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Small and Medium Sized Enterprises (SMEs) were founded to improve the activity and effectiveness of small industries, to provide economic and social needs of the country, to increase the competitive level of the country, and to establish integration in the industry. In today&rsquo / s competition conditions, SMEs should continuously improve themselves / otherwise, they could lose their market shares. One of the major problems encountered in Turkish SMEs is poor quality activities / especially, not being able to exploit the Statistical Process Control (SPC) techniques. Production runs become shorter and shorter, and the product variety seems to be ever increasing, which cause short production runs. Using traditional control charts for short production runs can yield wrong and costly results. Instead of traditional control charts, short run charts such as Difference Charts (DNOM), Zed Charts, and Zed-Star Charts should be preferred.For this purpose, software that not only constructs short run control charts but also implements charts by tests to solve the problems of SMEs is developed. A Control Chart Selection Wizard, which is capable of emulating human expertise in finding a suitable control chart according to the user response for different cases is developed and added as a subprogram. Software was tested at Ar&ccedil / elik Dishwasher Plant in Ankara. The overall evaluation of the developed software, as regards the user, was satisfactory. The software can meet some requirements of the SMEs.

This paper seeks to investigate whether a short-run Phillips curve exists between 1997-2022, and if there are evident changes in the trade-off since 2020, which could be due to the COVID-19 pandemic and the war in Ukraine. As the macroeconomic environment has changed drastically in the last couple of years, both as a result of the economic consequences of the COVID-19 pandemic and the invasion of Ukraine, the relationship evolvement of the Phillips curve since the start of 2020 is of particular interest to investigate. The method used in this study is consistent with the approach utilized by Svensson (2015) in his estimation of the Phillips curve. However, Svensson’s study covers the period between 1997:Q4-2011:Q4, while our study portrays the short-run relationship until 2022:Q4. Additionally, dummy variables are incorporated into the OLS regression using robust standard errors to account for the impact of the economic disruptions since 2020. This study suggests that Sweden has a negative short-run Phillips curve equal to -2.5 for the whole period investigated. However, the study cannot conclude that there is a statistically significant change in the trade-off of the short-run Phillips curve after the start of 2020.

This dissertation consists of two empirical studies in corporate finance. The first study, The Impact of Acquisitions on the Short-Run Returns to Shareholders and Bondholders, investigates shareholder and bondholder wealth with respect to 310 acquisitions in the UK market between 1994 and 2006. It tests the 3-day and 41-day excess security returns with an event study. The results show positive returns for target shareholders and bondholders, and negative returns for acquirer shareholders and bondholders. Moreover, the tests on value-weighted combined security returns show that stockholders lose, bondholders gain, target firms gain, acquirer firms lose, and shareholders/bondholders of target and acquiring firms as a whole lose. These results support the co-insurance hypothesis, wealth transfer hypothesis, hubris hypothesis, and bond return based on hubris hypothesis, and reject the synergy hypothesis. The univariate and multivariate analyses on the deal characteristics find that target and acquirer stock returns are higher with cash payment, acquirer stock returns are higher in friendly and industry unrelated takeovers, acquirer bond returns are higher in industry related takeovers, target firm share returns are higher when target size is smaller than the acquirer size, target and acquirer stock returns are higher in bull market period, and acquirer bond returns are higher in the bear market period. The second study, A Test of the Partial Adjustment Theory of Leverage Using Leverage Changes Arising from Takeovers, investigates firms’ capital structures by the event of takeovers. It examines 659 US acquiring firms which involved in acquisitions between 1962 and 2001. These acquiring firms’ book leverage ratio deviations are tested in an 11-year window. This result shows that takeovers have significant impact on firms’ book leverage ratios in the announcement year. The trend that firms gradually reverse their actual leverage ratios towards their optimism in the five years after the takeovers supports the dynamic trade-off theory. The partial adjustment models on the speed of adjustment further support the dynamic trade-off theory and reject the alternative capital structure theories. The tests on method of payment and source of fund demonstrate that cash payment and raise of funds are likely to increase firms’ leverage ratios at announcement and to maintain these ratios at a high level in the years after the merger.

This thesis is an empirical event study that examines the short-run performance of initial public offerings (IPO), known as underpricing and initial return. I argue that literature which only presents equal weights could potentially give the reader a skewed understanding of the width of the concept. By using a new data set of Nordic IPOs during the period 2009-2018, I provide estimates using equal as well as market capitalization weights consistently to give a more nuanced and fair picture. The equally weighted first-day initial return is estimated to be 4.96% and the value weighted first-day initial return is estimated to be 5.32% during the examined time period. Further, the initial return is examined in relation to firm characteristics as well as quarterly index returns and issuance volume. No statistically significant characteristics that can identify additional levels of underpricing was found. Quarterly average initial returns and quarterly index returns are independent of each other. In line with previous literature the positive relationship of issuance volume and initial return is valid on a quarterly level, indicating that firms tend to go public in times of positive and higher initial returns to a greater extent.

The relationships among the balance of payments and other macroeconomic variables in the Korean economy for the period 1961-85 are analyzed in this study. Theoretical studies on the effects of government policies on the economy and the balance of payments were conducted under both the Keynesian and monetary approaches. The Keynesian approach concentrates on the commodity and capital market adjustment factors and does not focus on the money market factors, whereas the monetary approach considers the balance of payments adjustments as a symptom of money market disequilibrium alone. The basic assumptions of those two approaches, taken seperately, are not fully relevant to the Korean economy, which has unemployed resources, a high proportion of non-traded goods to traded goods, and monetary effects of balance of payments changes. Therefore, a model combining monetary and real factors to explain the short-run behavior of Korea's balance of payments in a single framework is developed. The empirical results of the combined model show that its explanatory power is much higher than either of the two models taken separately. For balance of payments adjustment policy in Korea during the period 1961-85, fiscal and foreign exchange rate policy instruments were found to be very effective in the short-run, but monetary policy instruments were not.

This study investigates the linkage between long-run and short-run dynamics of exchange rate determination for the German mark/U.S. dollar quarterly rate for the period 1973-1990. Earlier investigations failed to explicitly take into account the possible nonstationarity of the data set they were using. This study continues the work performed in this area by applying modern econometric techniques to empirical tests of the Dornbusch model. In essence, this study revives the monetary model and determines if the empirical analysis using the German/U.S. case derives elements which are compatible with the monetary theory of exchange rate determination.

The aim of this study is to carry out a fairly overall empirical analysis of the conditions of production in an industry. The aim of the empirical analysis is, however, not only to give information about empirical conditions, such as technical development, efficiency of production, etc, but also to illustrate the theoretical and methodological problems in the economic theory of production.The engineering analysis makes the foundation from which economic production functions are constructed. As the study focuses on Leif Johansen!s production model, four different types of functions are constructed: ex ante and ex post micro functions and long run and short run macro functions. A study of structural changes and technical development in the periods 1960-1975 and 1850-1975 then follows. For the first period a study of productive efficiency is also made.A discussion of theoretical problems is integrated with the empirical analysis, Two big problems in production theory are, however, dealt with separately, namely the theory of engineering production analysis and the aggregation of micro production functions.It is difficult to state a specitic conclusion with just a few words. The study consists of so many minor observations and results, that it is difficult to lift out any separate. A negative general conclusion can perhaps be said to be that great scepticism should be shown the empirical value of ordinary production function estimates. On the other hand, the positive conclusion can be said to be the fact that the dissertation shows the value of having an engineering approach in empirical studies of production. / digitalisering@umu

Immigration, the subject of repeated policy debates throughout the last two decades, has once again assumed a central position on the policy agenda. This debate has become more intense in recent years in Canada; the fear is over the potential job displacement and unemployment of Canadian-born workers, and the consequence to the Canadian economy. The recent immigrant incomes have been falling compared to their older counterparts helped to trigger the current policy debate. This thesis attempts to address this debate by providing an objective assessment of the displacement of Canadian-born workers due to immigration and the unemployment-immigration dynamics over the past 40 years of immigration to Canada. The thesis consists of two objectives:<p>Objective-I: Job Displacement Effects of Immigration on Canadian-born <p>First I address the job displacement effects on Canadian-born due to exogenous shifts in immigration flows. It is, therefore, necessary to consider the substitutability or complementarity between Canadian-born and immigrant workers. This is examined by estimating the set of wage earnings equation from the Generalized Leontief Production Function. The model specification abstracts from the role of capital, by assuming that labor and capital are separable in production. I then derive the iterated Zellner-efficient estimator (IZEF) (which is numerically equivalent to the maximum likelihood estimator) from the set of wage earnings equations. Then the degree of substitutability or complementarity is calculated using Hicks (as opposed to Allens) elasticity of complementarity. The estimated Hicksian elasticities suggest, in the aggregate, there is no displacement of Canadian-born workers by immigration, although there is some displacement by industry.<p>Objective-II: Unemployment and Immigration Dynamics<p>Next, I consider immigrant not only as an additions to the existing labor force but also job creation effects through their effects for goods and services. Here immigrants are considered as endogenous and I model the dynamics of unemployment and immigration. As a first step, statistical causality is investigated between immigration and unemployment. But causality methods can suffer from omitted variable problem. So, I construct a theoretical labor market and use the cointegration analysis to determine the long run relationship among unemployment rate, immigration level, real wage, and real GDP. Then, I estimate the short-run dynamics with a specification in difference form where the parameters of the cointegrating vectors from the first-step are fixed and entered as an error correction mechanism. The causality test finds no evidence of a significant effect of Canadian unemployment on immigration. The estimation of the long-run and short-run parameter indicates that no statistically significant relationship exists between unemployment and immigration.

Immigration, the subject of repeated policy debates throughout the last two decades, has once again assumed a central position on the policy agenda. This debate has become more intense in recent years in Canada; the fear is over the potential job displacement and unemployment of Canadian-born workers, and the consequence to the Canadian economy. The recent immigrant incomes have been falling compared to their older counterparts helped to trigger the current policy debate. This thesis attempts to address this debate by providing an objective assessment of the displacement of Canadian-born workers due to immigration and the unemployment-immigration dynamics over the past 40 years of immigration to Canada. The thesis consists of two objectives:<p>Objective-I: Job Displacement Effects of Immigration on Canadian-born <p>First I address the job displacement effects on Canadian-born due to exogenous shifts in immigration flows. It is, therefore, necessary to consider the substitutability or complementarity between Canadian-born and immigrant workers. This is examined by estimating the set of wage earnings equation from the Generalized Leontief Production Function. The model specification abstracts from the role of capital, by assuming that labor and capital are separable in production. I then derive the iterated Zellner-efficient estimator (IZEF) (which is numerically equivalent to the maximum likelihood estimator) from the set of wage earnings equations. Then the degree of substitutability or complementarity is calculated using Hicks (as opposed to Allens) elasticity of complementarity. The estimated Hicksian elasticities suggest, in the aggregate, there is no displacement of Canadian-born workers by immigration, although there is some displacement by industry.<p>Objective-II: Unemployment and Immigration Dynamics<p>Next, I consider immigrant not only as an additions to the existing labor force but also job creation effects through their effects for goods and services. Here immigrants are considered as endogenous and I model the dynamics of unemployment and immigration. As a first step, statistical causality is investigated between immigration and unemployment. But causality methods can suffer from omitted variable problem. So, I construct a theoretical labor market and use the cointegration analysis to determine the long run relationship among unemployment rate, immigration level, real wage, and real GDP. Then, I estimate the short-run dynamics with a specification in difference form where the parameters of the cointegrating vectors from the first-step are fixed and entered as an error correction mechanism. The causality test finds no evidence of a significant effect of Canadian unemployment on immigration. The estimation of the long-run and short-run parameter indicates that no statistically significant relationship exists between unemployment and immigration.