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1
Yaansah, R. Anaab. "Off-balance sheet financing : theory and evidence." Thesis, Lancaster University, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.659444.
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This thesis provides a theoretical analysis of off-balance sheet financing schemes and empirical evidence on the use of related companies as off-balance sheet financing vehicles. Using extant capital structure theories the thesis develops a debt structure framework in which related company off-balance sheet financing transactions are analysed as effective mechanisms for the minimisation of bankruptcy and debt agency costs. A model of the existence of related companies in group structures is developed based on the debt structure framework. The thesis provides some evidence to support the minimisation of bankruptcy and agency costs role of related companies.
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Meder, Anthony Alan. "SFAS 115, Bank Balance Sheet Liquidity and Loan Growth." The Ohio State University, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=osu1312309973.
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Kelstrup, Nielsen Anders. "3. generations finansielle krisemodeller : et moral hazard eller balance sheet problem = Third Generation Financial Crises Models : a Moral Hazard or Balance Sheet Problem /." Aarhus : Institut for Økonomi, Aarhus Universitet, 2009. http://mit.econ.au.dk/Library/Specialer/2009/20022398.pdf.
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Matusevičienė, Lina. "Balanso informacijos formavimas ir jo tobulinimo galimybės." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2014. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2010~D_20140625_185028-11826.
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Temos aktualumas. Pagrindinis informacijos šaltinis, vertinant įmonių finansinę būklę, yra finansinių ataskaitų rinkinys, o pagrindinė jo ataskaita minėtam tikslui pasiekti – balansas. Tai yra lyg kertinis akmuo, norint įmonei pritraukti naujus investuotojus, partnerius bei klientus. Kadangi balansas yra vienas svarbiausių apskaitos sistemos elementų, jam visais laikais ir visose šalyse skiriama daug dėmesio. Tuo tikslu, kad būtų galima vertinti įmonių finansinę būklę, remiantis balanso duomenimis, kuriami bei tikslinami standartai tiek tarptautiniu, tiek nacionaliniu lygmeniu, kuriamos įvairios metodikos bei vertinimo kriterijai. Tačiau tiek ir visas finansinių ataskaitų rinkinys, tiek ir viena jo sudedamųjų dalių, t.y. balansas, kol kas nėra pakankamai informatyvūs. Kadangi rinkos ekonomika sėkmingai funkcionuoja tik tada, kai ji disponuoja išsamia informacija, todėl ataskaitas būtina tobulinti. Tyrimo objektas – balanso ataskaita. Šio darbo tikslas – atskleisti balanso informacijos formavimo aspektus bei jo tobulinimo galimybes. Šiam tikslui pasiekti iškelti šie svarbiausi uždaviniai: 1. Atskleisti balanso esmę bei jo informacijos formavimo teorinius aspektus; 2. Palyginti reikalavimus balanso sudarymui; 3. Palyginti Lietuvos balanso pavyzdinę formą su pasirinktų užsienio šalių balansų pavyzdinėmis formomis; 4. Išnagrinėti Lietuvos įmonių istorinę patirtį sudarant balansus; 5. Pateikti balanso ataskaitos tobulinimo galimybes bei patobulintą balanso modelį. Darbo struktūra... [toliau žr. visą tekstą]Relevance of the topic. The main source of information for assessing a company's financial condition is a set of financial statements and the report said its main goal - balance. This is like the cornerstone of the company to attract new investors, partners and customers. Since balance is one of the most important elements of the accounting system, it is at all times and in all countries receive much attention. To that end, in order to assess the companies' financial condition, with refereces to the balance sheet data, are developed and revised the standards international and national level, are created various methods and evaluation criteria. However, both, and any set of financial statements, as well as one of its components, ie balance, there is not enough information. Since the successful functioning of the market economy only when it possesses a comprehensive information, so reports should be improved. The object of research - the balance sheet. The aim - to highlight the aspects of making the balance sheet and its improvement opportunities. Working to achieve the following tasks: 1. To reveal the essence of the balance and its formation theoretical aspects; 2. Compare the balance of the agreement. 3. Compare Lithuanian balance form for the selected sample of foreign balances forms. 4. Explore the historical experience of Lithuanian businesses through the balance sheets. 5. Provide balance sheets development opportunities and an improved balance model. Structure. The... [to full text]
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Spikes, Vandy Blue. "A Mass Balance Study of the West Antarctic Ice Sheet." Fogler Library, University of Maine, 2003. http://www.library.umaine.edu/theses/pdf/SpikesVB2003.pdf.
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Vernon, Christopher L. "Surface mass balance model intercomparison for the Greenland ice sheet." Thesis, University of Bristol, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.633454.
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our simulations of the surface mass balance (SMB) of the Greenland ice sheet (GrIS) are compared over the period 1960-2008. Three use a regional climate model to downscale ECMWF reanalysis (ERA-40) and operational analysis data, while the fourth uses the same inputs but an empirical downscaling approach and melt model. These reconstructions have been used in a variety of applications but prior to this study little was known about their consistency with each other and the impact of the downscaling method on the result. The reconstructions are compared to assess the consistency in regional, seasonal and integrated 5MB components and evaluated against a suite of observational data. Three key areas of difference between the models have been identified. Firstly differences in how the ERA-40 reanalysis data are downscaled by the models. Secondly differences in how the 5MB components are calculated. And thirdly differences in the domain, the ice sheet mask used. Total 5MB estimates for the GrIS are in agreement within 34% of the four-model average when a common ice sheet mask is used. When models' native land/ice/sea masks are used this spread increases to 57%. The components of 5MB, with the exception of refreeze, show a similar level of agreement once a common mask is used. Previously noted differences in the models I estimates are partially explained by ice sheet mask differences. Agreement is higher (18% spread) in the accumulation area than the ablation area (38% spread) suggesting relatively high uncertainty in the estimation of ablation processes. Regionally there is less agreement, suggesting spatially compensating errors improve the integrated estimates. Modelled 5MB estimates are compared with in situ observations, gravimetric observations from GRACE and altimetry observations from ICESat. Through the use of a surface density and firn compaction model individual components of 5MB are, indirectly, able to be evaluated against altimetry observation.
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Meister, R. "Estimating Antarctic ice sheet mass balance from gravimetry and altimetry." Thesis, University College London (University of London), 2012. http://discovery.ucl.ac.uk/1364858/.
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Estimates of the Antarctic ice sheet mass balance from the past ten years show great discrepancy. Deriving mass values from gravity measurements is a ffected by corrections for postglacial rebound (PGR). Calculating Antarctic ice sheet mass balance from altimetry satellites requires knowledge of surface densities. Here, two instruments were used in conjunction to constrain ice sheet mass balance. Surface height trends from the Envisat radar altimeter and mass trends from GRACE were analysed for the period January 2003 until October 2010. An analysis of errors related to GRACE gravity measurements was carried out and a best method for removal of errors was chosen. Envisat altimetry corrections were examined. Envisat surface height trends were converted into units of mass and smoothed with a 300km Gaussian filter in order to be compatible with the GRACE mass trend. This was done using a) the density of ice (917kg=m3), b) a firn density of 450kg=m3 and c) a variable surface density map of the Antarctic derived from observations of changes in the pattern of surface height trends. Subtracting the altimetry mass trend from the GRACE mass trend provides results dominated by the absence of altimetry data in the Antarctic peninsula and south of 81:6 degrees south. Therefore, ICESat altimetry trend values were added to the Envisat trend map, where available. The GRACE mass trend and the smoothed altimetry trend converted to mass show very good agreement. The diff erence between GRACE and the combined Envisat-ICESat altimetry trends can be interpreted as a combination of PGR and error. Integrating this di fference provides considerably smaller PGR values than all commonly used PGR models. The integrated area trends from both gravimetry and altimetry show mass loss for West Antarctica, mass gain for East Antarctica and an acceleration of melting in the Amundsen Sea Sector.
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Balachandran, Bala Kanagasabai. "Off balance sheet financing group accounting and the corporate lending decision." Thesis, Lancaster University, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.266672.
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Jaffar, Kalsoom. "An examination of British bank balance sheet dynamics from 1945-2012." Thesis, Glasgow Caledonian University, 2015. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.701007.
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Lekishvili, Salome. "Central bank’s balance sheet and its relationship to monetary policy effectiveness." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-263865.
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The diploma thesis deals with the issue of financial performance of central banks. Central banking is generally considered as a profitable part of financial system. However, this paper focuses on the loss-making central banks and emphasizes the examples of central banks with large accumulated financial losses. Relationship between the quality of balance sheet assets and financial performance of central banks is closely examined in the thesis. Alongside, it analyses the impact of negative financial performance on the main objectives of central bank, in the role of monetary authority. Effectiveness of monetary policy is conditioned by many factors, among them are independence of central bank, the level of development of financial markets - central bank operates in, analytical skills of employees and etc. However, the case, where financial performance of central bank is discussed in connection with monetary policy performance, is extremely rare. The primary goal of this diploma thesis is to reveal and describe the main ways in which financial performance of the central bank influences monetary policy decisions. It also tries to find out whether there is hidden threat of a damaging impact on the decisions in case the central bank accumulates the negative financial results.
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Furuta, Fernanda. "Estudo da consolidação proporcional nas empresas que atuam no mercado brasileiro." Universidade de São Paulo, 2005. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-05102006-174105/.
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Não existe consenso em relação à melhor forma de reconhecimento de investimentos em joint ventures na demonstração contábil consolidada da investidora. Há necessidade de adoção de uma única prática contábil, já que a falta de padronização do tratamento contábil de investimentos com controle compartilhado prejudica a comparabilidade das demonstrações contábeis consolidadas de empresas que adotam abordagens diferentes. Este trabalho tem como objetivo avaliar tanto os reflexos da adoção da consolidação proporcional nas demonstrações contábeis da investidora quanto da não adoção desse método quando há investimento de controle compartilhado. O Lucro Líquido e o Patrimônio Líquido são os únicos valores que devem ser iguais nessas demonstrações. A pesquisa empírica testou se há diferenças significativas entre os valores das contas ao ser feita adoção ou não da consolidação proporcional. O levantamento de dados foi realizado por meio do banco de dados da Fundação Instituto de Pesquisas Contábeis, Atuariais e Financeiras- FIPECAFI/FEA USP, que é utilizado na edição da Revista Exame ? Melhores e Maiores. Inicialmente, foram pesquisadas as empresas que atuam no mercado brasileiro e que, no período de 1996 a 2003, apresentaram investimento com controle compartilhado. Posteriormente, na pesquisa empírica foram utilizados os dados de 2000 a 2003 que totalizaram 34 demonstrações contábeis e, a partir dessas demonstrações, foi calculado como seriam os valores caso não fosse feita a consolidação proporcional. Utilizou-se o teste não paramétrico de Wilcoxon e os resultados indicaram que ao nível de significância de 5%, há diferenças significativas entre os valores do ativo circulante, do realizável a longo prazo, do passivo circulante, do exigível de longo prazo, das vendas líquidas, do custo da mercadorias vendidas ou custo do produtos vendidos ou custo dos serviços prestados, do capital circulante liquido, do capital de terceiros sobre capital próprio, da liquidez corrente, da liquidez geral e da margem líquida, obtidos aplicando-se a consolidação proporcional e não a aplicando. Esses resultados confirmam a controvérsia existente na literatura acadêmica em relação às divergências de um método em relação ao outro, em termos de controle e definição de ativo e exigibilidade. Apesar de os testes estatísticos sugerirem que não há diferença significativa na composição do endividamento não é possível generalizar que seus valores não sejam diferentes. Os resultados obtidos, neste trabalho, indicam que a adoção de uma abordagem de consolidação ou outra pode fazer com que o usuário da demonstração contábil interprete de forma diferente as demonstrações consolidadas de empresas que possuem investimentos em joint venture.There is no consensus on the best way of recognizing investments in joint ventures in the investing company?s financial statement. One single accounting practice needs to be adopted, as the lack of a standardized accounting treatment for investments in cases of shared control impairs the comparability of consolidated financial statements issued by companies that adopt different approaches. This study aims to evaluate the reflexes of adopting ? or not - the proportional consolidation method in the investing company?s financial statements in case of shared control investments. In these statements, Net Profit and Net Equity are the only figures that have to be equal. An empirical study tested for significant differences between the figures of accounts with or without proportional consolidation. Data were collected from the database of the Institute for Accounting, Actuarial and Financial Research Foundation - FIPECAFI/FEA USP, which is used to publish the magazine Exame ? Melhores e Maiores. First, we examined companies active in the Brazilian market who presented shared control investments between 1996 and 2003. Next, in the empirical study, we used data from 2000 to 2003, totaling 34 financial statements, which were used for calculating figures with and without proportional consolidation. Wilcoxon?s non-parametrical test was used with a significance level of 5%. Results indicated significant differences in current and long-term assets, current and long-term liabilities, net sales, cost of goods sold or cost of products sold or cost of services rendered, working capital, index of capital of third-party investors on own capital, current and general liquidity and net margin, when calculated with and without the proportional consolidation method. These results confirm the controversy in academic literature about the differences between one method and another in terms of control and definition of assets and liabilities. Although statistical tests suggest that there is no significant difference in the composition of indebtedness, it cannot be generalized that there are no differences between the figures. The results of this study indicate that, due to the adoption of a specific consolidation approach, financial statement users may give a different interpretation to the consolidated statements of companies with joint venture investments.
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Samayoa, Hector Augusto Valle. "Essays on the macroeconomics of commodity price movements and balance sheet effects." Thesis, University of Bristol, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.547835.
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Bofeldt, Josefine, and Sara Joon. "Pricing of a balance sheet option limited by a minimum solvency boundary." Thesis, KTH, Matematisk statistik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-252542.
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Pension companies are required by law to remain above a certain solvency level. The main purpose of this thesis is to determine the cost of remaining above a lower solvency level for different pension companies. This will be modelled by an option with a balance sheet as the underlying asset. The balance sheet is assumed to consist of bonds, stocks, liabilities and own funds. Both liabilities and bonds are modelled using forward rates. Data used in this thesis is historical stock prices and forward rates. Several potential models for stock and forward rate processes are considered. Examples of models considered are Bates model, Libor market model and a discrete model based on normal log-normal mixture random variables which have different properties and distributions. The discrete normal log-normal mixture model is concluded to be the model best suited for stocks and bonds, i.e. the assets, and for liabilities. The price of the balance sheet option is determined using quasi-Monte Carlo simulations. The price is determined in relation to the initial value of the own funds for different portfolios with different initial solvency levels and different lower solvency bounds. The price as a function of the lower solvency bound seems to be an exponential function and varies depending on portfolio, initial solvency level and lower solvency bound. The price converges with sufficient accuracy. It is concluded that the model proves that remaining above a lower solvency level results in a significant cost for the pension company. A further improvement suggested is to validate the constructed model with other models.Enligt lag måste pensionsbolag säkerställa att solvenskvoten för deras portfölj inte understiger en lägre gräns. Syftet med detta examensarbete är att bestämma kostnaden för att förbli ovan en lägre solvensgräns för olika pensionsbolag. Detta modelleras med hjälp av en option som har pensionsbolagets balansräkning som underliggande tillgång. Det antas att balansräkningen består av tillgångar i form av aktier och obligationer, skulder samt eget kapital. Både skulder och obliationer modelleras med hjälp av forwardräntor. Data som används i detta arbete är historiska aktiepriser samt forwardräntor. Exempel på modeller som undersöks för aktie- och forwardränteprocesser under arbetet är Bates modell, Libor market modellen samt en diskret modell som baseras på mixade normal log-normala slumpvariabler. Dessa modeller har olika fördelningar och attribut. Slutligen fastställs att modellen med mixade normal log-normala slumpvariabler är bäst lämpad för modellering av aktie-, obligations- samt skuldprocessen. Priset av balansräkningsoptionen bestäms genom att använda quasi-Monte Carlo simuleringar. Priset presenteras i förhållande till det initiala värdet av det egna kapitalet för olika portföljer med olika initiala solvenskvoter och för olika lägre solvensgränser. Det visar sig att priset som en funktion av olika lägre solvensgränser har ett exponentiellt utseende och varierar beroende på vilken portfölj som studeras, den initiala solvensnivån samt vad den lägre solvensgränsen är. Det konkluderas att priset konvergerar med tillräcklig noggrannhet. Den konstruerade modellen påvisar att det uppstår en kostnad av att förbli ovan en viss solvenskvot samt att denna kostnad är av betydelse för pensionsbolaget. Ett förslag på förbättring av detta arbete är att validera den konstruerade modellen med andra möjliga modeller.
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Glendening, Matthew Ryan. "Critical accounting estimate disclosures and the value relevance of balance sheet items." Diss., University of Iowa, 2012. https://ir.uiowa.edu/etd/3299.
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In the early 2000s, the Securities and Exchange Commission (SEC) called on firms to provide new MD &A disclosures about their critical accounting estimates. The new disclosures outline how reasonably likely changes in firms' highly uncertain accounting estimates would affect earnings. Because the new disclosure practice potentially highlights accrual estimates with a reduced level of reliability (i.e. greater estimation error) arising from uncertainty in the accrual measurement process, I examine whether the presence of a critical accounting estimate (CAE) disclosure partially explains cross-sectional variation in the value relevance of balance sheet items. Using a sample of non-financial and non-utility S &P 500 firms from 2004 to 2009, I find the value relevance of a balance sheet item is negatively associated with the presence of a related CAE disclosure. To corroborate my value relevance findings, I also examine whether the predictive value of accruals with respect to future cash flows and accrual noise, which are two accounting-based characteristics of useful accounting information, are associated with the presence of a CAE disclosure. I find the incremental predictive value of accruals with respect to future cash flows (accrual noise) is negatively (positively) associated with the presence of a CAE disclosure. Overall, these results suggest investors perceive balance sheet items accompanied by a related, account-specific CAE disclosure to have lower reliability, and consistent with investors' perceptions, accrual estimates have less predictive value and are noisier when these disclosures are present. Other findings indicate that the magnitude of estimation error and disclosure complexity play a role in the extent to which investors reduce their reliability perceptions in the presence of a CAE disclosure.
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TUDINI, EDMONDO. "The impact of IFRS on banks' balance sheet: a value relevance perspective." Doctoral thesis, Università Bocconi, 2005. http://hdl.handle.net/11565/4050384.
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Ong, Audra Wei Ming. "Accounting for intangible assets in the food, drink and media industries in the UK." Thesis, University of the West of England, Bristol, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.322430.
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Nicholls, Madeleine. "Impact of deferred tax credits on the balance sheet in 1980 and 1987 /." Title page, contents and introduction only, 1988. http://web4.library.adelaide.edu.au/theses/09EC/09ecn615.pdf.
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Khasawneh, Ahmad Y. "The Determinants of Off-Balance-Sheet Banking Risk: The U.S. and International Evidence." ScholarWorks@UNO, 2007. http://scholarworks.uno.edu/td/1076.
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This study employs the logistic diffusion model of financial innovations. In order to trace the determinants of OBS guarantees we consider that OBS guarantees in the banking industry as a financial innovation follows a time diffusion trend. In addition to the time trend factor we include a regulation pressure factor to test the bank regulatory hypothesis and non-regulatory bank-specific factors to test the market discipline hypothesis. We also include macroeconomic factors to test for the general economic notion impact on U.S. banks' OBS guarantees. The results reject the regulatory tax hypothesis and conclude that regulations have no major impact in determining banks OBS guarantees usage. Another major result is that banks OBS guarantees are decreasing over time and it is no longer considered as a financial innovation in the U.S. banking industry; banks seem to have replaced guarantees with other OBS activities like derivatives. While the banks' regulatory factor is not a major determinant of OBS guarantees, bank's nonregulatory and macroeconomic factors are significant in determining OBS usage
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Pather, Shrinesan. "The impact of Basel III on bank balance sheet structure in South Africa." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/64907.
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The global financial crisis cost the world economy an estimated 17 trillion dollars. (Wiese, 2012). This crisis was partly due to banks inability to have the required liquidity on hand to meet their necessary obligations. The Bank of International Settlements (BIS) released Basel III requirements in 2010 to mitigate the risk of the liquidity problems that banking sectors experienced during the 2007-2008 financial crisis, happening again. This research seeks to understand the impact of one aspect of the Basel III regulation, namely the Liquidity Coverage Ratio (LCR), on the South African (SA) banking sectors balance sheet structure.
This research aims to ascertain whether there has been a significant reduction in credit extension in the SA economy, whether there has been a significant increase in the maturity term structure of bank liabilities from asset managers and whether the type of depositor that banks seek to attract has significantly changed in line with previous research done in the US, UK and the EU.
The research follows a case study methodology which analyses the SA banking sector as a single case. Monthly, publically available data was sourced from the SA Reserve Bank and the testing of the hypotheses was carried out using an Autoregressive Integrated Moving Average Approach (ARIMA).
The results show that the implementation of the LCR has not had a significant impact on credit extension in the SA economy. The SA banking sectors reliance on funding from asset managers did reduce, however, not significantly as a result of the regulations. The proportion of medium and long term funding that bank receive from asset managers decreased contradicting the literature on the subjectMini Dissertation (MBA)--University of Pretoria, 2017.
km2018
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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Gumede, Nomdumiso Beryl. "The bank lending and balance sheet channels of monetary policy: a theoretical analysis." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1001864.
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The credit channel and its significance in the monetary policy transmission mechanism has been a point of contention among policy makers and economists for many years. In the early stages of this debate the monetarist view shaped thinking on the topic and cultivated the belief that the money supply is exogenously determined and that commercial banks playa minor role in the monetary transmission process. However, over the years, the credit view presented by Bernanke and Blinder (1988) has gained momentum. In contrast to the monetarist view, the credit view abandons the assumption of perfect substitutability and argues that due to their credit provision activities, financial institutions playa significant role in the transmission of monetary policy. The credit channel consists of two sub channels, the bank lending and balance sheet channels. In both, deposits drive loans and changes in monetary policy are effected through interest rates and their impact on borrowers' balance sheets, bank reserves, bank deposits and ultimately the quantity of bank loans supplied. Disyatat (2010) re-examines the conventional view and presents an argument against the foundation upon which the theories are based. Using this as a basis, and motivated by the vast amount of empirical literature that already exists on this topic, both in South Africa and abroad, this research provides a theoretical analysis of the credit channel and its relative importance in the monetary policy transmission mechanism. The exogenous/endogenous nature of money supply is considered and its implications for the existence and operation of the credit channel set out. It is found that, in order for a credit channel to operate efficiently in an economy, money supply should be endogenously determined. Moreover, a theoretical argument supporting Disyatat's (2010) revised credit channel is presented; it is concluded that, with a slight variation to Disyatat's proposed model, a single, unified channel exists.
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Li, Mandy Man-Lai. "Valuation of off-balance-sheet items: The case of in-substance defeased debt." Thesis, Li, Mandy Man-Lai (1998) Valuation of off-balance-sheet items: The case of in-substance defeased debt. Professional Doctorate thesis, Murdoch University, 1998. https://researchrepository.murdoch.edu.au/id/eprint/52651/.
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This study examines whether debt constructively retired via an in-substance defeasance transaction is viewed as debt by the investors of the defeasing firm. In an in-substance defeasance, a debtor firm sets up an irrevocable trust consisting of risk-free securities dedicated for the eventual retirement of the defeased debt. Under existing accounting standards in the U.S., although the debt so defeased remains a legal liability of the debtor firm, with all the accompanying debt covenants remaining in effect, the debtor firm can nonetheless remove both the defeased debt and the irrevocable trust from its balance sheet. This accounting treatment is controversial because it violates the long-held tradition of not allowing firms to remove debt from the balance sheet before it is actually retired. It also raises a number of legal questions because the debtor firm is not released from any of the legal obligations associated with the defeased debt.
This study examines whether defeased debt is perceived by shareholders as debt. The methodology involves examining whether defeased debt is a significant explanatory variable for the value and risk of the debtor firm’s stock. Two types of tests are carried out. The first one, called a balance-sheet identity test, involves regressing the debtor firms’ equity value on their reported assets, reported liabilities, as well as on the defeased debt and the value of the related trust. The second test, called market-risk association test, regressed firm betas on leverage with and without the defeased debt in the leverage calculation. If the defeased debt is viewed as debt, then including it in the calculation of leverage would result in a higher R square. This test, therefore, involves comparing the R squares of the two regression.
The sample consists of 46 cases of in-substance defeasance carried out by 44 different U.S. firms, over a sample period from January 1, 1984 to December 31, 1994. To obtain this sample, a footnote search was conducted on the on-line database Lexis-Nexis. After initially identifying 500 plus firms whose financial statement footnotes carried the key words "in-substance", "defeasance", or "irrevocable trust", all the related footnotes were studied to screen out irrelevant cases. For the 100 plus firms that remained after this screening, financial data were collected from the Compustat PC Plus database. After discarding firms that were not on the Compustat database, 46 cases remained. In addition to these financial data, beta for each firm was estimated using 250 trading days’ stock returns from the CRSP tapes.
The results from the balance sheet identity test show that the defeased debt variable and the trust variable are not significant, thus leading to the possible inference that investors do not view defeased debt as debt. This finding was obtained again after controlling for possible heteroscedasticity. The results from the market-risk association test show that the R square is higher from the regression of beta on leverage without including defeased debt than when defeased debt is included in debt. Thus, the two types of tests lead to similar conclusions
In addition to concluding that investor do not view defeased debt as debt, alternative interpretations are given. One is that investors are not sophisticated enough to know that defeased debt should be part of debt, which is the functional fixation hypothesis. One could also attribute the failure to reject the null hypothesis to the lack of power in the test.
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Mendes, Arthur Galego. "Central bank balance sheet concerns and credible optimal escape from the Liquidity trap." reponame:Repositório Institucional do FGV, 2013. http://hdl.handle.net/10438/11285.
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I show that when a central bank is financially independent from the treasury and has balance sheet concerns, an increase in the size or a change in the composition of the central bank's balance sheet (quantitative easing) can serve as a commitment device in a liquidity trap scenario. In particular, when the short-term interest rate is up against the zero lower bound, an open market operation by the central bank that involves purchases of long-term bonds can help mitigate the deation and a large negative output gap under a discretionary equilibrium. This is because such an open market operation provides an incentive to the central bank to keep interest rates low in future in order to avoid losses in its balance sheet.
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Goulding, William Ph D. Sloan School of Management. "Regulation of off-balance sheet exposures and pricing of over-the-counter derivatives." Thesis, Massachusetts Institute of Technology, 2019. https://hdl.handle.net/1721.1/123380.
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Thesis: S.M. in Management Research, Massachusetts Institute of Technology, Sloan School of Management, 2019Cataloged from PDF version of thesis.
Includes bibliographical references (pages 23-24).
In the post-crisis period substantial attention has been placed on regulation of exposures held off balance sheet by large banks. I analyze the effect on equity holders of such regulation. While requiring banks to hold capital against their on balance sheet exposures largely doses not perturb equity holder valuation capital held against off balance sheet exposures decreases the equity claim by generating a deleveraging effect when the balance sheet is expanded. Shareholders command a premium to compensate for the change in the value of their claim leading to a deviation of prices of redundant derivative claims from their replicating portfolios. Importantly, this effect does not appear under a standard capital ratio.
by William Goulding.
S.M. in Management Research
S.M.inManagementResearch Massachusetts Institute of Technology, Sloan School of Management
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Li, Yonghong. "Decadal mass balance of the Antarctic ice sheet from satellite radar altimetry and its contribution." Diss., Columbia, Mo. : University of Missouri-Columbia, 2006. http://hdl.handle.net/10355/5853.
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Thesis (Ph. D.)--University of Missouri-Columbia, 2006.The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Title from title screen of research.pdf file (viewed on April 29, 2009) Vita. Includes bibliographical references.
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Nance, Deana R. (Deana Reneé). "The Determinants of Off-Balance-Sheet Hedging in the Value-Maximizing Firm: an Empirical Analysis." Thesis, University of North Texas, 1988. https://digital.library.unt.edu/ark:/67531/metadc331494/.
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The observed use (and indeed tremendous growth in volume) of forward contracts, futures, options, and swaps as hedges against interest rate risk, foreign exchange risk, and commodity price risk indicates that hedging does add value to the firm. The purpose this research was to empirically examine the value of off-balance-sheet hedging. The benefits of off-balance-sheet hedging were found to accrue from reducing (1) taxes, (2) expected financial distress costs, and (3) agency costs. Taxes. Hedging reduces the firm's tax liability by reducing the variability in taxable income. The value of hedging to the firm is a positive function of the convexity of the tax function and the variability of taxable income. Expected Financial Distress Costs. The value of hedging is a positive function of the degree to which hedging reduces the probability of financial distress and the costs of financial distress. Agency Cost. Due to the fact that bondholders and some managers hold fixed claims while shareholders hold variable claims, shareholders desire more risky projects than do bondholders or managers. Hedging reduces this conflict by allowing shareholders to undertake higher risk projects while protecting the holders of fixed claims. Firms can achieve the same benefits of hedging by using alternative strategies. Among the various alternatives to hedging are modifying the firm's capital structure, purchasing insurance, and modifying dividend policy. The amount of off-balance-sheet hedging activity undertaken by a specific firm is therefore a function of the value of hedging to the firm and the degree to which the firm has used alternatives to hedging. Using a regression analysis, this paper provides empirical evidence on the preceding relations. This study provides (1) the first empirical evidence into the reasons for a value-maximizing firm using off-balance-sheet hedging instruments, and (2) empirical insights into the way in which the firm's hedging decision interrelates with the capital structure, dividend, and insurance decisions.
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Kratochvílová, Eva. "Finanční analýza podniků Mipexa s.r.o. a ČKD Nové Energo a.s. a jejich srovnání na základě dostupnosti dat." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-74850.
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The aim of the present thesis is to compare the companies MIPEXA s.r.o. and ČKD Nové Energo a.s. from the perspective of financial analysis based on available data from 2006 to 2009. The thesis consists of two parts: theoretical and practical. In the first part, I describe financial analysis, namely its development, purpose, process, calculation of individual indicators and their informative values. In the practical part, based on calculated indicators, I attempt to compare and evaluate the development of the companies MIPEXA s.r.o. and ČKD Nové Energo a.s. and their reactions to external events. Both companies conduct business in the same field and have their headquarters in the Czech Republic; they differ in size and their financial possibilities.
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Haefliger, Marcel. "Radiation balance over the Greenland ice sheet derived by NOAA AVHRR satellite data in situ observations /." [S.l.] : [s.n.], 1995. http://e-collection.ethbib.ethz.ch/show?type=diss&nr=10919.
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Yeoh, Poh Seng. "The legal implications of off balance sheet financing : a comparative analysis of UK and US positions." Thesis, University of Wolverhampton, 2007. http://hdl.handle.net/2436/17614.
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Off balance sheet financing (OBF) is either not visible or only partially visible in financial reporting for a number of reasons. It has attracted controversy in the light of its employment in a number of major corporate scandals. Previous investigations dominated by short works and consultancy papers have focused mainly on the financial aspects of OBF. This academic cross-country research on the use of OBF in the UK and US capital markets was undertaken to extend the published analyses to include a legal perspective by studying its legal implications for directors, financial advisers, auditors and financial regulators. The study’s legal focus prompted relying primarily on the doctrinal approach, which was in turn completed by the use of a modified case study in order to help address the how and why issues of the research phenomenon. The study found that OBF instruments are double-edge financial instruments with good and bad consequences. When corporations used OBF for liquidity enhancement or to realise financial savings, they result in positive outcomes. In contrast, when used for aggressive window-dressing or in the manipulation of financial reporting for fraudulent ends, OBF mechanisms generated serious legal liabilities for directors, auditors, and financial advisers in terms of compensation suits or even criminal sanctions. Financial regulators were nonetheless found to be less likely to face legal consequences as a result of current judicial attitudes on the tort of public misfeasance. However, the extensive applications of OBF in conjunction with other forms of creative accounting have resulted in various regulatory responses. On a comparative note, litigation and enforcement actions were found to be relatively more extensive in the US because of the higher incidence of large corporate frauds and the work of regulatory champions especially in New York using deferred prosecution agreements.
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Ziadeh, Mikati Noma. "Low interest rates, off balance sheet activities and bank risk-taking : evidence from U.S. commercial banks." Limoges, 2013. http://aurore.unilim.fr/theses/nxfile/default/0a846811-ee16-47d4-b879-d6b6120d6db5/blobholder:0/2013LIMO1005.pdf.
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This research study focus on two of the widely discussed culprits of instability in the banking system: the first concern the possible relation between policy rates and bank risk-taking incentives, the second investigates off balance sheet activities (OBS) and their implication on bank soundness. The dissertation is divided in two parts: in part 1 I study the transmission channel of monetary policy through the risk-taking channel. Chapter 1 of this part is devoted to present a better understanding of the risk-taking channel, to present the different theoretical foundations that back up this channel and to discuss potential difficulties related to empirical evidence. Chapter 2 and 3 present empirical studies on the risk-taking channel using US loan surey and call report data. The key finding is that loan officers relax lending standards when interest rates are low also longer periods of negative real interest rates are characterised by asset expansion with a move to riskier assets. Part 2 studies banks' OBS activites and investigate their implication for the soundness of US commercial banks. Chapter 1 in Part 2 provides a detailed account of these activites showing the widespread use of credit substitutes and other derivative instruments. Chapter 2 investigates the implication of different types of OBS activites on bank risk exposure and bank failure during the 2001-2010 period. The main finding is that different types of off balance sheet activities impact differently bank risk exposure: Credit subsitutes enhance bank loans portfolio and bank performance but put more pressure on bank liquidity. Derivatives contracts implicate higher risk exposure for small banksCette thèse étudie deux facteurs susceptibles de fragiliser le secteur bancaire : d'une part le laxisme de la politique monétaire pouvant modifier la perception ou l'aversion pour le risque des banques, d'autre part le développement des activités hors bilan et leurs implications sur la stabilité bancaire. La thèse se compose de deux parties : la partie 1 constituée de trois chapitres étudie la transmission de la politique monétaire par la canal de la prise de risque pour le cas des banques commerciales américaines. Les résultats empiriques présentés dans les chapitres 2 et 3 montrent que des niveaux bas de taux d'intérêts sont associés à un assouplissement des politiques d'octroi de crédit pratiquées par les banques et une expansion de l'actif caractérisé par une préférence pour les investissements risqués. La partie 2 étudie l'implication des activités hors bilan des banques commerciales américaines sur la stabilité des banques. Le chapitre 1 présente en détail ces activités montrant la large utilisation des substituts de crédit et autres instruments dérivés par les banques américaines. Le chapitre 2 examine l'implication des différents types d'activités hors bilan sur l'exposition au risque des banques au cours de la période 2001-2010. Les résultats empiriques montrent que l'incidence des activités hors bilan diffère selon le type de l'activité en question : les substituts de crédits diminuent le risque de crédit, améliore la performance des banques en revanche ils mettent plus de pression sur la liquidité bancaire. Les produits dérivés impliquent une plus grande exposition au risque pour les petites banques
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Hossain, Md Daulat. "Effect of Deregulation and Off-Balance Sheet Activities on the X-Efficiency of U.S. Credit Unions." Thesis, North Dakota State University, 2015. https://hdl.handle.net/10365/27889.
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The 1998 Credit Union Membership Access Act resulted in the active dissolution of the common bond requirement. Now credit unions are able to include more geographic area into their member base. However, over the years the total number of credit unions have been reduced, but the average size of total assets escalated severely along with the increase in total number of members. Amid the economic recession in 2002 and the financial crisis during 2008-2009, credit unions had to struggle in minimizing costs of operation to stay competitive with the commercial finance institutions.
In this study, X-efficiency scores (with and without off-balance sheet items) of each of the credit unions from 1994 through 2012 were calculated by dividing data into four periods of importance to analysis each period individually. A Tobit regression was run to understand the variations in performances by each group of credit unions.
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Milevski, Goce. "Mass valuation of commercial real estate for taxation & balance sheet purposes : productive review on valuation practice." Thesis, KTH, Building and Real Estate Economics, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-12181.
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Parry, Victoria. "Densification and refreezing in the percolation zone of the Greenland Ice Sheet : implications for mass balance measurements." Thesis, University of Edinburgh, 2009. http://hdl.handle.net/1842/3076.
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In order to increase coverage, mass balance changes of the world’s ice sheets are increasingly derived from surface elevation changes measured via satellite. Across the percolation zone of the Greenland Ice Sheet, meltwater, percolation and refreezing cause a re-distribution of mass through densification which may result in elevation change with no associated mass loss. Therefore, densification processes need to be quantified, spatially and temporally, and accounted for in mass balance measurements. This thesis investigates the relationships between patterns of elevation change and temporally and spatially variable accumulation and densification processes. In doing so, it provides an important contribution to the validation of the European Space Agency’s CryoSat-2 mission by placing error bars on the accuracy to which changes in satellite-measured ice-mass surface elevation represent real changes in ice mass. Temporal variability in near-surface (<10 m) snowpack and firn density and structure was measured in snowpits, shallow cores and using a neutron probe in the spring and autumn of 2004 at ~1945 m elevation (T05, 69o 51N, 47o 15W) in the percolation zone of the Greenland Ice Sheet. Results show that average snowpack density increased by 26% from spring to autumn, with a 5% (7.6 cm) increase in elevation, and a corresponding 32% increase in mass. Spatial variability was investigated at 11 sites along two transects at spatial scales of 1 m – 10 km. Whilst there was little variability in small scale (1 - 100 m) density changes, ‘seasonal densification’ increased at lower elevations, rising to 47% 10 km closer to the ice sheet margin at 1860 m a.s.l. The spatial variability in seasonal densification was further investigated in spring 2006 at seven sites located at ~10 km intervals along a 57 km transect spanning a 350 m elevation range. Snowpits and shallow cores reveal no significant variation in spring (prior to melt) snowpack density but following summer melt and refreezing cycles, seasonal densification decreased with increasing elevation at 32 kg m-3 per 100 m. Measurements at three sites ranging in elevation from 1860 – 2015 m and spanning three melt-seasons show inter-annual variation in the seasonal densification gradient. In order to obtain a longer time series of mass balance, a 17 m core retrieved in spring 2004 was analysed for stratigraphy, density and ionic and isotopic concentrations to identify annual layers. Unfortunately, the seasonal melt cycle (whereby on average 10% of the snowpack undergoes melt), results in a complex stratigraphy and density and ionic concentrations that cannot be resolved into a seasonal signature. However, the δ18O and δ D isotopes show clear sinusoidal fluctuations, which have been used to derive annual mass balance from 1986 to 2003. These show a mean annual accumulation of 53.7 cm w.e. (s.d. 12.9 cm w.e.) although the accuracy of these measurements is compromised by the percolation of meltwater through more than more year’s snowpack. These findings confirm that estimates of mass balance cannot be calculated solely from observed changes in surface elevation. However, predicting spatial and temporal variations in densification is not straightforward because of the complex inter-annual variations in the processes of accumulation, melt, percolation and refreezing.
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Arthern, Robert James. "The impact of climate variability on the determination of ice-sheet mass balance using satellite radar altimetry." Thesis, University College London (University of London), 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.266320.
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Poramapojn, Pituwan Ratti Ronald. "On- and off-balance sheet credit risk and capital in U.S. banks evidence of unbalanced panel data /." Diss., Columbia, Mo. : University of Missouri--Columbia, 2009. http://hdl.handle.net/10355/6174.
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Title from PDF of title page (University of Missouri--Columbia, viewed on Feb 16, 2010). The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file. Dissertation advisor: Dr. Ronald Ratti. Vita. Includes bibliographical references.
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Mordel, Adi Mason Joseph. "Three essays on securitization /." Philadelphia, Pa. : Drexel University, 2010. http://hdl.handle.net/1860/3258.
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Šimko, Viktor. "Analýza rozpočtů města Mělník v letech 2003-2015." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-205854.
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The thesis deals with the budget of the town of Mělník. The thesis is aimed at analysing the development of budgets in the years 2003 - 2015, and ascertaining the major determinants affecting these budgets. Besides, the thesis uses the town`s balance sheets, and describes the development of property and indebtedness ratio of the town of Mělník. The theoretical part is concerned with local governments and their budget creation, and also describes municipal property and funding possibilities. The practical part analyses budgets, revenues and expenses thereof, as well as the balance sheets showing Mělník`s property and indebtedness. On the basis of the data from the budget and balance sheet development, a medium-term outlook for the town`s economic activity was created.
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Fernandes, Jos? Wilson Nunes. "Do encantamento dos n?meros ? realidade dos fatos: concilia??o entre os balan?os patrimonial e social da ALUNORTE." Universidade Federal do Rio Grande do Norte, 2010. http://repositorio.ufrn.br:8080/jspui/handle/123456789/12168.
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Previous issue date: 2010-08-30The social balance is turning into an instrument capable of identifying the Organizational Commitment socio-environmental. The objective of the Social Balance is to present the application of company resources on socio-environmental investments internally and externally. The research was developed based on the Balance Social and Sheet from Alumina North Brazil S / A, ALUNORTE, for fiscal years 2008 and 2009, with the purpose of describing the finding of the Balance Social and Sheet from ALUNORTE about social responsibility. To validate the proposal were doing comparisons between accounting and financial datas from Alunorte and Y.Yamada, in order to highlight what they say and indicators confirm the privileges of the first against second
O Balan?o Social tem se constitu?do em um dos instrumentos capaz de identificar o compromisso s?cio-ambiental das organiza??es. O objetivo do Balan?o Social ? apresentar a aplica??o de recursos da empresa, em investimentos s?cio-ambientais internos e externos. A pesquisa se desenvolveu com base na an?lise do n?vel de responsabilidade social, da empresa Alumina do Norte do Brasil S/A ALUNORTE, em rela??o aos exerc?cios sociais de 2008 e 2009, com a finalidade de descrever o que revelam os Balan?os Social e Patrimonial a respeito da responsabilidade social. Para validar a proposta foram realizadas compara??es entre os dados cont?beis e financeiros das empresas ALUNORTE e Y YAMADA, sendo a primeira uma ind?stria extrativa e de transforma??o mineral, pertencente ao grupo VALE, com acionistas nacionais e internacionais, e a segunda, um grupo empresarial de lojas de departamentos e supermercados, eminentemente local. O intuito foi de evidenciar o que dizem os indicadores e confirmar privil?gios da primeira em rela??o a segunda
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Osborne, Matthew. "Essays on bank capital and balance sheet adjustment in the UK and US, and implications for regulatory policy." Thesis, City University London, 2013. http://openaccess.city.ac.uk/2381/.
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The financial crisis prompted widespread interest in developing a better understanding of how market and regulatory driven capital targets affect bank behaviour. Such considerations are important to assessing the effects of shocks to banks' capital ratios on their supply of financial intermediation services to the real economy, whether those shocks originate in higher regulatory capital requirements, unexpected losses, or demands from investors or counterparties. In particular, my research is relevant to the effects of changes in capital requirements or the imposition of explicitly counter-cyclical capital requirements, as proposed by the Basel III agreement. In this thesis, I describe three related research chapters focusing on how banks' actual capital ratios and long-run capital ratio targets affect bank behaviour. The first chapter uses a unique, comprehensive database of regulatory capital requirements on all UK banks to examine their effects on capital, lending and balance sheet management behaviour in the pre-crisis period 1996-2007. We find that capital requirements that include firm-specific, time-varying add-ons set by supervisors affect banks‘ desired capital ratios and that resulting adjustments to capital and lending depend on the gap between actual and target ratios. We use these results to measure the effects of a capital regime that includes features similar to those embedded in the UK framework. Our results suggest that countercyclical capital requirements may be less effective in slowing credit activity when banks can readily satisfy them with lower-quality (lower-costing) capital elements versus higher-quality common equity. Finally, we apply a simple version of our model to a small sample of large banks in the crisis period 2007-2011 and find that balance sheet adjustments to achieve target tier 1 capital ratios focused on risk-weighted assets, and changes in tier 1 and total capital played a reduced role compared to the pre-crisis period. Given the size of the UK banking sector and the global nature of many of the largest institutions in the UK banking sector, the results have implications for the ongoing debate surrounding the design and calibration of international capital standards. The second chapter assesses the relation between bank capital ratios and lending rates for the 8 largest UK banks over the period 1998-2011. The methods differ from previous literature in that they employ a dynamic error correction specification and a unique regulatory database to disentangle long- and short-run effects. There is no long-run link in pre-crisis boom times, but a strongly negative association is revealed during the stressed conditions of 2007-11 when well-capitalised banks may have benefited from lower funding costs. Higher capital ratios also have positive short-run effects on lending rates which are sizeable during crisis times. These results imply that countercyclical variations in bank capital requirements, as envisaged by Basel III, need to be very substantial to offset the procyclical reduction in the supply of bank lending during a crisis. In the third chapter the focus moves to the United States to examine the effect of capital ratios on profitability spanning several economic cycles going back to the late 1970s. Theory suggests that this relationship is likely to be time-varying and heterogeneous across banks, depending on banks‘ actual capital ratios and how these relate to their optimal (i.e., profit-maximising) capital ratios. We employ a flexible empirical framework that allows substantial heterogeneity across banks and over time. We find that the relationship is negative for most banks in most years, but turns less negative or positive under distressed market conditions. Banks with surplus capital relative to their long-run targets have strong incentives to reduce capital ratios in all periods. Similar to the second research chapter, these results have the policy implication that counter-cyclical reductions in capital requirements during busts may not be effective since, in such conditions, banks have incentives to raise capital ratios.
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Faustino, Rui Alexandre Rodrigues Veloso. "Quantitative easing." Master's thesis, NSBE - UNL, 2012. http://hdl.handle.net/10362/9552.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and EconomicsSince November 2008, the Federal Reserve of the United States pursued a series of large-scale asset purchases, known as Quantitative Easing. In this Work Project, I describe the context, the objectives and the implementation of the Quantitative Easing. Additionally, I discuss its expected effects. Finally, I present empirical evidence of the effects on interest rates, output and inflation. I conclude that the first round of purchases was effective on preventing deflation and depression while the second had a small impact on economy.
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El, Hajj Ahmad. "Nouveaux concepts d’élaboration de la pyrazolidine par la méthode Raschig et par voie indirecte, en transitant par la 1 et 2-pyrazoline, suivie d’une hydrogénation catalytique : synthèses et modélisations cinétiques, équilibres entre phases et schémas de procédés." Thesis, Lyon 1, 2011. http://www.theses.fr/2011LYO10354.
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Ce travail, effectué dans le cadre d'une convention de recherche avec la Société ISOCHEM, a pour objectif la mise au point d'un nouveau procédé de synthèse de la pyrazolidine par la voie Raschig directe et par voie indirecte, en transitant par la 1 et 2-pyrazoline, suivie d'une hydrogénation catalytique. Cette hydrazine suscite un grand intérêt en raison de ses nombreuses applications dans l'industrie pharmaceutique et des cosmétiques. Cette thèse a été financée par le Centre National de Recherche Scientifique dans le cadre d'une bourse doctorale ingénieure/PED. La première partie est consacrée à l'étude du procédé Raschig direct qui résulte de l'action de l'hypochlorite de sodium sur un excès d'amine. La définition du process a nécessité la détermination des cinétiques et des mécanismes réactionnels afin de déterminer les rendements, les temps de séjour et de simuler numériquement l'ensemble des opérations de synthèse. Les conditions d'extraction ont été établies en exploitant les particularismes des équilibres entre phases impliqués afin d'élaborer le flow-sheet correspondant. La seconde partie est relative à la voie indirecte. Elle est basée sur l'élaboration de la 1- pyrazoline par une double déshydrohalogénation du N,N-dichloro-1,3 diaminopropane. La pyrazolidine est ensuite obtenue par hydrogénation catalytique du groupe azo. Un modèle global d'élaboration de la pyrazolidine a été établi qui nous a permis de déterminer les conditions optimales et de définir les segments synthèses et extractions ainsi que les différentes opérations unitaires du procédé ainsi que les bilans matière et énergieThis work, conducted as part of a research agreement with the Company ISOCHEM, aims to develop a new synthesis of pyrazolidine by the raschig method and by indirect way via 1 and 2-pyrazoline followed by catalytic hydrogenation. This hydrazine is very important, because of its many applications in the pharmaceutical and cosmetic industries. This thesis was funded by the National Center for Scientific Research as part of a doctoral fellowship engineer / PED. The first part is devoted to the study of the direct Raschig process resulting from the action of sodium hypochlorite in an excess of amine. The definition of the process involved the determination of the kinetic and reaction mechanisms to determine yields, residence time and to simulate numerically the overall operations of synthesis. The extraction conditions were established by exploiting the peculiarities of the phase equilibria in order to developed the flow-sheet. The second part relates to the indirect way. It is based on the synthesis of the 1 pyrazoline by double dehydrohalogenation of N,N-dichloro-1,3-diaminopropane. The pyrazolidine is then obtained by catalytic hydrogenation of the azo group. A global model for developing the pyrazolidine was established which allowed us to determine the optimum conditions and to identify segments syntheses and extractions as well as various unit operations of the process and the mass and energy balances
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Ashcraft, Ivan S. "Microwave Remote Sensing of the Greenland Ice Sheet: Models and Applications." Diss., CLICK HERE for online access, 2004. http://contentdm.lib.byu.edu/ETD/image/etd532.pdf.
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Gonçalves, Cesar Schmidt. "Uma contribuição à estruturação dos procedimentos e demonstrações contábeis das cooperativas - aplicação em uma cooperativa de trabalho." Universidade de São Paulo, 2003. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-12122003-112731/.
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Este trabalho, cujo tema é Uma contribuição à estruturação dos procedimentos e demonstrações contábeis das cooperativas Aplicação em uma cooperativa de trabalho, apresenta uma proposta de modificação na estrutura tanto dos procedimentos como das demonstrações contábeis das sociedades cooperativas. Partiu-se do problema que este tipo de sociedade vem enfrentando, ou seja, cálculo de impostos e contribuições com base na receita bruta, receita esta que não pertence à cooperativa, além da apresentação das informações contábeis dessas entidades, que por se tratar de sociedade sui generis, em função de seu aspecto doutrinário, não vem recebendo tratamento contábil de forma adequada. Iniciou-se a pesquisa com uma síntese da origem e da evolução do cooperativismo no mundo, seus precursores, a formação e evolução do pensamento cooperativista, de sua doutrina, dos seus princípios e normas, proporcionando assim o entendimento do funcionamento deste tipo de sociedade, seus aspectos doutrinários próprios, que a diferenciam do restante das sociedades, além de se conseguir identificar as transações que ocorrem entre elas e seus cooperados, assim como as transações de cada um separadamente, inclusive com a possibilidade de registrá-las. Posteriormente é realizado um estudo do sistema contábil para que, embasado nesta teoria, se consiga discutir e conceituar as receitas, despesas e custos das cooperativas e dos cooperados, bem como, ao mesmo tempo, definir quais os procedimentos contábeis corretos para estas operações. Com isso, buscou-se referencial teórico para sustentar as propostas de modificação tanto nos procedimentos como, por conseqüência, nas demonstrações contábeis das sociedades cooperativas, que foram realizadas de forma a mostrar as receitas, as despesas e os custos destas e de seus cooperados separadamente, fazendo com que a demonstração de resultado se apresente com o resultado da cooperativa e o patrimônio dela se apresente com sua forma própria, seguindo-se os aspectos doutrinários deste tipo de sociedade. Por fim, as propostas de modificações estudadas teoricamente são testadas e comparadas por meio de sua aplicação em demonstrações contábeis de uma cooperativa do ramo de trabalho.This research has as theme A contribution for the structuring of the proceedings and cooperatives accounting demonstrations - applied to a working cooperative and it shows a proposal of the structure changing not only the proceedings but also the accounting demonstrations of the cooperative society starting from the problem which this kind of society has been going through, that is, the taxation and contribution based on gross revenue, which doesnt belong to the cooperative, besides the accounting presentation of themselves, that deal with the society sui generis related to its indocrinate aspect, it hasnt been getting an accounting treatment appropriately. The research began with the origin synthesis and the cooperativism in the world and its forerunners, the formation and evolution of cooperative thought, its doctrine, its principles and rules, making possible the understanding of the function of this kind of society, its own doctrine aspects which makes the difference from the rest of the societies, besides getting to identify the transactions which occurs among them and their member of a cooperative, as well as the transaction of each one separatedly, including the possibilities of registering them. Afterwards it is achieved a study of the accounting system so that based on this theory we can think it over and name this revenues, expenses and costs of the cooperatives and their members, not to mention, at the same time define which are the correct accounting proceedings for these operations. With this, people searched for theorical referencial to back up the proposal of the changings in the proceedings as well as, by consequences, in the accounting demonstrations of the cooperative societies, which were achieved in a way to show their revenues and costs and also their members separatedly, making the demonstration of the results show along with the cooperative one and their corporate assets shows with its own way following the doctrine aspects of this kind of society. Finally, the proposal for the changing theorically studied, is tried and compared by means of its application in accounting demonstrations of a cooperative type of work.
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Doig, Gregory Graham. "The interest rate elasticity of credit demand and the balance sheet channel of monetary policy transmission in South Africa." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1006482.
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It has long been accepted that changes in monetary policy have real economic effects; however, the mechanism by which these policy changes are transmitted to the real economy has been the subject of much debate. Traditionally the transmission mechanism of monetary policy has consisted of various channels which include the money channel, the asset price channel and the exchange rate channel. Recent developments in economic theory have led to a relatively new channel of policy transmission, termed the credit channel. The credit channel consists of the bank lending channel as well as the balance sheet channel, and focuses on the demand for credit as the variable of interest. The credit channel is based on the notion that demanders and suppliers of credit face asymmetric information problems which create a gap between the cost of external funds and the cost of internally generated funds, referred to as the wedge. The aim here is to determine the size and lag length effects of changes in credit demand, by both firms as well as households, as a result of changes in interest rates. A secondary, but subordinate, aim is to test for a balance sheet channel of monetary policy transmission. A vector autoregressive (VAR) model is used in conjunction with causality tests, impulse response functions and variance decompositions to achieve the stated objectives. Results indicate that the interest rate elasticity of credit demand, for both firms and households, is interest inelastic and therefore the monetary policy authorities have a limited ability to influence credit demand in the short as well as medium term. In light of the second aim, only weak evidence of a balance sheet channel of policy transmission is found.
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Sedláčková, Jitka. "Finanční analýza zdravotnického zařízení ULZ Praha." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76934.
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This work focuses on application of financial analysis and analysis of operating results, describes asset and financial structure of the organization, utilizes the analytical results for evaluation of the organization effectiveness, and helps with selection of the appropriate corporate strategy.
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Dufková, Iva. "Význam rozvahy v účetním výkaznictví Švýcarska." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-142243.
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The thesis investigates the importance of balance sheet in the Swiss financial reporting. At first it shows, on a theoretical basis, which is represented by balancing theories, the essential role of the balance sheet for recipients of accounting information. It also deals with the accounting legislation in Switzerland, general accounting principles, financial statement and its appurtenances and projection of selected balance sheet items. Moreover it examines the information capability of the balance sheet on the practical example of a Swiss company.
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Antoniello, Mark J. "The use of off-balance sheet financing and other accounting tricks, and how corporations utilize them as tools of deception /." Staten Island, N.Y. : [s.n.], 2005. http://library.wagner.edu/theses/business/2005/thesis_bus_2005_anton_use.pdf.
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Fettweis, Xavier. "Reconstruction of the 1979-2005 Greenland ice sheet surface mass balance using satellite data and the regional climate model MAR." Université catholique de Louvain, 2006. http://edoc.bib.ucl.ac.be:81/ETD-db/collection/available/BelnUcetd-08162006-183525/.
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In order to improve our knowledge on the current state and variability of the Greenland ice sheet surface mass balance (SMB), a 27-year simulation (1979-2005) has been performed with the coupled atmosphere-snow regional model MAR. This simulation reveals an increase in the main factors of the SMB which are, on the one hand, the snowfall (+ 1.6 ± 1.8 km3 yr-1) in winter and on the other hand, the run-off (+ 4.2 ± 1.9 km3 yr-1) in summer. The net effect of these two competing factors leads to a SMB loss rate of – 2.7 ± 3.0 km3 yr-1, which has a significance of 87%. The melt extent derived from the passive microwave satellite data since 1979 also shows this trend. The melt water supply has increased because the Greenland ice sheet has been warming up by + 0.09 ± 0.04 °C yr-1 since 1979. This warming comes from a uniform increase of downward infra-red radiation which can not be explained by the natural variability. These changes result very likely from the global warming induced by human activities. As a result, it seems that: i) increased melting dominates over increased accumulation in a warming scenario, ii) the Greenland ice sheet has been significantly losing mass since the beginning of the 1980's by an increasing melt water run-off as well as by a probable increase of iceberg discharge into the ocean due to the "Zwally effect" (the melt water-induced ice sheet flow acceleration) and iii) the Greenland ice sheet is projected to continue to lose mass in the future. The Greenland ice sheet melting could have an effect on the stability of the thermohaline circulation (THC) and the global sea level rise. On the one hand, increases in the freshwater flux from the Greenland ice sheet (glacier discharge and run-off) could perturb the THC by reducing the density contrast driving it. On the other hand, the melting of the whole Greenland ice sheet would account for a global mean sea level rise of 7.4 m.
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Ayaydin, Hande. "An empirical analysis of the nature and incidence of credit risk in the Turkish banking sector : a balance sheet approach." Thesis, University of Manchester, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.492274.
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This thesis examines credit risk in the Turkish banking sector. The specific focus is an in-depth analysis of the detenninants of changes in the future values of basic on-balance sheet assets, securities, claims on banks, credits, and a contra-asset account, past due loans, as well as off-balance sheet assets, namely guarantees and warranties, derivative financial instruments and repurchase transactions. The thesis jointly considers changes in the values of both on- and off-balance sheet assets which arise from the evolution of micro economic (bank-specific) and macroeconomic variables between the years 1990 and 2005. Although the Basel Committee highlights the importance of credit risk in all on- and off-balance sheet assets, the academic literature customarily focuses only on the credits and past due loans portfolios. Furthennore, existing academic literature concentrates almost exclusively on developed as opposed to emerging economies. We focus upon Turkey for a variety of reasons. In particular, we consider it to be a good example of an emerging economy which has undergone two recent major financial crises, in 1994 and 2001, which significantly impacted upon the banking sector. The analytical approach taken also differs from previous studies in that prior literature undertaking analysis of credits and past due loans concentrates almost exclusively on the effects of the macro economy on these portfolios, while the literature relating to off-balance sheet assets focuses much more on the effects of bank-specific variables. However, in this thesis on- and off-balance sheet assets are analysed in conjunction with each other in order to provide us with a comprehensive understanding of the credit risk in the sector. As a consequence, both bank-specific characteristics, and macro variables are employed in the estimates. The estimations are undertaken using both panel data and time series methodologies. The heterogeneity of the individual banks was taken into account through panel data analyses. Both static (fixed, random effects, Prais- Wins ten and Tobit models) and dynamic (one-step robust Arellano-Bond) estimations are used. Furthennore, the credit risk of the deposit money banks is examined with higher frequency data by means of time series analysis (employing autoregressive 12 distributed lag). In this manner, the interim effects of the evolution of both micro and macro variables on the assets of the banking sector are able to be considered. The analyses concludes that it is excess growth in the credits portfolio of the Turkish banking sector which decreases the quality of borrowers and increases the amount of past due loans and credit risk in the sector. Moreover, credits appear to be extended in order to control the amount of past due loans. Effectively, banks appear to try to postpone writing-off past due loans as losses. However this strategy, known as forbearance lending, does not prevent the inevitable and such loans tum into losses after two years. The change in gross domestic product is the most robust explanatory macroeconomic variable in the panel data analysis. As the economy grows banks invest more in securities, and extend more credits. The results are robust to bank size, different interest rate variables, type of banks and different time periods. Furthermore, when the results are controlled for the bank size we find that smaller banks are those extending more credits which tum into past due loans. Larger banks with higher levels of buffers of total assets prefer to invest in securities portfolios. This excess credit growth by small banks increases the vulnerability of the sector to macroeconomic shocks and increases its credit risk. The results also support the perspective that the Turkish banking sector is dominated by deposit money banks. The signs and significance of the variables do not change even when the investment and development banks are excluded from the data set. From a policy perspective, the results also highlight the necessity of the recent restructuring process which has been undertaken in the Turkish banking sector. This has served to decrease credit risk exposure in the sector. The restructuring process has affected mostly the securities and credit portfolios. Before this restructuring, the majority of the funds available for the banking sector were diverted to securities portfolios, and in addition there was excess credit growth in this time period. The time series analysis presents that after the restructuring process, bank managers pay more attention to the growth of past due loans when extending new credits. However forbearance lending is still a problem. Moreover, we find that the problems in the credits portfolios of banks taken into the savings deposit insurance fund and/or closed increase the credit risk in the sector. Therefore, the restructuring process was 13 inevitable and decrease part of the credit risk but there are yet some points to be improved. The results indicate that credit risk exposure of the Turkish banking sector is more than would be calculated simply by looking at the banks' on-balance sheet credit portfolios. When the economy is in recession or there is financial turmoil, banks are reluctant to lend via extending more on-balance sheet credits. Banks and the beneficiaries prefer to employ off-balance sheet credits, namely guarantees and warrantees in these circumstances. Moreover, smaller banks with less liquid assets and more on-balance sheet credits and past due loans, appear to extend more offbalance sheet credits and increase the risk structure of the sector. Furthermore, the analysis undertaken on repurchase transaction portfolios indicates that the funds which are diverted into securities portfolios between 1990-2000 period are employed in repo transactions, both for liability management purposes and also to meet the bank's liquidity demand. This makes the sector highly vulnerable to interest rate changes. Finally, we find that derivative financial instruments are employed to hedge against interest and exchange rate risk rather than credit risk.
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Лахтіонова, Людмила Анатоліївна, Людмила Анатольевна Лахтионова, Lyudmila Lakhtionova, Наталія Петрівна Муранова, Наталья Петровна Муранова, Natalia Muranova, Олександр Євгенович Бугайов, Александр Евгеньевич Бугаев, and Oleksandr Bugaiov. "A general assessment of the Russian venture company financing sources according to the balance sheet: the Ukrainian methods of analysis." Thesis, Monaco: Plateforme scientifique européenne, 2020. http://er.nau.edu.ua/handle/NAU/42207.
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The article evaluates the sources of financing of the Russian Venture Company based on the balance sheet data based on the latest achievements of the Ukrainian method of financial analysis.В статі оцінюються джерела фінансування Російської венчурної компанії за даними балансу на основі останніх досягнень української методики фінансового аналізу.
В статье оцениваются источники финансирования Российской венчурной компании по данным баланса на основе последних достижений украинской методики финансового анализа.
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Santana, Bruno Rafael dos Santos. "Operações off-balance sheet e instrumentos híbridos: utilização pelas empresas que compõe o IBrX-100 e sua relação com o rating e a internacionalização das empresas brasileiras." reponame:Repositório Institucional do FGV, 2013. http://hdl.handle.net/10438/10580.
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Esta dissertação busca identificar a utilização de operações off-balance e instrumentos híbridos pelas empresas brasileiras. Seu objetivo é, além da utilização, verificar se o índice de transnacionalidade e o rating de crédito influenciam na decisão de utilizar ou não tais operações e instrumentos. Para isso, foram observadas as demonstrações financeiras e ratings das empresas participantes do índice IBrX-100 no período dos últimos três anos (2009, 2010 e 2011). Já para considerar o efeito da utilização das operações e instrumentos em razão do quão internacionalizadas são as empresas, este trabalho utiliza como critério a participação das empresas no ranking das transnacionais brasileiras no mesmo período acima citado. A análise revela que as empresas brasileiras mais internacionalizadas são mais sofisticadas que as menos internacionalizas e consequentemente se utilizam mais de instrumentos híbridos e operações off-balance. Ainda nesta linha, quando se divide as empresas por quartil, se chega ao resultado esperado que quanto mais internacionalizada a empresa, mais ela se utiliza destas operações e instrumentos. Além disso, também conclui que o rating influencia na utilização destes instrumentos e operações; quanto pior, mais a empresa se utiliza. Isso ocorre quando a métrica é o rating nacional, e não foram encontradas fortes evidências em relação ao rating estrangeiro.
This dissertation aims to identify the Brazilian companies’ use of off-balance sheet transactions and hybrid instruments. Its main objective is to verify if the transnationality index and the credit rating have any effects over the decision of the companies to make use or not of the mentioned transactions and instruments. For this purpose, we observe financial statements and credit ratings of the companies included in the IBrX-100 index in the last three years (2009, 2010 e 2011). In order to consider the effects of the utilization of the transactions and instruments by the most internationalized companies, we use as a criteria the participation of the companies in the Brazilian transnational companies ranking in the same period aforementioned. The results show that the more internationalized the more sophisticated is a Brazilian company and, as a consequence, these companies use more hybrid instruments and off-balance sheet transactions than the less internationalized companies. The same conclusion is obtained when the companies are divided by quartiles: the more internationalized the company, the more it uses these transactions and instruments. In addition, the results show that the worst the credit rating of a given company, the more it uses these transactions and instruments.