A CO-SIMULATION ENVIRONMENT FOR MIXED SIGNAL, MULTI-DOMAIN SYSTEM LEVEL DESIGN EXPLORATION

This thesis presents a system-level co-simulation environment for mixed domain design exploration. By employing shared memory IPC (Inter-Process Communication) and utilizing PDES (Parallel Discrete Event Simulation) techniques, we examine two methods of synchronization, lock-step and dynamic. We then compare the performance of these two methods on a series of test systems as well as real designs using the Chatoyant MOEMS (Micro-Electro Mechanical Systems) simulator and the mixed HDL (Hardware Description Language) simulator from Model Technology, ModelSim. The results collected are used to ascertain which method provides the best overall performance with the least overhead

Do Shareholders' Preferences Affect their Funds' Management? Evidence from the Cross Section of Shareholders and Funds

We consider how fund managers respond to the conflicting preferences of their investors. We focus on the conflict between the taxable and retirement accounts of international funds, which face different tradeoffs between dividends and capital gains. In principle, managers could resolve this conflict through dividend arbitrage, but a proprietary database of dividend-arbitrage transactions shows that in practice they cannot. Thus, managers must resolve it through their investment policies, and we find robust evidence that managers with more retirement money favor the preferences of retirement investors. We find additional evidence in the difference between U.S. and Canadian funds' portfolio weights. Nous étudions comment les gestionnaires de fonds réagissent aux préférences contradictoires de leurs investisseurs. Notre étude se concentre principalement sur les conflits entre les comptes taxés et les comptes de retraite des fonds internationaux qui font l'objet de compromis différents entre les gains en dividendes et les gains de capital. En théorie, les gestionnaires peuvent résoudre ces conflits par des opérations d'arbitrage sur les dividendes, mais une base de données privée d'opérations d'arbitrage fait apparaître qu'en pratique ils ne peuvent pas. Les gestionnaires doivent alors résoudre ces conflits à travers leurs politiques d'investissement, et nous trouvons des résultats significatifs montrant que ceux dont le capital est issu majoritairement des retraites favorisent les investisseurs de fonds de pension. Nous trouvons également des différences entre les poids des portefeuilles de fonds américains et canadiens.Dividend arbitrage, tax efficiency, agency issues, mutual funds, arbitrage sur les dividendes, taxes sur les rendements, placements pour compte, fonds commun de placement

How and Why do Investors Trade Votes, and What Does it Mean?

The standard analysis of corporate governance is that shareholders vote in the ratios that firms choose, such as one-share-one-vote. But if the cost of unbundling and trading votes is sufficiently low, then shareholders vote in the ratios that they themselves choose. We document an active market for votes within the equity-loan market, where we find that the average vote sells for zero. We hypothesize that asymmetric information motivates these vote reallocations, and we find support for this view in the cross section of votes: there is more trade for higher-spread firms and more for poor performers, especially when the vote is close. We also find that the vote reallocations correspond to support for shareholder proposals and opposition to management proposals. L'analyse classique de la gouvernance d'entreprise suppose que les actionnaires votent selon les modalités choisies par la firme, par exemple un vote par action. Mais si les coûts associés à la séparation et à l'échange des votes sont suffisamment faibles, alors les actionnaires votent selon les modalités qu'ils ont eux-mêmes choisies. Nous présentons le cas d'un marché actif de votes au sein du marché des mises de fonds sous forme d'emprunts (equity loans), où nous constatons qu'en moyenne les votes se vendent pour rien. Nous supposons que l'asymétrie d'information provoque cette réallocation des votes, et nous étayons cette hypothèse à travers l'étude transversale des votes : le nombre d'opérations est plus important pour les compagnies dont l'écart acheteur-vendeur est plus élevé ainsi que pour celles dont les résultats sont plus faibles, particulièrement lorsque le vote est clos. Cette étude montre aussi que la réallocation des votes permet de soutenir les propositions des actionnaires et de s'opposer à celles des gestionnaires.vote trading, corporate governance, equity lending, information asymmetry, transaction de votes, gouvernance d'entreprise, prêt d'actions, asymétrie d'information

Density Measures and Their Relation to Urban Form

The relationship between density and urban form is explored using four dwelling types: Single family detached housing, row housing, low-rise garden apartments and high-rise apartments. Ninety-nine typical site layouts of the four dwelling types were developed systematically. Changing variables included unit size, lot size and block configuration. The relation between these variables and the resulting densities was analyzed using regression and multiple correlation analysis. Supported by a grant from the National Endowment for the Arts.https://dc.uwm.edu/caupr_mono/1036/thumbnail.jp

Stocks are Special Too: An Analysis of the Equity Lending Market

With a year of equity loans by a major lender, we measure the effect of actual short-selling costs and constraints on trading strategies that involve short-selling. We find the loans of initial public offering (IPOs), DotCom, large-cap, growth and low-momentum stocks to be cheap relative to the strategies’ documented profits and that investors who can short only stocks that are cheap and easy to borrow can enjoy at least some of the profits of unconstrained investors. Most IPOs are loaned on their first settlement days and throughout their first months, and the underperformance around lockup expiration is significant even for the IPOs that are cheap and easy to borrow. The effect of short-selling frictions appears strongest in merger arbitrage. Acquirers’ stock is expensive to borrow, especially when the acquirer is small, though the major influence on trading profits is not through expense but availability

Wind Signatures In The X-Ray Emission-Line Profiles Of The Late-O Supergiant Zeta Orionis

X-ray line-profile analysis has proved to be the most direct diagnostic of the kinematics and spatial distribution of the very hot plasma around O stars. The Doppler-broadened line profiles provide information about the velocity distribution of the hot plasma, while the wavelength-dependent attenuation across a line profile provides information about the absorption to the hot plasma, thus providing a strong constraint on its physical location. In this paper, we apply several analysis techniques to the emission lines in the Chandra High Energy Transmission Grating Spectrometer (HETGS) spectrum of the late-O supergiant zeta Ori (O9.7 Ib), including the fitting of a simple line-profile model. We show that there is distinct evidence for blueshifts and profile asymmetry, as well as broadening in the X-ray emission lines of zeta Ori. These are the observational hallmarks of a wind-shock X-ray source, and the results for zeta Ori are very similar to those for the earlier O star, zeta Pup, which we have previously shown to be well fit by the same wind-shock line-profile model. The more subtle effects on the line-profile morphologies in zeta Ori, as compared to zeta Pup, are consistent with the somewhat lower density wind in this later O supergiant. In both stars, the wind optical depths required to explain the mildly asymmetric X-ray line profiles imply reductions in the effective opacity of nearly an order of magnitude, which may be explained by some combination of mass-loss rate reduction and large-scale clumping, with its associated porosity-based effects on radiation transfer. In the context of the recent reanalysis of the helium-like line intensity ratios in both zeta Ori and zeta Pup, and also in light of recent work questioning the published mass-loss rates in OB stars, these new results indicate that the X-ray emission from zeta Ori can be understood within the framework of the standard wind-shock scenario for hot stars

Leaning for the Tape: Evidence of Gaming Behavior in Equity Mutual Funds

We present evidence that fund managers inflate quarter-end portfolio prices with last-minute purchases of stocks already held. The magnitude of price inflation ranges from 0.5 percent per year for large-cap funds to well over 2 percent for small-cap funds. We find that the cross section of inflation matches the cross section of incentives from the flow/performance relation, that a surge of trading in the quarter\u27s last minutes coincides with a surge in equity prices, and that the inflation is greatest for the stocks held by funds with the most incentive to inflate, controlling for the stocks\u27 size and performance

Failure Is an Option: Impediments to Short Selling and Options Prices

Regulations allow market makers to short sell without borrowing stock, and the transactions of a major options market maker show that in most hard-to-borrow situations, it chooses not to borrow and instead fails to deliver stock to its buyers. A part of the value of failing passes through to options prices: when failing is cheaper than borrowing, the relation between borrowing costs and options prices is significantly weaker. The remaining value is profit to the market maker, and its ability to profit despite competition between market makers appears to result from the cost advantage of larger market makers

Water at an electrochemical interface - a simulation study

The results of molecular dynamics simulations of the properties of water in an aqueous ionic solution close to an interface with a model metallic electrode are described. In the simulations the electrode behaves as an ideally polarizable hydrophilic metal, supporting image charge interactions with charged species, and it is maintained at a constant electrical potential with respect to the solution so that the model is a textbook representation of an electrochemical interface through which no current is passing. We show how water is strongly attracted to and ordered at the electrode surface. This ordering is different to the structure that might be imagined from continuum models of electrode interfaces. Further, this ordering significantly affects the probability of ions reaching the surface. We describe the concomitant motion and configurations of the water and ions as functions of the electrode potential, and we analyze the length scales over which ionic atmospheres fluctuate. The statistics of these fluctuations depend upon surface structure and ionic strength. The fluctuations are large, sufficiently so that the mean ionic atmosphere is a poor descriptor of the aqueous environment near a metal surface. The importance of this finding for a description of electrochemical reactions is examined by calculating, directly from the simulation, Marcus free energy profiles for transfer of charge between the electrode and a redox species in the solution and comparing the results with the predictions of continuum theories. Significant departures from the electrochemical textbook descriptions of the phenomenon are found and their physical origins are characterized from the atomistic perspective of the simulations.Comment: 29 pages, 15 figure

Crossborder Dividend Taxation and the Preferences of Taxable and Nontaxable Investors: Evidence From Canada

We consider how fund managers respond to the conflicting preferences of their investors. We focus on the conflict between the taxable and retirement accounts of international funds, which face different tradeoffs between dividends and capital gains. In principle, managers could resolve this conflict through dividend arbitrage, but a proprietary database of dividend-arbitrage transactions shows that in practice they cannot. Thus, managers must resolve it through their investment policies. We find robust evidence that managers with more retirement money favor the preferences of retirement investors and further evidence for this view in the difference between U.S. and Canadian funds’ portfolio weights