This thesis examines determinants of the adoption of total mixed ration (TMR), and the effects of the adoption of TMR on the farm level productivity and profitability of Ontario dairy farms. A sample of 320 farm level data from 2004-2008 is taken from the Ontario Dairy Farm Accounting Project (ODFAP). A probit model is estimated to examine the factors affecting the adoption of TMR; and the propensity score matching analysis is used to explore the influence of the use of TMR on sample farm’s productivity and profitability. Results from the probit model show that farmer’s age, herd size, region, breed type and feeding system have significant effect on the adoption of TMR. In turn, the adoption of TMR feeding practice has positive influence on both farm productivity and profitability. Under the propensity score matching method, the use of the TMR feeding practice has an economically significant effect on farm profits (i.e., for average farm with approximately 73 cows, the use of TMR feeding practice increases farm profits by CAD$37,091.30/year approximately) and a statistically significant increase in milk production by 1075.41 hl/cow per year.

Behavioural choices of animals as they acquire resources in the wild are well characterized by foraging theory; however, the neural mechanisms underlying these behaviours are not well understood. The goal of this thesis is to understand the brain mechanisms involved in selecting and executing such foraging behaviours. To do so, rhesus monkeys performed a novel visuosaccadic foraging task while we recorded the activity of single neurons in the intermediate layers of the superior colliculus (SCi). An important innovation of this task is that both target profitability – the measure of value in the simplest case of foraging theory – and saccade choice are measured separately. We hypothesized that target profitability is represented in the SCi in addition to its well characterized role in saccade planning and preparation. Visual Foraging Task: Monkeys harvested coloured dots representing prey items by fixating them for a pre-specified handling time. On each trial, multiple prey are presented, sharing identical physical attributes except that each was one of three colours. All prey of the same colour shared the same profitability [Profitability = reward magnitude (ml)/handling time (s)]. According to foraging theory, intake of reward is maximized if prey are selected in descending order of their profitability. Indeed, we found subjects gradually approached optimal efficiency. We computed an index of the relative subjective profitability of each prey colour, which compared the rank order with which monkeys chose prey of each colour. This subjective index of profitability was then compared to concomitant SC activity attributed to the prey item in the neuron’s response field (RF). First, we found that the amount of SC activity reflected the subjective profitability of the RF targets, and established that this effect was not simply a result of saccade goal planning. Second, profitability information remains dominant throughout the handling period until reward delivery, after which activity also became selective for upcoming saccades. Together, our results highlight the prominent role of target profitability in shaping SCi activity. We propose that profitability information in the SCi may play an important role in resolving competition between numerous target representations to choose the next saccade goal. / Thesis (Master, Neuroscience Studies) -- Queen's University, 2011-02-21 15:37:43.468

Banks today are the largest financial institutions around the world, with branches and subsidiaries throughout everyone’s life. However, commercial banks are facing risks when they are operating. Credit risk is one of the most significant risks that banks face, considering that granting credit is one of the main sources of income in commercial banks. Therefore, the management of the risk related to that credit affects the profitability of the banks. The aim of the research is to provide stakeholders with accurate information regarding the credit risk management of commercial banks with its impact on profitability.   The main purpose of the research is to investigate if there is a relationship between credit risk management and profitability of commercial banks in Europe. We also aim to investigate if the relationship is stable or fluctuating. In the research model, ROE and ROA are defined as proxies of profitability while NPLR and CAR are defined as proxies of credit risk management. The research collects data from the largest 47 commercial banks in Europe from 2007 to 2012 and formulates four hypotheses which are related to the research question. A series of statistical tests are performed in order to test if the relationship exists. Other statistical tests are performed to investigate if the relationship is stable or not.   The findings reveal that credit risk management does have positive effects on profitability of commercial banks. Between the two proxies of credit risk management, NPLR has a significant effect on the both ROE and ROA while CAR has an insignificant effect on both ROE and ROA. However, from 2007 to 2012, the relationships between all the proxies are not stable but fluctuating.

Techninė analizė yra vienas iš akcijų kainų prognozavimo būdų, kuris naudoja techninę informaciją apie kainų pasikeitimus. Techninė analizė yra vienas iš daugumos patikimų metodų, garantuojančių sėkmingą prekybą vertybinių popierių biržoje. Tačiau techninės analizės naudojimas yra ne visada galimas dėl informacijos trūkumo. Šiame darbe yra išanalizuotos galimybės panaudoti techninę analizę OMX rinkoje. Baigiamojo darbo objektas – techninė analizė, skirta investicinio portfelio pelningumui nustatyti. Baigiamojo darbo tikslas – naudojant techninės analizės tyrimo metodus, pateikti sprendimus suformavimui investicinio portfelio, maksimizuojančio investicijų pelningumą OMX vertybinių popierių biržoje. Darbo tikslui pasiekti yra keliami šie uždaviniai: 1. Išnagrinėti OMX biržos veiklą ir jos specifiką skirtingose valstybėse. 2. Išanalizuoti teorinius vertybinių popierių pelningumo techninės analizės aspektus ir labiausiai paplitusius modelius. 3. Išnagrinėti OMX vertybinių popierių biržą įvairiais techninės analizės metodais ir nustatyti optimalų techninės analizės metodų rinkinį, skirtą maksimalaus pelningumo vertybinių popierių portfelio formavimui. Akcijos portfelio sudarymo rezultatai, naudojant techninę analizę leidžia teigti, kad techninė analizė gali būti panaudota kaip įrankis akcijų kurso dinamikos analizei OMX vertybinių popierių biržoje. Tai galioja tuo atveju, jei akcijų kurso dinamika yra analizuota, naudodama kelis techninius analizės metodus, ir tų metodų tinkamumas... [toliau žr. visą tekstą] / Technical analysis is one of stocks’ prices forecasting ways that uses technical information about the changes of prices. Technical analysis is discussed as one of most reliable methods to guarantee successful trade in stock market. But the usage of technical analysis is not always possible because of lack of information or stock market specifics. In this study the possibilities to use technical analysis in OMX Nordic market is analyzed. The object of study is technical analysis used to assess the profitability of investment portfolio. The objective of study is to present decisions for profit-maximising investment portfolio formation in OMC stock market, using technical analysis’ methods. The tasks of the study are as follows: 1. To analyse OMX market performance and specifics in different countries. 2. To analyse the theoretical aspects of stock profitability assessment using technical analysis and most often used models. 3. To analyse OMXTechnical analysis using various models of technical analysis and to determine the optimal methods of technical analysis that could be used for profit-maximising stock portfolio formation. The results of stock portfolio formation using technical analysis allows stating that technical analysis can be used as the tool for stock price dynamics analysis in OMX stock market. This is valid in case the dynamics of stock price is analyzed using several technical analysis methods and the suitability of those methods in concrete situation is assessed... [to full text]

In South Africa there is high unemployment rates and poverty amongst a large part of the population. Entrepreneurship is identified by National Government and various research programs such as the Global Entrepreneurship Monitor (GEM) as a possible solution to the above socio-economic problems hampering economic growth of a developing region. It is however very difficult to start and grow a business that can last over time. This research report investigates the major problems associated with business sustainability of SMMEs and provides strategies for businesses to stay operational over time. The main aim of the study is to establish determinants of sustainability and reasons for success of SMMEs, based on a sample of small companies in Lesedi, Gauteng. Suggestions are made based on their unique experiences. The empirical study was conducted by means of a field study using a structured questionnaire. The reliability of the questionnaire was determined by the Cronbach alpha coefficient of the constructs. Data from 52 SMMEs were collected and analysed. The results indicate that most SMMEs in Lesedi are struggling to make profit and are generally unsustainable by measuring up the results against elements identified within the literature review. A total of 100 businesses restricted to Lesedi municipality in Gauteng were visited in the process of collecting the peer-aided questionnaires. The biggest problems of SMMEs in the sample were: gross profit control, marketing, strategic management, inventory control, information management, staff development, expense control, sourcing funds, time management and financial management. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2013.

In South Africa there is high unemployment rates and poverty amongst a large part of the population. Entrepreneurship is identified by National Government and various research programs such as the Global Entrepreneurship Monitor (GEM) as a possible solution to the above socio-economic problems hampering economic growth of a developing region. It is however very difficult to start and grow a business that can last over time. This research report investigates the major problems associated with business sustainability of SMMEs and provides strategies for businesses to stay operational over time. The main aim of the study is to establish determinants of sustainability and reasons for success of SMMEs, based on a sample of small companies in Lesedi, Gauteng. Suggestions are made based on their unique experiences. The empirical study was conducted by means of a field study using a structured questionnaire. The reliability of the questionnaire was determined by the Cronbach alpha coefficient of the constructs. Data from 52 SMMEs were collected and analysed. The results indicate that most SMMEs in Lesedi are struggling to make profit and are generally unsustainable by measuring up the results against elements identified within the literature review. A total of 100 businesses restricted to Lesedi municipality in Gauteng were visited in the process of collecting the peer-aided questionnaires. The biggest problems of SMMEs in the sample were: gross profit control, marketing, strategic management, inventory control, information management, staff development, expense control, sourcing funds, time management and financial management. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2013.

The primary objective of any corporation should be shareholder wealth maximisation. A firm's working capital policies have an effect on the firm's expected future returns and the risk associated with the returns, which ultimately have an impact on shareholder wealth. Efficient working capital management is a fundamental portion of the overall corporate strategy to create shareholder value. In this study the relationship of corporate profitability and working capital management was investigated. This relationship is examined using regression analysis. A sample of 118 firms listed on the Johannesburg Securities Exchange (JSE) for the period 2003 to 2007 was used. The purpose of this study is to establish whether a relationship exists between working capital management efficiency and profitability, considering the cash conversion cycle and operating profitability of the firm. The results of the regression analysis indicated that a statistical significance exists for three of the five years (2003 - 2005) analysed between profitability, measured with the gross operating profit, and the cash conversion cycle. It is observed (2003-2005 regression results) that a lower gross operating profit is associated with an increase in number of days accounts payable. The negative relationship between accounts receivable and firms' profitability (for 2003-2005) suggests that less profitable firms will pursue a decrease of accounts receivables in the attempt to reduce cash gap in the respective cash conversion cycles. The negative relationship between the number of days inventory and corporate profitability (for 2003-2005) suggests that a sudden decrease in sales accompanied by mismanagement of inventory, will lead to tying up excess capital at the expense of profitable operations. Managers or owners of firms can improve profits for firms by handling correctly the cash conversion cycle and keeping each individual component (accounts receivable, accounts payable and inventory) to an optimum level. These results (for 2003-2005) suggest that managers can create value for shareholders by reducing the cash conversion cycle and its individual components. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

The primary objective of any corporation should be shareholder wealth maximisation. A firm's working capital policies have an effect on the firm's expected future returns and the risk associated with the returns, which ultimately have an impact on shareholder wealth. Efficient working capital management is a fundamental portion of the overall corporate strategy to create shareholder value. In this study the relationship of corporate profitability and working capital management was investigated. This relationship is examined using regression analysis. A sample of 118 firms listed on the Johannesburg Securities Exchange (JSE) for the period 2003 to 2007 was used. The purpose of this study is to establish whether a relationship exists between working capital management efficiency and profitability, considering the cash conversion cycle and operating profitability of the firm. The results of the regression analysis indicated that a statistical significance exists for three of the five years (2003 - 2005) analysed between profitability, measured with the gross operating profit, and the cash conversion cycle. It is observed (2003-2005 regression results) that a lower gross operating profit is associated with an increase in number of days accounts payable. The negative relationship between accounts receivable and firms' profitability (for 2003-2005) suggests that less profitable firms will pursue a decrease of accounts receivables in the attempt to reduce cash gap in the respective cash conversion cycles. The negative relationship between the number of days inventory and corporate profitability (for 2003-2005) suggests that a sudden decrease in sales accompanied by mismanagement of inventory, will lead to tying up excess capital at the expense of profitable operations. Managers or owners of firms can improve profits for firms by handling correctly the cash conversion cycle and keeping each individual component (accounts receivable, accounts payable and inventory) to an optimum level. These results (for 2003-2005) suggest that managers can create value for shareholders by reducing the cash conversion cycle and its individual components. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

No description available.

As natural resources are decreasing and environmental pollution is increasing, the buildings that play an important role in this problem should be constructed sustainably so their affects are kept to a minimum. Hospitals operate 24 hours a day and 7 days a week, therefore they are one of the largest energy consumers. Hence designers have started to design healthcare facilities according to the Leadership in Energy and Environmental Design (LEED) criteria, believing that it will reduce waste production, energy consumption and increase patient satisfaction by creating brighter and less stressful facilities. To understand if the claims are correct or not, this thesis first studied the results of the patient survey, Hospital Consumer Assessment of Healthcare Providers and System (HCAHPS), undertaken at most of the hospitals in the U.S., and compares the results to LEED and non-LEED certified hospitals. To find answers for the claims related to the financial benefits, this thesis compared three financial indicators; cost of operation of plant, profitability, and inpatient revenue. In the cases where there is a large enough sample size, a t-test is used to compare two groups, however when the sample size was not large enough, two groups are compared based on their means. For the cost of operation of plant and profitability, non-LEED certified hospitals are performing better. However, the patient satisfaction and inpatient revenues are significantly higher at the LEED-certified hospitals.