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In this paper the performance of a static hedging strategy of European barrier options are evaluated, first introduced by Carr, Ellis and Gupta in 1998. Two dynamic hedging strategies are used as benchmarks; the delta hedging and delta-gamma hedging strategy, respectively. To increase realism to the system only discrete rebalancing of the replicating portfolios are possible. In addition, transacti
The balance-of-payments-constrained growth theory has emerged as perhaps the most interesting objection to the doctrine of unregulated free trade within the field of development economics. It stipulates that growth is constrained by demand, particularly demand for exports because exports are the only source for foreign currency (assuming balanced current account in the long run) and thus crucial t
The primary purpose of this thesis is to analyze how the US unemployment rate affects the US market and markets overseas, the latter called spill over effects. Indications of market inefficiency are also analysed. Our expectations are that unanticipated unemployment rate should affect stock markets, especially small, dependant markets like the Swedish. Also we expect that lower than expected unemp
This paper surveys the recent literature on free trade and economic growth. While theory suggests many potential linkages, empirical evidence from cross-country and panel growth regressions remains inconclusive. Measures of single instruments of trade policy, such as the average tariff rate, are typically weak in explaining differences in growth but may underestimate the true level of protectionis
I början av juni 2003 lämnade Brasilien, Thailand och Australien in en anmälan till World Trade Organisation (WTO) med EU:s sockerpolitik som utgångspunkt. Drygt ett år senare, den 14 juli 2004, presenterade den Europeiska Kommissionen ett förslag på en genomgripande omarbetning av EU:s sockerordning. Uppsatsens syfte är att undersöka effekterna av Europeiska Kommissionens reformförslag på sockeri
This essay presents a set of reforms for the Swedish competition authority’s leniency program. The leniency program is viewed as a tool for information bargaining in environments where information is unequally distributed. Within this context two different settings are explored. In the first information is complete but imperfectly distributed. In the second information is incomplete and imperfectl
Syftet med uppsatsen är att undersöka vilka effekter östutvidgningen kan ha på den svenska familjeförsäkringen. Arbetet fokuserar på Polens inträde i EU och en eventuell polsk immigration till Sverige. Metod: Undersökningen bygger på migrationsteorier och jämförelser med tidigare utvidgningar av den Europeiska Unionen och pekar på drivkrafter bakom immigration. Slutsatser: Arbetet visar på stora e
Denna uppsats handlar om lojalitetsskapande rabatt- och bonussystem inom ramen för artikel 82 i EG-fördraget. Kommissionen och gemenskapsdomstolarna har i sin rättspraxis ansett att lojalitetsrabatter som används av ett dominerande företag strider mot artikel 82, eftersom sådana rabattsystem knyter kunden närmare till det dominerande företaget. I de flesta fall har lojalitetsskapande rabattsystem
Huvudsyftet är att undersöka om det existerar väsentliga variabler som kan hjälpa oss att finna framtida vinnarfonder genom att studera historisk information. Studien mäts i förhållande till det existerande utbudet på svenska fondmarknaden. Konkret vill vi kunna få en högre signifikant avkastning under en given period än den genomsnittliga avkastningen för samtliga fonder på den svenska marknaden.
The fact is that high integration between different capital markets leads to reduced international diversification opportunities for investors as well as to a greater transmission of market volatility. This study discusses the behavior of the three Baltic stock markets on the international financial arena and examines how these markets react on different inflows of information and economical shock
This thesis purpose is to determine an explanation of the efficiency in a labour-market related project. “Enter” is an EU-financed project with a focus on long-term unemployed workers in the district Härlanda, Gothenburg. Starting in September 2004, Enter offers individually based coaching and job guidance to totally 110 young persons with problems entering the labour market. The goal is to provid
Syftet med den här uppsatsen är att undersöka sambandet mellan befolkningsrelaterade variabler och ekonomins utveckling i Sverige mellan år 1850 och år 2000. Påverkas den ekonomiska tillväxten av en ändring i befolkningens storlek och har den aggregerade ekono-min i sin tur inverkan på nativiteten? Med bakgrund av tre väl accepterade ekonomiska teorier kommer fyra egna modeller att ställas upp och
Expenditures on R&D in Sweden are the highest of all OECD countries in relation to its GDP. The level of education in Sweden is also among the highest in the OECD area. But despite of this, growth rates of GDP and productivity in Sweden can be considered as average levels compared to similar economies. Therefore, this paper questions whether R&D efforts in Sweden are optimal in a social pe
This study discusses the effects of economic development on female labor force participation rates in Turkey in 1980-2000 within the framework of U-shaped hypothesis. In addition to the effects of economic development, other determinants of female labor force participation are also analyzed in five different econometric models. Descriptive statistics including time series evidences are exhibited i
Historiskt sett har det hört till ovanligheterna att man anlagt ett användarperspektiv vid systemutveckling. Trots att det finns mycket att vinna på att arbeta användarcentrerat ägnas inte användbarheten någon nämnvärd uppmärksamhet, utan fokus inom systemutvecklingen ligger fortfarande på tekniken. Kostnaden för dåligt användarstöd är mycket stor både beträffande arbetsskador och låg effektivitet
In this paper Swedish hedge funds and strategies are discussed and analysed. These new financial forms seem to draw recently a huge attention both in media, press and the academic world. The fact is that hedge funds have existed already for a long time but it is still known too little about them. After the introduction of hedge funds, different asset pricing models are discussed including the most
Image-based information retrieval goes beyond only matching images, as information in other modalities also can be extracted from data collections using image search. Our purpose has been to explore users experience of general mobile photo-based Web searches to find what issues and phenomena it contains. This was achieved in a three-part study by creating and letting respondents test prototypes of
The purpose of this thesis is to explain one aspect of how and why the development in the third world is lagging behind. The precondition is that development through an agricultural revolution is necessary and that all countries benefit from trading. But these two conditions are not met today. By using the urban-bias and the world system theory I have analysed how the situation appears to be accor
Sammanfattning Selektiva distributionsavtal används inom många branscher som ett sätt att reglera handeln med produkter och som ett verktyg för att selektera återförsäljarna. Det senaste året har dessa avtal kommit att nyttjas även inom klockbranschen. Det är en speciell bransch där varumärkena får allt större betydelse och det bidrar till en starkare position för de företag som äger och levererar
This paper use a discrete time microstructure model which considers excess demand and market liquidity as two unobservable state variables as determinants whether the market is overvalued or undervalued. The model expresses the variation of conditional variance of price, were the amplitude of the price changes is dependent on the liquidity of the market. It is shown that the filtered process of hi
