El propósito de este trabajo de investigación es poder analizar las diferencias entre unicanalidad, multicanalidad y omnicanalidad, describir las ventajas del marketing omnicanal y, principalmente, probar la relación positiva entre las acciones de omnicanalidad y recompra en los establecimientos de venta de electrodomésticos en Lima Metropolitana en base a tres variables principales: puntos de contacto, gestión de clientes y la interconexión de los puntos de contacto. Los hallazgos del trabajo se basan en estudios cualitativos y cuantitativos realizados teniendo como base una revisión sistemática de papers anexados en los principales repositorios académicos. Si bien no se logran aceptar las hipótesis, sí se encontró una tendencia importante: la intención de recompra empieza a ser positiva a partir del impacto de tres puntos de contacto en adelante. Este trabajo de investigación también brinda recomendaciones dirigidas a la gerencia de los establecimientos de venta de electrodomésticos, a fin de que puedan aplicar, dentro de sus posibilidades, mejoras en su entendimiento de sus consumidores acerca de la omnicanalidad. Finalmente, este estudio hace una serie de contribuciones a la literatura sobre el marketing omnicanalidad. Establece el punto de partida para futuras investigaciones relacionadas a este nuevo fenómeno dentro del marketing. / The purpose of this research document is to be able to analyze the differences between single-channel, multi-channel and omni-channel, describe the advantages of omni-channel marketing and, mainly, to test the positive relationship between omni-channel and repurchase actions in household appliances sales establishments in Metropolitan Lima. based on three main variables: touchpoints, customer management and the interconnection of touchpoints. The findings of the work are based on qualitative and quantitative studies carried out based on a systematic review of papers attached to the main academic repositories. Although the hypotheses cannot be accepted, an important trend was found: the buyback intention begins to be positive from the impact of three contact points onwards. This research document also provides recommendations for the management of electrical appliance retail establishments, so that they can apply, to the best of their ability, improvements in their consumer understanding of omnichannel. Finally, this study makes a number of contributions to the omnichannel marketing literature. It establishes the starting point for future research related to this new phenomenon within marketing. / Tesis

Share repurchases reached a decade-high level in 2019, just as US equity indices reached a historical zenith, a move in tandem that supports more than merely a correlative relation. However, this relationship moves beyond that of just a close tandem move in indices alongside share repurchases, but to the behavior of firms which began to leverage themselves in order to promote the evermore profitable strategy of large buyback programs. Those repurchases indicate an idiosyncratic and procyclical leveraging that, while much smaller in scope and less combustible by lack of derivative amplification, led to the gorging on unsustainable debt described by Hyman Minsky and experienced in the Great Financial Crisis in the banking industry. In this case, the 'Minsky moment' that may have inevitably popped the self-promotion bubble came in the form of the 'black swan' event of the coronavirus outbreak. This paper aims to historically frame the issues, with delimitation of the effect of buybacks from 2009 to early 2020 with scant reference to historical factors influencing the increased usage of share repurchase programs. The analysis within this historical scope will reflect empirical measures on the market-wide level of share buybacks and debt levels alongside the concurrent equity index acceleration....

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Kommersiella fastigheter har setts som en inflationsskyddad tillgång och en viktig del i densvenska ekonomin. Stigande fastighetspriser och låga finansieringskostnader har varitfördelaktigt för de kommersiella fastighetsbolagen i Sverige. Många bolag har under periodenvarit aktiva på kapitalmarknaden och emitterat skuld till en låg kostnad. Under år 2022–2023har inflationen ökat vilket har genererat i penningpolitiska åtgärder som i sin tur ha genereraten ökad riskfri ränta. Finansieringskostnaden för svenska fastighetssektorn har ökat vilket harbidragit till att många fastighetsbolag har varit tvungna att se över sin finansiering. Obligationersom har emitterats under en period när räntan har varit låg är påväg att löpa ut och detmakroekonomiska händelserna kräver åtgärder från fastighetsbolagens sida. Under det senasteåret har fastighetsbolag genomfört obligationsåterköp som en åtgärd i att stärka den finansiellahälsan. Syftet med uppsatsen är att utvärdera incitamenten och effekterna av obligationsåterköpen somhar genomförts av svenska kommersiella fastighetsbolag. Uppsatsen baseras på branschinsattapersoner som genom sin kunskap och expertis anses ge perspektiv i studien. Utöver intervjuerbaseras uppsatsen på bolag av som har genomfört återköp. I studien framgår attobligationsåterköp genomförs som en rad bland andra åtgärder för att stärka bolagetsfinansieringssituation. Effekterna är starkt beroende av finansieringskällan och incitamenten ärbolagsspecifika. / Commercial real estate has long been regarded as an inflation-safe asset and a crucialcomponent in the Swedish economy. Raising real estate values and low financing costs hasbeen beneficial for Swedish commercial real estate companies. Several companies have beenactive on the capital market and issued bonds at a low cost. The inflation has been rising duringthe year 2022-2023, leading to monetary policy measures that have increased risk-free interestrates. As a result, Swedish commercial real estate has been forced to look over its financingside due to increasing financing costs. Bonds issued during a period of low interest are nowexpiring and the macroeconomic events require measures from the companies side. In the pastyear, several real estate companies have made bond repurchases as a measure to strengthen thefinancing side. This thesis aims to study the incentives and effects of the bond repurchases which have beenmade by Swedish real estate companies. The thesis is based on interviews with persons ofexperience from the commercial real estate and bond market to give perspective to this thesis.Additionally, the thesis is also based on companies that have made bond repurchases. Thefindings reveal that bond repurchases are made as one of other measures to strengthencompanies' financing side. The effects of these repurchases closely tied to the financing formof the repurchases and the incitements are company specific.

This study examines how the relation of earnings and payout is influenced by country-level moderators of investor protection and creditor rights. By using an international sample with 42,148 firm-year observations in 3,658 firms during the years 2001-2017, I find that earningspayout relation is strong. Further, I present evidence that the earnings-payout relation is alleviated in weak investor protection and creditor right countries due to the negative influence of dividends. Although share repurchases positively impact the strong earnings-payout relation, the positive effect of share repurchases is weaker compared to the negative one of dividends. As a consequence, in weak investor protection and creditor right countries, the strong earnings-payout relation is alleviated when it is tested with the logit regression.

Yes / Cost-saving and sanitation considerations and the challenge of labor shortages have catalyzed the application of service robots in restaurants. Although service robots can perform multiple roles and functions, more research attention is needed in hospitality contexts on how different combinations of using robots and humans at different product/service layers may influence customers’ experiences and behavioral intentions. Building on the literature of product level theory and authenticity, this study empirically investigated this issue with data collected from 364 customers in China. The results show that the use of robots in core and facilitating product levels is less effective in improving consumers’ perceived service and brand authenticity. Consumers’ perceived service authenticity positively influences their brand authenticity and repurchase intention. Consumers’ perceived brand authenticity only positively affects their repurchase intention. Both theoretical and managerial implications are discussed in this paper. / Research Development Fund Publication Prize Award winner, July 2022

Denna studie undersöker vilken påverkan förpackningsdesign har inom skönhetsindustrin men även hur hållbara förpackningsalternativ, med fokus på påfyllningsbara produkter, påverkar återköp. Genom en kvalitativ forskningsmetod, där semistrukturerade intervjuer användes för att samla in data, visar resultatet att förpackningsdesignen identifieras som en avgörande faktor för sensorisk njutning och produktupplevelse. Färg, form och materialval spelar en betydande roll i köpbeslut, där färg och material har större inverkan än formen. Vissa färger associeras med lyx och kvalitet, medan material som glas upplevs som högre kvalitet och mer miljövänligt jämfört med plast. Förpackningens funktion är också avgörande, där välfungerande och skyddande förpackningar stärker konsumenternas förtroende. Hållbarhetsfaktorer är viktiga för konsumenterna, där miljövänliga material samt information om hållbarhet på förpackningen har en positiv inverkan. Påfyllningsbara förpackningar lockar konsumenter och kan förbättra varumärkesimagen samt ge ekonomiska fördelar för både konsumenter och producenter. Vidare har påfyllningsbara produkter potential att öka återköpen genom att erbjuda ekonomiska fördelar och möta efterfrågan på miljövänliga alternativ. Konsumenterna sparar pengar genom att köpa påfyllningar istället för nya förpackningar, vilket ökar sannolikheten för återköp. Första intrycket av en produkt påverkar initiala köpbeslut, medan produktens kvalitet och funktion är avgörande för återköp. Företag som investerar i hållbara förpackningslösningar och upprätthåller hög produktkvalitet kan därmed bygga starka kundrelationer och öka kundlojaliteten på lång sikt. / This study investigates the impact of packaging design within the beauty industry, as well as how sustainable packaging options, with a focus on refillable products, influence repurchase behaviour. Through a qualitative research method, where semi-structured interviews were conducted to collect data, the results show that packaging design is identified as a crucial factor for sensory enjoyment and product experience. Colour, shape, and material choices play a significant role in purchasing decisions, with colour and material having a greater impact than shape. Certain colours are associated with luxury and quality, while materials like glass are perceived as higher quality and more environmentally friendly compared to plastic.The functionality of the packaging is critical, with well-functioning and protective packaging enhancing consumer trust. Sustainability factors are important to consumers, and eco-friendly materials as well as information about sustainability on the packaging have a positive impact. Refillable packaging attracts consumers and can improve brand image as well as provide economic benefits for both consumers and producers. Refillable products have the potential to increase repurchase by offering economic advantages and meeting the demand for eco-friendly alternatives. Consumers save money by buying refills instead of new packages, which increases the likelihood of repurchase. The first impression of a product influences initial purchase decisions, while product quality and functionality are crucial for repurchase. Companies that invest in sustainable packaging solutions and maintain high product quality can build strong customer relationships and increase customer loyalty in the long term.

This dissertation uses a Sociological approach to analyse the risks associated with the practice of securities lending. Risks are those factors that inhibit the development of trust, and trust is essential for people to participate in financial transactions like securities lending. In this dissertation we show that, although there are a number of risks, individual and systemic, that are associated with securities lending, practitioners have, over time, developed an array of risk management procedures and practices to keep these risks at acceptable levels. Securities lending is however not practiced in a vacuum and the relevance of these risk management procedures is largely determined by the cultural environment in which it is practised. Values, norms and sanctions are crucial as social controls over behaviour that transpires in social structures. The presence of structural conditions necessary for the development of a culture of extreme opportunism is shown as arguably the greatest source of risk facing those who participate in financial transactions like securities lending. / Sociology / M.A.

This dissertation uses a Sociological approach to analyse the risks associated with the practice of securities lending. Risks are those factors that inhibit the development of trust, and trust is essential for people to participate in financial transactions like securities lending. In this dissertation we show that, although there are a number of risks, individual and systemic, that are associated with securities lending, practitioners have, over time, developed an array of risk management procedures and practices to keep these risks at acceptable levels. Securities lending is however not practiced in a vacuum and the relevance of these risk management procedures is largely determined by the cultural environment in which it is practised. Values, norms and sanctions are crucial as social controls over behaviour that transpires in social structures. The presence of structural conditions necessary for the development of a culture of extreme opportunism is shown as arguably the greatest source of risk facing those who participate in financial transactions like securities lending. / Sociology / M.A.

鑑於我國證券交易市場受非經濟因素影響致股價下跌之情形時而有之，證券主管機關一財政部證券暨期貨管理委員會為健全證券市場之發展，自民國八十五年七月起即積極研議建立庫藏股票制度，直至民國入十九年六月三十日經立法院三讀通過包括證券交易法第二十八條之二有關庫藏股等部分條文修正案，並於同年七月十九日經總統公布後，於同年八月七日訂定發布「上市上櫃公司買回本公司股份辦法」後正式實施。 庫藏股制度之實施，係為一種穩定市場的調節機制，為避免上市、上櫃公司因非財務或業務因素，導致公司股價不合理下跌，而影響公司信用、損及股東權益，於必要時由公司買回自己的股份，其對於企業延攬人才、認股權憑證等金融商品之發行及維護證券市場之安定，有積極之功能與效用。 自八十九年八月十日廣豐實業股份有限公司申報買回股份開始，截至九十年十一月底止，有三○九家上市、櫃公司施行庫藏股制度，目的為轉讓股份予員工、股權轉換或維護公司信用及股東權益而買回其股份。惟我國實施庫藏股制度將近二年，其成效如何，所帶來的經濟效果是否如主管當局所預期，公司所承擔的經營風險又是如何？諸此，乃是本研究的重點。 本研究係以八十九年八月至九十年九月底止已施行庫藏股制度之上市公司為研究對象，透過事件研究法檢驗異常報酬的方式來評估庫藏股制度的宣示效果外，並以CAPM（資本資產訂價模式），觀察公司實施庫藏股前後市場風險（β）變化；另利用無母數統計方法，就上市公司之關係企業交叉持股情況與買回庫藏股作關聯性分析，檢視交叉持股與庫藏股施行之關係。 研究結果如下： 一、公司宣告實施庫藏股前，其股價通常有異常下跌的情形，宣告前三十天至宣告前一日的累積異常報酬高達-11.80％，宣告實施庫藏股後，累積異常報酬逐漸止跌回升，其中以宣告當日至宣告後第三日的異常報酬最為明顯，宣告後三十日累積異常報酬回升至-1.93％，顯示公司實施庫藏股確實存在著穩定股價的效果。 二、公司實施庫藏股後的市場風險月，較宣告前的市場風險心顯著下降，表示就短期而言，公司實施庫藏股後確實能降低該公司證券的市場風險。 三、根據599家上市公司之關係企業持有母公司股份及買回庫藏股資料，利用卡方獨立性檢定，發現交叉持股與實施庫藏股有顯著關聯性；進一步採用Spearman等級相關分析，發現上市公司關係企業持股佔母公司已發行股份總數比例變動情形，與買回公司股份佔其已發行股份總數比例亦有顯著之關聯，呈同向變動，亦即交叉持股的情況未因庫藏股之實施而有所減少。 關鍵字：庫藏股、股票買回、交叉持股 / Seeing that sometimes our stock markets are disturbed by non-economic factors makes the price of stock come down. The Securities and Futures Commission (SFC) has been committed to developing a sound stock market. It began to consider establishing the treasury stock system since July 1996. The amendment of The Securities Law, promulgated on July 19, 2000, includes the treasury stock system. SFC announced the“Guidelines for Buying Back Company shares by TSE-listed and OTC-listed Companies”on August 7,2000. The treasury stock system is an adjustment mechanism of stable market, in order to avoid the unreasonable falling in stock price of TSE-listed and OTC- listed Companies by non-financial or financial factors, influence company credit and shareholders' equity. The company can buy back shares when it is necessary. It is positive that the company invites qualified personnel, the warrants are issued and the stability of the stock market is maintained. Since Kwong Fong Industries Corporation started to declare buying back shares on August 10, 2000. By the end of Nov. 2001, a total of 3 09 TSE-listed and OTC-listed companies carried out the treasury stock system. These companies buy back shares for the purpose of transferring to employee, conversion of stock equity, maintaining company trust and stockholders' equity. We have carried out the treasury stock system for two years. How are effects of the treasury stock system? Did it come up to expectations of SFC? How are risks of these companies operating? Such these topics are focus of this research. These TSE-listed companies of buying back company shares from August 2000 to September 2001 are objects of this study. An event study methodology is used to examine the excess returns to evaluate the announcement effects of treasury stock. By CAPM, it can compare the changes on market risk before and after these companies carried out the treasury stock system. Nonparametric method is used to analyze the relationship between the cross holding and the stock repurchase. The results of this study are as follows: 1.The stock price is often descending before the announcement on buying back company shares, the accumulative abnormal returns reach -11.080% from 30 days to I day before stock-repurchase announcement, but the accumulative abnormal returns are increasing gradually after stock-repurchase announcement. The abnormal returns have significantly from the day of announcement to 3 days after the announcement. The accumulative abnormal returns reach -1.93% on 30 days after stock-repurchase announcement. So, it exists the stock price stability effect on carrying out the treasury stock system. 2.The market risk after company buying back shares is lower significantly. In the short term, the company using the treasury stock system can reduce market risk. 3.There are significant relation between Cross-holding and stock-repurchase. Furthermore, the ratio of parent company's shares held by its subsidiary company has positive correlation with that of parent company buy back shares of its own. Key words: Treasury stock ; Stock repurchase ; Cross holding