The problem for consideration in this thesis is a comparison of comprehension in pre-directed informational reading and in non-directed informational reading at the primary level, based upon a survey of professional literature in the field.

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I investigate the information content in the implied volatility spread, which is the spread in implied volatilities between a pair of call and put options with the same strike price and time-to-maturity. By constructing the implied volatility time series for each stock, I show that stocks with larger implied volatility spreads tend to have higher future returns during 2003-2013. I also find that even volatilities implied from untraded options contain such information about future stock performance. The trading strategy based on the information contained in the actively traded options does not necessarily outperform its counterpart derived from the untraded options. This is inconsistent with the previous research suggesting that the information contained in the implied volatility spread largely results from the price pressure induced by informed trading in option markets. Further analysis suggests that option illiquidity is associated with the implied volatility spread, and the magnitude of this spread contains information about the risk-neutral distribution of the underlying stock return. A larger spread is associated with smaller risk-neutral variance, more negative risk-neutral skewness, and seemingly larger risk-neutral kurtosis, and this association is primarily driven by the systematic components in risk-neutral higher moments. I design a calibration study which reveals that the non-normality of the underlying risk-neutral return distribution relative to the Brownian motion can give rise to the implied volatility spread through the channel of early exercise premium.

While community college transfer students who successfully matriculate into the four-year institution enjoy high persistence and graduation rates, inequities continue to be inherent throughout the process. In order to succeed during this transition, students must employ effective help-seeking strategies that provide them with access to timely and accurate information. This study seeks to be a formal examination of these informational networks. It describes the extensity, composition and positionality of these networks as transfer students exit the community college and enter a large research-extensive university. It also studies the effect that participation in a transfer course has on these informational networks. The results imply that informational networks remain relatively similar throughout the transfer process but that certain populations, including first-generation students and females, are less likely to rely on institutional agents for information. In addition, the effects of a transfer success course appear to be short-term, although it may reap larger benefits for at-risk populations. These findings suggest that socio-academic integration theories are more relevant to community college transfer students than theories based on traditional populations who enter four-year institutions directly out of high school.

Dans le cadre de ce travail, nous étudions le financement bancaire des PME en France. Ces dernières ont tendance à s’adresser à plus d’une banque pour leurs financements d’investissements et ce, depuis la fin des années quatre-vingt. Cette multibancarité accrue des PME nous amène à formuler deux interrogations :i) Quels sont les déterminants du choix du nombre de banques des PME? ii) Comment les conditions financières et non financières des contrats de crédits accordés aux PME sont-elles affectées par le choix du nombre de banques ? Pour répondre aux hypothèses théoriques formulées sur ces questions, nous réalisons des tests économétriques portant sur un échantillon de 144 entreprises françaises. Les données utilisées concernent l’année 2009 et proviennent d’une enquête. Ces données sont uniques, récentes, ne sont disponibles dans aucune base de données et sont complétées par des données comptables. Les résultats de l’étude économétrique montrent que le nombre de banques est d’autant plus élevé que le degré d’opacité informationnelle de l’entreprise est faible. Les tests économétriques montrent également qu’il existe un lien positif et significatif entre le nombre de banques et le risque d’exposition au rationnement bancaire. La qualité de l’entreprise semble être un déterminant important du choix du nombre de banques et des conditions de contrat de dettes mais son effet reste ambigu / Our thesis focuses on SMB bank financing in France. This Kind of firms tends to borrow from more than one bank to finance their investments in recent years. The choice of multiple bank relationships by SMB leads us to formulate two questions i) What are the determinants of the choice of number of banks by firms? ii) How the financial and non financial conditions of credit contract are they affected by the choice of the number of banks of SMB? To answer the theoretical assumptions formulated on these issues, we perform econometric tests on a sample of 144 French SMB. The data concern the year 2009 and come from a survey. These data are unique, recent, are not available in any database and completed by accounting data. The results of the econometric study show that the number of banks is even higher than the degree of informational opacity of the firm is low. Econometric tests also show that there is a positive and significant relationship between the number of the banks and the risque of exposure to credit rationing. Firm’s quality seems to be an important determinant of the number of banks and the conditions of credit contract, but its effect remains ambiguous

Informational technology outsourcing has been increasing in popularity over the last decades. It became a trend to transfer IT related processes and activities to an external provider, often located not only in a different country, but on a different continent. Outsourcing IT porcesses to an external provider is an appealing prospect, since the firm can transfer the resources from IT to more important processes. Moreover, since provider can be chosen from virtually anywhere in the world, there is a valid chance of significant IT costs reduction. All those benefits, however, are far from guaranteed. This thesis briefly describes the theory of IT ousourcing, presents current trends in outsourcing of information technologies, lists the common dangers by the decision making process concerning IT outsourcing, presents particular examples of large IT outsourcing contracts and finally introduces analysis of various aspects of IT outsourcing decisions and their results followed by econometric analysis, which examines possible patterns between the particular decisions and their results.

Academic performance of first year university students in the international arena as well as locally, has been a point of concern for all stakeholders because of high dropout rates and failure. Although many explanations for this have been offered and accepted, all have located the problem external to the individual. This study examined the interplay between interpersonal and intrapersonal factors on academic performance of first year university students in South Africa. A sociocognitive perspective was employed by an investigation of student identity processing styles as a means to explain academic performance. A mixed sample of 419 first year psychology students at a South African university was randomly chosen. Berzonsky’s Identity Style Inventory (ISI3) was used to categorise students’ identity processing styles which was then correlated to students’ mid-year examination results. Although similar research was conducted overseas, the findings of the present study did not match previous results. Unlike any other known study the correlation between normative processing style and academic performance of first year university students was statistically significant but was negative. There was significant difference only between informational and normative identity processing styles on academic performance and between informational and diffuse-avoidant processing styles on academic performance. It was found in this study that culture and race played a role in student identity processing styles and in turn influenced student academic performance in the first year of university. A discussion of results, educational implications of findings, limitations of the study and recommendations for future research are included at the end of this study.

Malgré une impressionnante revue de la littérature consacrée au rôle de l’information pendant le processus de décision d’investissement en capital-risque, l’échange informationnel au sein des syndications et des réseaux des investisseurs n’était pas suffisamment abordé.Pour cette raison, nous avons dirigé notre recherche, dans un premier temps, vers l’exploration des données existantes sur notre thématique de recherche qui est l’industrie du capital-risque, et plus particulièrement les données traitant les problématiques de l’échange informationnel dans ce domaine. Dans un deuxième temps, l’objectif est d’éclaircir le rôle des réseaux et des syndications dans la limitation de l’ampleur de l’incertain au sein de l’industrie du capital-risque. En effet, l’analyse de la littérature existante sur le capital-risque nous permet de constater l’importance des réseaux des investisseurs et les syndications comme un vecteur d’échange informationnel au sein de cette industrie. Cependant, rares sont les études qui prennent en considération cette dimension au cours de la décision du financement. L’investissement capital-risque présume une évaluation de l’incertain dans un contexte d’asymétrie informationnel. La décision d’investissement s’appuie sur des informations du type formel et informel (Ferrary ; 2004). La relation contractuelle se transforme, en permettant la création des liens sociaux entre les investisseurs et les entrepreneurs, à un cadre formel d’un échange informationnel informel. Un autre échange informationnel entre les investisseurs, s’établit au sein des syndications qui se transforment à un lieu légal d’échange informel, réciproque et différé des informations.D’où l’appellation de notre travail : « L’échange informationnel : un outil de prise de décision au sein de l’industrie du capital-risque ; mise en évidence du rôle des réseaux des investisseurs et des syndications ».Et d’où la problématique suivante : « Quel est le rôle de l’échange informationnel au sein de l’industrie du capital-risque ? ».Apres avoir positionné notre problématique dans le contexte managérial approprie et la définition des concepts utilises dans l’étude (partie 1, chapitre 1), nous procédons ensuite à une tentative d’identification des besoins informationnels à l’intérieur de l’industrie du capital-risque en faisant appel à la littérature au deuxième chapitre au cours duquel nous émettons l’hypothèse suivante : les réseaux d’investisseurs et les syndications jouent un rôle très important dans le processus informationnel. Ces deux vecteurs d’échange informationnel influencent le processus de décision au sein de l’industrie du capital-risque (Partie 1, chapitre 2). / Despite an impressive review of the literature on the role of information during the process of investment decision in venture capital, informational exchange within networks and syndicated investors were not sufficiently addressed.For this reason, we conducted our research; a first step towards the exploration of existing data on our research topic is the venture capital industry, and more specifically data processing issues of informational exchange in this area.In a second step, the goal is to clarify the role of networks and syndicates in limiting the extent of uncertainty in the venture capital industry. Indeed, the analysis of the existing literature on venture capital, we can see the importance of networks of investors and syndications as a vector of informational exchange within the industry. However, there are few studies that take into account this dimension in the funding decision. The venture capital investment assumes an assessment of uncertainty in the context of informational asymmetry. The investment decision is based on information from both formal and informal (Ferrary, 2004). The contractual relationship is transformed, allowing the creation of social ties between investors and entrepreneurs, a formal framework for informal informational exchange. Another informational exchange between investors, stood in the syndications that convert to a legal place for informal exchange, reciprocal and delayed information.Hence the name of our work: "The informational exchange: a tool for decision making in the venture capital industry, highlighting the role of networks of investors and syndications."And where the following problem: "What is the role of informational exchange within the venture capital industry? ".After having set our problem in the managerial context and appropriate definition of the concepts used in the study (Part 1, Chapter 1), we then proceed to attempt to identify information needs within the venture capital industry venture involving literature in the second chapter, in which we put forward the following hypothesis: the networks of investors and syndications play a very important role in the information process. These two vectors informational exchange influence the decision-making process within the venture capital industry (Part 1, Chapter 2).

O estudo dos centros geradores de padrão, CPGs, ´e um excelente exemplo das limitações do método reducionista, na tentativa de explicar um comportamento de ordem mais global. Não queremos, com isso, relegar a descrição esmiuçada dos mecanismos biofísicos e moleculares ao ostracismo. Muito pelo contrário, iremos nos apropriar de um subconjunto desses conceitos, na forma do modelo de Hodgkin & Huxley, para construir um sistema de simulação computacional de redes neurais, em pequena escala, passível de realizar duas métricas. Uma destinada a medir a complexidade da geração de informação circulante interna a rede, enquanto a outra traz dados relativos ao consumo energético das células neurais. Espera-se, com isso, alguma resposta para a seguinte questão: existe algum mecanismo, algum princípio básico em redes que oscilam, capaz de mapear um mínimo de uma grandeza física externa em algum outro mínimo interno a rede? Ao que tudo indica a resposta é afirmativa. Apresentaremos um tal ponto de minimização, juntamente com um formalismo, ainda em desenvolvimento, que justifica os resultados / The study of central pattern generators is a great example of the limitations in a reductionist approach, to achieve global knowledge about a system. We are not neglecting the importance of biophysical and molecular mechanisms. Quite the contrary, we will apply some of this concepts by means of Hodgkin & Huxley formalism, to build up a small form factor neural network software simulator. This platform will be able to perform two measurements, informational complexity and metabolic consumption with the aim of answer the question: is there some mechanism, some basic principle in oscillatory networks, capable of mapping a minimum in an external physical quantity into another minimum internal to the network? It seems that the answer is affirmative. We will present this minimization point, together with an under development formalism, to embase the results

Este trabalho aborda a necessidade de multifuncionalidade na Controladoria nas organizações existentes, em função das demandas informacionais exigidas nos dias atuais. Demandas estas que, se não atendidas e entendidas, podem provocar um impacto no resultado econômico e financeiro da empresa, com consequências que colocam em risco, inclusive a sobrevivência da mesma. Entende-se por demanda informacional, as necessidades informativas dos usuários – todos aqueles que detiverem maior ou menor poder decisório – que venham a facilitar na redução das incertezas nas tomadas de decisões revertendo em prol do próprio objetivo intrínseco de uma empresa: sua rentabilidade. Necessidades informativas não significam somente aquelas informações mensuráveis, mas também, toda e qualquer informação que de alguma forma contribua para a tomada de decisões. Se observarmos a empresa numa visão sistêmica, a demanda informacional estará em constante transformação e cabe à Controladoria retroalimentar este sistema, servindo de certa forma, também, de “usuário” na medida em que possui uma interdependência quanto à organização e utilização de informações. Justamente pela amplitude do tema e do papel da Controladoria propriamente dita, recorre-se a vários ramos do conhecimento como suporte – abordando-se desde a visão pragmática de negócios com a Contabilidade, passando pela Economia, Economia da informação, aporte da Teoria da Agência e conceito de Assimetria informacional, até as interrogações de entendimento e estudo linguístico com a utilização da Semiótica e suas questões semânticas. Também estão incluídos os estudos dos processos e teorias de informação e de comunicação que, seguindo certo rigor teórico, são conceitos diferentes e, por isso, teorias diferentes e fundamentais para entender como se constituem e se processam as informações dentro da estrutura organizacional, de que forma podem se reprocessar para constituir um novo tipo de relacionamento e a importância da Controladoria na constituição deste novo modelo. Em suma, este trabalho busca a interlocução destas várias ciências – Economia, Contabilidade e Comunicação, exigência para os profissionais que pretendam, direta ou indiretamente, envolverem-se com as questões de Controladoria. / This paper addresses the need for multi-functionality on the Controllership in the existing organizations, according to the informational demands required nowadays. These demands which, if not addressed and understood, can cause an impact on the company economic and financial results, with consequences that threaten even its survival. Informational demand is understood as the information needs of users – all of those who hold more or less decision-making power - that will facilitate the reduction of uncertainty in decision-making in favor of reversing the own intrinsic goal of a company: its profitability. Information needs do not mean only those measurable information, but also any information that somehow contributes to the decision-making. Looking at the company in a systemic view, the informational demand will be constantly changing and it is up to the Controllership to give feedback for this system, serving in a way, also, as the "User" as it has an interdependence in the organization and use of information. Due to the scope of the theme and the role of the Controllership itself, it resorts to various branches of knowledge and support - approaching from the pragmatic view of business with Accounting, through Economics, Economics of Information, contribution of the Agency Theory and concept of Information asymmetry, to the questions of understanding and linguistic study with the use of semiotics and its semantic issues. Also included are studies of information and communication processes and theories, following some theoretical rigor, the concepts are different and therefore different and fundamental theories to understand how they form and process the information within the organizational structure of how they can be reprocessed to form a new type of relationship and the importance of Controllership on the constitution of this new model. In short, this work aims at dialoguing these various sciences - Economics, Accounting and Communication, a demand for professionals who wish to, directly or indirectly, engage with the issues of Controllership.