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Casey, Matthew C. "A Financing Strategy for the New Jersey Tranportation Trust Fund." Thesis, Boston College, 2011. http://hdl.handle.net/2345/1988.
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Thesis advisor: Richard, S.J. McGowanThe New Jersey Transportation Trust Fund Authority (NJTTFA or TTFA) is an independent agency of the New Jersey state government that is responsible for administering the Transportation Trust Fund (TTF of “the Fund”), which is used to fund transportation capital project expenditures by the New Jersey Department of Transportation (NJDOT) and the NJ TRANSIT commuter-rail and bus system. The TTF is essential for maintaining, improving, and repairing New Jersey’s infrastructure system. However, since the TTFA was created in 1984, it has been inadequately financed by the state government and has irresponsibly issued enormous amounts of debt. Because of this, it has now it has run into major financing problems. Currently, the TTF’s revenues are insufficient to cover its increasing debt obligations. Because of this, the TTF is expected to be bankrupt by July of this year (2011). If this happens, New Jersey will be left without any financing for its already-troubled infrastructure system.This has become a major cause of concern for the State of New Jersey. For years, politicians and residents across the state have been unable to come to an agreement on how to best solve this growing problem. Because of this, financing strategies in the past have amounted to little more than temporary “Band-Aid” solutions focused principally on the issuance of massive amounts of debt. Now, the outstanding debt of the TTF has built up to the point that, in just a few short months, revenues will be insufficient to cover existing debt obligations. The New Jersey state government needs to take drastic action and adopt a long-term financing strategy that will allow the TTFA to meet its debt obligations and pay down outstanding debt, while still being able to fund essential transportation and infrastructure projects across the state.This paper will examine the causes and effects of the current funding deficit, as well various proposed solutions and strategies. After an in-depth examination of these topics, I will devise a recommended solution for solving the current deficit crisis faced by the TTF and for providing long-term financing for transportation requirements. The results will show that the most logical and effective long-term financing strategy will hinge upon an increase in state gasoline taxes, which are currently among the lowest in the nation. However, solving the problem will also require new sources of revenue and stringent financial management
Thesis (BS) — Boston College, 2011
Submitted to: Boston College. Carroll School of Management
Discipline: Carroll School of Management Honors Program
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Дубина, М. В. "Розвиток ринку фінансових послуг України на основі формування інституту довіри." Thesis, Чернігів, 2018. http://ir.stu.cn.ua/123456789/17018.
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Дубина, М. В. Розвиток ринку фінансових послуг України на основі формування інституту довіри : дис. ... д-ра екон. наук : 08.00.08 / М. В. Дубина. - Чернігів, 2018. - 676 с.Дисертаційна робота присвячена дослідженню теоретичних, методологічних та методичних засад функціонування ринку фінансових послуг України на основі формування інституту довіри та розробленню практичних рекомендацій щодо його розвитку. Розкрито сутність ринку фінансових послуг як системи з визначенням його структури, основних функцій та чинників, які мають змогу змінювати розвиток такого ринку. Проведено аналіз природи довіри як неформального фактора, що впливає на функціонування зазначеного ринку, досліджено її види та обґрунтовано сутність дефініції «фінансова довіра». Сформульовано на основі синтезу системно-синергетичного та інституційного підходів методологічні засади дослідження коеволюції інституту довіри та ринку фінансових послуг шляхом виявлення закономірностей і принципів такого процесу; через використання процесуально-детерміністського підходу визначено базові моделі такого процесу. Розроблено методику оцінювання поточного стану ринку фінансових послуг, яку запропоновано здійснювати за допомогою застосування двовимірної узгодженої системи наукових підходів: системного та секторального. Також визначено концептуальні підходи до моделювання вихідного рівня довіри на ринку фінансових послуг та проаналізовано основні його параметри. Обґрунтовано концептуальні положення функціонування механізму розвитку ринку фінансових послуг на основі формування інституту довіри й поглиблено науково-прикладні засади ідентифікації стратегічних імперативів підвищення рівня фінансової довіри в українському суспільстві.
Диссертация посвящена исследованию теоретических, методологических и методических основ функционирования рынка финансовых услуг Украины на основе формирования института доверия и разработке практических рекомендаций по развитию такого рынка. Раскрыта сущность рынка финансовых услуг как системы с определением его структуры, сегментного состава, основных функций и факторов, которые могут изменять развитие такого рынка. Проведен анализ природы доверия как неформального фактора, влияющего на функционирование указанного рынка, исследованы его виды и обоснована сущность дефиниции «финансовое доверие». Сформулированы на основе синтеза системно-синергетического и институционального подходов методологические положения исследования коэволюции института доверия и рынка финансовых услуг путем выявления её закономерностей и принципов; использование процессуально-детерминистского подхода позволило определить базовые модели такого процесса. Разработана методика оценки текущего состояния рынка финансовых услуг, которую предложено осуществлять с помощью применения двумерной согласованной системы научных подходов: системного и секторального. Также определены концептуальные подходы к моделированию исходного уровня доверия на рынке финансовых услуг и проанализированы основные его параметры. Обоснованы концептуальные положения функционирования механизма развития рынка финансовых услуг на основе института доверия и углублены научно-прикладные основы идентификации стратегических императивов повышения уровня финансового доверия в украинском обществе.
The thesis is devoted to the research of theoretical, methodological and methodical principles of the financial services market functioning in Ukraine based on the institute of trust establishment and development of practical recommendations for its development. The essence of the financial services market as an integral system with the definition of its structure, segment composition, main functions and factors that are able to change this market development is revealed. An analysis of trust nature as an informal factor influencing the specified market functioning is conducted, its species are investigated and the necessity of introducing into the categorical apparatus of economic science the definition of «financial trust» is substantiated. Based on the synthesis of system-synergetic and institutional approaches, methodological foundations of the co-evolution study of the institute of trust in the financial services market by identifying the basic laws (substantial conditionality, ontological combination, dynamics determination) and principles of the mentioned process (dynamism, interdisciplinarity, stable correlation, synergism, mutual determinism, quantification and elasticity) are formulated, which allowed to substantiate principles of formation, existence and development of the financial services market, as well as principles of emergence, evolution and formation of a trust institution. Knowledge of co-evolution principles of the financial services market and the trust institute made it possible to identify basic models of such a process. This was implemented through use of the procedural-deterministic approach. A methodology for assessing the current state of the financial services market is produced, which is proposed to be implemented through the application of a two-dimensional, coherent system of scientific approaches: sectoral and systemic. This allowed conducting a diagnosis of the current state of the financial services market. In addition, conceptual approaches to modeling the initial level of trust in the financial services market are proposed and the main parameters of it are analyzed. The outline provided the opportunity to identify a complex of systemic problems of this market development, which were analyzed and substantiated through the prism of ensuring the growth of the financial trust level within its boundaries. Through conceptualization of the process of systematization of the financial services market, expediency of developing the doctrine of its development and its implementation into the system of the produced strategic documents development of the defined market is proved. Scientific and applied positions of the development mechanism of the financial services market functioning on the basis of the trust institution establishment and in-depth scientific and applied principles of identifying strategic imperatives for raising the financial trust level in Ukrainian society are determined.
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Cobden, Marcus. "Engineering a Semantic Web trust infrastructure." Thesis, University of Southampton, 2014. https://eprints.soton.ac.uk/370614/.
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The ability to judge the trustworthiness of information is an important and challenging problem in the field of Semantic Web research. In this thesis, we take an end-to-end look at the challenges posed by trust on the Semantic Web, and present contributions in three areas: a Semantic Web identity vocabulary, a system for bootstrapping trust environments, and a framework for trust aware information management. Typically Semantic Web agents, which consume and produce information, are not described with sufficient information to permit those interacting with them to make good judgements of trustworthiness. A descriptive vocabulary for agent identity is required to enable effective inter agent discourse, and the growth of trust and reputation within the Semantic Web; we therefore present such a foundational identity ontology for describing web-based agents. It is anticipated that the Semantic Web will suffer from a trust network bootstrapping problem. In this thesis, we propose a novel approach which harnesses open data to bootstrap trust in new trust environments. This approach brings together public records published by a range of trusted institutions in order to encourage trust in identities within new environments. Information integrity and provenance are both critical prerequisites for well-founded judgements of information trustworthiness. We propose a modification to the RDF Named Graph data model in order to address serious representational limitations with the named graph proposal, which affect the ability to cleanly represent claims and provenance records. Next, we propose a novel graph based approach for recording the provenance of derived information. This approach offers computational and memory savings while maintaining the ability to answer graph-level provenance questions. In addition, it allows new optimisations such as strategies to avoid needless repeat computation, and a delta-based storage strategy which avoids data duplication.
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Mbanaso, Uche Magnus. "Privacy trust access control infrastructure using XACML." Thesis, University of Salford, 2009. http://usir.salford.ac.uk/26805/.
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The use of personal, sensitive information, such as privileges and attributes, to gain access to computer resources in distributed environments raises an interesting paradox. On one hand, in order to make the services and resources accessible to legitimate users, access control infrastructure requires valid and provable service clients' identities or attributes to make decisions. On the other hand, the service clients may not be prepared to disclose their identity information or attributes to a remote party without determining in advance whether the service provider can be trusted with such sensitive information. Moreover, when clients give out personal information, they still are unsure of the extent of propagation and use of the information. This thesis describes an investigation of privacy preserving options in access control infrastructures, and proposes a security model to support the management of those options, based on extensible Access Control Markup Language (XACML) and Security Access Markup Language (SAML), both of which are OASIS security standards. Existing access control systems are typically unilateral in that the enterprise service provider assigns the access rights and makes the access control decisions, and there is no negotiation between the client and the service provider. As access control management systems lean towards being user-centric or federated, unilateral approaches can no longer adequately preserve the client's privacy, particularly where communicating parties have no pre-existing trust relationship. As a result, a unified approach that significantly improves privacy and confidentiality protection in distributed environments was considered. This resulted in the development of XACML Trust Management Authorization Infrastructure (XTMAI) designed to handle privacy and confidentiality mutually and simultaneously using the concept of Obligation of Trust (OoT) protocol. The OoT enables two or more transaction parties to exchange Notice of Obligations (NoB) (obligating constraints) as well as Signed Acceptance of Obligation (SAO), a proof of acceptance, as security assurances before exchange of sensitive resources.
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Aguayo, Juan C. (Juan Carlos) 1964. "Financial engineering for BOT infrastructure projects." Thesis, Massachusetts Institute of Technology, 1998. http://hdl.handle.net/1721.1/9713.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, February 1999.Includes bibliographical references (leaves 224-228).
The implementation of the Build-Operate-Transfer (BOT) model for the provision of infrastructure facilities in the United States constitutes a paradigm shift, and a recent innovation, in the delivery and financing of these socially and economically important projects. The main justification, for incorporating the BOT strategy as an alternative in the development of new infrastructure facilities, is the need to access private capital to leverage the insufficient government funds for the financing of these massive undertakings. A key factor contributing to the sustainability of the BOT approach as a viable procurement strategy for infrastructure projects, and providing a decisive competitive advantage to prospective private sector respondents interested in pursuing these ventures, is the expertise in financial engineering. As defined in this thesis, financial engineering is the systematic process that enables a private company to decide first in which BOT project to invest, and then to design the most cost-effective funding structure for financing the venture. This thesis proposes a formal procedure for the financial engineering and modeling of BOT infrastructure projects. Financial modeling, the cornerstone of the financial engineering process, involves the development of simplified scenarios, analytical tools and techniques that enable the objective evaluation of the economic attractiveness and financial viability of a BOT venture. After outlining the steps within the suggested financial modeling framework, a case study consisting of the Canada Confederation Bridge Project is presented. Acknowledging that the recommended financial models for BOT infrastructure projects are simplified illustrations of mammoth and complicated construction programs, this thesis also investigated some of the most important issues Associated with these types of investments to complement the quantitative analyses. This was accomplished through a literature review, and four mini case studies consisting of recent projects in the United States.
by Juan C. Aguayo.
S.M.
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Panayiotou, Athina. "Infrastructure as a financial asset class." Thesis, University College London (University of London), 2017. http://discovery.ucl.ac.uk/1571849/.
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One of the greatest challenges of 21st century is how to address the infrastructure needs which are fast arising around the world. More and better quality infrastructure is demanded in new economies such as China and India, while in mature economies such as Europe and the United States, ageing infrastructure calls for immediate repair and replacement. Even though governments understand the importance of infrastructure as a catalyst of growth, they can no longer sustain these investments alone. As a result, we can clearly observe the presence of a continuous infrastructure investment gap. In response, governments worldwide are turning to private investors in order to sustainably bridge this widening gap. However, private investors remain cautious in relation to this young asset class, as there is still limited information about the financial performance of infrastructure. The goal of this thesis is to study, for the first time in detail, infrastructure as a new financial asset. This analysis is among the few to examine the investment characteristics of different infrastructure sectors and sub-sectors, and is the first to study the significance of this differentiation at the portfolio level. Using different optimisation techniques, this thesis seeks to evaluate whether private investors should focus on a single infrastructure sector, or instead are better of investing in a portfolio containing multiple infrastructure sectors. Lastly, the study aims to prove evidentially the best way to access infrastructure by comparing the listed and the much opaque unlisted infrastructure space. The results of this thesis show that infrastructure consists of different heterogeneous infrastructure sectors thus, by focusing on a single listed infrastructure sector, fund managers will be able to gain complete knowledge of the performance of the sector and still enjoy diversification benefits. Moreover, results indicate that, despite the attractive performance of unlisted infrastructure, public policy is a key lever in attracting private investments into infrastructure.
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Poole, Adam. "Trust and the financial adviser : an examination of environmental trust." Thesis, Cardiff University, 2017. http://orca.cf.ac.uk/111715/.
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While research has called for investigating the drivers, antecedents, and predictors of trust (Grayson et al., 2008; Nienaber et al., 2014; Sekhon et al., 2014), no research has empirically identified and discussed the factors that drive environmental trust and the impact of such trust upon interpersonal trust. Guided by agency theory (Eisenhardt, 1989) and institutional theory (Grayson et al., 2008; Scott, 2014), the first goal of this research is to identify the role of the two sub-components of environmental trust (structural assurance and situational normality) in predicting interpersonal trust (trusting beliefs and the intention to use a particular financial adviser) in the context of the UK financial advice industry. The second goal is to identify the predictors of environmental trust, more specifically, those of structural assurance and situational normality. The third goal is to determine the impact that demographic factors like gender, age, income, and occupation may have on trust, including environmental trust, by developing a conceptual model for environmental trust that extends our knowledge about this subject and closes a gap in the academic literature. Finally, this research provides insights into the role that environmental trust and its predictors play in the development of consumer trust, thereby assisting managers and policy-makers in developing the business practices and policies that foster trust. The UK financial advice industry is the context for this research; trust has been shown to be central in the relationship between consumers and their financial advisers, as many consumers base their decisions about purchases on their trust in their financial advisers (McKechnie, 1992). The loss of consumer trust in the wider financial services industry that occurred after the events of 2008 and other scandals, such as PPI mis-selling, (Uslaner, 2010) is an additional motivation for this research. Two phases of empirical research are undertaken to achieve the goals of the research. Firstly,a qualitative phase of research used focus groups and in-depth interviews (n=23 participants in total) to identify and confirm the predictors of environmental trust. The predictors that emerged included regulation of consumer and data protection, self-regulation, the organisation’s size, guarantees and warranties, prior experience, and prior knowledge of the industry. Findings from the qualitative phase helped to refine the conceptual model. The second phase of the empirical research tested the conceptual model quantitatively using an online questionnaire (n=302). This mixed, two-phase approach is common in academic marketing research into a largely unresearched area (Harrison and Reilly, 2011). The effect that the demographic factors of gender, age, educational attainment, income, and occupation have on the predictors of environmental trust are also examined. This research contributes to theory and knowledge by providing a thorough analysis of environmental trust in the context of the financial advice industry. This research: develops and tests a conceptual model of environmental trust in the context of the relationship between a UK consumer and his or her financial adviser that demonstrates the impact of such trust on consumer’s trusting beliefs and intentions; vi identifies predictors of the two sub-components of environmental trust, structural assurance and situational normality; and examines and identifies the impact of the demographic factors of gender, age,education, income, and occupation on environmental trust. Therefore, this research extends the limited research on environmental trust by developing it in the context of the relationship between UK consumers and their financial advisers. It is also the first study to identify the predictors of environmental trust empirically and to examine empirically the effect of demographic factors on environmental trust. Several findings can be drawn from this research, including: that structural assurance has a greater impact on consumer trusting beliefs and intentions than situational normality does; that, amongst other factors, statutory regulation and self-regulation play roles in fostering structural assurance; that, amongst other factors, some consumers expect the presence of a well-known brand, so the presence of such a brand can foster situational normality; that, among the demographic factors examined, only gender has a significant impact; and that the design of financial service providers’ business premises should reflect consumers’ needs for privacy, confidentiality, and data security so trust can develop. This research also provides a theoretical underpinning for environmental trust by demonstrating that environmental trust is a product of an interaction between agency theory and institutional theory, thereby extending the academic literature. The findings of this research also lead to practical recommendations for managers in the financial advice industry and policy-makers who are charged with ensuring the effective regulation of the industry. For industry managers, these recommendations include taking steps to reassure consumers regarding confidentiality by providing private meeting rooms and implementing a strict clear-desk policy, and to reassure them of their commitment to protecting their best interests by communicating their adherence to consumer- and data protection-related regulation. For policy-makers, these recommendations include improving the effectiveness of communication, as many consumers lack knowledge about the safeguards regulations offer, and about the superior effect of solutions that are based on statutory regulation in reassuring consumers following a trust-related industry crisis, compared to a solution that is based on self-regulation, given the scepticism many consumers have about self-regulation.
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Dragos, Bogdan. "Transaction machines : the infrastructure of financial markets." Thesis, Goldsmiths College (University of London), 2016. http://research.gold.ac.uk/18748/.
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This thesis describes financial markets as complex machines in the broader sense, as systems for organizing informational flows and performing certain functions in regards to the processing of transactions. We focus on the transaction infrastructure of financial markets, on the flow architecture that allows transactions to happen in the first place. First, in order for a financial market to function there needs to be some mechanism for aggregating and matching disparate transactional requests. Another mechanism is then needed in order to untangle and reduce the complexity of overlapping exposures between participants. The history of finance shows us that there are indeed certain patterns and regularities, procedures and mechanisms present in any system that processes financial transactions. The thesis describes this sequence of functions as transaction machines, understood as complex socio-technical systems for the execution of financial transactions. This is achieved by leveraging a specific philosophical account of technology coupled with a computational and evolutionary account of financial markets. We ultimately focus two types of transaction machines, performing the matching and clearing of financial flows, acting as the infrastructure of financial markets. We also provide a sketch for an evolutionary trajectory of these machines, evolving under the demands and needs of marker participants. From medieval fairs to the millisecond electronic platforms of today, transaction machines have gradually transitioned from human-based ‘hardware’ to electronic automated platforms. Moreover, we also describe the complex power dynamics of contemporary transaction machines. In as much as they are the dominant hubs of global financial markets, the thesis argues for the necessity of a more granular account of the functioning and evolution of transaction machines.
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Бричко, Марина Михайлівна, Марина Михайловна Бричко, Maryna Mykhailivna Brychko, and D. A. Riepin. "Financial ombudsman in Ukraine: enhancing trust in the financial services." Thesis, Publishing House FLAT Ltd-Burgas, 2018. http://essuir.sumdu.edu.ua/handle/123456789/71058.
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Одним з ключових принципів сталого розвитку фінансового ринку є довіра і впевненість споживачів фінансових послуг. Формування і зміцнення достатнього рівня довіри та впевненості вимагає регулювання фінансового сектора, яке, як очікується, забезпечить ефективний захист зацікавлених осіб, фінансову стабільність і платоспроможність, досягне належного рівня якості і поведінки на ринку, закріпить право споживачів на отримання повних, своєчасних компенсаційних виплат і розв'язувати спори між споживачами фінансових послуг та фінансовими установами. Був зроблений висновок, що створення фінансового омбудсмена дасть можливість відновити довіру споживачів до ринку фінансових послуг, знизити навантаження на судову систему тощо.Одним из ключевых принципов устойчивого развития финансового рынка является доверие и уверенность потребителей финансовых услуг. Формирование и укрепление достаточного уровня доверия и уверенности требует регулирования финансового сектора, которое, как ожидается, обеспечит эффективную защиту заинтересованных лиц, финансовую стабильность и платежеспособность, достигнет адекватных стандартов качества и поведения на рынке, закрепит право потребителей на получение полных, своевременных компенсационных выплат и разрешать споры между потребителями финансовых услуг и финансовыми учреждениями. Был сделан вывод, что создание финансового омбудсмена даст возможность восстановить доверие потребителей к рынку финансовых услуг, снизить нагрузку на судебную систему и т. д.
One of the key pillars of the sustainable financial market development is trust and confidence of financial services consumers. Formation and strengthening of a sufficient level of trust and confidence requires the financial sector regulation that are expected to afford effective protection to the persons concerned, financial stability and solvency, achieve adequate standards of quality and behavior on the market, enshrines the right of consumers to receive full, timely compensatory payments, and to resolve disputes between consumers of financial services and financial institutions. It was concluded that creation of financial ombudsman will provide an opportunity to restore consumer trust and confidence to the financial services market, reduce the burden on the judiciary, and etc.
Тези підготовлено в рамках виконання науково-дослідної роботи молодих науковців на тему «Економіко-математичне моделювання механізму відновлення суспільної довіри до фінансового сектору: запорука економічної безпеки України» (номер держ. реєстрації 0117U003924)
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Grindlinger, David Matthew. "Validation, delegation, and trust in inter-domain public key infrastructure." [Gainesville, Fla.] : University of Florida, 2002. http://purl.fcla.edu/fcla/etd/UFE1000128.
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Adams, Glenn W. "Financing infrastructure a financial nightmare for smaller municipalities /." Instructions for remote access. Click here to access this electronic resource. Access available to Kutztown University faculty, staff, and students only, 1995. http://www.kutztown.edu/library/services/remote_access.asp.
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Thesis (M.P.A.)--Kutztown University of Pennsylvania, 1995.Source: Masters Abstracts International, Volume: 45-06, page: 2928. Abstract precedes thesis as [2] preliminary leaves. Typescript. Includes bibliographical references (leaves 106-108).
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Kovacs, L. "Prudential challenges in financial infrastructure development in Hungary." Thesis, Українська академія банківської справи Національного банку України, 2012. http://essuir.sumdu.edu.ua/handle/123456789/59013.
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Financial infrastructure development needs are determined by infor-mation technology development and changes in financial and business needs. Accordingly, a need for completely new systems and regulatory frameworks emerges every ten to fifteen years. The payments and settlements framework is provided by BIS recommendations, including the relevant CPSS publications and the Principles for Financial Market Infrastructures report published in 2011. Efficiency is the ultimate driving force for development and this holds true for the project for intraday settlements in Hungary. The most tangible change in this respect is standardisation, now a basic requirement both nationally and internationally. Adoption of the BIS recommendations will result in efficiency improvement in payment services also in countries outside the eurozone, thereby promoting economic development and international relations.
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Семеног, Андрій Юрійович, Андрей Юрьевич Семеног, Andrii Yuriiovych Semenoh, and A. Mykhalova. "Theoretical essence of trust in financial services." Thesis, Sumy State University, 2020. https://essuir.sumdu.edu.ua/handle/123456789/81025.
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Досліджуються питання та сутність довіри до надання фінансових послуг.Исследуются вопросы и сущность доверия к оказанию финансовых услуг.
The issues and essence of trust in the provision of financial services are investigated.
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Gaines, Leonard T. "Trust and its ramifications for the DoD Public Key Infrastructure (PKI)." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 2000. http://handle.dtic.mil/100.2/ADA382046.
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Thesis (M.S. in Information Technology Management and M.S. in Computer Science) Naval Postgraduate School, Sept. 2000.Thesis advisor(s): Michael, James Bret; Buddenberg, Rex. Includes bibliographical references (p. 139-141). Also available online.
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Pedersen, Carl M. "Trust and its ramification for the DoD public key infrastructure (PKI)." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 2001. http://handle.dtic.mil/100.2/ADA387375.
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Thesis (M.S. in Information Systems and Operations) Naval Postgraduate School, March 2001.Thesis advisor(s): Michael, James Bret ; Josang, Audun. "March 2001." Includes bibliographical references (p. 85-87). Also available in print.
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Chiang, Risharng. "A financial-agency study in private delivery of infrastructure." Thesis, Massachusetts Institute of Technology, 2001. http://hdl.handle.net/1721.1/84222.
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Owen, Gareth A. "Interorganisational trust-building following the 2008 financial crisis." Thesis, University of Warwick, 2017. http://wrap.warwick.ac.uk/98254/.
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This thesis is a qualitative study of a group of leaders from the Westminster Parliament, the Financial Services Authority and three UK high street banks following the 2008 financial crisis and has been undertaken to further our understanding of interorganisational trust. The study is ethnographically informed, but makes significant use of focus group and interview data. It also uses data collected from Treasury Select Committee meetings and other publications relating to the policy debate following the publication of the draft Independent Commission on Banking Report in April 2011. There is currently a gap in our knowledge about how interpersonal trust relates to trust between organisations. There has been a good deal of empirical work on interpersonal trust between individuals and within organisations; on the other hand, our understanding of interorganisational trust tends to be more theoretical, lacking the same breath of empirical work that has been undertaken on interpersonal trust. This thesis attempts to better understand interorganisational trust building by using what we know from the trust literature. It then proposes a practice-based approach to studying trust-building to address the challenge we face in conceptualising trust coherently at micro and macro levels together, moving our understanding beyond thinking about trust as a construct or as existing at a level. The thesis firstly identifies three practices that help us better understand how trust-building takes place in the complexity of the interorganisational system. The first of these practices is storytelling, the second is curating space, the third is managing knowledge flows. The thesis secondly proposes that understanding individual and organisational actors as occupying a liminal state, existing in a state of being both individual and organisational actors. This allows us to begin to consider trust-building as both a micro and macro concern at once and provides fresh insight into trust-building.
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Luna, García Jesús. "A Dynamic Validation Infrastructure for Interoperable Grid Services." Doctoral thesis, Universitat Politècnica de Catalunya, 2008. http://hdl.handle.net/10803/6028.
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Los encargados de recursos Grid pueden autorizar el acceso a sus elementos de cómputo por medio de procedimientos bien establecidos para los clientes, regularmente a través del uso de credenciales criptográficas que en su mayoría tienen un tiempo de vida definido.A pesar que la adopción de Autoridades de Certificación -AC- ha parcialmente resuelto el problema de identificación y autenticación entre entidades y, la tecnología PKI (Infraestructuras de Clave Pública) es bastante madura, no es posible hacer los mismos supuestos cuando existen dominios que no confían entre si. En los últimos años han proliferado las Organizaciones Virtuales -VOs- dentro del Grid, cada una instalando su propia Autoridad de Certificación y dando lugar a un gran número de diferentes dominios de seguridad, que efectivamente no confían entre si. Esto da lugar a un complejo escenario de interoperabilidad en Grid, que requiere mecanismos capaces de determinar si una credencial cliente puede ser confiada en un momento dado. Este proceso (llamado "validacion") ha sido tradicionalmente tratado via Listas de Revocación de Certificados (CRLs). Sin embargo, esta solución es ineficiente tanto para la ACs como para las aplicaciones Grid. En consecuencia son requeridos mecanismos mas eficientes que permitan conocer el estado de un certificado en tiempo real. Entre estas soluciones, el Online Certificate Status Protocol (OCSP) sobresale para los Grids. A pesar de su importancia para la seguridad, OCSP conlleva considerables retos para el Grid y de momento es incapaz para garantizar un grado seguro de interoperabilidad entre las ACs que participan en dicho ambiente.
De momento la comunidad Grid ha resuelto el problema de interoperabilidad mediante el uso de "Policy Management Authorities" (PMAs), las cuales representan "Federaciones de Grid-PKIs" cuyas ACs miembros cumplen con niveles mínimos de seguridad. Estos requisitos mínimos forman el llamado "Perfil de Autenticación de la PMA". Actualmente el cumplimiento con el perfil de una cierta PMA se lleva a cabo a través de un proceso bien definido, pero manual, que se realiza una sola ocasión cuando una AC desea ser parte de dicha PMA. Esto se denomina "Proceso de Acreditación".
Cualquier cliente invocando una operación de un servicio Grid, activa un proceso de autenticación que valida su certificado digital de acuerdo a un proceso llamado "Path Validation".
Cuando las ACs participantes interoperan gracias a acuerdos explícitos de confianza, solamente se require un "Path Validation Básico": verificación criptográfica y chequeo del estado del certificado. Software Grid como el Globus Toolkit, provee mecanismos estáticos para dicho proceso. Esto sin embargo resulta inapropiado para VOs actuales.
Asi pues, a pesar de la importancia que un proceso automático y "Extendido" de "Path Validation" tendría para construir relaciones de confianza dinámicamente en Grid-PKIs, a la fecha no existe ningún mecanismo para hacerlo.
Esta tesis presenta una arquitectura novedosa para llevar a cabo el proceso "Extendido de Path Validation" en ambientes Grid para ACs que pertenecen a la misma PMA, gracias al uso de una Infraestructura de Validación basada en el Grid-OCSP y, una metodología de evaluación de políticas que compara las Políticas de Certificación de las ACs involucradas para asegurarse que cumplen con un Perfil de Autenticación y, que por lo tanto pueden interoperar entre ellas. La metodología de evaluación de políticas está basada en una propuesta de investigación de la "Universidad de Nápoles, Federico II" y la "Segunda Universidad de Nápoles". Un prototipo de la Infraestructura de Validación ha sido desarrollado durante nuestra investigación, y es ampliamente explicado en esta tesis.
Grid Resource owners can authorize access to their computing elements by means of well established Authentication and Authorization processes for End-entities, through the use of cryptographic credentials that in most of the cases have a defined lifetime. Nevertheless, despite the fact that the adoption of Certification Authorities -CAs- has partially solved the problem of identification and authentication between the involved parties, and that Public Key Infrastructure -PKI- technologies are mature enough, we cannot make the same assumptions when untrusted domains are involved. In the last years a lot of Grid Virtual Organizations -VOs- have been proliferating, each one usually installing its own Certificate Authority and thus giving birth to a large set of different and possibly untrusted security domains. This brings a quite complex Grid interoperability scenario requiring mechanisms able to determine whether a particular end-entity's credential can be trusted at a given moment. This process is commonly named validation and traditionally it is performed via Certificate Revocation Lists (CRL). However this solution tends to be cumbersome for both, the CA and the application. In consequence, more efficient mechanisms to allow for the provision of real time certificate status information are required. Among these solutions, the Online Certificate Status Protocol (OCSP) stands out in the Grid community. Despite its importance for security, OCSP not only faces considerable challenges in the computational Grid but also, in its current form, this protocol is unable to guarantee a secure degree of interoperability among all the involved Grid-Certification Authorities. At the state of the art, the Grid community is circumventing the interoperability problem with the "Policy Management Authorities (PMAs)", which represent "Federations of Grid PKIs" whose CA members accomplish minimum levels of security. These minimum requirements comprise the PMA's Authentication Profile. In the case of the existing Grid PMAs, compliance with their respective authentication profile is given through a well-defined, but manual process involving a careful analysis of the applicant PKI's Certification Policy -CP-, performed just once, when a new CA wishes to be part of an existing PMA. This is known as the PMA's accreditation process.
Any end-entity invoking a Grid Service's operation from the server, activates an authentication process that validates the end-entity's digital certificate according to the traditional path validation procedure.
When involved CAs interoperate thanks to explicit trust agreements, only basic path validation is required: cryptographic verifications and status' checks over the involved certificates. State of the art Grid software like the Globus Toolkit, provides static mechanisms for the basic path validation. This is a cumbersome process in nowadays Virtual Organizations.
Therefore, despite the importance that an automated and extended path validation process has got in order to build dynamic trust relationships among Grid PKI's, to date there is no mechanism to automatically obtain this information.
This thesis presents a novel architecture for enabling extended path validation in Grid environments for CAs that are part of the same PMA, thanks to the use of a Validation Infrastructure based on a Grid-enabled Online Certificate Status Protocol and, a policy evaluation methodology that compares the involved CAs' Certificate Policies to assert that they fulfil with a particular Authentication Profile and that they can therefore interoperate among them. The policy evaluation technique is based on a formal methodology originally proposed by researchers of the "Università di Napoli, Federico II" and the "Seconda Università di Napoli". A working prototype of the proposed Validation Infrastructure was also developed during our research, and is widely explained along this thesis.
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Рекуненко, Ігор Іванович, Игорь Иванович Рекуненко, and Ihor Ivanovych Rekunenko. "Impact of infrastructure on the stability of the financial market." Thesis, Українська академія банківської справи Національного банку України, 2012. http://essuir.sumdu.edu.ua/handle/123456789/63249.
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In this paper determined the impact of infrastructure on development of financial markets. Provided description of the current state of the main components of the financial market – monetary and stock market of UkraineВ даній роботі визначається вплив інфраструктури на розвиток фінансового ринку. Зокрема, розглянуто дві основні його складові - грошовий та фондовий ринок України.
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McCurdy, Theresa Karen Lynne. "Primary indicators of financial distress in Canadian trust companies." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp03/MQ38557.pdf.
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Magdefrau, Melissa. "Financial Crisis, Relative Trust, and Religious Participation and Affiliation." Miami University / OhioLINK, 2015. http://rave.ohiolink.edu/etdc/view?acc_num=miami1438355418.
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Swahn, Joakim, and Christian Udin. "Cooperative Vehicle-Infrastructure System : Identification, Privacy and Security." Thesis, Linköping University, Department of Science and Technology, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-9399.
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This master thesis is to highlight the importance of what needs to be identified in the CVIS system, how this could be done, how different techniques affect privacy and security and how the privacy and security mechanisms can be improved for the whole system. The report starts with a background of ERTICO – ITS Europe, followed by a description of how the CVIS project is organized, how the CVIS system will work, and a presentation of privacy, security and identification, both in general and in CVIS. After this follows the analysis and the report is finally wrapped up with conclusions and recommendations.
Why this is an important topic to highlight and discuss and the reason being for this master thesis, is because there is a clear need within the CVIS consortium to harmonise these topics. As it is today, different persons and different sub-projects have different views and opinions on what needs to be identified for example. This needs to be harmonised in order for everyone to know what is being developed, but also, and much more importantly, to in the end get acceptance for the CVIS system. If people do not feel they can trust the system, if they feel it is not secure or that it violates their privacy, they will not use it, even if it has been proved the technique works.
The key question discussed in the report is what needs to be identified. This is the most important question to solve. There must be very good reasons and consensus why a certain entity is to be identified, otherwise identification of that entity will always be questioned. This also links very tightly with privacy.
The objective of this master thesis is to bring forward this critical question about identification, to highlight different reasons for identifying or not identifying different entities and to get the discussion started.
Finally, the main conclusions and recommendations on what to actually identify is the vehicle and the different parts in the central sub-system. The best technique would be by using single sign on with a very strong encryption, for example random numbers, that will be handle by a new node Identification Management Centre or that it will be a part of the Host Management Centre. To ensure privacy in the system, the single sign on mechanism should be combined with the approach of using pseudonyms when communicating in the CVIS system.
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Wyman, Oliver, and Bannink Alexander. "Trust in financial transaction providers : A qualitative study of Swedish Millennials and the trust they place in banks and alternative financial transaction providers." Thesis, Mälardalens högskola, Akademin för ekonomi, samhälle och teknik, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-35045.
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Purpose: Firstly, to investigate if the decline of trust in traditional financial transaction providers, namely banks, has resulted in an increase of trust in Alternate Financial Transaction Providers (AFTP). Secondly, to identify antecedents to building trust in AFTP held by Swedish Millennials. Methodology: Qualitative research consisting of focus groups were used to collect primary data. A total of three focus group were held, excluding a trial session. Participants in the focus groups were Swedes between 22 and 30 years of age (Swedish Millennials). Findings: That trust in banks amongst Swedish Millennials is decreasing. Concurrently, there is a general willingness of Swedish Millennials to trust AFTP given the presence of certain antecedents (human, technological and organisational).
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Guirguis, Michel. "A multifactor model of investment trust discounts." Thesis, Bournemouth University, 2005. http://eprints.bournemouth.ac.uk/346/.
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A closed-end fund, known as an investment trust in the UK and closed-end fund in the US, is a collective investment company that invests in shares of other companies. This study attempts to describe and explain the persistence of the excess discount return on UK investment trusts and US closed-end funds. The ability to identify which factors best capture return variation is central to applications of multifactor pricing models. So the main purpose of this thesis is the application of a multifactor risk model that will explain the-existence of the excess discount return. Hence, the title of the thesis: "A Multifactor Model of Investment Trust Discounts. A Comparative Study of UK Investment Trusts and US Closed-End Funds" First, the time-series properties of the closed-end funds' net asset values (NAVs) and discounts are investigated. In terms of normality, we find that the UK and US excess NAV returns and discounts are approximately normally distributed. In addition, through Augmented Dickey-Fuller tests, we find that the UK and US discounts are non-stationary, but the excess discount returns and the excess NAV returns are stationary. In terms of multicollinearity, we find that the independent variables included in our models are not closely correlated, so we do not have problems in using them in the regression models in Chapters 7 and 8. Finally, there are no significant differences in the discount during the month of January and other months. In Chapter 7, we study the importance of management performance in terms of excess NAV returns and discount persistence. We use three approaches: Fama and French's (1993) three-factor model, an extended Fama and French model which incorporates a market timing variable, and a performance persistence model used by Carhart (1997) and Dimson and Minio-Kozerski (2001). On average, the six-factor model developed in the thesis can explain 67% of the variation in the excess discount return in the UK market by taking into consideration the market effect, size, the book-to-market effect, momentum, sentiment and expenses. In contrast, Fama and French's (1993) three-factor and Carhart's (1997) four-factor models explain only 42% of the variation of the excess discount return. Similarly, the six-factor model can explain 66% of the variation in the excess discount return in the US market by taking into consideration the same six independent variables. In contrast, Fama and French's (1993) three-factor model explains 59% of the excess discount return variation and Carhart's (1997) four-factor model explains 65% of the variation.
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Atkinson, Clark R. (Clark Ray). "Private development of transportation infrastructure : assessing feasibility, risks, and financial strategies." Thesis, Massachusetts Institute of Technology, 1991. http://hdl.handle.net/1721.1/13044.
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Oluwadare, Emmanuel Omolaja. "Influence of culture and accounting infrastructure on Nigeria public financial accountability." Thesis, Leeds Beckett University, 2015. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.666334.
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Hansen, Anthony P. "Public key infrastructure (PKI) interoperability : a security services approach to support transfer to trust." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 1999. http://handle.dtic.mil/100.2/ADA369776.
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Thesis (M.S. in Systems Engineering) Naval Postgraduate School, September 1999."September 1999." Thesis advisor(s): James Bret Michael. Includes bibliographical references (p. 143-150). Also available online.
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Sekhon, Harjit Singh. "Evaluating trust and trustworthiness : the case of UK financial services." Thesis, University of Nottingham, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.444636.
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Бричко, Марина Михайлівна, Марина Михайловна Бричко, and Maryna Mykhailivna Brychko. "Conceptualization of trust in the financial sector of the economy." Thesis, Sumy State University, 2019. https://essuir.sumdu.edu.ua/handle/123456789/77594.
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Trust has turned into the centre of academic interest among a spray of fields -
economics, sociology, psychology, political science etc. - as a characteristic of agents
and institutions’ behavior in socio-economic systems. In economic matters, trust has
been regarded as determinant for economic growth, financial development,
international trade and investments [3]. In literature, definitions and measurements of
trust vary often using the concepts of trust, confidence, and sentiments
interchangeably. We are not motivated by the development of a single economic
notion of trust, but at the same time, we are seeking to reduce the pluralism of views
and the multitude of conceptualizations by their amalgamating.
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Vu, Van-Hoan. "Infrastructure de gestion de la confiance sur internet." Phd thesis, Ecole Nationale Supérieure des Mines de Saint-Etienne, 2010. http://tel.archives-ouvertes.fr/tel-00611839.
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L'établissement de la confiance est un problème qui se pose en permanence dans la vie quotidienne. Nous avons toujours besoin d'évaluer la confiance que l'on a en quelqu'un avant de décider d'entreprendre une action avec. Il s'agit bien évidemment d'une question très importante pour les applications de l'Internet où il est de plus en plus rare d'engager une transaction avec des personnes ou des entités que l'on connaîtrait au préalable. La confiance est un élément clé pour le développement et le bon fonctionnement des applications d'e-commerce et par extension de tous les services qui amènent à des interactions avec des inconnus.Le but de cette thèse est de proposer une infrastructure de gestion de la confiance qui permette à chaque participant d'exprimer sa propre politique de confiance ; politique qui guidera le comportement des applications qui fournissent ou qui permettent d'accéder à des services. Cette infrastructure met en œuvre des mécanismes de négociation qui vont permettre d'établir une confiance mutuelle entre les différents participants d'une transaction. Un des points importants de notre proposition est d'offrir un langage d'expression des politiques qui permet d'utiliser toutes les sources d'informations disponibles telles que les qualifications (credentials), la notion de réputation, de recommandation, de risque pour exprimersa politique de confiance.
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Gao, Xiaowen. "Trust in financial markets : a study of fund management in China." Thesis, University of Reading, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.553050.
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The study is motivated by an increased appreciation of the importance of trust in improving business performance in competitive markets. In this thesis, three types of trust - personal trust, organizational trust and system trust have been defined and identified in Chinese fund managers' investment process. Personal trust refers to one's trust in family members and close friends. Organizational trust refers to one's trust in an organization. System trust refers to one's trust in a country's legal system. The impacts of different types of trust on mutual funds' performance are then examined empirically. Through face-to-face and telephone interviews with 96 equity fund managers, this paper reveals Chinese fund managers' attitude on what information they prefer to use in their investment decision making process and how they communicate with publicly traded companies listed on the Shanghai and Shenzhen stock markets. Data was collected from both survey and various public sources. The main function of survey is to identify different types of trust claimed by the study. Trust variables were then linked to different measurements of funds' performance. Using a multiple regression analysis, a positive relationship is found between Chinese fund managers' stock selection performance and personal trust, while a negative association emerges between stock selection and system trust. No evidence is found to link between portfolio performance and organizational trust. This study contributes to the study of inter-organizational trust by providing new empirical evidence on how personal trust has assisted the Chinese fund managers in improving their portfolio returns. One major policy implication that can be drawn IS that being well- connected should be an important strategic consideration for the investment fund companies when they recruit and train new fund managers, especially in the Chinese financial markets.
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Neogy, Chitravanu. "Trust policy management for the financial industry using semantic web rules." Thesis, Massachusetts Institute of Technology, 2004. http://hdl.handle.net/1721.1/17811.
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Thesis (S.M.M.O.T.)--Massachusetts Institute of Technology, Sloan School of Management, Management of Technology Program, 2004.Includes bibliographical references (leaves 89-94).
Trust Management is a growing problem in large corporations today. In industries like financial services, firms need to comply with constantly changing regulations, security requirements and business policies. Information technology is often the backbone of the processes that are regulated by such policies. Traditionally fine-grained Trust Management has been attempted by embedding policies within business logic of silo software applications. This practice leads to high total costs of ownership, minimal interoperability, potential security vulnerabilities and low management visibility into policy specifications and enforcement, which complicates compliance challenges with regulations like Sarbanes Oxley. This thesis makes several new contributions. First, it evaluates trust-policy related applications in the overall financial services industry that can benefit from rule technologies. A second contribution is proposing SCLP RuleML, an emerging semantic web rule language, for representing trust policies (SCLP = The Situated Courteous Logic Programs knowledge representation). A third contribution is providing several financial application scenarios in SCLP that demonstrate the effectiveness of RuleML, including credit card authorizations for electronic transactions, Check 21 processing in banks and account access control in brokerage or mutual fund systems. Finally we provide a rationale and a proposal for RuleML to be a reference implementation of extensible Access Control Markup Language (XACML), an evolving OASIS standard for digital authorization.
(cont.) Potential benefits of such standardization include lower cost and more effectiveness of policy administration; better governance and coordination through centralized ownership or interoperability; and reduced system development costs over the full life cycle.
by Chitravanu Neogy.
S.M.M.O.T.
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Hsiao-Chi, Chuang Doris. "Governance and trust : an institutional economics perspective on Taiwan's financial reform." Thesis, University of Brighton, 2012. https://research.brighton.ac.uk/en/studentTheses/a3c0a30f-bb7d-4f2b-9f1b-92567f810b60.
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Evolution of the financial system involves continual institutional changes for reform purposes. However, reform experiences differed considerably from one country to another. Why is it that some countries can effectively implement reforms to foster successful development while others fail to do so? This study takes a first step in answering this question. It aims to explain the variations of financial reform experience in terms of informal institutional influence and highlight the importance of governance in shaping the reform outcome. The thesis studies governance characteristics that influence Taiwan's banking evolu- tion and examines the development of both formal and informal institutions. It argues that development of Taiwan's banking sector has been path-dependent and significantly influenced by informal institutions, which held back its recent reform progress. The study comprises three parts: theoretical framework, quantitative statistical research and qualitative country study. It applies the analytical framework set out in the theoretical part and draws on empirical evidences from quantitative research to form the basis for an empirical investigation into the historical financial development and recent reform experience in Taiwan. At the conceptual level, the research adopts the New Institutional Economics (NIE) framework and argues that governance bears a decisive importance for an effective reform because it fosters trust in the institutions and facilitates the reform by encouraging cooperative behaviours among actors. It identifies that governance of financial service industry is perceived from institutional qualities of property rights protection, corruption prevention, and political stability. Using the case of Taiwan's banking sector, the research explores the sector has been shaped and conditioned by the institutional contexts in which it operates. It discovers that that the underdeveloped mechanism for creditors' rights protection, collusion between financial businesses owners and politicians, deadlocked political situation with China contribute to weak governance which amplified its 1990s banking crises. It is observed that government's behaviours did not transform with the reform to form new habits and thoughts under the influence of the institutional persistence, hence only had limited success in inducing policy enforcement. In terms of policy implications, the research encourages policy makers to study historical development and to build upon existing initiatives taking into account the path-dependent environment and informal institutional embeddedness of implemented projects.
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Soyeju, Olufemi Olugbemiga. "Public assets financing in Nigeria : the imperatives for legal reforms to unlock domestic financial resources and foreign capital for infrastructure development." Thesis, University of Pretoria, 2012. http://hdl.handle.net/2263/24525.
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Infrastructure is one of the main parameters of economic growth and a country‘s competitiveness depends on the provision and maintenance of efficient and productive infrastructure assets. However, Nigeria, like most countries in Sub-Saharan Africa has the lowest quantity and poorest quality of stocks of infrastructure assets in the world and this phenomenally poor infrastructure has remained an impediment to development in the country. Decades of sub-optimal investment, poor maintenance culture and the fact that the required infrastructure investments could not be accommodated within the available fiscal space as a result of budgetary constraints have all contributed to the Nigeria‘s infrastructure deficit. The immediate outcome of this however is that the available infrastructure assets across the Nigerian landscape are in decrepit state and absurdly inadequate. Besides, the present demand for basic infrastructure services has grown astronomically out-stripping the supply capacity of the existing ones. Closing the infrastructure financing gap will however require increased investment by private investors through creative financing in an enabling legal and financial environment. Outside the budgetary constraints, the absence of efficient maintenance and management of infrastructure assets and quality service delivery by the public sector are some of the reasons why procurement of public infrastructure stocks by government through the traditional approach is no longer plausible and hence, the general appeal of the public-private partnership framework. However, despite all the potentials, the public private partnership technique in Nigeria has not made an appreciable impact in closing the infrastructure gaps due to lack of access to long-term financing. It is against this back-drop that this study has sought to investigate how reforms of the legal and financial infrastructure could widen access to financing through innovative financial resource mobilization in scaling-up infrastructure development and service delivery to the teeming Nigeria population. Therefore, the central thesis of this study is that the inadequacy of appropriate laws and inefficient financial system are partly responsible for the huge financing gaps in the Nigeria‘s infrastructure market and with the legal and financial reforms, an enabling legal and financial environment that would open up space for resource mobilization through innovative financing techniques and sources will be created thereby widening access to long-term financing and increasing the appetite for private investment in the nation‘s public infrastructure assets and services. So, the overarching objective of this thesis is to explore how legal and financial system reforms can facilitate the development of financial models and instruments that can help mobilize financial resources to fund infrastructure and bridge the huge infrastructure financing gaps in Nigeria in a sustainable fashion. Given the infrastructure poverty that constrains economic growth and development in Nigeria, the outcomes of this proposed study would help inform the need for the legal and financial system reforms to unlock resources in addressing the problems of financing gaps in infrastructure projects development in Nigeria. Besides, such outcomes based on the Nigerian experience in infrastructure financing and development may be turned into valuable knowledge for policy –making and further research in Nigeria. CopyrightThesis (LLD)--University of Pretoria, 2012.
Centre for Human Rights
unrestricted
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Pahl, Julika. "Feasibility study of using blockchain to improve transparency and trust in the charity industry." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/33932.
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In 2012, the UN Secretary stated that corruption prevented 30 percent of all development assistance from reaching its destination (UNSG, 2012). This thesis discusses the importance of trust and transparency in the charity sector, and how technology, specifically blockchain, could address these two factors. This paper aims to demonstrate this by developing a minimum viable product on the Ethereum blockchain, called the LoveEconomy, for a local South African non-profit organization, the Secret Love Project. The LoveEconomy is designed as a circular economy, whereby local businesses and users of the platform benefit from each other, whilst also supporting the charity, which takes care of homeless people in Cape Town. Blockchain has many features that could potentially transform charitable giving and aid distribution by enhancing transparency, reducing costs through disintermediation, and enabling new mechanisms for monitoring and tracking charities' impact. Trust and transparency are closely linked in the charity industry, as transparency about the distribution of the funds and the end impact are critical for the trust of the public (Populus and Charity Commission For England & Wales, 2018).
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Haj, Kazem Kashani Hamed. "A real options model for the financial valuation of infrastructure systems under uncertainty." Diss., Georgia Institute of Technology, 2012. http://hdl.handle.net/1853/43630.
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Build-Operate-Transfer (BOT) is a form of Public-Private Partnerships that is commonly used to close the growing gap between the cost of developing and modernizing transportation infrastructure systems and the financial resources available to governments. When assessing the feasibility of a BOT project, private investors consider revenue risk - which is stemmed from the uncertainty about future traffic demand - as a critical factor. A potential approach to mitigating the revenue risk is the offering of revenue risk sharing mechanisms such as Minimum Revenue Guarantee options by the government. In addition to Minimum Revenue Guarantee options, a mechanism known as Traffic Revenue Cap options may also be negotiated, which makes the government entitled to a share of revenue when it grows beyond a specified threshold.
Financial valuation of investments in BOT projects should take into account uncertainty about future traffic demand, as well as Minimum Revenue Guarantee and Traffic Revenue Cap options. The conventional valuation methods including Net Present Value (NPV) analysis are not capable of integrating the uncertainty about future traffic demand in the valuation of BOT projects and properly pricing Minimum Revenue Guarantee and Traffic Revenue Cap options. Real options analysis can be used as an alternative approach to valuation of investments in transportation projects under uncertainties. However, the appropriate application of real options analysis to valuation of investments in transportation projects is conditioned upon overcoming specific theoretical challenges. Current real options models do not provide a systematic method for estimating the project volatility, which measures the variability of investment value. Existing models do not provide a method for calculating the market value of Minimum Revenue Guarantee and Traffic Revenue Cap options. Also, current models are not able to characterize the impact of Minimum Revenue Guarantee and Traffic Revenue Cap options on private investors' financial risk profile.
The overarching objective of this research is to apply the real options theory in order to price Minimum Revenue Guarantee and Traffic Revenue Cap options under the uncertainty about future traffic demand. To achieve this objective, a real options model is created that characterizes the long-term traffic demand uncertainty in BOT projects and determines investors' financial risk profile under uncertainty about future traffic demand. This model presents a novel method for estimating the project volatility for real options analysis. This model devises a market-based option pricing approach to determine the correct value of Minimum Revenue Guarantee and Traffic Revenue Cap options. An appropriate procedure is created for characterizing the impact of Minimum Revenue Guarantee and Traffic Revenue Cap options on the investors' financial risk profile. The proposed real options model is applied to a BOT project to illustrate the valuation process. The limitations of the proposed real options model, as well as the barriers to its implementation, are identified and recommendations for future research are offered.
This research contributes to the state of knowledge by presenting a new method for estimating the project volatility, which is required for the real options analysis of transportation investments. It also introduces a risk-neutral valuation method for pricing the market value of Minimum Revenue Guarantee and Traffic Revenue Cap options in BOT projects. The research also contributes to the state of practice by introducing a novel class of assessment tools for decision makers that characterize the investors' financial risk profile under uncertainty about future traffic demand. Proper methods for pricing of Minimum Revenue Guarantee and Traffic Revenue Cap options are useful to public and private investors, in order to avoid wasting capital in transportation projects.
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Torrance, Morag Isobel. "The financialisation of the urban infrastructure landscape : unravelling financial flows into urban geographies." Thesis, University of Oxford, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.439328.
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Hondora, Tawanda. "Developing securitization-enabling financial infrastructure in emerging markets : a case-study of Zimbabwe." Thesis, University of Warwick, 2009. http://wrap.warwick.ac.uk/2759/.
Full textAbstract:
This legal study identifies through a case-study of Zimbabwe the range of essential legal reforms an emerging market should implement to establish financial infrastructure that enables the structuring of securitization transactions and the prevention and management of risks – such as those highlighted by the 2007 global financial crisis – that can arise from securitization transactions. The study analyses: (i) laws regulating or relating to prudentially regulated firms that typically use securitization to refinance; (ii) corporate and trust laws to identify legal structures which can be utilised as securitization special purpose vehicles; (iii) the Roman-Dutch law of sale to determine whether it permits the true-sale of financial assets; (iv) various legal risks, including substantive-consolidation, veil-piercing, foreclosure, insolvency and tax risks; (v) the dispute resolution framework; and (vi) the structured finance risk mitigation properties of Zimbabwe‘s financial market regulatory framework. The study concludes that Zimbabwe‘s legal system permits most of the contractual arrangements that constitute a basic securitization transaction. However, its financial services regulatory and gatekeeping framework - which must be reformed - is rudimentary and ill-suited to preventing and managing systemic risks that can arise from securitization. This is the first comprehensive academic study which investigates the extent to which the Roman-Dutch legal system enables the various contractual arrangements that constitute a securitization transaction. It also presents an analytical model for reviewing the securitization-enabling characteristics of emerging markets‘ legal systems and the securitization risk mitigation properties of their financial infrastructures.
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Yang, Liu. "Product diversification and financial innovation of Chinese trust companies in China's financialisation." Thesis, University of Manchester, 2017. https://www.research.manchester.ac.uk/portal/en/theses/product-diversification-and-financial-innovation-of-chinese-trust-companies-in-chinas-financialisation(d2a33129-6696-4413-be1d-572ddd951584).html.
Full textAbstract:
In this research project, I proposed two sets of research questions: 1) What is the role of finance, and the phenomenon of financialisation, in the growing Chinese economy? Furthermore, what role does the trust industry play in the financialisation process? 2) How do Chinese trust companies respond to the conjunctural conditions in the financialising economy that are created by regulation and unexpected internal and external events, such as the 2008 global financial crisis and the rise of discourse on shadow banking in post-crisis bank regulation? I conducted a literature review and presented my theoretical framework under the frame-conjuncture-bricolage framework, since diversification is a form of bricolage in the context of the regulation and reform of Chinese trust companies and the financialisation of the Chinese economy. I adopted a case study research design as an appropriate qualitative approach for this research. My findings support the conclusions that: 1) the financialisation and financial bricolage framework applies to the trust industry and trust companies in China; 2) conjunctural conditions in the financialising economy are created by regulation and unexpected internal and external events; 3) trust companies in China respond to conjunctural opportunities by taking bricolage in product diversification and financial innovation. By addressing both sets of research questions through the integration of the mainstream literature on diversification and the financial innovation framework, this study analyses the financialisation of the Chinese economy, conjuncture and financial bricolage in a non-banking industry (i.e., the trust industry) in an emerging economy (i.e., China) and, thus, contributes to the extension and enrichment of the scope of literature on financial innovation and financialisation. While prior research has not yet applied this framework to studying product diversification and financial innovation of the trust industry in China, my research can fill a gap in literature on the evolution of the Chinese financial system in addition to contributing to mainstream research on product diversification and financial innovation. Furthermore, my research also suggests that, the conjunctural perspective and financial innovation as bricolage could equip managers in financial sectors with more realistic analytical and practical tools.
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Ubal, Valentina Ortiz. "Financial compensation : when is it effective in restoring trust after double deviation?" reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2017. http://hdl.handle.net/10183/158405.
Full textAbstract:
Situações nas quais a compensação financeira pode ser eficaz na recuperação da confiança após o duplo desvio têm sido negligenciadas pela literatura de marketing. O objetivo principal desta dissertação foi identificar situações em que a compensação financeira imediata é mais eficaz do que táticas de recuperação não financeiras (i.e. pedido de desculpas, promessa de não ocorrência de mesma falha no futuro) na restauração da confiança após o duplo desvio. Especificamente, visou examinar a moderação do tipo de violação (se financeira ou não) no efeito de diferentes táticas de recuperação (i.e. pedido de desculpas, promessa de não ocorrência de mesma falha no futuro e compensação financeira) sobre a recuperação da confiança após o duplo desvio; e investigar a mediação das atribuições no efeito da compensação financeira sobre a recuperação da confiança após o duplo desvio. Os resultados encontrados através de dois estudos experimentais realizados com diferentes populações e contextos de serviços indicam que a compensação imediata é mais eficaz do que o pedido de desculpas e a promessa na recuperação da confiança após o desvio duplo somente quando a falha inicial implicou em perda financeira para o cliente. Quando a falha inicial não gera perdas monetárias, todas as três táticas possuem efeitos similares. Além disso, verificou-se que a atribuição de benevolência explica ao menos parte do efeito da compensação monetária sobre a recuperação da confiança na situação de falha monetária.Situations in which financial compensation may be effective to rebuild trust after a double deviation have been neglected by the marketing literature. The main objective of this thesis was to identify situations in which immediate financial compensation is more effective than non-financial recovery tactics (i.e., apology, promise that the failure will not repeat in the future) in trust restoration after double deviation. It specially aimed to examine the moderation of the type of failure (whether financial or not) in the effect of different recovery tactics (ie apology, promise, and financial compensation) on trust recovery after double deviation; and investigate the mediation of attributions in the effect of financial compensation on trust recovering after the double deviation. The results found, through two experimental studies conducted with different populations and service contexts, indicate that immediate compensation is more effective than apology and promise to repair trust after double deviation only when the initial failure causes a financial loss for the client. When the initial failure does not refer to monetary losses, all three tactics had similar effects. In addition, it has been found that the attribution of benevolence explains at least part of the effect of monetary compensation on trust recovery in the situation of monetary failure.
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Schmelzer, Anthony Andrew. "Increased Trust: The Effect of Disaggregated Financial Statements on Potential Nonprofit Donations." Ohio University Honors Tutorial College / OhioLINK, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1524840768351006.
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Ambrose, William, Samuel Athley, and Niclas Dagland. "Cloud Computing : Security Risks, SLA, and Trust." Thesis, Jönköping University, JIBS, Business Informatics, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-12484.
Full textAbstract:
With Cloud Computing becoming a popular term on the Information Technology (IT) market, security and accountability has become important issues to highlight. In our research we review these concepts by focusing on security risks with Cloud Computing and the associated services; Software, Platform and Infrastructure (SPI) and connecting them with a social study of trust.
The method that was conducted during our research was reviewing secondary literature, interviewing different experts regarding Cloud Computing and relating standards already established by ENISA, NIST, and CSA to the interviews.
The result of this study shows connections between the specific SPIs, both how they compare, but also how they differ. In the end we were also able to rank the top security risks from interviews with experts and see which SPI could be the most insecure one and what countermeasures could be applied.
This was further related to trust and Service Level Agreement (SLA) in Cloud Computing to show how the security risks we discuss are related to these two specific areas. By highlighting this we wanted to present useable information for both clients and providers in how to create a better Cloud Computing environment.
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Goodell, John W. "Three Essays on the Cross-National Impact of Trust and Social Factors on Culture of Equity." Kent State University / OhioLINK, 2008. http://rave.ohiolink.edu/etdc/view?acc_num=kent1210195277.
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Pirzada, Asad Amir. "Trust-based routing in pure ad-hoc wireless networks." University of Western Australia. School of Computer Science and Software Engineering, 2007. http://theses.library.uwa.edu.au/adt-WU2007.0193.
Full textAbstract:
[Truncated abstract] An ad-hoc network of wireless nodes is a temporarily formed network, created, operated and managed by the nodes themselves. Due to its peculiar establishment and operational properties it is also often termed an infrastructure-less, self-organised, or spontaneous network. In order to extend the communication range of the nodes, beyond a single hop, specially configured routing protocols are used. The unique feature of these protocols is their ability to form routes in spite of a dynamic topology. For effective functioning of the network it is essential that the network nodes execute the routing protocols in a truthful manner regardless of their contemporary commitments and workload. In real life, this is more than often extremely difficult to realise, and so we often find malicious nodes also present in the same network. These nodes can either join externally or may originate internally by compromis- ing an existing benevolent node in the network. These malicious nodes can carry out an array of attacks against the routing protocols leading to route severing, unavailability of service or deception. A number of secure routing protocols, which make use of cryptographic algorithms to secure the routes, have recently been proposed. ... In order to sustain the improvised nature of ad-hoc networks, in this thesis, we have moved from the common mechanism of achieving trust via security to enforcing dependability through collaboration. We desist from the customary strategy of employing cryptography and instead use a trust model that is influ- enced by the human behavioural model. All nodes in the network independently execute this trust model and maintain their own assessment concerning other nodes in the network. Each node, based upon its individual experiences, rewards collabo- rating nodes for their benevolent behaviour and penalises malicious nodes for their malevolent conduct. To highlight the efficacy of this unique approach, we apply the trust model to three contemporary reactive routing protocols in a pure ad-hoc network. These trust reinforced routing protocols locate dependable routes in the network by observing the sincerity in participation of other nodes using a set of trust categories. The routes worked out in this way are neither protected in terms of security nor minimal in terms of hops. However, these routes traverse nodes, which have been identified as more trustworthy than others and for this reason are more dependable in extemporised circumstances. Through the help of extensive simulations, we have demonstrated that the usage of these protocols significantly improves the overall performance of the network even in the presence of a high percentage of malicious nodes. These protocols, being independent of a trust infrastructure, also enable rapid deployment and improved operation with dynamic adaptation to the current scenario. The prime advantage being gained is the ability to seamlessly integrate ad-hoc wireless networks belonging to dissimilar organisations.
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Poquiz, Romeo D. V. "Financial planning model for the Armed Forces of the Philippines Provident Trust Fund." Thesis, Monterey, California. Naval Postgraduate School, 2000. http://hdl.handle.net/10945/26547.
Full textAbstract:
Recent deployments gave rise to twin problems for the Armed Forces of the Philippines Provident Trust Fund (AFPPTF). Firstly, the AFPPTF, though it has identified the type of assets in its planned portfolio, is not sure how to allocate the assets in the portfolio in order to optimize returns. Secondly, the AFPPTF has no visibility of expected returns in the future years, on which to base its decisions in determining the amount of yearly scholarship assistance. This thesis research aimed to solve these twin problems of the AFPPTF. The research involved two broad steps - data collection and model construction and analysis. Data collection was primarily through literature reviews, archival research, and interviews. The analysis involved simulation through the Monte Carlo method. The model was created using Microsoft Excel spreadsheet, where all the possible variables affecting future portfolio returns and fund balances were linked with the other variables through formulas and equations. These variables, such as initial investment, yearly scholarship and operating expenses, etc., were based on the various yearly cash flows of the AFPPTF. The portfolio returns and yearly fund balances, called "forecasts" in the model, were based on the probability distributions of the historical returns of the assets in the portfolio. Simulation runs, each run involving 5,000 trials, were undertaken to determine the expected portfolio returns and fund balances in a 20-year time horizon. Simulation was also used in determining the optimal asset allocation used in the model The model may be used by the management of AFPPTF in financial planning by varying certain variables, conducting simulation runs on each variation, creating and analyzing simulation results, and ultimately making decisions
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Cho, Joungill. "Effective use of customized incentives for trust-building in the online financial industry /." Full text (PDF) from UMI/Dissertation Abstracts International, 2000. http://wwwlib.umi.com/cr/utexas/fullcit?p3004233.
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Nel, Ebenhaeser Cornelis. "The Business Trust and its role as an entity in the financial environment." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1020175.
Full textAbstract:
The trust figure in South Africa has undergone an interesting process of evolution during the last century – from a mere gratuity or private tax evasion tool to a proper family protection, business entity, investment, and structured finance vehicle. Its flexibility and multi-functionality positioned the trust as an ideal legal institution for many innovative ideas in the search for holistic business structures, economic empowerment transactions, general estate planning and risk protection initiatives, and ultimately, its application as financial instrument and structured finance entity. The development of both traditional and synthetic securitisation schemes in South Africa has been investigated, with some emphasis on the application of the special purpose institution, which may be in trust form. It is submitted that the application of the trust figure has developed without any significant contribution from the local legislator. A sound legal and regulatory framework is crucial for the creation of a strong future environment for legal and financial vehicles. The question is, however, whether the current South African legal framework for the application of the business trust, and also as a vehicle for financial instruments, is adequately sound and robust in light of the standards set in the international business and financial environment. It is submitted that the hybrid nature of the South African legal landscape is conducive for the development of sound legal systems in an ever-changing legal and economic reality. It is further submitted that in the development of proper legal frameworks, South Africa should position itself particularly in its context as a Southern African developing democracy. The South African trust development is compared with that of some foreign jurisdictions as well as with international conventions and treaties of relevance. Some recommendations for necessary changes are made and it is submitted that such future development of the trust figure should not take place haphazardly, but within the context of a structured regulatory model.
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Мішенін, Є. В. "Організаційно-економічні проблеми розвитку фінансової інфраструктури в сільській місцевості." Thesis, Українська академія банківської справи Національного банку України, 2005. http://essuir.sumdu.edu.ua/handle/123456789/62493.
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Нерозвинута фінансова інфраструктура стримує розвиток економічної
активності у сільській місцевості. При цьому метою формальних фінансових
установ часто є залучення коштів сільського населення, а не його
кредитування через високі ризики, значні витрати на моніторинг і порівняно
невеликі суми позик. Отже, у разі виникнення потреби у коштах селяни
змушені звертатися до неформальних кредиторів, тоді як кредити мають
короткостроковий характер (що робить неможливим їх використання як
джерела фінансування капіталовкладень).
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Рекуненко, Ігор Іванович, Игорь Иванович Рекуненко, and Ihor Ivanovych Rekunenko. "Формування та розвиток інфраструктури фінансового ринку України." Thesis, Українська академія банківської справи Національного банку України, 2013. http://essuir.sumdu.edu.ua/handle/123456789/51353.
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У роботі досліджено науково-методичні підходи до визначення сутності та видів інфраструктури, обґрунтовано її місце в системі взаємовідносин на фінансовому ринку, проаналізовано та систематизовано функції, принципи та основні властивості інфраструктури фінансового ринку. Визначено та охарактеризовано її структурні елементи. Відповідно до цього структуровано етапи становлення інфраструктури фінансового ринку на прикладі окремо взятих сегментів, зокрема, фондового, грошового і кредитного разом.In the scientific and methodological approaches of the essence and types of infrastructure of financial market are investigated, the place of the infrastruc-ture in the relationship on financial market is defined, the functions, principles and basic properties of infrastructure of financial market are analyzed and systematized. The structural elements of the infrastructure are defined and characterized. According to this the stages of the infrastructure of financial market as an example of individual segments, including stock, cash and credit together are structured.
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Shayegan, Sepideh. "An analysis of the financial costs of introducing a hydrogen infrastructure for transport in London." Thesis, Imperial College London, 2008. http://hdl.handle.net/10044/1/11389.
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