The dramatic growth of over-the-counter (OTC) derivatives in the last two decades and the ever-expanding range of financial derivative have triggered concerns as regards investor protection. These concerns have been exacerbated in recent times by phenomenal losses sustained by several large corporations (including municipalities), in the United States, Europe and Asia. This thesis seeks to evaluate the capacity of the existing regulatory framework in Australia to provide protection to participants trading in the OTC derivatives markets. The evaluation is carried out in three parts: first, by identifying the gaps in the Corporations Law regimes, second by determining the extent to which the general criminal and consumer laws are capable of stepping into the breach left open by the Corporations Law and third, by locating the gaps in the supervisory structure by identify the participants who are not subject to any form of supervision by the regulators. The examination conducted in this thesis of the regimes in Chapters 7 and 8 of the Corporations Law reveals a number of gaps in respect of investor protection. Significantly, the OTC derivatives market, which is by far the larger market compared to the on-exchange derivatives market, is generally unregulated by the Corporations Law. Comparative analysis between the sanctions provisions in Chapters 7 and 8 of the Corporations Law and those in the Crimes Act 1900 (NSW) and the Trade Practices Act 1974 (Cth) indicated that whilst these latter Acts have the potential to act as a substitute for some of the sanctions provisions in the Corporation Law, about half of the sanctions provisions under the Corporations Law regime has no equivalent provisions in these Acts. In consequence, some regulatory gaps remain. Gaps also occur in the supervisory structure as the surveillance by regulators of market participants is focused along institutional lines. The failure of the law to provide adequate protection to investors trading in the OTC derivatives markets is due primarily to an outdated, inflexible and inappropriate regulatory framework which, when originally constructed, was not intended to regulated the broad spectrum of financial derivatives. This thesis discusses the gaps and deficiencies in the Corporations Law regime and also discusses the recent recommendations made by the Wallis Committee and the Companies and Securities Advisory Committee as well as the proposals of the Treasury in relation to investor protection. It also provides some suggestions for law reform.

Η εργασία που ακολουθεί εκπονήθηκε στα πλαίσια του μεταπτυχιακού προγράμματος σπουδών “Φαρμακευτικό Μάρκετινγκ”, του τμήματος Φαρμακευτικής του Πανεπιστημίου Πατρών, κατά την ακαδημαϊκή περίοδο σπουδών 2008-2010. Σκοπός της έρευνας ήταν να γίνει μια εκτίμηση της κατάστασης στο χώρο της αγοράς των μη συνταγογραφούμενων (over-the-counter/OTC) φαρμάκων, όπως οι φαρμακοποιοί το αντιλαμβάνονται, έχοντας υπόψη τις στρατηγικές που εφαρμόζονται στο χώρο τους από τις φαρμακευτικές εταιρίες. Τα μη συνταγογραφούμενα φάρμακα ή αλλιώς ΜΗ.ΣΥ.ΦΑ είναι φαρμακευτικά προϊόντα τα οποία ο ασθενής μπορεί να προμηθευτεί από τον χώρο του φαρμακείου χωρίς να κρίνεται απαραίτητη η προσκόμιση ιατρικής συνταγής. Επιπλέον, τα φαρμακευτικά αυτά προϊόντα δεν αποζημιώνονται από τα ασφαλιστικά ταμεία, ενώ επιτρέπεται ή διαφήμιση τους στο καταναλωτικό κοινό, τηρουμένων ορισμένων προϋποθέσεων. Οι διάφορες παράμετροι που περικλείονται σε αυτές τις ιδιαιτερότητες της αγοράς των ΜΗ.ΣΥ.ΦΑ μελετούνται και αξιολογούνται από τις φαρμακευτικές επιχειρήσεις, ώστε με βάση αυτές να καταστρωθούν οι κατάλληλες στρατηγικές που θα έχουν ως αποτέλεσμα μια επιτυχημένη πορεία του προϊόντος στην αγορά των OTC φαρμάκων. Για την πραγματοποίηση της παρούσας μελέτης συντάχθηκε ένα ερωτηματολόγιο αποτελούμενο από 8 ερωτήσεις κλειστού τύπου και αντίστοιχα υπο-ερωτήματα, το οποίο στη συνέχεια συμπληρώθηκε από φαρμακοποιούς οι οποίοι λειτουργούν φαρμακείο στην πόλη της Πάτρας και Ρόδου, υπό τη μορφή προσωπικής συνέντευξης. Τα δεδομένα που συλλέχθηκαν από τα ερωτηματολόγια αναλύθηκαν με τη βοήθεια του στατιστικού προγράμματος SPSS . / This work is the result of my thesis project carried out during the academic period 2008-2010 within the frames of ‘Pharmaceutical Marketing’, a postgraduate programme offered by Patras’s Pharmacy department. Primary objective of the study was to extract the beliefs of pharmacists concerning the (OTC) drug market, while having in mind familiar promotional strategies performed by pharmaceutical companies. The term ‘over the counter drugs’, specifies a category of drugs able to be purchased by the patient without doctor’s prescription necessary. Furthermore, OTC drugs are excluded from the government’s insurance cover drug list and their public advertisement (under certain conditions) is permitted. Numerous factors encircled in these specificities of OTC drug market are studied and evaluated by the pharmaceutical companies in order to develop the appropriate strategies that will ensure the success for an OTC product within this market. For the attainment of the study was conducted a questionnaire composed of 8 ‘closed type’ questions and correlative sub-questions. Afterwards, this questionnaire was filled in by pharmacists, through personal interview, operating a pharmacy in the city of Patras and Rhodes. Data collected, were analyzed using the statistical programme SPSS.

This thesis deals with the theme of business analysis of real company -- pharmacy, running a business in market environment of the city of Nymburk. Main focus is on research of actual position of the pharmacy in the local market in context of a new competitor entering the market. The whole thesis is divided into two consistent parts: The first part is a short theoretical introduction to the methods used and general background of the market in the city of Nymburk. The following practical part analyzes business of the company and development of sales of over-the-counter medicine in context of a new competitor entering the market in the period examined for the purpose of this thesis. Methods applied to achieve the the main goals of the thesis are following: the SWOT analysis method, which is used to discover the strengths and weaknesses of the company itself and to define threats and opportunities, based on the market environment. The subsequent method used within research is Balanced Scorecard method which is used to design the Key Performance Indicators for measuring and observing the company's performance and development. Finally data mining methods of shopping basket, segmentation and forecasting were used to analyse trends in over-the-counter medicine sales. All these methods are keystones for formulation of a basic concept for future strategical and tactical decisions.

Legal Aspects of Derivatives This thesis deals with derivatives and their legal aspects. The purpose of the thesis is to focus on the main characteristics of derivative contracts and try to find their legal nature. The main reason for choosing the topic was the lack of information about legal problems regarding derivatives. It seems to be an interesting paradox. Billions of derivatives contracts are traded every day but not much has been written about them from the law point of view. Although there are many books dealing with their economic characteristics their accounting and tax aspects, it is hardly possible to find a monograph dealing with their legal base. This thesis is divided into five main parts. The first one describes derivatives in general, offers a definition and divides them into basic categories. The second part encompasses history of derivatives and their regulation. This part is mainly connected to common law rules since derivatives have developed mostly within Anglo-American law systems. The third part concentrates on problems arising from the fact that although derivatives are traded all over the world their legal basis remains unclear. The question arising is whether to treat derivatives as wagers, insurance policies or as some different type of contract. In this part I offer my...

Objective: To determine safe output sound pressure levels (SPL) for sound amplification devices to preserve hearing sensitivity after usage. Design: A mathematical model consisting of the Modified Power Law (MPL) (Humes & Jesteadt, 1991) combined with equations for predicting temporary threshold shift (TTS) and subsequent permanent threshold shift (PTS) (Macrae, 1994b) was used to determine safe output SPL. Study sample: The study involves no new human subject measurements of loudness tolerance or threshold shifts. PTS was determined by the MPL model for 234 audiograms and the SPL output recommended by four different validated prescription recommendations for hearing aids. Results: PTS can, on rare occasion, occur as a result of SPL delivered by hearing aids at modern day prescription recommendations. The trading relationship of safe output SPL, decibel hearing level (dB HL) threshold, and PTS was captured with algebraic expressions. Better hearing thresholds lowered the safe output SPL and higher thresholds raised the safe output SPL. Conclusion: Safe output SPL can consider the magnitude of unaided hearing loss. For devices not set to prescriptive levels, limiting the output SPL below the safe levels identified should protect against threshold worsening as a result of long-term usage.

<p>The overall aim of this thesis was to examine the adoption of emergency contraceptive pills (ECP) in Sweden. Two cross-sectional surveys and two quasi-experimental studies were used. Reasons for induced abortion, contraceptive practices and contraceptive failure were examined in a group of abortion applicants with a waiting-room questionnaire (I) and knowledge, use and practices of ECP were assessed with a postal questionnaire in a population-based sample of young women (II). One community-based information campaign was evaluated with a repeated postal questionnaire (III) and a school-based education intervention was evaluated with repeated class-room questionnaires (IV). Abortion applicants had inadequate contraceptive practices and a low use of ECP. One year after the deregulation of ECP women were highly aware of the method and preferred the pharmacy for the purchase of ECP. Correct knowledge and positive attitudes influenced the willingness to use ECP in the future. The information campaign was noticed by two-thirds of the women and there was an overall trend towards better knowledge, improved attitudes and increased use among all women at follow-up. The school-based intervention improved the students’ knowledge of, and attitudes to, ECP without jeopardizing condom use. The adoption of ECP in Sweden seems to have gone through the first stages of diffusion of an innovation, i.e., developement, dissemination, and adoption, and has reached the stage of implementation since the studies indicated a general awareness of more than 90%, an intention to use in case of need of more than 70%, and womens’ own experience of use of around 30%. The most cited information channels were media, friends and the local Youth Clinic. ECP is gradually becoming a more widely known, accepted and used contraceptive method in Sweden, but must be considered as being only one of many tools in the prevention of unintended pregnancies.</p>

<p>Malaria is a health, social and economic burden in Nigeria and consistently ranks amongst the four most common causes of childhood deaths. Treatment of malaria is usually started at home / care is only sought from the health facility when the treatment is ineffective (McCombie, 1996). Patent medicine vendors (PMVs) have been identified as a widely patronized source for drugs used in the home treatment of malaria (Breiger et al, 2001 / Goodman, et al, 2007 / Salako et al, 2001). Inadequate or poor knowledge and practices in the use of anti-malaria drugs (AMDs) increases morbidity and mortality, undermines therapeutic efficacy, and promotes the emergence and spread of drugresistant malaria. Aim: The aim of the study was to describe and quantify the knowledge and self-reported practices of PMVs in the use of antimalarials, particularly artemisinin-based combination therapies (ACTs), in a poor urban community in Lagos state, Nigeria.</p>

The overall aim of this thesis was to examine the adoption of emergency contraceptive pills (ECP) in Sweden. Two cross-sectional surveys and two quasi-experimental studies were used. Reasons for induced abortion, contraceptive practices and contraceptive failure were examined in a group of abortion applicants with a waiting-room questionnaire (I) and knowledge, use and practices of ECP were assessed with a postal questionnaire in a population-based sample of young women (II). One community-based information campaign was evaluated with a repeated postal questionnaire (III) and a school-based education intervention was evaluated with repeated class-room questionnaires (IV). Abortion applicants had inadequate contraceptive practices and a low use of ECP. One year after the deregulation of ECP women were highly aware of the method and preferred the pharmacy for the purchase of ECP. Correct knowledge and positive attitudes influenced the willingness to use ECP in the future. The information campaign was noticed by two-thirds of the women and there was an overall trend towards better knowledge, improved attitudes and increased use among all women at follow-up. The school-based intervention improved the students’ knowledge of, and attitudes to, ECP without jeopardizing condom use. The adoption of ECP in Sweden seems to have gone through the first stages of diffusion of an innovation, i.e., developement, dissemination, and adoption, and has reached the stage of implementation since the studies indicated a general awareness of more than 90%, an intention to use in case of need of more than 70%, and womens’ own experience of use of around 30%. The most cited information channels were media, friends and the local Youth Clinic. ECP is gradually becoming a more widely known, accepted and used contraceptive method in Sweden, but must be considered as being only one of many tools in the prevention of unintended pregnancies.

University of Macau / Faculty of Business Administration / Department of Management and Marketing

Over the Counter Exchange of India (OTCEI) was established in 1992 mainly to provide a platform for small and medium sized companies to raise money for their capital requirements. It is a well defined dealer market with market makers giving bid and ask quotes. It was established with state-of-the art technology with ringless, scripless trading. In this study, we develop a theoretical model to decompose spread into its three components in a dealer market. This model is further empirically examined by using OTCEI data. We find that Inventory holding cost to be the highest on OTCEI followed by Adverse Information cost and Order Processing cost. The result reflects market microstructure which is peculiar to OTCEI. The methodology developed in this study is basically a generalization of S toll's (1989) methodology. . Roll(1984) shows that in a pure order processing world, spread equals the square root of negative of serial covariances of successive differences of transaction prices. Stoll (1989) relates spread to the covariance of successive difference of transaction prices and that of the quotes. Stoll introduces two parameters, 5, which is a measure of magnitude of price change and JI, the probability of reversal of type of transaction, that is, from Bid to Ask or vice-versa, to model the Bid/Ask price movements from one transaction to the next. Thus Stoll, from this model, establishes a theoretical relationship between serial covariances of successive differences of transaction and quote returns and spread. 5 and n are estimated via regression of serial covariances of transaction and quote, returns on average proportional spread square. With these two parameters, Stoll finally decomposes spread into three components. δ, is the amount of price change between transactions for two reasons- Inventory holding reason and adverse information reason. Stoll explains these price changes due to two reasons with just one parameter, 5. This forms the main motivation of this study. In our study, we let 8 assume two different values, 5i and 82 which attempts to capture the price changes due to the two different causes viz inventory holding and adverse information. It is convenient to think of these two S's being associated with two different states of transactions. However, these states themselves are indeterminate . In other words, the price change could be due to inventory reasons, or due to trading with an informed trader, or due to both. Thus, while Stoll assumes only one 8, in our study, we have two different values of 8. Thus, with three parameters, 81, 82 and n, this study attempts to estimate the relevant parameters and realistically decompose the three components of spread in a dealer market. Just like Stoll, the developed theoretical model also relates serial covariances of transaction price changes and quoted price changes to spread square. However, unlike Stoll, now there are 3 parameters, namely, 5j, 82 and n. As it is impossible to solve three unknowns with just two equations, it becomes necessary to introduce one more equation relating the three parameters to the spread. It is here that we introduce, for the first time, the serial covariance of the second order differences of the transaction price changes, which is related to spread via an equation. Intuitively, we can explain this relationship using Roll's result. Roll(1984) has shown that spread equals square root of the negative serial covariances of transaction price changes in a pure order processing world. Since the second order difference is nothing but the rate of price changes, it also must be related to spread, since the price change themselves are related to it, empirically, we find that spread square significantly affects the serial covariance of second order difference of price changes as well. Besides explaining the price changes with just one 5, Stoll's method of decomposition is not realistic. Though his method of decomposition does yield three components of spread, in reality, it lumps Adverse information cost and Inventory holding cost together. In our study, we make use of the state-of-the art Huang and Stoll's (1997) methodology of decomposition of spread. We first embed the developed theoretical price-movement model into that of Huang and S toll's this yields a functional relationship between 5i and 52 and a and |3 of Huang and Stoll, which directly refers to the adverse information and inventory holding components respectively. Thus, in our study, we realistically decompose the components of spread and OTCEI and empirically too, we find that the components estimated from our methodology does reflect the market microstructure of OTCEI. Apart from developing and empirically testing the theoretical model, we also see if it fits the observed data on OTCEI. We find that the theoretical model does not exactly conform to the observed data in OTCEI, necessitating some empirical fine-tuning. We build an empirical model which is again used to get the three components of spread. We also estimate components of spread in OTCEI using Stoll's and Huang and Stoll's methodology and we compare them with the estimates obtained using our methodology. We find that Stoll's methodology overstates the Adverse information component of spread and understates the inventory holding component of spread and Huang and Stoll's methodology and Our methodology and model yields estimates of components of spread which is more in tune with the market micros tructure of OTCEI. The estimates obtained from empirical model too conforms to the market microstructure of OTCEI.