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(2008, 19 800 words)
The dissertation investigates the effectiveness of technical analysis in the examination of equity prices in a bid for predicting future the price movements of the equity. Literature is reviewed on the theory of the efficient market, the features and tools of technical (descriptive and statistical) analysis, the issues of stock market volatility, etc. The methods of research are described detailing the philosophy and strategy of the study based on GlaxoSmithKline (GSK) and British Petroleum (BP), and describing the techniques of primary data collection, i.e. questionnaires and interviews. Research findings are analyzed with respect to GSK and BP. Conclusions are made about the accuracy of technical analysis in predicting stock price movements and the usefulness of the relative strength index (RSI).
(2006, 15000 words)
The main aim of this dissertation is to show how implied volatility trees can be used to extract implied volatility from the data on options. This topic has become particularly important ever since the market crash of 1987 when the views of market participants became more pessimistic leading to the increased probability of negative returns. The author develops a unified notation and graphical representation in order to pin-point advantages and drawbacks of different models. The empirical part is dedicated to building a binomial volatility tree based on options on futures on the S&P500. The results show that, indeed, the implied distribution has fatter left tails than the identical lognormal distribution. Therefore, one can expect more likely negative returns if the real data are used. This confirms the conclusions of previous studies. This work will be interesting to all those people studying the fascinating world of derivatives and implied volatility models.
(2006, 19 500 words)
The dissertation investigates the issue of risk management in the highly volatile foreign exchange market addressing the problems of transaction exposure (TE) and investigating the TE and the use of hedging instruments in a Danish multinational enterprise IC Companys A/S. Financial and academic literature is reviewed touching on the theory of exchange rates, inflation and interest rates, the classifications of exchange rate exposures, TE management systems, transaction and economic risks, etc. Qualitative research approach is used combining the methods of secondary data analysis and a case study based on primary data (interviews) analysis. Conclusions are made about the applicability of the theoretical framework to financial risk management in the chosen company.
(2006, 1000 words)
The paper present a research proposal to investigate whether coins are inflationary offering an experiment to identify the difference between the perceived value of coins and notes of identical nominal value. The design of the experiment is described; academic literature related to inflation models is reviewed.
(2006, 11 000 words)
The dissertation investigates the adjustment of share prices around the date of the seasoned equity issue announcement. A review of related literature touches on the theories of optimal capital structure, informational asymmetry, price pressure, wealth redistribution, information release, etc. The process of share price adjustment in Japan is discussed. An empirical study is conducted to describe the share price adjustment to the announcement of an equity issue of firms listed on the Johannesburg Stock Exchange during 2000-2005. Conclusions are made about the role of managerial incentives and information in share price adjustment to an announcement of an equity offer.
(2006, 9900 words)
This dissertation examines the major causes which gave rise to the Russian financial crisis of 1998. Before the main dissection the author provides a comprehensive literature review of the existing articles dedicated to the collapse of Russian financial markets in August 1998. It is found that the crisis was mainly due to short-sighted economic policies of the Russian government which run budget deficits and heavily borrowed and the Central Bank of Russia which maintained overvalued exchange rate. The framework of currency crisis models is used to analyze the causes and development of the crisis. Since this financial cataclysm was of complex nature all three generations of currency crisis models provide some explanations for the crisis. However, the third generation is found especially beneficial including the theories of herding behavior, contagion and spill-over effects.
(2006, 6000 words)
The following research paper is devoted to analysis of relationship between Real Exchange Rate (RER) and county trade balance. Particular focus is given to analysis of the theoretical underpinnings that determine mechanics of the relationship. The second part provides a survey of the empirical performance findings in this field. The research paper answers following questions: Which indexes should be employed for measurement of RER? Which factors determine fluctuations in RER? How volatility of exchange rate effect trade between countries? What is J curve and what are theoretical explanations of its presence?
(2003, 11000 words)
The dissertation investigates the movement of exchange rate in the markets of Australia, Korea, and Japan critically examining various approaches to exchange rate determination. Literature is reviewed on the topics of exchange rates, order flow, portfolio balance, co-integration, etc. Conclusions are made about the macro determinants of the order flow.
(2006, 10000 words)
The following research provides an overview of the theoretical and empirical modelling of floating exchange rates over the last 30 years. It presents a detailed walk-through the main “first generation” models of exchange rates, which rely on economic fundamentals to determine exchange rate movements. Particularly the Mundell-Fleming, Dornbusch overshooting and Portfolio balance models are reviewed. This is followed by a survey of the empirical performance of these models. The next chapter is devoted to examination of general causal links between fundamental factors and exchange rate movements, following the framework of Engel and West (2003). Finally, some alternative approaches to exchange rate determination such as the noise trader approach the use of technical analysis and behavioural finance are outlined.
(2005, 9500 words)
The dissertation examines the options for investment available in the UK stock and property markets seeking to identify which of the markets provides better opportunities for an ‘average’ investor. Literature is reviewed on the property investment theories including the Q model, the development of the UK property market and stock market, the theory of investment, the efficient market theory, modern portfolio theory, etc. Quantitative research methods are used to interpret the results of statistical analysis of both markets conducted on the basis of secondary data.
(2004, 18000 words)
The dissertation aims to investigate the size effect anomaly, or the difference in returns between a portfolio of small-cap stocks and large-cap stocks, in the Malaysian stock market. A review of financial literature touches upon anomalies in the performance of stock markets, the relationship between a firms size neglect and performance, Malaysian economy and stock market development, etc. Methods of statistical tests are used in the analysis of the regression results for ten portfolios. Conclusions are made about the existence of the size effect anomaly in the Malaysian market.
(2004, 6000 words)
The dissertation examines the FTSE 100 index of leading shares in the UK seeking to identify the existence of a long- run relationship between the Debt Equity Ratio (DER) and the share price performance (returns). The review of literature on DER, stock performance, firms capital structure, stock returns, etc. is offered. Annual and quarterly statistical data for ratios and share returns is subject to co-integration, causality and correlation analysis. Conclusions are made about the correlation between DER and share returns.
(2005, 9500 words)
The dissertation aims to investigate the implications of launching the Automated teller machine (ATM), an electronic funds transfer device, in institutions providing financial services. A literature review covers the history of ATM development and deployment, ATM functions, applications and pricing, legislation related to ATM, future directions in ATM development, etc. Structural analysis of the industry is conducted using Porters Five Forces model. Conclusions are made about the value of ATM as part of delivery system framework.
(2005, 9500 words)
The dissertation aims to evaluate investment options available in the UK stock and property market seeking to identify which may be a better investment. The literature review provides information on risk and return, Q theory, OECD Economic studies, property and equities, theory of investment, portfolio theory, UK property and stock markets, etc. The findings are based on the data obtained from official statistics using quantitative and qualitative research methods and a hypothesis test. Conclusions are made about the degree of variability of the compared markets.
(2005, 9000 words)
The dissertation aims to investigate the informative traits of insider trading providing a review of literature on the efficient market hypothesis (EMH), market anomalies, information asymmetry between insiders and the market, the benefits and flaws of insider transactions, current UK regulations and their implications, etc. Insider trading within the London stock exchange is studied using statistical methods of analysis. Conclusions are made about the behaviour of stock returns around directors announcements of their inside transaction, and the controversy of the insider trading profitability.
(2005, 17900 words)
The project is about banking services like leasing merchant banking and the other services provided by ICICI bank and IDBI Bank. Firstly there is general description on the services. And then there is detailed study of banking services. The role of banks has changed from the money lending and depositing. Nowadays their role have completely changed. They provide a lot of services like ATMs, more time for banking hours and the latest e-banking. The study also features comparison among the various features like loan and interest rates of Icici and Idbi bank.
(2004, 13500 words)
The dissertation investigates the concept of risk management comparing theoretical approaches with the practices of the Siemens Metering Company. Literature review provides academics opinions on the nature and types of risk in business, risk analysis and control procedures, risk management characteristics, enterprise risk management theory (ERM), risk mitigation matrix, etc. An overview of the Siemens Company is presented; political, economic, social and technological influences in the electricity service industry are outlined highlighting risks from internal and external influences. Research methods include a qualitative approach through face-to face interviewing, questionnaires, documentation and triangulation-based analysis of primary data. Conclusions are made about the correlation between the companys model of risk management and the risk mitigation matrix model.
(2005, 11000 words)
The dissertation aims to examine the stock split events focusing on the US market reaction to stock split announcements during 1998 – 2001 and testing related hypotheses. The study offers a review of literature on stock split effects, stock split decisions, efficient market hypothesis, signalling hypothesis, dividend hypothesis, optimal trading range hypothesis, optimal tick size hypothesis, relationship between firm size and the announcement period, etc. Research methods include collecting samples of split announcement events from the US stock market, comparing real returns around the announcement period with their corresponding expected returns and calculating abnormal returns for each event. Conclusions are made on the basis of the abnormal returns analysis.
(2005, 9000 words)
The dissertation aims to examine the models of pricing financial instruments focusing on pricing FTSE 100 index call options. The review of literature provides information on options as financial derivatives; Black, Scholes and Merton option pricing model; volatility smiles; FTSE 100 index call options, etc. Procedures of estimating European call options prices with different pricing models are described; conclusions about the accuracy of the models are made.
(2005, 12500 words)
This dissertation elaborates on the question of the most optimal financial structure for the emerging economy such as Ukraine. Thorough theoretical analysis of the previous findings is made at the beginning. The importance of well-developed financial markets for economic growth is illustrated on the example of empirical studies investigating the role of financial markets in developed and transition economies. The debate about market-based versus bank-based financial system is also scrutinized. The author of this work, however, adheres to the point of view that both systems are equally important for economic development, though different stages of economic reforms may require particular attention to either of the two systems. The second part of the dissertation deals with the overview of the success the Ukrainian economy demonstrated in 2004-2005 with particular focus on the industries which brought about this breakthrough. Then, the importance of capital markets for Ukraine is stated and supported by the connection to theoretical considerations from the first part. The author also shows the weaknesses which should be addressed by the new government, mainly lagging behind legislation, enforcement and regulatory agencies etc. This work would be extremely useful for those who want produce research comparing bank-based and market based financial structure with respect to emerging economies.
(2005, 6200 words)
The dissertation is related to the bond pricing topic and analyzes the relationship between sterling corporate bond credit spread and changes in UK interest rate as well as FTSE index together with GDP rate. The wide analysis of related literature has been done in the paper and useful literature review can be helpful as for any other dissertation related to the bond credits spread analysis as for just curious people. The deep research also is an advantage of the paper. As the data sample we implement the average daily Moody's Aa and A rated bond spreads for the period of 1999-2004 as well as the related data about 3-month Libor, FTSE index and quarterly UK GDP growth. In the analysis we use OLS (ordinary least square) regression to examine the relationship between the factors mentioned above. The regression analysis has been performed using ordinary Office Excel tools. The results of the regression show that the relationship is very weak and getting weaker from interest rate toward GDP changes. The paper is a good support for all needing additional theoretical or practical help in related dissertation writing. It is a nice guideline for those who are writing on the similar topic and even can be used as a basis for similar research since the analysis may be followed by extending the data sample or the period of time observed.
(2004, 10000 words dissertation + 2000 words proposal,)
Credit derivatives market has seen a miraculous growth in the last few years. Credit derivatives are primarily used as a risk management tool, which allows financial institutions to transfer the risk. Investment banks are the main intermediaries that use credit derivatives for speculation, as well as for the risk management. This dissertation looks at the concentration within the intermediary market and assesses the dangers of such concentration to the financial stability. It is found that while some risks do exist within the intermediary market, the main threat to financial stability from concentration lies within the sellers market.
(2004, 11000 words)
The dissertation using different statistical techniques and models analyses the volatility on European Electricity Spot markets. (Further information is available on request)
(2004, 8000 words)
The dissertation aims to find and analyse the factors behind the Internet bubbles of 1990s. In order to do so, different information and evidence have been used from the fields such as economics, psychology, demography and history. Nevertheless, the main evidence came from the behavioural finance area. (Further information is available on request).
(2003, 12500 words)
The dissertation critically reviews existing literature and theories to contribute to better implementation of VaR in case of heavy tails. (Further information is available on request)
(2004, 14000 words)
The dissertation aims to examine the viability of introduction of oil future exchange in Russia (Further information is available on request)
(2004, 12000 words)
This dissertation aims to investigate dynamic interrelationship among major international stock markets using monthly data from 1970:1 to 1979:12 corresponding to preglobalisation and from 1984:1 to 2004:6 corresponding to postglobalisation. To facilitate analysis, Johansens multivariate cointegration technique is used to test for the number of cointegrating vectors. Granger causality tests in the VECM framework and forecast error variance decompositions are employed to explore causal relationship between our markets and partition variance in a market due to the shocks in other markets, respectively. The study is extended to explore time-varying nature of stock markets interrelationship. In this part, rolling causality tests with 5 year time window will be applied to the monthly return series starting from 1980:01 to 2004:06. Our empirical investigation indicates one and two cointegrating vectors over pre- and postglobalisation periods, respectively. As suggested by our formulation of VECM and VDCs, only the US market seems to maintain its dominance as the most influential market over both samples. At the same time, US market did not allow any market to explain its own shocks to significant extent. Based on causality tests and VDCs, France and Canadian markets seem to become relatively exogenous while German market became relatively endogenous over the postglobalisation period. The analysis from rolling causality tests showed evolving pattern of interdependence between markets. Evidence was found on the increased causal relationship during the second half of 1990th, which corresponds to bullish market and the least interdependence at start of new millennium, representative to bearish market. This analysis further confirmed exogeneity of US market and strengthened position of French market over the period under consideration.
(2004, 5500 words)
This paper examines the ways, real options can be applied in the shipping industry. The Ornstein-Uhlenbeck process and Brownian motion using Dixits entry are used to define two models for operation/abandonment and investment. These options are valued and the investment and abandonment thresholds are determined. Next, the two used processes are compared in terms of best in shipping industry applying. Numerical approaches are used throughout the work, with the use of explicit difference method for the comparative analysis, and Matlab environment is used in order to get values and graphs. Finally, the paper concludes by outlining the shipping industry specificity within the global environment, and highlighting the role of real options in investment decision ƒ making.
(2003, 8500 words)
Pan-European trading, where European companies of various nationalities will trade on the same exchanges, will obviously happen, with Europe moving closer to financial and economic integration. The single currency has been a key issue in Europe. This has given a boost to cross-border investment, encouraging people to view Europe as one market and to demand the infrastructure necessary to support its operation as a single market. Despite this appeal, most stock exchanges in Europe are national institutions that trade only local, country-specific stocks. Having a fragmented solution in Europe has added to costs, specifically back office costs, since it has been necessary to interface with multiple exchanges, clearing houses and settlement systems. Recently this market structure appears to be changing as an increasing number of stock exchanges are attempting to operate across national borders. There were several initiatives for mergers and acquisitions between stock exchanges in order to create a stock exchange that will offer trading in stocks from many European countries. However the formation of the pan-European Stock Exchange still appears far from a reality. This paper will discuss the main obstacle to cross-border securities trading, how they can be overcome and the strategies that can be followed by European stock exchanges in order to achieve this consolidation. The paper will also put in doubt the creation of a single pan-European stock exchange as the best solution for a unified Europe.
(2004, 7500 words)
The dissertation aims to research different alternative investment vehicles in terms of risk and return, and moreover, the study compares the performance of different alternative investment vehicles with traditional ones. (Further information is available on request)
(2003, 13300 words+1700 words)
The prime aim of this dissertation is to investigate the market of European securities, its history, current and future trends. Its focus is on the dynamics of the market of Eurobonds, as well as the process of issuing and trading of Eurobonds. However, the main theme for concentration is going to be the history of emergence of federal and municipal Eurobonds in Russia. The observed trends and future perspectives. Finally, it investigates the conditions of the Russian external debt and gives recommendations to the Russian government. A wide range of methods and techniques have been used to achieve the objectives of the project. The most important sources of information were Internet - the only efficient way to access the Russian Ministry of Finance, newspapers and professional journals (Market of Securities) that gave up to date and relevant information. Background reading provided necessary theoretical and analytical framework for strategic analysis.
(The dissertation and proposal can be purchased separately from each other, please contact us)
(2003, 10000 words)
The thesis attempts to identify how the financial risks can be managed using the derivatives. In order to do so the analysis of the annual reports of 10 companies in the UK telecommunications industry and 10 companies in the US telecommunications industry was done. (Further information available on a request)
(2002, 7000 words)
This paper investigates dividend-paying firms and non-dividend paying firms in the UK FTSE Techmark AllShare index. Firstly I attempt to capture some of the characteristics that distinguish dividend paying from non dividend paying companies in this sector. Although we find obvious differences between the two types of companies, whether a company will pay dividends in a particular year is best captured by present year Earnings, ROCE, and Size. Secondly, I examine the characteristics that distinguish firms that have always paid dividends from those that have never paid dividends from 1996 - 2000 (inclusive). I find that ROCE and Size are the only factors that define these two company types. Finally, I investigate whether dividend changes have any information content about the future earnings prospects of the firm. I find that on the whole, a change in dividends does not contain information regarding future increases in earnings. However results support the view that dividend changes contain a modest amount of information regarding the level of earnings in years -1, 0, 1, and 2. Therefore the evidence does not support the view that Dividend increases signify future earnings growth, but rather a permanent shift in earnings as Lintner (1956) suggests.
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