This thesis deals with statistical arbitrage as a strategy applied in algorithmic trading of US Treasury bonds in the selected timeframe from 1980 until 2017. Our aim is to prove that a specific event on the treasury market, namely reopening of the bonds, constitutes an arbitrage opportunity that enables the investor to systematically yield extraordinary profits on the market. This thesis includes a theoretical introduction to algorithmic trading and statistical arbitrage. Based on this introduction we formulate hypotheses, which are then tested in the application part by constructing an algorithm that simulates a trading strategy on historical data. Comparing three strategies we determined that this strategy is meaningful, or performs better than a random walk and that it is profitable.

A number of organisations are continuously searching for methods which can be used to improve performance. One such method entails implementing a performance management programme. However, despite a growing body of research that supports the positive impact that effective performance management can have on an organisation’s performance, evidence suggests that organisations in South Africa and elsewhere are not implementing the practices that are recommended by the theory of best practice in Human Resources and performance management (Kock, Roodt & Veldsman, 2002:83). The institutionalisation of performance management in the South African public service after 1994 came as a result of the need to change the legacy of poor performance of the public service (Malefane, 2010:1). This study seeks to examine the effectiveness of the implementation of performance management in the Provincial Treasury, Province of the Eastern Cape (Provincial Treasury). Literature reveals that there is consensus on the view that performance management is a tool that contributes to the effective management of employees in order to yield high organisational performance. Armstrong and Baron (2005 :vii) contend that if performance levels of individuals are raised, better organisational performance levels will follow. According to Dessler, (1997:372) performance management is a systematic approach to managing people, goals, measurement, feedback, and recognition as a way of motivating employees to achieve their full potential in line with the organisation’s objectives. In the South African context, performance management is described in terms of its role and outcome with regard to employee development; hence it is widely referred to by public sector employees as a Performance Management and Development System (PMDS) (Malefane, 2010:7). The Annual Performance Plan (APP) of the Office of the Premier (OTP APP, 2010/11:5) insists that the Eastern Cape Provincial Administration is still plagued with inter alia, a work ethic that is less desirable, weak human capital management culture, poor compliance with policies, lack of accountability and discipline as well as capacity challenges in critical areas which include planning, financial management, monitoring and reporting as well as systematic performance and an inability to respond to identified service delivery challenges. Public sector reforms have been adopted in this province in an attempt to improve performance in order to meet service delivery initiatives. A purposive sampling technique was used to select 30 participants of the Provincial Treasury (employees between salary levels 6 and 8 as well as managers from salary levels 9-13). A qualitative approach was preferred in this study to enhance objectivity which would have vanished if quantitative or experimental strategies were employed. The empirical findings revealed that the employees and the management of this Department perceive that there is no clearly defined purpose of performance management. There is also a feeling that performance management is not useful in identifying under-performers and ineffective in raising the performance of employees. Consequently, it is unable to assist the subordinates to grow. Others felt that performance management is not a developmental tool. It also emerged from the empirical findings of this study that the current rating system does not serve its intended purpose and therefore it should be replaced. Recommendations and suggestions are adopted in this study to address these perceptions.

The thesis treats of stockholders' equity in joint-stock company. The thesis firstly focuses on accounting view, secondly focuses on tax and law view. In the thesis is discussed for example the function of stockholders' equity, stockholders' equity versus deposits, stockholders' equity in statements, transaction of floatation and liquidation, treasury stock, allocation of profit and stockholders' equity according to international accounting.

This thesis is the result of analysis conducted on the income tax systems of thirty-one states and supported a recommendation for a Texas income tax act.

The thesis describes the effects of physical cash pooling implementation in a multinational company. The aim is to establish a general methodological framework for evaluating the costs and benefits of physical cash concentration. The basis is a theoretical overview of the cash concentration, which includes the definition of the main concepts and the methodical procedure for the implementation of this liquidity management tool in the company. In the empirical part there is a concrete application of the methodical procedure, internal and external environment analysis, as well as discussion of the effects of cash pooling implementation. The final chapter sets out a general assessment framework for the costs and benefits of physical cash pooling.

Dans le premier chapitre, j'examine si les vendeurs à découvert sont mieux informés à propos des enchères d'obligation souveraines que le marché. Je trouve, en moyenne, une forte augmentation de la demande de vente à découvert avant les enchères. Néanmoins, la demande de vente à découvert ne prédit pas une augmentation future du rendement. Les vendeurs à découvert ne sont donc pas mieux informés sur le résultat des enchères et n'interprètent pas mieux que le marché.Dans le second chapitre, je développe et teste un modèle expliquant la baisse graduelle des prix observée dans les jours qui conduisent à des ventes anticipées d'actifs telles que les enchères du Trésor. Dans le modèle, les investisseurs averses au risque anticipent une vente d'actifs dont l'ampleur − et donc le prix − sont incertains. Je montre que les investisseurs font face à un compromis entre se hedger au moyen d'une position longue et spéculer sur la différence entre le prix avant la vente et le prix espéré de vente. En raison du hedging, le prix d'équilibre est supérieur au prix de vente espéré. À l'approche de la date de vente, l'incertitude quant au prix de vente diminue, les positions spéculatives à découvert augmentent et le prix diminue. Conformément aux prédictions, je trouve que le rendement des bons du Trésor italien augmente de 1,2 points de base après la publication d'informations sur le prix d'enchère, par rapport aux jours sans information.Dans le troisième chapitre, j'étudie le lien entre les prix et les taux repo au cours de la crise des subprimes. Je trouve que la relation de non-arbitrage entre les prix et les taux repo de Duffie (1996) performe moins bien pendant la crise. Cependant, les obligations à faible taux repo ont 18.0% plus de chance d'être plus coûteuses que les obligations identiques à taux repo élevé lors de la crise, contre seulement 9.0% avant la crise. Dans l'ensemble, bien qu'il existe de fortes limites à l'arbitrage, les prix et les taux repo présentent des co-mouvements plus importants pendant la crise. / In the first chapter, I ask if short-sellers are superiorly informed about sovereign auctions. I find a large average increase in demand for short-selling prior to auctions. Yet, the demand for short-selling a bond does not predict a subsequent increase in the bond's yield. Overall, there is no evidence that short-sellers predict or interpret auction outcomes better than the market.In the second chapter, I develop and test a model explaining the gradual price decrease observed in the days leading to large anticipated asset sales such as Treasury auctions. In the model, risk-averse investors anticipate an asset sale which magnitude, and hence price, are uncertain. I show that investors face a trade-off between hedging the price risk with a long position, and speculating on the difference between the pre-sale and the expected sale prices. Due to hedging, the equilibrium price is above the expected sale price. As the sale date approaches, uncertainty about the sale price decreases, short speculative positions increase and the price decreases. In line with the predictions, I find that the yield of Italian Treasuries increases by 1.2 bps after the release of auction price information, compared to non-information days.In the third chapter, I study the link between prices and repo rates during the subprime crisis. I find that the no-arbitrage relationship between prices and repo rates in Duffie (1996) fares worse during the crisis. However, low-repo-rate bonds have an 18.0% higher probability of being more expensive than identical high-repo-rate bonds during the crisis, compared to only 9.0% before the crisis. Overall, while there are high limits of arbitrage, prices and repo rates feature larger co-movements during the crisis.

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Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе рассмотрены Теоретические и правовые основы государственного финансового контроля, осуществляемого в процессе исполнения федерального бюджета. Во второй главе рассмотрены Организация текущего контроля, осуществляемого органами федерального казначейства. В третьей главе исследованы Совершенствование государственного финансового контроля на современном этапе его развития. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, a list of sources used and applications. The first chapter discusses the Theoretical and legal foundations of state financial control carried out in the process of implementing the federal budget. The second chapter discusses the organization of the current control carried out by the federal treasury. The third chapter explores the improvement of state financial control at the present stage of its development. In conclusion, the main conclusions are formed.

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