Hedge funds and China’s stock market: a study on factors influencing investment decisions by fund managersThe research was conducted using a web-based questionnaire sent to all Asia-related hedge funds, worldwide. Analysis of the collected data revealed that the factors influencing the portfolio investments made in China by fund managers differed from the factors which influence investment in global and emerging markets. While market conditions, market timing and changes in earning estimates are the top three influencing factors on investment decisions on global stock exchanges, fund managers are more influenced by global trend, potential growth and company size when dealing with China’s stock market. Research results also support the hypotheses that there are relationships between size of fund, trading style and personal expertise of managers and the factors influencing investment decisions.The international hedge fund industry and China’s stock market are two fast-growing entities of global capital markets. Stronger interaction between these two institutions in the future would create important implications for the financial world. The objective of this research is to identify factors that influence investment decisions by hedge fund managers in relation to China’s stock market.The following implications can be extracted from this research:(1) If China’s stock market is classified within the Emerging Markets Index, adjustments are necessary and provision should be made reflecting investor criteria for China.(2) Global trends and the potential growth of China were the two most attractive factors influencing investment decisions, suggesting a ‘herding’ tendency and ‘attention-grabbing’ bias of hedge fund managers.(3) Company evaluation remains important to hedge fund managers, suggesting that Chinese government regulators should implement reforms to improve quality of listed firms.(4) Gaps in the research on China’s stock market as well as the outcomes of this research indicate that further studies on the international hedge fund industry and China’s stock market could reveal new perspectives and enhancements to the current body of knowledge on these subjects. This thesis consists of six chapters. Chapter 1 provides an overview of the research context and research justification. The research problem and questions are identified, and the theoretical framework and hypotheses are constructed. Chapter 2 presents an overview of the hedge fund industry and China’s stock market. Chapter 3 examines the literature: factors that influence investment decisions in global, emerging markets and in particular, China’s stock market. A framework of an 8-step decision-making process was developed. Chapter 4 researches alternative methodologies and presents a justification for the selection of the research methodology. Chapter 5 summarises the results of the data analysis and interpretation. Chapter 6 discusses the conclusions, implications, contributions and limitations of the research. Recommendations for further research are also included.The outcomes of this research are expected to benefit all participants of the global financial industry, including institutional and individual investors; executives in banking, insurance and securities businesses; financiers of listed firms and multinational corporations; government regulators and independent research analysts. Other beneficiaries will be academics and the media.

本論文基本上係在對冷戰後中日兩國關係演變上的中日兩國對對方國家政策取向之具體探討 根據實際資料分析研判 歸納現有問題與窒礙之處 並且探究可能之改進之道與發展趨勢其主要內容第一 回顧自第二次世界大戰以後之中日關係 而歸結其政治關係趨向 經濟關係趨向及政治與經濟之間的關係 第二 加以分析臺灣的對日政策之各因素 和日本對台政策的各項因素 如國際體系國際關係 社會 政府及個人等因素 第三 綜合上述分析 究明如所前述的因素之間的關係 及結構性質 最後根據這些分析展望未來的中日關係

<p><strong>Sammanfattning</strong></p><p><strong>Seminariedatum:</strong> 2009-01-08</p><p><strong>Lärosäte:</strong> Mälardalens Högskola, Västerås<strong></strong></p><p><strong>Nivå:</strong> Kandidatuppsats i Företagsekonomi, 15 hp</p><p><strong>Titel:</strong> ”Mycket snack, lite verkstad – En studie om varför konsumenten inte köper ekologiska livsmedel”</p><p><strong>Författare:</strong> Helene Kaspersson 850325                 Jennie Spångberg 860813                 Stefan Sjöblom 871231</p><p><strong>Handledare:</strong> Claes Jonsson</p><p><strong>Problemformulering:</strong> Varför köper inte konsumenten ekologiska livsmedel?</p><p><strong>Syfte:</strong> Vi har för avsikt att beskriva hur konsumenten påverkas av individuella influenser och gruppinfluenser till att inte köpa ekologiska livsmedel. I en förlängning skall denna uppsats kunna vara till hjälp i processen att öka försäljningen av ekologiska livsmedel.</p><p><strong>Metod:</strong> För att kunna ge en generell bild av beteendet utförs en kvantitativ undersökning i form av en enkätundersökning.</p><p><strong>Teoretiskt perspektiv:</strong> Studien har köpbeslutsprocessen som utgångspunkt med fokus i hur konsumenten påverkas av individuella influenser och gruppinfluenser.</p><p><strong>Slutsats:</strong> Vi har kommit fram till slutsatserna att kunden agerar utifrån ett vanebaserat beteende vid köp av livsmedel. Det finns en stereotyp som symboliserar den ekologiska konsumenten. Kunden påverkas av sin referensgrupp till att inte vilja sticka ut.</p><p><strong>Nyckelord:</strong> Konsumentbeteende, Köpbeslutsprocessen, Influenser, Ekologiska livsmedel</p> / <p><strong>Abstract<strong></strong></strong></p><p><strong><strong>Seminar date:</strong> 2009-01-08</strong></p><p><strong>University:</strong> Mälardalens Högskola, Västerås</p><p><strong>Level:</strong> Bachelor thesis in Business administration, 15 credits</p><p><strong>Title:</strong> ”Mycket snack, lite verkstad – En studie om varför konsumenten inte köper ekologiska livsmedel”</p><p><strong>Authors:</strong> Helene Kaspersson 850325             Jennie Spångberg 860813             Stefan Sjöblom 871231<strong>Tutor:</strong> Claes Jonsson<strong></strong></p><p><strong>Problem formulation:</strong> Why does not the consumer buy organic food?</p><p><strong>Purpose:</strong> Our purpose is to describe how the consumer is affected by individual influences and group influences not to buy organic food. Our study shall later on be helpful in the process of increasing the sales of organic food.</p><p><strong>Method:</strong> To be able to create a general view of the behavior, we use a quantitative approach with an inquiry.</p><p><strong>Theoretical perspective:</strong> The theoretical framework consists of the buying decision-making process with focus on how individual influences and group influences affect the customer.</p><p><strong>Conclusions:</strong> We have reached the conclusions that the customer is affected by his/her habits when it comes to the buying decision of food. The “organic food customer” is associated with a stereotype. The customer is affected by its reference group not to be different.</p><p><strong>Key words:</strong> Consumer behavior, Buying decision-making process, Influences, Organic food</p>

Sammanfattning Seminariedatum: 2009-01-08 Lärosäte: Mälardalens Högskola, Västerås Nivå: Kandidatuppsats i Företagsekonomi, 15 hp Titel: ”Mycket snack, lite verkstad – En studie om varför konsumenten inte köper ekologiska livsmedel” Författare: Helene Kaspersson 850325                 Jennie Spångberg 860813                 Stefan Sjöblom 871231 Handledare: Claes Jonsson Problemformulering: Varför köper inte konsumenten ekologiska livsmedel? Syfte: Vi har för avsikt att beskriva hur konsumenten påverkas av individuella influenser och gruppinfluenser till att inte köpa ekologiska livsmedel. I en förlängning skall denna uppsats kunna vara till hjälp i processen att öka försäljningen av ekologiska livsmedel. Metod: För att kunna ge en generell bild av beteendet utförs en kvantitativ undersökning i form av en enkätundersökning. Teoretiskt perspektiv: Studien har köpbeslutsprocessen som utgångspunkt med fokus i hur konsumenten påverkas av individuella influenser och gruppinfluenser. Slutsats: Vi har kommit fram till slutsatserna att kunden agerar utifrån ett vanebaserat beteende vid köp av livsmedel. Det finns en stereotyp som symboliserar den ekologiska konsumenten. Kunden påverkas av sin referensgrupp till att inte vilja sticka ut. Nyckelord: Konsumentbeteende, Köpbeslutsprocessen, Influenser, Ekologiska livsmedel / Abstract Seminar date: 2009-01-08 University: Mälardalens Högskola, Västerås Level: Bachelor thesis in Business administration, 15 credits Title: ”Mycket snack, lite verkstad – En studie om varför konsumenten inte köper ekologiska livsmedel” Authors: Helene Kaspersson 850325             Jennie Spångberg 860813             Stefan Sjöblom 871231Tutor: Claes Jonsson Problem formulation: Why does not the consumer buy organic food? Purpose: Our purpose is to describe how the consumer is affected by individual influences and group influences not to buy organic food. Our study shall later on be helpful in the process of increasing the sales of organic food. Method: To be able to create a general view of the behavior, we use a quantitative approach with an inquiry. Theoretical perspective: The theoretical framework consists of the buying decision-making process with focus on how individual influences and group influences affect the customer. Conclusions: We have reached the conclusions that the customer is affected by his/her habits when it comes to the buying decision of food. The “organic food customer” is associated with a stereotype. The customer is affected by its reference group not to be different. Key words: Consumer behavior, Buying decision-making process, Influences, Organic food

Ett mycket debatterat ämne är pensionsområdet. IASB har genom IAS19 gjort ett försök att harmonisera redovisningen inom detta område, trots detta uppkommer det nationella så väl som internationella skillnader. Det huvudsakliga problemet för bolag är att framställa en rättvis diskonteringsränta vid nuvärdesberäkning av deras pensionsskuld. Detta har medfört att de flesta bolag, på grund av kunskapsbrist i ämnet, valt att hyra in denna expertis från en aktuariekonsult. Syftet med denna uppsats är att ur ett beslutsteoretiskt perspektiv beskriva hur aktuariekonsulten resonerar och agerar kring valet avföretags aktuariella antaganden. Det som legat till grund för denna studie är teori och regler utifrån IFRS/IAS 19 samtidigt som valda delar utifrån beslutsteori varit i fokus. För att få svar på vår frågeställning har vi valt att utföra sex intervjuer, fyra med aktuariekonsulter och två med redovisningsansvariga på börsnoterade bolag. Utgångspunkten för ansatsen har tagits från det abduktiva synsättet eftersom en växelverkan mellan teori och empiri genomförts. Denna uppsats har påvisat att konsulterna inte såg sig själva sombeslutsfattare utan intog en mer stöttande roll. Dialogen och förhållningssättet från aktuariekonsult till kund om nödvändig data varen viktig del i beslutsprocessen. Det visade sig även att yrkesheder har en vital betydelse för aktuariekonsulten i deras arbete och i beslutsprocessen. / A much debated topic is the area of pensions. IASB has by IAS 19 made an attempt to harmonize the accounting, although this raises national as well as international differences. The main problem for companies is to produce a fair discount rate in calculating the present value of a pension liability. This has resulted that most companies, due to lack of knowledge on the subject, has decided to hire this expertise from an actuary consultant. The purpose of this paper is within a decision theory perspective, describing how actuary consultant reasons and acts on the choice of corporate actuarial assumptions. To get an answer to our question, we have chosen to perform six interviews, four with actuary consultants and two with the chief accountants for listed companies. The starting point of the approach has been taken by an abductive approach as it is an interaction between theory and empirical implementation. The basis for this study is the theory and rules based on IFRS/IAS 19, while selected parts have been based on decision theory which has been in focus. This thesis has proven the consultants did not see themselves as decisionmakers but took a more supportive role. The data was an important part in the decision process, therefore dialogue and the approach actuary consultants made towards the client played a significant role. This thesis has also shown professional integrity has a vital influence on actuary consultants in their work and in the decision-making process.

Inledning:Dagligen möts organisationer av situationer där de måste ta beslut. Frågan är vad som egentligen avgör vilket alternativ organisationen väljer, vilka beslutskriterier används? Ju bättre insikt den säljande organisationen har om den köpande organisationens beslutsprocess och beslutskriterier, desto bättre kan de påverka inköpsbeslutet. Inom hotellbranschen är säsongvariationen hög och för att övervinna den erbjuder vår uppdragsgivare Björkbacken Karaktärshotellet konferensmöjligheter. De behöver dock skapa förståelse för vilka kriterier potentiella konferensköpare använder sig av när de väljer konferensanläggning för att kunna attrahera fler övernattande konferensgäster. Syfte: Syftet med den här uppsatsen är att beskriva organisationers väg till beslut och vad de efterfrågar vid köp av konferenser. Det ska göras genom att utforma en modell för beslutsprocessen och empiriskt testa den. Metod: Vårt syfte har vi angripit med en i grunden positivistisk vetenskapssyn med ett deduktivt angreppssätt. Undersökningen utgörs av tvärsnittsdesign, och kvalitativa semi-strukturerade telefonintervjuer har genomförts med organisationer som har liknande profil som vår uppdragsgivare Björkbacken Karaktärshotellet nämligen; kultur, historier och berättande. Slutsats: Vår modell för organisationers beslutsprocess, Beslutsvägen, kan bekräftas. Den beskriver att beslutsprocessen startar med att organisationen blir medveten om ett behov och därefter identifieras beslutskriterier. Enligt vår studie är följande beslutskriterier viktiga; pris, tillgänglighet, lokalernas funktionalitet, omgivning, mat samt anknytningen till konferensköparens verksamhet. Då organisationer har identifierat sina beslutskriterier väljer de mellan två vägar i Beslutsvägen, Kustvägen och E6:an. Längs båda vägarna är minnen och erfarenheter en betydande del som finns med längs hela processen. Oavsett vilken av vägarna som organisationen färdas på når de till sist sin slutdestination Beslut. / Introduction: Every day organizations face situations where they must make decisions and are forced to choose between different alternatives. The question is, what determines which option the organization chooses, which decision criteria do they use? The better understanding the selling organization has for the buying organization's decision-making process and their decision criteria, the better they can influence the purchase decision. Within the hotel industry the seasonal variety is high and to overcome them our client Björkbacken Karaktärshotellet offers conference facilities. However, they do need to create a better understanding of the potential buyers’ criteria when they are choosing a conference to attract more overnight conference guests. Purpose: The purpose is to describe what organizations demand when they purchase a conference. This will be done by designing a figure of the decision-making process and empirically test the figure. Method: We have approached our purpose with a positivistic view of science and with a deductive approach. The study consists of a cross-sectional design and to collect our empirical data we have used qualitative semi-structured telephone interviews with organizations that have similar profile as our client Björkbacken Karaktärshotellet namely; culture, history and storytelling. Conclusion: Our figure of the organizations' decision-making process, the Road to Decision, can be confirmed. It describes the decision-making process starting with awareness of a need and follows by identification of decision criteria. According to our study the following decision criteria are important; price, availability, functionality, environment, food and good connections to the conference. When organizations have identified their decision criteria they choose between two paths in our figure; the Coastal Road or the freeway E6. Along the entire process memories and experiences are a significant part. No matter which of the roads the organization travels by, their final destination is the decision.

My research considers both the challenges to and opportunities for implementing Smart Growth strategies in the City of Guelph’s urban growth centre, with a particular focus on the St. Patrick’s Ward neighbourhood. I follow the development of the downtown secondary plan-making process, spanning the time period from March 2010 to June 2011, which includes public participation by residents in the St. Patrick’s Ward and the city at large. The plan-making process started prior to, and continues after, my chosen timeframe, but the information collected in my case study brings to light the complexity of drafting a secondary plan for implementing Smart Growth strategies; the plan should ideally establish a framework for local interpretation and implementation of Smart Growth – the widely supported intensification and redevelopment strategy. I take the view that while a plan can be written to code and be argued rationally by experts, its effectiveness and ethical validity is a function of public participation in planning decisions that include values-rational anchoring, i.e. critical and ethical reflection on the value of a goal. Although many guiding principles and recommendations in the draft Plan are based on Smart Growth strategies, the physical scale of urban intensification is today very much focused on density numbers under the Growth Plan for the Greater Golden Horseshoe. The City of Guelph’s draft Downtown Secondary Plan primarily seeks to facilitate high-density, mid- to high-rise condominium and/or office developments. This may in turn lead to increased spatial segregation based on socioeconomic differences. Like in Toronto, Guelph’s Downtown Secondary Plan deregulates zoning by-laws and reduces bureaucratic ‘red tape’ for the high-density development industry through more flexible policies. Potential socioeconomic consequences like displacement of entire populations, services, and jobs from the newly re-valued places are, however, not addressed in the Plan; the policy language and conceptual thinking appears primarily geared toward redevelopment and infill. The overall lesson learned from studying the plan-making process leading up to the City of Guelph’s 1st Draft Downtown Secondary Plan concerns the role of planning in implementing Smart Growth; being a specific form of urban planning, Smart Growth implementation requires facilitation and education of stakeholders who are willing to compromise, but not beyond the point where “smart” is removed from “growth”. Given the overarching responsibility of the government to drive home this message, every stakeholder working for the public interest must collaboratively define, steer, and direct the process and private interests at each and every step along the road. The case of Guelph demonstrates the difficulty of prioritizing such a responsibility. Thus, potential future pressures to push and undermine Smart Growth’s synergistic and public participatory core value must be monitored and controlled with long-term objectives in mind.

This study will examine the importance of Country-of-Origin, Price, Quality and Expiration date, in the consumer decision making process for fresh meat. Country-of-Origin has earlier been investigated, however the research has been focusing on manipulating one single cue. With the recent scandals in the fresh meat industry, were animals being abused and expiration dates being changed, it is interesting to investigate how important the consumers find the four attributes; Country-of-Origin, price, quality and expiration date.In order to answer the research questions, and fulfil the purpose, the authors will use a mix of different data collection methods. Qualitative data will be gathered by performing interviews and quantitative data will be gathered by conducting a pilot study and an experiment. The data will be retrieved with the use of SPSS 17.0 and the conjoint analysis procedure. Country-of-origin has been found to be the most preferred attribute for consumers in their purchasing process for fresh meat, closely followed by expiration date. The consumer did find price and quality to be of importance, however the attributes were not found to be as important as Country-of-Origin and expiration date. As Country-of-Origin was found to be the most significant attribute for consumers in their decision making process, this indicates that the consumers are ethnocentric in their behaviour, i.e. they consider their own country and culture to be above others, which leads to a purchase of Swedish meat. It has also been found that the purchasing process of fresh meat is of great complexity, especially with the negative attention the fresh meat industry has induced.

The Motor Group of the European Council was commissioned in the autumn of 1997 to prepare a proposal for a new European Bus and Coach Directive. In the beginning, most of the Member States did not have the accessibility requirements as their main concern; still a smaller network with actors from the National delegations from Britain, Germany and Sweden would influence the other National delegations in the Council group to finally agree to retain the requirement of accessibility of the Directive. Within the EU decision process, the European Disability movement acted as a strong player during the whole negotiation process using the proposal to a new Bus and Coach Directive as a tool to influence key actors to go towards a Directive with a strong approach for accessibility. Policy Transfer and Policy Transfer Network are used as analytical tools to understand and structure the transfer of the question of accessibility during the negotiation process. Actors understanding how the bureaucratic process works within the EU decision system have a chance to contributing for the changes in the directions they wishes for within a range of policy areas. The principal aim of the Directive was to guarantee the safety of passengers and to provide technical prescription in particular to wheelchair users. In the end it turned out to be one of the most successful achievements for the European Disability movement in history.

This qualitative case study explores the decision-making process of administrative staff in a private senior high school when they face an ethical dilemma, aiming to discover the beliefs and principles applied when the staff make decisions and the factors that underlie those decisions. In the study, semi-structured interviews were conducted to ten administrative staff at the positions of division director and sub-division chief in a senior high school in New Taipei City. The summarized findings are as follows: 1. Ethical dilemmas being constantly faced by administrative staff in the private high school are: 1) conflict of beliefs; 2) human relations versus system; 3) difficulties in interpreting roles; and 4) struggle between ideal and reality. 2. Steps of a decision-making process for administrative staff in the private high school are: 1) determine the nature of the dilemma; 2) make sure the right objective; 3) gather extensive information; 4) study feasible solutions; 5) evaluate the scope of influence and outcomes for each solution; 6) select the best solution; 7) execute the solution; and 8) review and adjust the solution. However, interviewees who discuss the decision-making process are mostly division¡¦s directors, while sub-division chiefs tend to ¡§take orders¡¨ from above and seldom have the opportunities to decide the steps during the decision-making process. 3. Beliefs held by the administrative staff during a decision-making process for an ethical dilemma are: 1) protect students¡¦ rights and interests; 2) maintain fairness and justice; 3) communication with rational respect; 4) commitment in the administrative professionalism; and 5) establish a mutual objective. 4. Principles applied by the administrative staff during a decision-making process while facing an ethical dilemma are: 1) solve the dilemma fairly; 2) communicate genuinely; 3) keep open mind; 4) behave following regulations; 5) act professionally; 6) respect and empathize; and 7) follow instructions from above. 5. Factors that affect the administrative staff¡¦s decision-making process for an ethical dilemma can be divided into two categories: 1) internal and personal factors; and 2) external and circumstantial factors. Based on research findings, the study suggests the administrative staff in the private senior high school to adopt the following practice in order to reduce ethical dilemmas: 1) to make sure the school¡¦s directions and its educational objectives; 2) to acquire consensus among organizational members through frequent communication; 3) cultivate respect, trust, and a harmonious environment; 4) nurture organizational members to increase their professional capacity and to stimulate creative thinking. Keywords: ethical dilemma, decision making, decision-making process, administrative staff¡¦s beliefs, administrative principles, private senior high school, administrative staff