As organizações, para financiar suas atividades, fazem uso de fontes internas e externas de recursos financeiros. Entretanto, na presença de imperfeições no mercado de capitais, como assimetria de informações, problemas de agência e custos de transação, elas podem optar por uma fonte em detrimento a outra. As imperfeições do mercado aliadas as restrições de financeiras podem afetar o gerenciamento de caixa das organizações. Em contextos de crise, por exemplo, os efeitos da indisponibilidade de financiamento podem ser ainda maiores. Sendo assim, este trabalho teve como objetivo analisar os efeitos das Restrições Financeiras e crise financeira sobre as políticas de caixa, assim como, estudar os impactos de uma boa Governança Corporativa e seus efeitos sobre os níveis de caixa. Para tanto, fez-se uso de uma amostra composta por 141 empresas de capital aberto, não financeiras, obtidas por meio da base de dados Economática®. O período analisado compreende 15 anos, iniciando em 2000 e se estendendo até 2014. Optou-se pela utilização do modelo de regressão com dados em painel, por meio de um painel desbalanceado, no intuito de não reduzir o número de observações utilizadas (1906). Os resultados indicaram que o nível de caixa das organizações é impactado pelo nível de sua restrição financeira, assim como por contextos de crise, onde as companhias elevaram as suas reservas de caixa sob tal cenário. De forma geral, observou-se uma associação positiva entre as variáveis de Governança Corporativa utilizadas, apesar de apenas uma ter obtido significância estatística. Logo, o resultado obtido sugere que os acionistas de uma empresa permitem ao agente gerenciar maiores reservas de caixa apenas quando há mecanismos de governança corporativa para protegê-las. Além do mais, os resultados ainda indicam que as boas práticas de governança corporativa fornecem um meio de controlar as ações dos gestores, de modo que eles utilizem as reservas de caixa apenas em situações que maximizem a utilidade dos acionistas, evitando, assim, o gasto excessivo de caixa. Em relação a adoção das normas internacionais de contabilidade (IFRS), verificou-se uma redução significativa dos níveis de caixa posteriormente a segunda fase de adoção às normas, assim como uma associação negativa e significativa entre a variável dummy representando a adoção obrigatória. Sendo assim, este trabalho contribui com a literatura científica de maneira a fornecer evidências acerca dos efeitos das restrições financeiras, uma boa governança corporativa, crise financeira e adoção do padrão IFRS sobre as políticas de caixa das companhias brasileiras / Organizations, to finance their activities, can use internal and external sources of financial resources. However, in the presence of imperfections in the capital market, as asymmetric information, agency problems and transaction costs, they can choose one over the other. The imperfections of the market coupled with financial restrictions may affect the cash management of organizations. In times of crisis, for example, the effects of the unavailability of funding may also be higher. Thus, this study aimed to analyze the effects of Financial Restrictions and financial crisis on cash holdings, as well as study the impacts of a good Corporate Governance and its effects on cash levels. To do so, we used a sample of 141 listed companies, non-financial, obtained through Economática® database. The analyzed period consists of 15 years, starting in 2000 and extending to 2014. We opted for the use of the Panel Data regression model using an unbalanced panel, in order not to reduce the number of observations used (1906). The results indicated that the cash level of organizations is impacted by the level of its financial constraints, as well as for crisis contexts, where companies increased their cash reserves under such a scenario. In General, there was a positive association between the variables of Corporate Governance used, although only one has obtained statistical significance. Therefore, the obtained results suggest that the shareholders of a company allow the agent manage larger cash reserves only when there is corporate governance mechanisms to protect them. Moreover, the results also indicate that good corporate governance practices provide a way to control the actions of managers, so that they use cash holdings only in situations that maximize the value of shareholders, thus avoiding spending excessive cash holding. Regarding the adoption of international accounting standards (IFRS), there was a significant reduction in cash levels after the second phase adoption of the standards, as well as a negative and significant association between the dummy variable representing the mandatory adoption. Thus, this study contributes to the literature in order to provide evidence about the effects of financial constraints, good corporate governance, financial crisis and the adoption of IFRS on the cash policies of Brazilian companies

Thesis advisor: Robert Murphy / Thesis advisor: Hiroshi Nakazato / The majority of scholarship surrounding the late 2000s financial crisis explores the enabling factors that contributed to the subprime bubble and caused it to burst. This study’s purpose is to evaluate systemic risk and the near collapse of the financial sector in 2008. Several factors, including derivatives innovation, the rise of a parallel banking industry, and the securitization boom, heightened systemic fragility. I add to financial contagion literature by constructing a stochastic game theory model of institutional decision-making under the auspices of a severe liquidity shortage. Moreover, I will employ this model to evaluate the government’s regulatory program during the crisis. I find that the government’s ad hoc interventions and non-interventions significantly contributed to the atmosphere of uncertainty and exacerbated the crisis’ ill effects. I go on to evaluate the Dodd-Frank Act in light of those conclusions and suggest an alternate method of financial reform. / Thesis (BA) — Boston College, 2011. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: International Studies Honors Program. / Discipline: International Studies.

As organizações, para financiar suas atividades, fazem uso de fontes internas e externas de recursos financeiros. Entretanto, na presença de imperfeições no mercado de capitais, como assimetria de informações, problemas de agência e custos de transação, elas podem optar por uma fonte em detrimento a outra. As imperfeições do mercado aliadas as restrições de financeiras podem afetar o gerenciamento de caixa das organizações. Em contextos de crise, por exemplo, os efeitos da indisponibilidade de financiamento podem ser ainda maiores. Sendo assim, este trabalho teve como objetivo analisar os efeitos das Restrições Financeiras e crise financeira sobre as políticas de caixa, assim como, estudar os impactos de uma boa Governança Corporativa e seus efeitos sobre os níveis de caixa. Para tanto, fez-se uso de uma amostra composta por 141 empresas de capital aberto, não financeiras, obtidas por meio da base de dados Economática®. O período analisado compreende 15 anos, iniciando em 2000 e se estendendo até 2014. Optou-se pela utilização do modelo de regressão com dados em painel, por meio de um painel desbalanceado, no intuito de não reduzir o número de observações utilizadas (1906). Os resultados indicaram que o nível de caixa das organizações é impactado pelo nível de sua restrição financeira, assim como por contextos de crise, onde as companhias elevaram as suas reservas de caixa sob tal cenário. De forma geral, observou-se uma associação positiva entre as variáveis de Governança Corporativa utilizadas, apesar de apenas uma ter obtido significância estatística. Logo, o resultado obtido sugere que os acionistas de uma empresa permitem ao agente gerenciar maiores reservas de caixa apenas quando há mecanismos de governança corporativa para protegê-las. Além do mais, os resultados ainda indicam que as boas práticas de governança corporativa fornecem um meio de controlar as ações dos gestores, de modo que eles utilizem as reservas de caixa apenas em situações que maximizem a utilidade dos acionistas, evitando, assim, o gasto excessivo de caixa. Em relação a adoção das normas internacionais de contabilidade (IFRS), verificou-se uma redução significativa dos níveis de caixa posteriormente a segunda fase de adoção às normas, assim como uma associação negativa e significativa entre a variável dummy representando a adoção obrigatória. Sendo assim, este trabalho contribui com a literatura científica de maneira a fornecer evidências acerca dos efeitos das restrições financeiras, uma boa governança corporativa, crise financeira e adoção do padrão IFRS sobre as políticas de caixa das companhias brasileiras / Organizations, to finance their activities, can use internal and external sources of financial resources. However, in the presence of imperfections in the capital market, as asymmetric information, agency problems and transaction costs, they can choose one over the other. The imperfections of the market coupled with financial restrictions may affect the cash management of organizations. In times of crisis, for example, the effects of the unavailability of funding may also be higher. Thus, this study aimed to analyze the effects of Financial Restrictions and financial crisis on cash holdings, as well as study the impacts of a good Corporate Governance and its effects on cash levels. To do so, we used a sample of 141 listed companies, non-financial, obtained through Economática® database. The analyzed period consists of 15 years, starting in 2000 and extending to 2014. We opted for the use of the Panel Data regression model using an unbalanced panel, in order not to reduce the number of observations used (1906). The results indicated that the cash level of organizations is impacted by the level of its financial constraints, as well as for crisis contexts, where companies increased their cash reserves under such a scenario. In General, there was a positive association between the variables of Corporate Governance used, although only one has obtained statistical significance. Therefore, the obtained results suggest that the shareholders of a company allow the agent manage larger cash reserves only when there is corporate governance mechanisms to protect them. Moreover, the results also indicate that good corporate governance practices provide a way to control the actions of managers, so that they use cash holdings only in situations that maximize the value of shareholders, thus avoiding spending excessive cash holding. Regarding the adoption of international accounting standards (IFRS), there was a significant reduction in cash levels after the second phase adoption of the standards, as well as a negative and significant association between the dummy variable representing the mandatory adoption. Thus, this study contributes to the literature in order to provide evidence about the effects of financial constraints, good corporate governance, financial crisis and the adoption of IFRS on the cash policies of Brazilian companies

Equality is part of the European policy and legislation. However there are still evident signs of women being treated unequally in the labour market. The aim of the thesis is to answer the question if women are more vulnerable to economic shocks in terms of wage distribution. The focus will be on women in Spain in the context of the financial crisis of 2008. The thesis examines the evolution of the salary structure in the period 2002-2014 using the microdata of the Structural Earning Survey. The taste-based and the statistical discrimination theory are going to be described in order to explain the causes of gender wage discrimination. The methods applied in this paper are the Mincer method, which explains the human capital theory and the Oaxaca-Blinder decompositions, which separates the gender wage gap into explained and unexplained parts. The results from the study suggest that there is a decrease in the gender wage gap in Spain following the situation before and after the crisis.

This thesis aims to advance our understanding of banking in the post-crisis era. It makes three distinct contributions to the literature on banking. The first chapter examines whether "too-big-to-fail" (TBTF) factors affect estimates of scale economies for large banks. Based on a standard model of bank production that does not control for any TBTF factors, we find evidence of scale economies for our sample of large banks. However, once we control for TBTF factors, we instead find evidence of constant returns to scale. These results suggest that estimates of scale economies for large banks are affected by TBTF factors. The second chapter examines the impact of forbearance lending on firm dynamics and performance in Europe since the sovereign debt crisis. We develop a quantitative model, which features endogenous forbearance lending and endogenous firm defaults, as well as information asymmetry faced by the lender. We fit the model to key Euro Area firm statistics over the period 2011 to 2014. We show that in the absence of forbearance lending, the average firm sales growth, investment and productivity are higher than in the benchmark scenario with forbearance lending. These results suggest that forbearance lending practices have contributed to the recent economic stagnation across the Euro Area. The third chapter introduces a novel way to identify the causal effect of bank capital on risk-taking. We use provisions for misconduct issues as an instrument for bank capital. We show that misconduct provisions are an appropriate instrument due to their strong and negative impact on bank capital, and are otherwise unrelated to asset risk-taking. Our main finding is subsequently that a negative shock to bank capital leads to an increase in risk-taking, as measured by detailed information on mortgage underwriting standards.

<p>The financial crisis started in 2007 caused a global recession. Firms have been facing an extremely difficult time since then. A lot of them experienced a severe drop and fluctuation of profitability. Even so some firms still performed well during the hard time. In this study we are searching for the determinants of comparatively good performance (including both profitability and profit stability) for firms. With an empirical study on Swedish firms, we explored the relationship between several firm variables and firms' performance during the crisis. The result showed that some variables indeed has an impact on performance, among which industry effect was the most influential variable, while diversification strategy also has a positive impact on performance. We stress the benefits of diversification strategy as it is a strategic choice directly made by managers of firms. We suggest that diversification strategy plays an important role in the long-term success of firms, as it has a positive effect on profitability not only when economy is in stable stage, which has been proved by some further literature, but also when the economy is experiencing a recession, which is the result of our study.</p>

The financial crisis started in 2007 caused a global recession. Firms have been facing an extremely difficult time since then. A lot of them experienced a severe drop and fluctuation of profitability. Even so some firms still performed well during the hard time. In this study we are searching for the determinants of comparatively good performance (including both profitability and profit stability) for firms. With an empirical study on Swedish firms, we explored the relationship between several firm variables and firms' performance during the crisis. The result showed that some variables indeed has an impact on performance, among which industry effect was the most influential variable, while diversification strategy also has a positive impact on performance. We stress the benefits of diversification strategy as it is a strategic choice directly made by managers of firms. We suggest that diversification strategy plays an important role in the long-term success of firms, as it has a positive effect on profitability not only when economy is in stable stage, which has been proved by some further literature, but also when the economy is experiencing a recession, which is the result of our study.

The financial crisis has affected every economy during the last decade thus under this changing environment that effect the marketing strategies and these strategies began to change according to the buying behavior of the people. In this research the consumer perspective is examined with the change in mobile phone technology. This is an industry of constant change and innovation in which manufacturers are continually developing new technologies for consumers. As the buying behavior of the consumer is changing but how these changes in mobile phone technologies are effecting the consumer is analyzed in this research. The technologies used in the mobile phone are upgrading quickly that effect the prices and technology of every new version of mobile phone. This made the consumer confused to make a buying decision of mobile phone. We examined the problem with consumer buying behavior, in which the consumers purchase decision and post purchase decision were analyzed under the impact of financial crisis. Furthermore, the buying process of consumer helped us examining the attributes and satisfaction of purchase decision. For this purpose, we formulated four propositions which were based on research problem and these propositions were analyzed through different variables. We conducted questionnaire survey from the consumers in Umea, Sweden and collected data from 150 respondents. To analyze and draw conclusion from the collected data, we ran different univariate and bivariate analysis. The marketing strategies were analyzed through the buying behavior which involved usage situation and source of information for making the decision. The impact of financial crisis was examined through the change in spending of consumer. The change in technology of mobile phone was examined through the features and performance of mobile phone used by the consumer.  Thus, we concluded that the buying behavior of people changed due to change in income, but this change showed more effect on the sales of the mobile phone than on its technology. We analyzed that consumer want to retain their mobile phone for a long period, but the technologies used by the mobile phone manufacturers are attracting them by showing different benefits. As a result, the effect of different marketing strategies attracted the consumer to purchase mobile phone with advanced technologies. On the other hand, financial crisis didn’t show a major impact on the mobile phone market. The spending of the consumer in crisis did not increase the demand for new technology but the change was due to the nature of the mobile phone because it was considered as a commodity by the consumer. Mobile phone performance and technology has built satisfaction in the people mind because mobile phone manufacturers are providing advance technologies to the people.

In the past few years, financial restructuring fund has become a popular term in Taiwan. This is because Taiwan tries to avoid impact of the financial environment and economic growth during Asian financial crisis period. They bring in mechanism of Japan, South Korea, and United States, legislate for provisions of financial restructuring fund, and establish this fund in order to compensate the capital shortfall may be arising from unhealthy financial institutions, as well as to prevent a withdraw run on a bank because of public panic and chain reaction causing the outbreak of systematic financial crisis. However, the evaluation of the effect of the financial restructuring fund from outside world is different, and opposition has been heard often. They criticize that the financial restructuring fund is a bottomless pit, and there is suspicion that the fund uses the money from taxpayers to rescue those illegal operators of bad financial institutions. The size of the fund has been increased by amending the law constantly, and nearly 170 billion new Taiwan dollars has been invested which can only fill in loopholes. It can stabilize the order of financial market temporarily, but it is unable to prevent successive crisis effectively that caused by bad financial institutions. ¡@¡@ The financial restructuring fund entrusts the Central Deposit Insurance Corporation to execute all kinds of matter. In the process, how does the Central Deposit Insurance Corporation operate? What is the trend of amendment in the future? These issues are worth studying and discussing. The process including the assessment, clearing up, selling tender, prosecution, and reimbursement of the illegal responsible person after taking over bad financial institutions. What kind of problems would occur during the process of operation? How does the Central Deposit Insurance Corporation handle it? This research regards Kaohsiung Business Bank as the case, not only to understand and report it, but also to analyze and discover problems from legal point of view. Base on the judgment of the prosecution in accordance with the court, it evaluates all kinds of effect of the financial restructuring fund that is applied to Kaohsiung Business Bank. Finally, this research tries to bring up the conclusion and suggestion of the financial restructuring fund, based on the gains after evaluating and analyzing, hope it is helpful on the application and management of current financial restructuring fund.

Problem: -The 2008 Financial crisis has caused global impact on business market and led to question leader's competence. Prior study has found that leadership contributes certain effects to organizations' performace under a crisis situation, however there is lit-tle study which has been made regarding to identifying crisis leadership and its compe-tence and management during crisis. Purpose: - The purpose in this thesis is to bridge the gap between crisis management and leadership by finding answers of five research questions. Which are ; How this 2008 financial crisis has affected the international financial institutions, what leadership dimensions are performed by leaders during the financial crisis, which leadership style do leaders tend to rely on in international financial companies during the 2008 financial crisis, why do leaders tend to rely on the dimensions of transformational leadership or transactional leadership and what are the implications in this study that could lead to fu-ture research. Method: - The study employs qualitative methods to fulfill better and deeper understanding about 'how' and 'why' on leadership dimension during the 2008 financial crisis. Data were collected by personal interviews to support and act as a foundation of the analysis to answer the research questions. The choice of interviewees is middle managers of large international companies in the financial sector in Sweden and South Korea. Conclusions: - The finding of this study indicates that 2008 financial crisis has af-fected on large international financial corporations in Sweden and South Korea. More-over, three dimensions of transformational leadership are strongly performed by the middle managers during the 2008 financial crisis. The three strongly performed dimen-sions are (1) Inspirational Motivation, (2) Charisma/ Idealized Influence and (3) Indivi-dualized consideration.