Shui, Chi Wai. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (leaves 60-61). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Acknowledgements --- p.iv / Chapter Section 1: --- Introduction --- p.1 / Chapter Section 2: --- Data --- p.4 / Chapter Section 3: --- Models and Methodology --- p.7 / Chapter 3.1 --- Specific Model --- p.7 / Chapter 3.2 --- Comparative Model --- p.10 / Chapter 3.3 --- Estimation of the Household Time Value and Household Shadow Wage --- p.11 / Chapter Section 4: --- Results --- p.15 / Chapter 4.1 --- Results of the Specific Model --- p.15 / Chapter 4.2 --- Results of the Comparative Model --- p.18 / Chapter Section 5: --- Conclusion --- p.23 / Appendix: --- p.24 / References: --- p.60

Este trabalho propõe uma metodologia para evidenciar o efeito da cumulatividade de tributos no preço de venda de um produto ao longo da cadeia produtiva. Foi apresentado um panorama sobre o setor coureiro no Brasil, com o objetivo de identificar os estágios mais relevantes de um segmento da produção do couro e mensurar o efeito da cumulatividade da COFINS que ocorre nesse segmento. Os procedimentos da metodologia contemplam a demonstração do encadeamento do efeito cascata do tributo em cada um dos estágios, mensurando a taxa de majoração do preço de venda do couro que acontece de um agente e o seguinte do segmento. Por meio da metodologia sugerida, foi possível evidenciar que em cada estágio do segmento da cadeia produtiva do couro (produtor, abatedouro, curtume, indústria de artefatos de couro) as taxas de majoração do preço de venda foram 4,27%, 5,56%, 5,23% e 4,97%, respectivamente. A metodologia evidencia, também, que o percentual de 7,91% do preço de venda no último estágio do segmento considerado representa o valor do tributo nele incorporado. Não obstante estes percentuais serem válidos somente para os valores dos preços de cada estágio ilustrados no exemplo deste estudo, a metodologia poderá ser utilizada para apurar os percentuais de outros estágios e segmentos. / This work suggests a methodology to disclosure effects of the cumulative taxes on the selling prices along the supply chain. We presented a panorama about the leather production segment in Brasil aiming to identify the main phases of the leather production process by measuring the effects of COFINS taxation that occurs in the segment. The methodological procedures adopted here allow us to verify the cumulative taxation in each referred phase by measuring the rate of in crease of the leather selling prices which occurs from one element to the following one of the supply chain, Through the methodology suggested we achieved to demonstrate that in each of the leather production phase (producer, slaughter, tannery, leather company) the increasing rates of selling prices was 4,27%, 5,56%, 5,23% and 4,97%, respectively. The method also indicates that the increasing rate of 7,91% on the selling prices relatives to the last phase correspond to the amount of tax added to the product. Though these percentage are valid only for these example utilized in this work, we conclude that this methodology applies to other cases and segments.

Esta pesquisa tem como objetivo compreender a relação entre as características intrínsecas e extrínsecas dos calçados sociais masculinos e o seu preço de varejo no município de São Paulo. Para isso, o trabalho utiliza a teoria dos atributos proposta por Lancaster (1966) e o método de preços hedônicos de Rosen (1974). Para a precificação dos atributos intrínsecos e extrínsecos dos calçados sociais masculinos foi desenvolvido um modelo de regressão múltipla com variáveis dummy para identificação e precificação dos atributos mais importantes na composição dos preços oferecidos ao consumidor final. O banco de dados da pesquisa foi composto por 1.120 observações, levantadas no período entre 20 de junho e 21 de novembro de 2015, envolvendo 21 lojas e redes de lojas, todas localizadas no município de São Paulo. Dentre as diversas formas funcionais utilizadas (linear, semilogarítimica e dupla logarítmica), escolheu-se a forma linear (LIN-LIN) que forneceu um poder de explicação para o modelo (R2) de 80%. Os resultados encontrados indicam que a principal variável presente foi o acabamento do couro em cromo alemão, cujo preço implícito, quando esse tipo de couro é utilizado na fabricação do calçado, impacta o preço de varejo em R$ 593,92. Outros itens que também são bastante significativos para a formação do preço final de varejo dos calçados sociais masculinos, quando presentes, pertencem a cinco variáveis. A primeira classifica os distritos municipais de São Paulo em populares ou nobres, e reduz o preço em R$ 75,05, quando o distrito é popular. A segunda refere-se ao tipo de solado; no caso de borracha, também diminui o preço final em R$ 77,83. As regiões Sul, Norte e Central impactam negativamente o preço final do calçado em R$ 63,40, R$ 44,77 e R$ 18,09, respectivamente. Também foi encontrado que o preço básico dos calçados sociais masculinos situa-se em R$ 318,56 (valor da constante). A pesquisa corroborou a aplicabilidade do método dos preços hedônicos para precificar os atributos existentes em calçados sociais masculinos / This research seeks to understand the link between intrinsic and extrinsic characteristics of men´s formal shoes and its retail price in São Paulo. To achieve this goal, it applies the theory of attributes proposed by Lancaster (1966) and the hedonic method proposed by Rosen (1974). For the evaluation of prices for the intrinsic and extrinsic attributes of men´s formal shoes, it was developed a multiple regression model, with dummy variables linked to the most important attributes of these shoes . The research database consists of 1,120 observations gathered between June 20 and November 21, 2015, which involved 21 stores and chain stores, all located in São Paulo. Among the various functional forms generally used for regressions (linear, semi logarithmic and double logarithmic), the linear (LIN-LIN) was chosen, because it provided an explanatory power of 80% to the model (R2). The results also indicate that the main variable found was the use of German chrome at the leather finishing, whose implicit price (when this type of leather finishing is used in the manufacture of male footwear) impacts the retail price in the amount of R$ 593,92. Other factors that are also quite significant for the formation of the final retail price of men´s formal shoes, when present, are the five following variables. The first one divides the municipal districts of São Paulo in popular or affluent, and leads to a price reduction of R$ 75.05 when the district is popular. The second type refers to the outsole; if rubber is used it also decreases the final cost in R$ 77,83. São Paulo´s South ,North and Central regions negatively impact the final price of footwear in R$ 63,40, R$ 44,77 and R$ 18,09, respectively. Yet, it was concluded that the base price for men´s formal footwear is R$ 318,56 (constant value of the regression line). Finally, the survey corroborates the applicability of the method of hedonic pricing to attributes in men´s formal shoes.

Unique and proprietary data of the illiquid, one-year non cancelable for three month Bermudan swaps (1Y NC 3M swaps) and one-year non callable for three months Bermudan CDs (1Y NC 3M CDs), provides evidence of market efficiency. The 1Y NC 3M swap and 1Y NC 3M CD markets efficiently reflected unexpected economic information. The 1Y NC 3M swaption premiums also followed the European one-year into three-month (1Y into 3M) swaption volatilities. Swaption premiums were computed by pricing non-optional instruments using the quoted 1Y NC 3M swap rates and the par value swap rates and taking the difference between them. Swaption premiums ranged from a slight negative premium to a 0.21 percent premium. The average swaption premium during the study period was 0.02 percent to 0.04 percent. The initial swaption premiums were over 0.20 percent while the final swaption premiums were 0.02 percent to 0.04 percent. Premiums peaked and waned throughout the study period depending on market uncertainty as reflected in major national economic announcements, Federal Reserve testimonies and foreign currency devaluations. Negative swaption premiums were not necessarily irrational or quoting errors. Frequently, traders obligated to provide market quotes to customers do not have an interest and relay that lack of interest to the customer through a nonaggressive quote. The short-dated 1Y NC 3M swaption premiums closely followed 3M into 1Y swaption volatilities, indicating the 3M into 1Y swaption market closely follows the 1Y NC 3M swaption market and that similar market factors affect both markets or both markets efficiently share information. Movements in 1Y NC 3M swaption premiums and in 3M into 1Y swaption volatilities reflected a rational response by market participants to unexpected economic information. As market uncertainty decreased in the market place, risk measured both by swaption premiums and swaption volatilities decreased; vice verse when economic factors showed increases in economic uncertainty.

Masters of Public Health - see Magister Public Health / Overreliance on donor supported health programs has crippled many African countries and there is inadequate long-term planning on the future sustainability of health systems. In the age of uncertainty in global politics and global economy, the future of these donor funded programs is also uncertain. It is imperative for African nations to begin to take responsibility for their health programs. In as much as the name “donation” suggests that something is given free of charge, in actual sense this may not be the case due to hidden costs attached. In medicine access, the hidden costs are the supply chain costs including cost for clearance, storage and distribution of such medicines which are charged as a percentage of claimed commodity costs on donors’ or suppliers’ invoices. Since the medicines donated are in originators’ brands, the invoiced prices are high thus supply chain costs are high as well. In some cases, it is thought that the hidden costs are higher than the cost of medicines had they been sourced locally as generics. The aim of this research was to assess and determine the hidden supply chain costs associated with the four medicine donation programs supporting the Tanzania Neglected Tropical Diseases Program and inform policy decision on optimal financing options for the program Methodology The cost analysis of the two options was undertaken from a payers’ perspective which in this case is the Government of Tanzania (Ministry of Health). Data was collected on both product and supply chain cost drivers incurred in the medicine donation programs from July 2014 to June 2017. Costs of the current mechanism were obtained from the program’s quantification reports and transaction data for the study period. Transactional data was obtained from shipment documents including sales invoices, parking list, proof of delivery and goods receiving notes were evaluated for actual quantities shipped, commodity prices and other supply chain cost. To verify the actual supply chain cost charged by the program, both the official bills from Medical Stores Department (MSD) to the program and the electronic bills available at MSD electronic database covering the study period were studied.

Orientador: Leonardo Nepomuceno / Banca: Edilaine Martins Soler / Banca: Gelson da Cruz Junior / Resumo: A curva cota-preço, também conhecida como curva de demanda residual, modela a relação entre o preço de equilíbrio de mercado com a cota que é despachada em leilões de energia por uma companhia geradora do tipo price-maker. No método tradicional de construção, esta curva é obtida por meio da subtração das curvas de demanda agregada e geração agregada. Este trabalho propõe um novo método de construção dessa curva por meio de um problema de otimização, baseado em procedimentos de equilíbrio de mercado, de modo que é possível incluir em sua modelagem aspectos físicos e operativos das usinas de geração e restrições referentes a rede de transmissão. Para verificar a qualidade da curva cota-preço, construída através do método proposto, este trabalho também propõe uma metodologia de comparação entre diferentes abordagens de construção de curvas cota-preço. Foram realizados testes numéricos com um sistema de 24 barras, com 12 unidades geradores termelétricas e 17 unidades de demandas em um período de 24 horas, utilizando curvas cota-preço construídas pelo método proposto e o pelo método tradicional, de modo a determinar qual curva cota-preço que efetivamente produz maiores lucros à empresa. / Abstract: The price-quota curve, also known as residual demand curve, models the relationship between the market clearing prices and the quota which is dispatched by a price-maker generating company in the energy auction. In the traditional method, this curve is obtained by subtraction of the consumption bid curve and production offer curve. This work proposes a new method for building this curve by means of an optimization problem, based on market equilibrium procedures, so that it is possible to include in its modeling physical and operational aspects of power plants and constraints regarding the transmission network. In order to verify the quality of the proposed price-quota curve, this work also proposes a methodology for comparing and evaluating different approaches of construction for such curves. We perform tests in a 24-bus system with 12 thermoelectric generating units and 17 demand units in a 24-hour period, using price-quota curves built by the proposed method and also by the traditional method, in order to determine which price-quota curve effectively produces higher profits to the company / Mestre

Abstract not available

Two important findings in the IPO literature, IPO's underpricing and poor long run stock returns, are investigated by using the sample of IPOs completed in the Stock Exchange of Thailand (SET) from 1994 to 1999. The evidence suggests that Thai IPOs are underpriced and have poor long run stock returns. Rock 's (1986) model is employed to explain the underpricing of Thai IPOs. Rock's model is supported by the evidence of Thai IPOs. Past market conditions and the stock liquidity of the IPOs' industries are the main factors which affect investor demand for IPO shares. IPOs which go public in the hot market conditions (periods with high past market return) and IPOs which come from liquid industries (industries which have high stock turnover) attract more investor demand. These two factors are also positively correlated with IPO first day return. This suggests that investors have higher demand for IPOs which go public in the hot market conditions and IPOs which come from liquid industries because these IPOs are underpriced, and the underpricing of these IPOs is corrected during the first trading day. IPOs with low investor demand underperform their benchmarks in the long run. On the contrary, the long run returns of IPOs with high investor demand are not significantly different from their benchmarks. One possible explanation for the underperformance of IPOs with low investor demand is that these IPOs may be illiquid. The lack of demand during the first trading day may cause their first closing price to be different from their intrinsic value. This difference is gradually adjusted in the long run leading to the underperformance of these IPOs. This hypothesis is supported by the evidence. The sample of rights offerings announced in the SET between 1994 and 1999 also supports the role of liquidity in explaining the poor long run performance of issuers. The change in operating performance of IPOs from the IPO-year to the post-IPO years also has some power in explaining the long run underperformance of IPOs. IPOs which perform more badly after going public have poor long run returns.

Expectations regarding the relationship between exchange rates and the prices of traded goOds in small open economies have traditionally been derived from the idea of the relative unimportance of a single small country when trading in much larger international markets. This concept has led to the use of distinct 'small-country' or 'dependent-economy' models to analyse the effects of macroeconomic changes. Thus for small economies like Australia, it is usually assumed that the foreign-currency prices of traded goods are fixed in perfectly competitive international markets. Accordingly, exchange rate movements must be completely absorbed in domestic-currency prices. In other words, the pass-through of exchange rate changes to destination-currency prices must be zero for Australian exports, and complete for Australian imports. Such expectations regarding the degree of exchange rate pass-through contrast sharply with those found in conventional macroeconomic models for large countries, in which pass-through is assumed to be complete for all traded goods. Moreover, they conflict with the results derived from the large theoretical and empirical literature on the microeconomic determinants of pass-through, which suggests that much international trade takes place in imperfectly competitive markets, in which the degree of less-than-complete pass-through depends on industry-specific factors. This study explores these apparent conflicts by re-examining the small-country assumption, with particular emphasis on export prices as the area of greatest divergence. Specifically, it addresses three research questions: 1) What are the theoretical conditions that underlie the small-country assumption? 2)What are the implications for the macroeconomic models of small economies if this assumption is violated? 3) In practice, is the data more consistent with the validity or otherwise of the assumption? The analysis focuses on Australia as a practical example of a small open economy with a high proportion of commodity exports. In summary, the theoretical and empirical results reported in this study suggest that the small-country assumption is unlikely to hold in practice. That is, exchange rate pass-through is more likely to be determined by industry-specific factors, rather than by the universal conclusion of zero pass-through for all Australian exports that is derived from the small-country assumption. Further, they imply that the movement in internal prices required to restore equilibrium in a small country following an external shock is likely to be both larger and more uncertain than has previously been expected. Under such circumstances, the full flexibility of the exchange rate, as the primary and most rapid source of the required adjustments, becomes particularly significant. An important policy implication for small open economies that are subject to frequent terms of trade shocks, such as Australia, is that attempts to manage the exchange rate in order to reduce apparently excessive movements may in fact result in a longer and more protracted process of adjustment through the labour market.

This dissertation examines four specific aspects of capital structure and dividend policy. The first issue concerns the determinants of capital structure dynamics. The primary objective is to examine whether stock returns are important factors in firm???s capital structure choice, and if so, whether this effect is persistent. In so doing, we use a data set which (1) avoids the complexity of tax rates faced by previous studies, (2) we introduce new variables that are unique to Oman, and (3) we distinguish empirically between bank debt and non-bank debt. We find stock returns are a first order determinant of capital structure. Firms do show some tendency to rebalance towards their target capital structure. However, the impact of stock returns dominates the effects of rebalancing. We also find new evidence that firms do take countermeasures to offset changes in their leverage that stem from equity value variations, but do so at a low speed. The next topic studied concerns the ex-dividend day behaviour. We investigate this issue using a unique data set where there are no taxes on dividends and capital gains and stock prices are decimalized. In this economy, any price decline that is smaller than the dividends can not be attributed to taxes and price discreteness. We find that the stock price drops by less than the amount of dividends and there is a significant positive ex-day return. We are able to account for our results using market microstructure models. The third issue investigated is the stock price reaction to dividend announcements. Tax-based signaling models argue that dividends would not have information and be informative if it is not for the higher taxes on dividends relative to capital gains that they apply to shareholders. The absence of personal taxes in Oman presents a valuable opportunity to test this prediction. Our results show that the announcements of dividend increases (decreases) are associated with a stock price increase (decrease) which contradicts the tax-based signaling models. The final chapter analyzes the determinants and stability of dividend policy of financial and non-financial firms. Investigating this issue is important for at least two reasons. First, Omani firms distribute almost 100% of their profits in dividends which led the Capital Market Authority (CMA) to issue a circular (number 12/2003) arguing that firms should retain some of their earnings for ???rainy days???. This allows us understand the characteristics of firms that pay dividends. Second, firms are highly levered mainly through bank loans which render the role of dividends in reducing the agency costs less important. Unlike most previous studies, we include both dividend paying and non-dividend paying firms to avoid a selection bias. We find that there are some common factors that determine dividend policy of both financial and non-financial firms and there are some factors that affect only non-financial firms. We also find that the factors that influence the probability to pay dividends are the same factors that drive the amount of dividends paid for both financial and non-financial firms. We document that non-financial firms adopt a policy of smoothing dividends while financial firms do not have a stable dividend policy.