Dissertations / Theses on the topic 'Diversification'
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Eichholtz, Petrus Mattheüs Alphonse. "Real estate diversification." Maastricht : Maastricht : Rijksuniversiteit Limburg ; University Library, Maastricht University [Host], 1994. http://arno.unimaas.nl/show.cgi?fid=5759.
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Al, Hashemi Hamed. "Pathways to diversification." Thesis, Cranfield University, 2016. http://dspace.lib.cranfield.ac.uk/handle/1826/11694.
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A fundamental research question in regional economic development, is why some regions are able to diversify into new products and industries, while others continue to face challenges in diversification? This doctorate research explores the different pathways to diversification. It follows the three-stage modular structure of DBA for Cranfield School of Management. This thesis consists of a systematic literature review, a single qualitative case study on UAE, and a research synthesis of published cases on Singapore, Norway and UAE. The linking document provides a summary of the three projects and consolidates findings and contributions into a path creation model that provides new understanding on the pathways to regional diversifications.
This research integrates existing theoretical foundations of evolutionary economic geography, institutional economic geography, path dependence, industry relatedness, economic complexity, and path creation into a unified conceptual path creation model. It generates propositions, builds a framework and develops a matrix for path creation that integrate context, actors, factors, mechanisms and outcomes shaping regional diversification. It finds that in the context of path dependence and existing conditions of a region, economic actors undertake strategic measures to influence the institutional capabilities to accumulate knowledge and trigger indigenous creation, anchoring, branching, and clustering diversification mechanisms to create complex varieties of related and unrelated diversification outcomes. The institutional collaboration capabilities are found to be instrumental in accumulating knowledge and determining the relatedness and complexity of diversification outcomes. This research further provides a set of integrated platform strategies to guide policy-makers on setting up the pathways to regional diversification.
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Pils, Frithjof. "Diversification, Relatedness, and Performance." Wiesbaden : Gabler Edition Wissenschaft, 2009. http://dx.doi.org/10.1007/978-3-8349-8181-3.
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Leuhusen, Fredrik Carl Axel Peter. "Why Revenue Diversification Matters." Thesis, University of Pennsylvania, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10286178.
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Revenue diversification is a term that becomes more relevant as higher education institutions are confronted with increased regulation, competition, declining enrollments, and strained finances. A challenge that many institutions face is that expenditures are higher than revenues and increase faster than them. The term Revenue diversification seems obvious to higher education administration professionals, although they do not all define it the same way. For that reason, it needs a precise definition so that the industry genuinely can embrace the concept and thereby seek to generate more revenues to drive existing and innovative agendas. Indeed, a common understanding will allow universities to develop strategies to reduce the reliance on traditional tuition and fees. The study examines three not-for-profit institutions with a student population less than 5,000 that already are diversifying their revenue streams. The definition of leadership at each institution is compared with the strategies that have been implemented or proposed in order to understand whether there is alignment. The three cases—Stevenson University, Franklin & Marshall College, and Oglethorpe University—respectively have the following story lines: 1) growth is the only possibility; 2) the current situation is one of stasis, and the way forward is unclear; 3) efforts must be undertaken to improve financial viability. In addition to the qualitative research, the study also encompasses an analysis of IPEDS that reflects how each institution is changing its revenues in comparison to a similarly situated group of institutions. The findings reveal that Revenue diversification is on everybody’s mind, but the definition of the term is inconclusive. Leadership teams are trying to determine what revenue-diversification strategies will work for the institutions and its stakeholders to be able to offset expense increases. Identifying new revenue sources will entail pursuing non-historical revenue sources, which includes academic programs, services, property, institutional advancement, and more. The higher education environment is concerning to many of its member institutions, and by diversifying revenues, long-term viability can be secured.
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Elrouby, Nabil. "Transposon-mediated gene diversification." Thesis, McGill University, 2005. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=85547.
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Transposons are mobile genetic elements that have the potential to cause mutations as a result of different aspects of their life cycle. Because most of these mutations are detrimental and due to a selfish life cycle seemingly aiming at increasing their numbers, transposons have been regarded as "junk" DNA that contributes no evolutionary function to the host organism. In this thesis, I argue that although most of the transposon-induced mutations are detrimental, some may lead to benefits for the host and become adaptive. I discuss recent evidence from the literature that points to several mechanisms by which transposons and transposon activity may lead to the diversification of host genes and gene functions. I also provide evidence that transposons have inserted in the 5' flanking region of the gene coding for maize and teosinte auxin-binding protein 1 (Abp1). These transposons do not change the structure of the Abp1 transcripts but may modulate Abp1 gene expression quantitatively. In addition, I document the first case outside of oncogenic retroviruses, of a retrotransposon (called Bs1) that transduced portions from three different maize genes. I show that the Bs1-associated transduction events resulted in the formation of one uninterrupted open reading frame that is both transcribed and translated in reproductive tissues. I suggest that, such as in the case of Bs1, gene transduction by retroelements may be a general mechanism for the evolution of new hybrid genes by the shuffling of host sequences. I conclude that transposons are better regarded as means for the generation of gene and genomic diversity. Natural selection will favor and fix adaptive variants whereas detrimental mutations are likely to be purged out of the population.
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Esteves, Carlos Manuel Geraldes. "Portfolio diversification using Bitcoin." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21053.
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Mestrado em FinançasNormalmente, as Bitcoins são associadas a um lado mais controverso e ilegal - Bitcoin como meio de chantagem a pessoas ou empresas. Esquemas de pirâmide (Ponzi) ou ainda meio de pagamento no mercado negro, geralmente na dark-web. Mas, existem investidores que estão a utilizar Bitcoin como um ativo nos seus investimentos, seja numa estratégia mais passiva seja mais ativamente, com compra e venda consoante as flutuações cambiais. O aspeto negativo deste ativo financeiro é a sua volatilidade Apesar de, atualmente, Bitcoins e outras cripto moedas se encontrarem numa zona cinzenta, ou vazio legal, e serem um ativo de elevado risco, existe a possibilidade de estas pertencerem a portfolios de investimento, como agente de diversificação. Um agente diferente e recente, mas algo possível. Esta dissertação tem, portanto, como objetivo, analisar se a Bitcoin pode ser um agente diversificador num portfolio eficiente e bem diversificado.
Usually, we associate Bitcoin with the dark side of the finance world - Bitcoin as a mean for online blackmail or scam, the black market or even for Ponzi schemes, where Bitcoin and other digital currencies are used as mean of payment, instead of physical currency. But, there are also investors who are using Bitcoin as an investment asset, whether for buy and hold strategies or trading The downside of this investment asset it is the volatility Although risky and legally in a grey zone, it can be used in an investment portfolio as a diversification agent, an odd one but perhaps feasible. The aim of this thesis is to analyze if Bitcoin can as a diversification agent in an efficient and well diversified portfolio.
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Sayrak, Akin. "Corporate diversification and governance /." Digital version accessible at:, 1999. http://wwwlib.umi.com/cr/utexas/main.
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Xing, Xuejing. "Essays on firm diversification /." free to MU campus, to others for purchase, 2003. http://wwwlib.umi.com/cr/mo/fullcit?p3091982.
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Zhu, Xinlin. "Essays on corporate diversification." Thesis, University of Exeter, 2016. http://hdl.handle.net/10871/26320.
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This thesis consists of three empirical essays on corporate diversification. The first empirical study (Chapter 2) examines the relationship between coinsurance across divisional investment opportunities and the value of corporate cash holdings. The study finds that coinsurance across divisional investment opportunities reduces the value of cash for poorly governed firms and constrained firms, but increases the value of cash for firms with efficient internal capital markets. Evidence suggests that the agency channel dominates the other two, leading to an overall negative effect of coinsurance across divisional investment opportunities on the marginal value of cash. The second empirical study (Chapter 3) examines the impact of coinsurance across divisional investment opportunities on merger outcomes. The study finds that coinsurance across divisional investment opportunities is negatively associated with acquirer announcement returns and post-merger operating performance. The study documents a positive link between coinsurance across divisional investment opportunities and the probability of firms initiating mergers when they are poorly-governed. Evidence suggests that coinsurance across divisional investment opportunities is closely associated with agency problems and thus can lead to value destruction in diversified firms. The third empirical study (Chapter 4) examines the impact of product market competition on the relationship between corporate diversification and the cost of debt financing. The study finds that that product market competition amplifies the cost-reduction benefits of diversification for financially constrained firms and firms with efficient internal capital markets, but it can reduce the diversification benefits for firms with a high level of multimarket contacts. Although intense competition may, in some cases, undermine the tacit collusion through the multimarket contacts in diversified firms, overall, the negative association between diversification and cost of debt financing is stronger in firms facing intense competition. Evidence suggests that the diversification benefits in the debt market, to some extent, alleviate the negative effect of diversification in the equity market.
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Pellegrini, Chiara <1993>. "Bitcoin and portfolio diversification." Master's Degree Thesis, Università Ca' Foscari Venezia, 2017. http://hdl.handle.net/10579/11614.
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The purpose of this thesis is presenting the main technical and qualitative aspects of cryptocurrencies and especially bitcoin. Bitcoin is a decentralized technology that allows making payments with no control of a central authority. This innovative peer-to-peer system provides cryptographic proof to verify and process transactions and was invented in 2009 by Satoshi Nakamoto. Being an open-source technology, its code is fully disclosed to other developers.
The innovative aspects of Bitcoin are based on different topics: cryptography, software engineering, and economics. The following analysis is to prove that this financial assets are useful to improve portfolio decorrelation with the market and to diversify. The financial aspects of bitcoin as a currency will be compared to the gold through correlation analysis.
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Chanurai, Arreeya. "A contingency theory of diversification : the case of diversification into the Thai telecommunications industry." Thesis, City University London, 2002. http://openaccess.city.ac.uk/7597/.
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During the past two decades, the trend towards diversification by large corporations in the advanced industrialised nations has been a transition from diversification to specialisation. However, there is little evidence of these same trends being duplicated in the emerging-market countries. Are large business enterprises in the emerging market countries slow in responding to the new strategic logic or is there some justification for such discrepancy'? The study provides the rationale to support a contingency theory of diversification. Diversification strategy is an outcome of not only a firm's resource base and the characteristics of industries, but also depends upon the level of development and transactional efficiency of resource markets within the country and the role of inter-firm collaboration. The study follows a resource-based approach to corporate strategy. The study is based on a qualitative case study approach. The empirical analysis is based on two levels. First, I examined the overall diversification strategies of the 20 largest Thai business groups. Second, I conducted detailed case studies of the diversification decisions of three Thai business groups focusing specifically upon diversification into the telecommunications sector. The case studies are constructed around three companies that diversified into the telecommunications industry in Thailand during the same period. Data from another 13 diversifying companies and five public organisations also provide additional sources of empirical evidence. The empirical evidence shows that diversification into a business which may not be operationally related to the core business -a concept which has lost favour in many of the Anglo-Saxon countries - makes strategic sense in the business environment of the emerging market countries. Essentially, the 'general' theory of diversification holds true in many cases. The key is a) to recognise the different characteristics of markets for resources and the strategic resources in different parts of the world, and b) to understand that strategic resources do not depend on just availability of resources in the market and internal resources within the firm, but also the role of inter-firm collaboration. Differences in business environment raises the question of whether a single diversification strategy is universally applicable.
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Mitteregger, Love. "Home Biasness & International Diversification : Are The Benefits of International Diversification Starting to Deteriorate?" Thesis, Karlstads universitet, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-41041.
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Is home biasness common among modern investors? To which extent do Swedish investors diversify their investments on an international level? Does home biasness negatively affect the investors performance? To answer these questions, correlation tests of various international indices ranging over four different time periods are conducted, in order to see if correlation between markets are stronger today than before, as stronger correlation would render diversification less useful. To enhance the study, the holdings of the top ten Swedish funds, measured in fund capital according to Morningstar, is reviewed, based on data collected per 2014-12-31 from the Swedish Financial Supervisory Agency (FI). This gives an overview of how the funds diversify their investments internationally, these funds will in turn represent the average Swedish investor in the thesis. By constructing a bullet curve from a set of international indices, the author will analyse to which grade international diversification is useful. The results are that international diversification isn’t as beneficial as theory suggests it is. The reason for it may be due to stronger correlation between international markets in the past 15 years. Most of the Swedish funds tends to be rather home biased in their investments, as about a quarter of the holdings usually are placed in Swedish assets, and in accordance with the results of the indices development, the more home biased they are to Sweden, the better they tend to perform.Hur vanligt är egentligen home biasness hos den moderna investeraren? Till vilken grad diversifierar egentligen den vanliga Svenska investeraren sina tillgångar internationellt? Påverkar en eventuellt inhemskt investeringsfilosofi investeraren negativt? Korrelationstester för olika världsindex kommer utföras, så att en överskådade blick kan fås över hur världsmarknader rör sig allt mer symmetriskt, då starkare symmetri mellan marknader minskar nyttan av internationell diversifiering. Data om innehav från Sveriges topp tio fonder, sett till fondförmögenhet utifrån Morningstar, har samlats från finansinspektionen per 2014-12-31. Dessa fonder ska representera den typiske Svenska investeraren och dess diversifieringsvanor. Genom att ha samlat data från ett flertal internationella index har effektiv front samt en fiktiv kombination av index skapats för att få fram huruvida avkastning i relation till risk ökar genom internationell diversifiering. Denna kombination av index jämförs sedan mot utveckling av en handfull internationellt samlade index för att se om diversifiering förbättrar avkastningen i relation till risk. Resultatet säger att det index som är mest diversifierade inte är så gynnsamt som teorin påstår. Anledningen till detta kan bero på den ökade korrelationen bland aktiemarknader idag jämfört med för 15 år sedan. De flesta Svenska fonderna har en större andel av sitt innehav i Svenska värdepapper och överlag, förutom diverse undantag, så har det gynnat dessa fonder i avkastning sett till risk.
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Butlin, Joseph Ming. "Mating system evolution and diversification." Thesis, Imperial College London, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.497778.
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Ryder, Robin Jeremy. "Phylogenetic models of language diversification." Thesis, University of Oxford, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.543009.
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Cornille, Amandine. "Diversification dans le genre Malus." Phd thesis, Université Paris Sud - Paris XI, 2012. http://tel.archives-ouvertes.fr/tel-00923150.
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Malgré son importance économique, culturelle et historique, l'histoire évolutive du pommier cultivé (Malus domestica) ainsi que celle de ses apparentés sauvages supposés, restaient encore très peu connues. En s'appuyant sur les nouvelles approches de génétique des populations (approximate Bayesian computation) avec l'utilisation de marqueurs microsatellites et de séquences nucléaires, cette thèse a eu pour objectif d'étudier, à différentes échelles évolutives (phylogéographie, spéciation, domestication), les mécanismes de diversification naturelle et artificielle dans le genre Malus. Mes travaux ont porté sur quatre espèces de pommiers sauvages distribuées à travers l'Eurasie (Malus orientalis (Caucase), Malus sieversii (Asie Centrale), Malus sylvestris (Europe), et Malus baccata (Sibérie)) et sur la seule espèce domestiquée du genre, Malus domestica. Cette thèse s'est articulée en quatre parties visant respectivement à inférer : (i) l'histoire de la domestication du pommier cultivé depuis son centre d'origine en Asie Centrale, (ii) l'histoire de la recolonisation post-glaciaire du pommier sauvage Européen (M. sylvestris), (iii) les histoires de spéciation entre les cinq espèces de Malus, (iv) les hybridations interspécifiques et les capacités de dispersion des trois principaux contributeurs (M. sylvestris, M. sieversii et M. orientalis) au génome du pommier cultivé. L'étude des mécanismes de diversification artificielle montre que les processus de domestication sont originaux chez cet arbre fruitier, de par l'absence de goulet d'étranglement et l'existence d'introgressions post-domestication fréquentes par une autre espèce sauvage (M. sylvestris) que l'espèce ancestrale (M. sieversii). L'étude des processus de diversification naturelle (phylogéographie, spéciation et structure des populations) révèlent de grandes tailles de populations, de forts flux de gènes et de faibles structures génétiques spatiales chez chacune des espèces. Cette thèse a aussi révélé de forts taux d'hybridations interspécifiques, en particulier de fortes introgressions des espèces de pommiers sauvages par le pommier cultivé en Europe et en Asie Centrale. Cette étude a permis l'amélioration des connaissances de la structuration des populations de pommiers sauvages ayant contribué au génome du pommier cultivé ainsi que de l'étendue des hybridations du pommier cultivé avec les espèces sauvages. Ces travaux revêtent une grande importance autant pour la conservation des pommiers sauvages, pour le maintien de leur intégrité dans des habitats fragmentés que pour l'amélioration variétale du pommier domestiqué.
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Lu, Sa. "Portfolio diversification with hedge funds." Thesis, University of Reading, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.442422.
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Santos, Rodrygo Luis Teodoro. "Explicit web search result diversification." Thesis, University of Glasgow, 2013. http://theses.gla.ac.uk/4106/.
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Queries submitted to a web search engine are typically short and often ambiguous. With the enormous size of the Web, a misunderstanding of the information need underlying an ambiguous query can misguide the search engine, ultimately leading the user to abandon the originally submitted query. In order to overcome this problem, a sensible approach is to diversify the documents retrieved for the user's query. As a result, the likelihood that at least one of these documents will satisfy the user's actual information need is increased. In this thesis, we argue that an ambiguous query should be seen as representing not one, but multiple information needs. Based upon this premise, we propose xQuAD---Explicit Query Aspect Diversification, a novel probabilistic framework for search result diversification. In particular, the xQuAD framework naturally models several dimensions of the search result diversification problem in a principled yet practical manner. To this end, the framework represents the possible information needs underlying a query as a set of keyword-based sub-queries. Moreover, xQuAD accounts for the overall coverage of each retrieved document with respect to the identified sub-queries, so as to rank highly diverse documents first. In addition, it accounts for how well each sub-query is covered by the other retrieved documents, so as to promote novelty---and hence penalise redundancy---in the ranking. The framework also models the importance of each of the identified sub-queries, so as to appropriately cater for the interests of the user population when diversifying the retrieved documents. Finally, since not all queries are equally ambiguous, the xQuAD framework caters for the ambiguity level of different queries, so as to appropriately trade-off relevance for diversity on a per-query basis. The xQuAD framework is general and can be used to instantiate several diversification models, including the most prominent models described in the literature. In particular, within xQuAD, each of the aforementioned dimensions of the search result diversification problem can be tackled in a variety of ways. In this thesis, as additional contributions besides the xQuAD framework, we introduce novel machine learning approaches for addressing each of these dimensions. These include a learning to rank approach for identifying effective sub-queries as query suggestions mined from a query log, an intent-aware approach for choosing the ranking models most likely to be effective for estimating the coverage and novelty of multiple documents with respect to a sub-query, and a selective approach for automatically predicting how much to diversify the documents retrieved for each individual query. In addition, we perform the first empirical analysis of the role of novelty as a diversification strategy for web search. As demonstrated throughout this thesis, the principles underlying the xQuAD framework are general, sound, and effective. In particular, to validate the contributions of this thesis, we thoroughly assess the effectiveness of xQuAD under the standard experimentation paradigm provided by the diversity task of the TREC 2009, 2010, and 2011 Web tracks. The results of this investigation demonstrate the effectiveness of our proposed framework. Indeed, xQuAD attains consistent and significant improvements in comparison to the most effective diversification approaches in the literature, and across a range of experimental conditions, comprising multiple input rankings, multiple sub-query generation and coverage estimation mechanisms, as well as queries with multiple levels of ambiguity. Altogether, these results corroborate the state-of-the-art diversification performance of xQuAD.
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Ferreira, Pedro Miguel Barreirão. "Diversification and portfolio selection methods." Master's thesis, Instituto Superior de Economia e Gestão, 2010. http://hdl.handle.net/10400.5/2227.
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Mestrado em FinançasThis paper studies several portfolio selection methods in order to achieve higher returns and lower risk than the market. The main objective of this paper is to conclude if it is possible to achieve higher returns and lower risk than the market using only daily close stocks price data. It is important however, to know how the number of assets affects the risk of portfolio (benefits of diversification). Therefore, in the early stage, the impact of the introduction of stocks in the portfolio in terms of risk will be analyzed in order to choose a minimum number of stocks to maximize the benefits of diversification. Several techniques of portfolio selection (optimal portfolio, minimum variance and equal weights) are tested in order to achieve higher returns and lower risk levels than the sectors indexes. The benefits of diversification can be achieved with few stocks. This is the first conclusion of this paper that allows a reduction of the cost of transactions in the techniques used. Some of the portfolio selection methods in this paper achieved quite good results, revealed better performance than the index markets over the ten year period. However the best technique isn't equal to all sectors, there are slight differences between the best techniques among sectors.
Este trabalho estuda diversos métodos de selecção de carteiras de forma a obter maiores retornos e menor risco que o mercado. O principal objectivo é obter maiores rendibilidades e menores níveis de risco que o mercado usando apenas os preços das acções. Contudo, é importante saber como o número de activos afecta o risco de uma carteira (benefícios da diversificação). Portanto, numa primeira fase, será analisado o impacto da introdução de activos numa carteira em termos de risco, para escolher um número mínimo de acções para constituir uma carteira maximizando o benefício da diversificação. Diversas técnicas de selecção de carteiras (carteira óptima, variância mínima e pesos iguais) são testadas de forma a obter maiores retornos e menores nível de risco que o índice sectorial. Os benefícios da diversificação podem ser atingidos com poucas acções. Esta foi a primeira conclusão, que permitiu a redução dos custos de transacção nas técnicas utilizadas. Alguns métodos de selecção de carteiras estudados obtiveram bons resultados, revelando melhor performance que o índice de mercado ao longo dos dez anos. Contudo, a melhor técnica não é igual para todos os sectores, existem ligeiras diferenças entre as melhores técnicas entre os sectores.
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Pedrono, Justine. "Banking stability and currency diversification." Thesis, Aix-Marseille, 2017. http://www.theses.fr/2017AIXM0283/document.
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La crise financière de 2008 a mis en exergue l'instabilité financière des banques en identifiant le caractère procyclique du levier bancaire, la sous-capitalisation des banques, et la nécessité de définir une nouvelle régulation bancaire. La dimension internationale des activités bancaires et l'identification des banques globales complètent ce constat. Les banques européennes, par leurs expositions aux marchés financiers américains, sont diversifiées internationalement: une part de leurs actifs et de leurs dettes est libellée en dollar américain. Le taux de change flottant entre le dollar et l'euro introduit un effet de valorisation et un risque de change qui impactent la stabilité bancaire. Cette thèse étudie l'impact de la diversification internationale des bilans bancaires sur la procyclicité du levier, sur la structure du capital, et sur la volatilité de capital. Quatre chapitres combinent des travaux théoriques et empiriques. Le premier chapitre analyse l'impact théorique de la diversification sur la procyclicité du levier. Le chapitre 2 utilise des données bancaires françaises entre 1999 et 2015 et montre un impact positif. Dans le chapitre 3, les mêmes données sont utilisées afin d'estimer l'impact de la diversification sur la structure du capital. L'introduction de cette dimension est déterminante dans le cadre de cette analyse. Enfin, le chapitre 4 élargit la problématique en reliant l'intégration internationale, la diversification et la volatilité du capital. Nous identifions les différentes sources de risque et nous montrons que la banque peut bénéficier d'un régime de change flottant et d'une diversification internationaleThe 2008 financial crisis has rekindled discussions on the financial stability of banks by identifying the procyclical behavior of banking leverage, the lack of capital in banks' balance sheet and the necessity of introducing a new regulatory framework. It has also highlighted the international dimension of banking activities and the identification of global banks. The significant exposure to the US financial markets leads to an international diversification of European global banks where part of their assets and liabilities are denominated in US dollar. The floating exchange rate regime between the US dollar and the euro then implies a foreign exchange risk and a valuation effect that would affect banking stability. The purpose of thesis is to study the impact of international diversification of bank’s balance sheet on leverage procyclicality, capital structure and equity volatility. I develop four chapters combining theoretical and empirical research. The first chapter analyses the theoretical impact of currency diversification on leverage procyclicality. Chapter 2 uses innovative data on banks located in France from 1999 to 2015 and shows that the relationship is positive. In the third chapter, we use our data to estimate the impact of international diversification on capital structure and we show that introducing this new dimension is determinant to the capital structure. Finally, chapter 4 enlarges the analysis to international integration, diversification and equity volatility. I identify all risk channels a bank supports and show that banks can benefit from both floating foreign exchange regime and international diversification
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Ramsey, Isaiah. "Sector Diversification: Implications for Investors." Digital Commons @ East Tennessee State University, 2020. https://dc.etsu.edu/honors/578.
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This thesis examines if the correlations between equity sectors have increased over time, mitigating sector diversification. Investors and other financial enthusiasts have started to believe that sector diversification is not a useful investment strategy. To investigate whether correlations among the sectors are rising, this study analyzes numerous aspects regarding sector diversification. Twenty years of monthly sector returns are used to determine whether correlations among the sectors are increasing. Also, the analyzation of sector movement during up and down periods of the market is addressed within the thesis. This study finds that the majority of the sectors move together in times of a financial crisis, like the 2007-2008 market crash. Thus, when sector diversification is most needed, it often fails during times of strife. Furthermore, the study analyzes how the majority of the sectors tend to not move with the market over the twenty-year period. Results suggest the correlations between the sectors have not become closer contrary to popular belief. The importance and usefulness of sector diversification when investing is validated by this study’s results.
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Pigot, Alexander Lester. "The geography of species diversification." Thesis, Imperial College London, 2012. http://hdl.handle.net/10044/1/10662.
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Speciation is largely a geographical process, but the role of geography in explaining patterns in species diversification remains poorly understood. Here I examine the effects of geographic ranges on the evolution of species diversity using a combination of phylogenetic and geographic approaches based on both simulated and real data. In the first part of the thesis, I develop a neutral model combining the evolution of species’ distributions and the geography of speciation to explore the effects of this relationship on the dynamics of species radiations. I show that neutral interactions between geographic ranges and speciation can lead to dramatic differences in diversity amongst clades and through time, and can mirror the phylogenetic patterns observed in real data derived from bird genera. The evolution of ranges following speciation is likely to be a key factor in how patterns of species diversification unfold through time. In the second part of the thesis I examine the dynamics of ranges over both ecological and evolutionary timescales. First, using neutral and deterministic models of range expansion, I show that the structure of species’ distributions in birds are highly deterministic and cannot be predicted by random ecological processes. I then use phylogenies of extant birds and mammals, to examine whether there is any evidence for systematic changes in range size through time. In both groups, I find that a model of random range evolution cannot be rejected. The results show that inferences regarding the dynamics of range evolution from extant phylogenies are likely to be confounded by the effects of speciation and extinction. In the final part of the thesis, I test whether the geographic ranges of species determine the potential for speciation, focussing on how range shape constrains gene flow between populations. Using estimates of population neutral genetic differentiation for birds, mammals and amphibians, I find that differences in the degree of genetic cohesion of a species cannot be predicted by the shape of its geographic range. Hence, if range shape is to influence speciation it must do so through alternative mechanisms. Taken together, these findings suggest that geography can have a profound effect on the patterns of diversification. Ignoring the role of geography may therefore result in misleading conclusions regarding the processes underlying variation in species diversity. While my findings show that geographic ranges are deterministic, they also imply that neutral processes may play a much larger role in the history of diversification than is generally appreciated. This geographical perspective therefore goes some way to reconciling the roles of neutrality and ecology in the evolution of species diversity.
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Miller, Douglas J. "Corporate diversification, relatedness, and performance." Connect to resource, 2000. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1261069783.
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Stegen, James. "Adaptive Diversification of Interaction Networks." Diss., The University of Arizona, 2009. http://hdl.handle.net/10150/194843.
Full textAbstract:
Understanding the processes responsible for gradients in biodiversity is a central goal of ecological research. In order to elucidate the processes responsible for community assembly and structure, it is useful to adopt a functional trait approach to community ecology. This is because species names provide little information regarding how constituent species interact. In addition, assembly rules based on species names are likely to become intractably complex with increasing species richness but rules based on traits can provide simple, broadly applicable. In turn, generality is gained by emphasizing functional traits. Here I first build from a previously published model that merged metabolic theory with a model of community evolution and assembly to derive a general assembly rule based on a continuous functional trait and compare this rule with a broad suite of empirical data (Chapter 1). However, linking metabolism to macroevolutionary rates and patterns has thus far been limited to non-ecological, static models. These models are not inconsistent with empirical data, but are relatively limited in their predictive ability (Chapter 2). I thus next develop a fully dynamic `metabolic theory of biodiversity' (MTB) that explicitly implements the qualitative framework proposed in Allen et al. (2007). With this model I examine the influence of temperature dependent mutation rate on speciation rate, extinction rate and species richness (Chapter 2). The model predicts a variable influence of temperature, but the processes responsible for this variation are not immediately clear. I subsequently conduct a detailed analysis elucidating the key processes that allow/constrain a strong influence of temperature dependent mutation rate on species richness (Chapter 3). In addition to mutation rate, temperature-dependent metabolism can influence ecological (feeding and mortality) and ecosystem (e.g. decomposition and in turn nutrient supply) rates. As such, I extend the model developed in chapters 1-3 to incorporate these additional temperature dependencies and derive predictions for the influence of temperature over species richness (Chapter 4).
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Pembleton, Christopher James. "Creating Revenue Diversification Among Nonprofits." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5245.
Full textAbstract:
Creating revenue diversification forces nonprofit leaders to create innovative programs and services, build resilience against adverse conditions, and establish a sustainable future. The problem is that some nonprofit managers lack strategies for developing a diversified financial portfolio to achieve sustainability. The purpose of this single-case study was to explore the revenue diversification strategies used by 3 leaders of a nonprofit organization in the eastern region of the United States through the conceptual lens of Markowitz's modern portfolio theory and Thaler's behavioral finance theory. Data were collected using purposeful sampling, semistructured interviews, and analysis of organizational documents, social media platforms, and online databases. Four categories were used to organize the data: process strengths, process opportunities, results strengths, and results opportunities. The key themes that emerged from process strengths and results strengths were utilizing volunteers, collaborating with local partners, developing diverse revenue streams, strong fiscal management, program innovation, and evaluating the market. The key themes that emerged from process opportunities and results opportunities were the lack of written processes and procedures, the lack of process improvement strategies and performance measurement outcomes, the lack of knowledge about donor attrition and retention, and high turnover in the executive director position. Organizational leaders who focus on diversifying revenue streams can serve the mission instead of chasing funding streams that have become more competitive. The social change implication of these findings is that nonprofit leaders could create sustainability through diverse revenue streams, ensuring long-term employment, and sustaining positive social impacts.
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Tasca, Paolo <1976>. "Diversification, leverage and systemic risk." Doctoral thesis, Università Ca' Foscari Venezia, 2012. http://hdl.handle.net/10579/1188.
Full textAbstract:
The Thesis investigates from a theoretical perspective the relationship between leverage, diversification and systemic risk. Moving from the folk wisdom that asset diversification enhances financial stability by dispersing credit risks, we contribute to the debate shedding light on a critical facet of this strategy. First a representative leveraged investor is considered. Under the standard framework of asset pricing theory in a frictionless, arbitrage-free and complete market, we show
that maximum diversification may increase the default risk. Then, we consider a financial system of interconnected banks whose assets include also securities outside the financial network. We show that diversification in external assets displays a knife-edge effect: beyond a certain range, it may induce financial instability. Finally, we found that in presence of procyclical capital requirements that create a positive feedback loop between leverage and asset prices, the knife-edge property is
amplified.La Tesi esamina da un punto di vista teorico la relazione tra leva finanziaria, diversificazione e rischio sistemico. Partendo dalla convinzione popolare che la diversificazione innalza la stabilità finanziaria attraverso la diluzione dei rischi, collaboriamo al dibattito facendo luce su un aspetto critico di questa strategia. Consideriamo dapprima un investitore in leva. Sotto le condizioni standard della teoria moderna della finanza, dimostriamo che la massima diversificazione può aumentare il rischio di fallimento. Successivamente, consideriamo un sistema finanziario composto da banche con mutua esposizione finanziaria tra di loro e che investono in attività esterne al sistema. Dimostriamo che la diversificazione in attività esterne oltre un certo livello può diminuire la stabilità finanziaria: effetto 'filo di rasoio'. Alla fine troviamo che in presenza di regolamenti di capitale che creano un ciclo tra leva e prezzi, la diversificazione amplifica l'effetto 'filo di rasoio'.
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Vieira, Christophe. "Lobophora : biotic interactions and diversification." Thesis, Paris 6, 2015. http://www.theses.fr/2015PA066195.
Full textAbstract:
L'algue brune Lobophora représente une composante benthique importante au sein des récifs coralliens tropicaux, et a à attirer dès le début des années 80 l'attention des écologistes marins en proliférant de façon remarquable au détriment des coraux. Les écologistes marins ne s’accordent toujours pas pour conclure si le changement de communauté au profit des macroalgues représente une conséquence ou une cause de la dégradation des coraux. Alors que Lobophora a fait l'objet d'observations contradictoires en termes de susceptibilité à l’herbivorie et des effets sur les coraux, les preuves suggèrent que sa prolifération dans les récifs coralliens est opportuniste et symptomatique de la dégradation des récifs. Taxonomiquement, Lobophora ne représentait que 11 espèces décrites au début de cette étude, et pratiquement toutes les espèces de Lobophora rapportées dans le monde avaient été assignées à L. variegata, décrite dans les Caraïbes. Cette étude vise à apporter un nouvel éclairage taxonomique et écologique sur ce taxon algal sujet de controverses écologiques. En utilisant une approche taxonomique basée sur l'ADN nous avons réévalué la diversité des espèces de ce genre en Nouvelle-Calédonie et au niveau mondial. Les résultats dévoilent une remarquable diversité, multipliant par 10 le nombre d’espèces jusque là reconnues. Nous avons testé si les différentes espèces de Lobophora étaient chimiquement différentes et si elles variaient (1) en toxicité envers différents coraux, et (2) en susceptibilité aux herbivores. Nous avons montré que le genre Lobophora était intrinsèquement capable de blanchir certains coraux, et nous avons isolé trois nouveaux alcools polyinsaturés C21 nommés lobophorenols A-C avec des propriétés de blanchissement. Néanmoins, les observations in situ en Nouvelle-Calédonie indiquent que, bien qu’elles soient potentiellement armées au plan chimique, les espèces de Lobophora n’induisent pas ou rarement le blanchissement de leurs hôtes coralliens, soulevant ainsi la question de l'emplacement de ces composants bioactifs dans l’algue et des facteurs environnementaux permettant leur libération supposée. Nous avons également montré que les herbivores consomment indistinctement les espèces de Lobophora. D’après ces résultats nous pouvons conclure que : (1) au sein de récifs en bonne santé, les coraux et les Lobophora maintiennent un statu quo résultant probablement d’une médiation chimique ; (2) la défense chimique ne dissuade apparemment pas le broutage des Lobophora par les principaux herbivores ; (3) il est probable que Lobophora échappe au broutage en se développant par exemple entre les branches des coraux. Le genre Lobophora représente un excellent modèle pour étudier le rôle de la spéciation écologique des algues au sein des récifs coralliens. Aussi, les études futures devront étudier le rôle des métabolites secondaires des Lobophora et enquêter sur les facteurs écologiques responsables de la diversification impressionnante de cette algueThe brown alga Lobophora represents a notable benthic component in tropical coral reefs, and began drawing the attention of marine ecologists by achieving impressive blooms at the expense of corals since the early 80s. Marine ecologists are still debating whether or not macroalgal dominance represents a consequence or cause of coral degradation. While Lobophora has been the object of contradictory observations in terms of susceptibility to herbivory and effects on corals, evidence tends to suggest that episodes of reef take-over are opportunistic and symptomatic of reef degradation. From a taxonomic point of view, only 11 species of Lobophora were recognized at the beginning of this study, and virtually all species of Lobophora reported around the world had been assigned to L. variegata, originally described from the Caribbean. This study intends to shed new taxonomical and ecological insights on this algal taxon. Using a DNA-based taxonomical approach we reassessed the species diversity of this genus at a local scale in New Caledonia and subsequently on a global level. Results disclosed a remarkable global diversity, increasing our taxonomic knowledge of this genus by no less than 10 folds. From an ecological perspective, we tested if different species of Lobophora were differentially (1) capable of chemically damaging scleractinian corals, and (2) susceptible to herbivory. We showed that the genus Lobophora was inherently capable of bleaching certain coral species, and we isolated three new C21 polyunsaturated alcohols named lobophorenols A-C with bleaching properties. Nevertheless, in situ observations in New Caledonia indicated that although potentially chemically armed, Lobophora species did not or rarely bleached their coral hosts, thereby raising the issue of the location of these bioactive components and the environmental factors enabling their putative release by the alga. We also showed that herbivores indiscriminately consumed Lobophora species. From the results of allelopathic bioassays and grazing experiments we conclude that: (1) corals and Lobophora maintain a chemical-mediated status quo on healthy reefs; (2) chemical defense apparently does not deter grazing of Lobophora by prominent herbivores; (3) it is more likely that Lobophora avoids being grazed by escape strategies such as growing under the coral canopy. The genus Lobophora represents an excellent model to study the role of ecological speciation in macroalgae within coral reefs. Therefore, future studies should be targeted at investigating the role of Lobophora secondary metabolites and exploring the ecological factors responsible for the impressive diversification of this alga
27
Vieira, Christophe. "Lobophora : biotic interactions and diversification." Electronic Thesis or Diss., Paris 6, 2015. http://www.theses.fr/2015PA066195.
Full textAbstract:
L'algue brune Lobophora représente une composante benthique importante au sein des récifs coralliens tropicaux, et a à attirer dès le début des années 80 l'attention des écologistes marins en proliférant de façon remarquable au détriment des coraux. Les écologistes marins ne s’accordent toujours pas pour conclure si le changement de communauté au profit des macroalgues représente une conséquence ou une cause de la dégradation des coraux. Alors que Lobophora a fait l'objet d'observations contradictoires en termes de susceptibilité à l’herbivorie et des effets sur les coraux, les preuves suggèrent que sa prolifération dans les récifs coralliens est opportuniste et symptomatique de la dégradation des récifs. Taxonomiquement, Lobophora ne représentait que 11 espèces décrites au début de cette étude, et pratiquement toutes les espèces de Lobophora rapportées dans le monde avaient été assignées à L. variegata, décrite dans les Caraïbes. Cette étude vise à apporter un nouvel éclairage taxonomique et écologique sur ce taxon algal sujet de controverses écologiques. En utilisant une approche taxonomique basée sur l'ADN nous avons réévalué la diversité des espèces de ce genre en Nouvelle-Calédonie et au niveau mondial. Les résultats dévoilent une remarquable diversité, multipliant par 10 le nombre d’espèces jusque là reconnues. Nous avons testé si les différentes espèces de Lobophora étaient chimiquement différentes et si elles variaient (1) en toxicité envers différents coraux, et (2) en susceptibilité aux herbivores. Nous avons montré que le genre Lobophora était intrinsèquement capable de blanchir certains coraux, et nous avons isolé trois nouveaux alcools polyinsaturés C21 nommés lobophorenols A-C avec des propriétés de blanchissement. Néanmoins, les observations in situ en Nouvelle-Calédonie indiquent que, bien qu’elles soient potentiellement armées au plan chimique, les espèces de Lobophora n’induisent pas ou rarement le blanchissement de leurs hôtes coralliens, soulevant ainsi la question de l'emplacement de ces composants bioactifs dans l’algue et des facteurs environnementaux permettant leur libération supposée. Nous avons également montré que les herbivores consomment indistinctement les espèces de Lobophora. D’après ces résultats nous pouvons conclure que : (1) au sein de récifs en bonne santé, les coraux et les Lobophora maintiennent un statu quo résultant probablement d’une médiation chimique ; (2) la défense chimique ne dissuade apparemment pas le broutage des Lobophora par les principaux herbivores ; (3) il est probable que Lobophora échappe au broutage en se développant par exemple entre les branches des coraux. Le genre Lobophora représente un excellent modèle pour étudier le rôle de la spéciation écologique des algues au sein des récifs coralliens. Aussi, les études futures devront étudier le rôle des métabolites secondaires des Lobophora et enquêter sur les facteurs écologiques responsables de la diversification impressionnante de cette algueThe brown alga Lobophora represents a notable benthic component in tropical coral reefs, and began drawing the attention of marine ecologists by achieving impressive blooms at the expense of corals since the early 80s. Marine ecologists are still debating whether or not macroalgal dominance represents a consequence or cause of coral degradation. While Lobophora has been the object of contradictory observations in terms of susceptibility to herbivory and effects on corals, evidence tends to suggest that episodes of reef take-over are opportunistic and symptomatic of reef degradation. From a taxonomic point of view, only 11 species of Lobophora were recognized at the beginning of this study, and virtually all species of Lobophora reported around the world had been assigned to L. variegata, originally described from the Caribbean. This study intends to shed new taxonomical and ecological insights on this algal taxon. Using a DNA-based taxonomical approach we reassessed the species diversity of this genus at a local scale in New Caledonia and subsequently on a global level. Results disclosed a remarkable global diversity, increasing our taxonomic knowledge of this genus by no less than 10 folds. From an ecological perspective, we tested if different species of Lobophora were differentially (1) capable of chemically damaging scleractinian corals, and (2) susceptible to herbivory. We showed that the genus Lobophora was inherently capable of bleaching certain coral species, and we isolated three new C21 polyunsaturated alcohols named lobophorenols A-C with bleaching properties. Nevertheless, in situ observations in New Caledonia indicated that although potentially chemically armed, Lobophora species did not or rarely bleached their coral hosts, thereby raising the issue of the location of these bioactive components and the environmental factors enabling their putative release by the alga. We also showed that herbivores indiscriminately consumed Lobophora species. From the results of allelopathic bioassays and grazing experiments we conclude that: (1) corals and Lobophora maintain a chemical-mediated status quo on healthy reefs; (2) chemical defense apparently does not deter grazing of Lobophora by prominent herbivores; (3) it is more likely that Lobophora avoids being grazed by escape strategies such as growing under the coral canopy. The genus Lobophora represents an excellent model to study the role of ecological speciation in macroalgae within coral reefs. Therefore, future studies should be targeted at investigating the role of Lobophora secondary metabolites and exploring the ecological factors responsible for the impressive diversification of this alga
28
Canning, S. N. Ross. "Creating a Climate to Realize Institutional Diversification Goals: A Phenomenological Study of Campus Diversification Best Practices." Scholarly Commons, 2018. https://scholarlycommons.pacific.edu/uop_etds/3113.
Full textAbstract:
This study investigates the diversification plans and goals of four university or college campuses in California examining the insight and perspectives of their respective administrators. Diversification of the institution has been adopted as a strategic plan or mission goal. The investigation analyzes the strides made toward the goal by investigating the efforts of the institutions in the intercultural training of current staff and faculty. Where best practices for diversification of the institution at every level exist, I will review what is being done and contrast those findings with institutions where a diversification goal exists, but training programs for staff members fall short of industry and scholarly recommendations. An initial literature review shows few works dedicated to staff training in the intercultural arena for such institutions. My final goal is to identify best practices when they exist and examine the gaps in training that institutions may face.
29
Amadi, Amir Andrew. "Three essays in international portfolio diversification /." For electronic version search Digital dissertations database. Restricted to UC campuses. Access is free to UC campus dissertations, 2004. http://uclibs.org/PID/11984.
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Harper, D. A. T. "Diversification of the Ordovician brachiopod fauna." Thesis, Queen's University Belfast, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.426983.
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Arias, Mejia Carlos. "Patterns of diversification in neotropical butterflies." Thesis, McGill University, 2013. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=114347.
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The Tropical Andes is one of the most biodiverse regions in the world, yet the origin of this diversity remains poorly understood. One long-standing hypothesis proposes that diversification occurred due to vicariance and allopatry in Pleistocene forest refuges. In contrast, recent studies suggest that the uplift of the Andes, during the Miocene-Pliocene boundary, provided opportunities for both allopatric and ecological speciation. In the present study I tested these hypotheses as well as other process (i.e. center of origin vs center of accumulation hypotheses) that might explain current patterns of neotropical diversity. In particular, I used population genetic tools, ecological data and species-level phylogenetic information to address questions about the underlying causes of diversification in two different groups of neotropical mimetic butterflies: Heliconius cydno and the two Ithomiinae genera Hyalyris and Hypothyris. My results support a complex model of diversification extremely entwined with the final uplift of the Andes. In both cases (Hyalryis-Hypothyris and H. cydno), colonization of the Andes slopes was accompanied by mimicry shifts. Moreover, in the case of Hyalryis there was a strong correlation between altitudinal switches and color pattern shifts. Thus, strong ecological isolation, driven by locally adaptive differences in mimetic wing patterns and habitat use, played an important role in promoting divergence. In general, my results support the idea that speciation is a cumulative process, where the combination of multiple isolation barriers with major phenotypic and ecological difference, facilitates population divergence despite gene flow.Les Andes Tropicales forment une des régions du monde présentant la plus grande biodiversité, mais l'origine de cette biodiversité reste peu connue. Depuis longtemps, une des hypothèses proposées pour l'expliquer suggère que la diversification eut lieu par vicariance et allopatrie dans les refuges forestiers du Pléistocène. Cependant, d'autres études récentes suggèrent que la surrection l'élévation des Andes, entre le Miocène et le Pliocène, a créé les conditions favorables à une spéciation aussi bien allopatrique que écologique. Dans cette étude, j'ai testé ces hypothèses ainsi que d'autres processus (par exemple l'hypothèse du centre d'origine vs. l'hypothèse du centre d'accumulation) qui pourraient expliquer les patrons actuels de diversité tropicale. Plus précisément, j'ai utilisé une approche combinant des outils génétiques, des données écologiques et des informations phylogénétiques au niveau des espèces pour répondre aux questions concernant les causes de la diversification dans deux groupes différents de papillons mimétiques néotropicaux: Heliconius cydno et les deux genres d'Ithomiinae, Hyalyris et Hypothyris. Les résultats de mes travaux appuient un modèle de diversification complexe étroitement lié à l'élévation finale des Andes. Dans les deux cas (Hyalryis-Hypothyris et H. cydno), la colonisation des flancs des Andes a été accompagnée d'un changement de mimétisme. En outre, dans le cas des Hyalryis il y a eu une forte corrélation entre les variations d'altitude et les changements dans les patrons de couleur. Ainsi, le fort isolement écologique, induit par des différences adaptatives locales dans les patrons mimétiques des ailes, joue un rôle important dans l'apparition de la divergence. D'une façon générale, mes résultats soutiennent l'idée selon laquelle la spéciation est un processus cumulatif, où la combinaison de plusieurs barrières d'isolement avec des différences phénotypiques importantes rend possible la divergence des populations malgré le flux génétique.
32
Kelly, Catherine E. "Rural diversification in the west Midlands." Thesis, Coventry University, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.238780.
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Mooers, Arnie Øyvind. "Patterns of diversification revealed by phylogenies." Thesis, University of Oxford, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.386648.
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Heimstadt, Susanne Barbara. "Functional diversification of Arabidopsis Argonaute proteins." Thesis, University of East Anglia, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.492957.
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Sahney, Sarda. "A macroevolutionary study of tetrapod diversification." Thesis, University of Bristol, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.601217.
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A large diversity of tetrapods - amphibians, reptiles, mammals and birds - populate this planet today, all of which share a common ancestor. Tetrapods show an exponential pattern of growth, punctuated by losses during major extinctions over the last 400 million years. Detailed study of three major evolutionary events and a macroscopic analysis to identify broad patterns helps us understand how vertebrates have evolved. expanded and diversified on land. After the evolution of tetrapods in the Devonian, a sparse record is present in the early Carboniferous, punctuated by a hiatus termed Ramer's Gap. Growing tetrapod diversity was impacted in the Late Pennsylvanian by the Carboniferous Rainforest Collapse of Euramerica. Changes in taxa, communities, and tTophic structure indicate that amphibian diversity stagnated in the drier climate while reptiles invaded empty habitats, explored new feeding strategies, and created endemic faunas. Reptiles continued to flourish until the Permian-Triassic Boundary extinction. Ecosystems were destroyed by a multi-pulse event, communities were restructured and though taxa recovered quickly, full ecological recovery occurred in the Late Triassic. Patterns of mass extinction and recovery have reoccurred throughout tetrapod history: large c1ades were wiped out, disaster taxa become widespread, animals possessing unique and advantageous adaptations thrived, and communities took many millions of years to recover. A macroevolutionary analysis supports the Court Jester model of diversification where external, abiotic elements have had a broader influence than the intrinsic, biotic factors of the Red Queen model. Tetrapod taxonomic and ecological diversity are strongly linked, having been driven at an increasing rate by the different tetrapod classes. The Court Jester is supported by the unrestricted taxonomic and ecological expansion of tetrapods, the ability of taxa to invade empty ecospace and rare catastrophic events which have devastated life.
36
Yuan, Jiangchuan. "Risk diversification framework in algorithmic trading." Diss., Georgia Institute of Technology, 2014. http://hdl.handle.net/1853/51905.
Full textAbstract:
We propose a systematic framework for designing adaptive trading strategies that minimize both the mean and the variance of the execution costs. This is achieved by diversifying risk over sequential decisions in discrete time. By incorporating previous trading performance as a state variable, the framework can dynamically adjust the risk-aversion level for future trading. This incorporation also allows the framework to solve the mean-variance problems for different risk aversion factors all at once. After developing this framework, it is then applied to solve three algorithmic trading problems. The first two are trade scheduling problems, which address how to split a large order into sequential small orders in order to best approximate a target price – in our case, either the arrival price, or the Volume-Weighed-Average-Price (VWAP). The third problem is one of optimal execution of the resulting small orders by submitting market and limit orders. Unlike the tradition in both academia and industry of treating the scheduling and order placement problems separately, our approach treats them together and solves them simultaneously. In out-of-sample tests, this unified strategy consistently outperforms strategies that treat the two problems separately.
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Kuo, Hao-Chi. "Phylogeography and diversification of Taiwanese bats." Thesis, Queen Mary, University of London, 2012. http://qmro.qmul.ac.uk/xmlui/handle/123456789/8493.
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Gene flow is a central evolutionary force that largely determines the level of differentiation among populations of organisms and thus their potential for divergence from each other. Identifying key factors that influence gene flow among populations or closely related taxa can thus provide valuable insights into how new species arise and are maintained. I undertook a comparative study of the factors that have shaped range-wide intraspecific differentiation in four related and broadly co-distributed Taiwanese bat species of the genera Murina and Kerivoula. Bats were sampled from sites across Taiwan and sequenced at two mitochondrial genes as well as genotyped at newly developed and/or existing multi-locus microsatellite markers. To improve phylogeographic inference of existing patterns of population genetic structure, I undertook spatial distribution modeling of the focal species at both the present time and at the Last Glacial Maximum. Genetic data were analysed using traditional and new methods, including Bayesian clustering, coalescent-based estimation of gene flow, and haplotype network reconstruction. My findings revealed contrasting signatures of population subdivision and demographic expansion that appear in part to reflect differences in the altitudinal ranges of the focal taxa. Mitochondrial analyses also revealed a putative sister relationship between two of the Taiwanese endemic taxa - M. gracilis and M. recondita, which - given the fact both are restricted to Taiwan - presents an unusual case of potential non-allopatric divergence. To dissect this divergence process in more detail, I used 454-Pyrosequencing to obtain ten nuclear loci sequences of these two taxa, and a third taxon from mainland Asia, M. eleryi. Based on these loci, Bayesian isolation-migration models provided no strong evidence of post-split gene flow and, therefore, did not support speciation within Taiwan. Instead, the divergence process reconstructed from ncDNA loci was found to be incompatible with the mtDNA tree, with M. recondita showing a sister relationship with M. eleryi. This conflict is best explained by the ancient introgression of mtDNA between the two insular species following their colonization of Taiwan at different times.
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Zahid, Md Jawadur Rahim. "Market recognition of multinationals international diversification." Thesis, University of Manchester, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.620751.
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This study is concerned to examine the relationship between the geographical diversification of a company's production facilities and the pricing of its shares by the investors. The purpose is to establish whether multinational company (mnc) shares are priced differently from domestic company shares. The objective of ,the research is to find empirical evidence in UK that investing in multinational company shares provide investors with international diversification compared to investing in domestic company shares. The main four specific questions investigated are: 1. Does a portfolio of multinational company shares give more diversification benefit than a portfolio of domestic company shares? 2. Does the stock market price domestic company shares and multinational company shares in two segmented markets? 3. Do domestic company shares have different sources of systematic risk compared with multinational company shares? 4. Do market players i.e., investors use multinational company shares as a vehicle of international diversification? The research questions are investigated through the theoretical framework of equilibrium asset pricing models - CAPM and APT and through a questionnaire survey of a sample of portfolio managers. Comparison of systematic risk (beta), risk-adjusted return (return/beta) and risk premium (market return over risk-free return) of large objective comprehensive samples of UK multinational companies and domestic companies over the period 1978 to 1992 found no evidence that multinational company shares generate any benefits of diversification for their shareholder above that provided by domestic company shares. There is no market segmentation in pricing the domestic and multinational company shares and they have similar structure of systematic risk factors. Majority (63%) of the surveyed portfolio managers do not use multinational company shares to diversify their portfolios internationally. Therefore, the conclusion is that the market does not recognise UK multinationals as a vehicle of international diversification. In fact, European integration has made UK multinational companies with only European subsidiaries equivalent to pure uK' domestic companies.
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LeBourgeois, Taylor. "Understanding the Historical Diversification of Valerianacea." ScholarWorks@UNO, 2016. http://scholarworks.uno.edu/honors_theses/78.
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Ecologists and evolutionary biologists have long recognized that species diversity is unequally distributed among angiosperm lineages. For example, various plant clades found in the Andes have been proposed as examples of rapid radiations, and the Andes are recognized as one of the Earth’s biodiversity “hotspots”. Species within Valerianaceae, found in the South American Andes, appear to be an example of such a rapid radiation. Although much attention has been paid to the phylogeny of the South American species of Valerianaceae, there is still a great deal of uncertainty regarding species relationships. Several subgroups within the Andean Valerians have, either not been included, or poorly sampled in previous phylogenetic analyses. One example of such a group is section Porteria. Knowing the phylogenetic placement of this group would go a long way in our understanding of Andean biogeography, as well as morphological and floral evolution in Valerianaceae. In this study, I increase the sample size of section Porteria beyond what has been previously done. A number of genomic regions were amplified and sequenced for 6 species belonging to the section. Sequences were then aligned to previously published sequence data for homologous regions for other species in Valerianaceae. A “supermatrix” of 146 species was then analyzed using maximum parsimony. Resulting trees recovered a monophyletic section Porteria, however statistical support was weak for this conclusion. Although “supertrees” resulting from the analysis of “supermatrices” may be powerful tools for testing hypotheses concerning the evolution of species, there is still much work to be done on Valerianaceae.
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Verdugo, Pedreros Esteban. "“Does intraregional Trade facilitate export diversification?" Tesis, Universidad de Chile, 2017. http://repositorio.uchile.cl/handle/2250/149706.
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TESIS PARA OPTAR AL GRADO DE MAGÍSTER EN ECONOMÍAUsing a panel dataset that considers a large number of developing and developed economies, we find robust evidence supporting the hypothesis that higher levels of intraregional trade lead to a more diversified exporting structure. Employing a gravit ybased framework described in Felbermayr and Groschl (2013),we construct a time-varying instrument of intraregional exports that allow us to obtain evidence of the causal relationship between integrationanddiversification.
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Shyriaieva, N. V., and A. Makarenko. "Portfolio diversification on a global scale." Thesis, Одеський національний економічний університет, 2019. http://repository.kpi.kharkov.ua/handle/KhPI-Press/43341.
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The research is aimed to analyze different types of portfolios and identify the one with the lowest level of risk. The first portfolio included US and EU securities. The other one studies crypto currency impact on portfolio riskiness.
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Nasiriyar, Maryam. "Technological platforms, business diversification and performance." Aix-Marseille 3, 2010. http://www.theses.fr/2010AIX32075.
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Dans cette thèse, j'ai effectué trois études qui analysent la façon dont les entreprises peuvent profiter des services latente sous-jacente des ressources technologiques dans différents contextes. L'analyse identifie les principales caractéristiques des actifs technologiques qui fournissent des plateformes 1) en tant que la capacité à générer des activités innovantes utiles, 2) à développer des businesse nouvelles et 3) à soutenir la performance économique. Dans la première étude, nous examinons la relation entre les caractéristiques de base des connaissances techniques d'une entreprise et ses capacités à innover. J'explique comment distincts domaines de la connaissance technologique se comportent différemment et fournissent des contributions hétérogènes quand elles sont appliquées dans les contextes productifs. La recherche analyse comment les possibilités d'organiser des différents ensembles de connaissances au sein de la base de connaissances conditionnent l'exploitation de leurs services latente sous-jacente et affectent les capacités d'innovation. La deuxième étude prolonge cette idée et lie ces capacités à des comportements de diversification marchant de l'entreprise. Il examine comment les caractéristiques des ressources technologiques et les capacités d'exploiter efficacement leurs services productifs conduisent les choix stratégiques des entreprises dans les activités en aval. Enfin, la troisième étude aborde la question de savoir comment ces compétences contribuent à la performance économique de l'entreprise et atténuent les effets négatifs de la diversification des activitésThe thesis comprises three essays which examine firm behavior in the exploitation of their technological resources. It explains how the firm can drive value of their technological knowledge assets as a platform to improve innovative and economic performance and to develop new businesses. In the first essay (chapter two), I examine the impact of their properties of technological knowledge base on firm's innovative performance in the semiconductor industry from 1968 to 2002. I characterize the organization of the knowledge base, based on the nature of relatedness between knowledge components, complmentarities and similarities. The results suggest that coherence, as the overall level of complementarity between components makes a positive contribution to innovative capabilities, while cohesion, which stands for the overall level of similarity of components, generally has the opposite impact. However, in unfamiliar situations, where the firm engages in activities, cohesion is found to be beneficial for innovations. The main contribution, therefore, is to emphasize that beshond the diversity of technological knowledge and the intensity R&D, the nature of relatedness between knowledge components in the context of application is a key determinant of innovative performance. In the second essay (chapter three), I analyse how firms can take advantage of their technological resources as a platform to diversify into new markets. While technological resources and competencies are widely accepted to be a basis for related business diversification, few works have identified or analysed their characteristics in order to explain why such resources often determine diversification decisions. Chapter 3 proposes that the potential productive services underlying technological resources can be characterized in two dimensions: the level of applicability of technologies in new contexts and their potential complementarities when combined. Using a sample of the world's largest manufacturing companies, the study demonstrates that both potential productive services explain the likelihood of market entry and provide platforms for business development. However, the exploitation of complementary technologies is subject to decreasing returns. There is a curvilinear relationship with the propensity to diversify and the value of diversification for complementary technogies which diminishes over time. Chapter 4 completes the idea by studying the importance of firms' capability to combine technological components in productive configuration i. E. Combinative capability, as a source of heterogeneity in diversified firms. It explores the moderating impact of combinative capability on the relationship between diversification and firms' economic performance in a sample of 111 world's largest manufactures in 1979-2003. Regression results show that firms can mitigate the negative impact of diversification on productivity by exploiting effective technological combinations and enforcing their combinative capabilities. However this effect of combinative capability is depreciable suggesting that when a firm continues to diversify into new business lines, the performance increase due to greater combinative capability does not last long
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Jeng-NienYuan and 袁仁年. "Industrial Diversification, Global Diversification and Quality of Accounting Information." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/4k9p96.
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博士國立成功大學
財務金融研究所
104
Two essays of my dissertation deal with the effects of corporate diversification strategy on the quality of accounting information and the cost of equity capital. The first essay examines the accruals quality and excess values of single- and multi-segment firms, as well as domestic and global firms. Using a sample of 39,595 firm-years in the U.S. between 2000 and 2012, we find that the accruals quality is lower by 4.2 to 4.7% for multi-segment firms than for single-segment firms and by 2.1 to 3.4% for global firms than for domestic firms. We also find that the accruals quality is related to the excess values. For multi-segment and global firms, poor accruals quality causes excess values to be lower by 4.7 to 5.2% and 4.1 to 4.3%, respectively, than for single-segment and domestic firms. These findings suggest that corporate structure plays a major role in a firm’s accruals quality, which, in turn, affects the excess value; and multi-segment or global firms suffered more agency problems have lower accruals quality, which leads to lower excess values. In addition, we also find that the excess values of global firms have worsened over time relative to those of multi-segment firms, as evidenced by increased global diversification for U.S. firms, thereby causing more severe information asymmetry and worsening accruals quality between managers and outside investors. Overall, our results support the managerial objectives theory (Jensen and Meckling, 1976) and informational asymmetry hypothesis. The second essay examines the discretionary accruals quality and the cost of equity capital in US tourism firms undergoing global diversification. The purpose of this study is to determine whether the discretionary accruals quality is deteriorated or alleviated and to investigate the subsequent impact on the costs of equity capital in globally diversified US tourism firms. Using a sample of 469 tourism-related firm-years between 2002 and 2013, we find that, for the same level of discretionary accruals quality, the cost of equity capital in globally diversified tourism firms is 1.5% higher than that of their domestic peers. We conclude that, for globally diversified tourism firms, poor discretionary accruals quality derived from information asymmetry causes a higher cost of equity capital compared with domestic tourism firms. Our empirical findings suggest that corporate structure (i.e., globalization strategy) plays a major role in tourism firms’ discretionary accruals quality, which in turn affects firm value, measured as the cost of equity capital.
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Lai, Kuan Yu, and 賴冠宇. "Does Diversification Cause Diversification Discount – Banking Industry Around the World." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/67475057367817517668.
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碩士國立政治大學
財務管理研究所
95
This study examines the relationship between diversification of financial activities and performance in banking industry. Using cross-country data of financial institutions from 1995 to 2004, the empirical results suggest that focused banks outperform diversified banks. Moreover, I find that diversification discount declines as banks go diversified. Results show that banks which focus previously on noninterest income would suffer heavier diversification discount than loan-specialized banks while extending their activity into the other area. Results also suggest that the supervisory power from regulatory authorities and the policy of private-sector monitoring can help alleviate diversification discount that banks would experience when they go diversified.
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Lien, Li-Yi, and 連力儀. "International Diversification, Product Diversification and Productivity: Evidence from Taiwan Manufacture." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/29051436536460166330.
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碩士國立臺灣科技大學
企業管理系
100
This thesis discusses the effects of product diversification and international diversification on productivity of listed manufacture in Taiwan over 2006 and 2010. Use Data Envelopment Analysis (DEA) and Malmquist Productivity Index (MPI) to exam the efficiency value of cross-sectional and longitudinal. Empirical results show that (1) the number of efficiency units had increased between 2006 and 2010. And the main reason of total inefficiency in those inefficiency firms was technical inefficiency. Due to the fast development of produce skill, the results suggest that firms should make sure their produce skill keep making progress in order to reach technical efficiency. Firms should also take producing in constant return to scale as a goal for reach allocative efficiency. (2) Different level of diversification leads to a significant difference in average efficiency value; it shows that varying levels of diversification to performance make variation. Firms in the highest level of product diversification had the worst average efficiency value; but average efficiency value of those in the highest level of international diversification was the best. Owing to a small market in Taiwan, expanding foreign market can lead to a positive effect in business performance; company should devote to promote sales in other overseas markets. However, companies should evaluate everything again and again when implement product diversification; it can not bring a positive effect when the diversification is too over. (3) The productivity of manufacture had declined because MPI was smaller than 1, indicate that technical efficiency and sale efficiency need to improve. The study reveals that firms in Taiwan had changed their allocation of business resources after Financial Crisis, and had a decrease in productivity, so they need to reinforce the efficiency in technical and scale.
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Campos, Francisco vieira de. "Bond portfolio diversification." Master's thesis, 2016. http://hdl.handle.net/10362/16796.
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Portfolio diversification benefits have been extensively documented and acknowledge in the literature since 1952. However, the majority of the studies have focus on an equity context, and only very few on bonds. The study purposed tries to understand and measure the diversification benefits for a pure bond portfolio by investing in securities with different credit risks, maturities and even geographies. Diversification benefits were achieved under the proposed model and some conclusions were withdrawn.
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Wang, Sue-Ling, and 王素玲. "Diversification Strategy Study." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/10268985843292804342.
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碩士元智大學
管理研究所
93
A procedure is one of traditional products and family company case study, the story start from 30 years ago, and during these 30 years, one small family company become a global and international group, through the case study, we found this company well used strategies managment, for examples, Joint-Ventures, Licensing, Strategic Alliances, Acquisition, and Horizontal intergration, Vertical intergration and so on., to be great growing comany, and get a very good reputation all over the world. And through this case study, and show some good examples to show some Taiwanese company to find a new way to gain the strong postion to against chinese low cost competitors. According to this case study, we also found this company was a OEM manufactur only, after 30yeas experience, this company do has a lot of core competences to be a outstanding group in Taiwan and in the world. For example, R&D capability, Strategy management capability, Multi faced sales strategy, and Japanese style QC and Production control capability; Because of these four core competences, it caused this company become a big group; because of these four core competences, it caused this company can get through high entry barry new product''s lines; because of these four core competences, this company become a market leader, and big market suppliers to instead of original suppliers; we need to know the decision making and decision making procedure to understand whole pictures.
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Chiang, Mingru, and 江明儒. "Global Diversification, Industrial Diversification, and the Value-relevance of Financial Statement." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/29146246447449497364.
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碩士輔仁大學
會計學系碩士班
99
This study is focused on examining the relation between corporate diversification and the value-relevance of financial statement. I separate corporate diversification into global diversification and industrial diversification and examines whether these two diversification differently affect the value-relevance of earnings and book value. The empirical results show that the value-relevance of earnings is decreased and the value-relevance of book value of equity is increased when the degree of the firm’s global diversification is higher. This study also finds that the value-relevance of earnings is increased and the value-relevance of book value of equity is decreased when the degree of the firm’s industrial diversification is higher. These evidences suggest that higher global diversification of a company makes investors rely more on the book value of equity, and less on earnings, but higher diversification of a company makes investors rely more on the earnings, and less on book value of equity. In addition, this study finds that when the higher global diversification is for the purpose of industrial development, the value-relevance decrease of earnings is alleviated. Finally, the evidences also show that the relation between global diversification and the value-relevance of financial statement is different in different industries.
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Jiang, Bo-Han, and 江柏翰. "The Influence of Board Diversity on Product Diversification and International Diversification." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/v86k5r.
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碩士國立彰化師範大學
財務金融技術學系
107
Based on data of listed nonfinancial-firms on the Taiwan Stock Exchange (TWSE) covering the period of 2010~2015, this master thesis examines the linkage between the degree of corporate board diversity and the extent of product versus international diversification. Existing research on board diversity focusing on examining the effects of board diversity on corporate performance, operational risk and the extent of agency cost. Less discussion paid attention on how board diversity affects the extent of product diversification and international diversification. Product diversification is proxied by the number of sectors, HHI and the Entropy index of the production value versus sales value. To construct the degree of board diversity, a newly constructed index of board diversity is computed from multi dimensions such as board member gender ratio, board member tenure, age, level of education, board busyness (multi-directorship), ratio of board member with professionals on finance, law and accounting, board political connection and board independence. While existing literature has mentioned that board room with greater degree of diversity representing more divergent background and may care more about stakeholder’s interests, this research proposes that firm with greater board tends to help firm to form a corporate strategies with higher degree of product diversification and international diversification. Empirical evidence shows that while overall index of board diversity may decrease the degree of product versus international diversification, sub-index such as busyness and independence increase the degree of product versus international diversification. Through this study, understanding of how board room diversification has influence on corporate strategy toward product versus international diversification is enhanced.
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Liang, Hsiu-Hui, and 梁琇惠. "International Diversification and Performance:The Moderating Effect of Diversification Configuration and Business Cycle." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/36471340932531112673.
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碩士雲林科技大學
企業管理系碩士班
97
Under the trend of internationalization, enterprises have faced tremendous environmental changes and challenges. For better competitive position in international market, firm usually engage international diversification to pursue better performance. in this study we examine what is the relationship between international diversification and firm performance under Taiwan context. We also further investigate the configuration effect of country diversification, regional diversification and business diversification. Moreover, moderating effect of business cycle is included as well. Our result indicates that there is curvilinear relationship between international diversification and firm performance. The strategy of low country diversification and low regional diversification is the best portfolio for Taiwan enterprise to extend their overseas operations. Moreover, business cycle does have impact on firm’s regional diversification and production diversification. The results and managerial implications are demonstrated in detail in the last chapter.