Дисертації: "Diversification model"

1

Ahame, Edmund. "Statistical model for risk diversification in renewable energy." Thesis, Nelson Mandela Metropolitan University, 2013. http://hdl.handle.net/10948/d1008399.

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The growth of the industry and population of South Africa urges to seek new sources of electric power, hence the need to look at alternative power sources. Power output from some renewable energy sources is highly volatile. For instance power output from wind turbines or photovoltaic solar panels fluctuates between zero and the maximum rated power out. To optimize the overall power output a model was designed to determine the best trade-off between production from two or more renewable energy sources putting emphasis on wind and solar. Different measures of risk, such as coefficient of variation (CV) and value at risk (VAR), were used to determine the best hybrid renewable energy system (HRES) configuration. Depending on the investors’ expected returns (demand) and risk averseness, they will be able to use the model to choose the best configuration that suites their needs. In general it was found that investing in a diversified HRES is better than investing in individual power sources.

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2

Sydney, Roberta G. (Robert Gail). "Diversification within the real estate development industry : an elderly housing model." Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/77696.

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3

Goldberg, Caroline, and Petter Katz. "Towards a Model for Predicting Related Diversification Outcomes : Merging Views on Synergy." Thesis, Uppsala University, Department of Business Studies, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-8807.

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Businesses carrying out related diversification moves with the objective to gain synergy effects have been a frequently occurring phenomenon since the midst of the past century. Plenty of models have been constructed, mainly using external data, in order to predict the outcome of these moves, but a high degree of contradictory results in empiric testing shows that current models are insufficient. Our objective is to present a model which also takes into account the internal data presented by the line of research called horizontal strategies, with the aim of moving towards a more accurate explanatory model for related diversification. This is a study of literature which resulted in a model which may be used for approximations as a strategic planning device. Our main conclusions are that further empirical testing, mainly regarding the behaviour of costs for implementing interrelationships, is necessary in order to create an accurate, explanatory model for predicting the outcome of related diversification.

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4

Bohlandt, Florian Martin. "Single manager hedge funds - aspects of classification and diversification." Thesis, Stellenbosch : Stellenbosch University, 2013. http://hdl.handle.net/10019.1/85859.

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Thesis (PhD)--Stellenbosch University, 2013.
A persistent problem for hedge fund researchers presents itself in the form of inconsistent and diverse style classifications within and across database providers. For this paper, single-manager hedge funds from the Hedge Fund Research (HFR) and Hedgefund.Net (HFN) databases were classified on the basis of a common factor, extracted using the factor axis methodology. It was assumed that the returns of all sample hedge funds are attributable to a common factor that is shared across hedge funds within one classification, and a specific factor that is unique to a particular hedge fund. In contrast to earlier research and the application of principal component analysis, factor axis has sought to determine how much of the covariance in the dataset is due to common factors (communality). Factor axis largely ignores the diagonal elements of the covariance matrix and orthogonal factor rotation maximises the covariance between hedge fund return series. In an iterative framework, common factors were extracted until all return series were described by one common and one specific factor. Prior to factor extraction, the series was tested for autoregressive moving-average processes and the residuals of such models were used in further analysis to improve upon squared correlations as initial factor estimates. The methodology was applied to 120 ten-year rolling estimation windows in the July 1990 to June 2010 timeframe. The results indicate that the number of distinct style classifications is reduced in comparison to the arbitrary self-selected classifications of the databases. Single manager hedge funds were grouped in portfolios on the basis of the common factor they share. In contrast to other classification methodologies, these common factor portfolios (CFPs) assume that some unspecified individual component of the hedge fund constituents’ returns is diversified away and that single manager hedge funds should be classified according to their common return components. From the CFPs of single manager hedge funds, pure style indices were created to be entered in a multivariate autoregressive framework. For each style index, a Vector Error Correction model (VECM) was estimated to determine the short-term as well as co-integrating relationship of the hedge fund series with the index level series of a stock, bond and commodity proxy. It was postulated that a) in a well-diversified portfolio, the current level of the hedge fund index is independent of the lagged observations from the other asset indices; and b) if the assumptions of the Efficient Market Hypothesis (EMH) hold, it is expected that the predictive power of the model will be low. The analysis was conducted for the July 2000 - June 2010 period. Impulse response tests and variance decomposition revealed that changes in hedge fund index levels are partially induced by changes in the stock, bond and currency markets. Investors are therefore cautioned not to overemphasise the diversification benefits of hedge fund investments. Commodity trading advisors (CTAs) / managed futures, on the other hand, deliver diversification benefits when integrated with an existing portfolio. The results indicated that single manager hedge funds can be reliably classified using the principal factor axis methodology. Continuously re-balanced pure style index representations of these classifications could be used in further analysis. Extensive multivariate analysis revealed that CTAs and macro hedge funds offer superior diversification benefits in the context of existing portfolios. The empirical results are of interest not only to academic researchers, but also practitioners seeking to replicate the methodologies presented.

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5

Toussaint, Emmanuel FA. "Insects as a model to puzzle out mechanisms of lineage diversification in the Indomalayan / Australasian archipelago." Diss., Ludwig-Maximilians-Universität München, 2014. http://nbn-resolving.de/urn:nbn:de:bvb:19-177872.

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6

Soummane, Salaheddine. "Oil rent and diversification facing climate challenge : The case of Saudi ArabiaRente pétrolière et diversification face au défi climatique : cas de l'Arabie Saoudite." Thesis, Université Paris-Saclay (ComUE), 2019. http://www.theses.fr/2019SACLA012.

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L'appel croissant à la mise en œuvre d'une politique climatique ambitieuse et globale devrait détério-rer les perspectives économiques des pays dépendants du pétrole. Cette thèse étudie les impacts économiques de cette transition bas-carbone ainsi que les stratégies d'atténuation possibles pour le premier exportateur de pétrole: le Royaume d'Arabie Saoudite (AS). Nous proposons une applica-tion utilisant un modèle intégré économie-énergie-environnement qui prend en compte les spécifici-tés de l’économie saoudienne comme l’ancrage de son taux de change ou encore les prix d’énergies administrés.Premièrement, en utilisant une représentation agrégée de l’économie saoudienne, nous montrons qu’un prix du pétrole plus faible résultant de la transition bas-carbone mondiale résulte en un taux de croissance marginalement bas, des excédents commerciaux significativement réduits et à un chô-mage plus élevé. Nous analysons la portée des outils dont dispose l’AS pour atténuer les impacts des politiques climatiques sur son économie. Nous estimons que l'alignement des prix de l'énergie saou-diens sur les références internationales ainsi que l’augmentation des gains d'efficacité énergétique fournissent à l’AS des sources de revenus supplémentaires. Ce cadre de modélisation permet de tes-ter des scénarios prospectifs tout en contrôlant leurs spécifications macroéconomiques.Ensuite, nous mettons en perspective ces spécifications dans un cadre multisectoriel afin d'étudier les stratégies de diversification émanant des contributions prévues déterminées au niveau national (INDC) ainsi que son programme stratégique Vision 2030. Nous concluons que la diversification économique dans les secteurs à faible intensité énergétique (industrie manufacturière, tourisme et services financiers) en augmentant les exportations et la substitution des importations, en plus de réformer l'impôt sur les sociétés offre une perspective positive par rapport à une expansion continue des industries à forte intensité énergétique (minéraux, pétrochimie et ciment). En effet, nous mon-trons que la diversification dans les secteurs à faible intensité énergétique génère une croissance plus forte et un chômage plus faible. En outre, dans le cadre de ce scénario de diversification écono-mique, l’AS dépasse ses engagements climatiques en termes de réduction des émissions de CO2. Néanmoins, l’expansion des secteurs à forte intensité énergétique résulte en une meilleure perspec-tive de la dette publique puisque le gouvernement tire des revenus plus élevés de ses participations dans les industries lourdes. Enfin, nous concluons que dans nos deux scénarios, l’AS n’atteint que partiellement ses ambitions de transition vers une économie moins dépendante du pétrole dans le cadre du programme Vision 2030, ce qui suggère que de nouvelles réformes doivent être envisagées.Cette thèse contribue à la littérature sur l’implémentation d’une politique climatique et ses consé-quences économiques pour les pays exportateurs pétrole. Notre travail fournit des estimations sur les réformes économiques à entreprendre comme stratégies d'atténuation et pourrait donc être adapté pour couvrir d'autres pays et sources d’énergie
The increasing call for implementing a global and ambitious climate policy is expected to deteriorate economic outlook of oil-dependent countries. Our research work investigates the impact of this global low-carbon transition and the potential mitigation strategies for the largest oil exporter: The Kingdom of Saudi Arabia (KSA). We propose an application using an integrated economy-energy-environment modelling framework taking into account salient features of the Saudi economy such as the currency peg and the regulated domestic energy prices.First, using an aggregated representation of the KSA economy, we show that a weaker oil price re-sulting from the global low-carbon transition is associated with a marginally lower growth, large trade surplus accumulation loss, and higher unemployment for the KSA. We analyse what scope the KSA has to mitigate climate policy impacts. We reveal that aligning domestic energy prices with international references and achieving energy efficiency gains increases economic efficiency while improving public budget prospects. This modelling framework allows to investigate scenarios while controlling the modelling macroeconomic specifications.We refine these outlooks in a mulstisector framework that further allows investigating diversifica-tion opportunities within the Saudi Intended Nationally Determined Contribution (INDC) and its Vision 2030 program. We conclude that economic diversification into non energy-intensive sectors (manufacture, tourism, and financial services) through increasing exports and import substitution, in addition to targeting fiscal adjustments of the corporate tax, provide a positive outlook compared with a continuous expansion of energy-intensive activities (minerals, petrochemical, and cement). Indeed, we show that diversification in non-energy intensive sector generates higher growth, and lower unemployment. In addition, under our designed economic diversification plan, the KSA ex-ceeds its climate pledges in terms of targeted CO2 abatement. Nevertheless, the continuous expan-sion of energy-intensive industries is associated with a better outlook for the public debt since the government derives higher revenues from its participation in energy-intensive industries. Finally, we conclude that in our two scenarios, the KSA only partially succeeds in its transition toward a less oil-dependent economy as part of the Vision 2030 program, suggesting that further reforms are to be considered.This thesis contributes to the literature on climate policy implementation and associated economic consequences for fossil-fuel exporters. It provides insights on economic reforms as mitigation strate-gies and could be thus adapted to cover additional countries and fuels

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7

Hjelström, Tomas. "The closed-end investment company premium puzzle : model development and empirical tests on Swedish and British data /." Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögskolan i Stockholm] (EFI), 2007. http://www2.hhs.se/EFI/summary/723.htm.

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8

Pai, Chih-Wen. "Determinants of the New Entry of HMOs into A Medicare Risk Contract: A Resource Dependence-Diversification Model." VCU Scholars Compass, 1996. https://scholarscompass.vcu.edu/etd/4946.

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The purpose of this study is to examine the determinants of the new entry of an HMO into a Medicare risk contract using a resource dependence—diversiﬁcation model. This study is conducted through a non-experimental, panel design With one year time lag. An HMO’s market is deﬁned as the service area. The primary sample for this study is composed of 440 HMOS that do not have a Medicare risk contract as of January 1994. Data for the variables are extracted from the 1994 and 1995 InterStudy and Group Health Association of America (GHAA) directories, the 1996 Area Resource File, the 1994 County and City Data Book, the 1993 County Business Patterns. Additional supplementary data on adjusted average per capita cost (AAPCC) and county-level Medicare beneﬁciaries are obtained from the Health Care Financing Administration. The dependent variable is discrete indicating an HMO’s market entry. Independent variables are grouped into four categories: market structure, resource muniﬁcence, market price, and organizational attributes. Twelve hypotheses are tested using multivariate logistic regression. This analysis reveals that HMO enrollment size is a predominant, positive factor in predicting a new market entry. HMOs are also sensitive to the level of AAPCC rates in making a market entry decision. Results from hypothesis testing suggest that competition encourages a new market entry. The importance of resource muniﬁcence is not statistically supported. This study demonstrates the appropriateness of a panel design to verify a cause-effect relationship and the applicability of the service area as an HMO’s market. This study also contributes to the theoretical understanding of an HMO’s market entry.

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9

Werneck, Fernanda. "Diversification and Conservation in the South American Dry Biomes: Distribution Modeling and Multilocus Lizard Phylogeography." BYU ScholarsArchive, 2012. https://scholarsarchive.byu.edu/etd/3308.

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The understanding of diversification of intraspecific lineages can shed light on speciation processes and ultimately biogeographic patterns across multiple spatial and temporal scales. In this dissertation I investigated the geographical and ecological factors promoting diversification across the South American dry diagonal biomes (i.e. Cerrado, Chaco, and Seasonally Dry Tropical Forests - SDTFs), through a coupled approach between multilocus phylogeographic and geospatial methods, in the larger context of interpreting the consequences of the resulting patterns for the conservation of biodiversity and evolutionary processes. In Chapter 1 I evaluate biogeographic hypotheses previously proposed and emphasize that the dry diagonal biomes are particularly biodiverse and biogeographically complex, but poorly studied and under protected. I also propose testable predictions for the subsequent chapters and future diversification studies. In the subsequent chapters I adopt a biodiversity prediction approach based on estimating palaeodistributions and habitat stability surfaces to formulate and test spatially explicit diversification hypotheses based on squamate richness and phylogeography. In Chapter 2 I identify historically stable areas of SDTFs and in Chapter 3 I found that the historical climatic stability is a good predictor of Cerrado squamate richness. In Chapter 4 I use a multilocus dataset to estimate the phylogenetic relationships among described species of the lizard genus Phyllopezus (Phyllodactylidae), distributed across the ‘dry diagonal’ biomes. In Chapter 5 I used a dense sampling design focused in the species complex P. pollicaris (more individuals, localities, and markers), and coalescent phylogeographic methods to test the relative influences of Tertiary geomorphological vs. Quaternary climatic events on diversification in this lizard. I found unprecedented levels of cryptic genetic diversity, deep phylogeographic structure, and diversification dating back to at least the Neogene with persistence across Quaternary fluctuations. My dissertation emphasizes that patterns of diversification across the ‘dry diagonal’ biomes are much more complex than previously proposed and reflect the primary influence of geologically old processes. Evidence of allopatric and ecological speciation between lineages that coincide with genetic clusters associated with each of the biomes, contradicts early views that the biomes would have a shared diversification history. These patterns illustrate that low-vagility complexes, characterized by strong structure and pre-Pleistocene divergences, represent ideal radiations to investigate broad biogeography of associated biomes. Future studies should investigate patterns of temporal and spatial congruence across co-distributed taxa, and integrate morphological and further ecological data to refine species limits, taxonomy, and patterns of trait evolution across these radiations.

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10

Maliet, Odile. "Exploring heterogeneity in diversification patterns across the tree of life using probabilistic models." Thesis, Sorbonne université, 2018. http://www.theses.fr/2018SORUS081.

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Dans cette thèse, je présente différentes approches pour quantifier et expliquer les variations dans le processus de diversification au sein de l’arbre du vivant. Toutes les approches présentées s’appuient sur des modèles probabilistes. Le premier chapitre s’intéresse à la forme générale des phylogénies, et propose une nouvelle mesure de la relation entre la richesse spécifique et la profondeur des clades au sein d’une phylogénie. Nous montrons que, dans les phylogénies empiriques, cette mesure s’écarte de la valeur attendue pour un processus de diversification homogène entre les lignées, possiblement à cause de la présence de variations du taux de diversification au sein des groupes étudiés. Dans le deuxième chapitre, je m’intéresse à une description à plus fine échelle de ces variations de taux, et présente une nouvelle méthode pour estimer des vitesses de diversification lignée-spécifiques dans les phylogénies empiriques. Contrairement aux méthodes existantes, qui considère que les taux de diversifications varient par des sauts rares et de grande amplitude, la nôtre propose une vision plus graduelle de l’évolution de la vitesse de diversification. Nous appliquons notre méthode à un jeu de données empirique et montrons que la variabilité du taux de diversification est aussi forte au sein des clades qu’entre les clades, ce qui s’accorde bien avec cette vision d’une évolution progressive des taux de diversification. Enfin, le troisième chapitre se concentre sur une des explications possibles à la présence de variabilité dans les vitesses d’accumulation d’espèces, en présentant un modèle individu-centré permettant d’étudier l’effet de différent types d’interactions écologiques sur le processus de diversification. Nous étudions les prédictions de ce modèle pour la diversité obtenue, ainsi que sur plusieurs mesures caractérisant la structure des réseaux d’interactions. Notre modèle génère des réseaux d’interactions écologiques réalistes, avec des réseaux plus modulaires et moins emboités dans les communautés antagonistes que dans les communautés mutualistes. La présence d’interactions antagonistes favorise la diversification de la communauté, du point de vue de la variabilité en traits comme de celui du nombre d’espèces, tandis que les interactions mutualistes entravent la création de diversité, du fait d’une forte sélection stabilisante
In this PhD thesis, I present different approaches based on probabilistic models for quantifying and explaining heterogeneity in the diversification process across the tree of life, all in the probabilistic modeling framework. In the first chapter, we focus on the general shape of phylogenetic trees, and propose a new metric for the quantification of the age-richness relationship of the subclades within a tree. The study of this metric in a dataset of empirical phylogenies shows that they diverge from the expectation under an homogeneous speciation model, possibly because of within-clade speciation rates variations. In the second chapter of the thesis, I focus on a finer scale description of diversification rates variations, and introduce a new method to estimate lineage-specific diversification rates within a phylogeny. Compared to previously existing methods that aim at identifying a few diversification rate shifts with large effect, ours propose a more gradual view of diversification rate evolution. We apply our approach to a dataset of empirical phylogenies, and show that Intra-clade variations accounts a large part of the rate variations in the whole dataset, suggesting suggest that models with many gradual changes may be more appropriate than models with few punctuated shifts for describing the evolution of diversification rates. Finally, the last chapter considers more directly one of the possible cause of variation in diversification rates, which is the presence of inter-species ecological interaction. We build an eco-evolutionary model for the emergence of mutualistic, antagonistic and neutral bipartite interaction communities, and study it prediction on species and trait diversity, as well as on several key network structure metrics. Our model generates realistic network structures, antagonistic communities being more modular and less nested than mutualistic ones. We find that antagonistic interactions foster both species and trait diversity, while mutualistic interactions generate strong stabilizing selection, with a negative impact on both diversity measures

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11

Millner, Timothy L. "Formulating a plan for economic diversification in defense dependent communities : establishing a model for stability, growth and development /." Springfield, Va. : Available from National Technical Information Service, 2002. http://handle.dtic.mil/100.2/ADA403329.

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12

Zemoi, Jonas, and Cervantes Gabriel Cardona. "Economic Diversification in The United Arab Emirates : Is the economy leaving its oil dependency?" Thesis, Jönköping University, Jönköping University, Jönköping University, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-7795.

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As the public becomes more concerned with the natural environment, one of the major topics discussed is the oil. Since there is no true source of knowledge how long the oil can continue to be extracted, it is interesting to know how long the world can benefit from such as scarce resource. Instead of idly watching as oil production decreases with time, which pre-measures could be taken in order to minimize a negative impact on an economy? The UAE is a thriving oil rich countries which for the past 30 years have experienced a vast oil wealth. Even though the oil gave wealth to the UAE, they should avoid any future oil dependency since it could negatively affect its now flourishing economy. Therefore, for the UAE to continue growing in the future it is in the best interest for the government to focus on a diversifying strategy that promotes the non-oil economy. By referring to concepts and theories of previous research in this field such as the Solow growth model, Resource curse and Dutch disease the authors find that the UAE had managed to diversify or not. Three sectors in different periods between 1970 and 2007 were measured: The oil sector, the non-oil sector and the government sector. Diversification changes means a decreasing dependency of the oil sector to the non-oil sector while the latter instead depends more on the government sector. Using British Petroleum (2008) and United Nations (2008) as sources, data was collected in order to draw a time-series regression analysis and test empirically for these diversification trends. The results for all periods confirmed that the UAE have indeed diversified and it could thus be observed that it started its successful strategy already in the 1970s. With the right government policy investments and the stability in the union, the UAE prevented from becoming dependent on oil and thereby not crowding out its important non-oil economy.

Med en ökad allmän medvetenhet angående naturmiljön så är oljan bland det mest omtalande temat. Eftersom inget vet exakt hur länge oljan kan utvinnas, är det intressant att veta hur länge världen kan förlita sig på en sådan begränsad resurs. Finns det förebyggande medel för att minska en negativ verkan på ekonomin istället för att passivt bevittna en sjunkande oljeproduktion? Förenta Arabemiraten (FAE) är en framgångsrik union som under de senaste 30 åren har åtnjutit en omfattande oljerikedom. Trots att oljan lade grunden för tillväxten i FAE, så börs unionen undvika sitt oljeberoende eftersom den negativt kan påverka den nuvarande blomstrande ekonomin. Således, för att bibehålla tillväxten i FAE för framtiden, borde det vara i statens största intresse att fokusera på en differentierings-strategi som främjar icke-oljans ekonomi. För att veta om FAE faktiskt har differentierat sig eller inte, används koncept och teorier för tidigare forskning kring områdets som t.ex. Solows tillväxtmodel, Resursförbannelsen och holländska sjukan. Tre sektorer mättes i olika perioder mellan 1970-2007: oljesektorn, icke-sektorn och statssektorn. Icke-olje sektorn förväntas minska oljeberoendet samt öka beroendet av statssektorn vilket resulterar i en differentieringstrend i ekonomin. Genom källor från British Petroleum (2008) och Förenta Nationerna (2008) har data insamlats för att empiriskt testa en tidsserie regression och se förändringar mellan sektorerna. Under alla perioder i FAE blev en differentieringstrend bekräftad och man kunde därför se att denna framgångsrika strategi redan åtogs i 1970-talet. Med effektiva investeringar i den offentliga sektorn samt en hållbar stabilitet i unionen, undvek FAE ett oljeberoende och därmed främjade icke-olje ekonomin.

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13

Linz, David M. "An investigation of the origins, diversification, and functional significance of the insect wings using a beetle as a model." Miami University / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=miami1499949489083869.

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14

Ye, Tao. "Inter-sectoral and Inter-temporal Diversification of Agricultural Disaster Risk : Equilibrium Analysis of Risk Sharing Puzzle and the Role of Government." 京都大学 (Kyoto University), 2009. http://hdl.handle.net/2433/88039.

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Kyoto University (京都大学)
0048
新制・課程博士
博士(工学)
甲第15002号
工博第3176号
新制||工||1477(附属図書館)
27452
UT51-2009-R726
京都大学大学院工学研究科都市社会工学専攻
(主査)教授岡田憲夫, 教授小林潔司, 教授多々納裕一
学位規則第4条第1項該当

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15

Barquero, Viviana, and Viviana Barquero. "Livelihood Assessment of Rural Delicias Chihuahua as Means for Developing a Community Energy Model." Diss., The University of Arizona, 2016. http://hdl.handle.net/10150/621141.

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The electricity sector around the world is significantly changing towards the adoption of cleaner energy sources and its implementation through distributed generation technologies. The need to expand rural electrification to reduce energy poverty and the trends in decentralizing power generation are becoming major drivers of change. In Mexico, there are very few comprehensive studies on energy use and its impact on rural livelihoods. Energy studies in the development literature tend to analyze livelihoods that do not have access to modern energy services, and do not take into account that many rural communities, although connected to the grid, still may be considered energy poor. This research presents findings of current livelihood conditions of three rural communities in the Mexican state of Chihuahua, in the context of livelihood diversification and energy poverty. This paper also presents a feasibility study for the development of a community energy model that will fulfill energy and vegetable intake requirements for each community analyzed. Results show that these communities can potentially improve their livelihood conditions through the implementation of what this research calls a Community Integrated Sustainable Energy (CISE) model by reducing energy poverty and food insecurity. By adopting a CISE model, communities will become healthier by becoming supporters of energy conservation and energy efficiency strategies. The adoption of this community energy model will also encourage climate change mitigation by increasing resilience to vulnerable communities through enhancing food and energy security. The aim of this research is to inform stakeholders (including policy makers, urban planners, and community members themselves) of the current status of Chihuahua's communities and to start a dialogue in Mexico about engaging in a community-led, clean energy project that would generate electricity for those communities while preserving rural livelihoods.

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16

Музиченко, М. В. "Диферсифікація ринку природного газу ЄС в контексті забезпечення енергетичної безпеки (автореферат)". Thesis, ХНУ імені В. Н. Каразіна, 2018. http://dspace.univer.kharkov.ua/handle/123456789/14174.

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Дисертація на здобуття наукового ступеня кандидата економічних наук за спеціальністю 08.00.02 – Світове господарство і міжнародні економічні відносини. – Харківський національний університет імені В.Н. Каразіна Міністерства освіти і науки України, Харків, 2018. Дисертація присвячена поглибленню теоретико-методичних засад дослідження диверсифікації ринку природного газу ЄС та обґрунтуванню перспективних напрямів підвищення енергетичної безпеки ЄС за рахунок диверсифікації ринку газу. У роботі запропоновано енергетичну безпеку трактувати як інтегральну категорію, яка охоплює соціальні, економічні, політичні, технологічні і екологічні фактори і характеризує стан забезпечення економіки енергоресурсами, за якого потреби у енергії задовольняються за стабільними та доступними цінами шляхом використання енергоресурсів з внутрішніх та зовнішніх джерел і стратегічних резервів через надійну та захищену внутрішню енергетичну інфраструктуру і диверсифіковані та стабільно доступні зовнішні джерела, не створюються загрози сталому розвитку та екологічній безпеці і впроваджені механізми мінімізації наявних і потенційних ризиків для енергетичної сфери. У ході дослідження з’ясовано, що в ЄС безпека постачання енергоресурсів визначається як стан забезпечення енергоресурсами, за якого основні енергетичні потреби мають бути задоволені завдяки спільному використанню внутрішніх енергетичних ресурсів та стратегічних резервів у прийнятних економічних умовах та з використанням диверсифікованих та доступних зовнішніх джерел. Проведено аналіз структури та особливостей сучасного ринку газу ЄС і встановлено, що цей ринок займає одне з ключових місць в загальній структурі виробництва первинної енергії в ЄС, а загальним вектором його розвитку є формування єдиного конкурентоспроможного ринку, ключовими елементами якого є вільна конкуренція та біржове ціноутворення на високоліквідних газових хабах. Виявлено, що концепція диверсифікації на основі довгострокових контрактів, яка останнім часом була традиційною в ЄС, на даний час не може повною мірою забезпечити отримання додаткових обсягів імпорту газу. Найбільш привабливою альтернативою є концепція диверсифікації на основі розвитку конкуренції. Запропоновано концептуально-методичний підхід до оцінки рівня диверсифікації ринку газу ЄС на основі індексу диверсифікації ринку, який дозволяє оцінити рівень диверсифікації ринку за основними його аспектами. Удосконалено інструментарій кількісної оцінки рівня диверсифікації зовнішніх джерел постачання, який дозволяє оцінити рівень їх диверсифікації з урахуванням політичної стабільності та економічної доцільності щодо держав-постачальників. Розроблено модель диверсифікації ринку газу, яка дозволяє оцінити як рівень диверсифікації ринку за основними аспектами, так і загальний рівень диверсифікації ринку газу в цілому. Здійснено оцінку рівня диверсифікації ринку газу ЄС і встановлено, що поточний рівень диверсифікації відповідає нормальному рівню диверсифікації. Обґрунтовано перспективні напрями підвищення енергетичної безпеки ЄС за рахунок диверсифікації ринку газу. Визначено пріоритетні шляхи підвищення рівня диверсифікації ринку природного газу України, реалізація комплексу завдань за якими забезпечить задовільний загальний рівень диверсифікації вітчизняного ринку природного газу та є передумовою успішної інтеграції до ринку природного газу ЄС. The thesis for the degree of Candidate of Economic Sciences, speciality 08.00.02 – World Economy and International Economic Relations. – V.N. Karazin Kharkiv National University of the Ministry of Education and Science of Ukraine, Kharkiv, 2018. The thesis is devoted to the in-depth study of the theoretical and methodological research principles of the EU natural gas market diversification as well as to the substantiation of perspectives for the EU energy security increase due to the diversification of gas market. Various approaches to the interpretation of energy security by international organizations, individual countries and academic researchers have been explored in the thesis. It has been established that energy security can be explored either under a one-sided approach based on the security of energy supply or under a multi-faceted approach that takes into account a number of other important aspects of energy security, such as energy availability, energy efficiency and environmental safety. By generalizing the existing approaches to the definition of energy security it has been established that energy security in its broad sense is defined as the state of the Economy energy resources supply, with no threats to sustainable development, and where the mechanisms for compensating existing and potential risks, that may arise as a result of the negative influence of internal or external factors, are implemented. The paper proposes to treat energy security as an integral category that covers social, economic, political, technological and environmental factors and characterizes the state of the economy's energy supply, in which energy needs (in various forms and in sufficient quantities) are met at stable and affordable prices through the use of energy resources from internal and external sources and strategic reserves through a reliable and secure internal energy infrastructure and diversified and stable external energy supply sources, no threat to sustainable development and environmental safety, and mechanisms for minimizing existing and potential risks for the energy sector are introduced. It has been established that central component of the EU energy security is the energy supply security, which means the availability of continuous access to energy resources at affordable prices. The availability of energy resources is a multidimensional concept, the components of which are diversification of energy resources suppliers, spatial diversification of energy resources distribution, diversification of type energy resources and diversification of supply routes (pipelines). The study found that in the EU energy security supply is defined as a state of energy supply, in which the basic energy requirements should be covered through the joint use of internal energy resources and strategic reserves under acceptable economic conditions involving diversified and accessible external sources. Diversification encompasses three aspects: the diversification of supply sources, suppliers, and location of energy objects by spatial criterion. It has been discovered that in order to maintain the appropriate energy security level the energy sector should be characterized by the diversification of the complex of primary energy sources; diversification of electricity production at the expense of gas; diversification of the portfolio of energy resources suppliers; diversification of supply routes for imports; a tendency to reduce the energy intensity of GDP; reliable energy infrastructure; affordable prices. Evaluating the place and role of the diversification in the system of factors of ensuring the EU energy security as one of the largest importers of energy resources in the world, it was established that under the assurance of EU energy security is understood the process of reducing dependence on external energy suppliers through the development of own energy production, diversification of the internal energy portfolio and diversification of the energy resources supply from external sources, the formation of sufficient strategic energy resources reserves, energy efficiency, decarbonisation as a means to combat climate change and minimize pollution. The analysis of the structure and features of the modern EU gas market has proved that this market takes one of the key places in the overall structure of primary energy production in the EU, and its general development trend is the formation of a single competitive market by means of free competition and stock pricing in the most liquid gas hubs. It has been discovered that the concept of diversification on the basis of various longterm contracts can not at this time fully ensure the receipt of additional volumes of gas imports. The most attractive alternative for the coming years is the concept of supply diversification based on the development of competition. The conceptual-methodical approach to assessing the level of diversification of the EU gas market based on the market diversification index is proposed, which allows us to assess the level of market diversification in its main aspects. It is noted that the gas market diversification index is a quantitative measure of how much energy security is ensured in the aspect of diversifying gas supply. The tools for quantifying the level of diversification of external sources of supply have been improved, which allows us to assess the level of their diversification, taking into account political stability and economic expediency. The gas market diversification model is developed, which allows quantitatively and qualitatively to assess both the level of the gas market diversification in its main aspects and the overall level of the gas market diversification as a whole. The assessment of external and internal aspects of the EU gas market diversification has proved that the current level of diversification corresponds to the correct level of diversification according to the proposed scale of assessment. The analysis of the obtained assessments of the EU gas market diversification level has been carried out and promising directions of increasing EU energy security due to natural gas market diversification are provided. The program of diversification of the gas market of Ukraine is proposed on the basis of the analogue of the existing N-1 gas infrastructure standard in the EU. The priority directions of increasing the Ukraine natural gas market diversification level are identified, realization of the tasks complex on which proposed target indicators of Ukraine natural gas market diversification level on the main internal and external aspects inherent in the EU natural gas market, will provide a satisfactory overall level of the domestic natural gas market diversification and is a prerequisite for successful integration with the EU natural gas market. Obtained variants of target values of diversification as target parameters can then be based on the diversification programs and determine the main promising directions of Ukraine natural gas market development in terms of increasing energy efficiency, changing the structure of the energy mix, reduction of natural gas consumption, decreasing the dependence on imports, increasing the diversification level of the external supply sources and suppliers.

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Upton, Danielle. "The United Arab Emirates: An Economic Role Model for the GCC." Honors in the Major Thesis, University of Central Florida, 2007. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/1234.

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This item is only available in print in the UCF Libraries. If this is your Honors Thesis, you can help us make it available online for use by researchers around the world by following the instructions on the distribution consent form at http://library.ucf.edu/Systems/DigitalInitiatives/DigitalCollections/InternetDistributionConsentAgreementForm.pdf You may also contact the project coordinator, Kerri Bottorff, at kerri.bottorff@ucf.edu for more information.
Bachelors
Sciences
Political Science

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Souza, Fernando Ferreira de Araujo. "Análise das influências das estratégias de diversificação e dos modelos de negócios no desempenho das empresas de real estate no período 2005 a 2010." Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/3/3146/tde-06062012-162323/.

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O objetivo da presente dissertação é verificar em que medida o nível de diversificação das empresas de Real Estate e os modelos de negócios empregados em suas estratégias de crescimento no período 2005 a 2010 possam ter influenciado o desempenho econômico das organizações. Para tanto, identificou-se o nível de diversificação geográfica e de produtos das empresas nos anos do período, e os principais modelos de negócios empregados para a entrada em novos mercados e segmentos de renda. Em seguida, as empresas foram estratificadas em grupos, segundo o nível de diversificação e os modelos de negócios predominantes. Para cada grupo, determinou-se a capacidade de geração de renda e valor econômico para o acionista. Os grupos foram comparados entre si e com o desempenho médio das empresas do setor. A pesquisa faz uso das empresas de Real Estate listadas no segmento Novo Mercado da BM&FBovespa. Os resultados sugerem que para a entrada no segmento econômico e popular, os modelos de aquisição e desenvolvimento próprio se mostraram mais eficientes, respectivamente, do que os modelos de parcerias. A concentração de produtos se mostrou igualmente de desempenho superior. Quanto à diversificação geográfica, não foi possível estratificar as empresas para análise adequada. No entanto, a maioria das empresas de atuação nacional e municipal apresentaram resultados acima do conjunto do mercado, enquanto as empresas com atuação estadual apresentaram resultados próximos ou abaixo da média.
This research explores the diversification, growth strategies and economic performance of the real estate companies listed on the brazilian stock exchange BM&FBovespa. Between 2006 and 2008 years, more than twenty companies have made its initial public offering (IPO) of its stocks. As result, and with almost R$ 11 billion on cash, most companies have acquired large landbanks spread over the main cities of the country, and started to built on new markets, moving away from a specialized portfolio of products to a national level and diversified portfolio companies. In order to understand the relationship between the strategies and economic performance, the research identifies the level of geographical diversification and products of each company, and the main business models used to enter into new markets - partnerships with local developers, mergers and acquisitions, or own development. The companies were stratified into groups according to the level of diversification and their business models, and for each one the profit and the return of equity patterns were analysed. The results suggested that product specialized companies seems to have superior performance than national and diversified companies, and for entry into the low income housing sector, acquisition and own development business models were better than partnerships.

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Pham, Thanh thao. "Stratégies de survie et de croissance dans un contexte de turbulence.Le cas des petites et moyennes entreprises dans le photovoltaïque." Thesis, Paris Est, 2019. http://www.theses.fr/2019PESC1020.

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L’objectif de la thèse est d’enquêter sur les capacités de survie des acteurs opérant dans un segment fragmenté d’une chaîne de valeur, en l’occurrence le photovoltaïque, dont la partie aval subit des turbulences. En particulier cette étude porte sur les entreprises privées de petite taille, de technicité moyenne ou faible. Des entretiens suivis d’une étude quantitative sur 103 firmes ont été réalisés.Les trois principales contributions sont les suivantes.Premièrement, une nouvelle taxonomie de diversification industrielle est proposée basée sur les frontières du marché et de l’industrie. Il en découle quatre possibilités : (1) entreprises non-diversifiées ; (2) entreprises diversifiées au sein d’une même industrie ; (3) entreprises diversifiées dans deux industries ; et (4) entreprises diversifiées dans plus de deux industries.Deuxièmement, quatre business models correspondent à ces quatre possibilités, me permettant de démontrer qu’il existe un nombre limité de business model dans une industrie.Finalement, j’ai identifié deux facteurs impactant les capacités de survie et la performance de croissance des entreprises à moyen terme : l’horizon stratégique des managers et le temps de réponse. Il en découle quatre trajectoires de performance. Il est également montré que les entreprises ayant les meilleures profitabilités avant la crise optent pour une stratégie de réduction qui a pour effet de réduire leur profitabilité. Inversement, celles qui ont une profitabilité moins bonne au début s’engagent dans de gros investissements, sous condition de ressources, résultant en une meilleure profitabilité. Cela conduit à une homogénéisation des taux de retours
The overall objective of this thesis is to investigate the survival capacities of actors operating in the photovoltaic industry, that is to say, in a fragmented segment of a value chain whose end-markets experienced turbulence. I intend to contribute to a better understanding of the diversification strategy of: (1) smaller and private firms; (2) non-or-low-tech companies; (3) in a specific economic environment (i.e. the context of turbulence). I conducted interviews and realized a quantitative study of 103 firms.The contributions are threefold.First, I propose a new taxonomy of industrial diversification based on the frontier of an industry and a market. Four possibilities derive from the intersection of intra- and inter-industry diversification: (1) single-business enterprises; (2) intra-industry diversifiers; (3) inter-industry diversifiers in two industries; and (4) inter-industry diversifiers in more than two industries.Second, I identify four business models that derive from these four strategies, which allows me to argue that there can only be a limited number of business models in an industry.Finally, this study identifies two factors impacting a firm’s survival capabilities and growth performance of SMEs in the medium term resulting in four growth performances: (1) the managers’ business horizon focus, and (2) timing of business responses. The results show four trajectories of firm performance. Moreover, while higher performers are more inclined to engage in retrenchment strategies that reduce their overall performance, lower performers tend to invest large amounts, resulting in a better performance. It results in a homogenization of firm performance over time

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Kerdpholngarm, Chayanin. "Analysis of Pricing and Reserving Risks with Applications in Risk-Based Capital Regulation for Property/Casualty Insurance Companies." Digital Archive @ GSU, 2007. http://digitalarchive.gsu.edu/rmi_diss/20.

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The subject of the study for this dissertation is the relationship between pricing and reserving risks for property-casualty insurance companies. Since the risk characteristics of insurers differ based on their structure, objectives and incentives, segmenting the insurers into subgroups would allow for a better understanding of group-specific risks. Based on this approach to analyzing insurer financial risks, we find that, in a given accident year, the pricing and reserving errors are positively correlated, especially in long-tailed lines of business. Large insurers, stock insurers, and multi-state insurers, in general, exhibit a strong correlation between accident-year price and reserve errors. However, only size of insurers appears to be a factor that influences the interaction between price changes and the calendar year loss reserve adjustments. Furthermore, we find that the pricing risk and reserving risk are marginally more homogenous within a market segment when size, type and number of states are employed as criteria for market segmentation, hence insurance regulators should consider the refined market segments for the RBC formula. The empirical results also indicate that, in general, Chain-Ladder reserving method likely contributes to loss reserve errors when there is a change in the loss development pattern and the magnitude of the errors is worse for large insurers. Finally, we find that our proposed measurement method for the product diversification benefit provides support for the notion that the diversification benefit on the incurred losses increases with the number of lines in the portfolio. Yet, the diminishing returns tend to decrease the diversification benefit on the incurred losses for insurers that write the business in more than six of the selected lines. To the contrary, our proposed measure does not provide clear evidence that writing business in many product lines increases the product diversification benefit with respect to adverse loss development. We do find that the diversification benefit for both incurred losses and loss development is higher for larger insurers. Hence, for risk management and regulatory purposes, a stronger case can be made for considering firm size than product diversification.

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Folkestad, Geir. "Risk Management for Residential Property. : Hedging alternatives for small investors." Thesis, Jönköping University, JIBS, Commercial Law, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-280.

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This thesis has the intention to investigate the risk situation for small investors in the domestic residential property market in Sweden, and discuss some alternatives for reducing that risk. Focus will be on risk reduction by diversification.

Residential property is considered to be a rather safe investment for the long term investor. The return is determined by the change of value for the property (capital growth), and the direct return through net rental income. When investments in residential property are compared with other types of investments, they have high returns compared to their stan-dard deviation. Diversification gains are described in the frame of the Capital Assets Pricing Model (CAPM).

The CAPM shows that portfolios based on residential property can reduce their risk and maintain the same level of returns through diversification. To get the best effect out of this diversification this should be done with assets that are least correlated with residential property. This thesis has tested with other residential property, other real estate and equities/bonds. Of which equities/bonds gave the best results. An optimal portfolio based on historical data from 1984 – 2003 suggests a portfolio with 40 -60 % residential property, 30 – 60 % bonds and 0 – 10 % equities. This is with a risk free rate between 3 – 11 %. The debt ratio for this portfolio is determined by the investor’s risk-aversity and utility function.

The positive effects from diversification have to be compared to the increased scale effect from investing in more residential property when chosing new investment items. Investors can get a good diversification performance even with a few stakes. The main point in this thesis is that investors with residential property can get positive effects from diversification and the effects from diversification increase the more different the investments are.

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Toussaint, Emmanuel F. A. [Verfasser], and Gerhard [Akademischer Betreuer] Haszprunar. "Insects as a model to puzzle out mechanisms of lineage diversification in the Indomalayan / Australasian archipelago [[Elektronische Ressource]] / Emmanuel F. A. Toussaint. Betreuer: Gerhard Haszprunar." München : Universitätsbibliothek der Ludwig-Maximilians-Universität, 2014. http://d-nb.info/1069743305/34.

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Toussaint, Emmanuel F. A. Verfasser], and Gerhard [Akademischer Betreuer] [Haszprunar. "Insects as a model to puzzle out mechanisms of lineage diversification in the Indomalayan / Australasian archipelago [[Elektronische Ressource]] / Emmanuel F. A. Toussaint. Betreuer: Gerhard Haszprunar." München : Universitätsbibliothek der Ludwig-Maximilians-Universität, 2014. http://nbn-resolving.de/urn:nbn:de:bvb:19-177872.

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Zuzák, Jaroslav. "Modeling of natural catastrophes." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-149862.

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This thesis introduces various approaches to natural catastrophe risk assessment in (re)insurance environment. Most emphasis and further elaboration is put on probabilistic models in comparison to the standard model as proposed by Solvency II. The outcomes of natural catastrophe modeling play an important role in the design of proper actuarial models related to catastrophe risk. More specifically it is shown that they can be entirely understood in a wider actuarial context, namely risk theory. Within the Solvency II framework, probabilistic model outcomes are translated by means of the proposed decomposition methodology putting them into a similar language of the standard formula in order to create the ability to compare different results implied by either probabilistic model or standard formula. This enables both comparison of the implied dependence structure of probabilistic model to standardized correlations assumed in Solvency II, and scenario year loss factors of Solvency II to implied damage factors of probabilistic models in defined cresta zones. The introduced decomposition methodology is illustrated by flood and windstorm model outcomes calculated on exposure data of Czech insurance companies and compared to the respective standard formula parameters and outcomes. Finally, other applications of the proposed decomposition methodology are introduced, such as measurement of diversification effect or blending of different results calculated by different models or even approaches to natural catastrophe risk assessment.

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Senger, Igor. "Compreensão dos fatores psicológicos que afetam a tomada de decisão dos agricultores familiares na diversificação da produção : uma aplicação da teoria do comportamento planejado." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2016. http://hdl.handle.net/10183/169288.

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Ações e políticas públicas têm sido desenvolvidas com o objetivo de incentivar os agricultores brasileiros a diversificar sua produção. Entretanto, tais ações têm sido incapazes de incentivar a diversificação produtiva e econômica. Justifica-se a importância da diversificação da produção agrícola na medida em que esta contribui para o desenvolvimento rural, diversificação das fontes de renda e consequente ampliação da renda familiar, auxilia no aumento da produção agrícola e possibilita maior segurança em relação aos efeitos das oscilações dos mercados. O objetivo geral deste estudo consiste em verificar quais são os fatores que afetam a intenção dos agricultores familiares produtores de leite na decisão de diversificar a produção agrícola na região Noroeste do estado do Rio Grande do Sul, Brasil. Para tanto foi realizado um survey com 101 produtores rurais. A Teoria do Comportamento Planejado (TCP) foi utilizada como abordagem teórico-metodológica para analisar e explicar os constructos psicológicos subjacentes que influenciam a decisão de diversificação dos agricultores. Os resultados revelaram que a intenção foi principalmente determinada pela avaliação dos agricultores em diversificar a produção agrícola (atitude), seguida pela sua percepção sobre a pressão social em desenvolver tal estratégia produtiva (norma subjetiva). A percepção dos agricultores sobre sua própria capacidade de diversificar (controle comportamental percebido) mostrou-se insignificante neste estudo. A análise de cluster permitiu identificar dois grupos com distintos níveis de intenção, um composto por agricultores com forte intenção de diversificar e outro com fraca intenção. Os grupos apresentaram diferenças quanto aos constructos psicológicos, algumas características socioeconômicas e a orientação de seus objetivos. Entretanto, os grupos não diferiram quanto aos estilos de decisão. Assim, os resultados desta tese sugerem que, para aumentar a diversificação da produção das propriedades rurais, é necessário desenvolver ações que forneçam informações aos agricultores referentes às vantagens e possibilidades da diversificação nas pequenas propriedades rurais, bem como aumentar a pressão social para que os produtores rurais diversifiquem suas atividades.
Public actions and policies have been developed to stimulate Brazilian farmers to diversify their production. However, those actions have been unable to stimulate the economic and productive diversification. We justify the importance of the diversification of agricultural production because it contributes to the rural development, diversification of income sources and consequent increase of familiar income, it helps the growth of agricultural production and enables more security in relation to the effects of the market changes. This research intends to verify the factors that affect the intention of familiar farmers that work with milk production on the decision to diversify the agricultural production in the north of Rio Grande do Sul state, Brazil. To this end it conducted a survey of 101 farmers. The Theory of Planned Behavior (TPB) was used as a theoretical and methodological approach to analyze and explain the subjacent psychological constructs that influence the farmers’ diversification decision. The results revealed that the intention was mainly determined by the farmers’ evaluation to diversify the agricultural production (attitude), followed by their perception about the social pressure to develop this productive strategy (subjective norm). The farmers’ perception about their own capacity to diversify (perceived behavioral control) was insignificant in this research. The cluster analysis permitted to identify two groups with different intention levels, one composed by farmers with a strong intention to diversify and another one with a weak intention. The groups showed differences in relation to the psychological constructs, some socioeconomic characteristics and the orientation about their aims. However, both of them didn’t disagree in relation to the decision styles. So, the results of this thesis suggest that, to increase the productive diversification in rural properties, it’s necessary to develop actions to provide information relative to the advantages and possibilities of the diversification in small rural properties, as well as increasing the social pressure in order that farmers diversify their activities.

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Hjelström, Tomas. "The closed-end investment company premium puzzle : model development and empirical tests on Swedish and British data." Doctoral thesis, Handelshögskolan i Stockholm, Redovisning och Finansiering (B), 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-480.

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For decades, business press and researchers have observed and investigated the premiums/discounts on closed end investment companies. Proposed explanations for the phenomenon have been poor performance, high expenses (due to agency relationships), inefficient internal capital markets and excess volatility in the returns of the shares of the closed-end investment companies. Some, but not conclusive, empirical evidence support these theories. Most empirical evidence is based on American data. This study uses British and Swedish data on closed end investment companies. Some, but not conclusive, empirical evidence support these theories. Most empirical evidence is based on American data. This study uses British and Swedish data on closed end investment companies from 1972 – 2004 to investigate the premiums/discounts. Three areas of explanations are examined: performance, agency costs and diversification. In contrast to previous studies this study uses detailed data on quoted and unquoted securities respectively to investigate the relationship between performance and premiums/discounts. Evidence is found for a relationship between the performance on unquoted securities and premiums/discounts, but not for quoted securities. Indications that measurement biases in unquoted securities are properly priced are also found. The agency problem is analyzed in two ways, formal and controlling power, to investigate if actions taken by the company substantiating agency behavior have additional effects on prices. Such actions are measured as large investments in other portfolio companies (controlling power). The empirical evidence suggests that the existence of formal power creates additional discounts. The marginal effect on discounts is even deeper when proposed agency actions are identified. Diversification is argued to decrease the value of a portfolio of securities when heterogeneous beliefs are present. This study provides evidence that portfolio diversification deepens discounts.
Diss. Stockholm : Handelshögskolan, 2007

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27

Suppakittiwong, Tanyatorn, and Sornsita Aimprasittichai. "A Study of a Relationship Between The U.S. Stock Market and Emerging Stock Markets in Southeast Asia." Thesis, Linnéuniversitetet, Institutionen för nationalekonomi och statistik (NS), 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-46781.

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Resulting from the deregulation and prosperity of the economic and financial sectors in Asia during 1980s, a significant increase in cross-bordered financial transactions ultimately accelerated the region of Southeast Asia to be on a process of financial integration and consequently diminished opportunities for portfolio diversification. Financial Integration is a multidimensional process through which allocation of financial assets becomes lastly borderless. This purpose of this paper is to examine a progress thus far in capital market integration or preferentially, the co-movement of the equity markets between the U.S. and the Southeast Asian nations: Thailand, Indonesia, Malaysia, and the Philippines by employing the methodology of Gregory and Hansen Cointegration and Error Correction Analysis (ECM). The consequence of the U.S. market performance on each Southeast Asian national markets are extensively analyzed by decomposing monthly price-index time series into three distinct sub-periods based on an occurrence of the Subprime Mortgage Financial Crisis in 2007. The results indicate that these four emerging markets had been considerable influenced by the U.S. market performance, regardless of crisis or non-crisis periods. Nevertheless, some countries like Indonesia and the Philippines acted differently during the pre-crisis and crisis sub-periods respectively due to their domestic market infrastructure and regulation adjustment. However, these two markets had eventually turned to share an interdependent long-run relationship with the U.S. equity market since the ending of the Subprime financial downturn. Moreover, this finding suggests that ongoing capital market integration in the Southeast Asian region would mitigate portfolio diversification benefits for investors by virtue of increasing in correlation among securities and assets. Therefore, more exhaustive investigation about equity market integration is significantly beneficial in macroeconomic and financial perspective.

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Belghali, Moulay Ghali, and Samuel Olichon. "The “Top” woman in the Organization : An assessment of females' current and future situation in high responsibility positions." Thesis, University of Kalmar, Baltic Business School, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hik:diva-346.

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The problem for women in the work market has been and is still being widely studied from different domains and fields, there is however still countless fissures linked to it. Even though the gender equality has comprehensively increased in recent decades, it is still apparent in high responsibility positions. This situation caught our attention and stimulated us to analyse the women’s condition within organizations.

Scholars have developed different theories linked to organizations, but our complex and fast developing society has surpassed most of these classical theories, making them either partially or totally irrelevant. For instance standards such as hierarchical organizations, individualism and aggressiveness are no longer considered as the most efficient values.

This work investigates the barriers that women have to overcome in order to break though leading positions, as well as the identification of female and male leadership and their stereotypes’ consequences. Accordingly, we intend to propose solutions and new approaches liable to help integrating more women in high profile positions. We are aspiring to create a new trend representing successful leadership that is no longer correlated to the male stereotype.

The theoretical part engages in theories surrounding female gender leadership as well as gender related barriers, while the empirical method involves the conduction of semi structured interview with women in high management positions, with the aim of setting up a solid ground for analysis and discussion. Due to this fact, we believe that the woman is the future of the organization, therefore we firstly call for the implementation and the reinforcement of the female “role model” and secondly encourage companies to adopt and promote our new concept of “the ecological organization” in order to achieve a more flexible, balanced and sane organizational culture in a foreseeable future.

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Ryder, Robin Jeremy. "Phylogenetic models of language diversification." Thesis, University of Oxford, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.543009.

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30

de, Sauvage Vercour Héloïse. "Analysis and comparison of capital allocation techniques in an insurance context." Thesis, KTH, Matematisk statistik, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-122863.

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Companiesissuing insurance cover, in return for insurance premiums, face the payments ofclaims occurring according to a loss distribution. Hence, capital must be heldby the companies so that they can guarantee the fulfilment of the claims ofeach line of insurance. The increased incidence of insurance insolvencymotivates the birth of new legislations as the European Solvency II Directive.Companies have to determine the required amount of capital and the optimalcapital allocation across the different lines of insurance in order to keep therisk of insolvency at an adequate level. The capital allocation problem may betreated in different ways, starting from the insurance company balance sheet.Here, the running process and efficiency of four methods are evaluated andcompared so as to point out the characteristics of each of the methods. TheValue-at-Risk technique is straightforward and can be easily generated for anyloss distribution. The insolvency put option principle is easily implementableand is sensitive to the degree of default. The capital asset pricing model isone of the oldest reliable methods and still provides very helpful intermediateresults. The Myers and Read marginal capital allocation approach encouragesdiversification and introduces the concept of default value. Applications ofthe four methods to some fictive and real insurance companies are provided. Thethesis further analyses the sensitivity of those methods to changes in the economiccontext and comments how insurance companies can anticipate those changes.

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31

Koch, Erwan. "Outils et modèles pour l'étude de quelques risques spatiaux et en réseaux : application aux extrêmes climatiques et à la contagion en finance." Thesis, Lyon 1, 2014. http://www.theses.fr/2014LYO10138/document.

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Cette thèse s’attache à développer des outils et modèles adaptés a l’étude de certains risques spatiaux et en réseaux. Elle est divisée en cinq chapitres. Le premier consiste en une introduction générale, contenant l’état de l’art au sein duquel s’inscrivent les différents travaux, ainsi que les principaux résultats obtenus. Le Chapitre 2 propose un nouveau générateur de précipitations multi-site. Il est important de disposer de modèles capables de produire des séries de précipitations statistiquement réalistes. Alors que les modèles précédemment introduits dans la littérature concernent essentiellement les précipitations journalières, nous développons un modèle horaire. Il n’implique qu’une seule équation et introduit ainsi une dépendance entre occurrence et intensité, processus souvent considérés comme indépendants dans la littérature. Il comporte un facteur commun prenant en compte les conditions atmosphériques grande échelle et un terme de contagion auto-regressif multivarié, représentant la propagation locale des pluies. Malgré sa relative simplicité, ce modèle reproduit très bien les intensités, les durées de sècheresse ainsi que la dépendance spatiale dans le cas de la Bretagne Nord. Dans le Chapitre 3, nous proposons une méthode d’estimation des processus maxstables, basée sur des techniques de vraisemblance simulée. Les processus max-stables sont très adaptés à la modélisation statistique des extrêmes spatiaux mais leur estimation s’avère délicate. En effet, la densité multivariée n’a pas de forme explicite et les méthodes d’estimation standards liées à la vraisemblance ne peuvent donc pas être appliquées. Sous des hypothèses adéquates, notre estimateur est efficace quand le nombre d’observations temporelles et le nombre de simulations tendent vers l’infini. Cette approche par simulation peut être utilisée pour de nombreuses classes de processus max-stables et peut fournir de meilleurs résultats que les méthodes actuelles utilisant la vraisemblance composite, notamment dans le cas où seules quelques observations temporelles sont disponibles et où la dépendance spatiale est importante
This thesis aims at developing tools and models that are relevant for the study of some spatial risks and risks in networks. The thesis is divided into five chapters. The first one is a general introduction containing the state of the art related to each study as well as the main results. Chapter 2 develops a new multi-site precipitation generator. It is crucial to dispose of models able to produce statistically realistic precipitation series. Whereas previously introduced models in the literature deal with daily precipitation, we develop a hourly model. The latter involves only one equation and thus introduces dependence between occurrence and intensity; the aforementioned literature assumes that these processes are independent. Our model contains a common factor taking large scale atmospheric conditions into account and a multivariate autoregressive contagion term accounting for local propagation of rainfall. Despite its relative simplicity, this model shows an impressive ability to reproduce real intensities, lengths of dry periods as well as the spatial dependence structure. In Chapter 3, we propose an estimation method for max-stable processes, based on simulated likelihood techniques. Max-stable processes are ideally suited for the statistical modeling of spatial extremes but their inference is difficult. Indeed the multivariate density function is not available and thus standard likelihood-based estimation methods cannot be applied. Under appropriate assumptions, our estimator is efficient as both the temporal dimension and the number of simulation draws tend towards infinity. This approach by simulation can be used for many classes of max-stable processes and can provide better results than composite-based methods, especially in the case where only a few temporal observations are available and the spatial dependence is high

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Tófoli, Paula Virgínia. "Abertura da conta de capital e crescimento econômico nos países emergentes : teorias, evidências empíricas e um estudo do caso brasileiro." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2008. http://hdl.handle.net/10183/14997.

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A maioria dos trabalhos sobre o impacto macroeconômico da abertura da conta de capital não encontra nenhum efeito da liberalização sobre as variáveis reais. No entanto, uma leitura cuidadosa desta literatura revela que a maioria destes estudos não trata realmente da teoria que se propõe a testar. Aqueles que defendem um impacto positivo da liberalização financeira sobre o crescimento econômico aceitam as previsões do modelo de crescimento neoclássico de redução permanente no custo do capital e aumento temporário no investimento nos mercados emergentes, quando estes liberalizam suas contas de capital. A maior parte dos artigos que não encontram efeitos da liberalização sobre as variáveis reais não testa estas previsões. Uma ramificação pequena, mas crescente, desta literatura sobre a relação entre liberalização da conta de capital e crescimento econômico, que leva em conta a natureza temporal das previsões do modelo neoclássico (os artigos que adotam o chamado enfoque do experimento de política), encontra evidências de que a abertura da conta de capital em um país emergente gera efeitos significativos sobre o investimento e crescimento econômico. A desagregação dos dados, ou seja, a aplicação do enfoque do experimento de política a dados de firmas, fornece uma ligação mais forte com a teoria e graus de liberdade suficientes para se adotar uma nova estratégia de identificação que permite testar a eficiência na alocação dos recursos dentro do país em desenvolvimento que abriu sua conta de capital. O objetivo desta dissertação é tratar das teorias e evidências do impacto da liberalização da conta de capital nos países emergentes sobre o crescimento de suas economias, analisando-se as metodologias empíricas existentes aplicadas no teste desta relação, enfatizando as teorias que dão suporte a seus testes empíricos, bem como suas principais descobertas. Os efeitos da abertura da conta de capital no Brasil, na década de 90, serão analisados, utilizando-se uma estratégia de identificação recente a partir de dados de firmas, para se checar a validade empírica das previsões do modelo de crescimento neoclássico nesta situação.
Most writings on the macroeconomic impact of capital account openness find no effects of liberalization on real variables. However, a critical reading of this literature reveals that most of these studies do not really address the theory they set out to test. Those who defend a positive impact of financial liberalization on economic growth accept the neoclassical growth model’s predictions of permanent reduction on the cost of capital and temporary increase in investment in emerging markets when they liberalize their capital account. The lion’s share of papers that find no effect of liberalization on real variables do not test these predictions. A small but growing branch of this literature on the relationship between capital account liberalization and economic growth that takes the time series nature of the neoclassical model’s predictions seriously (papers that adopt the policy-experiment approach) find that opening the capital account within an emerging country generates significant effects on investment and economic growth. Disaggregating the data, that is to say, applying the policy-experiment approach to firm-level data, provides a tighter link to the theory than aggregate data and enough degrees of freedom to adopt a new identification strategy that allows of the test on the efficiency of capital allocation within the developing country that opened its capital account. The objective of this dissertation is to address the theories and evidences of the impact of capital account liberalization in emerging countries on their economic growth, analyzing the existing empirical methodologies applied to test this relationship, emphasizing the theories that support their empirical tests as well as their main findings. The effects of capital account opening in Brazil, in the 90’s, will be analyzed, using the recent firm-level data identification strategy, to check the empirical validity of the neoclassical growth model’s predictions in this situation.

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Banet, Amanda Inez. "Evolutionary diversification of reproductive modes in livebearing fishes." Diss., [Riverside, Calif.] : University of California, Riverside, 2009. http://proquest.umi.com/pqdweb?index=0&did=1957301301&SrchMode=2&sid=4&Fmt=2&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1268858219&clientId=48051.

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Thesis (Ph. D.)--University of California, Riverside, 2009.
Includes abstract. Available via ProQuest Digital Dissertations. Title from first page of PDF file (viewed March 17, 2010). Includes bibliographical references. Also issued in print.

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34

Yuan, Jiangchuan. "Risk diversification framework in algorithmic trading." Diss., Georgia Institute of Technology, 2014. http://hdl.handle.net/1853/51905.

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We propose a systematic framework for designing adaptive trading strategies that minimize both the mean and the variance of the execution costs. This is achieved by diversifying risk over sequential decisions in discrete time. By incorporating previous trading performance as a state variable, the framework can dynamically adjust the risk-aversion level for future trading. This incorporation also allows the framework to solve the mean-variance problems for different risk aversion factors all at once. After developing this framework, it is then applied to solve three algorithmic trading problems. The first two are trade scheduling problems, which address how to split a large order into sequential small orders in order to best approximate a target price – in our case, either the arrival price, or the Volume-Weighed-Average-Price (VWAP). The third problem is one of optimal execution of the resulting small orders by submitting market and limit orders. Unlike the tradition in both academia and industry of treating the scheduling and order placement problems separately, our approach treats them together and solves them simultaneously. In out-of-sample tests, this unified strategy consistently outperforms strategies that treat the two problems separately.

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Höhna, Sebastian. "Bayesian Phylogenetic Inference : Estimating Diversification Rates from Reconstructed Phylogenies." Doctoral thesis, Stockholms universitet, Matematiska institutionen, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-95361.

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Phylogenetics is the study of the evolutionary relationship between species. Inference of phylogeny relies heavily on statistical models that have been extended and refined tremendously over the past years into very complex hierarchical models. Paper I introduces probabilistic graphical models to statistical phylogenetics and elaborates on the potential advantages a unified graphical model representation could have for the community, e.g., by facilitating communication and improving reproducibility of statistical analyses of phylogeny and evolution. Once the phylogeny is reconstructed it is possible to infer the rates of diversification (speciation and extinction). In this thesis I extend the birth-death process model, so that it can be applied to incompletely sampled phylogenies, that is, phylogenies of only a subsample of the presently living species from one group. Previous work only considered the case when every species had the same probability to be included and here I examine two alternative sampling schemes: diversified taxon sampling and cluster sampling. Paper II introduces these sampling schemes under a constant rate birth-death process and gives the probability density for reconstructed phylogenies. These models are extended in Paper IV to time-dependent diversification rates, again, under different sampling schemes and applied to empirical phylogenies. Paper III focuses on fast and unbiased simulations of reconstructed phylogenies. The efficiency is achieved by deriving the analytical distribution and density function of the speciation times in the reconstructed phylogeny.

At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 1: Manuscript. Paper 4: Accepted.

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Ruano, Fábio dos Santos. "Commodities and portfolio diversification : myth of fact?" Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19333.

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Mestrado em Finanças
Este estudo pretende analisar se as matérias-primas apresentam potencial de diversificação para portefólios de ações de investidores com aversão às perdas. A recente financialização do mercado das matérias-primas pode estar a afetar a vida de milhões de famílias a nível global, uma vez que determina o custo de vida. Alargamos a abordagem de Bessler & Wolff (2015) com o uso de indicadores de desempenho com o principal foco no risco de queda. A análise empírica considera a perspetiva das finanças comportamentais na avaliação dos benefícios de diversificação de 16 contratos futuros individuais e um índice de matérias-primas. Este estudo confirma a elevada sensibilidade das matérias-primas às condições económicas do mercado. O sector energético de matérias-primas tem um melhor desempenho durante períodos de expansão económica. Os metais preciosos apresentam benefícios de diversificação tanto em períodos de expansão como de recessão, enquanto as matérias-primas do sector da pecuária apresentam um grande potencial de diversificação durante recessões. No geral concluímos que continuamos a observar benefícios de diversificação, mas estes dependem do período em análise, e têm vindo a decrescer ao longo do tempo.
This study aims to investigate whether commodities yield diversification benefits to stock portfolios for loss-averse investors. The recent financialization of the commodity market increased correlations with stocks and thus may be hurting millions of households around the world, as it determines the cost of living. We extend the framework of Bessler & Wolff (2015) by using alternative performance measures mainly related to the downside risk. The empirical analysis accounts for a behavioral finance perspective in the assessment of diversification benefits from 16 individual future contracts and one index future on commodities. Our study confirms the high sensitivity of commodities to market economic conditions. The energy sector performs better under economic expansion periods. Precious metals yield diversification benefits both in expansion and recession periods, while livestock commodities display a high potential to reduce risk especially during recessions. Overall, our findings yield that there is still a diversification benefit, but it is time-dependent and the benefits have been decreasing over time.
info:eu-repo/semantics/publishedVersion

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37

Ghafeer, Amna. "Value chain diversification in the sugar industry using quantitative economic forecasting models." Master's thesis, Faculty of Engineering and the Built Environment, 2021. http://hdl.handle.net/11427/33744.

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The South African sugar industry is facing increasing pressure from global sugar markets where the price of sugar is significantly lower than in domestic markets, as well as from the implementation of the health levy which has resulted in beverage manufacturers replacing sugar with non-taxable sweeteners. To maintain the industry infrastructure and to increase the demand for sugar, a diversification route for sucrose is needed. Most of the studies focused on identifying a diversification solution for bioproducts are survey or experienced based and so, one of the main aims of this study was to use mathematical modelling of industrial manufacturing data to identify one single industry to explore sucrosebased chemicals. Datasets published by Statistics South Africa, The World Bank, Trading Economics and by the Organization for Economic Cooperation and Development were considered, from which the monthly manufacturing industries' sales data published by Statistics South Africa was selected for model building. Seven different types of models were considered, including the Naïve method, simple and weighted moving averages, simple exponential smoothing, Holt's method, Holt-Winters' method and Auto-Regressive Integrated Moving Average (ARIMA) models. Each type of model was analysed in the context of the eight industries' data, from which ARIMA models were identified as those which were broad enough to cater for the varying degrees of trends and seasonality in the data without oversimplifying the data's behaviour. The other seven were not suitable either because their narrow applicability was not suitable to most of the datasets at hand or because they would provide an oversimplified model which would not be robust for future datapoints. The models were then built using training and test data splits with the auto.arima function in R Studio. From these, selection matrices were constructed to evaluate the industries' forecasts on sales growth and revenue generating potential, the results of which identified the beverages' industry to the best option for investment. One of the objectives of the study was to identify a sucrose-based chemical for investment that is not highly commercialized in order to widen the range of investment options available. To this end, only four of the less commercialized chemicals explored showed significant advancement based on published research and patents, namely caprolactam, dodecanedioic acid, adipic acid and muconic acid. However, all four chemicals would feature mainly in the textiles industry, which the model identifies as not being a high growth industry and thus would limit the revenue generating potential. The main beverage constituents of common drinks were then explored, from which nonnutritive sweeteners were chosen based on their wide applicability. From the six sweeteners considered, sucralose is the most widely used sweetener with the least number of reported serious health risks; this is thought to compensate for sucralose being a mid-price range product. Sucralose would also allow the sugar industry to leverage beverage manufacturers' replacement of sugar with sweeteners to comply with the Health Protection Levy. The techno-economic analysis performed for the selected synthetic sucralose production process proved profitable in the first year of operation, as did a refined configuration using a lower ethyl acetate flow rate. This is largely due to the retail price of sucralose being close to 8 times the purchase cost of the most expensive raw material used. Although this profitability analysis is promising, further investigation into the fixed capital costs involved should be done prior to the sugar industry investing in sucralose. Recommendations for further work to improve the profitability of this scenario include the consideration of forming a strategic partnership with key players in the beverages' industry, exploring alternative production routes, and using other time series models to validate the results achieved here.

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38

Siegel, Paul B. "The relationship between changing economic structure and performance: diversification, diversity, growth, stability, and distribution impacts." Diss., Virginia Tech, 1992. http://hdl.handle.net/10919/40017.

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39

DONGMO, GUEFACK ERIC. "Hedge Fund Industry: Performance Measurement, Statistical Properties and Fund Characteristics." Doctoral thesis, Università Cattolica del Sacro Cuore, 2011. http://hdl.handle.net/10280/981.

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In questa tesi, l’analisi verte su risk-adjusted performance, proprietà statistiche e caratteristiche dei fondi hedge (FH). Nel primo articolo, i risultati relativi al survivorship bias e backfill bias indicano che l’impatto delle distorsioni è diverso a seconda delle strategie. Utilizzando il modello multifattoriale di Fung and Hsieh (2004), l’analisi della performance indica che il 42% dei FH ha ottenuto un rendimento superiore al mercato. Infine, utilizzando dei metodi parametrici e non parametrici, l’analisi della persistenza indica differenti livelli di persistenza a seconda della strategia. Nel secondo articolo, vengono analizzati i fondi di fondi hedge (FOHFs). I risultati sono particolarmente interessanti. In primo luogo, i FOHFs e le sotto strategie hanno generato un excess return positivo; inoltre l’alfa ottenuto attraverso il modello a 7 fattori di Fung and Hsieh (2004) risulta elevato. In secondo luogo, i FOHFs e le sotto strategie hanno un rendimento inferiore a quello dell’indice dei FH. In terzo luogo, le correlazioni tra gli indici dei FOHFs e l’indice azionario sono inferiori rispetto alle correlazioni tra l’indice dei FH e gli indici azionari. Infine, l’indice dei FH e quelli dei FOHFs sono positivamente correlati con l’indice azionario quando il mercato tende al ribasso, ma risultano non correlati con l’indice azionario quando il mercato tende al rialzo. Rispetto all’indice dei FH, gli indici dei FOHFs hanno una correlazione minore con gli indici azionari in entrambe le fasi del mercato, suggerendo che i FOHFs forniscono benefici maggiori in termini di diversificazione rispetto ai fondi hedge puri.
In this thesis, I examine the risk-adjusted performance, statistical properties and fund characteristics of hedge fund investments. In Essay One, results of survivorship bias and backfill bias by investment styles indicate that biases are different across styles. Using a multi-factor model of Fung and Hsieh (2004), the analysis of performance indicates that 42% of the hedge funds significantly outperformed the market. Finally, using parametric and non-parametric methods, the analysis of persistence indicates different degree of persistence depending on the hedge fund strategy. In Essay Two, I analyse fund of hedge funds (FOHFs). I find several interesting results. First, FOHFs and the sub-strategies earn positive excess returns and a high Fung and Hsieh 7-factor alpha. Second, FOHFs and the sub-strategies underperform the hedge fund index (HFI). Third, the correlations between FOHF indices and equity index are lower than correlations between HFI and equity indices. Finally, hedge funds and FOHFs are positively correlated with the equity index in the bear markets but uncorrelated with the equity index in the bull markets. Compared to HFI, FOHF indices have lower correlation with equity index in both bull and bear markets, indicating that FOHFs provide better diversification benefits than individual hedge funds.

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40

Maritz, Gerrit. "Assessing risk in the Paarl/Berg River region by means of various portfolio diversification models." Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/52703.

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Анотація:

On t.p.: Masters of Agricultural management.
Thesis (MAgricAdmin)--Stellenbosch University, 2002.
ENGLISH ABSTRACT: The need to take account of risk in agriculture must be part of every decision taken in agriculture. Yet risk is nothing to be too afraid of Risk is a choice rather than a fate. The actions we dare to take, which depend on how free we are to make choices, are what the theory of risk is all about. The task is rather to manage risk effectively, within the capacity of the farmer, business or group in order to withstand adverse outcomes. Some methods of managing risks are feasible for all types of farms. Others are only feasible for certain sizes and types of farms. Therefore, farmers in general need a systematic technique that will enable them to choose an efficient investment strategy from among all feasible strategies. Specifically, given n risky assets (such as the different enterprises in the PaarlIBerg River region), it is essential to seek a diversification strategy which yields a portfolio lying on the efficient frontier. The research question was whether different diversification models (Markowitz diversification model, Single Index Model and the Capital Asset Pricing Model) that are normally applied in capital markets for the construction of optimal diversified portfolios consisting out of different shares, are also applicable on risky portfolios in agriculture comprising different enterprises in the PaarlIBerg River region. The efficient frontier can be seen as the graphical representation of a set of portfolios that maximize expected return for each level of portfolio risk. The Microsoft Excel portfolio optimiser (SOLVER) programme was used to illustrate the investment proportions, expected returns, and standard deviations of the portfolios ofthe efficient frontier. The Single Index Model (SIM) can be used as an alternative to Markowitz diversification model. It drastically reduces the number of parameters needed to be estimated and yields the efficient set relatively easily without the technical difficulties characterising the fullrank solution. However, if the SIM assumptions are in contradiction to the actual data, the simplification of the calculations is achieved at the cost of getting imprecise results. The simplicity of SIM calculations was attained at a cost of constructing a sub-optimal portfolio, which does not lie on the corresponding efficient frontier. The Capital Asset Pricing Model (CAPM) reveals that there is a great deal of systematic risk in relation to the portfolio enclosed in this study. By using the CAPM it is possible to determine which part of the risk the producer can control (non-systematic risk) and which part the producer has no control over (systematic risk). The proportions of systematic risk that can be diversified away are small, relative to the total risk of the Farm Sector Portfolio. The success of these models depends on the efficiency of the market, as weU as a large, up-to-date and reliable data source. Many younger cultivars could not be included in this study, due to the limited availability of data. In the next few years as data become available, it will be possible to construct efficient frontiers out of a wider range of enterprises. Different enterprises and cultivars will increase the number of alternative uses for natural resources in the PaarlIBerg River region through diversification. This will result in more choices for the farmer, and more flexibility in the decision-making process. Without reliable data, the result will be "garbage in, garbage out."
AFRIKAANSE OPSOMMING: In elke besluit wat geneem word in landbou moet risiko as 'n faktor in ag geneem word. Tog is risiko nie iets om te vrees nie. Dit is eerder keuse as noodlot. Die stappe wat ons waag om te neem, wat afhang van hoe vry ons is om keuses te maak, is waaroor die teorie van risiko gaan. Die doel van die tesis is om risiko effektief te bestuur binne die vermoëns van die boer om sodoende negatiewe resultate die hoof te bied Sommige metodes van risikobestuur is lewensvatbaar vir alle soorte plase. Ander is slegs lewensvatbaar vir sekere groottes en tipes plase. Daarom benodig boere in die algemeen 'n tegniek wat dit vir hulle moontlik maak om 'n effektiewe beleggingstrategie te kies uit die verskillende uitvoerbare strategiee. Gegewe n as riskante aktiwiteite (soos die verskillende gewasse in die PaarllBergrivierstreek) is dit noodsaaklik om 'n diversifiseringstrategie te vind wat 'n portefeulje sal lewer wat raak aan die effektiewe grens. Die navorsingsvraag was of verskillende diversifiseringsmodelle (Markowitz diversifiseringsmodel (MVC), "Single Index Model" (SIM) en die "Capital Asset Pricing Model" (CAPM)) wat gewoonlik toegepas word in kapitaalmarkte vir die samestelling van optimale gediversifiseerde portefeuljes bestaande uit verskillende aandele, ook van toepassing sal wees op riskante portefeuljes in die landbou in die PaarlJBergrivierstreek, wat verskillende gewasse insluit. Die effektiewe grens kan gesien word as die grafiese voorstelling van 'n stel portefeuljes wat die verwagte winste vir elke vlak van portefeuljerisiko vermeerder. Die Microsoft Excel portefeulje optimeringsprogram (SOLVER) word gebruik om die beleggingsverhoudings, verwagte winste en standaardafwykings van die portefeuljes aan die effektiewe grens te illustreer. Die "Single Index Model" (SIM) kan gebruik word as 'n alternatief vir die Markowitz diversi:tikasiemodel. Dit verminder drasties die getal parameters en lewer maklik die effektiewe reeks, sonder die tegniese probleme wat ondervind word met die oplossing by die Markowitz model. Nietemin, indien die SIM die werklike data weerspreek sal die vereenvoudiging van die berekenings bereik word ten koste van onakurate resultate. Die eenvoud van die SIM is verkry ten koste van die samestelling van 'n suboptimale portfeulje, wat nie aan die ooreenstemmende effektiewe grens lê nie. Die "Capital Asset Pricing Model" (CAPM) wys dat daar baie sistematiese risiko gekoppel is aan die portfeulje ingesluit in hierdie studie. Deur gebruik temaak van die CAPM is dit moontlik om vas te stel watter deel van die risiko (nie-sistematies) die produsent kan beheer en watter deel die produsent nie kan beheer nie (sistematiese risiko). Die verhouding van sistematiese risiko wat weggediversifiseer kan word is klein in verhouding tot die algehele risiko van die boerderysektor portefeulje. Die sukses hang afvan die doeltreffendheid van die mark, sowel as 'n groot tot-op-datum en betroubare bron van data. Baie van die jonger aangeplante kultivars kan nie ingesluit word in hierdie studie nie as gevolg van beperkte data In die volgende paar jaar, soos data beskikbaar word, sal dit moontlik wees om effektiewe grense van 'n wye reeks gewasse saam te stel. Verskillende gewasse en kultivars sal die hoeveelheid alternatiewe gebruike van natuurlike hulpbronne in die PaarllBergrivierstreek vermeerder deur diversifikasie. Dit sal lei tot meer keuses vir die boer en meer buigsaamheid in die besluitnemingsproses. Sonder betroubare data kan betroubate resultate nie verkry word me.

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41

Alenius, Peter, and Edward Hallgren. "P/E-effekten : En utvärdering av en portföljvalsstrategi på Stockholmsbörsen mellan 2004 och 2012." Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-76206.

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One could argue that the most discussed topic in finance is whether or not it is possible to “beat the market”. Even though many people claim to do this, there is little evidence to support the idea that one can consistently beat the market over a long period of time. There are indeed several examples of investors who have managed to outperform the market consistently for a long time, but the efforts of these individuals or institutions could by many be considered to be pure luck. One of the many strategies that have been evaluated by several researchers and is said to generate a risk adjusted return greater than that of the market, is one based on the P/E-effect. This strategy is based on the financial ratio P/E – price divided by earnings – and used by constructing portfolios consisting of stocks with low P/E ratios. Several studies have confirmed the existence of the P/E-effect on various stock markets around the world and over different time periods. On the Swedish market, however, few studies have generated the same results. Most of these studies can be considered to be insufficient with regards to sample sizes and methods, spawning a need for more extensive studies. We have examined the P/E strategy on the Swedish Stock Exchange (SSE) between 2004 and 2012. The sample included 358 companies (excluding financial companies) with available necessary data. The stocks were divided into five portfolios based on their yearly P/E ratios (low to high), upon which the monthly returns of the individual stocks were calculated using a logarithmic formula. The returns were also risk adjusted using the Capital Asset Pricing Model (CAPM), followed by a regression analysis to see if possible abnormal returns could be considered to be statistically significant for the examined time period. The results of our study indicate that the P/E effect is not present on the Swedish Stock Exchange during the examined time period, and we therefore conclude that it was not possible to utilize a strategy based on the P/E effect between 2004 and 2012 in order to achieve an abnormal return. The results can be used to argue that the Swedish stock market is more efficient than for example the U.S. stock market where the P/E effect has been found to exist.

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42

Tezcan, Berna. "Developing Alternative Modes Of Tourism In Turkey." Master's thesis, METU, 2004. http://etd.lib.metu.edu.tr/upload/12605524/index.pdf.

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Mass tourism being on the agenda of world tourism industry since post war period, has been facing stagnation with late 80&rsquo
s. Additionally consumer&rsquo
s preferences and tendencies towards seeking new activities regardless of sea-sun-sand type of tourism have been started to change. Therefore popular tourist destinations are in a position where to develop alternative tourist activities to sustain their market shares in world tourism market. In compliance with this trend, the purpose of this thesis is to analyze the need and the reason of Turkish Tourism Industry moving away from concentrating merely on mass tourism and accordingly to evaluate the efforts of Turkish tourism authorities in diversifying tourism activities and extending the tourist season to year round with reference to Tourism Development Regions, Amendment of Tourism Encouragement Law, etc. Additionally the importance of focusing on cultural, historical, traditional identity and unique assets of Turkey in order to sustain its ranking in the international tourism market is stressed.

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43

Wei, Xiaoli. "Control of McKean-Vlasov systems and applications." Thesis, Sorbonne Paris Cité, 2018. https://theses.md.univ-paris-diderot.fr/WEI_Xiaoli_2_complete_20181127.pdf.

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Cette thèse étudie le contrôle optimal de la dynamique de type McKean-Vlasov et ses applications en mathématiques financières. La thèse contient deux parties. Dans la première partie, nous développons la méthode de la programmation dynamique pour résoudre les problèmes de contrôle stochastique de type McKean-Vlasov. En utilisant les contrôles admissibles appropriés, nous pouvons reformuler la fonction valeur en fonction de la loi (resp. la loi conditionnelle) du processus comme seule variable d’état et obtenir la propriété du flot de la loi (resp. la loi conditionnelle) du processus, qui permettent d’obtenir en toute généralité le principe de la programmation dynamique. Ensuite nous obtenons l’équation de Bellman correspondante, en s’appuyant sur la notion de différentiabilité par rapport aux mesures de probabilité introduite par P.L. Lions [Lio12] et la formule d’Itô pour le flot de probabilité. Enfin nous montrons la propriété de viscosité et l’unicité de la fonction valeur de l’équation de Bellman. Dans le premier chapitre, nous résumons quelques résultats utiles du calcul différentiel et de l’analyse stochastique sur l’espace de Wasserstein. Dans le deuxième chapitre, nous considérons le contrôle optimal stochastique de système à champ moyen non linéaire en temps discret. Le troisième chapitre étudie le problème de contrôle optimal stochastique d’EDS de type McKean-Vlasov sans bruit commun en temps continu où les coefficients peuvent dépendre de la loi joint de l’état et du contrôle, et enfin dans le dernier chapitre de cette partie nous nous intéressons au contrôle optimal de la dynamique stochastique de type McKean-Vlasov en présence de bruit commun en temps continu. Dans la deuxième partie, nous proposons un modèle d’allocation de portefeuille robuste permettant l’incertitude sur la rentabilité espérée et la matrice de corrélation des actifs multiples, dans un cadre de moyenne-variance en temps continu. Ce problème est formulé comme un jeu différentiel à champ moyen. Nous montrons ensuite un principe de séparation pour le problème associé. Nos résultats explicites permettent de justifier quantitativement la sous-diversification, comme le montrent les études empiriques
This thesis deals with the study of optimal control of McKean-Vlasov dynamics and its applications in mathematical finance. This thesis contains two parts. In the first part, we develop the dynamic programming (DP) method for solving McKean-Vlasov control problem. Using suitable admissible controls, we propose to reformulate the value function of the problem with the law (resp. conditional law) of the controlled state process as sole state variable and get the flow property of the law (resp. conditional law) of the process, which allow us to derive in its general form the Bellman programming principle. Then by relying on the notion of differentiability with respect to probability measures introduced by P.L. Lions [Lio12], and Itô’s formula along measure-valued processes, we obtain the corresponding Bellman equation. At last we show the viscosity property and uniqueness of the value function to the Bellman equation. In the first chapter, we summarize some useful results of differential calculus and stochastic analysis on the Wasserstein space. In the second chapter, we consider the optimal control of nonlinear stochastic dynamical systems in discrete time of McKean-Vlasov type. The third chapter focuses on the stochastic optimal control problem of McKean-Vlasov SDEs without common noise in continuous time where the coefficients may depend upon the joint law of the state and control. In the last chapter, we are interested in the optimal control of stochastic McKean-Vlasov dynamics in the presence of common noise in continuous time.In the second part, we propose a robust portfolio selection model, which takes into account ambiguity about both expected rate of return and correlation matrix of multiply assets, in a continuous-time mean-variance setting. This problem is formulated as a mean-field type differential game. Then we derive a separation principle for the associated problem. Our explicit results provide an explanation to under-diversification, as documented in empirical studies

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44

Duarte, Rafael Campos. "Colour polymorphism and its function in Hippolyte obliquimanus: camouflage and resource use diversification." Universidade de São Paulo, 2017. http://www.teses.usp.br/teses/disponiveis/59/59139/tde-19072018-143815/.

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This thesis addresses the mechanisms regulating the evolution and maintenance of colour polymorphism in the shrimp Hippolyte obliquimanus. It includes four chapters that illustrate, in an integrative approach, the ecological and behavioural consequences of different camouflage and habitat use strategies selected in main colour morphs. In the first chapter entitled Camouflage through colour change: mechanisms, adaptive value, and ecological significance, the physiological and structural mechanisms underpinning colour change, and hence camouflage, in different species were detailed within a general framework. Also in this section, both the adaptive value and the ecological and evolutionary implications of these processes were discussed. In the second chapter entitled Shape, colour plasticity, and habitat use indicate morph-specific camouflage strategies in a marine shrimp morph-specific colour change and habitat selection were investigated as potential mechanisms affecting camouflage efficiency and the natural distribution of H. obliquimanus colour morphs between macroalgal habitats formed by Sargassum furcatum and Galaxaura marginata. Moreover, morph-specific morphology and behavioural traits were also assessed. Shrimp showing a homogeneous coloration (H) changed colour when placed in colour-mismatching backgrounds and also exhibited a more robust shape associated to high substrate fidelity and specialization. On the other hand, striped translucent shrimp (ST) were not capable of colour change and showed high mobility, consistent with a more streamlined shape and a generalised use of algal habitats. In the third chapter entitled The adaptive value of camouflage and colour change in a polymorphic shrimp visual models and predation trials were used to test the adaptive value of camouflage and colour change of H. obliquimanus colour morphs against colour-contrasting macroalgae, which provide different levels of colour concealment. The low colour discrimination predicted by a visual model of a seahorse predator for pink shrimp against the red weed Galaxaura was directly translated to lower detection and consumption rates on this morph by captive seahorses in a laboratory experiment, demonstrating the high adaptive value of camouflage in this species. Finally, in the fourth chapter entitled Habitat-dependent niche partitioning between colour morphs of the algal-dwelling shrimp Hippolyte obliquimanus the trophic ecology of H and ST morphs when using Sargassum and Galaxaura habitats were assessed through stable isotope analysis. Morphs showed different isotopic signatures only in Galaxaura, where the supply of food resources are limiting, leading to a tropic niche diversification between H and ST shrimp and a probable relaxation of intra-specific competition. Conversely, in Sargassum, where resources are abundant, morphs coexistence is possible even without niche partitioning. Altogether, the results of this thesis contributed to a better understanding of the adaptive value and the underlying mechanisms controlling for the maintenance of colour polymorphism in H. obliquimanus. From both an ecological and evolutionary perspective, morph-specific strategies of camouflage and habitat use likely promote the stability of shrimp populations in a spatially heterogeneous and markedly seasonal habitat.
Esta tese aborda os mecanismos que regulam a evolução e manutenção do polimorfismo de cor no camarão Hippolyte obliquimanus ao longo de quatro capítulos que ilustram de forma integrada as consequências ecológicas e comportamentais das distintas estratégias de camuflagem e de uso do habitat selecionadas nos principais morfótipos da espécie. No Capítulo 1, intitulado Camouflage through colour change: mechanisms, adaptive value, and ecological significance, são detalhados de maneira geral os mecanismos fisiológicos e estruturais responsáveis pelo processo de mudança de cor e obtenção de camuflagem em diferentes espécies de animais. Nessa seção também é detalhado o valor adaptativo e as implicações ecológicas e evolutivas desses processos. No Capítulo 2, intitulado Shape, colour plasticity, and habitat use indicate morph-specific camouflage strategies in a marine shrimp, são investigados os processos de mudança de cor e de seleção de habitat como possíveis mecanismos reguladores dos padrões de camuflagem e de distribuição dos morfótipos de cor de H. obliquimanus entre os bancos das algas Sargassum furcatum e Galaxaura marginata. Além disso, também são avaliadas diferenças morfológicas e comportamentais entre os morfótipos na utilização dos habitats vegetados. Camarões caracterizados por uma coloração homogênea (H) mudam de cor quando em contato com substratos de coloração diferente à sua, exibindo também uma morfologia mais robusta e um comportamento de alta fidelidade e especialização aos substratos de macroalgas. Por outro lado, camarões transparentes listrados (TL) não mudam de cor e apresentam elevada mobilidade, consistente com uma morfologia mais hidrodinâmica e com uso mais generalizado dos habitats estudados. No Capítulo 3, intitulado The adaptive value of camouflage and colour change in a polymorphic shrimp, são utilizados modelos visuais e experimentos de predação para testar o valor adaptativo da camuflagem e mudança de cor em diferentes morfótipos do camarão H. obliquimanus quando estes estão associados a macroalgas que fornecem diferentes graus de semelhança cromática. O baixo grau de discriminação cromática previsto para camarões rosa em associação à alga vermelha Galaxaura através da modelagem visual de um predador (cavalo-marinho) resultou em baixas taxas de detecção e predação desse morfótipo por cavalos-marinhos em um experimento de laboratório, demonstrando um alto valor adaptativo da camuflagem nessa espécie. Por fim, no Capítulo 4, intitulado Habitat-dependent niche partitioning between colour morphs of the algal-dwelling shrimp Hippolyte obliquimanus, a ecologia trófica dos morfótipos de cor H e TL na utilização dos bancos de Sargassum e Galaxaura é avaliada através de análises de isótopos estáveis. Os morfótipos de cor mostraram diferenças nas razões isotópicas apenas em Galaxaura, onde a abundância de recursos alimentares é limitante, levando à diversificação de nicho trófico entre camarões H e TL e uma provável redução da competição intraespecífica. Por outro lado, em Sargassum, onde há abundância de recursos, a coexistência entre os morfótipos é possível mesmo sem partição de nicho ecológico. Em conjunto, os resultados obtidos nessa tese detalham tópicos centrais sobre os mecanismos reguladores e o valor adaptativo do polimorfismo cromático em H. obliquimanus. Dentro de uma abordagem ecológica e evolutiva, as diferentes estratégias de camuflagem e de uso de habitat dos morfótipos de cor parecem ser essenciais para o equilíbrio populacional da espécie, uma vez que os bancos de macroalgas utilizados como habitat pelos indivíduos são bastante heterogêneos e sua disponibilidade varia sazonalmente.

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45

Dias, Raquel Alexandra Guerra. "Uma nova realidade do mercado de gás natural : modelo e os processos." Master's thesis, Instituto Superior de Economia e Gestão, 2010. http://hdl.handle.net/10400.5/3723.

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Mestrado em Ciências Empresariais
O Gás Natural, como utility que é, constitui uma fonte energética fundamental no panorama energético de qualquer país. Nos últimos anos, o mercado de GN tem vindo a sofrer algumas alterações significativas a nível estrutural, nomeadamente, através da imposição da Directiva Comunitária da União Europeia 98/30/CE, de 2 de Junho de 2008. A referida Directiva estabeleceu regras quanto à liberalização do Mercado. O documento irá centrar a sua análise no conjunto de acções que foram necessárias desenvolver para que o referido processo de liberalização fosse uma realidade. Tornou-se assim necessário, que as empresas reorganizassem os seus processos e modo de actuação para poderem responder a uma nova realidade de mercado. Um dos processos que irá ser objecto de análise é o processo de Unbundling. O intuito deste documento é o de analisar as medidas e as alterações que foram necessárias para a implementação da liberalização. Deste modo, será efectuada uma análise dos decretos e das suas implicações práticas, os timings de implementação da liberalização e as diferenças entre os diversos países. Uma das alterações fundamentais introduzidas por este processo e que será analisada em detalhe, é a possibilidade de escolha livre dos fornecedores por parte dos consumidores. Pretende-se analisar o perfil dos consumidores, medir a sua sensibilidade ao preço e as suas oscilações entre comercializadoras/fornecedores, assim como outros indicadores que motivam a sua mudança. Considero ainda ser importante efectuar uma análise de "Michael Porter" sobre as forças competitivas da indústria do Gás Natural, de modo a analisar a indústria relativamente aos concorrentes, clientes, fornecedores, ameaça de entrada de novos concorrentes e a possibilidade de surgimento de produtos substitutos. Finalmente, irei efectuar uma reflexão sobre a possibilidade de as empresas que operam no mercado necessitarem de alterar o seu modelo estratégico e diversificar o seu negócio.
Natural Gas is a very important source of energy, in the energy landscape of any country. In recent years the market for natural gas has undergone some significant changes at the structural level, notably through the imposition of the EU Directive 98/30/EC of the European Union, of June 2, 2008. This Directive lays down rules concerning the liberalization of the natural gas market. The paper will focus its analysis on the set of actions that were necessary to develop the aforementioned process of liberalization has become a reality. It has thus become necessary for companies to reorganize their processes and mode of action, in order to respond to a new market reality. One of the processes that will be analyzed in this paper is the unbundling process. The purpose of this paper is to analyze the changes and measures that were necessary for implementing liberalization policies. Therefore, will be analyzed the legislation implementation and it's practical effects, the timings of liberalized market implementation and differences between countries. One of the major changes that will be discussed in detail, it is intended with the fact that with market liberalization it became possible to consumers to freely choose their supplier. It is intended to analyze the consumers' profile, measuring their price sensitivity and its fluctuations between traders/ suppliers, as well as, other indicators that motivate their change. I also believe it is important to do a review of Michael Porter competitive forces of the natural gas industry, in order to analyze that industry with regard to: competitors, customers, suppliers, threat of new competitors and the possible emergence of substitute products. Finally, I will make a reflection on the possibility of companies operating in this market need to change their strategic model and probably diversify their business.

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46

Dias, Tarli Vitor. "Taxonomie, phylogéographie et distribution du genre Monastria Saussure 1864 (Insectes, Blattodea) dans la forêt atlantique brésilienne." Thesis, Paris, Muséum national d'histoire naturelle, 2018. http://www.theses.fr/2018MNHN0004/document.

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La forêt atlantique brésilienne est un des points sensibles de biodiversité avec une richesse spécifique et des risques d’extinction élevés. Cette forêt est située le long de la côte atlantique brésilienne, s’étendant jusqu’au Paraguay vers le Sud et à l’Argentine dans l’intérieur des terres. Du fait des gradients longitudinal et altitudinal, de la géologie complexe et de la diversité des sols, cette forêt comprend une diversité exceptionnelle de paysages et d’écosystèmes qui ont permis à cette riche biodiversité de se développer. Cependant, cette dernière encourt des risques extrêmes d’extinction du fait des densités et des tailles de populations humaines locales les plus élevées en Amérique du Sud. La forêt atlantique est ainsi aujourd’hui réduite à moins de 5% de sa surface originelle, répartie dans des fragments épars. En dépit de cette richesse spécifique reconnue, beaucoup reste à comprendre au sujet de plusieurs composantes de la biodiversité et de leur origine. Parmi les groupes encore mal connus figurent en particulier les insectes. Dans le but de combler cette lacune, j’ai étudié dans cette thèse un genre de blatte endémique de la forêt atlantique, Monastria Saussure, 1864 (Blattodea, Blaberinae). Je me suis focalisé sur sa taxonomie, sa phylogéographie et sur la contribution des données de collections d’histoire naturelle à la modélisation de l’aire de distribution. L’étude de la taxonomie a consisté à entreprendre la révision du genre avec la re-description des espèces espèces déjà connues et la description de nouvelles espèces. Les descriptions des espèces connues étaient fort anciennes et la description (et redescription) a donc inclus la définition de nouveaux caractères, ainsi qu’une étude des genitalia. Des problèmes nomenclaturaux anciens ont été également résolus, une clé d’identification des espèces ainsi qu’une clé d’identification des larves des genres de Blaberinae endémiques de la forêt atlantique ont été construites. La deuxième étude concernait l’analyse de la diversification et de la distribution du genre Monastria dans la forêt atlantique brésilienne. Cette analyse a indiqué l’importance des impacts différentiels des changements de température durant le dernier maximum glaciaire entre les parties Nord et Sud de la forêt atlantique, ceci résultant dans le patron de distribution présent. La troisième étude est une évaluation de l’intérêt des données disponibles dans les collections d’histoire naturelle concernant Monastria pour inférer son aire de répartition en se basant sur des modèles de niches écologiques (ENM), et en utilisant les données issues de l’échantillonnage de terrain ciblé sur Monastria pour valider les résultats. Nous montrons ici que le lot de données des collections est biaisé dans l’espace environmental. Le sur-échantillonnage dans une classe de climat conduit à construire des modèles d’aires favorables plus restreints que ceux de la distribution réelle de Monastria. Ces biais augmentent donc la spécificité des modèles et réduisent leur sensibilité. Pour résoudre ce problème, nous avons conçu deux sortes d’analyse de raréfaction et montré que la suppression aléatoire de points dans la classe climatique la plus biaisée augmente de manière très efficace la sensibilité du modèle de niche climatique
The Brazilian Atlantic forest is one of the biodiversity hotspots with the richest species diversity and threat. It is located along the Brazilian Atlantic coast going south til Paraguay and Argentina in the interior of the continent. Due to its longitudinal and altitudinal gradients, complex geology and diversity of soils it harbors an enormous diversity of landscapes and ecosystems that gave rise to its rich biodiversity. However, this biodiversity is extremely threatened because this region is the one with the highest population size and density in south America. So, the Atlantic forest is now limited to less than 5% of its original surface and distributed in scattered fragments. Despite the recognized species richness, much remains to be known about several components of this biodiversity and their origin. Among the groups still poorly known are the insects. In order to contribute to bridge this gap, in this thesis I studied one genus of cockroach endemic from the Atlantic forest, Monastria Saussure, 1864 (Blaberidae, Blaberinae). I focused on the taxonomy, phylogeography and on the contribution of the data existing in natural history collections to model the distribution range. The study of the taxonomy consisted in the revision of the genus with the re-description of already known species and description of new ones. Since the known species were described very early, the description (and re-description) comprised the definition of new characters, and consideration paid to genitalia. In addition to that, old nomenclatural problems were solved, a key to species’ identification was provided, a key to the identification of nymphs of the genera of Blaberinae endemic to the Atlantic forest were provided. The second study was aimed to understand the diversification and distribution of the genus Monastria in the Brazilian Atlantic Forest. This analysis indicates the importance of differential impacts of shifts in temperature between the Southern and Northeastern part of the Atlantic forest in the Last Glacial Maximum for explaining the present pattern of distribution. The third study is an evaluation of the data concerning Monastria available in Natural History Collections for estimating its distribution range based on Ecological Niche Models (ENM), and using the data from the field work designed to assess the presence of Monastria to validate the results. Here we showed that the dataset is biased in the environmental space. This oversampling in a climate class leads to models with suitable areas much smaller than that of the real distribution of Monastria. These biases increase model’s specificity and reduced sensitivity. To overcome this problem, we designed two forms of rarefaction and showed deleting points at random in the most biased climate class is very powerful to increase the sensitivity of the ENM

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47

DE, VRIES MARTE. "Speeding Up Social Entrepreneurship: Improving the Sustainability of the Accelerator Program." Thesis, KTH, Industriell Management, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-239929.

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In the past decade, a new entrepreneurial phenomenon aimed at seeding start-up companies has emerged across the globe: the social enterprise (SE) accelerator program. These accelerators focus on scaling social entrepreneurs by accelerating their journey to the market. Different actors like business reporters, entrepreneurs, and angel investors have expressed skepticism around the viability of the accelerator model. To research this sustainability, this thesis studied the revenue models of SE accelerators. Four semi-structured interviews were conducted with experts working at SE accelerators in Stockholm. These four identified getting revenue from partnerships, government institutions, and philanthropy and donations. Consulting contracts, equity shares and fees were not used by these four but were discussed as potential revenue streams. All respondents emphasized the importance of revenue model diversification and were currently working on strategies to act on this. Diversifying the revenue models of SE accelerators will increase the sustainability of their revenue models. This might be the first step from the focus of monetary gain towards a society where business is created to do good.

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48

Andrade, Vagner Roberto Araújo de. "Efeitos da diversificação no valor das empresas do mercado de telecomunicações: teste do modelo de Berger e Ofek." Universidade de São Paulo, 2002. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-30092003-163857/.

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Анотація:

Durante as décadas de 50 e 60, muitas empresas norte-americanas iniciaram um processo intenso de diversificação. Este processo atingiu seu ponto máximo com mais uma onda de fusões do final da década de 60 e que culminou com o surgimento de conglomerados corporativos gigantes. Nos últimos 15 anos, a tendência tem se revertido como mostra os recentes estudos de COMMENT e JARREL (1994), BERGER e OFEK (1995) e LIEBESKIND e OPLER (1993), que documentam o retorno à especialização. Este movimento em direção à especialização aparentemente resultou da visão de que diversificação de empresas não-correlacionadas diminui o valor da empresa. Argumentos teóricos sugerem que a diversificação tem tanto efeito de aumentar o valor da empresa como de diminuir. Os benefícios potenciais de se operar diferentes linhas de negócio como se fossem uma única empresa incluem maior eficiência operacional, menor possibilidade de perder projetos com valor presente líquido positivo, maior capacidade de alavancagem financeira e menores impostos. Os custos potenciais da diversificação incluem o uso de recursos em projetos que diminuem o valor da empresa, subsídios entre unidades de negócios que permitem unidades com baixo desempenho se aproveitarem dos recursos gerados por unidades com alto desempenho e conflito de interesse entre os executivos das unidades de negócio e da corporação. Não há predições claras sobre o efeito global da diversificação no valor da empresa. Foram utilizados dados de unidades de negócio para estimar o efeito da diversificação no valor das empresas no setor de telecomunicações da economia norte-americana. Comparou-se a soma das unidades de negócio diversificadas com valores imputados pelo modelo com os seus valores reais dentro das corporações a que pertencem. As empresas diversificadas tiveram seus valores em média, durante o período de 1990-99, entre 0,2% e 6,4% acima dos valores imputados pelo modelo. O trabalho está dividido da seguinte forma: o capítulo 1 apresenta o problema de pesquisa, mostrando sua origem e importância; o capítulo 2 revisa a fundamentação teórica e detalha alguns resultados de estudos anteriores sobre os efeitos da diversificação; capítulo 3 descreve a amostra utilizada e o modelo de pesquisa aplicado; o capítulo 4 mostra os efeitos da diversificação nas empresas do setor de telecomunicações do mercado norte-americano entre os anos de 1990 e 1999; o capítulo 5 apresenta as considerações finais com sugestões de novos estudos sobre este assunto.
During the 1950s and ´60s many US corporations undertook massive diversification programs. This process reached its climax with the merger wave of the late 1960s and the accompanying rise to prominence of huge conglomerate firms. In the last 15 years the trends has reversed, with studies by COMMENT and JARREL (1994), BERGER and OFEK (1995) and LIEBESK and OPLER (1993) documenting a return to specialization. This push toward focus apparently resulted from the view that unrelated diversification decreases firm value. Theoretical arguments suggest that diversification has both value-enhancing and value-reducing effects. The potential benefits of operating different lines of business within one firm include greater operating efficiency, less incentive to forego positive net present value projects, greater debt capacity, and lower taxes. The potential costs of diversification include the use of increased discretionary resources to undertake value-decreasing investments, cross subsidies that allow poor segments to drain resources from better-performing segments, and misalignment of incentives between central and divisional managers. There is no clear prediction about the overall value effect of diversification. In this study, it was used segment-level data to estimate the valuation effect of diversification on US Telecom companies. It was compared the sum of imputed stand-alone values of the segments of diversified companies to the actual values of those companies. It was documented that diversified firms have values that average, during 1990-99, 0,3% to 6,4% above the sum of the imputed values of their segments. Chapter 1 describes the main goal of this study and its genesis. Chapter 2 reviews the related literature and details the predicting resulting from prior theoretical work. Chapter 3 describes the sample and explains the empirical approach. Chapter 4 assesses the overall value effect of diversification using imputed segment values and a comparison of profitability between diversified and single-segment firms. Finally, Chapter 5 describes the final considerations about the diversifications effect on firm value.

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49

Karpf, Léa. "Systematic Study of OX40 Ligand Context-Dependent Function on Human T Helper Cell Polarization A Quantitative Multivariate Model of Human Dendritic Cell-T Helper Cell Communication TH Cell Diversity and Response to Dupilumab in Patients With Atopic Dermatitis Inborn Errors of Type I IFN Immunity in Patients With Life-Threatening COVID-19 Quantitative Modeling of OX40 Ligand Context-Dependent Function on Human T Helper Cell SARS-CoV-2 Induces Activation and Diversification of Human Plasmacytoid Pre-Dendritic Cells." Thesis, université Paris-Saclay, 2020. http://www.theses.fr/2020UPASL044.

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Анотація:

L'immunité adaptative est principalement orchestrée par des lymphocytes T CD4 auxiliaires. Ils ont la capacité de se polariser en plusieurs sous-populations, chacune associée à un phénotype approprié au pathogène rencontré. L'activation des lymphocytes T auxiliaires peut être régulée par des checkpoints immunitaires co-stimulateurs, tel que OX40 Ligand, ou co-inhibiteurs. Ces molécules ont été étudiées individuellement, dans des conditions spécifiques. Cependant, la contexte-dépendance pourrait expliquer une grande partie de la variabilité fonctionnelle des biomolécules. Il n'y a actuellement aucune méthode permettant d’analyser et de quantifier la contexte-dépendance d’une molécule dans plusieurs contextes et sur une réponse donnée.Mon projet de thèse a porté sur la fonction de OX40L sur la polarisation des cellules T auxiliaires, dans 4 contextes moléculaires et 11 cellulaires. Nous avons mesuré 17 cytokines T auxiliaires et développé une stratégie de modélisation statistique pour quantifier la contexte-dépendance deOX40L. Les scores de contexte-dépendance se sont révélés très variables qualitativement et quantitativement, en fonction de la cytokine et du type de contexte. Parmi les contextes Th, Th2 était le plus influent sur la fonction OX40L. Parmi les contextes DC, le type de cellules dendritique était dominant dans le contrôle de la contexte-dépendance de OX40L plutôt que le stimuli d’activation. Mon travail de thèse dévoile les complexes déterminants de la fonction de OX40L, fournit une méthode unique pour quantifier la variabilité fonctionnelle contexte-dépendante de n’importe quelle biomolécule et appuie sur le fait que la contexte-dépendance devrait être davantage prise en considération dans les études futures
Adaptive immunity is mainly orchestrated by CD4 T helper cells. They have the ability to polarize in several subsets, each associated to a suitable phenotype for the encounter pathogen. T helper cell activation can be regulated by co-stimulator, such as OX40 Ligand, or co-inhibitor immune checkpoint molecules. These molecules have been studied individually, in specific conditions. However, context-dependency may explain large parts of the functional variability of biological molecules on a given output. Currently, there is no framework to analyze and quantify context-dependency of a molecule over multiple contexts and response outputs. My PhD project focused on OX40L function on T helper cell polarization, in 4 molecular and 11 cellular contexts. We measured 17 T helper cytokines and developed a statistical modeling strategy to quantify OX40L context-dependency on these cytokines. This revealed highly variable qualitative and quantitative context-dependency scores, depending on the output cytokine and context type. Among molecular contexts, Th2 was the most influential on OX40L function. Among cellular contexts, dendritic cell type rather than activating stimulus was dominant in controlling OX40L contextdependency. My thesis work unveils the complex determinants of OX40L function, provides a unique framework to quantify the context-dependent functional variability of any biomolecule, and supports that context-dependency should be more taken into consideration in future studies

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50

Castro, Carlos. "Essays in dependence and optimality in large portfolios." Doctoral thesis, Universite Libre de Bruxelles, 2010. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210186.

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Анотація:

This thesis is composed of three chapters. The first two chapters provides novel approaches for

modeling and estimating the dependence structure for a large portfolio of assets using rating data.

In both chapters a natural form of organizing a portfolio in terms of the levels of exposure to economic sectors and geographical regions, plays a key role in setting up the dependence structure.

The last chapter investigates weather financial strategies that exploit sector or geographical heterogeneity in the asset space are relevant in terms of portfolio optimization. This is also done in a context of a large portfolio but with data on stock returns.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished

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