Submitted by William Justo Figueiro (williamjf) on 2015-06-11T20:53:34Z No. of bitstreams: 1 RicardoCoelhoAdministracao.pdf: 523141 bytes, checksum: 7c9d5524eff6fe319d18004a5413406d (MD5) / Made available in DSpace on 2015-06-11T20:53:34Z (GMT). No. of bitstreams: 1 RicardoCoelhoAdministracao.pdf: 523141 bytes, checksum: 7c9d5524eff6fe319d18004a5413406d (MD5) Previous issue date: 2010 / Nenhuma / O principal motivador dessa dissertação foi propor um instrumento que apoiasse os investidores que negociam na bolsa de valores, a partir de uma métrica baseada em clientes. Este trabalho gerou duas principais contribuições: o desenvolvimento de um novo modelo para cálculo do customer equitye sua análise como apoio para tomada de decisão. Esta pesquisa foi caracterizada como estudo de caso e desenvolvida a partir de indicadores utilizados pelos investidores e disponíveis através de relatórios financeiros divulgados pelas empresas e pela BM&FBOVESPA. Para a validação do modelo as empresasescolhidas foram a Vale e Natura, por estarem no Ibovespa e terem relações comerciais diferentes com seus clientes. Os dados utilizados compreenderam os trimestres entre 2004 e 2009, totalizando 20 observações. Concluiu-se com esta pesquisa que a métrica do customer equitycontribui no poder de explicação do valor da ação,resultado obtido através da análise de regressão múltipla. / In this work I propose a tool that supports the investors trading decisions in the stock market, from a customer-based metric perspective.. This research is a case study that built on indicators often used by investors (and available through reports published by companies) and financial information published daily on the website of BM&FBOVESPA. Vale and Natura were chosen because they are in the Ibovespa and have different types of business relationships with their customers (contractual vs transitional). The dataset used includes the quarters between 2004 and 2009, totaling 20 observations. I found that customer equity contributes to the explanatory power of the stock price, and explored that fact tohelp decision makers

The diploma thesis deals with the impacts of financial crises, especially into the U.S. and European stock exchange market and the real economy. Contains the analysis of the Great Depression and the current economic downturn which follows the financial crisis of 2007 - 2008 from the perspective of the New York Stock Exchange index (DJIA) and the FTSE index of London Stock Exchange, as well as from the perspective of macroeconomic variables such as real GDP growth, the rate of unemployment and the industrial production index. The similarities and the specific features of the causes of their formation, the reactions of the monetary and legislative authorities, the impact on the stock exchange markets, regulatory implications and impact on the real economy are mentioned as a result of the detailed comparison of the two crises. The thesis includes prove to the hypothesis of higher volatility on the stock exchange markets during the crises periods on the daily data by calculating the variance and standard deviation.

This diploma thesis discusses the comparison of following stock exchanges: Shanghai Stock Exchange, Hong Kong Exchanges, New York Stock Exchange and NASDAQ. History of each of the stock exchanges is briefly mentioned, as well as their fundamental characteristics (including company status, tradability of own shares, market segments, trading hours etc.). The thesis also deals with the specification and comparison of products traded on the money market on the individual stock exchanges. Moreover, there are compared the listing rules for the stocks. The last chapter is focused on the analysis of the exchange data. Stock exchanges are compared in terms of the market capitalization and in terms of the number of listed companies. The analysis of value of trading is also covered. Finally, the stock exchanges are compared with regards to one representative index.

This thesis deals with the current major trend in the financial markets and the cooperation within exchange systems. This is happening thanks to unstoppable globalization trends, both at the regional and continental level. The work is specifically focused on the Stock Exchange in Prague, Ljubljana, Budapest and Vienna stock exchange and their cooperation within the group CEESEG. The first part deals with general changes in the financial markets over the past few decades. The second part focuses on the characteristics of CEESEG exchanges, describes the functioning of the holding and evaluates the advantages and disadvantages of their cooperation. The final part consists of a survey of experts and long time active participants in the Czech capital market conducted on this topic followed by an evaluation. This work is supplemented with charts and figures that should help readers better grasp the subject

A relação entre a BOVESPA e o mercado financeiro globalizado é o eixo central desse trabalho. A forma pela qual uma instituição centenária, surgida em país periférico, gradativamente se atrela ao movimento do grande capital tornando-se um dos players globais, é a sua especificidade. O desdobramento dessa problemática nuclear se dá em três níveis. Primeiro, pela busca de conexões entre as crises do capitalismo em distintas temporalidades, a Crise de 1929 e as crises dos anos 1990, cujo elo se estabelece na busca de um denominador comum, detectado no estado de expectativa discutido por Keynes, que remete à natureza do capitalismo financeirista na sua dimensão fictícia descoberto por Marx. O segundo nível se faz por via da caracterização da estrutura econômica, alicerçada no capitalismo da era da globalização, em que a dimensão financeira se torna dominante e na qual as crises de sobreacumulação transformam-se em crises de acumulação por despossessão, forma perversa de desvalorização e revalorização de ativos financeiros, por via da reciclagem. O terceiro nível envolve a análise da trajetória da Bolsa de valores de São Paulo em seu percurso centenário que, nos anos 1990, a transforma em instituição compatível com suas congêneres internacionais, ocupando o primeiro lugar disparado entre as bolsas brasileiras e o primeiro na América Latina. O enlace entre micro e macro história, o diálogo permanente entre as determinações mais gerais e as experiências locais dão a tônica metodológica ao estudo. / The relation between the São Paulo Stock Exchange and the financial market in the globalization scenario is the central axle of the present work. The way in which a centennial institution is blossomed in a peripheral country like Brazil and gradually joins the movement of the great capital to ultimately become one of the international players, is its specificity. The unfolding of such a nuclear problematic occurs in three levels. At the first level, there is a quest for the connections among the crises of capitalism which have erupted in distinct temporalities. For instance, the 1929 crisis and the 1990s crises, whose link is established along the search for a common denominator, detected in the Keynesian concept of expectation, which sends to the nature of the financial capitalism in its fictitious dimension uncovered by Marx. The second level happens through the characterization of an economic structure whose foundation was laid in the Capitalism of Globalization Era where the financial dimension becomes dominant, the over-accumulation crises is changed into accumulation crises for dispossession, a perverse form of depreciation and re-valorization of financial assets through recycling. The third level is a comprehensive analysis of the São Paulo Stock Exchange in its centenarian course which by the 1990s becomes not only a financial institution compatible with the international ones, but also the most important stock trading center in Brazil, and the largest one in Latin America. The unique encounter between micro and macro history and the permanent dialogue between most general events and local experiences give to the present study a methodological tone.

A relação entre a BOVESPA e o mercado financeiro globalizado é o eixo central desse trabalho. A forma pela qual uma instituição centenária, surgida em país periférico, gradativamente se atrela ao movimento do grande capital tornando-se um dos players globais, é a sua especificidade. O desdobramento dessa problemática nuclear se dá em três níveis. Primeiro, pela busca de conexões entre as crises do capitalismo em distintas temporalidades, a Crise de 1929 e as crises dos anos 1990, cujo elo se estabelece na busca de um denominador comum, detectado no estado de expectativa discutido por Keynes, que remete à natureza do capitalismo financeirista na sua dimensão fictícia descoberto por Marx. O segundo nível se faz por via da caracterização da estrutura econômica, alicerçada no capitalismo da era da globalização, em que a dimensão financeira se torna dominante e na qual as crises de sobreacumulação transformam-se em crises de acumulação por despossessão, forma perversa de desvalorização e revalorização de ativos financeiros, por via da reciclagem. O terceiro nível envolve a análise da trajetória da Bolsa de valores de São Paulo em seu percurso centenário que, nos anos 1990, a transforma em instituição compatível com suas congêneres internacionais, ocupando o primeiro lugar disparado entre as bolsas brasileiras e o primeiro na América Latina. O enlace entre micro e macro história, o diálogo permanente entre as determinações mais gerais e as experiências locais dão a tônica metodológica ao estudo. / The relation between the São Paulo Stock Exchange and the financial market in the globalization scenario is the central axle of the present work. The way in which a centennial institution is blossomed in a peripheral country like Brazil and gradually joins the movement of the great capital to ultimately become one of the international players, is its specificity. The unfolding of such a nuclear problematic occurs in three levels. At the first level, there is a quest for the connections among the crises of capitalism which have erupted in distinct temporalities. For instance, the 1929 crisis and the 1990s crises, whose link is established along the search for a common denominator, detected in the Keynesian concept of expectation, which sends to the nature of the financial capitalism in its fictitious dimension uncovered by Marx. The second level happens through the characterization of an economic structure whose foundation was laid in the Capitalism of Globalization Era where the financial dimension becomes dominant, the over-accumulation crises is changed into accumulation crises for dispossession, a perverse form of depreciation and re-valorization of financial assets through recycling. The third level is a comprehensive analysis of the São Paulo Stock Exchange in its centenarian course which by the 1990s becomes not only a financial institution compatible with the international ones, but also the most important stock trading center in Brazil, and the largest one in Latin America. The unique encounter between micro and macro history and the permanent dialogue between most general events and local experiences give to the present study a methodological tone.

This study examines the effects of delisting on firm value, risk and market liquidity. In a world where markets are becoming increasingly integrated, delistings may prove counter productive. We use the unique event, free from company specifics, that occurred on January 2, 1990 in the stock exchanges of Singapore and Malaysia to test for the above effects. On that day, dual listed companies were required to delist from the foreign stock exchange. We also use this event to test if the Singapore and Malaysia markets are globally integrated. Since financial data is found to show persistence in volatility, we model the return generating process in a generalized autoregressive conditionally heteroskedastic (GARCH) framework that takes into consideration changing volatility. For comparison purposes, OLS and Time-Deformation models are included. The study found delistings to decrease firm value, the size of which is related to how actively the stocks were previously traded on the foreign stock exchange. Risk levels increased following delistings. Nevertheless, thinly traded stocks showed significant changes in neither firm value nor riskiness. Further evidence of new listings to increase firm value was noted. Consistent with the political motive hypothesis, delisted stocks showed an increase in post-event volume, but however, lost relative liquidity compared with other stocks. While all portfolios considered show evidence for existence of conditional heteroskedasticity, comparison with standard OLS event-study results yields similar conclusions, although the return generating models with GARCH errors result in lower abnormal return variances. As for the time-deformation model, trading volume was found to be a good proxy for rate of information flow only for smaller capitalized stocks. Correlation and regression analyses showed that the Singapore and Malaysia markets are integrated to some degree with the international markets, such that a major delistings event between both markets did not change the pricing of risk in these markets.

Cette thèse porte sur la relation entre les marchés monétaire et financier en France sur la période 1880-1914. On y étudie notamment le marché des prêts à court terme. La thèse étudie en détail deux segmentes de ce marché : les avances sur titres (prêts à court terme garantis), et le marché des reports (« sale and repurchase agreements) . Les intermédiaires clé sont la Banque de France, quatre grandes banques de dépôt, les banques régionales, et les deux acteurs du marché boursier : la Compagnie des agents de change et la Coulisse. La thèse est structurée en trois chapitres. Le premier porte sur l’introduction d’une chambre de compensation dans le marché des reports en France, et étudie les conséquences de cette introduction sur le risque de contrepartie. Le deuxième chapitre porte sur la politique monétaire de la Banque de France entre 1890 et 1913 et le rôle du secteur bancaire sur la transmission de la politique monétaire même. Le troisième et dernier chapitre porte sur la crise financière de 1914 en France / This thesis deals with the relationship between the money market and the financial market from 1880 to 1914. It focuses in particular on the market for short-term loans. This dissertation studies in detail two segments of this market: the advances on securities (collateralized short-term loans), and the repo market (repurchase agreements). The key financial intermediaries are the Banque de France, four main commercial banks, regional banks, the « coulisse » operating over-the-counter and the « Compagnie des agents de changes ». The dissertation is structured in three chapters. The first deals with the introduction of a clearing house in the French historical repo market, and studies its consequences on counterparty risk. The second chapter deals with Bank of France monetary policy between 1890 and 1913 and the role of the banking sector in the transmission of policy shocks. The third chapter deals with the Great Financial Crisis of 1914.

The purpose of this analytical study is to determine the degree of application of Total Quality Management (TQM) philosophy and practices in the industrial corporations in Jordan. Through detailed examination of primary and secondary empirical data from these corporations, the study examines the link between TQM and labour productivity. The population of the study consists of all Jordanian shareholding corporations listed under the industrial category in Amman Stock Exchange. In late 1998, this consisted of a total of 90 companies. Both quantitative and qualitative data were collected and analysed in investigating the relationship between TQM implementation and labour productivity. Detailed survey responses from 76 participating companies were classified into two groups: high-level TQM implementation and low-level TQM implementation. About 60% of these companies were classified as companies with high-level TQM. Descriptive analysis of the survey responses plus company report data found that mean labour productivity measurements for companies with high-level TQM were significantly higher than for those with low-level TQM over the years (1993-1998). Also mean growth rates of labour productivity measurements for companies with high-level TQM were higher than for those with low-level of TQM during this period. Regression analysis demonstrated a statistically significant positive relationship between TQM and labour productivity. This relationship showed a high positive slope in companies with ISO 9000 certification, and considerably lower (but still positive) slope in companies without ISO 9000 certification. / Doctor of Philosophy (PhD)

During the past decade (1984-1994), Australia experienced its worst recession since the depression of the 30's, followed by a no-growth period and an unemployment rate hovering around nine per cent. The awareness of Commonwealth and State Governments of the need for specific policies to stimulate new ventures and support small and medium enterprises (SME's), was increased by a range of reviews which resulted in a variety of initiatives. However, two key national initiatives, licensed Management and Investment Companies (MIC's) and the Second Board Stock Market, which aimed at making access to funds easier for new ventures, failed to provide sustained financial support to new innovative firms. Small businesses in Australia account for some 80 per cent of all businesses and 50 per cent of employment in the private sector. While many factors contribute to the successful establishment and growth of new businesses, a key factor is the availability of and access to affordable finance. The major objective of this study was to identify key success/failure factors in new venture creation and to review in detail the rise and fall of the Second Board Stock Market (1984-1992) - arguably one of the most significant Government initiatives during the 80's to provide access to equity funds. A survey of Melbourne companies listed on the Second Board was to provide valuable information on the success/failure of the Second Board Stock Market and to illuminate desirable Government initiatives meeting SME's survival needs.