<p> The purpose of this study is to address Korean adult L2 learners&rsquo; developmental English vowel acquisition process. The present study demonstrated how adult L2 learners turn their initial L2 proficiency into more advanced state, and how new L2 sound system relates with existing L1 sound system. The present study hypothesized that L2 learners&rsquo; phonetic category is subject to change followed by three stages of L2 vowel acquisition process: Stage 1 (Initial L2 proficiency), Stage 2 (Intermediate L2 proficiency), and Stage 3 (Advanced L2 proficiency). Secondly, this study hypothesized that L2 learners&rsquo; identity /attitudes/motivation may have an influence on their L2 perception and production.</p><p> To investigate Korean L2 learners&rsquo; English vowel learning process, this study carried out longitudinal experiments with 8 Korean adult L2 learners for 6 months. The experiments were conducted on a monthly basis and the procedure was controlled in a laboratory setting to examine any possible changes of L2 ability during L2 learning process. English tense/lax vowel contrasts (/i/-/I/ and /u/-/(n/a)/) and Korean rounded/unrounded vowels (/(n/a)(i)/ and /(n/a)(u)/) were used for the experiments. 360 tokens of English vowels (60 words &times; 2 vowel pairs &times; 3 speakers) were used for each perception test and a total of 2,160 stimuli (360 tokens &times; 6 times) were generated for perception experiments. Korean participants produced 360 tokens of English vowels (60 words &times; 2 tense/lax vowel pairs &times; 3 sets) and 160 tokens of Korean vowels (40 words &times; 2 rounded/unrounded vowels &times; 2 sets) in each production test. A total of 2,160 English tokens (360 tokens &times; 6 times) and 960 Korean tokens (160 words &times; 6 times) were generated for production experiments. Two different phonetic environments were provided; a case of cross-language similarity environment and an emergence of a new sound category.</p><p> The results demonstrated that Korean L2 learners&rsquo; English vowel productions have changed to a more native-like English vowel production through their L2 learning process. Thus, in the final experiment, Korean L2 learners&rsquo; English vowel production showed almost an exact similarity to native speakers&rsquo; vowel production. The present study investigated the relationship between adult L2 learners&rsquo; identity/motivation/attitudes and their L2 vowel perception and production. The result indicated that higher identity/attitudes/motivation may result in advanced L2 vowel perception and production. L2 learners&rsquo; L2 proficiency developed gradually. Hence the L2 learners&rsquo; L2 learning is able to be considered to be following the sequential development pattern accompanied by the process of L2 learning.</p>

A Thesis submitted in fulfilment of the requirements for the degree of Master of Arts in International Relations at the University of the Witwatersrand, Johannesburg.• January, 1970.

A research report submitted to the Faculty of Science, University of the Witwatersrand, Johannesburg, South Africa, in partial fulfillment of the requirements for the Degree of Masters of Science. / Owing to the complexity of hedging against the unfavourable price movements, derivatives came into being to solve this problem if used in an effective and appropriate manner. Movements in share or stock prices, foreign exchange rates, interest rates, etc., make it difficult to anticipate or guess the next price or exchange rate or interest rates. Hence hedging ones'self against these movements becomes a hurdle that is difficult to overcome. Coming to the fore of the derivatives markets made a relief to many traders, but still then, no one could be certain about the move of the market which he is trading in. Forecasting appeared as an educated guess as to which direction and by how much the market will move. This research report focusses on how to forecast the foreign exchange rates using the Dollar/Rand as an example. I have gathered the historical daily data for the DoIIar/Rand spot rates which includes the mayhem period that happened in February 1996. The data was obtained from one of the biggest banks of South Africa; it was drawn from the Reuters historical data giving the open, high, low and close prices of the Dollar/Rand (USD/ZAR) spot rates. The data was then downloaded and copied to the spreadsheet for the calculation of the historical volatilities for different periods. To have a genuine comparison with the implied volatilities, a data of historical implied volatilities tor approximately the same period was gathered from the SAIMB (South African International Money Brokers). The only snag with the data was that it only catered for specific traded periods, like 1 month, 2 months, 3 months, 6 months, 9 months and 12 months only. Most financial institutinns are using these implied volatilities for their pricing and end-of-day or -month or -year revaluation. By the same token the data was downloaded to the spreadsheet for further analysis and arrangement. Chapter 1 gives the purpose and the meaning of'forecasting, together with different methods that this process can be achieved. Views from Makridakis et al., (1983) are used to beautify the world of forecasting and its importance. In Chapter 2 the concept of volatility and its causes, is discussed in detail. Besides the implied and historical volatility discussions, volatility 'smile' concept is discussed and expanded. Volatility slope trading strategies and constraints on the slope of the volatility term structure are discussed in detail. Chapter 3 discusses different models used to calculate both the historical and the implied volatility. This includes models by Kawaller et al., (1994) and Figlewski et al., ( 1990). The Newton-Raphson method is among of the methods that can be used to get a good estimate of the implied volatility. For a lot accurate estimates the Method of Bisection can be used in place of the Newton-Raphson method. Mayhew (1995) even suggest a method, which involves the use of more weighting with higher vegas (Latane and Rendleman 1976) or weighting not by vegas but elasticity (Chiras and Manaster 1978). Chapter 4 dwells on different forecasting models for foreign exchange markets. This includes models by Engle (1993), who is one of the pioneers of the autoregression theory, He discusses the ARCH, GARCH and EGARCH models; Heynen et al., (1994,1995) discusses the models for the term structure of volatility implied by foreign exchange. In the 1995 article he dwells on the specifications of the different autoregressive conditional heteroskedastic models. U.A. Muller et al., (1990,1993) discusses some of the models for the changing time scale for short-term forecasting in financial markets. This includes discussion of some statistical properties of FX rates time-series. Xu and Taylor (1994) also discuss the term structure of volatility as implied, in particular, by FX options. Regression is used in computation of implied volatility Chapter 5 dwells on the empirical evidence and the market practice. This includes the statistical analysis of the data; applying the scaling law; proprietary model which depicts the edge between the historical volatility and implied volatility; empirical tests and the volatility forecast evaluation applied to historical USD/ZAR daily data, using different models. In the statistical analysis, using U.A. Muller et al., (1993) theory, the scaling law, which involves the absolute price changes, which are directly related to the interval At, is discussed. Using my GSD/ZAR data Imanaged to calculate the parameters described by the scaling law, using At as one day since my data is a daily data Icould not calculate the activity model function, which calculates the intra-day and intra-hour trading using tick-by-tick data, because of the nature of my data. Had it not been the case, f would have been able to calculate the intra-day and intra-hour volatilities. These statistics would have been able to depict the daily volatility, more especially on volatile days, like the day when the Rand took its first knock in February 1996. In the second section of the chapter the proprietary model is discussed, where an edge between the actual volatility and implied volatility was identified. There is a positive correlation between the actual and implied volatility although the latter is always higher than the former; hence traders can play with this situation for arbitrage purposes. To get the estimates of historical volatility, I used the Well-known formula of using the log-relatives of the returns of any two consecutive days. Annnalised standard deviation of these log-relatives resulted into the required historical volatility estimates. Moving averages were used to get estimates of different periods, as can be seen in the text. The main theme of the research report is to expose forecasting models that can be used in foreign exchange currencies using DolIar/Rand as an example. Random walk model was used as benchmark to other models like stochastic volatility, ARCH, GARCH( 1,1), and EGARCH (1,1). Due to the complexity of the specifications of these models, I used the SHAZAM 7.0 econometric program to generate the necessary parameters. Complex formulas of these models are given in the Appendices at the end of the report, together with the program itself. The significance of the forecasted volatility estimates was checked using the p-value correlation statistic and the Akaike Information Criterion (AIC). The p-value gives us the significance of the parameters and the AlC gives us an indication of the goodness-of-fit of the model. The formulas used to calculate these statistics are given at the end of the report as part of the Appendices. An account of where and how shese results can be of help in the practical situation is given under the section of market practice. One of the areas worth mentioning is in risk management, where estimates of the historical volatility can be used together with correlation in risk-metrics to calculate VArt (value-at-risk). VAR is defined in simple terms as the 5thpercentile (quantile) of the distribution of value changes. The beau.y of working with the percentile rather than, say the variance of a distribution, is that a percentile corresponds to both a magnitude e.g., dollar amount at risk, and exact probability e.g., the probability that the magnitude will not be exceeded. This roughly the gist of the research report. / Andrew Chakane 2018

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2013. / This study provides an analysis of the effectiveness of the foreign currency hedging abilities afforded by the futures market. The focus is on the currencies of six emerging markets, namely; Brazil, India, Mexico, Russia, South Africa and Turkey. By examining emerging market currencies we can examine the effect that possible mispricing and lack of liquidity can have on hedging effectiveness. To this effect, this article uses the regression method, as allowed by the accounting standard FAS 133, to assess the effectiveness of futures contracts as a hedging mechanism for emerging market currencies. The methods follow previous studies such as Hill and Schneeweis (1982) which consider the length of the hedging horizon and time to expiration due to their effect on hedge effectiveness. Results indicate consistent hedge effectiveness in only South Africa and Turkey, with reasonable hedge effectiveness exhibited by Mexico and Russia. Sensible explanations are given for the extreme hedge ineffectiveness that can be seen in the Brazilian and Indian tests.

by Chan Yiu-keung, Leung Hon-wai, Wong man-yuk. / Abstract in Chinese / Bibliography: leaves 138-142 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1982

by Chan Kwai-Ming, Evan. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves 45-47.

by Chan Ken, Albert Chan Wai Ming, Pun Chi Hoi. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves 83-85.

by Felix Yim Fuk-on, Desmond Woo Kwok-wai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves 46-47.

by Chen, Shuojian. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 60-61). / ABSTRACT --- p.I / TABLE OF CONTENTS --- p.III / LIST OF CHARTS --- p.VII / LIST OF TABLES --- p.VIII / Chapter CHAPTER I: --- INTRODUCTION 一 A REVIEW OF FOREIGN INVESTMENTS IN CHINA --- p.1 / Chapter 1.1 --- "The foreign investments in China had soared in the past dozen years, but now, it levels off" --- p.1 / Chapter 1.2 --- Most of the foreign investments come from Hong Kong and Taiwan --- p.3 / Chapter 1.3 --- "Three policies toward foreign investments - deny, welcome unconditionally, and welcome conditionally" --- p.5 / Chapter 1.3.1 --- Before 1979 ´ؤ deny --- p.5 / Chapter 1.3.2 --- From 1979 to 1991 ´ؤ welcome unconditionally --- p.5 / Chapter 1.3.3 --- After 1991 - welcome conditionally --- p.6 / Chapter 1.4 --- focus on the disharmonies --- p.6 / Chapter CHAPTER II: --- DISHARMONIES IN DIRECT INVESTMENTS - THE PHENOMENA --- p.7 / Chapter 2.1 --- Hostility toward foreign investments --- p.7 / Chapter 2.1.1 --- """ Economic invasion “" --- p.7 / "“The Eight Countries' Allied Force""" --- p.8 / Chapter 2.1.2 --- """ National Dignity “" --- p.9 / """China Can Say No""" --- p.9 / """Prefect's Decision""" --- p.10 / Chapter 2.2 --- Uncooperative Attitude --- p.11 / Chapter 2.2.1 --- Joint venture forming bids are turned down --- p.11 / """Pretty daughters"" and ""ugly daughters""" --- p.11 / Le Kai ® and Kodak® --- p.12 / Chapter 2.2.2 --- Chinese enterprises repurchase the brands they once contributed to joint ventures as assets. --- p.14 / Sheng Brand ® Chrysanthemum Crystal --- p.15 / Case: MAXAM ® --- p.15 / Chapter 2.3 --- Internal Conflicts in Joint Ventures --- p.16 / Chapter CHAPTER III: --- THE CAUSE OF DISHARMONY --- p.17 / Chapter 3.1 --- "Chinese have over-expectation to foreign investment. While disappointed, some become unfriendly toward foreign investors " --- p.17 / Chapter 3.2 --- "Although foreign investments contribuie to the economic growth, its opportunity cost IS PRETTY HIGH " --- p.19 / Chapter 3.2.1 --- "Foreign investments may worsen, rather than relief the problem of unemployment " --- p.19 / Create New Market vs. Redistribute the Market Shares --- p.20 / The Myth of Export Oriented --- p.20 / 8.8% of the Employees Accounts for 19.1% of the Sales --- p.21 / A model to identify jobs created vs. jobs extinguished by foreign funded enterprises --- p.23 / Chapter 3.2.2 --- "Bypassing the tariff, it is possible for overseas enterprises to dump in China " --- p.25 / Chapter 3.2.3 --- Foreign capital and honest society --- p.27 / Chapter 3.2.4 --- Tax paid by foreign funded firms is not proportionate to their profits --- p.29 / 2+3Corporation Tax Holiday --- p.29 / Value Added Tax --- p.29 / Legal Tax Mitigation & Illegal Tax Evasion --- p.29 / Chapter 3.2.5 --- The fact that foreign-funded firms are not required to contribute appropriate proportion to social security indirectly results in social unrest --- p.33 / Chapter 3.3 --- Fraudulence in Forming Joint Ventures --- p.35 / Chapter 3.3.1 --- Equipment Overpricing --- p.35 / Chapter 3.3.2 --- Technology Overpricing --- p.35 / Chapter 3.3.3 --- Material and Components Overpricing --- p.36 / Chapter 3.3.4 --- "Land, workshop & sales network overpricing " --- p.37 / Chapter 3.3.5 --- Fraudulence in equipment importation --- p.37 / Chapter 3.3.6 --- "Both of the foreign partners and the Chinese partners can be cheaters, but it is more common that a Chinese partner is the victim " --- p.38 / Chapter 3.4 --- National Security --- p.39 / Chapter 3.4.1 --- "Foreign investment, national industries, and national security " --- p.39 / Chapter 3.4.2 --- Even civil products may have unexpected significance to national security --- p.39 / Chapter 3.4.3 --- "In case of international disputes, trade wars, or real wars, who holds the hostages? " --- p.40 / Chapter 3.5 --- The Agency Problem --- p.41 / Chapter 3.6 --- The Limited Running Time of Joint Ventures --- p.42 / Case: Zhang Xiao Quan ® --- p.42 / Chapter CHAPTER IV: --- MEASURES TO MINIMIZE THE DISHARMONIES --- p.44 / Chapter 4.1 --- Facilitate long-run view in founding joint ventures --- p.44 / Chapter 4.1.1 --- Two ways in forming joint venture --- p.44 / Chapter 4.1.2 --- To increase the stakes in a joint venture gradually --- p.45 / Chapter 4.2 --- Assign outsiders to manage the joint venture --- p.46 / Chapter 4.3 --- Localization --- p.46 / Chapter 4.3.1 --- Local sourcing --- p.47 / Chapter 4.3.2 --- Employee localization --- p.47 / Chapter 4.4 --- Adopting local brand names --- p.47 / Chapter 4.4.1 --- Case: P&G® Jiehua® andGaofuli ® --- p.48 / Chapter 4.4.2 --- Multiple brands 一 a successful strategy --- p.50 / P&G itself is a successful example in multiple brands strategy --- p.50 / The advantages of multiple brands strategy --- p.50 / Chapter 4.4.3 --- "Reasons that foreign investors refuse to adopt the Chinese brands, besides the duration of the joint ventures " --- p.51 / Case: Wine & Spirit --- p.53 / Chapter 4.4.4 --- Adopting famous local brand names --- p.57 / Under what situation Chinese brands should be kept in the joint venture --- p.57 / Case: Yale ® and Gu Li ® dual brands strategy --- p.58 / CONCLUSION --- p.59 / BIBLIOGRAPHY --- p.60

Digitized by Kansas Correctional Industries