Measurement of productivity and cost of the direct labour organisation within highways maintenance departments

The objective of this thesis is to investigate, through an empirical study, the different functions of the highways maintenance departments and to suggest methods by means of which road maintenance work could be carried out in a more efficient way by utilising its resources of men, material and plant to the utmost advantage. This is particularly important under the present circumstances of national financial difficulties which have resulted in continuous cuts in public expenditure. In order to achieve this objective, the researcher carried out a survey among several Highways Authorities by means of questionnaire and interview. The information so collected was analysed in order to understand the actual, practical situation within highways manintenance departments, and highlight any existing problems, and try to answer the question of how they could become more efficient. According to the results obtained by the questionnaire and the interview, and the analysis of these results, the researcher concludes that it is the management system where least has been done, and where problems exist and are most complex. The management of highways maintenance departments argue that the reasons for their problems include both financial and organisational difficulties, apart from the political aspect and nature of the activities undertaken. The researcher believes that this ought to necessitate improving the management's analytical tools and techniques in order to achieve the most effective way of performing each activity. To this end the researcher recommends several related procedures to be adopted by the management of the highways maintenance departments. These recommendations, arising from the study, involve the technical, practical and human aspects. These are essential factors of which management should be aware - and certainly should not neglect - in order to achieve its objectives of improved productivity in the highways maintenance departments.

Processo de transição da pessoa estomizada da depêndencia de cuidado ao autocuidado: subsídios à enfermagem

Objetivou-se conhecer como a pessoa com estomia vivência o processo de transição da dependência de cuidados ao autocuidado à luz da Teoria das Transições de Meleis. Pesquisa exploratória, descritiva com abordagem qualitativa no Serviço de Estomaterapia do Hospital Universitário Dr Miguel Riet Corrêa Jr do Rio Grande/ RS/ Brasil com 27 pessoas com estomias definitivas por câncer. Os dados foram coletados nos mês de janeiro e fevereiro de 2014 por meio de entrevista com roteiro semiestruturado e submetidos à Análise de Conteúdo apoiada nas ideias da Teoria das Transições de Afaf I. Meleis. Constatou-se que a natureza da transição situou-se no processo tipo saúde/doença. A entrada no processo de transição deu-se a partir da consciência desencadeada pelo diagnóstico de câncer, reforçado pela cirurgia de estomização. O empenhamento surge ao dedicarem-se a construção do conhecimento para o autocuidado frente às mudanças na sua vida e na sua nova relação com seu corpo, mudando a visão de si, do mundo e dos outros. Destacou-se o espaço temporal como algo dinâmico e variavelmente indeterminável, sendo fundamental para que se organizem e reflitam acerca do seu novo viver, fortalecendo-se para que a transição progrida. Verificaram-se como fatores facilitadores do autocuidado a construção de um significado positivo à estomização, o preparo dessa experiência ainda no pré-operatório, a estabilidade emocional, a fé e a religiosidade e a sensação de normalidade adquirida a partir de uma imagem próxima da anterior. Referiram-se, ainda, ao fornecimento de forma gratuita pelo governo das bolsas coletoras, adjuvantes e acessórios e ao atendimento da equipe multiprofissional. Como fatores inibidores do processo de transição encontraram-se a visão distorcida de seu corpo, o despreparo para viver com a estomia, a instabilidade emocional, a desmotivação com afastamento de atividades prazerosas, o cuidado excessivo e/ou estendido e até mesmo a superproteção da família, as complicações como hérnias e prolapsos, a falta de atitudes positivas quanto à vida, a negação da bolsa coletora, as tentativas frustradas de omitir o uso da bolsa coletora, a falta do domínio do manuseio dos equipamentos, o afastamento do trabalho e as dificuldades financeiras. Além destas, o abandono do parceiro, atitudes negativas e estigmatizantes por parte da família e a baixa qualidade dos materiais fornecidos pelo governo. Como indicadores de resultados identificaram-se a confiança para realizar atividades anteriores, aceitação de sua situação, uma visão positiva de sua vida e da capacidade de compartilhar o seu cuidado com sua família. Considera-se a saída da transição quando este for capaz de dominar novas competências tanto para o cuidado físico ao realizar a troca da bolsa coletora quanto readequando sua imagem e autoconceito. Concluiu-se que o processo de transição da dependência de cuidados ao autocuidado da pessoa com estomia é complexo e carregado de subjetividades. É necessário que o enfermeiro estabeleça ações terapêuticas de enfermagem eficazes e eficientes, contribuindo para a promoção e reabilitação da saúde deste, auxiliando-o na aquisição de sua autonomia e independência, subsidiando seu autocuidado e bem-estar.

Os determinantes da liquidez: evidência nas empresas portuguesas cotadas na Euronet Lisbon

Neste estudo são analisados, através de técnicas adequadas para dados em painel, os determinantes da liquidez das empresas portuguesas cotadas na Euronext Lisbon. Para a concretização do mesmo foi utilizada uma amostra de 40 empresas, para o período de 2000 a 2014, sendo este período dividido em dois subperíodos, o antes e o depois da crise. Os resultados evidenciam a existência de uma relação entre algumas das variáveis independentes e a variável dependente. De facto, antes da crise, verifica-se que as oportunidades de crescimento e a probabilidade de dificuldades financeiras são significativas para o nível da liquidez, sendo que, depois da crise, as variáveis explicativas do nível de liquidez são a volatilidade dos fluxos de caixa, o ciclo de conversão de caixa e a probabilidade de dificuldades financeiras.

Optimization of flocculation process and continuous filtration for sea water primary treatment filtration to reduce SDI for entree to reverse osmosis system

Today , Providing drinking water and process water is one of the major problems in most countries ; the surface water often need to be treated to achieve necessary quality, and in this way, technological and also financial difficulties cause great restrictions in operating the treatment units. Although water supply by simple and cheap systems has been one of the important objectives in most scientific and research centers in the world, still a great percent of population in developing countries, especially in rural areas, don't benefit well quality water. One of the big and available sources for providing acceptable water is sea water. There are two ways to treat sea water first evaporation and second reverse osmosis system. Nowadays R.O system has been used for desalination because of low budget price and easily to operate and maintenance. The sea water should be pretreated before R.O plants, because there is some difficulties in raw sea water that can decrease yield point of membranes in R.O system. The subject of this research may be useful in this way, and we hope to be able to achieve complete success in design and construction of useful pretreatment systems for R.O plant. One of the most important units in the sea water pretreatment plant is filtration, the conventional method for filtration is pressurized sand filters, and the subject of this research is about new filtration which is called continuous back wash sand filtration (CBWSF). The CBWSF designed and tested in this research may be used more economically with less difficulty. It consists two main parts first shell body and second central part comprising of airlift pump, raw water feeding pipe, air supply hose, backwash chamber and sand washer as well as inlet and outlet connections. The CBWSF is a continuously operating filter, i.e. the filter does not have to be taken out of operation for backwashing or cleaning. Inlet water is fed through the sand bed while the sand bed is moving downwards. The water gets filtered while the sand becomes dirty. Simultaneously, the dirty sand is cleaned in the sand washer and the suspended solids are discharged in backwash water. We analyze the behavior of CBWSF in pretreatment of sea water instead of pressurized sand filter. There is one important factor which is not suitable for R.O membranes, it is bio-fouling. This factor is defined by Silt Density Index (SDI).measured by SDI. In this research has been focused on decreasing of SDI and NTU. Based on this goal, the prototype of pretreatment had been designed and manufactured to test. The system design was done mainly by using the design fundamentals of CBWSF. The automatic backwash sand filter can be used in small and also big water supply schemes. In big water treatment plants, the units of filters perform the filtration and backwash stages separately, and in small treatment plants, the unit is usually compacted to achieve less energy consumption. The analysis of the system showed that it may be used feasibly for water treating, especially for limited population. The construction is rapid, simple and economic, and its performance is high enough because no mobile mechanical part is used in it, so it may be proposed as an effective method to improve the water quality and consequently the hygiene level in the remote places of the country.

Non-communicable diseases among children in Ghana: health and social concerns of parent/caregivers.

Background: Globally, there is a progressive rise in the burden of non-communicable diseases (NCDs). This paper examined the health and social concerns of parents/caregivers on in-patient care for children with NCDs in Ghana. Methods: This was a cross-sectional study in three large health facilities in Ghana (the largest in the South, the largest in the North and the largest in the Eastern part of Ghana. Data was collected with a structured questionnaire among 225 caregivers (≥18 years) of 149 children with NCDs in health facilities in the three regions. Data was analyzed with simple descriptive statistics. Results: Most caregivers 169(75.0%) were women, relatively young (median age 35years), mostly married and resided in urban areas. Sickle cell disease was the commonest NCD among the children. All 169(75.0%) caregivers believed children suffer NCDs because of sins of parents/ancestors, 29(12.9%) believed herbalists/spiritualists have insights into treating NCDs and 73(32.6%) have previously used herbs/traditional medicine for child's illness. NCD in children was a burden and caused financial difficulties for families. Most caregivers (>96.0%) indicated NCDs in children should be included in national health insurance benefits package and a comprehensive national NCD policy is needed. Conclusion: Absence of national NCD policy for children is a major challenge. The burden of care rests mainly on the parents/ caregivers. A national strategic intervention on the importance of awareness generation on the causes, risk factors, prevention and treatment of NCDs for families and communities is essential. Government support through national health and social policy initiatives are essential.

Efeito da administração da hormona PGF2α nos problemas pós-parto, mais concretamente na retenção placentária em bovinos leiteiros

Dissertação de Mestrado em Engenharia Zootécnica/Produção Animal

La gestion facultaire en contexte budgétaire difficile : analyse sous l’angle de l’activité des doyens

Cette thèse examine le comportement de quatre doyens canadiens dont les facultés sont en situation financière précaire. Dans un contexte d’imputabilité accrue des établissements universitaires et de modification constante aux rapports de pouvoir internes, cette étude présente une importance particulière pour la compréhension de l’exercice réel des fonctions administratives des cadres académiques intermédiaires. La recherche scientifique sur ce sujet attribue aux doyens une contribution vitale au bon fonctionnement des établissements; le doyen en demeure pourtant un des rouages les moins étudiés. La position intermédiaire qu’occupent les doyens les place dans un conflit de rôle évident. Pris entre des rôles et des attentes contradictoires émis par la communauté facultaire, d’une part, et par la direction de l’établissement, d’autre part, ils doivent conjuguer cette ambiguïté avec des responsabilités croissantes en matière de gestion financière, de leadership et d’opérationnalisation des visées stratégiques de l’université. Comprendre la façon dont les doyens arrivent à mobiliser les leviers institutionnels à leur disposition pour résoudre des situations critiques permettra d’améliorer notre compréhension de la complexité de la prise de décision au niveau intermédiaire et notre compréhension globale du fonctionnement des établissements universitaires. La présente étude importe de la théorie culturelle-historique de l’activité (culturalhistorical activity theory, ou CHAT) un modèle d’analyse de l’activité collective en situation de contradictions systémiques. Quatre doyens d’une même université ont été interviewés afin de présenter une situation vécue de difficulté budgétaire, et le processus de résolution qui a suivi. Les données ont été analysées qualitativement afin de décrire les interventions que réalisent les doyens sur les leviers présents dans leurs environnements. Les résultats suggèrent que les participants ont misé sur une maîtrise fine des rouages institutionnels et sur des interventions diversifiées afin de résoudre les contradictions de leurs systèmes d’activité.

Effect of investigation intensity and treatment differences on prostate cancer survivor's physical symptoms, psychological well-being and health-related quality of life: a two country cross-sectional study.

Aim: To investigate effects on men's health and well-being of higher prostate cancer (PCa) investigation and treatment levels in similar populations. Participants: PCa survivors in Ireland where the Republic of Ireland (RoI) has a 50% higher PCa incidence than Northern Ireland (NI). Method: A cross-sectional postal questionnaire was sent to PCa survivors 2–18 years post-treatment, seeking information about current physical effects of treatment, health-related quality of life (HRQoL; EORTC QLQ-C30; EQ-5D-5L) and psychological well-being (21 question version of the Depression, Anxiety and Stress Scale, DASS-21). Outcomes in RoI and NI survivors were compared, stratifying into ‘late disease’ (stage III/IV and any Gleason grade (GG) at diagnosis) and ‘early disease’ (stage I/II and GG 2–7). Responses were weighted by age, jurisdiction and time since diagnosis. Between-country differences were investigated using multivariate logistic and linear regression. Results: 3348 men responded (RoI n=2567; NI n=781; reflecting population sizes, response rate 54%). RoI responders were younger; less often had comorbidities (45% vs 38%); were more likely to present asymptomatically (66%; 41%) or with early disease (56%; 35%); and less often currently used androgen deprivation therapy (ADT; 2%; 28%). Current prevalence of incontinence (16%) and impotence (56% early disease, 67% late disease) did not differ between RoI and NI. In early disease, only current bowel problems (RoI 12%; NI 21%) differed significantly in multivariate analysis. In late disease, NI men reported significantly higher levels of gynaecomastia (23% vs 9%) and hot flashes(41% vs 19%), but when ADT users were analysed separately, differences disappeared. For HRQoL, in multivariate analysis, only pain (early disease: RoI 11.1, NI 19.4) and financial difficulties (late disease: RoI 10.4, NI 7.9) differed significantly between countries. There were no significant between-country differences in DASS-21 or index ED-5D-5L score. Conclusions: Treatment side effects were commonly reported and increased PCa detection in RoI has left more men with these side effects. We recommended that men be offered a PSA test only after informed discussion.

La gestion facultaire en contexte budgétaire difficile : analyse sous l’angle de l’activité des doyens

Cette thèse examine le comportement de quatre doyens canadiens dont les facultés sont en situation financière précaire. Dans un contexte d’imputabilité accrue des établissements universitaires et de modification constante aux rapports de pouvoir internes, cette étude présente une importance particulière pour la compréhension de l’exercice réel des fonctions administratives des cadres académiques intermédiaires. La recherche scientifique sur ce sujet attribue aux doyens une contribution vitale au bon fonctionnement des établissements; le doyen en demeure pourtant un des rouages les moins étudiés. La position intermédiaire qu’occupent les doyens les place dans un conflit de rôle évident. Pris entre des rôles et des attentes contradictoires émis par la communauté facultaire, d’une part, et par la direction de l’établissement, d’autre part, ils doivent conjuguer cette ambiguïté avec des responsabilités croissantes en matière de gestion financière, de leadership et d’opérationnalisation des visées stratégiques de l’université. Comprendre la façon dont les doyens arrivent à mobiliser les leviers institutionnels à leur disposition pour résoudre des situations critiques permettra d’améliorer notre compréhension de la complexité de la prise de décision au niveau intermédiaire et notre compréhension globale du fonctionnement des établissements universitaires. La présente étude importe de la théorie culturelle-historique de l’activité (culturalhistorical activity theory, ou CHAT) un modèle d’analyse de l’activité collective en situation de contradictions systémiques. Quatre doyens d’une même université ont été interviewés afin de présenter une situation vécue de difficulté budgétaire, et le processus de résolution qui a suivi. Les données ont été analysées qualitativement afin de décrire les interventions que réalisent les doyens sur les leviers présents dans leurs environnements. Les résultats suggèrent que les participants ont misé sur une maîtrise fine des rouages institutionnels et sur des interventions diversifiées afin de résoudre les contradictions de leurs systèmes d’activité.

Taux d‘inscription, de rétention et de décrochage dans le programme de gestion du tourisme

Abstract : This paper examines the factors motivating students to enrol in the Tourism Management program at Champlain College, St-Lambert and why a large number of students abandon the program before obtaining their DEC. There is a great deal of literature on student attrition, however there is little consensus on why students withdraw from college programs and the results cannot be easily generalized to this particular set of students at this time. Understanding the factors that influenced the students to choose Tourism Management at Champlain, St-Lambert and why they then leave before completing the six semesters will help with student success and with the marketing of the program. The theoretical framework guiding the study is metacognition, a branch of cognitive psychology that deals with the awareness and understanding of one’s thinking processes. Through a survey, students were asked to rank the general and specific factors that influenced their choice of Tourism Management as a program of study. Exit interviews were carried out with students who abandoned the program within the first year of study to determine the reasons for dropping out. Students who persisted in the program wrote journals describing their first year experience in order to identify any differences in metacognitive abilities with those who abandoned the program. The academic records of all students were also analyzed. The major factors influencing students to choose the Tourism Management program were interest in travel and job opportunities available after graduating. The results from the exit interviews and journals also showed that interest in travel was the primary reason for enrolment. The knowledge that students had of Cegep and the Tourism Management program before enroling however was negligible, particularly among the group that abandoned the program within the first year of study. The analyses of the academic records of the 2007 incoming students showed that the students with the lower high school grades were more likely to abandon the Tourism Management program than those with higher grades. The same is true for first semester and second semester Cegep grades. The major reason why the students abandoned the program during the 2007/2008 academic year was a lack of interest or a dislike of the program, followed by financial difficulties. It is not clear however what the lack of interest can be attributed to and this may be an avenue for future research. As opposed to the students who persisted in the program, those who abandoned their studies had unrealistic expectations of the academic requirements, were unprepared for the workload, had more difficulty analyzing their own performance and had not set concrete goals for themselves. The study shows several problem areas within the program. Of main concern is the lack of knowledge that students have of Cegep life and the Tourism Management program in general and the lack of preparation for Cegep level courses. The scheduling of courses and teaching methods within the program are other areas that need to be addressed. The paper concludes with a set of recommendations to possibly help remedy some of the problems.||Résumé : Ce travail s’intéresse aux facteurs qui motivent les étudiants à s’inscrire au programme de tourisme offert au Collège Champlain de St-Lambert. Il cherche à établir les raisons qui font en sorte qu’un si grand nombre d’étudiants abandonnent le programme avant d’obtenir leur DEC. Plusieurs recherches ont été effectuées sur l’abandon scolaire, mais il n’y a pas de consensus quant aux raisons pour lesquelles les étudiants se retirent du programme collégial. Actuellement, il est difficile d’établir des liens entre les résultats de ces recherches et ce groupe d’étudiants. La compréhension des facteurs qui influencent les étudiants à choisir le tourisme au Collège Champlain et les raisons qui font en sorte qu’ils quittent avant d’avoir complété leur formation, nous permettront d’améliorer le taux de rétention des étudiants dans ce programme. De plus, cela favorisera le marketing du programme. Le cadre théorique de cette recherche est la métacognition, une composante importante de la psychologie cognitive qui examine la connaissance et le contrôle qu’une personne a sur sa façon de penser. La métacognition est une variable qui différencie les étudiants qui réussissent de ceux qui abandonnent (Tardif 1997). La méthodologie de cette recherche comprend : un sondage, des entrevues, des comptes-rendus sous forme de journal et une analyse des résultats scolaires. Le sondage fut complété par tous les étudiants qui ont commencé le programme en tourisme en août 2007. Ce sondage avait pour but d’établir les facteurs qui ont motivé les étudiants à choisir cette discipline. Ceux-ci étaient divisés en deux volets soient : les facteurs généraux et les facteurs spécifiques. Les facteurs généraux comprennent l’intérêt pour les voyages et les informations obtenues auprès des orienteurs, des enseignants, de la publicité faite par les cégeps, des parents et des amis. Les facteurs spécifiques incluent les différents cours offerts tels que la géographie, l’informatique, l’administration, le programme de voyages, le stage en milieu de travail, la réputation du programme et de ses professeurs. Les entrevues ont été effectuées auprès de sept étudiants qui ont abandonné le programme entre décembre 2007 et juin 2008. Le but de ces entrevues était de déterminer les raisons de ces abandons. Les étudiants qui ont poursuivi leur formation en tourisme ont rédigé un journal dans lequel ils décrivaient leur expérience tout au long de leur première année d’études. Dans ce journal, ils devaient répondre à sept questions qui avaient pour but de déterminer les différences entre leurs habiletés métacognitives et celles de ceux qui se sont retirés du programme. L’analyse des dossiers des étudiants tenait compte des résultats scolaires du secondaire ainsi que des résultats académiques de la première année de cégep. Les principaux facteurs qui ont motivé les étudiants à choisir le programme gestion du tourisme étaient l’intérêt pour les voyages et les opportunités d’emploi après l’obtention de leur DEC. La connaissance que les étudiants ont du cégep et du programme de gestion du tourisme avant de s’inscrire était toutefois négligeable, particulièrement parmi le groupe qui a abandonné le programme durant la première année d’études. L’analyse des résultats académiques des étudiants a démontré que les candidats ayant des notes inférieures à l’école secondaire sont plus susceptibles d’abandonner le programme de gestion du tourisme que ceux ayant des notes supérieures. L’analyse arrive aux mêmes conclusions en ce qui concerne les candidats qui ont obtenu de faibles résultats académiques lors de la première et de la deuxième session du cégep. Les raisons principales qui ont fait en sorte que les étudiants ont abandonné le programme durant l’année académique 2007-2008 étaient le manque d’intérêt pour le programme et les difficultés financières. Par ailleurs, nous ne pouvons établir de façon générale les causes de ce manque d’intérêt. Cela pourrait faire l’objet d’une recherche ultérieure. Par opposition aux étudiants qui ont poursuivi le programme, ceux qui ont abandonné leurs études avaient des attentes irréalistes en ce qui a trait aux exigences académiques, ils n’étaient pas préparés pour la charge de travail, ils avaient plus de difficultés à analyser leur propre performance et ils ne s’étaient pas fixé d’objectifs concrets. L’étude a identifié plusieurs secteurs problématiques à l’intérieur du programme. L’une des problématiques principales est le manque de connaissance que les étudiants ont de la vie au cégep et du programme de tourisme en général sans compter le manque de préparation pour des cours de niveau cégep. L’horaire des cours et les méthodes d’enseignement à l’intérieur du programme sont d’autres éléments qui méritent d’être revus. Les limites de cette recherche comprennent le nombre restreint d’étudiants qui ont accepté d’être interviewés et l’effet d’intervieweur. Étant donné que l’intervieweur était le professeur des étudiants et malgré le fait que ceux-ci n’étudient plus en gestion du tourisme, ils peuvent se sentir obligés de répondre à l’intervieweur de façon subjective. Les recherches futures pourront inclure un plus grand nombre d’entrevues menées par des intervieweurs expérimentés n’ayant eu au préalable aucun contact avec les étudiants et ce dans le but de favoriser une plus grande objectivité. Un autre domaine de recherche pourrait être l’analyse du fait que des étudiants très intéressés par les voyages finissent par se désintéresser complètement du programme. Enfin et possiblement l’un des facteurs qui nous semble des plus importants est le besoin pour les étudiants du secondaire d’en connaître plus sur la vie au cégep et sur le programme de gestion du tourisme. Le document se termine par un ensemble de recommandations pour le Collège, le programme et les professeurs pour éventuellement aider à remédier aux problèmes identifiés.

The Financial Benefit For Insurers : Mediate in Personal Injuries Disputes

Resolving insurance disputes can focus only on quantum. Where insurers adopt integrative solutions they can enjoy cost savings and higher customer satisfaction. An integratively managed process can expand the negotiation options. The potential inherent in plaintiff’s emotions to resolve matters on an emotional basis, rather than an economic one, is explored. Using research, the author demonstrates how mediations are more likely to obtain integrative outcomes than unmediated conferences. Using a combination of governmental reports, published studies and academic publications, the paper demonstrates how mediation is more likely to foster an environment where the parties communicate and cooperate. Research is employed to demonstrate where mediators can reduce hostilities, in circumstances where negotiating parties alone would likely fail. Generally the paper constructs an argument to support the proposition that mediation can offer insurers an effective mechanism to reduce costs and increase customer satisfaction. INTRODUCTION Mediation can offer insurers an effective mechanism to reduce costs and increase customer satisfaction. This paper will first demonstrate the differences between distributive and integrative outcomes. It is argued insurer’s interest can be far better served through obtaining an integrative solution. The paper explains how the mediator can assist both parties to obtain an integrative outcome. Simultaneously the paper explores the extreme difficulties conference participants face in obtaining an integrative outcome without a mediator in an adversarial climate. The mediator’s ability to assist in the facilitation of integrative information exchange, defuse hostilities and reality check expectations is discussed. The mediator’s ability to facilitate in this area is compared to the inability of conference participants to achieve similar results. This paper concludes, the potential financial benefit offered by integrative solutions, combined with the ability of mediation to deliver such outcomes where unmediated conferences cannot deliver, leads to the recommendation that insurers opt for a mediation to best serve their commercial interests.

Stochastic modelling of financial time series with memory and multifractal scaling

Financial processes may possess long memory and their probability densities may display heavy tails. Many models have been developed to deal with this tail behaviour, which reflects the jumps in the sample paths. On the other hand, the presence of long memory, which contradicts the efficient market hypothesis, is still an issue for further debates. These difficulties present challenges with the problems of memory detection and modelling the co-presence of long memory and heavy tails. This PhD project aims to respond to these challenges. The first part aims to detect memory in a large number of financial time series on stock prices and exchange rates using their scaling properties. Since financial time series often exhibit stochastic trends, a common form of nonstationarity, strong trends in the data can lead to false detection of memory. We will take advantage of a technique known as multifractal detrended fluctuation analysis (MF-DFA) that can systematically eliminate trends of different orders. This method is based on the identification of scaling of the q-th-order moments and is a generalisation of the standard detrended fluctuation analysis (DFA) which uses only the second moment; that is, q = 2. We also consider the rescaled range R/S analysis and the periodogram method to detect memory in financial time series and compare their results with the MF-DFA. An interesting finding is that short memory is detected for stock prices of the American Stock Exchange (AMEX) and long memory is found present in the time series of two exchange rates, namely the French franc and the Deutsche mark. Electricity price series of the five states of Australia are also found to possess long memory. For these electricity price series, heavy tails are also pronounced in their probability densities. The second part of the thesis develops models to represent short-memory and longmemory financial processes as detected in Part I. These models take the form of continuous-time AR(∞) -type equations whose kernel is the Laplace transform of a finite Borel measure. By imposing appropriate conditions on this measure, short memory or long memory in the dynamics of the solution will result. A specific form of the models, which has a good MA(∞) -type representation, is presented for the short memory case. Parameter estimation of this type of models is performed via least squares, and the models are applied to the stock prices in the AMEX, which have been established in Part I to possess short memory. By selecting the kernel in the continuous-time AR(∞) -type equations to have the form of Riemann-Liouville fractional derivative, we obtain a fractional stochastic differential equation driven by Brownian motion. This type of equations is used to represent financial processes with long memory, whose dynamics is described by the fractional derivative in the equation. These models are estimated via quasi-likelihood, namely via a continuoustime version of the Gauss-Whittle method. The models are applied to the exchange rates and the electricity prices of Part I with the aim of confirming their possible long-range dependence established by MF-DFA. The third part of the thesis provides an application of the results established in Parts I and II to characterise and classify financial markets. We will pay attention to the New York Stock Exchange (NYSE), the American Stock Exchange (AMEX), the NASDAQ Stock Exchange (NASDAQ) and the Toronto Stock Exchange (TSX). The parameters from MF-DFA and those of the short-memory AR(∞) -type models will be employed in this classification. We propose the Fisher discriminant algorithm to find a classifier in the two and three-dimensional spaces of data sets and then provide cross-validation to verify discriminant accuracies. This classification is useful for understanding and predicting the behaviour of different processes within the same market. The fourth part of the thesis investigates the heavy-tailed behaviour of financial processes which may also possess long memory. We consider fractional stochastic differential equations driven by stable noise to model financial processes such as electricity prices. The long memory of electricity prices is represented by a fractional derivative, while the stable noise input models their non-Gaussianity via the tails of their probability density. A method using the empirical densities and MF-DFA will be provided to estimate all the parameters of the model and simulate sample paths of the equation. The method is then applied to analyse daily spot prices for five states of Australia. Comparison with the results obtained from the R/S analysis, periodogram method and MF-DFA are provided. The results from fractional SDEs agree with those from MF-DFA, which are based on multifractal scaling, while those from the periodograms, which are based on the second order, seem to underestimate the long memory dynamics of the process. This highlights the need and usefulness of fractal methods in modelling non-Gaussian financial processes with long memory.

Transfer pricing and multinational financial institutions : the case for replacing arm’s length price with a unitary approach

The international tax system, designed a century ago, has not kept pace with the modern multinational entity rendering it ineffective in taxing many modern businesses according to economic activity. One of those modern multinational entities is the multinational financial institution (MNFI). The recent global financial crisis provides a particularly relevant and significant example of the failure of the current system on a global scale. The modern MNFI is increasingly undertaking more globalised and complex trading operations. A primary reason for the globalisation of financial institutions is that they typically ‘follow-the-customer’ into jurisdictions where international capital and international investors are required. The International Monetary Fund (IMF) recently reported that from 1995-2009, foreign bank presence in developing countries grew by 122 per cent. The same study indicates that foreign banks have a 20 per cent market share in OECD countries and 50 per cent in emerging markets and developing countries. Hence, most significant is that fact that MNFIs are increasingly undertaking an intermediary role in developing economies where they are financing core business activities such as mining and tourism. IMF analysis also suggests that in the future, foreign bank expansion will be greatest in emerging economies. The difficulties for developing countries in applying current international tax rules, especially the current traditional transfer pricing regime, are particularly acute in relation to MNFIs, which are the biggest users of tax havens and offshore finance. This paper investigates whether a unitary taxation approach which reflects economic reality would more easily and effectively ensure that the profits of MNFIs are taxed in the jurisdictions which give rise to those profits. It has previously been argued that the uniqueness of MNFIs results in a failure of the current system to accurately allocate profits and that unitary tax as an alternative could provide a sounder allocation model for international tax purposes. This paper goes a step further, and examines the practicalities of the implementation of unitary taxation for MNFIs in terms of the key components of such a regime, along with their their implications. This paper adopts a two-step approach in considering the implications of unitary taxation as a means of improved corporate tax coordination which requires international acceptance and agreement. First, the definitional issues of the unitary MNFI are examined and second, an appropriate allocation formula for this sector is investigated. To achieve this, the paper asks first, how the financial sector should be defined for the purposes of unitary taxation and what should constitute a unitary business for that sector and second, what is the ‘best practice’ model of an allocation formula for the purposes of the apportionment of the profits of the unitary business of a financial institution.

Traditional budgeting during financial crisis

[EN] This study examines the evolution of budgeting practices in the extremely difficult Spanish economic environment. In order to analyse if companies are still maintaining their budgeting process and if, right now, they are facing more difficulties in forecasting accurate indicators, two similar web surveys were addressed over two periods of time, firstly in 2008 at the beginning of the financial crisis, and secondly in 2013 after five years of a downward trend. In addition, in-depth interviews were conducted to investigate how companies brought more flexibility to their budgeting process in order to cope with environmental uncertainty. The survey indicates that 97% of respondents are still using a traditional budgeting process being this result similar to the one found in 2008. However, 2013 showed that the reliance on forecasted information is being increasingly questioned. Furthermore the study revealed that the respondents are bringing more flexibility to their processes, being able to modify the objectives once the budget is approved and to obtain new resources outside the budgeting process. This paper contributes to revealing information about difficulties in setting reliable objectives in a turbulent environment and provides data about the evolution of budgeting practices over five years during an austere economic crisis.

Restraing Regulatory Capture? Anglo America, Crisis Politics and Trajectories of Change in Global Financial Governance

A growing number of respected commentators now argue that regulatory capture of public agencies and public policy by leading banks was one of the main causal factors behind the financial crisis of 2007–2009, resulting in a permissive regulatory environment. This regulatory environment placed a faith in banks own internal risk models, contributed to pro-cyclical behaviour and turned a blind eye to excessive risk taking. The article argues that a form of ‘multi-level regulatory capture’ characterized the global financial architecture prior to the crisis. Simultaneously, regulatory capture fed off, but also nourished the financial boom, in a fashion that mirrored the life cycle of the boom itself. Minimizing future financial booms and crises will require continuous, conscious and explicit efforts to restrain financial regulatory capture now and into the future. The article assesses the extent to which this has been achieved in current global financial governance reform efforts and highlights some of the persistent difficulties that will continue to hamper efforts to restrain regulatory capture. The evidence concerning the extent to which regulatory capture is being effectively restrained is somewhat mixed, and where it is happening it is largely unintentional and accidental. Recent reforms have overlooked the political causes of the crisis and have failed to focus explicitly or systematically on regulatory capture.