Background:   Problem:   Purpose:   Method:   Conclusion: Based on our findings we do not advocate short sale regulations tobe introduced on the Swedish financial market. Neither does our analysis indicate that the market performance is significantly affected by shorting, nor does restrictions work as intended which we have seen in other countries during the fall of 2008. The analysis have been drawn from four cornerstones; previousresearch, actions of other countries’, a statistical analysis and interview findings. We have examined and compiled different strategies for restricting short sales around the world as well as conducted a cross-correlation analysis to investigate if share price is related to stock loan. Furthermore we have interviewed a professional investor and a middle manager at the Swedish Financial Supervisory Board to obtain experts’ views on the subject. With background of other countries’ actions, the purpose of thisreport is to investigate why, if at all, short sale regulations should be introduced on the Swedish financial market. Is there a correlation between the number of shorted shares and thechange in overall and individual stock price? What actions have been taken by countries in Europe, Asia and the United States regarding short selling during the fall of 2008 and what is SFSB’s attitude towards the subject? Are there any benefits for the Swedish financial market from shorting regulations? In times of financial crisis short selling is often quickly blamed for price volatility and media broadcasts pleads for prohibitions and restrictions. Extensive research, however, cannot find any empirical evidence that shorting is affecting markets negatively; often it is the other way around. Sweden has been relatively liberal when it comes to shorting restrictions and even though share lending has increased since the start of the year, no actions have been taken by the Swedish Financial Supervisory Board.

<p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p><strong><strong><p>Background:</p></strong><p> </p><strong><strong><p>Problem:</p></strong><p> </p><strong><strong><p>Purpose:</p></strong><p> </p><strong><strong><p>Method:</p></strong><p> </p><strong><strong><p>Conclusion:</p></strong></strong>Based on our findings we do not advocate short sale regulations to<p>be introduced on the Swedish financial market. Neither does our</p><p>analysis indicate that the market performance is significantly affected</p><p>by shorting, nor does restrictions work as intended which we have</p><p>seen in other countries during the fall of 2008.</p></strong>The analysis have been drawn from four cornerstones; previous<p>research, actions of other countries’, a statistical analysis and</p><p>interview findings. We have examined and compiled different</p><p>strategies for restricting short sales around the world as well as</p><p>conducted a cross-correlation analysis to investigate if share price is</p><p>related to stock loan. Furthermore we have interviewed a</p><p>professional investor and a middle manager at the Swedish Financial</p><p>Supervisory Board to obtain experts’ views on the subject.</p></strong>With background of other countries’ actions, the purpose of this<p>report is to investigate why, if at all, short sale regulations should be</p><p>introduced on the Swedish financial market.</p></strong>Is there a correlation between the number of shorted shares and the<p>change in overall and individual stock price? What actions have been</p><p>taken by countries in Europe, Asia and the United States regarding</p><p>short selling during the fall of 2008 and what is SFSB’s attitude</p><p>towards the subject? Are there any benefits for the Swedish financial</p><p>market from shorting regulations?</p></strong>In times of financial crisis short selling is often quickly blamed for</p><p>price volatility and media broadcasts pleads for prohibitions and</p><p>restrictions. Extensive research, however, cannot find any empirical</p><p>evidence that shorting is affecting markets negatively; often it is the</p><p>other way around. Sweden has been relatively liberal when it comes</p><p>to shorting restrictions and even though share lending has increased</p><p>since the start of the year, no actions have been taken by the</p><p>Swedish Financial Supervisory Board.</p><p> </p><p> </p>

Many resource-rich countries have adopted domestic policies such as local content policies (LCPs) to make sure that their nationals profit from their resources and to ensure economic development for their countries. However Despite the value that LCPs bring into the local economy, they might be in conflict with international investment agreements. The study will look at what local content entails and what international investment agreements entail. The study will look into the possible areas of conflict such as employment requirements, support schemes and local procurement and determine whether such measures are in conflict with international investment agreements. The findings of the study outline that local content policies are in breach with international investment agreements such as the General Agreement on Tariffs and Trade, Agreement on Subsidies and Countervailing Measures, the Agreement on Trade-Related Investment Measures. / Mini Dissertation (LLM)--University of Pretoria, 2019. / Public Law / LLM / Unrestricted

Thesis (MScEng (Industrial Engineering))--University of Stellenbosch, 2011. / ENGLISH ABSTRACT: Applying the Industrial Engineering systems approach, this dissertation utilised the theories and propositions of previous studies to argue (model) the cause of financial herd behaviour and the subsequent momentum effect. From this, a hypothesis was postulated to test: whether momentum is a common attribute amongst top performing shares, whether technical analysis indicators can better identify the phenomenon, and whether the return from these shares would justify momentum as a viable investment strategy. A unique experiment derived from previous academic studies was adapted to explore the degree of the momentum phenomenon. This was done by ranking shares according to both technical analysis as well as pure price performance momentum criteria. Returns were translated as a rank in relation to the market as a whole, thereby minimising any effects that different market periods could have on a momentum return relationship. The degree of the relationship was evaluated by applying the alternative Spearman Rank Order Correlation Co-efficient in conjunction with a permutation test to determine the statistical significance of any trends. The viability of the phenomenon as an investment strategy was gauged by comparing annualised average returns against both the market capitalisation weighted JSE All Share Index as well as against an un-weighted representation of the market. The results revealed a seemingly unambiguous co-dependence between momentum and return with statistically significant trends being ever present. Applying the maximum taxes and trading costs revealed that the highest ranked momentum shares did indeed outperform both market benchmarks from the period of January 1990 to August 2009, suggesting the validity of the philosophy as an investment strategy. The outcome of the study in part rejected the null hypothesis, as technical indicators were unable to identify future top performing shares better, with price performance momentum measures delivering the superior returns. Future studies may include optimising the various technical indicators towards the JSE rather than using generic settings. Other interesting topics could include combining momentum with other investment strategies to investigate synergy and further pinpointing the source of the phenomenon. Over the past number of years, tighter controls and monitoring of investments has resulted in the documentation of the individual number of shareholders who are buying and selling shares. Utilising this data over the next number of years, an experiment could attempt to relate the number of individual investors trading in a particular share to herd behaviour and the subsequent momentum effect. / AFRIKAANSE OPSOMMING: Die verhandeling, binne die bedryfsingenieursstelsels benadering, gebruik teorieë en voorstelle van vorige studies om die gevolge van finansiële gedrag en die gevolglike momentum effek te bespreek. Uit die analise is ‘n voorstel saamgestel om die volgende te toets:Is momentum ‘n algemene verskynsel by aandele wat goed presteer, en kan tegniese analitiese indikatore die verskynsel beter verklaar, en dui die opbrengs van die aandele daarop dat momentum ‘n bruikbare beleggingsstrategie is. ‘n Unieke eksperiment uit vorige studies is aangepas om die aard van die momentum verskynsel te ondersoek. Dit was gedoen deur aandele volgens beide tegniese analise asook suiwer prestasie momentum kriteria te klassifiseer. Opbrengste is met die hele mark in konteks geplaas om sodoende enige impak van verskillende mark tye op die momentum opbrengs verhouding te elimineer. Die verband is opgestel deur die alternatiewe “Spearman Rank Order Correlation koëffisiënt” saam met permutasie toetse te gebruik om die statistiese belangrikheid van enige neigings uit te wys. Die geldigheid van die verskynsel as ‘n beleggingsstrategie is gemeet deur jaarlikse gemiddelde opbrengste teen beide die markkapitalisasie geweeg teen die JSE Alle Aandele Indeks sowel as ‘n ongeweegde verteenwoordiging van die mark te bepaal. Die resultate dui op ‘n interafhanklikheid tussen momentum en opbrengste met statistiese neigings altyd teenwoordig. Deur die maksimum belasting en verhandelingskoste toe te pas wys dit dat die hoogste momentum uitgewyste aandele die markriglyne uitpresteer het van Januarie 1990 tot Augustus 2009 wat die geldigheid van die benadering as ‘n beleggingsstrategie bevestig. Die studie verwerp die nul hipotese gedeeltelik in die sin dat dit nie toekomstige top presterende aandele kan uitwys nie, maar aan die ander kant gee prysprestasie momentum meting wel buitegewone opbrengs. Toekomstige studies mag die optimisering van verskeie tegniese indikatore van die JSE insluit, ‘n kombinasie van momentum met ander beleggingsstrategieë gebruik, en verder die bron van die verskynsel vas pen. Oor die afgelope aantal jare het beter beheer en die monitoring van beleggings die dokumentasie van individuele aandeelhouers moontlik gemaak. Hieride data sou kon gebruik word as ‘n toets om die korrelasie tussendie aantal aandeelhouers wat ‘n spesifieke aandeel verhandel en tropgedrag te bepaal en om dit te gebruik om die momentum effek beter te verklaar.

Magistro baigiamajame darbe nagrinėjamas UAB „Felix Lietuva“ įmonės dalies produkcijos – pomidorų padažų grupės – gamybos linijos perkėlimo į Latviją ekonominis įvertinimas. Esminė tokio ��monės gamybos pertvarkymo priežastis yra atsiradusios galimybės optimizuoti pomidorų padažų gamybą, bendradarbiaujant su verslo partneriais Latvijoje, „SIA Spilva“ įmone. Tam tikslui, tyrime nagrinėjami pomidorų padažams pagaminti reikalingų išlaidų pokytis ir jo įtaka šios produkcijos bendrai savikainai. Šios tyrimo dalies atlikti skaičiavimai padės įmonės marketingo departamento vadovams nustatyti konkurencingesnes pomidorų padažų produkcijos kainas skirtingų šalių rinkoms. Be to, atsiradus šios įmonės produkcijos eksporto į Latviją, Estiją bei Suomiją galimybėms, įmonei tikslinga didinti pomidorų padažų gamybos apimtis. Šiame tyrime atliktas pomidorų padažų prognozuojamos gamybos apimties apskaičiavimas bei sąnaudų pokyčio įtaka šios produkcijos apimčiai įvertinimas. Taip pat, magistro baigiamajame darbe nagrinėjamas pomidorų padažų gamybos linijos perkėlimo į Latviją, kaip investicinio projekto įvertinimas. Išnagrinėjus ir susumavus šio investicinio projekto prognozuojamas pajamas ir išlaidas, apskaičiuoti investicinio projekto efektyvumo rodikliai – diskontuotas atsipirkimo periodas, grynoji dabartinė vertė bei rentabilumas. Šio investicinio projekto įvertinimo rezultatai numatomi pateikti įmonės savininkams – investitoriams, kurie, savo ruožtu, įvertins projekto pagrįstumą ir... [toliau žr. visą tekstą] / In the finishing work of Master economical evaluation of moving the part of the production manufacturing line of ketchup of the company „Felix Lietuva“ to Latvia is analyzed. Essential reason of the manufacture is that new opportunities, to optimize the manufacture of ketchups have appeared, while cooperating with business partners in Latvia „SIA Spilva“ company. For the reason, the change of expenses that are necessary to produce the ketchup and its influence for the general costs of the production are analyzed. The calculations done in this part of the research will help the managers of the management department to settle more competitive prices of ketchup production in the markets of various countries. Besides, after the opportunities of export of this production to Latvia, Estonia and Finland appeared, it is purposefully to increase the extents of ketchup manufacture. The calculation of manufacturing extent that is prognosed and the influence of change of the expenses on the extent of the production are analyzed in this research. Also, in this finishing work of Master, movement the production manufacturing line to Latvia as the evaluation of the project of investments is analyzed. After having analyzed and summed the income and the expenses, the rates of efficiency of the project are calculated – negotiated period of the redemption, net present value and profitability. The results of this evaluation of the investments project will be provided for the owners of the... [to full text]

The master´s thesis deal with transportation costs occurred in distribution company. It analyses both the evidence and monitoring of the particular costs, and also the range and efficiency of the spent costs. The outcome of my thesis is proposal of the evidence and the methodics for costs´ evaluation during the physical distribution.

摘要 自2008年金融風暴後，長期的經濟動盪造成顧客喪失對於傳統投資產業之信心。在這樣的環境下，從自動化投資管理、社群交易平台到零售演算法交易的興起，提供低成本與先進的替代方案取代傳統的投資管理產業。這種方式獲得廣大消費者的信賴，並使得顧客擁有更多投資管理之控制權。 本研究欲探討賦權投資者於金融科技的浪潮下，競爭者加入後所面臨之挑戰進行情境分析，了解投資者如何以自動化管理及報告、社群交易平台和零售演算法交易改變投資管理業之發展，並使得傳統以顧問諮詢為主的投資管理興起全自動化或財務顧問協助之新商業模式；再者，透過個案分析，分別探討自動化管理及報告為代表之機器人理財公司以及零售演算法交易平台Quantopian，並建議投資產業應善用金融科技結合兩者，因此，未來顧問所扮演的角色將轉型為從旁協助財務規劃之服務，不僅能夠降低成本，亦可大幅提升理專的效率，為更廣大的客群提供高價值之金融服務。 / Abstract The 2008 financial crisis was the worst economic disaster since it has caused public losing confidence in traditional investement management industry. As a result, the three key innovation clusters are booming─automated management and advice, retail algorithmic trading and social trading platform─that offer lower-cost and advanced alternatives to replace the traditional investement management industry. Additionally, those innovation clusters gain more trust to the masses and allow customers to control in their own investment portfolio. This study analyzes three scenarios how the empowered investors face the challenges under the new waves of Fintech. In particular, we consider the investment management industry transfer the traditional model to the new business models of fully automation or advisor-assistant. In the case studies, we compare six typical robo-advisor firms and retail algorithmic trading platform like Quantopian. Furthermore, we suggest that the investment industry should make good use of Fintech that combines both advantage of automated management and retail algorithmic trading;therefore, it can not only reduce costs but also improve the efficiency of financial services.