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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
21

Property valuation under uncertain market conditions: a case of the Lagos property market

Oladokun, Sunday Olarinre 12 September 2023 (has links) (PDF)
This research seeks to provide an understanding of how the nature of the property market affects the valuation practice and how valuers manage such conditions during the valuation process. Specifically, the study investigates challenges that uncertain conditions of the Lagos property market pose to valuers and how valuers navigate a path through these challenges. This is with a view to providing a theoretical explanation for valuers' behaviour in an uncertain environment. The rationale for the study is that valuers' behaviour is influenced by the nature of the environment where they operate; however, there is yet to be a clear understanding of how valuers manage the conditions of property markets fraught with high uncertainty. The study pursues five objectives, namely, an examination of the nature of the Lagos property market as it relates to property valuation, an assessment of the nature of challenges valuers are exposed to within the Lagos property market and an investigation of how valuers manage the challenges of the uncertain nature of the Lagos property market. Others are an analysis of the existing real estate education in Nigeria to establish how it prepares valuers for the nature of the market they operate and a proposal of a framework for a better understanding of valuers' behaviour in an uncertain environment. Two working propositions were set for this study in relation to these objectives. Firstly, it was proposed that the Lagos property market exhibits a high level of uncertainty which poses challenges to property valuation practice. Secondly, it was proposed that in dealing with the challenges of the market, valuers would put up certain coping strategies, which can be understood through their cost minimisation behaviour. The study employs an exploratory sequential mixed methods research approach where qualitative and quantitative data were collected sequentially from multiple sources. Specifically, qualitative data were extracted from expert valuers using semi-structured interviews, while quantitative data were extracted from professional valuers and final-year students of tertiary institutions using questionnaires. Interview data were analysed using thematic analysis, while data extracted through questionnaires were analysed using descriptive and inferential statistic tools. Furthermore, this research explored the theoretical lens of Transaction Cost Economy (TCE) to explore the understanding of valuers' behaviour in an uncertain market. The study finds that the Lagos property market is characterised by features that directly affect the valuation practice. The market characteristics include the lack of a formal database of market transactions, weak institutions/corrupt property rights registration system, the dominance of valuation for mortgage purposes, and an improved standardisation and internationalisation of professional services. The shows that the nature of the market presents uncertain conditions and poses peculiar challenges to valuers. The study also finds that valuers put up various strategies to manage the challenges. The study established that while some of the identified valuers' coping strategies are logical and expected, others seem counterintuitive and unprofessional. However, the coping strategies are contextual in nature, as they are based on valuers' understanding of the nature of the market. The study also finds that gaps exist between academic training and the practice of valuation in Nigeria. That is, valuers' academic training does not reflect the actual experience of valuers in the market. Thus, the results partially confirm the first proposition and substantially confirm the second proposition. Overall, the study concludes that the uncertain nature of the Lagos property market opens valuers to several forms of coping strategies influenced by their understanding of the market environment and academic training. Assessing valuers' behaviour through the lens of TCE, the study demonstrates that while some valuers' coping strategies reduce valuation uncertainty, others increase the uncertainty and bias in valuation. It is also concluded that the provisions of TCE more accurately reflect the actual experience of valuers in a volatile and uncertain market. This study makes a number of contributions to knowledge. Specifically, it contributes to theory by expanding on the principles of TCE and applying them to the property market and valuation practice. It contributes to policy development by offering insights that can help develop improved ethical and professional standards. Lastly, the study contributes to the empirical literature by providing a deeper understanding of how valuers utilise heuristics in their decision-making processes.
22

Case study of¡¨company in Emerging market acquires company in developed country¡¨

Cheng, Ya-pei 14 February 2012 (has links)
Since continuously the companies in developed country always acquire the companies in emerging country in order to cost down or diversification. Under global competition, the emerging country becomes better and better. According to KPMG¡¦s data, the companies in emerging country acquire the developed country accelerated, especially product and natural resource are the largest goal; in the other hands, the multinational acquisitions are going down for two years. The amount of the company in emerging market acquires the company in developed country is 47 percentage of the amount the company in developed market acquires the company in emerging country. It¡¦s the highest statistic in KPMG since 2003. The study try to understand the strategy which the company in emerging market acquires the company in developed country as follows, what drove the decision to ¡§ go global¡¨, how did the company strike the balance between using foreign country management teams, and what is the challenge? How did the company accomplish integration and leverage synergies with overseas business? What advice would you give other emerging market companies on how to be successful in developed markets? The result show: the emerging market is seek to develop brand to international brand, avoid trade tax and get the core skill from oversea enterprise. Non-traditional buyer should accept the acquired company totally. In the beginning, the leader of oversea management team should be the executive officer from the acquired company to keep the loyal customers and reduce the rate of key men. To use the double brand strategy, the loyal customer could feel the innovation of R&D and set up the headquarter in oversea to let the customer feel the brand is new
23

Transaction mechanism and cost analysis of emerging stock market

Chen, Yi-Ching 04 July 2003 (has links)
none
24

market entry and industrial equilibrium

Lee, Ta-wei 22 July 2008 (has links)
The most people in the study tradition economic theory often thought the market competition degree is intense promotes the essential condition which the social welfare increases, but recent researchers have already discussed the implications of entry on social welfare to a large extent and found that entry does not increase welfare always. Previous works are useful the input suppliers and final good producers are vertically integrated; those analyses may not be suitable in vertically separated industries. Let us consider an economy with upstream and downstream markets, there are upstream firms producing a homogenous input and downstream firms producing homogenous goods to final consumers. We discuss the upstream and downstream department manufacturers the market turnover condition how to affect manufacturer of competition behavior this vertical correlation industry, the number of firms, industrial profit and the social welfare. This model analysis under free entry in the upstream market supposition or not, we find that entry in the downstream market always increases social welfare. But we discussed the downstream market when does not permit the firm free entry under the supposition, after upstream firms free entry social welfare respectively will receive the downstream firm¡¦s entry cost, the number of downstream firms or the number of upstream firms three influences.
25

Profitability of butterfly trades in bond markets

Pal, Satyajit, Banking & Finance, Australian School of Business, UNSW January 2007 (has links)
The Efficient Market Hypothesis (EMH) has had significant impact on the theory and practice of investments. However technical trading rules have continued to be used by practioners and have been the focus of many academic studies which have focused on equity, foreign exchange and futures markets. The scarcity of research into technical trading models for fixed income markets is astonishing considering the significant size and consequent investor importance of fixed income markets relative to other financial markets and the extensive application of technical trading models by market participants. This is one of the few studies that develops a technical trading model applicable to fixed income markets. Black (1986) defined Efficient Markets as a market where deviations from fundamental values were short lived and small in magnitude. Fundamental asset values are hard to calculate, but we are able to identify fundamental values for a set of Government Bonds on the principle that yield relativities between such bonds are quite stable except for 'deliberate' changes in trading behaviour. We find that the deviations from fundamental value are short lived and small in magnitude. We exploit deviations from fundamental value by Butterfly Trading strategies; Normal Butterfly trades earning returns from movements in yield curve slope and curvature and Arbitrage Butterfly trades earning returns from yield curve curvature only. After considering transaction costs, we achieve annualised returns of 120bps from our Normal Butterfly trades and 72 bps from our Arbitrage Butterfly trades. Consistent with the risk-return relationship for financial instruments, we find that the returns and the volatility of returns for Normal Butterfly trades are higher than the returns and volatility of returns for Arbitrage Butterfly trades. Normal Butterfly trades are exposed to yield curve slope changes whereas Arbitrage Butterfly trades are not, resulting in higher risk and higher returns for Normal Butterfly trades. This finding is consistent with the results obtained by Fabozzi, Martellini and Priaulet (2005).
26

Great expectations individuals, work and family /

Murray, John Angus Catullus. January 2009 (has links)
Thesis (Ph. D.)--University of Sydney, 2009. / Title from title screen (viewed 7 October 2009). Submitted in partial fulfilment of the requirements for the degree of Doctor of Philosophy to the Discipline of Work and Organisational Studies, Faculty of Economics and Business, University of Sydney. Degree awarded 2009. Includes bibliographical references. Also available in print form.
27

Market efficiency test in the VIX futures market

Zhang, Jian. January 2008 (has links)
Thesis (M.S.)--University of Wyoming, 2008. / Title from PDF title page (viewed on Apr. 1, 2010). Includes bibliographical references (p. 40-41).
28

Deregulation and internationalization of Japanese financial markets impact of change /

Halati, Touran. January 1989 (has links)
Thesis (Ph. D.)--University of Pittsburgh, 1989. / Includes bibliographical references (leaves [378]-387).
29

An empirical investigation of the impact of capital market liberalization on the Philippine equity market

Unite, Angelo Africa. January 1997 (has links)
Thesis (Ph. D.)--University of Alberta, 1997. / Includes abstract. Includes bibliographical references (p. 161).
30

The relationship between the annualised volatility and correlation of G7 ten-year bond returns

Hollander, Martin B. L., University of Western Sydney, Nepean, Faculty of Business January 1999 (has links)
The purpose of this thesis is to investigate the relationship between the annualised volatility and correlation of G7 ten-year bond returns for the period July 1992 to June 1998 and the effects that such a relationship has on portfolio diversification. The stock market crash of 1987 and the growing importance of global equity markets has encouraged a plethora of research into the volatility and correlations between international equity markets. Despite this, very little attention has been paid to the transmission of currency-based bond returns across national boundaries. The findings in this thesis are important because evidence is provided that suggests the benefits of international bond diversification are limited. The evidence provided clearly indicates that because correlations amongst G7 currency-hedged bond returns are high, the relationship between bond volatility and correlation of returns has limited benefits for portfolio managers and traders. As a result, diversification may not significantly reduce portfolio risk. Even during periods of ongoing annualised volatility decreases, the correlation between most markets remains high. Unlike the volatility trends presented in this thesis, there appears to be no trend or consistency amongst the correlation of returns between G7 markets. / Master of Commerce (Hons)

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