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Dissertations / Theses on the topic 'Financial innovations'
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Charupat, Narat. "Essays on financial innovations." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1997. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp04/nq22887.pdf.
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Cigoj, Polona. "Eco-innovations and firms’ financial performance : A study of a relationship between eco-innovations and financial performance of firms who make them." Thesis, Högskolan Dalarna, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:du-34443.
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Much of the existing body of literature analyzes the relationship between eco-innovations and financial performance. Our study differentiates from this literature, by focusing on the scarcely investigated Nordic context, by providing a holistic view on eco-innovations and finally by analyzing also the effects eco-innovations have on marker performance. This research focuses on three types of eco-innovations (eco-product, eco-process, and eco-organizational), and additionally brings standard innovations into the perspective. To measure the impact eco-innovations in general and its categorized types have on financial performance, a sample of 50 Nordic listed firms, spread from the year 2003-2019, was employed. Financial performance was measured with profitability accounting measures (return on equity, return on assets, and operating margin), while market performance was measured with the change in firms’ market value. Our results indicate that eco-innovations were generally associated with lower profitability returns, except in the case of eco-process innovations. Moreover, our findings interestingly showed, that market performance is positively affected by standard innovations and eco-organizational innovations. The findings suggest, that even when these types of innovations have no significant effect on profitability, investors still believe these innovations will increase the long-term real value of firms. Overall this study extends the discussion of eco-innovations to their effects on firm performance, based from an investor/shareholder perspective.
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Sica, Edgardo. "Eco-innovations and companies' financial constraints : a multilevel-perspective analysis." Thesis, University of Sussex, 2016. http://sro.sussex.ac.uk/id/eprint/63974/.
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Pisani, Francesco [Verfasser]. "Innovations and business models in the financial services sector / Francesco Pisani." Frankfurt am Main : Frankfurt School of Finance & Management gGmbH, 2018. http://d-nb.info/1177913216/34.
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Lee, Sui-yin Amy, and 李瑞燕. "Recent financial innovations and their implications: the case of Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1992. http://hub.hku.hk/bib/B42128389.
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Vlachakis, John. "Financial innovations in a programming framework (London clearing banks 1965-85)." Thesis, City University London, 1990. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.481090.
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Lee, Sui-yin Amy. "Recent financial innovations and their implications : the case of Hong Kong /." Click to view the E-thesis via HKUTO, 1992. http://sunzi.lib.hku.hk/hkuto/record/B42128389.
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Rybak, Оlena Mykolaivna, and Victoria Sergeevna Biriuk. "Research of innovations in the FinTech sphere." Thesis, National Aviation University, 2021. https://er.nau.edu.ua/handle/NAU/53933.
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1. Renaud Ph. Cyber resilience: Tactics to find and fix security vulnerabilities. URL: https://www.cefpro.com/0506ri-cyber-resilience-tactics-to-find-and-fix-security-vulnerabilities/
(дата звернення: 07.10.2021).
2. Мазаракі А., Волосович С. FinTech у системі суспільних трансформацій. Вісник Київського національного торговельноекономічного університету. 2018. №2. С. 5-18.
3. Reagan J. R., Raghavan A., Thomas A. Quantifying risk: What can cyber risk management learn from the financial services industry? Deloitte Review. 2016. Issue 19. URL: https://www2.deloitte.com/insights/us/en/deloitte-review/issue19/quantifying-risk-lessons-from-
financial-services-industry.html (дата звернення: 01.10.2021).
4. Волосович С. В. Regtech в екосистемі фінансових технологій. Електронне наукове фахове видання з економічних наук «Modern Economics», №15 (2019), 62-68. URL:
https://modecon.mnau.edu.ua/issue/15-2019/volosovych.pdf (дата звернення: 05.10.2021).
5. The Pulse of Fintech 2019 KPMG International – KPMG Global : веб-сайт. URL: https://assets.kpmg/content/dam/kpmg/xx/pdf/2019/07/pulse-of-fintech-h1-2019.pdf (дата
звернення: 04.10.2021).
6. Инвестиции в FinTech – сколько вложили в бизнес 2020 года Инвестиции 24 : веб-сайт. URL: https://investment.24tv.ua/ru/investicii-fintech-skolko-vlozhili-biznes-2020-poslednie-
novosti_n1419854 (дата звернення: 04.10.2021).
7. За первое полугодие 2021 в финтех инвестировали $98 млрд Минфин : веб-сайт. URL: https://minfin.com.ua/2021/09/26/72392528/ (дата звернення: 04.10.2021).
8. Інвестиції у фінтех зросли до рекордно високого рівня у першій половині 2021 року, – глобальне дослідження KPMG Pulse of Fintech PaySpace Magazine : веб-сайт. URL: https://psm7.com/uk/fintech/investicii-v-fintex-vyrosli-do-rekordno-vysokogo-urovnya-v-pervoj-
polovine-2021-goda-globalnoe-issledovanie-kpmg-pulse-of-fintech.html (дата звернення: 04.10.2021).
9. Мировой финтех-2021: от «открытого банкинга» до «автономных финансов» Минфин : веб-сайт. URL: https://minfin.com.ua/2021/09/24/72270933/ (дата звернення: 05.10.2021).
10. Супераппы: что это и зачем они нужны Роскачество : веб-сайт. URL: https://rskrf.ru/tips/eksperty-obyasnyayut/superappy-chto-eto-i-zachem-oni-nuzhny/ (дата звернення: 05.10.2021).
11. За первую половину 2021 года европейские финтех-стартапы привлекли рекордный объем инвестиций Bloomchain : веб-сайт. URL: https://bloomchain.ru/newsfeed/za-pervuju-polovinu-2021-goda-evropeiskie-finteh-startapy-privlekli-rekordnyi-obem-investitsii (дата звернення: 05.10.2021).The authors analyzed the innovation market in the field of financial technologies. Ways and methods of stimulating the development of Ukraine in this direction are proposed.
Авторами проаналізовано ринок інновацій в сфері фінансових технологій. Запропоновано шляхи та методи стимулювання розвитку України в даному напрямку.
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Lyons, Angela Christine. "Household liquidity and financial innovations : evidence from the Survey of consumer finances /." Digital version, 2001. http://wwwlib.umi.com/cr/utexas/fullcit?3008384.
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Wonglimpiyarat, Jarunee. "Innovations in financial services : an empirical study of plastic and smart cards." Thesis, University of Manchester, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.621441.
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This study is concerned with a somewhat neglected area of innovation - systemness or multi-party interdependence in the development process. The study explores two types of the innovation process : high systemness (innovations not exploitable by a single entity) and low systemness (innovations that can be accomplished by a single entity). Low systemness processes, for profit or risk reasons, may also involve voluntary collaboration. The objective of this study is to understand how systemness and the pursuit of independent and collaborative strategies in securing the benefits from an innovation relate to the difficulty or complexity of innovations, and to the capabilities of innovators. The methodology of innovation complexity is implemented in case study analysis of 6 innovations including financial innovations (ATM/Cash cards, Credit cards, EFTPOSlDebit cards) and non-financial innovations (Windows operating system for PC, Plain paper copier and VCR). The cases are used to investigate propositions focussing on collaboration and competition patterns. The core of the thesis is the development of a complexity measure along three stages of innovation: a means to develop, a means to deliver and a means to market. The metric, based on previous literature builds on a number of innovation characteristics. Using complexity measure gives insights into the difficulties and issues arising as the smart card innovation moves into the market-place. The analysis of smart cards is cross referenced against a comprehensive survey of players in the smart card industry. Interviews and questionnaire approaches develop foresight into the likely use of collaborative and competitive options in exploiting the smart card innovation. The result reveals strong interest in using collaborative strategy to improve access and reduce risks in the smart card innovation. The conclusions suggest that there is no relation between innovation complexity and the time taken for innovation, suggesting that collaborative strategy already recognises differences in complexity. The complexity metric though, in conjunction with the capabilities of innovators, does help anticipate the systemness characteristics of the innovation process.
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Ko, Kwan Wai. "Three essays on information and communication technology and financial globalization." Thesis, McGill University, 2006. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=100639.
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An advance in information and communication technology (ICT) is one of the most important forces in reshaping the world economy. So far, research on the role of ICT development in the financial globalization process is very limited. This dissertation is composed of three essays, which aim to fill part of this gap. The first essay explores transmission mechanism between Internet development and foreign direct investment (FDI) in developing economies. The second further investigates why developing economies cannot fully benefit from Internet development and provides policy recommendations. The third studies the relationship among financial integration, ICT and macroeconomic volatility in ten Asian economies.The first essay examines three potential channels: inventory costs, market entry costs and payment of bribes, through which the Internet attracts FDI. It develops a model to explain the role of the Internet in determining inward FDI, and then empirically tests the hypotheses. The empirical findings show that the Internet development in developing economies attracts multinationals, since it reduces their costs of holding inventories and market entry costs. The Internet is found to reduce corruption, but evidence for their combined effects on FDI is mixed. In addition, this study performs Granger causality test and finds a causal relationship from the Internet to inward FDI stocks, rather than vice versa.
The second essay examines how the Internet---a communication network---which is characterized by the presence of positive and negative externalities affects the locational choice of FDI. A two-stage model is developed: at the first stage, multinational corporations do not cooperate and determine the degree of investment in Internet technologies, whereas, at the second stage, these firms engage in a Cournot quantity competition for a homogenous product. This model predicts that positive Internet externalities stimulate FDI while negative Internet externalities discourage FDI. These hypotheses are tested by the panel data estimation and the system general method of moments (GMM) estimator. The empirical findings provide strong evidence that the presence of negative Internet spillovers in developing countries discourages inward FDI, and the presence of positive Internet externalities in developed economies attracts more FDI.
The third essay looks at ten Asian economies committed to ICT development and financial integration, and presents evidence on whether or not they have experienced greater output fluctuations from 1980 to 2003. A two-country dynamic general equilibrium model is used and ICT is assumed to increase the volume and speed of capital flows. This study's model predicts that economies with a high ICT development or/and a high degree of financial integration exhibit greater output fluctuations in the face of monetary policy shocks, but lower output fluctuations in the face of fiscal policy shocks. The empirical findings estimated by using the panel vector autoregression approach support these predictions.
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Popovič, Peter. "Vliv inovačních aktivit na zahraniční obchod podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2021. http://www.nusl.cz/ntk/nusl-443111.
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The diploma thesis deals with the impact of innovative assets on the foreign trade of a selected food business. On the basis of theoretical part, an analysis is made of the selected company, which consists of a financial analysis, PESTE analysis, Porter's analysis, competition analyses and analyses of specific innovations. At the end of a thesis, the results achieved are evaluated. At the same time, solutions are proposed to improve the current state of innovation in the company under observation.
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Shin, Hyun Sang. "Strategic and financial implications of new product quality in high-tech industries." Diss., Restricted to subscribing institutions, 2008. http://proquest.umi.com/pqdweb?did=1679290741&sid=9&Fmt=2&clientId=1564&RQT=309&VName=PQD.
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Біломістна, І. І. "Новації в управлінні фінансовими ресурсами банку." Thesis, Українська академія банківської справи Національного банку України, 2010. http://essuir.sumdu.edu.ua/handle/123456789/61578.
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于玥 and Yue Yu. "The influence of CEO characteristics and government financial support on management control system sophistication in high-tech industries : empirical evidence from China's Silicon Valley." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hdl.handle.net/10722/193059.
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China’s investments in R&D are forecast to surpass those of the US in 2022, thereby attracting capital, innovation and a large number of returnee managers. In the past eight years alone, the number of returnees has increased five-fold, with the country’s high-tech parks, particularly Beijing’s Z-Park, also known as China’s Silicon Valley or the Silicon Valley of the East, proving considerable attractions. In this context, in which start-ups are vital for economic growth and for the further development of Chinese investments in leading-edge innovation, understanding how the significant cultural differences between returnee and local managers affect management control systems (MCS) is of key importance.
Drawing on a survey of more than 200 companies and data from 435 one-to-one interviews, this study investigates the relationship between CEO characteristics, government financial support and MCS sophistication in the context of fast-growing high-tech enterprises in China’s Silicon Valley. The study develops an MCS sophistication index as an aggregate measure of six main factors (the importance of MCS to the firm, system structure, system operations, system completeness, frequency of use and the level of data aggregation), and measures MCS sophistication by 46 individual management control subsystems.
The study predicts and verifies a positive relationship between CEO and firm international exposure and between CEO education and the level of MCS sophistication. It also predicts and verifies a positive relationship between government financial support and MCS sophistication in a context in which privately held and managed venture capital and banks provide such support.
The study further analyses the interaction effect of government financial support and CEO characteristics on MCS sophistication. Its empirical findings suggest that, despite their cultural differences, neither local nor returnee managers feel the need for better MCS. Only when there is potential access to government funding do returnee managers have better tools to implement more sophisticated MCS than their local counterparts, thus underlining how international work experience provides Chinese managers with the tools, but not the mindset, for superior MCS.
Most previous studies focus on listed companies in China, whereas this study constitutes one of the first to focus on start-ups using an extensive array of data. It also contributes to the definition of a more systematic MCS sophistication measure, thus allowing more complete analysis of MCS at the firm level. Improving upon previous studies, the research reported herein also encompasses a large set of CEO characteristics to analyse their interaction with government financial support, thereby contributing to a better understanding of MCS in a key area of China’s future development.published_or_final_version
Economics and Finance
Doctoral
Doctor of Philosophy
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Javaid, Muhammad Nadeem. "Financial system and technological catching-up : a quantitative and qualitative analysis of the wealth of nations." Nice, 2011. http://www.theses.fr/2011NICE0003.
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Cette thèse explore le rôle du système financier pour observer le rattrapage technologique. En effet, les mécanismes de financement influencent la production et les exportations de produits nouveaux ou dits "nouveaux pour le marché". Nous développons des indices de la variété globale des exportations (VGE), de la variété des exportations liée (VEL) et non liée (VEN) en utilisant la fonction d'entropie sur un échantillon de 152 pays, obtenu à partir de la base de données NBER et NU, et pour la période 1962-2004. Les modèles de régression sur des données de panel confirment que la VEL et la VEN déterminent la performance de croissance des pays d’une manière significative sur le court et le long terme. En outre, nous utilisons ces indices comme variables dépendantes, sur une plus courte période (1992 à 2004) et sur un plus petit échantillon (97 pays). Les ratios de crédit bancaire et de capitalisation boursière sont les variables indépendantes. Par ailleurs, nous intégrons plusieurs dimensions des pays observés. Nos résultats montrent que le système financier est un déterminant important pour mesurer les indices de variété des exportations pour l’ensemble des pays étudiés. Toutefois les réussites dans les pays en termes de variété des exportations, révèlent que le système bancaire et le marché boursier jouent des rôles distincts. Le premier étant relativement plus approprié à la VEL et le second à la VEN. Une telle spécialisation des systèmes financiers semble confirmer que les marchés boursiers sont plus adéquats pour financer les innovations radicales, sur longue période, et pour accroître la VEN. L'analyse qualitative de la Corée du Sud et du Brésil offre une représentation plus réaliste des institutions financières soutenant l'innovation dans ces deux pays. Cette dernière approche confirme que la flexibilité du système financier et sa résilience sont des conditions nécessaires pour le rattrapage technologique, qui repose aussi sur une indispensable bonne coordination du système national d'innovationThis study explores the role of the financial system in technological catching-up in the expectation that financing mechanisms affect the production and the exports of new or “new to the market” commodities. We have developed indices of overall export variety (OEV), of related export variety (REV) and of unrelated export variety (UEV) by using the entropy function for a sample of 152 countries using NBER & UN trade data for the period 1962-2004. Panel data regression models confirm that REV in the short-run and UEV in the long-run significantly and positively determine the growth performance of the countries. Furthermore, we used these indices, for a shorter period (1992 to 2004) and for a smaller sample (97 countries), sequentially as dependent variables with bank credit ratio and stock market capitalization ratio as independent variables in our regressions, including several dimensions of the countries constructed through principal component factor analysis. Our findings show that the financial system is an important determinant of all types of export variety for all countries but that for the most successful developers the banking system and the stock market start playing different roles, with the former being relatively more appropriate for REV and the latter for UEV. Such specialization of different forms of the financial system seems to confirm that stock markets are likely to be relatively more appropriate to fund the more exploratory, long range, types of innovations which are required to increase UEV. Qualitative analysis of South-Korea and of Brazil provides a more realistic representation of the financial institutions which support innovation in both countries and confirms that the financial system’s flexibility and resilience is a necessary condition for catching-up in addition to the development of a well coordinated national system of innovation
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Рекуненко, Ігор Іванович, Игорь Иванович Рекуненко, Ihor Ivanovych Rekunenko, Світлана Вікторівна Чорна, Светлана Викторовна Черная, and Svitlana Viktorivna Chorna. "Вплив інноваційного розвитку на фінансову безпеку національної економіки." Thesis, Вінницький національний технічний університет, 2021. https://essuir.sumdu.edu.ua/handle/123456789/86219.
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Вплив інноваційної діяльності на фінансову безпеку держави обумовлюється захищеністю сфер економіки, що досягається за рахунок активізації інноваційних процесів. Інноваційна діяльність полягає у виборі конструктивних для країни інновацій, здатних підвищити рівень її конкурентоспроможності та сприяти довгостроковому збалансованому розвитку, протидіяти або мінімізувати ризики від проникнення деструктивних інновацій. Досліджено рейтинг Глобального інвестиційного індексу (GII) в розрізі країн за рівнем доходу, позиції України за останні вісім років та в контексті основних областей GII. Виявлено, що найкращі результати Україна показує в галузі знань та технологій, а найслабший результат ‒ у вдосконаленні ринку.The impact of innovation on the financial security of the state is due to the protection of economic sectors, which is achieved through the intensification of innovation processes. Innovative activity is the selection of constructive innovations for the country, increasing the level of its competitiveness and promoting long-term sustainable development, counteract or minimize the risks of destructive innovations. The rating of the Global Investment Index (GII) in terms of countries by income level, Ukraine's position over the past eight years and the main areas of GII. Ukraine shows the best results in the field of knowledge and technology and the weakest result - in improving the market.
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Ogle, Geraldine S. "Historical review of financial equity in Missouri 1993 foundation formula and amendments /." Diss., Columbia, Mo. : University of Missouri-Columbia, 2007. http://hdl.handle.net/10355/4660.
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Thesis (Ed. D.)--University of Missouri-Columbia, 2007.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 December 12, 2007) Vita. Includes bibliographical references.
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Danho, Sargon, and Yonathan Habte. "Blockchain for Financial Inclusion and Mobile Financial Services : A study in sub-Saharan Africa." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-264126.
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Financial services have historically been offered by central entities which has put financial systems in the control of a number of central parties. Some argue that this centralization has contributed to a more unequal distribution of wealth. However, during more recent time with the emergence of blockchain, traditional perspectives on transparency and democratization have shifted. Increasing financial inclusion has been highlighted as a crucial step in decreasing poverty levels and blockchain has been discussed as a technology with a potential to make a difference in this ambition. This study will focus on sub-Saharan Africa where 550 million individuals lack access to financial services despite having access to mobile phones. As a consequence of this, mobile financial services boomed in sub-Saharan Africa, starting in Kenya. This study will therefore focus on mobile financial services and more precisely on the perceived usefulness of blockchain technology for the mobile financial services. Furthermore, the study aims to explore what role blockchain can play in further increasing financial inclusion in the region. This was done by conducting several interviews with people representing start-ups, government agencies, telco companies during a research trip to South Africa and by participation in the Blockchain Africa Conference 2019 in Cape town. The findings from the research show that blockchain is perceived as useful for mobile financial services, mainly because of its ability to reduce costs by removing intermediaries, to automate processes and to create decentralized trust. However, it was also found that the usefulness is negatively affected today due to the lack of common protocols and definitions, which makes it difficult for blockchain to yet make a real difference in increasing financial inclusion.Finansiella tjänster har historiskt sätt tillhandahållits med hjälp av centraliserad datalagring genom pålitliga intermediärer såsom banker och försäkringsbolag. Detta har satt det finansiella systemet i kontroll av några få centrala aktörer vilket somliga menar har ökat den ekonomisk ojämlikheten. På senare tid, i samband med blockkedjeteknologins framväxt, har synen på demokrati och transparens skiftat. Ökad finansiell inkludering har lyfts fram som avgörande för att minska fattigdomen. Blockkedjeteknologin har framhävts att ha potential att göra skillnad i detta arbete. Denna studie fokuserar på Subsahariska Afrika där 550 miljoner individer saknar tillgång till finansiella tjänster trots att de har tillgång till mobiltelefoner. Att erbjuda mobila finansiella tjänster är viktigt för att möjliggöra finansiell inkludering. Studien ämnar därför att undersöka upplevd användbarhet av blockkedjeteknologi för mobila finansiella tjänster och hur tekniken kan utöka finansiell inkludering i kontinenten. Detta har delvis gjorts genom en forskningsresa till Sydafrika där flertalet intervjuer utfördes med personer som representerar startupbolag, regeringen, telekombranschen och den akademiska världen. Resultaten från studien visar att blockkedjeteknologin upplevs vara användbar för mobila finansiella tjänster, främst på grund av dess förmåga att sänka kostnaderna genom att ta bort mellanhänder, automatisera processer samt skapa säkra decentraliserade system. Däremot måste standardiserade protokoll och definitioner måste utvecklas innan detta kan realiseras. Fram till dess kommer det att vara svårt för blockkedjeteknolgi att göra en verklig skillnad i ökad finansiell inkludering.
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Kořínek, Tomáš. "Průběh světové finanční krize v Německu - dopady na českou ekonomiku." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-73380.
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A financial crisis in 2007 changed the development of the global financial system. A lot of financial innovations, although they cannot be considered the only reason of the crisis, affected the critical situation reasonably. The initial crisis of the financial system soon transferred into real economy. German banking system suffered from negative effects of the financial crisis. The federal government sets up a Special fund for stabilization of the financial market (Soffin) to help the financial sector. Germany is the second largest exporter in the world and the fall of the foreign demand meant a depression of its export. The Czech financial system (banking) was not affected too seriously during the initial period of the financial crisis. The main reason of this was that the majority of Czech banks are controlled by foreign subjects which meant that risky businesses were implemented by principal companies. The crisis transferred into real economy through the channel of foreign trade.
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Marone, Massaër. "Systèmes financiers et canaux de transmission de la politique monétaire." Phd thesis, Université de Bourgogne, 2010. http://tel.archives-ouvertes.fr/tel-00567708.
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Cette thèse analyse les conséquences des transformations de la sphère financière sur les canaux de transmission des décisions de politique monétaire, au cours de ces dernières années dans les pays industrialisés. Elle observe que du fait de ces transformations, les établissements bancaires sont passés d'un modèle d'" octroi et détention du crédit " (originate to hold) à un modèle d'" octroi puis cession du crédit " (originate to distribute), ce qui leur permet de recourir davantage aux produits dérivés et à des instruments de transfert du risque de crédit. Elle démontre que ces techniques de gestion actif/passif ont complètement bouleversé les fondements théoriques des canaux traditionnels, en particulier, du canal du crédit. Pour expliquer ces bouleversements, l'analyse a été structurée en deux parties. La première met en évidence, à travers le principe d'accélérateur financier, la manière dont la déconnexion partielle entre la croissance de l'offre de crédits et celle des dépôts bancaires a tendance à renforcer le canal du crédit alors qu'on devait s'attendre à son affaiblissement du fait que toutes les hypothèses-clés mises en avant par Bernanke et Blinder (1988) ont été fragilisées par les innovations financières. La deuxième partie montre, en s'appuyant sur les études empiriques, comment le canal des taux d'intérêt s'est renforcé grâce à la financiarisation croissance des économies industrialisées et à la flexibilité du cadre opérationnel de la politique monétaire.
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Dissaux, Tristan. "Socioéconomie de la monnaie mobile et des monnaies locales au Kenya : quelles innovations monétaires pour quel développement ?" Thesis, Lyon, 2018. http://www.theses.fr/2018LYSE2103/document.
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Des innovations monétaires, donnant à la monnaie des formes et des caractéristiques nouvelles, sont aujourd’hui utilisées dans le but de favoriser le processus de développement économique. Au Kenya, elles se concrétisent dans les systèmes de monnaie mobile tels que le M-Pesa, ainsi que dans plusieurs monnaies locales mises en place sur le modèle du Bangla-Pesa. Ces monnaies ont des natures et des logiques divergentes, dont la thèse vise à en montrer les impacts et les implications. Pour cela, nous utilisons notamment des données issues de deux enquêtes de terrain.Les innovations monétaires interpellent les théories du développement, qui ont largement exclu la monnaie de leurs analyses, et qui la considèrent généralement comme étant neutre. L’étude de ces dispositifs nous permet de poser les bases d’une théorie monétaire du développement, en questionnant ce faisant le sens à donner au concept de développement, et les rôles que doivent jouer pour celui-ci la monnaie et la financeMonetary innovations, giving money new forms and characteristics, are now used to promote the process of economic development. In Kenya, they unfold in mobile money systems such as M-Pesa, as well as in several local currencies implemented on the model of the Bangla-Pesa. These monies have different natures and logics, and the thesis aims to show their impacts and implications. For this, we use data from two field surveys.Monetary innovations challenge development theories, which have largely excluded money from their analyzes, and which generally consider it to be neutral. The study of these schemes allow us to lay the foundations of a monetary theory of development. By doing so, we question the meaning of the concept of development, and the roles that money and finance have to play for it
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Hobson, Mary A. "Exploring the Financial Management Skills of Independent Rock Bands." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/1969.
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In the post-Napster era of disruptive innovations, independent artists are managing more nonmusical roles and more revenue streams to remain competitive and earn a living wage from their music. The purpose of this single case study was to explore the financial management strategies that one independent rock band needed to understand music royalties. Disruptive innovation was the conceptual framework used to guide the study. The sample was comprised of 4 members of an independent rock band based in Northeast Ohio. The selected band met the criteria for the study as members who earned revenue from copyrighted works, merchandise, and CD sales. The multiple data sources included face-to-face interviews with band members; public document review of ReverbNation standard policy, Fox licensing agreement, and the IRS W-9 Form; and direct observations of band members during a rehearsal and live performance. Member checking was used to strengthen the credibility and trustworthiness of interpretations. Four themes emerged from the data analysis: organizational governance of band member responsibilities, financial management education and skills, developing multiple revenue streams from royalties, and financial strategies to manage all revenue streams. Social change from this study might include college-level financial training certificate programs designed for artists given their time constraints, mobility, and need to attract financing sources other than major labels.
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STÅLNACKE, SARA. "PSD2 and its implications for consumer behaviour : - A case study focused on the Swedish financial service sector." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-241121.
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This thesis examines and provides insight into the financial services industry and how the new payment services directive, PSD2, may come to change consumer behaviour and thereby the industry. The research is exploratory and relies on a quantitative consumer-facing survey as well as four semi-structured interviews with representatives from some of Sweden's largest banks and third party payment providers. The results show that it is likely that the increased competition will open up the market for new actors in the market acting as financial marketplaces thereby leading to minimising the tradeoff between simplicity and multiple providers. As such, in the future we will likely see less consumer loyalty and more focus on the individual products and services as opposed to who is providing them.Detta examensarbete undersöker och ämnar att bidra med insikt i den svenska finanstjänstesektorn och hur det nya betaltjänstdirektivet, PSD2, kan komma att förändra konsumentbeteenden och därmed branschen. Arbetet är explorativt och utgår från en enkät riktad till konsumenter samt fyra stycken semi-strukturerade intervjuer med representanter från några av Sveriges största banker och tredjepartsaktörer. Resultaten visar att det är sannolikt att ökad konkurrens kommer att öppna upp marknaden för nya aktörer att verka som finansiella marknadsplatser vilket minimerar kompromissen av att välja mellan enkelhet och flertalet leverantörer. Följaktligen kommer vi sannolikt se mindre konsumentlojalitet och mer fokus på de individuella produkterna och tjänsterna snarare än leverantör.
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Akpan, Nkereuwem I. "The Impact of External Shocks on Nigeria’s GDP Performance within the Context of the Global Financial Crisis." Thesis, University of Bradford, 2018. http://hdl.handle.net/10454/17454.
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This research examines the impact of external shocks on Nigeria’s output performance for the period 1981 – 2015. It aims to bring to the fore the importance of considering external shocks during policy design and implementation. The multivariate VAR and VECM frameworks were used to evaluate the impact of the shock variables on Nigeria’s output performance and to achieve the stated objectives. Findings show that the external shock and domestic policy variables have short-run effects on Nigeria’s output performance. Also, all the measures of external shocks and domestic policies display some viable information in explaining the variabilities in Nigeria’s output performance over the horizon. The comparison between the results of the VECM and the unrestricted VAR shows that the unrestricted VAR model outperformed the VECM.
The overall result of the study confirms the view about the vulnerability of the Nigerian economy to external shocks. These shocks explain more than half of the variance in real output performance and have varying effects on output performance in Nigeria. The dynamic response of output performance to each of the defined shock variables show that output performance responds rapidly to the shock variables, while its response to the domestic economic variables is seemingly moderate. Finally, the variance decomposition show that international crude oil price and terms of trade have the largest share in accounting for the variability in output performance, followed closely by the shares of capital inflows and monetary policy.
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Stafström, Anna, and Josefin Lundberg. "Standardiserad modell för prestationsmätning inom en koncern : En fallstudie på Emballator Plastics & Innovations AB." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-54523.
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Bakgrund: Prestationsmätning utgör ett grundfundament i ekonomistyrning och avser styra i riktning mot långsiktiga mål. Vidare bör prestationsmätningen vara sprungen ur såväl långsiktiga mål som strategier där det på koncernnivå är av vikt att kongruens råder mellan moder- och dotterbolag. Vid utformning av en standardiserad modell för prestationsmätning måste hänsyn tas till rådande organisationsstruktur och företagsunika förutsättningar. Representerade mätetal avser påvisa kritiska områden med förhoppning att vidareutveckla verksamheten. Problemdiskussion: Koncernen Emballator Plastics & Innovations utgör tillsammans med underliggande dotterbolag ett konglomerat med koncerngemensam lean-strategi. Koncernen erhåller på månadsbasis rapporter över dotterbolagens prestationsmätning vilka upprättats utan direktiv ifrån koncernen och därmed är av särskiljande karaktär. Ett behov har uppkommit att låta standardisera en modell för prestationsmätning som samtliga dotterbolag kan nyttja för att enklare kunna skapa en övergripande bild över dotterbolagens prestationer. Prestationsmätningsmodellen skall vara standardiserad men samtidigt inte förbise företagsspecifika förutsättningar detta för att tillföra nytta på såväl koncern- som dotterbolagsnivå. Syfte: Denna studie syftar att utveckla en standardiserad prestationsmätningsmodell till Emballator Plastics & Innovations, vilken tar hänsyn till koncernens konglomerat och lean-strategi. Utvecklad prestationsmätningsmodell ämnar skapa en övergripande bild samt tillföra nytta på såväl moder- som dotterbolagsnivå. Metod: Detta är en fallstudie med kvalitativ ansats. Tillvägagångssätt för analys har varit av deduktiv karaktär där den teoretiska grunden i huvudsak baseras på vetenskapliga artiklar. Insamling av empiriskt material har erhållits via dokument samt intervjuer av övervägande semistrukturerad karaktär. Respondenter innefattar verkställande direktörer på koncern- liksom dotterbolagsnivå. Slutsats: Kongruens mellan långsiktiga mål och strategier på Emballator Plastics & Innovations och underliggande dotterbolag har identifierats. Med anledning av identifierad kongruens har förutsättningar funnits att utforma en standardiserad prestationsmätningsmodell. Väsentliga mätetal har utkristalliseras i avseende att skapa en övergripande bild över dotterbolagens prestationer. Modellens utformning främjar konglomeratet.Background: Performance measurement is a basic foundation in financial management and control, where the intention is to fulfill long-term objectives. Performance measurement should therefore be developed with consideration to long-term objectives and strategies. Consequently, there is a need of congruence between the parent- and subsidiary level. When developing a standardized model for performance measurement, the current organizational structure and conglomerate needs to be considered. Represented key performance measurement aim to demonstrate the critical areas with the intention to influence improvements within the corporation. Problematization: Emballator Plastics & Innovations, is a composition of underlying subsidiaries, characterized of conglomerate and lean-strategy. The corporation receives monthly reports of the subsidiaries’ performance measurement, which have been constructed without directives from the corporation and this resulted in reports of distinctive character. Consequently, the need of a standardized model of performance measurement with the aim to easier receive a comprehensive picture of the subsidiaries' overall performance has arisen. However, the remaining problem is how to develop a standardized performance measurement model, which is beneficial for both parent- and subsidiary level, without ignoring the conglomerate. Purpose: This study aims to develop a standardized performance measurement model to Emballator Plastics & Innovations, where the corporations conglomerate and lean- strategy is taken into account. The developed performance measurement model intends to create an overall picture and bring benefits to both parent- and subsidiary level. Methodology: This is a case study with a qualitative approach. Procedure for analysis has been of deductive character where the theory is mainly based on scientific articles. Collection of empirical data has been obtained through documents and interviews with semi-structured character. Respondents include chief executives at parent- and subsidiary level. Conclusion: Congruence between long-term objectives and strategies at Emballator Plastics & Innovations and subsidiaries has been identified. Regarding to the identified congruence, potentials to develop a standardized performance measurement model have been secured. Significant key performance measurements have been detected, this with aim to receive an overall picture of the subsidiaries' performance. Finally, the design of the model has been designed in consideration of the conglomerate.
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Kubheka, Noxolo Siphelele Pumla. "How to leverage information to improve business performance in a financial services company." Thesis, Link to the online version, 2007. https://etd.sun.ac.za/jspui/handle/10019/1081.
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Zheng, Qiancheng. "Two Essays on Corporate Finance." Scholar Commons, 2014. https://scholarcommons.usf.edu/etd/5337.
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ABSTRACT
In the first essay titled "The Value of Strategic Alliances in Acquisitions and IPOs," I investigate how firms' strategic alliance experience affects their valuations as acquisition targets or in IPOs. I propose that strategic alliance experience serves as a valuable signaling device for target and IPO firms, particularly those with more intangible assets and greater opacity. The results show that takeover targets with alliance experience receive higher premiums than those without such experience. More recent alliance experience as well as alliance experience in the same industry also contributes to a larger target gain. Similarly, IPO firms that have alliance experience are shown to obtain higher valuations than those without the experience. Finally, alliance experience increases the likelihood that private firms exit by going public rather than being acquired.
In the second essay titled "For Better or For Worse: The Spillover Effect of Innovation Events on Alliance Partners," I examine the spillover effects of breakthrough innovations on the strategic alliance partners of the innovative firm. I find direct stock market evidence that the shareholders of strategic alliance partners significantly benefit from the spillover effects of these innovations. Multivariate analyses indicate that young and newly listed innovator firms with better growth opportunities generate bigger abnormal returns when announcing innovation events and bring larger spillover effects for their alliance partners with similar characteristics. In addition, I explore the risks associated with alliance partnerships, showing that FDA warning letters cause significant wealth losses for both the innovative firm and their alliance partners.
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Мішенін, Євген Васильович, Евгений Васильевич Мишенин, Yevhen Vasylovych Mishenin, and А. О. Бондаренко. "Використання інноваційних технологій у фінансовому обслуговуванні сільського населення." Thesis, Українська академія банківської справи Національного банку України, 2007. http://essuir.sumdu.edu.ua/handle/123456789/61313.
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Забезпечення сільського населення фінансовими послугами
знаходиться у ніші, яка є недостатньо інтегрованою у фінансову
систему країни. Така ізоляція негативно впливає на ефективність
даних послуг, а також на ступінь охоплення клієнтів. Високі
трансакційні витрати, які традиційно асоціюються із наданням
фінансових послуг сільським домогосподарствам (частково через те,
що вони володіють незначними сумами грошей та проживають на
територіях із низькою щільністю населення), є причиною, чому
більшість представників формального фінансового сектора розглядають
мікрофінансову діяльність у сільських регіонах як неприбуткову.
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Le, Pendeven Benjamin. "Emerging approaches for financing innovation." Thesis, Paris, CNAM, 2018. http://www.theses.fr/2018CNAM1169.
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Portés par des changements technologiques, des cadres juridiques nouveaux, une demande de financement croissante de la part des entreprises innovantes et une montée en maturité des opérateurs du marché, les professionnels du financement de l’innovation ont pour partie modifié leurs pratiques et de nouveaux outils émergent. Ces nombreuses évolutions posent des questionnements théoriques essentiels.La thèse vise à investiguer trois de ces modes de financement. Le premier, les Social Impact Bonds (autrement dénommés en France Contrats à Impact Social) sont un mode de financement de l’innovation sociale non entrepreneuriale apparu en 2010 en Grande-Bretagne. Le second outil analysé est celui du financement participatif (crowdfunding). Forme émergente de financement des projets entrepreneuriaux par la foule sur internet, il connait une croissance forte depuis une décennie. La thèse questionne l’impact du degré d’innovation sur la réussite des campagnes. Le troisième et dernier outil évoqué dans la thèse est celui des fonds de Multi Corporate Venture Capital (MCVC), et leurs formes organisationnellesDriven by technological change, new legal frameworks, growing demand for cash from start-ups, and a growing maturity of market operators, innovation finance professionals have partly modified their practices. On the one hand, traditional financing tools have modernized their organizations and methods, and on the other, new forms of financing have emerged. These numerous evolutions open essential theoretical questions, while questioning the traditional theories of the financing of innovation as well as suggesting new theoretical considerations.The thesis investigates three of these modes of financing. The first, the Social Impact Bonds (otherwise known as Contrats à Impact Social, in France) are a way of financing the non-entrepreneurial social innovation that appeared in 2010 in Great Britain. The second tool analyzed is about equity crowdfunding. Emerging form of financing entrepreneurial projects by the crowd on the internet, it knows a strong growth since a decade. The thesis analyzes the impact of innovation degree on campaigns’ success. The third and last tool mentioned in this thesis is that of the funds of Multi Corporate Venture Capital (MCVC)
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Blanco, José C. "Financial Innovation." DigitalCommons@USU, 1996. https://digitalcommons.usu.edu/etd/3912.
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This dissertation was a study of the impact of financial innovation upon financial institutions and some of the collateral macroeconomics effects. Financial innovation has impacted the distribution of household assets throughout the Group of Seven (G-7) countries and indirectly negatively influenced the usage of traditional monetary aggregates as a reliable tool to forecast the growth in the domestic money supply between 1960 and 1990.
The empirical results indicate that the adoption of financial innovations by large U.S. commercial banks has not influenced their return on equity and the return of assets between 1990 and 1994. The variability of the return on equity and return on assets is reduced by those banks that have incorporated financial innovations over time.
The policy implications of these results indicate that sufficient market instruments exist to assist banks to control interest rate exposure caused by the volatility of interest rates and uncertain funding sources. Any intervention by regulatory authorities could be welfare-decreasing for banks and possibly increase the level of interest rates or reduce the supply of credit to prospective borrowers.
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Agapova, Anna. "Cross-Sectional Differences between Topic 1: Money Market Mutual Funds and their Role in the Mutual Fund Families. Topic 2: Innovations in Financial Products. Conventional Mutual Funds versus Exchange Traded Funds." Digital Archive @ GSU, 2007. http://digitalarchive.gsu.edu/finance_diss/10.
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The first essay examines cross-sectional differences between money market mutual funds (MMMFs), in the context of the sponsoring fund family. While extant studies have shown that fund family characteristics impact the management of open-end equity mutual funds, results of this study’s analysis find that fund family characteristics also affect the management of MMMF assets, contributing to differences in the maturity of the fund’s holdings, expenses, and realized returns. I find that an MMMF is not simply a transitional account with a short-term low-risk investment objective, but rather, a critical role player within the fund family. Differences in maturity, yield, and expenses in MMMFs can be explained by family-specific characteristics, including diversification and cash management strategies at the family level. The second essay examines implications of substitutability of two similar financial assets: conventional index mutual funds and exchange traded funds (ETFs). I seek to explain the coexistence of these fund types, since both offer a claim on the same underlying index return process, but have different organizational structures. This study compares conventional open-end index funds with matched ETFs on various underlying indexes. Aggregate flows are used to detect substitution and clientele effects. I show that conventional funds and ETFs are substitutes, while ETFs have smaller tracking errors and lower fund expenses. However, I find that these fund types are not perfect substitutes, and their coexistence can be explained by a clientele effect that segregates them into different market niches.
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Melo, Filho Augusto Rodrigues Coutinho de. "Regulação financeira por objetivos: um modelo regulatório para o futuro?" reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/23934.
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O presente trabalho pretende investigar os diferentes modelos de regulação financeira, com foco no modelo de regulação por objetivos ou “twin peaks”, no contexto das recentes transformações na estrutura do mercado financeiro global, notadamente no que tange (i) ao surgimento de novos produtos e serviços que não são facilmente enquadrados em um segmento específico do mercado financeiro, podendo envolver concomitantemente funções típicas dos mercados bancário, de capitais e de seguros; e (ii) às mudanças nas características dos principais participantes que atuam nesse mercado, dentre as quais pode se destacar (ii.1) a unificação de organizações financeiras que atuavam em diferentes setores do mercado financeiro – bancos de investimento, bancos comerciais, corretoras, seguradoras etc. – resultando na formação de conglomerados financeiros; (ii.2) o ingresso de empresas de tecnologia que competem e fornecem serviços financeiros de modo inovador, desafiando os participantes clássicos deste mercado. As mudanças supracitadas são significativas do ponto de vista da estrutura de mercado, e devem ser observadas pelos reguladores a fim de avaliar a compatibilidade de suas respectivas estruturas regulatórias com os novos riscos advindos desse “novo mercado financeiro” em formação. Parte-se da premissa de que uma estrutura regulatória efetiva precisa se adequar à respectiva estrutura de mercado a qual se pretende regular, sob o risco de tal desalinhamento resultar em uma regulação excessivamente custosa e que não promove os objetivos para os quais foi criada. A hipótese deste trabalho é que o modelo de regulação por objetivos é o mais apto a propiciar uma regulação financeira efetiva, em contraposição aos modelos de regulação por setores e unificada, tendo em vista que sua estrutura regulatória: (i) permite a consecução dos múltiplos objetivos da regulação financeira de forma harmonizada, em um cenário de crescente complexificação dos riscos emanados do sistema financeiro, mitigando a possibilidade de sobreposição de objetivos dentro de uma mesma agência; e (ii) amplia o limite de aplicação da regulação, uma vez que os critérios jurídicos para determinação de competência dos reguladores não são vinculados a conceitos próprios dos setores bancário, securitário e de capitais, cuja divisão é cada vez menos perceptível do ponto de vista da prática financeira, na qual as atividades financeiras vêm sendo desenvolvidas de modo transversal. A fim de desenvolver a hipótese elencada, o trabalho se propõe, num primeiro momento, a fazer uma revisão da literatura teórica sobre modelos de regulação, com o objetivo de identificar as características que tornam um modelo regulatório “ótimo” do ponto de vista da efetividade. Após essa análise, parte-se para um exame das mudanças práticas pelas quais o mercado financeiro vem passando, e como elas afetam as diferentes estruturas de regulação vigentes – propiciando a emergência do modelo de regulação por objetivos como predominante em algumas jurisdições. Nesse contexto, a regulação por objetivos se coloca como uma opção a ser considerada pelos diferentes reguladores nacionais para enfrentar os novos riscos do mercado financeiro global e auxiliar o pleno desenvolvimento do mercado financeiro nas próximas décadas.
The present work intends to investigate the different models of financial regulation, focusing on the model of regulation by objectives or "twin peaks", in the context of the recent transformations in the structure of the global financial market, especially regarding (i) the emergence of new products and services that are not easily framed in a specific segment of the financial market, and can simultaneously develop typical functions of the banking, securities and insurance markets; and (ii) changes in the characteristics of the main participants in this market, among which (ii.1) the unification of financial organizations operating in different sectors of the financial market - investment banks, commercial banks, brokerage firms, insurance companies etc. - resulting in the formation of financial conglomerates; (ii.2) the entry of financial technology companies that compete and provide innovative services in competition with the classic participants of this market. The aforementioned changes should be interpreted as major changes in terms of market structure, and must be observed by regulators in order to assess the compatibility of their respective financial structures with the new risks arising from this "new financial market" in formation. The work is based on the theoretical premise that an efficient and effective regulatory structure needs to reflect the respective market structure that it is intended to regulate, under the risk that such misalignment will result in an empty regulation, without regulatory tools to promote the objectives for which it was created. The hypothesis of this work is that the model of regulation by objectives, as opposed to the unified- and sector-based models, is the most adequate to provide an efficient and effective financial regulation, especially considering that its regulatory structure: (i) enable the fulfillment of multiple objectives of financial regulation in a harmonized manner, in a stage where the complexity of risks emanating from the financial system are increasing, mitigating the possibility of objective overlap within the same agency; and (ii) expand the regulatory perimeters, since the legal criteria for determining the competence of regulators is not linked to concepts of the banking, security and capital sectors, whose distinction increasingly blurred from the point of view that most financial activities have been developed in a cross-sectored way. In order to develop this hypothesis, this dissertation proposes, firstly, to review the theoretical literature on regulation models, with the objective of identifying the characteristics that make a regulatory model “optimal” from the point of view of efficiency and effectiveness. After this analysis, we examine the practical changes happening in the financial market, and how they affect the different regulatory structures in force - propitiating the emergence of the regulation by objectives as the redominant model in some jurisdictions. In this context, regulation by objectives is an option to be considered by the different national regulators to face the new risks of the global financial market and to help the full development of financial markets in the coming decades
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Пуськов, Дмитро Олексійович, and Dmytro Puskov. "Проблеми фінансових інновацій банківського сектору України." Thesis, Національний авіаційний університет, 2021. https://er.nau.edu.ua/handle/NAU/50102.
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1. Global Banking Outlook 2021 [Електронний ресурс]. – Режим доступу: https://eyfinancialservicesthoughtgallery.ie/2021-global-banking-outlook/
2. Національний банк приєднався до Глобальної мережі фінансових інновацій. [Електронний ресурс]. – Режим доступу: https://bank.gov.ua/ua/news/all/natsionalniy-bank-priyednavsya-do-globalnoyi-mereji-finansovih-innovatsiy
3. Кузнецова М.А., Гуйгова Ю.І. Розвиток та впровадження інноваційних банківських послуг в Україні. Електронний журнал «Ефективна економіка» [Електронний ресурс]. – Режим доступу: http://www.economy.nayka.com.ua/?op=1&z=8088
4. Чернявська О.В., Шалієвська Ж.С. Безготівкова економіка та система електронних платежів: сучасний стан і перспективи відповідно до стратегії розвитку фінансового сектору України [Електронний ресурс]. – Режим доступу: https://sci-conf.com.ua/viii-mezhdunarodnaya-nauchno-prakticheskaya-konferentsiya-scientific-achievem ents-of-modern-society-1-3-aprelya-2020-goda-liverpul-velikobritaniya-arhiv/
5. Попович О.В., Войновська. К.О. Особливості аудиту інформаційної безпеки банку при роботі з електронними грошима / О.В. Попович, К.О. Войновська // Формування ринкових відносин в Україні. – 2014. – № 12. – С. 127–130.Цифрова економіка та стрімке поширення новітніх технологій зумовлюють кардинальні зміни фінансового сектору, що особливо очевидним стає на рівні трансформації відносин центральних банків, депозитних корпорацій, фізичних та юридичних осіб. Додатковим поштовхом у розвитку інноваційних послуг в банківській сфері стала пандемія COVID-19, що на початковому етапі призупинила впровадження фінансових технологій (FinTech), внаслідок негативних очікувань та введення режиму жорсткої економії на рівні фінансово-кредитних установ. Однак, тривалість пандемії та об’єктивна загроза здійснення звичних операцій у відділеннях банківських установ створили умови за яких, впровадження інноваційних фінансових технологій стало запорукою ефективної діяльності на висококонкурентному ринку світових фінансових послуг.
The digital economy and the rapid spread of new technologies are causing radical changes in the financial sector, which is especially evident at the level of transformation of relations between central banks, deposit-taking corporations, individuals and legal entities. An additional impetus to the development of innovative services in the banking sector was the COVID-19 pandemic, which initially suspended the introduction of financial technologies (FinTech), due to negative expectations and the introduction of austerity at the level of financial institutions. However, the duration of the pandemic and the objective threat of the usual operations in the branches of banking institutions have created the conditions under which the introduction of innovative financial technologies has become the key to effective activity in a highly competitive global financial services market.
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Arthur, Keren Naa Abeka. "Governance of financial innovation." Thesis, University of Exeter, 2015. http://hdl.handle.net/10871/18906.
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The power of financial innovations to impact societies at global scales compels us to ask how innovation occurs, how it is governed and how to support the responsible initiation and emergence of such innovation in society. This thesis focuses on investigating and comparing current approaches to, and limitations of, the governance of financial innovation and perceptions of responsible financial innovation in three very different institutional settings: a large, global asset management company; a SME developing disruptive, technology - related platforms and services based on big data and associated analytics supporting customer relationship management in the banking and retail sectors; and a global insurance broker. To date there has been almost no published empirical research into the processes and governance of financial innovation in such corporate settings. The initial hypothesis that financial innovation is not governed (internally, externally) was not supported by the empirical data: rather these suggest the existence of formal and informal mechanisms for innovation governance. As suggested in the literature, financial innovation was observed to be largely incremental in nature and involve multiple stakeholders, co-ordinated internally by an ‘innovation owner’ (e.g. an individual, a group of individuals or a department). The research suggests that while there is broad statutory (regulation) and non-statutory governance of the financial sector, there is limited direct regulation of financial innovation per se. Despite this, contextual regulation (e.g. EU) and industry standards set an important governance frame within which innovation was observed to occur, complemented by a range of organizational innovation governance approaches, which ranged from completely informal, ad hoc (‘de facto’) processes to formal staging innovation management tools. It was not possible to generalize across sectors, emphasizing the need for more empirical work in other organizations in order to understand innovation management and governance across the financial sector as a whole. Responsible financial innovation is an emerging concept associated with a very small body of academic literature. The case study data show responsible financial innovation to be perceived as an ‘interpretively flexible umbrella’ term, underpinned by a value system that leads to quantifiable positive outputs (e.g. creating customer satisfaction). The research suggests that several ‘competencies’ (e.g. compliance, learning, communication, monitoring, and ownership) were perceived as relevant to responsible financial innovation by respondents. Themes emerging from the study mirrored to some extent the seven framings suggested by Armstrong et al. (2012) and Muniesa and Lenglet (2012) and the four dimensions of responsible innovation proposed by Owen et al. (2013); these however were very narrowly framed, especially with regard to second-order reflexivity (e.g. on the normative purposes and functions of finance in society). While dimensions of anticipation, reflection, deliberation and responsiveness (Owen et al., 2013) were evident to varying degrees in the cases these were narrowly configured (e.g. around ethics of data monetization, or on anticipation of operational risks), with deliberation often being internally focused, or including only a limited range of external stakeholders. These observations cause me to argue that current mechanisms for governing financial innovation are not sufficiently robust to support their responsible emergence in society. I conclude that any framework for responsible financial innovation should endeavor to broaden the scope for stakeholder engagement and make use of multi-level governance mechanisms (including committees in the innovation and governance process), while continuing to acknowledge the importance of contextual legislation in the framing of innovation trajectories. I recommend the initiation of a cross sector and independent institution for systematic financial innovations assessment, the establishment of formal cross-sector fora and communication channels to facilitate engagement with external stakeholders, and the codification of responsible financial innovation competencies into contextual legislation.
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Alamad, Samir. "Financial innovation and engineering in Islamic financial institutions." Thesis, Aston University, 2016. http://publications.aston.ac.uk/28659/.
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Drawing from work found in the financial innovation literature, the main objective of this research is to explore the effect of religious orientation towards financial innovation and engineering in Islamic Financial Institutions (IFIs). The research also examines what constitutes this religious orientation and how it is enacted in the innovation process. Religious orientation towards financial innovation is conceptualised and defined, as a system, in this research study. In order to achieve this objective, the study employs multiple theoretical perspectives to develop its theoretical framework. It combines innovation orientation theory with the theory on boundary objects to explore the role of religion in the financial innovation processes in IFIs. Religious orientation towards financial innovation and the role of Shariah as a shared boundary object is portrayed as a multidimensional knowledge and philosophical structure. This qualitative study provides two important theoretical contributions to existing theories in the innovation literature. First, it extends the existing literature of innovation orientation to a completely new field and construct that is based on a religious imperative as a framework within which financial innovation is constrained. It explains how an innovation orientation in IFIs can be directed within religious rules, which indicates that innovation orientation in IFIs is a learning philosophy. Second, the research introduces and examines the plasticity of Shariah as a shared boundary object and its dynamic role in managing tension and conflicting values in the financial innovation process. Furthermore, building on the empirical results, the study illustrates the insights that each theoretical lens affords into practices of collaboration and develops a novel analytical framework for understanding religious orientation towards financial innovation. This practical contribution, of the developed framework, could form the basis for a standardised framework for the Islamic finance industry. The study concludes by noting the policy and managerial implications of its findings and provides directions for further research.
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O'Sullivan, Róisín. "Financial innovation and monetary policy /." Connect to resource, 2002. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1261399151.
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O'Sullivan, Róisín. "Financial innovation and monetary policy." The Ohio State University, 2002. http://rave.ohiolink.edu/etdc/view?acc_num=osu1261399151.
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O'Sullivan, Roisin. "Financial innovation and monetary policy /." The Ohio State University, 2002. http://rave.ohiolink.edu/etdc/view?acc_num=osu1486462702464464.
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Vallée, Boris. "Three Essays on Financial Innovation." Thesis, Jouy-en Josas, HEC, 2014. http://www.theses.fr/2014EHEC0008/document.
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Cette dissertation est constituée de trois chapitres distincts, qui visent à analyser empiriquement l'innovation financière dans des champs différents: la finance des ménages, la finance publique, et le secteur financier. Le premier chapitre, effectué en collaboration avec Claire Célérier, analyse la complexité croissante des produits financiers offerts aux investisseurs particuliers et suggère que cette complexité est utilisée par les banques pour réduire la pression concurentielle.Le deuxième chapitre, écrit avec Christophe Pérignon, porte sur les emprunts toxiques émis par les collectivités locales, et comment leur utilisation s'inscrit dans un système d'incitation politique. Le troisième chapitre étudie en quoi l'adoption d'un type d'obligations innovantes représentant un capital conditionnel, peut contribuer à solutionner le dilemne sur le levier bancaireThis dissertation is made of three distinct chapters that empirically investigate financial innovation in different fields: household finance, public finance and financial institutions. The first chapter presents a work joint with Claire Célérier,analyzing the growing complexity of retail structured products, and how bank use complexity to mitigate competitive pressure.The second chapter, joint with Christophe Pérignon, studies how local governments strategically use toxic loans according to their political incentives. The third chapter explores the effects of exercising contingent capital, and how these instruments can contribute to solving the bank leverage dilemna
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Santos, Rinaldo Nery dos. "A contabiliza????o dos incentivos fiscais decorrentes de inova????o tecnol??gica por companhias abertas no Brasil." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2011. http://132.0.0.61:8080/tede/handle/tede/499.
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Previous issue date: 2011-11-09In Brazil, the financial statements had been influenced by standards published by various government agencies (Central Bank, IBRACON, CFC, CVM, IRS, SUSEP among others) and from the publication of Law 11,638 of 2007, milestone for the process of convergence into the international financial reporting standards, that starts a homogeneous system of data presentation. This convergence process has contributed and has been improving the quality of financial statements, establishing a secure reading for investors, government, corporations and several users of accounting information, which is a major factor in the global business environment in the world nowadays. Given this context, the subject of this is to evaluate the financial statements of public companies that have as part of their strategies, tax management and operational-oriented investment in research and development (R&D) in Technological Innovation, therefore these companies could use the benefit of tax incentives for technological innovation. The study was based on a descriptive exploratory qualitative methodology by analyzing documents. For this, a documentary research was undertook in footnotes to financial statements published by Public Companies, listed on the CVM's website, as well as applying content analysis of tax rules and accounting practices. As a result, it was found the existence or adequacy to the requirements of accounting standards versus tax rules that match the tax incentives as a government grant. Therefore, is expected to contribute with input on the need for accounting standards and models of tax incentives, and create a basis for future studies
No Brasil, as demonstra????es cont??beis vinham sendo influenciadas por normas divulgadas por diversos ??rg??os governamentais (BACEN, IBRACON, CFC, CVM, Receita Federal, SUSEP entre outros) e, a partir da publica????o da Lei n?? 11.638 de 2007, marco hist??rico para o processo de converg??ncia dos padr??es cont??beis para as normas internacionais de contabilidade, iniciou-se um sistema homog??neo de apresenta????o de dados. Esse processo de converg??ncia tem contribu??do para a melhoria da qualidade das demonstra????es cont??beis, estabelecendo uma leitura segura para investidores, governo, corpora????es e diversos usu??rios das informa????es cont??beis, que ?? fator preponderante em um ambiente de neg??cios globalizado no mundo atual. Diante deste contexto, esta pesquisa tem como objetivo avaliar as demonstra????es cont??beis das companhias abertas que t??m como parte de suas estrat??gias a gest??o tribut??ria e operacional voltada para o investimento em Pesquisa e Desenvolvimento (P&D) em Inova????o Tecnol??gica e que por este motivo, puderam utilizar o beneficio dos Incentivos Fiscais de Inova????o Tecnol??gica. O estudo pautou-se na metodologia qualitativa explorat??ria descritiva por meio da an??lise documental. Para isto, foi empreendida uma pesquisa documental nas notas explicativas das demonstra????es cont??beis publicadas por companhias abertas, listadas no site da CVM, bem como an??lise de conte??do das normas tribut??rias e cont??beis vigentes. Como resultado, apurou-se a exist??ncia ou adequa????o aos requerimentos das normas cont??beis versus as normas tribut??rias que equiparam os Incentivos fiscais como uma subven????o Governamental. Assim, espera-se contribuir com subs??dios sobre a necessidade de normas e modelos de contabiliza????o dos incentivos fiscais, bem como criar uma base para estudos futuros
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Anagrius, Hannes. "The case of Sarafu-credits : Examining how a community currency can contribute to sustainable livelihood in informal settlements." Thesis, Stockholms universitet, Stockholm Resilience Centre, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-179180.
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Residents of informal settlements (slums) are vulnerable to various disturbances; e.g. diseases spreading and fluctuations in food prices and local access to credits. The lack of credits derives from the continuous outflow of money from communities. This study examines a financial innovation called Sarafu-credits (SC) implemented in Kenyan informal settlements by the organization Grassroots Economics (GE). SC is a community currency (CC), more particularly vouchers only used within a network of micro-businesses, which aim to complement scarcity of conventional money. In addition, GE have initiated community activities, e.g. tree planting, trash collection, food gardens and cultural events, where residents can be paid in SC to improve the community socially and environmentally. This study examines the design and practice of SC, and the activities, using mainly semi-structured interviews with SC-network-members and GE key persons, to understand how a CC can contribute to sustainable livelihood. The concepts specified and general resilience are used to understand the links between SC and the various social-ecological disturbances facing slum-dwellers. The results suggest that SC-members who are actively trading with SC are able to increase their sales, savings and access to basic goods and services thanks to SC. The results also suggest the networks and community activities are strengthening social contacts in the neighbourhood, and constitute examples of how a CC can help finance management of local environmental problems, where SC paid for community services also support local trade. The identified challenges are related to local leadership, where trust, communication and consistency of rules are lacking. In one of the networks, the confidence in the usefulness of the currency is lacking, due to these challenges. GE have experimented with different designs where one successful innovation is the ability to exchange SC to conventional money at certain occasions, which seem to strengthen the confidence in SC.
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Labán, Raúl. "Essays on financial innovation and stabilization." Thesis, Massachusetts Institute of Technology, 1992. http://hdl.handle.net/1721.1/13224.
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Roxo, da Fonseca Gustavo J. C. (Gustavo José Costa) 1967. "Technology innovation in financial services industry." Thesis, Massachusetts Institute of Technology, 2004. http://hdl.handle.net/1721.1/17891.
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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2004.Includes bibliographical references (leaves 96-98).
Over the last few decades, we have seen an enormous evolution in the financial services industry driven by technology innovations. Indeed, we cannot imagine the current financial system without electronic fund transfers, ATMs, and Internet banking among many other innovative implementations. In fact, the financial services industry is the largest market to IT suppliers which makes the financial providers the preferred partners in many technological innovations such as mobile technologies, security devices and customer relationship management (CRM) tools. Although the importance of technology innovation is clear in transforming the financial services industry, we do not often find organizations getting sustainable competitive advantage though technology innovation. In fact, in most cases, financial providers have just been focused on being as good as the competition in terms of technology innovation, neglecting any sophisticated technology strategy that could enable them to primarily capture the value created by internal innovative ideas. The goal of this research is to evaluate the stage of technology innovation in the financial services industry, its strategic relevance to the organizations, and its governance models. Based on the information gathered through reviewing relevant literature and interviewing people involved with technology and financial services, our work will propose some technology strategies that could improve the effectiveness of innovation to different types of financial providers.
by Gustavo J.C. Roxo da Fonseca.
M.B.A.
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Cunha, Byström Daniel. "Financial Crisis as an Innovation Determinant." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-448055.
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This paper examines the effect of the 90s financial crisis in Sweden on patent quantity and attempts to determine the potential mediating role that institutions of higher education may play. The empirical design consists of adifference-in-differences model which relies on cross-municipality variation in crisis exposure, which is defined asthe percentage of employment loss during the crisis years, 1991-1993. The results suggest that the crisis did not significantly affect the overall number of patents issued; however, Innovation significantly increased in municipalities with an above-median college attendance rate. Additionally, I find that municipalities with access to institutions of higher education were also positively affected by the crisis in terms of patent quantity. Both these results indicate that government policy to expand access to higher education institutions may in fact facilitate innovation activity during times of financial crisis.
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Carlson, Stacy(Stacy Lynn). "Essays in financial innovation and development." Thesis, Massachusetts Institute of Technology, 2018. https://hdl.handle.net/1721.1/122051.
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This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.Thesis: Ph. D., Massachusetts Institute of Technology, Department of Economics, 2018
Cataloged from student-submitted PDF version of thesis. "Some pages in the original document contain text that runs off the edge of the page"--Disclaimer Notice page.
Includes bibliographical references.
In this thesis, I use rich individual- and household-level data to explore the impact of different forms of financial innovation on development outcomes in Africa. Chapters 1 and 2 utilize data from a digital lender that provides credit over mobile phones. Chapter 1 presents novel evidence on the magnitude of consumer liquidity constraints and the relative importance of the various forms of asymmetric information that may contribute to them. I find that borrowers almost always take out the maximum credit line available to them, consistent with short-term liquidity constraints. I then use quasi-experimental variation in credit policies across individuals and time to estimate the relative magnitude of selection and incentive effects among new borrowers. I find that information asymmetries go a long way toward explaining high observed default rates. Chapter 2, my job market paper, explores the impact of dynamic incentive schemes on borrower behavior in the digital credit market. I use a series of quasi-experiments induced by policy nonlinearities to estimate the effect of progressive lending policies on borrower repayment decisions. I find that new borrowers who receive a larger initial loan are more likely to default on that loan. By contrast, repeat borrowers who receive a larger loan (relative to their previous loan) are actually less likely to default. I provide evidence that this reflects a strategic repayment motive, whereby borrowers repay in order to get access to larger loans in the future. Chapter 3, written with Yu Shi, uses household-level data from a panel survey in Nigeria to explore the relative importance of formal versus informal finance. We find that informal financial markets remain important and are quite effective in enabling consumption smoothing by lower-income households and businesses in Nigeria.
by Stacy Carlson.
Ph. D.
Ph.D. Massachusetts Institute of Technology, Department of Economics
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Абрютіна, Анастасія Вікторівна, Анастасия Викторовна Абрютина, and Anastasiia Viktorivna Abriutina. "Financial providing of enterprises' innovation activity." Thesis, Сумський державний університет, 2012. http://essuir.sumdu.edu.ua/handle/123456789/28678.
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Abryutina, A. V. "Financial management of firm's innovation activity." Thesis, Sumy State University, 2014. http://essuir.sumdu.edu.ua/handle/123456789/45226.
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In modern informational society and dynamic business environment innovation is the only factor which can sustain long-run growth of certain country under the influence of global development gap, rapidly changing customer needs, high level of market competition. Besides it not only governments but more and more firms are realizing the importance of innovation to gain competitive advantage. Obviously, they are engaging themselves in various innovative activities, ranging from manufacturing processes, product improvement, and brand building initiatives. Firms are creating new products, solutions and services that provide a radically better experience for the consumers.
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Araujo, Joelma Maria Batista de. "Inovação e ciclos econômicos em Schumpeter e Minsky." Universidade Federal de Alagoas, 2012. http://www.repositorio.ufal.br/handle/riufal/1447.
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The current global economic crisis has put into question the elucidating ability of many economic approaches, in particular those based on neoclassical assumptions, marked roughly by the tendency to equilibrium (self-tuning) as well as the treatment of superficial functions of money in the capitalist system. Similarly, the work of some authors from the heterodox line has gained more space in discussions precisely because give special attention to the role of money in the functioning of the capitalist economic dynamics, and also observe the system on the prism of inherent instability. Regarding the crisis, the mainstream has pointed to possible failures of economic policies of the U.S. government, in turn, heterodox analyzes have indicated, generally, the lack of regulation of financial markets. Beyond these interpretations, however, one of the most striking elements of this process - from the formation of the bubble subprime crisis - were financial innovations that led to the emergence of a period of global economic prosperity. Thus it broadens the perception of innovation as an important element in the formation of economic cycles, encouraging discussion and research on both topics. In order to further explore the relationship between theories that treat innovation as a key driver of the business cycle, we propose an analysis of rapprochement between the views of business cycles from Schumpeter and Minsky. The differences between the heuristic models used in their analysis are considerable, but it is precisely here that lies the challenge and the goal of this dissertation: trying to establish a complementarity between the views of cycle from the two economists, despite the differences in their models. Thus, the hypothesis holds that innovation is central in explaining business cycles in the theoretical approaches of Schumpeter and Minsky, which makes their visions of the dynamics of a market economy complementary. There is, therefore, the question: Is it possible to explain the centrality that has innovations in explaining business cycles from the complementarity of the views of Schumpeter and Minsky cycle? In making this dissertation it was applied the methodology of assessment literature. We exposed the differences between the theories of the business cycle of Minsky and Schumpeter, but also identified traits in common in the views of the two. Above all, despite the differences between the theoretical legacies and heuristic models, it was observed that the visions of cycle from the two economists have considerable approaches together. It was observed that, in fact, the views of Schumpeter and Minsky cycles are complementary. According to Vercelli assumption there is a relation of complementarity among the cycles of the two economists. However, the main question of this dissertation concerns the complementary of cycle visions from Schumpeter and Minsky. However, it is not entirely abandoned the Vercelli assumption since, based on what has been discussed, it can be stated that financial innovations possibly arising on market conditions similar to that tend to arise technological innovations (relative stability, for example). Although, not necessarily, the two cycles has to occur simultaneously and dependent. In short, we can say that a reconciliation between the vision of technological cycle of Schumpeter and vision of Minsky's financial cycle is able to make more explicit the cyclical dynamics of the capitalist system and the role of innovation in this process. Thus we conclude that innovation is central in explaining business cycles in the theoretical approaches of Schumpeter and Minsky, which makes their visions of the dynamics of a market economy complementary.A atual crise econômica mundial tem posto em cheque a capacidade elucidativa de muitas abordagens da teoria econômica, em especial as que possuem base nos pressupostos neoclássicos, marcados, grosso modo, pela tendência ao equilíbrio (auto-ajuste), bem como o tratamento superficial das funções da moeda no sistema capitalista. No mesmo sentido, a obra de alguns autores de linha heterodoxa tem ganhado maior espaço nas discussões justamente por dispensarem atenção especial ao papel da moeda no funcionamento da dinâmica econômica capitalista, além de também observarem o sistema sobre o prisma da instabilidade inerente. No tocante à crise, o mainstream tem apontado para possíveis equívocos de políticas governamentais americanas, por sua vez, as análises heterodoxas têm indicado, grosso modo, a insuficiência de regulamentação dos mercados financeiros. Para além dessas interpretações, contudo, um dos elementos mais marcantes desse processo – desde a formação da bolha do subprime à crise − foram as inovações financeiras, que propiciaram o surgimento de um período de prosperidade econômica mundial. Desse modo amplia-se a percepção da inovação como um elemento importante na formação dos ciclos econômicos, motivando a discussão e investigação sobre ambos os temas. Com o intuito de explorar melhor a relação entre as teorias que tratam a inovação como principal propulsor dos ciclos econômicos, propomos uma análise de aproximação entre as visões de ciclos econômicos de Schumpeter e de Minsky. As diferenças entre os modelos heurísticos empregados em suas respectivas análises são consideráveis; mas, é justamente nesse ponto que reside o desafio e o objetivo dessa dissertação: tentar estabelecer uma complementariedade entre as visões de ciclo dos dois economistas, a despeito das diferenças de seus modelos. Assim, sustenta-se a hipótese de que a inovação é central na explicação dos ciclos econômicos nas abordagens teóricas de Schumpeter e Minsky, o que torna suas visões da dinâmica de uma economia de mercado complementares. Coloca-se, portanto, a seguinte questão: É possível explicitar a centralidade que tem as inovações na explicação dos ciclos econômicos a partir da complementariedade das visões de ciclo de Schumpeter e Minsky? Na confecção dessa dissertação aplicou-se a metodologia de apreciação bibliográfica. Foram expostas as diferenças que existem entre as teorias de ciclo econômico de Minsky e Schumpeter, mas também foram identificados traços que aproximam as visões dos dois. Sobretudo, a despeito das divergências entre as heranças teóricas e os modelos heurísticos, observou-se que as visões de ciclo dos dois economistas apresentam aproximações consideráveis entre si. Observou-se que, na realidade, as visões dos ciclos de Schumpeter e Minsky se complementam. Segundo a suposição de Vercelli há uma relação de complementariedade entre os próprios ciclos dos dois economistas. Entretanto, a questão principal dessa dissertação diz respeito à complementariedade das visões de ciclo de Schumpeter e Minsky. Contudo, não se abandonou inteiramente a suposição de Vercelli uma vez que, com base no que foi discutido, pode-se afirmar que as inovações financeiras surgem, possivelmente, diante de condições de mercado semelhantes em que tendem a surgir as inovações tecnológicas (relativa estabilidade, por exemplo). Embora não necessariamente os ciclos tenham que ocorrer de forma simultânea e dependente. Em suma, pode-se dizer que uma conciliação entre a visão de ciclo tecnológico de Schumpeter e a visão de ciclo financeiro de Minsky é capaz de tornar mais explícita a dinâmica cíclica do sistema capitalista, bem como o protagonismo da inovação nesse processo. Conclue-se assim que a inovação é central na explicação dos ciclos econômicos nas abordagens teóricas de Schumpeter e Minsky, o que torna suas visões da dinâmica de uma economia de mercado complementares.
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Ba, Ndeye Lika. "The importance of financial development for infrastructures performance in developing countries : the case of the energy sector." Paris, EHESS, 2015. http://www.theses.fr/2015EHES0063.
Full textAbstract:
L'objectif de cette étude est de mettre en lumière les effets bénéfiques du développement des systèmes financiers sur la performance des industries d'infrastructure, donc sur la croissance économique, dans les pays en voie de développement à travers une série d'analyses empiriques sur le secteur de l'énergie. Les résultats du premier chapitre mettent en évidence un effet positif et significatif, bien que graduel, des réformes financières sur le niveau de développement du secteur financier. Dans le deuxième chapitre, nous confirmons que le niveau de développement du secteur financier d'un pays le rend plus attractif du point de vue des investisseurs privés pour le financement des projets d'énergie. Les résultats montrent également que ces investisseurs prennent en compte le niveau de développement économique, la stabilité macroéconomique, les risques pays et la qualité des institutions dans leur décision de participer à ces projets. Étant donné ces conclusions, nous testons dans le troisième chapitre l'hypothèse de l'existence d'une relation significative entre les réformes des secteurs de l'électricité et financier dont les effets se reflètent dans la performance du secteur électrique. Nos résultats montrent que l'implication du secteur privé et la création d'une autorité de régulation améliorent l'offre d'électricité et la fiabilité du réseau. De plus, les impacts positifs du dégroupage des segments du secteur et de la régulation sont exacerbés par la modernisation des systèmes financiers. Ces résultats suggèrent donc qu'en facilitant l'accès au financement, un secteur financier plus développé permet aux opérateurs de moderniser et améliorer la performance de leurs réseauxThe main goal of this dissertation is to highlight the beneficial effects of financial development on the performance of infrastructure industries, hence on economic growth, in developing countries through a set of empirical analyses on the energy sector. In the first chapter, we find a gradual but positive and significant global effect of financial reforms on the overall size and liquidity of the sector. The second chapter assesses the extent to which the level of development of a country's financial sector draws private participation in energy projects financing. We find that a financial sector that offers proper financing solutions and risk-mitigating tools indeed contributes to improving private participation. Our findings also provide evidence that economic development, macroeconomic stability, country risk, and institutional development are significant determinants of a country's appeal to private investors. Putting together these results, the third chapter makes the hypothesis of the existence of a significant empirical link between the power and financial sectors reforms the effects of which are reflected in in the power sector's performance. We find that private participation and independent regulation have significantly improved power supply and operational efficiency. Interestingly, the effects of the unbundling of the sector and the creation of an autonomous regulator have been exacerbated by the development of the financial systems. These findings suggest that deeper and more liquid financial markets have eased access to long-term financing for operators allowing them to upgrade their networks and improve performance