Master-Arbeit Univ. St. Gallen, 2006.

Master-Arbeit Univ. St. Gallen, 2007.

Bachelor-Arbeit Univ. St. Gallen, 2008.

Master-Arbeit Univ. St. Gallen, 2008.

Master-Arbeit Univ. St. Gallen, 2008.

Zugl.: Tübingen, Univ., Diss. 2008 u.d.T.: Berg, Bernd: Hedgefonds und die Asienkrise.

Bitcoin has gained more recognition than ever before, and the interest in cryptocurrencies seems to grow exponentially. Without any central government regulating Bitcoin, a global user group has adopted this new technology, which is designed to be used as a currency for trading without banks. Empirical studies focus on revealing the true characteristic of cryptocurrencies. Are they a currency, an asset or something else? This paper explores the potential of Bitcoin as a financial asset when used for hedging and portfolio diversification. A regression analysis will be performed to analyse if Bitcoin can be used as a hedge against OMXS30. This analysis yields insignificant values, which leads to a complication in the conclusion. The result imply that Bitcoin is an inadequate hedge, but may possess diversification properties. Studying Bitcoin in relation to OMXS30, Dow Jones, Nikkei 225, Gold and Oil results in correlation values close to zero. By using the mean-variance optimization method, two portfolios are created, one including and one excluding Bitcoin. We show that by including Bitcoin in the portfolio the risk can be decreased on a given return rate. Considering the low and insignificant correlation values with other assets and the better riskreturn ratio when Bitcoin is included in a portfolio, we conclude that Bitcoin can be a suitable diversification tool.

Zajišťovací účetnictví v IFRS upravuje standard IAS 39 - Finanční nástroje - účtování a oceňování a dálší standardy. Zajišťovací účetnictví je možností, jak vykazovat finanční deriváty v případě, že je účetní jednotka používá jako zajištění například proti kursovému riziku. V diplomové práci se nacházi popis podmínek, které účetní jednotka musí splnit, aby mohla zajišťovací účetnictví aplikovat. Jednou z podmínek zajišťovacího účetnictví je pravidelné testování efektivnosti zajištění po celou dobu trvání zajištění. Toto je v práci popsáno na komplexních příkadech, společně s dokumentací, kterou by měla účetní jednotka zhotovit.

Submitted by Marco Antônio de Ramos Chagas (mchagas@ufv.br) on 2017-07-11T18:50:51Z No. of bitstreams: 1 texto completo.PDF: 479455 bytes, checksum: 09609cee8b6304b09ba73df844cb4d0a (MD5) / Made available in DSpace on 2017-07-11T18:50:51Z (GMT). No. of bitstreams: 1 texto completo.PDF: 479455 bytes, checksum: 09609cee8b6304b09ba73df844cb4d0a (MD5) Previous issue date: 2001-07-13 / Conselho Nacional de Desenvolvimento Científico e Tecnológico / O objetivo deste estudo é analisar a viabilidade de utilização de um contrato futuro referenciado em suínos no Brasil. O interesse decorre da importância da cadeia de suínos neste país que, apesar de relevante, apresenta grande instabilidade, principalmente quando se avaliam os riscos de preços do produto. Acredita-se, inicialmente, que os contratos futuros poderiam atuar, minimizando estes riscos e proporcionando um ambiente de formação de preços mais transparente para o mercado. A utilização dos mercados futuros ainda está nos estágios iniciais nos países em desenvolvimento, sendo feita, há muitos anos nos países desenvolvidos. Nestes países, o volume de contratos negociados é muito grande, principalmente quando se avaliam contratos financeiros, que tendem a ser mais líquidos que os de commodities agrícolas. No entanto, a introdução de um novo contrato não é uma questão simples. Muitos contratos são lançados no mercado, mas tempos depois fracassam. Assim, o estudo do mercado e das características da commodity deve ser realizado antes da inovação contratual para que os pontos positivos e possíveis pontos problemáticos sejam identificados. Assim utilizou-se o modelo de Pennings e Leuthold. Por ele são avaliadas as características micro e macro da tomada de decisão de uma inovação contratual. Neste trabalho avaliou-se principalmente as características macro, sendo estudadas as variáveis: i) perecibilidade e possibilidade da commodity ser estocada, preço, ii) homogeneidade e capacidade de mensuração, iv) tamanho do mercado físico, iii) volatilidade de v) grau de competição do mercado, vi) contratos a termo e, vii) competição com outros contratos. Os resultados permitem concluir que as variáveis (ii), (iv), (v) e (vi) podem ser os principais entraves à implantação de um contrato futuro referenciado em suínos vivos no Brasil. Por outro lado, o mercado apresentou preços bastante voláteis e pequena possibilidade de se utilizar contratos futuros alternativos, como o milho ou o boi gordo, pontos tidos como favoráveis ao processo de implantação de um contrato baseado na própria commodity. / The purpose of this study is to analyze the applicability of futures contracts in the Brazilian hog industry. The importance of this study comes from the price instability verified in the hog industry. We believe, at first, that future contracts can work, minimizing these risks and providing a cleaner environment of price establishment for market. The application of futures markets is incipient in non-developed countries, though they have been applied for a long time in developed ones. In this countries, the volume for dealt contracts is very large, mainly when we consider financial contracts, that tend to be more liquid than agricultural commodities. However, an introduction of a new contract is not a simple question. Many contracts are created in the market, but they fail in the future. Then, the study of the market and the commodity characteristics must be done before the contract innovation, in order to identify the positive and negative points. So, the Pennings and Leuthold approach has been used. It appraises the micro and macro characteristics of the decision making of a contractual innovation. In this research, the following macro characteristic variables have been mainly considered: i) storability; ii) homogeneity and standardization; iii) price volatility; iv) market size; v) degree of market competition; vi) presence of forward contracts; vii) competition with other contracts. The results have showed that variables (ii), (iv), (v) and (vi) may be the main obstacles for the implantation of hogs' futures contracts in Brazil. On the other hand, the market has showed rather volatile prices and the low efectitivenes of alternative futures contracts (for cross-hedging) have raised the need for hogs' futures contracts. / Dissertação importada do Alexandria

Since the onset of the global financial crisis, there have been calls to regulate those parts of the financial system that were previously either unregulated or lightly regulated. These proposals are being put forward as part of an international drive to bring parts of the financial sector within the ambit of regulation, with the overarching aim of protecting investors from bearing the brunt of regulatory failures, as was experienced in the 2007/2008 global financial crisis. The purpose of this study was to explore the impact of proposed regulation on the South African Hedge Fund industry.The focus of this research study was limited specifically to regulation in the Hedge Fund industry, although there are also proposals to strengthen regulations in other parts of the financial system. Qualitative research was conducted through a combination of face-to-face and telephonic interviews with stakeholders in the Hedge Fund industry.The research found that the proposed regulation would result in growth in the hedge fund industry by virtue of giving more credibility to the industry, thereby increasing the consumer base. The research also revealed that regulation would negatively impact the functioning of hedge funds and the quality of regulation in the industry was found to be good. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted