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Economic and financial indexesWhite, Alan G. 11 1900 (has links)
This thesis examines the theoretical underpinnings and practical construction of select economic
and financial indexes. Such indexes are used for a variety of purposes, including the
measurement of inflation, portfolio return performance, and firm productivity.
Chapter 1 motivates interest in economic and financial indexes and introduces the principal
ideas in the thesis.
Chapter 2 focuses on one potential source of bias in the Canadian consumer price index
(CPI) that arises from the emergence of large discount/warehouse stores—the so-called outlet
substitution bias. Such outlets have gained market share in Canada in recent years, but
current CPI procedures fail to capture the declines in average prices that consumers enjoy
when they switch to such outlets. Unrepresentative sampling, and the fact that discount
stores often deliver lower rates of price increase can further bias the CPI. Bias estimates
for some elementary indexes are computed using data from Statistics Canada's CPI production
files for the province of Ontario. It is shown that the effect on the Canadian CPI of
inappropriately accounting for such discount outlets can be substantial.
Another area in which indexes are frequently used is the stock market. Several stock
market indexes exist, including those produced by Dow Jones and Company, Standard and
Poor's Corporation, Frank Russell and Company, among others. These indexes differ in two
fundamental respects: their composition and their method of computation—with important
implications for their usage and interpretation. Chapter 3 introduces the concept of a stock
index by asking what, in fact a stock market index is—this is tantamount to considering the
purpose for which the index is intended, since stock indexes should be constructed according
to their usage. Because stock indexes are most commonly used as measures of returns on
portfolios, the main considerations in constructing such return indexes are examined.
Chapter 4 uses the Dow Jones Industrial Average (DJIA) as a case study to examine
its properties as a return index. It is shown that the DJIA is not the return on a market
portfolio consisting of its thirty component stocks: in fact the DJIA measures the return
performance on a very particular (and unusual) investment strategy, a fact that is not well
understood by institutional investors. An examination of some other popular stock indexes
shows that they all differ in their computational formula and that each is consistent with a
particular investment strategy. Numerical calculations reveal that the return performance of
the DJIA can vary considerably with the choice of basic index number formula, particularly
over shorter time horizons.
Given the numerous ways of constructing stock market return indexes, the user is left to
determine which is 'best' in some sense. The choice of an appropriate (or 'best') formula for
a stock market index is formally addressed in chapter 5. The test or axiomatic approach to
standard bilateral index number theory as in Eichhorn & Voeller (1983), Diewert (1993a),
and Balk (1995) is adapted here. A number of a priori desirable properties (or axioms) are
proposed for a stock index whose purpose is to measure the gross return on a portfolio of
stocks. It is shown that satisfaction of a certain subset of axioms implies a definite functional
form for a stock market return index.
Chapter 6 evaluates the various stock indexes is use today in terms of their usefulness
as measures of gross returns on portfolios. To this end the axioms developed in chapter 5
are used to provide a common evaluative framework, in the sense that some of the indexes
satisfy certain axioms while others do not. It is shown that the shortcomings of the DJIA as
a measure of return arise from its failure to satisfy a number of the basic axioms proposed.
Notwithstanding this, each index corresponds to a different investment strategy. Thus, when
choosing an index for benchmarking purposes an investor should select one which closely
matches his/her investment strategy—a choice that cannot be made by appealing to axioms
alone.
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"Aproued on my self" : inbetween the sheets of Inigo Jones's PalladioTheodore, David Michael. January 2000 (has links)
In this essay I look at the significance of Inigo Jones's annotated copy of Andrea Palladio's I quattro libri dell'architettura in a time of momentous change in the habits of readers and writers, printers and publishers, architects and kings. Jones lived in Stuart England, a hinge period swinging between print culture and manuscript culture, science (mechanical philosophy) and magic (Neoplatonism, hermeticism, alchemy), humoural physiology and modern medicine. I examine his book as part of a change of social setting, looking outward from his study of Palladian architectural theory to developments in publishing and authorship, perspective and theatre design, graphic representation and anatomy, medicine and the history of the human body.
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Minskar kvinnliga revisorer förekomsten av earnings management och skiljer det sig åt mellan länder med hög respektive låg jämställdhet? : En jämförande studie av svenska och baltiska börsnoterade företagEriksson, Martin, Villaverde, Melida January 2014 (has links)
Sammandrag Problematisering: Tillåter kvinnliga revisorer en lägre mängd av earnings management än sina manliga kollegor? En väldigt liten del av den befintliga kvantitativa forskningen inom earnings management har fokuserat på om det finns skillnader i hur kvinnliga respektive manliga revisorer väljer att begränsa earnings management i ett företag. Dessa undersökningar har gjorts i länder som enligt World Economic Forum (WEF, 2013) rankas bland de högsta i världen när det kom- mer till jämställdhet, och det finns därför en osäkerhet ifall deras empiriska resultat kan appliceras i andra länder. Å andra sidan finns det forskning som tyder på att sociala strukturer såsom jäm- ställdhet påverkar inte bara skillnaderna mellan kvinnor och män utan också synen på resultat manipulering. Forskning påvisar en stark korrelation mellan ett lands nationella kultur och före- komsten av earnings management. Det finns också studier som säger att personers karaktär på- verkas av skillnaderna mellan könen och att dessa är olika från land till land. Medan andra påstår att homogena miljön i revisionsföretag eliminerar skillnaderna mellan kvinnliga och manliga revi- sorer. Syfte: Syftet med denna studie är att undersöka om kvinnliga revisorer bidrar till en mindre mängd av earnings management än sina manliga kollegor och om det finns en skillnad mellan länder med hög jämställdhetsnivå kontra låg jämställdhetsnivå. Metod: Studien tar med hjälp av tidigare teoretisk forskning fram tre frågeställningar som besva- ras med hjälp av en vidareutvecklad statistisk modell. Det material vi använts oss utav för vår undersökning har inhämtats från Thomson Reuters Datastream och från företagens senaste års- redovisning. Resultat: Vår studie påvisar att det skiljer sig mellan hur kvinnliga respektive manliga revisorer agerar vid förekomsten av earnings management. Vidare finner vi en viss indikation om att jäm- ställdhetsnivån i ett land påverkar mängden earnings management som förekommer hos företag med kvinnliga revisorer. Men det intressanta i vår forskning är att kvinnor tenderar att bidra till en högre mängd earnings management än sina manliga kollegor och när man blandar in variabeln hög jämställdhet minskar earnings management i jämförelse till företag i länder med låg jäm- ställdhet.
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The heaven I swallowed.Hennessy, Rachel January 2009 (has links)
My novel The Heaven I Swallowed tells the story of Grace Teresa Mary McAllister, a World War II widow who decides to “save” a young Aboriginal girl, Mary, by adopting her into her home, believing she will be able to redeem the child by giving her all the benefits of white society. In Part I of the novel Mary arrives and it soon becomes obvious that her presence is bringing back the deceptions in Grace’s past. In Part II five years have passed and Grace is struggling to cope with the way she treated Mary. Exploring the myth of “for their own good” The Heaven I Swallowed is a tale of the Stolen Generations, told from the perspective of the white perpetrator. The exegesis accompanying the novel, ‘Whose Shoes? Writing The Heaven I Swallowed’, is also divided into two parts. Part I traces my awareness of the Stolen Generation stories and the reasoning behind the decision to narratively take the perspective of a white woman who steals an Aboriginal child. In Part II, I turn to two contemporary literary texts – Kate Grenville’s The Secret River and Gail Jones’s Sorry – to examine different strategies that the non-indigenous writer might employ to counter-act stereotypical representation of Aboriginality. Further analysis of the novel in the lead up to the final draft is then aided by another two texts: Elizabeth Jolley’s The Well and Joyce Carol Oates’s Black Girl/ White Girl. Using these as models – one in regards to a Gothic re-rendering of the work and the other in regards to the depiction of ambiguous race relations – I find a way to reconcile myself with the representation of Aboriginality in The Heaven I Swallowed. Finally, I come to the conclusion that the novelist might often travel a great deal away from their original intent but that these footsteps have to be taken to ensure motivations are justified and one’s conscience is at ease. / Thesis (Ph.D. ) - University of Adelaide, School of Humanities, 2009
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???Selling Consent???: From Authoritarianism to Welfarism at David Jones, 1838-1958Pragnell, Bradley John, School of Industrial Relations & Organisation Behaviour, UNSW January 2001 (has links)
This thesis investigates the history of labour management at David Jones, the major Australian retailer and manufacturer, between the years 1838 and 1958. This thesis examines the development of consent-based approach to labour management at David Jones, in particular the development of paternalism and welfarism. In doing so this thesis explores both general questions regarding the factors that influence why certain firms adopt a consent-based approach to labour management, as well as informing debates around the existence of nineteenth century paternalism and the origins of twentieth century welfarism. The historical material contained at the David Jones Archives and elsewhere reveals little evidence of paternalism as a deliberate management strategy. This brings into question the usefulness of paternalism as a concept in the historical study of Australian labour management. The inability to trace paternalism also undermines explanations of twentieth century welfarism premised on the pre-existence of nineteenth century paternalism. The historical materials, however, do note that twentieth century welfarism was a deliberate labour management strategy adopted by David Jones management. Welfarism, combined with systematic management and training, was initially adopted following the First World War to deal with the threat of industrial turmoil. However, in the 1930s, welfarism increasingly became a pro-active strategy designed to create skilled selling and raise the profile of the firm within the community. Further, welfarism at David Jones in the inter-war period was more than merely a new form of paternalism, somehow transformed by being in a larger, more bureaucratic setting or a result of employers confronted an increasingly feminised workforce. Welfarism at David Jones was a deliberate strategy, informed by overseas experiments, management consultants and the new science of psychology. Welfarism at David Jones continued into the post World War Two period. However, new forms of retailing, in particular self-service, undermined attempts to create skilled selling. Elements of welfarism remain at David Jones and continue to support the firm???s corporate image as a provider of high-quality customer service.
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Accruals: signalling or misleading? Evidence from New ZealandKoerniadi, Hardjo Unknown Date (has links)
Studies on earnings management usually hypothesise that managers manage accruals opportunistically. Few studies however, argue that managers can also use accruals to improve the value relevance of reported earnings to help investors better assess the firm's operating performance. While substantial evidence on managers' opportunistic behaviour on accruals has been documented in the literature, empirical evidence on the informativeness of accruals is scarce and inconclusive. The purpose of this thesis is to examine whether managers use accruals to communicate private information regarding the firm's operating performance, or as reported in the literature, use them for their own benefit. This thesis finds that on average, firms reporting high earnings accompanied by high accruals have significantly negative subsequent period stock returns suggesting that these firms manage their accounting earnings. Focusing on stock dividend issues as an incentive to opportunistically increase accruals, the results are found to be consistent with the earnings management hypothesis. Stock dividend issuing firms are reported to significantly increase accruals in the issue year followed by poor earnings and stock price performances in the subsequent year. Moreover, discretionary accruals of the issuing firms are negatively correlated with both future earnings and abnormal stock returns. This evidence attempts to complement the earnings management literature. The analysis on the incentive to decrease accruals related to share repurchases, however, does not provide sufficient evidence to suggest that managers use their discretion to decrease accruals. To investigate the hypothesis that managers use accruals to convey information regarding their firm's future profitability, this thesis employs the contemporaneous earnings and dividend announcements as the research setting. This choice was made to increase the likelihood of detecting the use of accruals as private information communication while simultaneously mitigating the likelihood of the opportunistic income smoothing hypothesis to explain the results. The evidence strongly indicates that managers use both accruals and dividend increases as their private information communication regarding their firm's future profitability. Dividend increasing firms report positive accruals which are positively correlated with future profitability. This finding contributes to the literature by providing evidence on the accrual signalling hypothesis. Overall, the results of this thesis suggest that, depending on the incentives, managers can use the discretion accorded under the Generally Accepted Accounting Principles (GAAP) in estimating accounting accrual, either to manage accruals opportunistically or to help investors better assess the firms' operating performance.
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Engendering the subject : gender and self-representation in contemporary women's fiction /Robinson, Sally, January 1989 (has links)
Thesis (Ph. D.)--University of Washington, 1989. / Vita. Includes bibliographical references (leaves [244]-254).
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The origin and decline of the Christian Connection in New England and its impact on the Restoration Movement and American religious historyHansee, James January 2007 (has links)
Thesis (M.A.)--Cincinnati Christian University, 2007. / Abstract and vita. "Christian Connexion" is spelled two ways in the thesis: Christian Connexion and Christian Connection. Includes bibliographical references (leaves 102-108).
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The origin and decline of the Christian Connection in New England and its impact on the Restoration Movement and American religious historyHansee, James January 2007 (has links)
Thesis (M.A.)--Cincinnati Christian University, 2007. / Abstract and vita. "Christian Connexion" is spelled two ways in the thesis: Christian Connexion and Christian Connection. Includes bibliographical references (leaves 102-108).
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The Dow theory a historical test as interpreted by Richard Russell / c Stefan P. Sideris.Sideris, Stefan P. January 2008 (has links) (PDF)
Thesis (M.B.A.)--University of North Carolina Wilmington, 2008. / Title from PDF title page (viewed May 27, 2009) Includes bibliographical references (p. 42-44)
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