Essays on finance, investment, and money

Three chapters in this dissertation revolve around the areas of empirical corporate finance and behavioral finance, with particular focuses on firms’ R&D financing, the manager side of behavioral finance, and the effect of network formations on media of exchange. Chapter 2 examines the effects of the financial side of the firm on labor. These effects have not been studied extensively. Using the system Generalized Method of Moments, fixed effects, and IV models, this chapter shows that balance sheet liquidity (cash holdings) can help maintain stable employment in response to demand shocks. Chapter 3 implements human-subject experiments. It shows how contrast effects from psychology studies influence investment and financing decisions. This chapter illustrates that individuals exposed to a positive stimulus amplify risk-seeking in investment decisions compared to individuals exposed to a negative stimulus. However, exposure to positive or negative stimuli does not affect financing decisions. It is likely that financing decisions require a high cognitive load, so they are less affected by emotions. Chapter 4 examines how different types of trade networks influence the emergence of one or more types of money. Many new types of monetary networks have emerged such as cryptocurrency networks. However, the underlying reason for the emergence of new money types is not well understood. Using an agent-based computer model, this chapter shows that the emergence of multiple goods as media of exchange depends on the network structure governing trade between agents

A Predictive Model with Data Scaling Methodologies for Forecasting Spare Parts Demand in Military Logistics

This study addresses the challenge of accurately forecasting demand for maintenance-related spare parts of the K-X tank, influenced by high uncertainty and external factors. Deep learning models with RobustScaler demonstrate significant improvements, achieving an accuracy of 86.90% compared to previous methods. RobustScaler outperforms other scaling models, enhancing machine learning performance across time series and data mining. By collecting eight years’ worth of demand data and utilising various consumption data items, this study develops accurate forecasting models that contribute to the advancement of spare parts demand forecasting. The results highlight the effectiveness of the proposed approach, showcasing its superiority in accuracy, precision, recall, and F1-Score. RobustScaler particularly excels in time series analysis, further emphasizing its potential for enhancing machine learning performance on diverse datasets. This study provides innovative techniques and insights, demonstrating the effectiveness of deep learning and data scaling methodologies in improving forecasting accuracy for maintenance spare parts demand

Non-Einstein Viscosity Phenomenon of Acrylonitrile–Butadiene–Styrene Composites Containing Lignin–Polycaprolactone Particulates Highly Dispersed by High-Shear Stress

Lignin powder was modified via ring-opening polymerization of caprolactone to form a lignin–polycaprolactone (LPCL) particulate. The LPCL particulates were mixed with an acrylonitrile–butadiene–styrene (ABS) matrix at an extremely high rotational speed of up to 3000 rpm, which was achieved by a closed-loop screw mixer and in-line melt extruder. Using this high-shear extruding mixer, the LPCL particulate size was controlled in the range of 3395 nm (conventional twin-screw extrusion) down to 638 nm (high-shear mixer of 3000 rpm) by altering the mixing speed and time. The resulting LPCL/ABS composites clearly showed non-Einstein viscosity phenomena, exhibiting reduced viscosity (2130 Pa·s) compared to the general extruded composite one (4270 Pa·s) at 1 s–1 and 210 °C. This is due to the conformational rearrangement and the increased free volume of ABS molecular chains in the vicinity of LPCL particulates. This was supported by the decreased glass transition temperature (Tg, 83.7 °C) of the LPCL/ABS composite specimens, for example, giving a 21.8% decrement compared to that (107 °C) of the neat ABS by the incorporation of 10 wt % LPCL particulates in ABS. The LPCL particulate morphology, damping characteristics, and light transmittance of the developed composites were thoroughly investigated at various levels of applied shear rates and mixing conditions. The non-Einstein rheological phenomena stemming from the incorporation of LPCL particulates suggest an interesting plasticization methodology: to improve the processability of high-loading filler/polymer composites and ultra-high molecular weight polymers that are difficult to process because of their high viscosity

Measurement of Velocity and Temperature Profiles in the 1/40 Scaled-Down CANDU-6 Moderator Tank

In order to simulate the CANDU-6 moderator circulation phenomena during steady state operating and accident conditions, a scaled-down moderator test facility has been constructed at Korea Atomic Energy Institute (KAERI). In the present work an experiment using a 1/40 scaled-down moderator tank has been performed to identify the potential problems of the flow visualization and measurement in the scaled-down moderator test facility. With a transparent moderator tank model, a flow field is visualized with a particle image velocimetry (PIV) technique under an isothermal state, and the temperature field is measured using a laser induced fluorescence (LIF) technique. A preliminary CFD analysis is also performed to find out the flow, thermal, and heating boundary conditions with which the various flow patterns expected in the prototype CANDU-6 moderator tank can be reproduced in the experimentopen

Robust Co-catalytic Performance of Nanodiamonds Loaded on WO3 for the Decomposition of Volatile Organic Compounds under Visible Light

Proper co-catalysts (usually noble metals), combined with semiconductor materials, are commonly needed to maximize the efficiency of photocatalysis. Search for cost-effective and practical alternatives for noble-metal co-catalysts is under intense investigation. In this work, nanodiamond (ND), which is a carbon nanomaterial with a unique sp(3)(core)/sp(2)(shell) structure, was combined with WO3 (as an alternative co-catalyst for Pt) and applied for the degradation of volatile organic compounds under visible light. NDs-loaded WO3 showed a highly enhanced photocatalytic activity for the degradation of acetaldehyde (similar to 17 times higher than bare WO3), which is more efficient than other well-known co-catalysts (Ag, Pd, Au, and CuO) loaded onto WO3 and comparable to Pt-loaded WO3. Various surface modifications of ND and photoelectochemical measurements revealed that the graphitic carbon shell (sp(2)) on the diamond core (spa) plays a crucial role in charge separation and the subsequent interfacial charge transfer. As a result, ND/WO3 showed much higher production of OH radicals than bare WO3 under visible light. Since ND has a highly transparent characteristic, the light shielding that is often problematic with other carbon-based co-catalysts was considerably lower with NDs-loaded WO3. As a result, the photocatalytic activity of NDs/WO3 was higher than that of WO3 loaded with other carbon-based co-catalysts (graphene oxide or reduced graphene oxide). A range of spectroscopic and photo(electro)chemical techniques were systematically employed to investigate the properties of NDs-loaded WO3. ND is proposed as a cost-effective and practical nanomaterial to replace expensive noble-metal co-catalysts.1124Ysciescopu

A case of primary aldosteronism combined with acquired nephrogenic diabetes insipidus

AbstractAldosterone-producing adrenal adenoma can induce various clinical manifestations as a result of chronic exposure to aldosterone. We report a rare case of a 37-year-old man who complained of general weakness and polyuria. He was diagnosed with aldosterone-producing adrenal adenoma and nephrogenic diabetes insipidus. Aldosterone enhances the secretion of potassium in the collecting duct, which can lead to hypokalemia. By contrast, nephrogenic diabetes insipidus, which manifests as polyuria and polydipsia, can occur in several clinical conditions such as acquired tubular disease and those attributed to toxins and congenital causes. Among them, hypokalemia can also damage tubular structures in response to vasopressin. The patient’s urine output was >3 L/d and was diluted. Owing to the ineffectiveness of vasopressin, we eventually made a diagnosis of nephrogenic diabetes insipidus. Laparoscopic adrenalectomy and intraoperative kidney biopsy were subsequently performed. The pathologic finding of kidney biopsy revealed a decrease in aquaporin-2 on immunohistochemical stain

Nanomedicine: Interaction of biomimetic apatite colloidal nanoparticles with human blood components

This contribution investigates the interaction of two types of biomimetic-apatite colloidal nanoparticles (negatively-charged 47nm, and positively-charged 190nm NPs) with blood components, namely red blood cells (RBC) and plasma proteins, with the view to inspect their hemocompatibility. The NPs, preliminarily characterized by XRD, FTIR and DLS, showed low hemolysis ratio (typically lower than 5%) illustrating the high compatibility of such NPs with respect to RBC, even at high concentration (up to 10mg/ml). The presence of glucose as water-soluble matrix for freeze-dried and re-dispersed colloids led to slightly increased hemolysis as compared to glucose-free formulations. NPs/plasma protein interaction was then followed, via non-specific protein fluorescence quenching assays, by contact with whole human blood plasma. The amount of plasma proteins in interaction with the NPs was evaluated experimentally, and the data were fitted with the Hill plot and Stern-Volmer models. In all cases, binding constants of the order of 101–102 were found. These values, significantly lower than those reported for other types of nanoparticles or molecular interactions, illustrate the fairly inert character of these colloidal NPs with respect to plasma proteins, which is desirable for circulating injectable suspensions. Results were discussed in relation with particle surface charge and mean particle hydrodynamic diameter (HD). On the basis of these hemocompatibility data, this study significantly complements previous results relative to the development and nontoxicity of biomimetic-apatite-based colloids stabilized by non-drug biocompatible organic molecules, intended for use in nanomedicine

Interlayer Structure of Bioactive Molecule, 2-Aminoethanesulfonate, Intercalated into Calcium-Containing Layered Double Hydroxides

We have successfully intercalated 2-aminoethanesulfonate, a well-known biomolecule taurine, into calcium-containing layered double hydroxides via optimized solid phase intercalation. According to X-ray diffraction patterns and infrared spectroscopy, it was revealed that the intercalated taurine molecules were each directly coordinated to other calcium cation and arranged in a zig-zag pattern. Scanning electron microscopy showed that the particle size and morphology of the LDHs were not affected by the solid phase intercalation, and the surface of intercalates was covered by organic moieties. From ninhydrin amine detection tests, we confirmed that most of the taurine molecules were well stabilized between the calcium-containing LDH layers