Tesi: "Law and finance"

1

Zhu, Lin. "Law, politics and finance". Thesis, University of Macau, 2012. http://umaclib3.umac.mo/record=b2580077.

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2

Fleifel, Bilal A. "Risk management in Islamic banking and finance the Arab Finance House example /". View electronic thesis (PDF), 2009. http://dl.uncw.edu/etd/2009-3/fleifelb/bilalfleifel.pdf.

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3

Abalkhil, Waleed Abdulaziz Abdullah. "Islamic finance in Saudi Arabia : developing the regulatory framework". Thesis, University of Exeter, 2018. http://hdl.handle.net/10871/33596.

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Saudi Arabia and Islam have had a very close relationship since the establishment of Saudi Arabia. Thus, Saudi Arabia chose Islam to govern all its laws. Since 1952, with the discovery of oil, the country has witnessed a huge development including the establishment of the Saudi Arabian Monetary Authority (SAMA) as a Central Bank. SAMA was expected to only allow financial activities that did not conflict with the teachings of Islamic law, as stated in its Charter. However, since its existence, SAMA has supervised and licensed conventional banks that charge Riba (interest or usury) and all the regulations made by SAMA have been designed to deal with conventional banks. Consequently, there is a difference between the law, Islamic law, and the practice. Over the years a dramatic improvement in Islamic finance has been realised. Many countries and international organisations that specialised in Islamic finance have set especial regulations that suit such finance. Nonetheless, Saudi Arabia as a regulatory body preferred not to join this trend and continued adopting and practising the same regulations that were made for conventional finance. This thesis seeks to develop the regulatory framework towards Islamic finance by sheding light on the legal challenges and difficulties that may encounter Islamic finance in Saudi Arabia, which may prevent the Kingdom of Saudi Arabia from being the leading country for developing Islamic finance. To help in identifying these challenges, an Islamic financial product Sukuk (Islamic bonds) is chosen to be a case study to show some of the challenges in practice. The thesis firstly discusses Islamic principles toward finance, then the legal environment of Saudi Arabia and how Islamic finance is practised in the Kingdom. It then introduces the new development in the legal environment in response to the Saudi Vision 2030 which can be a tool to help solving the obsricales that Saudi Arabia is encountering. Then the thesis discusses some challenges related to sharia boards in financial institutions, such as not having sharia governance as part of the corporate governance of financial institutions that market their products as being compliant with sharia law; in addition, the absence of a Central Sharia Board that should help in ensuring the conformity of financial products to sharia law. The thesis proposes that the regulators should develop and adopt especial regulations framework that could help the development of Islamic finance. The thesis defines Sukuk and shows how it differs from other financial instruments in conventional finance. Then, it identifies some of the challenges that face Sukuk and its development in the country. Moreover, it looks at a very recent development in the Saudi legal system, which is in response to the Saudi Vision 2030 and the recent interest that was shown by decision-makers, such as the Chairman of the CMA, the Minister of Commerce and Industry, the Deputy Minister for Internal Trade, and also both the Governor and Vice-Governor of the SAMA, in response to the Vision 2030 which could contribute to the development of Islamic finance. As far as the researcher is aware, hardly any studies have addressed this issue with respect to the new development that Saudi Arabia is currently witnessing in response to the Saudi Vision 2030 and the recent developments taking place in neighbouring countries which broadly share similar cultural and religious values. Finally, the thesis proposes some recommendations to develop Islamic finance including some guidelines for establishing a Central Sharia Board, and also, a sharia supervisory governance for Islamic financial institutions which should have a positive effect on Islamic finance in the country.

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4

Bunker, Donald H. (Donald Harry) 1940. "The legal aspects of aerospace finance in Canada /". Thesis, McGill University, 1987. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=76526.

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Access to adequate financing for the development of Canada's aerospace industry, which is a significant contributor to the country's gross national product, is controlled by the financial community generally. In order for one to successfully transact with the community, their fears and expectations must be clearly understood and respected. This study begins in Chapter I with an examination of the types of financing available, and Chapter II discusses how these financings may be funded. Chapter III contains a detailed consideration of the types of security required to secure such obligations, while Chapter IV sets out the types of insurance required. Any financial transaction must take into consideration the impact of taxation, and Chapter V contains a study of the various types of taxes normally encountered in aerospace financing. Chapter VI discusses some of the usual provisions normally found in aerospace finance documentation and Chapter VII sets out some of the special requirements to be met. This is followed by a final analysis, conclusions and recommendations in Chapter VIII. An extensive, but selective bibliography completes the study.

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5

Wu, Qiongbing The school of banking &amp finance UNSW. "International finance: issues related to law and financial development". Awarded by:University of New South Wales. The school of banking and finance, 2006. http://handle.unsw.edu.au/1959.4/23416.

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This dissertation examines three distinctive issues that concern the regulators and policy makers in the development of financial markets. It contains three stand-alone research projects within the context of law, finance and economic growth. Chapter 2 examines the dynamic relationship between banks and economic growth from the points of view of market efficiency and asset pricing theory. Publicly traded banks are broadly representative of a country???s banking sector, so that banking industry stock prices will broadly reflect the performance of a country???s banking sector. Because previous research has established that the institutional framework, as well as the aggregate size, of the banking sector can significantly affect economic growth, this chapter investigates whether the stock returns on a country???s banking sector contain information about future economic growth, and whether the specific country and institutional characteristics that affect the functioning of the banking system and market efficiency also influence this relationship. Using the data from 18 developed and 18 emerging markets, the chapter finds a significant and positive relationship between bank excess return and future economic growth in both the time-series and panel analyses. The chapter also finds that this positive relationship is significantly strengthened by the enforcement of insider trading law, by banking crises, by bank disclosure regulations and financial development, but is weakened by government ownership of banks. Chapter 3 investigates the role of bank idiosyncratic volatility in economic growth and systemic banking crises. Using the same dataset from Chapter 2, this chapter finds an ambiguous relationship between bank volatility and economic growth in the time-series studies, which suggests that the effect of bank volatility on economic growth is more country-specific. In the panel analyses, the chapter finds a negative but very weak relationship between bank volatility and future economic growth. This negative relationship is magnified by banking crises and bank disclosure standards, but is alleviated by the government ownership of banks, the enforcement of insider trading law and financial development. The chapter goes further to examine whether bank volatility leads to the occurrence of systemic banking crises, and finds that the marginal effect of bank volatility on the probability of banking crises is very weak for the sample of all markets, and this result is mainly driven by the data from the emerging markets. However, bank volatility is a significant predictor of banking crises even after being controlled for macroeconomic indicators, which implies that market forces are more powerful in promoting the soundness of the banking system in developed markets. We also find that those macroeconomic and banking risk management indicators have different impacts on the probability of banking crises for the emerging and developed markets. Therefore, caution needs to be taken in interpreting the cross-country results of the studies on banking crises. Chapter 4 studies the corporate governance issues in China, a significant developing country that has been neglected by the current law and finance literature. Incorporated with the legal environment and ownership structure of China???s listed companies, the chapter develops a simple game model to study a neglected aspect of current corporate governance literature: the expropriation arising from the mixture of weak investor protection, ownership concentration coexisting with ownership dispersion, and the absence of a controlling shareholder. The last two chapters find that government ownership undermines the positive link between bank excess return and economic growth, but alleviates the negative impact of bank volatility on growth as well. This chapter shows that government ownership is also a two-edged sword in corporate governance in China: it leads to a double-agency problem; however, the strong legal protection of State assets also increases the cost of expropriation. Using the data from 1996 to 2003, the chapter finds the empirical evidence consistent with the model. By analysing the puzzles in China???s stock market, the chapter suggests that improving the legal protection of investors is the key issue in the future development of the financial market.

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6

Tapia, Canales J. "Analysing economic regulation through institutions, finance and public law". Thesis, University College London (University of London), 2012. http://discovery.ucl.ac.uk/1344096/.

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The thesis analyses economic regulation primarily through the lenses of institutions, finance and public law. In terms of positive analysis, it focuses on post-privatisation developments in the UK. The first chapter sets out the framework of analysis. Traditional models to study economic regulation are critically assessed. It is argued that these frameworks make only partial assessments of regulation under simplified assumptions. However, it is possible to find complementarities that may serve as fundamentals for further study. Chapter II proposes to broaden the theoretical framework of analysis in three directions, with the aim of providing guidance on how to structure regulatory design in an interdisciplinary context. The third chapter deals with financial implications of regulation. The case of regulation of the capital structure of utilities firms and the regulatory assessment of the cost of capital is specifically studied in order to exemplify the control of risks under regulatory practice. In the fourth chapter the argument is extended to the analysis of the role of the State in infrastructure industries and the significant function that risk plays in economic regulation. It is argued that regulators should control focus their analysis on risk control and the avoidance of the provision of State guarantees as much as possible. Finally, chapter V looks at the role of the courts and the judicial scrutiny of sector-specific economic regulators’ decisions. Since the introduction of specialisation, judicial scrutiny is having an ever-increasing influence on substantive regulatory decisions in the UK. Despite this, some flaws in the regulatory design are highlighted, along with proposals to overcome them. The thesis concludes with some implications for policy design and the analysis of economic regulation.

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7

Ahmad, Abu Umar Faruq. "Law and practice of modern Islamic finance in Australia". View thesis, 2007. http://handle.uws.edu.au:8081/1959.7/38404.

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Thesis (Ph.D.)--University of Western Sydney, 2007.
A thesis presented to the University of Western Sydney, College of Business, School of Law, in fulfilment of the requirements for the degree of Doctor of Philosophy. Includes bibliographies.

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8

Cumming, Douglas, Igor Filatotchev, April Knill, David Mitchell Reeb e Lemma Senbet. "Law, finance, and the international mobility of corporate governance". Palgrave Macmillan, 2017. http://dx.doi.org/10.1057/s41267-016-0063-7.

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We introduce the topic of this Special Issue on the "Role of Financial and Legal Institutions in International Governance", with a particular emphasis on a notion of "international mobility of corporate governance". Our discussion places the Special Issue at the intersection of law, finance, and international business, with a focus on the contexts of foreign investors and directors. Country-level legal and regulatory institutions facilitate foreign ownership, foreign directors, raising external financial capital, and international M&A activity. The interplay between the impact of foreign ownership and foreign directors on firm governance and performance depends on international differences in formal/regulatory institutions. In addition to legal conditions, informal institutions such as political connections also shape the economic value of foreign ownership and foreign directors. We highlight key papers in the literature, provide an overview of the new papers in this Special Issue, and offer suggestions for future research.

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9

Aljallal, Arwa Ibrahim A. "The duty of good faith in insurance law : a study of Saudi law compared to English law". Thesis, University of Southampton, 2014. https://eprints.soton.ac.uk/370749/.

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10

Stanziola, Irene. "International finance : financing a syndicated loan agreement". Thesis, McGill University, 1986. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=65524.

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11

Zul, Kepli Mohd Yazid Bin. "Islamic finance & maritime trade: economic, legal and regulatory challenges". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hub.hku.hk/bib/B50534038.

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Rapid development and commercialization within the emerging field of Islamic finance are strong evidence of its sustainability. The Islamic finance industry has experienced remarkable growth, more than US$1 trillion in just 40 years.This consistent growth and the industry’s proven ability to safely navigate global recession and financial crisis while still coming up with innovative products indicate its resilience and competitive edge. Its gradual adoption into the financial portfolios of important financial centres including London, Singapore and Hong Kong is further evidence of its promising future. While numerous studies on Islamic banking, finance and insurance are now available, there has been very little systematic research on this industry’s actual and possible implicationsin maritime trade and commerce. This research aims to fill those gaps. The feasibility of applying Islamic principles to maritime trade is the main theme of this research, which argues that the reduction or removal of unnecessary uncertainties and harmful risks as required under Islamis necessary to strengthen global maritime trade. Islamic principles, as seen in various Islamic financial products applicable to modern maritime trade, will be relevant in strengthening global trade. This is due to, among other things, Islam’s prohibition from dealing with transactions tainted by excessive speculations in addition to the fairer allocation of risks that it required. However, to truly benefit global trade it is proposed here that Islamic financial products must consist of more than merely cosmetic changes to conventional products;their essence must also be different. 　　Global trade can be very volatile, particularly in periods of recession and financial crisis. Instead of wealth with real trade based on productivity, partnership and risk sharing, an increasing number of people are simply conducting speculative activities based on zero-sum risk-transfer and the speculative activities of others. Rather than reducing risk, interested parties are making profits by increasing risk through a variety of speculative and risky transactions. This unprecedented increase in speculative activities in maritime trade, from derivative products to shipbuilding, is a dangerous scenario if left unmonitored. This research proposes that the legal and regulatory framework governing maritime trade could be improved by incorporating some Islamic principles. The legal and regulatory framework governing Islamic finance is also analyzed here. The development of Islamic finance in Southeast Asia is also covered, together with a comparative study of the maritime trade sector in Malaysia, Singapore and Hong Kong as background to show potential. This thesis proposes that a conducive legal and economic environment is fundamental for maritime nations.
published_or_final_version
Law
Doctoral
Doctor of Philosophy

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12

Forsbacka, Kristina. "Climate Finance and the Point of Green Bonds". Licentiate thesis, Luleå tekniska universitet, Samhällsvetenskap, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-82363.

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The emergence of green bonds in 2008 has been perceived as an important means to move towards green and sustainable investments, and the green and sustainable bond markets have also grown exponentially. The purpose of my thesis is to analyse the green bond instrument and the role that it plays at climate finance. Notably, the role of the green bond and climate finance has changed over time. The Paris Agreement from 2015 was the first climate agreement to address the finance sector, and the sustainable finance markets are now moving forward at a swift pace, with new and innovative products developing and rewarding green and sustainable investments. The essence of the research is threefold. Firstly, an analysis based on an empirical study and analysis of the terms and conditions of the contracts between issuers and investors regulating green bonds on the Nordic market. Secondly, an analysis of the new innovative bond instruments – transition bonds and sustainability-linked bonds – following the green bond that have emerged starting in 2019. Thirdly, the green bond instrument is analysed in its historical context, describing the role of carbon pricing and comparing the green bond instrument to experience from early project-based climate finance, the Clean Development Mechanism (CDM). To conclude, an analysis is provided of the green bond instrument and the role that it plays at the transformation to a climate-resilient and sustainable society. The perspective in the analysis and the discussion is normative and forward looking (“de lege ferenda”), based on experience – “lessons learned” – from the development of early climate finance and the development that the green and sustainable bond market has undergone. The ultimate purpose is to analyse the role the of the green bond at climate finance. My analysis addresses the interplay between coercive and voluntary regulation of the green bond instrument. The theory and findings of the thesis are that flexibility should be provided to market participants to allow for the development of new innovative instruments, based on the tools and infrastructure developed at climate finance and green and sustainable bonds. Legal regulation should focus on information and disclosure of climate-related and sustainability risks, and providing clarification and codification of definitions and standards for this purpose. The tools and infrastructure created for green bonds, and further developed for other emerging innovative bonds, could be used to provide transparency at sustainability at all finance. As climate-related and sustainability risks are disclosed and addressed properly is provided and fiduciary duties are developed, the financial market can move from rewarding “green”, to penalising “brown” investments. When “green” is the new normal there will be no need for a specific green bond instrument. The point of green bonds is being part of this journey – not the solution.

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13

Balala, Hanaan. "A study of islamic law and english common law on aspects of islamic finance securitisations". Thesis, University of Oxford, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.530014.

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14

Liu, Guojin. "Finance leasing in international trade". Thesis, University of Birmingham, 2010. http://etheses.bham.ac.uk//id/eprint/741/.

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The thesis is on “Finance Leasing in International trade”. It considers the question “How well does English law recognise and encourage the use of finance leasing in equipment trade?” The discussion shows that, on the one hand, English law has recognised the financing nature of finance leasing. It sees the lessor in a finance leasing arrangement merely as a financier, who steps into a sale of equipment which might otherwise take place between the supplier and the lessee. In addition, English law recognises that there are two agreements between the parties: a sale between the supplier and the lessor and a finance lease between the lessor and the lessee. Although English law does not view the transaction as a triangular relationship, it entitles the lessee to a cause of action against the supplier in various circumstances. It also allows the lessor to exclude from liability for the quality of the asset and to secure his commercial interests in the transaction by retaining ownership of the asset. On the other hand, however, English law fails to provide solutions to some problems arising from the financing nature of the transaction. For example, it is difficult for the lessor to be completely free of responsibility for the condition of the asset, which is imposed by the Supply of Goods and Services Act 1982. His obligation to ensure the lessee’s quiet enjoyment of the lessee is also obscure. In addition, the lessee does not have a proprietary right over the asset at law and this has led to distortion of some of the legal principles regarding ownership and property. The discussion leads to the conclusion that the law pertaining to finance leasing is on the whole satisfactory to facilitate equipment trade but reform is called for in some areas. The following suggestions are proposed to improve the use of finance leasing in the trade of equipment, both domestically and internationally. Firstly, the law should define finance leasing by providing explicit pronouncement of its financial nature and the triangular relationship. Secondly, the obligations and rights of the parties should be more specific. For example, the lessor’s responsibility for the lessee’s quiet enjoyment under the 1982 Act should be clarified as follows: “the lessor ensures that he has the right to lease the asset so that the lessee may enjoy exclusive possession of it free from disturbance by a person whose title is paramount to the lessor’s, unless the disturbance stems from actions of the lessor”. But the lessor should be excluded from all the obligations as to the condition of the asset under the Supply of Goods and Service Act 1982. The supplier should be liable to the lessee for the condition of the asset and, at his default, the lessee should be able to resort to a cause of action against him, being a third party to the supply agreement under the Contract (Third Party Rights) Act 1999. In addition, the lessee should be responsible for the payment of the total rentals irrevocably and his right over the asset should be recognised as a legal proprietary right.

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15

Ngwembe, Geofrey P. "Project finance law and regulation in Tanzania: a critical analysis". Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/28070.

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Long term finance schemes are, to a little extent, employed in Tanzania since major economic reforms which occurred in the 20th C. Shifting from public finance mechanism, the government of Tanzania have initiated mechanism such as PPP in order to instil private sector in engaging in several economic activities. As projects basis form of investment have been adopted in catering with developmental plans, especially in becoming an industrialized nation - Tanzania - by 2025, an effective legal and regulatory framework for project finance is crucial. Despite having PPP, Tanzania still faces several challenges, especially on its recognition and implementation, mainly, inadequate legal framework as project finance not only caters for PPP transactions, but also for private and public finance of projects, lack of specific regulatory body/division, as well as extensive government interference in projects. The lack of an effective legal and regulatory framework for project finance mechanism deters its success unless it is redressed, hence the purpose of this dissertation which is to ascertain and review project finance setting in Tanzania, experiences and lessons will be drawn from the UK and South Africa in determining the legal and regulatory framework of project finance in Tanzania, tackling of challenges within, and way forward in the incorporation of project finance mechanism as a new mechanism in Tanzania's jurisdiction.

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16

Obrimah, Oghenovo Adewale. "Essays on law, finance, and venture capitalists' asset allocation decisions". College Park, Md. : University of Maryland, 2005. http://hdl.handle.net/1903/2724.

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Thesis (Ph. D.) -- University of Maryland, College Park, 2005.
Thesis research directed by: Business and Management. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.

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17

Ghonaim, Mahmoud. "The legal aspects of aviation finance in developing countries /". Thesis, McGill University, 1991. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=59937.

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The assessment of benefits and costs in determining national and international aviation policy by the developing countries differs markedly from that used for advanced countries.
The treatment of the subject matter begins in Chapter I with an overview of the aviation industry and its financing Historical Review. Chapter II deals with the problem of recognition of title and security rights in aircraft under international law. Chapter III contains a detailed consideration of the types of commonly used security instruments in aircraft financing. Chapter IV sets out an overview of financing in developing countries, Chapter V contains a study of the various problems facing the asset financing of aircraft in the Third World and possible solutions.
In the last three chapters, emphasis will be placed on regional aviation issues.

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18

Gregirchak, Yaroslav. "International securitization : Implications for law reform in Ukraine". Thesis, McGill University, 2001. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=32802.

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Prospects of securing affordable and efficient development finance for Central and Eastern European countries largely depends upon development of international securitizaton in the region, which is characterized by an undercapitalized banking sector and weak domestic investors' base.
Securitization in the United States is examined as an example of how a developed jurisdiction can deploy this institution. The study of the cross-border structured finance experience gained by Latin American countries serves to show that this financing technique can be used in Ukraine. Ukraine is viewed as a target developing jurisdiction, and relevant proposals for Ukrainian law reform with emphasis on secured financing and bankruptcy regimes are elaborated.

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Polo, Andrea. "Essays in corporate restructuring, reputation and law". Thesis, University of Oxford, 2012. http://ora.ox.ac.uk/objects/uuid:7785081d-93c5-4453-9cbf-021306430f17.

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This dissertation consists of three essays which examine topics at the intersection of law and finance. The first essay investigates the role of regulatory sanctions and reputational damage in financial markets. We study the impact of the announcement of enforcement of financial and securities regulation by the UK’s financial regulators on the market price of penalized firms. We find that reputational sanctions are very real: their stock price impact is on average almost 9 times larger than the financial penalties imposed. Furthermore, reputational losses are confined to misconduct that directly affects parties who trade with the firm (such as customers and investors). In the second essay we analyze the costs and benefits associated with secured creditor control in bankruptcy. We do it by studying the highly contested practice of UK pre-packs, where a deal to sell the business is agreed before publicly entering into bankruptcy. Contrary to widespread criticism that this procedure leads to collusion, we find no evidence of exploitation of conflict of interests and we find that it preserves the value of the business and maximizes recovery in circumstances in which a public announcement of bankruptcy would destroy value. In small businesses where secured creditors are concentrated the benefits of their control seem to outweigh the costs. Finally, in the last essay we examine whether mandatory shareholder voting prevents wealth destruction in corporate acquisitions. We study the UK setting where all large transactions must have shareholder approval. We observe that such Class 1 transactions always get consent. Nevertheless, there is a striking difference between the performance of acquirers between Class 1 and other transactions. The finding is most pronounced for transactions in a narrow neighbourhood of the size threshold, and is robust to a large set of controls for confounding effects.

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Acheson, G. G. "Law, finance and liability regimes : essays in Scottish and Irish banking". Thesis, Queen's University Belfast, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.431398.

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Alyaqout, Yousef. "L’arbitrage des litiges relatifs à la finance islamique". Thesis, Université de Lorraine, 2017. http://www.theses.fr/2017LORR0254.

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Abstract (sommario):

L’essor de la finance islamique moderne va poser logiquement la question de la résolution des litiges. En effet, le recours à la justice étatique aboutit à des impacts négatifs sur la réalisation des objectifs de la finance islamique et sur le développement de ce secteur d’activité. Dans cette optique, l’application de la législation nationale par le juge étatique aboutit à la requalification des contrats de financement islamique en des contrats de financement conventionnel. En outre, ce recours au juge étatique conduit à la neutralisation de la Charia en tant que droit applicable. Tout cela conduit à la dénaturation de la finance islamique. Cette dénaturation est une source de contradictions. On sait bien que les institutions financières islamiques reposent sur une obligation fondamentale, selon laquelle toutes les opérations financières effectuées doivent être conformes à la Charia. De plus, les personnes ayant recours à la finance islamique visent principalement à exercer des activités financières en toute conformité avec leurs principes religieux et éthiques issus de la législation islamique. L’étude a également montré que les modes amiables de règlement des litiges contribuent à prendre en considération la particularité de la finance islamique. Cependant, cette prise en compte reste insuffisante. En effet, ces modes ne présentent pas un mécanisme complet, homogène et cohérent de règlement des litiges relatifs à la finance islamique. Leur contribution à la construction d’un système juridique propre à la finance islamique est très limitée. De ce fait, ils ne peuvent pas participer efficacement à la promotion de l’industrie financière islamique. De plus, ils souffrent d’un défaut majeur au niveau de la force de la solution proposée : l’efficacité de cette solution dépend en principe de la bonne volonté des parties. Face à ce dysfonctionnement de la justice étatique et des modes amiables, la solution a été recherchée du côté de l'arbitrage. En effet, l’arbitrage connaît une expansion spectaculaire dans le monde actuel au point de devenir le mode normal de règlement des litiges. Cet essor exceptionnel de l’arbitrage se constate notamment dans la vie économique et financière. A l’heure actuelle, cette vie est devenue inconcevable sans l’arbitrage. En matière de finance islamique, l’arbitrage en tant que mécanisme reposant sur la liberté et la volonté apparaît comme la meilleure voie permettant la prise en considération de la spécificité de cette activité, l’application de la Charia dans le domaine de la résolution des litiges. C’est pourquoi, ce mode alternatif de règlement des litiges s’adapte parfaitement aux exigences des litiges relatifs à la finance islamique et pourrait contribuer à la promotion de ce secteur d’activité. Grâce aux avantages qu’il offre aux opérateurs de la finance islamique, l’arbitrage s’affirme comme la justice naturelle des litiges relatifs à la finance islamique. Pour renforcer le rôle de l’arbitrage dans le domaine de la finance islamique, un projet de réforme a été présenté. Ce projet vise à moderniser l’arbitrage dans toutes ses étapes. Dans cette optique, l’accent a été mis sur la convention d’arbitrage, le statut de l’arbitre, le droit applicable et la sentence arbitrale. Tout cela a été achevé par l’élaboration d’un projet de charte éthique de l’arbitrage en matière de finance islamique. Une fois modernisé et renouvelé, l’arbitrage peut devenir un pilier essentiel de l’industrie financière islamique, en participant efficacement à la promotion de cette activité. Avec une justice équitable, pratique, efficace, conforme à la Charia et adaptée, la finance islamique se trouve renforcée et consolidée
AbstractThe rise of modern Islamic finance will logically raise the issue of dispute resolution. Indeed, recourse to state justice leads to negative impacts on the achievement of the objectives of Islamic finance and on the development of this sector of activity. In this context, the application of national legislation by the state judge results in the reclassification of Islamic financing contracts into conventional financing contracts. In addition, this recourse to the State Judge leads to the neutralization of Shariah as an applicable law. All this leads to the denaturation of Islamic finance. This denaturing is a source of contradictions. It is well known that Islamic financial institutions are based on a fundamental obligation that all financial transactions must conform to Sharia law. In addition, people who use Islamic finance primarily aim to conduct financial activities in accordance with their religious and ethical principles derived from Islamic legislation. The study also showed that amicable dispute resolution modes help to take into account the peculiarity of Islamic finance. However, this consideration remains insufficient. Indeed, these modes do not present a complete, homogeneous and coherent mechanism for resolving disputes relating to Islamic finance. Their contribution to the construction of a legal system specific to Islamic finance is very limited. As a result, they can not participate effectively in promoting the Islamic financial industry. In addition, they suffer from a major flaw in the strength of the proposed solution: the effectiveness of this solution depends in principle on the good will of the parties. Faced with this dysfunction of state justice and amicable modes, the solution was sought on the side of arbitration. Indeed, arbitration is expanding dramatically in today's world to the point of becoming the normal mode of dispute resolution. This exceptional growth of arbitration can be seen in particular in economic and financial life. At present, this life has become inconceivable without arbitration. In the area of Islamic finance, arbitration as a mechanism based on freedom and will appears as the best way to take into account the specificity of this activity, the application of Shari'a in the field of the resolution of litigation. For this reason, this alternative dispute resolution method is perfectly suited to the demands of Islamic finance litigation and could contribute to the promotion of this sector of activity. Thanks to the advantages it offers to operators of Islamic finance, arbitration is asserting itself as the natural justice of disputes relating to Islamic finance. To strengthen the role of arbitration in the field of Islamic finance, a reform project was presented. This project aims to modernize arbitration in all its stages. From this perspective, the focus was on the arbitration agreement, the status of the arbitrator, the applicable law and the arbitration award. All this has been completed by the elaboration of a draft ethical charter of arbitration on Islamic finance. Once modernized and renewed, arbitration can become an essential pillar of the Islamic financial industry, effectively participating in the promotion of this activity. With fair, practical, effective, Sharia-compliant and responsive justice, Islamic finance is strengthened and consolidated

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22

Adams, Walker T. "Democracy Index Scores & Political Finance Regulations". Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/713.

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Abstract (sommario):

Are political finance regulations supportive or counterproductive to achieving democratic ideals? Do they foster political pluralism and fight corruption? Do they infringe upon political rights like freedom of speech? If they infringe upon rights while fighting corruption, what is the lesser evil? There are so many questions that fuel the debate on political finance regulation. Scholars rarely, if ever, arrive at a consensus in answering any of them. There are many studies that look for relationships between regulations and specific variables in individual countries, but seldom have scholars searched for relationships between regulations and broad measurements of democracy like index scores. This study discovers that positive relationships do exist between index scores and regulations even if they do not reach a meaningful degree of statistical significance in most cases.

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23

Brodmann, Jennifer L. "Regulatory Repercussions in Finance". ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2444.

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Abstract (sommario):

This dissertation examines the impact of regulation and public policies on firm performance. Chapter 1, entitled “Political Contributions, Insider Trading, and CEO Compensation”, determines why CEOs from politically-connected firms receive higher pay compared to their non-politically connected peers. We investigate whether insider trading can explain high CEO pay. Using hand-collected firm-level lobbying data, we examine whether politically-connected CEOs engage in insider trading after sponsored bills are introduced and passed in the U.S. legislative bodies. Our results show that politically-connected CEOs commit insider trading, which yields higher compensation packages. In addition, we also find that lobbying benefits firm performance. Politically-connected firms receive more government contracts, which increases firm value. Overall, political contributions benefit both CEOs and shareholders. Chapter 2, entitled “The Impact of Incarceration on Firm Performance” conducts analyses on the impact of incarceration on firms based in the United States. Through time series Granger Causality Vector Autoregression (VAR) tests by state, we find that incarceration can influence labor markets measured by the state’s unemployment rate. We find that firms based in states with high incarceration underperform compared to firms based in states with low incarceration. This also holds true when examining prison reform data from the Pew Charitable Trust. Through differences in differences tests, we find that firms based in states with prison reform outperform firms based in states without prison reform. When controlling for firm and state macroeconomic factors, we find that increases in incarceration rates have a negative effect on firm performance.

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24

Garner, Jeffrey Lee. "Forensic Detection for Earnings Management in Selected Code Law Nations of Europe". Thesis, Walden University, 2018. http://pqdtopen.proquest.com/#viewpdf?dispub=10932861.

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Abstract (sommario):

This study investigated earnings management in European firms. The private investors became victims of manipulated earnings where few laws offered regulatory oversight. The study forensically examined the attributes of earnings management identified using a discretionary accrual model published in Jones’ work and Schippers’ work. The firms’ managers should fulfil agency theory when they made reporting decisions, and they should act in the investors’ best interests to fulfil stewardship theory. The managers failed as they seemed to favor insiders when they reported manipulated earnings to outsiders like small investors even though the managers published financial reports conforming to the International Financial Reporting Standards. The investors depended on the decision usefulness of the reports. The study used the data of 432 listed firms in 11 code law nations. The paired t test identified significant differences between reported and economic earnings to find earnings management attributes and between economic and restated earnings to find earnings management cases. The research found that managers seemed to manipulate discretionary accruals to misstate earnings and reduce the decision usefulness of reporting. The data came from published financial reports and databases. The firms represented 11 nations and 9 industries that excluded banking and insurance. Almost 17% of nations and industry segments reflected earnings management attributes. About 29% of firms restated at least one annual earnings, and 84% of the restatements appeared to offset manipulation. The research results should prompt social change for small investors where regulators would redress the manipulation using stronger investor protection laws to improve the reported earnings quality and its decision usefulness.

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25

Summer, Judith Penina. "Insurance law and the Financial Ombudsman Service". Thesis, University of Southampton, 2009. https://eprints.soton.ac.uk/67654/.

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Abstract (sommario):

This thesis is the only study there is of the workings of the Financial Ombudsman Service ('FOS') and a comparison between court and FOS attitudes and approaches to insurance cases. A court and the FOS may decide matters differently because the FOS does not have to apply the law strictly, whilst a court does. The author of this thesis has examined the FOS and Financial Services Authority ('FSA') websites, handbooks and other material, and all of the near monthly journals of Ombudsman News ('O.N.') since the FOS began in 2001, analysing it against the law to determine the question of this thesis: whether the FOS should in fact apply the law strictly, and not allow principles of fairness and reasonableness to override the law in the particular circumstances of a case. Should certainty of outcome and of applying law established and modified over hundreds of years be sacrificed to allow the FOS to apply its overriding discretion in the interests of justice in a relatively few cases? Should both insurers and insureds be able to obtain legal advice on their relative positions, without that advice having to mention unpredictable outcomes if the ombudsman chooses not to follow the strict legal position? If the law does not offer the consumer insured enough protection, should the FOS be the forum that does, and if so, does it give enough protection? This study does not look at the decisions of the Insurance Ombudsman Bureau ('IOB') which preceded the FOS. Where a point is not dealt with below, it has not been highlighted in FOS publications to date and it is unclear how relevant IOB decisions on that point will be.

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26

Rosales, Rex Kenneth. "Legal aspects of asset based aircraft financing". Thesis, McGill University, 1990. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=59970.

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Abstract (sommario):

For airlines, one of the most significant challenges in the 1990's will be to finance the enormous fleet replacement and expansion activities they have undertaken. Because airline earnings tend to by cyclical and industry returns on capital investment have traditionally been poor, lenders have come to rely increasingly on asset based methods to finance aircraft acquisitions.
On account of the prevalence of asset based financing, the underlying legal structures must be able to reassure the lender, to a reasonable extent, that its interests in the aircraft will be protected and recognized.
In Canada, the legal structures for taking security on aircraft are complex, as such interests are governed by the diverse provincial laws regarding security on moveable property generally. Moreover, rights in aircraft are not registered in one central location, but must be filed in accordance with the legislation of each province where the aircraft is likely to be used.
The establishment of a central registry for security interests in aircraft would assuredly contribute to the future development of Canadian civil aviation. It would do away with multiple provincial registration of rights in aircraft and thereby add a considerable measure of certainty in the field of asset based aircraft financing.

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27

Hatjikiriakos, Kyriakoula. "Financing the intangible : software as collateral in the North-American context". Thesis, McGill University, 2002. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=32804.

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Abstract (sommario):

In the era of information technology, intellectual property assets are gaining important value and are becoming increasingly attractive in the sphere of commercial transactions. The case of software as collateral in the context of a financing transaction brings to the surface the various issues which a lender must face when engaging in an intellectual property-based secured transaction.
In the execution of such a transaction, the North-American intellectual property and secured financing legal regimes, currently in place, fail to procure the clear, certain and predictable results desired by lenders.
Whether at the initial stage of creation of a security interest on the software or in the final steps of its enforcement, these regimes do not reflect the commercial realities and necessities of the software industry, thereby increasing both challenges and risks for the lender.
The problems which the lender must face in the process of a software financing transaction will be examined through three Chapters. The first Chapter will focus on the creation and scope of a security interest on software, the second will examine its perfection and the third will address priority disputes involving competing interests in the software, as well as the enforcement of a security interest on software, both in the context of the debtor's default and in the event of its bankruptcy.

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28

Trottman, Bischof Renata. "Regulation of insider trading : problems and solutions in the United States and Switzerland". Thesis, McGill University, 1990. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=59841.

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Abstract (sommario):

In this comparative study a broad view of insider trading in the United States and Switzerland will be presented. The goal is to compare the developments in two different nations with different legal traditions.
While in the United States a long tradition of literature and cases already exists and a development of cases can be shown, the situation in Switzerland is completely different because the law was enacted only a year ago.
It is the task of this thesis not only to outline the different developments but also to demonstrate the influence the United States had on to the process of legislation in Switzerland.
It may be the price of the internationalization of the capital market that a nation such as Switzerland with some importance in this field is no longer completely free to legislate.

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29

Cohen, Jérôme 1968. "The challenge of aircraft financing and its legal implications /". Thesis, McGill University, 1996. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=27446.

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Abstract (sommario):

Following a long period of recession which affected the world's economy and a fortiori the aerospace industry the demand for new aircraft is now very high. Purchasing an aircraft is a very complex operation as several parties are involved, not only the final user of the airplane and the manufacturer. Banks or other institutional lenders, trustees, lessors, private investors, etc... may be involved in the elaboration of a purchase contract. This leads to the creation of very complex financial deals. Moreover, the various parties to such a contract often come from different countries and, therefore, are subject to different legal systems.
This thesis begins with a review of the various methods of financing available to lenders i.e. the title based financing and the security based financing with an emphasis on the French and American legislations. Next an analysis of the international legislation and the rights in aircraft will be presented, including the UNIDROIT's as yet unenforced proposals. Then there will be an examination of conflicts of laws and conflicts of jurisdictions--conflicts that are particularly complicated in the field of aircraft financing. Lastly, the question of bankruptcy, with an emphasis on the American case, will conclude this paper.

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30

Liebenberg, Hendrik A. D. "Foreign direct investment in airlines : does telecommunications provide a solution?" Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1997. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp01/MQ44065.pdf.

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31

Nelson, James Michael. "Essays on corporate governance". Diss., The University of Arizona, 1999. http://hdl.handle.net/10150/288976.

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Abstract (sommario):

Despite a great deal of interest by institutional investors and others in the issue of corporate governance, there is surprisingly little empirical evidence linking governance practices with firm performance. This dissertation examines the link between corporate governance practices and firm performance, acknowledging the endogenous nature of the relationship. I begin by defining corporate governance as a set of constraints and incentives on managers and shareholders bargaining to determine how the value of the firm will be allocated. In chapter one, I examine an unbalanced panel of 1,721 firms from 1980 to 1995, which includes each firm's charter and bylaw provisions, existence of a poison pill, applicable state anti-takeover laws, and board composition data, combined with financial data from CRSP and Compustat. This chapter provides the stylized facts about corporate governance today and details how governance practices have evolved over time. It also provides an explanation as to why shareholders would be willing to adopt governance provisions that have the potential to constrain their future allocations of firm value. I document that firms adopting governance provisions requiring shareholder approval tend to out perform benchmark portfolios prior to adoption and firms adopting poison pills under perform benchmark portfolios prior to adoption. I find that firms tend to under-perform benchmark portfolios following the adoption of governance provisions that are potentially harmful to shareholders. I find no relationship between CEO age, tenure, or compensation surrounding governance changes. In chapter two, I investigate the relationship between corporate governance practices and firm performance by examining firms where the constraints imposed by the governance system are most likely to be binding, i.e., firms that have experienced significant declines in quarterly operating performance. My results suggest that firms covered by fair price charter amendments and/or state control share acquisition statutes take longer to recover from declines in operating performance. I also examine firms with significant negative shocks in quarterly earnings, and find the persistence of these shocks is greater in firms covered by a freeze out statute and the persistence is lower in firms covered by cash out statutes, findings consistent with some governance features constraining shareholder value.

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32

Maher, Michel. "Les effets mutuels de la qualification juridique des swaps et des instruments financiers dérivés sur le plan national et international". Thesis, University of Ottawa (Canada), 2003. http://hdl.handle.net/10393/29030.

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Abstract (sommario):

Depuis les années 90, on a observé une accélération du changement dans le secteur financier en général et ceci a l'échelle planétaire. Particulièrement innovatrices dans le domaine des instruments financiers, les banques et les maisons de courtage en valeur mobilière ont peut-etre pavé la voie à des restructurations et réorganisations encore plus importantes dans l'ensemble des secteurs de l'économie. Nous pensons qu'à la base, des outils de gestion du risque permettront aux administrateurs de se concentrer davantage sur des objectifs stratégiques de leur entreprise que sur des problèmes d'ordre opérationnel. Nous connaissons en effet, grâce à ce mouvement, une augmentation en volume, en variété et en éfficacité des nouveaux instruments financiers (NIF) et des transactions sur des produits dérivés des titres financiers classiques. Cette thèse vise à développer un cadre d'analyse en ce qui concerne les placements dans les instruments financiers dérivatifs par le moyen de véhicules juridiques transparents. L'intérêt de la question repose sur une base théorique et pratique. Sur un plan théorique, on constate de plus en plus de difficultés à cerner la nature et la qualification des NIFs. En outre, les instruments financiers dérivatifs, les hybrides, les contrats de crédit croisé ou autres véhicules de placements modernes comportent des éléments d'une telle complexité juridique, financière et fiscale qu'une expertise particulière est parfois nécessaire afin d'en connaître les effets possibles. Bien que l'on sache que les NIFs peuvent servir dans diverses situations en matière de risque financier, il est difficile de cerner exactement les attributs pour lesquels leurs détenteurs en font l'acquisition et si ces raisons sont justifiées. Par exemple on cherchera à savoir si leur qualification officielle est juste et équitable et s'il est opportun de les representer aux états financiers pour les tiers et les lecteurs des rapports annuels. Ceci rappelle les controverses concernant la présentation aux états financiers de passifs éventuels reliés à ces instruments dans des faillites notoires, alors que très peu d'information probante permettait de détérminer avec précision les montants des garanties en cause. Ce n'est qu'après des préjudices importants que toutes ces faits seraient connus de façon claire tandis qu'ils auraient jusqu'alors été voilés sous le couvert de questions théoriques. (Abstract shortened by UMI.)

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33

Howell, Elizabeth. "Is the European short selling regulation a justifiable response to the concerns posed by short selling?" Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:17262955-4bab-43ff-b6f3-5386a99f3681.

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Abstract (sommario):

Short selling came onto the centre stage during the recent financial crisis when the collapse in price of financial listed securities after the demise of Lehman Brothers led to the introduction of a number of temporary short selling bans. In Europe however it was the commencement of the recent European sovereign debt crisis that was the true stimulus for proposing new short selling rules, the culmination of which was the introduction of the European Short Selling Regulation (the 'Regulation'). The thesis asks whether the Regulation is a justifiable response to the concerns posed by short selling. Such issues are measured against the relevant economic literature that almost overwhelmingly demonstrates that short selling contributes to market efficiency, that restrictions generally make markets less efficient and that constraints do not achieve the desired objective of stabilising prices. The thesis then analyses the political economy and backdrop to the Regulation’s introduction that largely dictated the shape of the final rules. The precise legislative choices made by Europe, including with respect to sovereign credit default swaps, are analysed, and (where relevant) there is a comparative element with a consideration of the US short sale regulations. These rules are used as a contrast and as a means of commenting more effectively on the European provisions. The doctorate concludes that the Regulation is not a justifiable response to policymakers' concerns and that the rules have suffered from the politicisation of the legislative process. The thesis suggests that short-term political point scoring has triumphed over the long-term benefits of market efficiency and that short sellers are now the subjects of highly technical rules that will negatively impair on market efficiency. Although, with time, parties may learn to use the new rules to their advantage, this does not justify the introduction of unreasonable rules in the first place.

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34

Coda, Stefano. "Business combinations and group of companies : perspectives from accounting, law and corporate finance". Thesis, Paris 1, 2018. http://www.theses.fr/2018PA01E072.

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Abstract (sommario):

Dans le cadre général des regroupements d'entreprises et des groupes de sociétés, cette thèse porte sur des questions d'intérêt à la croisée de la comptabilité, du droit (notamment les dispositions légales et la réglementation comptable) et de la finance d'entreprise. En ce qui concerne la théorie comptable, le chapitre 2 étudie comment les chercheurs en économie d'entreprise ont compris les groupes d'entreprises, les comptes de groupe et le processus de leur préparation, en particulier par rapport aux juristes italiens. Ensuite, le chapitre 3 reconstruit le processus politique et législatif qui a engendré la naissance du concept de groupe de sociétés dans le corpus juridique italien.Concernant le droit et la politique comptable, une analyse comparative est effectuée au chapitre 4qui montre clairement l'évolution de la notion de contrôle et de son utilisation dans les comptes consolidés (comptes de groupe) et les regroupements d'entreprises (I) en droit européen, (II) selon les normes comptables internationales publiées par l'IASB (International Accounting Standards Board) et (III) par rapport aux principes comptables généralement admis aux États-Unis («USGAAP»). De plus, les chapitres 5 et 6 étudient les effets du lobbying sur les normes comptables concernant les états financiers consolidés et les regroupements d'entreprises publiés par l'IASB. Fait intéressant, les résultats concordent avec une forme de capture du normalisateur comptable international par une catégorie d'institutions financières. En effet, confrontées à un modèle de consolidation prétendument basé sur le contrôle, ces dernières ont plaidé en faveur d'une exception de consolidation fondée sur un modèle de propriété et documentée comme ayant été proposée par les sociétés d'audit américaines dans ce contexte au moins depuis 1995. Ce modèle s’avère avoir trouvé un terrain fertile au sein de l'IASB. En conséquence, d'autres catégories d'institutions financières,telles que les fonds d'investissement à long terme et ceux gérés par une famille tout en préférant un modèle de consolidation différent, ne sont plus autorisées à présenter des états financiers consolidés. En ce qui concerne la finance d’entreprise, le chapitre 7 analyse les implications de différentes décisions de financement dans un nouveau échantillon de fusions et acquisitions entre institutions financières (banques et assurances) consommées dans le monde entier au cours des deux dernières décennies. En particulier, il étudie (I) la relation entre la méthode de choix de paiement (si le prix est payé en cash, en actions ou une combinaison des deux) et le choix du mode de financement d'un regroupement d'entreprises (y compris les instruments hybrides) et (II) la réaction des investisseurs à l'annonce de la combinaison. En ce qui concerne ce dernier point, l'utilisation de deux tests non paramétriques permet de détecter une relation intéressante entre la réaction du marché à l'annonce et les différents modes attendus de financement de la transaction
In the broad context of business combinations and group of companies, this thesis selects some matters of interest at the crossroad between accounting, law (especially legal provisions and accounting regulation) and corporate finance.Concerning accounting theory, chapter 2 studies how business economics scholars understood groups of companies, group accounts and the process for their preparation in particular compared to Italian legal scholars. Then, chapter 3 reconstructs the political and legislative process that brought about the birth of the concept of group of companies in the Italian legal corpus. Concerning law and accounting policy, a comparative analysis is carried out in chapter 4 which clearly shows how the notion of control and its use in consolidated financial statements (group accounts) and business combinations accounting evolved (I) in European law, (II) under international accounting standards as issued by the IASB – International Accounting StandardsBoard and (III) in US GAAP (Generally Accepted Accounting Principles). Moreover, chapters 5 and 6 investigate the effects of lobbying on accounting standards on consolidated financial statements and business combinations issued by the IASB. Interestingly, results are consistent with a regulatory capture of the international standard setter by a category of financial institutions. In fact, confronted with a consolidation model purportedly based on control, the latter lobbied in favour of a consolidation exception which is based on an ownership view and is documented to have been proposed by US audit companies in that context at least from 1995. That view found a fertile ground within the IASB. As a result, other categories of financial institutions such as long term investment funds and those run by a family preferring a different consolidation model are now prohibited from presenting consolidated financial statement. Concerning corporate finance, chapter 7 studies the implications of different financing decisions ina novel and comprehensive sample of cases of mergers and acquisitions across and between financial institutions (banks and insurances) consummated worldwide around almost the last twodecades. In particular, it investigates (I) the relationship between the method of payment choice (i.e. if the price is paid in cash, stock or a mixture of the two) and the choice regarding the mode offinancing a business combination (including hybrid instruments) and (II) investors’ reaction at the combination announcement. As to the latter point, the use of two non-parametric tests allows todetect an interesting relationship between the market reaction at announcement and the different expected modes of financing the transaction

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35

Petit, Elizabeth J. "The Rule of Law and U.S. Direct Investment Abroad". Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/623.

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Abstract (sommario):

This paper employs an augmented gravity model for a sample of 96 host countries to examine the impact of host country rule of law on direct investment from the United States. This paper further investigates the gap between property rights and freedom from corruption, the two primary components of a country’s rule of law. Property rights and freedom from corruption are both shown to have a significant positive effect on U.S. outward foreign direct investment. This thesis argues that freedom from corruption is a more powerful measure than property rights for determining the location of U.S. direct investment. This suggests that for host countries, reducing the level of corruption may be more effective at stimulating direct capital investment from U.S. investors than expanding property rights.

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36

Rowntree, Lenore Ruth. "Innovations in the law of lending : a study of the participation mortgage and a proposal for reform of the law of commercial mortgages". Thesis, University of British Columbia, 1987. http://hdl.handle.net/2429/26145.

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Abstract (sommario):

The period of high inflation during the late 1970s and early 1980s forced lenders to reconsider their methods of financing commercial real estate projects. During this period, lenders began experimenting with various new forms of mortgage documentation designed to support innovative financing techniques. Many of the innovative techniques developed included a participation feature whereby the lender, in addition to earning a fixed rate of interest, also participated in either the income from a project or the increased value in its equity, or both. As a result of instituting these techniques, both lenders and developers expanded their view of what a commercial mortgage entails. It is unlikely that lenders will return to viewing their role as that of simple renters of money. Since the law of mortgages in Canada has not been sufficiently flexible to adequately accommodate these innovative techniques, there is a need for reform of the law of commercial mortgages. In this paper, the writer will review the current commercial lending practices and discuss the advantages and disadvantages of the most commonly used forms of participation financing. The conclusion will set out a proposal for the reform of the law of commercial mortgages. Central to its recommendations will be the concept that the commercial mortgage should be regarded as a contract for a debt and not as a conveyance of an interest in property. This concept will allow the commercial lender and borrower the contractual freedom to enter into the bargain that best reflects their financing intentions without being hampered by the historical incidents of a common law mortgage.
Law, Peter A. Allard School of
Graduate

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37

Datta, Prithviraj. "Overcoming Political Disenchantment: A New Appreciation of Campaign Finance and Political Parties". Thesis, Harvard University, 2014. http://dissertations.umi.com/gsas.harvard:11322.

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This dissertation offers a novel argument for the democratic importance of political parties and campaign finance. Taking issue with the United States Supreme Court's campaign finance and political party jurisprudence, which tends to value campaign spending and party activity for the role that they play in expanding voter choice, my account seeks, instead, to emphasize the role that these forms of political participation can play in countering the sense of political disenchantment which characterizes the political attitudes of a large number of American citizens today. I argue in this project that by subjecting their preferences to continuous contestation and challenge, parties and campaign finance can help instill an appreciation for compromise, as well as tolerance for political diversity and disagreement, among the disenchanted. This, in turn, has many beneficial implications for enabling good governance on the part of the American state. In the course of the dissertation, I also specify the many ways in which contemporary parties and campaign finance regimes need to be reformed in order for them to be able to perform this role. Questions of institutional design thus occupy an extremely prominent place in the project.
Government

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38

Wang, Xiyang. "Recovery rate, debt structure and valuation within U.S. bankruptcy law". Thesis, University of Nottingham, 2017. http://eprints.nottingham.ac.uk/39126/.

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The U.S. Bankruptcy Code is a frequently used channel to resolve corporate financial distress. In the code, liquidation (Chapter 7) and reorganization (Chapter 11) are two most crucial processes. My PhD thesis discusses several important issues around the U.S. Bankruptcy Code, including recovery rate determination in bankruptcy, debt valuation in bankruptcy under a two-class debt structure and determination of an optimal bankruptcy threshold. With the aim of linking corporate finance and asset pricing, new models of credit risk are developed in this thesis and fruitful empirical implications are generated. Specifically, the first main chapter is “Default and Recovery Rate under Chapter 11 with Multiple Debts”. This studies both theoretically and empirically the influence of debt structure on the outcome of debt renegotiation under Chapter 11. I investigate the trilateral negotiation in court-supervised formal bankruptcy. The model demonstrates how loans and bonds differ in terms of concentration level of debt owner and how this disparity impacts the action of the debtor company both before and after bankruptcy. The model developed in this chapter predicts that creditors’ ultimate recovery is higher for firms with more bank debt and less bargaining frictions and, despite the bank’s involvement improving total recovery, bondholders are still disadvantaged by the presence of senior bank creditors. Using a sample of 439 U.S. firms that filed for Chapter 11 during 1987-2014, I present evidence on the link between bank debt share and recovery rates that is supportive of the model’s prediction. The second main chapter is “Debt Structure and Valuation in U.S. Bankruptcy Code”. In this chapter I discuss the impact of bankruptcy procedure on security valuation by developing a credit risk model. As in the first chapter, the debt structure is in the form of two-class debt. A structural model of credit risk is built where default and liquidation are represented by two boundaries and a grace period is granted prior to liquidation. Within the setup, corporate debt is viewed as quasi Parisian corridor option and valuations are obtained via a partial differential equation formulation solved using a finite difference approach. The model can generate a credit spread for corporate debt which is more quantitatively consistent with the market credit spread. In this chapter I also show how the debt valuation is affected by several bankruptcy-related factors such as length of grace period. The last chapter, “Boundary Determination and Optimal Control Right Allocation in Financially Distressed Firms”, analyzes the determination of optimal default and liquidation boundaries in bankrupt entities. Compared with the previous chapter, this chapter reexamines the issue of debt valuation but allows the liquidation and renegotiation boundaries to be determined endogenously by valuing the maximization decision of involved parties. The model results show that different claim holders choose different default and liquidation boundaries to maximize the value of securities they hold, which leads to conflicts of interest between borrowers and lenders and also between different borrowers. The first-best outcome can be achieved if bondholders determine the liquidation boundary. Finally, the model shows that the optimal length of grace period, in the sense of firm value maximization, is roughly 6 months.

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39

Ercanbrack, Jonathan G. "The law of Islamic finance in the United Kingdom : legal pluralism and financial competition". Thesis, SOAS, University of London, 2011. http://eprints.soas.ac.uk/13598/.

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The extant literature concerning the Law of Islamic Finance (LIF) is dominated by illustrations of Islamic financial contracts and critiques of the way in which the sharia has been circumvented. Much less emphasis has been placed on understanding the regulatory and financial environment in which the LIF is formed and practiced. This thesis considers the challenges in formulating and implementing a modern, transnational LIF in the conventional financial and legal environment and offers solutions to these problems. It demonstrates the way in which the classical sharia is transformed by these challenges into a LIF, a hybrid law resulting from pluralistic legal interaction and financial competition. In assessing the manner and impact of implementing the LIF in the United Kingdom, the thesis considers the interaction of the sharia with English law, UK financial services law and international regulatory standards. Comparative law methodology, with a particular emphasis upon legal pluralism and legal transplants, are employed. The sharia, a relatively stateless law, is the inspiration behind Islamic financial contracts. Dominated by transnational corporate interests, Islamic financial ijtihad represents the strategy to adapt conventional financial contracts to sharia criteria. The results are hybrid structures that conform to Islamic legal theory but which generate municipal legal challenges in practice, as well as sharia-compliance risks. Such structures have been integrated in English law with the creation of tax exemptions and novel regulatory classifications that treat these structures as loan arrangements and debt-based instruments. Furthermore, Islamic financial transactions are subject to UK financial services regulation, which itself incorporates European Union financial directives and Basel Capital Adequacy Standards. Finally, Islamic financial contracts, which are often governed by English law, face challenges in English courts concerning parties' choice of the sharia as the proper law of their contract. Arbitration, on the other hand, offers parties the autonomy to choose the sharia as the substantive law of their contract and to have it enforced under English law. The wide range of challenges in articulating and implementing a LIF demonstrate the hybrid nature of the law, resulting from pluralistic legal interaction in modern financial markets. This pivotal insight may encourage scholars and practitioners to revise their conception of the LIF and, by extension, their view of the industry and its financial practices. In sum, the LIF is a modern, transnational law that derives its inspiration from the classical Islamic tradition of commerce but which has been innovated in ways that distinguish it as an emergent law in its own right.

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40

Mwenda, Kenneth Kaoma. "Legal aspects of corporate finance : the case for an emerging stock market". Thesis, University of Warwick, 2000. http://wrap.warwick.ac.uk/2474/.

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This work argues that the development of the Lusaka Stock Exchange into a competitive stock market has been constrained by a number of factors which include inadequate liquidity on the market and weaknesses in the legal framework for regulating public distribution of securities in Zambia. Proposals to overcome these constraints are spelt out in the work. The need to establish a regional stock exchange and promote multiple listings and cross-border trade in securities - so as to stimulate increased liquidity on markets in Eastern and Southern Africa - is noted. The study also provides a comparative analysis of the law in Zambia and that in jurisdictions such as the United Kingdom.

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41

Fang, Shihao Eddy. "The diffusion of Shariah-based knowledge in global finance : a cognitive investigation among Western economic agents". Thesis, University of Cambridge, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.608053.

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42

Wang, Yan 1973. "Evolution of aircraft finance law : considerations of the UNIDROIT reform project relating to aircraft equipment". Thesis, McGill University, 2000. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=30332.

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After more than ten years from its initiation by the Canadian delegation in 1988, the UNIDROIT's legal reform in the area of international security and leasing interests in mobile equipment reached its final stage of discussion at the international level. A Preliminary Draft UNIDROIT Convention on International Interests in Mobile Equipment (" Convention") and a Preliminary Draft Protocol on Matters Specific to Aircraft Equipment ("Protocol") present an evolution of the international security law and the aircraft finance law in particular. The "Convention", as applied through the "Protocol", particularly aims at economic benefits for the aviation industry, which has to cope with considerable financing difficulties due to the uncoordinated national security laws. This thesis addresses legal and economic issues behind the UNIDROIT proposal.
The texts of the "Convention" and the " Protocol" as reviewed by the Drafting Committee of the First Joint Session (Rome, 1--12 February 1999), are attached in the Appendix. (Abstract shortened by UMI.)

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43

Paterson, Patrick. "Money Talks: Free Speech and Political Equality in Campaign Finance Reform". Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/263.

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Justifications for campaign finance regulations in the United States have traditionally taken one of two approaches. The first and most common has been to allege that unrestricted campaign contributions and expenditures lend themselves to corruption, or to the appearance of corruption. The second, used far less often than the first, has argued that unchecked spending on an election compromises the principle of political equality--the idea that each individual should have equal say in the democratic process. This paper defends political equality as a value worth preserving, demonstrates that our current campaign finance system is dangerous to political equality, proposes some solutions to that problem, and evaluate the constitutionality of those solutions.

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44

Tanskanen, Isabella. "Green Funds : An Analysis of the Product Specific Disclosures of the EU Sustainable Finance Disclosure Regulation 2019/2088". Thesis, Uppsala universitet, Juridiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-444049.

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Abstract (sommario):

Sustainability has started to play a greater role on the financial market and a larger number of investors are searching for financial products that contribute to the environment and the sustainable development. However, the numerous definitions of sustainable investments and green funds make the investment decision-making process difficult for investors and allow companies to “greenwash” their products. In order to facilitate the investment process for investors and at the same time contribute to sustainable development, the EU adopted the Sustainable Finance Disclosure Regulation (SFDR) on 10 March 2021 as part of the Union’s sustainable finance strategy. The SFDR introduces a set of harmonized rules for financial market participants regarding their integration of sustainability-related aspects in their investment process, including different product classification levels, such as “light green” and “dark green”. Apart from the fact that the regulation means enhanced transparency, it is possible that the new product classifications will have an impact on the definition of sustainable funds and the environmental, social, governmental (ESG) investment strategies currently used by financial market participants. Additionally, the appropriateness of the new product classes in view of the aims of the SFDR could be discussed. The purpose of this thesis has been to examine the product specific disclosures of the SFDR and their implications on funds integrating sustainability, by using the legal dogmatic methodology and the EU teleological methodology. In order to be classified as an art. 8, or light green, it seems as if it is not enough for a fund to simply integrate ESG aspects into the investment process, rather the fund has to apply several investment strategies that consider ESG. For funds wishing to be considered as an art. 9, or dark green, it appears as if impact investing or sustainability themed investing could be two applicable approaches. Moreover, the sustainable investment-definition provided by the regulation contains explicit criteria, thus making it easier for investors to understand sustainable investments. Furthermore, the increased regulation and reporting requirements might contribute to less greenwashing, which in turn will benefit the UN’s Sustainable Development Goals and the Paris Agreement. However, while the product specific disclosures appear to be aligned with the objectives of the SFDR, there are several uncertainties related to the definitions and classifications that prevent the regulation from fully achieving its goals.
Hållbarhet har kommit att spela en allt större roll på finansmarknaden och allt fler investerare efterfrågar nu finansiella produkter som bidrar till miljön och den hållbara utvecklingen. Men de många definitioner som finns gällande hållbara investeringar och gröna fonder försvårar beslutsprocessen för investerare samt gör det möjligt för företag att använda sig utav ”greenwashing”. För att underlätta investeringsprocessen för investerare och även bidra till den hållbara utvecklingen antog EU den s.k. Förordning om hållbarhetsrelaterade upplysningar som ska lämnas inom den finansiella tjänstesektorn (SFDR) den 10:e mars 2021, vilken utgör en del av Unionens strategi för en hållbarare finansmarknad. SFDR innehåller harmoniserade regler för finansmarknadsaktörer gällande integreringen av hållbarhetsaspekter i investeringsprocessen, inklusive olika produktklassificeringar, såsom ”ljusgröna” och ”mörkgröna” produkter. Förutom att den nya regleringen innebär ökad transparens är det möjligt att de nya produktklassificeringarna kommer att ha en inverkan på definitionen av hållbara fonder samt de investeringsstrategier finansmarknadsaktörer i dagsläget använder sig av för att integrera hållbarhet. Utöver detta kan även produktklassificeringarnas lämplighet diskuteras mot bakgrund av förordningens ändamål. Syftet med detta arbete har varit att undersöka de produktspecifika upplysningskraven i förordningen och dessas inverkan på fonder som beaktar hållbarhetsaspekter, med hjälp av den rättsdogmatiska metoden samt den EU-rättsliga teleologiska metoden. För att klassas som en art. 8, eller ljusgrön fond, förefaller det som att det inte är tillräckligt för en fond att enbart integrera hållbarhet i investeringsprocessen utan snarare måste fonden använda sig utav flera olika hållbarhetsstrategier. För fonder som önskar att bli klassificerade som en art. 9, eller mörkgröna, verkar det istället som att s.k. ”impact” fonder eller tematiska fonder med hållbarhetsfokus är typiska exempel. Utöver detta innehåller förordningen en definition med uttryckliga kriterier gällande vad som är en hållbar investering, vilket underlättar investerares förståelse för hållbara investeringar. Dessutom kan den ökade regleringen och rapporteringskraven bidra till mindre ”greenwashing”, vilket i sin tur gynnar FN:s globala hållbarhetsmål och Parisavtalet. Men samtidigt som produktklassificeringarna tycks vara i linje med SFDR:s mål innehåller både definitionerna och klassificeringarna ett flertal oklarheter som hindrar förordningen från att helt uppnå sina mål.

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45

Whitehouse, Lisa Ann. "A contextual analysis of the English law of mortgage : an examination of its juridicial content, origins and social function by way of an empirical study of decision-making power within the mortgage relationship". Thesis, University of Hull, 1999. http://hydra.hull.ac.uk/resources/hull:3879.

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46

Dort, Aurélie. "Fiscalité et sécurité sociale : étude de la fiscalisation des ressources de la sécurité sociale". Thesis, Aix-Marseille, 2016. http://www.theses.fr/2016AIXM1070.

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Abstract (sommario):

La fiscalisation des ressources de la sécurité sociale constitue non seulement le basculement d’un financement par cotisations sociales vers un financement par l’impôt au sein de la sécurité sociale, mais également un mécanisme d’ensemble aboutissant à la globalisation du droit des finances publiques, à l’uniformisation des prélèvements obligatoires et des modèles sociaux. Elle traduit la mutation des finances sociales, et l’harmonisation des règles applicables. La thèse propose ainsi une redéfinition de la fiscalisation qui constitue ainsi le pont entre la fiscalité et la sécurité sociale, dont les répercussions sont tant structurelles que parlementaires
The taxation of social security resources is a switch between social contributions and taxes in social security resources, and also a general mechanism leading to the globalization of the public finance law, the standardization of obligatory contributions and social models. Social finances become integral parts of public finances due to taxation system. The thesis proposes a redefinition of taxation that is the link between tax system and social security. The repercussions of this mechanism are both structural and parliamentarians

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47

Campbell, Jonathan. "The cost of credit in the micro-finance industry in South Africa". Thesis, Rhodes University, 2007. http://hdl.handle.net/10962/d1003182.

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This thesis analyses the cost of credit in the micro-finance industry in South Africa. The study situates micro-lending agreements within the law of contract, beginning with an examination of contractual fairness in terms of the common law: the fundamental principle of freedom of contract that underpins the common law of contract; the principle that agreements contrary to public policy should not be enforced; and the impetus given by constitutional values that inform public policy. In regard to moneylending transactions, common law usury law will be explained. The study then goes on to trace the origins and rapid growth of the micro-finance industry which was made possible by its exemption in 1992 from the Usury Act 73 of 1968. The upshot of this development was that registered micro-lenders have for nearly 14 years charged excessive interest rates, and continue to do so. The dire socio-economic impact of these high interest rates on individual consumers and lowincome communities is then demonstrated: how borrowers of small loans soon become over-indebted; the loss of billions of rands every year to low-income communities in the form of interest on micro-loans. The study then shifts to the legislative response to the need for consumer protection in regard to consumer credit. The extensive credit law review process is explained, resulting ultimately in the National Credit Act 34 of 2005, which allows the Minister to prescribe limits on interest rates and fees in all sectors of the consumer credit market. The prescribed limits on the cost of credit in the micro-finance sector are thoroughly explained and analysed, with particular reference to the implications of each element of the credit costing structure, and the combined impact of the total cost of credit on different types and sizes of loans. The envisaged maximum interest and fees will markedly alter the positions of micro-lenders and consumers, and receive careful analysis. The study closes with a summary of findings in the thesis, which includes suggested amendments to the National Credit Regulations and a review of possible legal challenges to the high cost of credit on smaller loans.

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48

Gana, Clifford Velapi. "Towards an effective and efficient financial management system at Bankuna High School of the Department of Education in the Limpopo Province". Thesis, University of Limpopo (Turfloop Campus), 2005. http://hdl.handle.net/10386/841.

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Thesis (MPA) --University of Limpopo, 2005
This research has attempted to investigate whether there were proper financial controls at Bankuna High School of the Ritavi Circuit in the Tzaneen Area of the Limpopo Province of the Republic of South Africa. The researcher has, after an extensive evaluation of data arrived at some conclusions and he had made a few recommendations. The researcher is of the belief that the results of this research can be applied in most former historically disadvantaged African schools. Also this study can help Provincial Departments of Education in their future training on Financial Management for poor African schools.

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49

Momtaz, Paul Peyman [Verfasser], e Wolfgang [Akademischer Betreuer] Drobetz. "The Law and Finance of Corporate Takeovers in Europe / Paul Peyman Momtaz ; Betreuer: Wolfgang Drobetz". Hamburg : Staats- und Universitätsbibliothek Hamburg, 2016. http://d-nb.info/1118724127/34.

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50

Wang, Yan. "Evolution of aircraft finance law, considerations of the UNIDROIT reform project relating to aircraft equipment". Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp03/MQ64308.pdf.

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