Thèses : « FTfe »

1

MANGIAGALLI, LUCA. « Integrated readout systems for particle detectors ». Doctoral thesis, Università degli Studi di Milano-Bicocca, 2020. http://hdl.handle.net/10281/261933.

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La crescente necessità di detector ad alto rate nei moderni esperimenti di Fisica delle Alte Energie genera molte sfide tecnologiche. In particolare, gli sviluppi nella tecnologia dei detector ha aumentato i requisiti sui sistemi di readout e stimolato la ricerca su sistemi integrati di readout. I circuiti integrati CMOS sono largamente diffusi e sono una scelta comune per i chip di readout. In questa tesi vengono analizzati alcune delle maggiorni criticità nel readout di detectors mentre vengono riportati nuovi risultati sperimentali riguardanti prototipi esistenti. Viene inoltre presentato un nuovo sistema di reaout che sfrutta una nuova tecnica di signal processing a doppia soglia. La prima parte di questa tesi presenta risultati sperimentali ottenuti con il chip GEMINI, un chip di readout per rivelatori Triple-GEM fabbricato in CMOS 180 nm. Dopo una analisi delle maggiori sfige nel readout di questi detector, vengono presentati i risultati ottenuti dalla caratterizzazione del chip. Vengono inoltre riportati i risultati di test on detector descrivendo le metodologie sviluppate per questo sistema. Inoltre, vengono presentati i risultati di un test di irraggiamento di GEMINI, con una analisi degli effetti di TID sulla performance di Time ove Threshold. La seconda parte di questa tesi presenta un nuovo chip di readout, FTfe, sviluppato specificamente per camere a muoni, sfruttando il know-how acquisito dalle attività sperimentali su GEMINI. Dopo un analisi teorica della tecnica di signal processing proposta, viene presentata in dettaglio l'implementazione del sistema. Infine vengono presentati i risultati da simulazioni a livello transistor.
Increasing demand for high rate detectors in modern High Energy Physics experiments is generating many technological challenges. In particular, developments in particle detector technology increased requirements on electronic readout systems and fostered research on integrated readout systems. As a widely used technology, CMOS integrated circuits are a common choice for readout chip. In this thesis some of the major challenges in detector readout are analyzed while reporting novel experimental results on an existent prototype. A new readout system, exploiting a new double threshold signal processing technique, is also presented. The first part of this thesis presents experimental results obtained with GEMINI chip, a readout chip for Triple-GEM detectors fabricated in CMOS 180 nm. After an analysis of major challenges in Triple-GEM readout, results from chip characterization are presented. On detector tests are also reported describing methodologies developed specifically for this system. Furthermore, results from an irradiation test of GEMINI are presented, with an analysis of TID effects on Time-over-Threshold performance. The second part of this thesis presents a new readout chip, FTfe, designed in CMOS 65 nm process. This readout system has been specifically designed for Muon Drift Chambers taking advantage of the know-how acquired during experimental work on GEMINI. After a theoretical analysis of the signal processing technique proposed, the implementation of FTfe is presented in detail. Results from transistor level simulations are eventually presented.

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Garrett, Ian. « The pricing relationship between the FTSE 100 stock index and FTSE 100 stock index futures contract ». Thesis, Brunel University, 1992. http://bura.brunel.ac.uk/handle/2438/5283.

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This thesis investigates the pricing relationship between the FTSE 100 Stock Index and the FTSE 100 Stock Index futures market. We develop and apply a framework in which it is possible to evaluate whether or not markets can be said to function effectively and efficiently. The framework is applied to both the daily and intra-daily pricing relationship between the aforementioned markets. In order to analyse the pricing relationship within days, we develop a new method to remove the effects of nonsynchronous trading from the FTSE 100 Index. We find that on a daily basis the markets generally function effectively, although this does not carryover to the intra-daily pricing relationship. This is especially true during the October 1987 stock market crash, where it is argued that a possible cause of the breakdown lies with the stock market. If this is the case, then any regulation should be aimed at the stock market, not the stock index futures market.

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Butterworth, Darren David. « Issues in stock index futures trading : evidence for the FTSE-100 and FTSE-mid 250 contacts ». Thesis, Durham University, 1998. http://etheses.dur.ac.uk/5027/.

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This thesis provides a detailed empirical evaluation of the role and function of the FTSE 100 and FTSE Mid 250 index futures contracts, by considering the interrelated issues of hedging effectiveness and pricing efficiency. The aims of the thesis are outlined in chapter one, with chapter two providing a detailed review of the empirical literature relevant to this study. Chapter three investigates the hedging effectiveness of the FTSE 100 and FTSE Mid 250 index futures contracts in both an ex post and ex ante context. Despite relatively thin trading volume, the FTSE Mid 250 contract is shown to be an important hedging instrument. However, the results demonstrate the hedging effectiveness can only truly be examined by using an ex ante strategy in conjunction with spot portfolios that do not replicate market portfolios. Work into hedging effectiveness is further examined in chapter four using hedge ratios generated within the Extended Mean Gini framework. The results indicate that for both contracts the hedge ratio series are characterised by a step function which is strongly related to the hedger's degree of risk aversion. Chapter five examines the pricing efficiency of the FTSE 100 and Mid 250 contracts. While there were many deviations from fair value, both contracts appear to be quite efficiently priced, with opportunity for index arbitrage rare. Research into the economics of arbitrage is extended in chapter six by investigating the potential for intramarket and intermarket spread trading. While the intramarket spread is found to be very efficiently priced, trading well within its no-arbitrage limits, the intermarket is much less efficiently priced frequently violating its no-arbitrage limits. Chapter seven, provides a summary of the thesis and concluding remarks concerning the relevance of the issues investigated are drawn.

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Sebastiao, Helder Miguel Correia Virtuoso. « Price discovery in the FTSE 100 index and FTSE 100 futures contract : the impact of electronic trading systems ». Thesis, Lancaster University, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.445482.

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Nixon, Ian Michael. « The automatic synthesis of fault tolerant and fault secure VLSI systems ». Thesis, University of Edinburgh, 1988. http://hdl.handle.net/1842/6637.

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This thesis investigates the design of fault tolerant and fault secure (FTFS) systems within the framework of silicon compilation. Automatic design modification is used to introduce FTFS characteristics into a design. A taxonomy of FTFS techniques is introduced and is used to identify a number of features which an "automatic design for FTFS" system should exhibit. A silicon compilation system, Chip Churn 2 (CC2), has been implemented and has been used to demonstrate the feasibility of automatic design of FTFS systems. The CC2 system provides a design language, simulation facilities and a back-end able to produce CMOS VLSI designs. A number of FTFS design methods have been implemented within the CC2 environment; these methods range from triple modular redundancy to concurrent parity code checking. The FTFS design methods can be applied automatically to general designs in order to realise them as FTFS systems. A number of example designs are presented; these are used to illustrate the FTFS modification techniques which have been implemented. Area results for CMOS devices are presented; this allows the modification methods to be compared. A number of problems arising from the methods are highlighted and some solutions suggested.

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Kalogeropoulou, Joanna. « Arbitrage in the FTSE 100 index futures ». Thesis, Brunel University, 1998. http://bura.brunel.ac.uk/handle/2438/5396.

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This thesis presents five empirical papers investigating the issue of arbitrage trading of the FTSE 100 stock index futures. The first paper explores the effects of nonsynchronous trading on the spot index and develops a new technique as well as improving current methodologies for removing them. Studies in U. S. have shown that if the problem of non-synchronous trading is severe, the reported spot index is not reliable affecting the correct pricing of futures contracts. The second paper investigates the elasticity of supply of arbitrage in the futures market and the ability of the spot and the futures markets to respond to new information. It shows that arbitrage trading is initiated when spot prices largely drift apart from the futures prices. In addition, the futures prices tend to uncover new information before the spot prices, although this relationship is not stable over time. The analysis incorporates all possible channels of information to the -markets, which previous research fails to consider. The third paper analyses the behaviour of the deviation of the actual futures price from its theoretical value. Although this deviation is seen to have decreased its size over the years, it is still significant and persistent. Furthermore, it cannot be explained by the tax-timing option on pricing the futures or the effects of nonsynchronous trading. The fourth paper examines the presence, size and frequency of the profitability of the observed arbitrage opportunities by applying different transactions costs bounds to account for different classes of traders. After applying trading simulations arbitrage profitability is found to be frequent and significant, despite the fact that its size has decreased over the years. Finally, the thesis concludes with the fifth empirical paper which investigates the impact of futures trading on the spot and futures market volatility. It finds that arbitrage increases spot and futures price volatility but a volatile market brings the two markets closer on the whole, the thesis shows that although profitable arbitrage opportunities are not present in the long-run, they are not quickly removed in the short-run, allowing the spot and futures prices to drift apart.

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Areal, Nelson Manuel de Pinho BrandaÌƒo da Costa. « Essays on FTSE-100 volatility and options valuation ». Thesis, Lancaster University, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.440390.

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8

Bender, Ruth. « The determination of directors' remuneration in selected FTSE 350 companies ». Thesis, University of Warwick, 2004. http://wrap.warwick.ac.uk/1206/.

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This thesis has adopted a qualitative approach to research into executive remuneration, to look inside the 'black box' of process. Executives, nonexecutives and others involved in the remuneration-setting process were interviewed in order to establish how executive remuneration is determined. In all, 40 interviews were conducted, covering 12 FTSE 350 companies plus other stakeholder bodies. The interviews yielded rich data illuminating the processes followed by the companies, and highlighting their similarities and differences. These data were considered in the light of existing economic, social-psychological and organisational theory approaches,n one of which proved sufficient, either alone or in combination, to explain what was happening. Companies determine the level of their executive pay based on their interpretation of 'the market', but the research shows that such a market is a construct that does not exist independently. They determine the structure of their executive pay based mainly on structures successfully adopted by other companies, and those considered acceptable to the investing institutions and regulators. Institutional theory explanations and the need for legitimacy are clearly seen in the data. A further finding of the research was that all of the companies had made changes to their remuneration schemes, some major. The various reasons for these changes included changes (actual or desired) to the corporate environment, changes to key personnel, and, notably, the need to increase pay packages that were 'below-market'. Incentive schemes that did not pay out were also changed. Finally, as regards process, it was clear that each of the case companies followed 'good governance' practices. It was also clear that each did this in a different way. For some, the process was managed by the non-executives; in others the executives had a leading role. The relationships between the protagonists had an important impact on the resultant governance processes.

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El-Sayed, Nader Mahmoud. « An examination of executive directors' remuneration in FTSE 350 companies ». Thesis, University of Exeter, 2013. http://hdl.handle.net/10871/14025.

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Issues as to the suitability of executive compensation packages have obtained an ever increasing profile in recent years. Whilst there has been quite extensive empirical investigation of pay-performance sensitivity, the framework of performance-pay has received less attention in the literature and examination to date. Besides this - whilst there has been a quantum of investigation of relationships between compensation and performance, there has been less focus on case study based analysis. In this context, the current study makes a twofold contribution to the examination of executive directors’ remuneration in FTSE 350 companies. First, this research aims to empirically investigate linkages between the nature and amount of compensation packages and company performance with a particular focus on examining the extent of interrelationships between pay and performance over a ten year period from 1999 to 2008. Within the scope of a variety of theoretical perspectives, this deductive study puts a focus on addressing the question of whether managerial compensation is the greater influence on firm performance or whether it is the latter which has the greater influence on the former. Second, this study seeks to qualitatively add to the relevant literature by means of a longitudinal case study of remuneration at UK based major multi-national company, BP, over a ten year period from 2001 till 2010. Within the context of a variety of theoretical and institutional perspectives, this inductive study explores, by means of investigation of BP’s Directors Remuneration Reports, the role of the BP remuneration committee in setting the mechanisms and structures which determine the nature and extent of executive remuneration packages at BP and considers the wider generalisability of the findings therefrom. Overall the current study utilises a mixed methods approach via a combination both quantitative and qualitative modes of analysis – an approach which is relatively rare in the discipline of research into corporate governance and related issues. The outcomes from the empirical work show evidence of the presence of dual positive associations between executive compensation and company performance. However, the results do indicate that executive compensation is more influential in its effect on firm performance than the framework of performance-related pay. This finding is interpreted as lending support to the stewardship and/or tournament theories as to underlying drivers of executive remuneration in comparison with agency theory, represented by agent-principal or managerial hegemony perspectives, as an explanatory of the construction of executive remuneration and the link with firm performance. Similar to prior literature, the empirical findings indicate that equity-based compensation is more robust in the linkage with firm performance than cash pay dominated packages. However, the results showed that the existence of remuneration committees in general reveals insignificant and negatively related to total CEO/executive remuneration. This finding highlights therefore the need to put a focus on the actual role of compensation committee in setting the type and extent of executive pay packages in a large UK company. The outcomes from the archival case study also suggest that it is difficult to find significant support for a pure agency theory approach whereby shareholders seek to align their interests directly with those of their managers as a driver of executive compensation packages. There is more evidence suggestive of a managerial power/hegemony perspective which is heavily mediated by the presence of powerful non-executive directors and the institutional presence of the remuneration committee. Perhaps the most significant aspects to emerge from the case study are the importance of personal relationships and power at boardroom level. Beyond this the inferences of the supplementary content analysis conducted specifically on the Directors Remuneration Reports are suggestive of a focus on overall BP performance rather than on the specific activities and achievements of individual executive directors. In conclusion, the findings of the present study provide a wealth of detail both quantitative and qualitative as to the manner in which executive remuneration has been set in the UK in recent years and as to linkages both with corporate performance and underlying theories of the determinants of executive remuneration. As such it sheds light on an area of importance and one of continued private and public concern and may be of interest to those responsible for governance within firms and to wider public and regulatory interest as well as future researchers in the field.

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Melo, Augusto Flores Pinto de. « Modelo de optimização a um factor : aplicação ao FTSE-100 ». Master's thesis, Universidade de Évora, 2019. http://hdl.handle.net/10174/24762.

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O objectivo da presente dissertação é comparar o desempenho de uma carteira, composta por acções que compõem o FTSE100, do modelo de optimização a um factor com o desempenho do próprio índice FTSE-100 no período compreendido entre 2010-2017. A gestão de carteiras permite estabelecer uma relação de risco e rendibilidade, procurando desta forma e através de técnicas que têm sido estudadas e desenvolvidas por diversos investigadores de forma a optimizar os recursos disponíveis, dado que estes apresentam uma aversão ao risco. A metodologia utilizada consistiu em avaliar os resultados obtidos com recurso ao modelo de Elton, Gruber and Padberg (1976), através da optimização da carteira no período analisado, verificou-se que existiam diversas empresas a integrarem a carteira óptima, conseguindo desta forma obter uma carteira bastante diversificada. De forma a aferir a significância estatística realizaram-se os testes de Kolmogorov-Smirnov e Kruskal-Wallis. Da realização destes testes conclui-se que a utilização do modelo de Elton et al (1976) permite obter retornos superiores do que quando aplicado no FTSE-100; ONE FACTOR OPTIMIZATION MODEL: APPLICATION TO THE FTSE-100 Abstract: The objective of this dissertation is to compare the performance of a portfolio, comprising the FTSE100 shares, from the optimization model of a one factor with the performance of the FTSE-100 index, in the period 2010-2017. Portfolio management makes it possible to establish a risk and profitability relationship, looking in this way and through techniques that have been studied and developed by several researchers in order to optimize the available resources, since these have a risk aversion. The methodology used was to evaluate the results obtained using the model of de Elton et al (1976), through the optimization of the portfolio in the analyzed period, it was found that there were several companies to integrate the optimal portfolio, achieving this way to get a fairly diversified portfolio. In order to assess the statistical significance, the Kolmogorov-Smirnov and Kruskal-Wallis tests were performed. These results show that the use of the de Elton et almodel (1976) allows higher returns than when applied in the FTSE-100

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Campbell, James. « Quality factors explaining returns on the FTSE/JSE All-Share ». Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/15567.

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The research done on style 'anomalies' such as the book-to-market and the size effect have found that these idiosyncratic factor s explain returns better than Beta. These findings have led has to an increased importance of idiosyncratic factors in explaining returns, which is contrary to the popular Capital Asset Pricing Model (CAPM). CAPM only considers Beta or systematic risk in explaining returns and disregards idiosyncratic risk. This paper has an even greater focus on idiosyncratic factors, by testing company specific factors with no reference to market valuation. These are defined as 'quality' factors for the purposes of this paper. The paper done by Asness, Frazzini, and Pedersen (2013), found that quality stock s earned excess returns in 23 of the 24 countries that they tested. This paper followed a similar approach with respect to the definition of quality and tested whether these 'quality' factors have explanatory power on the FTSE/JSE All-Share. The explanatory power of the 'quality' factors are then combined and compared with some of the style 'anomalies'. The results found that nine of the quality factors from the single regression analysis, over the entire period from the 1st of January 1994 until the 1st of November 2014 were significant at a 95% level of confidence. The following 'quality' factors were found significant and are ranked according to the absolute t-statistics:: Accruals ratio (ACCRUALS), cash flow return on equity (CFROE), 12-month growth in earnings per share (EPS12M), 12-month growth in cash flow return on equity (CFROE12M), 24-month growth in cash flow return on equity (CFROE24M), 12-month growth in EBITDA margin (EBITDAMARG12M), 36-month growth in cash flow return on equity (CFROE36M), interest coverage before tax (ICBT), return on total capital (ROC). In the single regression results the ACCRUALS ratio ranked higher than the book-value-to-market and the earnings yield. The CFROE also exhibited a higher level of significance than the earnings yield. In the multiple regression analysis for all factors, the following factors which are ranked according to absolute t-statistics were found to be significant : book-value-to-market, cash flow return on equity (CFROE), 12-month growth in earnings per share (EPS12M), 18-month volatility in return on equity (ROEVOL18M) and the accruals ratio (ACCRUALS). Finally the cumulative payoff results are consistent with the results found in the regression analysis. In terms of cumulative payoff the ACCRUALS factor ranked first and the CFROE factor ranked fifth. The ACCRUALS and CFROE factors also had the highest and fifth highest Sharpe ratio respectively. A single 'quality' factor composite of the significant factors found may have an important role to play in asset pricing, due to the high explanatory power and stable positive relationship with returns on the FTSE/JSE All-Share.

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Louw, Jan Paul. « Evidence of volatility clustering on the FTSE/JSE top 40 index ». Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/5039.

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Thesis (MBA (Business Management))--Stellenbosch University, 2008.
ENGLISH ABSTRACT: This research report investigated whether evidence of volatility clustering exists on the FTSE/JSE Top 40 Index. The presence of volatility clustering has practical implications relating to market decisions as well as the accurate measurement and reliable forecasting of volatility. This research report was conducted as an in-depth analysis of volatility, measured over five different return interval sizes covering the sample in non-overlapping periods. Each of the return interval sizes' volatility were analysed to reveal the distributional characteristics and if it violated the normality assumption. The volatility was also analysed to identify in which way, if any, subsequent periods are correlated. For each of the interval sizes one-step-ahead volatility forecasting was conducted using Linear Regression, Exponential Smoothing, GARCH(1,1) and EGARCH(1,1) models. The results were analysed using appropriate criteria to determine which of the forecasting models were more powerful. The forecasting models range from very simple to very complex, the rationale for this was to determine if more complex models outperform simpler models. The analysis showed that there was sufficient evidence to conclude that there was volatility clustering on the FTSE/JSE Top 40 Index. It further showed that more complex models such as the GARCH(1,1) and EGARCH(1,1) only marginally outperformed less complex models, and does not offer any real benefit over simpler models such as Linear Regression. This can be ascribed to the mean reversion effect of volatility and gives further insight into the volatility structure over the sample period.
AFRIKAANSE OPSOMMING: Die navorsingsverslag ondersoek die FTSE/JSE Top 40 Indeks om te bepaal of daar genoegsame bewyse is dat volatiliteitsbondeling teenwoordig is. Die teenwoordigheid van volatiliteitsbondeling het praktiese implikasies vir besluite in finansiele markte en akkurate en betroubare volatiliteitsvooruitskattings. Die verslag doen 'n diepgaande ontleding van volatiliteit, gemeet oor vyf verskillende opbrengs interval groottes wat die die steekproef dek in nie-oorvleuelende periodes. Elk van die opbrengs interval groottes se volatiliteitsverdelings word ontleed om te bepaal of dit verskil van die normaalverdeling. Die volatiliteit van die intervalle word ook ondersoek om te bepaal tot watter mate, indien enige, opeenvolgende waarnemings gekorreleer is. Vir elk van die interval groottes word 'n een-stap-vooruit vooruitskatting gedoen van volatiliteit. Dit word gedoen deur middel van Lineêre Regressie, Eksponensiële Gladstryking, GARCH(1,1) en die EGARCH(1,1) modelle. Die resultate word ontleed deur middel van erkende kriteria om te bepaal watter model die beste vooruitskattings lewer. Die modelle strek van baie eenvoudig tot baie kompleks, die rasionaal is om te bepaal of meer komplekse modelle beter resultate lewer as eenvoudiger modelle. Die ontleding toon dat daar genoegsame bewyse is om tot die gevolgtrekking te kom dat daar volatiliteitsbondeling is op die FTSE/JSE Top 40 Indeks. Dit toon verder dat meer komplekse vooruitskattingsmodelle soos die GARCH(1,1) en die EGARCH(1,1) slegs marginaal beter presteer het as die eenvoudiger vooruitskattingsmodelle en nie enige werklike voordeel soos Lineêre Regressie bied nie. Dit kan toegeskryf word aan die neiging van volatiliteit am terug te keer tot die gemiddelde, wat verdere insig lewer oor volatiliteit gedurende die steekproef.

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Bozorg, Magham Amir Ebrahim. « Atmospheric Lagrangian transport structures and their applications to aerobiology ». Diss., Virginia Tech, 2014. http://hdl.handle.net/10919/56482.

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Exploring the concepts of long range aerial transport of microorganisms is the main motivation of this study. For this purpose we use theories and concepts of dynamical systems in the context of geophysical fluid systems. We apply powerful notions such as finite-time Lyapunov exponent (FTLE) and the associated Lagrangian coherent structures (LCS) and we attempt to provide mathematical explanations and frameworks for some applied questions which are based on realistic concerns of atmospheric transport phenomena. Accordingly, we quantify the accuracy of prediction of FTLE-LCS features and we determine the sensitivity of such predictions to forecasting parameters. In addition, we consider the spatiotemporal resolution of the operational data sets and we propose the concept of probabilistic source and destination regions which leads to the definition of stochastic FTLE fields. Moreover, we put forward the idea of using ensemble forecasting to quantify the uncertainty of the forecast results. Finally, we investigate the statistical properties of localized measurements of atmospheric microbial structure and their connections to the concept of local FTLE time-series. Results of this study would pave the way for more efficient models and management strategies for the spread of infectious diseases affecting plants, domestic animals, and humans.
Ph. D.

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Stewart, Iyala. « Selected insights into corporate governance in FTSE tech mark companies (2003 - 2007) ». Thesis, London South Bank University, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.593646.

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Following recent high profile corporate scandals such as Satyam, Northern Rock and Enron, there are manifest and growing global needs to enquire into several corporate governance characteristics, features, and mechanisms. This is true globally and perhaps even more so in the U.K. Accordingly, this research first, historically traces the formal development of corporate governance in the U.K. (Chapter 1) and while discussing corporate scandals mainly in the U.K. identifies governance features that likely contributed to such scandals. Fundamentally, the empirical part of this research is underpinned by Agency Theory; and so, an examination of that theory and related theories is undertaken. An index (CG Index) of firms’ compliance with the provisions of the U.K. Corporate Governance Combined Codes is derived and evaluated in Chapters 4-7. A panel dataset constructed from data of 69 Technology firms covering 2003 – 2007, is applied in Chapters 4-6. The multiple regressions technique is used in Chapters 4-6 to empirically explore the relationships between the derived Corporate Governance index and firms’ characteristics such as performance, ownership, leverage and capital investments. Results show that there is a significant positive association between CG index and financial performance (Chapter 4). Also there are positive but not significant associations between CG Index and institutional ownership and leverage. Equally, corporate governance appears to constrain managerial incentives to undertake unworthy shareholder wealth minimising projects. The research takes into account the endogeneity of the relationships between corporate governance and factors; and identifies similar positive associations between performance, leverage, capital investments and CG Index. Evidence from Chapter 5 suggests that institutional equity investors are willing to move capital to older firms and companies with more active boards. Further, this chapter provides evidence which suggests that high board independence (higher proportions of non-executive directors) discourages high managerial holdings, but marginally boosts institutional ownership; however, managerial ownership and board structures in all estimations are negative implying that managers have less incentive to improve good governance systems. The probit technique employed in Chapter 6 reveals a strong association between Corporate Governance and CEO Turnover whereas firm performance tends not to significantly influence CEO departure. To date, no study appears to have empirically compared the corporate governance of acquiring firms vis-à-vis nonacquiring firms in the U.K.; hence with a dataset of 30 (15 high-takeover and 15 partially selected zerotakeover) firms, Chapter 7 of the research provides insights into this phenomenon. Evidence in this chapter indicates that as the volume of takeovers increase, ownership falls; and older firms tend to have higher corporate takeover deals. Accordingly, policy makers should consider being proactive, pay good regard to overall corporate governance and in particular enable shareholders to exercise high board independence as a mechanism to constrain managerial opportunistic behaviour. Within potential target firms, policy makers should be alert to older potential acquirers with good financial performance and high institutional equity holding - especially those within the same industry. Keywords: Corporate Governance (CG Index); Firm Performance; Ownership; Capital Investment; Leverage; Firm Value; Board Activeness; Board Size; Non-executive Directors; CEO Turnover, Takeovers; Agency Theory.

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Gonçalves, Cláudia. « O impacto da IFRS 13 nas divulgações das empresas do FTSE 100 ». Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14638.

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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
Este estudo tem como principal objetivo analisar se a implementação da IFRS 13 teve, ou não, influência na quantidade de informação relativa à mensuração pelo justo valor que é divulgada pelas empresas do FTSE 100, nomeadamente para duas rúbricas de ativos financeiros (detidos para venda e derivados). Desta forma, elaborou-se um índice de divulgação para os períodos de 2012 e 2014 que evidencia o grau de conformidade das empresas integrantes da amostra para com os requisitos da IFRS 13. Adicionalmente, foram analisadas diversas características internas de cada empresa, de modo a avaliar impacto das mesmas no nível de divulgação. Os resultados demonstram que, para ambos os ativos financeiros, o nível de compliance das empresas para com a IFRS 13 foi superior em 2014. Apesar do crescimento, este estudo demonstrou que a evolução do índice não foi significativa, logo a IFRS 13 não está a ter um papel determinante nas práticas de divulgação dos seus itens. Para além disso, observou-se que a dimensão, margem de lucro e ROA das empresas influenciam significativamente o índice relativo aos ativos financeiros detidos para venda, e que o endividamento e a margem de lucro tiveram um impacto, também significativo no índice relativo aos derivados. Adicionalmente, e através de uma regressão adicional que coloca a valorização da empresa (TobinQ) como variável dependente, chegou-se à conclusão que o índice de divulgação dos itens da IFRS 13, não tem impacto significativo na mesma, para nenhuma das rúbricas estudadas.
The main purpose of this study is to analyze if the enforcement of IFRS 13 had any influence in the disclosure of information about fair value by FTSE 100 companies regarding two specific types of financial assets (held for sale and derivatives). Therefore, an index of disclosure was elaborated in order to show the degree of compliance of the sample companies to the technical requirements of IFRS 13. In addition, several of the characteristics of each company were analyzed in order to evaluate their disclosure index. The results show that, for both financial assets, the level of compliance of companies to IFRS 13 was higher in 2014. Nevertheless, this evolution was not statistically significant. Therefore, we conclude that IFRS 13 did not play a fundamental role in the disclosure practices of its items. In addition, we observe that variables as size, profitability and ROA significantly influence the index relative to financial assets held for sale, and that leverage and profitability have an impact in the derivative assets index. In addition, and through an additional regression that placed the valuation of the company (TobinQ) as a dependent variable, we conclude that the disclosure index of IFRS 13 items does not have a significant impact, for none of the financial assets used in the research.
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Hussein, Yasser. « Analyse de champs de vitesse par FTLE à partir de la méthode des moments : validation théorique et expérimentale ». Thesis, Chasseneuil-du-Poitou, Ecole nationale supérieure de mécanique et d'aérotechnique, 2016. http://www.theses.fr/2016ESMA0009/document.

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Avec le développement de la technologie, les mesures des champs de vitesse instationnaire sont disponibles maintenant. Il s'en suit une augmentation de l'intérêt de l'analyse lagrangienne des données. Un outil central pour analyser les écoulements est l'exposant de Lyapunov à temps fini (FTLE). Il permet d’identifier les structures cohérentes lagrangiennes LCS qui apparaissent comme des crêtes du champ de FTLE. Les LCS sont des quasi barrières de transport et séparent le domaine fluide en régions aux propriétés dynamiques différentes. Cependant, la méthodologie de calcul actuelle des FTLE exige l'évaluation numérique d'un grand nombre de trajectoires de particules fluides sur un maillage cartésien ou adaptatif qui est superposé aux champs de vitesses simulées ou mesurées.Dans ce travail de thèse, nous proposons une nouvelle méthode de calcul du champ de l'exposant de Lyapunov à temps fini FTLE. Pour cela, nous utilisons la méthode des moments d'ordre 2 qui permet d'évaluer au cours du temps la dispersion des particules distribuées uniformément dans un domaine circulaire ou elliptique. Nous appelons ce nouveau champ scalaire, champ de M-FTLE. Nous validons cette approche, théoriquement en tout point du domaine fluide en comparant M-FTLE et FTLE et aussi en faisant la comparaison sur des exemples classiques (champ de vitesse linéaire, circulaire ou hyperbolique) et sur un exemple numérique (champ de vitesse du double gyre). Cette méthode est alors appliquée sur des données expérimentales du champ de vitesse du mascaret, obtenues au sein l'institut 'Pprime' par vélocimétrie par image de particules PIV
With the development of technology, instantaneous flow fields coming from experiments or numerical simulation are available now. It has been followed by a rise of interest for the Lagrangian analysis of such data. One central tool to analyze the flow fields is the Finite Time Lyapunov Exponent (FTLE). It allows to the identify of the Lagrangian Coherent Structures (LCS) which appear as ridges in the FTLE fields. The LCS are quasi transport bareers and separatte the fluid domain into regions which have different dynamic properties. However, the computation methodology currently used in order to obtain the FTLE requires numerical evalution of a large number of fluid particle trajectories on cartesian or adaptive meshes that are superimposed on the original data grid.In this thesis, we propose a new method for calculating the Finite Time Lyapunov Exponent FTLE fields. For this, we use the method of second-order moments which allows to evaluate over time the dispersion of particles uniformly distributed in a circular or elliptical domain. We call this new scalar field, the M-FTLE field. We validate this approach theoretically, at every point of the fluid domain by comparing FTLE and M-FTLE and also by the comparison of the classic examples (linear velocity field, circular and hyperbolic) and a numerical example (velocity field of double gyre). This method is then applied on experimental measurements of tidal bore velocity fields, obtained within the institute 'Pprime' by using a measurement technique called particle image velocimetry (PIV)

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17

Gibbs, Thomas W. « An investigation into FtsE and the 76 minute morphogene cluster in Escherichia coli ». Thesis, University of Warwick, 1991. http://wrap.warwick.ac.uk/108068/.

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It has been thought for some time that the 76 minute region of the Escherichia coll chromosome may contain a large cluster of essential genes. The finding that the ftsYEX operon and rpoH are contiguous has given encouragement to this speculation. The extended homology of the FtsE protein with the superfamily of ATP binding cassette (ABC) proteins has created extra interest in this gene product in particular and the possibility of ascribing a function to it. This investigation into ftsE and the 76 minute region has given the results described below. A localised mutagenesis procedure was performed on the 76 minute region and a screen for temperature-sensitive growth yielded 28 temperature- sensitive mutants. There were three classes of mutants based on their microscopic appearance at the restrictive temperature, that is filamentous, rpoH-like (having short filaments with inclusions), and pleomorphic. The mutations carried by these mutants were mapped by complementation with a range of plasmids carrying the known essential genes from the 76 minute region. Of the mutations giving rise to a filamentous phenotype, nine mutations were found to map in ftsE, five in ftsX, two appeared to carry mutations in both ftsE and ftsX, and two appeared to be complemented but were not fully mapped. All nine of the mutations giving rise to an rpoH-like phenotype were mapped to rpoH. The remaining two mutations that gave a pleomorphic phenotype were not complemented by any of the available plasmids. No temperature-sensitive lethal mutations were isolated in ftsY or ORF4, although this does not constitute proof that these genes are non-essential. The ftsE missense mutants were analysed phenotypically and were not easily classified into groups on the basis of temperature-sensitivity, microscopic appearance, salt reversibility of phenotype, or the requirement for de novo protein synthesis for recovery of septation following a period of incubation at the restrictive temperature. The ftsE mutant alleles were cloned and the DNA sequenced. This showed the mutations to be clustered in a region of extensive homology with the ABC superfamily of proteins. Nucleotide binding of maxicell radiolabelled FtsE and FtsY proteins was investigated using dye-ligand chromatography columns. The results were very ambiguous due to the low amounts of the labelled proteins in the maxicell lysates but they are suggestive of a possible interaction between ATP and these proteins. These findings are consistent with the premise that FlsE will, like other ABC proteins, hydrolyse ATP and couple this to an essential biological process. One of the mutations (Ts33) that was not complemented by any of the available constructs carrying DNA from the 76 minute region was mapped by transduction to the 'silent' region clockwise of 76 minutes, and appeared to lie very close to pit. It is therefore thought to define a new essential gene. This confirms the existence of more essential genes near 76 minutes. A cosmid library was constructed and ten cosmids were isolated that contained Ts33 complementary DNA.

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Madrassi, Giacomo <1990&gt. « "Struttura finanziaria e costo medio ponderato del capitale : un'analisi empirica del FTSE 100" ». Master's Degree Thesis, Università Ca' Foscari Venezia, 2014. http://hdl.handle.net/10579/4961.

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L'elaborato tratta i fattori che influiscono sulle scelte di struttura finanziaria da parte delle imprese, in accordo con le teorie maggiormente accreditate, si analizza inoltre l'effetto del costo medio ponderato del capitale nelle decisioni di raccolta dei fondi.

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Anagho, Zillah, et Kenneth Tah. « THE EX-DIVIDEND DAY STOCK PRICE BEHAVIOR : FTSE 100 of the London Stock Exchange ». Thesis, Umeå University, Umeå School of Business, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1229.

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In this thesis, we have analyzed the ex-dividend stock price behavior in the London Stock Exchange to see if the stock prices really drop by the same amount as the dividend on the ex-dividend day. Our sample data covers 80 FTSE100 companies of the London stock exchange for the period 2001 to 2006.

To answer the research question: Do returns on the London Stock Exchange act in accordance with the efficient market hypothesis on the ex-dividend day? We used a deductive approach and test four hypothesis. The study was carried out by comparing the actual value of the raw price ratio, market adjusted price ratio, raw price drop and market adjusted price drop to their theoretical values. The difference was tested for significance using the one sample t-test.

The results showed that there are significant differences in the observed figures from their theoretical or expected values. The observed raw price ratio is higher than the expected value of 1, implying that the stock price on the ex-dividend day drops by an amount that is lower than the dividend paid. Similarly, the market adjusted raw price ratio is also higher than the expected value of 1. The raw price drop and market adjusted price drop are lower than the dividend yield, indicating again that the stock price drops by an amount that is lower than the dividend paid.

Our results indicated that the null hypotheses stated are rejected since the drop in the stock prices is not equal to the amount of the dividend on the ex-dividend day.

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Fuentes, Rafael alejandro Velasco. « Stochastic clocks in real-time financial markets : Empirical anlysis on FTSE 100 index futures ». Thesis, University of Essex, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.499808.

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Drew, Philip. « The factors affecting the auditor selection decisions of FTSE 350 companies in competitive tenders ». Thesis, Cranfield University, 2015. http://dspace.lib.cranfield.ac.uk/handle/1826/9272.

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Auditing provides an important role supporting the function of financial markets where information asymmetry exists between shareholders and management. The audit market for the largest publicly listed UK companies, those within the FTSE 350, has however come under scrutiny following a number of financial scandals and, driven both by quality and competition concerns as the largest audit firms, the “Big 4” are dominant. Auditor tenure and long periods without competitive tenders have been recurrent concerns and yet how companies select their auditors is under researched. This study examines the influences on the complex decision process underlying auditor selection in FTSE 350 companies during an important period, namely that between the acquisition of Arthur Andersen by Deloitte in August 2002 and the introduction of the September 2012 UK Corporate Governance Code by the Financial Reporting Council. Based on a social constructionist philosophical perspective and adopting a grounded approach, the study covers 60 auditor selection decisions (over half of those identified in the research period) and includes in depth interviews over a period of two years with those who had recently been involved in a FTSE 350 auditor selection process; both from the buy-side and the sales-side. A conceptual model is developed which illustrates five factor groups that this research identified as influencing auditor selection in typically comprehensive proposal processes. These were: Relationships at the start of the proposal process, Service design, Capabilities and competences of the bidding firms, Behavioural influences during the proposal process and Final decision making. It also identifies interrelationships between these factor groups. These results are important because they inform theory and practice at a time when auditor change is becoming a statutory requirement. The study also has implications for other complex purchases of intangible services, particularly other professional services, and potentially for complex decision situations more generally.

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Lin, Nicole Yueh-Neng. « Option pricing under stochastic volatility for S & ; P 500 FTSE 100 index options ». Thesis, University of Manchester, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.632541.

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This thesis examines option pricing under stochastic volatility for S&P 500 and FTSE 100 index options. The main contributions of the thesis are: (i) it provides empirical evidence of stochastic volatility in S&P 500 and FTSE 100 index returns; (ii) it explains empirically the impact of stochastic volatility on option pricing for index options; (iii) it tests whether option prices are consistent with the time series properties of the underlying asset price; and (iv) it investigates the magnitude and sign of volatility risk premlums. The empirical evidence shows that changes in S&P 500 and FTSE 100 index prices have distributions with fatter tails than the normal distribution and non-zero skewness. This leads to a consideration of non-normal distributions and possible explanations for deviations from normality. Of the possible explanations for the documented leptokurtosis in stock returns, stochastic volatility is generally regarded as the most likely candidate. The GARCH( 1,1 LTX model is shown to capture the volatile nature of our data well. A diffusion limit of the GARCH(1, 1 L TX process is the mean-reverting square root volatility process used in Heston's (1993) option pricing formula. This research considers Heston's (1993) stochastic volatility (SV) option pricing model as the empirical challenger to the Black-Scholes (BS) model, which assumes that the distribution of stock price changes is normally distributed with constant volatility. Insample pricing, out-of-sample forecasting, diagnosis of implied volatility curves, and internal consistency with the time series of implied volatilities and with the GARCH( 1,1 L TX process are examined to investigate the performance of the BS and SV models. We also conduct careful and detailed data screening for our empirical work. Our results reveal significant evidence of stochastic volatility implicit in option prices, and suggest that this phenomenon is essential to improving the performance of the BS model for index options. Nevertheless, internal consistency test results report inconsistency of both the BS and SV models with time-series data, indicating residual SV model misspecification for SPX and FTSE-I00 options. This has the important implication that stochastic volatility is a significant factor in option pricing but not the only factor affecting stock index option prices. Option pricing under stochastic volatility involves a preference issue since volatility is a nontraded asset. This research assumes that the volatility risk premium is proportional to the spot volatility level, which is internalised in the risk-neutral parameters. The actual volatility parameters can be recovered either from the time series of implied volatilities using option prices or from the GARCH( 1,1 L TX process using index returns. By comparing actual parameters with their risk-neutral counterparts, an estimate of the unit volatility risk premium can be thus obtained. Negative premiums for volatility risk are consistently observed in the SPX option market while there are mixed results for the S&P 500 index, FTSE 100 index and options markets. Nevertheless, the magnitudes of these estimates indicate that compensation for volatility risk is a significant component of the risk premiums in the S&P 500 and FTSE 100 index and option markets. However, the possibility of misspecification in the SV and GARCH(I,ILTX models should be kept in mind when explaining the magnitude and sign of risk premiums.

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Moosagie, Basheer Ahmed. « Shariah-compliant index derived from the FTSE100 vs. FTSE 100 : 2003-2014 performance comparison ». Thesis, Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/96216.

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Thesis (MBA)--Stellenbosch University, 2014.
This research study critically reviewed the performance of a Shariah-compliant index compared with that of the UK FTSE 100 between 2003 and 2014. Two broad indices were constructed based on business evaluation techniques, one using market capitalisation and the other total assets as a means to value a company. Shariah-compliant equity screening combines a financial ratio screen as well as business activity screening, which excludes a company’s involvement in any unlawful activities in the eyes of Islamic law. The sample period was further broken into three sub-periods, namely the bull period (2003-2007), the financial crisis period (2008-2009), and the post-crisis period (2009-2014), reflecting the various stages of the business cycle. A comparison of the risk-adjusted returns shows that the Shariah-compliant index, using market capitalisation as the means for valuing a company, delivers superior returns at lower risk levels than the FTSE100 over the sample period. Although the Shariah-compliant indices underperform to the FTSE100 during the bull market period, both of the Shariah compliant indices outperform the FTSE 100 during the era of the financial crisis. This can be explained by the fact that Shariah screening excludes companies that are highly leveraged and therefore it remains buffered from an economic crisis. In general, this research contends that the application of a faith-based-screen does not have an adverse effect on returns.

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Berger, Antoine. « Overreaction to the 2015 Greek debt crisis : a study on FTSE, CAC & ; DAX ». reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17320.

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The Greek crisis happened in a total of three peaks, the last one happening during the Summer 2015. Western European financial sectors as well as financial markets in general in Europe were hardly hit despite the fact that private sectors in Europe widely reduced their exposure to Greece. In this research paper, we aim to test for Overreaction on the FTSE 100, DAX 30, and CAC40. The Overreaction Hypothesis states that overreacting indices display an asymmetric mean and variance. In this optic, we test for ARCH type models on the previously cited markets.
A crise grega aconteceu em um total de três picos, o último a acontecer durante o Verão de 2015. setores financeiros da Europa Ocidental, bem como os mercados financeiros em geral na Europa quase não foram atingidos apesar do fato de que os setores privados na Europa amplamente reduziram a sua exposição à Grécia . Neste trabalho de pesquisa, pretendemos testar a reação exagerada sobre o FTSE 100, DAX 30, e CAC40. A reação exagerada hipótese afirma que os índices de reagirem excessivamente exibir uma média assimétrica e variância. Nesta óptica, testamos para os modelos tipo de arco nos mercados citados anteriormente.

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Baldan, Enrico <1990&gt. « Impairment test e Mandatory Disclosure : profili applicativi in società italiane quotate in FTSE MIB ». Master's Degree Thesis, Università Ca' Foscari Venezia, 2014. http://hdl.handle.net/10579/5332.

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L’applicazione alle immobilizzazioni della procedura di impairment test e della relativa mandatory disclosure richiesta dai principi contabili nazionali ma soprattutto internazionali costituiscono uno dei temi maggiormente discussi in letteratura contabile, in relazione ai molteplici fattori di soggettività insiti all’interno delle valutazione previste dallo IAS 36 ma anche dall’OIC 16, 24 e 9 e al conseguente rischio che tale procedura assuma la caratteristica di essere uno strumento di politiche di bilancio. Mediante un’indagine comparata di bilanci di società italiane quotate nell’indice FTSE MIB dal 2010 al 2013, si intende verificare l’ipotesi per la quale esista una relazione positiva tra il grado di informativa richiesta dallo IAS 36 circa l’impairment test e l’entità delle successive svalutazioni presenti nelle note di bilancio. A tal ragione, il presente lavoro fornisce una panoramica delle analisi empiriche già effettuate in materia, riconoscendo un gap d’indagine nel quale si intende apportare dei rilevanti contributi. Nel far ciò, si presuppone che la qualità della disclosure esprima il livello di affidabilità con cui si applicano i dettati degli standards contabili, potendo così accertare l’ipotesi secondo la quale le società che non svalutino i propri assets, pur in presenza di indicatori di perdita, rappresenti un segnale di un’informativa sull’impairment non esaustiva e insoddisfacente.

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Thiemann, Michael. « Chaos auf Kapitalmärkten : Untersuchung des DAX, DOW und FTSE anhand moderener Verfahren auf deterministisches Chaos / ». Stuttgart : WiKu-Verlag Verlag für Wissenschaft und Kultur, 2004. http://aleph.unisg.ch/hsgscan/hm00094264.pdf.

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Marina, Martin Curran. « Assessing the rate of return of the adoption of corporate social responsibility initiatives ». Thesis, University of Edinburgh, 2005. http://hdl.handle.net/1842/810.

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The thesis investigates the relationship between corporate social responsibility (CSR) and financial performance. The thesis is organised into three parts. The first part, the literature review, is in three sections, the first section provides an introduction to the field of corporate social responsibility, its grounding in economic theory and its historical background. The second part of the literature review covers the social and environmental issues relevant specifically to the food and agriculture sector. The third section is a systematic review of the studies that examine the relationship between corporate social performance and financial performance. This review was carried out using a modified Cochrane systematic review method, more commonly found in the medical literature than in the economics literature. The results showed that 70% of the studies reviewed showed a positive and statistically significant relationship between CSR and financial performance. The second part of the thesis includes three empirical studies. The first study, an event study, assessed the impact of the FTSE4Good Index on firm price. The study examined the return to companies of being included in a modified share index that signals good performance in terms of CSR. The results of this event study showed that companies are not rewarded for being included in the index and are not penalised for being deleted from it. The second empirical study, a probit analysis, aimed to identify the probability of a company passing a social and environmental screen given information about the company’s size, financial performance and sector. Results showed that companies with small market capitalisation, low income gearing and high net profit margins were more likely to pass the screen than other companies. Companies in the energy sector were less likely to pass than other companies, and financial sector companies more likely to pass. The third empirical chapter assessed the effect on the financial performance of companies of passing a socially responsible investment screen. The results showed that there was a relationship between passing the screen and higher earnings per share, but the relationship between passing the screen and other financial indicators was not proven. These studies demonstrated the difficulties that exist to provide statistically strong evidence for the relationship between corporate social responsibility and financial performance. Thus the third part of the thesis moved into a different area, from the supply to the demand side. This is the valuation of non-financial indicators and their relationship with CSR, this included a discursive chapter on intangibles and their relationship with CSR and a final empirical study: a choice experiment. This study demonstrated that MBA students take nonfinancial and ethical issues into account when making investment decisions. In conclusion, providing strong evidence for the relationship between corporate social responsibility and financial performance is difficult. There are many ways of measuring CSR and many ways of measuring financial performance. Depending on the measures used, different results are obtained. Looking beyond conventional financial performance measurements, to intangibles, provides a more holistic picture of what is going on in the relationship and shows that there is more to company valuation and investment decision making than financial performance indicators. CSR is an important component of company reputation and has an intrinsic value that is difficult to measure but is no doubt very high.

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Nasonenko, Angelina. « Female board members and corporate performance ». Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-194101.

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The purpose of this thesis is to investigate the relationship between female representation on boards of British FTSE 100 companies and their corporate performance. The theoretical section sets the foundation for the initial hypotheses that there is a positive relationship between the percentage of women on corporate boards and a firm's profitability, measured as ROE and ROIC. The methodological part establishes an analytical framework to test these hypotheses utilizing the so-called 'quartile approach'. The FTSE 100 companies are categorized into quartiles in accordance with their respective percentage of female directors and subsequently, the average values of ROE and ROIC are calculated for each quartile and compared between each other. The research in the practical part of the thesis shows that profitability varies significantly when comparing the least and most gender diverse FTSE 100 boards. The aim of the thesis was reached by proving the positive correlation between the percentage of female board members and profitability, validated by sensitivity and statistical analyses.

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Rejchrt, Peter. « Studies of UK Chief Executive Officers in the FTSE 350 : implications for management, succession and governance ». Thesis, University of Southampton, 2014. https://eprints.soton.ac.uk/370452/.

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There is limited recent evidence from the UK on the sourcing and backgrounds of Chief Executive Officers (CEOs). Practitioner views are dominant and suggest a frequent “churn” of these individuals between lucrative roles. In particular, the implications of hiring profiles, organisational career paths and demographic backgrounds have not featured in the research focus, which has perpetuated the practitioner view of CEO succession. The governance implications of CEO successions in non-domestic companies are linked to home market culture to seek validation for different approaches to compliance with governance standards. This thesis presents three linked papers on CEO succession, with the final paper evolving a governance focus from a finding of the research into the earlier papers. Chapter 2 (Paper 1) considers the implications for the future of the publicly traded corporation in terms of its leadership talent pipeline by considering the questions of the succession, age and tenure, and recruitment of CEOs. It examines a sample of the 350 largest UK publicly quoted companies and develops a research agenda focused on the succession, age, tenure and provenance of recruits to senior executive roles. The paper shows the predominance of internal recruitment, with ageing CEOs in role for over six years and close to retirement. These CEOs tend to be replaced by successors with similar age profile and recruitment characteristics, as the level of “churn” of CEOs between roles is reported as minimal. It may appear that focus on succession planning has produced results, as many CEOs are recruited from an internal talent pool and enjoy longer tenures than previous research has indicated. However, the future talent pipeline may be at risk due to a lack of development opportunities. Chapter 3 (Paper 2) examines the outcomes of talent management at the 300 largest companies in the UK, using a quantitative approach. It examines the relationship between the functional backgrounds and age demographics of CEOs and firm performance. It further links antecedent organisational performance to the internal-external CEO hiring decision. The findings show a relative predominance of general management skills in current CEOs. Replacement CEOs are usually sourced internally and long tenure is associated with improved firm performance. This holds true even with below-average antecedent firm performance, where firms are expected to address strategic shortcomings by seeking an external recruit. The article discusses the implications of the findings for succession planning and career paths. Chapter 4 (Paper 3) engages with a small sample of non-domestic companies listed on the London Stock Exchange. Such companies may seek to access capital in a more liquid market as a statement to the market of a propensity to disclosure and a willingness to protect minority shareholders. Yet, many non-domestic companies retain tightly-controlled shareholding structures and are based in emerging regions where national cultural norms differ from the UK. The paper hypothesises on likely lower levels of compliance with the principles of the UK Corporate Governance Code. It further suggests a relationship between lower levels of compliance and non-domestic companies from countries that demonstrate high power-distance and uncertainty-avoidance in the Hofstede (1980a) cultural values framework. In this exploratory approach to analysing compliance by non-domestic companies with the “comply-or-explain” governance regime in the UK, the paper develops a framework to guide future research into the contextual and cultural underpinnings of compliance monitoring and to enable regulators to further improve corporate governance codes.

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Pavan, Angela <1996&gt. « Gli effetti della pandemia da Covid-19 sulle società quotate nel FTSE MIB - Un'analisi per settore ». Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19927.

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Questo elaborato si pone l’obiettivo di analizzare gli effetti che la pandemia generata dal coronavirus ha comportato nelle società quotate nel principale indice di benchmark dei mercati azionari italiani, il FTSE MIB. Da un punto di vista prettamente teorico vengono descritti i passaggi che hanno portato ad un processo di armonizzazione con la conseguente adozione dei principi contabili internazionali, IAS/IFRS, da parte delle società quotate come mezzo per favorire la trasparenza e confrontabilità dei dati, sottolineando le caratteriste qualitative necessarie per avere un bilancio che risponda correttamente alle esigenze dei suoi utilizzatori. Inoltre, è stato esaminato nello specifico il principio contabile IAS 36 introducendo le nuove linee guida per l’impairment test a seguito del Covid-19. Da un punto di vista empirico, invece, partendo da una suddivisione per settore delle società quotate nel FTSE MIB, è stata avviata una fase di analisi dei bilanci per capire come hanno deciso di agire nel corso dell’esercizio 2020, come sono variate le principali voci del conto economico riclassificato rispetto al 2019. Questi risultati sono rilevanti per determinare le loro aspettative future e procedere con un confronto con quanto ipotizzato a livello nazionale e internazionale a riguardo.

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O'Brien, Fergal G. « An Empirical Investigation of FTSE 100 ESX and S&P 500 SPX Equity Index Option Returns ». Thesis, Lancaster University, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.518138.

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Gaughan, Mary. « A conceptual framework for reputational capital development : an exploratory study of first-time FTSE 100 NED appointees ». Thesis, Cranfield University, 2013. http://dspace.lib.cranfield.ac.uk/handle/1826/8450.

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This thesis seeks to explore and understand the appointment process of first-time FTSE 100 NEDs. It has been widely acknowledged for over three decades that the appointment process of NEDs is an opaque process involving a homogeneous group of people in an ‘old boys’ network. Corporate governance reforms recommend a formal and transparent appointment process which taps into a wider pool of talent. Companies comply with these recommendations yet there has been scant change in the composition of corporate boards. The pilot study consisted of nine interviews with the main stakeholders in the appointment process of a NED, namely Chairman, Executive Search Firms and NEDs. Analysis of the interview transcripts revealed that reputational capital was the basis on which a first-time NED appointment was made after the Chairman had carried out an extensive vetting process to establish the fit of the individual. The main study, based on 15 first-time FTSE 100 NED interviews, sought to understand reputational capital, its constituent parts and how individuals developed it. Further, it sought to explore how an individual’s fit for a NED was established. The analysis revealed that the reputational capital of an appointed NED was a blend of sufficient levels of human, social and cultural capital which had been communicated to the Chairman and other members of the corporate elite. A first-time NED, in gaining a foothold on a corporate board was also entitled to membership of the corporate elite. As reputational capital drives success of directors in the corporate elite, new individuals needed to fit with the norms and values appropriate for membership and carry no reputational risk for existing members particularly the Chairman. This research offers three main contributions to the literature. Firstly, at a theoretical level it extends the concept of board capital to include cultural capital in addition to human and social capital. Secondly, it proposes a conceptual framework which demonstrates how an individual builds reputational capital over the course of a career to secure fit for a first- time NED, as a position in the corporate elite. The framework clarifies our understanding of reputational capital as a combination of human, social and cultural capital in a unique blend of board capital. This board capital is communicated through reputation building activities to members of the corporate elite. Thirdly, at an empirical level it provides an understanding of the FTSE 100 NED appointment process.

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Ibrahim, Mohammad Azhar. « Impression management : presentation formats in annual and stand-alone reports of UK FTSE 100 companies 2000-2005 ». Thesis, Cardiff University, 2011. http://orca.cf.ac.uk/54419/.

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This study examines 446 reports (223 annual reports and 223 stand-alone reports) of 46 FTSE100 companies for 2000-2005 inclusive. The selected companies are those that produced stand-alone reports in the form of a hardcopy for a minimum of three consecutive years ended 2005. This study analysed the total pages of the reports and the results show that the length of annual reports and stand-alone reports has increased over the years. The analyses of photographs, graphs and tables presented in those two types of reports show that tables and photographs are the most popular presentation format in the annual reports and stand-alone reports, respectively. Also, this study found that graphs and tables are the least popular presentation format in annual reports and stand-alone reports, respectively. There are more photographs of men, rather than photographs of women, presented in these two types of reports. Based on Signalling Theory, the companies, via photograph presentations, are argued to communicate a signal of power, rationality, emotional stability, aggressiveness, self-reliance, objectivity, and vigour, which attributes are commonly associated with men. Also, there are more, rather than less, portrait photographs presented in annual reports than in stand-alone reports to convince the readers of the truthful of information that the companies are presenting. Further, the companies are found to have used photograph presentations for impression management by way of presenting more images of humans at a workplace, rather than humans not at a workplace, in photographs presented in annual reports and stand-alone reports. Impression management also was detected on the presentation of graphs, tables and texts presented in stand-alone reports. Overall, size, activity, and listing status, but not performance, have been found to influence to a certain extent, on the number of photographs, graphs and tables presented in annual reports and stand alone reports.

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Gavridis, Michael. « Random walks vs. mean reversion models : predictability in the FTSE 100 and the USM share price indices ». Thesis, Brunel University, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.260469.

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Malenfant, Daniel. « Étude des fonctions développementales et métaboliques du récepteur nucléaire fetoprotein transcription factor (FTF) ». Thesis, Université Laval, 2012. http://www.theses.ulaval.ca/2012/28755/28755.pdf.

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Le récepteur nucléaire Fetoprotein Transcription Factor (FTF) identifié par notre laboratoire et exprimé principalement dans le système digestif est un régulateur important du métabolisme des lipides et des stéroïdes, de la prolifération cellulaire et du développement embryonnaire. Plusieurs groupes ont constaté que l’influence du récepteur FTF sur la synthèse de stéroïdes et la régulation du cycle cellulaire stimule la prolifération tumorale de cellules d’origine tissulaire diverse. Mes études de doctorat ont porté sur l’expression tissulaire de FTF, sur la caractérisation d’un nouvel élément régulateur de son promoteur et sur l’identification par immunoprécipitation de chromatine (ChIP-chip) des cibles transcriptionnelles de FTF dans le foie de souris fœtale et adulte et dans les cellules d’hépatome humain. Ces études ont permis de mieux définir le rôle métabolique de FTF ainsi que son rôle développemental et son implication potentielle dans la carcinogenèse hépatique. L’expression de FTF par les organes du système digestif et par certaines structures nerveuses, sa régulation par des récepteurs nucléaires métaboliques et sa liaison aux promoteurs de multiples enzymes et transporteurs impliqués dans le métabolisme énergétique placent FTF dans une position clé dans l’homéostasie métabolique et énergétique de l’organisme. Le facteur de transcription C/EBPpartenaire de FTF au promoteur de l’AFP et impliqué lui aussi dans le développement hépatique et le métabolisme énergétique, est lié au promoteur de 20% des cibles transcriptionnelles de FTF. De plus, C/EBP lie le promoteur de FTF formant ainsi une autre boucle activatrice s’ajoutant au réseau transcriptionnel hépatique. Dans les cellules d’hépatome, FTF lie les promoteurs de plusieurs gènes impliqués dans la prolifération et le maintien des cellules tumorales, soit des régulateurs de la réplication, de la croissance et de l’apoptose cellulaire. FTF fait donc partie intégrante du réseau transcriptionnel hépatique régissant le développement et la différenciation hépatique et le maintien du métabolisme énergétique chez l’adulte et est vraisemblablement impliqué dans la promotion de la cancérogenèse hépatique.
FTF is a nuclear receptor principally expressed in adult digestive organs that has been shown to act as a major regulator of lipids and steroids metabolism, cellular proliferation and embryonic development. FTF involvement in steroid synthesis and cell cycle regulation tends toward the stimulation of tumor proliferation in neoplasic tissues in which FTF is expressed. However, more studies of FTF function in normal and disease states and on its regulation are needed to draw a complete picture of FTF activity in cell physiology. Within the context of my studies, I delineated the FTF adult and fetal tissular expression, characterized a novel Ftf promoter element and identified FTF direct hepatic transcriptional targets in fetal, adult and tumor cell lines by using chromatin immunoprecipitation (ChIP-on-chip). These studies defined new FTF functions in metabolism, fetal development and hepatic carcinogenesis. FTF expression in digestive system and in neural structures controlling eating behavior, its transcriptional regulation by metabolic nuclear receptors and its binding to enzyme and transporter gene promoters driving energy metabolism, puts FTF in a key location for governing cellular and organismal energy metabolism. C/EBP, a transcriptional FTF partner on the Afp gene promoter and also involved in energy metabolism, is bound to 20% of the FTF targets including FTF itself thus adding branches to the complex hepatic transcriptional network. In hepatoma cells, FTF binds to proliferation and tumor cell maintenance genes like replication, growth and apoptosis regulators. Therefore, FTF belongs to the hepatic transcription network that governs hepatic development, differentiation and adult energy metabolism and is likely to be involved in promoting hepatic tumorogenesis.

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Nouanesengsy, Boonthanome. « High-Concurrency Visualization on Supercomputers ». The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1345217507.

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Dhai, Riaz. « A comparison of the performance of the FTSE South Africa Islamic Index to the market in South Africa ». Master's thesis, University of Cape Town, 2009. http://hdl.handle.net/11427/11879.

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Includes abstract.
Includes bibliographical references (leaves 76-79).
The aim of this study is to identify whether there is a difference in performance between shares meeting the Islamic investing criteria and the market in an emerging market context. The proxy for the Islamic market is the FTSE South Africa Islamic Index. The returns on this index are compared to three proxies for the market using single and multiple regression models: (1) the All Share Index on the JSE in a single factor regression (2) the Resources Index and Financial/Industrial Index in a two factor model (3) a four factor model developed by Carhart (1997) that accounts for size, growth and momentum in the market in addition to the All Share Index.

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Gaudron, Renaud. « Réponse acoustique de flammes prémélangées soumises à des ondes sonores harmoniques ». Thesis, Université Paris-Saclay (ComUE), 2018. http://www.theses.fr/2018SACLC073/document.

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Les instabilités thermoacoustiques, également appelées instabilités de combustion, sont un problème majeur pour la production d’électricité ainsi que dans l’industrie aérospatiale. Ces instabilités sont dues à un transfert d’énergie entre une source chaude, le plus souvent une flamme stabilisée dans un brûleur, et le champ acoustique environnant. Les instabilités de combustion peuvent avoir de nombreuses conséquences délétères telles que l’extinction de la flamme, l’augmentation des flux de chaleur pariétaux, l’émission d’ondes sonores de grande amplitude à certaines fréquences, des vibrations importantes, des dégâts structurels et même l’explosion du moteur dans certains cas. Étant donné les conséquences potentielles de tels phénomènes, d’importants moyens de recherche ont été consacrés à la prédiction de l’apparition d’instabilités de combustion dans les chaudières, les moteurs de fusée et les turbines à gaz ces dernières décennies. Néanmoins, le cadre théorique associé à l’étude de ces instabilités est complexe et nécessite l’emploi de nombreuses disciplines de la physique. De plus, les brûleurs industriels sont constitués de nombreuses cavités tridimensionnelles interagissant entre elles d’un point de vue acoustique. Pour toutes ces raisons, la prédiction de la stabilité thermoacoustique d’un brûleur demeure une tâche ardue à ce jour... (Voir le texte de la thèse pour la suite du résumé)
Thermoacoustic instabilities, also known as combustion instabilities, are a major concern in the aerospace and energy production industries. They are due to an energy transfer that occurs between a heat source, usually a flame stabilized inside a combustor, and the surrounding acoustic field and may lead to undesirable phenomena such as flame extinction, increased heat fluxes, very large sound emissions at certain frequencies, vibration, structural damage and even catastrophic failure in some cases. Given the potential consequences of such phenomena, a large research effort has been devoted to predicting the onset of combustion instabilities in modern boilers, rocket engines and gas turbines during the past few decades. Unfortunately, the theoretical framework associated with the study of thermoacoustic instabilities is complex and multi-physics and the geometry of practical combustors is an intricate arrangement of 3D cavities. As a consequence, predicting the thermoacoustic stability of a combustor at an early design stage is a challenging task to date... (See inside the manuscript for the remainder of the abstract)

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Kiselev, Ilya. « Can algorithmic trading beat the market ? : An experiment with S&P 500, FTSE 100, OMX Stockholm 30 Index ». Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-19495.

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The research at hand aims to define effectiveness of algorithmic trading, comparing with different benchmarks represented by several types of indexes. How big returns can be gotten by algorithmic trading, taking into account the costs of informational and trading infrastructure needed for robot trading implementation? To get the result, it’s necessary to compare two opposite trading strategies: 1) Algorithmic trading (implemented by high-frequency trading robot (based on statistic arbitrage strategy) and trend-following trading robot (based on the indicator Exponential Moving Average with the Variable Factor of Smoothing)) 2) Index investing strategy (classical index strategies “buy and hold”, implemented by four different types of indexes: Capitalization weight index, Fundamental indexing, Equal-weighted indexing, Risk-based indexation/minimal variance). According to the results, it was found that at the current phase of markets’ development, it is theoretically possible for algorithmic trading (and especially high-frequency strategies) to exceed the returns of index strategy, but we should note two important factors: 1) Taking into account all of the costs of organization of high-frequency trading (brokerage and stock exchanges commissions, trade-related infrastructure maintenance, etc.), the difference in returns (with superiority of high-frequency strategy) will be much less . 2) Given the fact that “markets’ efficiency” is growing every year (see more about it further in thesis), and the returns of high-frequency strategies tends to decrease with time (see more about it further in thesis), it is quite logical to assume that it will be necessary to invest more and more in trading infrastructure to “fix” the returns of high-frequency trading strategies on a higher level, than the results of index investing strategies.

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Che, Abdul Rahman Mara Ridhuan. « A longitudinal and cross-sectional examination of intellectual capital information disclosure in six large FTSE 100 UK companies, 1974-2008 ». Thesis, University of Newcastle upon Tyne, 2013. http://hdl.handle.net/10443/1917.

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This study developed a multidimensional content analysis instrument for the cross sectional and longitudinal analysis of intellectual capital disclosures in the annual reports of six UK FTSE 100 companies over a period of 35 years (1974-2008 inclusive). Motivated by empirical deficits in intellectual capital disclosure studies over a lengthy longitudinal period and also in content analysis instruments capable of resolving the qualitative characteristics of intellectual capital disclosures, this study disaggregated content into three main categories and twenty six sub-categories. Recording took place at the level of the theme or clause, and data was captured using a volumetric measure (frequency of themes) and also using three interrogations for qualitative characteristics: the extent to which disclosures contained qualitative and quantitative content, the time orientation of disclosure and the division between fact and perception in reporting. Representing the most detailed and complex analysis of ICR in UK companies so far, this study is also distinguished by having, by some distance, the longest longitudinal period of any IC study. The complexity of the content analysis instrument, unique to this study, enabled a number of original findings, deriving from the large sample size and unique content analysis instrument, to be offered. Intellectual capital disclosure, as measured by the frequency of clauses, increased over the period of the study. Within this overall trend, relational capital was observed to be the highest frequency category of IC, when compared to human capital and structural capital. The rates of category growth varied by company, with the differentials between relational capital and other categories also varying by sector. Qualitative characteristics also showed longitudinal and cross-sectional effects. This study also found an appropriateness of the existing theories in explaining the study findings with no single theory explaining more than a small part of the observed reporting behaviour.

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De, Alessi Alessando. « A post-crisis investigation in to the performance of GARCH-based historical & ; analytical value-at-risk on the FTSE ». Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/10362.

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This paper is an investigation into the performance of GARCH-based VaR models on the South African FTSE/JSE Top 40 Index. Specifically, this paper investigates whether stability has returned to the VaR measure following its poor performance during the latest global financial crisis (2007). GARCH models are used in both an analytic and historical approach for modeling 1%, 2.5% and 5% daily VaR for a three year backtest period (2010-2012). Four distributions are used: the normal, generalised error, t-distribution and the skewed t-distribution. A particular question asked by this paper, is whether the data from the latest financial crisis (2007) should be used in estimating VaR in a post-crisis market. To investigate this, all models are re-estimated using data that has the financial crisis and/or high volatility period removed, then the results across the two data sets are compared. The take away point from this research is that the volatility-clustering mechanism inherent in every GARCH model is capable of producing accurate VaR estimates in a post-downturn/lower-volatility market even when the data on which the model was estimated contains financial downturn/volatile data. There is strong evidence suggesting stability has returned to this measure - however caution remains over using over-simplified models.

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Tabner, Isaac T. « The relationship between concentration and realised volatility : an empirical investigation of the FTSE 100 Index January 1984 through March 2003 ». Thesis, University of Stirling, 2005. http://hdl.handle.net/1893/79.

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Few studies have examined the impact of portfolio concentration upon the realised volatility of stock index portfolios, such as the FTSE 100. Instead, previous research has focused upon diversification across industries, across geographic regions and across different firms. The present study addresses this imbalance by calculating the daily time series of four concentration metrics for the FTSE 100 Index over the period from January 1984 through March 2003. In addition, the value weighted variance covariance matrix (VCM) of daily FTSE 100 Index constituent returns is decomposed into four sub-components: two from the diagonal elements and two from the off-diagonal elements of the VCM. These consist of the average variance of constituent returns, represented by the sum of diagonal elements in the VCM, and the average covariance represented by the sum of off-diagonal elements in the VCM. The value weighted average variance (VAV) and covariance (VAC) are each subdivided into the equally weighted average variance (EAV) the equally weighted average covariance (EAC) and incremental components that represent the difference between the respective value-weighted and equally weighted averages. These are referred to as the incremental average variance (IAV) and the incremental average covariance (IAC) respectively. The incremental average variance and the incremental average covariance are then combined, additively, to produce the incremental realised variance (IRV) of the FTSE 100 Index. The incremental average covariance and the incremental realised variance are found to be negative during the 1987 crash and the 1992 ERM crisis. They are also negative for a substantial part of the study period, even when concentration was at its highest level. Hence the findings of the study are consistent with the notion that the value weighted, and hence concentrated, FTSE 100 Index portfolio is generally less risky than a hypothetical equally weighted portfolio of FTSE 100 Index constituents. Furthermore, increases in concentration tend to precede decreases in incremental realised volatility and increases in the equally weighted components of the realised VCM. The results have important implications for portfolio managers concerned with the effect of changing portfolio weights upon portfolio volatility. They are also relevant to passive investors concerned about the effects of increased concentration upon their benchmark indices, and to providers of stock market indices.

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Rehnby, Nicklas. « Performance of alternative option pricing models during spikes in the FTSE 100 volatility index : Empirical evidence from FTSE100 index options ». Thesis, Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-139718.

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Derivatives have a large and significant role on the financial markets today and the popularity of options has increased. This has also increased the demand of finding a suitable option pricing model, since the ground-breaking model developed by Black & Scholes (1973) have poor pricing performance. Practitioners and academics have over the years developed different models with the assumption of non-constant volatility, without reaching any conclusions regarding which model is more suitable to use. This thesis examines four different models, the first model is the Practitioners Black & Scholes model proposed by Christoffersen & Jacobs (2004b). The second model is the Heston´s (1993) continuous time stochastic volatility model, a modification of the model is also included, which is called the Strike Vector Computation suggested by Kilin (2011). The last model is the Heston & Nandi (2000) Generalized Autoregressive Conditional Heteroscedasticity type discrete model. From a practical point of view the models are evaluated, with the goal of finding the model with the best pricing performance and the most practical usage. The model´s robustness is also tested to see how the models perform in out-of-sample during a high respectively low implied volatility market. All the models are effected in the robustness test, the out-sample ability is negatively affected by a high implied volatility market. The results show that both of the stochastic volatility models have superior performances in the in-sample and out-sample analysis. The Generalized Autoregressive Conditional Heteroscedasticity type discrete model shows surprisingly poor results both in the in-sample and out-sample analysis. The results indicate that option data should be used instead of historical return data to estimate the model’s parameters. This thesis also provides an insight on why overnight-index-swap (OIS) rates should be used instead of LIBOR rates as a proxy for the risk-free rate.

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Potgieter, Damien. « An analysis of the turn-of-the-year effect in South African equity returns ». Thesis, Rhodes University, 2007. http://hdl.handle.net/10962/d1007605.

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This study investigates FTSE/JSE All Share index monthly and daily equity returns for evidence of the January and TY effect. Four different measures of monthly return are analysed for the 1995-2006 period, whilst daily returns are analysed during the 1995-2005 period. In addition to this, analysis is conducted on monthly Fama-MacBeth risk premium estimates tor the FTSE/JSE All Share Index. Descriptive statistics are first analysed, followed by ANOV A or Kruskai-Wallis tests, the paired t-test and finally dummy variable regression analysis in investigating the seasonality of FTSE/JSE All Share Index returns and risk premia. Analysis on monthly returns reveals an absence of the January effect, however a positive slightly statistically significant December effect is found. Thus, investors earn abnormal returns on equity during the month of December. The results from the Fama-MacBeth risk premia estimates reveals highly statistically significant negative risk premia seasonal patterns during March, July and September. Thus, investors are in fact penalised for investing in equities during these months. In addition, the analysis reveals an absence of a December effect in risk premia, which contradicts the risk-return trade-off central to modem finance. The daily return analysis reveals a highly significant Turn-of-the-Year effect (TY), which suggests that investors earn abnormal returns on days at the turn of the year. Therefore, it is concluded that a December effect is apparent in South African equity monthly returns, whilst a March, July and September effect is apparent in South African equity risk premia contradicting the risk-return trade-off central to modem finance. In addition to this, a TY effect is present in South African equity daily returns.

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Gay, Keith. « An empirical study of the impact of the Cadbury nexus on the work of non-executive directors of FTSE 350 companies ». Thesis, Henley Business School, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.341662.

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Joo, Mi-jin. « Korean university students' attitudes to, and performance on, a face-to-face interview (FTFI) and a computer administered oral test (CAOT) ». Thesis, University College London (University of London), 2008. http://discovery.ucl.ac.uk/10020563/.

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This study intensely investigated Korean university students' attitudes to a Face-to-Face Interview (FTFI) and a Computer Administered Oral Test (CAOT) first and then their performance on the tests, and finally their effects on performance on the two tests in a Korean university context. The 42 university students participating in the study took part in both the FTFI and the CAOT. After these tests, they completed a questionnaire about their attitudes towards and their perceptions of the tests. Ten of them were interviewed after the questionnaire to understand more deeply their attitudes and performance. Their performance on the two tests was examined using Multi-Faceted Rasch Analysis. The results of this study indicated that Korean university students showed much more favorable attitudes to the CAOT compared with previous studies on direct and semidirect tests, but they still preferred the FTFI to the CAOT in spite of significant negative attitudes to the FTFI with respect to aspects such as nervousness, preparation time, and tiredness. In terms of performance, Korean university students generally had low speaking abilities, but their speaking ability could still be discriminated well by the Rasch model. Their performance was assumed to be affected by many other intervening factors, but the findings suggested that their performance was not influenced by factors such as test order, bias between raters and test formats, computer familiarity, gender or age differences; however, there was an effect for the severity between raters. The students preferred the FTFI overall, but the study also showed that the FTFI was more difficult than the CAOT, indicating a test format effect on performance. Finally, the results of the analyses using the ability estimates and compensating for rater severity indicate that the students' attitudes about the FTFI were associated with their performance on the FTFI, while there was no relationship between their attitudes to the CAOT and performance on the CAOT. The students performed better on the FTFI when they had more positive and less negative attitudes toward the FTFI. That is, this study indicates that Korean university students' attitudes to the FTFI could be important sources of construct irrelevant variance on their speaking test performance on the FTFI. Based on all the findings of this study, I conclude that the use of the CAOT should be considered by teachers and administrators in Korea. The CAOT may be useful for the assessment of achievement during or at the end of the course, or as an alternative test method, in the situation where it is needed to test students' overall oral ability, but hard to conduct the FTFI, especially due to its impracticality (e.g., the lack of skillful teachers and a large number of students).

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Gundogdu, Didem. « The role of social and human capital in assessing firm value : a longitudinal study of UK firms ». Thesis, University of Exeter, 2017. http://hdl.handle.net/10871/30194.

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This study examines the role of board social and human capital in assessing the market value of firms in the UK context. As the world economy has shifted from manufacturing to service and knowledge-based economies, attributes such as knowledge, expertise, skills, ability and reputation are increasingly fundamental to the success of business enterprises. There is a growing consensus that these attributes are an increasingly valuable form of capital, asset or resource, despite their intangibility. In accounting, there are a number of problems arising from the accountability of non-physical, non-financial capital. Firstly, some forms of capital and certain assets are neither recognised nor presented in the statement of financial position. Secondly, some accounting practices relating to intangible assets are very conservative, resulting in undervalued assets and overstated liabilities. Consequently, there is an increasing gap between the book value and market value of firms. This gap restricts the relevance of information presented in financial statements and suggests that there is something missing in financial statements. This is the research problem being addressed in this study. While prior literature demonstrates that it has proven difficult to operationalise intangible forms of capital, there has been significant empirical attention and theoretical development in social and human forms. This thesis aims to contribute to accounting theory and practice by exploring the impact that board social and human capital have on firm market value. In light of extant research, it is hypothesised that social and human capital possessed at board level are positively related to the market value of firms. This study employs the Ohlson’s (1995) residual income valuation model to test the impact of social and human capital using a sample of UK firms listed on the FTSE All Share index for a period of 10 years (2001-2010). Social and human capital measures are derived from interlocking directorate ties and detailed biographic information of board directors. This study benefits from Pajek and Ucinet network packages to generate network maps and calculate positional metrics such as centrality and structural hole measures.

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Alhnaity, Bashar. « Financial engineering modelling using computational intelligent techniques : financial time series prediction ». Thesis, Brunel University, 2015. http://bura.brunel.ac.uk/handle/2438/13652.

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Prediction of financial time series is described as one of the most challenging tasks of time series prediction, due to its characteristics and dynamic nature. In any investment activity, having an accurate prediction system will significantly benefit investors by guiding decision making, especially in trading, asset management and risk management. Thus, the attempts to build such systems have attracted the attention of practitioners in the market and also researchers for many decades. Furthermore, the purpose of this thesis is to investigate and develop a new approach to predicting financial time series with consideration given to their dynamic nature. In this thesis, the prediction procedures will be carried out in three phases. The first phase proposes a new hybrid dynamic model based on Ensemble Empirical Mode Decomposition (EEMD), Back Propagation Neural Network (BPNN), Recurrent Neural Network (RNN), Support Vector Regression (SVR) and EEMD-Genetic Algorithm (GA)-Weighted Average (WA) to predict stock index closing price. EEMD in this phase is introduced as a preprocessing step to historical observation for the first time in the literature. The experimental results show that the EEMDD-GA-WA model performance is a notch above the other methods utilised in this phase. The second phase proposes a new hybrid static model based on Wavelet Transform (WT), RNN, Support Vector Machine (SVM), Nave Bayes and WT-GA-WA to predict the exact change of the stock index closing price. In this phase, the experimental results showed that the proposed WT-GA-WA model outperformed the rest of the models utilised in this phase. Moreover, the input data that are fed into the hybrid model in this phase are technical indicators. The third phase in this research introduces a new Hybrid Heuristic-Rules-based System (HHRS) for stock price prediction. This phase intends to combine the output of the hybrid models in phase one and two in order to enhance the final prediction results. Thus,to the best of our knowledge, this study is the only one to have carried out and tested this approach with a real data set. The results show that the HHRS outperformed all suggested models over all the data sets. Thus, this indicates that combining di↵erent techniques with diverse types of information could enhance prediction accuracy.

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Chen, Kai-Hsiang, et 陳凱翔. « Application of FTFN in mixed¬-mode filters ». Thesis, 2008. http://ndltd.ncl.edu.tw/handle/886mga.

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碩士
國立臺北科技大學
電子電腦與通訊產業研發碩士專班
96
Using digital CMOS circuits to design CMOS circuits is more simple, more stable and more mature in technique. In this way, the execution of digital CMOS circuits is more and more welcomed than that of analog CMOS circuits. In fact, basically, analog CMOS circuits shares the same space with digital CMOS circuits for the following reasons: analog which takes the most important role; the chip area; and the performance of circuits. The OPA of current-mode has advantages, such as larger bandwidth, lower power consumption and much more linearity compared with voltage-mode…etc. The advantages of FTFN contain all the advantages of OPA and even better than current mode’s OPA. Under mixed-modes (voltage and current modes), FTFN has much more flexibility. Accordingly, the thesis is based on FTFN to design filter and simulate in cirrent, voltage,transadmittance modes which includes LP、BP、HP and transimpedance mode which includes BP and HP. The circuits are implemented using TSMC 0.35μm CMOS process and using FTFN to simulate filter in HSPICE.

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50

Kuo, Cheng-Fang, et 郭正芳. « A Study of the Arbitrages between SGX FTSE China A50 Index Futures and iShares FTSE A50 China Index ETF ». Thesis, 2014. http://ndltd.ncl.edu.tw/handle/63046674480773417679.

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碩士
銘傳大學
財務金融學系碩士在職專班
102
This study investigates price relations and arbitrage opportunities between SGX FTSE China A50 Index Futures and iShares FTSE A50 China Index ETF. Objects of this study are FTSE Xinhua China A50 Index, iShares FTSE A50 China Index ETF and SGX FTSE China A50 Index Futures, during the period from January 4 2011 to December 31 2013, with total 706 daily transaction data. We use the Granger Causality Test to find the price lead-lag relationship among the different markets, and generate arbitrage strategies to run the back-testing, demonstrate the feasibility of arbitrage transaction. The major results are as follows: 1.According to the Granger Causality Test, we find that there are feedback causality between RA50INDEX and RA50ETF. In addition, RA50ETF Granger Causes RA50FUTURE. 2.According to the back-testing of arbitrage strategies, simple strategy that sell A50ETF and buy the equivalent value of A50FUTURE at the same time better than strategy that buy A50ETF and sell the equivalent value of A50FUTURE, but is unable to cover transaction costs. When we consider the discounts and premiums of A50ETF to analysis with arbitrage space, will significantly enhance the effect of arbitrage strategies, and those with low transaction costs of legal entities have been space arbitrage.

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Thèses sur le sujet « FTfe »

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