Thesis (MBA)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: According to Vestergaard and Wade (2012:486), “No financial or bank crisis has ever occurred from something ex-ante perceived as risky”. On the contrary – according to Per Kurowski (2010 in Vestergaard & Wade 2012:486) “they have all resulted, no exceptions, from excessive lending or investment in something perceived as not risky”. BASEL III, also known as the Third BASEL Accord, was developed by the Basel Committee on Banking Supervision (BCBS) as a comprehensive set of measures to strengthen regulation and risk management and, in doing so, to reform the way in which the banking sector operated in the past (International regulatory framework for banks (Basel III), 2014). According to Zerbst (2013), Basel III was introduced as a direct result of the financial crisis that hit the United States and spread throughout the world in 2008. After the financial crisis, the financial world lost confidence in banks in general. This made the regulators wary and the Basel Committee on Banking Supervision (BCSB) was formed. They were tasked to investigate how existing regulations could be revised to safeguard banks from landing in a similar situation. Currently, South African banks meet the minimum regulatory capital requirements introduced by Basel III. Capitec and African Bank Investments Limited (ABIL) are two prominent banks in the South African unsecured lending market. These two banks, although they seem alike, do not operate in the same way. They have different funding bases. Furthermore, unlike ABIL, Capitec does not have a furniture and appliance component (African Bank, 2014). This report aims to understand how Capitec and ABIL’s risk models measure up to what Basel III proposes banks use. The analysis in this research report will enable the reader to understand the capital structure of Capitec Ltd and ABIL better. This approach will allow for a better estimation of capital structure within the unsecured banking industry. This research report can further serve as an example of capital risk analysis for other bank executives in South Africa. A further benefit for this research is that it can be used as a case study for lecturers teaching corporate finance at academic institutions.

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Det är sedan tidigare tydligt att det funnits problem och delade åsikter kring arbetet med markanvisningar innan lag 2014:899 trädde i kraft. Arbetets syfte var att undersöka om arbetet har förändrats efter att lag 2014:899 trädde i kraft. Målet med arbetet är att utreda de valda kommunernas markanvisningspolicyer och deras erfarenheter av arbetet med dessa. Förbättringsåtgärder föreslås efter att ha belyst svagheter i de markanvisningspolicyer som undersöktes, med utgångspunkt i lag 2014:899 samt punkter specificerade av Caesar et al. (2013).  Ett dokument med förslag till vad en markanvisningspolicy bör innehålla har tagits fram. Dokumentet kan underlätta kommuners arbete med markanvisningspolicyer i fortsättningen.

En el presente trabajo de Tesis, se ha propuesto como objetivo mejorar el proceso de elaboración de los estudios de los proyectos de Inversión Pública en una entidad del Estado, a fin de reducir sus tiempos, toda vez que actualmente no se viene cumpliendo con el Programa de Inversiones y con las implantaciones de conexiones domiciliarias, En tal sentido, mediante la metodología de Mejora de Procesos presentada por la Presidencia del Consejo de Ministros se ha elaborado el presente trabajo de Tesis desarrollado en cuatro capítulos. El primer capítulo, corresponde al marco teórico, en donde se ha consignado las definiciones más importantes referidas al giro del negocio y de las diferentes herramientas y técnicas de ingeniería Industrial. El segundo Capítulo, hace referencia al problema principal y análisis de las causas. En el Tercer Capítulo, se desarrolla la metodología de Gestión por Procesos y se incluyen propuestas de solución a su principal problemática con el fin de reducir o eliminar las consecuencias. En el Cuarto Capítulo, se realiza la validación de la metodología elegida a través del simulador Promodel 2014 y el análisis de Flujo de Caja. Los logros obtenidos durante el desarrollo de la presente Tesis, después de aplicar la metodología de Gestión por Procesos fue en reducción el tiempo de elaboración de los estudios ( en los subprocesos de Elaboración de Términos de Referencia y del Estudio de Indagaciones de Mercado) en 72 días, logrando una mejora en el proceso de 35% aproximadamente. Finalmente, se ha estimado que los beneficios económicos de la mejora (ahorros generados) son superiores a los costos que conllevan su implementación, por lo que la propuesta es económicamente viable. Se calcula que los ahorros generados por el pago de remuneraciones y gastos operativos ascienden a S./ 1 368 307 (un millón trescientos sesenta y ocho mil trecientos siete). Con la implementación de esta mejora estaríamos adelantando la ejecución de los proyectos y por consecuencia la reducción en el incumplimiento de las ejecuciones presupuestales. / In the present thesis work, it has been proposed as an objective to improve the process of studies elaboration of Public Investment projects in a State entity. In order to reduce their time because currently it has not been complied the investment program and with the implantations of domiciliary connection. In that sense, through the methodology of Improvement of Processes presented by the Presidency of the Council of Ministers the present work of Thesis has been elaborated developed in four chapters. The first chapter corresponds to the theoretical framework, where the most important definitions referring to the turn of the business and the different tools and techniques of Industrial Engineering have been recorded. The second chapter, refers to the main problem and analysis of causes. In the third chapter, the Process Management methodology is developed and proposals for solving its main problem are included in order to reduce or eliminate the consequences. In the Fourth Chapter, the validation of the chosen methodology is carried out through the Promodel 2014 simulator and the cash flow analysis. The achievements obtained during the development of the present Thesis, after applying the methodology of Management by Processes was in reduction the time of elaboration of the studies (in the subprocesses of Elaboration of Terms of Reference and of the Study of Market Inquiries) in 72 days, achieving an improvement in the process of approximately 35%. Finally, it has been estimated that the economic benefits of the improvement (savings generated) are greater than the costs involved in its implementation, so the proposal is economically viable. It is estimated that the savings generated by the payment of salaries and operating expenses amount to S. / 1 368 307 (one million three hundred sixty-eight thousand three hundred seven). With the implementation of this improvement we would be advancing the execution of the projects and consequently the reduction in the non-compliance of budget executions. / Tesis

La Presidencia de Consejo de Ministros (PCM) emitió un conjunto de normas entre ellas algunas relacionadas a la seguridad de la información, con la cual se dispuso la obligatoriedad de uso de la NTP ISO/IEC 27001:2008 (aprobada con RM Nº 129-2012- PCM del 4 de junio de 2012), posteriormente la Norma Técnica Peruana NTP-ISO /IEC 27001:2014 2da Edición (aprobada con RM N° 004-2016-PCM del 8 de enero de 2016). Sin embargo, han pasado 6 años desde entonces, y pocas entidades han logrado la implementación total de la norma, es por ello que este trabajo de investigación tiene como objetivo identificar estos factores de éxito o limitantes para la implementación de la norma. La investigación se desarrolló en la Municipalidad Provincial de Huancayo, para lo cual elabore un check list en base a lo que solicita la norma y verifique la existencia en la Municipalidad durante I trimestre del año 2018, cualquiera fuese el resultado se solicitó información de los factores que permitieron el nivel alcanzado. Al finalizar la investigación se identificó que la entidad implemento 32% de lo solicitado por la norma, que algunos de los factores de éxito fue el conocimiento, experiencia e interés por parte del funcionario público responsable, y entre los limitantes la falta de procesos, cultura organizacional, presupuesto y capacitaciones.

Yu, Po Ting. / Thesis M.Phil. Chinese University of Hong Kong 2014. / Includes bibliographical references (leaves 193-199). / Abstracts also in Chinese. / Title from PDF title page (viewed on 15, September, 2016).

This thesis studies two types of problems in financial derivatives pricing. The first type is the free boundary problem, which can be formulated as a partial differential equation (PDE) subject to a set of free boundary condition. Although the functional form of the free boundary condition is given explicitly, the location of the free boundary is unknown and can only be determined implicitly by imposing continuity conditions on the solution. Two specific problems are studied in details, namely the valuation of fixed-rate mortgages and CEV American options. The second type is the multi-dimensional problem, which involves multiple correlated stochastic variables and their governing PDE. One typical problem we focus on is the valuation of basket-spread options, whose underlying asset prices are driven by correlated geometric Brownian motions (GBMs). Analytic approximate solutions are derived for each of these three problems. / For each of the two free boundary problems, we propose a parametric moving boundary to approximate the unknown free boundary, so that the original problem transforms into a moving boundary problem which can be solved analytically. The governing parameter of the moving boundary is determined by imposing the first derivative continuity condition on the solution. The analytic form of the solution allows the price and the hedging parameters to be computed very efficiently. When compared against the benchmark finite-difference method, the computational time is significantly reduced without compromising the accuracy. The multi-stage scheme further allows the approximate results to systematically converge to the benchmark results as one recasts the moving boundary into a piecewise smooth continuous function. / For the multi-dimensional problem, we generalize the Kirk (1995) approximate two-asset spread option formula to the case of multi-asset basket-spread option. Since the final formula is in closed form, all the hedging parameters can also be derived in closed form. Numerical examples demonstrate that the pricing and hedging errors are in general less than 1% relative to the benchmark prices obtained by numerical integration or Monte Carlo simulation. By exploiting an explicit relationship between the option price and the underlying probability distribution, we further derive an approximate distribution function for the general basket-spread variable. It can be used to approximate the transition probability distribution of any linear combination of correlated GBMs. Finally, an implicit perturbation is applied to reduce the pricing errors by factors of up to 100. When compared against the existing methods, the basket-spread option formula coupled with the implicit perturbation turns out to be one of the most robust and accurate approximation methods. / 本論文為金融衍生產品定價的兩類問題作出了研究。第一類是自由邊界問題，它可以制定一個受制於自由邊界條件的偏微分方程式(PDE)，雖然當中自由邊界條件的函數形式是已知的，但自由邊界的位置是未知的，只能通過為實際解施加連續性條件作隱式確定。這裡為兩個具體問題進行了研究，分別是固定利率按揭合約(fixed-rate mortgages)定價和方差恆彈性模型的美式期權(CEV American options)定價。第二類是多維問題，它涉及到多個相關隨機變量及他們引申出的多維PDE。這裡為一個典型例子進行了研究，稱為籃子差異期權(basket-spread options)，其基礎資產價格由相關的幾何布朗運動驅動。我們為這三個問題提出了解析近似解。 / 對於上述的自由邊界問題，我們提出了一項參數移動邊界來近似模仿未知的自由邊界，使原來的自由邊界問題轉化為移動邊界問題，從而提出一種解析近似解。控制移動邊界的參數是通過滿足近似解的一階導數連續性條件來定。得到了解析近似解令當中的衍生產品定價和避險參數能有效快速地計算出，相比於有限差分法(finite-difference method)，精度保持了但計算時間顯著降低。再透過應用一個多階段方案，將移動邊界重鑄成一項分段光滑的連續函數，能有系統地將近似解的結果逼近有限差分法的結果。 / 對於上述的多維問題，我們從Kirk(1995)的二維差異期權(spread option)近似解定價公式推廣到多維的籃子差異期權。由於最終的定價公式是封閉形式，所有避險參數也從而得到封閉式近似解。從一些模擬例子顯示出，近似解的定價和避險參數，與通過數值積分法(numerical integration)或蒙地卡羅模擬法(Monte Carlo simulation)獲得的基準值比較，只有小於百分之一的誤差。此外，透過利用一種期權價格和相關基礎變量的概率分佈關係，我們進一步推論出一項籃子差異變量的近似解分佈函數，這可應用到任何多維幾何布朗運動的線性組合變量分佈。最後，我們提出一種隱式攝動方法，把定價誤差減少高達一百倍，跟現有的近似解定價方法相比，這是其中一種最健全和準確的籃子差異期權定價方法。 / Lau, Chun Sing = 自由邊界和多維的金融衍生產品定價問題 : 解析近似解 / 劉振聲. / Thesis Ph.D. Chinese University of Hong Kong 2014. / Includes bibliographical references (leaves 174-186). / Abstracts also in Chinese. / Title from PDF title page (viewed on 12, September, 2016). / Lau, Chun Sing = Zi you bian jie he duo wei de jin rong yan sheng chan pin ding jia wen ti : jie xi jin si jie / Liu Zhensheng. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only.

Killeen's (2005) Prep is an estimator of the replicability of an experiment. It is specifically defined as the probability of obtaining an effect of the same sign as that found in original experiment. Nevertheless, since it was announced, the validity and reliabliltiy of Prep has been challenged by a number of researchers. The present study aims at improving the performance of Prep by applying the nonparametric bootstrap method in its computation, and this bootstrap replication estimator is denoted as PBrep . A simulation study was carried out to compare the performance of Killeen's Prep and the proposed PBrep under different conditions. As expected, PBrep gives a more accurate estimation than Prep. However, PBrep occasionally fails to work properly when there is a zero population effect size, so there is still a room for improvement. / Killeen (2005) 發明的Prep是一種實驗重複估計量，它是指能夠獲得與最初實驗效應量一致方向的可能性。但自其發表以來，該系數的信度及效度仍受到不少學者的質疑。是次研究嘗試通過使用自助抽樣法以改善此系數的效能，並將改良的新系數命名為PBrep。不同環境下對兩個系數準確度的模擬測試結果顯示，PBrep比Prep能達到更準確的估計值。然而當目標總體不存在差別效應時，PBrep偶爾會出現較大的偏差，因此未來研究仍需在此方向作出改善。 / Chan, Man Lok. / Thesis M.Phil. Chinese University of Hong Kong 2014. / Includes bibliographical references (leaves 37-40). / Title from PDF title page (viewed on 14, September, 2016).

Philip Glass (b. 1937) composed several works in the 1980s involving elements of film and opera. In the ensuing decade, he continued to explore new means of expression targeted for the stage. The operatic works that comprise his “Cocteau trilogy” reflect this ongoing focus. This thesis analyzes how Jean Cocteau’s earlier films are altered in Glass’s operas, focusing on the role of music in the process of adaptation. As case studies, I explore Orphée (1992), a straightforward operatic production adapted from Cocteau’s 1950 film of the same name, and La Belle et la Bête (1994), an opera for ensemble and film adapted from the 1946 motion picture. / The methodological frame is rooted in Linda Hutcheon’s theory of adaptation, which centers on conceptions of genre in the process of change. For adaptations from film to opera, Hutcheon’s theory offers two important terms that reflect her “dual-vision” in defining adaptation: “product” and “process.” Applied to Orphée and La Belle et la Bête, this model offers fresh insights into Glass’s creative approach. Insights relating to Orphée include (1) the reconstruction of the film’s dramatic structure in the opera based on the original cinematic scenes, (2) the accentuation of important scenes in the opera, and (3) musical allusions that create historical layers between the source texts and the adaptation. Discussion of La Belle et la Bête targets its hybrid performance form as well as recurring motifs that unveil aspects of Glass’s re-interpretation of the well-known fairy tale.Following Hutcheon’s framework for approaching cross-genre transitions, I contend that the process of adaptation in Orphée and La Belle et la Bête points to intertextuality as a central feature of Glass’s compositions from this period. / 菲利普‧格拉斯（b. 1937）于上世紀80年代創作了涵蓋電影和歌劇元素的作品，並于接下的十年中陸續探索新的舞台表現形式。由歌劇作品組成的“尚高克多三部曲”(“Cocteau trilogy”)正是這一主題的重要體現。此論文通過對音樂在改編過程中的角色變化以分析由高克多早期電影至格拉斯的歌劇的體裁轉換。與直接由高克多1950年的同名電影改編而成的歌劇《奧爾菲》(Orphée)一樣，根據與其1946所拍的《美女與野獸》(La Belle et la Bête)同名的歌劇亦是本文的研究案例。 / 本論文的理論框架來自琳達‧赫琦安(Linda Hutcheon)的改編理論。她的理論主要關注“體裁”(genre)這一觀念在改編過程中所發生的變化。對於由電影改編至歌劇的議題，赫琦安提供了兩個重要的理念：“製成品”(product)與“過程”(process)。這兩個概念反映了她在定義“改編”(adaptation)這一理念中所涉及的“雙重視覺”(“double-vision”)。在分析《奧菲斯》和《美女與野獸》的過程中，此模式為分析格拉斯的創新性改編提供了全新的分析視角。通過借助赫琦安的理論，《奧菲斯》體現出以下幾點：（1）電影的戲劇結構基於原電影段落基礎上的重建；（2) 對於歌劇中重要情節的突顯；(3)使用音樂指涉用於揭示原文本與改編文本中的歷史層次。尤其對《美女與野獸》而言，其後現代的表演方式和再現動機的運用揭示了格拉斯對此童話的重新演繹。根據赫琦安在關於跨媒介轉換中所提出的規則，我認為格拉斯的《奧菲斯》和《美女與野獸》的改編過程足以證明了互文性是為格拉斯于此創作時期的主要特點。 / Liang, Danni. / Thesis M.Phil. Chinese University of Hong Kong 2014. / Includes bibliographical references (leaves 93-98). / Abstracts also in Chinese. / Title from PDF title page (viewed on 12, September, 2016). / Detailed summary in vernacular field only. / Detailed summary in vernacular field only.

In this thesis, two topics in asymptotic statistics and spline functions are studied. / The first one is a study of testing the equality of Sharpe ratios. We compare two approaches to testing for the equality of many Sharpe ratios: the multivariate test of Wright et al. (2014) and Ledoit and Wolf's (2008) pairwise test. Firstly, Ledoit and Wolf's pairwise test is generalized to a multivariate one for direct comparison. We conclude by proposing a modified version that incorporates the Warp-Speed calibration method of Giacomini et al. (2013). The resulting procedure is much less computationally expensive but is comparable in its accuracy. / The second one is a study of the theoretical properties of an exponential weighting aggregated (EWA) penalized spline estimator, where the smoothing parameter is being averaged over an exponential reweighted posterior distribution. We show that the finite sample mean squared error of the EWA estimator is smaller than that of the smooth penalized spline estimator when the smoothing parameter is chosen to be a fixed value. Consistency and asymptotic normality of the EWA estimator are also developed under general situations. / 這篇論文研究了兩個關於漸近統計和樣條函數的話題。 / 其一是在假設檢驗夏普比率的相等性這個問題中的應用。我們首先比較了Wright et al.（2014）的多元檢驗方法和Ledoit & Wolf（2008）的二元檢驗方法。我們先將Ledoit & Wolf (2008)的二元檢驗法拓展到多元層面，以方便比較。最後，我們提出了採用Giacomini et al.（2013）的曲速法修改后的自助抽樣檢驗法。這種方法極大地降低了實際計算成本，同時保持了其準確性。 / 其二是對樣條估計的漸近表現的研究。我們研究了指數權重合計平滑樣條（EWA）估計，這種方法通過貝葉斯法給予平滑參數一個後驗分佈并將其加權合計。我們通過擴展一個oracle不等式驗證了EWA估計的方差比選定了一個平滑參數的一般平滑樣條估計的方差要小。此外，我們還驗證了EWA估計在一般情況下的一致性和漸近正態性。 / Huang, Wei. / Thesis M.Phil. Chinese University of Hong Kong 2014. / Includes bibliographical references (leaves 80-84). / Abstracts also in Chinese. / Title from PDF title page (viewed on 13, September, 2016). / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only.