This thesis analyses the relationship between the increasingly important sovereign CDS spreads and exchange rates, from a macroeconomic perspective. It attempts to address an existing gap in the empirical literature, which to date has paid limited attention to the role of exchange rates in influencing sovereign CDS spreads, and vice versa. In exploring the relationship between sovereign CDS markets and foreign exchange markets, I find relatively strong evidence of a causal relationship between these two variables. In a longer-term cointegrating relationship, I find that sovereign CDS spreads have different impacts (positive or negative) on exchange rates depending on the structural characteristics of the domestic export sectors of the countries studied. Turning to the second moment of exchange rates and sovereign CDS spreads, I examine the relationship between the volatility of sovereign CDS spreads and the volatility of exchange rates for developed economies (proxied by an index containing 10 Eurozone countries) and emerging economies (proxied by Brazil and Russia). My findings point to different mechanisms of transmission between sovereign CDS markets and foreign exchange markets with regard to developed and emerging economies: for developed economies, exchange rates affect sovereign CDS spreads through the volatility, whilst in emerging economies the exchange rates affect sovereign CDS spreads at the price level. To further analyse the determinants of sovereign CDS spreads, I incorporate additional macroeconomic fundamentals in addition to exchange rates into a model to explain sovereign CDS spreads. The results show that sovereign CDS spreads are indeed driven by most macroeconomic fundamentals. However, these results do not hold during periods of economic turmoil, in which the rising risk aversion of investors becomes a principal influence behind the sovereign CDS spreads. As changes in exchange rates are able to capture changes to risk aversion through trading in foreign exchange markets, the exchange rate retains its explanatory power to sovereign CDS spreads in ‘normal’ as well as ‘crisis’ conditions. Overall, the study provides strong support for the claim that exchange rates are an important determinant of sovereign CDS spreads, in addition to the interest rate which is highlighted in the literature review. The exchange rate – as an important fundamental indicator – can reflect the general domestic economic status, the relative international competitiveness of countries, as well as capture changes in risk aversion among investors. Therefore, using exchange rates to explain sovereign CDS spreads can help to account for both domestic and international dimensions of the ‘health’ of an economy as well as changes in investors’ attitudes.

This paper provides a numerical method for demonstrating that bid-ask spreads increase with information asymmetry or the probability of insider trading. These spreads also decrease throughout the trading day. Average daily spreads are a non-monotone function of information asymmetry. This result brings into question empirical results showing that higher levels of inside information lead to higher expected returns.

The most two important concern in CDMA code design, one is the properties of spreading codes correlation, and another one is the number of users. The correlation properties will influence BER (bit error rate) of the system directly, and the number of users will express the system capacity. In optical-CDMA system, optical spreading code is impossible to achieve idea correlation properties. Because of the optical sequence is consisted of ¡¨0¡¨¡B¡¨1¡¨. We prove it after. According to the result we can define the best properties of correlation of the optical complementary codes. The ideal of auto-correlation is 0( ) and the optimum cross-correlation is 1( ). According to the requirement of the optimum complementary codes we must first to decide the value of the best threshold and prove it. The properties of correlation are satisfied with optical prime-hopping complementary codes that we architecture. We analysis the performance of the prime-hopping complementary codes in optical CDMA. Because of the hits of MAI decrease we can support most number of users, so we can clearly find the system with the prime-hopping complementary codes has the better performance.

Ruhr-Universiẗat, Diplomarbeit--Bochum, 2006.

No description available.

Thesis (PhD)--University of South Australia, 1997

Initial fire spread is composed of the processes of ignition, flame spread, and burning rate. The effects of a material's thermal characteristics and burning behaviors on flame spread are important. However, many zone and field models of compartment fire can not predict spread on objects accurately enough due to the neglect of these behaviors in their fire growth sub-models. As a result, a model dedicated to the early stage of fire growth is needed to provide the accuracy necessary for competent assessment of the response of safety systems, as well as satisfying the requirement for a comprehensive risk assessment. This study is undertaken to investigate the use of formulations outlined by previous researchers by review of the theory of flame spread models. A computer model is proposed that can determine the impact of the material properties with emphasis on practical engineering analyses. Through this computer program, we can obtain the pyrolysis zone, the flame height, the burnout time, the burnout portion, the mass loss rate, total heat release rate, and mean flame velocity of a material at specific time. The effort in this study has been focused on developing a relatively simple model for fire spread on a vertically oriented material which contains the most common aspect of fire growth theory such as the transit burning rate, material properties, burner affection, flame spread rate and burnout. This study used Vc++ as a program development platform which has an easy to use interface and reasonable execution times. The model is a combination of two sub-models. One is to simulate the flame spread on horizontal surface. The other is to simulate it on a vertical surface. In two sub-models, the spread process model is two-dimensioned yet symmetric. By using empirical physical equations and correlations, this model predicted flame spread by solving a set of closed coupled correlations simultaneously. Each sub-model contains several functions: ignition, mass loss rate calculation, burning area and the surface temperature calculation. The results of this proposed computer model are compared with experimental studies involving a limited number of comparisons of experimental data for early stage vertical flame spread. The model calculations and experimental measurements of the mass loss rate, heat release rate, and radiation flux were found to be in good agreement. Recommendations are made for further development of the more complex initial stage fire growth model.

Dissertation (Ph.D.) -- Worcester Polytechnic Institute. / Keywords: ignition; fire; flammability; burning; scalability; heat flux oxygen; mass loss rate. Includes bibliographical references (p.44-49).

Thesis (M.S.)--Worcester Polytechnic Institute. / Includes bibliographical references (leaves 120-123).

Report (M.S.)--Virginia Polytechnic Institute and State University, 1993. / Abstract. Includes bibliographical references (leaves 42-43). Also available via the Internet.