Dissertations / Theses on the topic 'Export premium'

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics<br>In spite of the success in the Portuguese market, its small dimension and its proximity to maturity, led Água das Pedras to internationalize its strategy and grow overseas. After the internationalization to Brazil, one considered China as a highly potential market for Pedras to succeed in, mainly due to its size and untapped demand. Hence, this report presents the competitive assessment of Pedras in the Portuguese market followed by a macro-environmental study of China as well as a detailed industry analysis. As the competitors’ analysis evidenced the potential of Pedras, an implementation plan is proposed through an Indirect Export Strategy.

We set up a trade model with heterogeneous firms and a worker population that is heterogeneous in two dimensions: workers are either skilled or unskilled, and within each skill category there is a continuum of abilities. Workers with high abilities, both skilled and unskilled, are matched to firms with high productivities, and this leads to wage differentials within each skill category across firms. Self-selection of the most productive firms into exporting generates an exporter wage premium, and our framework with skilled and unskilled workers allows us to decompose this premium into its skill-specific components. We employ linked employer-employee data from Germany to structurally estimate the parameters of the model. Using these parameter estimates, we compute an average exporter wage premium of 5 percent. The decomposition by skill turns out to be quantitatively highly relevant, with exporting firms paying no wage premium at all to their unskilled workers, while the premium for skilled workers is 12 percent.

Este trabalho buscou entender o prêmio de exportação da soja em grão no porto de Paranaguá, seu mecanismo de formação, padrão sazonal, as principais variáveis responsáveis pelas oscilações diárias e mensais, bem como determinar qual contrato futuro da bolsa de Chicago e prêmio (preços FOB) estão mais relacionados com os preços internos. Para tanto, foram levantadas através da literatura e entrevistas as variáveis potencialmente significativas para explicar as variações do prêmio de exportação da soja em grão. Adicionalmente foram calculadas séries de preços FOB, que foram posteriormente relacionadas com os preços da soja no mercado interno. Através de testes de causalidade foram definidas as principais variáveis explicativas do prêmio. Estas variáveis foram relacionadas ao prêmio através de regressões lineares, utilizando-se dados diários e mensais. O mesmo procedimento foi utilizado para definir a série de preço de exportação mais relacionada com o preço doméstico da soja. Para cada série foi realizado o teste de raiz unitária, objetivando-se verificar a estacionariedade das séries. As variáveis que apresentaram relação causal com o prêmio da soja em grão são: o prêmio do grão defasado, o prêmio do óleo, o prêmio do farelo e o percentual exportado através do porto de Paranaguá para a Europa e Ásia. Estas variáveis apresentaram-se positivamente relacionadas com o prêmio, isto é, uma elevação nas variáveis explicativas tende a elevar a variável dependente (prêmio do grão). Por outro lado, o preço interno do farelo, chuva no porto, estoques no Brasil, na Argentina e nos Estados Unidos são negativamente relacionados ao prêmio, isto é, a elevação dessas variáveis tende a reduzir o prêmio. Os fretes internacionais, tendo como proxy o preço internacional do petróleo, a taxa de câmbio e as cotações da bolsa de Chicago não apresentaram relação causal com o prêmio de exportação da soja em grão. Os resultados mostram também que a relação entre as séries de preços de exportação (FOB) e o preço interno da soja é unicausal, com sentido do preço de exportação para o preço interno. Os preços FOB referenciados nos contratos para o primeiro vencimento da bolsa de Chicago apresentaram a maior elasticidade de transmissão de preços, sendo estes os preços de exportação mais bem relacionados com o preço interno da soja.<br>This research analyzed the formation process of the Brazilian soybeans export premiums at Paranaguá port, Paraná, including its seasonal behavior and effects of the main related variables. This study determined which future contract in the Chicago Board of Trade and export premium (which results in the price received by exporters - Free on Board Price) is closest to domestic prices. The analysis was accomplished with daily data from 1996 to 2002 and monthly data from 1993 to 2002. Variables potentially relevant were raised through literature review and interviews with exporters, importers and brokers. The effects of these variables were submitted to causality tests, being related to export premiums through linear regression models, using daily and monthly data. The same procedure was used to determine the FOB price most related to internal ones. In order to verify whether the variables are stationary, the series were submitted to Unit Root Tests. The variables that presented causal relationship with the export premium are: soybeans premiums lags, soy-oil premiums, soy-meal premiums and the percentage of exports to Europe and Asia through Paranaguá Port. These variables are positively related to the soybeans premiums, that is, an increase in these independent variables led the premium to rise. Soy-meal domestic price, rain intensity in Paranaguá port, inventories in Brazil, Argentina and United States are all negatively related to the soybeans premiums. On the other hand, international petroleum prices (as a proxy to international freights), exchange rate and CBOT prices did not present causal relationships with soybeans premiums. Results show that export (FOB) prices cause domestics prices. FOB prices referred to first contracts at CBOT showed the largest elasticity of price transmission and, therefore, the strongest relationship with soybeans Brazilian prices.

Subsidising investment in lagging regions is an important regional policy instrument in many countries. Some argue that this instrument is not specific enough to concentrate the aid towards the regions that are lagging behind most, because investment subsidies benefit capital owners who might reside elsewhere, possibly in very rich places. Checking under which conditions this is true is thus highly policy relevant. The present paper studies regional investment subsidies in a multiregional neoclassical dynamic framework. We set up a model with trade in heterogeneous goods, with a perfectly integrated financial capital market and sluggish adjustment of regional capital stocks. Consumers and investors act under perfect foresight. We derive the equilibrium system, show how to solve it, and simulate actual European regional subsidies in computational applications. We find that the size of the welfare gains depends on the portfolio distribution held by the households. If households own diversified asset portfolios, we find that the supported regions gain roughly the amounts that are allocated to them in the form of investment subsidies. If they only own local capital stocks, a part of the money is lost through the drop in share prices. From the point of view of total welfare, the subsidy is not efficient. It can lead to a welfare loss for the EU as a whole and definitely leads to welfare losses in the rest of the world, from where investment ows to the supported EU regions.

Dans le système de la pompe biologique océanique, l'incorporation et la séquestration du carbone d'origine atmosphérique dans les sédiments marins résultent de la fixation en surface de ce carbone, suivie de son transit dans la colonne d'eau sous forme de particules carbonées. Dans la zone euphotique (0-200m), la photosynthèse par le phytoplancton joue le rôle primordial de fixateur du carbone atmosphérique dans des particules organiques consommées ensuite par les autres organismes marins hétérotrophes. La matière organique particulaire produite directement à partir du phytoplancton (comme les agrégats) ou indirectement par les organismes (par exemple les pelotes fécales) représentent le principal vecteur d'export du carbone vers l'océan profond. Dans ce contexte, l'efficacité de la pompe biologique est alors fonction de la vitesse de sédimentation des particules et finalement seules les particules dont la taille et la masse sont suffisantes parviennent jusqu'au sédiment. Ces considérations ont ainsi permis d'établir que les particules d'une taille &gt; 500µm connues dans la littérature scientifique sous le terme de "neige marine" contribuaient significativement à l'export en profondeur. Au cours de l'expédition TARA, l'utilisation du Profileur de Vision Marine (PVM) nous a permis d'établir la distribution en taille du compartiment particulaire (&gt; 100µm) depuis la surface jusqu'à 1500m de profondeur dans plus de 150 stations échantillonnées dans les océans majeurs. A l'aide de cette base de données, couplée aux données environnementales (physiques et biogéochimiques), nous avons cherché à évaluer l'intensité du flux particulaire (dérivé de la distribution en taille des particules) et à déterminer les processus biotiques et abiotiques modulant cet export. Dans la première partie de ce travail, une classification réalisée à partir des profils verticaux de flux a permis de mettre en évidence l'importance de la production de surface et la contribution des différentes communautés de phytoplancton (micro-, nano- et pico-phytoplancton) à l'établissement du flux particulaire sous la couche de surface, mais aussi le rôle des processus de transformation dans différentes régions océaniques dans l'atténuation du flux en profondeur. En dehors des régions à dominante oligotrophe où la quantité de matériel particulaire en surface reste extrêmement faible, nous avons constaté que l'atténuation du flux la plus faible correspondait aux "Zones à Minimum d'Oxygène" (OMZ). La deuxième partie de ce travail de thèse s'articule donc autour de l'étude des OMZ afin de comprendre les processus impliqués dans la dynamique du transfert vertical des particules. Sur la base de mesures biogéochimiques réalisées à partir de l'ensemble des capteurs (optique et imagerie), nous avons pu observer que les faibles valeurs d'atténuation de flux (k = 0,35 +/- 0,26) dans l'OMZ étaient en fait le résultat d'une réaugmentation profonde de 5 à 15% de celui-ci. Nous discutons cette réaugmentation comme étant une conséquence de l'activité des communautés mésopélagiques de zooplancton vivant sous la couche suboxique des OMZ (oxycline inférieure) tout en proposant aussi un rôle potentiel des microorganismes anaérobiques sur la dégradation et la modification de la matière organique particulaire en sédimentation dans le coeur de l'OMZ. Enfin, la dernière partie de ce travail se focalise sur la plus intense OMZ, celle de la Mer d'Arabie (Océan Indien). A l'aide d'un modèle de transport Lagrangien, nous avons évalué la possibilité d'un transport particulaire advectif depuis la côte (Golfe Persique) vers le large qui aurait pu contribuer à alimenter en matière organique la couche suboxique de l'OMZ<br>In the biological pump system, incorporation and sequestration of atmospheric carbon into marine sediment result of carbon fixation at ocean surface, followed by its sinking through the water column in the form of particulate carbon. In the euphotic zone (0-200m), phytoplankton photosynthesis allows carbon fixation into organic particles that are consumed by other heterotrophic organisms. Particulate organic carbon produced directly by phytoplankton (as aggregated particles) or indirectly by organisms (for example as faecal pellets) represent the main vector of carbon export to deep ocean. In this context, efficiency of the biological pump is a function of the settling speed of a particle and only those particles with sufficient mass and size reach the sediment. These considerations permit us to conclude that particles with a diameter greater than 500µm, known as "marine snow", contribute significantly to deep export. During the TARA expedition, the use of a UVP (Underwater Vision Profiler) allowed to establish the size distribution of particles (&gt; 100µm) from the ocean surface to 1500m depth, with more than 150 sampling stations across 3 major oceans. With this database completed by environmental variables, we tried to evaluate intensity of particulate flux and identify biotic and abiotic processes influencing this export. In the first part of this work, a clustering based on flux profiles showed the importance of surface production and contribution of each phytoplanktonic community (pico-, nano- and microphytoplankton) to particulate flux under surface, but also the role of transformation processes in different oceanic regions to flux attenuation. Except in oligotrophic regions where surface particulate stock is very low, we observed that the weakest flux attenuation k = 0,35 +/- 0,26) corresponded to the "Oxygen Minimum Zones" (OMZ). The second part of this work is related to OMZ in order to understand which processes are involved in the dynamics of particulate vertical transfer. On the base of biogeochemical measurements taken by optical and image sensors, we could observe that weak attenuation values in OMZ were in fact the result of a deep increase of 5 to 15% of flux. We discuss this increase as a consequence of zooplankton mesopelagic communities activity living at the lower oxycline of the suboxic layer, but we also proposed a potential influence of anaerobic microorganisms on degradation and modification of the settling organic matter in the suboxic core. The last section of this work focuses on the most intense OMZ, located in the Arabian Sea (Indian Ocean). We used a Lagrangian particle model to evaluate the possibility of advective particulate transport from coastal area (Persian Gulf) to the open ocean, which could supply the OMZ suboxic layer with organic

Présentation d'un système d'inférence réalisant la complétion de théories équationnelles dans une structure générale. Il est montré que ce système peut être appliqué aux termes et aux polynômes et permet d'y définir une famille d'algorithmes de complétion du type de ceux de Kmith-Bendix et Buchberger. Ce système a été implémenté en CAML. La seconde partie traite la généralisation de termes et de formules logiques. Deux systèmes d'inférence sont proposés. Enfin, une méthode de généralisation de formules du calcul des prédicats du premier ordre, basée sur le formalisme polynomial en logique, est introduite

Dans cette thèse, nous étudions une nouvelle méthode de vérification des systèmes temps-réels paramétriques. Cette méthode est basée sur une logique du premier ordre temporisée (FaTE) récemment définie par D. Beauquier et À. Slissenko. Cette méthode suit "l'approche logique" : l'environnement et les requis sont décrit par des formules FOTL et le système est décrit comme une Machine à Etats Abstraits de Gurevich puis traduit en une formule FOLL. Vérifier une propriété d'un système revient donc à décider la validité d'un formule. L'avantage principal de cette méthode est sa capacité à synthétiser auromariquement les conditions exigées de l'environnement. Nous avons implanté cette méthode avec plusieurs améliorations et l'avons appliquée avec succès à deux études de cas : le problème du passage à niveau : généralisé et le "IEEE 1394 root contention protocol"<br>In this thesis :e investigate a nex method for verifying paramecric real-cime syste:rs. This cethod is based on a First Order Timed Logic (FOTL) recently d by D. Eoauqu and A. Iissenko. This mechoci folloxs the "logic approach" : the environnent and the renuirements are described as formulas of FOTL and the syster xhich is first described as a Gurevich Abstract State Machine is then tronclataci into a formula of FOTL. Verifying some property of e real-time system is thus reduced to decide the validity of a formula. The main advantage of this method over others is its abilitv to automatically synthesize the conditions required on the environnent. Ne have implemented this rcethod torether xith several improvements and applied it wi͏̈th success to tvo classical benchmarks the generalized railroad crossing problem and the IEEE 1394 root contention protocol

Submitted by Adriano Faria (afaria@fgvmail.br) on 2017-12-13T19:49:29Z No. of bitstreams: 1 Tese_deFaria.pdf: 3657553 bytes, checksum: 11ec67914c866ca46d83c67c1592e093 (MD5)<br>Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2017-12-21T11:41:13Z (GMT) No. of bitstreams: 1 Tese_deFaria.pdf: 3657553 bytes, checksum: 11ec67914c866ca46d83c67c1592e093 (MD5)<br>Made available in DSpace on 2017-12-27T12:18:22Z (GMT). No. of bitstreams: 1 Tese_deFaria.pdf: 3657553 bytes, checksum: 11ec67914c866ca46d83c67c1592e093 (MD5) Previous issue date: 2017-03-16<br>This thesis is a collection of essays in empirical finance mainly focused on term structure models. In the first three chapters, we developed methods to extract the yield curve from government and corporate bonds. We measure the performance of such methods in pricing, Value at Risk and forecasting exercises. In its turn, the last chapter brings a discussion about the effects of different metrics of the optimal portfolio on the estimation of a CCAPM model.In the first chapter, we propose a segmented model to deal with the seasonalities appearing in real yield curves. In different markets, the short end of the real yield curve is influenced by seasonalities of the price index that imply a lack of smoothness in this segment. Borrowing from the flexibility of spline models, a B-spline function is used to fit the short end of the yield curve, while the medium and the long end are captured by a parsimonious parametric four-factor exponential model. We illustrate the benefits of the proposed term structure model by estimating real yield curves in one of the biggest government index-linked bond markets in the world. Our model is simultaneously able to fit the yield curve and to provide unbiased Value at Risk estimates for different portfolios of bonds negotiated in this market.Chapter 2 introduces a novel framework for the estimation of corporate bond spreads based on mixture models. The modeling methodology allows us to enhance the informational content used to estimate the firm level term structure by clustering firms together using observable firm characteristics. Our model builds on the previous literature linking firm level characteristics to credit spreads. Specifically, we show that by clustering firms using their observable variables, instead of the traditional matrix pricing (cluster by rating/sector), it is possible to achieve gains of several orders of magnitude in terms of bond pricing. Empirically, we construct a large panel of firm level explanatory variables based on results from a handful of previous research and evaluate their performance in explaining credit spread differences. Relying on panel data regressions we identify the most significant factors driving the credit spreads to include in our term structure model. Using this selected sample, we show that our methodology significantly improves in sample fitting as well as produces reliable out of sample price estimations when compared to the traditional models.Chapter 3 brings the paper “Forecasting the Brazilian Term Structure Using Macroeconomic Factors”, published in Brazilian Review of Econometrics (BRE). This paper studies the forecasting of the Brazilian interest rate term structure using common factors from a wide database of macroeconomic series, from the period of January 2000 to May 2012. Firstly the model proposed by Moench (2008) is implemented, in which the dynamic of the short term interest rate is modeled using a Factor Augmented VAR and the term structure is derived using the restrictions implied by no-arbitrage. Similarly to the original study, this model resulted in better predictive performance when compared to the usual benchmarks, but presented deterioration of the results with increased maturity. To avoid this problem, we proposed that the dynamic of each rate be modeled in conjunction with the macroeconomic factors, thus eliminating the no-arbitrage restrictions. This attempt produced superior forecasting results. Finally, the macro factors were inserted in a parsimonious parametric three-factor exponential model.The last chapter presents the paper “Empirical Selection of Optimal Portfolios and its Influence in the Estimation of Kreps-Porteus Utility Function Parameters”, also published in BRE. This paper investigates the effects on the estimation of parameters related to the elasticity of intertemporal substitution and risk aversion, of the selection of different portfolios to represent the optimal aggregate wealth endogenously derived in equilibrium models with Kreps-Porteus recursive utility. We argue that the usual stock market wide index is not a good portfolio to represent optimal wealth of the representative agent, and we propose as an alternative the portfolio from the Investment Fund Industry. Especially for Brazil, where that industry invests most of its resources in fixed income, the aforementioned substitution of the optimal proxy portfolio caused a significant increase in the risk aversion coefficient and the elasticity of the intertemporal substitution in consumption.

La modélisation formelle des politiques de sécurité, contrôlant l'accès aux informations sensibles, est un problème important dans de nombreux domaines. Nous avons proposé un système de contrôle d'accès appelé OrBAC (Organization based access control). Ce système apporte de nombreuses solutions aux systèmes de contrôle d'accès existants, comme la prise en compte du contexte ou encore la possibilité de représenter les différentes formes de privilèges : permission, interdiction et obligation. Cependant, ce système ne permet pas de résoudre les conflits dus aux traitements simultanés des permissions ou obligations et des interdictions. Nous avons traité ce problème dans le système OrBAC, modélisé formellement par une base de connaissances de la logique du premier ordre. Nous avons montré que les approches de gestion des incohérences proposées pour les bases propositionnelles ne sont pas appropriées dans le cas de bases du premier ordre. Nous avons proposé une solution basée sur l'affaiblissement des formules du premier ordre responsables du conflit<br>Modelling information security policies is being an important task in many domains. We proposed a new access control system called OrBAC (Organization based access control). This system brings many solutions to the existing access control systems. For instance, OrBAC takes into account the context and is able to represent various kinds of privileges : permission, prohibition and obligation. However, this system does not deal with conflicts due to the joint handling of permission or obligation and prohibition policies. We dealt with the problem of handling conflicts in the OrBAC system, modelled by first order logic knowledge bases. We showed that approaches suggested for handling conflicts in propositionnal knowledge bases are not adapted for inconsistent first order knowledge bases. We proposed an approach in which we weak first order formulas responsible of conflicts

This thesis uses Chinese firm-level data to investigate the relationships between the export premium, firm productivity and wage inequality. Using Chinese annual survey data for all state-owned firms and other non-state-owned firms with sales on mainland China over 5 million RMB, the author finds that there is a series of premiums for exporters compared with non-exporters. On average, exporters pay higher wages, produce more, sell more, add more value, employ more labour, have higher capital intensity, and have higher productivity (based on 1999-2003 data). Firms with relatively high export values will also be relatively more productive. Quantile results show that the premium decreases with the increase of the quantile. In addition, the export premium declines over time and across the industries, provinces and ownership types, and the higher the export intensity, the lower the export premium. The thesis further investigates the question: what determines the export premium – the selection effect or learning-by-exporting effect? First, the author uses the Olley and Pakes (1996) method to control both selection and simultaneity bias to estimate the reliable firm productivity. Then the author tests the self-selection and learning-by-exporting effects both parametrically and non-parametrically. The author finds both strong self-selection and learning-by-exporting effects at the aggregate level. The higher the productivity the firm has today, the easier for the firm to export tomorrow. The learning-by-exporting effect is the most significant in the second yearafter exporting. However, at the more disaggregated level, no significant learning effect is found within sectors and within middle and western provinces. A significant learning effect is found in eastern provinces. The learning-by-exporting effect across different ownership types is not robust to different testing methods. In addition, the author uses Chinese privately-owned firm-level survey data to investigate the heterogeneous export premium associated with different levels of trade. Firms engaged in international trade have higher premiums than firms which trade only across province borders. Firms which trade across province borders have higher premiums than firms that only trade within their province. Furthermore, export premium deviation between international trade and interprovincial trade is much smaller compared with the export premium deviation between interprovincial trade and inter-county trade. This finding implies that compared with the inter-county premium, the premium at interprovincial level is similar to the premium at the international level (though the former is actually less than the latter). The export premium caused by the self-selection effect can reflect the trade cost and it tells that trading goods across provincial borders within China is as onerous as crossing national borders. The next question to consider is whether engaging in international trade causes the wage inequality between firms to increase? To find out the answer, the author adopts a two-stage estimation strategy to study the effect of international trade on wage inequality. The first stage uses the Chinese annual survey firm-level data to calculate the wage inequality indexes—Gini and Theil of each province; as well as two dimensions of trade openness—intensive margin and extensive margin of each province. The second stage uses the panel data to study the impacts of trade margins on wage inequality between provinces. The results show that the variation of trade openness itself can explain nearly 70 percent of variation of wage inequality across China’s provinces and the extensive margin has a larger impact on increasing wage inequality than the intensive margin. Instrumental variable (IV) regression results imply that with one unit of increase in trade openness, the intensive margin increases wage inequality by nearly one unit and the extensive margin increases wage inequality by 1.2 to 1.3 units.<br>Thesis (Ph.D.) -- University of Adelaide, School of Economics, 2012

This international expansion plan was developed under the objective of offering a viable expansion option to Ourogal S.A., a family-owned business focused in the oliviculture industry, that produces, transforms and sells premium and gourmet olive oil in Portugal, Brazil, the United Kingdom, France, Switzerland, and recently the United States of America. To accomplish the proposed objective, initially it was performed a Multiple Criteria Decision Analysis that assessed several potential markets, under a set of criterion defined by Ourogal's preferences and features, which enabled the choice of the target market: The United Arab Emirates. The next step was analysing the Emirati market as a whole, as well as its olive oil market. It was also executed a competitive analysis to understand how the company should behave in this environment. After all the analysis were carried out, a customised direct exportation plan was developed to address the country’s characteristics concerning the Marketing-Mix dimensions. Following the execution of the strategy for the new market, it was performed the project's Financial Analysis that showed the company's endeavour in the Emirates would be profitable, and consequently achieve the initial objective of the project. Before finishing this study, it was also built an Implementation Plan that ensures the whole plan will move in the right direction regarding the project’s priorities and timings, and ultimately bring good prospects to Ourogal's future.<br>Este plano de expansão internacional foi desenvolvido sob o objetivo de oferecer uma opção de expansão viável à Ourogal S.A, uma empresa familiar focada na indústria da olivicultura, que produz, transforma e vende azeite "premium" e "gourmet" em Portugal, no Brasil, no Reino Unido, em França, na Suíça, e recentemente nos Estados Unidos da América. De modo a cumprir com o objetivo proposto, inicialmente foi executada uma Análise de Decisão Multi-Critério que avaliou vários potenciais mercados, sob um conjunto de critérios definidos em função das preferências e das caraterísticas da Ourogal, que permitiram a escolha do mercado alvo: os Emirados Árabes Unidos. O passo seguinte foi analisar o mercado Emirati como um todo, assim como o seu mercado de azeite. Foi também executado uma análise competitiva de modo a perceber como a empresa se deveria comportar neste ambiente. Depois de todas as análises terem sido realizadas, foi desenvolvido um plano customizado de exportação direta de modo a responder às caraterísticas do país, tendo em conta as dimensões do Marketing-Mix. Após a execução da estratégia para o novo mercado, foi executada a análise financeira do projeto que mostrou que o esforço feito nos Emirados seria lucrativo, e consequentemente o objetivo inicial do projeto seria alcançado. Antes de terminar o estudo, foi construído um Plano de Implementação que assegurasse que todo o plano seguiria a direção correta, tendo em conta as prioridades e os tempos do projeto, e finalmente trazer boas perspetivas ao futuro da Ourogal.

碩士<br>東海大學<br>會計學系<br>107<br>This paper investigates whether institution of independent expert opinion affects the acquisition premiums. Our sample includes listed companies completed by acquisition in Taiwan from 2002 to 2017. The larger audit firms are used as the proxy for institutions with better reputation. This paper finds that when the independent expert opinion is issued by institutions with better reputation, its acquisition premium is lower. The result suggests that these institutions maintain their own company reputation and are not easily influenced by the company's management, and these institutions have the expertise or the newest technology to provide the company the most reasonable acquisition price.

碩士<br>中華大學<br>資訊管理學系碩士班<br>98<br>Stock market prediction is an important research issue of Artificial Intelligent. Our research used hybrid AI to explore the value premium of S&P 500 Barra value index and S&P 500 Barra growth index, size premium between S&P 600 small cap index and S&P 500 index with GA-SVR method. We proposed two investment strategies: GA-SVR value-growth strategy and GA-SVM value-growth strategy. We try to explore the rotation strategies for value premium of stock market with the ability to avoid classification problems, such as local optimum, overfitting and with the ability to avoid input noises and choose optimal input variables., We utilize genetic algorithm to locate the approximate optimal combination of technical variables and economics variables. Then the property of nonlinearity and high dimension-ality of the support vector regression is employed to decide the preference of value stocks or growth stocks. Our targets are value rotation between the S&P 500 value index and S&P 500 growth index. We compare the results obtained with some existing ones. We find that the proposed approach can reduce noises. The main reason is that the proposed approach uses GA to choose the optimal variables as the input of SVR. We also find that the proposed approach improves the accuracy rate. The main reason is that SVR can ex-plore dynamism of stock market well with optimal input data. Also, we proposed the other two investment strategies to explore the rotation strategies for size premium of stock market. These two strategies are GA-SVR small-large strategy and GA-SVM small-large strategy. We utilize GA to locate the approximate optimal combination of technical variables and economics variables. Then the property of nonlin-earity and high dimensionality of the support vector regression is employed to decide the preference of value stocks or growth stocks. Our targets are size premium between the S&P 600 small cap index and S&P 500 index. The empirical result shows that the proposed approach can be used to explore the value premium and size premium of the stock market in the United States.

This thesis investigates two major topics independently with outcomes that stand alone but can have influence on each other. Australian consumers’ interest in the consumption of organic products is increasing as they are receptive to the perceived health and environmental benefits that are linked to them. However, producers and consumers face challenges understanding the value of the health and environmental attributes. While consumers and producers express interest in organics, gaps exist in their common interest. Producers require premiums for their products to compensate for potential higher production costs or lower yields. Understanding how much consumers are willing to pay (WTP) for the benefits related to organic products is a challenge. The role of expert service in wine retailing is important. Many studies document the value information provision creates in purchase situations. This service provision to consumers is a key factor encouraging purchase decisions and gaining interest and engagement. It can be important for retailers to provide an environment that extends this service to consumers. Training employees in wine knowledge is vital as they form the frontline between the wine purchase and the consumers. This service comes with a cost that is usually passed on to consumers and it is of interest to determine consumer willingness to absorb this cost. The primary objectives of the study are twofold: (1) to determine which factors affect consumers’ willingness to pay an additional ‘premium’ price for organic wines benefits, and (2) to determine which factors affect consumers’ willingness to pay a premium for the expert services that retail wine stores provide in increasing consumer wine knowledge generally including the health and environmental considerations of organic wines. An online survey was carried out in all the states and territories of Australia. Respondents were obtained from IMPACTLIST mailing list by random selection of list members that met the pre-requisite criteria. The potential respondents were emailed a questionnaire through the Adelaide Qualtrics online data collection software. The Stata 12 statistical software was used to analyse the sample and variable frequency statistics, factor analysis of the variables used for the regression model and the ordered probit regression and marginal effect analyses. On average, the premiums or willingness to pay (WTP) respondents indicated were approximately 23% for both environmental (WTPe) and health (WTPh) benefits. The expert service provision is usually free or nonexistent in retail stores; therefore no price reference exists for the base price and was assumed to be $0.00. For the expert service of the sales outlets (WTPs), respondents indicated WTP of $0.60. The proposed hypotheses were tested using the ordered probit model and all except two were accepted. The social demographic variables presented a mixed outcome. Overall for WTPe, consumers’ knowledge of organic wine was found to be significant, and will determine the WTPe of organic wines. The marginal effect of knowledge indicated that the probability of paying $0.00 premium for environmental benefit decreased as the knowledge of consumers about organic wine increased. For WTPh, the relationship between knowledge and WTP was similar in direction to WTPe but different in magnitude. The consumers’ motive indicated negative significance to WTPe and was not significant but positive for WTPh. The consumer attitude was positive and significant in WTPe and WTPh and an increase in the consumers’ attitude decreases the unwillingness to pay premium for both environmental and health benefits. However, the consumer perceived risk was negative and significant in WTPe and WTPh. The consumers’ perceived risk was not significant in determining WTPs. For WTPe, WTPh and WTPs, risk reduction strategy was positive and significant in determining WTP. The study further shows that 66.0% of respondents had purchased organic wine prior to the survey. However, questions about their knowledge of the environmental and health considerations associated with organic wines indicated that most consumers were lacking in organic product knowledge. This implies that sensitisation and enlightenment programs that are geared toward these factors may be effective in helping consumers move toward more organic wine consumption. From this study, it is of note that the environmental and health attributes weigh differently in the consumers’ mind, and this influences their willingness and the amount of premium to be paid. The study acknowledges this and measured the WTP a premium for these attributes instead of the product itself. It was found that more consumers are willing to pay for the health attribute than an environmental one, and would pay somewhat higher premium for the former. It is the study recommendation that the distinctive attributes of the organic product should be used to measure consumer WTP rather than the present situation, in which organic wines are considered a commodity. Another contribution is the investigation of the WTP a premium for expert service provided by retail sale outlets. Previous studies emphasise the importance of service in differentiating retail sale outlets and creating customers’ relationships. This study investigates and measures consumers’ WTP for expert service provision in Australia and the factors that impact on consumers’ need for expert service.<br>Thesis (Ph.D.) -- University of Adelaide, School of Agriculture, Food and Wine, 2013

La présente recherche vise à décrire les pratiques d’enseignement de la littératie au premier cycle du primaire en contexte montréalais d’enseignants considérés experts. Plus précisément, les trois objectifs de recherche consistent à décrire les pratiques d’enseignement de la langue écrite au premier cycle du primaire en contexte montréalais privilégiées par certains enseignants considérés experts (N=6) (objectif 1); à décrire les différentes formes de différenciation pédagogique privilégiées pour l’enseignement de la lecture et de l’écriture en contexte montréalais de certains enseignants considérés experts afin de répondre aux besoins variés de tous leurs élèves (objectif 2) et à étudier les liens possibles entre les pratiques d’enseignement de la langue écrite d’enseignants considérés experts et la progression de leurs élèves (N=100) du premier cycle du primaire en contexte montréalais, au regard de leur connaissance des correspondances phonographiques et de la norme orthographique (objectif 3). Afin de répondre aux objectifs, deux entretiens ont été menés auprès des enseignantes, de même que deux observations en classe, une à l’automne et une au printemps. Pour leur part, les élèves ont été soumis à deux tâches d’écriture à deux reprises durant l’année (une tâche de production de mots et une tâche de production de texte) permettant de mesurer leur progression en cours d’année relativement à leurs connaissances des correspondances phonographiques et de la norme orthographique. Nos résultats nous ont permis de recueillir des pratiques très diversifiées et conduites avec une fréquence fort différente d’une enseignante à l’autre. La densité des contenus abordés en classe diffère également beaucoup entre les enseignantes. En lien avec le modèle du multi-agenda de Bucheton et Soulé (2009), les cinq composantes constituant la matrice de l’activité de l’enseignant se retrouvent dans toutes les classes, mais ces préoccupations n’occupent pas toutes la même place dans les pratiques des enseignantes de la recherche. Nos résultats indiquent aussi que toutes les enseignantes différencient leur enseignement, mais de façon variable. Il semble que ce soit la différenciation des processus, des contenus et des structures qui soit la plus aisée à mettre en place en classe. En lien avec notre adaptation du modèle de différenciation pédagogique de Caron (2008), il semble que ce soit la diversification et l’offre de choix qui sont mobilisées le plus fréquemment. Les mesures d’adaptation sont rarement mises en avant dans les pratiques de classe, tandis que les mesures d’individualisation n’ont pas été constatées. En ce qui a trait aux résultats des élèves aux tâches en écriture, nos résultats indiquent que deux groupes se démarquent parmi les six. En effet, c’est dans ces deux classes que la plus forte progression est constatée. Les pratiques des enseignantes de ces deux classes sont très diversifiées et elles sont les seules à mettre en avant dans leurs pratiques tous les dispositifs dont il est question en entretiens. De plus, les contenus enseignés sont denses, ce qui est réputé pour caractériser les pratiques des enseignants efficaces (Hall, 2003). De même, ces deux enseignantes offrent un étayage de grande qualité à leurs élèves et maîtrisent parfaitement le pilotage des tâches. La présente recherche peut servir à apporter un éclairage nouveau sur les pratiques de littératie des enseignants considérés experts afin de mieux comprendre leurs pratiques, de même que la place qu’ils accordent à la différenciation pédagogique.<br>The present research document aims to describe the practices of literacy of teachers considered as experts in an early elementary school context in Montreal. Specifically, the three research objectives of our work are as follows: describe the teaching practices applied to written language used by some teachers considered as experts (N = 6) in an early elementary school context in Montreal (objective 1); describe the various types of differentiated teaching selected by some teachers considered as experts in a Montreal-specific context to teach reading and writing skills according to the varying needs of their students (objective 2); and investigate possible links between the teaching practices applied to the acquisition of writing skills used by teachers considered as experts and the progress made by their students (N = 100) in the first cycle of elementary school in a Montreal, in terms of their knowledge of phonographic relationships and the spelling standard (objective 3). In order to meet these goals, we conducted two interviews with teachers, and ran two classroom observations, one in the fall and the other in spring. For their part, students were subjected to two writing tasks twice during the year (one aimed at word generation and the other at text production) to measure their progress during the year as it relates to their knowledge of phonographic relationships and to the spelling standard. Results showed that teaching practices as well as frequency vary greatly from one teacher to another. The richness of the material presented in class also differs greatly. In accordance with the multi-agenda model of Bucheton and Soulé (2009), the five components of the activity matrix of the teacher were found in all classes, but did not have the same importance for every one of the teachers engaged in our research. The results also indicate that all teachers differentiate their teaching, although at varying degrees. It seems that differentiation of processes, of contents and of structures is the easiest factor to implement in the classroom. In line with our adaptation of Caron’s model of differentiated instruction (2008), it seems that the elements that were most mobilized were diversification and the offering of choices. Adaptation measures were seldom emphasized in classroom practices, while no measures of individualization were observed. In regard to student performance in writing tasks, our results indicate that two groups stand out among the six. Indeed, it is in these two classes that we observed the greatest increase. Practices used by the teachers in these two classes were very diverse and they were the only ones who used all of the methods discussed in interviews. Furthermore, the content of the course was rich, a characteristic of effective teaching practices (Hall 2003). Similarly, these two teachers offered their students a high quality scaffolding and mastered coaching tasks. This research can be used to shed new light on the practices of literacy used by teachers that are considered as experts in order to better understand these practices, as well as the importance given to differentiated instruction.