This thesis investigates the impact of the reform of the split share structure on the Chinese capital market. It adopts an event study methodology to examine the share price performance around the announcements of the reform and its predicted determinants, the type and level of consideration by using a sample of the top 300 companies listed in the combined Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). I find the three-day cumulative abnormal returns (CAR) to be negative and significant around government announcement of the reform on 29 April 2005, but the three-day CAR around company???s announcement of the reform to be positive and significant. I attribute this change of sentiment by the market to the release of information about the reform process concerning features such as type and level of consideration. I also regress the company???s CAR on the type and level of consideration and find evidence to suggest that type of consideration matters, where investors prefer payment of shares from capital reserves or retained profits, cash, warrants or any combination of these methods as opposed to payment of shares from non-tradable shareholders. However, I observe no relation between level of consideration and CAR. I interpret this reaction to be that investors perceive that the consideration level is fair and reasonable based on the company???s financial and operating conditions. These results imply that the reform of the split share structure exerts a positive impact on a company???s share price and the extent of impact is a function of the type of consideration.

University of Technology, Sydney. Faculty of Business. / This thesis examines the concept of differential advantage and its relevance to the formulation of marketing strategy. It compares the model of market share determination, based on the possession of differential advantages in marketing mix variables, with one based on the concept of marketing effort. The two models are examined using data on new passenger car registrations collected from Idaps and Paxus1 respectively, media spend from Bruce Tart and Associates, and later AIM Data2, car dealerships from the Telecom Yellow Pages, and car models and new passenger car prices from Wheels Magazine, for the period 1983 to 1993. The above data was corroborated, where possible, by means of authoritative sources in the motor car industry in Australia. The theory of market share determination, based on share of marketing effort is an attractive one. This thesis finds that the relationship between market share3 and share of marketing effort is positive, consistent and statistically significant. It confirms the place of marketing effort as a model of market share determination in the marketing literature. Differential advantage is an index of competitive activity that is calculated by subtracting concurrent market share from share of marketing effort. The proposition, advanced by Cook and Rothberg (1990), is that increasing amounts of differential advantage are positively related to increasing levels of market share. This thesis does not support this proposition. At an overall level of analysis, the relationship between market share and differential advantage is a negative one. Only when a subset analysis is done, for small car makers, is there a weak but statistically significant and positive relationship between market share and differential advantage. The overall negative relationship between market share and differential advantage may be explained in part by the economic uncertainty of a boom and economic recession during the period under consideration in this thesis. A further possible explanation is that the data may not have captured fully the relationship between market share and differential advantage. The data examined the relationship between market share and differential advantage with only four independent variables. A larger number of independent variables, or different ones, may have described the relationship more effectively. Such data was not available. A more fundamental conclusion that is supported by this thesis is that successful competitive strategy simply does not require share of marketing investments to be greater than concurrent market share. The place of differential advantage in the formulation of marketing strategy is questioned. This thesis supports the value of competitive marketing effort in the formulation of marketing strategy.

<p>The paper studies share repurchases done by 50 randomly chosen U.S. publicly traded companies between 1996 and 2007 and checks if they could have been done at more advantageous prices for long-term shareholders in the two years following repurchases. The paper argues that the lower the price at which a repurchase is done the better it is for long-term shareholders.</p><p> </p><p>The results indicate that on average for 37 % of the years in which a company repurchased shares, it could have done it at a price at least 25 % lower in the next two years. When the results are weighted to take into account the dollar amounts spent on repurchases each year, the figure increases to 56 %. The paper looks also at if the repurchases could have been done at a price at least 50 % lower in the next two years. The unweighted results show that on average it would have been possible for 17 % of the years in which a company repurchased shares. When the result is weighted for the dollars spent on repurchases each year the proportion increases to 32 %.</p><p> </p><p>The results show also that the companies increased massively their repurchases just before the stock market crash that started in the late 2007.</p>

The paper studies share repurchases done by 50 randomly chosen U.S. publicly traded companies between 1996 and 2007 and checks if they could have been done at more advantageous prices for long-term shareholders in the two years following repurchases. The paper argues that the lower the price at which a repurchase is done the better it is for long-term shareholders.   The results indicate that on average for 37 % of the years in which a company repurchased shares, it could have done it at a price at least 25 % lower in the next two years. When the results are weighted to take into account the dollar amounts spent on repurchases each year, the figure increases to 56 %. The paper looks also at if the repurchases could have been done at a price at least 50 % lower in the next two years. The unweighted results show that on average it would have been possible for 17 % of the years in which a company repurchased shares. When the result is weighted for the dollars spent on repurchases each year the proportion increases to 32 %.   The results show also that the companies increased massively their repurchases just before the stock market crash that started in the late 2007.

Firms that announce open-market share repurchase programs are not obligated to follow through in the actual acquisition of shares. In fact, we find that the majority of firms fail to acquire the target number of shares specified at announcement and many firms fail to repurchase any shares at all. Therefore, the announcement of a share repurchase program has a degree of uncertainty regarding the announcing firms credibility. This study examines the possibility that market participants evaluate the credibility of a firms share repurchase announcement based on the firms previous share repurchase history. We examine 1,507 share repurchase programs for firms listed on the Toronto Stock Exchange (TSX) from 1995 to 2005 and find that firms that have completed a higher proportion of previous share repurchase programs experience larger abnormal returns on the announcement of subsequent repurchase programs. Therefore, we conclude that the market reacts more favorably to the share repurchase announcements of credible firms compared to firms that lack credibility.

This project explores the idea of dream sharing and how language is both a tool and a barrier for sharing dream experiences. I collected video and audio dream diaries from 15 different people and stitched together a "collective" dream that contains elements from each. From this new dream, I pulled words and displayed them as text on-screen. What is the relationship from the listener and the actual dream experience? Can we truly experience the dreams of others?

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Firms that announce open-market share repurchase programs are not obligated to follow through in the actual acquisition of shares. In fact, we find that the majority of firms fail to acquire the target number of shares specified at announcement and many firms fail to repurchase any shares at all. Therefore, the announcement of a share repurchase program has a degree of uncertainty regarding the announcing firms credibility. This study examines the possibility that market participants evaluate the credibility of a firms share repurchase announcement based on the firms previous share repurchase history. We examine 1,507 share repurchase programs for firms listed on the Toronto Stock Exchange (TSX) from 1995 to 2005 and find that firms that have completed a higher proportion of previous share repurchase programs experience larger abnormal returns on the announcement of subsequent repurchase programs. Therefore, we conclude that the market reacts more favorably to the share repurchase announcements of credible firms compared to firms that lack credibility.

Uppsatsens syfte var att utreda huruvida Dalarnas Försäkringsbolags helkunder har det fulla bank- och försäkringsengagemang som bolaget eftersträvar. Vidare ämnade vi att utifrån våra resultat föra en diskussion kring helkundernas lönsamhet då det är av stort intresse för företaget. För att uppnå syftet använde vi oss utav Dalarnas Försäkringsbolags kunddatabas där vi samlade in information om 300 helkunder. Stickprovet var ett resultat av ett obundet slumpmässigt urval från populationen helkunder som var aktuell i oktober 2010. Flera oberoende t-test genomfördes mellan olika grupper som vi skapat utifrån helkundernas grad av engagemang. Dessutom lämnade vi ut en enkät bland samtliga säljare och rådgivare och intervjuade en säljare respektive en rådgivare för att bland annat få en bild av hur mycket tid som läggs ned på arbetet med helkunderna.   Vi kom fram till att endast 13,4 % av helkunderna har det fulla bank- och försäkringsengagemang som bolaget eftersträvar och två tredjedelar av Dalarnas Försäkringsbolags helkunder har ett litet till mycket litet bankengagemang. Utifrån lönsamhetsresonemanget som förts om helkunderna vill vi inte dra för långtgående slutsatser då vi inte haft tillgång till exakta kostnader och intäkter, men vi skulle ändå vilja lägga fram att undersökningen tyder på att helkunderna som helt segment inte skulle är lönsamma för företaget.

In 1970,China carry out economic reform policy, development export-oriented agriculture, because of having the advantage of low-cost labor and land resource, loosen economic control and attract foreign capital investment gradually. In 1980, Taiwan entrepreneur start to investment agriculture related industry in China, and to bring in technology improved seed. but reviews the home, because environmental consciousness, the factory moves gradually toward the Southeast Asian country and China.Comparatively speaking, our country competitive power has the drop tendency. Separately, Taiwan and China joined one after another in WTO about in 2002, affect product wish of our country farmer because possible the low price to rob the market. We discuss bilateral in international market sales situation, the export market comparison from the Taiwan ten main aquatic products, the result discovered that the Taiwan most aquatic products all substitute by China, the government must propose in accordance to the plan and achieves the industry to continue forever to manage.