Equity Risk Premium (ERP) is the cornerstone in Financial Economics. It is a basic requirement in stock valuation, evaluation of portfolio performance and asset allocation. For the last decades, several studies have attempted to investigate the relationship between macroeconomic drivers of ERP. In this work, I empirically investigate the macroeconomic determinants of UK ERP. For this I parsimoniously cover a large body of literature stemming from ERP puzzle. I motivate the empirical investigation based on three mutually exclusive theoretical lenses. The thesis is organised in the journal paper format. In the first paper I review the literature on ERP over the past twenty-eight years. In particular, the aim of the paper is three fold. First, to review the methods and techniques, proposed by the literature to estimate ERP. Second, to review the literature that attempts to resolve the ERP puzzle, first coined by Mehra and Prescott (1985), by exploring five different types of modifications to the standard utility framework. And third, to review the literature that investigates and develops relationship between ERP and various macroeconomic and market factors in domestic and international context. I find that ERP puzzle is still a puzzle, within the universe of standard power utility framework and Consumption Capital Asset Pricing Model, a conclusion which is in line with Kocherlakota (1996) and Mehra (2003). In the second paper, I investigate the impact of structural monetary policy shocks on ex-post ERP. More specifically, the aim of this paper is to investigate the whether the response of UK ERP is different to the structural monetary policy shocks, before and after the implementation of Quantitative Easing in the UK. I find that monetary policy shocks negatively affect the ERP at aggregate level. However, at the sectoral level, the magnitude of the response is heterogeneous. Further, monetary policy shocks have a significant negative (positive) impact on the ERP before (after) the implementation of Quantitative Easing (QE). The empirical evidence provided in the paper sheds light on the equity market’s asymmetric response to the Bank of England’s monetary policy before and after the monetary stimulus. In the third paper I examine the impact of aggregate and disaggregate consumption shocks on the ex-post ERP of various FTSE indices and the 25 Fama-French style value-weighted portfolios, constructed on the basis of size and book-to-market characteristics. I extract consumption shocks using Structural Vector Autoregression (SVAR) and investigate its time-series and cross-sectional implications for ERP in the UK. These structural consumption shocks represent deviation of agent’s actual consumption path from its theoretically expected path. Aggregate consumption shocks seem to explain significant time variation in the ERP. At disaggregated level, when the actual consumption is less than expected, the ERP rises. Durable and Semi-durable consumption shocks have a greater impact on the ERP than non-durable consumption shocks. In the fourth and final paper I investigate the impact of short and long term market implied volatility on the UK ERP. I also examine the pricing implications of innovations to short and long term implied market volatility in the cross-section of stocks returns. I find that both the short and the long term implied volatility have significant negative impact on the aggregate ERP, while at sectoral level the impact is heterogeneous. I find both short and long term volatility is priced negatively indicating that (i) investors care both short and long term market implied volatility (ii) investors are ready to pay for insurance against these risks.

This thesis explores the roles played by implied constitutional principles in fundamental rights cases in the common law jurisdictions of Canada, Australia, the Commonwealth Caribbean, and the United Kingdom. The two principles selected for this research are the separation of powers and the rule of law, both of which are relied upon in courts in common law states. The thesis examines the types of cases in which such principles are used, the possible reasons for the appeal of these principles, and the functions that they play in fundamental rights adjudication. The thesis begins with a brief discussion of the applications of the rule of law and the separation of powers, outlining the content of these principles as applied by the courts. However, the bulk of the analysis throughout the thesis is concerned with a thematic study of the functions played by the principles. It is argued that the principles are used as interpretative aids, as independent grounds for invalidating legislation, and as gateways to comparative legal analysis. The thesis ends by showing the necessary preliminary work that must be undertaken in order to engage in a thorough normative analysis of the use of implied principles in rights adjudication. Throughout the thesis, several themes are identified as key to our understanding of the functions played by implied principles in the cases discussed. One such theme is legitimization, specifically the role the principles play in the attempt to legitimize arguments, state institutions (particularly the courts), and the state itself. The theme of institutional self-protection also arises; it is evident in the use of principles to protect the jurisdictional sphere of the courts. The analysis of the operation of implied constitutional principles also highlights the legacy of Empire and the deployment of traditional principles to signal the maintenance of democratic traditions and institutions.

Made available in DSpace on 2016-04-28T19:33:37Z (GMT). No. of bitstreams: 1 Anaiza Rodrigues da Silva.pdf: 2512988 bytes, checksum: 8c2b4f80d8950d43eec8c8a9ebd0f179 (MD5) Previous issue date: 2012-10-19 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The song festivals held in Brazil between 1965 and 1985, became a historical, cultural and political landmark of our country, considered today as one of the most creative moments of our popular music. They revealed great MPB talents and brought to light beautiful compositions that boldly defied the rules imposed by the military government. During the military dictatorship, censorship acted strongly against all forms of communication and cultural expression, especially music. Artists were imprisoned, tortured, exiled. Compositions were banned or had their lyrics changed so they could go public. Despite censorship and repressive means used by the military government, many composers do not shut up and continued to convey, through music, their message of protest. To be able to say what they wanted, but could not, these composers have relied on language resources that deserve to be studied. Through implicit contents these songs could pass the scrutiny of censorship and, while carrying the message to the public, who learned to read between the lines. We seek with this research demonstrate which language resources which enabled the implicit assumptions and implied and specifically how they are identifiable in the text. We found that to understand the implied collaborate factors beyond the structural aspect of language. In this sense, besides the marks highlighted in the text, contribute the context of enunciation, the intertext, the encyclopedic knowledge, the reader's expectations. We conclude that the implicit feature was much explored by composers since the creation of meaning to content implicit is the responsibility of the reader, allowing the enunciator deny responsibility for what was said / Os festivais da canção, realizados no Brasil entre 1965 e 1985, tornaram-se um marco histórico, cultural e político de nosso país, considerado até hoje como um dos momentos mais criativos da nossa música popular. Revelaram grandes talentos da MPB e trouxeram à luz belíssimas composições que desafiaram corajosamente as regras impostas pelo governo militar.Durante a ditadura militar, a censura agiu fortemente contra todos os meios de comunicação e de expressão cultural, especialmente a música. Artistas foram presos, torturados, exilados. Composições foram proibidas ou tiveram suas letras modificadas para que pudessem ir a público.Apesar da censura e dos meios repressores utilizados pelo governo militar, muitos compositores não se calaram e continuaram a transmitir, por meio da música, sua mensagem de protesto.Para poder dizer o que queriam, mas não podiam, esses compositores valeram-se de recursos linguísticos que merecem ser estudados. Por meio de conteúdos implícitos puderam passar pelo crivo da censura e, ao mesmo tempo, levar a mensagem ao público, que aprendeu a ler nas entrelinhas.Procuramos com esta pesquisa demonstrar quais os recursos linguísticos que permitiram criar os implícitos, especificamente pressupostos e subentendidos, como são identificáveis no texto e seu reflexo na criação de sentido. Verificamos que para a compreensão do subentendido colaboram fatores que vão além do aspecto estrutural da língua. Nesse sentido, além das marcas evidenciadas no texto, contribuem o contexto de enunciação, o intertexto, o conhecimento enciclopédico, as expectativas do leitor. Concluímos que o implícito foi recurso muito explorado pelos compositores, já que a criação de significado para esse conteúdo é de responsabilidade do leitor, permitindo ao enunciador negar a responsabilidade sobre o que foi dito

Em Lucíola, José de Alencar assume uma posição peculiar de autor real, na medida em que contrasta com o Sr. Paulo Silva, autor designado na ficção. Narrador de seus conflitos, o moço espelha um herói confessional, examinando o próprio passado em busca da imagem de uma mulher. Senhora GM é sua interlocutora. Lúcia se circunscreve como modelo, pessoa retratada, namorada e cortesã. Esta análise está mais interessada em como as coisas são ditas e menos no que é dito, de sorte que se dedica à investigação dos mecanismos da enunciação. O estudo não focaliza a personagem feminina, ao contrário está voltado para o amante; e muito embora não seja contra o homem, ambiciona, através do primeiros capítulos, confrontar sua autoimagem e a interpretação que ele oferece para a história. O quinto segmento desta leitura questiona os modos através dos quais palavras e imagens dão forma ao sexo na intimidade do texto. O conjunto seguinte explora a questão da imitação como um tema recorrente no livro e como um fio que costura forma e conteúdo, palavra e ideia. A última seção investiga os nomes das personagens enquanto uma escolha de palavras, um procedimento no domínio do artifício. / In Lucíola, José de Alencar is the real author whereas Mr. Paulo Silva is the fictional one. The narrator is also a confessional hero examining his own past searching for the image of a woman. Mrs. GM is his interlocutor. Lúcia is the sitter, the one that is being portrayed, girlfriend and courtesan. This analysis is more interested in how things are said than in what is said; therefore it contemplates the mechanisms of enunciation. The study is not focused in the female character but dedicated to her lover; even though it is not against the man, it aims, throughout the first chapters, to confront his self-image and the interpretation he offers to the story. The fifth segment interrogates how words and imagery give a form to sex as a matter of speech. The following portion explores imitation as a recurrent theme in the book and as a thread that sews form and meaning, words and ideas. The last section investigates the names of the characters as a choice of words, under the domain of artifice.

Este trabalho tem como objetivo analisar a obra de Guimarães Rosa a partir do aproveitamento que o autor faz de elementos provenientes de uma cultura oral. Para tanto, são analisadas as estórias “Entremeio com o vaqueiro Mariano”, de Estas estórias, “Pé-duro, chapéu-de-couro”, de Ave, palavra, “Três homens e o boi dos três homens que inventaram um boi”, de Tutaméia, “Cara-de-Bronze” e “O recado do Morro”, de No Urubuquaquá, no Pinhém, e “Uma estória de amor”, de Manuelzão e Miguilim. A escolha dessas narrativas diz respeito ao fato de que as mesmas são ilustrativas do projeto do autor em recriar a literatura de tradição oral, mas também de recriar a situação de enunciação e de divulgação de narrativas que existem em um contexto de oralidade. Além da linguagem, que não é o foco desta pesquisa, o autor valoriza a importância da palavra proferida por seus porta-vozes e a maneira como ela é transmitida, bem como o efeito que ela causa em seus espectadores, através da performance. Para explorar uma espécie de “episteme do pensamento sertanejo”, Rosa constrói um discurso autoral que visa a reforçar seu engajamento com tudo aquilo que provém do sertão, dando credibilidade e verossimilhança ao que é ensinado através das narrativas. O autor apropria-se de um universo popular sem que o resultado disso seja uma produção “artificial” ou simplesmente descritiva, sob um ponto de vista intelectual, distanciado. Dada essa fusão entre popular e erudito e entre oral e escrito, optou-se por recorrer a teóricos preocupados em discutir tanto o comportamento das produções artísticas de caráter oral e as condições de sua produção (como Paul Zumthor, Walter Ong, Peter Burke, André Jolles, Câmara Cascudo) quanto as estratégias ficcionais utilizadas pelo autor para satisfazer seus propósitos (com base nas teorias e nos argumentos de Paul Ricouer, Walter Benjamin, Mikhail Bakhtin, Wolfgang Iser, entre outros). Assim, foi possível perceber que Guimarães Rosa transita entre o popular e o erudito, na medida em que recorre a ambos para compor suas narrativas. Muito mais do que diferenças, o autor demonstra que a fixação do texto na escrita não impede que as situações de oralidade (que privilegiam a troca de experiências entre grupos que compartilham valores, crenças e costumes) deixem suas marcas na leitura silenciosa e solitária que um livro exige. / This research is aimed at analyzing the work of Guimarães Rosa from the point of view of his incorporation of elements from the oral tradition. For this purpose, the following stories are analyzed: “Entremeio com o vaqueiro Mariano” from Estas estórias, “Pé-duro, chapéu-de-couro” from Ave, palavra, “Três homens e o boi dos três homens que inventaram um boi” from Tutaméia, “Cara-de-Bronze” and “O recado do Morro” from No Urubuquaquá, no Pinhém, and “Uma estória de amor” from Manuelzão e Miguilim. These narratives were chosen because they illustrate Rosa’s project to recreate not only traditional oral literature, but also the situation of telling and spreading narratives in an oral context. In addition to focusing on language, which is not dealt with in this research, Rosa highlights the importance of the character’s own voice and the means by which it is conveyed as well as the effect it has on the audience during the performance. In order to explore a kind of “episteme of the sertanejo thought”, Rosa presents an authorial discourse which reinforces his commitment to all that is related to the sertão, attaching credibility and veracity to lessons taught through oral narratives. Although the author incorporates a popular universe into his work, it does not result in an “artificial” or merely descriptive production presented from an intellectualized, distanced perspective. Due to this fusion between popular and scholarly discourses and between oral and written narratives, the support for the present research includes theoretical frameworks concerned with both discussing the characteristics of oral artistic productions and the conditions of their production (Paul Zumthor, Walter Ong, Peter Burke, André Jolles, Câmara Cascudo) and exploring the fictional strategies employed by the author to achieve his goals (based on theories and arguments by Paul Ricouer, Walter Benjamin, Mikhail Bakhtin, Wolfgang Iser, among others). In conclusion, it is evidenced that Guimarães Rosa traverses between the popular and the scholarly realms given that he embraces both in constructing his narratives. Beyond differences, the author demonstrates that the permanence of the story in written form does not prevent aspects related to its oral character (which reveal the exchange of experiences among groups that share values, beliefs and habits) from leaving their marks on the silent, solitary moment that reading a book requires.

<p>The implied reader of a novel is the person that the author writes for. In the case of Åsa Larsson’s Swedish detective novel Solstorm, the implied reader is familiar with Swedish politics, history, and geography but also with biblical references and Swedish customs. When the novel is translated into English, The Savage Altar: Innocence will be Sacrificed, there is a new implied reader, the translator’s implied reader. When culture-specific material is either omitted or misunderstood, or a cultural filter changes the material to suit the new target audience, the context of the novel is also changed. The result is a loss of context.</p>

<p>Abstract</p><p>Purpose/Aim: The aim is to investigate if there are any differences in the reporting from the Olympic games and the Paralympic games, according to different periodicals or magazines, with focus on Paralymics and sports for handicapped. If so, what are those differences?</p><p>Material/Method: The material consists of two periodicals, or magazines; Svensk idrott which is the official paper for the swedish Riksidrottsförbundet, and Handikappidrott, which is the official paper for the swedish Handikappidrottsförbundet. Articles considering the summer games in 1972 and 1976, 1984, 1996 and 2000 was studied with regard to models developed by Algirdas J. Greimas. The methods are both quantitative and qualitative.</p><p>Main results: The main results are that the biggest difference between the periodicals really lie in the selection of articles and also in the amount of articles published, considering the games. In Handikappidrott, the articles are aimed towards an initiated audience who are supposed to know much about handicapped people and their sports. Svensk idrott focuses a lot more on different aspects of the Olympic games, such as politics and economy. Also has the aspect of normalisation been of current interest – the problem is that the more of handicapped people and issues that are presented to the audience in order to pinpoint the normality of the issue, the more focus come to lie on what is different from the non-handicapped, and in that way enlarge the gap between handicapped an non-handicapped.</p><p>Keywords: Olympic games, Paralympics, actants, narrator, implied author, normalisation</p>

Abstract Purpose/Aim: The aim is to investigate if there are any differences in the reporting from the Olympic games and the Paralympic games, according to different periodicals or magazines, with focus on Paralymics and sports for handicapped. If so, what are those differences? Material/Method: The material consists of two periodicals, or magazines; Svensk idrott which is the official paper for the swedish Riksidrottsförbundet, and Handikappidrott, which is the official paper for the swedish Handikappidrottsförbundet. Articles considering the summer games in 1972 and 1976, 1984, 1996 and 2000 was studied with regard to models developed by Algirdas J. Greimas. The methods are both quantitative and qualitative. Main results: The main results are that the biggest difference between the periodicals really lie in the selection of articles and also in the amount of articles published, considering the games. In Handikappidrott, the articles are aimed towards an initiated audience who are supposed to know much about handicapped people and their sports. Svensk idrott focuses a lot more on different aspects of the Olympic games, such as politics and economy. Also has the aspect of normalisation been of current interest – the problem is that the more of handicapped people and issues that are presented to the audience in order to pinpoint the normality of the issue, the more focus come to lie on what is different from the non-handicapped, and in that way enlarge the gap between handicapped an non-handicapped. Keywords: Olympic games, Paralympics, actants, narrator, implied author, normalisation

This thesis is concerned with the small-time asymptotics and expansions of call option prices, when the log-return processes of the underlying stock prices follow several Levy-based models. To be specific, we derive the time-to-maturity asymptotic behavior for both at-the-money (ATM), out-of-the-money (OTM) and in-the-money (ITM) call-option prices under several jump-diffusion models and stochastic volatility models with Levy jumps. In the OTM and ITM cases, we consider a general stochastic volatility model with independent Levy jumps, while in the ATM case, we consider the pure-jump CGMY model with or without an independent Brownian component. An accurate modeling of the option market and asset prices requires a mixture of a continuous diffusive component and a jump component. In this thesis, we first model the log-return process of a risk asset with a jump diffusion model by combining a stochastic volatility model with an independent pure-jump Levy process. By assuming smoothness conditions on the Levy density away from the origin and a small-time large deviation principle on the stochastic volatility model, we derive the small-time expansions, of arbitrary polynomial order, in time-t, for the tail distribution of the log-return process, and for the call-option price which is not at-the-money. Moreover, our approach allows for a unified treatment of more general payoff functions. As a consequence of our tail expansions, the polynomial expansion in t of the transition density is also obtained under mild conditions. The asymptotic behavior of the ATM call-option prices is more complicated to obtain, and, in general, is given by fractional powers of t, which depends on different choices of the underlying log-return models. Here, we focus on the CGMY model, one of the most popular tempered stable models used in financial modeling. A novel second-order approximation for ATM option prices under the pure-jump CGMY Levy model is derived, and then extended to a model with an additional independent Brownian component. The third-order asymptotic behavior of the ATM option prices as well as the asymptotic behavior of the corresponding Black-Scholes implied volatilities are also addressed.

Equity risk premium is a financial variable that is surrounded by mystery. Starting from the almost 30 year old equity premium puzzle caused by considerations that equity premium values which are observable in past data imply an implausibly high risk aversion to more recent statements that equity premium does not exist anymore. The purpose of this paper is to find out more about the traits and characteristics of equity risk premium, its current status and interactions of its values across international markets by conducting data analysis on mature equity markets using optimal methods as suggested in academic literature. This paper attempts to clear some of the confusion regarding equity premiums by analyzing equity excess returns in the mature equity markets of France, Germany, Sweden, United Kingdom and USA from 1970 to 2012. It is concluded that equity premium follows a mean reverting process however in short-term and mid-term its values can be volatile and in March 2000 there might have been a structural break. The obtained current equity premium values are significantly higher than zero. At the same time they are lower than popularly used values that are based on longer periods of past data. The paper also finds out that equity premiums in different countries are highly correlated not only due to shared global influence but also due to some direct causality relationships between them, most of which are positive. A panel data analysis is conducted as well to test the explanatory power of some macroeconomic and financial variables on the equity risk premium values and it is concluded that risk-free rate and unemployment rate have some explanatory power for equity risk premium values. This paper manages to clear a part of the mystery that surrounds the equity risk premium.