Abstract: This study investigates the short run and long run relationship of returns for cross listed stocks on two non-synchronous international markets using daily data for the period from Jan 2001 to May 2012. Further, the co-movements of prices and causal relationships on ADRs of Indian stocks pertaining to telecommunication sector cross listed in the US markets is examined by applying Cointegration test, Granger causality testand Vector Error Correction Model. Results indicate that in the long run, domestic stock price series and ADR prices are cointegrated. In the short run, error correction coefficients of ADR opening prices and closing prices are statistically significant. But there persists a weak short run relationship in the domestic stock opening and closing price. Due to the weak relationship in the domestic stock opening and closing price, multimarket listing generates opportunities for arbitrage. As a result of this, the pace of global market integration gets reduced in developing markets like India due to information asymmetry.

Abstract: This work aimed the analysis of the volume of disbursement done in the environment function by the Brazilian federation members, within 2002 and 2011. To do so, vertical and horizontal analysis of the expenses with Environmental Management and its subfunctions have been done. It was noticed that there was an increase of expenses in the environmental area in the period, but there was decrease of representativeness, since the expansion did not occur according to the growth rate of the total expense. On average, the expenditure concerning environmental issues in relation to the average total expense of the states decreased in the period. The Environmental Management of the states that had the biggest representativeness in the period were the ones that least kept regularity in disbursement in relation to the average. The country presented increase of Environmental Management expenses in the period and tendency to keep on growing, though its representativeness is insignificant if compared to the total expense. It is concluded that, in spite of the fact that Environmental preservation and conservation are subjects very talked about today, it is verified that, financially, little is done to favor the effectuation of the environmental protection in Brazil, since the participation of the environmental management was small, fact evinced in the analysis results.

Abstract: There exists extreme difficulties while trying to valuate, using traditional valuation methods, startup firms which are dedicated to technological development. Among those methods, we could mention the balance sheet-based ones, the relative valuation ones, the cash flow discounting-based ones, and the goodwill-based ones. Those difficulties are the absence of comparable companies, the inexistence of historical data, the complexity to estimate volatility, and the number of intangible assets which give worth to the firm. This paper proposes to valuate this type of entrepreneurships using real options theory making adjustments that allow us to abandon the assumption of normal returns. Methodologically, we use real options theory adapted through Edgeworth expansion. It allows abandoning the probability of normal distribution assumption incorporating higher moments such us asymmetry and kurtosis. Obtained results let us show how the firm’s value and its strategic options are affected by stochastic higher moments’ behavior. These are often not considered because of assuming a normal behavior related to a random path of the underlying assets.

Abstract: Hansen and Lunde [16] posed the question "Does anything beat a GARCH(1,1)?" and compared a large number of parametric volatility models in an extensive empirical study. They found that no other model provides significantly better forecasts than the GARCH(1,1) model. In contrast, this paper arrives at the conclusion that simple robust estimators such as weighted medians of past (squared) returns outperform the GARCH(1,1) model both in-sample as well as out-of-sample. This conclusion is based on theoretical arguments as well as on empirical evidence.

Abstract: This paper sought to assess the extent to which NGOs in Zimbabwe apply internal controls in their operations. The researcher used descriptive quantitative design. Data was collected using a self-developed questionnaire that was subjected to expert evaluation for content validity. A pilot study of 20 NGOs was then conducted and it indicated an overall reliability of 0.864. A simple random sampling technique was used to select the 50 NGOs (unit of study). Data was analysed using the Statistical Packages for Social Sciences (SPSS). One- sample statistics and one-sample test were used to assess the frequency of application of internal controls by selected NGOs in, Zimbabwe, and the hypotheses were tested at 0.05 significance level. The findings of the study were that, NGOs in Zimbabwe have a sound internal controls system overall in terms of the control environment, controls procedures and monitoring controls. The human resource aspect of the internal control was found to be applied inconsistently from organisation to organisation. Most of the NGOs respondents indicated that their organisations were operating under well constituted boards, qualified and experienced management. The human resources aspect of internal control amongst the NGOs requires a further study or studies in the future.