Whole document restricted, see Access Instructions file below for details of how to access the print copy. Subscription resource available via Digital Dissertations / My research question is: Why do countries with similar rates of saving differ in economic growth? My thesis addresses this question by formulating an endogenous growth model using the Cobb-Douglas production function. My model disaggregates the rate of saving into the retention ratio and the household saving ratio and connects these ratios with three new parameters representing respectively the efficiency of financial institutions, the decision-making of managers, and barriers to technology diffusion. These three financial parameters make it possible to distinguish between quantitative and qualitative investments and to measure the growth rates of output, capital, and technological progress. Endogenous growth in technology neutralizes diminishing returns to capital. The Cobb-Douglas production function assumes diminishing marginal productivity under constant returns to scale. My model, however, measures the growth rate of per capita output under the balanced growth state/constant returns to capital situation. This situation is guaranteed when the relative share of profit is within the critical relative share of profit. A set of combination of the three financial parameters holds under diminishing returns to capital, yet the diminishing returns to capital situation turns to the balanced growth state situation by using delta defined as the elasticity of quality improvement with respect to effective labour units attached to a machine. An extreme case corresponds with the Solow and O'Connell (including Harrod-Domar) models, where the three financial parameters are all 1.0, with no technological progress. Simulation results demonstrate several new fact-findings. These fact-findings come from the characteristics of my model or the relationships between the growth rate of “per capita” output in the long-run (hereunder the growth rate) and the three financial parameters and delta, where the growth rate converges by setting delta = the relative share of profit. First, if the rate of saving increases, the growth rate also increases linearly. This is more definitely evident than the result of Mankiw, Romer, and Weil [1992]. Second, under a fixed rate of saving, the growth rate changes significantly differently if each of three parameters changes: the relative share of profit, the growth rate of population, and the retention ratio. In particular, the change in the retention ratio influences the growth rate positively or negatively depending on the relationship between the three financial parameters that reflect corporate behaviour and the nature of financial institutions. In this respect, I cannot find literature that relates the retention ratio or dividend policy to the growth rate in the Cobb-Douglas production function. Also the change in the growth rate of population does not influence per capita growth at all. This finding is also more definite than that found in the literature. In short, the three financial parameters play an important role in economic growth. When we divide saving into corporate saving and household saving, the rate of saving as a whole is not independent of the growth rate. A proportion of corporate saving and a proportion of household saving are used for investment in quality, which accelerates productivity enhancement. Consequently, the characteristics of the corporate sectors and financial institutions of a country play a significant role in determining its long run growth rate of per capita income (even under a fixed rate of saving).

Nigeria and the United Kingdom are leading oil producers within their region. Both countries are linked by their exploration and production maturity within their regions and the fact that they produce similar oil grades. Their institutional similarities and their economic status as developed and developing economies provide the platform upon which this study basis its comparative investigation. On account of the oil price phenomenon and oil supply concerns by way of reserves, this study investigates the effect of the Hotelling theory, the Hubbert theory and Engineering decline curve theory on actual production rates within Nigeria and the United Kingdom. It develops individual models for both countries, applying each theory to each country to analyse the individual effect and the effect in comparison to one another. The level of adherence of each country to these production theories is measured, following which a combination of all three theories is applied to both country cases to quantify the level of significance and relationship to actual production behaviour. The results leave us with the understanding that the Hubbert theory does indeed capture the behaviour of production in both countries even where it was not expected in the case of Nigeria. The reserve constraint remains a key factor in future production plans for both countries. The results of the empirical analysis provide evidence of strong support in the United Kingdom for the Hotelling theory and weak support in the case of Nigeria. Oil price also remains a key factor in production modelling, though less so in the case of Nigeria. The engineering modelling approach on the other hand failed to explain Nigeria’s production profile, while it captured that of the UK; indicating that production in Nigeria is yet to decline. This result is corroborated by the projected peak production date seen in the Hubbert forecast model for Nigeria, and the weaker support Nigeria shows for the Hubbert theory. The study concludes by developing a combined model using all three theories to quantitatively analyse which of them best explains the country oil production profile. The results lead us to conclude that despite the fact that there is weak support for a production theory; an empirical analysis of the data does show that the relationship may not be insignificant. The augmentation along with the combination of the production models sheds more light on actual behaviour as it provides a more in-depth understanding on actual oil production behaviour.

This Master Thesis in General Management aims on defining the relationship between a country's degree of development and household asset management in the European Union. Both of the variables are defined by relevant sub-variables where the relationships are being observed. There were used datasets gathered by respected European Statistical Agency Eurostat for 2019. Master Thesis focuses on the European Union area and it aims at defining the crucial relationships between the variables in order to draw the conclusions that would help in pursuing the degree of development in different countries. In the Master Thesis, we were using quantitative research reflecting on the statistically expressed relationships using the correlation pattern. There were used 29 numbers for each of the variables representing the total number of European Union members in 2019 (28) plus the European Union average. There were found statistically significant relationships based on which we were able to define a proper generalization together with the causation pattern for the European Union countries and households.

Background: No previous study has focused on the inter-relationship among alcohol and drug use variables in the past year. This study aimed to classify the past year alcohol and drug use variables and investigate the selected variables in past year alcohol and drug use with the unmet need for mental health services among US adults. Methods: Data came from the 2015 National Survey on Drug Use and Health (NSDUH). Oblique principal component cluster analysis (OPCCA) was used to classify 37 variables on alcohol and drug use in the past year into disjoint clusters. Weighted multiple logistic regression analysis was used to examine the associations of selected variables with the unmet need. Results: 37 alcohol and drug use variables were divided into 7 clusters. The variable with the lowest 1-R2 ratio (R2 is the squared correlation) from each cluster was selected as follows: tobacco use, pain reliever use, tranquilizer use, stimulant use, zolpidem products use, illicit drug and alcohol use, and benzodiazepine tranquilizers misuse. Multiple logistic regression analysis showed that pain reliever use (OR = 1.33, 95% CI = 1.17–1.50), tranquilizer use (OR = 2.49, 95% CI = 2.16–2.86), stimulant use (OR = 1.22, 95% CI = 1.01–1.47), and illicit drug and alcohol use (OR = 1.54, 95% CI = 1.34–1.77) revealed positive associations with the unmet need for mental health services. Conclusion: This is the first study using OPCCA to reduce the dominations of alcohol and drug use; several alcohol and drug use variables in the past year were associated with unmet need of mental health services.

Workers who earn wage premiums for adverse job characteristics face a higher tax-price than peers of equal human capital working under more favorable conditions. Facing a higher cost per unit for public goods, they in turn demand a relatively small public sector. This may explain patterns of political affiliation across industries where differences in nonpecuniary aspects are often significant. I test this with county level data on fatality rates and support for the Republican candidate in the 2004 US Presidential election, finding that fatality rates remain positive and significant drivers of GOP support through various regression specifications. These results are robust to cross-sectional and panel data on individual contributions reported to the Federal Election Commission for the 2004, 2008, and 2012 US Presidential elections.

Objective The central Appalachian region of the United States is disproportionately burdened with cardiovascular disease (CVD); however, the level of literacy about CVD among residents has not been well studied. This study aimed to examine the prevalence and factors of CVD health literacy (HL) among a sample of patients/caregivers, providers/professionals, and community stakeholders. Methods In 2018, data were collected from central Appalachian residents in six states: Kentucky, North Carolina, Ohio, Tennessee, Virginia, and West Virginia. CVD HL status was determined by assessing correct responses to five interrelated questions about basic knowledge of CVD. Multiple logistic regression analyses were used to examine the associations between potential factors and CVD HL status. Results Of the total respondents (N = 82), <50% correctly answered all 5 CVD HL questions. Multiple logistic regression analyses showed that compared with respondents with advanced college degrees, those with a college degree or less were more likely to have low HL for "typical symptom of CVD,""physical exercise and CVD,""blood pressure and CVD,"and "stress and CVD."In addition, compared with respondents younger than 50 years, those 50 years and older were 3.79 times more likely to have low HL for "physical exercise and CVD."Conclusions These results suggest the incorporation of CVD HL into CVD care and that educational attainments should be part of CVD policies and programs in the region.

Alzheimer's disease (AD), the most common form of dementia, is a chronic neurodegenerative disease. The HECT domain and ankyrin repeat containing E3 ubiquitin protein ligase 1 (HACE1) gene is expressed in human brain and may play a role in the pathogenesis of neurodegenerative disorders. Till now, no previous study has reported the association of the HACE1 gene with the risk and age at onset (AAO) of AD; while few studies have checked the proportional hazards assumption in the survival analysis of AAO of AD using Cox proportional hazards model. In this study, we examined the associations of 14 single nucleotide polymorphisms (SNPs) in the HACE1 gene with the risk and the AAO of AD using 791 AD patients and 782 controls. Multiple logistic regression model identified one SNP (rs9499937 with p = 1.8×10) to be associated with the risk of AD. For survival analysis of AAO, both classic Cox regression model and Bayesian survival analysis using the Cox proportional hazards model were applied to examine the association of each SNP with the AAO. The hazards ratio (HR) with its 95% confidence interval (CI) was estimated. Survival analysis using the classic Cox regression model showed that 4 SNPs were significantly associated with the AAO (top SNP rs9499937 with HR=1.33, 95%CI=1.13-1.57, p=5.0×10). Bayesian Cox regression model showed similar but a slightly stronger associations (top SNP rs9499937 with HR=1.34, 95%CI=1.11-1.55) compared with the classic Cox regression model. Using an independent family-based sample, one SNP rs9486018 was associated with the risk of AD (p=0.0323) and the T-T-G haplotype from rs9786015, rs9486018 and rs4079063 showed associations with both the risk and AAO of AD (p=2.27×10 and 0.0487, respectively). The findings of this study provide first evidence that several genetic variants in the HACE1 gene were associated with the risk and AAO of AD.

by Leung Ada Nga Ting, Tsang Hin Kwok. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 96-104). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF FIGURES --- p.vi / LIST OF APPENDICES --- p.viii / ACKNOWLEDGEMENTS --- p.ix / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- NEW WORLD DEVELOPMENT CO. LTD --- p.3 / Introduction --- p.3 / Thesis --- p.3 / Company Background --- p.5 / Entrance into the Power/Infrastructure Business --- p.8 / The Spin-off of New World Infrastructure Ltd. (NWIL) --- p.9 / The Group's Strategy On Its Infrastructure Investments --- p.13 / Major Dates / Events --- p.14 / Analysis --- p.17 / New World's Project-Financing Structure --- p.17 / "Possible Reasons Underlying The ""Suboptimal"" Project-Financing Structure" --- p.19 / Strong Financial Affordability --- p.20 / Lack Of Access To External Project Debt Financing --- p.20 / Policy Not Welcome Use Of External Debt --- p.22 / The Structure Is Really Not So Suboptimal After All --- p.23 / Infrastructure Development As Only A Chinese Investment Vehicle --- p.24 / A Very Unique Set Of Arrangements At The Project Level --- p.34 / Extension Of Joint Venture Terms --- p.35 / PRC Joint Venture Partner Directly Bears The Losses Suffered By The Group --- p.35 / Renegotiation Of Revenue Terms To Ensure Repayment Schedule --- p.36 / Priority & Guaranteed Repayment Schedule On New World's Principal And Interest Payments --- p.36 / Limited Or No Responsibilities For Cost Overruns Or Delays --- p.39 / Guaranteed Minimum Revenues --- p.40 / Market Interpretations Of New World's Infrastructure Venture --- p.41 / Conclusions --- p.43 / A Final Assessment --- p.44 / Concluding Words --- p.45 / Chapter III. --- HUANENG POWER INTERNATIONAL INC --- p.47 / Introduction --- p.47 / Thesis --- p.47 / Company Background --- p.48 / HIPDC --- p.48 / The Formation of HPI --- p.48 / The Reorganization of HPI --- p.50 / Asset Transfer --- p.51 / Debt Transfer --- p.51 / Combined Offering (IPO) --- p.52 / Post-Offering Ownership --- p.53 / Major Events --- p.55 / Analysis --- p.57 / The New Tariff Setting Regulatory Policy And Its Advantages --- p.57 / Old Tariff Structure --- p.57 / New Tariff Structure --- p.58 / Tariff Rate Tied Into The Net Fixed Assets --- p.59 / The Result Of The NFA-Tied Rate Calculation --- p.61 / Other Features Of The Pricing Policy Include The Following: --- p.62 / A Capital Structure That Reduces Risk --- p.62 / Reviewing The Performance of HPI --- p.65 / An Analysis of The Performance of HPI's Stock Price --- p.65 / No Dividends Policy --- p.65 / Lack Of Confidence In The Chinese Government --- p.65 / Environmental Factors --- p.66 / Financing Good News --- p.66 / Downward Revisions In Earnings Forecasts --- p.67 / Conclusions --- p.68 / Concluding Words --- p.69 / Chapter IV. --- "SUMMARY, CONCLUSIONS AND RECOMMENDATIONS" --- p.70 / APPENDICES --- p.73 / BIBLIOGRAPHY --- p.95

This work is mainly focused on the environment of stock markets. It aims to identify some psychological and sociological factors relating to investors' behaviour which may help to justify occurrence of excessive movements in stock market prices resulting in price "bubbles" and stock market crashes. It emphasizes that the assumptions for the validity of the Efficient Markets Hypothesis based on dominant position of rational investors in stock markets have been empirically undermined by number of experiments and observations. As one of the most vigorous alternative challenging the Efficient Market Hypothesis is now considered the theory of behavioural finance stressing some imperfections of human behaviour which may substantially influence dynamics of stock market prices in both directions.

There are two competing theoretical debates about the impact of ownership concentration on organisational outcomes, namely efficient-monitoring hypothesis and conflict-of-interest (strategic-alignment) hypothesis. New Zealand has a distinctively concentrated ownership structure. This raises an important research question: Does concentrated ownership in New Zealand perform an efficient monitoring or opportunistic function? This question remains unanswered due to the very limited research on ownership structure in New Zealand. This research considers three specific where studying the function of ownership concentration is likely to be insightful. Three contexts are: CEO compensation scheme, corporate voluntary disclosures and investor perception of ownership structure in the stock market. This research further contributes to the existing literature by decomposing ownership into four mutually exclusive groups, namely financial institution-, government-, management- and other company-controlled ownership structures. The different impacts of ownership concentration under each type of controlling ownership structure are investigated. The findings of Essay One reveal that concentrated ownership is a significant contributor to the poor CEO compensation pay-for-performance relationship in New Zealand listed companies. However, reduced ownership concentration promotes the alignment between CEO compensation and firm performance. These results imply that large shareholders in New Zealand do not play a monitoring role in curbing managerial power; rather it exacerbates the poor relationship between CEO compensation and firm performance. In Essay Two, regression results show that companies characterised by financial institution-controlled ownership structure tend to make significantly fewer (more) disclosures at high (low) concentration levels. In contrast, firm observations in the high concentration group with government- and management-controlled ownership structures have considerably higher voluntary disclosure scores compared with their low concentration counterparts. With respect to the linearity assumption, the relationship between ownership concentration and voluntary disclosure practices unveil a non-linear pattern, indicating that the efficiency of large shareholders’ monitoring varies with the level of intensity of ownership concentration. The results of Essay Three demonstrate that ownership concentration in general is positively associated with information asymmetry observed around annual report release date. This is supportive of investor-adverse selection towards ownership concentration, and such an adverse selection problem is strongly associated with financial institutional and managerial shareholdings. Also, ownership concentration decreases stock liquidity, so no result is found in line with the ownership concentration liquidity hypothesis. When voluntary disclosure is taken into account, regression results suggest that disclosure significantly attenuates information asymmetry risk related to ownership concentration. This effect is particularly pronounced for firms with management-controlled ownership structure. Findings highlight the importance of corporate disclosures under concentrated ownership structure in eliminating information asymmetry and enhancing market efficiency in New Zealand.