Empirical investigations into corporate reporting in Europe: A financial market perspective on determinants and consequences of sustainability and digital reporting

This paper-based dissertation comprises five essays dealing with corporate sustainability and digital reporting and is structured in six chapters. The first chapter is the introduction and provides an overview of the structure and aims of the dissertation, lays out the contribution of the work, and introduces the five manuscripts. The second chapter, respectively the first manuscript, deals with the consequences of mandatory sustainability reporting in Europe. Specifically, the study deals with the question whether Directive 2014/95/EU has achieved its objectives of increasing reporting quantity and quality. In the third chapter, the sustainability reports of the largest European firms are analyzed using computer-aided text analysis. This study investigates whether and how external assurance of sustainability reports is beneficial from the viewpoint of report transparency, which is proxied by reporting scope, optimism, and readability. In the fourth chapter, the role of corporate sustainability in the context of M&A transactions is examined, precisely whether sustainability influences the premia paid in M&A transactions. The fifth and the sixth chapters center around the voluntary usage of online financial reporting (OFR) in Europe. While the fifth chapter is concerned with the usage and empirical determinants of OFR, the analysis in the sixth chapter examines the impact of OFR on the financial market, specifically on analyst following and stock liquidity

GPM Avionics Module Heat Pipes Design and Performance Test Results

The Global Precipitation Measurement (GPM) mission is an international network of satellites that provide the next-generation global observations of rain and snow. The GPM core satellite carries an advanced radar / radiometer system to measure precipitation from space and serve as a reference standard to unify precipitation measurements from a constellation of research and operational satellites. Through improved measurements of precipitation globally, the GPM mission will help to advance our understanding of Earth's water and energy cycle, improve forecasting of extreme events that cause natural hazards and disasters, and extend current capabilities in using accurate and timely information of precipitation to directly benefit society. The avionics module on the core satellite contains a number of electronics boxes which are cooled by a network of aluminum/ammonia heat pipes and a honeycomb radiator which contains thirteen embedded aluminum/ammonia heat pipes. All heat pipes were individually tested by the vendor (Advanced Cooling Technologies, Inc.) prior to delivery. Following delivery to NASA, the flight avionics radiator and the flight spare transport heat pipes were mounted to flight-like test structure and a system level thermal vacuum test was performed. This test, which used simulators in place of all electronics boxes, was done to verify the operation of the thermal control system as a whole. This presentation will discuss the design of the avionics module heat pipes, and then discuss performance tests results for the individual heat pipes prior to delivery and for the system level thermal vacuum test. All heat pipes met their performance requirements. However, it was found that the power was too low in some instances to start all of the smaller radiator spreader heat pipes when they were tested in a reflux configuration (which is the nominal test configuration). Although this lowered the efficiency of the radiator somewhat, it did not impact the operating temperatures of the electronics boxes

Thermal Vacuum Testing of a Proto-flight Miniature Loop Heat Pipe with Two Evaporators and Two Condensers

This paper describes thermal vacuum testing of a proto-flight miniature loop heat pipe (MLHP) with two evaporators and two condensers designed for future small systems applications requiring low mass, low power and compactness. Each evaporator contains a wick with an outer diameter of 6.35 mm, and each has its own integral compensation chamber (CC). Miniaturization of the loop components reduces the volume and mass of the thermal system. Multiple evaporators provide flexibility for placement of instruments that need to be maintained at the same temperature, and facilitate heat load sharing among instruments, reducing the auxiliary heater power requirement. A flow regulator is used to regulate heat dissipations between the two condensers, allowing flexible placement of radiators on the spacecraft. A thermoelectric converter (TEC) is attached to each CC for control of the operating temperature and enhancement of start-up success. Tests performed include start-up, power cycle, sink temperature cycle, high power and low power operation, heat load sharing, and operating temperature control. The proto-flight MLHP demonstrated excellent performance in the thermal vacuum test. The loop started successfully and operated stably under various evaporator heat loads and condenser sink temperatures. The TECs were able to maintain the loop operating temperature within b1K of the desired set point temperature at all power levels and all sink temperatures. The un-powered evaporator would automatically share heat from the other powered evaporator. The flow regulator was able to regulate the heat dissipation among the radiators and prevent vapor from flowing into the liquid line

Workshop on Two-Phase Fluid Behavior in a Space Environment

The Workshop was successful in achieving its main objective of identifying a large number of technical issues relating to the design of two-phase systems for space applications. The principal concern expressed was the need for verified analytical tools that will allow an engineer to confidently design a system to a known degree of accuracy. New and improved materials, for such applications as thermal storage and as heat transfer fluids, were also identified as major needs. In addition to these research efforts, a number of specific hardware needs were identified which will require development. These include heat pumps, low weight radiators, advanced heat pipes, stability enhancement devices, high heat flux evaporators, and liquid/vapor separators. Also identified was the need for a centralized source of reliable, up-to-date information on two-phase flow in a space environment

Thermoelectric Converter for Loop Heat Pipe Temperature Control: Experience and Lessons Learned

This paper describes the theoretical background and implementation methodology of using a thermoelectric converter (TEC) for operating temperature control of a loop heat pipe (LHP). In particular, experimental results from ambient and thermal vacuum tests of an LHP are presented for illustrations. The most commonly used state-of-the-art method to control the LHP operating temperature is to cold bias its compensation chamber (CC) and use an electrical heater to maintain the CC at the desired set point temperature. Although effective, this approach has its shortcomings in that the electrical heater can only provide heating to the CC, and the required power can be large under certain conditions. An alternative method is to use a TEC, which is capable of providing both heating and cooling to the CC. In this method, one side of the TEC is attached to the CC, and the other side is connected to the evaporator via a thermal strap. Using a bipolar power supply and a control algorithm, a TEC can function as a heater or a cooler, depending on the direction of the current flow. Extensive ground tests of several LHPs have demonstrated that a TEC can provide very tight temperature control for the CC. It also offers several additional advantages: (1) The LHP can operate at temperatures below its natural operating temperature at low heat loads; (2) The required heater power for a TEC is much less than that for an electrical heater; and (3) It enhances the LHP start-up success. Although the concept of using a TEC for LHP temperature control is simple, there are many factors to be considered in its implementation for space applications because the TEC is susceptible to the shear stress and yet has to sustain the dynamic load under the spacecraft launch environment. The added features that help the TEC to withstand the dynamic load will inevitably affect the TEC thermal performance. Some experiences and lessons learned are addressed in this paper

Radio Frequency Association of Efimov Trimers

The quantum-mechanical three-body problem is one of the fundamental challenges of few-body physics. When the two-body interactions become resonant, an infinite series of universal three-body bound states is predicted to occur, whose properties are determined by the strength of the two-body interactions. We report on the association and direct observation of a trimer state consisting of three distinguishable fermions using radio-frequency (RF) spectroscopy. The measurements of its binding energy are consistent with theoretical predictions which include non-universal corrections.Comment: 12 pages, 6 figure

Investigation of Freeze and Thaw Cycles of a Gas-Charged Heat Pipe

The traditional constant conductance heat pipes (CCHPs) currently used on most spacecraft run the risk of bursting the pipe when the working fluid is frozen and later thawed. One method to avoid pipe bursting is to use a gas-charged heat pipe (GCHP) that can sustain repeated freeze/thaw cycles. The construction of the GCHP is similar to that of the traditional CCHP except that a small amount of non-condensable gas (NCG) is introduced and a small length is added to the CCHP condenser to serve as the NCG reservoir. During the normal operation, the NCG is mostly confined to the reservoir, and the GCHP functions as a passive variable conductance heat pipe (VCHP). When the liquid begins to freeze in the condenser section, the NCG will expand to fill the central core of the heat pipe, and ice will be formed only in the grooves located on the inner surface of the heat pipe in a controlled fashion. The ice will not bridge the diameter of the heat pipe, thus avoiding the risk of pipe bursting during freeze/thaw cycles. A GCHP using ammonia as the working fluid was fabricated and then tested inside a thermal vacuum chamber. The GCHP demonstrated a heat transport capability of more than 200W at 298K as designed. Twenty-seven freeze/thaw cycles were conducted under various conditions where the evaporator temperature ranged from 163K to 253K and the condenser/reservoir temperatures ranged from 123K to 173K. In all tests, the GCHP restarted without any problem with heat loads between 10W and 100W. No performance degradation was noticed after 27 freeze/thaw cycles. The ability of the GCHP to sustain repeated freeze/thaw cycles was thus successfully demonstrated

Multi-Evaporator Miniature Loop Heat Pipe for Small Spacecraft Thermal Control

This paper presents the development of the Thermal Loop experiment under NASA's New Millennium Program Space Technology 8 (ST8) Project. The Thermal Loop experiment was originally planned for validating in space an advanced heat transport system consisting of a miniature loop heat pipe (MLHP) with multiple evaporators and multiple condensers. Details of the thermal loop concept, technical advances and benefits, Level 1 requirements and the technology validation approach are described. An MLHP breadboard has been built and tested in the laboratory and thermal vacuum environments, and has demonstrated excellent performance that met or exceeded the design requirements. The MLHP retains all features of state-of-the-art loop heat pipes and offers additional advantages to enhance the functionality, performance, versatility, and reliability of the system. In addition, an analytical model has been developed to simulate the steady state and transient operation of the MHLP, and the model predictions agreed very well with experimental results. A protoflight MLHP has been built and is being tested in a thermal vacuum chamber to validate its performance and technical readiness for a flight experiment