<p>In many forensic cases, such as mass disasters reconstruction cases, the recovered DNA is highly degraded. In such incidences, typing of STR loci has become one of the most powerful tools for retrieving information from the degraded DNA. However, as DNA degradation proceeds, three phenomena occur consecutively: loci imbalance, allele dropout and no amplification. To solve the problem of degraded DNA, redesigned primer sets have been developed in which the primers were positioned as close as possible to the STR repeat region. These reduced primer sets were called Miniplexes. Unfortunately, a few of the CODIS STR loci cannot be made into smaller amplicons. For this reason non-CODIS miniSTRs have been developed. The present study was undertaken for the population genetic analysis of microsatellite variation in four South African populations / Afrikaner, Xhosa, Mixed Ancestry and Asian Indian using eight non-CODIS miniSTR loci. These miniSTRs loci were characterized within the populations by estimating the levels of diversity of the markers, estimating the population genetic parameters, and studying the inter-population relationships. All of the miniSTRs were amplified successfully and the genetic variability parameters across all loci in Afrikaner, Mixed Ancestry, Asian Indian and Xhosa were estimated to be in the range of 3 (D4S2364) to 12 (D9S2157) alleles, the total number of alleles over all loci ranged from 100 to 204, the allelic richness ranged from 3.612 to 10.307 and the heterozygosity ranged from 0.4360 to 0.8073. Genetic distance was least between Afrikaner and Asian Indian and highest between Xhosa and Mixed Ancestry. Deviations from Hardy-Weinberg equilibrium were not observed for most of the loci. The low mean FIS (-0.027) and FIT (-0.010) and FST (0.017) values across the populations indicated low level of inbreeding within (FIS) and among (FST) the populations. The Asian Indian population showed higher levels of the inbreeding coefficient, indicating less gene exchange between it and other populations. These 8 markers can be used for genetic investigations and assessing population structure. The study contributed to the knowledge and genetic characterization of four South African populations. In addition, these MiniSTRs prove to be useful in cases where more genetic information is needed.</p>

Die studie ondersoek die inligtingswaarde van dividende as 'n moontlike verldaring van die waargenome aandeleprysreaksie op dividendaankondigings. Twee algemene hipoteses is getoets, naamlik dat 'n betekenisvolle verandering in 'n maatskappy se dividendbeleid inligting oor daardie maatskappy se toekomstige verdienste per aandeel bevat, en tweedens dat hierdie inligting in die reaksie van aandelepryse na die aankondiging van die verandering gereflekteer word. Die belangrikste bevindinge is soos volg: • Die inligting vervat in huidige dividendaankondigings kan nie deur beleggers gebruik word om die volgende jaar se verdienste per aandeel van 'n maatskappy te voorspel nie. Die aandeleprysreaksie op positiewe, negatiewe en neutrale nuus is statisties beduidend, maar vind hoofsaaklik in dieselfde rigting plaas. Beleggers sou dus nie die inligting vervat in dividendaankondigings kan gebruik om bogemiddelde opbrengskoerse te genereer nie. • Die inligtingswaarde van dividende is dus 'n onwaarskynlike verldaring van die invloed van 'n maatskappy se dividendbeleid op die waarde van sy gewone aandele. / This research investigates the information content of dividends as a possible explanation for the observed share price reaction to dividend announcements. Two hypotheses were tested, namely that a significant change in a company's dividend policy contains information on that company's future earnings per share, and secondly, that this information is reflected in the share price reaction after the announcement of the change. The most important findings are as follows: • Investors cannot use the information contained in current dividend announcements to predict a company's earnings per share for the next year. • Share price reactions to positive, negative and neutral news are statistically significant, but will be in the same direction. Hence investors cannot use this information to generate above-normal returns. The information content of dividends is therefore an unlikely explanation of the influence a company's dividend policy has on the value of its ordinary shares. / Business Management / MCom (Sakebestuur)

Bakgrund: Under år 2001 bröt den så kallade Enron-skandalen som innebar bokföringsaktiviteter och insiderhandel. Den interna kontrollen samt övervakning av denna funktion blev efter skandalen mer uppmärksammad. Det anses viktigt att ha någon sort granskningsfunktion för att nå ett välfungerande arbete med den interna kontrollen, vilket är internrevisionsfunktion (Internal Audit Function, IAF). Syftet med IAF har under åren förändrats. Tidigare syftade funktionen till att granska redovisningsinformation, medan det idag mer handlar om granskning kring riskhanterings-, kontroll- och styrningsprocesser. Andra händelser som Sarbanes-Oxley Act (SOX) och finanskrisen som skedde under år 2002 samt under åren 2007-2008, medförde en ökad förståelse kring vikten av verksamhetsstyrning, riskhantering och bolagsstyrning. Syfte: Studien syftar till att förklara vilka faktorer som påverkar ett bolags val om att följa koden gällande IAF, samt dess informationsinnehåll i förklaringen till sitt val. Metod: Uppsatsen grundar sig på en kvantitativ tvärsnittsstudie med en deduktiv forskningsansats. Det är en dokumentstudie som har genomförts där det empiriska materialet inhämtats främst från årsrapporter, men även hemsidor som Holdings och Nasdaq. Urvalet utgår från large-cap listorna från åren 2016 till 2017. Slutsats: Utifrån studiens 34 hypoteser har det hittats totalt nio stycken signifikanta samband mellan de beroende och oberoende variablerna. Det har framkommit ett större antal samband till den beroende variabeln följer, jämfört med den andra beroende variabeln informationsinnehåll. Med variabeln följer har studien hittat sju stycken samband och två stycken samband med variabeln informationsinnehåll. / Context: In 2001, a scandal involving accounting and insider trading, called Enron scandal, occured. The internal control and monitoring of this function became more noticeable after the scandal. Now, it is considered important to have some sort of audit function in order to achieve a well-functioning internal control. This function is called Internal Audit Function, IAF. Over the years, the purpose of IAF has changed. Previously, the function of reviewing accounting information was targeted, while today it is more about reviewing risk management, control and control processes. Other occurrences such as the Sarbanes-Oxley Act (SOX) and the financial crisis that occurred in 2002, as well as in 2007-2008, led to an increased understanding of the importance of business management, risk management and corporate governance. Purpose: The aim of the study is to explaining what factors affect a company's choice to follow the code of IAF, as well as its information content in the explanation of its choice. Method: The essay is based on a quantitative cross-sectional study with a deductive research approach. It is a documentary study that has been conducted where the empirical material was obtained mainly from annual reports, but also websites such as Holdings and Nasdaq. The selection is based on the large-cap lists from 2016 to 2017. Conclusion: Based on the 34 hypotheses of the study, a total of nine significant relationships between the dependent and independent variables have been found. There has been a greater number of connections to the dependent variable following, compared to the second dependent variable information content. With the variable following, the study found seven links and two related to the variable information content.

Magister Scientiae - MSc / In many forensic cases, such as mass disasters reconstruction cases, the recovered DNA is highly degraded. In such incidences, typing of STR loci has become one of the most powerful tools for retrieving information from the degraded DNA. However, as DNA degradation proceeds, three phenomena occur consecutively: loci imbalance, allele dropout and no amplification. To solve the problem of degraded DNA, redesigned primer sets have been developed in which the primers were positioned as close as possible to the STR repeat region. These reduced primer sets were called Miniplexes. Unfortunately, a few of the CODIS STR loci cannot be made into smaller amplicons. For this reason non-CODIS miniSTRs have been developed. The present study was undertaken for the population genetic analysis of microsatellite variation in four South African populations; Afrikaner, Xhosa, Mixed Ancestry and Asian Indian using eight non-CODIS miniSTR loci. These miniSTRs loci were characterized within the populations by estimating the levels of diversity of the markers, estimating the population genetic parameters, and studying the inter-population relationships. All of the miniSTRs were amplified successfully and the genetic variability parameters across all loci in Afrikaner, Mixed Ancestry, Asian Indian and Xhosa were estimated to be in the range of 3 (D4S2364) to 12 (D9S2157) alleles, the total number of alleles over all loci ranged from 100 to 204, the allelic richness ranged from 3.612 to 10.307 and the heterozygosity ranged from 0.4360 to 0.8073. Genetic distance was least between Afrikaner and Asian Indian and highest between Xhosa and Mixed Ancestry. Deviations from Hardy-Weinberg equilibrium were not observed for most of the loci. The low mean FIS (-0.027) and FIT (-0.010) and FST (0.017) values across the populations indicated low level of inbreeding within (FIS) and among (FST) the populations. The Asian Indian population showed higher levels of the inbreeding coefficient, indicating less gene exchange between it and other populations. These 8 markers can be used for genetic investigations and assessing population structure. The study contributed to the knowledge and genetic characterization of four South African populations. In addition, these MiniSTRs prove to be useful in cases where more genetic information is needed. / South Africa

波動度對於金融市場影響甚多，同時為金融資產定價的重要參數以及市場穩 定度的衡量指標，尤其在金融危機發生時，波動度指數的驟升反映資產價格震盪。 本篇論文嘗試捕捉S&P500 指數實現波動度與VIX變動率未來之動態，並將VIX、 VIX 選擇權與VVIX 納入預測模型中，探討其資訊內涵。透過研究S&P500 指數 實現波動度，能夠預測S&P500 指數未來之波動度與報酬，除了能夠觀察市場變 動，亦能使未來選擇權定價更為準確；而藉由模型預測VIX，能夠藉由VIX 選 擇權或VIX 期貨，提供避險或投資之依據。文章採用2006 年至2011 年之S&P500 指數、VIX、VIX 選擇權與VVIX 資料。 在 S&P500 指數之實現波動度預測當中，本篇論文的模型改良自先前文獻， 結合實現波動度、隱含波動度與S&P500 指數選擇權之風險中立偏態，所構成之 異質自我回歸模型(HAR-RV-IV-SK model)。論文額外加入VIX 變動率以及VIX指數選擇權之風險中立偏態作為模型因子，預測未來S&P500 指數實現波動度。 研究結果表示，加入VIX 變動率作為S&P500 指數實現波動度預測模型變數後， 可增加S&P500 指數實現波動度預測模型之準確性。 在 VIX 變動率預測模型之中，論文採用動態轉換模型，作為高低波動度之 下，區分預測模型的方法。以VIX 過去的變動率、VIX 選擇權之風險中立動差 以及VIX 之波動度指數(VVIX)作為變數，預測未來VIX 變動率。結果顯示動態 轉換模型能夠提升VIX 預測模型的解釋能力，並且在動態轉換模型下，VVIX 與 VIX 選擇權之風險中立動差，對於VIX 預測具有相當之資訊隱涵於其中。 / This paper tries to capture the future dynamic of S&P 500 index realized volatility and VIX. We add the VIX change rate and the risk neutral skewness of VIX options into the Heterogeneous Autoregressive model of Realized Volatility, Implied Volatility and Skewness (HAR-RV-IV-SK) model to forecast the S&P 500 realized volatility. Also, this paper uses the regime switching model and joins the VIX, risk neutral moments of VIX options and VVIX variables to raise the explanatory ability in the VIX forecasting. The result shows that the VIX change rate has additional information on the S&P 500 realized volatility. By using the regime switching model, the VVIX and the risk neutral moments of VIX options variables have information contents in VIX forecasting. These models can be used for hedging or investment purposes.

【第一篇論文中文摘要】 本文檢測公司負債合約中的利差是否可被最終的違約後償還率所解釋。透過1962年至2007年間在美國金融市場上發行但最後卻違約的負債合約資料來進行實證，發現違約後償還率的確有反映在發行時的利差上，且此關聯性會隨著美國開放商業銀行進行證券承銷業務後隨之更加顯著。我們並且進一步發現此償還率的資訊能更加有效反映原因與發行公司的資訊不對稱程度降低有關。此外，我們同時又發現此負債合約中的利差與違約後償還率的關聯性對於公司治理較差、以及非投資等級的發行公司會更為顯著。最後，我們的實證結果在考量內生問題、潛在可能遺漏解釋變數、以及其他模型設定後，仍同樣具有堅實性。 【第二篇論文中文摘要】 本文使用臺指選擇權的日內資料來探討選擇權提前交易期間是否具有資訊內涵與價格發現的功能。就作者所知，我們是第一篇透過選擇權資料探討提前交易期間資訊內涵的研究。首先，我們分別透過價、量、與高階動差三類資訊變數指標來衡量提前交易期間的資訊內涵。實證結果顯示：選擇權提前交易期間不只能有效反映隔夜資訊 (公開資訊)，且具有預測當日現貨指數開盤後5分鐘內股價指數移動的能力 (反應私有資訊)，說明提前交易期間的確具有資訊內涵與價格發現的功能。此外，我們進一步發現價平選擇權包含最強的資訊內涵，此應與投資人尋求交易流動性最高的價平選擇權來迅速實現其利潤以反映其資訊有關。最後，本研究亦發現前一日海外市場 (美國) 投資人情緒傳染效果的強度會影響提前交易期間選擇權的資訊內涵，而前一日是否交易 (週末效果與假日效果)則不會影響此資訊內涵。 / 【第一篇論文英文摘要】 We investigate whether the spread of corporate debt contacts can be explained by their ultimate recovery rates. Using the actual realized recovery rates of defaulted debt instruments issued in the U.S. from 1962 to 2007, we find that recovery rate is reflected in the spread at issuance, and that this relationship has become more significant since commercial banks were allowed to underwrite corporate securities. Our further investigation indicates that the enhanced informativeness of recovery rate can be attributed to the lowering of information asymmetry of individual firms. Besides, the relation between the spread at issuance and the recovery rate is stronger for weak corporate governance and non-investment grade issuers. Our conclusions are found to be robust to endogeneity issues, potentially omitted variables and alternative model specifications. 【第二篇論文英文摘要】 This study uses tick-by-tick data to examine the information content and price discovery of TAIEX option trading during the pre-opening period. To the best of our knowledge, this is the first study that focuses on the options market. We construct three groups of information variables to measure the information content of the pre-opening period, including the price, volume, and high moment information variables. We find that option trading during the pre-opening period not only can reflect the overnight information (public information) but also predict the 5-minute intraday returns after the opening of spot market (private information), showing the information content and price discovery of option trading during the pre-opening period. We also find that at-the-money options contain the strongest richness of information content, which may result from its highest liquidity. Finally, we also find that the empirical results would be stronger depending on the intensity of investor sentiment from overseas (U.S. market) of last day but not the length of hours without trading (weekend and holiday effect).