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1
Kim, Chang Yong 1972. "The exchange rate effects on different types of foreign direct investment." Thesis, University of Oregon, 2010. http://hdl.handle.net/1794/11226.
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xii, 132 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number.Motivated by conflicting prior evidence for exchange rate effects on foreign direct investment (FDI), the first chapter of this dissertation explores theoretical evidence of the exchange rate effect on FDI in terms of different types of FDI. Based on a simple two-country model, I demonstrate that the profit function of a horizontal FDI investor is a decreasing function of the exchange rate, while the profit function for a vertical FDI investor is an increasing function of the exchange rate. This implies that a depreciation of a host country currency depresses horizontal FDI and promotes vertical FDI. Moreover, comparing the FDI investor's intertemporal profit in a simple two-period time frame, I lay out a theoretical basis for a relation between the effects of the exchange rate and the expectations of the exchange rate effect on different types of FDI. The second chapter of this dissertation examines the empirical evidence for the exchange rate effects on different types of FDI. Using cross-border mergers and acquisitions among 37 countries from 1985 to 2007, I measure horizontal and vertical FDI in 4 different ways, and constructing directional country pairs, I estimate the exchange rate effects on horizontal and vertical FDI by a Poisson and a negative binomial regression with fixed and random effects. The estimation results provide considerable support for the model's predictions of the first chapter. The third chapter of this dissertation extends the first and second chapters with an analysis of the effect of exchange rate expectations on different types of FDI. I examine 4 different measures of exchange rate expectations. Using a methodology similar to that in the second chapter, the estimation results suggest that the expected exchange rate effects on horizontal and vertical FDI are not very significant. However, the expectations of the exchange rate shed more light on the exchange rate effects on different types of FDI under all of the exchange rate expectation measures. This suggests that the exchange rate is a more influential determinant of the allocation of different types of FDI than the expected exchange rate.
Committee in charge: Bruce Blonigen, Chairperson, Economics; Jeremy Piger, Member, Economics; Stephen Haynes, Member, Economics; Neviana Petkova, Outside Member, Finance
2
Trenbath, Kim L. "Assessing the return on investment for various types of break-in training." Morgantown, W. Va. : [West Virginia University Libraries], 2002. http://etd.wvu.edu/templates/showETD.cfm?recnum=2731.
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Thesis (M.S.)--West Virginia University, 2002.Title from document title page. Document formatted into pages; contains viii, 212 p. : ill. (some col.). Vita. Includes abstract. Includes bibliographical references (p. 209-212).
3
OH, Natalie Yoon-na Banking & Finance Australian School of Business UNSW. "Essays on the dynamic relationship between different types of investment flow and prices." Awarded by:University of New South Wales. Banking and Finance, 2005. http://handle.unsw.edu.au/1959.4/22041.
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This thesis presents three related essays on the dynamic relationship between different types of investment flow and prices in the equity market. These studies attempt to provide greater insight into the evolution of prices by investigating not ???what moves prices??? but ???who moves prices??? by utilising a unique database from the Korean Stock Exchange. The first essay investigates the trading behaviour and performance of online equity investors in comparison to other investors on the Korean stock market. Whilst the usage of online resources for trading is becoming more and more prevalent in financial markets, the literature on the role of online investors and their impact on prices is limited. The main finding arising from this essay supports the claim that online investors are noise traders at an aggregate level. Whereas foreigners show distinct trading patterns as a group in terms of consensus on the direction of market movements, online investors do not show such distinct trading patterns. The essay concludes that online investors do not trade on clear information signals and introduce noise into the market. Direct performance and market timing ability measures further show that online investors are the worst performers and market timers whereas foreign investors consistently show outstanding performance and market timing ability. Domestic mutual funds in Korea have not been extensively researched. The second essay analyses mutual fund activity and relations between stock market returns and mutual fund flows in Korea. Although regulatory authorities have been cautious about introducing competing funds, contractual-type mutual funds have not been cannibalized by the US-style corporate mutual funds that started trading in 1998. Negative feedback trading activity is observed between stock market returns and mutual fund flows, measured as net trading volumes using stock purchases and sales volume. It is predominantly returns that drive flows, although stock purchases contain information about returns, partially supporting the price pressure hypothesis. After controlling for declining markets, the results suggest Korean equity fund managers tend to swing indiscriminately between increasing purchases and increasing sales in times of rising market volatility, possibly viewing volatility as an opportunity to profit and defying the mean-variance framework that predicts investors should retract from the market as volatility increases. Mutual funds respond indifferently to wide dispersions in investor beliefs. The third essay focuses on the conflicting issue of home bias by looking at the impact on domestic prices of foreign trades relative to locals using high frequency data from the Korean Stock Exchange (KSE). This essay extends the work of Choe, Kho and Stulz (2004) (CKS) in three ways. First, it analyses the post-Asian financial crisis period, whereas CKS (2004) analyse the crisis (1996-98) period. Second, this essay adopts a modified version of the CKS method to better capture the aggregate behaviour of each investor-type by utilising the participation ratio in comparison to the CKS method. Third, this essay does not limit investigation to intra-day analysis but extends to daily analysis up to 50 days to observe the effect of intensive trading activity in a longer horizon than the CKS study. In contrast to the CKS findings, this paper finds that foreigners have a short-lived private information advantage over locals and trades by foreigners have a larger impact on prices using intra-day data. However, assuming investors buy-hold for up to 50 days, the local individuals provide a greater impact and more profitable returns than foreigners. Superior performance is documented for buys rather than sells.
4
Nye, Katrina R. "Retirement Savings and Types of Investment Assets Among Near-Retirees Aged 51-64: How do Women Invest Differently Than Men?" DigitalCommons@USU, 2008. https://digitalcommons.usu.edu/etd/6.
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The purpose of this study was to examine the financial portfolios of near-retiree women and compare their assets to near-retiree men. This study also investigated how economic and demographic factors were associated with the probability of holding aggressive assets and the level of savings. Socioeconomic variables were used to create a profile of the investment behaviors and to examine the level of savings among near-retiree women and men. Specific variables key to the study included household income, age, marital status, education, race, and self-reported health of near-retiree women and men.
The descriptive statistics indicated that overall, average levels of all asset categories for the female group were much lower than they were for the male group among near-retirees. According to the findings of this study, women tended to invest in safer assets such as CDs, savings bonds, and T-bills rather than in more aggressive assets such as stocks, business assets, and real estate assets.
The results from both the logistic regression and Ordinary least squares regression analyses indicated that gender had no statistically significant impact on the investment and savings behavior among near-retirees aged 51 - 64. However, household income, age, marital status, education, race, and the self-reported health status of near-retirees were all significant determinants of the investment and saving behavior among near-retirees aged 51 - 64. For example, near-retirees, with higher income, older, married, higher education, Whites, and in good health, were more likely to own aggressive assets and reported higher level of savings as compared to other near-retirees.
This study also explored socioeconomic factors associated with the level of savings among near-retiree women aged 51 - 64. The findings of this study indicated that household income, age, education, and race were significant determinants of the level of savings among near-retiree women aged 51 - 64. The results of the OLS regression analysis showed that women with lower income, younger, less education, and non-Whites reported lower levels of savings than did other women. Implications of the findings, limitations of the current study, and suggestions for future study were presented in the final section. (88 pages)
5
Vanda, Višnevska. "LIETUVOS KOLEKTYVINIO INVESTAVIMO SUBJEKTŲ (KIS) GRĄŽOS IR RIZIKOS PALYGINAMOJI ANALIZĖ." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2008. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2007~D_20080122_101508-50465.
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Višnevska V., Lietuvos KIS rizikos ir grąžos palyginamoji analizė: Finansų rinkų studijų programos magistro baigiamasis darbas / vadovas Prof. habil. dr. A. Buračas; Mykolo Romerio universitetas, Ekonomikos fakultetas, bankininkystės ir investicijų katedra. Vilnius, 2007. 69 psl.
Šiame darbe pristatomos plačiausiai paplitusios kolektyvinio investavimo subjektų (KIS) rūšys bei galimi jų klasifikavimo bei kategorizavimo pagrindai, apžvelgiami žinotini investicinės grąžos bei investicijų rizikos teoriniai bei praktiniai aspektai, apžvelgiami KIS sektoriaus veiklą reglamentuojantys ES ir nacionaliniai teisės aktai, pristatoma KIS sektoriaus problematika Europos Sąjungoje bei Lietuvoje, pateikiama KIS rizikos bei grąžos kompleksinio vertinimo specifika, pristatomas universalus bet kokio tipo KIS vertinimo algoritmas, įvairiais pjūviais analizuojama jauna LR KIS rinka.
Pirmojoje darbo dalyje pristatomas tyrimo objektas, antrojoje bei trečiojoje – tyrimo dalykas, o darbo empirinėje dalyje nagrinėjama reali 2007 metų rugsėjo 30 d. LR egzistavusi KIS įvairovė, sudaromas jų reitingas remiantis atlikta rizikos ir grąžos palyginamąja analize bei trumpalaikės grąžos palyginimu.
Remiantis išsamiai pristatytais pasaulinėje praktikoje nusistovėjusiais metodais suklasifikuoti fondai buvo vertinami pagal individualius jų rizikos ir grąžos parametrus naudojantis matematiniais bei analitiniais metodais bei MS Excel duomenų analizės funkcijomis ir rezultatų apdorojimo programa SPSS. Pirma... [toliau žr. visą tekstą]Višnevska V., Comparative Analysis of Risk and Return of The Lithuanian Collective Investment Undertakings: Financial Markets Study Programme Final Master Thesis / supervisor Prof. Habil. Dr. A. Buračas, Banking and Investment Department, Faculty of Economics, Mykolas Romeris University. Vilnius, 2007. 69 p. This master thesis reviews the most widespread types and classifications of mutual funds, overlooks the most important theoretical and practical aspects of investment return and investment risks in Lithuania. The work overlooks the collective investment undertakings (CIU) sector problems within the European union and Lithuania, present legal acts regulating CIU activity at the EU and national level, provides specific mutual fund risk and return complex evaluation methods, suggests universal algorithm for analyzing any type of mutual fund and analysis of the young Lithuanian mutual fund market using different cross-sections. The first part of the paper presents the object of the study – mutual fund concept, their variety and possible classifications. In the second and third parts the theoretical and practical aspects of investment risks and return are disclosed, whilst the empirical part is composed of analysis of the variety of mutual funds that existed as of September 30, 2007, provides Lithuania based mutual funds rating in accordance with the performed risk- return and short term return analysis. Funds were classified based on the througoughtly presented methods and... [to full text]
6
Shelton, Jon R. "Three Essays on Innovation and Regional Economic Development." Cleveland State University / OhioLINK, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=csu1321972326.
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Kocourková, Gabriela. "Inovace procesů ve stavebním podniku." Doctoral thesis, Vysoké učení technické v Brně. Fakulta stavební, 2016. http://www.nusl.cz/ntk/nusl-355623.
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This work explores issues of innovation and innovative entrepreneurship. Doctoral thesis focuses on the characteristics of product and process innovation in the construction company. The aim of doctoral thesis is to analyze the situation in terms of innovation, funding sources and measure the effectiveness of innovation processes in general and in the context of construction enterprises using a questionnaire survey. The main objective is to define a systematic procedure for rehabilitation of the building company in crisis, using process innovation and its verification on case study in the construction company.
8
Richter, Johannes [Verfasser]. "Property Types and Return Characteristics - An Analysis of Direct Real Estate Investments in Germany / Johannes Richter." München : Verlag Dr. Hut, 2011. http://d-nb.info/1013526279/34.
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Paget-Seekins, Laurel R. "Sustainable public transit investments: increasing non-motorized access and multiple trip type usage." Diss., Georgia Institute of Technology, 2010. http://hdl.handle.net/1853/37154.
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Public transit is a key method for increasing sustainability in the transportation sector; transit can decrease emissions harmful to the environment and increase social equity by providing improved mobility. Given the limited resources available to build and operate public transit, it makes sense to meet multiple sustainability goals simultaneously. Transit that is accessible by non-motorized means and serves multiple trip types can potentially reduce vehicle usage and increase mobility for everyone. This research assesses whether transit systems with high non-motorized access rates and non-work trip usage are meeting social and environmental goals and what factors impact non-work and non-motorized access rates.
Eight criteria were used to choose 17 metropolitan regions that represent a range of transit conditions in the US. Non-parametric correlations were calculated between non-work usage and non-motorized access and a dataset of 30 continuous and 11 categorical variables that measure regional characteristics, transit efficiency, land use, rider demographics, and transit operations and design. In-depth case studies, including site visits and interviews, were done for Denver, Colorado; Minneapolis/St. Paul, Minnesota; and Sacramento, California.
The correlations and case studies both confirm that transit system with high non-work usage and non-motorized access are not meeting social or environmental sustainability goals. These systems primarily serve low-income riders, are less well funded, and provide limited service. Only systems with higher per capita funding levels meet social goals and higher funding is correlated to higher income riders. However, having higher income riders does not imply that social goals are met. Regional policies regarding operations and design of transit can increase usage for non-work trips and non-motorized access and are necessary to ensure both social and environmental goals are met.
10
Yalcin, Ozge. "The Performance Evaluation And Persistence Of A Type Mutual Funds In Turkey." Thesis, METU, 2012. http://etd.lib.metu.edu.tr/upload/12614099/index.pdf.
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Literature reveals studies on mutual fund performance analysis and persistency, with various results. Some studies support hort term performance persistence, while the rest claiming no such persistency among the portfolios. This thesis is an attempt to analyze the performances of Turkish open-end mutual funds for the period of 2003-2010 and search for persistency by extending the time period to June 2011.
For performance evaluation, single factor CAPM and ama-French&rsquos Three Factor Model are applied. Persistency analysis is done by tracking the relative fund performances on a monthly basis. The results of this study indicate that for the sample period, Turkish A Type mutual funds neither overperform nor underperform the overall market. Nearly all Jensen&rsquo
s alphas are found to be zero, statistically significant. This is also an implication that the mutual funds are earning their expected returns in an efficient mutual fund market in Turkey. The Fama-French&rsquo
s three factor model shows slightly better performance, on the other hand. The size and book to market equity factors are not found significant in general, however they are found jointly significant in all regressions. Persistency is analyzed by tracking the mutual fund erformances on monthly basis. When some mutual funds showed negative or positive performance persistency during the period individually, but the overall picture demonstrates a balanced distribution of performance groups. The number Loser-Loser performances is slightly more than the other three groups, resulting in a tendency for short term negative persistency for the sample analyzed between the period of January 2003 to June 2011.
11
Zarmouh, Omar Othman. "Optimal investment in an oil-based economy : theoretical and empirical study of a Ramsey-type model for Libya." Thesis, University of Bradford, 1998. http://hdl.handle.net/10454/4401.
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In a developing oil-based economy like Libya the availability of finance is largely affected by the availability of oil revenues which are subjected to disturbances and shocks. Therefore, the decision to save and invest a certain ratio of the country's aggregate output is, to large extent, determined (and affected) by the shocks in the oil markets rather than the requirements of economic development. In this study an attempt is made to determine the optimal rate of saving and investment, both defined as a ratio of the aggregate output, according to the requirements of economic development. For this purpose, a neo-classical Ramsey-type model for Libya is constructed and applied to obtain theoretically and empirically the optimal saving and investment rate during the period (1965-1991). The results reveal that Libya was investing over the optimal level during the oil boom of 1970s and less than the optimal level during the oil crisis of 1980s. In addition, an econometric investigation of the determinants of actual investment by sector (agriculture, non-oil industry, and services) is carried out in order to shed lights on how possible it is for Libya to adjust actual investment towards its optimal level. It is found that, as expected, the most important factor which can be used in this respect is the oil revenues or, generally, the availability of finance. In addition, the study reveals that investment in agriculture is associated, during the period of study, with a very low marginal productivity of capital whereas marginal productivity was higher in both non-oil industry and services. Finally, the study investigates also the future potential saving and investment rates and concludes that the economy, which has already reached its steady state, can be pushed out towards further growth if the economy can be able to increase the level of per worker human capital, proxied by the secondary school enrolment as a percentage of population.
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Trautmann, Thomas. "Environmental investment decisions under regulatory uncertainty : an analysis of corporate responses to regulatory uncertainty in the European Emission Trading scheme /." Zürich : ETH, 2007. http://e-collection.ethbib.ethz.ch/show?type=diss&nr=17291.
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Jöhri, Stephan. "Portfolio optimization with hedge funds Conditional value at risk and conditional draw-down at risk for portfolio optimization with alternative investments /." Zürich : ETH, Eidgenössische Technische Hochschule Zürich, Department of Computer Science, 2004. http://e-collection.ethbib.ethz.ch/show?type=dipl&nr=127.
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Snögren, Michelle, and Ida Tallskog. "Fastighetsinriktat investmentbolag som diversifierad portfölj : Analys av ett noterat aktiebolag." Thesis, KTH, Fastigheter och byggande, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254857.
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Sverige har under en längre period befunnits i högkonjunktur, något som enligt rapporter från Riksbanken troligtvis kommer att mattas av inom en snar framtid. I sämre tider är det av vikt att ha stabila tillgångar i sin portfölj och fastigheter kan då vara ett intressant investeringsalternativ med sin låga korrelation i förhållande till många andra tillgångsslag. I denna studie har det fastighetsinriktade investmentbolaget Fastator och dess portfölj studerats. Fastators portfölj består av bolag som samtliga är verksamma inom fastighetsbranschen. Ägarandelarna uppgår till mellan 50 till 100% och Fastators roll i bolagens verksamheter varierar beroende på hur pass involverade de önskar vara samt om de vill anta en aktiv, projektbaserad eller finansiell roll i bolagen.Studien har vidare undersökt i vilket utsträckning Fastators portfölj kan anses vara diversifierad. Utifrån teori och tidigare studier om modern portföljteori och diversifiering har analysen försökt besvara studiens två inledande frågeställningar. För att kunna förstå hur pass diversifierad Fastators portfölj är har innehaven kategoriserats utifrån fastighetstyp och geografi. Identifieringen av de olika fastighetstyper som förekommer på den svenska fastighetsmarknaden har gjorts genom att titta på de tio största svenska fastighetsbolagen baserat på marknadsvärde.Avslutningsvis har en slutsats av studien presenterats som visar på att Fastators portfölj inte kan anses vara diversifierad, detta då deras portfölj inte kan anses vara jämt viktad enligt den moderna portföljteorin.Sweden has had a booming economy during the recent years. The Swedish Riksbank however believes that the economy will slow down in the near future. During times of uncertainty stable assets are often preferable where real estate assets are one interesting option with a low correlation to many other asset classes. This study examines the portfolio the real estate investment company Fastator consisting of companies active in the real estate sector. Fastator's ownership share in the companies are between 50 to 100% and their level of activity in each investment depends on whether they are acting as an active owner, on a project basis or keeing the investment as a financial asset.The study has analyzed Fastator's portfolio to see if it, based on modern portfolio theory and theories around diversification, could be considered as being diversified. Earlier studies in the field have also been examined to assist in answering the question. The evaluation of the portfolio's diversification is based on geographical locations of the underlying assets as well as the property types in the portfolio. Knowledge on the various property types that exist was obtained by looking at the portfolios of the largest real estate companies in Sweden.It is concluded that Fastator's portfolio cannot be considered diversified since the portfolio is not evenly weighted as required in the theory of modern portfolio.
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Akinyode, Olufunmi Abimbola. "The impact of the 2008 economic recession on three residential property type investments: a case study of five diverse zip codes in Washington DC, USA." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/13332.
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There has been 47 recessions in the United States of America (US) since 1790. US recessions have increasingly affected economies of other countries in the world as nations become more and more interdependent on each other. The worst economic recession so far was the 'Great Depression' – an economic recession that was caused by the 1929 crash of the stock market in the US. The 2008 economic recession in the US was a result of the burst of the 'housing bubble' created by predatory lending. The economic recession resulted in increased unemployment (according to NBER 8.7 million jobs were lost from Feb. 2008 to Feb. 2010); decrease in GDP by 5.1%; increase in poverty level from 12.1% (2007) to 16.0% (2008) (NBER) This dissertation is an attempt to research the impact of the 2008 economic recession on different types of residential investments: a case study of five (5) diverse neighborhoods/zip codes in Washington DC, USA The main findings were that the effect of the 2008 economic depression on the different types of residential properties was dependent on the location of the property and the demographics/socio-economic factors associated with that location.
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Nunes, José Carlos de Almeida Maurício. "As sociedades de capital de risco em Portugal: Critérios adoptados no processo de tomada de decisão de investimento." Master's thesis, Universidade de Évora, 2009. http://hdl.handle.net/10174/18985.
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Este estudo procura compreender a importância atribuída aos critérios utilizados pelas SCR portuguesas, na seleção e avaliação de projetos do tipo early-stage. Os dados utilizados foram recolhidos com recurso a questionário aplicado a 22 SCR portuguesas. Foram utilizadas técnicas de estatística descritiva, testes não paramétricos e análise de clusters. Concluiu-se que a personalidade e experiência do empreendedor e equipa de gestão são os critérios mais valorizados. As SCR com capital maioritariamente privado consideram mais importante o grupo de critérios relativo à personalidade do empreendedor e equipa de gestão do que as de capital maioritariamente público; e, as SCR que ainda não se internacionalizaram, consideram mais importantes o grupo de critérios relativos à personalidade do empreendedor e equipa de gestão e o grupo de critérios relativo aos aspetos financeiros, do que as SCR que se internacionalizaram. Na análise de clusters identificaram-se três grupos de SCR: Criadores de riqueza de forma sustentada; Monopolistas Impacientes; e, Ciumento. ABSTRACT: This study seeks to understand the relevance of the criteria used by the Portuguese VCs to select and assess early stage type projects. The data used for the study was collected through a questionnaire answered by 22 Portuguese VCs. We employed descriptive statistic techniques, non-parametric tests and cluster analysis. The conclusion of the study was that the personality and experience of an entrepreneur and of the management team are the most valued criteria. VCs with a majority of private share capital found the group of criteria related to the personality of the entrepreneur and of the management team to be more important than the companies with a majority of public share capital; additionally, the VCs that have not yet expanded internationally, consider the personality of the entrepreneur and management team and the group of criteria associated to financial aspects, to be more important than the VCs that have already expanded abroad. Throughout the study of the clusters we were able to identify three VCs groups: Creators of sustained wealth; Impatient Monopolists and Jealous.
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Albosaily, Sahar. "Stratégies optimales d'investissement et de consommation pour des marchés financiers de type"spread"." Thesis, Normandie, 2018. http://www.theses.fr/2018NORMR099/document.
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Dans cette thèse, on étudie le problème de la consommation et de l’investissement pour le marché financier de "spread" (différence entre deux actifs) défini par le processus Ornstein-Uhlenbeck (OU). Ce manuscrit se compose de sept chapitres. Le chapitre 1 présente une revue générale de la littérature et un bref résumé des principaux résultats obtenus dans cetravail où différentes fonctions d’utilité sont considérées. Dans le chapitre 2, on étudie la stratégie optimale de consommation / investissement pour les fonctions puissances d’utilité pour un intervalle de temps réduit a 0 < t < T < T0. Dans ce chapitre, nous étudions l’équation de Hamilton–Jacobi–Bellman (HJB) par la méthode de Feynman - Kac (FK). L’approximation numérique de la solution de l’équation de HJB est étudiée et le taux de convergence est établi. Il s’avère que dans ce cas, le taux de convergencedu schéma numérique est super–géométrique, c’est-à-dire plus rapide que tous ceux géométriques. Les principaux théorèmes sont énoncés et des preuves de l’existence et de l’unicité de la solution sont données. Un théorème de vérification spécial pour ce cas des fonctions puissances est montré. Le chapitre 3 étend notre approche au chapitre précédent à la stratégie de consommation/investissement optimale pour tout intervalle de temps pour les fonctions puissances d’utilité où l’exposant γ doit être inférieur à 1/4. Dans le chapitre 4, on résout le problème optimal de consommation/investissement pour les fonctions logarithmiques d’utilité dans le cadre du processus OU multidimensionnel en se basant sur la méthode de programmation dynamique stochastique. En outre, on montre un théorème de vérification spécial pour ce cas. Le théorème d’existence et d’unicité pour la solution classique de l’équation de HJB sous forme explicite est également démontré. En conséquence, les stratégies financières optimales sont construites. Quelques exemples sont donnés pour les cas scalaires et pour les cas multivariés à volatilité diagonale. Le modèle de volatilité stochastique est considéré dans le chapitre 5 comme une extension du chapitre précédent des fonctions logarithmiques d’utilité. Le chapitre 6 propose des résultats et des théorèmes auxiliaires nécessaires au travail.Le chapitre 7 fournit des simulations numériques pour les fonctions puissances et logarithmiques d’utilité. La valeur du point fixe h de l’application de FK pour les fonctions puissances d’utilité est présentée. Nous comparons les stratégies optimales pour différents paramètres à travers des simulations numériques. La valeur du portefeuille pour les fonctions logarithmiques d’utilité est également obtenue. Enfin, nous concluons nos travaux et présentons nos perspectives dans le chapitre 8This thesis studies the consumption/investment problem for the spread financial market defined by the Ornstein–Uhlenbeck (OU) process. Recently, the OU process has been used as a proper financial model to reflect underlying prices of assets. The thesis consists of 8 Chapters. Chapter 1 presents a general literature review and a short view of the main results obtained in this work where different utility functions have been considered. The optimal consumption/investment strategy are studied in Chapter 2 for the power utility functions for small time interval, that 0 < t < T < T0. Main theorems have been stated and the existence and uniqueness of the solution has been proven. Numeric approximation for the solution of the HJB equation has been studied and the convergence rate has been established. In this case, the convergence rate for the numerical scheme is super geometrical, i.e., more rapid than any geometrical ones. A special verification theorem for this case has been shown. In this chapter, we have studied the Hamilton–Jacobi–Bellman (HJB) equation through the Feynman–Kac (FK) method. The existence and uniqueness theorem for the classical solution for the HJB equation has been shown. Chapter 3 extended our approach from the previous chapter of the optimal consumption/investment strategies for the power utility functions for any time interval where the power utility coefficient γ should be less than 1/4. Chapter 4 addressed the optimal consumption/investment problem for logarithmic utility functions for multivariate OU process in the base of the stochastic dynamical programming method. As well it has been shown a special verification theorem for this case. It has been demonstrated the existence and uniqueness theorem for the classical solution for the HJB equation in explicit form. As a consequence the optimal financial strategies were constructed. Some examples have been stated for a scalar case and for a multivariate case with diagonal volatility. Stochastic volatility markets has been considered in Chapter 5 as an extension for the previous chapter of optimization problem for the logarithmic utility functions. Chapter 6 proposed some auxiliary results and theorems that are necessary for the work. Numerical simulations has been provided in Chapter 7 for power and logarithmic utility functions. The fixed point value h for power utility has been presented. We study the constructed strategies by numerical simulations for different parameters. The value function for the logarithmic utilities has been shown too. Finally, Chapter 8 reflected the results and possible limitations or solutions
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Lee, Samuel. "Information and control in financial markets." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics (EFI), 2009. http://www2.hhs.se/efi/summary/799.htm.
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Blind, Ina. "Essays on Urban Economics." Doctoral thesis, Uppsala universitet, Nationalekonomiska institutionen, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-260898.
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This thesis consists of four self-contained essays. Essay 1 (with Olof Åslund and Matz Dahlberg): In this essay we investigate the impact of commuter train access on individual labor market outcomes. Our study considers the exogenous introduction of a commuter train linking locations in the northern part of Uppsala County (Sweden) to the regional employment center, considerably decreasing commuting times by public transit to the center for those living close to the pre-existing railroad. Using difference-in-differences matching techniques on comprehensive individual panel data spanning over a decade, our intention-to-treat estimates show that the reform had mainly no impact on the earnings and employment development among the affected individuals. Essay 2: In this essay I look into the role of public transit for residential sorting by studying how the introduction of a commuter train linking locations in the northern part of Uppsala County (Sweden) to the regional employment center affected migration patterns in the areas served. Using a difference-in-difference(-in-difference) approach and comprehensive individual level data, I find that the commuter train had a positive effect on overall in-migration to the areas served and no effect on the average out-migration rate from these areas. With regards to sorting based on labor market status, I find no evidence of sorting based on employment status but some evidence that the train introduction increased the probability of moving out of the areas served for individuals with high labor incomes relative to the probability for individuals with lower income. Considering sorting along other lines than labor market status, the analysis suggests that people born in non-western countries came to be particularly attracted towards the areas served by the commuter train as compared to other similar areas. Essay 3: In this essay I look into the relation between housing mix and social mix in metropolitan Stockholm (Sweden) over the period 1990-2008. Using entropy measures, I find that although the distribution of tenure types over metropolitan Stockholm became somewhat more even over the studied period, people living in different tenure types still to a large extent tended to live in different parts of the city in 2008. The degree of residential segregation was much lower between different population groups. I further find that the mix of family types, and over time also of birth region groups and income groups, was rather different between different tenure types in the same municipality. The mix of different groups however tended to be similar within different tenure types in the same neighborhood. While the entropy measures provide a purely descriptive picture, the findings thus suggest that tenure type mix could be more useful for creating social mix at the municipal level than for creating social mix at the neighborhood level. Essay 4 (with Matz Dahlberg): The last decade’s immigration to western European countries has resulted in a culturally and religiously more diverse population in these countries. This diversification manifests itself in several ways, where one is through new features in the cityscape. Using a quasi-experimental approach, essay 4 examines how one such new feature, public calls to prayer, affects neighborhood dynamics (house prices and migration). The quasi-experiment is based on an unexpected political process that lead way to the first public call to prayer from a mosque in Sweden combined with rich (daily) information on housing sales. While our results indicate that the public calls to prayer increased house prices closer to the mosque, we find no evidence that the public calls to prayer served as a driver of residential segregation between natives and people born abroad around the mosque in question (no significant effects on migration behavior). Our findings are consistent with a story where some people have a willingness to pay for the possibility to more fully exert their religion which puts an upward pressure on housing in the vicinity of a mosque with public calls to prayer.
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Björkvall, Emil, and Tim Engqvist. "Faktorer som påverkar beslutsfattande hos svenska riskkapitalbolag : En kvalitativ flerfallstudie om likheter och kontraster av investeringsutfall." Thesis, Luleå tekniska universitet, Institutionen för ekonomi, teknik, konst och samhälle, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-85098.
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Sverige är beroende av nystartade företag och entreprenörer för att finansiera landets välstånd. Riskkapitalbolag innehar ofta en betydande roll för de nya företagen när verksamheten ska utvecklas eller expandera. Bolagen assisterar de nya företagen med ett brett spektrum av nyckelaktiviteter som finansiering, operativt arbete, strategi eller kontaktnät. Tidigare studier visar att riskkapitalfinansierade bolag både växer snabbare och lyckas oftare. Samtidigt visar forskningen att riskkapitalbolag präglas av stort risktagande och övermod vid sina investeringar. Emellertid finns mindre djupgående forskning om vilka konkreta faktorer och omständigheter som resulterar i de olika utfallen. Syftet med examensarbetet är att skapa en bättre förståelse för specifika faktorer som påverkar svenska riskkapitalbolags beslutsfattande och resulterar i särskilda utfall. Undersökningen ämnar att betona likheter och skillnader i riskhanteringen av investeringsval mellan riskkapitalbolagen där utfallen antingen resulterar i nytta eller förlust för bolagen. För att uppfylla syftet har institutionella teorin, kognitiva bias och moderna portföljteorin aktualiserats. Undersökningen genomfördes genom intervjuer med beslutsfattare från åtta stycken konfidentiella riskkapitalbolag. Samtliga bolag kodades om för att säkerställa konfidentialitet i syfte att erhålla djupare inblickar i deras investeringsutfall. De erhållna resultaten visar på att framförallt kognitiva bias men även den institutionella teorin förklarade de olika investeringsutfallen väl. Riskkapitalbolagen präglades av stark övermod vid sina misslyckade investeringar och medelstark vid sina lyckade. Riskkapitalbolagen var också starkt påverkade från både extern tryck av samhället men även av interna riktlinjer vid sina investeringar. Flera branschmönster har också kartlagts vid både lyckade och misslyckade investeringar däribland syndikering av kapital, efterfrågan av serieentreprenörer och att det enligt de själva vanligtvis är entreprenören eller marknaden som är anledningen till att investeringen inte lyckas. Resultatet antyder också att en av de största svårigheterna för riskkapitalbolagen är att bedöma entreprenörernas möjligheter att utveckla företaget. Den mest tänkbara anledningen till att riskkapitalbolagen har starka tendenser till övermod är för att det krävs för att lyckas i branschen. Inget nystartat bolag är riskfritt och för att våga investera i branschen behövs stark tilltro till sin egen förmåga.Sweden is dependent upon start-ups and entrepreneurs in order to successfully finance domestic prosperity. Venture capital (VC) companies often play a significant role for new companies when the business is to be developed or expanded. The VC companies support the new companies with a wide range of key features. Such as financing, operational work, strategy or contact networks. Previous studies show that VC-financed companies both grow faster and succeed more often than non VC-backed companies. At the same time, research shows that VC-companies are characterized by great risk-taking and audaciousness in their investments. However, there is less in-depth research on what explicit factors and circumstances result in the successful and unsuccessful investments. The purpose of the study is to create a better understanding of similarities and differences in different investment outcomes and highlight the patterns of their investments. Institutional theory, cognitive bias and modern portfolio theory are the theories used in this study. The survey was conducted through eight semi-structured qualitative interviews with different decision makers from VC-companies in Sweden. In order to gain a deeper understanding of their investment outcomes all company names were re-coded. The obtained results showed that cognitive biases was the primary theory of explanation. However, the institutional theory could also explain the different investment outcomes. The VC-companies were characterized by strong audaciousness with their failed investments and medium audaciousness with the successful. The requirement of success in the VC-industry explains why the companies have tendencies to be audacious in their decision making. A strong confidence is needed when investing in start-up companies since these companies imply a great risk. External societal pressure and internal guidelines strongly influence the investments of the VC. The study identified several industry patterns for both successful and unsuccessful investments. The patterns include syndication of capital and demand for serial entrepreneurs. The study also showed a pattern of venture capitalists explaining their unsuccessful investment due to issues with the entrepreneur or the market. The results suggest that one of the greatest difficulties for VC-companies is to assess the ability of the entrepreneur to develop the company.
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Fernandes, Leonor Caeiro Baptista. "Estudo exploratório da utilização de meios de promoção online e offline." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14802.
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Mestrado em MarketingA crescente digitalização e penetração mobile estão a alterar o comportamento e hábitos do consumidor. Como consequência, as marcas estão a reagir e a alterar os investimentos e estratégias de marketing. Os orçamentos já não estão apenas focados nos meios tradicionais, assistindo-se a uma passagem e tendência de maior peso para o meio online. Esta dissertação analisou a perspetiva empresarial de utilização dos diferentes meios (online e tradicionais), procurando explorar as suas tendências futuras. Foi utilizada uma metodologia qualitativa, e realizaram-se oito entrevistas a diretores e responsáveis de marketing de grandes empresas a operar em Portugal. Conclui-se que todas as organizações pretendem investir no meio online, e que a transformação digital é uma prioridade geral. As exigências do consumidor de maior personalização e relevância são acompanhadas pelo meio digital. As redes sociais são identificadas como o principal canal de utilização dos consumidores, e com a maior atratividade para as empresas. O programático é um dos canais digitais com maior interesse por parte dos anunciantes e de aposta futura. A televisão é ainda vista como um meio importante e que gera cobertura. A Rádio é considerada um meio de retorno e relevância para as marcas e que permite uma comunicação eficaz e criativa. A categoria do produto é identificada como fator de impacto na eficácia dos esforços publicitários. Como tal, os esforços devem estar adaptados ao tipo de produtos, especificações de cada meio e focados cada vez mais na rentabilidade.
The growing digitization and mobile penetration are causing changes in consumer behavior and habits. As a consequence, brands are reacting to that and changing their investments and marketing strategies. Budgets are no longer just focused on traditional media, witnessing a transition and trend of greater weight for the online medium. This dissertation analyzes a business perspective of different media usage (online and offline), looking for new trends in the future. A qualitative methodology was used, with eight interviews done to the marketing directors of large companies operating in Portugal. It is concluded that all organizations intend to invest in the online, and that digital transformation is a general priority. Consumer demands of greater personalization and relevance are accompanied by the digital medium. Social networks are identified as the main channel of consumer usage, with a greater attractiveness to the companies. Programmatic is one of the digital channels with the biggest interest for advertisers and future bet. Television is still seen as an important medium that generates coverage. Radio is considered a mean of return and relevance for brands that enables effective and creative communication. The product category is identified as an impact factor on the effectiveness of advertising efforts. Therefore, marketing efforts must be adapted to the type of products, specifications of each means and more and more focused on the profitability.
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Chen, Qing. "An Empirical analysis of the effects of market response to bank loan announcements in the Hong Kong stock market." Diss., Lincoln University, 2009. http://hdl.handle.net/10182/1205.
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This study will validate several key results from previous studies of bank loan announcement effects by using the data from Hong Kong market following the 1997 Asian crisis. Banks are believed to play a unique role in financial market which could effectively reduce the problem of information asymmetry and moral hazard. Banks could access borrowers’ inside information which is not available to other participants. Thus bank loan announcements convey valuable information to the market, and market response of the stock price should be positive. However, because of the significant reform in both financial market and information market, the valuation of bank loan announcement conveyed need to be reconsidered. This study investigates whether banks are still “unique” in the financial market or whether they are like middlemen between borrowers and investors. Data used in this study is collected from the Hong Kong Stock Exchange Index, and a standard event study with the market model is applied in the research to conduct the empirical analysis. The results suggest bank loan announcements are associated with significantly higher positive abnormal returns than non-bank loan announcements. Based on the market model of event study, market response is found to be significantly positive for loan syndication, short maturity loan and borrower’s debt ratio, and negatively related to firm size and loan size. Bank loans with refinancing and capital expenditure and no specific purpose have significantly higher positive abnormal returns, and borrowers with property and industrial industry type have more significant positive abnormal returns compared to other industry type. The findings also suggest the Hong Kong stock market is efficient in both strong and semi-strong form for bank loan announcements. A strong evidence of information leakage problem is found for non-bank loan announcements. The results are generally consistent with the existing literature.
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Klec, Tomáš. "Náklady na vytápění a zdroj tepla v životním cyklu budov." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2016. http://www.nusl.cz/ntk/nusl-240037.
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The thesis is focused on the economic comparison of heating sources for a particular object in terms of annual operating costs, initial investment costs, payback period, savings over the life of the investment resources and subjective comparisons. At the same time broaden their horizons in terms of obtaining information on technical innovations in the world of heating and an overview of the prices heating and energy sources.
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Guo, Shiau-Ying, and 郭曉穎. "A Study of Investment Types about Investment Attention and Investment Decision." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/54061854863504417104.
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碩士中原大學
會計研究所
93
The relationship between sentiment, risk attitude and investment decision has been a concerned issue in Behavioral Finance.Barber and Odean(2003) considered that market investors are affected by the attention of information, and the abnormal transation volume, return and news will influence the behaviors of the investors.As a result, the relationship between investors’ cognition adjustment and decision belief will be significant different due to different information provide. Findings of other studies also indicated that the investing confidence difference between institutional investor and individual investors is different. The research investigates the abnormal presentation in order to analyze the influence of institutional and individual investors. Letter research examines the impact of market information on the investment behaviors of both institutional investors and individual investors in Taiwan security market by .vector autoregression model. The result of study is found that investors while making the investment decision will consider trading volume and rate of returns of the stock price last day. And they will give higher weights in the rate of returns of the stock price last day. But this kind of behavior does not last in Impulse-responde analysis.Perhaps investors have strengthened the importance of information and resulted in neglecting the accuracy of this information .
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Li, Yi-Juan, and 李易蓁. "The Investment Sentiment of Various Investor Types in the Stock Market." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/9na85e.
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碩士國立虎尾科技大學
財務金融系碩士班
105
Eugene Fama (1970) proposed efficient market hypothesis, but as the study of the occurrence of historical events and many scholars found that many economic phenomena do not support the efficient market hypothesis, that the market there are many various investor types, however, In view of this, the main purpose of this study was to investigate the relationship between different types of investor sentiment and the stock market. In this study, an indirect investor sentiment indicators into all investors, large investors, medium and small investors sentiment and the Volatility Index(VIX) and Taiwan Consumer Confidence Index(CCI). This paper uses EGARCH and Quantile Regression. Quantile regression is used to explore different types of investor sentiment variable relations in different stock returns. EGARCH is used to investigate the different types of investor sentiment indicators and stock return whether volatility and asymmetric effect. The results are as follows: Quantile regression show in the high return sentiment indicators Turnover Rate and Net Buy / Net Sale showing a higher estimation coefficient, in low return sentiment indicators, Put / Call Ratio and Net Buy / Net Sale of TAIEX Index Futures showing a higher estimation coefficient, in another hand, EGARCH model results show all investors sentiment and small investors sentiment the impact of the volatility of a longer duration, all investors sentiment and small investors sentiment have the Asymmetric effect.
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Chen, Jin-Huei, and 陳瑾慧. "The Effect of Accounting Conservatism and Types of Financing on Investment Efficiency." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/24336504027697810009.
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碩士輔仁大學
會計學系碩士班
98
This paper studies the effect of accounting conservatism and types of financing on investment efficiency on a sample of 3,562 firm-year observations between 1996 and 2006. Types of financing are long-term debt, bonds and seasoning equity offerings (SEO). Following Biddle et al. (2008), I measure over-investment（under-investment）at the aggregate economy-wide level to identify industry in which there is average under- or over-investment at the economy level. Following Khan and Watts (2009), I use C_Score as a proxy for accounting conservatism. I expect debt-financing type can reduce the possibility of over-investment, and SEO reduce the possibility of under-investment. I expect a negative association between conditional conservatism and measures of over-investment. Due to the portion of function of accounting conservatism and financing types are the same, and I explore the interaction effect which is complementary or substitute on future investment efficiency. The empirical results are summarized as follows. 1. Compared with SEO, the long-term debt has more the monitoring abilities and it can reduce the possibility of over-investment. 2. Accounting conservatism is defined as the more stringent verifiability requirements for the recognition of gains relative to losses iii into accounting earning, thus the management can't deferred losses, empirical result shows that accounting conservatism can reduce the possibility of over-investment. 3. The interaction of the long-term debt and accounting conservatism is the complementary relationship. When the financing type is long-term debt and then accounting conservatism is demanded more. Thus it can improve the efficiency of future investment.
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Tsao, Chien-Yu, and 曹千榆. "The Effect of Financing Types and Financial Reporting Quality on Investment Efficiency." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/71963795479749948001.
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碩士輔仁大學
會計學系碩士班
98
This paper studies the effects of types of financing and financial reporting quality on investment efficiency using a sample from Taiwanese nonfinancial listed firms that from 1999 to 2007. The issuing straight bonds, convertible bonds and common share during the period. The empirical results are summarized as follows. 1.The investment efficiency of firms issuing straight bond is better than firms issuing convertible bond or common share. 2.The effects of financial reporting quality on enhancing investment efficiency are more pronounced for straight bond financing relative to other two type of financing.
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LIU, PI-YING, and 劉璧瑛. "Investment Strategy by 36 Types of Candlestick with Next Day Open Price." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/09002520220550574909.
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碩士輔仁大學
統計資訊學系應用統計碩士在職專班
104
"The purpose of this study is based on technical analysis to build investment strategy. Candlestick charts is the main technical analysis of this study, by using 12 of one day candlestick charts with 3 of next day open price to create 36 types. Also, using KD and MA to judge price trend。The dataset is historical price in Taiwan stock to build model, testing and predict to evaluate statable of model. The study result is 36 types and moving average with different time, such as long years of period、nearly 3 years、nearly 3 years every quarter to choose the best model. By using different model with suitable stock are margin trading in short and high volume and average return rate is between 0.16% and 1.28%. The result also implies different model with different stock type, can’t one model for all type stock. For further research, suggest have multiple technical analysis to find investment signal for investor reference. "
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LIu, Charming, and 劉家銘. "The Influence of Foreign Investment Types on Firm’s Performance and Industry Positions." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/30255178849158155949.
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碩士國立暨南國際大學
國際企業學系
90
In recent years, the electronics industry in Taiwan has become the backbone of our economy and the focus of the global capital markets. Along with the growth and prosper of the electronics industry, there are important shifts occurring. The manufacture of Taiwan electronics industry is becoming global. Global manufacturing means that Taiwan industry has to produce products of the lowest level of cost and highest level of quality. More and more Taiwan electronics firms chose to invest in Mainland China in order to maintain their competitive advantage in such competence environment. Thus in our research we try to exam what kind of FDI types will influence the firms operation and industry position through the perspective of organizational learning theory, network linkage and FDI theory. The findings show that different FDI types significantly influence the firm’s operation and the firm’s operation has positive impact on firm’s industry position.
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ZEN, YI-LAN, and 任憶嵐. "A Study on Anonymous Investment - Focus on Three Types of Foreign-founded Enterprises." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/6sjwk8.
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碩士東吳大學
法律學系
104
Abstract There are two different opinions when it comes to anonymous investment, should it be abandoned or recognized. However, it does not make any difference whether one refutes or approves it, the disputable and inevitable fact is that anonymous investment has existed extensively to various degrees in all types of enterprises of China. Especially after China's reform and opening, anonymous investment became a common way for foreign investment enterprises to get under this current reality involved in China's economy, the same could be said of Taiwan's investment. Various controversies caused by anonymous investment has been increasing, thus becoming an important issue in judicial practice. But currently, both China's Contract Law and Company Law lack clarity in stipulation. Only two judicial interpretations involve anonymous investment: “Provisions of the Supreme People's court on Various Issues Concerning the Trial of Cases involving Disputes Relating to Foreign-invested Enterprises (I)”(Judicial Interpretation 〔2010〕No.9) and “Provisions of the Supreme Peoples court on certain Issues Concerning the Application of the ‘Company Law of People's Republic of China's’ (III)”(Judicial Interpretation 〔2011〕No.3). The former is applicable for settling anonymous investment disputes in foreign investment enterprises; while the latter, on the other hand, is mainly suitable for settling anonymous investment disputes for companies. The enactment and implementation of the two above-mentioned judicial interpretations have provided a uniform standard and a positive role in judicial interpretations disputers in legal practice. However, due to the fact that the two judicial interpretations are not directly against the issue of anonymous investment, therefore they lack an regarding overall framework and a systematic design in the legal system anonymous investment. In other words, from the point of view of jurisdiction practice, there still an objective need to carry out systematic research on legal regulation of anonymous investment. The research will focus on foreign invested enterprises, and the content includes six chapters. First, we start from defining the concept of anonymous investment. Next is discussion on how the foreign enterprises apply the law in anonymous investment issues. Finally, my conclusion and suggestion will be focused on anonymous investment as an unnamed contract, and that it should be defined as an act of “borrowing other's name for registration”. Referencing related opinions on Taiwan, this may be able to make up the deficiency in China’s legal judgments. As for shareholder qualification, this article tend adopts the shareholder register theory to aid malice do not protected principle in order to balance the interests from all sides. The conclusion of this thesis will take above theories, and to simultaneously put forward suggestions for the legal policy in China to make up for the lack of anonymous investment. Key words: anonymous investment, anonymous shareholder, nominal shareholder, shareholder qualification, foreign investment enterprises.
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Kai-Wen, Cheng, and 鄭凱文. "Types of Long-term Investment and Firm Performance - Evidence from Taiwan Electronics Industry." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/24089087915716940327.
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碩士國立交通大學
科技管理研究所
98
We classify the long-term investment with different types to investigate the relationship between long-term investment behavior and firm performance. Under the premise of sustainability, Enterprises engaged in long-term investment is because of financial, strategic or other intentions? How do these purposes impact on firm performance? In addition, this study would figure out whether the different sizes of the companies will alter the result. In the end, we want to understand the general behavior on long-term investment in Taiwan Electronics Industry. Our study listed 250 companies in Taiwan during 2004-2008 as study samples. The empirical results show that the financial purpose will not affect firm performance significantly. But in long-term prospect of view, financial purposes will decrease firm value. Strategic purpose has negative effect on performance but positive on value no matter in short-term or long-term. Long-term investment for other intentions has no evidence on short-term effect, but do have negative effect in the long run. About company size, we could not conclude that the bigger of its size, the better performance it would has. Last but not least, this study tells that Taiwan electronic companies should pay more attention on strategic long-term investment, and reduce the financial and other intentions’ long-term investment.
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Lin, Jia-Wei, and 林家緯. "The Monthly Effect for the Different Types of Real Estate Investment Trusts in USA." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/44237538209608810585.
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碩士義守大學
財務金融學系
101
Since the subject of the Asia-Pacific real estate rose up in recent years, however, the stock is higher volatility of investment instruments, In a low interest rate environment, coupled with continued improvement in the U.S. housing market, relatively high dividend yield of American Real Estate Investment Trusts, is still the investment focus. The real estate investment trusts could let general investor have opportunity to participate the large amount and stable income to doing invest active at the time of low interest rate, comparably to invest stock, bond and some of financial goods, real estate investment have a chance to hedge indeed, also it is become a popular investment for investor. This research apply stochastic dominance further to test whether American Real Estate Investment Trusts market exist monthly effect. The empirical study American Real Estate Investment Trusts market is divided into twelve types found in August, September and December for the best combination of efficiency: efficient portfolio in August, in order to diversify, hotels, office buildings, regional shopping centers , shopping centers, a special type of industry best performance; in September efficiency portfolio, to the best performing manufacturing and apartment type; efficiency in December portfolio to hospitals, traditional industries, the performance of other types of retail and warehouse preferably,with Pin-Miao Tu(2010)using the American Real Estate Investment Trusts into three categories found to exist "January effect" is different.
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Li, Chia-Yi, and 李佳益. "The Investment Strategies for Different Types of Investors: Evidence from the Taiwan Stock Market." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/b52vk2.
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碩士國立勤益科技大學
工業工程與管理系
101
There were many empirical studies and theoretical discussed about the appearance of anomalies of momentum strategy return. The literature of recent years thought that the abnormal return of momentum strategy would be explained by macroeconomics. This study used the perspective of behavioral finance to discuss the investment strategies for different types of investors. We divide the five type investors into institute and nature investors and use the Taiwan stock market intraday trade as a sample. The period of study is from January to June, 2011. This paper adopts the momentum trading strategy to survey all kinds of investment strategy and performance of investors. The results show that the Taiwan stock market intraday did take the momentum strategy. In other words, the momentum strategy could obtain a relatively high reward.
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Nguyen, Thi-Diu, and 阮氏妙. "A Study on Foreign Investment Types in VietNam –An Example of A Limited Corporation Company." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/nn8be5.
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碩士育達科技大學
企業管理所
102
Evidence on whether foreign direct investment creates value remains inconclusive. This study examines the role of Taiwanese enterprises’foreign direct investment (FDI) in Vietnam on the light industry. This paper also examine the investment environment in Vietnam, the difference between Taiwanese and Vietnamese foreign-capital enterprise, Taiwanese enterprise’s difficulties and problems, and analyze benefits and problems of sole proprietorship when Taiwanese enterprise direct investment in Vietnam. This study uses SWOT Analysis matrix to analyze light industries’ strategy planning under growth and expansion. This study finds that ：1. Compatible investment style for any enterprise 2. Carefully select suitable place to establish stores and factories. 3. Sole proprietorship is the most common style for FDI. 4. Core technology and market channel can obtain competitive advantage. 5. Since bureaucracy exists it is recommended that managers keep good relationship with Vietnam government officers. 6. Taiwanese enterprises respect Vietnamese laws and culture under empathy.
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Tseng, Wei-Chun, and 曾暐鈞. "The Types, Causes, and dispute resolution mechanism of investment disputes in China for Taiwanese Businessmen." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/6xyq2c.
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碩士國立中山大學
企業管理學系研究所
96
As the increase of direct investment in China, Taiwanese businessmen are encountering more and more disputes there, which makes this issue be worthy of attention. Among the various types of disputes, this present study focuses on investment disputes and attempts to figure out the types, causes and dispute resolution mechanism of investment disputes through the method of case study, literature review and expert interview. The conclusions of this study are as follows: There are 6 common types of investment disputes that Taiwanese businessmen usually encounter in China: 1. Disputes on contributing investment; 2. Disputes on the right of management；3. Disputes on profit distribution; 4. Disputes on suspending equity joint-ventures or contractual joint-ventures; 5. Disputes on partners’ illicit behaviors; 6. Disputes between Taiwan shares holders or anonymous investment disputes. It is revealed that the causes of investment disputes are 1. China’s restrictions against foreign investment; 2. Taiwanese businessmen’s unfamiliarity with the investment laws and regulations of China; 3. Taiwanese businessmen are not discreet in choosing their China partners; 4. Taiwanese businessmen tend to sign contracts and building cooperation constitutions carelessly. Taiwanese businessmen resort to three kinds of dispute resolution mechanisms, including Adjudication, Mediation, and Arbitration, when encountering investment disputes in China. This study conducts a comparative analysis between these three mechanisms in terms of six dimensions, i.e. “efficiency”, ”cost”, ”professionalism”, ”confidentiality”, “relationship maintenance” and ”enforceability”. The result shows that mediation and arbitration perform better than adjudication in almost all dimensions except the dimension of “enforceability”. It is also suggested that Taiwanese businessmen prefer mediation to any other dispute resolutions in practice. Since arbitration is also an excellent dispute resolution mechanism, this phenomenon implies that arbitration is ignored by the Taiwanese businessmen. Therefore, the regulation, exercise and notice of China’s arbitration are further demonstrated for Taiwanese businessmen in the final part of the study.
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Lin, Yu-Li, and 林瑜莉. "An Analysis of Personal Investment Behavior Based on Living Types of Single and Pre- Mature Female." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/15983238878830741670.
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碩士淡江大學
國際貿易學系國際企業學碩士在職專班
96
As more women seeking emotionally and economically independent, women no longer see marriage as the most important thing in life. Therefore, single and divorced female population is getting larger in our society and related discussions has been one of the hottest ones ever since. The research focuses on the impact of the changing lifestyles on the single、pre-mature female and draws samples from the greater Taipei area. Similar to most of the existing researches focusing on the single women over 30 years old, our research focuses on the same age group and covers both married and single female for additional comparison. This research focuses on women whose ages are between 30 and 45. We issued 452 questionnaires, and retrieved 451 valid ones. Valid rate is 99.87%. The research shows, for the life type dimension, single and pre-mature female prefer excitement, fashion and staying within groups. For the population variant dimension, there doesn’t appear to show obvious difference no matter their marriage status. On the other hand, there are obvious differences between single and married female population as to the financial goals, retirement plans and religious preferences. In addition, single female are tend to be more risk-averse for most of them show a prudent personality. In conclusion, single and pre-mature female have different life types due to the environment and personality. Even though this population has the impression of higher incomes, and working harder and playing harder, the research shows the opposite. Single female don’t work harder nor have more colorful life. Finally, because of the easy access to investment information distributed through education and government, their knowledge for financial products do not appear to be higher simply based on the different lifestyles.
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Tan, Ching-yu, and 譚瑾瑜. "A study on the Impacts of Different Types of Regional Trade Agreements on Foreign Direct Investment Inflows." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/54139149427050863392.
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博士國立中央大學
經濟學系
102
This paper investigates the effects of RTAs/EU enlargement on net FDI inflows of member countries using a panel data fixed effects model. We found that members are associated with a positive change in FDI net inflows. Comparing with multilateral and bilateral RTAs in the world or in EU enlargement case, we found that signing bilateral FTA get more FDI inflow to member countries. In addition to market size, GDP growth rate, and the openness, FDI inflow increases with the growth rate of TFP and global FDI net inflows. We also apply this model to preliminary estimate the effects of ECFA on Taiwan net FDI inflows, and obtain the same conclusion that Taiwan is associated with a positive change in FDI net inflow by signing ECFA with mainland China. The conclusion implies that, facing Asian Pacific regional economic integration, Taiwan may attract more FDI inflows by signing bilateral FTAs with TPP and RCEP Members before entering TPP and RCEP.
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Nemerád, Petr. "Typy investičních fondů z hlediska platné právní úpravy." Master's thesis, 2016. http://www.nusl.cz/ntk/nusl-345439.
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Types of investment funds from the point of view of positive law The purpose of my thesis is to present a comprehensive view on differences and possibilities of particular types of investment funds from the point of view of positive law. The main aim of the thesis is to contrast these differences and possibilities with other types. The first chapter deals with basic issues of investment funds. The aim of this chapter is to look at investment fund as an institution especially from a fundamental economic perspective and come through into its economic nature. Furthermore the chapter contain description of main benefits of mutual funds as compared with the individual investment, draws attention to the problem of conflicts of interest and contains the basic classification of investment funds. The aim of the second chapter is to describe in basic features development of legal framework of investment funds in Czech Republic in the light of Act on Investment Companies and Investment Funds from early beginnings to current. With regard to the scope of respective law, focuses the chapter mainly on applicability, structure, legal forms and on some chosen questions. Content of the third chapter is brief treatise about legal term of investment fund. Next chapters focus on organizational forms and other division...
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Chen, Ｌi-Chun, and 陳俐君. "The Types and The Evaluation of Hospital-Supplier Contracting: The Case of The Investment of Expensive Medical Equipment." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/47341276615637134925.
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碩士臺北醫學大學
醫務管理學系
92
Abstract Title of Thesis : The Types and The Evaluation of Hospital-Supplier Contracting: The Case of The Investment of Expensive Medical Equipment Author : Li-Chun Chen Thesis Advised by : Mei-Ling Sheu Assistant Professor As health care environment is becoming more competitive and regulated in Taiwan, hospitals are increasingly adopting various investment strategies, such as joint venture and outsourcing, to acquire expensive medical equipments. The goals of this research are to understand the types of contracting between the hospital and the equipment supplier, to explore whether or not different types of hospitals and equipments are associated with different types of contracting, and to investigate how hospital managers evaluate their contracting decisions. Five structured questionnaires for five types of medical equipments, LASIK, CT, MRI, ESWL and PET, were mailed to 127 hospitals. Fifty hospitals responded and 106 equipment questionnaires were valid for analysis. The study has defined contracting types in ten dimensions. Hospital managers were asked who is in charge of each one of the contracting dimensions for each type of equipment, either the hospital, the supplier or both. For further statistical analysis, this study has classified these combinations of contacting types into two groups. Group A consists of 66 equipments of which the hospital is in charge of eight contracting dimensions, including space cost, utility cost, physician fees, sources of patients, right to operate the health service, supply of professionals, space and equipment setup cost, and ownership. Group B consists of those not included in Group A. The result of the logistic regression model shows that different types of equipments, but not types of hospitals, are associated with different contracting types. The multiple regression results of managers’ evaluation of their equipment contracting show that contracting types, equipment types, and hospital characteristics are partially associated with different evaluations of the contracting. In particular, managers of group A are more satisfied with their contracting, although they recognize that they take more financial burdens. This study concludes that when hospitals seek joint ventures with suppliers or outsource some of their health services, quality of care should not be compromised. For government agencies, it is far more important to set proper regulations and monitor health care quality when hospital-supplier contracting becomes more complicated. Keywords: performance evaluation, medical equipment, contracting types,joint venture
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Yang-Yi, Chen. "A study of the relationship among R&D intensity, firm performance and motivation types of investment in China." 2006. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0005-2906200614155500.
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Chen, Yang-Yi, and 陳洋億. "A study of the relationship among R&D intensity, firm performance and motivation types of investment in China." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/62270155072581593192.
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碩士中興大學
科技管理研究所
94
For many years, Mainland China has been successfully attracting the global investments with a variety of advantages. Facing the fierce competition of globalized economy, inevitably, Taiwan firms as well increase investments in China. Expectably, the controversial issue of industrial hollowing-out or industrial upgrade for Taiwan’s domestic industries will also be debated again. To upgrade domestic industries, Taiwan’s government encourages domestic firms to increase their investment in R&D. On the other hand, the government continuously changes the policies to limit business investment activities in China to alleviate the hollowing-out effects they caused. As a result, it is interesting to explore the contingency linkages among R&D intensity, firm performance, and motivation of investments in China for Taiwan’s firm. In this study, we intend to examine the relationship between R&D intensity and firm performance in Taiwan. We also take the moderating effects of the different motivation types of investment in China into consideration. The results of our research indicate that there is a significant direct and effect of R&D intensity on firm performance. Furthermore, both expansionary and defensive motivation have moderating effects between R&D intensity and firm performance.
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Yu, Jui-fen, and 于瑞芬. "The Performance of Different Types of Mutual Funds in Two Investment Ways-Lump Sum And Dollar-Cost Averaging－The Case of Financial Crisis." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/28361257860083957943.
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碩士東吳大學
企業管理學系
101
The purpose of this study is to compare the performance of different types of mutual funds in two investment ways-Lump Sum and Dollar-cost Averaging. The conclusion indicates: From 2008.9.15 to 2011.12.31:the performance of global investment grade bond funds and overseas equity funds in two investment ways-Lump Sum and Dollar-cost Averaging are no significant differences From 2008.9.15 to 2009.12.31: the performance of global overseas equity funds in Dollar-cost Averaging way is better than the performance of global overseas equity funds in Lump Sum way.
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Lu, Chao-hsien, and 呂昭顯. "Essays on Exchange-Traded Funds (ETFs): The Impacts of Trading Mechanisms on Performance of ETFs, and The Investment Behavior and Performance of ETFs among Various Investor Types." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/00525990537406585205.
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博士國立中正大學
企業管理所
96
This dissertation consists of two essays concerning exchange-traded funds. The first essay examines the tracking performance, the persistence of the premium/ discount, and determinants of ETF volume of the Taiwan Top50 Tracker Fund (TTT), which is the first ETF in Taiwan and is the ETF which experiences the changes of the trading mechanisms, over the period from the inception to September 2005. I find that: (1) the return for TTT is very close to the Taiwan Top50 Return Index; (2) the only determinant of the tracking error primarily is dividends from the constituents, it is more statistically significant during the latter period. It may be associated with the rules of the distribution of TTT; (3) after the adjustments of the new trading systems, the arbitrage activities raise the trading volume of TTT and simultaneously reduce the persistence of the deviations of price from NAV. The second essay investigates the investment behavior and performance of ETFs among various investor types. The results indicate that: (1) stock dealers’ trading behavior usually is opposite to other investor types during most of the sample period; (2) the trading strategy among the investor types is different; (3) the pattern of investment behvavior for all types of investor is consistent with the disposition effect; (4) on average, all kinds of TTT investor types have positive capital gain, during the sample period, and professional institutional investors (forieng investors, mutual funds, and stock dealers) outperform non-profeesional investors (individual and non-financial institutional investers).
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Ahmed, Y., and Tamer Elshandidy. "The effect of bidder conservatism on M&A decisions: Text-based evidence from US 10-K filings." 2016. http://hdl.handle.net/10454/12721.
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yesThis paper examines whether and how bidders' conservative tone in 10-K filings influences the subsequent mergers and acquisitions (M&A) investment decisions of these US firms from 1996 to 2013. Based on 39,260 firm-year observations, we find, consistent with behavioural consistency theory, that conservative bidders are less likely to engage in M&A deals. Further, those that decide to engage in M&As are likely to acquire public targets and within-industry firms. These bidders are inclined to employ more stock acquisitions than cash acquisitions. Our results also indicate that conservative bidders experience abnormally poor stock returns around the announcements of M&A investments. This provides new insights on the mechanism through which bidders' sentiments influence shareholders' wealth. Overall, these findings highlight the implications of the textual sentiment of corporate disclosure for the forecasting of corporate investment and financing decisions. Our results have practical implications, since they shed light on the value relevance of the information content of major Securities Exchange Commission (SEC)-mandated 10-K filings.
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Huang, Yueh-ju, and 黃悅如. "An Empirical Study of Diversification in Investment Using lobal index type investment tactics." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/43318534581865210786.
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碩士義守大學
資訊管理學系碩士班
96
In recent years, because the progress of lightenning restrictions on to relevant decree of the finance of investment environment liberalization , government and financial engineering, make the market develop out more diversified new investment tools and financial goods by meeting all kinds of investors with the demand for investing in , avoiding dangerous and arbitrage constantly. But, as to general masses , could have a suitable knowledge of various financial goods and master suitable piece when making the investment , Whether there is enough fund and how about is it invest to disperse such factors as divided dangerously often cause the threshold difficult to cross over. This research hopes to set up an effective investment tactics through technological analysis. Every big index products developed of trade in the world exceed 50 kinds at present, including index futures , right to choose of index , index fund , index store and hold the evidence , index note , index deposit , index bond etc., and these products have all already become and done a deal and invested in, managing the risk and promoting the mobile important tool of market. So this research is the representativeness goods to indexation investment - Exchange-traded fund (Exchange-traded fund , is abbreviated as ETF ).
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WU, CHIA-HANG, and 吳嘉航. "Comparative analysis of savings-type insurance and regular fixed fund investment." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/76685027084702565318.
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碩士中華大學
應用統計學系碩士班
100
With the opening up of financial markets, investment products are dazzling, complex range of financial an extension of the goods from the most simple bank fixed deposits, it can be said too numerous to mention, but the produce of the financial holding company, take a trip the banks can meet the investment the one-stop shopping needs, however, investors are often due to lack of time and incomplete information, and then not fully prepared for homework before they invest, resulting in investment disputes and loss. In this thesis, savings-type insurance and regular fixed fund these two simple and more robust investment tools to calculate the individual return on investment in the same period and compared to reference to the different needs of investors. In this thesis, savings-type insurance tied to the risk, if the insurance does not expire before investors will suffer a greater loss, funding needs to be early termination, in addition, even without early termination of the first two annual return rate of negative return from the third year before slowly turning positive. Investment in the purchase of savings-type insurance, should be clear that if the demand for insurance, if you just want to earn a reward higher than bank deposit, you should consider the period of insurance cash flow problems and be careful to inform business people return is compounded interest rates rather than a single interest rate. Related to the regular fixed fund investment, assuming that investors randomly buy any funds, six years later, 74 percent of the fund rate of return than savings-type insurance, and 215 files of the Fund's average rate of return of 5.66%, if more of the fund subdivided into six categories, the rate of return from high to low funds in the Asia-Pacific region, domestic stock funds, industry funds, stock and bond hybrid funds, global funds and money market funds, these six funds in addition to monetary funds in the market rate of return is lower than the savings-type insurance, return of the other five funds are better than savings-type insurance.
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Hung, Yi-Ting, and 洪怡婷. "Customer Loyalty Types and The Attribution In Fund Investments Industry:From Risk Level of Fund." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/2a8f3e.
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碩士中國文化大學
企業實務管理數位學習碩士在職專班
103
The investment market in Taiwan has become more and more mature recently. Investors are having sufficient knowledge on capital market, overseas funds and personal financing, too. Many leading asset management companies thought Taiwanese market has great potential and planned to gain greater market share. Therefore, how to maintain existing customers and develop potential customers has become an important issue now. The purpose of this study is to explore and distinguish consumers from different loyalty level and relationship behavior to investigate whether they have significantly different beliefs on firm’s integrity, promises and their satisfaction. Then examine their loyalty degree types according to their personal preferences and awareness level in order to improve their loyalty behavior. Based on relationship behavior loyalty(RBL) and relationship attitude loyalty(RAL) analysis, the statistical findings indicate that customer loyalty can be divided into four different categories, which were named as “absolute loyalty”, “a high degree of loyalty”, “a low degree of loyalty”, and “indifference loyalty”. The analysis of four different groups’ perspectives on integrity of banks and their satisfactions helps understand customers’ loyalty behaviors to investment trust companies. Therefore, it is recommended that investment trust entities should be established for different consumer groups according to different loyalty relationships, to obtain the trust of consumers, and ultimately turn them into loyal customers.
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Hsieh, Min-feng, and 謝旻峯. "Type Of Succession and Innovation Investment Performance-A Study of Family Business." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/844vjr.
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碩士國立中山大學
企業管理學系研究所
103
Previous researches of family business succession focus on the relationship between family business type of succession and performance. This study use ownership and management of 526 family business successions in Taiwan as framework to test how it affects family business innovation investment performance. Moreover, the study set up firm age and firm’s total assets as moderators to test the moderating effect of the relationship between ownership and management and business innovation investment performance. This study collects information from TEJ database and the official websites. The findings reveal that：(1) Successors have family business ownership and management rights will positively impact on innovation performance.(2) The firm age have positive impact on relationship between successors degree and innovation performance. But it can’t strength the relationship between successors degree and innovation performance.
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鐘佳瑋. "A Study on Comparing Periodical Investment Strategies for Stock-type Mutual Funds." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/58518935950341905359.
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碩士實踐大學
企業管理研究所
92
Recently, with mutual fund invest upsurge, many researchers have been in succession engaging in mutual fund study works in terms of theoretical aspect and practical aspect. This study is also focus on investigating the investment strategies of the mutual fund for mutual fund investors. All of the theoretical research and practical experience pointed out the periodical investment strategies of mutual fund can achieve the effectiveness of dispersing the invest time, averaging invest cost, and reducing invest risk. However, in the present day, only periodic with fixed-amount investment strategy is well known and extensively accepted by investors. The study will also bring up the three periodical-type investment strategies of periodic with nonfixed-amount, aperiodic with fixed-amount, and aperiodic with nonfixed-amount. Besides explaining these four periodical-type investment strategies, we also compare average cost effect and return-risk characteristic among them. Finally, the empirical data for this study are collected on the basis of monthly transaction and net value change from 9/1996 to 10/2003 data of 55 open-end mutual funds, which have established since September, 1996. These data are analyzed and compared by using one-way ANOVA. The empirical results showed that the performance of aperiodic with nonfixed-amount investment strategy is best; periodic with nonfixed-amount is next, aperiodic with fixed-amount is third, and periodic with fixed-amount is worst.
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Tee, Nina Maureen Zhi En. "Outward foreign direct investment and the effect on home country's productivity /." 2006. http://library.smu.edu.sg/apps/edms/checkuser.asp?type=ethesis-foreinv.
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Thesis (B.Sc. (Honours) in Economics)--Singapore Management University, 2006.Senior thesis in part fulfillment for the BSc (Honours) in Economics degree presented to the School of Economics and Social Sciences, Singapore Management University 2005-2006. Includes bibliographical references (p. 26).