Market efficiency, based on people acting rationally, has been the dominating finance theory for most of the 20th and 21st Century’s. This classical finance theory is based on assumptions that people are rational, they absorb all available information and maximise utility. This view is outdated; it has been shown that people are in fact irrational and that this could be the cause of anomalies in the market. Behavioural finance takes into account people, and their natural biases. Behavioural finance has integrated classical financial theories and psychological theories to illustrate the way in which irrational people can impact market efficiency. This research looks at the way collective investment scheme manager decision-making can impact market efficiency. Specifically the behavioural biases: overconfidence, over optimism, loss aversion and frame dependence and whether or not collective investment scheme performance is affected by these. This research was carried out using a questionnaire distributed directly to CIS managers and risk-adjusted returns were used in order to allow for comparative results. The results from the questionnaire show evidence that actively managing South African CIS managers do indeed suffer from overconfidence and loss aversion and they do not appear to suffer from frame dependence or over optimism in this research context. There was also evidence showing that managers who suffer from these biases also demonstrated lower investment returns. “The investor’s chief problem, and even his worst enemy, is likely to be himself.” - Benjamin Graham

The master thesis deals with passive houses and their profitability's economic analysis. The thesis focuses on both new buildings and renovations, which have the greatest potential for energy savings in the building's sector. The cost-effectiveness of proposed measures is evaluated using the example of reconstruction of an existing house with passive and low-energy standard. Low-energy option of reconstruction is more profitable from an investor's perspective than the passive one. At 4% annual growth in energy prices, both options become comparable. The result of the calculation is not generally applicable. The profitability always depends on a specific building and various measures. Besides the cost-effectiveness, the investor's decision about an investment is also influenced by an increasing level of living comfort, subsidies and environmental protection.

Un marché efficient permet de définir le prix d’un bien, pour des quantités échangées, qui reflète la valeur donnée par les acteurs économiques. Cette valeur est objective dans la théorie classique, ou intrinsèque. Or, la valeur intrinsèque apparaît parfois déconnectée d’une valeur sociale. Il y a donc un problème de définition de la valeur, qui s’exprime notamment sur les marchés financiers. S'agissant de titres financiers, cette valeur est ce qui est mesuré subjectivement au travers d'une échelle de valeur dont la norme est donnée par le leader du marché. Ce leader est reconnu comme le vainqueur d'une lutte, appelée agôn, et se repère par une croissance de son cours (effet agonistique), une baisse des volumes échangés (effet d'allégeance) et un kurtosis élevé (effet mimétique). Nous pouvons alors proposer des aides à la décision pour l’investisseur à partir d’une théorie agonistique de la valeur. / An efficient market gives the right price of any product, with exchanged quantities, reflecting the value given by sellers and buyers. This value is defined as objective, or intrinsic in classical economic approach. This intrinsic value may be disconnected from a social value. It means there is a problem to define the value especially on financial markets. On those financial markets, value is what has to be measured, subjectively on a value scale given by the market leader. This leader is the winner of a fight, called agôn, and its stock price is growing (agonistic effect), the quantities of stocks exchanged are dropping (allegiance effect), with a high kurtosis (mimetic effect). We could propose to any investor some decision-making aid through an agonistic value theory.

Thesis deals with analysis and interpretation of movements of share rates in the view of behavioral finance. It examines how investor psychology, as one man, and the characteristics of the crowd and their influence on the behavior of the markets. This work represents some of the theoretical concepts of behavioral finance, which are contrary to the postulates of the theory of efficient markets, as well as empirical evidence on market anomalies that serve as the basis of arguments advocates of behavioral finance. The theoretical parts are dismembered some of the main influences acting on the psychology of investors, with a strong emphasis on the scarcity of arbitration, and some selected problems of the theory. In the practical part in the three experiments proven results confirming the interpretation of behavioral finance.

Pengar har under en lång tid spelat en central roll i människans samhälle och dagens samhälle präglas av allt mer handel. Utifrån detta har nya betalningsmetoder utvecklats. En förändring i konsumentbeteendet har bidragit till att allt fler individer väljer elektroniska betalningstjänster. En relativt ny innovation är kryptovalutan bitcoin som erbjuder betalning mellan köpare och säljare utan inblandning av en tredje part. Ett flertal studier har gjorts med syftet att fastställa om bitcoin är en valuta eller en tillgång, något som visat sig vara svårt. Något som varit tydligare är att bitcoins värdeförändringar inte tycks vara korrelerad med andra investeringsalternativ. I en studie av Brière et al. (2015) drogs slutsatsen att bitcoin är en intressant tillgång för en investerare tack vare bitcoins låga korrelationskoefficient med andra tillgångar. Denna studie grundar sig i de teoretiska utgångspunkterna om Famas (1970) hypotes om den effektiva marknaden, Markowitz (1952) moderna portföljteori och Rogers (2003) teori om spridning av innovationer. Med detta som utgångspunkt är syftet med denna studie att undersöka hur korrelationskoefficienten mellan bitcoin och traditionella investeringstillgångar som aktier, valutor och råvaror ser ut idag samt hur dessa har förändrats över tid. Med hjälp av Famas (1970) teori om effektiva marknader och Rogers (2003) teori om spridning av innovationer kommer en diskussion om huruvida bitcoins egenskaper som investering i den moderna portföljen har förändrats i takt med att bitcoin blivit mer använd, både som betalningsmedel och investeringsalternativ. För att besvara dessa frågor undersöks korrelationskoefficienterna mellan bitcoin och elva andra tillgångar i kombination med en analys av en deskriptiv statistik. Med en undersökningsperiod som sträcker sig från 18 augusti 2011 till 17 mars 2017. Denna period har även delats upp i mindre tidsperioder för att utifrån detta analysera om det skett några förändringar i korrelationen mellan bitcoin och de traditionella tillgångarna i studien. Resultatet visade att bitcoin inte är korrelerad med andra traditionella tillgångar, oavsett vilken tidsperiod som undersöks. Det visade sig att bitcoin i förhållande till andra tillgångar är en riskfylld investering på grund av bland annat en hög volatilitet. Dock kompenseras detta av bitcoins höga årlig avkastning. Av resultatet framgår det även att volatiliteten för bitcoin har minskat med tiden och att kryptovalutan inte är lika riskfylld idag jämfört med tidigare.

This master´s thesis deals with testing the efficiency of capital markets. The subject to verification of the stock markets of Austria, Hungary, Germany, Great Britain, Czech Republic and Poland during the 2006-2016Q1. The aim of this work is to test the weak formo f efficiency in these markets. The hypothesis was tested using the ACF test ADF and KPSS tests, variance ratio test, run test and test of January effect.

This thesis will focus on the creation of a portfolio. The first part of this paper describes how to get the efficient frontier of a portfolio. The thesis explains things such as the diversification and international diversification of the portfolio. It also explains how the investor can use it for his profit. In the second part of this paper, these methods are tested and evaluated in the condition of today's globalized world.

In planning for future electricity supplies certain issues will need to be considered such as increased energy usage, urbanisation, reduction in personnel, global warming and the conservation of natural resources. As the result, some countries have investigated the transformation of their existing power grid to the so-called Smart Grid. The Smart Grid has three main characteristics which are, to some degree, antagonistic. These characteristics are the provision of good power quality, energy cost reduction and improvement in the reliability of the grid. The need to ensure that they can be accomplished together demands much richer Information and Communications Technology (ICT) networks than the current systems available. In this research we have identified the gap in the current proposals for the ICT of the power grid. We have designed and developed an ICT architecture for the neighbourhood sub-Grid level of the electrical network, where monitoring at this level is very underdeveloped because most current grids are controlled centrally and the response of the neighbourhood area is not generally monitored or actively controlled. Our designed ICT architecture, which is based on established architectural principles, can incorporate data from heterogeneous sources. This layered architecture provides both the sensors that can directly measure the electrical activity of the network (e.g. voltage) and also the sensors that measure the environment (e.g. temperature) since these provide information that can be used to anticipate demand and improve control actions. Additionally, we have de-signed a visualisation tool as an interface for a grid operators to facilitate a better comprehension of the behaviour of the neighbourhood level of the Smart Grid. Since we have noticed that energy aware ICT is a prerequisite for an efficient Smart Grid, we have utilised two different approaches to tackle this issue. The first approach was to utilise a cluster-based communication technique for the second layer of the architecture, which comprises Wireless Sensor Networks, where energy limitation is the major problem. Accordingly, we have analysed the energy-aware topology for wireless sensor networks embedded in the mentioned layer. We provide evidence that the proposed topology will bring energy efficiency to the communication network of the Smart Grid. The second approach was to develop a data reduction algorithm to reduce the volume of data prior to data transmission. We demonstrated that our developed data reduction is suitable for Smart Grid applications which can keep the integrity and quality of data. Finally, the work presented in this thesis is based on a real project that is being implemented in the medium voltage power network of the University of Manchester where power grid instrumentation, real data and professionals in the field are available. Since the project is long-term and the environmental sensor networks in particular are not currently installed we have evaluated some of our predictions via simulation. However, where the instrumentation was available, we were able to compare our predictions and our simulations with actual experimental results.

Off-shoring is a wide-spread instrument for strategic management of companies. According to OECD, 60% of global trade is carried out among subsidiaries of multinational companies. This thesis describes possibilities and methods of using off-shoring which are supported by examples of real companies. The thesis does not deal with off-shoring in the form of production transfer to another state, but with off-shoring in the form of earmarking certain activities, such as purchasing, sale, financing, intellectual property, which are the ways to real cost reduction by means of tax optimisation. Tax savings can thus be used for reducing direct production costs in situations when the production cannot be transferred or when investment costs of such transfer would be too high. It can be also used for off-shoring the production activity.

The intent of this study was to design produce a comprehensible but user-friendly method that would provide a step-by-step process and guide in originating sustainable, affordable and energy efficient net-zero residential housing. The right-step procedure of the VERSAE Method was linked to the traditional vernacular architecture of the Hopi, a Native American people who still reside on part of their aboriginal lands in northeastern Arizona. The process combined traditional strategies identified in local vernacular Hopi architecture with modern strategies to successfully design sustainable, affordable and energy efficient (net-zero) housing specifically for contemporary Hopi housing. The process was documented in the capstone project, "Housing for the Hopi Community: Designing Sustainable, Affordable and Energy Efficient Housing in the Hopi Community, Linking to Cultural Patterns of Sustainability". For this thesis, the VERSAE method and process was replicate to create a sustainable, affordable and net-zero housing prototype for the Omaha Nation located in Nebraska with significantly different climate, environment, local materials and cultural patterns. Both case studies validated the VERSAE method as conductive to sustainable, affordable and energy efficient (net-zero) housing design.