Tesi sul tema "Finance, 1912"
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1
Chitre, Amberish. "The Effect of the Change in Call Loan Rates and Volatility on Stock Returns in 1929: An Empirical Study into a Determinant of the Great Depression". Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1912.
Testo completoAbstract (sommario):
I investigate the effect of the change in call loan rates on stock returns during 1929. Call loan rates are the interest rates on borrowed funds to trade equity on a given exchange. It is estimated that 40% of stocks during this period were bought on margin. After a price decline comes a margin call, followed by a forced sales of securities, which leads to additional margin calls and future price declines. I regress daily excess returns on the change in daily call loan rates during 1929. In addition, I estimate volatility using an ARCH model and observe the previously understood negative relationship between volatility and stock prices. I find a statistically significant negative relationship between call loan rates and stock returns. Furthermore, I also find that changes in call loan rates are most influential on the manufacturing sector relative to the other 11 industries tested.
2
Margairaz, Michel. "L'État, la direction des finances et de l'économie en France (1932-1952) : histoire d'une conversion". Paris 1, 1989. http://www.theses.fr/1989PA010570.
Testo completoAbstract (sommario):
Au cours des vingt ans qui comprennent la crise, la guerre et la reconstruction (1932-1952), nous avons etudie les pratiques, les structures et les strategies de l'etat quant a la direction des finances et de l'economie. Au-dela des problematiques posees en termes de ruptures ou de continuites, nous avons analyse les etapes multiples et complexes de la conversion de responsables et d'administrations traditionnelles a des pratiques nouvelles d'une politique de la depense productive et d'un important financement public national et americainWe have studied the state's procedures, structures and strategies, as regards the management of finances and economy, during the 20 years which include the crisis, the war and the reconstruction (1932-1952). Besides the problems set in terms of disruption or continuity, we have analysed the many intricate stages by which traditional officials and representatives have moved to the procedures of a new policy of productive spending and important french and american public financing
3
Toscano, Francesca. "Essays in corporate finance". Doctoral thesis, Universita degli studi di Salerno, 2015. http://hdl.handle.net/10556/1917.
Testo completoAbstract (sommario):
2012 - 2013This project includes three essays in Corporate Finance. The rst part of the thesis investigates the relationship between Financial Development and Economic Growth for a set of 77 countries over the period 1960-1995. Borrowing the methodology suggested by Beck, Levine and Loayza (2000), I study the previous relationship using a cross-country regression model and a panel technique. My results suggest that Private Credit, de ned as credits by nancial intermediaries to the private sector divided by GDP, has a positive impact over Economic Growth. My ndings also point out that Economic Growth is positively a¤ected by openness to trade and average years of schooling. The relationship between Financial Development and Economic Growth is independent of the degree of nancial development as well as the initial level of income of a given country. Di¤erently from other papers, I can study whether the nance-growth nexus is persistent over time: using a similar dataset for an extended period, 1960-2010, I show that the impact of Private Credit over Growth is signi cative also in the most recent past. The second part of the thesis explores the stock-prices comovements for a set of 7 countries over the period 2000-2014. The study explores how the volatilities and correlations in one coun- try, mainly Italy, are a¤ected by the volatilities and correlations in another country. Di¤erently from other papers, I focus on a larger set of countries and on a sample period that allows to distinguish between the Pre Great Recession period and the Post Great Recession period. The analysis is conducted by considering several GARCH models, for the volatility comovements, and MGARCH models, for the correlation comovements. The best GARCH model in my set- ting is the EGARCH model which provides information on the impact of positive innovations on volatility. Among the MGARCH models, I focus on the CCC model and the DCC model. My results point out that the strenght of the relationship among countries is ampli ed after a crisis event, which is consistent with most of the "contagion" literature. The last part of the thesis analyzes the relationship between long-term debt and average investment during the 2007 crisis. Very few papers have analyzed the real e¤ects of debt ma- turity. To analyze the impact of the debt structure on rms performance I use a matching approach methodology (Abadie-Imbens estimator) which allows to distinguish between a treat- ment group and a control group: the rst one refers to the group of rms whose long-term debt is maturing at the time of the crisis, while, on the other hand, the control group refers to those rms that are out of the treatment but have similar rm characteristics like cash ow, size, Q, cash holdings and long-term leverage. My results show that rms with debt maturing during the period of the crisis experience a much more pronounced fall in investment. Results are tested using a Parallel Trend Test which allows to better de ne whether the results are driven by the maturity argument or not. [edited by author]
XII n.s.
4
Jansson, Tor Walter Kristian. "The finance-growth nexus in Britain, 1850-1913". Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/279082.
Testo completoAbstract (sommario):
This thesis argues that the financial sector played a positive, but limited role in British economic growth from 1850 to 1913. It examines empirically the role played by different types of financial institutions: commercial banks, stock markets and merchant banks. To this end, the thesis uses recently developed time series and dynamic panel methods for the econometric analysis, alongside new data on different parts of the financial system. The results suggest that at a national level, the growth of commercial banks had a limited impact on British economic development over the long run, and stock markets had no impact. However, changes in bank lending influenced economic growth to a significant extent in the short term. Growing conservatism in bank lending practices did not significantly increase credit constraints, as had been previously suspected. Findings from new geographically disaggregated data indicate that the spread of bank offices improved the economic performance of English and Welsh counties. Increased concentration of the banking industry did not hinder economic growth, a result that challenges widespread suggestions in the relevant literature. Moreover, the development of provincial stock exchanges – exchanges outside London - did not influence county-level economic growth, contrary to the view that they were important for the expansion of local industry. Finally, this thesis is the first to assess econometrically the role of merchant banks. It demonstrates that their trade financing activities were beneficial not only for the growth of British international trade, but also for that of the domestic economy.
5
Nowik, Zbigniew. "Le marché des capitaux en Pologne : 1989-1992, le passage vers l'économie de marché". Paris, Institut d'études politiques, 1995. http://www.theses.fr/1995IEPP0022.
Testo completoAbstract (sommario):
La Pologne est en train de changer radicalement son système économique, politique et social. Le passage d'une économie socialiste centralisée vers une économie de marché illustre trois mode de financement : l'économie de subventions, l'économie d'endettement, et l'économie de "marché des capitaux". L'économie de subvention est l'un des systèmes les plus capables de concentrer rapidement des fonds pour l'entreprise. Mais cette abondance des capitaux et le double rôle joue par l'état de prêteur et décideur de l'entreprise rendent l'économie de subvention très inefficace. L'économie d'endettement, marquée par l'intermédiation bancaire, est le modèle de financement de l'économie polonaise aujourd'hui. Cet endettement est très dangereux pour les entreprises dans une économie très volatile. L'économie de "marché des capitaux", donc le financement direct, apparaît comme la seule possibilité de donner à la Pologne un financement adéquat, long, non soumis aux pressions politiques, non inflationniste et permettant l'accélération des reformesPoland is currently undergoing a radical change in her economic, politic and social systems. Passage from a socialist, centralised economy to a market economy reflects 3 modes of financing : through subventions, through borrowing, and through the "capital market". The economy of subvention is one of the systems the most capable to concentrate rapidly funds for companies financing. But this abundance of ready money, and the double role of the state as lender and decision-maker within the company actually make this economy of subvention very inefficient. The economy of borrowing, with the intermediation of the banks, is the current model for the Polish economy of today. But heavy borrowing is very dangerous for the enterprises in such a volatile economy. The "capital market" together with direct financing therefore appears to be the only adequate financing for Poland, on the long term, safe from political pressure, not inflationist and allowing for high speed reforms
6
Labib, Malak. "La statistique d’État en Égypte à l’ère coloniale : Finances, espace public et représentation (1875-1922)". Thesis, Aix-Marseille, 2015. http://www.theses.fr/2015AIXM3046.
Testo completoAbstract (sommario):
Ce travail porte sur l’histoire de la statistique d’État en Égypte au cours de la période 1875-1922 et s’intéresse au rapport entre le développement d'un système cognitif d'information statistique et les transformations marquant la rationalité gouvernementale à l’ère coloniale. Il cherche par ce biais à « endogénéiser la construction de l’outil statistique », par rapport à l’analyse du fonctionnement de l’État égyptien au cours de cette périodeMy dissertation deals with the emergence and development of statistics, as a field of knowledge and practice in Egypt during the colonial era (1875-1922). It attempts to explore the complex relationship between knowledge production and colonization by analyzing how the emergence of new forms of enumeration and classification contributed to the making of the colonial State in Egypt
7
Watson, Katherine. "Industrial finance in the U.K. : the brewing experience, 1880-1913". Thesis, University of Oxford, 1990. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.302844.
Testo completo
8
Marchildon, Gregory Philip. "Promotion, finance and mergers in Canadian manufacturing industry, 1885-1918". Thesis, London School of Economics and Political Science (University of London), 1990. http://etheses.lse.ac.uk/1143/.
Testo completoAbstract (sommario):
The existing research on the first merger waves in the United States, Britain, and to a lesser extent in Germany, has produced valuable information on the rise of the modern industrial enterprise. These studies reveal important similarities as well as a few significant differences in the nature of the economic development of these nations. A new merger series for Canadian manufacturing industry was generated to provide a further comparison. In addition, a large pool of information was gathered concerning the workings of promotional syndicates, corporate flotations, and secondary financial markets. This aggregate data, in conjunction with a case study of the most prominent Canadian promoter of the era and the companies he consolidated, is used to determine the relationship between security financing and the evolution of manufacturing industry in Canada. An explanation of the cause of the first Canadian merger wave, 1909-1912, is based on individual case evidence and the results of causality tests using aggregate data. The necessary pre-condition to a merger wave was the emergence of a broad market for Canadian industrial securities. Although high stock prices stimulated merger waves in Britain and the United States at the turn of the century, the first Canadian merger wave had to wait another decade until the expansion of the Canadian market and the tapping of the British market for Canadian "industrials" permitted large-scale flotations. The potential profits which were available through corporate reorganisation, rationalisation of manufacturing and distribution networks, and monopolisation, were reflected in the higher rates of return which British investors sought en masse in the new Canadian securities. This flood of British capital in turn accelerated the industrial transformation taking place in Canada and encouraged further mergers. High stock prices triggered the first merger movement as they had in Britain and the United States. Corporate financiers became merger promoters as they catapulted propositions into consolidations large enough to be listed on public stock exchanges and to be of interest to prospective investors. High-risk financial methods provided the incentive to financial intermediaries to broaden this market as quickly as possible and, therefore, to deliver the maximum amount of cash to the new industrial consolidations.
9
Malik, Hassan. "Bankers and Bolsheviks: International Finance and the Russian Revolution, 1892-1922". Thesis, Harvard University, 2013. http://dissertations.umi.com/gsas.harvard:11169.
Testo completoAbstract (sommario):
This dissertation describes and analyzes the financial boom that made Russia the largest net international debtor in the world by 1914, as well as the Bolshevik default of 1918 -- one of the biggest in international financial history. For the Bolsheviks the default was a highly significant attack on "finance capital." Yet few historians have paid much attention to the financial history of the Russian Revolution. This study focuses in particular on the decision-making of the small but influential group of financiers and government officials who acted as the "gatekeepers" of international finance, channeling international capital to Russia in the late nineteenth and early twentieth centuries.History
10
Galloux, Michel. "Finance islamique et contrôle de l'Etat : le cas égyptien, 1960-1992". Paris, Institut d'études politiques, 1994. http://www.theses.fr/1994IEPP0003.
Testo completoAbstract (sommario):
La finance dite "islamique" (banques islamique et societés de placement de fonds essentiellement) connait en Egypte un essor indéniable depuis la fin des années 70, lie certes à l'apparition d'une rente pétrolière non négligeable, mais aussi et surtout à la demande croissante d'une réislamisation des pratiques économiques et financières. Si l'Etat égyptien sous Sadate a, dans une certaine mesure, encourage ce phénomène, il semble que la tendance actuelle soit au contraire à la mise en oeuvre de moyens visant à contrôler le développement d'institutions qui, aussi bien par leur référent religieux que par certaines de leurs pratiques, provoquent une crise de légitimité du système bancaire et financier conventionnel et, au-delà, de l'Etat lui-même. Ces moyens sont divers, mais nous avons essentiellement identifié les suivants : prises de participation dans leur capital, ou nomination de représentants à leurs conseils d'administration ; intervention législative autoritaire et liquidation (sociétés de placement de fonds) ; intervention par autorités religieuses interposées (cas du mufti de la république et de sa légitimation des opérations bancaires conventionnelles) ; récupération des expériences par création d'une finance islamique d'Etat (succursales islamiques des banques conventionnelles)The so-called "islamic finance" has known since the late 70's an undeniable development in Egypt, certainly linked with the emergence of considerable oil revenues, but as well -and mainly- with a growing demand of reislamization of economic and financial practices. If the Egyptian state has, with Sadate, and to a certain extent, encouraged this phenomenon, it appears that the present facts, on the contrary, show a new trend towards the control of the extension of institutions which create a legitimity crisis of the financial and banking system and of the state itself, whether due to their religious symbols or to some of their practices. To this end, the state resorts to a number of devices, of which we mainly identified the following : subscription to the capital of these institutions, or nomination of representatives at their board of directors ; legislative intervention and eventually liquidation of the companies (islamic investment companies) ; resort to the religious establishment to re-legitimate the conventional banking system (the mufti's fatwa in 1989) ; and creation of "islamic branches" by big public banks
11
Toms, John Steven. "The finance and growth of the Lancashire cotton textile industry, 1870-1914". Thesis, University of Nottingham, 1996. http://eprints.nottingham.ac.uk/11029/.
Testo completoAbstract (sommario):
Using accounting records and financial data, a business history of the Lancashire textile industry from 1870 to 1914 is presented. Issues of technology and industry structure, which have attracted a great deal of comment are first re-addressed. The discussion is then widened to include other aspects of the industry which have previously been neglected, namely the social processes of capital accumulation with reference to those evolving relationships between managers and shareholders which, in the context of broader economic change, helped forge the special characteristics of Lancashire capitalism. The industry is found to be generally healthy and competitive, although its fortunes were dangerously dependent on the overseas value of the pound. Whilst the original technologies of the industrial revolution were maturing, the alternative twentieth century means of automated throughput had still not been developed. External economies and flexibility associated with vertical specialisation thus continued to outweigh those of integrated throughput production. Meanwhile a transformation of the industry occurred in terms of its ownership, as the previously influential small shareholder was forced to surrender influence to a rising class of promotional and financial capitalists, a trend accentuated by, inter alia, a very serious stock exchange crash in the 1890s which forced many to sell their holdings. A shift of industry value added from labour to capital and record profits after 1900 are identified. These attracted capital into cotton and reinforced the position of the newer owners of the industry. Important features of their behaviour are examined, primarily their ability to construct impressive business empires through personal shareholdings and interference in day to day management, and their corresponding reluctance to establish professional management hierarchies, which, although increasingly common in other industries, were compromised by preference for individual, and not corporate, accumulation. Characterised as they were by their easy access to financial resources, these new capitalists might well have made sweeping changes to industry structure and technology had they chosen to do so. However, although ring spinning was found to be in general more profitable, the basis of that superiority was an extension of the process of increased specialisation. All specialised companies, whether ring spinners, mule spinners, or weavers, tended to do much better than their vertically integrated counterparts in the period after 1900. Evidence from this period has implications for our understanding of subsequent developments. If the industry could have been restructured before 1914, then so it could have been after the First World War when it arguably became more necessary. Pre 1914 technical constraints are identified and it is also noted that it was in the inter-war period that the means to remove them were fully developed. However, considering technical issues in conjunction with characteristics of capital ownership, it is concluded that, as the industry failed to attract investment when profit signals turned negative, for example in the 1890s, and attracted a lot of capital in the booms of the early 1900s, any constraint did exist to prevent restructuring it was financial rather than organisational. The process and character of capital accumulation is therefore advanced as a crucial ingredient of our understanding of business history. In short, the established financial, technical, and organisational structure, when combined with buoyant overseas monetary and trading conditions, is found to have created the synthesis of a profitable industry; when external conditions changed, financial, technical, and organisational constraints became important but in that strict and steeply descending order. Lancashire was highly vulnerable to the world market; that vulnerability was accentuated by the way in which capital was created. It was the social process of capital accumulation which was the principal determinant of the development, and perhaps therefore ultimately the decline, of a once great industry.
12
Vickery, Anthony John Louie. "The logistics and finances of touring North America, 1900-1916". Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2001. https://dspace.library.uvic.ca//handle/1828/9865.
Testo completoAbstract (sommario):
In the month of December, 1904, 420 theatre companies were “on the road” in North America. This volume of touring was made possible only by the centralisation of the commercial theatre business, a feat of organisation accomplished by three partnerships that came to be collectively known as the Syndicate: Marc Klaw and Abraham Erlanger; Charles Frohman and Al Hayman; and Sam Nixon-Nirdlinger and Fred Zimmerman. These men, later in competition with the three Shubert brothers, Lee, Sam S., and J. J., brought a “big business” approach to management into the theatre and employed it to reap considerable profits. My dissertation explores the business organisation of these firms throughout the period 1900–1916.
The first two chapters of my dissertation provide a general context and information on theatrical conditions up to the foundation of the Syndicate with special emphasis on tours of North America. In the second chapter, I pay special attention to the makeup of the combination companies that ruled the road during 1900–16. My third chapter investigates the organization of the Shubert main office. Included in this chapter are examinations of the various contracts the corporations used to form and control their empires. My fourth chapter examines the road companies. Topics I cover in this chapter include company operations, route changes, employment of backstage staff and company discipline. My final chapter analyses business practices in road theatres with special emphasis on their communications with the Shuberts or Syndicate. Since there were literally hundreds of road theatres to choose from, I selected circuits that conducted operations in Canada as the basis for the chapter (circuits operated by Ambrose J. Small and Corliss P. Walker). I conclude my dissertation with a discussion of the road in the late 1990s because many of the conditions of touring today are reflective of touring in the early 1890s. The road at the end of the twentieth century is making a comeback in strikingly familiar ways.
Information for my dissertation comes primarily from documents in the Shubert Archives. Many of the records there have never been analysed by academics and they provided a fertile field for my investigation. Contemporary periodicals, especially The New York Dramatic Mirror and Variety , also provide a great deal of information on the period. Other sources consulted were the myriad biographies and autobiographies performers and managers published during the era or shortly thereafter.Graduate
13
Malminen, Johannes. "Managing global finance : choices and constraints in the Swedish financial crisis of 1992". Thesis, University of Warwick, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.414375.
Testo completo
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Lapere, Michael. "A comprehensive view of Markov-Functional models and their application". Master's thesis, University of Cape Town, 2006. http://hdl.handle.net/11427/19132.
Testo completoAbstract (sommario):
Includes bibliographical references.Markov-Functional models are a very powerful class of market models which calibrate and compute prices and Greeks quickly. This dissertation explains, in detail, how Markov-Functional models work as well as discussing all of the specific models developed in the literature. It contains the key points that can be found in the present literature. We explain, in detail, all of the concepts, from the theoretical framework down to the numerical implementation of the specific models. This involves explaining the framework for Markov-Functional models, describing specific models, obtaining a deeper understanding of how the model parameters affect the results, discussing the issues involved in the implementation, implementing various models and investigating the effect of numerical and market parameters on the outcome. Various concepts, not discussed in the present literature, such as considerations for selecting a discretization grid for the numerical implementation, are developed. The practical application of Markov-Functional models is considered as well as alternative fields, such as Actuarial science, where the model can be applied. In summary, this dissertation embodies a complete discussion of the current class of Markov-Functional models.
15
Hatton, Georges. "Économie et finances du Maroc de 1936 à 1956". Paris 1, 2005. http://www.theses.fr/2005PA010526.
Testo completoAbstract (sommario):
La colonisation française a trouvé au Maroc, à ses débuts, une situation relativement peu favorable à bien des égards. Tout d'abord, les ressources naturelles se sont révélées, à l'exception des phosphates, moins intéressantes que prévu. Surtout, du point de vue des relations internationales et du statut intérieur du pays, des limitations parfois très strictes freinaient la puissance protectrice. Un ensemble d'accords internationaux, toujours en vigueur même après l'instauration du Protectorat, s'opposait à une totale mainmise économique de celle-ci, et cette situation devait perdurer plus ou moins jusqu'à la fin du Protectorat. De même, au plan intérieur le statut du Protectorat jouait dans le même sens. Dans ces limites, la Banque de Paris et des Pays-Bas fut le partenaire principal du gouvernement français dans l'administration économique et financière du pays. L'« empire » de Paribas couvrait tous les domaines : agriculture, industrie, mines, banque surtout, puisqu'elle contrôlait l'institut d'émission lui-même. Paribas eut pourtant suffisamment de sens politique pour ne pas être prise au dépourvu par le passage à l'Indépendance. Chronologiquement, l'évolution du Maroc entre 1936 et 1956 est essentiellement commandée par les événements internationaux majeurs que sont la Guerre Mondiale et, ensuite, la marche inéluctable vers une décolonisation totale : se succèdent ainsi, de 1936 à 1939, un avant-guerre encore marqué par la crise économique des années 30, puis, de 1939 à 1942 et surtout de 1942 à 1945, une période qui voit la guerre se rapprocher de plus en plus du Maroc et finalement le toucher de plein fouet, enfin, jusqu'en 1955, une époque de relative expansion.
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Topudurti, Shruti. "Determinants of Flows Between Active and Passive Equity Investments". Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1952.
Testo completoAbstract (sommario):
Active versus passive investing is a popular topic within the investment community and beyond. In particular, many are concerned with fund flows in and out of active and passive investments. Existing research suggests that recent returns are a reason for the capital flow from active to passive and that fees also impact flows negatively. With U.S. equity mutual funds as a proxy for active investing and U.S. equity ETFs as a proxy for passive investing, I show that prior month flows have a positive and significant relationship with current flows for both ETFs and mutual funds, as well as for flows from ETFs to mutual funds. I also show that mutual fund monthly returns have a positive relationship with flows of mutual funds and flows from ETFs to mutual funds, while ETF monthly returns have a negative relationship with flows from ETFs to mutual funds. This supports prior literature. I also find that the differential in mutual fund and ETF returns (rMF – rETF) is insignificant and negative for net fund flows into ETFs. I find a generally positive relationship between mutual fund expense ratios and flows into mutual funds, as well as with flows from ETFs to mutual funds. Finally, I find a negative relationship between ETF expense ratios and flows into ETFs, as well as with flows from ETFs to mutual funds. The relationships between expense ratios and flows mostly contradict prevailing literature, except for the relationship between ETF expense ratios and ETF flows. This suggests passive investors are potentially more price-conscious than active investors, as passive investors experience negative flows as expense ratios increase, while flows into mutual funds do not have that relationship with expense ratios. Higher fees for mutual funds may also suggest a change in the composition of mutual funds, as funds similar to ETFs exit and new mutual funds become even more active.
17
Antonopoulos, Jean. "Les relations franco-helléniques de la fin du XIXème au début du XXème siècle (finance et politique en Grèce, 1897-1914)". Paris 1, 1994. http://www.theses.fr/1994PA01A002.
Testo completoAbstract (sommario):
Cette these a pour objet de presenter les lignes directrices autour desquelles s'articulent les relations franco-helleniques durant la periode qui va de 1897 a 1914. Son but essentiel est de montrer la contribution des facteurs economiques et principalement du capital bancaire dans la constitution et le soutien de la politique exterieure francaise a la grece de l'epoqsue. S'appuyant sur les evenements historiques les plus importants de cette periode -guerre greco-turque en 1897, guerres balkaniques 1912-1913 - qui en constituent les limites dans le temps, cette recherche est un effort pour mettre en evidence le role des grands etablissements bancaires francais, mais aussi celui de la banque nationale de grece, pour le renforcement, a travers les emprunts nationaux et en rapport avec la politique des gouvernements reciproques, de la "grande idee" helleniqueThis essay intends to present the basic factors that shoped the greek - french relations during the period of 1897 to 1914. The focus is on the extent to which certain economic factors, and particularly the banking capital, contributed to the development as well as to the further reinforcement of the french foreign policy towards greece of that era. Based on the most important historical events of that period -the war between greece and turkey in 1897 and the balkan wars of 1912 to 1913 - which set the scene for the subject under research, the essay also attempts to examine and, if possible, to identify the role of the great banking institutions in france, as well as that of the national bank of greece, pertaining to the greek great idea's support by means of national loans and in relation to the policy of the governments involved
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Sundararajan, Satheesh Kumar. "Project performance-based optimal capital structure for privately financed infrastructure projects". College Park, Md. : University of Maryland, 2004. http://hdl.handle.net/1903/1942.
Testo completoAbstract (sommario):
Thesis (Ph. D.) -- University of Maryland, College Park, 2004.Thesis research directed by: Civil Engineering. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Dresdner, C. Jorge D. "The structuralist theory of inflation and structural inflation in Chile, 1950-1972 the lagging food hypothesis revisited /". Uppsala : Stockholm : Academiae Ubsaliensis ; Distributor, Almqvist & Wiksell, 1990. http://catalog.hathitrust.org/api/volumes/oclc/23613795.html.
Testo completo
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Wisard, François Lasserre André. "L'université vaudoise d'une guerre à l'autre : politique, finances, refuge /". Lausanne : Payot-Lausanne : Université de Lausanne, 1998. http://catalogue.bnf.fr/ark:/12148/cb37181349k.
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Datta, T. "Money and finance in an underdeveloped economy : Some themes from £Indian economic history 1914-47". Thesis, University of Cambridge, 1987. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.233013.
Testo completo
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Kossev, Kiril Danailov. "Finance and economic development in historical perspective : South East Europe in the interwar period, 1919-1941". Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:b29cf66a-9823-4aac-b2ab-10b629dd36b6.
Testo completoAbstract (sommario):
The positive contribution of finance to the process of economic development has been debated ever since Joseph Schumpeter famously argued in 1911 that services provided by finance are essential for technological innovation and growth. A substantial theoretical literature has produced increasingly sophisticated economic models endogenising the role of finance into the growth process, while empirical studies have put forward data to detect the link between the two. Yet a large part of the empirical surveys operate with macroeconomic or cross-section data and have little to say about the channels through which finance affects growth. This is where this dissertation comes in. It provides firm-level data from Bulgaria and Yugoslavia from the period 1919-1941 to tackle a number of questions related to finance, banking, and economic performance of the European economic periphery. The analysis is broadly divided into three parts – capital flows and the effects of international investment on domestic firms, banks and the real sector during the Great Depression, and the political economy of government intervention during the Depression and post-Depression period. The first substantive chapter (chapter 2) contributes to the literature on growth and capital flows by testing the hypothesis that foreign direct investment brings about productivity improvements to host economies via the channels of technology, liquidity and know-how transfer, as opposed to market access or increased competition. Chapter 3 revisits the prominent debate over the origins of the banking crises during the Great Depression and the effects these had on the real sectors. Evidence is provided in support of the debt deflation theory of banking crises, but the broad effects of the Depression on banks’ and firms’ balance is also explored. The higher the involvement of banks with industry both directly (via interlocking directorates or equity ownership), and indirectly, via the lending channel, the greater the negative effects of the crisis on banks’ balance sheets. The evidence points to negative feedbacks from bank distress to firms’ output losses in the form of a credit crunch. Chapter 4 uses a political economy framework to analyse the state interventions in the Balkan economies during and after the Depression. The data suggests that direct and indirect bailouts of banking and industry defined the role of the state. Government cronies from the financial and economic elite, as well as the agricultural sector ended up as winners from the process, while semi-skilled and unskilled labour paid the tax bill. These quantitative findings are in agreement with the broad conclusions of transaction cost economics where finance can play an important sorting role. They also support the empirical literature that rejects the contributions of portfolio investment but argues that direct foreign investment is a source of technological progress. The conclusions of the thesis, however, call for caution as market failure in the financial sector was abundant and political economy frictions could cause lasting damage to development.
23
Margo, Robert A. "Disenfranchisement, school finance, and the economics of segregated schools in the United States South, 1890-1910". New York : Garland, 1985. http://catalog.hathitrust.org/api/volumes/oclc/11785265.html.
Testo completo
24
Steegmans, Christoph. "Die finanziellen Folgen der Rheinland- und Ruhrbesetzung 1918-1930 /". Stuttgart : in Kommission bei F. Steiner, 1999. http://catalogue.bnf.fr/ark:/12148/cb37120396m.
Testo completo
25
Ghazani, Abdelaziz. "Economie d'endettement et placements des institutions financières structurellement excédentaires en France : de 1971 à 1984". Paris 10, 1986. http://www.theses.fr/1986PA100050.
Testo completoAbstract (sommario):
Dans le cadre du système financier français il faut noter la singularité des institutions excédentaires. Par leur nombre, ces institutions constitueraient un phénomène marginal, mais par leur taille, elles pèsent d'un poids certain au sein du système financier. Par leurs disponibilités au niveau de la trésorerie, ces institutions constituent une partie de l'offre venant animer les marches financiers et en particulier le marché monétaire. Nous nous consacrons en grande partie à l'étude de la place et des comportements de placement des institutions excédentaires. Les caractéristiques de l'économie d'endettement que nous avons abordées lors de notre première partie éclairent les contraintes auxquelles font face les institutions excédentaires. La place de la banque de France dont les interventions sont nécessaires en tant que "préteur en dernier ressort contraint", est déterminante pour les institutions excédentaires sur le marché monétaire. Les emplois de trésorerie de ces institutions sur cette marche visent une rémunération financière afin d'améliorer en premier lieu leur compte d'exploitation. Aussi, les quantités ainsi offertes n'ont qu'un faible impact sur les conditions d'équilibre sur le marché monétaire, notamment en ce qui concerne les taux d'intérêt. Nous avons procède à l'éclatement des institutions financières par rapport aux démarches agrégées, en nous referons à leur situation de trésorerie. Notre recherche à travers la littérature économique nous a conduit à présenter certains modèles rattaches a l'auto-économie (Tobin, Modigliani et Sutch). L'étude des trois institutions structurellement excédentaires (CDC, crédit agricole et sociétés d'assurances) aboutit à deux conclusions importantes. D'une part, il n'y a pas une pleine validation de ces modèles dans le cadre de notre étude. D'autre part, pour ces trois institutions et pour notre période d'études, il existe une hétérogénéité de comportements financiers. Cette dernière conclusion signifie qu'il nous parait difficile, sinon impossible de construire un modèle unique explicatif des comportements de placements des institutions étudiéesWithin the French financial system, the singularity of the "institutions generating surplus" is to be observed. As far as their number is concerned, these institutions could be a side phenomenon; however they actually do have weight, in the financial system, as far as their dimension is concerned. By their liquid reserves, these institutions form a part of the supply, which quicken the financial markets and particularly the monetary one. We are mainly devoted to the study of the place and investment behavior excess liquidities generating bodies. The characteristics of debt economy which we approached in part one outline the contains faced by the excess liquidates generating bodies. The place of the banque de France, interventions of which are necessary, as so far as "lender without appeal constrained", is determining for the role of excess liquidities generating bodies on the monetary market. The funds employments, on the market, by these bodies aim at a financial remuneration in order to improve, first, their operating statement. So the tendered quantities have not great consequences on the equilibrium conditions on the money market, especially on the rates of interest. We divided the generic expression banks as an entity and we considered their statement of finances. Our research in the economic literature led us to present some models of auto-economy (Tobin, Modigliani and Sutch). The study of three excess liquidities generating bodies (the CDC, the crédit agricole and the sociétés d'assurances) led us to two important conclusions. First there is no full validation of these models, within our study limits. Second, concerning these three bodies and the period observed in our study, we found heterogeneity of financial behaviors. This last conclusion means that it seems difficult, if not impossible to form a single model that should explain the investments behaviors of the considered bodies
26
Ogden, E. M. "The development of the role of the Bank of England as a Lender of Last Resort, 1870-1914". Thesis, City University London, 1988. http://openaccess.city.ac.uk/8350/.
Testo completoAbstract (sommario):
This thesis studies the role of the Bank of England as a lender of last resort (LLR) in the 1870-1914 period. It also considers how the Bank reacted to the failure, or the possibility of failure, of financial institutions. This concern with crises arises out of fractional reserve banking: banks keep only a small proportion of their deposit liabilities in the form of cash, and thus are not able to supply all depositors with cash at any one time. If a sudden demand for cash arises, institutions with no solvency problems can fail due to a lack of liquidity in the financial markets, and widespread problems of this sort may lead to a collapse in the money stock. The role of the LLR is to provide sufficient liquidity to enable institutions to overcome their liquidity problems. The importance of the LLR in the late nineeenth century is that it was only in this period that the Bank of England started to take on the characteristics of a last resort lender. In the last thirty years of the nineteenth century there was an absence of financial crises as compared to the previous two centuries, and it is therefore possible that the Bank of England had by this time altered its behaviour so as to remove the possibility of widespread crisis occurring. It is this question which this thesis examines. A primary objective of the analysis in this study was to identify moments of crisis or potential crisis in the London financial markets between 1870 and 1914, with a view to assessing how the Bank of England dealt with them: did it satisfy our idea of an efficient LLR? We therefore collected data from the Bank's archives which showed the exact pattern of the Bank's discount and advance activities on a daily basis. These data were subjected to a rigorous statistical examination to enable identification of moments of financial tension. The Bank's behaviour was then analysed with respect to the theoretical framework. The results reinforce the conclusions of earlier studies, in that although there was no stated policy stance from the Bank it was prepared to act as a LLR in this period. In addition, it was prepared to "bail-out" institutions which could prove themselves to be solvent but were in need of liquidity. The study provides a great deal of detail as to how the Bank's LLR operations were carried out. Another important factor influencing the Bank's behaviour seems to have been the personality of the Governor. Firm, interested Governors were likely to take a definite policy stance on issues relating to the financial markets whereas weak ones were not.
27
Colvin, Christopher Louis. "Religion, competition and liability : Dutch cooperative banking in crisis, 1919-1927". Thesis, London School of Economics and Political Science (University of London), 2011. http://etheses.lse.ac.uk/180/.
Testo completoAbstract (sommario):
What accounts for the differences in the performance of cooperatively-owned banks in the Dutch financial crisis of the early 1920s? This thesis measures and explains the (relative) performance of boerenleenbanken (rural Raiffeisen banks) and middenstandsbanken (urban Schulze-Delitzsch banks) during the Netherlands' interwar banking crisis by applying various economic methods to new historical evidence. The thesis asks: (1) what were the effects on risk-taking behaviour of differences in the religious attitudes of bankers and their customers? (2) what was the relationship between interbank competition and financial stability? and (3) what was the consequence of the liability choices made by shareholders for their banks' continued survival? Using a combination of economic theory, quantitative financial analysis and qualitative business histories, this thesis finds that: (1) banks serving small religious groups were less willing, despite being more able, to take on risks than those serving majority denominations; (2) those banks that were subject to the lowest competitive pressures enjoyed the most liquid investment portfolios; and (3) the choice of liability limitation available to bankers in uenced their balance sheet risks, for the worse. Together, these findings lead to the conclusion that social, organisational and institutional factors each explain part of the heterogeneity in the fate of the Netherlands' cooperative banks during a period which includes unprecedented debt- deflationary financial turmoil: hence, (1) strict membership criteria and the use of personal guarantors in loan agreements acted as strong devices to allow banks for minorities, regardless of their denomination, to screen and monitor their customers; (2) the switching costs associated with religious affiliation resulted in a competition- stability tradeoff during periods of extreme distress; and (3) the stakeholders of the banks which failed were probably less risk-averse than those of banks which did not, the consequence of endogenous group formation by risk type.
28
Feiertag, Olivier. "Wilfrid Baumgartner : un grand commis des finances à la croisée des pouvoirs (1902-1978) /". Paris : Comité pour l'histoire économique et financière de la France, 2006. http://catalogue.bnf.fr/ark:/12148/cb40192234v.
Testo completoAbstract (sommario):
Texte remanié de: Thèse de doctorat--Histoire--Paris 10, 1995. Titre de soutenance : Wilfrid Baumgartner, les finances de l'état et l'économie de la nation (1902-1978) : un grand commis à la croisée des pouvoirs.Bibliogr. p. 717-757. Index.
29
Maditinos, Dimitrios I. "Corporate performance measures and stocks' prices returns : the case of Greece, 1992-2001". Thesis, University of Greenwich, 2005. http://gala.gre.ac.uk/6234/.
Testo completoAbstract (sommario):
This study aims first at examining the value relevance of traditional accounting (EPS, ROI, and ROE) and value-based (SVA and EVA®) performance measures, in explaining stock returns’ variation in the Athens Stock Exchange (ASE). Pooled time-series, cross sectional data on 163 Greek companies listed in the ASE over the period 1991-2001 have been employed to examine this question. Relative information content tests revealed EPS, followed by EVA®, to be more closely associated with stock returns than ROI, ROE or SVA. However, the incremental information content tests suggested that EVA® adds more explanatory power to EPS than ROI, ROE and SVA. The significant role or ROI was also revealed. Since the performance measures under examination could not explain more than 13 percent of the variation in stock returns, the second aim of this study was to examine the perceptions and the investment strategies of market participants investing in the ASE. An empirical survey conducted from December 2003 to June 2004 asking from all user groups (official Members of the ASE, Mutual Funds Management Companies, Portfolio Investment Companies, Listed Companies, brokers, and Individual Investors) participating in the ASE to determine their investing practices. Data from 435 returned questionnaires revealed that although the professional investors follow the international practices (use fundamental analysis mostly), the individual investors and the brokers were more short-term focussed. Additionally, individual investors showed that they rely more on their instinct/experience and information from rumours and from the newspapers/media. However, this empirical research revealed the dynamic that EVA® conveys and the increasing interest of market participants in Greece. Overall, the contribution of his study comes from the fact that introduces the shareholder value added approach in the Greek capital market, and moreover, from its two unique samples, the methodology, and the revealed findings. Finally, it serves as a market paradigm both for the Greek context and for the emerging markets with the same market characteristics as Greece.
30
Monneret, Jean. "La phase finale de la Guerre d'Algérie". Paris 4, 1998. http://www.theses.fr/1997PA040288.
Testo completoAbstract (sommario):
En 1962, à l'issue de la guerre d'Algérie, un million d'européens vivant sur l'autre rive de la Méditerranée durent se réfugier en France dans des conditions dramatiques. Cet exode n'était pas dû aux seules exactions de l'OAS, comme on l'a souvent écrit. Il avait de multiples causes et résultait notamment de l'enlèvement de plus de 3. 000 pieds noirs par le FLN et par des groupes incontrôlés. Ce fait fut très longtemps occulté. L'inanité des accords d'Évian, l'inefficacité de l'exécutif provisoire et de la force de l'ordre, les consignes ambiguës données à l'armée française sont pour une part importante à la source de l'anarchie régnant en Algérie après le cessez-le-feu du 19 mars. Elles expliquent largement tant l'échec tragique de ce qui devait être le retour à la paix, que la naissance chaotique et sanglante de la nouvelle république. Sur tous ces points, nous apportons des informations nouvelles, basées sur des documents pour la plupart inédits. Bien entendu, pour comprendre l'ensemble de ces épisodes particuliers, il convient d'évoquer des évènements antérieurs. La politique du gouvernement français avant et après 1961, l'apparition et les attentats de l'armée secrète, les affrontements qui se sont produits sont analyses en détail. Le FLN et ses crises, sa stratégie et les méthodes extrêmes qu'il a utilisées après le cessez-le-feu, font également l'objet d'une étude détaillée. Les convulsions brutales et la violence qui ont marqué cette époque ont détruit en profondeur le tissu urbain de la société algérienne, ce dont elle est restée marquée jusqu'à nos joursIn 1962, the exodus towards France of one million Europeans settled in Algeria has often been explained by reference to the outrages committed by the OAS (Secret Army Organisation). It has in fact a variety of causes, among which the abduction of more than 3. 000 French citizens by the FLN (National Liberation Front) and uncontrolled groups ranks prominently. This historical fact has long been concealed. The void of the accords d'Évian, the ineffectiveness of the executif provisoire, (a provisional body in charge of current affairs in the interval leading to the independence) the ambiguousness of the orders conveyed to the French army are other important factors shedding light on this crucial period of time. We have chosen to call it. The final stage of the Algerian war and we are in a position to bring new contributions to the understanding of its various developments. Of course, such an analysis requires additional forays into a number of preceding events. The French government's policies before and after 1961, the rise of the secret army and its various strategies are examined thoroughly. The national liberation front's successive crises are equally studied in details. The brutal and violent events of those days have led to an important destruction of the social fabric of the emerging Algerian republic with consequences enduring to recent times
31
Garabiol, Dominique. "Politique monétaire, circuits financiers et dynamique industrielle dans les cinq pays les plus industrialisés de 1960 à 1992". Paris 13, 1993. http://www.theses.fr/1993PA131022.
Testo completoAbstract (sommario):
La rupture de la dynamique de croissance au milieu des annees 70 pour les cinq plus grands pays industrialises est expliquee par la conjonction de trois contraintes industrielle, externe et monetaire. L'etude porte sur la periode 1960-1992. La contrainte industrielle est notamment demontree par l'application d'une relation econometrique proposee par kaldor entre croissance de la production industrielle et celle du revenu. La contrainte externe donne lieu a une analyse en termes de bifurcation et une relation econometrique entre solde externe et differentiel de croissance est testee. Enfin, la contrainte monetaire est presentee au travers du role, d'une part, de l'epargne dans l'ajustement de la repartition du revenu, d'autre part, des taux d'interet dans la determination du volume et de l'orientation sectorielle de l'investissement. Les implications de la regle d'or de phelps sont evaluees. Une synthese est realisee par une analyse en composantes principales avec 45 indicateurs economiques de 1966 a 1986. Partant du renversement de la definition meme de la monnaie avec la rupture du systeme de bretton-woods, les strategies monetaires et financieres pouvant appuyer une industrialisation des economies sont definies. Dans le dommaine interieur, une politique d'affectation des ressources, d'organisation des circuits financiers et de taux d'interet est proposee. Dans le domaine exterieur, l'analyse couvre la regulation des equilibres externes par les taux de change, l'organisation du systeme monetaire international et les tentatives d'integration europeenneThe growth dynamic disruption in the mid-70's for the five major industrialized economies is explained by the conjunction of the three industrial, external and monetary constraints. The 1960-1992 period is screened. The industrial constraint is emphasized namely by the kaldor proposed econometric relationship between growth of the industrial production and growth of the overall output. The external constraint is discussed through an analysis in terms of bifurcation whilst an econometric relationship between external balance and growth differential is checked. Last, the monetary constraint is defined by the impacts of, on the one hand, the savings on the adjustement of the revenu distribution and, on the other hand, the interest rate on the volume and the sectorial allotement of the investment. The implications of the phelps golden rule are assessed. A global synthesis is carried out by a principal component analysis with 45 economic indicators since 1966 a 1986. Regarding the alteration of the money core definition due to the bretton-woods system disruption, financial and monetary strategies are defined in order to prompt an industrialisation of the economies. On the domestic side, a policy for resource allocation, financial system organisation and interest rate is suggested. On the external side, the analysis involves the balance trade management with the exchange rates, the international monetary system organisation and the european integration attempts
32
Letkiewicz, Jodi Christie. "Households’ Propensity to Meet the Capital Accumulation Ratio Over Time: Evidence from the 1992-2007 Surveys of Consumer Finance". The Ohio State University, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=osu1282056704.
Testo completo
33
Oosterlinck, Kim. "Sovereign debts in trouble times". Doctoral thesis, Universite Libre de Bruxelles, 2003. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211300.
Testo completo
34
Descours-Gatin, Chantal. "Opium et finances coloniales la formation de la Régie générale de l'opium en Indochine, 1860-1914 /". Lille 3 : ANRT, 1988. http://catalogue.bnf.fr/ark:/12148/cb376052991.
Testo completo
35
Rossouw, Johannes Jacobus. "Inflation in South Africa, 1921 to 2006 : history, measurement and credibility". Thesis, University of the Western Cape, 2007. http://hdl.handle.net/10413/2365.
Testo completoAbstract (sommario):
This study reports the development and use of an original methodology to measure inflation
credibility, as well as the first results of such measurement in terms of an inflation credibility
barometer. The barometer is an instrument measuring the degree of acceptance of the accuracy
of historic inflation figures. Despite the lack of knowledge about inflation and the low inflation
credibility recorded by this first calculation of an inflation credibility barometer for South Africa,
valuable information about inflation is unveiled to the authorities. The research results serve as a
benchmark, but cannot be compared to earlier research, as this study represents the first
systematic measurement of inflation credibility in South Africa.
The barometer yields better results than the limited current international measurement of
perceptions of the accuracy of historic inflation figures. The barometer (i) reports the credibility
of inflation figures as a figure between zero and 100; (ii) will highlight changes in credibility
over time with repeated use; (iii) can be explained easily to the general public; (iv) provides for
international comparison between countries; and (v) can be used by all countries. The use of
inflation credibility barometers and changes in barometer readings over time can also serve as an
early warning system for changes in inflation perceptions that might feed through to inflation
expectations.
Sampling results used to calculate a South African inflation credibility barometer show little
public understanding of the rate of inflation. Owing to an increased focus on inflation figures in
countries using an inflation-targeting monetary policy, central banks entrusted with such a policy
should adopt a communication strategy highlighting the calculation and measurement of the rate
of inflation. This study shows that no generally accepted international benchmarks for successful
central-bank communication strategies have been developed, but the use of the methodology
developed in this study will assist in the assessment of the effectiveness of communication
strategies.
This study makes three further contributions of significance to available literature on inflation in
South Africa. The first is an analysis of price increases and inflation over a period of 85 years
(1921 to 2006) and a selected comparison of salaries and remuneration over a period of 78 years
(1929 to 2006). To this end data sets were developed for comparative purposes, thereby
distinguishing between perception and reality about the accuracy of inflation figures over time.
As this comparison has not been done before, a methodology was developed that can be used in
future research. Based on these comparisons an inflation accuracy indicator (JAI) is developed
for the first time. The research showed no systematic over or under-reporting of price increases,
therefore confirming the general accuracy of the consumer price index (CPI) over time. As with
the inflation credibility barometer, this methodology can be used internationally to confirm the
accuracy of countries' inflation figures over time. This methodology can also be used by
developing countries with capacity constraints in economic modelling and forecasting.
The second contribution to available literature is the first analysis of South Africa's experience
with inflation over a period of 85 years from the perspective of the central bank. This analysis
highlights not only the difficulties encountered by a central bank to contain inflation, but also
focuses the attention on the policy errors of the authorities in their quest to contain rising prices.
The third contribution is an analysis of international and domestic initiatives aimed at improving
the accuracy and measurement of inflation. The implications of these initiatives for developing
countries are considered in the interest of a level international playing field between developed
and developing countries.Thesis (Ph.D.)-University of KwaZulu-Natal, Durban, 2007.
36
Cabbia, Daniela <1996>. "Il controllo della spesa pubblica: fabbisogni, funzioni fondamentali e costi standard. Lo strumentario elaborato da SOSE". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19192.
Testo completoAbstract (sommario):
La tesi tratta il tema della revisione della spesa pubblica o spending review (SR) in Italia e si compone di tre capitoli. La prima parte si focalizza sulla sua evoluzione a partire dalla crisi del 2008 fino ad oggi e sulle figure che si sono occupate di gestire questo processo. Emergono e vengono poi descritti i due approcci della SR: dapprima quello dei tagli lineari, noto per le conseguenze negative, e successivamente quello orientato all’efficacia ed efficienza. Questi obiettivi si possono raggiungere grazie all’istituzione di nuovi elementi ed al superamento del criterio della spesa storica che sottendeva al finanziamento degli enti locali. Nel secondo capitolo, si procede quindi con la spiegazione dei nuovi elementi, quali i costi e fabbisogni standard, la capacità fiscale ed i trasferimenti perequativi che garantirebbero una miglior programmazione e gestione della spesa. Infine, il terzo capitolo presenta le modalità di rilevazione di questi dati elaborate da Sose Spa, società incaricata a tale compito. Viene poi fornito un concreto esempio del loro strumentario attraverso il Questionario Unico per i Comuni 2019, di cui si descrivono struttura e processo di compilazione. Verrà, dunque, spiegata l’utilità del reperimento dei dati ed i problemi ad esso connessi. Infine, partendo da queste considerazioni si andrà a definire come l’insieme delle nozioni ed esperienze apprese sino ad ora possano porre le basi per una migliore gestione della spesa e finanza pubblica.
37
Gastambide, Axel. "Dollarisation partielle et dollarisation intégrale : l'expérience de l'Equateur". Phd thesis, Université d'Auvergne - Clermont-Ferrand I, 2005. http://tel.archives-ouvertes.fr/tel-00662869.
Testo completoAbstract (sommario):
L'objet de cette thèse est d étudier le phénomène de dollarisation en Equateur, c est à dire la concurrence de la monnaie nationale - le sucre - par le dollar US, en distinguant les processus de dollarisation partielle (1982-2000) puis de dollarisation intégrale (2000-2004). Répondant au départ à la volonté des agents de préserver la valeur réelle de leurs actifs monétaires (parties I et II), la dollarisation partielle a entraîné parallèlement des coûts macro-économiques dont les effets ont rendu la crise financière de la fin des années 1990 progressivement incontrôlable (partie III) et dont l issue a résidé dans l adoption du système de la dollarisation intégrale (partie IV). Dans le chapitre 1, après avoir défini la notion de dollarisation partielle, nous caractérisons ce phénomène (ampleur, formes et motifs). Dans le chapitre 2, nous précisons les facteurs institutionnels de la dollarisation partielle, en mettant en évidence l importance de la libéralisation financière de 1992. Dans la partie II, nous menons une analyse économétrique des déterminants de la dollarisation partielle à travers l estimation d une demande de monnaie (chapitre 3), puis l estimation d un ratio de dollarisation partielle (chapitre 4). Les chapitres 5 et 6 de la partie III étudient les conséquences de la dollarisation partielle, en particulier en matière de balance sheet effect. Nous montrons que la dollarisation partielle est à l origine d une dynamique endogène de la crise financière (les crises jumelles) de la fin des années 1990 conduisant à une interprétation renouvelée du triangle d incompatibilité de Mundell. La crise financière a abouti à l adoption, en janvier 2000, du système de la dollarisation intégrale dont l étude fait l objet de la partie IV. Le chapitre 7 étudie les bénéfices de la dollarisation intégrale, en particulier en matière de réduction de l inflation. Enfin, dans le chapitre 8 nous analysons les coûts de ce système à travers l étude du degré de symétrie des chocs entre l Equateur et les Etats-Unis.
38
Benkemoune, Rabah. "Les origines de la théorie des faisceaux de bourses de Gustave de Molinari, 1819-1912". Cergy-Pontoise, 2002. http://www.theses.fr/2002CERG0175.
Testo completoAbstract (sommario):
Cette thèse présente la Théorie des Faisceaux de Bourses de Gustave de Molinari. Cette théorie est une description de l'organisation des marchés dans un régime de marchés étendus (ou régime libéral). Cette organisation repose sur le développement de l'industrie du commerce et la création de faisceaux de bourses. Elle permet le recueil et la diffusion de l'information sur l'état des marchés, information nécessaire au bon fonctionnement du processus de gravitation. Dans un second temps, il est montré que la théorie de Molinari est construite pour répondre à Sismondi. Sismondi souligne les difficultés de connaissance des marchés étendus des produits et des facteurs de production et leurs effets sur le processus de gravitation. La réponse de Molinari consiste à étendre l'analyse du commerce des physiocrates à l'ensemble des produits et des facteurs de production. De ce fait, cette extension devient le fondement de l'hypothèse d'information parfaite du processus de gravitationThis work presents the Theory of Bundes of Exchanges of Gustave de Molinari. This theory is a description of the organization of markets in a régime of vast area markets (or liberal régime). This organization rests on the development of commercial industry and on the creation of bundes of exchanges. It permits the collection and the broadcasting of information about the condition of markets; this information is required for the properly working of the gravitation process. Secondly, it is shown the theory of Molinari is built to reply to Sismondi. Sismondi emphasizes the difficulties in knowing markets of products and production factors and their effects on the gravitation process. Then, the reply to Sismondi's critics is founded on the extension of physiocrat's trade analysis to all of products and production factors. This extension becomes the foundation of the perfect information hypothesis of the gravitation process
39
Ould-Ahmed, Pepita. "Monnaies, financement et systèmes de paiements en Russie : ruptures historiques et continuités monétaires (1917-1998)". Paris, EHESS, 2000. http://www.theses.fr/2000EHES0091.
Testo completo
40
Vieille, Jean-Noël. "Méthodes d'analyse stratégique et financière des groupes : l'évaluation des cent premiers groupes européens (1986-1992)". Montpellier 1, 1994. http://www.theses.fr/1994MON10021.
Testo completoAbstract (sommario):
L'objectif de notre recherche est de contribuer a clarifier les methodologies destinees a diagnostiquer et a evaluer les performances des entreprises. Une methode de valorisation doit d'abord resulter d'une analyse financiere realisee a partir d'une logique de flux. Puis, l'analyse strategique va permettre la modelisation du positionnement relatif des entreprises, au sein de leur secteur d'appartenance. Enfin, l'analyse sectorielle, s'appuyant largement sur des principes d'economie industrielle, fournira les instruments necessaires a la creation de typologies sectorielles. Notre demarche est dont pluridisciplinaire. Elle trouve une application concrete sur les cent premiers groupes industriels europeens dont les strategies et les resultats financiers ont ete analyses sur la periode 1986-1992. Ainsi definies, les sciences de gestion trouveront une nouvelle application qui viendra completer la finance de marche qui assure une quasi hegemonie sur la recherche en financeThis research aims at providing a contribution to the various methodologies used in assessing the performance of business firms. We have elected to use a financial analysis framework based firstly ypon cas-flows. We next present a strategic analysis that allows us to design a model for the relative positioning of firms within their sector. Lastly, sectorial analysis mainly based upon the principles of industrial economics will provide the tools required for the creation of sectors breakdowns. Our research is therefore a multifield one. It will be concretly applied to the top 100 european business groups whose strategies and financial performance are analysed for 1986-1992. The management science research will thus be enriched with a new quantitative ans qualitative application. The latter completes the research literature in finance which deals today almost exclusively with financial markets
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Suzuki, Toshio. "Japanese government loan issues on the London capital market, 1870-1913 /". London : the Athlone press, 1994. http://catalogue.bnf.fr/ark:/12148/cb37199225f.
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Strong, Holly R. "Exploring the correlation dynamics of world stock market indices from 1992-2007". Honors in the Major Thesis, University of Central Florida, 2008. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/1144.
Testo completoAbstract (sommario):
This item is only available in print in the UCF Libraries. If this is your Honors Thesis, you can help us make it available online for use by researchers around the world by following the instructions on the distribution consent form at http://library.ucf.edu/Systems/DigitalInitiatives/DigitalCollections/InternetDistributionConsentAgreementForm.pdf You may also contact the project coordinator, Kerri Bottorff, at kerri.bottorff@ucf.edu for more information.Bachelors
Business Administration
Finance
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Clavert, Frédéric. "Hjalmar Schacht, financier et diplomate : 1930-1950". Université Robert Schuman (Strasbourg) (1971-2008), 2006. http://www.theses.fr/2006STR30026.
Testo completoAbstract (sommario):
Hjalmar Schacht, Président de la Reichsbank (1924-1930, 1933-1939) et Ministre de l'Economie (1934-1937) a à la fois servi la République de Weimar et le Troisième Reich. Cette thèse aborde la période nazie de Schacht, entendue dans un sens large. En 1929, Schacht est nommé délégué de l'Allemagne à la conférence des experts de Paris. Opposé à la politique du gouvernement du Reich, il démissionne de la présidence de la Reichsbank en 1930 et se rapproche des nazis à partir de janvier 1931. En 1950, il est classé dans la catégorie V de la loi de dénazification : il est relaxé pour faits de résistance. Entre ces deux dates, la thèse s'attache à comprendre Schacht, en faisant ressortir trois niveaux d'analyse : les relations internationales, la polycratie nazie et le rôle de l'individuHjalmar Schacht, President of the Reichsbank (1924-1930, 1933-1939) and Minister of the Economics (1934-1937) served both the Weimar Republic and the Third Reich. This dissertation focuses on Schacht's Nazi period. In 1929, he is German delegate at the Young committee. Opposed to the government's policy, he resigned from the Reichsbank's presidency in 1930 and approached the nazis in January 1931. In 1950, he is classified in the Vth category defined by the denazification regulation : he is released for his resistance against Hitler. Between these two years, the dissertation attempts to understand Schacht, while emphasizing three levels of analysis : international relations, the nazi polycratic regime and Schacht's role as a single individual
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Dal, Compare Enrico <1992>. "Il nuovo Codice della crisi d'impresa e dell'insolvenza: un'analisi empirica del settore dell'abbigliamento". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19612.
Testo completoAbstract (sommario):
La tesi vuole analizzare l'impresa e la sua struttura ottimale di indebitamento finanziario.
Vengono presentati gli indicatori del nuovo Codice della Crisi d'Impresa e raffrontati ad un campione di imprese fallite ante-riforma del nuovo Codice della crisi e dell’insolvenza del settore tessile dell'abbigliamento della provincia di Treviso.
Attraverso l'analisi degli indicatori elaborati dal CNDCEC si vuole cercare di capire se, con l’obbligatorietà di segnalazione a seguito del superamento delle soglie previste dal nuovo Codice, il dissesto poteva essere segnalato e gli organi di vigilanza delle singole imprese si sarebbero attivati, salvando l'impresa dal dissesto e dal successivo fallimento.
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FALCHERO, Anna Maria. "Industria e finanza in Italia tra guerra e dopoguerra (1914-1921)". Doctoral thesis, 1988. http://hdl.handle.net/1814/5757.
Testo completoAbstract (sommario):
Defence date: 28 November 1988Examining board: Prof. Peter Hertner (supervisor) ; Prof. Giorgio Mori ; Prof. Antonio Confalonieri ; Prof. Alan S. Milward
First made available online 9 July 2015
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Adams, Robert Matthew. "Essays on semiparametric estimation and structural modeling with applications in the banking industry". Thesis, 1997. http://hdl.handle.net/1911/19124.
Testo completoAbstract (sommario):
New semiparametric panel estimation methods have been developed, which make minimal distributional or functional form assumptions on the model. These estimators are illustrated in an efficiency analysis of the banking industry. This analysis finds that functional form and distributional assumptions are important in efficiency estimation. Moreover, models of time varying efficiency are relevant and indicate productivity movements in the banking industry.
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Inanoglu, Hulusi. "Essays on heterogeneous technologies in banking and finance". Thesis, 2004. http://hdl.handle.net/1911/18647.
Testo completoAbstract (sommario):
This dissertation focuses on the heterogeneous production technologies in banking and finance within the context of efficiency-analyses.
The first essay studies the cost efficiency of Turkish banking industry. Studies of bank efficiency tend to draw conclusions from pooled estimates, assuming that all banks in a sample use the same technology, or estimates based on a priori classifications of the banks. It is well known that efficiency rankings may be corrupted if banks that use different technologies are pooled together in estimating the technological frontier with respect to which inefficiency is estimated. We model unobserved heterogeneity in banking technologies as a mixture model, and investigate the efficiencies of 53 Turkish banks using likelihood-based stochastic frontier analysis for the period 1990--2000. Our likelihood-based analysis finds no evidence of heterogeneity along the state vs. private and Islamic vs. conventional dimensions. The estimated classifications and mixture components have intuitive ex post institutional explanations.
The second essay investigates the labor efficiency of Turkish banks for 1990--2000 by using a flexible translog functional form where the demand for labor is a function of loans, deposits, number of branches, total fixed assets and a time variable. The model allows for the possibility that at any point banks' observed employment may not be optimal. We expand the labor-use model by utilizing the EC (Estimation-Classification) estimator to obtain data-driven identification of bank-technology-classes in our sample.
The third essay uses a set of semiparametric efficient (SPE) estimators for a panel data of 32 developing countries to investigate the effect of sources of external financing on production efficiency. The idea of production frontiers for firms in a given industry is applied in a macroeconomic context in which countries are producers of output (GDP) given inputs (capital and labor) and some external factors (i.e. debt, equity and foreign direct investment (FDI) stocks). Using two recent datasets, we are able to investigate the individual impact of foreign liabilities, namely debt, equity and FDI, on production efficiency. The estimates indicate that FDI plays a more prominent role of promoting production efficiency than debt or equity financing for developing countries.
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He, Zhongfang. "Structural Breaks and Forecasting in Empirical Finance and Macroeconomics". Thesis, 2009. http://hdl.handle.net/1807/19192.
Testo completoAbstract (sommario):
This thesis consists of three essays in empirical finance and macroeconomics. The first essay proposes a new structural-break vector autoregressive model for predicting real output growth by the nominal yield curve. The model allows for the possibility of both in-sample and out-of-sample breaks in parameter values and uses information in historical regimes to make inference on out-of-sample breaks. A Bayesian estimation and forecasting procedure is developed which accounts for the uncertainty of both structural breaks and model parameters. I discuss dynamic consistency when forecasting recursively and provide a solution. Applied to monthly US data, I find strong evidence of breaks in the predictive relation between the yield curve and output growth. Incorporating the possibility of structural breaks improves out-of-sample forecasts of output growth.
The second essay proposes a sequential Monte Carlo method for estimating GARCH
models subject to an unknown number of structural breaks. We use particle filtering
techniques that allow for fast and efficient updates of posterior quantities and forecasts in real-time. The method conveniently deals with the path dependence problem that arises in these type of models. The performance of the method is shown to work well using simulated data. Applied to daily NASDAQ returns, we find strong evidence of structural breaks in the long-run variance of returns. Models with flexible return distributions such
as t-innovations or with jumps indicate fewer breaks than models with normal return innovations and are favored by the data.
The third essay proposes a new tilt stochastic volatility model which extends the
existing volatility models by modeling the asymmetric correlation between return and
volatility innovations in a unified and flexible framework. The Efficient Importance
Sampling (EIS) procedure is adapted to estimate the model. Simulation studies show
that the Maximum Likelihood (ML)-EIS estimation of the model is accurate. The new
model is applied to the CRSP daily returns. I find the extensions are significant and
incorporating them improves the accuracy of volatility estimates.
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Campbell, Todd Christopher. "Financing the Royal Navy,1905-1914 : Sound finance in the Dreadnought era". Thesis, 1994. http://hdl.handle.net/2429/3457.
Testo completoAbstract (sommario):
The theory of sound finance which dominated British fiscal ideology in the Victorian and
Edwardian periods hindered Britain's ability to respond decisively to the German challenge to
Royal Navy supremacy from 1905-1908, as the then Chancellor of the Exchequer, Asquith,
concentrated on reducing the National Debt and retrenchment of naval expenditure. This was a
mistake as it encouraged Germany's naval ambitions. The Government, constrained by the
ideology of sound finance, did not realize the enormous resources available to it by shifting the
focus of taxation to direct sources of revenue through the income tax and death duties. As Royal
Navy supremacy had to be maintained regardless of the cost and the Liberal Government was
committed to social reform, a reform of the fiscal system was necessary. Lloyd George fully
exploited the fiscal system in his "People's Budget"of 1909, relying heavily on innovations
previously introduced by Asquith, and it fulfilled the Government's revenue requirements
admirably up to the outbreak of war in 1914. The Liberal Government was able to finance both
the supremacy of the Royal Navy and costly social reforms, in the process introducing the era
of both modern Government finance and the welfare state in Britain.
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"Campaign finance in New Orleans: the city council races of 1982 (Louisiana)". Tulane University, 1986.
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