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Tuimising, Nathan R. "Private equity in Kenya : an analysis of emerging legal and institutional issues". Thesis, University of Warwick, 2012. http://wrap.warwick.ac.uk/49637/.
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In Kenya, like in many other countries around the world, private equity’s emergence as a creative method for financing companies, is attracting attention as the government seeks new ways of financing its private sector – which it now recognises as the engine for Kenya’s economic development. This policy outlook is undermined by the reality of a yet extensively undercapitalised private sector, and the lack of a coherent body of knowledge and experience on Kenyan private equity. This study, for the first time, brings together that dispersed body of knowledge to facilitate coherent analysis of the emerging legal and institutional issues that private equity introduces. Using case law and statutory analysis, documentary reviews, interviews and surveys to construct the complete picture of Kenyan private equity, this empirical legal inquiry finds that the law on private equity in Kenya is incomplete: it is patchy and dispersed, and is not uniformly applied among and across all private equity market intermediaries. Secondly, the institutions charged with supervising the implementation of the law are undercapacitated, with the result that regulatory supervision within the private equity industry remains weak and largely unfelt. Thirdly, the legal institutions supporting private equity practice in Kenya (security of property rights, security of financial contracts and integrity in financial reporting) are in a nascent state of development. Fourthly, there is no clear policy on alternative investments generally, and private equity particularly, in Kenya, undermining precision in regulatory objectives. These realities combine to blunt the impact of private equity in driving creative entrepreneurship. These realities support the need for structured national capacity enhancement across all spheres of private equity practice, such as would strengthen regulatory supervision, the emergence of a ‘home brand’ to private equity, the increased visibility of structured government engagement in channelling private equity into economically productive sectors linked to the nation’s development strategy. These findings mirror earlier research investigating the under-performance of private equity in emerging markets, with the upshot that a Law and Institutional Growth Model for Private Equity in Kenya is the necessary catalyst that will trigger the rapid expansion of the Kenyan private equity industry in aid of national development.
2
Silvestre, Milo <1998>. "Private equity for small and medium enterprises: an empirical analysis of a real case". Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21807.
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The subject of this thesis is the analysis of financing small and medium-sized enterprises (SMEs) through debt or venture capital. In particular, the work traces the literature to explain bank financing technologies, focusing on relationship lending and the alternative of raising capital through private equity. Both solutions are considered particularly suitable for SMEs as they are able to collect valuable information and overcome information asymmetries due to the fact that they are not listed and therefore can use simplified financial statements. Finally, the objective is to determine if and when one financing solution is preferable using a real case.
3
Karim, Martia. "Determinants of Venture Capital Investments : A panel data analysis across regions in the United Kingdom". Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-40179.
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Venture Capital is an important theme in economic research as a growing intermediate in the financing of new or growing young firms. In Europe, it is the United Kingdom that is the leading country with the highest amount of venture capital activity. However, there is a wide spatial distribution of venture capital across the regions of the United Kingdom where London and the South East alone pulled nearly 60% of venture capital in 2013. This paper focuses on a cross-regional study with the selected regions of the United Kingdom: Scotland, England, Wales, and Northern Ireland. The purpose to investigate the relationship between economic growth, research & development expenditure, and population density with total venture capital investments during the time period 2006 – 2016. The aim is to contribute to existing literature on determinants of venture capital with evidence from the United Kingdom. Using a fixed effect model, we can establish a positive relationship between population density and total venture capital invested. Economic growth and gross expenditure on research & development did not yield any significant result.
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Bortolami, Luca <1996>. "VALUE CREATION IN NORTH-EAST ITALIAN PRIVATE-EQUITY-BACKED FAMILY FIRMS A CASE STUDY ANALYSIS USING THE INSEAD VALUE CREATION FRAMEWORK". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19350.
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The objective of this thesis is to investigate the impact of private equity (PE) ownership on family businesses in north-eastern Italy and their performance using a mixed-method approach with both qualitative and quantitative analysis, investigating whether and how a private equity transaction could benefit a family business. Family firms are strongly characterised by a strong emotional attachment and a long-term perspective, while private equity firms focus urgently on financial performance and value creation. The quantitative analysis carried out on a single, independently constructed sample, analyses the performance of five balance sheet variables from years before the acquisition to years after the exit. The qualitative analysis, based on case studies and interviews with the main protagonists of three transactions, confirms the hypothesis that private equity firms contribute to former family businesses in those areas where family businesses are typically challenged. Overall, the thesis concludes that private equity fund ownership has a positive impact on former family businesses and their performance, which is driven by contributions from private equity funds in areas where family businesses are typically challenged. The impact on the performance of former family businesses is supported by the division of value creation into different resources, through a model developed by INSEAD.
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Tkadlec, Lukáš. "Ekonomický vývoj podniků financovaných rizikovým kapitálem". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2013. http://www.nusl.cz/ntk/nusl-224027.
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This master’s thesis deals with influence of private equity on companies’ economics. First part describes term of private equity and defines theoretical bases of financial analysis. Next part introduces selected companies influenced by private equity. Final part is aimed at evaluation venture capital’s influence and judgment of companies’ economics development.
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Baek, Kiwoong 1960. "Economic modeling of Korean private equity market through comparisons of market structures and investment strategies between the Korean and American private equity market". Thesis, Massachusetts Institute of Technology, 2004. http://hdl.handle.net/1721.1/17852.
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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2004.Includes bibliographical references (leaves 198-202).
Modem capitalist societies depend on entrepreneurship for their progress. Entrepreneurs seek profits by introducing new goods, services, and technologies and, in doing so, they advance the economic welfare of society. To maintain and further entrepreneurial activities, each society requires a well-organized resource allocation system that can distribute resources to selected industries or firms. The private equity market is an efficient resource allocation system that provides equity capital to the firms not quoted in the stock market. However, a private equity market is difficult to develop not only due to the high risk characteristics of the market but also because of the needs to establish value added infrastructure and to change the current financial mechanisms as the capital market evolves. The government plays one of the most important roles in initiating a new type of capital market, the private equity market. Significant changes and evolution in the development of private equity markets are typically preceded by changes in the regulatory system (deregulation), tax structure, monetary policy, government policy, and/or pension fund operations. Different starting points lead to different paths of market development. However, many countries have tried to introduce private equity markets with various degrees of success. These attempts highlight the fact that different schemes of private equity market structure are necessary for each country. They will, however, converge into one economic model with efficient and effective resource allocation system in the long run. This thesis analyzes the development history, development strategy, and current situation of the private equity industry in Korea and compares it to
(cont.) the overall situation in leading global countries-specifically, United States. It ultimately delivers recommendations for government policy and investment strategies in Korea and discusses economic modeling aimed at providing guidelines on how to successfully introduce a new private equity market in a certain country to serve as a resource allocation system. Through this thesis, I found that Korea's venture capital industry made an unprecedented economic improvement on the basis its economic recovery after the Korean financial crisis and the introduction of government supporting programs and the KOSDAQ stock market. The KOSDAQ stock market created the third largest market capitalization in the world emerging stock markets. In just eight years, this emerging stock market became a leading trading center in OECD countries due to government driven policies of the previous 22 years. It stimulated the shifting of economic growth engines from large firms to small technology firms in Korea. But after the IT bubble collapsed in 2000, it also experienced long re-adjustment period. Korea's venture capital market seems to have entered into a transitional period from the more government driven system, characterized by corporate venture capital firms, to a market driven system, characterized by limited partnerships, from which the US venture capital market evolved in the 1980s. The Korean venture capital market seems to be about 20 years behind the US market in terms of its economic maturity. The current Korean market situation is similar to that of the American market in the early 1980s ...
by Baek Kiwoong.
M.B.A.
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Chipendo, Ray Wako. "An analysis of value creation in Private Equity portfolios". Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/23328.
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Academic literature on the analysis of value creation in private equity industry is still in its infancy. The approach to value attribution is still a contended subject by both academic and professional writers. The purpose of this research was to determine how South African Private Equity industry generates value in portfolio companies. This was achieved by gathering 24 transactions from institutional investors and private equity firms and disaggregating their returns into value drivers. Identified value drivers were financial leverage, revenue growth, EBITDA multiples and EBITDA margin. Contrary to the common belief that the private equity model is more dependent on cutting costs and less on growing businesses, the findings of the study revealed that revenue growth was the biggest relative driver of value while operational efficiency, the least. Results regarding the importance of financial leverage in value creation in the last 10 years could not confirm the popular argument which states that as the private equity model matures the industry is moving towards other value levers. While descriptive statistics confirmed that the level of gearing and size of companies influence the relative importance of EBITDA margin and revenue growth, results from statistical tests were in several cases inconclusive.Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
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Van, Niekerk Rudi. "Analysis of sources of return in South African private equity". Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/963.
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Thesis (MBA (Business Management))--Stellenbosch University, 2008.ENGLISH ABSTRACT: Private Equity is rapidly growing as an alternative asset class for investors in South Africa. Local and international literature presents overwhelming evidence to suggest that Private Equity offers superior risk-adjusted returns and portfolio diversification benefits. Private Equity managers charge quite substantial fees and investors might be concerned about the sustainability of the returns achieved by these firms. This research report addresses the question of how exactly Private Equity managers are able to achieve their superior returns. Although literature is limited and differing in opinion, several methods were identified as being used by managers to increase returns. A sample of 46 individual investments made by two Private Equity firms representing large buy-outs in South Africa was selected and analysed to quantitatively investigate the relationship between some of the identified sources of return and the Internal Rate of Return achieved on each investment. Surprisingly the relationships were not found to be as strong as expected and in many cases were not supportive of the findings in the literature. Only earnings growth and an increase in the earnings multiple had a significant impact on the IRR achieved according to the sample analysed. The author concludes that investing in Private Equity is too interdisciplinary to distil the sources of return into a few concise elements. Proprietary knowledge, expertise, superior management skills, relationships and experience all seem to play a role in providing Private Equity managers with a competitive edge over their public market counterparts. The sources identified in this report are very relevant. However, to empirically prove the individual relationship between each of those sources and the superior returns achieved by Private Equity managers remains a challenge, as their success is vested in their ability to artfully combine these methods in perpetually different combinations according to the merits of each situation.
AFRIKAANSE OPSOMMING: Private Ekwiteit is besig om vinnig te groei as alternatiewe bateklas vir beleggers in Suid-Afrika. Plaaslike en internasionale literatuur bied oorweldigende bewyse wat dui daarop dat Private Ekwiteit bogemiddelde risiko-aangepaste opbrengste sowel as portefeuljediversifikasie-voordele inhou. Private Ekwiteitbestuurders hef redelike hoë fooie en beleggers mag dalk bekommerd wees oor die vermoë van hierdie maatskappye om hul bogemiddelde opbrengste vol te hou. Hierdie navorsingsverslag adresseer die vraag oor hoe presies Private Ekwiteit- bestuurders dit regkry om bogemiddelde opbrengste te realiseer. Alhoewel die beskikbare literatuur beperk is en opinies daarin vervat verskil, is daar verskeie metodes geïdentifiseer wat bestuurders gebruik om opbrengste te verhoog. `n Steekproef is gekies wat bestaan uit 46 individuele beleggings verteenwoordigend van groot uitkoop-transaksies in Suid Afrika. `n Analise is gedoen om die verhouding tussen geïdentifiseerde bronne van opbrengs en die gerealiseerde Interne Opbrengskoers op `n kwantitatiewe wyse te ondersoek. Die bevindinge was verrassend in die sin dat die verhoudings nie so sterk was soos wat verwag was nie en in baie gevalle was dit glad nie ondersteunend van die bevindinge in die literatuur nie. Slegs verdienstegroei en toename in waardasie-veelvoude het `n beduidende impak gehad op die Interne Opbrengskoers wat behaal is volgens die steekproef wat ontleed is. Die skrywer kom tot die gevolgtrekking dat 'n belegging in Private Ekwiteit te interdissiplinêr is om die bronne van opbrengs te distilleer tot `n paar spesifieke elemente. Inligting, spesialiteits-kennis, fantastiese bestuursvaardighede, persoonlike verhoudings en ervaring is alles elemente wat aan Private Ekwiteit-bestuurders `n mededingende voordeel bied. Die bronne van opbrengs wat in hierdie navorsingsverslag hanteer word, is baie relevant. Dit bly egter `n uitdaging om empiries die individuele verhoudings tussen hierdie bronne en die bogemiddelde opbrengste wat behaal word te bewys, aangesien Private Ekwiteit-bestuurders se sukses juis lê in hul vermoë om kunstig hierdie verskeie metodes te kombineer in ewig veranderende kombinasies na aanleiding van die meriete van elke geval.
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Logan, Twila Mae. "Cross-sectional analysis of the pricing of private equity placements". Connect to resource, 1995. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1262712392.
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Limal, Emmanuel (Emmanuel Arnaud Michel). "Analysis of the relationship between size and returns in private equity". Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/99002.
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Thesis: S.M. in Management Research, Massachusetts Institute of Technology, Sloan School of Management, 2015.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 40-41).
We study in this paper the relationship between the size of funds and the related performance in the Private Equity industry. We show that for top quartile funds, an increase in size is associated with a decrease in performance. Furthermore, we show that this increase in fund size is also associated with an increase in performance of the lowest performing funds, leading to a less volatile spectrum of returns for larger fund sizes. Following this first analysis, we use System Dynamics techniques to visually represent the industry and hypothesize that these decrease in returns are led by manager's lack of focus, the increased competition for these deals and an increase in risk-taking. The main driver we identify as responsible for this increase in fund size over the past decade is due to the increase in management fees in absolute value. Finally, we discuss potential strategies enabling fund managers to balance this desire to increase management fees whilst protecting the high returns sought by Limited Partners investing in their funds.
by Emmanuel Limal.
S.M. in Management Research
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Sleczka, Oliver. "Performance of private equity funds in emerging markets: an empirical analysis". reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/19320.
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This paper investigates the performance of private equity funds in emerging markets based on data of individual fund level returns from 1995 to 2013 obtained from Preqin. The research focus of this thesis lies on performance drivers and return persistence. The analysis is divided in two parts. The first part investigates the relationship between fund performance and fund characteristics focusing on the GP location, the investment focus, as well as the fund size, sequence number, and GP experience. The key objective is to determine significant emerging market-specific performance factors. Our results suggest that funds with a clear geographic investment focus earn significantly higher returns. The second part aims to find evidence for persistence in the performance of emerging market private equity funds. The findings corroborate the hypothesis that unlike in developed markets, performance persistence still exists in emerging markets.
Esta tese investiga o desempenho de fundos de private equity em mercados emergentes, com base em dados de retorno a nível individual dos fundos de 1995 a 2013, obtidos por meio da base de dados Preqin. O foco de pesquisa desta tese é nos drivers de performance e persistência de retornos. A análise é dividida em duas partes. A primeira parte investiga a relação entre a performance e características do fundo, com foco na localização do administrador (GP), foco do investimento, assim como o tamanho do fundo, número de sequência do fundo, e experiência do GP. O principal objetivo é determinar fatores de performance significativos específicos de mercados emergentes. Os resultados sugerem que fundos com um claro foco geográfico de investimentos obtém retornos significativamente mais altos. A segunda parte visa encontrar evidências de persistência na performance de fundos de private equity de mercados emergentes. Os achados corroboram a hipótese de que, diferentemente de mercados desenvolvidos, persistência de performance ainda existe em mercados emergentes.
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Reimers, Max Rene. "How does the development of private equity capital markets affect economic growth in developing countries?" Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20641.
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Mestrado em Economia Monetária e FinanceiraThis dissertation provides insights on the introduction of private equity capital markets and its effect on economic growth in African countries. We address this issue by focusing on stock exchange markets as the predominant type of new equity markets. The dissertation deep dives into the effects of the implementation of stock markets by focusing on the GDP per capita and on GDP per capita growth. It uses the Diff-in-Diff regression method. The analysis uses a panel data set on 48 Sub-Saharan countries over the time range of 1970-2018. 23 countries are part of the "treated" group, which introduced international stock exchanges, and 25 "untreated" countries serve as control group. Further, I will investigate the impact of new stock exchange markets on each year to follow their introduction until year 10. The results are rather interesting. Compared to the time period prior to the introduction of stock exchange markets, GDP per capita rises by the amount of 532 US$ (around 40% of the Sub-Saharan average) after the introduction in treated countries. The coefficient is significant on a 5% level. In the 10 years post introduction, the effect is hump-shaped, with effects becoming statistically significant from the first year after implementation and peaking in year 5 and no statistically significant effect from year 6 onwards.
info:eu-repo/semantics/publishedVersion
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De, Luca Adriana. "An economic and financial analysis of Public Private Partnerships". Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape3/PQDD_0008/MQ53146.pdf.
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Sokmen, Ercan. "The private military industry: economic analysis, uses and considerations". Monterey California. Naval Postgraduate School, 2007. http://hdl.handle.net/10945/10262.
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MBA Professional ReportDifferent customers in different ages have used private military members as part of the military operations. After to Cold War, a new form of Private Military Industry emerged. Companies serving in both military support and offensive operations, and morally and legally questionable military operations in conflict regions raised many dilemmas about the industry. Without understanding the economic, legal, ethical, and contractual dynamics of the industry, there is no simple way of employment of private military companies (PMCs) for democratic governments. This study tries to cover these dynamics for better use of PMCs, without considering whether they are beneficial or not. A better understanding of the industry, governments, international community and other prospective legal clients (such as non-for-profit organizations and private firms) can produce the necessary outcomes. By using Porter's "Five Forces analysis", driving factors of industry are analyzed, as are to sub-factors within these areas and the competency of some key players. Then, the impacts of PMCs on military operations (i.e., legal, ethical and entreprenuerial considerations) are explored.
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Hambarsoomian, Sevan [Verfasser]. "The Role of the Board of Directors in Private Equity Firms: An Empirical Analysis of the Performance of Listed Private Equity Firms / Sevan Hambarsoomian". Wuppertal : Universitätsbibliothek Wuppertal, 2017. http://d-nb.info/112447899X/34.
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Surineni, Shravan Kumar. "Venture Capital and private equity in India : systems analysis and development framework". Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/83801.
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Thesis (S.M. in Engineering and Management)--Massachusetts Institute of Technology, Engineering Systems Division, 2012.Cataloged from PDF version of thesis. "June 2012."
Includes bibliographical references.
Venture Capital (VC) has been an important driver of innovation, entrepreneurship and economic growth in the U.S. and around the world for the past few decades. The astounding success of Venture Capital prompted various countries' attempts to emulate the U.S. model and create an indigenous venture capital industry. Several attempts are being pursued to emulate this success and create an indigenous Venture Capital industry in India. This thesis examines efforts to create a Venture Capital and Private Equity industry in India and the various factors that influence this process.
by Shravan K. Surineni.
S.M.in Engineering and Management
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Dafel, Michael. "The constitutional rebuilding of the South African private law : a choice between judicial and legislative law-making". Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/285563.
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A tension arises whenever the South African private law fails to meet constitutional right norms. To remedy a deficiency, two law-making options are available. The first is for the judiciary to develop or change private law principles and rules in order to provide protection for the implicated constitutional norm. The second is for the judiciary to enforce an obligation upon Parliament to enact legislation to amend or replace existing private law rights and obligations so as to safeguard the norm against interference from a private individual or entity. The former is the more conventional option, but, in recent years, the law reports record an increasing reliance on the legislative duty to protect constitutional right norms in private legal relationships. The thesis investigates the extent to which the latter phenomenon - which will be described as a 'pivot towards legislative remedies' - exists, and the circumstances in which the courts pivot towards legislative remedies rather than developing private law of their own accord. The thesis finds that legislative schemes that give effect to constitutional rights are likely to contain an array of benefits that are absent from or reduced in the judicial law-making process. The judicial pivot towards legislative remedies is thus a strategy to enhance the process through which conflicting rights are resolved, as it allows for the constitutional rebuilding of private law in a way that the judiciary is unable to do on its own. Importantly, however, theories of judicial deference do not explain the pivot. On the contrary, the courts have exercised a strict level of control over the legislative law-making pathway. Through either statutory interpretation or the review of legislation, the courts require legislation to contain the essentials of the judicial law-making framework. From this perspective, the judicial law-making process produces the floor of the rebuilding project and the legislative law-making process enhances that framework.
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Schneider, Andreas. "How Do Private Equity Funds Create Value? An Analysis of European Leveraged Buyouts /". St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02604205002/$FILE/02604205002.pdf.
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Loos, Nicolaus. "Value creation in leveraged buyouts : analysis of factors driving private equity investment performance /". Wiesbaden : Deutscher Universität-Verlag, 2006. http://www.springerlink.com/content/u44p65/.
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Wang, Huifeng S. M. Massachusetts Institute of Technology. "Analysis of investment prospects for Chinese private equity firms in the U.S. market". Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/98990.
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Thesis: S.M. in Management Research, Massachusetts Institute of Technology, Sloan School of Management, 2015.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 43-44).
With the wealth and experience accumulated during the past decade, Chinese private equity (PE) firms have emerged as active investors in cross-border acquisition deals. Ambitious global expansion plans of Chinese companies and a supportive regulatory environment further boost the demand for such deals. This thesis examines prospects for such firms to invest in the United States (U.S.), the world's best-established PE market. It analyzes the demand of Chinese PE firms to make global investments, competitiveness of these firms, and the feasibility of investing in the U.S. market. This thesis focuses on privately-held firms as opposed to sovereign wealth funds.
by Huifeng Wang.
S.M. in Management Research
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SALTINI, TOMMASO. "Lo sviluppo dell'industria del venture capital in mercati emergenti". Doctoral thesis, Università Cattolica del Sacro Cuore, 2010. http://hdl.handle.net/10280/754.
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Questo studio vuole illustrare le possibilità di sviluppo dell’industria del venture capital nei mercati emergenti.
Il venture capital rappresenta un’alternativa importante per le imprese emergenti dei paesi in via di sviluppo, contribuendo a rafforzare uno sviluppo integrato di tutto il sistema finanziario e dei suoi attori principali quali le istituzioni bancarie tradizionali, i fondi d’investimento ed il mercato dei capitali.
L’obiettivo principale del progetto consiste nell’identificare gli attori principali, e gli investimenti target, così come le esperienze più significative, analizzando i fattori critici e mettendo a fuco azioni e programmi utili per attirare investitori di venture capital, accrescere la conoscenza di questi strumenti e superare i maggiori ostacoli al fine di massimizzare l’impatto che l’industria del venture capital può avere nel rafforzare la crescita industriale a livello paese.
Il lavoro comprende alcune analisi empiriche nell’ambito dell’area arabo-mediterranea, svolte con l’obiettivo di facilitare partnership ed accrescere investimenti tra i paesi scelti ed i paesi europei.
Commenti, spunti e proposte presentate nella parte finale del lavoro sono il frutto di un attento studio degli attori e fattori chiave che contraddistinguono le operazioni di venture capital. Le proposte ed i programmi suggeriti cercano di rispondere alle esigenze e necessità individuate nel corso delle analisi empiriche che sono state svolte trascorrendo lunghi periodi a contatto con gli imprenditori, investitori e funzionari locali.
Le analisi empiriche sullo sviluppo dell’industria del venture capital a livello paese sono state svolte in: Giordania, Palestina, Egitto, Israele e Tunisia.This research aims to verify development of venture capital in emerging markets. Venture capital represents an important alternative to emerging businesses in developing countries by increasing the strength of the entire financial system and its key players, from traditional banking institutions and investment funds, to stock market capital. The project’s main goal is to identify key actors, investment targets, and experiences as well as aiming at analyzing critical factors and conceptualizing related actions pertinent to becoming more competitive in attracting venture capital investors, developing know-how, overcoming barriers, and maximizing the impact venture capital industry may have on industrial growth. The project is focused on the Arab-Mediterranean region seeking to foster partnership and facilitate investment among European and Arab-Mediterranean countries. The comments, ideas, and proposals presented in the final part of the work come from a careful study of the key issues and players exemplified by the operation of venture capital. The findings are also the result of observations made at the end of country-level empirical analyses where much time has been spent in contact with entrepreneurs, investors, and local officials. Country Empirical Analyses on Venture Capital industry development are being carried out in Egypt, Jordan, Palestine, Tunis and Israel.
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SALTINI, TOMMASO. "Lo sviluppo dell'industria del venture capital in mercati emergenti". Doctoral thesis, Università Cattolica del Sacro Cuore, 2010. http://hdl.handle.net/10280/754.
Texto completoResumen
Questo studio vuole illustrare le possibilità di sviluppo dell’industria del venture capital nei mercati emergenti.
Il venture capital rappresenta un’alternativa importante per le imprese emergenti dei paesi in via di sviluppo, contribuendo a rafforzare uno sviluppo integrato di tutto il sistema finanziario e dei suoi attori principali quali le istituzioni bancarie tradizionali, i fondi d’investimento ed il mercato dei capitali.
L’obiettivo principale del progetto consiste nell’identificare gli attori principali, e gli investimenti target, così come le esperienze più significative, analizzando i fattori critici e mettendo a fuco azioni e programmi utili per attirare investitori di venture capital, accrescere la conoscenza di questi strumenti e superare i maggiori ostacoli al fine di massimizzare l’impatto che l’industria del venture capital può avere nel rafforzare la crescita industriale a livello paese.
Il lavoro comprende alcune analisi empiriche nell’ambito dell’area arabo-mediterranea, svolte con l’obiettivo di facilitare partnership ed accrescere investimenti tra i paesi scelti ed i paesi europei.
Commenti, spunti e proposte presentate nella parte finale del lavoro sono il frutto di un attento studio degli attori e fattori chiave che contraddistinguono le operazioni di venture capital. Le proposte ed i programmi suggeriti cercano di rispondere alle esigenze e necessità individuate nel corso delle analisi empiriche che sono state svolte trascorrendo lunghi periodi a contatto con gli imprenditori, investitori e funzionari locali.
Le analisi empiriche sullo sviluppo dell’industria del venture capital a livello paese sono state svolte in: Giordania, Palestina, Egitto, Israele e Tunisia.This research aims to verify development of venture capital in emerging markets. Venture capital represents an important alternative to emerging businesses in developing countries by increasing the strength of the entire financial system and its key players, from traditional banking institutions and investment funds, to stock market capital. The project’s main goal is to identify key actors, investment targets, and experiences as well as aiming at analyzing critical factors and conceptualizing related actions pertinent to becoming more competitive in attracting venture capital investors, developing know-how, overcoming barriers, and maximizing the impact venture capital industry may have on industrial growth. The project is focused on the Arab-Mediterranean region seeking to foster partnership and facilitate investment among European and Arab-Mediterranean countries. The comments, ideas, and proposals presented in the final part of the work come from a careful study of the key issues and players exemplified by the operation of venture capital. The findings are also the result of observations made at the end of country-level empirical analyses where much time has been spent in contact with entrepreneurs, investors, and local officials. Country Empirical Analyses on Venture Capital industry development are being carried out in Egypt, Jordan, Palestine, Tunis and Israel.
23
Dunne, David. "An economic analysis of private label supply in the grocery industry". Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1996. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp04/NQ27781.pdf.
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Vidler, Sacha. "Pension reform: an analysis of the economic foundations of private pensions". Thesis, The University of Sydney, 2003. http://hdl.handle.net/2123/577.
Texto completoResumen
The dissertation investigates support by economists for the global policy shift away from unfunded public pension schemes towards funded private pension schemes. Influential economists and institutions, including the World Bank, present a suite of economic arguments that suggest that this shift will have positive effects on national economies, particularly in the context of aging. The arguments may be categorised according to their relation to the operation of three sets of institutions: capital markets, labour markets and political systems. In capital markets, the transition is purported to increase private and national saving, increase the quantity and quality of investment, and provide more efficient private administration. In labour markets, it is claimed that the shift will reduce labour market distortions associated with public pensions, which inhibit competitiveness, produce unemployment and encourage early retirement. According to the World Bank, public pensions systems cause these distortions without achieving their stated objective of reducing inequality. In the political sphere, the shift is purported to insulate the pension system from political pressures, which otherwise inevitably lead to crisis. The thesis provides evidence which refutes these claims. The best research, including studies by orthodox economists, indicate that the shift does not increase savings or investment, or improve the quality of financial investment. The main effect of tax concessions associated with private pension systems is to divert to private pension funds savings that would occur in any case via other mechanisms. The tax concessions are also regressive, even in systems with compulsory elements. Private administration of pensions, particularly in a plural consumer market setting, is highly inefficient, with customers at a disadvantage in dealing with providers due to the complexity and opacity of products and pricing. A negative relationship is found between public pension spending and levels of elderly poverty, suggesting that reducing public pension spending increases levels of elderly inequality. Public pensions are found not to explain differences in economic growth between regions. Elements of system design which distort labour markets, such as by encouraging early retirement, can easily be adjusted. However, such elements are explicit government policy in several countries. A review of public and private pensions finds that examples of public system crisis are associated with instances of economic and political collapse, rather than system design. Private funded systems are found to be more vulnerable, not less, to the same external influences. Relatively generous universal public pension systems are found to be financially sustainable despite demographic change, assuming modest levels of economic growth.
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Vidler, Sacha. "Pension reform an analysis of the economic foundations of private pensions /". University of Sydney. Political Economy, 2003. http://hdl.handle.net/2123/577.
Texto completoResumen
The dissertation investigates support by economists for the global policy shift away from unfunded public pension schemes towards funded private pension schemes. Influential economists and institutions, including the World Bank, present a suite of economic arguments that suggest that this shift will have positive effects on national economies, particularly in the context of aging. The arguments may be categorised according to their relation to the operation of three sets of institutions: capital markets, labour markets and political systems. In capital markets, the transition is purported to increase private and national saving, increase the quantity and quality of investment, and provide more efficient private administration. In labour markets, it is claimed that the shift will reduce labour market distortions associated with public pensions, which inhibit competitiveness, produce unemployment and encourage early retirement. According to the World Bank, public pensions systems cause these distortions without achieving their stated objective of reducing inequality. In the political sphere, the shift is purported to insulate the pension system from political pressures, which otherwise inevitably lead to crisis. The thesis provides evidence which refutes these claims. The best research, including studies by orthodox economists, indicate that the shift does not increase savings or investment, or improve the quality of financial investment. The main effect of tax concessions associated with private pension systems is to divert to private pension funds savings that would occur in any case via other mechanisms. The tax concessions are also regressive, even in systems with compulsory elements. Private administration of pensions, particularly in a plural consumer market setting, is highly inefficient, with customers at a disadvantage in dealing with providers due to the complexity and opacity of products and pricing. A negative relationship is found between public pension spending and levels of elderly poverty, suggesting that reducing public pension spending increases levels of elderly inequality. Public pensions are found not to explain differences in economic growth between regions. Elements of system design which distort labour markets, such as by encouraging early retirement, can easily be adjusted. However, such elements are explicit government policy in several countries. A review of public and private pensions finds that examples of public system crisis are associated with instances of economic and political collapse, rather than system design. Private funded systems are found to be more vulnerable, not less, to the same external influences. Relatively generous universal public pension systems are found to be financially sustainable despite demographic change, assuming modest levels of economic growth.
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Tang, Stephen M. 1972. "Real estate private equity : an overview of the industry and analysis of its returns". Thesis, Massachusetts Institute of Technology, 2003. http://hdl.handle.net/1721.1/29784.
Texto completoResumen
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture, 2003.Includes bibliographical references (leaves 61-62).
The real estate private equity / opportunity fund sector has experienced tremendous growth as a result of regulatory and market changes. With this growth come the pains and opportunities of restructuring the capitalization of a capital-intensive industry. While the underlying assets of real estate opportunity funds are different than traditional private equity funds, many of the issues facing emerging real estate funds are similar to the issues faced by traditional private equity funds. As the industry continues to grow, many issues facing these opportunity funds will be intensified as the early pioneer funds start to exit their investments and realize returns to the limited partners. As the data analysis in this thesis indicates, the significance of the fund performance has very little correlation to date with any specific property sector as illustrated with the low R-square and t-Stat statistics related to the regression analysis. For the most part, very few consistent patterns have emerged in the industry with the exception of higher volatility in smaller funds and the importance of manager selection when it comes to investing in the right fund as evidenced by the wide range of performance returns within similar initial vintage year categories. The industry is maturing towards greater efficiency and transparency along with the broader private equity industry. It appears likely that alternative investments such as real estate opportunity funds as an investment alternative are here to stay. Not only does private equity align the interests of investor and manager but it also provides superior returns to the investor compared to the traditional fee-manager model that used to predominate property investments. The real estate industry, which represents fifteen percent of the U.S. GNP, is poised for continued growth. Moving forward, real estate private equity is well positioned to grow as well as it complements the public equity markets that help to improve the overall capital structure of the industry.
by Stephen M. Tang.
S.M.
27
Kudanga, Annah. "A critical analysis of the financial regulation of private equity investments in South Africa". Thesis, University of the Western Cape, 2015. http://hdl.handle.net/11394/4768.
Texto completoResumen
Magister Legum - LLMPrivate equity is a critical vehicle of entrepreneurship development that is essential in reducing unemployment and boosting the economic growth of South Africa. There has, however, been a decline in private equity investment (PEI) activity in South Africa compared to the 2006-2007 peak and seed capital by venture capitalists has been affected the most. This has been attributed to a number of factors mainly related to financial and tax regulation. This study critically reviews the financial regulation of the PEIs in South Africa with a view to elucidating potential pitfalls that may be affecting the competitiveness of the industry. A comparison with the regulation of PEIs in the United Kingdom (which is generally regarded as functioning well) is also made in order to provide a basis for recommendations to improve private equity activity in South Africa. The main legal structures for PEIs in South Africa are the en commandite partnerships and the bewind trusts, of which en commandite partnerships are the most common legal structure. The private equity industry is mainly regulated by common law. However, there are various, separate sections of legislation that regulate private equity transactions as well as public companies. These fragmented pieces of legislation and regulations include the Financial Advisory and Intermediary Services Act, the Broad-based Black Economic Empowerment Act and the Black Economic Empowerment policy framework, the Companies Act, the Pension Funds Act, the Financial Markets Act, the Exchange Control Regulations 1961, the Competition Act, the Johannesburg Stock Exchange Listing Requirements and the King Reports on Corporate Governance. Of these, the most influential is the Financial Advisory and Intermediary Services Act which regulates financial service providers or fund managers. A comparison with the PEIs regulatory framework in the UK showed that the UK, apart from having a consolidated legislation regulating the legal structure of PEIs, generally, has a more comprehensive scope of regulation that includes self-regulation, co-regulation, and regional regulations, in addition to the traditional, conservative common law. This integration of regional requirements through EU’s Directive 2011/61/EU and the Walker Guidelines has probably helped the UK to open up new markets in the region. Although there are some positives in the regulation of PEIs in South Africa, notably the regulation of financial markets to prevent market abuse and insider trading, it appears financial regulation may benefit from drawing lessons from the law and regulatory framework of the UK. It is therefore recommended that the South African private equity industry develops a consolidated and facilitative regulatory framework. This can be based on co-regulation along the lines of the Walker Guidelines (which encourages more disclosure and transparency) as well as a consolidated Act to control all PEIs activities.
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Cramer, Lowell James. "An after tax economic analysis of home equity conversion for the elderly". FIU Digital Commons, 1994. http://digitalcommons.fiu.edu/etd/2654.
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The FHA program to insure reverse mortgages has brought additional attention to the use of home equity conversion to increase income to the elderly. Using simulation, this study compares the economic consequences of the FHA reverse mortgage with two alternative conversion vehicles: sale of a remainder interest and sale-leaseback. An FHA insured plan is devised for each vehicle, structured to represent fair substitutes for the FHA mortgage. In addition, the FHA mortgage is adjusted to allow for a 4 percent annual increase in distributions to the homeowner. The viability of each plan for the homeowner, the financial institution and the FHA is investigated using different assumptions for house appreciation, tax rates, and homeowners’ initial ages. For the homeowner, the return of each vehicle is compared with the choice of not employing home equity conversion. The study examines the impact of tax and accounting rules on the selection of alternatives. The study investigates the sensitivity of the FHA model to some of its assumptions.
Although none of the vehicles is Pareato optimal, the study shows that neither the sale of a remainder interest nor the sale-leaseback is a viable alternative vehicle to the homeowner. While each of these vehicles is profitable to the financial institution, the profits are not high enough to transfer benefits to the homeowner and still be workable. The effects of tax rate, house appreciation rate, and homeowner's initial age are surprisingly small. As a general rule, none of these factors materially impact the decision of either the homeowner or the financial institution. Tax and accounting rules were found to have minimal impact on the selection of vehicles. The sensitivity analysis indicates that none of the variables studied alone is likely to materially affect the FHA’s profitability.
Although none of the vehicles is Pareato optimal, the study shows that neither the sale of a remainder interest nor the sale-leaseback is a viable alternative vehicle to the homeowner. While each of these vehicles is profitable to the financial institution, the profits are not high enough to transfer benefits to the homeowner and still be workable. The effects of tax rate, house appreciation rate, and homeowner's initial age are surprisingly small. As a general rule, none of these factors materially impact the decision of either the homeowner or the financial institution. Tax and accounting rules were found to have minimal impact on the selection of vehicles. The sensitivity analysis indicates that none of the variables studied alone is likely to materially affect the FHA’s profitability.
29
Anyetei, Stanley. "A selected analysis of announced Black Economic Empowerment equity transfer versus effective net equity interest BEE shareholding [electronic resource]". Master's thesis, University of Cape Town, 2011. http://hdl.handle.net/11427/9044.
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Includes bibliographical references.The equity transfer of Black Economic Empowerment deals has been the basis that still defines the Black Economic Empowerment landscape. Black Economic Empowerment concepts are identified with endeavours in South Africa to increase the participation of Black people in business and the mainstream economy. In recent years, equity transfer has been the main benchmark to signify the extent to which a company is empowered. This new construct is Black Economic Empowerment. Black Economic Empowerment is a concept, which is broadly accepted in principle, but is still controversial in its meaning and practice. This report looks at the commonly, agreed and understood Black Economic Empowerment net equity transfer of selected Black Economic Empowerment transactions versus the effective net equity transfer. Its also examines the role that funding structures, funding institutions, the government and private sector play in Black Economic Empowerment transaction. The effect of debt in Black Economic Empowerment transactions, and the impact it has on the effective transfer of net equity interest to Black people will also be examine in this report. The study will also look into the need for Affirmative Action, the state of Black Business and its historical development and its contribution to Black Empowerment. The successes of Black Economic Empowerment transaction are contrasted against the transaction failures, while the report examines the cause of these failures. The findings of the study concludes that only one percentage of the selected transaction in the study yielded a net effective interest greater or equal to the announced transaction.
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Mofokeng, Mapule Beauty. "Public Private Partnerships and economic growth in developing countries: An empirical analysis". Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30394.
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The study analysed the impact of Public Private Partnership (PPP) investment on economic growth in 39 developing countries, and used a traditional growth model. Using the system Generalised Method of Moments (GMM) estimation technique, the analysis was carried out in two ways. First, the study analysed the effect of total PPP investment on economic growth, measured in GDP per capita. Secondly, PPP investment was disaggregated into the three PPP sectors, namely energy, transport, and water and sanitation. This was done to identify the most productive sectors for PPP investment. This study used the World Bank’s Private Participation in Infrastructure (PPI) database and covered a period between 1997 – 2016. The findings suggest that PPP investment positively contributes to economic growth. When disaggregated by sector, the results of the study suggest that none of PPP investment in the selected sectors positively contribute to economic growth. PPP investment in the energy and transport sectors were found to contribute negatively to economic growth. In contrast, PPP investment in the water and sanitation sector was found to be insignificant when it comes to explaining economic growth in these countries. The sectoral results of PPP investment were unexpected and could be attributed to limitations of data as some sectoral data was not reported on in the database. This finding points to the importance of data that is adequate and consistently available over a long period. PPPs are becoming a necessary solution for strengthening infrastructure and generating economic growth in developing countries. Thus, understanding the empirical links, through research, that exists between infrastructure investment using PPPs and economic growth, is essential. Research such as these could enhance debate in developing countries on how best to use PPP models as propellers of economic growth. As such, how data is reported is important as it affects the credibility of the model and the results produced by it. It is therefore important that the shortcomings of inconsistency in the reporting of data be corrected to ensure that meaningful and accurate conclusions could be drawn from it.
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Das, Abhik. "The Convergence of Hedge Funds and Private Equity An Analysis of Possible Drivers and Implications /". St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02601466002/$FILE/02601466002.pdf.
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Lick, Jeffrey F. (Jeffrey Francis) 1969. "Returns on capital of the private equity asset class : an alternative methodology and comparative analysis". Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/9199.
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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2000.Also available online on DSpace at MIT.
"June 2000."
Includes bibliographical references (leaf 40).
This paper examines the private equity asset class by presenting an alternative performance measurement methodology and applying this methodology to a sample population of 60 private equity limited partnerships. The limited partnerships comprising the sample population covered the time period of December 1978 through December 1999 and did not include any limited partnerships focusing on early or middle stage venture capital. The sample population's performance was compared to the Standard and Poor's 500 index. Both traditional and the alternative performance measurement methodologies were used in examining the sample population and the comparative asset class, the S&P 500. These performance measurement methodologies indicated that a significant amount of the 60 private equity limited partnerships were outperformed by the S&P 500 over identical time frames. In addition, there were 16 instances where a traditional performance measurement methodology indicated that a limited partnership outperformed the S&P 500 when the alternative performance measurement methodology indicated the opposite.
by Jeffrey F. Lick.
M.B.A.
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Petit, Berengere Monique Ginette. "The Brazilian and the french private equity sectors from 2006 to present: a comparative analysis". reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/13115.
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Private equity, or the act of funds or investors to invest in companies unquoted on public exchange, has taken an increasing importance in the financial world in the past few years. Indeed, while the emergence of a private equity (PE) sector has been a major phenomenon in emerging markets since the middle of the 2000s, the worldwide financial crisis has weakened private equity in the developed world. Thus, this research will focus on two countries with supposedly very different dynamics regarding this sector: France and Brazil. The aim will be to discern general patterns of behavior in both PE sectors throughout a period running from 2006 to 2013, and try to determine to which extent they are comparable. Using the literature as the conceptual source for the comparative framework to be developed, it will be analyzed whether the market conditions and the institutional environment evolved during the studied period in both France and Brazil, if they compare, and if they impacted the level of private equity activity – supply and demand for funds – in both countries. To identify these patterns, this research will rely on an exploratory qualitative data analysis, based on a framework of the determinants of the PE sector identified and taken from the academic literature. This research will bring its contribution to the existing academic work on private equity thanks to its comparative nature and to its conclusion on the relevancy of the aforementioned determinants on private equity activity in France and Brazil.
Private equity, ou o ato de fundos ou investidores de investir em empresas não cotadas em bolsa pública, assumiu uma importância crescente no mundo financeiro nos últimos anos. De fato, enquanto o surgimento de um setor de private equity (PE) tem sido um grande fenômeno em mercados emergentes desde meados dos anos 2000, a crise financeira mundial enfraqueceu private equity no mundo desenvolvido. Assim, esta pesquisa vai se concentrar em dois países com dinâmicas supostamente muito diferentes em relação a este sector: França e Brasil. O objetivo será o de discernir padrões gerais de comportamento em ambos os sectores de PE durante todo o período compreendido 2006-2013, e tentar determinar em que medida eles são comparáveis. Utilizando a literatura como fonte conceitual para o quadro comparativo a ser desenvolvido, será analisado se as condições do mercado e do ambiente institucional evoluíram durante o período estudado na França e no Brasil, se comparar, e se eles impactaram o nível de atividade de private equity - oferta e demanda de fundos - em ambos os países. Para identificar esses padrões, a pesquisa contará com uma análise de dados exploratória qualitativa, com base em um quadro dos determinantes do setor de PE identificados e retirados da literatura acadêmica. Esta pesquisa trazera sua contribuição para o trabalho acadêmico existente sobre private equity, graças à sua natureza comparativa e para a sua conclusão sobre a relevância dos determinantes acima mencionados sobre a atividade de private equity na França e no Brasil.
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Mirotchie, Mesfin. "Productivity analysis of private and socialized agriculture in Ethiopia". Diss., Virginia Polytechnic Institute and State University, 1989. http://hdl.handle.net/10919/54246.
Texto completoResumen
The system of cereal grain production in Ethiopia has been stratified into private, cooperative and state farms since the 1975 land reform. The private farms are being gradually replaced by the cooperative farms while the state farms are receiving increased technical and budgetary assistance by the Ethiopian government. lt is, however, not clear if these policies are consistent with the technical characteristics of these three modes of production. This study, therefore, evaluated technical efficiency, impacts of known and latent input factors, and returns to scale parameters for each farm type.
Sample data were collected from Ethiopia on five cereal crops, namely, barley, com, sorghum, teff and wheat and several input factors, including labor, land, oxen, traditional farm implements, tractors, machinery services, modern yield·increasing inputs, livestock, education and rainfall over 77 awrajjas for the 1980-1986 production period. A covariance regression model was applied with these data to determine an appropriate functional form between the Cobb-Douglas and translog production functions. The Translog functional form was selected for the analysis on the basis of statistical tests.
Results of the analysis suggest that the producer cooperatives collectively appear to have a potential to generate increased gross income per hectare at a declining rate with respect to an equiproportionate increase in all inputs, except land, upon an increasing average cost of production per unit of cereal output. The private and state farms appear to be operating with a close to fixed proportions type of production technology with a constant average cost of production per unit of cereal output per hectare. Moreover, the range of substitutability between input factors tends towards a complementary relationship as the institutional transformations and management techniques of the cereal producing farms shift from the traditional to a more advanced and centrally managed state mode of production.
Partial income elasticity parameters suggest that (a) the private sector’s gross income per hectare is most responsive to traditional hand tools, fertilizer, labor, human capital at primary level of education, and rain in August and September; (b) the cooperative sector’s gross income per hectare is most responsive to the use of tractors and September rain; whereas (c) gross income per hectare of the state farms is most responsive to the use of traditional labor, machinery services and rain in June and August. Thus, Ethiopia’s agricultural income production per hectare is likely to be revitalized by: (a) qualitative changes in the traditional inputs, water management, and introduction of modem technical inputs such as fertilizer and farmer education in the private sector; (b) increased traditional labor employment, improved management of water, machinery and modem yield-increasing inputs on the state farms; and (c) a better usage of tractors and collaborative input factors, improved water management, and a substantial increase in capital investment to achieve full employment of the seemingly redundant labor and oxen input factors on the cooperative farms. It seems unlikely that the producer cooperatives will achieve the goal of maximum cereal output per hectare with the most prevalent composition of the redundant traditional input factors which contribute insignificantly at the margin without a major change in the current production techniques and structural policies of the sector.Ph. D.
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Zhang, Hongyuan. "Analysis of the legal and regulatory problems in the development of foreign private equity in China in a comparative view to the private equity industry in the UK and the U.S". Thesis, University of Southampton, 2015. https://eprints.soton.ac.uk/376150/.
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Private equity has been developing as an industry in the UK and the U.S. for decades and at present it is the focal point of regulation for said to be partly responsible causing the 2007 to 2008 financial crisis. However, the situation of private equity in China differs tremendously to that in the UK and the U.S. in terms of every aspect such as investment routes, system of regulation and divestment considering that private equity has only been growing fast in China for merely a decade. The laws and regulations governing each of the aspects in the three countries are on different levels in terms of maturity not to mention the fact that foreign private equity under Chinese law is only a relatively new area. Foreign private equity laws and regulations are gaining attention and need attention as foreign private equity has been developing fast with an enormous amount of capital involved and there is not a well-established system of laws and regulations governing important issues such as its investment and divestment in China. The thesis will look into the legal and regulatory problems encountered in the course of development of foreign private equity in China and it will try to solve such problems by studying the private equity industry in the UK and the U.S. Each chapter of the thesis will land on one problem and all the chapters together will try to solve one question: how to improve the legal and regulatory system of foreign private equity in China? Based on the legal and regulatory advice given in each chapter, the thesis will argue that the most important aspect missing in the current system, compared to its counterpart in the UK and the U.S., is the absolute authority of basic legal principles such as rule of law and freedom of contract.
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Wenders, John T. y Andrea D. Clements. "An Analysis of the Economic Impact of Home and Private Schooling in Nevada". Digital Commons @ East Tennessee State University, 2006. https://dc.etsu.edu/etsu-works/7210.
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Excerpt: Are home and private schools a “cost” to traditional public schools? This argument has often been used by local school districts, and others, to push for legislation that would restrict the establishment of these alternative schools.
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Jordan, Lucy A. "Fee Hunting Opportunities on Private Land in Utah: An Economic and Policy Analysis". DigitalCommons@USU, 1989. https://digitalcommons.usu.edu/etd/3547.
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Objectives of this research were (1) to describe fee hunting as it is currently practiced in Utah and (2) to assess the adequacy of fee hunting efforts in addressing the problems of wildlife habitat and hunter access on private land. To collect information, Utah landowners who charged for deer (Odocoileus hemionus) or elk (Cervus elaphus) hunting in 1986 were surveyed by telephone and mail.
Compared to the average Utah livestock rancher, those involved in fee hunting have larger livestock operations and have owned their property longer. They are Utah natives. Fee hunting is concentrated in northern Utah where foothill and mountain rangelands are privately owned.
There is great diversity in the way fee hunting is organized and managed. Hunting opportunities sold by lease usually include few services and require hunters to post and patrol the property. Hunts sold by permit may include more services and be personally managed by the rancher. In general, fee hunting in Utah is differentiated from public land hunting by the availability of more acres per hunter rather than by special services or trophy animals. Fee hunting serves mostly resident hunters.
Average net annual cash income is $6587, or $0.66 per acre. The most common expenses incurred are for road and facility (fence, campsite) maintenance and vehicle costs. Highest expenses are those associated with providing services.
Landowners initiated fee hunting in order to gain control over trespassing and cover the costs of having hunters on their property. Most do not buy liability insurance.
Fee hunting is expanding the number and types of hunting opportunities and is meeting the needs of landowners to minimize costs of trespassing and hunters. However, fee hunting is not stimulating investments in wildlife habitat improvement. Because of intermingling landownerships and the migratory nature of deer and elk in Utah, investments in wildlife habitat or management have an uncertain return. It is unlikely that fee hunting can provide adequate incentives for improving wildlife habitat without substantial policy changes to enhance the ability of landowners to capture a return on such investments.
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Vallejo-Torres, L. "An economic analysis of vertical equity in the delivery of health care in England". Thesis, University College London (University of London), 2012. http://discovery.ucl.ac.uk/1344093/.
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In this thesis we examine the overlooked issue of vertical equity in health care delivery. This principle requires that individuals with unequal needs receive appropriately unequal treatment. Most analyses of equity in health care delivery focus only on horizontal equity, i.e. the principle of equal treatment for equal needs. Therefore, the aim of this thesis is to assess and refine the techniques to investigate vertical inequity, and to offer evidence about vertical equity in the English health care system. The extent of inequalities in health is first investigated. We find persistent inequalities in health in England. We then illustrate the methods widely used in the literature to explore horizontal inequity in health care and highlight a major limitation; these studies ignore the possibility that the estimated differential treatment received by individuals with different needs is inappropriate. In order to identify the methods used to date to measure vertical equity we review the empirical literature. The most comprehensive techniques identified focused on the socioeconomic dimension of vertical inequity. We illustrate these techniques and suggest an extension to this measure that takes into account the full distribution of needs in a population. We apply our suggested methods to measure inequity in individual level and in area level health care provision in England. The optimal variation of health care with variation in needs is estimated based on subgroups less likely to be affected by unmet needs. The findings of this thesis indicate that there is vertical inequity in detriment to socioeconomic deprived groups and, to a larger extent, in detriment to those with larger needs. We show that including vertical inequity aspects may lead us to draw different conclusions about the nature and extent of inequity. Therefore, conclusions about inequities in health care are extensively being made on the basis of incomplete information.
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Grundheber, Benedikt. "Equity research Mota Engil SGPS SA : economic impact of political uncertainty in LATAM". Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14485.
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Mestrado em FinançasThe MFW submitted is an Equity Analysis of Mota-Engil. The company is part of the Portuguese main Stock Index PSI20 and mainly operates in the businesses of construction & Infrastructure and environment & services. The work done follows a structure as stipulated by the CFA Society and includes a Business Description of the Company, Industry Analysis, Corporate Governance Structure, Investment Summary, Valuation, Financial Analysis and Investment Risk as well as an additional Chapter relating to the potential risks in LATAM that may arise from political uncertainty and increased exchange rate volatility.
info:eu-repo/semantics/publishedVersion
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Oberg, Conrad. "The market for offshore bank secrecy : an economic psychological analysis". Thesis, University of Exeter, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.370010.
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Viani, Giuliana <1994>. "The instrument of private equity in Italy, France and Russia: a comparative analysis from the investors’ standpoint". Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/14443.
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The work carries out a comparative analysis of the performance of the private equity
activity in the following markets:
- Italian market;
- French market;
- Russian Market.
The focus of this dissertation is to explore how the same instrument, private equity,
is perceived in these different markets and thus how the investors react and commit
themselves and their financial resources and managerial expertise to this activity.
The choice to analyse these specific markets lies in the fact thatI had the opportunity
to take part to two student exchange programs, having the possibility to collect the
relevant data in loco (France and Russia). This research compares realities that have
different historical and cultural backgrounds, which in turn will obviously affect
how an individual poses himself towards the same instrument under analysis. By
analysing these markets, it is possible to understand in which sectors the investors
prefer to address their resources and thus to have an insight of the contribution to
the development of the firms and the national economy as a final effect.
The first part of this research is a theoretical approach to the private equity activity,
and therefore the main characteristics of this instrument are analysed. The reasons
that lead the firms and the investors to commit themselves in this activity are
analysed. Moreover, a description of the benefits and the problems linked to the
private equity activity are studied. They are general consequences of the private
equity activity.
The second chapter focuses on the study of alternative resources to long-term
financing of the firms. The private equity falls into the equity category.
The third one describes the general structure of the private equity, and thus both
categories of general and limited partners (investors) are analysed.
The second part is more analytical and it is carried out from the standpoint of the
investors. The main purpose is to analyse each of the three markets along the
fundraising, investment and disinvestment activity dimensions.
An historical reference of the birth of the private equity and its development in each
of the markets under analysis is provided for two reasons. One is in order to better
understand the evolution of this activity over the years and the other is because it
leads us to better comprehend the nowadays activity of the investors.
The purpose of the analysis of the European market is to better understand the
position, and therefore the collocation of the Italian and French markets in the
European context.
The analysis of the three markets highlight the propensity of the investors to invest
primarily in their own countries, thus supporting their national companies and
contributing to fostering their national economies. In Russia and Italy, the presence
of the institutional investors in 2017 has been remarkable. This presence in the
Italian market could be explained by a changing in the economic policy of the
country, on the other hand, the presence of the State in almost every aspect of Russia
has always been the benchmark between Russia and the other countries. A relevant
difference between, on one hand the Italian and French market, and on the other
hand the Russian one, is the more recent introduction of this activity in this latter
country (compared to the other two markets under analysis, which are more
mature). A turning point in the Russian economy can be traced back to the so famous
reform called “Perestrojka” (1987) implemented by Mikhail Gorbatchev. However,
for a more openness of the firms in deciding whether to finance their projects with
one financial instrument rather than another, we have to wait until after the fall of
the Soviet Union. Since then, the use of this instrument has increased enormously.
The conclusion of the research focuses on the comparison (similarities and
discrepancies) of the Italian, French and Russian markets.
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Kondo, Masahide. "An economic analysis of direct payment for health services in urban Zambia : implications for equity". Thesis, London School of Hygiene and Tropical Medicine (University of London), 2005. http://researchonline.lshtm.ac.uk/4646094/.
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The thesis discusses health financing policy, introducing or enhancing direct payment for health services in low income countries from a viewpoint of equity through theoretical and empirical economic analysis using the case of urban Zambia. It analyses equity implications of alternative direct payment mechanisms to user fee· voluntary prepayment and pre"purchased discount card. These alternative payment mechanisms are compared with the theory of consumer's choice in an econometric framework. Two theoretical models: demand for alternative payment mechanisms and demand for health services under chosen direct payment mechanisms, are elaborated applying expected utility theory and the law of demand, respectively. These models illustrate the effects of fee schedule, income, perceived health status and perceived quality of care on consumer's demand for health services. These demand models also predict the theoretical equity implications of alternative payment mechanisms. These theoretical explorations are empirically tested with data from the study field. Three data sources: household survey focusing on health seeking behaviour, records at health facilities, and outpatient questionnaire survey, are used for statistical analysis. Consumer's demand model for payment mechanisms is estimated with qualitative response logit model. Consumer's demand for health services is analysed not only with parametric method but also with non-parametric method for categorical data. The results of the statistical analyses support the theoretical demand model for health services and the effects of perceived health status in consumer's choice of payment mechanisms. Perceived quality of care is not found significant in the choice of payment mechanisms. These empirical findings suggest positive equity implications of employing voluntary prepayment or pre-purchase discount card in environment dominated by user fees even under conditions where the improvement of quality of care is difficult. These findings contribute to the economic theory of demand for health care, and feed evidence into the discussion on health financing policy in low income countries.
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Gugler, Klaus, Michael Weichselbaumer y Christine Zulehner. "Competition in the economic crisis: Analysis of procurement auctions". Elsevier, 2015. http://dx.doi.org/10.1016/j.euroecorev.2014.10.007.
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We study the effects of the recent economic crisis on firms' bidding behavior and markups in sealed bid auctions. Using data from Austrian construction procurements, we estimate bidders' construction costs within a private value auction model. We find that markups of all bids submitted decrease by 1.5 percentage points in the recent economic crisis, markups of winning bids decrease by 3.3 percentage points. We also find that without the government stimulus package this decrease would have been larger. These two pieces of evidence point to pro-cyclical markups. (authors' abstract)
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Sokhela, Sandile. "Comparative analysis of private equity (PE) structures in Sub Saharan Africa (SSA) frontier markets versus South Africa (SA)". Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/95662.
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Thesis (MDF)--Stellenbosch University, 2012.This research paper analyses how asymmetry information impacts Private Equity (PE) investment deal structuring in Sub Saharan Africa excluding South Africa ((SSA (ex SA)) relative to SA. It asks the question: how are the risks faced by Africa frontier market private equity investors - reflected, mitigated and managed via contracting, monitoring and investment exiting activities? In so doing the research makes a number of hypotheses based on agency academic theory. A survey questionnaire was distributed to PE firms who invest in South Africa (SA) and in the Sub-Saharan Africa excluding SA (SSA ex SA). Under each segment of the survey (contracting, monitoring and exiting) a number of questions were posed for ranking according to likelihood or frequency of occurrence. Using the Wilcoxon Rank Sum test statistical methodology, to test for statistical differences between the two sub-samples of responses to the questionnaire provided by 32 PE firms. The results were interpreted in relation to existing financial agency theories related to contracting, monitoring and exiting investments. The results of the work achieved in this study largely suggest that PE investors use global best practices when investing in the sub Saharan Africa region. SSA (ex SA) PE investors employ the same sophisticated approaches and contracts provisions as investors in established markets. However given the levels of information asymmetries the use of instruments that do not give investors direct control rights are rare in SSA (ex SA) relative to SA. The results are consistent and support that view that there is a persistent scepticism regarding the many Africa jurisdiction legal systems’ ability to effectively protect debt investors and this is mainly reflected in choice of security, which also impacts the types contracting provisions in contracts.
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Juuso, A. M. (Anna-Maija). "Cybersecurity investment and information sharing:an analysis of the economic incentives of private critical infrastructure providers". Master's thesis, University of Oulu, 2015. http://urn.fi/URN:NBN:fi:oulu-201506111850.
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Economic agents make rational cybersecurity investment decisions considering the costs and the benefits of their choice. Problems arise when the private costs and benefits do not align with social costs and benefits. The presence of externalities commonly leads to underinvestment and the situation is aggravated by the presence of informational challenges that are typical for cyberspace. In cases of critical infrastructure interdependence, firms are often unaware that their underinvestment impacts other network agents, who might be equally unaware of the situation. Without accurate information on cybersecurity it is difficult to provide incentives for private agents to invest in cybersecurity. Therefore, in this thesis, we present information sharing as a means to handle the informational challenges and bring cybersecurity investment closer to a socially optimal level.
In this thesis, we develop an economic model for determining the optimal level of cybersecurity investment for private critical infrastructure operators. Our goal is to analyse cybersecurity investment decisions in a network of interdependent critical infrastructure operators. As the agents’ information systems are bound together, the critical elements of each system are now the critical elements of all the interdependent systems. A failure in one system will be externalized to the other agents’ systems. As a result, an agent’s decisions to invest in cybersecurity and to share breach information also impact the welfare of other agents. We assume that an agent’s investment costs increase in its own aggregate investment, but decrease in the other agents’ investment and information sharing effort. Therefore, an agent’s cybersecurity investment and information sharing decisions affect the other agents’ optimal cybersecurity investment level and their incentives to share breach information.
We utilize our model to examine the incentives of private critical infrastructure owners and operators to invest in cybersecurity and share breach information. Critical infrastructure protection is a matter of national security of supply, and thus societal costs of a breach might be higher than the private costs incurred by the owner and operator. Hence, governmental intervention is justified. However, due to the unique qualities of cyberspace, we abandon traditional top-down orders and introduce a social planner, who is a member of the same network as the critical infrastructure providers. The social planner influences network agents’ incentives through its own cybersecurity investment and information sharing efforts.
The model presented in the thesis is based on a definition of cybersecurity as public externality. The definition is based on a four layer framework model of cyberspace, where the content of a layer determines security on that layer as a good, and the protection of the lower layers impacts the security of the subsequent layers. On the physical layer, security is determined by private goods, and by club goods and private goods on the logical and informational layers. In our model, cybersecurity investment refers to these rivalrous and excludable security investments made on the lower layers of cyberspace. Cybersecurity is the positive externality of these investments. For this reason, there is no free riding in cybersecurity investment.
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SANTOS, ROBSON CABRAL DOS. "ANALYSIS AND VALUATION OF EQUITY PREMIUM PUZZLE IN THE BRAZILIAN STOCK MARKETS UNDER DIFFERENT ECONOMIC CONTEXTS". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2006. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=8900@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROO Equity Premium Puzzle tem sido muito estudado no mundo desde 1985, ano da publicação do trabalho de Mehra e Prescott. O intuito desta dissertação foi fazer uma análise e avaliação do Equity Premium Puzzle utilizando diferentes contextos vividos na economia brasileira no período de 1990 até 2005. O modelo utilizado foi o do agente representativo com utilidade separável no tempo desenvolvido por Mehra e Prescott (1985). A fim de realizar comparações de resultados foi utilizado também o modelo revisado por Mehra (2003) e um modelo com utilidade tipo Kreps - Porteus com processo de dotação seguindo a cadeia de Markov.
The Equity Premium Puzzle has been very studied in the world since 1985, year of the publication of the work of Mehra and Prescott. The intention of this dissertation was to make an analysis and valuation of the Equity Premium Puzzle being used different contexts lived in the Brazilian economy in the period of 1990 up to 2005. It was used the representative agent model with separable utility in the time developed for Mehra and the Prescott (1985). In order to carry through comparisons of results was used also the model revised for Mehra (2003) and a model with utility type Kreps - Porteus with endowment process having followed the Markov´s chain.
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Shimada, Hideki. "Econometric Analysis of Social Interactions and Economic Incentives in Conservation Schemes". Doctoral thesis, Kyoto University, 2021. http://hdl.handle.net/2433/263702.
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Yang, Ludan y Qubo Chen. "NORDIC DEVELOPMENT FINANCE INSTITUTIONS IN AFRICA : ANALYSIS BASED ON THE CONTROL OF INVESTMENT THROUGH FUND". Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-53116.
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Nordic Development Finance Institutions (DFIs) play an important role in providing sustainable development for Africa which accordance with their mandates. By investing in private equity Funds in Africa, investee companies have covered various sectors inAfricawhich may not only improve economic development but also increase employment. Additionally, investing in a Fund can spread risk through diversifications and help DFIs to share knowledge with Fund manager in local presence. This study analyzes the management control systems (MCS) of DFIs’ investing in private equity Funds, wherein we mainly focus on output control and behavior control which are two types of control widely discussed in previous research and literature. Hereby we set three hypotheses based on our research and get findings to support the research questions, which are: 1. DFIs use output control mechanism with contractual framework to secure their investment. Output control sets standards as to targets. It plays a fundamental role in the control process, as the contractual framework is short of standardized in private equity industry and Fund managers are selected strictly during screening process. 2. DFIs use behavior control to interact with Fund managers. Behavior control means appropriate instruction and guidelines imposed as results become foreseeable during the monitoring process. It becomes a central element where DFIs have to interact with Fund managers to track the investment progress & development effect, including investment decision making. 3. DFIs’ syndicated investment affects their control activities. Nordic DFIs’ investment strategy is making co-investment in Funds. When more parties are involved, the monitoring and control process become different compared with only one investor and it is affected by syndicated investment. While we did not deeply explore the control mechanism and process under syndication investment by either quantitative & qualitative method or case studying approach, we conclude that it does exist based on communication with interviewees. The word “Control” looks like a bureaucratic word. However, we found that Alignment is essential in control process for each partners while behavior control helps to assure the alignment. We think that control process become less difficult when previous strict selection of trust partner is successful. We suggest that the alignment between DFIs and other investors as well as Funds should be strengthened in the control process, so that investment objectives can be well realized. Besides Nordic DFIs, Africa also benefits from others such asChina’s “going global” strategy to encourage outward FDI. China-Africa Development Fund (CADFund) is the first Fund focused specially on large scale investment in Africa among Private Equity Funds inChina. China Development Bank (CDB) is the shareholder of CADFund, who provide resources and support to CADFund. By briefly comparing Nordic DFIs and CADFund, we found they use similar investment instruments and also similar strategies, such as investment in less developed countries inAfricato improve economic conditions, support home companies investing in Africa etc. Including an analysis on CAD as well as the comparison with Nordic DFIs not only strengthen the understanding of DFIs’ activities in Africa, but also clarify the different investment characteristics of Western and Eastern investors in Africa. We also suggest that Nordic DFIs and CADFund can share experience and knowledge to promote sustainable development for Africa.Nordic Development Finance Institutions (DFIs) spelar en viktig roll för att skapa en hållbar utveckling för Afrika i linje med dess mandat. Genom att investera i private Equity-fonder i Afrika har investeringsföretagen täckt olika sektorer i Afrika, något som inte bara kan förbättra den ekonomiska utvecklingen, utan även öka sysselsättningen. Dessutom kan investering i fonder sprida risker genom diversifiering och hjälpa instituten för DFI att sprida kunskaper från fondförvaltare på lokal närvaro. Denna studie analyserar ledningskontrollsystemet för DFIs’ investeringar i private Equity-fonder och vi fokuserar främst på produktions- och beteendekontroll, Dessa är de två typer av styrning som allmänt diskuteras i tidigare forskning och litteratur. Härmed ställer vi upp följande tre hypoteser som är baserade på relevant forskning och slutsats för att stödja nedslående hypoteserna: 1. DFIs använder en produktionskontrollmekanism med avtalsram för att säkerställa sina investeringar. Produktionskontroll-mekanismen är en metod som sätter standard enligt målet. Denna metod fungerar som den mest grundläggande i kontrollprocessen, eftersom avtalsramarna redan är standardiserade i privata Equity-fonder och fondförvaltaren är omsorsgsfullt valda i den initiala urvalsprocessen. 2. DFIs använder kontroll av beteende för att interagera med fondförvaltare. Beteendekontroll används beroende på utfall av investesteringen, och i denna kontrollprocess verkställs lämpliga instruktioner och riktlinjer efter resultat. DFI och fondförvaltaren samarbetar här för att följa investeringsprocessen och utvecklingseffekten, däribland också att fatta investeringsbeslut. 3. DFIs' saminvesteringar i fonder kommer att påverka dess kontrollverksamhet. DFI investeringsstrategier är att göra saminvesteringar i fonder. När flera partier är inblandade blir spårande- och kontrollprocessen annorlunda jämfört med endast en investerare och detta är påverkad av sammarbetsinvesteringar. Även om vi inte gjorde en djup undersökning av kontrollmekanism och processen under sammarbetsinvestering gällande kvantitativ och kvalitativ metoder eller fältstudier. Men vi sammanfattar detta att det existerar via kommunikation med intervjuer i föreliggande studie kan vi sammanfattningsvis slå fast att styrningen via fonder påverkas av att en DFI inte ensamt investerar i en fond. Ordet "kontroll" (på svenska snarare ”styrning”) kan låta byråkratiskt, men vi kommer fram till att kontrollprocessen huvudsakligen sker i samförstånd för varje part, medan beteendekontroll underlättar samförståndet. Vi tror att kontrollprocessen blir mindre komplicerad när val av godtrogna parter lyckas. Vi föreslår ett utökat samarbete mellan DFIs och andra investerare och fonder under kontrollprocessen, så att investeringsmålen kan uppnås. Förutom investeringar från nordiska DFIer drar Afrika också fördel av andra initiativ, såsom Kinas "going global"-strategi för att uppmuntra direkta utlandsinvesteringar. Den Kinesisk-Afrikanska Utvecklingsfonden (CADFund) är den första fonden som fokuserar speciellt på strategiska investeringar, med det största antalet private Equity-fonder i Kina, medan Kinesiska utvecklingsbanken (CDB) är aktieägare till CADFund, och förser fonden med resurser och stöd. Genom en kort jämförelse av Nordic DFIs och CADfund fann vi att liknande investeringsinstrument med samma strategi används, såsom investering i mindre utvecklade länder i Afrika för att förbättra de ekonomiska villkoren, hjälpa företag från respektive hemland att investera i Afrika etc. Detta kan också stärka förståelsen för DFIs verksamhet i Afrika. Vi har valt att även analysera CADFund samt göra en jämförelse med de nordiska DFIs, vilket inte bara stärkt vår förståelse av DFIernas aktiviteter i Afrika, men också hjälpt till att förstå och klargöra skillnader mellan investerare från väst respektive öst när det gäller investeringar i Afrika. Vi föreslår även att nordiska DFIs och CADfond kan dela erfarenhet och kunskap för främjande av den hållbara utvecklingen i Afrika.
摘 要 北欧发展金融组织构成了为非洲提供可持续发展的重要组成部分，这也符合其运作的使命。通过投资在非洲的私募股权基金，受资公司覆盖非洲的各行业，这不仅促进了当地经济的发展，而且也增加了就业机会。与此同时，投资于基金能够分散风险，并且北欧金融组织能够和当地的基金经理分享投资经验与知识。 本文分析了北欧发展金融组织投资私募股权基金采用的管理控制流程，我们重点研究产出控制和行为控制，这两种控制方法在以前的研究和文献中也被广泛提及。同时我们基于相关理论提出三种假设并得出结论来支持研究问题，它们是： 1.北欧发展金融组织采用产出控制方法及一系列合同及框架条款来保证他们的投资. 产出控制指的是一种根据目标设立标准的控制方法，它在控制控制中起着基础性的作用，因为合同条在这个行业已经基本标准化，而且它们在筛选基金经理时有严格的条件。 2.北欧发展金融组织采用行为控制方法来影响制约基金经理。 行为控制指当结果可以预知时，在控制过程中采用适当的规范和准则.当北欧发展金融组织与基金经理互动来跟踪投资进展，发展效应，以及做投资决定时，它就变得至关重要。 3.北欧发展金融组织的联合投资将会影响到他们的控制行为。 北欧发展金融组织的投资策略是与其他组织共同投资于基金。当多方参与时，跟踪和控制流程就与只有一个投资者参与时不一样，而且其受联合投资的影响。虽然我们没有用定性和定量的方法甚至案例来深入研究在联合投资下的控制机制和流程，但是根据多方面的采访我们认为这个影响确实存在。 “控制”一词虽然听起来官僚，但是我们发现在控制流程中各方的精诚合作至关重要，同时行为控制也能加强这种合作。在这种情况下，我们认为在前期选择好合作伙伴后控制流程就变得相对简单。我们的建议是北欧发展金融组织和其他投资者以及其与基金的合作应该加强，从而实现更好的投资目标。 除了北欧发展金融组织外，非洲也受益于中国的“走出去”对外投资战略。中非发展基金是第一只也是中国最大的专注于非洲投资的私募股权基金。国家开发银行（国开行）是中非发展基金的股东,它可以为该基金提供项目资源与支持。通过对北欧发展金融组织和中非发展基金的简单对比，我们发现他们采用类似的投资工具和策略, 比如投资于非洲的不发达国家来改变当地的经济状况,支持本国企业在非洲投资等.这也将加强读者对北欧发展金融组织在非洲的认识。我们同时也建议北欧发展金融组织和中非发展基金之间能交流投资经验和知识来更好地推动非洲的可持续发展。
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Mumba, Mabvuto. "Analysis of volatility spillover effects between the South African, regional and world equity markets". Thesis, Rhodes University, 2011. http://hdl.handle.net/10962/d1002691.
Texto completoResumen
The current study examines the extent and magnitude by which global and regional shocks are transmitted to the volatility of returns in the stock markets of South Africa, Egypt, Nigeria, Botswana, Mauritius and Egypt. This is done so as to make inferences on the level of the domestic market‟s integration into the regional and world capital markets. By applying multivariate and univariate GARCH models, using weekly data from June 1995 to May 2010, the main empirical findings are threefold. Firstly, the volatility analytical framework finds statistically significant and time-varying volatility spillover effects from the regional and global markets to the South African market. Global shocks are generally stronger and account for up to 23.9 percent of the volatility of South Africa‟s equity market compared to weaker regional factors which account for less than 1 percent of domestic variance. Only in countries with strong bilateral trade and economic links with South Africa, such as Botswana and Namibia, is it found that regional factors are more dominant than global factors for domestic volatility. Compared to the other African markets, the joint influence of foreign shocks on domestic volatility is highest in South Africa and Egypt, two of Africa‟s largest and most developed markets. The results further demonstrate that for all the African markets the explanatory power of both regional and global factors for domestic volatility is not constant over time and tends to increase during turbulent market periods. Secondly, the analysis of the determinants of South frica‟s second moment linkages with the global market suggests that the volatility of the exchange rate plays a cardinal role in influencing the magnitude by which global shocks affect domestic volatility. The increased global integration in the second moments cannot be attributed to either increased trade integration, convergence in inflation rates or to convergence in interest rates between South Africa and the global markets. Lastly, tests were conducted to examine whether there have been contagion effects from the regional and global markets to South Africa from the 1997 Asian crisis and the 2007/8 global financial crisis. The results show no evidence of contagion during either the East Asian currency crisis or the recent global financial crisis to South Africa, while some African markets, such as Egypt, Mauritius and Botswana, exhibit contagion effects from either crisis. Overall, the empirical findings generally support the view that African markets are segmented both at the regional and global levels as domestic volatility is more influenced by local idiosyncratic shocks (the proportion not attributable to either global and regional factors). However, the volatility of South Africa, and to a lesser extent Egypt, remains relatively more open to global influence. This implies that the potential for gains from international portfolio diversification and the scope for success of policies aimed at the stabilisation of equity markets in these markets exist.
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Hussein, Jwan. "A time series analysis of private and public investment in Iraq's economic growth process (1970-2010)". Thesis, University of Plymouth, 2015. http://hdl.handle.net/10026.1/3651.
Texto completoResumen
Since the 1980s, there has been growing recognition among developing countries that an essential foundation for sustainable growth is capital investment, both public and private. While Iraq is an oil-rich country, with substantial oil revenue, only a small proportion of it has been allocated to importing the capital that is most needed, while the rest has mainly been used for consumption purposes. The effects of the oil-driven state development, conflicts, sanctions, high unemployment and delayed reforms have significantly shaped Iraq’s economy and limited the potential for private-sector-led growth over the past 40 years. This conclusion is worrying for a country like Iraq, which has shown some downward trends in private and public investment, both in the total amounts and relative to GDP. This study, the first of its kind, empirically assesses the pattern of domestic private investment in Iraq and its key determinants over the past four decades. It also examines the issue of the complementarity (crowd-in effect) or substitutability (crowd-out effect) between public capital and private investment in the trend in economic growth. Finally, it evaluates the determinants of public investment, to reveal the indirect impacts oil revenue has on private investment through the increasing of public investment. The thesis employs time-series data and annual datasets covering 1970-2010. Both the ADF and the PP unit root tests are employed to test for the stationarity of the data. Johansen’s cointegration is used to establish the long-run equilibrium relationship among the variables in the models. The VECM is also utilized to examine the short-run dynamics between the variables. The main empirical results support the accelerator principle hypothesis of a positive relationship between GDP and private investment. The McKinnon-Shaw hypothesis is, however, not verified in the case of Iraq but there is some evidence that private investment is crowded in by public investment, and that oil revenue has an indirect effect on private investment.