The question many investors ask is whether or not it is possible to beat the market andearn money by being active on the stock market. In efficient markets this should not be possible, but several researches have come up with strategies that prove the opposite. There are certain market movements that cannot be explained by the arguments of the traditional efficient market hypothesis and such market movements are in the standard finance theory called anomalies. Two well-known anomalies are the P/E effect and the small firm effect. The P/E effect means that portfolios with low P/E stocks attain higher average risk-adjusted returns than portfolios with high P/E stocks. Similarly, the small firm effect means that companies with small market capitalization earn higher return than those with large market capitalization. Even though these anomalies were discovered in the US, they occur on other markets as well. However, most of the studies regarding these have focused on developed markets. Therefore, the focus in this study has been on emerging markets, more specifically the Baltic market. The problem we aimed to answer with this study is whether or not it is possible to attain abnormal returns on the Baltic stock market by using the P/E effect or the small firm effect. Further on, we found it interesting to investigate which one of the two anomalies that is the best investment strategy. By doing this, we have also been able examine if the Baltic market is efficient or not. The study investigates all listed firms (both active and dead) with available data on Nasdaq OMX Baltic between the years 2000-2014. There are two different samples, a P/E sample and a market capitalization sample. The firms in the samples are ranked and grouped into portfolios and then tested to see if there is significant evidence of the existence of the P/E effect and the small firm effect. The results of the tests show that the Baltic market is not completely efficient, since statistical support was found for the small firm effect. This implies that it is possible to attain abnormal returns on the Baltic market by investing in small capitalization stocks. However, the tests showed no significant evidence of the P/E effect. For this reason, with the assumptions made, we recommend the small firm effect as an investment strategy on the Baltic stock market.

The pressure on tax haven countries to engage in tax information exchange shows first effects on capital markets. Empirical research suggests that investors do react to information exchange and partially withdraw from previous secrecy jurisdictions that open up to information exchange. While some of the economic literature emphasizes possible positive effects of tax havens, the present paper argues that proponents of positive effects may have started from questionable premises, in particular when it comes to the effects that tax havens have for emerging markets like China and India. (authors' abstract) / Series: WU International Taxation Research Paper Series

Emerging country markets are becoming increasingly important in the operations of multinational corporations. On May 1, 2004, the EU welcomed 10 new member states, including the three Baltic States: Estonia, Latvia and Lithuania. As a result, many western multinational corporations have entered these new emerging markets. These countries have witnessed very fast growth and were lucrative to enter. The term “Baltic Tiger” is used to describe the economic boom of the Baltic States from 2000 to 2007. This term is adequate because during this time period the Baltic States had the highest growth rates in Europe. Swedish companies in particular started coming into the Baltic States in 1989 approximately. These companies were looking for and found low cost production. However, today with rising wages, low cost production is more difficult to find. The purpose of our research is to investigate the current conditions and future predictions related to the external environment and high technology industries in the Baltic States. The investigation of the current state and future potential of the markets were analyzed from an institutional standpoint. We compared this to the institutional environment in Sweden and made predictions on the potential changes in these institutions. Given our analysis and evaluation of the most attractive market, we have devised an establishment and matching strategy for the case company. The case analysis is set against the background of a theoretical framework covering current literature over societal and organizational fields in Latvia, Lithuania and Estonia. Our primary and secondary research was examined in the context of well known theoretical models and our own models and upon analysis; we come to a conclusion and make recommendations for companies interested in doing business in the Baltic States. Our research will be useful for companies curious about the potential and necessary considerations they must take in the Baltic markets in general and within the high technology sector specifically.

<p> <p>&nbsp / </p> </p> <p align="left">Within a context of rapid technological change and shifting market conditions, the South African education system is challenged with providing increased education opportunities without increased budgets. Many educational institutions are answering the challenge without increased budgets. Several educational institutions are answering the challenge by developing distance education programs through information technology, but in the case of one institution, strategic intentions involving information technology and distance learning have not been fulfilled. At its most basic level, distance education takes place when a teacher and student(s) are separated by physical distance. Technology, often in combination with face-to-face communication, can be used to bridge instructional gaps. It can be argued that modes of teaching and learning are changing, and we must redefine what is meant by the word &ldquo / student&rdquo / . For example: what should we really call an adult involved in life long learning? The term &ldquo / student&rdquo / seems inappropriate. These types of programs can provide adults with a second chance at tertiary education, reach those disadvantaged by limited time, distance or physical disability, and update the knowledge base of workers at their places of employment. The aim of this research is to determine and understand the growing role of information technology in promoting quality assurance in higher education, and in expanding the education opportunities and workplace learning through the use of distance learning. This work investigates how distance learning can be improved by making use of IT with <font face="Times-Roman" size="3">particular regard to the underprivileged, and the potential contribution to national transformation. This is summarized in the research question: </font><i><font face="Times-Italic" size="3"><font face="Times-Italic" size="3">&ldquo / How can we improve distance learning in South Africa with emerging technologies?&rdquo / </font></font><font face="Times-Roman" size="3">&nbsp / review of the literature, interviews with experts, and reviews of conference papers provided the principle inputs. The academic literatures were supplemented by studies of papers from the Department of Education and other non-academic sources. Based on the reading of the literature, and the views of experts, questionnaires and field experiments were designed and applied to a statistically significant population of respondents. A combination of statistical analysis and content analysis of open questions from the questionnaires lead to comparative evidence about different learning styles and different communities of learners, and the extent to which different learning styles are effective for the different kinds of learners.</font></i></p>

<p>Parents are important in the socialization of children to develop into adjusted adults. Parenting is a developmental process and encourages the child to become an independent adult in society, an adult who is pro-social rather than anti-social. The main aim of parenting is to control the behaviour of the child, but as the child matures the approach is more of monitoring and supervision rather than control. The aim of this study is to establish the prevalence of parental psychological control during the phase of emerging adulthood and this will be associated with the anti-social behaviour of emerging adults. A quantitative methodological approach was used to conduct the study. A sample of 382 participants aged 18 to 25 years were randomly stratified across the departments in the Faculty of Community and Health Sciences (CHS). The Parental Psychological Control (Barber, 1996) and the Anti-Social Behaviour (Achenbach and Edelbrock, 1987) questionnaires were used to collect the data. The data were analysed by means of the Statistical Package for Social Sciences (SPSS). Results show a significant positive relationship between perceived psychologically controlling parenting and antisocial behaviour of emerging adults. Furthermore, antisocial behaviour is also positively predicted by both mother and father psychological control, with mothers being significantly more psychologically controlling than fathers. When comparing males and females, males engaged significantly more in antisocial activities than females / males also found fathers to be more psychologically controlling. Implications for further research are suggested.</p>

The creative class, creative economy and creative cities are all heralds of current North American planning directions. My research seeks to understand how the Art Factory, a multi-tenant and multi-purpose artist space, contributes to the lives of artists and the general creative potential of a city. This research is a case study of cre8ery, an art factory located in Winnipeg’s Exchange District, the gentrifying cultural quarter of the city. I interviewed ten artists, exploring how cre8ery affected their social, professional and economic lives. cre8ery serves as a gateway into the art world for emerging artists by providing stability and opportunities to them. In general, Art Factories are centres of cultural entrepreneurship, an activity essential to the health of artists and the city. I also explore the shift of the artist populations in Winnipeg due to gentrification, offering several policy initiatives that would either stem or support this shift.

This thesis consists of four chapters that investigate the performance and capital flows of hedge funds. The first two chapters of the thesis focus on hedge funds that have a pure emerging market strategy. Hedge funds should be well equipped to take advantage of opportunities in emerging markets due to their flexibility in investment strategy and lockup periods. However, the results show that, at the strategy level, emerging market hedge funds have only generated risk-adjusted returns in the most recent years of the sample period. Although emerging market hedge funds have performed poorly in the past, an important finding is the upward trend over time in performance. Given that other hedge fund strategies have a declining trend in alpha during the same period, the emerging market strategy may be where future alpha can be found. The third chapter investigates if there are capacity constraints in hedge fund strategies. The idea is that the alpha opportunities in the markets are limited. Thus, the more capital coming in to hedge funds, the higher competition for the investment opportunities. The findings reveal that mainly strategies that rely on liquidity in their underlying market show evidence of capacity constraints. That is, high past capital flows have a negative effect on current risk-adjusted returns. The last chapter investigates the out-of-sample performance of five allocation models relative to an equally weighted portfolio, when optimizing over hedge fund strategies. The findings show that for hedge fund investors the naive allocation model (1/N) with equal weights in each asset is not an efficient allocation. The risk-adjusted performance can be improved by using an optimal sample-based allocation model. Moreover, significant improvement in out-of-sample alpha can be made if the investor optimizes over non-systematic returns instead of total returns, which is an important results for investors seeking alpha. / <p>Diss. Stockholm : Handelshögskolan, 2008</p>

A mechanistic understanding of transport and degradation processes of modern agricultural pesticides, including chiral pesticides, is critical for predicting their fate in the environment. In agricultural landscapes, wetlands can intercept pesticide-contaminated runoff or groundwater and improve water quality through various retention and degradation processes, which remain unknown. In a downscaling approach, three different wetlands receiving agricultural runoff were used as 'natural laboratories' to investigate the fate of widely used pesticides. Overall, our results showed that dynamics of hydrological and redox conditions largely influenced pesticide sorption mechanisms and their distribution over time within wetland compartments, thereby controlling degradation processes. While large-scale studies provide integrative information on pesticide dissipation and distribution patterns with respect to wetland functioning, small-scale investigations using novel methods such as isotope and enantiomer analyses characterize underlying molecular processes governing pesticide degradation.

We employ income projection models based on human capital dynamics in order to assess quantitatively the role that educational improvements are expected to play as a driver of future income convergence in Europe. We concentrate on income convergence dynamics between emerging economies in Central and Eastern Europe and Western European countries during the next 50 years. Our results indicate that improvements in human capital contribute significantly to the income convergence potential of European emerging economies. Using realistic scenarios, we quantify the effect that future human capital investments paths are expected to have in terms of speeding up the income convergence process in the region. The income projection exercise shows that the returns to investing in education in terms of income convergence in Europe could be sizeable, although it may take relatively long for the poorer economies of the region to rip the growth benefits. (authors' abstract) / Series: Department of Economics Working Paper Series

The creative class, creative economy and creative cities are all heralds of current North American planning directions. My research seeks to understand how the Art Factory, a multi-tenant and multi-purpose artist space, contributes to the lives of artists and the general creative potential of a city. This research is a case study of cre8ery, an art factory located in Winnipeg’s Exchange District, the gentrifying cultural quarter of the city. I interviewed ten artists, exploring how cre8ery affected their social, professional and economic lives. cre8ery serves as a gateway into the art world for emerging artists by providing stability and opportunities to them. In general, Art Factories are centres of cultural entrepreneurship, an activity essential to the health of artists and the city. I also explore the shift of the artist populations in Winnipeg due to gentrification, offering several policy initiatives that would either stem or support this shift.