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Returns of Post-Catastrophe induced SEO Conducted by Property and Casualty Insurance Companies
( Qingyi(freda)song Drechsler ) 한국리스크관리학회 2015 리스크 管理硏究 Vol.26 No.1
이 논문은 1981년부터 2006년 사이에 미국 손해보험사의 SEO 이후 주식 수익률을 분석하였다. 또한 일반적인 SEO와 대재해이후 이와 관련하여 발행된 대재해 SEO를 구분하여 분석하였다. 그 결과 손해보험사 SEO의 경우 일반적으로 재무분야에서 잘 알려진 SEO 이후의 장기 수익률 저하현상은 나타나지 않았다. 분석결과 손해보험사 중 SEO를 하는 회사는 하지 않는 회사에 비해 발행 전 수익률이 더 높은 회사와 레버리지가 높은 두 분류로 나타났는데, 앞의 경우는 재무상태가 좋은 회사가 대재해 이후 오는 하드마켓(hard market)에서의 고수익 사업을 위한 추가자본 확충을 하는 경우라고 볼 수 있고, 뒤의 경우는 대재해로 인한 어려움 극복을 위해 증자를 하는 경우라고 볼 수 있다. 이렇게 SEO를 하는 상이한 목적은 시장에서 투자자들이 쉽게 구별할 수 있고, 따라서 이슈이후 장기 수익률 저하현상이 발생하는 주요 원인으로 알려진 정보비대칭이 거의 없다고 하겠다. 이 점이 손보사 대재해 SEO 이후 장기주가수익률저하현상이 나타나지 않는 원인이라고 보인다. This paper examines returns post seasoned equity offerings (SEO) of property and casualty (PC) insurance companies traded in U.S. between 1981 and 2006. In addition to the return analysis post regular SEO, the unique features of catastrophe-induced SEO are studied in detail. We do not observe significant long term underperformance post SEO compared to the matching firms benchmarks, as is recorded in the finance literature studying SEO across industries. Probit analysis reveals that PC insurers who choose to conduct SEO post major catastrophes display different characteristics than the firms who choose not to. Insurers with CAT induced SEO tend to intriguingly either have higher leverage level or higher profitability. This is explained by the fact that the capital raised through SEO is used either to restore capital to survive the financial distress, or on the other end of the spectrum, to expand market share in the profitable hard market following catastrophes. Investors are found to be capable of distinguishing the motivations behind the decision of catastrophe induced SEO by analyzing firm characteristics as well as stock return performances between the hit of catastrophe events and the SEO date, and use it to assess the value of stocks post SEO accordingly.
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Symbolic Fault Injection for Plan-based Robotics
Tim Meywerk,Vladimir Herdt,Rolf Drechsler 제어로봇시스템학회 2022 제어로봇시스템학회 국제학술대회 논문집 Vol.2022 No.11
Autonomous robots are being used increasingly in safety-critical environments. Due to their dynamic nature and uncertainty, failures of low-level actions are common. In plan-based robotics, these failures are handled inside the higher-level plans, using a multitude of failure handling strategies. With the increasing complexity of robotic plans, failures may be accidentally left unhandled. This will usually stop the plan entirely. To avoid such a situation, the failure handling should ideally be complete, i. e. there should be no failure that can reach the top-level of the execution. In this paper, we propose to use formal methods, in particular symbolic fault injection to tackle the problem of finding unhandled failures or proving that no such failure exists. We implement symbolic fault injection for the CRAM Planning Language (CPL). We base our work on the worst-case assumption that any low-level action may fail at any time with any of its possible types of failure. Our work builds upon an existing symbolic execution engine for CPL and extends it to reason about CPL’s failure handling mechanism. We also present a way to implement the worst-case assumption directly into CPL. Our experimental evaluation suggests that symbolic fault injection is a suitable and scalable method to find unhandled failures in robotic plans.
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Assessing Behaviour of Fresh and Hardened Geopolymer Concrete Mixed with Class-F Fly Ash
M. Albitar,P. Visintin,M.S. Mohamed Ali,M. Drechsler 대한토목학회 2015 KSCE JOURNAL OF CIVIL ENGINEERING Vol.19 No.5
Geopolymer binders have been shown to be a potential green replacement for Ordinary Portland Cement (OPC) in concrete manufacture. This paper presents an experimental study into the behaviour of geopolymer concrete in both its wet and hardened states using Class F fly ash. The experimental program included 15 mix designs to investigate the influence of water-to-binder and superplasticiser-to-binder ratios on the workability and strength of fly ash-based geopolymer concrete. The results show that the addition of naphthalene sulphonate polymer-based superplasticiser has little to no influence on workability and a detrimental effect on strength. Furthermore, the indirect tensile strength, flexural tensile strength and elastic modulus of fly ash-based geopolymer concrete were recorded in this experimental program and have been added to a database of available tests in the open literature. The experimentally determined results are subsequently compared with prediction models developed for OPC-based concrete. The comparison suggests that existing OPC models provide reasonably accurate predictions of the elastic moduli and stress-strain relationships, whereas they slightly underestimate flexural and splitting tensile strengths
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Steering Coacervation by a Pair of Broad-Spectrum Regulators
Yang, Shenyu,Li, Bo,Wu, Chunxian,Xu, Weiwei,Tu, Mei,Yan, Yun,Huang, Jianbin,Drechsler, Markus,Granick, Steve,Jiang, Lingxiang American Chemical Society 2019 ACS NANO Vol.13 No.2
<P>Coacervation is liquid-liquid phase separation ubiquitous in industrial applications and cellular biology. Inspired by cellular manipulation of coacervate droplets such as P granules, we report here a regulatory strategy to manipulate synthetic coacervation in a spatiotemporally controllable manner. Two oppositely charged small molecules are shown to phase separate into coacervate droplets in water as a result of electrostatic attraction, hydrophobic effect, and entropy. We identify a down regulator, β-cyclodextrin, to disrupt the hydrophobic effect, thus dissolving the droplets, and an up regulator, amylase, to decompose β-cyclodextrin, thus restoring the droplets. The regulation kinetics is followed in real time on a single-droplet level, revealing diffusion-limited dissolution and reaction-limited condensation, respectively, taking ∼4 s and 2-3 min. Versatility of this strategy to manipulate the coacervation is demonstrated in two aspects: spatially distributed coacervation in virtue of amylase-grafted hydrogel frameworks and coacervate transportation across membranes and hydrogel networks <I>via</I> a disassemble-to-pass strategy. The current regulatory pairs and strategies are anticipated to be general for a wide variety of synthetic self-assembly systems.</P> [FIG OMISSION]</BR>
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