在全球併購浪潮興起之時,併購活動可能受市場競爭的影響,促使強強合 併,但也可能發生不理性的追隨行為。本文係研究在併購動能中宣告併購,對 主併公司的短期與長期併購績效之影響,並且進一步討論在併購案採現金交易、 主併公司為成長型公司、主併公司過去有成功併購經驗三個條件之下,對主併 公司於併購動能下宣告併購的短期與長期併購績效是否有顯著影響。 本研究之貢獻為,採過去併購績效是否顯著作為併購動能之衡量,而非單 純採用市場上所累積的併購績效之規模。另外,除了探討每個變數與併購績效 之直接關係外,亦特別著重於該變數與主併公司在併購動能中宣告併購之交乘 作用,剖析對主併公司短期及長期併購績效的影響。 而本研究發現,在併購動能當中,若主併公司為成長型公司,能夠顯著提 升其宣告併購之短期與長期績效。因此,對於併購動能下指併公司的績效表現 而言,該公司特性為關鍵因素,特別是對長期的併購績效來說。 / When merger waves occur, the M&A activities may be affected by competitive market. This may cause the win-win cooperation, but also may result in blind following. The primary purpose of this paper is to test the correlation of mergers in momentum and the short-term and long-term merger performance. Furthermore, this paper is also focus on three conditions which may influence the above-mentioned correlation, including cash payment, glamour bidders and bidders’ past successful experience of M&A. The major contribution of this paper is using the significance of past merger performance to measure the merger momentum, instead of simply using accumulated performance. Second, in addition to the direct relation between variables and merger performance, this paper also aims to emphasize the interaction of those variables, analyzing its influence to short-term and long-term performance. It is reported in this paper that, in the merger waves, glamour bidders significantly perofrm better in both short-term and long-term period. Thus, “Glamour” is a key characteristic for the bidders, which would lead to better performance in merger wave, especially long-term one.

<p>The purpose of this thesis work was to make a survey of current on-line payment technologies and find out which are they and how do they work? Compare and analyze them from a security point of view, as well as a usability point of view. What is good? What is bad? What is lacking?</p><p>To achieve this purpose, an overview of the current on-line payment technologies was acquired through academic books and papers, Internet sites, magazines. Basic cryptographic and security related techniques were studied for the security analysis of current on-line payment systems.</p><p>In this work, various current on-line payment systems were classified into two groups [Macro and Micro on-line payment systems]. This classification was based on the mode of on-line payment transactions. To analyze these on-line payment systems, a set of payment system requirements were formed [Security Issues, Usability Issues, Anonymity, Scalability etc].</p><p>Under the category of Macro payment system, Credit Card payment system, Debit Card payment system, Stored Value Card payment system, Electronic Check payment system, Electronic Cash payment system, Electronic account transfer payment system and mobile payment system transactions were examined.</p><p>Under the category of Micro payment system, Hash Chain based Payment System, Hash Collisions and Hash sequences based Payment Systems, Shared Secrete Keys based Payment Systems and Probability based payment systems were examined.</p><p>Based on the requirements of payment system, these on-line payment systems were analyzed and compared. In the analysis phase, the advantages and drawbacks of these payment systems were figured out.</p><p>It was found from the study that the credit card based payment systems are the most widely used means of conducting on-line payments. It is evident that credit card based payment systems satisfy stakeholder requirements the best, as they offer more flexible payment options, having a large user-base, benefit from familiarity and simplicity of use and also allow international payments. The other on-line payment systems lack this flexibility</p><p>It can also be extracted from the study that users want more simplified, convenient and secure on-line payment systems. Thus the futuristic on-line payment systems will have all secure payment options into one system.</p>

The purpose of this study was to create understanding about how the reduction of cash affects societal ideas about integrity. We wanted to research human attitudes to the ongoing reduction of cash use in Sweden from a integrity perspective. The method used was a qualitative approach and the empirical data was collected using a focus group with students and three semi structured interviews in different branches of industry based on their way of working with and handling cash. Participating in the study was five students, a store manager in the grocery store business, an economic advisor at a bank and three investigators at the Swedish central bank. The result was analyzed using a theoretical foundation based on Georg Simmel’s work “The philosophy of money” and other socioeconomic research with a focus on the terms value, power and integrity. The results showed that people in the swedish society are aware and partially wary of the development towards a cash free society. Advantages that were illuminated was a reduced risk of robbery towards banks and businesses, less environmental effects due to reduced transportation and handling of cash, easier payments for consumers and increased profitability of card payments for businesses and a increased difficulty of usage of “black” money within the society. Negative aspects that were brought up were the issues of vulnerable groups in society that rely on cash, a fear that the development is moving too fast and that the society will be increasingly vulnerable when the payment infrastucrure relies on a single point of failure. The integrity aspects that the people in the study discussed showed that society is aware of the risks surrounding digital payments, but that the advantages outweigh the potential negatives, and that there is a strong trust in institutions and businesses in Sweden to not exploit their positions when it comes to the integrity of private individuals. / Studiens syfte var att skapa förståelse hur kontantavvecklingen påverkar samhälleliga föreställningar kring integritet. Vi ville undersöka människors inställningar till den rådande kontantavvecklingen i Sverige från ett integritetsperspektiv. Metoden som användes var kvalitativ och det empiriska materialet samlades in genom att genomföra en fokusgrupp med studenter och tre semi-strukturerade intervjuer med branscher som vi valde ut efter deras olika arbetssätt med kontanter och digitala betalningsmedel. I studien deltog fem studenter, en butikschef för dagligvaruhandel, en ekonomisk rådgivare inom bankbranschen samt tre utredare på Riksbanken. Resultatet analyserades med en teoretisk grund baserat på Georg Simmels verk “The philosophy of money” och annan socioekonomisk forskning med fokus på begreppen värde, makt, och integritet. Resultaten visade att människor i det svenska samhället är medvetna och till viss del oroade av utvecklingen mot ett kontantfritt samhälle. Fördelar som uppmärksammades var mindre risk för rån i banker och butiker, mindre miljöpåverkan av transporter av kontanter, enklare betalning för konsumenten och bättre lönsamhet för kortbetalningar för företagen samt att det försvåras att spendera svarta pengar i samhället. De negativa aspekterna av ett kontantfritt samhälle som togs upp var problemen som uppstår för utsatta grupper i samhället som är mer beroende av kontanter, en rädsla för att utvecklingen går för fort och att samhället blir mer sårbart när infrastrukturen förlitar sig på att de digitala betalningssätten fungerar även i krissituation då systemet får en inneboende “single point of failure”. De integritetsaspekter som människorna resonerade kring visade att samhället är medvetet om riskerna med digitala betalningssätt, men att fördelarna med dessa vägde upp de potentiellt negativa, och att det finns ett starkt förtroende för att myndigheter och företag i Sverige inte missbrukar sin ställning när det kommer till privatpersoners integritet.

The purpose of this thesis work was to make a survey of current on-line payment technologies and find out which are they and how do they work? Compare and analyze them from a security point of view, as well as a usability point of view. What is good? What is bad? What is lacking? To achieve this purpose, an overview of the current on-line payment technologies was acquired through academic books and papers, Internet sites, magazines. Basic cryptographic and security related techniques were studied for the security analysis of current on-line payment systems. In this work, various current on-line payment systems were classified into two groups [Macro and Micro on-line payment systems]. This classification was based on the mode of on-line payment transactions. To analyze these on-line payment systems, a set of payment system requirements were formed [Security Issues, Usability Issues, Anonymity, Scalability etc]. Under the category of Macro payment system, Credit Card payment system, Debit Card payment system, Stored Value Card payment system, Electronic Check payment system, Electronic Cash payment system, Electronic account transfer payment system and mobile payment system transactions were examined. Under the category of Micro payment system, Hash Chain based Payment System, Hash Collisions and Hash sequences based Payment Systems, Shared Secrete Keys based Payment Systems and Probability based payment systems were examined. Based on the requirements of payment system, these on-line payment systems were analyzed and compared. In the analysis phase, the advantages and drawbacks of these payment systems were figured out. It was found from the study that the credit card based payment systems are the most widely used means of conducting on-line payments. It is evident that credit card based payment systems satisfy stakeholder requirements the best, as they offer more flexible payment options, having a large user-base, benefit from familiarity and simplicity of use and also allow international payments. The other on-line payment systems lack this flexibility It can also be extracted from the study that users want more simplified, convenient and secure on-line payment systems. Thus the futuristic on-line payment systems will have all secure payment options into one system.

The thesis is focused on consumer bill payments (payments of a small and medium value of 10 to 100 EUR) and the provision of payment-collection service in the Czech Republic, which being a member-state of the EU can show the trends and characteristics that can be identified in the markets of Germany, France, Italy and other countries of the Single Market of the EU. The purpose of this research is to analyze payment channels used by consumers in C2B level of transfers in the Czech Republic, what provides the basics to understand the appropriate form an instant payments business entity (consumer bill payment collector) should better take to have the space for future development and growth. The focus is made on the market of consumer bill payments and the current development of C2B payments sphere in the Czech Republic and the EU -- all to see the specifics of the market and to answer the question if the entrance and the launch of an IPS in the Czech Republic, first, would be of demand and, second, would have enough time to develop and mature itself to stay in existence in a long-term.

BARTAKOVIČOVÁ, Sylva. Questions of Economics Understanding of Primary School Students. Prague, 2014. Diploma thesis. UK, PedF. The aim of this thesis is to analyze the economic thinking of third grade students in primary school. On the basis of identified deficiencies, a set of ideas leading to more effective teaching is proposed. The theoretical section includes an examination of the state of economic thinking in primary school pupils in the Czech Republic and abroad. This explains the present form of financial education in the Czech Republic, and examines children's understanding, particularly in relation to constructivism. The practical section describes the preparation and implementation of qualitative research in the form of semi-structured individual interviews with pupils in their 3rd year, and 1st grade of primary school. In the conclusion, a set of ideas aimed to develop the financial thought processes of younger school students, supplement their knowledge, and strengthen their overall economic thinking, is proposed.