Undersökningens syfte är att redogöra för hur den svenska aktiemarknaden reagerarvid förändringar av reporäntan under hög- respektive lågkonjunktur. Undersökningen kommer även att granska hur olika företag baserat på företagens omsättning på Stockholmsbörsenreagerar på förändringar av reporäntan.De teorier som används i undersökningen är teori om reporäntan och den effektivamarknadshypotesen. Studien behandlar den kvantitativa metoden med deduktiva inslag. Studien tillämpar även MacKinlays eventstudie metod för finansiering och ekonomi. Undersökningens resultat består av två perioder med 14 observationer av reporäntan under högkonjunktur och 9 observationer under lågkonjunktur.Resultatet påvisade inget samband mellan en höjning av reporänta och sänkning i aktiekursen i enighet med teori. Däremot går resultatet i enighet med teori för en sänkning av reporäntanoch en uppgång i kursen. / The purpose with this study is to disclose how Swedish stock market reacts to changes in discount rate during different cycles of economy. This study will also examine how different industries react on discount rate changes made by the Swedish Central Bank. The theories used in this study are the efficient market hypothesis theory and theory about the federal funds rate. In this study we use a quantitative research method with a deductive strategy. This study also includes MacKinlays event study methodology for finance and economics. The study includes two different time intervals, where one period has 14 observations on fund rate changes during booms and 9 observations during recession. The results for booms didn’t show any correlation between a hike in discount rate and a decline in stock market. Where as in recession period, there was a correlation between a decrease in discount rate and hikes in stock market

The objective of this study was to determine (1) if there is a difference between Baby Boomers, Generation X and Generation Y employees’ perceptions of organisational culture and if so, (2) to determine if generational sub-cultures are formed within an organisation as a result of these different perceptions. A quantitative research design was chosen, and employees (n = 455) in a large South African information and communication technologies (ICT) sector company, selected through proportionate, random, stratified sampling, completed the South African Culture Instrument (SACI). Descriptive and inferential statistics were used to analyse the data, and the results of this study indicate that generational sub-cultures can be identified in the organisation, based on significantly different perceptions of five of the seven dimensions of organisational culture examined. This study therefore contributes to the body of knowledge on organisational culture and the formation of sub-cultures at a generational level and can be used to enhance organisational talent and management strategies. / Industrial & Organisational Psychology / M.Com. (Industrial and Organisational Psychology)

Cette étude s’intéresse au village de squatters de Roc-d’Or, surnommé Putainville, qui apparaît en 1936 avant d’être détruit par le gouvernement provincial au milieu des années 1940. Notre but est de comprendre pourquoi cette agglomération, qui est érigée illégalement sur les terrains gouvernementaux et qui est réputée pour être un important foyer de déviance, est relativement tolérée pendant une décennie avant que les résidences soient détruites ou déménagées à Malartic. D’abord, nous expliquons pourquoi cette agglomération, sans reconnaissance légale et dans laquelle les résidents ne sont pas propriétaires des terrains sur lesquels leurs bâtiments sont érigés, apparaît en Abitibi-Témiscamingue au début des années 1930. Ensuite, nous nous intéressons à l’aspect physique et à la population de Roc-d’Or. Le taux de masculinité, la mobilité, la diversité d’emploi et l’origine ethnique des résidents sont analysés. De plus, nous nous penchons sur la mauvaise réputation de Putainville : autant le contrôle judiciaire que la présence du monde interlope sont étudiés. Finalement, comme les mœurs légères des résidents et l’influence du curé de Malartic sont souvent considérées comme étant à l’origine de la décision d’éliminer ce village, nous évaluons la pertinence de cette croyance et nous déterminons si d’autres motifs, notamment monétaire ou politique, sont aussi entrés en ligne de compte. / This research is about the squatters’ village of Roc-d'Or nicknamed Putainville. It was established in 1936 and demolished by the Québec government in the mid 1940. Our objective is to learn why this town with a lawless reputation that was built on the government fields has been tolerated for a decade even if it was considered as illegal by the authority and to learn why all the buildings were destroyed or moved to Malartic. First of all, we will explain why this village without any legal status was built in the 1930s and why all the people who have lived in Roc-d'Or were not owners of their field. After that, the memoires will focus on the geographical and architectural aspect and on the population of Roc-d'Or. We'll explore the gender rate, the mobility of the people, the different kinds of jobs we found in Roc-d'Or and the ethnical origins of the inhabitants. Furthermore in this research, it will be about how was the reputation of the town. We will develop about the judicial intervention and the underworld. Finally, the last part of this dissertation will look at the idea that Roc-d'Or was shut down by the clerical authorities due to the deviant behavior, or we will try to see if it's a myth.

A utilização de sistemas de controle para estabilidade de conjuntos de barras para pulverizadores agrícolas é uma tendência devida principalmente aos problemas ambientais e de custo. Neste trabalho, o comportamento dinâmico de um pulverizador de arrasto é analisado através de um modelo não linear, obtido através de técnicas de modelagem de sistemas multicorpos utilizando-se o programa ADAMS. Foram utilizadas duas estratégias de controle PID e \"fuzzy\" a partir de medidas obtidas com fusão de sensores. A estratégia de controle clássica PID foi desenvolvida e implementada no modelo não linear no ADAMS através de ferramentas internas existentes no programa. Já a estratégia \"fuzzy\" foi desenvolvida e implementada no modelo não linear no ADAMS através da técnica de co-simulação ADAMS/Matlab. O comportamento dos sistemas de controle foi investigado através de simulação computacional. Foram testados alguns tipos de entradas (entrada degrau, entrada harmônica, entrada randômica e entrada randômica com descontinuidades bruscas). Em todas as simulações os resultados obtidos com os sistemas de controles ativos mostraram melhor estabilidade do conjunto de barras. Entre as leis de controle implementadas (PID e \"fuzzy\") não houve grandes diferenças entre as oscilações da barra exceto na entrada do tipo randômica com descontinuidades bruscas. Neste caso a lei de controle \"fuzzy\" apresentou uma grande melhoria com boa atenuação das oscilações do conjunto de barras quando comparadas com a aplicação do sistema de controle PID. / The use of active control systems for stability of booms in agricultural sprayers trend is mainly due to the environmental and costs question. In this work, the dynamic behavior of a trailed sprayer is analyzed using a nonlinear model, obtained through techniques of modeling multibody systems using the ADAMS. It is used two active control strategies, PID classical control and fuzzy, with measured data from sensor fusion. The classical PID control strategy was developed and implemented in a nonlinear model on ADAMS software using existing tools built into the program. Fuzzy was another strategy developed and implemented in the nonlinear model on ADAMS software using a technique of co-simulation ADAMS/Matlab. The behavior of control systems was investigated through computer simulation. It was tested some types of inputs (step input, harmonic input, random input and random input with abrupt discontinuities). All simulations data obtained from the applications of active systems showed better stability for boom assembly. Among the implemented two active control laws (PID and \"fuzzy\") there were no significant differences between the oscillations attenuation of the boom, except with the random input with abrupt discontinuities. wherein this case the application of the active control \"fuzzy\" strategy developed better stability on boom than the application of PID control.

Cette étude s’intéresse au village de squatters de Roc-d’Or, surnommé Putainville, qui apparaît en 1936 avant d’être détruit par le gouvernement provincial au milieu des années 1940. Notre but est de comprendre pourquoi cette agglomération, qui est érigée illégalement sur les terrains gouvernementaux et qui est réputée pour être un important foyer de déviance, est relativement tolérée pendant une décennie avant que les résidences soient détruites ou déménagées à Malartic. D’abord, nous expliquons pourquoi cette agglomération, sans reconnaissance légale et dans laquelle les résidents ne sont pas propriétaires des terrains sur lesquels leurs bâtiments sont érigés, apparaît en Abitibi-Témiscamingue au début des années 1930. Ensuite, nous nous intéressons à l’aspect physique et à la population de Roc-d’Or. Le taux de masculinité, la mobilité, la diversité d’emploi et l’origine ethnique des résidents sont analysés. De plus, nous nous penchons sur la mauvaise réputation de Putainville : autant le contrôle judiciaire que la présence du monde interlope sont étudiés. Finalement, comme les mœurs légères des résidents et l’influence du curé de Malartic sont souvent considérées comme étant à l’origine de la décision d’éliminer ce village, nous évaluons la pertinence de cette croyance et nous déterminons si d’autres motifs, notamment monétaire ou politique, sont aussi entrés en ligne de compte. / This research is about the squatters’ village of Roc-d'Or nicknamed Putainville. It was established in 1936 and demolished by the Québec government in the mid 1940. Our objective is to learn why this town with a lawless reputation that was built on the government fields has been tolerated for a decade even if it was considered as illegal by the authority and to learn why all the buildings were destroyed or moved to Malartic. First of all, we will explain why this village without any legal status was built in the 1930s and why all the people who have lived in Roc-d'Or were not owners of their field. After that, the memoires will focus on the geographical and architectural aspect and on the population of Roc-d'Or. We'll explore the gender rate, the mobility of the people, the different kinds of jobs we found in Roc-d'Or and the ethnical origins of the inhabitants. Furthermore in this research, it will be about how was the reputation of the town. We will develop about the judicial intervention and the underworld. Finally, the last part of this dissertation will look at the idea that Roc-d'Or was shut down by the clerical authorities due to the deviant behavior, or we will try to see if it's a myth.

La recente crisi finanziaria e la recessione che ne e' seguita hanno spinto molti a guardare al mercato immobiliare come ad una possibile fonte di fluttuazioni macroeconomiche. Inoltre, esse hanno evidenziato il ruolo cruciale dei paesi emergenti per la crescita globale e rianimato il dibattito sulla relazione tra politica monetaria e il prezzo degli asset. Questa tesi di dottorato, composta di tre saggi, si incentra sui mercati immobiliari dei paesi industrializzati e emergenti nonché sulla relazione tra i prezzi delle case e il ciclo macroeconomico. Il primo saggio descrive un data set originale di prezzi delle case per 19 paesi emergenti (con frequenza trimestrale e aggiornato al 2009:4) e li confronta con un data set esistente per 21 paesi industrializzati. Il secondo saggio studia la trasmissione internazionale di shock di domanda immobiliare negli Stati Uniti e il loro impatto sull'economia reale. Il terzo saggio analizza la relazione tra politica monetaria e macro-prudenziale in un semplice modello di asset-pricing. / The recent global financial crisis and ensuing recession led many to look at the housing market as a possible source of macroeconomic fluctuations, highlighted the crucial role played by emerging market economies as a source of world growth, and revived the much discussed issue of the interaction between monetary policy and asset prices volatility. Motivated by these issues, my Ph.D. thesis focuses on housing markets in both advanced and emerging economies and their interaction with the macroeconomy. This dissertation consists of three self-contained essays. The first essay describes a novel dataset on house prices for 19 emerging economies with quarterly data updated to 2009:4, to be compared with an existing database for 21 advanced economies. The second essay investigates the international spillovers of U.S. housing demand shocks across housing markets and their impact on real economic activity. The third essay studies the uncharted interaction between monetary and macro-prudential policies in a simple model of consumption-based asset pricing with collateralized borrowing.

This dissertation consists of three essays wherein tools of financial econometrics are used to study the three aspects of farmland valuation puzzle: short-term boom-bust cycles, overpricing of farmland, and inconclusive effects of direct government payments. Essay I addresses the causes of unexplained short-term boom-bust cycles in farmland values in a dynamic land pricing model (DLPM). The analysis finds that gross return rate of farmland asset decreases as the farmland asset level increases, and that the diminishing return function of farmland asset contributes to the boom-bust cycles in farmland values. Furthermore, it is mathematically proved that land values are potentially unstable under diminishing return functions. We also find that intertemporal elasticity of substitution, risk aversion, and transaction costs are important determinants of farmland asset values. Essay II examines the apparent overpricing of farmland by decomposing the forecast error variance of farmland prices into forward looking and backward looking components. The analysis finds that in the short run, the forward looking Capital Asset Pricing Model (CAPM) portion of the forecast errors are significantly higher in a boom or bust stage than in a stable stage. This shows that the farmland market absorbs economic information in a discriminative manner according to the stability of the market, and the market (and actors therein) responds to new information gradually as suggested by the theory. This helps to explain the overpricing of farmland, but this explanation works primarily in the short run. Finally, essay III investigates the duel effects of direct government payments and climate change on farmland values. This study uses a smooth coefficient semi-parametric panel data model. The analysis finds that land valuation is affected by climate change and government payments, both through discounted revenues and through effects on the risk aversion of land owners. This essay shows that including heterogeneous risk aversion is an efficient way to mitigate the impacts of misspecifications in a DLPM, and that precipitation is a good explanatory variable. In particular, precipitation affects land values in a bimodal manner, indicating that farmland prices could have multiple peaks in precipitation due to adaption through crop selection and technology alternation.

Aquesta tesi doctoral estudia diferents aspectes sobre els habitatges a la província de Girona, combinant l'anàlisi sobre l'evolució històrica dels habitatges, el fenomen de les segones residències i el mercat d'apartaments turístics. El paper de la població és el principal motor del creixement dels habitatges durant el segle XX. Tot i així, durant la segona meitat, el pes dels habitatges secundaris en zones turístiques com Costa Brava i municipis de muntanya han tingut el seu paper significatiu. Altres factors determinants en els darrers anys han estat la immigració i la disminució del tamany de les llars. Les segones residències a Girona s'ubiquen en gran part a la Costa Brava (al voltant del 75% del total a la província). S'observa un fenomen d'expansió en forma de "taca d'oli" des de la Costa Brava cap a l'interior i des de la Cerdanya cap a zones més orientals. Dins el mercat d'apartaments turístics, una sèrie de regressions hedòniques han posat de manifest les variables que més influeixen sobre el preu final del lloguer de l'habitatge turístic com el nombre d'habitacions, el tipus d'allotjament, la distància sobre la platja, el municipi d'ubicació i la temporada turística. Respecte als hotels (el mateix exercici) com a bé substitutiu destaquen les mateixes variables excepte la piscina (menys valorat) i el pàrking (més valorat). / This doctoral thesis studies different aspects on the housings in the province of Girona, combining the historical evolution of them, the phenomenon of the second residences and the market of the tourist apartments. The role of population is the main motive of the growth of the housings during the XXth century in the zone. Nonetheless, during the second half, the weight of the secondary housings in tourist zones like the Costa Brava and mountain towns have had their significant role as well. Other determinant factors in the last years have been the immigration and the decrease of the home's size. The second residences in Girona are located for the most part in the Costa Brava (about 75 % of whole to the province). A phenomenon of expansion is observed with a "spot of oil" effect from the Costa Brava towards the interior and from the Cerdanya (specialized mountain tourism zone) towards more oriental zones. Inside the market of tourist apartments, hedonic regressions have shown the variables that have more influence to the final price of the rent of the tourist housing: number of rooms, type of housing, distance the beach, municipality and season. Another exercise for hotels (as a substitute good) shows the same importance of variables to the final price excepting in the swimming pool (less valued) and the parking (more valued)

Bakgrund Rörelsekapitalet är ett företags livsnerv, det kan öppna upp för nya affärsmöjligheter; upprätthålla och förbättra kundrelationer samt föra nya produkter och teknologi till marknaden. Samtidigt kan dess hantering vara avgörande för om företaget riskerar att bli insolvent och gå i konkurs. Hur rörelsekapitalet hanteras är därmed av yttersta vikt för ett företag, då det påverkar företagets lönsamhet, likviditet och risk. Detta borde vara av intresse för investerare som vill maximera sin avkastning och för företagsledare som önskar maximera verksamhetens genererade vinst. Syfte Studiens ämnar analysera vikten av rörelsekapitalets hantering för nyintroducerade svenska företag och hur det påverkar deras finansiella prestation och värdeutveckling i en tid av ekonomisk tillväxt. Metod Detta är en kvantitativ studie med en deduktiv ansats. Finansiella data kommer analyseras över en tidsperiod på fem, fyra eller tre år beroende på när företagen introduceras på börsen vilket gör det till en longitudinell studie. Vidare används korrelationsmatris och regressioner för att analysera variablernas samband och därmed besvara studiens syfte. Slutsats Resultatet pekar på ett negativt samband mellan rörelsekapitalshantering och lönsamhet, positivt samband mellan rörelsekapitalshantering och likviditet samt ett negativt samband mellan rörelsekapitalshantering och värdeutveckling. / Introduction Working capital is the life blood of a company. It is an enabler of business opportunities; a sustainer and improver of businessrelations and also an envoy of new products and technology. The management of working capital decides if a company might become insolvent or even file for bankrupcy. How the working capital is managed is therefore of utmost importancet to a company, since it detirmines the company's performance, liquidity and risk. Hence, it should be of import to prospect investors that want to maximize the return of the investment and also decision makers who wishes to maximize the operational profits. Purpose The purpose of this study is to analyze the importance of efficient working capital management and its effect on financial performance and firm value for Swedish IPO companies during an economic boom. Methodology This is a quantiative study utilizing a deductive approach. Financial data is analysed over a period of five, four or three years depending on when the IPO occured, which classifies this as a longitudinal study. A correlation matrix and regressions will be used to establish the relationships between the variables and thereby fulfill the purpose of the study. Findings The resuslts indicate a negative correlation between CCC and profitability, a positive correlation between CCC and liquidity and a negative correlation between CCC and Tobin's Q.

The objective of this study was to determine (1) if there is a difference between Baby Boomers, Generation X and Generation Y employees’ perceptions of organisational culture and if so, (2) to determine if generational sub-cultures are formed within an organisation as a result of these different perceptions. A quantitative research design was chosen, and employees (n = 455) in a large South African information and communication technologies (ICT) sector company, selected through proportionate, random, stratified sampling, completed the South African Culture Instrument (SACI). Descriptive and inferential statistics were used to analyse the data, and the results of this study indicate that generational sub-cultures can be identified in the organisation, based on significantly different perceptions of five of the seven dimensions of organisational culture examined. This study therefore contributes to the body of knowledge on organisational culture and the formation of sub-cultures at a generational level and can be used to enhance organisational talent and management strategies. / Industrial and Organisational Psychology / M.Com. (Industrial and Organisational Psychology)