Over the past 20 years the field of electronic markets has seen a considerable proliferation and differentiation. This position paper takes the opportunity of the 21st volume of “Electronic Markets” to look back at important developments and insights, suggesting a framework that captures the multiple facets and indeed empirical breadth and depths of this concept. It comprises three perspectives which include the market environment, governance choices by economic actors as well as the entrepreneurial dynamics of firms who initiate and operate market platforms as their business. In addition, we propose to study the interplay of technological, market, and institutional drivers in order to understand the phenomenon of electronic markets, which is also a precondition for designing electronic markets. Both activities involve more than an economically motivated choice between the discrete alternatives of markets and hierarchies. Rather, electronic markets are configurations across multiple, interdependent dimensions: Technology is an important force in shaping the field, but needs to be complemented by considerations of the competitive environment and the setting of rules in order to ensure efficient and effective plays of the game. Based on this framework, this position paper develops six propositions for the future of electronic markets. Overall, the advantages of intermediated structures, an ongoing technological sophistication, as well as further innovation in market mechanisms and services make electronic markets an ena-bler for many interorganizational value chains. While we are confident that the ingenuity of inventors will yield a flow of innovations, recent economic crises have shed a dark shadow over the sustainability of electronic markets. They call for suitable rules and regulation amenable to economic prosperity and stability to be agreed upon on a broad level.

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Syftet med studien är att analysera hur en rationell investerare kan förhålla sig till balansgången mellan ekonomiska och sportsliga prestationer. Arbetets process är uppdelat i två huvudsakliga områden finansiell ställning och börsuppgångar. Genom en kvantitativ innehållsanalys har data samlats in och kategoriserats utifrån två huvudsakliga områden. Detta för att ge en djupare förståelse för hur balansgången påverkar bolagens aktiekurs på kort och lång sikt. Det teoretiska ramverket som utgör grunden i analysen består av rational choice theory (RCT) och den effektiva marknadsteorin. Den finansiella ställningen redovisas utifrån ett par valda nyckeltal och analyseras utifrån RCT. För att försöka förstå bakomliggande orsaker till börsuppgångar kommer den effektiva marknadsteorin utgöra analysen. De klubbar som medverkar i studien med respektive bolag är Aalborg BK, AGF Arhus, AIK, Bröndby IF, FC Köpenhamn och Silkeborg IF. Resultaten av studien visar att bolagen har svårt att hantera balansgången vilket avspeglar sig på börsen. Det blir en krock mellan klubbarnas motiv som fokuserar på sportsliga prestationer och den rationella investeringars motiv som är avkastning. Studien redogör även för en unik typ av ägare som är mer emotionellt drivna och som inte agerar rationellt. Detta leder till att bolagen är svårvärderade och svåra att förstå, kursrörelser sker slumpmässigt och marknaden är svag-effektiv. / The purpose of the study is to analyze how a rational investor can relate to the balance between financial and sporting performance. The work process is divided into two main areas, financial position and stock market rises. Through a quantitative content analysis, data has been collected and categorized based on two main areas. This is to provide a deeper understanding of how the balance sheet affects the companies' share price in the short and long term. The theoretical framework that forms the basis of the analysis consists of rational choice theory (RCT) and the effective market theory. The financial position is reported on the basis of a couple of selected key figures and analyzed on the basis of RCT. To try to understand the underlying causes of stock market rises, the effective market theory will constitute the analysis. The clubs participating in the study with each company are Aalborg BK, AGF Arhus, AIK, Bröndby IF, FC Köpenhamn and Silkeborg IF. The results of the study show that the companies have difficulty managing the balance sheet, which is reflected in the stock market. There will be a clash between the clubs' motives that focus on sporting performance and the rational investment's motive that is return. The study also describes a unique type of owner who is more emotionally driven and who does not act rationally. This leads to companies being difficult to value and difficult to understand, price movements taking place at random and the market being weak-efficient.

本論文以國內2001-2005年之上市櫃公司為研究對象，針對其轉投資層數與股權結構型態進行台灣集團企業股權結構複雜度與企業經營關聯性之研究。有別於集團企業之實證研究，一般均以比較集團與單一企業經營績效與公司價值，來間接推論集團化相關理論之合理性。本論文嘗試直接從形成集團企業之經濟因素著手，探討股權結構複雜度對於企業交易成本、融資成本與決策控制力等經營層面之影響，以期能更深入瞭解集團企業之成本與效益。實證結果顯示，集團企業股權結構複雜度之效益無法反映於較低之交易成本，但可反映於較低之融資利息成本。本論文之實證發現，集團企業形成複雜股權結構主要係基於財務而非營運之考量。最後在決策控制力方面，分析結果顯示，複雜股權結構與股份控制權有顯著的正向關係，為「東亞國家之最終控制者，傾向於透過金字塔結構或交叉持股，以較低現金流量極大化控制權」之說法，提供實證證據。 / We explore the relationship between the complexity of a business group’s ownership structure and operation by using a sample of Taiwanese companies listed in Taiwan Stock Exchange and Over the Counter during 2001-2005. Instead of using Tobin’s q or ROA, we begin with the economic background of business group directly and discuss how the complexity of ownership structure influences the benefits and costs of business operation, such as operation cost, financing cost and ultimate control. Our empirical analysis indicates that the influence of complexity of ownership structure in operation cost is uncertain. According to related research in Taiwan, the main purpose of complexity of ownership structure is not for operation but for financing or restrictions of laws. This may be result in the insignificant effect on operating cost. Second, we find a positive and significant effect on financing cost. This result also supports the arguments about the purpose of complexity of ownership structure. Finally, our analysis offers empirical evidences that control is typically enhanced by pyramid structures and cross-holdings among firms in East Asian countries.

Few areas of research in the finance literature have received greater attention than the efficient market hypothesis. Much of the research has been directed toward the securities market while very little research has been done in the real estate markets. The existing research on real estate market efficiency has been either descriptive or illustrative with very little empirical testing being performed. The major reason for the lack of empirical testing has been the inability to develop an adequate data base. The results of the empirical work that has been done do not support the widely held belief that real estate markets are inefficient. This study, using the autoregressive-integrative-moving average (ARIMA) time series analysis technique, tests the weak-form efficiency of the Dallas-Fort Worth office properties real estate market. According to the weak-form efficient market hypothesis, all price information should be capitalized into current real estate prices and not provide the basis for earning abnormal returns in trading. Price data formed from office building sales dating from January, 1979 to January, 1985 are used to test the market. The data was gathered from the files of several professional appraisal firms located in the Dallas-Fort Worth area. The transaction information includes (1) transaction price; (2) location of the property; (3) net rentable area; (4) gross income multiplier (GIM); (5) net income multiplier (NIM); and (6) net operating income. The results of the study indicate a lack of significant autocorrelation. This suggests that the Dallas-Fort Worth office properties real estate market is weak-form efficient. As further evidence of weak-form market efficiency, ARIMA models are estimated to predict future sales prices but they are unable to outperform a simple mean series forecast. The results indicate that a change in traditional real estate theory concerning market efficiency may be warranted.

Syfte: Undersökningens syftet är att mäta huruvida det går att få ut en överavkastning av aktier som väljs in i (respektive ut ur) OMX Stockholm Benchmark (OMXSB), som följd av att ett index ändrar sin komposition. Delsyftet är att undersöka om det går att se en signifikant ökning av handelsvolymen i anslutning till ändringsdagen. Metod: Studien tillämpar en eventstudie som undersökningsmetod av kvantitativ karaktär. Studien undersöker indexet OMXSB och innefattade totalt 111 stycken ingående och utgående aktier fördelat på 10 tillfällen. Två eventfönster har konstruerats; ett kring annonseringsdagen och ett kring ändringsdagen. Den procentuella handelsvolymen har mätts över eventfönstret kring ändringsdagen. Resultat: Den genomsnittliga kumulerade överavkastningen för eventfönstret vid annonseringsdagen uppgick till 1,02 % (-6 %) för de aktier som valdes in (ut). Det motsvarande resultatet 2,55 % (-0,41 %) framkom i eventfönstret för ändringsdagen. Handelsvolymen uppnådde i båda fallen en signifikant ökning dagen innan ändringen genomfördes. Slutsatser: Resultatet visade en signifikant överavkastning för aktier som valdes in (ut) i eventfönstret kring ändringsdagen (annonseringsdagen). Den signifikanta skillnaden av handelsvolymen tyder på att indexerarna handlar aktierna dagen innan ändringen genomförs. För aktier som väljs in gick det att se ett pristryck där priset höjdes fram till dagen innan ändringen genomfördes, som sedan återgick. Resultaten kan ha påverkats av externa faktorer vilket kan ha lett till en missvisande bild av den undersökta effekten. / Purpose: The study aims to investigate whether it is possible to get an abnormal return of stocks added to (or deleted from) the OMX Stockholm Benchmark index (OMXSB), as a result of a changes of the index composition. A subsidiary aim of the study is to investigate whether it is possible to see a significant increase in trading volume in close to the change day. Methodology: The study applies an event study as method of investigation of a quantitative character. The study examines the OMXSB and include a total of 111 added and deleted stocks distributed on 10 occasions. Two event windows have been designed: one around announcement day and one around change day. The percentage change of trading volume has been measured over the event window around the change day. Results: The average cumulative abnormal return for the event window around announcement day reached 1.02% (-6%) for the added (deleted) shares. Corresponding results of 2.55% (-0.41%) emerged in event window for change day. In both cases the trading volume reached a significant increase the day before the change was implemented. Conclusions: The results showed a significant abnormal return for stocks that were added (deleted) in the event window around the change day (announcement day). Trade volume suggests that index funds trade shares the day before the change day. For the added shares a price pressure could be identified up to the day before change day. The results may have been influenced by external factors which may have lead to a misleading picture of the investigated effect.

Submitted by Mila Pires (mila.pires@itau-unibanco.com.br) on 2013-02-20T18:57:30Z No. of bitstreams: 1 Versão_escrita_base_dados_estudos_anteriores_v12.pdf: 455595 bytes, checksum: f92da58e5624182947033d01042c45bf (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-02-20T19:07:35Z (GMT) No. of bitstreams: 1 Versão_escrita_base_dados_estudos_anteriores_v12.pdf: 455595 bytes, checksum: f92da58e5624182947033d01042c45bf (MD5) / Made available in DSpace on 2013-02-20T19:10:08Z (GMT). No. of bitstreams: 1 Versão_escrita_base_dados_estudos_anteriores_v12.pdf: 455595 bytes, checksum: f92da58e5624182947033d01042c45bf (MD5) Previous issue date: 2013-02-04 / O objetivo deste trabalho foi testar a presença de dois efeitos no mercado acionário brasileiro: disponibilidade e momento, amplamente estudados para o mercado norte-americano em publicações anteriores. Utilizando uma amostra de 70 empresas foram analisadas séries temporais de retornos mensais do período de ago/2006 a jan/2011, cujos resultados não foram suficientes para rejeitar a hipótese de não eficiência do mercado brasileiro. No teste do efeito disponibilidade, apenas uma das quatro estratégias testadas com a utilização do indicador de retorno do mês anterior da ação gerou retornos positivos (2,27% ao mês), e os indicadores de volume anormal e 'presença na mídia' geraram retornos negativos nas estratégias testadas. No caso do efeito momento, das 16 estratégias estudadas, a única que proporcionou retorno positivo estatisticamente significativo foi a que considerou o período de três meses de formação e manutenção das carteiras (2,01% ao mês). / The objective of this study was to test the presence of two effects in the Brazilian stock market: availability and momentum, widely studied for the American market in previous publications. Using a sample of 70 companies a time series of data returns from Aug/2006 to Jan/2011 was analyzed and the results were not sufficient to reject the hypothesis of an efficient market. In the availability effect test, only one of the four strategies tested using the return of the preceding month indicator had a positive return (2,27% p.m), whilst abnormal volume and "media presence" indicators generated negative returns. In the momentum effect test, out of the 16 studied strategies, the only statistically significant positive return was with portfolio considering three months for the formation and maintenance periods (2,01% p.m).

This master thesis, Analysis and Influences of Fundamental news on Gold Prices deals with macroeconomic variables that drive the price of gold. This paper is divided into three chapters: Possible investment forms in gold, Fundamental analysis of commodities, and lastly Analysis of impact of strong economies and their influence on gold prices. In the first chapter, emphasis is put on the Efficient Market Theory that plays an important role in success or failure of investment strategies such as technical and fundamental analysis. The second chapter illustrates the Commitment of Traders (COT) report and how it is used as a tool to predict the movement of gold prices. This chapter also discusses other large drivers effecting gold prices such as financial and geopolitical stability, inflation, interest rates, Central Banking operations, the value of the US dollar, and other influences. The final chapter analyzes the impact of announced fundamental news in the United States, China, and Europe on the price of gold. The empirical part of this paper analysis the impact of announced fundamental news in United States, China and Europe on gold prices. With the use of the linear regression method, we can test whether the macroeconomic variables significantly influence the return on gold investments immediately after their announcement, or over long periods of time. If this new public data was calculated into gold prices directly, investors would not be able to achieve additional returns by using fundamental analysis. The major findings are summed up at the end of the last chapter.

MCom / Department of Accountany / The relationship between the Equity Market Risk Premium (MRP) and macroeconomic variables has been a subject of extensive discussion in the finance literature. The MRP is a central component of the main asset pricing models which are used to estimate the cost of equity which is mainly used in investment appraisal, performance measurement and valuation of equity assets. Past studies have identified inflation rate, interest rate, foreign exchange rate and political risk as the key macroeconomic variables that determine the size of the MRP. The test of the impact of these variables on the MRP have however been based mainly on data from developed countries and a few emerging countries. To the researcher’s knowledge, there are no studies that have investigated the impact of these macroeconomic variables on the MRP in South Africa. It is necessary to test the impact of these variables in the context of South Africa as these variables vary across countries. Using time series secondary data that was obtained from the SARB database, JSE database and World Bank database for the period 2002 to 2017, this study investigated the impact of these variables on the MRP in South Africa. A total of 192 observations per series of the inflation rate, interest rate, foreign exchange rate, political risk, JSE-ALSI and 91-days Treasury bill was used in the study. The data used were tested for possible misspecification errors that could arise from using a time series secondary data and the regression model was fitted using the Ordinary Least Square (OLS) estimator. The misspecification tests and models were both implemented on STATA 15 software. The results shows that inflation rate, interest rate and foreign exchange rate have a negative impact on the MRP whilst political risk has a positive impact on the MRP. Furthermore, the result shows that the inflation rate is the only variable amongst other variable tested that has a significant influence on the MRP for the study period. The study, therefore, concludes that inflation rate has the highest impact on the MRP in the context of South Africa. The study recommends that inflation rate should be monitored and kept within its target of 3-6% amongst other variables tested in order to increase investors’ confidence in the security market and also foster economic growth. The main limitations to the study were the limited data sources and insufficient funds. / NRF

The diploma thesis deals with the Special Work Visa (SWV) as a tool to solve the problem of the shortage of unskilled workers in agriculture, forestry and food labor market in the Czech Republic. This instrument of economic migration came into effect in December 2019 under the Czech Government regulation No. 291/1999 on special work visas for citizens of Ukraine working in agriculture, food or forestry. The main goal of this diploma thesis is to compare the practice with the newly introduced SWV with its intention - getting foreign workers into the country in a faster and easier way. The next goal of the thesis is to analyze the formation and conditions of obtaining a Special Work Visa. The third goal is to find out how was labor migration developing after 1989 and the third one is to discover the current trends of employment policy for foreigners in the Czech Republic. The thesis uses primary and secondary data and uses the dual labor market theory which explains the reasons for labor migration. The research part draws on semi-structured expert interviews. The work first analyzes the problem of labor shortages in the Czech labor market and deals with the establishment of Special Work Visa. It further analyzes in detail the goal, conditions, criteria and procedure of the SWV acquisition process....