To see the other types of publications on this topic, follow the link: Risk of financing.
Dissertations / Theses on the topic 'Risk of financing'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 dissertations / theses for your research on the topic 'Risk of financing.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse dissertations / theses on a wide variety of disciplines and organise your bibliography correctly.
1
Kreydieh, Ahmad. "Risk management in BOT project financing." Thesis, Massachusetts Institute of Technology, 1996. http://hdl.handle.net/1721.1/40594.
Full text
2
Mattar, Mahdi H. (Mahdi Haidar) 1975. "Risk in global infrastructure project financing." Thesis, Massachusetts Institute of Technology, 1998. http://hdl.handle.net/1721.1/50062.
Full textAbstract:
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, 1998.Includes bibliographical references (leaves 73-74).
Project financing has been the main financing structure of public-private ventures in infrastructure projects. Investors face several risks when going into these projects. These risks are even higher when the project is located in a foreign country. This thesis examines the risk exposure of investors and more specifically of lenders when financing foreign infrastructure projects. Basically these risks can be divided into three main categories: financial risks; political risks; and project's performance risks. The first category includes risks that have to do with the financial aspect of the investment such as interest rate risk, currency transfer and inconvertibility risks, and mainly currency devaluation risk. Political risks are country specific risks that could result from political, legal or regulatory actions that are unfavorable for the project's interest. The third category of risks includes the project's specific risks. These could vary from construction delays or cost overrun, to quality of performance of the project, to market risk... The first step in risk management is to identify and quantify the exposure to each of these risks. This is relatively easy when dealing with financial risks, however much more difficult in the two other categories. Hedging financial risks is done by the appropriate use of financial derivatives coupled with internal hedging strategies. Political risk hedging is mainly achieved by either introducing "strong sleeping partners" or by buying insurance policies. Finally performance risks could be easily prevented by adopting appropriate contractual agreements. Based on the results of a survey conducted with the major US commercial banks, lenders account for most of these risks. And when involved in international infrastructure financing they do hedge part of their risk exposure using the same hedging techniques discussed previously.
by Mahdi Mattar.
S.M.
3
Köhler, Philip. "Modeling Credit Risk for end-customer financing." Thesis, Umeå universitet, Institutionen för matematik och matematisk statistik, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-124094.
Full text
4
Rezvanian, Amirabolfazi. "Risk allocation and mitigation methods for financing cross border projects." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/22824.
Full textAbstract:
Compared to other areas of Finance, the field of Project Finance is a relatively unexplored area for both empirical and theoretical research. And in particular, most of the research to date has focused more narrowly on risk management through financial instruments. From another point of view and by looking at different types of projects, Cross Border projects are usually considered 'high risk', mostly due to a lack of adequate overseas environmental information and overseas project experience. Given this setting, this research aims to explore risks attributed to Cross Border Project Financed projects and understand why South African companies should or should not use Project Finance for their Cross Border projects.There were two phases to the research. The first phase consisted of an analysis of literature on Project Finance, the Cross Border project context and Risk Management processes and, the further analysis of fourteen case studies where Cross Border projects have used Project Finance. This was with the aim of extracting risks and relevant allocation and mitigation methods. The second phase consisted of ten interviews with South African Project Finance experts, based on findings from phase one. This phase’s aim was to explore the practical risk allocation and mitigation methods and compare them to what was said in theory, making recommendations for further research into Project Finance in South Africa.The first phase resulted in a broad description of the theory of risks associated with Cross Border Project Financed projects and those specific risks and allocation or mitigation methods addressed in Cross Border projects that have used Project Finance as their financing vehicle. The second phase produced a comparative scheme between what is being addressed in theory as risk allocation and mitigation methods and what is being exercised in South African Project Financed projects. This comparison showed that Project Finance is a recommended financing vehicle for Cross Border projects provided that required due diligence and homework are done upfront. It was concluded that there is a gap between theory and practice in terms of risk allocation and mitigation methods developed for Cross Border Project Financed projects. This research provided a framework to introduce similarities and differences between theory and practice and ended up with a set of recommendations for further research into Project Finance.Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
5
Ellis, Bruce W. C. (Bruce William Christopher), and Andrew 1963 Weiss. "Real estate financing alternatives in a high risk economy." Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/39950.
Full text
6
Poramapojn, Pituwan Ratti Ronald. "On- and off-balance sheet credit risk and capital in U.S. banks evidence of unbalanced panel data /." Diss., Columbia, Mo. : University of Missouri--Columbia, 2009. http://hdl.handle.net/10355/6174.
Full textAbstract:
Title from PDF of title page (University of Missouri--Columbia, viewed on Feb 16, 2010). The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file. Dissertation advisor: Dr. Ronald Ratti. Vita. Includes bibliographical references.
7
Mtei, Gemini Joseph. "Health care financing progressivity and household risk protection in the context of health system financing reforms in Tanzania." Thesis, London School of Hygiene and Tropical Medicine (University of London), 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.590553.
Full text
8
Mechler, Reinhard. "Natural disaster risk management and financing disaster losses in developing countries /." Karlsruhe : VVW, 2004. http://catalogue.bnf.fr/ark:/12148/cb39236264t.
Full text
9
Kühn, Von Burgsdorff Yanis Konstantin. "The political economy of innovative development financing : a case study of donor funded risk capital financing in South Africa." Doctoral thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/16689.
Full textAbstract:
Includes bibliographical referencesThis thesis sets out to evaluate whether innovative aid modalities have the ability provide more value for money than traditional aid modalities, and if so where? The aim of the research is to contribute to the literature on aid effectiveness and collective action which to date has largely ignored the emergence of innovative aid modalities. Making use of a case study evaluation the thesis demonstrates that innovative blending mechanisms have the ability to enhance the value for money of development assistance at various points, from initial mobilization to actual absorption. Here the thesis employed a reconstructed program theory to establish to what extent an innovative Risk Capital Facility funded by the European Union in South Africa provided more value than traditional aid delivery modalities. This involved testing both the process of channelling aid, as well as the results achieved. Although not a panacea to all problems of traditional aid, the results indicate that innovative aid modalities have the ability to translate into higher equilibrium allocations for the donor in terms of aid delivery. Hence from a political economy point of view, the ability of innovative blending to demonstrate value for money may help overcome some of the collective action problems with the traditional aid architecture. This primarily concerned insights into the ability of this innovative aid modality to address issues surrounding institutional turf fights, vested interests, and legitimacy concerns of aid.
10
Zhang, Ke Zheng. "The risk-isolating paradox in China's asset securitization." Thesis, University of Macau, 2012. http://umaclib3.umac.mo/record=b2586529.
Full text
11
Fitzgerald, Damon. "Household Preferences for Financing Hurricane Risk Mitigation: A Survey Based Empirical Analysis." FIU Digital Commons, 2014. http://digitalcommons.fiu.edu/etd/1725.
Full textAbstract:
After a series of major storms over the last 20 years, the state of financing for U.S. natural disaster insurance has undergone substantial disruptions causing many federal and state backed programs against residential property damage to become severally underfunded. In order to regain actuarial soundness, policy makers have proposed a shift to a system that reflects risk-based pricing for property insurance. We examine survey responses from 1394 single-family homeowners in the state of Florida for support of several natural disaster mitigation policy reforms. Utilizing a partial proportional odds model we test for effects of location, risk perception, socio-economic and housing characteristics on support for policy reforms. Our findings suggest residents across the state, not just risk-prone homeowners, support the current subsidized model. We also examine several other policy questions from the survey to verify our initial results. Finally, the implications of our findings are discussed to provide inputs to policymakers.
12
Sefolo, Boitumelo. "South African banks' risk assessment practices when financing entrepreneurial ventures : a comparative analysis." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/26043.
Full textAbstract:
The development of Small, Medium and Micro Enterprises (SMMEs) contributes significantly to job creation, social stability and economic welfare. Obtaining finance for start-up and growing entrepreneurial ventures has proved to be crucial for SMME growth and is therefore the prime concern of this research. This research will specifically investigate the risk assessment practices used by South African commercial banks when providing funding to entrepreneurial ventures. In addition, the research seeks to establish whether there is consistency amongst the South African commercial banks in their risk assessments practices. Lastly to establish the impact of the global economic crisis of 2008 on the risk assessment practices of the South African commercial banks. To achieve this, a qualitative study in the form of expert interviews supported by structured research questionnaires with representatives of the four large banks was undertaken. In summary, the findings of the research demonstrated that risk assessment practices of the South African commercial banks were consistent with the integrated theoretical framework and amongst each other. Respondents ranked the character, capacity and collateral of the business as the most important criteria when assessing term loan applications. Furthermore, the impact of the global economic crisis of 2008 resulted in the lending policies of the banks being more strictly adhered to. CopyrightDissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted
13
Pekár, Martin. "Návrh vhodné formy financování investičního projektu v podmínkách rizika a nejistoty." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-222062.
Full textAbstract:
This diploma thesis is focused on long term assets financing with focus on most commonly available forms of financing through leasing and bank loan. Objective of this diploma thesis is decision about choosing more profitable form of long term assets financing through various methods of decision making.
14
Solana, Javier. "All that glitters is not gold : the re-use of securities collateral as a source of systemic risk." Thesis, University of Oxford, 2017. https://ora.ox.ac.uk/objects/uuid:4f5df3ab-ca74-425f-9e35-9a25cd8336b6.
Full textAbstract:
Since the 1980s, regulators in the U.S. and the U.K. have protected the collateral taker's right to re-use securities collateral in securities financing and OTC derivatives markets on the understanding that it would promote liquidity and credit growth, and reduce systemic risk. However, this rationale was incomplete: it failed to acknowledge the full implications of collateral re-use for systemic risk. In this dissertation, I aim to complete that understanding by illustrating how the re-use of securities collateral in those markets can aggravate systemic risk. In particular, I describe two effects. First, re-using securities collateral multiplies the number of market participants that will be exposed to changes in the price of the collateral asset and can thus amplify the role of asset prices as channels of contagion. Second, by conferring a right to re-use, the collateral provider will effectively waive its proprietary interests in the collateral assets and retain a mere contractual claim against the collateral taker for the return of equivalent securities. This transformation will accentuate the incentive of the collateral provider to run from an over-collateralised collateral taker if the latter were to experience financial difficulty. Information asymmetries and a lack of coordination among collateral providers could push the collateral taker over the brink of insolvency. These risks pose an obvious question for regulators: what should we do about collateral re-use? At a time when international bodies are drawing their attention to this widespread market practice, the question is an invitation to a very timely reflection. The final chapter of the dissertation offers an answer to this question and assesses the potential efficacy of the most recent regulatory initiatives in relation to collateral re-use.
15
Brychtová, Gabriela Klára. "Rizika financování neziskové organizace." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2014. http://www.nusl.cz/ntk/nusl-232852.
Full textAbstract:
This Master Thesis is focused on the evaluation of non-profit organization financing. The main aim is the analysis of all possible financing forms of the particular organization Hospic u Sv. Alžběty in Brno. The considered financing forms are based on the theoretical findings realized from the first part of this work. Next topic is the analysis of current financing resources, the financial and the non-financial patterns, where the effective forms of financing are suggested as the benefit of supporting activities and progress.
16
Blacka, Aaron E. "Financing University Conference Centers: A Multiple Case Study Approach." Thesis, Virginia Tech, 2001. http://hdl.handle.net/10919/35471.
Full textAbstract:
The Co-Alignment Principle is a strategic management framework that guides value-added management. The model suggests that firms will perform successfully if they scan the environment for forces driving change and allocate their resources to industry-leading competitive methods that address environmental trends. When financing and managing a capital project, a firm's managers must think strategically and consider the "four pillars" of project valuation and management: (1) estimating future cash flows over the project's life cycle, (2) determining an appropriate cost of capital/rate of return, (3) assessing and managing operational and financial risk, and (4) investing in the appropriate materials and resources. The four pillars of project valuation and management act as a framework to guide this investigation on university conference center financing. The overall research question of this study asks how university officials make conference center investment decisions based on the four pillars of project valuation and management.
To answer the research questions posed by this investigation, this study adopted a multiple case study approach, in which officials at five universities were interviewed about their universities' conference center projects. Interviews with two executive-level personnel at each university along with multiple sources of written documentation provided the basis for conclusions.
Evidence from the data collection phase of this project indicates that universities follow similar procedures for financing their conference centers. For instance, they take advantage of low-cost, tax-exempt debt and private contributions to fund these capital projects. In addition, they place little emphasis on sensitivity analyses for cash flow projections and ignore the opportunity costs of capital. University conference center financing practices with respect to the four pillars of project valuation and management are not consistent with the recommendations set forth by traditional financial principles. This study concludes that universities should improve their strategic thinking and pay more attention to the four pillars in order to increase the viability of their conference center businesses.Master of Science
17
Nottage, Cassandra. "Compliance Strategies to Reduce the Risks of Money Laundering and Terrorist Financing." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5917.
Full textAbstract:
Ineffective compliance programs expose banking and trust companies to increased risk of money laundering (ML) and terrorist financing (TF). Using risk management theory, the purpose of this multiple case study was to explore compliance strategies that Bahamian bank and trust company managers use to reduce ML/TF risks. Study participants comprised 7 senior risk and compliance managers experienced in risk strategy development and implementation. Semistructured interview data were triangulated with data collected from internal policy and procedural documents, publicly available papers of the Financial Action Task Force on Money Laundering (FATF), the Basel Committee on Banking Supervision (BCBS), and the Central Bank of The Bahamas. Thematic coding resulted in 3 emergent themes including developing compliance strategies, overcoming operational challenges, and strategy success and measurement. Findings showed that effective compliance strategies resulted from risk and compliance managers' assessments of ML/TF risks posed by potential and existing clients. The implications for social change include the potential to prevent reputation damage attributed to ML/TF risks, reduce the failure rate of Bahamian bank and trust companies, and thus positively impact employment and tax revenue used for social programs in The Bahamas.
18
Pilkington, William F. "Risk, politics, and money: the need for a value-based model for financing public health preparedness and response." Thesis, Monterey, California: Naval Postgraduate School, 2014. http://hdl.handle.net/10945/44645.
Full textAbstract:
Approved for public release; distribution is unlimitedOur federal, state, and local governments are not investing in the design and improvement of strategies for evaluating the costs associated with natural and man-made disasters and events. In this era of fiscal conservatism, one of the biggest challenges in designing and funding public health preparedness is deciding exactly how much to invest and determining the impact of those investments. This thesis developed a rigorous scientific model to evaluate the benefit of using value-based tools to enhance the effectiveness of public health preparedness programs. The key question that framed this research was: Are public health departments that use value-based decision-making more likely to demonstrate and document higher levels of preparedness competencies? Although this research failed to demonstrate a statistically significant relationship between preparedness competency and value-based decision-making, there were some findings to indicate that VBDM may be useful in decisions that determine the financing of public health preparedness. The ability to analytically demonstrate the benefit of public health preparedness might prove beneficial in attracting additional public funding as well as private funding.
19
van, de Wiel Wimjan, and Bock Felix Kristopher. "Real Estate Financing and Interest Rate Hedging : A quantitative real estate investment case study." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-36235.
Full textAbstract:
Background: The expansive monetary policy of the European Central Bank has been leading to all-time-low interest rates and to a strong move into real estate investment. Low interest rates can work in favor of the investor (due to low interest rate expenditures), but increasing interest rates can jeopardize real estate investments. Since changes in interest rates are unpredictable, an investor needs to deal with this volatility. The capital market offers several financial instruments (so-called “derivatives”) to overcome the above-mentioned obstacle. There is no “one-size-fits-all” strategy. The investor needs to decide which financing structure to combine with which form of derivative. Purpose: The investigation not only explains and shows how real estate financing and hedging strategies on a given project in Germany can work but also explains why it is crucial to link these segments. To achieve this purpose, the return on equity and return cash flows at risk are numerically estimated. The evaluative purpose will be served by using the above-mentioned ratios and cash flows to derive recommendations of action. In doing so, this study will illustrate the importance of hedging, particularly for real estate investors and investors in general. Method: Interest rates on a monthly basis for the period of June 1990 until March 2017 from Thomson Reuters Eikon and real life data from a German real estate investor and a German financial institution were collected. Thereafter, these numbers were used as a basis to perform interest rate and cash flow simulations (Monte Carlo). The simulations were used to determine superior financing and hedging strategies for the investor. Conclusion: The results of this study highlight the benefits from leveraged financing and the necessity of interest rate risk management (hedging) to obtain stabilized future cash flows and reduce volatility caused by fluctuating interest rates. Fixed rate loans offer protection against rising interest rates, but lack flexibility. Floating loans offer more flexibility but are riskier due to the unhedged interest rate exposure.
20
Katkovčin, Martin. "Projektové financovanie na komerčných nehnuteľnostiach." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-81967.
Full textAbstract:
Principles, structure and problems of project financing today. Evaluation of real estate development projects. Analysis of risk factors of the projects with emphasis on their influence over quality, time heftiness and project expenses. General influence of the risk factors on the economic result of the project. Retrieving solutions for work with hazard factors in common plains. Application of the knowledge on specific case study of a real estate development project and comparison of the actual project course with the theoretical course according to Risk Management.
21
Hechavarria, Diana M. "Nascent Entrepreneur’s Prospecting Profile and Start-up Capital Sources: An Investigation of Start-up Outcomes Over Time." University of Cincinnati / OhioLINK, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1380613007.
Full text
22
Happ, Christian [Verfasser], Dirk [Akademischer Betreuer] Schiereck, and Andeas [Akademischer Betreuer] Pfnür. "The importance of governance and risk management in corporate finance: An empirical analysis of financing and interest rate risks / Christian Happ. Betreuer: Dirk Schiereck ; Andeas Pfnür." Darmstadt : Universitäts- und Landesbibliothek Darmstadt, 2016. http://d-nb.info/111233307X/34.
Full text
23
Giat, Yahel. "Venture capital financing with staged investment, agency conflicts and asymmetric beliefs." Diss., Available online, Georgia Institute of Technology, 2005, 2005. http://etd.gatech.edu/theses/available/etd-11232005-145909/.
Full textAbstract:
Thesis (Ph. D.)--Industrial and Systems Engineering, Georgia Institute of Technology, 2006.Hackman, Steve, Committee Chair ; Tovey, Craig, Committee Member ; Platzman, Loren, Committee Member ; Deng, Shijie, Committee Member ; Subramanian, Ajay, Committee Co-Chair.
24
Nguyen, Quyen. "Capital structure, asset redeployability, top-management compensation and credit risk measurements : the impact of the on and off-balance sheet financing." Thesis, University of Southampton, 2014. https://eprints.soton.ac.uk/372411/.
Full textAbstract:
With the existence of loopholes in the accounting rules, firms have been able to keep many assets and their corresponding debt off the balance sheets, thus, hiding the true value of debt and firm financial risk (Ketz (2003), Franzen et al. (2009) and Koller et al. (2010)). Graham and Leary (2011) point out that one of the noticeable gaps in the capital structure research area is the mis measurement of leverage when off-balance sheet financing is excluded. Therefore, this thesis bridges the mis-measurement gap by adjusting leverage for three important off-balance sheet debt equivalents and two on-balance sheet ones. Moreover, this study investigates the relationships between asset redeployability, top-management compensation and both adjusted and non-adjusted leverage as well as examines whether these on and off-balance sheet debt equivalents are reflecte in credit risk measurements. Focusing on large US firms from 1996 to 2010, my results show that the off-balance sheet debt equivalents account for significantamounts over total reported debt. Also,there is a considerable gap between reported debt and adjusted debt for debt equivalents, and this gap seems to increase sharply over time. I suggest that these debt equivalents should be considered carefully; otherwise, firms' financial health can be misinterpreted. In addition, I document different results for adjusted and non-adjusted leverage which indicates that existing theories related to the conventional capital structure might not be able to give the same explanations to the adjusted one. Moreover, credit risk measurements do not incorporate all of these debt equivalents in their credit risk assessments; which implies that the market may not be fully aware of the importance of these debt equivalents.
25
Kráľová, Michaela. "Možnosti využitia projektového financovania v Českej republike." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-10598.
Full textAbstract:
The objective of the thesis is to analyze numerous project financing possibilities in the Czech Republic. The thesis introduces the framework of project finance, together with its definition and fundamental characteristics. Furthermore it aims to identify the issues of risk analysis and risk management. The final section of the thesis provides an overview of the current global project finance trends and identifies the situation in the Czech Republic. Additionally, the thesis includes a case study of the first Czech energy finance project - ECKG Kladno.
26
Roman, Danver Leonard. "An Information-Based Strategic Framework for Determining the Optimum Level of Project or Service Financing." Thesis, Online Access, 2008. http://etd.uwc.ac.za/usrfiles/modules/etd/docs/etd_gen8Srv25Nme4_1538_1264552917.pdf.
Full text
27
Dalteg, Tomas. "Bank Rates and the Yield Curve : A Study on the Relationship Between Banks' Deposit and Lending Rates to Treasury Yield Rates." Thesis, Jönköping University, JIBS, Economics, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-251.
Full textAbstract:
The purpose of this thesis is to investigate how well Swedish banks’ follow the interest rate development of Swedish Treasury Bills and Swedish Government Bonds when they are determining the levels for their deposit and lending rates. Individuals’ deposits in a bank serves as one of the banks main assets in the balance sheet, and the spread between the bank’s deposit rate and the short-term market rate is a large source of funding for the bank. If there is a strong relationship of this spread over time, one may assume that this spread is of great importance for financing of the banking firm.
The spread between the bank’s lending rate and the long-term market rate – credit risk spread – also serves a large source of interest income for the bank, and if this relationship is strong over time, one may assume that this spread is of great importance for financing of the banking firm as well.
The banks subjected for investigation in this paper are Handelsbanken (SHB) and Föreningssparbanken (FSB). This paper finds a weaker relationship between the banks’ deposit rates and the short-term market rates, than for the lending rates and the long-term market rates. This indicates that the credit risk spread is of greater importance for financing of the banking firm than the funding spread. The weaker relationship between the banks’ deposit rates and the short-term market rate may be due to the great variability of savings alternatives offered in the market place today. The fact that banks today have deposit-deficit may also explain the weaker relationship, which may be explained by the Baumol-Tobin transaction model – where the higher the interest rate, the greater amount is being kept in the account. The stronger relationship between the banks’ lending rate and the long-term market rate may be due to the nature of the credit risk spread to function as a price-discrimination tool between lending clients.
28
Sylvan, Ida, and Renée Huuva. "Crowdfunding applied to Real Estate – Risks and Opportunities." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-190161.
Full textAbstract:
Due to the low interest rates and uncertainty in the economic outlook investors seek alternative investments to achieve a satisficing return. Real estate is the third largest asset class and represent a large amount of physical capital with a unique risk. For an investor's utility-maximizing real estate should be a natural part of a portfolio. The thresholds for investing in real estate has generally been very high but thanks to digitisation, the emergence of Internet-based platforms facilitated and enabled capital seekers to exploit small private investors. The intermediate method is called crowdfunding. Through observations, interviews, questionnaires to potential investors in crowdfunding for real estate and literature studies, a triangulation from an investor perspective has allowed an investigation of crowdfunding of real estate. Within the crowdfunding market, real estate crowdfunding is the area with largest growth in recent years. The first crowdfunding platform within real estate on the Swedish market was introduced in 2014. So far, projects presented on the platform have been successful and generated returns. For an investor, the phenomenon also implies risks. Today there is no legal definition of crowdfunding and the market is only partially regulated. In many respects, the consumer protection is not equivalent to the ones available for regulated investment vehicles. The new phenomenon also implies limited liquidity and lack of a secondary market. Crowdfunding is facing both challenges and opportunities in the future.På grund av det låga ränteläget och den osäkra konjunkturutsikten söker investerare alternativa investeringar för att nå en tillfredställande avkastning. Fastigheter utgör den tredje största tillgångsklassen och representerar en stor mängd av fysiskt kapital med unik risk. För en investerare som är utility-maximerande borde fastigheter vara ett självklart inslag i en portfölj. Trösklarna till att investera i fastigheter har vanligtvis varit mycket höga men tack vare digitaliseringen har uppkomsten av internetbaserade plattformar underlättat och möjliggjort kapitalsökare att exploatera små privata investerare. Den intermediära metoden kallas crowdfunding, eller gräsrotsfinansiering som det också benämns. Genom observationer, intervjuer, en enkätundersökning med potentiella investerare i fastighetscrowdfunding samt litteraturstudier har en triangulering ur en investerares perspektiv möjliggjort en kartläggning och utredning av crowdfunding av fastigheter. Inom crowdfunding är fastighetsbranschen det område som har haft störst tillväxt de senaste åren. Sveriges första digitala crowdfundingtjänst för fastigheter infördes på kapitalmarknaden under 2014. Hittills har projekten för fastighetscrowdfunding i Sverige varit framgångsrika och generat avkastning men för en investerare innebär crowdfunding också en hel del risker. Idag finns ingen legal definition av crowdfunding och marknaden är bara delvis reglerad. I flera avseenden saknas ett konsumentskydd motsvarande det som finns för reglerade investeringsformer. Det nya fenomenet innebär också en begränsad likviditet och avsaknad av andrahandsmarknad. Crowdfunding står inför både utmaningar och möjligheter i framtiden.
29
Zajícová, Karolína. "Vybrané problémy zajistného trhu a jejich řešení." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-199209.
Full textAbstract:
The diploma Selected problems of the reinsurance market and their solutions shows the development of the insurance and reinsurance markets in recent years, especially in the last two decades. The diploma deals with changes in the actual situation, describes the classic forms of risk transfers, introduces alternative instruments as possible solution. The diploma also describes the principle multi financing system, which can be an effective solution in the reinsurance market.
30
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.
Full textAbstract:
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.
31
Pacheco, Jean Carlos. "Capital de risco, financiamento e tempo de maturação : um estudo da evolução da indústria de Venture Capital e Private Equity, com ênfase em um estudo de caso brasileiro." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2016. http://hdl.handle.net/10183/147929.
Full textAbstract:
O presente trabalho estuda as alternativas de financiamento do processo de criação de valor de uma empresa, com ênfase na opção de capital de risco (venture capital). O estudo está dividido em três capítulos. O primeiro apresenta, com base nas teorias de finanças, o processo de tomada de decisão de financiamento, podendo este ser via capital próprio ou dívida, sendo apresentadas as principais opções destas duas modalidades gerais. O segundo capítulo aborda a evolução histórica, a forma de funcionamento e os principais mercados da indústria de capital de risco no mundo. O terceiro capítulo efetua análise de dados para um período de 15 anos de uma gestora privada, onde se avaliou, para uma amostra de 24 empresas de diversos setores, qual é a curva de maturação dos investimentos da gestora. Verificou-se que, principalmente para as pequenas e médias empresas, o processo de financiamento é um elemento de grande dificuldade na construção e crescimento das suas operações, com prazos mais longos de maturação. Ou seja, como principal resultado, o estudo dos dados dos investimentos realizados pela empresa gestora privada no Brasil sugere que o processo de criação de valor destas empresas demanda um tempo adicional ao que tradicionalmente se espera. Diante do crescimento da indústria de capital de risco no mundo, esta modalidade de financiamento pode apresentar maior disseminação e escolha por esta alternativa pelas pequenas e médias empresas, tendo em consideração a questão da curva de maturação mais dilatada.The present research studies the financing alternatives of the process of creating value to a company, with emphasis on the option of venture capital. The study is divided into three chapters. The first presents, based on the theories of finance, the process of financing decision making, and it may be via equity or debt, presenting the main options of these two general procedures. The second chapter discusses the historical evolution, the form of operation and the main markets of the risk capital industry in the world. The third chapter performs data analysis for a period of 15 years of a private holding company, which evaluated, for a sample of 24 companies in various sectors, what is the maturation curve of the investments of the managing body. It was found that, especially for small and medium sized enterprises, the funding process is a key element of great difficulty in construction and growth of its operations, with longer deadlines of maturation. In other words, as main results, the study of the data of the investments made by the private company in Brazil suggests that the process of creation of value of these companies demand an additional time to which is traditionally expected. Before the growth of the venture capital industry in the world, this modality of financing may present greater dissemination and choice for this alternative by small and medium enterprises, taking into account the issue of maturation curve more dilated.
32
Marková, Lucie. "Příprava a řízení developerských projektů." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2016. http://www.nusl.cz/ntk/nusl-240454.
Full textAbstract:
The aim of the thesis is to create a management plan of a specific development project and define the potential risks that may arise in the implementation phase from the perspective of the development company. The thesis also deals with the basic characteristic of project management, principles and practices that are used in practice both in the preparation and management of a construction project and it is also mapping the entire process of planning a development project.
33
Holloway, Jimeka J. "BRINGING SOCIAL INNOVATION TO SCALE: LEVERAGING RELATIONAL CAPITAL AND RISK-TAKING BEHAVIORS OF ACTORS IN COMPLEX ECOSYSTEMS." Case Western Reserve University School of Graduate Studies / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=case1487252947628322.
Full text
34
Staněk, Ondřej. "Zhodnocení bonity klienta banky." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2014. http://www.nusl.cz/ntk/nusl-224516.
Full textAbstract:
The aim of this thesis is to evaluate the bank client´s creditworthiness for the purpose of loan financing and to formulate some proposals for its improvement. Some methods of financial and non-financial company analysis applied in banking practice are shown there. The proposals to ensure debt service are formulated on the basis of the results of analyzes.
35
Ruiz, Aguilera Philip Frank. "Le financement de projet en droit privé colombien." Thesis, Paris 2, 2014. http://www.theses.fr/2014PA020071.
Full textAbstract:
Le financement de projet est toujours présenté comme une technique financière permettant de réaliser des ouvrages de grande envergure. Il en résulte qu'il est une solution appropriée pour les projets qui demandent des fonds considérables pour sa réalisation et qui peuvent être externalisés sans que le poids de l’endettement pèse sur le bilan du promoteur du projet. Il peut être défini comme l’opération qui se caractérise par la mise à disposition d’une entité intermédiaire, dite entité de projet ad hoc, des fonds nécessaires pour la réalisation d’un projet spécifique où les bailleurs de fonds acceptent de limiter, en tout ou en partie, leurs recours au titre du remboursement de leurs prêts, sur les revenus engendrés par l’exploitation du projet ainsi que sur les autres actifs de celui-ci. Ce type de financement révèle l’existence d’un ensemble contractuel adéquat permettant, en même temps, de maîtriser les risques du projet et impliquant un régime qui lui est propreProject Finance is always presented as a financial technique which allows to carry out works of great scale. It is a suitable solution for projects which require considerable funds in order to be accomplished and which can be outsourced avoiding the weight of the debt weighing on the balance sheet of the sponsor of the project. It can be defined as an operation in which there is a provision of the required funds for the realization of a specific project by an intermediate entity, known as the “ad hoc project entity”. In such operation the lenders agree to limit, totally or partly, the reimbursement of their loans to the incomes generated by the exploitationof the project as well as to the other assets of such project. This kind offinancing reveals the existence of an adequate “contractual unit” which allows, at the same time, to control the risks of the project and which implies its own legal regime
36
Ramos, João Paulo Costa. "A importância do financiamento nas empresas portuguesas em ciclos de contração económica." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/5424.
Full textAbstract:
Mestrado em Gestão e Estratégia IndustrialA razão desta dissertação assenta na crescente importância que o crédito tem para as empresas e na necessidade de estas terem de se adequar e conhecer os parâmetros que têm de cumprir para que possam obter financiamento junto das instituições de crédito. Num período como o que se vive actualmente, em que os recursos financeiros são escassos e se sente um abrandamento significativo em muitas áreas da economia, importa que a gestão das empresas saiba se deverá implementar estratégias de contenção ou expansão em termos de investimento. Procura-se com esta dissertação analisar as estratégias adequadas para as empresas, nomeadamente as de menor dimensão, de forma a assegurarem a obtenção de financiamentos em períodos de contração económica, procurando-se reunir estudos e experiências de vários autores e outras fontes de informação reconhecidos a nível mundial. Questões como financiamento, crédito, organização, risco, informação, liquidez, crise serão pontos de partida para compreender melhor as alterações que se verificam no contexto económico mundial e que limitam a atuação das empresas e suas estratégias. Procurar-se-á, assim, dar resposta às questões: - Quais as alterações nos critérios de aferição do risco usados pelas instituições bancárias para analisar as empresas em ciclos de contração da economia? - Qual a informação relevante que as empresas deverão saber fornecer aos Bancos para melhor aceder ao crédito? - Que implicações organizacionais e estruturais deverão as empresas cumprir para “assegurarem/oferecerem” menor risco?
The point of this essay is the growing importance that the credit has for companies, and the need that these have to adapt and know the parameters they have to follow in order to get finance from the Credit Institutions. In the actual period where the financial resources are scarce and we are feeling a significant slowdown in several areas of the economy, it is important that the company management knows if they should implement saving or expansion strategies in regards to their investment. In this essay the objective is to analyse the most adequate plans to be put in place by companies, including those companies of a smaller size, this way they will ensure to get finance in periods of economic depression. Questions such as financing; credit; organisation; risk; information; liquidity and crisis are starting points to better understand the changes that we see in the worldwide economic context and that mimic the companies actions and their strategies. I’ll endeavour, in this essay, to give answer to: - What are the changes in the elements of risk analysis used by the banks to evaluate companies in times of economic depression? - What kind of information companies have to give banks in order to be given credit? - What organisational and structural changes must a company comply to in order to offer less risk?
37
Andersson, Olivia, and Julia Wikström. "Risker med offentlig-privat samverkan som alternativ finansieringsform av infrastruktur." Thesis, Högskolan i Borås, Akademin för textil, teknik och ekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hb:diva-12630.
Full textAbstract:
Studien ska ge indikationer på hur risker och riskfördelning ser ut i transportinfrastruktur projekt där OPS används som finansieringsmekanism. Tidigare forskning har nästan uteslutande fokuserat på den statliga aspekten av frågeställningen och denna studie ämnar ge en bredare bild där även en privat aktör får delge sin uppfattning. Studien har ett kvalitativt angreppssätt och den insamlade teorin har granskats mot en empirisk undersökning i form av intervjuer.För att kunna föra diskussionen om risker kring OPS som finansieringsmekanism måste det finnas en definition om vad OPS är, en sådan definition finns inte i dagsläget. Det har uppkommit en rad olika förklaringar på hur denna typ av alternativ finansiering ska se ut utan att något tydligt mönster har kunnat fastställas. Riskerna är mycket projektspecifika men med den genomgående trenden att riskfördelningen är beroende av hur stor vinstavkastningen förväntas bli i projektet. Ju större vinstavkastning, desto större risk är den privata aktören beredd att ta. Samhällsnyttan har också en central roll i riskfördelningen. Den offentliga aktören tenderar att vara mer benägen att ta stora risker då det specifika projektet anses ha stor samhällsnytta.The study should provide indications of risks and distribution of risks in transport infrastructure projects where OPS is used as a financing mechanism. Previous research has almost exclusively focused on the state aspect of the issue and this study aims to provide a broader picture where a private actor also can share its opinion. The study has a qualitative approach and the acquired theory has been examined against an empirical study in the form of interviews.In order to discuss the risks of OPS as a financing mechanism, there must be a clear definition of what OPS is, such a definition is not currently available. There has been a number of different explanations as to how this type of alternative funding should look, but not a clear pattern has yet been established. The risks are very project-specific, but with the overall trend that the risk allocation depends on how big the profit is expected to be in the project. The greater the profit, the greater the risk the private operator is prepared to take. Social benefit also plays a central role in the risk allocation. The public sector tends to take greater risks when the specific project is considered to be of great public benefit.
38
Dvořák, Marcel. "Hodnocení investičního záměru společnosti." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2020. http://www.nusl.cz/ntk/nusl-414471.
Full textAbstract:
The subjekt of this diploma thesis is evaluation of the investment project of the company in order to prepare an investment recommendation fot the company. In the theoretical part of the diploma thesis, there will be presented procedures, which will be applied in decision making in the practical part of the thesis. In this case, investment options will be assessed using these methods and the most appropriate investment recommendation for the company will be drawn up.
39
Novis, Filho Sergio Augusto. ""Time to Loss" : um indicador para apoio à decisão na concessão de créditos asset-backed : estudo de caso aplicado ao financiamento de aeronaves." reponame:Repositório Institucional do BNDES, 2015. https://web.bndes.gov.br/bib/jspui/handle/1408/6522.
Full textAbstract:
A concessão de créditos garantidos pelo próprio ativo financiado responde por substancial fatia da atividade creditícia e permite o acesso a financiamentos de devedores mais arriscados com taxas de juros reduzidas. O financiamento de aeronaves é um nicho especialmente dependente desse tipo de estrutura e a investigação de um indicador que consolide os parâmetros quantitativos relevantes para sua análise amplia a robustez e organiza a subjetividade dos processos de tomada de decisão. Esse trabalho ilustra o desenvolvimento do indicador time to loss como um desdobramento prático dos fundamentos implícitos na formulação de perda esperada do Comitê de Basileia. São evidenciadas as três curvas que caracterizam a estimação do tempo para a perda: a exposição devida ao inadimplir, o valor residual da aeronave e os custos e encargos no período de recuperação do crédito. Calculado o indicador para o caso base de estudo, o trabalho explora ainda alternativas para a construção de escalas de referência que qualifiquem sua interpretação. Testes e estudos continuados são propostos como referência para futuras pesquisas e desenvolvimento do tema.The concession of credit secured by the financed asset itself accounts for a substantial share of lending activity and allows access to finance for riskier borrowers with lower interest rates. The aircraft financing is a typical niche dependent on this type of structure and the investigation of an index that consolidates relevant quantitative parameters for its analysis extends the robustness and organizes the subjectivity of the decision-making process. This work illustrates the development of the indicator time to loss as a practical deployment of the implicit foundations in the expected loss formulation of the Basel Committee. Three curves are evidenced featuring the estimation of the time to loss: exposure due to defaults, the residual value of the aircraft and the cost and burden on the credit recovery period. After calculating the time to loss indicator for the base case study, the work also explores ways to build a reference scale which qualify its interpretation. Tests and continued studies are proposed as reference theme for future research and development.
Dissertação (mestrado) - Programa de Pós-Graduação e Pesquisa em Administração e Economia, Faculdades Ibmec, Rio de Janeiro, 2015.
Bibliografia: p. 76-77
40
Santana, Rui Manuel Candeias. "O financiamento por capitação ajustada pelo risco em contexto de integração vertical de cuidados de saúde: a utilização dos consumos com medicamentos como proxy da carga de doença em ambulatório." Doctoral thesis, Escola Nacional de Saúde Pública. Universidade Nova de Lisboa, 2011. http://hdl.handle.net/10362/6049.
Full textAbstract:
RESUMO - Introdução - Com o presente projecto de investigação pretendeu-se estudar o financiamento por
capitação ajustado pelo risco em contexto de integração vertical de cuidados de saúde,
recorrendo particularmente a informação sobre o consumo de medicamentos em
ambulatório como proxy da carga de doença. No nosso país, factores como a expansão
de estruturas de oferta verticalmente integradas, inadequação histórica da sua forma de
pagamento e a recente possibilidade de dispor de informação sobre o consumo de
medicamentos de ambulatório em bases de dados informatizadas são três fortes motivos
para o desenvolvimento de conhecimento associado a esta temática.
Metodologia - Este trabalho compreende duas fases principais: i) a adaptação e aplicação de um
modelo de consumo de medicamentos que permite estimar a carga de doença em
ambulatório (designado de PRx). Nesta fase foi necessário realizar um trabalho de
selecção, estruturação e classificação do modelo. A sua aplicação envolveu a utilização
de bases de dados informatizadas de consumos com medicamentos nos anos de 2007 e
2008 para a região de Saúde do Alentejo; ii) na segunda fase foram simulados três
modelos de financiamento alternativos que foram propostos para financiar as ULS em
Portugal. Particularmente foram analisadas as dimensões e variáveis de ajustamento
pelo risco (índices de mortalidade, morbilidade e custos per capita), sua ponderação
relativa e consequente impacto financeiro.
Resultados - Com o desenvolvimento do modelo PRx estima-se que 36% dos residentes na região
Alentejo têm pelo menos uma doença crónica, sendo a capacidade de estimação do
modelo no que respeita aos consumos de medicamentos na ordem dos 0,45 (R2). Este
modelo revelou constituir uma alternativa a fontes de informação tradicionais como são
os casos de outros estudos internacionais ou o Inquérito Nacional de Saúde. A
consideração dos valores do PRx para efeitos de financiamento per capita introduz
alterações face a outros modelos propostos neste âmbito. Após a análise dos montantes
de financiamento entre os cenários alternativos, obtendo os modelos 1 e 2 níveis de
concordância por percentil mais próximos entre si comparativamente ao modelo 3,
seleccionou-se o modelo 1 como o mais adequado para a nossa realidade.
Conclusão - A aplicação do modelo PRx numa região de saúde permitiu concluir em função dos
resultados alcançados, que já existe a possibilidade de estruturação e operacionalização
de um modelo que permite estimar a carga de doença em ambulatório a partir de
informação relativa ao seu perfil de consumo de medicamentos dos utentes. A utilização
desta informação para efeitos de financiamento de organizações de saúde verticalmente
integradas provoca uma variação no seu actual nível de financiamento. Entendendo este
estudo como um ponto de partida onde apenas uma parte da presente temática ficará
definida, outras questões estruturantes do actual sistema de financiamento não deverão
também ser olvidadas neste contexto. ------- ABSTRACT - Introduction - The main goal of this study was the development of a risk adjustment model for
financing integrated delivery systems (IDS) in Portugal. The recent improvement of
patient records, mainly at primary care level, the historical inadequacy of payment
models and the increasing number of IDS were three important factors that drove us to
develop new approaches for risk adjustment in our country.
Methods - The work was divided in two steps: the development of a pharmacy-based model in
Portugal and the proposal of a risk adjustment model for financing IDS. In the first step
an expert panel was specially formed to classify more than 33.000 codes included in
Portuguese pharmacy national codes into 33 chronic conditions. The study included
population of Alentejo Region in Portugal (N=441.550 patients) during 2007 and 2008.
Using pharmacy data extracted from three databases: prescription, private pharmacies
and hospital ambulatory pharmacies we estimated a regression model including
Potential Years of Life Lost, Complexity, Severity and PRx information as dependent
variables to assess total cost as the independent variable. This healthcare financing
model was compared with other two models proposed for IDS.
Results - The more prevalent chronic conditions are cardiovascular (34%), psychiatric disorders
(10%) and diabetes (10%). These results are also consistent with the National Health
Survey. Apparently the model presents some limitations in identifying patients with
rheumatic conditions, since it underestimates prevalence and future drug expenditure.
We obtained a R2 value of 0,45, which constitutes a good value comparing with the
state of the art. After testing three scenarios we propose a model for financing IDS in
Portugal.
Conclusion - Drug information is a good alternative to diagnosis in determining morbidity level in a
population basis through ambulatory care data. This model offers potential benefits to
estimate chronic conditions and future drug costs in the Portuguese healthcare system.
This information could be important to resource allocation decision process, especially
concerning risk adjustment and healthcare financing.
41
Johansson, Anna, Marie Nolander, and Petra Waldemar. "An Interpretation of the Financial Gap : Practical versus Analytical Reasoning." Thesis, Jönköping University, JIBS, Accounting and Finance, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-11360.
Full textAbstract:
Abstract
Background: Small businesses are vital for the welfare of a country. Yet, they have trou-ble obtaining external financing and these difficulties are gathered under the umbrella concept the “Financial Gap”. The most common source of fund-ing for small businesses is bank loan, why the availability of bank financing is a critical factor for their success. Today, 31% of all Swedish companies argue that they have finance problems and for half of these, the problem is to obtain a bank loan.
Purpose: The purpose of the study is to describe and explain the Financial Gap as a relational concept. That is to say that the study will contribute to the understanding of the Financial Gap by focusing on the perspectives of both small businesses and banks interactively.
Method: The study views the concept of the Financial Gap from a practical stand-point, assuming that it expresses its existence in the interaction between small businesses and banks. To pursue this view, the study takes on an Eth-nomethodological research approach. This approach is necessary in order to come close to and understand small businesses‟ and banks‟ everyday prac-tises. In-depth interviews are used for obtaining this deeper understanding of both parties. In addition, a questionnaire was sent out to small businesses in order to verify the information gathered in the interviews.
Conclusion: On the basis of the study, the authors have developed an Interactive Model which describes their understanding of the Financial Gap. The members of small businesses and banks deal with information differently, which in turn is a result of how they approach ambiguity. When ambiguity is present, small firms settle with making decisions under uncertainty, whereas banks prefer to calculate on probabilities, why their decisions are considered being made under risk. The differences mentioned become visible in their deci-sion-making process, where small businesses act pursuant to a practical rea-soning whereas banks employ an analytical reasoning. Consequently, it leads to a clash when these two shall interact and function in a transaction as partners. The study concludes that the Financial Gap can be explained by small firms and banks speaking different languages when presenting the same reality.
42
Skalický, Martin. "Řízení developerských projektů." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2013. http://www.nusl.cz/ntk/nusl-225956.
Full textAbstract:
The subject of the thes is is the development project AZ Tower, implemented by Brno developer PROPERITY Ltd. The thesis describes the process of construction, manager's work and management risks of the project. It also describes organizational structure of the company and project management process. The work also includes an analysis of the developer market in Brno, focusing mainly on logistics, office and residential development. The thesis tracks construction of new flats and property market development as well.
43
Hägglund, Oscar, and Hampus Ållemark. "Credit Rating - An essential tool for SwedishReal Estate Companies on a growing CapitalMarket for Real Estate Bonds?" Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-146622.
Full textAbstract:
The capital market, with financial instruments such as corporate bonds, has over the last years emerged as an alternative financing source for Swedish real estate companies. A seemingly unexplored market which given the real estate companies the possibility to diversify their loan stock and limit their exposure towards the bank. In Sweden, unlike more market-oriented countries such as the US, commercial banks have historically almost exclusively supplied debt capital to Swedish corporations. Assessing credit risk is crucial in debt investments, and therefore, this thesis focuses on the Swedish capital market the current and potential future role of credit ratings in the emerging market for corporate bonds issued by real estate companies. We examine why only a limited number of real estate companies are credit rated today and the importance of credit rating for the capital market. The study is based on interviews with Swedish real estate companies, institutional investors and banks- all that in one-way ore an other is affected by credit rating. The Swedish financial system is undergoing a growth process where the real estate companies to a greater extent in using bonds and certificates to finance their investments. A financing method more widely used by government entities in the past. The transition from bank financing to funding investments through institutional investors and private equity appears to be permanent. The market aftermath is an increased demand for credit risk evaluations. Information retained from the banks’ Shadow ratings or the rating institutions. We can conclude that extended credit risk information is inescapable with a transition to a more market oriented financial system- the remaining question is- who should preform the valuation of the credit risk. If the banks continue making the credit risk reports of real estate companies international investors might refrain from establishing a position as an investor in the Swedish market. In the contrary the banks shaded ratings is more favourable for Swedish real estate companies with more qualitative and marked adjusted reports. The market will require independent credit information in the future but if it will be the banks or the rating institutions that provide this information is still uncertain.Kapitalmarknaden med finansiella instrument som företagsobligationer och –certifikat har de senaste åren vuxit fram som en alternativ lånemarknad för svenska fastighetsbolag. Från att ha varit en förhållandevis outforskad marknad har de senaste årens utveckling gett fastighetsbolagen en bättre möjlighet att diversifiera sin lånestock och begränsa sin exponering mot bankerna. Till skillnad från mer kapitalmarknadsorienterade länder, som exempelvis USA, har företags behov av lånefinansiering i Sverige historiskt sett nästan uteslutande försetts av bankerna. Denna uppsats fokuserar på den svenska kapitalmarknadens fortsatta utveckling och officiell kreditratings betydelse på en växande kapitalmarknad. Vi utreder varför så få fastighetsbolag idag valt att införskaffa ett officiellt kreditbetyg och vilken betydelse kreditbetyget har för kapitalmarknaden. Undersökningen bygger på intervjuer med svenska fastighetsbolag, investerare och banker som alla, på ett eller annat sätt, berörs av kreditvärderingar. Det svenska finansiella systemet genomgår nu en utveckling där fastighetsbolagen använder obligationer och certifikat för att finansiera sina investeringar. Ett finansieringssätt som tidigare mestadels använts av statliga och kommunala fastighetsbolag. Övergången från bankfinansiering till att söka kapital bland privata och institutionella investerare förefaller vara bestående. Marknaden kan till följd av detta få behov av ytterligare information om kreditrisken i företagen. Information som erhålls från bankernas skuggratingar eller från kreditvärderingsinstituten. Vi kan konstatera att utökad kreditinformation är ofrånkomlig vid en övergång mot ett mer marknadsorienterat finansiellt system, frågan som kvarstår är vem som ska utföra kreditvärderingen. Fortsätter bankerna utföra kreditvärderingen av fastighetsbolag kan det resultera i en avhållsamhet från internationella investerare att etablera sig i Sverige och motsatt för fastighetsbolagen är det mer gynnsamt att bankerna, med sina mer kvalitativa och för svenska marknaden anpassade värderingar blir den framtida normen .
44
Abdel, Moneim Dina. "Le contrat de financement islamique à la lumière du droit français." Thesis, Montpellier 1, 2013. http://www.theses.fr/2013MON10025/document.
Full textAbstract:
La récente crise financière a mis en relief les failles d'un système financier international basé sur des opérations à haut degré de spéculation et une déconnexion entre l'économie réelle et l'économie financière. Elle a ainsi marqué l'avènement d'une ère nouvelle pour une finance éthique islamique. Visant principalement le bien-être de la société et le développement économique, la finance islamique consacre des principes de solidarité et de justice sociale. A ces fins, elle exige la licéité des secteurs de l'investissement, prohibe toute forme d'intérêt et d'incertitude excessive, favorise le partage des profits et des pertes entre les contractants et met aussi l'accent sur l'exigence de la tangibilité de l'actif financé. Sur la base de ces principes, elle adopte des montages contractuels de financement compatibles avec la charia, comme la moudaraba, moucharaka, ijara, mourabaha, etc. Toutefois, les piliers fondamentaux de cette finance ne lui sont pas proprement exclusifs. L'esprit général du droit français partage avec la finance islamique quelques principes et permet également de mettre en place des contrats de financement qui trouvent leurs correspondants dans la finance islamique. Ainsi, sans contredire la laïcité du droit français, la France peut ambitionner de devenir le « leader européen » de la finance islamique. Cette ambition se manifeste par un soutien fort de la part des autorités et par des aménagements dans son cadre juridique et fiscal. Notre étude démontre qu'il existe une concordance conceptuelle entre la finance islamique et la finance conventionnelle mais que leur mise en œuvre emprunte des voies différentes. L'accueil et la promotion de la finance islamique en France ne semblent pas impossibles mais peuvent évidemment se heurter à des obstacles en droit français et à des faiblesses en finance islamique. Certaines réformes sont souhaitables tant au niveau du droit français qu'au niveau de la finance islamique pour pouvoir s'adapter plus harmonieusement et améliorer le financement de l'économie mondialeThe recent financial crisis has highlighted the fragilities of an international financial system based on operations with high-level of speculation and disconnect between the real and financial economy. It has then marked the approach of a new era of an ethical Islamic finance. Aiming primarily at the well-being of society and the economic development, Islamic finance embodies the principles of solidarity and social justice. For these purposes, it requires investing in the permissible sectors; prohibits any form of interest and excessive uncertainty; promotes the sharing of profit and loss between contracting parties and focuses on the tangibility of the financed assets. Based on these principles, it adopts sharia compliant financial mechanisms such as moudaraba, mousharaka, ijara, mourabaha, etc. However, such fundamental pillars are not strictly exclusive to the Islamic finance. The general spirit of the French law shares some principles with the Islamic finance and permits as well to implement financing agreements that have their correspondents therein. Thus, without prejudice to the secular nature of the French law, France can aspire to become the “European leader” of Islamic finance. This ambition is asserted through the strong support of the authorities and the amendments of its legal and fiscal framework. Our study shows that there is a conceptual similarity between Islamic finance and conventional finance but their implementation takes different paths. The introduction and the promotion of the Islamic finance in France do not seem to be impossible but may obviously face obstacles at the French level and weaknesses at the Islamic level. Some reforms are desirable in both the French law and the Islamic finance so that they can adapt more smoothly and improve the financing of the global economy
45
Yang, Pei-lun, and 楊珮倫. "Risk Analysis for Supply Chain e-Financing." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/48807016621177040733.
Full textAbstract:
碩士國立政治大學
企業管理研究所
93
On the foundation of existing Project AB e-Supply Chain, Ministry of Economic Affairs has initiated Supply Chain e-Financing Project (Project C) in 2000. Project C encourages banks to employ the transaction information provided by the lead manufacturers as a proof of the suppliers' ability to repay. The concept of Project C is quite a big shock to banks. Project C has been fully executed at the end of 2003. The accumulated amount of e-Finance has reached 230 million at the first quarter of 2004. However, the banks have little understanding of the transactions between lead IT manufacturers and suppliers. The study is to discuss the influence of transaction process to credit risk of banks. In Project C design, the banks concern 3 points: whether the lead IT manufacturers will pay enough for suppliers’ loan, whether they pay on time, and whether they have obligation to pay. For 1st point, the study analyze the examination process when suppliers deliver goods, suggesting banks to control delay, unqualified percentage and insufficient amount to set up a detect mechanism. For 2nd point, the study suggests banks to take deferment payment into consideration. As for the last point, we suggest banks can use the following purchase orders to repay. The study researches on the transaction process and attempts to set up a risk detect mechanism for banks. With the efficient risk detect mechanism, banks can spare resources to do more small-amount loans and manage credit risk well.
46
Yang, Mingjen, and 楊明仁. "The Financing and Risk Management of Financial Institution on China's Taiwanese Enterprises." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/00706923385054392861.
Full textAbstract:
碩士東海大學
管理碩士在職專班
100
Limited to the stagnant development of the domestic enterprises and the manufacturing transformation from domestic to offshore, domestic financial sectors have reached a plateau. In order to expand the business and boost the profit margin, one of the available solutions is to actively enhance the services related to financial products of Taiwanese enterprises in China. Nevertheless, in recent years, a series of macroeconomic and structural reforms adopted by the mainland of China casted uncertainty on investing and financing activities for Taiwanese firms, which also have become an important issue of credit business and risk management of the bank. Based on the analysis of investment patterns and major operation modes of Taiwanese enterprises in mainland as well as the related domestic banks’ credit framework, this study surrounds the problem of the key issue of the credit risk assessment facing the domestic banks in doing business with the former in the case that lacks of credit data source. Moreover, it extends to explore the possible influences of the policies of macroeconomic regulation and economic transmission adopted by the mainland on the investment layout of Taiwanese enterprises and the credit management of the bank. Subsequently, a conclusion has been reached based on the in-depth analysis on interview with the Taiwanese businessmen in the mainland and the as well as bank credit officers specializing in business with the former. It could be regarded as a reference for the credit risk management of domestic financial institutions. The empirical finding suggests that the focus of the credit risk management of the domestic bank should be drawn on the understanding of the exterior risk facing the Taiwanese enterprises and the analysis on their internal operation situation. Since the macroeconomic regulation and economic transmission would exert influence on the operation risk of the Taiwanese enterprises, it is strongly suggested that domestic financial institutions should facilitate the function of integration of the branches in the mainland and Taiwan and introduce the management mode of centralized service window and the unified control of credit management. In addition, it’s important to strengthen talent cultivation and establish specialized service department for Taiwanese enterprises, and to pay attention to both their business development and risk management. Furthermore, government should actively start negotiation on RMB business and Taiwan SMEG so that to broaden the ranges of services to the Taiwanese enterprises and increase the banks’ willingness to offer credit as well.
47
Hsieh, Chia-Ching, and 謝家青. "The Operating Performance of Firms after Equity Financing─Financial Constraints and Default Risk." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/833bdn.
Full textAbstract:
碩士國立中興大學
財務金融系所
102
This article is based on the six accounting variables in Loughran and Ritter (1997) as measures of long-run operating performance indicators. We compare the operating performance of firms between seasoned equity offering (SEO) and private placement. The empirical results show that the long-run operating performance of SEO firms deteriorates after offering, but private placement firms show improvement after issuing. In addition, we examine how the financial constraints and default risk of issuing firms affect their post-offering operating performance. The empirical results display that SEO firms with high financial constraints and low default risk perform better than other issuing firms, and private placement firms with low financial constraints and low default risk have better performance. We find that SEO firms which increase capital expenditures plus R&D expense have poor operating performance. In contrast, capital expenditures plus R&D expense have a positive influence on the long-run operating performance of private placement firms. These results imply that the managers of SEO or private placement have significantly different motivation and efficiency in the usage of the financing resources.
48
Wang, Hsin-Yi, and 王欣怡. "Accounting Conservatism, Debt Financing Type and Risk Shifting." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/87910349760052425670.
Full textAbstract:
碩士輔仁大學
會計學系碩士班
99
The thesis examines the effects of accounting conservatism and types of debt financing on risk shifting. Risk shifting is an investment distortion that is caused by shareholders’ incentives to engage in high-risk projects to the detriment of debt holders. Research in the literature suggests that both the design of debt contracts (referred as types of debt financing in this thesis) and accounting conservatism contribute to mitigating risk shifting problem (Green 1984；Eisdorfer 2008；Loktionov 2009). However, the interaction between these two mechanisms in mitigating risk-shifting remains unclear. The thesis aims to investigate whether debt financing type and accounting conservatism constitute complements or substitutes in mitigating risk-shifting problem. In this thesis, risk-shifting is measured by the sensitivity of asset volatility (which is measured based on the Merton model (1974)) to the change of investment level. The proxy of accounting conservatism is constructed from three measures, including nonoperating accruals, relative skewness of earnings versus cash flows, and C_Score. Debt financing is classified into two basic types: bonds and bank loans. The former are further classified into convertible bonds and straight bonds, and the latter are further classified into non- syndicated loans and syndicated loans. The empirical results are summarized as follows. First, higher the accounting conservatism is, the degree of risk-shifting is lower. Second, for firms financing primarily through convertible bonds relative to those financing primarily through straight bonds, the degree of risk-shifting is lower and the effect of accounting conservatism in mitigating risk shifting is less pronounced. Finally, for firms financing primarily through syndicated loans relative to those financing primarily through non-syndicated bank bonds, the degree of risk-shifting is lower and the effect of accounting conservatism in mitigating risk shifting is less pronounced. In sum, the role of accounting conservatism in mitigating risk-shifting depends on the types of debt financing. Accounting conservatism and debt financing type may constitute substitutes in mitigating risk-shifting because the effectiveness of monitoring and degree of information asymmetry differ among different types of debt financing.
49
Chen, Mu-Tzn, and 陳慕慈. "The Airline Fleet Financing Planning with Risk management." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/77190219290459785184.
Full textAbstract:
碩士國立成功大學
交通管理學系
88
Fleet is the core of airline operation. Aircraft is extremely expensive asset and constitutes major cost for airlines. Thus, it is always a big challenge for airlines to well match the supply to demand. In general, fleet acquisition includes self-owned, financial leasing and operating leasing, etc.. Operating leasing has become a trend for fleet financing since it has the following advantages. First, it offers lessee operating flexibility to better match the demand. Second, the lessee doesn’t need to bear the risk of asset value. Third, lessee doesn’t need to show the operating leasing aircraft on the balance sheet and thus, can enjoy certain financial statement benefits. Fourth, not like self-owned aircraft, lessee doesn’t need to pay huge amount of down payment, which could constitute a major financial burden for airlines. However, lessee needs to pay comparatively much higher cost, rents, for using the aircraft. Of course, lessee cannot enjoy the benefit of asset residual value. Therefore, how to acquire fleet financially is a very important issue for airlines. This study applies the concept of risk management to develop an analysis methodology for fleet financing planning. The risk indicators used in this study include liquidity ratios, profitability ratios, and borrowing capability ratios. The scenarios include combinations of various traffic demand, residual values, unit income, unit cost, interest rate and exchange rate. The performance of each financial strategy is evaluated under each scenario. Taking into account the consequence and the probability, some financial strategies are treated as infeasible solutions and screened off. Then, the expected net present value is used as the criterion for determining the best one from the remaining strategies. The results show that operating leasing is a better choice for an airline with high debt/equity ratio. In addition, it is not wise to expand fleet if there exist lots of uncertainties for future demand.
50
LIU, YUEH LUN, and 劉岳倫. "Taiwan Offshore Wind Power Project Financing Risk Assessment." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/bwx649.
Full textAbstract:
碩士輔仁大學
科技管理學程碩士在職專班
107
The development of global offshore wind power is due to the huge amount of investment, and the financing of funds is mostly carried out by means of “project financing”. Although local banks are still unfamiliar with the newly-developed offshore wind power industry, whether they can borrow the experience of international development for many years will become Taiwan. The key to the development of offshore wind power investment. This Taking into account foreign experience, the cash flow of cases in project financing is the key to the bank's assessment of the number of financing. If the cash flow of the developer can be clearly estimated and has sufficient ability to repay the debt, it may borrow more debts. The equity reporting rate will be relatively high, so it is necessary to carefully evaluate their financial models, such as cost, controllability of income, whether the estimate is credible, and whether the technology is mature, etc., are all aspects of assessing cash flow. This study uses the following steps to conduct offshore wind power project financing risk assessment: 1.Global offshore wind power development: According to the industry's past development track and current status, the industry is judged Future prospects. 2.The international green capital financing experience: assess the source of funding and financing channels for developers. 3.Offshore wind power industry chain and risks: understand the structure and risks of industrial development. 4.Offshore Wind Power Project Financing Assessment: Risk Assessment from the perspective of project financing. 5.Case company analysis: Through the analysis of the post-generation output of the case company, the calculation of funds.The present and the net present value, the calculation of the loan principal and interest amortization and the calculation of the profit and loss balance, the purchase rate, etc. Conduct a case company financial assessment.