"The purpose of this paper is to analyze the problem created by a rising price level as it affects accounting and to appraise in the light of the broad social responsibility of accounting certain proposals for giving effect to price-level changes in accounting statements"--Introduction. / Typescript. / "August, 1958." / "Submitted to the Graduate Council of Florida State University in partial fulfillment of the requirements for the degree of Master of Science." / Advisor: John E. Champion, Professor Directing Paper. / Includes bibliographical references.

I present a simple model of an evolutionary financial market with heterogeneous agents, based on the concept of adaptive belief systems introduced by Brock and Hommes (1997a). Agents choose between different forecast rules based on past performance, resulting in an evolutionary dynamics across predictor choice coupled to the equilibrium dynamics. The model generates endogenous price fluctuations with similar statistical properties as those observed in real return data, such as fat tails and volatility clustering. These similarities are demonstrated for data from the British, German, and Austrian stock market. (author's abstract) / Series: Working Papers SFB "Adaptive Information Systems and Modelling in Economics and Management Science"

Thesis (Ph. D.)--University of Missouri-Columbia, 2000. / Typescript. Vita. Includes bibliographical references (leaves 114-116). Also available on the Internet.

Thesis (Ph.D.)--Mississippi State University. Department of Political Science and Public Administration. / Title from title screen. Includes bibliographical references.

This paper studies the dynamics of an asset pricing model based on simple deterministic agents. Traders are heterogeneous with respect to their time horizon, prediction function and trade interval. Concerning the trade interval we distinguish between intraday traders and end-of-day traders. Intraday traders update their portfolio every period, whereas end-of-day traders adjust their positions only at the closing price of each trading day. The parameter values of the model were partially determined by an adapted Markov chain Monte Carlo sampling method. We analyse the properties of the time series and find that they exhibit low autocorrelation of the returns, volatility clustering and fat tails. Particularly heterogeneous trade intervals seem to be an important factor for generating time series showing "stylized facts". (author's abstract) / Series: Working Papers SFB "Adaptive Information Systems and Modelling in Economics and Management Science"

Thesis (Ph. D.)--University of Missouri-Columbia, 2000. / Typescript. Vita. Includes bibliographical references (leaves 114-116). Also available on the Internet.

In this thesis I present three papers on the Economics of the base metals industry. The thesis studies production, trading, and investment in the base metals industry, and thus explains some phenomena of the industry in an international context. Using the features of the base metals industry such as the practices in production and trading, physical properties, geology of the deposits and so on, we build theoretical models to simulate the behavior of the industry. In Chapter One, we study the determinants and the trend of base metals prices over time by an equilibrium model of supply and demand. Because the different types of natural resources exhibit different patterns of price changes in history, we particularly simulate the long run equilibrium to study the impacts of the determinants for base metals prices. The Cobb-Douglass production function on the supply side allows substitution among production factors. The demand function for base metals from the economy is also derived. In the long run, equilibrium of aggregate supply and demand determines the systematic price trend. We show how trends of base metals prices depend on technological progress, resource scarcity, natural resource tax, and the interest rate. Assuming constant returns to scale in base metals production, the price elasticity of the supply of base metals is relatively small. Interestingly, a high natural resource tax leads to a high price but low rate of price change over time. On the supply side, the decline of base metals relative prices can thus be explained by the inverse supply functions. On the demand side, the relative price is also declining over time as we see the implications of the inverse demand functions and our numerical illustrations. By solving the equilibrium condition, we show that the economic rent of base metals minerals in reserve may decline over time, or even not be valuable in future. The price elasticities of supply and demand are calculated and decomposed into specific effects. These are systematic components of base metal price changes in the world market. Chapter Two deals with the fluctuations in the prices of base metals. We consider the price in the short run as an equilibrium of trade. If the long run equilibrium regulates the prices and sets them in a stabilization, then the fluctuations in price are caused by the trade and speculative activities. By simulating speculative activities and optimizing the utility of agents in international exchanges, we show that the price fluctuations are the response to risk preferences of agents and the scale of international exchanges. We find out the critical point of production investment, which depends on the market demand, profitability of the metal industry, and the distribution of base metal minerals in nature. In the specific case of the industry versus the market condition when the uncertain production is above the critical point, the price of base metal fluctuates more or less according to the number of producer offers in base metal exchanges, the speculative activities, and risk preferences of agents. In contrast, if the investment level of the base metals industry in uncertain production is below the critical point, the effects of base metal exchanges scale to the price are in the reverse direction. The comparative statics inequalities are derived to clarify the responses of the price to the risk preferences of agents and scale of the international exchanges. Hence, the non-systematic changes of base metals prices in international exchanges are explained. Chapter Three studies the impact of the industrial and commercial processes on investment decisions in the base metals industry. The investment decisions of investors in the primary capital market and the stock price in the secondary capital market reflect properties of the base metals industry in capital markets. We present a model of investments, which is a two stage game that incorporates Hall-Jorgenson neoclassical investment analysis and properties of the base metals industry. The paper presents a set of explanatory parameters for the properties of base metal stocks and analyzes the investment decisions. We define the industry factor and explain the empirical observations on the beta coefficient of base metal stocks. The relationships between stock prices and base metals prices are clarified using the geology of base metals deposits. The results show that there is a strong impact of the industry factor on the volatility of base metal stock prices. Economies of scale in the mining industry lead to different effects of tax policy and output prices on investment decisions. We support conclusions of the model by evidence in the base metals industry. There are policy implications that are derived from the equations of the optimal investment. Key words : Base Metals, Price Fluctuations, Price Trends, Risk Aversion, Metals Industry, LME, International Exchange, Metal Stocks, Investment.

台灣擁有許多很好很賺錢的企業，這些企業形成高獲利投資的明星產業。為尋找台灣股市波動因素對股價的影響，與股票市場投資正確方法與目標，本研究試圖從高價電子產業股中以企業背景、產業特性、重大事件等依據研究出投資行為是否有跡可尋，進而擬定適當的投資策略，成為高價電子股是否可以追尋與研究之重要課題。爰此，本文旨在探討台灣股市波動因素研究與企業股價波動因素之關連研究，藉由電子相關類股研究以產業因素、大環境景氣循環統計變數及企業經營策略來進行討論研究，並透過次級資料分析及歷史資料事件分析，以高價電子股票來進行市場研究。研究結果顯示台灣股市波動因素可以經由企業經營策略、市場競爭資訊來源、景氣評估準則、重大事件特性與產業循環等方面予以適當解釋。此外，可將高價股企業股價波動因素研究分為三個區隔研究，並對此三個區隔研究目標研擬有效的投資策略。本研究之結果可藉由產業角度來分析股價波動因素有用之資訊，對台灣高價股價高股股價波動因素找尋一些投資策略的蛛絲馬跡亦有一定之對高價電子股之企業股價之參考價值。 / Taiwan and discuss factors affecting stock price fluctuations in quality companies by the corresponding industry structures,The existence of quality companies that are well positioned to benefit from the economic trends in Taiwan has developed into a unique industry for investment choice. In order to search for a proper method and objective for investing in the Taiwanese stock market, this paper attempts to infer a favorable investment behavior from the company background, industry characteristics, and event studies of specific growth stocks, and further proposes appropriate investing strategies. Specifically, the purpose of this paper is to conduct stock market research with quality companies in Taiwan and discuss factors affecting stock price fluctuations in quality companies by the corresponding industry structures, statistical indicators for economic cycle and event studies. The result of this research indicates that stock price fluctuations in quality companies can be justified by company management strategies, information source from the market, evaluation guidance for economic cycle, characteristic of event studies and industry cycle. Moreover, the research in sock price fluctuations in quality companies can be divided into three individual research areas and three effective investment strategies can be proposed accordingly. In conclusion, this paper demonstrates that factors affecting stock price fluctuations can be explained from the perspective of industry analysis and would contribute in providing beneficial reference for proposing the appropriate investment strategies.

In September, 1979, the Financial Accounting Standards Board issued FASB Statement No. 33, which required certain corporations to issue specified supplementary information based on constant dollars and current costs. This information is intended to show the impact of inflation on the reported earnings and capital of business enterprises. Opponents of Statement No. 33 claim that the required supplementary information is difficult to interpret and, therefore, will not be used. Proponents contend that the information is self-explanatory and would highlight the impact of inflation on the performance of business enterprises. Thus, they conclude the supplementary data will be useful to various user groups and will be used. This dissertation's primary objective was to determine whether the supplementary data will be used by financial analysts in the Dallas/Fort Worth and Houston regions in evaluating an enterprise's operating performance and its ability to maintain physical operating capability and the general purchasing power of financial capital.

This study looks at the price mechanism of the digital quasi-currency bitcoin. Through statistical analysis of secondary data a probable significant results regarding correlation and regression between price and different independent variables have been established. The final analysis is pointing towards network effects being a part of the determinants for the crypto-currency’s price. Complimentary to the quantitative study explained above, an implementation of hermeneutic analysis based on secondary theoretical sources, journalistic opinion and a professional qualified judgment has aided the author and study in conceptual understanding. This interpretation has semantic character, and takes a Socratic kickoff regarding the nature of bitcoin as a financial instrument. The analysis runs back and forth throughout the course of the study and finally intertwines with qualitative results in the discussion. It is the author’s impression that a significant dimorphism surrounds bitcoin, calling for a conceptual differentiation leading to practical rethinking. The study takes the shape of a case-study conducted over four months. The author’s location during the process of writing was Stockholm Sweden, but the gathered data is of transnational character. / Den här studien tittar på prismekanismen hos den digitala kvasi-valören bitcoin. Genom statistisk analys av sekundärdata har sannolikt signifikanta resultat angående korrelation och linjärregrission mellan pris och olika oberoende variabler ettablerats. Den slutgiltiga analysen pekar mot att nätverksvariabler är delaktiga i avgörandet av krypto-valutans pris. Komplimentärt till den kvantitativa studen förklarad ovanför så har en implementation av hermeneutisk analys basserad på sekundära källor, journalistiska åsikter och ett professionellt kvalifiserat uttalande hjälpt författaren samt studien i dess konceptuella förståelse. Denna tolkning har semantisk karaktär, och tar Sokratisk avstamp gällande bitcoins natur som ett finansielt instrument. Analysen går fram och tillbaka genom uppsatsens gång, för att slutligen sammanvävas med de kvantitativa resultaten i uppsatsens diskussion. Det är denna förfatares intryck att en signifikant dimorphism omsluter bitcoin och kallar för en konceptuel differensiering som leder till praktiskt nytänkande. Studen tar formen av en fallstudie som genomförts om loppet av fyra månader. Författarens plats genom skrivandeprocessen var Stockholm Sverige, men den samlade datan har transnationell karaktär.