Economists have long known that different cultures pay for goods and services in different ways. This thesis complements the economic research by identifying several elements of social construction for payment method demand in the UK, creating new knowledge in this under researched area. Further social and cultural influences on payment choice can be identified in future consumer behaviour research. As the full social construction of demand for payments is built, it will complete the economic research and more accurately predict future payment method demand. Smartphones, contactless cards and Bit coins may all contribute to a change in the way we pay, but without understanding why we choose a payment method it is impossible to really know. This thesis uses quantitative analysis of primary research to ascertain that there is a correlation between payment methods and shopping value, location of shopping, amount paid and goods/services purchased. The survey (n=676) also collects data on preferences to use cash by amount paid and goods purchased. As a by-product of this survey a correlation between shopping value and demographic segment (gender and ethnicity) is revealed. Factor analysis and structural equation modelling show that hedonic shoppers prefer tactile and exciting forms of payment (attributes associated with cash) and utilitarian shoppers prefer convenient, cost effective, speedy, rewarded and recorded forms of payment (attributes associated with card payments). The mean value for shoppers to switch from cash to cards is £35 but this varies with shopping value, payment preferences and demographic group. Shoppers also habitually buy certain goods with cash, one common factor being the avoidance of a record of their indulgences. This thesis demonstrates that shopping value and various subjective norms of behaviour influence our choice at the checkout, proving the principle that there is a social construction to the demand for payment methods.

This thesis presents new empirical evidence on three important aspects of financial reporting by banks. The thesis consists of an introductory chapter that explains how the three issues are related to each other, three empirical chapters and a final summary chapter. The first empirical chapter studies the effects of accounting conservatism on the pricing of syndicated bank loans. I provide evidence that banks more timely in loss recognition charge higher spreads for the same loan provision. I go on to consider what happens to this relationship during the financial crisis. During the crisis, banks more timely in loss recognition increase their spreads to a lesser extent than banks less timely in loss recognition. The policy implication is that banks more timely in loss recognition exhibit more prudent and less pro-cyclical debt pricing behaviour. The second empirical chapter examines the relationship between the value relevance of fair value gains and losses and bank risk in an international bank sample. One possibility is that, as risk increases, the scope for subjectivity in fair value estimates increases thereby potentially rendering the numbers less useful. However another possibility is that the relevance of faithfully reported fair value gains and losses increases as risk increases. The study provides evidence that the value relevance of fair value gains and losses is positively associated with bank risk prior to the crisis. During the crisis there is also evidence of a similar positive relationship, but it is not possible to draw firm conclusions for reasons discussed in the chapter. My research also shows that the fair value gains and losses of banks that elect to use the fair value option for assets that could have been accounted for using amortized costs are more value relevant and persistent. This study provides information to policy makers on the situations when fair values are most useful to investors. The third empirical chapter examines if the market rationally prices the loan loss provisions, and the reported fair value gains and losses of US banks. The chapter models the discretionary components of loan loss provisions and fair value gains and losses, and tests if the discretionary components are priced differently from their non-discretionary counterparts. The results provide little evidence that the market misprices operating cash flows, non-discretionary loan loss provisions, or fair value gains and losses (discretionary or otherwise). However there is evidence of significant mispricing of discretionary loan loss provisions. The lack of evidence on the mispricing of fair value gains and losses is consistent with the finding on the value relevance of fair value gains and losses in the second empirical chapter.

The Frechet distribution was applied to a set of earthquake data in order to test its validity as a practical alternative distribution for extreme value data. It was concluded that the Frechet distribution was the best model representing that data set. Also, a Poisson model of occurrence could not be rejected for that data set. The combination of these two models resulted in a closed form unconditional extreme value distribution which was developed analytically. The appropriate statistical tests and sensitivity analyses were performed on the obtained model. / Applied Science, Faculty of / Mechanical Engineering, Department of / Graduate

M.Phil. / To achieve growth, most corporations invest a large portion of their turnover in new business ventures or in expanding current operations. These initiatives imply capital and thus a return is essential in order to ensure survival. Research indicates that capital projects seldom realize their full potential. The value that is released by a project is often unacceptably lower than the value that was initially forecast and for which the board granted approval. Furthermore, a number of projects achieved radical improvement within a relatively short period of time, when they embarked on an initiative focusing on improving the project. This indicates that, due to the relatively low cost and the rather large prize at stake, it is imperative to investigate and actively seek improvement potential. Value Engineering proves to be a methodology capable of unleashing these otherwise hidden opportunities. Three basic steps describe the value engineering process: analysis to understand the project; design to find the optimum or a better solution; and the implementation thereof. Before a team can embark on an improvement initiative an initiation study will determine the target, required focus of the exercise and set up an enabled team. This study also describes the integration of value engineering with the existing processes using a case study. In order for value engineering to work, skilled members are required, the initiative has to be timed and complement the existing processes.

M.Comm.

M.Com. / Please refer to full text to view abstract

The thesis argues that the distribution formats can be significant strategic communication and differentiation tools for luxury brand and that the intangible determinants within the space can provide balancing link between company trying to manage its brand expression and consumers search for the meaningful experiences. The dissertation uses a luxury retail setting, as the highest in distribution hierarchy to analyze these relations. This ensures a level of diversification from mass retail approach. In addition, this brings back to the store as source of value creation and experiences that one should expect from a luxury brand. The aim: To explore conceptually the nature of value creation and how the relationship gets between a retailer and customer translated and communicated by a means of store, also to identify the key determinants for the value creation within the formats while looking at which levels it brings to ability to co - create the experiential value with consumer. Method: The two primary methods used are: in-depth, semi-structured interview with professionals or key informants and field notes in ethnographic context with a sample of 52 international marketing students. The secondary data collection draws upon extensive, relevant and significant academic literature review including books, professional journals, online resources, etc. Findings: The work identified two value drivers: Symbolic Desire and Exclusive Excitement. Excitement and Desire were found to be the main emotions to trigger the consumer within the luxury setting and to translate a product into service or experience of a kind. Second, research identified the two experiential prospects of: Become and Belong. These show all the way the interaction builds and develops to immerse the customers in a branded world and experiences. As a result the thesis suggests two new approaches; Experiential Value Co-Creation and In - Store Typology. Such orientation offers an outline for adjusting the service and mapping the generic groups of luxury consumers. Moreover, in-store experiential typology offers four types of spaces and/or segments within the setting: Expertise, Exclusivize, Aspirational and Popularize.

The aim of the project is to redesign an adjustable table in collaboration with the company Form O Miljö from Stockholm, which develops, produces and markets high-quality furniture and interior design for public environments . The table is part of a biomechanical project developed by the company. It´s focus is school environments and designed for the students. The idea comes from the problems observed in children while using electronic devices or study in the current tables and a later ergonomic study about it. The bachelor thesis consists of looking for a new design that fits in its market, catches the users interest and meets his or her needs in order to be successful. Therefore, it is a project that has been carried out from a human-centered design approach. The result is a table adjustable in height thanks to the lifting system implemented, that has a drawer to store stuff and a tilting support for electronic devices. All its characteristics makes this new desk an innovative product in the market that fulfils the users’ requirements and solves the problems analyzed.

Literature in business associations reveals an efficient confluence of business to provide member firms with benefits obtained from cooperation with other firms in the industry. They assist firms through knowledge building, knowledge deployment, and standard setting. They can particularly play an important role in the areas of market integration, source of information, lobbying for regulation, standard setting and policy. Studies have also shown that lack of political influence helps discourage good governance or the ability to manage public affairs and deliver basic services; when acting alone individual firms may not be capable of taking part effectively in the interchange with government. This study involved a qualitative study which consisted of case studies and in-depth face to face interviews with association and member companies’ executives that are actively involved in business association activities in the South African Steel industry. The study concluded that business associations arise for different reasons and in different environments, to assist business with meeting certain challenges; they can sometimes play a positive role by making up for failing development institutions but they can also be detrimental to social welfare because of rent-seeking behaviour. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

Sustainability reporting by companies can serve as a communication tool with potential to build trust, influence the attitudes and perceptions of stakeholders. However, reporting without adding value and meeting the needs of the targeted stakeholders has been labelled a fad or meaningless by some scholars. The objective of this research was therefore to understand from a stakeholder‟s perspective; if indeed sustainability reporting is meeting their needs and creating value for them. A qualitative approach was used to illicit perspectives of multiple stakeholder groups on the value of sustainability reporting by two companies belonging to the mining sector. A total of sixteen different stakeholders belonging to different stakeholder groups and two sustainability experts from the two companies were interviewed to compare the company perspectives on value created with that of other stakeholders. The results highlighted that the relationship between the company and a stakeholder group, influences how that particular stakeholder group is prioritised and engaged. Stakeholder groups that are economically powerful, have higher saliency and those with potential to influence the business were prioritised and effectively engaged compared to those with low economic power and low legitimate claim over the company. The perceived benefit of sustainability reporting varied per stakeholder group and the company perspective of value differed from stakeholder perspective for some stakeholder groups. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted