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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
61

可轉換公司債之發行對公司財務績效之影響:CB與ECB有差異嗎?

李佳玲, Lee, Chia-Ling Unknown Date (has links)
隨著資本市場的多元發展,近年來台灣企業發行可轉換公司債之件數倍增,可轉換公司債之所以受到企業青睞,成為愈來愈受歡迎的籌資工具,必有它的獨特之處,而海外可轉換公司債也是公司擴張海外市場的一大助力。本論文的研究目的即在了解台灣上市上櫃公司以國內可轉換公司債(Convertible Bond;簡稱CB)或海外可轉換公司債(Euro Convertible Bond;簡稱ECB)進行融資對其財務績效之影響,並驗證台灣企業發行ECB是否支持Merton(1987)之投資者認可假說。 本論文以1999至2003年間,96家僅發行國內可轉換公司債、70家僅發行海外可轉換公司債、11家同時發行國內與海外可轉換公司債的公司為樣本,實證研究之主要結論如下: 1.公司發行CB或ECB後財務槓桿顯著上升,尤以CB為甚,顯示其財務 風險增加,降低公司財務彈性。若以市值衡量負債比率,則ECB發 行公司在發行前的負債比率較CB發行公司略高,但發行後二年顯著 下降較快。 2.僅發行CB或ECB之樣本公司發行後系統風險皆顯著上升,但同時發 行CB與ECB之樣本,在發行CB後系統風險顯著上升,發行ECB後系統 風險則無顯著變化。 3.在發行公司的績效表現方面,本論文以可轉換公司債發行後的α係 數變化情形為超額報酬之衡量指標,發現三組樣本結果皆顯示CB與 ECB發行後其股價績效表現不佳,前兩組樣本較為顯著。 4.以僅發行ECB組別的70家公司為樣本進行實證,結果顯示發行ECB確 實能增進公司之能見度;但在投資者認可假說方面,台灣市場ECB 的發行並不支持投資者認可假說。故雖然ECB的發行增加公司的能 見度,但財務彈性降低與系統風險增加可能使投資者對公司之未來 前景產生更高之不確定性。 / With diverse development and further integration among international capital markets, more and more companies in Taiwan tend to issue convertible bond for financing in the past few years. In addition, Euro Convertible Bond (ECB) also facilitates firms to expand overseas markets and becomes popular. This study not only focuses on risk and stock price performance changes around convertible bond offerings, but also compares the differences between CB and ECB on research topics. It takes issuing companies that listed in Taiwan Stock Exchange or OTC as objects of study. Moreover, the study tests firm visibility as well as Merton’s investor recognition hypothesis of ECB. Picking 177 samples from Taiwan companies during 1999 and 2003, and I divide them into three groups. 96 firms in the first group only issue CB, 70 firms in the second group only issue ECB, and 11 firms in the final group issue both CB and ECB. According to the empirical results, this study points out several conclusions as follows. First, financial leverage increases after issuing CB or ECB, especially CB firms show more significant increase, and it reduces financial flexibility. Second, systematic risk of companies which only issuing CB or ECB reveal significant increase. However, the 11 firms in the third group show systematic risk that measured with beta increases significantly following CB issuances, but doesn’t change evidently following ECB issuances. Third, I would like to view stock price performance of CB and ECB issuers. The finding shows that relative long-term excess return of three groups all decrease, and the former two groups appear significant drop. Finally, Merton’s investor recognition hypothesis isn’t supported by 70 ECB samples even though issuing ECB could promote firm visibility. This outcome is probably attributed to decrease of financial flexibility and increase of systematic risk.
62

Nestandardní měnová politika centrálních bank: kvantitativní uvolňování. / The central banks' non-standard monetary policy: quantitative easing

Čáp, Daniel January 2011 (has links)
The thesis deals with non-standard monetary policies of three central banks throughout the global financial crisis. The reason for using non-standard measures was also liquidity trap when monetary policy becomes ineffective. An important milestone was collapse of investment bank Lehman Brothers in September 2008. The central banks carried out some non-standard measures before the collapse such as the emergence of new or expanding existing facilities. However, after the collapse there was panic at the financial and capital markets and market interest rate spreads rose. Central banks were forced to respond to expanding its balance sheet and reducing the monetary policy rate to zero. The main reason for increasing total assets was securities purchases by central banks. The measure, which is expanding the balance sheet is called quantitative easing. In the thesis I try to describe and compare the non-standard measures (with a focus on quantitative easing) taken by the three central banks (Bank of England, the Fed and the ECB) and answer the question whether the measures are effective and whether they can replace the standard monetary policy.
63

Jak finanční trhy sledují hospodářství / How Financial Markets Assess the State of Major Economies

Němeček, Josef January 2013 (has links)
In accordance with its main goal, the main thesis shows which published data and indicators contemporary financial markets use to assess the state of major economies and forecast their short-term future development. Using Bloomberg as the primary source, the thesis provides a detailed analysis of the indicators and surveys sought by finance professionals when assessing the performance of the economy in the United States, the euro-zone (with emphasis on Germany) and, in the context of the impact on the global economy and markets, in China and Japan. A preliminary hypothesis about the similarity or closeness between the theoretical view and the practical approach of financial markets has been refuted. Instead, after close scrutiny and detailed analysis, we have established that financial markets put great emphasis on forward-looking indicators and monetary policy. This emphasis was confirmed by a survey of local investors. Using expert opinion and analysis, the thesis charts an overview of select economic indicators and their over- (payrolls, consumer sentiment) or undervaluation (regional Fed activity indexes, CFNAI).
64

Zabezpečení vysokorychlostních komunikačních systémů / Protection of highspeed communication systems

Smékal, David January 2015 (has links)
The diploma thesis deals with 128–bit AES data encryption and its implementation in FPGA network card using VHDL programming language. The theoretical part explains AES encryption and decryption, its individual steps and operating modes. Further was described the VHDL programming language, development environment Vivado, FPGA network card Combo–80G and configurable framework NetCOPE. The practical part is the implementation of AES–128 in VHDL. A simulation was used to eliminate errors, then the synthesis was performed. These steps were made using Vivado software. Last step of practical part was testing of synthesized firmware on COMBO–80G card. Total of 4 projects were implemented in FPGA card. Two of them were AES encryption and decryption with ECB mode and another two describe the encryption and decryption with CBC mode.
65

Tři eseje o měnových trzích ve střední Evropě / Three Essays on Central European Foreign Exchange Markets

Moravcová, Michala January 2019 (has links)
This dissertation thesis consists of three essays on new EU foreign exchange markets (FX), i.e. the Czech koruna, Polish zloty and Hungarian forint. In the first two essays, the impact of foreign macroeconomic news announcements and central banks' monetary policy settings on the value and volatility of examined exchange rates is analyzed. In the third chapter, the conditional comovements and volatility spillovers on new EU FX markets is examined. The aim of this thesis is to contribute to the existing empirical literature by providing new evidence of the examined currencies during periods, which have not been examined yet (after the Global financial crisis (GFC), during the EU debt crisis and during currency interventions in the Czech Republic). The first essay (Chapter 2) examines the impact of Eurozone/Germany and US macroeconomic news announcements and monetary policy settings of the ECB and the Fed on the value of new EU member states' currencies. It is a complex analysis of 1-minute intraday dataset performed by event study methodology (ESM). We observe different reactions of exchange rates in pair with the US dollar on the US macroeconomic announcements and Euro-expressed FX rates on Germany macro news during the EU debt crisis and after it. We also provide evidence of leaking news, showing...

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