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Vissing-Jorgensen, Annette 1971. "Limited stock market participation." Thesis, Massachusetts Institute of Technology, 1998. http://hdl.handle.net/1721.1/10119.
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Tangtatswas, Pitjaya. "ALGORITHM FOR THE CUTTING STOCK PROBLEM WITH MULTIPLE RAWS AND LIMITED NUMBER OF CUTTING KNIVES." Case Western Reserve University School of Graduate Studies / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=case1486572677758349.
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Schiller, Alexander. "Essays on Asset Pricing and the Macroeconomy with Limited Stock Market Participation." Research Showcase @ CMU, 2016. http://repository.cmu.edu/dissertations/772.
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In the first essay, I examine the role of personal and corporate income taxation on asset prices in a general equilibrium model featuring limited stock market participation. Taxes are modeled to redistribute income from stockholders, who are relatively richer, to non-stockholders. Under heavier taxation of stockholders, the equity premium rises and the risk-free rate drops. This effect is driven by an increased concentration of consumption risk among stockholders, who then demand a higher premium for bearing the aggregate equity risk. In a version of the model with a realistically calibrated proportional corporate income tax as well as a progressive personal income tax schedule, I find that the redistributive properties of the income tax system are responsible for a one percentage point increase in the after-tax equity risk premium compared to an economy without taxes. In the second essay (joint with Nam Jong Kim), we study asset prices, exchange rates, and consumption dynamics in a general equilibrium two-county macroeconomic model that features limited stock market participation as well as non-traded goods and distribution cost. The model generates a high price of risk, smooth exchange rates, and makes substantial progress towards explaining the empirically observed low consumption growth correlation between countries. We find that distribution cost play a central role for reducing international consumption co-movement while also amplifying risk premia.
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Taylor, James Conrad. "Wealth makes worship : attitudes to joint stock enterprise in British law, politics and culture, c.1800-c.1870." Thesis, University of Kent, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.269146.
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Rodrigues, Irina Pereira. "Perceção e comportamento do consumidor face à indisponibilidade de um artigo de fast-fashion." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21230.
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Mestrado em MarketingGarantir a satisfação do cliente é um desafio para as empresas sendo fundamental a prestação de um serviço distinto dos concorrentes. Para a grande parte dos retalhistas a rutura de stock do artigo pretendido gera insatisfação no consumidor e consequente perda de vendas. Porém, os retalhistas de fast-fashion utilizam como estratégia a disponibilização de um número limitado de peças resultando na indisponibilidade do artigo. O presente estudo pretende compreender qual a perceção do consumidor à indisponibilidade de um artigo de moda, quais as reações e sentimentos associados, e quais os antecedentes de compra determinantes do comportamento futuro. Para dar resposta aos objetivos do estudo foi utilizado uma abordagem qualitativa com recurso a entrevistas semiestruturadas e uma amostragem com características heterogéneas. Os resultados evidenciaram que o consumidor perceciona a indisponibilidade do artigo de fast-fashion como uma rutura de stock e não estratégia da marca. O consumidor opta maioritariamente pela mudança de artigo e perante a indisponibilidade o consumidor pode sentir indiferença ou tristeza associado à perda de oportunidade. A disponibilidade de artigos substitutos e a imagem da marca são importantes determinantes do comportamento do consumidor. Esta investigação acrescenta conteúdo académico tendo em conta que a categoria de produtos de moda foi pouco explorada nesta temática, bem como insights importantes para o universo empresarial, com a existência de consumidores cada vez mais exigentes que procuram o artigo pretendido no tempo e lugar certo. Assim, é necessário que as empresas tenham informação de quais as reações do consumidor perante a inexistência do artigo.
Guaranteeing customer satisfaction is a challenge for companies as it is essential to provide a service distinct from competitors. For most retailers, stock-out situations of the sought-after articles can provide consumer dissatisfaction and consequently loss of sales. However, fast-fashion retailers use as a strategy a limited number of items which result in possibility inaccessible articles. Therefore, the present study intends to understand what the consumer perception to an unavailable fashion item is, what the reactions and feelings associated to this situation are as well as determining what the most important purchasing antecedents are for future behaviour. To achieve the study's purposes, a qualitative approach was used with semi-structured interviews and a sampling with heterogeneous features. The results highlight that the consumer perceives the unavailability of a fast-fashion item as an out of stock situation and not a brand strategy. The consumer opts to switch the article and this lack of item makes the consumer feel indifference or sadness associated with a loss of opportunity. The availability of substitute articles and brand image are the most important factors which influence consumer behaviour. This study complements academic content considering that the product category was less explored than others within this subject as well as important insights for the business world, since the existence of increasingly demanding consumers look for the desired article at the right time and place. As a result, companies are required to have information about consumer reactions to an unavailability of the desired article.
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Alemany, Juliette. "Développement d'un cadre bayésien pour l'évaluation de stocks à données limitées et élaboration de scénarios de gestion, cas particuliers de la seiche (Sepia officinalis) et du lieu jaune (Pollachius pollachius)." Thesis, Normandie, 2017. http://www.theses.fr/2017NORMC229/document.
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L’évaluation et la gestion des stocks de poissons ont pour objectif d’atteindre une exploitation durable des ressources fournies par les océans. Si les progrès dans ce domaine sont bien réels pour certains stocks de grande importance commerciale, la situation est différente pour les stocks dits à données limitées. Souvent historiquement moins exploités, ces stocks ne bénéficient pas des mêmes ressources, tant économiques qu’humaines, pour réaliser une évaluation de stock permettant par la suite la mise en place de mesures de gestion. Ce travail s’appuie sur deux cas d’étude, le lieu jaune (Pollachius pollachius) et la seiche (Sepia officinalis), afin d’explorer des méthodologies d’évaluation de stocks adaptées aux situations de données limitées. Après une première partie introductive reprenant le contexte de l’évaluation des stocks et présentant les deux cas d’étude, une revue des méthodes d’évaluation de stocks à données limitées est proposée. Une troisième partie compare les résultats d’un modèle de biomasse à deux stades et d’un modèle multi-annuel de déplétion généralisé appliqués au stock de seiche de Manche. Une version améliorée du modèle de biomasse à deux stades codé en Bayésien est également présentée. Le travail se poursuit avec l’application d’un modèle d’analyse intégrée Stock Synthesis au stock de lieu jaune de mer Celtique. Les résultats sont comparés aux résultats de modèles plus simples nécessitant moins de données. Les résultats du modèle Stock Synthesis s’avèrent sensibles aux hypothèses sur la valeur de mortalité naturelle, dont le calcul dépend des paramètres de croissance du stock. La cinquième partie présente l’acquisition et le traitement de nouvelles données qui pourront permettre une meilleure estimation de l’état du stock de lieu jaune. Un modèle hiérarchique Bayésien est construit, permettant un transfert d’information entre trois stocks et la mise à jour des paramètres biologiques du lieu jaune. Le dernier chapitre conclut ce travail en reprenant les principaux résultats obtenus et en élargissant la discussion sur des perspectives de rechercheThe assessment and the management of fish stocks aim at achieving a sustainable exploitation of the resources provided by the oceans. While progress have been made in this field for some stocks of great commercial importance, the situation is different for the so-called “data limited” stocks. Often historically less exploited, these stocks do not benefit from the same economical resources nor workforce to conduct the stock assessments required to set management measures. This work is based on two case studies, pollack (Pollachius pollachius) and cuttlefish (Sepia officinalis). The aim is to investigate the stock assessment methods adapted to data-limited situations. A first introductive part presents the background of fish stock assessment as well as the two case studies. This first chapter is followed by a review of data-limited stock assessment methods. The third part compare the results of a two-stage biomass model with the results of a multi-annual generalized depletion model applied to the English Channel stock of cuttlefish. An improved version of the Bayesian two-stage biomass model is also presented. In the fourth part, a Stock Synthesis model based on integrated analysis methods is applied to the stock of pollack in the Celtic Seas Ecoregion. The results are compared to the results of simpler models which require less data. The Stock Synthesis model results are sensitive to the assumptions on the natural mortality value, which relies on the growth parameters of the stock. The fifth part presents the collection and analysis of new data which will allow a better estimate of pollack stock status. A Bayesian hierarchical model is constructed, allowing information transfer between three stocks and the update of pollack biological parameters. The last chapter concludes this work by summarizing the main results. The discussion is extended to the research perspectives
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Jacobs, Heiko [Verfasser], and Martin [Akademischer Betreuer] Weber. "Empirical essays on the stock market impact of limited investor attention / Heiko Jacobs. Betreuer: Martin Weber." Mannheim : Universitätsbibliothek Mannheim, 2011. http://d-nb.info/1034488163/34.
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Siegfried, Kate I. "Fishery management in data-limited situations : applications to stock assessment, marine reserve design and fish by catch policy /." Diss., Digital Dissertations Database. Restricted to UC campuses, 2006. http://uclibs.org/PID/11984.
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Bacchi, Reggiani Giacomo. "Analisi e riorganizzazione dei processi aziendali e dei flussi: il caso ADS2 Limited." Master's thesis, Alma Mater Studiorum - Università di Bologna, 2019.
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Questo lavoro di tesi descrive l'esperienza di tirocinio svolta a completamento del percorso degli studi magistrali nella facoltà di Ingegneria Gestionale presso l’università di Bologna – Alma Mater Studiorum. Esso descrive l’esperienza realizzata tra febbraio e giugno 2019 presso l’azienda ADS2 Limited situata a Biggleswade, in Inghilterra.
Le finalità di questo lavoro sono quelle di analizzare e descrivere un caso di riorganizzazione dei processi e dei sistemi avvenuto all’interno di ADS2 Limited.
Nel primo capitolo viene presentata l’azienda, il contesto societario, la sua struttura interna, le risorse di cui dispone e le motivazioni alla base di questa riorganizzazione. Successivamente vengono esposti gli obiettivi perseguiti dall’azienda e quelli del tirocinio.
Nel secondo è illustrato il business realizzato, il modello teorico che inquadra le logiche industriali di ADS2 Limited. È stato preso come riferimento il modello di Wortmann e illustrato la posizione dell'azienda all’interno dello stesso. Vengono poi presentate le problematiche riscontrate all’avvio. Esse sono fondamentali per intrepretare al meglio il percorso fatto dall’azienda durante l’esperienza di tirocinio.
Nel terzo capitolo si descrive lo strumento che l’azienda ha deciso di adottare per sostenere il processo di trasformazione iniziato. Successivamente sono esaminati nel dettaglio tutti gli interventi migliorativi realizzati e il ruolo che il nuovo strumento ha ricoperto in questi.
Nel quarto capitolo viene analizzato in modo particolare uno di questi, ossia la riorganizzazione dell’area del magazzino.
Nel quinto capitolo invece sono presentati alcuni dati che descrivono gli effetti registrati a seguito degli interventi attuati. Vengono poi fatte delle considerazioni in merito ai risultati e agli obiettivi che erano stati posti all’inizio.
Infine, viene fatta un’analisi sull’esperienza nel suo complesso cercando di evidenziare gli aspetti positivi che hanno contraddistinto questo tirocinio.
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Reynolds, Noel. "Managerial decision making and stockholder wealth maximization a limited dependent variables model of the choice between dividends and stock repurchases /." [Tampa, Fla.] : University of South Florida, 2004. http://purl.fcla.edu/fcla/etd/SFE0000254.
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Reynolds, Noel. "Managerial Decision Making and Stockholder Wealth Maximization: A Limited Dependent Variables Model of the Choice Between Dividends and Stock Repurchases." Scholar Commons, 2003. https://scholarcommons.usf.edu/etd/1219.
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This research attempts to provide an explanation for the firm's choice of using either a dividend or a stock repurchase for distributing cash to its stockholders. It also provides an examination of the impact of the firm's disbursement decision on the stock market's resulting reassessment of the value of the firm.
Before analyzing the disbursement decision, I examine the stock market effects of dividends and stock repurchases using an event study methodology that corrects for the possible variance change effects of cash distribution announcements. I find that the measured wealth effects are statistically significant and similar, for the most part, to that reported in earlier studies, notwithstanding increases in the variance of the abnormal returns distribution. I apply LIMDEP's full information maximum likelihood estimator (FIML) to investigate the factors influencing a firm's disbursement decision. I use proxies to represent the major theories put forward in the literature to explain firms' rationales for making cash disbursements, namely, signaling / asymmetric information, undervaluation hypothesis, agency theory, dividend clientele, corporate control, optimal capital structure theory, managerial incentives hypothesis, financial flexibility and cash flow permanence.
I find that the firm's payout choice is related to the change in annual earnings per share, the residual volatility in daily stock returns prior to the distribution, the level of undervaluation, the free cash flows of the firm, the size of the firm, the extent of available managerial stock options, the average dividend yield, the volatility of operating earnings, the average daily stock return prior to announcement, the relative proportion of permanent cash flows, and the difference in the levels of permanent cash flows pre and post announcement.
I evaluate the stock market impact of the disbursement choice by using a self-selectivity limited-dependent variables model. The findings indicate that while open market repurchasing firms make optimal disbursement choices, that is reflected in the reaction of the stock market to the disbursement announcement, firms using repurchase tender offers make disbursement decisions detrimental to the welfare of their stockholders. However, similar results were inconclusive with regard to firms choosing to utilize dividends as their cash payout mechanism.
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Kleisner, Kristin Marie. "A Spatio-Temporal Analysis of Dolphinfish; Coryphaena hippurus, Abundance in the Western Atlantic: Implications for Stock Assessment of a Data-Limited Pelagic Resource." Scholarly Repository, 2008. http://scholarlyrepository.miami.edu/oa_dissertations/137.
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Dolphinfish (Coryphaena hippurus) is a pelagic species that is ecologically and commercially important in the western Atlantic region. This species has been linked to dominant oceanographic features such as sea surface temperature (SST) frontal regions. This work first explored the linkages between the catch rates of dolphinfish and the oceanography (satellite-derived SST, distance to front calculations, bottom depth and hook depth) using Principal Components Analysis (PCA). It was demonstrated that higher catch rates are found in relation to warmer SST and nearer to frontal regions. This environmental information was then included in standardizations of catch-per-unit-effort (CPUE) indices. It was found that including the satellite-derived SST and distance to front increases the confidence in the index. The second part of this work focused on addressing spatial variability in the catch rate data for a subsection of the sampling area: the Gulf of Mexico region. This study used geostatistical techniques to model and predict spatial abundances of two pelagic species with different habitat utilization patterns: dolphinfish (Coryphaena hippurus) and swordfish (Xiphias gladius). We partitioned catch rates into two components, the probability of encounter, and the abundance, given a positive encounter. We obtained separate variograms and kriged predictions for each component and combined them to give a single density estimate with corresponding variance. By using this two stage approach we were able to detect patterns of spatial autocorrelation that had distinct differences between the two species, likely due to differences in vertical habitat utilization. The patchy distribution of many living resources necessitates a two-stage variogram modeling and prediction process where the probability of encounter and the positive observations are modeled and predicted separately. Such a "geostatistical delta-lognormal" approach to modeling spatial autocorrelation has distinct advantages in allowing the probability of encounter and the abundance, given an encounter to possess separate patterns of autocorrelation and in modeling of severely non-normally distributed data that is plagued by zeros.
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Corti, Rachele. "Benchmarking the ability of different stock-assessment models to capture the highly-fluctuating dynamics of small pelagics." Master's thesis, Alma Mater Studiorum - Università di Bologna, 2017.
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Small pelagics dynamics are characterised by extreme variability owing to environmental factors, fishing and natural mortality. Because of highly-fluctuating dynamics, it is difficult to evaluate the stock status through models. To assess these evaluation difficulties, a model comparison framework based on the Management Strategy Evaluation (MSE) approach has been developed and tested in the Gulf of Cadiz anchovy stock.
We have used a minimum realistic model (MRM) as operating model, including well documented environmental drivers for this stock to simulate abundance indexes and catches, and also a TAC value based on population size that works as a reference. Outputs
from simulations were used as inputs for the implementation of a Gadget integrated model and some data limited methods. This simulation approach allows testing how well Gadget and data limited methods capture the highly-fluctuating dynamics of anchovy measured as the distance from the estimated TAC value (by different models) to the known reference.
The results indicate that Gadget TAC estimate was closer to the reference compared with the other methods in all the simulations. This high estimation power of Gadget suggests its suitability for the stock assessment of other small pelagics. This work presents
a measure of how well this model accounts for external sources of variability coming from the effect of the environment and a methodology that is flexible enough to be used with different models in other fisheries assessments.
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Kareva, Evgeniya. "Komparace právní úpravy a.s. a spol. s ručením omezeným v Ruské federaci a ČR." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-150100.
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The diploma thesis is aimed at the comparison of legal regulations of the joint-stock company and the limited liability company in Russian and Czech law. The comparison of characteristic features takes place in basic provisions, constitution of the company, administrative bodies and dissolution of a company. The last chapter describes trends in enterprise in Russian Federation and current economic situation in this country including recommendations for foreign investors.
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Tanwari, Anwar U. "Impact of business forecasting on demand planning. A strategy for improving business forecasting and reducing inventories throughout the supply chain for fast moving consumer goods in the Middle East market." Thesis, University of Bradford, 1999. http://hdl.handle.net/10454/4336.
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Poor quality of information and forecasting create a number of problems for
manufacturing companies, such as poor planning of products and insufficient
service levels, which leads to increased inventory and stock holding or
stockouts and increased total costs.
Cussons (UK) Limited is experiencing precisely these problems. Apart from
these problems normally associated with forecasting demand for fast moving
consumer goods there is an additional problem of reconciling the Western
calendar with the Muslim calendar, and a recognition of the effects that
Muslim religious holidays, as opposed to Christian religious holidays, have
on demand. Muslim religious holidays rotate backwards with regard to the
Western calendar, but in fact they occur at known dates and therefore the
effect they have on demand for products can be taken into consideration
when attempting to forecast demand.
An additional problem that influences Cussons' sales in the market is the
seasonal pattern of demand. Due to this, there is an increase in demand for
Cussons' products during summer months. From the analysis of both data
sets it was identified that the warehouse movement data is less variable and
more reliable for business forecasting than order data.
In this thesis, these forecasting problems are examined as a case study,
focusing on these particular problems. To overcome these problems and to
improve business forecasting of Cussons' products in the Middle East
market, a forecasting strategy has been suggested which will enable
Cusson's to reduce the inventories throughout the supply chain and to
improve their customer's service.Ministry of Education, Government of Pakistan, Cussons (UK)Limited.
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Tanwari, Anwar Uddin. "Impact of business forecasting on demand planning : a strategy for improving business forecasting and reducing inventories throughout the supply chain for fast moving consumer goods in the Middle East market." Thesis, University of Bradford, 1999. http://hdl.handle.net/10454/4336.
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Poor quality of information and forecasting create a number of problems for manufacturing companies, such as poor planning of products and insufficient service levels, which leads to increased inventory and stock holding or stockouts and increased total costs. Cussons (UK) Limited is experiencing precisely these problems. Apart from these problems normally associated with forecasting demand for fast moving consumer goods there is an additional problem of reconciling the Western calendar with the Muslim calendar, and a recognition of the effects that Muslim religious holidays, as opposed to Christian religious holidays, have on demand. Muslim religious holidays rotate backwards with regard to the Western calendar, but in fact they occur at known dates and therefore the effect they have on demand for products can be taken into consideration when attempting to forecast demand. An additional problem that influences Cussons' sales in the market is the seasonal pattern of demand. Due to this, there is an increase in demand for Cussons' products during summer months. From the analysis of both data sets it was identified that the warehouse movement data is less variable and more reliable for business forecasting than order data. In this thesis, these forecasting problems are examined as a case study, focusing on these particular problems. To overcome these problems and to improve business forecasting of Cussons' products in the Middle East market, a forecasting strategy has been suggested which will enable Cusson's to reduce the inventories throughout the supply chain and to improve their customer's service.
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Kružíková, Veronika. "Účetní závěrka a přechod ze společnosti s ručením omezeným na akciovou společnost." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-74731.
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Thesis deals with accounting procedures in final accounts, general legal regulationes in Czech Republic and according to IFRS, evaluation of balance items in balancing day. Second part of thesis is dedicated to theme of transformation from limited company to joint-stock company.
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Fišer, Jan. "Porovnání založení a vzniku společnosti s ručením omezeným a akciové společnosti." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113645.
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The first part of this thesis describes in general the limited liability company, the advantages and disadvantages it provides to its partners and it is explained why this company form is continuously the most popular business entity type. The second part of this paper introduces the joint stock company, basic terms used in joint stock company law and the advantages and disadvantages this company type provides to its shareholders. Crux of this thesis is in the third part, that describes the process of foundation of both company types and their subsequent enrolment in the companies register. Emphasis is placed on the differences between both company types that the partners and shareholders have to deal with, especially in regard to the content of the Memorandums of Associations of both companies.
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Houfková, Andrea. "Přechod na jinou právní formu podnikání z hlediska daně z příjmu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-225065.
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This thesis deals with tax implications. It is focused on the evaluation of the options of transferring to another business form in terms of tax burden. By processing the overall tax burden in various business forms will be proposed an option, which would bet he best for husbands Houfek in terms of tax. There will be also taken into account tax optimization using international revenues that husbands could arrives in connection with business development.
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Simon, Maximilien. "Modélisation hiérarchique bayésienne pour l'évaluation des populations de thonidés : intérêts et limites de la prise en compte de distributions a priori informatives." Thesis, Paris, AgroParisTech, 2012. http://www.theses.fr/2012AGPT0080/document.
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La modélisation de la dynamique des populations de thons et grands pélagiques pour l'évaluation des stocks est confrontée à deux enjeux majeurs. (1) L'hypothèse forte de proportionnalité entre Captures Par Unité d'Effort de pêche (CPUE) et l'abondance des stocks. Les CPUE des pêcheries commerciales sont en effet les seules mesures relatives de biomasse utilisées pour l'évaluations des stocks de thons et grands pélagiques, malgré leur manque de représentativité de l'abondance de ces populations. (2) Le manque de données informatives pour modéliser la relation Stock-Recrutement (SR) ce qui conduit à utiliser des contraintes sur la "steepness" de cette fonction. Nous examinons comment l'introduction d'informations indépendantes des pêcheries commerciales dans les modèles pour l'évaluation des stocks thoniers permet de lever l'hypothèse de capturabilité constante et de mieux justifier le choix de la steepness de la relation SR. Le cadre statistique bayésien autorise la prise en compte d'informations supplémentaires via des distributions a priori informatives (priors). Cette thèse examine donc les possibilités d'élicitation de priors informatifs pour des paramètres démographiques et des paramètres liés à la capturabilité des engins de pêche, ainsi que l'utilisation de ces priors dans un modèle global. Les cas d'études sont les stocks de thon rouge (Thunnus thynnus) et d'albacore (Thunnus albacares) de l'Atlantique. La grande variabilité naturelle des taux de mortalités pré-recrutement pose des limites à l'utilisation des seuls traits d'histoire de vie pour l'élicitation de priors pour des paramètres démographiques. Par ailleurs, la relation SR pour les thonidés est remise en question par une valeur de steepness proche de 1. Il apparait que des priors informatifs sur la capturabilité dans un modèle hiérarchique global permettent de réduire les incertitudes dans le diagnostic sur l'état d'un stock thonier. Nous montrons ainsi que le diagnostic sur le stock Atlantique d'albacore est plus pessimiste qu'attendu la tendance à la hausse des capturabilités des principaux engins de pêche est prise en compte. L'élicitation de priors présente donc un fort intérêt pour utiliser des informations supplémentaires et extérieures aux CPUE et améliorer la perception de l'état des stock thoniersModelisation of the population dynamics of tunas and tuna like species for stock assessment is facing two issues. (1) The hypothesis of proportionality between Catch Per Unit Effort (CPUE) and abundance (constant catchability). CPUEs from commercial fisheries appear to be the only relative measure of abundance in spite of their lack of representativity of the abundances of the populations. (2) The lack of informative data for the modelisation of the Stock-Recruit (SR) relationship, which leads to constraint this function on its steepness. The introduction of fisheries-independent sources of information is investigated in order to relax the assumption of constant catchability and to provide better justification of steepness choice for the SR relationship. The Bayesian statistical framework allows the consideration of additional information a priori via informative distributions (priors). This work investigate the elicitation of informative priors for demographic parameters and parameters related to the catchability of fishing gear, as well as the use of these priors into a surplus production model. The cases of the Atlantic bluefin tuna (Thunnus thynnus) and of the yellowfin tuna (Thunnus albacares}) were taken as examples. The large natural variability of pre-recruits mortality rates limits the use of life history traits for eliciting priors for demographic parameters. In addition, the SR relationship for tuna is challenged by a steepness value close to 1. It appears that informative priors on catchability parameters, in a hierarchical surplus production model, reduce uncertainties in the diagnosis on the status of tuna stocks. We show that the status of the Atlantic yellowfin tuna stock is more critical taking into account upward trends in the main fishing gears catchabilities. We conclude that prior elicitation is a reliable tool to take into account additionnal information and to improve tunas stock assessment
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Krajňáková, Viera. "Srovnání právní úpravy společnosti s ručením omezeným v ČR a Španělsku." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-76207.
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The thesis is aimed at the comparison of legal regulations of the private limited company in spanish and czech law, especially because this type of company belongs currently to one of the most wide-spreaded forms of business associations and as such creates the legal framework for the development of small and medium enterpreneurship. The thesis is divided into several thematic parts describing particular features of private limited company. This way I tried to find the most important differences between these two systems of law with the intention of clearing their advantages and also disadvantages.
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Fjordefors, Julia, and Ali Reanwar Asaad. "Lagerlogistikens betydelse hos företag med begränsad lageryta och hur plocktid kan effektiviseras : En kvalitativ fallstudie hos ett företag med en begränsad lageryta och hur icke-värdeskapande aktiviteter kan reduceras." Thesis, Högskolan i Gävle, Industriell ekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-36549.
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Many companies do not prioritize warehouse logistics sufficiently in their core business, with the help of increased knowledge, more companies can reduce non-value-creating activities on their warehouse space. There is research and methods designed for standard warehouses that help reduce picking time and non-value-adding activities, however, there is not enough research regarding companies with limited warehouse space and how they can work towards continuous improvement. The purpose and contribution of the study is increasing knowledge of how companies with limited warehouse space can manage and time-efficient their warehouse space with the help of warehouse logistics. A qualitative case study has been performed with observations and an interview where picking time has been the main focus. The collection of the theoretical framework has been reviewed and revised through scientific articles and other literature to strengthen the empirical research. The research is delimited and focuses on limited storage areas. More specifically, the study has placed its emphasis on warehouse logistics and picking time. The study looked at a company's limited storage space and focused on a small part in a delivery, from arrival control to storage. In the empirical study, a case company has been studied and confirmed that warehouse logistics needs to be given better priority in companies with limited warehouse space. With the help of reduced time in warehouse routines, many companies can reduce non-value-creating activities. The purpose of the study and issues will contribute to future research and can be used as a basis. Future research will also help other companies in the same situation to eliminate non-value-adding activities and reduce picking time.Många företag prioriterar inte lagerlogistik tillräckligt i sin kärnverksamhet, med hjälp av en ökad lagerlogistik-kunskap kan fler företag reducera icke-värdeskapande aktiviteter på lagerytan. Det exister forskning och metoder som är utformade för standardlager som hjälper till att reducera plocktid och icke-värdeskapande aktiviteter, däremot saknas det tillräcklig forskning gällande företag med begränsad lageryta och hur dom kan arbeta mot ständiga förbättringar när det kommer till lagerlogistik. Studiens syfte och bidrag ligger i att öka kunskapen om hur företag med begränsad lageryta, med hjälp av lagerlogistik, kan hantera och tidseffektivisera sin lageryta. En kvalitativ fallstudie har utförts med observationer och mejlkommunikation där plocktid varit huvudfokus. Samling av det teoretiska ramverket har genom vetenskapliga artiklar och annan litteratur granskats och reviderats för att stärka den empiriska undersökningen. Forskningen avgränsas och fokuserar på begränsade lagerytor. Mer specifikt har studien lagt sin vikt på lagerlogistik och plocktid. Studien har tittat på ett fallföretags begränsade lageryta och på en liten del i en leverans, från ankomstkontroll till förvaringsförråd. I den empiriska undersökningen har ett fallföretag studerats och bekräftat att lagerlogistik behöver prioriteras bättre hos företag med begränsad lageryta. Med hjälp av reducerad tid vid lagerrutiner kan många företag reducera icke-värdeskapande aktiviteter. Studiens syfte och frågeställningar kommer att bidra till framtida forskningar och kan användas som underlag. Framtida forskning kommer även bidra med att hjälpa andra företag i samma sits att eliminera icke-värdeskapande aktiviteter och reducera plocktid.
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Simonsen, Ola. "Stock data, trade durations, and limit order book information." Doctoral thesis, Umeå : Department of Economics, Umeå University, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-839.
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Wen, Quan. "Limit-order completion time in the London stock market." Thesis, Heriot-Watt University, 2009. http://hdl.handle.net/10399/2239.
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This study develops an econometric model of limit-order completion time using survival analysis. Time-to-completion for both buy and sell limit orders is estimated using tick-by-tick UK order data. The study investigates the explanatory power of variables that measure order characteristics and market conditions, such as the limitorder price, limit-order size, best bid-offer spread, and market volatility. The generic results show that limit-order completion time depends on some variables more than on others. This study also provides an investigation of how the dynamics of the market are incorporated into models of limit-order completion. The empirical results show that time-varying variables capture the state of an order book in a better way than static ones. Moreover, this study provides an examination of the prediction accuracy of the proposed models. In addition, this study provides an investigation of the intra-day pattern of order submission and time-of-day effects on limit-order completion time in the UK market. It provides evidence showing that limit orders placed in the afternoon period are expected to have the shortest completion times while orders placed in the mid-day period are expected to have the longest completion times, and the sensitivities of limit-order completion time to the explanatory variables vary over the trading day.
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Hejlová, Veronika. "Osobní a kapitálové společnosti - účetní a daňové souvislosti." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-359792.
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The aim of this diploma thesis is to consider whether capital companies are more advantageous than partnerships from perspective of taxation of companion's income. Only companies in the Czech legal environment are included. The initial hypothesis is that limited liability company and joint-stock company are the best option, because according to statistical data these are the most frequently present legal forms of business in the Czech Republic. The comparison is carried out in general model of taxation of selected type of income. The parts of this thesis are also attachments which complement analyses by some summaries and calculations.
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Bodnaruk, Andriy. "Essays in empirical corporate finance and portfolio choice." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics (EFI), 2005. http://www.hhs.se/efi/summary/682.htm.
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Ligurský, Ivo. "Strategie rozvoje rodinného podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2017. http://www.nusl.cz/ntk/nusl-319186.
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The diploma thesis is focused on development strategy for family owned company. The first part of the thesis describes the theoretical knowledge, based on which analytical part is performed, which assesses the current situation and defines the problems that revealed the analysis of the internal and external environment. The last chapter proposes a solution to the current situation. The proces of change takes place using Lewin's change model and an implementation schedule is compiled.
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Novotná, Eliška. "Porovnání české společnosti s ručením omezeným a jejího založení a vzniku s Gesellschaft mit beschrankten Haftung (GmbH) v SRN." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-114227.
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This master dissertation is dedicated to the main characteristics and to the process of establishment of Private Limited Company in the Czech Republic and Germany and to the comparison of these two national legal forms. The goal of this work is to compare Czech and German Ltd. in a very clear way, so the reader can understand what the differences of this type of company in the national legal forms mentioned above are and what have on the contrary in common. The work deals also with the Czech and German Ltd. in separated chapters in order to be the comparison for the reader comprehensible. In the end of the master dissertation is expressed the author's opinion, which national legal form of this type of company is better and in what way.
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"Limited arbitrage in China stock market." 2003. http://library.cuhk.edu.hk/record=b5891619.
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Tang Kwong-leung.Thesis (M.Phil.)--Chinese University of Hong Kong, 2003.
Includes bibliographical references (leaves 83-84).
Abstracts in English and Chinese.
Abstract --- p.ii
摘要 --- p.iii
Acknowledgment --- p.iv
Table of Contents --- p.v
Chapter Chapter 1 --- Introduction
Chapter 1.1 --- Modern View of Arbitrage --- p.1
Chapter 1.2 --- Arbitrage Opportunity in China Stock Market --- p.4
Chapter Chapter 2 --- The China Stock Market
Chapter 2.1 --- Stock Trading --- p.7
Chapter 2.2 --- Segmentation of the Market --- p.8
Chapter 2.3 --- Listed Companies --- p.10
Chapter 2.4 --- Literature Review --- p.11
Chapter 2.5 --- Liberalization of B Shares --- p.14
Chapter 2.6 --- Operational Difference between A-Share and B-Share Trading --- p.16
Chapter Chapter 3 --- The Data
Chapter 3.1 --- A Shares versus B Shares --- p.18
Chapter 3.2 --- Definition of Discount --- p.19
Chapter 3.3 --- A Shares versus H Shares --- p.23
Chapter Chapter 4 --- Test for The Existence of Structural Break
Chapter 4.1 --- The Methodology --- p.26
Chapter 4.2 --- The Empirical Findings --- p.28
Chapter Chapter 5 --- Explanations for Limited Arbitrage
Chapter 5.1 --- Absence of Free Convertibility of Renminbi --- p.29
Chapter 5.1.1 --- China's Foreign Exchange Control and Regulation --- p.30
Chapter 5.1.2 --- Current Account versus Capital Account --- p.31
Chapter 5.1.3 --- Impact of Foreign Exchange Control on Price Discount --- p.32
Chapter 5.1.4 --- Free Convertibility of Foreign Exchange in Hong Kong --- p.33
Chapter 5.1.4.1 --- The Data --- p.34
Chapter 5.1.4.2 --- Definition of Discount --- p.34
Chapter 5.1.4.3 --- Basis Idea --- p.35
Chapter 5.1.4.4 --- The Empirical Findings --- p.37
Chapter 5.2 --- Investment Returns of A Shares and B Shares --- p.37
Chapter 5.2.1 --- The Data --- p.38
Chapter 5.2.2 --- Foreign Exchange Factor --- p.42
Chapter 5.2.3 --- Basic Idea --- p.43
Chapter 5.2.4 --- Different Sets of Returns --- p.44
Chapter 5.2.5 --- The Empirical Findings --- p.47
Chapter 5.2.6 --- Irrelevant Difference in Liquidity between A Shares and B Shares --- p.51
Chapter Chapter 6 --- Conclusion --- p.52
Tables
Table 1 Share Structure of PRC Issuers --- p.54
Table 2 Descriptive Statistics of Different Types of PRC Issuers --- p.55
Table 3 Trading Summary of PRC Issuers --- p.56
Table 4 Lists of Companies
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Hsiao-WeiTsou and 鄒筱薇. "Two-dimensional Cutting Stock Problem with Limited Multiple Stock Sizes." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/69139768017300452812.
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碩士國立成功大學
工業與資訊管理學系碩博士班
98
In the past multi-dimensional cutting stock problem assumed that the amount of material is unconstrained. In fact, material costs should be considered at the actual production situation, and not all materials have unlimited amount. Based on that the amount of material is limited, this research discussed the cutting stock problem, and minimize the total stock cost. Because of too many variables (cutting patterns) of the cutting stock problem, we developed a heuristic algorithm based on column generation method to generate feasible cutting patterns. Column generation is the core construction of the heuristic algorithm. This research uses three sub-models which are the cutting stock, the cutting patterns and the arrangement of items to construct the algorithm. Through a variety of instances the algorithm is tested, and its solution performance is observed. The cutting algorithm can handle 25 different products, and the maximum solving time is 40 minutes. So using a column generation method as algorithm schema can greatly reduce the time of finding cutting pattern, and the cutting pattern found can effectively reduce material cost. Moreover, the algorithm can help facility effectively to find a good way of production with limited materials.
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Hsu, Ya-Ping, and 徐雅萍. "Limited Investor Attention and Stock Price Bubbles." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/d8f3y4.
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碩士國立臺中科技大學
財務金融研究所碩士班
106
Soros (1985) considers that because investors can only pay a limited amount of attention to the market, they cannot obtain comprehensive market information. This limitation results in dissimilar market awareness and different market expectations among investors, which can consequently lead to investment biases. Therefore, when investment biases in the market grow, market prices deviate from the fundamental value, engendering a stock price bubble. The present study investigates the effects of limited investor attention on stock price bubbles. The empirical results reveal that stock price bubbles decrease when investors’ attention levels increase. The effects of firm leverage, institutional ownership, firm size, and liquidity on stock price bubbles differ according to proxy variables.
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Wei, Kuo-Chung, and 魏國忠. "A consignment stock model with stock-dependent demands and limited shelf space." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/93176590456840082932.
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碩士長庚大學
企業管理研究所
97
“Consignment inventory” is any stock that the supplier has placed in the warehouse without charge. It remains the property of the supplier until it is actually used and should not be included in the value of the stock on hand. It might create a condition of shared benefit for both the supplier and the retailer (consignee) by supply chain coordination. However, in the practice, problems might happen such as retailers have limited shelf spaces, and the inventory on shelves might influence customers’ demand; these important factors have never been considered in research in inventory management. This thesis considers a single-manufacturer, single-buyer supply chain problem where the supplier produces a single item product and delivers it to the retailer on the basis of consignment policy. Demand on the retailer side is stock dependent. Decision variables in this model include the supplier’s replenishment lot sizes and the retailer’s number of reorders. The objective is the sale revenue less than the total costs including the supplier’s holding, setup, and replenishment cost and the retailer’s carrying cost on shelf. We derive the upper bound of the retailer’s shelf spaces making different the supplier’s replenishment policy. Sensitivity analysis through numerical examples concludes that (1) both the number and the lost sizes of supplier’s replenishment increase as the demand is sensitive to the retailer’s shelf inventory; and (2) as the retailer’s shelf spaces approach the upper bound, the supplier’s replenishment amount, not the number of replenishment, gets larger.
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Chiu, Yu-Fei, and 邱于霏. "The Combination of Product Quantity on Limited Stock." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/87548843930837858975.
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碩士元智大學
工業工程與管理學系
91
In electronics industry, the cost of assembly parts generally above 50%. If the production planning of the company is to follow the “assembly to order” strategy and the discrepancy between the forecast order and the real order exists due to uncertainty, so how to decide the combination of product is a complex problem. The research goal of this thesis is to seek the optimal combination of product quantity under the consideration of present stock and substitute relation of assembly parts, so the final product can be sold in high prices to compensate for the stock problem because of forecast error or transients of economic environments and to reduce the company’s losses. The research starts from selecting the product of selected company under investigation, analyses the stock data and constructs the mathematical model to consider substitute relation of assembly parts. The research uses an integer mathematical programming method to solve the proposed model and finally makes a suggestion from the results.
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Liu, Chien-Hsin, and 劉見新. "What happens when Stock Price Movements are "Limited"?" Thesis, 2011. http://ndltd.ncl.edu.tw/handle/trh3ez.
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Han, Hao-Dong, and 韓昊棟. "Influence Factors Analysis and Stock Valuation for Alibaba Group Holding Limited." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/74070712967453353759.
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碩士國立臺灣大學
會計學研究所
103
On September 19, 2014, Chinese internet company Alibaba Group got listed in NYSE and became the largest IPO case in the US history. All the people around the world wanted to know what made a company so successful, and how much the company was worth on earth. This thesis uses DCF method for the valuation of Alibaba Group. In addition, this thesis also analyses the influence factors that may exist around the time of IPO, in order to get a comprehensive and reasonable result that can be recognized by the market. The influence factors are divided into two categories. One includes the factors that impact the specific businesses. These factors affects the valuation basis and calculations of the DCF model. The other category consists of factors that generally affect the price. After getting the price with the DCF method, these factors may have some additional influences on the final price. Another purpose of influence factors analysis is to introduce an Mainland China company to Taiwan by using the real company Alibaba as an example, about its development and problems raising from the growth. This may help to give a true and neutral view of business environment in Mainland China. Besides valuation, this thesis also recommends some reports and results of some international analysts. The result of this thesis is compared with these analysts’, as well as the stock’s real performance in the market, to test the reasonableness of the thesis.
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Wu, Chen-Hui, and 吳貞慧. "Limited Attention, Representativeness and Conservatism Biases: Evidence from the Taiwan Stock Market." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/vu2hxd.
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博士國立中山大學
企業管理學系研究所
96
The key features of this dissertation pertain to limited investor attention and its indirect consequences of conservatism and representativeness biases that have impacts on the Taiwan Stock Market. Thus, this dissertation contributes to the empirical work on investors’ limited attention and heterogeneous beliefs to public information, as well as representativeness heuristics. This study examines the market reaction of a sequential release of annual reports in Taiwan, in which different stages of attention-grabbing cause different market reactions. Moreover, investors with limited attention have an incomplete understanding about the content of the annual report, in which different years present significant positive or negative reactions of trading volume, and the evidence supports the hypothesis of limited attention. If people focus primarily on the strength of the evidence, they tend to neglect its weight and manifest representativeness bias. On the other hand, when people are unimpressed by the strength of the evidence, they focus too much on its weight and exhibit conservatism bias. Thus, this study distinguishes the behavioral biases between global representativeness bias and local representativeness bias. The results suggest that accounting performances globally have low strength but high weight features, leading investors to show conservatism bias, and other valuation ratios globally have high strength but low weight features, leading investors to exhibit representativeness bias. However, when global sequence is further decomposed into a local sequence, those behavioral biases disappear. This study also sheds light on how investors are sensitive to the streak length of performance, and the empirical evidence indicates that investors exhibit the gambler’s fallacy to the trend of performance.
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Chen, Hung, and 陳鋐. "Stock assessment of sailfish(Istiophorus platypterus) in the Indian Ocean using data-limited methods." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/26144160796377936832.
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碩士國立臺灣海洋大學
環境生物與漁業科學學系
104
Sailfish (Istiophorus platypterus) is a highly migratory fish that inhabits tropical and subtropical Atlantic, Pacific and Indian Oceans. In the Indian Ocean, sailfish is mainly caught by gillnet and longline fleets of the countries around the Arabian Sea. Catches increased sharply since the 1990s and the average catch exceeded 29,000 tones in recent years. Due to lack of biological information and effort for sailfish in the Indian Ocean, this study adopts Catch-MSY method and Depletion-Based Stock Reduction Analysis, which need only history catch and prior distribution of life history parameters and stock parameters, to conduct the assessment for sailfish in the Indian Ocean. The results of both methods indicate that catches and fishing mortality substantially increased and biomass decreased gradually since the 1990s. Currently, the stock status is not overfished. However, fishing mortality obtained from Catch-MSY method is at a high level, while, fishing mortality obtained from DB-SRA is still below FMSY. Comparing to Catch-MSY method, the estimates of DB-SRA are more robust and DB-SRA can incorporate more biological and stock parameters. However, the results of this study indicate that the model estimations of DB-SRA are influenced by the assumption of depletion. To further understand the population dynamics of sailfish in the Indian Ocean, improvements in data collection and quality of fishery statistics and are necessary. In addition, biological studies of sailfish in the Indian Ocean should be enhanced simultaneously.
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Chih-Jen, Ko, and 柯智仁. "Research on Share Flotation in Hong Kong Stock Market for Enterprises in Mainland China -- Shanghai Petrochemical Company Limited." Thesis, 1999. http://ndltd.ncl.edu.tw/handle/30436025406402925122.
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碩士淡江大學
大陸研究所
87
In recent years, the articles discussing about share flotation in Hong Kong stock market for enterprises in Mainland China are getting more. However, almost all of these papers emphasize on the growing process of an enterprise; less discusses about real case study. In this paper, we choose Shanghai Petrochemical Company Limited as an example. By observing this case, we want to know what are the effects on capital use, financial ratio, and business administration after sharing flotation in Hong Kong stock market for the enterprises in Mainland China. Besides, by observing the flotation experience of Shanghai Petrochemical Co., we want to know how it can help for other enterprises. This paper adopt three kinds of methods to study on the topic: historical method, financial statement analysis method, and secondary source method. This means that we will analysis this question from the developing process of Shanghai Petrochemical Co. based on its opened financial statement and secondary source We conclude the research results in the following: 1. As for the capital use. In 1993, Shanghai Petrochemical Co. has many capital resources. Share flotation in Hong Kong stock market is not used as prearranged, but the plans are finished on schedule. 2. As for the financial ratio. Share flotation in Hong Kong stock market is only one of the reasons that improves the company financial ratio. This means that financial ratio improvement depends on the flotation amount and other financial item (for example, loan) at the same year. 3. As for the business administration. The share flotation in Hong Kong stock market will change the company business, but the major changes are caused by other factors (such as demand and supply and the leader's thought). 4. As for its experience in flotation. The major help for other enterprises in Mainland China is the methods to solve the problems.
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Gumbochuma, Innocent. "Relationship between working capital management and profitability in retail sector companies listed on the Johannesburg Stock Exchange." 2014. http://encore.tut.ac.za/iii/cpro/DigitalItemViewPage.external?sp=1001570.
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M. Tech. Business AdministrationWorking capital management is an extremely important area of financial management as current assets normally represent more than half of the total assets of a business. Literature has shown that efficient management of working capital will lead to more profitability and creating more market value. This study sought to ascertain the impact of the working capital management on firm profitability in the retail sector of the South African Johannesburg Stock Exchange listed companies.
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Strydom, Nicolaas Tjaart. "A historical analysis of electronic trading system implementation: the case of the Johannesburg Stock Exchange (1990-2000)." Thesis, 2014. http://hdl.handle.net/10210/11138.
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M.Com. (Financial Management)Electronic trading systems are increasingly implemented by stock exchanges instead of maintaining the traditional floor trading system. This study uses the Historical case study method to examine original minute book volumes from the archives of the Johannesburg Stock Exchange (JSE). The purpose of the study is to identify and examine the antecedents and consequences of the shift to an electronic trading system in the case of the JSE from 1989 to 2000. The study also produces an accurate historical account of the process that the JSE underwent to implement an electronic trading system, for use in further studies concerning the shift from floor to electronic trading. The main antecedents identified in the study were the JSE’s need to automate menial tasks; the need for increased trading capacity; the need for proper information dissemination; the need to dematerialise physical share certificates; international trends with regard to electronic trading; the T + 3 clearing and settlement standard; the establishment of South Africa’s National Payment System; legislative changes to the Securities Exchange Control Act; the need for market liquidity; and the need for investor protection. The main consequences of the abolishment of the floor trading system in favour of the electronic trading system were examined and grouped in four categories, namely the consequences for society, the consequences for the operation of the stock market, the consequences for the liquidity of the market, and the consequences for investor protection. The results of this study could be used as a foundation for a follow-up study to measure the effects of electronic trading implementation on the liquidity and efficiency of a stock market.
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Przeczek, Michal. "Nástroje ochrany věřitelů akciové společnosti." Doctoral thesis, 2020. http://www.nusl.cz/ntk/nusl-438302.
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1 The Instruments of Protecting Creditors of the Joint Stock Company Abstract The aim of submitted thesis is to analyse those instruments of the business corporations law that have a purpose to ensure a certain level of creditor protection in relation to the joint stock company as a typical representative of a capital company. The key characteristic of this form of a business company is a limited (or more precisely de facto excluded) liability of shareholders for its debts and a strict application of a separate ownership principle. On the one hand, this fact leads to its use for important business projects, but on the other hand, it also increases a probability of moral hazard by shareholders in some situations, which is contrary to interests of creditors. This is connected especially with a distribution of sources by a joint stock company to its shareholders. Instruments applied by a business corporations law are able to react to the riskiest situations and they also have a preventative character. Categorization of these instruments is a part of an introduction to this thesis together with a classification of creditors, which form a heterogenous group with different power and particular interests. The attention is also paid to some general instruments as information duties of business companies to third...
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Chiou, Nae-Yann, and 邱迺硯. "The Effect of Hurting Corporate Social Responsibility on Stock Prices: An Analysis of Investor Limited Attention and Market Efficiency." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/uqgh48.
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碩士國立東華大學
財務金融學系
103
The purpose of this paper is to examine market efficiency via investor limited attention. Our analyses are based how the stock market reacts to the events that companies hurt their corporate social responsibility (CSR), while previous studies only focus on the positive effect of corporate social responsibility on company performance. This study uses the data of Taiwan stock market from 2004 to 2014. We measure investor limited attention from several dimensions, including years, firm sizes, industries and media coverages, and show how different levels of investor attention affect the price efficiency of the stock market. We find that investor attention does affect the market efficiency. More limited the investor attention, less efficient the market reacts to the event that companies hurt their CSR. We also show that the inefficiency is severer in recent years, indicating companies could have more incentives to hurt their CSR.
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Serithi, Legoabe Tumelo. "The effects of financial liberalisation on the sustainable growth rate of dual listed companies on the JSE Limited." Thesis, 2014. http://hdl.handle.net/10210/11134.
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M.Com. (Financial Management)In 1995, the South African government needed to address the widening poverty gap. The manner in which they would do so was through the process of financial market liberalisation of the JSE. The intention behind the process of financial liberalisation on the JSE was to increase the liquidity of the JSE. The significance of this study is that it would provide regulators of financial markets, policy makers and academics information on the effectiveness of the liberalisation of the JSE on dual listed companies’ ability to grow in a sustainable manner. Previous literature has found the risk sharing benefit associated with financial market liberalisation. With the increased number of participants in market would increase the chance of successful trades. Previous studies have found that there is a positive correlation with financial market liberalisation and market liquidity. Exchange controls have been put in place to prevent capital flight in sudden economic down turns. Certain studies have found that financial market liberalisation on has had minimal impact on the market capitalisation This study investigates the effects the financial liberalisation on the JSE had on dual listed companies’ sustainable growth rates. A purposive sampling technique was used in this study and a sample of 28 dual listed companies was selected. The approach to this study was an explanatory approach and the research paradigm was archival. The statistical tools which were utilised in the study were broken into two components, namely, the descriptive statistics and the inferential statistics. The data that were used in the study were secondary data collected from I-Net Bridge. The results of this study indicated that the financial liberalisation of the JSE did have an impact on the sustainable growth rates of dual listed companies on the JSE. Recommendations were made in this study for the dual listed companies to improve their net profit margins. The methods in which the dual listed companies are able to improve their net profit margins are by finding competitive sustainable advantages. It was further recommended that the Income Tax Act No. 58 of 1962 needs to be amended to create a conducive economic environment for the dual listed companies to grow sustainably. It was further recommended that the dual listed companies on the JSE invest in human capital in order to improve their sustainable growth rate.
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Sikhwivhilu, Tendani. "The appropriateness of rules-based headline earnings guidance for listed property entities on the JSE Limited." Diss., 2015. http://hdl.handle.net/10500/19154.
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The disclosure of headline earnings is one of the JSE Limited (JSE)’s listing requirements. All listed entities are required to comply with this disclosure requirement. Guidance in the form of The Circular on headline earnings is issued by the South African Institute of Chartered Accountants (SAICA), and is updated every time when there are changes to the International Financial Reporting Standards (IFRS). The Circular adopts a rules-based approach and specifies what is included and excluded in the calculation of headline earnings. The rules consist of general rules, which apply to all entities other than those industry groups with special provisions such as the life insurance entities.
This study questions whether a rules-based headline earnings approach or a principles-based approach is more appropriate for the calculation of headline earnings of listed property entities on the JSE, for economic decision-making purposes. The research method consisted of questionnaires that were sent out to stakeholders. The responses from the CFOs and investment analysts show that principles-based headline earnings guidance is preferred over rules-based headline earnings guidance.Business Management
M. Phil (Accounting Sciences)
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Wallace, James, A. Tsoularis, and Rana Tassabehji. "Stochastic automata and supply chain agility in the time-limited supply industry." 2006. http://hdl.handle.net/10454/3941.
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NoThis paper presents a stochastic automaton approach to stock ordering for retailers of time-limited goods, in the modern supply chain network. The rationale applied is that by ordering in small quantities frequently, overstocking will be reduced, capital liquidity improved and wastage limited. A consequence for the complete supply chain is that such an approach could substantially minimise the reactive bullwhip effect, leading to more efficient utilisation, production and agility throughout the chain. Such agility and flexibility can only be achieved by full integration of stock inventory monitoring technologies (such as RFID) with enterprise integration systems (such as ERP) connected to suppliers, mediated by the internet. We undertake a comparative simulation study of stock ordering using a stochastic automaton and a naive traditional approach. This shows that stochastic ordering, prompted by a stochastic automaton, exhibits characteristic properties that are a prerequisite for reducing the bullwhip effect, thus enabling agile inventory management.
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Jun, Xie Pei, and 謝佩君. "The Internal Supervision and Controls of Stock Limited Company and The Civil Liability of Cerfied Public Accountant under Cross Ownership." Thesis, 1999. http://ndltd.ncl.edu.tw/handle/61477603473119695122.
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Snaith, N. J. G. "The optimum leverage for listed companies on the Johannesburg Securities Exchange." Thesis, 2014. http://hdl.handle.net/10210/12340.
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M.Com. (Business Management)The capital structure of a company depends on the degree of debt used. Companies use debt to trade of tax shields and financial distress costs. At the margin where these equate, the optimal capital structure is reached. This optimal capital structure has been determined for each size of market capitalisation on the Johannesburg Securities Exchange. The capital structure theories of the static trade-off theory, pecking order and signalling model theory are highlighted in relation to company determinants such as size, asset structure, profitability and growth opportunities. A sample of 35 companies was used for each market capitalization for the period 2003 to 2009. The researcher uses a bar graph to display the average price to book value (P/BV) in sequential intervals for each degree of leverage in order to determine the optimal capital structure. The research shows that the optimum leverage for small market capitalisations was reached with a DIE ratio of 0.75-1 and for medium and large market capitalisations between 1.01-1.25.
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Havelková, Lenka. "Orgány kapitálové obchodní společnosti v likvidaci." Master's thesis, 2017. http://www.nusl.cz/ntk/nusl-365299.
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Bodies of limited companies in liquidation Abstract This diploma thesis shows the position of the liquidator and the relation with other bodies of the stock corporation in process of liquidation of the stock corporation (further referred as "company"). There is an ambiguous interpretation of current legal regulations about the liquidation of legal entities, liquidator itself and particularly terms of reference of company authorities in liquidation. There are also a lot of arguably legal question about this relation that is answered in this thesis. The purpose of this thesis is not a just definition of liquidator or valuation of problematic areas according to liquidator's position. The thesis is also targeted on the activity of liquidator inside and outside the company related to solving reciprocal relation between liquidator and authorities of the company. The thesis is using critical analysis method of existing law regulations and contemporary legislation, judgments, articles to solve controversial questions which have not been removed during recodification of civil law which united civil and commercial adaptation of liquidation of the company. During this recodification was also changed the mode of acquisition of competence of statutory authority by the liquidator of the company. The diploma thesis...
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Mikuláš, Ondřej. "Ukončení účasti ve společnosti s ručením omezeným a akciové společnosti." Master's thesis, 2012. http://www.nusl.cz/ntk/nusl-311307.
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The termination of membership in a Limited Liability Company and Joint Stock Company - abstract The purpose of this thesis is to summarize and analyze selected possibilities of termination of membership in a Limited Liability Company and Joint Stock Company together with related consequences of such termination. I have aimed especially to the actual legal regulation contained mostly in the Czech Commercial Code however taking into consideration the decision making practice of the Czech Supreme Court as well. Within the writing of this thesis I have also reviewed upcoming new regulation contained within the Act on Business Corporation. The thesis is composed of foreword, three chapters and conclusion, where the second and third are most important ones as they deal with the two most usual kinds of business corporation in the Czech Republic - Limited Liability Company and Joint Stock Company. The first chapter represents general foreword in respect of the membership in a corporation. Chapter two is composed of eight parts. Part 1 - 7 deals with specific reasons for termination of membership in a Limited Liability Company (agreement, transfer of business interest, court-ordered termination, expulsion, bankruptcy and distraint, death and winding-up) and part 8 deals with consequences of such termination as...
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Mota, Ana Margarida Marques. "O impacto da informação jornalística no mercado acionista: os casos das SAD's do Benfica, Porto e Sporting." Master's thesis, 2019. http://hdl.handle.net/10316/86701.
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Trabalho de Projeto do Mestrado em Economia apresentado à Faculdade de EconomiaIn a global society of where information is given almost in real time, the media have the capacity to create an impact in various domains of the economy, namely in the performance of companies listed on stock exchanges. Football is not an exception. The thousands of shareholders of major clubs are not indifferent to unexpected events and to the financial activity of the favorites. This Work of Project studies the effects of journalistic information on the daily closing prices of the three major Portuguese clubs, Benfica, Porto and Sporting, that is, the share prices of the public limited sports companies that hold them, in the period between November 2009 and June 2018. The methodology to be used will be the event study, using the Chow test with dummy variables, created for each of the days of the event window, in order to assess the statistical significance of the effect of news on the variation of the closing quotation. The procedure starts from the hypothesis that there is media when the number of daily transactions exceeds a certain minimum number, defined for each team. It is concluded that meet this condition, and therefore may be associated with news that potentially affected the performance of the teams, positively or negatively, are the signing of contracts concerning television rights and the hiring and / or dismissal of managers. The anticipation of title wins is one of the other causes for a significant increase in the number of daily transactions in a given period.
Numa sociedade global de informação dada quase em tempo real, os meios de comunicação social têm a capacidade de causar impacto em vários domínios da economia, mais concretamente no desempenho de empresas cotadas em bolsas de valores. O futebol não foge à regra. Os milhares de acionistas de grandes clubes não ficam indiferentes a acontecimentos inesperados e à atividade financeira dos favoritos. Neste Trabalho de Projeto, serão estudados os efeitos da informação jornalística nos preços de fecho diários das ações dos três grandes clubes portugueses, Benfica, Porto e Sporting, mais concretamente nas sociedades anónimas desportivas que os detêm, no período compreendido entre novembro de 2009 e junho de 2018. A metodologia a ser utilizada será a do estudo de evento, com a utilização de testes de Chow com variáveis dummy, criadas para cada um dos dias da janela de evento, de modo a permitir avaliar a significância estatística do efeito mediático na variação da cotação de fecho. Parte-se da hipótese de que existe efeito mediático quando o número de transações diárias ultrapassa um certo valor mínimo, variante de equipa para equipa. Conclui-se que os acontecimentos com mais mediatismo que poderão ter afetado o desempenho das equipas, pela positiva ou pela negativa, prendem-se com a assinatura de contratos para concessão de direitos de transmissão televisivos e a contratação e/ou despedimento de treinadores. A antecipação da conquista de títulos é também uma das outras causas para o aumento significativo do número de transações diárias num determinado período.