The question regarding whether to produce in-house or to purchase from an external supplier is nowadays commonly highlighted as a central and strategic decision for manufacturing firms. Furthermore, the importance of creating a competitive and consistent make-or-buy strategy that is adapted to the context of the firm as well as to today´s dynamic business environment cannot be underestimated. Today, the division Surface and Exploration Drilling (SED) within Atlas Copco Rock Drills AB in Örebro lack a standardized and holistic process to support this decision making, why this is requested. Consequently, this master thesis aims to, in line with Atlas Copco´s business strategy, develop a decision model in order to facilitate the make-or-buy decision at the SED. In order to be able to fulfill the purpose, a thorough examination of the contemporary academic findings was executed. Furthermore, as the requested make-or-buy decision model should be adapted to the firm’s contextual circumstances, SED´s corporate strategy was analyzed and interviews with concerned employees from different functions were conducted. As a result of this, an initial list of parameters that affect the make-or-buy decision was generated. Thereafter, how to decompose, measure and prioritize this selected parameters were determined. Additionally, if any parameter should be considered as a knockout criterion was established as well. Based on this, the first draft of the decision model was developed and presented. An in depth analysis regarding areas of improvements was thereafter executed, and the first draft of the decision model was updated accordingly. Inputs to this analysis were gained from an empirical investigation. In more detail, interviews at both SED and at external suppliers, a calculative case study where the first draft of the model was tested as well as a workshop at SED were all sources of additional inputs. Based on the outcome of the in depth analysis, modifications of the first draft of the model was made which resulted in the final version of the make-or-buy decision model. The result of this investigation can consequently be described as a corporate adapted make-or-buy decision model. The model is divided into seven steps, namely: Core competence analysis Determination of module characteristics Configuration of the make-or-buy setup Request of quotations to potential supplier Volume flexibility, lead time and total cost analysis Risk evaluation Synthesis of above stated parameters, including the parameters: time flexibility impact on R&D operations acquiring competitive knowledge product flexibility the opportunity to share risks long-term capacity Furthermore, the end-user needs to have an idea of what module and what assembly level that could be of interest and use the decision model in order to investigate whether to reject or proceed with this suggested make-or-buy setup. The model also illustrates the need of a regular re-evaluation of the decision made, in order to cope with the dynamic internal and external business environment. One additional advantage with the decision model is that it takes both quantitative and more qualitative aspects into consideration after which a holistic analysis of these can be made.

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This paper is to study institutional investment relational-ship and the effect to index return.This paper have fund the institutional indeed have effect the index return and qfii investment behaver has effect other institutional investment behaver.The institutional in the spot market investment will preeffect future market.

Zugl.: Darmstadt, Techn. Univ., Diss., 2009

Nürtingen, FH, Diplomarb., 2004. / Betreuer: Rudolf Sick.

Zugl.: Berlin, Freie Univ., Diss., 2008

Zugl.: Darmstadt Technische Universiẗat, Diss., 2009. / Angekündigt u.d.T: Brandt, Björn: Make-or-Buy-Entscheidungen bei der Entwicklung und Wartung betrieblicher Anwendungssoftware.

In this thesis I investigate whether two clear and simple indicators, dividends and franking credits, provide users with useful information to assess earnings persistence. Persistence is an important attribute of earnings (Dechow and Schrand 2004). I argue and show earnings persistence is a function of firm life-cycle. Firms can generally be divided into three life stages: establishing profitability, sustainable profitability and declining profitability. Using a simple one-period persistence model I demonstrate that dividends and higher franking credits identify firms in the different stages of the life-cycle. Dividends provide an inherent signal of firms that are in the mature phase of the life-cycle, and hence provide information about earnings persistence. I show firms that pay dividends have persistent profits and losses that reverse. However dividend paying firms are not homogenous. Firms that pay franked dividends have significantly more persistent earnings than firms that pay unfranked dividends. Consistent with higher franking credits identifying more mature firms, fully franked dividend paying firms have significantly less persistent losses than partially franked dividend paying firms. Importantly, my primary results provide an alternative explanation to Hanlon (2005) and add to our understanding of the accrual anomaly. Both Hanlon and my study investigate the informativeness of tax on earnings persistence. I demonstrate that firms that have large differences between the level of franking and accounting income (i.e., pay unfranked dividends while reporting a profit) have large book-tax differences. Such differences in tax and accounting income are a function of the firm life-cycle. Large book-tax differences are not necessarily the result of opportunism (or earnings management). Thus firms with large book-tax differences are typically establishing profitability or entering the declining phase. These firms have less persistence profits, accruals and cash flows than firms with small book-tax differences. I conclude the accrual anomaly is a function of inherent firm characteristics associated with different phases of the life-cycle rather than being a function of earnings management.

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Abstract This research is based on the Taiwan Stock Index. We can use the technical analysis of K-line which may reveal the signal of buying or selling in actual operation. It can help the investors to deciside the timing to buy or sell. The above method is a kind of stock index in actual testing analysis during the period from 1993 to 2002. The conclusions of our research are the following: 1. The signal of buying or selling can create good return according to the theory of K-line during the research period and it sometimes can offers higher return than the interest rate offered by the bank. It is a reliable method for most of the investors. 2. The signal of up or down can't be judged according to the theory of K-line during the period of stagnancy. We must judge the market and predict the future after the ending of stagnancy of K-line in order to obtain the best point of buying or selling.