This study investigates the association between traditional and alternative working capital measures and the returns of industrial firms listed on the Johannesburg Stock E"change. Twenty five variables for all industrial firms listed for the most recent 10 years were derived from standardised annual balance sheet data of the University of Pretoria's Bureau of Financial Analysis. Traditional liquidity ratios measuring working capital position, activity and leverage, and alternative liquidity measures, were calculated for each of the 135 participating firms for the 1 0 years. These working capital measures were tested for association with five return measures for every firm over the same period. This was done by means of a chi-square test for association, followed by stepwise multiple regression undertaken to quantify the underlying structural relationships between the return measures and the working capital measures. The results of the tests indicated that the traditional working capital leverage measures, in particular, total current liabilities divided by funds flow, and to a lesser e"tent, long-term loan capital divided by net working capital, displayed the greatest associations, and e"plained the majority of the variance in the return measures. At-test, undertaken to analyse the size effect on the working capital measures employed by the participating firms, compared firms according to total assets. The results revealed significant differences between the means of the top quartile of firms and the bottom quartile, for eight of the 13 working capital measures included in the study. A nonparametric test was applied to evaluate the sector effect on the working capital measures employed by the participating firms. The rank scores indicated significant differences in the means across the sectors for si" of the 13 working capital measures. A decrease in the working capital leverage measures of current liabilities divided by funds flow, and long-term loan capital divided by net working capital, should signal an increase in returns, and vice versa. It is recommended that financial managers consider these findings when forecasting firm returns. / Business Management / D. Com. (Business Management)

Made available in DSpace on 2016-03-15T19:32:34Z (GMT). No. of bitstreams: 1 Ricardo Cavalcanti Alves.pdf: 1472492 bytes, checksum: 191a6c7b13b5d0386ac7e4edda2748c7 (MD5) Previous issue date: 2012-03-26 / Fundo Mackenzie de Pesquisa / In the last decades the world has seen great dissemination of powerful brands, local and world-known, not infrequently assessed in billions of dollars, leading to massive sales of products and services associated with them. And in that context it is clear the impact of the intrinsic value of the intangible assets brand of companies in mergers and acquisitions.Nowadays, it has been clear that a Company valuation has a relevant amount related to intangible assets and, among these, brands have significant importance. This study aimed to investigate what is the general perception, the control method and the valuation of brands on companies operating in Brazil, by gathering information about the companies where students and recent graduates of post-graduate in business administration related courses used to work.Thus, from the sample group of 134 companies operating in Brazil, were extracted details of five dimensions of brand: awareness about its importance, financial valuation of the brand,accounting recognition of brand value, management of this intangible asset and its use as a tactical and strategic performance ratio. The methodology used was a survey that, from statistical tests Chi-square Pearson test led to the conclusion that there is no significant relationship between the fact that companies sell products and services and aspects relating to each of the five dimensions studied. Other variables statistically compared by using the chisquare test meant for the sample companies, among other findings, the significant correlation between large companies and the fact that companies evaluate brands or negotiate them. Also, the study took into account the criteria of attitude scores of respondents based on the Likert scale. The resulting data reveal that the brands are still in need of greater attention from companies. It is a minority in the sample studied the incidence of financial valuation of the brand, as well as the proper focus on accounting and management reports. Internal control over brand management and variable compensation system based on ratios of the brand,though present, such items were observed in low intensity in the sample companies. / Nas últimas décadas o mundo tem assistido à grande proliferação de marcas poderosas, local e mundialmente conhecidas, avaliadas não raramente em bilhões de dólares, levando a vendas em massa de produtos e serviços a elas associadas. E nesse contexto é notório o impacto do valor intrínseco do ativo intangível marca no valor das empresas em movimentos de fusões e aquisições. Hoje sabe-se que um valuation conta com parte relevante de seu montante relacionado a ativos intangíveis e, entre tais, as marcas possuem significativo destaque. Este trabalho objetivou investigar qual é a percepção geral, o método de controle e a avaliação das marcas em companhias em operação no Brasil, a partir de levantamento de informações sobre as empresas em que trabalhavam estudantes e recém egressos de cursos de pós-graduação profissional em áreas ligadas à administração de negócios. Assim, da amostra pesquisada de 134 companhias atuantes no país, foram extraídos detalhes de cinco dimensões da marca:percepção sobre sua importância, avaliação financeira, reconhecimento contábil de seu valor,gestão desse ativo intangível e de seu uso como indicador de performance tática e estratégica. A metodologia utilizada foi um levantamento (ou survey) que, a partir de testes estatísticos qui-quadrado de Pearson , permitiu a constatação de que não há relacionamento significativo entre o fato das empresas comercializarem produtos e serviços e aspectos ligados a cada uma das cinco dimensões estudadas. Outras variáveis comparadas estatisticamente pelo teste de qui-quadrado resultaram para as companhias da amostra, entre outras constatações, a significativa correlação entre as empresas de grande porte e o fato das empresas avaliarem marcas ou as negociarem. O estudo também levou em conta o critério de escores de atitudes dos respondentes baseado na escala Likert. Os dados resultantes revelam que as marcas carecem ainda de maior atenção por parte das empresas. É minoritária na amostra estudada a incidência de avaliação financeira da marca, assim como o devido enfoque em relatórios contábeis e gerenciais. Os controles internos de gestão da marca e o sistema de remuneração variável baseado em indicadores da marca, embora existam, mostraram-se itens pouco observados nas companhias da amostra.

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Studien syftar till att undersöka vilken förvaltningsstrategi som är bäst, fonders prestation genom olika ekonomiska förhållanden samt persistens på den svenska fondmarknaden. Huvudsyftet är att undersöka om fonders föregående prestation kan användas för att förutsäga framtida avkastning. Genom att använda etablerade mått på förvaltningsprestation som Jensens Alfa, Sharpekvoten och Modiglianis riskjusterad prestation (𝑀2) jämförs fonders prestation. För att identifiera persistens jämförs fondernas avkastning med medianavkastning under en specifik period. Genom statistiska tester i form av Oddskvot, Chi-två-test och regressionsanalys fördjupas studien ytterligare. Resultaten från studien visar enskilda fall av persistens, men inga konsekventa mönster kan utläsas för alla fonder. Slutsatsen från studien är att det inte går att slå fast en överlägsen förvaltningsstrategi. Slutsatsen indikerar även att det inte finns några signifikanta indikationer på att det går att förutspå framtida avkastning utifrån föregående tidsperiods avkastning. / The study investigates which management strategy is superior, funds’ performance across different economic conditions and persistence in the Swedish fund market. The main objective is to examine whether past fund performance can be utilized to predict future returns. Through using established performance measures such as Jensen’s Alpha, The Sharpe Ratio and Modigliani’s risk- adjusted performance (𝑀2), we compare fund performance. To identify persistence, funds’ returns are compared with median returns over a specific period. Through statistical tests such as Odds Ratio, Chi-square test and regression analysis, the study is further elaborated. The results of the study reveal isolated instances of persistence, but no consistent patterns can be discerned across all funds. The conclusion drawn from the study is that no superior management strategy can be definitively established. Additionally, the findings suggest no significant indications that past period returns can predict future returns.

This thesis examines the perceived importance by two-tiered management of Cooperative Research Centres (CRCs) for managing a range of intellectual property issues. Fifty survey items are presented to the executive directors and commercialization managers of 62 CRCs. The survey items are categorized under four themes: relationships with collaborators, project management; design and implementation of agreements; and specific licensing issues. An analysis of the data, using a series of independent samples t-tests, repeated measures t-tests, chi-square tests for independence or relatedness and goodness of fit, shows a range of results. There are significant differences between executive directors and commercialization managers on a number of issues. There are particular emphases or trends about certain issues for the whole sample of managers. These findings are compared with text analyses of 23 CRC strategic planning documents. This is done in order to explore any similarity, difference or nuance between what the managers say in response to the survey items, compared with what is stated in the codified policies of the CRCs. While there is a high degree of consistency among certain themes between the two sets of findings, the overall analysis points to the need for the CRCs to have a better understanding and practice of commercialization opportunities, especially through the involvement of third party commercial interests. It is argued that accommodating third party commercialization interests involves the application of an important knowledge economy principle that has an important bearing on the future economic viability and competitiveness of the CRCs.

Rieck & Nedelman (1991) propuseram um modelo de regressão log-linear tendo como base a distribuição Birnbaum-Saunders (Birnbaum & Saunders, 1969a). O modelo proposto pelos autores vem sendo bastante explorado e tem se mostrado uma ótima alternativa a outros modelos propostos na literatura, como por exemplo, os modelos de regressão Weibull, gama e lognormal. No entanto, até o presente momento, não existe nenhum estudo tratando de refinamentos para as estatísticas da razão de verossimilhanças e escore nesta classe de modelos de regressão. Assim, um dos objetivos desta tese é obter um fator de correção de Bartlett para a estatística da razão de verossimilhanças e um fator de correção tipo-Bartlett para a estatística escore nesse modelo. Estes ajustes melhoram a aproximação da distribuição nula destas estatísticas pela distribuição qui-quadrado de referência. Adicionalmente, objetiva-se obter ajustes para a estatística da razão de verossimilhanças sinalizada. Tais ajustes melhoram a aproximação desta estatística pela distribuição normal padrão. Recentemente, uma nova estatística de teste foi proposta por Terrell (2002), a qual o autor denomina estatística gradiente. Esta estatística foi derivada a partir da estatística escore e da estatística de Wald modificada (Hayakawa & Puri, 1985). A combinação daquelas duas estatísticas resulta em uma estatística muito simples de ser calculada, não envolvendo, por exemplo, nenhum cálculo matricial como produto e inversa de matrizes. Esta estatística foi recentemente citada por Rao (2005): \"The suggestion by Terrell is attractive as it is simple to compute. It would be of interest to investigate the performance of the [gradient] statistic.\" Caminhando na direção da sugestão de Rao, outro objetivo da tese é obter uma expansão assintótica para a distribuição da estatística gradiente sob uma sequência de alternativas de Pitman convergindo para a hipótese nula a uma taxa de convergência de n^{-1/2} utilizando a metodologia desenvolvida por Peers (1971) e Hayakawa (1975). Em particular, mostramos que, até ordem n^{-1/2}, a estatística gradiente segue distribuição qui-quadrado central sob a hipótese nula e distribuição qui-quadrado não central sob a hipótese alternativa. Também temos como objetivo comparar o poder local deste teste com o poder local dos testes da razão de verossimilhanças, de Wald e escore. Finalmente, aplicaremos a expansão assintótica derivada na tese em algumas classes particulares de modelos. / The Birnbaum-Saunders regression model is commonly used in reliability studies.We address the issue of performing inference in this class of models when the number of observations is small. Our simulation results suggest that the likelihood ratio and score tests tend to be liberal when the sample size is small. We derive Bartlett and Bartlett-type correction factors which reduce the size distortion of the tests. Additionally, we also consider modified signed log-likelihood ratio statistics in this class of models. Finally, the asymptotic expansion of the distribution of the gradient test statistic is derived for a composite hypothesis under a sequence of Pitman alternative hypotheses converging to the null hypothesis at rate n^{-1/2}, n being the sample size. Comparisons of the local powers of the gradient, likelihood ratio, Wald and score tests reveal no uniform superiority property.

The purpose of this study is to investigate physics teachers’ (TPCK) and their learners’ achievement in electricity. A purposive sample of 42 Grade 11 physics teachers and 1423 learners participated in the study. An explanatory mixed method research design was employed in the study to collect data. A survey questionnaire (PTTPCKQ), consisting of six-point Likert scale questions, was answered by participating teachers. Similarly, their learners responded to a confirmatory questionnaire (LCPTTPCKQ). The learners also responded to the Electricity Learning Confirmatory Questionnaire (LELCQ) and wrote an achievement test called Learner Electricity Achievement Test (LEAT). The data collected was analysed both quantitatively and qualitatively. Quantitatively, it was found that a positive, statistically significant relationship existed between physics teachers’ experience and their learners’ achievement [Spearman’s rho (42) = .39, p = .011] as well as physics teachers’ TPCK and their qualifications [Spearman’s rho (42) = .33, p = .003]. There was also a positive statistical relationship between physics teachers’ TPCK and learner achievement, yet this was not statistically significant. There were positive, statistically significant relationships between all the constructs of the physics teachers’ TPCK and their TPCK from the analysis of the PTTPCKQ. There were positive statistically significant relationships between all the constructs of the physics teachers’ TPCK and their TPCK, according to the analysis of the LCPTTPCKQ. Furthermore, comparing the learners’ responses on the LCTTPCKQ and their teachers’ responses on the PTTPCKQ, it was found that both learners and teachers provided similar responses for all the constructs of TPCK except TCK. Qualitative data analysis further revealed that the technologies used by these teachers were PhET Simulations, YouTube Videos, Power Point Presentations, Interactive White Boards, and Mindset Videos. Finally, between 12.9% and 5.2% of the learners reported that their teachers had neglected to teach some sections of the electricity in the curriculum. / Mathematical Sciences / Ph. D. (Mathematics, Science and Technology Education)

Taneichi(1993)提出一個新的適合度檢定統計量J²，具有近似卡方分配的性質。然而在小樣本的情形下，計算機模擬結果顯示，它的估計顯著水準大於期望顯著水準。所以本論文的重點之一，就是對J²進行改進，根據不同的準則，來選取一個適當的常數a。我們建議對每一觀測次數加一常數0.32，作為我們修正後的統計量，這個統計量我們記為J₁²。 　　另一探討的重點是在比較皮爾生卡方統計量X²，概似比例統計量G²，Cressie & Read統計量 I(2/3)，J²和J₁²之性質，我們想要了解在小樣本的情形之下，何者較接近於卡方分配，何者具有較強的檢定力。研究結果顯示，X²和I(2/3)較接近卡方分配，但J₁²又較G²及J²好；至於檢定力，我們發現沒有一個統計量在文中所探討的對立假設的情況下，同時都具有最大的檢定力。這些現象都可以用觀測次數對期望次數比值間的關係來解釋。 / Taneichi(1993) introduces a new goodness-of-fit statisticJ², which has an asymptotic chi-squared distribution. However, the results of simulation indicate that the levels of significance are in general bigger than the nominal levels, which prompts us to device a version of J² statistic which would perform better under small sample size situations. We suggest adding 0.32 to each observed value and find that the adjustment indeed works rearonably well. This version of J^2 statistic is denoted as J(1)^2. 　　Although Pearson chi-square statistic X², likelihood ratio statistic G², Cresse-Read statistic I(2/3), J^2 and J(1) ^2 all have asymptotic chi-squared distributions, their small sample behaviors are not expected to be the same. Comparisons based on simulation studies are then made. The conclusions are as follows : (1) In terms of levels of significance, X² and I(2/3) behave more like a chi-squared distribution. Though J(1) ^2 does not perform as good as X² and I(2/3), it does outperform G² and J². (2) In terms of powers, it does not seem that any of the test statistics has a clear advantage over the others.

在資料分析上，調查者通常需要決定，不同的樣本是否可被視為來自相同的母體。一般最常使用的統計量為Pearson’s 統計量。然而，傳統的統計方法皆是利用二元邏輯觀念來呈現。如果我們想要用模糊邏輯的概念來做樣本調查，此時，使用傳統 檢定來分析這些模糊樣本資料是否仍然適當？透過這樣的觀念，我們使用傳統統計方法，找出一個能處理這些模糊樣本資料的公式，稱之為模糊 。結果顯示，此公式可用來檢定，模糊樣本資料在不同母體下機率的一致性。 / In the analysis of research data, the investigator often needs to decide whether several independent samples may be regarded as having come from the same population. The most commonly used statistic is Pearson’s statistic. However, traditional statistics reflect the result from a two-valued logic concept. If we want to survey sampling with fuzzy logic concept, is it still appropriate to use the traditional -test for analysing those fuzzy sample data? Through this concept, we try to use a traditional statistic method to find out a formula, called fuzzy , that enables us to deal with those fuzzy sample data. The result shows that we can use the formula to test hypotheses about probabilities of various outcomes in fuzzy sample data.