Thesis (M.A.), Political Science--University of Central Oklahoma, 2009. / Includes bibliographical references (leaves 51-55).

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In this thesis, I use two strategies of inquiry to further our understanding of indirect short-selling constraints. First, I interview a series of experienced market practitioners to identify their attitudes towards indirect constraints. I find little support for D’Avolio’s (2002) suggestions that short-selling is inhibited by managers’ fear of tracking error and by the cultural pressures of a society that can vilify short-sellers. However, I am able to introduce a new, social, indirect constraint to the literature – the perception that short-selling is a form of ‘trading’ as distinct from ‘investment’, and the consequent lack of acceptance amongst stakeholders that this engenders. This constraint reveals a divide between the attitudes of the academic community and parts of the institutional practitioner community on the subject of short-selling. However, interviewees argue that this indirect constraint is diminishing over time. This raises the prospect of markets in practice converging in behaviour towards the markets assumed in classical asset pricing models, and has implications for market efficiency. My second strategy of inquiry is to use a large, new stock lending database to explore three risk-related indirect constraints to short-selling. I examine ‘crowded exits’, a general class of liquidity problem, and find that these are associated with statistically and economically significant losses for short-sellers. I also examine ‘manipulative short squeezes’, a liquidity problem arising from predatory trading. Consistent with theory and the literature on the subject, I find that these are rare for larger, more liquid stocks. However, when they do occur, these events generate statistically significant losses for short-sellers. Finally, I build upon the work of Gamboa-Cavazos and Savor (2007) and investigate the response of short-sellers to losses. I find that short-sellers close their positions in response to accounting losses and not simply in response to rising share prices. This is consistent with short-sellers’ use of risk management tools that are designed to crystallize small losses. These serve to limit the risk of potentially unlimited losses and to reduce short positions at times of heightened synchronization risk. Stocks subject to shortcovering in this manner do not subsequently under-perform the market. My findings demonstrate that a sophisticated group of traders, strongly associated with price setting, does not suffer from the bias known as loss realization aversion.

This diploma thesis deals with freedom of speech and its limits. Freedom of speech as the fundamental right which is necessary to proper functioning of a democratic state where the law rules. In this regard the freedom of speech has to be protected properly. Protection in Czech legal order is entrusted with the legal regulation of the major legal force, part of constitutional order, "Charter of fundamental Rights and Basic Freedoms". Freedom of speech as we know it today, was expressed after the Second World War as a prevention of similarly devastating conflict in the future. Certain desire for the free dissemination of ideas we can see in a deep histor when firs attemps of gaining freedom of speech was closely connected to religion. In the 19th century, when the freedom of denomination has found its stable place in the statutes of the most European countries, the freedom of speech has become to be undestood in connection to the freedom of the press, that was the only communicatory media. During the 20th century, when the humankind all over the world witnessed the appalling horror of wars the strict protection od human rights became necessary. For this purpose first international organizations were estabilished and in their scope was formulated first indexes of human rights. The formulation of fundamental...

The depletion of marine resources and recession in worldwide economy result in impacts on the livelihood and development of many small island countries. Therefore, the community-based coastal resources management (CBCRM) approach has become an important strategy for the sustainable development of marine resources. This thesis reports the studies with regard to the CBCRM in Hujing Island, most importantly, the promotion of aquaculture development into the small island such as the culture of sea-grape (algae Caulerpa). The work was initiated to investigate the relationships between communities and marine resources in Hujing Island under a CBCRM¡¦s ¡§four pillars¡¨ framework. Qualitative methods through participant observation, interviews, and documentary analysis were used for data collection. The results have been summarized according to the framework of "four pillars". 1. In comparison with decades ago, marine resources are depleted and are inadequate to support sustainable development. Population of the community also lost, so it is not possible to develop a new fishery. 2. In terms of technology, the culture of Caulerpa can be successfully established in Hujing Island as well as in other islands in Penghu. 3. The CBCRM approach needs to build up the capacity on aquaculture technology through organizing of local communities. 4. Institutional arrangements of the culture of Caulerpa could follow those used in fishery of Beach Seine.

Abstract By using Tobit model to remove price limit regulation from the limited price data, this study analyzes the IPO aftermarket¡¦s rationality using a sample of 362 stocks which conducted IPO between 1991 and 1998 in Taiwan stock markets. Two market efficiency hypotheses were examined: the efficient markets hypothesis (EMH) and the hypothesis of efficiently learning market (ELM). The later relaxed EMH by letting prior beliefs to be unspecified. Risk was valued by market portfolio return, market model, and an alteration of Fama-French three-factor model. Tobit model is used to remove price limits in case of limit-move day. In addition to examining the hypotheses of market efficiency, this study also explores cross-section and time-series return patterns. We are interested in the effect of competitive bidding on market efficiency, the role of SEO on IPOs long-run performance, the implication of heavy issuance return pattern, and momentum and mean reversion. The results show that our IPO sample does learn rationally from information in the sense of ELM in conjunction with market model or thee-factor model. The cross-section and time-series results indicate that market is not ¡¥overreaction¡¦ or ¡¥fad¡¦, but learning sequentially and cautiously. Thus, the IPOs long-run anomalies disappear in our sample if model is properly defined.

This paper investigates the effect of price limits on strategically informed trading and market performances. We show that a price limit will increase the costs of liquidity traders and volatility spillover by its ex ante effects on strategically informed trading. Our study differs from prior research by focusing on informed traders¡¦ strategies and information competitiveness. With long-lived information or less information competitiveness, the price limit rule encourages stealthily informed trading, distorts the price dynamics and increases the trading costs of small liquidity traders. Volatility subsequent to a limit-hit is also increased. By using the listed firms in the Taiwan Stock Exchange, we provide empirical evidences that informed traders switch to trade with small orders when they encounter a price limit and volatility spillover exists. Furthermore, this negative effect is more sever for those stocks with less information competitiveness. Our findings suggest that the ex ante effects of price limits on market performances may be contrary to what the stabilizing mechanism is intended to achieve, especially for those firms with less information competitiveness.

Ce document présente plusieurs méthodes de renormalisation utilisées dans l'étude des réseaux stochastiques. En premier lieu il s'agit d'analyser les limites de processus markoviens de sauts renormalisés en temps et en espace suivant une échelle d'Euler (type loi fonctionnelle des grands nombres). Plusieurs aspects sont détaillés: la question des limites non déterministe et ses conséquences, ainsi que le cas de la dimension infinie intervenant pour les processus de Markov à valeurs dans<br />les chaînes de caractères. L'étude des réseaux avec un grand nombre de noeuds (limite thermodynamique) ou avec des liens de capacité très grandes (Régime limite de Kelly) est discuté ainsi que les perspectives de ce type d'étude.<br />L'étude mathématique de plusieurs algorithmes distribués gérant des réseaux stochastiques est présentée. L'accent est mis sur les méthodes probabilistes utilisées dans un contexte qui n'est pas nécessairement probabiliste, elles permettent notamment d'étendre et de simplifier une partie des résultats connus dans ce domaine.