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Dissertations / Theses on the topic 'Value exchange'

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Published: 4 June 2021
Last updated: 2 February 2022

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1

McCarron, Sean. "Reducing exchange rate risk and exposure: The value of foreign exchange currency hedging strategies." CSUSB ScholarWorks, 2004. https://scholarworks.lib.csusb.edu/etd-project/2534.

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The topic researched for this project will be foreigh exchange hedging; the available forms, the uses, the procedures, and the value. This project will expand beyond the typical research and examine the value of hedging through the use of different foreign exchang currency trading strategies to small multinationational corporations.
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2

Bratland, Erik, and David Mäki. "An empirical study into value investing on the Stockholm stock exchange." Thesis, Umeå universitet, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-94621.

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Investors are always searching the market for stocks that are undervalued and that can potentially create value. One way of finding undervalued stocks is to carefully analyze firms’ accounting ratios. Researchers have in the past found evidence that an investment in value stocks, often categorized as low P/E and low P/B ratio stocks, in most cases generates more value than an investment in growth stocks (categorized as high P/E and P/B). However, we found a lack of studies that investigates if this relationship exists on the Swedish market and if it holds true during the financial crisis. This resulted in the following research question:Would a portfolio consisting of value stocks outperform a portfolio consisting of growth stocks on NASDAQ OMX Stockholm?In order to answer the research question a quantitative method with a deductive approach has been applied and historical stock prices and accounting ratios over the time period 2005-2013 have been collected from Thomson Reuters Datastream. Returns were then calculated and portfolios of value and growth stocks were created based on the accounting ratios for every year. The returns where risk-adjusted with the help of the Sharpe-ratio before the Mann-Whitney U test was used in order to see if there is a significant difference between value and growth portfolios.For the price to earnings ratio the risk-adjusted returns of the value portfolio only outperformed the risk-adjusted returns of the growth portfolio two years out of the nine years tested. For the price to book measure the risk-adjusted returns of the growth portfolio outperformed the risk-adjusted value portfolio seven out of nine times.The results of the study seems to indicate that growth stocks outperform value stocks, contrary to much of the previous research that has concluded that value stocks outperform growth stocks. However, our findings were not statistically significant and we could not draw any clear conclusions from our results. The study did contribute with new knowledge however, by increasing the data available for value investing in Sweden and highlighting a need for more studies into smaller stock markets and for a period of financial distress, such as the financial crisis.
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3

Miniussi, Jalba Terezinha. "Economic value exchange dynamics in a strategic sourcing context." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17860.

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While is widely accepted the dynamic nature of value creation in business relationships, most of the research presents cross-sectional and dyadic approaches. This research takes a more dynamic approach by examining how and why a buyer-firm transfers orders from a supplier to another in a strategic sourcing context through a certain period of time. We explore the managerial situation of two suppliers competing for the buyer preference, and the process of buyer’s choice between two suppliers in search of higher value creation and appropriation. We analyze six cases of strategic sourcing, each one formed by a triad (two dyads linked by a common buyer), in a longitudinal-retrospective approach. Integrating two different streams of value creation theories (industrial marketing and strategic management), and dynamic capabilities theory, we propose a conceptual model that includes both buyer’s and supplier’s perspectives of value creation and appropriation. According to the model, there are four consecutive stages of value creation in a strategic sourcing context. Buyer-firms choose the most suitable stage of value creation for a given strategic sourcing according to the degree of uncertainty in the business environment, its internal demands and business opportunities. The chosen supplier will be the one that has the attributes to transact at this stage of value creation. On the other hand, supplier-firms seek to establish business relationships with buyer-firms that enable them to expand sales, thanks mainly to the reputation of being a supplier of an exigent customer. Moving to superior stages of value creation can lead to a higher value appropriation and, eventually, to competitive advantage. However, this movement requires investments of the parties to strengthen operational capabilities and developing dynamic capabilities. We shed light on the tradeoffs faced by purchasing managers in their search for competitive advantage, as well as the contingent factors present in strategic sourcing. The model may guide purchasing and sales managers in finding the most suitable stage of value creation to strategic sourcing relationships, according to their level of environmental uncertainty, internal needs, and investment capacity.
Embora seja amplamente aceita a natureza dinâmica da criação de valor nos relacionamentos interorganizacionais, a maior parte da pesquisa apresenta abordagens transversais, com foco na díade ou em uma das partes envolvidas no relacionamento. Este estudo adota uma abordagem mais dinâmica ao examinar como e por que uma empresa compradora transfere pedidos de compras de um fornecedor para outro em um contexto de fornecimento estratégico durante um período de tempo. Exploramos a situação gerencial onde dois fornecedores competem pela preferência da mesma empresa compradora, assim como o processo de escolha do comprador entre dois fornecedores em busca de maior criação e apropriação de valor. Analisamos seis casos de fornecimento estratégico, cada um formado por uma tríade (duas díades ligadas por um comprador comum), em uma abordagem longitudinal-retrospectiva. Integrando duas vertentes teóricas de criação de valor (marketing industrial e gestão estratégica), além da teoria de capacidades dinâmicas, propomos um modelo conceitual que inclui perspectivas de criação de valor e apropriação tanto do comprador como do fornecedor. De acordo com o modelo, há quatro estágios consecutivos de criação de valor em um contexto de fornecimento estratégico. A empresa compradora elege o estágio de criação de valor em que deseja atuar para cada fornecimento estratégico, levando em conta o grau de incerteza no ambiente de negócios, suas demandas internas e oportunidades de negócios. O fornecedor escolhido será aquele que possui os atributos necessários para atuar neste estágio de criação de valor. Por outro lado, as empresas fornecedoras procuram estabelecer relacionamentos comerciais com os compradores que lhes permitem expandir suas vendas, graças principalmente à reputação de serem fornecedores de um cliente exigente. Estabelecer relacionamentos comprador-fornecedor em estágios superiores de criação de valor pode levar a uma maior apropriação de valor e, eventualmente, à vantagem competitiva. No entanto, este movimento exige investimentos das partes para fortalecer as competências operacionais e desenvolver capacidades dinâmicas. Lançamos luz sobre os tradeoffs enfrentados pelos gerentes de compras em sua busca por vantagem competitiva, bem como nos fatores contingentes presentes no fornecimento estratégico. O modelo pode orientar gerentes de compras e profissionais de vendas a encontrar o estágio mais adequado de criação de valor para as relações de fornecimento estratégicas, de acordo com seu nível de incerteza ambiental, necessidades internas e capacidade de investimento.
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4

Jaffe, Anton. "The value of directors on the Johannesburg Stock Exchange." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52413.

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Directors of listed companies are seen as key individuals in the running of their organisations. The loss of a key individual could have significant effect on the profitability and sustainability of a company. The loss of such an individual could cause harm to the share price of an organisation, due to the instability that may exist in the immediate to short term period after the death of a director. The purpose of this research paper was to investigate the effect that the death of a director of a JSE listed company has on the company s share price. The research aimed to identify whether an abnormal return was experienced prior to, or post the death of the director, and whether it could be possible to predict abnormal returns based on the death of directors. The research further aimed to identify whether a difference existed in the abnormal returns experienced after the death of a non-executive director as opposed to an executive director or whether this differed in the JSE s resource rich companies as opposed to non-resource companies. Ultimately, the research also tested the efficiency of the JSE as a market. The research study ultimately found that there is a statistically significant effect on share price following the death of a director. The magnitude of the effect differs based on a number of variables, including whether the director was independent or executive. Where a director was independent, a negative abnormal return was experienced. However, where a director was an executive director, a positive abnormal return was experienced. The magnitude of the effect also differed significantly between the resources and non-resource companies on the JSE. Evidence was observed in the analysis, in support of the literature review, which confirms that the death of a director leads to abnormal returns on the share price. KEYWORDS
Mini-disseration (MBA)--University of Pretoria, 2015.
nk2016
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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5

Fedina, Ludmila. "The present value model of the exchange rate determination." The Ohio State University, 1999. http://rave.ohiolink.edu/etdc/view?acc_num=osu1272985454.

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6

Zuzáková, Barbora. "Exchange market pressure: an evaluation using extreme value theory." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-199589.

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This thesis discusses the phenomenon of currency crises, in particular it is devoted to empirical identification of crisis periods. As a crisis indicator, we aim to utilize an exchange market pressure index which has been revealed as a very powerful tool for the exchange market pressure quantification. Since enumeration of the exchange market pressure index is crucial for further analysis, we pay special attention to different approaches of its construction. In the majority of existing literature on exchange market pressure models, a currency crisis is defined as a period of time when the exchange market pressure index exceeds a predetermined level. In contrast to this, we incorporate a probabilistic approach using the extreme value theory. Our goal is to prove that stochastic methods are more accurate, in other words they are more reliable instruments for crisis identification. We illustrate the application of the proposed method on a selected sample of four central European countries over the period 1993 - 2012, or 1993 - 2008 respectively, namely the Czech Republic, Hungary, Poland and Slovakia. The choice of the sample is motivated by the fact that these countries underwent transition reforms to market economies at the beginning of 1990s and therefore could have been exposed to speculative attacks on their newly arisen currencies. These countries are often assumed to be relatively homogeneous group of countries at similar stage of the integration process. Thus, a resembling development of exchange market pressure, particularly during the last third of the estimation period, would not be surprising.
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7

Norberg, Patricia A. "Managed profiles : the value of personal information in commercial exchange /." View online ; access limited to URI, 2003. http://0-wwwlib.umi.com.helin.uri.edu/dissertations/dlnow/3115636.

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8

Elomaa, J. (Jonna). "Foreign exchange exposure effects on the value of Mexican companies." Master's thesis, University of Oulu, 2019. http://jultika.oulu.fi/Record/nbnfioulu-201905081648.

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Abstract. This thesis aims to investigate the exchange rate fluctuations’ effect on firm value by looking at the relationship between price index returns and changes in exchange rates using price indices from ten industries in Mexico over a time period 1996–2018. The aim is to find out whether there are differences in the results gotten between industries, time periods and exchange rate measurements used. The thesis consists of three parts. In the first part the theoretical framework is constructed, and existing empirical evidences are presented in order to justify the relevance of the study. The theoretical framework is constructed on the base of currency supply and demand, which create the existence of exchange rates. The concepts of exchange rate risk and exposure are built on these main definitions in order to understand the importance of the topic. Later on, the relationship between the exchange rates and firm value is explained by the exchange rate exposure puzzle. Previously conducted researches are used in order to understand the current situation of the area of study and to choose the methodological approach for the research. The research is conducted by running several two-factor regressions, first explanatory variable being the market return and second one the measurement of the changes in exchange rate. The data sample is gathered from DataStream from a time period 1996–2018. The time period is chosen in order to exclude specific events, hence assuring unbiased results gotten. The results of the study indicate that Mexican firms’ values in seven out of ten investigated industries are positively affected by the contemporaneous appreciation of the home currency. Cross-sectional differences between different industries are detected and the most affected industries are found to be the ones involved in international trade, especially with the USA. The effect of developing economy conditions are also discussed as a possible reason behind the gotten results supported by the previously published studies. The purpose of this thesis is to provide a country-specific study on developing economy perspective to the area of exchange rate exposure studies. The study aims to challenge the existing literature and to find support to the previously conducted developing economy — based researches in the same area. The aim of this research is not to provide information about the firm specific components of exchange rate exposure but instead to look for the more general guidelines in order to understand the industrial differences during different time periods.
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9

Nilsson, Alexandra, Ida Lehtinen, and Eleonore Rosenqvist. "The Co-Creation of Value : -An empirical study of value creation in physical bookstores." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-227057.

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Purpose: The aim of the research is to investigate what successful booksellers provide in store that increase interaction and thereby enhance perceived value for the customers. Approach: The study is based on a combination of using both quantitative and qualitative data, collected through questionnaire and through face-to-face interviews. A deductive approach has constituted the paper as the theoretical framework was constructed upon already existing theories. Findings: The investigated booksellers are working with all of the three interaction facilitators; servicescape, shopping event as well as employee competence to create interaction in store that thereafter through relating, communicating and knowing increase the customer perceived value. The success behind the booksellers is based on their niche and personal approach that is thoroughly implemented in their offerings, which will create a community feeling. The personal relationship with the customers gives a structural support for the communication that in the end increase the knowledge. However, the knowledge renewal was more vital for the employees in order to provide personal service. Practical implications: Brick-and-mortar stores should fully acknowledge the importance of interacting with customers, by implementing servicescape, shopping event and employee competence with a personal touch. It is important to be as physical as possible and use the store as a social meeting place. The store should create a unique atmosphere, where like-minded customers socialize. The employee competence is vital for the brick-and-mortar stores in order to provide personal service. Theoretical implications: Grönroos and Voima’s (2012) Value creation sphere-model was extended by integrating Ballantyne and Varey’s (2006) triangulated value-enable-model into the joint sphere of Grönroos and Voima’s (2012) model. Since both of the models were tested empirically the paper supplies empirical evidence for both of the theoretical models.
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10

Burton, Christine. "Here to stay : the role of value creation, capture and exchange in limiting the liability of newness for new entrant museums." University of Technology, Sydney. School of Leisure Sport and Tourism, 2006. http://hdl.handle.net/2100/422.

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This thesis examines the concepts of value creation, capture and exchange in limiting the liability of newness for nonprofit museums entering the sector. There has been considerable examination of cultural value in relation to museums. However, little is known about how value is created, captured and exchanged for stakeholders in new museums. It is posited that value creation, capture and exchange constitute a value cycle. Through this value cycle management in new museums detects and limits the liability of newness. The ability to detect and limit the liability of newness enables the continuation of the museum. If the liability of newness is not limited, it may mean that a new museum exits the sector or is transformed. The concept of a value cycle is derived from an examination of the nonprofit management literature, aspects of the for-profit management literature and the arts and museum management literature. Value creation is a key concept in the three literature areas. Value creation in this context, is specifically defined as the worth of the physical manifestation of the museum. It resides in the building and the collection, services and programs within the building. It is suggested that this value needs to be transformed and consumed by a range of stakeholders. The transformation of value creation is denoted as value capture. Value capture is the appeal of programs, projects and activities. Value capture includes how well the products and services align with particular stakeholders, how accountable the managers are to stakeholders and how products and services are consumed by stakeholders. The measure of how managers have been able to capture value is in the realm of value exchange. Value exchange is the merit of programs, projects and activities. Value exchange is in the form of revenue raised through sponsorship; continuation of revenue investment by the principal stakeholder, the state; time and money transacted by visitors; and intangible exchange such as leadership and reputation enhancement through collaborations. A Value Cycle Framework of New Entrant Museums is then developed as a working analytical tool to assess how the value cycle operates and how the liability of newness is detected and limited by museum management. x The Value Cycle Framework is used to assess four cases. These case studies include the National Museum of Australia as a purpose built new entrant; the Australian National Maritime Museum as a purpose built new entrant; the Mint as a recycled new entrant; and the Earth Exchange as a refurbished new entrant. Each case is assessed discretely using secondary and primary source material and analysing qualitative data generated from interviews with key stakeholders. The cases are then compared in order to track similarities and differences in relation to value creation, capture and exchange. The research findings suggest that a value cycle is operating in relation to new entrant museums. This value cycle is dynamic and non-sequential. Until value creation is floated for a range of stakeholders it is difficult for managers to know the worth of their content, location or their building. Value creation is a nominal starting point, signifying the arrival of a new entrant in the museum marketplace. However, value capture is the zone that is the most vulnerable and volatile for managers of new museums. Typically in these case studies value capture includes a disruptive episode, such as a review process that indicates the liability of newness. Managers within the museum who can respond and resolve contradictions between museological beliefs and the demands of stakeholders (and in so doing limit the liability of newness) are likely to continue museum operations. Senior executives who find such reconciliation more difficult, jeopardize the future operations of the museum to such an extent that the museums close or are transformed within the museum sector. Through these four case studies a revised Value Cycle Framework is developed as an analytical device. This analytical framework can assist in understanding the processes involved in new entry for museums.
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11

Kim, Dong-Jun. "Impacts of the currency value change on the forest products import quantities in Korea /." Thesis, Connect to this title online; UW restricted, 2001. http://hdl.handle.net/1773/5526.

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12

Abdel-Jalil, Tawfiq Hasan. "Book-to-market value of equity ratios and earnings realization." Thesis, Bangor University, 2000. https://research.bangor.ac.uk/portal/en/theses/booktomarket-value-of-equity-ratios-and-earnings-realization(48ae90b1-c8a9-44c9-b2ca-e030783c2f04).html.

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This thesis increases our understanding of the book-to-market ratio via a detailed examination of how and when earnings are realised in relation to firms' "capitalisation" and "average useful-life of assets". Book-to-market ratios (BMRs) are regressed as a function of changes in market value of equity ratios for British industrial companies registered on the London Stock Exchange from 1987 to 1996. Data from a prior period (1976-1986) is also employed to stabilise for effects of earnings realisation before the regression period. The "average useful-life assets" for the firms in the sample determines the time horizon of the analysis. The path of abnormal earnings over this horizon reflects the pattern of expiration of the useful-lives of assets in place. The analysis finds that an accrual measurement effect dominated in BMRs increases over the analysis period and also that accrual measurement is more influential in BMRs for firms with short than with long "average useful-life assets". Changes in market value ratios are found to inform about future earnings up to at least six years, except for highlycapitalised firms with long useful-life assets (for which the relationship lasts up to 4 years). The length of the informative period is found to be inverse to the average useful-life of firms' assets. The effect of differences between annual changes in market value of equity ratios on BMRs across time diminishes soon (two years) after the initial market shock' occurs. Long useful-life assets have no further effect on BMRs evolution at more distant lags. Contrary to previous research (in the USA), changes in market value of equity ratios (for UK firms) are found to be associated more with short than with long useful-life assets. Although not specially tested for, this result supports the notion of "short-terminism" of which the UK stock market is sometimes accused. The apparent "short-terministic" outlook by investors in UK firms coincides with improved predictability of BMRs in the UK compared with the US market. The high coefficients of determination from changes in market value of equity ratios as a function of BMRs, identified in the study, motivates a further test for a prediction model which is able to predict 29.2% of the variation in book-tomarket value of equity ratios 8 years in advance.
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Wang, Xin. "Size and value strategy premium at the Hong Kong stock exchange." Thesis, University of Macau, 2006. http://umaclib3.umac.mo/record=b1636265.

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14

Murry, William D. "Leader-member exchange and work value congruence : a multiple levels approach /." Diss., This resource online, 1993. http://scholar.lib.vt.edu/theses/available/etd-06062008-172103/.

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Kapche, Fotso Herve Moise. "Cyclicality of size, value and momentum on the Johannesburg stock exchange." University of the Western Cape, 2019. http://hdl.handle.net/11394/7316.

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Magister Commercii - MCom
Over the past four decades, size, value and momentum effects have been uncovered on stock markets, and several multifactor asset pricing models have been proposed to explain them. The associated premiums have been found to be time-varying and the explanations behind the effects are still debated. In South Africa, contradictory findings have been reported on the existence of those effects and the explanatory power of multifactor models. More important, the cyclicality of the effects and the risk/mispricing debate have been given little attention. In this regard, this study purports to establish the existence of size, value and momentum effects, investigate the explanatory power of the Fama-French three- and five-factor models (FF3F and FF5F respectively), and Carhart four-factor model (C4F), and examine the cyclicality and risk-based rationale of the style premiums on the Johannesburg Stock Exchange (JSE). Using a research sample comprised of common stocks included in the FTSE/JSE All Share Index (ALSI) for the period 1 January 2002 - 31 December 2018, the study subdivides the examination period into two business cycles, with each cycle including one upward phase and one downward phase
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Sandström, Anna, and Elisabeth Kindmark. "Facilitating Value in Higher Education : A study of interaction as a tool for value creation." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-275356.

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In Sweden two reforms were implemented in 2011 in order to delegate control to universities and improve the quality of tertiary education. Despite the efforts, Swedish universities are experiencing a quality crisis and the majority of students are receiving less than the recommended nine hours per week of tutor led education. The quality crisis, the low levels of student-teacher interaction and the reluctance towards marketization and customer focus within higher education, all provides cause for concern on how universities create value for their students. This study aims to examine the interaction students have with teachers, and how the interaction creates value for students. Interviews were conducted with students studying their third year of the business programme at Uppsala University. The result showed that the students thought interaction was important for their learning. Uppsala University was considered to offer sufficient amount of lectures and seminars, although with fluctuations in quality. Most notable in the study was the lack of feedback from teachers. The students showed strong discontent, as feedback would help them improve and learn, fulfilling their value creation.
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Ko, Hsiu-Hsin. "Three Essays on Exchange Rates and Fundamentals." The Ohio State University, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=osu1245264972.

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18

Chotee, Deepika. "Evaluating value at risk models: an application to the Johannesburg Stock Exchange." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/18625.

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The management of market risk is an essential determinant of the stability of a financial institution, and by extension, of the overall financial system. There are various variables which impact on the accuracy of a market risk management system. For various reasons which are discussed in this study, Value at Risk (VaR) is used as a measure of market risk. VaR has certain key features which make it adaptable to several types of scenarios in order to provide a measure of market risk. In order to assess these features of VaR, this study evaluates VaR using a range of techniques. This study analyses the performance of some of the most popular VaR models using the JSE ALSI's total daily returns. The VaR estimates were calculated for each model using varying parameters for confidence level, risk horizon, distributional assumptions and other variables. The study evaluates the relative accuracy of each model analysed, over specific subsets of the data set under consideration, and performs five different backtests to determine the accuracy of each model. The aim of this analysis is to identify the model most suited to predicting VaR in the South African environment. A key feature of this study is that it includes data during and after the financial crisis, and can, therefore, model the respective volatility characteristics of the data during this period. The results of the analysis indicate that the asymmetric GARCH models outperform the other models over both the full sample period and the crisis and post-crisis subperiods, and that the t distribution assumption produces more accurate forecasts. This implies that such models are better suited to capturing the effects of volatility for data with these characteristics.
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Strugnell, Dave. "Beta, size and value effects on the JSE Securities Exchange, 1994-2007." Master's thesis, University of Cape Town, 2010. http://hdl.handle.net/11427/5806.

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20

Biľo, Šimon. "Austrians and the Mainstream: The Stories of Exchange Rate Determination." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-3511.

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The scope of the present thesis is four-fold. First, to clarify and explain the means-ends framework and step-by-step analysis of the Austrian school. Second, to apply this framework to the Austrian theory of exchange rates. Third, to link the framework with most of the existing Austrian research related with the exchange rate theory and discuss this research. And fourth, to confront the Austrian economics with two mainstream approaches - Dornbusch?s overshooting model and short-run portfolio balance model. Message springing from this confrontation is twofold. First, the fundamental differences between present-day mainstream methods are envisaged. And second, the fact of possibility of mutual enrichment of both approaches from each other despite of completely different methodological backgrounds is suggested.
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Friis, Anders. "An examination of the relationship between work value similarity, work value fulfilment, leader-member exchange quality and work outcomes." Thesis, Aston University, 2013. http://publications.aston.ac.uk/25549/.

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As existing research on leader-follower value similarity and leader-member exchange (LMX) has shown varying results, this thesis has set out to explore whether the relationship between work values, LMX and work outcomes could be examined using another approach. Building on person-environment fit and discrepancy theories of job satisfaction research, this thesis proposes that similarity between the leader’s and the follower’s work values (work value similarity) and the leader’s fulfilment of the follower’s work values (work value fulfilment) are positively related to LMX and work outcomes (follower’s satisfaction with the leader, job satisfaction, organisational commitment, task performance and organisational citizenship behaviour). Related to this, it is proposed that LMX plays a mediating role on the relationship between work value similarity and work outcomes, just as LMX is proposed to play a mediating role on the relationship between work value fulfilment and work outcomes. Furthermore, it is proposed that work value fulfilment compared to work value similarity is more strongly related to LMX. To test the hypothesised relationships, two studies were conducted at a consumer products manufacturer in the UK and Denmark. The first study is cross-sectional and consists of 167 followers from the UK. The second study is longitudinal and data for this study were collected in two waves with a five-month interval from followers and leaders in Denmark. At time 1, the longitudinal study had a sample of 468 followers, of which 206 were rated by their immediate manager. At time 2 the study had a sample of 316 followers, of which 140 were rated by their immediate manager. Work value similarity and work value fulfilment were measured using direct and indirect measures of congruence, and the thesis uses structural equation modelling, relative weight analysis, and polynomial regression analysis. Across the studies, the thesis has generally found support for the hypothesised relationships. Findings of the thesis show that work value similarity and work value fulfilment are positively related to LMX and work outcomes, and that LMX plays a mediating role on the relationship between work value similarity and work outcomes, just as LMX plays a mediating role on the relationship between work value fulfilment and work outcomes. Furthermore, findings show that work value fulfilment compared to work value similarity is more strongly related to LMX. Generally, the results have been found by using crosssectional and longitudinal data, single-source and multi-source data, direct and indirect measures of congruence, and by using different advanced approaches for studying congruence. The implications of these findings for theory and practice are discussed.
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Luo, Ning. "Present-value relations and Chinese stock price behavior: the case of Shenzhen exchange." Thesis, University of Macau, 2006. http://umaclib3.umac.mo/record=b1637006.

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23

Wittig, Timothy Simon. "Power, value, and the individual exchange : towards an improved conceptualization of terrorist finance." Thesis, St Andrews, 2009. http://hdl.handle.net/10023/902.

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24

Carlström, Anders, Rikard Karlström, and Jakob Sellgren. "Value Vs Growth : A study of portfolio returns on the Stockholm Stock Exchange." Thesis, Jönköping University, JIBS, Business Administration, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-294.

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Abstract:

Research Questions:

• Will a portfolio based on value stocks, on a risk-adjusted basis, outperform a portfolio based on growth stocks on the Stockholm Stock Exchange?

• Is the superior strategy able to generate abnormal risk adjusted returns by beating the OMXS in-dex?

Purpose:

The purpose is to investigate if an investor by purchasing a portfolio based on value stocks will outperform a portfolio based on growth stocks. Furthermore the authors aim to examine if the superior portfolio can beat the OMXS index and create abnormal returns on the Stockholm Stock Exchange.

Method:

The quantitative research method is used when gathering information. To deter-mine which stocks to include each year between 1993 to 2005 the price-to-book ratio (P/B) is used. Based on this multiple the sample is divided into two extreme groups of low and high P/B companies. These two groups are further divided according to their price-to-earning ratios (P/E). This creates four portfolios, which symbolizes value and growth stocks. Each portfolio’s return is recorded annually during the 12 year period. The returns are risk-adjusted in order to find the superior portfolio. This portfolio is then compared with the OMXS index for the same period to find out whether it has created an abnormal return.

Conclusion:

The superior and most extreme value portfolio, consisting of stocks with low P/B and low P/E ratios generated a cumulative risk-adjusted return of 1908% between 1993-2005 and beat the most extreme growth portfolio consisting of high P/Bs and high P/Es which generated a negative cumulative return. The superior portfolio was also able to beat the OMXS index during the years of 1993-2005, generating an abnormal risk-adjusted return of 7.77 times that of the OMXS index.


Frågeställningar:

• Kommer en portfölj baserad på värdeaktier, på en riskjusterad basis att slå en portfölj baserad på tillväxtaktier på Stockholmsbörsen?

• Kan den vinnande strategin skapa en riskjusterad överavkastning över OMXS index?

Syfte:

Syftet är att undersöka om en investerare, genom att köpa en portfölj baserad på värdeaktier, kan slå en portfölj baserad på tillväxtaktier. Vidare har författarna som mål att undersöka om den vinnande portföljen kan slå OMXS-index och skapa överavkastning på den svenska aktiemarknaden.

Metod:

Informationsinsamlingen till uppsatsen har en kvantitativ ansatts som grund. För att avgöra vilka aktier som ska inkluderas i undersökningen mellan åren 1993 till 2005 har författarna använt sig av nyckeltalet aktiekurs över eget kapital (P/B-tal). Med det här nyckeltalet till grund har urvalet delats upp i två extremgrupper, lågt och högt P/B. Dessa två grupper delades upp ytterligare efter dess aktiekurs över vinst (P/E-tal). Detta skapar fyra portföljer som symboliserar värde- och tillväxtaktier. Avkastning på portföljerna mäts årli-gen under 12 år och sedan riskjusteras för att hitta den mest lönsamma portföljen. Denna portfölj jämförs sedan med OMXS-index för samma period för att se om portföljen har skapat överavkastning.

Slutsats:

Den bästa och mest extrema värdeaktieportföljen som bestod av lågt P/B och lågt P/E skapade en kumulativ riskjusterad avkastning på 1908% och slog den mest extrema tillväxtportföljen som genererade en negativ kumulativ avkastning. Den bästa portföljen slog också OMXS-index under åren 1993 till 2005 och skapade en riskjusterad överavkast-ning på 7.77 gånger OMXS.

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25

Upton, Helen Stevie. "(Not just) Open for business : redefining the value of a university knowledge exchange." Thesis, Cardiff University, 2009. http://orca.cf.ac.uk/55456/.

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Existing literature on university knowledge exchange, whether approving or critical, tends to assume that it is the economic value of knowledge that produces opportunities for exchange. Taking as a starting point the contention that this need not be the case, this study examines afresh the nature of knowledge exchange and its value to society. In doing so, it makes reference to the policies of the UK, Welsh Assembly and Scottish Governments, to the approach of the Universities of Leeds, Cardiff and Edinburgh, and to the experiences of academics engaged in social and scientific knowledge exchange projects. Whilst each Government is shown to prioritise economic ends, academics value making a difference to others, increasing personal or institutional kudos and engaging in interesting and exciting projects more highly. Although it remains possible for academics to carry out knowledge exchange with this broad range of outcomes, the mismatch between academic and governmental priorities is problematic. Failure to redefine the value of knowledge exchange to encompass a broader range of outcomes is liable to have implications for Government, for academia and for society: a lack of alignment between policy drivers and academic motivations makes it less likely that policy will achieve its desired ends; universities that fail to accommodate a broader value set risk losing academics to institutions that do; and in failing to provide sufficient space for the conduct of a broad-based knowledge exchange, policy makers will prevent the benefits of academic knowledge to society from being maximised. Universities are shown to be well placed to effect a change in the way that value is defined. However, certain structural issues militate against such a change, and academics and their universities will therefore need to be bold in asserting alternative values.
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26

Al, Zoubi Tariq. "Corporate cash-holding decisions : Amman stock exchange." Thesis, Brunel University, 2013. http://bura.brunel.ac.uk/handle/2438/7360.

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Using a panel data analysis of a sample of 80 listed non-financial Jordanian firms during the period from 2000 to 2011, we investigated the corporate cash-holding decision. The firm’s decision to hold cash has come to the fore in last two or three years as a result of the recent global financial crisis, and the impact that this has had on the firms’ ability to raise funds from external sources. There is evidence in the US, for example, that firms have increased their holdings of cash as a result of increasing constraints from external sources. This current study therefore examines this issue from the point of view of a developing economy. We started by investigating the empirical determinants of corporate cash holdings; the results showed that firm size and growth opportunities have no significant effect on corporate cash-holding decisions, while firm’s cash flow, leverage, and liquid assets substitute have a significant negative effect on cash-holding decisions, and profitability and cash dividends have a positive effect on cash-holding decisions. Then we investigated empirically how cash-holding affects the value of corporate firms. Based on Fama and French’s (1998) valuation model and Faulkender and Wang’s (2006) model, the results showed that the marginal value of each Jordanian Dinar (JD) is valued at a discounted value of 0.41 JD; with higher leverage the marginal value of cash is declining, with a higher level of cash the marginal value of cash is increasing and, finally, cash dividends have no significant effect on shareholders’ value. We also investigated empirically how a group of explanatory variables affect a firm’s debt ratio by focusing on the liquidity variable. Results showed that the total debt ratio is positively affected by firm size and is negatively affected by growth opportunities, profitability, assets tangibility and total liquidity, cash, and non-cash liquidity. The long-term debt ratio is positively affected by firm size, non-debt tax shield, asset tangibility, total liquidity, cash, and non-cash liquidity, while the long-term debt ratio is negatively affected by growth opportunities and profitability. For the short-term debt models, the debt ratio is negatively affected by firm size, asset tangibility, and liquidity in its different forms. An investigation into the speed of adjustment showed that Jordanian firms quickly adjusted the total and long-term debt ratio, while they do not have an optimal or target short-term debt ratio.
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27

Su, Xiaojing. "Essays on financial and international economics." Thesis, [College Station, Tex. : Texas A&M University, 2007. http://hdl.handle.net/1969.1/ETD-TAMU-1474.

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28

Fallman, David, and Jens Wirf. "FORECASTING FOREIGN EXCHANGE VOLATILITY FOR VALUE AT RISK : CAN REALIZED VOLATILITY OUTPERFORM GARCH PREDICTIONS?" Thesis, Uppsala universitet, Statistiska institutionen, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-146571.

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In this paper we use model-free estimates of daily exchange rate volatilities employing high-frequency intraday data, known as Realized Volatility, which is then forecasted with ARMA-models and used to produce one-day-ahead Value-at-Risk predictions. The forecasting accuracy of the method is contrasted against the more widely used ARCH-models based on daily squared returns. Our results indicate that the ARCH-models tend to underestimate the Value-at-Risk in foreign exchange markets compared to models using Realized Volatility
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29

Kormas, George. "Daily and intradaily stochastic covariance : value at risk estimates for the foreign exchange market." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp01/MQ39466.pdf.

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30

Motswagae, Pauline. "Analysis of value-added reporting by listed industrial companies on the Johannesburg Stock Exchange." Thesis, Stellenbosch : Stellenbosch University, 1998. http://hdl.handle.net/10019.1/72018.

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Thesis (MBA)--Stellenbosch University, 1998.
ENGLISH ABSTRACT: The study investigated the divergent practice in the presentation of Value-Added Statements (V AS) by industrial companies on the Johannesburg Stock Exchange. A standard statement (for 1997 only), as suggested by the author, was constructed for all 188 companies analysed to eliminate unusual or faulty recording of certain items. Overall, the calculated value added differed from that published by the companies due to the inclusion of certain items which are specific to particular companies. The information compiled during the investigation will also he used to upgrade the database of the University of Stellenbosch Business School. The results of the study suggest that there are indeed some deep-rooted conceptual problems in reporting value added as well as problems associated with the treatment of individual items in the statement. Taxation reporting in the V AS was found to be the major item where inconsistency was prevalent. Of the 188 companies studied, about forty percent included what the author tenned "taxation mistakes" in their VAS. Minority reporting was found to be another significant problem area where companies were very inconsistent in reporting the item. In addition, there were some strange items that the writer came across in the published VAS. [f value added is to be accepted as a useful tool in financial reporting, that is, if it is to gain popularity and usefulness, it must be derived from a consistent model and should be systematically applied.
AFRIKAANSE OPSOMMING: Die studie het die verskillende wyses ondersoek waarop Toegevoegdewaardestate (TWS) opgestel is deue industriele maatskappye op die Johannesburgse Effektebeurs. 'n Standaard staat (slegs vir 1997) soos voorgestel deur die skrywer is opgestel vir elk van die 188 maatskappye wat ontleed is ten einde ongewone of foutiewe rapportering te elimineer. Oor die aigemeen het die berekende toegevoegde waarde verskil van die syfers soos gepubliseer deur die maatskappy. Die verskille was hoofsaaklik toe te skryf aan die insluiting van sekere items wat uniek was aan bepaaJde maatskappye. Die informasie versamel gedurende hierdie ondersoek sal ook gebruik word om die databasis van die Bestuurskool van die Universiteit van Stellenbosch op te gradeer. Die resultate van die studie het getoon dat daar weI sommige diep-geworteide konseptuele probleme in die rapportering van toegevoegde waardc bestaan het sowel as probleme geassosieer met die hantering van individuele items in die TWS. Veertig persent van die 188 maatskappye ondersoek, het belastingfoute (soos deur die skrywer omskryf) ingesluit in die gepubliseerde TWS. Die rapportering van minderheidsbelang was ook 'n groot probleem area wat gelei het tot 'n groot mate van inkonsekwente rapportering. Verder het die skrywer op 'n hele aantal ongewone items in die gepubliseerde TWS gevind. As toegevoegde waarde as 'n handige hulpmiddel in finansiele rapportering aanvaar wil word, dit is om groter populariteit en groter gebruikswaarde te verkry, sal dit ontwikkel moet word uit 'n bepaalde model, en op 'n sistematiese wyse opgestel word.
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31

Graham, Mark. "Is there any evidence of a value-growth factor on the Johannesburg Stock Exchange?" Master's thesis, University of Cape Town, 1998. http://hdl.handle.net/11427/18286.

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New evidence suggests that share returns are cross-sectionally predictable in that shares which appear to be inexpensive relative to the company's underlying values (value shares), out-perform those shares that are perceived to provide substantial growth in the long run (growth shares). The magnitude of the return premium suggests that these returns are induced by factors other than risk or perhaps suggests that our measures of risk are incorrect. There now seems to be little doubt that the new evidence indicates that the cross-section of average returns are predictable and that abnormal returns can be obtained by holding value shares. This is the value-growth phenomenon. The existence of this phenomenon casts doubt on the two major paradigms of modem finance, the Capital Asset Pricing Model and the Efficient Market Hypothesis. There has been limited empirical testing in South Africa as to the existence of this internationally observed phenomenon. This study's objective is to investigate whether or not this value-growth phenomenon exists on the JSE. The study examined monthly excess returns on portfolios of value and growth shares over the period 1987 to 1996. The ratio of a company's market value to its book value of common equity was used as the measure of value and growth. The conclusions of this research study indicate that a value-growth phenomenon does exist on the JSE and that the existence of superior returns by value shares is especially marked in the period post 1992 when South Africa returned to the international financial arena.
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32

Meera, Ahamed Kameel. "The Effects of Stock Delistings on Firm Value, Risk, Market Liquidity and Market Integration: With Evidence on Wealth Effects from the Stock Exchanges of Malaysia and Singapore, Using GARCH." Thesis, University of North Texas, 1996. https://digital.library.unt.edu/ark:/67531/metadc278898/.

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This study examines the effects of delisting on firm value, risk and market liquidity. In a world where markets are becoming increasingly integrated, delistings may prove counter productive. We use the unique event, free from company specifics, that occurred on January 2, 1990 in the stock exchanges of Singapore and Malaysia to test for the above effects. On that day, dual listed companies were required to delist from the foreign stock exchange. We also use this event to test if the Singapore and Malaysia markets are globally integrated. Since financial data is found to show persistence in volatility, we model the return generating process in a generalized autoregressive conditionally heteroskedastic (GARCH) framework that takes into consideration changing volatility. For comparison purposes, OLS and Time-Deformation models are included. The study found delistings to decrease firm value, the size of which is related to how actively the stocks were previously traded on the foreign stock exchange. Risk levels increased following delistings. Nevertheless, thinly traded stocks showed significant changes in neither firm value nor riskiness. Further evidence of new listings to increase firm value was noted. Consistent with the political motive hypothesis, delisted stocks showed an increase in post-event volume, but however, lost relative liquidity compared with other stocks. While all portfolios considered show evidence for existence of conditional heteroskedasticity, comparison with standard OLS event-study results yields similar conclusions, although the return generating models with GARCH errors result in lower abnormal return variances. As for the time-deformation model, trading volume was found to be a good proxy for rate of information flow only for smaller capitalized stocks. Correlation and regression analyses showed that the Singapore and Malaysia markets are integrated to some degree with the international markets, such that a major delistings event between both markets did not change the pricing of risk in these markets.
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33

Weldegabir, Habtom Ghebremeskel. "The value relevance of accounting earnings and book values to share price on the industrial sector of the JSE securities exchange." Master's thesis, University of Cape Town, 2004. http://hdl.handle.net/11427/5974.

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Includes bibliographical references.
This paper investigates the value relevance of accounting earnings and book value of equity to share price on the Johannesburg Security Exchange (JSE) market. The research was motivated by the results of different researchers on different markets which reveal that the value relevance of accounting earnings and book value has increased on emerging capital markets while it as decreased on developed capital markets.
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34

Nystrand, Alexander. "Patrick Bateman, Violence and Consumption: Bret Easton Ellis’s American Psycho." Thesis, Södertörns högskola, Institutionen för kultur och kommunikation, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-7875.

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This essay investigates how Bret Easton Ellis portrays Patrick Bateman as a projection of American society, in order to criticize consumerism and capitalism in his novel American Psycho. By applying Marxist theory, this essay examines Bateman's consumption patterns and class-consciousness using key Marxist terms. This essay investigates the relationship between Bateman and his commodities, through the Marxist concept of value. Furthermore, this essay suggests that Bateman's consumption pattern creates his identity and that Bateman's lust for consumption has no boundaries. Bateman quenches his thirst for consumption by consuming humans of low status on the social hierarchy, by acts of violence, rape or cannibalism.
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35

Rudin, Robert (Robert Samuel). "Using information technology to exchange health information among healthcare providers : measuring usage and understanding value." Thesis, Massachusetts Institute of Technology, 2011. http://hdl.handle.net/1721.1/68514.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Engineering Systems Division, 2011.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 125-133).
Health information exchange (HIE) - the electronic exchange of health information among healthcare institutions - has been projected to hold enormous promise as an antidote to the fragmented healthcare delivery system in the United States. After decades of mostly failed attempts, we still do not know how to make HIE work. This thesis is the beginning of a systematic understanding of HIE, focusing on the clinical users and the context in which the users and the technology interact. It uses a systems approach to understand HIE from the perspectives of the core stakeholders including healthcare providers, patients, health IT vendor companies, public policy, and the HIE organizations that supply data exchange services. The core contributions of the thesis are contained in four studies. Values of healthcare providers as stakeholders in HIE In a stud y of three communities, healthcare provider organizations were found to expect regional HIE organizations to bring them benefits from the ability to measure care quality. However, one relatively larger community placed greater value on the strategic interests of its individual provider institutions, whereas two smaller communities valued the interests of the communities as a whole. Factors that affect clinicians' usage of HIE. In a study of clinician-users of an operational HIE, usage factors were categorized as motivators and moderators. Motivators for individual clinicians' usage of HIE included improving care quality and time savings. Moderators were numerous and included gaps in data, workflow complexity and usability issues. Several policy options and implications are discussed including: requiring HIE organizations to report metrics of HIE contributions and accesses; certifying HIE vendor companies to provide standardized usage metrics; and creating incentives for clinicians as well as HIE organizations and regional health IT extension centers to meet HIE usage targets. Analysis of opportunities to use HIE. In one community, 51% of visits involved "care transitions" among individual providers, and 36-41% involved care transitions between medical groups. The percentage of a provider's visits which involved care transitions varied considerably by clinical specialty and even within specialties. Within primary care, individual clinicians' "transition percentages" varied from 32% to 95%. This study discusses how policies designed to foster HIE usage should take this variation into account. Analysis of mergers and provider recruitment on HIE value. In a simulation study of patient visit patterns in 10 communities, the results suggest that even after substantial consolidation of medical groups, an HIE would still have considerable value as measured by the number of opportunities for data exchange. However, in each community a small number of medical groups were key: if absent from a community HIE, these groups would reduce the value by 50%. Conversely, if they were the only groups participating, the HIE's value would only achieve 10-20% of its value with all groups participating. The results of these studies suggest that HIE will be needed even in the event of the expected large-scale consolidation of healthcare providers. However, efforts will be needed to recruit medical groups to join HIE organizations, to improve HIE technology, and to train clinicians to integrate HIE into their workflows.
by Robert S. Rudin.
Ph.D.
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36

Kelly, Luke. "The Value of Books: : The York Minster Library as a social arena for commodity exchange." Thesis, Uppsala universitet, Historiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-341086.

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To the present-day reader texts are widely available. However, to the early modern reader this access was limited. While book ownership increased in the seventeenth and eighteenth centuries, it was not universal – even libraries were both limited in their collections and exclusive to the communities they served. Libraries were to be found all over Early Modern England, from city libraries to town subscription libraries. One could gain access to books but these collections were often rather limited in the variety and number of books they offered. Undoubtedly many libraries purchased books for their collections, but frequently books were also given to them by benefactors. One fine example of a community library which reflects its readers and members is the library of St Peter’s Cathedral, York Minster. York Minister library owes its existence to traceable benefactors and donations. One could study the collection to give an insight into reading practices and interests of the Early Modern Period. But in doing so we fall foul of becoming static and failing to develop the historiography of Book History. Instead, we can re-evaluate this collection by drawing from the old focus of genres but shifting this focus and approach the collection from a different path: a material path. These books resonate value. Not solely due to their genres and subject matter, but their value is also generated in how the books became accessible, through generosity and donation. As donations from benefactors these books should not be considered solely as works of literature, but as gifts from one agent to another. Gifts given with both intention and purpose.
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37

Ståhle, Jacob, and Viktor Thunmarker. "Customer value in the service-dominant logic : the iPhone seen through the mindset of the S-D logic." Thesis, Uppsala University, Department of Business Studies, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-126777.

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This thesis examines customer value by studying the iPhone through its users from a Service- Dominant logic perspective. We distinguish three parts of the theory: the process of value- creation; the role of the firm; and customer involvement in shaping the offering. By conducting interviews with students in Uppsala, Sweden, we recognize three findings. First, while value is mainly created through the use of an offering the start and end of the value creating process is difficult to distinguish. Second, by interacting with the customer during the use of an offering the firm can affect the value the customer experiences. Third, by customizing an offering more value can be created, and if the customer participates in the process it is more like to succeed.

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38

Einarsson, Per, and Hampus Wännerdahl. "Does Size Matter? : Abnormal Returns and Market Efficiency at Stockholm Stock Exchange." Thesis, Jönköping University, Jönköping International Business School, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1091.

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Background and purpose

In Sweden private savings in stocks has experienced a large increase and in year 2006 there were 6.7 million people, or 77 per cent of the population owning stocks. A recent study shows that more than every other Swede has deficient knowledge in trading with stocks. Since small private investors often do not know how to gather and interpret information they must utilize investment advices. The large increase in private savings in stocks, the lack of investment knowledge together with the large increase in Internet usage has resulted in investment advice seeking on the Internet. One of the largest sources of investment advices on the Internet in Sweden today is Avanza.se. The purpose with our thesis is to describe and analyze if, after a buy recommendation issued at Avanza’s website, the effects with respect to abnormal return and market efficiency differ significantly depending on a company’s capitalization value.

Method

We have used a quantitative approach to fulfill our purpose. The secondary data required to do so was gathered from the OMX-Group’s website, where historical prices and Index information was collected, and from the online broker Avanza’s website where the buy recommendations were compiled. In order to conduct statistical tests and calculations we have used the statistical software SPSS.

Frame of Reference

The theories we made use of mainly treated market efficiency and abnormal return.

Conclusions

We have seen that the recommendations’ effect concerning abnormal return differ signifi-cantly depending on capitalization value, where the effect on companies with smaller capitalization values are larger. We have also found tendencies of market inefficiency at the semi strong level for stocks with smaller capitalization value.

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39

MAHAJAN, SHRIRANG A. "ANALYSIS OF VALUE AT RISK MODELS BASED ON THE SHANGHAI STOCK INDEX." University of Cincinnati / OhioLINK, 2003. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1069768595.

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40

CHENG, CHUNG-MIN, and 鄭仲閔. "FOREIGN EXCHANGE MARKET VALUE TRADING ANALYSIS ANDARBITRAGE." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/57345236971158819898.

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碩士
國立臺北大學
國際財務金融碩士在職專班
101
In nearly decades, following the rapid development of compute-tech and internetwork, the regional markets are able to be combined in a whole without any concern of the time difference or barrier, therefore, the financial market is moving forward to globalized and liberalization. Furthermore, under the evolution of the financial engineering, all kinds of financial products and derivatives are innovated promptly. Thus, those products and derivatives are prompted to all clients, and surely the main stream in profit making among all financial industries. By interpreting the actual cases of offshore banking, applicable derivatives, and relative trading transactions made within the foreign exchange market, this research is divided into three steps, - introducing the capability of offshore company’s investments by SWOT analysis, - evaluating the financial instruments with scenario analysis, - determining the opportunities of value trading and arbitrage by generating the information from the markets. Therefore, in order to ensure the profit making from FX investments, all reliable suggestions from technical analysis, momentums, and hedging activities should be considered into the decision making process of investing strategy. Under the consideration of risk control management, all market participators, such as company itself, banks, and FX brokers should be able to create the professions and certified the moral standards by following opinions. - For traders, sale representatives, auditors, and anyone who involves the trading transactions, the understandings of risk and professional ethics should be well trained and take into a checking system. - For all counterparties and FX traders, the concepts of risk management and the standards of professional ethics should be enforced and executed. - For sale representatives, the pricing models and the strategy of investments should rely on the actual needs from clients under serious consideration of risks and returns. All complicated products should be avoided, and aggressive strategy should be made based on clients’ potentials and risks taken.
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41

Chou, Ya-Yen, and 周雅燕. "Relationship Based Exchange Value and Value Transformation in Business Markets-Case Study." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/79182265401235240124.

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博士
國立雲林科技大學
管理研究所博士班
94
Exchange value is an important but complicated concept; either the academics or practitioners put lots attention on it. Through literature review and criticism, this study proposes inspiration concepts that can conducts this research. The design for this research is constructed under the multiple-case (embedded) designs, a listed firms and their dyadic relationships behaviors are selected, through semi-structural interviews in depth, and documents collected from the research objects. That information is used to understand relationships between firms and contents of exchange value. Five propositions are proposed by this study through qualitative data analysis. For the purposes of constructing value exchange model, this study has defined the following contribution; namely: 1. to understand the transaction behavior pattern, finding of the relations between various forms of value that exist transformation and hands over extends. 2. to construct the mathematical model of exchange value to enhance the perception more comprehensive truthful for academics and practices. 3. to build-up the model how non-economic value be transformed to economical value base on the relationship bases. Because of the relationship bases, the exchangers are willing to shift non-economical value; relationship bases could enhance the transformation mechanism succeeded. Therefore, the firm’s investments on the exchange relationship are regarded as ability in accumulated value creation and foundation of exchange. 4. to explain the internal management capability and efforts and relationship relating capability and efforts are affects the value transformation mechanism. These concepts provide a new way for value management.
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42

Chen, Jun-Ting, and 陳俊廷. "The Empirical Study of the Fair Value、Value-Relevance and Foreign Exchange Risk." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/26889794484664306252.

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碩士
逢甲大學
會計所
97
Since 2001, Taiwan’s financial institutions have heavily engaged in foreign exchange trading and derivatives products. The purpose of this study is to examine the effect of the Statements of Financial Accounting Standards No. 34 and No. 36 on the value-relevance and foreign exchange risk of financial instruments for the banking and insurance firms in Taiwan.The empirical results of the study show that the implementation of the fair value accounting standards enhances the value-relevance of accounting reports. And, the new financial accounting standards provide better information about the foreign exchange risk exposure of the firms.
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43

Yang, Wen-Chi, and 楊文智. "Value of Right-exchange of Urban Renewal : Case Study." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/38047548161904609345.

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碩士
國立雲林科技大學
會計系碩士班
101
Urban renewal has become one of the most important issues of urban development and economic progress. The right-exchange mechanism fills the critical role of providing partial solutions to urban renewal in Taiwan. This mechanism is expected to coordinate the conflicts and allocate the benefits between land owners. To reduce the information asymmetry between land owners and contractors could eliminate the agent problem between these stakeholders. By case study, we found that the evaluation of the right value before right-exchange is the key success factor. In addition, the allocation of benefit of right-exchange depends on this value. This study shows that the valuation before right-exchange can balance the benefits among the stakeholders, if the evaluation procedure is fair and conducted by professions.
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44

TSENG, YU-CHANG, and 曾昱彰. "Social Capital, Social Exchange and Value Creation in Crowdfunding." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/5nbhmc.

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碩士
國立屏東大學
商業自動化與管理學系碩士班
106
Crowdfunding has become a valuable alternative source of funding for entrepreneurs seeking external financing. Crowdfunding platforms have been used to post creative projects seeking funding in return for a reward, often in the form of a tangible product or experience. This study contributes by exploring what and how value is created in crowdfunding process. The results provide insight into different crowdfunding types and different value creation. Further, Crowdfunding is often associated with community-based experiences that generate “community benefits” for participants. This study extends the prior effort that examines the effect of social networks. Based on social capital theory and social exchange theory, this study develops a research model and conducted a multiple case study to explore how an entrepreneur’s social capital impact crowdfunding value.
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45

CHEN, SHU-CHUAN, and 陳淑娟. "Value Relevance of Corporate Foreign Exchange Gain or Loss." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/7jjytf.

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碩士
東吳大學
會計學系
107
Abstract The Taiwan's electronic industry is mainly an export-oriented sector in which its foreign exchange risk could play an important role on its profit/loss, and further affect the firm value of companies in the industry. In this study, the Taiwanese electronic industry is selected as a research sample based on data from 2013 to 2017 and this paper aims to explore the relationship between foreign exchange risks and the firm value. The empirical results indicate that financial hedging is positively related to firm value. However, foreign exchange gain or loss and the foreign hedging amount are not significantly related to the firm value. Therefore, this study further examine whether the consideration of foreign exchange loss relates to the firm value. The result indicates a firm in the higher level of exchange rate risk has an increase possibility of taking an action of financial hedging as well as larger foreign hedging amount. Both of above factors could enhance the firm's financial hedging behavior to increase the firm value. Key words: foreign exchange, firm value, value relevance, financial hedging
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46

Han-Song, Lin, and 林漢松. "The Relevance Between Exchange Rate Fluctuation And Enterprise Value." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/83333461456075896384.

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碩士
國立高雄應用科技大學
商務經營研究所
97
This study includes Taiwan listing companies since 1989 to 2006, and a total of 749 observations. We examine the relevance between exchange rate changes viewed as the "foreign currency conversion adjustments" and "exchange gains and losses" and enterprise value. We can understand the exchange rate changes as good news or bad news through foreign currency conversion adjustments and exchange gains and losses for investors. Foreign literatures such as Louis (2003), its empirical evidence shows cumulative foreign currency conversion adjustments are negative with enterprise value. In Taiwan, Chen (2004) found the cumulative foreign currency conversion adjustment and enterprise value has been negative, but currency exchange rate gains and losses are positive. However, these papers have adopted return Association model to analyze. We consider that it should exist omitted variables, so we adopted Ohlson (1995) model to verify the exchange rate changes on enterprise value. Our evidence shows exchange gains and losses and the enterprise value are significantly related, and investors put more emphasis on exchange rate gains and losses.
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47

Lin, En-Ju, and 林恩如. "The Measurements of Value at Risk on Exchange Rates." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/50010533462417791633.

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碩士
國立成功大學
財務金融研究所
94
Financial disasters have emphasized the importance of effective risk management for financial institutions. We collected the data of U.S. Dollar against Japanese Yen, British Pound, French Franc, Italian Lira, Canadian Dollar, and Euro Dollar as our empirical data from January 1, 2002 to December 31,2004 to analysis and compare the accuracy of estimating Value at Risk (VaR) under the models of variance-covariance method, historical simulation method, monte carlo simulation method. Since financial asset returns don’t often follow the hypothesis of normal distribution, we try to evaluate VaR by mixture of normal distribution and extreme value theory. The purpose of my study uses various Value at Risk (VaR) models for monitoring the market risk of foreign investment port folio. According to the different kind of models, we try to find an objective risk-disclosing way by comparing the performances of these methods. The empirical results are as follows: In general, mixture of normal distribution has a good ability to forecast risk. Historical simulation method is not a good way to mesure risk if the structure of data change.
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48

Wei, Yu-Hsun, and 魏郁珣. "Value at Risk Modeling for Long and Short Trading Positions－Stock Exchanges, Commodities, and Exchange Rates." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/c9q97m.

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碩士
銘傳大學
財務金融學系碩士班
94
In this thesis, we use three kinds of different statistical method: aims to investigate the precise of parametric, nonparametric, and semiparametric methods in predicting the one-day-ahead value-at-risk (VaR) measure in three types of markets (stock exchanges, commodities, and exchange rates). We use EWMA, GARCH, EGARCH, TGARCH, APARCH, HS, and FHS. In order to investigate better, under different GARCH models, three kinds of density distributions, normal, Student-t, and generalized error distributions, is used for estimating models and computing the VaR. In addition to the VaR for the long trading positions which most researches focus on to date, the VaR for the short trading positions are calculated as well in this study. The VaR models’ performance assessments are based on a range of measures that address the conservatism, accuracy and efficiency. The purpose is to find out which of the models has better prediction and performance for investors to evaluate and to take control in order to avoid unexpected lost while minimizing damage. From the empirical results we show that TGARCH and APARCH give better forecasts than HS and FHS.
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49

Shih, Shin-hua, and 施欣華. "The Estimation of Value at Risk in the Exchange Rate - Comparing Value at Risk Models." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/2vwwxj.

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碩士
國立高雄應用科技大學
金融資訊研究所
95
The foreign exchange market is the biggest financial market in the world. The enterprise, having open foreign exchange position, always care the risk being caused by the fluctuation of exchange rate. The risk of exchange rate is caused by hedging incompletely. The careless and indiscreet in the risk of exchange rate possibly can bring about the global enterprise to have the significant loss and to reduce the competitive ability. Therefore it’s really important to construct the risk management system and to evaluate effectively the risk of exchange rate . The purpose of my study is to use various Value at Risk models (Variance-Covariance Method, Historical Simulation Method, Monte Carlo Simulation Approach) for calculating VaR. Applying daily exchange rate data, this paper is to study five countries currencies such as Pound, Canadian Dollar, Japanese Yen, Euro Dollar and New Taiwan Dollar NTD against U.S. Dollars to compare the accuracy and efficiency of different Value at Risk models. According the empirical results, it shows the performance of Mote Carlo Simulation is better than Historical Simulation and Variance-Covariance Method. The VaR of MC Simulation is from 5000 replications. The times we take more trials, the MC Simulation model performs much well for accuracy measures.
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50

Lucas, Paul A. "Rhetorically Ascribed Meaning in Marketing: The Role of Narrative in Establishing Exchange Value." 2012. http://digital.library.duq.edu/u?/etd,154183.

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Use value and exchange value, concepts explored by Aristotle, are terms dealing with the natural function of an object and the object's worth in an exchange, respectively. In this work, Aristotle's concepts are applied to contemporary marketing practices and other aspects of culture in order to evaluate the way in which meaning is ascribed to objects. The role of the brand, for example, is to alter the exchange value of an object, while the use value can be left unchanged. Brands are indicative of exchange value because they have no substance to speak of, and they are a matter of convention; what they are and what they stand for is in no way fixed. Marketing practitioners develop brands largely by fusing objects with culture, and culture as well as cultural perceptions can change. As a reflection of culture, marketing practitioners use stories and identities in much the same way that culture independent of marketing would ascribe meaning. While branding and other marketing practices rely extensively on culture to form their bases, they are not the only source of cultural meaning because factors such as family and tradition also have influence. When factors such as these imbue objects with meaning, they, too, can affect exchange value, but they have origins outside the marketplace. I use the term narrative value to differentiate this source of meaning from marketing practices. Narrative value has to do with tradition and collective understandings of community, whereas brands are constructed by external means, as works of fiction. When culture is placed in objects as a reflection of the marketplace, the culture lacks the structure and durability of more traditional culture, and such ascribed meaning can be easily altered or eradicated. Narrative value, then, is an idea separate from marketing yet with the ability to impact worth in exchange.
McAnulty College and Graduate School of Liberal Arts;
Communication and Rhetorical Studies
PhD
Dissertation
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