Föreliggande uppsats avser belysa relationen mellan stress och personlighet, detta undersöktes ur ett individorienterat perspektiv som baserades på personlighetsprofiler. Data baserades på en enkätundersökning som mätte personlighet utifrån femfaktormodellen och självupplevd stress. 89 medarbetare på ett svenskt företag deltog i studien, 43 män och 46 kvinnor mellan åldrarna 22 och 66 år. För att klassificera olika personlighetsprofiler genomfördes en klusteranalys. För att sedan undersöka relationen mellan personlighetsprofilerna och upplevd stress jämfördes graden av upplevd stress mellan profilerna. Resultatet visade på att det finns skillnader mellan personlighetsprofilerna avseende graden av upplevd stress. Individer med lägst värden inom extraversion och något lägre värden inom öppenhet i förhållande till de andra dragen och personlighetsprofilerna upplevde högre grad stress. Individer som tillhör personlighetsprofilen med högst värden inom samtliga dimensioner i femfaktormodellen upplevde låg stress. / This paper is intended to describe the relationship between stress and personality, this is examined from an individual-oriented perspective based on personality profiles. The data was based on a questionnaire that measured personality based on the five factor model and self-perceived stress. 89 employees of a Swedish company participated in the study, 43 men and 46 women between the ages of 22 and 66 years. A cluster analysis was used to classify different personality profiles. To later examine the relationship between personality profiles and perceived stress the degree of perceived stress was compared between the profiles. The result showed that there are differences between the personality profiles regarding the level of perceived stress. Individuals with the lowest values in extraversion and slightly lower values of openness in relation to other features and personality profiles, experienced higher levels of stress. Individuals belonging to the personality profile with the highest values in all dimensions of the five factor model experienced low levels of stress.

Att undersöka ledarens påverkan på privat och offentligt anställdas motivation är aktuellt med tanke på den pågående diskussionen inom svensk politik rörande privatiseringen av offentliga tjänster. Dessutom leder världens ökande globalisering, organisationers utveckling och individens förändrade arbetskultur till att uppfattningen om ledarskap och motivation är i ständig förändring. Tidigare forskning har präglats av ett stort fokus på själva ledaren, men har på senare år riktat större uppmärksamhet mot följderna av ledarskapet. Det är även utgångspunkten i denna studie, vars syfte är att förklara hur ekonomers motivation påverkas av ledarskapsstil och ledarens personlighet, modererat av sektor. Studien har ett deduktivt förhållningssätt och undersöker kvantitativt hypoteser kring ledarskapsstil, personlighet och motivation genom en enkätundersökning riktad till ekonomer. MätinstrumentenMultifactor Leadership Questionnaire, Ten-Item Personality Inventory och Work Extrinsic and Intrinsic Motivation Scale användes för att utforma enkäten och mäta de tre huvudkomponenterna. Studien undersökte även faktorerna kön, ålder, arbetslivserfarenhet och sektortillhörighet. Resultaten av studien bekräftar tidigare forskning genom att påvisa ett starkt signifikant samband mellan såväl transformativ ledarskapsstil och inre motivation, som transaktionell ledarskapsstil och yttre motivation. Vidare fann studien ett signifikant positivt samband mellan egenskaperna Sympatiskhet, Öppenhet och Extraversion och inre motivation samt mellan egenskaperna Samvetsgrannhet och Neuroticism och yttre motivation. Studien kunde däremot inte bekräfta den effekt som sektortillhörighet väntades ha på sambanden mellan ledarskap och motivation, eftersom den modererande effekten antingen var obefintlig eller motsatt det förväntade. Det finns därmed ett behov av mer forskning på området ledarskap med fokus på sektorns effekt på den anställdas motivation. / Investigating leaders’ influence on private and public employee motivation is relevant given the ongoing discussion within Swedish politics regarding the privatization of public services. Furthermore, the world's increasing globalization, the development of organizations and the individual's changed work culture cause the perception of leadership and motivation being in constant change. Previous research has been characterized by focusing on leaders, but has in recent years focused more on the consequences of leadership. Consequently, the purpose of this study is to explain how leadership style and the leader’s personality affects economists' motivation, moderated by sector. The study has a deductive approach and quantitatively examines hypotheses about leadership style, personality and motivation through a questionnaire directed towards economists. The measuring instruments Multifactor Leadership Questionnaire, Ten-Item Personality Traits and Work Extrinsic and Intrinsic Motivation Scale were used to design the survey and to measure the main components. The study also examined gender, age, work experience and sector affiliation. The results of the study confirm previous research by demonstrating a significant relationship between transformative leadership and internal motivation, and between transactional leadership and external motivation. Furthermore, the study found a positive correlation between the traits Openness, Agreeableness and Extraversion and internal motivation, and between the traits Conscientiousness and Neuroticism and external motivation. The study however, could not confirm the effect that sector affiliation was expected to have on the relationship between leadership and motivation, since the moderating effect was either non-existing or opposite the expected. There is therefore a need for more research in the area, with focus on the sector's effect on motivation.

Denna studie undersöker huruvida nyemissioners bakomliggande motiv påverkar hur det emitterande företaget värderas efter tillkännagivandet. Fenomenet undersöks på den svenska marknaden, då majoriteten av tidigare forskning bedrivits på utländska handelsplatser. Effekten av olika motiv analyseras för ett urval bestående av 203 observationer under en 14-årsperiod, mellan år 2005-2018, där samtliga nyemissioner genomförts på Nasdaq OMX Stockholm. Studien omfattar både riktade och företrädesmissioner. Avvikande avkastning beräknas på kort och lång sikt i samband med nyemissionernas tillkännagivande med hjälp av tre olika metoder (CAR, BHAR samt FF3M). Således mäts både den kortsiktiga annonseringseffekten såväl som företagets långsiktiga prestation mot index (OMXSPIoch SIXRX). Vidare används även multipel regressionsanalys för att undersöka om samband går att återfinna mellan motiven och avvikande avkastning.  Studien finner signifikanta bevis för att underprestation i regel följer nyemissioners tillkännagivande. Negativt avvikande avkastning återfinns i de fall motivet uppges vara antingen rekapitalisation eller generella ändamål. Däremot förekommer ett positivt samband mellan avvikande avkastning och motivet investeringar, vilket indikerar på att dessa företag snarare överpresterar marknaden. Således argumenterar studien för att nyemissioners motiv har betydelse för hur företaget presterar, både på kort och lång sikt, vilket indirekt påverkar företagets värdering. / The purpose of this thesis was to examine if the stated motive for a seasoned equity offering (SEO) affects company valuation, post-SEO. This was accomplished by calculating abnormal returns for a sample containing 203 SEOs over a 14 year period between 2005 and 2018. All companies being listed on Nasdaq OMX Stockholm during the time of their respective equity offering. By providing three different measurements for abnormal return (CAR, BHAR, and FF3M) as well as performing multiple regression analysis, the study finds significant evidence for general underperformance following the SEO. This is true for when the motive is stated as recapitalization or general corporate-related purposes. When the motive is stated as investment, the study finds significant evidence for post-SEO overperformance.

This study examines the Swedish Stock Exchange during the time period of 1998-2016. Where the purpose is to investigate and compare five different investment strategies to see if these investment strategies can create excess return on their investments, after adjustment for risk. The investment strategies can be found on the internet, and be used after purchasing a smaller amount of money, therefore the results can be applied to all investors independent on their level of experience. The results for the different investment strategies are not clear, the different tests give mixed results which leaves four of five hypotheses unanswered. However, there is one strategy that can be rejected, it cannot beat the market, which is the Net-Nets strategy. In general, one could thus say that the investment strategies can create higher return compared to the market, but that these returns are random. Therefore, it requires a longer time period for the investor as well as higher risk, since one never knows when this large return will be given.

Os mecanismos de proteção aos acionistas e credores surgiram prometendo às empresas que realizam investimentos em governança corporativa obter valorização da organização. Isto se daria porque os financiadores estariam menos expostos à expropriação do seu capital por meio de mecanismos de governança corporativa que assegurassem os seus direitos, o que facilitaria a comercialização de suas ações e títulos, o acesso ao mercado de capitais e uma redução do custo de capital, levando, assim, à valorização da empresa. Dentro deste contexto, este trabalho busca analisar a relação entre governança corporativa e o custo de capital próprio em empresas brasileiras de capital aberto. O presente estudo investiga se as empresas que adotam práticas de governança corporativa, medida pelos níveis diferenciados de governança corporativa da Bovespa, possuem um menor custo de capital próprio associado quando comparadas às empresas que não adotam tais práticas. Para o cálculo do custo de capital próprio foram utilizados o CAPM e o Modelo de Três Fatores com o intuito de verificar se a relação com as práticas de governança independe do método adotado. Utilizou-se a regressão linear múltipla para as análises estatísticas tendo como variável dependente o custo de capital próprio e as variáveis independentes de governança corporativa, grau de alavancagem financeira, grau de alavancagem operacional, os setores, o grau de intangibilidade da empresa e o tempo que a empresa está presente na Bovespa. Foi encontrada uma relação positiva do custo de capital próprio, medido pelo CAPM, com as empresas que adotam qualquer um dos níveis diferenciados de governança corporativa, ou seja, o custo de capital próprio é maior para empresas que aderiram a tais práticas. Nas demais análises, a governança corporativa não foi significativa. Dentro deste contexto, não se confirma a hipótese apresentada de menor custo de capital próprio associado à governança corporativa. Assim sendo, a valorização das empresas poderia se dar pelo incremento do fluxo de caixa esperado e não pela diminuição do custo de capital próprio. Pode-se considerar também que a adoção das práticas de governança corporativa estaria relacionada às empresas que possuem um maior risco associado, e que pretendem reduzi-lo adotando medidas de proteção ao acionista minoritário, ou ainda que o beta da empresa que representa o CAPM estaria mostrando um desempenho superior da empresa com relação ao mercado e dentro deste contexto não estaria sinalizando o risco associado, mas sim um melhor comportamento da ação da empresa se comparada ao mercado. / Protection mechanisms to shareholders and creditors were created promising that companies that invest in corporate governance would be appreciated. This would be possible because investors would be less exposed to the expropriation of their own capital by means of corporate governance mechanisms that ensure their rights and, accordingly, this would facilitate the sale of their shares and securities, the access to the capital market and a decrease in the cost of capital, appreciating thus the company. In this context, this paper has the purpose of analyzing the relationship between corporate governance and the cost of capital in Brazilian publicly-traded companies. This study determines whether the companies that adopt corporate governance practices, measured by Bovespa\'s (São Paulo Stock Exchange) corporate governance different levels, have a lower cost of capital when compared to companies that do not adopt these practices. To calculate the cost of capital, the CAPM and the Three-factor model were used to verify whether the relationship with corporate governance practices depends or not on the method adopted. The multiple linear regression was used to analyze statistics and the dependent variable was the cost of capital and the independent variables were the degree of financial leverage, the degree of operating leverage, the industries, the company\'s degree of intangibility and the time the company is listed on Bovespa. A positive relationship between the cost of capital, measured by the CAPM, and companies that adopt any of the corporate governance different levels was found, namely, the cost of capital is higher for companies that adhered to these practices. In the other analyses, the corporate governance was not significant. In this context, the hypothesis determining that a lower cost of capital is related to corporate governance is not confirmed. Therefore, the companies could be appreciated by increasing the expected cash flow and not by decreasing the cost of capital. We may also consider that corporate governance practices would be adopted by companies subject to a higher risk and that intend to reduce it by adopting protection measures to the minority shareholder, or that the company\'s beta that represents the CAPM would show a higher performance in relation to the market and, in this case, this would not highlight the risk, but a better performance of the company\'s shares when compared to the market.

The thesis is dedicated to time series analysis for functional data and contains three original parts. In the first part, we derive statistical tests for the presence of a periodic component in a time series of functions. We consider both the traditional setting in which the periodic functional signal is contaminated by functional white noise, and a more general setting of a contaminating process which is weakly dependent. Several forms of the periodic component are considered. Our tests are motivated by the likelihood principle and fall into two broad categories, which we term multivariate and fully functional. Overall, for the functional series that motivate this research, the fully functional tests exhibit a superior balance of size and power. Asymptotic null distributions of all tests are derived and their consistency is established. Their finite sample performance is examined and compared by numerical studies and application to pollution data. In the second part, we consider vector autoregressive processes (VARs) with innovations having a singular covariance matrix (in short singular VARs). These objects appear naturally in the context of dynamic factor models. The Yule-Walker estimator of such a VAR is problematic, because the solution of the corresponding equation system tends to be numerically rather unstable. For example, if we overestimate the order of the VAR, then the singularity of the innovations renders the Yule-Walker equation system singular as well. Moreover, even with correctly selected order, the Yule-Walker system tends be close to singular in finite sample. We show that this has a severe impact on predictions. While the asymptotic rate of the mean square prediction error (MSPE) can be just like in the regular (non-singular) case, the finite sample behavior is suffering. This effect turns out to be particularly dramatic in context of dynamic factor models, where we do not directly observe the so-called common components which we aim to predict. Then, when the data are sampled with some additional error, the MSPE often gets severely inflated. We explain the reason for this phenomenon and show how to overcome the problem. Our numerical results underline that it is very important to adapt prediction algorithms accordingly. In the third part, we set up theoretical foundations and a practical method to forecast multiple functional time series (FTS). In order to do so, we generalize the static factor model to the case where cross-section units are FTS. We first derive a representation result. We show that if the first r eigenvalues of the covariance operator of the cross-section of n FTS are unbounded as n diverges and if the (r+1)th eigenvalue is bounded, then we can represent the each FTS as a sum of a common component driven by r factors and an idiosyncratic component. We suggest a method of estimation and prediction of such a model. We assess the performances of the method through a simulation study. Finally, we show that by applying our method to a cross-section of volatility curves of the stocks of S&P100, we have a better prediction accuracy than by limiting the analysis to individual FTS. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Made available in DSpace on 2016-04-04T18:28:15Z (GMT). No. of bitstreams: 1 Angela Tamye Lopes Fujita.pdf: 2091772 bytes, checksum: 808af13e69106afabd1647d85111c570 (MD5) Previous issue date: 2014-02-11 / Tobacco dependence consists in a complex behavior, which involves physical and psychological dependency. Beyond neurological understanding on nicotine effects, others factors of social, familial and individual nature have been investigated, among these, personality traits can also play animportant role in dependence initiation and it?s maintenance. This study proposed to investigate the existence of differences in personality traits among academic students, which were divided into two separate groups, non-smokers and smokers, and also considering possible influences from sex and level of nicotine dependence variables. The overall sample consisted of 93 college students from a private institution of higher education in the state of S?o Paulo, of which 75 were women and 18 men with a mean age of 21 years. Participants were divided into two groups (smokers and nonsmokers), according to results presented at the Fagerstr?m Test for Nicotine Dependence (TFDN). The Personality Factor Battery (BFP) was answered by all participants, yielding scores on the five major personality factors and facets. From a nonparametric statistical test, Mann-Whitney test, was observed that with respect to the influence of the variable group (smokers and nonsmokers) in personality factors and facets of the group of nonsmokers obtained significantly higher scores on Vulnerability, Pro- sociality Trusts in people, Socialization, and Commitment. Have the smoker group had significantly higher scores in novelty seeking and Openness. The results of the Mann-Whitney statistical teste regarding the influence of level of nicotine dependence (addiction mild group and moderate dependence group) indicated statistically significant differences only on the facet Trust in people with higher average obtained by the group with mild dependence on nicotine. In the analysis of the influence of gender, which was obtained by the Quisquare test,was observed that the group of women obtained significantly higher scores on the facet of Pro- Sociability and Socialization in general factor, whereas men had significantly higher scores on the facets of Openness to ideas, Liberalism, Searching for News and Openness factor. It is expected that these results can be used to favor the improvement of professionals working in the area of smoking and understanding of personality traits that show the different between dependent and non-dependent individuals. / O tabagismo consiste em um comportamento complexo que envolve a depend?ncia f?sica e psicol?gica. Al?m do entendimento neurol?gico dos efeitos da nicotina, diversos outros fatores de natureza social, familiar e individual tamb?m v?m sendo estudados, podendo-se destacar, dentre eles, os tra?os de personalidade, os quais podem exercer papel importante no processo de depend?ncia, assim como na sua manuten??o. Diante do exposto, esse estudo tem como objetivo investigar a exist?ncia de diferen?as de caracter?sticas de personalidade em estudantes universit?rios, divididos em dois grupos: n?o fumantes e fumantes, considerando-se ainda a influ?ncia das vari?veis sexo e n?vel de depend?ncia (no grupo de fumantes).A amostra geral foi composta por 93 estudantes universit?rios de institui??o particular do ensino superior do interior do estado de S?o Paulo, da qual 75 eram mulheres e 18 homens, com idade m?dia de 21 anos. Os participantes foram divididos em dois grupos (n?o fumantes e fumantes), de acordo com o resultado apresentado no Teste de Fagerstr?m para Depend?ncia de Nicotina (TFDN). A Bateria Fatorial de Personalidade (BFP) foi respondida por todos os participantes, dando origem a pontua??es nos cinco grandes fatores da personalidade e suas facetas. A partir de teste estat?stico de Mann-Whitney foi observado que com rela??o ? influ?ncia da vari?vel grupo (fumantes e n?o fumantes) nos fatores e facetas de personalidade o grupo de n?o fumantes obteve escores significativamente maiores em Vulnerabilidade, Pr?-sociabilidade, Confian?as nas pessoas, Socializa??o, e Empenho. J? o grupo fumante apresentou escores significativamente maiores em Busca por novidades e Abertura. Os resultados referentes ? an?lise da influ?ncia do n?vel de depend?ncia nicot?nica (grupo depend?ncia leve e grupo depend?ncia moderada), obtidos a partir de teste de Mann-Whitney,apontaram para diferen?a estatisticamente significativa apenas na faceta Confian?a nas pessoas, com m?dia maior obtido pelo grupo com depend?ncia de nicotina leve. A an?lise estat?stica realizada com o teste do Qui-quadrado sobre a influ?ncia da vari?vel sexo observou-se que o grupo das mulheres obteve escores significativamente maiores na faceta de Pr?-Sociabilidade e no fator geral Socializa??o, enquanto os homens apresentaram escores significativamente maiores nas facetas de Abertura a id?ias, Liberalismo, Busca por Novidades e no fator Abertura. Espera-se que os resultados apresentados possam ser utilizados no sentido de favorecer o aperfei?oamento dos profissionais atuantes na ?rea do tabagismo e na compreens?o dos tra?os de personalidade que se mostram diferentes entre indiv?duos dependentes e n?o dependentes.

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Many researchers in numerous studies have focused on leadership style and organizational cultures, but there is an absence of research regarding leader personality traits and productive work cultures in Alberta's oil and gas industry. The purpose of this correlational study was to assess the relationship between leader traits and preestablished learning organization culture benchmarks within Alberta's oil and gas industry. Learning organization culture is an extension of Senge's learning organization theory. Simple random sampling was used to attain a population comprised of 52 employees in Alberta's oil and gas industry who were accountable to an organizational supervisor. Data were collected via the NEO-FFI-3 and the Learning Organization Survey; summarization was accomplished by means of an online third party survey administration service. Regression analyses revealed that each of the 5-factor traits was correlated to learning organization culture. When the model was changed to multiple regression using all traits together, only 2 traits remained significant. Openness to experience positively correlated with learning organization culture, whereas neuroticism was negatively correlated with learning organization culture. The implication for social change is that human resource personnel in Alberta's oil and gas industry can institute information provided in this research to identify and develop leaders who promote innovation in a learning organization culture. Innovation in Alberta's oil and gas industry assists to overcome environmental sustainability, augment technology inefficiencies, and decrease workplace personnel issues.

本研究的目的為建立一套適用於台灣股市的主動式量化投資策略。本研究利用多因子 Alpha 模型為分析架構，試圖掌握多維度的股價影響因子，以資訊係數（Information Coefficient）、T-test of ICs、成功率（Success rate）以及 Quintile 累積報酬做因子有效性的檢定，篩選出穩定且有效解釋股價報酬的月頻率因子，再組合因子形成Alpha 股票評分，Alpha 可拆解成三部分，包括市場波動度、因子預測下一期報酬的能力以及因子的獲利能力。本論文以此評分做為股票投資權重的依據，建構一個以台灣中型 100 指數為標竿指數的投資組合。實證結果發現，此主動式量化投資策略能夠有效擊敗標竿指數，獲得平均每個月 3.7%的超額報酬。 　　本研究並嘗試以設定原始權重保留率的方法，控制追蹤誤差以降低週轉率與交易成本，實證結果發現，此方法可有效降低追蹤誤差，但隨著保留率提升，資訊比率（Information Ratio）與投資組合的超額報酬將降低。 / The objective of this study is to build an investment process of active quantitative stock selection model. In this study, we use the Alpha Multi-factor model to find a multitude of factors which are significantly relative to the stock return. The tests we conduct to select the factors that end up in the final multi-factor model are monthly Information Coefficient, T-test of ICs, success rate and quintile cumulative return. Then we examine how to optimally combine correlated factors and calculate the Alpha score for each stock for each period. Alpha is Volatility times IC times Score. Volatility is the cross-sectional volatility of the residual return. IC is the predictive power of the model. And Score are the cross-sectional scores for each stock. We utilize a simple method to construct the portfolio that uses the Alpha score to adjust the weight of component stocks in the benchmark. The empirical result reveals that this investment process successfully outperform the Taiwan Mid-Cap 100 Index benchmark. Moreover, this study tries to decrease the turnover rate and transaction costs by controlling the tracking error. We set the original weight retention rate of the benchmark to control the tracking error. The empirical result reveals that the method works. But as the retention rate rises, the Information ratio and the excess return drops.