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We identify some of the factors affecting the extent of commonality in liquidity and differences between different stock exchanges around the world. With a comprehensive approach, our investigation centers on presenting evidence on the existence of commonality in liquidity, effect of using different measures of market variables on the level of commonality, factors that change the likelihood of stocks having commonality and factors explaining the different levels of commonality across markets. For the individual stock liquidity, we employ most common and reliable liquidity measures including quoted bid and ask spread, proportional spread, effective spread, proportional effective spread and percentage spread. For the market liquidity, we calculate the equal weighted and value weighted averages of the individual stock liquidity measures. Our base model of commonality of liquidity is an extension of Chordia, Roll, and Subrahmanyam (2000). Our data includes 36,457 common stocks in 46 stock exchanges in 33 countries. Our data period begins on January 2000 and covers until the end of December 2007. Our results show that 14.38% of all stocks in the world have commonality in liquidity with their markets when equally weighted market variables are used. This percentage drops to 9.76% with using value weighted market variables. After controlling for commonality in certain days of the week, we find that commonality is, in most part, uniformly distributed across days-of-the-week, almost for all countries. We also find that market factors including average spread, average price, average return, average risk, average size, legal system (common vs. civil law) and distribution of mean company size affect the likelihood of companies having commonality within their exchanges. In terms of the different levels across countries, we find that average percentage spread, level of risk, distribution of mean company size and legal system all have significant effects. Our results contribute to the literature analyzing factors that affect the level of commonality and types of companies that are likely to have commonality. Our study also has practical implications for portfolio diversification by providing evidence for possible reasons for common liquidity movements in the markets which may eventually lead to market liquidity crunches.

<p>This paper is based on the XAP system (eXtended Application Provisioning) and serves for the modeling of application family. The importance of modeling application family is increasing rapidly. To improve a mechanism to express the structure, properties of concepts, features and implementations within an application family becomes necessary and important. Feature tree is a well accepted means for the product line. We can use and improve it to suit our requirements in the following way</p><p>In the degree project, we create a tool to model application family with reusability, commonality and variability. The hierarchy, feature properties and dependencies are graphically represented.</p>

This paper is based on the XAP system (eXtended Application Provisioning) and serves for the modeling of application family. The importance of modeling application family is increasing rapidly. To improve a mechanism to express the structure, properties of concepts, features and implementations within an application family becomes necessary and important. Feature tree is a well accepted means for the product line. We can use and improve it to suit our requirements in the following way In the degree project, we create a tool to model application family with reusability, commonality and variability. The hierarchy, feature properties and dependencies are graphically represented.

The purpose of this study is to identify and analyze the relationships that exist between mathematics anxiety and nurse self-efficacy for mathematics, and the medication calculation performance of acute care nurses. This research used a quantitative correlational research design and involved a sample of 84 acute care nurses, LVNs and RNs, from a suburban private hospital. the participants filled out a Mathematics Anxiety Scale, a Nurse Self-Efficacy for Mathematics Scale and also completed a 20-item medication calculation test. Significant practical and statistical relationships were discovered between the variables utilizing multiple linear regression statistics and commonality analysis. As the Nurse’s Mathematics anxiety score increased the scores on the medication test decreased and the scores on nurse self-efficacy for mathematics scale also decreased. the demographic item of “Hours a nurse worked in one week” had the greatest significance. the more hours a nurse worked the lower their score was on the medication calculation test. This study agrees with others that nurses are not good at mathematics. This study also correlated that as the number of hours worked increased so did the medication calculations errors. and many nurses have a measurable level of anxiety about mathematics and dosage calculations and this may influence calculation ability. Suggestions for further research include refinement of instruments used in study, further differentiation of barriers to successful medication calculation performance, and testing of interventions used to teach, train and evaluate accurate medication administration in nurses.

Le risque systémique est un risque qui peut mettre en danger la survie du système financier. En effet, le risque systémique désigne la propagation d’un risque de défaillance bancaire unique aux autres banques. Quels sont les mesures et les déterminants du risque systémique ? Ainsi pourrait-être résumée la question transversale qui anime les recherches présentées dans cette thèse. Un premier chapitre dresse un état des lieux des différentes mesures du risque systémique, en identifie les points communs et les différences et précise l’intérêt de chaque mesure. La question abordée est celle de la corrélation entre les résultats des stress tests et les différentes mesures du risque systémique. Un second chapitre étudie la notion d’« Asset Commonality » comme une nouvelle mesure de risque systémique. Le troisième chapitre examine le lien entre les différentes mesures du risque systémique et la responsabilité sociétale des entreprises. Les résultats empiriques révèlent que -1- les résultats des stress tests devraient être complétés par une évaluation des mesures du risque systémique, -2- l’« Asset Commonality » pourrait être considéré comme un outil complémentaire pour évaluer le risque systémique, -3- la responsabilité sociale des institutions financières est importante afin de réduire le risque systémique. / Systemic risk is a risk that can compromise the survival of the financial system. Systemic risk refers to the spread of a single bank failure to other banks. What are the measures and determinants of systemic risk? This thesis proposes an investigation of this transversal question through three chapters. The first chapter gives an overview of the various measures of systemic risk, identifies commonalities and differences and specifies the interest of each measure. The issue is the correlation between the stress test results and the various measures of systemic risk. The second chapter studies the concept of Asset Commonality as a new measure of systemic risk. The third chapter examines the relationship between different measures of systemic risk and corporate social responsibility. The empirical results show that -1- the stress test results should be supplemented by an evaluation of the systemic risk measures, -2- Asset Commonality could be considered as a complementary tool to assess the systemic risk, -3- the corporate social responsibility of financial institutions is important in order to reduce systemic risk.

International Telemetering Conference Proceedings / October 25-28, 1993 / Riviera Hotel and Convention Center, Las Vegas, Nevada / DOD flight test centers need affordable, small-format, flight-qualified digital instrumentation recording solutions to support existing and future flight testing. The Advanced Airborne Test Instrumentation System (AATIS) is today's primary data acquisition system at the Air Force Flight Test Center (AFFTC). Digital Recorder (DR) 1995 is planned to provide full support for AATIS output capabilities and satisfy initial recording requirements for the Common Airborne Instrumentation System (CAIS). The follow-on to the AATIS, the CAIS is a tri-service development to satisfy future DOD flight test data acquisition requirements. DR 2000 is planned as the future recording solution for CAIS and will be able to fully satisfy the 50 Mbps recording requirement. In the developments of DR 1995 and DR 2000, commonality and interoperability have emerged as significant issues. This paper presents an overview of these recording solutions and examines commonality and interoperability issues.

Globalization has among other tendencies led to the emergence of new ways of doing business. One of the ways for organizations to meet the demands of a new competitive landscape has been through management accounting change, a field which has become increasingly popular in research. This paper builds on that research and seeks to investigate the case of the implementation of a new management accounting system in a Swedish company which was triggered by strategic change. Commonality through the interactive approach is by some researchers seen as a key to successful change. This approach is contrasted to the importance of symbolic constructs and change recipients’ cognitive effort to understand the meaning of change for which Framing theory is applied. The paper comes to the conclusion that both approaches are necessary in a change process, and shows further that their usage will depend on the process’ timeframe and change recipients’ position in the organization.

olikaverktygkanunderlättaimplementeringenavettaffärssystem(enterpriceresourceplanning-­‐systems).Genomattappliceraenhetlighetsramverket(comonality-­‐frameworkforIT-­‐enabledchange)påfallstudienundersökervimedhjälpavbegreppetgränsobjekt(boundaryobjects)hursådanaverktygkanspelaenviktigrollförenlyckadimplementering.RättanpassadegränsobjektkanbidratillattskapaenförståelseförnyIT,samtintresseförattanvändaden.Efterendiskussionomdeempiriskafyndenpresenterarvirådtillpraktikerpåområdetochföreslårblandannatattverktygmedettvisuelltgränssnittärfördelaktigaimångasituationer.UppsatsensbidragtillforskningenbestårienutvecklingavenhetlighetsramverketgenomattvivisarpåhurgränsobjektpåverkardedimensionersomenligtramverketmåstegeshänsynvidenIT-­‐organisationsförändring.

Hedge fund managers are characterised as either market timers or asset pickers . Their superior performance can be attributed to either timing skill, selection ability or a combination of both. In the existing literature, average hedge fund performance across the entire time span under investigation is usually investigated and measured, and hence, potentially certain subtle but important features exhibited in different time periods can be averaged out in the analysis. This thesis investigates the structural breaks in the selection ability and timing skill of hedge fund managers. This research issue is of particular importance when the hedge fund performance before, during and after the recent financial crisis is compared and contrasted. This thesis conducts a structural break analysis of hedge fund managers performance in relation to market-wide liquidity and liquidity commonality in the foreign exchange (FX) market. Liquidity commonality captures the co-movement of individual asset liquidities. The measure adopted in the existing literature has several limitations. This thesis proposes a new measure, termed the Beta Index, which is derived from the time-varying exposure of individual liquidities to market liquidity movements. It is shown that the developed Beta Index is more able to identify the level of liquidity commonality in the FX market. It is also more flexible in measuring commonality with different data sampling frequency. The obtained empirical results have some practical implications. They show that the selection skill and timing ability of hedge fund managers are subject to regime switches. Under severe market conditions, most hedge fund managers possess the skill to time FX market-wide liquidity and are able to reduce losses from the FX market by reducing their funds FX exposure prior to the FX market-wide liquidity deteriorations. In the meantime, most hedge fund managers are able to deliver excess returns from time to time due to their selection ability. However, when sudden shocks of crisis occur, they fail to forecast the unexpected behaviour in the price of individual assets underlying the funds and display unsuccessful selection ability. In addition, the results suggest that many hedge funds are exposed to the FX liquidity commonality risk which impairs hedging strategies and diversification performance.