Dissertations / Theses on the topic 'Financial and geomorphological systems'
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Hattingh, Keaton Jade. "Geomorphological controls on pool formation and pool persistence in non-perennial river systems." University of the Western Cape, 2020. http://hdl.handle.net/11394/7739.
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>Magister Scientiae - MScGlobally climate variability and anthropogenic effects are causing more perennial rivers to become non-perennial rivers. Non-perennial rivers are distinguished by their isolated pools which serve as refugia for aquatic organisms, water birds, and riparian vegetation. The literature on non-perennial rivers demonstrates that pools are poorly understood in terms of their location, nature, and geomorphic persistence. Therefore, this study examines the relationships between the spatial distribution, morphology, and substrate characteristics of pools in reaches of the Prins and Touws rivers in the Klein Karoo. A greater understanding of pools will facilitate better management, monitoring, and restoration strategies for pool ecology since the geomorphology of pools provides a key part of the ecological template. Worldview-2 satellite imagery (2017) and orthorectified aerial photography (2014, 2013, and 1944) were used to assess the effects of major flooding events on pools over time. A DGPS (Differential Global Positioning System) was used to survey the pool widths, lengths, depths, and valley widths, cross-sections, and longitudinal profiles of the river. Sediment samples and Wolman pebble counts were used to assess the grain size and organic matter content of each pool in the study area. Detailed descriptions of the characteristics of each pool in terms of position in the channel, valley form, and obstruction presence and type were also assessed. Results indicate that most of the large pools occur at bedrock outcrops of the valley margins, and smaller pools are associated with Vachellia karroo debris bar features. Larger and highly persistent pools are associated with valley confinement and smaller less persistent, scour pools occur mid-channel where the valley expands. Analysis of the results shows that the valley width is the dominant control on these forced pools. The type of obstruction also plays a role in the formation of the pool as large woody debris results in smaller pools whereas, bedrock outcrops result in larger sized pools. A significant relationship was found between the grain size and organic matter content of pools. Aerial photography of the spatial distribution of the pools revealed that before a major flood, the pools were small and patchy, whereas afterward, they were larger and more elongated. It is suggested that at the bedrock outcrops, major scouring and eddy processes drive the formation of larger pools during large flood events, whereas pool dissection by sediment deposits prevails during intervening intermediate to low flow periods. The results are discussed in terms of the geomorphic controls (valley width, pool dimensions, morphology, substrate, and obstruction characteristics) on the formation and maintenance of pools in dryland settings. A conceptual model is proposed to explain the geomorphic changes of the pools in the four geomorphological zones of non-perennial rivers.
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Addo, Baidoo Samuel Edwin. "Regulatory Effects on Traditional Financial Systems Versus Blockchain and Emerging Financial Systems." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7109.
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The expansion of the Internet led to disruptive business and consumer processes, as existing regulations do not cover the scope and scale of emerging financial technologies. Using organization economic theory as the foundation, the purpose of this correlational study was to examine and compare the financial regulatory impact on traditional and emerging financial systems across a variety of factors including organizational type, predicted users, operational concerns, reasons for cost increases, and changes in business practices as a result of the regulatory environment. Data were collected through a survey of 227 adult Americans who engage in the financial sector and are familiar with the US regulatory environment. Data were analyzed using descriptive statistics, cross tabulations, and statistical significance was tested using Lambda and Kendall's Tau c. The key finding of this study is that the effects of regulations are different for the traditional and emerging financial systems, showing the need to develop and implement policies that are context specific to the emerging financial systems. The recommendations from the study include suggestions to regulatory agencies to regulate and support emerging financial systems in line with new technology that envisions efficiency and economic fairness. The positive social change implications for this study include the development of a strategy that can ensure economic stability, reduce irregularities, and strengthen investments with a view of protecting the financial system from breakdown.
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Ota, Tomohiro. "Essays on financial systems." Thesis, University of Warwick, 2008. http://wrap.warwick.ac.uk/2734/.
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It is said among historians, that there are two remarkable innovations in modern finance: deposit banking in southern Europe and negotiable bills in northern Europe, especially Antwerp. Although negotiable bills are as important as deposit banking (because they became a foundation of modern commercial banking and stock markets), they are not often studied. Part I of the thesis studies indirect loan contracts which do not rely on either bank-specific technologies or legal protection. It focuses on the concept of negotiability and explains its characteristics, including the substitutability of deposit banking and negotiable bills. Negotiable bills, or resaleable bills, can be interpreted as an indirect loan contract. The buyer of the bill, i.e. the initial lender, can re-sell the bill to a third party to satisfy his liquidity needs. So the initial issuer of the bill borrows from a third party, through the initial lender (acting as an intermediary). Previous studies have focused on direct loan contracts: between banks and borrowers, depositors and banks, or suppliers and buyers. There are few papers studying the incentive problems faced by all three players. To fill this gap, in Chapter Two, we study indirect loan contracts that a lender and a borrower can make only through an intermediary agent, where the borrower and the lender cannot observe any transaction between the other two. Under this severe information asymmetry, the existence of loan contracts as a sequential equilibrium is proved, although they are less efficient compared with direct loan contracts. In Chapter Three, we consider role of collateral in improving efficiency. Chapter Four concludes, summarising the characteristics of these contracts: only less risky borrowers can issue negotiable bills and riskier borrowers need to seek a direct relationship with lenders (or, they are rationed). In the 1990s, the Japanese economy experienced a prolonged recession, the so-called ’lost decade’. It is discussed that a cause of the problem was the ”zombie lending” problem: chronic loss-making firms (zombies) still obtained finance from their banks. Part II of the thesis aims to address the following issues with a microeconomic model. Firstly, why did banks not liquidate bankrupt borrowers? Secondly, how did it affect macroeconomic productivity? And thirdly, how did it affect the procyclicality of land prices as in Kiyotaki and Moore(1997)’s credit cycle? A bank, in this model, has an incentive not to liquidate insolvent borrowers: the liquidation of collateral asset (land) will invite the collapse of land market and the bank has to bear a large loss. The loss may make the bank under-capitalised and force it to close its business. The bank, to avoid the forced closure, does not liquidate insolvent borrowers. This ”zombie borrowers” occupy their land unused, and the bank can squeeze land supply to push up land price: the bank’s own capital is then kept higher than it should be. In the final chapter, based on this model, optimal post-crisis policies are discussed by comparing two options; public capital injection and toxic asset purchasing scheme.
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Mohammed, Abdel-Fattah Sayed Soliman. "Integrated Hydro-geomorphological Approach to Flash Flood Risk Assessment and Mitigation Strategies in Wadi Systems." Kyoto University, 2017. http://hdl.handle.net/2433/227604.
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Nieves, Rincón Maria de las. "Integrating systems for financial institutions services using composite information systems." Thesis, Massachusetts Institute of Technology, 1987. http://hdl.handle.net/1721.1/61044.
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Likhatchev, Anatoly. "Financial trading systems - neural and genetic algorithms." Thesis, McGill University, 2003. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=79035.
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In today's financial markets, when new information is disseminated with lightning speed across the investment community, individual investors turn to trading systems as a way to generate profit. Based primarily on Technical Analysis, a trading system can take advantage of a plethora of advanced modeling tools available today ranging from chart pattern recognition to genetic optimization of technical indicators and trading rules. This paper offers a systematic approach to financial system development involving neural networks and genetic algorithms. A trading system that forecasts S&P500 index is developed and analyzed.
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Tay, Joanne Siok Wan. "Corporate financial reporting : regulatory systems and comparability." Thesis, University of Exeter, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.386247.
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Kennedy, André. "Finance for all : Envisioning inclusive financial systems." Thesis, Umeå universitet, Designhögskolan vid Umeå universitet, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-150191.
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One of the more pressing long-term concerns for parents of children with a neurodevelopmental disorder (NDD), such as autism, is financial management (Abbott & Marriott, 2012). Few of these people ever manage to attain a level of financial literacy that allows them to become fully independent. Value, in it’s current form, is just too abstract for many (Cheak-Zamora, et al. 2017). This problem is augmented by our financial institutions, who have neglected to offer these groups any form of accessible financial products, rendering any aspirations of becoming “financially independent” by these groups, as unattainable. This is detrimental to their well-being and sense of self. (Abbott & Marriott, 2012). With this in light, this thesis will firstly highlight the obstacles faced by these groups in achieving financial independence, secondly, it will present a new paradigm through which to look at value. A paradigm that understands that money isn’t about a number, but rather the complex social interactions that that govern our liberties as members of society. Finally, this thesis will present an example of a new breed of fiancial system, Olive. Making use of emerging distributed technologies, Olive presents a system that enables us to produce products that recognises the spectrum of needs and abilities our community contains.
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Hamed, Waleed Hanosh. "The geomorphological development of ephemeral and relict river valley systems in the north part of the Iraqi Western Desert." Thesis, University of Plymouth, 2015. http://hdl.handle.net/10026.1/3221.
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This research project provides a geomorphological and geological analysis of ephemeral and relict river valley systems in the north part of the Iraqi Western Desert. The area surveyed covers approximately 30 000 km2 and is one of the remotest and least studied parts of the Arabian Peninsula. Part of the reason for the lack of research in this area in recent years has been the ongoing security problems and all fieldwork undertaken for this thesis was carried out with the support of armed guards and police. In addition much of the work on the geology and geomorphology of the region is in confidential files commissioned by oil companies, and in MSc and PhD theses held in Iraqi Universities. A significant part of this work and indeed many scientific papers, are only available in Arabic. Therefore a major element of the work for this thesis has been to translate this material and make the results available in English for the first time. The study demonstrates that the present surface of the Iraqi Western Desert overall forms an incised plateau developed during two phases of continental erosion and deposition during the Tertiary and Quaternary periods. The first phase started after Oligocene uplift formed an older plateau within the Oligocene Tayarat formation. This plateau is characterized by denudation processes associated with a semiarid climate, including the formation of subsurface hollows and caves. The second phase, which began after the last Alpine Orogenic movement, and includes the Pliocene and Quaternary periods, formed a younger plateau developed on the Zahra formation. This younger plateau is characterized by processes indicative of climatic fluctuations from wet to arid and semiarid, which induced denudation in places and deposition in others. However, in terms of the geomorphological landforms present in the Western Desert they can be broadly divided into: i) Structural and erosion-denudation forms ii) Accumulation forms Lithology landform in these two categories has resulted in the production of a new geomorphological map of the Iraqi Western Desert. A key component of this map uses the drainage networks. Four distinct drainage systems were identified: 1. The valleys which descend from west to east. These valley systems are located to the south and south east town of Rutba 2. The valleys which descend from south to north. These lie to the west and southwest of Rutba and are controlled by the north to south strike of exposed Palaeogene strata. 3. The valleys which descend from east south to north west, located north of the Garaa area like Ratga and Akash. 4. The valleys which descend from east to west. These valley systems are located to the south and south west town of Rutba, like Swab and Wallaj valleys. Investigation of these four networks established that they were relict systems that still carried ephemerally active misfit rivers and stream. The overall control on their form was the alternating sequences of variable strength rocks that were exposed and eroded as part of the uplift of an anticlinorium (Houran) and anticline (Garaa), associated with the Alpine Orogeny .However, the unclearing Structures were much older and can be traced back to Permian tectonic processes. The drainage of the Western Desert, therefore, is antecedent and controlled by Tertiary and Quaternary tectonics. The rivers appear to have active throughout the Pleistocene incising into the Western Desert plateaux. Highest incision rates probably occurred during more pluvial periods in the Pleistocene which may have been coincident with glacial marine in the Northern Hemisphere. The contemporary rivers are misfit within larger valleys although still subject to flash floods under the right metrological condition.
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Robertson-Dean, Melanie J. "Transformed statistical distributions with applications to financial data and modelling of financial systems." Thesis, Queensland University of Technology, 2019. https://eprints.qut.edu.au/126394/1/Melanie_Robertson-Dean_Thesis.pdf.
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The ability to model extreme events is important across many applications, including extreme weather events, length of long hospital stays and large price changes in financial markets. This thesis uses statistical methods to describe the chance of extreme events occurring. Different methods for estimating the chance of extreme events are compared, and some new methodologies for describing the chance of these events are presented.
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Loo, Siew Lan. "Neural networks for financial forecasting." Thesis, University College London (University of London), 1994. http://discovery.ucl.ac.uk/1317942/.
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Neural networks demonstrate great potential for discovering non-linear relationships in time-series and extrapolating from them. Results of forecasting using financial data are particularly good [LapFar87, Schöne90, ChaMeh92]. In contrast, traditional statistical methods are restrictive as they try to express these non-linear relationships as linear models. This thesis investigates the use of the Backpropagation neural model for time-series forecasting. In general, neural forecasting research [Hinton87] can be approached in three ways: research into, the weight space, into the physical representation of inputs, and into the learning algorithms. A new method to enhance input representations to a neural network, referred to as model sNx, has been developed. It has been studied alongside a traditional method in model N. The two methods reduce the unprocessed network inputs to a value between 0 and 1. Unlike the method in model N, the variants of model sNx, sN1 and sN2, accentuate the contracted input value by different magnitudes. This different approach to data reduction exploits the characteristics of neural extrapolation to achieve better forecasts. The feasibility of the principle of model sNx has been shown in forecasting the direction of the FFSE-100 Index. The experimental strategy involved optimisation procedures using one data set and the application of the optimal network from each model to make forecasts on different data sets with similar and dissimilar patterns to the first. A Neural Forecasting System (NFS) has been developed as a vehicle for the research. The NFS offers historical and live simulations, and supports: a data alignment facility for standardising data files with non-uniform sampling times and volumes, and merging them into a spreadsheet; a parameter specification table for specifications of neural and system control parameter values; a pattern specification language for specification of input pattern formation using one or more time-series, and loading to a configured network; a snapshot facility for re-construction of a partially trained network to continue or extend a training session, or re-construction of a trained network to forecast for live tests; and a log facility for recording experimental results. Using the NFS, specific pattern features selected from major market trends have been investigated [Pring8O]: triple-top ('three peaks'), double-top ('two peaks'), narrow band ('modulating'), bull ('rising') and recovery ('U-turn'). Initially, the triple-top pattern was used in the N model to select between the logarithmic or linear data form for presenting raw input data. The selected linear method was then used in models sN1, sN2 and N for network optimisations. Experiments undertaken used networks of permutations of sizes of input nodes (I), hidden nodes (H), and tolerance value. Selections were made for: the best method, by value, direction, or value and direction, for measuring prediction accuracy; the best configuration function, H - I 4), with 4) equal to 0.9, 2 or 3; and the better of sN1 and sN2. The evaluation parameters were, among others, the prediction accuracy (%), the weighted return (%), the Relative Threshold Prediction Index (RTPI) indicator, the forecast error margins. The RTPI was developed to filter out networks forecasting above a minimum prediction accuracy with a credit in the weighted return (%). Two optimal networks, one representing model sNx and one N were selected and then tested on the double-top, narrow band, bull and recovery patterns. This thesis made the following research conthbutions. • A new method in model sNx capable of more consistent and accurate predictions. • The new RTPI neural forecasting indicator. • A method to forecast during the consolidation ('non-diversifying') trend which most traditional methods are not good at. • A set of improvements for more effective neural forecasting systems.
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Molden, Amy Buchanan. "Microfinance and inclusive financial systems in Latin America." Connect to Electronic Thesis (CONTENTdm), 2010. http://worldcat.org/oclc/646026397/viewonline.
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Jefferies, Paul. "Emergent phenomena of complex adaptive systems : financial markets." Thesis, University of Oxford, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.427625.
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Kobayakawa, Shuji. "Three essays on curent issues in financial systems." Thesis, University of Oxford, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.363633.
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Castorina, Giovanni. "Artificial intelligence based hybrid systems for financial forecasting." Thesis, University of the West of England, Bristol, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.365146.
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Current research carried out on financial forecasting has highlighted some limitations of classical econometric methods based on the assumption that the investigated time series can be described as stationary stochastic processes with Gaussian probability density functions. Chaotic behaviour, fractal characteristics and non-linear dynamics have been emerging in different aspects of the financial forecasting problem. The objective of this thesis is to take a system level perspective of the financial forecasting problem and to explore a number of approaches to enhance more 'traditional' decision making flows for stock market forecasting, with particular emphasis on stock selection and timing. To achieve this purpose, a number of stock selection and timing computational 'modules' are investigated. From a computational point of view, the investigation performed in this work encompass techniques such as artificial neural networks, genetic algorithms, chaos theory and fractal geometry, as well as more traditional methods such as clustering, screening, ranking, and statistics based models. From a financial data point of view, this research takes advantage of both fundamental and technical information to enhance the stock selection and timing processes and to cover several investment horizons. Three computational modules are proposed. First, a multivariate stock ranking module which uses fundamental information and is optimised through genetic algorithms. Second, a multivariate forecasting module which uses technical information and is based on artificial neural networks. Third, a univariate price time series forecasting module based on artificial neural networks. In addition, an integrated flow that takes advantage of some synergies and complementary properties of the devised modules is proposed. The effectiveness of the developed modules and the viability of the proposed integrated flow are evaluated over a number of investment horizons using (out-of-sample) historical data.
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Hölzl, Werner. "Convergence of financial systems. Towards an evolutionary perspective." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2003. http://epub.wu.ac.at/334/1/document.pdf.
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This paper provides an evolutionary perspective on financial systems based on complex systems theory. This perspective is used to organize the discussion about the convergence and non-convergence of financial systems. In recent years the discussion about the relative merits and the efficiency of market- and bank-based financial systems is subject to considerable academic and policy debate throughout the world. Bank- and market-based systems are found to give rise to different economic and corporate dynamics. Based on a notion of financial systems as configuration of complementary elements, it is suggested that the convergence of financial systems is best conceptualized as path dependent process of institutional change. This is illustrated with special reference to the recent developments of convergence of financial systems in Europe. The implication of the evolutionary perspective on financial systems is that neither theories using a simple evolutionary argument of survival of the fittest nor theories related to a institutional ossification perspective can provide much guidance for analyzing the transformations of financial systems. A multilevel institutional analysis which takes the interdependencies between national and firm-level institutions explicitly into account is required. (author's abstract)Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"
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Ayana, Aga Gemechu. "Four essays on financial systems and economic performance." Thesis, University of Sussex, 2012. http://sro.sussex.ac.uk/id/eprint/43339/.
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This thesis analyses the causes and consequences of access to credit by small- scale enterprises in developing countries and the design of optimal financial systems. The first essay explores the link between informality and access to external finance by Small and Microenterprises (MSEs). A probit model is estimated using data on MSEs from Ethiopia. The results show that informality plays an important role in a firm's access to credit. Specifically, informal firms are about sixteen percentage points more likely to be credit constrained than their formal counterparts. The second essay examines the consequence of credit constraints on a firm's innovation using the same data on MSEs from Ethiopia. We construct a measure of innovation exploiting a question in the survey that asks whether a firm has engaged in some form of innovation or not. Employing various estimation methods to deal with the possible endogeneity of access to credit, the results show that access to credit has a significant and positive effect on a firm's propensity to engage in innovative activi- ties. The third essay examines whether opening a stock exchange boosts per capita income growth in Sub-saharan Africa countries (SSA). Employing a semi-parametric Difference-in-Difference (DiD), i.e., a DiD on a set of matched countries, we show that opening a stock exchange does not appear to have a significant impact on eco- nomic growth in SSA as well as in other developing countries in other regions. The fourth essay studies whether the structure of the economy determines the evolution of the optimal structure of the financial system. Employing a measure of economic structure constructed based on a country's comparative advantage and using an in- novative instrumentation strategy to deal with the possible endogeneity of economic structure, the essay shows that the structure of the economy exerts a first-order causal effect on the evolution of the structure of a country's financial system
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Broga, Kristijonas Martynas. "Complexity approach to the dynamics of financial systems." Thesis, Imperial College London, 2016. http://hdl.handle.net/10044/1/59076.
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In order to understand complex systems, quite often a very diverse set of tools is required. In this thesis a combined approach of an agent-based modelling and linguistic textual analysis has been taken in order to try and gain a better insight into the connection between crises that happen in our economy and the words that people use as an indication of their economic behaviour The model used for this work has a crucial evolutionary adaptation mechanism inbuilt which enables the characteristics of banks and investors to change with time. It was chosen because it reproduces the endogenous crashes in the banking sector which are purely driven by the changes that occur among banks and investors which are adapting and readjusting their behaviour as a function of comparing their performance and strategy relative to others. Firstly, using this modelling framework, we investigate the effect of the distinct levels of interest rates on the stability of the financial network. We demonstrate that under sustained high interest rates banking failures are likely to emerge early, whereas under sustained low rates they happen significantly later and with higher probability. Under low rates lack of liquidity becomes the primary reason for failures and high rates lead predominantly to bankruptcies due to credit losses. We show that by applying interest rate shocks it is possible to change the timing of crises, but it is impossible to prevent them completely. This follows from the fact that banking strategies are continuously converging, making the system less diverse and thus less resilient. Building on this observation of the convergence of bank business strategies, we used a bag-of-words method to analyse annual reports. We show that companies within the same industrial sector are becoming progressively similar, especially since the 2008 crisis crisis, which reinforces the hypothesis that with time, business strategies are converging. Finally we show that it is possible to find a direct connection between word counts and stock prices. We thus create a basic filtering procedure to identify the minimal set of words that could potentially be used to characterise different sectors.
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Montagna, Mattia [Verfasser]. "Systemic Risk in Modern Financial Systems / Mattia Montagna." Kiel : Universitätsbibliothek Kiel, 2016. http://d-nb.info/1102933074/34.
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Milanovic, Vlade. "Financial predictions using intelligent systems : the application of advanced technologies for trading financial markets." Thesis, Brunel University, 2007. http://bura.brunel.ac.uk/handle/2438/7140.
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This thesis presents a collection of practical techniques for analysing various market properties in order to design advanced self-evolving trading systems based on neural networks combined with a genetic algorithm optimisation approach. Nonlinear multivariate statistical models have gained increasing importance in financial time series analysis, as it is very hard to fmd statistically significant market inefficiencies using standard linear modes. Nonlinear models capture more of the underlying dynamics of these high dimensional noisy systems than traditional models, whilst at the same time making fewer restrictive assumptions about them. These adaptive trading systems can extract information about associated time varying processes that may not be readily captured by traditional models. In order to characterise the fmancial time series in terms of its dynamic nature, this research employs various methods such as fractal analysis, chaos theory and dynamical recurrence analysis. These techniques are used for evaluating whether markets are stochastic and deterministic or nonlinear and chaotic, and to discover regularities that are completely hidden in these time series and not detectable using conventional analysis. Particular emphasis is placed on examining the feasibility of prediction in fmancial time series and the analysis of extreme market events. The market's fractal structure and log-periodic oscillations, typical of periods before extreme events occur, are revealed through recurrence plots. Recurrence qualification analysis indicated a strong presence of structure, recurrence and determinism in the fmancial time series studied. Crucial fmancial time series transition periods were also detected. This research performs several tests on a large number of US and European stocks using methodologies inspired by both fundamental analysis and technical trading rules. Results from the tests show that profitable trading models utilising advanced nonlinear trading systems can be created after accounting for realistic transaction costs. The return achieved by applying the trading model to a portfolio of real price series differs significantly from that achieved by applying it to a randomly generated price series. In some cases, these models are compared against simpler alternative approaches to ensure that there is an added value in the use of these more complex models. The superior performance of multivariate nonlinear models is also demonstrated. The long-short trading strategies performed well in both bull and bear markets, as well as in a sideways market, showing a great degree of flexibility and adjustability to changing market conditions. Empirical evidence shows that information is not instantly incorporated into market pnces and supports the claim that the fmancial time series studied, for the periods analysed, are not entirely random. This research clearly shows that equity markets are partially inefficient and do not behave along lines dictated by the efficient market hypothesis.
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Cheung, Lo, and 張露. "International financial centers under different political systems: a study of financial center development inChina." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2006. http://hub.hku.hk/bib/B36548340.
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Reid, R. D. G. "An examination of financial intermediation and the development of financial systems : France and Germany." Thesis, University of Strathclyde, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.372101.
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Rousseau, Philippe. "Does regulation drive efficiency in financial systems ? : a study focussing on regulated financial professions." Paris, Institut d'études politiques, 2012. http://www.theses.fr/2012IEPP0066.
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La régulation est analysée comme une réponse aux défaillances des marchés financiers. En ce sens, l'intensité règlementaire devrait coïncider avec la présence de risques élevés de défaillance. Une étude empirique démontre que ce n'est pas le cas pour des exemples de professions réglementées en finance. Pour ce qui concerne l'audit, une étude poussée des frais d'audit observés en France, en Angleterre, en Allemagne et aux Etats-Unis indique que les frais d'audit dépendent de l'organisation professionnelle. Une organisation avec des ordres professionnels en France et en Allemagne se traduit par des frais plus élevés que dans les pays anglo-saxons. Plus généralement, les professions réglementées jouent un rôle important et diffusent leur tarif dans l'ensemble de l'économie. Il existe ainsi une corrélation forte entre le niveau de dérégulation des professions réglementées et le niveau de compétitivité d'un pays. Cette proposition est avérée avec plusieurs indicesRegulation is analyzed as a response to failures of financial markets. In this sense, the regulatory intensity should coincide with the presence of high risk of failure. An empirical study shows that this is not the case for examples of regulated professions in finance. Regarding the audit, an extensive study of audit fees observed in France, England, Germany and the United States indicates that audit fees depend on the professional organization. An organization with professional bodies in France and Germany results in higher costs than in the Anglo-Saxon countries. More generally, the regulated professions are important and disseminate their rates throughout the economy. There is thus a strong correlation between the level of deregulation of regulated professions and the competitiveness of a country. This proposition is proved with several indices
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Spencer, Melissa B. (Melissa Beth). "Engineering financial safety : a system-theoretic case study from the financial crisis." Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/72903.
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Thesis (S.M. in Technology and Policy)-- Massachusetts Institute of Technology, Engineering Systems Division, Technology and Policy Program, 2012.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 103-105).
There is currently much systems-based thinking going into understanding safety in complex socio-technical systems and in developing useful accident analysis methods. However, when it comes to complex systems without clear physical components, the techniques for understanding accidents are antiquated and ineffective. This thesis uses a promising new engineering-based accident analysis methodology, CAST (Casual Analysis using STAMP, or Systems Theoretic Accident Models and Processes) to understand an aspect of the financial crisis of 2007-2008. This thesis demonstrates how CAST can be used to understand the context and control problems that led to the collapse and rapid acquisition of the investment bank Bear Stearns in March 2008. It seeks to illustrate the technological and regulatory change that provided the context for the Bear Stearns accidents and then demonstrates how a top-down systematic method of analysis can produce more insight into the accident than traditional financial accident investigations such as congressionally-mandated inquiries.
by Melissa B. Spencer.
S.M.in Technology and Policy
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Manongga, D. H. F. "Using genetic algorithm-based methods for financial analysis." Thesis, University of East Anglia, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.320950.
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Cheung, Lo. "International financial centers under different political systems a study of financial center development in China /." Click to view the E-thesis via HKUTO, 2006. http://sunzi.lib.hku.hk/hkuto/record/B36548340.
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Ballard, Mavourneen W. "Corporate policy management for a financial organization." [Denver, Colo.] : Regis University, 2006. http://165.236.235.140/lib/MBallard2006.pdf.
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Yarlikas, Serdar. "Strategic And Financial Motivation And Information Systems Outsourcing Success." Master's thesis, METU, 2007. http://etd.lib.metu.edu.tr/upload/12608667/index.pdf.
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In this thesis, the relations between information systems outsourcing success measures and strategic and financial drivers are investigated. After a study of the relevant literature, 14 organizations that belong to four different categories are investigated in terms of IS outsourcing. These categories are: IS vendors, IS outsourcers, firms that both procure and supply IS services, and IS system integrators. Thus, the subject matter is studied from both customers'and vendors'
points of view. The investigation is realized in three steps: First, general questions were posed in order to gather the characteristics of organizations, then, questionnaires were conducted, and finally, financial data documents were prepared according to the type of the organization. The results show that the number of relations between strategic drivers and information systems outsourcing success measures are more than the number of relations between financial drivers and information systems outsourcing success measures. Besides, strategic drivers influence each of the information system outsourcing success measures, whereas financial drivers affect only two of them.
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HEDIN, ROBERT. "IP Multicast analysis in Market ServerApplications and financial systems." Thesis, KTH, Skolan för datavetenskap och kommunikation (CSC), 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-155767.
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Software applications may be able to utilize multicast (UDP) transmission instead of unicast (TCP) when communicating through a network.The beneficial factors of switching to multicast depend on what kind of software that would be using the technique and the transmission type.This study investigates the beneficial factors of using multicast instead of unicast transmissions for parts of the communication within a financialsystem. The financial system contains a server (Market Server),communicating with a market place, and a set of clients communicating with the Market Server. The interesting aspects of a financial system are the requirement to transmit large portions of data at the lowest latencyas possible. A model was created in order to compare performance and latency when using multicast and unicast. The model was tested underthe same conditions as the previous implementation (unicast) using various number of clients and transmitting data at different speed.The result from this Master’s thesis was that the performance andlatency did not become worse when transmitting specific parts of themessage types. Instead the software became more scalable and couldhandle more clients connected at the same time. The resources required to run the Market Server decreased in proportion to the number of clients able to connect compared to the previous implementation. The result from this study shows that the use of UDP/Multicast is more efficient and my recommendation is to use this technology in these kinds of transaction systems.
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Moheeput, Ashwin. "Essays on financial systems, banking crises and emerging markets." Thesis, University of Warwick, 2010. http://wrap.warwick.ac.uk/80917/.
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This thesis is divided into eight main chapters and makes contributions to the area of financial crises and international finance. The first chapter provides a general introduction to the thesis and highlights the main contributions of our work. The second chapter is a literature review which provides a well-defined structure to organise our thoughts about the literature on micro-systemic risks and Central Bank policy. The chapter initially reviews the literature for single-bank crises. It then proceeds on to provide a succinct account of multiple-bank crises and of financial crises that result from the interaction between banks and financial markets. The main value-added of this chapter is that it helps us identify those areas in the literature in which research work is missing. This provides legitimate foundation for building new models to address these issues. The subsequent chapters of this thesis have emerged to bridge these missing gaps identified in our literature review. Chapters 3, 4 and 5 deal with banking panic transmission in two-bank scenario. With common investments affected by the same macroeconomic fundamental, a crisis that spreads from one bank to another has contagious and correlated elements. The purpose of these chapters is to provide a robust theoretical account that can enable us distinguish between these two elements in probability terms. We embed a two-bank model within a dynamic Bayesian setting and use the global games approach to derive the existence of trigger equilibrium in each bank. Chapter 3 provides an overview of our banking environment. Chapter 4 makes a contribution to derivation of the equilibrium concept and shows the equivalence between Perfect Bayesian Equilibrium (PBE) of our game and trigger equilibrium. Chapter 5 encapsulates all results. We show the existence of contagion as one of `excess correlation' between banks. This allows us to depart from existing theoretical papers which explain contagion as interdependence. Furthermore, we show that whether contagion or correlation occurs is a function of the relative importance depositors attach to private vs public signals. The chapter ends by identifying some puzzles (zero-link, clustering and avoidance) which our paradigm can explain and throws light on ways (which are not captured by single-bank models) Central Banks should implement prudential policy measures. Chapters 6, 7 and 8 deal with financial crises in open economies. An important limit of existing bank run models is that they are developed without taking into account the level of economic development of the economy in which they occur. We are interested in studying how financial crises occur in an Emerging Market Economy (EME) and, most importantly, how the nature of their occurrence differs when the exogenous macroeconomic constraints of an EME are duly accounted for. Chapter 6 introduces the main banking environment we study in the subsequent two chapters. Important among the assumptions are that all depositors in the banking system are foreign investors (the economy is fully liberalised) and that banks have balance sheets characterised by liability dollarisation. We use the mechanism design approach to show the existence of a pecking order in allocation of resources and liquidity. In particular, we show that a banking allocation is weakly Pareto- inferior to that of a Planner who observes all structures of the economy but its stochastic fundamentals and who achieves second-best allocation. Once this banking allocation is derived, Chapter 7 studies the nature of the transmission mechanism from a banking crisis to a currency crisis. We show that under certain parametric restrictions, Lender-of-Last Resort (LOLR) policies may be a conduit that generates a currency crisis. In a multi-bank setting, LOLR may even be sub-optimal since it may induce devaluation-based bank runs at other banks. Chapter 8 studies the reverse causation from a currency crisis to a banking crisis. Both chapters 7 and 8 offer useful guidance to policy. The success of a policy measure depends on its ability to restore the Planner's second-best. A number of policy options (e.g state-contingent controls) are studied and suggestions for design of exchange rate regimes, based on ability to ward off the twin crises, are offered as well.
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McCart, Christina D. "Expert systems for financial analysis of university auxiliary enterprises." Diss., This resource online, 1991. http://scholar.lib.vt.edu/theses/available/etd-09092008-064445/.
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Waema, Timothy Mwololo. "Information systems strategy formation in financial services sector organizations." Thesis, University of Cambridge, 1990. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.292174.
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Witte, Michael Jonathan. "Application of Random Matrix Theory for Financial Market Systems." Bowling Green State University / OhioLINK, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=bgsu1395675601.
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Štěpánek, Martin. "Financial Markets Risk and its Impact on Pension Systems." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198208.
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Financial unsustainability of pension systems in developed economies looms large on the horizon due to increasing life expectancy and continuous drop in fertility. In spite of a broad discussion, there has been but a little consensus on appropriate remedy. One aspect partially neglected in the literature is vulnerability of pension systems to market imperfections and economic shocks. I present three basic types of pension schemes adopted across all developed countries - pure PAYG, fully-funded, and mixed (multipillar) scheme - and examine effects of various risks -- particularly market risk, interest rate risk, investment risk, and longevity risk -- on their functioning. The analysis shows that while no pension scheme is immune to external influences, the multipillar scheme provides the best results thanks to appropriate risk diversification.
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Sievert, Kristin E. "Control and management tasks within family financial management systems." Online version, 1998. http://www.uwstout.edu/lib/thesis/1998/1998sievertk.pdf.
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Diaz, Solis David Alejandro. "Financial market monitoring and surveillance systems framework : a service systems and business intelligence approach." Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/financial-market-monitoring-and-surveillance-systems-frameworka-service-systems-and-business-intelligence-approach(47e568f8-3024-4ca3-8114-5d183be3edb8).html.
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The thesis introduces a framework for analysing market monitoring and surveillance systems in order to provide a common foundation for researchers and practitioners to specify, design, implement, compare and evaluate such systems. The proposed framework serves as a reference map for researchers and practitioners to position their work in the context of market monitoring and surveillance, resulting in a useful instrument for the analysis, testing and management of such systems. More specifically, the thesis examines the new requirements for the operation of financial markets, the role of technologies, the recent consultations on the structure and governance of EU and US markets, as well as, future usage scenarios and emerging technologies. It examines the context in which market monitoring and market surveillance systems are currently been used. It reports on their processes, performance, and on the organisational and regulatory environments in which they exist. Furthermore, it develops a set of taxonomies which cover the majority of the concepts of market manipulation, market monitoring, market surveillance, entities, technologies and actors that are relevant for the work in this thesis. Building on the gaps and limitations of the current systems, it proposes a new framework following the Design Science methodology. The usefulness of the framework is evaluated through four critical case studies, which not only help to understand with practical exercises the way how markets monitoring and surveillance systems work, but also to investigate their weaknesses, potential evolution and ways to improve them. For each case study, the thesis develops a fully working prototype tested using a sample prosecution case and evaluated in terms of the appropriateness and suitability of the proposed framework. Finally, implications relating to policies, procedures and future market structures are discussed followed by suggestions for future research.
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Bektur, Cisem. "Random dynamics in financial markets." Thesis, Loughborough University, 2012. https://dspace.lboro.ac.uk/2134/10339.
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We study evolutionary models of financial markets. In particular, we study an evolutionary market model with short-lived assets and an evolutionary model with long-lived assets. In the long-lived asset market, investors are allowed to use general dynamic investment strategies. We find sufficient conditions for the Kelly portfolio rule to dominate the market exponentially fast. Moreover, when investors use simple strategies but have incorrect beliefs, we show that the strategy which is "closer" to the Kelly rule cannot be driven out of the market. This means that this strategy will either dominate or at least survive, i.e., the relative market share does not converge to zero. In the market with short-lived assets, we study the dynamics when the states of the world are not identically distributed. This marks the first attempt to study the dynamics of the market when the probability of success changes according to the relative shares of investors. In this problem, we first study a skew product of the random dynamical system associates with the market dynamics. In particular, we compute the Lyapunov exponents of the skew product. This enables us to produce a "surviving" investment strategy, i.e., the investor who follows this rule will dominate the market or at least survive. All the mathematical tools in the thesis lie within the framework of random dynamical systems.
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Begum, Shahinoor. "The role of government and politics in fostering financial systems." Thesis, University of Leicester, 2012. http://hdl.handle.net/2381/10168.
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State ownership in banking has received considerable coverage in the academic literature. However, there are a very few recognised case studies of state ownership of banks in developed countries. This thesis explores how bank ownership structure affects capital allocation efficiency within developed countries. This paper uses a new dataset comprises of 306 large private and public banks in 35 major developed and emerging markets in the 1990’s to provide a bank-level empirical analysis on government ownership of banks. This study focuses on bank lending pattern during election years to determine political influence on government owned banks amongst both developed economies and emerging markets. By utilizing annual data on both fixed effect and dynamic panel estimation techniques, evidence suggests that during election years government owned banks increase their lending compared to private banks in developed economies which contradicts findings from previous study. Key macroeconomic variables have been used to check for robustness of the results.
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Costa, Maria da Conceição Cristo Santos Lopes. "Optimal alarms systems and its application to financial time series." Doctoral thesis, Universidade de Aveiro, 2014. http://hdl.handle.net/10773/12872.
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Doutoramento em MatemáticaThis thesis focuses on the application of optimal alarm systems to non linear time series models. The most common classes of models in the analysis of real-valued and integer-valued time series are described. The construction of optimal alarm systems is covered and its applications explored. Considering models with conditional heteroscedasticity, particular attention is given to the Fractionally Integrated Asymmetric Power ARCH, FIAPARCH(p; d; q) model and an optimal alarm system is implemented, following both classical and Bayesian methodologies. Taking into consideration the particular characteristics of the APARCH(p; q) representation for financial time series, the introduction of a possible counterpart for modelling time series of counts is proposed: the INteger-valued Asymmetric Power ARCH, INAPARCH(p; q). The probabilistic properties of the INAPARCH(1; 1) model are comprehensively studied, the conditional maximum likelihood (ML) estimation method is applied and the asymptotic properties of the conditional ML estimator are obtained. The final part of the work consists on the implementation of an optimal alarm system to the INAPARCH(1; 1) model. An application is presented to real data series.
Esta tese centra-se na aplicação de sistemas de alarme ótimos a modelos de séries temporais não lineares. As classes de modelos mais comuns na análise de séries temporais de valores reais e de valores inteiros são descritas com alguma profundidade. É abordada a construção de sistemas de alarme ótimos e as suas aplicações são exploradas. De entre os modelos com heterocedasticidade condicional é dada especial atenção ao modelo ARCH Fraccionalmente Integrável de Potência Assimétrica, FIAPARCH(p; d; q), e é feita a implementação de um sistema de alarme ótimo, considerando ambas as metodologias clássica e Bayesiana. Tomando em consideração as características particulares do modelo APARCH(p; q) na aplicação a séries de dados financeiros, é proposta a introdução do seu homólogo para a modelação de séries temporais de contagens: o modelo ARCH de valores INteiros e Potência Assimétrica, INAPARCH(p; q). As propriedades probabilísticas do modelo INAPARCH(1; 1) são extensivamente estudadas, é aplicado o método da máxima verosimilhança (MV) condicional para a estimação dos parâmetros do modelo e estudadas as propriedades assintóticas do estimador de MV condicional. Na parte final do trabalho é feita a implementação de um sistema de alarme ótimo ao modelo INAPARCH(1; 1) e apresenta-se uma aplicação a séries de dados reais.
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Carney, Richard W. "The political economy of financial systems : explaining varieties of capitalism /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC IP addresses, 2003. http://wwwlib.umi.com/cr/ucsd/fullcit?p3099931.
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Rawass, Johnny Fadel. "Cybersecurity Strategies to Protect Information Systems in Small Financial Institutions." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7183.
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Leaders of financial institutions face challenges in protecting data because of the increased use of computer networks in the commerce and governance aspects of their businesses. The purpose of this single case study was to explore the strategies that leaders of a small financial institution used to protect information systems from cyber threats. The actor-network theory was the conceptual framework for this study. Data were collected through face-to-face, semistructured interviews with 5 leaders of a small financial institution in Qatar and a review of company documents relevant to information security, cybersecurity, and risk management. Using thematic analysis and Yin's 5-step data analysis process, the 4 emergent key theme strategies were information security management, cybersecurity policy, risk management, and organizational strategy. The findings of this study indicate that leaders of financial institutions protect their information systems from cyber threats by effectively managing information security practices; developing robust cybersecurity policies; identifying, assessing, and mitigating cybersecurity risks; and implementing a holistic organizational strategy. The protection of information systems through reductions in cyber threats can improve organizational business practices. Leaders of financial institutions might use the findings of this study to affect positive social change by decreasing data breaches, safeguarding consumers' confidential information, and reducing the risks and costs of consumer identity theft.
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Gozman, Daniel. "A post financial crisis study of compliance practices and systems in global financial organizations : an institutionalist perspective." Thesis, London School of Economics and Political Science (University of London), 2014. http://etheses.lse.ac.uk/3125/.
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The financial crisis of 2007–2009 and the resultant pressures exerted on policymakers to prevent future crises have precipitated coordinated regulatory responses globally. As a result, large scale regulatory change is being enacted within this industry to protect investors and economic systems. Very little research exists, either prior to the crisis or since, on how compliance practices are managed through technology within financial organizations. The research objective of this study is to understand how institutional changes to the regulatory landscape may affect corresponding locally institutionalized operational practices within financial organizations. The study adopts an Investment Management System (IMS) as its case and investigates different implementations of this system within eight financial organizations, focused on investment activities within capital markets. This study makes a contribution by outlining a detailed review of this technology and identifying post-crisis practices for organizing compliance and the social forces influencing them through technology. Through symbolic systems, relational systems, routines and artefacts the IMS diffuses new compliance practices and further embeds existing ones. The study shows that this system is not objective and is currently in flux as this dynamic and complex environment evolves in the wake of the global financial crisis. Correspondingly, social, political and functional pressures are acting to deinstitutionalise related behaviours and practices. Yet compliance behaviours and practices are simultaneously being institutionalised through coercive, normative and mimetic mechanisms. However, the study also highlights the ability of some agents to exercise limited control on the impact of regulatory institutions. The research found evidence that some older practices persisted and so the study suggests that the institutionalization of technology induced compliant behaviour is still uncertain. The research makes an additional contribution to practitioners by distilling the findings into a model of IS capabilities for compliance and a model to measure the maturity of a firm’s compliance capabilities.
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Gottschling, Andreas Peter. "Three essays in neural networks and financial prediction /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 1997. http://wwwlib.umi.com/cr/ucsd/fullcit?p9728773.
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Reddy, Harry 1963. "Financial supply chain dynamics : operational risk management and RFID technologies." Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33729.
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Thesis (M. Eng. in Logistics)--Massachusetts Institute of Technology, Engineering Systems Division, 2005.Includes bibliographical references (leaves 81-83).
The banking industry is consolidating to streamline its operations through mergers and acquisitions, and is adopting new technologies to develop innovative products and services, thereby achieving both economies of scale and scope. Operational risk management has become a serious issue in the banking industry. Some reputed banks are either forced to close down their operations (eg., Citibank Private Bank in Japan) or faced cost overruns (eg., Barings Bank in England) due to poor operational risk management. In the supply chain industry, businesses are engaged in devising effective solutions using RFID technologies to locate and track the goods. We present the dynamics of banking industry in terms of operational risk management, innovation and business strategies. We also present the process mapping of RFID technology use in banking business areas to minimize operational risks. We further come-up with an effective operational risk management framework for banks to follow in improving their operational risk management.
by Harry Reddy.
M.Eng.in Logistics
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Morris, David K. "Financial management information systems : the use of electronic spreadsheets in budgeting/." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 1995. http://handle.dtic.mil/100.2/ADA302581.
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Shtakova, Maryna. "Evaluation of methods for automated testing in large-scale financial systems." Thesis, Uppsala universitet, Institutionen för informationsteknologi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-176748.
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Nowadays automated testing technologies are widely used by companies to make testing of software applications effective and save time and effort applied during a manual testing. Automated testing uses different approaches: from the oldest “record and playback” test method to the modern non-scripting method. All existing testing tools are based on one of these testing methods or their combinations and can be used with varying effectiveness in testing of real software products. The purpose of this thesis work was to compare testing methods in “real life” – by applying them to the large-scale financial system “Scila Surveillance”. To achieve this goal, it was decided to select several testing tools with different testing methods in a basis, evaluate them and select the best one for the automation of functional testing of the graphical user interface in the Scila company. Evaluation was done based on the list of criteria, defined at the beginning of the thesis work and with attention to requirements for a testing tool stated by Scila. Decision matrix method was used to make a final decision about the best testing tool. It was found that it is complicated to select a testing method which will fulfill all the requirements and expectations completely. The solution taken was to combine a non-scripting testing tool, which includes basic necessary functionality and allows producing test cases quickly with a scripting testing tool, which supports extraordinary test scenarios in case of need.
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Ergin, Nil Hande. "Architecting system of systems: artificial life analysis of financial market behavior." Diss., Rolla, Mo. : University of Missouri-Rolla, 2007. http://scholarsmine.umr.edu/thesis/pdf/Ergin_Nil_Hande_diss_09007dcc8037ea4c.pdf.
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Thesis (Ph. D.)--University of Missouri--Rolla, 2007.Vita. The entire thesis text is included in file. Title from title screen of thesis/dissertation PDF file (viewed November 27, 2007) Includes bibliographical references (p. 124-137).
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Pretorius, Anri. "Investigating the financial implications of alternative water heating systems / Anri Pretorius." Thesis, North-West University, 2012. http://hdl.handle.net/10394/8450.
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Background: Electricity tariffs charged by Eskom have sharply increased over the past three years, with a 25% annual increase approved by Nersa until April 2012. There is no indication on what to expect in the future with regard to electricity tariffs. Many South Africans are searching for ways to save on their monthly electricity bills by seeking out alternative water heating systems. Solar geysers became a popular investment option, but this might not be the best options available on the market.
Purpose: The purpose of this study is to determine the most financially viable investment option in order to reduce electricity cost when it comes to water heating systems for use in households. This is done by comparing the capital expenditure and operational cost needed with the financial benefits generated by the investment, taking into consideration the size of the household.
Design and method: A literature study was done on the different alternative water heating systems in order to obtain a better understanding of how these systems operate and what savings they can generate. Different investment appraisals were identified and a literature review was performed in order to identify the most appropriate investment appraisals for the purpose of this study. It was found that the net present value, equivalent annual annuity, internal rate of return, modified internal rate of return, accounting rate of return, discounted payback period and the economic value added were the best investment appraisal methods to use for the purpose of this study.
Findings and conclusion: It was found that the five investment options identified in the literature review would all, to some extent, be financially viable to implement within households with high as well as low volume hot water consumption. All the investment appraisals gave positive outcomes. The conclusion was made that a saving will be generated on the monthly electricity bill no matter what alternative water heating system were to be installed in the place of a conventional geyser.
Recommendations: It is recommended that a household with low volume hot water consumption should install a time switch as this investment option renders the highest IRR, MIRR, ARR and discounted payback period. The second best investment option for a household with low volume hot water consumption is a heat pump and the third best option is a gas geyser. For a household with high volume hot water consumption, the best investment options is again a time switch, as this renders the best IRR, MIRR, ARR and discounted payback period. The second best investment option is a heat pump, with a gas geyser as the third best investment option.
Value of the research: This study focuses on five alternative water heating systems for a household within South Africa in times where electricity charges sharply increase. The financial viability of each of the alternatives is determined through various investment appraisals and the best option can be identified by comparing the outcomes of the alternatives. Furthermore, each individual is able to determine the viability of the alternatives by using the Excel model attached to this study and by inputting his/her own variables, where applicable.
Research limitation: Limited literature was available on the different alternative water heating systems. No indication could be found of the maintenance cost of the different water heating systems. Assumptions had to be made with regard to households, although no two households are the same.
Areas for further research: The same study could be performed, but with the focus on small businesses and large organisations. Furthermore, a study could be performed to determine the appropriate discount rate for individuals as well as the maintenance cost for water heating systems.Thesis (MCom (Management Accountancy))--North-West University, Potchefstroom Campus, 2012
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Friedl, Andrew P. (Andrew Philip). "Forecasting failure : a systems perspective on the fall of Countrywide Financial." Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/107371.
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Thesis: S.M. in Engineering and Management, Massachusetts Institute of Technology, School of Engineering, System Design and Management Program, Engineering and Management Program, 2016.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 104-107).
Countrywide Financial was acquired by Bank of America on January 11th , 2008 for $4.1 B after losing $1.3B in 2007. Not only was it losing money, its financial prospects at the time looked bleak due to their large stake in subprime mortgages. This effective failure of Countrywide Financial set off a chain of events that eventually ended up almost crippling the global economy in late 2008 into early 2009. It will be shown that the financial crisis hit the housing market hard in 2007-2009 due to low mortgage standards in the preceding few years and an oscillating federal funds rate. Using publically available data from Countrywide Financial, prices of individual mortgage backed securities will be calculated using the standard pricing models and an author-developed simple pricing model that utilizes actual default rates at the time. Using these mortgage backed securities' prices along with a stakeholder value network analysis and system dynamics, it will be shown that Countrywide Financial could have been predicted to fail in the 2007-2008 time period. Suggestions for architecting a new housing market are then given after reviewing what was learned.
by Andrew P. Friedl.
S.M. in Engineering and Management
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Marsh, Gregory J. "Evaluation of High Performance Financial Messaging on Modern Multi-core Systems." The Ohio State University, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=osu1269621500.
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