In this study, it is determined that excess returns on the OMX 30 are confirmed to rise in anticipation of monetary policy decisions made by the central banks of Sweden and The United States of America. Those findings were manifested at a greater magnitude on the first day prior to the announcements and on a statistically significant level one day prior to monetary policy decisions from the Federal Open Market Committee. Moreover, excess returns beyond the average rate were found to be substantially higher on the first and third day prior monetary policy decisions from the Swedish Central bank (Riksbanken) albeit not on a statistically significant level. The results drawn from the data in the study were reinforced by findings in similar tests conducted during times of global recession.

This written thesis accompanies three television public service announcement spots. Two of the spots are 60 seconds and one of the spots is 45 seconds in length. I produced this public service television advertising campaign to highlight the issue of child illiteracy in Pakistan and to encourage expatriate and resident Pakistani's to donate to educational charities. A Website created by the filmmaker is promoted in the campaign. This Website provides information about various charities that educate children in Pakistan. Detailed accounts of pre-production, production and post-production of the campaign allow the viewer to comprehend the challenges in producing television campaigns for social causes. Theoretical issues are also discussed, including the causes of illiteracy, the importance and role of social campaigns, the history and uses of propaganda as well as the aesthetic concerns of a public service campaign producer. I discuss the importance of creating the culture of public service campaigns in a third world country like Pakistan, and states that the Pakistani community needs to look inwards to overcome the challenge of illiteracy.

A exibição do comportamento vocal em muitas espécies de anfíbios anuros é relacionada aos níveis de hormônios esteroides gonadais e interrenais. Esses hormônios poderiam mediar a relação entre intensidade de sinais e imunidade, pois estão envolvidos no desenvolvimento das características sexuais secundárias, comportamento de corte e mobilização de reservas energéticas durante a atividade reprodutiva, enquanto apresentam também efeitos imunomoduladores. Nesse sentido, o objetivo deste trabalho foi explorar as relações entre comportamento reprodutivo, imunidade e níveis plasmáticos de testosterona e corticosterona em machos do sapo do semiárido brasileiro, Rhinella granulosa, em atividade reprodutiva e após manipulação hormonal. A precipitação foi o principal determinante ambiental para o aumento dos níveis de testosterona e corticosterona circulantes em machos de R. granulosa, estimulando o comportamento de vocalização. As relações fisiológicas encontradas indicam que os altos níveis plasmáticos de testosterona nos primeiros dias após a chuva devem promover o início do turno vocal, porém a corticosterona deve modular o esforço de vocalização. De forma geral, a exacerbação do comportamento vocal de R. granulosa tem efeitos negativos sobre a imunocompetência, porém alguns indivíduos que apresentam maiores concentrações plasmáticas de corticosterona apresentam concomitantemente alto esforço vocal e alta imunidade. De acordo, a aplicação transdérmica de corticosterona promoveu elevação aguda dos níveis plasmáticos deste glicocorticoide, bem como um aumento da função imune. Assim, apesar de a atenção principal ser comumente colocada no papel da testosterona na mediação de sinais honestos, nossos resultados corroboram a importância da corticosterona na mediação da expressão do comportamento de corte e imunocompetência em machos R. granulosa / In most anuran species, vocal behavior is usually related to plasmatic levels of gonadal and interrenal steroid hormones. These hormones could mediate the relationship between signal intensity and immunocompetence, since they are involved in the development of sexual traits, courtship behavior and energetic mobilization during reproductive activity and also exert immunomodulatory effects. The aim of this study was to explore relations among vocal behavior, immunity and plasmatic levels of testosterone and corticosterone in males of a toad species from Brazilian semi-arid, Rhinella granulosa, during reproductive activity and after hormonal manipulation. Precipitation was the main environmental determinant to increase circulating levels of testosterone and corticosterone in R. granulosa males, stimulating vocal behavior. Physiological relations indicate that high circulating testosterone levels in the days right after rain may promote the initiation of vocal behavior, while corticosterone may modulate vocal effort. In general, exacerbation of vocal behavior in R. granulosa has negative effects on immunocompetence, however, some individuals with higher plasmatic levels of corticosterone can present both high vocal effort and good immunocompetence. Corroborating this interpretation, acute increase in glucocorticoid plasmatic levels after hormonal manipulation was accompanied by raised immune function. Despite the emphasis on androgens influence on sexual selected male traits, our results corroborate greater influence of corticosterone in the mediation of expression of courtship behavior and immunocompetence in R. granulosa

Comment les romans d’Émile Zola parviennent à retenir durablement l’attention du lecteur ? Dans cette étude, nous repérons une des techniques narratives fréquentes chez Zola, l’"annonce", qui laisse entrevoir le dénouement et suscite l’envie d’en vérifier la réalisation et la façon. L’une des caractéristiques de l’annonce dans Les Rougon-Macquart est que son énonciation soit assurée par les personnages secondaires et par les marginaux de la société. De plus, pour étouffer des vérités défavorables à la société, leurs présages sinistres sont souvent déclarés "déraisonnables" et facilement dénigrés. Chez Zola, l’annonce ne concerne pas seulement le fonctionnement narratif, mais incite aussi à jeter un regard sur l’hypocrisie sociale. Les recherches génétiques permettent de voir comment l’auteur a incorporé ce procédé dans la création du roman. Les dossiers préparatoires de L’Assommoir témoignent du processus de la programmation de l’annonciateur-personnage secondaire ; ceux de Pot-Bouille, de l’annonciateur marginal. Mais, dans L’Argent, ces archétypes d’annonciateur vacillent à travers les interventions de la Méchain, tandis que le germe d’un type nouveau apparaît dans la figure de Sigismond. Ce nouveau type d’annonciateur s’imposera dans les derniers cycles. Après la transition des Trois Villes, dans Les Quatre Évangiles, les héros deviennent des évangélistes qui annoncent une société meilleure et en confirment la réalisation. L’annonce consiste alors à proposer un modèle idéal. Ainsi, le système de l’annonce se transforme parallèlement à l’évolution idéologique de l’auteur : de la dénonciation de la société actuelle à la revendication de l’utopie à venir. / How does Émile Zola retain durably the reader’s interest? In this study, we identify one of the author’s frequent narrative techniques: the "announcement", which allows the reader to foresee the outcome, creating both the desire to see if the novel ends as one might have guessed, and the urge to find out how. An essential aspect of announcements in Les Rougon-Macquart is that they are voiced by characters either of secondary importance or belonging to society’s margins. Moreover, their sinister prophecies are often declared "unreasonable" and easily cast aside, in order to throttle the voicing of inopportune truths. Thus, the announcement in Zola’s fiction is not only a narrative issue; it also raises awareness on social hypocrisy. Studying Zola’s manuscripts offers a prime perspective on how the author integrated this process to his novels. His dossier préparatoire for L’Assommoir shows firsthand the programming of the announcement through a secondary character; that of Pot-Bouille shows the same procedure, for a socially marginal character. But in L’Argent, one finds a wavering of these archetypal announcing figures in la Méchain, while Sigismond appears as the sprout of an entirely new type of announcer, which will blossom in the last novelistic series. Indeed, after the transition of Les Trois Villes, the heroes of Les Quatre Évangiles become preachers announcing a better world, and confirming its fruition. The announcement then consists of putting forth an ideal. The system of foretelling therefore undergoes a transformation that parallels the author’s ideological evolution: from the denunciation of current issues to the annunciation of the coming utopia.

O propósito do presente estudo foi investigar como se articula o anúncio publicitário impresso, uma das mais importantes formas de enunciação do discurso persuasivo do marketing, e sua evolução ao longo do tempo. O período de análise correspondeu às últimas quatro décadas, período de grande relevância para se entender a constituição do ambiente contemporâneo do marketing brasileiro. O foco principal do estudo foi dado à imagem como elemento composicional dos anúncios, mas também foi analisada sua relação com elementos verbais, como o título e o texto das peças. Integrando fundamentos teóricos de diversas vertentes, como a semiótica (com destaque para a linguística estruturalista), a psicologia cognitiva (e os estudos aplicados ao comportamento do consumidor) e trabalhos específicos relacionados com a comunicação de marketing, foi elaborado um instrumento de codificação para classificar as diversas dimensões em uma amostra probabilística de 800 anúncios publicados na Veja, a principal revista de interesse geral do mercado brasileiro, abarcando edições entre os anos de 1968 e 2008. As dimensões consideradas foram tanto quantitativas (como o número de palavras no título e texto e o espaço alocado a estes elementos; o número de elementos visuais e o espaço alocado a fotografias, ilustrações e técnicas mistas), quanto de características qualitativas, com a classificação dos anúncios quanto a rotas de elaboração presumidas (centrais ou periféricas), temas utilizados (informativos, comportamentais ou simbólicos), estratégias de manipulação dos enunciatários (tentação, sedução, intimidação ou provocação) e também quanto às valorizações fundamentais implícitas na enunciação do discurso (valorizações prática, crítica, utópica ou lúdica). Trata-se, portanto, de uma pesquisa descritiva conclusiva, com utilização combinada da análise de conteúdo com estratégias semióticas para a abordagem dos fenômenos analisados. O pressuposto do trabalho - confirmado pelo teste das várias hipóteses propostas - foi de que no período ocorreu um aumento do uso de imagens em anúncios impressos, com correspondente redução do número de palavras no texto. Além disso, o uso de técnicas estatísticas bivariadas e multivariadas forneceu evidências para se concluir que as imagens vêm ganhando novas funções retóricas, passando de apoio aos elementos verbais para uma função predominante, de sustentação do discurso persuasivo. Como achados adicionais, mas relevantes para a compreensão dos fenômenos da comunicação de marketing, estão o aumento do uso de técnicas mistas e indícios da transferência das funções comunicacionais do corpo do texto para o título dos anúncios. Além do instrumento de análise de características objetivas para a investigação de enunciações persuasivas, as contribuições oferecidas pelo estudo também são de interesse gerencial, pois fornecem um quadro de referência da evolução dos discursos utilizados pelos anunciantes na elaboração de suas campanhas e, desta forma, proporcionam comparação das estratégias utilizadas. / The aim of this study was to investigate the articulation of print advertisement, one of the most important forms of persuasive discourse enunciation in marketing, and its evolution through time. The period of analysis defined were the last four decades, which are extremely important to understand the establishment of the contemporary Brazilian marketing environment. The main focus of the investigation was imagery as an advertisement composition element, but also its relationship to verbal elements such as the title and text of the print ad. Integrating theoretical foundations from diverse sources, such as semiotics (especially structural linguistics), cognitive psychology (and consumer behavior studies) and specific works on marketing communications, a coding instrument was developed to classify the various dimensions found in print ads. The probabilistic sample included 800 ads published in Veja, the main general interest magazine in the Brazilian market, from issues between 1968 and 2008. The dimensions considered were both quantitative (like the number of words in the title and text and the space given to them; and the number of visual elements and the space allocated to photographs, illustrations and mixed techniques) and of a qualitative nature, i.e., a classification of the ads according to presumed elaboration routes (central or peripheral), themes used (informative, behavioral or symbolic), enunciatee manipulation strategies (temptation, seduction, intimidation or provocation) and fundamental valorizations implicit in the discourse enunciation (practical, critical, utopian or ludic). It is, therefore, a descriptiveconclusive research using a combination of content analysis with semiotic strategies to address the phenomena under scrutiny. The core assumption of the study confirmed by the testing of the various proposed hypotheses was the occurrence of an increase in imagery use in print advertisement during the period, with a corresponding decrease in the number of text words. Besides, the use of bivariate and multivariate statistical techniques supplied evidence to conclude that images have been gaining new rhetorical functions, going from support to verbal elements to a more predominant function of sustaining persuasive discourse. As additional findings, also relevant to understand marketing communications phenomena, are the increase in the use of mixed techniques and the transfer of communicative functions from the body text to the ad title. Besides supplying an objective analytical tool to investigate persuasive statements, the study also offers contributions for management as it provides a framework of the evolution of discourses used by advertisers in their campaigns, thus allowing for comparison of the strategies utilized.

The World Health Organization (WHO) promotes physical activity as a primary way to maintain health, but many individuals do not participate in this health-promoting behavior. Despite the potential for public service announcements (PSAs) to communicate health information and promote behavioral change, no prior research on developing video PSAs to promote physical activity was found. The purpose of this quasi-experimental study was to examine how affective and information video PSAs for a public health campaign affect future levels of intention to engage in physical activity. The PSAs were developed and filmed specific for this study using the model of goal directed behavior (MGDB) as the foundation for PSA development. Participants were recruited to view PSAs with the message foci of empathy, fear, information, and combination messages to determine which focus area is perceived to be most persuasive for promoting physical activity. This research examined moderating effects of current physical activity habits related to the duration of physical activity and the covariance with stage of change readiness. Differences in perceived effectiveness between the different message foci were found with participants perceiving the empathy video as most effective, followed by combination, with fear and information being perceived as least effective. For participants who meet WHO recommendations for exercise activity, the PSA based on fear was most effective, with fear also being most effective for those participants right below that level of physical activity. Many participants (61%) had a positive affect while watching the four PSA videos. Social implications related to improving public health communication through video PSAs that effectively promote health behavior change.

This thesis investigates the share price response to the announcement of private placements of hybrid securities in Australia. Firstly, the size and direction of the share price response is examined. Secondly, the determinants of the share price response are examined. Where possible, comparisons are made to evidence from international markets. The sample of data tested consists of 43 announcements of convertible debt issues, 39 announcements of preference share issues and 19 announcements of option issues made between 1983 and 2000 by Australian firms. The analysis of the share price impact in response to the announcements is conducted using Maynes and Rumsey (1993) event study methodology that adjusts for thin trading. The determinants of the share price response are examined using model specifications that are derived from the theoretical literature. The analysis of the announcement effect of private placements of hybrid securities finds significant negative abnormal returns for convertible debt issues, insignificant negative abnormal returns for preference share issues and significant positive abnormal returns for option issues. In comparison to international studies, the convertible debt results are similar to public and rights issues, the insignificant preference share results are similar to other findings and the option results are similar to private placements of equity and rights issues of options. The results of the investigation of the determinants of the announcement effect of private placements of hybrid securities finds that convertible debt issues are best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the information asymmetry - dynamic hypothesis and the agency cost hypothesis. The impact of preference share issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the agency cost hypothesis and the price pressure hypothesis. The announcement effect of option issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry -dynamic hypothesis and the optimal capital structure hypothesis.

本研究係探討「上市公司季盈餘宣告」與「投信持股比例」之關係，希望瞭解季盈餘資訊對基金經理人投資決策之影響方向與程度。樣本涵蓋期間為民國八十四年第四季至八十六年第一季，以國內全體基金及其投資標的為研究對象，採用 t 檢定（單尾、雙尾）及簡單迴歸分析進行研究，實證結果如下： 一、關於「季盈餘成長率」與「持股比例變動百分比」之相關性： 就整體樣本而言，此二項變數間的關係並不顯著，但就產業別而言，「金融類股」與「其他類股」則出現顯著的結果，顯著水準分別是 1%與 5%。 二、關於「好消息」與「持股比例變動百分比」之相關性： 「季盈餘成長率」與「持股比例變動百分比」均達到 1% 的顯著水準，且後者的 t 值為證數，顯示好消息確實會引起持股比例顯著增加。 但就變動幅度的相關性加以分析，整體樣本的迴歸分析結果並不顯著，在產業類別方面，僅有「其他類股」出現顯著的狀況，達到 1%顯著水準。 三、關於「壞消息」與「持股比例變動百分比」之相關性： 「季盈餘成長率」與「持股比例變動百分比」均達到 1%的顯著水準，但後者的 t 值為負數，表示壞消息的出現反而造成持股比例顯著增加。 若就變動幅度的相關性加以分析，全體樣本迴歸分析結果達到 10%的顯著水準，至於在產業別方面，計有塑膠、營建、金融等三種產業出現顯著的結果，顯著水準分別是 10%、1%、1%。 四、關於「好消息的幅度」與「持股比例增加幅度」的分組檢定： 四組「好消息的幅度」均達到 1%的顯著水準，而四組「持股比例增加幅度」亦均達到 5%的顯著水準，顯示只要出現好消息，不論幅度大小，均會引起持股比例顯著增加。 但是迴歸分析方面，四組皆未達到顯著水準，顯示「持股比例增加的幅度」與「好消息的幅度」並不具有顯著的相關性。 五、關於「壞消息的幅度」與「持股比例減少幅度」的分組檢定： 四組「壞消息的幅度」均達到 1%的顯著水準，而四組「持股比例減少幅度」亦均達到 5%的顯著水準，顯示只要出現壞消息，不論幅度大小，均會引起持股比例顯著增加。原因可能亦為投信基金進場承接的結果。 至於在迴歸分析方面，四組皆未達到顯著水準，顯示「持股比例增加的幅度」與「壞消息的幅度」並不具有顯著的相關性，亦即只要出現壞消息投信基金就可能進場承接，但承接時買進的幅度與壞消息的幅度並未沒有顯著的相關性。 六、關於「本季盈餘成長率大於前一季」與「持股比例變動百分比」之相關性： 不論是全體樣本或細分的三組樣本（正正、負正、負負）均出現顯著的結果，除了「負正組」的顯著水準為 5%外，全體樣本與其餘二組（正正、負負）的顯著水準均為 1%。顯示投信業者相當重視上市公司盈餘改善的訊息，只要本季盈餘成長率大於前一季，不論前後二季盈餘成長率究竟是正號或負號，投信基金均會顯著增加持股比例。 七、關於「本季盈餘成長率小於前一季」與「持股比例變動百分比」之相關性： 不論是全體樣本或細分的三組樣本（正正、正負、負負）均出現顯著的結果，全體樣本與「負負組」的顯著水準為 1%，「正正組」與「正負組」的顯著水準為 5%。但四種情況的 t 值均為正數，與假說之預期正好相反，表示本季盈餘成長率小於前一季時，確實會引起投信基金進場承接。 / The purpose of this study is to investigate the impacts of quarterly report announcement on portfolio revision of mutual funds in the Taiwan stock market. Based on economics of information, mutual fund can be considered as a professional investor in the market such that management of mutual fund wold apply his (her) professional knowledge to forecast the realized number of earnings this period. Therefore, this study hypothesizes that mutual funds would response to the announcement of quarterly earnings earlier than other investors such that the porfolio of mutual fund would accord the announcement to make proper revision. The findings of this study can be summarized as follows. ● Except for financial servics and others industry groups, the relationship between the announcement of quarterly earnings and porfolio revisions of mutual funds is not significant. ● The positive growth of quarterly earnings will cause the significant porfolio revisions of mutual funds; but the relationship between their magnitude is not significant. ● The negative growth of quarterly earnings will cause the reverse significant porfolio revisions of mutual funds. This results implies mutual fund may be an instrument for maintaining price; or mutual fund may consider the bad news of this period being the worst condition of the firm. ● It is robust to conclude whatever itis a good news or not, mutual fund will increase its holdings. In particular, these results hold when the next quarter has the same sign of earnings growth.

本研究主要目的在於探討企業融資宣告對股價的影響，並比較發行不同證券的融資宣告對股價影響程度的大小。 　　研究對象包括普通股現金增資、特別股現金增資、可轉換公司債以及純粹公司債發行宣告。除純粹公司債以外，研究期間為民國八十年至民國八十三年，純粹公司債的研究期間為民國八十年至民國八十二年，選出普通股現金增資23個樣本，特別股現金增資12個樣本，可轉換公司債17個樣本，純粹公司債14個樣本。 　　本研究使用市場模式估計樣本公司的預期報酬率，運用殘差分析計算個別樣本公司於宣告日前後三十個交易日的異常報酬率，並採標準化橫斷面檢定，計算各事件期的標準化每日平均異常報酬(SAR)，以及某一段期間內的標準化累積平均異常報酬(CSAR)，以瞭解該期間股價的異常變動行為。另外，本研究以宣告發行證券的累積平均異常報酬對發行公司規模、發行證券總額、槓桿增加程度以及資金用途，進行橫斷面複迴歸分析。根據本研究的實證分析結果，可歸納出下列七點結論： 　　1. 現金增資及發行可轉換公司債宣告對股價具有顯著正面的影響。而發行純粹公司債宣告則對股價無顯著影響。 　　2. 就發行證券融資宣告而言，我國股市具有半強式效率。 　　3. 整體而言，發行普通股及可轉換公司債相對於其他兩種證券的股價異常報酬較大。 　　4. 對於發行普通股及可轉換公司債而言，宣告公司的規模與其股價異常報酬成反比。 　　5. 對於發行可轉換公司債及純粹公司債而言，宣告發行總額與其股價異常報酬成正比。 　　6. 對於發行可轉換公司債而言，財務槓桿增加程度與股價異常報酬成正比。至於投資人對普通股現金增資造成的財務槓桿變動對公司價值的影響，則具有不同的看法。 　　7. 發行證券的股價異常報酬行為無法以資金的用途加以解釋。

<p><strong>Background:</strong> The reasons why this study is conducted is because of the latest recession in the global economy. The current recession has made a lot of companies more aware of its cost, and in order to fit the new harsher economic climate the companies has to be more cost efficient. In order to do so many companies choose to reduce their amount of employees. When this happens in a recession, most of the layoffs are an effect of reactive causes, such as lower incoming orders, and fewer customers. This leads to a problem for the companies that don’t know how these kinds of layoffs will affect the value of the company’s stock. This leads to a question whether there is a significant pattern between layoffs that are a result of reactive reasons and the number of employees that are being laid off, in percentage of the total number of employees of the companies in question?</p><p><strong>Purpose:</strong> The reason for this study is to find out if there is any correlation between how many employees that is laid off, in percentage of the company’s total employees, and if different percentages have different impact in the valuations of the company’s stock.</p><p><strong>Approach:</strong> This study is made in the form of a modified event study and narrows down to the recession during 2008-01-01 to 2009-10-01, and only involves companies that are on trade on the stock market in Stockholm Sweden. The objects that are involved in this study are from the stock markets large and mid-cap sections. The criteria for companies in this study are that they should have made layoffs for reactive reasons in the time period that we are interested in. The variations in the company’s stock are compared to Stockholm’s stock markets OMX-index. The information needed to conduct this study is gathered from press realises and from financial reports made by the companies.</p><p><strong>Result and conclusions:</strong> The study shows that there is a correlation between how large percentage of the company’s total employees that are laid off and the effect of variations in the stock. The correlation is -0,306 but it is not statistical verified. This result was not in line with our hypotheses that we had concluded from earlier research and theories that are in the study. Earlier research on the American stock market shows a stronger connection between large percentage layoffs and how this makes the stock value to decrease.</p>