Dissertations / Theses on the topic 'Net buyers'

This thesis examines four parts of production and inventory models for buyer-supplier in the supply chain under deterministic conditions. The main objective is to find optimal lot-sizing decisions and inventory policies which derive from the classical inventory and Net Present Value (NPV) framework. Firstly, we study the production and inventory models from the classical framework to identify how to value the holding cost for buyer and supplier in the average profit or cost functions. Secondly, we propose the inventory model derived from the NPV framework to identify the incorrect model from the classical framework. It makes a clear distinction between physical inventory and opportunity costs and the supplier’s reward is identified as a lost term in the supplier’s profit function which it has been proved that the corrected supplier’s profit function does lead to a channel. Thirdly, we developed the quantity discount model derived from the NPV framework to help the supplier increase profits under constant demand. It is found that price discounts often lead to a solution very close to the joint optimal policy for buyer and supplier. Fourthly, four different VMI models are developed which derive from the NPV framework for single-supplier and single buyer under deterministic conditions. The experimental results show that the VMI+ Policy can guarantee to achieve the perfect channel coordination and gives the highest supply chain profit more than other VMI approaches and the classical framework.

L’obiettivo di questo elaborato è esaminare la fiera in qualità di microcosmo e identificarne gli elementi chiave e gli attori principali, nonché il ruolo nel marketing mix aziendale e gli aspetti comunicativi maggiormente interessati. A tal fine, è stata in primo luogo fornita una panoramica storica dell’evento fieristico, descrivendone poi le tappe organizzative cruciali e, infine, i principali vantaggi e svantaggi per espositori e territorio. In secondo luogo, è stato investigato il rapporto tra marketing esperienziale, fieristico e degli eventi allo scopo di metterne in luce i punti di contatto e divergenza. Sono state inoltre analizzate le variabili del marketing mix aziendale che vengono, in un’ottica di inbound marketing, maggiormente influenzate dalla partecipazione a un evento di questo genere. In terzo luogo, l’attenzione è stata rivolta alla comunicazione presente nello stand, in qualità di luogo che contribuisce tanto all’immagine di marca quanto al processo di lead nurturing. In aggiunta, si è considerato il modo in cui l’interprete di trattativa d’affari contribuisce a un’efficace comunicazione in questo setting, tratteggiando il profilo ideale di tale professionista e i problemi principali in cui egli/essa può incorrere. Infine, è stato svolto un caso studio incentrato sulla fiera Cosmoprof Worldwide Bologna per investigare le peculiarità di questo evento in relazione alle osservazioni svolte nei precedenti capitoli.

The New Zealand Wool Industry (NZWI) contributes over a billion dollars a year to NZ gross output. However, this industry is at a crossroads and the incumbent practitioners are looking for ways to increase the value of the New Zealand wool clip. The value of the industry to the economy is directly related to the price which buyers are prepared to pay for wool, primarily as a result of the marketing approaches used, physical parameters of wool as well as intra and inter-fibre competition. The inflation adjusted price has steadily decreased over recent years and understanding of its dynamics is a fundamental problem for the stakeholders. Among the stakeholders, buyers / exporters, heavily involved in the process of price formation currently face a real time problem of sourcing strong wool from two parallel but different marketing systems operated simultaneously – auction and direct supply. The underlying mathematics which governs the decision making of buyers on the price dynamics in these sourcing options is poorly understood. This study developed system models for price formation in both auction and direct supply sourcing and an associated optimization model for the buyer / exporter of the New Zealand wool clip. All three of these models were original and none appear to have been described previously. It is hoped that these three models will be of quite general utility and also be useful therefore for other agricultural commodities that are traded simultaneously via auction and direct supply. The average price for a given wool type, which is the output from this new modelling exercise is precisely what is required as input data for solving the minimization problem in wool blending models.

Актуальність роботи полягає в тому, що покращення комунікаційної політики обраного закладу допоможе привабити нових покупців та утримати постійних клієнтів, покращити якість обслуговування та витіснити вже існуючих конкурентів. Об’єкт дослідження – магазин «Книголюб» у м. Суми. Предметом дослідження є – розроблення маркетингових комунікацій шляхом аналізу послуг, які надаються в закладі та існуючих проблем, пов'язаних з її наданням. Метою даної роботи є – виявлення найважливіших засобів комунікацій для покращення роботи компанії та модернізація комунікаційної політики .

I denna kandidatuppsats har den verkliga bostadsrättsmarknaden studerats ur ett perspektiv inriktat på spekulationsköp av nyproducerade bostadsrätter. Studien omfattar Stockholmsområdet och intervjuer med inblandade aktörer verksamma i områder har legat till grund för undersökningen. Byggbolag, fastighetsmäklare och spekulationsköpare har bistått med information som lett till insyn och fördjupning i spekulationsköpen som pågår av nyproducerade bostadsrätter. Samtliga parter är eniga om att spekulationsköp är vanligt förekommande på dagens bostadsmarknad. Under de senaste två åren har uppemot 30 procent av köpen inom nyproducerade bostadsrätter utgjorts av spekulationsköpare med syfte att göra en ekonomisk vinning. Det stora tidsspannet mellan köp och tillträde, som ofta uppgår till två år, utgör utrymme för bostadens marknadsvärde att stiga rejält i dagens uppåtgående bostadsmarknad. Tre grupper av spekulationsköpare har kunnat urskiljas. Dessa består först och främst av de rutinerade spekulationsköparna med stor koll på bostadsmarknadens prisutveckling. Den andra gruppen består av mer amatörmässiga spekulationsköpare som genom vänner hört hur stora vinster man kan göra. Den tredje gruppen utgörs av fastighetsmäklarna själva som givetvis är väl medvetna om prisutvecklingen, ofta före alla andra, och ser sin chans till snabba pengar. Gemensamt för dessa grupper är att det i hög grad rör sig om yngre män i 30-års åldern med en bra ekonomi. Små bostäder är av högst intresse men även större bostäder till en högre insats är aktuellt för de mer rutinerade köparna. Fastighetsmäklarna spelar en oberoende roll i spekulationsmarknaden, för dem utgör inte spekulationsköpen något problem. För byggherrarna är dock fenomenet problematiskt då det innebär negativa konsekvenser för företaget. Spekulationsköpen resulterar i fler avhopp, utnyttjande av företagens trygghetssystem, missnöjda slutkonsumenter samt en möjlig bidragande faktor till skenande priser och hysteri på bostadsrätter i Stockholm. Byggbolag har vidtagit flertalet åtgärder för att reglera spekulationsköpen. Bland annat förekommer begränsning till max ett pågående köp per kund, krav på lånelöfte, förhöjda kontantinsatser samt svarta interna listor på spekulationsköpare. Fastighetsmäklarna anser att byggbolagen innehar det största ansvaret för reglering av spekulationsköp då det är dem som prissätter bostäderna. Byggbolagen själva anser att ansvaret är fördelat hos flertalet aktörer såsom kommun, lagstiftning, bostadsrättsföreningar samt regleringar hos byggbolagen själva.
In this bachelor thesis the real housing market is studied from a perspective focused on speculative buying of newly built condominiums. The study covers the Stockholm area and interviews with the involved actors operating in this zone have been the basis for the investigation. Construction companies, real estate agents and speculative buyers have provided information that’s aided transparency, and depth of understanding in speculative purchases of newly built condominiums. All parties agree that speculative buying is common in today’s housing market. Over the past two years, up to 30 percent of the purchases of newly constructed condominiums have consisted of speculative buyers out to make a quick profit. The time span between purchase and access, which can be up to two years, allows the property time to react to the current market in Stockholm’s ever-rising housing market. Three groups of speculative buyers have been distinguished; the first group consists primarily of seasoned speculative buyers with a keen eye on price trends and today's housing market. The second group is more amateur, have little experience, but are well informed from friends and acquaintances that large profits can be made. The third group consists of real estate agents, they of course, are well aware of price trends often before anyone else, and see an opportunity for fast profits. Common to all three groups are males in their 30’s, with substantial backing. Smaller condominiums are of greatest interest but also larger ones appear among the more routine buyers. Real estate agents play an independent role in the speculative market, for them the speculative buying is not a problem. For building companies, however, the phenomenon has become problematic because it implies negative consequences for the company. Speculation purchases result in more defections, abuse of security systems, and disgruntled end users - as well as contributing to already soaring house prices in Stockholm. Construction companies have taken several measures to regulate speculative purchases. One of the factors, among others, is the limit of one single on going purchase per customer. Also restricted are increased cash contributions and notably the inclusion of internal black lists used to expose offending buyers. Real estate agents believe that construction companies hold most of the responsibility for the regulation of speculative buying, because they are setting the prices. Construction companies themselves believe that the responsibility is shared by stakeholders such as municipalities, legislation, housing associations – but should also expect internal regulating of their own companies.

This thesis addresses the challenges that firms are faced with when collaborating with suppliers in new product development (NPD) projects under technological uncertainty. A critical observation that is made in this context is that technologies are evolving faster, making products more complex. At the same time, firms become more specialized. Due to increased complexity and specialization, firms do not possess all the necessary technologies in-house and therefore need to collaborate with external organisations to incorporate new technology into their products. Common collaborators are suppliers who become integrated into the buying firm’s NPD project. However, finding suppliers and collaborating with suppliers in NPD can be problematic. In addition, external collaborations also impact the buying firm internally, since it often needs to coordinate its departments. The purpose of this thesis is to explore supplier involvement in NPD under technological uncertainty. Challenges in supplier selection are concerned with the issues of involving new suppliers or relying on old acquaintances, managing uncertainties, the dilemma of whether to commit to long-term relationships or to maintain flexibility, and deciding on which department that is responsible for evaluating and selecting the supplier. The present study of buyers and suppliers in NPD, shows the challenges that are involved in balancing control, reaching goal alignment, and managing transactional and relational governance. Internal challenges investigate the coordination between the R&D department and purchasing in NPD projects where suppliers are involved. The present findings may be of value for firms who engage in collaborative NPD, or for firms who aim to involve suppliers in their development of new products.

Sverige anses vara en av världens mest avancerade IT-nationer, där användningen av IT ökar inom både den offentliga och privata sektorn. Företag inom IT branschen expanderar i en starkt föränderlig bransch. En rad olika faktorer har varit grunden till Sveriges position som IT-nation, bland annat en ingenjörs- och innovationstradition över en lång tid, även faktorer som den utbreda användningen av IT i samhället och en snabbhet att implementera nya innovationer. IT-branschen i Sverige utgör 4 % av de sysselsatta i Sverige där omsättning, såväl som antalet anställda, faktiskt ökat även under konjunktursvackor. Syftet med studien är att undersöka om svenska nyhetsmedier i större utsträckning publicerat nyheter om Apple än om deras konkurrenter på smartphone marknaden. For att lättare kunna genomföra studien ska dessa frågeställningar besvaras: Hur har Apple lyckats bygga upp en hajp kring sitt varumärke i Sverige? Har Apple exponerats mer i svenska nyhetsmedier än konkurrenterna på smartphone marknaden? På vilket sätt påverkar svensk nyhetsmedia bilden av Apple? De teorier som används i studien är innovationsteorin, dagordningsteorin samt konsumentbeteendeteorin. Inledningsvis sker en fallstudie där det via sökmotorn på DN och SvD nätupplagor har summerats ihop antalet ordträffar på utvalda ord. Baserat på resultaten av ordanalys utvecklas en semistrukturerad telefonintervju som genomförs med DN. Parallellt sker en semistrukturerad intervju med en anställd på en reklambyrå inriktat mot hur specifikt Apple har gått tillväga för att skapa hajp. Utifrån vår undersökning och analys kom vi fram till att svenska nyhetsmedier inte styrs av bakomliggande faktorer när de offentliggör nyheter om företag. Publiceringar sker baserat på deras uppfattning om hur det allmänintresset ser ut hos läsarna. Apple är väldigt selektiva med att släppa ut information gällande företaget och runt deras produkter, detta resulterar i ett intresse från pressen att först publicera information från Apple, motiverat utifrån ett allmänintresse i samhället.

博士
國立高雄第一科技大學
管理研究所
98
This dissertation performs three tests: (1) to investigate the short-term and long-term relationships between institutional net buys/sells and returns in the Taiwan stock index futures market and stock markets; (2) to explore the information content of net buys/sells for the three primary institutional investors in the Taiwan stock index futures market and stock markets; and (3) to examine the returns for the strategy of individual investors taking a long(short) position on trading day following large institutional net buys(sells). The existing studies seldom focus on the impacts of institutional net buys/sells types on stock returns, and only a few papers investigate the relationships between the institutional net buys/sells and returns in the Taiwan futures market owing to the lack of source data. A dummy variables model is introduced to distinguish between individual institutional net buys/sells and simultaneous net buys/sells for all institutions in order to reflect the information homogeneous and heterogeneous between institutions. This dissertation introduces the variables to response the intensity of net buys/sells and lagged variables to explore the short (long)-term relationships between net buys/sells and returns. Finally, this study examines the impact of institutional net buys/sells on stock index futures. The results are presented as follow: (1) The impacts of large (small) simultaneous net buys/sells on contemporaneous returns are significant in the stock index futures and stock markets. (2) In the stock index market, large individual net buys of foreign institutions and large simultaneous net buys of all three primary institutions both seem to reveal bullish message, and an permanent asymmetric impact on subsequent returns exists between large net buys of foreign and domestic institutions. As for stock market, this dissertation suggests a significant relation between price down in the long term and the large simultaneous net sells of all three primary institutions, seeming to compound bearish message. As for the OTC market, this study find significant price down in long term after large individual net sells of foreign institutions and large simultaneous net sells of all three primary institutions, both seeming to reveal bearish message, and a permanent asymmetric impact on subsequent returns exists between large net sells of foreign and domestic institutions. (3) This dissertation finds evidence of significantly positive holding period returns on nearby stock index futures contracts for the strategy of taking a long position on the day after two types of large net buys: individual net buys of foreign institutions and simultaneous net buys of all three institutions. Additionally, investors have a chance to get significantly positive returns by taking short position on the day after a signal of simultaneously large net sells of all three institutions. The above results hold, no matter the returns are calculated by settlement or open prices. As for the stock exchange, investors have a chance to get significantly positive returns by taking long (short) position on the day after a signal of individually large net buys of foreign institutions (simultaneously large net sells of all three institutions). The above results hold, no matter what the returns are calculated on the basis of closing or opening prices. The performance is, however, better on the basis of closing price for the strategy of following the pace of large net buys for dealer institutions. As for the OTC market, investors have a chance to get significantly positive returns by taking short position on the day after a signal of two types of large net sells: individual net sells of foreign institutions and simultaneous net sells of all three institutions. The above results both hold, no matter what the returns are calculated on the basis of closing or opening prices. The performance is, however, better on the basis of opening prices for the strategy of following the pace of simultaneously large net buys for all three primary institutional investors.

碩士
國立彰化師範大學
商業教育學系在職進修專班
89
Abstract This research aims to discuss whether the QFII Net Buys-Sells would be influenced by the company’s market value, the Stockholder’s Equity, accumuled profit, rewards rate ,amount of dealing and QFII’s remaining amount of stocks investment, six factors. This research studies the eletronic stocks in Taiwan Stock Market from 1997 to 1999. It applies simple regression, multiple regression, stepwise regression analysis, and two stage least sequare approach. It discusses the relation between QFII Net Buys-Sells action and the characteristic of stocks. The research discovers: Ⅰ.The QFII Net Buys-Sells action has apparent positive relation with the company’s market value. Owing to the obvious existence of Information Asymmetry between the investors and the marketing company, the QFII favors the large company with more open information. It also has obvious buying action toward single stocks with bigger market values. Ⅱ.The QFII Net Buys-Sells action has apparent positive relation with the company’s stockholder’s equity. QFII would take greater buying action to have stronger keeping will if the single stock has greater stockholder’s equity. Ⅲ.The QFII Net Buys-Sells action has apparent positive relation with the company’s accumuled profit. The single stock with greater accumuled profit would make QFII take greater buying action. Ⅳ. The QFII Net Buys-Sells action has apparent positive relation with the stock’s reward rate. The single stock’s high reward rate would cause the QFII to have obvious buying action. The single stocks low reward rate,however,would cause the QFII to have obvious selling actions. So we could prove that the QFII take pursue-raise and quit-fall positive investing policy. Ⅴ.The QFII Net Buys-Sells action has apparent positive relation with the amount of dealing. The higher the deal is, the transaction more prosperous, the higer rate of circulation, the stronger rotation, and the fund could have more flexible application. Thus, the QFII would like to hold stocks with greater amount of dealing. Ⅵ.The QFII Net Buys-Sells has apparent positive relation with the remaining amount of stock investment. The greater the remaining amount is, the higher intention it would want to buy. The smaller the amount is,the less intention. Key Words: The QFII Net Buys-Sells, Information Asymmetry, Two Stage Least Sequare approach

Indiana University-Purdue University Indianapolis (IUPUI)
Background: The hazard ratio (HR), representing the quantified estimate of treatment effect in survival analysis, measures the instantaneous relative difference of failure risk between two groups. The HR is typically assumed to be independent of time; however, this assumption is usually violated in practice. If the proportionality assumption holds, HR can be validly with the popular Cox proportional hazards model. When not proportional, the Wilcoxon-Gehan has been proposed to test the hypothesis of no difference. These have been recently generalized to evaluate differences in survival time for more than zero survival differences (the “net survival benefit”). Method: In this thesis, an attempt is made to illustrate the properties of generalized Wilcoxon Gehan tests as proposed by Buyse (2009). We use the concept of net survival benefit to re-analyze the trial by the Gastrointestinal Tumor Study Group (1982) by comparing chemotherapy versus combined chemotherapy and radiation in the treatment of locally unresectable gastric cancer. Survival times in days, for the 45 patients were recorded in each treatment arm. In that trial, a delayed treatment effect was observed, thus the HR is non-proportional. To provide a flexible assessment of the treatment effect, the net survival benefit was computed using datasets simulated under typical scenarios of proportional hazards, such as delayed treatment effect. Results: The generalized Wilcoxon statistic U, favored not adding radiation to chemotherapy, but only for survival up to 12 months. At Δ=0, U (0) = 491. In the simulated data sets, the confidence interval under the null hypothesis U (0) is (-152, 388). The test statistic 491 is outside this interval indicating radiation treatment might be beneficial. At U(12) = 219, it is inside the confidence interval of no treatment effect (-154,268) indicating the benefit of Chemo only is gone after 12 months. Conclusions: The net survival benefit measured via Buyse’s generalized Wilcoxon statistic is a measure of treatment effect that is meaningful whether or not hazards are proportional. The associated statistical test is more powerful than the standard log-rank test when a delayed treatment effect is anticipated.

No
In the past, marketing researchers have proposed the use of simple net present value analyses to assess customer lifetime values (CLVs). However, simple net present values disregard two important aspects: (1) environmental risks affecting customer cash flows and (2) a firm's flexibility in reacting to these risks. Consequently, they are inappropriate for assessing CLVs in relationships, in which risks affect customer cash flows and suppliers are able to react. This paper suggests a typology of CLV models in accordance with the degree of environmental risk and the supplier's flexibility. The paper thus contributes to a more differentiated customer lifetime valuation and, consequently, to a more accurate basis for decision making in relationships. The use of real options analysis is recommended for relationships which are affected by environmental risks and in which suppliers are flexible. By applying real options analysis to customer lifetime valuation, the paper offers a new methodological approach, thus merging financial valuation methods with key marketing concepts.

碩士
朝陽科技大學
財務金融系碩士班
94
Security market is a leading indicator of economic development in a country. The government opened QFII to invest domestic securities in the late of 1990 and the Financial Holding Company (FHC) to set up in November, 2001. It is said that “volume leads price”, that is, the volume of stock will react in advance compared to stock price. Therefore, QFII Net buys/sells whether will be the leading indicator of stock price is a hypothesis to investigate and verify in this study. We apply TEJ selected from July 1,2005 to June 1,2006 to investigate price-volume relationship between QFII Net buys/sells and Financial Holding Company. We inspect the property of time series by ADF and PP Unit Root test and Vector Autoregression Model (VAR) to analysis the price-volume relationship. The empirical results are as follows: First, time series of QFII Net buys/sells and stock price of FHC are both stationary series. Second, the Granger Causality test of Chinatrust, Taishin, Mega, Waterland and China Development FHC exist lead-lag while Cathay, First and Hua Nan FHC exist insignificance. The stock price of E.Sun, SinoPac, Fubon and Shin Kong FHC lead QFII Net buys/sells, but QFII Net buys/sells of Huhwa FHC leads stock price. Third, from the empirical results of VAR, we can find QFII Net buys/sells and stock price of FHC exist bi-directional relationship in most FHC. Both QFII Net buys/sells and stock price of FHC are affected by lag intervals itself, especially the change of Shin Kong FHC is significant. Forth, when autonomous disturbance occur on the stock price of FHC, QFII Net buys/sells will react immediately and the affection is short-term. The impulse tend to be gradual after the sixth, the seventh, the eighth and the ninth periods.

碩士
國立高雄第一科技大學
金融系碩士班
106
How trades of qualified foreign institutional investors (QFII) affect stock returns have always been a matter of concern to practitioners and researchers. Using a sample consisting of the listed stocks on the Taiwan Stock Exchange from 2013 to 2015, we employ the technique of FEVD (forecast error variance decomposition) in the VAR (vector autoregression model) to estimate the predictive power of the net buys/sells of QFII over the variability of stock prices. This study also examines the relationships between stock characteristics (including P/B ratio, cash dividend yield, equity market value, liquidity, foreign ownership ratio and industrial classification) and the driving force of QFII net buys/sells on the stock returns by regression models. The results indicate that the predictive power of the net buys/sells of QFII over the variability of prices is profound in stocks with larger P/B ratio, cash dividend yield, equity market value, liquidity, and foreign ownership ratio. Additional, there is no significant impact of financial and electronics sectors on the predictive power of the net buys/sells of QFII over the variability of stock prices. Keywords: Qualified Foreign Institutional Investors (QFII), Stock Market, VAR Model.

abstract: Original equipment manufacturers (buyers) are increasingly involving suppliers in new product development as a means to increase efficiency and expand capabilities. To realize such benefits, however, the two firms need to have appropriate communication and goal structures to minimize friction while maximizing design quality. In addition, the effectiveness of the inter-firm interaction process, i.e. their collaboration quality, is also a key success factor. This study draws from Information Process Theory to propose that higher technical and relational uncertainty requires more inter-firm communication. The misalignment between communication intensity and uncertainty reduces both design quality and design efficiency. Goal incongruence, which always lowers project performance, is less harmful for projects with high technical uncertainty due to the potential of the conflict resolving process in improving decision quality and efficiency. Finally I use Hackman's theory of work group effectiveness to propose that collaboration quality fully mediates the effects of communication intensity and goal congruence on project outcomes. The study used an empirical survey of manufacturers as the primary method of data collection. Manufacturers that integrate and assemble complex and discrete products are the target population. Design engineers and project managers from manufacturers were my target respondents. Both SEM and hierarchical regression were used to test the conceptual model. The dissertation made five theoretical contributions. First, I introduced the concept that there is an optimal level of inter-firm communication intensity, exceeding which lowers design efficiency without improving design quality. Second, I theoretically defined and empirically operationalized two types of uncertainty, one on the project level and one on the inter-firm level, which were shown to moderate the effects of inter-firm communication and goal structures on collaboration outcomes. Third, this study examined the conditions when goal congruence is more effective in improving collaboration outcomes. Fourth, this study nominally and operationally defined collaboration quality, a theoretical construct which measure the effectiveness of inter-partner interactions rather than mere existence or amount of certain activities pursued by partners. Finally, I proposed several enhancements to existing construct measures.
Dissertation/Thesis
Ph.D. Business Administration 2011

碩士
國立臺灣大學
財務金融學系研究所
86
This thesis employs the methodology of "Event Study" to research into whet her QFII (qualified foreign institutional investors) large net buys/or net sel ls trading behavior on the Taiwan Securities Exchange (TSE) implies informatio n content, and then to analyze how their trading influence stock prices. Furt hermore, this thesis explores whether QFIIs'' trading reveals different informa tion effects when examined by the following seven factors: the market trend, p roportion of QFII holdings, the size of enterprises, the electronics industry or not, the margin utilization rate, the short-to-long ratio, and the turnover rate. This thesis also discusses what factors will affect stock prices by means of cross regression analysis of CAR (Cumulative Average Residual), and f urther finds out factors that will reverse the original price movement trend. Factors that determine the proportion of QFII holdings are also discussed in this section.The conclusions of this thesis are summarized as follows:1) QFII s net buys/sells in a large amount do imply information content. The stock pr ices and trading volumes of these stocks which QFIIs hugely net buy will respo nd to QFII''s trading behavior.2) QFII net buys/sells in a large amount have t he parallel signal effect, and the market will respond to this for no longer t han two days. As a result, this information seldom bring about abnormal retur n. Furthermore, QFIIs often net buy or sell a large amount of shares after st ock prices have soared for a while, and usually the market over-reacts to huge QFII net sells.3) In comparison with QFII net buys, QFII net sells exhibit a n more conspicuous information spill-over.4) The results of the analysis of Q FII net buys/sells in this thesis'' sample companies are as follows:4 .1.1. In AR (t=0, +1), the information effects of a bull market, electronics stocks and stocks with a high turnover rate are greater than that of overall Q FII net buys.4.1.2. Higher CAR can be detected in a bull market, high proport ion of QFII holdings, small-sized companies, electronics stocks, and the high margin utilization rate, the high short-to-long ratio and the high turnover ra te.4.2.1. In AR (t=0, +1), the negative information effects are mo re obvious in small-sized companies, electronics stocks and high short-to-long ratio than QFII net sells.4.2.2. In a bull market, shares prices tend to move in a reverse direction in large electronics companies with QFII net sel ls, a low QFII holdings, a low margin utilization rate, a low shor t-to-long ratio or a high turnover rate. After QFII net sells, share pric es tend to go on drifting lower in small companies, stocks with high QFI I holdings, a high margin utilization rate or a high short-to-long ratio.5) E mpirical results of cross regression analysis of CAR are as follows:5.1. Shar e prices of companies with a high turnover rate and a high short-to-long ratio tend to soar, boosted by QFII net buys in a huge amount. Prices may also be raised, but only slightly, by a high revenue growth rate or by a bull market. However QFII net buys have an insignificant influence on electronics shares'' movements.5.2. Only share prices of companies with a high turnover rate will be able to maintain high abnormal return after QFII net sells in a huge amount . Further, those with a high short-to-long ratio tend to plummet. In a bull market, shares prices of electronics companies with a high revenue growth rate s tend to move reversely after QFII net sells in a big amount.6) High growth rates of ROA, net asset value per share or a bull market will boost QFII holdi ngs, and vice versa. QFIIs may have higher holdings in electronics companies o r companies with high revenue growth rates, but not significantly.