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During the last two decades there has been an explosion in the number of complex financial instruments that are traded on the financial markets. Naturally, being able to value the increasing number of traded complex financial instruments has an academic interest. Such valuation methods are, however, certainly not only of interest to academics. For agents on the financial markets, it is of crucial importance to be able to assess the value of new exotic securities. This is equally true for financial services firms that construct and promote the instruments, borrowers that sell the products for the financing of their activities and investors that buy the products. Many new financial instruments have attributes that make Contingent Claims Analysis (CCA) superior to other currently known valuation methods. CCA is a technique for determining the price of an asset whose payoffs depend upon the evolution of one or more underlying state variables. One problem that often arises when this framework is used is that it is not possible to find a closed-form solution for the price. Numerical methods must therefore be relied on. Furthermore, in many cases and especially in cases where there is more than one underlying state variable, which many complex financial instruments require for accurate valuation, numerical methods become computationally laborious. Hence, research concerning and development of efficient numerical methods that can be used in the CCA context is important. This dissertation consists of four different papers (papers A to D). Paper A provides discussion of the process of financial innovation. A lengthy appendix is attached to paper A. In this appendix, more thn 100 more or less complex financial instruments are described briefly. Papers B to D have a common theme, which is valuation of complex financial instruments with the help of CCA and numerical methods. The research task of paper B is to answer a question that has unclear status in academic literature. The question is "How do errors (or different modelling choices) in boundary conditions affect solutions when the implicit finite difference method is used?". In papers C and D, numerical methods which can be used to price financial instruments with several underlying state variables are developed and tested. The methods in paper C are finite difference methods, and the method in paper D is a lattice (or tree) approach. / Diss. Stockholm : Handelshögsk.

The aim of this paper is to provide a formulation of the modal cosmological argument for the existence of a necessary entity, that is more resistant to criticism than those hitherto formulated. The conclusion is that there exists a necessary entity powerful enough to causally sustain the world. It has only two substantial premises, which are very innocuous. The argument requires no assumption that contingent entities must have a cause, or even that they normally have a cause, or the impossibility of infinite regresses, or any particular theory of time, and works irrespectively of which modal framework is accepted.

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Coral reefs are a vital resource in the low-island Republic of Maldives, where the sustainable use of these resources is central to the continued economic success of the country's two largest sectors: tourism and fisheries. This recognition has led to numerous reef conservation and protection activities, including the establishment of Marine Protected Areas (MPAs). As in many MPAs of the world, those in the Maldives exist only as paper parks: areas protected on paper but not in practice. Despite general recognition of the importance of reef resources, insufficient funds are allocated by government to implement these parks. This situation is compounded by the absence of specific information and detailed understanding by policy makers of the true value and economic benefits of reef resources. This thesis examines the an economic valuation of improved management of MPAs in the Maldives using Dhigali Haa, an MPA in Baa Atoll, Maldives, as a case study. A contingent valuation survey to elicit the willingness to pay of tourists visiting Baa Atoll to see improved management at the MPA was used in estimating the potential benefits. In addition, local community consultations were conducted to understand local perceptions of MPAs and their effectiveness, and to develop a feasible improved management scenario. The local consultations confirmed that Dhigali Haa was not effectively managed, leading to continued illegal use and degradation of the reef. The results of the CV survey revealed support from tourists visiting Baa Atoll to pay for improved management of Dhigali Haa. A one-off conservation fee per visit for all tourists visiting Baa Atoll was preferred over a user fee solely for divers visiting Dhigali Haa. The estimate for the mean WTP for the conservation fee was US$35±5 compared to a mean WTP of US$15±5 for the user fee. Comparisons between the cost of implementing improved management and the benefits gained from tourist fees showed that a conservation fee would be more beneficial than a user fee. The estimated net present value for funding the improved management via a conservation fee was US$8.65 million.

O objetivo deste trabalho é identificar o comportamento da evidenciação dos riscos potenciais representados pelas informações contidas nas provisões e passivos contingentes das empresas. O estudo analisou a divulgação das informações sobre riscos potenciais nas demonstrações contábeis dos exercícios de 2002, 2006, 2010 e 2012, utilizando como parâmetro as recomendações de órgãos normativos nacionais: 2012 foi o período mais próximo ao encerramento da coleta de dados, enquanto que em cada um dos demais períodos mencionados ocorreram mudanças significativas em termos de normas contábeis. O campo de pesquisa do presente trabalho constitui-se das notas explicativas das demonstrações financeiras das empresas do setor de energia elétrica, listadas na BM&FBOVESPA, dos exercícios mencionados. O setor de energia elétrica foi escolhido devido sua representatividade no mercado acionário brasileiro - 16,46% do total; à modernização na regulamentação contábil ocorrida como processo de privatização das empresas estatais; e por adotar normatizações internacionais na elaboração de suas demonstrações contábeis, contribuindo assim para a análise temporal proposta no presente estudo. No presente trabalho pode-se verificar a evolução dos informações que as empresas do setor de energia elétrica estão divulgando ao mercado, avaliando o comportamento das informações sobre riscos potenciais para os usuários das demonstrações contábeis. Os resultados encontrados mostram que as empresas do setor de energia elétrica tiveram evolução em sua divulgação de riscos potenciais principalmente entre os anos 2002 e 2006, fato este devido à modernização da regulamentação contábil neste período; nos períodos entre os anos 2010 e 2012, houve melhora na quantidade das informações sobre riscos potenciais, que o setor de energia elétrica passou a divulgar ao mercado, com relatórios mais detalhados, com maior número de evidências para que os usuários das demonstrações contábeis possam distinguir quais empresas apresentam maior risco e qual o nível de risco das companhias. Com isto pode-se verificar que as empresas do setor estudado apresentaram uma curva de aprendizagem conforme a evolução da legislação aplicável a matéria estudada. / The objective of this work is to identify the behavior of the disclosure of the potential risks posed by information contained in provisions and contingent liabilities of companies. The study analyzed the dissemination of information about potential risks in the financial statements for the years 2002, 2006, 2010 and 2012, using as a parameter the recommendations of national standards bodies: 2012 was the closest to the closure of the data collection period, while in each of the remaining periods mentioned significant changes in terms of accounting standards. The search field of this study represents the notes to the financial statements of companies in the electricity sector listed on the BM&FBOVESPA, the exercises mentioned. The electricity sector was chosen due to its representation in the Brazilian market - 16.46 % of the total; modernizations in accounting regulation occurred as the privatization of state enterprises; and adopt international norms in preparing its financial statements, thereby contributing to the temporal analysis proposed in this study. In the present work can be seen the evolution of information that companies in the electric power industry are touting the market, evaluating the behavior of information on potential risks to users of the financial statements. The results show that companies in the electricity sector had developments in their disclosure of potential risks mainly between 2002 and 2006, a fact due to the modernization of accounting regulation in this period; the periods between the years 2010 and 2012 , there was an improvement in the amount of information about potential risks, the electricity sector began to disclose to the market, with more detailed reports, with more evidence that users of financial statements can distinguish which companies present greater risk and what level of risk companies. With this it can be seen that the companies analyzed sector showed a learning curve as the evolution of the material being studied applicable law.

Since 1964, when Congress wrote the Wilderness Act, there has been an increasing amount of controversy between opponents and advocates of wilderness. Wilderness areas in Utah are not immune to this controversy. Public policy makers and land managers are in the middle of this debate. They have the responsibility to assess the resource and estimate the benefits and costs associated with creating policy. This thesis focusses on helping policy makers and land managers recognize a benefit currently not being assessed. Nonuse values are values other than in situ use, where individuals have a value for existence of wilderness or a bequesting value for future generations. If these values exist, current policy would underestimate the benefits. The results of this thesis revealed Utah citizens have a value for wilderness designation other than in situ use value, with estimation by contingent valuation.

Since the 1980s New Zealand has pursued neo-classical or market-based policies with a particular fervour. Market-based options are seen by resource management decision makers as essential frameworks for efficiently allocating resources, an approach that continues to support the view of the inherent dominance of Western knowledge. This is particularly concerning, given that Māori (the indigenous people of New Zealand), have an important role to play in New Zealand resource management and perceive their own knowledge systems have been marginalised. The primary goal of this thesis is to explore the validity of welfare economics when seeking to measure quantitatively Mātauranga Māori or Māori views of the environment through the contingent valuation method. A contingent valuation study is carried out using three separate samples drawn from the general Māori population in Auckland city, a hāpu/sub-tribe indigenous to the Auckland isthmus, and drivers of motor vehicles in Auckland city. Data collection modes include a postal survey and face-to-face interviews. This thesis challenges the validity of political-legal ethnicity constructs to measure Mātauranga Māori. The search for a central tendency will lead to biased, misleading and inaccurate results. The thesis also challenges the validity of contingent valuation to produce true economic measures and to measure and identify Mātauranga Māori. Despite advances in analytical techniques, economic efficiency measures are always deficient, given the difficulty of capturing and anticipating all impacts and valuing them appropriately. Mātauranga Māori is derived from a Māori epistemology and should be considered or analysed with primary reference to this body of knowledge. Economic analysis is only one important cog in the machinery of resource management policy. Given that an economist's contribution to local and regional resource management is most valuable when focusing on the economic efficiency of the proposed resource allocation, it is appropriate that other perspectives such as Mātauranga Māori be considered.

Doctor of Philosophy / An organisation’s knowledge base is a valuable asset that serves as a source of sustainable competitive advantage for the firm. Organisations have become increasingly reliant on the application of knowledge work and the contributions of professionals to the creation of valued organisational knowledge. Implicitly, the literature has assumed permanency in the employment relationship between professionals and organisations and focused on issues such as organisational identification and commitment, and extra-role behaviours of professionals as impacting on their knowledge sharing behaviours. However, the nature of professional or expert employment has become more transient. There has been a marked increase in the use of professionals in contractual roles where the association with the organisation is often temporary and contingent. But the organisational implications of such practices remain largely unexplored. In particular, there is a dearth of research examining the impact of contract professionals on knowledge flows within the firm and on their motivations to participate in knowledge sharing within organisations. This dissertation addresses this gap in the literature. This study examines the knowledge sharing practices of contract professionals in contemporary organisations. Conceptualising knowledge as socially situated and constructed, this qualitative study examines professionals employed as contractors in two large organisations: a large bank and an insurance company; and, based on in-depth semi-structured interviews with contractors and managers, considers why and how professionals engaged as contractors choose to share what they know with the contracting organisation. Engaging with research literatures from knowledge management, professional identity, newer career forms, and psychological contracts, the study generates a typology of contract professionals that suggest distinct knowledge sharing orientations. The study constructs three categories of contractors: Free Agents, Specialists and Consultants, identifies factors that influence and inhibit the knowledge sharing motivations of these categories of contractors and provides recommendations for a more holistic knowledge management strategy for organisations utilising contract professionals. The findings from this doctoral research show how identity work can have practical implications for knowledge management. For example, by exploring the dynamics of professional identity and image construction, the research shows how identity and image influences both the contractor’s knowledge sharing behaviours and the organisation’s knowledge management strategies. Exploring new areas of professional contingent work, this research aims to make a significant contribution to the understanding of knowledge sharing, professional identity and the management of contract professionals within organisations.

<p>A self-esteem that is contingent on affirmation from others leaves the individual psychologically vulnerable. A contingent self-esteem has been shown to be either relationship or competence based. The aim of the current study was to examine the relationship between relationship based self-esteem, competence based self-esteem, the under dimensions of those, and self-efficacy. Questionnaires were handed out to 69 university students. The results indicated that competence based self-esteem predicted a significantly low self-efficacy. Only some of the under dimensions were significant predictors. The vulnerability of the contingent self-esteem is discussed in the light of the findings.</p>