In Statement No. 33, "Financial Reporting and Changing Prices," the FASB requires that some large companies disclose their historical cost/constant dollar and current cost information in the published financial statements. One of the purposes of these disclosures is to help users of the financial statements in assessing future cash flows. This study was directed toward the examination of the effects of the different levels of disclosures on cash flow projections.

This research addressed the effects of cultural management practices, cultivar selection, and applications of seasonal fungicides on ultradwarf bermudagrass health and playability and occurrence of foliar diseases. Additionally, novel ectotrophic root-infecting fungi were isolated from ultradwarf bermudagrass roots exhibiting symptoms of summer decline, identified via multilocus phylogenetic analyses, and characterized by morphological assessments and pathogenicity evaluations.

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This thesis analyzes the current disputes between the United States and China over the exchange rate of the Chinese currency renminbi using an International Political Economy (IPE) analysis. Monetary relations are not mere economic affairs, but bear geopolitical implications. Money is power. Money is politics. The pursuit of monetary power is an important part of great power politics. Based on this assertion, the thesis studies past cases of monetary power struggles between the United States and the Great Britain, the Soviet Union, Japan, and the European Union (EU), respectively. The thesis then investigates the dollar’s status as the dominant international reserve currency in the current international monetary system, as well as the power that this unique status can generate and provide. The dollar’s monetary hegemony has become the main characteristic of the current international monetary system and an important power source for continued U.S. hegemony. The dollar’s hegemony and the asymmetrical interdependency between the dollar and the renminbi are the source and the key basis for the recent U.S.-China monetary disagreements. The U.S.-China monetary disputes reflect not only each country's respective domestic interests and perceived benefits, but also the monetary power struggle between the two biggest global economies. Predictions are also entertained for the future monetary relations between the two countries, as well as the geopolitical implications that this relationship may have for the U.S.-China bilateral relationship in coming decades.

Ce document analyse les déviations observées dans la condition de la parité couverte des taux d'intérêt (CIP), exprimée entre le dollar américain et le dollar canadien, qui semblent s'être accentuées depuis la crise financière mondiale de 2008. Pour ce faire, l'étude met l'accent sur trois facteurs macroéconomiques pouvant potentiellement expliquer ces déviations : la liquidité des marchés de change mondiaux, le sentiment de risque sur les marchés financiers et la force relative du dollar américain. Les données utilisées construisent les déviations de la CIP à partir de données sur les taux d'intérêt, sur les taux de change spot et sur les taux de change à terme qui proviennent de Bloomberg. Nos résultats confirment la majorité des études empiriques en montrant que le principe de la CIP demeure un bon guide pour analyser les relations entre les taux de change à terme et au comptant et les taux d'intérêt, même si cette condition ne tient pas exactement et à tout moment. Les déviations de la condition CIP, lorsqu'elles surviennent, semble être liées de manière significative à la force du dollar américain, particulièrement dans l'ère post-crise. / This paper analyzes deviations in the covered interest rate parity (CIP) condition between the U.S. and Canadian dollars, which appear to have increased since the global financial crisis of 2008. To do so, the study focuses on three macroeconomic factors that can potentially explain these deviations: capital liquidity, risk sentiment in financial markets, and the relative strength of the US dollar. The data used constructs CIP deviations from data on interest rates, spot exchange rates, and forward exchange rates that come from Bloomberg. Our results confirm the majority of empirical studies by showing that the CIP principle remains a good guide for analyzing the relationship between forward and spot exchange rates and interest rates, even though this condition does not hold exactly at all times. Deviations from the CIP condition, when they occur, appear to be significantly related to the strength of the U.S. dollar, particularly in the post-crisis era.

This thesis is based on four essays in exchange rates and international finance. The first essay, examined in the second chapter, considers the long-run performance of the flexible-price monetary model as well as the real interest differential monetary model to explain the dollar–yen exchange rate during a period of high international capital mobility. We apply the Johansen methodology to quarterly data over the period 1980:01–2009:04 and show that the inadequacy of the two monetary models is due to the breakdown of their underlying building-blocks, money demand stability and purchasing power parity. In particular, modifying the monetary models by adjusting them for real stock prices to capture the stability of money demands on one hand and also for real economic variables such as productivity differential, relative government spending, and real oil price to explain the persistence in the real exchange rate on the other provide long-run relationships that appear consistent with the monetary models. Our findings of long-run weak exogeneity tests also emphasise the importance of the extended models employed here. The second essay, examined in the third chapter, is on the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010. Bivariate GARCH-BEKK models are estimated to produce evidence of unidirectional Granger causality from stock returns to exchange rate changes in the US and the UK, in the opposite direction in Canada, and of bidirectional causality in the euro area and Switzerland. Furthermore, causality-in-variance from stock returns to exchange rate changes is found in Japan and in the opposite direction in the euro area and Switzerland, whilst there is evidence of bidirectional causality-in-variance in the US and Canada. These findings imply limited opportunities for investors to diversify their assets during this period. The third essay, examined in the fourth chapter, considers the impact of net bond and net equity portfolio flows on exchange rate changes. Two-state Markov-switching models are estimated for the exchange rate of the US vis-a-vis Canada, the euro area, Japan and the UK. Our results suggest that the relationship between net portfolio flows and exchange rate changes is nonlinear for all cases considered, except that of the US dollar against the Canadian dollar. The fourth essay, examined in the fifth chapter, considers the impact of exchange rate uncertainty on different components of net portfolio flows, namely net equity and net bond flows, as well as the dynamic linkages between exchange rate volatility and the variability of these two types of flows. Specifically, a bivariate GARCH-BEKK-in mean model is estimated using bilateral data for the US vis-à-vis Australia, the UK, Japan, Canada, the euro area, and Sweden over the period 1988:01-2011:12. The results indicate that the effect of exchange rate uncertainty on net equity flows is negative in the euro area, the UK and Sweden, and positive in Australia, whilst two countries (Canada and Japan) showed insignificant responses. With regard to the impact of uncertainty on net bond flows, it is shown to be negative in all countries, except Canada (where it is positive). Under the assumption of risk aversion, this suggests that exchange rate uncertainty induces investors, especially those of the counterpart countries to the US, to reduce their financing activities to maximise returns and minimise exposure to uncertainty. This evidence is strong for the UK, the euro area and Sweden as opposed to Canada, Australia and Japan. Furthermore, since exchange rate volatility and the variability of flows are interlinked, exchange rate or credit controls on these flows can be used to pursue economic and financial stability.

共同基金在國內已經發展三十餘年，已成為國人一項重要的投資理財工具。唯傳統的基金設計係以「定期定額」的方式來操作，而本研究目的在於設計一套「不定期定額逢低投資」的操作方式，並證實該方式的投資績效係顯著優於傳統的基金操作。具體而言，本研究以2011年1月至2015年12月合計五年之基金每日淨值歷史資料，藉以比較定期定額與不定期定額(實際策略為當台股加權指數跌幅大於前一日1.25%即自動進行定額投資)分別在一年期、三年前、五年期以及金融海嘯期間(2008年)的績效表現。調查結果證實，不定期定額的績效均顯著優於定期定額的表現。本研究的結論可以提供投信產業設計新穎的共同基金，以提供投資人差異化的理財策略選擇。本研究相信，「不定期定額逢低投資組合」相當適合資金較充裕的積極型投資者。 / Mutual funds have been developed in Taiwan for more than 30 years and are now an important investment and financial tools for the people. Nonetheless the practice of traditional funds was designed through “dollar-cost averaging” and the study intends to design a practice of “value averaging bargain investment” to prove that the investment performance of the practice is significantly better than the traditional funds practice. Specifically, this study selected five years of NAV information from January 2011 to December 2015 to compare the performance of dollar cost averaging and value averaging (actual strategy was automatic fixed-amount investment when Taiwan Stock Exchange Capitalization Weighted Stock Index dropped 1.25% lower than previous day) based on strategic investment holding periods of one year, three years, five years and during the financial crisis (2008). The result proved that the performance of value averaging was significantly better than dollar cost averaging. The conclusion of this study could provide differentiated fiscal strategy for investment trust industry to design new mutual funds for investors. The study states that “the combination of value averaging and bargain investment” is more suitable for active investors with sufficient funds.

This research presents an in depth discussion and analysis on U.S. Japanese foreign trade. It is divided into two parts. The first hypothesis states that the appreciation of the dollar in the early eighties is positively correlated with the U.S. trade deficit, especially with Japan. The second hypothesis states that Friedrich Von Hayek's Theory of Social Order applies to the development of capitalism in that country. This can also be divided into two parts, a) this generation of Japanese consumes, saves, and invests differently than previous generations, and b) Japanese consumption and investment patterns follow U.S. consumption and investment patterns with a lag.

Made available in DSpace on 2016-04-26T20:48:40Z (GMT). No. of bitstreams: 1 Frederico Moreira Carbonari.pdf: 1291956 bytes, checksum: 057c7dcd0f41c9506a24d6fcb52e76c8 (MD5) Previous issue date: 2014-03-12 / This study aims to analyze the International Monetary and Financial System influence exercised in the conduction of the economic policy in Brazil from 1980 to 2000, with emphasis on exchange rate policy, mostly because of its great importance as a key price for the economy. The study demonstrates how the hegemonic nation had manipulated the currency use as a way to dominate the other countries of the system and submit them to its behalf. By evidencing the differences between the periods of crisis and the adjustment at the conduction of economic policy against the dollar policy in the period, it becomes clear the Brazilian dependence on the leader currency of the International Monetary System. It can be concluded that this dependence is closely related with the country's vulnerability to the international capital flows, thus showing, how the Brazilian exchange rate policy became subordinated to the policy and interests of the nation which owns the international reserve currency / Este trabalho se propõe a analisar a influência que o Sistema Monetário e Financeiro Internacional exerceu na condução da política econômica brasileira de 1980 a 2000, com destaque para a política cambial, sobretudo devido a sua grande importância como preço-chave para a economia. O trabalho mostra como a nação hegemônica manipulou a utilização de sua moeda como forma de dominar os demais países do sistema e submetê-los aos seus interesses. Ao fazer a contraposição dos períodos de crise e ajuste da condução da política econômica brasileira, vis-à-vis a política do dólar no período, fica clara a dependência brasileira em relação à moeda líder do Sistema Monetário Internacional. Pode-se concluir que essa dependência está intimamente ligada com a vulnerabilidade da economia brasileira em relação aos fluxos internacionais de capitais, mostrando, assim, como a política cambial brasileira ficou sujeita a política e aos interesses da nação proprietária da moeda de reserva internacional

by Chan Po-ming. / Thesis (M.Ph.)--Chinese University of Hong Kong, 1984 / Bibliography: leaves 104-108