Background: This paper analyses the influence of fluctuation in gold market on bitcoin prices. Based on previous studies, in present market conditions, volatility in gold prices have caused price changes in several other major assets in the market, such as crude oil. Gold fluctuations are likely to stimulate uncertainty in some other major assets. As bitcoin is becoming an alternative tool to hedge against inflation likewise to gold, the degree of uncertainty in bitcoin market is relatively high. Therefore, the study of causal relationship between gold and bitcoin markets has become appropriate since bitcoin has tremendous growth in its returns and shares many similarities with gold. Thereupon, this study reveals the evidence of Granger causality regression in different time spans to understand the relationship between gold and bitcoin. This relationship is beneficial to study since Granger causality hypothesis acknowledges whether gold’s historical prices are useful for forecasting the bitcoin market. Purpose: This study aims to analyze the relationship between gold and bitcoin market during an 8-year period from 2014 and 2022. Throughout this period, time spans which involves financial crises have been separated from the data set and tested separately to determine if there is a constant relationship between the variables. Through this, it has been intended to find the Granger causality link between gold and bitcoin market to see whether one is leading another one. Identifying the Granger causality correlation helps analyzing the patterns of correlation by using the empirical datasets, and to determine the strength of the Granger causal relationship’s nature between gold and bitcoin. Since the correlation itself does not explain why or how, but only if both markets move together, the Granger causality correlation between gold and bitcoin is the quantification of the impact that gold market performance has on bitcoin’s future price performance. Method: Since the collected data is time-series data, Augmented Dickey-Fuller tests have been conducted initially to the chosen tests. Following the results from ADF tests, Spearman’s Rho, iand Johansen’s Cointegration tests have been utilized to determine the long-term correlation between variables. Thereafter, Toda & Yamamoto and Dolado & Lütkepohl Granger Causality (TYDL-GC) method has been used to analyze the Granger causality link between the variables. Conclusion: The results of this study indicates that (i) no statistically significant correlation between gold and bitcoin market has been found according to the Spearman’s Rho test results, (ii) no long-term relationship has been found between gold and bitcoin according to cointegration test, (iii) gold does Granger Cause bitcoin prices. The evidence of causality link is unilateral from gold towards bitcoin market. Furthermore, it was observed that the Granger causality link weakens in short term and is not constant over time. The results fail to support the semi strong Efficient Market Hypothesis form. Thus, gold and bitcoin’s markets are efficient in the weak form but inefficient in the semi strong form. Since Granger causality has been found from gold towards bitcoin, one can construct a prediction model for bitcoin by using gold’s historical prices.

The aim of this thesis is to analyze the effects of political instability on the market performance. The Anti Extradition movement in Hong Kong will be the study object and its impact on the Hang Seng Properties Index will be tested. The market performance will be measured with the parameters market risk and risk premium. Two regression models will be built where the political event serve as dummy variables and categorized into relatively peaceful protest (PI1t), massive conflict (PI2t) and election period (EPt). The results indicate that all political events cause increased market fluctuation, except for EPt variable (in the risk premium model) which had a market stabilizing effect. The conclusion that the real estate market is sensitive to political turmoil is drawn. / Syftet med denna avhandling är att undersöka hur en marknad reagerar under ett politiskt ostabilt läge. För att göra detta kommer påverkan av demonstrationerna (mot det kontroversiella lagförslaget) i Hong Kong 2019 på Hang Seng Properties Index att studeras. För att mäta marknadsresultatet kommer parametrarna marknadsrisk och riskpremie att användas. Regressionsanalyser utförs och de politiska störningsmomenten är indelad i tre kategorier; mild protest, masskonflikt och valperiod. kommer att agera som dummyvariabler i analysen. Resultatet från analysen indikerar att alla typer av politiska störningsmoment ger en ökad marknadsvolatilitet. Därmed kan slutsatsen att marknader är känsliga mot politisk turbulens härleddas.

Small and medium-sized enterprises (SMEs) make the backbone of virtually all economies but most of them are only marginally engaged with global markets, particularly those from developing countries. Our ability to advise these firms is currently limited for two major reasons: on the one hand, conventional International Business literature treats the firm as a black box and does not advance in decision-making dynamics that are critical to SMEs' foreign expansion; on the other, recent SME internationalization studies have achieved important progress but seem dependent on the use of Effectuation theory to represent the decisions that guide SME internationalization. This thesis focuses on closing this gap, developing a treatment of SME internationalization that focuses specifically on characterising internationalization-related decisions as being based on firms’ control of their own means, which allow them to proactively create opportunities and take advantage of contingencies (that is, the control principle). Empirically, this thesis builds on a quantitative research design based on survey data collected from 851 SMEs distributed in Brazil, China, Italy, Poland, and Sweden. Analyses of these data were performed with multiple regression equations and structural equation modelling using partial least squares. Results show that SMEs seem more inclined to adopt control-based decisions during internationalization when under uncertainties related to their business networks and when they come from emerging markets. They also reveal that the paths toward the realization of international market performance with control-based decisions seem to involve both firm-level and individual-level dynamics, with social networking playing a critical role. Finally, the findings collectively make it possible to draw a picture that clarifies the conceptualization of the control principle and hints on the multi-level nature of control-based internationalization. Despite limitations, such findings contribute to both International Business and International Entrepreneurship literatures while advancing extant understanding of the nature of the control principle and its role in SME internationalization.

Yes / Research shows that big data analytics capability (BDAC) is a major determinant of firm performance. However, scant research has theoretically articulated and empirically tested the mechanisms and conditions under which BDAC influences performance. This study advances existing knowledge on the BDAC–performance relationship by drawing on the knowledge-based view and contingency theory to argue that how and when BDAC influences market performance is dependent on the intervening role of disruptive business models and the contingency role of competitive intensity. We empirically test this argument on primary data from 360 firms in the United Kingdom. The results show that disruptive business models partially mediate the positive effect of BDAC on market performance, and this indirect positive effect is strengthened when competitive intensity increases. These findings provide new perspectives on the business model processes and competitive conditions under which firms maximize marketplace value from investments in BDACs.

Yes / This study looks at the relationship between big data analytics capability and market performance and how this relationship can be facilitated by adopting disruptive business models in competitive environments.

<p>Problem:   What are the most useful techniques to indicate the stocks that will outperform the market 12 month post the recession period?  Purpose:  The purpose is to find out which method(s): P/B, EV/EBIT, level of debt and so on, will offer investors the highest returns on the investments post the recession period based on the example of the IT crisis of 2000/2001.  Method:  Quantitative study, covering the Swedish OMX Index from 2001 until December 2002.  Conclusions:  Three variables should be reconsidered when making an investment decision post the recession period. These variables were earlier 12 months returns, dividend yield and P/E ratios. However, it is crucial to understand that these three tools should not be viewed all together.</p><p> </p>

Problem:   What are the most useful techniques to indicate the stocks that will outperform the market 12 month post the recession period?  Purpose:  The purpose is to find out which method(s): P/B, EV/EBIT, level of debt and so on, will offer investors the highest returns on the investments post the recession period based on the example of the IT crisis of 2000/2001.  Method:  Quantitative study, covering the Swedish OMX Index from 2001 until December 2002.  Conclusions:  Three variables should be reconsidered when making an investment decision post the recession period. These variables were earlier 12 months returns, dividend yield and P/E ratios. However, it is crucial to understand that these three tools should not be viewed all together.

Submitted by Ronaldo Gomes Dultra de Lima (ronaldo.lima@gvmail.br) on 2015-04-14T14:52:06Z No. of bitstreams: 1 Tese_Ronaldo_Dultra-de-Lima_(Versao_Final).pdf: 3656263 bytes, checksum: 7c89f0263113ebef5aa6650ec3026603 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2015-04-14T16:07:07Z (GMT) No. of bitstreams: 1 Tese_Ronaldo_Dultra-de-Lima_(Versao_Final).pdf: 3656263 bytes, checksum: 7c89f0263113ebef5aa6650ec3026603 (MD5) / Made available in DSpace on 2015-04-14T18:06:20Z (GMT). No. of bitstreams: 1 Tese_Ronaldo_Dultra-de-Lima_(Versao_Final).pdf: 3656263 bytes, checksum: 7c89f0263113ebef5aa6650ec3026603 (MD5) Previous issue date: 2015-03-11 / The literature has emphasized that absorptive capacity (AC) leads to performance, but in projects its influences still unclear. Additionally, the project success is not well understood by the literature, and AC can be an important mechanism to explain it. Therefore, the purpose of this study is to investigate the effect of absorptive capacity on project performance in the construction industry of São Paulo State. We study this influence through potential and realized absorptive capacity proposed by Zahra and George (2002). For achieving this goal, we use a combination of qualitative and quantitative research. The qualitative research is based on 15 interviews with project managers in different sectors to understand the main constructs and support the next quantitative phase. The content analysis was the technique used to analyze those interviews. In quantitative phase through a survey questionnaire, we collected 157 responses in the construction sector with project managers. The confirmatory factor analysis and hierarchical linear regression were the techniques used to assess the data. Our findings suggest that the realized absorptive capacity has a positive influence on performance, but potential absorptive capacity and the interactions effect have no influence on performance. Moreover, the planning and monitoring have a positive impact on budget and schedule, and customer satisfaction while risk coping capacity has a positive impact on business success. In academics terms, this research enables a better understanding of the importance of absorptive capacity in the construction industry and it confirms that knowledge application in processes and routines enhances performance. For management, the absorptive capacity enables the improvements of internal capabilities reflected in the increased project management efficiency. Indeed, when a company manages project practices efficiently it enhances business and project performance; however, it needs initially to improve its internal abilities to enrich processes and routines through relevant knowledge. / A literatura tem enfatizado que a capacidade de absorção (AC) leva ao desempenho, porém, na área de projetos sua influência ainda não está claramente estabelecida. Além disso, o sucesso de projeto também não é bem entendido pela literatura, e AC pode ser um dos mecanismos para explicá-lo. Portanto, o objetivo deste estudo é investigar o efeito da capacidade de absorção no desempenho do projeto na indústria de construção civil do Estado de São Paulo. Estudamos essa influência por meio das capacidades de absorção potencial e realizada propostas por Zahra and George (2002). Para atingir esse objetivo, usamos uma combinação de pesquisa qualitativa e quantitativa. A pesquisa qualitativa está baseada em 15 entrevistas com gerentes de projeto em diferentes setores visando entender os principais construtos e apoiar a fase quantitativa. A análise de conteúdo foi a técnica utilizada para analisar essas entrevistas. Já na fase quantitativa, realizada através de questionário eletrônico, foram coletadas 157 respostas junto aos gerentes de projeto no setor de construção civil. As técnicas utilizadas para analisar os dados foram a análise fatorial confirmatória e regressão linear hierárquica. Nossos resultados sugerem que a capacidade de absorção realizada tem relacionamento positivo com desempenho, porém, a capacidade de absorção potencial e o efeito de suas interações não têm qualquer influência sobre o mesmo. Além disso, o planejamento e monitoramento têm impacto positivo no orçamento e cronograma, e satisfação do cliente, enquanto que a capacidade de ação sobre riscos tem influência positiva sobre o sucesso do negócio. Em termos acadêmicos, esta pesquisa permite melhorar a compreensão da importância da capacidade de absorção na indústria da construção civil e confirma que a aplicação de conhecimentos em rotinas e processos melhoram o desempenho. Para a gestão, a capacidade de absorção possibilita que melhorias das capacidades internas reflitam no aumento da eficiência de gerenciamento de projetos. Realmente, quando a empresa gerencia suas práticas de projeto eficientemente melhora o desempenho do negócio e dos projetos. No entanto, ela precisa inicialmente melhorar suas capacidades internas visando purificar as rotinas e processos através de conhecimentos que são relevantes.

No description available.

Cette thèse étudie le lien entre les caractéristiques des conseils d’administration des banques acquéreuseset la performance boursière à court terme de celles-ci, analysée grâce à la méthodologie d’étude d’événement.L’objectif étant de vérifier si la structure des conseils contribue à l’atténuation des conflits d’intérêts àl’occasion des opérations de fusions-acquisitions (F&A) et crée, par conséquent, de la valeur. Deux effets ontété mis en avant. Le premier suppose une influence directe de chacune des caractéristiques du conseil sur lesrendements anormaux de l’acquéreur ; tandis que le second, introduit l’effet médiateur de la prime de contrôlepayée, en considérant que la structure du conseil influence le pouvoir de négociation de ses membres et leurengagement dans l’intérêt des actionnaires. Pour ces deux effets, nous contrôlons certains déterminants de laperformance relatifs à la transaction et aux banques impliquées.Nos résultats indiquent que les marchés financiers ont des attentes vis-à-vis des conseils lors de cesopérations, car nous avons relevé une incidence favorable sur les rendements anormaux de la présence depersonnalités extérieures en proportion significative au conseil de l’acquéreur et de l’absence de dualité dedirection dans celui-ci. Par ailleurs, en contrôlant le choix de la méthode de paiement, nous avons égalementrelevé que l’utilisation du cash est fortement associé à des rendements positifs pour l’acquéreur. / This thesis analyzes the relationship between Board characteristics of acquiring Banks and short termStock Market reactions, measured with the Event Study Methodology. We examine if Board structure helps tolower conflict of interests during Mergers and Acquisitions, and creates Shareholder value. Two effects areanalysed. The first one supposes a direct influence of Board characteristics on the acquirer’s abnormal returns.The second one introduces a mediating effect of the premium, considering that Board structure affects itsmembers’ commitment. For both effects, we control some performance determinants relative to transactionand involved banks.Our results indicate that Financial Markets expect that Boards play an important role in acquisitions. Wefind a favourable impact of outside dominated Boards and the absence of duality on the acquirer's abnormalreturns. In addition, by controlling the method of payment, we obtain a significant and positive correlationbetween use of cash and acquirer's returns.