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Investors should seriously assess and consider investment objects when they are proceeding domestically newly-issued equity funds investment. According to this study, the returns of domestically newly-issued equity funds are negative whether they are invested locally or overseas. If we take excess returns into account, the returns rate will be lower. General excess returns¡]systematic risk BETA¡^¡Bnet flow rate ¡]Flow¡^¡Bequity funds turnover rate¡]Turn¡^¡Baverage investment amount per person¡]AVG¡^etc. four factors are listed in this study. The past ten-year excess returns of domestically newly-issued equity funds are researched the correlationship of these variables. The empirical results show:there is a positively significant relationship risk, the higher the systematic risk is, the better the funds¡¦ performance is. Funds excess returns are positively significantly related with equity funds turnover rate; the situation represents: the more active this month investment objects are the better this month performance is. The relationship between equity funds excess returns and net flow rate is statistically insignificant; no matter what the net buying amount of this month is higher or lower than last month funds assets scale, the performance of the funds is not affected. The relationship between funds excess returns and investment amount is statistically insignificant. As far as domestically newly-issued international equity funds are concerned, funds excess returns are statistically insignificant with systematic risk, net flow rate and funds turnover rate, that is, the performance of international equity funds is not affected by domestical systematic risk, net flow rate and fund turnover rate. Funds excess return rate is negatively significantly related with the investment amount per person, that is, the bigger the net funds assets scale or the smaller the beneficiaries of the funds is, the worse the performance of the funds is. In other words, when topical news¡]for example BDI index fluctuations¡B the rise of BRICs¡B the large scale epidmic¡^ferment,the international equity funds commodity which is enjoying busy trading will result in loss in the first year-end after investing, it verifies the proverb¡XDon¡¦t go to the place where many persons gatter.

<p>The purpose of this thesis is to examine whether the exchange rate volatility has an impact on Swedish exports. This relationship has been tested in several studies but no consistent result has been found. It is therefore an interesting subject to investigate further and it has not been thoroughly tested for Sweden using aggregated data. Since the exchange rate vola-tility may have an effect on exports, and therefore on the whole economy, the effect can support a certain exchange rate regime. All the data used in this thesis is based on the ag-gregated data for Sweden and the Euro zone between the years 1993 and 2006. The method chosen is a statistical analysis using regressions. Three variables other than ex-change rate volatility were included when conducting the regressions explaining Swedish exports and these are: the real effective exchange rate index, the industrial production in Sweden (“push” factor) and the import from the Euro Zone (“pull” factor). The overall conclusion found was that the industrial production in Sweden, the real effective exchange rate index, the time and lagged values of the export influence the export. There was no evi-dence found that the exchange rate volatility influences the exports for Sweden.</p>

Reproduction de : Thèse d'exercice : Médecine générale : Nancy 1 : 2002. / Thèse : 02NAN11020. Titre provenant de l'écran-titre.

Background: In Europe, men have lower rates of attempted suicide compared to women and at the same time a higher rate of completed suicides, indicating major gender differences in lethality of suicidal behaviour. The aim of this study was to analyse the extent to which these gender differences in lethality can be explained by factors such as choice of more lethal methods or lethality differences within the same suicide method or age. In addition, we explored gender differences in the intentionality of suicide attempts.

This thesis is about the causal relationship between interest rates. In chapter 1, with the help of time-series econometrics and by applying linear Granger causality tests based on the Toda-Yamamoto approach, the linear causality directions between the federal funds rate and five different interest rates during the last seven business cycles in the U.S. are investigated. We also examine the linear Granger causality directions between the overnight rate and five other interest rates during the last three business cycles in Canada. In chapter 2, the Diks and Panchenko Granger causality test is applied to explore the nonlinear causality effects between the short-term and long-term interest rates. By combining nonlinear causality effects with the linear ones which are found in the first chapter, it is seen that during the related periods in the U.S. and Canada, the most common Granger causality direction between short-term and long-term interest rates is a bidirectional one. Moreover, our findings show that during recent periods, the federal funds rate and overnight rate Granger cause other interest rates significantly. In chapter 3, the rolling window strategy is employed to detect the linear and nonlinear Granger causality relationship between the federal funds rate and the 10-year government bond rate, during different time horizons, investigating whether these causalities change with the passing of time. Our findings show that during different time horizons, there is a significant two-way Granger causality relationship between these interest rates. Although we have a different interpretation of the existence of bidirectional causation between short-term and long-term interest rates, this conclusion provides some support to some post-Keynesian structuralists viewpoints like Pollin (2008). However, Pollin's claim indicating that with the passing of time the significant causality effects of the federal funds rate to the market rates becomes insignificant is not supported by the current thesis findings because our results demonstrate that these causality effects have not been diminishing over the most recent business cycles.

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Exchange rate risk, interest rate risk and oil price fluctuations are the most demonstrated risks in the GCC (Gulf Cooperation Council) countries (Arouri and Nguyen, 2010). Research, however, in this area is still underdeveloped. The importance of this study is to contribute to this research gap. This research aims to show how these three risks affect firms' market values by examining 473 listed firms in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates for the period January 2007 to June 2012. The research further examines the determinants of these risks. The study uses the AR (1) EGARCH-M model. The results indicate that stock returns in GCC countries are influenced by the exchange rate risk, interest rate risk and oil price risk. However, the exposure was highest for exchange rate risk and lowest for interest rate risk. While the effects of these risks were mixed, overall, exchange rate risk and oil price risk showed more positive significance as compared to the interest rate risk that showed more negatively significant effect on firm values. The level of the effect of these risk also differed from country to country. However, firms in United Arab Emirates revealed the highest exposure to all the three risks while those in Saudi Arabia showed the least exposed to the three risks. Oman firms also showed high exposure to exchange rate and interest rate risks. The segregated results overall showed lower exposure of financial firms as compared to non-financial firms. However, the non-financial firms in Bahrain were more exposed to the risks than the financial firms. In Saudi Arabia, the financial firms revealed the least exposure to the risk suggesting effective risk management practices. In addition, foreign operations and firm size had a significant influence on the extent of the firms’ exposure to all the three risks. Leverage also influenced the level of exposure to interest rate risk. Profitability, growth and liquidity did not reveal a significant influence on the level of exposure. Further, increasing the risk does not lead to increased returns in most of the GCC countries. The risk-return parameters were largely negative. However, positive news increases return volatility more than negative news in most countries. Also, the current volatility of most GCC firms’ returns are time varying, are a function or past innovation and past volatility. The volatility of stock returns, which is affected by changes in the risk factors, could demonstrate the non-prioritisation of risk management by firms.

This thesis is about the causal relationship between interest rates. In chapter 1, with the help of time-series econometrics and by applying linear Granger causality tests based on the Toda-Yamamoto approach, the linear causality directions between the federal funds rate and five different interest rates during the last seven business cycles in the U.S. are investigated. We also examine the linear Granger causality directions between the overnight rate and five other interest rates during the last three business cycles in Canada. In chapter 2, the Diks and Panchenko Granger causality test is applied to explore the nonlinear causality effects between the short-term and long-term interest rates. By combining nonlinear causality effects with the linear ones which are found in the first chapter, it is seen that during the related periods in the U.S. and Canada, the most common Granger causality direction between short-term and long-term interest rates is a bidirectional one. Moreover, our findings show that during recent periods, the federal funds rate and overnight rate Granger cause other interest rates significantly. In chapter 3, the rolling window strategy is employed to detect the linear and nonlinear Granger causality relationship between the federal funds rate and the 10-year government bond rate, during different time horizons, investigating whether these causalities change with the passing of time. Our findings show that during different time horizons, there is a significant two-way Granger causality relationship between these interest rates. Although we have a different interpretation of the existence of bidirectional causation between short-term and long-term interest rates, this conclusion provides some support to some post-Keynesian structuralists viewpoints like Pollin (2008). However, Pollin's claim indicating that with the passing of time the significant causality effects of the federal funds rate to the market rates becomes insignificant is not supported by the current thesis findings because our results demonstrate that these causality effects have not been diminishing over the most recent business cycles.