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1
Bigham, Joshua D. "Return on investment in the public sector /." Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 2004. http://library.nps.navy.mil/uhtbin/hyperion/04Dec%5FBigham.pdf.
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Saragga-Seabra, Antonio Manuel. "Essays on corporate investment, financing policies, and exchange rate dynamics." Thesis, University of Cambridge, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.620240.
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Harlacher, Markus. "International bond investment An analysis with respect to interest rate differentials and long-term exchange rate expectations /." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/03603792002/$FILE/03603792002.pdf.
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Melku, Semere M. "Exchange Rate Volatility and Foreign Direct Investment : A Panel Data Analysis." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-16995.
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This thesis examines both the long run and the short run impact of Exchange Rate Volatility on Foreign Direct Investment using an unbalanced panel data from three Sub-Saharan African countries of Kenya, Uganda and Tanzania. This is accomplished by generating Exchange Rate Volatility figures by the GARCH(1,1) methodology. The control variables included in this study include GDP, GDP growth, Economic Openness and Exchange rate. In order to capture the impact of economic openness on exchange rate volatility and thus foreign direct investment, different econometric specifications are adopted. The unbalanced panel data used in the analysis ranges for different time period for the specific countries considered in the panel.
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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.<br>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.<br>Committee in charge: Bruce Blonigen, Chairperson, Economics;
Jeremy Piger, Member, Economics;
Stephen Haynes, Member, Economics;
Neviana Petkova, Outside Member, Finance
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林競全 and Jingquan Lin. "Sources of real estate investment returns in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1999. http://hub.hku.hk/bib/B31256806.
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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.<br>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).
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Becker, Ralf E. "Revisiting public investment : consumption equivalent public capital and the social discount rate." Universität Potsdam, 2004. http://opus.kobv.de/ubp/volltexte/2006/902/.
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The consumption equivalence method is the theoretical basis of public cost-benefit
analysis. <br>Consumption equivalence public capital prices are explicitly introduces in order
to sufficiently care for the opportunity cost of public expenditure. This can solve the
dispute about the social rate of discount within public cost-benefit analysis witch was
generated on a criterion looking similar to the capital value formula, known as Lind’s
approach. <br>The social rate of discount is liberated from opportunity costs considerations
and the discounting away of the effects for future welfare vanishes. The corresponding
question whether one should accept a positive value of the pure rate of social time
preference is an old issue. Its current state between the prescriptive and descriptive view
can also be interpreted as a consequence of the oversimplification of standard cost–
benefit analysis. But apart from an economic self-process the pure rate of social time
preference is also defined as a business-as-usual value of social distance discounting.<br>
Hence, a political choice has to be made about this rate which is free in principal.
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Pavlova, Elena [Verfasser]. "Interest-Rate Rules in a New Keynesian Framework with Investment / Elena Pavlova." Frankfurt : Peter Lang GmbH, Internationaler Verlag der Wissenschaften, 2012. http://d-nb.info/1042406979/34.
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Chi, Nam Yau. "Economically justified equity investment strategies capable of withstanding growing interest rate environment." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/18823.
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Mestrado em Economia Monetária e Financeira<br>This thesis proposes an approach for selection of stocks that could serve as a natural hedge for fixed income portfolios to minimize rising interest rate risk. The developed approach is applied to the case of US equity markets. Based on macroeconomic analysis, vector autoregressive model and Granger causality tests, and financial analysis, it is concluded that US financial sector is the optimal choice among all sectors that have strong correlations with interest rates. The thesis? results could be useful for interest rate risk management of the investment portfolios under the growing interest rate environment, in particular, and for investment industry professionals.<br>info:eu-repo/semantics/publishedVersion
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Shyriaieva, N. V., and Bilal Hussain. "Investment project evaluation methods overview." Thesis, Національний технічний університет "Харківський політехнічний інститут", 2018. http://repository.kpi.kharkov.ua/handle/KhPI-Press/43316.
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Chase, Tyler A. "Minimizing the probability of ruin in exchange rate markets." Worcester, Mass. : Worcester Polytechnic Institute, 2009. http://www.wpi.edu/Pubs/ETD/Available/etd-043009-162154/.
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Ahlvar, Mathias, and Fredrik Berg. "Investment companies as an investment – Could a person without experience from investments bee helped by the active ownership of investment companies?" Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-152601.
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In this essay we have been studying the development of investment companies that is traded at Mid Cap and Large Cap at the Stockholm stock market. We took out five investment companies at random from the mentioned markets above. We used these companies as benchmarking for the study. To measure the development we looked at the change in the stock price and the total yield over the given time period, we then compared these to three random portfolios of 8 stocks each and the index called Six-Return index. All the companies in the random portfolios have another type of owner structure and lack Investment Company as a big owner. Those companies have a more divided ownership. In the essay we also look at the yield with consideration to the risk that is taken in the given investment in forms of Sharpe ratio and standard deviation for each portfolio. To get some extra insight we have interviewed Investor AB and Investment AB Latour. Both companies are leading investment companies in Sweden. The time period for the essay is 10 years and is stretching from 2004-01-01 until 2014-01-01. The results from the paper are that investment companies in general had a higher yield then the index and portfolios that was used as comparison. The results for the investment companies are better in terms of change in stock price and in yield but also with the consideration of the risk. The explanation of the results lies in several variables where the active ownership of the investment companies is the major part of the explanation and net asset discount together with the high dividend is another part. With these result investment companies is supposedly a very good investment for t hose that can’t beat the market, which would mean a great deal of all investors.<br>I denna uppsats studeras utvecklingen hos investmentbolag som handlas via Stockholmsbörsen på Mid Cap och Large Cap. Fem investmentbolag slumpades fram ifrån dessa listor och har sedan använts som jämförelsebolag. För att mäta deras utveckling har vi studerat kursförändringen samt totalavkastningen och jämfört dessa med slumpmässiga portföljer samt SIX Return index. De slumpmässiga portföljerna består av bolag utan något investmentbolag som större huvudägare. Detta resulterar i att de flesta bolagen i slumpportföljerna har ett mer splittrat ägande. I uppsatsen undersöker vi även avkastningen med hänsyn till risk i form av Sharpekvoter och standardavvikelse för varje portfölj. För att få en extra insyn i investmentbolagen har vi intervjuat Investor AB samt Investment AB Latour som är två ledande investmentbolag i Sverige. Studien tittar på en tidsperiod om 10 år mellan 2004-01-01 och 2014- 01-01. Det resultat som framkommit under studien är att investmentbolagen generellt sett har avkastat bättre än sina finansiella jämförelseobjekt. Detta med avseende på kursförändring och totalavkastning men även med hänsyn till risk. Förklaringen till detta ligger i ett antal variabler där investmentbolagens aktiva ägande är den största orsaken och substansrabatten i kombination med hög utdelning är ytterligare en orsak. Detta innebär att en portfölj med investmentbolag är en väldigt bra sparform överlag men framförallt för den som vill spara i aktier men saknar förkunskaper.
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Idhenga, Salome Ngwedha. "Exchange rate and foreign direct investment inflows: a case of Namibia 1990-2014." Thesis, Nelson Mandela Metropolitan University, 2016. http://hdl.handle.net/10948/6762.
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Purpose - this study is aimed at to investigating the effects exchange rate and other variables on foreign direct investment (FDI) inflows have on the Namibian economy. Methodology -The model comprises of the unit root test, the co-integration test, the long run equation co-efficient, an error correction model, the normality test and the stability test, were employed to estimate and interpret the results. Finding and recommendations - The results of the study have revealed that a relationship exists between exchange rate and FDI. However, this relationship is said to be statistically insignificant. It cannot therefore be used as a tool to influence FDI in Namibia. The results further indicated that GDP and trade openness were the most significant determinants of FDI in Namibia. The recommendations of this study thus suggest that the government should implement policies to diversify its production across all sectors and increase the manufacturing of finished goods, so as to enhance the GDP growth. Namibia should further advance its trade open through in-creased and fast-tracked trade agreements at both bilateral and multilateral levels.
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Jawad, Hamid Sultan. "Rate of return on investment in university education : a case study of Iraq." Thesis, University of Leicester, 1993. http://hdl.handle.net/2381/35498.
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This study is concerned with a cost-benefit analysis of university education in Iraq. The major purpose is the calculation of the monetary private and social rate of return to investment in particular forms of university education in Iraq, represented by University of Baghdad. The subjects chosen for calculating were fifteen different programs. The present study evaluated the decision to invest in various university subject groups at age eighteen (i.e. immediately after secondary school graduation) and at later age. Costs and benefits are calculated from point of view of three entities: Private; the institution; and society as a whole. Costs and benefits per student year and per graduate are also calculated. The results indicate that private rates of return are higher than social rates of return in all subject groups; that the social and private rates of return on investment in Engineering are the highest; that the private and social rates of return for Medicine program higher than other programs (four-year and five-year program) except for engineering; that the private rates of return to investment in five programs (Engineering, Medicine, Pharmacy, Dentistry, and Veterinary Medicine) are found to be greater than returns associated with other kind of investment i.e. to exceed 12%); that the social rate of return on investment in all four-year subject groups, except Engineering are found lower than 7%; that the social rate of return, while the social rate of return in Engineering is greater than 12%; that there is a negative relationship between the commencement age and private rate of return; that there is a positive relationship between commencement age and foregone earnings (private cost). The implications of these results for allocation of government spending on university education in Iraq are discussed.
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Edwards, Donna Ormsby. "Elderly's perception of interest rate quotations on savings." Thesis, Kansas State University, 1985. http://hdl.handle.net/2097/16047.
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Howard, William Ford. "An investment strategy based on return on capital and earnings yield." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/97332.
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Thesis (MBA)--Stellenbosch University, 2015.<br>ENGLISH ABSTRACT: Portfolio managers and investors have developed numerous stock-picking strategies for managing
stock market portfolios, many of which have been researched extensively in international markets.
For example, research has shown that value stocks have higher returns than growth stocks in
markets around the world (Fama & French 1998).
A very popular value investing strategy is the ‘magic formula’ developed and published by Joel
Greenblatt, in 2006, in his book The little book that beats the market. This strategy is based on
constructing portfolios where return on capital and earnings yield are used as selection criteria.
Greenblatt (2010) provided results that showed that the magic formula strategy was able to
persistently outperform the United States stock market from 1988 to 2009.
This study provides a back-test of the magic formula on stocks listed on the Johannesburg Stock
Exchange for the period 1 January 1998 to 31 December 2013. The return was benchmarked
against the FTSE/JSE J203 All Share Total Return Index and several other popular value investing
strategies over the same period. It was found that, even after adjusting for risk, the magic formula
was able to consistently outperform the market index. While the magic formula was able to
outperform the market index, it was not the top performing value investing strategy evaluated in
this study. The magic formula was outperformed by the combination of size and book-to-market,
book-to-market alone, dividend yield, and earnings yield value investing strategies. While the
magic formula, and the above mentioned value investing strategies, were able to outperform the
market index in terms of overall geometric mean returns, there is not enough evidence to conclude
that these value investing strategies outperformed the market index by a statistically significant
margin.
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Ahmed, Anas A. "Optimal Capacity Investment, and Pricing Across International Markets Under Exchange Rate Uncertainty and Duopoly Competition." Scholarly Repository, 2010. http://scholarlyrepository.miami.edu/oa_dissertations/400.
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In this dissertation we investigate joint optimal capacity investment, pricing and production decisions for a multinational manufacturer who faces exchange rate uncertainties. We consider a manufacturer that sells its product in both domestic and foreign markets over a multiperiod season. Because of long-lead times, the capacity investment must be committed before the selling season begins. The exchange rate between the two countries fluctuates across period and the demand in both markets is price dependent. In the first part, the model considers three scenarios: (1) early commitment to price and quantity with central sourcing, (2) postponement of prices and quantities with central sourcing, and (3) local sourcing. We derive the optimal capacity and the optimal prices for each scenario, and investigate the impact of the exchange rate parameters and the length of the selling season on optimal capacity investment, production allocation, and pricing decisions. We observe that while the price and production decisions in the domestic market are independent of the exchange rate under early commitment and local sourcing scenarios, the exchange rate between two countries directly impacts these decisions under the postponement setting. We identify thresholds and gain insights on investment costs, market potentials, exchange rate drifts, and selling season length for the choice of entering a foreign market under all scenarios. In the second part of this dissertation, we consider a duopoly competition in the foreign country. We consider a single period setting and we model the exchange rate as a random variable. We assume two scenarios: (1) Exogenous Model, where the price of the foreign manufacturer is set a priori, and (2) Endogenous Model, where the prices are set simultaneously based on a Nash Game outcome. In the Exogenous Model, we study the impact of exchange rate and foreign manufacturer's price on optimal capacity and prices. In the Endogenous Model, we investigate the impact of competition and exchange rate on optimal capacities and optimal prices. We show how competition can impact the decision of the home manufacturer to enter the foreign market.
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Bigham, Joshua D., and Thomas R. Goudreau. "Return on investment in the public sector." Thesis, Monterey, California. Naval Postgraduate School, 2004. http://hdl.handle.net/10945/1317.
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Approved for public release; distribution in unlimited.<br>In an environment of scarce resources and rising federal deficits the people not only expect, but demand greater accountability for the spending of public funds. This demand has created a trend in the public sector, not only in the United States, but worldwide as well, towards the importation of private sector business practices to improve accountability-oriented analysis. One example is increased emphasis on return on investment (ROI) analysis in public sector organizations. Development and application of ROI analysis is challenging in the public sector since most government organizations do not generate profit necessary for calculation of ROI in the manner in which it is done in the private sector. This thesis develops the methodology necessary for use of ROI analysis in the public sector. ROI methodology is applied for test evaluation with the Space and Naval Warfare Systems Command (SPAWAR) in San Diego. The test demonstrates that ROI can be applied successfully to assess the relative efficiency of value-added work and to improve the process of choosing between investment alternatives. Properly designed ROI analysis reveals how and for what goods and services money is spent and provides a means for comparing the value derived from investment and work performed.<br>Lieutenant, United States Navy
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Boyd, Terence. "A contemporary exposition of market value of investment real estate." Thesis, Queensland University of Technology, 1993. https://eprints.qut.edu.au/105689/1/T%28BE%26E%29%20349%20A%20contemporary%20exposition%20of%20market%20value%20of%20investment%20real%20estate.pdf.
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This study examines the perceived problem of variances in the assessment of market value of investment real estate in Australia. It concludes that differences in the interpretation of concepts of market value and inconsistencies in valuation approaches exist. A new
definition of market value is proposed by the author as a prerequisite step to clarifying the concept of market value.
Types of valuation variance are described and classified by the author as systematic and unsystematic variances. Thereafter methodology is postulated to minimise the valuation variance, and practical investment valuation models are described which are based on market studies. The applicability of the models is demonstrated in case studies of major investment properties and the results of evaluations of the models and case studies by valuation practitioners and academics are described in the final section of this study.
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Clausen, Bianca. "Exchange rate uncertainty, investment and international trade : empirical evidence from selected Latin American countries /." Köln : Universität Köln, Institut für Wirtschaftspolitik, 2009. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=017612823&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Masten, Callye R. M. "The impact of exchange rate volatility on U.S. foreign direct investment in Latin America." Access to citation, abstract and download form provided by ProQuest Information and Learning Company; downloadable PDF file, 77 p, 2008. http://proquest.umi.com/pqdweb?did=1456289961&sid=4&Fmt=2&clientId=8331&RQT=309&VName=PQD.
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Mudenda, Lackson Daniel. "Corporate Income Tax Rate and Foreign Direct Investment : The Case of Southern African Economies." Thesis, Umeå universitet, Nationalekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-106899.
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van, de Wiel Wimjan, and Bock Felix Kristopher. "Real Estate Financing and Interest Rate Hedging : A quantitative real estate investment case study." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-36235.
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Background: The expansive monetary policy of the European Central Bank has been leading to all-time-low interest rates and to a strong move into real estate investment. Low interest rates can work in favor of the investor (due to low interest rate expenditures), but increasing interest rates can jeopardize real estate investments. Since changes in interest rates are unpredictable, an investor needs to deal with this volatility. The capital market offers several financial instruments (so-called “derivatives”) to overcome the above-mentioned obstacle. There is no “one-size-fits-all” strategy. The investor needs to decide which financing structure to combine with which form of derivative. Purpose: The investigation not only explains and shows how real estate financing and hedging strategies on a given project in Germany can work but also explains why it is crucial to link these segments. To achieve this purpose, the return on equity and return cash flows at risk are numerically estimated. The evaluative purpose will be served by using the above-mentioned ratios and cash flows to derive recommendations of action. In doing so, this study will illustrate the importance of hedging, particularly for real estate investors and investors in general. Method: Interest rates on a monthly basis for the period of June 1990 until March 2017 from Thomson Reuters Eikon and real life data from a German real estate investor and a German financial institution were collected. Thereafter, these numbers were used as a basis to perform interest rate and cash flow simulations (Monte Carlo). The simulations were used to determine superior financing and hedging strategies for the investor. Conclusion: The results of this study highlight the benefits from leveraged financing and the necessity of interest rate risk management (hedging) to obtain stabilized future cash flows and reduce volatility caused by fluctuating interest rates. Fixed rate loans offer protection against rising interest rates, but lack flexibility. Floating loans offer more flexibility but are riskier due to the unhedged interest rate exposure.
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Swonke, Christoph. "The new open economy macroeconomics of exchange rate pass-through and foreign direct investment." Frankfurt, M. Berlin Bern Bruxelles New York, NY Oxford Wien Lang, 2008. http://d-nb.info/994546327/04.
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Liu, Wei, and 刘巍. "Idiosyncratic risk and expected returns : an investigation in the context of real estate investment in China." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/193494.
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In the asset-pricing framework, idiosyncratic risk is the risk that is independent of systematic risk and peculiar to one specific asset or company, it is left with no role in expected returns according to the classic finance theory since it could be completely diversified away. However, in the case investors holding under-diversified portfolios, previous theoretical studies generally demonstrate a positive relationship between idiosyncratic risk and expected returns. However, negative empirical evidences regarding the idiosyncratic risk-return tradeoff have been reported recently in the stock market of the U.S. and China, as well as in several real estate literatures. To reconcile the conflict, this thesis is dedicated to investigate the role of idiosyncratic risk in the context of real estate investment.
In the theoretical exploration, an asset-pricing model with short-sales restrictions in the market and heterogeneous beliefs among investors is established. Specifically, a simplified version with only three risky assets, in which two of them are direct and indirect real estate investments, demonstrates when investors endowed with incomplete information setting and under-diversified holdings, idiosyncratic risk would play an important role in the expected returns in equilibrium. Furthermore, the comparative static analysis reveals a positive cross-sectional relationship between idiosyncratic risk and expected returns.
In the empirical study, this thesis employs the Fama and French (1992) three-factor model to estimate monthly idiosyncratic volatilities of the Listed Property Companies (LPCs) in the A-share market of China, based on the daily data from May 1999 to Aug 2011. Specifically, for each LPC in each month, its idiosyncratic risk is computed as the standard deviation of the three-factor model’s daily residuals. The estimation outputs show that idiosyncratic volatility dominates the LPCs’ overall volatility during the study period, and it is features with a distinct pattern when compared to that of the U.S. REITs: the LPCs’ idiosyncratic volatilities are significantly higher and more persistent; they are less irrelevant to the firm’s market capitalization and present an evident co-movement with the broad market. Hence, this scenario reveals a special interest to further study on the cross-sectional relationship between the LPCs’ idiosyncratic risk and their expected returns.
In the cross-sectional test, conditional idiosyncratic volatility forecasted by the EGARCH-GED model is employed as the proxy for expected idiosyncratic risk, as the LPCs’ lagged idiosyncratic risk is shown to be not a good estimate. Over the study period, a firm positive cross-sectional relationship between idiosyncratic risk and expected returns is documented, after controlling for various pricing factors such as firm size and book-to-market equity ratio, indicators of liquidity and momentum as well as returns reversal effect. This evidence not only confirms the prediction of previous theoretical studies and the model in this thesis, it also suggests a profitable trading strategy based on the idiosyncratic risk of the LPCs.<br>published_or_final_version<br>Real Estate and Construction<br>Doctoral<br>Doctor of Philosophy
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Rognlie, Aleron B. "An analysis of return on investment of the Consolidated Afloat Networks and Enterprise Services (CANES) program." Thesis, Monterey, California : Naval Postgraduate School, 2010. http://edocs.nps.edu/npspubs/scholarly/theses/2010/Jun/10Jun_Rognlie.pdf.
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Theses (M.B.A.)--Naval Postgraduate School, June 2010.<br>Thesis Advisor(s): Euske, Kenneth ; Brinkley, Douglas. "June 2010." Description based on title screen as viewed on July 16, 2010. Author subject terms: Consolidated Afloat Networks and Enterprise Services, CANES, shipboard network, C4I, ROI, ISNS, network consolidation, SOA. Includes bibliographical references (p. 47-49). Also available in print.
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Li, Dajin. "Investment rate and economic growth in the long run, empirical tests of endogenous growth models." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp02/NQ32340.pdf.
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Uneze, Eberechukwu F. "The impact of foreign aid on investment, growth and the exchange rate in West Africa." Thesis, University of Kent, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.509629.
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Schwartzman, Aaron. "Exchange rate and the tax structure in a "Q" theory of investment : the mexican experience." Thesis, Massachusetts Institute of Technology, 1985. http://hdl.handle.net/1721.1/15294.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 1985.<br>MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY.<br>Bibliography: leaves 160-165.<br>by Aaron Schwartzman.<br>Ph.D.
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Barrett, Stuart. "An investigation into the determinants of UK manufacturing foreign direct investment in the United States." Thesis, University of the West of England, Bristol, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.365143.
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Fahr, René, Elmar A. Janssen, and Caren Sureth. "Can Tax Rate Increases Foster Investment under Entry and Exit Flexibility? - Insights from an Economic Experiment." WU Vienna University of Economics and Business, Universität Wien, 2014. http://epub.wu.ac.at/4182/1/SSRN%2Did2442721.pdf.
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It is well-known that taxes affect risky investment decisions. Analytical studies
indicate that tax rate increases (decreases) can foster (hinder) investment if there is flexibility, in
particular when an exit option is available. We design an experiment based on an analytical
model with binomial random walk and entry and exit flexibility. Contrasting the underlying
model, we find accelerated investment, which is often considered as an increased willingness to
invest, on tax rate increases to be independent of the existence of an exit option. However, we
observe this investor reaction only for a tax increase, not for a tax decrease. This behavior is
driven possibly by tax salience and the mechanisms known from the theory of irreversible choice
under uncertainty. Our empirical evidence suggests that the at-first-sight unexpected tax reform
effects are more common than is predicted by the theoretical literature. Policy makers should
therefore carefully consider the behavioral aspects when anticipating taxpayer reactions. (authors' abstract)<br>Series: WU International Taxation Research Paper Series
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Zhang, Cui. "Exchange rate risks in trade and investment between South Africa and the developed countries / by Cui Zhang." Thesis, North-West University, 2009. http://hdl.handle.net/10394/3111.
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The current international monetary system is very different from that of a few decades ago. Many of the old restrictions that had been placed on currency and capital movements between countries have fallen away in favour of a much more liberal international payment and investment system. The global financial arena is now characterized by greater currency instability, volatility and heightened financial risks. Exchange Rate risk is one of the complex topics in the economic world. Since there are so many factors in the financial market that influence a country's currency value, it becomes very risky for importers, exporters and portfolio investors to be involved in the international trade and financial markets. The purpose of this study is to gain an understanding on how the major economic indicators have an impact on the decision-making of the importers, the exporters and investors, to further influence the volatility of the Rand; and to provide various hedging and arbitraging strategies to reduce foreign exchange rate risks. The layout of the study is based on six chapters. Chapter 1 focuses on the background and scope of the study, mainly explaining the reasons, objectives and methodology of this study. An historical overview takes place in chapter 2, where a number of different exchange rate systems will be discussed. Chapter 3 reviews different exchange rate theories in order to support the empirical study in the next chapter. Chapter 4 focuses on an investigation and comparative study on how foreign investments and trade with developed countries have an impact on currency values and visa-versa. A number of management strategies for reducing exchange rate risks are introduced in chapter 5. Chapter 6 is the summary and conclusion of the research.<br>Thesis (M.Com. (Economics))--North-West University, Vaal Triangle Campus, 2009.
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Schumacher, Dietlinde [Verfasser], Burcin [Gutachter] Yurtoglu, and Ralf [Gutachter] Fendel. "Corporate investment in a low interest rate Euro zone environment / Dietlinde Schumacher ; Gutachter: Burcin Yurtoglu, Ralf Fendel." Vallendar : WHU - Otto Beisheim School of Management, 2019. http://d-nb.info/1202272665/34.
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Chang, Pei-Chung, and 張培忠. "Financial Intermediary, Investment and Interest Rate." Thesis, 1999. http://ndltd.ncl.edu.tw/handle/swg73p.
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碩士<br>國立暨南國際大學<br>經濟學系<br>87<br>This paper uses both the transaction function and the screening ability in financial intermediaries, to investigate the interaction between financial intermediaries and entrepreneurs in the equilibrium of investment and interest rate. We acquired the following main conclusions: (1) Financial intermediaries with the screening function would be lower in both the number of entrepreneurs and the amount of the social total investment than financial intermediaries that doesn't have it. (2) Under the different assumption, many solutions will exist in the gross interest rate in the equilibrium. (3) In the equilibrium, financial intermediaries with screening function would be bigger in the lower gross interest rate than financial intermediaries that doesn't have it. It is hard to judge which one is bigger in the higher gross interest rate.
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Chang, Yung-Wang, and 張永旺. "Corporate Investment and Exchange Rate Uncertainty." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/66437295303727220594.
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碩士<br>國立臺灣大學<br>國際企業學研究所<br>95<br>This paper constructs an investment equation according to theory of accelerator, cash flow model, neoclassical investment theory and Tobin’s Q theory. The factors that influence corporate investment decision are the level of output, the level of profit, user cost of capital. In order to take into account the relationship between exchange rate and investment, we added foreign exchange rate and exchange rate volatility to the investment equation. Employing a large panel of listed companies of Taiwan covering from year 1996 to 2005 and adopting fixed effects model we estimate the impact of the above variables on investment.
This article finds that the level of output and the level of profit have a positive effect on the investment. The user cost of capital and exchange rate has a negative effect on the investment. This conforms to the theory conclusion. But exchange rate has a significantly negative effect on high export propensity. It provides evidence that a devaluation may positively affect export propensity firms’ investment spending.
Exchange rate volatility has a positive effect on the investment. But firms with greater market power can offset the negative effects of a volatile exchange rate.
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Ma, Kuo-Wei, and 馬國維. "Exchange Rate and Foreign Directly Investment." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/67743675844541745598.
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碩士<br>國立清華大學<br>經濟學系<br>102<br>Abstract
With economic globalization, the growth rate of foreign direct investment beyond export’s growth rate in recent years. Lots of macroeconomic factors affect the FDI decisions made by firms, in which exchange rate plays the most crucial role. This paper attempts to use dynamic stochastic general equilibrium (DSGE) model to explore the impact of the economic structure which exists FDI when exchange rate shock and the entry cost shock happened, contains the salary and FDI flows. Finally found that when currencies appreciate, domestic foreign investment increase, but the lack of foreign consumption make domestic FDI outflows flatten in the future. When domestic entry cost drops, declining the domestic wages, increasing foreign investor to make FDI to domestic country. In the meanwhile, capital inflows makes currency appreciation, domestic FDI outflows will also rise. When domestic FDI costs down, which increases foreign investment, in addition to increased domestic new entrants that will crowd total domestic consumption, and domestic output falling lead to depreciate, but salary declines larger, so that outflow of FDI firms still rise.
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Hsin-Yi, Huang, and 黃歆詒. "Volatility of Exchange Rate and Investment." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/95936836589029366149.
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Ming-Pei, Tsai, and 蔡明沛. "A Study of Real Estate Capitalization Rate─ By Band of Investment Rate ApproachA Study of Real Estate Capitalization Rate─ By Band of Investment Rate ApproachA Study of Real Estate Capitalization Rate─ By Band of Investment Rate ApproachA Study of R." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/84899018100595639204.
Full textAbstract:
碩士<br>中國文化大學<br>建築及都市計劃研究所碩士在職專班<br>96<br>【Abstract】
Real estate capitalization rate of real estate valuation is extremely important and Usually applies to the valuation of income. Because the reduction in net income divided by the capitalization rate is the price of real estate. The proceeds of real estate is a major real estate price evaluation method. According to the domestic real estate valuation of the main provisions of the "rules of real estate valuation techniques", one of the capitalization rate set in accordance with provisions of Article 38 can take two kinds of methods developed.This article can be implemented by foreign "investment portfolio of interest rate model" to be Positive. Study of this method in Taiwan real estate capitalization rate Feasibility Study.
Collection of rental suites in three cases:
(A)The same subject at the same time rental and sale
(B)The same subject at the same time non-rental and sale. (But similar point in time, the first after the sale or rental after the first sale of rental)The same is not the subject of similar subject matter but for the same-dong (district) and at the same time rental and sale of the main. The capitalization rate were to draw the appropriate case based suite. Application of Portfolio Theory on the weighted average cost of capital Weighted Average Cost of Capital (WACC) for the real estate capitalization rate of applicability of the study. Evidence " The Band of Investment Rate Approach The Band of Investment Rate Approach (BIRA)" in the application of domestic suites.
In this study, Panchiao City area rental suites for the study. This study will be the smallest unit of investment and investment in a single region. For the district of different types of suites Category. First definition of a questionnaire to the standardization of suites on the market. Chi-square test ways to identify the impact of suites capitalization rate factors. And then collect the types of suites of the actual receipts and the sale of information case. To The Band of Investment Rate Approach model regression analysis to be conducted. Explore the model in the statistical results on the significant.
Finally to verify whether the application of this model Research results include:
(A) that both supply and demand of the market capitalization rate main factors affecting Suite
(B) of the actual cases of the main factors affecting Suite capitalization rate
(C) of The Band of Investment Rate Approach model and the statutory approach in assessing the use of the suites difference
(D) on The Band of Investment Rate Approach model into the current valuation of the feasibility of practical application
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CHANG, MING-PIN, and 張銘彬. "The Relationship between Interest Rate, Exchange Rate Fluctuation and Overseas Capital Investment." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/scg2v7.
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碩士<br>國立中正大學<br>企業管理學系碩士在職專班<br>105<br>This study mainly discusses the relationship between interest rate and exchange rate to overseas investment. Because the United States rate hike, began to have a lot of large enterprises to invest in the United States. The quantitative easing of Europe and the United States leads to drastic fluctuations in the exchange rate of developing countries. So many factors in Taiwan enterprises, how to do? This paper uses qualitative research on the depth of the interview. For the Listing and OTC companies of Taiwan, according to different industry categories of enterprises to conduct interviews, analyze the relationship between interest rate and exchange rate for the operation of the overseas investment business strategy and capital investment. Interview as the main information, supplemented by secondary information, to explore the results are summarized as follows:
1. The strategic objectives of overseas investment enterprises to market size or the needs of manufacturers based.
2. The enterprise overseas investment market entry model, the investment model tend to sole proprietorship.
3. The mode of operation of overseas investment funds is mostly the way of using OBU, and the other is the direct investment.
4. The volatility of the exchange rate will affect the decision of the overseas investment.
5. Enterprises overseas investment, in order to avoid exchange losses, through the exchange rate tools to avoid hedging.
6. Interest rates will not be reflected in the revenue, the interest rate is related to the enterprise debt, in the political and economic environment is unstable, the national enterprises will not borrow borrowing.
7. Business interest rate strategy, when Taiwan's interest rate is relatively low will choose to borrow in Taiwan, but a small number of enterprises to avoid the burden of the parent company is too large, will choose to borrow from the subsidiary.
Taiwan is a country dependent on exports, many micro-enterprises or small businesses are owners of concurrently chief financial officer, very few owners have the relevant financial knowledge, so in the expansion of the plant due to lack of knowledge and hindered . This study explores the impact of interest rates and exchange rates on overseas investment from corporate investment strategies, The readers can more quickly grasp the overseas investment needs to pay attention to matters.
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Chen, Miao-en, and 陳妙恩. "The Relationship between Taiwan 50 Index Returns and Exchange Rate、Interest Rate、The Total Rate of Foreign Investment." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/27766059381369525881.
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碩士<br>東吳大學<br>企業管理學系<br>99<br>Abstract
Exchange Traded Fund (ETF) is stock investor’s favorite in recent 20~30 years. The first ETF in Taiwan is “Taiwan Top 50 Tracker Fund” (TTT) on June 30, 2003.The underlying index of TTT is the Taiwan 50 index, which is calculated using the trade prices of the largest 50 listed companies by total market value. To understand wheather the 3 variables impact TTT.
Variables are decided by the important factor in the financial market. Three variables are exchange rate、interest rate and the total rate of foreign investment. It’s separate 3 periods that are whole period、pre-period、later period in this research. And May, 2008 is the time point to separate.
The findings of this research results are as follows：
1. Exchange rate variable is negative impact to TTT in 2 periods.
2. Interest rate variable is positive impact to TTT in 1 period.
3. The total rate of foreign investment is positive impact to TTT in 2 periods.
Key Words：Taiwan Top 50 Tracker Fund、ETF、exchange rate、interest rate、the total rate of foreign investment
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Puu, Chien-Tung, and 浦建東. "The relationship between real effective exchange rate and investment." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/54334084589857182153.
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Juang, Cheng Han, and 莊承翰. "The Influence of Demographic Structure among Stock Price, Saving Rate and Investment Rate in Taiwan." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/64340836692275900683.
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碩士<br>世新大學<br>財務金融學研究所(含碩專班)<br>93<br>Recently some researcher focus on the linking between demographic structure and asset prices. Taiwan had baby boom after the World War II. This paper utilize an overview of Time Series Analysis illustrating demographic structure and aggregate variables and prices which having long term equilibrium relationship. We choose stock price and investment rate and save rate to discussion.
This paper utilize unit root test and Johansen cointegration test and Error correction model(ECM) to illustrate long run equilibrium between demographic structure variables and assets variables. We also use Nieh and lee(1998) to choose the model of Johansen cointegration test; and test white noise in residual term. At last, we use ECM test to describe the short term equilibrium relationship.
The empirical results show that all of the series become stable after fist difference which means that all the series are I(1). In Johansen cointegration test, the model we choose two or four model and all functions belong one cointegration vector. In ECM model, the functions three and seven and eight don’t come to long term equilibrium relationship automatically, because the variables of demographic structure and aggregate structure don’t equilibrium in short term. The real gross national product and prime saving age group both have positive relationship with stock price but the prime saving age elderly dependency ratio has negative relationship. The real gross national product has positive relationship with the saving rate, but younger dependency ratio has negative relationship. The real gross national product and the prime saving age elderly dependency ratio have negative relationship with the investment rate, but elderly dependency ratio has positive relationship.
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Ni, Chi-ping, and 倪季平. "Estimating Transition Matrices：Applications to Sovereign Risk and Exchange Rate Investment." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/fbfpc5.
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碩士<br>國立高雄大學<br>統計學研究所<br>102<br>Credit migration matrices are cardinal inputs to many risk management applications, and these matrices provide a succinct way of describing the evolution of credit ratings. This paper presents three methods to estimate transition matrices, including two methods by using individual data, the cohort approach and the hazard rate approach, and one method by using aggregate proportions data.
We will also show some properties of these estimators, for example, row sum condition, non-negativity condition, consistency, efficiency, and so on. We provide estimating results and their comparisons for both sovereign data and company data. In case studies, we consider monthly data of more than 19 countries and quarterly data of more than 50 companies. In addition, we discuss the merits of estimators by comparing their performances. Furthermore, we will apply the transition matrices to foreign exchange portfolio, and selecting the best foreign exchange portfolio by transition matrices.
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Wang, Shu-wen, and 王淑雯. "NTD-USD Exchange Rate Forecasting Models and Their Investment Performances." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/daktnt.
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碩士<br>世新大學<br>財務金融學研究所(含碩專班)<br>103<br>The main objective of this paper is to build NTD-USD Exchange Rate Forecasting Models and evaluate their Investment performance. The research objects are NTD-USD Exchange Rate, 3-Month U.S. Treasury bill rate, U.S. Consumer Price Index, Taiwan M1B balance, Taiwan foreign exchange reserves, Taiwan Wholesale Price Index and Taiwan Capitalization Weighted Stock Index. The period is from July 1997 to March 2015 by using monthly data. This study applied Augmented Dickey-Fuller Test, Multiple Regression Analysis, Chow Test and Moving Windows Method. Finally identify two better subsamples of investment models and test their investment performance.
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Yu-Chu, Lin, and 林玉竹. "The Investment Return Rate of Insurance Policies (Taiwan Case Study)." Thesis, 1999. http://ndltd.ncl.edu.tw/handle/92440256188786863638.
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Tsai, Tung-Fa, and 蔡同法. "The Relationship Among Foreign Investment, Stock Price and Exchange Rate." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/16314076694190854235.
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碩士<br>國立高雄第一科技大學<br>風險管理與保險研究所<br>99<br>This paper investigates dynamic interactions among foreign overbought/oversold, stock prices, and foreign exchange rates in the Bull market and Bear market. Stationarity of variables is confirmed by unit root tests before constructing this paper’s vector autoregressive model, in which the impulse response analysis, Granger causality tests, variance decomposition analysis are conducted. Several conclusions are achieved in this paper.
First, in both Bull and Bear markets, the change in the foreign exchange rates is a leading variable that affects negatively the stock price after one period. This shows that the stock prices are moving in an inverse direction from foreign exchange rates. Second, in the Bull market, the net returns of futures contracts and the stock prices have bilateral feedbacks. The first order lag of the net returns of futures contracts have positive correlation with the stock price, showing that in the Bull market, foreign investors can consider their strategy of overbought or oversold in the futures contracts based on the performance of the stock market in the previous period.
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HUANG, CHIUNG-CHEN, and 黃瓊瑱. "The Effects On Irreversible Investment With Rate-of-return Regulation." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/26373629817562729664.
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碩士<br>國立臺灣大學<br>三民主義研究所<br>85<br>A dynamic model of irreversible investment in a monopoly industry under demand
uncertainty is developed. In the absence of rate-of-return restrictions, invest
-ment by itself will keep the rate of return from rising above
a natural ceiling
by an option value factor. When a lower ceiling is imposed, investment is
triggered only by the observation of an even higher "shadow" rate of return.
As the imposed ceiling is reduced, there are two effects: one is the "A-J
effect", which will stimulate investment; and the other is the "downside risk
effect" which will depress investment. When the imposed
ceiling is reduced from
a natural ceiling, the "A-J effect" will be the main factor
which makes the firm
invest more. As the imposed ceiling keep on reducing, the
"downside risk effect"
will become the main factor. It makes the shadow rate of return go to infinity
and investment cease completely. The influnces on long-run average rate of
return is ambiguous. On the other side, the imposed ceiling will affect the
long-run average capital stocks as follows: first, as the imposed ceiling
reduces, the long-run average capital stocks will increase. Second, a tighter
rate of return ceiling will generally lead to decrease the long-run average
capital stock.
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TSAI, PEI-RONG, and 蔡佩容. "The Exploration of Fertility Rate and Education Investment in Taiwan." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/t5ee9w.
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碩士<br>國立臺北大學<br>財政學系<br>106<br>In recent years, low fertility rates and the aging of population have become major problems faced by many countries around the world. The main purpose of this study is to investigate factors influencing fertility rate and quality of children in Taiwan. An array of variables including household education expenditures, time parents spent with children, and several other education investment decisions are used to measure the quality of children. To explore factors influencing fertility rate and quality of children, both ordinary least squares and probit models are used. Data are from Panel Study of Family Dynamics (PSFD) released by Academia Sinica in Taiwan.
The estimation results show that age, education subsidy, childcare supplement and childbearing subsidy are positively associated with number of children in household. Conversely, parental education and maternal labor force participation negatively affect number of children. As for determinants of quality of children, age, number of children, parental education, education subsidy, maternal labor force participation and father's monthly income are associated with household education expenditures. It is worth noting that receiving childcare subsidies and receiving childbearing subsidies produce a positive effect on fertility rate and education investment decisions. In addition to financial incentives, we suggest that government build a childbearing friendly environment for pregnant women and parents. Moreover, the income variable plays an important role in explaining education investment outcomes. In order to reduce education inequality, the government could consider providing financial assistance to disadvantaged families.
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Maepa, Magdeline M. "The effects of exchange rate volatility on South African investments." Thesis, 2015. http://hdl.handle.net/10394/17036.
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This study analysed the short- and long-run interactions between the exchange rate and different types of investments in South Africa from 1970 to 2014. The study focussed on the portfolio theory, the life cycle of investment and the accelerator model of investment, which all found that investment plays an important part in the economic growth and development prospects of a country, thus a healthy investment environment needs to be present in order to attract investment inflows into the country. The conceptualisation of exchange rates focussed on the definitions and types of exchange rates that are in existence, as well as the theories of exchange rate determination which included the purchasing power parity, the interest rate parity, the portfolio balance approach and the Balassa-Samuelson model. These theories are all different but are essential for this study as assumptions made by these theories are relevant to the explanations of exchange rates.
The Vector Autoregressive model (VAR), a multivariate Johansen co-integration approach and Granger causality test were conducted to analyse the interactions between the exchange rate and different types of investments. The short-run analysis found that there was a short-run relationship between the exchange rate and different types of investments in South Africa. However, this short-run interaction were found to be small, thus, not significant enough to cause disruptions to the exchange rate and to the inflow of investments into the country. The long-run analysis found that a there was a long-run relationship between the exchange rate and different types of investments in South Africa. This long-run relationship was also found to be negative. This study concluded that investments have a negative, long-run effect on the exchange rate, suggesting that a fall in the investments would cause an increase in the exchange rate in the long-run.