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1
FERRARESI, Massimiliano. "Responsiveness of local governments to financial and institutional reforms: evidence from Italy." Doctoral thesis, Università degli studi di Ferrara, 2015. http://hdl.handle.net/11392/2388975.
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This thesis proposes three distinct contribution to the field of economic analysis on local government. In particular, each of the three studies focuses on a specific Italian policy reform allowing us to analyze how it affects local fiscal policy decisions. In the first chapter we investigate the impact on expenditure of tax on principal dwellings before 2008 and the impact on expenditure of the grant which, after 2008, compensated for the abolition of the tax on principal dwellings. We setup a theoretical model in which the introduction of a political bias against taxation gives rise to the flypaper effect. If the public good is very important with respect to private consumption then an increase in the municipal size implies a decrease in the extent of the flypaper effect; the opposite happens if the public good is not important with respect to private consumption. We then test the hypotheses coming from the model by using data on Italian municipalities, focusing on two groups of expenditure: the principal expenditure, which are those essential to guarantee the minimum standard daily life of a municipality and the rest, defined as residual expenditure. We find that the flypaper effect holds for both kinds of expenditure, but decreases with respect to population in the case of principal expenditure and increases with respect to population in the case of residual expenditure. In the second chapter we setup a model in which the residents of two neighboring municipalities can use the services provided by public infrastructures located in both jurisdictions. If services are either complements or substitutes in use, the municipalities strategically interact when investing in infrastructures; moreover, when they differ in population size, the small municipality reacts more to the expenditure of its neighbor than the big one. The theoretical predictions are then tested by estimating the determinants of the stock of public infrastructures of the municipalities belonging to the Autonomous Province of Trento, in Italy. By introducing a spatial lag-error component, we find that municipalities positively react to an increase in infrastructures by their neighbors, but the effect tends to vanish above a given population threshold. Finally, in chapter 3 we use data for all Italian municipalities from 2001 to 2007 to empirically test the extent to which two different electoral rules, which hold for small and large municipalities, affect fiscal policy decisions at local level. Municipalities with fewer than 15,000 inhabitants elect their mayors in accordance with a single-ballot plurality rule where only one list can support her/him, while the rest of the municipalities uses a runoff plurality rule where multiple lists can support her/him. Per capita total taxes, charges and current expenditure in large municipalities are lower than in small ones if the mayor of the large municipality does not need a broad coalition to be elected, otherwise the use of a single- or double-ballot rule does not make any difference in the policy outcome.
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Євлентьєва, І. Р. "Фінансування освіти в Україні: проблеми та перспективи". Thesis, Одеський національний економічний університет, 2021. http://local.lib/diploma/Yevlentieva.pdf.
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Доступ до роботи тільки на території бібліотеки ОНЕУ, для переходу натисніть на посилання нижче<br>У роботі розглядаються теоретичні засади фінансування освіти в Україні, у тому числі планування видатків на освіту та його особливості, принципи та напрями фінансування видатків на освіту, проблеми фінансування видатків на освіту. Здійснено аналіз стану фінансування видатків на освіту в Україні, здійснена оцінка фінансування видатків зведеного бюджету на освіту та оцінка використання державних цільових субвенцій на освіту. Розглянуто зарубіжний досвід планування та фінансування видатків на освіту, надані рекомендації щодо підвищення ефективності планування та фінансування видатків на освіту в Україні.<br>The paper considers the theoretical principles of financing education in Ukraine, including the planning of expenditures on education and its features, principles and directions of financing expenditures on education, the problems of financing expenditures on education. The analysis of the state of financing of expenditures on education in Ukraine is carried out, the estimation of financing of expenditures of the consolidated budget on education and the estimation of use of the state target subventions on education is carried out. The foreign experience of planning and financing of expenditures on education is considered, recommendations on increase of efficiency of planning and financing of expenditures on education in Ukraine are given.
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Leos, Leonard Rouleau Paul Wadsworth Mark. "Budget scoring of alternative financing methods for defense requirements." Monterey, Calif. : Naval Postgraduate School, 2007. http://bosun.nps.edu/uhtbin/hyperion-image.exe/07Jun%5FLeos%5FMBA.pdf.
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"Submitted in partial fulfillment of the requirements for the degree of Master of Business Administration from the Naval Postgraduate School, June 2007."<br>Advisor(s): Summers, Donald ; San Miguel, Joseph. "June 2007." "MBA professional report"--Cover. Description based on title screen as viewed on August 15, 2007. Includes bibliographical references (p. 37-38). Also available in print.
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Leos, Leonard, Mark Wadsworth, and Paul Rouleau. "Budget scoring of alternative financing methods for defense requirements." Monterey California. Naval Postgraduate School, 2007. http://hdl.handle.net/10945/10247.
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MBA Professional Report<br>This research investigates procurement scoring and the Department of Defense's (DoD) use of alternative financing methods, such as leases and public-private ventures. One of the major impediments to using alternative forms of procurement financing for acquiring defense capabilities is in the budgetary treatment, or "scoring," of these initiatives by the Congressional Budget Office (CBO), the Office of Management and Budget (OMB) and the congressional Budget Committees. The current scoring policy that has been applied to many initiatives essentially negates the financial advantage for using alternative forms of financing. Therefore, this research examines existing policies and their adherence to statutes and the role of the various government organizations and committees in actual recording of obligations and outlays related to financing alternatives used by federal agencies. Preliminary evidence suggests that this emerging area has major importance for future DoD acquisitions in a resource-constrained environment. Included are recommendations for changes in budgetary scoring that encompass the full scope of federal obligations and expenditures while promoting efficient, more rapid and fiscally responsible acquisitions.
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Jankowski, Patrick, Michael McGee, and Matthew Lehmann. "Financing the DOD acquisition budget: innovative uses of public-private partnerships." Monterey California. Naval Postgraduate School, 2006. http://hdl.handle.net/10945/10129.
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MBA Professional Report<br>This project identifies a need for alternative financing options in the Department of Defense (DOD) to provide increased capability to the warfighter in todayb2ss exigent military environment. Further, this project compares the history of Public-Private Partnerships in the U.S. Government with the United Kingdom (UK) Ministry of Defense (MOD). We intend to showcase the increased capabilities currently enjoyed by the UK MOD from entering into these agreements. Additionally, it will provide an in depth look of three Private Finance Initiatives (PFI) that Serco Inc. has undertaken and future prospects for the private financing technique. Finally, this analysis will evaluate the value for money gained by using Public-Private Partnerships through proper risk transfer in lieu of Full Up-Front Funding. The examination concludes that continued and expanded use of Public-Private Partnerships provides increased real time capability to DOD while supporting private industry. Public-Private Partnership agreements may not always be the most inexpensive means of procurement from a purely financial standpoint. However, this relationship provides several tangible real time benefits to the government and seeks to reduce the full life cycle cost.
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Shpitshluz, S. О. "The emergence of fiscal risks in the process of financing the regional budget." Thesis, Science and education LTD, 2015. http://essuir.sumdu.edu.ua/handle/123456789/60123.
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Today, the topic of budgetary financing is very important. As the country’s
economy during the financial crisis is fragile and weak, there is a need to develop new
conceptual approaches to the directions and mechanisms of fiscal policy
implementation, and turn it into an effective instrument of social and economic
development of both country and region.
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Bartáková, Daniela. "Právní regulace finančních toků ze strukturálních fondů na komunitární a národní úrovni." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-74419.
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The "European Union and National Legislation on Financial Flows from Structural Funds" Thesis describes and evaluates briefly relevant European Union and Czech legislation on receiving financial flows from European Social Fund, European Regional Development Fund and Cohesion Fund. The thesis compares various model grant agreements used in Czech regional operational programmes, eligibility of expenditure rules applicable to different regional operational programmes and compares rules of procurement applicable to Operational Programme Enterprise and Innovation to rules of procurement applicable to Human Resources and Employment Operational Programme. The thesis comes to the conclusion that even though the European Union legislation valid for the period of 2007--2013 is advanced and clear, it fails to secure creation of a clear and rational system of financial flows distribution on national level.
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Ілляшенко, Тетяна Олексіївна, Татьяна Алексеевна Ильяшенко, Tetiana Oleksiivna Illiashenko та С. І. Захарченко. "Реформування фінансового забезпечення охорони здоров’я в Україні". Thesis, Сумський державний університет, 2013. http://essuir.sumdu.edu.ua/handle/123456789/47432.
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В системі охорони здоров’я однією з головних проблем є нестача коштів, які забезпечують її функціонування. У суспільстві сформовано три альтернативні моделі організації та фінансового забезпечення охорони здоров’я: бюджетна, страхова та приватна. Спільним для цих моделей є те, що вони використовують багатоджерельний механізм фінансового забезпечення з метою залучення всіх можливих фінансових ресурсів.
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Suban, Robert. "The financing of multinational subsidiaries." Thesis, University of Manchester, 2015. https://www.research.manchester.ac.uk/portal/en/theses/the-financing-of-multinational-subsidiaries(20510445-f31e-4a00-bd01-870fd19be9da).html.
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In this thesis, we investigate how multinational (MNC) parents can use the way they finance their subsidiary firms in order to constrain subsidiary management. In the first essay, we develop a theoretical framework in which we consider a number of alternative decisions related to the financing of MNC subsidiary firms. We show that, from the MNC parent's perspective, the optimal choice is to delegate the monitoring of the subsidiary to host-country banks and finance the subsidiary using short-term and short-term external debt. This arrangement will guarantee that the MNC subsidiary management exerts an optimal amount of effort and abides by the objectives set by the MNC parent. In the second essay, we propose and test four hypotheses addressing how MNC parents can use short-term and short-term external debt to constrain the rent-seeking behaviour of subsidiary management. One set of hypotheses analyses the use of short-term debt. The second set of hypotheses investigates the use of short-term external debt. Moreover, we investigate these two hypotheses in two different settings to measure: (i) the subsidiary effect by comparing between UK domestic and UK subsidiary firms and (ii) the location effect by comparing UK and US subsidiary firms. We find support for our hypotheses, namely that UK subsidiaries have more short-term debt and more short-term external debt as compared to equivalent UK domestic firms, and that US subsidiaries have more short-term debt and less short-term external debt compared to equivalent UK subsidiaries. Our results are both statistically and economically significant and are robust to the use of a matched sample approach to test our hypotheses. The third essay investigates the relationship between the bargaining power of MNC subsidiary firms and the way these firms are financed by analysing the source and the maturity of financing arrangements. We argue that the financing arrangements used to finance the subsidiary are linked to its ability to engage in rent-seeking behaviour and the latter depends on the amount of bargaining power that the subsidiary possesses. We use four different measures of bargaining power, namely age, size, presence of foreign sales and percentage of foreign sales. Using data relating to UK and US MNC subsidiaries between 2001 and 2010, we test two sets of hypotheses linking the bargaining power of the MNC subsidiary firms with the use of short-term debt and the use of external short-term debt. Our results provide strong support for our short-term debt hypotheses while support for our external debt hypotheses is more limited. The results are also economically significant when using the percentage of foreign sales as a bargaining power proxy. We also notice that the use of debt to constrain subsidiary management behaviour appears to differ across UK and US MNC subsidiary firms.
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Adams, Gordon. "A critical analysis of the African Union’s self-financing mechanism." University of the Western Cape, 2019. http://hdl.handle.net/11394/6820.
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Magister Philosophiae - MPhil<br>In the process of describing the background to the problem, the author will in this section firstly, explain what the African Union (AU) has implemented, secondly, explain the relevant rules and regulations that need to be adhered to as World Trade Organisation (WTO) members and lastly, explain how the self-financing mechanism might be in contravention of the rules and regulations of the WTO required to be adhered to by all WTO Members.
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Абдаладзе, А. В. "Вдосконалення механізму бюджетування установ". Master's thesis, Сумський державний університет, 2019. http://essuir.sumdu.edu.ua/handle/123456789/75995.
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В першому розділі обґрунтовується теоретична база вибраної проблеми, дається огляд літературних джерел, нових розробок, іншої інформації, пов’язаної із темою.
У другому розділі відображено аналіз діючої системи фінансування бюджетних установ, виконання кошторисів за доходами і видатками.
У третьому розділі розглядається виконання кошторисів доходів та видатків на прикладі Головного управління статистики у Сумській області, пропонуються заходи, спрямовані на вдосконалення бюджетного фінансування та представлено світовий досвід бюджетного фінансування державних установ.
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Bugienė, Lina. "Savivaldybės biudžeto sandara ir kreditinio finansavimo poreikis (Telšių rajono savivaldybės pavyzdžiu)." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2005. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2005~D_20050603_131110-51495.
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In master’s work there are analyzed the budget of the municipality of Telsiai district, the requirement of the credit financing and the most relevant instrument of the borrowing is selected. The analysis of the non-fiction literature, the laws of the Republic of Lithuania, acts, the decisions of the common council of Telsiai district are presented. After the analysis the conclusion was made that credit financing and method of the borrowing would help the local government of Telsiai district better to do the appointed functions of the state with the support of the emission of the municipal revenue bonds. Hypothesis of the investigation confirms that the local government is lacking of the high credit-financing requirement.
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Langdana, Farrokh K. "The sustainability of domestic budget deficits in open economies." Diss., Virginia Polytechnic Institute and State University, 1987. http://hdl.handle.net/10919/77814.
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This paper presents a framework for exploring the sustainability of U.S. domestic budget deficits in the presence of the currently experienced capital inflows. A 'sustainable' deficit-financing policy is defined as one in which the combination of debt-financing and seigniorage precludes the creation of a large unanticipated inflation to wipe out the debt in real terms. The model implemented is a rational expectations model of the open economy and two separate cases are analyzed.
In Case I, domestic money creation is held 'fixed' and any increases in the deficit are financed by the sale of one-year discounted government bonds to domestic and foreign residents. In Case II domestic money and bonds are both endogenously determined. The asset market, in both the cases, is characterized by perfect capital mobility as defined by uncovered nominal interest parity. Real interest parity, however, does not exist as domestic and foreign goods are not perfect substitutes.
In Case I, the solution of the domestic price level exhibits price-neutrality with respect to the deficits. The nominal and real exchange rates, however, are found to appreciate with increases in deficits and the situation is aggravated further by an exodus of domestic real wealth.
In Case II, on the other hand, deficits are found to be inflationary and both nominal and real exchange rates depreciate with increases in the deficit. Furthermore, increases in the amount of debt being rolled over cause even greater upward pressures on domestic inflation and result in the further weakening of the dollar. The solutions also provide us with an expression for the maximum amount of debt that can be rolled over without causing the domestic price level to explode or the currency to collapse. This 'critical value' of debt is found to bear an inverse relationship to the rate of growth of the domestic deficit. Bond-financed deficits are therefore non-sustainable in both the cases discussed, and the arithmetic, it seems, is unpleasant indeed.<br>Ph. D.
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Chang, Tin Yee. "Tropical radiation budget from ERBS scanner measurements." Thesis, McGill University, 1990. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=59526.
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In an effort to attain a quantitative understanding of the temporal and spatial variability of the tropical radiation budgets and the cloud-radiative forcing, a complete annual cycle of measurements by the Earth Radiation Budget Satellite scanning radiometer is analyzed.<br>Results show the existence of strong diurnal variation in the longwave emission over land and desert scenes and in the reflected shortwave radiation for all scenes. A bias in the Earth Radiation Budget Experiment scene identification algorithm against clear tropical scenes at night is evident in the longwave diurnal variation results. Substantial east-west variation is exhibited in the radiation and the cloud forcing components for some latitude zones. The largest seasonal changes in the radiation and the cloud forcing components are associated with the Asian summer monsoon and the migration of the Intertropical Convergence Zone. Cloud forcing results show a strong dependence of net forcing on cloud type, with small values for convective clouds and large negative values for stratiform clouds.
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CHAN, Suet Ying. "Auditor changes and debt financing : evidence from China." Digital Commons @ Lingnan University, 2017. https://commons.ln.edu.hk/acct_etd/23.
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The role of independent auditors is to ensure the accuracy and the credibility of the financial statements. Independent auditors help in reducing agency costs and serve as a monitoring function for creditors. A change in an auditor–client relationship may provide useful information to creditors. Creditors may consider the signal of auditor changes, which affects information risks, as a factor in determining the terms of debts. After several major audit scandals, awareness of the importance of audit quality has increased. Audit partner changes and audit firm changes have been implemented in some jurisdictions to enhance the audit quality. Since China requires disclosure by signing partners’ names on audit reports, audit partner rotations can be identified. The direction of audit firm changes can be downward, lateral, and upward audit firm changes. In this thesis, the effects on debt financing of auditor changes at both audit firm and audit partner levels in different directions are comprehensively investigated. This thesis addresses the importance of understanding the association between audit firm/ partner changes and debt financing. I find that, overall, auditor changes worsen debt financing in various situations. The findings of this thesis should have important implications for investors, corporate financial managers, and regulators.
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Martin, Yvonne Elizabeth. "Sediment budget from morphology : Vedder River, British Columbia." Thesis, University of British Columbia, 1991. http://hdl.handle.net/2429/30125.
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This study investigates the morphologic approach to sediment transport analysis and applies it to the Vedder River, British Columbia. The approach is based on the assumption that changes in channel morphology indicate sediment transport in the river. Despite the connection between these phenomena, only a few studies have examined this relation. The procedures, assumptions and limitations of the morphologic approach are discussed.
It is more straightforward to construct a sediment budget for bed material than for wash material, as bed material travels relatively small distances. The Vedder River is a cobble gravel river with dyked banks. Therefore it is a good location for a study of the morphologic approach as bed material can be distinguished easily from wash material. The results of this study are important as aggradation in Vedder River has resulted in major flooding problems.
Cross-section survey data were used to estimate volume changes along the Vedder River for incorporation into sediment budgets for several periods over the last decade. The construction of a sediment budget requires knowledge of at least one transport rate or transfer distance. Although the zero downstream transport assumption used in this study was found to be incorrect, it was retained as there are no transport rate measurements. Furthermore, the transport assumption is probably within the error ranges of the sediment budgets.
Most of the errors in the sediment budgets were attributed to uncertainty in volume change estimates. When volume change estimates were calculated for different sets of cross-sections, the values varied significantly. This indicates that there is bias in the results. It is difficult to evaluate the degree of bias without a knowledge of actual channel changes. It. was found that the uncertainty in the transport estimates at Vedder Crossing ranged from ±8% to ±25%. These values compare favourably with error analysis results of direct measurements in the Fraser River (see McLean and Church, 1989).
An analysis was performed to evaluate the cross-section density that is necessary to obtain a reasonable representation of actual channel changes. The average distance between cross-sections should be relatively smaller in reaches which have large variability in channel change patterns. It was suggested that cross-section spacing in the Vedder River should average between 250 and 300 m.
The sediment budget results provide valuable information about the patterns of channel change and the magnitude of flows responsible for large amounts of deposition in the Vedder River. It was found that significant aggradation occurs during exceptional flood events. Most of the material is deposited in the several kilometers immedatiately upstream of the Vedder Canal.
The morphologic approach provides a good method for evaluating the sediment transport regime of a river. The usual management time-scale ranges from several years to decades, which is coincident with the time-scale of this approach. Furthermore, the total field effort is less than that required for direct measurements.<br>Arts, Faculty of<br>Geography, Department of<br>Graduate
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Depoorter, Mathieu A. "Mass balance investigation of Antarctica from budget methods." Thesis, University of Bristol, 2016. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.702166.
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During the last 20 years, West Antarctica has experienced enhanced ice discharge to the ocean due to loss of buttressing from melting and collapsing ice shelves. On the other hand, increases in precipitation have been reported in East Antarctica in line with an expected wetter atmosphere in a warming climate. The big questions that still lie ahead are therefore: (i) Will the enhanced precipitations in East Antarctica compensate the dynamic mass losses observed in West Antarctica in the future? (ii) And what will be the resulting contribution to sea level rise (SLR)? To answer those questions we need to have a firm grip on the present day mass balance (MB) of Antarctica and on the mechanisms that govern both the surface mass balance (SMB) and the ice discharge (D) into the ocean. This thesis investigates the MB of Antarctica using the input-output method (10M) allowing for a direct diagnoses of local, regional and global MB in Antarctica. It does this for both the Antarctic Ice Sheet (AIS) and the ice shelves. Because the mass imbalance of AIS is of the order of 5-10% of both accumulation and attrition terms of the mass budget (~2000 Gt yr-1), all glaciers around Antarctica as well as each assumption made require precise attention. This thesis starts with a chapter exploring the grounding zone (Chapter 2), and then goes on to the actual mass balance calculations of the AIS in Chapter 3 and of the Antarctica ice shelves in Chapter 4. The Grounding lines (GL) of Antarctica have been widely studied using various techniques at a local and regional scale. In recent years GL datasets aiming for circumpolar coverage have been published using different approaches. However these datasets still bear unexplained discrepancies of up to tens of kilometres in numerous places around Antarctica. In Chapter 2 four recent datasets are compared which track either the surface break of slope (h) or the inward limit of tidal flexure (F) as proxies for the grounding point (G). From visual examination and from a particle tracking scheme (PTS), it is found that all GL datasets agree within 1-2 km on slow moving ice and on the sides of fast flowing features (FFFs). However it is confirmed that h, obtained from photogrametry or photo clinometry, is not a reliable proxy in central parts of FFFs because of multiple breaks-in-slope and artefacts. It is further confirmed that the most reliable methods to map G in such places are those tracking F. In addition, a gravitational driving stress (td) is computed from a 1 km Antarctic digital model elevation (DEM) and leads to the finding that driving stress mapping (DSM) supports dynamic approaches in grounding line location. This reconciles static and dynamic grounding line methods by showing that they map the same features providing that altimetry is used rather than imagery for static methods. Guided by these analyses a new, up-to-date, and complete grounding line of Antarctica is compiled. The potential of DSM is successfully tested on a grounding line migration case study in West Antarctica. To investigate the grounding zone around Antarctica and its ice dynamics, DSM is further used. DSM allows to map sharp transitions across G for slow moving ice, as well as complicated transitions on fast flowing features (FFFs). Complicated transitions on FFFs contradict the idea of there being an ideal transition occurring at G, whereby the ice flow regime switches from basal drag-dominated to lateral drag-dominated. Rather, it is found that acceleration occurs upstream of G and that deceleration occurs downstream of G. This changes the understanding of the grounding zone ice dynamics, where ice was believed to accelerate at G due to loss of basal drag. Using DSM in combination with ice penetrating radar (lPR), reported and new ice plains (i .e. lightly grounded areas) are detected and mapped. They extents cover ~55,000 km2 around the Ross, the Filchner-Ronne, and the Larsen C ice shelves. These findings have implications for our understanding of ice sheet stability since ice plains are particularly prone to grounding line migration and can stretch up to ~300 km inland of G. In Chapter 3 the MB of the AIS is assessed using the input-output method (lOM). The grounding line fluxes (GLF) and 5MB are estimated for 110 drainage basins covering the whole AIS. The GLF is computed using up to date grounding lines and additional radar ice thicknesses data compared to previous 10M studies. 5MB values are re-evaluated in light of new drainage basins defined from an ice velocity field rather than from topography. 5MB is taken as the 30 years mean of three regional climate models. Due to a number of improvements in the GLF methodology, an unprecedented 94% of the ice sheet area is surveyed, i.e. an increase of + 13% from the latest 10M study. Un-surveyed areas are accounted for using mass trends (MT) from a Bayesian hierarchical modelling solution from the RATES (Resolving Antarctic ice mass TrEndS) project. The integrated AIS mass balance is -63 ± 83 Gt yr- I and divides into -22 ± 28, -62 ± 45, and 22 ± 64 Gt yr- I for the Antarctic Peninsula (AP), the West Antarctic Ice Sheet (WAIS), and the East Antarctic Ice Sheet (EAIS), respectively. The integrated MB is therefore a lower 10M estimate compared to previous 10M studies and reconciles the 10M with the other MB methods of satellite gravimetry and altimetry. Because the stability of the AIS is intimately linked to the stability of ice shelves, Chapter 4 finally focuses on the mass balance of ice shelves around Antarctica, giving the partition between calving fluxes (CF) and basal mass balance (BMB), the main processes by which Antarctic ice is lost. Before this study, iceberg calving had been assumed the dominant cause of mass loss for the Antarctic ice sheet, with previous estimates of the calving flux exceeding 2,000 Gt yr- I . More recently, the importance of melting by the ocean had been demonstrated close to the grounding line and near the calving front. So far, however, no study had reliably quantified the calving flux and the BMB (the balance between accretion and ablation at the ice-shelf base) for the whole of Antarctica. The distribution of fresh water in the Southern Ocean and its partitioning between the liquid and solid phases was therefore poorly constrained. Here, a first estimate of the mass balance components for all ice shelves in Antarctica is produced using calving flux and grounding-line flux from satellite and airborne observations, modelled ice-shelf snow accumulation rates, and a regional scaling that accounts for un-surveyed areas. The total CF is 1321 ± 144 Gt yr- I and the total BMB is -1454 ± 174 Gt yr-1 . These numbers mean that about half of the ice-sheet surface mass gain is lost through oceanic erosion before reaching the ice front, and that the calving flux is about 34% less than previous estimates derived from iceberg tracking. In addition, the fraction of mass loss due to basal processes varies from about 10 to 90 % between ice shelves. A significant positive correlation between BMB and surface elevation change is found for ice shelves experiencing surface lowering and enhanced discharge. It is therefore suggested that basal mass loss is a valuable metric for predicting future ice-shelf vulnerability to oceanic forcing.
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Wei, Rui, and 魏睿. "Privatized firm's financing decision: evidence from China's reform era." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2008. http://hub.hku.hk/bib/B4150897X.
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Deesomsak, Rataporn. "Corporate financing decisions : evidence from the Asia Pacific region." Thesis, Durham University, 2006. http://etheses.dur.ac.uk/2667/.
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This thesis analyses the corporate financing decisions of listed non-financial firms operating in the Asia Pacific countries, namely Thailand, Malaysia, Singapore and Australia, for the period from 1993 to 2001. These four countries have different legal, corporate governance, financial and institutional environments and were affected by the 1997 Asian financial crisis in different ways and to different degrees. Therefore, this thesis aims to shed light on the impact of these differences and the financial crisis on financing policies and practices of firms in this region. The empirical analysis consists of three main parts: (i) the determinants of capital structure (the use of debt versus equity); (іі) the determinants of debt maturity structure (the use of long-term debt versus short-term debt); and (ііі) the tests of the extent to which the main capital structure theory (the pecking order theory) accounts for the financing behaviour of firms in this region. The results suggest that capital structure and debt maturity structure decisions of a firm are not only the product of its own characteristics as identified by the extant literature but also the function of the financial and legal environment in which it operates. The results also show that firms in this region do not behave as strictly as predicted by the pecking order theory. However, they reveal that financial deficit (the key factor in the pecking order theory) challenges the exclusive role of the conventional factors. The financial crisis of 1997 is also found to have had significant but diverse impacts on the firms' financing decisions across the region, especially in Thailand where the crisis originated. In addition, the pecking order behaviour tends to be more pronounced for the post-crisis period.
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Wei, Rui. "Privatized firm's financing decision evidence from China's reform era /." Click to view the E-thesis via HKUTO, 2008. http://sunzi.lib.hku.hk/hkuto/record/B4150897X.
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Civolani, Corso. "Financing university spin-outs: evidence from Imperial College London." Master's thesis, Alma Mater Studiorum - Università di Bologna, 2015. http://amslaurea.unibo.it/8111/.
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This research work focuses on the factors which lead investors to finance university spin-outs. The achieved results related to spin-out companies in the United Kingdom are based on empirical evidence from Imperial College London. The characteristics of a sample of 557 university spin-outs have been examined in order to understand the investors’ attitude towards financing this typology of companies. The outputs of this study demonstrate that official spin-out companies supported by Imperial College are more likely to receive an investment. Furthermore, it is also shown that investors are not inclined to finance academic spin-outs in which the board of directors includes academics who are mainly involved in researching and teaching activities.
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Луценко, Д. В. "Фінансування бюджетних установ: проблеми та шляхи удосконалення". Thesis, Сумський державний університет, 2018. http://essuir.sumdu.edu.ua/handle/123456789/66990.
Full textAbstract:
На сьогодні для суспільства життєвонеобхідними є бюджетні
установи, бо більша їх частина має соціально-культурну функцію і є
міцною гарантією реалізації важливих прав громадян на соціальне
забезпечення, освіту, медичне обслуговування тощо.
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Сотник, Ірина Миколаївна, Ирина Николаевна Сотник, and Iryna Mykolaivna Sotnyk. "Approaches to the budget funding distribution for the regional renewable energy development." Thesis, Sumy State University, 2021. https://essuir.sumdu.edu.ua/handle/123456789/86283.
Full textAbstract:
Розроблений поетапний алгоритм розподілу бюджетного фінансування на покриття частки безвідсоткових кредитів за регіональними проєктами, що використовують різні технології «зеленої» енергетики. На першому етапі визначається частка безвідсоткового кредиту за кожною технологією відновлювальної енергетики в регіоні. На другому розраховуються обсяги виділеного фінансування на регіональний розвиток цих технологій, гарантуючи будівництво обраних об’єктів на відновлювальних енергоджерелах на території.<br>Разработан поэтапный алгоритм распределения бюджетного финансирования на покрытие доли беспроцентного кредита по региональным проектам, использующим различные технологии «зеленой» энергетики. На первом этапе определяется доля беспроцентного кредита по каждой технологии возобновляемой энергетики в регионе. На втором рассчитываются объемы выделенного финансирования на региональное развитие этих технологий, гарантируя строительство выбранных объектов на возобновляемых энергоисточниках на территории.<br>A step-by-step algorithm for allocating budget funding to cover the share of interest-free loans on regional projects using various green energy technologies has been developed. At the first stage, the share of interest-free loans for each renewable energy technology in the region is determined. The second stage includes calculating the amount of funding allocated for the regional development of these technologies, ensuring the construction of selected facilities on renewable energy sources in the territory.<br>The publication was prepared in the framework of the research project "Formation of economic mechanisms for sustainable development of renewable energy in the conditions of global and local threats to energy security of Ukraine" (No. 0120U104806) funded by the National Research Foundation of Ukraine.
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Gűney, Yilmaz. "Financing mix of non-financial corporations : evidence from European countries." Thesis, Durham University, 2002. http://etheses.dur.ac.uk/3940/.
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This study analyses the financing decisions of listed non-financial corporations in France, Germany and the UK over the period 1969 to 2000. These countries represent satisfactorily different financial structures of their classes, Le., Latinic, Germanic and Anglo-Saxon traditions, respectively. Thus, this thesis attempts to shed light on the impact of institutional differences (accounting and taxation systems, bankruptcy laws, corporate governance structure) on corporate financing mix policies. The empirical investigation comprises three main themes; capital structure (debt versus equity), debt maturity structure (short-term versus long-term debt), and debt ownership structure public versus private debt). It is obvious that factors influencing financial strategies of firms change overtime and firms are expected to adjust themselves to their target financing structure according to random events. For these reasons we use dynamic panel data and choose Generalised Methods of Moments (GMM) as an appropriate estimation procedure for our autoregressive-distributed lag model GMM methodology overcomes the problems of endogeneity, heteroscedasticity, normality, simultaneity and measurement errors, which are common for studies using firm-level data. The empirical evidence shows that corporate financing decisions are determined by both firm-specific (profitability, tangibility and maturity of assets, growth, quality, size, liquidity, payout policy, corporate tax rates, and earnings volatility), and market-related factors (term structure of interest rates, market equity premium, interest rate volatility, stock return volatility, stock price performance). However, the strength and nature of the effect of these factors are dependent on the financial environment and tradition of the countries of interest. Therefore, our research argues that financing mix decisions of firms are not only the product of their own characteristics, but also the outcome of environment and traditions in which they operate.
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Kim, Hye-Yun. "Estimation of land surface radiation budget from MODIS data." College Park, Md.: University of Maryland, 2008. http://hdl.handle.net/1903/8577.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2008.<br>Thesis research directed by: Dept. of Geography. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Almeida, Edgar Simões de. "Access to finance by portuguese enterprises : evidence from SAFE." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14735.
Full textAbstract:
Mestrado em Decisão Económica e Empresarial<br>O Acesso ao financiamento é de extrema importância para o funcionamento das empresas, especialmente as pequenas e médias. Com tal pretendemos estudar, para as pequenas e médias empreas portuguesas, porque factores é ele afectado.
Analisando o "Survey on the Access to Finance of Enterprises" de Outubro de 2014 a Março de 2015, pretendemos compreender o panorama actual do acesso ao financiamento em Portugal, e os factores chave que implicam a uma diminuição do financiamento disponível e consequentemente a que as empresas Portuguesas tenham grandes problemas de financiamento.
O nosso estudo do "survey" mostra-nos que em Portugal o acesso ao financiamento está a melhorar, sendo de momento o problema menos premente das empresas. No entanto, a maior parte das empresas ainda se demonstram bastante preocupadas, havendo espaço para melhorar. Nos nossos modelos aferimos que características como tamanho, idade e estrutura de controlo das empresas não afectam o acesso ao financiamento como seria de esperar, mas outras variáveis como o histórico de crédito, problemas de procura interna e a importância de algumas fontes de financiamento afectam o acesso a este pelas empresas.<br>Access to finance is extremely important so firms can perform well, especially small and medium enterprises, so it is important to study which factors affect the access to finance for them.
Analyzing the Survey on the Access to Finance of Enterprises of October 2014 to March 2015 we intend to understand the current outlook of the access to finance in Portugal and the key factors that leads Portuguese firms to low financing availability and therefore high financing problems.
Our study of the survey shows us that in Portugal the access to finance panorama is improving, now being the last problem that worry firms, but there is still a great concern for most of the them, so there is room for improvement. In our models we can also see that such characteristics as size of the firm, age and ownership structure do not affect finance access as commonly stated, but other variables as credit history past record, intern demand problems and relevance of some sources of financing really affects the finance access for firms.<br>info:eu-repo/semantics/publishedVersion
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Kasseeah, Harshana. "Financing decisions and financial constraints : evidence from the UK and China." Thesis, University of Nottingham, 2008. http://eprints.nottingham.ac.uk/10523/.
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Firms are the engines of growth in any economy. It is therefore important to study how they finance themselves, as this may have a direct impact on the overall growth rate of the economy. A firm can choose whether to finance its activities with equity, debt, or both. An optimal capital structure is that mix of internal and external finance (debt and/or equity) that optimizes the value of a firm. Therefore, the question of how to finance or equivalently from where to borrow becomes a crucial decision. In each chapter of this study, we study the financing decisions of a different set of firms faced with financial constraints. The two countries we focus on are the UK and China. Our study examines two types of firms in the UK. We first study listed firms and examine how financial constraints affect their leverage decisions. Next, we focus on the financing decisions of small and medium-sized enterprises (SMEs), as these firms are more likely to suffer from financial constraints. To examine financial constraints, we use both conventionally used indicators of financial constraints and new indicators. Our study on China is mainly based on listed manufacturing Chinese firms. China is currently the largest developing and transition economy in the world. It is interesting to study the financing behaviour of manufacturing firms in China as manufacturing is believed to be the main engine behind the Chinese growth miracle. We account for factors specific to the Chinese case to determine if the leverage decisions of Chinese firms are similar to those of firms in other parts of the world. We also examine the cash holding decisions of Chinese firms as these firms seem to be highly financially conservative. Our results indicate that firms tend to follow a financial hierarchy in their financing patters and that the preferred source of external finance of most firms, whether in the UK or China, remains leverage. However firms tend to reduce their leverage when they experience an increase in their internal funds, which points towards a financially conservative behaviour. This needs to be accounted for in policy decisions that are mainly formulated on the supply side.
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Meng, Qingwei. "Corporate investment, financing and payout decisions : evidence from UK listed companies." Thesis, University of Birmingham, 2013. http://etheses.bham.ac.uk//id/eprint/4062/.
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This thesis aims to contribute to the corporate finance literature by focusing on the interdependence of corporate investment, financing and payout decisions of UK-listed companies, within the period 1999-2008. After the introductory chapter, Chapter 2 critically reviews the existing literature on corporate investment, financing and payout policies. Chapter 3 investigates the interactions among the three corporate decisions. One of the key findings is that the three corporate decisions are likely to be jointly determined in the presence of financial constraints. The results also suggest that the effect of uncertainty on corporate investment is significantly positive, but the effect on dividend payout is significantly negative. Chapter 4 explores the influence of managerial confidence and economic sentiment on the set of jointly determined corporate decisions. An important finding is that the state of confidence at aggregate levels has significantly positive effects on both real investment and debt financing decisions. Chapter 5 discriminates conceptually and evaluates empirically twenty alternative measures of corporate investment used in the existing literature. It is found that conclusions drawn from empirical analysis are likely to be sensitive to the choice of corporate investment measures. The key findings of the thesis are summarised in the conclusion chapter.
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Xu, Rongtao. "Brownfield financing in the United States : from social benefit-cost perspective." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/58629.
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Thesis (M.C.P. )--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning; and, (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2006.<br>This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.<br>Includes bibliographical references (leaves 101-103).<br>Since 1995, the government has launched brownfield financing programs to promote brownfield cleanup and redevelopment in the United States. These programs have lowered financial barriers for brownfield developers and returned vibrant properties to communities. In this study, I focus on examining the efficiency of these incentives from the social perspective and proposing optimal funding decision rules. I hypothesize that brownfield funds are not allocated optimally in some cases. First, I investigate the current brownfield financing programs at federal, state, and local levels. Second, based on externality and welfare economics theories, I propose an optimal funding-decision flow chart. Third, by testing my hypothesis on three brownfield cases in Massachusetts, I perform social benefit-cost analyses and determine whether brownfield funds were justified by their social returns. Finally, I discuss the major findings from these case studies and point out ways to improve current brownfield financial and non-financial policies. Based on theoretical analyses, I propose that the government should not sponsor projects with positive private net present values, but rather focus on projects that have positive net present social values and not feasible without subsidies.<br>(cont.) In the real world, it is difficult to measure the social benefits of a brownfield redevelopment accurately, especially before a development project is completed. Hedonic models show that only one of three cases exhibit significant positive enhancement on housing values after redevelopment.. Only development of a simple rule-of-thumb benefit assessment toll would make an optimal brownfield funding decision possible.<br>by Rongtao Xu.<br>S.M.in Real Estate Development<br>M.C.P.
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Sun, Ji. "Research on capital structure and financing decision : evidence from the UK." Thesis, Durham University, 2013. http://etheses.dur.ac.uk/7335/.
Full textAbstract:
This thesis focuses on whether the decisions of firms’ external financing activities are influenced by ownership structure, market timing, or public media in the UK context. Chapter 2 examines the effect of ownership on firm capital structure by using a universal sample of UK firms over the period 1998–2009. The empirical results show that the relation between managerial share ownership (MSO) and leverage level is non-monotonic. This study further investigates the effect of ownership on firm financial issuance activities. The finding suggests that firms with higher MSO are more likely to choose equity issues instead of bonds, supporting the theory that managers have more incentive to avoid the bankruptcy risk associated with a bond issue. Further, this study finds a hot (cold) stock market valuation strengthens (weakens) this positive effect of higher MSO on the likelihood of equity issue. Chapter 3 analyzes the role of ownership characteristics in a firm’s choice of seasoned equity offering (SEO) methods, offer price discount, and market reactions to SEO announcements. This chapter examines UK firms’ choices of seasoned equity issue methods, particularly the differences between rights offers (ROs), placings (PLs), open offers (OOs), and combinations of placing and open offer (PLOOs). This study finds that ownership-concentrated firms prefer rights or open offers to placings, supporting the argument that large shareholders favour right-preserving issues as the SEO method to maintain benefits of control. Consistent with the managerial entrenchment hypothesis, the results indicate that firms with high managerial ownership are more likely to choose placing as the SEO method. This study also suggests that firms with lower institutional ownership are more likely to conduct placing to improve monitoring. Chapter 4 investigates the role of the news media in SEOs in the UK market. The results show that issuers with positive (negative) media news are likely to price SEO shares higher (lower) and have higher (lower) announcement returns. This finding supports the argument that the media has impact on stock price through affecting investor expectations. Moreover, this study finds that issuers with greater pre-SEO media coverage are likely to have a more negative market response to the announcement, which strongly supports Merton’s investor recognition model.
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Fairhurst, Douglas J. "Financial Flexibility and Short-Term Financing Needs: Evidence from Seasonal Firms." Diss., The University of Arizona, 2014. http://hdl.handle.net/10150/316777.
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Firms that face seasonal demand account for an important fraction of the U.S. economy. However, there is surprisingly little evidence on these firms' financing decisions. Yet, studying these decisions provides a natural setting to shed light on the types of capital (i.e. cash or debt) that firms use to manage short-term financing needs. Using seasonal firms as a setting to examine this issue, I show that seasonal financing needs are met with debt with low exposure to information asymmetry, such as short-term debt and trade credit. I further show that cash reserves, which have high carrying costs and can at time lead to agency problems, are not used for seasonal financing needs. Further, as financial flexibility theory would predict, I document that seasonal firms maintain more conservative financial policies to increase the ability to use debt for short-term financing needs. Specifically, seasonal firms are less levered and have long-term debt with a longer average maturity. Further, seasonal firms adjust toward leverage targets slower during fiscal quarters when debt is used for short-term financing. Overall, my findings indicate that firms minimize costs associated with short-term financing needs by using debt with low issuance costs and the use of this debt impacts the overall capital structure of the firm.
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Colapinto, C. "Venture capital in Italy : financing innovation (from Olivetti Group to nowadays)." Doctoral thesis, Università degli Studi di Milano, 2006. http://hdl.handle.net/2434/28115.
Full textAbstract:
The aim of this thesis is to analyze the development of venture capital in Italy from ‘80s to nowadays from both historical and financial points of view.
The birth and the evolution of this important financial instrument in our country have been hindered and then slowed down by historical conditionings, economic interests, tax policies, social, cultural and political visions.
This work can be divided into three parts; in the first, some classical definitions of venture capital are introduced and studied. This chapter focuses on models evidencing the factors which facilitate or obstruct this new way of funding innovation.
The second chapter is focused on the applications of venture capital techniques in United States of America and Europe (in particular United Kingdom and Italy); a comparative analysis among the results in these countries is made.
The third part concerns two case studies: the first one is about Corporate venture capital program managed by Olivetti Group, the European leader in the information technology industry in the 80’s; the second analyses the late ‘90’s and it shows the activity of Kiwi Funds, two venture capital investment companies focused on the following sectors: telecommunications, internet and new technologies. The reading key is E. Piol who has managed venture capital activities since 1980 on behalf of Olivetti and continues to be active
in venture capital as Chairman of Pino Venture Partners S.r.l and Pino Partecipazioni S.p.A., advisor to the Kiwi funds.
This work ends with a glossary containing terms aimed at the finance industry and the
telecommunication sector. This glossary is by no means comprehensive, but it attempts to explain basic business terminology, especially relied to venture capital and private equity markets.
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Pliekaitienė, Tatjana. "Biudžetinių įstaigų finansavimo problematika (efektyvinimo prielaidos)." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2007. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2006~D_20070103_105216-29770.
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Biudžetinių įstaigų finansavimo klausimai yra aktualūs ir problematiški. Tačiau ši sritis Lietuvos mokslinėje literatūroje nagrinėta gan siaurai. Todėl šiame darbe analizuojama biudžetinių įstaigų struktūra bei finansavimo sistema, profesinių mokyklų finansavimo problematikos pagrindu ieškoma biudžetinių ir nebiudžetinių finansavimo efektyvinimo galimybių, kad pagerėtų profesinių mokyklų veiklos produktyvumas.<br>Though financing of budgetary institutions is a problematic and important question it has not been widely discussed in scientific works in Lithuania. Due to this the structure of budgetary institutions, the system of their financing are analysed in this paper and possibilities of budgetary and non-budgetary finansing are searched for on the basis of the problems of financing in vocational schools to that the productivity of activities of vocational schools would become better.
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Gedminaitė, Agnė. "Lietuvos Valstybinio socialinio draudimo fondo pajamų ir jų kitimą 2003-2012 metų laikotarpiu lėmusių veiksnių analizė." Bachelor's thesis, Lithuanian Academic Libraries Network (LABT), 2014. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2014~D_20140716_085225-94574.
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Baigiamajame bakalauro darbe analizuojamos Lietuvos Valstybinio socialinio draudimo fondo pajamos ir veiksniai turėję poveikį jų kitimui 2003-2012 m. laikotarpiu. Teorinėje dalyje analizuojama socialinio draudimo samprata, socialinio draudimo rūšys, Lietuvos Valstybinio socialinio draudimo sistema, administravimas, fondo biudžeto struktūra bei indentifikuojami Valstybinio socialinio draudimo fondo pajamas lemiantys veiksniai. Praktinėje dalyje, remiantis teorinėje dalyje išanalizuota literatūra, siekiant išskirti esmines priežastis, kurios lemia fondo finansavimą, atlikta išsami Lietuvos Valstybinio socialinio draudimo pajamų dinaminė bei struktūrinė analizė. Su identifikuotais pagrindiniais veiksniais, kurie lemia VSDF pajamas atlikta koreliacinė bei regresinė analizė. Pagal gautus rezultatus galima teigti, kad fondo finansavimas labiausiai priklausomas nuo ekonominių veiksnių t.y. nedarbo lygio, vidutinio mėnesinio darbo užmokesčio ir gyventojų užimtumo, taip pat nuo kitų veiksnių: įmokų tarifų bei įsteigtų privačių pensijų fondų. Taikant matematinį prognozavimo metodą, nustatyta VSDF pajamų kitimo tendencija 2013-2014 metams, darant prielaidą jog kiti veiksniai artimiausioje perspektyvoje nesikeis. Nustačius jog VSDF pajamos artimiausiu laikotarpiu mažės, remiantis gautais koreliacinės ir regresinės analizės rezultatais bei ekspertų atliktais tyrimais, siūloma skatinti smulkiojo verslo plėtrą, siekiant padidinti VSDF pajamas.<br>The income of the Lithuanian State Social Insurance Fund and the factors predetermined its shifting within the period from 2003 to 2012 are analysed in this final paper. A conception of social insurance, types of social insurance, system of the Lithuanian State Social Insurance, its administration, structure of the Fund budget are analysed and the factors predetermining the income of the Lithuanian State Social Insurance Fund are identified in the theoretical chapter. In the practical chapter, referring to the literature analysed in the theoretical chapter, in order to analyse the main reasons which predetermine financing of the Fund, the exhaustive dynamic and structural analysis of the income of the Lithuanian State Social Insurance was performed. Correlative and regressive analysis was performed referring to the main factors identified which predetermine the income of the Lithuanian State Social Insurance Fund. According to the results achieved it is possible to state that finansing of the Fund mostly depends on the economic factors, namely on the level of unemployment, average monthly salary and occupation of residents, and also from other factors, such as payment rates and private pension funds established. When applying the mathematical forecasting method, a tendency of shifting of the income of the Lithuanian State Social Insurance Fund for years 2013-2014 was established, when presuming that other factors would not change in the nearest perspective. Having established... [to full text]
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Дейнега, В. Л. "Управління людськими та фінансовими ресурсами в благодійних організаціях". Master's thesis, Сумський державний університет, 2020. https://essuir.sumdu.edu.ua/handle/123456789/81771.
Full textAbstract:
В першому розділі „Методичні основи діяльності благодійних організацій
в Україні ” розкрите поняття благодійної організації та особливості її діяльності, визначені основи формування бюджету та методичні підходи розподілу бюджетних коштів.
В другому розділі „ Податки – основа управління фінансовими
ресурсами благодійних організацій” проаналізовано фінансування через діяльність Державного казначейства в системі надходжень та видатків галузі.
В третьому розділі „ Методичні підходи розподілу бюджетних коштів в Україні”. Розкрито критерії зарахування установ до бюджетних. Визначені головні розпорядники бюджетних коштів.
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Egerer, Elsa. "Doppikeinführung und Anreizwirkung auf kommunale Investitionen." Universitätsbibliothek Leipzig, 2017. http://nbn-resolving.de/urn:nbn:de:bsz:15-qucosa-223062.
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Die vorliegende KIS Analyse untersucht die These \"Die Doppik erschwert den Haushaltsausgleich und senkt damit die kommunalen Investitionen\". Disese kann auf der Grundlage folgender Ausführungen nicht pauschal bestätigt werden. In Kapitel 2 wird die These zunächst in einen breiteren Kontext gestellt und festgestellt, dass der Haushaltsausgleich nicht der alleinige Wirkungsmechanismus ist, über welchen die Doppik Einfluss auf kommunale Investitionen nimmt. Hierbei wird insbesondere auf die Adressatenvielfalt der kommunalen Rechnungslegung und spezifische öffentliche Haushaltsziele eingegangen. Die Argumentation gründet auf einen Exkurs zu den Möglichkeiten kommunaler Bilanzpolitik im Rahmen der Vermögensbewertung bei Erstellung einer Eröffnungsbilanz. In Kapitel 3 werden verschiedene Finanzierungsformen der Infrastrukturbeschaffung im kameralen und doppischen Haushalt miteinander verglichen. Es zeigt sich, dass gleiche Sachverhalte in den jeweiligen Systemen unterschiedliche Haushaltsbelastungen zur Folge haben. Dies ist beispielsweise der Fall, wenn im Rahmen einer Fremdfinanzierung Tilgungs- und Nutzungsdauer auseinderfallen, oder es sich um eine Finanzierung aus vorhandenen Barwerten handelt. Bei einer umfassenden zeitlichen Betrachtung gleichen sich die Unterschiede jedoch zumeist aus. Schließlich wird das Problem aus Sicht der Ausgangsbedingungen der sächsischen Kommunen betrachtet. Unter der Annahme aussagekräftiger Daten zeigt sich, dass die im Rahmen der Doppik haushaltswirksamen Abschreibungsbelastungen die nicht mehr haushaltsrelevanten Tilgungszahlungen für die Mehrzahl der Kommunen überschreiten. Für die sächsischen Kommunen, die im Landesvergleich gering verschuldet sind, lässt sich somit durchaus eine Erschwerung des Haushaltsausgleichs begründen, sofern dieser doppisch zu erbringen ist. Derzeit gelten in Sachsen jedoch Übergangsregelungen, sodass der Haushalt nicht zwingend doppisch auszugleichen ist.
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Соломко, Ю. О. "Кошторисне фінансування бюджетних установ: проблеми та перспективи". Master's thesis, Сумський державний університет, 2021. https://essuir.sumdu.edu.ua/handle/123456789/87205.
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Робота складається з трьох розділів. У першому розділі розкривається сутність, функції, теоретичні та методичні основи, а також існуючі проблеми кошторисного фінансування бюджетних установ в Україні.
У другому розділі на практиці застосовуються теоретичні та методичні положення кошторисного фінансування бюджетних установ та їх фінансової діяльності. В даному розділі проведено розрахунки за основними статтями кошторису на прикладі Державного архіву Сумської області Сумської обласної державної адміністрації.
У третьому розділі запропоновані шляхи вирішення фінансових проблем архівних бюджетних установ.
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Islam, Silvia Zia, and silvia islam@rmit edu au. "Choice of financing method with market timing and liquidity: evidence from Australia." RMIT University. Economics, Finance and Marketing, 2009. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20091029.135938.
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This thesis examines the capital structure choice of Australian firms with an emphasis on the impact of market timing and liquidity considering 1438 available firms for the period, 1997 to 2005. The relationship between capital structure and its determinants is the main focus of this thesis, with four empirical analyses. These analyses are all conducted within the Baker and Wurgler (2002) and Hovakimian (2006) models with both pooled ordinary least squares (OLS) and fixed effect panel analysis. The theory of market timing introduced by Baker and Wurgler (2002) has received considerable attention in recent years. Baker and Wurgler (2002) contend that past market timing has a long lasting impact on capital structure and thus, capital structure is the cumulative outcome of the past attempts at equity market timing. This thesis examines the Baker and Wurgler (2002) argument in an Australian context. It is found that the variation in leverage was explained by the market-to-book ratio and the effect of market-to-book ratio was explained by equity issues as market timing theory implies. However, the results are sensitive to data sample choice with variation in the strength of the negative relationship observed between external finance weighted average market-to-book and leverage. This suggests that while market timing appears to affect capital structure choice, it does not support the hypothesis that past market timing decisions have a long lasting impact on Australian firm capital structure. Hovakimian ( 2006) questions the Baker and Wurgler (2002) conclusion about firm behaviour and finds evidence that past market-to-book ratio has a significant impact on current financing decisions because it contains information about growth opportunities, not captured by the current market-to-book ratio. This thesis also examines the Hovakimian (2006) argument and finds evidence to support the argument of Hovakimian (2006) that, growth opportunities provide a reasonable explanation for the past market-to-book ratio effect for Australian firms. Analysis also focuses on broad industry differences. And it is found that there are significant differences between mining and non-mining firm in the determinants of capital structure. Finally, the impact of liquidity on Australian capital structure choice is analysed within the context of the Baker and Wurgler (2002) and Hovakimian (2006) models. It is found that liquidity is important to a firm's leverage choice. There is evidence that liquid firms tend to have lower leverage. Further, while liquidity has little effect on the sensitivity of leverage to market-to-book for Baker and Wurgler (2002) filtered data, a liquidity effect is evident in a broader set of four standard deviation filtered data. It is also found that greater liquidity is associated with less sensitivity of leverage to cash flows and that the asset tangibility relation with leverage is also sensitive to liquidity. Finally, there is evidence that more liquid firms are more sensitive in their tendency to revert to some long run leverage value.
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Gyeke-Dako, Agyapomaa. "Foreign ownership, financial contraints and financing decisions : evidence from Ghana and China." Thesis, University of Nottingham, 2011. http://eprints.nottingham.ac.uk/13840/.
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Firms playa pivotal role in every economy. Therefore their financial standing should be of great concern to policy-makers, as this may directly affect the overall performance of the economy. Corporate finance literature however suggests that market imperfections resulting from conflicts of interest and informational asymmetries, between different economic agents, limit firms in their ability to finance investment projects. Yet, the extent to which firms are limited depends greatly on their size, ownership, exporting status, risk level and even location. In fact, many studies believe that unless by some policy directives pertaining to a particular country, foreign, exporting, large, less risky and firms in developed regions will under normal circumstances be less financially constrained than their counterparts, domestic, non-exporting, small, more risky and firms in undeveloped regions respectively. For domestic firms, some evidence exists that their financial constraints can be alleviated by the entrance of foreign firms. In this thesis, we try and incorporate as many of these determinants as possible bearing in mind data availability. As a result, in the first part of this study, we address the issue of financial constraints of foreign and domestic firms as well as crowding out effects of domestic firms in Ghana. To the best of our knowledge, no study has attempted to address this particular issue on Ghana. We then move a step higher in the second part of our study by considering this same topic in China but then looking at it using firms with different degrees of foreign ownership. Not only do we do this, but we also carry out regional analysis in this respect. All these are made possible by the quality of dataset that we use in our analyses. Again, to the best of our knowledge, no study has addressed this issue on China in this manner. In the last part of our study, we take a different tum altogether and examine mainly the sensitivities of both long-term debt and short-term debt to cash flow and collateral respectively for globally-engaged firms (foreign-owned and exporting firms) as well as firms in the coastal and non-coastal regions of China. We find very interesting results from these analyses. With regards to evidence on firm financial constraints in Ghana, we find that domestic firms are more financially constrained than foreign firms and that foreign firms' presence has no impact on domestic firms in Ghana. For the results on China, while we find no difference between the financial constraints of purely domestic firms and joint ventures, we find that wholly-foreign owned firms are less financially constrained than purely domestic firms. We however find that the presence of foreign firms help alleviate purely domestic firms from their financial constraints. For the regional analysis, estimates based on this suggest firms in the coastal region are less financially constrained than firms in the non-coastal region. Regarding the sensitivities of both short-term debt and long-term debt to cash flow and collateral, whilst we find that highly globally engaged firms have a higher sensitivity of long-term debt to cash flow than non-globally engaged firms, we find that globally engaged firms' short-term debt have a lower sensitivity to collateral than non-globally engaged firms. As for the regional analysis, our result show that both the short-term debt and long-term debts of firms in the coastal region have a higher sensitivity to collateral and cash flow respectively than the sensitivities of short-term debt and long-term debt to cash flow and collateral of firms in the non-coastal region.
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Dagnino, Fernández Joaquín. "Sudden stops and the source of financing : evidence from industry level data." Tesis, Universidad de Chile, 2016. http://repositorio.uchile.cl/handle/2250/140920.
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Tesis para optar al grado de Magíster en Finanzas<br>This paper investigates the e ect of capital
ows shocks such as Sudden Stops on
industry level data and how the di erent sources of external nance can imply di erent
outcomes.
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Nghifindaka, Twapandula. "Understanding the Challenges in Financing Affordable Housing: Multiple Stakeholder Perspectives from Namibia." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/32960.
Full textAbstract:
A stark worldwide reality is that there is a shortage of affordable housing, which is a fundamental economic indicator and key to addressing social policy objectives including poverty reduction. Post-independence, housing in Namibia has been classified a national priority, and as such, the government has passed legislation in favour of committing to housing delivery. The housing demand continues to outstrip the supply, and this is further intensified by urbanisation, high unemployment in the country, high house prices, and a shortage of serviced land. Resultantly, the Namibian government is continually targeting to increase land supply and to incentivise the private sector. This research was centred on the challenges faced by multiple stakeholders that are challenged with financing affordable housing. The stakeholders included a private equity fund manager tasked with a mandate of providing affordable residential property, property developers, and beneficiaries of affordable housing (homeowners). The efforts in support of affordable housing finance are not solely limited to end-user housing finance (e.g. mortgage financing), but additionally include the implementation of the housing value chain, including the land acquisition process, title deed registrations and transfers, and the construction process. The mortgage market is focused on the middle and higher-income market segments. Some financial institutions offer products that do not require down payments. Despite this, many Namibians cannot access loan financing due to affordability, bureaucratic processes, high indebtedness and lack of education about the mortgage process. Therefore, this study undertook to understand the challenges in financing affordable housing covering three main stakeholders: a fund manager, developers and homeowners. This study employed a qualitative approach to analyse data from the fund manager and developers while the sequential explanatory mixed-method approach was used to analyse the data from homeowners. From the analysis, we identified the challenges pertaining to the fund manager to be the length of land titling and registration process, acquisition of unserviced land from local authorities, the reliance of funding from single investor participants, and end-user financing bureaucracy (mortgage financers). The challenges faced by the developers were found to be linked to land acquisition, funding acquisition, building plan approvals, as well as other issues such as the high cost of building materials. The homeowner challenges were identified from the quantitative analysis as the lengthy bank application process, associated costs, and lengthy approval processes. From the qualitative analysis, the challenges identified pertained to the lengthy application processes at the financial institutions, the associated costs and lengthy bureaucratic approval processes. Based on the findings, the research proposed the need for increased engagement and negotiations to lift the stringent conditions placed by local authorities in order to provide serviced land for the purposes of affordable housing; the availing of additional capital to fund managers; the revision of the systems used in order to shorten the time it takes to register and transfer properties; in addition to the lengthy, bureaucratic, and stringent bank requirements and processes.
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Pittman, Jeffrey. "The influence of firm maturation on firms' tax-induced financing and investment decisions." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape2/PQDD_0021/NQ53994.pdf.
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Carder, Edward Alexander. "The magnesium isotopic budget of the ocean : constraints from the sinks." Thesis, University of Cambridge, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.613139.
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Indrulėnaitė, Reda. "Bendrojo lavinimo mokyklų finansavimas Panevėžio apskrityje: situacijos analizė ir prognostika." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2007. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2007~D_20070816_161410-72961.
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Indrulėnaitė R. Bendrojo lavinimo mokyklų finansavimas Panevėžio apskrityje: situacijos analizė ir prognostika Magistro darbas. Vadovas Prof. Dr. Vincentas Lamanauskas. Šiaulių Universitetas, Edukologijos fakultetas, Edukologijos katedra. Šiauliai, 2007 m.
Temos aktualumas. Nors Lietuvos švietimo įstatyme teigiama, jog valstybinis finansavimas užtikrina normalias bendrojo lavinimo mokyklų veiklos sąlygas, tačiau dažnai kyla nepasitenkinimas, kai kalbama apie šių veiklų finansavimą: vieni tvirtina, kad lėšos naudojamo neskaidriai, švaistomos, o kiti skundžiasi nepakankamu finansavimu. Ši pasirinkta tema aktuali, nes nuo finansavimo priklauso ir ugdymo kokybė. Todėl šiame darbe analizuojama finansavimo situacija bendrojo lavinimo mokyklose Panevėžio apskrityje, apžvelgti švietimo finansavimo teoriniai ir praktiniai aspektai, atskleista finansavimo būklė išryškinant jos tendencijas, atlikta lyginamoji analizė tarp atskirų apskrities savivaldybių, suformuluota prognostika.
Problema – nepakankamas bendrojo lavinimo mokyklų finansavimas Panevėžio apskrityje.
Tyrimo objektas: bendrojo lavinimo mokyklų finansavimo situacija ir tikėtina kaita Panevėžio apskrityje.
Hipotezė – galima manyti, kad bendrojo lavinimo mokyklų finansavimas Panevėžio apskrityje yra nepakankamas.
Tyrimo tikslas – išanalizuoti bendrojo lavinimo mokyklų finansavimo būklę Panevėžio apskrityje, atlikti lyginamąją analizę tarp atskirų apskrities savivaldybių ir atskleisti finansavimo būklę išryškinant jos... [toliau žr. visą tekstą]<br>Reda Indrulėnaitė. Financing of General Secondary school in Panevėžys Region: analyses of the situation and prognosis. The work for the Master’s degree. Supervisor professor Dr. Vincentas Lamanauskas. Department of Educology Faculty of Educology of Šiauliai University, Šiauliai, 2007
The importance of the subject. In the Law of Education of Lithuania it is stated that the state financing creates normal conditions for the activity of general secondary schools, but when the questions of financing are discussed dissatisfaction is expressed: some say that the money is not always used transparently or not for the due purposes and others claim that the state financing is not enough. The chosen topic is very important as the quality of education depends on its financing. The financial situation in the general schools of Panevėžys region is analyzed in this paper, theoretical and practical aspects of financing are discussed, the status of financing and its tendencies are revealed, comparative analyses of different parts of the region is made and prognoses formulated.
Problem: insufficient financing of general secondary schools in Panevėžys region.
The object of the investigation: financial situation of general secondary schools and expected changes in Panevėžys region.
Hipothesis. It can be thought that financing of general schools in Panevėžys district is insufficient.
The aim of the investigation. To analyze the status of financing of general secondary schools in Panevėžys... [to full text]
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Ілляшенко, Тетяна Олексіївна, Татьяна Алексеевна Ильяшенко, Tetiana Oleksiivna Illiashenko та І. В. Германчук. "Актуальні проблеми бюджетного фінансування освіти і науки в Україні". Thesis, Видавництво СумДУ, 2011. http://essuir.sumdu.edu.ua/handle/123456789/12424.
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Brauner, Roman. "Tvorba pasivního příjmu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-401453.
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The aim of my Dissertation has been the formulation of proposals for creation the passive income. The completed work focuses on the specific environment of the Brno based company REWIN BRNO, s.r.o., aut the work has been creation for all users. This work provides the formulation of a detailed model how to archieve the stated aim in the most effective way with the minimum risk of damage to the company´s long-term stability. And create mine of financ for running of firm in unfavourable time.
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Adldoost, Maryam. "Financing constraints and R&D investments : Evidence from high-tech Swedish firms." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-377327.
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Financing of research and development, as an important component of innovation, has attracted a renewed attention in academic financing literature. This paper examines the effect of financing constraints on R&D investments of high-tech Swedish companies over the period of 2010 to 2016. Accordingly, balance sheet data related to 49 companies, which has the smaller amount of employees in comparison with the rest of high-tech publicly listed companies is collected. Moreover, a dynamic model based on previous literature about financing constrained is developed to study the relation of both internal and external resources of financing with R&D investments of the selected companies. The result of this study shows that internal resources of financing such as cash holdings have a positive correlation with R&D investments. The coefficient of this financial variable is large enough to conclude that selected firms are financially constrained. However, based on other factors such as consideration of age and occurrence of global financial recession in the period that this study is accomplished, I concluded that dependence of companies to their internal resources for financing their R&D investments is an outcome of the characteristics of their environment.
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Abor, Joshua. "Capital structure and financing of SMEs : empirical evidence from Ghana and South Africa." Thesis, Stellenbosch : Stellenbosch University, 2007. http://hdl.handle.net/10019.1/21522.
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Dissertation (PhD)--University of Stellenbosch, 2007.<br>ENGLISH ABSTRACT: This thesis is made of stand-alone essays on the capital structure and financing of Small and
Medium Enterprises (SMEs) in Ghana and South Africa. Chapter Two reviews issues on
SME development in Ghana and South Africa. Chapter Three compares the capital
structures of large, quoted firms and SMEs in Ghana. The results show that quoted firms
exhibit higher debt ratios than those of SMEs. The results suggest that age, size, asset
structure, and profitability of the firm affect the capital structures of quoted firms and SMEs.
For the SME, it is evident that level of education and gender of the entrepreneur, industry,
and location of the firm are also important in explaining their capital structure. Chapter Four
examines the determinants of bank financing of SMEs in Ghana. The results reveal that
bank financing accounts for less than a quarter of SMEs’ debt financing, with short-term
bank credit representing the greater proportion of bank finance. The results show that age,
size, asset tangibility, and growth of the firm have positive associations with long-term bank
debt, while profitability is negatively related to long-term bank debt. The short-term debt
indicates a positive relationship with size, but negative relationships with profitability, and
growth. Chapter Four also investigates the awareness and use of various financing schemes
available to the Ghanaian SME sector. The results reveal low awareness and usage levels of
these financing initiatives. Chapter Five explores the determinants of Ghanaian small and
medium sized non-traditional exporters’ (NTEs) choice of formal/informal finance. The
results show that NTEs depend on formal financing sources with bank finance representing
the greater percentage of NTEs’ financing. The results suggest that, newer firms depend
more on formal finance and less on informal finance. The results show positive relationships
between formal finance and size, and growth of the firm. Chapter Six assesses how
corporate governance affects the performance of SMEs in Ghana and what the implications
are for financing opportunities. The results reveal that better corporate governance
structures lead to better performance of SMEs. The paper concludes that the adoption of
good corporate governance structures could lead to better management decisions and enable
SMEs to attract financing resources. Chapter Seven examines the relationship between
agency factors and the capital structure of quoted SMEs in South Africa. The results indicate
that firms with one institutional blockholder are able to monitor the opportunistic behaviour
of management more effectively than those with more than one institutional blockholders. Chapter Eight looks at the financial market and financing choice of SMEs and large firms in
South Africa. The results indicate that developments in the financial market affect both longterm
debt/equity and short-term debt/equity decisions of large firms. However, for SMEs, it
is the long-term debt/equity decision that is affected by the financial market. The final essay
examines the effect of debt policy on the performance of SMEs in Ghana and South Africa.
The results indicate that long-term debt and total debt ratios negatively affect performance
of SMEs. These findings have important implications for policy-makers, entrepreneurs and
managers of SMEs.<br>AFRIKAANSE OPSOMMING: Hierdie tesis bestaan uit losstaande essays oor die kapitaalstruktuur en finansiering van kleinen
middelgrootte-ondernemings (KMO's) in Ghana en Suid-Afrika. Hoofstuk Twee kyk na
kwessies oor KMO-ontwikkeling in Ghana en Suid-Afrika. Hoofstuk Drie vergelyk die
kapitaalstrukture van groot genoteerde maatskappye en KMO's in Ghana. Die resultate dui
daarop dat genoteerde maatskappye groter skuldverhoudings as KMO's toon. Hierdie
resultate wys ook dat ouderdom, grootte, batestruktuur en die winsgewendheid van die
maatskappy die kapitaalstruktuur van genoteerde maatskappye en KMO's beïnvloed. Dit is
vir die KMO voor die hand liggend dat die opvoedingsvlak en geslag van die entrepreneur,
die bedryf en die ligging van die maatskappy ook belangrik is om die kapitaalstruktuur
daarvan te verduidelik. Hoofstuk Vier ondersoek die bepalende faktore vir bankfinansiering
vir KMO's in Ghana. Die resultate toon aan dat bankfinansiering rekenskap gee van minder
as 'n kwart van die KMO se skuldfinansiering en dat korttermynbankkrediet die grootste
gedeelte van die bankfinansiering verteenwoordig. Die resultate toon aan dat ouderdom,
grootte, die tasbaarheid van bates en maatskappygroei op 'n positiewe verwantskap met
langtermynskuld dui, terwyl winsgewendheid 'n negatiewe verband met langtermynbankskuld
het. Die korttermynskuld toon 'n positiewe verwantskap met grootte maar 'n negatiewe
verwantskap met winsgewendheid en groei aan. Hoofstuk Vier ondersoek ook die
bewustheid en gebruik van verskeie finansieringskemas wat aan die Ghanese KMO-sektor
beskikbaar is. Die resultate bring 'n lae bewustheid en gebruiksvlakke van hierdie
finansieringsinisiatiewe aan die lig. Hoostuk Vyf verken die bepalende faktore van die
Ghanese klein- en middelgrootte nie-tradisionele uitvoerders (NTU's) se keuse van
formele/informele finansiering. Die resultate toon aan dat NTU's op formele
finansieringsbronne staat maak en dat bankfinansiering die grootste persentasie van die
NTU's se finansiering uitmaak. Uit die resultate kan afgelei word dat nuwer maatskappye
meer op formele finansiering staat maak en minder op informele finansiering. Die resultate
dui op 'n positiewe verwantskap tussen formele finansiering en grootte, en die groei van die
maatskappy. Hoofstuk Ses evalueer die invloed van korporatiewe bestuur op die prestasie
van KMO's in Ghana en watter implikasies dit vir finansieringsgeleenthede inhou. Die
resultate toon aan dat beter korporatiewe finansieringstrukture by KMO's tot beter prestasie
lei. Hierdie essay kom tot die gevolgtrekking dat die aanvaarding van goeie korporatiewe bestuurstrukture tot beter bestuursbesluite kan lei en KMO's in staat kan stel om
finansieringsbronne te lok. Hoofstuk Sewe ondersoek die verwantskap tussen
agentskapfaktorering en die kapitaalstruktuur van genoteerde KMO's in Suid-Afrika. Die
resultate dui daarop dat maatskappye met een institusionele blokhouer die opportunistiese
gedrag van bestuur meer doeltreffend kan monitor as dié met meer as een institusionele
blokhouer. Hoofstuk Agt kyk na die keuses wat KMO's en groot maatskappye in Suid-Afrika
ten opsigte van finansiële markte en finansiering maak. Resultate toon aan dat ontwikkelings
in die finansiële mark besluite oor die langtermynskuld/aandelekapitaal sowel as die
korttermynskuld/aandelekapitaal van groot maatskappye beïnvloed. By KMO's is dit egter
besluite oor langtermynskuld/aandelekapitaal wat deur die finansiële mark beïnvloed word.
Die laaste essay ondersoek die uitwerking van skuldbeleid op die prestasie van KMO's in
Ghana en Suid-Afrika. Die resultate toon aan dat langtermynskuld en totale
skuldverhoudings die prestasie van KMO's negatief beïnvloed. Hierdie bevindinge het
belangrike implikasies vir beleidmakers, entrepreneurs en die bestuurders van KMO's.
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Abbas, Syed Mohammad Ali. "From foreign aid to domestic debt : essays on government financing in developing economies." Thesis, University of Oxford, 2014. http://ora.ox.ac.uk/objects/uuid:95219b5a-4e24-4190-b5e3-95fb3d0b2425.
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The <u>first essay</u> [“Twin Deficits and Free Lunches: Macroeconomic Outcomes In Anticipation of Foreign Aid”] concerns itself with situations in which private agents anticipate a future windfall (free lunch) that will help service the debt resulting from a present fiscal expansion (implemented via a temporary tax cut). Such expectations of a windfall can arise in the context of natural resource discoveries or, more interestingly, due to perceptions by agents in “too important to fail” countries that will be bailed out through higher foreign aid or debt relief. We employ an overlapping generations model featuring credit constraints to study the real effects of such free lunch expectations in a small open economy, drawing contrasts with the standard tax and money finance closure rules. The model is solved analytically and shows that anticipated aid is equivalent to current aid when agents have perfect foresight, so that a temporary tax cut is seen as permanent. Accordingly, agents raise their consumption and indebtedness (at the expense of future generations) by an amount that is an increasing function of their “impatience” (subjective rates of time preference plus probability of death). A worsening of the current account obtains (twin deficits) across a range of plausible closure rules, including those featuring money finance. The introduction of credit constrained households (we study the variant where myopic agents spend their current disposable incomes) does not alter the basic result in the case of full aid finance, but does matter for mixed tax-aid regimes, in more complex settings where agent expectations and donor promises on aid diverge, and when governments face borrowing constraints so that the timing of aid delivery matters. The <u>second essay</u> [“The Role of Domestic Debt in Economic Growth: An Empirical Investigation For Developing Economies”] focuses on the remaining source of government financing, i.e. domestic debt, and the role it can play in mobilizing private savings, facilitating credit intermediation in higher risk settings (i.e. serving a “collateral” function on bank balance sheets), developing financial markets and supporting economic growth in general. To investigate this question empirically, we set up a new domestic debt database covering about 100 developing economies, going back three decades to 1975; explore Granger causality links between domestic debt and key macroeconomic and institutional variables; and estimate the growth impact of domestic debt using panel regressions, allowing for non-linear effects. Domestic debt, as a share of GDP is found to exert a significant positive impact on economic growth, with potential channels including domestic savings mobilization, provision of risk-insurance on banks’ balance sheets; and greater institutional accountability of the state to its citizens. Although this result countervails more established arguments against domestic debt (i.e. that it leads to crowding out and banks to become lazy), there is some evidence that above a ratio of 35 percent of bank deposits, domestic debt does begin to undermine economic growth. The growth payoff also depends on debt quality, with higher payoffs observed for positive interest-rate bearing marketable debt issued to nonbank sectors. The <u>third and final essay</u> [“Why Do Banks in Developing Economies Hold Domestic Government Securities?”] explores demand-side determinants of domestic debt, by focusing on commercial bank holdings of government paper, discriminating carefully between voluntary factors (such as mean-variance portfolio optimization) and statutory ones (cash reserve and capital adequacy requirements). The analysis is made possible by the construction of a dataset on government and private returns (real and nominal) for almost 600 banks from 70 emerging and low-income economies, spanning the (pre-Basel II) period 1995-2005. A battery of structural cross-section regressions indicates that banks’ portfolio decisions are at least as significantly influenced by mean-variance considerations as regulatory factors: the actual portfolio share of government securities (λ) responds intuitively, and sizably, to variations in the moments of the distributions for government and private returns as well as in the minimum-variance portfolio share (λ*). Higher cash reserve requirements tilt portfolios away from government securities toward riskier private lending, while higher capital adequacy requirements work the other way. The association between actual portfolios and the identified determinants is noticeably weaker at lower ends of the λ distribution, suggesting the domination of non-CAPM factors in those contexts.
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Shu, Qianfei. "Agglomeration, Financing and Firm Performance：Evidence from High and New Technology Firms in China." Kyoto University, 2019. http://hdl.handle.net/2433/242454.
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