Master of Agribusiness / Department of Agricultural Economics / Mykel Taylor / The agricultural commodity market has been experiencing previously unseen high prices in recent years. This new era of prices brings with it new challenges within agriculture for farmers and grain buyers within agriculture. This research explores the basis values of hard red winter wheat in Kansas and the elevator characteristics that provide a competitive advantage for elevators buying wheat in Kansas. This research explores hard red winter wheat basis values from elevators located around Kansas from 2002 to 2013. Two hundred twenty eight locations from around Kansas were used in the research. These locations provided the price data that was used for this research. The elevator characteristics used in the research were collected from the Kansas Grain and Feed Directory and the Burlington Northern-Santa Fe and Union Pacific railway companies. Five elevator characteristics were researched that may have a significant impact on an elevators basis. These characteristics are thought to provide a competitive advantage to the location in the form of stronger or narrower basis bids to the farmer, giving the farmer a higher price for his grain. The characteristics researched included elevator capacity, transportation capabilities, elevator terminal status, shuttle loading status, and cooperative or investor-owned business structure. Each characteristic was compared against their counterpart. For example, a location is either a shuttle loader or it is not. The research provides grain companies and farmers some data that they may find useful in marketing grain and setting basis levels in the ever changing and volatile market place in today’s grain industry.

Master of Agribusiness / Department of Agricultural Economics / Sean Fox / The commodity markets have seen a great deal of volatility over the past decade, which, for those involved, has created many challenges and opportunities. Some of those challenges and opportunities are related to the behavior of the basis – the difference between the local cash price of grain and its price in the futures market. This thesis examines factors impacting basis for corn and soybeans at an Illinois River barge terminal, inland grain terminals in central Illinois, and in the Decatur processing market. Factors used to explain basis behavior include the price level of futures markets, the price spread in the futures market, transportation cost, local demand conditions, and seasonal patterns. Using weekly data on basis from 2000 to 2013, regression models indicate that nearby corn futures, futures spread, inverted market, days until expiration, heating oil futures, and some months are significant drivers of corn basis. For inland terminals and processor regression models nearby corn futures do not appear to have significant effects. Using the same parameters for soybean basis nearby soybean futures, futures spread, inverted market, heating oil and some months are significant drivers but days until expiration do not appear to have a significant effect.

Doctor of Philosophy / Department of Agronomy / Mithila Jugulam / Palmer amaranth (Amaranthus palmeri) is one of the most aggressive, troublesome and damaging broadleaf weeds in many cropping systems including corn, soybean, cotton, and grain sorghum causing huge yield losses across the USA. As a result of extensive and intensive selection of pre- and -post emergence herbicides, Palmer amaranth has evolved resistance to multiple herbicide modes of action, microtubule-, 5-enolpyruvylshikimate-3-phosphate synthase (EPSPS)-, acetolactate synthase (ALS)-, photosystem II (PS II)-, hydroxyphenylpyruvate dioxygenase (HPPD)- and more recently to protoporphyrinogen oxidase (PPO)-inhibitors. A Palmer amaranth population from Kansas was found resistant to HPPD-, PS II-, and ALS-inhibitors. The overall objective of this research was to investigate the target-site and/or non-target-site resistance mechanisms in Palmer amaranth from KS (KSR) to mesotrione (HPPD-inhibitor), atrazine (PS II-inhibitor), and chlorsulfuron (ALS-inhibitor) relative to known susceptible Palmer amaranth from Mississippi (MSS) and KS (KSS). Whole plant dose-response assays showed high level of resistance in KSR to mesotrione, atrazine and chlorsulfuron. KSR was 10-18, 178-237 and >275 fold more resistant to mesotrione, atrazine, and chlorsulfuron, respectively, compared to MSS and KSS. Metabolism studies using [¹⁴C] labeled mesotrione and atrazine demonstrated non-target-site resistance to both herbicides, particularly, enhanced metabolism of [¹⁴C] mesotrione likely mediated by cytochrome P450 monooxygenases and rapid degradation of [¹⁴C] atrazine by glutathione S-transferases (GSTs). In addition, molecular and biochemical basis of mesotrione resistance was characterized by quantitative PCR (qPCR) and immunoblotting. These results showed 4-12 fold increased levels of the HPPD transcript and positively correlated with the increased HPPD protein. Sequencing of atrazine and chlorsulfuron target genes, psbA and ALS, respectively, showed interesting results. The most common mutation (serine264glycine) associated with atrazine resistance in weeds was not found in KSR. On the other hand, a well-known mutation (proline197serine) associated with chlorsulfuron resistance was found in 30% of KSR, suggesting ~70% of plants might have a non-target-site, possibly P450 mediated metabolism based resistance. Over all, KSR evolved both non-target-site and target-site based mechanisms to mesotrione and chlorsulfuron with only non-target-site based mechanism of resistance to atrazine leaving fewer options for weed control, especially in no-till crop production systems. Such multiple herbicide resistant Palmer amaranth populations are a serious threat to sustainable weed management because metabolism-based resistance may confer resistance to other herbicides and even those that are yet to be discovered. The findings of this research are novel and valuable to recommend appropriate weed management strategies in the region and should include diversified tactics to prevent evolution and spread of multiple herbicide resistance in Palmer amaranth.

Syfte: Att ta reda på om och hur bostadsrättsköpare använder föreningens årsredovisning i deras köpbeslut samt undersöka om de förstår den. Metod: Studien är genomförd med en kvalitativ forskningsmetod. Intervjuer av presumtiva bostadsrättsköpare genomfördes utanför visningar. Empiri: Studien visade att majoriteten av de 22 tillfrågade inte helt förstod årsredovisningar och att flertalet bad om hjälp att bedöma den. Det visade att bostadsrättsköpare oftast använder årsredovisningen för att se “varningstecken” som indikerar att en BRF eventuellt kommer att höja sina avgifter. Det var 14 av 22 som tittade på skuldsättningen för att bedöma föreningens ekonomi. Majoriteten ansåg att årsredovisningen påverkar ”till stor del men att annat väger tyngre” i köpbeslutet. Analys: Studien pekar på att då många bostadsrättsköpare inte helt förstår årsredovisningen kan det vara svårt för dem att ta beslut utifrån den. Detta har kopplats till tidigare forskning som uppmärksammat liknande problem. Det finns likheter mellan de förbättrings- och förändringsförslag, som tagits fram av FAR tillsammans med borättsorganisationerna, och de resultat som studien har uppvisat. Slutsats: En bostadsrättsköpare går igenom tre beslutssteg. Det första är att avgöra om lägenheten känns rätt. Steg två är att bedöma föreningen och dess ekonomi utifrån årsredovisningen. Då många inte förstår eller vet hur man ska bedöma en förenings årsredovisning tar majoriteten hjälp av omgivningen. I steg tre tas beslut om hen ska lägga ett bud på lägenheten eller ej. Vidare drogs slutsatsen att oavsett vilken förståelse individen har för en BRF:s årsredovisning kommer hen i stor utsträckning att ta hjälp av sin omgivning då det är ett stort och omfattande beslut. / Purpose: Find out how and in what way buyers of housing co-operatives use the association ́s annual report in their purchase decision and investigate whether they understand it or not. Method: The study is conducted using a qualitative method in the form of interviews. The Authors stood outside viewings and interviewed presumptive buyers of housing co-operatives in Stockholm. Empiricism: The study was conducted on 22 respondents, all interviewed outside a total of six different viewings around Stockholm. It turned out that the majority of respondents did not fully understood annual reports and most of them asked for help. The majority of those who felt they understood the annual report also asked someone in their surroundings to help them determine the stability of the housing association's economy. The result showed that homeowners usually use the annual report to see "warning signs" that indicate that a association will raise its fees. To evaluate the association ́s economy, most of the respondents used indebtness. Analysis: The study points out that since many homeowners did not fully understood the annual report, it could be difficult for them to make decisions based on it. This has been linked to previous research that highlighted similar problems. There are similarities between the improvement and change proposals developed by FAR together with other organizations and the results the study has shown. Conclusion: Presumptive buyers of housing-cooperatives generally do not understand annual reports so well that they can make a financial decision based on it. At the same time, the study has shown that even those homeowners who felt they understood asked for further help and advice from their surroundings. The study's conclusions are that there is a great deal of room for changing the accounting for housing co-opratives associations to make them more transparent and understandable to it ́s users. Furthermore, it was concluded that regardless of the individual's understanding of an annual report, he largely takes advantage of his surroundings as it is a major and comprehensive decision.

Neste trabalho estudamos os módulos de Gelfand-Tsetlin 1-singulares para gl(n). Em particular, descrevemos bases explícitas para certos subquocientes dos mesmos e estabelecemos um critério que garante a sua irredutibilidade. / In this work we study the Gelfand-Tsetlin 1-singular modules for gl(n). In particular, we describe explicit bases for certain subquotients of the same and establish a criterion that guarantees its irreducibility.

Student Number : 8804388Y - MSc Dissertation - School of Computational and Applied Mathematics - Faculty of Science / This dissertation considers the pricing and hedging of contingent claims in a general semimartingale market. Initially the focus is on a complete market, where it is possible to price uniquely and hedge perfectly. In this context the two fundamental theorems of asset pricing are explored. The market is then extended to incorporate risk that cannot be hedged fully, thereby making it incomplete. Using quadratic cost criteria, optimal hedging approaches are investigated, leading to the derivations of the minimal martingale measure and the variance-optimal martingale measure. These quadratic approaches are then applied to the problem of minimizing the basis risk that arises when an option on a non-traded asset is hedged with a correlated asset. Closed-form solutions based on the Black-Scholes equation are derived and numerical results are compared with those resulting from a utility maximization approach, with encouraging results.

Doctoral thesis submitted to the University of the Witwatersrand, Faculty of Commerce, Law and Management in fulfilment of the requirements for the degree of the Doctor in Philosophy, December 2016 / Healy and Wahlen (1999:368) define earnings management as an event that “occurs when managers use judgement in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers.” Management’s intent to mislead users distinguishes accruals that signal managers’ inside information about future cash flows from earnings management which intends to misrepresent performance (Dechow and Skinner, 2000; Parfet, 2000). Earnings management is a very serious issue; if it is not detected it can result in large financial losses for investors and creditors. Earnings data is a fundamental input to valuing a firm’s shares and prospects. Erroneous assessments of future cash flows because of misleading information will result in invalid share valuations and incorrect lending decisions which can have negative consequences on capital markets. The severe negative consequences of earnings manipulation, if undetected, suggest that investors, auditors and regulatory bodies should be aware of the prevalence of earnings management in an economy, whether investors are able to detect and price suspected earnings management and the most efficient way to detect it. This thesis aims to answer two fundamental questions: Does earnings management exist in South Africa? Are investors in South Africa misled by earnings management? How to detect earnings manipulation is the predominant theme in earnings management literature. The majority of research has been conducted in advanced economies and has transformed from identifying discontinuities in earnings distributions and measuring discretionary accruals to sophisticated predictive models, such as the F-score (Dechow, Ge, Larson and Sloan, 2011). Yet, research into the subject is sparse in emerging markets and tends to replicate existing methodology. The objective of this thesis is to examine earnings management in the South African economy, with the specific aim of identifying a databank of suspected earnings management firms that can be used for further research. Because the number of firms that have been forced to restate earnings is small in this environment, this thesis resorts to identifying suspected earnings management firms using discontinuities in earnings distributions. South Africa is similar to other emerging economies in that it is characterised by concentrated ownership, weaker legal enforcement and a smaller stock exchange. The South African environment is dissimilar to emerging economies as the JSE is considered to be well regulated, accounting and auditing standards are world class and accounting transparency and disclosure are satisfactory (Leuz, Nanda, and Wysocki, 2003). The results of this thesis are relevant in an institutional and macroeconomic setting where incentives to manipulate earnings, enforcement, legal protection, rule of law and sample size may differ from those in developed economies. This thesis firstly, focuses on methodological issues that may be encountered by researchers in identifying discontinuities in earnings distributions in emerging economies and secondly, validates kernel density estimation, Lahr (2014), as a viable methodology to test for earnings management by comparing total accruals, discretionary accruals and working capital accruals between suspected earnings management and non-earnings management firms. Thirdly, deferred tax expense is considered as a predictor variable in place of discretionary accruals in detecting suspected earnings management firms. Finally, in order to investigate investors’ reaction to suspected earnings management this thesis investigates whether the market prices suspected earnings management firms differently from non-earnings management firms. Pre- selected researcher binwidths (Burgstahler and Dichev, 1997, Coulton, Taylor and Taylor, 2005, Glaum, Lichtblau, and Lindemann, 2004; Holland and Ramsay, 2003) prove to be unsuitable in this milieu. Consequently kernel density estimation Lahr (2014), which derives bandwidths from the empirical earnings distributions, is used to identify discontinuities and to concurrently investigate the effect of deflation on the location of discontinuities. Discontinuities are shown to exist in earnings levels and changes distributions and emerge around zero in earnings levels distributions where number of shares is the deflator. Two important results emerge from this analysis. Firstly, when kernel density estimation is used in levels distributions, there is evidence that deflating by market value of equity and total assets shifts the location of suspected earnings management firms to the second and third intervals to the right of zero. Scaling does not alter the location of suspected earnings management firms in earnings changes distributions. Secondly, in the earnings deflated by number of shares distribution there is evidence that the band of suspected earnings management firms contains the results of firms that have upwardly and downwardly manipulated earnings. The implication of these findings are that deflating by number of shares is probably the most efficient scalar and that if doubt exists, alternative deflators should, at least, be compared between profit and loss firms. In addition, in the presence of evidence of downwards earnings management, researchers should evaluate whether and how to identify firms that are suspected of having reduced earnings. Specifically in emerging market research, these results indicate that it is inappropriate to merely replicate distribution research based on researcher selected binwidths and that kernel density estimation is probably more efficient in identifying discontinuities as it gives researchers a much broader perspective on the location of discontinuities. Kernel density estimation is confirmed as a method to identify discontinuities in earnings levels and changes distributions by comparing total, discretionary and working capital accruals between suspected earnings management and non-earnings management firms. Evidence that discontinuities in earnings distributions may be attributable to earnings management activities is found where earnings levels and earnings changes are deflated by number of shares and market value of equity, both modified Jones and asymmetric BS discretionary accruals are significantly income increasing in suspected earnings management (EM) firms and income decreasing in non-EM firms. Scaling by total assets is not a suitable deflator in the South African context as it appears to affect the sign and statistical significance of the accruals metrics in the earnings levels before and after tax distributions. This result does not detract from the efficiency of kernel density estimation as it is attributable to the inefficiency of total accruals as a scalar in an emerging market environment. Furthermore, this research endorses Ball and Shivakumar’s (2006) (BS) finding that an asymmetric discretionary accruals model is more efficient in estimating discretionary accruals in all the distributions, irrespective of deflators. In addition, the results of this thesis show that, in an emerging economy, deferred tax is incrementally useful to modified- Jones and the asymmetric BS discretionary accruals in detecting earnings management. The implication of this result is useful to investors, auditors and regulators because deferred tax movements and its components are a visible and identifiable numbers in financial statements. Deferred tax expense can be used, instead of complicated discretionary accrual models, to identify evidence of earnings management. This means that the components of the deferred tax asset or liability accounts can be analysed to highlight unusual movements which may in turn, focus attention on unusual accruals. For researchers, this result has important implications. Kernel density estimation can be used to identify suspected earnings management firms which can be used to further research. The final chapter of this thesis explores whether investors price suspected earnings management and nonearnings management firms differently and finds that, in this South African sample, there is no difference in price levels or cumulative abnormal returns in suspected earnings management and non-earnings management firms. This result is in sharp contrast to Balsam, Bartov, and Marquardt (2002) and Baber, Shuping, and Sok-Hyong (2006) who report a negative association between unexpected discretionary accruals and cumulative abnormal returns and Keung, Lin, and Shih (2010) who find that investors react negatively to zero or small earnings surprises. To some extent the results of this section of the thesis supports the finding in Gavious (2007) that prices react to discretionary accruals only after the introduction of revised analysts’ forecasts.The finding in this thesis implies that investors in South Africa are unable to detect earnings management. This outcome should be viewed in the context of prior research that reports that the JSE may be inefficient (Bhana, 1995, 2005, 2010; Hoffman, 2012; Ward and Muller, 2012; Watson and Roussow, 2012) and may be attributed to the fact that there is no signal to investors that the quality of earnings may be questionable in the sample of suspected earnings management firms. All in all, the findings of this thesis indicate the existence of earnings management in listed companies in South Africa. / XL2018

Václav Pilík. Unjustified Enrichment in the Czech Law. PhD thesis 1 Abstract This PhD thesis explores the legal institution of unjustified enrichment in the Czech private law. The subject is dealt in larger historical, theoretical and partly comparative relationships in order not to be reduced only to internal problems of the national regulation. A general view of unjustified enrichment (part one of this work), providing a systematic introduction to the problem, is hinder by different approaches, their overlapping and largely opened discourse on conceptual questions. Despite all that difficulties, found out by comparative legal studies of unjustified enrichment in the civil law and common law systems, it is necessary to undergo an attempt at expression of common features of the unjustified enrichment as a legal concept. Supposing that, we can describe three common features of unjustified enrichment: it is enrichment obtained at the expense of another and in a lawless way; the modern legal institute of unjustified enrichment rests on fragmentary historical basis, substantially completed by national factors of legal development (legislation, justice and doctrine); the enrichment is viewed as objective fact (at least in certain states of facts). Legal development of unjustified enrichment runs differently in...

Why do you experience yourself as a continuous self? This is a central question when regarding the self and it has two kinds of answers: either there is something like an ego inside you which is the entity perceiving all your experiences (the ego theory-view), or there is no such thing as a self or an ego and you are just a collection of different perceptions (the bundle theory-view). There are many different components all contributing to the concept of self as a whole leading to different neuroscientific ways of measuring it and some researchers are arguing for the nonexistence of a unified self-system within the brain. The aim of this thesis is to review how neuroscientific findings might contribute to the philosophical debate about the nature of self. The thesis starts off by reviewing the different concepts and components with which the self is typically described, both in philosophy and in the empirical research field of neuroscience. Then follows a presentation of three important aspects of self-awareness – first-person perspective, self-reflection, and interoception – and their specific associated brain areas (namely, the medial prefrontal cortex, the posterior and anterior cingulate cortices, and insula). The purpose here is to examine how the self is approached in these studies. After this the thesis explores to what extent neuroscience supports the bundle theory-view, with a focus on reviewing the different brain networks involved in the processing of self. In conclusion, the thesis suggests that the literature reviewed provides neuroscientific support for the bundle theory-view that there is no unified self located in the brain, mostly because of the dissimilar neural activations associated with different self-related processes. In other words, the bundle theory seems to be correct despite the experienced feeling you have of being a continuous and unified self.

The objective of the thesis is to analyse law, case law, recommendations and opinions and to some extent legal doctrine to produce commercially viable advice (in other words, a check-list) on what to think about when conducting a balancing test as of GDPR Article 6.1 (f)