by Chan Cheuk Tung. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 86-90). / Abstract also in Chinese. / ABSTRACT (IN ENGLISH) --- p.ii / ABSTRACT (IN CHINESE) --- p.iv / TABLE OF CONTENTS --- p.vi / LIST OF TABLES --- p.ix / LIST OF FIGURES --- p.x / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Overview: Neglected Role of Investors' Emotion --- p.1 / Inadequacies in Existing Theory and Research --- p.3 / Significance of Present Study --- p.5 / Chapter II. --- LITERATURE REVIEW --- p.6 / Demographic Studies of Investors --- p.6 / Decision Research on Choice Behavior --- p.7 / Personality Trait / Cognitive Style Approach --- p.7 / Situationist Approach --- p.8 / Interactionist Approach --- p.9 / Summary --- p.10 / Findings in choice behavior research --- p.10 / "Notion of ""Bounded Rationality""" --- p.10 / Frameworks for task and context effects --- p.12 / Decision-making as a Conflict Resolution Process --- p.13 / Generalized Cost/Benefit Analysis - the Emotional Dimension --- p.14 / Summary --- p.16 / Chapter III. --- HYPOTHESES --- p.18 / Information Acquisition --- p.18 / Negative Information --- p.20 / Positive and Irrelevant Information --- p.23 / Evaluation and Judgment --- p.25 / Strategies Formulation --- p.28 / Trading Performance --- p.30 / Chapter VI. --- METHODS --- p.32 / Overview --- p.32 / Material and Apparatus Selection --- p.33 / Selection of Music --- p.33 / Selection of Currency Pair --- p.35 / System for Trading Simulation --- p.36 / Selection of News Items --- p.37 / Pretest of Treatments --- p.39 / Subjects --- p.40 / Procedure --- p.41 / Manipulation Check - Pretest --- p.42 / Likert scale Measure --- p.43 / Affect Grid Measure --- p.44 / Convergent Validity of Measures --- p.45 / Summary --- p.46 / Estimation of Power and Optimal Sample Size for the Main Experiment --- p.46 / Main Experiment --- p.46 / Subjects --- p.47 / Procedure --- p.47 / Measures of Studied Variables --- p.48 / Control Variables --- p.49 / Chapter V. --- RESULTS & DISCUSSIONS --- p.51 / Manipulation Checks --- p.51 / Reliability of Mood Measures --- p.51 / Effect of Manipulations --- p.52 / Effects of Control variables --- p.54 / Trading Performance --- p.55 / Information Acquisition --- p.59 / Negative Information --- p.59 / Positive and Irrelevant Information --- p.62 / Time Allocation --- p.64 / Summary --- p.66 / Evaluation and Judgment --- p.66 / Decision Time --- p.66 / Decision Complexity --- p.68 / Decision Accuracy --- p.70 / Summary --- p.71 / Strategy Formulation --- p.72 / Use of Cut-loss Order --- p.72 / Use of Limit-profit Order --- p.73 / Investment Size --- p.73 / Summary --- p.75 / Discussion --- p.75 / Chapter VI. --- CONCLUSION --- p.78 / Discussion --- p.78 / Limitations and Suggestions for Future Studies --- p.80 / Suggestions to Investors --- p.76 / Individual Investors --- p.82 / Institutional Investors --- p.84 / BIBLIOGRAPHY --- p.86 / APPENDICES --- p.91 / Appendix 1 News Selection Phase One: Judges' Rating --- p.91 / Appendix 2 Screen Layouts of the Internet Trading System --- p.92 / Appendix 3 Coding Scheme -Complexity of Reasoning --- p.93 / Appendix 4 Questionnaire --- p.94

Em países como o Brasil, assumido como de desenvolvimento tardio, as empresas de base tecnológica assumem um papel importante no desenvolvimento tecnológico. Nesse sentido, o venture capital torna-se um ator importante como fonte de captação de recursos e auxílio ao sistema de inovação do país. No Brasil, a atuação de venture capital vem crescendo nos últimos anos, mas ainda é incipiente comparativamente a países como EUA e Inglaterra. Esse fato se agrava ao se analisar a atuação do venture capital junto ao setor de biotecnologia no Brasil. As empresas de biotecnologia no Brasil são recentes e o ciclo de desenvolvimento dessas empresas é muito longo. A partir deste contexto, o presente trabalho teve como objetivo a elaboração de uma análise dos principais critérios utilizados pelos fundos de venture capital na tomada de decisão em investir em empresas de biotecnologia e a proposição de um modelo de tomada de decisão para investimento em empresas nesse setor. Para que tais fatores fossem identificados e o modelo elaborado, foi desenvolvida uma pesquisa qualitativa e quantitativa. A pesquisa qualitativa consistiu na realização de entrevistas com cinco fundos por meio das quais foi possível analisar o processo de tomada de decisão por parte destes agentes. A pesquisa quantitativa envolveu a aplicação de questionários em empresas start-ups de biotecnologia com o intuito de serem levantadas algumas variáveis importantes relacionadas a suas características que podem exercer impacto no processo de avaliação do fundo. A proposição desse modelo poderá auxiliar as empresas a desenvolverem ações que possam aumentar a propensão delas em receber investimentos. / In countries like Brazil, known as of late development, technology-based companies play an important role in technological development. In this sense, venture capital becomes a major player as a source of funding and support to the country\'s innovation system. In Brazil, the performance of venture capital has increased in recent years but it is still incipient compared to countries like USA and England. Such fact is aggravated when analyzing the performance of venture capital by the biotech industry in Brazil. Biotech companies in Brazil are recent and the development cycle of these companies is very long. From this context, the present study aimed to prepare an analysis of the main criteria used by venture capital funds in the decision to invest in biotechnology companies and the proposition of a model of decision making for investment in companies in this sector. In order to identify these factors and to develop the model, a qualitative and quantitative research was conducted. The qualitative research consisted of interviews with five funds through which it was possible to analyze the process of decision making by these agents. The quantitative research involved the use of questionnaires in business biotechnology start ups in order to raise some important variables related to the characteristics that may impact on the assessment of the background process. The proposition of this model can help companies to develop actions to increase the propensity for them to receive investments.

As long as one security is classified into AFS category, I document that banks strategically time the recognitions of gains and losses on AFS securities to smooth earnings, to meet earnings targets, to reduce regulatory costs, or to facilitate seasonal equity offering. These evidences collaborate with my previous results that banks prefer classifying credit risky securities into AFS rather than into trading category. / Finally, I investigate market reactions to fair value changes on AFS securities and to trading revenues from trading assets. I show that trading revenues are more persistent, with greater value relevance, and drive more significant stock returns. This evidence indicates that artificially classifying securities which are held for trading purpose into AFS category may have negative impacts on firm values. / Given the investment decisions made by the managers, the second issue studied in this thesis is the financial reporting decisions made by banks. To elaborate, banks have discretions to classify the debt securities into available-for-sale (AFS) category vs. trading category depending on the purpose of the holding, while the classification decisions have very different impacts on firms' income statement. Therefore, I study how accounting treatments of AFS and trading category and their different impacts on firms' income statements affect reporting decisions. I find banks inclined to classify credit-riskier securities into AFS rather than into trading category, when banks have weak interest revenues, have high level of income-increasing discretional accruals, have concentrated assets, or have high level of risky assets. But I do not find classification decision is related to bank's capital adequacy ratio. / Keywords: Bank holding companies; debt security investments; managerial compensation; trading assets; available-for-sale; SFAS 115; gains trading. / This study examines U.S. banks' investment behaviors as well as their financial reporting decisions on debt security investments. Particularly, I focus on two separate but related issues. The first issue examined is whether and how managerial incentives, influenced by the compensation contracts, affect managers' investment decisions on debt securities in the U.S. banking industry. Using a sample composed of top 1,000 bank holding companies from 2001 to 2009, I find that managers, when their wealth is more sensitive to stock return volatility, tend to structure the firms' debt investments with a higher proportion of credit risky securities. Provided that price of credit risky debt securities slumped during the recent financial crisis, that empirical evidence is consistent with the view that managerial compensation may induce excess risk-taking in the U.S. banking industry. The finding is relevant to both researchers and practitioners when they consider restructuring bankers' compensation. / Zhou, Chunquan. / Advisers: Woody Y. W. Wu; Danqing Young. / Source: Dissertation Abstracts International, Volume: 73-08(E), Section: A. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (leaves 80-83). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese.

by Ho Siu-hung, Horace. / Bibliography: leaves 50-55 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1986

Em países como o Brasil, assumido como de desenvolvimento tardio, as empresas de base tecnológica assumem um papel importante no desenvolvimento tecnológico. Nesse sentido, o venture capital torna-se um ator importante como fonte de captação de recursos e auxílio ao sistema de inovação do país. No Brasil, a atuação de venture capital vem crescendo nos últimos anos, mas ainda é incipiente comparativamente a países como EUA e Inglaterra. Esse fato se agrava ao se analisar a atuação do venture capital junto ao setor de biotecnologia no Brasil. As empresas de biotecnologia no Brasil são recentes e o ciclo de desenvolvimento dessas empresas é muito longo. A partir deste contexto, o presente trabalho teve como objetivo a elaboração de uma análise dos principais critérios utilizados pelos fundos de venture capital na tomada de decisão em investir em empresas de biotecnologia e a proposição de um modelo de tomada de decisão para investimento em empresas nesse setor. Para que tais fatores fossem identificados e o modelo elaborado, foi desenvolvida uma pesquisa qualitativa e quantitativa. A pesquisa qualitativa consistiu na realização de entrevistas com cinco fundos por meio das quais foi possível analisar o processo de tomada de decisão por parte destes agentes. A pesquisa quantitativa envolveu a aplicação de questionários em empresas start-ups de biotecnologia com o intuito de serem levantadas algumas variáveis importantes relacionadas a suas características que podem exercer impacto no processo de avaliação do fundo. A proposição desse modelo poderá auxiliar as empresas a desenvolverem ações que possam aumentar a propensão delas em receber investimentos. / In countries like Brazil, known as of late development, technology-based companies play an important role in technological development. In this sense, venture capital becomes a major player as a source of funding and support to the country\'s innovation system. In Brazil, the performance of venture capital has increased in recent years but it is still incipient compared to countries like USA and England. Such fact is aggravated when analyzing the performance of venture capital by the biotech industry in Brazil. Biotech companies in Brazil are recent and the development cycle of these companies is very long. From this context, the present study aimed to prepare an analysis of the main criteria used by venture capital funds in the decision to invest in biotechnology companies and the proposition of a model of decision making for investment in companies in this sector. In order to identify these factors and to develop the model, a qualitative and quantitative research was conducted. The qualitative research consisted of interviews with five funds through which it was possible to analyze the process of decision making by these agents. The quantitative research involved the use of questionnaires in business biotechnology start ups in order to raise some important variables related to the characteristics that may impact on the assessment of the background process. The proposition of this model can help companies to develop actions to increase the propensity for them to receive investments.

Value and size related equity investment strategies are supported by a large body of empirical research that shows a persistent premium, both longitudinally and crosssectionally. However, the competing rational and behavioural finance explanations for the success of these strategies are a subject of debate. The rational explanation is that the premium earned on value shares or shares of small companies can be attributed to higher risk. Behaviouralists argue that such shares are not riskier and attribute the premium to cognitive errors and biases in human decision making. The purpose of this study is to determine, firstly, whether the value and size premium exist in South Africa during the period July 2006 to June 2012, which includes one of the worst equity market crises in history. Secondly, this study sets out to determine whether the premium earned on value and size strategies are adequately explained by the principles of rational finance theory. To provide evidence regarding the existence of the value premium and size effect, returns are analysed, cross-sectionally, on portfolios of shares sorted by value and size. For evidence of a rational explanation, returns are regressed on value and size variables, and the relative riskiness of value and small companies is analysed. The results show evidence of a value premium in portfolios of small companies, but not big companies. The size effect is found not to be statistically significant. While regressions do show significant relationships between value and size variables and returns, these variables are found not to be associated with higher levels of risk. The conclusion is that the evidence does not support a rational, risk based explanation of the returns

Orientador: Maria Lucia Galves / Dissertação (mestrado) - Universidade Estadual de Campinas, Faculdade de Engenharia Civil, Arquitetura e Urbanismo / Made available in DSpace on 2018-08-21T09:38:52Z (GMT). No. of bitstreams: 1 Bocca_LucasScatulin_M.pdf: 2952833 bytes, checksum: 2e74b706e339719cc2f3c1d7f0d67db6 (MD5) Previous issue date: 2012 / Resumo: A capacidade de estocagem de grãos instalada nas propriedades rurais no Brasil é baixa, bem como os armazéns, silos e entrepostos comerciais (público ou privado), devido a localizações, tipos e condições físicas, apresentam deficiências no que se refere ao desempenho e suficiência dessa infraestrutura. Assim, esse trabalho procurou abordar o problema de decisão relativo à implantação de um sistema de armazenamento de grãos na propriedade rural, considerando riscos, benefícios, incertezas e alternativas. Para tanto, foi utilizada a metodologia de auxílio multicritério à decisão, de modo a considerar os inúmeros objetivos, consequências, critérios, valores, expectativas e desempenhos das alternativas consideradas. A aplicação do método em uma situação real foi realizada para auxiliar um empresário rural (sojicultura) a decidir qual infraestrutura adotar para armazenar sua produção. Os resultados obtidos foram importantes para melhorar o seu entendimento sobre a problemática considerada, bem como sobre as alternativas existentes e suas respectivas vantagens e desvantagens. Dessa forma, concluiu-se que a metodologia de auxílio multicritério à decisão pode ser uma abordagem útil na implantação de um sistema de armazenagem de grãos na propriedade rural, pois foi capaz de incorporar diversas variáveis e objetivos, bem como os valores do decisor (produtor), fornecendo subsídios para a tomada de decisão e o acompanhamento da eficácia e eficiência da solução adotada / Abstract: The grain storage capacity installed in rural properties in Brazil is low, as well as grain storehouses, silos and commercial warehouses (public or private), because the locations, types and conditions, display gaps with regard to performance and adequacy of such facilities. Thus, this study sought to address the decision problem on the implementation of on-farm grain storage system, taking account of risks, benefits, uncertainties and alternatives. For this purpose, it was adopted the methodology of multicriteria decision aid, in order to consider the many objectives, consequences, criteria, values, expectations and performances of the existing alternatives. The application of the method in a real situation was held to aid a rural entrepreneur (soybean production) to decide what infrastructure to select to store his production. The results were important to improve his understanding of the considered issues, as well as on the alternatives and their advantages and disadvantages. Thus, it was concluded that the methodology of multicriteria decision aid can be a useful approach on implementation of on-farm grain storage system because it was able to incorporate many variables and objectives, as well as the values of the decision maker (producer), supporting decision making and providing informations to monitor the effectiveness and efficiency of the selected solution / Mestrado / Transportes / Mestre em Engenharia Civil