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1
Zhang, Miao y 张苗. "Hong Kong investors' experience with structured financial products: financial literacy, learning, and socialnetworks". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2010. http://hub.hku.hk/bib/B4492169X.
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Charot, Lucie. "La protection contre la faillite dans les financements structurés". Electronic Thesis or Diss., Paris Sciences et Lettres (ComUE), 2019. http://www.theses.fr/2019PSLED075.
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La protection contre la faillite dans les financements structurés est recherchée activement par les créanciers financeurs par la structuration, mais aussi par la contractualisation. Celle-ci présente cependant la particularité d’être poursuivie contre l’application d’un droit, à savoir le droit des entreprises en difficulté. Cette technique, pouvant être qualifiée de montages, fait appel à de nombreux mécanismes du droit des biens, du droit des obligations et du droit des sûretés. L’étude de la structuration des financements en vue de la protection contre la faillite, contre l’échec de l’opération, qui est susceptible de survenir lorsque le débiteur présente des difficultés, appelle deux séries de questionnements, couvre deux champs d’étude. D’abord, ces mécanismes sont-ils valides et efficaces ? Ensuite, que nous révèlent le droit des financements structurés et l’ingénierie financière, à la croisée de diverses branches du droit, des évolutions ou distorsions des grands principes de ces matières ?Structured financings aim to be bankprutcy remote, that is actively pursued by creditors, either through structuration or contractualisation. Brankuptcy remoteness has the particularity to be looked for against the bankruptcy law application and thus may be qualified as a montage. This technic relies upon several mechanisms of property law, contract law and security law. The bankruptcy remoteness analysis calls for two sets of questions. Firstly, are this mechanisms applicable, valid ? Then, structured financing and financial engineering being at the crossroads of several law branchs, what does the bankruptcy remotenesstechnic reveal on main principles evolutions or deformations of these laws ?
3
Sun, Jialin. "Financial reporting quality, capital allocation efficiency, and financing structure: An international study". Diss., Connect to online resource, 2005. http://wwwlib.umi.com/dissertations/fullcit/3178321.
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MENICHINI, AMILCAR ARMANDO. "Financial Frictions and Capital Structure Choice: A Structural Dynamic Estimation". Diss., The University of Arizona, 2011. http://hdl.handle.net/10150/145397.
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This thesis studies different aspects of firm decisions by using a dynamic model. I estimate a dynamic model of the firm based on the trade-off theory of capital structure that endogenizes investment, leverage, and payout decisions. For the estimation of the model I use Efficient Method of Moments (EMM), which allows me to recover the structural parameters that best replicate the characteristics of the data. I start analyzing the question of whether target leverage varies over time. While this is a central issue in finance, there is no consensus in the literature on this point. I propose an explanation that reconciles some of the seemingly contradictory empirical evidence. The dynamic model generates a target leverage that changes over time and consistently reproduces the results of Lemmon, Roberts, and Zender (2008). These findings suggest that the time-varying target leverage assumption of the big bulk of the previous literature is not incompatible with the evidence presented by Lemmon, Roberts, and Zender (2008). Then I study how corporate income tax payments vary with the corporate income tax rate. The dynamic model produces a bell-shaped relationship between tax revenue and the tax rate that is consistent with the notion of the Laffer curve. The dynamic model generates the maximum tax revenue for a tax rate between 36% and 41%. Finally, I investigate the impact of financial constraints on investment decisions by firms. Model results show that investment-cash flow sensitivity is higher for less financially constrained firms. This result is consistent with Kaplan and Zingales (1997). The dynamic model also rationalizes why large and mature firms have a positive and significant investment-cash flow sensitivity.
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Etienne, Aubrey Olivier. "Corporate capacity, special purpose vehicles, and traditional securitisation in South African company Law". University of the Western Cape, 2019. http://hdl.handle.net/11394/7635.
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Doctor Legum - LLDThe ideals of shareholder and creditor protection are affected by legislation pertaining to the validity of a company’s transactions. Until legislative reforms introduced in the twentieth century, a company’s capacity and the ultra vires doctrine traditionally limited the company’s ability to contract. Therefore, the legal framework regulating corporate capacity influences a company’s interactions with outsiders. The goal of the law in this regard should be to facilitate commerce while providing adequate protection to all affected stakeholders. South Africa’s Companies Act 71 of 2008 (the Act) contains several novel provisions regarding a company’s capacity, the desirability of which is questionable. Special purpose vehicles (SPVs) are used for various purposes in commerce, from asset holding in the financial services sector to concluding complex financial functions in corporate finance. For instance, traditional securitisation is a financial engineering technique that makes use of corporate SPVs. Traditional securitisation is a valuable risk management, earnings management, and corporate financing tool. Incorporators of securitisation SPVs often include capacity restrictions in the constitutions of such entities as a means of reducing the likelihood that the SPV will be subject to liquidation proceedings.This thesis analyses the capacity provisions in the Act to determine whether they provide a commercially desirable framework to facilitate the activities of SPVs used in traditional securitisation schemes. The thesis argues that the capacity provisions in the Act in their current form are undesirable because they place third parties at too great a risk in exchange for inconsistent and unreliable shareholder protection. Executory ultra vires contracts concluded by limited capacity companies are at the same time valid and capable of being restrained by a single shareholder, director or prescribed officer of the company. It is argued that the Act’s approach to corporate capacity is detrimental to commercial certainty and creditor protection, and that capacity restrictions under the current framework do not provide any more shareholder protection than ordinary authority limitations would. Consequently, it is argued that the capacity provisions in the Act do not make a positive contribution to the “insolvency-remoteness” of SPVs used in traditional securitisation schemes. It is recommended that the capacity provisions in the Act should be substantially amended, or deleted.
6
Wojtek, Andrew Ilias. "The Optimization of Leveraged Buyout Financing Structures". St. Gallen, 2009. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/05612577001/$FILE/05612577001.pdf.
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Hammes, Klaus. "Essays on capital structure and trade financing /". Göteborg : Dept. of Economics [Nationalekonomiska institutionen], Univ, 2003. http://www.handels.gu.se/epc/archive/00002944/01/hammesdissNE.pdf.
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Lagace, Vincent. "Financing rural producer organizations: Assessing market innovations". Thesis, University of Ottawa (Canada), 2011. http://hdl.handle.net/10393/28895.
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Rural producer organizations are being increasingly recognized for their efforts in improving the livelihoods of small farmers across the developing world. Caught between microfinance and commercial banks, these organizations however often struggle to access the necessary funds to bring their product to market or finance much-needed infrastructure.
In recent years, a growing recognition of the problem has led to the emergence of a new generation of specialized financial institutions (commonly called alternative lenders). Using innovative supply-chain oriented strategies such as reverse factoring, these lenders aim to catalyze the emergence of local financial markets that meet the needs of rural producer organizations. This thesis evaluates the need for these financial innovations, their impact as well as the business case for lending to rural producer organizations. This assessment is achieved through documentary research, literature review and three case studies of coffee rural producer organizations in the Mexican states of Oaxaca, Veracruz and Chiapas.
This thesis concludes that although a RPO financing gap was indeed identified in Mexico in the early 2000s, this gap was found to be receding in recent years due to the Mexican government's success in encouraging commercial lending to the sector through FIRA, a second-tier development bank, and changes in the financial regulatory framework allowing the rise of two categories of non-bank financial institutions, the SOFOL and SOFOM.
The study also found a business case for profitable lending to rural producer organizations. All three studied organizations, despite their challenges, were found to be dynamic businesses with financing needs undoubtedly beyond what the microfinance market has to offer. This thesis however identifies several risk factors for potential lenders: vulnerability to price fluctuations and local competition, the politicized nature of RPOs, dependence on public and private subsidies as well as low internal capacity in financial management and accounting.
This thesis evaluated the impact of recent financial innovations to be moderately positive at worst and transformational at best on rural producer organizations. The loans provided by alternative lenders allowed the organizations to gain precious credit experience while capitalizing on market opportunities that could have otherwise been out of reach.
Finally, this thesis concluded by suggesting a few strategies that could be used by alternative lenders to maximize their impact, including adjusting their interest rates to market conditions, working with local financial institutions, diversifying their client base, taking more risks, strengthening RPO capacity through capacity-building programs and leveraging RPO internal credit funds to unlock underserved rural microfinance markets.
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Spennare, Karin. "The Zero-leverage Puzzle : Evidence from Sweden". Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-450351.
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This study investigates why some firms have no debt in their capital structure despite the potential benefits of leverage. A logistic regression analysis is used to examine the impact of firm-specific characteristics on a firm’s propensity to have zero leverage. The validity of five theoretical explanations for the zero-leverage phenomenon are examined based on how the theories predict characteristics to affect a firm’s propensity to be unlevered. Analysing a new sample of Swedish firms listed on Nasdaq Stockholm in 2005-2018, I show that on average 14.2% of all firms are unlevered. The regression results suggest that the phenomenon of zero-leverage firms can be explained by a combination of several theories. Some firms seem forced to follow zero-leverage policies due to credit rationing by lenders. Others appear to be deliberately debt-free either because they have low needs of external financing or because they strategically want to avoid debt. The study’s main findings for zero-leverage firms are also robust to firms with very low debt (book leverage less than 5%).
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Benouaich, David (David Olivier) 1970. "Financing and ownership structures in international project finance". Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/9093.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, 2000.Includes bibliographical references (leaves 127-131).
In the past twenty years there has been a new wave of global interest in project finance as a tool for financing capital-intensive projects all around the world. The crucial elements in structuring a project finance transaction are: the risk allocation process, the determination of the best type of ownership structure, and the development of a complete and integrated set of financial and contractual arrangements. This thesis examines the ownership and financing structures in International Project Finance. Selection of the form of business organization for a project is an important step in project development and depends on a variety of business, legal, accounting, tax and regulatory factors. This thesis presents four forms of ownership structure most frequently used for developing a project and highlights the reasons of selecting one of them. The variety of sources of funds, with a trend towards the increasing development of sophisticated capital market instruments, provides project sponsors with flexibility to select the appropriate structure to finance a project. This thesis presents the three types of capital used in project financing and details the alternatives for financing a project from its development phase to its operating phase showing that the project financing is a dynamic process. After having developed a basic framework for structuring an international project finance transaction, this thesis ends by exposing projects financed on a project-financing basis. These projects are characterized by some specific features, such as refinancing prior to project completion or use of capital market financing.
by David Benouaich.
S.M.
11
Bohma, S. "Financial Markets in the Financial Structure of Euro Area". Thesis, National Mining University, 2007. http://essuir.sumdu.edu.ua/handle/123456789/62288.
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The article observes financial markets and their role in the financial system. The classification of financial markets is done. The main categories of financial instruments are described.У статті розглянуто фінансові ринки та їх місце у фінансовій системі. Наведена класифікація фінансових ринків та розглянуті основні види фінансових інструментів.
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Liedholm, Carl-Fredrik y Johan Rahm. "A risk- and performance study of financial structured products". Thesis, Umeå universitet, Institutionen för matematik och matematisk statistik, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-107984.
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We product test the structured financial products offered in Mangold Fondkommission AB’s issue nr. 7, according to guidelines set up by the European Securities and Market Authority. The constructed model is a real world economic scenario generator (ESG) that forecasts future performance of the assets that underlies each product. In the model, we assume that stock paths follow a geometric Brownian motion where volatility is time dependent, heteroscedastic and auto correlated. Given a forecast, we test a product’s performance to receive understanding of the risks that a holder might face. The results have led to the conclusion that the potential return corresponds to the level of risk taken by the investor. Thus, product testing would serve as good practice for all distributors in order to find the most suitable structured product for a given customer due to their risk- and reward profile.
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Mohamed, Zabri Shafie. "Financing preferences and capital structure among successful Malaysian SMEs". Thesis, University of Plymouth, 2013. http://hdl.handle.net/10026.1/2861.
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The increasing importance of economic contributions of small and medium-sized sized enterprises (SMEs) around the world, especially in developing countries, motivated a better understanding of financial practices among SMEs. Financial support is among the factors affecting the success of SMEs. However, studies on the financial practices among successful SMEs in Malaysia are still limited. An understanding of the financial practices of this particular group of SMEs is essential in developing a supportive financial framework to achieve national agenda for improving SMEs sustainability and increasing the overall SMEs’ contributions to the Malaysian economy. This research investigates the financial practices among successful SMEs in Malaysia based on the list of Enterprise 50 award winners from 1998 to 2010. This specific database was chosen to serve the objective of this study. Investigations into SME managers’ level of preferences for various sources of financing, and their firms’ capital structure, are the main scope of financial practices under study. Electronic surveys among 444 SMEs were conducted with 120 responses, yielding a response rate of 29.6%. The results of analyses revealed that retained earnings and banking institutions were the most preferred sources of internal and external financing among SMEs managers. Generally, successful SMEs depend more on debt over equity-sources of financing with Debt-to-Equity ratio (DER) of 57 to 43. Furthermore, managers’ ownership status, highest level of education and level of experience are found to have a statistically significant association with their level of financing preferences. On the other hand, non-debt tax shields, tangibility and liquidity were found to have a statistically significant relationship with a firm’s capital structure. Managers’ levels of financing preferences were also found to be significantly associated with the proportion of their firm’s capital structure. Multivariate analyses revealed that managers’ levels of financing preferences were explained by their ownership status, highest level of education and level of experience, while the proportions of a firm’s capital structure are significantly explained by the manager’s levels of financing preferences. Finally, firms’ capital structures were found to be influenced by non-debt tax shields, tangibility and liquidity. This research enhances the existing body of knowledge of the financial practices of successful SME in Malaysia, by providing information on managers’ level of financing preferences and firms’ capital structure. This is the first study to focus on investigating the level of financing preferences among managers of SMEs in Malaysia. In addition, the firm’s capital structure was also investigated. This new knowledge will improve understanding and will enable further enhancement of knowledge in this area of financial practices among successful small businesses, in general, and particularly in the case of Malaysian SMEs.
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Henchiri, Hanène. "Essais sur l'incidence de l'environnement institutionnel sur les décisions financières des firmes". Thesis, Orléans, 2011. http://www.theses.fr/2011ORLE0513/document.
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Les imperfections des marchés financiers et l'incomplétude des contrats financiers compliquent la conclusion d'ententes entre les firmes et les parties prenantes. Plusieurs solutions sont proposées pour réduire ces problèmes et faciliter la conclusion des contrats financiers. Les contrats étant enveloppés par un cadre institutionnel, ils en sont imprégnés et affectés. Les institutions sont donc une des solutions aux imperfections des marchés et à l'incomplétude des contrats. Les résultats de notre étude le prouvent clairement. Cette étude montre que le niveau de développement et la structure du système financier (en particulier la part relative des financements bancaires et de marché), les conditions de régulation du système bancaire (les formes et l’étendue de la supervision) et certaines caractéristiques des systèmes juridiques (la protection des créditeurs), ont un effet significatif sur les contraintes d'investissement. Il apparaît que la bonne qualité des institutions facilite l'accès aux financements et qu'elle renforce les garanties exigées pour l'octroi de la dette. De fait, la piètre qualité des institutions d’un pays constitue une entrave à l'accès au financement par le secteur privéThe imperfections of financial markets and the incompleteness of financial contracts cause commitments between firms and stakeholders to become more complex. Several solutions are suggested in order to reduce such problems and to facilitate the conclusion of financial contracts. Contracts evolve within an institutional structure, an environment by which they are conditioned. Institutions are one of many solutions to market imperfections and to contract incompleteness. Results bring out relevant effects of the financial system’s development and structure (particularly the amount of banking over market financing), banking regulation (the supervisory methods and their extent) and some characteristics of the legal systems (such as creditor protection) on investment constraints. It appears that sound and healthy institutions facilitate access to funding and strengthen the collateral required to secure bank financing. Consequently, poor quality of a country’s institutions hinders access to financing by the private sector
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Koenig, Christian. "Structured Gambling Products and Behavioral Financial Engineering". St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/00160986001/$FILE/00160986001.pdf.
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Banerjee, Shantanu. "Buyer-supplier relationships and financial structure /". View abstract or full-text, 2005. http://library.ust.hk/cgi/db/thesis.pl?FINA%202005%20BANERJ.
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Biswas, Swarnava. "Essays in banking and financial structure". Thesis, University of Warwick, 2014. http://wrap.warwick.ac.uk/66434/.
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The first essay (Chapter 2) highlights the positive effect of banks on direct financing in a setting where each agent believes that she can evaluate information better than any other agent. Banks emerge endogenously and they encourage direct financing through the use of underwriting and liquidity (reserve) requirements. Banks sell underwriting contracts to investors who wish to invest directly. Bank reserves reassures direct investors that the underwriting contract will be fulfilled. This results in the financing of positive NPV projects that were previously denied credit. In the second essay (Chapter 3) an entrepreneur has the choice to access either monitored bank financing or un-monitored bond financing. Project type is private information of the entrepreneur and as a consequence, in the unregulated equilibrium, there is some inefficient over-monitoring by banks when the banking sector is competitive. Bank lending becomes more efficient and the net interest margin falls as bond financing becomes cheaper and the bond market expands. In contrast, if the banking sector is monopolistic, the equilibrium is either efficient or there is inefficient under-monitoring by banks. The final essay (Chapter 4) proposes a model of optimal bank capital structure. There are two types of potential investors with different monitoring skills. The skilled can monitor a project and increase its productivity, whereas the unskilled cannot. Also, the skilled can divert a part of the project’s return without being detected by the unskilled. Banks emerge endogenously and bank capital structure is relevant. The skilled become the bank’s equity-holders whereas the unskilled become depositors. Our model explains why bank equity is more expensive than deposits.
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Flore, Raphael [Verfasser], Felix [Gutachter] Bierbrauer y Martin [Gutachter] Hellwig. "Optimal Financing Structures / Raphael Flore ; Gutachter: Felix Bierbrauer, Martin Hellwig". Köln : Universitäts- und Stadtbibliothek Köln, 2018. http://d-nb.info/1171422709/34.
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Theodossiou, Alexandra Kleanthis Szewczyk Samuel. "Reasons for financing R & D using the SWORD structure /". Philadelphia, Pa. : Drexel University, 2007. http://hdl.handle.net/1860/1872.
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麥秀蓮 y Sau-lin Linda Mak. "An investigation into the financing structure of PRC hotel projects". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1988. http://hub.hku.hk/bib/B31264438.
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Mak, Sau-lin Linda. "An investigation into the financing structure of PRC hotel projects /". [Hong Kong : University of Hong Kong], 1988. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12437165.
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Kartobi, Salah Eddine. "Déterminants de la structure financière et réactions du marché boursier aux décisions de financement : cas des sociétés cotées à la bourse des valeurs de Casablanca". Thesis, Nice, 2013. http://www.theses.fr/2013NICE0008/document.
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S’appuyant sur les principales théories de financement et tenant compte du contexte qui cadre les décisions de financement, cette recherche a un double objectif. D’une part, appréhender les déterminants de la structure financière des entreprises marocaines et d’autre part, évaluer l’effet des décisions de financement de ces entreprises sur leurs cours boursiers. Dans un premier temps et à travers une étude économétrique, nous avons vérifié la capacité des déterminants traditionnels de l’endettement à expliquer la structure financière des entreprises marocaines en période normale et en période de crise financière. Dans un deuxième temps, nous avons testé la théorie des conventions qui stipule l’existence de régimes de financement. Pour ce faire, nous avons réalisé une analyse en composantes principales et une classification hiérarchique ascendante. Dans un dernier temps, nous avons conduit une étude d’événement pour évaluer la réaction du marché boursier aux décisions de financement. Notre recherche a porté sur un panel de 50 entreprises non financières cotées à la bourse des valeurs de Casablanca et sur 16 annonces relatives à des décisions d’augmentation de capital et d’emprunt obligataire. Les résultats indiquent que seules quelques variables issues de la théorie financière jouent un rôle important dans la politique de financement des entreprises marocaines. Ainsi, en tenant compte de l’effet taille et de l’effet de la crise financière, l’influence de ces variables diffère d’un compartiment de cotation à l’autre ainsi que d’une période à l’autre. Par ailleurs, les résultats obtenus indiquent que la structure financière se présente comme un régime de financement qui est influencé par la nature des besoins à financer. Ainsi, en période normale, l’autonomie est le régime auquel adhère la plupart des entreprises de l’échantillon. En revanche, le régime de découvert est le mieux représenté en période de récession. Les résultats de l’étude d’événements indiquent que le marché boursier marocain ne réagit pas aux annonces d’augmentations de capital et d’émissions obligataires et montrent que les informations transmises par les décisions de financement n’auraient pas de valeur pour les investisseurs marocainsBased on the primary financing theories and considering the context of financing decisions, this study serves two purposes. On the one hand, understanding the determinants of the Moroccan corporations financial structure, and on the other hand, evaluating the impact of these corporations financing decisions on their stock exchange prices. As a first step, we verified through an econometric study, the ability of traditional determinants of debt to explain the financial structure of Moroccan corporations during regular times and during financial crisis times. As a second step, we tested the theory of conventions which states the existence of financing modes. To that end, we carried out an analysis of the main components and a top-down classification. On last time, we carried out an events study in order to evaluate the stock market response to financing decisions. Our study targeted a series of 50 non-financial corporations listed in the Casablanca stock exchange and on 16 capital increase and bond financing announcements. Results show that only a few variables, originally from the financial theory, play a primary role in the financing policy of Moroccan corporations. Thus, considering the size and financial crisis effects, the influence of these variables changes from a compartment to another, and also from a period to another. Furthermore, the final results show that the financial structure stands as a financing mode which is influenced by the financial needs nature. Thus, in regular times Autonomy is the regime that adheres to most firms in the sample. In contrast, overdraft regime is best represented in recession. The events study results suggest that the Moroccan stock market is not responding neither to capital increase announcements nor to bond announcements, and indicate that communicated information by the financing decisions are not valuable to Moroccan investors
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Subramanian, Shwetha. "Structured financial solutions for green affordable housing projects". Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33176.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (p. 63).
Environmentally responsible buildings are increasing gaining recognition in the building industry because they address objectives such as conserving natural resources, improving energy efficiency and indoor air quality and they make more economic sense. Affordable housing and Green buildings in particular combine well together as the goals of both overlap. A joint team comprising of New Ecology Initiatives, the Tellus Institute, LISC Boston and the Green CDC's Initiative is currently investigating the Costs and Benefits of Green Affordable Housing. This thesis builds on the research in progress, by focusing on the financial challenges and opportunities faced by green affordable housing. In an attempt to incentivize green affordable housing, this thesis investigates the capital sources that are available at key stages of the development process and how they can best be allocated to meet the costs and needs that arise at each developmental stage. Specifically, the fiscal sources utilized on two representative projects- one rental project and one homeownership project, were analyzed and solutions were found to restructure these resources to pay for green premiums. Several viable solutions emerged to offset the incremental costs of greening in the early phases of the two projects.
(cont.) But the most significant finding of this thesis was the opportunity for cost savings and enhancement of economic value of Green Affordable housing by capitalizing savings from lowered operating costs. This is a powerful mechanism that has the ability to service more debt on the project and cover costs incurred during the interim stages. This thesis demonstrates that there are several ways of structuring successful financing solutions to meet the objectives of all the participants involved, thereby making Green Affordable housing a financially sustainable proposition.
by Shwetha Subramanian.
S.M.
24
Jabotinsky, Hadar Yoana <1978>. "The Structure of Financial Supervision: Consolidation or Fragmentation for Financial Regulators?" Doctoral thesis, Alma Mater Studiorum - Università di Bologna, 2014. http://amsdottorato.unibo.it/6737/1/The_Structure_of_Financial_Supervision_-_consolidation_or_fragmentation_for_financial_regulators_-_full_disser.pdf.
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This research was designed to answer the question of which direction the restructuring of financial regulators should take – consolidation or fragmentation.
This research began by examining the need for financial regulation and its related costs. It then continued to describe what types of regulatory structures exist in the world; surveying the regulatory structures in 15 jurisdictions, comparing them and discussing their strengths and weaknesses.
This research analyzed the possible regulatory structures using three methodological tools: Game-Theory, Institutional-Design, and Network-Effects.
The incentives for regulatory action were examined in Chapter Four using game theory concepts. This chapter predicted how two regulators with overlapping supervisory mandates will behave in two different states of the world (where they can stand to benefit from regulating and where they stand to lose). The insights derived from the games described in this chapter were then used to analyze the different supervisory models that exist in the world.
The problem of information-flow was discussed in Chapter Five using tools from institutional design. The idea is based on the need for the right kind of information to reach the hands of the decision maker in the shortest time possible in order to predict, mitigate or stop a financial crisis from occurring.
Network effects and congestion in the context of financial regulation were discussed in Chapter Six which applied the literature referring to network effects in general in an attempt to conclude whether consolidating financial regulatory standards on a global level might also yield other positive network effects.
Returning to the main research question, this research concluded that in general the fragmented model should be preferable to the consolidated model in most cases as it allows for greater diversity and information-flow. However, in cases in which close cooperation between two authorities is essential, the consolidated model should be used.
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Jabotinsky, Hadar Yoana <1978>. "The Structure of Financial Supervision: Consolidation or Fragmentation for Financial Regulators?" Doctoral thesis, Alma Mater Studiorum - Università di Bologna, 2014. http://amsdottorato.unibo.it/6737/.
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This research was designed to answer the question of which direction the restructuring of financial regulators should take – consolidation or fragmentation.
This research began by examining the need for financial regulation and its related costs. It then continued to describe what types of regulatory structures exist in the world; surveying the regulatory structures in 15 jurisdictions, comparing them and discussing their strengths and weaknesses.
This research analyzed the possible regulatory structures using three methodological tools: Game-Theory, Institutional-Design, and Network-Effects.
The incentives for regulatory action were examined in Chapter Four using game theory concepts. This chapter predicted how two regulators with overlapping supervisory mandates will behave in two different states of the world (where they can stand to benefit from regulating and where they stand to lose). The insights derived from the games described in this chapter were then used to analyze the different supervisory models that exist in the world.
The problem of information-flow was discussed in Chapter Five using tools from institutional design. The idea is based on the need for the right kind of information to reach the hands of the decision maker in the shortest time possible in order to predict, mitigate or stop a financial crisis from occurring.
Network effects and congestion in the context of financial regulation were discussed in Chapter Six which applied the literature referring to network effects in general in an attempt to conclude whether consolidating financial regulatory standards on a global level might also yield other positive network effects.
Returning to the main research question, this research concluded that in general the fragmented model should be preferable to the consolidated model in most cases as it allows for greater diversity and information-flow. However, in cases in which close cooperation between two authorities is essential, the consolidated model should be used.
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Vanerová, Michaela. "Strategie financování podniku". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-221667.
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In my study for the Master´s thesis "Corporate Financial Strategy " I expain terms, such as enterprise financing and its structure, long and short-term financing, external, internal and alternative financing optimum financial structure and its costs.This all I applicated in the study where try to asses the fianancial structura and financing of real company. I analyse the ways how to secure the company´s liquidity and solvency, financial equilibrium and healt by means of the financial analysis of the activity and results of the company.
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Costa, Magali Pedro. "How does product market structure influence financial structure and bankruptcy risk?" Master's thesis, Universidade de Évora, 2013. http://hdl.handle.net/10174/12087.
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The decision-making process is crucial to the success or failure of an organization. We can analyze financial decisions (particularly decisions regarding capital structure) and/or operational decisions (quantities and prices to be charged). These decisions are influenced by the dynamic economic and competitive environment in which firms live. The dissertation aims, using a game theoretical framework, to examine how market structure influences financial and product market decisions and consequently the bankruptcy risk .It analyzes the impact of changes at the level of demand uncertainty, in the degree of product differentiation and the asymmetry in marginal production costs on the risk of bankruptcy. The analysis is performed assuming a duopoly market where there is uncertainty in demand and where firms compete in quantities; ### Resumo:
O processo de tomada de decisão é crucial para o sucesso ou insucesso de uma organização. Pode-se falar em decisões financeiras (particularmente decisões quanto à estrutura de capital) e/ou em decisões operacionais (quantidades e preços ótimos a praticar). Estas decisões são influenciadas pelo contexto económico e concorrencial dinâmico em que as empresas vivem.
Esta dissertação pretende, utilizando o enquadramento da teoria dos jogos, analisar como é que a estrutura de mercado influencia as decisões financeiras e do mercado do produto e consequentemente o risco de falência. É analisado o impacto de mudanças no nível de incerteza na procura, no grau de diferenciação do produto e na assimetria nos custos de produção sobre o risco de falência. A análise será feita assumindo um mercado duopólio onde existe incerteza na procura e onde as empresas competem em quantidades.
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Gomis, Porquet Roger Magí. "Essays on competition, financial structure and productivity". Doctoral thesis, Universitat Pompeu Fabra, 2018. http://hdl.handle.net/10803/565612.
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In this thesis I analyze 3 current empirical questions of interest in macroeconomics. The first concerns the effect of competition on cash holdings. The large increase in cash held by US firms has increased interest in competition as a possible driver, with contradictory results in the literature. I show that low profitability firms increase cash as a response to competition, whereas high profitability firms do the reverse. Afterwards, I focus on the effects of financial structure on productivity. An interesting empirical pattern is uncovered: a firm’s own debt does not harm its own productivity, but aggregate debt does. The negative relationship is shown to work through a real estate valuation channel. Finally, I uncover short-lived pro-cyclical spikes of adjusted aggregate productivity precisely timed at the beginning and end of recessions. I show that they are likely to be associated with demand-side movements, rather than technology shocks.En aquesta tesi analitzo 3 qüestions empíriques actuals d'interès en macroeconomia. La primera tracta sobre l'efecte de la competència en els balanços d'efectiu. El gran increment en l'efectiu en possessió d'empreses dels Estats Units ha dut interès en la competència com a possible causa. En aquesta tesi es demostra que les empreses amb baixos beneficis incrementen el seu efectiu en resposta a més pressió competitiva, mentre que les empreses amb beneficis alts fan el contrari. La segona qüestió és l'efecte de l'estructura financera en la productivitat. Un patró interessant és descobert, el deute d'una empresa no fa baixar la seva productivitat, però sí que ho fa el deute agregat. Aquesta relació sembla causada per un canal basat en els preus immobiliaris. Finalment, es detecten moviments de la productivitat ajustada per utilització, pro-cíclics, poc persistents i durant exactament el principi i el final de les recessions. Aquests semblen causats per factors relacionats amb la demanda, i no factors tecnològics.
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Lindbergh, Lars. "Essays of Financial Performance and Capital Structure". Doctoral thesis, Umeå universitet, Företagsekonomi, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-213.
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This thesis consists of an introductory chapter and four self-contained essays on financial performance and capital structure. Essay I assesses the strength of strategic inputs into profitability among firms within several sub-sectors within the industrial service sector in the U.S. and Sweden. In this study we employ an ordinary least square regression. The results, coupled with structural observations on production sectors, suggest that significant differences may indeed occur in both productivity and pricing in the two systems, i.e. the U.S. and Sweden. Essay II estimates the impact of operating costs and cost of debt on revenue, profit generation and asset retention in public housing companies in Sweden. A general conclusion to draw from the empirical results is that expentitures on consolidated maintenance is not only associated with short-term rental revenues, but undoubtedly long-term viability as well. Further, first difference results suggested that negotiated rents produced operating profits that kept pace with revenues over the time period of study. Essay III examines the impact of selected financial and contextual variables on managers’ decisions to appropriate funds to tax allowances in small firms in Sweden. The motive for appropriating to the tax allocation reserve is twofold. First, the tax allocation reserve is intended to lower the tax levy on investments financed with internally generated income. Second, it creates a possibility for firms to smooth income over a number of years. The results, from the logistic regression, suggest that financial performance, financial position and prior appropriations do impact on managers’ decision to appropriate. Essay IV examines the association between the two sides of the balance sheet based on financial statement information from small firms in Sweden The results of the multivariate canonical correlation analysis provides some support to the hypotheses that firms develop patterns, in their use of assets and their financing.
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Lindbergh, Lars. "Essays on financial performance and capital structure /". Umeå : Univ, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-213.
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Chua, Shen Hwee. "Cash holdings, capital structure and financial flexibility". Thesis, University of Nottingham, 2012. http://eprints.nottingham.ac.uk/12600/.
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This thesis is structured into two main parts to investigate the role of financial flexibility in firms’ liquidity and financing management. Financial flexibility is the most important practical determinant to managers when they make financing decisions. This missing link, financial flexibility, is identified by practitioners and used in this thesis to fill the missing gap between theory and practice in corporate finance. Part A of this thesis analyses the trends in firms’ internal financial flexibility and examines the role of this internal flexibility on investment behaviour of firms. Part B of this thesis then move on to examine the role of both internal and external financial flexibility on firms’ financing behaviour. Part A examines the relationship between debt capacity and cash as part of firms’ internal financial flexibility. Firms use both debt capacity and cash holdings for their internal flexibility management; and debt capacity is used here to explain the trends observed in cash holdings. Debt capacity is the most important determinant of cash holdings and has better ability to predict cash level compared to conventional cash determinants. Together, both debt capacity and cash contribute to firms’ internal financial flexibility and are able to explain most of firms’ investment behaviour, even during a recession period. Part B examines the role of financial flexibility in capital structure decisions. Financial flexibility is measured internally as cash and debt capacity, and externally as equity liquidity using a novel external equity flexibility index based on common equity liquidity measures. The conventional pecking order and trade-off models are used to measure the impact of financial flexibility on firms’ capital structure. The pecking order theory is contingent upon firms’ internal flexibility – debt capacity. Finally, supporting the notion that financial flexibility is the most important consideration in financing decisions, debt capacity and external equity flexibility are shown to be the most important determinants of leverage.
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Macchiavello, Rocco. "Financial constraints, industry structure and firm's boundaries". Thesis, London School of Economics and Political Science (University of London), 2007. http://etheses.lse.ac.uk/1976/.
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The first part of this Thesis analyzes the impact of financial constraints (FC) on industrial structure. Chapter 1 presents a model that disentangles several effects of FC on entry, turnover, productivity and firms size distribution. The framework is applied in Chapter 2 which develops an industry equilibrium model of vertical integration under contractual imperfections with specific input suppliers and external investors. I assume that vertical integration economizes on the needs for contracts with specific input suppliers at the cost of higher financial requirements. I show that the two forms of contractual imperfections have different effects on the degree of vertical integration, and that contractual frictions with external investors affect vertical integration through two opposing channels: a direct negative, investment, effect and an indirect positive, entry, effect. Using cross-country- industry data, I present novel evidence on the institutional determinants of international differences in vertical integration which is consistent with the predictions of the theoretical model. In particular, I show' that countries with more developed financial systems are relatively more vertically integrated in industries that are dominated by large firms. The second part (Chapter 3) asks whether vertical integration reduces or increases transaction costs with external investors. I build a model in which a seller produces a good that can be used by a buyer, or sold on a spot market. The buyer and the seller have no cash, need to finance investments for production, and can not foresee in advance whether the input is most efficiently traded on the spot market or among each other. I assume that ownership of physical assets gives control over contracting rights to those assets, that financial streams get transferred with ownership and that returns can not be perfectly verified. The net balance of the costs and benefits of integration in terms of pledgeable income depends on the relative intensities of a positive "profits-pooling" effect against a negative "de-monitoring" effect. I find that larger projects, more specific assets, and low' investors protection are determinants of vertical integration. I discuss joint liability contracts between non integrated firms and how contractual externalities among investors favor integration.
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Zakaria, Zukarnain. "Essays on financial structure and economical development". Thesis, University of Southampton, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.431951.
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Lee, Byunglak. "Financial structure and monetary policy in Korea". Thesis, Kansas State University, 1986. http://hdl.handle.net/2097/9928.
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Nichols, Randy Galbreath. "The evolution of creative real estate financing techniques : structures and applications". Thesis, Massachusetts Institute of Technology, 1989. http://hdl.handle.net/1721.1/76576.
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湯任彌 y Yum-li Benjamin Tong. "Financing schemes for investment in China: identifying the optimal capital structure". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1989. http://hub.hku.hk/bib/B31264499.
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Butcher, Catherine. "Heterodox forms of university ownership/control, governance, financing and organisational structure". Thesis, University of Roehampton, 2018. https://pure.roehampton.ac.uk/portal/en/studentthesis/heterodox-forms-of-university-ownershipcontrol-governance-financing-and-organisational-structure(4faff030-ffa8-4e1c-8a19-c4ace8f7a22e).html.
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This study explores heterodox forms of higher education institutions in the context of the intensification of neoliberal forms in the UK and Australia. It aims to understand how heterodox forms might enhance students' educational experiences, in which under-privileged students will be recipients of higher education at no cost to them. Students have been recast as customers who must pay for their education and a debt crisis is being created among young people who are made to carry, what I refer to as, an 'educational mortgage' throughout their adult life. The situation is even more burdensome for students from under-privileged backgrounds whose debts will continue to accumulate with interest as they take a longer time to repay the debt than their more affluent fellow students. An interpretivist approach to data collection was adopted. Interviews were conducted with eight senior executives and government officials in contemporary public higher education institutions in the UK and Australia to gain insight into the market model that is being adopted and its impact on students' experiences. Case-studies were also undertaken of four alternative higher education institutions in the US, Europe and Asia, to gain an in-depth understanding of their forms of ownership, governance, financing and organisational structure and the ways in which students' experiences in these alternative models differed from the mainstream. The findings revealed that students democratically participated in governance and operations of two institutions as beneficial owners, while students took ownership of curriculum design in one institution. Two institutions provided students with a free tuition education while students participated in a labour/work programme in all institutions. The study concludes with a conceptual framework of a heterodox higher education institution model and proposes a hybrid of a cooperative and trust, as provided in Chapter 7, that will be owned and operated by students, academics and other stakeholders in a democratic process, and in which students will be integrally involved in the process of their education and in curriculum development. This research therefore, contributes to the body of knowledge on alternative forms of higher education institutions and on-going efforts aimed at addressing issues of access to higher education for students from under-privileged backgrounds. It also has practical significance for education policy.
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Sun, Ji. "Research on capital structure and financing decision : evidence from the UK". Thesis, Durham University, 2013. http://etheses.dur.ac.uk/7335/.
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This thesis focuses on whether the decisions of firms’ external financing activities are influenced by ownership structure, market timing, or public media in the UK context. Chapter 2 examines the effect of ownership on firm capital structure by using a universal sample of UK firms over the period 1998–2009. The empirical results show that the relation between managerial share ownership (MSO) and leverage level is non-monotonic. This study further investigates the effect of ownership on firm financial issuance activities. The finding suggests that firms with higher MSO are more likely to choose equity issues instead of bonds, supporting the theory that managers have more incentive to avoid the bankruptcy risk associated with a bond issue. Further, this study finds a hot (cold) stock market valuation strengthens (weakens) this positive effect of higher MSO on the likelihood of equity issue. Chapter 3 analyzes the role of ownership characteristics in a firm’s choice of seasoned equity offering (SEO) methods, offer price discount, and market reactions to SEO announcements. This chapter examines UK firms’ choices of seasoned equity issue methods, particularly the differences between rights offers (ROs), placings (PLs), open offers (OOs), and combinations of placing and open offer (PLOOs). This study finds that ownership-concentrated firms prefer rights or open offers to placings, supporting the argument that large shareholders favour right-preserving issues as the SEO method to maintain benefits of control. Consistent with the managerial entrenchment hypothesis, the results indicate that firms with high managerial ownership are more likely to choose placing as the SEO method. This study also suggests that firms with lower institutional ownership are more likely to conduct placing to improve monitoring. Chapter 4 investigates the role of the news media in SEOs in the UK market. The results show that issuers with positive (negative) media news are likely to price SEO shares higher (lower) and have higher (lower) announcement returns. This finding supports the argument that the media has impact on stock price through affecting investor expectations. Moreover, this study finds that issuers with greater pre-SEO media coverage are likely to have a more negative market response to the announcement, which strongly supports Merton’s investor recognition model.
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Tong, Yum-li Benjamin. "Financing schemes for investment in China : identifying the optimal capital structure /". [Hong Kong] : University of Hong Kong, 1989. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12718452.
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Löwenthal, Simon y Henry Nyman. "Do Firms Balance Their Operating and Financial Leverage? - The Relationship Between Operating and Financial Leverage in Swedish Listed Companies". Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-202220.
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Previous research on the tradeoff between operating and financial leverage has come to contradicting results, thus, there is no consensus of opinion regarding van Horne’s tradeoff theory. This study investigates whether there is support for the tradeoff theory on a sample of 347 Swedish, listed firms. Unlike previous studies, we employ a method with direct measures using guidance provided by Penman (2012), rather than using the more common degree of operating and financial leverage as proxies. During the time period 2006-2011 we find a statistically significant negative relationship of 0.214 using an OLS regression with financial leverage as the dependent variable, giving support for the tradeoff theory. The adjusted explanatory power (adjusted R2) is however rather low, despite adding four control variables, reaching only 7.4%.
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Mihoci, Andrija. "Structural adaptive models in financial econometrics". Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2012. http://dx.doi.org/10.18452/16597.
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Moderne statistische und ökonometrische Methoden behandeln erfolgreich stilisierte Fakten auf den Finanzmärkten. Die vorgestellten Techniken erstreben die Dynamik von Finanzmarktdaten genauer als traditionelle Ansätze zu verstehen. Wirtschaftliche und finanzielle Vorteile sind erzielbar. Die Ergebnisse werden hier in praktischen Beispielen ausgewertet, die sich vor allem auf die Prognose von Finanzmarktdaten fokussieren. Unsere Anwendungen umfassen: (i) die Modellierung und die Vorhersage des Liquiditätsangebotes, (ii) die Lokalisierung des ’Multiplicative Error Model’ und (iii) die Erbringung von Evidenz für den empirischen Zustandsfaktorparadox über Landern.Modern methods in statistics and econometrics successfully deal with stylized facts observed on financial markets. The presented techniques aim to understand the dynamics of financial market data more accurate than traditional approaches. Economic and financial benefits are achievable. The results are here evaluated in practical examples that mainly focus on forecasting of financial data. Our applications include: (i) modelling and forecasting of liquidity supply, (ii) localizing multiplicative error models and (iii) providing evidence for the empirical pricing kernel paradox across countries.
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Tanimura, Joseph Kiyoshi. "Taxes, financial distress and capital structure in the United States and Japan". Thesis, Connect to this title online; UW restricted, 2001. http://hdl.handle.net/1773/8745.
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Chiwandamira, D. P. "Capital structures under hyperinflation : the Zimbabwean experience". Master's thesis, University of Cape Town, 2009. http://hdl.handle.net/11427/11921.
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Includes bibliographical references (leaves 90-96).An essential part of an economy of developing and less developed nations lies in the establishment of a set of financial markets. In these financial markets companies are able to determine their capital structure by making rational decisions on whether to look internally or externally for financing. The study analysed the capital structures with a view of determining the extent of the applicability of capital structure theories to listed companies that are operating under a hyper inflation. The aim of the study was to verify the theoretical findings and predictions about determinants of capital structure. There is extensive literature on capital structure theories and their validity, Miller and Modigliani (1958), Ross (1977), Myers (1984 and 1977), Myers and Majluf (1984), and others, which have focused on why firms opt for certain capital structures. These studies have been conducted in stable macro economic environments of developed, developing, and least developed countries. There has been no in-depth study on the choices of capital structure that has been done in an unstable economy that is characterised by hyper inflation, such as Zimbabwe. As a step to understanding the rational and choices of capital structure in a hyperinflationary environment, a sample of eight companies listed on Zimbabwe Stock Exchange, which has a total of seventy five listed companies, was selected. Size, tangibility, profitability, and non-tax debt shield were the determinants of capital structure that were used. Debt to equity ratio was also used to analyse the companies, sectors they fall in and an overall analysis. The objective of the research was to test the validity and applicability of the conventional capital structure theories in the Zimbabwean environment between 1998 and 2006. In the literature review, the research presents an overview of four main capital structure theories namely; trade-off, signalling, pecking order and agency theory. The research critically examined capital structures of eight listed companies in Zimbabwe that have been operating under hyper inflation. The comparison of capital structures of companies in different sectors was done to determine if there was any link between the choice of a particular capital structure mix and the sector the company was operating in. The impact of interest rates was also taken into account in the research to determine the effect under the same environment. Zimbabwe has experienced very high levels of inflation from 2000 with recent official statistics indicating inflation to be 100,580.2% as of end of January 2008. This figure is widely perceived as understated as the basket of good used in the calculation is based on government controlled prices. According to the IMF the real inflation figure taking into account the "black market" prices is estimated at 150,000%. This presentation will not delve into the debate of the definition of hyperinflation but the evidence points out a hyperinflationary environment by all accounts. To conduct the research, inflation adjusted financial reports dating from 1998 to 2006 of eight listed companies on the Zimbabwe Stock Exchange were analysed.
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Hernandez, Javier. "Financial services and social structures : a comparative analysis". Thesis, University of Edinburgh, 2014. http://hdl.handle.net/1842/10565.
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Although there is an increasing interest in social sciences amongst policy makers in financial services and investment organisations, not enough is known about the way financial organisations and activities interact with their social environments. In particular, there is a need for more research into the way financial activities are integrated into broader social structures. This thesis will report on a comparative study analysing the practices of financial organisations and their employees in two very different social environments: the UK and Chile. From 38 in-depth interviews with financial practitioners in London, Edinburgh and Santiago de Chile about their job trajectories and experiences, it was possible to analyse the practices of financial organisations in the UK and Chile, with an emphasis on the way they interact with global financial trends and local distributions of power and resources. A sociological account of organisational processes such as recruitment, socialisation, staff allocation, promotion and organisation of work within firms in these countries allowed for description and analysis of the way firms’ practices are related to their social (structural, symbolic and institutional) contexts. The research shows that Chile’s position in the global financial market and local distribution of resources encourage more traditional organisational practices, especially in terms of recruitment, socialisation, staff allocation and promotion, as well as activities performed and the way services are provided. In the UK, on the other hand, all of the above-mentioned processes are more technical, formally designed and competitive.
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van, Lidth de Jeude Jeroen Allard. "Analysing mesoscale structures in economic and financial networks". Thesis, IMT Alti Studi Lucca, 2019. http://e-theses.imtlucca.it/266/1/DeJeude_phdthesis.pdf.
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Modelling, characterising and detecting the structure of complex
networks is of primary importance to understand the
dynamics of the systems considered. This is especially true
for economic and financial networks, whose structural organisation
deeply affects their resilience to shock propagation.
Many real world networks are characterised by the presence
of mesoscale structures: while a lot of attention has been focused
on the community structure, many real-world networks
are characterised by core-periphery, bow-tie and bipartite structures,
especially so economic and financial networks. In this
thesis we present new methods to model and detect these
mesoscale structures. We apply these methods to characterise
the structure of real-world economic and financial networks.
Using maximum entropy networks encoding different levels
of information, we model the structure of the international
trade network and of national interbank exposures networks.
We find that constraining local information is enough to reconstruct
the mesoscale structure of these networks: hence,
we introduce a new method to detect statistically significant
bimodular structures, based on the connectivity within and
between network modules. We also apply our method to multiplex
networks. In particular, to unravel different types of
corporate networks, we construct a new multilayer dataset
of company interactions: we find that the disaggregate network
describes a small corporate world, but that these different
company interactions are characterised by vastly different
topological properties.
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Nier, Erlend Walter. "Financial structure, managerial incentives and product market competition". Thesis, London School of Economics and Political Science (University of London), 1999. http://etheses.lse.ac.uk/1584/.
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This dissertation provides a contribution to the understanding of the interactions between the firm's financial structure and its operating decisions. The main idea is that financial structure impacts the payoff to the firm's decision-maker and that this impact on the managerial payoff will in turn affect his optimal response when confronted with different possible operating decisions. A particular focus is on the case where the manager's optimisation problem arises in a strategic environment in which the firm competes with rival firms in a product market. The first main chapter reconsiders the strategic effect of debt, as first analysed by Brander and Lewis (1986), under the novel assumption that quantity choices are made by managers whose objective is to avoid bankruptcy. The basic result is that quantity choices, which are strategic substitutes under profit maximisation, may turn into strategic complements when the quantity choice is made by managers. This reversal in the nature of competition arises under reasonable assumptions on the firm's profit function. It allows debt to be used to sustain more collusive product market outcomes than in the benchmark case where firms maximise profits, thereby avoiding, and indeed reversing, the pro-competitive limited liability effect of debt, as described by Brander and Lewis (1986). Delegation of the quantity choice to a bankruptcy-averse manager is shown to occur in a dominant strategy equilibrium. The next chapter analyses the effect of asymmetric information between a firm and its outside investors on the firm's competitive position in a model where first-period competition is followed by a financing stage a la Myers and Majluf (1984). Interim profit generated by the competition stage takes the role of financial slack and determines the extent to which external equity finance is required for a new investment opportunity. The full set of equilibria of the financing game is characterised and financial slack is formally analysed as a comparative statics variable. Using this the firm's first period objective is derived from first principles. In contrast to models of predatory behaviour, one finds that in the presence of an adverse selection problem the need to finance externally may provide a strategic benefit rather than a strategic disadvantage. The reason is that the adverse selection problem may induce speculative behaviour, which will make the firm more aggressive vis a vis its rival. The last main chapter analyses a model where the firm's manager is asked to make an informed investment decision after evaluating the prospects of an investment project. In this model, which exhibits both moral hazard and hidden information on the part of the manager, different remuneration schemes are discussed and the optimal contract between financial investor and manager is derived. Assuming the manager is risk-neutral and protected by limited liability, a benefit from diversification is shown to exist, in that the right incentives can be provided more cheaply when the manager is supervising more than one project. This occurs even though the projects are technologically unrelated and choices made on one project do not constrain the choices on any other project.
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Tong, Jian. "Technology, industrial structure, financial institutions and economic growth". Thesis, London School of Economics and Political Science (University of London), 2001. http://etheses.lse.ac.uk/1676/.
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This thesis studies the relationship between technology and industrial structure in the context of a growing market economy. Chapters 2 and 5 develop some general equilibrium models which permit a study of the relationship between quality competition, market structure and growth. Both market structure and the rate of growth are determined endogenously as functions of underlying parameters describing the pattern of technology and tastes, and the institutional environment. It is argued that quality competition constitutes an economic mechanism of primary importance, which provides essential incentives for innovation at the industry level, while also contributing to aggregate technological progress by way of R&D spillover effects. A related theme of the thesis is that constraints on quality competition are detrimental to growth. Chapter 3 presents a theoretical model which explains certain statistical regularities regarding cohort survival patterns, the persistence of firm turnover, and the appearance of shakeouts during an industry life cycle. By treating the market as comprising a number of strategically independent submarkets, this analysis separates the strategic interaction effects which occur at the submarket level, from the independence effects which operate across submarkets. Chapter 4 studies competition between two cohorts of radically different but substitutable technologies. By analyzing the entry of new-technology- based firms, the exit of incumbents and subsequent quality competition, this chapter explores the impact of a radical innovation on market structure and on the turnover of firms. Two critical levels of the parameter which measures the efficiency of the new technology are identified: the first must be attained for 'creative destruction' to take place, while the second must be attained for this 'creative destruction' process to take a 'drastic' form which involves the complete replacement of currently active firms by a wave of new entrants.
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Velentza, Aikaterini-Foteini. "Bank coroporate governance : efficiency, ownership and financial structure". Thesis, University of Essex, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.442796.
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Esen, Sefika. "Essays on financial structure and regional economic development". Thesis, Bangor University, 2018. https://research.bangor.ac.uk/portal/en/theses/essays-on-financial-structure-and-regional-economic-development(9fad6fd3-baba-44d6-ae95-40d2d5ec3c93).html.
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The purpose of this thesis is to examine the relationship between banking activities and regional economic growth both theoretically and empirically. The first paper describes the evolution of the Turkish economy and the financial system at national and provincial levels. The economic and financial indicators are shown over the period between 1975 and 2013. In particular, the research sheds light on the nature of the imbalances in regional economic development across Turkey. By so doing, a background for the thesis is established, as the effect of centralisation in the banking system on regional growth is examined. The study finds that, despite the trend towards decentralisation that takes place in regional economic policies, the banking system adopts centralisation policies. The second paper aims to assess the impact of banking institutions on regional growth by integrating a decisional variable associated with the branch banking system in a conventional endogenous growth model. The comparative analysis of the output growth of hierarchical and decentralised structures shows that the former causes capital to flow from poorer to richer regions, thus increasing economic disparities. The model considers the effect of the nature of information on the decision-making mechanisms within institutions. It predicts that, in the case of soft information, decentralised banks, also known as unit banks, benefit regional growth more than branch banks. These first-time predictions encourage policy makers to take the structure of the banking system into consideration when establishing fiscal and monetary policies in order to decrease regional imbalances created by centralised banking. In the third paper, the model’s implications are tested by means of GMM estimations, using a unique data set comprising 39 years of provincial demographic, socio-economic, and financial variables in Turkey. The research empirically shows that banking intermediation has a negative effect on provincial growth. The hierarchical nature of the Turkish banking system does not allow financial intermediaries to fulfil their role in promoting growth. Consolidations and concentration policies should be reconsidered, as such policies are generally in favour of centralisation, which is proven to be ineffective in regional convergence. The findings also imply that branch managers should be given more decision-making powers in order to better utilise locally generated information when pproving/disapproving the projects, which would ultimately lead to a decrease in regional imbalances.
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Ndoume-Essingone, Hervé. "Structure financière et comportement financier des entreprises gabonaises". Nancy 2, 1997. http://www.theses.fr/1997NAN22005.
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Cette thèse est l'aboutissement d'un travail de recherche sur le comportement financier des entreprises gabonaises. À partir d'une présentation des principaux cadres théoriques de la structure financière des entreprises, il apparaît que ceux-ci sont contingents. Deux raisons essentielles, la diversité des modèles théoriques lesquels forment un "puzzle" et les résultats de certaines études empiriques. De ce fait, nous référant à l'environnement des entreprises gabonaises, nous nous sommes interrogés sur les cadres théoriques les plus significatifs du choix de financement des entreprises, par l'étude de six branches d'activité du secteur industriel gabonais, jugées représentatives. Enfin, nous dressons l'impact de nos résultats sur la politique financière des entreprisesThe thesis is the result of research focusing on the financial behavior of firms in Gabon. Starting from a presentation of the principal theoretical frameworks for corporate financial structure, it becomes clear that these latter are contigent. Two essential reasons, the diversity of the theorical models which forms a puzzie, and the results of certain empirical studies. Consequently, in referring to Gabon's firms, we examine the most significant theoretical framework for the choice of corporate financing, through the study of six sectors analyses of Gabon's industry judged to be representative. The final part of the thesis deals with the impact of this research on corporate financial policy