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1
Daude, Christian. "Essays in international finance." College Park, Md. : University of Maryland, 2008. http://hdl.handle.net/1903/8022.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2008.Thesis research directed by: Dept. of Economics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Toscano, Francesca. "Essays in corporate finance." Doctoral thesis, Universita degli studi di Salerno, 2015. http://hdl.handle.net/10556/1917.
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2012 - 2013This project includes three essays in Corporate Finance. The rst part of the thesis investigates the relationship between Financial Development and Economic Growth for a set of 77 countries over the period 1960-1995. Borrowing the methodology suggested by Beck, Levine and Loayza (2000), I study the previous relationship using a cross-country regression model and a panel technique. My results suggest that Private Credit, de ned as credits by nancial intermediaries to the private sector divided by GDP, has a positive impact over Economic Growth. My ndings also point out that Economic Growth is positively a¤ected by openness to trade and average years of schooling. The relationship between Financial Development and Economic Growth is independent of the degree of nancial development as well as the initial level of income of a given country. Di¤erently from other papers, I can study whether the nance-growth nexus is persistent over time: using a similar dataset for an extended period, 1960-2010, I show that the impact of Private Credit over Growth is signi cative also in the most recent past. The second part of the thesis explores the stock-prices comovements for a set of 7 countries over the period 2000-2014. The study explores how the volatilities and correlations in one coun- try, mainly Italy, are a¤ected by the volatilities and correlations in another country. Di¤erently from other papers, I focus on a larger set of countries and on a sample period that allows to distinguish between the Pre Great Recession period and the Post Great Recession period. The analysis is conducted by considering several GARCH models, for the volatility comovements, and MGARCH models, for the correlation comovements. The best GARCH model in my set- ting is the EGARCH model which provides information on the impact of positive innovations on volatility. Among the MGARCH models, I focus on the CCC model and the DCC model. My results point out that the strenght of the relationship among countries is ampli ed after a crisis event, which is consistent with most of the "contagion" literature. The last part of the thesis analyzes the relationship between long-term debt and average investment during the 2007 crisis. Very few papers have analyzed the real e¤ects of debt ma- turity. To analyze the impact of the debt structure on rms performance I use a matching approach methodology (Abadie-Imbens estimator) which allows to distinguish between a treat- ment group and a control group: the rst one refers to the group of rms whose long-term debt is maturing at the time of the crisis, while, on the other hand, the control group refers to those rms that are out of the treatment but have similar rm characteristics like cash ow, size, Q, cash holdings and long-term leverage. My results show that rms with debt maturing during the period of the crisis experience a much more pronounced fall in investment. Results are tested using a Parallel Trend Test which allows to better de ne whether the results are driven by the maturity argument or not. [edited by author]
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Minnick, Kristina Leigh. "Empirical essays in corporate finance." College Park, Md. : University of Maryland, 2005. http://hdl.handle.net/1903/2860.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2005.Thesis research directed by: Business and Management. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Price, Shannon Marie. "Using tontines to finance public goods." College Park, Md. : University of Maryland, 2004. http://hdl.handle.net/1903/234.
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Thesis (M.S.) -- University of Maryland, College Park, 2004.Thesis research directed by: Dept. of Agricultural and Resource Economics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Higham, Joseph R. Hines Edward R. "Explaining trends in interstate higher education finance, 1977 to 1996." Normal, Ill. Illinois State University, 1997. http://wwwlib.umi.com/cr/ilstu/fullcit?p9803723.
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Thesis (Ph. D.)--Illinois State University, 1997.Title from title page screen, viewed June 2, 2006. Dissertation Committee: Edward R. Hines (chair), Paul J. Baker, G. Alan Hickrod, Kenneth H. Strand. Includes bibliographical references (leaves 167-177) and abstract. Also available in print.
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Ward, Tom. "The institutional development of the Irish Department of Finance - 1997-2011." Thesis, Queen's University Belfast, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.603557.
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This study examines the institutional development of the Irish Department of Finance both as part of Government and internally between 1997 and 2011. Using the framework provided by historical institutionalism and its account of the dynamics of institutional change it identifies and analyses formal and informal institutional changes which impacted upon the Department's influence in Government. In also includes an examination of institutional changes prior to 1997 which created enduring historical legacies which continued to impact on the Department's position and influence in Government in a path dependent manner. The study consciously adopts a 'moving picture' approach to the analysis of institutional change and seeks out instances of both punctuated and gradual change where often these tend to be examined in isolation. In this regard, it builds on Streeck and Thelen's (2005) and Mahoney & Thelen's (2010) typologies of institutional evolutionary change to present a single framework for analysing change, whether punctuated or gradual. The study's primary data emanated from 15 semi-structured interviews with elites who occupied key positions in the core executive in Ireland. They include former Taoisigh, Secretaries General, Cabinet members and political advisors. Their first-hand accounts provide a unique insight into a critical period in Irish Government. The study's findings illustrate the impact of formal and informal institutional change on the Department of Finance, some being punctuated changes, others gradual (or incremental) and that multiple change inducing variables were at play. An underlying theme which emerges from the research is that the Department of Finance institutionally drifted within the core executive for much of the period, but that the triple crises from 2008 onwards led to a re-setting of power relations in Government back in the Department of Finance 's favour, although in a new paradigm involving a proximate role for external actors in Irish domestic affairs.
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Obrimah, Oghenovo Adewale. "Essays on law, finance, and venture capitalists' asset allocation decisions." College Park, Md. : University of Maryland, 2005. http://hdl.handle.net/1903/2724.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2005.Thesis research directed by: Business and Management. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Lucht, Tracy L. "Sylvia Porter gender, ambition, and personal finance journalism, 1935-1975 /." College Park, Md.: University of Maryland, 2007. http://hdl.handle.net/1903/7617.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2007.Thesis research directed by: Phillip Merrill College of Journalism. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Chen, Qiwen. "Dependence Structure for Levy Processes and its application in finance." College Park, Md.: University of Maryland, 2008. http://hdl.handle.net/1903/8512.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2008.Thesis research directed by: Applied Mathematics and Scientific Computation. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Dilley, Andrew Richard. "Gentlemanly capitalism and the Dominions : London finance, Australia and Canada, 1900-14." Thesis, University of Oxford, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.439741.
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Jengeleski, Philipp Jessica L. "THE DAY BEFORE REFORM: CAUSES OF STATE CAMPAIGN FINANCE REFORM 1970-2005." Diss., Temple University Libraries, 2013. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/214774.
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Political SciencePh.D.
State legislative campaign finance reform varies considerably among states and over time. Over the past 35 years states have adopted increasingly stronger reform policies; however, many disparities between states still exist. Current state legislative campaign finance laws range from disclosure only to clean elections programs. All states have disclosure laws, while only three have clean elections regulations. Many studies of state campaign finance reform examine the regulatory effects on campaigns and elections (e.g., Thompson and Moncrief 1998; Francia and Herrnson 2003) but none consider the causes of such reforms. This dissertation employs a unique research strategy by individually analyzing the specific types of state legislative campaign finance reform: 1) disclosure, 2) contribution limits, and 3) expenditure limits and public funding from 1970-2005. What emerges from these analyses indicates the conditions under which states have adopted more and less stringent types of legislative campaign finance reform. It examines the extent to which legislative professionalism, Democratic control of government, political scandals, and the initiative affect the stringency of campaign finance reform in the states. Just because a state requires legislative candidates to disclose campaign finance figures does not mean that the requirement is strong when compared to what other states are doing. Measuring the type of campaign finance reform based on a unique stringency scale allows us to understand the conditions under which a state supports strong or weak campaign finance laws.
Temple University--Theses
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Vickery, Anthony John Louie. "The logistics and finances of touring North America, 1900-1916." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2001. https://dspace.library.uvic.ca//handle/1828/9865.
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In the month of December, 1904, 420 theatre companies were “on the road” in North America. This volume of touring was made possible only by the centralisation of the commercial theatre business, a feat of organisation accomplished by three partnerships that came to be collectively known as the Syndicate: Marc Klaw and Abraham Erlanger; Charles Frohman and Al Hayman; and Sam Nixon-Nirdlinger and Fred Zimmerman. These men, later in competition with the three Shubert brothers, Lee, Sam S., and J. J., brought a “big business” approach to management into the theatre and employed it to reap considerable profits. My dissertation explores the business organisation of these firms throughout the period 1900–1916.
The first two chapters of my dissertation provide a general context and information on theatrical conditions up to the foundation of the Syndicate with special emphasis on tours of North America. In the second chapter, I pay special attention to the makeup of the combination companies that ruled the road during 1900–16. My third chapter investigates the organization of the Shubert main office. Included in this chapter are examinations of the various contracts the corporations used to form and control their empires. My fourth chapter examines the road companies. Topics I cover in this chapter include company operations, route changes, employment of backstage staff and company discipline. My final chapter analyses business practices in road theatres with special emphasis on their communications with the Shuberts or Syndicate. Since there were literally hundreds of road theatres to choose from, I selected circuits that conducted operations in Canada as the basis for the chapter (circuits operated by Ambrose J. Small and Corliss P. Walker). I conclude my dissertation with a discussion of the road in the late 1990s because many of the conditions of touring today are reflective of touring in the early 1890s. The road at the end of the twentieth century is making a comeback in strikingly familiar ways.
Information for my dissertation comes primarily from documents in the Shubert Archives. Many of the records there have never been analysed by academics and they provided a fertile field for my investigation. Contemporary periodicals, especially The New York Dramatic Mirror and Variety , also provide a great deal of information on the period. Other sources consulted were the myriad biographies and autobiographies performers and managers published during the era or shortly thereafter.Graduate
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Zribi, Téja. "Nécessité et conditions d'émergence d'un marché financier tunisien." Montpellier 1, 2002. http://www.theses.fr/2002MON10017.
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Dans les années quatre-vingt, les pays en voie de développement se sont trouvés confrontés à ce que l'on a appelé la crise de la dette. Suite à la menée de politiques monétaires restrictives dans les pays développés, les taux d'intérêts se sont envolés et l'offre de capitaux au pays envoie de développement s'est tarie. Il semble qu'aujourd'hui les capitaux internationaux cherchent à en retrouver le chemin, mais leur transit ne se fait plus à travers les systèmes bancaires. La tendance qui se profile est de les voir s'investir à travers les marchés financiers. Dans ces conditions, la Tunisie devrait saisir cette opportunité en assurant les conditions d'émergence de son marché financier.
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Silva, Antonio Christian. "Applications of physics to finance and economics returns, trading activity and income /." College Park, Md. : University of Maryland, 2005. http://hdl.handle.net/1903/2593.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2005.Thesis research directed by: Physics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Zhang, Chen-Song. "Adaptive finite element methods for variational inequalities theory and applications in finance /." College Park, Md. : University of Maryland, 2007. http://hdl.handle.net/1903/7167.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2007.Thesis research directed by: Applied Mathematics and Scientific Computation Program. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Lehmdenová, Veronika. "Zhodnocení hospodářské politiky ČR od roku 1997." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15397.
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This theses focuses on evaluation of major developments in czech economic policy since 1997 - financial crises in 1997, inflation targeting, incentives and foreign direct investments in CZ and problems of czech public finances.
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Cook, Audrey Ciceley Heloise. "A study of identity formation in the London investment banking sector." Thesis, University of Warwick, 2008. http://wrap.warwick.ac.uk/1947/.
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This thesis seeks to investigate identity formation within the London investment banking sector in the context of career development. The sector has undergone a host of changes in the past two decades. The ‘Old City’ was distinguished by trust, reputation and stability which was informally regulated through a kinship network comprised of a social elite. De-regulation in 1986 ushered in the ‘New City’ characterised by individualistic competition, inflated capital sums, truncated careers, volatility and diversification. Existing research concerning identity has largely focussed on how ‘Old City’ class and gender relations continue to predominate and shape career opportunities. Scholars have highlighted how patterns of privilege and exclusion are reproduced through a variety of ‘performances,’ disadvantaging those who are unable to access a limited range of acceptable class and gender positions. This study takes a different starting point to explore how ‘performance’ may play a role in identity work to further careers but in a way which is attentive to the distinctive conditions of the New City. Specifically, this research explores how identity may be constructed and constantly re-worked and revised, drawing upon a range of different resources within a highly diverse setting. The thesis seeks to engage with this research agenda by applying Giddens (1984; 1991) theoretical framework on self-identity, reflexivity and performance. A longitudinal research design was used to elicit qualitative data from six senior investment bank employees, gathering accounts on changes experienced over the period of a year as well as past events. The thesis investigates how a biographical narrative was reflexively maintained via the accommodation and perpetuation of a variety of different performances within a series of social terrains. These in turn served to reproduce the broader financial institutional context. A further contribution is developed which focuses on the theoretical interplays between selfidentity, reflexivity and performance through a detailed analysis of the empirical materials.
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Ma, Tao. "Corporate dividend decisions." Thesis, City University London, 2012. http://openaccess.city.ac.uk/1947/.
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The main aims and objectives of my thesis are to test the various conflicting hypotheses developed in the previous literature to explain firms’ dividend policy, focusing specifically on IPOs and cross-country analysis. In particular, I explore the theoretical links in the context of the important dividend theories including signalling, agency costs, lifecycle and catering and then empirically test the hypotheses by using a very large dataset of UK IPOs from 1990 to 2010, which is extracted from offering prospectuses. The first empirical study focuses on two aspects of post-IPO decision-making: the decision to initiate dividends and the timing of dividend initiation. I develop the testable hypotheses by linking the dividend decisions of IPOs with a number of firm characteristics and IPO-specific factors in the context of the theories relating to dividends and IPO. I find a strong negative relation between underpricing and the propensity of dividend initiation. This finding is in line with the implications of Dividend Discount Model and Rock’s (1986) “winner’s curse”. My results show that the likelihood of initiating dividends is positively associated with managerial ownership, underwriter reputation, firm size, profitability and long-term debt ratio. In addition, the results show that the initiation propensity is negatively influenced by a serial of factors including the length of lockup period, VC backing, managerial stock option, growth opportunities of IPOs, technology intensity, and selection of growth stock exchange (i.e. AIM). Finally, I find that the IPOs issued in the years when the market put a price premium on dividend paying payers are more likely to pay dividend after IPO and initiate dividends earlier. Overall, my results show that IPO characteristics relate to dividend decisions of IPOs through miscellaneous mechanisms of dividends. The most homogeneous results are associated with the life cycle and catering theories. There is also some empirical evidence in support of signaling and agency theory. The second empirical study examines the determinants on the dividend policies stated in IPO prospectuses. At the stage of preparing for IPO, pre-IPO financial status is very likely to influence the initial dividend policies. My results provide strong evidence that IPOs that experienced superior performance in profitability and cash inflow from operating activities during pre-IPO period tend to make active dividend policies relatively, consistent with the implication of Lintner (1956) and Benartzi, Michaely and Thaler (1997). My results also show that IPOs with higher turnover ratio and lower capital expenditures tend to choose more active dividend policies when going public, consistent with residual theory and free cash flow hypothesis. In addition, the possibility of choosing relatively active dividend strategies at IPO stage is negatively associated with VC backing, length of full lock-up restriction period, stock option, technology focus, and institutional ownership. In contrast, IPOs with more reputable underwriters tend to declare relatively active dividend policy in prospectuses. The evidence relating to long-term debt ratio and managerial ownership is weak. Moreover, IPOs issued in the ‘internet bubble’ period or in 2000s opt for relatively conservative dividend strategies. The overall results in this empirical chapter support lifecycle theory, substitution assumption-based agency theory and free cash flow hypothesis, while the evidence on signaling and catering theories is mixed. Furthermore, my results support the conjecture that IPOs with active dividend policies release sufficient information through dividend policies declared in offering prospectuses and therefore their formal dividend initiations fail to shock the market. I find that dividend- paying companies outperform non-dividend paying counterparts during three post-IPO years, indicating that non-dividend initiating IPOs rather than dividend-initiating ones account for the decline in long-run underperformance. Additionally, I find evidence in support of the conjecture that the dividend policies stated in prospectuses communicate the information, and thus reduce the possibilities that outside investors are overoptimistic over the prospect of the invested companies and that managers overstate the pre-IPO financial data at IPO stage. The third empirical study examines the trends in dividend policies across seven western countries: U.S., Candada, U.K., Germany, France, Japan and Hong Kong. In general, the proportion of dividend paying firms fell significantly from 1989 through to the early 2000s, with the exception of Japanese firms. Thereafter, the percentage reverted slightly in the US, Canada, Japan and in Hong Kong, but continued to decrease in UK, France, and Germany. In contrast, the aggregate amount of dividends increased continuously across countries and firms retained stable dividend payout ratios, and total payout ratios relatively. Share repurchases took over from dividends as the dominant payout method in the US and the increasing importance of repurchases is observed in Canada and in the UK as well. A declining propensity to pay dividends is seen in all the sample countries apart from in Japan, controlling for key firm characteristics. I find that the likelihood that firms payout dividends or repurchase shares positively correlates with firm’s size, profitability and the ratio of earned/contributed capital, and negatively related to long-term debt ratio. The impact of growth opportunities on payout decisions is not uniform across countries, in line with Denis and Osobov (2008). There is some evidence that cash holdings have a negative relation with the probability of paying dividends and a positive relation with the probability of buying back shares. There is also some evidence that R&D expenditure and technology intensity have a negative influence on a firm’s tendency to pay dividends, but such influence is country-dependent. The effect of M&A on the incidence of payouts is highly country-dependant. For example, US acquirers are reluctant to pay dividends while UK acquirers are more likely to pay dividends. I also examine the determinants of the amounts of corporate payouts. Profitability, growth rate of total assets, and retained earnings are important positive factors in determining dividend amounts. Market to book ratio have a significantly positive effect on both dividend amounts and the repurchase amounts, consistent with Lee and Suh (2011), Alzahrani and Lasfer (2012). Finally, the empirical tests using Lintner model indicate that the link between cash dividends and earnings has weakened, in support of Choe (1990) and Brav, Graham, Harvey, and Michaely (2005). In line with Eije and Megginson (2008), the data demonstrates that dividends are still responsive to earnings. Overall, the evidence in this empirical chapter supports agency cost-based lifecycle theory.
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Drapier-Audegon, Christine. "Caractéristique des opérations de recentrage stratégique et performance financière des groupes industriels français de 1994 à 1997." Lille 1, 2001. https://pepite-depot.univ-lille.fr/LIBRE/Th_Num/2001/50374-2001-7.pdf.
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Dans le cadre de la strategie d'entreprise, l'orientation des activites d'un groupe dans son secteur d'industrie conduit a l'adoption de manoeuvres et de tactiques singulieres la financiarisation du monde economique, la mondialisation des systemes industriels ou encore l'irruption de nouveaux cycles technologiques renforcent la concurrence inter-entreprise et intensifient la competition economique. Dans ce contexte, les operations dites de <
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Tucker, Maria Alexandra. "The geography of public finance : the spatial imagination of New Labour's treasury : 1997-2010." Thesis, University of Reading, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.603587.
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Using a critical realist and institutionalist framework, my research explores how concepts of space and place are understood, created, incorporated, and transformed by HM Treasury's spending policy in the UK. I expand on ideas about the strategic and spatial selectivity of the state by exploring how 'peopled organisations' and the mundane and everyday practices of the policy-making process in institutions can give rise to state effects which reflect ' received understandings' of state space. This research treats these received understandings as a spatial imagination which shapes how policy makers envision space and place -- thus forming a critical link between the strategic policy negotiation phases and the reality of public spending projects that become actualised into the built environment in the UK. It has been argued that the spending priorities of New Labour's Treasury (1997-2010) were qualitatively different from those of previous eras - including previous Labour governments. By combining interviews with senior New Labour spending policy advisors (both present and former) and archival analysis of Treasury documents, my analysis has focused on identifying the spatial imagination implicit in Treasury spending decisions, including how expenditure reflected the perceived territorial alignment of the UK's state space, the economy and society, and the long-term implications for Treasury expenditure
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Tibrewala, Aarushi. "Risk and Returns: The Impact of Political Risk on Financial Returns in Emerging and Developed Markets." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1903.
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This paper studies if a change in political risk has a significant impact on the stock returns of countries. Additionally, the paper assesses if this change in political risk impacts stock returns differently in emerging and developed countries. The paper conducts a risk based portfolio analysis and a linear cross-sectional regression analysis in order to find a conclusive result. The portfolio analysis, which replicates a study carried out by Diamonte, Liew, and Stevens (1996), reveals that there is a difference in the impact that change in political risk has in developed and emerging countries. The regression analysis finds that change in political risk does impact stock returns but there is no statistically significant difference in this impact between emerging and developed countries. The regression analysis also finds that the existing level of risk does not significantly affect the impact that growth in political risk has on stock returns.
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Dawson, Christina M. "Public school finance programs in the southern region of the United States: 1986-87." Diss., Virginia Polytechnic Institute and State University, 1987. http://hdl.handle.net/10919/49841.
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This study describes the current status of the state aid programs in the Southern Regional Education Board (SREB) membership: Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia. The financing of educational programs in the SREB states in 1986-87 was compared to the financing of educational programs in 1978-79.
When making decisions concerning funding and program design for public elementary and secondary education systems, state legislators and education interest groups often compare the information available from other states to the proposals for their particular state. If other states have enacted similar proposals or have considered them and not implemented them, the inquiring state will use this information to guide the decision-making process.
American Education Finance Association (AEFA) members physically located in the states were recruited to provide a detailed description of their respective public school finance programs. When AEFA members were not available, the chief school officer was asked to provide the description. The information in the descriptions was verified by each state’s school finance office.
A portion of the funds supporting change efforts flowed through traditional school finance formulae. Many of the states expanded basic funding and categorical programs. Much of the funding for new efforts was allocated outside of the equalization formulae used to provide the bulk of school support.Ed. D.
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Corcoran, Sean P. "Four decades of change in U.S. public education essays on teacher quality and school finance /." College Park, Md. : University of Maryland, 2003. http://hdl.handle.net/1903/314.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2003.Thesis research directed by: Economics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Allé, Camille. "Les politiques des finances locales : transformations des relations financières central/local en France (1970-2010)." Thesis, Paris, Institut d'études politiques, 2017. http://www.theses.fr/2017IEPP0005.
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Ces dernières années, en France, les finances publiques locales ont fait l’objet de deux réformes d’ampleur, particulièrement médiatisées tant l’histoire dans ce domaine est jalonnée d’échecs et de réformes à la marge. La suppression de la taxe professionnelle, remplacée par une contribution économique territoriale, ainsi que la baisse sans précédent de la dotation globale de fonctionnement, ont pour effet de limiter les recettes des collectivités et pèsent indirectement sur leurs dépenses. Autrement dit, ces réformes témoigneraient de la capacité de l’Etat à imposer aux gouvernements locaux davantage de contrainte budgétaire, conformément à la discipline qu’il applique aux administrations centrales ainsi qu’aux organismes de Sécurité sociale. Des transformations identiques, voire plus marquées, s’opèrent dans d’autres pays européens. Partant de ce constat, cette thèse cherche à montrer dans quelle mesure et comment l’Etat parvient à changer les règles en matière de finances locales de telle sorte qu’elles soient davantage compatibles avec un objectif de long terme de maîtrise des dépenses, de la dette et des déficits publicsThis last years in France, two important reforms of local public finance were adopted, the reform of the business tax and the decrease of grants. It was widely advertised in the local and national press. Actually, the history of local public finance is caracterized by the failure of reforms. It could be analized as an illustration of the state capacity to impose budget consolidation and fiscal constrain to subnational governments. Identical change takes place in other european countries. This thesis shows in what extent and how the state succeed in changing the rules of local public finance to be more compatible with a long term goal of fiscal consolidation
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Sundararajan, Satheesh Kumar. "Project performance-based optimal capital structure for privately financed infrastructure projects." College Park, Md. : University of Maryland, 2004. http://hdl.handle.net/1903/1942.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2004.Thesis research directed by: Civil Engineering. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Novack, Garth F. "Treasury bill yield reactions to the 1997 capital gains tax rate reduction." Diss., The University of Arizona, 2003. http://hdl.handle.net/10150/280313.
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This study tests the equilibrium of after-tax rates of return described in Miller (1977) by investigating whether a change in tax rates affects the return of an investment asset that is not directly taxed by the rate being changed. Using a model of after-tax investment returns I predict the yields of Treasury bills, which are subject only to ordinary tax rates, have an inverse reaction to changes in the capital gains tax rate. In a sample of daily Treasury bill data, yields appear to increase in response to the surprise reduction in capital gains tax rates on May 7, 1997. While small, this increase is statistically significant and is robust to other macroeconomic determinants. These findings contribute to the accounting literature on taxes and investment pricing by providing evidence of Miller's after-tax equilibrium in a potentially cleaner setting than is used in previous studies. Evidence that a financial instrument subject to ordinary rates alone may be affected by the announcement of a change in the capital gains tax rate suggests that shareholder-level taxes are capitalized into prices in ways not investigated by existing research. Accounting researchers will find these results useful because they suggest that the effects of changes in tax rates on asset prices are likely misstated in studies using settings where both the ordinary and capital gains tax rates change. Since the Treasury bill yield forms the basis of many consumer contracts, such as credit card agreements, policy makers should also be interested in these findings because they suggest changes to the capital gains tax rate may have unintended market consequences.
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Gadenne, Lucie. "Trois essais sur les finances publiques dans les pays en voie de développement." Paris, EHESS, 2012. http://www.theses.fr/2012EHES0047.
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Cette thèse s'intéresse aux finances publiques dans les pays en voie de développement. Le premier chapitre, écrit avec Julia Cage, s'intéresse à la baisse des revenus fiscaux sur PIB dans les pays les plus pauvres entre 1970 et 2000. Nous montrons que ceci est la conséquence d'une baisse des revenus douaniers et utilisons l'hypothèse qu'une capacité fiscale préexistante est nécessaire au prélévement d'impôts domestiques mais pas à la collecte des tarifs douaniers pour expliquer ce que nous observons dans les données. Le deuxième chapitre considère la cyclicalité des politiques publiques en Afrique sub-saharienne. Ce chapitre tente de mesurer l'impact du changement des conditions politiques et macro-économiques auxquels sont confrontés les gouvernements africains depuis 1970 sur la cyclicalité de leurs dépenses publiques. Le troisième et dernier chapitre étudie par l'hypothèse que plus les gouvernements sont financés par l'impôt, plus ils doivent satisfaire les attentes de leurs citoyens dans leurs choix de dépenses publiques. Je compare les municipalités brésiliennes dépensent des augmentations de leurs revenus fiscaux et de leurs revenus de transfert, et montre qu'une augmentation des impôts finance une plus large croissance de la provision de biens publics, et moins de corruption, qu'une augmentation des revenues de transfertThe first chapter uses a novel panel dataset of tax revenues and government expenditures in developing countries to investigate wether countries are able to recover the lost tariff revenues due to trade liberalization through other taxes. We use the intuition that pre-existing tax capacity is needed to levy domestic taxes to explain theoretically why some countries are unable to recover all tax revenues lost from lovering tariffs. We provide some empirical evidence in line with the model's predictions. The second chapter documents cyclical patterns of government expenditures in sub-Saharan Africa since 1970 and explains variation between countries and over time. We find some evidence that procyclicality in Africa has declined in recent years after a period of high procyclicality during the 1980s and 1990s. The final chapter shows that local governments are more accountable when a larger of their resource comes from local taxes. I compare how local governments in Brazil spend increases in tax and transfer revenues and find that an increase in local tax revenues leads to a bigger increase in local public services (health and education) than an increase in transfers of the same amount. Moreover extra transfer revenues lead to more corruption, extra tax revenues do not
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Elliott, James Frederick. "Provincial expenditures for post-secondary education in Canada, 1977-1991." Diss., The University of Arizona, 1995. http://hdl.handle.net/10150/187164.
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This study examines the Canadian provincial government expenditures for post-secondary education and develops and estimates a model that describes factors influencing the expenditures. A historical background to the expenditures is followed by a descriptive analysis of the expenditures. Ultimately, a theoretical model is constructed and estimated for the ten provinces for 1977 to 1991. Government funding for post-secondary education is provided by both the federal and provincial governments. A history of government funding is presented with an emphasis on the withdrawal of the federal government from direct financing and the ensuing decline of its influence on the provincial government expenditure decisions. An extensive description and analysis of the provincial government expenditures are presented. The expenditures are examined relative to economic and demographic variables. A number of broad trends and notable exceptions are described. A theoretical model is developed on the basis of utility maximization by the provincial governments. The reduced form of the model describes provincial expenditures for post-secondary education as a linear function of a series of economic, financial, price, demographic and political variables. The successful estimation of the model establishes it as a useful construct for describing the determinants of the provincial expenditures. The estimated determinants of expenditures describe an important role for the state of the provincial economy, a minor role for the price variables, a mixed role for the federal grants, a negligible role for the demographic variables, an innocuous role for the other government expenditures and no role for the political variables. The study concludes that post-secondary education is a low priority expenditure for the governments, the structure of the federal grants is generally unfavorable to post-secondary education, and other government expenditures are not competitive substitutes for post-secondary education.
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Greenberg, Kendall. "You Can Run But You Can’t Hide: The Advance of Shareholder Activism." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1970.
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Shareholder activism has exploded in popularity since the turn of the century, due in large part to impressive relative returns generated by its major participants. The result has thus been a surge in assets invested in the category, to in excess of $170 billion today up from less than $3 billion in 2000 (Inglis 2015; Romito 2015). This influx of capital, in absolute dollars and pace of growth, has caused many to wonder whether activists truly create shareholder value and, if so, if the value generated is sustainable. Numerous studies of activist interventions prior to 2009 reveal significant stock price gains around the time of activist arrival and positive longer term buy-and-hold abnormal returns as well. The question remains, however, whether those trends have continued as volume of transactions and number of activists have increased post the recent global financial crisis. In this report, we perform an empirical analysis focused on a hand-collected dataset of 1,088 activist interventions from 1995-present. This dataset includes all 13D filings, as well as Under the Threshold activist campaigns. First, we analyze stock price returns for this group over short- and long-term periods and find that activists continue to unlock shareholder value in recent deals comparable to that of earlier ones. We then perform a proprietary regression to identify which factors drive the most successful returns. Such insights should prove informative for investors employing an activist strategy and companies looking to manage areas of vulnerability.
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Palard, Jean-Étienne. "Recentrage stratégique, structure du capital et volatilité financière : le cas des entreprises cotées en Europe : 1987-2003." Bordeaux 4, 2007. http://www.theses.fr/2007BOR40047.
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Depuis une vingtaine d'années, la transformation du périmètre d'activité des groupes européens a été marquée par un profond mouvement de recentrage des entreprises sur leur coeur de métier. L'objet de cette recherche vise à étudier et à tester l'influence du recentrage stratégique sur la modification de leur structure de financement et l'évolution de la volatilité de leur performance financière. L'échantillon testé regroupe les 250 principales sociétés cotées en Europe entre 1987 et 2003. La thèse est organisée en deux parties. La première partie est consacrée au cadre théorique. Une revue de la littérature portant sur les motifs et les conséquences des opérations de recentrage met en évidence deux insuffisances importantes dans la recherche académique. Les développements théoriques ont alors permis de formuler des hypothèses testables portant à la fois sur les déterminants stratégiques de la capacité d'endettement des firmes et les facteurs liés à l'augmentation de la volatilité financière. La seconde partie est consacrée à la démarche méthodologique et à l'analyse empirique. A partir d' analyses univariées et multivariées sur données de pannel, on observe que les entreprises spécialisées ou en phase de recentrage sont significativement moins endettées et à moins long terme que les firmes diversifiées. Par ailleurs, le mouvement de recentrage stratégique mis en évidence en Europe est positivement corrélé avec la réduction du niveau d'endettement. Deux mesures de volatilité financière basée sur sur la décomposition du MEDAF et le modèle de Campbell et al. (2001) ont ensuite été estimées indiquant une augmentation des composantes sectorielles et idiosyncratique de la volatilité alors que la composante liée au marché est demeurée relativement stable. Les résultats des régressions sur données de pannel montrent que l'augmentation de la volatilité propre à chaque firme est significativement corrélée avec la liquidité des titres, le mouvement de recentrage et le renforcement des investisseurs institutionnelsSince twenty years, European firms have been refocusing on their core business. The objective of this research is to study and to test the influence of of refocusing strategies on the modification of capital structure and the increase of financial volatility. The sample is composed by the main 250 European listed firms for the period 1987-2003. The thesis is arranged into two parts. The first part is dedicated to the theoretical framework. A survey of the academic litterature about the grounds and the consequences of corporate refocusing programs put the emphasis on two different shortcomings. Hypotheses have been derived from the theoretical developments concerning the strategic determinants of debt capacity and the firm-level determinants of the increase of financial volatility. The second part is dedicated to the methodology and the empirical analysis. From univariate and multivariate analysis with dynamic panel data, we show that more focused firms carry a higher level of debt than diversified companies and the movement of corporate recofusing is positively correlated with the decrease in debt levels. Besides, two measures of financial volatility have been estimated based on the decomposition of CAPM and on the model of Campbell and al. (2001). We show that both the industry-level and the firm-level volatilities have increased significantly between 1987 and 2003 whereas the market-level component has stayed relatively stable over the sample period. The results of panel data regressions show that the growth of idiosyncratic volatility is significantly correlated with the volume of stocks traded, the movement of corporate refocusing and the reinforcement of institutional investors in the ownership structure of European listed firms
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Colvin, Christopher Louis. "Religion, competition and liability : Dutch cooperative banking in crisis, 1919-1927." Thesis, London School of Economics and Political Science (University of London), 2011. http://etheses.lse.ac.uk/180/.
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What accounts for the differences in the performance of cooperatively-owned banks in the Dutch financial crisis of the early 1920s? This thesis measures and explains the (relative) performance of boerenleenbanken (rural Raiffeisen banks) and middenstandsbanken (urban Schulze-Delitzsch banks) during the Netherlands' interwar banking crisis by applying various economic methods to new historical evidence. The thesis asks: (1) what were the effects on risk-taking behaviour of differences in the religious attitudes of bankers and their customers? (2) what was the relationship between interbank competition and financial stability? and (3) what was the consequence of the liability choices made by shareholders for their banks' continued survival? Using a combination of economic theory, quantitative financial analysis and qualitative business histories, this thesis finds that: (1) banks serving small religious groups were less willing, despite being more able, to take on risks than those serving majority denominations; (2) those banks that were subject to the lowest competitive pressures enjoyed the most liquid investment portfolios; and (3) the choice of liability limitation available to bankers in uenced their balance sheet risks, for the worse. Together, these findings lead to the conclusion that social, organisational and institutional factors each explain part of the heterogeneity in the fate of the Netherlands' cooperative banks during a period which includes unprecedented debt- deflationary financial turmoil: hence, (1) strict membership criteria and the use of personal guarantors in loan agreements acted as strong devices to allow banks for minorities, regardless of their denomination, to screen and monitor their customers; (2) the switching costs associated with religious affiliation resulted in a competition- stability tradeoff during periods of extreme distress; and (3) the stakeholders of the banks which failed were probably less risk-averse than those of banks which did not, the consequence of endogenous group formation by risk type.
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Tang, Chi Man. "East Asian Crisis 1997 - 98 : some ideas about its evolution and consequences." Thesis, University of Macau, 2003. http://umaclib3.umac.mo/record=b1636257.
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Quirke, Linda. "Social class, finances and changes in attendance at the University of Guelph, 1987-1998." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape8/PQDD_0002/MQ43205.pdf.
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Feiertag, Olivier. "Wilfrid Baumgartner : un grand commis des finances à la croisée des pouvoirs (1902-1978) /." Paris : Comité pour l'histoire économique et financière de la France, 2006. http://catalogue.bnf.fr/ark:/12148/cb40192234v.
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Texte remanié de: Thèse de doctorat--Histoire--Paris 10, 1995. Titre de soutenance : Wilfrid Baumgartner, les finances de l'état et l'économie de la nation (1902-1978) : un grand commis à la croisée des pouvoirs.Bibliogr. p. 717-757. Index.
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Li, Kun Lin. "Further investigation on FF3 model in the case of Hong Kong : 1987-2000." Thesis, University of Macau, 2006. http://umaclib3.umac.mo/record=b1676399.
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Boulanger, Amaury Renaud. "Pierre Quesnay (1895-1937) un expert financier, de la Normandie au monde." Thesis, Normandie, 2017. http://www.theses.fr/2017NORMR013.
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Pierre Quesnay (1895-1937) est un acteur important mais méconnu de la vie financière internationale de l'entre-deux-guerres : "docteur de la monnaie" au chevet des monnaies en déroute après la première guerre mondiale, en particulier en Autriche, puis au secrétariat général de la SDN, acteur de l'ombre de la stabilisation Poincaré, comme secrétaire général du gouverneur Moreau (entre 1926 et 1928), brillant directeur du service des Etudes de la Banque, il est, à partir de 1930, le premier directeur général de la Banque des Règlements Internationaux, issue du plan Young dont il fut l'un des principaux négociateurs. Edition d’un fonds privé familial totalement inédit, constitué notamment des carnets que Quesnay a remplis de 1912 à 1937, ce travail est une tentative de biographie intellectuelle d’un expert financier international de l’entre-deux-guerres. En tentant de saisir quel est son « outillage » intellectuel (l’évolution de son libéralisme devant les conséquences économiques de la guerre) ainsi que quels sont ses réseaux (proximité avec Jean Monnet…), on aboutit d’une part à la question des échelles dans lesquelles il déploie son intense activité, et notamment par rapport à sa dimension transnationale. D’autre part, se pose la question centrale, toujours actuelle, du rapport du politique et de l’expertPierre Quesnay (1895-1935) is an important actor, although he’s not known for being part of the international financial life of the interwar period : « doctor of the money », first healing currencies in dissaray after the First World War, especially in Austria, then, at the SDN general secretariat. Acting in the shadows for the Poincaré’s stabilisation, as the general secretary of the Governor Moreau (between 1926 and 1928), brilliant Head of the Economic Analysis Department of the Banque of France, he is, starting from 1930, the first general manager of the BIS,originating from the Young plan, plan of which he was one of the main negociators. Edited from private familial archives which are totally unprecedented, including notebooks that Quesnay filled from 1912 to 1937, this work is an attempt of an intellectual biography of an international financial expert of the interwar period. By trying to understand what is his intellectual « tooling »(the evolution of his liberalism in view of the economical consequences of the First World War) as much as which are his networks (his proximity with Jean Monnet…), we come to the point, of the scales where he implements his intense activity, notably through his transnational dimension. On the other hand remains the central question, still actual, of the relation between the politician and the expert
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Moisset, Jean-Pierre. "Les biens de ce monde : les finances de l'église catholique dans l'archidiocèse de Paris (1802-1905)." Paris 10, 1999. http://www.theses.fr/1999PA100015.
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La loi du 18 germinal an x qui regle les rapports entre les eglises et l'etat au xixe siecle prevoit un financement public des cultes reconnus. Ainsi, l'eglise catholique a-t-elle acquis la reputation d'avoir ete tributaire des deniers publics a cette epoque : c'est le bien fonde de cette reputation que nous avons verifie dans le cadre restreint de l'archidiocese de paris. Pour cela, deux sortes de comptes ont ete analyses : ceux qui temoignent du financement public a ses differents echelons, et ceux qui devoilent le financement du culte catholique par ses fideles. Les archives publiques ont livre les comptes de l'etat, du departement de la seine et de la ville de paris (la comptabilite des communes de banlieue a ete ecartee). Leur examen concomitant, par types de poste budgetaire, permetd'etablir une chronologie du financement public qui ne laisse pas dans l'ombre le financement local, longtemps majoritaire a paris. Cette chronologie montre une alternance de phases de flux et de reflux dictee par les changements de regime politique ainsi que par les exigences de l'organisation du culte. Quant au poste le plus lourd pour les finances publiques, il s'agit des edifices paroissiaux. Les archives de l'archeveche de paris ont permis l'etude des comptes de la caisse diocesaine et de treize fabriques paroissiales parisiennes. A l'echelon paroissial, ce sont les divers produits lies aux funerailles qui forment la principale recette des fabriques (35 %), devant le produit de la location des chaises (21 %) ; a l'echelon diocesain, la premiere source de recettes est constituee par les offrandes des fideles (35 %). Les deux postes de depenses les plus importants sont les frais de personnel, tant pour les fabriques (58 %) que pour la caisse diocesaine (40 %). D'un point de vue chronologique, une longue croissance seculaire qui s'essouffle a la fin du siecle caracterise le financement prive, et non pas une alternance de flux et de reflux. Au total, si le financement public compte pour 58 % du financement des activites diocesaines proprement dites, sa part est tres inferieure a la moitie pour le financement du culte paroissial. Or, ce dernier constitue le principal poste de depenses pour l'ensemble des acteurs du financement public du culte. Le culte catholique est donc principalement finance par les fideles dans le diocese de paris.
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Lladser, Antinéa. "Système financier et croissance endogène : une application à l'économie chinoise." Paris 10, 2000. http://www.theses.fr/2000PA100085.
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La chine vit depuis la mort de Mao Zedong une phase de transition économique d'une économie planifíée centralisée vers une économie de marché. Ce travail vise à étudier l'impact du système financier sur la croissance chinoise ; suivant trois axes. Le premier axe est une étude descriptive de la situation et de l'évolution du système financier chinois. Le deuxième axe expose les théories de la croissance endogène. Enfin, elles seront testées sur ce qui sera mon troisième axe. En effet, que ce soit via la diversification des portefeuilles, les effets d'apprentissage ou la réduction des coûts d'intermédiation, le système financier constitué des secteurs bancaires et des marchés des titres, permet de dimunier les risques auxquels sont soumis les agents prêteurs ; favorisant ainsi la croissance. Cependant, les théoriciens de la croissance endogène reconnaissent que la libéralisation financière doit se faire graduellement , dans un cadre réglementé. Par ailleurs, l'intervention de l'Etat peut permettre d'éviter la prolifération de bulles spéculatives et de monopôles. Ont été testés avec des données chinoises l'impact du developpement financier sur la croissance et l'impact de la répression financière sur le développement avec l'utilisation de VECM. Il apparaît que la chine est une bonne illustration des conclusions des théories de la croissance endogène. Cela a permis au pays de rester en dehors des effets de la crise asiatique, voire d'incarner un pôle de stabilité dans la région. Cela a également permis à l'Etat de financer ses déficits et donc d'entamer la restructuration des entreprises d'Etat. Par ailleurs, la situation des provinces chinoises les unes par rapport aux autres a été étudiée avec l'étude d'équations de rattrapage et d'analyses des données. De fortes disparités existent. Conformément aux conclusions des théories de la croissance endogène, il n'y a pas convergence, si ce n'est à l'intérieur d'un club de convergence constitué des régions côtières développées.
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Terray, Aude. "Des francs-tireurs aux experts : l'organisation de la prévision économique au Ministère des finances (1948-1968)." Paris, EHESS, 2001. http://www.theses.fr/2001EHES0038.
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Oosterlinck, Kim. "Sovereign debts in trouble times." Doctoral thesis, Universite Libre de Bruxelles, 2003. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211300.
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Fernández, Raúl Alberto. "Financial liberalisation, asymmetric information and inflation : a new perspective on the Argentine financial experiment of 1977-81." Thesis, London School of Economics and Political Science (University of London), 2011. http://etheses.lse.ac.uk/293/.
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In the belief that the disappointing rate of growth of Argentina since the 1930s was the consequence of excessive government meddling in the economy, in the mid-1970s the military government took the decision to attempt a radical change in the development strategy: the model of industrialisation based on import substitution was replaced by one based on the conviction that faster economic growth would result if market forces were given free rein, with the State taking a back seat. The de-regulation of the repressed financial system and the opening up of the economy to the world capital markets following the neo-classical principles in vogue at that time was the cornerstone of the new model of accumulation. It was believed that this would lead to higher rates of savings and investment coupled with a more efficient allocation of resources. This study uses the new information economics approach to explain why this experiment culminated in a dramatic financial collapse and generated a severe economic downturn with long-term consequences for the country.
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Abreu, Sa Fortes José Augusto. "Les conséquences du programme national de l'alcool - Proalcool - sur le système d'autofinancement des transports routiers au Brésil (1970-1985)." Paris 12, 1989. http://www.theses.fr/1989PA12I000.
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Le developpement economique du bresil, par l'intermediaire d'un processus d'industrialisation a conduit le gouvernement a faire des efforts particuliers pour l'integration des marches. Un "systeme d'autofinancement" du secteur des transports routiers a ete mis en place, reposant au depart sur le fonds routier national - frn -. Le fonds etait constitue par la recette d'un impot unique sur les lubrifiants et les combustibles liquides et gazeux - iulclg -, et preleve notamment sur la vente au detail de l'essence et du gazole. A la fin des annees soixante le systeme a ete elargi avec la creation de nouvelles charges fiscales: en 1967, l'impot sur les services de transports routiers inter-etats et inter-villes de personnes et marchandises - istr -; en 1968, la taxe routiere unique - tru -; et en 1969, l'autorisation d'implanter un peage sur les routes federales. En 1975, apres le choc petrolier, fut lance le programme national d'alcool, aux termes duquel l'alcool devait etre substitue a une partie de l'essence importee. Des le second choc petrolier, une phase plus ambitieuse du programme a ete lancee, qui consistait en la substitution totale de l'alcool a l'essence dans les moteurs. .The economic development of brazil has led the gouvernment, through a process of industrialization, to make particuler efforts for the integration of the markets. A system of "selffinancing" has been established in the branch of road transports, based, at the origin, on the national road fund. The fund was made of the revenue from a unique tax on oils and on liquid and gaseous fuels - iulclg -. This tax was charged among others on the detail sales of oil and gasoil. At the end of the sixtis, the system was extended whit the creation of new fiscal charges: creation in 1967 of services connected with the interstate and intertown road transports of people and goods - istr -; creation in 1968 of unique road tax - tru -; and in 1969, authorization to build inland tolls on federal roads. In 1975, after the first oil schock was launched the first national alcool program, which provided for a partial substitition of alcohol to the imported oil. Just after second oil schock, a mose ambitions step of the program was initiated, which provided for a total substitution of alcohol to oil in the engines. .
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Accominotti, Olivier. "Foreign exchange reserves, financial instability and contagion : three essays on the Great Depression." Paris, Institut d'études politiques, 2010. http://www.theses.fr/2010IEPP0054.
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Cette thèse est un recueil de trois essais portant sur des aspects inexplorés de l'instabilité financière internationale de la fin des années 1920 et des années 1930. L'objectif de ce travail est de permettre une meilleure compréhension des politiques monétaires déstabilisatrices de l'entre-deux-guerres, et de la propagation des crises financières, ainsi que d'apporter de nouvelles perspectives aux enjeux actuels en finance internationale. Le premier chapitre revisite la politique de réserves internationales de la France pendant l'entre-deux-guerres. En s'appuyant sur des données originales documentant la composition par monnaie des réserves de change, il explore les motivations d'une politique lourdement critiquée pour son rôle dans la dépression mondiale. Le second chapitre étudie la transmission internationale de la grande crise financière mondiale de 1931. A partir de données de bilans bancaires collectées dans les archives, l'analyse présentée permet d'identifier le mécanisme précis par lequel la crise d'Europe Centrale du printemps 1931 se propagea au plus important centre financier de la période, Londres, mit en danger le système bancaire britannique et aboutit finalement à une crise de la livre sterling. Enfin, le troisième chapitre identifie les facteurs principaux de la propagation de la crise financière des années 1930 à partir d'une base de données extensive documentant les marchés internationaux des changes, de la dette souveraine et des actions. L'analyse statistique montre que la crise de 1931 fut le choc financier le plus global de la Grande Dépression, et qu'elle affecta en priorité les pays importateurs de. CapitauxThis dissertation is a collection of three essays, all dealing with unexplored aspects of international financial instability during the 1920s and 1930s. The research included in these papers aims to provide a better understanding of the destabilizing monetary policies of the interwar years, and of the spread of financial crises, as well as to bring new historical perspectives to current policy issues in international finance. The first chapter revisits the French international reserves policy of the interwar years. Based on original data documenting the currency composition of the foreign reserves, the chapter identifies the motivations behind the Bank of France's disastrous policy of this period. The second chapter deals with the international transmission of the 1931 global financial crisis. Relying on bank balance sheet data collected in the archives, it explores the precise transmission channel through which the Central European crisis of the spring 1931 propagated to the most important financial center of the period, London, endangered the British banking system and eventually led to the sterling crisis of September. Last, the third chapter identifies the main factors of international financial crisis propagation during the 1930s, based on an extensive dataset documenting exchange markets, bond markets and stock markets. The statistical analysis in this chapter reveals that the 1931 crisis was the most global financial shock of the Great Depression and that net importers of capital were hit first
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Dalmaz, Sylvie. "Évaluation et recherche des déterminants du risque spécifique des collectivités territoriales francaises : 1987-1991." Paris 9, 1995. https://portail.bu.dauphine.fr/fileviewer/index.php?doc=1995PA090006.
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Depuis les lois de décentralisation, les collectivités territoriales françaises se définissent comme des agents économiques à part entière, directement concernés par l'appréciation du risque spécifique. Même si les tendances générales révèlent un secteur en bonne sante financière, cette observation ne doit pas masquer l'existence de situations particulières de crise. A ce titre, une évaluation et une caractérisation du risque spécifique territorial ont été entreprises, tant au niveau théorique qu’empirique. Le champs d'observation retenu a été celui du marché obligataire. Au terme de cette première étude française, les résultats montrent l'existence d'un décalage entre les notions de risque réel et de risque perçu. Ceci a notamment été démontré par l'absence de hiérarchisation adaptée des primes de risque spécifique individuelles et par leur absence de réaction anormale lors de l'annonce de la crise financière de la ville d'Angoulême. Cette absence de sensibilité du marché au risque de défaut semble notamment s'expliquer par des raisons historiques mais également par l'opacité du véhicule comptable territorial. A ce titre, les investisseurs ne manifestent aucune réaction particulière lors de l'annonce du vote annuel des comptes territoriaux. Cette insensibilité relèguerait la contribution de l'analyse financière à l'explication des primes de risque à un rang mineur, comme le démontre la faiblesse de la significativité du modèle linéaire proposé qui lie les primes de risque spécifiques à plusieurs ratios financiers et fiscaux. Ainsi, si on peut s'attendre au développement du monde territorial, il apparait aujourd'hui nécessaire de se prémunir contre une organisation anarchique de l'appréciation de son risque, ce qui appelle nécessairement une organisation de son environnementSince 1982, French local authorities can be considered as real economic agents and therefore concerned by risk assessment. Even though the general trend reveals a healthy sector, its heterogeneousness implies that individual risk has to be taken into account. Therefore a theoretical and empirical study dealing with the valuation and explanation of French municipal default risk was conducted. The case of municipal bond risk was studied. Results show that a real difference exists between intrinsic and perceived risk. Individual default premiums do not reflect relative risk with adequacy. The absence of abnormal reaction of default premiums around the announcement of Angouleme’s crisis corroborates the lack of sensitivity of the market to municipal default. This seems to be partly due to historical reasons and to the weak reliability of local accounts. As such, investors do not react significantly to the announcement of the adoption of new accounts. This insensitivity certainly prevents financial analysis to play its role entirely. This has been illustrated by the inadequacy of the proposed linear model which expresses default premiums as a function of fiscal and financial ratios. Therefore, as the local authority sector is growing, one should protected oneself against an illogical valuation of risk. The risk attached to French municipalities has to be appropriately identified, which above all requires an organization of their environment
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Åhlander, Karl. "Aspects of modern treasury management : organization and external financial activities in Swedish MNCs." Doctoral thesis, Handelshögskolan i Stockholm, Institute of International Business (IIB), 1990. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1905.
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Dotta, Silvia <1994>. "Il ruolo della Guardia di Finanza nel sistema di prevenzione del rischio di riciclaggio." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19072.
Full textAbstract:
Questo elaborato di tesi tratta il sistema di prevenzione del rischio di riciclaggio e, nello specifico, il ruolo ricoperto dalla Guardia di Finanza nella lotta per il contrasto e la repressione di questo fenomeno.
Il primo capitolo si concentra sul sistema di prevenzione del rischio di riciclaggio, spiegando in modo approfondito quali sono le regole e le misure che vengono adottate per contrastare il fenomeno.
Il secondo capitolo si sofferma sulla Guardia di Finanza: la storia, l’evoluzione, la struttura ed il ruolo che ricopre questo Corpo di Polizia.
Il terzo ed ultimo capitolo, invece, approfondisce il lavoro svolto dalla Guardia di Finanza nello svolgimento delle proprie mansioni.
L’elaborato di tesi si focalizza quindi nello spiegare, in modo completo e mirato, il rapporto che intercorre tra lotta al riciclaggio e Guardia di Finanza.
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Yago, Kazuhiko. "L'épargne populaire comme fonds de placement public : rôle de la Caisse des Dépôts et Consignations (1919-1939)." Paris 10, 1996. http://www.theses.fr/1996PA100089.
Full textAbstract:
Le sujet de notre these est d'eclaircir la relation entre l'epargne populaire et le placement public en france pendant l'entre-deux-guerres, a travers l'analyse de la politique de la caisse des depots et consignations (cdc). Des sa fondation sous la restauration, la cdc avait un caractere double: collecteur de l'epargne populaire, d'une part, investisseur aux rentes, d'autre part. Cette origine exercera une influence sur la politique de la caisse pendant l'entre-deux-guerres. Sous la crise monetaire et financiere des annees 1920, la politique de la cdc a oscille entre le but "public" et le motif "prive". Apres l'arrivee de jean tannery au poste de directeur general, la cdc a renforce son independance vis-a-vis du tresor. La stabilisation poincare a amene la cdc a elargir son champs d'emploi des fonds. Grace aux conditions favorables pour la collecte de l'epargne populaire, la caisse a joui d'un afflux de depots dans les caisses d'epargne (ce)The subject of this dissertation is to make clear the relationship between the popular savings and the public investment in france during the interwar period. Through the analysis on the politics of the caisse des depots et consignations (cdc). Since its foundation under the restauration, the cdc maintained double caracteristics: on the one hand, collecter of the popular savings; on the other, invester to the national rents. This origin exerted influence on the politics of the caisse during the interwar period. Under the monetary and the financial crisis throughout the 1920s, the politics of the cdc agitated between the "public" and "private" motivations. After coming of jean tannery into the office of general director, the cdc reinforced its independence from the government treasury. The monetary stabilization achived by poincare suggested the cdc to enlarge its sphere of investment
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Kanoute, Souleyman. "Recherches sur le contrôle financier déconcentré : à propos des décrets No 70-1049 du 13 novembre 1970 et No 96-629 du 16 juillet 1996." Paris 8, 1998. http://www.theses.fr/1998PA081495.
Full textAbstract:
Le decret nʿ 70-1049 du 13 novembre 1970 a etabli un controle des depenses de l'etat effectuees au plan local. Cette reglementation venait accompagner la deconcentration des pouvoirs de decision en matiere d'investissements publics ( decret nʿ 70-1047 du 13 novembre 1970 ). Au decret nʿ 70-1049 s'est substitue le decret nʿ 96-629 du 16 juillet 1996 portant reforme du controle financier deconcentre ( cfd ). Jusqu'alors le controle des depenses a engager n'existait qu'au sein de l'administration centrale, institue par la loi du 10 aout 1922. Ainsi, parallelement au controle financier central ( cfc ), le controle financier local ( cfl ) est mis en place mais avec une conception originale : l'institution de 1970 a ete concue pour etre beaucoup plus simple dans ses methodes et procedures pour convenir a la structure administrative d'alors. Ce qui explique peut etre la reussite de la reforme de 1970. D'autant que la premiere tentative du controle financier local dans les annees 1930 a echoue parce qu'elle etait fondee sur une transposition pure et simple des principes de la loi de 1922. Le controle financier local a vecu vingt cinq ans. Aujourd'hui, le controle financier des depenses deconcentrees est regi par le decret du 16 juillet 1996. La reforme de 1996 a ete mise en uvre a titre experimentale dans deux regions en 1995 ; elle a ete deployee dans huit autres regions en 1996. Depuis 1997, elle est etendue progressivement a l'ensemble des regions et a l'ensemble des depenses de l'etat, y compris les depenses du personnel, militaires ainsi que celles effectuees a l'etranger. Le present travail a pour objet, apres avoir examine les conditions d'emergence et de consolidation progressive du controle des depenses a engager au regard de son histoire ( premiere partie ), l'etude du controle financier deconcentre autant dans sa conception reglementaire ( deuxieme partie ) que dans sa realite ( troisieme partie )The decree n0 70-1049 of november 13th 1970 established of state expenses on a local level. This regulation was adopted to go with the decentralisation of powers of decision as regard public investments (decree n0 70-1047 of november 13th 1970). This decree was replaced by decree n0 96629 of july 16 th 1996, which reforms the decentralised financial control. Until then, the control of expenses only existed among the central administration and had been appointed by the august 10th 1922 law. Thus, the centralised financial control (cfc) and the local financial control (lfc) were organised in parallel but with an original conception: the 1970 institution was conceived to have more simple methods and procedures in order to be suitable for the administrative structure of the time. That may explain the success of the 1970 reform, the more so as the first attempt to control local finances in the 1930's had failed because it was purely and simply based on a transfer of the principles of the 1922 law. The local financial control lasted 25 years. Nowadays, the financial control of decentralised expenses is ruled by the decree of july 16th 1996. In 1995, the 1996 reform had been carried out as an experiment in two regions and in 1996, it was extended to eight more regions. Since 1997, it has been progressively extended to all the regions and to all the state expenses, including the expenses concerning the personnel, the defence and those made abroad. The aim of the work presented here is, after examining the conditions in which the control of expenses arose and expanded in a determined timespan (part on), to study the decentralised financial control as much according to regulations (part two) as in reality (part three)
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Ould-Ahmed, Pepita. "Monnaies, financement et systèmes de paiements en Russie : ruptures historiques et continuités monétaires (1917-1998)." Paris, EHESS, 2000. http://www.theses.fr/2000EHES0091.
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Choi, Jae Sung. "Size Effect in the Cryptocurrency Market." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1927.
Full textAbstract:
This paper shows the existence of the size effect in the cryptocurrency market. The size effect is a market phenomenon observed in the stock market in which smaller assets outperform larger assets. Recent literature has revealed the size effect in other financial markets as well. In order to explain the size effect, this paper proposes a general quantitative theory that supports its existence in any financial markets under specific conditions. Furthermore, the paper tests for the size effect in the cryptocurrency market using daily price data from April 2013 to April 2018. The paper finds a statistically significant size effect across the cryptocurrency market during the sample period. In the process, we test a profitable pair-trading strategy that involves opening a short position on the higher rank (larger assets) and opening a long position on the lower rank (smaller assets) of the cryptocurrency market. Based on our findings, we discuss the implications on modern finance, specifically on the subjects of Efficient Market Hypothesis and asset pricing models.