Business - Theses, Dissertations, and other Required Graduate Degree Essays

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Emerging markets for Canadian portfolios: Are they still worth it?

Date created: 
2007
Abstract: 

Conover, Jensen, and Johnson (CJJ 2002) concluded that evaluating U.S monetary conditions is an important pre-requisite to identify an optimal asset allocation to international equities. Using 148 months of data, this study will identify emerging markets as worthy additions to a Canadian investor’s portfolio of developed market equities. The study will show that rising correlation between global equity markets has negated much of the diversification benefits. By incorporating emerging market equities, a Canadian portfolio’s returns increased by approximately .25% annually. When considering the Bank of Canada monetary policy, the benefits of investing in emerging markets accrued exclusively during periods of expansive Canadian monetary policy. During restrictive monetary conditions, there was no benefit for a Canadian portfolio to hold emerging market securities. The implication of the study is that evaluating Canadian monetary policy is a necessary prerequisite in identifying an optimal allocation to international equities for Canadian investors.

Document type: 
Thesis
File(s): 
Senior supervisor: 
P
Department: 
Faculty of Business Administration - Simon Fraser University
Thesis type: 
Research Project (M.B.A.)

Can Emerging Markets offer diversification benefits to Canadian investors during credit crisis?

Date created: 
2007
Abstract: 

This paper examines whether emerging markets offer benefits to a Canadian portfolio when it is needed most during a credit crisis. The study considers the relationship of the monthly data of ten emerging market indices (EM) and its weighted index with Toronto Stock Exchange Composite Index (TSX) through out 1998 to August 2007. We add S&P500 and MSCI EAFE to represent a diversified developed market portfolio. While the findings indicate most individual emerging market and its weighted index do not add values to a Canadian portfolio when credit risk is tight, China stands out differently. China adds significant diversification benefits to the developed market portfolio when credit risk is tight. When examining the subprime credit crunch in summer 2007, the results are consistent with the sample period, that is, Canadian investors benefit from diversifying in China during credit crisis.

Document type: 
Thesis
File(s): 
Senior supervisor: 
P
Department: 
Faculty of Business Administration - Simon Fraser University
Thesis type: 
Research Project (M.B.A.)

Analysis of neurodegenerative disease indications using risk adjusted net present value

Date created: 
2007
Abstract: 

Pharmaceutical drug development is a costly and risky venture characterized by low clinical success rates. The neurodegenerative disease market segment has the highest drug development costs and the lowest clinical success rate of any therapeutic disease area. Small biotechnology companies that specialize in the neurodegenerative disease market must carefully select the appropriate disease indications to pursue. This study examines the neurodegenerative disease market and analyzes the attractiveness of drug development in four key market indications. The purpose of this study is to identify the most economically viable neurodegenerative disease indication for a small biotechnology company to pursue. Recommendations are made based on a risk adjusted net present value analysis that assesses the drug development risks, costs, and potential value of each disease indication.

Document type: 
Thesis
File(s): 
Senior supervisor: 
S
Department: 
Faculty of Business Administration - Simon Fraser University
Thesis type: 
Research Project (M.B.A.)

Does environmentally responsible investing penalize investors?

Date created: 
2007
Abstract: 

This study analyzes the performance of environmentally responsible investing, in order to uncover whether investors are penalized for their choice to invest in environmentally responsible companies. An equally weighted index of environmentally responsible companies, measured by the Climate Disclosure Leadership Index (CDLI), achieves abnormal returns using the Sharpe ratio, Jensen’s alpha and Fama and French Three Factor models. However, equally weighted portfolios of the non-CDLI companies as well as the Financial Times 500 companies as a whole, achieve higher abnormal returns on all three performance measures. The results clearly demonstrate statistically significant abnormal returns on all three indices. Therefore, environmentally responsible investing does not penalize investors on a risk-adjusted basis. However, it does not reward investors to the same extent as investing without constraints

Document type: 
Thesis
File(s): 
Senior supervisor: 
R
Department: 
Faculty of Business Administration - Simon Fraser University
Thesis type: 
Research Project (M.B.A.)

Strategic opportunities in the corporate sustainability reporting market for a specialized software firm

Date created: 
2007
Abstract: 

Companies preparing sustainability reports face many challenges, including the management of increasing amounts of data as well as the effective communication of non-financial information to stakeholders. A new category of performance management and reporting software is emerging in an effort to help companies address these challenges. The original mandate of the project was to identify industries for which a particular sustainability reporting solution was a good fit, based on the specific needs of each industry. Fourteen corporate reporters from six different industries were interviewed to better understand the key problems faced by individuals who prepare sustainability reports. Responses to interview questions indicated that firm size rather than industry sector was more likely to determine fit. The project provides recommendations on how the software firm that produced this particular solution can approach the corporate market, based on the strengths of its solution and key opportunities identified through research and the interviews.

Document type: 
Thesis
File(s): 
Senior supervisor: 
M
Department: 
Faculty of Business Administration - Simon Fraser University
Thesis type: 
Research Project (M.B.A.)

XY Systems' project management office

Author: 
Date created: 
2005
Abstract: 

XY Systems' (XY) competitive advantage stems from reputation and an ability to build long-term relationships. Both XY and its clients benefit from their long-standing relationships. The technology industry is highly competitive and competitors will use every opportunity to tarnish XY's reputation. Recently, XY's clients expressed dissatisfaction at XY's lack of Project Management (PM) skills. In addition, XY's management cannot understand the status of all XY's projects because of XY's rapid growth. XY must improve its PM skills to protect its reputation. Turner's Five Factors of PM provides a framework to understand the nature of PM. Client expectations and competitor PM service offerings define the components of PM that XY should offer. XY needs a Project Management Office (PMO). Implementing a PMO will provide XY's PMs with the support, skills and direction to improve client perceptions about XY's PM services, in turn protecting XY's reputation and relationships.

Document type: 
Thesis
File(s): 
Department: 
Faculty of Business Administration - Simon Fraser University
Thesis type: 
Research Project (M.B.A.)

The adoption and adjustment of E-commerce model in emerging market

Author: 
Date created: 
2005
Abstract: 

The purpose of this study is to develop an E-commerce model which can be applied in developing countries. By integrating the useful features in the existing models examined with the consideration of specific industry and respective E-commerce venture, we develop a comprehensive model at three levels, which are context, industry, and organization. Some key elements and relevant issues are also identified in each of the three levels. The finding of the in-depth analysis of the international factors, industrial competition and organizationaVfirm factors etc. indicates the attractiveness of the Chinese natural stone market, and highlights that Build Direct business model needs to be adapted and adjusted to fit into the Chinese market. In the meantime, the study identifies and analyzes several key factors determining the timing of entry, suggesting the early entry of Build Direct in order to ride the wave under current favourable circumstances.

Document type: 
Thesis
File(s): 
Department: 
Faculty of Business Administration - Simon Fraser University
Thesis type: 
Research Project (M.B.A.)

Strategic analysis of a retail banking firm

Author: 
Date created: 
2005
Abstract: 

Citizens Bank of Canada is a full service electronic bank that serves its members across Canada through the Internet, telephone banking, 24-hour member service centre, and two retail locations in Vancouver and Calgary. Citizens Bank is a wholly-owned subsidiary of Vancouver City Savings Credit Union, Canada's largest credit union. This paper analyzes the strategic direction of the bank's retail arm, which accounts for roughly three-quarters of firm revenue. Industry dynamics and competitive trends are forcing a migration to a cost-based strategy. Executing this shift in strategy will require a number of significant changes internally within the bank and ultimately a more comprehensive look at the bank's role within its parent company's overall strategy.

Document type: 
Thesis
File(s): 
Department: 
Faculty of Business Administration - Simon Fraser University
Thesis type: 
Research Project (M.B.A.)

Strategic analysis of a software division in a fabless semiconductor company

Author: 
Date created: 
2005
Abstract: 

SemiCo is a fabless semiconductor company that recently began developing products for the consumer and home networking markets. Customers of SemiCo in these markets require the development of more than just a silicon chip; they also need software, firmware and hardware. SemiCo is faced with a new set of challenges, including new customers, stiff competition based on product price, strategic fit issues, and required new skills. This paper analyses these challenges and provides recommendations by giving an overview of the company and its new software department, followed by an indepth analysis of the industry and competitors, then an analysis of SemiCo's strategy is given. Further analysis is done on the company, including financial and cultural issues along with a view of how SemiCo creates value within the organization. The paper concludes with an identification of strategic issues found in the analysis, along with recommendations and an implementation plan.

Document type: 
Thesis
File(s): 
Department: 
Faculty of Business Administration - Simon Fraser University
Thesis type: 
Research Project (M.B.A.)

Should investors prefer Canadian hedge funds or stocks?

Date created: 
2007
Abstract: 

This paper updates Brulhart and Klein (2006) by comparing the magnitude of extreme returns from Tremont, HFRI hedge fund indices with stock indices. It also compares the magnitude of extreme returns from Canadian hedge fund indices with stock indices. We found that the results from Brulhart and Klein hold for the updated US data. However, the results do not hold for the Canadian hedge fund indices. The magnitude of extreme returns from Canadian hedge fund indices is lower than the magnitude of extreme returns from TSX composite, Nasdaq, Tremont and HFRI hedge fund indices, but it is higher than the S&P 500. We believe that is because the composition of the Canadian hedge fund industry is different from the US hedge fund industry. Equity long/short is the most popular hedge fund strategy in Canada, so the Canadian hedge fund industry overall is more similar to the US equity long/short strategy.

Document type: 
Thesis
File(s): 
Senior supervisor: 
P
Department: 
Faculty of Business Administration - Simon Fraser University
Thesis type: 
Research Project (M.B.A.)