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This study presents the intrinsic value of Moody’s Corporation, a leading credit rating agency in the U.S. The results of the valuation were compared to the market value of Moody’s Corporation of the same date. The aim of the research is to provide a perspective to the investors on whether the actual value of the Company was overvalued or undervalued in the market, and how much the volatility of the stock price by the change of some factors. Both qualitative and quantitative analyses were applied in the research. The historical data, economic outlook, and the Company’s strategies were collected to be the metrics to determine the intrinsic value and provide an analysis of the prospects of Moody’s Corporation. Three valuation models were applied in the research to estimate the intrinsic value of the Company’s common stock. The cost of debt, cost of equity, the weighted average cost of capital, and the market risk premium were introduced and calculated in the research as they were the critical components in the valuation process. Since the valuation was based on assumptions and historical data to determine future growth, which indicates that the results could be changed due to uncertain factors. This study demonstrates that there was some discrepancy between the stock’s market price and the intrinsic value per share of Moody’s Corporation as of December 31, 2021

This study analyzed Tencent Holdings Limited’s internal and external factors and future strategies, forecasted the financial statements of the Company for the next ten years, and measured the intrinsic value of the Company on December 31, 2021 and compared it with the stock market price on the same date. The share price’s sensitivity analysis was also conducted to understand the Company's capital structure and profitability, and the sensitivity analysis can be used to reflect the impact of these factors and strategies on the future share price, which can have a high impact on investors' future investment decisions. This study also used the SWOT Analysis and Michael Porter's Five Forces Analysis to analyze the Company's strengths, weaknesses, opportunities and threats and the Five Competitive Forces that shape the technology industry to evaluate the Company's external and internal environment and enrich the management with a more intuitive analysis leading to recommendations

Seagrasses play a critical role in coastal ecosystems worldwide, providing various ecosystem services based on their region and genus. In Southeast Asia, where seagrass biodiversity and extents are at their highest, the livelihoods and food security of many coastal communities depend on these plants. Despite their ecological and economic importance, seagrasses face global threats from human activities such as pollution and land use changes. Enhalus acoroides, a widely distributed seagrass species in the tropical Indo-Pacific region, is particularly valuable for coastal management and conservation efforts due to its size and provision of various ecosystem services. Although previous research has indicated that it is less sensitive to environmental changes than other tropical seagrass species, recent reports highlight its vulnerability to siltation and eutrophication. This dissertation aimed to examine how Enhalus responds and adapts to changes in light availability, taking into account both morphological adaptation and phenotypic plasticity. Field surveys, reciprocal transplantation field experiments, and investigations of sexual reproductive effort were conducted in the Bolinao-Anda Reef system (NW Philippines) to evaluate the impact of long-term environmental changes on Enhalus populations. The findings of this study revealed that Enhalus has the capacity to adapt its traits and survive changes in depth, light gradients, and different habitat types. This is evidenced by larger shoots in low-light environments, which is apparently a response to the reduction in light availability, as evidenced in both in situ and experimental setups. Larger leaf surface area in light-reduced setups also had higher concentration of chlorophylls a and b pigments. Transplants from light-reduced environments, although morphologically large, appeared more vulnerable (with low survival values) to environmental changes associated with translocation. Being morphologically large is therefore likely a stress response to light reduction, allocating more energy on light harvesting than sexual reproduction. Reciprocal transplantation experiments indicated a high survival rate, suggesting the potential of Enhalus for use in rehabilitation. However, despite having wider plasticity to adapt to light-limitation, they can be wiped out when threshold is reached. This thesis underscores the need for further research on Enhalus' response to stressors, genetic variation, and adaptive capacity to address conservation and management challenges

Nowadays marketers and practitioners recognize the importance of social marketing as a strategy to acquire customers. Accordingly, the enterprises and brands are embracing the use of social network in communicating with potential consumers ad actual consumers, in order its performance so as to increase its sales. Among all those social media platforms, Instagram is one of the platforms which is image orientated and can easily connect with users and provide information with photos and images. As Macau is small‐sized city where there are abundant small to medium‐sized enterprises, the local small firms are switching their marketing strategies by utilizing the Instagram to promote their product online. In order to get a better grasp of how Instagram affects the promotion of the food and beverage product in Macau, the research question has been formulated: “To what extend can the local food sectors in Macau use Instagram as a marketing tool to engage purchasing intention and strengthen their brand equity? From the perspective of customers.” Semi‐structured interviews were conducted with 13 participants who are the Instagram users, with diverse situations of engagement on Instagram. According to the interviews, participants expressed that how Instagram can associate effects with arousal and brand equity (brand awareness, brand image, perceived quality and brand loyalty) and formation of purchase intention eventually through the Instagram marketing activities. The results showed that Instagram marketing activities strongly correlated the brand equity (brand awareness, brand image, and perceived quality while which in turn led to purchasing intention towards the brand. This research comprehensively illustrates the influences of Instagram marketing activities on customer‐based brand equity. The findings of this study will enable local food brands to more accurately forecast the future purchasing behaviors of their customers through Instagram marketing activities and provide a guide in managing brand equity as well

According to the United Nations (UN) World Urbanization Prospects 2018, cities are growing in both size and number, posing challenges for sustainable development. With urbanization, the increase of impermeabilization and landscape fragmentation urges for territorial planning and resources management. To promote resilient and resourceful cites, strategic planning where nature-based solutions (NBS) are included into the built environment, counteracting the negative effects of urbanization through the provision of ecosystem services, should be considered. Green roofs (GR) are an example of NBS that provide a panoply of ecosystem services at the level of the building and city, besides contributing for climate change mitigation and adaptation. This NBS can be included in the urban planning agenda in the new building or as a retrofit solution in the existing built environment. Macao SAR (here mentioned as Macao) is the second more densely populated city in the world, according to the UN Department of Economic and Social Affairs Population Division. The present study aims to assess the inclusion of GR in Macao and assess the ecosystem services that they may provide in a holistic approach aligned with the city’s sustainable development. For this purpose, an extensive GR implemented in Taipa Island of Macao was monitored in terms of associated biodiversity and carbon cycle assessment. Further on, it was carried out a comparison between this GR and a conventional roof (CR) in terms of surface thermal buffering. The results of this study have shown to be very promising in terms of the applicability of GR in Macao and on the relevant ecosystem services that they can provide. First, data loggers were installed in the GR and CR to assess the impact on temperature mitigation. The GR had a significant effect in decreasing and buffering temperature at the surface, with temperatures of 35.6 ºC in the GR substrate comparing with temperatures of 57.7 ºC in the CR surface. The results show that GR can be a cost-efficiency strategy to reduce heating of buildings and their associated environmental and economic costs with cooling. Second, the biodiversity of plants and animals was assessed using a combination of methods. It was observed a high level of biodiversity under a low maintenance and low disturbance of GR vegetation, with 23 species of plants and 34 species of animals identified. This shows that GR can contribute to increase biodiversity in cities. Third, an experiment was run with leaf litter bags to investigate the role of macrofauna (e.g., insects) in the decomposition of organic matter. With macrofauna activity, the decomposition rate increased 17 % when compared to decomposition rates without macrofauna, suggesting that the animals harboured in GR, in particular insects, play a key role in organic matter decomposition and thus on the carbon cycle in cities. This work is, to our knowledge, the first empirical GR study in Macao. The results support the application of GR in Macao for temperature mitigation, biodiversity increase and carbon sequestration, promoting the integration of this NBS in the future urban planning and policy of the city. More generally, the work supports the use of GR as an important NBS to mitigate the impact of climate change in urban settings

Aggression clearly has an adaptive value as it is necessary to secure resources for survival, growth, and reproduction. The Siamese fighting fish, Betta splendens, have endured a prolonged process of artificial selection for winning paired-fight contests across Southeast Asia, resulting in strains of short-fin aggressive “fighters”. Across centuries, Thai breeders have been selecting these strains by discarding loser batches and allowing winner batches to breed, claiming that they are significantly more aggressive than wild-types. This natural experiment provides a powerful context to investigate the biological basis of aggressive behaviour in fish, the topic of this thesis. To study aggression, it is important to validate and standardize behavioural assays appropriate for the species under study. Further, different aggression-eliciting stimuli, such as live opponents, 3D models, video playback, or mirror images, may elicit non-equivalent behavioural and physiological responses. For B. splendens, in particular, quantifying aggression from live fights is not ethically acceptable as the high levels of aggression of this species usually result in injuries or even death of the opponent. In Chapter II, it was shown that mirror images elicit very similar aggressive displays and endocrine responses to an interacting opponent behind a transparent partition, validating the use of this test to measure aggression in this model species. Further, it was shown that circulating levels of both androgens (11-ketotestosterone and testosterone) and corticosteroids (cortisol) increased in response to the aggression challenge, even in the absence of conflict resolution, questioning the role of these hormones during present and future aggressive contests. Using the previously validated mirror assay and also tests with live conspecifics, we assessed the impact of selection for winning by comparing, in Chapter III, male and female aggressive behaviour of lab-raised fighter and wild-type strains. The hypothesis that selection for male winners enhanced aggressive displays was confirmed, suggesting that the duration and frequency of threat and attack behaviour correlates with winning probability. However, females of the fighter strain, which are not selected for fights, were also more aggressive than wild-type females. This suggests that male and female aggression share common genetic pathways and physiological mechanisms and raises the possibility that selection for alleles that favour male aggression may have promoted intersexual genetic conflict in this species. After confirming the expected differences in aggressive behaviour between fighter and wild-type fish, the following question was whether endocrine systems, in particular those previously shown to respond to aggression, could have been targeted by the selection process. From previous studies in fish and other vertebrates, it was hypothesised that selection for winners could have increased constitutive levels of androgens or led to an enhanced androgen response to a social challenge. However, in chapter IV, it was shown that levels of 11-ketotestosterone and its response to aggression was similar in males of both strains, questioning the role of androgens in the modulation of aggression in B. splendens. On the contrary, constitutive levels of cortisol and the response of this hormone to an aggression challenge were higher in wild-type compared with fighter fish, supporting previous findings that associated high aggression with a blunted cortisol response. Overall, results from Chapter IV suggest that selection for winning had a stronger impact on the hypothalamus-pituitary-interrenal axis than in the hypothalamus-pituitary-gonadal axis. My results support the assumption of the “Challenge Hypothesis” proposed by John Wingfield and collaborators in 1990 to explain the relationship between androgens and aggression, according to which androgen levels above a reproductive baseline are a consequence of the frequency and intensity of social interactions, in particular of male-male agonistic encounters. It is becoming clear that androgens increase rapidly after an aggressive contest, independently of fight outcome. However, the function of this increase remains unclear as the frequency of aggressive displays was unrelated with post-fight androgen levels and constitutive levels of androgens, and androgen responsiveness, were similar between fighter and wild-type males. Results obtained for cortisol agree with a “corticosteroid-mediated dominance hypothesis” whereby low baseline levels and a blunted response of corticosteroids would be associated with a dominant status and high aggression. The work advances our knowledge about the endocrine regulation of aggressive behaviour in B. splendens and opens several testable hypotheses about the role of androgens and corticosteroids in the regulation of fish aggressive behaviour

Due to the expansion of the Internet and advancements in technology, e-commerce has been frequently and widely used nowadays. The popularity of online shopping continues to develop and become increasingly common, yet, the concept of impulsive buying has consistently drawn significant attention over the years. In order to fit into the current shopping trend, recognizing the needs and wants of online shoppers as well as providing appropriate approaches are essential tasks for companies to achieve. The question of how to attract consumers to make purchases has been a concern for a long time, and in fact, it is necessary to explore consumers’ online purchase decisions in relation to their impulse buying behavior. In accordance with current academic knowledge, the main objective of this study is to investigate factors that influence consumers' online impulsive buying behavior based on external stimuli (such as sales promotions and websites characteristics) and the elements of marketing mix strategy (product, price, place, and promotion). According to the analysis, the promotion strategy has been identified as the most significant influence on consumers’ decision to make an online impulsive purchase. Therefore, the findings from this study are beneficial for companies and marketers to build a framework in order to develop suitable and effective strategies in order to encourage and stimulate consumers' desire for purchases. Furthermore, the research applies the qualitative methodology by conducting semi-structured interviews with 11 consumers who have previously experienced an online impulse buying

The purpose of the study was to explore the smoking behaviour of the smokers living in Macao. I was part of the 1st group of doctors to have chosen to initiate smoking cessation in Macau. In addition to my diverse academic background of study in laws- a dissertation about the effect of tobacco control program in Macao (submitted in 2011), a master in Public Administration, and five years of working experiences as an Inspector Assistant of tobacco, I had the conviction that I have to write to share my experience and knowledge about smoking cessation to contribute to the field of counselling and psychotherapy as there is little research data concerning smoking prevalence and demographics in Macao. This study consists of two parts – PART I presents the quantitative data collected by a questionnaire-survey over 1378 smokers and PART II qualitative data from semi-structured interviews with 10 adult smokers to explore their experiences of smoking and smoking cessation in Macao. Quantitative data analysis was conducted with the SPSS, while qualitative analysis with coding and theme identification by following the grounded theory procedures. The study found that about 85% smoker surveyed consumed more than half a pack of cigarette per day and about 31% reported various symptoms like irritability, fatigue, loss of appetite and difficulties in concentration. The qualitative study has identified major positive factors related to initiation and maintenance of smoking cessation, namely health concerns, financial concerns and family support. Major negative factors related to relapse of smoking are peer influences, smoking of family members, and impacts of stressful life events. Based on findings of the study, it is argued that preventive anti-smoking education should be implemented among young people. Promotion of health education and preventive anti-smoking strategist and policy in Macao are discussed. The data collected indicate the fact that individuals who have pathologies of the cardiovascular system as a motivating factor for contemplating or taking actions for smoking cessation. Moreover, financial problems, gender (male predominantly), married with family support, higher educational level, without psychological diseases, better economic status, lower nicotine dependent are predictors to success in quit smoking. It also raises the possible need to deepen some evaluation parameters hither to be only superficially addressed. Therefore, and by limitations inherent to the study, this hypothesis needs further investigation. I argue that non-pharmacological treatment methods alone have proven to be effective in the smoking cessation process. However, it is argued that this combined with pharmacological therapy, in particular in specialized consultations, would be more effective and capable in increasing success rates in smoking cessation

Although there is a substantial body of research on the second language acquisition of adults, there is little specific research on the learning experiences of senior and very senior adults. This thesis investigates and discovers the experience of being a senior from a traditional Confucian Heritage Culture aged between 55 and 75 years old, learning English as a foreign language through various interventions, including, the introduction of an adapted version of synthetic phonics to improve pronunciation, alongside the use of andragogical and geragogical principles to accommodate and encourage the development of agency and self-directed learning. This research adopted a case study methodology to investigate the lived experiences of seniors, and investigated the participants’ subjective constructions of the situation, learning experiences, challenges, circumstances, needs, and wants with regard to the situation. Therefore, an open and exploratory case study design was selected to understand the participants and report the findings. Furthermore, this thesis identifies the challenges faced by senior and very senior learners who are post-work and post-family rearing to make recommendations from the findings to complement, enhance and empower their learning

Projects are tactical and operational initiatives, and achieving specific outcomes through projects can help organizations achieve strategic goals. The effective use of project management tools and techniques is essential to achieve successful results, since the goal is to maximize the realization of the project's plan by effectively using the budget, time, and resources provided by the project owner to achieve the project's original purpose. The Project Management Maturity Model (PMMM) is a tool for measuring project management capabilities and is essential to improve project and portfolio performance in different industries. The main objective of this research is to analyze and characterize the maturity level and capacity of the IT industry in Macau and HengQin based on the assessment of the PMMM. The research also aims to assess and compare the maturity level in the IT industry in Macau and HengQin. An online survey was conducted and sent to IT project managers from Macau and HenqQin. A total of 34 responses were collected, divided into 3 different parts: Part I - General Information, Part II - Project Management Areas, and Part III - Perception. The results indicate that, in general, Project Managers state that their companies do not follow Project Management standards and best practices, classifying as Low and Very Low essential PM areas such as Planning and Scheduling (68%), Scope (61%) and Communications (64%). From a comparison perspective, project managers in Macau follow less formal frameworks than Hengqin in managing the triple constraints of the project. The collected data also indicate that Macau's communication management and stakeholder engagement are less mature than Hengqin's. Furthermore, the data indicate that maturity level is not necessarily related to education level, which means not higher education has a higher maturity level. Recommendations are provided for the IT industry in both areas, and specific comments are provided for each group or professionals. In conclusion, this work allows a novel characterization and a better understanding of the Project Management adoption and maturity level of the IT Industry in Macau and Hengqin

Oracle Corporation (hereinafter referred to as Oracle, ORCL, or ‘the Company’) is an American multinational company that provides solutions of products and services that serve the enterprises’ information technology (IT) environment. This thesis is to conduct a business analysis of the Company from a financial perspective, determining the Company’s intrinsic value as of May 31, 2021, and comparing it with the respective market value. Thus, this thesis will study, evaluate, and present an overview of the Company, an analysis of the Company’s market, industry, strategy, financial performance, including external and internal factors, a ten-year pro forma financial statement forecast, and the techniques of using the three discounted cash flow models to estimate the intrinsic value of Oracle. The obtained results from the three valuation models, including the Enterprise Discounted Cash Flow (EDCF) model, the Adjusted Present Value (APV) model, and the Discounted Economic Profit (DEP) model, show that the Company’s intrinsic values were estimated at $74.57, $75.21, and $74.82, respectively. When the results were used to compare with the market price of Oracle’s shares as of May 31, 2021, at $78.74, it reflects that the Company was overvalued

Teacher turnover is a global issue that has not received much research attention in Macau despite studies indicating that teachers in the region experience high levels of stress and burnout. Given that private school teachers account for a significant proportion (88.6%) of the non-tertiary education system in Macau, this qualitative study focused on this specific group who voluntarily resigned from their positions. Through in-depth interviews with 13 former teachers from different kindergartens, primary, and secondary schools, the research identified 50 reasons categorized into 15 factors under three categories. Although schoolrelated factors account for the most, personal reasons were found to be the primary driver. The findings of the study highlight the complex nature of teacher turnover which can be attributed to both single and multiple factors, in both direct and indirect forms. The factors could also interplay in both unidirectional and mutual relationships. A conceptual framework for teacher turnover in Macau was developed to address the 15 contributing factors and the complex interplay of these factors. This study could fill the gap in the literature and serve as a valuable resource for policymakers and school leaders seeking to reduce teacher attrition rates in the region

With the rapid expansion of mobile e-commerce, an increasing number of businesses have jumped into the fray in all facets of the mobile electric commerce industry chain. The payment link is the most competitive. From the norm in the sector to the consumer market, telecom operator rivalry, as well as third-party payment between different companies, never ceases. In the context of mobile e-commerce, however, competition has shifted from traditional product-centered to customer- centered, and business success frequently rests on the customer. As a result, the competition in the mobile e-commerce payment industry is essentially about competing for users. Mpay is characteristic of mobile e-commerce payment firm representatives; on the basis of theoretical analysis, combined with the reality of the economic background, the study chose Mpay mobile payment users as research subjects and analyzed the major variables of user acceptability. The model was built on the basis of an extensive evaluation of past research results of user acceptance model and reference to UTAUT model. The model considered performance expectancy, effort expectancy, and social influence, facilitating condition as independent variables determining user behavior intention, Based on the conceptual model, the paper conducted an empirical investigation as a case study of a Mpay mobile payment user using data from a questionnaire, while also conducting a separate discussion of the impact of perceived risk and trust on user acceptance. The empirical results indicate that for mobile payment users, performance expectancy has the greatest positive effect on behavior intention, while facilitating conditions, social influence, perceived risk, effort expectancy, and trust have no effect. In addition, gender and age were discovered to influence user acceptance

Technology is an essential and valuable tool nowadays. New technology and innovations are introduced to the public day by day. Metaverse will be a new trend, as the Macau government has been trying to promote this technology since the COVID-19 pandemic is still here. Before this technology goes deeply to the public, this paper attempts to examine the consumer’s perspective of Metaverse and understand the cognition of Macau people about Metaverse. And bring out what factors and conditions will make them accept this technology. A qualitative research method will address the questions and problem to understand consumer perspectives towards this technology. Entrepreneurs, managers, and professionals will be invited to take part in this research. Ten interviews will be carried out in this research for data analysis, which may provide a board overview of this technology in Macau and give recommendations to local entrepreneurs. In conclusion, consumers think it is still not a well-developed technology and is not globally used at this stage. In contrast, if this technology is ready-to-use, it will be a helpful assistant in their businesses. They expect the metaverse to be fully developed in ten or more years

Human emotions can be meticulously associated with decision-making, and emotion can generate behaviours. Due to the fact that it could be bias and exhaustively complex to examine how human beings make choices, important groups of study in finance are stock traders and non-traders. The objective of this work is to analyze the connection between emotions and the decision-making process of investors and non-investors to understand how emotional arousal might dictate the process of deciding policy. As facial expressions are fleeting, neuroscience tools such as AFFDEX (Real-Time Facial Expression Analysis), Eye-Tracking, and GSR (galvanic skin response) were adopted to facilitate the experiment and its accompanying analysis process. Thirty-seven participants attended the study, ranging from 18 to 72 years old; the distribution of investors and non-investors was twenty-four and thirteen, respectively. The experiment initially disclosed a thought-provoking result between the two groups under the certainty and risk-seeking prospect theory; there were more risk-takers among non-investors at 75%, while investors were inclined toward certainty at 79.17%. The implication could be that the non-investing individuals were less complex in thought and therefore pursued higher returns besides a high probability of losing the game. In addition, the automatic emotion classification system indicates that when non-investors confronted a stock trending chart beyond their acquaintance or knowledge, they were psychologically exposed to fear, anger, sadness, and surprise. Investors, on the contrary, were detected with disgust, joy, contempt, engagement, sadness, and surprise, where sadness and surprise overlapped in both parties. Under time pressure conditions, 54.05% of investors or non-investors tend to make decisions after the peak(s) of emotional arousal. Variations were found in the deciding points of the slopes: 2.70% were decided right after the peak(s), 37.84% waited until the emotions turned stable, and 13.51% were determined as the emotional indicators started to slide downwards. Several combinations of emotional responses were associated with decisions. For example, negative emotions could induce passive decision-making, in this case, to sell the stock; nevertheless, it was also examined that as the slope slipped downwards to a particular horizontal point, the individuals became more optimistic and selected the "BUY" option. The support of physiological monitoring tools makes it possible to capture the individuals' responses and discover the science of decision-making. Future works may consider expanding the study to more significant demographic populations for further discoveries