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1
Pettinato, Ombretta. "Do target prices predict rating changes?" Doctoral thesis, Università degli studi di Trieste, 2008. http://hdl.handle.net/10077/2637.
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2006/2007Both rating agencies and stock analysts evaluate publicly traded companies and communicate their opinions to investors. Empirical evidence indicates that stock prices react to both bond rating changes (at least downgrades) and changes in analysts’ earning forecasts, suggesting that both pieces of information are valuable to investors. While most academic research has been focused on studying the impact of rating actions on bond prices, stock returns or earning forecasts, surprisingly, the relationship between target prices and rating actions has remained essentially unexplored. Our study contribute to the existing literature by providing an evidence, not yet explored, of any anticipation in target prices revision prior to a rating actions, in order to analyze the ability of equity analysts to predict the decisions of the main rating agencies. Moreover, our work is related to the empirical literature that investigates the optimism of analysts’ recommendations and we provide evidence about the mean target price to current price ratio for the Italian market. Using a large and unique database, we find that TP/P ratio over the period 2000-2005 is 1,15, that is target prices are 15% higher than current stock prices. The motivation of this research stems from the empirical evidences that 1) target prices are statements incorporating earnings forecasts, which have proven to be meaningfully correlated with rating actions ,2) target prices revisions are released much more frequently than rating actions 3) downgrades (upgrades) associated with negative (positive) revision of the firm’s prospective cash flows will negatively(positively) affect bondholders and, to a larger extent, equity holders who have secondary claims compared to debt. On the basis of a set of hypotheses, we expect that downgrades can be anticipated by a reduction in target prices and that, in the case of upgrades, the anticipation effect should be more evident. Changes in target prices prior to rating actions are estimated, controlling for the anticipations through watches and the sector of the rated firm. Using a complete and unique data set of rating actions released by Moody’s, Standard & Poor’s and Fitch from 1st January 2000 to 31st December 2005, for the Italian listed firms and for an European sample, we find that positive rating events are anticipated by consistent increases of the target prices released in the four months before the rating action. The evidence is less clear for negative rating events, since significant reductions in target prices are observable only in a shorter window (three months). Our results reflect analysts’ overly-optimistic behavior and the fact that they are less likely to reduce than to increase target prices over time. Results also differ controlling by the sector. Looking at the Italian sample (composed mainly by financial firms) and at the European financial sub sample we find that: target prices reduction prior to a downgrade is highly evident in the financial sector while it is not clear at all for the non financial sector. According to Gropp and Richards (2001) and Schweitzer et al. (1992), we thus observe strong differences between the two groups of issuers (financial and industrial ones). We argue that the different regulatory regimes, which imply different degrees of transparency, could explain the asymmetric behavior of target prices. We finally investigate whether the anticipation of a rating action by a watch list in the same direction, may influence our results. In this paper, we follow Hand et al. [1992] and use credit watches in two ways. First, we examine changes in target prices around credit watches, testing whether they contain relevant market information. Second, we use them as a means of distinguishing between contaminated and uncontaminated ratings changes. As in Hand et al. [1992] we argue that a ratings change that is preceded by a ratings watch in the same direction should be largely anticipated and, hence, should be associated with significant changes in target prices. Comparing the average change in target price for contaminated versus uncontaminated rating actions, we find that contaminated downgrades show more pronounced reductions in target price over time while there is no significant difference for upgrades. This difference can be explained according to whether or not the watch list was released during the four months prior to the rating action, corresponding to our observation window. Since watch lists are usually released on average three months before the downgrade, they fall into our observation window, bringing with them a further reduction in target price. Overall, the results suggest that target prices may perform a useful role in anticipating rating changes and confirm prior evidence that rating actions can be predicted from publicly available information, at least for financial sector. The remainder of this work is organized as follows. Chapter 1 discusses the main informational content of ratings, rating criteria and procedures. Following that, in Chapter 2, we examine the main content of reports on Italian stocks, to find out the evaluation method used to get the final recommendation and the main differences between analysts’ justifications for reports that disclose target prices versus those that do not. The different disclosure levels of target prices across stock recommendations suggest that analysts are more inclined to provide them when their recommendations are more favorable (i.e., Buy or Strong Buy) than they are when their recommendations are less favorable (i.e., Hold). Finally, in Chapter 3, we investigate whether ratings actions can be predicted from publicly available information by examining any target price changes prior to the rating action, on the basis of a set of hypotheses to be tested. The research design and methodology are described in Chapter 3, along with the main conclusions of the empirical evidence. The work closes with a summary and suggestions for future research.
XX Ciclo
1979
2
Cock, Craig. "Influence of strike action on South Africa s credit rating by global rating agencies." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52371.
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The growing importance of Credit agency rating in the economic indicators for a country
necessitates investigating the impact of various indicators on credit agency ratings. South
Africa is a country which has experienced an increase in prolonged, violent and unprotected
strike action. This study aimed to determine the impact of this labour relations action on the
country s credit ratings over the last 15 years and the consequent related economic factors.
Credit rating agencies do not specifically identify strike actions as a key indicator nor do they
indicate which indicators dictate the outcome of the ratings granted. Twelve indicators were
measured using a quantitative approve of hypothesis and statistical modeling. The study
used the interrelated database of The Department of Labour, The PRS Group, Stats SA and
studies by Hammer, Kogan, & Lejeune as well as the published indicators of Standard &
Poor s, Moodys and Fitch. This study further used the scatter plots and t - tests to determine
the relationship between the indicators and strike action. These were correlated using
Pearson s correlation theory in order to substantiate the findings of the scatter plot and t
test. Strike action was found to have an effect on the ratings granted. Eight of the twelve
indicators correlated negatively with ratings of Standard & Poors indicating that if strike
action increased ratings would downgrade. Strike action plays a fundament role in the
outcome of ratings granted. This is due to the effect strike action has on the driving
indicators. Wages lost during strike action has a 99% correlation with the fluctuation of
ratings granted. Ratings determining interest rates and the amount of foreign direct
investment into South Africa. With the results as indicated, South Africa s government needs
to re-evaluate the significance of strike action as a legal for of resolution and the parameters
dictating it. Alternative means need to be explored that supports the growth of South Africa
for it to transition from a developing country into an advanced economy.Mini Dissertation (MBA)--University of Pretoria, 2015.
sn2016
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
3
Panero, Maria Eugenia. "Rating the Acting Moment: Dissociation, Flow, and Empathy after a Monologue Performance." Thesis, Boston College, 2018. http://hdl.handle.net/2345/bc-ir:107956.
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Thesis advisor: Ellen WinnerActors make imagined characters in imaginary circumstances come alive, as if they were real. What cognitive processes make it possible for actors to accomplish this feat? The goal of this dissertation was to examine three characteristics that actors may possess and that might make this possible: dissociation, flow, and empathy. Acting students (n = 44) and non-acting students (n = 43) first completed a baseline measure of dissociation, and then performed a monologue that was given to them. This performance was recorded and later rated on dimensions of acting. Participants next completed self-report measures of dissociation, flow, and empathy. It was hypothesized that acting students would score higher than non-acting students on all three measures, and that dissociation of all participants would increase post-performance. I also assessed whether acting experience, dissociation, flow, empathy, and/or the time taken to prepare the monologue for performance predicted performance ratings. The results revealed that acting students scored significantly higher than non-acting students on flow (and some of its subscales) and empathy (and some of its subscales). Although no group differences emerged on pre-performance levels of dissociation, only acting students significantly increased their level of dissociation post-performance. Finally, acting experience was the only significant predictor of performance ratings for both acting and non-acting students. This research demonstrates that, compared to non-acting students, acting students report higher levels of empathy and flow immediately after performing a monologue. Additionally for acting students, levels of dissociation rise after performing the monologue. Empathy and dissociation are likely important tools used by actors to “become” a character, and flow is likely the result of actors’ ability to immerse themselves fully in the performance. Nevertheless, acting experience is the strongest predictor of how a performance will be rated
Thesis (PhD) — Boston College, 2018
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Psychology
4
Thye, Russell A. "Testing the goal instability and superiority scales : toward a narcissistic character typology /." free to MU campus, to others for purchase, 1999. http://wwwlib.umi.com/cr/mo/fullcit?p9964003.
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Haines, Nathaniel. "Decoding facial expressions that produce emotion valence ratings with human-like accuracy." The Ohio State University, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=osu1511257717736851.
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SAPONARO, MICHELE. "LA RESPONSABILITA' DELLE AGENZIE DI RATING NEI CONFRONTI DEITERZI." Doctoral thesis, Università Cattolica del Sacro Cuore, 2012. http://hdl.handle.net/10280/1550.
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L’oggetto del presente lavoro è rappresentato dall'esame del rapporto tra l'attuale regolamentazione delle agenzie di rating e le regole di responsabilità civile cui le stesse agenzie possono essere assoggettate, anche alla luce del trattamento normativo riservato alle agenzie di rating dalla legislazione e dalla giurisprudenza statunitensi e delle teorie sviluppate dalla dottrina sul tema della responsabilità da informazione inesatta al mercato.
L’attuale regolamentazione introdotta dall'Unione Europea svolge un ruolo determinante sia sotto il profilo dell'individuazione del fondamento della responsabilità, sia sotto quello della ricostruzione degli obblighi, della diligenza e della causalità materiale e giuridica. La disciplina comunitaria, anche alla luce della giurisprudenza statunitense, consente di prospettare uno scenario in cui i rater sono soggetti a regole di responsabilità differenziate in ragione del diverso status riconosciuto dalla normativa rilevante.
La nuova regolamentazione comunitaria è chiamata a svolgere il duplice ruolo di fondare una sorta di private action da inadempimento in capo a qualunque investitore nei confronti di un’agenzia registrata e di contribuire a definire il perimetro degli obblighi esigibili da parte dell’agenzia, rafforzando la posizione del terzo investitore danneggiato dal rating inesatto e fornendo un efficace supporto agli strumenti di tutela di tipo pubblicistico.The present work is focused on the examination of the relationship between the current regulation of credit rating agencies and the rules of civil liability to which agencies may be subject to, in light of the regulatory treatment of the U.S. credit rating agencies, both according legislation and case law, and the legal theories developed on the case of liability for incorrect information to the market. The regulation introduced by the European Union plays a major role to find out the basis of liability, the duties of diligence and the legal and material causality nexus. EU regulation, in light of U.S. case law, can envisage a scenario in which the raters are subject to different rules of liability on the basis of the different status recognized by the relevant legislation. The new EU regulation is called to play a dual role: to establish, although not explicitly, a sort of private action for negligence on the part of investors against a registered agency, and to help in defining the scope of the obligations of the credit rating agency, strengthening the position of the third investor damaged by inaccurate ratings and providing an useful support to the public enforcement remedies.
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SAPONARO, MICHELE. "LA RESPONSABILITA' DELLE AGENZIE DI RATING NEI CONFRONTI DEITERZI." Doctoral thesis, Università Cattolica del Sacro Cuore, 2012. http://hdl.handle.net/10280/1550.
Full textAbstract:
L’oggetto del presente lavoro è rappresentato dall'esame del rapporto tra l'attuale regolamentazione delle agenzie di rating e le regole di responsabilità civile cui le stesse agenzie possono essere assoggettate, anche alla luce del trattamento normativo riservato alle agenzie di rating dalla legislazione e dalla giurisprudenza statunitensi e delle teorie sviluppate dalla dottrina sul tema della responsabilità da informazione inesatta al mercato.
L’attuale regolamentazione introdotta dall'Unione Europea svolge un ruolo determinante sia sotto il profilo dell'individuazione del fondamento della responsabilità, sia sotto quello della ricostruzione degli obblighi, della diligenza e della causalità materiale e giuridica. La disciplina comunitaria, anche alla luce della giurisprudenza statunitense, consente di prospettare uno scenario in cui i rater sono soggetti a regole di responsabilità differenziate in ragione del diverso status riconosciuto dalla normativa rilevante.
La nuova regolamentazione comunitaria è chiamata a svolgere il duplice ruolo di fondare una sorta di private action da inadempimento in capo a qualunque investitore nei confronti di un’agenzia registrata e di contribuire a definire il perimetro degli obblighi esigibili da parte dell’agenzia, rafforzando la posizione del terzo investitore danneggiato dal rating inesatto e fornendo un efficace supporto agli strumenti di tutela di tipo pubblicistico.The present work is focused on the examination of the relationship between the current regulation of credit rating agencies and the rules of civil liability to which agencies may be subject to, in light of the regulatory treatment of the U.S. credit rating agencies, both according legislation and case law, and the legal theories developed on the case of liability for incorrect information to the market. The regulation introduced by the European Union plays a major role to find out the basis of liability, the duties of diligence and the legal and material causality nexus. EU regulation, in light of U.S. case law, can envisage a scenario in which the raters are subject to different rules of liability on the basis of the different status recognized by the relevant legislation. The new EU regulation is called to play a dual role: to establish, although not explicitly, a sort of private action for negligence on the part of investors against a registered agency, and to help in defining the scope of the obligations of the credit rating agency, strengthening the position of the third investor damaged by inaccurate ratings and providing an useful support to the public enforcement remedies.
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Parker, Sakena. "Distributive- and procedural justice: towards understanding fairness perceptions of performance appraisals in a national government department office, Chief Directorate Surveys and Mapping." Thesis, University of the Western Cape, 2006. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_5681_1183429128.
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Perceptions of performance management in the South African Public Sector was characterised by high levels of unfairness owing to a bias in favour of those individuals that can write essays well. The essays would provide the evaluation team with an indication of the achievement of the individual as its relates to job performance, knowledge, insight, interpersonal relations and leadership qualities. Although the Performance Management system has changed from what was called the Performance Appraisal System to the Personnel Performance Management System that involves both supervisor and employee inputs, fairness perceptions remain unchanged. This study aimed to ascertain perceptions of fairness toward performance appraisals amongst public service raters and ratees on Level 1 to 12 who are subject to use the Personnel Performance Management System in the office of a public service organisation: National Department of Land Affairs Chief Directorate : Surveys and Mapping.
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Kamande, Ian Edmond Kuria. "The role of political business cycles (PBCs) and its influence on the credit rating action that countries receive: A BRICS perspective." Master's thesis, Faculty of Commerce, 2018. https://hdl.handle.net/11427/32101.
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Existing empirical literature on political business cycles focused primarily on developed economies before it began considering a basket of both developed and developing economies. This study seeks to expand the existing literature by pursuing two objectives using Brazil, Russia, India, China and South Africa (BRICS) as locations of the study. The first objective is to examine the presence (lack thereof) of political business cycles in the BRICS trading block for the period 1994 to 2014. The second objective of this study is to examine the effect that political business cycles (if present) have on the sovereign credit ratings that the BRICS countries receive from credit rating agencies. Credit rating agencies make use of a combination of political, social and economic factors to determine the ratings assigned to various countries. The credit ratings assigned to countries by these agencies play an important role to international lenders as they use these ratings to make decisions on the interest rates they charge to different sovereigns. Based on the first objective, the findings from this study show that there is weak evidence of electorally timed interventions in BRICS economies over the period of 1994 to 2014. These findings are inconsistent with the predictions of political business cycle theory which suggests that incumbent politicians take advantage of the information gap between them and voters by implementing economic changes closer to an election year in order to exude competence and to increase their chances of reelection. However, further analysis based on the second objective shows that elections in BRICS countries are not viewed negatively by credit rating agencies. Hence, unlike in other developing countries, the BRICS countries are not likely to be downgraded during or after election years. Consequent to these findings, this study supports the notion that the government’s influence on the fiscal and monetary policy variables across BRICS is not concentrated nor overly exerted around election periods and that the BRICS countries’ institutions are regarded by rating agencies as independent and up to relevant international standards.
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Scheepers, Jacqueline Norma. "Narratives of assessment: the newsletter as case study." Thesis, University of the Western Cape, 2005. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=init_2044_1180439179.
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The purpose of this thesis was to evaluate success of an integrated newsletter assignment for first year Human Resource Management students as an authentic and meaningful form of assessment by tracing and deciphering the narratives of the role-players. The study also examined the role that the newsletter can play regarding experiential learning, which is an essential component of teaching and learning at technikons in South Africa.
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Beitel, Gerald Alan Blase. "Exploring the dark side, the effects of employment equity/affirmative action and job performance on expectations and performance ratings." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape2/PQDD_0018/MQ55177.pdf.
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Carlson, Paul Albin. "Lipid high-axial-ratio microstructures as pharmaceutical delivery systems : a physical characterization of the mechanisms behind drug release /." Thesis, Connect to this title online; UW restricted, 1999. http://hdl.handle.net/1773/8111.
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Haff, G. Gregory, R. Ruben, M. Molanari, Keith B. Painter, Michael W. Ramsey, Margaret E. Stone, and Michael H. Stone. "The Relationship between the Eccentric Utilization Ratio, Reactive Strength and Pre-Stretch Augmentation and Selected Dynamic and Isometric Muscle Actions." Digital Commons @ East Tennessee State University, 2009. https://dc.etsu.edu/etsu-works/4522.
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Laval, Pierre-François. "La compétence ratione temporis des juridictions internationales." Thesis, Bordeaux 4, 2011. http://www.theses.fr/2011BOR40030.
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La « compétence ratione temporis » est une expression d’origine jurisprudentielle dont la signification varie selon le contexte dans lequel elle se trouve employée. Telle qu’elle apparaît dans les décisions des juridictions internationales, celle-ci désigne d’abord la durée de l’habilitation à exercer le pouvoir juridictionnel que l’on associe à la durée de validité de l’engagement juridictionnel de l’Etat. La compétence temporelle désigne également le domaine temporel d’exercice du pouvoir de juger, les Etats précisant bien souvent les catégories de litiges ratione temporis pour lesquels ils peuvent être attraits en justice. Sur la base de ce constat, la doctrine ne voit dans la compétence temporelle qu’une notion à contenu variable sans véritable utilité pour l’analyse du droit positif, et préfère parler soit de compétence personnelle dès lors qu’est en cause l’existence du consentement de l’Etat à se soumettre à la juridiction, soit de compétence matérielle pour envisager les catégories de différends dont le tribunal pourra connaître. L’étude de la jurisprudence internationale conduit toutefois à remettre en cause le bien-fondé d’une telle analyse. Si l’on peut voir dans la compétence temporelle un élément d’identification de la sphère de compétence du tribunal, et donc un aspect de sa compétence matérielle, la résolution pratique du problème de la durée de l’habilitation à juger ne peut être comprise en ayant recours au concept de compétence personnelle. Par la manière dont les juridictions appliquent l’engagement juridictionnel ratione temporis, celui-ci n’apparaît pas simplement comme l’acte par lequel les Etats consentent à se soumettre à la juridiction, mais d’abord comme le titre qui fonde l’action des justiciables. En cela, l’explication des solutions retenues par les juridictions internationales ne peut faire l’économie d’un concept propre à la durée de l’habilitation : celui de compétence ratione temporis"Jurisdiction ratione temporis" is an expression that derives from case law, the meaning of which varies depending on the context it is used in. As it appears in International court decisions, it is used to mean the time during which the court has the authority to exercise jurisdictional power which also relates to the time during which the State’s consent to jurisdiction is valid. Jurisdiction ratione temporis also means the time period during which the court has the power to judge as the States often specify categories of disputes for which they can be brought to justice as ratione temporis. On this basis, legal doctrine only sees temporal jurisdiction as a variable notion that is not particularly useful in analysing positive law, and prefers to refer to either jurisdiction ratione personae when there is an issue of whether the State has agreed to submit to the jurisdiction of the court, or to jurisdiction ratione materiae for categories of disputes for which a court could have jurisdiction. Studies on International case law however call into question the justification of such an analysis. If we can consider that in temporal jurisdiction there is an element of identifying the jurisdictional sphere of the court and therefore an aspect of its jurisdiction ratione materiae, the problem of the time during which a court has jurisdiction cannot be practically solved by referring to the concept of jurisdiction ratione personae. Given the way in which courts apply the title of jurisdiction ratione temporis, this does not appear to be just an act by which the States agree to submit to the jurisdiction of the court but first of all as the very basis of the action. In this, the explanations of the solutions of the International courts cannot ignore a concept that is specific to the duration of authorisation, that of jurisdiction ratione temporis
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Dhakal, Robin. "Education and Health Impacts of an Affirmative Action Policy on Minorities in India." Scholar Commons, 2017. http://scholarcommons.usf.edu/etd/7017.
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Article 334 of the Constitution of India (1950) stipulates that certain electoral districts in each state should be reserved for minority groups, namely the “Scheduled Caste”(SC) and the Scheduled Tribe”(ST), through the reservation of seats in the states' legislative assemblies. Even though the original article stated that the reservation policy would be in place for just twenty years, it has been amended several times and is still in effect. This dissertation examines the impact of the policy on the education and health outcomes of the SC population. Variations in seat quotas are generated by the timing of elections in different states and the states’ fluctuating SC populations. The first paper on education uses data from 25 Indian States and 3 Union Territories for the years 1990-2011 to form a panel dataset to estimate the impact of the quota system on both enrollment and dropout rates among SC students in all levels of schooling. I use the fixed effect regression to test the mechanisms through which an elected SC legislator could have an influence on the education outcomes for the SC population in the represented state. I then use the resulting variables as my controls to identify the causal relationship using the dynamic panel data model. I find that a SC legislator has the potential to influence the number of schools built, as well as the amount of education and welfare expenditure allocated to the SC population. Moreover, I find that the SC political reservation has a positive and statistically significant impact on the SC enrollment rates and a negative and significant impact on the dropout rates, in all levels of schooling. Likewise, I use the NFHS-3 dataset and the Cox Proportional Hazard Model to estimate the hazard rates (risks of dying) of children under the age of 12 months (IMR) and under the age of 60 months (U5MR) as influenced by different SC quota share quintiles. I find that the 50-60% quota-share quintile has the biggest impact in reducing the IMR and U5MR among the SC children.
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Yeatts, Sharon Dziuba. "Statistical Methods and Experimental Design for Inference Regarding Dose and/or Interaction Thresholds Along a Fixed-Ratio Ray." VCU Scholars Compass, 2006. http://hdl.handle.net/10156/1956.
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Worku, Eshetu Bekele. "Efficiency and Social Capital in Micro, Small and Medium Enterprises: the Case of Ethiopia." Thesis, University of the Western Cape, 2008. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_2168_1263780307.
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This study extends the existing literature on how social networks enhance the performance and sustainability of small enterprises. More specifically, the study isolates and investigates the mechanisms through which social capital helps with the growth and survival of MSMEs. The evidence presented in this study strongly suggests that an indigenous social network widely practiced in Ethiopia, the &ldquo
iqqub&rdquo
, contributes significantly to the start-up, survival and development of urban MSMEs.
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Petrov, Pavel. "Effect of Curvature Squared Corrections to Gravitational Action on Viscosity-to-Entropy Ratio of the Dual Gauge Theory." Thesis, Harvard University, 2012. http://dissertations.umi.com/gsas.harvard:10549.
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In this thesis we study the properties of strongly-coupled large-N conformal field theories (CFT’s) using AdS/CFT correspondence. Chapter 1 serves as an introduction. In Chapter 2 we study the shear viscosity of strongly-coupled large-N conformal field theories. We find that it is affected by \(R^2\) corrections to the AdS action and present an example of 4D theory in which the the conjectured universal lower bound on viscosity-to-entropy ratio \(\eta/s > 1/4 \pi\) is violated by 1/N corrections. This fact proves that there is no universal lower bound of \(1/4 \pi\) on viscosity-to-entropy ratio and may be relevant for the studies of QCD quark-gluon plasma for which this ratio is experimentally found to be close to \(1/4 \pi\). In Chapter 3 we study the formation of the electron star in 4D AdS space. We show that in a gravity theory with charged fermions a layer of charged fermion fluid may form at a finite distance from the charged black hole. We show that these “electron stars” are candidate gravity duals for strongly interacting fermion systems at finite density and finite temperature. Entropy density for such systems scales as \(s \sim T^{2/z}\) at low temperatures as expected from IR criticality of electron stars solutions.Physics
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Mubuuke, Aloysius Gonzaga. "The use of a structured formative feedback form for students` assignments in an African health sciences institution : an action research study." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/71659.
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Thesis (MPhil)--Stellenbosch University, 2012.Background: Formative feedback is an important process in facilitating student learning as it helps students identify learning gaps early enough and devise means of covering those gaps. Most health professional educators spend most of the time designing summative assessment tools and pay little emphasis to giving qualitative feedback to students throughout the learning process. This problem has been identified at Makerere University College of Health Sciences (MaKCHS) and forms the basis of this study. Objectives: To investigate prior understanding of students and lecturers about formative feedback. The study also aimed at exploring experiences of students and lecturers regarding implementation of feedback in a resource-constrained context. Methods: This was an action research study using a participatory approach. Results: Initially, lecturers had some prior knowledge of feedback, however, students had misconceptions of what feedback could mean. After introducing a written feedback form, all participants expressed satisfaction with the feedback process. Key themes that emerged included: enhancing motivation, enhancing learning, promoting reflection and clarifying understanding. Conclusion: Students` motivation to learn can be greatly enhanced through formative qualitative feedback. A simple structured form is one way of providing qualitative formative feedback to students in resource-limited settings. Key words: formative feedback, structured form, action research.
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Slimani, Zakaria. "La mise en place d'un modèle d'évaluation des actifs financiers dans le paradigme de finance islamique." Thesis, Grenoble, 2014. http://www.theses.fr/2014GRENG018.
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L'investisseur islamique diffère de son homologue de type homoeconomicus, dans son approche de l'acte d'investissement. Le premier ne se base pas exclusivement, sur un critère financier pour hiérarchiser ses choix d'investissements, mais utilise aussi un critère moral et éthique afin d'évaluer l'efficacité de ses allocations financières. Ce comportement s'explique par le fait que réaliser des actes d'investissements compatibles avec l'éthique économique islamique génère un plaisir de piété chez cet investisseur. La théorie financière néo-classique ignore l'existence du plaisir de piété et son éventuel impact sur le processus de choix des investissements. Aussi, la théorie du portefeuille et son corollaire, la théorie du MEDAF, ne prennent pas en compte toutes les préférences de l'investisseur islamique. Ce dernier ne peut donc pas les utiliser pour évaluer l'efficacité de ses choix d'investissements. Afin de pallier à cette insuffisance théorique, nous proposons, à travers notre travail de recherche, de développer un modèle d'évaluation des actifs financiers, qui tient compte des spécificités de l'investissement islamique, à l'image de la réalisation des ventes à découvert, formellement interdites, ainsi que la prise en compte des aspects éthiques et moraux des portefeuilles d'investissements. Ce modèle doit permettre à l'homo-islamicus de réaliser une allocation optimale de ses ressources financières. Les principaux résultats de notre recherche montrent qu'à la différence de l'investissement socialement responsable conventionnel, l'investissement islamique est de type éthique et altruiste. Cette spécificité impose aux agences de notation Charia, de prendre en compte les niveaux de dons charitables que réalise chaque entreprise, lors du calcul de sa note éthique. Nous développons par conséquent, un modèle de notation des entreprises et des portefeuilles d'investissements qui prend en compte cette spécificité de l'investissement islamique. Par la suite, nous proposons des choix qui permettent aux investisseurs islamiques de contourner l'interdiction de réaliser des opérations de ventes à découvert conventionnelles et un modèle d'évaluation des actifs financiers islamiquesThe Islamic investor differs from its counterpart type, the homo-economicus, in its approach to the act of investment. Indeed, the first is not based solely on financial criteria to prioritize its investment choices, but also uses moral and ethical criteria to assess the effectiveness of its financial allocations. This particular behavior is explained by the fact that, performing acts of investments consistent with Islamic business ethics generates a pleasure of piety to this type of investor. The neo-classical financial theory ignores the existence of the pleasure of piety and its potential impact on the process of selecting investments. Also, portfolio theory and its corollary, the theory of CAPM do not take into account the preferences of the Islamic investor. Therefore, it is not able to use them to assess the effectiveness of its investment choices. To overcome this theoretical failure, we offer through our research, a model of asset pricing that takes into account the specificities of Islamic investment, for example, the inability to achieve a short selling and taking into account ethical and moral aspects of investment portfolios. This model should allow the homo-islamicus to achieve optimal allocation of its financial resources. The main results of our research show that unlike conventional socially responsible investment, Islamic investment is ethical and altruistic types. This specificity requires Islamic rating agencies, to take into account the levels of charitable giving that makes every business, when calculating its ethical note. We therefore develop a rating model for companies and investment portfolios that takes into consideration the specificity of Islamic investment. Subsequently, we propose two alternatives that enable Islamic investors to circumvent the prohibition to perform conventional short selling transactions. Finally, we build our Islamic assets pricing model
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Melo, RadamÃs Bezerra. "Anti-inflammatory and antioxidant action of oil mixes of omega 9, 6 and 3 with low ratio omega-6/omega-3 and high ratio omega-9/omega-6 after dental extraction in rats." Universidade Federal do CearÃ, 2014. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=17575.
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CoordenaÃÃo de AperfeÃoamento de Pessoal de NÃvel SuperiorOil fatty acids omega-3 and omega-9 have anti-inflammatory and antioxidant activities, while the omega-6 has pro-inflammatory action. The aim of this study was to evaluate the presence of antioxidant and anti-inflammatory effects with high nutraceutical ratio of omega-9: omega-6, antioxidant properties, and low ratio omega-6: omega-3, anti-inflammatory properties three days after tooth extraction in rats. Thirty-two young Wistar rats with 270-310g were randomly divided into four groups of 8 animals: Group Sham, Saline Group, Isolipid Group, and Mix Test Group. The animals received 0.9% NaCl, Sham Group and Salina Group, or Isolipid Mix (alpha-linolenic acid - ALA) mixture containing omega-6: omega-3 oils (ratio 8:01) and omega-9: omega-6 (ratio 0.4:1), Isolipid group, or Mix Test (alpha-linolenic acid - ALA, docosahexaenoic acid - DHA, eicosapentaenoic acid - EPA) omega-6: omega-3 (ratio 1.4: 1) and omega-9: omega -6 (3.4:1 ratio), Mix Text Group by gavage 1.2g solutions for kg/day for four days before and three days after the extraction of the left mandibular first molar. Evaluation of edema generated by the surgical procedure and collected the perialveolar the site of tooth extraction and dental alveolar mucosa itself for laboratory testing were performed: myeloperoxidase, osteoclast count, concentrations of TNF-α and IL-1β, glutathione (GSH) and thiobarbituric acid reactive substances (TBARS). The Mix Test induced a significant decrease on post-operative edema, myeloperoxidase , osteoclasts count , GSH in blood and tissue, on tissue and plasma TBARS and on the TNF-αconcentration, but did not show significant difference on the IL-1β concentration at the third post-operative day. The gavage with the Mix Test showed anti-inflammatory and antioxidant actions after molar tooth extraction in rats.
Os Ãcidos graxos insaturados Ãmega-3 e Ãmega-9 possuem aÃÃo anti-inflamatÃria e antioxidante, enquanto o Ãmega-6 possui aÃÃo prÃ-inflamatÃria. O objetivo do presente estudo foi avaliar a aÃÃo antioxidante e anti-inflamatÃria do mix de Ãleos em concentraÃÃes nutracÃuticas com alta razÃo Ãmega-9: Ãmega-6, favorecendo aÃÃo antioxidante, e baixa razÃo Ãmega-6:Ãmega-3, favorecendo aÃÃo anti-inflamatÃria no terceiro dia pÃs exodontia em ratos. Foram utilizados trinta e dois ratos Wistar jovens com 270-310g distribuÃdos aleatoriamente em quatro grupos de 8 animais: Grupo Sham, Grupo SoluÃÃo Salina, Grupo mix isolipÃdico e Mix Teste. Os animais receberam NaCl 0,9%, Grupo Sham e Grupo SoluÃÃo Salina, ou mix isolipÃdico, (Ãcido alfa-linolÃico - ALA) mistura contendo Ãmega-6:Ãmega-3 Ãleos (relaÃÃo de 8:01) e Ãmega-9:Ãmega-6 (relaÃÃo 0,4:1), Grupo IsolipÃdico, ou Mix Teste (Ãcido alfa-linolÃnico - ALA, Ãcido docosahexaenÃico - DHA, Ãcido eicosapentaenÃico - EPA) de Ãmega-6:Ãmega-3 (relaÃÃo 1,4:1) e Ãmega-9:Ãmega -6 (3,4:1 relaÃÃo), Grupo Teste, receberam por gavagem 1,2g da soluÃÃo correspondente a cada grupo por kg/dia durante quatro dias antes e trÃs dias apÃs a exodontia do primeiro molar inferior esquerdo. Foi realizada a avaliaÃÃo do edema gerado pelo procedimento cirÃrgico e coletada a mucosa perialveolar ao sÃtio da extraÃÃo dental e o prÃprio alvÃolo dental para anÃlises laboratoriais: mieloperoxidase, contagem de osteoclastos, expressÃo do TNF-α e IL-1β, glutationa (GSH) e substÃncias reativas ao Ãcido tiobarbitÃrico (TBARS). O Mix Teste induziu uma diminuiÃÃo significante na atividade da mieloperoxidase,no edema pÃs operatÃrio, na contagem de osteoclastos, na GSH plasmÃtica e do tecido, nas concentraÃÃes plasmÃticas e do tecido de TBARS, na expressÃo do TNF-α, mas nÃo mostrou diferenÃa significante na expressÃo de IL-1β no terceiro dia pÃs-operatÃrio. A administraÃÃo por gavagem do Mix Teste demonstrou uma reduÃÃo da resposta inflamatÃria e oxidante, atuando como anti-inflamatÃrio e antioxidante, apÃs exodontia em ratos
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Groß, Daniel Verfasser], Carl-Walter [Gutachter] [Kohlmann, and Schwerdtfeger [Gutachter] Andreas. "In the Maze of Self-Control and Self-Regulation: Taking into Account Self-Ratings, Executive Functions, Heart Rate Variability, and Action-State Orientation / Daniel Groß ; Gutachter: Kohlmann Carl-Walter, Schwerdtfeger Andreas." Schwäbisch Gmünd : Pädagogische Hochschule Schwäbisch Gmünd, 2021. http://d-nb.info/1227839790/34.
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Abdou, Imen. "Les contradictions de la norme dans la maîtrise des risques bancaires : résultats d'une recherche-action conduite en position de praticien réflexif dans une banque régionale." Thesis, Paris, CNAM, 2018. http://www.theses.fr/2018CNAM1210.
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Les crises financières successives qu’a connues récemment le monde et qui ont failli mettre en péril l’économie mondiale et ébranler le système économique et financier international ont obligé les autorités politiques et les institutions à renforcer les législations en la matière et à multiplier les normes. Ce renforcement et cette multiplication des normes ont pour but de limiter l’apparition de crises et de risques pour le système financier. La présente thèse vise à décrire l’impact de la multiplicité des normes dans le secteur bancaire qui se traduit par des contraintes, contradictions et coût important pour la banque. Il s’agit dans ce travail de présenter les dispositifs mis en place par l’établissement bancaire pour répondre aux exigences réglementaires ainsi qu’analyser les conséquences, cohérences et enjeux des normes sur la maitrise des risques et sur l’organisation interne de l’établissement. Les résultats soulignent l’intérêt de la gestion complète et intégrée des normes dans ce secteur d’activité. En effet, les résultats de la recherche montrent que la performance d’une banque de détail dépendra directement de sa capacité à anticiper et à gérer les divers corpus de normes auxquelles elle est confrontée. La gestion de la « norme » devient actuellement un sujet majeur dans le secteur bancaire au même titre que la gestion des risques. Les deux étant intrinsèquement liés.Le fondement de ce travail repose sur une étude de cas longitudinale de quatre années construite à partir d’une recherche-action auprès d’une banque de détail. Cette approche se base sur des entretiens semi-directifs, analyse de contenu des documents internes, réunions… Nous avons mobilisé la théorie du contrôle et du risque ainsi que la théorie de la tétranormalisation afin d’analyser la gestion de la norme dans l’établissement bancaireThe recent global financial crises that have almost jeopardized the world economy and shaken the global economic and financial systems have forced political authorities and institutions to strengthen their current laws and regulations to help safeguard against any future crises. In this context, risk control, transparency and visibility of information have become the foundations which standards seek to put in order to keep future crises at a distance. This thesis aims to describe the impact of the multiplicity of norms in the banking sector which can result in constraints, contradictions and significant costs for the bank. The purpose of this work is to present the mechanisms put in place by the banking establishment to meet the current regulatory requirements as well as analyze the consequences, coherences and stakes of the standards on risk management and on the internal organization of the establishment. The results underline the interest of the integral management of norms in the financial sector. The research results show that the performance of a retail bank will depend directly on its ability to anticipate and manage the various sets of standards it faces. The management of the "standard" is now becoming a major topic in the banking sector as well as risk management. Both are intrinsically linked.The foundation of this work is based on a four-year longitudinal case study built from action research at a retail bank. This approach is based on semi-structured interviews, content analysis of internal documents, meetings ... The study has mobilized control and risk theory as well as “tetranormalization” theory in order to analyze the management of norms in banking institutions
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Barbudo, João Luís Lopes. "Regulação Bancária: Relação entre Rácios de Solvabilidade e Carteiras de Activos." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/4550.
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Mestrado em Economia Monetária e FinanceiraOs rácios de solvabilidade representam uma das vertentes mais importantes da regulação bancária, permitindo às instituições financeiras transparecer credibilidade. Neste sentido, os bancos quando são obrigados a aumentar os rácios de solvabilidade, não só para cumprirem com o estipulado nos Acordos de Basileia, mas também para passarem nos testes de stress, podem-no fazer por duas vias. O primeiro caminho passa pelo aumento do rácio através de um aumento do seu numerador, ou seja, através de um aumento de capital. A segunda via passa pela diminuição do denominador do rácio, através da diminuição da ponderação do risco nos activos. Com efeito, o objectivo deste trabalho é analisar esta segunda via, onde se testa se os rácios de solvabilidade dos bancos portugueses influenciam a escolha da carteira de activos. É possível concluir que: (i) os bancos com pouca capacidade de capital tendem a alterar a sua carteira de activos; (ii) os bancos preferem diminuir os activos com maior ponderação de risco, nomeadamente os empréstimos concedidos.
The capital ratios represent one of the most important aspects of banking regulation, allowing financial institutions to look through credibility. In this sense, when banks are forced to increase capital ratios, not only to comply with the agreements stipulated in Basel, but also to pass the stress tests, can make it in two ways. The first way, easier, through the increase in the ratio by increasing your numerator, in other words, through a capital increase. The second way is by reducing the denominator of the ratio, by decreasing the risk weight assets. Indeed, the purpose of this study is to analyze this second way, which tests whether the capital ratios of Portuguese banks influence the choice of asset portfolio. It is possible to conclude that: (i) banks with low capital capacity tend to change their asset portfolio; (ii) banks prefer to reduce the risk weighted assets, including loans.
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Lindgren, Jessica. "Extern granskning av gröna obligationer : Huruvida regulatoriska förändringar vad gäller betygsättning av gröna obligationer kan gynna marknaden för gröna obligationer." Thesis, Linköpings universitet, Affärsrätt, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-175188.
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Genom styrning av finansiella medel har gröna obligationer fått en viktig roll i utvecklingen mot ett miljömässigt hållbart samhälle. Extern granskning av gröna obligationer styrs idag genom frivilliga marknadsstandarder, varav GBP är den vanligaste. Dessutom har EU nyligen presenterat en egen frivillig standard med särskild tillsyn. Bättre tillgång till klimatrelaterad information samt tydliga och gemensamma definitioner av gröna aktiviteter är förutsättningar för att investerare mer effektivt ska flytta kapital till miljömässigt hållbara verksamheter för att stötta omställningen till en mindre fossilbaserad ekonomi. I den här uppsatsen visas att dagens betygsättning, olika bedömningsmetoder till trots, torde vara relativt pålitlig, men att det finns utrymme att önska högre jämförbarhet och därmed ökad investerartillit. Tydligare marknadsstandarder kan vara en viktig aspekt för att öka betygens pålitlighet allt eftersom marknaden för gröna obligationer expanderar. Analysen visar att lagstiftning som leder till ökad mängd publicerad granskning genom gröna betyg torde gynna transparensen samtidigt som ryktesrisken vid intressekonflikter bör innebära motvillighet gentemot felaktig bedömning. Samtidigt kan överdriven reglering begränsa möjligheterna för innovation, utveckling och expansion av marknaden som helhet. Det torde därmed vara i lagstiftarens intresse att inte införa alltför sträng reglering, eftersom risk att inte kunna uppnå den finansiering av klimatmålen som önskas då uppstår. Eftersom gröna obligationer är ett internationellt fenomen behöver världens länder arbeta tillsammans mot gemensamma standarder i syfte att nå klimatmålen. I det fall tvingande reglering ska införas bör den vara på som lägst EU-nivå. För marknadsbalans mellan aktörerna och jämförbarhet mellan obligationerna är det viktigt att regleringen inte upplevs otydlig. Regleringen måste dessutom vara generell och så pass flexibel att den kan möta teknologisk utveckling och förändrade förhållanden på marknaderna utan att processen blir för långdragen. Så länge målet är att ha en europeisk kapitalmarknad där aktörerna kan tillhandahålla finansiella tjänster nationsövergripande krävs finansiell tillsyn som inte stannar vid nationsgränserna. På sikt torde Esma vara lämpligast att överse samtliga granskare av gröna obligationer verksamma på den europeiska marknaden. För detta krävs utökad reglering som ger Esma ökad behörighet såväl som ökade resurser för att effektivt kunna utföra tillsynsarbetet.Through the management of financial resources, green bonds have received an important role in the development towards an environmentally sustainable society. External review of green bonds is today subject to voluntary market standards, of which GBP is the most common. In addition, the EU has recently presented its own voluntary standard, which includes supervision. Better access to climate-related information and clear and harmonised definitions of green activities are prerequisites for investors to move capital more efficiently to environmentally sustainable businesses to support the transition to a less fossil-based economy. With this paper it is shown that the current rating, despite different assessment methods, should be relatively reliable, but that there is room to wish for higher comparability and thus increased investor confidence. Clearer market standards can be an important aspect in increasing the reliability of ratings as the market for green bonds expands. The analysis shows that legislation that leads to an increased number of published reviews through green ratings should promote transparency, while the risk of rumors in the event of conflicts of interest should imply reluctance to make incorrect assessments. At the same time, excessive regulation may limit the opportunities for innovation, development and expansion of the market as a whole. Thus, it should be in the interest of the legislator not to introduce a regulation which is too strict, as the risk of not being able to achieve the desired financing of the climate goals then arises. As green bonds are an international phenomenon, all countries need to work together towards common standards in order to achieve the purpose of the climate goals. In the event that mandatory regulation is to be introduced, it should at least be at EU level. For market balance between the market participants as well as comparability between the bonds, it is important that the regulation is not perceived as unclear. In addition, regulation must be general and flexible enough to meet technological developments and new market conditions without the process becoming too lengthy. As long as the goal is to have a European capital market where market participants can provide financial services nationwide, financial supervision that does not stop at national borders is required. In the long run, ESMA should be the most appropriate authority to oversee all examiners of green bonds operating in the European market. This requires increased regulation that gives ESMA increased authority, as well as increased resources in order to be able to carry out the supervisory work effectively.
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KANTHA, SAMY MADHAN KUMAR. "FIELD TEST AND ANALYSIS OF TWO PRESTRESSED CONCRETE BRIDGES AFTER DECK REPLACEMENT WITH FRP PANELS." University of Cincinnati / OhioLINK, 2007. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1187271654.
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Bergeron, Marc-André. "Les données numériques pour la prévision des rendements boursiers : applications de l’outil Google Trends." Master's thesis, Université Laval, 2020. http://hdl.handle.net/20.500.11794/66987.
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L’accès à l’information financière est un déterminant important pour la prévision des rendements boursiers (mesurés par la variation de la capitalisation boursière) et la littérature propose d’utiliser les comportements de recherches numériques des individus comme indicateur de l’attention des marchés financiers. Ce mémoire explore la relation entre les volumes de recherches pour trois indices de marchés boursiers (Dow Jones, Nasdaq et Nyse) et sept entreprises cotées en bourse (Amazon, Google, Apple, Microsoft, Johnson& Jonhson, Berkshire Hathaway et JP Morgan& Chase) et les rendements boursiers (du 1er janvier 2006 au 31 décembre 2019) sans apporter de preuves catégoriques pour l’utilité des volumes de recherche. On trouve une relation statistiquement significative entre les volumes de recherches et les rendements boursiers absolus des indices de marché (Dow Jones, Nasdaq et Nyse) pendant la période de crise économique. On trouve également une relation statistiquement significative pour la prédiction des rendements bruts d’Apple sur toute la période à l’étude. Les relations significatives suggèrent un comportement économique cohérent avec la littérature : les chocs d’information deviennent progressivement moins importants alors qu’ils sont intégrés par le marché.
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BOFFELLI, Simona. "Comovements in European government bond spreads: jumps, cojumps, macrofactors and correlations." Doctoral thesis, Università degli studi di Bergamo, 2014. http://hdl.handle.net/10446/30383.
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NGuema, Ondo James. "Les rendements boursiers et l'importance des facteurs de risque macroéconomiques canadiens." Master's thesis, Université Laval, 2015. http://hdl.handle.net/20.500.11794/26220.
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Le rendement obtenu sur un actif financier est proportionnel au niveau de risque supporté par le détenteur de cet actif. En effet, les rendements obtenus sur les titres financiers contiennent déjà toute l’information en ce qui a trait aux risques que le marché anticipe. À ce niveau, il est logique de se poser la question de savoir comment les marchés financiers se comportent en présence de changements non anticipés dans le niveau de risque général. L’importance de cette question apparaît naturellement si nous considérons que la diversification ne permet pas d’éliminer les effets du risque systémique, car ce dernier affecte l’économie dans son ensemble. C’est dans ce sens que le mémoire vise l’objectif d’utiliser les rendements boursiers pour évaluer les effets des changements non anticipés dans les facteurs macroéconomiques, à savoir le marché, la pente de la structure à terme des taux d’intérêt, la prime de défaut, les prix des produits de base, le taux de change réel, l’inflation et le taux de chômage. Pour répondre à cette question, nous utilisons le modèle d’évaluation par arbitrage (APT), car ce dernier présente le cadre théorique approprié pour faire l’analyse de l’impact des risques macroéconomiques mentionnés sur la structure des rendements financiers au Canada. Dans le but de valider le modèle APT empiriquement, nous recourons à la technique de régression par étapes utilisée dans l’étude de Cochrane (2005), et qui découle des travaux de Fama et MacBeth (1973). À la suite de nos estimations, nous avons trouvé que les risques macroéconomiques liés au marché, aux variations non anticipées dans la pente de la structure à terme des taux d’intérêt, aux changements non prévus dans la prime de défaut, aux variations non anticipées dans les prix des produits de base et aux changements non prévus dans le taux de change réel sont associés à des primes de risque élevées. Par contre, les risques macroéconomiques liés aux variations non prévues dans l’inflation et aux changements non anticipés dans le taux de chômage ne semblent pas être indemnisés sur le marché financier canadien.
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Ogonowski, Martin. "Studies on Baltic Sea mysids." Doctoral thesis, Stockholms universitet, Systemekologiska institutionen, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-75236.
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Mysid shrimps (Mysidacea, Crustacea) are efficient zooplanktivores in both marine and freshwater systems as well as lipid rich prey for many species of fish. Although some efforts have been made to study the role of mysids in the Baltic Sea, very few studies have been carried out in recent time and there are still knowledge gaps regarding various aspects of mysid ecology. This thesis aims to explore some of these gaps by covering a mixture of topics. Using multifrequency hydroacoustics we explored the possibility to separate mysids from fish echoes and successfully established a promising and effective method for obtaining mysid abundance/biomass estimates (paper I). An investigation of the current mysid community in a coastal area of the northern Baltic proper (paper II) demonstrated that the formerly dominant, pelagic mysid Mysis mixta had decreased substantially (~50%) in favor for phytoplanktivorous, juvenile Neomysis integer and Mysis relicta sp. By examining different aspects of mysid behavior, we studied the vertical size distribution of mysids in the field and found that size increased with depth/declining light, irrespective of temperature; indicating that their vertical size distribution primarily is a response to predation (paper II). In paper III, a combination of ecological and genetic markers was used to investigate intraspecific differences in migratory tendency. Both marker types indicated that some part of the Mysis salemaai population is sedentary on the bottom and that this strategy is a phenotypically plastic but persistent trait, analogous to the partial migrations seen in many birds and fishes. In paper IV a temperature and weight specific respiration model was developed for the littoral Praunus flexuosus. Routine respiration was moreover elevated by post-prandial effects (specific dynamic action) for longer times than previously suggested. Consequently, ignoring such effects could significantly bias respiration measurements.At the time of doctoral defence the following papers were unpublished and had a status as follows: Paper 2: Accepted; Paper 3: Submitted; Paper 4: Accepted
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Dahamani, Sabani. "Trilemma analysis in a P&C insurance company (assets & liabilities, equity and risk)." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12809.
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Mestrado em Ciências ActuariaisEste projeto constitui uma componente de uma análise mais vasta e muito relevante no âmbito do estudo de uma companhia de seguros Não Vida, relativamente à situação financeira, gestão de ativos e passivos, bem como aos possíveis riscos no âmbito do regime prudencial Solvência II. Para além destes pontos, são ainda relevantes as implicações deste novo regime nos interesses dos principais stakeholders. Tendo em conta as informações disponíveis, trata-se do primeiro projeto que faz uso de um modelo Dynamic Financial Analysis (DFA) para o cálculo do Requisito de Capital de Solvência (SCR) baseado na fórmula padrão, definida pela European Insurance and Occupational Pensions Authority (EIOPA). A ideia fundamental neste trabalho é estabelecer para companhias do setor Não Vida as indicações sobre a utilização de modelos DFA numa análise integrada, tendo em conta a avaliação de Ativos e Passivos, Capital Próprio, Risco, assim como as estimativas atuariais, segundo o regime Solvência II. O propósito fundamental deste projeto, através da utilização de uma ferramenta como o DFA, centra-se em estabelecer uma metodologia que permita um compromisso entre a gestão financeira de uma companhia de seguros Não Vida (por exemplo, rendimentos, resultados, dividendos, etc), a gestão dos ativos e passivos da companhia (assegurando que os passivos da companhia estão devidamente financiados por um portfolio de ativos), e o impacto desta gestão no SCR da companhia, em linha com as orientações de Solvência II. Para responder à necessidade de elaborar projeções financeiras e integrar as diferentes perspetivas, foi proposto um modelo DFA.
This project forms part of a wider and vibrant conversation pertaining to the analysis of a Property and Casualty (P&C) insurance company´s finances, assets & liabilities, and the possible risks in the company in relation to the legislative parameters of the Solvency II Regime, and the wider implication of this for the core stakeholders of interest. To the best of my knowledge, it is the first project that deploys the use of a Dynamic Financial Analysis (DFA) model for the calculations of the Solvency Capital Requirement (SCR) based on the SCR standard given by European Insurance and Occupational Pensions Authority (EIOPA) The fundamental idea here is to provide perspectives into how the use of DFA models could be integrated into the valuation of Assets & Liabilities, Equity and Risk into providing empirical actuarial credence to companies whose business concerns spins around property and casualty, under the legal framework Solvency II Regime, under European Union (EU) and EIOPA guidelines. The main purpose of this thesis is to find an equilibrium for managing a P&C insurance company's finances (for example, earnings, returns, dividends, etc.) under a regime very demanding of capital, management of the company's assets and liabilities (ensuring that the company's liabilities are properly funded by a portfolio of assets), and the impact of these managements on the SCR of the company in line with Solvency II directives. In order to properly manage and make financial projections of the company, a DFA model was thus proposed.
N/A
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Au, Manix. "Automatic State Construction using Decision Trees for Reinforcement Learning Agents." Thesis, Queensland University of Technology, 2005. https://eprints.qut.edu.au/15965/1/Manix_Au_Thesis.pdf.
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Reinforcement Learning (RL) is a learning framework in which an agent learns a policy from continual interaction with the environment. A policy is a mapping from states to actions. The agent receives rewards as feedback on the actions performed. The objective of RL is to design autonomous agents to search for the policy that maximizes the expectation of the cumulative reward.
When the environment is partially observable, the agent cannot determine the states with certainty. These states are called hidden in the literature. An agent that relies exclusively on the current observations will not always find the optimal policy. For example, a mobile robot needs to remember the number of doors went by in order to reach a specific door, down a corridor of identical doors.
To overcome the problem of partial observability, an agent uses both current and past (memory) observations to construct an internal state representation, which is treated
as an abstraction of the environment.
This research focuses on how features of past events are extracted with variable granularity regarding the internal state construction. The project introduces a new method that applies Information Theory and decision tree technique to derive a tree structure, which represents the state and the policy. The relevance, of a candidate feature, is assessed by the Information Gain Ratio ranking with respect to the cumulative expected reward.
Experiments carried out on three different RL tasks have shown that our variant of the U-Tree (McCallum, 1995) produces a more robust state representation and faster learning. This better performance can be explained by the fact that the Information Gain Ratio exhibits a lower variance in return prediction than the Kolmogorov-Smirnov statistical test used in the original U-Tree algorithm.
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Au, Manix. "Automatic State Construction using Decision Trees for Reinforcement Learning Agents." Queensland University of Technology, 2005. http://eprints.qut.edu.au/15965/.
Full textAbstract:
Reinforcement Learning (RL) is a learning framework in which an agent learns a policy from continual interaction with the environment. A policy is a mapping from states to actions. The agent receives rewards as feedback on the actions performed. The objective of RL is to design autonomous agents to search for the policy that maximizes the expectation of the cumulative reward. When the environment is partially observable, the agent cannot determine the states with certainty. These states are called hidden in the literature. An agent that relies exclusively on the current observations will not always find the optimal policy. For example, a mobile robot needs to remember the number of doors went by in order to reach a specific door, down a corridor of identical doors. To overcome the problem of partial observability, an agent uses both current and past (memory) observations to construct an internal state representation, which is treated as an abstraction of the environment. This research focuses on how features of past events are extracted with variable granularity regarding the internal state construction. The project introduces a new method that applies Information Theory and decision tree technique to derive a tree structure, which represents the state and the policy. The relevance, of a candidate feature, is assessed by the Information Gain Ratio ranking with respect to the cumulative expected reward. Experiments carried out on three different RL tasks have shown that our variant of the U-Tree (McCallum, 1995) produces a more robust state representation and faster learning. This better performance can be explained by the fact that the Information Gain Ratio exhibits a lower variance in return prediction than the Kolmogorov-Smirnov statistical test used in the original U-Tree algorithm.
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Angulo, Sandoval Juan Pablo, and Oliveros Diego Alonso Hurtado. "La efectividad de los programas de beneficios de la categoría de supermercados en el nivel de recompra en jóvenes entre 20 y 30 años en Lima Metropolitana." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2020. http://hdl.handle.net/10757/653527.
Full textAbstract:
Frente a un mercado cada vez más competitivo en donde la diferenciación en cuanto al valor percibido del bien o servicio es limitada, se consideró relevante evaluar cómo el programa de beneficios individual ayuda a los supermercados a posicionarse como la primera opción de compra y recompra. El programa de beneficios o programa de lealtad es un conjunto de acciones que generan un beneficio para el usuario con el propósito de cambiar de forma general el comportamiento deseado de los clientes y reunir los datos para acciones futuras, estas pueden ser descuentos, cupones, kilometraje y puntos de canje. A lo largo de nuestra investigación identificamos que existían dos tipos de programa de beneficios. El primero es el programa de coalición, el cual brinda una serie de beneficios de recompensa asociada a marcas de otros rubros. En segundo lugar, se tiene al programa de beneficios individual, el cual brinda una serie de beneficios de tipo recompensa asociados a los productos y servicios de la marca anfitrión. Para efecto de la investigación se eligió el rubro de supermercado debido a que es un modelo de negocio que brinda todo tipo de productos y no se ve afectado al margen de la situación coyuntural. Referente al tipo de programa, se consideró pertinente la aplicación del programa de beneficios individual, debido a que en nuestro país los supermercados solo aplican este tipo de programa acorde a sus objetivos de venta y posicionamiento.In the face of an increasingly competitive market where differentiation in terms of the perceived value of the good or service is limited, it was considered relevant to assess how the individual benefit program helps supermarkets position themselves as the first choice of purchase and repurchase. The benefit program or loyalty program is a set of actions that generate a benefit for the user for the purpose of generally changing the desired customer behavior and gathering the data for future actions, these can be discounts, coupons, mileage and redemption points. Throughout our research we identified that there were two types of benefit programs. The first is the coalition program, which provides a range of reward benefits associated with brands in other industries. The second is the individual benefit program, which provides a range of reward benefits associated with the host brand's products and services. For the purpose of the research, the supermarket category was chosen because it is a business model that offers all types of products and is not affected by the economic situation. Regarding the type of program, the application of the individual benefit program was considered relevant, since in our country supermarkets only apply this type of program according to their sales and positioning objectives.
Trabajo de investigación
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Silva, Sally Andria Vieira da. "Sobre o número máximo de retas em superfícies de grau d em P3." Universidade Federal da Paraíba, 2016. http://tede.biblioteca.ufpb.br:8080/handle/tede/9272.
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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES
It is well-known that planes and quadric surfaces in the projective space contain in - nitely many lines. For smooth cubic surface Cayley and Salmon, 1847, (and Clebsch later) proved that it has exactly 27 lines. For degree 4, in 1943 Segre proved that the maximum number of lines contained in a smooth quartic surface is 64. For surfaces of degree greater than 4 this number is unknown. In this work, we are going to explore what is the maximum number of lines that a smooth complex surface of degree d of the family Fd ; may contain. Thus, we obtain a lower bound to the maximum number of lines that non singular surfaces of degree d in P3 may contain. We emphasize that the determination of this numbers is based on the Klein's classi cation theorem of nitte subgroups of Aut(P1) and the study of C; the subgroup of Aut(P1) whose elements leaves invariant the nite subset C of P1:
Sabe-se que planos e superf cies qu adricas no espa co projetivo cont em in nitas retas. No caso de uma superf cie c ubica n~ao singular Cayley e Salmon, em 1847, (e Clebsch, mais tarde) provaram que ela cont em exatamente 27 retas. No caso de grau 4, em 1943 Segre provou que o n umero m aximo de retas contidas numa superf cie qu artica n~ao singular e 64. Para superf cies de grau maior que 4 esse n umero e desconhecido. Neste trabalho vamos explorar qual e a quantidade m axima de retas que uma superf cie complexa n~ao singular de grau d na fam lia Fd ; pode conter. Assim obtemos uma cota inferior para o n umero m aximo de retas que as superf cies n~ao singulares de grau d em P3 podem conter. Salientamos que a determina c~ao destes n umeros tem como base o Teorema de Classi ca cao de Klein dos sugbrupos nitos de Aut(P1) e o estudo dos subgrupos C de Aut(P1) que deixam invariante um subconjunto nito C de P1:
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Mogha, Vipin. "Three Essays on the Influence of National Culture on Corporate Finance." Thesis, Université Clermont Auvergne (2017-2020), 2020. http://www.theses.fr/2020CLFAD004.
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Introduction générale Cette thèse présente trois essais sur l’influence de la culture nationale sur la finance d’entreprise. Il se base sur le cadre théorique de la nouvelle économie institutionnel (NEI) de Williamson (2000) et sur le modèle de la culture nationale définit par Hofstede (1980, 2001). Cette thèse s’inscrit dans la lignée des travaux plus anciens des fondements de la richesse des nations (Smith, 1776), qui seraient eux-mêmes fondés sur les traditions, les croyances et les pratiques des habitants d’une nation (Voltaire, 1773). Nous lions les trois ensembles de la culture nationale, la finance d’entreprise et les secteurs industriels par les propriétés mathématiques de la topologie (Krantz, 2009). Nous essayons d’appliquer la topologie générale à notre recherche doctorale en ayant à l’esprit, la phrase attribuée à Galilée (1564-1642) : « la nature est écrite en langage mathématique ». Notre approche topologique pourrait aussi s’aligner à la littérature de l’économie sociale de Weber (1904, 1905) et à celle du néo-positivisme (Kraft, 1953). Ces essais empiriques sont fondés sur un échantillon de firmes internationales cotés issues de plus de 30 pays, à minima à la bourse des valeurs de leur pays d’origine. Premier essai Il analyse l’influence de la culture nationale sur le choix de la structure du capital de la firme (Titman & Wessels, 1988). L’analyse de la structure financière est considérée à court-terme et à long-terme. Pour cela nous analysons quatre mesures de structure qui prennent en compte au numérateur soit la dette à court-terme, soit la dette à long-terme et, au dénominateur les fonds propres, en valeur comptable ou en valeur de marché (Titman & Wessels, 1988). La structure du capital de la firme est dépendante de son industrie (Bradley et al., 1984). tend à s’approche de la moyenne à long-terme de cette même industrie. Cette moyenne et appelée « ratio cible » (target ratio). Nous supposons que la distance de la structure financière d’une firme par rapport à ce « ratio cible » est influencée par la culture nationale du pays d’origine de la firme.Deuxième essai Il analyse l’influence de la culture nationale sur la variation du crédit fournisseur autour de la crise financière de 2008. La fréquence des crises ne cesse d’augmenter avec plus de 400 crises financières de types bancaires, monétaires, et souveraines sur la période de 1970 à 2011 (Laeven & Valencia, 2013).Le crédit fournisseur est considéré comme un des piliers du financement à court-terme de l’entreprise en particulier (Petersen & Rajan, 1997). Lors d’une période de difficulté financière, la relation entre fournisseurs et clients semblerait jouer un rôle-clé dans l’extension du crédit fournisseur (Wilner, 2000). Or, le rôle du crédit fournisseur dans le financement à court-terme de la firme a joué un rôle de premier plan après l’éclatement de la crise de 2008 (Coulibaly et al., 2013).Sur la base que la culture nationale influe sur le niveau des provisions comptable du crédit fournisseur (El Ghoul & Zheng, 2016), notre étude porte sur l’influence de la culture nationale sur les ajustements de crédit fournisseur autour de la crise financière de 2008.Troisième essai Cet essai analyse l’influence de la culture nationale sur la valeur de marché de la firme en se fondant notamment sur l’approche proposée dans les travaux de Ohlson (1995). En effet, dans ce cadre-ci, la valeur de marché de la firme est la somme de son actif net comptable et de la somme des revenus résiduels actualisés. Si ces revenus résiduels sont positifs, alors il existe un goodwill qui explique ce pourquoi la valeur de marché est supérieure à l’actif net comptable. Nous postulons dans cet essai que la culture nationale pourrait influencer ce goodwill. Ce goodwill peut avoir plusieurs sources, soit liées aux choix financiers de la firme ou liées à son capital humain (Chauvin et al., 1994). (...)The premises of this doctoral dissertation is investigating the role played by national culture on corporate financial choices and outcomes. The investigation is done through three empirical essays. The first essay analyzes the influence of national culture on firms’ capital structure choices. The second essay is analyzing the role played by national culture on firms extending more or less trade credit from pre-to-post the mortgage financial crisis. The third essay analyzes the influence of national culture on firms’ market value. Furthermore, a chapter of theoretical conceptualization is done to fit these empirical essays work into a mathematical topology framework. This doctoral dissertation work finds itself at the junction of three broad sets of research bodies. These are the literature around the New Institutional Economics (NIE), the finance literature, and the social economics literature. We glue these literature sets together through the general mathematical topology framework to structure our culture and finance research. Chapter 2 introduces these literature sets and describes the foundations of our three essays.Chapter 3 (essay one) presents the analysis of the links between national culture and firms financing choices leading to their capital structure. Chapter 4 (essay two) presents the analysis of culture’s influence on firm’s choice of extending higher or lower trade credit from pre-to-post the 2008 mortgage financial crisis. Chapter 5 (essay three) presents how firms’ financial value maybe influenced national cultural values.National culture is defined as the firm’s country-of-origin cultural values. We represent it by four of Hofstede (1980, 2001) six cultural dimensions of individualism, masculinity, uncertainty avoidance, and long-term orientation. Hofstede national culture dimensions are largely applied in the growing culture and finance literature, thus providing strong empirically validity. Our choice of Hofstede dimensions are described in chapter 2.We apply these cultural dimensions in our three essays. Our empirical analysis is build following the New Institutional Economics framework (Williamson, 2000). This framework is the key structure around which we are able to build the theoretical bodies of our three essays. NIE has popularized the understanding and acceptance of the non-financial constraints –in macro-and-micro economics– of the social embeddedness level of culture. We empirically test the hypotheses in our three essays following Williamson NIE framework. The empirical tests are done on samples of listed firms from over 30 countries. These tests provide a broad applicability of our results to firms in the globalized economy. The results of our three essays meet our hypotheses expectations of culture’s influence on firms’ financial choices and outcomes.The results provide all stakeholders a lens to view and analyze corporate financial choices and outcomes through firms’ national culture values. Indeed, the financial numbers one may read may have different meaning depending on firm’s country-of-origin cultural values. This understanding would have multiple implications for investors, creditors, managers, shareholders, and policy makers. It may help them in their investing, lending, financing, returns expectations, and policy design to optimize their profits
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Diabate, Alassane. "Liquidity risk and fair value accounting : implications for banks capital structure, lending and stability." Thesis, Limoges, 2020. http://www.theses.fr/2020LIMO0002.
Full textAbstract:
Cette thèse comprend trois essais empiriques fondés sur des données de banques commerciales américaines. Elle vise à mettre en évidence les implications du risque de liquidité et de la comptabilisation à la juste valeur sur la structure du capital, les prêts et la stabilité des banques. Ainsi, le premier chapitre examine si les épisodes de pénurie de liquidité sur le marché influencent l'ajustement de la structure du capital des banques. Les résultats révèlent que seules les petites banques réagissent à de tels épisodes en augmentant leur ratio de capital. Pour ce faire, elles réduisent la part des prêts dans le total de l’actif, diminuent la part des actifs ayant une pondération de risque plus élevée et réduisent la taille de leur bilan. Ces résultats donnent à penser que les exigences en matière de liquidité pourraient être redondantes pour les petites banques, mais semblent nécessaires pour les grandes banques. Le deuxième chapitre analyse si l’impact d'un flux inattendu de dépôts sur la création de prêts dépend du degré d'exposition des banques au risque de liquidité provenant du hors bilan. Les résultats montrent que seules les petites banques augmentent leurs prêts lorsqu'elles sont soumises à des entrées de dépôts imprévues. Cette augmentation des prêts dépend de leur degré d'exposition au risque de liquidité découlant de leurs activités de hors bilan. Les petites banques plus exposées à ce risque de liquidité ont tendance à accorder moins de nouveaux prêts. Ces résultats indiquent que les entrées inattendues de dépôts pourraient ne pas être aussi facilement redistribuées aux emprunteurs. Le troisième chapitre examine l'effet des actifs de niveau 2 et de niveau 3 détenus par les banques sur la prise de risque et le risque d'insolvabilité. Les résultats révèlent que les banques ayant des proportions plus importantes d'actifs de niveau 2 et de niveau 3 prennent des risques plus élevés et sont plus exposées au risque d'insolvabilité. Ces résultats suggèrent que le système bancaire pourrait devenir plus fragile lorsque les investisseurs perçoivent des problèmes de fiabilité au niveau des actifs bancairesThis thesis comprises three empirical essays based on U.S. commercial banks’ data. It aims to highlight the implications of liquidity risk and fair value accounting on banks’ capital structure, lending and their stability. Thus, the first chapter investigates if episodes of liquidity squeeze on the market affect banks’ capital structure adjustment. The findings reveal that only small banks react to such episodes by increasing their capital ratio. To do so, they reduce the share of loans in total assets, decrease the share of assets with higher risk weights and they downsize their overall balance sheets. These results suggest that liquidity requirements might be redundant for small banks but appear to be necessary for large banks. The second chapter analyses whether the impact of an unexpected flow of deposits on loan origination depends upon the degree of banks’ off-balance sheet funding liquidity risk exposure. The results show that only small banks increase their lending when they are subject to unexpected deposit inflows. The increase in lending depends on how much they are exposed to funding liquidity risk stemming from their off-balance sheets. Small banks more exposed to such funding liquidity risk tend to extend fewer new loans. These results indicate that unexpected deposit inflows might not as easily be fueled again to borrowers. The third chapter examines the effect of banks’ holdings of Level 2 and Level 3 fair value assets on risk-taking and insolvency risk. The results reveal that banks with larger proportions of Level 2 and Level 3 fair value assets take on higher risk and are more exposed to insolvency risk. These findings suggest that the banking system may become more fragile when investors perceive reliability concerns in banks’ assets
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Hessou, Hélyoth. "Essays on financial institutions capital and liquidity regulation." Doctoral thesis, Université Laval, 2020. http://hdl.handle.net/20.500.11794/67776.
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Cette thèse comprend quatre articles résumés qui vont comme suit : Le premier essai étudie le comportement d’ajustement au capital réglementaire dans un régime de capital réglementaire multiple. La présence de cet essai est motivée par le fait que les modèles d’ajustement au capital bancaire existants déjà dans la littérature ne modélisent que l’ajustement à une seule mesure de capital et ne tiennent donc pas compte de l’importante corrélation entre les différentes normes de capital. Les résultats issus de ce travail sont de deux ordres. Premièrement, il est montré que la réglementation de deux ratios de capital (ajusté ou non au risque) est assimilable à la réglementation d’un ratio unique de capital (non ajusté au risque) dont la limite est assimilable à la valeur d’une option d’achat avec comme sous-jacent le taux de risque (réglementaire) des actifs bancaires. Une analyse de l’expérience du Canada et des États-Unis offre une justification supplémentaire à la résilience relative des banques canadiennes lors de la dernière crise des subprimes des années 2007. Le deuxième essai se consacre à l’analyse de la norme de coussin contracyclique introduite sous Bâle III. Cette norme vise à lisser les fluctuations cycliques indésirables dans le capital bancaire qui affectaient négativement l’octroi de crédit par les banques surtout en période de crise. Ce travail vise à quantifier le niveau de coussin requis en tenant compte des composantes cycliques du capital bancaire. Une analyse de l’implication des nouvelles normes de liquidité est également abordée. Le troisième essai analyse l’adéquation de l’application des nouvelles normes de capital contracycliques de Bâle III avec les coopératives de crédit canadiennes. En se basant sur les données des bilans comptables des coopératives canadiennes entre la période 1996 et 2014, Cet essai démontre que, contrairement aux institutions bancaires, les coopératives possèdent déjà une stratégie de gestion contracyclique pour leur coussin de capital. À cet effet, une introduction des nouvelles normes de coussin contracycliques n’affectera pas leur comportement d’ajustement. L’analyse révèle que le coussin de capital des coopératives de crédit sous-capitalisées sont procycliques et donc qu’une attention particulière de la part des régulateurs à l’endroit de ces coopératives serait nécessaire. iii Le quatrième essai est une extension de celui qui le précède ce sens où il analyse l’effet du capital réglementaire sur l’activité d’intermédiation des coopératives de crédit canadiennes. Nos résultats suggèrent que la croissance du portefeuille de prêt croît positivement avec le niveau de capitalisation des coopératives de crédit. À l’inverse, la croissance du portefeuille est négativement liée aux changements ou ajustements dans le capital réglementaire. Cette observation suggère que les coopératives de crédit devraient être encouragées via l’implémentation et le respect d’exigences de coussin de capital (de conservation et contracyclique) qui viseraient à détenir des niveaux suffisants de capitalisation.The review of the articles included in this thesis can be summarized as follows: The first essay examines the behavior of regulatory capital adjustment in a multiple capital requirement regime such as the Basel III one. This essay is motivated by the fact that the existing bank capital adjustment models are designed to address adjustment towards a single capital ratio. Our findings are numerous. Firstly, it appears that the joint regulation of two capital ratios (adjusted and unadjusted for risk) is assimilated to the regulation of a single capital ratio (not adjusted to risk), whose limit is assimilated to the value of a call option written on (regulatory) asset risk ratio. An analysis of both the Canadian and US experiences in the joint capital regulation provides further justification for the relative resilience of Canadian banks (in comparison with their US counterparts) during the last subprime crisis of late 2007. The second essay is devoted to the analysis of the counter-cyclical buffer standard introduced under Basel III. This standard aims to smooth undesirable cyclical fluctuations in bank capital as this negatively affect the granting of credit by banks, especially in times of crisis. This work aims to quantify the required level of cushion by taking into account the cyclical components of bank capital. The implications of the new liquidity standards are also discussed. The third essay analyzes the appropriateness of the new counter-cyclical capital standards of Basel III to Canadian credit unions regulation. Based on data extracted from Canadian financial cooperatives balance sheets over the period between 1996 and 2014, this essay shows that unlike banking institutions, credit union capital is already countercyclical, and therefore the introduction of the countercyclical buffer would not alter their intermediation activities. However, the analysis also reveals that the capital cushion of under-capitalized credit unions is pro-cyclical, and therefore these credit unions need close monitoring from regulators regarding their adjustment behaviors following countercyclical measures’ adoption. v The fourth essay is an extension of the previous one in that it analyzes the effect of regulatory capital on lending by Canadian credit unions. Our findings suggest that the growth in the Canadian credit unions loan portfolio is positively associated with the level of capitalization. In contrast, we uncover a negative relation between change in credit union capital and the growth of their lending portfolio. This finding suggests that credit unions should be encouraged to hold adequate levels of capital. This can be achieved through the implementation of conservative and countercyclical capital requirements as advocated for banks.
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Carlos, Gustavo Barreto Bernardo. "Asset portfolio of an health insurer : the multicare case." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7686.
Full textAbstract:
Mestrado em FinançasA Indústria Seguradora tem várias particularidades, mas eventualmente uma das mais importantes é a incerteza relativamente aos cash flows futuros, devido à natureza imprevisível de catástrofes naturais ou doenças, no caso dos seguros de saúde. Todavia, as seguradoras tentam gerir o risco, entre outras formas, utilizando técnicas de Gestão de Activos-Passivos. De qualquer modo, devido à dificuldade em prever com exactidão os passivos futuros, ao alinhar as maturidades de activos e passivos pode criar uma desarticulação entre ambos, caso acontecimentos inesperados ocorram e os custos com sinistros sejam bastante maiores do que o estimado. Como tal, este estudo visa encontrar uma abordagem alternativa à escolha da carteira de investimentos: ao estabelecer um floor razoável para o rácio de financiamento, procura rentabilizar-se os fundos excedentários de forma a atingir melhores rentabilidades que podem ser úteis como almofadas de capital em períodos com maiores taxas de sinistralidade, ao mesmo tempo que se procura encontrar um equilíbrio nas proporções entre classes de activos, de forma a não penalizar os requisitos de capital da seguradora, ao abrigo do estabelecido na Directiva Solvência II. Para este fim foi rastreado o índice EUROSTOXX 600, o benchmark do mercado accionista utilizado neste estudo, aplicando critérios pré-estabelecidos a partir dos quais foi possível chegar a uma carteira de acções, utilizando os pressupostos do Modelo de Índice Único (MIU). Por fim, tanto o portfolio original como o que foi calculado, foram avaliados em função dos respectivos rácios de Sortino.
The Insurance Industry has many particularities, but probably one of the most important is the uncertainty regarding future cash flows, due to the unpredictability nature of future catastrophes or illnesses, in the case of health insurance. Nonetheless, insurers try to manage risk, among others, by using Asset-Liability Management (ALM) techniques, which rely mainly on future cash flow matching between assets and liabilities, according to the company's expected future responsibilities. However, as liabilities are difficult to predict in an accurate way, indexing assets to the liabilities' maturities can create a mismatch should unforeseen events occur and claims costs develop worse than expected. As such, this study aims an alternative approach to portfolio selection: by establishing a reasonable floor value to the funding ratio, it tries to monetize the surplus funds to achieve greater returns which can be used as buffers in periods with higher loss ratios, while attempting to find an equilibrium asset mix not to penalize the company?s capital requirements under the Solvency II Directive. For this purpose, the EUROSTOXX 600, the stock benchmark used in this study, was screened using specified criteria and from which a portfolio of stocks was chosen under the Single Index Model (SIM) assumptions. Lastly, the current and the new portfolio were measured against each other using the respective Sortino ratios.
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Louro, Pedro Lobato Pereira Castanheiro. "Liquidity rules in Basel III : a test on the largest portuguese banks." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7677.
Full textAbstract:
Mestrado em FinançasO principal objectivo da presente dissertação foi uma análise preliminar sobre os novos regulamentos provenientes do Basileia III, nomeadamente, uma análise inicial ao Liquidity Coverage Ratio e a sua aplicação prática assim como os seus benefícios na gestão do risco de liquidez nas instituições financeiras. Neste sentido, foram seleccionadas as 5 instituições financeiras, à data de 31 de Dezembro de 2012, que representavam a amostra mais relevante em termos de actividade no sector Português da banca comercial ("mercado bancário" Português). Recorrendo ao Liquidity Coverage Ratio obtido, foi possível observar que o "mercado bancário" português apresentou, inicialmente, um Liquidity Coverage Ratio acima do requerido pelo Basileia III (60%). O Liquidity Coverage Ratio obtido no "mercado bancário" Português foi de 102% em 2013. Num cenário simulado de stress, pode ser verificado que, o mínimo que a carteira de activos líquidos de alta qualidade no "mercado bancário" pode cair é de aproximadamente 59% do seu valor, à data de 31 de Dezembro de 2013, e ainda assim existem condições para cumprir com o mínimo requerido pelo Basileia III (60%). De acordo com todas as análises realizadas, foi possível concluir que o "mercado bancário" Português, tem capacidade para suportar, eficientemente, qualquer cenário de stress financeiro. Desta forma, o mercado detém uma quantidade suficiente de activos líquidos de alta qualidade, que podem fácil e rapidamente ser convertidos em dinheiro (nos sector privados) que suportem uma volatilidade de mercado significativa ou cenários de stress que durem mais de 30 dias.
The main objective of the present dissertation was a preliminary analysis of the new regulatory package of Basel III, namely, a first analysis of the Liquidity Coverage Ratio computation, its practical application and its benefits for liquidity risk management in financial institutions. For this purposes, it was selected a sample of 5 Portuguese financial institutions which, as at 31 December 2012, represented the most relevant financial institutions with retail banking activities (Portuguese "banking market"). Considering the average Liquidity Coverage Ratio obtained it was possible to observe that the Portuguese "banking market" started to present a Liquidity Coverage Ratio clearly above the Basel III minimum requirement (60%). The Liquidity Coverage Ratio obtained by the Portuguese "banking market" insofar was 102% for 2013. In a simulated stress scenario, we were able to verify that the minimum which Portuguese "banking market" high quality liquidity assets stock could drop was approximately 59% of its value, at 31st of December 2013, and still maintain the conditions to fulfil the Basel III minimum requirement (60%). According to all the analysis performed, it was possible to conclude that the Portuguese "banking market" has the ability to efficiently sustain, any financial stress scenario. In this sense, holds sufficient stock of high quality liquidity assets that could be easily and immediately converted into cash (in private markets) in order to sustain a significant market volatility or stress scenarios lasting over 30 calendar days.
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Sawadogo, Pegdéwendé Nestor. "Fiscal policy and financing for development in developing countries." Thesis, Université Clermont Auvergne (2017-2020), 2020. http://www.theses.fr/2020CLFAD007.
Full textAbstract:
Cette thèse se pose la question de savoir comment la politique budgétaire pourrait être utilisée à des fins de financement du développement. Elle identifie et explore les canaux par lesquels les pays en développement peuvent efficacement mobiliser les ressources (internes et externes) pour le financement du développement. Pour cela, nous conduisons des recherches axées sur les politiques économiques (en utilisant des outils statistiques et économétriques appropriés) et nous formulons des recommandations de politiques économiques aux pays en développement. La première partie de cette thèse s’intéresse à la question de la mobilisation des ressources externes dans les pays en développement (Chapitre 1 et Chapitre 2). Dans le Chapitre 1, nous analysons les effets des dépenses publiques sur les spreads de taux dans les pays émergents. Nous montrons que les pays en développement pourraient avoir un meilleur accès aux marchés financiers internationaux en augmentant leurs investissements publics et en réduisant leurs dépenses courantes. Plus précisément, les dépenses en capital humain (éducation et santé) et autres infrastructures publiques réduisent considérablement les spreads de taux. Ils devraient également améliorer la qualité de la gouvernance puisque les marchés financiers récompensent les pays bien gouvernés à travers de meilleures conditions d'emprunt. Nous examinons, dans le Chapitre 2, la force des règles de politiques budgétaires en termes d’amélioration de l’accès des marchés financiers internationaux par les pays en développement. Nous trouvons que l’adoption de règles budgétaires réduit les taux d’intérêts sur la détention des obligations d’Etat souverains et par conséquent améliore l’accès aux marchés financiers. Nous expliquons ce résultat par le canal de la crédibilité de la politique budgétaire : les gouvernements crédibles sont récompensés sur les marchés financiers internationaux par de faibles taux d’intérêt et des notations élevées des dettes souveraines. Nos résultats prouvent que l’adoption et la bonne mise en œuvre des règles de politiques budgétaires constitue un moyen substantiel pour les décideurs publics d’améliorer l’accès des pays en développement aux marchés financiers internationaux. La deuxième partie de cette thèse se focalise sur ce que les pays en développement pourraient faire pour améliorer la mobilisation des ressources internes (Chapitre 3 et Chapitre 4). En effet, nous explorons la relation entre l’adoption des règles budgétaires et la réduction des inégalités de revenus (Chapitre 3) et nous trouvons que l’adoption des règles budgétaires réduit les inégalités de revenus. Ces pays pourront financer leur développement de façon soutenable (à travers la réduction des inégalités) en adoptant des règles budgétaires. En outre, nous évaluons les effets de la lutte contre les flux financiers illicites sur la mobilisation de recettes fiscales (Chapitre 4). Nous révélons que les pays qui respectent les Recommandations du Groupe d’Action Financière (GAFI) en matière de lutte contre le blanchiment d’argent et le financement du terrorisme (pays coopératifs) enregistrent des montants de recettes fiscales plus élevés comparativement aux pays qui ne respectent pas ces Recommandations (pays non coopératifs). Par conséquent, les pays en développement pourront mobiliser plus de recettes fiscales en mettant en œuvre des politiques visant à empêcher les flux financiers illicites. Par ailleurs, ils doivent mettre en place de bonnes institutionsThe central question of this thesis is how fiscal policy could be used for development finance purposes. Indeed, we identify and investigate pathways through which developing states can mobilize resources to improve sustainable development. For this purpose, we conduct policy-oriented researches (using suitable statistical and econometrical tools) and provide advices for developing countries. The first part of the dissertation addresses the issue of external resources mobilization in developing countries (Chapter 1 and Chapter 2). In Chapter 1, we investigate the effects of public expenditures on sovereign bond spreads in emerging market countries. We show that developing countries could have a better access to international financial market by supporting public investment and reducing current spending. Specifically, spending on human capital (education and health) and other public infrastructures significantly reduce bond spreads. They should also improve the quality of governance since financial markets award well-governed countries with better borrowing conditions. We examine, in Chapter 2, the strength of fiscal rules in terms of improving financial markets access for developing countries. We find that the adoption of fiscal rules reduces sovereign bond spreads and consequently improve financial market access. Indeed, this result is explained by the credibility of fiscal policy channel: more credible governments are rewarded in the international financial markets with low sovereign bond spreads and high sovereign debt ratings. Our findings confirm that the adoption and sound implementation of fiscal rules is an instrument for policy makers to improve developing countries’ financial market access. The second part of the dissertation focuses on what developing countries could do to improve internal resources mobilization (Chapter 3 and Chapter 4). As a matter of fact, we explore the relationship between fiscal rules and inequality (Chapter 3) and find that fiscal rules adoption contributes to reduce inequality in developing countries. The policy implication is that developing countries could finance their development in a sustainable way (via the reduction of inequalities) by adopting fiscal rules. Moreover, we assess the effects of combating illicit financial flows on domestic tax revenue mobilization in developing countries (Chapter 4). We highlight that countries which cooperate with international standards for anti-money laundering and combating the financing of terrorism (AML/CFT) are more able to mobilize tax revenue than countries which do not cooperate. Consequently, developing countries could mobilize more domestic tax revenue by implementing policies to curtail illicit financial flows. They should establish sound institutions
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Petersson, Frida. "Sustainable investments : Transparency regulation as a tool to influence investors to choose sustainable investment funds." Thesis, Linköpings universitet, Filosofiska fakulteten, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-156659.
Full textAbstract:
In March 2018 the European Commission published the Action Plan on Financing Sustainable Growth. One of the main objectives with the actions presented in the action plan is to reorient capital flows towards sustainable investments, i.e. to influence more investors to invest sustainably. The action plan was followed by three proposals for transparency regulation regarding an EU taxonomy on sustainability, sustainability benchmarks and sustainability disclosures. Furthermore, the action plan included actions regarding two other transparency measures – sustainability labels and sustainability ratings. The first purpose of the thesis is to investigate if transparency regulation in the EU can be used as a tool to influence investors to choose sustainable investment funds. One of the main aims of the actions presented in the Action Plan on Financing Sustainable Growth, as well as the accompanying regulation proposals, is to reorient capital flows towards sustainable investments, i.e. to influence more investors to invest sustainably. In light of this, the Commission’s three proposed transparency regulations, as well as the concept of sustainability labels and ratings, are used as a basis for the investigation. The second purpose of the thesis is therefore to critically review the three regulation proposals and the concept of sustainability labels and ratings in order to gain an understanding of how different transparency measures can influence investors to choose sustainable investment funds. The transparency regulations and measures are analysed and critically reviewed in light of their objective to influence more investors to invest sustainably. A behavioural economics perspective, as well as consumer behaviour theories and decision-making models, are applied in order to analyse the transparency regulations and measures from an external perspective. Based on the analysis there are many indicators that transparency regulation can be used as a tool to influence investors to choose sustainable investment funds. However, to what extent transparency regulation can influence investor behaviour varies depending on which transparency measures are used and how they are designed. Sustainability benchmarks seem to have the least potential to influence investor behaviour, while the EU taxonomy on sustainability and sustainability labels seem to have the best potential to influence investor behaviour.
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Nyh, Johan. "From Snow White to Frozen : An evaluation of popular gender representation indicators applied to Disney’s princess films." Thesis, Karlstads universitet, Institutionen för geografi, medier och kommunikation, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-36877.
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Simple content analysis methods, such as the Bechdel test and measuring percentage of female talk time or characters, have seen a surge of attention from mainstream media and in social media the last couple of years. Underlying assumptions are generally shared with the gender role socialization model and consequently, an importance is stated, due to a high degree to which impressions from media shape in particular young children’s identification processes. For young girls, the Disney Princesses franchise (with Frozen included) stands out as the number one player commercially as well as in customer awareness. The vertical lineup of Disney princesses spans from the passive and domestic working Snow White in 1937 to independent and super-power wielding princess Elsa in 2013, which makes the line of films an optimal test subject in evaluating above-mentioned simple content analysis methods. As a control, a meta-study has been conducted on previous academic studies on the same range of films. The sampled research, within fields spanning from qualitative content analysis and semiotics to coded content analysis, all come to the same conclusions regarding the general changes over time in representations of female characters. The objective of this thesis is to answer whether or not there is a correlation between these changes and those indicated by the simple content analysis methods, i.e. whether or not the simple popular methods are in general coherence with the more intricate academic methods.Betyg VG (skala IG-VG)
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"Management Earnings Guidance and Future Credit Rating Agency Actions." Doctoral diss., 2015. http://hdl.handle.net/2286/R.I.29731.
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abstract: While credit rating agencies use both forward-looking and historical information in evaluating a firm's credit risk, the role of forward-looking information in their rating decisions is not well understood. In this study, I examine the association between management earnings guidance news and future credit rating changes. While upward earnings guidance is not informative for credit rating changes, downward earnings guidance is significantly and positively associated with both the likelihood and speed of rating downgrades. In cross-sectional analyses, I find that downward guidance is especially informative in two important circumstances: (i) when a firm's current credit rating is overly optimistic compared to a model predicted rating, and (ii) when the relevance or reliability of alternative information sources is lower. In addition, I find that downward guidance is associated with lower future cash flows, as well as a higher volatility of future cash flows. Overall, the results are consistent with credit rating agencies incorporating voluntary bad news disclosures into their decisions about whether and when to downgrade a firm.Dissertation/Thesis
Doctoral Dissertation Accountancy 2015
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Ramirez, Alfredo. "Principals' actions in the performance appraisal system for teachers in successful schools in Texas." Thesis, 2005. http://repositories.lib.utexas.edu/bitstream/handle/2152/1712/ramirezjra63480.pdf.
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Ferro, Ana Alexandra Velez Mão de. "Credit rating changes and their impact on equity prices : how much should Banks care?" Master's thesis, 2013. http://hdl.handle.net/10400.14/16845.
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This dissertation investigates the existence of abnormal returns in a sample of 48 banks following credit rating changes done by S&P to those banks and to their sovereigns – a total of 10 countries – between 2008 and 2012. We analyse three types of effects: first, bank rating changes’ impact on its own stock price; second, sovereign rating downgrades’ impact on banks’ stock prices (national and foreign); third, bank rating downgrades’ impact on non-downgraded banks’ equity prices. The impacts are seldom significant: a departure from existing literature that may result from the usage of a test statistic robust to cross-correlation and event-induced volatility effects, or from time series differences.Cette étude concerne l’effet que les changements de notes donnés par S&P ont dans un échantillon de 48 banques et ses souverains (10 pays), entre 2008 et 2012. On explore trois effets: d'abord les changements de notes d'une banque ont dans le prix de son action; les abaissements de note souveraine ont dans les prix des actions des banques nationales et étrangères; troisièmement les abaissements de note d’une banque ont dans des autres banques qui n’ont pas eu abaissés. Les résultats sont rarement significatifs: une différence comparativement à d'autres études qui peut découler de l’utilisation d’une statistique de test robuste en corrélation entre les actions et la variance résultants de l’évènement, ou de différences entre les périodes en analyse.
A presente dissertação investiga a existência de retornos anormais numa amostra de 48 bancos como resposta a mudanças de notação (rating) feitas pela S&P aos bancos em causa ou às respectivas dívidas nacionais – num total de 10 países – entre 2008 e 2012. Exploramos três tipos de efeitos: reacção no preço da acção de um banco cuja dívida tenha sofrido um corte de notação; reacção no preço de acção de bancos no próprio país e no estrangeiro em resposta a uma descida na notação de dívida soberana; reacção no preço de acção de bancos cujo rating não tenha sido alterado, em resposta a alterações de notação noutros bancos. Na maioria dos casos, estes efeitos não são significativos: uma diferença comparativamente a estudos nesta área que pode ser explicada pela utilização de uma metodologia e estatística de teste robustas a correlação entre acções e a aumentos de volatilidade causados pelo próprio evento, ou pela utilização de um período de análise diferente.
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Yang, Chia-Ching, and 楊家慶. "Assessing students' science writing performance with the rating scale: An action research study." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/29902148057435306539.
Full textAbstract:
碩士國立臺中教育大學
自然科學教育學系碩士班
94
The action research describes the process that how to assess science writing performance with the rating scale in elementary school. The researcher also analyzes the difficulties/problems in the process and tries to find the solutions. The growth and achievement of researcher are discussed in the following paragraph. The assessment of science writing was practiced in two six-grade classes in elementary school. The researcher is just the teacher. After the honest self-examination, the assessment of students' performance, the interscorer reliability and the interviews and the findings of the action research are described as the following: It's a practicable way to use rating scales to exam the science writing cooperating with the teaching plan. Design the rating scales with special observations of students' writing. The feedback can be the reference for teaching decision and also improve the quality of students' writing performance and communicative ability. Try to get the correct judgment and objective results. The assessment of science writing should be designed to correspond with the teaching goals so as to reflect the real situation of students' learning. Teachers should let the students understand the methods, standard and aims (goals) of the assessment before the examinations. They should explain the standard of the assessment clearly and create the learning environment with no pressure. It's the right goal to make students write down what they think in their minds. Students are the real essential part of learning. They should realize the representative meanings of the assessment results and keep their learning impetus. According the preceding findings, the researcher makes several suggestions as the following: 1.Science writing is hard to get the immediate results, and the students should practice their writing skills more. 2.The standard of the assessment about science writing should be understood clearly by students. 3.To encourage teachers collect their teaching portfolio.
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Saravanja, Marko. "Integrated performance management systems and motivation in the South African public sector." Thesis, 2009. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_6159_1298279759.
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The study recommends that performance management has to be approached from an integrated perspective. The process of the design of performance management must include a thorough consultation with major stakeholders. The implementation of the system has to be supported and driven by top leadership and management. The change management process should be supported by a proactive communication strategy and it should be managed strategically and by competent staff. A reward system that distinguishes high from mediocre performance should be put in place. Programmes must be implemented to ensure high levels of staff motivation. Monitoring and evaluation mechanisms must be put in place to ensure implementation of sustainable performance management systems. These recommendations led to the design of an integrated performance management system. The study concludes that integrated performance management, as a multidisciplinary methodology related to organisational strategy, structure, culture, systems and processes, should be regarded as a critical tool for improving motivation and performance of individuals, teams, departments and the public service as a whole.
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Nyikahadzoyi, Maroni Runesu. "Prospective Zimbabwean "A" level mathematics teachers' knowledge of the concept of a function." Thesis, 2006. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_6869_1182811715.
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The purpose of the study was to investigate prospective &lsquo
A&rsquo
level mathematics teachers&rsquo
knowledge of the concept of a function. The study was a case study of six prospective Zimbabwean teachers who were majoring in mathematics with the intention of completing a programme leading to certification as secondary mathematics teachers. At the time of the study the six prospective teachers were in their final year of study. Prospective teachers&rsquo
knowledge of the concept of a function was assessed through task-based interviews and reflective interviews. These interviews, which were done over a period of three months, were structured to capture the prospective teachers&rsquo
subject matter knowledge and pedagogical content knowledge for teaching the concept of a function. The interviews were also meant to capture the prospective teachers&rsquo
underlining pedagogical reasons for their choices of the examples, representations and teaching approaches when planning to teach the concept.
As part of the study a theoretical framework for understanding prospective teachers&rsquo
knowledge of the concept of a function was developed. The framework, which was developed, was used as an analytical tool in analyzing prospective teachers knowledge of the concept of a function. The results of the study indicated that the prospective teachers had a process conception of a function although some of them had given a set-theoretic definition of a function in which a function is perceived as a mathematical object. They also confined the notion of a function to sets of real numbers. Functions defined on other mathematical objects (for example, the differential operator and the determinant function) were not considered as functions by five of the six prospective teachers.
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WAN, LIU FANG, and 柳芳宛. "An action research of a sixth-grade teacher's practicing ratio and proportion teaching." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/17892070686575447683.
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博士國立新竹教育大學
數理教育研究所
99
This study demonstrated action research process of an elementary math teacher teaching “ratio and proportion” to the 6th graders. The study was mainly to present the problems the researcher met while practicing activities and the procedure of seeking strategies to solve problems. This action research took class A ,where the researcher herself was the teacher , as the research subject . All the teaching activities were designed according to National Math Curriculum Guideline, textbook teaching targets, students pretest and the discussion with teachers in a mathematical professional group. The references of strategies used in this research are as follow: literature review, students pretest, textbook analysis, students performance evaluation such as the observation of solving questions and students mathematics diary, as well as teacher’s log,and frequent discussions with other teachers in a mathematical professional group. The teaching strategies included the chosen of semantic structure of questions, the types of questions, the change of numbers and situations of questions. The study shows that 1)Students often ignored the context of questions while solving problems. 2)Students can develop their sense of ratio through practicing on compiling questions and class discussion 3)Teachers should help students build up sense of ratio by providing various contexts of questions. 4)Teachers should help students recognize two quantities has a relation of subtract and divide, that can be expressed as “a to b” or “a:b”. To help student understand better, using semantic structure of associated sets is a good tool. 5)The concept of ratio and proportion is better be built up in a multi-objects comparative context. Teachers should help students understand the relationship between antecedent (the first number) and consequent (the second number), the concept of the consequent should become 1 is suggested to teach in class. 6)In this study, there is only a change of one dimension (length), other identical dimension changes are suggested in further research.