國內博達科技無預警聲請重整，對會計師業及資本市場均造成嚴重之衝擊，有些投資人甚至質疑財務報表審計存在的必要性及其價值。財務報表審計有無價值主宰會計師業是否有存在之必要，其影響不容小覷。本研究乃依據Wallace(1980，1987)提出之代理、資訊及保險等三假說，藉會計師審計失敗之事件，觀察其他簽證客戶股價之反應，以衡量財務報表審計是否有價值。 本研究以企業及審計均失敗的公司為實驗組，企業及審計均未失敗的公司作為控制組，期衡量財務報表審計是否有價值。依據研究個案篩選標準，本研究針對87至92年間，各選取五家公司作為實驗及控制組之研究個案。 實證結果顯示，在五個研究個案中，中友的簽證會計師事務其他簽證客戶之股價在事件期間，有顯著為負的異常報酬，亦即，中友之簽證會計師提供之財務報表審計確有價值；然國揚、和旺、桂宏及茂矽等四家公司的簽證會計師事務所審計失敗時，因市場出現其他影響股價變動之事件，故無法衡量此四家公司之審計是否有價值。 若僅自中友之案例，類推所有事務所之財務報表審計均有價值，恐不足以採信，故本研究推論，會計師事務所提供的財務報表審計服務可能有價值，惟其是否確有價值，則無法自實證結果提出佐證。 / PROCOMP INFORMATICS LTD affects accountant industry and the capital market seriously. Some investors even question both the necessity of existence and the value of financial statement audit. Whether financial statement audit has value decides the necessity of accountant industry’s existence and its influence is significant . This research is based on agency, information and insurance hypothesis proposed by Wallace (1980, 1987). In this paper, we choose the event of audit failure and observe the stock price of CPA firm other audit clients to measure the value of financial statement audit. This research designs both the experimental group and the control group to measure the value of financial statement audit. We choose companies which occurred business failure and audit failure as the experimental group. In stead, we choose companies which didn’t occur business failure and audit failure as the control group. Based on the research screening standard, we are aimed at five companies respectively taken for the experimental and the control group. Results show that the stock price of other audit clients of Chungyo’s CPA firm will have significant negative abcdrmal return when CPA firm occurs audit failure. Namely, financial statement audit provided by Chungyo’s CPA firm has value. However, when the other company’s CPA firm occur audit failure, some other event that affect stock price to vibrate happen simultaneously, we can’t measure the value of financial statement audit provided by the four company’s CPA firms. On the whole, if we use the finding to analogize that financial statement audit provided by all CPA firms has value , it maybe not to be persuasive. Consequently, this research infers that the financial statement audit services provided by CPA firms may has value. Whereas, we can’t conclude that financial statement audit has value truly.

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Η παρούσα διπλωματική εργασία ερευνά την σχέση μεταξύ των συναλλαγών των μετοχικών αμοιβαίων κεφαλαίων και των χρηματιστηριακών αποδόσεων για την περίπτωση του Ελληνικού Χρηματιστηρίου για την χρονική περίοδο 1994-2002. Με την χρησιμοποίηση ποικίλων οικονομετρικών μεθόδων γίνεται έλεγχος για την ύπαρξη σχέσης συνολοκλήρωσης καθώς και κάποιας βραχυχρόνιας σχέσης μεταξύ αυτών των δύο παραγόντων, ενώ γίνεται προσπάθεια εντοπισμού κάποιας σχέσης αιτιότητας μεταξύ αυτών με βάση τον έλεγχο αιτιότητας του Granger. / This diplomatic thesis investigates the relationship between the trading of mutual funds and stock returns in the case of the Greek Stock Exchange Market, for the period 1994 - 2002. A variety of econometric methods was used to check the existence of a cointegration relationship and a kind of a short-run relationship between these two factors. Finally an attempt was made to identify causal relationships between them using the Granger causality test.

This essay examines the impact of game releases on the Swedish stock market. As previous research has examined product launches and news releases, this thesis intends to investigate game releases by game developer companies such as developers of computer, console or mobile games. Previous research has been based on a business perspective and business valuation, the authors of this thesis intend to examine the individual investor's perspective. The theoretical framework consists of information asymmetry, the signaling model, the effective market hypothesis, random walk hypothesis and market reaction to new products. The study has chosen a deductive quantitative research approach with the event study method. The sample consists of 14 game developer companies in computer, console and mobile games during theperiod 2017–2021 that are listed on the Swedish market, which were observed during a period of 180 days before the event day and 40 days after. The results showed that there is a statistically significant relationship before, after and during the event day for game releases.The period during and after the event day can also be generalized where 9/14 respective 10/14 game developer companies showed statistically significant within the accumulated abnormal return. / Denna uppsats undersöker påverkan av spelsläpp på den svenska aktiemarknaden. Då tidigare forskning har undersökt produktlanseringar och nyhetssläpp ämnar denna uppsats att undersöka spelsläpp av spelutvecklarebolag som utvecklar PC-, konsol eller mobilspel. Tidigare forskning har utgått från ett företagsperspektiv och företagsvärdering, författarna för denna uppsats ämnar undersöka den individuella investerarens perspektiv. Det teoretiska ramverket består av informationsasymmetri, signaleringsmodellen, den effektiva marknadshypotesen, random walk hypothesis och marknadsreaktion till nya produkter. Studien har en deduktiv kvantitativa forskningsansats med eventstudie metoden. Urvalet består av 14 spelutvecklarebolag inom dator-, konsol- och mobilspel under tidsperioden 2017–2021 som är börsnoterade på den svenska marknaden. Dessa bolag observerades under en tidsperiod 180 dagar innan eventdagen och 40 dagar efter. Resultatet visade på att det finns ett statistiskt signifikant samband innan, efter och under eventdagen för spelsläpp. Perioden under och efter eventdagen kan även generaliseras där 9/14 respektive 10/14 spelutvecklarbolag visade på statistisk signifikant inom den ackumulerade abnormala avkastning.

Developmental dyslexia is a specific reading and spelling disability with several explanatory proposals. Previous research has shown that there is a strong relation between developmental dyslexia and difficulties in phonological processing, which has resulted in the theory that the cause of developmental dyslexia is a specific weakness in phonological awareness. However, such a specific weakness does not explain the non-linguistic difficulties that are also common in developmental dyslexia. According to the Procedural Deficit Hypothesis (PDH), several (both linguistic and non-linguistic) difficulties that are observed in developmental dyslexia can be explained by abnormal development of the procedural memory system. Moreover, this hypothesis implies that the declarative memory system remains intact and may have a compensatory role for the reading disabilities in developmental dyslexia. In this study, the aspect of declarative memory that is visual recognition memory after incidental encoding was examined. 10 children with diagnosed developmental dyslexia and 10 typically developed children participated in the study. The results indicated an intact declarative memory in children with developmental dyslexia. However, no significant correlation between declarative memory and reading ability was found. Thus, the prediction that declarative memory can serve a compensatory role in developmental dyslexia was not supported. / Dyslexi är en specifik läs- och skrivsvårighet med flera förklaringsmodeller. Tidigare forskning har visat på ett starkt samband mellan dyslexi och svårigheter med fonologiskt processande, vilket har lett fram till hypotesen att orsaken till dyslexi är en specifik svaghet i fonologisk medvetenhet. En sådan specifik nedsättning kan dock inte förklara de icke-språkliga svårigheter som också är vanligt förekommande vid dyslexi. Enligt the procedural deficit hypothesis (PDH) kan många (både språkliga och icke-språkliga) svårigheter vid dyslexi förklaras av en nedsättning i det procedurella minnet. Vidare innebär hypotesen att det deklarativa minnet är intakt och kan fungera som kompensation för svårigheterna vid dyslexi. I denna studie undersöktes det deklarativa minnet i form av visuellt igenkänningsminne efter oavsiktlig inkodning. I studien deltog 10 barn med dyslexi och 10 barn utan dyslexi. Resultatet indikerade att det deklarativa minnet var intakt hos barnen med dyslexi. Däremot kunde inget signifikant samband mellan deklarativt minne och läsförmåga ses. Antagandet att deklarativt minne kan fungera som kompensation vid dyslexi kunde därför inte stödjas.

本論文探討公司負債到期結構的實證決定因素。本研究首先選取台灣一般製造業104家樣本，使用複迴歸進行分析，結果顯示此104家樣本公司市價對帳面價值比與實質稅率的係數估計值為負，證明高成長和高預期代理成本的公司，擁有長於三年到期結構負債的比率顯著的較低，驗證資訊不對稱程度較高的企業較不偏好長期負債的假說，並與理論的預測相同。對於負債到期結構之其他三項決定因素，即資產年限、變異性、與超額盈餘而言，結果和假說理論及國外實證研究結果不合，無法驗證資產與負債年限相配之假說，同時以負債到期結構與超額盈餘傳遞訊息假說之理論亦無法成立。由於此六項決定因素皆不具統計顯著性，故而再選取電子業31家樣本進行實證研究。此上市公司電子業31家的實證結果支持代理成本與負債到期結構之間具有負相關的假說，以及企業會配合公司資產年限和負債到期結構的相配假說；然而，實證結果無法驗證此31家電子產業的負債到期結構與企業規模呈現正相關，也無法驗證負債到期結構和公司價值的變異性、超額報酬具有負相關的假說。此外，研究結果並不支持稅負會影響負債到期結構的說法，以及企業會利用負債到期結構發佈訊息的假設。 / This paper investigates the empirical determinants of corporate debt maturity structure by exploring the possible relations between the firm’s debt maturity structure and six firm-specific characteristics of agency-related costs, size, signaling, asset maturity, taxes and variability. This is done by testing the theoretical model of debt maturity structure first using a cross-sectional data set of 104 non-financial Taiwan firms, and then using a data set of 31 Taiwan electronic firms. The results of the test on the 104 non-financial Taiwan firms shows that agency-costs, asset-maturity and taxes exert negative impacts on debt maturity, while size, variability and abcdrmal profit have positive impacts on debt maturity. However, none of these determinants are significant on the debt maturity structure decisions. As for the 31 Taiwan electronic firms, the evidence lends considerable support to the prediction that the impact of agency-costs on debt maturity is negative. The findings also provide support for the notion that these firms match the maturity of their debt to that of their assets. Though firm size is positively associated with debt maturity, it is not a significant determinant. The empirical analysis provides no evidence that taxes and volatility of firm value affect debt maturity structure. Finally, the empirical results are not supportive of the signaling hypothesis that Taiwan electronic firms use their debt maturity structure to signal information to the market.

Thesis advisor: Harold Petersen / According to the Efficient Market Hypothesis (EMH), speculative bubbles do not exist and are impossible. We disagree. If prices are the only observable component of an asset’s value, and they themselves are an aggregated consensus of perceived value, then what about the Efficient Market Hypothesis (EMH) is testable? Rather than assume that prices always reflect value (i.e. perfect market efficiency), we maintain that markets are efficient to the extent that one can be confident that tomorrow’s prices will not diverge dramatically or arbitrarily from today’s prices, absent significant new information. Speculative bubbles are not materializing every day, every month, or even every year. But they do have the potential and indeed a tendency to occur from time to time. If markets are efficient, what explains all the trading? Rather than assume rational expectations and a homogenous investor class, we assume four investor classes that diverge in their perception of value (i.e. in their expectation of future returns) and thus trade with each other. Using insights from Hyman Minsky’s Financial Instability Hypothesis (FIH), we develop a theoretical framework for how a speculative bubble might materialize within a modern capitalist economy with securities markets’ that follow a random walk. Obviously, there is no “bubble” variable. We use Tobin’s Q, the ratio of the price of an asset to its replacement cost, and Shiller’s cyclically adjusted P/E ratio as proxy variables for bubbles. We find statistically significant, negative relationships between both of these proxy variables and our dependent variable, Ten Year Cumulative Returns, thereby providing evidence against the EMH and suggesting the possibility of speculative bubbles. / Thesis (BA) — Boston College, 2014. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Economics Honors Program. / Discipline: Economics.

This thesis consists of two studies together with a preliminary study, focusing on the issue of ingroup representation of the &uuml / lk&uuml / c&uuml / group. The first study, addressing the problems of stereotype content, stereotype accuracy, and stereotype consensus, was based on in-depth interviewing with twenty members of the &uuml / lk&uuml / c&uuml / group. It was hypothesized that the group members, when their social identities were salient, would locate the ingroup within a chronic way of looking at the world, namely the perceived context. The accuracy of stereotypes and the stereotype consensus commonly observed among group members depended upon the efficiency of this perceived context as an explanation. Moreover, the favorability of stereotype content also derived heavily from this perceived context. The second study, based on two hundreds &uuml / lk&uuml / c&uuml / group members, examined the effects of target group (ingroup, close outgroup, distant outgroup), type of attributes (favorable, unfavorable), comparative context (intragroup, intergroup with close outgroup, intergroup with distant outgroup, multigroup), and level of identification with the ingroup (high-identifiers, low-identifiers) on the perceptions of homogeneity. A number of hypotheses were tested and the following results were found: First, group members perceived the ingroup as more positively homogeneous than both the close and the distant outgroup. Moreover, the close outgroup was perceived as more positively homogeneous than the distant outgroup. In fact, the distant outgroup was perceived as negatively homogeneous. Second, group members perceived both the ingroup and the close outgroup as more positively homogeneous in terms of unfavorable attributes than in terms of favorable ones. On the contrary, they tended to perceive the distant outgroup as more negatively homogeneous in terms of favorable attributes than in terms of unfavorable ones. Third, the above perceptions were less accentuated in the intragroup context, while they were more accentuated in the multigroup context. Fourth, the above perceptions were more accentuated for the high-identifiers than for the low-identifiers. Apart from these main effects, a number of complicated interactions were also discovered and these results were discussed with reference to the relevant literature.

The dissertation investigates asymptotic theory of decentralized sequential hypothesis testing problems as well as asymptotic behaviors of the Sequential Minimum Energy Design (SMED). The main results are summarized as follows. 1.We develop the first-order asymptotic optimality theory for decentralized sequential multi-hypothesis testing under a Bayes framework. Asymptotically optimal tests are obtained from the class of "two-stage" procedures and the optimal local quantizers are shown to be the "maximin" quantizers that are characterized as a randomization of at most M-1 Unambiguous Likelihood Quantizers (ULQ) when testing M >= 2 hypotheses. 2. We generalize the classical Kullback-Leibler inequality to investigate the quantization effects on the second-order and other general-order moments of log-likelihood ratios. It is shown that a quantization may increase these quantities, but such an increase is bounded by a universal constant that depends on the order of the moment. This result provides a simpler sufficient condition for asymptotic theory of decentralized sequential detection. 3. We propose a class of multi-stage tests for decentralized sequential multi-hypothesis testing problems, and show that with suitably chosen thresholds at different stages, it can hold the second-order asymptotic optimality properties when the hypotheses testing problem is "asymmetric." 4. We characterize the asymptotic behaviors of SMED algorithm, particularly the denseness and distributions of the design points. In addition, we propose a simplified version of SMED that is computationally more efficient.

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