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Guerra, Julio C. "Strategies to minimize financial losses during permanent change of station moves." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 1993. http://handle.dtic.mil/100.2/ADA277211.
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Kobielieva, T. O. "Formation of compliance program of industrial enterprise." Thesis, Lulu Press, 2018. http://repository.kpi.kharkov.ua/handle/KhPI-Press/39489.
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Gomes, Diana Monteiro. "Value relevance of financial assets." Master's thesis, NSBE - UNL, 2009. http://hdl.handle.net/10362/9481.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics<br>This study’s proposal is to examine for the Portuguese market, the value relevance of unrealized fair value gains and losses of financial assets, namely for financial instruments at fair value through profit and loss (which includes held-for-trading securities) and for available-for-sale financial assets. The objective is to obtain a perception of how well stock prices and returns reflect the fair value changes of these two financial assets. For a sample of Portuguese listed companies in a 2005-2007 period, no significant evidence is found regarding the value relevance of both cumulative and incremental unrealized fair value gains and losses associated to the two analyzed financial instruments. Several underlying factors for these results are presented, based on prior research.
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Elliott, Wynter Brooke. "Reconciling GAAP losses and pro forma profits : effects on investor judgments and decisions /." Thesis, Connect to this title online; UW restricted, 2003. http://hdl.handle.net/1773/8731.
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Hughes, Jeremy. "Modeling loan losses a macroeconomic approach." Honors in the Major Thesis, University of Central Florida, 2013. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/853.
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A sound banking system is essential to a well-functioning economy. With the financial crisis beginning in 2007, a renewed interest in the safety of financial institutions has dominated both the political and financial landscape. Mounting loan losses in real estate lending led to the failing of over 460 banks from 2008 to 2012. This crisis is not unique; in fact, the Savings & Loan Crisis of the 1980's to early 1990's led to the closure of 700 savings institutions. Both instances created a panic in financial markets and heavy losses to deposit insurance funds. These losses are ultimately borne by taxpayers and prudently managed banks, especially if the insurance fund requires re-capitalization. The focus of this paper is on explaining the contributing factors to different categories of loan losses. Namely, total loan losses, residential real estate loan losses, commercial real estate loan losses, and commercial and industrial loan losses are examined. A multivariate regression approach is taken in this paper to explain the four rates of loan losses for the period of 2001 to 2012. Aggregate macroeconomic data from 2001 to 2012 is used to explain loan losses across categories. It was found that the delinquency rate of loans, the consumer financial obligations ratio, and the financial crisis were all significant factors in explaining loan losses.<br>B.S.B.A.<br>Bachelors<br>Business Administration<br>Finance
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Freitas, Luiz Eduardo MagalhÃes de. "Operational risks - an application of the method of distribution of aggregate losses: a study of case in financial institution." Universidade Federal do CearÃ, 2005. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=1830.
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Universidade Federal do CearÃ<br>This paper demonstrates the application of stochastic process Aggregate Loss Distribution Approach for measure of operational risk in a financial institution in according with the minimal requirement of Basel New Adequacy Capital Framework. The mesure uses the historical behaviour of specific operational losses wich happened in the period from 2001,jan to 2004, dec, caused by frauds in and out the company. The process involves the probability distributions fit to frequency and severity historic loss data, the adjustment validation through the application statistical tests and the compound of frequency and severity distributions for production of aggregate yearly loss distribution using Monte Carlo simulation. It approaches either a backtest model for result validation and the stress scenarios development for impacts verification in the capital allocation. This paper clarifies the application of Aggregate Loss Distribution Approach to mesure operational risks, with objective features of validation at every process stages as well as its use as a tool of evaluation from the extreme risk efects and focus in risks mitigation actions through the development scenarios for stresstesting.<br>Esta dissertaÃÃo demonstra a aplicaÃÃo do processo estocÃstico MÃtodo de DistribuiÃÃo de Perdas Agregadas para mensuraÃÃo de riscos operacionais em uma instituiÃÃo financeira, segundo os requisitos mÃnimos do Novo Acordo de Capital da BasilÃia. A mensuraÃÃo tem por objeto o comportamento histÃrico de perdas operacionais especÃficas, ocorridas no perÃodo de jan/2001 a dez/2004 e decorrentes de fraudes de origem interna e externa à empresa. O processo envolve o ajuste de distribuiÃÃes de probabilidade aos dados de perdas histÃricas, freqÃÃncia e severidade, a validaÃÃo do ajuste mediante a aplicaÃÃo de testes estatÃsticos e a composiÃÃo de distribuiÃÃes de freqÃÃncia e severidade para geraÃÃo da distribuiÃÃo das perdas anuais agregadas, atravÃs de simulaÃÃo de Monte Carlo. Aborda, ainda, um modelo de backtest para validaÃÃo dos resultados e o desenvolvimento de cenÃrios de stress para verificaÃÃo de impactos na alocaÃÃo de capital. Evidencia-se, nesse trabalho, a aplicabilidade do MÃtodo de DistribuiÃÃo de Perdas Agregadas na mensuraÃÃo de riscos operacionais, com caracterÃsticas objetivas de validaÃÃo em todas as etapas do processo, e a sua utilizaÃÃo como instrumento de avaliaÃÃo dos efeitos de riscos extremos e de direcionamento de aÃÃes mitigadoras de riscos â atravÃs do desenvolvimento de cenÃrios para teste de stress.
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Smith, Stephen Eugene. "The characterisation for South African taxation purposes of gains and losses arising from the use of equity financial derivative instruments." Doctoral thesis, Faculty of Law, 2021. http://hdl.handle.net/11427/33998.
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The use of financial derivative instruments has outpaced the development of a comprehensive tax policy framework for these instruments in South Africa. Income character determination relies on common law principles which provide limited certainty within the context of modern portfolio management. How the courts will approach character determination for financial derivative instruments within investment portfolios is uncertain. This thesis considers applicable tax legislation and case law in three common law jurisdictions. The United States, the United Kingdom and Australia provide insight into the difficulties associated with formulating legislation in the light of rapid market innovation. The detailed tax code of the United States has proved a less than satisfactory policy approach and the courts have struggled with doctrines of interpretation. Australia and the United Kingdom have followed accounting principles. Simplifying proxies are used in this thesis to help disentangle the analysis from the varied and complex ways in which derivatives can be used in financial transactions. Only equity derivatives are considered within the context of regulated investment portfolios. Insolvency case law following the filing for bankruptcy by Lehman Brothers Holdings Incorporated in 2008 provides authority with which to analyse the nature of standardised derivative contracts used in the markets and the rights therefrom as ‘property'. The researcher argues per Smalberger JA in CIR v Pick ‘n Pay Employee Share Purchase Trust 1992 (4) SA 39 (A) that, ‘transactions involving shares do not differ from transactions in respect of any other property and the capital or revenue nature of a receipt is determined in the same way whether one is dealing with land or shares'. A definition is proposed to incorporate legal attributes of these instruments highlighted in the literature, and interpretive guidance issued by Her Majesty's Revenue and Customs in the United Kingdom is supported for adoption as policy principles aligned with our own common law. There can be no context distinct from the general concepts of law specific to derivatives. Continuity and coherency within a long tradition of case law on capital and revenue characterisation should be maintained and a policy framework developed from this premise.
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Paredes, Leandro Rocío Margaret. "An internal fraud model for operational losses : an application to evaluate data integration techniques in operational risk management in financial institutions." Doctoral thesis, Pontificia Universidad Católica del Perú, 2016. http://tesis.pucp.edu.pe/repositorio/handle/123456789/7998.
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xv, 153 h. : il. ; 30 cm<br>The handling of external operational loss data by individual banks is one of the longstanding
problems in risk management theory and practice. The extant literature has not
provided a method to identify the best way to combine internal and external operational loss
data to calculate operational risk capital. Hence, to improve the knowledge and understanding
of internal-external data combination in operational risk management, this study applied a
simulation-based evaluation of well-known data combination techniques such as the scaling,
the Bayesian, and the covariate-base techniques.
This research considered operational losses arising from internal fraud in retail
banking within a group of international banks that share data through an operational loss data
exchange. One of the key elements of the simulation-based statistical evaluation was the
development of a dynamic internal fraud model for operational losses in retail banking. The
internal fraud model incorporated human factors such as the number of employees per branch
and the ethical quality of workers. It also included the extent of risk controls set by bank
managers.
There were two sets of findings. First, according to the simulation-based evaluation,
the scaling technique was by far the less useful for estimating the appropriate operational risk
capital. The Bayesian and the covariate-based techniques performed best. The Bayesian
technique was the best for higher percentiles while the covariate-based technique was the best
at not so extreme quantiles. The choice of technique therefore depends on the risk appetite of
the financial institution.
The second set of findings relates to the model validation with hard data. Losses
generated by the model in the banks across the world were associated with GDP growth and
the corruption perception of the country where banks were located. In general, internal fraud
losses are pro-cyclical and the corruption perception in a country positively affects the
occurrence of internal fraud losses. When a country is perceived as more corrupt, retail
banking in that country will feature more severe internal fraud losses. To the best of
knowledge, it is the first time in the operational risk literature that this type of result is
reported<br>Tesis
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Atsebi, Bédhat Jean-Marc. "Essays on Financial Crises and Growth Surges." Thesis, Université Clermont Auvergne (2017-2020), 2020. http://www.theses.fr/2020CLFAD006.
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Cette thèse étudie deux phénomènes qui ont impacté la trajectoire de développement de plusieurs pays dans le monde : les crises financières et les poussées de croissance. La première partie de cette thèse, composée de deux chapitres (chapitres 1 et 2), analyse les coûts commerciaux et les contractions économiques associés aux crises financières dans les pays en développement et émergents. Elle examine également les canaux de transmission de ces effets et le rôle de l'espace budgétaire dans la relance économique d'après crise. La seconde partie, elle aussi composée de deux chapitres (chapitres 3 et 4), analyse les déterminants des poussées de croissance et le rôle du Fonds Monétaire International dans leur initiation. Cette thèse contribue significativement à la littérature existante sur ces deux phénomènes. Le chapitre 2 étudie les effets des crises de la dette, bancaire et de change sur le commerce des biens agricoles, miniers, manufacturiers et des services dans 41 pays émergents sur la période allant de 1980 à 2018. Il révèle que les crises génèrent une baisse prononcée et persistante du commerce international (exportations et importations), portée principalement par la contraction du commerce des biens manufacturiers, et dans une certaine mesure par la baisse du commerce des services, des produits miniers, alors que les biens agricoles apparaissent plus résilients, notamment à la suite des crises de la dette. En outre, la baisse du commerce est beaucoup plus accentuée pour les crises combinées. Les crises induisent cette baisse à travers des effets de composition (la structure et la diversification du commerce), de demande (baisse de la demande de biens et services), et d'offre (baisse de l'offre du crédit, des flux de capitaux entrants et du développement financier). Le chapitre 3 étudie le rôle de l'espace budgétaire sur les effets récessifs des crises financières et la politique de relance économique dans 35 pays en développement et 56 pays émergents sur la période 1985-2017. Il montre que la disponibilité de l'espace budgétaire avant la crise génère une dualité. Dans les pays qui ont un espace budgétaire suffisant, les coûts des crises sont plus faibles voir nuls et les gouvernements mènent des politiques de relance, supportées par une hausse de la consommation, des investissements et des flux nets de capitaux. Dans les pays avec un espace budgétaire faible, les gouvernements renoncent à leurs politiques de relance et mènent des politiques de consolidations budgétaires pour accroître la soutenabilité des finances publiques ; dans ce cas, la consommation, les investissements et les flux nets de capitaux baissent, et la récession est accentuée et persistante. Le chapitre 4 s'intéresse aux déterminants des poussées de croissance économique. Il identifie 132 épisodes de croissance soutenue dans 117 pays sur la période 1980-2010. Il montre que les améliorations de la stabilité macroéconomique et des conditions externes et dotations en ressources augmentent plus la probabilité des poussées de croissance. Elles sont suivies par les vagues de réformes structurelles, les gains d'investissements, de travail et de productivité, l'amélioration de la diversification et la qualité du commerce, et enfin par l'amélioration des facteurs institutionnels. De plus, il montre que la probabilité d'avoir des poussées de croissance augmente significativement quand les améliorations de la stabilité macroéconomique et des conditions externes et dotations en ressources interviennent, d'une part, et les autres facteurs, d'autre part. Ces deux premiers facteurs apparaissent donc comme des facteurs dominants. Le chapitre 5 évalue le rôle du FMI dans l'initiation des périodes de croissance soutenue et contribue à la littérature très controversée sur l'efficacité des politiques du FMI. Il montre que le FMI a significativement contribué à générer des périodes de croissance soutenue, notamment à travers ses programmes PRGT. (...)<br>This dissertation studies two phenomena that have been widespread in many countries of the world through history and have huge implications for development, namely the financial crises and growth surges. The first part, comprising two chapters (chapters 2 and 3), analyzes the sectoral trade and output costs of financial crises in the context of developing and emerging countries. It also examines the channels by which financial crises affect trade and output and assess the role of fiscal policy and space to alleviate the output costs. The second part, comprising also two chapters (chapters 4 and 5) turns our attention to the determinants of growth surges in countries and the International Monetary Fund's role in igniting growth surges. Chapter 2 studies the response of different types of trade (i.e. agricultural, mining, and manufactured goods, and services) following various types of financial crises (i.e. debt, banking, and currency crises) in 41 emerging countries over the period 1980-2018. It reveals that the collapse of total trade in the aftermath of financial crises is long-lasting and mainly driven by the fall of manufacturing trade. Also, trade in both mining goods and services declines following several types of financial crises, while trade in agricultural goods seems to benefit from a possible substitution effect particularly following debt crises. These trade costs are reinforced for combined crises and can be explained by compositional and structural (trade structure and diversification), demand-side (fall in demand for goods and services), and supply-side channels (disruption of financial development, fall of net capital inflows and deterioration of credit ratings). Chapter 3 studies how fiscal policy space shapes the dynamics of output losses in the aftermath of financial crises and normal recessions in a sample of 35 developing and 56 emerging countries over the period 1985-2017. It reveals that the availability of fiscal space in the aftermath of financial crises and normal recessions generates a mixed fiscal environment with different output losses of shocks. In countries with enough fiscal space, governments can enact credible fiscal policy expansion by increasing their deficit and using their fiscal space to alleviate the costs of financial crises and normal recessions. In such a situation, private consumption and investment, as well as net capital inflows, increase, which favors a rapid recovery. In countries with limited fiscal space, the story is different and painful; governments immediately trade output stabilization goals out to address the debt sustainability issues while implementing fiscal consolidations, which deepens the recessionary forces. Besides, in these countries, private consumption and investment, as well as net capital inflows, are depressed, and recovery, if any, is a distant and uncertain prospect. Chapter 4 studies the determinants of growth surges. It identifies 132 episodes of growth surges in 117 countries over the period 1980-2010 and finds that improvements in macroeconomic stability and external factors and endowments favor a higher probability of growth surge. They are followed by structural reforms, investments, labor and productivity, trade diversification and quality, and lastly by institutions. Besides, it shows that countries can maximize the likelihood of igniting growth surges if they jointly achieve significant improvements in macroeconomic stability and external conditions and endowments, on one hand, and other determinants, on the other hand. Moreover, significant changes in macroeconomic stability, and to some extent, external factors and endowments may be considered as dominant strategies to ignite a growth surge, as no improvements in these determinants, generally constraint the other determinants to have a smaller effect on growth surges. Chapter 5 engages and contributes to the debate on the effectiveness of the IMF in promoting growth. (...)
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Back, Lena, and Linnéa Joelsson. "Storbankernas kreditprocess efter finansiella kriser : En undersökning av åtgärderna som gjorts i storbankernas kreditprocesser efter en finanskris." Thesis, Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-72869.
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Bakgrund och problemdiskussion: Bankkrisen under 1990-talet och den globala krisen mellan 2007 -2009 har kommit som en kalldusch för de svenska storbankerna, Handelsbanken, Nordea, SEB och Swedbank, vilket har lett till betydande kreditförluster. Kreditförluster är den vanligaste orsaken till bankernas ekonomiska problem vid en finansiell kris då återbetalningsförmågan hos kredittagare försämras, samtidigt som det talar för att finansiella kriser är ett återkommande fenomen idag. Syfte: Syftet med detta examensarbete är att se vilka åtgärder i kreditprocessen som gjorts efter finanskriserna i de fyra svenska storbankerna samt även se hur tidigare gjorda åtgärder stod sig under den senaste krisen. Vår ambition med uppsatsen är att de resultat vi får fram ska kunna användas av bankerna i kreditprocessen så att de påverkas mindre vid framtida eventuella kriser. Metod: Uppsatsen grundar sig på en kvalitativ metod med respondenter med gedigen erfarenhet och ansvarspositioner inom storbankernas kreditprocesser och praktisk kunnighet gällande storbankernas påverkan av finansiella kriser. Slutsats: De svenska storbankernas kreditprocesser stod sig bra under den senaste globala krisen i jämförelse med bankkrisen under 1990-talet, orsaken till det är de åtgärder som gjordes i kreditprocessen efter bankkrisen inom banken. Kreditprocessen har under de senaste 20 åren gått från en delvis oprövad och snabb kreditprocess till att idag vara en mer sofistikerad och tungarbetad kreditprocess som ställer högre och strängare krav på kredittagarna. För att få kreditprocessen helt vaccinerad mot finanskriser anser vi att det behövs mer mod och integritet hos kredithandläggare för att på bästa sätt kunna förmedla den rådande situationen på ett korrekt och snabbt sätt.<br>Background and problem discussion: The banking crisis during the 1990s and the global financial crisis between 2007-2009 came as a cold shower for the four biggest Swedish banks, Handelsbanken, Nordea, SEB and Swedbank and led to significant credit losses. Credit losses are the most common financial problems of banks during financial crises, because the repayment ability of borrowers can deteriorate. In addition, financial crises seem to be a recurring phenomenon today. Aim: The objective of this paper is to see what kind of changes that have been made after financial crisis, and also see how the previous changes during the recent banking crisis stood during the recent global crisis. Our ambition with the paper is that the results we obtain can be used by the Swedish banks credit process so that they are less vulnerable in the future. Method: The paper is based on a qualitative approach with respondents with extensive experience and influence in the credit process. The respondents in the four biggest banks have practical experience of the banks impact after the financial crises. Conclusion: The biggest Swedish banks credit process did well during the last financial crisis in comparison with the banking crisis in the 1990s. One of the reasons are the changes made after the previous crisis related to credit processes.. The credit process has, during the past 20 years, gone from a partially untested and fast-credit process towards a more sophisticated and heavy credit process which puts more responsibility on the borrowers. In order to fully protect banks against future financial crises, we believe more courage and integrity among credit managers is necessary. Upcoming threats needs to be reported in a proper and fast way.
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Silva, Fernando Chiqueto da. "Impactos na provisão para devedores duvidosos dos bancos europeus listados na Bolsa de Nova Iorque após a adoção das normas internacionais de contabilidade." Universidade de São Paulo, 2009. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-27032009-150621/.
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As pressões impostas pela internacionalização do mercado de capitais favoreceram a decisão do Parlamento da União Européia de impor, por meio do Regulamento nº. 1606/2002, a adoção das normas internacionais de contabilidade na elaboração das demonstrações contábeis consolidadas a partir de 2005 às empresas domiciliadas na União Européia (UE) e listadas em mercados regulamentados. Seguindo o movimento dos mercados internacionais, o Brasil se inicia em uma nova etapa, representada pela busca da convergência das práticas contábeis. Conseqüentemente, uma das primeiras questões que surge durante o processo de transição para um novo conjunto de padrões contábeis corresponde aos impactos que sua introdução pode causar, em virtude de possíveis divergências conceituais existentes em relação às normas anteriormente adotadas. No caso da provisão para devedores duvidosos, essa incerteza se faz ainda mais presente pelo fato de as normas internacionais de contabilidade incorporarem um método de mensuração muito singular, cujo nível de complexidade difere significativamente de métodos de mensuração adotados por países como o Brasil, por exemplo. Nesse sentido, o objetivo do presente trabalho buscou, para uma amostra representativa de bancos europeus listados na Bolsa de Nova Iorque: (i) verificar se existe diferença significativa entre o saldo de provisão para devedores duvidosos calculado em consonância com as IFRS e o calculado segundo as normas locais anteriormente adotadas, e quantificar a magnitude da diferença e (ii) verificar se existe relação significativa entre a quantidade de agências dos bancos e os métodos de avaliação individual e coletivo previstos pelas IFRS para fins de mensuração da perda por imparidade. Inicialmente, foi utilizada a técnica de regressão linear, com as informações do período compreendido pelos exercícios sociais findos entre 2000 e 2006, nos quais a variável dependente corresponde à provisão para devedores duvidosos e as duas variáveis independentes são carteira de crédito e uma variável dummy correspondente à adoção das IFRS. Em seguida, foi aplicado o teste paramétrico de comparação de médias, ANOVA, em que a variável independente se refere à adoção das IFRS e a variável dependente é representada pela relação entre provisão para devedores duvidosos e carteira de crédito. Posteriormente, a fim de verificar a existência de relação entre a quantidade de agência dos bancos e o método de avaliação de provisão, utilizou-se uma matriz de correlações com base nos coeficientes de Spearman, considerando as variáveis provisão individual e provisão coletiva em relação ao total, e carteira de crédito e patrimônio líquido em relação à quantidade de agências. Com base nos resultados da pesquisa, conclui-se que a introdução das IFRS não trouxe impacto significativo ao saldo de provisão para devedores duvidosos dos bancos europeus listados na Bolsa de Nova Iorque. Também se conclui que a quantidade de agências dos bancos não se relaciona com os métodos de mensuração individual e coletivo estabelecidos pela IAS 39, em virtude da diferente aplicação entre as instituições financeiras do conceito de operação de crédito individualmente relevante .<br>The pressure created by the internationalization of capital markets prompted the European Parliament s decision to enforce, through Regulation nº 1606/2002, the adoption of international accounting standards by companies domiciled in the European Union (EU) and listed in the regulated stock markets, for preparing their consolidated financial statements, effective from 2005. In line with this international market trend, Brazil has commenced a new phase in the pursuit for convergence in accounting practices. As a consequence, one of the first questions arising from the transition process concerns the possible impact caused by the introduction of the new accounting standards, considering the conceptual divergences existing in relation to the previously adopted norms. This uncertainty is heightened, in the case of the allowance for loan losses, by the fact that the international accounting standards incorporate a very specific measurement method, which as a result of its complex nature differs significantly from the measurement methods adopted by countries, such as Brazil, for example. Accordingly, the object of this study sought, based on a representative sample of European banks listed in the New York Stock Exchange: (i) to verify whether there is a significant difference between the balance of the allowance for loan losses calculated pursuant to IFRS and that calculated in accordance with previously adopted accounting standards and to measure the degree of such difference and (ii) to verify whether there is any significant relation between the number of bank branches and the use of the individual and collective evaluation methods established in IFRS for measuring the allowance for loan losses. Initially, the linear regression technique was used, based on information for the financial years between 2000 and 2006, where the dependent variable is the allowance for loan losses and the two independent variables are the credit portfolio and a dummy variable corresponding to the adoption of IFRS. Next, the analysis of variances (ANOVA) test was applied, where the independent variable refers to the adoption of IFRS and the dependent variable is represented by the division of the allowance for loan losses by the credit portfolio. Subsequently, for the purpose of verifying whether the number of bank branches is related to the method used to measure the allowance, a matrix of correlations was used based on the Spearman coefficients, considering as variables the individual allowance and the collective allowance in relation to the total and the credit portfolio and the stockholders equity in relation to the number of branches. Based on the results of this study, it was concluded that the introduction of IFRS did not have a material effect on the balance of the allowance for loan losses of the European banks listed in the New York Stock Exchange. Further, it was also concluded that the number of bank branches is not related to the use of the individual and collective measurement methods, as established by IAS 39, since the concept of individually significant credit operations is applied differently by each financial institution.
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Zeman, Tomáš. "Posouzení finanční situace podniku pomocí analýzy časových řad." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-224871.
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The diploma thesis deals with assessing financial situation of the company MERLINPLUS spol. s r.o. The thesis includes indexes of financial analysis which are expressed by using time series. If the time series has a specific development trend, the data are aligned with the help of regression analysis and a prediction is set for the following two periods.
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Mechler, Reinhard. "Natural disaster risk management and financing disaster losses in developing countries /." Karlsruhe : VVW, 2004. http://catalogue.bnf.fr/ark:/12148/cb39236264t.
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Mashoka, Tareq Zaki. "Earnings management and loss reversal." Thesis, Brunel University, 2010. http://bura.brunel.ac.uk/handle/2438/4619.
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This research aims to detect and measure earnings management using a newly modified version of the standard Jones model (Jones, 1991). The standard model is extended to include a measure of discretionary accruals as an additional regressor instead of using the residuals. The variable used to measure discretionary accruals is a composite variable that consists of two components, one that represents the incentive and the other represents the tool of manipulation. The model is applied to detect earnings management in loss reversal companies for listed companies in Jordan and examine the market reaction to the loss reversal. The model is also applied on loss reversal companies for listed companies in the UK and the US. In chapter three, the new model is applied on listed companies in Amman Stock Exchange (ASE). The ASE is structured into two markets: the first market and the second market. Companies are motivated to be listed or remain listed in the first market since it only lists profitable companies. Companies reporting losses more frequently are listed in the second market. Results provide evidence of earnings management for companies listed in the first market. Companies that report a loss in a previous period manipulate in the following period to report profits. As a result of loss reversal, they preserve their place in the first market and avoid dropping back to the second market. This research conducts statistical simulation tests to compare the extended Jones model with the standard model. Results show that the extended model detects earnings management better than the standard one. This new model also separates discretionary accruals from measurement error (i.e. residuals) and makes it possible to accurately measure the whole amount of manipulation. Chapter four examines the investor reaction to the manipulation taking place in the first market. Results show that the market is pricing the discretionary accruals (the manipulation) as a component of net income, although they result only from earnings management. In chapter five, the model is applied on loss reversal firms listed in the UK and in the US. Results show that the companies manipulate to reverse losses and the manipulation depends on to the presence of R&D activities and the changing level in these activities.
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Sorley, Matthew G. "Explanatory style and the financial markets, individual risk preference and response to financial loss situations." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape10/PQDD_0016/MQ48411.pdf.
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Sorley, Matthew G. Carleton University Dissertation Psychology. "Explanatory style and the financial markets; individual risk perference and response to financial loss situations." Ottawa, 1999.
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Ó, Briain Tomás. "Learning and loss aversion : evidence from a financial betting market." Thesis, University of Edinburgh, 2016. http://hdl.handle.net/1842/25967.
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This research is motivated by a number of open questions in the behavioural finance literature. Firstly, if investors do not learn in a rational Bayesian manner but rather suffer from biases set out in the naïve reinforcement hypothesis, rationality assumptions in individual preference models may not hold. I use a unique longitudinal dataset comprising in excess of 1.5 million fixed-odds financial bets, where bettors perform identical, consecutive decisions which mimic financial choices made in a laboratory, but the use of their own funds departs from the artificiality of an experiment. I present evidence of unwarranted overconfidence generated by reinforcement learning in both real and simulated markets. Secondly, Kahneman and Tversky (1979) state that losses loom larger than gains. I examine whether the disposition to avoid losses is driving behaviour in the losing domain in the dataset and conclude that there is little evidence of loss aversion. I differentiate between betting on Financial Markets, in which agents may perceive an internal locus of control, and betting on the simulated market, where results are uncorrelated and in which the emotions of regret and disappointment may not loom as large. Finally, Odean (1998) provides evidence that investors readily realise paper gains by selling their winning stocks, yet hold on to their losing stocks too long. This loss aversion is consistent with Kahneman and Tversky (1979) prospect theory, however, how long would the investor hold on to a stock that is losing value on a day-to-day basis? Conversely, would an investor rush to sell a stock that has yielded positive returns in each month during the past year? I test the interaction between learning and loss aversion in a financial betting experiment in which two treatment groups are subjected to consecutive gains or losses.
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Choi, Diana. "The Effect of Bank Audit Committee Financial Experts on Loan Loss Provision Timeliness." The Ohio State University, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=osu1531825061474902.
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Walker, Daniel. "Returns to Buying Winners and Selling Losers: A Look at Cryptocurrencies." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1842.
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This paper is, to my knowledge, one of the first ever to examine the effectiveness of price momentum trading strategies applied to cryptocurrencies. Using aggregate OHLCV (Open, High, Low, Close, Volume) data on cryptocurrency pairs from Poloniex, Bittrex, and Bitfinex, I apply Jegadeesh and Titman’s classic -month/-month momentum trading strategy, reporting annual returns with and without incorporating trading fees. Portfolios are resampled daily, weekly, and monthly, testing lookback and holding periods ranging from one day to one year. The results show that trading cryptocurrencies using momentum strategies derives returns that rapidly increase the more often portfolios are resampled, with the exception of weekly portfolios. However, after incorporating trading fees, returns between high and low frequency portfolios become more comparable, though daily strategies still bring the highest fee-adjusted returns at about 10% annually. This paper adds to the very limited research on momentum factors within the cryptocurrency market.
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Carvalho, Francisco Albino de. "What is the best accounting method for financial assets?" Master's thesis, NSBE - UNL, 2012. http://hdl.handle.net/10362/9592.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics<br>The possibility to fulfill the lack of studies comparing methods for financial assets accounting at fair value in terms of value relevance for investors is the main contribution of this research. Such contribution is emphasized by the importance of assessing how well accounting amounts reflect information used by investors. This study compares available for sale financial assets with financial assets at fair value through profit or loss in terms of value relevance for investors. The results evidence that although accounting differently both methods provide equally strong explanatory power of security prices which favors fair value accounting.
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Vieira, Pedro Nuno Rino Carreira. "Attitudes towards risk in financial decision making." Doctoral thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/11632.
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Doutoramento em Gestão<br>Risk and attitudes towards risk play a central role in several areas such as economics and psychology. Interestingly, in economics risk attitudes are addressed under the umbrella of the Utility Theory, while in psychology they are measured by psychometric scales.
Risk attitudes in financial decision making are here studied under both approaches with the concern of understanding how they are related. So, I propose a conceptual model that explains risk attitudes, I translate to Portuguese the DOSPERT - Domain-Specif Risk- Taking scale and apply it in Portugal and Angola, I measure risk attitudes under Utility Theory and with DOSPERT, in order to bring new insights about their relationship, and I address the link between risk attitude and consumption needs.
Among the main contributions, I propose a cause-effect model that helps solving the puzzle of individual inconsistent risk attitudes, I also propose a short version of the DOSPERT scale that can be used in Portugal and Angola, allowing comparisons between them, I report that risk attitudes depend on the consumption need underlying each financial investment decision and that risk attitudes under Utility Theory capture a more intrinsic and global risk attitude that impacts the risk attitude unveiled in each decision as measured by DOSPERT.
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Kim, Jin Hwan. "The South Korean financial crisis, debt-leveraged development, liberalization, and a loss of sovereignty." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp01/MQ59729.pdf.
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Osetrova, Y. H. "Main directions of Improving Efficiency of Company's Financial Position." Thesis, Київський національний університет технологій та дизайну, 2017. https://er.knutd.edu.ua/handle/123456789/7732.
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Lund-Jensen, Kasper. "Essays on forecast evaluation and financial econometrics." Thesis, University of Oxford, 2013. http://ora.ox.ac.uk/objects/uuid:01fb58e7-c857-43ff-998f-7b8e928a49bf.
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This thesis consists of three papers that makes independent contributions to the fields of forecast evaluation and financial econometrics. As such, the papers, chapter 1-3, can be read independently of each other. In Chapter 1, “Inferring an agent’s loss function based on a term structure of forecasts”, we provide conditions for identification, estimation and inference of an agent’s loss function based on an observed term structure of point forecasts. The loss function specification is flexible as we allow the preferences to be both asymmetric and to vary non-linearly across the forecast horizon. In addition, we introduce a novel forecast rationality test based on the estimated loss function. We employ the approach to analyse the U.S. Government’s preferences over budget surplus forecast errors. Interestingly, we find that it is relatively more costly for the government to underestimate the budget surplus and that this asymmetry is stronger at long forecast horizons. In Chapter 2, “Monitoring Systemic Risk”, we define systemic risk as the conditional probability of a systemic banking crisis. This conditional probability is modelled in a fixed effect binary response panel-model framework that allows for cross-sectional dependence (e.g. due to contagion effects). In the empirical application we identify several risk factors and it is shown that the level of systemic risk contains a predictable component which varies through time. Furthermore, we illustrate how the forecasts of systemic risk map into dynamic policy thresholds in this framework. Finally, by conducting a pseudo out-of-sample exercise we find that the systemic risk estimates provided reliable early-warning signals ahead of the recent financial crisis for several economies. Finally, in Chapter 3, “Equity Premium Predictability”, we reassess the evidence of out-of- sample equity premium predictability. The empirical finance literature has identified several financial variables that appear to predict the equity premium in-sample. However, Welch & Goyal (2008) find that none of these variables have any predictive power out-of-sample. We show that the equity premium is predictable out-of-sample once you impose certain shrinkage restrictions on the model parameters. The approach is motivated by the observation that many of the proposed financial variables can be characterised as ’weak predictors’ and this suggest that a James-Stein type estimator will provide a substantial risk reduction. The out-of-sample explanatory power is small, but we show that it is, in fact, economically meaningful to an investor with time-invariant risk aversion. Using a shrinkage decomposition we also show that standard combination forecast techniques tends to ’overshrink’ the model parameters leading to suboptimal model forecasts.
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Gates, Casey. "Will leasing lose its luster: an analysis of lease reporting under FAS 13." Honors in the Major Thesis, University of Central Florida, 2013. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/846.
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When standards for financial reporting are amended, potential for change in the appearance of financial position for companies reporting under those standards arises. Currently standards set forth by the Financial Accounting Standards Board (FASB) allow for two methods of reporting lease obligations on the financial statements. The first of these methods is the operating method, which allows lease payments to be expensed within the period they are incurred and only a decrease in cash or an increase in an account payable is recognized on the balance sheet. The second method is the capital method, which requires the present value of the future lease payments to be recognized on the balance sheet as an asset and a corresponding liability. Both are reduced annually through depreciation and lease payments respectively. The FASB has recently proposed discontinuing the operating method of reporting a lease obligation and allowing only for the capital method to be used. The objective of this study is to examine some of the changes in appearance of financial position that might be brought on by this potential change in reporting standards. The airline industry has been selected to illustrate the effects of capitalizing future operating lease payments on the balance sheet. These future payments under operating leases for companies within the industry are capitalized using two different methods of depreciation. The companies are then ranked in order of proximity to an industry average for eight well known financial ratios. The rankings for each treatment on a given ratio are compared and differences between the expensed ranking and each capitalized ranking are measured and discussed.<br>B.S.<br>Bachelors<br>Business Administration<br>Accounting
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Albuquerque, Daniela Reis. "The effect of banking supervision on the recognition and disclosure of impairment of financial assets." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16556.
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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais<br>O presente estudo investiga o papel da supervisão bancária no reconhecimento e divulgação das perdas por imparidade de ativos financeiros. Em concreto, é feita uma comparação das práticas de divulgação entre países cujos supervisores bancários apresentam diferentes abordagens à imparidade do crédito e estabelecida uma relação com o grau de reconhecimento destas perdas. A amostra é constituída por 60 bancos de 15 países da União Europeia. Os respetivos supervisores nacionais foram classificados como intervencionistas/não intervencionistas no processo de imparidade do crédito considerando a sua interferência nas divulgações destas perdas. Dados financeiros e práticas de divulgação foram recolhidas manualmente dos Relatórios e Contas disponíveis em inglês para os exercícios de 2012 a 2015, tendo sido construídos índices de divulgação. Os resultados das análises univariadas e das regressões lineares revelam que bancos cujo supervisor tem uma abordagem intervencionista ao processo de imparidade do crédito apresentam um maior cumprimento com a IFRS 7 e são sujeitos a divulgações adicionais exigidas pelos respetivos supervisores nacionais. Esses bancos, contudo, apresentam um menor cumprimento com o Pilar 3 comparativamente com bancos cujo supervisor apresenta uma abordagem não-intervencionista ao processo de imparidade do crédito. As diferenças entre países são persistentes, mesmo após o Banco Central Europeu assumir a responsabilidade pela supervisão bancária na União Europeia, não obstante dos sinais de melhoria e harmonização das divulgações. Por último, conclui-se que o reconhecimento das perdas por imparidade no crédito está positivamente relacionado com o seu nível de divulgação.<br>This paper investigates the role of banking supervision in the recognition and disclosure of impairment of financial assets. Specifically, disclosure practices are compared between countries whose supervisors present different approaches to loan loss provisioning and related with the recognized level of loan loss allowances. The sample includes 60 banks from 15 European Union countries. The respective supervisors were categorized as interventionist or non-interventionist to loan loss provisioning according to their interference with loan loss provisions' disclosures. Financial data and disclosure practices were hand collected from the financial statements available in English for the financial years between 2012 and 2015 and indexes of disclosure were constructed. The results of univariate analysis and regression model show that banks whose supervisors have an interventionist approach to loan loss provisioning are the most compliant with IFRS 7 and provide additional impairment disclosures that are required by their national supervisor. However, these banks present a lower compliance with Pillar 3 in comparison with banks whose supervisors have a non-interventionist approach to loan loss provisioning. Country differences are persistent even after the taking over of European Union's banking supervision by the European Central Bank, despite signs of improvement and harmonization of disclosures. Finally, recognition of loan loss provisions is found to be positively related with the level of disclosure.<br>info:eu-repo/semantics/publishedVersion
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Ranganathan, Krishnan Ayengar. "Impact of the Gain/Loss Provisions of Financial Accounting Standard No. 88 on Benefit Settlements." Thesis, University of North Texas, 1991. https://digital.library.unt.edu/ark:/67531/metadc332784/.
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This research analyzes the relationship between specific firm characteristics and firms' settlement/replacement plan decisions under Statement of Financial Accounting Standard No. 88 (FAS88). I examined firms that effected either (i) a settlement of their pension obligations without a benefit plan termination or (ii) a partial termination with a replacement benefit plan or (iii) a complete termination with no replacement of a benefit plan.
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Nicoletti, Allison Kathleen. "The Effects of Auditors and Regulators on Bank Financial Reporting: Evidence from Loan Loss Provisions." The Ohio State University, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=osu1468571167.
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Dao, Hong Trang. "Essays on Accounting for Financial Stability in the Banking Industry." Doctoral thesis, Università degli studi di Padova, 2019. http://hdl.handle.net/11577/3424889.
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The dissertation at hand focuses on the role of accounting in the aftermath of the 2007-2009 financial crisis. Particularly, concerns were raised about the impact of accounting rules, accounting discretions, and dividend payouts on bank behaviour. Consequently, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) set forth their revisions to accounting standards. Furthermore, there is an increased intervention by both the supervisors and regulators.
The first working paper titled "Dividends, Loan Loss Provisions, Lending: Early Evidence from European Banks" studies an important accounting choice by banks, that has triggered the change in accounting rules following the financial crisis. In it, I empirically examine whether the relationship between loan loss provisions (LLPs) and lending is influenced by banks’ dividend payouts. The joint effects of binding of capital requirements and financing frictions induce banks to reduce lending. However, curbing cash dividends is another way that banks could resort to enhancing their capital ratios. Nevertheless, banks have chosen to distribute considerable dividends and thus lower bank capital. Using the results of the 2014 Asset Quality Review in Europe to identify delayed expected loan loss recognition (DELR), I find that the greater payout banks experienced significantly larger lending reduction associated with greater DELR. Payout policy also plays a significant role in maintaining lending when banks’ equity experiences an adverse effect.
The second working paper, "Do Financial Statements Inform of Bank’s Resilience: Evidence from EBA Stress Test?", proposes an accounting-based measure of bank’s resilience to complement banking supervision (co-authored with Joshua Ronen). The measure is based on fair value of net assets, defined as the difference between fair value of assets and book value of liabilities. Using the ECB stress test 2014, we find that within-country our measure is significantly and positively associated with the stress test results, measured as the scaled shortfall or surplus of common equity tier 1 (CET1) capital (under the adverse scenario). Going further, we compare the predictive ability of the loan component of our measure and stress test result in predicting one-year-ahead credit losses (proxied by net charge-offs). Results show that our measure performs equivalent to the stress test results in the full sample. Further analysis reveals that our measure performs better in the passed subsample while stress test results perform better in the failed group. We recommend using our measure as a complement to stress testing in identifying the bank’s resilience to reduce operational constraints on stress testing framework.
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Mohamad, Housam. "The impact of international financial reporting standards on earnings quality : EU evidence." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/15830.
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Earnings have numerous properties that can be investigated, including earnings smoothness, abnormal accruals after modelling the accruals process and asymmetric timely loss and gain recognition. In latest decades, as earnings are the main source of firm-specific information for investors, earnings quality has become a significant focus in the financial accounting field. Moreover, high-quality financial reporting helps investors improve decisions and better evaluate firm performance because capital markets depend on the credibility of financial accounting information. The aim of this study investigates the impact of the mandatory adoption of IFRS on earnings quality in term of earnings management and accounting conservatism in consideration of eleven European countries (Germany, France, Italy, The Netherlands, Spain, Sweden, Switzerland, Portugal, Belgium, Norway and the United Kingdom) as a sample study. Then to test whether investors could predict a company's future performance efficiently based on deferred tax expense as one of the accruals components before and after the mandatory adoption of IFRS. Since the mandatory adoption of International Financial Reporting Standards (IFRS) required by the European Union (EU) Parliament, numerous research studies have examined whether earnings management has been reduced due to the mandatory adoption. Chapter two of this study examines whether the board of directors is more effective in constraining earnings management after the mandatory application of IFRS. More specifically, the study explored ways that two board characteristics, board independence and the existence of an audit committee, have impacted earnings management since 2005. The empirical results with eleven European countries (Germany, France, Italy, The Netherlands, Spain, Sweden, Switzerland, Portugal, Belgium, Norway and the United Kingdom) showed evidence of an inverse relationship between the strength of corporate governance and the extent of earnings management. This negative association suggests that firms that apply IFRS with a high level of corporate governance standards are less likely to be involved in earnings management. This study indicates that board independence and the existence of audit committees play important and effective roles in reducing earnings management after the introduction of IFRS. The results also provide evidence that the internationally uniformed accounting regulatory framework significantly contributes to the effectiveness of the two corporate governance mechanisms. Chapter three examines the impact of the mandatory IFRS adoption on the asymmetrically timely gain and loss recognition (accounting conservatism). The findings provide evidence of the importance of the mandatory adoption of IFRS in increasing of accounting conservatism in pooled samples and separate samples. Chapter four investigates whether investors could predict a company's future performance efficiently based on deferred tax expense as one of the accruals components before and after the mandatory adoption of IFRS. Moreover, whether or not the predictions could be generalised to other European countries was examined. The results imply that an accrual anomaly exists in pooled samples before and after mandatory IFRS adoption and the study prove that deferred tax expense as a determinant factor of accounting accruals is overweighed by stocks prices before and after IFRS adoptions.
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Zheng, Yi. "Essays On Nonparametric Econometrics With Applications To Consumer And Financial Economics." The Ohio State University, 2008. http://rave.ohiolink.edu/etdc/view?acc_num=osu1227848134.
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Virgilio, Gianluca. "Is high-frequency trading a threat to financial stability?" Thesis, University of Hertfordshire, 2017. http://hdl.handle.net/2299/18841.
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The purpose of this thesis is: (i) to produce an in-depth data analysis and computer-based simulations of the market environment to investigate whether financial stability is affected by the presence of High-Frequency investors; (ii) to verify how High-Frequency Trading and financial stability interact with each other under non-linear conditions; (iii) whether non-illicit behaviours can still lead to potentially destabilising effects; (iv) to provide quantitative support to the theses, either from the audit trail data or resulting from simulations. Simulations are provided to test whether High-Frequency Trading: (a) has an impact on market volatility, (b) leads to market splitting into two tiers; (c) takes the lion's share of arbitrage opportunities. Audit trail data is analysed to verify some hypotheses on the dynamics of the Flash Crash. The simulation on the impact of High-Frequency Trading on market volatility confirms that when markets are under stress, High-Frequency Trading may cause volatility to significantly increase. However, as the number of ultra-fast participants increases, this phenomenon tends to disappear and volatility realigns to its standard values. The market tiering simulation suggests that High-Frequency traders have some tendency to deal with each other, and that causes Low-Frequency traders also to deal with other slow traders, albeit at a lesser extent. This is also a kind of market instability. High-Frequency Trading potentially allows a few fast traders to grab all the arbitrage-led profits, so falsifying the Efficient Market Hypothesis. This phenomenon may disappear as more High-Frequency traders enter the competition, leading to declining profits. Yet, the whole matter seems a dispute for abnormal gains only between few sub-second traders. All simulations have been carefully designed to provide robust results: the behaviours simulated have been drawn from existing literature and the simplifying assumptions have been kept to a minimum. This maximises the reliability of the results and minimizes the potential of bias. Finally, from the data analysis, the impact of High-Frequency Trading on the Flash Crash seems significant; other sudden crashes occurred since, and more can be expected over the next future. Overall, it can be concluded that High-Frequency Trading shows some controversial aspects impacting on financial stability. The results are at a certain extent confirmed by the audit trail data analysis, although only indirectly, since the details allowing the match between High-Frequency traders and their behaviour are confidential and not publicly available Nevertheless, the findings about HFT-induced volatility, market segmentation and sub-optimal market efficiency, albeit not definitive, suggest that careful monitoring by regulators and policy-makers might be required.
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Лахтіонова, Людмила Анатоліївна, Людмила Анатольевна Лахтионова, Lyudmila Lakhtionova, et al. "Evaluation of the financial results of the Russian Venture Company: a Ukrainian methodology of analysis." Thesis, Tokyo, Japan: Otsuki Press, 2020. http://er.nau.edu.ua/handle/NAU/42195.
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The paper presents a general characteristic of the Russian Venture Company and evaluates its financial results in 2017-2018 according to the financial statements using the latest achievements of the Ukrainian methodology of financial analysis, with IFRS taken into account.<br>В статті надається загальна характеристика Російській венчурній компанії, оцінюються фінансові результати її діяльності за 2017 -2018 рр. за даними фінансового звіту із застосуванням останніх досягнень української методики фінансового аналізу з урахуванням МСФЗ.<br>В статье дается общая характеристика Российской венчурной компании, оцениваются финансовые результаты ее деятельности за 2017 -2018 гг. по данным финансового отчета с применением последних достижений украинской методики финансового анализа с учетом МСФО.
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Lopotová, Aneta. "Nastavení a efektivní řízení finančního managementu ve vzdělávací společnosti." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-205103.
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The aim of the thesis is to analyse and evaluate financial management in the selected training company and to suggest recommendations to improve its efficiency. Specifically, the thesis focuses on financial analysis of two core programs offered by the company, and the overall evaluation of the company`s financial situation. The thesis is divided into four parts, the first part introduces the methods of financial analysis and financial planning. The second part is dedicated to a brief presentation of the selected company, characterization of its programs and its international cooperation. The third part contains the analysis and evaluation of the two core programs and of the financial situation as whole. In the final part, there are recommendations for optimizing the financial management of the company in order to be able to better exploit its potential.
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Tran, Quoc-Tran. "Some contributions to financial market modelling with transaction costs." Thesis, Paris 9, 2014. http://www.theses.fr/2014PA090036/document.
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Cette thèse traite plusieurs problèmes qui se posent pour les marchés financiers avec coûts de transaction et se compose de quatre parties.On commence, dans la première partie, par une étude du problème de couverture approximative d’une option Européenne pour des marchés de volatilité locale avec coûts de transaction proportionnelles.Dans la seconde partie, on considère le problème de l’optimisation de consommation dans le modèle de Kabanov, lorsque les prix sont conduits par un processus de Lévy.Dans la troisième partie, on propose un modèle général incluant le cas de coûts fixes et coûts proportionnels. En introduisant la notion de fonction liquidative, on étudie le problème de sur-réplication d’une option et plusieurs types d’opportunités d’arbitrage.La dernière partie est consacrée à l’étude du problème de maximisation de l’utilité de la richesse terminale d’une portefeuille sous contraintes de risque<br>This thesis deals with different problems related to markets with transaction costs and is composed of four parts.In part I, we begin with the study of assymptotic hedging a European option in a local volatility model with bid-ask spread.In part II, we study the optimal consumption problem in a Kabanov model with jumps and with default risk allowed.In part III, we sugest a general market model defined by a liquidation procès. This model is more general than the models with both fixed and proportional transaction costs. We study the problem of super-hedging an option, and the arbitrage theory in this model.In the last part, we study the utility maximization problem under expected risk constraint
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SPAGNOLETTI, ZEULI EMANUELE. "Loan loss provisioning policies by financial intermediaries between IAS/IFRS and Basel II: the Spanish dynamic provisioning model." Doctoral thesis, Università degli Studi di Roma "Tor Vergata", 2010. http://hdl.handle.net/2108/1260.
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L’attuale dibattito circa la pro-ciclicità causata dalle politiche di accantonamento per perdite su crediti operate dalle banche e gli effetti combinati del Nuovo Accordo sul Capitale di Basilea II e i Principi Contabili Internazionali IAS/IFRS, suggerisce una profonda analisi delle politiche di accantonamento operate dalle banche e sui loro effetti in termini di riduzione e/o eliminazione della pro-ciclicità dei prestiti da queste effetuati.
Il principale obiettivo di questo paper è quello di descrivere la relazione che lega alcuni modelli di accantonamento per perdite su crediti adottati dagli intermediari finanziari al fine di coprire le proprie perdite su crediti, alla pro-ciclicità delle loro politiche di concessione del credito.
In particolare, dopo aver mostrato i differenti modelli di accantonamento contabile esistenti, focalizzerò le mie analisi sulle logiche, il funzionamento ed il trattamento prudenziale del sistema di “accantonamento dinamico” attualmente utilizzato dalle banche spagnole. Infine dimostrerò se quel sistema di accantonamento possa ridurre la pro-ciclicità del prestito bancario italiano.
Di conseguenza la domanda di ricerca di questo paper è la seguente: in accordo con i Principi Conatabili Internazionali e gli Accordi di Basile II, potrebbe il sistema di accantonamento dinamico spagnolo ridurre o eliminare la pro-ciclicità del prestito bancario italiano?
Essa è una utile domanda di ricerca poiché le maggiori crisi finanziarie bancarie degli anni recenti, che potrebbero essere interpretate come un esempio di eccesso di pro-ciclicità del credito bancario, suggerisce alcune riflessioni circa la correttezza dei modelli di accantonamento per perdite su crediti adottati dalle banche ed il loro impatto sul ciclo economico.
Al fine di raggiungere tali obiettivi, questo paper infine porrà in relazione gli accantonamenti effettutati da un campione di banche italiane seguendo un sistema simulato di accantonamento dinamico e l’indice di crescita del Prodotto Interno Lordo, nello stesso periodo.
Il tentativo di dare una risposta sulla possibilità che uno specifico approccio di acantonamento per perdite su crediti adottato dalle banche elimini la pro-ciclicità dei propri accantonamenti effettivi e la originalità della metodologia utilizzata per cercare tale risposta, distingue il presente lavoro di ricerca dagli altri contributi, peraltro ampiamente già esistenti in materia.
Parole chiave: IAS/IFRS, Basilea 2, rischio di credito, accantonamenti statistici<br>The current debate about the pro-cyclicality caused by loan loss provisioning policies adopted by banks and the combined effects of the New Basel II Accord and the International Accounting Standards (IAS/IFRS), suggests a thorough analysis of the provisioning policies adopted by banks and their effects in terms of reducing/eliminating pro-cyclicality.
The main objective of this paper is to describe the relation that connects some loan loss provisioning models adopted by financial intermediaries in order to cover their credit losses, to the pro-cyclicality of their lending policies.
In particular, after showing the different existing provisioning accounting models, I focus my analysis on the rationale, the functioning and the prudential treatment of the “dynamic provisioning” system currently adopted by Spanish banks. Finally I verify if this provisioning system could reduce the pro-cyclicality of Italian banks lending behaviours. As a consequence the research question of this paper is: according to International Accounting Standards and Basle II Accord, could the Spanish dynamic-provisioning system reduce or eliminate the pro-cyclicality of Italian bank lending?
It is a useful research question because the biggest international crisis in financial banking that occurred during recent years which could be interpreted as an example of excess pro-cyclicality in banking, suggests some reflections about the correctness of the loan loss provisioning models adopted by banks and their impact on the economic cycle.
In order to reach this objective, this paper analyzes the impact of a simulated dynamic provisioning system for Italian banks.
The attempt to give an answer regarding the possibility of a particular loan loss provisioning approach, to eliminate the pro-cyclicality of banks effective provisions and the originality of the methodology used to find this answer distinguishes my work from the other contributions widely existing in this subject.
Key words: IAS/IFRS, Basel 2, credit risk, loan loss provisioning
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Pence, Jessica. "The Deadweight Loss of Equity-Based Compensation." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/947.
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In order to maximize shareholder value, firms attempt to align the incentives of the executives with those of the shareholders by giving them equity as a portion of their compensation package. The terms associated with this equity compensation forces the executives to hold undiversified portfolios, resulting in a sizeable deadweight loss. This paper uses the formula developed by Meulbroek (2001)1 to calculate the dollar value of this deadweight loss, in order to quantify the costs associated with equity-based compensation. We find that the 56 executives in our data set have a combined deadweight loss of $70 billion, and that on average they are losing $1.25 billion each. These results raise the question of whether the incentive alignment is worth the large costs associated with it, and why firms continue to use equity as a form of compensation.
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Rosenberg, Josh. "The Effect Of Tax Loss Harvesting On Momentum In The U.S. Stock Market: An Intra Industry Group Study." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/956.
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It is well understood through previous literature that strategies, which buy past winning stocks and sell past losing stocks, can generate significant positive returns. This phenomenon is known as the momentum effect in the stock market. Furthermore, there is a common accounting practice used by portfolio managers called tax loss harvesting.Tax loss harvesting is the practice of selling a security in order to create a benefit for tax purposes. This paper attempts to build upon previous literature by explaining why the momentum effect is different at the beginning of the calendar year than in the middle and assessing whether or not tax loss harvesting may play a role. A trading strategy was created which calculates the returns of winning and losing portfolios intra industry groups, around different months of the year, in attempt to explain fluctuations in the momentum effect. Evidence in support of the hypothesis that tax loss harvesting played a role in impacting momentum strategies did not prove to be statistically significant.
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Jaššáková, Tereza. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2013. http://www.nusl.cz/ntk/nusl-223852.
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The Master´s thesis focuses on the financial situation evaluation of the particular company, specifically in the period of years from 2006 to 2011, supported by the selected financial analysis indicators. It deals with an analysis of the firm and problems it faces to. Moreover, it brings a number of possible suggestions, which could improve the financial stability of the company in next years.
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Monah, Abraham, and Osedebamen Okojie. "The Effects of International Financial ReportingStandards Adoption on Earnings Management: Evidence from Commercial Banks in Liberia." Thesis, Högskolan Dalarna, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:du-28016.
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Purpose - the purpose of this thesis is to investigate earnings management in an emerging economy without market force. We use discretionary loan loss provisions (DLLP) to proxy earnings management, which constitute a material portion of the total accruals in the banking industry. We examine this abnormal behavior in the financial statements prepared under US GAAP and IFRS. Specifically, we try to find the differences in managerial opportunistic behavior that might exist in the two accounting regimes. We also examine the micro economy and regulatory factors that might influence the earnings behavior in the banks. Design/method/approach - This empirical investigation uses an unbalanced panel data of five commercial banks in Liberia for a period of six years, 2010 to 2012 before and 2013 to 2016 after IFRS adoption. The data generated from the audited financial statements of the commercial banks were analyzed with two sample t test and multiple linear regression. We also run robustness check with same statistical procedures to validate the results. Findings - the empirical results show a statistically insignificant difference in earnings management after the adoption of IFRS, which means the introduction of IFRS did not have significant effect on earnings management practices in the banks. Additionally, we found no significant relationship between Liberia GDP growth and DLLP. Finally, we discovered a positive insignificant relationship between the capital adequacy ratio and DLLP as predicted. Originality/value - the result of this thesis advances the understanding of earnings management under US GAAP and IFRS in an emerging economy. As most of the existing literature conducted on earnings management are mainly focused on developed economy with capital market and data from non-financial institutions. This thesis fills a gap in the existing literature by studying managerial discretion in an unusual environment. The results of our findings inform regulators, investors, auditors and standards setters considering IFRS adoption.
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Charles-Cadogan, Godfrey. "Essays on statistical economics with applications to financial market instability, limit distribution of loss aversion, and harmonic probability weighting functions." Doctoral thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/20949.
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This dissertation is comprised of four essays. It develops statistical models of decision making in the presence of risk with applications to economics and finance. The methodology draws upon economics, finance, psychology, mathematics and statistics. Each essay contributes to the literature by either introducing new theories and empirical predictions or extending old ones with novel approaches .The first essay (Chapter II) includes, to the best of our knowledge, the first known limit distribution of the myopic loss aversion (MLA) index derived from micro-foundations of behavioural economics. That discovery predicts several new results. We prove that the MLA index is in the class of α-stable distributions. This striking prediction is upheld empirically with data from a published meta-study on loss aversion; published data on cross-country loss aversion indexes; and macroeconomic loss aversion index data for US and South Africa. The latter results provide contrast to Hofstede's cross-cultural uncertainty avoidance index for risk perception. We apply the theory to information based asset pricing and show how the MLA index mimics information flows in credit risk models. We embed the MLA index in the pricing kernel of a behavioural consumption based capital asset pricing model (B-CCAPM) and resolve the equity premium puzzle. Our theory predicts: (1) stochastic dominance of good states in the B-CCAPM Markov matrix induce excess volatility; and (2) a countercyclical fourfold pattern of risk attitudes. The second essay (Chapter III) introduces a probability model of "irrational exuberance "and financial market instability implied by index option prices. It is based on a behavioural empirical local Lyapunov exponent (BELLE) process we construct from micro-foundations of behavioural finance. It characterizes stochastic stability of financial markets, with risk attitude factors in fixed point neighbourhoods of the probability weighting functions implied by index option prices. It provides a robust early warning system for market crash across different credit risk sources. We show how the model would have predicted the Great Recession of 2008. The BELLE process characterizes Minskys financial instability hypothesis that financial markets transit from financial relations that make them stable to those that make them unstable.
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Zumrová, Olga. "Návrh podnikového finančního plánu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-222320.
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The graduation thesis at first acquaints readers with the theory of financial planning. Further, it contains basic informations about the company DAKO-CZ, a. s. and an evaluation its economic situation by means of a financial analysis. The graduation thesis subsequently puts together a short-term financial plan of company for the year 2009.
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Кузнєцова, Наталія Володимирівна. "Методи і моделі аналізу, оцінювання та прогнозування ризиків у фінансових системах". Doctoral thesis, Київ, 2018. https://ela.kpi.ua/handle/123456789/26340.
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Роботу виконано в Інституті прикладного системного аналізу Національного
технічного університету України «Київський політехнічний інститут імені Ігоря Сікорського».<br>У дисертаційній роботі розроблено системну методологію аналізу та
оцінювання фінансових ризиків, яка ґрунтується на принципах системного аналізу
та менеджменту ризиків, а також запропонованих принципах адаптивного та
динамічного менеджменту ризиків. Методологія включає: комбінований метод
обробки неповних та втрачених даних, ймовірнісно-статистичний метод оцінювання
ризику фінансових втрат, динамічний метод оцінювання ризиків, який передбачає
побудову різних типів моделей виживання, метод структурно-параметричної
адаптації, застосування скорингової карти до аналізу ризиків фінансових систем і
нейро-нечіткий метод доповнення вибірки відхиленими заявками. Містить критерії
урахування інформаційного ризику, оцінки якості даних, прогнозів та рішень,
квадратичний критерій якості опрацювання ризику та інтегральну характеристику
оцінювання ефективності методів менеджменту ризиків.
Практична цінність одержаних результатів полягає у створенні розширеної
інформаційної технології та інформаційної системи підтримки прийняття рішень на
основі запропонованої системної методології.
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Купрієнко, В. А. "Дослідження фінансових результатів діяльності підприємств малого бізнесу в Україні". Thesis, Чернігів, 2021. http://ir.stu.cn.ua/123456789/25052.
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Купрієнко, В. А. Дослідження фінансових результатів діяльності підприємств малого бізнесу в Україні : випускна кваліфікаційна робота : 072 "Фінанси, банківська справа та страхування" / В. А. Купрієнко ; керівник роботи О. М. Парубець ; НУ "Чернігівська політехніка", кафедра фінансів, банківської справи та страхування. – Чернігів, 2021. – 87 с.<br>Об’єктом дослідження виступають підприємства малого бізнесу України. Предметом дослідження ВКР є фінансові відносини в сфері підприємств малого бізнесу. Мета кваліфікаційної роботи полягає в дослідженні та розробці заходів щодо покращення фінансових результатів діяльності підприємств малого бізнесу України. Завдання роботи : - розкрити сутність та особливості формування фінансових результатів підприємств малого бізнесу; - розглянути управління фінансовими результатами; - проаналізувати показники діяльності малих підприємств; - оцінити фінансові результати діяльності малого бізнесу; - розробити заходи щодо покращення фінансових результатів діяльності підприємств малого бізнесу. За результатами дослідження сформульовані відповідні висновки та пропозиції щодо напрямів вдосконалення управління та покращення фінансових результатів підприємств малого бізнесу. Одержані результати можуть бути використані в практичній діяльності підприємств малого бізнесу та інших підприємствах України.<br>The object of the study are small businesses of Ukraine. The subject of the qualification work is financial relations in the field of small business enterprises. The purpose of the qualification work is to study and develop measures to improve the financial performance of small businesses in Ukraine. Tasks of work: - to reveal the essence and features of the formation of financial results of small businesses; - consider managing financial results;
- analyze the performance of small businesses;
- evaluate the financial performance of small businesses;
- develop measures to improve the financial performance of small businesses. According to the results of the study, the relevant conclusions and proposals were formulated in the areas of improving the management and improving the financial results of small businesses. The obtained results can be used in the practical activities of small businesses and other enterprises of Ukraine.
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Křížková, Simona. "Návrh podnikového finančního plánu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2017. http://www.nusl.cz/ntk/nusl-319238.
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This diploma thesis deals with creation of financial plan for company IMI International, Ltd. The theoretical part defines basic concept of financial analysis and financial plan and their methods of processing. The practical part evaluates financial situation of company with usage of selected methods from financial analysis and accounting data from the years 2010 – 2015. Based on the information from financial analysis is prepared financial plan for next period 2016 - 2020.
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Якименко, Е. С. "Розвиток банківського споживчого кредитування в Україні". Thesis, Чернігів, 2021. http://ir.stu.cn.ua/123456789/25055.
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Якименко, Е. С. Розвиток банківського споживчого кредитування в Україні : випускна кваліфікаційна робота : 072 "Фінанси, банківська справа та страхування" / Е. С. Якименко ; керівник роботи О. О. Тарасенко ; НУ "Чернігівська політехніка", кафедра фінансів, банківської справи та страхування. – Чернігів, 2021. – 90 с.<br>Об’єктом дослідження виступають банки України. Предметом дослідження ВКР є фінансові відносини в сфері банків. Мета кваліфікаційної роботи полягає в дослідженні та розробці заходів щодо покращення фінансових результатів банків України. Завдання роботи : - розкрити сутність та особливості формування фінансових результатів; - розглянути управління фінансовими результатами; - проаналізувати показники діяльності; - оцінити фінансові результати діяльності; - розробити заходи щодо покращення фінансових результатів діяльності. За результатами дослідження сформульовані відповідні висновки та пропозиції щодо напрямів вдосконалення управління та покращення фінансових результатів банків. Одержані результати можуть бути використані в практичній діяльності банків та інших підприємствах України.<br>The object of the study are the banks of Ukraine. The subject of WRC research is financial relations in the field of banks. The purpose of the qualification work is to study and develop measures to improve the financial performance of Ukrainian banks. Tasks of work: - to reveal the essence and features of the formation of financial results; - consider the management of financial results; - analyze performance indicators; - evaluate the financial results of activities; - develop measures to improve financial performance. According to the results of the study, the relevant conclusions and proposals were formulated in the areas of improving the management and improving the financial results of banks. The obtained results can be used in the practice of banks and other enterprises of Ukraine.
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Kotlanová, Tereza. "Finanční analýza a návrh finančního plánu vybrané společnosti." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-205213.
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The subject of Diploma thesis is to compile long-term financial plan for ALTREVA Inc. dealing with the production of work and protective clothing for the period from 2015 to 2018. The assembly planned statements preceded by analysis of financial health for the period 2010-2014 using conventional financial analysis tools. In the theoretical part is basic knowledge related to financial analysis and financial long-term planning. The practical part is devoted to the characteristics of the company and assessment of its current financial situation. Based on the thesis findings and objectives of the company are compiled basic and pessimistic scenario of long-term financial plan and made juxtaposition together with the current state of the business. The conclusion enterprise ALTREVA proposed recommendations for the future.
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CHEN, MIN. "LOSS OF ANALYST COVERAGE IN THE U.S. AND AROUND THE WORLD." Kent State University / OhioLINK, 2015. http://rave.ohiolink.edu/etdc/view?acc_num=kent1438005872.
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Бабенко, В. Г. "Страхування фінансових ризиків як механізм надання гарантій суб’єктам підприємницької діяльності". Thesis, Таврійська державна агротехнічна академія, 2007. http://essuir.sumdu.edu.ua/handle/123456789/51597.
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Дисертація присвячена науковому обґрунтуванню і розробці методичних підходів і практичних рекомендацій щодо удосконалення страхового захисту суб’єктів підприємницької діяльності від фінансових ризиків. У роботі проаналізовано достатність теоретико-методологічного забезпечення страхування фінансових ризиків. На основі семантичного аналізу існуючого категоріального розуміння фінансового ризику сформульовано його категоризоване визначення, доповнено класифікацію і типологію фінансових ризиків. Виявлено необхідність і напрями удосконалення нормативно-правового забезпечення страхування фінансових ризиків. Доведено існування прямого функціонального зв’язку між рівнем розвитку страхування фінансових ризиків та зростанням ВВП. Доведено суттєві відмінності у рівнях фінансового ризику за видами економічної діяльності. Визначено вплив страхування фінансових ризиків на результати діяльності окремих страхових компаній. Оцінено рівень актуарної забезпеченості страхування фінансових ризиків. Розроблено методику диференціації страхових тарифів із страхування ризику втрати прибутку. Запропоновано механізм інтеграції страхування від втрати прибутку в систему страхового захисту сільськогосподарського товаровиробника.<br>Dissertation is dedicated of scientific evidences and development of methodical approaches and practical recommendations regarding the improvement of insurance protection of entrepreneurial activity from the financial risks. The author analyses
the sufficiency of the theoretical and methodological guarantee of financial risks insurance. On the basis of semantic interpretation of the existent category understanding of financial risk there is represented its categorizing definition, complemented by the classification of financial risks. The necessity and directions of improvement of the normatively-legal providing of financial risks insurance are founded out. The author proven the existence of direct functional intercommunication between the level of development of financial risks insurance and the growth of GDP. There are also proved substantial differences in the level of financial risk for the types of economic activity. The research work determines the influence of financial risks insurance on the results of separate insurance companies’ activity. The author appraises the level of actuarial material well-being of financial risks insurance. There are offered the directions of development of the methods of insurance tariffs differentiation regarding the insurance of income loss risk. The work also offers the mechanism of i insurance from the income loss integration in the system of agricultural commodity producer insurance protection.
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Колісник, Іван Петрович, та I. Kolisnyk. "Фінансово-економічна оцінка управління ризиками підприємства з метою забезпечення його конкурентоспроможності (на прикладі, ПАТ «Тера»)". Master's thesis, Тернопільський національний технічний університет імені Івана Пулюя, 2019. http://elartu.tntu.edu.ua/handle/lib/31133.
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Об’єкт дослідження – здійснення загальної фінансової оцінки ефективності забезпечення виробничо-господарського стану ПАТ «Тера». Мета дослідження – теоретико-практичне представлення та обгрунтування основних напрямів управління ризиками ПАТ «Тера» з метою забезпечення його конкурентоспроможності. Методи дослідження: історико-логічний; теоретико-економічний; аналіз економічних явищ; аналізу та синтезу; деталізації; фінансовий аналіз; статистичний аналіз; порівняльний; аналітичний; формалізації; причинно-наслідковий; фінансово-економічного моделювання тощо. В даній роботі представлено теоретично-практичні особливості управління ризиками підприємства з метою забезпечення його конкурентоспроможності. Здійснено фінансову оцінку ефективності забезпечення виробничо-господарського стану ПАТ «Тера». Запропоновано напрями управління ризиками ПАТ «Тера» з метою забезпечення його конкурентоспроможності.<br>ВСТУП…6 РОЗДІЛ 1 ТЕОРЕТИЧНО-ПРАКТИЧНІ ОСОБЛИВОСТІ УПРАВЛІННЯ РИЗИКАМИ ПІДПРИЄМСТВА З МЕТОЮ ЗАБЕЗПЕЧЕННЯ ЙОГО КОНКУРЕНТОСПРОМОЖНОСТІ…9 1.1. Можливості здійснення управління ризиками в сучасних економічних умовах діяльності підприємств…9 1.2. Особливості процесу управління ризиками як способу мінімізації їх негативного впливу в діяльності підприємств…15 1.3. Тенденції забезпечення формування та розвитку конкурентного середовища для сучасних підприємств…22 Висновки до розділу 1…29 РОЗДІЛ 2 ФІНАНСОВА ОЦІНКА ЕФЕКТИВНОСТІ
ЗАБЕЗПЕЧЕННЯ ВИРОБНИЧО-ГОСПОДАРСЬКОГО СТАНУ ПАТ «ТЕРА»…30 2.1. Характеристика сфери діяльності та оцінка результатів основних фінансових показників підприємства…30 2.2. Оцінка стану платоспроможності підприємства…38 2.3. Оцінка стану прибутковості підприємства…48 Висновки до розділу 2…52 РОЗДІЛ 3 НАПРЯМИ УПРАВЛІННЯ РИЗИКАМИ
ПАТ «ТЕРА» З МЕТОЮ ЗАБЕЗПЕЧЕННЯ ЙОГО КОНКУРЕНТОСПРОМОЖНОСТІ…53 3.1. Особливості управління ризиками в діяльності підприємства на основі результатів фінансових показників…53 3.2. Умови забезпечення платоспроможності підприємства з врахуванням загального фінансового стану…58 Висновки до розділу 3…63 РОЗДІЛ 4 СПЕЦІАЛЬНА ЧАСТИНА…64 4.1. Оцінка основних тенденцій кондитерського ринку…64 4.2. Оцінка економіко-правового забезпечення функціонування та діяльності ПАТ «Тера»…70 Висновки до розділу 4…74 РОЗДІЛ 5 ОБГРУНТУВАННЯ ЕКОНОМІЧНОЇ ЕФЕКТИВНОСТІ...75 5.1. Оцінювання наявності ризиків щодо платоспроможності підприємства на основі моделі Конона та Гольдера…75 5.2. Оцінювання стану фінансової стійкості підприємства
на основі скоринг-моделі…81 Висновки до розділу 5...85 РОЗДІЛ 6 ОХОРОНА ПРАЦІ ТА БЕЗПЕКА В
НАДЗВИЧАЙНИХ СИТУАЦІЯХ…86 6.1. Організація служби охорони праці ПАТ «Тера»…86 6.2. Впровадження комплексу заходів щодо запобігання та мінімізації наслідків НС техногенного і природного характеру у галузі радіаційної, хімічної і вибухопожежної безпеки на підприємстві (цеху, дільниці)…90 6.3. Розробка та реалізація заходів щодо матеріального забезпечення заходів ЦЗ…91 Висновки до розділу 6…94 ЗАГАЛЬНІ ВИСНОВКИ...95 БІБЛІОГРАФІЯ…98 ДОДАТКИ…105