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1
Riedle, Thorsten. "Empirical aspects of financial stability." Thesis, University of Kent, 2018. https://kar.kent.ac.uk/66808/.
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This thesis discusses the empirical aspects of financial stability and presents evidence that suggests that stock market bubbles and volatility are related, and that financial crises are also triggered by events related to non-financial sectors. Financial crises are predominantly related to boom episodes and asset price bubbles, which can seriously impact the financial system when they burst. This thesis draws upon the findings of previous papers and argues that the risk of financial instability (systemic risk) is formed during the boom phase and materialises on the eruption of crisis. In so doing, this study considers stock market bubbles as a potential source of risk for financial stability. The severe impact on the economy in the wake of the recent financial crisis has not only demonstrated the way in which trouble in a relatively small market can escalate into a serious crisis exerting economy-wide effects, but is also an example of the important role financial stability plays in the functioning of modern economies. Chapter 1 addresses factors that contribute to financial crises and policy tools to mitigate their effects. The Global Financial Stability Map (Map), summarising and graphically presenting underlying factors that may lead to a systemic threat, shows the complex interactions among different factors that affect each other and, in combination, are relevant to financial stability. In this connection, the importance of countercyclicality is addressed and the weaknesses of the Value at Risk (VaR) measure are discussed. Chapter 2 examines whether longer periods of low volatility influence the formation of bubbles, which are defined as the difference between current prices and an adaptive moving average of an alternate history of asset prices, and whether stock market bubbles increase the likelihood of stock market crashes. The regression analysis employed confirms that longer episodes of low realised volatility exerts a significant influence on the formation of stock market bubbles, which, in turn, significantly increase the likelihood of stock market crises. This relationship is referred to as volatility paradox. Furthermore, the bubble is incorporated to inflate Value at Risk, in order to generate a countercyclical capital buffer for extreme events. It is shown that the inflated VaR covers the majority of the extreme negative returns. This leads to the conclusion that the information content of bubbles should be taken into account while measuring risk in stock markets. The recent financial crisis revealed that even relatively small markets of the economy are capable of jeopardising financial stability, and the objective of Chapter 3 is to assess the contribution of both financial and non-financial sectors of an economy to systemic risk. For this purpose, the marginal systemic risk contribution, measured by ΔCoVaR of 10 sectors, is estimated for the US, the UK, and Germany, through the employment of quantile regressions. The estimated ΔCoVaRs are tested for significance and dominance in order to classify sectors as systemically relevant and to obtain a formal ranking of the sectors in terms of contribution to systemic risk. The outcomes reveal a weak link between VaR and CoVaR and significant externalities of sectors. Chapter 3 discusses the role of low volatility in excessive risk-taking and lending behaviour during booms as well as the deleveraging behaviour during bust episodes. It argues that countercyclical tools, which reduce such behaviour, can successfully mitigate financial crises. This line of argumentation is related to the countercyclical capital buffer discussed in Chapter 2, which is aimed at dampening the upward movements of asset prices. Taking into account the finding that real economy sectors also have significant effects on systemic risk, Chapter 3 proposes the application of macroprudential policy tools individually to those sectors in which bubbles emerge. Chapter 4 compares the realised volatility levels between international stock markets. Although the volatility patterns are fairly similar, the pairwise t-test reveals a significant difference between the volatility levels of national stock markets. A two component GARCH-MIDAS model is applied to decompose conditional volatility into a short-run and a long-run volatility component and to link macroeconomic variables directly with stock market volatility. The outcomes of the GARCH-MIDAS model indicate that stock market volatility is associated with macroeconomic variables, and that stock market volatility depends upon different variables in different countries. Realised volatility is found to explain a considerable proportion of conditional volatility. The Granger causality test reveals no significant causal relationship of volatility with illiquidity or with sentiment.
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Dada, Wagner Niniade. "Financial aspects of monetary union." Thesis, University of Cambridge, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.612240.
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Lopes, Maria Dulce Soares. "Non-financial aspects of project appraisal." Thesis, Imperial College London, 1990. http://hdl.handle.net/10044/1/8411.
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Blum, Peter. "On some mathematical aspects of dynamic financial analysis /." Zürich, 2005. http://e-collection.ethbib.ethz.ch/show?type=diss&nr=15907.
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Larsen, Christer-Andre. "Financial Aspects of the Online Gaming Service Industry." Thesis, Norges teknisk-naturvitenskapelige universitet, Institutt for telematikk, 2011. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-13492.
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The goal of this thesis is to identify and analyze the dominant revenue models in the OGS industry, as well as the logic behind the choice of a specific model. Identification of the prevalent models and their characteristics would in conjunction with results from previous research in the field provide a complete overview of the financial aspects of OGS operation.The goals of this thesis was reached through an analysis of the business model of Microsofts Xbox LIVE (XBL) service, one of the leading console platform OGSs, in conjunction with a similar case study of Blizzard Entertainments Battle.net service presented in former work by the author. Both case studies include all aspects of the business model, according to the business model ontology defined by Alexander Osterwalder in his PhD dissertation.The five identified dominant revenue models are the subscription, advertisement, micro transaction, digital distribution and additional sales model. From the provided estimates, the subscription, micro transaction and digital retail model are the most profitable among the five as standalone models. However, the study has shown that most successful OGSs utilize several revenue models in conjunction in order to reduce the negative effects associated with each one individually. In addition, the use of several models improves price differentiation possibilities, which in many cases may lead to increased revenue. While the pricing strategies among the services are many, the specific implementations of the dominant models among the studied services imply that the willingness to pay among OGS users are low for features and content not personally valued by each individual user.The general cost structure of OGSs has also been updated with additional results uncovered through this research. For an OGS relying on micro transactions and digital distribution for revenue, this study has shown that the bandwidth and support costs increase substantially compared to a service without digital distribution, even outgrowing the hosting costs for the service itself. Thus, favorable partnerships and other means to reduce bandwidth costs may be seen as equally important cost saving initiatives as those outlined in former work.
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Babbar, Katia Amrit. "Aspects of stochastic implied volatility in financial markets." Thesis, Imperial College London, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.274925.
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Barma, Hussein. "Legal aspects of financial reporting in company law." Thesis, University of Oxford, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.322717.
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Beasley, Tony. "The financial reporting aspects of preliminary profit announcements." Thesis, University of the West of England, Bristol, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.274737.
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Dzhulai, V. "Financial aspects of European integration processes in Ukraine." Thesis, Українська академія банківської справи Національного банку України, 2006. http://essuir.sumdu.edu.ua/handle/123456789/59896.
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At present, we have the situation in Ukraine with some foreign economic and
political priorities having been declared on the highest political level. Obviously
the deliberate European choice determines rather the commitment of introducing
certain rules and standards than the geographical direction of the policy. These
rules and standards have already been realized in the community, which Ukraine
intends to join. In other words, the European choice means an acknowledgement of
the desire and readiness of Ukraine to build its economic system under the
European rules.
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Salnikova, T. "Financial aspects of house building ecologization in Ukraine." Thesis, Видавництво СумДУ, 2012. http://essuir.sumdu.edu.ua/handle/123456789/26727.
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Hultquist, Martin. "Examples of Multiscale Aspects of Volatility in Financial Markets." Thesis, Uppsala University, Department of Mathematics, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-121213.
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Schroter, Till Christian. "On aspects of pricing and hedging in financial markets." Thesis, University of Oxford, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.547503.
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Talias, Michael Andrea. "Statistical and financial aspects of research and development portfolios." Thesis, University College London (University of London), 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.367950.
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Dan, Gorton. "Aspects of Modeling Fraud Prevention of Online Financial Services." Doctoral thesis, KTH, Transportvetenskap, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-176298.
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Banking and online financial services are part of our critical infrastructure. As such, they comprise an Achilles heel in society and need to be protected accordingly. The last ten years have seen a steady shift from traditional show-off hacking towards cybercrime with great economic consequences for society. The different threats against online services are getting worse, and risk management with respect to denial-of-service attacks, phishing, and banking Trojans is now part of the agenda of most financial institutions. This trend is overseen by responsible authorities who step up their minimum requirements for risk management of financial services and, among other things, require regular risk assessment of current and emerging threats.For the financial institution, this situation creates a need to understand all parts of the incident response process of the online services, including the technology, sub-processes, and the resources working with online fraud prevention. The effectiveness of each countermeasure has traditionally been measured for one technology at a time, for example, leaving the fraud prevention manager with separate values for the effectiveness of authentication, intrusion detection, and fraud prevention. In this thesis, we address two problems with this situation. Firstly, there is a need for a tool which is able to model current countermeasures in light of emerging threats. Secondly, the development process of fraud detection is hampered by the lack of accessible data.In the main part of this thesis, we highlight the importance of looking at the “big risk picture” of the incident response process, and not just focusing on one technology at a time. In the first article, we present a tool which makes it possible to measure the effectiveness of the incident response process. We call this an incident response tree (IRT). In the second article, we present additional scenarios relevant for risk management of online financial services using IRTs. Furthermore, we introduce a complementary model which is inspired by existing models used for measuring credit risks. This enables us to compare different online services, using two measures, which we call Expected Fraud and Conditional Fraud Value at Risk. Finally, in the third article, we create a simulation tool which enables us to use scenario-specific results together with models like return of security investment, to support decisions about future security investments.In the second part of the thesis, we develop a method for producing realistic-looking data for testing fraud detection. In the fourth article, we introduce multi-agent based simulations together with social network analysis to create data which can be used to fine-tune fraud prevention, and in the fifth article, we continue this effort by adding a platform for testing fraud detection.Finansiella nättjänster är en del av vår kritiska infrastruktur. På så vis utgör de en akilleshäl i samhället och måste skyddas på erforderligt sätt. Under de senaste tio åren har det skett en förskjutning från traditionella dataintrång för att visa upp att man kan till en it-brottslighet med stora ekonomiska konsekvenser för samhället. De olika hoten mot nättjänster har blivit värre och riskhantering med avseende på överbelastningsattacker, nätfiske och banktrojaner är nu en del av dagordningen för finansiella institutioner. Denna trend övervakas av ansvariga myndigheter som efterhand ökar sina minimikrav för riskhantering och bland annat kräver regelbunden riskbedömning av befintliga och nya hot.För den finansiella institutionen skapar denna situation ett behov av att förstå alla delar av incidenthanteringsprocessen, inklusive dess teknik, delprocesser och de resurser som kan arbeta med bedrägeribekämpning. Traditionellt har varje motåtgärds effektivitet mätts, om möjligt, för en teknik i taget, vilket leder till att ansvariga för bedrägeribekämpning får separata värden för autentisering, intrångsdetektering och bedrägeridetektering.I denna avhandling har vi fokuserat på två problem med denna situation. För det första finns det ett behov av ett verktyg som kan modellera effektiviteten för institutionens samlade motåtgärder mot bakgrund av befintliga och nya hot. För det andra saknas det tillgång till data för forskning rörande bedrägeridetektering, vilket hämmar utvecklingen inom området.I huvuddelen av avhandlingen ligger tonvikten på att studera ”hela” incidenthanteringsprocessen istället för att fokusera på en teknik i taget. I den första artikeln presenterar vi ett verktyg som gör det möjligt att mäta effektiviteten i incidenthanteringsprocessen. Vi kallar detta verktyg för ”incident response tree” (IRT) eller ”incidenthanteringsträd”. I den andra artikeln presenterar vi ett flertal scenarier som är relevanta för riskhantering av finansiella nättjänster med hjälp av IRT. Vi utvecklar också en kompletterande modell som är inspirerad av befintliga modeller för att mäta kreditrisk. Med hjälp av scenarioberoende mått för ”förväntat bedrägeri” och ”value at risk”, har vi möjlighet att jämföra risker mellan olika nättjänster. Slutligen, i den tredje artikeln, skapar vi ett agentbaserat simuleringsverktyg som gör det möjligt att använda scenariospecifika resultat tillsammans med modeller som ”avkastning på säkerhetsinvesteringar” för att stödja beslut om framtida investeringar i motåtgärder.I den andra delen av avhandlingen utvecklar vi en metod för att generera syntetiskt data för test av bedrägeridetektering. I den fjärde artikeln presenterar vi ett agentbaserat simuleringsverktyg som med hjälp av bland annat ”sociala nätverksanalyser” kan användas för att generera syntetiskt data med realistiskt utseende. I den femte artikeln fortsätter vi detta arbete genom att lägga till en plattform för testning av bedrägeridetektering.
QC 20151103
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Sutcliffe, Charles Martin Sydenham. "Financial aspects of UK occupational defined benefit pension schemes." Thesis, University of Reading, 2018. http://centaur.reading.ac.uk/77838/.
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This thesis consists of a number of publications which deal with various aspects of the financial aspects of UK occupational defined benefit pension schemes. It is divided into six main sections covering (1) the history of pensions and medieval corrodies, (2) the asset allocation decision and asset-liability models, (3) valuing schemes and setting the contribution rate-actuaries versus economists, (4) different scheme designs and the redistribution of penSion wealth, (5) interactions between the sponsor and the scheme and how they affect scheme asset allocation and scheme mergers, and (6) the replication of annuities. The common theme of these papers is the application of the techniques of financial economics to defined benefit occupational pension schemes, as opposed to those of the actuarial profession. This allows the application ofa logical and consistent methodology that sheds new light on old problems.
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Lenz, Eric Daniel. "MACROECONOMIC ASPECTS OF CONFLICT." OpenSIUC, 2015. https://opensiuc.lib.siu.edu/dissertations/1115.
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In the following papers I propose to construct economic models that incorporate the disastrous effect of conflict. I model conflict theoretically in a Solow growth model and empirically in a GDP per worker growth model, in a civil war onset model and a model for civil war’s severity. The first chapter theoretically and empirically analyzes economic growth with conflict in the context of the Mankiw et al. (1992) adaptation of the Solow growth model and the natural resource growth model by Sachs and Warner (1995). I incorporate a variable of capital destruction in the physical and human capital accumulation equations and derive coherent theoretical and empirical results. The second chapter considers the onset of civil war across all countries and specific subsamples of countries from 1970 to 2007. The onset of war is modeled using economic and financial variables in addition to grievance variables from the political science literature to ascertain the extent to which financial crises and hyperinflation can bring about civil war. I estimate using panel time-series logistic regression techniques and discover the risk of conflict in Africa, Asia, highly-indebted poor countries, and low income countries. Some civil wars are fought for government control and others are fought over local issues - both types of war are controlled for with their own determinants. The third chapter determines factors that significantly affect the severity of civil wars from year to year. I employ the same IV/GMM estimation techniques from Chapter 1 to discover the role of financial crises, hyperinflation, unemployment, and development assistance and aid in the severity of war.
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Slavova, Stefka Slavtcheva. "Institutional and legal aspects of financial development in transition economies." Thesis, London School of Economics and Political Science (University of London), 2005. http://etheses.lse.ac.uk/1790/.
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This dissertation explores the impact of legal and institutional factors on the development of securities and banking markets in transition economies, and on flows of foreign direct investment into the same. Chapter 1 introduces the main questions the dissertation seeks to address and identifies the topic of each chapter. Chapter 2 presents the methodology, and focuses on the 1999 EBRD Legal Indicator Survey, which provided the data on securities and banking laws, and contract enforcement. It presents background information on the use of surveys in economics, and the economic rationale for attaching weights to the survey questions. Chapter 3 studies the impact of securities laws on several measures of securities market development, and finds that stricter regulation of financial disclosure and market intermediaries raise stock market capitalisation and turnover. The enforcement of disclosure and regulation of intermediaries drives this result. Chapter 4 studies the impact of banking law and its perceived enforcement upon banking development. It establishes that legal indices on information disclosure by banks, such as use of external auditors, and consolidated supervisory examinations of banks, raise private credit, and foreign bank entry. Fewer legal restrictions on foreign ownership of domestic banks are also associated with a more developed banking industry. Chapter 5 examines the relevance of the contract enforcement environment for flows of foreign direct investment, and establishes that foreign investors are attracted to locations, with a transparent legislative process and dissemination of new laws, and which protect litigants' rights of appeal and judicial review of government decisions. FDI is higher in countries with higher confidence in the courts to resolve disputes with the government, but not so in countries with higher confidence in the courts to resolve disputes with private parties. Finally, Chapter 6 summarises the main results, and offers policy implications and guidelines for future research.
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Ikkatai, Koji. "Balancing financial and strategic aspects of real property portfolio management." Thesis, Massachusetts Institute of Technology, 1990. http://hdl.handle.net/1721.1/45697.
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Fernandez, Perretti Gizelle. "Contemporary Aspects of Dividends: Before and During the Financial Crisis." FIU Digital Commons, 2011. http://digitalcommons.fiu.edu/etd/451.
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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.
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Ghanem, Mohamed. "The Islamic concept of money and its financial implications." Thesis, University of Wales Trinity Saint David, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.683373.
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Papanicolas, Irene. "The new NHS : financial incentives for quality?" Thesis, London School of Economics and Political Science (University of London), 2011. http://etheses.lse.ac.uk/144/.
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In April 2002, five years after the Blair government’s proposals to create a ‘New NHS [National Health Service]’, the government outlined the key priorities that would mark the NHS reform. The main reforms involved patient choice supported by a system of ‘Payment by Results’ (PbR) under which hospitals would be funded on the activity they undertook. PbR is a case based payment system, a type of system increasingly being adopted as the main form of provider payment across industrialised countries. The literature on this type of payment system and experiences from other countries identifies many di!erent behavioural incentives that can have both positive and negative impacts on quality of care. This thesis investigates the quality implications observed so far in England, for seven conditions which represent a spectrum of important clinical areas that are admitted through both emergency and elective admissions. In order to identify changes in quality, this thesis first considers how to construct an appropriate measure of quality. The first part of the thesis utilizes two di!erent methodological techniques used for quality measurement; a latent variable approach and a technique put forward by McClellan and Staiger (1999) using Vector Autoregressions. The results from these techniques indicate that quality measurement approaches di!er markedly with regards to how much measurement and systematic error they are able to filter out of raw outcome data. Finally, the new indicators created by these techniques are used to evaluate the quality impact the introduction of PbR as the main form of hospital payment has had in England. The analysis indicates that since the policy’s implementation, there have been di!erential quality e!ects on the di!erent conditions. However, for the most part this indicates an improvement in mortality outcomes, and a reduction in the variation of outcomes across hospitals. As found, the interpretation of readmissions has to be approached with caution as more severe patients being kept alive through quality improving measures on mortality create more mixed signals for the readmission indicators. In two conditions we find changes in activity that are indicative of e"ciency gains, in the form of better coding and adoption of new technology, both as a result of differences in reimbursement categories.
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Wisniewski, Tomasz Piotr. "Empirical evidence on economic and financial aspects of intensive insider trading." [S.l. : s.n.], 2005. http://deposit.ddb.de/cgi-bin/dokserv?idn=97344973X.
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Li, Cheng. "Three aspects of mathematical models for asymmetric information in financial market." Thesis, London School of Economics and Political Science (University of London), 2016. http://etheses.lse.ac.uk/3347/.
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The thesis consists of three parts. The first part studies the Glosten-Milgrom model [25] where the risky asset value admits an arbitrary discrete distribution. In contrast to existing results on insider model, the insiders optimal strategy in this model, if it exists, is not of feedback type. Therefore, a weak formulation of equilibrium is proposed. In this weak formulation, the inconspicuous trade theorem still holds, but the optimality for the insiders strategy is not enforced. However, the insider can employ some feedback strategies whose associated expected profit are close to the optimal value, when the order size is small. Moreover, this discrepancy converges to zero when the order size diminishes. The second part extends Peng’s monotone convergence result [37] to backward stochastic differential equations (BSDEs in short) driven by marked point processes. We apply this result to give a stochastic representation to the value function of the insiders problem in the previous part. The last part studies an optimal trading problem in limit order market with asymmetry information. The market consists of a strategic trader and a group of noisy traders. The strategic trader has private prediction on the fundamental value of a risk asset, and aims to maximise her expected profit. Both types of market participants are allowed to place market and limit orders. We aim to find a trading strategy for the strategic trader who uses both limit and market orders. This is formulated as a stochastic control problem that we characterise in terms of a HJB system. We also provide a numerical algorithm to obtain its solution and prove its convergence. Finally, we consider an example to illustrate the optimal trading strategy of the strategic trader.
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Knippel, Asher. "Legal aspects of the provision of financial services through the internet." Thesis, University of London, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.499100.
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Thani, Nik Norzrul. "Legal aspects of the regulatory framework of the Malaysian financial system." Thesis, SOAS, University of London, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.243857.
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Wilson, Timothy George Edmund. "Financial aspects of the oil and gas exploration and production industry." Thesis, University of Exeter, 1986. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.302980.
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Cipriano, Pirgo Manuel. "Legal Aspects of Electronic Money: Financial Inclusion Instrument. The Peruvian Model." Derecho & Sociedad, 2016. http://repositorio.pucp.edu.pe/index/handle/123456789/119096.
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In the first part, the background of electronic money is explained, then it provides a detailed account of how it has evolved in Africa, where there has been a huge success, given the advantages and applications it has, and how it has been working. Elsewhere, other models of electronic money that are emerging in the world, such as Google Wallet, Apple Pay, and experiences in Peru as Wanda and Your Mobile Money.In the third part, some aspects of the recent regulation of electronic money in Peru are required by Act No. 29985, which regulates the basic characteristics of electronic money. Finally, it details the recent proposal that ASBANC has been working on through the Model Peru, as well as technological and regulatory risks that still must be faced.En una primera parte se explica los antecedentes del dinero electrónico, luego se pasa a exponer detalladamente de cómo éste se ha desarrollado en África, donde ha tenido un enorme éxito dadas las ventajas y aplicaciones que tiene, y la manera como viene funcionando. En otra parte se señalan otros modelos de dinero electrónico que vienen surgiendo en el mundo, tales como Google Wallet, Apple Pay, y experiencias en Perú como el de Wanda y Tu Dinero Móvil.En la tercera parte se precisan algunos aspectos de la reciente regulación del dinero electrónico en el Perú, mediante la Ley Nº 29985, que regula las características básicas del Dinero Electrónico. Finalmente se detalla la reciente propuesta que viene trabajando ASBANC, a través del Modelo Perú, así como los riesgos tecnológicos y regulatorios que aún se debe afrontar.
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Hameed, Reeza. "Some comparative aspects of securities regulation in the United Kingdom and United States." Thesis, Queen Mary, University of London, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.261302.
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Theodosiou, Marina. "Aspects of modelling low and high frequency financial and economic time series." Thesis, Imperial College London, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.534969.
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Hadjiyannis, N. G. "Financial and economic aspects of the operations of foreign banks in Greece." Thesis, University of Reading, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.354963.
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Evans, Pornsawan. "An investigation into aspects of market behaviour in UK financial futures markets." Thesis, Swansea University, 2003. https://cronfa.swan.ac.uk/Record/cronfa42422.
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This thesis investigates a number of features of UK financial futures markets: (i) market microstructure through the context of the volume-maturity relationship of FTSEIOO futures (stock index futures), Long Gilt (bond futures) and Short Sterling (interest rate futures), (ii) domestic market linkages through the impact of macroeconomic announcements on the lead/lag relationship between the stock index futures and its equity index, (iii) international market linkages through the transmission of arbitrage information, measured by the mispricing errors, of stock index futures across the UK, US and Australian market, and (iv) the market efficiency of the three UK financial futures contracts, including the impact of the introduction of an electronic trading on the efficiency. We found an inverse relationship between the maturity and traded volume of these futures contracts. However, observation of the relationship for various maturity horizons (the near, middle and far contract) reveals that the inverse relationship is contributed mainly by the middle contract trading. The study of the lead/lag relationship reveals a futures lead over the cash market of 50 minutes for the FTSEIOO. UK macroeconomic announcements are found to strengthen the futures lead by up to 5 minutes. The impact from bad news created by the announcements appears to strengthen the futures lead whereas good news causes a price lead from the cash market to the futures market instead. The study of the international market linkages reveals the existence of bi-directional transmission of mispricing errors of stock index futures across the countries under investigation. We found a spillover from the US market to the Australian market, but not to the UK market, and from the Australian market to the US market. Finally, the study of market efficiency indicates that all three UK futures markets under investigation are weak-form efficient.
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Wang, Guang-Xu. "Network analysis of the universal healthcare financial reform in Taiwan." Thesis, University of Nottingham, 2015. http://eprints.nottingham.ac.uk/29827/.
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Taiwan adopted its National Health Insurance (NHI) scheme in 1995. Presently, the scheme covers virtually all of the island’s citizens. However, it is under the threat of a serious imbalance between expenditure and revenue. As spending has become unsustainable, everyone has realised the need for financial reform. However, the reform process itself is beset by political confrontations. There is a need to deepen the understanding of the relationships and dependencies among the policy actors. With a view to helping address this problem, this study empirically examines the multiple types of ties prevailing between the policy actors and the resulting power distribution while the DPP government was working earnestly towards reforming the NHI’s financial system in the period 2000-2008. Apart from official documents, data are drawn from a network survey coupled with semi-structural interviews of 62 policy actors including government officials and related unofficial policy participants. Measures such as the in-degree centrality index and core/periphery model, betweenness centrality, structural hole index (effective size), density index, E-I index and CONOOR procedure (Blockmodeling and multidimensional scaling - MDS) are used to identify the major participants and network structures in the NHI domain and assess their relative influence-powers on the basis of information transmission patterns, resource exchanges, action-set coalition relationships and reputational attributions. It is shown that, although the public sector and the medical associations were at the helm of the NHI reform, financial reform remained unfulfilled mainly because of poor communications among societal actors. We then performed a social network analysis and systematically mapped the prevailing political conflicts among diverse policy stakeholders. We confirm that SNA is an effective research tool for political feasibility evaluation; it can facilitate smoother policy adoption by enhancing better interactions within networks.
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Newall, Philip W. S. "Household financial decision making." Thesis, University of Stirling, 2016. http://hdl.handle.net/1893/24473.
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Households are nowadays required to make financial decisions of increasing complexity in an increasing number of domains. This thesis explores psychological mechanisms, behavior change interventions, and potential inhibitory factors underlying wise household financial decisions in the domains of gambling advertising and mutual fund investing. In-depth investigations of these two domains were chosen to balance the depth of topic coverage versus the wide breadth of modern financial decision making. UK soccer gambling advertising was investigated via two observational studies and a range of online experiments. The experiments found that soccer fans struggle to form coherent expectations for the complex bets featuring in UK soccer gambling advertising. Mutual fund investors have to balance a number of cues in their investment choices. Normatively, mutual fund investors should minimize fees. However, a number of investors choose to maximize past returns instead. Three chapters investigate how mutual fund fees and financial percentage returns are psychologically processed, in order to uncover beneficial behavior change interventions. Many participants processed percentages additively, rather than follow the correct multiplicative strategy. Both percentages and corresponding “small” currency amounts were associated with systematic biases. Participant responses were closest to the normative strategy when either past returns were framed as a “small” currency amount, or when fees were framed as a 10 year currency amount. “Some people invest based on past performance, but funds with low fees have the highest future results” was the most effective disclaimer at nudging fee-sensitivity against the real world status quo, “Past performance does not predict future results.”
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Xue, Jing, and 薛晶. "Financial contagion and herding behavior : evidence from the stock and indirect real estate markets." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/193472.
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Financial contagion, in this study, refers to spreading of crisis across markets in different locations. The observable consequence is usually in the form of increase in co-movement of asset prices in two markets after a crisis event. The causes of financial contagion have been studied for over twenty years, however, up till now, results have been mixed. One unsettled issue is whether market fundamentals alone can explain financial contagion. Pure fundamental based explanation suggests that the financial, economic and trade linkages are solely responsible for the transmission of crisis across markets. On the other hand, the behavioral finance researchers propose that herding behavior also plays an important role in explaining financial contagion. This issue cannot be easily resolved since it is difficult to empirically distinguish linkage effect and herding behavior. This thesis contributes to this unresolved issue by examining financial contagion in the stock market and indirect real estate market.
In the stock market, both fundamental linkages and herding are likely to exist. However some securities are less prone to herding than others. Herding across international markets is likely to be less serious when there is less information asymmetry between investors and management. In addition, compared with foreign investors, local investors are more confident in the link between market fundamentals and the corresponding securities. Real Estate Investment Trusts (REITs) are likely to suffer from less information asymmetry problem since the REITs market has more stringent regulatory requirements for information disclosure. Furthermore, the pricing of real estate asset, the main type of assets held by the REITs, often requires local knowledge. Local investors investing in REITs are less likely to mimic the investor behavior in another overseas REITs market. Listed property companies also share some similarities with REITs, although they are less immune to herding compared with REITs as information disclosure is less stringent for listed property companies. Since the asset prices of real estate are affected by the economic performance, fundamental linkages amongst all indirect real estate still likely to exist and are similar to other types of listed companies.
If market fundamental is the only source of financial contagion (i.e. no herding), financial contagion in the global stock and indirect real estate markets should be similar. This thesis uses the 2008 global financial crisis (GFC) as the crisis event to examine financial contagion across the world’s major equity markets. Our empirical results show that financial contagion is stronger in the entire stock markets than in the indirect real estate markets and that financial contagion is the weakest in the REITs markets, which support the herding behavior hypothesis and reject the pure fundamental explanation. This reasoning does not require indirect real estate to be totally immune from herding. All that is needed is that indirect real estate is less prone to herding compared with the common stocks.
Herding behavior can be rational or irrational. The latter refers to revision of asset prices by following the pricing behavior of other markets irrespective of market fundamentals. Our empirical evidence cannot reject irrational herding behavior in the indirect real estate market since contagion effect becomes stronger when windows of observations are lengthened. That is when more time was allowed for investors to react to the pricing behaviors in other markets, financial contagion became stronger. However, no similar results were found in the stock market. This impl\ies that compared with the indirect real estate market, herding is more serious in the stock market but such herding is also more rational than that in the indirect real estate market.published_or_final_version
Real Estate and Construction
Master
Master of Philosophy
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Åhlander, Karl. "Aspects of modern treasury management : organization and external financial activities in Swedish MNCs." Doctoral thesis, Handelshögskolan i Stockholm, Institute of International Business (IIB), 1990. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1905.
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Osterrieder, Jörg Robert. "Arbitrage, the limit order book and market microstructure aspects in financial market models." kostenfrei, 2007. http://e-collection.ethbib.ethz.ch/view/eth:29478.
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Fink, Gerhard, and Peter Haiss. "Central European financial markets from an EU perspective. Theoretical aspects and statistical analyses." Forschungsinstitut für Europafragen, WU Vienna University of Economics and Business, 1999. http://epub.wu.ac.at/316/1/document.pdf.
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Due to the fact that the European transition economies practically started from scratch in financial market development the size of financial markets in the CE-10 is significantly smaller with respect to GDP than in developed market economies. We can show by residual analysis that financial markets in the Czech Republic and Slovakia still need some restructuring. We also find that stock markets hardly contribute to economic prosperity, neither in the CE-10 nor in the EU. (authors' abstract)Series: EI Working Papers / Europainstitut
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Low, Ming Kaan. "Design and financial aspects of the end-of-life management of telecommunications products." Thesis, Loughborough University, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.362670.
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Tsang, Man-ching, and 曾文正. "Financial burden of hospitalisation for child abuse in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/196546.
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Child abuse is a well-known child care problem. Classically, there are four main types of abuse: physical, sexual and emotional abuse, and neglect. The incidence is often underestimated because a number of cases are not severe enough for caregivers to seek medical help. However, the more severe forms of child abuse can lead to significant morbidity and even mortality. Many studies have addressed the characteristics and outcomes of child abuse. However, the financial burden of child abuse that individuals and society bear has not been well examined.
In this study, the economic burden of hospitalisation for child abuse in Hong Kong is analysed. Data of 7,713 child hospitalisations and of 61,879 child visits to accident and emergency departments of public hospitals, all resulting from child abuse from 2003 to 2012, were retrieved from the Clinical Data Analysis and Reporting System. The data are analysed with particular respect to cost of child abuse.
The total inpatient cost of child abuse is HK$186,046,210, which is higher than the total inpatient cost of children with acute lymphoblastic leukaemia (HK$171,895,920) but lower than that of children with asthma (HK$1,156,082,970). The average inpatient cost of child abuse per visit is HK$24,127, which is higher than the average inpatient cost of children with asthma (HK$14,458) but lower than the cost of children with acute lymphoblastic leukaemia (HK$39,165). In comparisons of the average inpatient costs of the various types of child abuse to those of asthma and acute lymphoblastic leukaemia, each type of child abuse has higher average inpatient costs than asthma but lower than acute lymphoblastic leukaemia. Neglect produces the highest average cost (HK$33,606), followed by multiple abuse (HK$25,849) and then emotional abuse (HK$25,807), unspecified abuse (HK$25,090), physical abuse (HK$24,432) and sexual abuse (HK$17,807).
The overall accident and emergency department cost for child abuse is HK$43,394,400, which is much higher than the overall cost for children with acute lymphoblastic leukaemia (HK$1,193,500) but lower than that for children with asthma (HK$120,297,100). The mean cost for abuse per child is HK$5,784, which is higher than that per child with acute lymphoblastic leukaemia (HK$2,411) but lower than that per child with asthma (HK$6,389). Comparisons of the mean accident and emergency department costs of the various types of child abuse to asthma and acute lymphoblastic leukaemia showed that each type of child abuse has a higher mean cost than that of acute lymphoblastic leukaemia, while only neglect and emotional abuse have higher mean costs than asthma. Of the mean accident and emergency department charges for each type of child abuse, neglect has the highest average cost (HK$7,108), followed by emotional abuse (HK$6,489), and then sexual abuse (HK$5,890), multiple abuse (HK$5,851), unspecified abuse (HK$5,823) and physical abuse (HK$5,720).
The total and average costs of hospitalisation for child abuse in the Chinese population are higher than those in the non-Chinese population. Comparisons of the total cost and the average cost of hospitalisation between sexes showed that girls account for a higher total cost but lower average cost than boys. Of the three age groups of children, the 6-12 year-olds incur the highest total hospitalisation cost and the 0- to 6-year-olds had the highest mean hospitalisation cost. The costs of hospitalisations by different pay codes for child abuse, asthma, and acute lymphoblastic leukaemia are analysed.
In conclusion, compared to children with asthma, the severity of child abuse is high while the frequency of it is low. Interventions to reduce the severity of child abuse are to be considered. To compare to the other control group, the frequency of child abuse is more common and the severity of it is lower than that of children with ALL. Interventions to reduce the frequency of child abuse are in high priority compared to ALL. To the overall costs of hospitalisations for types of abuse, the financial burden of overall inpatient cost of physical abuse is high while financial burden of inpatient cost of individual cases of it is just average. Hence the frequency of physical abuse is high but its severity is low. Meanwhile, the financial burden per inpatient case of neglect is high while the total financial burden of hospitalisations for neglect is low. Hence the severity of neglect is high but its frequency is low. The data in this study could be used to further analyse the cost of child abuse, including non-medical costs and indirect costs, and for cost-effectiveness analysis.published_or_final_version
Paediatrics and Adolescent Medicine
Master
Master of Medical Sciences
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Nongcwalisa, Mvenene. "Implications of financial poverty on schooling and management in the Centane Unit." Thesis, Walter Sisulu University, 2012. http://hdl.handle.net/11260/d1009454.
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This study sought to find out the implications of poverty on schooling and management in the Centane Educational Unit. Centane Educational Unit is part of the Mnquma Local Municipality. The other Educational units that constitute the Mnquma are Butterworth and Ngqamakhwe. The Mnquma is one of the 7 local municipalities that form Amathole District Municipality. The other areMbhashe, Amahlathi, Great Kei, Ngqushwa, Nkonkobe and Nxuba. Quantitative and qualitative and research designs were used. Questionnaires and interviews were used to collect data from the principals, the school governing bodies parent members, educators and learners of 5 selected section 20 junior secondary schools. Participants were selected using a random sampling technique. The sample was made up of 5 principals, 20 SGB parent members (4 from each school), 10 educators (2 from each school) and 10 learners (2 from each school). Learners were selected from the senior phase. The total number of the sample was 45. The researcher analysed the data collected by means of Statistical Package for Social Sciences. The findings were that poverty- whether absolute or relative- had an adverse impact on schooling and management in the Centane Educational Unit. Its impact relates to parents’ inability to meet financial school requirements. This impact ranges from learners’ poor attendance to school, learners’ lack of concentration on studies, poor participation on extra-mural activities and parents’ failure to pay for school needs. On the basis of the negative effects of poverty on schooling and management recommendations were made in order to conscientise stakeholders on how best they could push back the frontiers of poverty and obviate its detrimental effects on our education system. The researcher encountered such limitations as the geographical location of schools which are scattered and far apart, working responsibilities and pressures, bad and impassable roads, financial commitments, negative attitudes of certain educators, principals and parent components of the School Governing Bodies (SGB) and officials of the Department of Education towards the researcher’s aims of undertaking this study. However, the researcher managed to work with the interviewees as she tried to address these challenges through interactions with her informants.
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Åhlén, Tommy. "The Behavioral Aspects of Mutual Funds and the Lessons Learned from the Financial Crisis." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-51066.
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The fund industry has grown tremendously over the last decades and the function for mutual funds and their managers have gained importance. Sweden is today the greatest fund saving country in the world however the function of the mutual funds and their managers is still rather unexplored. Mutual fund managers were blamed for the recent financial crisis and their irrational behavior was highlighted. This indicated how weak the classic financial theories are when trying to explain the function of human behavior and the irrationality in the market. Behavioral aspects for fund managers are greater than previously thought and there is a need to incorporate this better in the financial theories. The financial crisis together with the possibility of earning excess return over a long time period has indicated that the markets are not efficient. The confidence for mutual fund managers from the public is low because of the last financial crisis. There is a need for more regulation, better-suited payment schemes, greater transparency and products that everyone can understand in order to raise the confidence back to the previous level.
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Saeed, Muneer Mohammed. "The loyalty and defection aspects of relationship marketing in the Bahrain financial services sector." Thesis, University of Leeds, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.530820.
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Street, Sarah. "Financial and political aspects of state intervention in the British film industry, 1925-1939." Thesis, University of Oxford, 1985. http://ora.ox.ac.uk/objects/uuid:aeedf404-aa82-4a7e-a1b7-feb626ffff81.
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During this period the state's interest in the film industry took several different forms. The area of films policy explored in this thesis is the economic protection of the commercial film industry against the high percentage of American films screened in Britain and the Empire. I begin in 1925 because it was not until then that active steps were taken by the government, in response to agitation from producers and those who saw film as a bond of Empire and advertisement for British goods and 'way of life', leading to the Cinematograph Films Act, 1927. This proposed, for political, cultural, moral and economic reasons, that renters and exhibitors should acquire and show a percentage of British films. There was no subsidy for producers or a heavy duty levied on American film imports. The origins, impact and character of official film policy are explored in the thesis with particular attention to financial and political aspects. An attempt is made to explain why policy was limited to film quotas together with an assessment of their impact on the industry's economic development. Details are also given on how the film industry's affairs became caught up in wider debates on tariff policy in the 1920s and in Anglo-American relations ten years later. The first three chapters deal with the evolution, promulgation and initial impact of the Cinematograph Films Act, 1927. Chapter 4 examines the deliberations of the Moyne Committee, established in 1936 to review the film industry's progress. The last three chapters analyse the three major influences on policy during the making of the 1938 Films Act: the campaigns of British film trade interests; the state of Anglo-American relations and film finance. In the final assessment the major influences that shaped policy are outlined together with conclusions on the industry's position and problems on the eve of the Second World War.
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Воронцова, Анна Сергіївна, Анна Сергеевна Воронцова, Anna Serhiivna Vorontsova, Ірина Вікторівна Діденко, Ирина Викторовна Диденко, and Iryna Viktorivna Didenko. "Theoretical aspects of the financial literacy in the context of the demographical-migration crisis." Thesis, Sumy State University, 2021. https://essuir.sumdu.edu.ua/handle/123456789/86491.
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В роботі розглянуто особливості трактування фінансової грамотності та її рівень серед населення в країнах Західної та Центральної Європи.В работе рассмотрены особенности трактовки финансовой грамотности и ее уровень среди населения в странах Западной и Центральной Европы.
The paper considers the peculiarities of the interpretation of financial literacy and its level among the population in Western and Central Europe.
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潘國慶 and Kwok-hing Francis Poon. "Analysis of financial return of office sector in Hong Kong (1979-1988)." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1989. http://hub.hku.hk/bib/B31979671.
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Tongo, Yanga. "Financial sector development and sectoral output growth evidence from South Africa." Thesis, Rhodes University, 2012. http://hdl.handle.net/10962/d1002739.
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The goal of the study is to examine the relationship between financial sector development and output growth in the agricultural, mining and manufacturing sectors in South Africa. The analysis is based on the hypothesis that financial development is essential for promoting production growth in an economy. To test the hypothesis, in the South African context, the vector autoregressive model (VAR) framework and Granger causality test are applied to a quarterly data set starting from 1970 quarter one to 2009 quarter four. The results suggest that financial intermediary development (bank based measure) and stock market development (market based measure) have a positive impact on output growth in the agriculture, mining and manufacturing sectors in South Africa. There is evidence of a one way causal relationship between financial sector development and sectoral output growth. Particularly, there is evidence that financial intermediary development and stock market development causes output growth in the agriculture, mining and manufacturing sectors in South Africa. However, there is no evidence showing causality running from sectoral output growth to financial sector development. The results provide evidence supporting the theory which states that financial development is essential to promote output growth in a country i.e. in our case South Africa. Thus an efficient financial system which promotes efficient channeling of resources towards the agricultural, mining and manufacturing sectors should be built.
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Tekin, Ilknur Mary Joy Nirmala. "Green Index: Integration of Environmental Performance, Green Innovativeness and Financial Performance." PDXScholar, 2014. http://pdxscholar.library.pdx.edu/open_access_etds/1815.
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The integration of sustainability performance of companies is becoming increasingly important. The recent global requirements (i.e. the Kyoto Protocol) for significant reduction of the negative impact of companies on the environment over the next 6 years have been putting pressure on the companies, requiring them to lower the negative environmental impact of market performance. This requirement challenges the profitable growth of the companies' business functions, given the change needed for business operations to improve on their environmental impact.
In this dissertation a new corporate sustainability performance index, called: The Green Index, for measuring and assessing the integrated sustainability performance of companies is developed. The Green Index integrates Environmental Performance, Green Innovativeness and Financial Performance, by quantifying the expert opinions toward their integration. Development of the Green Index is a holistic approach in defining and measuring "green" performance for companies, integrated into their market performance. Green Index, for the first time in the literature, introduces Green Innovativeness in defining and measuring Green Performance of companies, in integration with Environmental and Financial Performance.
In the literature and business practices, there are various sustainability indices used, and methodological approaches in measuring corporate sustainability performance with more than hundred performance indicators. The Green Index, uniquely refers to the collective expert opinion of management researchers, executive managers of corporations, high-tech companies' R&D managers, financial managers, corporate social responsibility managers, in defining a shorter list of 29 performance measures under the three core performance dimensions. Hierarchical Decision Modeling is used for the development of Green Index based on experts' collective decisions. At the next level, desirability levels for each one of the 29 performance measures are scaled by a group of angel investors and investors. And their collective desirability quantifications are used toward the application of the Green Index to quantify the Green Index value for a set of scenario analyses for alternative company performance states.
Green Index fills a major gap in the scholarly literature and business practices. It meets the needs prioritized in the near future strategy of World Business Council on Sustainable Development (WBCSD) towards development of new performance metrics and business models for industries that are financially successful while innovating with green products as they are reducing their negative environmental impact (WBCSD Annual Report 2010, 2011).
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Gerber-Helbling, Silvia A. "An analysis of 'Bid-Ask' spreads considering aspects of risk insurance, degree of competition and market liquidity." Thesis, University of York, 1994. http://etheses.whiterose.ac.uk/10945/.
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Antoni, Xolile Lucas. "Financial literacy and behaviour among the black community in Nelson Mandela Bay." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/d1020027.
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South Africa has a poor savings culture. This means that South Africans do not save enough income for a later stage resulting in a relative large number of South African consumers living in debt and using more credit than what they have saved. Almost half of the South African consumers were in debt during the year 2010 and had a negative credit record. Thus consumers in South Africa are not living only in poor conditions but are also open to exploitation by the informal economy. Lenders in the informal economy are known as ‘loan sharks’ because they charge consumers interest rates of between 40 and 60 percent. This is because low income consumers have less access to savings products and credit facilities from the formal economy. These factors are more prevalent among the black consumers, as they use informal credit providers. The sources of credit for black consumers in the informal market are social networks such as friends and family. Furthermore, black consumers have low levels of knowledge regarding issues such as bad debts. Black consumers are also more likely to experience financial problems than other racial groups. This means that black consumers may need to improve their levels of financial knowledge, financial skills and adopt positive financial attitudes to manage their financial problems without obtaining more debt. Thus, financial education may be the way of ensuring that black consumers improve their financial decision-making ability and their financial behaviour. Therefore, the purpose of this study is to investigate the relationships between financial literacy, financial inclusion and financial behaviour among the black community in Nelson Mandela Bay. To achieve the purpose of this study, a literature review was conducted on financial literacy, financial education, financial inclusion and financial behaviour. This was followed by an empirical investigation to establish the relationships between financial literacy, financial inclusion and financial behaviour. In this study, a quantitative research approach was adopted as necessitated by the purpose of this study and also to be able to collect a vast amount of perceptions from the black community. The sample of this study consisted of low to middle income black consumers living in Nelson Mandela Bay.
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Linzey, Juanita Bird. "A comparison of the financial situations and practices of remarried and first-married families." Thesis, This resource online, 1993. http://scholar.lib.vt.edu/theses/available/etd-06112009-063919/.
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