Dissertationen zum Thema „Shares of gold“

Mestrado em Finanças
Num período em que uma estratégia de investimento cuidadosa e diligente é cada vez mais necessária, o hedging é uma poderosa ferramenta que pode ser usada pelos investidores com o propósito de reduzir os riscos associados aos investimentos no mercado de ações. Este projecto tem como objectivo estudar a correlação entre os retornos do ouro e os retornos das ações, com o intuito de descobrir se o ouro pode ser considerado um hedge para as ações ou um safe haven. Os resultados do uso de um modelo econométrico, baseado em dados de alguns dos maiores índices a nível mundial e de um índice de rastreamento de referência para futuros de ouro, para o período de Janeiro de 1996 até Dezembro de 2015, sugerem que o ouro não é um hedge para qualquer dos mercados de ações analisados, ainda que aparente ser um forte safe haven sobre condições extremas de retornos negativos do mercado de ações. Ainda assim, é demonstrado que os resultados do modelo econométrico estão dependentes do período analisado.
In a period where careful and diligent investing is increasingly required, hedging is a powerful weapon that can be used by investors in order to reduce the risks associated with stock market investments. This project aims at studying the correlation between gold returns and stock returns, intending to find out if gold can be considered a hedge for stocks or a safe haven. The results of the use of an econometric model, based on data from some major worldwide stock indexes and a benchmark tracking index for gold futures, regarding the period from January of 1996 until December of 2015, suggest that gold is not a hedge for any of the stock markets under analysis but it appears to be a strong safe haven under extreme negative stock market conditions. However, it is shown that the results from the model are dependent on the period analysed.
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The diploma thesis deals with fundamental share analyss in order to propose a variant of investing in shares of selected gold mining companies. The subject is macroeconomic analysis of the environment in which selected gold mining companies operate, gold industry analysis and company analysis comprising evaluation of the development of corporate indicators and their issued shares. On the basis of these analyzes ind inter-company comparison, the most profitable options will be proposed to the management of the hedge fund.

This thesis deals with the design of a model for trading on financial markets by using artificial intelligence. The work describes some methods of artificial intelligence, description of financial market and stock market trading. The result of this work is a model of an expert system which uses fuzzy logic for investing and a functional model for predicting the course of shares trends using artificial neural networks. Both models algorithms were designed and tested in MATLAB.

Precious metal - gold, is perceived as a safety and is used to secure investment at the time of nervousness in the global market. However, the only small part is usually inset into world funds. Qualified (hedge) funds can be managed completely differently. Diploma thesis solves which way and how the qualified investor funds can include the gold into portfolio. The work takes all instruments on gold suitable for investing and analyzes their basic characteristics and differences.

Thesis submitted in partial fulfilment of the requirements for the degree Master of Technology: Business Administration in Project Management in the Faculty of Business at the Cape Peninsula University of Technology 2013
Good governance has been and is a growing phenomenon for almost all business organisations regardless of size, profit margins and purpose for existence. Government, quasi-government, non-governmental organisations and even civic organisations have adopted a project-based approach to business. The City of Cape Town Metropolitan Municipality is one such organisation that had adopted a project-based approach to business. The challenge was how to effectively and efficiently implement governance issues around projects and business organisations. Most organisations can easily be misled if issues of governance are not clearly defined and followed. A project-based approach helps in defining the resources needed at specific times, the time required for a specific task and the cost of a specific operation. In a multi-project environment (programme) resources are shared in a well-defined manner. The City of Cape Town Metropolitan Municipality has a huge responsibility in terms of successfully initiating, planning and implementing projects successfully. The magnitude and the dynamic complexities of their operation call for proper governance structures to be established within any municipality if service delivery is the main objective. Managing complex and mega projects calls for certain leadership traits. A fusion of these traits at different management levels will be critical for effective delivery of services to the electorate. Models and plans need to be in place as guidance to successful implementation of projects. A number of people, committees and institutions have developed different governance frameworks that can be adopted by organisations as a guide to good governance. This research is based on King III guide to good governance. Challenges experienced by other Municipalities and business organisations e.g. Nelson Mandela Municipality, Eastern Cape Education Department, Transnet, LeisureNet, Limpopo Provincial government and many others, directly relate to poor governance. This therefore calls for the investigation of the Corporate Services directorate in the City of Cape Town Metropolitan Municipality to establish the level of compliance with what King III had recommended as a framework for good governance. The City of Cape Town Metropolitan Municipality has different general governance frameworks in place. However they do not use them effectively because of different issues identified by the researcher. The major challenges facing the City of Cape Town Metropolitan Municipality are effective governance communication and lack of training in the practice of good governance. There were serious discrepancies when it comes to understanding and interpreting governance issues within the different levels of management. It is expected that an organisation like the City of Cape Town Metropolitan Municipality should have proper communication channels and effective training programmes. The researcher also found that information is not readily available to people who need it most yet the expectation is that information be readily available.

Manipulating matter at the nanoscale creates materials endowed with unique optoelectronic and physicochemical attributes. Among the noble metals, the properties of gold in "nano" can be manipulated by varying, their shapes and sizes. Gold nanoparticles find several applications in electronics, medicine and environmental reclamation. Emphasis has been on the “green synthesis” of nanogold to mitigate the hazardous implications stemmed from conventional nanogold synthesis. However, it is not known if the in planta synthesis of nanogold particles could be “green engineered” as well for generating desirable sizes and exotic shapes. In the present study, we used inductively coupled plasma (ICP) analysis to determine the species-specific variability, if any, in uptake of gold across taxonomically diverse plant species (alfalfa, cucumber, red clover, rye grass, sunflower, and oregano). Seedlings of these species were grown in half strength Hoagland’s solution supplemented with 100 ppm potassium tetrachloroaurate (KAuCl4) for 15d under controlled growth room conditions. Significant variations were detected in the ability of different plant species in accumulating gold in the root tissues ranging from 500 ppm (ryegrass) to 2500 ppm (alfalfa). Sunflower and oregano translocated significantly higher levels of gold into their aerial tissues compared to other species. This study thus suggested differential abilities of diverse plant species in uptake of gold by roots and its mobilization to aerial parts. For further elucidation of the effects of different growth variables on in planta synthesis of different shapes and sizes of nanogold particles, alfalfa was selected due to its ability to accumulate large quantities of gold in the root tissues. Further, alfalfa was subjected to KAuCl4 (50 ppm) treatment under variable growth conditions (duration of treatment, pH, temperature and light). Temporal analysis revealed that most of the nanogold particles formed within 6 h of treatment and majority fall within the size range of 10-30 nm. Spherical nanogold particles in the size range of 1-50 nm were detected ubiquitously across different treatments. Interestingly though, a noticeable shift was apparent towards the formation of nanogold particles of exotic shapes in response to specific treatments i.e., pH 3.8 (triangular), pH 7.8 (hexagonal), 15°C (rectangular). This study thus provides empirical evidence towards in planta “green engineering” of nanogold particles of exotic shapes and variable sizes. Efforts are now underway to decipher the mechanistic details governing the acquisition, synthesis and mobilization of nanogold particles in a model plant system. Furthermore, testing the efficacy of alternative non-lignified systems (callus and in vitro germinated pollen tubes) for nanogold particle production is of great interest in that in may be conducive for the extraction of nanogold particles.

The privatization of K-12 education in Canada is not new. The public and private sectors feel like natural elements of the Canadian education system because they have existed side by side since confederation. However, this thesis challenges that tradition and argues that private education undermines collective responsibility for education as a shared, public good by catering to private interests and isolating students from the public realm. Not only does private education reinforce the likelihood of socio-economic stratification, but the concept of a “public good” is increasingly destabilized as social services like education are privatized. Why, then, does the privatization of K-12 education continue to be an insignificant political issue in Canada? This question is particularly pertinent at a time when neoliberalism is in full swing in the United States, and all the time more apparent in Canada. Neoliberalism’s emphasis on the precedence of economic ideals over concerns for social welfare and democratic participation has transformed the way that we understand “value”. Drawing on a broad range of scholars including Charles Taylor, Richard Pildes, Janice Gross Stein, Henry Giroux, Francois-Lyotard and Michel Foucault, this thesis argues that the values involved in the very concept of private education reinforce, and are reinforced by, neoliberal views about the place of the individual within society, and that these values are detrimental to the concern for education as shared, public good.

Christianity was founded without a major distinction between “clergy” and “lay” members. As the church grew the need for structure, organization and administration advanced and elevated the position of the clergy and diminished the role of the laity. Recalling practices of the earliest church the Second Vatican Council sought to promote the laity to their proper place as “priest, prophet and king” and reasserted that the sensus fidelium of all the faithful continues to be rooted in their sense of faith as revealed by God and in their baptism. This concept establishes the magisterial competence of all the church, including the laity. The current priest crisis provides the opportunity for the laity, including lay ecclesial ministers, to become, as Pope Benedict says, “’co-responsible’, for the Church’s being and action.” What can be done to tighten the bond between clergy and laity and help to prepare for shared leadership? How can we embrace the visions of ALL the baptized and be open to the fulfillment of each person’s calling? In this paper I offer three proposals for diocesan consideration to advance lay/clergy relations and develop greater acknowledgement and appreciation for each other’s gifts and charisms.

Thesis (M.F.A.)--Georgia State University, 2009.
Title from file title page. Mark Burleson, committee chair; Susan Richmond, Constance Thalken, committee members. Description based on contents viewed June 12, 2009. Includes bibliographical references.

Background: Today, It’s not uncommon that international companies and organizations have a higher turnover than the GDP of developing countries. Consequently, this may suggest that the choices companies make in the context of their business has a great potential to influence the world from an economic, but also from a social and environmental standpoint. From this the notion emerged that companies have a responsibility, referred to as Corporate Social Responsibility (CSR). A clear definition of the CSR concept is difficult to find, more than 37 different definitions has been identified. Common to all these is that they address a number of underlying themes such as: Balance, Responsibility, and Value. Few studies examine companies’ underlying assumptions about the adaptation and communication of CSR, and the perception of how one type of value in relation to another is created and defined. It is clear, however, that companies must make a choice regarding which areas of CSR they should prioritize. Purpose: The purpose of this thesis is to study how Swedish companies strategically adapt their CSR initiatives and CSR communication to create value. Method: In order to answer the purpose of the thesis a qualitative method has been used. Interviews were conducted with CSR representatives from three major Swedish companies. Theories: The Pyramid of CSR, Green marketing activities on three levels, Generic environmental strategies and Ten rules for successful CSR communication. Conclusion: The results of the study suggest that the link between the adaption of CSR and CSR communication is based on the business value perspective. Furthermore, it would seem that the competitive strategy of a company is in close symbiosis with their value perspective. The result of the study indicate that there is not a value perspective which should be preferred over others in the adaption of CSR and CSR communication, the value perspective should instead be relative to the company’s current competitive strategy and industry conditions.
Bakgrund: I dagsläget finns flera internationella företag och organisationer som har en högre omsättning än många utvecklingsländers BNP. Följaktligen kan detta innebära att de val företag gör inom ramen för sin verksamhet har stor möjlighet att påverka omvärlden ur ett ekonomiskt, men även ur ett socialt och miljömässigt perspektiv. Givet denna möjlighet till påverkan har även uppfattningen att företag besitter ett ansvar utvecklats, benämnt Corporate Social Responsibilty (CSR). En enhetlig definition för CSR är svår att finna, mer än 37 skilda definitioner finns identifierade. Gemensamt för alla dessa är att de länkar samman ett antal underliggande teman såsom; balans, ansvar och värde. En begränsad mängd forskning har behandlat företags underliggande antaganden om anpassning och kommunikation av CSR, samt synen på hur något typ av värde i relation till detta skapas och definieras. Tydligt är dock att företag måste göra ett val gällande vilka områden inom CSR de skall fokusera på för att på det mest förmånliga sättet gynna företaget och vara i enlighet med deras strategiska mål.. Syfte: Syftet med denna uppsats är att studera hur svenska företag strategiskt resonerar kring anpassningen av sitt arbete med Corporate Social Responsibility, samt kommunikationen av detta arbete för att kunna erbjuda ett värde. Metod: För att besvara syftet har en kvalitativ ansats nyttjats genom flertalet genomförda intervjuer med CSR-representanter på tre svenska företag. Teori: Den teoretiska referensramen utgörs av CSR-pyramiden, Gröna marknadsföringsaktiviteter på tre nivåer, Generiska miljöstrategier samt Tio regler för framgångsrik CSR-kommunikation. Slutsats: Studiens utfall har föreslagit att sambandet mellan anpassning av CSR och kommunikationen av detta, först och främst utvecklas utifrån företagets värdeperspektiv. Företagets valda konkurrensstrategi verkar även vara i symbios med detta värdeperspektiv. Studiens resultat indikerar inte att det finns en värdesyn som bör föredras framför andra i samband med anpassning av CSR och CSR-kommunikation, utan detta bör istället vara i relation till företagets rådande konkurrensstrategi och förutsättningar inom branschen.

The prominence of corporate social responsibility (CSR) initiatives today suggests that the corporate perception of such policies has shifted from an unnecessary addition to a critical business function. Using a reliable source of data on corporate social performance (CSP), this study explores and tests the relationship between CSP and corporate financial performance (CFP). Unlike prior research, this study additionally tests the impact CSP has on sales and gross margin in hopes of providing insight on sales strategies that can be implemented to maximize the impact of the relationship. The dataset includes most of the S&P 500 firms and covers years 2001-2005. The relationships are tested using time-series regressions. Results indicate that CSP and CFP have a significantly positive relationship in both directions, supporting the view that CSR programs have positive impacts on the bottom-line. Results also indicate that increased CSP leads to increases in gross margin, indicating that some customers are willing to pay a premium for the products and/or services of a company with CSR initiatives. Lastly, results also indicate that increases in CSP leads to a decrease in sales, which implies a decrease in customer base because less people are willing to buy the products at premium. Despite the result on sales, I argue in this paper that firms can increase sales by increasing CSR investments—assuming increases in CSR investments leads to higher CSP—as long as the perception of programs transform from socially responsible, philanthropic actions to programs promoting corporate shared value (CSV).

The static and dynamic properties of carbon fibre composites of varying orientation, stacking sequence and geometry has been analysed in terms of modulus and material loss factor up to strain rates applicable to golf club shafts. No noticeable change in modulus or damping was seen at strain rate applicable to golf club shafts. All panels tested strain rate sensitivity onset occurred at around 0.4 s\(^{-1}\), which is above the maximum observed during a golf swing (0.1 s\(^{-1}\)). The strain rate sensitivity was found to be sensitive to aspect ratio (for strain rates above 0.4 s\(^{-1}\)). Two 20° panels of the same fibre interfacial area, but with different aspect ratios (length/width) showed different strain rate sensitivities. The short wide panel (aspect ratio 1.5) showed a higher stiffness and lower strain rate sensitivity when compared to a panel with an aspect ratio of 2.6. A model was created to predict the modulus and damping of lay-ups for laminates and golf club shafts. The model was validated against three composite systems at varying orientations and stacking sequences. The software agreed well with laminate experimental data (data sets showed a RMSD of less than 5 %). From this an optimising software was developed to provide the user with a stacking sequence that will optimise modulus, damping or the product of both. This thesis also evaluated commercial shafts in order to determine the models applicability to this application. Commercial shafts were tested for both stiffness and damping, where a number of aspects such as inter-ply resin rich regions and seam were observed as possible areas for discrepancy with the models prediction. Shafts were fabricated in order to analyse these aspects in greater deal, and to determine the models limits for this application. The model accurately predicted the stiffness of the shafts however the model failed to predict the damping of the shafts when comparing to the average values taken. When damping was compared to the areas where no seams were present, the model agreed well except for in two cases, which have been attributed to shafts flaws (cracks or excess inter ply resin). The model presented in this research consistently characterised the stiffness of fabricated shafts, however the seams proved too dominant a feature to be neglected in the prediction of damping.

Detta kandidatarbete handlar om hur ett främmande objekt kan påverka en betraktares uppfattning av en karaktärs förhållande till gott och ont. Kandidatarbetet utforskar ämnen som stereotyper, former, fördomar och intryck. Olika metoder används i framtagandet av karaktärerna, där bland annat former används för att förstärka uppfattningen av karaktärens ställning till gott och ont. Karaktärerna skapades i två versioner, en utan det främmande objektet och en med. En enkät skickades ut och deltagare fick poängsätta karaktärer för att sedan motivera sina val med kommentarer. Resultatet visade att ett främmande objekt har möjlighet att påverka betraktaren, där betraktarens relation till objektet har en avgörande roll i hur karaktären vinklas åt gott eller ont.
This thesis describes how a foreign object can affect an observer's perception of a character's relation to good and evil. The thesis explores topics like stereotypes, forms, prejudices and impressions. Various methods are used in the development of the characters, which include shapes that are used to enhance the perception of the character's position between good and evil. The characters were created ​​in two versions, one without the foreign object and one with the foreign object. A survey was created and the participants had to score the characters and then justify their choice with comments. The results showed that a foreign object is able to influence the viewer, where the viewer's relationship to the object has a crucial role in how the character is angled towards good or evil.

This thesis explores ideas of everydayness, the mundane, and the repetitive emptiness of consumer culture. It looks at the malaise that plagues everyday life and examines several attempts throughout history to break from its grips which revolve around a search for a more ideal state. This research includes utopias of modernism, the transcendental, the communal living of Shakers and Early Christians, ascetic monks and The Desert Fathers. These ideas have shaped my studio practice as I construct installations based on worlds which allude to the eternal, the otherworldly, and the fragility of our physical world when compared to more eternal spiritual archetypes.

This paper gives an estimation of efficient frontiers for investment portfolios, they include stocks from Lima Stock Exchange General Index, Dow Jones Industrial Average, Gold, Cooper, Fixed Income Instruments of Peruvian government and savings in Peruvian financial institutions. The paper concludes that risk of investment in local portfolio reduces as a consequence of diversification, gold is an important asset and contributes to reduce portfolio risk.
El presente trabajo estima la frontera eficiente, en portafolios de inversión diversificados en acciones que componen el Índice General de la Bolsa de Valores de Lima (IGBVL), acciones que componen el Dow Jones Industrial Average (DJIA), oro, cobre, instrumentos de renta fija del Gobierno peruano e instrumentos de ahorro bancario. Se concluye que el riesgo de portafolios de inversión de acciones que componen el IGVBL disminuye como consecuencia de la diversificación; un activo relevante es el oro que contribuye a disminuir significativamente el riesgo del portafolio.

In order for corporations to develop their business, they could apply an approach of exchanging ideas and knowledge with other corporations could contribute to new significant innovations. The international approach is called Open Innovation and could be implemented both externally and internally within firms. The purpose of this thesis was to examine how Open Innovation is used by Swedish and Chinese entrepreneurs in an international market context. By implementing a qualitative research method, the researchers obtained a deeper understanding of how networks and trust affect Open Innovation when the approach is used. This thesis derived from an inductive approach since the authors made observations and generated theories from those observations, which created a theoretical synthesis. The theoretical synthesis conducted into the operationalization and the interview guide for the data gathering of the semi- structured interviews. The gathered empirical data was compared with the theories in order to analyze the similarities and differences between them. Lastly, the study was concluded by answering the research questions, theoretical, practical, and policy implications, limitations for the study, and suggestion for future research.

In 2011 the mining industry purchased 14.5% of the electrical energy generated by Eskom. During 2011 in South Africa, dewatering pump systems on gold mines were the fourth largest electrical energy consumer on South African mines therefor making dewatering pumps ideal candidates to generate significant financial savings. These savings can be realised by controlling time-of-use (TOU) schedules. Previous studies concentrated on the impact of improving a pumping scheme of a single mineshaft. This dissertation will focus on the operations of a complete dewatering system consisting of multiple mineshafts. The case study will consist of a gold mine complex comprising of five different shafts - each with its own reticulation system – as well as the larger interconnected water reticulation system. Various pumping options were investigated, simulated and verified. The interaction between shafts was determined when load-shifting was scheduled for all the shafts taking each shaft’s particular infrastructure into account. The underground dewatering system was automated and optimised based on the simulation results. Mine safety protocols were adhered to while optimal pump operational schedules were introduced.
Thesis (MIng (Electrical and Electronic Engineering))--North-West University, Potchefstroom Campus, 2013.

The aim of this thesis is to explore the role of bitcoin in an investment portfolio. The paper examines the nature of bitcoin and additionally how bitcoin compares to gold when included in an investment portfolio. This report uses the historical value of bitcoin and investigates with a Mean-Variance model how the risk-adjusted return of an optimized portfolio is affected when bitcoin is a constituent. By comparing Sharpe Ratios from the optimized portfolios, a conclusion can be drawn as to whether bitcoin affects the maximum Sharpe ratio or the global minimum variance point. Our study suggests that including bitcoin in an investment portfolio increases the risk-adjusted return of the portfolio. In addition, portfolios optimized with bitcoin outperform the market. Further, we conclude that bitcoin has a relatively high correlation as compared to gold with the assets in the study. Hence, bitcoin is not the new gold.

Living in tune with nature means respecting the natural environment and realizing its power and the ways it manifests in daily life. This essay focuses on the ways in which respect for nature is expressed through animal imagery in Zora Neale Hurston's Their Eyes Were Watching God, Mark Twain's "The Stolen White Elephant," Roughing It, and Pudd'nhead Wilson, and Jack London's The Call of the Wild. Each author encouraged readers to seek the benefits of nature in order to become better human beings, forge stronger communities, and develop a more unified nation and world. By learning from the positive example of the animals, we learn how to share our world with them and with each other.

This thesis investigates the current interrelationship between the provisions contained in the Swedish Company Act (2005:551) and activities related to Corporate Social Responsibility (CSR) pursued by companies listed at Nasdaq Stockholm. The focal point of this thesis could be argued to be of particular relevance in this day and age, as companies listed at Nasdaq Stockholm continue to perform at the top of the league in global sustainability performance measurements, and Swedish and European legislators have intensified their efforts to encourage businesses to operate in a way that does not incur unacceptable social costs to society. Thus, most companies, particularly those with a vested interest in the private consumer market, seem to recognise the importance of fostering long-term relationships with a wide sphere of stakeholders. The purpose of the thesis has been to contribute to the steadily increasing body of legal research that discusses to what extent Swedish companies, without breaching corporate law, could involve themselves in CSR investments. Since I, initially, conclude that Swedish publicly listed companies seem to increasingly invest in activities related to CSR, the thesis also discusses whether the relevant provisions of the SCA need to change to better adapt to companies’ involvement in CSR activities. In brief, I argue, that current business research on CSR coupled with the aforementioned relevant provisions of the SCA allow boards and managing directors to pursue practically any CSR investments, and that shareholders are mostly restricted to rely on relatively blunt ex post actions against a board and/or managing director that has pursued an ill-considered CSR investment, including the obvious choices of voting to replace the board or selling their shares. And since current business research has not consistently proven the positive impact of CSR policies on the financial performance of businesses there are reasons to suspect that the law practically, due to the shielding force of the business judgment rationale and the legislator’s wish to protect most transactions, cannot be effectively applied to stop CSR investments, even if these are nothing but costs for the business. On the other hand, the findings of the thesis also suggest that the occurrence of such unwise CSR investments is not necessarily a proliferating problem, since many companies listed at Nasdaq Stockholm nowadays have powerful and short-sighted institutional owners. The situation might therefore very well be the opposite and that executives struggle to manage for the long-term, as the logic of the market tell them to do otherwise.
Den här examensuppsatsen utforskar förhållandet mellan några av aktiebolagslagens regler och det engagemang som bolag noterade på Nasdaq Stockholm uppvisar i frågor rörande Corporate Social Responsibility (CSR). Ämnet kan sägas vara särskilt relevant då såväl det samtida näringslivet som lagstiftaren tycks präglas av en ökad medvetenhet kring CSR-frågor. Den ökade medvetenheten i näringslivet förefaller alltmer inverka på affärsbeslut, ett faktum som inte minst avspeglas i de svenska bolagens topplaceringar i globala index som mäter bolags arbete med hållbarhetsfrågor. Samtidigt speglas lagstiftarens ökade medvetenhet av allt fler svenska som europeiska regulatoriska initiativ på området och vars yttersta syfte är att uppmuntra och stimulera hållbara företag som inte pådyvlar samhället oacceptabla sociala kostnader. Det är således inte särskilt anmärkningsvärt att bolagen, i synnerhet de med intressen anknutna till konsumentmarknaderna, tycks erkänna vikten av att bygga och underhålla långsiktiga relationer med en vidare krets av intressenter än deras aktieägare. Det är min förhoppning att den här uppsatsen kommer att bidra till den ständigt växande del av den aktiebolagsrättsliga diskursen som diskuterar till vilken grad bolag, utan att handla i strid med ABL:s bestämmelser, kan företa åtgärder kopplade till CSR. Eftersom jag inledningsvis anför att bolagen på Nasdaq Stockholm tycks ägna sig allt mer åt CSR diskuterar också uppsatsen om några av ABL:s bestämmelser bör förändras för att bättre hantera dessa företags allt större engagemang i CSR-frågor. Sammanfattningsvis argumenterar jag för att nuvarande företagsekonomisk forskning kring CSR tillsammans med de aktuella bestämmelsernas juridiska innebörd innebär att såväl bolagsstyrelser som verkställande direktörer kan företa i princip vilken investering relaterad till CSR som helst. Aktieägare är i praktiken hänvisade till att söka åstadkomma långsiktigt lönsamma satsningar på hållbarhet genom sanktioner ex post, exempelvis genom att sälja sina aktier eller rösta bort styrelsen. Detta innebär å ena sidan i praktiken, med tanke på att nuvarande företagsekonomisk forskning kring CSR:s inverkan på bolags vinster är tvetydig, att de relevanta bestämmelserna i ABL såsom de nu är utformade utgör en trygg hamn även för många av de transaktioner relaterade till CSR som är direkt värdeförstörande. Å andra sidan argumenterar jag i uppsatsen för att problemet med överinvesteringar i CSR inte nödvändigtvis behöver vara särskilt utbrett då bolagen och deras bolagsstyrning allt mer kommit att präglas av kortsiktiga investeringsperspektiv.

Drawing from observation, autoethnography, ethnographic research and audio-taped interviews, this thesis explores the complicated and emotionally charged relationship between homosexuality and Christianity. The current culture war being waged in the media between the Religious Right and members of the LGBT community often results in the isolation and rejection of those who would define themselves as gay Christians. This thesis explores the role of the Bible as it informs and catalyzes this war and other foundational beliefs used as weapons in this rhetorical conflict. Additionally, this thesis analyzes the current battle between the church and the social movement for change in light of the historical battles fought over similar movements. The rhetoric of Christianity, specifically Fundamentalist rhetoric, has been emphatically defended and then dramatically changed in every such battle. Is this a possible resolution for today’s current battle? The thesis explores the historical basis and current application of rhetorical effects on this conflict through the author’s insight as a veteran of both worlds, interviews with major players in the battle such as Randy Thomas and Kristin Tremba of Exodus International and interviews with people who step on the battlefield everyday as pastors, congregants or observers in the fight. With each interview or rhetorical analysis, the viability of dialogue between these two groups is questioned and investigated.

Victimes et bourreaux témoignent de la double dégradation, anthropologique et morale, subie par la figure de l’homme à Auschwitz. Hannah Arendt et Emmanuel Lévinas, tous deux Juifs et nés en 1906, ont tenté de retrouver le sens de la dignité humaine après la Shoah. Partageant la même admiration embarrassée pour la pensée de Martin Heidegger, dont ils ont suivi l’enseignement, ils s’engagent dans des voies philosophiques très différentes. Alors qu’Arendt met en avant l’espace politique comme lieu d’expression de la pluralité et de reconnaissance publique des différences individuelles, Lévinas fait de l’éthique la « philosophie première » et situe le proprement humain dans la responsabilité infinie pour autrui. Là où Arendt insiste sur l’importance de la pensée et du jugement dans la recherche des normes morales, Lévinas soutient que la lutte contre le mal est indissociable de la réponse à l’appel du Bien.Deux axes problématiques guident, dans ce travail, la confrontation entre les deux philosophes : l’articulation entre universalité et diversité d’une part ; le lien entre éthique et politique d’autre part. L’enjeu étant l’organisation d’un monde commun pour l’expression et la préservation de la dignité humaine
The victims and the torturers attest to both the human and moral degradation suffered by the figure of man at Auschwitz.Hannah Arendt and Emmanuel Lévinas, both Jews and born in 1906, attempted to recover the meaning of human dignity after the Holocaust. Despite sharing the same embarrassed admiration for the thought of Martin Heidegger, whose courses they followed, they choose very different philosophical paths.While Arendt emphasizes the political space as the place where plurality is expressed and individual differences are publicly acknowledged, Lévinas makes ethics « first philosophy » and situates what is essentially human within infinite responsibility for the Other. Where Arendt insists on the importance of thought and judgment in the search for moral standards, Lévinas holds that the struggle against evil is inseparable from responding to the call of the Good.In this thesis, two critical themes guide the comparison between each philosopher: the connection between universality and diversity on one hand; and, the link between ethics and politics on the other. The issue at stake is the organization of a shared world for the expression and the preservation of human dignity

La question moyenne-orientale est dans l'actualité depuis 1948. C'est en cette année que se crée l'Etat d'Israël sur les décombres du mandat britannique en Palestine. Dès le commencement, la guerre va commencer à fixer les frontières entre Israël et ses voisins arabes. Cependant, après 1967, une nouvelle question va apparaître, celle des relations avec les Territoires occupés. En conséquence, l'Etat d'Israël aura deux questions frontalières à gérer : la question interétatique classique et la question interne avec les Palestiniens. Cette recherche tente de démontrer les voies employées par les différents acteurs régionaux et internationaux pour trouver une solution à cette question juridique qui cause l'instabilité régionale. On s'appuiera sur le droit, l'Histoire, la science politique (en particulier, l'étude des idéologies sioniste et arabiste) et les relations internationales pour trouver une cohérence aux réussites et aux échecs qui ont émaillé l'histoire du Moyen-Orient depuis 1948 et le fait qu'Israël n'ait encore que deux frontières internationalement reconnues, une avec l'Egypte et l'autre avec le royaume de Jordanie.

碩士
國立中興大學
應用經濟學系所
100
The main purpose of this study is to explore whether the gold market support the Price Pressure hypotheses and the Feedback Trading hypotheses. This study also dissertates the relationship between gold ETF fund flows(FLOW) and gold market returns (RETURN). We use the daily data of SPDRR Gold Shares which is the biggest gold ETF of the world, and the London PM Fix to be the international gold price. The results from VAR model suggest that there existing positive relations from 1-2 days lagged FLOW to RETURN, and negative relations between 3-5 days lagged FLOW and RETURN. It means that if investors buy SPDR Gold Shares, FLOW will create a price pressure to arise RETURN. As time goes on, the price pressure will recede and RETURN will reverse. The results are compatible with the Price Pressure hypotheses. Furthermore, 1-3 days lagged RTEURN affect FLOW while they are having significant positive relations. The force of 1 day lagged RETURN to FLOW is stronger than the other days. It means that if the past 1-3 days performance of gold market returns is good, investors will buy SPDR Gold Shares. The conclusion is consonant with the Feedback Trading hypotheses. Moreover, the empirical evidence from Granger causality test indicates that there is a two-way feedback between FLOW and RETURN. Therefore, investors can rely on the past fund flows of SPDR Gold Shares to predict the performance of gold market returns. It also hints that common investors choose SPDRR Gold Shares to participate in the gold market.

碩士
雲林科技大學
財務金融系碩士班
99
This study examines the correlations among the index of A shares, H shares, Dow Jones, Taiwan, United States dollar exchange rate, petroleum and gold. The research data comprise 2276 daily closing prices of the ten-year period, January 1, 2000 to June 30, 2010, of the seven markets. Granger causality test and vector autoregression (VAR) model are employed to investigate the dynamic relationship among the markets. The empirical results demonstrate that: (1) petroleum price, U.S. dollar, and Dow Jones Industry Average Index affect Taiwan stock ; (2) crude price and Gold price affect Hong Kong stock index: (3) Dow Jones Industry Average Index and Hong Kong stock index affect petroleum price: (4) petroleum price, U.S. dollar exchange rate, Dow Jones Industry Average Index , and Shanghai index affect gold price;(5) Taiwan stock index, petroleum price, gold price, and Dow Jones affect US dollar. Moreover, this study find out that Dow Jones Industry Average index is not affected by any other markets. Neither is Shanghai stock index affected by other markets because the highly independence of Chinese stock market.

碩士
建國科技大學
自動化工程系暨機電光系統研究所
100
Abstract The shape of golf putters may influence the performance. Putters of different shape were analyzed using computer packages HyperMesh and LS-DYNA. Simulation results showed that 1. The route of golf ball would be deviated if the contact point is not at the center of putter. 2. A putter with higher mass caused the ball a longer displacement while comparing a putter with less mass. 3. The depth of mass center of a putter may influence the angle of deviation, a deeper mass center caused a smaller deviation angle.

The Kaapvaal Craton hosts a number of large gold deposits (e.g. Witwatersrand Supergroup) which mining companies have exploited at certain stratigraphic positions. It also hosts the largest platinum group element (PGE) deposits (e.g. Bushveld Igneous Complex) which mining companies have exploited in different mineralised layered magmatic zones. In spite of the extensive exploration history in the Kaapvaal Craton, the origin of the Witwatersrand gold deposits and Bushveld Igneous Complex PGE deposits has remained one of the most debated topics in economic geology. The goal of this study was to identify the geochemical characteristics of marine shales in the Barberton, Witwatersrand, and Transvaal supergroups in South Africa in order to make inferences on their sediment provenance and siderophile element endowments. Understanding why some of the Archaean and Proterozoic hinterlands are heavily mineralised, compared to others with similar geological characteristics, will aid in the development of more efficient exploration models. Fresh, unmineralised marine shales from the Barberton (Fig Tree and Moodies groups), Witwatersrand (West Rand and Central Rand groups), and Transvaal (Black Reef Formation and Pretoria Group) supergroups were sampled from drill core and underground mining exposures. Analytical methods, such as X-ray powder diffraction (XRD), optical microscopy, X-ray fluorescence (XRF), inductively coupled plasma optical emission spectroscopy (ICP-OES), inductively coupled plasma mass spectrometry (ICP-MS), and electron microprobe analysis (EMPA) were applied to comprehensively characterise the shales. All of the Au and PGE assays examined the newly collected shale samples. The Barberton Supergroup shales consist mainly of quartz, illite, chlorite, and albite, with diverse heavy minerals, including sulfides and oxides, representing the minor constituents. The regionally persistent Witwatersrand Supergroup shales consist mainly of quartz, muscovite, and chlorite, and also contain minor constituents of sulfides and oxides. The Transvaal Supergroup shales comprise quartz, chlorite, and carbonaceous material. Major, trace (including rare-earth element) concentrations were determined for shales from the above supergroups to constrain their source and post-depositional evolution. Chemical variations were observed in all the studied marine shales. Results obtained from this study revealed that post-depositional modification of shale chemistry was significant only near contacts with over- and underlying coarser-grained siliciclastic rocks and along cross-cutting faults, veins, and dykes. Away from such zones, the shale composition remained largely unaltered and can be used to draw inferences concerning sediment provenance and palaeoweathering in the source region and/or on intrabasinal erosion surfaces. Evaluation of weathering profiles through sections of the studied supergroups revealed that the shales therein are characterised by high chemical index of alteration (CIA), chemical index of weathering (CIW), and index of compositional variability (ICV), suggesting that the source area was lithologically complex and subject to intense chemical weathering. A progressive change in the chemical composition was identified, from a dominant ultramafic–mafic source for the Fig Tree Group to a progressively felsic–plutonic provenance for the Moodies Group. The West Rand Group of the Witwatersrand Supergroup shows a dominance of tonalite–trondhjemite–granodiorite and calcalkaline granite sources. Compositional profiles through the only major marine shale unit within the Central Rand Group indicate the progressive unroofing of a granitic source in an otherwise greenstone-dominated hinterland during the course of sedimentation. No plausible likely tectonic setting was obtained through geochemical modelling. However, the combination of the systematic shale chemistry, geochronology, and sedimentology in the Witwatersrand Supergroup supports the hypothesised passive margin setting for the >2.98 to 2.91 Ga West Rand Group, and an active continental margin source for the overlying >2.90 to 2.78 Ga Central Rand Group, along with a foreland basin setting for the latter. Ultra-low detection limit analyses of gold and PGE concentrations revealed a variable degree of gold accumulation within pristine unmineralised shales. All the studied shales contain elevated gold and PGE contents relative to the upper continental crust, with marine shales from the Central Rand Group showing the highest Au (±9.85 ppb) enrichment. Based on this variation in the provenance of contemporaneous sediments in different parts of the Kaapvaal Craton, one can infer that the siderophile elements were sourced from a fertile hinterland, but concentrated into the marine shales by a combination of different processes. It is proposed that accumulation of siderophile elements in the studied marine shales was mainly controlled by mechanical coagulation and aggregation. These processes involved suspended sediments, fine gold particles, and other trace elements being trapped in marine environments. Mechanical coagulation and aggregation resulted in gold enrichments by 2–3 orders of magnitude, whereas some of the gold in these marine shales can be reconciled by seawater adsorption into sedimentary pyrite. For the source of gold and PGEs in the studied marine shales in the Kaapvaal Craton, a genetic model is proposed that involves the following: (1) A highly siderophile elements enriched upper mantle domain, herein referred to as “geochemically anomalous mantle domain”, from which the Kaapvaal crust was sourced. This mantle domain enriched in highly siderophile elements was formed either by inhomogeneous mixing with cosmic material that was added during intense meteorite bombardment of the Hadaean to Palaeoarchaean Earth or by plume-like ascent of relics from the core–mantle boundary. In both cases, elevated siderophile elements concentrations would be expected. The geochemically anomalous mantle domain is likely the ultimate source of the Witwatersrand modified palaeoplacer gold deposits and was tapped again ca. 2.054 Ga during the emplacement of the Bushveld Igneous Complex. Therefore, I propose that there is a genetic link (i.e. common geochemically anomalous mantle source) between the Witwatersrand gold deposits and the younger Bushveld Igneous Complex PGE deposits. (2) Scavenging of crustal gold by various surface processes such as trapping of gold from Archaean/Palaeoproterozoic river water on the surface of local photosynthesizing cyanobacterial or microbial mats, and reworking of these mats into erosion channels during flooding events. The above two models complement each other, with model (1) providing a common geological source for the Witwatersrand gold and Bushveld Igneous Complex PGE deposits, and model (2) explaining the processes responsible for Witwatersrand-type gold pre-concentration processes. In sequences such as the Transvaal Supergroup, a less fertile hinterland and/or less reworking of older sediments led to a correspondingly lower gold endowment. These findings indicate temporal distribution of siderophile elements in the upper crust (e.g. marine shales). The overall implications of these findings are that background concentrations of gold and PGEs can be used to target potential exploration areas in other cratons of similar age. This increases the likelihood of finding other Witwatersrand-type gold or Bushveld Igneous Complex-type PGE deposits in other cratons
Der Kaapvaal Kraton beherbergt eine Vielzahl großer Goldlagerstätten (vor allem in der Witwatersrand Hauptgruppe), die von Bergbaugesellschaften in ihrer jeweiligen stratigraphischen Position abgebaut werden. Im diesem Kraton liegen auch die größten Lagerstätten für Platingruppenelemente (vornehmlich im Bushveld Komplex), die aus diversen magmatischen Intrusionskörpern gewonnen werden. Trotz der intensiven und langen Explorationsgeschichte im Bereich des Kaapvaal Kratons ist die Herkunft des Goldes in den Witwatersrand Lagerstätten und die der Platingruppenelemente in den Lagerstätten des Bushveld-Komplex noch ungeklärt und Gegenstand aktueller Diskussionen. Ziel der Arbeit war die geochemische Charakterisierung von Tonschiefern in den Barberton-, Witwatersrand und Transvaal-Hauptgruppen, um Aussagen über deren Provenienz zu treffen und die Gehalte an siderophilen Elementen darin zu ermitteln. Ein verbessertes Verständnis, warum manche archaischen und proterozoischen Einheiten stark mineralisiert sind und andere nicht, sollte bei der Planung zukünftiger Explorationsprojekte dienlich sein. Um dieses Ziel zu erreichen, wurden unalterierte und nicht mineralisierte Proben mariner Tonschiefer aus der Barberton Hauptgruppe (Fig Tree und Moodies Gruppen), der Witwatersrand Hauptgruppe (West Rand und Central Rand Gruppen) und der Transvaal Hauptgruppe (Black Reef Formation und Pretoria Gruppe) aus Untertage Bergbau-Bereichen sowie aus Bohrkernen genommen. Zur Charakterisierung der Tonschiefer kamen verschiedene Methoden zum Einsatz, darunter die Pulverdiffraktometrie (XRD), Durchlichtmikroskopie, Röntgenfluoreszenz (XRF), Optische Emissionsspektroskopie (ICP-OES), Laserablationsmassenspektrometrie (ICP-MS) und Elektronenstrahlmikrosonde (EMPA), sowie Bestimmung der Gold und Platingruppen-Elementkonzentrationen mittels Graphitrohr-AAS nach Voranreicherung mit der Nickelsulfid-Dokimasie. Die untersuchten Tonschiefer verhielten sich seit ihrer Ablagerung als größtenteils geschlossene Systeme. Nur entlang der Kontakte mit unter- und überlagernden grobkörnigeren Metasedimentgesteinen sowie entlang durchkreuzender Störungen, Quarzadern und Gängen konnte lokal nennenswerte Alteration festgestellt werden. Solche Zonen wurden explizit von der Provenienz-Analyse ausgenommen. Systematische Unterschiede in der primären chemischen Zusammensetzung einzelner Tonschiefer-Abfolgen belegen unterschiedliche Sedimentquellen. So wurde in der Barberton Hauptgruppe der Sedimenteintrag der Fig Tree-Gruppe von einer ultramafisch-mafischen Quelle dominiert, während in der Moodies-Gruppe felsische Quellen eine zunehmende Rolle spielten. In der Witwatersrand Hauptgruppe wurde eine Dominanz von Tonalit-Trondhjemit-Granodiorit sowie kalkalkaline Granite im Liefergebiet der West Rand Gruppe festgestellt, während in der Central Rand Gruppe anfänglich mafisch-ultramafische Gesteine im Sedimentliefergebiet vorherrschten, im Lauf der Zeit aber granitische Gesteine mehr und mehr durch Erosion im Hinterland freigelegt worden waren. Die Geochemie der Witwatersrand Tonschiefer unterstützt die Hypothese, dass die Sedimente der West Rand Gruppe an einem passiven Kontinentalrand abgelagert wurden, jene der Central Rand Gruppe in einem Vorlandbecken. Alle untersuchten archaischen Tonschiefer zeigen, verglichen mit dem Durchschnitt der oberen Erdkruste, deutlich erhöhte Gehalte an Gold und Platingruppenelementen, wobei die marinen Tonschiefer aus der Central Rand Gruppe mit durchschnittlich 9,85 ppm Au die höchsten Konzentrationen aufweisen. Die Gehalte an siderophilen Elementen in der palaeoproterozoischen Transvaal Hauptgruppe nähern sich hingegen typischen kontinentalen Krustenwerten an. Der verstärkte Eintrag von Au und PGE in die archaischen marinen tonigen Sedimente wird durch mechanische Koagulation und Aggregation erklärte, wobei feinstkörnige Goldpartikel im suspendierten Sediment weit ins Meer transportiert worden sind. Adsorption von Au aus Meerwasser an syn-sedimentärem Pyrit spielte auch eine Rolle, aber keine ausschlaggebende. Für die Quelle des Goldes und der Platingruppenelemente in den untersuchten Tonschiefern wurde folgendes genetisches Modell entwickelt. (1) Es wird angenommen, dass sich die Kaapvaal-Kruste aus einem Mantelreservoir differenzierte, welches an siderophilen Elementen angereichert war. Diese Anreicherung könnte entweder das Produkt eines nicht vollständig homogenisierten Eintrags kosmischen Materials sein, welches im Hadaikum oder im Paläoarchaikum durch intensives Meteoritenbombardement eingebracht wurde, oder durch den Aufstieg eines Manteldiapirs aus dem Bereich der Kern-Mantel-Grenze. (2) Tiefgründige Verwitterung unter anoxischen Bedingungen ermögliche die Freisetzung großer Mengen von Au, welches in gelöster Form über Oberflächenwässer in den archaischen Ozean transportiert wurde. Hinweise auf solch intensive Verwitterung liefern die geochemischen Daten der hier untersuchten Tonschiefern, insbesondere hohe chemische Alterationsindizes. Fixierung dieses Goldes durch verschiedene Oberflächenprozesse, wie Filterung aus archaischen/paläoproterozoischen Flüssen durch Photosynthese-betreibende Bakterienrasen führte vor allem im Mesoarchaikum in Zeiten der Sedimentation der Central Rand Gruppe zu lokal extremen Goldanreicherungen, die in der Folge durch Erosion und mechanischen Transport großteils weiter umgelagert wurden. Punkt 1 könnte eventuell die räumliche Nähe der weltweit größten bekannten Goldanomalie im Witwatersrand Becken und der größten PGE-Anomalie im Bushveld Komplex erklären. In wie weit die erhöhten Hintergrundkonzentrationen von Gold und Platingruppenelementen im Kaapvaal Kraton einzigartig sind, gilt es in zukünftigen Studien dieser Art auch an marinen Tonschiefern aus dem Archaikum in anderen Kratonen zu testen

碩士
國立嘉義大學
生物機電工程學系研究所
95
This research is to analyze the reinforced strength of golf clubs in two different ways. First, to simulate and analyze the golf clubs provided by Far East Machinery Co. The EMA (experiment modal analysis ) data provided by the company and FEA (finite element analysis ) in this study can ensure the reliability of clubs in the follow-up reinforced strength process. Second, choosing reinforced methods for clubs based on design criteria for treating reinforced practicability. The results show that by reinforcing the strength on the neck of the club lead to better results. On the other hand, it is suggested to use light-weight materials to reinforce strength when we take the weight under consideration. Thus, using light-weight materials to design the structure in reinforcing strength to the neck of the golf club will definitely increase the intensity of the golf club.

碩士
國立中正大學
經濟系國際經濟學研究所
107
An article by Baker, Gallagher and Morgan (1981) found that in recent years, the company’s motives for implementing stocks repurchase have gradually changed from financial decisions to investment decisions. However, with the advancement of technology and personal computer, the coverage of internet has a boosting growth towards public after the millennium. The influence of social media outlets has a significant influence on corporate finance. Therefore, information asymmetry has become less obvious. Thus, this thesis wants to investigate the correlation between the abnormal return of announcing stocks repurchase and social media. The sample period of this thesis lies between 2014 and 2018, with information of 251 corporates that announced stocks repurchase. Moreover, using the Event Study to explore the correlation between the announcement of stocks repurchase and the tone of news media. This thesis provides investors with supportive evidence while investing, wishing to maximize their returns. The results of the thesis are found below: 1. News exposure has a significant negative effect on the abnormal return of the announcement of the stocks repurchase corporate. 2. The rate of negative tone of the news has no effect on the abnormal return of the announcement of the stocks repurchase.

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 Commerce in Finance. Johannesburg, South Africa March 2016
The study examined whether: share repurchase events and changes in dividends were good predictors of future changes in earnings. The research also investigated how the South African market reacted to share repurchase events in the short-run. Using INET BFA, data for 226 dividend paying companies and 55 share repurchasing companies, trading on the JSE during the period 2003 to 2013, was collected. Dividend theory suggests that changes in dividends convey information content about the future earnings of the firm. After testing this theory, limited support was found for this notion. Firms that had increased dividends at (T0) showed significant earnings increases in that year. Nonetheless, some of the dividend increasing firms showed no subsequent unexpected earnings growth at (T1) and (T2). While the size of the dividend increase had a strong positive relationship with current earnings; it failed to predict future earnings with any consistency. Firms that had cut dividends at (T0) experienced a reduction in earnings in that year but showed increases in earnings at (T1). However, consistent with Lintner‘s (1956) model on dividend policy, firms that had increased their dividends were less likely to experience a reduction in earnings, as opposed to the no-change or dividend decrease groups. A linear regression model was employed in testing whether share repurchases were useful in predicting changes in future earnings. According to the results reported in the regression model, share repurchases are a good predictor of future changes in earnings. The study at hand then went on to explore how the South African market reacted to share repurchases. Through the utilisation of the Market Model-Event Study Methodology (with an event window of 41 days, 20 days prior and 20 days post the event), the findings of the report indicated that the South African market reacted positively to share repurchases. This was evidenced through positive: share price returns, abnormal returns and average abnormal returns, post the event. Nonetheless, cumulative average abnormal returns remained negative in the short-run. In addition, the results showed that firms engage in share repurchase activities in order to signal that the stock is undervalued. There was an observable trend of declining share prices before the share repurchase event. A few recommendations were proposed following the results obtained. Dividends are unable to predict changes in earnings. Therefore, a dividend cut, is not an indication that a company‘s earnings will decrease in the future or that the managers of that company foresee a decline in future earnings. From a share repurchase point of view, managers of JSE listed companies should not only focus on the short-term benefits of share repurchase events. These benefits are generally short lived as shares do return to their falling state, however authors such as Wesson, Muller and Ward (2014) have shown that the benefits of share repurchase events can also be observed in the long- run, A further point to note for both investors and managers of JSE listed companies is that share repurchases are a good predictor of future earnings. Therefore, it is very confusing for investors when a company announces a share repurchase event but does not follow through with it.
MT2017

碩士
國立陽明大學
生物醫學影像暨放射科學系
106
Abstract Purpose: Hyperthermia (HT) has been used as an adjuvant cancer therapy in the clinic. The Modulated electro-hyperthermia (mEHT) is a new loco-regional electromagnetic hyperthermia method for selectively targeting cancer cell hyperthermia treatment. Gold nanoparticles (AuNP) have been demonstrated as a promising nano-drug carrier and several studies indicated that AuNP can promote heat generation as exposed to the radiofrequency with the better result of cell killing effect. Till now, the AuNP was combined with mEHT for cancer cell hyperthermia therapy hasn’t been investigated and might possess synergistic effect for mEHT treatment. In this study, the different shapes (spherical, urchin-like or rod) AuNP were prepared and treated with HepG2 cell line under various HT conditions (including water bath and mEHT) to investigate the differences in the biological effect. Methods: The homemade spherical and urchin-like AuNPs were prepared according to different methods. The homogenous sizes and sharps AuNPs were obtained from the seed-mediated growth method with hydroquinone. Gold nanorod was purchased from Sigma-Aldrich. All nanoparticles were characterized by UV-VIS absorption spectrometry, dynamic light scattering (DLS), transmission electron microscope (TEM) and inductively coupled plasma mass spectrometry (ICP-MS). Oncothermia EHY-100 was used for investigating the heating effect of AuNP with different shapes and the killing effect of HepG2 hepatoma cells after the combination AuNP with mEHT. The cell survival was analyzed by MTT assay and Annexin V staining. Results: Gold nanoparticles were synthesized by Turkevich, seed-growth and hydroquinone reduction method. Among these methods, the seed-mediated growth approach with hydroquinone reduction method had the advantage in controlling particle sizes and sharps. The spherical and urchin-like gold nanoparticles were synthesized by adjusting the amount of hydroquinone. The diameter of ~50 nm spherical and urchin-like gold nanoparticles were obtained from 5x10^11~1x10^12 gold seeds reacted with 254 μmol HAuCl4, 22 nmol sodium citrate and 3 μmol or 30 μmol hydroquinone in 10 ml deionized water, respectively. The heating rate of AuNPs was around 0.4˚C/min by mEHT treatment and no significant differences were observed between deionized water and various sharps AuNPs solutions. After 24 h incubated with 50 nm AuNPs solution, the concentration of 1.56 to 100 ppm showed negligible cytotoxicity to HepG2 cells and no difference was obvious among various shapes of AuNP. HepG2 cells were exposed to HT treatment (water bath and mEHT). Compared with water bath (42˚C) treatment, the mEHT treatment showed significantly reduced survival ratio. While no significant synergistic effect on cell killing of HepG2 cell was noticed in the co-incubation with various AuNPs as mEHT treatment. However, compared to the control group (without AuNP incubation) or the co-incubation groups, the cell-killing effect of mEHT was significantly decreased in those groups which HepG2 cells pre-incubated with AuNPs for 24 h and then exposed to mEHT treatment. The results of annexin-V flow cytometry revealed that percentage of early apoptotic cells significantly reduced. Conclusion: This study has demonstrated that 50 nm of spherical and urchin-like gold nanoparticles could be synthesized by adjusting the reaction concentration of hydroquinone in the hydroquinone reduction method. Compare to water, there is no significant heat generation in different shapes of AuNPs after exposing to mEHT. Similar cell damage effects of mEHT in HepG2 cells were noticed between the control group (without AuNPs) and the co-incubation groups, while high cell survival and low apoptosis ratio was observed in the pre-incubation groups.

Plasmonic nanoparticles and their assembly have the potential to serve as a platform in practical applications such as photonics, sensing, and nano-medicine. To use plasmonic nanoparticles in these applications, it is important to understand their optical properties and find methods to control their optical response. Using polarization-sensitive dark-field spectroscopy to study self-assembled nanoparticle rings on substrates with different permittivities I show that the interaction between collective plasmon resonances and the substrate can control the spatial scattering image. Using liquid crystals as an active medium that can be controlled with an external electric field I show that the Fano resonance of an asymmetric plasmonic assembly can be actively controlled utilizing the polarization change of scattered light passing through the liquid crystal device. Furthermore, utilizing the strong electromagnetic field enhancement of coupled plasmonic “nanospikes” on the surface of gold nanoshells with a silica core, I show the use of single spiky nanoshells as surface-enhanced Raman spectroscopy substrates. Individual spiky nanoshells give surprisingly reproducible surface-enhanced Raman spectroscopy intensities with a low standard deviation compared to clusters of nanoparticles. In summary, the work presented here provides understanding of the plasmonic response for assembled nanoparticles on different substrates, illustrated a new method to actively control the optical response of plasmonic nanoparticles, and characterizes spiky nanoshells as surface-enhanced Raman scattering platform.

Despite increasing philosophical knowledge of disaster planning and preparedness, disasters still remain a challenge in many communities. As a result, communities, environment and economies remain considerably vulnerable and at the risk of disaster destruction hence, sustainable development is undermined. The purpose of this study is to review and assess the state of community readiness in order to prevent and mitigate common hazards in the City of Johannesburg, especially in previously disadvantaged communities such as Protea-South. A survey and interviews was conducted with the local community members. Results show that, this community like many others, is at high risk, due to their living circumstances. e.g. the presence of densely built shacks on a flood plain; poor hygiene and sanitation, pollution, poverty etc. There is therefore a need for a paradigm shift by institutions from emergency response and the provision of hard infrastructure to disaster prevention, preparedness and soft infrastructure provision by means of an approach encompassing collaborative planning.

In most cases in a deceased person’s estate, there are problems with co-ownership where more than one family member inherits the deceased family estate assets. To escape the perils of co-ownership the beneficiaries consensually agree to divide the inherited communallyshared asset/s. This agreement can take place immediately after the death of the family estate owner or some time later regarding some or all of the said assets. On the conclusion of the division agreement, the contractual party who receives the awarded assets enjoys sole ownership and the other contractual parties by agreement retract their ownership. In a jurisprudential content analysis of forty-six recorded family deceased division agreements from Old Babylonian Larsa and Nippur, essential elements are identified which are the framework and qualification requirements for a family deceased division agreement. Within this framework the concepts, terms and elements of the agreement are categorised as natural and incidental elements, which reflect the specific law traditions and choices of contractual parties and show the unique scribal traditions in the different Old Babylonian city-states of Larsa, Nippur and Sippar. The aim of the study is to shed a more focused light on the interpretation of recorded Old Babylonian division agreements and to show that the division agreement was a successful, timeless, estate administration mechanism and tool to obviate any undesirable consequences of co-ownership of the bequeathed property.
Old Testament & Ancient Near Eastern Studies
D. Litt. et Phil. (Ancient Near Eastern Studies)

Government introduced the Broad-based Black Economic Empowerment Act, No. 53 of 2003 and the Broad-based Black Economic Empowerment Codes of Good Practice (‘the Codes’) in 2007 to address the economic inequalities in South Africa by incentivising companies to include black people in economic activities. These incentives relate to implementation of preferential procurement, which is meant to favour companies that are BEE-compliant. Based on the literature and government’s intention with BEE policies, an assumption developed that companies with greater BEE compliance, which is measured through a BEE scorecard as per the Codes, would perform better in terms of market share through their revenue and in terms of profits. The main objective of this study was to carry out an in-depth analysis of the relationship between BEE scores and revenue growth and profitability of JSE-listed companies. This was done to determine whether the efforts by government of incentivising companies to be more BEE compliant are effective. This study was conducted as a two-part model consisting of regression analysis and ttest to determine whether there is a relationship between BEE scores and revenue and profitability. The regression analysis focused on the top 100 most black-empowered companies. The t-test was a comparison of two data sets, which consisted of companies in the top 100 most black-empowered companies and those that do no fall among the top 100 most black-empowered companies. The results showed that, at the time of this research, there were no significant relationships between BEE scores and revenue and profitability. The analysis of the research findings collectively demonstrated that for both the tests (regression and ttest), the relationship between revenue and profitability could not be established. Hence, the results postulate that BEE compliance does not produce the desired results for the companies, which can be translated into better profitability and market share.
Financial Accounting
M. Phil. (Accounting Sciences)

This paper examines the different share valuation methods and principles likely to be used by a court in determining the fair value of dissenting shareholders’ shares in appraisal proceedings in terms of section 164(14) of the Companies Act 2008. It is submitted that the valuation principles and methods used by the courts will affect the operation of the triggering actions contemplated in subsections 164(2)(a) - (b). It is proposed that section 164 court appraisals are likely to be guided by the valuation methods and principles developed in section 252 and section 440K court appraisals under the Companies Act 1973, as well as by the decisions of the courts in the state of Delaware relating to share valuations under the appraisal remedy. It is further proposed that the purpose ascribed to the appraisal remedy will influence the application of these valuation methods and principles.
Mercantile Law
LL.M. (Corporate law)