Theses and Dissertations from UMD
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New submissions to the thesis/dissertation collections are added automatically as they are received from the Graduate School. Currently, the Graduate School deposits all theses and dissertations from a given semester after the official graduation date. This means that there may be up to a 4 month delay in the appearance of a give thesis/dissertation in DRUM
More information is available at Theses and Dissertations at University of Maryland Libraries.
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Item ON THE IMPACT BETWEEN A WATER FREE SURFACE AND A RIGID STRUCTURE(2017) Wang, An; Duncan, James H; Mechanical Engineering; Digital Repository at the University of Maryland; University of Maryland (College Park, Md.)In this thesis, the impact between a water surface and a structure is addressed in two related experiments. In the first experiment, the impact of a plunging breaking wave on a partially submerged 2D structure is studied. The evolution of the water surface profiles are measured with with a cinematic laser-induced flourescence technique, while the pressure distribution on the wall is measured simultaneously with an array of fast-response pressure sensors. When the structure is placed at a particular streamwise location in the wave tank and the bottom surface of the structure is located 13.3~cm below the mean water level, a ``flip-through'' impact occurs. In this case, the water surface profile between the crest and the front face of the structure is found to shrink to a point as the wave approaches the structure without breaking. High acceleration of the contact point motion is observed in this case. When the bottom of the structure is located at the mean water level, high-frequency pressure oscillations are observed. These pressure oscillations are believed to be caused by air that is entrapped near the wave crest during the impact process. When the bottom of the structure is sufficiently far above the mean water level, the first contact with the structure is the impact between the wave crest and the bottom corner of the structure. This latter condition, produces the largest impact pressures on the structure. In the second experiment, the slamming of a flat plate on a quiescent water surface is studied. A two-axis high-speed carriage is used to slam a flat plate on the water surface with high horizontal and vertical velocity. The above-mentioned LIF system is used to measure the evolution of the free surface adjacent to the plate. Measurements are performed with the horizontal and vertical carriage speeds ranging from zero to 6 m/s and 0.6 to 1.2 m/s, respectively, and the plate oriented obliquely to horizontal. Two types of splash are found, a spray of droplets and ligaments that is ejected horizontally from under the plate in the beginning of the impact process and a highly sloped spray sheet that is ejected later when the high edge of the plate moves below the water surface. Detailed measurements of these features are presented and simple models are used to interpret the data.Item Essays on Market Frictions and Securitization(2016) Wang, An; Korinek, Anton; Shea, John; Economics; Digital Repository at the University of Maryland; University of Maryland (College Park, Md.)This dissertation provides a novel theory of securitization based on intermediaries minimizing the moral hazard that insiders can misuse assets held on-balance sheet. The model predicts how intermediaries finance different assets. Under deposit funding, the moral hazard is greatest for low-risk assets that yield sizable returns in bad states of nature; under securitization, it is greatest for high-risk assets that require high guarantees and large reserves. Intermediaries thus securitize low-risk assets. In an extension, I identify a novel channel through which government bailouts exacerbate the moral hazard and reduce total investment irrespective of the funding mode. This adverse effect is stronger under deposit funding, implying that intermediaries finance more risky assets off-balance sheet. The dissertation discusses the implications of different forms of guarantees. With explicit guarantees, banks securitize assets with either low information-intensity or low risk. By contrast, with implicit guarantees, banks only securitize assets with high information-intensity and low risk. Two extensions to the benchmark static and dynamic models are discussed. First, an extension to the static model studies the optimality of tranching versus securitization with guarantees. Tranching eliminates agency costs but worsens adverse selection, while securitization with guarantees does the opposite. When the quality of underlying assets in a certain security market is sufficiently heterogeneous, and when the highest quality assets are perceived to be sufficiently safe, securitization with guarantees dominates tranching. Second, in an extension to the dynamic setting, the moral hazard of misusing assets held on-balance sheet naturally gives rise to the moral hazard of weak ex-post monitoring in securitization. The use of guarantees reduces the dependence of banks' ex-post payoffs on monitoring efforts, thereby weakening monitoring incentives. The incentive to monitor under securitization with implicit guarantees is the weakest among all funding modes, as implicit guarantees allow banks to renege on their monitoring promises without being declared bankrupt and punished.