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Midoux, Julien Jérôme. "Compared private equity impact investments." reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/19478.
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This research aims to study private equity impact investments based on a comparative analysis of different private equity funds practices. In particular, it examines how the requirements of impact investing are encompassed in private equity investment processes. First, a literature review was conducted to better define impact investing and assess the complementarity of private equity with impact investing. Secondly, a qualitative study was pursued based on a panel of interviews. Interviewees are investment professionals working for private equity firms with interests in impact investing. The analysis of the interviews indicates a certain commonality of the investment methods between the funds paneled whether they are pure player private equity impact investors or traditional private equity firms investing for impact. Beyond the proximity between investment strategies, the research also shows a strong focus on in-house impact targeting and measurement, with little resort to external tools. Such flexibility negatively affects the readability of impact performance from a market perspective. The research concludes impact investing still has to go through a standardization process to gain global recognition as a private equity segment.
Esta pesquisa tem como objetivo de estudar os investimentos de impacto de private equity com a base de uma análise comparativa de diferentes práticas de fundos de private equity. Em particular, examina como os requisitos de investimento de impacto estão abrangidos nos processos de investimento em private equity. Em primeiro lugar, uma revisão da literatura foi feita para melhor definir o investimento de impacto e avaliar a complementaridade do private equity com os investimentos de impacto. Em segundo lugar, um estudo qualitativo foi realizado com base de um painel de entrevistas. Os entrevistados são profissionais de investimento que trabalham para empresas de private equity com interesses em investimentos de impacto. A análise das entrevistas indica uma certa semelhança dos métodos de investimento entre os fundos estudados que eles sejam unicamente investidos em impacto o que sejam fundos de private equity que fazem investimentos de impacto além de investimentos tradicionais. Além da proximidade entre as estratégias de investimento, a pesquisa também mostra um forte foco em processos de segmentação e de medida do impacto internos, com pouco recurso para ferramentas externas. Essa flexibilidade afeta negativamente a legibilidade da realização do impacto por parte do mercado. A pesquisa conclui que os investimentos em impacto ainda precisam passar por um processo de padronização para obter reconhecimento global como um segmento de private equity.
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Richards, Andriette. "Creating value in private equity investments." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/59758.
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Private equity has shown persistence in creating value in underlying portfolio investments as evidenced from its outperformance of corporate counterparts. The superior returns that these investments achieve have been attributed to a combination of quantitative and qualitative factors, including financial engineering, operational improvements and strong capabilities in composing and effectively structuring the management function of underlying investments.
This research set out to identify and quantify the relative importance and preferred levels of features, both quantitative and qualitative, that are deemed by private equity practitioners to create value in underlying private equity investments. The research was conducted using a mixed-method approach with conjoint analysis, which is often used in decision-making research, as the main tool and basis for the design and data analysis.
The quantitative results of the research showed that the quality of a management team is the key feature that private equity professionals deem important and together with Corporate Governance and Incentive structures, is the management platform that drives value creation. The results also showed that Financial value engineering continues to play a strong role, but that Operational improvements take a small leading position in creating value. Finally, the composition of each category's underlying features appears to have distinct features when compared to the literature reviewed.Mini Dissertation (MBA)--University of Pretoria, 2017.
zk2017
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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Brown, Roger Jelks. "Return distributions of private real estate investments." Adobe Acrobat reader required to view the full dissertation, 2000. http://www.etda.libraries.psu.edu/theses/approved/WorldWideIndex/ETD-13/index.html.
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Stadler, Pierre. "Private Equity Investments - Styles and Optimal Portfolios." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02214336001/$FILE/02214336001.pdf.
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Rebelo, Diogo Bebiano de Sá Viana. "Assessing the performance of private equity investments." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/13462.
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This study presents an alternative investment projection model to estimate the future values of Private Equity (PE) investments. The performance of PE investments is assessed by analyzing the risk-return relationship relative to simulated Public Market (PM) investments that mimic the cash flow patterns of PE investments. The model allows for a quantified analysis of the underlying inputs that outline the PE performance and risks, and accounts for survivorship bias. These inputs include the fund manager’s decisions regarding the selection, leverage, size, duration and timing of investment and divestments.
Este estudo apresenta um modelo de projeção de investimentos alternativos para estimar os valores futuros de investimentos de Private Equity (PE). O desempenho dos investimentos de PE é avaliado pelo risco-retorno em relação a investimentos de Mercados Públicos simulados de forma a imitar os padrões de fluxo de caixa dos investimentos de PE. O modelo permite uma análise quantificada dos inputs que caraterizam o desempenho e riscos de investimentos de PE, e tem em consideração rácios de sobrevivência (survivorship bias) destes investimentos. Estes inputs incluem decisões dos gestores do fundo em relação à seleção, alavancagem, tamanho, duração e timings dos investimentos e desinvestimentos.
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Sesele, Mmathabo. "Determinants of private investments in South Africa." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29077.
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This paper reviews the causal connection between private investment; interest rates and macroeconomic uncertainty in South Africa on a yearly time series data range between 1980 and 2014. This research was encouraged by the continually weakening private investment in South Africa relative to total investment. There is a need to turn around this pattern. This research contributes towards a greater comprehension of the variables and their direction of impact in the examination of the pattern of private investments and additionally, the impacts of interest rate and macroeconomic uncertainty on private investment in SA. The study employs an ARDL model for co-integration to explore the presence of a long-run relationship between the variables and the granger causality within VECM to check the interrelations among the series. The findings reveal that all variables are co-integrated to suggest the existence of a long-run relationship among private investment, long-term interest rates and bond spread. The results show that macroeconomic uncertainty exerts an adverse influence on private investment, in accordance with economic theory. In contrast to the theory, the long-term interest rates coefficient is positive and significant in the projected equation. Therefore, the conclusion is that the interest rate contributes toward the reduction in private investment. Keeping in mind the end goal to resuscitate private investment, government ought to consider receiving approaches that lift total request, offering greater venture motivations, facilitating credit limitations by forming a more productive and vigorous money-related framework, decreasing macroeconomic vulnerabilities, encouraging foundation improvement, and empowering inflows of outside speculation.
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De, Oleza Ferrer Carles. "The Role of Culture in Private Equity Investments." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-264153.
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The main purpose of this thesis is to understand if Investors working in Private Equity and Venture Capital understand what corporate culture is and take it into account when deciding whether to invest or not in a startup or a target company. In order to reach this goal, an empirical research has been developed, interviewing a sample of private equity fund managers and professional business angels, selected randomly and without any personal connection to the author.
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Prata, Ginja R. C. S. "Essays in private and public investments in human capital." Thesis, University College London (University of London), 2011. http://discovery.ucl.ac.uk/1322964/.
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This thesis comprises three chapters on the study of investments in human capital. The first chapter analyzes the effects of Head Start, a preschool program for poor children, on adolescents' behaviors. As program is means-tested, its effects are identified using discontinuity in the probability of program participation induced by eligibility rules. Since there is a range of income thresholds, which vary with family size, state and year, the effect is identified for a large set of individuals in the neighborhood of each discontinuity. Participation in Head Start reduces the incidence of behavioral problems, grade repetition, obesity, depression and criminal behavior. Among others, the first chapter leaves two questions unanswered: the first concerns the low take-up of social programs; the second relates to changes in parents' investments in their children when they face income shocks. To first question is addressed in the context of a program launched in Chile in 2002 - the Chile Solidario. The aim of this program is to provide psycho-social support to indigent families. As Head Start, Chile Solidario is a means-tested program and its effects are identified using a RD design. The program increases the take-up of subsidies and employment programs. However, information provided by Chile Solidario about other programs increases take-up only among those with less (direct or indirect) previous contact with the welfare system. The last chapter studies the ability of parents to insure investments in their children's human capital against income shocks. Parental investments in children are central to their development over the entire period of childhood. During this period families are potentially hit by a variety of shocks to their resources, which can impact investments in children. Understanding parental reaction is relevant for the design of anti-poverty programs that target vulnerable families with children and it may shed light on the mechanisms behind the effects found for child care programs and income transfers. The approach used builds on a life-cycle model that accounts for within and across periods nonseparability in parents' problem introduced by the accumulation of human capital of children (Cunha, Heckman and Shennach, 2010). I account for the fact that parents have an array of possible investments available. In particular, time maybe a suitable substitute for some types of goods/expenditure investments. I implement my analysis using the Children of the National Longitudinal Survey of the Youth 1979 (CNLSY79). Ignoring the multiplicity of investment that parents have in each moment and the cumulative nature of skills may produce biased estimates. I reject the hypothesis that time use and consumption towards children are separable over time; time use is complement to child's expenditures when children are less than six (for children of worse o families), but it is substitute of expenditures for school-age children.
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Chadwick, Marcus. "The Overseas Private Investment Corporation political risk insurance, property rights and state sovereignty /." Connect to full text, 2006. http://hdl.handle.net/2123/1857.
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Thesis (Ph. D.)--Discipline of Government and International Relations, Faculty of Economics and Business, University of Sydney, 2007.Title from title screen (viewed 16th July, 2007). Submitted in fulfilment of the requirements for the degree of Doctor of Philosophy to the Discipline of Government and International Relations, Faculty of Economics and Business, University of Sydney. Degree awarded 2007; thesis submitted 2006. Includes bibliographical references. Also issued in print.
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Gietl, Robert. "Substanzielle Wertschöpfungsbeiträge durch Private Equity-Gesellschaften in europäischen Secondary Buyout Investments : eine vergleichende Analyse mit europäischen Primary Buyout Investments /." Berlin : Pro Business, 2009. http://d-nb.info/999405160/04.
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Shafik, Nemat. "Private investment and public policy in Egypt, 1960-1986." Thesis, University of Oxford, 1989. http://ora.ox.ac.uk/objects/uuid:d3c6cec8-2027-4952-95ff-bead802bd8ef.
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The determinants of private investment and the role of government policy in Egypt are analyzed with a focus on the debate over "crowding out" versus "crowding in," the implications of administered interest rates, and the consequences of uncertainty. A theoretical model of investment is developed that integrates the microfoundations of firm decision making with the determinants of investment at the macroeconomic level. The model, which draws on case studies of fifty private firms in Egypt, is characterized by oligopolistic markets, putty-clay technology, credit rationing, and rigidities in the supply of capital goods. Econometric testing of the model uses the recent literature on cointegration and error correction to address the problem of spurious correlations while retaining long run information about the equilibrium relationship between aggregate investment and its determinants. The empirical evidence shows that the investment decision depends on expected profits which are a function of demand, costs and mark ups. The impact of government policy on private capital formation operates through these determinants, such as the positive effects of protection or restrictive licensing on private sector mark ups. Using the model to analyze the oil boom of the 1970s, it is possible to explain the sectoral distribution of private investment, which diverged from the predictions of conventional Dutch disease theory about the consequences of a trade shock. The findings indicate that the sharp rise in the private investment ratio during the 1970s in Egypt stemmed more from the consequences of the foreign exchange windfall on demand, costs, and mark ups than from the effect of fiscal incentives introduced by the state. However, government policy was crucial in determining the structure of incentives in the economy which favoured capital intensive, heavily indebted, import substituting investments in protected sectors. The private sector responded to this incentive structure by concentrating on those activities where economic rents were highest.
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Gutsche, Gunnar [Verfasser]. "Sustainable and responsible investments & private investors in Germany / Gunnar Gutsche." Kassel : Universitätsbibliothek Kassel, 2017. http://d-nb.info/1155431030/34.
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Echter, Constantin J. "Hedgefonds-Investments im Private Banking Eine empirische Analyse des deutschen Marktes /." Wiesbaden : Gabler, 2008. http://sfx.metabib.ch:9003/sfx_locater?sid=ALEPH:DSV01&genre=book&isbn=978-3-8349-1148-3&id=doi:10.1007/978-3-8349-9948-1.
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Harasgama, Manojkumar. "Real Estate Private Equity Investments The advantages and disadvantages of REPE /." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01650647002/$FILE/01650647002.pdf.
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Yang, Ying, and Irina Sollén. "Investments in the Swedish Cleantech Sector : A Case Study of Swedish Public and Private Venture Capital Investments in Cleantech." Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-81850.
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The ever-growing awareness of sustainable living brings us to Cleantech - a technology that aims to reduce pollution and enhance efficiency by developing environmentally friendly products and services. Investors nowadays claim they are moving towards investments incorporating CSR and ESG issues, which is closely connected to Cleantech investments. As a growing sector, the most concerning issue is the financing. Since Cleantech was introduced around 2006, the market has seen investors with different profiles. Among them venture capitalists (VC) have played a vital role in supporting Cleantech growth. It is noticeable that state-owned VCs, together with private VCs, have been actively participating in Swedish Cleantech investments. This study sets out to evaluate how public VCs differ from private VCs in terms of investment strategies, in Swedish Cleantech context. The results of the study aim to give an understanding of roles of different VCs in investment evaluations, which affect the decision making of their Cleantech investments. Through Cleantech Scandinavia’s database we have collected information regarding previous investments made in Swedish Cleantech between 2007 and 2011. The results showed that public VCs and private VCs had similar stage preferences, focusing at seed and commercialization stages with little touch on expansion stages. The co-investing activities were mainly targeted at energy related segments in Cleantech. Based on this rough understating about Swedish Cleantech investments we conducted semi-structured interviews with 11 VCs, both public and private, to gain a deeper understanding on their investment strategies. We found that the difference between public and private VCs lies merely in the sense that public VCs operates under governmental guidelines, which they have to comply with when making an investment decision. The majority of the public VCs must co-invest with private investors, which opens a door for private VCs seeking co-financing for Cleantech projects. Particularly public VCs with a regional focus work under both local governments’ and EU’s regulations, which make them restricted to some degree. On the contrary private VCs have the freedom to decide whatever they want under different circumstances. Apart from that, public and private VCs share a great deal of similarities in their investment strategies and evaluations in Cleantech investments.
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Kuck, David [Verfasser]. "Transparenz-Identifikation bei Private Equity Transaktionen - Veränderungen der Kapitalmarktkommunikation von Portfolio- Unternehmen bei Private Equity Investments / David Kuck." Wuppertal : Universitätsbibliothek Wuppertal, 2018. http://d-nb.info/1169069673/34.
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Kim, June. "The Rise of Private Equity in China: A Case Study of Successful and Failed Foreign Private Equity Investments." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/921.
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China's transition from a planned economy to a market economy has brought about remarkably rapid economic growth. Year after year, China boasted of double-digit growth rates since the early 1990s. Attracted by China's so-called "economic miracle," foreign investors began entering the Chinese market hoping to benefit from the country's vast array of financial opportunities. Private equity, particularly a leveraged buyout, was an unfamiliar concept in China until late 1990s. Now China has become the most attractive destination among emerging markets for private equity investment. Global private equity firms are currently raising billions of dollars for funds focusing on China because of the potential for exceedingly high returns. In the early 2000s, there were several instances of the Chinese government approving large foreign private equity deals with a state-owned enterprises in industries deemed strategically sensitive. This is highly unusual because the Chinese government has been traditionally protective of sectors related to national or economic security. However, there were also cases when foreign private equity deals failed to gain regulatory approval even though the Chinese firm was not in a sensitive industry. This paper aims to illuminate the reasons behind this anomaly. By investigating the factors that Chinese regulators consider when reviewing private equity proposals through an analysis of four case studies, this paper will reveal a facet of China's evolving market economy. Based on the parallels drawn from the case studies along with other formidable challenges, this paper proposes that the future of China's private equity market may not be as promising as anticipated by foreign investors.
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Urby, Fredrik, and Christopher Albinsson. "Private Equity and Industry Performance in the Nordics : Can Private Equity investments affect the performance of its industry?" Thesis, Linköpings universitet, Nationalekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-138954.
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Private equity has many definitions and there are many perceptions of it. This study is inspired by a study from Bernstein, Lerner, Sorensen and Strömberg (2016), but with another geographic area, different set of measurements of performance and a different source of data. The main hypothesis is whether private equity investments can improve industry performance. This is tested using data from 162 industries in the Nordics and five financial ratios. Statistical significance tests are performed for all industries and together with an evaluation of the link between aggregated industry performance and private equity investments. A large ratio of the significance tests conducted were able to reject its null hypothesis, which is that the mean of the financial ratio for the industry with the private equity investment is higher compared to the mean of the same industry in the other Nordic countries without any private equity investment. The test, used to determine if there is a relationship between the number of private equity investments and industry performance using a chi squared-test, could as well reject its null hypothesis. This implies that there is a reason to believe that private equity investments in fact has an effect on industry performance.Private equity har många definitioner och det finns minst lika många uppfattningar om det. Den här studien är inspirerad av en studie från Bernstein, Lerner, Sorensen and Strömberg (2016), men med annat geografisk område, andra jämförelsemått och med ett annat dataunderlag. Hypotesen är att private equity investeringar kan förbättra branschers prestation. Detta testas med data från 162 branscher i Norden och med fem utvalda finansiella mått på prestation. Statistiska signifikanstest utförs för alla branscher och tillsammans med en utvärdering om huruvida det finns ett samband mellan aggregerad branschprestation och private equity investeringar. En stor andel av de genomförda signifikanstesten kunde förkasta sin nollhypotes, som var att medelvärdet för det finansiella nyckeltalet för en industri med private equity investeringar var högre jämfört med medelvärdet i samma industri i de övriga Nordiska länderna utan några private equity investeringar. Antagandet om att det finns ett samband mellan antalet private equity förvärv i en bransch och branschens prestation, som testas med ett chi-två test kunde även det förkasta sin nollhypotes. Detta implicerar att det finns anledning att anta att private equity investeringar faktiskt har en påverkan på branschers prestation.
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Xiao, Le S. M. Massachusetts Institute of Technology. "From growth equity to leveraged buyout : making private equity investments in China." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/80672.
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Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2013.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 99-101).
Private equity investments are divided into the five main categories: venture capital, mezzanine capital, growth equity, leveraged buyouts, and distressed investments. Currently in China, growth equity is the major type of private equity investments. The thesis will focus on the investment process of growth equity deals in China. Specifically, the thesis will analyze the challenges in deal sourcing, valuation and due diligence processes, deal structuring, and exit strategies. Private equity sector in China is in its early stage of development and evolving quickly with huge potentials untapped. While in the developed countries like the U.S., leveraged buyouts is the main stream of private equity investments, this type of deals is emerging in China. The thesis will explore the potentials of leveraged buyouts in China through analyzing the capital market landscape of the country and the case studies.
by Le Xiao.
S.M.
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Zhang, Chi. "The agency problems in China's private equity investments : a cross-jurisdictional perspective." Thesis, University of Glasgow, 2017. http://theses.gla.ac.uk/8240/.
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This thesis aims to identify and solve the agency problems in the life cycle of private equity (PE) investment under the commercial law system in China by comparing the legislative and adjudicative practices in the United Kingdom (UK) and other related jurisdictions. Based on transaction cost economics as the theoretical foundation of this research, the agency problems of PE investment derive from the two-level separation of ownership and control, one of which is the principal–agent relationship between the PE investors and the fund manager, and the other is the principal–agent relationship between the PE shareholders and the management of investee companies. As effective institutional solvers to agency problems, fiduciary duties as default rules have been widely developed and practised in common law countries to protect the interests of PE investors. Subject to the strong dependency on judicial practices, however, the economic function of fiduciary duties may not be fulfilled properly in the jurisdictions without a sound and independent judicial system such as that in China. Therefore, the logical purpose of this research was to find a series of feasible and costefficient approaches to reduce the agency costs in governance of three organizational structures that are involved in PE investments under Chinese legal and regulatory regimes, namely the limited partnership, business trust and corporation. As the society and economy of the UK are developed along a free-market and liberalistic ideology, the contractual freedom as the core spirit of the UK‘s commercial law has been widely accepted and recognized in both legislative and adjudicative activities. Thus, both the decision-making rules in PE funds and corporate governance of portfolio companies in the UK are also labelled as showing high respect for contractual autonomy. The protective rules sprung from common law and equity in relation to the laws of business organizations and trusts also provide flexible approaches for reducing agency costs in PE investment. Hence, this thesis especially underlines the reference to, and transplantation of, the contractual techniques of the UK‘s business organization law for enhancing investor protection of the Chinese PE industry, by which the negative impacts of political intervention and uncertainty in judicial practices may be effectively constrained. In addition, in order to make this analysis more comprehensive and objective, this thesis also refers to the institutional transplantation of trusts and corporate governance in not only continental and mixed jurisdictions, but also several typical transitional economies in the world. Based on, and beyond, the aforementioned research, this thesis argues that the basic legal framework of PE has undoubtedly been established in China. This notwithstanding, the strong state capitalistic ideology and authoritarian interest pattern still seriously impede the legal reform towards a more market-directed and investor-protection-oriented institutional construction. In a broader sense, another conclusion may also be put forward, namely that the transplantation of different business organizations across jurisdictions are determined by the distribution of the costs of protecting investors. As a brief model, the costs of investor protection are divided into internal and external approaches; the former refers to the cost of contractual arrangements within business organizations and the latter to the costs that are generated from the judicial and regulatory activities outside business organizations. Based on a detailed economic analysis of the main types of business organizations, this research concludes that 1) when the organizational and non-organizational protective approaches generate equal costs, such an organizational form should be most widely applicable and transplantable; and 2) the success of such legal transplantation depends on whether the gross costs of protecting investors can be reasonably distributed by the organizations and regulatory and judicial systems. The developing path of the commercial law system in China may preliminarily illustrate the above thesis, while more detailed studies may be developed infuture.
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Eckhoff, Jens. "Turnaround Equity in Deutschland : Perspektiven und Erfolgspotenziale für Private Equity Investments in Krisenunternehmen /." Saarbrücken : VDM Verl. Müller, 2007. http://deposit.d-nb.de/cgi-bin/dokserv?id=3019570&prov=M&dok_var=1&dok_ext=htm.
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Dzenga, Bruce. "Public policy and clean energy venture capital private equity investments in South Africa." Thesis, Stellenbosch : Stellenbosch University, 2013. http://hdl.handle.net/10019.1/97395.
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Thesis (MDF)--Stellenbosch University, 2013.ENGLISH ABSTRACT: In 2007, Bürer and Wüstenhagen (2009) conducted a survey amongst European and United States venture capital and private equity investors (VC/PE) to ascertain their public clean energy policy preference and concluded that VC/PE investors view the feed-in tariff (FIT) scheme to be the most preferred policy option. In this research study, the author re-conducted part of the Bürer and Wüstenhagen (2009) survey with thirty South African VC/PE investors to determine their perceptions on clean energy public policy preference. It is evident from the survey, that opinions are varied and at times even contradictory. This in itself demonstrates an important feature of the South African VC/PE and clean energy industry: it is young, dynamic, changing rapidly and can look very different, depending on the vantage point. The investors surveyed were mainly optimistic about the long-term development of the South African renewable energy industry led by private investors. VC/PE investors in South Africa have mixed views on various investment options, and are concerned about both the regulatory and macro-economic trends. The interviews and survey results show a number of recurring issues. Altogether, the survey results indicate that VC/PE investors consider FITs to be the best public clean energy policy instrument in leveraging private investment and finance for renewable energy in South Africa. This study serves to illustrate and confirm, in line with empirical studies, that VC/PE investors in South Africa believe that clean energy market-pull policies provide an impetus and indeed spur private investor participation in clean energy in developing countries. While it is true that most VC/PE investors would prefer the price certainty associated with a FIT regime, this is almost an irrelevant question in South Africa since constitutionally the state is bound to procure through competitive tendering. This study also serves to highlight the need for more active research and attention in this field.
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Teerakajornchote, Chotechuang. "A portfolio model for private financial capital movements in Thai balance of payments." Bangkok, Thailand : Chotechuang Teerakajornchote, 1988. http://books.google.com/books?id=1nktAAAAMAAJ.
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Lesotlho, Patrick. "An investigation of the determinants of private investment: the case of Botswana." Thesis, University of the Western Cape, 2006. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_3369_1189596802.
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Private investment in Botswana as well as a ratio to Gross Domestic Product has been falling in some periods of 1976-2003. Viewed against the background of growing evidence of a link between investment and economic growth, an inconsistent and downward trend in Botswana's private investment is a matter of concern. Several studies in developing countries emphasize the importance of macroeconomic policy in explaining variations in investment, an in particular, identify the microeconomic determinants of private investment to include interest rates, output growth, public investment, bank credit to the private sector, inflation, real exchange rate, and the level of trade. This study evaluated the macroeconomic determinants of private investment in Botswana by means of a regression analysis based on the co-integration and Error Correction Model of Engle and Granger (1987).
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Kudanga, Annah. "A critical analysis of the financial regulation of private equity investments in South Africa." Thesis, University of the Western Cape, 2015. http://hdl.handle.net/11394/4768.
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Magister Legum - LLMPrivate equity is a critical vehicle of entrepreneurship development that is essential in reducing unemployment and boosting the economic growth of South Africa. There has, however, been a decline in private equity investment (PEI) activity in South Africa compared to the 2006-2007 peak and seed capital by venture capitalists has been affected the most. This has been attributed to a number of factors mainly related to financial and tax regulation. This study critically reviews the financial regulation of the PEIs in South Africa with a view to elucidating potential pitfalls that may be affecting the competitiveness of the industry. A comparison with the regulation of PEIs in the United Kingdom (which is generally regarded as functioning well) is also made in order to provide a basis for recommendations to improve private equity activity in South Africa. The main legal structures for PEIs in South Africa are the en commandite partnerships and the bewind trusts, of which en commandite partnerships are the most common legal structure. The private equity industry is mainly regulated by common law. However, there are various, separate sections of legislation that regulate private equity transactions as well as public companies. These fragmented pieces of legislation and regulations include the Financial Advisory and Intermediary Services Act, the Broad-based Black Economic Empowerment Act and the Black Economic Empowerment policy framework, the Companies Act, the Pension Funds Act, the Financial Markets Act, the Exchange Control Regulations 1961, the Competition Act, the Johannesburg Stock Exchange Listing Requirements and the King Reports on Corporate Governance. Of these, the most influential is the Financial Advisory and Intermediary Services Act which regulates financial service providers or fund managers. A comparison with the PEIs regulatory framework in the UK showed that the UK, apart from having a consolidated legislation regulating the legal structure of PEIs, generally, has a more comprehensive scope of regulation that includes self-regulation, co-regulation, and regional regulations, in addition to the traditional, conservative common law. This integration of regional requirements through EU’s Directive 2011/61/EU and the Walker Guidelines has probably helped the UK to open up new markets in the region. Although there are some positives in the regulation of PEIs in South Africa, notably the regulation of financial markets to prevent market abuse and insider trading, it appears financial regulation may benefit from drawing lessons from the law and regulatory framework of the UK. It is therefore recommended that the South African private equity industry develops a consolidated and facilitative regulatory framework. This can be based on co-regulation along the lines of the Walker Guidelines (which encourages more disclosure and transparency) as well as a consolidated Act to control all PEIs activities.
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Kalmertun, Frida, and Sofia Nork. "Miljöinvesteringsbeslut i privata och kommunala bostadsbolag." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-297786.
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I och med att bygg- och fastighetssektorn står för en betydande andel av Sveriges miljöpåverkan har aktörer inom branschen stora möjligheter att genom miljömässiga investeringar påverka fastigheternas klimatavtryck. Grundtanken är att investeringar genomförs om de är lönsamma men eftersom syftet med miljöinvesteringar även är att uppnå positiva miljöeffekter spelar mer än den ekonomiska aspekten roll. Privat verksamhet drivs i vinstsyfte och sedan lagen om allmännyttiga kommunala bostadsaktiebolag trädde i kraft 2011 ska även de allmännyttiga bostadsbolagen driva sin verksamhet enligt affärsmässiga principer för att inte sätta konkurrensen på marknaden ur spel. Affärsmässighet och samhällsansvar ska därmed kombineras. Syftet med studien är därmed att undersöka och få en fördjupad förståelse för vad miljöinvesteringar i fastigheter innebär samt vad som påverkar ett bostadsbolags miljöinvesteringsbeslut. Huvudfrågeställningen fokuserar på hur miljöinvesteringsbeslutet påverkas av att företaget är privat eller kommunalt. Vidare utreds även hur miljöinvesteringar skiljer sig från övriga investeringar i fastigheter när det gäller beslutsprocessen och bedömning samt vad som hade kunnat få fler miljöinvesteringar att genomföras. Studien är baserad på semistrukturerade intervjuer med tio respondenter från sju fastighetsbolag i Stockholmsområdet. Studien har visat att begreppet miljöinvesteringar i fastigheter ännu inte är helt definierat men främst handlar om åtgärder kopplat till energieffektivisering. Investeringsprocessen följer till största del samma process som övriga investeringar och samma beräkningsmetoder används men fler perspektiv tas in när det kommer till att ta beslutet. Avgörande faktorer för miljöinvesteringsbeslutet kan delas upp i kategorierna; lönsamhet och besparingar, företagets styrning, krav och mål, hyresgäster samt fastigheternas konstruktion. Ett bostadsbolags miljöinvesteringsbeslut påverkas av att företaget är privat eller kommunalt genom företagets styrning och syfte med verksamheten. I sin tur påverkar det synen på de avgörande faktorerna, främst i vilken grad lönsamhetskravet inte behöver uppnås och hyresgästernas inflytande på beslutet. Synen på miljökrav och en minskad miljöpåverkan påverkas inte av att företaget är privat eller kommunalt.Since the construction and real estate sector accounts for a significant part of Sweden’s environmental impact, actors in the industry have great opportunities to influence buildings’ climate footprint through environmental investments. The basic idea is that investments are made if they are profitable, but since the purpose of environmental investments also is to achieve positive environmental effects, more than only the economic aspect matters. The goal of private companies is to make profit and since 2011 the municipal housing companies in Sweden must act according to business principles as well in order to maintain competition in the market. Business and social responsibility must therefore be combined. The purpose of the study is to gain an understanding of what environmental investments in buildings are and to analyse what influences a housing company’s environmental investment decision. The main issue focuses on how the environmental investment decision is affected by the company being private or municipal. Furthermore, the study investigates how environmental investments differ from other investments in buildings in terms of the decision process and also what could have led to more environmental investments being implemented. The study is based on semi structured interviews with ten respondents from seven housing companies in the Stockholm area. The study has shown that the concept of environmental investments in buildings is not yet fully defined but mainly is about measures related to energy efficiency. Environmental investments follow the same process as other investments and the same calculation methods are used, but more perspectives are considered when it comes to the decision making. Decisive factors for the environmental investment decision can according to this study be divided into the categories; profitability and savings, the corporate governance, requirements and goals, tenants and the construction of the buildings. A housing company’s environmental investment decision is affected by the company being private or municipal through the company’s governance and purpose. This affects the view of the decisive factors, mainly to what extent profitability requirements do not need to be met and the tenants’ influence on the decision. The view of environmental requirements and reduced environmental impact is not affected by the company being private or municipal.
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Musisi, Aldret Albert. "Underinvestment in public infrastructure capital and private sector output and productivity in Uganda : implications for economic growth /." Maastricht : Shaker Pub, 2007. http://www.loc.gov/catdir/toc/fy0716/2007468533.html.
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Mukuya, Prisca R. "The impact of financial development on private investment in south Africa." Thesis, University of Fort Hare, 2014. http://hdl.handle.net/10353/d1018210.
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Empirical evidence and theoretical propositions suggest that financial development is strongly correlated to private investment because financial development positively affects investments by affecting capital accumulation, altering savings rate or by channelizing savings to various capital producing technologies. This study empirically investigated the impact of financial development on private investment in South Africa using quarterly data for the period 1994/01 to 2011/04. This study assess whether the theoretical and empirical propositions can be supported in South Africa. Cointegration tests using the Johansen approach (1988) were conducted to examine if there is a stable relationship in the level of private investment and financial development in South Africa. As a proxy for financial sector development, credit to private sector as per cent of GDP and stock market development were employed. Other variables that affect investment such as real interest rates and real GDP were also included in the model. Results of the study indicate that stock market development and real GDP have a positive relationship with private investment. Bank credit to the private sector however showed a negative relationship with private investment. A negative relationship was also noted for the relationship between private investment and real interest rates.
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Awad, Bassam R. "Essays in fiscal policy computational accuracy and optimal investments in public, private, and human capital /." Tallahassee, Florida : Florida State University, 2010. http://etd.lib.fsu.edu/theses/available/etd-01052010-132832/.
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Thesis (Ph. D.)--Florida State University, 2010.Advisor: Milton Marquis, Florida State University, College of Social Sciences and Public Policy, Dept. of Economics. Title and description from dissertation home page (viewed on July 20, 2010). Document formatted into pages; contains xiii, 149 pages. Includes bibliographical references.
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Mumelter, Nadja. "Determinants of venture capital and private equity investments in renewable energy: a cross-country study." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/9768.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and EconomicsThis paper conducts the first econometric analysis of determinants of greentech venture capital (VC) and private equity (PE) investments into renewable energy technology. Renewables are an industry which is still in development. The underlying technologies need to mature to eventually benefit from cost savings due to scale and learning effects. The required funding for energy technology is mainly provided by VC and PE investors. The results suggest that the investment volume can be further increased, if governments ensure a stable investment process from the entrance (eased by a solid R&D base which is funded by governments) to the exit (facilitated by ensuring a stable demand, for example through a CO2 tax or cap). The study further found, that investors are more concerned about the economic situation at the time of disinvestment, rather than the current state. Empirical evidence shows that the growth rate of the real interest rate, the oil price growth and population growth are significant indicators for investment volumes and stable across different setups, while the absolute value is not always.
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Zainir, F. "Private savings, financial developments and institutions in emerging economies." Thesis, Coventry University, 2012. http://curve.coventry.ac.uk/open/items/49c61e95-2367-4ace-8f9f-92f5ac8cf5c7/1.
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In the 1950s and 1960s, after gaining independence from their colonial powers, most developing countries adopted “market substitution” as their policy for economic development and growth. In essence, this was an industrialisation strategy followed by these developing economies to concentrate on home-grown products and nurture their expertise in order to reach the status of industrialised nations. However, by the end of 1970s, many developing countries began to realize the failures of their inward-looking approach to industrialization when their economies were mired with high unemployment, inflation and chronic external debt. By the middle of 1980s, many of these countries began to change their policies and reorient themselves into market economies. However, with financial crises and economic recessions that resulted from pursuing market driven liberalization policies, these economies began to realize the flaws of the market driven approach to industrialization. Nevertheless, they continued with the liberalised policies incorporating market as well as non-market (institutional) reforms, aimed at strengthening regulation, improving corporate governance and curbing corruption to avoid the destabilising consequences of financial liberalization. The evolving economic policies that influenced financial development and growth in developing economies came about with the objective of enhancing household and private sector‘s savings. These policies have been designed to influence financial development and economic growth (which can impact upon private savings) in two different ways: (i) by increasing saving due to households taking precautionary motives, or (ii) negatively by spending more due to increase in overall expenditures. Theoretically, the combined effect on private saving is therefore ambiguous. The purpose of this thesis is to assess empirically the importance of various economic factors influencing private sector savings in emerging market economies. In addition, the influence of non-market institutional factors on savings is explored from the incorporation of newly institutional measures into these countries economic policies. Several econometric methodologies are employed with empirical analysis conducted on data for twenty emerging economies across three primary regions in the world, i.e. Asia Pacific, Middle East and North African (MENA), and South America. The twenty countries also include other emerging economies that are proximate to MENA regions such as South Africa, Turkey and Israel. In general, the findings based on SUR (Seemingly Unrelated Regression) methodology show that per capita growth, financial development, government savings, and trade openness have a positive impact on private savings; while youth and old dependency-age groups, real interest rate, and urban growth have a negative effect on private savings. In general, most of these results are consistent with previous studies for other countries. Additionally, causality tests are conducted using Vector Autoregressive (VAR) methodology as well as Pedroni and Johansen cointegration methods within the Vector Error Correction (VEC) model to determine both short-term and long-term causality effects between financial development and economic growth. The results indicate that in the long run financial development has a causal effect on growth; however, in the short run the results are quite mixed. For example, the short run result using the VAR method shows that income growth has Granger causality effect on financial development, but the F-test result for the VEC method shows evidence of bivariate causality. The long-term causality results also confirm the finding of previous research about the importance of developing financial sector in order to spur the country‘s economic growth. The final empirical investigation is to conduct panel data regression to test the impact of non-market institutions on private savings. The main result here is that sound institutional factors based on respect for property rights (e.g. bureaucracy, accountability and regulation quality) have a positive effect on aggregate private savings. Furthermore, political stability is found to have a negative impact on savings while efficient bureaucracy has a positive impact on savings. It can be construed that with an uncertain political environment, i.e. diminishing political stability, the public in general would save more than spend. On the other hand, efficient bureaucracy would boost public confidence about the country‘s governance, which can lead to increased overall savings by the public.
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Erlandsson, Gustaf, and Anton Wahlstedt. "Promoting Green Investments Within the Retail Sector." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-246075.
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The environmental problem has become more prominent in the last decade, and in the recent years there has been a number of alarming reports published on this topic. In order to fight the climate change, the financial industry can play a key role by directing their investments towards green projects and sustainable companies, pushing companies to participate in the transformation to a sustainable world. The development of issued green bonds is evidence on that the financial market has started to allocate more money in the green market, and this development is expected to continue going forward. The development is mainly driven by institutional capital, with only very little support from the Retail segment. Hence, the aim of this thesis is to provide the market with possible solutions on how to enhance the volume of capital invested in green products from this segment. Semi-structured interviews with 8 stakeholders on the market, together with seminar discussions on a TBLI Sustainability conference and thoughts obtained through a Sustainable Advisory Board at Nasdaq constitutes the foundation of this report in order to deduce patterns to why investors choose to invest or not invest in green instruments, as well as deducing the existing problems with the current market. The opinions are compiled and discussed in aspects concerning framework issues, definition issues, future outlook and policies. Our commissioner Nasdaq has helped guided the focus of this thesis. Our interviews combined with current literature works as the foundation to the findings on the specific area which could be of interest to all stakeholders on the financial market, but more specifically to investors, financial institutions and the government. Key findings of this thesis shows that the market in general is in need of clear guidance from the government in order to be able to adapt to the changing world. Further, the lack of a standardised framework and assessment of green investments leads to low transparency and problems with measuring impact. This describes why private investors say they do value sustainability, but fail to invest in it. Better transparency and reporting would make it easier showing the impact of the investment, which ultimately would affect private investors in a positive way as investors valuing sustainability would obtain a tangible sustainability measure on their investment, resulting in that their utility from the investment is maximised. In order to enhance the market in the current state, the authors of this report states that government support towards fintech companies contributing to the development of transparency, reporting and impact would be of interest. The authors see that such a subsidy would yield a lot of value to all stakeholders on the market, including the Retail sector.Miljöproblemen har blivit allt mer framträdande under det senaste decenniet, framförallt under de senaste åren då flertalet alarmerande rapporter har publicerats inom detta område. För att motverka klimatförändringarna kan finansbranschen spela en nyckelroll genom att styra investeringarna mot gröna projekt och hållbara företag, och därmed driva företag till att vara med i omvandlingen till en hållbar värld. Utvecklingen av emitterade gröna obligationer är ett bevis på att finansmarknaden börjar investera mer pengar på den gröna marknaden, vilket förväntas fortsätta i framtiden. Utvecklingen drivs huvudsakligen av institutionellt kapital, med endast liten uppbackning av Retail-segmentet. Syftet med denna avhandling är därför att presentera möjliga lösningar på hur man kan öka volymen av investerat kapital i gröna produkter från detta kundsegment. Semi-strukturerade intervjuer med 8 intressenter på marknaden tillsammans med seminariediskussioner på en TBLI hållbarhetskonferens och tankar från Sustainable Advisory Board på Nasdaq utgör grunden för denna rapport. Baserat på detta härleds mönster till varför investerare väljer, eller inte väljer, att investera i gröna instrument, samt befintliga problem med den nuvarande marknaden. Åsikterna sammanställs och diskuteras rörande frågor om ramverk, definitioner, framtidsutsikter och marknadsfrämjande åtgärder. Vår uppdragsgivare Nasdaq har bidragit till att utforma inriktningen på detta arbete. Våra intervjuer i kombination med aktuell litteratur fungerar som grunden för resultaten i denna studie, vilka kan vara av intresse för alla intressenter på finansmarknaden, men specifikt för investerare, finansinstitut men också regeringen. De viktigaste resultaten visar på att marknaden i allmänhet behöver tydlig vägledning från regeringen för att kunna anpassa sig till den föränderliga världen. Vidare leder bristen på ett standardiserat ramverk och frånvaron av hur man bedömer gröna investeringar till låg transparens och problem med mätning av effekter. Detta beskriver varför privata investerare säger att de värderar hållbarhet, men misslyckas med att investera i det. Högre transparens och bättre rapportering skulle göra det enklare att visa effekten av investeringen, vilket i slutändan skulle påverka privata investerare på ett positivt sätt, eftersom investerare som värderar hållbarhet skulle få ett konkret mått på sin investerings bidrag, vilket leder till att den personliga nyttan av investeringen kan maximeras. För att förbättra marknadens nuvarande tillstånd påstår författarna till denna rapport att statligt stöd till fintech-bolag som bidrar till utveckling av transparens, rapportering och inverkan skulle vara intressant. Författarna ser att en sådan subvention skulle bidra med ett stort värde för alla intressenter på marknaden, inklusive den privata sektorn.
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Barbarosh, Jason S. "PIPE Discounts, Premia, and Performance." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2129.
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This paper explores private investments in public equity (PIPE) deals as a means of alternative firm financing. Poorly performing companies often look towards PIPEs to quickly raise capital when traditional means of financing are limited. This study provides an analysis on both the discount and premia that PIPEs are issued at, as well as the performance of firms after the deal announcement. Overall, this study finds that successful PIPEs from the investor’s perspective are issued at a discount of close to 17%, and unsuccessful PIPEs are issued at an average of a 15% premium. I find substantial cumulative abnormal returns of 9% over a three-day period due to positive information shocks. Overall, this thesis corroborates past research in the field.
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Karim, Martia. "Determinants of Venture Capital Investments : A panel data analysis across regions in the United Kingdom." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-40179.
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Venture Capital is an important theme in economic research as a growing intermediate in the financing of new or growing young firms. In Europe, it is the United Kingdom that is the leading country with the highest amount of venture capital activity. However, there is a wide spatial distribution of venture capital across the regions of the United Kingdom where London and the South East alone pulled nearly 60% of venture capital in 2013. This paper focuses on a cross-regional study with the selected regions of the United Kingdom: Scotland, England, Wales, and Northern Ireland. The purpose to investigate the relationship between economic growth, research & development expenditure, and population density with total venture capital investments during the time period 2006 – 2016. The aim is to contribute to existing literature on determinants of venture capital with evidence from the United Kingdom. Using a fixed effect model, we can establish a positive relationship between population density and total venture capital invested. Economic growth and gross expenditure on research & development did not yield any significant result.
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Onyeji, Reginald, and Johan Karner. "Telecom Private Investment and Economic Growth : The Case of African and Central & East European Countries." Thesis, Jönköping University, JIBS, Economics, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1161.
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Abstract
This paper examines the contribution of telecommunication private investment to economic growth in Africa and CEE countries using graphical and regression analysis. Data for fourteen African countries and thirteen CEE countries were used for the empirical analysis. The time series data is from 1999-2005. The contribution of telecommunication private investment to economic growth was estimated to be positive but insignificant in the pooled regression analysis. After con-trolling for country specific effects and causality, the effect of telecommunication private investment on GDP was found to be positive and significant. However, the positive impact on GDP was not substantial. When a cross-sectional test was carried out, the contribution of telecommunication private investment to economic growth was discovered to be positive except in 2005, and was also seen to be statistically significant up to 2002. The contribution of the mobile subscribers to economic growth was revealed to be positive and significant both in the pooled and cross-sectional regression analysis.
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Kulti, Mikaela, and Elin Andersson. "För- och nackdelar med privatpersoner på den svenska Private Equity-marknaden." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-297887.
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Private Equity har länge utgjort ett attraktivt tillgångsslag på grund av dess höga riskjusterade avkastning. Den historiskt höga avkastningen i kombination med dagens låga räntor och starka kapitalmarknad har bidragit till ett växande intresse för tillgångsslaget, däribland hos privatpersoner. Syftet med arbetet var att kartlägga den svenska Private Equity-marknaden och privatpersoners möjlighet till exponering mot tillgångsslaget, genom att undersöka för- och nackdelar för företag att ha med privatpersoner som investerare samt för- och nackdelar för privatpersoner att exponeras mot Private Equity. För att fastställa respektive för- och nackdelar applicerades en kvalitativ forskningsmetod bestående av semistrukturerade intervjuer med nyckelpersoner inom området. Av studiens resultat framgick det att främst kapitalstarka privatpersoner som anses som professionella eller semi-professionella investerare har möjlighet att investera direkt i Private Equity. Det framgick även att möjligheten för mindre kapitalstarka individer att investera i tillgångsslaget är begränsad, främst på grund av lagstiftningen och högt satta lägsta investeringsgränser. Utefter studiens resultat och analys kunde slutsatsen dras att det föreligger flertalet tydliga för- och nackdelar med att ha med privatpersoner som investerare och för privatpersoner att investera i tillgångsslaget. Att ha med privatpersoner som investerare kan bidra med fördelar i form av att de kan bidra med kunskap, kompetens, erfarenhet och affärsmöjligheter. Privatpersoner utgör även en intressant källa till kapital för Private Equity-fonder och företag. Privatpersoners delaktighet innebär även nackdelar. Privatpersoner som investerare medför stora administrationskrav, en möjlig operationell risk samt utgör en osäker källa till kapital. En ytterligare nackdel med att ha med privatpersoner som investerare, sett till att enbart ha institutionella investerare, är att det kräver fler investerare för att uppnå samma nivå av kapital. Fördelarna för privatpersoner att investera i Private Equity är främst att tillgångsslaget bidrar till hög avkastning och diversifiering. Vidare kunde slutsatsen dras att investering i tillgångsslaget innebär en inlåsningseffekt som förhindrar irrationella beslut och bidrar följaktligen till högre avkastning. Nackdelarna för privatpersoner vid investering i Private Equity kunde fastställas till mindre likviditet, brist på transparens och höga förvaltningsavgifter. Komplexitet hos tillgångsslaget och individens generella kunskapsbrist påvisades även vara nackdelar som bidrar till lägre lönsamhet.Over the past decades Private Equity has been an attractive asset class due to its high risk-adjusted return. The historically high return in combination with today's low interest rates and strong capital markets has contributed to increased interest for the asset class, including among private individuals. This study was set out to identify the Swedish Private Equity market and private individuals' access to the asset class by examining the advantages and disadvantages for companies to have private individuals as investors and the advantages and disadvantages for private individuals to be exposed to Private Equity. To determine the advantages and disadvantages, a qualitative research method was applied in which semi-structured interviews were conducted with key people within the field. The results of the study showed that mainly high-net-worth individuals who can be considered as professional or semi-professional investors have the opportunity to invest in Private Equity. It also emerged that the opportunity for less wealthy individuals to invest in Private Equity is limited, mainly due to the legislation and high minimum investment limits. From the study it could be concluded that there are several clear advantages and disadvantages with both having private individuals as investors as well as for private individuals to invest in the asset class. Having private individuals as investors can contribute with benefits in the form of knowledge, competence, experience and business opportunities. Private individuals also constitute an interesting source of capital for Private Equity funds and companies. The main disadvantages, with having private individuals as investors, concluded from the study was that their participation places great demand on administration, may pose an operational risk and that they compose an uncertain source of capital. A further disadvantage with having private individuals as investors, compared to having only institutional investors, is that a larger number of investors is needed to raise the capital that the funds require. The main advantages for private individuals to invest in Private Equity, concluded from the study, are the high returns and contribution to diversification. Furthermore, it could be concluded that investing in the asset class has a lock-in effect that prevents individuals from making irrational decisions, which in turn contributes to a higher return. The disadvantages of investing in the asset class are concluded to be less liquidity, the lack of transparency and high management fees. The complexity of the asset class and individuals general lack of knowledge are also shown to be a disadvantage that contributes to lower profitability.
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Kemeny, Carlos Alexandre. "Three Studies on Institutional Environment and the Private Equity Continuum: From Early-Stage Venture Capital Investments to Buyouts." Research Showcase @ CMU, 2015. http://repository.cmu.edu/dissertations/525.
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This dissertation evaluates the effects of the institutional environment on investment and performance in the private equity industry. It provides insights on how trade secret protection can increase venture capital (VC) investment through a state court’s favorability toward the inevitable disclosure doctrine, the effect of anti-takeover regulation as it relates to private equity firm buyout performance, and the role that political context has in determining VC distributions to different states. Data analysis is based on Thomson Reuters’ VentureXpert for VC investment and geography, inevitable disclosure rulings gathered from multiple sources, a proprietary database on private equity firm buyout performance, and election results at the state and national levels of the United States. Three studies were conducted, which comprise this dissertation. The first paper investigates how inevitable disclosure, a form of trade secret protection, affects the geography of VC investment in the United States. Results show that a rule in favor of inevitable disclosure increases the overall amount of VC inflows and the proportion of investment by non-local VCs in a state more than an against or no rule. Mechanisms are addressed that can explain these findings by considering how a court decision on inevitable disclosure might increase the probability of obtaining a court injunction against a former employee departure and the predictability of that probability. The second paper extends experiential learning theory by arguing that the degree of causal ambiguity in firm decisions likely differs not only across different settings (i.e. operational vs. strategic), but also across different stages of the same strategic decision. With particular regard to acquisitions, the selection stage seems to be less causally ambiguous than the restructuring stage. Since experience translates into learning to a lesser extent when causal ambiguity is greater, acquisition experience translates more readily into learning to select than into learning to add value. Accordingly, results show that more experienced acquirers should perform better in scenarios when the focal acquisition is more selection- (rather than restructuring-) oriented, such as when (1) the educational background of the acquiring firm’s top management is more finance- (rather than business-) oriented; and (2) the information environment is less transparent. Results are largely consistent with the notion that correlation between acquisition experience and performance is more positive when the firm’s capacity to select target companies is more relevant. The third paper attempts to uncover the effects of political context, as it relates to VC distributions to different states across the United States. The primary finding is that VC investment distributions increase when states that elect a Republican governor also vote for a Democratic presidential candidate (regardless if that candidate wins). Additionally, as the stability of a Republican gubernatorial regime increases, VC investment decreases. Finally, results show that policies that improve the quality of financial institutions (through the number of IPOs) might help explain the political effects on VC, whereas tax policy (through capital gains tax rate) and proentrepreneurship policy (through the number of new firms) do not.
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Leon, Alfonzo (Alfonzo M. ). 1975. "International real estate investments : an analysis of the public and private markets in Singapore, Thailand, China and Indonesia." Thesis, Massachusetts Institute of Technology, 1999. http://hdl.handle.net/1721.1/68361.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1999.Includes bibliographical references (leaves 63-64).
In the past, international real estate investment has consisted of direct equity investment in foreign countries. Such investments have traditionally been considered to provide diversification benefits given that it was assumed that such properties were affected predominately by their respective domestic economies. Of course another benefit of international investment is the ability to seek out the best risk adjusted returns, wherever they may be. Due to the recent globalization and securitization trends, today investors are finding that they have another investment option, international real estate public markets. This thesis addresses several of the issues related to the emergence of these markets in four countries: Singapore, Thailand, China and Indonesia. For each of these countries extensive data was obtained for both the private and public markets in order to statistically examine various related relationships. Specifically, this thesis attempts to find answers to the three following questions: Are GDP, rents, private, and public prices following a random walk or a trend-reverting pattern? How does the local economy affect the real estate markets? How do the public and private real estate markets relate with each other? It is important to note that the purpose of this thesis was to systematically examine the data, and then to present the results. An in-depth analysis of the results was not the intent. For Question one it was found that the majority of the public prices were random whereas the results for rents and private prices were mixed. Also, an absence of any significant trends was found for the real estate data. These results would tend to indicate that for all of the countries studied the public market was much more volatile, and presumably efficient, than the private market. Question two related directly to the issue of diversification. A significant contemporaneous relationship was found to exist between GDP and the private market. And an even stronger contemporaneous linkage between GDP and public prices was also found. It was thus concluded that shifting from direct investment to public market investment would not likely increase diversification benefits. The results for Question three indicated a strong contemporaneous relationship between rents and private prices. The lagged relationships for the rents-public was found to be stronger than the contemporaneous in all the cases. The results for the private-public relationship were not consistent. For all the countries, except China public prices were found to lead private prices.
by Alfonzo Leon.
S.M.
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Speck, C. Randall (Charles Randall) 1970. "International real estate investments : an analysis of the public and private markets in Germany, Australia, France, and Japan." Thesis, Massachusetts Institute of Technology, 1999. http://hdl.handle.net/1721.1/70328.
Full textAbstract:
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1999.Includes bibliographical references (leaves 62-63).
In the past, international real estate investment has consisted of direct equity investment in foreign countries. Such investments have traditionally been considered to provide diversification benefits given that it was assumed that such properties were affected predominately by their respective domestic economies. Of course another benefit of international investment is the ability to seek out the best risk adjusted returns, wherever they may be. Due to the recent globalization and securitization trends, today investors are finding that they have another investment option, international real estate public markets. This thesis addresses several of the issues related to the emergence of these markets in four countries: Germany, Australia, France, and Japan. For each of these countries extensive data was obtained for both the private and public markets in order to statistically examine various related relationships. Specifically, this thesis attempts to find answers to the three following questions: 1. Are GDP, rents, private, and public prices following a random walk or a trend-reverting pattern? 2. How does the local economy affect the real estate markets? 3. How do the public and private real estate markets relate with each other? It is important to note that the purpose of this thesis was to systematically examine the data, and then to present the results. An in-depth analysis of the results was not the intent. For Question one it was found that the majority of the public prices were random whereas the results for rents and private prices were predominately persistent. Also, an absence of any significant trends was found for the real estate data. These results would tend to indicate that for all of the countries studied the public market was much more volatile, and presumably efficient, than the private market. Question two related directly to the issue of diversification. A significant contemporaneous relationship was found to exist between GDP and the private market. And an even stronger contemporaneous linkage between GDP and public prices was also found. It was thus concluded that shifting from direct investment to public market investment would not likely increase diversification benefits. The results for Question three indicated a strong contemporaneous relationship between rents and private prices. The lagged relationships for the rents-public was found to be stronger than the contemporaneous in all the cases. The results for the private-public relationship were not consistent. For all the countries, except Germany public prices were found to lead private prices.
by C. Randall Speck.
S.M.
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Meshe, Rodriguez. "Sustainable and Responsible Investments Choice Among Private Investors : Some key determinants and the effect of limited knowledge and information." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-192143.
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Purpose – BecauseThe purpose of this thesis is to investigate what methods financial institutions use to inform and encourage their existing and potential clients to choose more sustainable and responsible investment alternatives. The thesis should also identify some key determinants of private investors’ choice of sustainable and responsible investments (SRI), with focus on the effect of limited knowledge and access to information about SRI has on private investors’ choice. Methodology – In this thesis, both qualitative and quantitative research methods are used to collect significant data. Qualitative data was collected through interviews with three representatives from different financial institutions. A questionnaire was distributed and answered by 36 respondents. Quantitative data was collected using a questionnaire, the processed and analyzed by using a comparison analysis of percentages. Findings – Overall, the thesis finds that financial institutions have limited focus on private investors and lack of concrete methods to provide private investors with relevant information and thus increasing the level of knowledge about SRI. Furthermore, the results indicate that earning steady financial returns by considering social responsibility is one of the motivations to invest in SRI. Women are more likely to choose SRI than men and millennials prefer SRI more compared to other generations. Limited knowledge and limited access to useful information are considered as strong obstacles for private investors when considering SRI. Research limitations – Since the sample size was very small, it’s probable that the respondents’ opinions and approach to SRI cannot represent the view of the entire population. Because of the sample size there’s an enormous variation in response patterns. Therefore, the results and conclusions need to be taken cautiously.Syfte – Syftet med denna uppsats syfte är att undersöka vilka metoder som finansiella institutioner använder för att upplysa och uppmuntra både befintliga och potentiella kunder att välja mer hållbara och ansvarsfulla investeringsalternativ. Uppsatsen ska även identifiera faktorer som påverkar privata investerares val av hållbara och ansvarsfulla investeringar, med fokus på effekten av begränsad kunskap och tillgång till information. Metod/tillvägagångssätt – I denna studie har både kvalitativa och kvantitativa forskningsmetoder använts för att samla in data. Kvalitativa data samlades in genom intervjuer med tre representanter från olika finansiella institutioner. En enkät har distribuerats och besvarats av 36 respondenter. Kvantitativa data insamlades med hjälp av ett frågeformulär, sedan bearbetades och analyserades informationen med hjälp av en jämförelse av procentsatser. Iakttagelser – Sammantaget finner tesen att finansiella institutioner har begränsad fokus på privata investerare och bristen på konkreta metoder för att ge privata investerare med relevant information och därmed öka kunskapsnivån om SRI. Vidare tyder resultaten på att jakten efter stabil avkastning på längre sikt, genom att ta samhällsansvar är den främsta motivationen att investerare väljer SRI. Kvinnor och millenniegeneration är mer benägna att välja SRI än män och andra generationer. Begränsad kunskap och tillgång till relevant information betraktas som en stark barriär för privata investerare att välja SRI. Forskningsbegränsningar – På grund av att urvalets storlek är väldigt liten, är det troligt att de svarandes åsikter och förhållningssätt till SRI inte kan representera hela befolkningen. Urvalets storlek gör också att det finns stora variationer i svarsmönster. Därför bör resultaten och slutsatserna tas med stor försiktighet.
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Van, Niekerk Rudi. "Analysis of sources of return in South African private equity." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/963.
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Thesis (MBA (Business Management))--Stellenbosch University, 2008.ENGLISH ABSTRACT: Private Equity is rapidly growing as an alternative asset class for investors in South Africa. Local and international literature presents overwhelming evidence to suggest that Private Equity offers superior risk-adjusted returns and portfolio diversification benefits. Private Equity managers charge quite substantial fees and investors might be concerned about the sustainability of the returns achieved by these firms. This research report addresses the question of how exactly Private Equity managers are able to achieve their superior returns. Although literature is limited and differing in opinion, several methods were identified as being used by managers to increase returns. A sample of 46 individual investments made by two Private Equity firms representing large buy-outs in South Africa was selected and analysed to quantitatively investigate the relationship between some of the identified sources of return and the Internal Rate of Return achieved on each investment. Surprisingly the relationships were not found to be as strong as expected and in many cases were not supportive of the findings in the literature. Only earnings growth and an increase in the earnings multiple had a significant impact on the IRR achieved according to the sample analysed. The author concludes that investing in Private Equity is too interdisciplinary to distil the sources of return into a few concise elements. Proprietary knowledge, expertise, superior management skills, relationships and experience all seem to play a role in providing Private Equity managers with a competitive edge over their public market counterparts. The sources identified in this report are very relevant. However, to empirically prove the individual relationship between each of those sources and the superior returns achieved by Private Equity managers remains a challenge, as their success is vested in their ability to artfully combine these methods in perpetually different combinations according to the merits of each situation.
AFRIKAANSE OPSOMMING: Private Ekwiteit is besig om vinnig te groei as alternatiewe bateklas vir beleggers in Suid-Afrika. Plaaslike en internasionale literatuur bied oorweldigende bewyse wat dui daarop dat Private Ekwiteit bogemiddelde risiko-aangepaste opbrengste sowel as portefeuljediversifikasie-voordele inhou. Private Ekwiteitbestuurders hef redelike hoë fooie en beleggers mag dalk bekommerd wees oor die vermoë van hierdie maatskappye om hul bogemiddelde opbrengste vol te hou. Hierdie navorsingsverslag adresseer die vraag oor hoe presies Private Ekwiteit- bestuurders dit regkry om bogemiddelde opbrengste te realiseer. Alhoewel die beskikbare literatuur beperk is en opinies daarin vervat verskil, is daar verskeie metodes geïdentifiseer wat bestuurders gebruik om opbrengste te verhoog. `n Steekproef is gekies wat bestaan uit 46 individuele beleggings verteenwoordigend van groot uitkoop-transaksies in Suid Afrika. `n Analise is gedoen om die verhouding tussen geïdentifiseerde bronne van opbrengs en die gerealiseerde Interne Opbrengskoers op `n kwantitatiewe wyse te ondersoek. Die bevindinge was verrassend in die sin dat die verhoudings nie so sterk was soos wat verwag was nie en in baie gevalle was dit glad nie ondersteunend van die bevindinge in die literatuur nie. Slegs verdienstegroei en toename in waardasie-veelvoude het `n beduidende impak gehad op die Interne Opbrengskoers wat behaal is volgens die steekproef wat ontleed is. Die skrywer kom tot die gevolgtrekking dat 'n belegging in Private Ekwiteit te interdissiplinêr is om die bronne van opbrengs te distilleer tot `n paar spesifieke elemente. Inligting, spesialiteits-kennis, fantastiese bestuursvaardighede, persoonlike verhoudings en ervaring is alles elemente wat aan Private Ekwiteit-bestuurders `n mededingende voordeel bied. Die bronne van opbrengs wat in hierdie navorsingsverslag hanteer word, is baie relevant. Dit bly egter `n uitdaging om empiries die individuele verhoudings tussen hierdie bronne en die bogemiddelde opbrengste wat behaal word te bewys, aangesien Private Ekwiteit-bestuurders se sukses juis lê in hul vermoë om kunstig hierdie verskeie metodes te kombineer in ewig veranderende kombinasies na aanleiding van die meriete van elke geval.
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Hesse, Mario, Oliver Lück, and Matthias Redlich. "Kommunaler Investitionsbedarf und ÖPP in Sachsen." Universitätsbibliothek Leipzig, 2017. http://nbn-resolving.de/urn:nbn:de:bsz:15-qucosa-223002.
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Vor dem Hintergrund der angespannten Finanzlage in den Kommunen und eingebettet in einen Prozess der Binnenmodernisierung der Kommunalverwaltungen, der Einführung der Doppik und einer intensiven Debatte um die effizientere und effektivere Bereitstellung öffentlicher Dienstleistungen sowie deren Bereitstellungsstrukturen steigt die Attraktivität von lebenszyklusorientierter Infrastrukturbeschaffung für die kommunale Ebene. Damit nimmt auch der Bedarf an unterstützender Beratung der kommunalen Ebene zu. Diese hängt einerseits mit den naturgemäß begrenzten Kapazitäten – bei gleichzeitig erhöhtem Abstimmungsdarf zwischen den Akteuren auf lokaler Ebene und der hohen Komplexität der Thematik über einen längeren Realisierungszeitraum – zusammen. Hier kann durch wissenschaftliche Expertise und praxisfundierte Begleitung ein Mehrwert geschaffen werden. Gleichzeitig können durch ein intensives Erfahrungsmanagement Optimierungspotentiale aus bestehenden ÖPP-Projekten generiert werden. Bei heutigen lebenszyklusorientierten Infrastrukturprojekten werden alle Phasen einer Infrastruktureinrichtung ganzheitlich über ihre gesamte Lebensdauer hinweg betrachtet und dabei ggf. Effizienz- und Einspareffekte im Vergleich zur konventionellen Realisierung aufgezeigt. Dies kann eine transparente und mit Blick auf notwendige Finanzströme antizipative Wirkung entfalten, die den Prozess nachhaltiger steuert als der konventionelle Fall. Die Städte und Gemeinden im Freistaat Sachsen stehen diesem Ansatz derzeit noch verhalten gegenüber, was häufig daraus resultiert, dass lebenszyklusorientierte Infrastrukturbeschaffung und deren Folgen und Wirkungen teilweise unreflektiert diskutiert und
in den Modellen vermischt werden. Die vorliegende Untersuchung hat das Ziel, Ansprüche an und Erfahrungen mit Infrastrukturbeschaffung – konventionell oder lebenszyklusbasiert – in den sächsischen Kommunen darzulegen und darauf aufbauend den Städten und Gemeinden im Freistaat in der Kommunalberatung unterstützend und kritisch zur Seite zu stehen. Eine einzelfallbezogene Analyse statt pauschaler Urteile ist
hierbei stets notwendig.
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Rajasakran, Thanaseelen. "Effects of advertising self-disclosure, message appeal and regulatory orientation: a field experiment on private retirement schemes in Malaysia." HKBU Institutional Repository, 2015. https://repository.hkbu.edu.hk/etd_oa/157.
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This dissertation examines the impact of advertising self-disclosures (present versus absent) and advertising message appeals (hard sell versus soft sell) which is moderated by innate personal traits within the context of financial services advertising. In particular this study investigates the impact of self-regulatory focus (i.e. innate personal traits) on self-disclosures and advertising message appeal with regards to cognitive (knowledge), affective (attribute evaluation) and conative (buying intention) responses of retail investors. The industry concerns private retirement schemes (PRS). The theoretical framework is based on Higgins (2012) regulatory focus theory on chronic personal disposition inherent in an individual (i.e. prevention/promotion), and how this disposition might mitigate with self-disclosures and message appeal contained in advertisements in terms knowledge, attribute evaluation (i.e. attitude) and buying intention. ANOVA results from a between subjects experiment indicated that the individual regulatory orientation interacts with the effects of advertising self-disclosures and message appeals. Specifically, when exposed to hard sell advertisements with self- disclosures (soft sell advertisements with self-disclosures) perceived knowledge, attribute evaluation and buying intention towards the PRS is favorable to prevention oriented investors (promotion oriented investors). In addition the effect is greater on prevention subjects in comparison to promotion subjects. This study proposes theoretical, managerial, public policy implications and future research directions.
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McCowan, Alison Kate, and n/a. "Decision Support System for the Evaluation and Comparison of Concession Project Investments." Griffith University. School of Engineering, 2004. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20050321.123306.
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Governments of developed and developing countries alike are unable to fund the construction and maintenance of vital physical infrastructure such as roads, railways, water and wastewater treatment plants, and power plants. Thus, they are more and more turning to the private sector as a source of finance through procurement methods such as concession contracts. The most common form of concession contract is the Build-Operate-Transfer (BOT) contract, where a government (Principal) grants a private sector company (Promoter) a concession to build, finance, operate and maintain a facility and collect revenue over the concession period before finally transferring the facility, at no cost to the Principal, as a fully operational facility. Theoretically speaking, these projects present a win-win-win solution for the community as well as both private and public sector participants. However, with the opportunity for private sector companies to earn higher returns comes greater risk. This is despite the fact that concession projects theoretically present a win-win-win solution to the problem of infrastructure provision. Unfortunately, this has not been the case in a number of countries including Australia. Private sector participants have admitted that there are problems that must be addressed to improve the process. Indeed they have attributed the underperformance of concession projects to the inability of both project Principals and Promoters to predict the impact of all financial and non-financial (risk) factors associated with concession project investments (CPIs) and to negotiate contracts to allow for these factors. Non-financial project aspects, such as social, environmental, political, legal and market share factors, are deemed to be important; but these aspects would usually be considered to lie outside the normal appraisal process. To allow for the effects of such qualitative aspects, the majority of Principal or promoting organisations resort to estimating the necessary money contingencies without an appropriate quantification of the combined effects of financial and non-financial (risks and opportunities) factors. In extreme cases, neglect of non-financial aspects can cause the failure of a project despite very favourable financial components; or can even cause the failure to go-ahead with a project that may have been of great non-financial benefit due to its projected ordinary returns. Hence, non-financial aspects need careful analysis and understanding so that they can be assessed and properly managed. It is imperative that feasibility studies allow the promoting organisation to include a combination of financial factors and non-financial factors related to the economic environment, project complexity, innovation, market share, competition, and the national significance of the project investment. While much research has already focused on the classification of CPI non-financial (risk) factors, and the identification of interdependencies between risk factors on international projects, no attempt has yet been made to quantify these risk interdependencies. Building upon the literature, this thesis proposes a generic CPI risk factor framework (RFF) including important interdependencies, which were verified and quantified using input provided by practitioners and researchers conversant with risk profiles of international and/or concession construction projects. Decision Support Systems (DSSs) are systems designed to assist in the decision making process by providing all necessary information to the analyst. There are a number of DSSs that have been developed over recent years for the evaluation of high-risk construction project investments, such as CPIs, which incorporate the analysis of both financial and non-financial (risk) aspects of the investment. However, although these DSSs have been useful to practitioners and researchers alike, they have not offered a satisfactory solution to the modelling problem and are all limited in their practical application for various reasons. Thus, the construction industry lacks a DSS that is capable of evaluating and comparing several CPI options, taking into consideration both financial and non-financial aspects of an investment, as well as including the uncertainties commonly encountered at the feasibility stage of a project, in an efficient and effective manner. These two criteria, efficiency and effectiveness, are integral to the usefulness and overall acceptance of the developed DSS in industry. This thesis develops an effective and efficient DSS to evaluate and compare CPI opportunities at the feasibility stage. The novel DSS design is based upon a combination of: (1) the mathematical modelling technique and financial analysis model that captures the true degree of certainty surrounding the project; and (2) the decision making technique and RFF that most closely reproduces the complexity of CPI decisions. Overall, this thesis outlines the methodology followed in the development of the DSS produced as a stand-alone software product and demonstrates its capabilities through a verification and validation process using real-life CPI case studies.
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Njume, Gerald Esambe. "Why are there few Clean Development Mechanism Investments in Africa? : A study of private actor's involvement in global climate governance." Thesis, Linköpings universitet, Tema vatten i natur och samhälle, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-72855.
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The study is set to assess private actors participation in the global climate governance through the Clean Development Mechanism (CDM) adopted during the Kyoto Climate Conference of 1997 in Japan. The general aim of this thesis is to understand why there are so few CDM projects in Sub Saharan Africa (SSA). The study is based on literature review of selected academic and policy documents, statistical analysis of CDM project distribution, and a questionnaire distributed to four respondents that include Tricorona, EcoSecurities, Vattenfall and Swedish Energy Agency to acquire relevant data. The data was analyzed by using descriptive statistics and the CDM project pipeline. The main conclusions of the study are: (1) the Kyoto Protocol did not place a binding commitment on industrialized countries as to how they should channel CDM investment in developing countries and; (2) the market incentive placed within the CDM did not take into consideration the historical and socioeconomic issues of poverty, poor infrastructural and institutional problems of Sub Saharan African countries in order to avoid the unequal distribution of projects. The study concludes with the recommendation that the post-2012 CDM era should create a new framework that will assist Sub Saharan African Countries in developing alternative energy, and in promoting green technology. The thesis equally recommends that the market mechanism should be enforced by a new political mechanism that will help to promote good governance, as well as upgrade the existing political institutions and infrastructural development in SSA.
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Lee, Sungho. "Exploratory modeling and adaptive strategies for investment in standard services to facilitate public service networks." Santa Monica, CA : RAND, 2006. http://www.rand.org/pubs/rgs_dissertations/RGSD199/.
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Aznan, Syed Jaafar. "Malaysia : the relevance of government industrial policies to the management of capital investment decision-making in locally controlled private manufacturing companies." Thesis, Henley Business School, 1989. http://catalog.hathitrust.org/api/volumes/oclc/31355598.html.
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Mahnovski, Sergej. "Robust decisions and deep uncertainty an application of real options to public and private investment in hydrogen and fuel cell technologies /." Santa Monica, CA : RAND, 2007. http://www.rand.org/pubs/rgsd_issertations/RGSD210/.
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Hadgi, Gulistan, and Keziah Petersson. "Faktorer som påverkar integrering av kriterierna för miljö-, socialt och styrning inom Private Banking." Thesis, Högskolan i Halmstad, Akademin för företagande, innovation och hållbarhet, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-45039.
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Bakgrund: I takt med klimatförändringarna har EU publicerat nya förordningar som syftar till att begränsa den sektor som har högst koldioxidutsläpp. Private Banking-sektorn omfattas av de nya förordningarna och tidigare forskning lyfter fram olika faktorer som påverkar en Private Bankers integrering av ESG i investeringsprocessen i arbetet mot att uppnå Parisavtalet och de globala målen 2030. Forskningsfråga: Hur arbetar Private Bankers med miljö-, sociala och styrningskriterier? Syfte: Syftet med denna studie är att analysera vilka faktorer som påverkar en Private Banker att integrera miljö-, sociala och styrnings (ESG-) kriterier i investeringsprocessen. Studien avgränsar till Private Banking-sektorn i Sverige. Metod: Studien har genomfört på ett kvalitativt tillvägagångssätt i kombination med en abduktiv ansats. Intervjuerna har genomförts med fem olika respondenter från tre olika storbanker i Sverige från Halmstad, Göteborg och Stockholm. Teoretisk referensram: Den teoretiska referensramen behandlar tre olika teorier; aktieägarteori, intressentteori, nyinstitutionell teori. Resultat: Det görs tydligt att trenden inom storbankerna är hållbarhet. De olika faktorerna visar sig ha ett samband i hur en Private Banker integrerar ESG i investeringsprocessen genom att faktorerna påverkar varandra. De formella reglerna har störst påverkan i en Private Bankers investeringsbeslut inom storbankerna, men är även formad efter samhällets normer och värderingar. En utmaning inom sektorn är att få sina kunder mer medvetna om den påverkan deras placeringar har.
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Thomson, Dean Banking & Finance Australian School of Business UNSW. "Private equity and venture capital instruments, a study into their use and intention." Awarded by:University of New South Wales. School of Banking and Finance, 2005. http://handle.unsw.edu.au/1959.4/31100.
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Moral Hazard and the Agency Costs thereof have long been accepted arguments in venture finance theory and have therefore long been accepted shortcomings in the venture capitalist / entrepreneur relationship. In psychological experiments ??? including economic ??? it has been shown that human beings prefer to act in a reciprocal manner that reduces any inequity in a relationship. Humans who expect to receive an unfair and inequitable position in a relationship, will take steps to rectify that position. Specifically, if a venture capitalist expects the entrepreneur to unfairly extract private benefits from the investee company post investment by the venture capitalist, then he or she will impose costly controls and monitoring mechanisms in place to prevent that. All relationships that impose controls and monitoring mechanisms are inefficient, as opposed to Advising the investee which draws upon the skills of the venture capitalist and is generally efficient. The venture capital industry is comprised of intelligent and professional people who can recognise inefficiency easily. Indeed, this is how they make poorly managed companies into profitable trade sales or IPO???s. The online survey completed for this thesis poses questions that attempt to show that venture capitalists and entrepreneurs are not locked in an antagonistic relationship where each merely acts in a self interested way. This thesis concludes that venture capitalists and entrepreneurs do work in a reciprocal relationship recognising the substantial efficiency gains to be made by doing so.