Дисертації з теми "The risk of bankruptcy of corporations"
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1
Desai, Kaitlyn A. "The Secondary Market for Gift Cards and the Role of Corporate Bankruptcy Risk." Scholarship @ Claremont, 2010. http://scholarship.claremont.edu/cmc_theses/71.
Повний текст джерелаАнотація:
The website, Plastic Jungle, is taking advantage of the rapidly growing gift card phenomena by creating a secondary market that enables consumers to buy, sell, and exchange gift cards online at a discount. This paper examines the relationship between this secondary gift card market and the corporate bankruptcy risk of companies with gift cards listed on the market. When a company issues a gift card, the card is unsecured debt and the cardholder becomes an unsecured creditor to the company. This paper investigates whether the cardholder acts similarly to other unsecured creditors or as someone who is merely holding another form of cash. As was expected, this paper finds evidence indicating the spot price on the gift card is correlated to some forms of bankruptcy risk. Specifically, the gift cardholders act like unsecured creditors in terms of excess stock returns, CDS price, and the idiosyncratic risk of companies.
2
Zeitun, Rami M. A. "Firm performance and default risk for publicly listed companies in emerging markets a case study of Jordan /." View thesis, 2006. http://handle.uws.edu.au:8081/1959.7/35666.
Повний текст джерелаАнотація:
Thesis (Ph.D.)--University of Western Sydney, 2006.A thesis presented to the University of Western Sydney, College of Law and Business, School of Economics and Finance, in fulfilment of the requirements for the degree of Doctor of Philosophy. Includes bibliographies.
3
Honcharuk, Dana C. "Do corporations use bankruptcy as a stratgeic advantage?/." Staten Island, N.Y. : [s.n.], 2004. http://library.wagner.edu/theses/business/2004/thesis_bus_2004_honch_do.pdf.
Повний текст джерела
4
Corson, Lewis A. "Private Equity Transaction Bankruptcy Risk Prediction." Scholarship @ Claremont, 2010. http://scholarship.claremont.edu/cmc_theses/29.
Повний текст джерелаАнотація:
This study utilizes a sample of private equity backed acquisitions to test whether certain factors, evaluated and quantified on the date of transaction completion, serve as indicators of future transaction bankruptcy. The results of this paper suggest that the effective federal funds rate is significantly and positively correlated with the bankruptcy of private equity backed transactions. Other measured factors specific to the private equity sponsor, the target firm in the acquisition and the characteristics of the transaction are found to be insignificant. Analysis on the influence of these factors is performed using two types of binary-response models, which predict the likelihood of the occurrence of bankruptcy, and a matched sample model that tests for the difference of means between a non-bankrupt transaction group and a bankrupt transaction group. Limitations in the availability of data derived from the private nature of the industry resulted in a limited sample size of 259 transactions completed from 1989 to 2008. General insignificance in the results of this study merits further analysis on the contributing factors to private equity transaction failure.
5
Mei, Chang, and 梅畅. "A legal and economic analysis of goals of reorganization of listed companies under the enterprise bankruptcy law of the PRC." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/197114.
Повний текст джерелаАнотація:
The enactment of the 2006 Enterprise Bankruptcy Law of the PRC marked a new stage in China’s bankruptcy regime by the inclusion of a new reorganization system. The first 5 years of the implementation of the law and further scholarly research, however, have exposed the problems that underlie it, especially those concerning the reorganization of listed companies. The pressing need to address these problems calls for a better understanding of the goals of reorganization. This is because it is by applying the criterion of what best serves the desired reorganization goals that distinguishes an optimal from a less-than-optimal reorganization law and sense from nonsense in its implementation. Thus far, however, no scholar has carried out systemic research of China’s reorganization goals. This thesis, set out in two parts, attempts to fill this gap in the literature for both the dynamics of reorganization legislation and the effectiveness of reorganization implementation in China.
Employing the methods of theoretical analysis, economic analysis of law, case analysis and comparative study, the first part of this thesis argues that preserving going-concern surplus and fair distribution are the two fundamental goals of reorganization in China. Although protecting community interest is important, it should be considered only an incidental goal of reorganization.
The second part of this thesis examines how the most important aspects of the current reorganization system under the EBL can be improved so as to better achieve the two fundamental goals in reality. As to the goal of preserving going-concern surplus, it discusses the early rescue, preservation and sale of the viable parts of the business in a distressed enterprise. As to the goal of fair distribution, it analyzes both the distributional boundaries and rules of reorganization, with a focus on the absolute priority rule. How to balance the values underlying the two fundamental goals of reorganization and the practical impediments to the implementation of the reorganization law are then discussed. Both a sound grasp of the reorganization goals under the EBL and a deep understanding of why and how specific reorganization mechanisms and provisions exist to serve these goals are needed. Only with such understanding, together with a grasp of the relationships between different fundamental goals and different mechanisms and provisions, can the efforts aiming to improve China’s reorganization system achieve the desired level of effectiveness as a whole.published_or_final_version
Law
Master
Doctor of Legal Studies
6
Bauer, Julian. "Bankruptcy Risk Prediction and Pricing: Unravelling the Negative Distress Risk Premium." Thesis, Cranfield University, 2012. http://dspace.lib.cranfield.ac.uk/handle/1826/7313.
Повний текст джерелаАнотація:
In sharp contrast to the basic risk-return assumption of theoretical finance, the empirical evidence shows that distressed firms underperform non-distressed firms (e.g. Dichev, 1998; Agarwal and Taffler, 2008b). Existing literature argues that a shareholder advantage effect (Garlappi and Yan, 2011), limits of arbitrage (Shleifer and Vishny, 1997) or gambling retail investor (Kumar, 2009) could drive the underperformance. Herein, I test these potential explanations and explore the drivers of distress risk. In order to do so, I require a clean measure of distress risk. Measures of distress risk have usually been accounting-based, market-based or hybrids using both information sources. I provide the first comprehensive study that employs a variety of performance tests on different prediction models. Cont/d.
7
Kraemer, Christa. "Eigenkapitalersatz und Insolvenz : klassische und moderne Fallgruppen /." Frankfurt am Main [u.a.] : Lang, 2007. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=015681951&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA.
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8
Jiang, Min. "Essays on bankruptcy, credit risk and asset pricing." Diss., University of Iowa, 2012. https://ir.uiowa.edu/etd/3320.
Повний текст джерелаАнотація:
In this dissertation, I consider a range of topics in bankruptcy, credit risk and asset pricing. The first chapter proposes a structural-equilibrium model to examine some economic implications arising from voluntary filing of Chapter 11. The results suggest that conflict of interests (between debtors and creditors) arising from the voluntary filing option causes countercyclical losses in firm value. The base calibration shows that these losses amount to approximately 5% of the ex-ante firm value and are twice those produced by a model without incorporating the business cycles. Furthermore, besides countercyclical liquidation costs as in Chen (2010) and Bhamra, Kuehn and Strebulaev (2010), countercyclical pre-liquidation distress costs and the conflict of interests help to generate reasonable credit spreads, levered equity premium and leverage ratios. The framework nests several important models and prices the firm's contingent claims in closed-form.
The second chapter proposes a structural credit risk model with stochastic asset volatility for explaining the credit spread puzzle. The base calibration indicates that the model helps explain the credit spread puzzle with a reasonable volatility risk premium. The model fits well to the dynamics of CDS spreads and equity volatility in the data.
The third chapter develops a consumption-based learning model to study the interactions among aggregate liquidity, asset prices and macroeconomic variables in the economy. The model generates reasonable risk-free rates, equity premium, real yield curve, and asset prices in equity and bond markets. The base calibration implies a long-term yield spread of around 185 basis points and a liquidity premium of around 55 basis points for an average firm in the economy. The calibrated yield spread and liquidity premium are consistent with the empirical estimates.
9
Seidu, Mohammed Nazib. "Predicting Bankruptcy Risk: A Gaussian Process Classifciation Model." Thesis, Linköpings universitet, Institutionen för datavetenskap, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-119120.
Повний текст джерелаАнотація:
This thesis develops a Gaussian processes model for bankruptcy risk classification and prediction in a Bayesian framework. Gaussian processes and linear logistic models are discriminative methods used for classification and prediction purposes. The Gaussian processes model is a much more flexible model than the linear logistic model with smoothness encoded in the kernel with the potential to improve the modeling of the highly nonlinear relationships between accounting ratios and bankruptcy risk. We compare the linear logistic regression with the Gaussian process classification model in the context of bankruptcy prediction. The posterior distributions of the GPs are non-Gaussian, and we investigate the effectiveness of the Laplace approximation and the expectation propagation approximation across several different kernels for the Gaussian process. The approximate methods are compared to the gold standard of Markov Chain Monte Carlo (MCMC) sampling from the posterior. The dataset is an unbalanced panel consisting of 21846 yearly observations for about 2000 corporate firms in Sweden recorded between 1991−2008. We used 5000 observations to train the models and the rest for evaluating the predictions. We find that the choice of covariance kernel affects the GP model’s performance and we find support for the squared exponential covariance function (SEXP) as an optimal kernel. The empirical evidence suggests that a multivariate Gaussian processes classifier with squared exponential kernel can effectively improve bankruptcy risk prediction with high accuracy (90.19 percent) compared to the linear logistic model (83.25 percent).
10
Su, Qi. "International trade, market risk, and multinational corporations." Doctoral thesis, [S.l. : s.n.], 2003. http://deposit.ddb.de/cgi-bin/dokserv?idn=968529143.
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11
Ji, Tingting. "Essays on consumer portfolio and credit risk." Connect to this title online, 2004. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1098981351.
Повний текст джерелаАнотація:
Thesis (Ph. D.)--Ohio State University, 2004.Title from first page of PDF file. Document formatted into pages; contains ix, 99 p.; also includes graphics. Includes bibliographical references (p. 95-99).
12
Aliakbari, Saeideh. "Corporate credit risk and economic performance." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/12416.
Повний текст джерелаАнотація:
This thesis is based on three essays in corporate credit risk and economic performance analysis. Corporate bankruptcy prediction using past financial information is well established in the literature. Early studies of corporate bankruptcy prediction mainly applied statistical techniques such as discriminant analysis, logit and probit. Although, some of these models such as logit is still widely popular amongst the academics and practitioners due to its simplicity, the shortcomings of such models for bankruptcy prediction have been noticed and criticised in the literature. One of the main shortcomings is that these models as linear classification approach can not explain the possible non-linear relationship between some accounting ratios and the probability of default (PD). This issue has been addressed in the literature by introducing non-linear statistical techniques such as support vector machines (SVM). The first essay of this thesis, presented in Chapter 2, investigates the performance of SVM in corporate bankruptcy prediction and compares its performance with that of logit. This essay analyses bankruptcy risk for firms in the Asian and Pacific region using a list of financial ratios which covers different aspects of a firm's performance. The financial and credit event information for this analysis is provided by the Risk Management Institute of National University of Singapore (RMI NUS). With respect to forecasting accuracy, the findings of this analysis reveal that on average the SVM displays a higher forecasting accuracy and a more robust performance than the logit. Among several financial ratios suggested as predictors of default, leverage ratios and firm size display a higher discriminating power compared to others. Additionally, an analysis of the relationship between PD and financial ratios is provided. The accounting based models in bankruptcy analysis are mostly based on a set of measures which represents current financial position of the firms. However, these models have no indication of the status of the technology competency of a firm amongst its peers, which could be a more significant factor in the survival of a firm. Therefore, a new measure about level of firm's technological knowledge is required for a more precise assessment of firms future financial performance. Considering the rise in the technological competition and patenting activities since the 1990s and also the important role of accurate credit rating modeling in the financial stability, second essay of this thesis examined in Chapter 3 focuses on the relationship between patent applications, as an output of a firm's technological development, and financial survival. Applying a survival analysis model, this relationship is empirically tested on a longitudinal firm-level data set for the listed firms in the US which matches the patent application data from European Patent Offi ce (EPO) against a set of financial variables provided by RMI NUS. The results of this analysis reveal that patent applications are strong identifiers of low default risk companies. In a further analysis, third essay of this thesis presented in Chapter 4 focuses on the impact of patent applications on firm's economic performance. In contrast to the studies which study the overall patent portfolio indicators as proxy for innovation, on a few aspects of firm performance this essay provides a comprehensive analysis of the effect of individual patent applications on several aspects of firm performance including including profitability, leverage, liquidity, size, credit rating quality and stock return. Using the matched data set of patent application data and economic variables for the US listed firms explained earlier, this essay examines whether changing from non-patenting to patenting status when a firm files its first and subsequent applications is associated with significant changes in its firm's performance and stability. The empirical findings of this essay indicates a higher capitalisation, increased liquidity, a lower leverage and an improve in credit quality for the patenting firms.
13
Costa, Magali Pedro. "How does product market structure influence financial structure and bankruptcy risk?" Master's thesis, Universidade de Évora, 2013. http://hdl.handle.net/10174/12087.
Повний текст джерелаАнотація:
The decision-making process is crucial to the success or failure of an organization. We can analyze financial decisions (particularly decisions regarding capital structure) and/or operational decisions (quantities and prices to be charged). These decisions are influenced by the dynamic economic and competitive environment in which firms live. The dissertation aims, using a game theoretical framework, to examine how market structure influences financial and product market decisions and consequently the bankruptcy risk .It analyzes the impact of changes at the level of demand uncertainty, in the degree of product differentiation and the asymmetry in marginal production costs on the risk of bankruptcy. The analysis is performed assuming a duopoly market where there is uncertainty in demand and where firms compete in quantities; ### Resumo:
O processo de tomada de decisão é crucial para o sucesso ou insucesso de uma organização. Pode-se falar em decisões financeiras (particularmente decisões quanto à estrutura de capital) e/ou em decisões operacionais (quantidades e preços ótimos a praticar). Estas decisões são influenciadas pelo contexto económico e concorrencial dinâmico em que as empresas vivem.
Esta dissertação pretende, utilizando o enquadramento da teoria dos jogos, analisar como é que a estrutura de mercado influencia as decisões financeiras e do mercado do produto e consequentemente o risco de falência. É analisado o impacto de mudanças no nível de incerteza na procura, no grau de diferenciação do produto e na assimetria nos custos de produção sobre o risco de falência. A análise será feita assumindo um mercado duopólio onde existe incerteza na procura e onde as empresas competem em quantidades.
14
Aslan, Ercan. "Essays in game theory and bankruptcy." Thesis, University of Edinburgh, 2016. http://hdl.handle.net/1842/21708.
Повний текст джерелаАнотація:
In Chapter 1 I study the iterative strategy elimination mechanisms for normal form games. The literature is mostly clustered around the order of elimination. The conventional elimination also requires more strict knowledge assumptions if the elimination is iterative. I define an elimination process which requires weaker rationality. I establish some preliminary results suggesting that my mechanism is order independent whenever iterative elimination of weakly dominated strategies (IEWDS) is so. I also specify conditions under which the \undercutting problem" occurs. Comparison of other elimination mechanisms in the literature (Iterated Weak Strategy Elimination, Iterated Strict Strategy Elimination, Generalized Strategy Eliminability Criterion, RBEU, Dekel-Fudenberg Procedure, Asheim- Dufwenberg Procedure) and mine is also studied to some extent. In Chapter 2 I study the axiomatic characterization of a well-known bankruptcy rule: Proportional Division (PROP). The rule allocates shares proportional to agents' claims and hence, is intuitive according to many authors. I give supporting evidence to this opinion by first defining a new type of consistency requirement, i.e. union-consistency and showing that PROP is the only rule that satisfies anonymity, continuity and union-consistency. Note that anonymity and continuity are very general requirements and satisfied by almost all the rules that have been studied in this literature. Thus, I prove that we can choose a unique rule among them by only requiring union-consistency. Then, I define a bankruptcy operator and give some intuition on it. A bankruptcy operator is a mapping from the set of bankruptcy operators to itself. I prove that any rule will converge to PROP under this operator as the claims increase. I show nice characteristics of the operator some of which are related to PROP. I also give a definition for continuity of an operator. In Chapter 3 investigate risk-averse investors' behaviour towards a risky firm. In order to find Pareto Optimal allocations regarding a joint venture, I employ a 2-stage game, first stage of which involves a social-planner committing to an ex-post bankruptcy rule. A bankruptcy rule is a set of suggestions for solving each possible bankruptcy problem. A bankruptcy problem occurs when there is not enough endowment to allocate to the agents each of whom has a claim on it. I devise the game-theoretic approach posed in K1br1s and K1br1s (2013) and extend it further. In fact, that paper considers a comparison among 4 renowned bankruptcy rules whereas mine do not restrict attention to any particular rule but rather aim to find a Pareto Optimal(PO) one. I start with 2 agent case in order to give some insight to the reader and then, generalise the results to an arbitrary number of investors. I find socially desirable (PO) allocations and show that the same can be achieved through financial markets by the help of some well-known results.
15
Kettis, Magdalena. "The Challenge of Political Risk : Exploring the political risk management of Swedsih multinational corporations." Doctoral thesis, Stockholms universitet, Statsvetenskapliga institutionen, 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-112.
Повний текст джерелаАнотація:
In an overarching aim to bridge the gap between political science and international business studies, this study explores how, against the backgrond of globalization, multinational coprorations understand and deal with the influence of many differet and sometimes very dynamic political environments, by focusing on the political risk management of a number of Swedish multinational corporations invoved in foreign investing. Based on interviewswith coproate executives in these corporations, this qualitative study found that Swedish invetsors use a "pragmatic" approach toeards political risk and the political envrionments in which they operate. The study also drwas attention to teh role of multinational corporations in teh formation of politica risk as teh result of corporate politiacl activity and the possibility that multinational corporations are moving towards a more pronounced political role.It is suggetsed that political risk needs to be considered not only in terms of the potential impact of the political environment on firms, but also in terms of teh impact of teh firm on the environment, as the political environment cannot be taken as a given, but is the outcome of a process that involves adaption to the environment as well as attempts to change that environment.
16
Нафас, Агаї Аг Гаміш Ові. "Прогнозування ризику банкрутства в промисловій та банківській сфері з використанням нечітких моделей та алгоритмів". Thesis, НТУУ "КПІ", 2016. https://ela.kpi.ua/handle/123456789/14938.
Повний текст джерелаАнотація:
Дисертацію присвячено розробці моделей та алгоритмів аналізу фінансового стану та
прогнозування ризику банкрутства підприємств та банків в умовах невизначеності, неповної
та недостовірної інформації на прикладі економіки України. Проаналізовано класичні
статистичні методи прогнозування ризику банкрутства підприємств на основі методів
багатовимірного дискримінантного аналізу, зокрема метод Альтмана. Виявлено його
недоліки та недоцільність використання в умовах економіки України, оскільки він базується
на використанні достовірної інформації про стан підприємств.
Тому в роботі обгрунтовано використання для прогнозування ризику банкрутства в
умовах неповноти та невизначеності нечітких нейронних мереж (НММ) з виведеннями
Мамдані та Цукамото. В дисертації розроблено базу правил для вирішення задачі аналізу
фінансового стану та прогнозування ризику банкрутства підприємств в умовах
невизначеності для нейромереж Мамдані та Цукомото. Оскільки загальний розмір повної
бази нечітких правил великий, що не дає можливості її навчання за короткий час,
запропоновано спосіб скорочення розмірів бази правил та її наглядне представлення шляхом
використання бальних оцінок. Розроблено алгоритми прогнозування ризику банкрутства
підприємств з використанням ННМ Мамдані та Цукамото.
Далі в роботі розглянуто нео-фаззі каскадні мережі для аналізу фінансового стану та
прогнозуванню ризику банкрутства підприємств в умовах невизначеності. Їх особливостями
є відсутність бази правил висновку, а також те, що функції належності фіксовані і не
потребують навчання, навчаються лише лінійні параметри – ваги зв’язків ННМ. Тому ці
мережі мають прискорену збіжність навчання в порівнянні з ННМ з висновками Мамдані
та Цукамото.
Проведено експериментальні дослідження запропонованих моделей та алгоритмів для
прогнозування ризику банкрутства підприємств України та порівняльний аналіз з
класичними методами. Результати експериментів показали, що точність прогнозування
ризику банкрутства складає методом Альтмана - 68-70%, матричним методом - 80%, нео-фазі
каскадною нейромережею - 87%, а ННМ Мамдані та Цукамото -88-90 %.
В роботі також було досліджено проблему прогнозування ризику банкрутства в
банківській сфері України в умовах невизначеності. Для вирішення цієї проблеми
запропоновано використання ННМ TSK та ANFIS. Проведено експериментальні
дослідження ефективності використання ННМ для прогнозування ризику банкрутства банків
та порівняння зі статистичними моделями ARIMA, logit-model та probit–model, а також із
нечітким МГУА. В результаті експериментів встановлено, що найбільшу точність
прогнозування забезпечує використання ННМ TSK (2%) та нечіткого МГУА (4%), тоді як
статистичні моделі мають точність: logit-model - 16%, probit –model - 14%) та ARIMA - 18%.
В процесі експериментів також було визначено адекватні фінансово-економічні
показники банків для прогнозування ризику банкрутства.The thesis is devoted to the development of models and algorithms for analysis of financial state and forecasting of bankruptcy risk of enterprises and banks in condition of uncertainty, incomplete and unreliable information on the example of the Ukrainian economy. Classical statistical methods for predicting the risk of bankruptcy on the basis of multivariate discriminant analysis, in particular the method of Altman, are analyzed. It revealed its deficiencies and inappropriateness of its use in Ukraine's economy, since it is based on the use of reliable information on the state enterprises. Therefore, the use of fuzzy neural networks (FNN) with the conclusions Mamdani and Tsukamoto to forecast the risk of bankruptcy in the conditions of incompleteness and uncertainty is entirely justified. In the thesis rule base is developed for solving the problem of financial analysis and forecasting the risk of bankruptcy of enterprises for neural networks Mamdani and Tsukamoto. Since the total size of the comprehensive fuzzy rule base is great that does not allow its training in a short time, a method of reducing the size of the rule base and its visual representation through the use of scores is suggested. Algorithms for predicting the risk of bankruptcy of enterprises with FNN Mamdani and Tsukamoto are developed. Further in the paper the cascade neo-fuzzy network (CNFN) for predicting the risk of bankruptcy in condition of uncertainty is suggested. Its features is the absence of the rule base, as well as the fact that the membership functions are fixed and does not need training. Therefore, these networks have accelerated the convergence of training compared with FNN Mamdani and Tsukamoto. Experimental studies of the proposed models and algorithms for the forecasting of the risk of bankruptcy in Ukraine and comparative analysis with classical methods are presented. The experimental results showed that the accuracy of predicting the bankruptcy risk by Altmana- by 68- 70%, matrix method - 80%, cascade neo-fuzzy neural network - 87% and FNN Mamdanі and Tsukamoto - 88-90%. The paper also studied the problem of forecasting the risk of bankruptcy in the banking sector of Ukraine in conditions of uncertainty. To solve this problem using FNN TSK and ANFIS is proposed. Experimental research of effectiveness of using FNN to predict the risk of bank failures and comparison with statistical models ARIMA, logit-model, probit-model and fuzzy GMDH are presented. The experiment established that the greatest prediction accuracy allows the use of FNN TSK (2%) and fuzzy GMDH (4%), while the statistical models: logit-model - 16%, probit-model - 14% and ARIMA - 18%. During the experiments adequate financial and economic indicators of banks to predict the risk of bankruptcy were determined.
Диссертация посвящена разработке моделей и алгоритмов анализа финансового состояния и прогнозирования риска банкротства предприятий и банков в условиях неопределенности, неполной и недостоверной информации на примере экономики Украины. Проанализированы классические статистические методы прогнозирования риска банкротства предприятий на основе методов многомерного дискриминантного анализа, в частности метод Альтмана. Выявлено его недостатки и нецелесообразность использования в условиях экономики Украины, поскольку он базируется на использовании достоверной информации о состоянии предприятий. Поэтому в работе обосновано использование для прогнозирования риска банкротства в условиях неполноты и неопределенности нечетких нейронных сетей (ННС) с выводами Мамдани и Цукамото. В дисертации разработана база правил для решения задачи анализа финансового состояния и прогнозирования риска банкротства предприятий в условиях неопределенности для нейросетей Мамдани и Цукамото. Поскольку общий размер полной базы нечетких правил большой, что не дает возможности ее обучения за короткое время, предложен способ сокращения размеров базы правил и ее наглядное представление путем использования балльных оценок. Разработаны алгоритмы прогнозирования риска банкротства предприятий с использованием ННС Мамдани и Цукамото. Далее в работе рассмотрены каскадные нео-фаззи сети для прогнозирования риска банкротства предприятий в условиях неопределенности. Их особенностями является отсутствие базы правил вывода, а также то, что функции принадлежностей фиксированные и не нуждаются в обучении, обучаются лишь линейные параметры – веса связей ННС. Поэтому эти сети имеют ускоренную сходимость обучения в сравнении с ННС Мамдани и Цукамото. Проведены экспериментальные исследования предложенных моделей и алгоритмов для прогнозирования риска банкротства предприятий Украины и сравнительный анализ с классическими методами. Результаты экспериментов показали, что точность прогнозирования риска банкротства составляет методом Альтмана - 68-70%, матричным методом - 80%, нео-фаззи каскадной нейросетью - 87%, а ННМ Мамдани и Цукамото -88-90 %. В работе также была исследована проблема прогнозирования риска банкротства в банковской сфере Украины в условиях неопределенности. Для решения этой проблемы предложено использование ННС TSK и ANFIS. Проведены экспериментальные исследования эффективности использования ННС для прогнозирования риска банкротства банков и сравнение со статистическими моделями ARIMA, logit-model и probit–model, а также с нечетким МГУА. В результате экспериментов установлено, что самую большую точность прогнозирования обеспечивает использование ННМ TSK (2%) и нечеткий МГУА (4%), тогда как статистические модели имеют точность: logit-model - 16%, probit–model - 14% и ARIMA - 18%. В процессе экспериментов были также определены адекватные финансово-экономические показатели банков для прогнозирования риска банкротства.
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Rasaei, Janet, and Kim Nguyen. "Political Risk in Multinational Corporations’ Capital Structure : Evidence from Singapore." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-45273.
Повний текст джерелаАнотація:
In this paper, we examine the relationship between political risk as an international environmental determinant of capital structure as well as other factors that contribute to capital structure including leverage, foreign exchange risk, agency costs of debt, and collateral value of assets. We conducted this research on a sample of 200 Singaporean, non-financial, listed domiciled multinational firms over the period of 2005 to 2009. The results suggest that political risk is irrelevant to the multinational capital structure, foreign exchange risk, agency costs of debt, and (netted) collateral value of assets. We find that the results remain unchanged after controlling for size and industry. The findings produce evidence that foreign exchange risk, as another international factor is also irrelevant to the Singaporean multinational capital structure choice. Additionally, agency costs of debt and (netted) fixed assets have a negative association with leverage for Singaporean multinational corporations.
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Carlsson, Gustav, and Robin Ericsson. "Layered Basket Option Hedging : Currency risk management for multinational corporations." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18338.
Повний текст джерелаАнотація:
Background: In an increasingly globalized environment, corporations perform transactions across borders on a day-to-day basis. As multinational corporations expand their businesses the number of currencies in their operations increases. The consequence of operating with several currencies is the risk associated with currency fluctuations. Sandvik AB is a worldwide corporation where activities are conducted through representation in more than 130 countries. Currency exposures are controlled through risk management where financial derivatives are applied to protect the corporation from potential losses caused by fluctuations. Sandvik AB recently implemented a hedging strategy entitled Layered Basket Option hedging. The strategy is a combination of a layered- and a basket option approach to maximize the effect of the hedge. There is a limited amount of previous research regarding Layered Basket Option hedging and Sandvik AB is the first corporation to actively practice this strategy. Purpose: The purpose is to investigate and provide information about how currency risk most effectively is hedged for the multinational corporation Sandvik AB. Furthermore, we want to evaluate if Sandvik’s recently implemented hedging strategy, Layered Basket Option hedging, is the best-suited strategy for them and if there are any improvements to be made. This thesis will further investigate the importance of currency hedging for multinational corporations, which are dependent on reporting to their stakeholders. Hopefully, this thesis will also facilitate the communication of Sandvik’s currency strategies throughout the organization and make it more comprehensible. Method: Exchange rates on daily basis for the period 2002-2012 were collected from Bank of Canada and Reuters database. The collected data was thereafter used as a basis to perform calculations to determine if Layered Basket Option hedging is the optimal solution for Sandvik AB. Conclusion: The results of this study highlight the benefits from applying a Layered Basket Option hedging strategy and the strategy succeeds to reduce the volatility caused by currency fluctuation. The results indicate that the combination of a layered- and a basket option approach successfully creates a suitable strategy for Sandvik AB. Furthermore, this thesis has recognized that there exists room for improvement by actively allocating currencies according to their weights and correlations to fully exploit the effects from the strategy.
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Li, Zhan. "Western media corporations' risk and strategies in post-WTO China." Connect to this title online, 2004. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1100671766.
Повний текст джерелаАнотація:
Thesis (Ph. D.)--Ohio State University, 2004.Title from first page of PDF file. Document formatted into pages; contains xii, 209 p.; also includes graphics. Includes bibliographical references (p. 171-181).
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Xu, Jin. "Distress risk and value premium evidence from Japan /." Click to view the E-thesis via HKUTO, 2008. http://sunzi.lib.hku.hk/hkuto/record/b40203682.
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Lin, Wan Bing. "CEO birth generation and corporate risk-taking in Chinese-listed companies." Thesis, University of Macau, 2018. http://umaclib3.umac.mo/record=b3959244.
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Barsotti, Flavia. "Optimal capital structure with endogenous bankruptcy : payouts, tax benefits asymetry and volatility risk." Toulouse 3, 2011. http://thesesups.ups-tlse.fr/1319/.
Повний текст джерелаАнотація:
La thèse concerne la modélisation du risque de crédit en suivant l'approche de modèles structurels. La thèse se compose de trois articles dans lesquels nous nous appuyons sur la structure du capital d'une entreprise proposée par Leland et nous étudions différentes extensions de son article fondateur dans le but d'obtenir des résultats plus conformes aux normes historiques et évidence empiriques, en étudiant en détail tous les aspects mathématiques. On analyse la modélisation du risque de crédit en suivant l'approche de modèles structurels avec défaut endogène. Nous prolongeons le cadre classique de Leland dans trois directions principales pour obtenir des résultats plus conformes aux données empiriques. Nous introduisons des dividendes et une asymétrie dans la déduction fiscale : les résultats numériques montrent que ces modifications conduisent à des ratios de levier proches des normes observées, grâce à leur influence conjointe sur la structure optimale du capital. Enfin, nous introduisons un risque de volatilité. En suivant les suggestions de Leland, nous proposons un cadre dans lequel l'hypothèse de volatilité constante pour l'évolution de la valeur de l'entreprise est supprimé. En analysant les dérivés sujets au risque de faillite impliqués dans la structure du capital de l'entreprise, on obtient leur prix corrigé dans une classe assez large de modèles à volatilité stochastique en appliquant la théorie des perturbations singulières. En considérant la structure du capital optimal, la volatilité stochastique semble être un modèle efficace pour améliorer les résultats dans le sens de 'spreads' plus élevés et des ratios de levier, plus faibles de façon significativeThe dissertation deals with modeling credit risk through a structural model approach. The thesis consists of three papers in which we build on the capital structure of a firm proposed by Leland and we study different extensions of his seminal paper with the purpose of obtaining results more in line with historical norms and empirical evidence, studying in details all mathematical aspects. The thesis analyses credit risk modelling following a structural model approach with endogenous default. We extend the classical Leland framework in three main directions with the aim at obtaining results more in line with empirical evidence. We introduce payouts and then also consider corporate tax rate asymmetry : numerical results show that these lead to predicted leverage ratios closer to historical norms, through their joint influence on optimal capital structure. Finally, we introduce volatility risk. Following Leland suggestions we consider a framework in which the assumption of constant volatility in the underlying firm's assets value stochastic evolution is removed. Analyzing defaultable claims involved in the capital structure of the firm we derive their corrected prices under a fairly large class of stochastic volatility framework seems to be a robus way to improve results in the direction of both higher spreads and lower leverage ratios in a quantitatively significant way
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Ma, Lizhi, and 馬立支. "Economic consequences of accounting conservatism." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2011. http://hub.hku.hk/bib/B46420162.
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Nguyen, Huyen T., University of Western Sydney, College of Law and Business, and School of Accounting. "Project finance risk pricing decision : Australian evidence." THESIS_CLAB_ACC_Nguyen_H.xml, 2002. http://handle.uws.edu.au:8081/1959.7/352.
Повний текст джерелаАнотація:
This thesis presents empirical research into the project risk pricing decision undertaken by Australian project leaders for domestic project finance. It addresses questions about the relative importance of various project finance risks on the project risk pricing decision; the impact of risk interactions; and the degree of self-insight possessed by Australian project leaders when making this decision. Five project financing risk most frequently cited in the literature, namely: operating, environmental, market, political/regulation, and sponsors, were selected. Sixteen hypothetical risk pricing cases were structured, which were completed by twenty-five project leaders working in Sydney. The collected data was analysed, and the results show that the five project financing risks had strong impact on the project risk pricing decision. Among them, market risk is the most influential factor, followed by operating, sponsors, and political/regulation risks, while environmental risk was the factor with least effect. Very little support, however, was provided for the hypothesis that risk interactions impact the project risk pricing decision. Among the ten two-level risk interactions tested, only the interaction between sponsors and political/regulation was found to be significant. In relations to the degree of self-insight, various comparisons between subjective and objective weights demonstrated that the project leaders, in general, were quite insightful about their project finance risk pricing decisionsMaster of Commerce (Hons)
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Schleifer, Thomas C. "Indicators of construction business financial risk in the closely held construction company operating in the United States of America." Thesis, Heriot-Watt University, 1994. http://hdl.handle.net/10399/1380.
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Xu, Ming. "Is the bankruptcy risk rewarded by higher expected returns? : evidence from Japan 1980-2000 /." View Abstract or Full-Text, 2002. http://library.ust.hk/cgi/db/thesis.pl?FINA%202002%20XU.
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Chaiyakul, Thitima. "The relationship among bankruptcy risk, liquidity and equity returns : The evidence of Southeast Asia." Thesis, University of Liverpool, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.526858.
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Prinz, Udo. "Umstrukturierung durch "Schemes of Arrangement" mit Gesellschaftern im englischen Recht : ein Vorbild? /." Frankfurt am Main [u.a.] : Lang, 2004. http://www.gbv.de/dms/spk/sbb/recht/toc/378646125.pdf.
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Al-Nassan, Waleed Ali. "Risk reduction through international diversification : the case of British-based multinational corporations." Thesis, Cardiff University, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.232889.
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30
Karlsson, Karolin. "Actions to enhance and support the informationsecurity risk assessment process in corporations." Thesis, KTH, Skolan för elektroteknik och datavetenskap (EECS), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-258414.
Повний текст джерелаАнотація:
Information security is growing in importance as the world becomes more digital, at the same time the importance of usability implementation in software development is also growing. In this study, an evaluation was done on what affects usability and how important usability is in a reporting tool handling information security risk assessment (ISRA). The research question from which the study is based on: What actions can enhance and support the information security risk assessment process in corporations? In order to investigate the research question a study was organized consisting of a survey (N=30) and a think-aloud usability test (N=7). As a part of the analysis process a usability heuristic analysis was performed. According to this study, the ISRA process is complicated and creating a well-functioning supporting tool for it is complex. In order for the tool to facilitate for the users work, usability is an important aspect and should be taken in consideration early in the development process of a tool. Based on the findings in this study actions that can contribute to enhanced usability were discussed. The recommended actions are: 1) Include all types of roles in the ISRA process to determine the purpose of the tool and what it should support. 2) Implement clear guiding information in all parts of the tool, all people involved in the ISRA process should be able to understand the tool. 3) Keep an intuitive flow throughout the tool, the user should intuitively always know what the next step is and what to expect. 4) Have a search function that supports all aspects in the tool.Informationssäkerheten växer i betydelse i takt med att världen blir mer digital, samtidigt så ökar även betydelsen av implementering av användbarhet i mjukvaruutveckling. I denna studie gjordes en utvärdering av vad som påverkar användbarheten och hur viktigt användbarheten är i ett rapporteringsverktyg som hanterar informationssäkerhetsriskbedömning (ISRB). Den forskningsfråga som studien bygger på: Vilka åtgärder kan förbättra och stödja informationssäkerhetsriskbedömningsprocessen i företag? För att undersöka forskningsfrågan organiserades en studie bestående av en enkätundersökning (N = 30) och ett användbarhetstest med ”Think-Aloud” (N = 7). Som en del av analysprocessen utfördes en användbarhets heuristisks analys. Enligt denna studie är ISRB-processen komplicerad och att skapa ett välfungerande stödjande verktyg för att det är komplext. För att verktyget ska underlätta för användarnas arbete är användbarheten en viktig aspekt och bör tas i beaktning tidigt i utvecklingsprocessen för ett verktyg. Baserat på resultaten i dessa studie så diskuterades åtgärder som kan bidra till ökad användbarhet. De rekommenderade åtgärderna är: 1) Inkludera alla typer av roller i ISRB-processen för att bestämma syftet med verktyget och vad det ska stödja. 2) Implementera tydlig guidande information i alla delar av verktyget, alla personer som är involverade i ISRB-processen ska kunna förstå och använda verktyget. 3) Ha ett intuitivt flöde genom alla delar i verktyget, användaren bör intuitivt alltid veta vad nästa steg är och vad de kan förvänta sig. 4) Har en sökfunktion som stöder alla aspekter i verktyget
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MacDonald, Susan Hardie. "Alternative Responses to the Orange County Bankruptcy: An Inquiry into the Images Underlying Theory." Diss., Virginia Tech, 2000. http://hdl.handle.net/10919/28808.
Повний текст джерелаАнотація:
The bankruptcy of the government of Orange County, California in 1994 is treated as a case study depicting a potentially critical problem emerging for democracies. The analysis links finan-cial and fiduciary perspectives by re-examining the actions of Orange County officials and citi-zens through three separate analytical frames: the dynamics of economic globalization; citizen engagement through the channel of civil society; and the theory of risk--both its nature generally and its financial aspect specifically. The conclusion reached is that globalization has made con-tingency and uncertainty ubiquitous and this indicates that the practice of governance in its pub-lic administration dimension should include a return to pragmatic, process approaches to policy and implementation.Ph. D.
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Kregar, Michael. "Cash flow based bankruptcy risk and stock returns in the US computer and electronics industry." Thesis, University of Manchester, 2011. https://www.research.manchester.ac.uk/portal/en/theses/cash-flow-based-bankruptcy-risk-and-stock-returns-in-the-us-computer-and-electronics-industry(8cd5df0e-41a6-4af3-bca9-66a46e4f672a).html.
Повний текст джерелаАнотація:
This thesis investigates the anomalous underperformance of distressed stocks in the US computer and electronics industry. It shows that such anomaly can be explained by a parallel analysis of risk based rational pricing and profitability (earnings) levels to returns relationship propositions. For the 1990 to 2006 period, distressed stocks have on average underperformed their non-distressed counterparts. However, once the conditional relationship with profitability is taken into account, the distress risk is rewarded by a continuous positive return hence priced appropriately. In the computer and electronics industry growth stocks (low B/M) outperform on average value stocks (high B/M). The size factor has not been confirmed to be significant in explaining stock returns for this specific industry over the 1990 to 2006 period. The study also reveals that B/M and size factors do not proxy for distress risk. The B/M factor follows an inverted u-shape along the distress risk deciles axis. As result, stocks in low and high distress portfolios share similarly low B/M values. Cash flow based bankruptcy predictors estimated on a quarterly basis from a Cox proportional hazard model, that are used as proxy for a continuous distress risk factor in asset pricing tests, are able to predict bankruptcies at higher accuracy rates than the Z-Score as alternative measure.
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Ahn, Soon Kwon. "Uncertainty and investment : evidence from Korean manufacturing firms /." free to MU campus, to others for purchase, 2004. http://wwwlib.umi.com/cr/mo/fullcit?p3137672.
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Shepherd, Shane. "Cash holdings, stock splits, and mergers examining risk and return in the equity markets /." Diss., Restricted to subscribing institutions, 2008. http://proquest.umi.com/pqdweb?did=1779690161&sid=2&Fmt=2&clientId=1564&RQT=309&VName=PQD.
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January, Carol. "Studies in the effectiveness of cash flows from operating and investing activities as possible early indicators of bankruptcy." Thesis, Stellenbosch : Stellenbosch University, 2001. http://hdl.handle.net/10019.1/52464.
Повний текст джерелаАнотація:
Thesis (MBA)--Stellenbosch University, 2001.ENGLISH ABSTRACT: Users of Cash Flow Statements expect the information provided as cash flow from operating and investing activities to serve as a possible indicator that the company is facing bankruptcy. Traditionally, companies disclose depreciation as an operating activity and replacement of fixed assets as an investing activity. Companies that direct cash payments toward dividend and future expansion without addressing replacement of fixed assets are creating an unrealistic picture of their operating and investing activities. Generally accepted accounting practices (GAAP) have limited its disclosure requirements and has not addressed the issue of separating the expansion of fixed assets from replacement. This mini-study project researches the impact of disclosing depreciation as an investing activity and the replacement of fixed assets as an operating activity. Based on the findings, it is recommended that GAAP make it a requirement that the replacement and expansion of fixed assets be disclosed separately. It is further recommended that either depreciation be disclosed as an investing activity, or that replacement of fixed assets be disclosed as an operating activity on the Cash Flow Statement. The methods of disclosure investigated in the study will lead to an improvement in the ability of the two activities to serve as possible early indicators of bankruptcy.
AFRIKAANSE OPSOMMING: Gebruikers van kontantvloeistate verwag dat die inligting wat verskaf word van die bedryfs- en investeringsaktiwiteite as 'n moontlike indikator van die ondergang van die onderneming moet kan dien. Waardevermindering word tradisioneel as 'n bedryfsaktiwiteit openbaar, terwyl die vervanging van vaste bates as 'n investeringsaktiwiteit openbaar word. Ondernemings wat direkte kontantbetalings as dividende en toekomstige uitbreiding openbaar sonder dat die vervanging van vaste bates aangespreek word, skep 'n onrealistiese beeld van hul bedryfs- en investeringsaktiwiteite. Algemeen aanvaarde rekeningkundige beginsels het die openbaarmakingsvereistes beperk en spreek nie die skeiding tussen uitbreiding van bates en die vervanging daarvan aan nie. Hierdie mini-werkstuk ondersoek die impak van die openbaarmaking van waardevermindering as 'n investeringsaktiwiteit en vervanging van vaste bates as 'n bedryfsaktiwiteit. Gebaseer op die bevindinge word daar aanbeveel dat die algemeen aanvaarde rekeningkundige beginsels dit 'n vereiste maak dat die vervanging en uitbreiding van vaste bates apart openbaar word. Verder word aanbeveel dat waardevermindering as 'n investeringsaktiwiteit of vervanging van vaste bates as 'n bedryfsaktiwiteit in die kontantvloeistaat openbaar word.
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PAZOS, PRISCILLA VANESSA GUERRERO. "AN ANALYSIS OF BOOK-TO-MARKET, BANKRUPTCY RISK AND RETURN FACTORS IN THE STOCK BRAZILIAN MARKET." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2015. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=25830@1.
Повний текст джерелаАнотація:
PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROCOORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE SUPORTE À PÓS-GRADUAÇÃO DE INSTS. DE ENSINO
O presente estudo analisa a relação entre as variáveis Book-to-Market, risco de falência e retornos no mercado acionário brasileiro para um total de 168 firmas da Bovespa no período de Julho 2009 até Junho 2014. Os resultados demonstram que na medida em que a probabilidade de falência e o Book-to-Market aumentam, as empresas brasileiras pagam um prêmio de risco maior. Apesar disto, o fator Book-to-Market quando analisado separadamente, não consegue mostrar uma relação direta com o prêmio de risco, isto é, empresas com alto Book-to-Market (empresas de valor) não necessariamente pagam retornos maiores que as empresas com baixo Book-to-Market (empresas de crescimento). Isto contraria estudos feitos em mercados financeiros desenvolvidos, onde tal relação é estatisticamente significante.
This study analyzes the relationship between the variables Book-to-Market, bankruptcy risk and returns in the Brazilian stock market for a total of 168 Bovespa firms in the period from July 2009 to June 2014. The results demonstrate that as the probability of failure and the Book-to-Market increase, Brazilian companies pay a higher risk premium. Despite this, it was found that the Book-to- Market factor when analyzed separately, is not able to show a direct relationship to the risk premium, that is companies with high Book-to-Market (value companies) do not necessarily pay higher returns than companies with low Bookto- Market (growth companies). This contradicts previous studies done in developed financial markets, where such relationship is statistically significant.
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Li, Shaobo. "Two Essays on High-Dimensional Robust Variable Selection and an Application to Corporate Bankruptcy Prediction." University of Cincinnati / OhioLINK, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1530270511492443.
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Yousef, I. "Mergers and acquisitions : implications for acquirers' shareholder wealth and risk." Thesis, Coventry University, 2016. http://curve.coventry.ac.uk/open/items/f9909fcd-783b-4ee5-983a-52e16c2dff8c/1.
Повний текст джерелаАнотація:
This study analyses the impact of M&As on acquiring company shareholder wealth and market risk through empirical evidence based on event study methods and cross-sectional regressions. The hypotheses investigated relate to the relevance of target status, method of payment, acquirers‘ bidding experience, and diversification motives. The evidence is based on a comprehensive sample of M&A transactions comprising 46,758 initial bids announced in 180 countries over the period 1977-2012, covering 88 industries. The study also investigates the relevance of deal and firm-specific factors affecting the likelihood of the success or failure of a deal once announced. The results of the event study indicate that acquirers‘ abnormal returns are not influenced by uncertainty about whether the announced deals will succeed or fail, which is consistent with the efficient market hypothesis. The event study evidence also confirms that acquirers‘ gains are most significant in cross-border M&As with acquirers located in developed countries and targets in developing countries. Further evidence from cross-sectional regressions confirms that cross-border and cross-industry diversification yields significant announcement gains for acquirers, although in comparison with domestic and focussed deals, such deals carry a greater risk of failure. Diversification has no significant impact on acquirers‘ market or systematic risk. In addition, the evidence with regard to the impact of target status and method of payment suggests that acquirers‘ gains are most significant in stock payment deals involving private or subsidiary targets, while stock payment deals involving publicly-listed targets yield lower returns. In general, cash payment for acquisitions serves to reduce the negative impact of acquiring public targets, while stock payment enhances the positive impact of acquiring private or subsidiary targets. Correspondingly, acquirers‘ market increases with the acquisition of non-public targets, while using cash payment reduces this risk. The overall findings in this regard are robust across various samples and are generally associated with the existence of information asymmetry between acquirers and targets. Finally, the findings reveal that acquirers‘ prior experience of bidding in M&A deals is associated with significantly lower shareholder returns for acquirers, and this also increases their risk. This finding, however, is specific to serial acquirers and generally supports the hubris motive.
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Chadwick, Marcus. "The Overseas Private Investment Corporation political risk insurance, property rights and state sovereignty /." Connect to full text, 2006. http://hdl.handle.net/2123/1857.
Повний текст джерелаАнотація:
Thesis (Ph. D.)--Discipline of Government and International Relations, Faculty of Economics and Business, University of Sydney, 2007.Title from title screen (viewed 16th July, 2007). Submitted in fulfilment of the requirements for the degree of Doctor of Philosophy to the Discipline of Government and International Relations, Faculty of Economics and Business, University of Sydney. Degree awarded 2007; thesis submitted 2006. Includes bibliographical references. Also issued in print.
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Baker, Guy. "To establish the risk versus return of pharmacy corporations those are traded publicly on the open market." The University of Arizona, 2011. http://hdl.handle.net/10150/623561.
Повний текст джерелаАнотація:
Class of 2011 AbstractOBJECTIVES: To establish the risk versus return of pharmacy corporations those are traded publicly on the open market. METHODS: Descriptive retrospective study of financial data obtained through Center of Research in Security Prices (CRSP). Pharmacy corporations were selected by the Standard Industrial Classification Code (SIC code) of 5912. Information that was gathered were monthly security-level stock market prices, value-weighted stock market index, the 30-day return on Treasury bill, SMB, HML, and MOM. Analysis timeframe: 1929-2009. RESULTS: CAPM and Fama-French three factor and four models calculated the data results. CAPM resulted in statistically significant overall beta= 1.04 (p≤0.05). Fama-French three factor model resulted in significant overall beta= 0.87 and overall SMB= 0.79. Fama-French four factor model resulted in significant overall beta= 0.86 and overall SMB= 0.78. CONCLUSION: Over the 80 year time period pharmacy corporations suggested mixed volatility. Risk of investment has never suggested being a viable gain on return of investment versus a 30-day Treasury bill.
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Myers, Brett W. "Effects of the political process on financial topics." Diss., Restricted to subscribing institutions, 2007. http://proquest.umi.com/pqdweb?did=1495960301&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.
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Beck, Simon Markus. "Kritik des Eigenkapitalersatzrechts : zugleich ein Beitrag zur Stärkung des insolvenzrechtlichen Gläubigerschutzes /." Frankfurt am Main ; New York : Lang, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=014977902&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA.
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Nguyen, Huyen T. "Project finance risk pricing decision : Australian evidence /." View thesis, 2002. http://library.uws.edu.au/adt-NUWS/public/adt-NUWS20030728.091703/index.html.
Повний текст джерелаАнотація:
Thesis (M.Comm. (Hons.)) -- University of Western Sydney, 2002."An empirical study of the project finance risk pricing decision made by Australian project leaders in terms of project finance risk weighting and degree of self-insight" Bibliography : leaves 98-105.
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Koboekae, Thabo Kgosietsile. "The impact of political risk on foreign direct investment decisions by South African multinational corporations." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/30613.
Повний текст джерелаАнотація:
South African Multinational Corporations (MNCs) are expanding their operations and seeking investment opportunities elsewhere bedsides South Africa. Some of these opportunities present themselves in unfamiliar environments which are politically risky nonetheless South African MNCs continue to invest in such countries. The aim of this research paper is to establish the impact of political risk on foreign direct investment decisions by South African MNCs. The paper seeks to establish key political risk factors that South African MNCs consider prior to investing in a country deemed politically risky. Once they have indentified these political risk factors, what are the Foreign Direct Investment (FDI) drivers attracting them to a specific country despite its political climate? The paper attempts to understand the decision making process of MNCs when seeking to invest in a politically risky country and to what extent do MNCs involve the incumbent government and other local stakeholders in this process. Lastly the paper seeks to establish how MNCs manage the impact of political risk in a country.A qualitative research methodology with an exploratory design was used to collect the data. In-depth face-to-face interviews were conducted with eight representatives from South African MNCs which are doing business in politically risky countries.The results reveal that political risk has a significant impact on the FDI decision making process of South African MNCs and how they go about conducting this process has a far reaching impact on the success of the MNC in a politically risky country. Conducting a thorough political environment assessment is critical, by engaging the incumbent government and all relevant stakeholders is key when seeking to invest in politically risky countries. Politics drive economics therefore one cannot separate economics and politics.Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
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Brimble, Mark Andrew, and m. brimble@griffith edu au. "The Relevance of Accounting Information for Valuation and Risk." Griffith University. School of Accounting, Banking and Finance, 2003. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20030829.120234.
Повний текст джерелаАнотація:
A key theme in capital markets research examines the relationships between accounting information and firm value. Two concerns relating to the value relevance of accounting information are: (1) concerns over the explanatory and predictive power of the evidence presented in the prior literature (Lev, 1989); and (2) the evidence of a deterioration in the association between accounting information and stock prices over the past four decades (Collins, Maydew and Weiss, 1997; Francis and Schipper, 1999; Lev and Zarowin, 1999). These concerns provide the key motivation for this thesis which examines: (1) the usefulness of the clean surplus accounting equation in valuation; (2) the role of accounting information in estimating and predicting systematic risk and; (3) the changing nature of the relationship between accounting information, stock prices and risk over time. The empirical research provides evidence of the value-irrelevance of the clean surplus equation and that controlling for the functional form of the earnings-returns relationship is more important. Evidence is also provided that accounting variables are highly associated with M-GARCH risk betas and also possess predictive ability relative to these risk measures. Finally, the relationships between stock prices, risk models and accounting information are shown to have not deteriorated over time, contrary to prior evidence. Rather, the functional form of the relationship has changed from linear to a non-linear arctan association. Overall, accounting information continues to play the central role in the determination of stock prices and risk metrics.
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Moore, Keith M. "The effects of the risk arbitrage process on the trading in securities involved in takeovers." Full text available, 2004. http://images.lib.monash.edu.au/ts/theses/moore.pdf.
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Jakobsson, Malcolm, and Carl Nensén. "HIGH RISK, LOW REWARD. A DEEP DIVE INTO THE PRINTING INDUSTRY : A qualitative study of procurement risk management within Swedish printing corporations." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185261.
Повний текст джерелаАнотація:
Globalization and digitalization are trends that are everlasting affecting the world economy. This has allowed businesses to capitalize on markets that would be impossible to reach, without a physical move, but have also resulted in new obstacles. These two trends are intertwined and come with a multitude of new risks. From the growing complexity of the supply chains to a higher dependency on technology. Risk has become a central theme to consider for businesses, as the supply chain is being subjected to higher vulnerability than ever before. The procurement unit carries a fair share of the responsibility of dealing with risks. This is due to the “rippling effect” that any disturbance within the procurement unit has on the supply chain as a whole. This study focused on risk management within the procurement unit, where we had a large focus on the perception of risks and risk management for the procurement process. This was then applied to the printing industry, an industry that is being heavily challenged by the digitalization trend. The general characteristics of the industry as well as the history of destructive innovations are both evidence of the great need for risk management within the Swedish printing industry. This created a notion of great applicability within our research area. The theoretical framework acted as a point of departure for developing the correct themes that would extract fruitful data. Our purpose was to examine in what way, and to what extent Swedish printing firms consider risk in their procurement process. Further, we wanted to contribute with theoretical knowledge to the research gap we had discovered, which was the usage of PRM-strategies in a Swedish context. In our journey to fulfill our purpose we decided to conduct a qualitative study where six printing firms and one member organization were interviewed. The interviews followed a semi-structured form and provided us with insight into the printing industry’s views on risks and the management of these risks. The study heeds an inductive research approach where we gathered material and analysed it, comparing it to pre existing theory. To analyze the gathered material we conducted an inductive thematic analysis where three themes were formed. Based on the results formed by conducting our study, we can conclude that Swedish printing firms do not apply any risk management strategies for their procurement unit. Many firms within our sample felt a disconnect between their work processes for risks and their perceptions of working with risks. Some firms expressed a desire to expand their work processes for risk after conducting the interviews, however, we see few indications of future procurement risk management applications. Despite these views on procurement risk management, we managed to identify several risk mitigating tactics being applied with Swedish printing firms without them expressing any strategies. We believe that this stems from the industry’s maturity as well as the power differences existing between suppliers and industry firms. These conclusions do, however, require support from future research and we encourage future research to investigate the application of PRM-strategies within the printing industry further. Finally, we presented a model conveying a general action plan to be applied by industry firms. This action plan is rudimentary and its purpose is simply to provide firms with a risk management structure to follow and build upon with firm specific preconditions. We hope that this model can aid firms in realizing the importance of risk management and provoke them to spend more time and energy on it.
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Singh, Anil. "The information technology, risk and return triad : a longitudinal analysis of corporate financial data /." Digital version accessible at:, 1999. http://wwwlib.umi.com/cr/utexas/main.
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Spree, Wolfgang. "The transfer of undertakings with specific reference to the transfer of insolvent undertakings - an evolution of the South African law." Thesis, Link to the online version, 2007. http://hdl.handle.net/10019/404.
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Kvaal, Leif Christian. "Structural changes in the Chinese economy and foreign direct investment: risk factors affecting the business policy of multinational corporations investing through equity joint ventures in China from 1979 to 1989." Thesis, Boston University, 1994. https://hdl.handle.net/2144/27698.
Повний текст джерелаАнотація:
Boston University. University Professors Program Senior theses.PLEASE NOTE: Boston University Libraries did not receive an Authorization To Manage form for this thesis. It is therefore not openly accessible, though it may be available by request. If you are the author or principal advisor of this work and would like to request open access for it, please contact us at open-help@bu.edu. Thank you.
2031-01-02