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Insider trading on the JSE can be linked, directly or indirectly, to the reputation of the South African financial market. The regulation thereof is essential and a non-negotiable requirement for the successful attraction and retention of investment flows. Inadequacies associated with the regulatory framework regulating insider trading, the onus of proof in a criminal trial and the lack of civil remedies associated with insider trading as a form of market abuse, motivates a critical analysis into the regulatory framework on insider trading in South Africa. The aim of this study is therefore to identify international best practice principles to fill the gap in South Africa’s regulatory framework. This gap relates to the practical application and execution of legislative and other instruments in order to combat insider trading as a form of market abuse. A further aim focuses on the simultaneous development of the legislation relating to financial markets in conjunction with developments in the economy. A final aim is to determine whether and how South Africa can improve its current legislative dispensation on insider trading. In order to arrive at the aim of the study the historical development on the regulation of insider trading is discussed. A critical analysis of the relevant insider trading sections in the Securities Services Act 36 of 2004 is compared with the corresponding sections of the Financial Markets Act 19 of 2012. A discussion on the roles, duties and authority of the Financial Services Board, the Directorate of Market Abuse and the Enforcement Committee will assist in analysing these organisations' contribution in regulating insider trading in South Africa. A look into the application of other regulatory instruments including the JSE’s Code of Conduct is required. In order to determine whether and how South Africa can improve its current legislative dispensation on insider trading, a comparative study is conducted with Hong Kong. It is submitted that the South African regulatory framework on insider trading has to be revised in order to align with international best practice principles and to promote transparency of the JSE, promote investor confidence and ensure justice for all. / LLM (Import and Export Law), North-West University, Potchefstroom Campus, 2015

Insider trading on the JSE can be linked, directly or indirectly, to the reputation of the South African financial market. The regulation thereof is essential and a non-negotiable requirement for the successful attraction and retention of investment flows. Inadequacies associated with the regulatory framework regulating insider trading, the onus of proof in a criminal trial and the lack of civil remedies associated with insider trading as a form of market abuse, motivates a critical analysis into the regulatory framework on insider trading in South Africa. The aim of this study is therefore to identify international best practice principles to fill the gap in South Africa’s regulatory framework. This gap relates to the practical application and execution of legislative and other instruments in order to combat insider trading as a form of market abuse. A further aim focuses on the simultaneous development of the legislation relating to financial markets in conjunction with developments in the economy. A final aim is to determine whether and how South Africa can improve its current legislative dispensation on insider trading. In order to arrive at the aim of the study the historical development on the regulation of insider trading is discussed. A critical analysis of the relevant insider trading sections in the Securities Services Act 36 of 2004 is compared with the corresponding sections of the Financial Markets Act 19 of 2012. A discussion on the roles, duties and authority of the Financial Services Board, the Directorate of Market Abuse and the Enforcement Committee will assist in analysing these organisations' contribution in regulating insider trading in South Africa. A look into the application of other regulatory instruments including the JSE’s Code of Conduct is required. In order to determine whether and how South Africa can improve its current legislative dispensation on insider trading, a comparative study is conducted with Hong Kong. It is submitted that the South African regulatory framework on insider trading has to be revised in order to align with international best practice principles and to promote transparency of the JSE, promote investor confidence and ensure justice for all. / LLM (Import and Export Law), North-West University, Potchefstroom Campus, 2015

The present investigation develops the notion of sociality based on Emmanuel Levinas’s thought, and proposes an understanding of sociality that resists becoming a common foundation: an un-common sociality which interrupts the reciprocal shared common, and thereby, paradoxically, makes it possible. By engaging in the larger debate on community, this work gives voice to Levinas on the question of community without a common ground, a topic and a debate where he has previously been underestimated. In this way, the aim is to reveal new directions opened up by Levinas’s philosophy in order to think an un-common sociality.

The presence of insider trading in a financial market is detrimental to its functioning. Traders with public information are always at a disadvantage when negotiating with agents in possession of inside information. Thus insider trading should increase risk and should lower participation in financial markets. In this study we investigate a channel through which inside information may be transferred to market participants: social connections based on common education. We hand-collect a novel data set of the educational background of members of the board of directors of Brazilian firms and portfolio managers of stock funds. Board members hold inside information on their firms that is valuable to fund managers. We propose that these agents may engage in active social interactions if they 1) attended the same educational institution, 2) within an overlapping time window, and 3) obtained the same degree. We study if such connections influence fund managers\' portfolio decisions. We find that fund managers tend to place larger bets in companies with which they possess this sort of educational connection. We also find that these connections are economically valuable: managers tend to conduct large purchases of connected stocks prior to large increases in their return, and also tend to sell them prior to downfalls. Finally, we study if market participants view increases in a company\'s connectivity as an increase in its risk. We find that increases in connectivity are followed by increases in expected returns. We also determine that the return of holding a portfolio long in highly connected stocks and short on stocks with few connections cannot be explained by the traditional risk factors. These two results indicate that the market does indeed see connectivity as a form of risk. This is, to our knowledge, the first study of its kind for Brazil. / A presença de insider trading em um mercado financeiro é prejudicial ao seu funcionamento. Investidores com informação pública sempre estão em desvantagem quando negociam com agentes que detêm informação privilegiada. Portanto, insider trading aumenta o risco e diminui a participação em mercados financeiros. Neste estudo nós investigamos um possível canal através do qual a informação interna à firma é potencialmente transferida para participantes do mercado: conexões sociais baseadas em uma educação comum. Nós coletamos manualmente uma base de dados inédita sobre a experiência educacional de dois grupos de agentes: membros do conselho de diretores de empresas brasileiras e gestores de carteiras de fundos de ações. Os membros do conselho possuem informação privilegiada sobre suas firmas que seria valiosa para os gestores de fundos. Nós propomos que esses agentes podem engajar em contato social ativo se eles 1) frequentaram a mesma instituição de ensino, 2) em janelas de tempo sobrepostas e 3) obtiveram o mesmo diploma. A partir daí, estudamos se tais conexões influenciam as decisões de investimento dos gestores de carteiras. Nós descobrimos que gerentes de fundos tendem a alocar posições maiores em companhias com as quais eles possuem esta conexão educacional. Nós também descobrimos que tais conexões são valiosas: gerentes tendem a realizar grandes compras de ações conectadas em antecipação a aumentos em seu retorno e tendem a vender essas ações antes de quedas. Finalmente, nós estudamos se participantes do mercado veem aumentos na conectividade de uma empresa como aumentos no risco da empresa. Nós descobrimos que aumentos na conectividade são seguidos de aumentos no retorno esperado. Nós também encontramos que o retorno de um portfólio comprado em ações de alta conectividade e vendido em ações de baixa conectividade não pode ser explicado pelos fatores de risco tradicionais. Esses dois resultados indicam que o mercado vê a conectividade como uma forma de risco. Este é, ao nosso conhecimento, o primeiro trabalho de seu tipo para o Brasil.

In recent years the U. S. and Canada have seen a steady increase in energy consumption. The U. S. in particular uses 25% more energy than it did 20 years ago. With declining natural resources and an increase in fuel costs, it has become important to find methods of reducing energy consumption, in which energy conservation in space heating and cooling has become a widely researched area. One method that has been identified to reduce the energy required for space heating is the use of radiant panels. Radiant panels are beneficial because the temperature set points in a room can be lowered without sacrificing occupant comfort. They have therefore become very popular in the market. Further research, however, is required to optimize the performance of these panels so energy savings can be realized. <br /><br /> An analytical model has been developed to predict the panel temperature and heat output for perimeter radiant panel systems with a known inlet temperature and flow rate, based on a flat plate solar collector (RSC) model. As radiative and convective heat transfer coefficients were required to run the model, an analytical analysis of the radiative heat transfer was performed, and a numerical model was developed to predict the convective heat transfer coefficient. Using the conventional radiative heat exchange method assuming a three-surface enclosure, the radiative heat transfer could be determined. Numerically, a correlation was developed to predict the natural convective heat transfer. <br /><br /> To validate the analytical model, an experimental analysis was performed on radiant panels. A 4m by 4m by 3m test chamber was constructed in which the surrounding walls and floor were maintained at a constant temperature and the heat output from an installed radiant panel was measured. Two radiant panels were tested; a 0. 61m wide panel with 4 passes and a 0. 61m wide panel with 8 passes. The panels were tested at 5 different inlet water temperatures ranging from 50°C to 100°C. <br /><br /> The RSC model panel temperature and heat output predictions were in good agreement with the experimental results. The RSC model followed the same trends as that in the experimental results, and the panel temperature and panel heat output were within experimental uncertainty, concluding that the RSC model is a viable, simple algorithm which could be used to predict panel performance.

In recent years the U. S. and Canada have seen a steady increase in energy consumption. The U. S. in particular uses 25% more energy than it did 20 years ago. With declining natural resources and an increase in fuel costs, it has become important to find methods of reducing energy consumption, in which energy conservation in space heating and cooling has become a widely researched area. One method that has been identified to reduce the energy required for space heating is the use of radiant panels. Radiant panels are beneficial because the temperature set points in a room can be lowered without sacrificing occupant comfort. They have therefore become very popular in the market. Further research, however, is required to optimize the performance of these panels so energy savings can be realized. <br /><br /> An analytical model has been developed to predict the panel temperature and heat output for perimeter radiant panel systems with a known inlet temperature and flow rate, based on a flat plate solar collector (RSC) model. As radiative and convective heat transfer coefficients were required to run the model, an analytical analysis of the radiative heat transfer was performed, and a numerical model was developed to predict the convective heat transfer coefficient. Using the conventional radiative heat exchange method assuming a three-surface enclosure, the radiative heat transfer could be determined. Numerically, a correlation was developed to predict the natural convective heat transfer. <br /><br /> To validate the analytical model, an experimental analysis was performed on radiant panels. A 4m by 4m by 3m test chamber was constructed in which the surrounding walls and floor were maintained at a constant temperature and the heat output from an installed radiant panel was measured. Two radiant panels were tested; a 0. 61m wide panel with 4 passes and a 0. 61m wide panel with 8 passes. The panels were tested at 5 different inlet water temperatures ranging from 50°C to 100°C. <br /><br /> The RSC model panel temperature and heat output predictions were in good agreement with the experimental results. The RSC model followed the same trends as that in the experimental results, and the panel temperature and panel heat output were within experimental uncertainty, concluding that the RSC model is a viable, simple algorithm which could be used to predict panel performance.

This study examines the changes in the inside ownership structure of companies after undergoes initial public offering in Taiwan. After initial public offering, the company¡¦s shares are in public possession while inside shareholders only possess part of its shares. To maximize their own interests, inside shareholders¡¦ ownership policies may vary due to different factors. Literature review shows that after IPOs the inside shareholders¡¦ share tends to be dropping but previous research focuses mostly on the changes in operating performance and ownership structure after IPOs. DeMarzo and Urosevic (2006) believe that the changes in inside ownership structure are due mainly to the trade-off between monitoring incentives and diversification. My study aims at companies which undergoes IPOs in Taiwan Stock Exchange Corporation or at GreTai Securities Market between Jan. 1st 1998 and Dec. 31st 2000. The article investigates how such factors as, corporate value, corporate risks, inside/outside shareholders¡¦ risk tolerance and the ownership structure of companies which undergoes IPOs, have effects on inside shareholders¡¦ share-holding adjustment speed, long-term share holding equivalence level as well as the long-term share holding differences between inside/outside stockholders and little investors. My findings substantiate my assumption that risk factors and monitoring incentives do have effects on the shareholders¡¦ ownership policies and that factors mentioned above do have different effects on the inside ownership structure of IPO companies. The more inside stockholders avert risks, the higher the share-holding adjustment speed becomes. In contrast, the more share inside shareholders possess during IPO, the lower the speed. Inside shareholders¡¦ optimal ownership policies are positively relevant to the corporate value and negatively relevant to corporate risks. They are also positively relevant to the risk aversion of investors. The degree of risk aversion on the part of both investors and inside shareholders also influences ownership structures of various shareholders.

Vidaus marketingas tampa vis svarbesniu tiek moksliniuose tyrinėjimuose, tiek ir praktinėje paslaugų organizacijų veikloje. Darbo tikslas – remiantis vidaus marketingo teorinėmis prielaidomis įvertinti vidaus marketingo formavimo elementų raišką Vš. Į. Kauno Šilainių poliklinikoje. Darbo uždaviniai: 1. Atskleisti vidaus marketingo formavimo teorinius aspektus, apibūdinant vidaus marketingo sampratą, tikslus, dalyvius bei identifikuojant jo elementus. 2. Parengti vidaus marketingo formavimo elementų vertinimo modelį ir tyrimo metodiką. 3. Ištirti vidaus marketingo elementus ir jų tarpusavio ryšį Vš. Į. Kauno Šilainių poliklinikoje. Tyrimo metodai. Mokslinės literatūros analizė, lyginamoji analizė, antrinių duomenų analizė, anketinė apklausa, statistinė duomenų analizė. Tyrimo rezultatai. Vš. Į. Kauno Šilainių poliklinikoje sukurtos ir slaugos personalo palankiai vertinamos darbo aplinkos sąlygos, pažymėtina, kad tarp atskirų aplinkos sąlygų vertinimo egzistuoja priklausomybė. Didžiausio vadovo dėmesio, darbo ir asmeniniais klausimais, susilaukia respondentai įstaigoje išdirbę 15-20 metų. Mažiausias dėmesys skiriamas darbuotojams dirbantiems pirmus metus. Iš to seka, kad vidaus marketingo vystymas turėtų būti labiau orientuotas į šią slaugos darbuotojų grupę. 54 % Šilainių poliklinikos slaugos personalo mano, kad atlyginimas yra mažesnis nei kitų, tos pačios profesijos dirbančiųjų kitose įstaigose. Įgaliojimų suteikimo lygis sprendimų priėmimui svarbus vidaus marketingo... [toliau žr. visą tekstą] / Inside marketing is becoming more and more important in both: scientific researchers and practical service organization. Aim of the study: Evaluate the element forming expression in the inside marketing considering the inside marketing theoretical assumptions in VŠĮ Kaunas Šilainiai Poliklinika. Objectives: 1. Reveal the inside marketing development theoretical aspects identifying elements and describing the conception of the inside marketing, destinations and members. 2. Prepare a model of the inside marketing element evaluation and the technique of investigation 3. Explore the inside marketing elements and their interconnection in VŠĮ Kaunas Šilainiai Poliklinika. Methods of research: Analysis of scientific literature, comparative analysis, analysis of secondary data, questionnaire, analysis of statistical data. Shortly presenting the conclusions we can maintain that in the conception of the inside marketing a flexible understanding of inside marketing exists. This conception includes thinking based on marketing and activity directed to the staff action and changes in behavior in order to reassure and improve the quality of services to the clients. An inside marketing element evaluation model has been created to connect an entire complex of related indexes which would reveal the structure and content of the inside marketing as a research object. In addition, it would also reflect the particular features typical of care service and health care instructions. The results of... [to full text]

This thesis studies the role of the banking system in several aspects of the macroeconomy, including the likelihood of financial crises, volatility of asset prices and the transmission of monetary policy. In chapter 2, I analyze the accumulation of international reserves by central banks as insurance against financial crises. In the model, private banks borrow from foreign creditors to invest in domestic projects. By lending to banks in response to liquidity shocks, the central bank can reduce the liquidation of bank assets and lower the probability of bank runs. I show that the central bank will hold more reserves when private banks hold lower reserves. I also find that if the central bank can borrow additional loans from external sources, then domestic banks will hold fewer reserves by themselves. If the borrowing cost of external loan is very high, then the central bank may actually want to accumulate more reserves in order to avoid borrowing from external sources at high costs. In chapter 3, I show that the ability of banks to supply liquidity through money creation is important for financial stability. By supplying liquidity, banks can smooth the sale of assets and stabilize asset prices. I find that without elastic money, the attempt of non-bank mutual funds to raise cash by selling assets will only add more volatility into the market. Elastic money provided by banks can help mutual funds better smooth the consumption of their shareholders. In chapter 4, we consider the role of elastic money in an different environment where liquidity shocks affect agents asymmetrically. We show how money growth and interest rate policy can be used to adjust the consumption level of households. We find that the optimal policy is affected by the sensitivity of the supply price to the interest rate. When the supply price is more sensitive to the interest rate, it would be better to adopt a higher inflation rate, and to make the zero-bound of nominal interest rate less likely to be binding. / Thesis (Ph.D, Economics) -- Queen's University, 2007-07-06 11:55:49.942