本論文的目的，在探討我國自願性財務預測公告與證券信用交易之間的關係。信用交易的增減代表使用信用交易的投資者對某特定資訊的瞭解與使用，因此實證檢視財務預測的修正行為與信用交易增減的關係，可以敏銳地瞭解，是種特定投資者在哪個時點對財務預測修正進行理性預期，並予使用且做了較實際的交易行為。因此，本研究的測試可以瞭解使用信用交易的投資者如何使用財務預測等相關資訊。據此，本研究的結果有助於了解使用信用交易的投資者如何運用自願性財務預測資訊來做投資決策。 　　研究期問是以民國八十四年至八十六年的資料為分析的對象，研究的結果顯示： 　　一、在季報（半年報、年報）公告前公佈的財務預測，好消息會引起融資顯著增加，融券增加幅度雖不如融資大，但結果亦為顯著；壞消息會使融資及融券同樣顯著增加，但融資增加幅度亦較融券顯著。 　　二、在季報（半年報、年報）公告後公佈的財務預測，好消息會引起融資顯著增加，融券增加幅度雖不如融黃大，但結果亦為顯著；壞消息會使融資及融券同樣顯著增加，但融資增加幅度亦較融券顯著。 / This study aims to examine the relationship between an announcement of voluntary forecasts and credit transactions, including margin and short transactions. In general, an announcement of good news would attract investor to employ margin for a long position, and vice versa. Since only noisy trader can employ credit transaction in Taiwan, this study hypothesizes that investors would follow the announcement for making rational expectation. The results of this study could help understand how noisy traders use a financial forecast. This study selects the samples occurred between 1995 and 1997 to test the established hypotheses. 　　The empirical results can be summarized as follows. 　　●If the announcement of voluntary forecast occurred prior to the release of quarterly, semiannual, and annual reports, both good and bad news simultaneously cause an increase of margin and short transactions during this period. However, the magnitude of margin transactions is significantly higher than that of short transactions. 　　●If the announcement of voluntary forecast occurred subsequent to the release of quarterly, semiannual, and annual reports, both good and bad news simultaneously cause an increase of margin and short transactions during this period; however, the magnitude of margin transaction is significantly higher than that of short transaction. 　　Since noisy traders are essentially information followers, their judgement significantly relates to functional efficiency of informational intermediaries. These empirical results imply the function of informational intermediaries requires further improvement.

<p>The ongoing development of the new post-apartheid South Africa is still dealing with its own cruel history. A socio-economic structure based on race has been built up over years of colonialization and apartheid where the black people of South Africa have been excluded from being South African citizens. The first democratic election in 1994 contributed to the “freedom in their life-time” that youth from the uprisings in Soweto urged for. But today, fourteen years after the relaxation of the apartheid the same socio-economic structures based on race are still visible, not as strict as then but still exceptionally obvious. Especially if you compare townships, like Khayelitsha in the outskirts of Cape Town, with it’s metropolitan area. Khayelitsha is predominantly black area and is also one of the poorest communities in Cape Town.</p><p>This thesis looks at one of the first generations in the ambivalence of the new post-apartheid South Africa, twelve years after the fall of apartheid. We have completed 14 qualitative interviews with adolescents in the age between 18-to-21, living in the socio-economic margin, in the township of Khayelitsha. We have examined their relations to the civil society and their participation within it. In addition also their future aspirations and how they will maintain them.</p>

The ongoing development of the new post-apartheid South Africa is still dealing with its own cruel history. A socio-economic structure based on race has been built up over years of colonialization and apartheid where the black people of South Africa have been excluded from being South African citizens. The first democratic election in 1994 contributed to the “freedom in their life-time” that youth from the uprisings in Soweto urged for. But today, fourteen years after the relaxation of the apartheid the same socio-economic structures based on race are still visible, not as strict as then but still exceptionally obvious. Especially if you compare townships, like Khayelitsha in the outskirts of Cape Town, with it’s metropolitan area. Khayelitsha is predominantly black area and is also one of the poorest communities in Cape Town. This thesis looks at one of the first generations in the ambivalence of the new post-apartheid South Africa, twelve years after the fall of apartheid. We have completed 14 qualitative interviews with adolescents in the age between 18-to-21, living in the socio-economic margin, in the township of Khayelitsha. We have examined their relations to the civil society and their participation within it. In addition also their future aspirations and how they will maintain them.

This thesis addresses the use of potential field data in two main topics: sub-basalt exploration and structure of the deeper crust. Synthetic models and forward models of the Møre margin were constructed to test the sensitivity of the various potential field methods. The synthetic models demonstrate that forward modelling of the gravity and magnetic data is a valuable tool in basement recognition in sub-basaltic settings and the use of gravity gradients further limits the modelling ambiguity and improves the basement mapping. Deep sills, as observed in the Møre Basin, cannot be identified from the gravity and magnetic data alone but the lava flows have a clear effect on the gravity and magnetic signature if thicker than ~1 km. Experiments with Euler Deconvolution reveal the limitations of the method in sub-basaltic settings. A 3D regional gravity and magnetic model of the Møre margin integrated with seismic and well data gives a novel view on the architecture of the continental crust, the distribution of high density lower crust, and the Moho topography. The isostatic response of the water and sediment loading reflected by the Moho provides further insight in the evolution of the margin. The results from the Møre margin model merged with results from a 3D model of the Vøring and Lofoten margins give a regional view on the deep structures on the mid-Norwegian margin. Combination of the modelling results and isostatic considerations provide means to address the origin of the lower crustal body on the margin and the evolution of the whole mid-Norwegian margin.

This study examines dynamic hedge policy of a company in a multi-period framework. The company begins to operate a project for a customer and it also has a subcontractor which completes an important part of the project by using an economic commodity. The customer will pay a fixed price to the company at the end of the project. Meanwhile, the company needs to pay the debt to the subcontractor and the amount of the debt depends on the spot price of the commodity at that time. The company is allowed to hedge for the commodity price fluctuations via future and option contracts. Since the company has a limited cash reserve as well as previously planned payments, it may face financial distress when the net cash balance decreases below zero. Consequently, the company maximizes the expected value of itself by minimizing the expected financial distress cost.

The purpose of this research was to quantify what value could be gained from cutting solid wood products from old-growth western hemlock (Tsuga heterophylla (Raf.) Sarg.) logs that are used to produce pulp in British Columbia. These logs represent a significant portion of the resource and increasing their value recovery would be beneficial to the forest industry. One hundred and sixteen logs were sampled from the coastal and interior regions of British Columbia. Dimension and quality attributes were measured to enable estimates of gross and merchantable volume. Logs deemed likely to yield lumber were sawn with the aim of maximizing value recovery. The nominal dimension and grade of all lumber recovered was recorded. Margins and breakpoints at which sawing became profitable were calculated. Models to predict the volume of lumber and proportion of Clear grade lumber recovered (“C Industrial” grade at the interior mill, “D Select” grade at the coastal mill) were developed. Lumber recovery, especially Clear grade lumber, was significantly higher from logs from the coastal site. At current market prices, cutting lumber from these logs was profitable, with the highest margins achieved when chips were produced from the milling residue. It was not profitable to recover lumber from the interior logs regardless of whether chips were produced. The disparity between locations was attributed to differences between the logs, the sawmilling equipment, the sawyers’ motivations and the lumber grades. Between 60% and 67% of coastal logs and 13% to 21% of interior logs returned a profit, depending on whether chips were produced. Models were developed to better identify these logs using observable attributes. A linear model described the total volume of lumber recovered. Significant predictor variables in the model were the gross log volume, the average width of the sound collar and the stage of butt/heart rot at the large end. A second model predicted the proportion of Clear grade lumber. Regional models were developed to account for different Clear lumber grades between sawmills. Significant predictor variables were knot frequency, diameter at the large end, volume, length, taper and the width of the sound collar at the large end.

Le Golfe d'Aden sépare la plaque Somalie de la plaque Arabie. Il constitue un objet d'étude intéressant pour la compréhension du développement des marges continentales passives. Le rifting débute vers 35 Ma et l'accrétion se développe à partir de 17,6 Ma dans la zone étudiée. De plus, la direction d'ouverture du Golfe d'Aden est fortement oblique par rapport à sa direction. Sur la marge nord-est, la campagne Encens (N/O l'Atalante, 2006) a permis l'acquisition de nouvelles données de sismique réflexion 360 traces, notamment sur le segment de premier ordre entre les zones de fracture d'Alula-Fartak et de Socotra. À la segmentation de premier ordre (zones de fracture) s'ajoute une segmentation de second ordre qui présente des structures et des morphologies différentes selon les segments, notamment au niveau de la transition océan-continent (TOC). Les segments étudiés suggèrent que la partie ouest de la zone d'étude (segment d'Ashawq-Salalah) est caractérisée par un magmatisme post-rift conséquent tandis que la partie orientale de la zone d'étude (segment de Mirbat) possède une morphologie qui semble être fortement tectonisée. L'évolution tectono-stratigraphique du segment d'Ashawq-Salalah a pu être étudiée en détail (migration avant sommation profondeur et corrélation terre-mer des processus sédimentaires). La marge est tout d'abord structurée par des grabens et des horsts syn-rift. Puis on observe une localisation de la déformation sur la marge distale. Au début de la formation de la TOC, un soulèvement local ou régional induit un glissement de terrain au sommet du horst le plus distal. La déformation crustale est alors localisée dans la TOC, où la rupture continentale va finalement se produire. La nature de la TOC pourrait être du manteau serpentinisé, postérieurement intrudé par du matériel magmatique pendant la période post-rift. La couverture sédimentaire à proximité de la TOC montre qu'elle subit une surrection pendant le post-rift en relation avec la mise en place d'un volcan et des coulées et sills associés. Cette évolution peut être comparée aux modèles d'évolution les plus récents des marges passives. La marge conjuguée (au sud-est du Golfe d'Aden) présente la même segmentation que la marge nord-est (d'Acremont et al., 2005). Une analyse microstructurale de l'île de Socotra (marge sud émergée) permet de comparer les marges et de mieux contraindre le rifting oblique. Comme sur la marge nord, les directions des failles normales sont réparties en trois familles : N110°E perpendiculaire à l'extension, N70°E parallèle à la direction du Golfe, N90°E intermédiaire. L'inversion des données microstructurales montre des directions d'extension en accord avec les trois familles de failles. Des chronologies sont observées depuis une direction d'extension N20°E vers N160°E et réciproquement. Les variations de la direction d'extension suggèrent une alternance des champs de contraintes pendant la phase de rifting du Golfe d'Aden. Des modélisations analogiques dans le Golfe d'Aden ont permis de mieux cerner son développement en rifting oblique. Les horsts et les grabens sont disposés en échelons, avec des formes sigmoïdes. Les trois familles de failles liées à l'obliquité sont observées : N110°E, N90°E et N70°E. L'évolution des directions des failles montre une dominance des failles N90°E et N110°E au début de l'extension puis le développement plus tardif de failles N70°E et ce, avec ou sans la présence initiale d'une hétérogénéité oblique à l'extension. Enfin des failles N110°E sont de nouveau formées. Le modèle conceptuel de Bellahsen et al. (2006) serait donc applicable pour les premiers stades d'évolution : la réactivation de bassins N110°E et la formation de nouvelles failles en échelons s'effectuent sous la direction d'extension des plaques (N20°E) depuis 35 Ma. Puis l'amincissement de la lithosphère se poursuivant le long de la direction du Golfe (N70°E), les contraintes locales dues aux variations latérales d'épaisseur provoquent la formation de failles N70°E et la réactivation de failles N110°E. La chronologie d'extension N20°E puis N160°E observée sur les marges est donc expliquée. Nous proposons une troisième étape : une fois l'amincissement du rift suffisamment important, les contraintes locales ne s'exercent que sur les bords du rift ou sur les horsts majeurs. Partout ailleurs des failles N110°E sont formées et les failles N70°E sont réactivées de manière oblique. La seconde chronologie d'extension N160°E puis N20°E des études microstructurales est aussi expliquée. Les horsts peuvent subir des rotations horaires importantes qui induisent des zones de cisaillement senestres. Elles pourraient initier les nombreuses zones de transfert concordant avec la forte segmentation du le Golfe d'Aden.

This paper studies the link between Corporate Social Responsibility (CSR) and operating performance of companies between two countries in the same industry. This study analyze the relationship between financial performance indicators ROE (return on equity), OM (operating margin) and CSD (corporate social disclosure) for five listed Swedish apparel companies on the Stockholm exchange market and five listed Chinese apparel companies on the Chinese exchange market by using both qualitative and quantitative approaches. The main findings are that there are mixed results in the relationship between CSR disclosure and operating performance for two countries’ companies. And there are some differences in this relationship between two countries’ companies.

Light delivery and sample handling systems are essential for any high performance imaging application. The custom design for two such devices with medical imaging applications are presented. The first device, a galvanometer-stage combination, is for general use optical coherence tomography and can be configured to scan over a large range of sample sizes and types. The second device, constructed in parallel, a rotation-linear stage combination, has been carefully designed for a specific imaging task: assessing tumour margins. The design of the two devices is driven by operational requirements and although requirements vary greatly from application to application, there are several common parameters that must be considered for every system. In this thesis, parameters like total scan time, scan resolution, sampling rate, and sample type flexibility are analysed and are some of the primary factors that influence the viability of a system for further development. This work's contribution to medical imaging research is the design of two light delivery systems and an analysis process that can be applied to future iterations of scan systems. The devices are shown to be flexible enough for use in test-bed systems, while providing the necessary functionality to meet the needs of medical histology and pathology. Controlling the light delivery and sample positioning of an imaging device adds important functionality to a scan system and is not a trivial task when high spatial-resolution scan spacing is required. The careful design of an imaging system to meet the unique requirements of the application enables better information and better resulting decision making. Advanced imagery provides new insights and perspectives to everyday scenes. It is these new perspectives that allow for re-evaluation and examination of problems with a fresh eye.

This dissertation attempts to establish an analytical and comprehensive framework to deal with two critical challenges associated with voltage stability analysis: 1. To study the new competitive environment appropriately and give more incentive for reactive power supports, one has to evaluate the impacts of distributed market forces on voltage stability, which complicates the voltage stability analysis. 2. Accurately estimating voltage stability margin online is always the goal of the industry. Industry used to apply static analysis for its computation speed at the cost of losing accuracy. On the other hand, dynamic analysis can result in more accurate estimation, but generally has a huge computation cost. So a challenge is to estimate the voltage stability margin accurately and efficiently at a reasonable cost, especially for large system. Considering the first challenge, this dissertation applied eigenvalue based bifurcation analysis to allocate the contribution of voltage stability. We investigate how parameters of the system influence the bifurcations. Three bifurcations (singularity induced bifurcation, saddle-node and Hopf bifurcation) and their relationship to several commonly used controllers are analyzed. Their parameters’ impact on these bifurcations have been investigated, from which we found a way to allocate the contribution by analyzing the relative positions of the bifurcations. For the second challenge, a new fast numerical scheme is developed to estimate voltage stability margin by intelligently adjusting the load increase ratio. A criterion, named EMD (Equilibrium Manifold Deviation) criterion, is proposed to gauge the accuracy of the estimation. And based on this criterion, a new computation scheme is proposed. The validity of our new approach is proven based on the well-known Runge-Kutta-Fehlberg method, and can be extended to other explicit single-step methods easily. Numerical tests demonstrate that the new approach is very practical and has great potential for industrial applications. This dissertation extends our new numerical scheme to stiff systems. When a system is ill-conditioned, the implicit method would be applied to achieve numerical stability. We further demonstrate the validity to combine the intelligent load adjustment technique with the implicit method to save the computation cost without loss of accuracy. This dissertation also delves into the auto detection of stiffness of the power system, and extends our new numerical scheme to general sytems.