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Text in Afrikaans / Die primere doelstelling met hierdie studie was om 'n kritiese beskouing van die staat van kontantvloei-inligting (hierna genoem die staat) as element van finansiele verslagdoening te verskaf met die oog op die identifisering van moontlike leemtes, tekortkominge en nut wat die gebruikers van die staat ondervind. Die studie dui daarop dat alhoewel daar 'n aantal leemtes en tekortkominge in die huidige staat is, daar wei 'n behoefte aan die kant van die gebruiker na 'n staat van kontantvloei-inligting as deel van die finansiele state bestaan. Die waarde van sodanige staat is deurgaans in die literatuurstudie sowel as met die empiriese studie beklemtoon. Dit het ook in die studie na vore gekom dat die staat vir gebruikers van groot waarde is in die evaluering van solvensie en risiko in bepaalde ondernemings. Die gebruikswaarde van die staat maak dit dringend noodsaaklik dat daar onverwyld aandag aan die leemtes geskenk moet word. Verskeie aanbevelings vir 'n verbeterde staat van kontantvloei-inligting word dan ook in hierdie studie gemaak en dit sluit 'n moontlike model in. 'n Aantal aanbevelings rondom die praktiese aspekte van die gebruik van die staat word ook gemaak, omdat dit die potensiaal het om 'n onmisbare hulpmiddel vir die gebruiker te word. / The prime objective of this study was to take a critical look at the cash flow information statement (hereinafter named the statement) as an element of financial reporting. It was based on the experience of the users in view of identifying possible gaps, shortcomings and benefits. The study suggests that a definite need occurs from the users side for cash flow information as part of the financial statements. It was also evident from the study that the statement is a very important tool for the evaluation of solvency and risk. The usability of the statement necessitates that attention be given to the gaps. Several recommendations, including a possible model were made for an improvement in the statement. A number of recommendations were also made regarding practical aspects for the use of the statement, since it has the potential to be an indispensable tool for users. / Financial Accounting / M. Com. (Accounting)

Text in Afrikaans / Die primere doelstelling met hierdie studie was om 'n kritiese beskouing van die staat van kontantvloei-inligting (hierna genoem die staat) as element van finansiele verslagdoening te verskaf met die oog op die identifisering van moontlike leemtes, tekortkominge en nut wat die gebruikers van die staat ondervind. Die studie dui daarop dat alhoewel daar 'n aantal leemtes en tekortkominge in die huidige staat is, daar wei 'n behoefte aan die kant van die gebruiker na 'n staat van kontantvloei-inligting as deel van die finansiele state bestaan. Die waarde van sodanige staat is deurgaans in die literatuurstudie sowel as met die empiriese studie beklemtoon. Dit het ook in die studie na vore gekom dat die staat vir gebruikers van groot waarde is in die evaluering van solvensie en risiko in bepaalde ondernemings. Die gebruikswaarde van die staat maak dit dringend noodsaaklik dat daar onverwyld aandag aan die leemtes geskenk moet word. Verskeie aanbevelings vir 'n verbeterde staat van kontantvloei-inligting word dan ook in hierdie studie gemaak en dit sluit 'n moontlike model in. 'n Aantal aanbevelings rondom die praktiese aspekte van die gebruik van die staat word ook gemaak, omdat dit die potensiaal het om 'n onmisbare hulpmiddel vir die gebruiker te word. / The prime objective of this study was to take a critical look at the cash flow information statement (hereinafter named the statement) as an element of financial reporting. It was based on the experience of the users in view of identifying possible gaps, shortcomings and benefits. The study suggests that a definite need occurs from the users side for cash flow information as part of the financial statements. It was also evident from the study that the statement is a very important tool for the evaluation of solvency and risk. The usability of the statement necessitates that attention be given to the gaps. Several recommendations, including a possible model were made for an improvement in the statement. A number of recommendations were also made regarding practical aspects for the use of the statement, since it has the potential to be an indispensable tool for users. / Financial Accounting / M. Com. (Accounting)

At present, there is no cure for bone metastasis. The current goals in patient care are to palliate pain, prevent pathological bone fracture and increase the strength and function of bone, so as to extend the life expectancy and maintain a good quality of life. Bisphosphonate treatment is the currently standard therapy of bone metastasis and is commonly used by physicians; it alleviates the tumour-induced hypercalcemia in 90% of patients and reduces the metastatic bone pain in 50% of patients. Moreover, it also prevents the pathological fracture of the affected bones. However, while effective, bisphosphonate injections are very costly, though its oral formulation is less expensive it is also less efficacious, and causes gastrointestinal discomfort. Furthermore, prolonged use of bisphosphonate treatment may lead to certain adverse effects, including hypocalcemia. These factors will prohibit the longterm use of such medication as it can negatively affect the treatment outcome. / Based on enormous medical potentials illustrated by the aforementioned findings, BBYNG deserves wider clinical application, large-scale clinical study on its preventive effect against bone metastasis and detailed investigation of its mode(s) of action in the body. / Based on the above-described understanding of Chinese medicine and bone metastasis, supplementing the kidney and strengthening bone could be the basic principle for the treatment of bone metastasis using Chinese medicine. In view of this theory, and in addition to the clinical observation and a thorough search of the available literature, we selected relevant kidney-tonifying Chinese herbs, namely (Fructus Ligustri Lucidi), (Rhizoma Drynariae), (Herba Epimedii), (Psoralea Corylifolia) and wide-spectrum anticancer herbs (Herba Hedyotidis Diffusae) for the preparation of a combined formula--BBYNG. / Chinese medicine has long been used to treat cancers. Its advantages reside in its holistic properties, which bring palliative, corrective and convalescing functions against damage caused by radiotherapy, chemotherapy and surgery. These features position Chinese medicines as the adjuvant to orthodox cancer treatment. During the late stage of tumour development, when standard therapy is no longer effective, Chinese medicine plays a critical role as an integrated therapy. Searching for a safe, inexpensive and effective Chinese medicine preparation suitable for prolonged use as adjunct therapy in late cancer cases is of paramount importance. / Clinical results. Both Chinese medicine and Western medicine treated patients showed no significant change in their blood parameters or liver and kidney examinations before and after drug administration; Male subjects on BBYNG, their bone mass density remained stable after 6 months treatment and the subjects on OSTAC showed slightly decreased In females, subjects on BBYNG remained stable, but subjects on OSTAC slightly increased. / Clinical study. The study was designed as a randomized, parallel-group comparison between BBYNG formula and Bisphosphonate. The patients who meet the inclusion/exclusion criteria were randomly assigned to receive either BBYNG granules, which was prepared by a GMP manufacturer, or Clodronic acid. The treatment period was 6 months (24 weeks). For both groups, various clinical parameters such as body functions, blood examinations, bone density (BMD) assessment, X-ray examinations, pain intensity and quality of life were evaluated and compared. / Conclusions. (1) As an adjuvant to patients with bone metastases, BBYNG is effective in relieving the metastatic bone pain, improving the quality of life. (2) In the animal model, BBYNG reduced the metastatic bone damage, prolonged the survival and enhanced the T lymphocyte immunity in the tumour-bearing mice. (3) In vitro study on the breast and lung cancer cell lines showed that BYYNG could induce apoptosis and prevent tumour cell invasion. It suggests that BYYNG may restrict tumour growth and development, thus reducing the occurrence of bone metastasis. / In accordance with Chinese medicine, bone metastasis can be categorized into "bone tumour" "bone erosion" "bone wilting" "bone necrosis" and "bone impediment". The main cause of bone metastasis is twofold: cancer toxicity, and in Chinese medicine theory, the kidney governs the bone marrow, if the kidney is not functioning in balance, then the bone will become weak. Cancer toxicity is the "pathogenic cause" to skeletal metastases, while kidney weakness decreases the body defence against the cancer. A vicious cycle ensues when cancer and kidney deficiency and bone weakness occurs simultaneously coincidently and worsens the conditions. / In vitro study on tumour cell lines. The anticancer effects of different concentrations of BBYNG formula and various single components against human breast cancer and lung cancer cell lines were evaluated by cell viability test (MTT assay), cell apoptosis test and invasion suppression test. / In vitro study results. BBYNG and the aqueous extracts of its component herbs at very low drug concentrations stimulated the growth of three tumour cell lines tested. When the concentrations were slightly increased, they showed an inhibitory effect on cancer cell proliferation. As the drug concentrations further increased, the extracts showed cytotoxic effects on these tumor cells. At the noncytotoxic dose, the extracts could trigger apoptosis and enhance the caspase-3 activity in all three tumour cell lines. In addition, at this "non toxic" concentration, the extracts markedly inhibited the in vitro invasive property of the 4T1 breast cancer cell lines in our Matrigel invasion model. Thus these in vitro results suggested that BBYNG possess anticancer, invasion-inhibitory and anti-metastatic activities. / In vivo animal study results. (Tumour growth was slower in the BBYNG treatment group when compared to the OSTAC and control groups, but this was not significantly difference) BBYNG significantly delayed tumour growth in tumour bearing mice, but it did not minimize the tumour size markedly. Moreover, BBNYG did minimize the mobility restriction caused by tumours, reduce the damage to bones, prolong the survival time and enhanced the T lymphocyte immunity. / In vivo animal study. A well-established animal model for breast cancer was used to evaluate and compare the pharmacological effects of BBYNG formula and Clodronic acid, as shown by different indicators such as tumour progression, animal's mobility, survival time, bone metastasis-induced fracture intensity and the immunological status of the tumour-bearing mice. / Malignant tumour is characterized by early metastasis. Among them 37 to 80 (depending on which type of cancer) patients show tendency of bone metastasis. Bone metastasis is usually accompanied by various complications, such as severe pain, pathological bone fracture, hypercalcemia, and bone marrow suppression, which can substantially affect the quality of life of the patients. Thus, the prevention and treatment of bone metastasis in cancer is an issue worth pursuing. / Malignant tumours leading to high mortality and morbidity are a serious threat to human health. It is the leading cause of death in China. In Hong Kong, there are over 20 thousand new cancer cases and more than 1100 people die due to cancers every year. / Study objectives. To elucidate the efficacy and some pharmacological aspects of BBYNG in regard to the treatment of bone metastasis through clinical observation and different laboratory experiments. This study would be of significant reference value to the disease-oriented drug formulation and application, mechanistic study and research methodology of the treatment of bone metastasis using Chinese medicines. / The clinical and laboratory experimental results are summarized as below: / The research study is composed of three parts, the clinical study, in vivo animal study and in vitro study on tumour cell lines. The research methods used are as follows: / Those on BBYNG treatment showed more a stable and satisfactory quality of life than those in the Western medicine-treated group. For the Clodronic acid treatment group, patients generally showed worsened symptoms and quality of life deteriorated. The ECOG index of the BBYNG group was statistically better than that of the Clodronic acid group. Within the 72-week clinical observational period, the mortality of Clodronic acid group is significantly higher that of the BBYNG group. The effects of BBYNG group as presented in relieving the pain-induced influence on patients' emotion, interpersonal relationship and entertainment was more pronounced than that in the Clodronic acid group. / Wu Ka. / 論文(哲學博士)--香港中文大學, 2006. / 參考文獻(p. 299-324). / Adviser: Leung Ping Chung. / Source: Dissertation Abstracts International, Volume: 68-03, Section: B, page: 1570. / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in Chinese and English. / School code: 1307. / Lun wen (zhe xue bo shi)--Xianggang Zhong wen da xue, 2006. / Can kao wen xian (p. 299-324). / Wu Ka.

The project developed a web-based application that provides a user-friendly interface to assist practitioners of traditional Chinese medicine in determining the correct diagnosis. Traditional Chinese Medicine On-line Diagnosis System (TCMODS) allows a diagnostician to enter a patient's symptoms using a series of questionnaires to determine health status, which will then be stored in the database as part of the patient's medical records. The database will also differentiate among the patterns of syndromes known in traditional Chinese medicine and search and match these with the patient's data to the known uses of Chinese herbs. TCMODS will then generate that patient's medical record, including the symptoms of the ailment, the syndrome, and a prescription. User identification and access privileges were differentiated in order to maintain the integrity of the patient medical data and the information needed to make the diagnoses. The project was designed to function across platforms and was written using HTML, JSP, and MySQL.

University of Macau / Institute of Chinese Medical Sciences

University of Macau / Institute of Chinese Medical Sciences

Burundi realiza una práctica presupuestaria cercana a los modelos jurídicos napoleónicos y Westminster usados en los sistemas presupuestarios de los países de la OCDE. Es un país sin ingresos fiscales interiores suficientes porque el 90% de la población vive de la economía de subsistencia. Esto provoca una dependencia de las transferencias y préstamos externos de los presupuestos generales del Estado. Este trabajo analiza cualitativamente y descriptivamente los presupuestos generales del Estado burundés. Se muestra que el marco institucional presupuestario está modernizado y armonizado con la contabilidad por partida doble sin integrarse en la contabilidad estatal que sigue siendo de line ítems. Las cifras presupuestarias muestran una preponderancia de las transferencias externas, lo que dirige los fondos correspondientes hacia programas aislados del marco de control presupuestario clásico, propio de las economías avanzadas. Por consiguiente, los presupuestos corrientes se ajustan al comportamiento de los ingresos externos favoreciendo así la corrupción. / States as Burundi implement budgeting practices similar to the napoleonic and Westminster legal models used by OECD states budgeting systems. Burundi State has not enough budgeting domestic fiscal receipts because 90% of his population lives in a subsistence economy. That causes exterior aid and debt dependence respect to Burundi State general budget which is analyzed qualitatively and descriptively in this study. This analysis shows that the institutional budget legal framework is modernized with an accrual budgeting and accounting basis but it practically stays working in line items practices. Budgetary aggregates evolution shows a speculation on exterior aid/grants and debt. This problem orients correspondent founds to isolated programs from a classic budget control framework in advanced economies. In this way, the ordinary budget is adjusted to exterior receipts behavior which favors corruption. / Les Etats comme le Burundi réalisent une pratique budgétaire proche des modèles juridiques napoléoniens et Westminster utilisés par les systèmes budgétaires des Etats de l’OCDE. C’est un Etat sans recettes fiscales intérieures suffisantes, 90% de la population vivant dans une économie de subsistance. Cela provoque une dépendance aux dons et à la dette extérieure du budget général de l’Etat burundais que ce travail analyse qualitativement et descriptivement. L’étude montre que son cadre institutionnel budgétaire est modernisé par une prévision budgétaire harmonisée avec la comptabilité à partie double sans l’implanter dans la comptabilité de l’Etat qui reste de line items. Aussi, l’évolution des agrégats budgétaires montre une spéculation sur l’aide/don et la dette extérieure, ce qui oriente les fonds correspondants vers des programmes isolés du cadre de contrôle budgétaire classique des économies avancées. Ainsi, le budget courant s’ajuste au comportement des recettes extérieures ce qui favorise la corruption.

Aquesta tesi ofereix un examen en profunditat del comportament d’apreuament de les accions dipositades per part dels mercats emergents que, en gran part, s’han menystingut tot i el seu paper de dominació en l’àmbit del creuament de cotitzacions estrangeres. Les característiques de les accions dipositades fan que tinguin un valor idèntic al del seu stock subjacent i, per tant, esperen ser valorades de la mateixa manera. El fet de dur a terme una anàlisi detallada d’aquesta qüestió ha estat obstaculitzat fins ara per la falta de qualitat de les dades del dia a dia dels mercats emergents, unes informacions que faciliten l’anàlisi a temps real de la relació entre els preus de les accions dipositades i els seus stocks subjacents. Aquest estudi directe és necessari des del moment que aquests mercats tenen grans barreres comercials que possiblement distorsionen les relacions d’apreuament teòriques i emmascaren els veritables patrons d’apreuament. En el primer assaig s’examina el llarg funcionament fonamental de la relació econòmica que lliga els dos valors: la llei del preu únic. Proves recents demostren que, contràriament a allò que ocorre amb els valors de mercat, l’equitat de preus es trenca en els valors dels mercats emergents a causa de la presència de barreres comercials com ara els preus de comerç, les restriccions de la venda al detall i el control de capital. En el primer assaig es confirma la violació de la llarga carrera de la paritat en els preus de les accions dipositades egípcies, fet que està corroborat per proves de fortalesa dutes a terme durant diversos caps de setmana al mercat local i al mercat amfitrió, com també en els moviments del règim del tipus de canvi. El segon assaig se centra a identificar si existeixen oportunitats reals d’arbitratge quan es viola l’equilibri en la relació d’apreuaments subjacent. En l’anàlisi s’utilitza una única freqüència elevada durant dos anys de dades diàries de 16 valors egipcis i argentins per identificar si existeixen oportunitats d’arbitratge durant el període en què els dos valors estan comerciant i establir si les comercialitzacions d’arbitratge juguen algun paper en la convergència de preus. La metodologia emprada es basa en un procediment d’identificació del nou arbitratge que té en compte les despeses del comerç dinàmic i el volum d’aquest. S’ha establert una evidència de la presència d’un gran nombre d’oportunitats d’arbitratge a través de la mostra. S’ha vist que les oportunitats d’arbitratge persisteixen durant uns quants minuts i demanen més d’una comercialització per convergir en zones no arbitrades. A partir d’un algoritme de filtració s’extreuen les veritables comercialitzacions d’arbitratge de la comercialització d’arbitratge de les dades i s’estableix la importància del rol d’arbitratge en el moment de restablir els preus al seu valor fonamental i en el moment d’evitar que els preus vagin a la deriva lluny d’un preu implícit comú i eficient. El tercer assaig afegeix l’anàlisi de l’arbitratge i fa servir les mateixes dades diàries per examinar si és el mercat local o l’estranger el que juga un paper més dominant en l’apreuament diari dels valors de les cotitzacions creuades egípcies i argentines. Els resultats mostren que els dos mercats són importants per al procés de descobriment de preus, però que tant per a tots els valors egipcis com per a la major part dels argentins, el mercat local juga un paper més dominant. S’ha determinat que la localització de la descoberta del preu depèn de múltiples factors, entre els quals la liquiditat i el volum de comercialitzacions que cada mercat pot atraure són els més importants. El darrer assaig de la tesi va estar motivat pels resultats del tercer assaig i inspirat pels moviments de la Primavera Àrab de l’Orient Mitjà. L’aixecament a Egipte del 25 de gener va estar acompanyat pel tancament complet dels mercats d’stock durant dos mesos sencers. Aquest fet va crear una situació interessant en la qual els únics valors egipcis que podien comercialitzar eren aquells que tenien accions dipositades i que comercialitzaven al Regne Unit. Utilitzem aquest fet per examinar l’efecte d’un canvi en el marc legal en la localització de la descoberta del preu i per determinar que durant el període d’excepció durant el qual el mercat local va estar tancat, la localització de la descoberta del preu va canviar al mercat estranger, fent que aquest fos la localització dominant per a les activitats d’apreuament. Això proporciona dades de la naturalesa dinàmica del descobriment de preus de les accions dipositades. / Esta tesis ofrece un examen en profundidad del comportamiento de pricing de los recibos de depósito por parte de los mercados emergentes que, en gran parte, ha sido negligido a pesar de su papel dominante en el ámbito del cross-listing extranjero. Las características de los recibos de depósito hacen que sean títulos idénticos a su stock subyacente y, por tanto, se espera que sean valorados de la misma forma. El análisis detallado esta cuestión ha visto obstaculizado hasta ahora por la falta de datos de calidad intradía de los mercados emergentes, que facilite el análisis en tiempo real de la relación entre los precios de los recibos de depósito y su stock subyacente. Este análisis directo es necesario desde el momento que estos mercados tienen grandes barreras comerciales que posiblemente distorsionan las relaciones de pricing teóricas y enmascaran los verdaderos patrones de pricing. En el primer estudio, se examina la relación económica fundamental a largo plazo que relaciona los dos títulos: la ley del precio único. Pruebas recientes demuestran que, contrariamente a aquello que ocurre con los valores del mercado desarrollado, la paridad de precios se rompe en los valores de los mercados emergentes debido a la presencia de barreras comerciales como los precios comerciales, las restricciones de venta a corto y el control de capital. Este primer estudio confirma la violación de la paridad de precios de los recibos de depósito egipcios, hecho que está corroborado por los tests de fortaleza llevados a cabo durante varios fines de semana entre el mercado local y el de acogida, como también en los cambios de régimen del tipo de cambio. El segundo estudio se centra en identificar si existen oportunidades reales de arbitraje cuando se viola la relación de pricing de equilibrio subyacente. En el análisis, se usa una única serie de datos intradía de alta frecuencia durante dos años de 16 valores egipcios y argentinos para identificar si existen oportunidades de arbitraje durante el período en que los dos valores se están comerciando y establecer si las comercializaciones de arbitraje tienen algún papel en la convergencia de precios. La metodología usada se basa en un nuevo procedimiento de identificación del arbitraje que tiene en cuenta los costes comerciales dinámicos y los volúmenes. Se ha constatado que existe un gran número de oportunidades de arbitraje a lo largo de la muestra. Se ha visto que las oportunidades de arbitraje persisten durante unos cuantos minutos y requieren más de una comercialización para converger en zonas no arbitradas. A partir de un algoritmo de filtración, se extraen los intercambios reales de arbitraje de los intercambios de la serie de datos y se establece la importancia del rol de los árbitros para restablecer los precios a sus valores fundamentales y evitar que los precios se alejen de un precio implícito común y eficiente. El tercer estudio se basa en el análisis del arbitraje y utiliza la misma serie de datos intradía para examinar si es el mercado local o el extranjero el que tiene un papel más dominante en el pricing intradía de los valores de las cotizaciones cruzadas egipcias y argentinas. Los resultados muestran que los dos mercados son importantes para el proceso de revelación del precio, pero que para todos los valores egipcios y para la mayor parte de los argentinos el mercado local tiene un papel más dominante. Se ha observado que la localización de la revelación del precio depende de múltiples factores, entre los cuales la liquidez y el volumen de comercialización que cada mercado puede atraer son los más importantes. El último estudio de esta tesis fue motivado por los resultados del tercer estudio e inspirado por los movimientos de la Primavera Árabe del Oriente Medio. La revuelta del 25 de enero vino acompañado por el cierre total de los mercados bursátiles durante dos meses enteros. Este hecho creó un escenario interesante en el cual los únicos valores egipcios que se podían comercializar eran aquellos que tenían recibos de depósito y que comercializaban en el Reino Unido. Utilizamos este hecho para examinar el efecto de un cambio en el marco legal de la locación del descubrimiento del precio y para ver que durante el período de excepción durante el cual el mercado estuvo cerrado, la localización de la revelación del precio ha pasado al mercado emergente, haciendo que este fuera la localización dominante para las actividades de pricing. Esto demuestra la naturaleza dinámica del descubrimiento de precios de los recibos de depósito. / This thesis provides an in-depth examination of the pricing behavior of depository receipts from emerging markets which have been largely overlooked despite their dominating role in the foreign cross-listing arena. Characteristics of depository receipts make them identical securities to their underlying stock and therefore both are expected to be priced equally. A detailed analysis of the issue has been so far hampered by the lack of quality intraday data from emerging markets that facilitates a real time analysis of the relationship between the prices of the depository receipt and its underlying stock. This direct examination is required since those markets have large trading barriers that are hypothesized to distort the theoretical pricing relationship and mask true pricing patterns. The first essay examines the fundamental long run economic relationship that ties both securities: the law of one price. Recent evidence shows that contrary to developed market equities, price parity is broken in emerging market equities due to the presence of trading barriers such as trading costs, short selling restrictions and capital controls. The first essay confirms the violation of long run price parity in Egyptian depository receipts which is corroborated by robustness tests around the different weekends between the local and host market as well as around exchange rate regime shifts. The second essay focuses on identifying whether real arbitrage opportunities exist when the underlying equilibrium pricing relationship is violated. The analysis uses a unique two year high frequency intraday dataset from 16 Egyptian and Argentinean equities to identify whether arbitrage opportunities exist during the period when both securities are simultaneously trading and establish whether arbitrage trades play a role in price convergence. The methodology used relies on a novel arbitrage identification procedure that uses dynamic trading costs and volumes. Evidence of the presence of large number of arbitrage opportunities across the sample is established. Arbitrage opportunities are found to persist for several minutes and require more than one trade to converge to no-arbitrage zones. A filtering algorithm extracts real arbitrage trades from the arbitrage trades from the dataset and establishes the important role of arbitrageurs in restoring prices to their fundamental values and in keeping prices from drifting away from a common efficient implicit price. The third essay builds on the arbitrage analysis and uses the same intraday dataset to examine whether the local or foreign market plays a more dominant role in the intraday pricing of the Egyptian and Argentinean cross-listed securities. The results show that both markets are important for the price discovery process, but that for all of the Egyptian and most of the Argentinean securities, the local market plays a more dominant role. The location of price discovery is found to depend on several factors, most importantly the liquidity and trading volume that each market can attract. The final essay in the thesis was motivated by the results of the third essay and inspired by the Arab spring movements in the Middle East. The 25th of January uprising in Egypt was accompanied by a full stock market closure for a complete two months. This created an interesting setting in which the only Egyptian equities that were allowed to trade were those with depository receipts trading in the UK. We use this event to examine the effect of a change in the legal environment on the location of price discovery and find that during the interim period where the local market was closed, the location of price discovery has shifted to the foreign market making it the dominant location for pricing activity. This provides evidence of the dynamic nature of the price discovery of depository receipts.

Submitted by Adelmo Ferreira de Lima Filho (adelmof.lima@yahoo.com) on 2018-06-25T20:04:28Z No. of bitstreams: 1 MPA_AdelmoLima_Dissertacao_Final.pdf: 3420689 bytes, checksum: 9ebd65e5d2b4e7fadfa1c409a555f83d (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-08-13T16:34:53Z (GMT) No. of bitstreams: 1 MPA_AdelmoLima_Dissertacao_Final.pdf: 3420689 bytes, checksum: 9ebd65e5d2b4e7fadfa1c409a555f83d (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-08-13T17:03:01Z (GMT) No. of bitstreams: 1 MPA_AdelmoLima_Dissertacao_Final.pdf: 3420689 bytes, checksum: 9ebd65e5d2b4e7fadfa1c409a555f83d (MD5) / Made available in DSpace on 2018-08-13T17:03:01Z (GMT). No. of bitstreams: 1 MPA_AdelmoLima_Dissertacao_Final.pdf: 3420689 bytes, checksum: 9ebd65e5d2b4e7fadfa1c409a555f83d (MD5) Previous issue date: 2018-05-25 / Este trabalho é um estudo misto com objetivo de capturar a percepção de um grupo selecionado de agentes do mercado de capitais sobre os fatores que influenciam o investimento em Brazilian Depositary Receipt – (BDRs) no mercado brasileiro. Tal questão é relevante porque desde seu lançamento o BDR foi apresentado ao mercado como sendo uma possibilidade de elaboração de novas estratégias de diversificação de investimento, arbitragem, capitação de recursos, dentre outros motivos. Dessa forma, o objetivo deste estudo é apresentar uma visão do BDR no mercado brasileiro e responder a pergunta pesquisa de quais fatores influenciam o investimento em BDRs no mercado de capitais brasileiro. Para atingir este objetivo foi realizada uma pesquisa do tipo survey, com o uso do método misto, combinando dados coletados através de um questionário pré-definido e dados qualitativos através de entrevistas com um grupo selecionado de agentes do mercado de capitais sendo corretoras, gestores de ativos, investidores profissionais, bancos de investimentos, instituições depositárias e escritórios de advocacias especializados em mercado de capitais no Brasil. Os resultados trazem: primeiro, uma visão histórica dos BDRs no Brasil; segundo, apresentam uma análise sobre os fatores que influenciam o uso dos BDRs no mercado de capitais no Brasil; terceiro, contribui para prática de mercado, revelando os aspectos dos BDRs; quarto, apresenta para qual mercado e público alvo esse ativo está atualmente direcionado baseado em uma visão de vantagens e desvantagens do investimento em BDRs. / This work is a mixed study aimed at capturing the perception of a selected group of capital market agents about the factors that influence the Brazilian Depositary Receipt (BDRs) investment in the Brazilian market. This issue is relevant because, since its implementation, the BDR has been presented to the market as a possibility to elaborate new strategies for investment diversification, arbitrage, fundraising, among other reasons. Thus, the objective of this study is to present a view of the BDR in the Brazilian market and to answer the research question of which factors influence the investment in BDRs in the Brazilian capital market. To achieve this objective, a survey was carried out using the mixed method, combining data collected through a pre-defined questionnaire and qualitative data through interviews with a selected group of capital market agents being brokerage firms, assets, professional investors, investment banks, depository institutions and law firms specializing in capital markets in Brazil. The results bring: first, a historical view of the BDRs in Brazil; second, present an analysis on the factors that influence the use of the BDRs in the capital market in Brazil; Third, it contributes to market practice, revealing aspects of BDRs; fourth, presents to which market and target public this asset is currently directed based on a vision of the advantages and disadvantages of investing in BDRs.