ITC/USA 2010 Conference Proceedings / The Forty-Sixth Annual International Telemetering Conference and Technical Exhibition / October 25-28, 2010 / Town and Country Resort & Convention Center, San Diego, California / In this article we present a design of an L-band slot loop antenna with a dielectric loaded conductor backed coplanar waveguide (CBCPW) feed. The coplanar slot loop antenna has a transmission line resonator in series. We used full wave electromagnetic simulations with Ansoft's high frequency structure simulator (HFSS) software in the design of the coplanar slot loop antenna. The series transmission line resonator helps to tune the coplanar slot loop antenna and reduce its size. We present here results on return loss and radiations patterns of coplanar slot loop antenna obtained from HFSS simulations.

Corporate water risk is a function of resource dependence, which exposes firms to uncertainty. Firms rationally seek to reduce this risk, and this shapes their disclosure strategies. However, the consequence is that corporate water risk disclosure is becoming increasingly unfit for purpose. As current approaches begin to acquire institutional legitimacy and the path-dependent label of best practice, a status quo is becoming embedded, reinforced through mimetic behaviour. The agency problem that this creates is unchecked; in part because of the legitimacy acquired by the disclosure strategies, but also because of temporal myopia exhibited by investors, which contributes to unpredictable decision-making. The status quo also results in sub-optimal resource allocation, a problem that is compounded by the large and growing global infrastructure deficit for water supply and services. This thesis sets out a framework by which the disclosure of corporate water risk can be meaningfully evaluated by investors and other stakeholders; and proposes how the water infrastructure investment gap could be narrowed by the development and application of the corporate water return concept. The research builds on empirical foundations to offer new approaches that address the problems of the status quo. First, it empirically explores perceptions of best practice in terms of water risk disclosure, from the perspective of both listed firms and leading institutional investors (Chapters 3 and 4). Second, it proposes a methodology through which firms can disclose water risks in a systematic format; and advances corporate water return as a complementary concept to water risk, in order to catalyse corporate investment in water infrastructure (Chapters 5 and 6). Resource dependence theory, institutional theory, and stakeholder theory are combined to create a trio of integrative, explicative conceptual narratives that form the overarching thesis structure. The research also draws on other themes from economic geography, including proximity; strategic cognition; transaction costs; and real options theory.

Bakgrund: Tillväxten i den svenska e-handelsmarknaden har under de senaste åren ökat och i takt med detta ökar e-handelsföretagens returer. Ehandelsföretagen ser ofta returprocessen som ett onödigt ont och som en kostsam post. Därför har företagen oftast inga utarbetade strategier för att effektivisera returprocessen ur konsument- och kostnadssynpunkt. Segmentet heminredning och möbler är ett av segmenten som har haft kraftigast tillväxt under det senaste året, vilket leder till att returer gällande skrymmande produkter har ökat. Syfte: Syftet med studien är att bidra till kunskapen om hur svenska ehandelsföretag inom heminredning och möbler i deras returprocess arbetar med avvägningen mellan kundnöjdhet och kostnadseffektivitet. Metod: Studien har utgått ifrån en kvalitativ metod med en abduktiv ansats. För att samla in empiri har vi genomfört en dokumentstudie samt två fallstudier gällande returprocessen hos två e-handelsföretag inom segmentet heminredning och möbler. Slutsatser: Enligt studien arbetar de två studerade e-handelsföretagen utifrån olika returstrategier gällande kundnöjdhet och kostnadseffektivisering. För att förhindra en returprocess samt skapa kundlojalitet vid en returprocess har vi genom studien kommit fram till att information om både produkten och returprocessen är en vital faktor.

In this thesis we present a numerical and analytical study of modelling extremes in chaotic dynamical systems. We study a range of examples with different dependency structures, and different clustering characteristics. We compare our analysis to the extreme statistics observed for financial returns data, and hence consider the modelling potential of using chaotic systems for understanding financial returns. As part of the study we use the block maxima approach and the peak over threshold method to compute the distribution parameters that arise in the corresponding extreme value distributions. We compare these computations to the theoretical answers, and moreover we obtain error bounds on the rate of convergence of these schemes. In particular we investigate the optimal block size when applying the block maxima method. Since the time series of observations on a dynamical system have dependency we must therefore go beyond the classic approach of studying extremes for independent identically distributed random variables. This is the main purpose of our study. As part of this thesis, we also study clustering in financial returns, and again investigate the potential of using dynamical systems models. Moreover we can also compare numerical quantification of clustering with theoretical approaches. As further work, we measure the dependency structures in our models using a rescaled range analysis. We also make preliminary investigations into record statistics for dynamical systems models, and relate our findings to record statistics in financial data, and to other models (such as random walk models).

I investigate the information content in the implied volatility spread, which is the spread in implied volatilities between a pair of call and put options with the same strike price and time-to-maturity. By constructing the implied volatility time series for each stock, I show that stocks with larger implied volatility spreads tend to have higher future returns during 2003-2013. I also find that even volatilities implied from untraded options contain such information about future stock performance. The trading strategy based on the information contained in the actively traded options does not necessarily outperform its counterpart derived from the untraded options. This is inconsistent with the previous research suggesting that the information contained in the implied volatility spread largely results from the price pressure induced by informed trading in option markets. Further analysis suggests that option illiquidity is associated with the implied volatility spread, and the magnitude of this spread contains information about the risk-neutral distribution of the underlying stock return. A larger spread is associated with smaller risk-neutral variance, more negative risk-neutral skewness, and seemingly larger risk-neutral kurtosis, and this association is primarily driven by the systematic components in risk-neutral higher moments. I design a calibration study which reveals that the non-normality of the underlying risk-neutral return distribution relative to the Brownian motion can give rise to the implied volatility spread through the channel of early exercise premium.

Study project (MBA) -- University of Stellenbosch, 2001. / University of Stellenbosch Business School / ENGLISH ABSTRACT: This study considers share tips published in a respected publication, and determines whether an investment strategy based on the recommendations of its journalists could allow investors to exceed the stock market average. Six journalists were selected, and the recommendations that they made over a 30-month period grouped into “buy” and “do not buy” recommendations. The change in price of the recommended shares was measured after periods of one week, one month, three months and six months after the date of publication and after inclusion of dividends paid during those periods, returns were calculated. The returns attained for each share was compared to the return on the JSE-Overall Index during that period, the difference between the two being the excess return of the share. The excess returns of the shares recommended by each journalist were used to calculate portfolio excess returns, on which tests of statistical significance carried out. The portfolio of one journalist showed statistically significant excess returns in all four periods under review. One other achieved a statistically significant excess return over 1 week. No other portfolios achieved significant excess returns over the market. / AFRIKAANSE OPSOMMING: In hierdie werkstuk word die aandeelwenke wat in ‘n gerespekteerde tydskrif gepubliseer is, ondersoek om vas te stel of ‘n beleggingsstrategie wat op die wenke van die joernaliste gebaseer is, die mark gemiddlede opbrengs kan klop. Ses joernaliste is gekies, en hul wenke oor ‘n periode van 30-maande is geklassifiseer in “koop” en “nie koop” wenke. Vir die “koop” wenke is die prys-verandering oor tydperke van een week, een maand, drie maande en ses maande gemeet. Opbrengste met insluiting van dividende is bereken. Die opbrengste is met die JE-algehele indeks se opbrengs vir elk van die periodes vergelyk, en die verskil is as bo-opbrengste gedefinieer. Die bo-opbrengste vir elke aandeel is gebruik om portfolio bo-opbrengste te bereken, weereens vir elk van die periodes. Hierdie bo-opbrengste is vir statistiese betekenisvolheid getoets. Die portfolio van een joernalis het statisties beteksnisvolle bo-opbrengste vir al vier periodes getoon. Die portfolio van een ander joernalis het statisties betekenisvolle bo-opbrengste vir ‘n hou-periode van een week getoon. Geen ander portfolios het bo-opbrengste getoon nie.

Thesis (MBA)--Stellenbosch University, 2007. / ENGLISH ABSTRACT: When considering the expected returns from an investment, investors often focus on the appreciation of the share price (capital appreciation) and ignore the contribution of dividends paid, thus overlooking a potentially significant contributor to returns. The objectives of this study are to determine the respective contributions of dividends and capital appreciation to the total returns of South African equities over a 10-year period, beginning 31 July 1996 and ending 31 July 2006, by using the Top 40 index of shares listed on the Johannesburg Securities Exchange over that period. The study also aims to determine whether dividend policy should be considered as carefully as the share's potential capital appreciation by investors when constructing portfolios. The study determined that dividends paid contributed more than 50% of the total return for 10% of the shares in the sample tested. In total, dividends contributed more than 25% of the total return for 33% of the shares. The study also concludes that a share's dividend policy should be considered carefully, as dividends paid may be a significant contributor to a share's expected return. / AFRIKAANSE OPSOMMING: Wanneer die verwagte opbrengste van 'n belegging in ag geneem word, Ie beleggers dikwels klem op die waardestyging van die aandeleprys (kapitaalappresiasie) en ignoreer die bydrae van dividende wat betaal word. Hulle sien nie dividende as 'n potensieel belangrike bydraer tot opbrengste raak nie. Die doelwitte van hierdie studie is om die onderskeie bydraes van dividende en kapitaalappresiasie tot die totale opbrengs van Suid-Afrikaase aandele oor 'n tydperk van 10 jaar - vanaf 31 Julie 1996 tot 31 Julie 2006 - te bepaal deur die Top 40 indeks van aandele te gebruik wat in daardie tydperk op die Johannesburgse Aandelebeurs genoteer was. Die ondersoek wil ook bepaal of beleggers net so versigting na dividendbeleid as na aandele se potensiele kapitaalappresiasie behoort te kyk wanneer portefeuljes saamgestel word. Die studie het bepaal dat dividende wat betaal is, meer as 50% van die totale opbrengste vir 10% van die aandele in die toetsvoorbeeld uitgemaak het. Dividende het altesaam meer as 25% van die totale opbrengs vir 33% van die aandele uitgemaak. Die studie het ook tot die gevolgtrekking gekom dat 'n aandeel se dividendbeleid baie versigtig oorweeg moet word omdat dividende wat betaal word 'n belangrike bydraer tot 'n aandeel se verwagte opbrengs kan wees.

published_or_final_version / Economics and Finance / Master / Master of Economics

published_or_final_version / Economics and Finance / Master / Master of Economics

published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy