Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: This document discusses the development of a personal computer based financial instrument analysis system, based on the information from a relatively old sequential file based data source. The aim is to modernise the system to use the latest software and data storage technology. The principles used for the design of the system are discussed in Chapter 2. Principles for the development of relational databases are discussed, where after the development of personal computer based software architecture is discussed, to explain the choices made in the design of the system. Chapter 3 discusses the design and implementation of the system in more detail, based on the principles discussed in Chapter 2. Recommendations include a possible shift in architectural layout as well as recommendations for expansion of both the data stored and the analysis performed on the information. / AFRIKAANSE OPSOMMING: Hierdie dokument bespreek die ontwikkeling van ‘n persoonlike rekenaar gebaseerde finansiële instrument analise stelsel, gebaseer op inligting uit ‘n relatiewe ou sekwensiële leêr gebaseerde databron. Die doel is om die stelsel te moderniseer om sodoende van die nuutste sagteware en hardeware tegnologie gebruik te maak. Die beginsels wat gebruik is vir die ontwerp van die stelsel word kortliks in Hoofstuk 2 bespreek. Die beginsels vir die ontwerp van ‘n relasionele databasis word bespreek. Hierna word die ontwikkeling van persoonlike rekenaar gebaseerde sagteware argitektuur bespreek om meer lig te werp op die keuses wat geneem is met ontwerp van die stelsel se argitektuur. Hoofstuk 3 bespreek die ontwerp en implementering van die stelsel in meer detail, gebaseer op die beginsels bespreek in Hoofstuk 2. Voorstelle vir verbetering van die stelsel sluit in detail veranderings aan die argitektuur van die stelsel, sowel as voorstelle vir die uitbreiding van die stelsel wat betref tipe data wat gestoor word en en die analitiese vermoëns van die stelsel.

This master's thesis is focused on financial receivables and liabilities under IFRS. The first chapter characterizes financial receivables in IFRS and describes actual IASB projects in this area. The second chapter is devoted to factoring and derecognition theory, which was analyzed on various types of factoring receivables. The third chapter deals with financial instruments with characteristics of equity, where actual IASB project is presented. The fourth part is focused on fair value option of financial liabilities and exposure draft of Fair Value Measurement standard. The thesis is completed with practical analysis of financial instruments of foreign banks.

The master's thesis on the topic of financial market and its legal aspects aims to analyse the weaknesses in the legal regulation of markets in financial instruments. The thesis is divided into six chapters, introduction and conclusion. The chapters are divided into subchapters. The first chapter defines the financial market and deals with its divisions. Since the legal aspects of financial market are a traditional subject of the study of financial law, the basic concepts of this field are notoriously well known. The first chapter therefore describes only the basic division that is applied to the financial markets. It then goes on to compare existing definition of the financial markets that can be found in academic literature. The second chapter discusses the capital market participants. As certain concepts of financial market might suggest, many different persons might fall into the category of market participants. This chapter, however, discusses selected persons who provide their services on the market in financial instruments. It focuses mainly on investment firm because it provides investors with access to the capital market. The third chapter discusses financial instruments. The fourth chapter concerns investment services that can be provided in relation to financial instruments. The fifth chapter...

<p>Syfte: Syftet med vår studie är att skapa klarhet i vad det nya direktivet MiFID innebär, och vilken roll den utgör för harmoniseringen av den Europeiska finansiella marknaden. Vi vill även belysa vad de olika aktörer i den finansiella marknaden anser om harmoniseringen och vilken inställning de har till de olika delarna i MiFID direktivet.</p><p>Metod: Vi har efter en noggrann selektering låtit: Aktiespararna,</p><p>Fondhandlarföreningen och Finansinspektionen representera den svenska</p><p>Finnansmarknaden. Det är utifrån dessa tre parter vårt empiriska intag av hur harmoniseringen i samband med MiFID, samt hur direktivet i sig uppfattas på den svenska finansiella marknaden har fastställts. Vi har tagit del av artiklar, undersökningar och remissvar som har framtagits inom de tre grupperna för att skapa en förståelse angående deras åsikter och ställningstaganden vad gäller MiFID. Vi har även utfört intervjuer med de tre grupperna vidare presenterar vi vissa redan existerande teorier för en välfungerande finansiell marknad samt</p><p>hur harmoniseringen har fungerat inom tidigare områden.</p><p>Resultat & slutsats: Alla aktörerna är positivt inställda till harmoniseringen och direktivet i stort, likväl framhävs många detaljer som står till hinder för att ambitionen om den enade finansiella marknaden skall kunna bli verklig under överskådlig tid.</p><p>Andra slutsatser är att kostnaderna i samband med införandet av MiFID tros drabba värdepappersinstitutionerna hårdast, och förmodligen blir det investerarna som får bära kostnaderna i slutändan. Värdepappersinstitutionerna kommer och andra sidan få bättre möjligheter att växa internationellt, en möjlighet som troligen kommer att gynna de större institutionerna i större grad än de mindre. Flera aktörer på marknaden ser även brister i harmoniserings-</p><p>arbetet, vilka kan orsaka direkta nackdelar för den svenska finansmarknaden.</p><p>Förslag till fortsatt forskning: Det intressanta med denna studie är att den reflekterar de teorier, fortsatt spekulationer, åsikter samt förväntningar som fanns inför implementeringen. Det vore därför ytterst intressant att undersöka utfallet ur alla de aspekter vi</p><p>lyfte, i olika tidsintervaller efter implementeringen.</p><p>Uppsatsens bidrag: Studien har uppfyllt sitt syfte och dokumenterat den svenska finansmarknadens syn på harmoniseringen av finansmarknaden inom EU, med särskild beaktning av MiFID direktivet och dess innebörd.</p> / <p>Aim: The purpose of our essay is to clear up the difficulties of what the new directive MiFID means, and which part it represents for the harmonisation of the European financial market. Further we want to illuminate what the different operators of the financial market consider about the harmonisation and what attitude they have for the different parts of the MiFID directive.</p><p>Method: After careful selection we have let: Aktiespararna, Fondhandlarföreningen and Finansinspektionen to represent the Swedish financial market. It´s on the basis of these three parts, our empirical input of how the harmonisation in connection with the MiFID directive, and how the directive in general is received on the Swedish financial market, is established. By studying scientific</p><p>articles, studies and comment letters that hese three groupes has developed, we have tryed to make a understanding concerning there opinions and there standpoints respecting the MiFID directive. We performed iterviews with the three groupes and further vi present already existing theories for how a well functional financial market and harmonisation have worked in prior areas.</p><p>Result & Conclusions: In our analyse we found that all parts where positive to the harmonisation and the directive in the big picture, but that there where many detail objects in the way of the ambition of a united financial market in a foreseeable time. On the other side the value paper institutes gone have the opportunity to grove internationally, an opportunity that most likely will benefit the bigger institutes greater then the smaller ones. Several of the actors also notice a lack in the harmonisation work that could cause direct disadvantages for the Swedish financial market if not corrected.</p><p>Suggestions for future research: Whats intresting with this study is that it reflects the theories, speculations views and expectations that existed prior to the implemention of the research: directive. On the basis of this it would be extremley intresting to examie the results in aspect of all the angles we used in this study in varyes</p><p>timeintervals after the implementation.</p><p>Contribution of the thesis: This study has fulfiled its aim and documented the swedish view on to the harmonisation of the financial market within the EU, with special consideration of the MiFID directive and it´s signigicance.</p>

Syfte: Syftet med vår studie är att skapa klarhet i vad det nya direktivet MiFID innebär, och vilken roll den utgör för harmoniseringen av den Europeiska finansiella marknaden. Vi vill även belysa vad de olika aktörer i den finansiella marknaden anser om harmoniseringen och vilken inställning de har till de olika delarna i MiFID direktivet. Metod: Vi har efter en noggrann selektering låtit: Aktiespararna, Fondhandlarföreningen och Finansinspektionen representera den svenska Finnansmarknaden. Det är utifrån dessa tre parter vårt empiriska intag av hur harmoniseringen i samband med MiFID, samt hur direktivet i sig uppfattas på den svenska finansiella marknaden har fastställts. Vi har tagit del av artiklar, undersökningar och remissvar som har framtagits inom de tre grupperna för att skapa en förståelse angående deras åsikter och ställningstaganden vad gäller MiFID. Vi har även utfört intervjuer med de tre grupperna vidare presenterar vi vissa redan existerande teorier för en välfungerande finansiell marknad samt hur harmoniseringen har fungerat inom tidigare områden. Resultat &amp; slutsats: Alla aktörerna är positivt inställda till harmoniseringen och direktivet i stort, likväl framhävs många detaljer som står till hinder för att ambitionen om den enade finansiella marknaden skall kunna bli verklig under överskådlig tid. Andra slutsatser är att kostnaderna i samband med införandet av MiFID tros drabba värdepappersinstitutionerna hårdast, och förmodligen blir det investerarna som får bära kostnaderna i slutändan. Värdepappersinstitutionerna kommer och andra sidan få bättre möjligheter att växa internationellt, en möjlighet som troligen kommer att gynna de större institutionerna i större grad än de mindre. Flera aktörer på marknaden ser även brister i harmoniserings- arbetet, vilka kan orsaka direkta nackdelar för den svenska finansmarknaden. Förslag till fortsatt forskning: Det intressanta med denna studie är att den reflekterar de teorier, fortsatt spekulationer, åsikter samt förväntningar som fanns inför implementeringen. Det vore därför ytterst intressant att undersöka utfallet ur alla de aspekter vi lyfte, i olika tidsintervaller efter implementeringen. Uppsatsens bidrag: Studien har uppfyllt sitt syfte och dokumenterat den svenska finansmarknadens syn på harmoniseringen av finansmarknaden inom EU, med särskild beaktning av MiFID direktivet och dess innebörd. / Aim: The purpose of our essay is to clear up the difficulties of what the new directive MiFID means, and which part it represents for the harmonisation of the European financial market. Further we want to illuminate what the different operators of the financial market consider about the harmonisation and what attitude they have for the different parts of the MiFID directive. Method: After careful selection we have let: Aktiespararna, Fondhandlarföreningen and Finansinspektionen to represent the Swedish financial market. It´s on the basis of these three parts, our empirical input of how the harmonisation in connection with the MiFID directive, and how the directive in general is received on the Swedish financial market, is established. By studying scientific articles, studies and comment letters that hese three groupes has developed, we have tryed to make a understanding concerning there opinions and there standpoints respecting the MiFID directive. We performed iterviews with the three groupes and further vi present already existing theories for how a well functional financial market and harmonisation have worked in prior areas. Result &amp; Conclusions: In our analyse we found that all parts where positive to the harmonisation and the directive in the big picture, but that there where many detail objects in the way of the ambition of a united financial market in a foreseeable time. On the other side the value paper institutes gone have the opportunity to grove internationally, an opportunity that most likely will benefit the bigger institutes greater then the smaller ones. Several of the actors also notice a lack in the harmonisation work that could cause direct disadvantages for the Swedish financial market if not corrected. Suggestions for future research: Whats intresting with this study is that it reflects the theories, speculations views and expectations that existed prior to the implemention of the research: directive. On the basis of this it would be extremley intresting to examie the results in aspect of all the angles we used in this study in varyes timeintervals after the implementation. Contribution of the thesis: This study has fulfiled its aim and documented the swedish view on to the harmonisation of the financial market within the EU, with special consideration of the MiFID directive and it´s signigicance.

Bakgrund: Ett sätt att minska risker vid handel med finansiella instrument är att bygga portföljer. För att kunna hantera portföljer med olika finansiella instrument och valutor samt kunna hantera flera portföljer samtidigt, används portföljhanteringssystem. Studenter kan genom att använda sig av sådana system lära sig hur finansiella marknader fungerar. Kraven på ett portföljhanteringssystem är inte desamma som kraven på ett kommersiellt system och därför finns det ett behov att utveckla en modell för denna kontext. Syfte: Denna uppsats ämnar bygga en modell i PowerPlus Pro som studenter kan använda sig av för att befästa sina kunskaper och öka sin förståelse för hur finansiella instrument fungerar. Metod: För att bygga modellen har kvalitativ metod används och för att studera hur portföljhanteringssystem ska byggas och anpassas efter studenters behov har kvalitativa intervjuer använts. Slutsatser: Vår modell uppfyller de krav som ställts på den och är anpassad för undervisning på ett universitet genom att den är användarvänlig och pedagogiskt uppbyggd. Modellen lämpar sig inte för användning av markadsaktörer. / Background: A common strategy for minimizing market risk, when trading with financial instruments, is to build portfolios. In order to manage portfolios with different kinds of financial instruments and different currencies and to manage many portfolios at one time, systems for portfolio management are used. Student can with use of such systems learn how financial markets work. The requirements of a system for students are not the same as the ones of a system for commercial use are not the same and therefore there is a need to develop a model fitted to this context. Aim: The purpose of this bachelor thesis is to build a model in PowerPlus Pro, which students can use in order to confirm their knowledge of and understanding for the function of financial instruments. Method: To build the model a quantitative method has been used and to study how systems for portfolio management should be built and adapted to the needs of students has qualitative method been used. Conclusions: Our model satisfies the demand and the technical specifications that were us given and it is adapted to teaching of students, because it is user-friendly and pedagogic built. The model is not adequate for use of market actors.

The European Union is now facing with the enormous enlargement processes, which comprise thirteen new countries. Different from the European Union member states, these candidate countries are suffering significant socio-economic problems and have to face with the need for adjustment of their regional policies, administrations and institutions. In this process, the EU is intervening actively into the development of the Central and Eastern European Countries&rsquo / regional policies and institutional structures. While twelve of these countries (Bulgaria, the Czech Republic, Cyprus, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, the Slovak Republic and Slovenia) will be definitely the member states until the year of 2007, Turkey is not currently negotiating her membership and is highly backward status in comparison with the other candidate countries. In this context, the thesis study is composed of four main parts: 1. the changing system of the European Union regional policy, 2. the realized applications of the candidate countries in the field of regional policy after the year 1989, 3. the developments of the candidate countries&rsquo / institutional structures on regional policy, and 4. the position of Turkish regional policy and institutional structure. Basically, the thesis investigates how the European Union is following a similar system for the candidate countries in the field of regional policy and institutional structure and tries to provide significant outputs in Turkish case.

本研究之目的在於探討金融商品價值變動、公司特性與盈餘管理之關聯性，研究對象2006年1月1日至2009年6月30日金融業以外之上市公司作，並分為兩部分進行分析。第一部份檢視公司特性與其持有金融商品的關係，並觀察全球金融危機是否會影響公司對於金融商品之持有程度。第二部份探討金融商品價值變動以及公司特性是否會影響公司之盈餘管理行為。 本研究結果顯示，管理當局持股愈高、債務比率愈低、公司規模愈大、現金股利率愈高、流動性愈高以及研發費用率愈高之公司，其持有金融商品之程度愈高。產業為電子業之公司較其他產業之公司持有較少之金融商品。全球金融危機發生之後，公司對金融商品之持有程度有明顯下降之情況。 此外，金融資產評價利益、金融資產評價損失與金融負債評價損失與盈餘管理之關係符合損益平穩化之理論；金融商品減損損失與盈餘管理之關係則符合洗大澡之理論。管理當局持股比率愈高時，愈會將裁量性應計向上操縱或向下操縱，而債務比率愈高之公司，愈會將裁量性應計向下操縱。公司資金愈多，管理階層愈不會操縱裁量性應計，但其差異較不明顯。而電子業公司之盈餘管理幅度則小於非電子產業公司。 / This purpose of this study is to explore the relationships between value changes in financial instruments, firm characteristics and earnings management. The study includes two parts and uses a sample of the companies (excluding financial firms) listed at the Taiwan Stock Exchange from January 2006 to June 2009. First, I examine the relationship between company characteristics and their holdings of financial instruments. It also examines whether the global financial crisis affected these companies’ holdings of financial instruments. Secondly, I examine whether the value changes of financial instruments and company characteristics affect the sample companies’ earnings management behavior. The empirical results show that the companies with higher management ownership, lower debt ratio, larger size, higher cash dividend yield, higher liquidity, and higher rates of R&D have tend to hold more financial instruments. Companies in the electronics industry hold less financial instruments. Companies kept less financial instruments decreased after the global financial crisis. In addition, the relationship between valuation gain and loss on financial assets, valuation loss on financial liabilities and earnings management conforms to the theory of income smoothing. And the relationship between financial instruments impairment losses and earnings management is consistent with the big bath theory. Management with higher ownership tends to manipulate more discretionary accruals. Companies with higher debt ratio tend to manipulate discretionary accruals downward. For the companies with more funds, their management manipulates less discretionary accruals, although the difference is less obvious. Earnings management by the companies in the electronics industry is less than those in other industries.

Η αναβάθμιση του ρόλου του CFO (Chief Financial Officer) στην λήψη αποφάσεων από το Management των Επιχειρήσεων, οι κοσμογονικές αλλαγές στις Αγορές Χρήματος και Κεφαλαίου και η χρησιμοποίηση και από τις Ελληνικές Επιχειρήσεις εκτός από τις Παραδοσιακές μορφές και των Εναλλακτικών Χρηματοδοτικών Μηχανισμών, καταδεικνύουν την κεφαλαιώδη σημασία που έχει η Χρηματοδότηση στην Λειτουργία και την Ανάπτυξή τους, ιδίως τα τελευταία χρόνια. Η παρούσα Διπλωματική Εργασία, ασχολείται με την Χρηματοδότηση των Ελληνικών Εισηγμένων Επιχειρήσεων και την συμβολή της στην Αναπτυξιακή τους πορεία. Έγινε προσπάθεια να καλυφθούν πλήρως αφ' ενός μεν οι παραδοσιακές μορφές Χρηματοδότησης, όπως η Χρηματοδότηση με Ίδια Κεφάλαια, ο Τραπεζικός Δανεισμός, το Χρηματιστήριο και αφ ετέρου όλα τα Νέα προϊόντα Χρηματοδότησης, όπως το Leasing, το Factoring, το Forfaiting κ.ά. αλλά και τα νέα μορφώματα χρηματοπιστωτικών ιδρυμάτων όπως οι εταιρείες Venture Capital, ως Εργαλεία στην εξεύρεση κεφαλαίων για την χρηματοοικονομική εξυγίανση και Ανάπτυξη των επιχειρήσεων. Τέλος επιχειρήθηκε με την βοήθεια των αποτελεσμάτων Πρωτογενούς Έρευνας που πραγματοποιήθηκε, η παρουσίαση της Χρηματοδοτικής και Αναπτυξιακής Στρατηγικής των Εισηγμένων στο Χ.Α.Α την τελευταία δεκαετία, στην οποία πραγματοποιήθηκαν μεγάλες αλλαγές και οι Επιχειρήσεις επιδίωξαν να αναπτυχθούν αντιμετωπίζοντας τις νέες προκλήσεις της αγοράς. / --

Thesis (MComm (Mathematics))--University of Stellenbosch, 2007. / The word numéraire refers to the unit of measurement used to value a portfolio of assets. The change of numéraire technique involves converting from one measurement to another. The foreign exchange markets are natural settings for interpreting this technique (but are by no means the only examples). This dissertation includes elementary facts about the change of numeraire technique. It also discusses the mathematical soundness of the technique in the abstract setting of Delbaen and Schachermayer’s Mathematics of Arbitrage. The technique is then applied to financial pricing problems. The right choice of numéraire could be an elegant approach to solving a pricing problem or could simplify computation and modelling.