Dissertations / Theses on the topic 'Depository'

In the thesis, a number of cost characteristics of the UK building society and retail banking sectors are estimated using econometric techniques. The cost characteristics considered broadly fall into the three areas of productivity, efficiency and competitiveness. The study was undertaken with the aim of considering both the magnitude and degree of change in these cost characteristics over time. This assessment is deemed to be important due to the wide-ranging changes in the regulatory, institutional and market environment of both these sectors. For reasons of structure and clarity, the thesis is divided into two parts. The first part of the thesis provides a broad discussion of the operating environment, the model specification, variable definition, the concept of efficiency, econometric techniques, previous literature and the form of the statistics used to measure the relevant economic characteristics. The second part of the thesis contains the empirical studies in which economic characteristics are estimated. Cost efficiency is measured for both the retail banking and building society sectors using differing model forms and distinct functional forms. Fixed effects panel data techniques are employed in both studies. Both model specification and functional forms are deemed to influence the estimates produced. It is discovered that both sectors experience a degree of cost efficiency dispersion. Measures of economies of scale and product mix are also estimated with positive economies of scale and constant returns to scale found in the retail bank and building society sectors, respectively. The findings from the analysis of economies of product mix are less than clear. Nevertheless, it may be stated that the re-regulation which allowed a greater degree of product diversification in the building society sector appears to be justified in terms of cost efficiency. Very low levels of technical change and total factor productivity growth are found for both sectors. The degree of competitiveness of the building society sector was assessed using a revenue function approach. The results suggest that both retail banks and building societies operate in markets characterised by a moderate degree of monopolistic competition.

Aquesta tesi ofereix un examen en profunditat del comportament d’apreuament de les accions dipositades per part dels mercats emergents que, en gran part, s’han menystingut tot i el seu paper de dominació en l’àmbit del creuament de cotitzacions estrangeres. Les característiques de les accions dipositades fan que tinguin un valor idèntic al del seu stock subjacent i, per tant, esperen ser valorades de la mateixa manera. El fet de dur a terme una anàlisi detallada d’aquesta qüestió ha estat obstaculitzat fins ara per la falta de qualitat de les dades del dia a dia dels mercats emergents, unes informacions que faciliten l’anàlisi a temps real de la relació entre els preus de les accions dipositades i els seus stocks subjacents. Aquest estudi directe és necessari des del moment que aquests mercats tenen grans barreres comercials que possiblement distorsionen les relacions d’apreuament teòriques i emmascaren els veritables patrons d’apreuament. En el primer assaig s’examina el llarg funcionament fonamental de la relació econòmica que lliga els dos valors: la llei del preu únic. Proves recents demostren que, contràriament a allò que ocorre amb els valors de mercat, l’equitat de preus es trenca en els valors dels mercats emergents a causa de la presència de barreres comercials com ara els preus de comerç, les restriccions de la venda al detall i el control de capital. En el primer assaig es confirma la violació de la llarga carrera de la paritat en els preus de les accions dipositades egípcies, fet que està corroborat per proves de fortalesa dutes a terme durant diversos caps de setmana al mercat local i al mercat amfitrió, com també en els moviments del règim del tipus de canvi. El segon assaig se centra a identificar si existeixen oportunitats reals d’arbitratge quan es viola l’equilibri en la relació d’apreuaments subjacent. En l’anàlisi s’utilitza una única freqüència elevada durant dos anys de dades diàries de 16 valors egipcis i argentins per identificar si existeixen oportunitats d’arbitratge durant el període en què els dos valors estan comerciant i establir si les comercialitzacions d’arbitratge juguen algun paper en la convergència de preus. La metodologia emprada es basa en un procediment d’identificació del nou arbitratge que té en compte les despeses del comerç dinàmic i el volum d’aquest. S’ha establert una evidència de la presència d’un gran nombre d’oportunitats d’arbitratge a través de la mostra. S’ha vist que les oportunitats d’arbitratge persisteixen durant uns quants minuts i demanen més d’una comercialització per convergir en zones no arbitrades. A partir d’un algoritme de filtració s’extreuen les veritables comercialitzacions d’arbitratge de la comercialització d’arbitratge de les dades i s’estableix la importància del rol d’arbitratge en el moment de restablir els preus al seu valor fonamental i en el moment d’evitar que els preus vagin a la deriva lluny d’un preu implícit comú i eficient. El tercer assaig afegeix l’anàlisi de l’arbitratge i fa servir les mateixes dades diàries per examinar si és el mercat local o l’estranger el que juga un paper més dominant en l’apreuament diari dels valors de les cotitzacions creuades egípcies i argentines. Els resultats mostren que els dos mercats són importants per al procés de descobriment de preus, però que tant per a tots els valors egipcis com per a la major part dels argentins, el mercat local juga un paper més dominant. S’ha determinat que la localització de la descoberta del preu depèn de múltiples factors, entre els quals la liquiditat i el volum de comercialitzacions que cada mercat pot atraure són els més importants. El darrer assaig de la tesi va estar motivat pels resultats del tercer assaig i inspirat pels moviments de la Primavera Àrab de l’Orient Mitjà. L’aixecament a Egipte del 25 de gener va estar acompanyat pel tancament complet dels mercats d’stock durant dos mesos sencers. Aquest fet va crear una situació interessant en la qual els únics valors egipcis que podien comercialitzar eren aquells que tenien accions dipositades i que comercialitzaven al Regne Unit. Utilitzem aquest fet per examinar l’efecte d’un canvi en el marc legal en la localització de la descoberta del preu i per determinar que durant el període d’excepció durant el qual el mercat local va estar tancat, la localització de la descoberta del preu va canviar al mercat estranger, fent que aquest fos la localització dominant per a les activitats d’apreuament. Això proporciona dades de la naturalesa dinàmica del descobriment de preus de les accions dipositades.
Esta tesis ofrece un examen en profundidad del comportamiento de pricing de los recibos de depósito por parte de los mercados emergentes que, en gran parte, ha sido negligido a pesar de su papel dominante en el ámbito del cross-listing extranjero. Las características de los recibos de depósito hacen que sean títulos idénticos a su stock subyacente y, por tanto, se espera que sean valorados de la misma forma. El análisis detallado esta cuestión ha visto obstaculizado hasta ahora por la falta de datos de calidad intradía de los mercados emergentes, que facilite el análisis en tiempo real de la relación entre los precios de los recibos de depósito y su stock subyacente. Este análisis directo es necesario desde el momento que estos mercados tienen grandes barreras comerciales que posiblemente distorsionan las relaciones de pricing teóricas y enmascaran los verdaderos patrones de pricing. En el primer estudio, se examina la relación económica fundamental a largo plazo que relaciona los dos títulos: la ley del precio único. Pruebas recientes demuestran que, contrariamente a aquello que ocurre con los valores del mercado desarrollado, la paridad de precios se rompe en los valores de los mercados emergentes debido a la presencia de barreras comerciales como los precios comerciales, las restricciones de venta a corto y el control de capital. Este primer estudio confirma la violación de la paridad de precios de los recibos de depósito egipcios, hecho que está corroborado por los tests de fortaleza llevados a cabo durante varios fines de semana entre el mercado local y el de acogida, como también en los cambios de régimen del tipo de cambio. El segundo estudio se centra en identificar si existen oportunidades reales de arbitraje cuando se viola la relación de pricing de equilibrio subyacente. En el análisis, se usa una única serie de datos intradía de alta frecuencia durante dos años de 16 valores egipcios y argentinos para identificar si existen oportunidades de arbitraje durante el período en que los dos valores se están comerciando y establecer si las comercializaciones de arbitraje tienen algún papel en la convergencia de precios. La metodología usada se basa en un nuevo procedimiento de identificación del arbitraje que tiene en cuenta los costes comerciales dinámicos y los volúmenes. Se ha constatado que existe un gran número de oportunidades de arbitraje a lo largo de la muestra. Se ha visto que las oportunidades de arbitraje persisten durante unos cuantos minutos y requieren más de una comercialización para converger en zonas no arbitradas. A partir de un algoritmo de filtración, se extraen los intercambios reales de arbitraje de los intercambios de la serie de datos y se establece la importancia del rol de los árbitros para restablecer los precios a sus valores fundamentales y evitar que los precios se alejen de un precio implícito común y eficiente. El tercer estudio se basa en el análisis del arbitraje y utiliza la misma serie de datos intradía para examinar si es el mercado local o el extranjero el que tiene un papel más dominante en el pricing intradía de los valores de las cotizaciones cruzadas egipcias y argentinas. Los resultados muestran que los dos mercados son importantes para el proceso de revelación del precio, pero que para todos los valores egipcios y para la mayor parte de los argentinos el mercado local tiene un papel más dominante. Se ha observado que la localización de la revelación del precio depende de múltiples factores, entre los cuales la liquidez y el volumen de comercialización que cada mercado puede atraer son los más importantes. El último estudio de esta tesis fue motivado por los resultados del tercer estudio e inspirado por los movimientos de la Primavera Árabe del Oriente Medio. La revuelta del 25 de enero vino acompañado por el cierre total de los mercados bursátiles durante dos meses enteros. Este hecho creó un escenario interesante en el cual los únicos valores egipcios que se podían comercializar eran aquellos que tenían recibos de depósito y que comercializaban en el Reino Unido. Utilizamos este hecho para examinar el efecto de un cambio en el marco legal de la locación del descubrimiento del precio y para ver que durante el período de excepción durante el cual el mercado estuvo cerrado, la localización de la revelación del precio ha pasado al mercado emergente, haciendo que este fuera la localización dominante para las actividades de pricing. Esto demuestra la naturaleza dinámica del descubrimiento de precios de los recibos de depósito.
This thesis provides an in-depth examination of the pricing behavior of depository receipts from emerging markets which have been largely overlooked despite their dominating role in the foreign cross-listing arena. Characteristics of depository receipts make them identical securities to their underlying stock and therefore both are expected to be priced equally. A detailed analysis of the issue has been so far hampered by the lack of quality intraday data from emerging markets that facilitates a real time analysis of the relationship between the prices of the depository receipt and its underlying stock. This direct examination is required since those markets have large trading barriers that are hypothesized to distort the theoretical pricing relationship and mask true pricing patterns. The first essay examines the fundamental long run economic relationship that ties both securities: the law of one price. Recent evidence shows that contrary to developed market equities, price parity is broken in emerging market equities due to the presence of trading barriers such as trading costs, short selling restrictions and capital controls. The first essay confirms the violation of long run price parity in Egyptian depository receipts which is corroborated by robustness tests around the different weekends between the local and host market as well as around exchange rate regime shifts. The second essay focuses on identifying whether real arbitrage opportunities exist when the underlying equilibrium pricing relationship is violated. The analysis uses a unique two year high frequency intraday dataset from 16 Egyptian and Argentinean equities to identify whether arbitrage opportunities exist during the period when both securities are simultaneously trading and establish whether arbitrage trades play a role in price convergence. The methodology used relies on a novel arbitrage identification procedure that uses dynamic trading costs and volumes. Evidence of the presence of large number of arbitrage opportunities across the sample is established. Arbitrage opportunities are found to persist for several minutes and require more than one trade to converge to no-arbitrage zones. A filtering algorithm extracts real arbitrage trades from the arbitrage trades from the dataset and establishes the important role of arbitrageurs in restoring prices to their fundamental values and in keeping prices from drifting away from a common efficient implicit price. The third essay builds on the arbitrage analysis and uses the same intraday dataset to examine whether the local or foreign market plays a more dominant role in the intraday pricing of the Egyptian and Argentinean cross-listed securities. The results show that both markets are important for the price discovery process, but that for all of the Egyptian and most of the Argentinean securities, the local market plays a more dominant role. The location of price discovery is found to depend on several factors, most importantly the liquidity and trading volume that each market can attract. The final essay in the thesis was motivated by the results of the third essay and inspired by the Arab spring movements in the Middle East. The 25th of January uprising in Egypt was accompanied by a full stock market closure for a complete two months. This created an interesting setting in which the only Egyptian equities that were allowed to trade were those with depository receipts trading in the UK. We use this event to examine the effect of a change in the legal environment on the location of price discovery and find that during the interim period where the local market was closed, the location of price discovery has shifted to the foreign market making it the dominant location for pricing activity. This provides evidence of the dynamic nature of the price discovery of depository receipts.

Device-to-device (D2D) is a new paradigm in cellular networks that enhances network performance by introducing increased spectral efficiency and reduced communication delay. Efficient data dissemination is indispensable for supporting many D2D applications such as content distribution and location-aware advertisement. In this work, I investigate a new and interesting data dissemination problem where the receivers are not explicitly known and data must be disseminated to the receivers within a probabilistic delay budget. I propose to exploit data depositories, which can temporarily house data and deliver them to interested receivers upon requests. I formally formulate the delay-constrained profit maximization problem for data deposition in D2D networks and show its NP-hardness. Under the unique mobile opportunistic network setting, a practical solution for such problem must be distributed, localized, and online. To this end, I introduce three algorithms for Direct Online Selection of 1-Depository, Direct Online Selection of L-Depositories, and Mixed Online Selection of L-Depositories. To demonstrate and evaluate the system, I implement a prototype using Google Nexus handsets and conduct experiments for five weeks. I further carry out simulations based on real-world mobility traces for evaluation of large-scale networks and various network settings that are impractical to experiment.

Trading securities is a process that requires multiple trusted intermediaries to ensure that the trade is done correctly. The securities industry is therefore very slow and expensive; the central securities depository (CSD) being one of the main contributors to the disruption. In an effort to fix this, financial institutions has recently started looking into the blockchain technology; the innovation behind the cryptocurrency Bitcoin. Bitcoin is a digital currency that can be traded peer-to-peer without the need for a trusted intermediary. If this concept could be used when trading securities it would simplify the process, making the settlement-time near instant. In addition to the speedup, it would also save the industry a lot of money since many processes could be automated. The purpose of this paper is to provide an overview of the blockchain technology and its applications in the finance industry. The focus is on how a blockchain could be used to reduce the responsibility of the central securities depository as much as possible, and especially on how corporate actions could be automated. The goal is to answer these questions: Is blockchain a suitable platform for a decentralized corporate actions solution? Whatare the benefits and drawbacks of using a blockchain versus a traditional centralized solution? The aim is to provide an evaluation of the usage of blockchains in finance, with extra focus on the CSD and corporate actions

На сьогоднішній день Національна депозитарна система України не ефективно виконує свої функції, незважаючи на той факт, що десять років тому уряд Франції передав українській державі біржову систему, а уряд США вклав мільйони доларів у створення в Україні системи організованої торгівлі корпоративними цінними паперами. На початку червня 2003 року комітет економічного розвитку та з питань європейської інтеграції під головуванням міністра фінансів Миколи Азарова розглядав проблеми Національного депозитарію та визначив заходи щодо прискорення розвитку депозитарної системи України, від функціонування якої залежить не тільки ефективність роботи індустріального сектора вітчизняної економіки, а й інвестиційний клімат у країні. Основною проблемою депозитарної системи України було визнано відсутність в державі центрального депозитарію та інших центральних системних установ Національної депозитарної системи.

Особенно актуальным вопросом развития фондового рынка является создание эффективной системы учета прав на ценные бумаги и расчетов по операциям с ними.
A particularly relevant issue for the development of the stock market is the creation of an efficient system for accounting for securities rights and settlements with transactions with them.

The basic asset pricing model is developed under the presumption of homogeneous beliefs; However, Miller (1977) puts forward heterogeneous beliefs along with other early studies. His appealing theoretical verbal model suggests that rather than reflecting the average expectation of all market participants, stock prices reflect the valuation set by the most optimistic investors due to the differences of opinion and short-sales constraints. He predicts the convergence of divergent opinions over time "primarily because the passage of time often resolves certain uncertainties about the future of a company" (Miller 1977, p. 1155). Among the prior empirical studies which provide mixed evidence of Miller hypothesis, the most recent study by Berkman et al. (2009) endeavors to document the negative relationship between excess returns and differences of opinion in a three-day window around earnings announcements when there are binding short-sales constraints.

Yet to date there has been little empirical research investigating how divergent opinions affect asset prices of foreign stocks. This dissertation takes a step in this direction. Using the American Depositary Receipts sample, we adopt an event study methodology and use multivariate regressions to examine the host-market response in divergent opinions to the earnings announcements. Overlooked by prior literature, asymmetric reactions to good and bad earnings surprises are allowed in the study. Country-level factors from home market are introduced with firms-characteristic factors to capture the cross-sectional excess returns in the presence of belief dispersion and host-market short-sales constraints.

Our sample contains 553 ADRs with 13378 firm-quarter observations from 52 countries. Results from regression analysis show that consistent with Miller hypothesis, quarterly earnings announcements indeed help reduce opinion divergence in ADRs by documenting the negative relation between differences of opinions and excess quarterly earnings announcement returns. Our findings are robust when controlling the financial leverage, illiquidity, analyst forecasts, post-earnings announcement drift and price momentum. Moreover, we find investors do process information asymmetrically based on good and bad earnings shocks when use TURN as the DIVOPN proxy. We observe the price divergence when good earnings are released. Non-news group and bad news group experience the same price convergence. However, we do not find the positive relation between host-market short-sales constraints and excess earnings announcement period returns, even conditioning on home-market short-sales restriction. Last, we include the enforcement of insider trading law, legal origin, investor protection, rating on accounting standard and short-selling feasibility from home market into our baseline model. These home-market country-level factors do not account for our findings.

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Bachelors
Business Administration
Finance

The focus of this thesis is on the emerging markets. It assesses intra- and inter-market mean and volatility spillover, investigates the impact of the Mexican currency crisis on international portfolio diversification, and employ international asset pricing to test the integration of the emerging markets.

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Objetivou-se com o presente trabalho, estudar os efeitos da convergência às normas internacionais de contabilidade (IFRS), da cobertura de analistas financeiros e da emissão de American Depositary Receipts - ADR, sobre o disclosure voluntário das empresas listadas na BM&FBOVESPA. Partindo-se da análise de 14 trabalhos acadêmicos, desenvolveu-se um índice de disclosure voluntário contendo um total de 38 itens, sendo 25 itens de natureza financeira, econômica e organizacional e 13 itens de natureza social e ambiental. O check list do índice desenvolvido foi aplicado sobre 1.406 documentos (notas explicativas e relatórios da administração, contendo 58,2 mil páginas), de uma amostra com 703 observações - ano, obtidas durante os anos de 2006 a 2013. Utilizando-se do teste de Wilcoxon, os resultados apontam incrementos estatisticamente significantes nos níveis de disclosure voluntário durante o período de convergência ao padrão IFRS no Brasil, sendo mais significativos elementos de natureza econômica, financeira e organizacional do que os de natureza social e ambiental. Utilizando-se de modelos OLS robustos, aplicados sobre dados em painel desbalanceado, os resultados dos testes econométricos confirmaram parcialmente a hipótese de que o padrão IFRS contribuiu no desenvolvimento do disclosure voluntário das empresas com maior acompanhamento de analistas financeiros, porém, significativamente para as empresas que emitiram American Depositary Receipts (ADR) durante o período de convergência às normas internacionais de contabilidade. Os resultados são robustos e significativos quando controlados por variáveis representativas do tamanho (TAM), da rentabilidade (RENT), do endividamento (ALAV) e de auditoria de uma big – four (AUDI) como determinantes do disclosure voluntário durante o período de convergência ao padrão IFRS no Brasil.
We aim in this paper to study the effects of the International Account Standards, the cover of financial analysts and the emission of American Depositary Receipts (ADR), on the voluntary disclosure of BM&FBOVESPA companies, during the period of convergence to IFRS standards. From the analyses of 14 papers, we developed a check list with 38 items of voluntary disclosure, being 25 financial, economic and organizational items and 13 environmental and social items. The developed check list was applied to 1,406 documents (foot notes and director’s reports, with 58.2 thousand pages) of a sample of 703 firm–year observations, between 2006 and 2013. By using Wilcoxon test, the results show significant augmentation in the voluntary disclosure levels during the period of IFRS adoption in Brazil, being economic, financial and organizational elements more significant than social and environmental elements. By using robust OLS models for unbalanced panel data, the results for the econometric tests partially confirmed the hypothesis that IFRS has contributed for the development of voluntary disclosure of firms with higher financial analysts’ coverage. Besides, we found significant evidence that firms which emitted ADRs has enhanced their levels of voluntary disclosure during the convergence period to IFRS. The results are robust and significant when controlled by size (TAM), profitability (RENT), leverage (ALAV) and being audited by a Big Four company (AUDI) as determinants of voluntary disclosure over the period of convergence to IFRS.

The number of dividend paying firms has been on the decline since the popularity of stock repurchases in the 1980s, and the recent financial crisis has brought about a wave of dividend reductions and omissions. This dissertation examined the U.S. firms and American Depository Receipts that are listed on the U.S. equity exchanges according to their dividend paying history in the previous twelve quarters. While accounting for the state of the economy, the firm’s size, profitability, earned equity, and growth opportunities, it determines whether or not the firm will pay a dividend in the next quarter. It also examined the likelihood of a dividend change. Further, returns of firms were examined according to their dividend paying history and the state of the economy using the Fama-French three-factor model. Using forward, backward, and step-wise selection logistic regressions, the results show that firms with a history of regular and uninterrupted dividend payments are likely to continue to pay dividends, while firms that do not have a history of regular dividend payments are not likely to begin to pay dividends or continue to do so. The results of a set of generalized polytomous logistic regressions imply that dividend paying firms are more likely to reduce dividend payments during economic expansions, as opposed to recessions. Also the analysis of returns using the Fama-French three factor model reveals that dividend paying firms are earning significant abnormal positive returns. As a special case, a similar analysis of dividend payment and dividend change was applied to American Depository Receipts that trade on the NYSE, NASDAQ, and AMEX exchanges and are issued by the Bank of New York Mellon. Returns of American Depository Receipts were examined using the Fama-French two-factor model for international firms. The results of the generalized polytomous logistic regression analyses indicate that dividend paying status and economic conditions are also important for dividend level change of American Depository Receipts, and Fama-French two-factor regressions alone do not adequately explain returns for these securities.

Thesis (Ph. D.)--Ohio State University, 2002.
Title from first page of PDF file. Document formatted into pages; contains xi, 137 p.; also contains graphics (some col.). Includes abstract and vita. Advisor: René M. Stulz, Dept. of Business Administration. Includes bibliographical references (p. 91-95).

Im Grundwasser des radioaktiven Endlagers Tomsk-7, Sibirien, Russland wurde die mikrobielle Diversität mittels der 16Sr DNA-Analyse untersucht. Die Ergebnisse zeigen die Dominanz von Betaproteobakterien, Bacteroidetes und einer neuen "Cyanobacteria-ähnlichen" Gruppe. Methanogene und verschiedene Cluster von Crenarcheota bestimmen die Archaeenpopulation. Autotrophe Bakterien wurden mit der RubisCO-Methode identifiziert und damit die Dominanz der Betaproteobakterien bestätigt. Aus den Gruppen der Alphaproteo- und Aktinobakterien wurden oligotrophe Bakterien isoliert. Diese tolerieren relativ hohe Konzentrationen unterschiedlicher Schwermetalle und wechselwirken effektiv mit Uran. EXAFS-Analysen haben gezeigt, dass bei pH 4,5 die Stämme U(VI) in Form von meta-Autunite immobilisieren. Bei pH 2 wurde das Uran an organische Phosphatreste gebunden. In der Umgebung des Endlagers Tomsk-7 wurden damit Mikroorganismen gefunden, die ein hohes Potential zur Bindung und zum Transport von Radionukliden haben.

Non-arbitrage asset pricing has been an avenue of unending interest to financial academics and practitioners alike. With increased capital outflow being permitted by developing economies, investors now have easy access to securities issued by foreign firms. The issue investigated in this research is concerned with the persistent presence of arbitrage opportunities between depository receipts and domestic stocks of Indian firms during the recent financial crisis. Instead of being priced in parity with one another during the crisis, ADRs of Indian firms were overpriced by as much as 70% for months on end. This thesis investigates the reasons giving rise to this premium by analyzing causes like benefits from diversification and liquidity.

American Depository Receipts (ADRs) represent shares of foreign firms that are issued and traded in the U.S. Since an ADR and its underlying shares represent ownership interest of the same firm, they should be perfect substitutes in a perfect market. However, market imperfections such as differences in information environment, liquidity, investment and trading restrictions, taxes, control right, corporate governance might make them less-than-perfect substitutes. These imperfections, on the other hand, also present opportunities for research. This dissertation consists of two essays on ADRs, both related to the effects of less-thanperfect information. Specifically, the first essay examines the return and volatility transfers between ADRs and their underlying home shares. Our investigation differs from the previous studies in that we cover substantially more countries and that we attempt to explain the variations in the extents of transfer effects both across firms and across countries. Various hypotheses are developed, based on the premise that barriers associated with trading, investments, and corporate governance would lower the extent or effectiveness of transfers. Overall, our empirical results support these hypotheses. The second essay takes the viewpoint of the issuing firms. Supposedly, an issuer's timing and dollar amount raised depend on the conditions of three markets: its home equity market, the U.S. equity market, and the currency market. From purely the standpoint of information accessibility, ADR issuers are likely to time their issues or set their amounts with respect to the conditions of the home equity market and/or currency market, with which they are more familiar. On the other hand, issuers typically employ the assistance of U.S. investment banks, and therefore they may be well-informed about the U.S. equity market. This is largely an empirical issue. Generally, our empirical results are mixed, but there is somewhat stronger evidence for the U.S. equity market being more important when setting the issue amount. There is also evidence that suggests regulations having influences on such activities.

Ventilation systems for depositories have certain specifics. Their main objective is to provide safe environment for preserving unique cultural or other valuable objects that are being stored for extensive time periods. The economical aspect of the operation should be taken into ac-count and the ventilation system adjusted accordingly. This project also incorporates ventila-tion of secondary areas. Ventilation system is subsequently assessed in terms of indoor air quality (CFD simulation) and energetic requirements (program TRNSYS). Air quality in depositories is evaluated using age of air parameter. The qualitative and quanti-tative outcomes are obtained. Possible measures are then suggested to improve the air quality. The objective of energy simulation is to evaluate overall energy required for a year of opera-tion of main air handling units. In addition, estimation of energy requirements for heating and cooling are made for the whole building. The results are compared and more simulations are carried out in order to lower overall energy consumption.

L'étude comparée de l'émission d'ADR en tant qu'alternative à la cotation directe d'actions domestiques sur le marché américain permet de mettre en évidence les mécanismes économiques et financiers qui expliquent le choix des entreprises et la réponse des marchés internationaux de capitaux. La globalisation des marchés de capitaux expose la formation des prix des actifs financiers à des facteurs exogènes. Dans un contexte de segmentation des marchés, ces phénomènes d'externalité se traduisent par l'ajustement des relations d'équilibre à la suite d'une double cotation. Nous avons étudié la chute de rentabilité qui en résultait ainsi que l'apparition d'une prime de risque dans la composition du prix de l'actif considéré, laquelle va dépendre de la covariance des rendements, de la capitalisation boursière et de l'aversion pour le risque sur le marché étranger. La même démarche empirique appliquée aux ADR révèle un excès de rendement du titre sous-jacent sur le marché domestique, ce qui expliquerait la préférence des firmes pour le listing d'ADR. Ce résultat doit être nuancé par la considération d'une volatilité accrue, conformément à la théorie du noise trading. Alternativement, la modélisation du prix d'équilibre des ADR souligne le rôle des fluctuations des taux de change dans la différence des rendements observés entre l'ADR et le titre sous-jacent. A cet égard, il semble que ce soient les variations de change qui, en atténuent ou aggravant les effets importes du marché domestique, donnent naissance à des disparités de rendements et donc à des possibilités d'arbitrage. L'étude statistique renforce nos conclusions : elle fait apparaître une corrélation positive des rendements des ADR avec le marché domestique du titre sous-jacent et corrobore de ce fait la théorie de l'utilisation des ADR en tant qu'outils de diversification dans une gestion internationale de portefeuille,

Assignment of master project was find a solution of new entrance to Vejvanovského street in Kroměříž. The location is situated on the edge of the historic center. The proposal define new function to this location and there is a gallery, art studio, bicycle depository, atd.

Orientador : Bernardino Ribeiro de Figueiredo
Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Geociencias
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Doutorado

The dissertation consists of two essays. In the first essay we study the efficiency of banks during the period of (2000-2017) that witnessed a fierce financial crisis in the light of the regulatory acts enacted in response to the crisis (Basel III 2010). We investigate the combined impact of compliance with Tier 1 and Tier 2 capital, common equity Tier 1, and leverage requirements on bank operating efficiency. We measure operational efficiency of 68 insured, U.S. federally and state-chartered, commercial banks, with consolidated assets of $15 billion or more, over a sampling period of 18 years. We seek to identify whether different dimensions of bank regulation are efficient in stabilizing US financial system by improving efficiency of large commercial banks; whether they impede bank efficiency by limiting its risk-taking endeavors and tightening its capital usage; or whether no impact on efficiency exists altogether. We build an empirical model measuring the impact of capital and leverage regulation and credit risk on banks’ operational efficiency. Empirical findings show a positive and statistically significant impact of capital adequacy on operating efficiency of large U.S. commercial banks, with common equity Tier 1 having more power in determining efficiency. Leverage requirements and net charge-offs are also found to be significant determinants that promote bank operating efficiency. In the second essay we investigate determinants for government’s choice of sovereign Sukuk over conventional bonds. Using a sample of 143 sovereign Sukuk and 602 sovereign conventional bonds issued in 16 OIC countries during (2000-2015), we analyze factors affecting the government's choice of employing sovereign Sukuk structure as substitute to sovereign bonds instruments. Results suggest that countries having developed financial markets, higher credit quality, and strong economic and financial prospects are more likely to issue sovereign Sukuk rather than sovereign bonds, mainly as a strategy to diversify and develop their current debt markets by introducing newly-developed debt tools. However, countries with weaker economic and financial indicators are more likely to opt for the classic sovereign bonds. We conclude that government’s choice of sovereign debt is mainly determined by a country’s financial characteristics, macroeconomic indicators and certain specific events.

The thesis focuses on the way inventories are stored in depositories. Later on, it develops a project of the air-conditioning system in the archive. The last part of the thesis deals with an experiment which examines the interior environment of the depository.

This thesis deals with identification and analysis of weak points of current management of National museum's collections and aimes to apply selected logistic technologies and to propose efficient logistic network operating in actual situation of Central depository Terezín II. The issue is handled in connection with moving of the museum collection, which represents not only unique project in the history of modern museum praxis but also an appropriate opportunity for reengineering and improving of existing procedures connected with legal mission of the most important and largest museum institution in the Czech Republic.

A liquidação das operações internacionais com valores mobiliários suscita questões de grande relevância em decorrência das diferenças entre os sistemas jurídicos envolvidos e a pluralidade de participantes. O objetivo desta tese é analisar as normas jurídicas brasileiras em relação às estrangeiras relevantes, por força de operações transfronteiriças que tenham por objeto valores mobiliários escriturais, notadamente operações de compra e venda de ações, para verificar a situação do sistema jurídico brasileiro e sua estrutura de pós-negociação em relação a outros países. Haverá descrição e análise da estrutura de liquidação de operações domésticas e da estrutura envolvida em operação com componente estrangeiro. Como aspectos necessários para a compreensão do tema, abordam-se as consequências jurídicas decorrentes da imobilização e desmaterialização dos valores mobiliários e da interposição de intermediários entre o investidor final e o emissor dos valores mobiliários usual nas operações transfronteiriças. Todo o trabalho considera as tendências e esforços de harmonização das normas aplicáveis que vem ocorrendo no plano internacional, podendo-se verificar que as normas e estruturas brasileiras para liquidação de operações com valores mobiliários são sólidas, adequadas e precisam apenas de aprimoramentos pontuais para atingir os melhores padrões internacionais.
The settlement of international securities transactions raises important issues due to the differences among legal systems and the pluralism of participants involved. The purpose of this thesis is to analyze Brazilian legal rules in relation to relevant foreign rules by virtue of cross border transactions involving book entry securities, mainly purchase and sale of shares, in order to assess the situation of the Brazilian post trading system and structure compared to other countries. There will be a description and analysis of domestic settlement structure and cross border structures involved in transactions with foreign elements. Other relevant topics are the legal consequences arising from securities immobilization and dematerialization and from the existence of intermediaries between the final investor and the issuer, frequent in cross-border transactions. The whole thesis considers the existing trends and efforts to harmonize legal rules, and the conclusion is that Brazilian rules and structure for securities settlement are sound, appropriate and meet the best international standards, although minor adjustments may be implemented.

This study uses the tools of accounting research in an exploratory examination of American Depositary Receipts (ADRs). ADRs are registered certificates that represent specified amounts of foreign stocks held in trust by the banks issuing the ADRs. They are used to avoid the day-to-day problems created by international securities transactions. The empirical portion of this study considers three research areas linking ADRs and accounting. The first question considers whether ADR firms show financial accounting information that is characteristically different from that for non-ADR firms. The major conclusion is that corporate size is the predominant distinguishing factor. The second question is whether the portion of the periodic returns on ADR investments caused by foreign currency exchange effects is significant. The major conclusion to this section is that foreign exchange effects can significantly affect ADR returns, but not in a consistent manner. The third area examines whether ADR returns are more closely correlated with the American markets on which they trade or with the foreign markets on which their underlying shares trade. This portion of the study shows that every possible correlation combination exists among the sample ADRs. In addition to considering these empirical questions, this study includes a thorough historical investigation of the origin and evolution of the ADR as a financial instrument.
Ph. D.

The thesis deals with the functioning of depositories in the enviroment of the Czech market from the perspective of legislative and practical. The introduction is devoted to directives that make up a harmonized legal framework and the Czech legislativ, which specifically prescribes behaving of depositories. The main part is devoted to the depositary functions, such as operating in the Czech market conditions. This part of work is focused not only on the distribution of the depositary market, but also on the collected amount of the fees, the efficiency of regulation in the real market enviroment and in the importace of depositories in the Czech market. The final section is devoted to the findings, including the final assessment of the depositaries. As a first of its kind, this thesis gives a comprehensive view of activity of depositories and their importace for the Czech market, as the depositaries represent entities that control whether funds act in accordance with the legislation. Depository oversees as to prevent fraud and to qualified investors or collective investment contributed to the further development of the capital market, which is necessary for the further development of all economic sectors.

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This study investigates whether the composition of bank debt affects payout policy. I identify that information-sensitive depositors (Institutional Investors) are targets of dividend signaling by banks. I use a unique database of Brazilian banks, for which I am able to identify several types of debtholders, namely Institutional Investors, nonfinancial firms and individuals, which are potential targets of dividend signaling. I also exploit the features of the Brazilian banking system, such as the existence of several closely held banks, owned and managed by a small group of shareholders, for which shareholder-targeted signaling is implausible, and find that banks that rely more on information-sensitive (institutional) depositors for funding pay larger dividends, controlling for other features. During the financial crisis, this behavior was even more pronounced. This relationship reinforces the role of dividends as a costly and credible signal of the quality of bank assets. I also find that payout is negatively related to the banks’ cost of funding (interest rates paid on certificates of deposits), that dividends have a positive relationship with size and past profitability and that closely held banks pay more dividends than publicly traded banks, a finding that is also in line with the idea that depositors are targets of dividend-signaling. Finally, I find a negative relationship between dividends and the capital adequacy ratio, which indicates that regulatory pressure may induce banks to pay less dividends and that payouts are negatively related to the growth of the loan portfolio, consistent with the idea of banks retaining earnings to increase equity and thus their lending capacity.
Esta tese investiga se a composição do endividamento dos bancos afeta sua política de dividendos. Identificou-se que investidores sensíveis a informações (investidores institucionais) são alvos de sinalização através de dividendos por parte dos bancos. Utilizando uma base de dados exclusiva de bancos brasileiros, foi possível identificar vários tipos de credores, especificamente, investidores institucionais, empresas não financeiras e pessoas físicas, que são alvos potenciais de sinalização por dividendos. Adicionalmente, a existência de vários bancos de capital fechado, controlados e geridos por um pequeno grupo de acionistas, em que a sinalização direcionada a acionistas é implausível, permite inferir que bancos que utilizam mais fundos de investidores sensíveis a informações (institucionais) pagam mais dividendos, controlando por diversas características. Durante a crise financeira, este comportamento foi ainda mais pronunciado. Esta relação reforça o papel dos dividendos como uma forma custosa e crível de comunicar sobre a qualidade dos ativos dos bancos. A hipótese de que os dividendos podem ser utilizados como uma forma de expropriação dos depositantes por parte dos acionistas é refutada, uma vez que, se fosse esse o caso, observar-se-ia esse maiores dividendos em bancos com depositantes menos sensíveis a informação. Além disso, foi verificada uma relação negativa entre o pagamento de dividendos e o custo de captação (juros pagos em certificados de depósito bancário) e uma relação positiva de dividendos com o tamanho e com os lucros passados, e que os bancos de capital fechado pagam mais dividendos do que os de capital aberto, uma descoberta que também se alinha com a ideia de que os depositantes seriam os alvos da sinalização por dividendos. Finalmente, encontrou-se também uma relação negativa entre dividendos e adequação de capital do bancos, o que indica que pressões regulatórias podem induzir os bancos a pagar menos dividendos e que o pagamento de dividendos é negativamente relacionado com o crescimento da carteira de crédito, o que é consistente com a ideia de que os bancos com maiores oportunidades de investimento retêm seus lucros para aumentar seu patrimônio líquido e sua capacidade de conceder crédito.

Masters degree thesis with name “Air flow in closed space” in teoretical part describes air flow. Defined here basic types of flow including the flow in a closed space and the methods for the description of the air flow. The practical part deals with project eva-luation distribution of air conditioning system using CFD model. Next solves a second variant of air distribution and compare the changes that have occurred. The end of the practical part approaching the possibility of using CFD model for creating the quality environment maps and the possibility to create variants of calculating with changing levels of the supply air.

Tesis para optar al grado de Magíster en Administración
Autores no envían autorización, para ser publicada en el Portal de Tesis Electrónicas de la U. de Chile.
obar Valenzuela, Pablo [Parte I Análisis estrátegico y de mercado], Venegas Padilla, Tiburcio Antonio [Parte II Análisis organizativo - financiero]
Los relaves mineros son un problema latente para el medioambiente. Si no se considera un manejo posterior a su abandono, pueden ser fuente de diversos inconvenientes de salud para las comunidades aledañas, ya que pueden incidir negativamente en la flora, fauna y cursos de agua disponibles del lugar donde estén insertos. Esto se debe a que aumentan su incidencia negativa por: actividad eólica, lo que provoca inhalación directa de los contaminantes; eventos climáticos lluviosos, que contaminan el agua de riego con la posterior ingesta de alimentos contaminados; movimientos telúricos, que infiltran contaminantes a napas subterráneas, entre otros eventos naturales. La empresa FitoMine tiene por objetivo resolver esta necesidad que tienen hoy las empresas mineras, de manejar adecuadamente los depósitos de relaves provenientes de sus operaciones, con una visión de futuro que cumpla con la actual legislación minera y que vaya aún más allá, generando una propuesta de valor sustentable para la industria en Chile. Este plan de negocios, se enfoca en aportar una solución integrada de gestión y de innovación tecnológica, para la mitigación y manejo medio ambiental de estos depósitos, a través de la técnica de fitoestabilización, que consiste básicamente en la implantación de especies arbóreas nativas en los depósitos terminados (no activos). La fitoestabilización utiliza especies vegetales nativas capaces de resistir y sobrevivir en suelos con altos niveles de metales, con el fin de estabilizar física y químicamente sustratos ricos en metales como es el caso de los depósitos de relaves. Esta opción, al compararse a la tradicional vitrificación o cementación, tiene notables ventajas en cuanto a servicios ambientales y eco sistémicos, pues genera belleza paisajística; aumento de áreas verdes, que con el tiempo se pueden usar para recreación; mayor captura de CO2, recuperación de la cobertura vegetal y hábitats de flora y fauna, generando valor para los clientes, trabajadores y comunidades. Este aspecto es fundamental, dado que los nuevos desarrollos mineros, están y seguirán estando fuertemente condicionados por el trabajo conjunto con las comunidades, otorgando grados cada vez mayores de asociatividad. En este estudio, se muestran las condiciones para la creación de esta empresa, dado el ambiente del mercado y los factores externos complementarios. Especialmente relevante es el marco legal, que obliga a las mineras a dar manejos sustentables a sus operaciones, incluyendo el manejo final y cierre de los tranques de relaves. El servicio ofrecido, considera el estudio de la zona de los relaves e identificación de las especies arbóreas nativas, evaluación del rendimiento de las especies escogidas, plantación de árboles y mantención por los primeros años. Mediante un trabajo riguroso y responsable, se pretende que FitoMine sea reconocida como la empresa líder y de mayor prestigio en fitoestabilización de tranques de relave en Chile. En el estudio se ha determinado, que esta es una buena oportunidad de negocio, en un entorno propicio para su implementación, arrojando valores de TIR de 35.1%, VAN sobre los $1.853 millones, muy positivos avalando su retorno. Un aspecto relevante, es el nivel de capital financiero necesario para iniciar la operación ($600 millones), que estimamos es el principal riesgo para su lanzamiento. La generación de proyectos dependerá en gran medida del acercamiento directo a los ejecutivos del área de sustentabilidad de los potenciales clientes, aportando una solución integral a los requerimientos de cierre de los depósitos de relaves.

In this dissertation we investigate different aspects of capital regulations and their impact on the behavior of commercial banks. In chapter two, we foucs on the impact of capital regulations on risk-taking of commercial banks in developed and developoing countries separately and togahter. We find that such regulations indeed reduce the risk taking of commercial banks. At the same time, we examine the relationship between capital ratios and risk taking. In line with previous literature, we find that this ratio is negative also. Further examinations including the degree of liberalization and the level of finanicl development did not yield conclusive results. In chapter three, we examine the relationship between the capital regulations and total lending and total depositis. We do not find conclusive evidence in support of the ‘credit crunch' or the ‘ risk retrenchment' hypothesis. However, several important variables do show a tendency to change with capital ratios. As a result, changes in capital ratios in response to regulations do have important impact on bank lending and decision making. In chapter four, we study five South East Asian countries within the context of the crisis of 1996. First we test for the existence of depositor discipline in these countries and find that the sate of such discipline is very weak even after such a huge crisis. We also test the degree of risk taking in the banking industry in these countries. Evidence shows that perfect competition prevails in the bankins secotr. We also try to establist the link between "the index of depositor discipline" and "index of competition". But we don't find evidence in support of this.

碩士
元智大學
財務金融學程
99
In general, companies that cross list help to drive awareness and expand investor base, furthermore, reduce companies’ coat of capital. Therefore, cross-listing decision usually been treated as good signal in various foreign cases. However, there are ambiguous conclusions about the impact on firm value of initial global equity offering in Taiwanese cases. This study use Taiwanese case to investigates the motivations of managers behind the decision of issuing depositary receipt, and tries to figure out whether different motivations have different impact on firm value. Furthermore, this study attempts to examine the relationships between corporate characteristics and managers’ motivation of raising global equity capital. This research use three hypotheses to test above comment, and offer「Investment Hypothesis」explain the relationship between DR issuance incentive and firm value. Empirical results show that, compare to financial aspect, firms issue DR with investment aspect has higher firm value. Besides, the results also support large shareholders divesting hypothesis and bonding hypothesis, and for those firms with higher growth opportunity and lower current ratio prefer to issue depository receipt.

碩士
國立中央大學
資訊管理學系碩士在職專班
93
Due to the characteristics of conservative and stable, the financial industries get accustomed to adopting traditional closed exclusive host computer system.However, the people of the financial industries think that this traditional closed exclusive host computer system will be changed by the development of opened-technique and innovation of electronic commerce, etc.. This study case is facing the same reconstruction and transforming the demand too. The main purpose of this research is directing against the renewal of the legacy information system, offer a structure of the type in a proper order and key factor of looking for the system to cause the work again, hope to enable organizing and protect value that legacy information system exists continuously, and after combining new information science and technology, accord with the system demand of new generation, give the new life for some legacy information systems. This research conclusion finds case Companies before being changed and develops again the system, should re-engineer to enterprise's procedure first (Business Process Reengineering / BPR) So as to ensure that the new system is enough to fully reflect the demand of the business in the future of company and guarantee that the automatic degree of the new system must re-engineer to close cooperation with the business procedure , so that the new system produce greatest giving a new lease of life to the comprehensive result .

碩士
國立臺灣大學
經濟學研究所
100
In this paper, I set indicators to examine the crucial factors which affect the TDR performance as the followings. 1.Pre-Listing: Track of three months for the underlying share price performance. 2.Issuing conditions: Discount/ Premium rate, Industry (high tech/others), Profitability, Issuing Scale and Company Size. 3.Post-Listing: Correlating with TWSE Index and Underlying stock price for one month. With the panel data from Taiwan Depository Receipts listed from 2009 to July 2011, I adopt Ordinary Least Squares (OLS) and System Generalized Method of Moments (System GMM) to analyze. The results indicate that TWSE Index and Underlying stock have positive and significant effect on TDR; as for TDR’s public offering conditions, including industry (high tech/others), profitability, issuing scale and company size have insignificant effect on TDR performance, and furthermore the track of three months for underlying stock performance has insignificant effect either. Besides, the local investors obviously concern the discount/premium rate of TDR offer price, the empirical result shows its significant but minor effect.

碩士
國立臺灣大學
財務金融學研究所
99
More and more non-Taiwan registered firms has cross-listed their shares as TDR (Taiwan Depository Receipt) in recent years, especially after 2009. This paper discusses the cross-listing effects of TDR on their home stock price as a basis of further research on motivations of their listing. It’s been widely discussed that the stock price of some TDR-listing firms increased dramatically due to speculation by insiders. Our event study , with available data as for Mar 11, 2011, shows statistical evidence with sign test of nonparametric method, and therefore provides possible support to the corporate benefits of cross-listing in Taiwan as that of ADR cross-listing, or insider speculation. The weak performance of share price of TDR-listing firms after listing event make us tend to believe the price increase before listing is possibly the result of market speculation.

碩士
國立彰化師範大學
會計學系
94
Abstract With the internationality and freedom of the economy, more and more companies choose international capital market to raise their capital. Recently, issuing depository receipts (DRs) has become one of the popular tools that Taiwan’s companies like to use. When the company issues depository receipts, it should follow the rules which the local government sets. The company issuing depository receipts would have much more disclosure than the other companies. General speaking, people think that the company is allowed to issue depository receipts is better than the other company which does not issue depository receipts. This study investigates the effect of issuing depository receipts. 1 If issuing depository receipts of a company influences its analysts’ forecast accuracy and its dispersion of analysts’ forecast. 2 If the investors of a company issuing depository receipts would react information to the price timely. 3 If issuing depository receipts of a company influences its cost of capital and market valuation? This study documents that the company issuing depository receipts has higher analysts’ forecast accuracy and market valuation, and lower cost of capital. This document support that company issuing depository receipts is given much higher valuation. However, this response of higher information transparency is not show on earnings response coefficients and analysts’ dispersion of forecasts. Totally speaking, issuing depository receipts can increase a company’s market valuation. Key word: depository receipts, information environment, analysts’ forecast accuracy, dispersion of analysts’ forecasts, earnings response coefficients, cost of capital, market value

碩士
淡江大學
國際貿易學系國際企業學碩士班
94
We use a two-stage, two-period option-based model to study how capital regulation, asymmetric information, strategic e-finance and the depository financial intermediary’s optimal deposit rate relate to one another. We found that e-finance can be treated as not only a technology but also a strategy. Once we treated that e-finance is a technology, we found that the depository financial intermediary can use the Internet to supplant its branches under the strategic complements in the strategic asset-liability management. Once we treated that e-finance is a strategy, we found that an increase in the capital requirements and asymmetrical information provide incentives for the intermediary’s developing e-finance under the strategic e-finance complements. Since our findings provide an alternative explanation for e-finance literature.

碩士
銘傳大學
財務金融學系碩士在職專班
99
This research aims to discuss the active transfers between Taiwanese depositary receipts (TDR) and underlying shares. Using seven sample companies: New Focus, Ju Teng International, Want Want China, Solargiga Energy, Tingyi (Cayman Islands) Holding Corporation, Sandmartin International Holdings Limited, and Neon-neon Holdings Limited, we hope to test and analyze the information of original shares and TDR using single root and co-integration tests. During the research duration, the day on which the TDR became listed is the base date; 100 daily closing prices and the daily closing price of local original shares in the same time frame are collected as sample information. Verified results are categorized as follows: (1) Using single root testing, all seven sample company’s original numerical data from TDR and underlying shares (standard values) were of non-steady time sequences; after secondary differentiation, they were of steady time numerical data. (2) Using co-integration test, Ju Teng International and Want Want China are in stable, long-term, and well-balanced states; New Focus, Solargiga Energy, Tingyi (Cayman Islands) Holding, Sandmartin International Holdings, and Neon-neon Holdings are not. The above results can be a consideration basis for investors and investing corporations or foundations.

碩士
國立高雄第一科技大學
金融系碩士班金融組
103
This study researches is aimed at differences of the herding behavior about Taiwan stock market IPO (F stock) and SPO (Taiwan Depositary Receipt, TDR ) issued by foreign corporations. First, we discover the evidence that shows herding behavior in both F stock and TDR by using the least square method to compare F sotck with TDR. Next, using quantile regression method to test return dispersion of herding in each quantile,the result shows that F stock has herding behavior in most quantiles which show fluctuatuion in the herding level. However, F stock indicates there is no significant herding behavior in high quantile. On the other hand, TDR always shows significance in every quantile.

碩士
國立中興大學
資訊管理學系所
105
The traditional financial industry is facing the impact of new technology (FinTech). In recent years, the international financial sector has become the key technology of the financial industry. The so-called blockchain, is a distributed database, the blockchain can be simply understood as a public maintenance by all the participants of the transaction ledgers, the disclosure of the account information so that all participants can check the transaction and accounting correctness, so that the ledgers have the ability to prevent the change, for all participants can trust the body. In essence, the blockchain is a trust mechanism that is reconstructed using distributed techniques and consensus algorithms. This blockchain to the center, self-management, to promote the market and smart contracts and other characteristics, and financial transactions network coincide. This thesis explores the mechanism of blockchain operation, including the formation of contract and the way of verification of transaction, from the introduction of blockchain, which is the most representative of the blockchain. The purpose is to use the “distributed ledgers” concept to use the “smart contracts” to implement the existing security companies to operate the delivery of stock, because through the blockchain trading, intermediate transactions of each account transactions will be clear recorded, and also retains the integrity of the transaction record. The study found that sharing the future of the economy, many ways of trying to bring the convenience of life in the future, the chain of evolution, is undoubtedly a new direction, manufacturing, medical information, financial transactions, applied in the blockchain to the middle of the process, can be more convenient to the implementation of the destination.

碩士
中原大學
國際貿易研究所
99
TDR has entered to market since 1998; however, it didn’t attracted by enterprises and investor due to government regulations such as Hong Kong is excluded in the approved exchange, plus not to export the proceed remitted to Taiwan or mainland China, and limited the mainland-funded enterprises can’t into Taiwan. With the opening up policy in 2009 to listed companies in Taiwan have growing, TDR has also been the issues related to Taiwan investors concern. The whole world has developed a number of papers on Depositary Receipts, but most of them are American Depositary Receipts or Global Depositary Receipts, however, the theme of the research on the TDR is rare. This study emphasizes on what characteristics of the Taiwan market where can attract foreign capital to enter to market in Taiwan and also discussed the TDR and their underlying securities in recognition of the relationship between their transfer effects. Sample time is from March 2010 to October 2010, and the sample is TDR which its original stock market is in Hong Kong, the result can find, 1. By the VAR model can be learned that the effect between TDR and their underlying securities is unidirectional and bi-directional. 2. One-way effect shows short lag periods, two-way effect shows the longer lag periods. 3. it’s not significant for the common stock of TDR which is impacted on the premium rate; but it’s obviously notable by that TDR affected on common stock. 4. Although the price of TDR and its common stock which are represented as the same assets, and also for the Department of the geographical environment in both the substantive segment of the market, which is both of the principle of one price is not always maintained, is to provide investors with diversified earnings TDR opportunities. 5. As the result of different intensity between TDR and their underlying securities, this study further suggested that to use Panel Data and Wald test to analyze the individual data to clarify the strength between individual and Maternal.