Due to increasing competitiveness, manufacturing industries are facing a great amountof pressure to optimize their production. One of the first sectors affected by thisphenomenon is the metal industry, which has undergone multiple developments in theprocess of finding optimal solutions to this challenge. Examples for these solutions arefrequently found in IT-applications that optimize the technique of cutting and slittingthe produced metal. Research has namely proven that by generating an optimizedsolution with an IT-application, the scrap created in the metal production can beminimized. In the longer term, this can minimize costs and thereby improve thereturn of investment of organizations. However, an obstacle lies in the fact that auniversal, one-size-fits-all, solution has not been developed yet. Hence, for eachparticular case, a new optimization application needs to be developed according tothe respective metal producer's conditions and goals. The purpose of this paper is todemonstrate how the above-mentioned optimization can be developed and madepossible. This has been executed by performing a case study of an actual project of aleading Swedish metal producer who has ordered this kind of IT-application. Whiledoing so, an understanding of the dynamics of the optimization process has beenobtained. This has been done by executing and applying iterative and progressingmethods. In order to give a brief overview of this procedure, the mentioned methodscan be summarized in few simple steps. Primarily, qualitative and action researchinterviews have been held in a specification phase in order to clarify the company'sexact specifications. Thereafter, these specifications have been used as the main datain a configuration phase where progressing methods have been used. This has later onresulted in an optimized system. Finally, an evaluation of this optimization method hasbeen done which demonstrates that the used methods were efficient in the sense ofextracting an optimized IT-application.

Concussion is an injury that disproportionately affects children and adolescents and has the potential to negatively impact school performance. Currently, a significant proportion of youth with concussion go unreported due to a lack of effective concussion surveillance procedures. Additionally, many individuals who have daily contact with youth (e.g., parents, teachers) lack training in how to assess or manage a concussion. Schools may be the ideal setting to address both of these problems as they have a high level of access to students and employ personnel (e.g., school psychologists, nurses, social workers, counselors) with experience in assessment and intervention. What is not known is how to best design a school-based concussion management (SBCM) procedure in order to facilitate concussion surveillance and management. Accordingly, the overall purpose of this study was to identify and describe factors (i.e., provider implementation characteristics, concussion referral communication) which may inform the design and implementation of SBCM programming. Examining the relationship between relevant SBCM outcomes and factors associated with strong school programming may help build the foundation for future SBCM procedures. Factors that influence program fidelity and outcomes are called school programming implementation characteristics and they reside at multiple levels (i.e., community, school, climate, program, provider) and are positively related to successful outcomes across varied programming. This exploratory study which utilized secondary analysis of existing data focused on the provider level with the primary aim of identifying and describing student services personnel (SSP; n = 144) implementation characteristics. Indicators of provider implementation characteristics consisted of their beliefs, training, and experiences in order to quantify how these characteristics predict perceptions of the impact of concussion on academics, perception of current informal procedures, and the number of students with concussions served. The independent variables primarily under investigation in this study (role, career experience, recent concussion experience, and training subscale) align with empirically supported personnel implementation characteristics. The second aim of this study was to explore pre-existing communication patterns between SSP utilizing the independent variable referral source. It is of note that the school district from which the data were collected had no formal SBCM programming; therefore, all SSP implementation characteristics examined were viewed as baseline characteristics. Results indicated that as all SSP groups (i.e., school psychologists, nurses, counselors, social workers) perceive a need for SBCM as indicated by dissatisfaction with current procedures and agreement that concussion can negatively impact student performance. Although all groups indicated that they did not believe current concussion procedures to be effective, school psychologists and nurses reported the highest levels of dissatisfaction Additionally, nurses were found to have the highest levels of training in concussion assessment and management, and received significantly more concussion referrals per year when compare to the other SSP. These findings suggest that nurses may be effective in delivering concussion related service and establishing effective concussion surveillance procedures. Although more research is needed, this study represents the first step in bridging the gap between experimental concussion research and the successful delivery of these innovations through SBCM programming in order to help students recover from a concussion.

Syfte med detta arbete är att undersöka huruvida avkastningsberäkning för en datalagerinvestering bör göras, hur det kan göras och om det görs. Vidare avses att undersöka om generella kalkylmetoder kan användas av företag, oavsett storlek, som avser att starta datalagerinvesteringsprojekt. Datalagerteknologin har ännu en hög utvecklingstakt och detta medför ofta höga utvecklingskostnader i samband med investeringar inom datalager. Undersökningen baseras på en kombinerad dokumentstudie och enkätundersökning. Dokumentstudien belyser den problematik vilken förknippas med problemområdet. Enkätundersökningen fokuseras mot olika större organisationer såsom banker, post och dagligvaruhandeln, vilka idag använder sig av datalager. De tillfrågas om huruvida avkastningsberäkning görs i deras organisation och, i så fall, hur den utförs. Analysen och resultatet tyder på att problemområdet inte har en enkel lösning och att någon typ av avkastningsberäkning bör användas. Svårigheterna ligger i att värdera de potentiella fördelar som ett datalager kan generera.

The role of the corporation is shifting from an entity focused on making monetary profits to an organization focused on creating value for all of its stakeholders. Despite of this many of the guidelines, standards and reporting frameworks that have been developed to take into account the increasing stakeholder expectations only capture corporate inputs and outputs relating to social initiatives. By not understanding the value created by social initiatives information is missed that could be useful to the organization and its stakeholders. The purpose of this study has therefore been to see if the Social Return on Investment (SROI) methodology can be a viable tool for companies to use for measuring the value created by CSR activities. This has been accomplished via a case study of a CSR initiative funded by a multinational wind power company in India, and more specifically the building and use of a traditional water harvesting structure called a taanka. Having gone through the six steps of SROI, including monetization of all non-market social, environmental and economic values, the results show that for every Indian Rupee (INR) invested into the studied CSR initiative 29 INR of social value have been created for the stakeholders. The results also show the relation between different inputs and outcomes for the stakeholders affected by the initiative. By analyzing the results several lessons for the construction of future taankas can be learnt. Each taanka should for instance be constructed for as many households as possible and ownership should be shared by the users. More resources should also be allocated to following up the outcomes created by CSR initiatives to help to maximize the efficiency of the resources used to create social value. The methodology can also be used to understand the shared corporate and societal values created by measuring the value created for both the company and the stakeholders, which in turn is useful when deciding on the allocation of corporate resources.

Studiens syfte är att undersöka hur konsulter arbetar med nyttovärdering vid ERPinvesteringar,samt finna kritiska framgångsfaktorer som kan fungera som stöd för ERPkonsulter.Vi har genomfört en fallstudie på SYSteam Anderstorp där vi på ett kvalitativt vissamlat in data via dokumentundersökningar, observationer och intervjuer. Vid analys avinsamlad data kunde vi identifiera fem steg en ERP-konsult bör gå igenom för att värderanyttor vid ERP-investeringar. Dessa steg är 1processkartläggning, 2identifiering av nyttor,3värdering av nyttor, 4genomförande och 5uppföljning. Vidare har vi i varje steg kunnatidentifiera kritiska framgångsfaktorer som vi anser kan underlätta en ERP-konsults arbetemed nyttovärdering. Sammanlagt har vi kunnat identifiera fjorton kritiska framgångsfaktorer.De slutsatser vi kunnat dra av denna studie är att befintliga modeller för nyttovärdering ochvärdehemtagning tenderar att bli för teoretiska för att kunna tillämpas i praktiken. Snarareanser vi vikten borde ligga på att dokumentera erfarenheten vid varje ERP-investering för attkunna applicera ett framgångsrikt arbetssätt på framtida projekt, samt att undvika misslyckanden.

Sukuk are an important mode of financing in the Islamic financial system. As usury (interest) is prohibited in Islam, conventional bonds are not suitable for investors in Islamic countries. Since their launch in the 1980s, Sukuk have gained recognition and popularity as a substitute for conventional bonds. However, their unique features mean that Sukuk are not always clearly understood. The aim of this study is to analyse the differences and similarities between Sukuk and conventional bonds in terms of their risk and return characteristics.

1 Abstract This master thesis examines linkages among bond and stock markets in Ger- many, Austria and Italy. For the purpose of analysis of return spillovers, we use Spillover index framework which enables us to describe development of inter- market linkages over time. The data used in the study includes the period from January 2nd, 1998 to May 23rd, 2017 which allows us to estimate long- term development of spillovers among markets. We find unequal link between stocks and bonds and increase in co-integration of markets during the financial crisis of 2007-2008 with significant persistence after the crisis. Mechanism of transmission of financial shocks among European countries is affected by eco- nomic and political integration of countries. We identify strong interlinkages of markets with substantial influence of Italian assets in transmitting shocks to German and Austrian assets, especially during periods of economic distress. On the other hand, Germany represents an open economy that is increasingly integrated to other markets. Scale of return spillovers is highly dependent on economic situation which is evident from clustering of high spillovers during recessions and a great deal of persistence of these interdependencies. JEL Classification G01, G12, G15, C63, C67 Keywords return spillovers, asset...

Mergers and acquisitions are a key component in the toolbox of business strategies that companies employ to improve organisational performance. Empirical studies that focus on domestic mergers and acquisitions activity in developed countries are numerous, however there remains a limited amount of research into the effects of cross border mergers and acquisitions on the performance of acquiring companies, especially in emerging markets. This research examined whether cross border mergers and acquisitions concluded by acquiring companies listed on the Johannesburg Stock Exchange have a positive or negative impact on the operating financial and short term share price performance of the listed acquirer. A quantitative approach was adopted for the purpose of this research. In order to analyse the impact of cross border mergers and acquisitions transactions on the share price and operating financial performance of listed acquiring firms secondary data was utilised. The research incorporated publicly available daily share trading data for shares traded on the Johannesburg Stock Exchange and financial and accounting data sourced from McGregorBFA. In addition, the sample of cross border mergers and acquisitions transactions was obtained from the MergerMarket database. Purposive sampling was applied to select an initial sample of 44 transactions. Based on the exclusion of confounding events a final sample of 29 transactions was tested. Given the small sample size, and that confounding events were determined not to have a material impact on the cross border transactions, comparative analysis was performed using the initial sample of 44 transactions. Different lenses were applied for testing financial performance by using three performance measures. These included abnormal share price returns; key financial performance ratios and industry adjusted operating cash flow return on assets. Various short-term event windows were analysed for each of these measures. Parametric tests including t-tests for unequal variance and paired t-tests were applied in the research. Given the small sample size non-parametric testing in the form of Wilcoxon Signed Rank Sum tests was also applied. In addition, bootstrapping was applied to the cumulative average abnormal returns. This research concluded that both the short-term share price and operating financial performance of acquiring companies listed on the Johannesburg Stock Exchange does not improve significantly in the short-term post the cross border merger or acquisition transaction. / Dissertation (MBA)--University of Pretoria, 2013. / lmgibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

This thesis includes three essays on topics related to the predictability of market returns. I investigate i) the predictability of market returns from an adjusted version of cay ratio (cayadj), ii) the explanatory power of a conditional version of the consumption-CAPM which uses predictor variables to scale the pricing kernel, and iii) whether information about future market returns can be extracted from a large set of commodity data. The first essay studies the predictive ability of cayadj . In Campbell and Mankiw (1989), the consumption-wealth ratio is represented as a linear function of expected market returns and consumption growth. Lettau and Ludvigson (2001) build their study on Campbell and Mankiw (1989) and estimate the ratio cay as a proxy for the consumption-wealth ratio, assuming that the fluctuation in expected consumption growth is constant. I argue that the variation in expected consumption growth should be taken into consideration and propose adjusting the cay ratio by the estimates of expected consumption growth. After making the adjustment, I find that the predictabilities of market returns, particularly at annual, bi-annual, and tri-annual horizons, are greatly improved. The significant predictive ability of cayadj still holds in out-of-sample forecasts. The second essay examines the performance of a conditional version of the consumption-CAPM, where conditioning variables are used to scale the pricing kernel. I find that incorporating the conditioning information into the standard consumption-CAPM greatly improves the performance in asset pricing tests, particularly when using cayadj as the conditioning variable. Moreover, the performance of conditional consumption-CAPM is as good as the ultimate consumption risk model (Parker and Julliard, 2005) which measures the consumption risk over several quarters. Further tests show that the factors of conditional consumption-CAPM drive out the consumption risk measured over several quarters. The third essay evaluates the ability of lagged commodity returns to forecast market returns. In order to exploit the predictive information from a relatively large amount of commodity returns, I apply the partial-least-squares (PLS) method pioneered by Kelly and Pruitt (2013). I find that the commodity returns measured over previous twelve months show strong predictive power in monthly and three-month forecasts, in-sample and out-of-sample. The findings are robust to controlling for risk factors such as momentum, Fama-French three factors and industry returns previously identified to be significant predictors of market returns (Hong, Torous and Valkanov, 2007).

Controversy currently exists over whether abnormal returns (ARs) are earned by shareholders of bidder and target banks through a Merger and Acquisition (M&A). The state of the economy in which the firms operate is often mentioned as a reason for firms engaging in M&As, however, the extent to which economies influence the ARs of shareholders is unknown. Following MacKinlay (1997), the aim of this study is to determine the average ARs earned or lost by shareholders of several banks around the world during an M&A. The results obtained may indicate that shareholders of bidding firms consider an M&A to be a wealth-destroying event irrespective of the state of the economy. It would seem that target firms’ shareholders consider M&As to be wealth-creating events when they occur during a period of real economic expansion. However, during periods of real economic contraction, target firms’ shareholders consider M&As to be wealth-destroying events. Thus, the state of an economy during an M&A can affect average ARs considerably.