Past research has found support for Equity Theory and Attachment Theory in predicting relationship satisfaction. According to Equity Theory, individuals feel satisfied when they are engaged in equitable relationships, where the ratio of benefits to costs is the same across partners. On the other hand, Attachment Theory postulates that a secure attachment style predicts high relationship satisfaction. Although an extensive number of studies have supported these predictions, the present study was the first to compare or integrate Equity Theory and Attachment Theory in predicting relationship satisfaction. A total of 384 introductory psychology students completed questionnaires. Simultaneous multiple regression indicated that partner’s input and the avoidance dimension of attachment were the two largest predictors of relationship satisfaction among overall sample. Hypotheses regarding the relation between equity level and attachment styles were only partially supported. In addition, three proposed models for predicting satisfaction were tested. The first model, based on Equity Theory, showed that underbenefiting exchange orientation, communal orientation, and closeness predicted the level of equity, which in turn led to relationship satisfaction. The second model, based on Attachment Theory, indicated that attachment styles affected the level of self-disclosure leading to intimacy and closeness, which predicted satisfaction. The third model integrated the two theories and showed that attachment styles predicted equity, which influenced the level of self-disclosure. Self-disclosure influenced intimacy and closeness, which led to relationship satisfaction. The integrated model best predicted relationship satisfaction among the three proposed models. Finally, sex differences and differences between friendships and dating relationships were also discussed. / October 2005

In product pricing and reserving, actuaries are often required to make predictions of future death rates. In the past, this has been performed by using deterministic improvement scales that give only a single mortality trajectory. However, there is enormous likelihood that future death rates will turn out to be different from the projected ones, and so a better assessment of longevity risk would be one that consists of both a mean estimate and a measure of uncertainty. Such assessment can be performed using a stochastic mortality model, which is the core of this thesis. The Lee-Carter model is one of the most popular stochastic mortality models. While it does an excellent job in mean forecasting, it has been criticized for providing overly narrow prediction intervals that may have underestimated uncertainty. This thesis mitigates this problem by relaxing the assumption on the distribution of death counts. We found that the generalization from Poisson to negative binomial is equivalent to allowing gamma heterogeneity within each age-period cells. The proposed extension gives not only a better fit, but also a more conservative prediction interval that may reflect better the uncertainty entailed. The proposed extension is then applied to the construction of mortality improvement scales for Canadian insured lives. Given that the insured lives data series are too short for a direct Lee-Carter projection, we build an extra relational model that could borrow strengths from the Canadian population data, which covers a far longer period. The resultant scales consist of explicit measures of uncertainty. The prediction of the tail of a survival distribution requires a special treatment due to the lack of high quality old-age mortality data. We utilize the asymptotic results in modern extreme value theory to extrapolate death probabilities to the advanced ages, and to statistically determine the age at which the life table should be closed. Such technique is further integrated with the Lee-Carter model to produce a stochastic analysis of old-age mortality, and a prediction of the highest attained age for various cohorts. The mortality models we considered are further applied to the valuation of mortality-related financial products. In particular we investigate the no-negative-equity-guarantee that is offered in most fixed-repayment lifetime mortgages in Britain. The valuation of such guarantee requires a simultaneous consideration of both longevity and house price inflation risk. We found that house price returns can be well described by an ARMA-EGARCH time-series process. Under an ARMA-EGARCH process, however, the Black-Scholes formula no longer applies. We derive our own pricing formula based on the conditional Esscher transformation. Finally, we propose some possible hedging and capital reserving strategies for managing the risks associated with the guarantee.

The private equity industry has had a fluctuating history. In the years between 2003 and  2007 the private equity industry expanded tremendously, yet in 2008 a financial turmoil  caused significant deviation in the activity of the industry. During the credit crunch the  liquidity in the market decreased affecting the sources of capital available. When several  firms compete about the capital available, fundraising becomes increasingly difficult and  competition intensifies. Sweden is one of the largest private equity markets in Europe and  has among the Nordic countries been able to raise the largest amount of funds. The  purpose of this study is to examine the fundraising process implemented by private equity  firms, nevertheless the relationship that emerges between the fund manager and the  investor. The authors’ objective is to provide an adequate interpretation of the private  equity industry in Sweden.   The authors have implemented a qualitative method, as the objective has been to obtain a  profound picture of how private equity firms manage their fundraising. The abductive  approach has been used in order to collect empirical data and semi-structured interviews  have been carried out with representatives from four private equity firms. In addition, a  smaller survey has been performed with two institutional investors to add to the objectivity.  Subsequently, the empirical data has been analysed in regards to theory and compared in  relation to the sources to end up in a conclusion.  The authors have through the study concluded that private equity firms in Sweden with a  focus in buyouts not have a common fundraising model. Private equity funds are selective  in their choice of investors and prefer professional, loyal investors with a long-term  perspective and strong capital base. It has from the analysis emerged that good reputation,  history, team and experience is valuable in fundraising. Firms that are successful in their  operations and management appeal to investors. The investors are typically institutionalised  and invest in different asset classes, hence the diversification is mainly in the hands of the  investor.

In product pricing and reserving, actuaries are often required to make predictions of future death rates. In the past, this has been performed by using deterministic improvement scales that give only a single mortality trajectory. However, there is enormous likelihood that future death rates will turn out to be different from the projected ones, and so a better assessment of longevity risk would be one that consists of both a mean estimate and a measure of uncertainty. Such assessment can be performed using a stochastic mortality model, which is the core of this thesis. The Lee-Carter model is one of the most popular stochastic mortality models. While it does an excellent job in mean forecasting, it has been criticized for providing overly narrow prediction intervals that may have underestimated uncertainty. This thesis mitigates this problem by relaxing the assumption on the distribution of death counts. We found that the generalization from Poisson to negative binomial is equivalent to allowing gamma heterogeneity within each age-period cells. The proposed extension gives not only a better fit, but also a more conservative prediction interval that may reflect better the uncertainty entailed. The proposed extension is then applied to the construction of mortality improvement scales for Canadian insured lives. Given that the insured lives data series are too short for a direct Lee-Carter projection, we build an extra relational model that could borrow strengths from the Canadian population data, which covers a far longer period. The resultant scales consist of explicit measures of uncertainty. The prediction of the tail of a survival distribution requires a special treatment due to the lack of high quality old-age mortality data. We utilize the asymptotic results in modern extreme value theory to extrapolate death probabilities to the advanced ages, and to statistically determine the age at which the life table should be closed. Such technique is further integrated with the Lee-Carter model to produce a stochastic analysis of old-age mortality, and a prediction of the highest attained age for various cohorts. The mortality models we considered are further applied to the valuation of mortality-related financial products. In particular we investigate the no-negative-equity-guarantee that is offered in most fixed-repayment lifetime mortgages in Britain. The valuation of such guarantee requires a simultaneous consideration of both longevity and house price inflation risk. We found that house price returns can be well described by an ARMA-EGARCH time-series process. Under an ARMA-EGARCH process, however, the Black-Scholes formula no longer applies. We derive our own pricing formula based on the conditional Esscher transformation. Finally, we propose some possible hedging and capital reserving strategies for managing the risks associated with the guarantee.

Achieving gender equity is an international priority. This research, guided by a critical social theory approach, explores and seeks to challenge dominant gender norms amongst young men and women living in the slum of Kibera, Kenya. To achieve this goal, 49 participants, recruited through convenience sampling techniques, engaged in a participatory diagramming technique of data collection and reflexive analysis. Findings from this research suggest that youth participants experienced numerous forms of social discrimination and exclusion that threatened health and development. Socio-economic status appeared to be the primary source of inequities, including gender inequity. Process and outcome changes were noted among participants throughout the course of this research. Participants created plans to minimize the impact of discrimination that was externally imposed on them as individuals, but challenged between members of the group. The findings underscore the significance of addressing the social, cultural, political, and economic context of health. They further suggest that groups and communities have the capacity to create integrated plans that address complex challenges.

Over the decades, brand extension has been a core marketing strategy for a great number of companies. Brand extension enjoys a good reputation for bringing practical advantages to companies whilst it faces disputation at the same time because of a relatively high percentage of failures. Using modified Aaker’s brand equity model as the theoretical framework, the authors undertake a comparative case study to analyze the opportunities and challenges a company might face while using brand extension strategy, particularly in category brand extension: Yamaha Corporation as a successful example, and Virgin Group as a failure one. The analysis mainly focuses on the four elements in the modified Aaker’s brand equity model: brand awareness, brand loyalty, brand associations and perceived quality. The findings show that a company faces challenges when consumers have a more solid loyalty towards the competitor’s brand and when consumers are confused about brand associations. On the contrary, a company acquires opportunities in brand extension as long as a strong brand loyalty and a related connection between the parent brand and the extended brand exist.

Since equity premium puzzle had long been a problem, many economists tried to give reasonable interpretations to the puzzle. I focus on the type of theories using bounded rationality as the answer to the problem. I am willing to find out that whether the puzzle still exists in recent decades. If it does exist, are the theories of bounded rationality still able to explain the puzzle? In the beginning, I introduce two theories referring to bounded rationality. Afterwards, I empirically analyze the data of the U.S., Japan and Euro-area by using a simpler model based on rationality. Interestingly, circumstances vary a lot from country to country. One theory may be suitable for one country but not for the others. Even so, the “suitable” theory fails to completely explain the whole tendency of variation during the observed period in the country. In the future, we still need to explore in depth of the puzzle.

The aim of this research project is to analyze why Tencent QQ developed so fast in China over nearly a decade, how they built the Tencent QQ brand so successfully, and how they maintained that success in China. Also discussed is the degree of influence which Tencent QQ has had in Sweden. Finally, suggestions are made about what Tencent QQ can do to develop and expand within overseas markets.

ABSTRACT All the current moving in the financial market would be affected by the business cycle and the price the asset, Do all the investor realize the knowledge of the financial asset, and allocate their asset rationally or emotionally, even take the advice of the sales representative¡H After reading studies of mutual fund, For the purpose of realize the determinants of money flow, we combine the experience and econometrics and the opinion of market participants to undertake this study. In this study, we investigate the determinants of mutual fund flows from aggregate viewpoint. The empirical results are as follows: 1.The initial public offering of new fund have positive influence on the aggregate flow, no evidence that aggregate mutual fund flows have been affected by the stock return. 2.The stock returns with 1 month lag show no evidence to influence the flows, 3.Long-term real interest have obviously negative influence on the aggregate mutual fund and while short-tern interest does not. 4.Personal income positively related to aggregate mutual fund flows but not obvious for 1-month lagged income.

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