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Determinants of Corporate Cash HoldingsLi, Yun Lai (William) 01 January 2011 (has links)
The paper explores the driving forces behind corporate cash holdings by analyzing past literature and extending this research to the behavior of firms after the 2008 recession. I look at the cash to assets and net debt to assets ratios from October 1980 to October 2011 to obtain an understanding of the past and current state of cash holdings. A comprehensive literature review is done on agency costs and transactional motives to give the reader an overview of the costs and benefits of holding cash. This provides the foundation for the precautionary motives for companies today to keep cash as a risk management tool.
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Overheated or Stable? : An Analysis Ff The Swedish Housing MarketOtterström, Oscar, Vahlberg, Niclas January 2010 (has links)
The Swedish housing market has been subject to extensive attention in the media recently, and the existence of a housing bubble has been questioned. The purpose of this thesis is to analyse the Swedish housing market to investigate if there are reasons to believe that the market is overvalued. The current situation in the housing market will be compared to the United States market prior to the crash of 2007. The models that are used in the paper is the house price-to-income, price-to-rent and imputed rent-to-rent. Other fundamental factors such as rent control, household debt, interest rates, and other policies effecting the housing market will be discussed. The main findings indicate that the Swedish housing market in 2010 is overvalued, however one has to consider that there are limitations to these models such as the extra benefits of owning a house compared to renting.
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Overheated or Stable? : An analysis of the Swedish Housing MarketVahlberg, Niclas, Otterström, Oscar January 2011 (has links)
The Swedish housing market has been subject to extensive attention in the media recently, and the existence of a housing bubble has been questioned. The purpose of this thesis is to analyse the Swedish housing market to investigate if there are reasons to believe that the market is overvalued. The current situation in the housing market will be compared to the United States market prior to the crash of 2007. The models that are used in the paper is the house price-to-income, price-to-rent and imputed rent-to-rent. Other fundamental factors such as rent control, household debt, interest rates, and other policies effecting the housing market will be discussed. The main findings indicate that the Swedish housing market in 2010 is overvalued, however one has to consider that there are limitations to these models such as the extra benefits of owning a house compared to renting.
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Geomaterial gradation influences on interface shear behaviorFuggle, Andrew Richard 04 April 2011 (has links)
Particulate materials are ubiquitous in the natural environment and have served throughout human history as one of the basic materials for developing civilizations. In terms of human activity, the handling of particulate materials consumes approximately 10% of all the energy produced on earth. Advances in the study and understanding of particulate materials can thus be expected to have a major impact on society.
Geotechnical engineers have a long history of studying particulate materials since the fundamental building blocks of the profession include sands, silts, clays, gravels and ores, all of which are in one form or another particulates. The interface between particulates and other engineered materials is very important in determining the overall behavior of many geotechnical systems. Laboratory experimental studies into interface shear behavior has until now, been largely confined to systems involving uniformly graded sands comprised of a single particle size.
This study addresses these potential shortcomings by investigating the behavior of binary particle mixtures in contact with surfaces. The binary nature of the mixtures gives rise to a changing fabric state which in turn can affect the shear strength of the mixture. Accordingly, packing limit states and the shear strength of binary mixtures were investigated across a range of mixtures, varying in particle size ratio and the proportion of fine particles to provide a reference.
Binary mixtures in contact with smooth surfaces were investigated from both a global shear response and a contact mechanics perspective. A model was developed that allowed for the prediction of an interface friction coefficient based on fundamental material properties, particle and mixture parameters. Surface roughness changes as a result of shearing were also examined.
The interface shear behavior with rough interfaces was examined in the context of the relative roughness between particles and surface features. The interpretation of traditional measures of relative roughness suffer from the need for a definitive average particle size, which is ambiguous in the case of non-uniform mixtures. Measures of an applicable average particle size for binary mixtures were evaluated.
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Investeringsstrategier baserade på multipeln Pris/Bokfört värde : En studie på Stockholmsbörsen under perioden 2004-03-31 till 2015-03-31 / Investment strategies based on the Price-to-Book Ratio : A study on the Stockholm Stock Exchange during theperiod of 31-03-2004 to 31-03-2015Olsson, John, Svensson, David January 2015 (has links)
Background: There is a general belief that value stocks, historically, have created a greater return of investment compared to growth stocks. Investors can, through key ratios, compare companies to one another and thereby gain a solid appreciation whether a company is overvalued or undervalued relative to other comparable companies. The problem for investors is how to identify these value stocks and exploit mispricing in the market. Aim: The purpose of this study is to analyze investment strategies that are based on the Price-to-Book ratio on the Swedish stock market. Completion: To meet the purpose, the study is based on a deductive foundation with a quantitative method. Two investment strategies are investigated based on the Price-to-book ratio. The first strategy sorts the material following the value of the multiple, whereas the other strategy relies on regression analysis where interest on own capital is used as an explaining variable. Results: To only look at the price-to-book ratio, in order to distinguish undervalued stocks, does not work in the Swedish stock market during the period of 31-03-04 to 31-03-2015. It can be concluded that the combination used in the developed strategy works to identify value stocks that have a significantly higher cumulative return compared to the OMX Stockholm Price Index. / Bakgrund: Det finns en övertygelse om att värdeaktier historiskt har skapat högre avkastning än tillväxtaktier. En investerare kan genom värderingsmultiplar och nyckeltal jämföra bolag med varandra och skapa sig en uppfattning huruvida ett bolag är över- eller undervärderat relativt jämförande bolag. Problematiken ligger i hur en investerare skall identifiera värdeaktier och utnyttja felprissättningar på aktiemarknaden. Syfte: Syftet med studien är att analysera investeringsstrategier baserade på multipeln Pris/Bokfört värde på den svenska aktiemarknaden. Genomförande: För att uppfylla syftet utgår studien från en deduktiv ansats med en kvantitativ metod. Två investeringsstrategier undersöks baserade på multipeln Pris/Bokfört värde. Den ena strategin sorterar materialet utefter multipelns värde och den andra strategin genomförs med hjälp av regressionsanalys där räntabilitet på eget kapital används som förklarande variabel. Resultat: Att endast utgå från Pris/Bokfört värde, för att urskilja undervärderade aktier fungerar inte på den svenska aktiemarknaden under åren 2004-2015. Det kan fastställas att kombinationen i den utvecklade strategin fungerar för att identifiera värdeaktier som har en markant högre kumulativ avkastning jämfört med OMXSPI.
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Treatment Comparison in Biomedical Studies Using Survival FunctionZhao, Meng 03 May 2011 (has links)
In the dissertation, we study the statistical evaluation of treatment comparisons by evaluating the relative comparison of survival experiences between two treatment groups. We construct confidence interval and simultaneous confidence bands for the ratio and odds ratio of two survival functions through both parametric and nonparametric approaches.We first construct empirical likelihood confidence interval and simultaneous confidence bands for the odds ratio of two survival functions to address small sample efficacy and sufficiency. The empirical log-likelihood ratio is developed, and the corresponding asymptotic distribution is derived. Simulation studies show that the proposed empirical likelihood band has outperformed the normal approximation band in small sample size cases in the sense that it yields closer coverage probabilities to chosen nominal levels.Furthermore, in order to incorporate prognostic factors for the adjustment of survival functions in the comparison, we construct simultaneous confidence bands for the ratio and odds ratio of survival functions based on both the Cox model and the additive risk model. We develop simultaneous confidence bands by approximating the limiting distribution of cumulative hazard functions by zero-mean Gaussian processes whose distributions can be generated through Monte Carlo simulations. Simulation studies are conducted to evaluate the performance for proposed models. Real applications on published clinical trial data sets are also studied for further illustration purposes.In the end, the population attributable fraction function is studied to measure the impact of risk factors on disease incidence in the population. We develop semiparametric estimation of attributable fraction functions for cohort studies with potentially censored event time under the additive risk model.
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Concrete deep beams reinforced with internal FRPAndermatt, Matthias Unknown Date
No description available.
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Efficiency and Social Capital in Micro, Small and Medium Enterprises: the Case of Ethiopia.Worku, Eshetu Bekele. January 2008 (has links)
<p>This study extends the existing literature on how social networks enhance the performance and sustainability of small enterprises. More specifically, the study isolates and investigates the mechanisms through which social capital helps with the growth and survival of MSMEs. The evidence presented in this study strongly suggests that an indigenous social network widely practiced in Ethiopia, the &ldquo / iqqub&rdquo / , contributes significantly to the start-up, survival and development of urban MSMEs.</p>
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Homéostasie phosphocalcique et vitamine D : effets sur le cartilage de croissance par la mesure des paramètres physiques, biochimiques et géniques liés à la croissance osseuseDesrosiers, Mélissa January 2007 (has links)
Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal
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Ethical investing - why not? : An evaluation of financial performance of ethical indexes in comparison to conventional indexesMironova, Anastasia, Kynäs, Lovisa January 2012 (has links)
Problem: Do ethical investments perform better than conventional investments? Purpose: To evaluate whether Shariah-compliant indexes and/or socially responsible indexes can improve financial performance of an investment portfolio. Sub-problem: What kind of relationship exists between socially responsible investments and faith-based investments, represented by Shariah-compliant investments? Sub-purpose: To discover how two types of ethical investments, socially-responsible and Shariah-compliant, are related. Method: Quantitative study, covering three types of investment styles of four index families during the period from 2000 until 2011. Financial performance evaluation through the Sharpe ratio, Treynor ratio and Jensen’s alpha. Conclusions: Conventional, socially responsible, and Shariah-compliant indexes do not have any significant differences in financial performance on a global basis. However, Shariah-compliant indexes could slightly over-perform conventional and socially responsible indexes during financial downturns. In the same time socially responsible indexes were noticed to be the most volatile during the whole period of study, to compare with conventional and Shariah-compliant. Regarding relationships, high correlations were found between ethical indexes, as well as between ethical and conventional indexes.
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