Asymmetric information in the management-investor relationship implies that the management’s actions will give signals to investors. According to the signalling hypothesis, an announcement of a share repurchase program is interpreted by investors that the management is putting its money where its mouth is, i.e. signalling that the stock is currently undervalued. Using the event study methodology to analyze share repurchases of listed Swedish real estate companies, we find significant short-term abnormal returns of 1,96% on the announcement day and cumulative abnormal returns of 2,32% (although not significant on conventional levels) for the ten first days subsequent to the announcement. At the most fundamental level of corporate finance theory, the Efficient Market Hypothesis stipulates that the whole value of the announcement should be discounted in the stock price immediately. On the other hand, it might be rational for investors to await certainty that the share repurchase program will be executed, before discounting its full value. We find indications of underreaction as the analysis suggests long-term positive stock price reactions to the announcement. The Jensen’s alpha approach utilized in the long-term analysis suggests an average abnormal return of 10,30%, although insignificant on conventional levels, the year following a share repurchase announcement. From a stock investor point of view, the results from this study suggest that buying real estate stocks that announce share repurchase programs can yield positive abnormal returns for investment horizons of 10 days as well as 12 months.

Desde el inicio de la pandemia covid 19 el mercado ha sufrido grandes cambios, uno de ellos, el auge del ecommerce.Los consumidores han cambiado y por lo tanto las empresas también. Todas las categorías han tenido que desarrollar plataformas del canal online para llegar a su consumidor a pesar de las cuarentenas y el distanciamiento social, el crecimiento de este canal ha hecho que cada vez más empresas escojan este medio para llegar a los clientes. El presente trabajo de investigación tiene como objetivo determinar si las variables customer experience y el customer satisfaction están relacionadas con la variable repurchase intention en E- commerce de la categoría de moda. La investigación será de tipo cuantitativo con un alcance correlacional y transversal. Se trabajará con una muestra de 400 personas conformando la población formada por hombres y mujeres que realizan compras online en el sector moda. / Since the start of the covid 19 pandemic, the market has undergone major changes, one of them, the rise of e-commerce. Consumers have changed and therefore companies have changed. All categories have had to develop online channel platforms to reach their consumer despite quarantines and social distancing, the growth of this channel has made more and more companies choose this medium to reach customers. The present research work aims to determine if the variables customer experience and customer satisfaction are related to the variable repurchase intention in E-commerce of the fashion category. The research will be of a quantitative type with a correlational and transversal scope. It will work with a sample of 400 people making up the population made up of men and women who make online purchases in the fashion sector. / Trabajo de investigación

Word of mouth has been considered a big factor for why brands do not need to make excessive marketing efforts, due to consumers recommending their products or services to other consumers through WoM. Given this thesis explores the relationship between WoM, complaints and repurchase intentions of consumers when it comes to fast-food restaurants, the WoM mostly is that of a negative aspect. This to see how the consumers feel about the area of fast-food and how they themselves spread their Word of Mouth, how and if they complain and what their intentions are on repurchasing. The empirical findings were obtained using a qualitative method. There were 25 interviews conducted with different consumers from three different countries. Later these findings were analyzed with the theoretical framework of this thesis.  The conclusion of the thesis is that the consumers are more likely to spread WoM, both positive and negative depending on their experience with the brands. As the theory mentions, it is the experience that the consumer is after. However, also that if a product is excessively marketed, and that the product does not live up to said marketing, how dissatisfied the consumer becomes with it. / <p>Då kursen bedrevs via zoom, så hade vi presentationen via zoom också. </p>

我國法令原則上禁止庫藏股的交易，但實務上相當盛行母公司透過本身可完全控制的子公司來買回母公司股票，從經濟實質的觀點來看，此一交易屬於實質的庫藏股交易。本論文之目的在探討我國「子公司買回母公司股票」之實質庫藏股交易的資訊內涵，是否和資訊假說的含意相符；其次驗證對於發生諸如借殼上市之經營權移轉情形的公司而言，「子公司買回母公司股票」交易和公司大股東出脫持股俾追求自利的經濟誘因是否有關。研究主題一共發展3個研究假說，主要擬瞭解我國子公司買進母公司股票之交易行為的資訊內涵，俾了解此交易傳遞之資訊本質，並評估市場反應是否和此資訊有關。第二個研究主題共發展4個假說，係探討借殼上市公司內部人在借殼成功後，是否會利用子公司買進其借殼時增加的持股或融資交易的股票，俾舒解資金壓力。此外，亦驗證交易過程中的股價行為，是否和內部人為極大其獲利水準而可能進行股價操縱的股價行為相同。 　　本論文是以84年至87年為研究期間，兩個主題的樣本係相互獨立。實證結果顯示：關於主題一－子公司買進母公司股票傳遞之資訊本質，本研究發現，平均而言，以子公司買進母公司股票當季與後續四季為基準，母公司在此交易的後續期間並無表現出優於預期的盈餘績效（相對於配對公司），而且在交易後亦無法觀察到分析師對母公司盈餘預測有顯著的正向修正（相對於配對公司）。另外，在控制內部人淨買入、公司規模、子公司購買股數、資金需求與產業趨勢等變數後，本研究並未發現子公司買進母公司股票時的股價反應，和母公司當季與下一季的異常正向盈餘績效有顯著的正向關係。總而言之，國內實務界雖然宣稱子公司買進母公司股票係傳遞看好母公司未來前景的訊息，但本研究的證據顯示，這項交易並非傳遞母公司未來盈餘變動的資訊，同時，此交易引發的正向市場反應，似乎並非來自投資人對母公司未來績效的預期，故從股價操縱的角度來看，此一股價效應可能來自於母公司刻意創造，但其實與母公司經濟實質無關的泡沫股價。 　　關於主題二－借殼上市公司透過子公司買進母公司股票之經濟誘因－的實證結果顯示：在控制其他因素後，借殼上市公司在借殼成功的後續期間，子公司買回母公司股票之交易發生後，相較於無此交易的配對公司而言，其內部人持股比例和融資餘額有顯著降低的情形。基於這類公司大股東有套現的特殊動機，故可合理懷疑，這項證據和內部人籍子公司買進母公司股票來出脫持股俾套現獲利有關。此外，分析結果發現：子公司買回母公司股票交易前有正向的股價效應，此一股價行為和內部人操縱下的股價型態相符，但交易後的股價水準則並未顯著低於交易前的股價。吾人推測此一結果，可能肇因於投資人受到誤導，以致本研究未能觀察到後續反轉下跌的股價行為。 　　整體來看，子公司買進母公司股票之交易並非如實務界所宣稱，係傳遞公司未來前景較佳之資訊，反而可能和內線交易與股價操縱有關。因此，本研究支持目前財政部擬議中嚴格禁止或限制母子公司交叉持股的方案，此外，本研究應有助於投資人做投資決策時，對於母子公司交叉持股的本質有所了解。 / Companies are not allowed to buy back any of its own shares except in some special cases according to the Company Laws in Taiwan, but the practice that parent companies repurchase their own stocks through subsidiary companies (which is so called parent-subsidiary cross-holding transactions) is popular currently. From the economic substance view, the parent and subsidiary companies are treated as a single economic entity, and the parents' stocks held by their subsidiaries are treasury stocks in substance. Since the authorities and investors are all concerned with this issue, and previous work in this area is limited, this thesis investigates the information content and economic incentives of these transactions. Specifically, there are two research questions in this dissertation. The first is whether the transactions that subsidiary companies purchase parents' stocks convey any information about parents' future prospects? And whether the stock price reactions around announcement dates are positively related to parents' subsequent earnings changes. The next question is whether these transactions are motivated by insiders' intent to sell their own shares for self-interest? And is the stock price behavior around announcement dates consistent with the explanation that stock price is manipulated? 　　The findings of the first research question are as follows. First, I find no evidence that there are positive aggregate unexpected quarterly earnings relative to a size and industry-matched control sample over the announcement quarter and subsequent four ones. Second, the significant evidence that there are positive revisions of earnings forecasts by analysts around announcement dates also cannot be found. Finally, a regression analysis shows that there is no significant positive relation between positive abnormal stock returns at announcement and positive quarterly earnings changes over quarter 0 and quarter I. In summary, the results are not consistent with the implication of the information hypothesis. I find no systematic support for the firms' claims that the meanings behind parent-subsidiary cross holding transactions are to convey managements' private information about parents' favorable prospects. 　　With regard to the second research question, I focus primarily on those listed companies whose controls are obtained by unlisted companies through purchasing outstanding shares in the open market, these companies are not included in the sample of the first question. As predicted, I find systematic support for the hypotheses that shares owned by insiders and companies' margins decrease relative to control groups immediately following parent-subsidiary cross holding transactions announcements and that abnormal stock returns before and at announcements are positive. However, I show that the abnormal stock returns after the announcements do not fall bellow those before announcement dates significantly. In summary, the findings indicate that these transactions maybe a means for informed insiders to sell their own shares at manipulated high prices in order to alleviate the huge capital pressure by self-interest. 　　Overall, the transactions that subsidiary companies purchase parents' stocks are more likely to have relation to insider transactions and stock price manipulation, rather than convey favorable information about parents' prospects as what firms claim. Therefore, this thesis supports an act of prohibiting or limiting parent-subsidiary cross holdings proposed by the Ministry of Finance strictly. Besides, the results in this thesis may be helpful for investors to understand the nature of parent-subsidiary cross holdings when they make investment decisions.

民國八十九年七月，政府通過施行庫藏股交易制度，並於民國九十年十一月明令禁止子公司買回母公司股票。本研究欲藉由實證研究方式探討該期間兩交易之關聯性。研究結果顯示：(1)庫藏股交易動機基本上符合股價低估假說及資本結構調整假說；子公司買回母公司股票交易動機基本上符合護盤假說。(2)買回庫藏股票公司的後續盈餘比買回前更佳；被子公司買回之母公司的後續盈餘則不比買回前更佳。再次支持兩交易買回動機分別為股價低估假說及護盤假說。(3)不論庫藏股交易或子公司買回母公司股票交易，交易期間的異常股價報酬與異常盈餘反應顯著成正向關係。表示市場投資人能正確反應公司之盈餘表現。(4)以觀察期內同時進行兩交易的公司為樣本進行研究，發現庫藏股制度對子公司買回母公司股票交易不僅無抑制作用，反而呈現同向變動。 / The listed firms in Taiwan were legally allowed to repurchase outstanding shares while the cross investment in parent company's stocks by subsidiary firms was not prohibited during the period of July 2000-November 2001. This study investigates the relationship between repurchases and cross investments in this period. 　　The findings of the study are as follows. First, the motivation of the subsidiary company's cross investments in parent company's stocks is to manipulate stock price because the unexpected quarterly earnings over the announcement quarter and the subsequent quarter are not found. However, the repurchases are motivated by stock undervaluation. Second, the empirical results show that a positive relation between abnormal returns and unexpected quarterly earnings are found in both repurchases and cross investments. This illuminates the fact that investors are able to distinguish the economic substance of repurchase from that of the cross investments. Finally, there is no substitute effect of repurchases on cross investments.

民國89年6月我國立法院通過公司買回本公司股份法案，庫藏股制度正式實施，本論文之主要目的在利用市場資料，探析我國上市（櫃）公司買回庫藏股之市場反應及其資訊內涵。本研究以民國89年8月至90年2月間公告買回庫藏股之公司，及依同產業及相似買回比率配對之公司組成研究樣本，首先採事件研究法探討庫藏股法令制定與修正之相關事件日市場反應，以及宣告買回庫藏股之市場反應及其影響因素，並以關聯性研究法實證宣告買回庫藏股市場反應之資訊內涵及買回目的之影響因素。 　　在市場反應議題之主要研究發現為：（1）在庫藏股立法初期、降低操作困難度及解除指撥特別盈餘公積規定等有助於庫藏股制度之推行:投資人有正面顯著之回應；（2）宣告買回樣本之股票累積異常報酬顯著高於未宣告買回之樣本；（3）維護股東權益買回目的者之股票累積異常報酬顯著高於轉讓與員工為目的者；（4）宣告買回比率愈多市場反應愈佳；及 （5）價格回升之公司其實際執行率較低。 　　在資訊內涵議題之主要實證結果顯示，我國宣告買回庫藏股之資訊本質顯著支持企業價值低估假說，公司價值被低估程度愈高，宣告買回庫藏股之市場反應愈大。至於自由現金流量假說、資本結構調整假說及剝奪債權人假說則無法解釋我國宣告買回庫藏股之資訊內涵。在買回庫藏股目的之實證結果顯示，高淨值市價比之公司偏向以維護股東權益為買回目的，而研發活動愈密集之公司傾向以轉讓與員工為買回目的。 / The enactment of Article 28-2 of the Securities and Exchange Act on June 30, 2000 allows firms listed in Taiwan Stock Exchange (TSE) and Over-The-Counter (OTC) to repurchase their owner shares under certain conditions. Based on the use of a control sample design and firms listed in TSE and OTC over the period of August 2000 to February 2001, this research examines the market reaction to various events including: (1) the enactment of the law and amendment of regulations with regard to share buyback, (2) the announcement of repurchase ratio and purpose, and (3) the disclosure of actual buyback ratio. In addition, this study tests hypotheses underlying market reaction around the announcement of share repurchases in the open market. 　　The empirical findings indicate that (1) market reacts favorably to establishment of stock repurchases system, (2) cumulative abnormal return (CAR) for the share buyback announcement sample is found to be greater than that for the control sample, (3) CAR for firms aimed at retaining the interests of equity shareholders as buyback purpose is found to be higher than that for transfer to employees as purpose, (4) the higher the announced buyback ratio, the greater the market reaction, and (5) the actual buyback ratio is less for firms with stock price recovery. 　　This study also finds undervaluation hypothesis explains the market reaction on the announcement date. With respect to the disclosure of share buyback purposes, the analysis indicates that firms with higher book-to-market ratio are more likely to announce protecting shareholders equity as the buyback purpose, whilst firms with higher demand for research & development activities are prone to announce transfer shares to their employees as the buyback purpose.

我國庫藏股制度於民國八十九年開始實施，當上市櫃公司宣告買回庫藏股後，造成了公司資產的重分配，其股東、債權人等利害關係人會以預期心理來評估自身權益所受到的影響，並將其反應在所要求的必要報酬率上，因此公司對股東所負擔的權益資金成本及對債權人所負擔的負債資金成本都將產生變動。 當公司宣告買回庫藏股後，實證結果顯示：(1)其負債資金成本將上升，而權益資金成本將會下降。(2)預定買回股份佔資本比愈大時，其負債資金成本增加愈多。(3)買回前獲利能力之不同，並未發現其會對宣告買回公司之負債資金成本有顯著影響。(4)依目的三買回將使該公司負債資金成本增加數小於依目的一或目的二買回之負債資金成本增加數、並使權益資金成本減少數大於依目的一或目的二買回之權益資金成本減少數。(5)公司內部人持股比率於宣告前一年淨增加愈多則權益資金成本降低程度愈大。(6)資訊愈對稱的公司其權益資金成本下降的程度愈少。 / Share repurchase system was formally implemented in Taiwan in 2000 , when the TSEC & OTC listed companies announce that they will repurchase shares , it changes the composition of assets held by the firm , revising the ownership proportions of each of their shareholders and interests of each of their creditors. Thus, their cost of equity capital and debt capital may change . When companies announce to repurchase shares , results show that : (1)their cost of debt capital will increase and their cost of equity capital will decrease. (2)the more percentage of shares companies expect to repurchase , the more their cost of debt capital increase. (3)the different profitability before announcement has no significant effect to companies’ cost of debt capital. (4)repurchase in order to conserve companies’ credibility and shareholders’ equity will increase less cost of debt capital and decrease more cost of equity capital than that in order to reach other two purposes .(5) the more increase of percentage of shares companies’ insiders’ hold before announce, the more their cost of equity capital decrease. (6) the more symmetrical information companies obtain , the less their cost of equity capital decrease.

台灣電視購物產業蓬勃發展，加上「數位匯流」趨勢，主要電視購物業者 紛紛整合電視、網路、手機等通路，使台灣電視購物規模不斷擴大，消費者有何 需求、對於電視購物頻道行銷手法有何感受，乃值得深究的課題。 本研究採用深度訪談法的半結構式訪談，以立意抽樣方式，訪談10 位居住 在大台北地區的電視購物消費者，旨在探討其需求，以及其對於電視購物頻道行 銷手法的感受。 研究發現： 一、受到電視購物便利性吸引，購買日常生活用品、旅遊產品的人很多。 二、儘管消費者常在電視購物消費，但會到實體通路購買物品。 三、由於無法親自看到商品，電視購物消費者感到知覺風險。 四、電視購物消費者喜歡的主持人特質是誠懇、有信用。 五、電視購物消費者對特定頻道較無忠誠度。 六、電視購物消費者在下單時，偏好專人接聽服務。 七、電視購物消費者雖然肯定電視購物便利性與商品便宜價格，但是仍對 品質有疑慮。 八、電視購物消費者認為未來電視購物將繼續蓬勃發展，是時勢所趨。 本研究根據研究結果，提出研究建議如下： 一、政府監督，落實鑑賞制度 二、付款安全，推第三方支付 三、積極管理，盼主持人自制 四、服務取勝，勿用噱頭行銷 五、養忠誠度，可用集點紅利 六、專人接聽，供客製化服務 七、提供試用，通路虛實整合 八、數位匯流，整合不同系統 九、賺親友財，引入推薦制度 十、強化物流，退貨化繁為簡 / The TV shopping industry has been thriving these years. With the trend of digital convergence, major TV shopping enterprises are dedicated to integrating different channels, including TV, the Internet and mobile phones and broaden the size of the industry. What customers need and how they feel about the marketing strategies of the TV shopping channels are issues worthy to research. Adopting semi-structured and depth interview, the study applies purposive sampling and interviews 10 TV shopping consumers living in greater Taipei area, aiming to investigate these consumers’ demands and their feelings about marketing strategies of TV shopping channels in Taiwan. The findings are: 1. Due to the convenience, consumers are attracted to purchase daily necessaries and tourism products. 2. Consumers purchase at brick-and-mortar stores though they often do TV shopping. 3. Consumers feel perceived risk because they can’t see the product themselves. 4. Consumers hope hosts of TV shopping programs to be sincere and honest. 5. Consumers are not loyal to specific TV shopping channel. 6. Consumers prefer to be served by people rather than phonetic system. 7. Consumers worry about quality of goods even though they affirm the convenience of TV shopping and lowers prices of goods. 8. Consumers hold optimistic attitude towards the development of TV shopping in the future. Based on the research conclusion, the suggestions are: 1. The government should supervise the Satisfaction Guarantee & Return Policy of TV shopping channels. 2. Third-Party Payment should be implemented to enhance the safety. 3. The hosts of TV shopping programs should not exaggerate the effects of products. 4. TV shopping channels should put more emphasis on service and avoid tricks meant to deceive. 5. The activity of bonus points should be implemented to make consumers loyal to specific TV shopping channels. 6. More customized services should be provided. 7. TV shopping enterprises should integrate different shopping channels and provide probationary service. 8. Different systems should be integrated to meet the era of digital convergence. 9. Introduction systems should be used to make more consumers shopping with their family members. 10. Logistic systems should be fortified to make it easier for consumers to return their goods.

Submitted by Paula Martins (paulalmartins@gmail.com) on 2017-03-22T13:54:57Z No. of bitstreams: 1 Dissertação_Paula Leal de Oliveira Martins 12.03.pdf: 2909888 bytes, checksum: 33c7884000fd7577fa020399795662c6 (MD5) / Rejected by Pamela Beltran Tonsa (pamela.tonsa@fgv.br), reason: Bom dia Paula, Para que possamos aprovar seu trabalho são necessários alguns ajustes conforme norma ABNT/APA. ESTRUTURA 1-Capa (obrigatório) - Fonte: Arial / Tamanho da fonte: 12 (Língua de Origem, ou seja, português) ( não tem nome do orientador ) 2-Contracapa - Fonte: Arial / Tamanho da fonte: 12 (Língua de Origem, ou seja, português) 3-Ficha catalográfica/ Fonte: Arial / Tamanho da fonte: 12 (Língua de Origem, ou seja, português) 4-Folha de aprovação - Fonte: Arial / Tamanho da fonte: 12 - nesta folha não tem São Paulo 2017 (Língua de Origem, ou seja, português) 5-DEDICATÓRIA Fonte: Arial / Tamanho da fonte: 12 (A PALAVRA DEDICATÓRIA DEVE SER MAIÚSCULO/NEGRITO E CENTRALIZADO) - Opcional 6-AGRADECIMENTOS - Fonte: Arial / Tamanho da fonte: 12 (A PALAVRA AGRADECIMENTO DEVE SER MAIÚSCULO/NEGRITO E CENTRALIZADO) - Inglês e Português (nesta ordem por seu trabalho ser em outra língua) 7-ABSTRACT (A PALAVRA ABSTRACT DEVE SER MAIUSCULO/NEGRITO E CENTRALIZADO) em língua estrangeira. 8-RESUMO (A PALAVRA RESUMO DEVE SER MAIÚSCULO/NEGRITO E CENTRALIZADO): espaçamento simples (150 a 500 palavras), com palavras-chave (obrigatório). Português Após os ajustes você deve submete-lo novamente para análise e aprovação. Qualquer dúvida estamos à disposição, Att. Pâmela Tonsa 3799-7852 on 2017-03-22T14:37:42Z (GMT) / Submitted by Paula Martins (paulalmartins@gmail.com) on 2017-03-22T14:53:33Z No. of bitstreams: 1 Dissertação_Paula Leal de Oliveira Martins 22.03.pdf: 2913212 bytes, checksum: 4b843c040e39f7d51c143892b4fc8415 (MD5) / Rejected by Pamela Beltran Tonsa (pamela.tonsa@fgv.br), reason: Prezada Paula, Não sei se foi a configuração, mas seu nome apareceu na folha da ficha catalográfica, ou seja, não é permitido. Seu trabalho esta em português, desta forma só agradecimento em Português. ( AGRADECIMENTO EM inglês caso o trabalho seja em inglês ) Apos os ajustes postar novamente. Qualquer duvida estamos a disposição. att, Pâmela Tonsa 3799-7852 on 2017-03-22T15:05:35Z (GMT) / Submitted by Paula Martins (paulalmartins@gmail.com) on 2017-03-22T15:08:57Z No. of bitstreams: 1 Dissertação_Paula Leal de Oliveira Martins 22.03.17docx.pdf: 2909421 bytes, checksum: 028fb6fe4a73a0d44638a29b2ef97766 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-03-22T15:18:37Z (GMT) No. of bitstreams: 1 Dissertação_Paula Leal de Oliveira Martins 22.03.17docx.pdf: 2909421 bytes, checksum: 028fb6fe4a73a0d44638a29b2ef97766 (MD5) / Made available in DSpace on 2017-03-22T16:15:17Z (GMT). No. of bitstreams: 1 Dissertação_Paula Leal de Oliveira Martins 22.03.17docx.pdf: 2909421 bytes, checksum: 028fb6fe4a73a0d44638a29b2ef97766 (MD5) Previous issue date: 2017-02-23 / Os shoppings tornaram-se polos de compra e lazer, sobretudo para as classes média e alta. Os polos de rua, por sua vez, sofrem processo contínuo de deterioração. Outro fator relevante ao estudo do comportamento de consumo diz respeito aos valores na experiência de compra. Em geral, as experiências de compra têm sido operacionalizadas como um consruto bidimensional: utilitária ou hedônica. Tendo em vista o cenário de crescimento de novos consumidores de classes mais baixas, esse trabalho tem como objetivo geral o de investigar o papel moderador do local de compra e da renda na relação entre as dimensões utilitárias e hedônicas na experiência de compra e as respostas do “shopper” (satisfação, boca a boca e intenção de recompra). Foram coletados 308 questionários de consumidoras de uma rede varejista, em polos de rua de alta e baixa renda e em shoppings de alta e baixa renda. Para a análise dos dados, foi utilizada a ANOVA e o PLS-SEM. Os dados revelaram que os valores utilitários e hedônicos na experiência de compra são maiores na baixa renda do que na alta renda. Com relação aos valores na experiência de compra e o tipo de aglomerado (shopping center ou polo de rua), foi apurado que não existem diferenças significativas. Visto que nos dias atuais, independente da renda, as pessoas conversam e trocam informações o tempo todo, a renda do indivíduo não modera a relação entre valores na experiência de compra e boca a boca. Por fim, a relação entre o valor utilitário e a intenção de recompra na baixa renda não apresenta, necessariamente, uma relação positiva, já que esta última estará sempre buscando o local que oferecer um maior benefício custo. Além disso, a intenção de recompra ocorre mais nos shoppings, o que sugere uma força da experiência de compra nessa resposta do consumidor. / The street shops business, on the other hand, undergoes a continuous process of deterioration. Another relevant factor to the study of consumer behavior concerns the values in the buying experience. In general, the buying experiences value were operationalized as a two-dimensional consruct: utilitarian or hedonic. Considering the growth scenario of new consumers of lower income, this work has as general objective of investigating the moderating role of income and the place of purchase – shopping mall or high street retailers - in the relation between the utilitarian and hedonic dimensions in the purchase experience and the responses of the "Shopper" (satisfaction, word of mouth and repurchase intention). 308 consumer questionnaires were collected from a retail network, at high and low income street poles and at high and low income of shopping malls. For data analysis, ANOVA and PLSSEM were used. The data revealed that there are no significant differences between the utilitarian and hedonic values and the type of cluster (shopping mall or street poles) and in relation to the utilitarian and hedonic values in the shopping experience, it was verified that both are higher in the low income segments. In addition, it was noticed that the low income consumer tends to present greater satisfaction when believes that the cost benefit involved was satisfactory, but presents different results for the hedonic values. Since people today, regardless of social class, talk and exchange information all the time, through social midia, the individual's income does not moderate the relationship between values in the shopping experience and word of mouth. Finally, the relationship between the utilitarian value and the intention to repurchase low income does not necessarily present a positive relationship, since the lowest price or benefit/cost does not necessarily belong to the last place that made a particular purchase. In addition, purchase intent occurs more in shopping malls, which suggests a strength of shopping experience in this consumer response.

Monetary policy in South African is the primary means by which the authorities can influence activity in the overall economy. The South African Reserve Bank accommodates banks through repo transactions for which they charge the repo rate. The most important market in the transmission of the repo rate to the rest of the economy is the interbank market. As such, a detailed discussion of this market is given. In September 200 I the monetary authorities made certain adjustments to the repo system of accommodation, which included changing the repo rate from a floating rate to a fixed rate that would be administratively determined by the MPC. This was done to address certain weaknesses in the floating rate system. This thesis examines and compares the period before and after the adjustments to the repo system, with the aim of determining whether or not the monetary authorities achieved the goals intended from making this change. The repo rate, prime interbank rate, 3-month NCO rate and the prime lending rate are analysed using the Engle-Granger two variable approach and an ECM model to test for causality. It was found that the monetary authorities did not achieve their intended goals as the relationship between the repo rate and the interbank rate was more significant in the first period. Furthermore, the direction of causality the authorities hoped to achieve by implementing the changes were in fact already in place. As such the adjustments to the system changed the transmission mechanism from the one desired by the authorities to one that was not intended. The conclusions reached by this study show that, in terms of the objectives of the monetary authorities, the previous repo system functioned better. / KMBT_363 / Adobe Acrobat 9.54 Paper Capture Plug-in