bitstreams: 1 Daiane Rodrigues dos Santos.pdf: 1209451 bytes, checksum: 736d71d938399ee86b65daeabf745b1b (MD5) Previous issue date: 2011-05-06 / O presente trabalho pretende discutir a relação entre o spread, diferença entre a taxa de juros de longo e curto prazos, e a dinâmica econômica. Especificamente, estudar como o spread influencia a taxa real de crescimento do PIB, ressaltado por autores como Harvey (1988), Sims (1972), Bernand e Gerlach (1996) e Estella (2004), entre outros. Verificou-se nas saídas do modelo VAR(6) que a Produção Industrial brasileira é apenas fracamente influenciada pelo spread. No entanto, verificou-se que o spread é fortemente influenciado pela Produção Industrial, relação esta não realçada pelos autores do referencial teórico. Apurou-se também que o spread é fortemente influenciado pelo IPCA, que por sua vez ´e influenciado fortemente pelo spread, confirmando a relação dinâmica ressaltada por Sims (1972), Shousha (2006), Nielsen (2006), entre outros. Nas saídas do modelo dinâmico, VAR(6), também se verificou que o IPCA é fortemente influenciado pela Produção Industrial, que, por sua, vez é fracamente influenciada pela série composta pelo IPCA. / The work aims at identifying the relationship between the spread, difference of the long term interest rate in relation to the short term interest rate, and the economic dynamic. Specifically, it studies how the spread has impacted on the gross domestic product real growth rate, phenomenon pointed out by authors such as Harvey (1988), Sims (1972), Bernard & Gerlach (1996) and Estrella (2004), among others. It was verified, in the model VAR (6), that the Brazilian industrial production is weakly influenced by the spread. However, it was observed that the last one is strongly determined through the industrial production. This result is not found in the adopted theoretic approach. Additionally, it was verified that the spread is highly determined from the IPCA, which is, in its turn, strongly influenced through the spread, confirming the relations showed in Sims (1972), Shousha (2006), Nielsen (2006), among others. In the statistics of the dynamic model, VAR (6), it also presented an expressive effect from the industrial production on the IPCA, which, by contrast, is not significantly determining the industrial activity in the sample period

This report covers the creation of a dynamic fire propagation method for a real-time environment. The purpose is to see if it is possible to create a system that can control fire propagation behaviour and visual design based on some sort of simple parametrization, the purpose stems from the lack of a system to control and design a fire propagation scenario. To attain the results, a fire propagation method is devised based on the purpose of having a parameter based system, this method is created through the use of scripting in a real-time game engine to control visuals and behaviour of built in particle systems. Results show fire propagation through an example scenario where the fire behaves differently based on the material that is burning, based on parameters set by an artist. These results conclude that is it possible to create a parameter based fire propagation system and that it can be used to change the visual design and behaviour and be expanded to provide better artist input and control. The report suggests further research in the area of simplified controlled fire simulation in real-time engines, and usability. / Den här rapporten täcker skapandet av en metod för dynamisk eldspridning i en realtidsmiljö. Syftet är att se om det är möjligt att skapa ett system som kan kontrollera spridningsbeteendet och den visuella designen av elden baserat på någon sorts simplifierad parametrisering, Syftet härstammar ifrån att det saknas system där man kan kontrollera och designa ett eldspridningsscenario. För att nå resultat så skapas en metod som är baserad på syftet att använda ett parameterbaserat system, denna metoden skapas med hjälp av programmering i en realtidsmotor genom att kontrollera det visuella samt beteendet hos inbyggda partikelsystem. Resultatet visar eldspridning genom ett exempelscenario där elden beter sig olika baserat på vilket material som brinner, baserat på parametrar som är satta av en artist. Slutsatsen av resultatet visar att det är möjligt att skapa ett parameterbaserat eldspridningssystem och att det kan användas för att kontrollera den visuella designen och beteende samt att det kan expanderas för att förse artister med bättre kontroll över systemet. Rapporten föreslår fortsatta studier inom området simplifierade kontrollerade eldsimulationer inom realtidsmotorer, och användarvänlighet.

[pt] O objetivo deste trabalho é avaliar o investimento em uma refinaria de petróleo no Brasil, país importador de derivados de petróleo, através da Teoria de Opções Reais, abordagem de grande valor prático e acadêmico, que realiza uma valoração mais justa da refinaria, ao incluir a modelagem das incertezas e incorporar flexibilidades gerenciais, negligenciadas pela análise tradicional. As incertezas, modeladas através de processos estocásticos, são o câmbio e o crack spread, adaptando-se o crack spread para o refino brasileiro. São avaliadas as opções de postergação, de parada temporária e sua interação. É apresentada a melhor decisão para o investimento remanescente no projeto e como ela seria alterada se o projeto ainda fosse ser iniciado. Para o investimento remanescente, a melhor decisão é postergar o projeto se a opção for perpétua e investir imediatamente se expirar em até 5 anos. Sensibilidades alterando volatilidade e taxa de conveniência apresentam recomendações diferentes, reduzindo a robustez dos resultados. Quando se considera o valor completo do investimento, a postergação é recomendada em todos os cenários analisados. A opção de parada temporária aumenta o valor da refinaria e reduz o valor da opção de postergação. O modelo desenvolvido permitiu aperfeiçoar a análise de investimento da refinaria em questão e pode ser replicado para análise de investimento em outras refinarias pertencentes à mesma empresa ou a outras. Para trabalhos futuros, recomenda-se calcular a opção de troca input–output, aperfeiçoar a modelagem do crack spread e incorporar o preço do gás como incerteza. / [en] The main objective of this study is to provide an investment analysis of a crude oil refinery in Brazil, an oil products importer country, under the real option theory, an approach with great academic and practical use, allowing a fairer refinery valuation by modeling uncertainty and including managerial flexibility, neglected in traditional analysis. The uncertainties considered, described by stochastic process, are the exchange rate and the crack spread, adapting the crack spread to the Brazilian refining. The options to defer, to shut down and their interaction are analyzed. It is shown the best decision considering the remaining investment and how this decision would be changed if the project hadn t been started. Considering the remaining investment, the best decision is to defer the investment if it is an infinitely-lived option and invest immediately if the right to invest expires upon 5 years. The influence of volatility e convenience yield was also taken into account and shows different recommendations, reducing the results robustness. When the full investment is analyzed, postponement is recommended in all analyzed scenarios. The shutdown option increases the refinery value and reduces the option to defer value. The developed model allowed an improvement in the investment analysis of this refinery and can be replicated to other refineries investment analysis, owned by the same company or not. For further works, we propose to include the switch input-output option, improve the crack spread modeling and consider the gas price as uncertainty.

Sierra Leone was heavily affected by the West African Ebola virus disease (EVD) epidemic from 2013 to 2016. Ongoing EVD transmission during the epidemic was connected to several factors including unsafe traditional burial practices. This phenomenological qualitative study addressed Kono members' perceived knowledge, attitudes, and beliefs regarding how burial practices influenced EVD transmission. Rosenstock's health belief model provided the framework for the study. The participants purposefully selected from various religions and professions were interviewed individually and in focus group settings. Similar phrases and comments were identified from the interview responses resulted which resulted in the following 5 main themes: (a) Kono community leaders and public health workers were cognizant of important EVD issues, but there was a knowledge deficit among Konos about EVD and its mode of transmission; (b) although customary burial rituals were temporarily banned from 2014 to 2016, they were practiced among the Konos to promote culture-driven dignity and respect for the dead; (c) many Konos harbored grudges and mistrusted government officials and public health workers; (d) infrastructural deficits were a barrier to health care as private and public sectors lacked training and equipment to mitigate the 2013-2016 EVD outbreak; and (e) participants were willing to adopt safer burial practices if EVD outbreaks were to reemerge. These findings indicated that EVD transmission was connected to unsafe burial practices. Findings may be used to improve community engagement and public health outreach efforts to promote safer burial practices, especially during periods of infectious disease outbreaks.

This report documents the design, construction, and implementation of a differential-offset spread spectrum RFID system, to avoid the problem of anti-collision interference from multiple RFID tags. Currently in industry, this problem is handled by establishing a two way communication link between the tags and the interrogator. The proposed system eliminates the need for the excessive hardware use to create this link, and therefore drastically reduces the cost of each tag. Not only is this system cheaper to implement but it is faster, requires less power, and by the nature of the design contains an inherent encryption scheme for the data being transmitted. Specialized RFID tags were designed and fabricated in order to produce a pseudo random code unique to each tag. The design presented in this document allowed simultaneous interrogation of up to 255 tags within one sensing environment. Once queried, the tags then modulate the incoming signal from the interrogator with their own sequence, and reflect the signal back to the interrogator. What the interrogator then receives is a combination of backscatter from all of the tags within the sensing environment. Specialized software written in Matlab and LabView uses these unique sequences to isolate the data from a desired tag away from the sea of information being transmitted from every tag. Using this system, numerous applications for experiments and measurements can be devised. One such application this thesis focuses on is the use of this system to simultaneously measure signal strengths from multiple diversity antennas in order to optimize their position and orientation. Currently, the majority of antenna diversity measurements are taken by measuring the signal strength of a given configuration one antenna at a time. By using the anti-collision RFID system proposed above, the signal strength produced by both antennas can be measured and recorded simultaneously to provide a true representation of their combined performance. This measurement can be used to find the optimal configuration for multiple antennas. This thesis will fully explore the theories and procedures behind creating this system, and will provide the results and analysis of its performance.

Lietuvos akcijų rinkos pasiūlos ir paklausos srautų analizei buvo pasirinktos 9 akcijos. Jas, pagal įvykusių sandorių skaičių ir vertę, galima suskirstyti į tris grupes: nelikvidžios, pusiau likvidžios ir likvidžios akcijos. Šių akcijų, viešai skelbiami rinkos gylio ir įvykusių sandorių, duomenys buvo imami iš Vilniaus vertybinių popierių biržos internetinio puslapio http://www.baltic.omxgroup.com/ nuo 2008 02 25 iki 2008 04 18. Darbe buvo skaičiuojami paprastas (inside bid-ask spread), efektyvus (effective spread) ir užfiksuotas kainų skirtumai. Roll matas skaičiuojamas remiantis akcijų įvykusių sandorių kainomis, kurių skirtumų stacionarumas ištirtas RA-kriterijumi (reverse arrangement test). Kaip ir buvo galima tikėtis, parodyta, kad pasirinktų akcijų rinka yra neefektyvi. Dėl šios priežasties, kiekvienai akcijai apskaičiuotas Roll matas yra labai grubus. Naudojant C++ programavimo kalbą, buvo sukurta programinė įranga: • Duomenų skaitymui iš interneto; • Duomenų bazės kūrimui, apdorojimui ir redagavimui; • Duomenų analizei. / Nine types of stock were chosen to analyse quoted bid-ask spread of Vilnius Stock Exchange. According to the value and number of transactions of the stock, it can be divided into three groups: non-liquid, half-liquid and liquid stock. Public market depth information and data of trade was taken from Vilnius Stock Exchange website http://www.baltic.omxgroup.com/ during the period from 25th February 2008 to 18th April 2008. In my work I have analysed inside bid-ask spread, effective spread and fixed prices. Roll measure was measured using trade prices of stock; stationarity of differences of trade prices were examined using reverse arrangement test. As had been expected, I came to conclusion that the stock market for chosen stocks is informationally inefficient. Due to this reason the Roll measure is not correct. By using C++ programming language the following programming tools were created: • Data reading from internet tool; • Data collection and correction tool; • Data analysis tool.