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1
Fang, Li. "Do media help deter financial misreporting?" Thesis, The George Washington University, 2015. http://pqdtopen.proquest.com/#viewpdf?dispub=3722657.
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This paper investigates the role of the media as an external deterrence mechanism for firms’ aggressive reporting practices. Using a sample of firms that filed income-decreasing annual restatements due to financial frauds, irregularities, and misrepresentations between 2000 and 2011, and a matched control sample, I provide evidence that the more media coverage a firm receives in the previous year, the lower likelihood of subsequent misstatements. I then distinguish positive tone from negative tone to examine whether the tone of media content affects firms’ incentives to misreport. I find that negative tone of media articles is significantly negatively associated with the likelihood of subsequent misstatements, whereas positive tone does not appear to be significant. This paper further examines the relative importance of the deterrence roles that the media and analysts play in firms’ misstatement behavior, and find that the media play a more important role than financial analysts, although the roles of these two mechanisms are overlapping to some degree.
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Arora, Rashmi. "Finance and women empowerment in India: Can financial literacy help?" Springer Nature, 2020. http://hdl.handle.net/10454/18165.
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YesSustainable Development Goals (SDGs) place considerable focus on women empowerment and access to finance as well. While goal 5 of SDGs targets gender equality and women empowerment, access to finance appears as an enabler of at least eight goals among seventeen SDG goals. Considering significant emphasis both on women empowerment and financial access by the policymakers and multilateral organisations, in this study using India as our country of interest, we examine the relationship between access to finance to women and women empowerment. In this context we also examine whether financial literacy can assist in improving women empowerment and their access to finance.
The full-text of this book chapter will be released for public view at the end of the publisher embargo, 24 months after publication.
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Larson, Heather Ann. "THE FINANCIAL COLLAPSE OF 2008: DOES CORPORATE GOVERNANCE HELP FIRMS SURVIVE?" Thesis, The University of Arizona, 2009. http://hdl.handle.net/10150/192514.
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Bähre, Erik. "Money and violence financial self-help groups in a South African township /." Leiden ; Boston : Brill, 2007. http://public.eblib.com/EBLPublic/PublicView.do?ptiID=467904.
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Oberreiterová, Dana. "Podnikatelský záměr - Help one, s. r. o." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-221974.
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The aim of this work is to invent a business plan for beginning company HELP ONE, s. r. o., which offers complete services to the people who have been damaged by a car crash. On the other hand, this work also shows all possible problems that can appear from the middle position between insurance company and ordinary people and eventually to find a suitable investor.
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Wang, Qianfei. "Does rating help microfinance institutions raise funds? a cross-country analysis of the role of rating agency assessments inmicrofinance industry /." Auburn, Ala., 2007. http://repo.lib.auburn.edu/07M%20Theses/WANG_QIANFEI_8.pdf.
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Hawkins, Whitney Nicole. "Does Looking for Help Matter? The Relationship Between Information Sources and Borrowing Decision Factors in Student Loan Decisions." The Ohio State University, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=osu1492421762767966.
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Leung, Sau Ping Norris. "An analysis of 'banking and finance' job advertisements in newspapers for different targeted readers: 'trainees' and 'professionals’." HKBU Institutional Repository, 2007. https://repository.hkbu.edu.hk/etd_ra/851.
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Braga, Farah Diba M. A. Abrantes. "I need help! I can’t afford it: the interplay of credit beliefs, anxiety, impulsive buying and risky indebtedness behavior in predicting Brazilians’ financial preparedness." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/21940.
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The findings of this research bring out how relevant are personal factors (e.g., traits), buying, and financial behaviors in predicting individuals’ indebtedness and financial well-being, if compared to predictors of debt and determinants of credit limits commonly used in used in academia and the finance industry (e.g., income, debt/income ratio, past credit usage behavior, the number of credit cards, past debt behavior, gender, age, schooling, marital status). Consumer credit has undergone a tremendous increase during recent decades in both developed and emerging economies. Brazil, which has one of the highest consumer credit interest rates in the world, has also experienced a substantial credit expansion, providing credit access to consumers who had never had access to it before, notably those in the low-income group. Both previous experience and the literature associate the access to massive amounts of credit with suboptimal and destructive forms of behavior such as impulsive buying and over-indebtedness. This kind of behavior undermines the individual’s financial well-being. In the context of financial services and the emerging Brazilian economy, this research project proposes the concept of financial preparedness for emergency (FPE), defined as ‘an individual’s state of being financially prepared to cope with a financial shock. This research posits that FPE is a critical component of financial well-being and extending on previous literature framework of drivers and consequences of financial well-being, it proposes an integrative model that investigates the role of consumer credit, money attitudes, impulsive buying and indebtedness behavior, in predicting consumers’ financial preparedness for an emergency. Employing a covariance-based structural equation modeling (CB-SEM) method to test the proposed model empirically, this study finds that personal factors, buying, and financial behaviors play a key role as antecedents of individuals’ financial preparedness. The findings suggest that individuals who see their credit limits as part of their income or are anxious about money are more prone to engage in impulsive buying and risky indebtedness behavior. Consequently, by engaging in such patterns of behavior, individuals weaken their state to cope with financial shock, which in its turn might affect their financial well-being. This research further finds that the belief that credit limits serve as income does not change the risky indebtedness behavior of low-income consumers. Furthermore, the findings suggest that the number of credit cards, gender, schooling, and age does not play any role in financial preparedness nor any of the model’s relationships. An explanation of the outcomes and various of their implications is addressed in this study. Overall, the recommendations made focus on individuals, institutions, and policymakers and the responsibility of each of these players to adopt sustainable forms of behavior, such as, building credit usage awareness, adopting and regulating tools that better identify consumers’ traits and behaviors that might lead them, and eventually society as a whole, into sound financial well-being.
Os resultados desta pesquisa revelam quão importantes são os fatores pessoais (por exemplo, traços de comportamento), o comportamento de compra e crenças financeiras, na previsão do endividamento e bem-estar financeiro dos indivíduos, em comparação indicadores financeiros comumente utilizados pela a academia e indústria financeira (por exemplo, renda, relação dívida / renda, sexo, idade, escolaridade). O crédito ao consumo sofreu um tremendo aumento durante as últimas décadas, tanto em economias desenvolvidas quanto nas emergentes. O Brasil, que tem uma das maiores taxas de juros de crédito ao consumidor do mundo, também experimentou uma substancial expansão de crédito, proporcionando acesso ao crédito a consumidores que nunca tiveram acesso a ele antes, notadamente aqueles do grupo de baixa renda. A literatura e experiência de outros países associam o acesso a enormes quantidades de crédito a comportamentos não ideias e ou destrutivos, como, a compra impulsiva e o superendividamento. Esse tipo de comportamento prejudica o bem-estar financeiro do indivíduo. No contexto dos serviços financeiros e da economia brasileira emergente, este projeto de pesquisa propõe o conceito de ‘preparação financeira para emergências’ (FPE), definido como 'o estado de um indivíduo estar financeiramente preparado para lidar com um choque financeiro'. Esta pesquisa postula que FPE é um componente crítico do bem-estar financeiro, e empregando a literatura existente propõe um modelo integrativo de causas e consequências do bem-estar financeiro. Esse modelo investiga o papel do crédito ao consumidor, atitudes monetárias, comportamento impulsivo de compra e endividamento, na previsão da preparação financeira dos consumidores para uma emergência. Empregando um método de modelagem de equações estruturais baseado em covariância (CB-SEM) para testar o modelo proposto empiricamente, este estudo descobriu que fatores pessoais, compras e comportamentos financeiros desempenham um papel fundamental como antecedentes da preparação financeira dos indivíduos. As descobertas sugerem que indivíduos que veem seus limites de crédito como parte de sua renda ou estão ansiosos em relação ao dinheiro são mais propensos a se engajar em comportamentos impulsivos de compra e endividamento. Consequentemente, ao se envolver em tais padrões de comportamento, os indivíduos enfraquecem seu estado para lidar com o choque financeiro, o que, por sua vez, pode afetar seu bem-estar financeiro. Esta pesquisa revela ainda que a crença de que os limites de crédito servem como renda não altera o comportamento arriscado de endividamento dos consumidores de baixa renda. Além disso, os resultados sugerem que o número de cartões de crédito, sexo, escolaridade e idade não desempenha nenhum papel na preparação financeira nem em nenhum dos relacionamentos do modelo. Uma explicação dos resultados e várias de suas implicações é abordada neste estudo. No geral, as recomendações focaram nos indivíduos, instituições e formuladores de políticas e na responsabilidade de cada um deles em adotar formas sustentáveis de comportamento, tais como conscientizar o uso do crédito, adotar e regular ferramentas que identifiquem melhor os traços e comportamentos dos consumidores que possam levá-los, e eventualmente a sociedade como um todo, a um bem-estar financeiro sólido.
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PARIGOT, PAOLA SCAMPINI BOUCAS. "MOBILE PHONE AS A WAY OF PAYMENT AND HELP FOR THE FINANCIAL CONTROL OF THE LOW INCOME CONSUMERS IN RIO DE JANEIRO." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2009. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=15483@1.
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Com a privatização do setor de telecomunicações em 1998 e o lançamento
do celular pré-pago em 1999, a indústria de telefonia móvel celular brasileira
passou a vivenciar um grande crescimento e parte importante deste sucesso foi
devido à adoção do celular pelas camadas de menor renda da população. Este
estudo investiga a natureza dos problemas de pagamento dos consumidores mais
pobres da Cidade do Rio de Janeiro e como o celular pode ser utilizado por eles
tanto como instrumento de pagamento como de controle de orçamento doméstico.
O estudo se desenvolveu por meio de entrevistas qualitativas nas quais explorou a
experiência e vivência do consumidor de baixa renda durante o processo de
compras, e mais especificamente, a potencialidade do celular como instrumento
de acesso ao crédito e controle financeiro. O estudo levanta várias proposições
que consideram a baixa renda, o acesso ao crédito, as condições de pagamento e o
controle do orçamento como questões para as quais o celular oferece suficiente
versatilidade e atratividade para aliviar as restrições impostas pelas limitações de
renda.With the privatization of the Telecommunications Sector in 1998 and introduction of the pre-paid cellular phone in 1999, the Brazilian cellular phone industry started to experience an enormous growth and an important part of this success was due to adoption of cellular phone by the class of lower income of the population. This study investigates the nature of problems of payment of the poorer consumers of the City of Rio de Janeiro and how the cellular phone can be used by them as an instrument of payment as well as to control their domestic budget. The study was developed by means of qualitative interviews in which it explored the experience and existence of the low income consumer during the process of purchases, and more specifically, the potentiality of the cellular phone as an instrument of access to credit and as a financial controller. The study raises several propositions that consider the low income, the access to credit, payment conditions and budget control as issues for which the cellular phone offers sufficient versatility and attractiveness to mitigate restrictions imposed by income limitation.
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Bell, Michael S. "Does institutional gift-aid help low-income college students succeed? Examining the differential effects of income and institutional gift-aid type on persistence and graduation." Kent State University / OhioLINK, 2019. http://rave.ohiolink.edu/etdc/view?acc_num=kent1571753305276658.
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Landing, Oscar. "An alternative building process to help mitigate the Swedish housing shortage : Taming the force of the free market to increase the incentive of building accessible housing by adressing key financial aspects through architectural design." Thesis, Umeå universitet, Arkitekthögskolan vid Umeå universitet, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-171724.
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Juhlin, Lagrelius Hannes. "Following Best Practices in Microfinance: The case of Disabled People’s Organisations in Nepal." Thesis, Linnéuniversitetet, Institutionen för samhällsstudier (SS), 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-58274.
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Microfinance has generally been acclaimed as one way to reduce poverty through the provision of financial services targeting the previously “unbankable” poor. Persons with Disabilities (PWDs) are amongst society’s most excluded groups financially and the absence of PWDs within mainstream Microfinance urges Disabled People’s Organisations (DPOs) to directly engage in Microfinance. The practices by such alternative actors are suggested to be generally rejected because they risk being inefficient and failing. The objective of this study is to analyse examples of how DPOs in Nepal practice Microfinance and whether they generally follow recommended best practices. The correlation with what is perceived as best practices provide evidence to suggest whether the DPOs’ practices should be generally rejected or motivated as plausible and justified accordingly. To accomplish this, a well-justified analytical framework of recommended best practices for DPOs engaged in Microfinance is created, and field research is undertaken in Nepal, April-May 2014. It can be concluded that recommended best practices are followed at a general level; however, the extent varies within and between the analysed practices. The results provide sufficient evidence to suggest that the practices are plausible and justified accordingly, and should not be generally rejected.
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Pereira, Anabela Duarte. "A crise financeira e o reconhecimento de imparidades : o caso europeu." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/13109.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisO presente estudo pretende analisar o potencial impacto da recente crise financeira no reconhecimento de imparidades de ativos não correntes registados pelas empresas cotadas europeias. Para o efeito, foram analisadas 1.383 empresas de 14 países europeus durante o período de 2005 a 2014. Os resultados sugerem que as empresas durante a crise financeira reconhecem menos imparidades de ativos, quer nos países com ajuda financeira, quer nos países sem ajuda financeira. Há também evidência de que o nível de enforcement, a dimensão da empresa e o endividamento explicam o reconhecimento de imparidades de ativos, ou seja, as empresas com um reduzido nível de enforcement, maior dimensão e mais endividadas tendem a reconhecer mais imparidades de ativos.
The present study analyses the potential impact of the recent financial crisis in the recognition of impairment of non-current assets recorded by European listed companies. For this purpose, were analyzed 1.383 companies from 14 European countries during the period 2005 to 2014. The results suggest that companies during the financial crisis recognize less impairment of assets, so much those of countries with financial assistance as the country without financial assistance. There is also evidence that the level of enforcement, the size of the company and the debt explain the recognition of impairment of assets, that is companies with a low level of enforcement, larger and more indebted tend to recognize more impairment of assets.
info:eu-repo/semantics/publishedVersion
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Michaelas, Nicos. "Financial policy and capital structure choice in UK privately held companies." Thesis, University of Manchester, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.625132.
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This research project utilises both quantitative and qualitative research methods and provides empirical evidence on the financial as well as non-financial and behavioural issues governing the financial policies and capital structure choices of privately held companies (independent small and medium sized enterprises (SMEs) with less then two hundred employees). Different capital structure theories are reviewed in order to formulate testable propositions concerning the levels of debt in small private companies and different research methods are employed to test these hypotheses (these include a number of regression models utilising a panel database of 3,500 SMEs over a period of ten years (1986-1995),30 face-to-face interviews and two postal surveys with responses from more than 300 companies). The results do not provide support for the theorised effect of tax benefits and bankruptcy costs on the capital structure of small privately held companies. Rather, of greater importance are agency and asymmetric information costs that make debt finance less attractive in the small business sector. Size, age, profitability, growth and future growth opportunities, operating risk, asset structure, stock level and net debtors all seem to have an effect on the level of both the short and long term debt in small firms. Furthermore, the research project provides evidence which suggests that the capital structure of small private companies is time and industry dependent. The results also indicate that the last recession had an effect on the borrowing behaviour of small businesses, which appear to be more prudent in their financing strategies as they now rely less and less on debt finance and more on retained profits. At the same time, financial institutions appear to be more cautious in their lending policies as collateral for the security of loans has became of increasing importance. It is also shown that owner/directors' preferences, perceptions, beliefs and attitudes towards external finance (both debt and equity) have a major impact on financial policies and capital structure choices of these firms. Evidently, the debt-equity position of private companies at any time will be largely affected by different characteristics of the owner/director such as: risk taking propensity, business and personal goals, need for control, knowledge, personal net worth, age and past experience. Small business owner/directors seem to follow a pecking order in financing their firm's needs, using retained profits as much as possible and issue debt only when it is necessary. In these businesses, where there is a strong need for managerial and ownership control, external equity is only considered as a last resort. During the stages of business development, there will be phases when a firm can rely on internal financing and times when external debt or equity will be required. The results presented in this thesis suggest that different firm and marketplace characteristics will determine the need as well as the ability of the firm to raise external finance. However, once financial needs are identified, the final choice between debt and equity, or whether any external finance at all will be raised, will largely depend on the preferences and expectations of the owner/director. In short, the capital structure of a small privately held company at any time, will be a function of the characteristics of the firm, its owner/managers, and of the marketplace. The thesis discusses a number of policy implications that emanate from the findings, and considers a number of possible actions that the government and financial institutions could undertake in order to enhance the financial development and prosperity of SMEs.
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Chen, Ciao-Wei. "The disciplining role of financial statements : evidence from mergers and acquisitions of privately held targets." Diss., University of Iowa, 2015. https://ir.uiowa.edu/etd/1564.
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This study examines whether the disclosure of private target firms' financial statements disciplines acquiring firms' managers to make better acquisition-investment decisions. The SEC requires public acquiring firms to disclose audited financial statements of targets that meet certain disclosure thresholds. Using hand-collected data, I first document that private targets' financial statements provide value relevant information to market participants. Next, consistent with my predictions, I find that the disclosure of private targets' financial statements is associated with higher acquirer announcement returns, better post-acquisition performance, and lower likelihood of post-acquisition divestitures. Finally, I find the disciplining effect of this disclosure requirement is more pronounced when monitoring by outside capital providers is more costly. In sum, the evidence suggests that the disclosure of private targets' accounting information is informative to market participants, disciplines managers' acquisition decisions, and improves acquisition efficiency.
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Schleifer, Thomas C. "Indicators of construction business financial risk in the closely held construction company operating in the United States of America." Thesis, Heriot-Watt University, 1994. http://hdl.handle.net/10399/1380.
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Gerža, Pavel. "Návrh konkurenční strategie." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2019. http://www.nusl.cz/ntk/nusl-400207.
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Rosén, Frida. "Ett avslag är inte hela världen - Socialsekreterares erfarenheter av att neka ekonomiskt bistånd." Thesis, Malmö universitet, Fakulteten för hälsa och samhälle (HS), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:mau:diva-26059.
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Syftet med studien var att undersöka socialsekreterares erfarenheter av att neka ekonomiskt bistånd. Tre frågeställningar formulerades: Hur påverkas socialsekreterare känslomässigt av att neka ekonomiskt bistånd? Hur upplever socialsekreterarna att klienterna reagerar i samband med ett avslag? Finns det andra faktorer som påverkar socialsekreterarnas erfarenheter av att ge avslag? Fem intervjuer genomfördes med socialsekreterare på fyra olika kommuner i Skåne. Resultatet visade att ett avslagsbeslut inte påverkade socialsekreteraren negativt i någon större utsträckning. Även om majoriteten av informanterna uttryckte att det ibland kunde kännas jobbigt att ge ett avslag fanns det coping- strategier och arbetssätt som underlättade i arbetet med avslag. En känsla av sammanhang (KASAM) kunde identifieras som en underlättande faktor. Klienterna kunde ibland bli arga och inte förstå beslutet men de kunde också bli mer motiverade. Faktorer som ramlag, kollegor och yrkeskunskap spelade stor i arbetet. Att ha en tydligt distans till klienten, tilltro till klientens förmåga att förändra sin situation och att det är individen som har ansvar för sin situation underlättade i arbetet med avslag. Ett avslag kan således betyda mer än bara ett ”nej, du har inte rätt till bistånd.”The aim of this study was to look into social workers experiences on rejecting financial assistance. Three questions were to be answered: In what way are the social workers emotionally affected by rejecting financial assistance? How do the social workers experience the clients reactions when getting a rejection on financial assistance? Are there any other factors affecting the social workers experiences on rejecting financial assistance? Five interviews were conducted with social workers from five different municipalities in Skåne, Sweden. The result showed that rejecting financial assistance did not affect the social workers negatively in a significant manor. Even though the majority of the informants sometimes expressed some level of awkwardness while rejecting finical assistance, there were coping strategies and methods that favored the rejection process. Clients could sometimes become angry, not understanding why the application was rejected but they could also become more motivated. Factors like framework, colleagues and knowledge of the profession played a big part in the daily work. A sense of coherence was also found to be a stress relieving factor. The rejection process was made easier by having a clear emotional distance to the client, a faith in the clients own abilities to change hir situation and also knowing that it is the individual that has full responsibility of hir situation. A rejection can therefore be viewed as something more than just ”no, you’re not entitled the right to receive financial assistance.”
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Davis, James R. Pancrazio Sally B. "An investigation of the value congruence held by Illinois school board presidents regarding alternative schooling and the allocation of financial resources to support alternative schools." Normal, Ill. Illinois State University, 1995. http://wwwlib.umi.com/cr/ilstu/fullcit?p9604367.
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Thesis (Ph. D.)--Illinois State University, 1995.Title from title page screen, viewed April 19, 2006. Dissertation Committee: Sally B. Pancrazio (chair), Dianne Ashby, Douglas Blair, Larry McNeal, Walter Warfield. Includes bibliographical references (leaves 68-74) and abstract. Also available in print.
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Santos, Tarço da Costa dos. "Análise do desempenho econômico-financeiro de companhias abertas listadas na BM&FBOVESPA pelo método estrutural- diferencial." Universidade do Vale do Rio dos Sinos, 2017. http://www.repositorio.jesuita.org.br/handle/UNISINOS/6366.
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Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2017-06-22T16:33:32Z
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Esta pesquisa buscou analisar o desempenho econômico-financeiro das companhias abertas listadas na BM&FBOVESPA pelo método Estrutural-Diferencial. A análise deu-se em dois períodos, a saber: de 2003 a 2007 e de 2010 a 2015. Com isso foi possível não só analisar o desempenho econômico-financeiro do conjunto das companhias em cada período, como também comparar os resultados de ambos os períodos. Esta análise foi desenvolvida por meio da variação dos elementos patrimoniais das companhias e essa variação foi relacionada com os indicadores de liquidez, endividamento e rentabilidade, fazendo-se uso do método Estrutural-Diferencial que apresenta uma série de vantagens na descrição das variações ocorridas nos elementos patrimoniais das companhias. Para tanto, fez-se algumas adaptações no método, pois ele foi construído e aperfeiçoado para avaliar questões relacionadas ao crescimento regional, emprego, entre outros. Crê-se que essa seja uma contribuição importante desse estudo, uma vez que os resultados encontrados ofereceram informações significativas para a estratificação das companhias, no que se refere à determinação de alguns componentes relevantes para a mensuração do desempenho econômico-financeiro. Os resultados mostraram que no primeiro período o conjunto das companhias apresentou um melhor desempenho. Naquele período verificou-se um crescimento dos indicadores de liquidez e rentabilidade, e redução dos indicadores de endividamento das companhias. No segundo período os indicadores de desempenho das companhias pioraram, evidenciando uma redução dos indicadores de liquidez e rentabilidade e crescimento dos indicadores de endividamento das companhias.
The purpose of this study is to analyze the financial performance of corporations listed on the São Paulo Stock Exchange (BM&FBOVESPA) using the Structural Differential method. This analysis was conducted in two periods: from 2003 to 2007 and from 2010 to 2015. This made it possible not only to analyze the financial-economic performance of companies in each period but also to compare the results in both periods. This analysis was based on variations in their asset balances, which were correlated with their liquidity, debt and profitability indicators using the Structural-Differential method, which offers a series of advantages for describing the variations occurred in the companies’ asset balances. Several adaptations to the method were required, since it was built and perfected to analyze factors related to regional growth, employment, etc. It is believed that this represents an important contribution made by this study, since the results generated significant data for stratifying the companies in order to determine certain relevant components used to measure financial performance. The results show that in general the companies performed better in the first period than in the second. During the first period, the companies registered increases in liquidity and profitability indicators and declines in debt indicators. However, in the second period, the companies’ indicators worsened, since the results show declines in their liquidity and profitability indicators and increases in their debt indicators.
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Goel, Varun, and Sonja Wadelius. "Evaluation of transition towards zero emission commuter ferries : Comparative Analysis of Fuel-based and Battery-based Marine Propulsion System from financial and environmental perspectives." Thesis, KTH, Marina system, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-302781.
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The purpose of this study is to compare the life-cycle cost and environmental impact of the existing fuel-based propulsion system, on public commuter ferries in Stockholm, with a battery based propulsion system. The study is divided into multiple layers. First, the operating characteristics of the route Line 80 within Stockholm’s waterborne public transportation (WPT) are collected, such as fuel consumption, propulsion power output, speed, voyage time and propulsion system configuration. Second, based on the energy demand of the route, important parameters related to the existing fuel-based propulsion system and the battery-based propulsion system are accounted for and modeled. Third, Life Cycle Assessment (LCA) and the cost assessment methods are applied to examine the effectiveness of the electrification of commuter ferries on a financial and environmental scale. With the help of the software GaBi 2020, GREET 2020, and other literature studies, the environmental impacts at the construction, use and end-of-life (EOL) phase are evaluated. There are in total 8 scenarios considered, 4 for the fuel-based and 4 for the battery-based propulsion system. The environmental performance of these 8 scenarios are discussed in terms of Globalwarmingpotential(GWP), Acidificationpotential(AP), Eutrophicationpotential(EP) and Photo-chemical ozone creation potential (POCP). Themostpollutingphaseistheusephase for all scenarios. Propulsion system powered by diesel (scenario 1) is considered as a reference for comparative analysis of 7 other scenarios. The best performing system is the one powered by batteries with the assumption of an electricity mix based on hydro, wind and nuclear power, which is scenario 7 and 8 with a net reduction of GWP by more than 98%, AP by 90%, EP by 96%, and the POCP by 96%. If we consider the current Swedish electricity mix (scenario 5 and 6), the decrease in GWP, AP, EP and POCP are 90%, 80%, 82% and 91% respectively. Alternative fuels also present promising results for GWP in comparison to diesel (with the origin of the feed-stock creating mostly negative impacts) but the contribution to other impact categories is significantly higher. With inputs from the industry and the environmental evaluation, the cost assessment compares the costs related to fuel-based and battery-based propulsion systems with different energy sources. For the battery-based system, 3 scenarios are modeled for two different types of Li-ion batteries. The vessels in the developed scenarios are charged more frequently than the existing electric vessel and the number of charging stations is varied. The costs that are included in the assessment are the initial capital cost, the cost for fuel/electricity, maintenance cost, end-of-life cost and emissions cost. When concerning all the cost categories, the battery-based system is more cost-efficient than a fuel-based system, if run on the Swedish electricity mix, due to the lower cost for electricity and emissions. The reduction of cost is more than 68% when comparing traditional diesel with battery-based systems, but the source of the electricity is very important.Syftet med denna studie är att jämföra livscykelkostnaden och miljöpåverkan av de befintliga framdrivningssystemen på pendelbåtarna inom Stockholms kollektivtrafik, med batteridrivna system på motsvarande båtar. De befintliga framdrivningssystemen drivs av olika typer av diesel. Studien är uppdelad i flera steg. Först samlas driftsegenskaperna in, såsom bränsleförbrukning, framdrivningseffekt, hastighet, färdtidochframdrivningssystemetsuppbyggnad, etc, på linje 80, som är en del av Stockholms vattenburna kollektivtrafik. För det andra undersöks det befintliga framdrivningssystemet som drivs av diesel eller alternativa bränslen som RME eller HVO och fullt batteridrivna system utifrån energibehovet. För det tredje tillämpas metoderna för kostnadsanalys och livscykelanalys (LCA) för att undersöka hur elektrifieringen av pendelbåtar påverkar ekonomin och miljön. Med hjälp av programmet GaBi 2020, GREET 2020 och andra litteraturstudier utvärderas miljöpåverkan av faserna tillverkning, användning och avfallshantering. Det är totalt 8 scenarier som övervägs, 4 för bränslebaserade och 4 för batteri baserade framdrivningssystem. Hur bra dessa 8 scenarier presterar miljömässigt diskuteras i termer av växthuseffekt (GWP), försurning (AP), övergödning (EP) och marknära ozon (POCP). Den fasen med mest utsläpp, för alla scenarier, är användningsfasen. Framdrivningssystemet som drivs av diesel (scenario 1) används som referens att jämföra de övriga 7 scenarierna mot. Det system som presterar bästa är det som drivs av batterier, med antagandet att elmixen är baserad på vatten-, vind-och kärnkraft, detta motsvarar scenario 7 och 8 med en reduktion av GWP på mer än 98%, AP med 90%, EP med 96% och POCP med 96%. Om vi tittar på den aktuella svenska elmixen (scenario 5 och 6) så är minskningen av GWP, AP, EP och POCP 90%, 80%, 82% respektive 91%. Alternativa bränslen ger också lovande resultat för GWP jämfört med diesel (där råvarans ursprung skapar mest negativa effekter) men bidraget till andra påverkanskategorier är betydligt högre. Med input från företag och miljöutvärderingen kan kostnadsanalysen jämföra kostnaderna för bränslebaserade och batteri baserade framdrivningssystem med olika energikällor. Det batteri baserade systemet modelleras även på 3 utvecklade scenarier för 2 olika typer av batterier. Fartygen i de utvecklade scenarierna laddas oftare än det befintliga batteridrivna fartyget och antalet laddstationer varierar mellan scenarierna. De kostnader som inkluderas i analysen är de initiala kapitalkostnaderna, kostnaden för bränsle/el, underhållskostnader, avfallshanteringskostnader ochutsläppskostnader. Medallakostnaderinkluderadeiberäkningarna är batteri baserade system mer kostnadseffektiva än bränslebaserade system om de körs på svensk elmix, tack vare de lägre kostnaderna för el och utsläpp. Minskningen av den totala kostnaden är mer än 68% när man jämför traditionell diesel med batterisystem, men elens ursprung är mycket viktig.
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Metawa, Noura s. "The Impact of Governance Mechanism on Performance and Survival of Entrepreneurial Firms." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2475.
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The dissertation consists of two essays.
The first essay studies governance structures and their effectiveness for start-up companies and their survival. We utilize data from the Kauffman Survey, which tracks a sample of firms from their inceptions through their first eight years of existence. We hypothesize and find evidence that a startup's governance system affects its survivability as well as its performance. We show that controlling for the firm size and the industry, cross-sectional variations in the performance of the start-up firms can be explained by governance variables; the presence of one or more independent board member on the board, the separation between the person holding the CEO position and the chair of the board. From the startup survival perspective, we show that the presence of one or more independent board member(s), the separation between CEO and board chair, and external funding are effective factors that promote a start-up's longevity.
The second essay studies the direct and indirect relations between Governance and firm survival and performance through Entrepreneurial Orientation. Entrepreneurial orientation (EO) is defined as the attributes, including innovativeness, autonomy, risk-taking attitude, proactiveness, and competitive aggressiveness, that a business organization displays at the time of entry. Several researchers have studied the linkage between EO and organizational performance as well as the survival rate of new firms and find conflicting results. Reasons for the contradictory results might very well be the way the researchers have defined the EO attributes and the data source they use which is based on subjective responses. In the hopes of reducing inconsistent results, we propose that it is the governance factors that influence the performance and survival of these firm via mediating role of entrepreneurial orientation. Governance factors remove the definition as well as data measurement problems. By using the 8-year longitudinal data of 4928 startups, we show that governance system significantly impacts a start-up’s performance and survival via entrepreneurial orientation.
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Loria, Eli. "Companhia aberta: objeto social e operações de risco." Universidade de São Paulo, 2012. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-25062013-090241/.
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A presente tese objetiva trazer subsídios para a discussão em torno de uma realidade recente no Brasil, qual seja, a crescente utilização de instrumentos financeiros pelas companhias abertas vis a vis seu objeto social, o que exige a proteção de seus investidores e credores. É tratada a tutela do objeto social na legislação societária para as companhias abertas, tipo específico de sociedade escolhido pela gama de interesses que a cercam e pela importância no atual estágio de desenvolvimento do mercado de capitais. Para tanto, será demonstrada a utilidade da cláusula do objeto social na realidade das companhias abertas segundo um ponto de vista tríplice, (i) a disciplina do contrato, (ii) a capacidade de agir da sociedade e (iii) os atos ultra vires praticados pelos administradores, abordando o princípio da boa-fé, teoria da aparência, abuso de poder, em suas modalidades de excesso de poder e desvio de poder, à luz de uma nova realidade descortinada pela crise global de 2008, pela evolução tecnológica e disseminada utilização de complexos instrumentos financeiros. Verificando-se a utilização de instrumentos derivativos complexos e de derivativos de câmbio pelas companhias abertas em operações realizadas no mercado de balcão, de forma pouco transparente e sem controle adequado do risco, que acarretaram substanciais prejuízos em detrimento de todos os acionistas, apresenta-se como indagação se tais operações financeiras especulativas extrapolaram o conteúdo do objeto social e se poderiam, ou não, ter sido contratadas.This thesis purports to provide arguments in connection with a current reality in Brazil, consisting of the increasing use of financial instruments by publicly-held companies vis a vis their corporate purpose, what requires the protection of investors and creditors. This thesis addresses the rules related to the corporate purpose that are provided for in the corporation law, and that are applicable to publicly-held companies, a corporate type which is elected by various interests surrounding it and by the importance in the current development of the capital market. In this respect, the utility of the corporate object clause in the activity of publicly-held companies will be demonstrated through a triple point of view: (i) the rules related to the corporate by laws; (ii) the companys capacity to act; and (iii) the ultra vires acts performed by the managers of the company, in view of the good-faith principle, disregard institute, abuse of rights, in its modalities of exciding rights and deviation of rights, in the context of the 2008 global crisis, the technological progress, as well as the wide use of complex financial instruments. In view of the use of both sophisticated derivative instruments and foreign exchange derivatives by publicly-held companies in transactions carried out on the over-the-counter market, in a non-transparent manner and without appropriate risk-control, which resulted in substantial losses to all shareholders, it lights up the discussion whether such speculative financial transactions exceeded the limit of the relevant corporate object, and whether they could, or could not, be agreed upon.
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Tessier, Emmanuel. "Le stade en droit public." Thesis, Paris 5, 2014. http://www.theses.fr/2014PA05D010.
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Le stade est un lieu de concentration du droit public. La focale se porte donc sur l’étude du régime juridique des « grands stades » pour reprendre l’appellation retenue par le rapport de la Commission Euro 2016. L’objet de cette étude est de démontrer les interactions réciproques entre le stade et le droit public. Notre étude se concentrera sur les problématiques juridiques nationales portées par les profondes mutations du stade et de son droit. Marqué par la diversité des contrats qui sont à la source de leurs constructions ou rénovations, le régime juridique de la propriété du stade détermine ses modes de gestion. Longtemps lieu du service public du sport, la professionnalisation de celui-ci a engendré quelques mutations quant au régime juridique de la domanialité du stade. Cette concentration se révèle également dans l’opération d’urbanisme et d’aménagement du territoire que constitue un stade. S’inscrivant dans une politique globale de financement du sport où l’intervention publique demeure élevée, le stade se confronte aux contraintes des finances publiques. Le stade est lieu de rassemblement où le public vient assister à un spectacle sportif. Il convient d’encadrer tout débordement susceptible de troubler l’ordre public. En tant que réceptacle du spectacle sportif, le stade est un lieu d’exploitation commercialeStadiums are places where public law cannot be overlooked. This thesis focuses therefore on the juridical regime of the so called “grands stades” (stadiums contrary to sport fields) quoted as such in the Euro 2016 commission report. The main purpose is to demonstrate interlinks between stadiums and public law. This study concentrates on national juridical issues raised by changes in stadiums and thus in laws related to it. Indeed the juridical regime of stadium property, through the wide diversity of contracts qualifying the frame for construction or renovation, defines how stadiums are managed. For a long time stadiums have been considered for public sport practices, however professionalization led to modifying this juridical regime. Urbanism and spatial planning operations prior to stadium constructions have also underlined this evolution. The global financial policy for stadium development requires high public sector intervention therefore making it also subject to public financing constraints. Stadiums gather people to watch sport events. It is important to provide a frame to avoid any excess that could lead to disturbances of public order. As a recipient of sport events, stadiums are places of commercial exploitation
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Courbebaisse, Mathilde, and 庫柏嘉. "Website to help prepare for financial interviews." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/dser6w.
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碩士國立政治大學
國際經營管理英語碩士學位學程(IMBA)
107
2Fico was born from a simple observation: there is no resource specifically dedicated to interview performance. When a candidate wishes to apply for an internship or a job in finance, he or she must look for the tools to prepare for such interviews. However, the resources available are scarce, scattered or expensive. It therefore seemed necessary and essential to propose a solution to this problem. More and more candidates want to enter the financial professions, but few have the necessary tools to succeed. 2Fico is a website that provides many tools to help the candidates prepare for financial interviews. Based on quality expertise and a personalized approach, 2Fico is THE solution to overcome the barriers to entry that arise before successfully completing a financial interview. 2Fico is therefore part of a promising and growing market by responding to a real problem. More than an interview assistance solution, 2Fico aims to create a real community on which candidates can rely in order to succeed in their interviews. A clear, content-rich and well-designed website will allow members to easily access the information they need. 2Fico's twofold objective is to democratize access to the financial professions while gathering the necessary resources to achieve this. More than a website, 2Fico is a community project.
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Ku-Yun, Hung. "Do Independent Directors and Supervisors Help Firm's Financial Performance?" 2005. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-0906200511135700.
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Hung, Ku-Yun, and 洪顧紜. "Do Independent Directors and Supervisors Help Firm''s Financial Performance?" Thesis, 2005. http://ndltd.ncl.edu.tw/handle/95549935624812927493.
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碩士國立臺灣大學
財務金融學研究所
93
Many commentators believe that the higher the percentage of independent directors and supervisors, the better the financial performance of firms. A competent authority in Taiwan requested that newly listed companies should hire independent directors and supervisors after February 22nd, 2002. However, the empirical results in this paper challenge the conventional point of view on this topic in the literature. And in addition, this study finds that the promulgation of the 2002 regulation has brought with it some negative effects. First, the results of this study suggest that the percentage of independent directors and supervisors has a nonlinear relationship with firm performance. Second, the empirical findings of this study show that, affected by the new regulation, some bad companies that didn’t have to follow the new regulation will still voluntarily hire independent directors and supervisors in order to prevent investors from discovering their true quality. Finally, in this paper, we also find that the quality of the independent directors and supervisors is very important for firm performance and should be requested more completely and strictly to make sure that the monitoring mechanism of the firm really works.
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Malska, Joanna. "Does financial volatility help in explaining and predicting economic activity?" Master's thesis, 2017. http://hdl.handle.net/10362/26210.
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Driven by the difficulty to predict the last financial crisis and possible distortion of predictive power of the conventional financial indicators on economic activity, this thesis provides in-sample and out-of-sample analyses whether financial volatility helps in explaining and forecasting economic activity. Several measures of financial volatility were constructed, such as: realized volatility, volatility following a Generalized Autoregressive Conditional Heteroskedasticity (GARCH) process, common long-run component of volatility estimated by Dynamic Factor Model, Principal Component Analysis and cyclical components of financial volatilities filtered out with Baxter-King filter. I find that statistically there are measures of financial volatility that help in explaining economic activity. Moreover, out-of-sample analysis suggests that the model with term-spread and volatility of financial volatility (volatility of value-weighted returns of market portfolio volatility) performs best in forecasting economic activity. The inclusion of a volatility measure reduces the noise in estimated probabilities of expansions and leads to the lowest number of uncertain periods, i.e. periods for which probability of recession is between 16.86% (percentage of recessions in the sample) and 50%, an event that in some studies is already considered as a recession. Thus, a certain financial volatility measure improves forecasts from the conventional financial indicators, especially during less volatile times. Moreover, the most parsimonious measure of volatility predicts business cycles best. On the other hand, industrial production growth seems to be barely affected by financial volatility measures, which tend to be a better predictor for the direction of the future path of the economy than the actual growth rate.
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Vijil, Karla Cristina, and 卡拉. "A MOBILE BANKING SERVICE DESIGN TO HELP INCREASE FINANCIAL INCLUSION IN HONDURAS." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/38945302658931308719.
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Li, Yen-Na, and 李燕娜. "Can Independent Directors Help to Improve the Financial Performance of Listed Electronic Firms." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/23536029724159555001.
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碩士國立臺灣大學
國際企業管理組
99
The board of directors (the “Board”) is key to corporate governance. Enhancing the independence of the Board and introducing independent directors into the Board is a key mechanism for countries across the world to improve corporate governance. This study is to assess the impact over short-term, mid-term and long-term financial performance between companies that have and have not set-up independent directors by focusing on Taiwan’s listed companies in the electronic industry between 2006 and 2010. To avoid the impact of industry specific factors and the impact due to difference in the scale of companies, sample companies in this study are selected, matched and analyzed based on industry sub-group in the electronic industry category of the Taiwan Stock Exchange as well as the scale of total assets of companies selected for study. This study further classified listed companies that had set-up independent directors between 2006 and 2010 into different sub-groups in order to assess whether there is any significant variance over short-term, mid-term and long-term financial performance between companies that (1) mandatorily set-up independent directors and met the ratio of seats (of independent directors) as required by law; (2) mandatorily set-up independent directors with the ratio of seats exceeded those required by law; and (3) set-up independent director voluntarily. This study has concluded that: (1). the short-term, mid-term and long-term financial performance for Companies with independent directors significantly exceeded those without independent directors. (2). the preliminary finding of this study identified that in some of the years under study (i.e. 2009 and 2010), part of the short-term financial performance indicators for companies who set-up independent directors mandatorily (regardless the ratio of seats met or exceeded the statutory requirements) significantly exceeded those who set-up independent directors voluntarily. No significant variance was identified for mid-term and long-term financial performance. This study has confirmed that the financial performance for companies that have set-up independent directors exceeded those that did not set-up independent directors. It is expected that the results of this study may be used as a reference for companies and the regulators to implement the mechanism of independent directors.
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He, Li-Yueh, and 何麗月. "Does Financial Institutions Merger Help to Improve the Operating Performance of Domestic Banking Industry?" Thesis, 2013. http://ndltd.ncl.edu.tw/handle/16448124279642592992.
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碩士國立高雄第一科技大學
金融研究所
101
This thesis uses the paired sample t-test and nonparametric Wilcoxon signed-rank test to investigate whether there are significant differences in the operating capacity, profitability, growth rate, liquidity reserve ratio and capital adequacy ratio of acquiring banks before and after the financial institutions merger. Based on these tests, this thesis examines whether the financial institutions merger helps improve the overall operating performance of domestic banking industry. The empirical results show that the non-performing loans ratios of acquiring banks significantly decrease after the financial institutions merger. Moreover, the profitability and capital adequacy ratio of acquiring banks slightly increase after the financial institutions merger. Overall, the financial institutions merger has positive impact on operating performance of domestic banking industry.
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Yueh-LingChen and 陳岳翎. "Employing Internet Sentiment to Help Predict the Financial Performance of Publicly Listed Firms in Taiwan." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/vmnpq6.
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Baptista, Nuno Miguel da Costa Justo. "Will cryptocurrencies help alleviate recessions?" Master's thesis, 2020. http://hdl.handle.net/10071/21472.
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The objective of this dissertation is to assess and explain the effects of cryptocurrencies on the business cycle and to understand whether this new method of transaction of goods and other values, may or may not ease the cycle of future economic recessions, facilitating the recovery of the economy to its equilibrium state and re-enabling its expansion. To achieve this goal we used the returns for some selected cryptocurrencies and other variables referring to their normal activity as ratios between volume of transactions and total amount in the market. In addition and to improve the model, we added variables that represent alternatives to cryptocurrencies, from an investing point of view. Official currencies such as the Eurozone Euro, the United States Dollar, the United Kingdom Pound, the Japanese Yen, and the Chinese Yuan, and others market-related variables such as the returns of the S&P500, Gold and Silver, the reference interest rates of central banks of various countries and the stock market value of each country. Using Logit models for panel data, with a particular emphasis on Fixed Effects Logit models, we can analyze how the variables vary over time for each country and how they affect our general model, which is composed of a binary dependent variable (dummy) that allows us to analyze both situations of interest: expansion versus recession. We built this work around five cryptocurrencies, Bitcoin, Litecoin, Eosio, Ripple and Ethereum, with data from 38 countries, all from 2007 to 2019. We concluded that some cryptocurrencies can have an impact on future economic recessions, such as Ripple, which provides cheap and fast transactions, Ethereum, which can provide an infinite supply of its coins to help drive an expansion and Bitcoin, which can be used as a safe haven to protect and diverse risk on investors portfolio.O objetivo desta tese é procurar encontrar e explicar os efeitos das criptomoedas no ciclo económico e compreender se este novo método de transação de bens e outros valores pode ou não aliviar o ciclo de futuras recessões económicas, facilitando a recuperação da economia para o seu estado de equilíbrio e possibilitando a sua expansão de novo. Para tal, foram usadas variáveis de rendimento/retorno em algumas criptomoedas e outras variáveis referentes à normal atividade das mesmas, como rácios entre volume de transações e total quantidade no mercado. Adicionalmente, e para melhorar o modelo, adicionámos variáveis que representam alternativas de investimento às criptomoedas, desde moedas oficiais como o Euro da Zona Euro, o Dólar dos Estados Unidos da América, a Libra do Reino Unido, o Iene Japonês e o Yuan Chinês, e outras variáveis relativas ao mercado como os retornos do S&P500, do Ouro e da Prata, as taxas de juro de referência de bancos centrais de vários países e o valor do mercado bolsista de cada país. Utilizando modelos Logit para dados em painel, com particular ênfase em modelos Logit de Efeitos Fixos, podemos analisar como se alteram as variáveis ao longo do tempo e por país e como afetam o nosso modelo geral, sendo que o modelo é composto por uma variável dependente binária (dummy) que nos permite analisar as duas situações de interesse: expansão versus recessão. Construímos esta tese à volta de cinco criptomoedas, Bitcoin, Litecoin, Eosio, Ripple e Ethereum, com dados de 38 países, todos de 2007 a 2019. Concluímos que algumas criptomoedas podem ter um impacto nas futuras recessões económicas, como o Ripple que fornece transações baratas e rápidas, o Ethereum que pode fornecer quantidades infinitas das suas moedas para ajudar a impulsionar uma expansão e a Bitcoin que pode ser usada como um porto seguro para proteger e diversificar o risco na carteira de investidores.
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Simões, Flavio Manuel Vilas-Boas. "Does direct cash flow presentation help in predicting future operating cash flow?" Master's thesis, 2012. http://hdl.handle.net/10362/15973.
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Research literature and regulators are unconditional in pointing the disclosure of operating cash flow through direct method a section of unique information. Besides the intuitive facet, it is also consistent in forecasting future operating cash flows and a cohesive piece to financial statement puzzle. Bearing this in mind, I produce an analysis on the usefulness and predictive ability on the disclosure of gross cash receipts and payments over the disclosure of reconciliation between net income and accruals for two markets with special features, Portugal and Spain. Results validate the usefulness of direct method format in predicting future operating cash flow.
Key
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"The Organizational Mechanisms through Which Foreign Strategic Investors Help Improve the Performance of Chinese Commercial Banks: A Qualitative Analysis." Doctoral diss., 2015. http://hdl.handle.net/2286/R.I.29864.
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abstract: In this study I investigate the organizational mechanisms (pathways) through which strategic investors can help a firm improve performance. Many commercial banks in China have recently invited foreign banks as strategic investors since China’s entry into the World Trade Organization (WTO), hoping to gain managerial and technological knowhow from the foreign banks. Using Shanghai Pudong Development Bank as a representative example, I conduct an in-depth qualitative analysis about how the joining of Citi Bank as a strategic investor has helped the local Chinese bank improve its financial performance. On the basis of a comprehensive review of the relevant literature, I first develop a theoretical model that describes the organizational mechanisms (pathways) through which foreign strategic investors can influence the local bank’s performance. Specifically, by participation in corporate governance, the foreign strategic investor can have a positive influence over the local bank’s strategy development, operational targets, incentive systems, and organizational culture, which consequently lead to improvements in the local banks operations and financial performance. I then use a case study method to substantiate the logic and the pathways of the model with the detailed information collected from the Shanghai Pudong Development Bank and Citi Bank strategic alliance. The results are consistent with the model’s descriptive validity.Dissertation/Thesis
Doctoral Dissertation Business Administration 2015
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Wang, Yu-Ching, and 王郁晴. "How does financial strategy help to provide a win-win merger and acquisition solution? The case of PVI and E Ink." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/53811817341305540293.
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碩士國立交通大學
財務金融研究所
99
Based on the merger and acquisition of PVI with E Ink, this case study analyzes how financial strategy facilitates a win-win merger and acquisition agreement and explores synergies of the case. PVI, a leading provider of small and medium display and the top electronic paper module maker in the world, announced its merger agreement with E Ink, the leader in electronic paper display (EPD), for US$215 million in June, 2009. Three months later, considering the explosive growth of the E-reader market and profit of E Ink’s shareholders, PVI amended its merger agreement and added 120 million convertible preferred shares. On the one hand, through acquisition of E Ink, PVI completely takes control of upstream electronic ink technology and downstream EPD module of the supply chain. On the other hand, according to the amendment, E Ink’s original shareholders are allowed to share the future growth of the combined company. This innovative merger deal benefits both sides of the case and brings multiple synergies.
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Marple, Timothy. "Bailed Out With A Little Help From My Friends: Social Similarity And Currency Swaps During The 2008 Crisis." 2017. https://scholarworks.umass.edu/masters_theses_2/519.
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One policy reaction of the Federal Reserve to the 2008 financial crisis was the extension of currency swap lines to various foreign central banks; this constituted the global transfer of billions of US dollars of wealth and exhibited the role of the US as a global lender of last resorts. Some have attempted to explain the supply of these lines as a function of risk mitigation for domestic US banks with foreign holdings, but no one has yet investigated the social dynamics of this phenomenon. In recognizing that the global demand for emergency liquidity was greater than the Federal Reserve’s supply, this paper investigates how the similarity of foreign central banks affected the selection of which banks would receive liquidity extensions. I calculate similarity scores to the US Federal Reserve for foreign banks which applied for liquidity extensions during the crisis. These scores measure the textual similarity of foreign central bankers’ speeches to those of the Fed, the institutional design similarity to that of the Fed, and the similarity of foreign central banks’ governors’ educational and professional backgrounds to those of the 2008 Federal Open Markets Commission members. I find that the similarity of foreign central banks to the US with regard to these three criteria offers a significantly stronger and statistically more robust answer to the question of what drove this decision process, and offer implications for international regulatory mechanisms to ameliorate this tendency toward social homophily.
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Tsai, Laura Cordisco. ""I will help as much as I can, but I can't give them everything:" The Financial Lives of Women Who Were Formerly Trafficked into Sex Work in the Philippines." Thesis, 2014. https://doi.org/10.7916/D8ZG6Q66.
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Formerly trafficked people frequently face substantial economic challenges upon community reintegration. Research pertaining to the experiences of formerly trafficked people following community reintegration is, however, very limited in scope. This dissertation consists of three studies that collectively describe the economic challenges faced after reintegration by women who were formerly trafficked into sex work in Cebu City, Philippines. The first study speaks to the context in which formerly trafficked women make intra-household financial management decisions in the Philippines. In this study, propensity score matching is used to ascertain whether women in the Philippines who manage household finances independently are more likely to experience IPV than women who manage household finances jointly with their partners. The second study, a grounded theory study, explores the process of managing family financial pressures among trafficked women in the Philippines. The third study, a financial diaries study, provides a descriptive overview of the roles that formerly trafficked women play in the financial wellbeing of their households after community re/integration, as well as challenges they experience in fulfilling these roles. Implications for social work practice with this population are discussed.
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Chung, Wu-Lang, and 鐘武郎. "Does Firm’s Performance on Social Responsibility Help to Decrease Financing Constraints?" Thesis, 2019. http://ndltd.ncl.edu.tw/handle/mvn82n.
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碩士國立彰化師範大學
財務金融技術學系
107
This master thesis employs the data of listed nonfinancial companies on the Taiwan Stock Exchange (TWSE) and Over the Counter (OTC) market covering the period of 2005 to 2017 to test whether companies with superior social responsibility have lower financing constraints. Most of the existing studies on social responsibility focus on the impact of corporate social responsibility on corporate performance, firm value and risk and other indicators of economic consequences, and less on corporate financing restrictions through social responsibility as a way to reduce information asymmetry and agency costs in financial markets. Regarding the quantitative measuring of social responsibility, this master thesis constructs four quantitative indicators according to annual list of winners of social liability companies in the past years of the Common Wealth and the Global Views Monthly magazine, and calculates the social contribution value of the company according to the method of Shanghai Stock Exchange (SSE). With regard to financing restrictions, based on existing research, this master thesis employs four quantitative indicators of financing restrictions. The results of descriptive statistics, correlation analysis and multiple regression estimation show that better corporate social responsibility performance corresponds to lower financing constraints, while in the financial tsunami period (2008-2009), the magnitude of social responsibility performance on reducing financing constraints is lower, while in the non-financial tsunami period, the degree of corporate social responsibility to reduce financing constraints is much more effective and significant. The empirical results are helpful to those companies with financing needs. Besides strengthening their own financial conditions, they should also improve social responsibility to reduce the restrictions on financing for the process of growth.
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Chang, Ya-Yun, and 張雅芸. "On the reliability among Financial Statements of Taiwanese publicly-held companies－An application of stochastic frontier model." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/78155845094267499100.
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碩士中原大學
會計研究所
90
Decision useful information comes with certain level of relevance and reliability. Reliability which means precision and free from manipulation affects the relevance of information. Accountants in academics and practice put greater concerns on reliability in these years. Research on earnings quality via earnings response coefficients or difference between cash flows and net income gains popularity. Also with efficient markets as maintained hypothesis, present study uses stochastic frontier regression to estimate the maximum possible value from fundaments for Taiwan’s listed companies. The one-sided residuals are used as a measure in assessing the reliability of the financial reporting where those fundaments from. Stochastic frontier regression is used by finance researchers in valuing IPO underpricing. The use of one-sided residuals obtained from the valuation model as the extent of underpricing gives researchers opportunities to study underpricing without reference to the close prices. This study use mature listed companies as sample and fundamentals from financial reporting as input variables in the valuation model. The one-sided residuals, the difference between maximum possible prices determined by fundamentals and market equilibrium prices, may result from differential reliability of inputs once market inefficiency is ruled out. The magnitude of one-sided residuals is related to quality measures such as discretionary accruals. Our empirical results indicate that： (1) Internal manipulation Empirical relationship between related-party transaction and price efficiency index is insignificant or positively significant, it implies that related-party transaction cannot explain the valuation differences among companies. Four measurements of abnormal accruals give contradictive empirical results in simple- and multi-regression analyses. The relations can be significantly positive or significantly negative. Measurement errors preclude drawing conclusion on the relation between abnormal accruals and pricing efficiency index. Thus, the possibility that accruals may not reflect the quality of financial statements cannot be ruled out. (2) Internal monitoring The relation between the number of board of directors who are also the managers simultaneously and pricing efficiency index is significantly negative. It implies that the less number of board of directors who are also the manager simultaneously, the higher extent market reflect fundamentals of the company. (3) Internal controls The relation between dummy variables for auditing quality and pricing efficiency index is significantly negative in every model. It means that the company with high auditing quality has efficient internal control. Because of this relation, both the reliability of financial statement and market valuation of company improve. (4) external monitoring The relation between shareholding percentage of banking institutions and pricing efficiency index is significantly positive. It indicates that the higher shareholding ratio hold by banking institutions, the higher market valuation of company under the same valuation information.
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Tsai, Chun-Kwei, and 蔡俊魁. "A Study of Relation Between Financial Ratios in Publicly Held Company and Macroeconomic Factors - Evidences from Construction Industry Stocks." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/34057236226283666822.
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碩士崇右技術學院
經營管理研究所
105
ABSTRACT Title: A Study of Relation Between Financial Ratios in Publicly Held Company and Macroeconomic Factors - Evidences from Construction Industry Stocks Pages:55 School: Chungyu Institute of Technology Department: Graduate Institute of Business Administration Time: January 2017 Degree: Master Student: Chun-Kwei Tsai Advisor: Dr. Chih-Wei Chiu This study aims to discuss with the relation between financial ratios in publicly held company of construction industry stocks and macroeconomic Factors. It uses the econometric methods by descriptive statistics, Correlation Coefficient, multiple regression. A multiple regression analysis collected the Independent variable in macroeconomic Factors include economic growth rate, consumer price index, wholesale price index, monitoring indicator score; the financial index include the firm’s size, debt ratio, inventory turnover, return on assets, earning per share and sales growth rate. The de pendent variable was firm performance by Tobin’s Q. The research results were found the performance of construction industry were sensitive to the monitoring indicator. The construction industry supervisor thinks highly of return on assets and using assets efficiency , and then enhance the company value. Keywords: Construction Industry, Macroeconomic Factors, Financial Ratios, Firm Performance
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Almeida, Diogo Gonçalo Carriço de. "A mudança de paradigma do direito do trabalho: O caso Português." Master's thesis, 2019. http://hdl.handle.net/10071/20489.
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Recorrendo à leitura de estudos sociojurídicos é possível verificar que a relação de interdependência entre direito-sociedade-trabalho é a trave essencial na fixação de uma ordem social. Com a crise de 2008, os protagonistas sociopolíticos passam a recorrer de uma forma mais evidente ao direito do trabalho e consequentes reformas laborais com o objetivo de fixar uma orientação neoliberal.
O paradigma da austeridade constitui-se como um dos elementos fundamentais do que se pretende estudar como demonstração do direito do trabalho como ideologia e a sua construção a par com as transformações, debates, tensões e contradições políticas, económicas e sociais que trespassam a sociedade e se veiculam como normas jurídicas. Neste sentido, vejamos a origem da crise de 2008.
Tendo presente que o ano de 2008 marca simbolicamente o início da crise financeira com a falência do grupo LehmanBrothers, o quarto maior banco de negócios dos Estados Unidos, dando origem ao colapso do sistema financeiro mundial e a uma crise generalizada, marca, igualmente, a estruturação de um novo período nas relações laborais e, por conseguinte, no direito do trabalho.
De um modo geral, na Europa, o período pós 2008 é marcado pela recuperação dos défices financeiros dos países em crise, nomeadamente a Irlanda, seguida da Grécia e depois Portugal, os mesmos que pedem ajuda financeira ao FMI.
Numa primeira fase, ocupar-nos-emos de fazer uma resenha história do Direito do Trabalho enquanto ramo do direito autónomo, evidenciando também as suas “fundações” e principais características.
De seguida, procuraremos demonstrar as mutações e pressões externas que este ramo do direito tem sofrido.Through the analysis of socio-legal studies, it is possible to verify that the relationship of interdependence between law-society-work is the essential basis for the establishment of a social order. With the global crisis of 2008, sociopolitical protagonists began to resort more clearly to labour law and consequent labour reforms in order to establish a neoliberal orientation. The austerity paradigm is one of the fundamental elements of what we are about to study, as a demonstration of labour law as an ideology and its construction along with the political, economic and social transformations, debates, tensions and contradictions that pierce trough society and serve as legal norms. In this regard, let us see the origin of the 2008 crisis. Bearing in mind that 2008 symbolically marks the beginning of the financial crisis with the bankruptcy of the Lehman Brothers group, the fourth largest bank in the United States, leading to the collapse of the global financial system and a widespread crisis, it also marks the structuring a new period in industrial relations and therefore in labour law. Overall, in Europe, the post-2008 period was marked by the recovery of the financial deficits of countries in crisis, namely Ireland, followed by Greece and then Portugal, which are seeking financial assistance from the IMF. Firstly, we will make a review of the history of labor law as an autonomous branch of private law, also highlighting its "foundations" and main features. Thereafter, we will try to demonstrate the mutations and external pressures that this branch of law has suffered.
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Young, Ching-Ming, and 楊清民. "The relevance of auditor independence to the ratio of the stock held by the boards and supervisors, the ratio of the stock held by the managers, the scale of the directors and supervisors - Take financial stressed companies for example." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/56351821039017998040.
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碩士國立成功大學
會計學系碩博士班
93
In Taiwan, most of the listed companies are small and medium enterprises, some of them are family-controlled and the boards of those companies are comprised of family members and they often serve as chief management position. So this phenomenon results in higher ratio of the stock held by directors, supervisors and managers. The purpose of this study is to examine the relevance of auditor independence to the ratio of the stock held by the boards and supervisors, the ratio of the stock held by the managers, the scale of the directors and supervisors respectively. Auditor independence is measured by the type of audit report. Besides, this study further examines whether the client will be more liclined to switch auditor next year if they receive a going concern qualified opinion. This study finds there’s a negative significant relation of auditor independence to the ratio of the stock held by the board and supervisors, the ratio of the stock held by the managers. In other words, when the company’s concentration of directors’ shareholding and supervisors’ is higher, the auditor is less likely to issue going concern qualified opinion; there’s no significant relation between the scale of the directors and supervisors with auditor independence. Finally, this study also finds when clients receive a going concern qualified opinion, they will be more liclined to switch auditor next year.
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Cachecho, Maya. "Les droits réels et personnels sur les titres détenus auprès d'un intermédiaire : analyse comparative en droit québécois interne et international privé." Thèse, 2015. http://hdl.handle.net/1866/15848.
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Les transactions sur les valeurs mobilières ainsi que leur mise en garantie se font bien au-delà des frontières nationales. Elles impliquent une multitude d’intervenants, tels que l’émetteur, un grand nombre d’intermédiaires disposés en structure pyramidale, un ou des investisseurs et, bien évidemment, les bénéficiaires desdites valeurs mobilières ou garanties. On peut aussi signaler l’existence de nombreux portefeuilles diversifiés contenant des titres émis par plusieurs émetteurs situés dans plusieurs états. Toute la difficulté d’une telle diversité d’acteurs, de composantes financières et juridiques, réside dans l’application de règles divergentes et souvent conflictuelles provenant de systèmes juridiques d’origines diverses (Common Law et civiliste). De nombreux juristes, de toutes nationalités confondues, ont pu constater ces dernières années que les règles de création, d’opposabilité et de réalisation des sûretés, ainsi que les règles de conflit de lois qui aident à déterminer la loi applicable à ces différentes questions, ne répondaient plus adéquatement aux exigences juridiques nationales dans un marché financier global, exponentiel et sans réelles frontières administratives.
Afin de résoudre cette situation et accommoder le marché financier, de nombreux textes de loi ont été révisés et adaptés. Notre analyse du droit québécois est effectuée en fonction du droit américain et canadien, principales sources du législateur québécois, mais aussi du droit suisse qui est le plus proche de la tradition civiliste québécoise, le tout à la lueur de la 36e Convention de La Haye du 5 juillet 2006 sur la loi applicable à certains droits sur des titres détenus auprès d'un intermédiaire. Par exemple, les articles 8 et 9 du Uniform Commercial Code (UCC) américain ont proposé des solutions modernes et révolutionnaires qui s’éloignent considérablement des règles traditionnelles connues en matière de bien, de propriété, de sûreté et de conflits de lois. Plusieurs autres projets et instruments juridiques dédiés à ces sujets ont été adoptés, tels que : la Loi uniforme sur le transfert des valeurs mobilières (LUTVM) canadienne, qui a été intégrée au Québec par le biais de la Loi sur le transfert de valeurs mobilières et l’obtention de titres intermédiés, RLRQ, c.T-11.002 (LTVMQ) ; la 36e Convention de La Haye du 5 juillet 2006 sur la loi applicable à certains droits sur des titres détenus auprès d'un intermédiaire; la Loi fédérale sur le droit international privé (LDIP) suisse, ainsi que la Loi fédérale sur les titres intermédiés (LTI) suisse. L’analyse de ces textes de loi nous a permis de proposer une nouvelle version des règles de conflit de lois en matière de sûretés et de transfert des titres intermédiés en droit québécois.
Cette étude devrait susciter une réflexion profonde du point de vue d’un juriste civiliste, sur l’efficacité des nouvelles règles québécoises de sûretés et de conflit de lois en matière de titres intermédiés, totalement inspirées des règles américaines de Common Law. Un choix qui semble totalement ignorer un pan du système juridique civiliste et sociétal.Transactions in securities and security interest, and their implementation are far beyond national borders. They involve a multitude of players, such as the issuer, a large number of intermediaries arranged in a pyramid structure, investors, and obviously the beneficiaries of the securities or the security interest. You will also find diversified portfolios containing several securities issuers, from different countries. The difficulty of such a diversity of actors, and financial and legal components, lies in the application of divergent, and often conflicting, rules from legal systems of different origin (common law and civil law). Many jurists, of different nationalities, have found out, in the recent years that the rules creating the enforceability and enforcement of security interest, and the rules of conflict of laws, that helped determine the law applicable to these questions, were no longer responding to national legal requirements in relation with and exponential global financial market, which lack real administrative borders. To address this situation and accommodate the financial market, many regulations have been revised and adapted. Reasons why we have decided to proceed to the analysis of the applicable Quebec’s regulations, in comparison with the Swiss law, which is closest to the Quebec civil law tradition, the American law and the Canadian law, main inspiration of our commercial laws and regulations. Said analysis is also realized in light of the 36th Hague Convention of 5 July 2006 on the Law Applicable to Certain Rights in Respect of Securities held with an Intermediary. As per example, articles 8 and 9 of the Uniform Commercial Code (UCC) have proposed modern and revolutionary solutions that are dramatically different from the traditional rules related to ownership, property, security interest and conflict of laws. Other legal instruments, specifically dedicated to these issues were also suggested or adopted. This is the case of the Uniform Law on the transfer of securities (USTA), which was incorporated in the Quebec commercial laws and regulations, more particularly in An act Respecting the Transfer of Securities and the Establishment of Security Entitlements, RLRQ c. T-11.00 (LTVMQ); the 36th Hague Convention of 5 July 2006 on the Law Applicable to Certain Rights in Respect of Securities held with an Intermediary; the Swiss Federal Act on Private International Law (CPIL) and the Swiss Federal Act on intermediated securities (LTI). The analysis of these laws and regulations has led to the proposal of a new version of the rules of conflict of laws dealing with security interests and transferring intermediated securities under Quebec law. The goal of this study is to provoke, from the perspective of a civil lawyer, a deep reflection on the effectiveness of the, totally inspired by American common law, new Quebec’s rules on security interest and conflict of laws in matters of security entitlements. A choice that seems completely ignores a section of our civil legal system.