No / We examine the short-term price reaction of 424 UK stocks to large one-day price changes. Using the GJR-GARCH(1,1), we find no statistical difference amongst the cumulative abnormal returns (CARs) of the Single Index, the Fama–French and the Carhart–Fama–French models. Shocks ⩾5% are followed by a significant one-day CAR of 1% for all the models. Whilst shocks ⩽−5% are followed by a significant one-day CAR of −0.43% for the Single Index, the CARs are around −0.34% for the other two models. Positive shocks of all sizes and negative shocks ⩽−5% are followed by return continuations, whilst the market is efficient following larger negative shocks. The price reaction to shocks is unaffected when we estimate the CARs using the conditional covariances of the pricing variables.

Study of wastewater treatment ponds at full-scale compared the areal total ammonia nitrogen (TAN) removal rates and specific TAN removal rates of high-rate algal ponds (HRPs) to the TAN removal rates of facultative ponds. The outer high-rate algal pond (HRPO) demonstrated superior specific and areal TAN removal rates compared to the inner HRP and the two facultative ponds. Solids return into the HRPO for a portion of the study period yielded increased volatile suspended solids content but no noticeable increase in TAN removal rate. Nitrification modeling for the HRPO tested multilinear regression, multilinear regression on every second observation of the data set, and a nonlinear Michaelis-Menten regression. The multilinear regression on the full data set explained the most variance with an R2 = 55.9% and the following significant (p-value < 0.05) variables: solar insolation, temperature, and ambient TAN concentration. Wastewater treatment pond systems are used worldwide as a method for affordable solids and nutrient removal, but these systems can be less predictable due to their reliance on biological processes. This thesis project recorded various water quality parameters and nitrogen species concentrations on a weekly basis from July 2020 to April 2022 to compare pond performance and identify process improvements. Accurately modeling a pond’s performance will better allow operators to save on aeration and coagulation costs while still meeting effluent goals.

[pt] Este trabalho analisa os Fundos Referenciados ao Dólar no Brasil no período de julho/2000 a junho/2001. Foram especificamente selecionados os fundos disponíveis ao público de varejo. Dentro do tema tratado, foi discutida a questão do cupom cambial brasileiro e das suas variações nos negócios realizados com os ativos disponíveis no mercado - o cupom - sujo - e o cupom - limpo -. O principal objetivo da pesquisa foi o de identificar diferentes grupamentos na população dos fundos estudada. Para tanto, foram analisados os aspectos variáveis mercadológicas e variáveis financeiras para cada fundo. Dentre as variáveis mercadológicas foram tratadas taxa de administração, requisitos de aplicação mínima inicial, patrimônio líquido, regime de negociação de cotas e tipo de cota.No que diz respeito às variáveis financeiras foram identificados e avaliados o benchmark, as relações de desempenho através do Índice de Sharpe e Retorno Diferencial sobre o Sigma e foram feitas comparações entre os indicadores de retorno e risco das cotas em dólar com o cenário do cupom de mercado no período. / [en] The object of this study were the Investment Funds Indexed to the Dollar available to the general investor in the Brazilian market, from July/2000 to June/2001. In order to analyse their behaviour, the study discussed the theoretical background of the return rate curve for dollar related assets in Brazil and how it impacts their negotiations, by producing two different terms - the -clean- rate and the -dirty- rate. The main goal of the research was to find out if the funds could be separated into different clusters. In order to achieve this, two different aspects of the funds were studied - marketing and financial. Their marketing characteristics dealt with fees, minimum investment requirements, relevant day for the NAVPS and NAVPS availability. The financial characteristics were approached by their return and risk, benchmark and performance index analysis - thru the Sharpe Index and the Differential Return over the Sigma. The return and risk obtained for the funds were also compared to the return and risk observed in the domestic curve of the Brazilian risk up to 720 days.

Many studies have been published on active versus passive management, yet there was a significant gap in how Scandinavian-managed equity funds perform during intense crises, specifically the 2019-2023 period. The study investigated whether Scandinavian actively managed funds could achieve higher risk-adjusted returns than Scandinavian passively managed funds during two intense crises, Covid-19 and the Russian-Ukraine war. The efficient market hypothesis (EMH) was introduced to analyze markets' efficiency and help determine active managers' ability to outperform passive funds with market information. The data consisting of 95 funds was analyzed with a direct quantitative comparative analysis guided by objective ontology and positivist epistemology. To analyze the data over time, a cross-sectional time series was implemented to analyze patterns during the five-year period. The comparison between active and passive funds was performed with the risk-adjusted return, measured by the Sharpe ratio. Our findings showed consistent results that active fund management lacks a significant advantage over passive index funds in four out of five portfolios, aligning with our hypothesis. The results also support the EMH, suggesting that there is market efficiency. The findings provide implications for investors' decision-making process as the study contributes to the discussion on whether active or passive funds are the superior choice. During the period of 2019-2023, the optimal investment decision to achieve the highest risk-adjusted return was to invest in passively managed funds. While the research acknowledges behavioral aspects of fund managers during crises, future research should delve deeper into qualitative factors influencing the management strategy.

This study investigates the relationship between corporate financial performance and carbon emission disclosure in listed companies in Sri Lanka, with a focus on contributing to the understanding of sustainability reporting practices. The purpose of the research is to explore how financial indicators namely Earnings per Share, Return on Assets, and Total Assets are associated with companies' decisions to disclose their carbon footprint, highlighting the interconnectedness between financial success and environmental responsibility. By employing quantitative research design and statistical analyses, the study aims to provide theoretical insights and practical implications for corporate reporting practices and corporate decision making.  The research philosophy of this study aligns with the positivist paradigm to ensure the attainment of unbiased and impartial findings. Employing an explanatory research design, the study utilizes data sourced from secondary sources pertaining to companies listed on the Colombo Stock Exchange. Descriptive and inferential statistics are used for analysis, with 588 observations included in the study sample. Ethical considerations play a significant role in guiding the research process, ensuring the confidentiality and appropriate handling of sensitive corporate financial data.  Based on the findings of the correlation analysis of this study there is a positive relationship between financial performance indicators and carbon emission disclosure in Sri Lankan listed companies. Specifically, there is a significant relationship between Earnings per Share (EPS) and carbon emission disclosure, indicating that companies with higher EPS are more likely to disclose their carbon-related activities as a strategic move to enhance their financial image. However, the analysis shows no significant relationship between Return on Assets (ROA) and carbon emission disclosure, suggesting that asset utilization efficiency may not directly influence environmental reporting practices. Additionally, the study finds a significant relationship of Total Assets on carbon emission disclosure, indicating that the size of a company, as indicated by its Total Assets, plays a substantial role in determining the disclosure of carbon emission.  Finally, this research contributes to a deeper awareness of the relationship between financial performance indicators and carbon emission disclosure in the context of Sri Lankan listed companies. The study underscores the importance of integrating environmental considerations into corporate strategies and reporting frameworks, advocating for a comprehensive approach to decision-making that prioritizes long-term environmental sustainability alongside financial success. The findings enhance understanding of the interplay between financial performance and sustainability reporting, paving the way for further analyses in the growing field of corporate sustainability.

This thesis investigates the role of return policies in fostering customer loyalty within the Scandinavian interior design e-commerce sector. An inductive approach, including focus group interviews and analysis of company return policies. The findings highlight the importance of transparent, accessible, and customer-friendly return policies in building trust and loyalty. Additionally, the study examines return policies' social, ethical, and sustainable implications, providing insights for retail managers on co-creating corporate social responsibility (CSR) and balancing with suppliers. The research concludes that profitability, transparency, inclusiveness, and sustainability are essential for long-term business success in e-commerce. The study also recommends future research directions, including incorporating expert interviews to explore these dynamics further.

This dissertation investigates the perceived riskiness of electric utilities based on their mix of residential and industrial customers. While previous studies have attempted to develop a simple measure of the total riskiness of individual customer classes, this study examines the relative riskiness of the total utility as impacted by customer mix. Because the cost of risk is an element in the determination of the utility's revenue requirement, it impacts the set of optimal tariffs derived from a constrained welfare-maximization problem. The null hypothesis that investors do not base their perception of the riskiness of a utility on the customer mix is tested against the alternatives that residential customers decrease and that industrial customers increase the perceived riskiness of a utility. The hypothesis is examined using cross-sectional data for 1981. The weighted-average, after-tax cost of capital is used to measure the relative riskiness of the utility. In addition to the customer mix variables, the explanatory variables include operational and regulatory variables. The analysis provides support for the hypothesis that investors do not differentiate the riskiness of a utility based on the size of the residential class. Further, the analysis permits rejection of the alternative hypothesis that investors perceive a utility to be more risky when its customer mix is heavily industrial. The results suggest that, in fact, investors may associate greater risk with an absence of industrial customers. / Ph. D.

Background: E-commerce has grown rapidly since the introduction of the Internet, changing consumer behavior and transaction patterns all over the world. Due to that, there has been an increase in CO2 emissions caused by both delivery of products and returns. Some organizations have tried to minimize their emissions by employing different types of policies that have not been perceived well by their customers.Purpose: The purpose of this thesis was to identify the impact of different return policies on consumer willingness concerning online purchases. Additionally, we also investigated consumers’ perceptions of AI-driven initiatives aimed at promoting sustainable return practices.Method: This study was based on a qualitative research approach. We followed an inductive research approach. The reason for this is that we wanted to understand the connections between different return policies and consumer willingness regarding online purchases. As well as the connections between consumers and their perceptions regarding AI-driven initiatives aimed at promoting sustainable return practices. The data was gathered through nine semi-structured interviews.Conclusion: Consumers are increasingly prioritizing convenience, transparency, and environmentally conscious practices. Retailers who can adapt their return policies to align with these evolving preferences, while effectively communicating their terms and conditions, stand to gain a competitive edge.

The COVID-19 pandemic gave rise to a massive shift to remote work, which proved to be beneficial to employees as it increased flexibility and well-being. Some organizations this post-pandemic are insisting on a return to the office, differing over preferences for work and revealing the absence of studies on how work arrangements impact employee motivation in the long run. This study aims to understand remote work implications from an individual employee's perspective. Gaining insight into employees' perspectives regarding remote work can yield valuable information concerning the possible opportunities and challenges associated with remote work in a post-pandemic era. In our research design, we used a qualitative research approach that incorporated semi-structured interviews. Ten participants in this study were recruited, and all ten participants worked in the financial industry and were between 31 and 65 years of age. The results have shown that early-career employees prefer the skill development and social benefits of working in the office, while mid-career employees prefer the autonomy of remote work. Remote work also comes with challenges, as some employees feel demotivated working at home. Employees resist return-to-office policies to preserve the flexibility and autonomy of remote work, favoring hybrid models. A large proportion of employees would seek other organizations that offer remote work.

Rights issues serve as a critical tool in the field of corporate finance, enabling companies toraise new capital while offering existing shareholders the opportunity to maintain theirproportional ownership stakes without dilution. This study aims to study the impact of therights issue discount on the share price performance within the Nordic markets, focusing onshort- and medium-term effects post-rights issuance. Furthermore, the study also seeks toprovide a nuanced understanding of how stock returns of firms with different characteristicsare impacted by rights issue discounts. The empirical framework employs an event studymethodology using different regression model specifications, to analyze a sample of 90Nordic companies listed on the Nasdaq OMX exchange over the period from 2014 to 2023.When controlling for firm-specific characteristics, the findings suggest that greater discountshave a slight adverse effect on shareholders in the short term following a rights issueannouncement. The effect on returns is estimated to be approximately -0.5 percentage pointfor each 1 percentage point increase in discounts over a 6 month period; however, no sucheffect is observed over longer time periods. This violates concepts of efficient markets whichpredict no such sustained trends. It suggests that investors perceive deeper discounts asindicative of overvaluation or underlying issues with the company, in turn underminingconfidence in the post-announcement period. However, additional robustness tests impliedthat the correlation between rights issue discounts and negative returns is caused by outliersin the data. The nuanced findings are of practical relevance for boards of directors, corporatefinance advisors as well as shareholders.