The primary purpose of this study was to investigate the combination of experimental and computational methods in the search for reproducible colloidal surface-enhanced Raman scattering of pharmaceutical compounds. In the search for optimal experimental conditions for colloidal surface-enhance Raman scattering, the amphipathic β-blocker propranolol was used as the target molecule. Fractional factorial designs of experiments were performed and a multiobjective evolutionary algorithm was used to find acceptable solutions, from the results, that were Pareto ranked. The multiobjective evolutionary algorithm suggested solutions outside of the fractional factorial design and the experiments were then performed in the laboratory. The results observed from the suggested solutions agreed with the solutions that were found on the Pareto front. One of the experimental conditions observed on the Pareto front was then used to determine the practical limit of detection of propranolol. The experimental conditions that were chosen for the limit of detection took into account reproducibility and enhancement, the two most important parameters for analytical detection using surface-enhanced Raman scattering. The principal conclusion to this study was that the combination of computational and experimental methods can reduce the need for experiments by > 96% and then selecting solutions from the Pareto front improved limit of detection by a factor of 24.5 when it was compared to the previously reported limit of detection for propranolol. Using the same experimental conditions that were used for the limit of detection, these experiments were extended to plasma spiked with propranolol in order to test detection of this pharmaceutical in biofluids. Concentrations of propranolol were prepared using plasma as the solvent and measured for detection using colloidal surface-enhanced Raman scattering. Detection was determined as <130 ng/mL, within physiological concentrations, previously achieved using separation techniques. The second part of this thesis also involved a combination of experimental and computational methods. Raman optical activity was utilized to investigate secondary structure of amino acids and diamino acid peptides in combination with density functional theory calculations. Amino acids are important biological molecules that have vital functions in the biological system. They have been recognized as neurotransmitters and implicated in neurodegenerative diseases. Raman and Raman optical activity experimental results were compared to determine site-specific acetylation, marker bands for constitutional isomers and identification of functional groups that interact with the solvent. The experimental spectra were then compared to those from the density functional theory calculations. The results indicated that; constitutional isomers cannot be distinguished from the Raman spectra but can be distinguished from the Raman optical activity spectra, site-specific acetylation can be identified from the Raman spectra, however, Raman optical activity provides more structural information in relation to acetylation. When the results were compared to the density functional theory calculations for the diamino acid peptides the results agreed reasonably well, however, agreement was not as good for the monoamino acids because diamino acid peptides support fewer conformations due to the peptide bond whereas monoamino acids can adopt a far greater number of conformations. Combined computational and experimental techniques have developed the ability to detect and characterize biomedical compounds, a significant move in the advancement of Raman spectroscopies.

This diploma work considers financial strategy of a company on financial analysis basis. Financial analysis evaluates past, present and expected future of the financial economy of the company. On the basis of these issues solutions for an improvement of the financial situation of the company as whole are suggested as well as in specific investment project.

Bakgrund: Den globala uppvärmningen är en av vår tids stora utmaningar. Företagen står för en stor del av utsläppen och därav är det av vikt hur företagen styrs framåt, då styrningen påverkar företagens miljöarbete. Olika mekanismer av bolagsstyrning kan påverka företagens miljöarbete och dessa mekanismer kan även tänkas variera i påverkan mellan olika institutionella kontexter. Syfte: Syftet med studien är att göra en jämförande studie mellan Sverige, Tyskland och Frankrike angående om bolagsstyrningsmekanismer har en påverkan på finansiella och miljömässiga prestationer samt om miljömässiga prestationer har en påverkan på finansiella prestationer. Metod: Metoden som använts är longitudinell och komparativ med en deduktiv ansats. Agentteorin, aktieägarperspektivet, intressentteorin, legitimitetsteorin, CSR som praktisk tillämpning samt tidigare forskning har legat till grund för studiens hypoteser. Slutsatser: Resultaten ger indikationer på att det finns både likheter och skillnader i vilken relation bolagsstyrningsmekanismerna har med miljömässiga och finansiella prestationer mellan länderna. Relationer mellan miljömässiga och finansiellaprestationer finns endast i Tyskland och Frankrike, vilket tyder på att det finns skillnader mellan länderna i vilken påverkan miljöarbetet i ett företag kan ha på lönsamheten. / Background: Global warming is one of the greatest challenges of our time. Companies is responsible for a large part of the emissions and how companies are governed moving forward is of importance since governance impacts companies’ environmental work. Different mechanisms in corporate governance may impact their environmental work and the mechanisms may vary in impact between different institutional contexts. Purpose: The purpose of the study is to do a comparative study between Sweden, Germany, and France regarding whether certain mechanisms in corporate governance may have an impact on financial and environmental performance and also if environmental performance has an impact on financial performance. Method: The method used is a combination of longitudinal and comparative method with a deductive approach. Agency theory, shareholder perspective, stakeholder theory, legitimacy theory, CSR as a practical application as well as former research is used to formulate the hypotheses of the study. Conclusion: The results of the study indicate that both similarities and differences in the relationship between corporate governance and financial and environmental performance exists between the countries. Relationships between environmental and financial performance is only existing in Germany and France, which indicates that there are differences between the countries regarding the impact environmental work in a company may have on profitability.

Over the recent decade the world has seen an increase in businesses launching new, or changing theirbusiness model to, digital platforms. New and established businesses are flocking to digital platformsin order to evolve their business model and keep up with advancements in technology, such as cloudcomputing, which enables commerce and communication on a much faster and more streamlinedlevel. Digital platforms with two-sided markets often face fierce competition from market incumbentswhich benefit from traditional supply-side economies of scale, as well as from other digital platforms.Therefore, the competitive strategy adopted at market launch and under operations will have a greatimpact on the platform performance in terms of firm financial performance.This study is divided into two parts and is performed with the objective to gain insight into thecompetitive strategies adopted by digital platform businesses with two-sided markets, and how suchstrategic decisions may be informed in favor of profitability. The first part investigates the influence ofinternal factors, such as debt ratio, quick ratio, sales growth, and capital turnover ratio, on the firmfinancial performance (measured by return on assets) of digital platforms with two-sided markets inthe Nordics. The second part investigates the relationship between the firm financial performance(measured by return on assets) of digital platform businesses with two-sided markets after launch andthe type of strategy adopted. Subsequently, two hypotheses are presented. Subsequently, twohypotheses are presented. A panel data regression model is developed to evaluate these relationships,allowing the authors to test the null hypotheses. The data set used in the panel data regression modelcomprise an unbalanced sample of 27 companies who have launched their platforms in Norway,Sweden, and Denmark. Financial data was gathered in the form of return on assets (dependentvariable), capital turnover ratio, quick ratio, debt ratio, and sales growth (explanatory variables).These companies were grouped depending on which strategy was adopted on market launch and underearly operations. These strategies are subsidy, seeding and marquee users, micro market launch andpiggybacking (categorical ‘dummy’ variables).Studying the firm financial performance of businesses which adopt digital platforms will help us tobetter understand the efficacy of strategies adopted and how these strategies impact financialperformance. Both null hypotheses tested may be partially rejected. The authors conclude that theinternal factors debt ratio, quick ratio, and sales growth have a significant influence on theprofitability (measured by return on assets) of digital platforms with two-sided markets in the Nordics.The influence of the internal factor capital turnover ratio on profitability is statistically insignificant.Quick ratio has a positive significant influence on profitability, whereas debt ratio and sales growthhave a negative influence. The authors also conclude that companies which have business modelsallowing them to adopt a subsidy strategy yields stronger profitability than those which adopt otherstrategies. Companies which entice seed &amp; marquee users to their platform as a strategy yields thesecond strongest profitability. Companies which choose a micro market launch strategy yield theweakest profitability. The authors of this study will not draw conclusions on the efficacy of theadoption of a piggybacking strategy on profitability due to the limited number of observationsattributed to the piggybacking dataset.Future studies may expand upon this research with the inclusion of a wider catchment of businesses,as well as the inclusion of a wider data set to include other geographical locations and improvestatistical significance of the data set. An improvement to the study may also be to analyze thecorrelation between the strength of competitors upon market entry and the efficacy of the strategiesadopted.

The productivity advances generated from lean manufacturing are self-evident. Plants that adopt lean are more capable of achieving high levels of quality, shorter lead times, and less waste in the system. While it seems logical that higher levels of productivity and quality, as is common in lean companies, should result in positive financial performance, the research community has failed to establish the financial profitability of lean. Those researchers who have studied the financial returns issue report varying results. The goal of this research was to determine if a connection exists between lean and financial success and to discover why so many researchers are finding mixed results. Information Velocity (IV) was theorized to provide the solidifying link between lean and financial performance. Measured by combining the environmental volatility with a company's leanness, IV measures how fast a company can transmit information from the market into a customer-satisfying product in the hands of the consumer. This study analyzed over 530 publicly-traded manufacturing companies to validate the following hypotheses: 1) there is a positive relationship between leanness and financial returns, 2) there is a negative relationship between environmental volatility and financial returns, and 3) there is a positive relationship between IV and financial returns. Regression models were run in various combinations to determine the effect of lean, environmental instability, environmental unpredictability, and IV on financial performance indicators such as return on sales (ROS), return on assets (ROA), and quarter-closing stock price. The outcome of this study showed that financial rewards do result from lean, which positively affected financial performance in almost all scenarios. Environmental instability always negatively correlated with financial returns, and IV mostly shows a positive effect, but with mixed results. Lastly, IV does not explain why researchers find mixed results on the profitability measures of lean. The results of this thesis highlight the significance of implementing lean manufacturing, especially in a dynamic environment. As the instability in the environment increases, profitability decreases. Therefore, an increase in leanness by boosting inventory turns can compensate for the volatility and create enhanced productivity measures and financial results.

Até cerca de vinte anos, o termo Corporate Governance (Governança Corporativa) não existia na língua inglesa. Os códigos de boas práticas de Governança Corporativa começaram a surgir no início dos anos noventa na Inglaterra, nos Estados Unidos e no Canadá, em resposta ao desempenho insatisfatório de companhias líderes, percebido como uma deficiência de efetividade dos conselhos de administração, e em resposta às pressões exercidas pelos investidores institucionais. No Brasil, o termo Governança Corporativa é ainda mais recente, mas já começa a ser preocupação e a merecer a atenção de pesquisadores, Bolsa de Valores e associações. Este estudo objetiva identificar possíveis relações entre variáveis independentes, representativas de mecanismos de Governança Corporativa, e medidas de performance econômica de empresas integrantes do Índice Brasil IBX da Bolsa de Valores de São Paulo BOVESPA, com dados do período de 1997 a 2001.Utilizando a técnica estatística de dados em painel, modelo de componentes de erros, trabalha-se 16 variáveis independentes representando os mecanismos de Governança Corporativa: concentração de propriedade (5 variáveis), características do conselho de administração (3 variáveis), capital votante (1 variável), remuneração da diretoria executiva (2 variáveis), política financeira (3 variáveis), controle interno (1 variável) e mais uma variável de controle representando o tamanho das empresas. Essas variáveis são regredidas contra cada uma das cinco variáveis de medidas de performance econômica estudadas. Tais variáveis mediram o Market Value Added, a razão preço de mercado e valor patrimonial da ação, TOBINS Q, rentabilidade sobre o ativo e rentabilidade sobre o patrimônio líquido. Os resultados indicam que a concentração de propriedade, o capital votante, a remuneração da diretoria executiva e a política financeira são relacionadas à performance econômica. Surpreendentemente, o capital votante e a remuneração da diretoria executiva são negativamente relacionados à performance. Observa-se, também, que a medida de performance econômica utilizada faz diferença no estudo dos mecanismos de Governança Corporativa, pois aquelas puramente contábeis não apresentaram qualquer relação com os mecanismos testados. Este estudo, com esta abrangência de mecanismos, variáveis e período tratado, está dentre os estudos empíricos de Governança Corporativa pioneiros no Brasil. Espera-se oferecer uma contribuição aos acadêmicos interessados no assunto, bem como a acionistas, gestores, analistas de mercado, consultores, administradores de Bolsa de Valores, órgãos reguladores e associações de classe. / Up until twenty years go, the term Corporate Governance didnt exist in the English language. The codes of good practices of Corporate Governance began to arise in the early nineties in England, in the United States and in Canada, as an answer to an unsatisfactory performance of leading companies - recognized as a deficiency of effectiveness in the board of directors and also as an answer to the pressures exerted by institutional investors. In Brazil, the term Corporate Governance is still more recent, but begins to be pondered and to deserve attention of researchers, of Stock Exchanges and associations. This study aims to identify possible relationship among independent variables, representative of Corporate Governance mechanisms, and measures of economic performance of enterprises of the Brazil Index IBX of the São Paulo Stock Exchange BOVESPA, with data referring to the period comprehended between 1997 and 2001. Using the statistic technique of panel data, model of error components, we work with 16 independent variables representing the Corporate Governance mechanisms: concentration of propriety (5 variables), characteristics of the board of directors (3 variables), voting capital (1 variable), remuneration of the executive directorate (2 variables), financial policy (3 variables), internal control (1 variable), and one more control variable, representing the size of the enterprises. These variables are regressed against each one of the five variables of the studied economic performance measures. Such variables have measured up the Market Value Added, the market to book value price ratio, TOBINS Q, profitability over the assets and profitability over the net equity. The results indicate that the property concentration, the voting capital, the remuneration of the executive directorate and the financial policy are related to the economic performance. Surprisingly, the voting capital and the remuneration of the executive directorate are negatively related to performance. We can also observe that the economic performance measure utilized makes difference in the study of the Corporate Governance mechanisms, because that ones purely accountants doesnt have any relation with the mechanisms tested. This study, comprising such diverse mechanisms, variables and also the observed period, is among the leading empiric studies of Corporate Governance in Brazil. We hope to offer a contribution to the academics holding an interest in the matter, as well as to shareholders, managers, market analysts, consultants, Stock Exchange administrators, regulating bodies and class associations.

中國大陸自西元1979年開始實行經濟改革政策，銀行體系同時經歷了三十年的改革發展，依據中國加入世界貿易組織之承諾，其必須於2006年12月11日全面開放外資銀行登陸投資。為了面對外資銀行業可能帶來的激烈競爭與挑戰，中國政府大力支持與協助國有商業銀行進行一連串的體制改造及上市計畫，近年來中國銀行業整體的表現十分亮眼。 兩岸政府於2010年6月29日簽署之兩岸經濟合作架構協議(ECFA)，正式地為台灣的銀行業開啟通往大陸投資的一扇門，此篇論文藉由全面的研究分析中國銀行業的發展，並透過比較中國、美國及台灣具代表性的銀行在獲利能力、資產品質、流動性風險管理及新巴賽爾資本協議規定指標遵循情形等四個面向的表現，以期提供有意赴中國大陸投資之銀行業者對於當地情況有更多的概念與了解。 / After thirty years of economic and financial reforms, banking system in China has transformed from rigidly controlled to marketization nowadays with a variety of banking institutions coexist in the financial market. Among different kinds of banking institutions, large state-owned commercial banks dominate over half of total banking assets, their huge scale allow themselves to have leading positions and monopoly power in China’s banking industry. Under WTO regulations China must fully open markets for foreign banks’ investment started on December 11, 2006, before that most large state-owned commercial banks have restructured into joint-stock companies and went public sequentially in order to enhance competition for fierce challenges brought from foreign banks. Attributing to China government’s effort and support, the overall domestic banking performance has made a lot of progress in the past few years. By comparing banking performance with USA and Taiwan in four aspects of profitability, assets quality, liquidity risk management and capital adequacy ability, the study results demonstrate that general performance of banking sector and large state-owned commercial banks in China have improved greatly and even better than advanced countries in some respects. The signing of ECFA between cross-strait governments on June 29, 2010 starts a new page of Taiwan banks’ development in China, the study suggests that in the initial stage banks from Taiwan can explore markets of corporate banking by using their expertise in loans for small and medium enterprises which are always neglected by banks in China, and by providing services to Taiwan business people in China to explore markets of consumer banking, and then gradually expand market share.

Até cerca de vinte anos, o termo Corporate Governance (Governança Corporativa) não existia na língua inglesa. Os códigos de boas práticas de Governança Corporativa começaram a surgir no início dos anos noventa na Inglaterra, nos Estados Unidos e no Canadá, em resposta ao desempenho insatisfatório de companhias líderes, percebido como uma deficiência de efetividade dos conselhos de administração, e em resposta às pressões exercidas pelos investidores institucionais. No Brasil, o termo Governança Corporativa é ainda mais recente, mas já começa a ser preocupação e a merecer a atenção de pesquisadores, Bolsa de Valores e associações. Este estudo objetiva identificar possíveis relações entre variáveis independentes, representativas de mecanismos de Governança Corporativa, e medidas de performance econômica de empresas integrantes do Índice Brasil IBX da Bolsa de Valores de São Paulo BOVESPA, com dados do período de 1997 a 2001.Utilizando a técnica estatística de dados em painel, modelo de componentes de erros, trabalha-se 16 variáveis independentes representando os mecanismos de Governança Corporativa: concentração de propriedade (5 variáveis), características do conselho de administração (3 variáveis), capital votante (1 variável), remuneração da diretoria executiva (2 variáveis), política financeira (3 variáveis), controle interno (1 variável) e mais uma variável de controle representando o tamanho das empresas. Essas variáveis são regredidas contra cada uma das cinco variáveis de medidas de performance econômica estudadas. Tais variáveis mediram o Market Value Added, a razão preço de mercado e valor patrimonial da ação, TOBINS Q, rentabilidade sobre o ativo e rentabilidade sobre o patrimônio líquido. Os resultados indicam que a concentração de propriedade, o capital votante, a remuneração da diretoria executiva e a política financeira são relacionadas à performance econômica. Surpreendentemente, o capital votante e a remuneração da diretoria executiva são negativamente relacionados à performance. Observa-se, também, que a medida de performance econômica utilizada faz diferença no estudo dos mecanismos de Governança Corporativa, pois aquelas puramente contábeis não apresentaram qualquer relação com os mecanismos testados. Este estudo, com esta abrangência de mecanismos, variáveis e período tratado, está dentre os estudos empíricos de Governança Corporativa pioneiros no Brasil. Espera-se oferecer uma contribuição aos acadêmicos interessados no assunto, bem como a acionistas, gestores, analistas de mercado, consultores, administradores de Bolsa de Valores, órgãos reguladores e associações de classe. / Up until twenty years go, the term Corporate Governance didnt exist in the English language. The codes of good practices of Corporate Governance began to arise in the early nineties in England, in the United States and in Canada, as an answer to an unsatisfactory performance of leading companies - recognized as a deficiency of effectiveness in the board of directors and also as an answer to the pressures exerted by institutional investors. In Brazil, the term Corporate Governance is still more recent, but begins to be pondered and to deserve attention of researchers, of Stock Exchanges and associations. This study aims to identify possible relationship among independent variables, representative of Corporate Governance mechanisms, and measures of economic performance of enterprises of the Brazil Index IBX of the São Paulo Stock Exchange BOVESPA, with data referring to the period comprehended between 1997 and 2001. Using the statistic technique of panel data, model of error components, we work with 16 independent variables representing the Corporate Governance mechanisms: concentration of propriety (5 variables), characteristics of the board of directors (3 variables), voting capital (1 variable), remuneration of the executive directorate (2 variables), financial policy (3 variables), internal control (1 variable), and one more control variable, representing the size of the enterprises. These variables are regressed against each one of the five variables of the studied economic performance measures. Such variables have measured up the Market Value Added, the market to book value price ratio, TOBINS Q, profitability over the assets and profitability over the net equity. The results indicate that the property concentration, the voting capital, the remuneration of the executive directorate and the financial policy are related to the economic performance. Surprisingly, the voting capital and the remuneration of the executive directorate are negatively related to performance. We can also observe that the economic performance measure utilized makes difference in the study of the Corporate Governance mechanisms, because that ones purely accountants doesnt have any relation with the mechanisms tested. This study, comprising such diverse mechanisms, variables and also the observed period, is among the leading empiric studies of Corporate Governance in Brazil. We hope to offer a contribution to the academics holding an interest in the matter, as well as to shareholders, managers, market analysts, consultants, Stock Exchange administrators, regulating bodies and class associations.

公司治理的研究,其主要的目的是了解董事會組成,董事會規模,外部董事, 董事及CEO薪酬誘因,CEO改組,外部大股東,外國股東,機構投資人,控制權和股權集中性,併購,法律制度及執行,法源…等變數對以ROA,ROE,會計盈餘,Tobin’s Q和股市報酬率所代表的公司績效之影響。與公司治理有關的重要指標包括股份控制權,現金流量權,董監事席次的控制權,控制權與股權的偏離,次大股東,金字塔結構,交叉持股,優先投票權,外部董事比例等。 本論文共計8章40節,引述國外文獻約500篇並由國際公司治理的實證結果來探討我國五家金控：開發金、台新金、復華金、富邦金、兆豐金的公司治理,最後提出九點結論和建議。

京都大学 / 新制・論文博士 / 博士(経済学) / 乙第13393号 / 論経博第404号 / 新制||経||297(附属図書館) / (主査)教授 岩本 武和, 教授 砂川 伸幸, 教授 徳賀 芳弘 / 学位規則第4条第2項該当 / Doctor of Economics / Kyoto University / DGAM