Cette thèse traite de l’influence de l’horizon d’investissement des actionnaires sur les décisions des entreprises et sur leur performance. Elle est composée de quatre articles. Le premier article effectue une revue de la littérature et identifie des lacunes que les trois autres articles empiriques cherchent à combler. Le second article est consacré à l’effet de l’horizon d’investissement des actionnaires sur la satisfaction des employés. La satisfaction des employés est un actif intangible qui, bien que créateur de valeur sur le long-terme, est mal valorisé par le marché à court-terme. Pour cette raison, les investisseurs de long-terme et de court-terme pourraient ne pas avoir le même intérêt à ce que les entreprises dans lesquelles ils investissent satisfassent leurs employés. L’article documente un effet positif des investisseurs de long-terme sur la satisfaction des employés et établit la causalité de différentes façons. Ce résultat indique que la structure de l’actionnariat est un déterminant important de mise en place de politiques RSE créatrices de valeur à long-terme. Le troisième article étudie l’impact de l’horizon d’investissement des actionnaires sur la performance des banques pendant la crise. Les résultats de l’analyse empirique montrent qu’une plus grande présence d’actionnaires de court-terme est associée à une plus forte chute du cours de bourse pendant la crise. Cette association s’explique partiellement par une prise de risques plus grande, avant crise, des banques dans lesquelles les actionnaires de court-terme étaient plus présents. Elle s’explique également par le comportement des actionnaires de court-terme pendant la crise. Ces derniers ont vendu massivement leurs actions, générant une pression à la vente plus forte des actions des banques par l’ensemble des investisseurs institutionnels. Ces résultats ont une implication pour la réglementation des fonds propres bancaires, ils suggèrent que l’effet protecteur des fonds propres pour les banques varie en fonction de l’horizon d’investissement des détenteurs de ces fonds. Le dernier article se concentre sur l’effet disciplinaire des investisseurs de long-terme. Il montre que l’effet disciplinaire des investisseurs de long-terme sur le surinvestissement d’une entreprise dépend de la durée pendant laquelle ces investisseurs ont effectivement détenu les actions de l’entreprise. Les résultats de l’analyse empirique soutiennent l’idée que, pour constituer une base actionnariale qui génère plus de valeur, attirer des investisseurs de long-terme n’est pas suffisant, les entreprises devraient également inciter leurs actionnaires à détenir leurs actions plus longtemps. / No English summary available.

Thesis. 1977. Ph.D.--Massachusetts Institute of Technology. Dept. of Economics. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY. / Vita. / Bibliography : leaves 130-133. / Ph.D.

Shik Chun Sing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references. / Abstracts in English and Chinese. / Abstract --- p.2 / Acknowledgements --- p.4 / Chapter Chapter 1 --- Introduction --- p.6 / Chapter Chapter 2 --- Literature review --- p.11 / Chapter Chapter 3 --- Data and methodology --- p.15 / Chapter Chapter 4 --- Results of national currencies with the U.S. dollar --- p.25 / Chapter Chapter 5 --- Results of cross-rates --- p.39 / Chapter Chapter 6 --- Discussion and conclusion --- p.52 / Appendix --- p.54 / References --- p.106

How important is the financial market for economic growth? It can be argued that from the supply perspective that a well-functioning stock market boosts economic growth by lowering the cost of the firm to access public funds for new investment opportunities to expand business and production. Another view suggests that from the demand perspective that stock markets create a wealth effect on consumption for economic growth. In turn, the growth induces more demand for financial services and so the growth of the stock market. Both the supply and the demand argument imply a positive relationship between the stock market and the economy. Exactly how the behaviour of investors in trading stocks on a stock market can affect the performance of the firm is unclear. The study of this question helps to understand how stock trading activities can affect manufacturing production and so the growth of an economy from the perspective of the micro structure of a market. China as the largest emerging economy in the world has experienced the fastest growth of the economy and rapid development of its stock market over the last 30 years. It provides us with an excellent case to study the question on how the momentum of paper trading of shares can be transmitted to the growth of industry and firms which is a determined part of a real economy. The thesis takes China to study the question in an attempt to discover the micro mechanism of transmission as its key contribution to the existing literature on the study of the stock market effect on economic growth. The thesis employs a fixed effects model to estimate longitudinal firm-level data comprising 2233 heterogeneous Chinese listed firms over the period 2005-2015. In our estimation, it finds how stronger stock-trading performance can induce an increase in external funding of the firm. It then shows how the improvement in a firm's financing ability will turn to improvements in inter-firm reallocations of resources towards the more productive firms. However, the presence of equity over-trading appears to hinder the growth of firm business, possibly because the negative externalities of the speculative trading outweigh the effect of the positive externalities, such as excessive volatility that creates high risk of stock investment. Overall, empirically, the thesis establishes a micro-economic structure of transmission from stock trading activities to the growth of the firm. The structure explains the importance of stock markets on economic growth from the supply perspective of an economy.

In this thesis, I develop a valuation model to price convertible bonds with call provision. Convertible bonds are hybrid instruments that possess both equity and debt characteristics. The purpose of this study is to build a pricing model for convertible and callable bonds and to compare the mathematical results of the model with real world market performance. I construct a two-factor valuation model, in which both the interest rate and the stock price are stochastic. I derive the partial differential equation of two stochastic variables and state the final and boundary conditions of the convertible bond using the mean reversion model on interest rate. Because it is difficult to obtain a closed solution for the American convertible bond due to its structural complexity, I use the binomial tree model to value the convertible bond by constructing the interest rate tree and stock price tree. As a convertible bond is a hybrid security of debt and equity, I combine the interest rate tree and stock price tree into one single tree. Default risk is added to the valuation tree to represent the event of a default. The model is then tested and compared with the performance of the Canadian convertible bond market. Moreover, I study the duration, convexity and Greeks of convertible bonds. These are important risk metrics in the portfolio management of the convertible bond to measure risks linked to interest rate, equity, volatility and other market factors. I investigate the partial derivative of the value of the convertible bond with respect to various parameters, such as the interest rate, stock price, volatility of the interest rate, volatility of the stock price, mean reversion of the interest rate and dividend yield of the underlying stock. A convertible bond arbitrage portfolio is constructed to capture the abnormal returns from the Delta hedging strategy and I describe the risks associated with these returns. The portfolio is created by matching long positions in convertible bonds, with short positions in the underlying stock to create a Delta hedged convertible bond position, which captures income and volatility.

The purpose of my Master's Thesis is to determine the value of the football club Tottenham Hotspur as of 25th November 2011. The company is listed on AIM stock exchange. The main focus in theoretical part is on different financial ratios needed for the analysis of the company and on the methods of evaluation. Practical part is devoted to analysis of the historical data of the company in the period 2007-2011. Base on that I make a projection of the income statement and balance sheet for the years 2012 - 2015. For the calculation of the value of the company method of the discount free cash flow to capital is applied. As a result of my calculation the value of the company is 316 439 k. GBP, that means 1,12 GBP per share. Stock is traded approximately for the price that is half of the value calculated. The company seems to be interesting investment opportunity.

Most of the prior research in the area of Islamic Investments has looked at performance; little attention has been given to the relationship between screening criteria and performance, especially in the GCC region. Therefore, this thesis examines the impact of using different screening criteria on the creation, and hence the performance of, Halal portfolios in Kuwait. In contrast to previous studies, the present study breakdowns Halal stocks in to ‘pure Halal’ (PH) and ‘Mixed Halal’ (MH), and the non-Halal stocks in to ‘Sin’ and ‘Mixed Sin’ (MS). This is to respond to the debate among Shariah scholars about the screening criteria, whether the fatwa on investing in them should be revisited and is it the right time to move towards pure Halal investments only. Specifically, this study explores the impact of tightening the current screening criteria on the creation and performance of Halal portfolios under different market conditions. Hence, broadly speaking, this thesis examine the issues associated with the creation and performance assessment of the Halal and non-Halal portfolios. For the purpose of this study, both quantitative and qualitative methods were employed. Firstly, due to the scarcity of literature, information and issues related to screening and performance were discussed with 58 face-to-face interviews with key figures in the Islamic investment funds industry in the GCC. The interviews explore whether MH are good investments from a Shariah perspective, and if there is a need to revisit the fatwa and the screening criteria. Secondly, different Halal portfolios were constructed based on the screening definitions suggested by the interviewees using a content analysis of companies’ annual reports listed in Kuwait Stock Exchange (KSE). This is to investigate the impact of applying different screens on the size of the Halal asset universe and whether it is possible to create diversified pure portfolios or at least MH that are close to pure Halal portfolios. Thirdly, quantitative methods were employed to examine whether these Halal portfolios are good investments from a financial perspective, using parametric and non-parametric statistical analysis and traditional risk-adjusted performance measures. Performance was first compared with the KSE market and a control portfolio (CP) as benchmarks then a ‘matched pair’ approach was also conducted. Finally, a general linear model (GLM) was applied to inspect whether the Shariah classification of stocks or other factors such as firm size, sector, and the global financial crisis (GFC) impact on performance. The findings from the interviews suggest that PH and MH investee companies are different types of Halal investments, and that there are a growing number of Islamic funds and individual investors that invest only in PH stocks, driven by religious motivations. Further, some interviewees seriously questioned the Shariah-compliance of MH stocks and thought of the fatwa that allows MH stocks should be revisited. Therefore, many interviewees agreed that the financial screening criteria needed to become tighter and that companies in Muslim countries should be treated differently from western ones as noted by Wilson (2005). Interviewees revealed that AAOIFI’s screening criteria are widely adopted in the GCC but most interviewees believed that the change in AAOIFI’s criteria in 2006 from total asset to market capitalization was intended to expand the Halal asset universe. Nonetheless, the analysis of companies’ annual reports finds that the use of AAOIFI (2006) during the GFC resulted in a sizeable number of MH equities being re-categorised as MS stocks, but without harming portfolios’ performance. Further, the statistical analyses suggest that there is no penalty for Halal investments during the full, the bullish or GFC periods, even after halving the screening thresholds. Differences were only identified during the bearish period, showing that some sin portfolios performed better, but overall, Halal portfolios did not underperform either the CP or the KSE index in any of the sample periods. Moreover, the GLM analysis also supports this finding that the Shariah-compliance of stocks is not the main factor affecting performance, but rather the sector they belong to and the GFC period. Hence, Islamic funds should consider allocating their investments more in the non-financial sectors rather than in the financial sector, especially during bearish markets to improve diversification. Nevertheless, there are fewer PH non-financial stocks, so, a ban on investment in MH stocks is premature, but ‘tightening’ the MH stocks’ financial screening thresholds is currently a better option. Some interviewees, also suggested that PH investors could diversify their portfolios by investing across all GCC stocks markets. Thus, Islamic fund managers need to be active fund managers focusing on certain sectors and markets in different market conditions. Halving the financial screening thresholds did not hurt MH portfolios’ performance because the loss in the number of MH stocks is compensated for by the lower interest-bearing gearing ratio of the individual companies suggested by the halved thresholds. This is supported by previous studies that report a negative relationship between stock returns and firms’ gearing, especially during market downturns (Penman et al., 2007; George and Hwang, 2010; Bhatt and Sultan, 2012). Finally, the screening analysis reveals an inadequate level of disclosure for assessing Sharia-compliance from companies’ annual reports. This highlights the need for harmonizing the Shariah screening criteria, and the development of accounting and auditing standards based on Islamic values rather than western ones to reflect the unique characteristics of Halal investment.

In the last 15 years, China has greatly expanded their economic integration with Africa through a multi-dimensional approach. This paper utilizes a fixed effects approach to formally assess the impact of Chinese trade, foreign direct investment, loans, construction and engineering contracts, and labor in Africa on economic growth and human development in 50 African countries. This paper combines data from the World Bank World Development Indicators (WDI), China-Africa Research Initiative (CARI) at John’s Hopkins University, and the UN Human Development Report (HDI) covering the years 2003 to 2017. This study finds that during this period, contracts and foreign direct investment stock positively impact GDP per capita and Human Development Index, and bilateral trade positively impacts Human Development Index.

The shift to defined contribution plans from defined benefit plans have left future retirees concerned about having the necessary funds to retire. The purpose of this phenomenological study was to explore how investment behaviors have changed due to losses in retirement accounts because of the global financial crisis of 2008. Building upon the conceptual framework of attribution theory and risk perception theory, this study explored what might encourage future retirees to use the stock market for retirement. A purposeful sample of 20 Hampton Roads, Virginia residents who held retirement accounts prior to the financial crisis of 2008 consented to interviews about their retirement planning. Through open coding of the interview data, themes emerged on the need for financial education and a fear of losing retirement savings. Increasing education regarding retirement accounts and reducing the fear of losing retirement savings encourages the use of the stock market in retirement planning. The findings suggested social change implications as future retirees increase use of retirement plans and reduce their reliance on public assistance programs.

This thesis investigates the continuing significance of the internal labour market construct for shaping human resource management practices in an international investment banking organisation. By adopting a historical perspective this study departs from existing literature and presents new explanations for understanding internal labour market theory in the investment banking industry. It also adds to existing scholarship on labour markets by considering more human resources indicators than have been previously used to differentiate labour market types. A range of approaches have been adopted. The BZW/ ABN AMRO case study has been investigated using both qualitative and quantitative methods and longitudinal and cross-sectional data. The theoretical framework elaborated has two dimensions. The first involves a model which highlights the importance of the organisational historical context for analysing the origins and functions of internal labour markets. It draws attention to certain recurring interrelated features that ultimately result in the adoption of internalised market arrangements. This aspect of the model also highlights the importance of emerging patterns in internal labour market structures that become evident over time. The second part of the framework involves a typology that establishes the existence of three different labour market types. The study revealed that a historical perspective is extremely valuable for understanding the origins and functions of internal labour markets, and for identifying two internal labour market types, the firm and occupational internal labour market types and also the occupational labour market type or external labour market. It was concluded that despite the claim made by various scholars that internal labour market arrangements are in decline, the dramatic changes experienced by the investment banking industry have proven that these arrangements are very resilient.