436 research outputs found
Does Issue of Oversea Depositary Receipt Reduce Financial Constraints? - Evidence from Taiwan
No full text本文以1992年至2009年間首次發行海外存託憑證的台灣上市公司為樣本，使用「追蹤資料」及「橫斷面固定效應模型」，探討發行海外存託憑證對融資限制的影響，並比較發行海外存託憑證與在國內進行現金增資的融資限制放寬效果。另外，本文也分析存託憑證是否完全使用舊股發行及發行時點對融資限制的影響。本文發現發行海外存託憑證具有融資限制放寬效果，而在國內進行現金增資則無；發行存託憑證的融資限制放寬效果與發行公司是否從中取得融資無關；發行存託憑證的融資限制放寬效果可能是來自在海外掛牌使發行公司的聲譽與能見度提高，進而使其比較容易取得外部融資；即使台灣資本市場的開放程度與對公司治理的規範已經大幅提高，但是台灣上市公司仍然可以藉由發行存託憑證提高聲譽及投資人認同，使融資限制降低。This paper investigates if firms can ease their financial constraints by issuing oversea depositary receipts, using as sample Taiwan’s listed companies that issued DRs for the first time from 1992 through 2009. Panel data and cross-section fixed-effects model are employed for empirical analysis. The effect of DR issue in easing financial constraints is compared with that of the seasoned public offerings in Taiwan’s equity market. We also investigate if the effect depends on the capital influx from DR issue and the timing of DR issue. We find that Taiwan’s listed companies can reduce their financial constraints by issuing DRs, but they cannot do so by undertaking the seasoned public offerings in the domestic equity market. Moreover, the effect is not caused by the capital influx from DR issue. We demonstrate that its effect is most likely driven by the prestige and visibility gain from cross-border listing, which gives the DR issuers greater and easier access to capital markets. Finally, our results suggest that Taiwan’s listed companies can still garner prestige and investor recognition by issuing DRs and reduce their financial constraints as a result, despite Taiwan has liberalized its financial markets and improved its corporate governance practices substantially
Development and evaluation of the HDFG Editor: An application for graph visualization and modification
No full textReconfigurable computing is a technique used to speed up computer programs by using a combination of hardware and software implementation. The Delft workbench is a tool chain for reconfigurable computing, making it possible to design software without knowledge of the underlying hardware. One function of this tool chain is to convert source code to a hardware description. The DWARV toolset performs this function. While doing so, it uses Hierarchical Data Flow Graphs (HDGFs), which contain data dependencies in the original source code. HDGFs only exist in a binary format and there is no easy way to modify them. This thesis describes the design process of a program, the HDFG Editor. This process consists of a few steps. First, the functional and non-functional requirements were determined. To prevent improper interpretation of the requirements, a set of use cases was created and prioritized. Next, an analysis of available applications and libraries took place. A concept user interface was also designed to get an idea of the visual outline of the application at an early stage. With the decision of Irrlicht as a graphics engine the implementation could commence. Implementation of an application entails creating algorithms and analyzing code. With adaptability as a main focus point some trade-offs were made concerning run-time as scripts are sometimes preferred to code. Concluding, the running time for the project proved to be insufficient to finish the HDFG Editor. Part of the functionality has been implemented but not enough to put to the program to use. However, the work done provides a solid base should the project be picked up in the future.Electrical Engineering, Mathematics and Computer Scienc
scheme #43
No full textThis project concerns a graduation project from the department of materialisation: Strategic Architectural Design Development (SADD). The design focuses upon a new UN council in New York City: the United Nations Environmental Council (UNEC) which is placed in the north lawn, next to the current UN Headquarters. The building contains a mixed program of functions which are coherent to the building’s main function: to collect research material (library), to produce policies (offices), to propagate to citizens (auditoria) and to exchange knowledge to countries (the main council room). Due to the very nature of the building varies sustainable solutions are architecturally integrated in the design.Materialisation: Strategic Architectural Design Development (SADD)ArchitectureArchitectur
Search for two-neutrino double electron capture on 124Xe with the XMASS-I detector
Full text linkDouble electron capture is a rare nuclear decay process in which two orbital electrons are captured simultaneously in the same nucleus. Measurement of its two-neutrino mode would provide a new reference for the calculation of nuclear matrix elements whereas observation of its neutrinoless mode would demonstrate lepton number violation. A search for two-neutrino double electron capture on 124Xe is performed using 165.9 days of data collected with the XMASS-I liquid xenon detector. No significant excess above background was observed and we set a lower limit on the half-life as 4.7×1021 years at 90% confidence level. The obtained limit has ruled out parts of some theoretical expectations. We obtain a lower limit on the 126Xe two-neutrino double electron capture half-life of 4.3×1021 years at 90% confidence level as well. © 2016 The Author(s)1851sciescopu
Direct dark matter search by annual modulation in XMASS-I
Full text linkA search for dark matter was conducted by looking for an annual modulation signal due to the Earth's rotation around the Sun using XMASS, a single phase liquid xenon detector. The data used for this analysis was 359.2 live days times 832 kg of exposure accumulated between November 2013 and March 2015. When we assume Weakly Interacting Massive Particle (WIMP) dark matter elastically scattering on the target nuclei, the exclusion upper limit of the WIMP-nucleon cross section 4.3×10-41 cm2 at 8 GeV/c2 was obtained and we exclude almost all the DAMA/LIBRA allowed region in the 6 to 16 GeV/c2 range at ~10-40 cm2. The result of a simple modulation analysis, without assuming any specific dark matter model but including electron/γ events, showed a slight negative amplitude. The p-values obtained with two independent analyses are 0.014 and 0.068 for null hypothesis, respectively. We obtained 90% C.L. upper bounds that can be used to test various models. This is the first extensive annual modulation search probing this region with an exposure comparable to DAMA/LIBRA. © 2016 The Author(s)115211sciescopu
BRICS in Africa: promoting development
Full text linkSummary of the discussion held at the book launch at Exclusive Books, V&A Waterfront, 11 OctoberAn enlightening book launch was held at Exclusive Books in the V&A Waterfront, featuring a distinguished panel including the book's co-editors Krish Chetty, Dr. Yul Derek Davids, and contributing
author Dr. Jaya Josie. The event centred around their new book, which delves into the intricate
dynamics of BRICS (Brazil, Russia, India, China, and South Africa) nations and their influence on African
development.N/
A measurement of the scintillation decay time constant of nuclear recoils in liquid xenon with the XMASS-I detector
No full textWe report an in-situ measurement of the nuclear recoil (NR) scintillation decay time constant in liquid xenon (LXe) using the XMASS-I detector at the Kamioka underground laboratory in Japan. XMASS-I is a large single-phase LXe scintillation detector whose purpose is the direct detection of dark matter via NR which can be induced by collisions between Weakly Interacting Massive Particles (WIMPs) and a xenon nucleus. The inner detector volume contains 832 kg of LXe. 252Cf was used as an external neutron source for irradiating the detector. The scintillation decay time constant of the resulting neutron induced NR was evaluated by comparing the observed photon detection times with Monte Carlo simulations. Fits to the decay time prefer two decay time components, one for each of the Xe2 ∗ singlet and triplet states, with τS = 4.3 ± 0.6 ns taken from prior research, τT was measured to be 26.9+0.7 -1.1 ns with a singlet state fraction FS of 0.252+0.027 -0.019. We also evaluated the performance of pulse shape discrimination between NR and electron recoil (ER) with the aim of reducing the electromagnetic background in WIMP searches. For a 50% NR acceptance, the ER acceptance was 13.7±1.0% and 4.1±0.7% in the energy ranges of 5-10 keVee and 10-15 keVee, respectively. © 2018 The Author(s
Influence of high frequency cut-off on application of high T-c SQUID in transient electromagnetic method
No full textWe have evaluated the influence of high frequency cut-off on applications of SQUID in transient electromagnetic method. Numerical integral was employed to demonstrate the influence of frequency cut-off. A theoretical interpretation to the computation outcome is also given.Physics, AppliedSCI(E)EI
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