Most research on stock prices is based on the present value model or the more general consumption-based model. When applied to real economic data, both of them are found unable to account for both the stock price level and its volatility. Three essays here attempt to both build a more realistic model, and to check whether there is still room for bubbles in explaining fluctuations in stock prices. In the second chapter, several innovations are simultaneously incorporated into the traditional present value model in order to produce more accurate model-based fundamental prices. These innovations comprise replacing with broad dividends the more narrow traditional dividends that are more commonly used, a nonlinear artificial neural network (ANN) forecasting procedure for these broad dividends instead of the more common linear forecasting models for narrow traditional dividends, and a stochastic discount rate in place of the constant discount rate. Empirical results show that the model described above predicts fundamental prices better, compared with alternative models using linear forecasting process, narrow dividends, or a constant discount factor. Nonetheless, actual prices are still largely detached from fundamental prices. The bubble-like deviations are found to coincide with business cycles. The third chapter examines possible cointegration of stock prices with fundamentals and non-fundamentals. The output gap is introduced to form the non-fundamental part of stock prices. I use a trivariate Vector Autoregression (TVAR) model and a single equation model to run cointegration tests between these three variables. Neither of the cointegration tests shows strong evidence of explosive behavior in the DJIA and S&P 500 data. Then, I applied a sup augmented Dickey-Fuller test to check for the existence of periodically collapsing bubbles in stock prices. Such bubbles are found in S&P data during the late 1990s. Employing econometric tests from the third chapter, I continue in the fourth chapter to examine whether bubbles exist in stock prices of conventional economic sectors on the New York Stock Exchange. The ‘old economy’ as a whole is not found to have bubbles. But, periodically collapsing bubbles are found in Material and Telecommunication Services sectors, and the Real Estate industry group.

Analyse of communication strategy of Schäfer Boutique company. Definition of concepts and recommendation in branch of marketing communication.

The aim of this diploma thesis was to analyze the most important points of the marketing plan of the company ZOO Prague and evaluate the results and lessons learned during the analysis. The work also contains proposals of new marketing objectives, which could enhance current marketing activities of the company. The first two chapters focus on the theoretical definitions and the following chapters deal with partial analyzes. For example, the analysis of macro and micro (environment). The thesis also includes an own survey, supported by mystery shopping.

The main objectives of the study was to determine the exclusivity of the objectives of the regional groupings within the SADC region and to assess the impact that membership overlaps has on the realization of specific regional grouping objectives.A qualitative research approach was adopted. Semi-structured in-depth expert interviews were used to determine the issues arising from regional membership overlaps in the SADC region.Due to limited literature around the subject of regional integration in the SADC region, work done by my supervisor Dr Jannie Rossouw were cited in some instances.Recent developments in the Western economies that have resulted in the refocusing of the SADC region have resulted in polarization amongst the regional groupings in Africa. Furthermore, existing regional groupings within the Southern Africa, have endenvoured on an ambitious regional integration agenda which has resulted in membership overlaps within the existing regional bodies. The study found that these regional overlaps are costing the affected member states in the form of monetary subscription and through the deployment of the rare human skilled resources to regional secretariats. The advent of the European Partnership Agreements has caused polarization within the SADC region through the signing of various bi-lateral and multi-lateral agreements. Most importantly, this study found that structural overlaps exist within SADC itself. A lack of sufficient political will amongst SADC member states was also noted as an impediment to regional integration.However, the study also noted some positive performances of existing regional grouping despite membership overlaps. The Common Monetary Area was highlighted as a grouping that was performing in line with prescribed regional integration convergence indicators. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / Unrestricted

Discrete time sequential decision processes require that an agent select an action at each time step. As humans, we plan over long time horizons and use temporal abstraction by selecting temporally extended actions such as “make lunch” or “get a masters degree”, whereby each is comprised of more granular actions. This thesis concerns itself with such hierarchical temporal abstractions in the form of macro actions and options, as they apply to goal-based Markov Decision Processes. A novel algorithm for discovering hierarchical macro actions in goal-based MDPs, as well as a novel algorithm utilizing landmark options for transfer learning in multi-task goal- based reinforcement learning settings are introduced. Theoretical properties regarding the life-long regret of an agent executing the latter algorithm are also discussed.

Thesis (M. A. (Political Science)) -- University of Limpopo, 2015 / This study interrogated the politics of South Africa’s macro-economic policy. It done this by briefly analyzing the RDP and GEAR at length. The purpose was to identify the flaws in its conception and philosophy in order to modify it to make it more people friendly enthused with social democratic ideals. This is because it was hypothesized that if GEAR and the philosophy underpinning it were humane, poverty would have been significantly reduced. Moreover, the objective of this study was to highlight major macro-economic policy trends so as to suggest a macro-economic policy that will respond to the needs of all the people, particularly the poor. The macro-economic policies of the DA, COPE and COSATU were analysed to this end. Moreover, the NGP which replaced GEAR in November 2010 was also analysed, and it was found that they don’t differ ideologically. Both qualitative and quantitative research methodologies were used to collect data. It was found that while GEAR succeeded in stabilizing the economy, it to achieve its employment, social equality and economic growth target. This study then recommended for a macro-economic policy which will intertwine private enterprise government intervention and planning to realize fair competition, maintaining a balance between high growth rate, low inflation and unemployment, together with the nationalization of the means of production. These proposals will yield equality, economic growth and higher job creation.

Den tidigare termen frivilligt barnlös har idag ersatts med den nya benämningen barnfri, vilket innebär att man aktivt väljer bort  föräldraskapet. På grund av en fortsatt stigmatisering behöver ämnet lyftas för att påvisa hur genomtänkt ett barnfritt val är. Men finns det skillnader i hur kvinnor resonerar i sin barnfrihet? Är det skillnad mellan kvinnor som är födda i två årtionden i deras motiv ur ett mikro- och makroperspektiv? Genom en kvalitativ studie med semistrukturerade frågor intervjuades åtta svenska kvinnor, tre födda 1970-1979, samt fem födda 1980-1989, för att jämföra deras främsta skäl till att välja ett barnfritt liv. Resultatet visar att den primära orsaken för alla utom en av deltagarnas barnfrihet grundar sig i mikroperspektivet såsom frihet, spontanitet och av hänsyn till sin egna kropp. Bidragande orsaker kunde ses utifrån makroperspektivet som klimat, överpopulation och psykisk ohälsa. Den yngre gruppen uttryckte en större oro inför klimat, överpopulation och framtidsutsikter i jämförelse med den äldre gruppen. Sammanfattningsvis har den här studien visat hur genomtänkt valet är att leva som barnfri / The former term “voluntary childless” has today been replaced with the new term “child-free”, which means actively choose not to parent. Due to continued stigmatization, the topic needs to be explored to show how well thought-out the choice to remain child-free is. Are there differences in how women resonate around their child freedom? Are there any differences between women who were born in two different decades in their motives from a micro- and macro perspective? Through a qualitative study with semi-structured questions, eight Swedish women, three born 1970-1979, and five born 1980-1989, were interviewed to compare their main reasons for choosing a child-free life. The results show that the primary cause of all but one interviewees' childfreeness is based on the micro-perspective such as freedom, spontaneity and for the sake of their own body. Contributing causes could be seen from the macro perspective such as climate, overpopulation and mental ill health. The younger group expressed greater concern about climate, overpopulation and worse prospects compared to the older group. In summary, this study has shown how well thought-out the choice is to live as a child-free.

With the rise of digital technologies that have disrupted standard business models and created a new level of competition in the market, the need for digital business strategising that shapes the future of organisations and achieves digital transformation is high on the agenda of most firms. The added complexity of uncertainty in the regulatory environment regarding financial products and services, regulation of digital platforms and ongoing financial regulatory changes based on macro-economic turbulence, makes for a complex external environment within which businesses need to effectively compete and achieve performance targets. A qualitative, interpretive case study of a South African based global organisation is undertaken to explore and understand how organisations navigate the macro-environmental landscape while forging a digitally transformed future. The research uses thematic analysis to extract themes in the data collected from both IT and business leaders as they navigate the path of transitioning from traditional to digital business models in the context of regulatory uncertainty. The study provides insight into what is required for firms to achieve digital transformation, and demonstrates the influence that regulatory uncertainty has on the digital business strategising process of a firm. A conceptual model is developed that reflects the key drivers of digital transformation to achieve digital maturity and competitive advantage, and also represents the external influencing factors of regulatory uncertainty. The findings reveal a shift to a more tactical, combined top-down, bottom-up strategising practice with reliance on dynamic capabilities, strong leadership and innovation to overcome challenges of regulatory uncertainty.

This master’s thesis deals with making marketing strategy for the MSC.Software Company that sells simulation software. This thesis analyzes the current marketing strategy of the company and proposes it’s more effective usage.

Diplomová práce se zabývá sestavením marketingové strategie na zahraničním trhu pro podnik EC Engineering, který nabízí služby v oblasti simulačních softwarů. Práce analyzuje současnou marketingovou strategii podniku a navrhuje její zefektivnění.