In this thesis, we analyze premium relationship of American depositary receipts (ADR) and their underlying shares. Several researchers have previously identified the main variables influencing the construction of ADR premium of cross-listed companies. The aim of this study is to investigate to what extent the main variables affect differently the construction of ADR premium in crisis period. For the purpose of the study, two periods are defined. The period from June 2006 to October 2007 represents the non-crisis period whereas the period from October 2007 to March 2009 represents the crisis period. Our cross-listing sample consists of companies that have level II and level III ADR listed on the NYSE and the NASDAQ over the two periods. The tested variables influencing the premium are the liquidity, the currency exchange rate, the home and US market and the volatility. The liquidity is measured according to two ratios, the Amihud ratio and the turnover ratio. The currency exchange rate is the current exchange rate denominated in US dollar. The home markets are the reference indexes of the home country to which the underlying share of the ADR belong. The S&P 500 Index is used as a proxy for the US market. Finally, the US market volatility is analyzed with the CBOE VIX volatility Index. Multiple and simple OLS regressions are used to analyze the impacts of variables on ADR premium. The T-statistic is chosen to test the explanatory power of variables. The regressions are divided in three main parts. The first one is dedicated to the liquidity variables, then the second one to the home and US market, currency exchange rate and CBOE VIX volatility Index. Finally the last part keeps only the variables with the stronger explanatory power in order to define two equations of the factor influencing mostly the premium. We have found that crisis strongly modifies the relationship between ADR premium and the main variables. In crisis period, the regressions show that liquidity becomes a factor with a greater explanatory power of ADR premium. However the other main variables experience the opposite effect with a much lower T-test in times of crisis. It seems that the currency exchange rate, the home and US market as well as the volatility lose their explanatory power in times of crisis to the benefit of liquidity variables.

The fast-growing economy in China attracts the world’s interests, which includes the Chinese stock markets. The market efficiency of Chinese stock markets is widely discussed by researchers in different approaches. The involvement of government in stock markets is a unique case in the financial world.   By this paper, we are answering the question that is the degree of market efficiency of stat-owned companies different from that of private companies in Chinese stock markets. This will bring us knowledge about Chinese stock markets as well as the impact from ownership, market value and management styles on market efficiency.   To clarify the influence from government involvement in stock markets, we select 938 stocks distinguished by ownership structure. This quantitative study is preceded on daily data from 2007 to 2011. We use auto correlation, Chi-square test, and linear regression together with Spearman’s correlation to test our hypothesis. The degree of market efficiency of each ownership group is examined and compared to each other. Market efficiency related to ownership and market capitalization are inspected if they are anomaly factors in Chinese markets.   The empirical results indicate that the degree of market efficiency of state-owned companies is significantly different from the degree of market efficiency of private-owned companies in China. The market capitalization is one of the existing anomaly factors in Chinese stock markets, as well as it is correlated with degree of market efficiency to some extent. For state-owned enterprises, active management on stock market does not provide a better market efficiency compared to passively managed companies.

Η μελέτη πραγματεύεται το λανσάρισμα στην αγορά ενός νέου προϊόντος μέσω επέκτασης μάρκας. Συγκεκριμένα, γίνεται μια έρευνα αγοράς, κατά πόσο οι καταναλωτές ενδιαφέρονται ή όχι να αγοράσουν το νέο προϊόν που προτίθεται η εταιρία EΒΓΑ να κυκλοφορήσει, το κρουασάν FOLIE με επικάλυψη τη σοκολάτα του παγωτού STATUS. / This study is about launching a new product in the market through brand extension. Particularly,it is a market survey, whether the consumers are interested in buying the new product that EVGA company is planning to release or not.This product is the croissant Folie covered with real chocolate of the STATUS ice-cream.

Thesis (Ph. D.)--University of Exeter, 1989. / Includes bibliographical references (leaves 442-468).

Ever since the 1960s, it has been argued that customer needs have to be a firm's core business purpose. One way for firm to achieve this, is through use of market orientation strategies. Recent research has found that shared leadership could have a positive effect on market orientation, as well as within top management teams. The ability that top management teams have to influence the organization, is further found to be effected by the level of discretion they operate within. This thesis seeks to explain the relationship between shared leadership within top management teams and market orientation, and how this relationship in turn might be contingent on perceived contextual discretion. This is done through a quantitative method, where a survey study is done on the top management teams in Swedish saving banks. The findings of this thesis show that shared leadership is positively related with market orientation, and that this relationship is not contingent on perceived contextual discretion. The variable of perceived contextual discretion was, however, found to have the effect of an independent variable with a strong positive direct effect on market orientation within the financial sector. One limitation of this thesis is that the statements for perceived contextual discretion has been developed only from concepts, and have not been tested in any previous study. This brings with it a risk that these statements did not measure the concept in the most optimal way. The theoretical contributions of this thesis are how perceived contextual discretion is found to have a direct effect on market orientation. This further imply that perceived contextual discretion has an effect on the level of market orientation within a firm.

Submitted by Maximilian Schlechtriem (maxschlechtriem@gmail.com) on 2016-03-08T13:21:35Z No. of bitstreams: 1 Master_Thesis_Maximilian_Schlechtriem.pdf: 1583113 bytes, checksum: bc7e488f36ce3dcbf9258334e963ef4d (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2016-03-11T14:03:08Z (GMT) No. of bitstreams: 1 Master_Thesis_Maximilian_Schlechtriem.pdf: 1583113 bytes, checksum: bc7e488f36ce3dcbf9258334e963ef4d (MD5) / Approved for entry into archive by Maria Almeida (maria.socorro@fgv.br) on 2016-03-14T17:07:15Z (GMT) No. of bitstreams: 1 Master_Thesis_Maximilian_Schlechtriem.pdf: 1583113 bytes, checksum: bc7e488f36ce3dcbf9258334e963ef4d (MD5) / Made available in DSpace on 2016-03-14T17:07:26Z (GMT). No. of bitstreams: 1 Master_Thesis_Maximilian_Schlechtriem.pdf: 1583113 bytes, checksum: bc7e488f36ce3dcbf9258334e963ef4d (MD5) Previous issue date: 2016-01-28 / Moving into a new and foreign market can be challenging, especially when such market has a different culture and working environment in comparison to the home market. Thus, it is of utter importance to adjust a company’s strategy to the new market conditions. Currently, there are no concrete guidelines of what aspects are most important when moving from a developing market such as Brazil into a more sophisticated market like Europe, or vice versa. The present study will examine two companies from the same industry, but with different cultural backgrounds and its strategic similarities and differences for operating in multiple international markets. The data was collected via semi-structured interviews with the Chief Executive Officers (CEOs’) from both companies, using an interview guideline that is based on three different theoretical frameworks. The aim is to give recommendations to these two industries of how to efficiently use existing theoretical frameworks and which aspects are most significant when moving into a new market while keeping in mind a company’s size and background.

We evaluate the validity of the Adaptive Market Hypothesis (AMH) in a Swedish context by testing for stock return predictability on the OMXS30 stock index between 1986 and 2014 using daily returns and monthly two year moving subsamples. To our knowledge, this is the first study to evaluate the AMH in a Swedish context. Three tests for linear independence based on Lo and MacKinlay (1988) variance ratio test, namely the Chow and Denning joint test as well as Wright (2000) joint rank and sign tests are used. We also test for non-linear independence using the BDS test statistics. Presented in our findings is evidence of time-varying predictability where stock returns go through periods of return predictability and non-predictability. When evaluating the different market conditions (volatility, bull, bear, up, down and normal markets) we find that these different market conditions govern the degree of stock return predictability in different ways. Our findings support the AMH on the OMXS30 stock index and in contrast to previous research regarding market efficiency on the Swedish stock market, we do not find persistent stock return predictability over the short and long term.

Expansion Policies by applying Keynes' key concepts on how market ought to expand or political intervention policies and how it is related to state's political expansion. I refer to it

The topic of this thesis is "An Analysis of the Czech Insurance Market." This thesis is divided into three parts. The individual areas of the insurance market and its indicators, which are used for a description and comparison of insurance markets in general, are described within the theoretical part of this thesis. In the second part, the development of the Czech insurance market is discussed with a focus on changes in the legislative framework of the insurance industry and the events that had significant impact on the development of the Czech insurance market. In the final part, an analysis of the Czech insurance market is conducted, which is based on an evaluation of indicators defined in the theoretical part and the various developments in the life and non-life insurance markets during the examined period are discussed.

The goal of this masters thesis is focused on segmentation of the organic food market in the Czech Republic based on analysis of similarities or differences among consumers in Czech organic food market and also find out who is a typical organic food consumer. The thesis is divided into three parts, the theoretical, the methodological and the practical part. Process of the market segmentation, methods and approaches of the segmentation, the basic concepts and legislation on the matter are described in the theoretical part. Furthermore, mapping the situation of the contemporary state of the Czech organic food market. Marketing research is introduced in methodological part of the thesis. The practical part includes market segmentation by using secondary data MML - TGI (with Data Analyzer software) and primary data from quantitative research (with SPSS software). Variables were reduced to the four factors by using factor analysis. Then consumers were put into five clusters based on cluster analysis. Segments were characterized in detail using a general analysis, contingency tables, MCART analysis and multivariate statistical methods. Finally, there were elaborated appropriate marketing recommendations for the individual segments to effective marketing communication with them.