Made available in DSpace on 2016-03-15T19:26:37Z (GMT). No. of bitstreams: 1 Kenia Arruda Martins da Costa.pdf: 1043349 bytes, checksum: 8f718ff13e68965a752ea4140b51ef64 (MD5) Previous issue date: 2006-10-11 / This study analyses the consequences of innovation in the growth of the cash-and-carry wholesale market, specifically regarding the companies that deals with food, beverages, hygiene and cleaning products. According to authors such as Cantwell (2002), Porter (1991), Ansoff (1977), Penrose (1949), Schumpeter (1947) among others, the innovation is an important factor to the growth of a company that depends on a better performance and on a prominent position in its field of action. This research was accomplished by interviewing managers of 8 companies, located in São Paulo and Minas Gerais, since these two states represent, in this market, a revenue share of, respectively, 86,81% and 10,60%, according to ABAD s data (2005). It was conducted a qualitative research, in order to get a wider comprehension of how innovations introduced by cash-and-carry wholesalers are noticed and if it generate reflexes in the companies growth. The data collected were analyzed through content analysis technique and it had allowed the identification of 6 categories and 29 associated codes. Companies are open to innovation, since it allows growth, a better performance and cost reduction. However, these companies do not have departments or internal functions with the single objective of seeking innovations and its sources to innovation are: competitors, customers, suppliers and employees. The problems identified for these companies to promote innovation are: paradigm breaking, learning cost, lack of conviction that an investment will generate return, and the bureaucracy to implement changes. The growth for the researched companies involves opening of new stores and geographical expansion. The growth, besides innovation, can be also an outcome to the company investment and of its managerial ability. / Este trabalho trata dos reflexos da inovação no crescimento do atacado de auto-serviço, especificamente entre os que comercializam alimentos, bebidas, higiene e limpeza. Conforme autores como Cantwell (2002), Porter (1991), Ansoff (1977), Penrose (1949), Schumpeter (1947) entre outros, a inovação é um importante fator para o crescimento da empresa que depende de um melhor desempenho e de uma posição privilegiada junto ao setor de sua atuação. A pesquisa foi realizada em 8 empresas, localizadas em São Paulo e Minas Gerais, pois esses dois estados em conjunto detêm em relação à participação no faturamento do atacado de auto-serviço, respectivamente 86,81% e 10,60% segundo dados da ABAD (2005). A pesquisa foi feita dentro do enfoque exploratório qualitativo, buscando uma compreensão mais ampla de como a inovação introduzida pelos atacadistas de auto-serviço é percebida e se ocorre reflexo no crescimento da empresa. Os dados coletados foram analisados por meio da técnica de análise de conteúdo, que permitiu a identificação de 6 categorias e 29 códigos associados. As empresas são receptíveis a inovação, pois ela permite o crescimento, melhores desempenhos e a redução de custo. Entretanto, as empresas não possuem departamentos ou funções internas com o objetivo único de inovar e suas fontes para inovar são: concorrentes, clientes, fornecedores e funcionários. Os problemas identificados pelas empresas para promover a inovação são, a quebra dos paradigmas, o custo do aprendizado, as incertezas sobre o retorno do investimento, e a burocracia para implantar as mudanças. O crescimento para as empresas pesquisadas envolve a abertura de loja, a expansão geográfica e pode ser decorrente, além da inovação, da habilidade gerencial e do investimento na empresa.

Title: Solving AX-equations Author: Jan Butora Department: Department of algebra Supervisor: doc. RNDr. Jiří Tůma, DrSc., Department of algebra Abstract: In this work, we present concept of AX-equations and focus on two such equations. Using similiar techniques, we build a theory for both equations, which allows us to express number of their solutions based only on their parameters. Using this theory, we demonstrate on an example that differential steps, used in differential cryptanalysis of modular addition, are not independent. Moreover, based on this theory we introduce and implement fast algorithms for searching solutions. Keywords: differential cryptanalysis, AX-equations, modular addition, carry, sol- vability condition

This thesis concerns with speculative carry trade strategy. Carry trade is based on breach of Uncovered Interest Parity. The theoretical part is focused on traditional fundamental analysis. This thesis deals with the identification of carry trade existence and capture their expressions in the financial markets, verification profitability and attractiveness of carry trade operations, analysis of conditions for carry trade on financial markets before and after global financial crisis 2008. Important part of the work was also description of the consequences of carry trade transactions and their effects on the exchange rate and financial situation

My dissertation focuses on (i) the development sputtered films for solid phase microextraction (SPME) and (ii) the comprehensive characterization of materials using a suite of analytical techniques. Chapter 1 reviews the basics of SPME. This chapter also contains (i) a discussion of various sputtering techniques, (ii) a discussion of two techniques I focused on most of my work: spectroscopic ellipsometry (SE) and X-ray photoelectron spectroscopy (XPS). Chapter 2 focuses the major part of my work, which is to prepare new solid phases/adsorbents for SPME via silicon sputtering followed by thermal deposition of a polymer, polydimethylsiloxane (PDMS). PDMS was deposited by a simple gas phase technique which has never before been applied to prepare SPME stationary phases. The coatings were characterized by time-of-flight mass spectrometry (ToF-SIMS), XPS, scanning electron microscopy (SEM), SE, and contact angle goniometry. The extraction efficiencies of ca. 1.8 µm sputtered, PDMS-coated fibers were compared to a commercial fiber (7 µm PDMS) for a series of polycyclic hydrocarbons (PAHs). Large carry-over and phase bleed peaks are observed in case of commercial PDMS-based SPME coatings, which decrease the lifetime and usefulness of these fibers. It is of great significance that our sputtered fibers exhibit very small or negligible carry-over peaks and phase bleed peaks under the same conditions. Chapter 3 focuses on the multi-instrument characterization of copper and tungsten films sputtered by direct current magnetron sputtering (DCMS) and high-power impulse magnetron sputtering (HiPIMS) using a modern sputter source. The resulting films were characterized by energy dispersive X-ray spectroscopy (EDX), XPS, SEM, atomic force microscopy (AFM), SE, and X-ray diffraction (XRD). By EDX and XPS, all the sputtered films only showed the expected metal peaks. By XPS, the surfaces sputtered by DCMS were richer in oxygen than those produced by HiPIMS. By AFM, both surfaces were quite smooth. By SEM, the HiPIMS films exhibited smaller grain sizes, which was further confirmed by XRD. The crystallite sizes estimated by XRD are as follows: 18.2 nm (W, HiPIMS), 27.3 nm (W, DCMS), 40.2 nm (Cu, HiPIMS), and 58.9 nm (Cu, DCMS). By SE, the HiPIMS surfaces showed higher refractive indices, which suggested that they were denser and less oxidized than the DCMS surfaces. Chapter 4 reports characterization of liquid PDMS via SE, which required some experimental adaptations. The transmission measurements were obtained via a dual cuvette approach that eliminated the effects of the cuvettes and their interfaces. Only the reflection measurements were modeled with a Sellmeier function which produced decent fits. Chapters 5 consists of contributions to Surface Science Spectra (SSS) of near-ambient XPS spectra of various unconventional materials including cheese, kidney stone, sesame seeds, clamshell, and calcite. This dissertation also contains appendices of tutorial articles I wrote on ellipsometry and vacuum equipment.

本篇論文主要在外匯市場建立市場投資組合、利差交易投資組合與動能交易投資組合，探討透過不同情境適當改變投資組合比重配置，是否能夠顯著提升交易策略的報酬表現。 以1999年1月至2015年10月為樣本期間，根據28個國家外匯市場資料建構市場投資組合、利差交易投資組合與動能交易投資組合等，之後根據三種投資組合報酬情況透過馬可夫情境轉換模型區分成三種情境。按三種情境的各種投資組合超額報酬表現，再利用馬可維茲的平均數-變異數投資組合模型配置各情境下各項交易的比重，再依據計算出的預期情境與相對應比重進行投資。其結果顯示在樣本期間內，本篇論文的交易策略相較於外匯市場投資組合、利差交易投資組合與動能交易組合有較佳的投資表現。 在樣本外測試部分，採用自2012年中開始的連續情境二資料進行分析。報酬方面，在其他交易型態呈現負報酬較多情況下，就本文交易策略而言，投資者隨時根據其各種交易平均報酬與共變異數進行交易比重配置，適時放空交易策略或投資無風險資產，產生正報酬。但從標準差可以推斷投資者面對未來的不確定，在整個樣本外期間歷時的34個月當中標準差亦無法有效降低，說明了投資者面對下一期總體環境的高不確定性。 / In this thesis, we mainly investigate whether it could improve the performance of currency portfolio by adjusting weights among carry trade, momentum and market return in foreign exchange market under different kinds of regimes. Based on a sample of 28 market currencies, we form three kinds of transactions in our portfolio, including carry trade, momentum, and market return. Under Markov switching model, we divide the sample period into three regimes, and then determine weights among carry trade, momentum and market return by parameters of each re-gime using Markowitz mean-variance analysis. Finally, we invest different weights among three transactions according to each expected regime. We find the result that although the return of the strategy is just a little higher than the carry trade, the risk is much lower compared to other transactions. In our out-of-sample testing, we analyze the performance by using the data of the regime two which begins September, 2012. With the respect to the return, most of other risky transactions have negative return, but we get positive return by adjusting the long position and short position according to the result of the mean-variance anal-ysis. However, we can not effectively reduce risk by using the strategy, and in the meantime it can explain the high uncertainty investors face toward the next period.

利差交易(Carry Trade)是在各種貨幣的利率水平上進行套利的交易以獲得價差收益的交易型態。而利差交易在這幾年創造出諸多研究的方向；利差交易又稱為套息交易，即借入低利率的貨幣，以購買其它高收益的投資工具，如高利率貨幣、股票、或是實物資產等，進而從中賺取其間的利率及匯率差價。諸如債券或國庫券等現貨金融工具所帶來的收益與該項投資的融資成本間的差額。 利差交易多在市場處於穩定低風險狀況下時，才能夠得到穩定的報酬率，因此如何客觀準確的評量目前市場所處的風險狀態，以獲得相對平穩又較佳的收益是主要的研究方向。本研究以如何求得利差交易裡面各項最佳且保持穩定性的參數與指標，假設利差交易可以經由衡量某些風險指標的平均值，並當風險指標低時建立利差交易部位，反之，當風險指標高時結束利差交易，甚至更積極進行反向利差交易，以求達到穩定報酬率的目標。 / Title of Thesis: Empirical Performance of Carry Trade Trading Strategy School/Graduate School: National Chengchi University Executive Master Of Business Administration, Advanced Finance Class – Risk Management and Insurance Group Graduate Student : Lee, Nai-Chun Instructor: Dr. Kang, Jung Pao Thesis Content: Carry trade bases on interest rate differences of many currency pairs to make capital gains and interest income and it creates many research topics in recent years. Carry trade borrows low yield currencies and invests other high yield targets such as high yield currencies, stocks, or real assets to get interest incomes and capital gains from foreign exchange rates. Only when a foreign exchange market is under stable and low-risk conditions, carry trade can achieve stable return rates. Therefore, how to objectively evaluate current market risk situations to get relatively stable and more returns is the main research topic of this thesis. This thesis reports how to get optimal and consistently stable parameters and indicators of carry trade. It assumes that carry trade can build positions by measuring some mean values of risk indicators when risk indicators are low. On the contrary, it ends the trade when risk indicators are high and even actively short carry trade positions to achieve stable return rates. Key words: carry trade、capital gain、exchange rate、risk indicator

This thesis examines the validity of the cost of carry model for pricing FTSE100 futures contracts and the relationship between FTSE100 spot and futures markets during two sub-periods characterised by different market trading systems employed by the LSE and LIFFE. The empirical work is carried out using three approaches to econometric modeling: a basic VECM for spot and futures prices, a VECM extended with a DCCTGARCH framework to account for the conditional variance-covariance structure for spot and futures prices and a threshold VECM to capture regime-dependent spot-futures price dynamics. Overall, both the basic VECM and the DCC-TGARCH analysis suggest that there are deviations from the cost of carry relationship in the first sub-sample when transactions costs in both markets are relatively high but that the cost of carry relationship tends to be valid in the second sub-sample when transactions costs are lower. This is further confirmed by the evidence of higher conditional correlations between the two markets in the second sub-sample as compared with the first, using the DCC-TGARCH analysis. This implies that the no-arbitrage cost of carry relationship between spot and futures markets is more effectively maintained by index arbitrageurs in the second period when market conditions are closer to perfect market assumptions, and hence the cost of carry model could be more reasonably used as a benchmark for pricing stock index futures. The threshold VECM analysis depicts regime-dependent price dynamics between FTSE100 spot and futures markets and leads to some interesting and important findings: arbitrage may not be practicable under some market conditions, either because it is difficult to find counterparties for the arbitrage transactions, or because there is significant risk associated with arbitrage; as a result, the cost of carry model may not always be suitable for pricing stock index futures. Furthermore, the threshold values yielded from estimating the threshold VECM reflect the average transaction costs for most arbitrageurs that are more reliable and fair than subjective estimations.

Seabirds are wide-ranging apex-predators and useful bio-indicators of marine systems. Nevertheless, changes are occurring in the marine environment, and seabirds require protection from the deleterious effects of climate change, fisheries, pollution, offshore development, introduced predators and invasive species. The UK supports internationally important populations of seabirds but also has vast wind and wave resources, therefore understanding how seabirds use the marine environment is vital in order to quantify the potential consequences of further exploiting these resources. In this thesis I first describe the range of wave energy converting devices operational or in development in the UK, and review the potential threats and benefits these developments may have for marine birds. I then synthesise data from colony-based surveys with detailed information on population dynamics, foraging ecology and near-colony behaviour, to develop a projection model that identifies important at-sea areas for breeding seabirds. These models show a positive spatial correlation with one of the most intensive at-sea seabird survey datasets, and provide qualitatively similar findings to existing tracking data. This approach has the potential to identify overlap with offshore energy developments, and could be developed to suit a range of species or whole communities and provide a theoretical framework for the study of factors such as colony size regulation. The non-breeding period is a key element of the annual cycle of seabirds and conditions experienced during one season may carry-over to influence the next. Understanding behaviour throughout the annual cycle has implications for both ecological theory and conservation. Bio-logging can provide detailed information on movements away from breeding colonies, and the analysis of stable isotope ratios in body tissues can provide information on foraging during the non-breeding period. I combine these two approaches to describe the migration strategies of northern gannets Morus bassanus breeding at two colonies in the north-west Atlantic, revealing a high degree of both winter site fidelity and dietary consistency between years. These migratory strategies also have carry-over effects with consequences for both body condition and timing of arrival on the breeding grounds. Finally, I investigate the threats posed to seabirds and other marine predators during the non-breeding period by collating information on the distributions of five different species of apex predator wintering in the Northwest African upwelling region. I describe the threat of over-fishing and fisheries bycatch to marine vertebrates in this region, and highlight the need for pelagic marine protected areas to adequately protect migratory animals throughout the annual cycle. In summary, the combination of colony-based studies, bio-logging, stable isotope analysis and modelling techniques can provide a comprehensive understanding of the interactions between individuals and the marine environment over multiple spatial and temporal scales.

La problématique des contaminations croisées (transfert inter-lots de micro-ingrédients : additifs et/ou produits médicamenteux) dans le secteur de l'alimentation animale est entrée, depuis quelques décennies, au cœur des préoccupations de la profession. Ce phénomène se décompose en 2 phases : le dépôt de particules par un lot de fabrication et sa récupération par le/les lot(s) suivant(s). Plusieurs études expérimentales, ont incriminé l’élévateur à godets post-mélangeur dans l’augmentation du niveau de contamination d’une ligne de fabrication. Cet appareil de manutention achemine verticalement des mélanges pulvérulents de diverses matières premières, pouvant contenir, en particulier, des additifs ou des produits médicamenteux. L’objectif de ces travaux est de comprendre dans quelles mesures cet appareil est source de transfert inter-lots, et quels paramètres liés au procédé entrent en jeu. Plusieurs outils ont été mis en place et la réalisation d'un plan d’expériences a permis de mettre en lumière l’impact de certains facteurs sur la contamination croisée :d’une part, le mode de vidange (lié à la vitesse de la sangle) en tête de l’élévateur et l’angle de la bavette de jetée agissent sur la quantité de micro-ingrédient déposée lors du passage d’un lot, et d’autre part, l’espace autour des godets, modifie la capacité du lot suivant à collecter les reliquats.Ces informations définissent une position optimale des paramètres de l’élévateur qui, sur pilote, réduit le niveau de contaminations croisées de 9 à 7 %. Enfin, des observations des champs de vitesses pendant la jetée du produit ont apporté de éléments de compréhension sur mouvements d'air et d'aérosols à l'origine des contaminations. / Carry-over of additives and/or medicated products is a common issue in feed industry and, by extension in most of powder handling industries. Currently carry-over rate of a production line can be accurately defined but the causes are not identified yet. It can be broken into 2 phases : firstly, particle deposit during one batch processing and then, their collecting during the following batches. Experimental studies, carried out on industrial sites or on test benches, charged the bucket elevator situated just after the mixer to be responsible for a significant increase of cross contamination rate of industrial feed production lines. Therefore this work focuses on this handling device. It transfers mixing of several raw materials in powdery forms, which may contain micro-ingredients, especially additives or medicated products. The aim of this study is to understand how process operations affect cross contamination rates during bucket elevator handling. A test bench of this handling device, a reference product and laboratory methods have been setup. Moreover, an experimental fractional factorial design highlights the effects of several process parameters : on one hand the discharge phase on elevator head (linked to belt velocity) and the discharge spout angle act on microingredients deposit mass. On the other hand, spacing between buckets and the leg’s inner surface influences micro-ingredients collected mass. Furthermore, ideal position of process parameters has been defined. By this way, cross contamination rate on the test bench has been decreased from 9 to 7 percent. Finally, velocity fields observations during the discharge phase leads to better understanding of how these process parameters influence cross contamination rate.

在本文中，分別就四種不同參數組合（包括六個模式）的二維交叉實驗設計，採用一般線性模式法及二樣本t檢定法予以分析，並探討模式間與分析方法間的異同。此外，在二維重覆測量交叉實驗設計方面，我們也分別以單變量分裂區集變異數分析法及多變量變異數分析法進行探討。 / Four possible parametrizations ( including six models ) are considered in this study to clearify some ambigous issues related to a 2*2 cross-over design. Each model is analyzed using both the GLM procedure and two-sample t test. In addition, we also discuss issues related to the 2*2 repeated measurements cross-over design by using the univariate split-plot and multivariate analysis of variance techniques.