Empirical studies have found that managers choose debt rather than equity to avoid EPS dilution and buy back outstanding shares to boost EPS, I thus explore the resulting effect of EPS on leverage. A firm’s leverage is negatively influenced by the level of its EPS. I also find that fluctuations in EPS have large effects on leverage and these effects persist for at least a decade. Besides, the negative impact of EPS on leverage becomes much stronger after the passage of SOX, in which period managers engage in more actions of debt-equity choices or stock repurchases with the sole purpose of manipulating EPS. Furthermore, managers’ equity incentives and corporate governance are two economic mechanisms through which EPS negatively influences leverage.

VIEIRA JÚNIOR, Nilson Machado. Análise regional do emprego nos estados do nordeste brasileiro - 1995-2003. 2006. 95f.: Dissertação (mestrado) - Universidade Federal do Ceará. Mestrado Acadêmico em Economia Rural (MAER). Centro de Ciências Agrárias. Fortaleza-CE. 2006 / Submitted by Francisco Helder Macêdo Rangel (fhelder@ufc.br) on 2014-09-01T17:35:06Z No. of bitstreams: 1 2006_dis_nmvjunior.pdf: 539201 bytes, checksum: 296e53ebfdd93bda7c23a9a7c6915ebd (MD5) / Rejected by Margareth Mesquita(margaret@ufc.br), reason: Corrigir a referência on 2014-09-02T14:24:06Z (GMT) / Submitted by Francisco Helder Macêdo Rangel (fhelder@ufc.br) on 2014-09-02T14:34:34Z No. of bitstreams: 1 2006_dis_nmvjunior.pdf: 539201 bytes, checksum: 296e53ebfdd93bda7c23a9a7c6915ebd (MD5) / Approved for entry into archive by Margareth Mesquita(margaret@ufc.br) on 2014-09-08T12:56:02Z (GMT) No. of bitstreams: 1 2006_dis_nmvjunior.pdf: 539201 bytes, checksum: 296e53ebfdd93bda7c23a9a7c6915ebd (MD5) / Made available in DSpace on 2014-09-08T12:56:02Z (GMT). No. of bitstreams: 1 2006_dis_nmvjunior.pdf: 539201 bytes, checksum: 296e53ebfdd93bda7c23a9a7c6915ebd (MD5) Previous issue date: 2006 / The economy of North-East Brazil has changed a lot in the last 30 years. Many studies have analysed the changes that have taken place in this Region, aiming to suggest some development policies for the Region. From a relative isolation and stagnation, North-East Brasil has showed a developing economy, specially in States such as Bahia, Pernambuco and Ceará. This research had as its goal to pinpoint the dynamic sectors of the Region. The basic variable used was the employed labor force throughout the economic sectors and some analysis measures of a sector and regional nature were also employed in this research, along with the shift-share method. The considered employed labor force was from 10 years old and up, and it was divided into economic sectors. The employed labor force considered was those people who were working all or a part of the range time (the week in reference or the reference period of 365 days or less than 4 years). The sectors analysed in this research were: the Agriculture; Industry; Building; Trade and repair; Public Administration, education and health; Household services and Other activities. Some of these sectors turned up to be dynamic and/or showed specific location advantages, which may point to the fact that these sectors can respond positively to a bigger development process, if public policies are taken correctly. / A economia do Nordeste tem se diversificado ao longo dos últimos 30 anos. Vários estudos têm procurado analisar as transformações pelas quais passou a economia desta Região, visando apontar diagnósticos e/ou políticas de desenvolvimento para a mesma. De um relativo isolamento regional e letargia, o Nordeste tem apresentado um certo desenvolvimento de sua economia, principalmente em Estados com Bahia, Pernambuco e Ceará. Este estudo procurou identificar os setores dinâmicos da economia da Região, tendo como variável-base a mão-de-obra ocupada nos seus diversos setores e utilizando-se de medidas de análise de natureza regional e setorial juntamente com o método Estrutural-Diferencial, ou shift-share. A mão-de-obra ocupada considerada foi a de 10 anos ou mais de idade, a qual foi decomposta por setores de atividade. São classificadas como ocupadas no período de referência especificado (semana de referência ou período de referência de 365 dias ou de menos de 4 anos) as pessoas que tinham trabalho durante todo ou parte desse período. Os setores considerados no presente estudo foram o Agrícola; Industria; Construção; Comércio e reparação; Administração pública, educação e saúde; Serviços domésticos e outras atividades. Alguns desses setores mostraram-se dinâmicos e/ou apresentando vantagens locacionais específicos, o que sugere que tais setores podem responder positivamente a um processo maior de desenvolvimento, se adotadas políticas públicas nesse sentido.

This thesis deals with the currently effective legislation on types of shares, which is still relatively new in the Czech Republic as the recodification took place approximately four years ago. The main act that is a subject to the examination of this thesis is the Act no. 90/2012 Coll., on Commercial Companies and Cooperatives (The Business Corporation Act), which provides the main regulation of shares. The aim of this thesis is to find out limits that restrict the contracting autonomy, which was widely broadened with the recodification of the Czech private law, in the process of creating different types of shares. The thesis is divided into four main chapters. First chapter introduces the shares as a type of securities or book-entry securities along with the main characteristics of a share. It also defines an important term for this thesis - the type of share - and the basic types of shares recognized explicitly by the Business Corporation Act. The second chapter concerns with the construction of the types of shares and its limits. It describes the contracting autonomy - one of the main principles of the private law - and different limits of this liberty. These include basic principles of the private law, commercial law principles and company law principles, the provisions of the Civil Code and...

abstract: With the fast development of Chinese capital market, an increasing number of institutions and retail investors invest through professional managers. The key to evaluating investment manager’s skill and performance persistence largely lies in portfolio style research and attribution analysis. The current dissertation takes advantage of a unique dataset, uncover hidden investment style and trading behavior, understanding their source of excess returns, and establishing a more comprehensive methodology for evaluating portfolio performance and manager skills. The dissertation focuses on quantitative analysis. Highlights three most important aspects. Investment style determines the systematic returns and risks of any portfolio, and can be assessed ex-ante; Transaction can be observed and modified during the investment process; and return attribution can be implemented to evaluate portfolio (managers), ex-post. Hence, these three elements make up a comprehensive and logical investment process. Investment style is probably the most important factor in determining portfolio returns. However, Chinese investment managers are under constant pressure to follow the market trend and shift style accordingly. Therefore, accurately identifying and predicting each manager’s investment style proves critically valuable. In addition, transaction data probably provides the most reliable source of information in observing and evaluating an investment manager’s style and strategy, in the middle of the investment process. Despite the efficacy of traditional return attribution methodology, there are clear limitations. The current study proposes a novel return attribution methodology, by synthesizing major portfolio strategy components, such as risk exposure adjustment, sector rotation, stock selection, altogether. Our novel methodology reveals that investment managers do not obtain much abnormal returns through risk exposure adjustment or sector rotation. Instead, Chinese investment managers seem to enjoy most of their excess returns through stock selection. In addition, we find several interesting patterns in Chinese A-share market: 1). There is a negative relationship between asset under management (AUM) and investment performance, beyond certain AUM threshold; 2). There are limited benefits from style switching in the long run; 3). Many investment managers use CSI 300 component stocks as portfolio ballast and speculate with CSI500 and Medium-and-Small board component stocks for excess returns; 4). There is no systematic negative relationship between portfolio turnover and investment performance; despite negative relationship within certain sub-samples and sectors; 5). It is plausible to construct out-performing portfolios with style index funds and ETFs. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2016

The advent of globalisation and the re-admittance of South Africa into the international market place have presented both opportunities and threats to local fast food outlets and franchises. These food outlets are faced with foreign competition and the need to adapt their strategies in order to cope with the continued onslaught of these highly efficient, foreign, service orientated organisations if they intend to survive. This research explored the strategies these fast food outlets should utilise to deal with their competition and to facilitate their market growth and organisational development which could lead to them being successfully franchised at a later stage. The study revealed that if any significant growth and organisational development was to be expected, the fast food outlet had to concentrate on customer satisfaction and retention through the innovative use of the 7P’s of the marketing mix in its strategy formulation process. Attention also needed to be given to the competitive forces in the external environment so that competitive strategies were in line with market developments. The triangulation method was applied in this study. In terms of this method, qualitative and quantitative research techniques are combined in order to improve the reliability and validity of the research findings. This method proved to be an effective research tool as the findings in the quantitative research were verified by the findings in the qualitative research. Franchising in South Africa, especially the Eastern Cape, where unemployment is highest, is important as it has the potential for job creation and economic empowerment of the disadvantaged communities. It is therefore essential that every endeavour be made to ensure the success of the emerging entrepreneurs through assisting them to develop strategies that will ensure sustainable development and growth.

Master of Agribusiness / Department of Agricultural Economics / Jeffery R. Williams / For the past couple years, farm income has declined due to lower prices for corn, soybeans, and wheat. This decline has caused agricultural producers to keep equipment longer, which has affected equipment sales at John Deere. When times are good, producers buy new and trade used equipment, but when a producer’s profit is lower than previous years, they tend to save their money for input costs for the next growing season. The decline in farm income has had a negative effect on agriculture sales, but dealers can maintain their market share goals and still be profitable if they adjust their focus to other areas of their business, including sales of parts and equipment service. The goal of this study is to create an analysis tool that field managers can use to help dealers see the potential sales, profit, and pay for performance that they are missing because they are not up to suggested guidelines for sales of parts and equipment service. The tool includes several metrics from an existing report called the Categorization Report. These metrics are Dealer Performance Market Share, Aftermarket Performance Factor, Service Market Performance Factor, and Net Operating Return on Sales. The tool calculates the differences between the dealer metrics and John Deere metrics. Further, this tool is used to compare an individual dealer to other dealer averages and determine what a high performance, fully optimized dealer looks like and how much more a dealership could be selling in sales, parts and service to be a sustainable business in today’s economy. The tool is used to examine three scenarios to demonstrate its flexibility. These scenarios include a top-ten dealer, a large-scale above-average dealer, and a merger of three dealerships. The spreadsheet tool will display a two-page summary that shows how a dealership compares with other dealers that are similar in size and how they compare to the top-ten elite dealers in their category. The summary will also include market share maps to show which dealer-specific geographical areas need improvement to earn more sales in the future.

On November 18th 2011, China enact detail rules on the management of governmental vehicle procurement list. Few months later, on February 24th 2012, an unprecedented governmental vehicle procurement list was published. The procurement list includes 412 types of vehicles which are all China's own brands. This research analyzes the effect of this governmental vehicle procurement list on the sales of listed vehicle given the background of Xi Jinping's anti-corruption campaign. The empirical evidence shows that when Xi Jinping launched preliminary policy in December 2012, increased sales of vehicle being on the procurement list in 2013 are averagely 45.5 cars per month more compared to increased sales of unlisted vehicles. Also, the market share of listed vehicle can be witnessed a steady increase over time.

The thesis deals with the analysis of equity transactions and comparing the impact of these transactions for accounting and tax purposes. The introduction describes the characteristics of equity and its arrangement in the balance sheet. The thesis focuses on how the legal regulations of the capital companies are reflected in the accounting of these legal entities and what are the tax impacts of transactions with equity. This includes issues of increase and decrease of share capital, profit shares, capital fund creation, including valuation differences from revaluation of assets and liabilities. There is also mentioned the issue of creating the structure of equity in the transformation of commercial corporations. The final part deals with the disclosure of equity information in the Statement of Changes in Equity.

No abstract available. / Dissertation (LLM)--University of Pretoria, 2013. / Mercantile Law / unrestricted

No abstract available. / Dissertation (LLM)--University of Pretoria, 2013. / Mercantile Law / unrestricted