It is widely believed among South African agricultural market participants that the United States' corn price, as represented by the Chicago Board of Trade-listed corn contract, is causal to the price of white and yellow maize traded on the South African Futures Exchange. Although a strong correlation exists between these markets, the corn contract is far from causal to the South African maize price, as indicated by Auret and Schmitt (2008). Similarly, South African market participants believe that volatility generated in the United States corn market spills over to the South African market. Given the perceived volatility spill-over from the corn market to the maize market, market participants might inadvertently include a higher volatility component in an option price in the South African maize market than is necessary. This study sought to quantify the amount of volatility spill-over to the South African white and yellow maize market from the United States corn contract. This task was accomplished by applying an Exponential Generalised Auto Regressive Conditional Heteroscedasticity model, within an aggregate shock framework, to the data. The findings indicated that the volatility spill-over from the United States corn market to the South African maize market is not statistically significant. This result suggests that volatility in the South African market is locally driven; hence, it should not be necessary for a South African listed option contract to carry an international volatility component in its price. It was also found that the returns data of the South African maize market is asymmetrically skewed, indicating that bad news will have a greater effect on the price of maize compared with good news. / Thesis (MCom (Risk Management))--North-West University, Potchefstroom Campus, 2013.

The thesis focuses on the situation when the carousel structure is misused for illegal activities, specifically fraud in the system of value added tax, and thus brings the term carousel fraud into life. The main objective of this thesis is to understand the issue of fraud on the value added tax, process and analyze the impact of carousel fraud and try to find possible solutions to reduce this fraud, or possibly eliminate it. This is a current issue of considerable importance. Its timeliness has been evident in legislative activity in recent years, and currently solved cases. The importance of the problem is eventually illustrated by the value of both the volume of VAT in the tax collection and also the amount of tax arrears arising from carousel fraud. The thesis offers a description of the general characteristics and design of carousel fraud, practical examples how the fraud is performed in practice, and information about the legislation and case law associated with the fraud as such and what the possible defense is that the managing authorities can apply in the fight against carousel VAT fraud, while the question of whether the carousel fraud can be completely eliminated is also considered.

Esta reseña no presenta resumen.

Orientador: Paulo Sérgio Fracalanza / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-16T10:45:40Z (GMT). No. of bitstreams: 1 Kamada_Vitor_M.pdf: 1843264 bytes, checksum: 508821e23c6df9635a0cdc421548210b (MD5) Previous issue date: 2010 / Resumo: Esta dissertação trata dos limites à arbitragem no mercado de capitais. A idéia básica subjacente ao processo de arbitragem é comprar ativos financeiros desvalorizados e vender ativos financeiros supervalorizados. A finalidade é obter ganhos pecuniários mediante o diferencial dos preços. A economia neoclássica supõe que a arbitragem é processo instantâneo sem custos e riscos realizado por agentes atomísticos. No presente trabalho, essa hipótese é contestada com base nos avanços teóricos das Finanças Comportamentais. Na realidade, a arbitragem é sofisticada estratégia de investimento planejada por poucos profissionais altamente especializados em determinados mercados. Não obstante a arbitragem envolver substanciais custos e riscos, não há garantias de sucesso. A análise de casos concretos sugere que a concepção de arbitragem proposta pelas Finanças Comportamentais é mais realista. Três casos paradigmáticos foram analisados neste trabalho, a saber: I) empresas controladoras que valiam menos do que suas subsidiárias, como o exemplo da 3Com/Palm; II) ações gêmeas cujos preços desviavam-se da paridade teórica, como o exemplo da Royal Dutch/Shell; e III) o colapso do hedge fund Long-Term Capital Management (LTCM). No primeiro caso, os altos custos para efetuar a venda a descoberto inibiam completamente a arbitragem. As altas taxas de juros para se tomar emprestadas as ações da Palm parecem explicar o alto custo da venda a descoberto. No segundo caso, os riscos causados pelos mercadores de boatos impediam a convergência dos preços das ações gêmeas. O terceiro caso ilustra que agentes especializados com vultosas somas de capital enfrentam dificuldades em explorar os lucros arbitrais. Antes que os preços das ações gêmeas Royal Dutch/Shell convergissem, o fundo LTCM foi forçado a fechar suas posições, amargando enormes prejuízos. Em suma, os casos concretos mostraram os limites da arbitragem / Abstract: This thesis deals with the limits to arbitrage in the capital market. The basic idea underlying the process of arbitrage is to buy undervalued financial assets and sell the overvalued ones. The purpose is to obtain pecuniary gain by the difference in prices. Neoclassical economics assumes that arbitrage is a fast process without costs and risks undertaken by atomistic agents. In this essay, this hypothesis is refuted on the basis of theoretical advances in Behavioral Finance. In fact, arbitrage is a sophisticated investment strategy designed by a few experts with deep knowledge in certain markets. Notwithstanding arbitrage involves substantial costs and risks, it does not necessary imply success. The analysis of cases suggests that the concept of arbitrage proposed by Behavioral Finance is more realistic. Three cases were analyzed in this essay, namely: I) parent companies were worth less than the subsidiaries, as the example of 3Com/Palm; II) twin shares whose prices deviated from the theoretical parity, as the example of Royal Dutch/Shell; and III) the collapse of hedge fund Long-Term Capital Management (LTCM). In the first case, the high costs of short selling completely inhibited the arbitrage. The high interest rates to borrow the shares of Palm appear to explain the high cost of short selling. In the second case, the noise trader risk prevented the convergence of twin shares prices. The third case illustrates that professionals with vast amounts of capital face difficulties in exploring opportunities of arbitrage. Before the prices of Royal Dutch/Shell converge, the LTCM was forced to close his positions, suffering huge losses. In summary, the cases revealed the limits of arbitrage / Mestrado / Ciências Economicas / Mestre em Ciências Econômicas

First part of this thesis content basic information about an audit, its history and present, relation between internal and external audit, an internal audit and its function, an Internal Auditor. Separate part is applied to risk management. Second part of this thesis characterize a company, the securities trader, present specifics of an internal audit and risk management in this company and briefly clarify a conception of a capital adequacy. Further describe execution of an internal audit and risk management, judge their benefits for the company and content suggestions for more efficient execution and usage of an internal audit and risk management.

The objective of the thesis is to characterize the importance of information and consequently also of knowledge as the bases for active dealing in the stock market. The fundamental terms of information credibility, disinformation and information asymmetry, which have a cardinal effect on behaviour of particular participants of the market, are mentioned in the thesis. The theory of effective markets and the factors due to which it is not able to explain the development and the real state of the contemporary stock markets, are analysed in more detail in the thesis. A considerable part of the thesis is devoted to the analysis and the definition of information need as a basic requirement for making successful investment decisions of an individual, whereas ways to its fulfilment are implied -- including a description and a division of available information sources. The description and the analysis of several dealing strategies which are directly based on usage of various kinds of information are not missing in the thesis. A part of the work is a presentation and an analysis of the results of a research made among real investors.

Bakgrund: Det är idag många som aktivt handlar aktier på börsen som ett sätt att få avkastning på sina sparade pengar. En stor del av dessa privatinvesterare är aktiva medlemmar i olika former av forum på sociala medier där de kan ta del aktietips, analyser mm. Detta arbete redogör för vad personer anser som värdefull information när det kommer aktierelaterad information.  Syfte: Studiens syfte är att förklara hur aktiesparare agerar, bedömer och förhåller sig till aktierelaterad information som publiceras av andra användare på sociala medier. Metod: I studien har aktiva aktiesparare som huserar i aktieforum på sociala medier intervjuats där de har fått svara på flertalet frågor rörande hur de förhåller sig till aktieinformation på sociala medier. Intervjun har haft en semistrukturerad struktur. Intervjusvaren har sedan analyserats med hjälp av flertalet beteendevetenskapliga teorier. Arbetets ansats har varit induktiv.  Slutsats: Arbetet har lett oss till slutsatsen att det är högst personligt vad som anses vara värdefull information. Vissa föredrar specifika köptips som är lätta att följa, andra föredrar att läsa andras analyser för att sedan själva avgöra om det är värt att investera i det specifika bolaget. En del rör sig i dessa forum enbart för att lära sig hur en aktiesparare bör tänka mer generellt. / Background: Today, many people actively trade shares on the stock market as a way to get a return on their saved money. A large part of these private investors are active members in various forms of forums on social media where they can take part in stock tips, analyzes etc. This work explains what people consider to be valuable information when it comes to stock-related information. Purpose: The purpose of the study is to explain how stock savers act, assess and relate to stock-related information published by other users on social media. Method: In the study, active stock traders who appears in stock forums on social media were interviewed where they were asked to answer questions regarding how they values stock information on social media. The interview has had a semi-structured structure. The interview results were analyzed with the help of several behavioral science theories. The approach to the work has been inductive. Conclusion: The work has led us to the conclusion that what is considered as valuable information is highly personal. Some prefer specific buying tips that are easy to follow, others prefer to read other people's analyzes and then decide for themselves whether it is worth investing in the specific company. Some uses these forums only to learn how a stock saver should think more generally.

This paper consists of theoretical and practical part. The first one is trying to clarify the basic terms of having a business and also reviews the terms of business plan in general. Regarding the plan, the paper is discussing various methods of strategic analysis, then describing basic marketing ideas and activities, and finally explaining terms of personal resources and work organization. This paper is also introducing the main facts about financial planning and resources including financial analysis with all possible methods and guidelines. Last but not least, the theory is dealing with risk management. The practical part shows particular business plan of an existing business unit - the group of sole traders Bušim. The plan is analyzing the past and current situation of businessmen group. The plan then gives some relevant recommendations for the future business development of the company on the basis of detected data.

社會秩序維護法第80條之規定，是我國目前性交易管制政策之法源依據，該條文係採原則禁止、例外許可之管制原則。然就憲法保障人權之基本精神而言，性交易開放與否關係著憲法保障人民之工作權、生存權、性自主權及隱私權等。本文將從憲法保障人權的角度出發，以各號有關於工作權、性自主權、隱私權等大法官解釋，檢視當下我國社會秩序維護法對於性交易之管制是否符合時宜，是否有侵犯人權及違反比例原則之虞。 在論文章節安排部份，第貳章除了蒐集相關文獻外，另以大法官釋字第666號解釋為主軸，結合各學者的看法及其他大法官協同意見，進一步對解釋文做說明。之後再針對釋憲及修法前後警察機關對於性交易案件之取締方式及外國性交易管制政策做比較，分析評估性交易合法化是否有違社會善良風俗，社會善良風俗的定義是否一成不變；第叁章部分則依研究目的、研究問題及研究倫理擬定訪談大綱，並律定訪談過程及對象；第肆章部份則以親自訪談方式，針對性工作者及基層實務警察人員進行訪談，請受訪者對於當下性交易管制政策，分別就工作特性、執法取締、人權保障及其他建議等四部分提出看法；第伍章結論部分，除了提出本研究之發現外，並評估開放性交易之可行性及對我國當下性交易管制政策提出修法的建議。 從事性交易之性工作者，大多數為面臨龐大經濟壓力的弱勢婦女，法令的禁止只會迫使她們淪為制度性剝削的受害者。我國政府針對性交易行為，應擬定適宜的管制政策，以有效的管理政策替代執法取締，如此一來，才能體現我國憲法保障人權之基本精神。 / Our regulations on sexual trade is based on Social Order Maintenance Act (abbreviated to SOMA), which adopts the principle of what in main provisions are prohibited yet the exceptional causes are permitted. Regarding the Constitution of R.O.C on citizen rights , such as work, sexual autonomy, and privacy, however, such ideas above are all referred to whether the permission of sexual trade is OK or NOT. We will look into some regulations of sexual trade, via bits of Grand justice interpretations, to determine if SOMA would be appropriate now days and if it would defy the principle of proportionality and human rights, from the aspect of the Constitution that ought to secure Human rights. Besides collecting related materials, we will further explain the No.666 Grand justice interpretation by combining some scholars’ researches and opinions and some Concurring opinions, and that would be demonstrated on Chapter 2. Secondly, we’ll analyze whether the legalization of sexual trade would be against the social convention, or whether the definition of public order and good morals is permanent. On chapter 3, we’ll establish the main structure and distinguish those who necessarily receive our interview in line up with the cause, problems and ethics of researching. On Chapter 4, we’ll interview the police officers and sexual traders in person to absorb their opinions on by-then regulations, clampdown, human rights of sexual trade and their recommendations. In the final part of the essay, in addition to proposing our discoveries, we will put forward our suggestions on the revision of by-then sexual trade regulations and evaluate the possibilities of validation of sexual trade. Those who feed on sexual trade mostly are afflicted from enormous economic pressure and the ban on sexual trade of regulations make them institutionally deprived. In order to exert the spirit of the Constitution that ought to secure human rights, we advise the government need to enact appropriate laws and rules focusing on sexual trade behavior to effectively replace the clampdown.

國內外之研究發現，投資人進行股票交易決策時，存在”關注效果”、”處分效果”、等因素造成投資人產生不理性的投資決策；同時亦有學者指出，台灣市場投資人，不論法人或個體投資人皆存在處分效果，甚至此效果會導致投資造成損失，但鮮少有文章提到面對股價大幅變化時，處分效果是消失還是依然存在。本文主要為探討:極端報酬下，三大法人與融資戶之交易行為差異，是否存在處分效果?又有那些事件會帶來關注效果?本研究使用2001/12/01~2012/3/01之股市交易資料，並透過實證分析發現:(1)極端報酬下，三大法人存在處分效果，融資戶則否(2)股價上漲時，只有外資關注是否有盈餘宣告，而股價下跌時，全體投資人皆會關心盈餘宣告(3)股票觸及漲停價與跌停價，是否造成關注效果，因投資人類型而異(4)儘管三大法人受關注處分效果影響，其交易績效依然優於融資戶。 / Many studies found that “Attention Effect” and “Disposition Effect” will affect investors when they are trading, even make them loss money. In Taiwan stock market, researchers indicate that even institutional investor also affect by disposition effect. But, there is no discussion of when investors trading with extreme return, do they still have the same behavior? This article is going to study how extreme return affect “attention effect” and “disposition effect”. We grab the trading data form 2001/12/01~2012/3/01, by analyzing we find that (1) Only institutional investors affect by “disposition effect”(2) Only foreign investors will pay attention to earning announcement when trading with great appreciation, but all of investors will follow the stock whether it has announce its earning when trading with great depreciation.(3) Whether stock price hit price limit will cause “Attention effect” is depends on which type the investor is.(4) though institutional investors will affect by disposition effect, they still can make access return.