This doctoral thesis traces the various forms in which ordinary people engaged in the stock market across twentieth-century Britain. It asks how and why previously stigmatised forms of investment and speculation came to be regarded as socially, politically and economically desirable. I argue that financial and economic historians, preoccupied with the growing dominance of financial institutions over British security markets during this period, have neglected the social and cultural relevance of popular share ownership. Consequently investment is seen as more than an economic activity. Understanding the ways in which social and cultural attitudes towards finance relaxed over time, allows us to better understand the arrival of neoliberalism in Britain. After World War I, Britain witnessed a significant expansion of private stock market investment. However, in comparison to the United States, Britain’s financial establishment took a more conservative stance on universal share ownership and restrained much of the potential for a “democratisation of investment”. After 1945, private share ownership continued to grow gradually across classes due to higher living standards and in spite of nationalisation, high taxation and the institutionalisation of securities markets. Politics was not the main driver of this trend as efforts to widen share ownership were difficult to square with the interventionist postwar economic settlement. More importantly, the rapidly expanding trade of financial journalism increasingly educated multiple audiences about stock market affairs. By widening the analytical scope beyond socioeconomic conditions, it becomes apparent that the sweeping social and cultural changes during the 1950s and 1960s helped to loosen older reservations against financial speculation, thereby drawing evermore investors into the market. The key shift of this period was that ‘playing the stock market’ became a popular and socially acceptable hobby, predominantly among middle-class households. Tracing these developments to the 1970s and 1980s, this thesis concludes that market populism had a powerful appeal to savers and investors hit by inflation, thereby accelerating the growth of economic individualism long before the Thatcherite Revolution unfolded in Britain.

Orientador: Gerson Francisco / Banca: Fernando Fagundes Ferreira / Banca: Antônio Fernando Crepaldi / Resumo: 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 / Abstract: 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 / Mestre

Class of 2011 Abstract / OBJECTIVES: To establish the risk versus return of pharmacy corporations those are traded publicly on the open market. METHODS: Descriptive retrospective study of financial data obtained through Center of Research in Security Prices (CRSP). Pharmacy corporations were selected by the Standard Industrial Classification Code (SIC code) of 5912. Information that was gathered were monthly security-level stock market prices, value-weighted stock market index, the 30-day return on Treasury bill, SMB, HML, and MOM. Analysis timeframe: 1929-2009. RESULTS: CAPM and Fama-French three factor and four models calculated the data results. CAPM resulted in statistically significant overall beta= 1.04 (p≤0.05). Fama-French three factor model resulted in significant overall beta= 0.87 and overall SMB= 0.79. Fama-French four factor model resulted in significant overall beta= 0.86 and overall SMB= 0.78. CONCLUSION: Over the 80 year time period pharmacy corporations suggested mixed volatility. Risk of investment has never suggested being a viable gain on return of investment versus a 30-day Treasury bill.

AFRIKAANS: Die arbeidsmark en die wyse waarop die arbeidsmark funksioneer dra by tot die doeltreffende funksionering van enige ekonomie. Die swak prestasies van die Suid¬Afrikaanse ekonomie die afgelope aantal jare is indikatief van die ondoeltreffende wyse waarop veral die Suid-Afrikaanse arbeidsmark funksioneer. Ondernemings slaag dus oor die algemeen nie daarin om dinamiese arbeids- en indiensnamepraktyke toe te pas en produktiwiteit betekenisvol te verhoog nie. Verskeie faktore dra by tot die ondoeltreffendheid van die Suid-Afrikaanse arbeidsmark. In dié verband kan in besonder verwys word na die invloed van apartheid. Hierdie beleidsrigting het die geleenthede van individue beperk en 'n besondere impak op die arbeidsmark gehad. Dit is hoofsaaklik weens die apartheidsbeleid dat die Suid-Afrikaanse arbeidsmark sterk gesegmenteerd is, dit wil sê, permanent verdeel is in twee hoofsaaklik nie-mededingende marksegmente (Barker, 1992:16). Die regering het egter sedert 1994 daadwerklike pogings aangewend om arbeidsverhoudinge en gevolglik die arbeidsmark by wyse van wetgewing te hervorm. In die studie word verskeie veranderlikes geïdentifiseer wat met die arbeidsmark verband hou, maar terselfdertyd indikatief is van die swak prestasies van die Suid¬Afrikaanse ekonomie, naamlik, hoë en stygende werkloosheidsvlakke, die lae werkskeppingskapasiteit van die ekonomie, armoede en ongelykheid, relatief lae produktiwiteitsvlakke en hoë eenheidsarbeidskoste, tekort aan vaardige en geskoolde arbeid, die relatief hoë koste van arbeid en die onbuigsaamheid van die arbeidsmark. Dit is in besonder die lae produktiwiteitsvlakke in die Suid-Afrikaanse ekonomie wat Suid-Afrika se kapasiteit om vinnige en volgehoue ekonomiese groei te bewerkstellig (en gevolglik internasionaal mededingend te wees) nadelig beïnvloed. Die belangrikheid van produktiwiteit kan dus nie oorbeklemtoon word nie. Produktiwiteit dien as 'n maatstaf van die doeltreffendheid waarmee hulpbronne (ondermeer arbeid), aangewend word. Die vraag na en die aanbod van arbeid word dus beïnvloed deur die produktiewe aanwending van insette, Volgens Ehrenberg en Smith (1996:36) is produktiwiteit egter ook bepalend in terme van die uitset van 'n onderneming en die wyse waarop arbeid en kapitaal in die produksieproses gekombineer word. Ekonomiese ontwikkeling behels dus veranderinge in die struktuur van indiensname en betekenisvolle toenames in produktiwiteit. Die prestasies van die ekonomie word beïnvloed deur stygende produktiwiteitsvlakke en 'n styging in reële lone. Die welvaart van individue of 'n gemeenskap kan slegs verhoog word indien produktiwiteit betekenisvol verhoog. Die determinante van produktiwiteit (die verwantskap tussen reële uitset en die hoeveelheid insette wat aangewend word om die uitset te produseer), is egter veelvuldig en veelsoortig. Prokopenko (1987:4) voer aan dat "the essence of productivity improvement is working more intelligently, not harder". Die Suid-Afrikaanse bevolking is 'n heterogene gemeenskap bestaande uit verskeie groeperinge met hul eie persepsies rakende politieke, ekonomiese, sosiale en arbeidsaangeleenthede, met die gevolg dat daar wyduiteenlopende opinies met betrekking tot produktiwiteit en die belangrikheid daarvan bestaan. So byvoorbeeld ervaar werknemers oor die algemeen produktiwiteit as negatief. Dit is egter noodsaaklik dat al die rolspelers in die ekonomie besef dat verhoogde produktiwiteit 'n belangrike bron van reële ekonomiese groei, sosiale vooruitgang en verhoogde lewenstandaarde is. In Hoofstuk 3 word die Growth, Employment and Redistribution (GEAR) makro-ekonomiese strategie van die regering en die produktiwiteitsimplikasies van die strategie ondersoek. Dit is duidelik dat produktiwiteitsvlakke betekenisvol moet verhoog indien die regering die gestelde doelwitte wil bereik. Produktiwiteit word ook beïnvloed deur arbeidsverhoudinge. Die strewe na minimum werkloosheid en die doeltreffende aanwending van menslike hulpbronne maak die arbeidsmark dus 'n sentrale fokus van die pogings om die algehele werking van die ekonomie te verbeter. Aangesien arbeid 'n komponent in enige produksieproses is, is arbeid en arbeidsverhoudinge 'n belangrike aspek in die studie rondom produktiwiteit en produktiwiteitsverhoging. Positiewe verhoudinge in die werkplek sal werknemers motiveer om hul werk op die mees doeltreffende en effektiewe wyse af te hande!. Dit lei tot verhoogde produktiwiteit. Die verhoudinge tussen werkgewers en werknemers word grootliks gereguleer deur arbeidswetgewing. Arbeidswetgewing het dus 'n direkte invloed op al die partye in die arbeidsmark en gevolglik ook op die werking van die arbeidsmark. In Hoofstuk 5 word aandag geskenk aan die Wet op Arbeidsverhoudinge van 1995, die Wet op Basiese Diensvoorwaardes van 1997 en die Wet op Gelyke indiensname van 1998. Deur middel van die wetgewing poog die regering om 'n wetlike raamwerk vir samewerking tussen werkgewers, werknemers en die regering daar te stel ten einde Suid¬-Afrikaanse ondernemings en nywerhede se internasionale mededingende posisie in stand te hou, en ekonomiese ontwikkeling, maatskaplike geregtigheid, arbeidsvrede en die demokratisering van die werkplek te bevorder. Indien produktiwiteitsvlakke nie verhoog word nie sal die lewenstandaard van die Suid-Afrikaanse samelewing deurlopend daal en werkloosheid toeneem. Ten einde die groeipotensiaal van die ekonomie te verhoog moet produksiemiddele doeltreffend benut en besparing en die investeringsgeneigdheid verhoog word. / Dissertation (M Com (Economics))--University of Pretoria, 2007. / Economics / unrestricted

This research investigated the general association between corporate environmental performance and the firms’ annual returns independent of any particular environmental event. The association analysis was based on the most recent environmental data for the years 2006, 2007, and 2008. The results indicated that while some environmental variables were significantly associated with firms’ returns, the majority were not. The results also indicated that environmental concerns were more likely to be associated with increase in the firm value than were environmental strengths; however, there were no mean differences between firms whose environmental performance increased as compared with those whose performance deteriorated. Overall, the results provided support for the perspective that environmental strengths require firm expenditures that place additional financial burdens on firms, resulting in lower stock returns.

The thesis attempts to test basic assumptions of religious economy model (REM) in the Korean context where a recent expansion of fortunetelling occurs. The thesis pays attention to both the supply-side and the demand-side factors of fortunetelling and then explain why the demand-side factors are more important for a better understanding of the popularity of fortunetelling in contemporary Korea. The supply-side factors such as religious regulation, competition, and religious freedom have not worked in Korea in the same way that REM observed in the Western context. Today the Korean religious market faces two unexpected phenomena: one is the popularity of fortunetelling culture, and the other is a slightly decreasing membership of Protestantism, which REM regards as the most competitive religion in religious market. Since the 1980s, traditional values of fortunetelling provided by mudangs or yeoksulgas has been reevaluated and reconstructed in various aspects. Based on the results of field research on participants in Korean fortunetelling, the thesis shows how and why the participants consume traditional fortuntelling service rather than prophetic functions of official religions. Conclusively, the thesis suggests that REM should take into consideration the demand-side factors more importantly when it tries to explain a Korean religious society.

V teoretické části tato práce analyzuje současnou ekonomickou literaturu o efektech PZI. Dále identifikuje hlavní příčiny a řešení Evropského trhu práce. ?Flexicurity? aplikována skandinávskými zeměmi nabízí dostatek flexibility podnikatelům, ale zároveň poskytuje záchrannou síť pro ty, kteří si neumí pomoci sami. Velké regionální rozdíly jsou způsobeny centralizací ekonomických aktivit okolo hlavního města, nevhodnou strukturou pracovní síly, chybějícími regionálními centry ale také nevůlí pracovat. V praktické části užitím panelových dat z let 1997 až 2004 v českém průmyslu, tato práce podává důkaz o efektech PZI na trh práce v hostitelské zemi. V důsledku efektu přelévaní, nadnárodní společnosti zvyšují mzdy a produktivitu v domácích firmách. Hypotéza o zvyšování produktivity prostřednictvím substituce práce kapitálem byla zamítnuta. Produktivita práce rostla rychleji než mzdy a proto nezpůsobila nárůst nezaměstnanosti. Nadnárodní společnosti pomáhaly vytvářet efektivní pracovní příležitosti, realokovat zdroje od méně k více produktivním a tímto zvyšovat zaměstnanost. Vytváření pracovních míst zahraničními firmami bylo v průměru doprovázeno destrukcí jedné třetiny těchto míst v domácích firmách. Efekt protahování se liší v čase a mezi sektory. Porovnáním domácích a zahraničních firem se zjistilo, že nadnárodní společnosti vyrábějí s rostoucími externími výnosy z rozsahu, zatím co domácí firmy, produkují s klesajícími externími, ale rostoucími interními výnosy z rozsahu.

In the global market in which many countries still struggle with the consequences of the financial crisis of 2008, many companies come to the conclusion that growth can be achieved through international marketing activities. This attitude poses big challenges to organization that want to enter the international arena, involving deciding which markets should be entered, how this should be done, through which marketing program and finally how to organize the marketing. International expansion poses risks as well as opportunities to businesses, and it is crucial for the organization to thoroughly evaluate the market in order to take a decision about the market entry strategy. Based on the case studies of Credit Suisse and UBS entering the Brazilian market, this thesis sought to study how Swiss banks entered the country and with what results. Based on an extensive literature review, the two cases have been presented and it was possible to demonstrate that great cultural difference and tight regulation suggest the entry through a merger or an acquisition.

While product market choices have been central to strategy formulation for firms in the past, the integration of financial markets makes the choice of capital markets an equally important strategic decision. We advance a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market. We find that internal governance characteristics (founder-CEO, executive incentives, and board independence) and external network characteristics (prestigious underwriters, degree of venture capitalist syndication, and board interlocks) are significant predictors of foreign capital market choice by foreign IPO firms. Our results suggest foreign IPO firms select a host market where the firms' governance characteristics and third party affiliations fit the host market's institutional environment.

This thesis takes the form of three essays about the labour market implications of job quality. In the first essay, I demonstrate, by analysing a two-type, two-period example, that high introductory wage offers can signal the quality of experience jobs. In this game, one type of firm - the “good” type - offers higher expected quality jobs. If this type is less likely to exit from the industry than the “bad’ type, it can increase expenditure on introductory wages without being mimicked, distinguishing it from its inferior. The game has many equilibria with these separating wages. In each, the introductory compensating differentials have the opposite sign to the usual case: higher expected quality jobs pay more, rather than less. In the second essay, I present Canadian evidence that tests and supports the theory of compensating differentials for a variety of job characteristics. The data used are from the National Survey of Class Structure and Labour Process in Canada (NSCS). These self-report data are preferable to the more conventional occupational-trait data; they provide information on individual jobs rather than averages across broad occupational categories and industries. In the third essay, I focus on the mismatch between the educational requirements of jobs and the educational attainments of workers. Using NSCS data, I find that the returns to over- and undereducation for males are sensitive to the level of required education. There is evidence of positive returns to overeducation for jobs that require a university bachelor’s degree; but, in general, the returns are insignificant. Undereducated workers are penalised in jobs with low educational requirements. For females, I find that the returns to over- and undereducation are insignificant for all levels of required education. / Arts, Faculty of / Vancouver School of Economics / Graduate