Ce mémoire se penche sur l'opportunité d'introduire en droit civil québécois l'arbitrage intérimaire obligatoire pour les différends du secteur de la construction. Ce mécanisme est principalement utilisé dans les pays de « common law » pour un règlement rapide des différends en matière de construction. Ce domaine d’activité est propice aux litiges, notamment en raison des aspects techniques, de la diversité et du nombre d'acteurs impliqués et des sommes en jeu, particulièrement en contexte de grands chantiers. Les procédures judiciaires peuvent être longues et fastidieuses. Ces délais se traduisent par des coûts supplémentaires pour les parties, non seulement pour la procédure elle-même, mais également pour la prolongation du projet (salaires, machineries, assurances, etc.). Devant ces défis, les juridictions de common law ont développé un processus qui se veut expéditif pour régler les différends en temps réel et en minimiser l'impact jusqu'à la procédure finale, une fois les travaux terminés. Le but est d’éviter qu’un différend ne dégénère ou paralyse le projet jusqu’à en compromettre la réalisation. À notre connaissance, aucune juridiction de droit civil ne prévoit un tel mécanisme, bien que les défis soient à priori les mêmes. Nous nous interrogeons sur les raisons expliquant cette absence. Le nouveau Code de procédure civile tend vers les modes alternatifs des différends et dans ce contexte, nous nous interrogeons sur l'opportunité d'incorporer un mécanisme semblable pour l'industrie de la construction au Québec. Enfin, nous étudierons les adaptations qui pourraient être nécessaires à l'application d'un tel processus, issu de la common law, en droit civil québécois. / This master thesis explores the possibility of introducing a compulsory interim arbitration mechanism for the resolution of disputes in the construction sector in Quebec civil law. As of today, such procedure is mainly used in common law jurisdictions for the rapid settlement of construction disputes. Construction is a sector that is particularly prone to litigation, mainly because of the technical aspects, the diversity and the number of actors as well as the sums involved, particularly in the context of major projects. Court proceedings can be long and tedious. These delays result in additional costs for the parties, not only for the procedure itself, but also for the extension of the project (wages, machinery, insurance, etc.). In response to these challenges, common law jurisdictions have developed an expeditious process to resolve disputes in real time and minimize their impact until final proceedings are completed. The aim is to prevent a dispute from escalating and eventually, paralyze the project itself and jeopardizes its realization. To our knowledge, no civil law jurisdiction provides for such a mechanism, although the challenges are a priori the same. We question the reasons for this absence. The new Code of Civil Procedure tends towards alternative dispute resolution and in this context, we are wondering about the possibility of incorporating a similar mechanism for the construction industry in Quebec. Finally, we will evaluate the adaptations that may be advised for the application of such a process, because of its common law, origins, in Quebec civil law.

Ett aktieinnehav är en etablerad form av sparande som syftar till att ett sparkapital växer. Det finns många olika faktorer som är avgörande för hur en individ tänker när denne ska investera i aktier, vissa grundar sig i personlighet och vem individen är, medan andra i individens preferenser och omgivning. Det finns även ett antal metoder att tillgå vid aktieplacering. De kan exempelvis basera sig på matematiska formler för aktieplacering, analyser av företag eller aktiemarknaden. Faktorerna och metoderna är många, därmed kan frågan om en människa kan beakta alla påverkande faktorer och göra en kvalificerad gissning om vilken aktie som kommer ge störst avkastning ställas. Syftet med den här studien är att undersöka om en människas aktiva val av sammansättningen av aktier kan påverka resultatet i en aktieportfölj. Studien mäter därför om det finns en skillnad i avkastningen mellan slumpmässigt sammansatta aktieportföljer och de sammansatta av personer med intresse i aktiesparande. Vidare undersöker studien hur Covid-19s utbrott påverkat avkastningen i de båda portföljslagen. Studien bygger på ett deduktivt angreppssätt och en kvantitativ forskningsmetod. Primärdatan består av enkätsvar från personer som är medlemmar i föreningar och grupper för aktieintresserade. Vidare utgörs den av aktieportföljer sammansatta med hjälp av Excels slumpgenerator. Studiens resultat visade att de aktivt sammansatta portföljerna fick bättre avkastning jämfört med de slumpmässigt sammansatta portföljerna på kort sikt, men inte på längre sikt. Under Covid-19 gick värdena på portföljerna kraftigt ner och sträckte sig över ett lägre spann än tidigare. Det betyder att innan krisen avvek värdet på portföljerna i genomsnitt mer från medelvärdet, men efter krisen låg de närmare det. / To hold stocks is an established form of savings, with the aims to grow the capital. There are many different factors that determine how an individual will act when investing in stocks. Some are based on personality, while others are based on the individual's preferences and immediate environment. There are a numbers of methods to apply when investing in stocks too, these can be based on mathematical formulas, extensive company or stock market analyses. Since the determinants regarding stock investments are many, the question is if a person can make qualified decision amongst them, to yield the greatest profit.The purpose of this paper is to investigate whether a person's choice regarding investments in stocks can affect the performance of a stock portfolio. Therefore this study measures whether there is a significant difference in the return between a randomly composed stock portfolio and one put together by a person with a personal interest in stocks. This paper also examines how Covid-19's outbreak affected the return between the two kinds of portfolios.This study is constructed with a deductive approach and with a quantitative research method. The primary data consists of a survey conducted by individuals who are members of groups with a shared interest in shareholding. Furthermore, the primary data is compiled of stock portfolios, composed by using Excel's random number function. The results indicate that the portfolios compiled by the surveyees gained greater returns compared to the randomly composed portfolios during a period of three months, during a year the differences in the portfolios are insignificant. On average, the both types of portfolios gained over 30 percent yield during the period 2019-01-15 to 2020-01-15. After the economic crisis that Covid-19 generated, the yield from the two different types of stock portfolios had a lower standard deviation, which means that all the stock portfolios had a yield closer to the average than before. This may origin from the overvaluation of the market or that economic crises generated a more efficient market.This paper is written in Swedish.

Markets increase social welfare by matching willing buyers and sellers. It is important to understand whether markets are fulfilling their societal purpose and are operating efficiently. The prevalence of spatial arbitrage in markets is an important indicator of market efficiency. The two essays in my dissertation study spatial arbitrage and the behaviors of arbitrageurs Electronic commerce can improve market efficiency by helping buyers and sellers find and transact with each other across geographic distance. In the first essay, we study the effect of two distinct forms of electronic commerce on market efficiency, which we measure via the prevalence of spatial arbitrage. Spatial arbitrage is a more precise measure than price dispersion, which is typically used, because it accounts for the transaction costs of trading across distance and for unobserved product heterogeneity. Studying two forms of electronic commerce allows us to examine how the theoretical mechanisms of expanded reach and transaction immediacy affect market efficiency. We find that electronic commerce reduces the number of arbitrage opportunities but improves arbitrageur’s ability to identify and exploit those that remain. Overall, our results provide a novel and nuanced understanding of how electronic commerce improves market efficiency. Studying arbitrageur strategies will help us understand how arbitrageur behaviors impact markets by increasing/reducing spatial arbitrage. In the second essay, we study specialization strategies of arbitrageurs. Arbitrageurs specialize on asset type and sourcing locations. We investigate the role of specialization and find that specialization affects both arbitrage profits and arbitrage intensity. Subsequently, we find that specialization strategies evolve over time and different groups of arbitrageurs adapt differently based on behavioral biases and environmental factors. Overall, our findings support the predictions of the adaptive markets hypothesis and help us understand antecedents such as capital, arbitrage intensity, etc. which affect the evolution of arbitrageur strategy.

The analysis undertaken, firstly aims to identify the extent to which equities, their indexes and their derivatives priced in accordance with their fair value. Secondly, presuming that the traded values of the instruments do not in all instances equate to the fair value, the research aims to develop an effective means to identify and manage profitable opportunities arising from the mispricing. General concepts relating to profitability, trade identification, risk and continuous improvement of the processes are addressed. This includes recommendations on the management of the risks through a structured reporting process. The research looks at arbitrage trading in the South African market from the perspective of an empirical review into the market's participation in equity and equity derivative arbitrage. In addition to this empirical analysis, a time series analysis into various arbitrage strategies is conducted with the view to determining their relative profitability. The first component of the empirical research focuses on the arbitrage trading strategies adopted by a sample of 80 institutions. Where the institutions trade arbitrage strategies, the research undertook to establish what methods are used to identify, trade and manage the index arbitrage, single stock futures arbitrage, risk arbitrage, statistical arbitrage and volatility arbitrage trading opportunities that present themselves within the South African Market. Information gathered did not only focus on the actual trading strategies but also determined the relative cost structures, profitability and risk management processes that are employed to support these trading initiatives. The time series analysis focused on index futures, single stock futures, risk, dual listed and statistical arbitrage methods, and reflects the results before and after transaction costs. These arbitrage strategies were applied to the ALSI Top 40 index or its associated shares and generally spanned a period of about four years. Finally the research presents an arbitrage business model that is aimed at providing a blue print for arbitrage trading which covers: new arbitrage strategy, implementation, market risk, execution, profit, traders, cost Finally, the research provides a multiple regression method for application in identifying further arbitrage trading opportunities within the South African environment. / School of Business Leadaership / DBL

La définition hypermondialiste de la mondialisation force le constat que d’une société composée d’États juxtaposés et souverains qui dictent leurs lois, désormais c’est la libre concurrence et les lois du marché qui encadrent toutes les activités au sein de l’État. Afin de s’attirer l’investissement étranger, considéré comme un facteur de développement économique, les États se dotent de divers moyens dont les dispositions légales et conventionnelles offrant d’importants droits substantiels aux sujets de droit interne. L’élaboration de normes internes et internationales est désormais conditionnée par la nécessité de réunir les conditions les plus favorables à l’investissement étranger.

The impact of political and economic events on the asset pricing model described by the arbitrage pricing theory (APTM) was examined in order to establish if they had caused any changes in its specification. It was concluded that the APTM is not stationary and that it must be continuously tested before it can be used as political and economic events can change its specification. It was also found that political events had a more direct effect on the specification of the APTM, in that their effect is more immediate, than did economic events, which influenced the APTM by first influencing the economic environment in which it operated. The conventional approach that would have evaluated important political and economic events, case by case, to determine whether they affected the linear factor model (LFM), and subsequently the APTM, could not be used since no correlation was found between the pricing of a risk factor in the LFM and its subsequent pricing in the APTM. A new approach was then followed in which a correlation with a political or economic event was sought whenever a change was detected in the specification of the APTM. This was achieved by first finding the best subset LFM, chosen for producing the highest adjusted R2 , month by month, over 87 periods from 20 October1991 to 21 June 1998, using a combination of nine prespecified risk factors (five of which were proxies for economic events and one for political events). Multivariate analysis techniques were then used to establish which risk factors were priced most often during the three equal subperiods into which the 87 periods were broken up. Using the above methodology, the researcher was able to conclude that political events changed the specification of the APTM in late 1991. After the national elections in April 1994 it was found that the acceptance of South Africa into the world economic community had again changed the specification of the APTM and the two most important factors were proxies for economic events. / Business Leadership / DBL

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Statistics and Actuarial Science / Master / Master of Philosophy

L’étude porte sur les procédures qui se déroulent « sur requête unilatérale », c’est-à-dire sans que la partie contre laquelle le requérant demande au juge de prononcer une mesure soit préalablement convoquée et entendue. Ces procédures sont d’une importance capitale dans la pratique notamment en matières civile, familiale, sociale et économique, dans lesquelles elles reçoivent de très nombreuses applications quotidiennes. Il s’agit principalement d’analyser de manière approfondie la question de la conformité de ces procédures unilatérales aux règles du procès équitable et au principe général du droit imposant le respect des droits de la défense. L’étude tente de démontrer que le recours à la procédure unilatérale respecte ces règles et principe s'il est strictement encadré et s’il s'accompagne de garanties quant aux pouvoirs du juge qui connaît de la requête et aux voies de recours dont dispose la partie qui est condamnée sans être préalablement convoquée et entendue. Cet objectif peut être atteint moyennant certaines interprétations nouvelles de la loi et plusieurs modifications légales. Des propositions de textes sont dès lors présentées pour améliorer le régime actuel des procédures sur requête unilatérale et l’adapter aux exigences dégagées à l’issue de l’étude.

Šiame darbe visų pirma pateikiama alternatyvaus investavimo fondų apžvalga, vėliau pereinama prie arbitražo strategijų nagrinėjimo. Norint išnaudoti atsiradusį kainų skirtumą tarp dviejų vertybinių popierių su vienodais ateities pinigų srautais reikia pigesnį iš jų pirkti, o brangesnį skolintis ir parduoti. Skirtumui sumažėjus ar išnykus gaunamas pelnas. Skolinantis realiose rinkose beveik visada reikalaujama užstato. Dėl šios priežasties, kainų skirtumui netikėtai padidėjus, patiriamas nuostolis. Arbitražas tampa rizikinga investicija, reikalaujančia pradinio kapitalo. Sukūrėme patį paprasčiausią modelį, parodantį užstato reikalavimo įtaką pelnui iš arbitražo, taip pat randame optimalią strategiją, maksimizuojančią šį pelną. Parodome, kad rinkoje gali egzistuoti arbitražo galimybės, kurios nebus išnaudojamos dėl galimo kainų skirtumo padidėjimo. / This paper, after giving a short introduction to hedge fund industry, studies arbitrage strategies. We consider two assets with identical cash flows. Initially, there is a gap between their prices. Arbitrageur, willing to profit from the mispricing, buys cheaper of the two assets and sells the more expensive one short. If the price difference converges to zero, he makes profit. Arbitrage position can generate losses if the spread widens before converging. Short selling is almost always done with a collateral requirement. For this reason, arbitrage position can generate losses if the spread widens before converging. Arbitrage becomes a risky investment with an initial wealth requirement. We created a simple model, showing how collateral requirement affects profit from an arbitrage opportunity. We also found the optimal strategy to maximize this profit. We showed that arbitrage opportunities can exist in a market; however, they might not be exploitable due to unexpected widening of spreads.