The history of management practice is filled with innovations that failed to live up to the promise suggested by their early success. A paradox facing organization theory is that the failure of these innovations often cannot be attributed to an intrinsic lack of efficacy. To resolve this paradox, in this paper I study the process of innovation implementation. Working from existing theoretical frameworks, I synthesize a model that describes the process through which participants in an organization develop commitment to using a newly adopted innovation. I then translate that framework into a formal model and analyze it using computer simulation. The analysis suggests three new constructs—reversion, regeneration and the motivation threshold—characterizing the dynamics of implementation. Taken together, these constructs offer an alternative explanation for the paradox of innovations that produce early results but fail to find a permanent home in the organizations that adopt them.

In this paper we study the pecking order and tradeoff theories of capital structure on a sample of 121 Swedish, non-financial, listed firms over the period between 2000 - 2009. We find that the Swedish firms’ financing behavior appears to have features consistent with the predictions of both theories. The evidence shows a preference for a financing behavior consistent with the tradeoff theory for the whole sample and for a sample of small firms, whereas large firms appear to follow a pecking order on their financing decisions. We show that under sufficient conditions both theories might be seen as “reconciled” and not mutually exclusive, and we find evidence for the large firms of our sample consistent with this notion.

This thesis has applied the theory of real options to study forestry investment decision-making under stochastic timber prices. Suitable models have been developed for the stochastic timber prices, after addressing major issues in characterisation of the price process. First, the assumption of stochastic timber price process was based on detailed unit root tests, incorporating structural breaks in time-series analysis. The series was found to be stationary around shifting mean, justifying the assumption of mean reversion model. Due to shift in the mean, long-run mean to which the prices tended to revert could not be assumed constant. Accordingly, it was varied in discreet steps as per the breaks identified in the tests. The timber price series failed the normality test implying fat tails in the data. To account for these fat tails, ‘jumps’ were incorporated in the mean reversion model. The results showed that the option values for the jump model were higher than the mean reversion model and threshold levels for investment implied different optimal paths. Ignoring jumps could provide sub-optimal results leading to erroneous decisions. Second, the long-run mean to which prices reverted was assumed to shift continuously in a random manner. This was modeled through the incorporation of stochastic level and slope in the trend of the prices. Since the stochastic level and slope were not observable in reality, a Kalman-filter approach was used for the estimation of model parameters. The price forecasts from the model were used to estimate option values for the harvest investment decisions. Third, investment in a carbon sequestration project from managed forests was evaluated using real options, under timber price stochasticity. The option values and threshold levels for investment were estimated, under baseline and mitigation scenarios. Results indicated that carbon sequestration from managed forests might not be a viable investment alternative due to existing bottlenecks. Overall, the research stressed upon the need for market information and adaptive management, with a pro-active approach, for efficient investment decisions in forestry.

This thesis has applied the theory of real options to study forestry investment decision-making under stochastic timber prices. Suitable models have been developed for the stochastic timber prices, after addressing major issues in characterisation of the price process. First, the assumption of stochastic timber price process was based on detailed unit root tests, incorporating structural breaks in time-series analysis. The series was found to be stationary around shifting mean, justifying the assumption of mean reversion model. Due to shift in the mean, long-run mean to which the prices tended to revert could not be assumed constant. Accordingly, it was varied in discreet steps as per the breaks identified in the tests. The timber price series failed the normality test implying fat tails in the data. To account for these fat tails, ‘jumps’ were incorporated in the mean reversion model. The results showed that the option values for the jump model were higher than the mean reversion model and threshold levels for investment implied different optimal paths. Ignoring jumps could provide sub-optimal results leading to erroneous decisions. Second, the long-run mean to which prices reverted was assumed to shift continuously in a random manner. This was modeled through the incorporation of stochastic level and slope in the trend of the prices. Since the stochastic level and slope were not observable in reality, a Kalman-filter approach was used for the estimation of model parameters. The price forecasts from the model were used to estimate option values for the harvest investment decisions. Third, investment in a carbon sequestration project from managed forests was evaluated using real options, under timber price stochasticity. The option values and threshold levels for investment were estimated, under baseline and mitigation scenarios. Results indicated that carbon sequestration from managed forests might not be a viable investment alternative due to existing bottlenecks. Overall, the research stressed upon the need for market information and adaptive management, with a pro-active approach, for efficient investment decisions in forestry.

Reversion-inducing cysteine-rich with Kazal motif (RECK) is a cell surface anchoring protein, which known for the ability to inhibit matrix metalloproteinases (MMPs) and participate in angiogenesis regulation. The inhibition of membrane type-1 matrix metalloproteinase (MT1-MMP), MMP-2, MMP-7 and, MMP-9 by RECK has been demonstrated. Our previous studies show that RECK expression is suppressed by Ras and Her-2/neu oncogene. In addition, oncogenic Ras activates downstream ERK signaling pathway to increase Sp1/HDAC promoter binding affinity which results in reduction of RECK gene transcription and increase of tumor progression and metastasis. From the clinical investigation, RECK expression is down-regulated in a number of cancer types. In breast cancer, RECK expression is associated with the prognosis of the patients. Recently, single nucleotide polymorphisms (SNPs) of RECK promoter have been suggested to be linked with survival rate and prognosis of breast cancer patients. Whether SNP of the RECK promoter has any effect on RECK expression and its clinical significance is still unclear. . In this study, we investigate -402 SNP at RECK promoter and find this SNP directly affects RECK expression through progesterone receptor binding. Additionally, we also address the -402 SNP in the sample collected from patients and analyze its association with clinicopathological parameters to clarify its clinical significance. Our results suggest that RECK SNP may be an valuable prognosis factor for breast cancer.

This study includes three issues about the dynamic of 30-days Taiwan Commercial Paper rate (CP2).The first issue focuses on the estimation of continuous-time short-term interest rate models. We discretize the continuous-time models by using two different approaches, and then use weekly and monthly data to estimate the parameters. The models are evaluated by data fit. We find that the estimated parameters are similar for different discretization approaches and would be more stable and efficient under quasi-maximum likelihood (QML) with weekly data. There exists mean reversion for Taiwan CP rate and the relationship between the volatility and the level of interest rates are less than 1 and smaller than that of American T-Bill rates reported by CKLS (1992) and Nowman (1997). We also find that CIR-SR model performs best for Taiwan CP rate. The second issue compares the continuous-time short-term interest rate models empirically both by predictive accuracy test and encompassing test. Having the estimated parameters of the models by discretization of Nowman(1997) and QML, we produce the forecasts on conditional mean and volatility for the interest rate over multiple-step-ahead horizons. The results indicate that the sophisticated models outperform the simpler models in the in-sample data fit, but have a distinct performance in the out-of-sample forecasting. The models equipped with mean reversion can produce better forecasts on conditional means during some period, and the heteroskedasticity variance model with outperform counterparts in volatility forecasting in some periods. The third issue concerns the persistent and massive volatility of short-term interest rates. This part inquires how the realizations on Taiwan short-term interest rates can be best described empirically. Various popular volatility specifications are estimated and tested. The empirical findings reveal that the mean reversion is an important characteristic for the Taiwan interest rates, and the level effect exists. Overall, the GARCH-L model fits well to Taiwan interest rates.

This study is to establish a binomial lattice method to apply real options theory to valuation and decision making in the petroleum exploration and production industry with a specific focus on the switching time from primary to water flooding oil recovery. First, West Texas Intermediate (WTI) historical oil price evolution in the past 25 years is studied and modeled with the geometric Brownian motion (GBM) and one-factor mean reversion price models to capture the oil price uncertainty. Second, to conduct real options evaluation, specific reservoir simulations are designed and oil production profile for primary and water flooding oil recovery for a synthetic onshore oil reservoir is generated using UTCHEM reservoir simulator. Third, a cash flow model from producing the oil reservoir is created with a concessionary fiscal system. Finally, the binomial lattice real options evaluation method is established to value the project with flexibility in the switching time from primary to water flooding oil recovery under uncertain oil prices. The research reaches seven conclusions: 1) for the GBM price model, the assumptions of constant drift rate and constant volatility do not hold for WTI historical oil price; 2) one-factor mean reversion price model is a better model to fit the historical WTI oil prices than the GBM model; 3) the evolution of historical WTI oil prices from January 2, 1986 to May 28, 2010 was according to three price regimes with different long run prices; 4) the established real options evaluation method can be used to identify the best time to switch from primary to water flooding oil recovery using stochastic oil prices; 5) with the mean reversion oil price model and the most updated cost data, the real options evaluation method finds that the water flooding switching time is earlier than the traditional net present value (NPV) optimizing method; 6) the real options evaluation results reveals that most of time water flooding should start when oil price is high, and should not start when oil price is low; and 7) water flooding switching time is sensitive to oil price model to be used and to the investment and operating costs. / text

The purposes of this study were (a) to examine two groups of healthy older Dutch English bilingual migrants in a New Zealand setting to investigate whether they were showing signs of L2 attrition with accompanying L1 reversion post-retirement, and (b) to identify possible factors which might play a role in the incidence of any L2 attrition and concomitant L1 reversion. Previous research has focused on similar groups of migrants in the Australian context, while New Zealand based research has focused on language shift and maintenance amongst three generations of migrants. The research design involved an analysis of sociolinguistic life, using questionnaires. These included self-assessments of L1 and L2 proficiency at three key times: on arrival in New Zealand, at time of ultimate attainment and post-retirement. Further, an analysis of assessments of respondents’ L1 and L2 proficiency pre-and post-retirement completed by interviewees’ adult children moderated respondents’ self-reports. The findings revealed a considerable overlap between participants’ self-reports and assessments by their adult children. The study also revealed a relationship between participants’ level of prior education and their ultimate attainment in the L2, with those who had come to New Zealand having learned English at Secondary School English very likely to have achieved a “good” or “very good” level of L2 proficiency. Conversely, those who had not learned the L2 at secondary school prior to arriving in New Zealand, were less likely to have achieved a “very good” level of ultimate attainment as evident both from self-reports and assessments by adult children. The design also included a linguistic analysis of elicited free speech. Data focused on key indicators of age, gender, social class, prior education, occupation and predominant linguistic environment pre- and post-retirement. Free speech was examined for code-switching, response latency and L1 structure in respondents’ spoken L2. Results indicated that a majority of respondents showed minimal if any signs of L2 attrition with concomitant L1 reversion, both as evidenced by their spoken L2 and as indicated by self-reports and assessments by adult children. Any signs of L2 attrition which were found appeared linked to respondents’ level of prior education and L2 proficiency on arrival in New Zealand. Being exposed to a predominantly L1 social environment post-retirement also appeared to result in a lifting of the threshold for L2 lexical items, resulting in a slightly increased response latency in the spoken L2. Three participants said they experienced some problems expressing their healthcare needs to medical professionals, to the extent that they were searching for words. All stated they “got there in the end” but needed more time to paraphrase their health needs. Two subjects avoided the use of the L2 during the interview, even when prompted in English. Three respondents engaged in significant codeswitching from L2 to L1 and vice versa, with two engaging in what Muysken (2000) terms “congruent lexicalisation”. Adult childrens’ reports indicated that the respondents in question had always spoken in this manner, but to a greater extent now, post-retirement. Overall, a number of the healthy older subjects interviewed for the study were showing some signs of increased response latency and lexical retrieval problems when expressing themselves in the L2, but none to the degree that they were no longer able to communicate in that language.

Diss. Stockholm : Handelshögskolan, 2003.

This thesis investigates the long- and short- run stability of Cointegrated dual share equity pairs on the Swedish Equity Market. Testing for a cointegrated relationship on each pair are executed for a 13 year period to establish the cointegrated pairs. The stability of each cointegrated pair is then estimated using a rolling two year period. An Arbitrage Trading strategy is applied to the cointegrated pairs for the following one year period. The long-run relationship of the pairs are found to be stable. The short-term relationship varies from pair to pair, where some pairs break their cointegrated relationship for some time periods. But generally, most pairs are stable over the short- term as well. The trading strategy generate the highest returns during volatile market conditions and underperforms during positive market conditions with low volatility. The Sharpe ratio is far better than the Index during the whole period.