A holistic attempt to predicating excess aftermarket returns of IPOs over a 90-day period post IPO

Double Degree

Characterization of heat waves affecting mortality rates of broilers between 29 days and market age

Climate may affect broiler production, especially where there are heat waves, which may cause high mortality rates due to the heat stress. Heat wave prediction and characterization may allow early mitigation actions to be taken. Data Mining is one of the tools used for such a characterization, particularly when a large number of variables is involved. The objective of this study was to classify heat waves that promote broiler chicken mortality in poultry houses equipped with minimal environmental control. A single day of heat, a heat-shock day, is capable of producing high broiler mortality. In poultry houses equipped with fans and evaporative cooling, the characterization of heat waves affecting broiler mortality between 29 days of age and market age presented 89.34% Model Accuracy and 0.73 Class Precision for high mortality. There was no influence on high mortality (HM) of birds between 29 and 31 days of age. Maximum temperature humidity index (THI) above 30.6 ºC was the main characteristic of days when there was a heat wave, causing high mortality in broilers older than 31 days. The high mortality of broilers between 31 and 40 days of age occurred when maximum THI was above 30.6 ºC and maximum temperature of the day was above 34.4 ºC. There were two main causes of high mortality of broilers older than 40 days: 1) maximum THI above 30.6 ºC and minimum THI equal or lower than 15.5 ºC; 2) maximum THI above 30.6 ºC, minimum THI lower than 15.5 ºC, and the time of maximum temperature later than 15:00h. The heat wave influence on broiler mortality lasted an average of 2.7 days.

Three Essays on Market Depth in Futures Markets

Liquidity is an important market characteristic for participants in every financial market. One of the three components of liquidity is market depth. Prior literature lacks a comprehensive analysis of depth in U.S. futures markets due to past limitations on the availability of data. However, recent innovations in data collection and dissemination provide new opportunities to investigate the depth dimension of liquidity. In this dissertation, the Chicago Mercantile Exchange (CME) Group proprietary database on depth is employed to study the dynamics of depth in the U.S. futures markets. This database allows for the analysis of depth along the entire limit order book rather than just at the first level. The first essay examines the characteristics of depth within the context of the five-deep limit order book. Results show that a large amount of depth is present in the book beyond the best level. Furthermore, the findings show that the characteristics of five-deep depth between day and night trading vary and that depth is unequal across levels within the limit order book. The second essay examines the link between the five-deep market depth and the bid-ask spread. The results suggest an inverse relation between the spread and the depth after adjusting for control factors. The third essay explores transitory volatility in relation to depth in the limit order book. Evidence supports the relation between an increase in volatility and a subsequent decrease in market depth. Overall, the results of this dissertation are consistent with limit order traders actively managing depth along the limit order book in electronic U.S. futures markets.

The Impact of Internal Market Orientation on Staff Service Behaviours

The impact of service direction, service training and staff behaviours on perceptions of service delivery are examined. The impact of managerial behaviour in the form of internal market orientation (IMO) on the attitudes of frontline staff towards the firm and its consequent influence on their customer oriented behaviours is also examined. Frontline service staff working in the consumer transport industry were surveyed to provide subjective data about the constructs of interest in this study, and the data were analysed using structural equations modelling employing partial least squares estimation. The data indicate significant relationships between internal market orientation (IMO), the attitudes of the employees to the firm and their consequent behaviour towards customers. Customer orientation, service direction and service training are all identified as antecedents to high levels of service delivery. The study contributes to marketing theory by providing quantitative evidence to support assumptions that internal marketing has an impact on services success. For marketing practitioners, the research findings offer additional information about the management, training and motivation of service staff towards service excellence.