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REDMOND, WILLIAM HILES. "THE EFFECTS OF PIONEER FIRM PRICE STRATEGY ON MARKET CONCENTRATION AND FIRM PERFORMANCE (STRUCTURE, SHARE, PROFITABILITY, INNOVATION)." Diss., The University of Arizona, 1985. http://hdl.handle.net/10150/188127.
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The research examines linkages between firm strategy and market structure and also between firm strategy and firm performance. To evaluate these linkages, the research focuses on the initial price strategy of market pioneer firms, changes in market concentration, and subsequent firm achievements in the area of market share and profitability. Drawing from previous research in the areas of marketing strategy, corporate strategy and industrial organization, arguments are developed supporting the notion of different structural and performance outcomes resulting from different pioneer firm price strategies. These strategies are penetration pricing and price skimming. A sample of pioneer firms/pioneered industries was obtained from published sources and examined for significant differences between the penetration price group and the price skimming group. Price strategy was found to have a significant impact on changes in market concentration as well as pioneer firm market share and profitability.
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Chelley-Steeley, Patricia L. "Small firm effects in the UK stock market." Thesis, Loughborough University, 1995. https://dspace.lboro.ac.uk/2134/7320.
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This thesis will be concerned with investigating the empirical characteristics of stock returns, forUKfirms which are distinguished by market value. The primary aimof thisworkis to identify whether there are differences between the behaviour of large and small firm retums. A substantial amount of attention has recently focused upon how firm size influences the behaviour of stock returns in US markets, but, the role that firm size might have in determining the behaviour of stock returns in UK markets has received very little attention. The aim of this thesis is to redress this imbalance. The first part of this study will be concerned with showing that the returns of small firms are more predictable than the returns of large firms. The second part of this study will show that the relationship between risk and return depends on firm size. The third and final part of this thesis will show that not only are the mean returns of large and small firms different but that there are also important differences in the conditional variances of large and small firms. In all three parts of this thesis, important differences between the behaviour of large and small firm returns are documented for the first time.
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Nikolova, Stanislava M. "Two essays in financial economics firm risk reflected in security prices /." [Gainesville, Fla.] : University of Florida, 2004. http://purl.fcla.edu/fcla/etd/UFE0006122.
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Somervuo, Timo J. (Timo Juhani). "Factors affecting the selling prices of small firms." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/46490.
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Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 2008.Includes bibliographical references (p. 36-37).
58 percent of the jobs in the United Stated are created by firms with fewer than 500 employees (Davis, et al. [1998]). Yet, there is only limited research done on the industry trends and conditions affecting small company sale transactions. The small business industry has very different dynamics compared to the large public companies. Based on my findings, small businesses have significantly lower price-to-earning ratios compared to large companies. In this paper, I study the economic conditions affecting small firms and variables that affect the selling prices of these companies. I show that there exists a strong informational asymmetry between the buyers and sellers of small companies that lower the transaction prices. I also show that market illiquidity and contingent contracts can impact the selling prices of small companies.
by Timo J. Somervuo.
M.Eng.
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Nault, Barrie R. "Modelling strategic information technology impact on inter-firm competition: pricing." Thesis, University of British Columbia, 1990. http://hdl.handle.net/2429/30787.
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This research studies normative pricing strategies for information technology (IT) used by suppliers to supplement an underlying primary good. Transactions with consumers and customer firms are considered. Characteristics of IT are divided into IT impacts on customers, and IT impacts on suppliers. IT impacts on customers include vertical differentiation or reduced turnover costs for the primary good, and positive IT adoption costs. IT impacts on suppliers include reduced production costs for the primary good, and the costs of IT. Optimal pricing for the IT and the primary good is modelled for monopoly, and Bertrand competition based on IT and the primary good is modelled for oligopoly. Two part tariffs are used for the IT and IT enhanced primary good. Results of pricing to consumers show that the fixed component of an optimal (or equilibrium) two part tariff can either be a net tax or a net subsidy, confirming the possibility of taxed or subsidized IT adoption. For the monopolist offering the IT and IT enhanced primary good only, the consumer's adoption/switching cost limits the possible subsidy. Consistent with previous economics research, in a duopoly where one supplier has IT, the IT supplier abandons the original primary good. Two suppliers with identical IT cannot attain a positive profit equilibrium. Analogous results obtain for a special case of pricing to customer firms. Empirical results support differential (premium) pricing for an IT enhanced primary good over an original good.Business, Sauder School of
Operations and Logistics (OPLOG), Division of
Graduate
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Rusňáková, Jarmila. "Analýza strategie vybrané firmy." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-77788.
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The master thesis is divided into two parts. The first part is theoretical and deals with the development of tourism, business strategy in hotel trade and marketing mix. The second part is practical and is focused on the analysis of business strategy of Smaragd Hotel. Within the business strategy strengths and weaknesses of the hotel, competition, income and expenses, and marketing mix are analyzed. Based on the analysis, possible solutions of the future development of the hotel are proposed.
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Loy, Jens-Peter, and Christoph Weiss. "Synchronisation in multi-product firms. Evidence from german grocery prices." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2003. http://epub.wu.ac.at/300/1/document.pdf.
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Using a unique panel data set for German grocery prices we find significant price synchronization within food retail chains as well as within individual food stores (between products). Price synchronization between chains appears to be less pronounced. Common shocks can only explain some synchronization, indicating that strategic motives as well as menu costs are of significant importance. (author's abstract)Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"
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Pozo, Veronica F. "Effects of meat and poultry recalls on firms' stock prices." Diss., Kansas State University, 2014. http://hdl.handle.net/2097/18160.
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Doctor of PhilosophyDepartment of Agricultural Economics
Ted Schroeder
Food recalls have been an issue of great concern in the food industry. Stakeholder responses to food safety scares can cause significant economic losses for food firms. Assessing the overall impact that may result from a food recall requires a thorough understanding of the costs incurred by firms. However, quantifying these costs is daunting if not impossible. A direct measurement of a firm’s total costs and losses of revenue associated with a food recall requires firm-level data that is not available. The method utilized in this study overcomes this severe limitation. Using an event study, the impact of meat and poultry recalls is quantified by analyzing price reactions in financial markets, where it is expected that stock prices would reflect the overall economic impact of a recall. A unique contribution of this study is evaluating whether recall and firm specific characteristics are economic drivers of the magnitude of impact of meat and poultry recalls on stock prices. Results indicate that on average shareholders’ wealth is reduced by 1.15% within 5 days after a firm is implicated in a recall involving serious food safety hazards. However, when recalls involve less severe hazards, stock markets do not react negatively. Also, reductions in company valuations return to pre-recall levels after day 20. Firm size, firm’s experience, media information and recall size are drivers of the economic impact of meat and poultry recalls. That is, firms recalling a larger amount of product perceive greater reductions in company valuations. Additionally, recalls issued by larger firms are less likely to present negative effects on stock prices, compared to smaller firms. Moreover, firms that have recently issued a recall are less harmed by a new recall compared to those firms issuing a recall for first time. Thus, suggesting that investors take into consideration the past performance of a company when dealing with food recalls. Furthermore, media information has a negative impact on shareholder’s wealth. Findings from this study provide essential information to the meat industry. In particular, understanding the likely impact of such “black swan” events is critical for firm’s investing in food safety technologies and protocols.
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Quaid, Geno. "Event Study of Amazon Entering New Markets and the Effects on Incumbent Firm Stock Prices." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1981.
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This paper examines the effect on incumbent firms of industries which Amazon.com, Inc. enters. Using event study methodology, this paper tests the returns for incumbent firms on the day Amazon announces entrance into their industry. The paper studies the effects on two portfolios for each industry, a market capitalization weighted and an equally weighted. Each portfolio’s expected return is computed using the market model and then compared to actual returns to find the abnormal return. The results are mixed. Five industry portfolios have significant 1 – day abnormal returns and 2 – day CAR while the six other industries show no significance in either metric. The results prompt a discussion and logic? behind the markets response to Amazon entering new markets. The leading explanation of the industries that saw effects is the time in which Amazon entered.
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Skaradzinski, Debra Ann. "The Nonlinear Behavior of Stock Prices: The Impact of Firm Size, Seasonality, and Trading Frequency." Diss., Virginia Tech, 2003. http://hdl.handle.net/10919/11079.
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Statistically significant prediction of stock price changes requires security returns' correlation with, or dependence upon, some variable(s) across time. Since a security's past return is commonly employed in forecasting, and because the lack of lower-order correlation does not guarantee higher-order independence, nonlinear testing that focuses on higher-order moments of stock return distributions may reveal exploitable stock return dependencies.
This dissertation fits AR models to TAQ data sampled at ten-minute intervals for 20 small-capitalization, 20 mid-capitalization, and 20 large-capitalization NYSE securities, for the years 1993, 1995, 1997, 1999 and 2001. The Hinich Patterson Bicovariance statistic (to reveal nonlinear and linear autocorrelation) is computed for each of the 1243 trading days for each of the 60 securities. This statistic is examined to see if it is more or less likely to occur in securities with differing market capitalization, at various calendar periods, in conjunction with trading volume, or instances of changing investor sentiment, as evidenced by the put-call ratio.
There is a statistically significant difference in the level and incidence of nonlinear behavior for the different-sized portfolios. Large-cap stocks exhibit the highest level and greatest incidence of nonlinear behavior, followed by mid-cap stocks, and then small-cap stocks. These differences are most pronounced at the beginning of decade and remain significant throughout the decade. For all size portfolios, nonlinear correlation increases throughout the decade, while linear correlation decreases.
Statistical significance between the nonlinear or the linear test statistics and trading volume occur on a year-by-year basis only for small-cap stocks. There is sporadic seasonality significance for all portfolios over the decade, but only the small-cap portfolio consistently exhibits a notable "December effect". The average nonlinear statistic for small-cap stocks is larger in December than for other months of the year. The fourth quarter of the year for small-cap stocks also exhibits significantly higher levels of nonlinearity.
An OLS regression of the put/call ratio to proxy for investor sentiment against the H and C statistic was run from October 1995 through December 2001. There are instances of sporadic correlations among the different portfolios, indicating this relationship is more dynamic than previously imagined.Ph. D.
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Molla, Kiflu Gedefe. "Essays in International trade, exchange rates and prices." Doctoral thesis, Stockholms universitet, Nationalekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-137002.
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This thesis consists of three self-contained essays in International Trade, Exchange Rates and Prices. Although independent, these essays share some common themes. The first two papers can be related to the vast literature on exchange rate pass-through to prices. While the first paper uses firm-product level data from Sweden to study firms’ export price response to movements in exchange rate, the second paper employs aggregate level data from Ethiopia and looks at the issue from the importers’ perspective. The third paper, like the first paper, uses Swedish firm-level data and investigates firms’ exporting behavior. The third paper, however, specifically focuses on export margins of multi-product firms and studies their response when exporting to destinations of different size and distance from the home country.At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 1: Manuscript. Paper 2: Manuscript. Paper 3: Manuscript.
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Cheng, Mei Ling. "Firm equity decision, disclosure rule and corporate transparency, a revisit of market's use of earnings information." HKBU Institutional Repository, 2020. https://repository.hkbu.edu.hk/etd_oa/895.
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This paper extends the scope of Earnings per share ("EPS") studies by incorporating Bushman et al. (2004)'s conceptual framework of corporate transparency to illustrate how the disclosure requirement of an accounting rule governing EPS could have far-reaching effects on the information environment in US. Informed participants are having a keener edger over average investors in using EPS as a guide to investment value. EPS signals a summary measure of firm performance to market participants. The market reactions to EPS and change in per share earnings provide a distinct opportunity to gauge the informativeness of earnings. The information role will nevertheless derail whenever there is an equity change. The accounting rule stipulates the use of a theoretical construct, the weighted average number of shares, in the denominator for EPS, which the average investor is unable to interpret as the number of shares at the reporting date is the actual, not average number of shares. Relative to the actual-share EPS, the average-share EPS will either inflate or deflate the per share earnings. The informed investors, who can substitute actual number of shares for the theoretical construct, are hence bestowed by the accounting rule an information advantage over the average investors. Earnings response coefficient is significant with denominator of EPS substituted while the explanatory power of theoretical-denominator EPS abates when it is contemporary with the denominator substituted EPS. Financial analysts' expertise in the provision of idiosyncratic information to the market has been compromised by the average-share EPS, which is reflected heretofore in proforma earnings forecasts errors. Proforma earnings use a numerator different from accounting rules and to further temper the denominator with the actual number of shares will make pro-forma EPS forecast unintelligible to users. The unintended consequence of inflating or deflating the per share earnings misleads average investors in their decision-making process. Analysts should not issue proforma earnings forecast while researchers should abstain from using theoretical-denominator EPS for sample firms with equity change as their policy prescriptions may further aggravate the problem. A simple remedy to change the accounting rule, SFAS No. 128 is eminently anticipated, if not warranted.
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Braithwaite, Joanne. "Power, prizes and partners : explaining the diversity boom in City law firms." Thesis, Queen Mary, University of London, 2008. http://qmro.qmul.ac.uk/xmlui/handle/123456789/1396.
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The thesis is a qualitative study of the diversity boom in City law firms. The central research question asks why there should have been such a number of diversity policies implemented in recent years by these firms. The findings are based on interviews with diversity staff and lawyers in eleven of the fifteen largest U. K. law firms, with two global law firms and with the Minister responsible for diversity in the legal profession at the (then) Department of Constitutional Affairs. Interviews were also conducted with diversity staff in three investment banks in order to triangulate data about the role of clients and provide a comparative perspective. The key finding of the research is that certain outside parties play a critical role in pressurizing City law firms to take action on diversity. The most important parties for these purposes are clients, the legal press and interest groups who each leverage power over law firms in highly effective ways, such as by inventing and awarding prizes. The Government and the Law Society play surprisingly low key roles, choosing to act as persuaders rather than to exert decisive exogenous pressures. However, notwithstanding the key role of outsiders in explaining these policies, power relations within firms are also very important, and partners in particular play a key role in decision making. Overall, the study finds that the diversity policies which get made are those which powerful outsiders demand and of which powerful insiders approve. The thesis concludes With a discussion of the implications of these findings.
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Minsch, Rudolf. "Relative prices and inflation : an empirical analysis of firm-level price data from selected Swiss service industries /." Bamberg : Difo-Dr, 2002. http://www.gbv.de/dms/zbw/356765334.pdf.
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Mzezewa, Lerato. "Hetrogenous impact of interest rates on retail firm prices : a product-level analysis using micro-data from Lesotho." Master's thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/21742.
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Price-setting behaviour plays an important role in the transmission mechanism of monetary policy as pricing decisions of firms in the private sector determine how changes in the official rate affect prices. Several recent studies using micro price data have highlighted the importance of the variation in firm characteristics on pricing decisions. This study investigates whether firms adjust their prices in response to higher interest rates and whether this response differs for firms that have credit. We estimate multinomial logistic regression models using highly disaggregated panel data on monthly product prices of 131 retail outlets in Lesotho over the period 2002-2009. In general, our results suggest that firms are more likely to adjust their prices in response to an interest rate shock. Firms will either revise their prices upwards or downwards compared to keeping their prices constant. This ambiguity occurs when a firm's price is a function of price elasticity of demand and costs. A firm has to balance the need to pass on increased cost of the higher interest cost onto prices against the demand-side sensitivity to price increases. On the contrary, when comparing firms with credit to those without, our findings show that firms with credit are more likely to keep their prices constant than to revise them. Furthermore, the study finds asymmetric results in the direction of the price adjustments. Prices are more likely to increase or decrease in the presence of both a demand and a cost shock, whereas prices are more likely to remain constant in the presence of a cost shock only. No evidence was found that credit owing firms pass the higher cost of credit onto their prices, suggesting that firms with credit finance have access to cheaper financing options than firms without credit.
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Ducking, Johnny C. "THE EFFECTS OF MINIMUM SALARIES ON FIRM TENURE, CAREER LENGTH, AND THE EXPERIENCE DISTRIBUTION: EVIDENCE FROM THE NATIONAL FOOTBALL LEAGUE." UKnowledge, 2011. http://uknowledge.uky.edu/gradschool_diss/826.
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I use data from the National Football League (NFL) to analyze the impact of minimum salaries on an employee’s firm tenure, an employee’s career length, and an employer’s distribution of employee experience. The NFL has a salary structure in which the minimum salary a player can receive increases with the player’s years of experience. Salary schedules similar to the NFL’s exist in public education, Secret Service, Internal Revenue Service, other federal government agencies, the Episcopalian church, and unionized industries. Even though the magnitude of the salaries in the NFL differs from other industries, this study provides insight to the impact of this type of salary structure firm tenure, career length, and the experience distribution.
In the first essay, I analyze the impact of minimum salaries on firm tenure and career length for six positional groups in the NFL, defensive backs, defensive linemen, linebackers, running backs, tight ends, and wide receivers. A major advantage of using NFL data is that I am able to control for a player’s productivity. I find statistically significant evidence that minimum salaries shorten firm tenure and career length when they require teams to increase a player’s base salary from year t to year t+1 or a player’s total compensation from year t to year t+1.
In the second essay, I analyze the impact of minimum salaries on the experience distribution. I exploit the fact that the NFL’s minimum salary schedule causes the relative minimum price between two experience levels to change over time. This provides teams with an incentive to substitute away from the experience level whose relative minimum price becomes more expensive. I find evidence that when relative minimum prices change, the experience distribution changes.
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Armada, Ramírez Ferran. "European energy markets integration and its effects on prices and efficiency of electricity producing firms." Doctoral thesis, Universitat de Barcelona, 2016. http://hdl.handle.net/10803/393928.
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In this work we investigate the effect of energy (electricity) market integration in Europe and its effects on electricity prices and efficiency improvements in electricity producing firms. We first describe at detail the electricity sector, the role of electricity markets, the main characteristics of electricity as a commodity as well as the main features of this particular and strategic sector, we speak about the evolution of consumption of electricity in developed countries and particularly in Spain. In the second chapter, we address extensively the most recent round of reforms approved for the European electricity markets, known as the third energy package. We speak of the actors that were relevant for such approval their preferred outcomes and the final result of the bargaining process. To do this we use qualitative methods to venture beyond description of what happened and to explain the conditions that rendered the entire process be favourable for the European Commission proposal of reform.
In the third chapter of the dissertation we deal with the issue of electricity prices in European countries. We propose a group of variables as drivers of electricity prices, we discuss the relationship that these variables might have with electricity prices and we conduct an analysis in which we set up a model to test the possible relation of these drivers with the prices paid by industrial and household costumers. In particular we test the relationship that might exist between the suppliers’ ownership and the prices charged to final consumers, as well as the quantity of primary energy available and the exchanges of electricity or the concentration of the electricity markets and the amount of renewable energy supplied in the different European countries. To test our model and the relationship of the proposed drivers with net prices we constructed a panel data that covers the years from 2001 to 2010 a few years before and after the second and the third energy packages, the last major reform packages in European countries.
Finally in Chapter 4 we focus on dealing with what we consider to be one of the most important consequences of liberalizing the electricity sector, which are the possible changes in the firms’ efficiency. Particularly we focus in internal efficiency, that is, the more efficient ways that power plants may find to continue with their activity in a more competitive context. Said in a different way, due the increasing competition because of the liberalization measures, producers of electricity must adjust their production methods to keep been competitive or even gain competitiveness, this, in turn, is connected with gains in consumers welfare. In this case we first make a review of the best and most used methods to assess changes in the performance (efficiency) of firms, we set up a database that takes in account three different years of 130 power plants in eighteen European countries, sixteen of them European Union members and two non-EU members but important partners in what concerns to electricity markets (Norway and Switzerland); the three years taken in account are 2004, 2009 and 2013, the database is not a panel data, but observations made in three different points in time to tests each of the years while the results are used to calculate the Malmquist indexes that will give tell us how firms move relative to the frontier and if the frontier is actually moving.
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Magnusson, Tobias, and Adam Enebrand. "Dividend policy and its impact on firm valuation : A study of the relationship between dividend policy and stock prices on the Swedish market." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-40069.
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The issue of dividends and what role it plays, has been the subject of discussion for decades. The main reason for this is that the chosen dividend policy for a company affects several different stakeholders, with shareholders being the most affected party. Determining dividend policy is influenced by multiple factors such as capital structure, potential stakeholder signaling and corporate culture concerning payouts. This study will investigate how the relationship between firm performance and stock price is affected by the level of dividends a firm pays. To explore this relationship, the authors will conduct a correlation and regression analysis that is performed on data collected on middle and large capitalization firms listed on the Stockholm stock exchange. The chosen time frame for this study is year 2007-2017. Several variables are included in the regression model in order to explore a potential relationship. The findings of this study indicate that the stock price of high dividend yield firms are more dependent on financial performance compared to low dividend yield firms. However, an overall positive correlation is found between financial performance and stock price for both samples.
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Wong, Lai-kuen, and 黃麗娟. "The effect of mergers and acquisitions announcement on the security prices of bidding firms in Asia." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1999. http://hub.hku.hk/bib/B31954790.
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Issa, Angelo, Maher Machhadi, and Mircea Barbu. "YTBEHANDLADE TRÄELEMENT : En studie av brandskydd, bärförmåga, pris och miljöpåverkan av ytbehandlade träelement." Thesis, Mälardalens högskola, Akademin för ekonomi, samhälle och teknik, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-55197.
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The current Swedish building code (Boverkets Byggregler, BBR) is very strict regarding fire-safety in high-rise timber structures because of the heightened risk of fast flame spread or structural failure in case of fire. Fire safety solutions, that are used in timber structures must therefore be optimal to contain flames from spreading in the event of fire. The current building code requires that load-bearing elements must withhold their load-bearing capacity for 60 minutes under fire. The purpose of this study was to research the effect that different fire-retardant surface treatments, have on fire protection of a load bearing, laminated timber element. Thereafter, a short analysis was made on the environmental impact of the fire-retardant surface-treatments in question and finally, a cost analysis and comparison were conducted with regard to different fire-safety solutions such as fire-resistant gypsum board and a combination of fire-resistant gypsum board and stone-wool. The methods used in this study are a combination of theoretical reviews and theoretical calculations. A theoretical review was conducted in order to collect the information needed to understand the behavior of timber under fire, the impact of fire-resistant surface treatments on fire protection, and the environmental impact of the actual surface treatments. Therefore, a series of theoretical calculations were made in accordance with European standards (Eurocodes) in order to present the impact in numbers. The calculations made were concerning a laminated timber beam with the dimensions of 145 x 450 x 6000 [mm] and took into account the remaining cross-section of the timber element under various timestamps during fire with regard to fire-stage, charring-rate, and fire coating. The results of this study indicate that the moment-capacity and shear-capacity of an untreated beam decrease constantly under fire and does not fulfill the requirements of the Swedish building code. Thereafter, in case that the same timber beam is fire-treated with a fire-retardant surface treatment. The moment-capacity is observed to increase in the first stage of fire, were the fire-protection of the surface-retardant treatment is still in action. Therefore, after fire-protection ceases, the moment-capacity of the timber beam is calculated to decrease in different rates with regard to fire-stage. The shear capacity of the treated beam is calculated to decrease under fire with a time-displacement of 30 & 60 minutes in comparison to the untreated element. The conclusions are that the studied surface treated timber beam and the actual fire treatments fulfill the requirements of the Swedish building code. Have insignificant environmental impact and are in comparison to other solutions cheaper.
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AlDiab, Taisier F. (Taisier Fares). "The Impact of the Ceiling Test Write-off on the Security Returns of Full Cost Oil and Gas Firms." Thesis, University of North Texas, 1992. https://digital.library.unt.edu/ark:/67531/metadc278045/.
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Preimanis, Agris. "The information content of firms' capital investments, price informativeness and the information role of stock prices." Thesis, University of Oxford, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.432200.
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Wong, Lai-kuen. "The effect of mergers and acquisitions announcement on the security prices of bidding firms in Asia." Hong Kong : University of Hong Kong, 1999. http://sunzi.lib.hku.hk/hkuto/record.jsp?B21326587.
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Torabi, Soroosh. "TORQUE RESPONSE OF THIN-FILM FERROMAGNETIC PRISMS IN UNIFORM MAGNETIC FIELDS AT MACRO AND MICRO SCALES." UKnowledge, 2017. http://uknowledge.uky.edu/me_etds/95.
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The non-contact nature of magnetic actuation makes it useful in a variety of microscale applications, from microfluidics and lab-on-a-chip devices to classical MEMS or even microrobotics. Ferromagnetic materials like nickel are particularly attractive, because they can be easily deposited and patterned using traditional lithography-based microscale fabrication methods. However, the response of ferromagnetic materials in a magnetic field can be difficult to predict. When placed in a magnetic field, high magnetization is induced in these ferromagnetic materials, which in turn generates force and/or torque on the ferromagnetic bodies. The magnitude and direction of these forces are highly dependent on the type of material used, the volume and aspect ratio of the ferromagnetic material, as well as the spatial distribution and magnitude of the magnetic field. It is important to understand these complex interactions in order to optimize force and torque generated, particularly given common limitations found in microfabrication, where it is often challenging to deposit large volumes of ferromagnetic material using conventional microdeposition methods, and power availability is also often limited, which in turn limits the ability to generate strong electromagnetic fields for actuation.
This work represents a theoretical analysis and experimental validation in macro scale to determine best practices when designing ferromagnetic actuators for microscale applications. Specifically, the use of nickel thin film prisms actuated in spatially uniform electromagnetic fields. These constraints were chosen because uniform magnetic fields can be readily generated with a simple and inexpensive Helmholtz coil design, and the uniformity makes actuation force independent of location, minimizing the need for spatial precision in devices. Nickel can also be easily deposited using evaporation or sputtering, generally in forms of thin-films.
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Ullah, Saif, and Waqar Ahmad. "Predictability power of firm´s performance measures to stock returns: A compatative study of emerging economy and developed economies stock market behavior." Thesis, Karlstads universitet, Fakulteten för ekonomi, kommunikation och IT, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-7866.
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The stock market returns are the readily available tool for the investor to make investment decision and stock market return are affected by many accounting variables. Dividend policy measures and stock return relationship has been examined from decades but result is still a dilemma. This study is a step forward to solve this dilemma by considering Karachi stock exchange, Pakistan and Nordic stock markets and conducting a comparative study to also provide a knowledge base to readers. Dividend yield ratio, dividend payout ratio and other accounting variables are examined to find their effect on stock return. Pooled least square regression has been used on the data ranging from 2005-2008 and findings are different in different markets. Dividend policy measures (dividend yield ratio and dividend payout ratio) have significant effect on the stock return and in most countries there is significant negative relationship.
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Kuegler, Alice. "Empirical essays on inventors, workers and firms." Thesis, University of Cambridge, 2016. https://www.repository.cam.ac.uk/handle/1810/267840.
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My research seeks to understand the behaviour of workers and firms and how their decisions affect labour market outcomes. My PhD dissertation consists of three separate Chapters that use detailed historical, census and administrative data to gain insights into the mechanisms at play when incentives for production and location decisions change. Chapter 1 asks whether financial incentives can induce inventors to innovate more. I exploit a large reduction in the patent fee in the United Kingdom in 1884 to distinguish between its effect on increased efforts to invent, and a decrease in patent quality due to a lower quality threshold. For this analysis I create a detailed new dataset of 54,000 British inventors with renewal information for each patent. In the longer run high-quality patenting increases by over 100 percent, and the share of new patents due to greater effort accounts for three quarters of the pre-reform share of high-quality patents. To test for the presence of credit constraints I generate two wealth proxies from inventor names and addresses, and find a larger innovation response for inventors with lower wealth. These results indicate efficiency gains from decreasing the cost of inventing and in addition, from relaxing credit constraints. In Chapter 2 we assess the effects of changes in ethnic neighbourhood composition in England and Wales. A change in social housing allocations in the 1990s serves as instrument for changes in the local ethnic composition. For the analysis we create a dataset of highly disaggregated census geographies for 1991-2011. The results imply that an exogenous increase in social housing minority share by 10 percentage points raises the minority share in private housing by 1.2 percentage points initially. This sorting effect is larger for privately rented than for privately owned housing. We further show that an increase in the minority share leads to higher local population growth and a small decrease in house prices in the longer run. Chapter 3 proposes a new approach for analysing responses to comprehensive labour market reforms. Using detailed micro data we evaluate the German Hartz reforms that aimed at reducing unemployment. The timing of the reforms affects the model parameters, which are estimated using matched data on 430,000 workers in 340,000 firms. Contrary to previous findings, our analysis shows that the reforms marginally reduced unemployment at the cost of a pronounced decline in wages. Low-skilled workers suffered the largest wage losses. Furthermore, we decompose the contribution of each reform wave on employment and wages, and document a structural shift in the factors that govern overall wage dispersion.
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Faure, Anouk. "The structural determinants of carbon prices in the EU-ETS." Electronic Thesis or Diss., Paris 10, 2020. http://www.theses.fr/2020PA100110.
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Le marché du carbone européen (SEQE) est la pierre angulaire de la politique climatique européenne. Les prix du carbone produits ont cependant longtemps été jugé trop bas et volatils pour déclencher les investissements nécessaires à une décarbonation durable de l’économie. Les faibles niveaux de prix ont largement été attribués à un déséquilibre de l'offre de permis, dû à des chocs externes au marché. Plusieurs mesures de restriction de l'offre, critiquées dans un premier chapitre, furent ainsi entreprises afin d'en préserver le SEQE. Toutefois, la plupart des analyses prospectives du SEQE reposent sur un modèle archétypal d'échange de permis à polluer, qui ne tient compte ni de la structure interne du marché ni de ses fondamentaux. Cette thèse a ainsi pour but d'identifier les déterminants structurels du prix du carbone sur le SEQE, ainsi que d'en évaluer l'impact sur l'équilibre de marché et la conception de politiques de l'offre. Motivés par l'examen de données microéconomiques de transaction et d'émission, les second et troisième chapitres conduisent l'analyse ex-post des Phases 2 (2008-2012) et 3 (2013-2020) du mécanisme. Ils mettent ainsi en lumière la nature instable de la structure interne du marché. Notamment, les coûts de transaction altèrent la flexibilité spatiale du SEQE, tandis que le progrès technologique déstabilise le plafond d'émission. Ces constats nous amènent ainsi à questionner l’intérêt d’un prix plancher du carbone pour remédier à ces instabilités. Un quatrième chapitre mène donc l'analyse ex-ante du secteur électrique du SEQE en présence de trois mécanismes de support du prix. Nos résultats suggèrent que la capacité de la MSR à rapidement réduire le nombre de permis en circulation ne justifie pas un tel mécanisme à court termeThe European Union Emissions Trading Scheme (EU-ETS) is referred to as the cornerstone of the EU's fight against climate change. However, carbon prices delivered have been judged too low and volatile to durably place the economy on a low-carbon trajectory. Price outcomes were largely attributed to a supply imbalance of permits due to external shocks: supply-side reforms, reviewed in a first chapter, were in turn conducted to shield the EU-ETS from them, with limited success.Yet, most prospective analyses of the EU-ETS rest on archetypal models of emission trading, which disregard the inner market structure and fundamentals. Therefore, this dissertation contributes to better understand price formation in the European carbon market by investigating structural drivers of permit prices, appraising their impact on market outcomes and policy design. Motivated by transaction and compliance data, the second and third chapters provide ex-post analyses of the second (2008-2012) and third (2013-2020) trading periods. We find that the market structure is unstable, with consequences on prices and supply-side policies. Our results question the benefits of a carbon price floor to remedy these instabilities, by helping market actors anchor expectations about future carbon prices. A fourth chapter thus conducts a comparative ex-ante analysis of the EU-ETS power sector under three plausible price floor policies. Our results suggest that no such complementary policies are necessary, because of the MSR's ability to quickly cutback on the number of allowances in circulation
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Ndahiro, James. "Voluntary disclosure concerning research and development and its effect on stock prices : An empirical investigation of UK listed firms." Thesis, University of Manchester, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.516425.
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Lahlou, Mehdi, and Sebastian Sandstedt. "Where There’s Smoke, There’s Fire : An Analysis of the Riksbank’s Interest Setting Policy." Thesis, Stockholms universitet, Nationalekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-143163.
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We analyse the Swedish central bank, the Riksbank’s, interest setting policy in a Taylor rule framework. In particular, we examine whether or not the Riksbank has reacted to fluctuations in asset prices during the period 1995:Q1 to 2016:Q2. This is done by estimating a forward-looking Taylor rule with interest rate smoothing, augmented with stock prices, house prices and the real exchange rate, using IV GMM. In general, we find that the Riksbank’s interest setting policy is well described by a forward-looking Taylor rule with interest rate smoothing and that the use of factors as instruments, derived from a PCA, serves to alleviate the weak-identification problem that tend to plague GMM. Moreover, apart from finding evidence that the Riksbank exhibit a substantial degree of policy rate inertia and has acted so as to stabilize inflation and the real economy, we also find evidence that the Riksbank has been reacting to fluctuations in stock prices, house prices, and the real exchange rate.
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Lobb, Alexandra E. "Two studies of the Australian Wheat Board : a traditional price discrimination model, and the privatisation process and pricing behaviour of a risk averse firm." University of Western Australia. School of Agricultural and Resource Economics, 2003. http://theses.library.uwa.edu.au/adt-WU2004.0071.
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This thesis is motivated by the impacts of contemporary political and economic issues such as microeconomic reform and regulatory control on the Australian wheat industry. Firstly, the suggestion of whether the AWB (International) Ltd commands market power and secondly, that the objectives of the AWB Ltd have changed since semi-privatisation of the Australian Wheat Board under the Wheat Marketing Act, 1989. The AWB (International) Ltd’s ability to price discriminate is a key component to the retention of the single desk regulatory arrangement for the export of Australian wheat. Due to data restrictions the market power of the AWB (International) Ltd has not been determined within this thesis. To complement this traditional approach, a more novel proposal is developed to determine the effect of microeconomic reform on the Australian wheat industry. Conceptualising the change of the AWB Ltd’s objectives as a shift from revenue maximization to profit maximization, this study examines the impact of such a change on the pricing policies of a multi- market price-setting firm. More specifically, this study investigates, for two hypothetical objective functions, a risk averse firm’s price-setting behaviour in an “overseas” and a “domestic” market, given differing costs of supply, uncertain demand functions and differing price elasticities of demand in each market. The aim is to generate empirically testable hypotheses relating to the impact of a change of objectives on pricing behaviour.
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Hansén, Gustaf, and Omar Said Abdi. "Jämställdhet till varje pris? : En kvantitativ studie om finansiell prestation och jämställdhet i de svenska börsbolagens ledningsgrupper." Thesis, Södertörns högskola, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-41019.
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The issue of gender equality is a constant topic where Sweden is known as one of the most equal countries in the world. Nevertheless, the gender distribution in the top management teams (TMT) of the Swedish listed firms is generally skewed. There are no clear differences in ability between the two genders that reflect this fact. The skewed gender distribution might be a problem since TMT have an impact on firm financial performance. The study investigated the relationship between the proportion of women in the TMT and firm financial performance. In addition, the gender distribution in the TMT and the firm financial performance were examined. As a complement to the study's main research issues, we studied the risk level of firms since it is associated with financial performance. The purpose was to examine if there are any financial incentives with an increased proportion of women in top management. The theoretical perspectives on which the study was based were ‘Agency Theory’, ‘Upper Echelon Theory’ and ‘Resource Dependency Theory’. The relationships were explored quantitatively using multiple regression analysis. The regressions manifested contradictory results where the significant results showed a negative relationship between the proportion of women and ROE. The results also showed that gender diverse TMT had the lowest financial performance in terms of ROE whilst they had the highest performance when tested against Tobin's Q. Furthermore, a significant negative relationship between the proportion of female managers and the firm beta value was identified. Lastly, it was concluded that the proportion of women in TMT, as well as gender diverse TMT, do not have a unanimous relationship with firm financial performance. However, the proportion of women in TMT have a significant negative relationship with the companies' risk level.Jämställdhetsfrågan är ett ständigt aktuellt ämne där Sverige klassificeras som ett av de mest jämställda länderna i världen. Ändock är könsfördelningen i de svenska börsbolagens ledningsgrupper generellt sett skev. Det råder inga tydliga skillnader i förmågan mellan de båda könen som speglar detta faktum. Den skeva könsfördelningen kan vara ett problem då ledningsgrupper har en påverkan på företagens finansiella prestationer. Studien undersökte dels vilka samband som finns mellan andelen kvinnor i ledningsgrupperna och företagens finansiella prestationer samt sambandet mellan könsfördelningen i ledningsgrupperna och de finansiella prestationerna. Som komplement till studiens huvudsakliga forskningsfrågor studerades företagens risknivå som förknippas med finansiella prestationer. Syftet var att undersöka om det finns ekonomiska incitament med en ökad andel kvinnor i de svenska börsbolagens ledningsgrupper. De teoretiska perspektiv som låg till grund för studien var ‘Agency Theory’, ‘Upper Echelon Theory’ samt ‘Resource Dependency Theory’. Sambanden utforskades kvantitativt med hjälp av regressionsanalyser. Regressionsanalyserna visade på motstridiga resultat där de signifikanta resultaten påvisade negativa samband mellan andelen kvinnor och ROE. Resultaten visade även att jämställda ledningsgrupper presterade sämst när finansiell prestation definierades som ROE. Däremot presterade jämställda ledningsgrupper bäst när de testades mot Tobin’s Q. Vidare identifierades ett signifikant negativt samband mellan andelen kvinnliga chefer och företagens betavärde. Från resultaten drogs slutsatserna att andelen kvinnor i ledningsgrupperna samt jämställda ledningsgrupper inte har ett enhälligt signifikant samband med företagens finansiella prestationer. Däremot har andelen kvinnor i ledningen ett negativt samband med företagens risknivå.
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Ananias, Camila Roberta. "Uma reflexão sobre a precificação dos honorários contábeis, mudanças e tendências do mercado." Pontifícia Universidade Católica de São Paulo, 2018. https://tede2.pucsp.br/handle/handle/20881.
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The present study looked for how to know the impact of the Brazilian economic recessive situation, as this has influenced the pricing policy of accounting remunerations. The future of accounting in Brazil has been bringing changes regarding the virtual accounting firms that provide the service in an on-line and digital way, acting technologically with the client. The general objective was to reflect on the ways in which the market prices are priced and the technological world reality in accounting firms. The research approach was qualitative and descriptive, whose objective was to analyze the pricing characteristics used by accounting firms, the use of the questionnaire was employed. The study concluded that the accounting entrepreneur should measure in each remuneration, the hours provided, the costs involved, the margin of costs, the taxation for the definition of the price and the limit of the discount, if any. The study showed that there are accounting offices that do not have pricing criteria for their remunerations. The work has helped to alert managers of accounting firms to rethink pricing
O presente estudo procurou conhecer o impacto da situação econômica recessiva brasileira e como ela tem influenciado a política de preços dos honorários contábeis. O futuro da contabilidade no Brasil vem trazendo mudanças para as empresas contábeis virtuais que prestam serviço de modo on-line e digital, atuando tecnologicamente com o cliente. O objetivo geral foi refletir sobre formas e tendências da precificação no mercado quanto aos custos e sobre a realidade mundial tecnológica existente nas empresas de contabilidade. A abordagem da pesquisa foi qualitativa e descritiva. Para analisar as características de precificação utilizadas por empresas contábeis foi empregado o uso de questionário. A conclusão deste estudo é que o empresário contábil deve mensurar, em cada honorário, as horas prestadas, os custos envolvidos, a margem, a tributação para a definição do preço e o limite do desconto, se houver. Demonstrou que ainda existem escritórios de contabilidade que não têm critério de precificação dos seus honorários. O trabalho contribuiu para alertar gestores de empresas contábeis sobre a necessidade de repensar formas de precificação
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Ray, Simon. "The real-estate component in the production process of non-financial firms : investment, employment and mobility." Thesis, Aix-Marseille, 2016. http://www.theses.fr/2016AIXM2018.
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Cette thèse étudie différents mécanismes par lesquels l'immobilier des entreprises influe sur l'investissement, l'emploi et la mobilité des Sociétés Non-Financières (SNFs). L'actif immobilier représente une part très importante de la valeur de l'actif des entreprises et les locaux constituent souvent un des principaux postes de dépenses des SNFs. Les prix de l'immobilier ont un effet sur la valeur de l'actif que les entreprises peuvent déposer en garantie et sur le coût des facteurs de production. Dans le cadre d'un marché du crédit frictionnel, la capacité d'emprunt des entreprises peut être accrue par une hausse de la valeur de marché des actifs. Les deux premiers chapitres de cette thèse étudient cet effet de collatéral et ses conséquences sur l'investissement et l'emploi. Le premier chapitre présente une modélisation dynamique qui met l'accent sur le comportement des variables relatives au marché du travail. Le second chapitre explore les effets hétérogènes entre entreprises en analysant des données microéconomiques. Le dernier chapitre porte sur les conséquences des spécificités des coûts d'ajustement de l'immobilier. En étudiant le comportement de mobilité d'entreprises qui sont soumises à des coûts de déménagement différenciés, nous mettons en évidence un effet notable des coûts associés au changement de la taille des locaux sur la dynamique de l'emploiThis thesis studies channels through which corporate real-estate affects investment, employment and mobility of Non-Financial Corporations (NFCs). Real-estate assets account for a sizable share of firms' asset value and premises are often one of the main expenditure items of NFCs. Real-estate prices hence have a bearing on the value of firms' pledgeable assets and on the cost of inputs. In a frictional credit market, the firms' borrowing capacity can be enhanced by an increase in asset's value. The first two chapters of this thesis study this collateral channel and its effects on investment and employment. The first chapter proposes a dynamic setting with a focus on labor market variables whereas the second explores heterogeneous effects across firms, based on micro-data. The last chapter examines the consequences of the peculiarities of real-estate adjustment costs. Studying the relocation behaviour of firms facing varying moving costs, we document important effects of the costs associated with a change in the size of the premises on the employment dynamics
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Peterson, Caroline. "Man ville vara modern : En analys av modernistiska strömningar i svenska stumfilmsaffischer." Thesis, Linköpings universitet, Institutionen för kultur och kommunikation, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-70295.
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Purpose of this essay is to conduct a style analysis of Swedish silent film posters with visual storytelling and cultural memory as a theoretical basis. Concepts such as design, color and technique are studied to highlight the historical context of Swedish silent film posters.
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Hebding, Vanessa. "Interroger le réel : étude du «Chat dans le sac» de Gilles Groulx et de ses intertextes essayistiques." Master's thesis, Université Laval, 2015. http://hdl.handle.net/20.500.11794/25953.
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L’anecdote du Chat dans le sac de Gilles Groulx (1964), une relation amoureuse conflictuelle entre deux jeunes adultes, Claude, un Canadien français, et Barbara, une Juive anglophone, est un prétexte à une « chronique de la vie quotidienne ». Les éléments d’actualité abondent dans le film, relayés à la fois par les médias (journaux, télévision, radio, etc.) et les personnages. Notre étude considère la médiation qui existe entre le film et les mouvements d’idées véhiculés dans la revue de gauche Parti pris ainsi que dans des ouvrages qui traitent de la décolonisation et de la censure. L’analyse des références essayistiques brandies par le protagoniste masculin, composées de récits révolutionnaires empruntant notamment au mouvement de la décolonisation, permet d’éclairer la quête d’affirmation identitaire menée par Claude. Cette dernière est mise en parallèle avec des textes de Parti pris, qui questionnent l’identité québécoise en devenir.
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Oliveira, Marcelo Rodrigues de. "Determinantes do bid-ask spread e efeitos dia-da-semana e fim-de-m??s na BOVESPA: um estudo emp??rico no per??odo de mar??o a dezembro de 2012." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2015. http://132.0.0.61:8080/tede/handle/tede/401.
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Previous issue date: 2015-08-25Bid-ask spread is a key measure to evaluate the dynamics of stock prices. The literature show us that the main determinants of bid-ask spread are market capitalization, price level, price volatility and traded volume. Theories for bid-ask spread, discussed by Market Microstructure, define three reasons for their existence: (i) order processing costs; (ii) inventory control and (iii) information asymmetry. The information asymmetry, that is a key concept for the efficient market hypothesis, establishes the link between bid-ask spread and those factors that influence prices in a way not related to risk, which should be discussed by behavioral finance s perspective. The behavioral finance s literature searches for answers of questions in which stock prices does not reflect their values in a rational way. These situations are called market anomalies. Among the main anomalies, there are calendar anomalies, where it is possible to observe price behaviour related to moments of time, consistently. The objective of this study is to make a empirical and quantitative evaluation of the Day-of-Week Effect (DoW) on bid-ask spread of BOVESPA s stock prices. The work of Narayan, Mishra and Narayan (2014), about the relation between bid-ask spread determinants and Day-of-Week Effects, using NYSE stock data, found evidence of those effects, at first. Secondly, they found that bid-ask spread, stock price, traded volume and price volatility, in panel data setting are cointegrated and prices, volume and volatility have different effects in the bid-ask spread for each trading day. In this study, using BOVESPA data of 2012, from march to december, calendar anomalies are not confirmed in bid-ask spread. However, when we analized diary returns of stock prices, it was observed that Day-Of-Week and End-Of-Month effects were significant at 1% and Day-Of-Week effect is augmented in the period of end of month
O bid-ask spread ?? uma medida importante para a avalia????o da din??mica de pre??os de a????es. A literatura mostra que os seus principais determinantes s??o a capitaliza????o de mercado da empresa, o n??vel de pre??o da a????o, a volatilidade do pre??o da a????o e o volume negociado. As teorias para o bid-ask spread, tratadas pela Microestrutura de Mercado, definem tr??s raz??es para sua exist??ncia que s??o: (i) os custos de processamento das ordens; (ii) controle de invent??rio e (iii) assimetria informacional. A assimetria informacional, que ?? um conceito central na discuss??o sobre a efici??ncia dos mercados, estabelece a liga????o entre o bid-ask spread e os fatores que influenciam os pre??os de maneira n??o relacionada a riscos, os quais devem ser abordados sob o enfoque das finan??as comportamentais. A literatura de finan??as comportamentais aborda uma variedade de situa????es em que os pre??os de a????es n??o refletem de maneira racional o seu valor. Estas situa????es s??o chamadas de anomalias de mercado. Entre as principais anomalias, temos as anomalias de calend??rio, em que observamos o comportamento dos pre??os relacionado a um momento no tempo, de forma consistente. O objetivo deste estudo ?? avaliar, de maneira emp??rica e quantitativa, se existe o efeito dia-da-semana no bid-ask spread na Bovespa. O estudo de Narayan, Mishra e Narayan, de 2014, sobre a rela????o entre os determinantes do bid-ask spread e o efeito dia-da-semana para a bolsa de NY comprovou a exist??ncia do efeito dia-da-semana no bid-ask spread. Tamb??m teve como achados que o bid-ask spread, o pre??o da a????o, volume negociado e a volatilidade do pre??o da a????o, tomados em painel, s??o cointegrados e que o pre??o, o volume e a volatilidade tem efeitos diferentes no bid-ask spread nos diferentes dias de negocia????es. Neste estudo, com dados da bolsa de valores de S??o Paulo de Mar??o a Dezembro de 2012, n??o foram comprovadas as anomalias de calend??rio no bid-ask spread, por??m nos testes com retornos di??rios, observou-se que os efeitos dia-da-semana e fim-de-m??s s??o significantes a 1% e que o efeito dia-da-semana ?? mais pronunciado quando ocorre nos dias de fim do m??s
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Monastyrenko, Evgenii. "Essays in international trade and energy." Thesis, Paris 1, 2018. http://www.theses.fr/2018PA01E018/document.
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Dans le chapitre 1, j’examine les résultats des fusions entre producteurs européens d’énergie en termes d’efficacité. Je calcule l’éco-efficacité en utilisant l’analyse de l’enveloppement des données et l’indice de productivité Malmquist-Luenberger. Je trouve que les fusions horizontales nationales, qui sont soigneusement réglementées, n’ont pas d’impact. Les fusions horizontales transfrontalières nuisent à l’éco-efficacité à court terme mais la stimulent deux ans après l’achèvement. Les fusions verticales nuisent à l’éco-efficacité. Je présente des suggestions de politiques concernant la réglementation des fusions. Le chapitre 2 est un travail conjoint avec Julian Hinz. Nous enquêtons sur les effets de l’embargo russe auto-imposé sur les importations de produits alimentaires en provenance des pays occidentaux. Nous construisons un modèle ricardien avec des liens sectoriels, des échanges de biens intermédiaires et une hétérogénéité sectorielle dans la production. L’étalonnage du modèle avec des données réelles permet de simuler les résultats de l’embargo en termes de changements de bien-être et de prix. Nous quantifions en outre l’impact sur les prix à la consommation en Russie à l’aide de la méthode des doubles différences. Le chapitre 3 est basé sur un article co-écrit avec Cristina Herghelegiu. Nous enquêtons sur l’utilisation des conditions commerciales internationales (Incoterms). Ce sont les schémas prédéfinis de la répartition des coûts et des risques entre les acheteurs et les vendeurs. Nous nous appuyons sur un ensemble de données très détaillées sur les exportations russes durant la période 2012-2015. Nous constatons que les grandes entreprises sont plus susceptibles d’assumer des responsabilités. Les gros acheteurs assument plus de responsabilités, quelle que soit la taille du vendeur, alors que les gros vendeurs le font uniquement lorsque leur partenaire est petit. C’est plus probable que les risques et les coûts sont sur les acheteurs dans les transactions de biens intermédiaires et de biens d’équipementIn Chapter 1 I investigate firm-level efficiency outcomes of mergers between the European energy producers. I compute eco-efficiency using data envelopment analysis and the Malmquist-Luenberger productivity index. I find that carefully regulated domestic horizontal mergers do not have a statistically significant impact. Cross-border horizontal mergers hamper eco-efficiency in the short run but stimulate it two years after completion. Vertical mergers are detrimental to eco-efficiency. I put forward policy suggestions regarding the regulation of mergers. Chapter 2 is joint work with Julian Hinz. We investigate the effects of self-imposed Russian embargo on food import from Western countries. We build a Ricardian model with sectoral linkages, trade in intermediate goods and sectoral heterogeneity in production. The calibration of the model with real data allows to simulate the outcomes of embargo in terms of changes in welfare and prices. We further quantify the impact on consumer prices in Russia with the difference-in-differences estimator. Chapter 3 is based on a paper co-written with Cristina Herghelegiu. We investigate the use of International Commercial Terms. They are pre-defined schemes of repartition of costs and risks between buyers and sellers, which serve to mitigate the uncertainty. We rely on a highly detailed dataset on Russian exports over the 2012-2015 period. We find that big firms are more likely to take on responsibilities. Big buyers bear more responsibilities regardless of the seller size, whereas big sellers do so only when their partner is small. Risks and costs are more likely on buyers in transactions of intermediate and capital goods
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Ekman, Emelie, and Frida Bergkvist. "Fastighetsbolagens kapplöpning till börsen : En kvantitativ studie över makroekonomiska faktorers påverkan på antalet börsintroduktioner." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-29438.
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Syfte: Studien syftar till att visa hur och varför volymen börsnoteringar av fastighetsbolag varierat över tid och hur denna volym har påverkats av det ekonomiska klimatet. Metod: Studien baseras på en kvantitativ metod. Multipel regressionsanalys tillämpas där makroekonomiska faktorers förklaringsvärde för volymen börsintroduktioner av fastighetsbolag undersöks. Teoretisk referensram: Det teoretiska ramverk som används i denna studie har sin primära utgångspunkt i tidigare forskning gjorda på börsnoteringar. Vidare har The Fisher Di Pasquale Wheaton model använts för att få en djupare förståelse för fastighetsbranschens mekanismer. Kopplingen till aktiemarknaden har sitt ursprung i Den effektiva marknadshypotesen tillsammans med The capital demand hypothesis. Resultat: Denna studie finner ett negativt samband mellan antalet introduktioner av fastighetsbolag samt det aktuella ränte- och konjunkturläget. Aktieprisutvecklingen bland fastighetsbolag och volatilitet på fastighetsaktiemarknaden har båda ett positivt samband med antalet introduktioner av fastighetsbolag. Denna studie finner inget samband mellan antalet introduktioner av fastighetsbolag och inflationsnivå.Objective: This thesis aims to gain a deeper understanding of IPO activity by real estate firms, and why its volume varies over time. The objective is also to obtain the impacts of macroeconomic factors on the volumes of initial public offerings. Method: This study uses a quantitative method were macroeconomic factors will be used as predictors in a multiple regression analysis. Further, IPO volumes of real estate firms will be considered as the constant. Theorethical references: The basic theories that are used in this thesis are Efficient Market Hypothesis, the FDW-model, and The Capital Demand Hypothesis. Previous thesis that covers IPOs are considered as the fundmental basis of this study. Results: The results shows a negative correlation between the IPO volumes of real estate firms, and the interest rate, as well as the economic cycle. Hence, this study finds a positive correlation between stock prices and the volatility at the stock market. The results don’t find any significant correlation between IPO volumes and the inflation rate.
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Huang, Tzu-Ting, and 黃子庭. "An Analysis of Holiday Effects on the Casino Firm Stock Prices in Macau." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/18696721493797358758.
Full textAbstract:
碩士國立交通大學
經營管理研究所
103
The holiday effects in stock market have been widely studied in previous literature. However, the reason of holiday effect has not yet received common explanation among scholars. The paper examines excess returns and volatilities of six companies (Galaxy Entertainment, Melco International Development Ltd., SJM Holdings Ltd., Wynn Macau Ltd., Sands China Ltd. and MGM China Holdings Ltd.) in gaming industry in Macau from January 2008 to December 2013 by GARCH model. First, empirical results show that during pre- and post-holiday, Galaxy Entertainment does not have any pre- or post-holiday effect, Wynn Macau Ltd. and MGM China Holdings Ltd. only have pre-holiday effect, Sands China Ltd. has post-holiday effect, and Melco International Development Ltd. and SJM Holdings Ltd. have both pre- and post-holiday effect. Next, we separate the holiday to identify which holiday have more influence and find that each company has different holiday’s holiday effect. Finally, because the stock in Macau is listed on Hong Kong exchange, we explore which region has more influence and find that Macau has more impact than Hong Kong on stocks prices of companies based in Macau. This research suggests a new investing strategy for investors in Taiwan who want to invest the gaming industry in Macau.
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Ben, Sliman Malek Abderazak. "Essays on Network Analysis with Applications to Seeding and Art Valuation." Thesis, 2021. https://doi.org/10.7916/d8-b0xb-z755.
Full textAbstract:
The rise and growth of online social networks have spurred tremendous changes in our understanding of human behavior. Social scientists and companies have devised new tools to analyze the vast amounts of data obtained from these networks. Such advances have had two major consequences. First, it has allowed firms to significantly improve their segmentation and targeting strategies. Second, it also modified how problems are conceptualized. For example, books, academic papers, or webpages are now being studied under methods developed for social network analysis.
This dissertation contributes to both applications. Essays 1 and 2 describe efficient targeting strategies in situations where access to information or computing power is costly. Although existing “seeding” methods have been quite successful in social networks, they often do not account for firms' limited computing power or assume that firms are omniscient. Essay 3 focuses on the art industry by conceptualizing paintings as items connected to each other in a network through their visual similarities. Indeed, we still do not perfectly understand what makes art financially valuable and even major auction houses are at awe when paintings are sold at prices multiple times higher than what they expected. In particular, we aim to quantify how an art piece's visual features and historical importance may impact prices and assess how auction houses and their marketing efforts may modify how art is evaluated and valued.
This dissertation has three essays. In the first essay, we analyze how the friendship paradox, which states that your friends have more friends than you, may be generalized to situations where relationships are asymmetric. Indeed, the result assumes symmetric relations: if two people are friends, then each is the other's friend. For social networks that satisfy this assumption (e.g., Facebook), the friendship paradox implies that firms can potentially achieve faster and more widespread diffusion of information by seeding it with the friends of a group of people than with people in the group itself. We generalize the result to allow one-sided (leader/follower) relations and examine the implications for seeding in social networks where messages can be sent only by a leader to his/her followers. We obtain necessary and sufficient conditions under which the highest number of followers is obtained by seeding with (1) leaders, (2) followers, and (3) individuals chosen by ignoring the distinction between leaders and followers. We examine the seeding implications of the results for a subset of Twitter users.
The second essay furthers our understanding of the friendship paradox and relates it to beta centrality and eigenvector centrality. We generalize the results to asymmetric relations, define two beta centrality measures and relate them to the singular vectors of the associated directed graph. Our first generalization shows that the expected number of k removed friends is no smaller than the expected number of k-1 removed friends when k is an even number. Such a relation does not necessarily exist when k is an odd number. As k increases to infinity, the limiting value of the expected number of k removed friends converges to the largest eigenvalue of the associated undirected graph. We interpret beta centrality to be a weighted sum of an infinite series of the numbers of k removed friends. It approaches eigenvector centrality when the weighting parameter becomes arbitrarily close to the inverse of the limiting value of the expected number of k removed friends. We further generalize these results to asymmetric relations (say, between followers and leaders) that can be represented by directed graphs. We show that the last person in a randomly selected alternating sequence of 2k+1 leaders and followers (followers and leaders) has no fewer followers (leaders) than the last person in a randomly selected alternating sequence of 2k followers and leaders (leaders and followers). As k increases to infinity, the expected number of leaders of the last person in a randomly selected sequence of 2k alternating leaders and followers converges to a value proportional to the largest singular value of the associated directed graph. Similarly, the expected number of followers of the last person in a randomly selected sequence of 2k alternating followers and leaders converges to a (different) value proportional to the largest singular value of the associated directed graph. We show that there is a reciprocal relation between the limiting expected values of leaders and followers. We generalize beta centrality to asymmetric relations and relate the limiting values of beta centrality scores for followers and leaders to the singular vectors of the associated directed graph.
The third essay focuses on the art market. Auction houses hold auctions regularly throughout the year. However, once or twice a year, art investors and wealthy consumers attend highly selective marquee events: day and evening sales. Those carefully designed and highly marketed events often generate a lot of excitement for connoisseurs as most paintings get sold for tremendous amounts of money. But what makes those paintings special? We investigate how art is evaluated across those three types of auctions. Specifically, we build a deep learning model to summarize the paintings into a low dimensional representation space where each factor encodes a specific feature of the paintings’ aesthetics and further utilize those components to create “network” variables that will determine how influential and creative a painting is. We use those predictors in hedonic regression models to study how art returns differs across the three types of sales and subsequently analyze whether the paintings are evaluated differently. In particular, we find that paintings sold in evening sales generated an annualized return of 14.33% in the period 1999-2018 - more than three times the returns of paintings sold in regular or day auctions. Finally, we adopt a propensity score matching approach to create a homogeneous population of paintings - based on their likelihood to be auctioned in an evening sale - to assess the causal impact of being featured in an evening sale and find that such highlight increases a painting's price by almost $6 million.
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Lee, Wan-ching, and 李婉菁. "A Correlation Analysis of Firms’ Value at Risk with Foreign DirectInvestment－ Evidence from Stock Prices of Taiwanese Firms." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/96671342052883431195.
Full textAbstract:
碩士國立雲林科技大學
財務金融系碩士班
100
From the case of subprime mortgage in 2007 and Lehman Brothers bankruptcy in 2008, it shows the importance of VaR(Value-at-Risk) management in the development of globalization. Ma Ying-Jeou not only promoted economic exchanges between Taiwan and China actively but also signed ECFA, since he took office as Taiwanese President. The close relationship between Taiwan and China had established. According to Investment Commission, the ratio of foreign direct investment in China is the largest. Therefore this study analyzes the VaR relationships among Chinese market (Shanghai Synthesis Index), Taiwanese market, and the stock prices of Taiwanese firms. Data is collected from the public offering firms that had invested in China , and period starts from January 1th 2000 to March 31th 2012. Evaluate the VaR by historical simulation method, Monte Carlo simulation method, and ARMA-GARCH. The relationships of VaR are also determined. Last confirm the VaR relationships by coefficients of the regression model. Empirical results show the similarity of risk volatility with cross-Strait, but there are not really inconsistent that can be attributed to the different economic system and government decision-making. The VaR fluctuations show that Taiwanese firms have close relationships with China, but Taiwanese market is mainly based on fluctuations including computer and electronics industry. Finally, the regression model also confirms that Taiwanese market can more affect more the risk of individual stocks than Chinese market, but there are counter-examples such as Tai-Roun, Fwu-Sow, and Jing-Yuan.
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Yanzhi, Wang. "Do firms use share repurchases as a way to manipulate stock prices?" 2005. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-0905200510285400.
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Wang, Yanzhi, and 王衍智. "Do firms use share repurchases as a way to manipulate stock prices?" Thesis, 2005. http://ndltd.ncl.edu.tw/handle/82666780621345757965.
Full textAbstract:
博士國立臺灣大學
財務金融學研究所
93
This paper investigates the motivation of open market share repurchases. A new aspect of the stock price manipulation is provided to shed lights on the source of open market share repurchases. We suggest repurchases with frequent high discretionary accruals being motivated by the stock price manipulation. Repurchase firms with high discretionary accruals tend to announce repurchases to boost up the stock prices. However, it mainly argues that repurchase firms with high discretionary accruals earn insignificant returns in the long run, which is against the undervaluation hypothesis. Other examinations such as operating performance, earnings surprise, analysts forecast and other results suggest that repurchase firms with high discretionary accruals are not motivated by traditional hypotheses. Therefore, these firms are likely to announce repurchases to boost up the stock price rather than other positive reasons.
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JEN-FU, TSAO, and 曹仁福. "The Impact of Firm Risk on Property-Liability Insurance Prices Before and After Price Deregulation in 1995." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/03690311963856486852.
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"The value of corporate control: evidence from control transaction cases in Chinese firms." 2007. http://library.cuhk.edu.hk/record=b5893312.
Full textAbstract:
Choi, Chi Kit.Thesis (M.Phil.)--Chinese University of Hong Kong, 2007.
Includes bibliographical references (leaves 50-51).
Abstracts in English and Chinese.
Chapter 1. --- Introduction --- p.1
Chapter 2. --- Literature Review --- p.5
Chapter 3. --- Research Hypothesis
Chapter 3.1 --- Institutional Setting --- p.10
Chapter 3.2 --- Existence and magnitude of the value of corporate control --- p.11
Chapter 3.3 --- Determinants of the value of corporate control --- p.13
Chapter 4. --- Methodology
Chapter 4.1 --- Testing the existence of value of corporate control --- p.16
Chapter 4.2 --- Typical eamples --- p.17
Chapter 4.3 --- Testing the determinants of value of corporate control --- p.20
Chapter 4.3.1 --- Controlling Power --- p.20
Chapter 4.3.2 --- Regional Governance --- p.22
Chapter 4.3.3 --- Corporate Governance --- p.24
Chapter 4.3.4 --- Firm Performance --- p.26
Chapter 4.3.5 --- Control variables --- p.26
Chapter 5. --- Data
Chapter 5.1 --- Existence of value of corporate control --- p.28
Chapter 5.2 --- Determinants of value of corporate control
Chapter 5.2.1 --- Controlling Power --- p.30
Chapter 5.2.2 --- Regional Governance --- p.31
Chapter 5.2.3 --- Corporate Governance --- p.32
Chapter 5.2.4 --- Firm Performance --- p.33
Chapter 5.2.5 --- Control variables --- p.34
Chapter 6. --- Empirical Results
Chapter 6.1 --- Existence of value of corporate control --- p.36
Chapter 6.2 --- Robustness tests --- p.36
Chapter 6.3 --- Determinants of value of corporate control --- p.38
Chapter 6.3.1 --- Controlling Power --- p.38
Chapter 6.3.2 --- Regional Governance --- p.39
Chapter 6.3.3 --- Corporate Governance --- p.40
Chapter 6.3.4 --- Firm Performance --- p.41
Chapter 6.3.5 --- Multivariate regression analysis --- p.43
Chapter 7. --- Summary and Conclusion --- p.47
Chapter 8. --- References --- p.50
Chapter 9. --- Appendix --- p.52
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Lee, Ying-Hao, and 李英豪. "How Financial Research Firms’ Reports Affect Stock Prices: Evidence from the Dow 30." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/2dehsy.
Full textAbstract:
碩士佛光大學
應用經濟學系
103
According to the Efficient-Market hypothesis (EMH), if the market is to have efficiency, the investor or professional fund managers cannot predict the future trends of a stock. However, in many financial news media, business newspapers and Business Week, we can find securities managers or analysts in the financial markets boldly predicting the future direction of a stock. This information attracts many investors who enter into investments, hoping to gain more profit. However, investors have neglected the importance of published information at a point in time, and in hindsight, it was hard to verify whether or not this news is true. The present study is to investigate that the mechanism of investment research reports can bring abnormal returns for investors, and confirm the existence of market efficiency. The studies suggested actions of directing public information through research institutions news site Yahoo Finance and collected 30 constituent stocks of the Dow Jones Industrial, to analyze the use of the event study method. The empirical results show when the event occurred, whether it was a buy or sell recommendation, the average abnormal return rate（AAR）has a phenomenal rate of return difference from zero, confirming that the proposed research institutions operating direction did attract the market's attention, resulting in abnormal fluctuations of the stock price. The cumulative average abnormal return rate（CAAR） is a show about four weeks after the incident that recommends buying the event will be quite profitable. In addition, this study discussed separately the performance of different research institutions, however, it found no significant differences between various research institutions.
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Liang, Wei-Mao, and 梁偉貿. "The Impact of Ting-Hsin Provisions on Stock Prices of Listed Chemical Firms." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/z5z9ez.
Full textAbstract:
碩士國立彰化師範大學
會計學系 企業高階管理(EMBA)
105
This study focuses on whether the event of ASE Group related to discharge of waste water and the event related to the legislation of Ting Hsin provisions have information content in Taiwanese stock market. This study uses daily stock returns of Taiwanese listed companies in the chemical industry, and employs the event study to explore investors’ reactions to the discharge of waste water reported and Ting Hsin provisions legislated. The empirical results show that: (1) the companies in the chemical industry have significantly negative abnormal returns after the discharge waste water of ASE Group is reported, implying investors predict that the short-term performation of the chemical industry will be bad because of this serious environmental pollution, and the market reaction seems to underreact, (2) the companies in the chemical industry don’t have significantly negative abnormal returns to the event that Ting Hsin provisions are first reading legally, implying there is no information content for this event, and (3) the companies in the chemical industry have significantly negative abnormal returns before and after Ting Hsin provisions are legislated, implying the market responds in advance and underreacts. Briefly, this study finds that the stock prices in the chemical industry have information content to the serious environmental pollution and severe povisions. Keywords: Ting Hsin Provision, Environmental Pollution, Event study, Abnormal Return
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Chen, Ming-Che, and 陳明哲. "The Study of The Effects of China Investment Announcements on Firms’ Stock Prices." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/62488336636392131645.
Full textAbstract:
碩士國立中興大學
高階經理人碩士在職專班
95
This study try to verify whether there is announcement effect after publicly traded companies announce to invest in China. The data used in this study is taken from Market Observation Post System and TEJ database. Our sample includes 219 companies in the period 2002-2006. We use the market model to calculate the abnormal return and cumulative abnormal return; we employ the「 Standardized Cross-sectional Test」 test in our empirical research. To distinguish the announcement effect from different industry, we separate all samples into 12 industries classifications. Furthermore, we also want to verify the influence of investing in China for China-concept firms. In addition, we also try to identify whether the amount of investment affects the announcement effect. We reach the following conclusions: 1. For the publicly traded companies in Taiwan, there is positive but insignificant abnormal return on the announcement day. 2. After classifying all samples into 12 industries, there is no significant announcement effect. However, the stock market has different response to investing in China for companies in different industries. 3. The abnormal return on the announcement is positive but insignificant for China-concept firms. 4. There is no different in announcement effect for different investment amount. No matter how high is the amount, we reach the same conclusion that there is positive but insignificant abnormal return on the announcement day.
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Naicker, Shreelin. "Evaluation of the performance of a pairs trading strategy of JSE listed firms." Thesis, 2016. http://hdl.handle.net/10539/21506.
Full textAbstract:
A research report submitted to the Faculty of Commerce, Law and
Management, University of the Witwatersrand, in partial fulfilment of the
requirements for the degree of Master of Finance and investment.
Johannesburg, 2015A pairs trading strategy is a market neutral trading strategy that tries to make a profit by making use of inefficiencies in financial markets. In the equity pairs trading context, a market neutral strategy, is a strategy that hedges against both market and sector risk. According to the efficient market theory in its weak form, a pairs trading strategy should not produce positive returns since the actual stock price is reflected in its past trading data. The main objective of this paper is to examine the performance and risk of an equity pairs trading strategy in an emerging market context using daily, weekly and monthly prices on the Johannesburg Securities Exchange over the period 1994 to 2014. A bootstrap method is used determine whether returns from the strategy can be attributed to skill rather than luck.
MT2016
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"The Relationship between PE ratios & firm sizes and abnormal returns of Hong Kong stocks, 1990-1991." Chinese University of Hong Kong, 1992. http://library.cuhk.edu.hk/record=b5887163.
Full textAbstract:
by Chu Yee-Mon & Ku Wan-Shim.Thesis (M.B.A.)--Chinese University of Hong Kong, 1992.
Includes bibliographical references (leaves 40-41).
ABSTRACT --- p.ii
TABLE OF CONTENTS --- p.iii
LIST OF TABLES --- p.v
Chapter I. --- INTRODUCTION --- p.1
Chapter II. --- BACKGROUND AND LITERATURE SEARCH
Price earnings ratio anomaly --- p.3
Over-reaction to earnings effect --- p.4
January effect --- p.5
Firm size effect --- p.6
Chapter III. --- STATEMENT OF OBJECTIVES --- p.8
Chapter IV. --- RESEARCH HYPOTHESES --- p.9
Chapter V. --- METHODOLOGY
Research design --- p.10
Data collection method --- p.13
"Sampling (method, size, frame)" --- p.13
Data collection process --- p.15
Additional sample screening --- p.15
Chapter VI. --- ANALYSIS AND INTERPRETATION
Sample size --- p.16
Monthly returns & adjustment for capitalization changes --- p.16
The market model linear regression analysis --- p.17
Additional screening for data --- p.19
Comparison of betas with published results --- p.21
Monthly abnormal returns --- p.23
PE ratios and quartiles --- p.23
PE quartiles and firm sizes --- p.24
PE ratios and abnormal returns --- p.26
PE ratios and returns --- p.31
"PE ratios, firm sizes and abnormal returns" --- p.33
Chapter VII. --- LIMITATIONS
Limitation of methodology --- p.37
The applicability of the market model --- p.38
Chapter VIII. --- SUMMARY OF FINDINGS --- p.39
BIBLIOGRAPHY --- p.40
APPENDICES
Chapter A --- Market Model Regression Analysis and Abnormal Returns of individual stocks
Chapter B --- Monthly Abnormal (Market-Model Adjusted) Returns for 1990: Portfolio ranked on the magnitude of the firm's Actual Price on Dec 18 1989/1988 Earning (PE) Ratio Monthly Abnormal (Market-Model Adjusted) Returns for 1991: Portfolio ranked on the magnitude of the firm's Actual Price on Dec 18 1990/1989 Earning (PE) Ratio
Chapter C --- Average Monthly Abnormal (Market-Model Adjusted) Returns for 1990 and 1991: Portfolio ranked on the magnitude of the firm's Actual Price/Last Year Earnings (PE) Ratio
Chapter D --- Average Monthly Returns for 1990 and 1991: Portfolio ranked on the magnitude of the firm's Actual Price/Last Year Earnings (PE) Ratio
Chapter E --- Average Monthly Abnormal (Market-Model Adjusted) Returns for 1990 and 1991: Portfolio ranked on the magnitude of the firm's Actual Price/Last Year Earnings (PE) Ratio and then Firm Size