Made available in DSpace on 2014-06-11T19:25:34Z (GMT). No. of bitstreams: 0 Previous issue date: 2011-05-19Bitstream added on 2014-06-13T18:29:02Z : No. of bitstreams: 1 penalva_d_me_ift.pdf: 1147387 bytes, checksum: 8e6d7c8702b105a6e1f45a6db2ac7b9e (MD5) / Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / Em sistemas onde muitos agentes interagem, permitindo obter medidas que podem se apresentar intermitentes, muitas vezes podemos extrair padrões que denotam comportamento de grupo destes agentes, este é o caso do mercado financeiro e sua estrutura de correlações emergentes. Este trabalho visa reproduzir e sintetizar o que é entendido como estrutura de correlações no mercado financeiro. A análise da estrutura consistirá de 2 partes, uma dinâmica, acessando dependências temporais, e outra topológica e economica, acessando a importância das conexões entre ações. Na análise dinâmica são investigadas a correlação instantânea, quanto o comportamento ao longo das escalas de tempo , e a não instantânea, quanto ao decaimento temporal em relação ao máximo de correlação. A topologia é analisada obtendo-se um grafo a partir da matrix de correlação instantânea e analisando a conectividade dos vértices, partindo do mais conectado(chama-se raíz) analisa-se os diversos clusteres de ações obtidos, comparando com a classificação economica conhecida. A analise topológica é feita em várias escalas de correlação instantânea visando a comparação entre elas. Introduzo noções gerais de sistemas complexos no capítulo 1. No capítulo 2 dou uma breve descrição do mercado através das varíaveis mais importantes e seu comportamento, i.e. as escalas de preços e de tempo. O capítulo 3 descreve os métodos utilizados para análise da estrutura de correlação do mercado, é apresentado o estimador de Pearson para correlação linear bem como o método de Kruskal, utilizado para obter o grafo árvore que contém todas ações e minimizar a soma das arestas (ponderadas pela distância definida a partir da correlação). No capítulo 4 apresento os resultados referentes à análise da estrutura de correlações para o mercado Bovespa / In systems where many agents interact, allowing for measures that may be erratic, many times we can extract behavior patterns that denote a group of agents, this is the case of financial market and its emerging structure of correlations. This work aims to reproduce and synthesize what is perceived as a correlation structure in financial markets. Analysis of the structure will consist of 2 parts, one dynamic, accessing temporal dependencies, and other topological and economical by accessing the importance of connections between assets. In analysis of dynamics are investigated instantaneous correlation, it’s behavior across scales of time, and the not instantaneous, it’s decay from the maximum correlation. The topology is analyzed by a graph from the instantaneous correlation matrix and analyzing the connectivity of vertices, starting from the most connected (called root) analyzes the various clusters of shares obtained by comparing with known economic classification. The topological analysis is performed at several scales of correlation in order to instantly compare them. Introduce general notions of complex systems in Chapter 1. In Chapter 2 give a brief description of market through the most important variables and their behavior, ie the ranges of price and time. Chapter 3 describes the methods used for analysis the correlation structure of the market, the estimator is presented by Pearson’s linear correlation and the Kruskal method is used to obtain the graph tree containing all assets and to minimize the sum of edges (weighted by the distance defined from the correlation). In Chapter 4 I present the results of the analysis of correlation structure for the market Bovespa

This thesis sets out and examines the distinctive features of Anglo-American conservative ideology after the Cold War, in terms of its continuities with and differences from conservative doctrines of the past. The basic proposition explored is that despite conservatism's victory over socialism it too has been disoriented by the ending of the Cold War, and is possibly even exhausted as an ideology of contemporary relevance. Suggestions that conservatives have been left in a position of ideological hegemony are therefore questioned. A number of reasons are considered for supporting this belief: that the loss of their Cold War opponents has deprived conservatives of any distinctive purpose; that free market agendas are discredited by the critiques of ideologies such as communitarianism and environmentalism; and that traditional beliefs and values have been undermined by developments such as the spread of moral relativism. Moreover, the possibility is considered that the end of the Cold War has exacerbated tensions between varieties of conservatives - for example, free market and 'traditionalist' thinkers - because of the lack of common unifying purposes. The main body of the thesis is presented in two parts. Part I considers how the key traditional elements and themes of conservative ideology relate to the circumstances of the post-Cold War world, whilst Part 11 examines in detail its responses to a number of specific contemporary challenges. The purpose of this division is to facilitate a reflection upon the status of the ideas traditionally central to conservatism, together with an assessment of conservatives' abilities to engage with contemporary ideological developments.

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D.Com. / Valuation is an intricate and complex problem. There are many approaches and models pertaining to this problem. The result of all these approaches is that investors are still confused because they are not fully, acquinted with the problems and strengths of the different approaches and models. It is therefore important to try to soIve this problem. The object of the study is to examine all the different approaches, especially the Capital Asset Pricing Model which has undergone extensive development. The literature is thoroughly discussed and various theoretical models which can be used in the valuation process are evaluated critically. The models which are discussed range from the traditional models to the more modern models of valuation. By using the information of 60 shares, the different approaches are empirically tested and practical problems are discussed.

Call number: LD2668 .P7 1974 C55

The aim of the thesis is to examine, mainly, how labour market dynamics affect unemployment. We consider labour market models where current decisions - regarding employment, wage setting, and labour supply behaviour - depend on past decisions, and where these lagged adjustment processes interact. These interactions are the centerpiece of the chain reaction theory of unemployment, in which each labour market shock has a chain reaction of unemployment effects. Chapter 1 analyzes two important dynamic influences: (i) the prolonged effects of temporary shocks, called unemployment persistence, and (ii) the delayed effects of permanent shocks, which we call imperfect unemployment responsiveness. Focusing on three countries - Germany, UK, and US - we identify significant labour market lags, and measure the degree to which these lags are responsible for unemployment persistence and imperfect responsiveness. Chapter 2 shows that in multi-equation labour market models containing lagged endogenous variables and exogenous variables with nonzero long-run growth rates the natural rate of unemployment - as conventionally defined for empirical purposes - is not a reference point (a value toward which the equilibrium unemployment rate tends with the passage of time). Chapter 3 evaluates the natural rate and chain reaction theories of unemployment. For an empirical model of the UK labour market, we show that un-employment does not converge to the natural rate, as conventionally defined. Furthermore, we show that the labour market lags account for a substantial part of the UK long-run equilibrium unemployment rate as well as for the movement of UK unemployment over the past one and a half decades. Chapter 4 shows that real inertia (sluggish adjustment of real variables) may have a powerful role to play in generating the real effects of nominal (demand) shocks, and nominal inertia (sluggish adjustment of nominal wages and prices) may be important in propagating real (supply-side) shocks.

No description available.

ABSTRACT Hotels and the hotel sector is one of the most uprising sector on the market and individuals travels more and in Sweden the capacity of logy and hotels continue to grow. The development of the industry increases the need to more capacity of hotel room in Sweden and in the destination in this study area Örnsköldsvik. The effects of higher competition along actors is an important subject to study because it is one industry that seams to grow with time. The results lead to guidance for similar destinations to see the effect of a changed market. Hotels is important for a destination to offer the potential tourist somewhere to stay and that leads to higher finance for the local area. Recent studies have shown that hotels can be a sign for a destinations welfare and economic stability and is one way for municipality to increase the interested for This thesis aims to describe and analyze the effect of a change market and what this means for the existing actors. Also what+ higher capacity of rooms make for a destination to reach some types of events and conference. To get the results for this study statistic from different database has been collected and is supplemented with interview with the municipality of Örnsköldsvik. It is proven in this study that hotel is important for the development of tourism and is one key factor to attract different events. Keywords: Interactions, Competition, Changed market

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This thesis investigates whether there has been an improvement and convergence of productive efficiency across European banking markets since the creation of the Single Internal Market: it examines the main European banking systems between 1993 and 1997 and estimates the efficiency characteristics of these markets by employing nonparametric estimation techniques, in the form of Data Envelopment Analysis (DEA) and the Free Disposal Hull (FDH) approach. In addition, this study also evaluates the productivity change across banking markets employing the Malmquist Productivity Index (MPI). Using efficiency measures derived from DEA estimation, it also evaluates the determinants of European bank efficiency using the Tobit regression model approach. Finally, this thesis extends the established literature on modelling the determinants of bank efficiency by recognising the problem of the inherent dependency of DEA efficiency scores when used in regression analysis. To overcome the dependency problem, a bootstrapping technique is applied. Overall, the results suggest that since the EU's Single Market Programme there has been a small improvement in bank efficiency levels, although there is little evidence to suggest that these have converged. The results also suggest that inference on the determinants of bank efficiency drawn from non-bootstrapped regression analysis may be biased and misleading.