This thesis presents the spilling over effect resulting from the foreign direct investment with a focus on the manufacturing firms. It covers extensive econometric analysis based the Central Statistics Agency's (CSA) survey on the manufacturing firms and an Input-Output matrix done by the Ethiopian Development Research Institute (EDRI). A pooled, Fixed and Random Effect estimation techniques are employed for estimating the log transferred production function augmented for the spillover proxies: Backward, Forward and Horizontal. Yet, as is stated in a lot of literatures like that of Javorcik (2004), the Cobb-Douglas production function suffers from the endogeneity problem and there is a need for a better estimation technique that can capture and solve this problem. As a result, I also used the Levinsohn-Petrin estimation technique, which used intermediate inputs as a proxy for unobservable shocks and the residuals from this estimate used as a measure of total factor productivity (TFP) of the firm. The TFP analysis from the LP estimation suggests that a one percentage point increase in the foreign presence in the downstream sectors is associated with the 1.1 percent rise in the total output of each supplying industries. Likewise, a one percentage point increase in the weighted share of output in the...

1997年7月2日泰國宣布放棄泰銖釘住美元而改採管理浮動匯率制度，乃掀起東南亞國家貨幣貶值的危機﹔同時這些國家股價亦遭滑鐵盧之災。東南亞國家金融風暴（亞洲金融風暴）的面貌是﹕幣值與股價同時大幅下滑。但1980年代末期，台灣股價暴漲與新台幣對美金匯率之升值幾乎是同時間發生的。新台幣升值幅度相當的大，且新台幣升值是漸進的，這予投機者以機會。亞洲金融風暴後，央行力守一美元匯兌新台幣在28.6元的匯率，動用近50億美元，打擊投機客，並同時調降存款準備率，放出1350億元的強力貨幣，予股市一股強力的活水。其目的是守住匯價，亦可使股價止跌。然而，市場的表現不是如此，1997年9月與10月股價卻直直下落。 　　研究期間為1990年1月1日至1999年1月31日止，並分成三子期間，以利比較風暴後兩市場互動關係，資料為發行量加權平均股價指數收盤價及新台幣對美元的銀行間平均收盤即期匯率之日資料；類股指數之研究期間為1997年7月1日至1999年1月31日止。運用GARCH模型進行實證分析，並利用一般化動差估計式(Generalized Method of Moments Estimator; GMM) 來估計所建構的迴歸式，以期達成下列目的﹕ 1. 確認台灣股票市場及外匯市場之互動結構關係。 2. 亞洲金融風暴後，其結構關係變化為何？ 3. 確認亞洲金融風暴後，台灣外匯市場對股票市場之各類股的互動結構 關係。 實証結果為： 1. 亞洲金融風暴前，有匯率對股市的報酬率波動外溢效果，亞洲金融風暴後，此報酬率波動外溢效果較風暴前減少，而其它影響股市的因素（非關匯率因素）反而逐漸增強。 2. 股匯市從單向關係（只有匯市影響股市）演變成雙向互動關係，且股市對匯市影響力增強。 3. 金融保險類、水泥窯製類及造紙類，此三類最不受匯市的影響。 4. 塑膠化工類、營造建材類、食品類及紡織纖維類，此四類受當期匯市報酬率的負影響，亦即新台幣升值，此四類股股價會上漲。而機電類股，則受滯延4期匯市報酬率的負影響。 5. 營造建材類，報酬率波動受到其他因素（非關匯率因素）影響很大。 目錄 第一章 緒論 第一節 研究背景與動機……………………………………… 1 第二節 研究目的……………………………………………… 6 第三節 研究限制……………………………………………… 7 第二章 相關理論探討 第一節 匯率的意義、種類及其影響因素…………………… 8 第二節 匯率變動對股票價格的影響………………………… 11 第三節 效率資本市場理論…………………………………… 14 第三章 相關文獻探討 第一節 國外相關文獻………………………………………… 16 第二節 國內相關文獻………………………………………… 19 第四章 研究方法 第一節 相關模型……………………………………………… 25 第二節 分析程序與方法……………………………………… 27 第五章 資料來源與處理 第一節 資料來源與研究期間………………………………… 34 第二節 資料處理……………………………………………… 34 第三節 基本統計分析………………………………………… 35 第六章 實証結果與分析 第一節 股市與匯市報酬率及報酬率波動外溢效果實証結果 46 第二節 各類股與匯市報酬率及報酬率波動外溢效果實証結果 ………………………………………………………… 72 第七章 結論與建議……………………………………………… 76 參考文獻…………………………………………………………… 108 表次 表5-1 股匯市報酬率之基本檢定統計量……………………… 37 表5-2 1997/7/1至1999/1/31各類股之基本檢定統計量…… 41 表6-1 1990/1/1至1999/1/31外溢效果（使用Pearson 交叉相關檢定）………………………………………… 48 表6-2 1990/1/1至1999/1/31外溢效果（使用GMM估計式）… 53 表6-3 1990/1/1至1994/12/3外溢效果（使用GMM估計式）… 58 表6-4 1995/1/1至1997/6/30外溢效果（使用GMM估計式）… 63 表6-5 1997/7/1至1999/1/31外溢效果（使用GMM估計式）… 68 表6-6 1997/7/1至1999/1/31外溢效果（匯市與金融保險類股 ，使用GMM估計式）……………………………………… 74 表6-7 1997/7/1至1999/1/31外溢效果（匯市與水泥窯製類股 ，使用GMM估計式）……………………………………… 78 表6-8 1997/7/1至1999/1/31外溢效果（匯市與塑膠化工類股 ，使用GMM估計式）……………………………………… 82 表6-9 1997/7/1至1999/1/31外溢效果（匯市與營造建材類股 ，使用GMM估計式）……………………………………… 86 表6-10 1997/7/1至1999/1/31外溢效果（匯市與機電類股 ，使用GMM估計式）……………………………………… 90 表6-11 1997/7/1至1999/1/31外溢效果（匯市與食品類股 ，使用GMM估計式）……………………………………… 94 表6-12 1997/7/1至1999/1/31外溢效果（匯市與造紙類股 ，使用GMM估計式）……………………………………… 98 表6-13 1997/7/1至1999/1/31外溢效果（匯市與紡織纖維類股 ，使用GMM估計式）……………………………………… 102

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Cette thèse est consacrée à l’étude de l’impact des annonces macroéconomiques françaises et américaines, sur le marché d’actions français. La démarche suivie consiste à combiner des approches théoriques et empiriques de façon à mettre en évidence empiriquement les canaux de transmission économiques, par lesquels les annonces macroéconomiques peuvent agir sur les marchés boursiers. Le premier volet consiste à étudier l’impact des annonces portant sur l’économie réelle sur les principales caractéristiques du marché boursier, à savoir la rentabilité et la volatilité. D’après les résultats obtenus, l’impact des annonces macroéconomiques passe par une revalorisation -parfois simultanée- des différentes composantes théoriques des rentabilités boursières. En outre, l’impact des annonces passe non seulement par un effet direct sur le marché boursier français, mais il résulte aussi d’une transmission de la volatilité du marché américain vers le marché français. Le second volet est consacré à l’étude de l’impact des annonces de politique monétaire de la Fed et de la BCE sur le marché boursier français, selon les cycles financiers. D’après les résultats obtenus, la réaction du marché boursier français est plus marquée pendant les périodes de déclin que pendant les périodes de hausse. Il s’avère, en outre, que l’impact de la politique monétaire américaine sur le marché boursier français transite en partie par la prime de risque. La présente thèse a ainsi apporté de nouveaux résultats par rapport à la littérature et a montré que l’impact des annonces macroéconomiques sur les marchés boursiers est complexe et nécessite d’aller au-delà des études d’événements classiques. / The aim of this thesis is to study the impact of both French and U.S. macroeconomic announcements on the French Stock market. The methodology used allows us to combine theoretical and empirical approaches, in order to identify the sources of the stock market reaction. The first part of this thesis is devoted to the study of the French stock market’s reaction to announcements of news about the real economy. We find that these announcements can have simultaneous effects on different theoretical components of stock returns. We also find that the impact of those macroeconomic announcements on the French stock market is not only attributable to a direct effect, as documented in the literature, but also is due to a spillover effect from the American stock market. In the second part of the thesis, we investigate the impact of monetary policy announcements on the French stock market, bycombining the event study approach and the ICAPM theory. We find that the announcements of the US Federal Reserve have an impact on different components of the risk premium on the French Stock market.

Submitted by Fabio Sobreira Campos da Costa (fabio.sobreira@ufpe.br) on 2017-02-16T13:59:37Z No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Dissertação Nayara Ferreira Carvalho (PPGO-UFPE).pdf: 1641128 bytes, checksum: c4910be8fdae6566f2fa798507854475 (MD5) / Made available in DSpace on 2017-02-16T13:59:37Z (GMT). No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Dissertação Nayara Ferreira Carvalho (PPGO-UFPE).pdf: 1641128 bytes, checksum: c4910be8fdae6566f2fa798507854475 (MD5) Previous issue date: 2016-05-25 / CAPES / O presente estudo teve como objetivo revisitar áreas recifais estudadas no ano 2000 em Tamandaré-PE para descrever as comunidades macrobentônicas, com foco no ouriço E. lucunter e comparar com os dados obtidos anteriormente, e, ainda usou como referência o recife de Santiago em Paripueira-AL. Através das técnicas de “Line Transect” e “Quadrat” foram amostradas nove áreas recifais do complexo recifal de Tamandaré e uma área recifal em Paripueira. Os resultados indicaram diferenças significativas na estrutura das comunidades macrobentônicas estudadas entre os recifes e entre os períodos. A densidade e cobertura bentônica viva de corais escleractíneos, hidrocorais, zoantídeos e grupos funcionais algais parecem ter sido influenciados pelo padrão de distribuição e abundância de ouriços, apresentando diferenças significativas em sua composição na presença ou ausência destes. Em 2000, a densidade de ouriços da área recifal fechada de Tamandaré era aproximadamente cinco vezes maior que a encontrada no presente estudo. O contrário ocorreu na área recifal de Santiago que aumentou sua densidade de ouriço após ser reaberta à exploração antrópica em 2004. A exclusão das atividades pesqueiras e turísticas na Ilha da Barra ao longo de 16 anos indica a recuperação da abundância de espécies potencialmente predadoras de ouriços, que não só reduziu a densidade de E. lucunter na área fechada, mas também esse efeito foi exportado para as áreas recifais adjacentes. Este estudo sugere que a redução da abundância de ouriços nos recifes adjacentes é o resultado do spillover de predadores e anti-spillover de recrutas de ouriços para os recifes mais próximos da área fechada, e conclui que grande parte das diferenças observadas na densidade populacional do E. lucunter ao longo de todo o Complexo Recifal de Tamandaré-PE é devido aos efeitos diretos e indiretos da exclusão antrópica. / The aim of this study was to revisit Tamandaré-PE reef areas studied in 2000 to describe macrobenthic communities focusing on the E. lucunter sea urchin and compare the present data to the data obtained previously, and also used as a reference the Santiago reef in Paripueira-AL. Nine reef areas of Tamandaré reef complex and one reef area of Paripueira were sampled through the techniques of Line Transect and Quadrat. The results indicated significant differences in macrobenthic community studied among the reefs and between periods. The density and coverage of scleractinians corals, hydrocorals, zoanthids and algal functional groups seems to have been influenced by the pattern of sea urchins distribution and abundance, once these groups showed significant differences in their composition in the presence or absence of E. lucunter. In 2000, the sea urchin density of the Tamandaré closed area was about 5 times greater than the density found in this study. The opposite occurred in the Santiago reef, where there was an increased sea urchin density after this reef have been reopened to anthropic exploitation in 2004. The exclusion of fishing and tourist activities in Ilha da Barra over 16 years has resulted in a recovery of the species abundance potentially predatory of sea urchins, which not only reduced the E. lucunter density in the closed area, once this effect was exported to the adjacent reef areas. This study suggests that sea urchins abundance reducing on adjacent reefs is the result of spillover from predators and anti-spillover from sea urchins recruits to nearby reefs of the closed area, and concludes that much of the observed differences in E. lucunter density throughout the reef complex of Tamandaré-PE is due to the direct and indirect effects of anthropogenic exclusion.

No description available.

The Swedish population is rapidly increasing in educational level in the past two decades and educational level has long been a topic of interest for labor productivity. This increase in educational level brings up an interesting discussion of whether the remoteness of a university helps create productivity and if so by how much. This is a study that will try and explain the impact on regional productivity by having a university closer, using the distance to the closest university of each municipality in Sweden, and depending on what quality this university possess. Using simple OLS regressions results have shown some reasons for increased productivity, either positive or negative, while distance showed to not matter for regional productivity at all. This field is somewhat untouched, and with further research and by including other geographical economic theories, it could become an interesting study.

The level of human capital development depends upon the quality of education and training which in many developing countries is low. In addition, the quality of human skills and knowledge is one of the key determinants of inward foreign direct investment (IFDI) in to developing countries. Literature witnessed the knowledge and skills gaps despite substantial investment in the education, training and human capital development. IFDI could fill the knowledge and skills gap in host developing countries. The aim of this research is to examine the impact of IFDI on human capital development in developing countries through FMNE subsidiaries' human resource development and training programmes on local managers' knowledge and skills development and the resultant impacts on local organisations and thereby on local human capital development. Qualitative methodology applied to analyse semistructured interviews with a convenience sample of 24 managers working in FMNE subsidiaries and local organisations in the Kingdom of Saudi Arabia (KSA). Findings showed that FMNE subsidiaries consider the development of knowledge, skills and abilities of the local managers as a strategic investment. Consequently, short and long training and development (T&D) programmes for local managers are provided both locally and overseas. FMNE subsidiaries trained local managers move from FMNE subsidiaries to local organisations for financial benefits, career progression and other reasons such as higher authority, balance between work and family, favourable location, avoiding work pressure and job security and stability. The mobility of FMNE subsidiaries trained local managers to local organisations leads to human skills and knowledge spillovers such as transfer of knowledge and skills, advancement of professional capabilities, improvement in work behaviours and development of intrapreneurial skills. These spillovers result in upgrading of management skills, availability of intrapreneurial skills, changes in work behaviour and ethics and improvement in capabilities and performance in local organisations. IFDI by FMNE subsidiaries thus leads to positive impacts on the local human capital development such as development of local knowledge and skills, leadership, professional capabilities and competencies in host developing countries. This study provides evidence that IFDI has positive contributions in local human capital development in host developing countries. Natural resource rich countries like the KSA should focus on good IFDI that not only exploits the natural resources but also contributes to local human capital development.

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Substantial numbers of Canadians work shifts. The reasons individuals work shifts are varied and complex. Prior research regarding the relationship between work-family balance, gender, quality of life indicators and health has yielded mixed results. The goal of this research was to examine the association between work-family balance, quality of life indicators and Canadians' overall health status while controlling for socio-economic status, education, family structure and life satisfaction. The two objectives of this study were: 1) to explore how the relationship between work-related characteristics, quality of life and overall health status is different among Canadian male and Canadian female workers, controlling for age, education, socio-economic status, family structure, and life satisfaction and, 2) to examine the relationship between shift configuration and employees' overall health status, controlling for socio-economic status, gender, education, family structure and life satisfaction. This study involved analyses of cross-secional national data from the General Social Survey (GSS) 2006, Cycle 20. The sample for the study included employed men and women who were married or living in common-law relationships, ages 18 through 69. Bivariate and logistic regression analyses were conducted to address the stated research objectives. Appropriate survey weights were applied to estimate population characteristeics. To fully account for the survey's complex sample design, mean bootstrap weights were used for variance estimation and calculation of confidence intervals. Findings indicated that for women and shift workers, both work-to-family spillover and family-to-work spillover were predictve of poor self-rated health. Spillover was not a predictor of poor health for men or day workers. Shift configuration was not found to be significantly correlated with poor self-rated health. Analyses should be repeated to test for interaction between shift work and sleep quality as sleep quality was controlled for in this study.