No / This paper employs the standard General Auto-regressive Conditional Heteroskedasticity (GARCH(1,1)) process to examine the impact of option listing on volatility the underlying stocks. It takes into consideration the time variation in the individual stock's variance and explicitly tests whether option listing causes any permanent volatility change. It also investigates the impact of option listing on the speed at which information is incorporated into the stock price. The study uses clean samples to avoid sample selection biases and control samples to account for the change in the volatility and/or information flows that may be caused by factors other than option listing.

L'objectif de cette thèse est d'étudier les options journalières et hebdomadaires sur l'indice de marché néerlandais AEX introduites récemment par NYSE Euronext. Nous les considérons selon trois axes principaux : d'abord, l'impact de leurs introductions sur les volumes des options à plus longues échéances déjà existantes. Ensuite, nous analysons les différents types d'investisseurs qui échangent ces options en distinguant les membres de marché, leurs clients et les teneurs de marché. Enfin, compte tenu du niveau d'information et de sophistication des investisseurs qui échangent les options à échéances courtes, nous examinons les impacts de leurs échanges sur la volatilité du marché sous-jacent, soit la volatilité de l'indice de marché AEX. Nos principaux résultats révèlent un effet de substitution des nouvelles options aux options mensuelles déjà existantes. Nous constatons un impact négatif des options journalières et hebdomadaires sur les volumes des options mensuelles et un impact négatif de l'introduction des options journalières sur les volumes des options hebdomadaires. Quant aux investisseurs, nous constatons que les options journalières et hebdomadaires sont principalement échangées par les clients des membres de marché qui se révèlent peu informés et peu sophistiqués. S'agissant de l'impact des nouvelles options sur la volatilité du marché des actifs sous-jacents, nous concluons à une augmentation du niveau de volatilité de l'indice AEX à la suite des introductions des options journalières et hebdomadaires due au fait que ces nouvelles options sont principalement échangées par des clients, investisseurs peu informés. / The objective of this dissertation is to study the daily and weekly options recently introduced by NYSE Euronext on the Dutch stock index AEX-Index. We study these options from three distinct angles: First, the impact of their introduction on the volume of existing options with longer maturities. Next, we analyze the different types of investors who trade these options and we distinguish between members of markets, customers and market makers. Finally, given investor information savvy and sophistication levels for those who trade short maturities options, we examine the impact of their trading on underlying market volatility, i.e. the volatility of the stock market index AEX. Our main results reveal a substitution effect of the existing monthly options by the new options. We observe a negative impact of daily and weekly options on monthly option volumes and a negative impact of the introduction of daily options on weekly option volumes. Concerning investors, we find that the daily and weekly options are mainly traded by customers of market members who are less informed and less sophisticated. With regard to the underlying volatility, we find an increase of the AEX index volatility level following daily and weekly options introduction, explained by the fact that these new options are traded by customers who are weakly informed investors.

Purpose: To examine the relationship between a new movie release and the stock value of the movie producers in america, and seek a connection between movie criticts and the stock price with an attempt to find similar patterns with swedish movies and their financial performance. Theoretical Framework: Based on theories of effcient and ineffcient markets, behavioural finance and previous research in the field. Method: The study has a quantitative and a deductive approach. An event study method is used to examine five large movie studios in the USA, and the Swedish film producers are examined through the number of paying customers. Results: The results are shown i charts to explain the abnormal rate of return (AR) and the relationship between movie release and the AR. Furthermore, the movie critique is also represented charts. Both for the american and the swedish movies. Conclusion: The results show that an overall negative rate of return of -0,24 % occurs at the time of a movie release. A connection between stock price and movie release has been encountered. Positive film critique generates positive AR.

CoordenaÃÃo de AperfeÃoamento de Pessoal de NÃvel Superior / Entende-se que as organizaÃÃes empresariais â presentes em um contexto caracterizado pelo efeito da globalizaÃÃo e o crescimento da diversidade das exigÃncias dos stakeholders â devem se utilizar de um conjunto de estratÃgias, implÃcitas e explÃcitas, para conquistar vantagem competitiva em relaÃÃo Ãs suas concorrentes (ACAR; ACAR, 2014). Uma dessas estratÃgias, segundo a Teoria da VisÃo Baseada em Recursos (VBR), refere-se à cultura corporativa, considerada como um recurso estratÃgico sustentÃvel, que permite à organizaÃÃo ganhos com vantagem competitiva, que, por sua vez, à refletido no seu desempenho empresarial (BARNEY, 1986; FLAMHOLTZ; RANDLE, 2012). Nesse contexto, esse estudo tem o objetivo de analisar a relaÃÃo entre a cultura corporativa e o desempenho das empresas estrangeiras listadas na NYSE. Trata-se de pesquisa descritiva, de natureza predominantemente quantitativa, utilizando-se de procedimentos inerentes à tÃcnica de anÃlise de texto e aplicaÃÃo das ferramentas estatÃsticas AnÃlise de CorrespondÃncia (Anacor), Teste de MÃdia, AnÃlise de RegressÃo Linear MÃltipla com dados em painel, para tratamento dos dados que envolvem perÃodos intercalados de 2009 a 2013. O estudo se justifica na medida em que busca contribuir para a ampliaÃÃo da discussÃo da cultura corporativa e sua relaÃÃo com o desempenho empresarial. AlÃm disso, apresenta diferencial por discutir a tipologia cultural corporativa e o desempenho empresarial a partir de aspectos organizacionais e institucionais de uma amostra que reÃne 168 empresas estrangeiras listadas na NYSE. Em relaÃÃo à aplicaÃÃo do Teste de MÃdia, os resultados sugerem a existÃncia de diferenÃas das tipologias de cultura corporativa de controle e colaborativa em relaÃÃo à situaÃÃo de crise na firma e localizaÃÃo regional, respectivamente. Verificou-se, ainda, que a tipologia cultural corporativa colaborativa, competitiva e de controle mostraram-se diferentes entre mercados avanÃados e emergentes, apontando maior participaÃÃo dessas tipologias culturais em mercados de economia avanÃada. AlÃm disso, constatou-se que a cultura corporativa nÃo sofre fortes variaÃÃes ao longo do perÃodo analisado, corroborando com a literatura sobre o assunto. A partir da Anacor, observou-se que o desempenho empresarial apresenta associaÃÃo em relaÃÃo ao setor de atuaÃÃo, ao sistema jurÃdico/legal e ao continente. Em relaÃÃo à RegressÃo Linear MÃltipla com dados em painel, os resultados mostram que as tipologias de cultura corporativa colaborativa e competitiva parecem nÃo afetar o desempenho empresarial. Entretanto, as tipologias culturais corporativas de controle e criativa exercem influÃncia negativa no desempenho empresarial. Esses resultados permitiram aceitar somente a hipÃtese especÃfica de que a cultura corporativa de controle afeta negativamente o desempenho das empresas analisadas. Logo, conclui-se que, para a amostra considerada e as anÃlises desenvolvidas, o conjunto de tipologias culturais corporativas nÃo à capaz de influenciar o desempenho empresarial. Entretanto, pode-se concluir que a cultura corporativa de controle exerce, de fato, efeito negativo no desempenho empresarial. Nesse sentido, a hipÃtese geral do estudo (a cultura corporativa atua como determinÃstica no desempenho empresarial) foi rejeitada, uma vez que somente uma das tipologias culturais corporativas analisadas se mostrou a afetar o desempenho empresarial. Embora a VBR considere a cultura corporativa como um recurso estratÃgico sustentÃvel capaz de afetar o desempenho empresarial, os resultados da pesquisa, para a amostra e os mÃtodos empregados, nÃo indica essa relaÃÃo determinÃstica em sua totalidade. / It is understood that business organizations - present in a context characterized by the effect of globalization and the growing diversity of the demands of stakeholders - must use a set of strategies, implicit and explicit, to gain competitive advantage over their competitors ( ACAR, ACAR, 2014). One of those strategies, according to the Theory of Resource Based View (RBV), refers to the corporate culture, considered as a sustainable strategic asset that enables the organization gains competitive advantage, which in turn is reflected in their business performance (BARNEY, 1986; FLAMHOLTZ; RANDLE, 2012). In this context, this study aims to analyze the relationship between corporate culture and the performance of foreign companies listed on the NYSE. It is a descriptive research, predominantly quantitative, using procedures inherent in the text analysis technique and application of statistical tools Correspondence Analysis (Anacor), Average Test, Multiple Linear Regression Analysis with panel data, for data processing involving interspersed periods from 2009 to 2013. The study is justified insofar as it seeks to contribute to expanding the discussion of corporate culture and its relationship with business performance. In addition, it presents differential to discuss corporate cultural typology and business performance from organizational and institutional aspects of a sample which includes 168 foreign companies listed on the NYSE. Regarding the implementation of the Average Test, the results suggest the existence of differences in corporate culture types of control and collaboration in relation to the crisis situation in the firm and regional location, respectively. It was also found that collaborative corporate culture typology, competitive and control were different between advanced and emerging markets, indicating greater participation of these cultural types in advanced economy markets. In addition, it was found that the corporate culture does not suffer strong variations over the analyzed period, supporting the literature on the subject. From the Anacor, it was found that business performance has association in relation to the business sector, the juridical/legal system and the continent. Regarding the Multiple Linear Regression with panel data, the results show that the collaborative and competitive corporate culture typologies do not seem to affect business performance. However, corporate cultural typologies control and creative exert negative influence on business performance. These results allowed to accept only the specific hypothesis that the corporate culture of control negatively affects the performance of the companies analyzed. Therefore, it is concluded that, for the sample considered and developed analyzes, cultural corporate set of types is not able to influence the business performance. However, it can be concluded that the corporate culture exerts control, in fact, negative effect on business performance. In this sense, the general hypothesis of the study (corporate culture acts as deterministic in business performance) was rejected, since only one of the corporate cultural typologies proved to affect business performance. Although VBR considers the corporate culture as a sustainable strategic resource able to affect business performance, the results of the research, for the sample and the methods employed, does not indicate this deterministic relationship in its entirety.

<p>Purpose of this Master thesis is to analyze, understand and evaluate current financial crisis from the leadership perspective. In order to achieve this aim we made literature analysis, conducted interviews, analyzed failure case of Lehman Brothers and case of NYSE Euronext Lisbon. Furthermore, we created a questionnaire which was sent to the biggest companies in Europe. According to our investigation, we found out that the most suitable methodological view for our research is a combination of analytical and system views. Analysis of our findings shows that financial crisis was highly caused of the failure of leadership in the financial sector. We found out that leaders have to be aware of these main problems: nowadays word is extremely interconnected and one variable can affect the whole system, huge short-term returns cannot marginalize long-term foresight, risk has to be measured and estimated, leaders has to pay a lot of attention to their strategies, plan, rethink and if it is necessary reshape them. Moreover, leaders now face more and more challenges: they have to react at the moment, to deal with world full of paradoxes and to take actions in order to increase level of confidence which creates more and more instability and chaos in the society.</p>

This diploma thesis discusses the comparison of following stock exchanges: Shanghai Stock Exchange, Hong Kong Exchanges, New York Stock Exchange and NASDAQ. History of each of the stock exchanges is briefly mentioned, as well as their fundamental characteristics (including company status, tradability of own shares, market segments, trading hours etc.). The thesis also deals with the specification and comparison of products traded on the money market on the individual stock exchanges. Moreover, there are compared the listing rules for the stocks. The last chapter is focused on the analysis of the exchange data. Stock exchanges are compared in terms of the market capitalization and in terms of the number of listed companies. The analysis of value of trading is also covered. Finally, the stock exchanges are compared with regards to one representative index.

Purpose of this Master thesis is to analyze, understand and evaluate current financial crisis from the leadership perspective. In order to achieve this aim we made literature analysis, conducted interviews, analyzed failure case of Lehman Brothers and case of NYSE Euronext Lisbon. Furthermore, we created a questionnaire which was sent to the biggest companies in Europe. According to our investigation, we found out that the most suitable methodological view for our research is a combination of analytical and system views. Analysis of our findings shows that financial crisis was highly caused of the failure of leadership in the financial sector. We found out that leaders have to be aware of these main problems: nowadays word is extremely interconnected and one variable can affect the whole system, huge short-term returns cannot marginalize long-term foresight, risk has to be measured and estimated, leaders has to pay a lot of attention to their strategies, plan, rethink and if it is necessary reshape them. Moreover, leaders now face more and more challenges: they have to react at the moment, to deal with world full of paradoxes and to take actions in order to increase level of confidence which creates more and more instability and chaos in the society.

As a financial institution that clears and settles payments for equity and other securities, a clearinghouse essentially reduces the counterparty risk. It diminishes the risk of one party failing to meet its obligations, and makes markets more efficient through netting. This paper examines the impact of the establishment of the Day Clearing Branch on April 26, 1920, which allowed the NYSE Clearinghouse to net cash values and clear loans, supposedly resulting in savings in banking, time, and labor. The common and preferred equity securities that traded on the NYSE during the year 1920 were analyzed. The effect on bid-ask spreads and volume traded were scrutinized. It was found that these securities had increases in bid-ask spreads and decreases in volume traded, contrary to prior hypotheses.

As one of the oldest and most innovative financial institutions, a clearinghouse efficiently clears and settles payments for equity transactions as well as other securities. However, this paper will only be concerned with common and preferred equity securities. The purpose of a clearinghouse is to reduce counterparty risk. It acts as an intermediary between two parties, so that the risk of one party failing to honor its contractual obligation is diminished. It reduces settlement risk through netting, the process of eliminating offsetting transactions, thus decreasing the amount of cash flow. I examine the impact of the New York Stock Exchange Clearinghouse upon its establishment in May 1892. Specifically, I analyze the clearinghouse’s effect on trading costs for different equity securities, scrutinizing the effects on bid-ask spreads. I find that once a firm joined the NYSE clearinghouse, both its relative and absolute bid-ask spreads are narrowed, representing an overall reduction in spreads of 5.28 percent.

Dissertação (mestrado)—UnB/UFPB/UFRN, Programa Multiinstitucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, 2016. / Submitted by Albânia Cézar de Melo (albania@bce.unb.br) on 2016-04-12T15:44:57Z No. of bitstreams: 1 2016_InajaAllaneSantosGarcia.pdf: 5038589 bytes, checksum: e14204f48b40d403c8e586095aa3c452 (MD5) / Approved for entry into archive by Raquel Viana(raquelviana@bce.unb.br) on 2016-05-18T12:59:07Z (GMT) No. of bitstreams: 1 2016_InajaAllaneSantosGarcia.pdf: 5038589 bytes, checksum: e14204f48b40d403c8e586095aa3c452 (MD5) / Made available in DSpace on 2016-05-18T12:59:07Z (GMT). No. of bitstreams: 1 2016_InajaAllaneSantosGarcia.pdf: 5038589 bytes, checksum: e14204f48b40d403c8e586095aa3c452 (MD5) / Este trabalho analisou os motivos determinantes para a recompra de ações realizadas pelas empresas listadas na BM&FBovespa e na NYSE. De acordo com Ikenberry, Lakonishok e Vermaelen (2000) e Gabrielli e Saito (2004), os motivos mais citados pela literatura são: (a) fluxo de caixa livre; (b) sinalização de que as ações estão subavaliadas; (c) distribuição de dividendos; e (d) interesse das empresas em ajustar a estrutura de capital por meio da alavancagem. Devido a isso, optou-se por investigar cada um desses quatro motivos. Para sustentar teoricamente o estudo, utilizou-se principalmente a teoria do fluxo de caixa livre (JENSEN, 1986), ateoria da agência (JENSEN; MECKLING, 1976) e a teoria tradicionalista (DURAND, 1952). Além dessas teorias, no decorrer do referencial teórico, discutiu-se cada motivo para a recompra de ações. Para alcance do objetivo desta pesquisa, cada motivo elencado para recompra de ações gerou uma hipótese de pesquisa, chegando ao total de quatro hipóteses. Quanto à amostra final da pesquisa, foi composta por 353 empresas não financeiras listadas na BM&FBovespa e 3.400 listadas na NYSE. Destas, 74 e 1.739 empresas, listadas respectivamente na BM&FBovespa e NYSE, realizaram recompra de ações em pelo menos um dos anos da amostra (2000 a 2014). Vale salientar que todos os dados utilizados foram coletados na base de dados da Thomson Reuters Eikon™ e organizados em um painel desbalanceado, uma vez que não foi possível verificar todos dados para todas as empresas em todos os anos da análise. Os resultados apontaram que, para o modelo composto pelas empresas da BM&FBovespa, os motivos fluxo de caixa livre e interesse das empresas em ajustar a estrutura de capital por meio da alavancagem explicam a recompra de ações, enquanto que, para o modelo composto pelas empresas da NYSE, os motivos determinantes para a recompra de ações foram o fluxo de caixa livre e a distribuição de dividendos. Conclui-se, então, que há diferenças entre os motivos para a recompra de ações efetuada pelas empresas que compõem a BM&FBovespa e a NYSE. Isso pode se justificar pelo nível de desenvolvimento dos mercados nos quais essas empresas estão inseridas. Diante dessas conclusões, é importante destacar algumas limitações da pesquisa, como: (a) não segregação dos tipos de recompra utilizados, uma vez que a base de dados utilizada não possibilitou a verificação de tal ação; (b) análise apenas das empresas listadas em duas bolsas de valores, a BM&FBovespa e a NYSE; (c) não disponibilidade de todos os dados para a estimação do modelo, dentre outras. Como sugestões para pesquisas futuras, sugere-se: (a) a observação das limitações acima elencadas; (b) a verificação de uma possível relação entre o ciclo de vida da empresa e a forma de distribuição de caixa para os acionistas, incluindo o evento da recompra de ações e a distribuição de dividendos; e (c) a utilização de outras bolsas de valores existentes no mundo, a fim de se obter um resultado mais global. _______________________________________________________________________________________________ ABSTRACT / This study analyzed the determinants reasons for stock buyback held by companies listed on BM&FBovespa and NYSE. According to Ikenberry, Lakonishok andVermaelen(2000) and Gabrielli and Saito(2004), the reasons most often cited in the literature are: (a) free cash flow; (b) signaling that stocks are undervalued; (c) distribution of dividends; and (d) interest of companies in adjusting the capital structure through the leverage. Because of this, we chose to investigate each of these four reasons. To theoretically support the study, we used mainly the theory of free cash flow (JENSEN, 1986), the agency theory (JENSEN; MECKLING, 1976) and the traditionalist theory (DURAND, 1952). In addition to these theories, during the theoretical framework, we discuss each reason for stock buyback. To reach the goal of this research, each listed reason for stock buyback generated aresearch hypothesis, bringing the total offour hypotheses. As for the final survey sample, it consisted of 353 non-financial companies listed on BM&FBovespa and 3,400 listed on NYSE. Of these,74 and 1,739 companies, respectively listed on BM&FBovespa and NYSE, held stock buyback in at least one of the sample years (2000 to 2014). We emphasize that all data used were collected in the Thomson Reuters Eikon™ database and organized in an unbalanced panel, since it was not possible to verify all data for all companies in each year of the analysis. The results showed that, for the model composed by companies of BM&FBovespa, the reasons free cash flow and interest of companies to adjust the capital structure by leveraging explain stock buyback, while, for the model composed by companies of NYSE, the determining reasons for stock buyback were free cash flow and distribution of dividends. We conclude, then, there are differences between the reasons for stock buyback held by companies that compose BM&FBovespa and NYSE. This can be justified by market development level in which these companies operate. Given these findings, it is important to point out some limitations of the research, such as: (a) no segregation of buyback kind used, since the database used did not allow verification of such action; (b) analysis only of companies listed on two stock exchanges, BM&FBovespa and NYSE; (c) unavailability of all data for model estimation, among others. As suggestions for future researches, we suggest: (a) the observation of above listed limitations; (b) verification of a possible relationship between the company’s life cycle and the form of cash distribution to stockholders, including the event of stock buyback and dividend distribution; and (c) the use of other stock exchanges in the world in order to obtain a more global result.