This empirical study employs a different methodology to examine the change in wealth associated with mergers and acquisitions (M&As) for US firms. Specifically, we employ the standard CAPM, the Fama-French three-factor model and the Carhart four-factor models within the OLS and GJR-GARCH estimation methods to test the behaviour of the cumulative abnormal returns (CARs). Whilst the standard CAPM captures the variability of stock returns with the overall market, the Fama-French factors capture the risk factors that are important to investors. Additionally, augmenting the Fama-French three-factor model with the Carhart momentum factor to generate the four-factor captures additional pricing elements that may affect stock returns. Traditionally, estimates of abnormal returns (ARs) in M&As situations rely on the standard OLS estimation method. However, the standard OLS will provide inefficient estimates of the ARs if the data contain ARCH and asymmetric effects. To minimise this problem of estimation efficiency we re-estimated the ARs using GJR-GARCH estimation method. We find that there is variation in the results both as regards the choice models and estimation methods. Besides these variations in the estimated models and the choice of estimation methods, we also tested whether the ARs are affected by the degree of liquidity of the stocks and the size of the firm. We document significant positive post-announcement cumulative ARs (CARs) for target firm shareholders under both the OLS and GJR-GARCH methods across all three methodologies. However, post-event CARs for acquiring firm shareholders were insignificant for both sets of estimation methods under the three methodologies. The GJR-GARCH method seems to generate larger CARs than those of the OLS method. Using both market capitalization and trading volume as a measure of liquidity and the size of the firm, we observed strong return continuations in the medium firms relative to small and large firms for target shareholders. We consistently observed market efficiency in small and large firm. This implies that target firms for small and large firms overreact to new information resulting in a more efficient market. For acquirer firms, our measure of liquidity captures strong return continuations for small firms under the OLS estimates for both CAPM and Fama-French three-factor models, whilst under the GJR-GARCH estimates only for Carhart model. Post-announcement bootstrapping simulated CARs confirmed our earlier results.

After the recent financial crisis of 2007, a connection between monetary policy and financial stability has started to be thoroughly investigated. One of the particular areas of this research field deals with the role of various financial variables in the monetary policy rules. The main purpose of this research is to find whether direct incorporation of the financial variables in the monetary policy rule can bring macroeconomic benefits in terms of lower volatility of inflation and output. So far, the main emphasis of the research has been placed on the investigation of the augmented Taylor rules in the context of a closed economy. This thesis sheds light on the performance of the augmented Taylor rules in a small open economy. For this purpose, a New Keynesian DSGE model with two types of financial frictions is constructed. The model is calibrated for the Czech Republic. The thesis provides four conclusions. First, incorporation of the financial variables (asset prices and the volume of credit) in the monetary policy rule is beneficial for macroeconomic stabilization in terms of lower implied volatilities of inflation and output. Second, the usefulness of the augmented monetary policy rule is the most apparent in case of the shock originating abroad. Third, there is a strong link between the financial and the...

Doctor of Philosophy / Department of Family Studies and Human Services / Walter Schumm and Kristy Archuleta / Financial literacy has become a prominent topic of discussion since the latest economic downturn. Although many studies reveal that our youth’s financial literacy is low, no study to date provides an overview as to how our youth are learning financial literacy concepts. This dissertation seeks to explore how homeschooling families prepare their children to be financially literate. This study reviewed four sensitizing concepts: (a) communication, (b) engagement, (c) outside influences, and (d) parental perspectives based on the learning theory: Legitimate Peripheral Participation. Twenty primary educators in homeschooling families from a variety of states were interviewed for this study. Out of the twenty participants, eight were classified in the elementary age group, five were classified in the middle school age, and seven were classified in the high school age. Each sensitizing concept was examined for each school age group. This exploratory study found that parents who homeschool tend to focus on three main topics of personal finance: debt or the avoidance of debt, savings, and budgeting. Little evidence suggests that parents help their children with the mechanics of these behaviors. There were three important findings extracted in this study. First, the results suggest that homeschooling parents need to become better prepared to teach their children about money, and second, that personal finance should be thought of as a core subject in the elementary age years in lieu of just a life skill. Finally, this study found that there is a large focus around personal finance topics in the elementary age years and the high school years, with little attention to personal finance behaviors for the middle school age group. The results of this study provide those entities that advocate improved financial literacy an understanding as to the “how” parents who homeschool prepare their kids to understand money.

This graduation thesis deal with the financial analysis of the company. Is elaborated for the needs of the owner and creditor of the company. Financial analysis covers the period basis of time 2006 - 2009. To assess the financial situation I use standard methods mentioned in the theoretical part.

This diploma thesis is a financial analysis of the company SHC Prague TRS, a.s. from 2005 to 2009, which manages Hotel InterContinental Praha. Firstly, the aim of this work is to evaluate the financial efficiency of the hotel through financial analysis, and secondly to indicate the possibility for development of financial management in the future. The financial analysis is based on external data from annual reports of the company. The thesis is devided into two chapters and completed with supplements. The first chapter is theoretical, where the principal meaning and functions of the financial analysis are characterized, source information and users of results are presented, and methodology of financial analysis is explained. The second chapter is practical, where basic information about the company is mentioned and a financial analysis is made applying the methods and procedures described in the first part. In conclusion, the results are summarized and there is a complete evaluation of the financial situation of SHC Prague TRS, a.s., that operates Hotel InterContinenatal Praha.

Orientador: Marcus Vinicius Maltempi / Banca: Rosana Giaretta Sguerra Miskulin / Banca: Celina Aparecida Almeida Pereira Abar / Resumo: Nesta dissertação abordamos questões concernentes à formação inicial de professores de Matemática, a partir da incorporação das Tecnologias de Informação e Comunicação (TIC) e de idéias relacionadas à necessidade de uma Educação Financeira para todos. Neste sentido, nosso objetivo foi investigar as contribuições que surgem à prática pedagógica dos licenciandos em Matemática quando constroem e aplicam WebQuests sob o contexto da Matemática Financeira. Para tanto, um curso de Extensão sobre construção de WebQuests foi oferecido aos alunos do Curso de Licenciatura em Matemática da UNESP de Rio Claro - SP, os quais, posteriormente, utilizaram as WebQuests construídas como material didático durante o Estágio Supervisionado (prática docente) que realizaram junto a uma escola pública de Rio Claro, SP. O curso de Extensão, assim como toda a investigação aqui apresentada, foi desenvolvido tendo por base a teoria de aprendizagem construcionista. Além disso, nos embasamos em trabalhos que tratam da formação inicial docente, em especial, do professor de Matemática, e também, da importância da Educação Financeira na vida das pessoas. Baseados no estudo realizado, cremos que a partir do momento que os licenciandos vivenciarem uma formação inicial diferenciada, que privilegie também o uso das TIC na Educação, além dos conteúdos específicos, estaremos formando professores mais propensos a usarem as TIC em sua prática docente, de forma a propor a seus alunos situações nas quais eles terão que criar, discutir e refletir sobre suas ações. / Abstract: In this dissertation we accosted concerning questions to the inicial formation of the Mathematics teachers, starting from the incorporation of theTechnologies of Information and Communication (TIC) and of ideas related to the need of a Financial Education for all. In this sense, our objective was to investigate the contributions that appear to the pedagogic practice of the graduates in Mathematics when they build and they apply WebQuests about the context of the Financial Mathematics. For so much, a course of Extension about construction of WebQuests was offered to the students of the Degree Course in Mathematics of UNESP, Rio Claro - SP, the ones which, later, they used WebQuests built as didactic material during the Supervised Apprenticeship (teaching practice) that accomplished a public school of Rio Claro, SP. The course of Extension, as well as all the investigation here presented, it was developed having for base the theory of learning construcionista. Besides, ourselves based in works that treat of the teaching initial formation, especially, of the Mathematics teachers, and also, of the importance of the Financial Education in the people's life. Based on the accomplished study, we believe that starting from the moment that the graduates live a differentiated initial formation, that it also privileges the use of TIC in the Education, besides the specific contents, we will be forming teachers more prone to use TIC in his educational practice, in way to propose to their students situations in which they will have to create, to discuss and to contemplate about their actions. / Mestre

Mike Arce is the owner of a 30-hectare farm in an agricultural area on the coast north of Lima, Peru. He must find a solution to the liquidity problem that arose at the end of 2016 and determine if he has adequate accounting information to make his decision. Students are challenged to review information from an accounting and financial perspective. In the resolution of the case, international rules concerning information to be submitted via financial statements must be considered, especially taking into account the rules concerning agriculture, property/plant and equipment and inventories. This case lends itself to analysis and projection of financial statements and to seeking alternative solutions.

by Rick Bute Man-kwong, Michael Wong Kam-tak. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves [1]-[2]

The determinants that affect the financial performance of an insurance company are complicated due to the intangible nature of insurance products and the lack of transparency in the market. Consequently, the financial performance of insurance companies is important to various stakeholders such as policyholders, insurance intermediaries and policymakers. This study aims to investigate the determinants of financial performance of insurance companies based on their financial strength rating performance. The empirical data are drawn from A.M. Best Insurance Report Online: Non- US Database. The sample consists of 57 insurers in the United Kingdom over the period of 2006 to 2010. The analyses include eight firm-specific variables, which are leverage, profitability, liquidity, size, reinsurance, growth, type of business and organisational form. Rating transition matrices and regression models are employed in this study. Rating transition analysis demonstrates a significant degree of rating changes, as reflected in the rating fluctuations. Based on the empirical results, this study establishes that profitability, liquidity, size and organisational form are statistically significant determinants of financial performance of insurance companies in the United Kingdom. This study recommends an alternative to measure the size of an insurance company, which is based on the gross premium written. In addition, this study provides insights into the effects of the global financial crisis on the financial performance of the insurance companies.

This thesis aims to capture the notion of "Financial iliteracy" as a phenomenon of the present in the context of the Czech Republic, or of the region with the highest unemployment and specific problems - the Most region. The introductory part defines basic concepts connected with financial iliteracy, its education support in the Czech Republic and the measurement possibilities. The next part concentrates on the Most region, on the concrete examples of financial iliteracy support on this location and it is followed by a survey. The conclusion will look at the evaluation of results gained by the survey and recommendations for financial iliteracy support optimization.