Ex-post intraday market-risk extrema are compared with ex-ante standard RiskMetrics parametric Value-at-Risk (VaR) limits for three foreign currency futures markets (British Pound, Japanese Yen, Swiss Frank) to determine whether forecasted volatility of market returns based on settlement price data provides a valid proxy for short-term market risk independent of market leverage. Intraday violations of ex-ante one-day VaR limits at the 95% confidence level should occur for less than 5% of market days. Violation frequencies for each of the markets tested are shown to occur well in excess of this 5% tolerance level: 9.54% for the British Pound, 7.09% for the Japanese Yen, and 7.79% for the Swiss Franc futures markets. Thus, it is empirically demonstrated that VaR is a poor proxy for short-term market risk under conditions of market leverage. Implications for managing (measuring, monitoring, controlling), reporting, and regulating financial market risk are discussed. / Master of Arts

Yes / This paper examines how deviation from firms’ target leverage influences their decisions on undertaking foreign acquisitions. Using a sample of 5,746 completed bids by UK acquirers from 1987 to 2012, we observe that over-deviated firms are more likely to acquire foreign targets. Consistent with co-insurance theory, we find that over-deviated firms engage in foreign acquisition deals to relieve their financial constraints and to mitigate their financial distress risk. We also note that foreign acquisitions enhance over-deviated firms’ value and performance, measured by Tobin’s q and return on assets (ROA) respectively. These findings support the view that over-deviated firms pursue the most value-enhancing acquisitions. Overall, this paper suggests that co-insurance effects, value creation and performance improvements are the main incentives for over-deviated firms’ involvement in foreign acquisitions.

In response to the challenge of moving society toward sustainability, a paradigm shift within the materials sector calls for a transition focusing on the socio-ecological sustainability of natural materials such as industrial hemp fibre (Cannabis sativa L.). Although well-suited for hemp cultivation, Sweden faces challenges building its hemp fibre value chain (HFVC). Taking a systems perspective, this study aimed to identify how Sweden can strengthen its HFVC by 1) uncovering system dynamics and mapping out the current HFVC and 2) identifying interventions that could strengthen the system. This study used Meadows’ 12 Leverage Points concept to analyse the data from survey-based questionnaires and semi-structured interviews with HFVC actors. The results illuminated a systemic view of the current structure of the HFVC and suggested a set of interventions for ‘shallow’ and ‘deep’ change that could move it toward sustainability. Ultimately, strengthening the HFVC to enhance sustainability depends on the ability to co-create a sustainable, resilient system. Through intentional collaboration,advocacy for hemp fibre, and strategic leadership, the HFVC has the potential to overcome the difficulty of responding urgently to the sustainability challenge while also meeting the time-intensive developmental needs of the system.

Introdução: A introdução da agricultura e pecuária foram muito recentes para que o genoma humano se adaptasse e a tecnologia avançada pós revolução Industrial foi ainda mais. Segundo Cordain, a substituição de alimentos minimamente processados por alimentos pós-agrícolas e pós-industriais influenciaram os indicadores nutricionais: carga glicêmica, composição de ácidos graxos e macronutrientes, densidade de micronutrientes, equilíbrio ácido-base, relação sódio/potássio e teor de fibras, levando a um desequilíbrio que é causa de várias doenças atuais da civilização. A Protein Leverage Hypothesis (PLH) propõe que a queda na ingestão de proteínas possa levar a obesidade e doenças cardiometabólicas associadas. Objetivos: Estudar o efeito do consumo de alimentos ultraprocessados nos indicadores nutricionais na população dos EUA, incluindo a composição de macronutrientes, densidade de fibras e micronutrientes e fitoestrógenos urinários; avaliar se a contribuição calórica de alimentos ultraprocessados é determinante para a qualidade nutricional das dietas contemporâneas; e finalmente estudar se a associação entre o consumo de alimentos ultraprocessados, proteína e energia correspondem às previsões do modelo PLH. Métodos: Foram avaliados os participantes do National Health and Nutrition Examination Survey 2009-2010, com pelo menos um recordatório alimentar de 24 horas. Os itens foram classificados em: alimentos in natura ou minimamente processados, processados, ultraprocessados e ingredientes de uso culinário. O manuscrito 1 examina a relação entre a contribuição calórica de alimentos ultraprocessados e qualidade nutricional da dieta, avaliando individual e globalmente a contribuição de cada ingrediente crítico, usando a análise de componentes principais (ACP). O manuscrito 2 estuda a associação entre a contribuição calórica dos alimentos ultraprocessados e consumo de açúcares de adição. O manuscrito 3 avalia como o consumo de alimentos ultraprocessados influencia o conteúdo proteico relativo da dieta e as ingestões absolutas de energia e proteína, e se essas relações se encaixam nas previsões da PLH. O manuscrito 4 avalia a relação entre a contribuição calórica de alimentos ultraprocessados e níveis de fitoestrógenos urinários. Resultados: O teor médio de proteínas, fibras, vitaminas A, C, D e E, zinco, potássio, fósforo, magnésio e cálcio na dieta diminuiu ao longo dos quintis de contribuição calórica de alimentos ultraprocessados, enquanto o de carboidratos, açúcares de adição e gordura saturada aumentou. Uma associação inversa de dose-resposta foi encontrada entre o consumo de alimentos ultraprocessados e qualidade nutricional total, medida através de um escore de padrão balanceado de nutrientes derivado usando ACP. Consistente com a PLH, a contribuição calórica de alimentos ultraprocessados foi inversamente associada à densidade proteica e diretamente ao consumo energético total, enquanto a ingestão absoluta de proteínas permaneceu constante com aumento do consumo de alimentos ultraprocessados. Os níveis médios de enterolignanos urinários diminuíram ao longo dos quintis de consumo de alimentos ultraprocessados, enquanto os níveis de isoflavonas permaneceram inalterados. Conclusões: Este estudo mostra que a diminuição da contribuição calórica de alimentos ultraprocessados é um meio racional e eficaz de melhorar a qualidade nutricional das dietas dos EUA / Background: The introduction of agricultural and animal husbandry has not provided the human genome time enough to adapt, much less the advancing technology after Industrial Revolution. According to Cordain et al., displacement of minimally processed foods by post-agricultural and post-industrial food items adversely affected the following dietary indicators: glycemic load, fatty acid and macronutrient compositions, micronutrient density, acid-base balance, sodium-potassium ratio and fiber content. Many current diseases of civilization, in turn may be ascribable to those unbalanced dietary indicators. Indeed, Raubenheimer and Simpson have proposed the Protein Leverage Hypothesis (PLH) to explain how a drop in dietary protein content might lead to obesity and associated cardiometabolic disease. Objective: This thesis aims to study the effect of an increased consumption of ultra-processed foods on dietary indicators in the US population, including macronutrient composition, micronutrient and fiber densities, and urinary phytoestrogens. It also explores whether the dietary share of ultra-processed foods, expressed as a percentage of total energy intake, is a meaningful determinant of overall nutritional quality of contemporary diets. Lastly, it also looks into whether the association between ultra-processed food, protein and energy consumptions fit predictions of the PLH model. Methods: Participants from cross-sectional 2009-2010 National Health and Nutrition Examination Survey with at least one 24-hour dietary recall were evaluated. Food items were classified according to extent and purpose of industrial food processing as: unprocessed or minimally processed foods, processed culinary ingredients, processed foods and ultra-processed foods. Manuscript 1, examines the relationship between dietary contribution of ultra-processed foods and nutritional quality of US diet through the evaluation of dietary contents of critical nutrients individually and also overall, using Principal Component Analysis (PCA). Manuscript 2 studies the association between dietary contribution of ultra-processed foods and energy intake from added sugars. Manuscript 3 examines how consumption of ultra-processed food influences relative dietary protein content and, absolute energy and protein intakes; it furthermore, tests whether the relationships fit PLH predictions. Manuscript 4 assesses the relationship between dietary contribution of ultra-processed foods and urinary levels of phytoestrogens. Results: The average content of protein, fiber, vitamins A, C, D and E, zinc, potassium, phosphorus, magnesium and calcium in US diet decreased significantly across quintiles of energy contribution of ultra-processed foods, while carbohydrate, added sugars and saturated fat contents increased. An inverse dose-response association was found between ultra-processed food consumption and overall dietary quality measured through a Nutrient balanced pattern PCA derived factor score. Consistent with PLH, dietary contribution of ultra-processed foods was inversely associated with protein density and directly associated with total energy intake, while absolute protein intake remained relatively constant with increases in ultra-processed food consumption. Average urinary mammal lignan levels decreased across quintiles of ultra-processed food consumption, while isoflavone levels remained unchanged. Conclusions: This study suggests that decreasing the dietary share of ultra-processed foods is a rational and effective way to improve the nutritional quality of US diets

Dai Yi. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 79-82). / Abstracts in English and Chinese. / ABSTRACT --- p.i / ACKNOWLEDGEMENT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.vi / CHAPTER / Chapter ONE --- INTRODUCTION --- p.1 / Background / Purpose / Summary of hypotheses and results / Organization / Chapter TWO --- REVIEW OF THEORIES AND LITERATURE --- p.5 / The Literature on ownership structure / Theoretical explanations for capital structure / The Literature on investment-cash flow sensitivities / Chapter summary / Chapter THREE --- DATA COLLECTION --- p.15 / Sample selection / Ownership and control definition / Patterns of the East Asian Firm Ownership / Country characteristic variables / Chapter summary / Chapter FOUR --- THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURES AND FIRM LEVERAGE --- p.23 / Rationale for the study / Hypothesis / Description of regression variables / The Heteroscedasticity problem and solution / Regression results / Accounting for country effects / Chapter summary / Chapter FIVE --- THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURES AND INVESTMENT-CASH FLOW SENSITIVITY --- p.42 / Theoretical framework / Hypothesis / Regression specification / Summary statistics / Empirical findings / Country characteristic control / Chapter summary / Chapter SIX --- CONCLUSION --- p.52 / TABLES --- p.54 / BIBLIOGRAPHY --- p.79

Questo lavoro prende in esame le connessioni fra economia e politica in Italia nel periodo compreso tra il 1987 e il 2006. Tale filone di studi si situa all’interno del sempre più variegato e crescente interesse per il legame fra corporate governance, potere di mercato, struttura finanziaria e performance dell’impresa. Dopo una prima parte volta a mettere in luce alcuni principali lineamenti teorici ed istituzionali del tema in oggetto, segue una seconda parte, di natura prettamente empirica. In primo luogo si vogliono mettere in luce quali siano state le società quotate connesse nel periodo considerato e le modalità con cui ha avuto luogo la connessione, nonché illustrare alcuni aspetti descrittivi dei soggetti e delle società connesse che costituiscono il campione. In secondo luogo, seguendo la letteratura internazionale in materia, viene svolta un’analisi empirica al fine di testare se esistano particolari differenze tra società politicamente connesse e società non connesse in termini di leverage, redditività, efficienza produttiva e potere di mercato. In particolare, il terzo capitolo contiene una puntuale esposizione delle fonti e delle metodologie che hanno portato alla definizione dei database utilizzati ed implementati, fornendo alcune prime evidenze di tali connessioni. Nel capitolo IV si forniscono le statistiche descrittive del campione preso in esame relativo alle società italiane industriali ed holding di partecipazione quotate sul MTA e MTAX nel periodo 1987-2006, in termini sia di capitalizzazione di mercato, sia di redditività, struttura proprietaria e finanziaria. Infine, nel capitolo V viene proposta una verifica empirica sul campione così determinato, provando ad enfatizzare le relazioni esistenti tra alcune grandezze determinate quali il grado di indebitamento, il potere di mercato e alcuni indicatori di redditività ed efficienza e principalmente una variabile volta a individuare la presenza o meno di connessioni politiche nelle società stesse. / This study analyses politically connected firms in Italy, since 1987 to 2006. We take into consideration this nation because in Italy political connections are supposed to have been more valuable and relevant than in other countries. We focus our attention on listed industrial corporations, leaving out of consideration banks and insurance companies. We try to develop two main questions: which listed industrial corporations have been politically connected in this period? Have these firms been politically connected through top officers or large shareholders, President of the Republic, members of Parliament or ministers? Which is the value of political connections and which are the differences between politically connected and non connected firms? This study tries to highlight the features and the sizes of the political connection in the Italian context, giving evidence of the economic, political and institutional framework. According to the existing literature we argue that firms with political connections gain financial benefits in terms of greater market power, but show poorer performances and efficiency than non connected firms because of the relevant private benefits that characterize the politically connected ones. Moreover we argue that politically connected firms show lower leverage than their non-connected peers defining a more complex framework in comparison to other relevant studies.

Despite the fact that a preponderance of past studies in corporate finance mainly focus on capital structure decision of firms, the problems of “what factors determine the capital structure choice of firms and how firms adjust their capital structure dynamically” are still riddling. Hence, the aim of this study is to investigate the determinants of capital structure and capital structure adjustment dynamics of banks. To this end, the study employed a quantitative research approach. Specifically, secondary data have been collected through document review of annual reports of selected banks for longitudinal/panel research design. Besides, primary data have been collected through a self- administered questionnaire distributed to the selected Chief Financial Officers (CFOs) for the cross-sectional survey research design of the study. As the method of data analysis, the study estimates both static and dynamic panel models using fixed effect and GMM estimators respectively. Besides, in analyzing the cross-sectional survey responses, appropriate statistical techniques for order-ranked and nominal/categorical items of the responses have been employed. Specifically, in the univariate analysis of survey responses, mean scores and percentage of categorical responses have been computed for order-ranked and nominal items respectively. Moreover, to test the significance of differences of mean scores of order-ranked and percentage of responses of nominal items conditional on bank characteristics, the study employed the nonparametric Mann-Whitney test and the likelihood ratio test respectively. As the result, the tax shield from interest tax deductibility, profitability and/or size of free cash flows, growth opportunities and regulatory pressure factors are found to be significant determinants of capital structure decisions, consistently in estimations of panel models and cross-sectional survey. In iii examining the capital structure adjustment dynamics, both the regression estimation and survey results revealed the tendency of banks in Ethiopia to set target capital structure and adjust towards it at a relatively faster speed of adjustment. Besides, both regression model estimation and survey results disclose the asymmetrical target capital structure adjustment of banks. To be specific, overleveraged or undercapitalized banks adjust more quickly than underleveraged or overcapitalized banks. Further, the speed of target capital structure adjustment is found to be heterogeneous across banks that differ in their absolute deviations from target capital structure, size, regulatory pressure for capital adequacy and ownership. Hence, by empirically examining the determinants and dynamics of capital structure of banks in Ethiopia, the study contributes to the existing body of knowledge on the subject under study, and/or it fills a gap in the existing reference literature on the subject. Most importantly, the study tries to untangle the capital structure issues of banks, especially the dynamics, in the context of the least developed financial system where there are no secondary market and oligopolistic banking sector. / Graduate School of Business Leadership (SBL) / D.B.L.

Introdução: A introdução da agricultura e pecuária foram muito recentes para que o genoma humano se adaptasse e a tecnologia avançada pós revolução Industrial foi ainda mais. Segundo Cordain, a substituição de alimentos minimamente processados por alimentos pós-agrícolas e pós-industriais influenciaram os indicadores nutricionais: carga glicêmica, composição de ácidos graxos e macronutrientes, densidade de micronutrientes, equilíbrio ácido-base, relação sódio/potássio e teor de fibras, levando a um desequilíbrio que é causa de várias doenças atuais da civilização. A Protein Leverage Hypothesis (PLH) propõe que a queda na ingestão de proteínas possa levar a obesidade e doenças cardiometabólicas associadas. Objetivos: Estudar o efeito do consumo de alimentos ultraprocessados nos indicadores nutricionais na população dos EUA, incluindo a composição de macronutrientes, densidade de fibras e micronutrientes e fitoestrógenos urinários; avaliar se a contribuição calórica de alimentos ultraprocessados é determinante para a qualidade nutricional das dietas contemporâneas; e finalmente estudar se a associação entre o consumo de alimentos ultraprocessados, proteína e energia correspondem às previsões do modelo PLH. Métodos: Foram avaliados os participantes do National Health and Nutrition Examination Survey 2009-2010, com pelo menos um recordatório alimentar de 24 horas. Os itens foram classificados em: alimentos in natura ou minimamente processados, processados, ultraprocessados e ingredientes de uso culinário. O manuscrito 1 examina a relação entre a contribuição calórica de alimentos ultraprocessados e qualidade nutricional da dieta, avaliando individual e globalmente a contribuição de cada ingrediente crítico, usando a análise de componentes principais (ACP). O manuscrito 2 estuda a associação entre a contribuição calórica dos alimentos ultraprocessados e consumo de açúcares de adição. O manuscrito 3 avalia como o consumo de alimentos ultraprocessados influencia o conteúdo proteico relativo da dieta e as ingestões absolutas de energia e proteína, e se essas relações se encaixam nas previsões da PLH. O manuscrito 4 avalia a relação entre a contribuição calórica de alimentos ultraprocessados e níveis de fitoestrógenos urinários. Resultados: O teor médio de proteínas, fibras, vitaminas A, C, D e E, zinco, potássio, fósforo, magnésio e cálcio na dieta diminuiu ao longo dos quintis de contribuição calórica de alimentos ultraprocessados, enquanto o de carboidratos, açúcares de adição e gordura saturada aumentou. Uma associação inversa de dose-resposta foi encontrada entre o consumo de alimentos ultraprocessados e qualidade nutricional total, medida através de um escore de padrão balanceado de nutrientes derivado usando ACP. Consistente com a PLH, a contribuição calórica de alimentos ultraprocessados foi inversamente associada à densidade proteica e diretamente ao consumo energético total, enquanto a ingestão absoluta de proteínas permaneceu constante com aumento do consumo de alimentos ultraprocessados. Os níveis médios de enterolignanos urinários diminuíram ao longo dos quintis de consumo de alimentos ultraprocessados, enquanto os níveis de isoflavonas permaneceram inalterados. Conclusões: Este estudo mostra que a diminuição da contribuição calórica de alimentos ultraprocessados é um meio racional e eficaz de melhorar a qualidade nutricional das dietas dos EUA / Background: The introduction of agricultural and animal husbandry has not provided the human genome time enough to adapt, much less the advancing technology after Industrial Revolution. According to Cordain et al., displacement of minimally processed foods by post-agricultural and post-industrial food items adversely affected the following dietary indicators: glycemic load, fatty acid and macronutrient compositions, micronutrient density, acid-base balance, sodium-potassium ratio and fiber content. Many current diseases of civilization, in turn may be ascribable to those unbalanced dietary indicators. Indeed, Raubenheimer and Simpson have proposed the Protein Leverage Hypothesis (PLH) to explain how a drop in dietary protein content might lead to obesity and associated cardiometabolic disease. Objective: This thesis aims to study the effect of an increased consumption of ultra-processed foods on dietary indicators in the US population, including macronutrient composition, micronutrient and fiber densities, and urinary phytoestrogens. It also explores whether the dietary share of ultra-processed foods, expressed as a percentage of total energy intake, is a meaningful determinant of overall nutritional quality of contemporary diets. Lastly, it also looks into whether the association between ultra-processed food, protein and energy consumptions fit predictions of the PLH model. Methods: Participants from cross-sectional 2009-2010 National Health and Nutrition Examination Survey with at least one 24-hour dietary recall were evaluated. Food items were classified according to extent and purpose of industrial food processing as: unprocessed or minimally processed foods, processed culinary ingredients, processed foods and ultra-processed foods. Manuscript 1, examines the relationship between dietary contribution of ultra-processed foods and nutritional quality of US diet through the evaluation of dietary contents of critical nutrients individually and also overall, using Principal Component Analysis (PCA). Manuscript 2 studies the association between dietary contribution of ultra-processed foods and energy intake from added sugars. Manuscript 3 examines how consumption of ultra-processed food influences relative dietary protein content and, absolute energy and protein intakes; it furthermore, tests whether the relationships fit PLH predictions. Manuscript 4 assesses the relationship between dietary contribution of ultra-processed foods and urinary levels of phytoestrogens. Results: The average content of protein, fiber, vitamins A, C, D and E, zinc, potassium, phosphorus, magnesium and calcium in US diet decreased significantly across quintiles of energy contribution of ultra-processed foods, while carbohydrate, added sugars and saturated fat contents increased. An inverse dose-response association was found between ultra-processed food consumption and overall dietary quality measured through a Nutrient balanced pattern PCA derived factor score. Consistent with PLH, dietary contribution of ultra-processed foods was inversely associated with protein density and directly associated with total energy intake, while absolute protein intake remained relatively constant with increases in ultra-processed food consumption. Average urinary mammal lignan levels decreased across quintiles of ultra-processed food consumption, while isoflavone levels remained unchanged. Conclusions: This study suggests that decreasing the dietary share of ultra-processed foods is a rational and effective way to improve the nutritional quality of US diets

L'ultima crisi nanziaria ha evidenziato il ruolo decisivo delle connessioni nel mercato interban- cario come canale e strumento ampli catore dei shock nanziari, e di conseguenza del rischio sistemico. In questa tesi presentiamo delle metodologie teoriche ed empiriche per analizzare il potenziale rischio sistemico in una rete bancaria interconnessa. La tesi comprende due saggi sulle reti nanziarie e il rischio sistemico ed e organizzata in due capitoli. Nel capitolo I analizziamo e modelliamo alcune delle complesse interazioni all'interno di una rete nanziaria, con l'obiettivo di approfondire nella interrelazione fra la fragilit a dell'eco- nomia reale e quella del sistema bancario. A questo scopo, forniamo una descrizione qualitativa e quantitativa delle dinamiche della leva nanziaria. Nel capitolo II, sfruttiamo un set originale di dati su 15 banche europee classi cate come G-SIB per valutare se l'espansione nei mercati esteri aumenta la loro rischiosit a, e attraverso quali canali si materializa. / The last global nancial crisis clearly illustrated the crucial role of interbank linkages in channel- ing and amplifying shocks hitting the system and, therefore, in the emergence of systemic risk. In this thesis, we present theoretical and empirical methodologies for analysing the potential for systemic risk in a interconnected banking network. The dissertation comprehends two essays on nancial networks and systemic risk and is organ- ised in two chapters. In chapter I, we analyse and model some complex interactions and feedback relationships within a nancial network, with the objective of delving into the linkages between fragility in the real economy and in the banking system. For this purpose, we provide a qualita- tive and quantitative description of leverage dynamics. In chapter II, we exploit an original dataset on 15 European banks classi ed as G-SIBs by the BIS to assess whether expansion in foreign markets increases their riskiness, and through which channels that eventually happens.

Research question- This thesis investigates the determinants of capital structure of the Swedish companies. In order to do so, the two dominant theories of the corporate structure are studied and their assumptions are tested. Thus, the study researches which one of the two theories is more appealing for the Swedish market. Methodology-The study follows a purely quantitative study, by conducting an econometric analysis. The data are collected from a secondary source and more particularly the "Retriever" database, which contains financial data of the Swedish companies. Findings- The findings indicate that the determinants of the corporate structure for the Swedish market do not differ from other studies which have been conducted in other countries. However, there is a difference when it comes to tax and non-tax shields. The results suggest that in most cases the Pecking Order Theory appears to be more representative for the Swedish market, since most of the coefficient appear to be in favour of it. Moreover, the significance of the effect of the industry for the financial leverage is confirmed.