進入「知識經濟」時代，無論國家或企業對於研發的重要性無不越來越重視，而研發創新所產生的知識是否能發揮幾何級數的力量，則取決於知識是否能被有效的分享。學者們雖然對於知識分享的重要性都抱持著肯定的態度，也承認必須採取某些機制來促進組織成員的知識分享，但是對於知識分享機制相關的概念，到目前為止學界卻依然沒有發展出一致的看法，這引起了學生研究的興趣。 本論文的研究目的為探討知識分享機制的概念及其構成要素，藉由分析知識分享機制構成要素間的關係，建構一個整合性知識分享機制的架構。並透過此整合性知識分享機制的架構，對知識分享機制及其他相關變項與研發人員之間知識分享行為之關連性獲得更清楚的認知。 由於知識分享為一較新的研究領域，相關的研究與定義皆尚未成熟，概念間的關係也還沒有完全被了解，因此本研究定位在進行探索性的研究，故研究方法兼採較適合進行探索性研究的文獻分析及個案研究研究方法。 本研究文獻分析的內容，首先針對知識管理的相關文獻進行回顧，透過學者對知識內涵、類型以及知識管理的相關研究，以求獲得對於知識管理較為清楚的認識，並同時了解知識分享在知識管理中所扮演的角色。其次本研究同時對知識分享的相關文獻進行分析，以了解學者對於知識分享的不同看法，並進一步的討論知識分享機制的內涵。本研究亦針對研發人員特徵與研發專案類型相關的文獻進行討論，以了解以上因素與知識分享機制與研發人員知識分享行為的關聯性。 經過文獻分析建構理論上的知識分享機制架構後，本研究透過個案研究了解並補充此理論架構不足之處。在個案研究選擇的個案方面，由於工研院對我國產業發展的重要性及組織中研發人員的密集性，故本研究經考慮後選擇工研院光電所之研發團隊作為研究對象。 經過文獻分析與個案研究的過程並進行分析後，本研究有以下的發現： 一、知識的類型的不同會導致研發人員出現不同的知識分享行為。 二、知識分享機制可分為六個不同之構成要素，分別為建立知識市集、建立成員間的工作關係、促進知識的具體化、領導者知識分享角色的扮演、知識分享評估與獎勵制度的運作以及資訊科技環境的建構。以上的六個構成要素型塑了組織的知識市場，並改變了知識類型與知識分享行為間的關係。 本論文最末根據研究發現，對工研院之知識分享機制提出了實務上可行的建議並呈請工研院相關人士參考，希望透過這些建議，能對此一國家級研發機構之知識分享機制發揮些許正面的影響，進而使工研院研發人員的知識產生更高的價值及貢獻。

Submitted by Yurie Yassunaga Suzuki (yurieyassunaga@gmail.com) on 2015-09-03T02:42:33Z No. of bitstreams: 1 Dissertação - YYS.pdf: 638348 bytes, checksum: 7a31f5f0e578eed37d240d302f503e27 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-09-03T16:04:18Z (GMT) No. of bitstreams: 1 Dissertação - YYS.pdf: 638348 bytes, checksum: 7a31f5f0e578eed37d240d302f503e27 (MD5) / Made available in DSpace on 2015-09-03T16:44:56Z (GMT). No. of bitstreams: 1 Dissertação - YYS.pdf: 638348 bytes, checksum: 7a31f5f0e578eed37d240d302f503e27 (MD5) Previous issue date: 2015 / This work aims to study market behavior involving Petrobras’ stock and options markets applying price discovery methodology. Using high-frequency data, provided by BM&FBOVESPA, econometric models used in this methodology were estimated and measures of Information Share (IS) and Component Share (CS) were calculated. The results of the analyzes indicated dominance of the spot market in the process of price discovery, since, for this market, were observed values over 66% for IS and above 74% for CS. Graphical analysis of the impulse response function indicated that the spot market is more efficient than the option market. / Este trabalho tem como objetivo estudar o comportamento do mercado de ações e opções de Petrobrás utilizando a metodologia de price discovery (descoberta de preços). A partir de dados de alta frequência de ambos os mercados, fornecidos pela BM&FBOVESPA, os modelos econométricos utilizados nessa metodologia foram estimados e as medidas de Information Share (IS) e Component Share (CS) foram calculadas. Os resultados das análises indicaram dominância do mercado à vista no processo de descoberta de preços, dado que, para este mercado, foram observados valores acima de 66% para a medida IS e acima de 74% para a medida CS. Análises gráficas da função resposta ao impulso indicaram, também, que o mercado à vista é o mais eficiente.

L’ensemble de la doctrine s’accorde pour dire que la cession de droits sociaux est une opération complexe faisant appel à de nombreuses notions juridiques et financières. Ce faisant, même s’il s’agit purement et simplement de transférer les droits sociaux ou le pouvoir de la société par l’intermédiaire d’une telle opération, le législateur a rendu cette opération difficile par l’utilisation de termes inappropriés. De plus la jurisprudence inconsistante, et quelquefois imprécise, sur certains points de ce sujet à rendue cette opération très discutée. L’un des points essentiels de la cession de droits sociaux concernent le prix et la valeur de ces droits. Le législateur impose des conditions à ce prix, mais il n’est pas facile pour les parties à l’opération de remplir ces critères légaux. L’opération d’expertise du prix dans une cession de droits sociaux est l’opération permettant de dire le prix des droits sociaux, une opération permettant de remplir l’ensemble des critères juridiques et financiers d’une cession, tout en protégeant les intervenants. Cependant, il nous semble difficile d’être juge et partie à une telle opération. C’est la raison pour laquelle les parties doivent avoir recours à un tiers estimateur pour effectuer cette opération d’expertise dont la mission sera, d’une part, de remplir les critères légaux concernant le prix et, d’autre part, d’évaluer financièrement la valeur des droits sociaux dans toutes les situations. / Even though the transfer of social rights (more precisely legal and beneficial ownership) is a necessary and common operation in the life of a company, experience shows that it is a complex process involving many legal and financial concepts. Even if there is only a transfer of social rights or a transfer of the power of the company through such an operation, the legislator has made this operation more difficult through the use of inappropriate language. Moreover the inconsistent, and sometimes, inaccurate jurisprudence on some points surrounding this subject has made this operation highly controversial. One of the main issues regarding the transfer of social rights is the price, i.e. the value of those rights. The legislator imposes conditions on this price but it is not easy for the parties to the transaction to meet these legal requirements. The expert assessment of the price for the transfer of social rights is the process involved in determining the price of the social rights; an operation which fulfills the legal and financial requirements of such a transfer, whilst protecting the stakeholders. However, it seems difficult to be both judge and party to this transaction. This is why the parties should be able to use a third person as an expert to perform this operation. The expert’s goal will be, on the one hand, to fulfill the legal criteria regarding the price and, on the other hand, to assess the financial value of the social rights in all situations.

The amendment of the Companies Act 61 of 1973 in 1999 by Companies Amendment Act 37 of 1999 made it possible for the first time, in South Africa, for a company to acquire its own shares and for a subsidiary to acquire shares in its holding company. The position introduced by the 1999 amendments was repealed in 2011 with the coming into effect of the Companies Act 71 of 2008. I have compared capital maintenance rule under the Companies Act 61 of 1973, as amended in 1999 with capital maintenance rule under the Companies Act 71 of 2008. I have also examined in detailed the requirements to be complied with when a company acquires its shares as well as the requirements to be complied with when a subsidiary acquires shares in its holding company. Copyright / Dissertation (LLM)--University of Pretoria, 2012. / Mercantile Law / unrestricted

Master’s thesis deals with fundamental equity analysis with focus on to make the best investment in the chosen field into the selected equity companies.

The diploma thesis is dealing with a fundamental analysis. The first part of diploma thesis presents the methods and procedures of analysis. It evaluates their advantages and disadvantages. The practical part of diploma thesis is dealing with an application of fundamental analysis in assessment of financial position of concrete joint stock company ČEZ. The top of my survey is estimated a formulation of instrinsinic share value and a recommendation for shares of ČEZ.

Master´s thesis deals with the fundamental stock analysis of Philip Morris CR. The theoretical part describes the methods and procedures of fundamental analysis. In the practical part of the work a fundamental analysis on a global, sectoral and company level is performed. Outcome of this work is an investment recommendation based on the comparison of an observed intrinsic value of a stock with current market price.

The aim of this diploma thesis is a fundamental analysis of selected joint-stock companies of the Czech stock market for the purpose of selecting advantageous investment opportunities. The theoretical part of the thesis summarizes the most common knowledge of investing and methods of fundamental analysis. In the practical part, these findings applied to the analysis by Fortuna Entertainment Group, Pegas Nonwovens AG, ČEZ and Philip Morris CR. The investment recommendation is proposed in the basis of the comparision of the results gathered by the analysis.

<div>In the first chapter, our empirical tests use data from three sources. First, we obtain the Loughran and McDonald’s (hereafter LM wordlist) positive/negative wordlist and from the authors’ website. Second, we obtain the monthly Fama and French (1993 and 2015) factors (i.e. SMB, HML, Rm-Rf, CMA, and RMW) and momentum factor (MOM) from Kenneth French’s website for the sample period January 1994 through December 2016. Third, we obtain the monthly stock returns, monthly index returns, month end market value from the Center for Research in Security Prices (CRSP) as well as accounting information such as annual book</div><div>I the second chapter, we utilize five main datasets in this study. The first dataset is the stock market transaction level data for S&P 500 stocks, obtained from Trades and Quote (TAQ). The second dataset is the corporate bond transaction data from Trade Reporting and Compliance Engine (TRACE) through Wharton Research Data Services (WRDS) for the S&P 500 firms. The TRACE data provides over the counter (OTC) corporate bond market real-time prices.To examine the price discovery of bonds in equity prices we use a sample period of over 1,000 trading days from January 2004 through December 2008.</div><div>Our third data source is the institutional level transaction data from ANcerno, which provides transactional level trade data for corporate bonds and stocks for the first quarter of 2006 through the third quarter of 2010. Several studies have used equity transaction dataset to examine the ANcerno institutional trading behavior. See for example Puckett and Yan (2011), Bethel, Hu and Wang (2009), Chemmanur, He and Hu (2009), Goldstein, Irvine, Kandel and Wiener (2009). Additionally, Hu, Jo, Wang and Xie (2018) provide a comprehensive review of ANcerno dataset. The fourth source of data comes from Mergent Fixed Income Security Database (FISD), which provides details of bond characteristics and credit ratings from standard and poor’s (S&P) and Moody’s. Finally, we obtain the daily stock returns data from center for security prices (CRSP) database and match it with the daily bond returns to examine the lead-lag relationships.</div><div><br></div>

Dividend policy is widely researched in financial management, but determining whether it affects the market price per share is difficult. There has been much published on the subject, which presented theories such as the Modigliani, Miller, Gordon, Lintner, Walter and Richardson propositions and the relevance and irrelevance theories. However, little research has been done on the impact of dividend policy on shareholders’ wealth while considering the short- and long-run effects. The Vector Error Correction Model (VECM) was used to describe the short-run and long-run dynamics or the adjustment of the cointegrated variables towards their equilibrium values in South Africa. This study attempts to explain the effect of dividend policy on the market price per share. A sample of 46 companies listed on the Johannesburg Securities Exchange (JSE) was selected for the period 1995-2010. Three variables were used, namely the market price per share, the dividend per share and the earnings per share. The market price per share was used as a proxy in measuring shareholders’ wealth and the dividend per share was used as a proxy in measuring the dividend policy. Fixed and random effects models were applied to panel data to determine the relation between dividend policy and market price per share. The fixed effects method was used to control the stable characteristics of the companies over a fixed period. The random effects model was applied when the companies’ characteristics differed. Results for both models indicated that dividend yield is positively related to market price per share, while earnings per share do not have a significant impact on the market price per share. To test the strength of the long-run relationship, the VECM was applied. The coefficient for dividend per share in the co-integrating equation was positive, while the coefficient for earnings per share was negative. This confirms previous research findings. The results suggest that there is a long-run relationship between dividend per share and market price per share. The Granger causality test indicates there is bi-directional Granger causality between market price per share and dividend per share in South Africa. Therefore dividend policy does have a significant long-run impact on the share price and therefore provides a signal about the company’s financial success. / Dissertation (MCom)--University of Pretoria, 2012. / Financial Management / Unrestricted