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The effect of milk pricing on genetic selection goals in British Columbia and Quebec dairy cattle populationsHird, Wendy Louise January 1985 (has links)
This study has compared the effect of milk pricing systems on the selection goals of dairy producers in two provinces of Canada, British Columbia (BC), and Quebec. These provinces were chosen for comparison as BC produces milk largely for a fluid market, while Quebec produces milk for a manufacturing market. Within BC, due to a higher utilization and higher milk price, the value/kg of skim on Vancouver Island was higher than that of the Vancouver Lower Mainland over the study period 1963-1982. Between the two provinces, the value/kg of skim in BC was found to be consistently higher than in Quebec over the 20 year period, while the value of fat was higher in Quebec than BC. In BC in 1980, the value of a kilogram of skim was approximately $0.30, whereas its value in Quebec was only $0.20. During the 1960s in BC, the value of skim represented one half the value of milk, and in 1982 it comprised two thirds of the value of milk, as compared to Quebec, where fat represented 43% of the value of milk. Net economic values were calculated by subtracting the dollar cost of production associated with the components of milk (carrier, fat and protein), from the gross value/kg of skim and fat. These values showed that the value/kg of protein was negative and decreasing in both BC and Quebec. The economic value/kg of butterfat has been consistently positive and increasing over the study period in BC and Quebec to $3.27 and $3.34/kg respectively in 1982. The relative economic values of carrier, fat and protein in BC and Quebec in 1982 were 0.08:1.00:-0.10 and 0.06:1.00:-0.12 respectively, which puts moderate selection on carrier and fat, and negative selection on protein. Selection index weights for carrier, fat and protein revealed that the BC dairy industry has always applied positive selection to the carrier and fat portion, and negative selection to the protein portion of milk. In 1982 the selection weights were 0.087:1.253:-1.189. The Quebec index has shown more fluctuation that BC, with less selection against solids compared to BC; (0.050:1.280:-0.657). Theoretical genetic goals of the BC dairy industry have been consistent at approximately 3.0% butterfat, 2.0% protein and 95.0% carrier. The genetic goals in Quebec have undergone wide fluctuations, but generally have signalled the dairy producer to increase both butterfat and protein. The goals of the two industries are now very similar, with the exception that Quebec continues to place higher value on solids than BC. / Land and Food Systems, Faculty of / Graduate
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Concentration and costs in Canadian food manufacturing industries, 1961-1982Cahill, Sean Andrew January 1986 (has links)
This study is concerned with- the effects of changes in industrial concentration on average costs of production in 17 Canadian 4—digit food manufacturing industries over the period 1961-1982. The model employed is a dual Translog cost function adapted to include a concentration variable (Herfindahl index) and technical change, and is estimated using pooling techniques to allow simultaneous analysis of all 17 industries.
The results indicate that there was a significant relationship between concentration and average costs for this sample. In particular, there appears to have been a decrease in average costs for low-concentration industries as concentration increased, ceteris paribus, while in high-concentration industries, increases in concentration led to increases in costs.
Concentration changes have also had an effect on the relative shares of factors of production for these industries. An evaluation of employment effects across industries indicates that the benefits in efficiency due to increases in concentration in low-concentration industries must be weighed against apparent decreases in the overall employment (of labour) for these industries. Alternatively, the efficiency losses in high-concentration industries appear to have been offset by increases in overall employment as concentration has increased. Thus, depending on the criterion used, relative concentration effects may have been beneficial or detremental to social welfare; the outcome is not unequivocal. / Land and Food Systems, Faculty of / Graduate
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The multiple and conflicting roles of local government in negotiating parkland acquisition : can the negotiations satisfy the criteria of ethics and the dimensions of interests?Schlesinger, Gerald 05 1900 (has links)
The practice of providing urban parks as an integral part of community development no
longer creates public debate about the function or legal authority of local governments to make
such purchases. However, the debate continues on the ethics of local government's parkland
acquisition practices. These practices have the capability and motivation to influence the land
value of sites they wish to acquire. Local governments are responsible for determining land
use, which in turn affects land value. The limited financial means of local government to
acquire parks makes influencing land value one way of stretching the scarce resources of the
community.
The ethics practiced in the negotiations to acquire urban parkland where the land has
development potential are unique because:
1. Parkland is a public good and not a market commodity;
2. The potential for other higher land uses exists; and
3. Local government plays a dual role: one of a regulator and approving authority for
determining land use and providing community stewardship, and the other as the
corporate cost controlling agency seeking to acquire land.
These qualities create the strong possibility for ethical conflict to occur in the negotiating
process.
Building upon the Interest-Based approach to negotiations, this paper uses a set of
Prescriptive, Intuitive and Evaluative (P.I.E.) criteria that define ethical conduct, and the
dimensions of Fact, Social Consensus and Experience that defines the dimensions of interests,
to develop a General Model for Ethical Negotiations (GMEN). Conceptually, the GMEN
model is a three-sided pyramid within a sphere of negotiations. Negotiations that adhere to the
principles defining the parameters of the pyramid would be considered ethical. Negotiations
outside the pyramid are considered unethical.
Six parkland acquisition cases are discussed using the GMEN model. In this study, the
parameters establishing the criteria for passing ethical judgment are the functions of the
political economy, the policy statements of the local government, and the legislation that
delegates power and authority to local government.
The study finds that ethical conflict is inherent in parkland negotiations where the land
has development potential because of the multiple roles and dual character of local government.
This conflict is not necessarily illegal since prescriptive criteria are only one means of judging
ethics. Nor is the outcome necessarily negative to the vendor, since the public may end up with
a less attractive park agreement. However, the parameters that would require parkland
acquisition negotiations to be ethical sometimes conflict with some of the multiple roles held by
local government. Several recommendations are made that would help to reduce ethical
conflict and the imbalance in parkland negotiations. / Applied Science, Faculty of / Community and Regional Planning (SCARP), School of / Graduate
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Influence of the Nikkei put warrant market in North America on the Japanese stock market, 1989-1993Yuen, Ringo C.K. 05 1900 (has links)
This paper studies the influence on the Japanese stock (cash and futures) markets of the
Nikkei put warrants which were traded in Toronto and New York from February 1989 to April
1993. Implied changes in the Japanese prices based on the previous days’ North American
warrant prices are compared to the actual price changes. Special attention is placed on the
period from January 1990 to August 1992 when the Japanese stock market had a major decline. / Business, Sauder School of / Graduate
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Essays on output and real exchange rate dynamicsKhan, Hashmat Ullah 05 1900 (has links)
There are two key observations in international macroeconomics which pertain to output
and real exchange rate dynamics. First, fluctuations in national output around its long-run
growth path are very persistent. Second, fluctuations in real exchange rates are very
persistent. The sticky price framework offers an explanation for both phenomena. The
first and second essay of this thesis take an empirical approach to test the predictions of
this framework.
In the first essay I test the prediction of the sticky price model for output dynamics
using annual IFS data on 51 countries over the period 1950 -1996. The model predicts that
price stickiness should be less important in high inflation countries and therefore output
fluctuations less persistent. I find that, this inverse relationship is statistically insignificant
in the international data. A similar result holds for OECD countries. In the empirical
implementation I explicitly control for the within-country time variation in inflation by
first characterizing the inflationary environment using the long-run movements in inflation
(trend inflation), and secondly, by excluding episodes of hyperinflation. The analysis shows
that when the within-country time variation in inflation is ignored, there is support for
the prediction. For instance, the inverse relationship between persistence in deviations of
output from its long-run growth path and average inflation is statistically significant in
the full sample. However, the exclusion of a few episodes of hyperinflation renders this
relationship statistically insignificant.
In the second essay I investigate the prediction of the sticky price model for real exchange
rate dynamics using annual IFS data on 49 countries over the period 1972-1996.
The model predicts that deviations of real exchange rates from purchasing power parity
should be less persistent, in high inflation countries. The empirical analysis reveals that
the support for such an inverse relationship is extremely fragile. In particular, eliminating
episodes of hyperinflation renders this relationship statistically insignificant.
The lack of evidence in favour of the two predictions of the sticky price model is problematic
since this model is extensively used as a microfoundation for understanding output
and real exchange rate fluctuations.
In the third essay I take a structural approach to qualitatively explore the role of slow
diffusion of new products in propagating the effect of technology shocks on output. I
present a multi-sector dynamic general equilibrium model in which the creation of new
products requires real resources. These products are beneficial for the economy but only
upon complete diffusion. However, this diffusion is not instantaneous. I find that relative
to a model in which there is instantaneous diffusion of new products, the qualitative
output dynamics are similar to what is observed in the U.S. data. This warrants further
quantitative investigation. / Arts, Faculty of / Vancouver School of Economics / Graduate
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Equity finance under asymmetric informationNeumann, Mark W. 05 1900 (has links)
The thesis investigates the link between internal and external funds in financing new investment
when asymmetric information is important. In both chapter, the entrepreneur has private information
about the value of a project and, if the quality of the project is high, she tries to signal
this to outside investors. The first chapter explores the tradeoff between using internal funds and
raising external funds by issuing shares or bonds to finance a project. The entrepreneur can delay
the project to accumulate internal funds over time from existing operations. This allows an
entrepreneur with a high quality project to reduce her reliance on expensive underpriced bond or
share issues. However, accumulating funds is also costly because of discounting and the risk that
the project disappears. The more valuable the good project, the less the entrepreneur will delay
the project, risking its loss, and so the more she relies on external financing.
When external financing is sought, the entrepreneur decides to issue bonds or shares. The
greater the value of the good project, the more underpriced shares are relative to bonds. Thus
an entrepreneur with a highly valuable good project chooses equity and one with a less valuable
project chooses debt. Combining the two results shows that for a highly valuable good project,
debt is used, and for a less valuable project, internal funds are used. External equity gets squeezed
out. Aggregate data for the U.S. confirm that corporate bond issues are a more important source
of funds than new share issued. Furthermore, most small firms rely on internal funds and debt,
rather than external equity to finance their projects.
The second chapter provides a new theory for the underpricing of initial public offerings (IPOs).
As in the first chapter, underpricing is used as a signal of quality. However, the entrepreneur is risk
averse and only underprices when she cannot sell enough primary (new) shares to raise sufficient
proceeds from the IPO to cover the cost of the project without diluting her position below that
needed to signal a high project value. Underpricing allows the entrepreneur to maintain a high
stake in the firm and still make a credible signal of quality. This allows more primary shares to be
sold resulting in a net increase in proceeds.
The model predicts that underpricing should be greatest among firms that don't sell secondary
shares (shares held by insiders) at the IPO and that there should be a positive relationship between
the firm's capital requirement and the initial return among this group of firms only. A switching
regression framework is used. The probit model is first estimated where the probability of no
secondary shares is explained by proxies for a firm's capital requirements. The initial return is then
regressed on the same proxies, conditioning on whether the firm sells secondary shares or not and
accounting for possible correlation between errors in the selection and regression equations. Strong
support is found for the positive relationship between initial return and capital requirements for
only firms without secondary share sales, as predicted. / Arts, Faculty of / Vancouver School of Economics / Graduate
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Resale pricing models for IP-based services over wireless MESH networksZhu, Hailing 04 June 2012 (has links)
M.Ing. / The development of Wireless Local Area Network (WLAN) technologies offers a novel platform for IP-based service resale via Wireless Mesh Networks (WMNs) that provide high network coverage and lower infrastructure cost. In this IP-based service resale business, the Access Point (AP) providers sets their pricing policies as IP-based service resellers to maximize their profits, while the resale-users (end users of the WMNs) who are price- and quality-of-service (QoS)- sensitive, respond to AP providers’ pricing policies by controlling their usage. This research exploits the efficiency of dynamic pricing by integrating pricing into best effort based WMNs as an economic control tool to optimize the profit of the AP providers and improve the utilization of their limited uplink bandwidth by taking into consideration the resale-users’ price- and QoS- sensitivity. Two cases are presented in this thesis: a monopoly, where a single AP provider aims to maximize its profit while guaranteeing its resale-users with a minimum allocated bandwidth; and a duopoly, where two AP providers compete to maximize their individual profits based on the resale-users’ price- and delay- sensitivity. For both cases, the limited uplink bandwidth of the AP providers is considered as a bottleneck of the WMN. We propose two dynamic pricing models for these two cases respectively and investigate how pricing depends on the assumptions that we make about the market. Indeed, the pricing model proposed for the monopoly is a preliminary study for the duopoly pricing model. In formulating and analyzing these two pricing models, we see how prices are driven by the profit-maximizing aim of one AP provider and the competition between two AP providers.
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The effects of regulatory changes on insider trading and price movements during corporate takeoversLiu, Zhu Stuart 05 1900 (has links)
This thesis addresses two important issues necessary to understand whether insider trading
should be prohibited: the effects of insider trading on stock prices and the compensation to insiders
for providing information and other related services. This task is accomplished by analyzing stock
price changes during corporate takeovers, before and after the regulatory changes in the 1980's that
were designed to reduce the level of insider trading.
In this thesis, we develop an indirect measure of insider trading that shows how observable
stock price movements during takeovers allow one to make inferences about changes in insider
trading after regulatory changes. Specifically, we show that when inside information is partially
revealed to the market, the effects of regulatory changes on insider trading can be identified by
examining the price movements of stocks around takeover announcements. If, however, information
is not revealed at all or is fully revealed, it is impossible to identify the effects of regulatory changes
on insider trading.
We also develop a segmented diffusion model to analyze price movements characterized by
cumulative abnormal returns during the period surrounding a takeover announcement. An
econometric model is developed to estimate the segmented diffusion model. Naturally, this
methodology applies to the study of various events in addition to corporate takeovers and regulatory
changes.
We conduct empirical analysis to test three hypotheses. With regard to Hypothesis I, we find
strong evidence that the tightening of insider trading regulations in the 1980's was effective and that
inside information was partially revealed to the market. With regard to Hypothesis II, we find
evidence that insider trading regulations have more effect on negotiated takeovers than on takeovers
initiated by bidding. With regard to Hypothesis III, we find weak evidence that insiders associated
with acquiring firms seek fewer but more profitable takeovers after the introduction of tighter
regulations. / Business, Sauder School of / Graduate
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IPO - od technologické bubliny až po Facebook / IPO since the technology bubble to FacebookJaničíková, Monika January 2012 (has links)
The thesis IPO since the technology bubble to Facebook deals with IPO development during the last fifteen years. The cyclical development of numbers and volume of raised capital is observable. From the theoretical point of view the market timing theory reflects this situation very well. Analysis of stock market bubble blowing and bursting performed mainly during the technological revolution at the end of the 20th century and partly during REITs bubble lead to conclusion that there mentioned fundamental indicators are not able to explain the bubble as a whole. According to indicative valuation and comparative methods IPO offer price of the company Facebook was about 23--27 % overvalued. In connection with subsequent problematic development of the company it is not likely to happen that the Facebook's IPO starts a new IPO wave in the internet media sector.
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Competition Patterns at the EU Internal Energy Markets in Central Europe / Competition Patterns at the EU Internal Energy Markets in Central EuropeLipták, Marek January 2012 (has links)
The first part of the thesis concerns describing the main topics concerned when mentioning electroenergetics: peculiarities of electricity and specifics of this commodity as well as liberalization that took place within this sector and new patterns arisen from these changes mainly in terms of business not only in wholesale, but also with effects on retail. It also outlines the economic rationale behind these changes. The second part of the thesis is an empirical analysis of real wholesale market data, demonstrating results of correlation, convergence and cointegration in spot prices of wholesale electricity in particular European countries.
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