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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.

Is the Swedish stock market efficient? : Testing the weak form of efficient market hypothesis

Lindvall, Joacim, Rangert, Fredrik January 2012 (has links)
This paper examines the efficiency of the Swedish stock market, by testing if it is possible to create an excess return by the use of technical trading rules. According to the efficient market hypothesis and the random walk theory, in an efficient market it is not possible to predict the future stock prices by analyzing historical stock prices. The profitability of tech-nical analysis and technical trading rules has been researched and debated extensively, but economists have yet to reach a consensus. Because of this we find it useful to continue to study technical trading rules, and in our case we will focus exclusively on the Swedish stock market. We have done this by applying the trading technique moving average on the Swe-dish stock exchange. We have used the OMX Stockholm 30 Index, OMXS30, the 30 most traded stocks on the Stockholm stock exchange. From Nasdaq OMX we have obtained the daily closing prices from 1986-09-30 - 2012-01-27. Our test shows support for technical trading rules. The best performing moving average is the (1,50,0), which substantially beats the buy-and-hold strategy while being statistically confident to 99%. We have also tested our data set for a unit root, if a unit root exists it implies that the data set is following a random walk. We cannot reject that there is a unit root with α = 0.10 in our data set, alt-hough it would be rejected with α = 0.11. Our result forces us to reject that the Swedish stock market is efficient which is consistent with previous research made one the Swedish stock market.

The influence of interactions between market segmentation strategy and competition on organizational performance. A simulation study.

Dolnicar, Sara, Freitag, Roman January 2003 (has links) (PDF)
A computer simulation study is conducted to explore the interaction of alternative segmentation strategies and the competitiveness of the market environment, a goal that can neither be tackled by purely analytic approaches nor is sufficient and undistorted real market data available to deduct findings in an empirical manner. The fundamental idea of the simulation is to increase competition in the artificial marketplace and to study the influence of segmentation strategy and varying market conditions on organizational success. Success/failure is measured using two performance criteria: number of units sold and survival of firms over 36 periods of time. Three central findings emerge: (1) the more competitive a market environment, the more successful the concentrated market segmentation strategy, (2) increased levels of marketing budgets do not favour firms following a concentrated segmentation strategy and (3) frequent rethinking and strategy modification impairs organizations that concentrate on target segments. (author's abstract) / Series: Working Papers SFB "Adaptive Information Systems and Modelling in Economics and Management Science"


Medek, Jan, Jirout, Martin, Drbal, Pavel January 2008 (has links)
This study describes the behavior of four important international construction companies within the Czech construction market. The chosen companies are following: SKANSKA CS, STRABAG, HOCHTIEF CZ and OHL ZS. The theoretical part of this paper dissertates about various methods suitable for market analyses, such as strategic maps or Porter´s diagram and foreign market entry modes in general. The practical part begins with the general description of the Czech construction market and its history. The SWOT analysis of the Czech construction market also anticipates the future development of the Czech construction market in following five years. The next chapters are devoted to the detailed description of chosen companies. The history and profile of the chosen international concerns and of the traditional Czech companies are described in this chapter. This part also characterizes the takeovers of Czech companies by international concerns of SKANSKA CS, STRABAG, HOCHTIEF CZ and OHL ŽS and their following development on the Czech construction market. From the detailed description, economic data with the most predicative significance were chosen. This data was subsequently compared in the penultimate part of the study. The Economic data such as sales, profit, return on sales, number of employees, sales on employee and growth of the companies are significant for the comparison. The graphs clearly show the development of the companies since 2000. The results of the analyses are concluded in the last chapter, which also contains a suggestion for the possible future research.

A Marketing Strategies Study on the Tan-dao Corporation move to Tianjin Condiment Market

Sun, Tzu-Fei 31 August 2011 (has links)
ABSTRACT Bay manufacturing advantages and the value of a condiment, is the island's geographical location, surrounded by the sea, there are year-round spring climate, clean and high environmental awareness of water quality, manufacturing technology, high-quality manufacturing process, test, and because China has a huge market, the population 1.3 billion, a number of domestic consumers, the two sides is the same culture and species, under similar cultural background, as Taiwanese are more likely to open up the mainland's domestic market, persistent efforts to carry forward the industry in Taiwan seasoning, to enter the Chinese domestic consumer market . Taiwan's creativity continues to grow, in the three-hit, no limit innovation, creative spirit and excellence a never catch up, how to make condiments into Tianjin, China, Taiwan, the retail channel market research qualitative depth interview research design methods, Castle is a Taiwanese village and MIT food industry the most red in the Chinese market, not only Shenju with quality assurance and good service for the Chinese Tianjin consumer preferences, health care will be healthy food seasonings market in Tianjin analysis, in Taiwan domestic market condiment station in Tianjin have a place to row, this research SWOT framework of STP 4P marketing mix, chain of retail outlets of market opportunities, understanding of local spices and combined with local related industries have been cultivating the Taiwan Tianjin businesses to quickly extend the concept by the business, manufacturers seeking to achieve cross-strait business cooperation, agents, distributors, changing the mainland lifestyle Taiwan, Taiwan is an opportunity for companies manufacturing spices, ECFA in June 2010 after the signing of but also through the Taiwan External Trade Association and the Tianjin Municipal Government in July 2010 the first exhibition in Tianjin famous Taiwan. Through depth interviews are related to transfer goods in Tianjin market access material manufacturers to make more appropriate future course of business marketing strategy, marketing strategy to promote better cross the marketing of the relevant industry, economic and trade exchanges, I hope the Taiwanese manufacturers continued stability of the family income, Cultivating Taiwan value and enhance the international competitiveness of Taiwan's operators hope to bring the best time opportunities. The Tianjin bring more healthy and delicious spices, creating win-win situation, and therefore people in the right place together with the collection of funds, personnel, technology, small and medium enterprises in Taiwan to fight for business resilience and perseverance, Taiwan based China, another cause of suffering praise carbon road heights.

Essays in the theory of market micro structure

Vitale, Paolo January 1996 (has links)
No description available.

Applications and portfolio theory in the South African agricultural derivatives market

Scheepers, Deon 15 May 2008 (has links)
South African agriculture experienced rapid deregulation during the 1990s as the one channel marketing boards were dismantled. For the grains industry this meant the rapid development of a derivatives market (SAFEX). Derivative markets are surely the most intriguing and complex financial markets with the most misunderstood and riskiest instruments of all financial markets. Their complexity also caused its fair share of problems within the South African scenario with the inception of SAFEX in 1996/97. Not only is this type of market complex but it also creates huge fluctuations in the portfolio value of a derivatives linked portfolio. It is precisely this type of fluctuations and exposure that can be controlled and managed to the preferred level of risk by the correct and responsible application of these instruments. The successful application of these instruments depends greatly on the fact that the underlying market should be an efficient market which will then in turn allow for cost effective pricing of these instruments and ultimately lead to successful product structuring. The South African agricultural derivatives market was tested for efficiency by using a co-integration analysis which proved market efficiency. Once market efficiency was established it allowed for the structuring of marketing portfolios which ultimately resulted in a rule of thumb marketing strategy for maize producers. The strategy required the maize producer to fix a price during planting period for delivery in July the following year. In order for the producer to benefit from any potential upside during the season between price fixing and delivery the producer should buy a call option with an expiry date of the month of March following planting. This will save him at least four months worth of time value on the option premium. This study also acknowledged the fact that the derivatives market in South Africa is still in its fledgling phase and realises the vast potential for risk reduction through radical innovation by creating and mixing the basic positions of derivatives. This study illustrates by way of examples a few approaches in structured products. In an attempt to achieve successful product development the study applied portfolio theory as a means to quantify risk by using mean return and portfolio variance parameters. It addressed the more obvious price risk situation which is faced by all grain producers by developing a rule of thumb marketing strategy for farmers. The more complex situation of emerging agriculture was also considered where the objective was to enable a small scale producer to benefit from the risk reduction potential of these instruments. At the same time it would also allow them to access production credit without a traditional balance sheet while allowing the financier to be ring fenced from the risk of price fluctuation on the clients profit profile. A more adventures approach was followed for the dairy industry by creating a proxy price for milk based on the maize price of SAFEX in an attempt to encourage an increase in the volatility of the milk price which could then be managed very successfully through the use of derivatives which will then ultimately enable cash flow management. / Dissertation (MSc (Agricultural Economics))--University of Pretoria, 2008. / Agricultural Economics, Extension and Rural Development / unrestricted

The Libor market model and its calibration to the South African market

Klynsmith, Kepler Vincent 27 June 2012 (has links)
The South African interest rate market has mainly been focused on vanilla interest rate products and hence can be seen as underdeveloped in this regard when compared, for instance, to the associated equity market. Market participants subscribe this aspect to a lack of demand and sophistication of investors within the market. This is, however, expected to change given the influx of international banks into the South African market over the past couple of years. The current market methodology, for the pricing of vanilla interest rate options in the South African market, is the standard Black model with some mechanism to incorporate interest rate smiles. This mechanism is typically in the form of the SABR model. The most signi cant drawback of this approach is the fact that it models each forward rate in isolation. Hence, there is no way to incorporate the joint dynamics between different forward rates and consequently cannot be used for the pricing of exotic interest rate options. In anticipation of these new market developments, we explore the possibility of calibrating the LIBOR market model to the South African market. This dissertation follows a bottom up approach and hence considers all aspects associated with such an implementation. The work mainly focuses on the calibration to at-the-money interest rate options. A possible extension to the SABR model, while remaining within the LMM framework, is considered in the final chapter. Copyright / Dissertation (MSc)--University of Pretoria, 2012. / Mathematics and Applied Mathematics / unrestricted

The essence of the money market in Hong Kong : research report.

January 1982 (has links)
by Tong Sheung-ling, Maria. / Abstract also in Chinese / Bibliography: leaves 41-43 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1982

A study of the buying behavior of instant-noodle consumers in Hong Kong.

January 1974 (has links)
Thesis (M.B.A.)--Chinese University of Hong Kong. / Bibliography : l. 144-146.

An empirical examination of the inter-relationship of ex ante interest rates in global money and bond markets.

January 1996 (has links)
Wong Pak Kin. / Year shown on spine: 1997. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1996. / Includes bibliograpical references. / Abstract --- p.i / Acknowledgment --- p.iii / Chapter Chapter I --- Introduction --- p.1 / Chapter Chapter II --- Literature Review --- p.6 / Chapter Chapter III --- Markets and Instruments / Chapter 3.1 --- International Money Markets --- p.15 / Chapter 3.1.1 --- Euro-deposit Market --- p.17 / Chapter 3.2 --- International Bond Markets --- p.20 / Chapter Chapter IV --- Preliminary Analysis of Data --- p.24 / Chapter 4.1 --- Data --- p.24 / Chapter 4.2 --- Descriptive Statistic Of Data Used In This Study --- p.29 / Chapter Chapter V --- Research Methodology / Chapter 5.1 --- Unit Root --- p.33 / Chapter 5.2 --- Cointegration and Error Correction Model --- p.37 / Chapter 5.2.1 --- Cointegration Using Engle and Granger Methodology --- p.39 / Chapter 5.2.2 --- Cointegration Using Johansen Methodology --- p.42 / Chapter Chapter VI --- Empirical Results / Chapter 6.1 --- Testing for Unit Root --- p.47 / Chapter 6.1.1 --- Short-term Interest Rates --- p.47 / Chapter 6.1.2 --- Long-term Interest Rates --- p.48 / Chapter 6.2 --- Testing for Cash-Futures Relationship --- p.54 / Chapter 6.3 --- Multivariate tests for Cointegration and VECM --- p.59 / Chapter 6.3.1 --- Cointegration in the International Money Markets --- p.63 / Chapter 6.3.2 --- Cointegration in the Interest Rate Futures Markets --- p.67 / Chapter 6.3.3 --- Cointegration in the International Bond Markets --- p.71 / Chapter 6.3.4 --- Cointegration in the Bond Futures Markets --- p.75 / Chapter Chapter VII --- Concluding Comment --- p.91 / Reference / Appendix

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