Dans les années 60 et avant, le marché international de l’aluminium était présenté comme un cas d’école en matière d’organisation oligopolistique des firmes. En effet, un petit nombre de grands groupes fortement intégrés (les 6 Majeurs) contrôlaient la quasi-totalité du secteur de l’aluminium, des opérations d’extraction de la bauxite, à la fabrication de produits finis à base d’aluminium, en passant par la production d’alumine et d’aluminium en lingots. A partir des années 70, ce monopole est de plus en plus contesté, notamment par des entreprises sur-liquides venues principalement des secteurs miniers et par des entreprises étatiques porteuses de motivations différentes. La création en décembre 1978 du contrat Aluminium au London Metal Exchange (LME) sonne le glas du monopole constitué par les 6 Majeurs. On passe alors d’un système de prix- producteurs, à un véritable système de prix de marché L’objectif de cette thèse est de vérifier, si le LME, bourse pionnière et marché de référence pour les métaux non-ferreux, remplit efficacement ses fonctions financières concernant l’aluminium : Information sur les prix et l’état du marché, protection contractuelle contre les risques de fluctuations des prix, stabilisation des cours. / In the 1960s and before, the international aluminium market has been hold up as a paradigm for oligopolistic company organisation. A small number of strongly integrated conglomerates (the six Majors) did indeed control virtually the entire aluminium sector, from bauxite extraction to alumin and aluminum bar production as well as the manufacturing of finished aluminium products. From the 1970s onwards, this monopoly has been more and more called into question, in particular by cash-fuelled mining corporations and state-owned companies driven by different motivations. When the London Metal Exchange (LME) introduced the Aluminium contract in December 1978, the days of the 6 Majors’ monopoly were counted. From there on, prices have been fixed by producers and the market. This thesis aims at determining whether the LME, a pioneering exchange and the prime market for non-iron metals, efficiently fulfils its financial functions concerning aluminium: information about prices and the market situation, legal protection against price fluctuation risks, price stabilization.

The first paper revisits the link between interest rates and corporate bond credit spreads by applying Rigobon’s (2003) heteroskedasticity identification methodology. The second paper investigates the assumption that financial asset prices including stocks and bonds, reflect intrinsic value. The third paper decomposes the stock price into fundamental permanent, fundamental transitory, and non-fundamental shocks in order to explore the determinants of stock price fluctuations.

Over-budget projects have become more common lately in the construction industry. This can lead to negative effects such as disputes between construction operators, closure of projects and reduced construction activity. In addition, increased construction costs risk financial strain for the entrepreneurs, which can lead to bankruptcy and a lower number of entrepreneurs in the market. With the recent large cost variations for, among other things, various building materials and fuels, it is of great interest as an entrepreneur to be able to protect yourself against cost increases. Therefore, it is important that an entrepreneur knows which financial instruments are available and what an effective financial risk management process can look like.The purpose of the study is to investigate which financial instruments are available that can protect a contractor against increased costs during the contract period. In addition, the study aims to investigate how the research believes that financial risk management should look like, both in tender phase and in the construction phase.The study's theory deals with which financial instruments an entrepreneur can use to protect themself against cost increases in a contract and how financial risk management should look like. The methods that the study covers are budget contingency, index regulation, General Regulations and the impact of inflation. The study also describes the Successive Principle as a method for managing uncertainties in a project. The study's theory regarding financial risks deals, among other things, with the four steps of identification, assessment, pricing and management of risks in the tender phase. In addition, how to deal with extern risks and risks in the construction phase are described.In order to compare the theory of the study linked to the research questions, BDX Företagen AB has been studied as a case company to see how a company in the industry works regarding financial risk management and protection against cost increases. In addition, interviews with the Swedish Transport Administration have been conducted to get the client's view on the matter. After the completed case study, some shortcomings were discovered with the methods described in the theory section, as well as opportunities for improvement regarding the case company's risk management and use of protection against cost increases. These are described as findings in the study. Some of the findings of the study are:-       A better index will be needed in the industry for an entrepreneur to be able to leave a fixed price.-       The Swedish Construction index is to be shut down and there is currently no substitute.-       There is no standardized way to interpret the General Regulations, which means that the assessment will be different from project to project.The study presents a number of recommendations the case company and other similar companies in the construction industry can make use of. The recommendations are based on the theory section and the shortcomings discovered in the case study. Some of the recommendations are:- Consider inflation when calculation projects.- Implement the Successive Principle when assessing risk and opportunities.- Develop a routine to transfer the risks from the tender phase to the construction phase.Financial risk management and protection against cost increases are of great importance to an entrepreneur in the construction industry. If these things are not taken into account, the entrepreneur risks financial losses, which in the worst case can lead to bankruptcy.

風水為中國民俗之一大特色，近年來更逐漸受到國人所重視，亦成為對不動產價格造成影響的因素之一。而方位更是風水因子中相當重要的一環，因此本研究以臺北市松山區之住宅大樓為研究對象，探討方位風水因子對於不動產價個的影響程度、不動產業者對於方位風水因子的減價加價態度及購屋者對於方位的選擇及喜好程度。以提供不動產相關業者及政府部門進行推案或估價時的調整，並作為一般民眾購屋時的參考。研究結果如下： 一、一般民眾認為好的方位為坐北朝南，方位的判定方式為房屋的座落窗或大片窗戶。 二、民眾於購買房屋或不動產專業人員於估計房屋價格時，面對好或不好方位的房屋時，認為其價格調整空間為一成以內 三、一般購屋者認為方位會影響其購屋意願及房屋的價格。而雖然購屋者認為好的方位可以提高房屋價格，且願意多花費一成以內的金額去購買方位好的房屋，但對於方位不好的房屋是否應有所降價卻感到遲疑，當面對方位不好的房屋價格下降時，大多數的購屋者仍表示不願意購買。 / Feng-Shui is the most special feature of China's culture. Recently, it’s become more and more important in our mind and it has become one of the effects to the real estate price level. Meaenwhile, direction-position is also the relative important factors to Feng-Shui. The real estate in Taipei Songshan distinct as my research target, we are trying to find out whether direction-position is the factor to effect real estate value. The house-solder attitude was raised or lowered the price toward the direction-Feng-Shui factor. The house-buyer has prefer to choose better direction-position. The house direction-position could be the market pricing information for transaction market and govement. Our research results are as follows: 1. People choice of good direction-Feng-Shui position is facing south/backing north, and the direction-housing is located in windows or large windows. 2. The direction-Feng-Shui position for house-buyer or real estate professionals has cut up its housing price range within ten percent. 3. People think the direction-Feng-Shui position will effect their willing to buy the house and housing prices. Although homebuyers think that a good position to increase housing prices, and willing to spend an amount of money to buy into a position within a good housing, However its not good for the position should be lower prices for housing. They are very hesitant when faced with bad directions and down the housing prices, meaenwhile, the most homeowners are still not willing to buy.