The increasing importance of economic contributions of small and medium-sized sized enterprises (SMEs) around the world, especially in developing countries, motivated a better understanding of financial practices among SMEs. Financial support is among the factors affecting the success of SMEs. However, studies on the financial practices among successful SMEs in Malaysia are still limited. An understanding of the financial practices of this particular group of SMEs is essential in developing a supportive financial framework to achieve national agenda for improving SMEs sustainability and increasing the overall SMEs’ contributions to the Malaysian economy. This research investigates the financial practices among successful SMEs in Malaysia based on the list of Enterprise 50 award winners from 1998 to 2010. This specific database was chosen to serve the objective of this study. Investigations into SME managers’ level of preferences for various sources of financing, and their firms’ capital structure, are the main scope of financial practices under study. Electronic surveys among 444 SMEs were conducted with 120 responses, yielding a response rate of 29.6%. The results of analyses revealed that retained earnings and banking institutions were the most preferred sources of internal and external financing among SMEs managers. Generally, successful SMEs depend more on debt over equity-sources of financing with Debt-to-Equity ratio (DER) of 57 to 43. Furthermore, managers’ ownership status, highest level of education and level of experience are found to have a statistically significant association with their level of financing preferences. On the other hand, non-debt tax shields, tangibility and liquidity were found to have a statistically significant relationship with a firm’s capital structure. Managers’ levels of financing preferences were also found to be significantly associated with the proportion of their firm’s capital structure. Multivariate analyses revealed that managers’ levels of financing preferences were explained by their ownership status, highest level of education and level of experience, while the proportions of a firm’s capital structure are significantly explained by the manager’s levels of financing preferences. Finally, firms’ capital structures were found to be influenced by non-debt tax shields, tangibility and liquidity. This research enhances the existing body of knowledge of the financial practices of successful SME in Malaysia, by providing information on managers’ level of financing preferences and firms’ capital structure. This is the first study to focus on investigating the level of financing preferences among managers of SMEs in Malaysia. In addition, the firm’s capital structure was also investigated. This new knowledge will improve understanding and will enable further enhancement of knowledge in this area of financial practices among successful small businesses, in general, and particularly in the case of Malaysian SMEs.

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In the first chapter we introduce securitisations and discuss the current state of structured finance in Europe; we also explore the main trends in securitisations and future prospects. Next, we provide a general introduction to the theoretical and empirical literature concerning securitisations and structured finance more generally: we discuss theoretical hypotheses concerning different rationales for structured credit and explore the empirical literature on the topic. In the second chapter, we look at financial contracts determining implicit boundaries of a firm. In the spirit of the incomplete contract theory, we analyse optimal allocations of control in financial contracts involving limits on managerial discretion and legal separation of assets. Our model explores the interplay between different groups of creditors and managers in a symmetric information environment. The results display optimality conditions for different contracts from asset-backed securities through project finance to debt with covenants vis-a-vis a standard debt contract. In the third chapter, we provide the first systematic testing of the theories of tranching. We find support for asymmetric information and market segmentation explanations for tranching and present evidence on how such different rationales influence the structuring process in practice. We also investigate the impact of tranching on the price of securities at the issue level. In the fourth chapter, we investigate determinants of launch spreads in securitisation transactions. First, we develop a reduced-form pricing model of tranches across different transaction types and test it. We document the importance of credit ratings for prices of structured securities. Next, we test for the effect of tranching on pricing of individual securities. Finally, we develop a simultaneous equations supply and demand model with endogenous structuring to further investigate the effects of structuring on prices at launch. In the fifth chapter, we investigate returns to equity around securitisation dates, and explore how different factors influence the size and the direction of the potential effects. We find significant, positive, and consistent abnormal returns to equity on the pricing date, over longer event windows, and over the period immediately prior to the issue date. We find support for the theory that equity holders in well-capitalised banks and firms with low gearing benefit from securitisations. Furthermore, we show that more developed securitisation markets, larger issuers, and banks in particular all benefit from securitisations.

Education is considered the single most important factor in determining the economic and social well-being of a state. This statement aptly applies to the State of Georgia which ranks very low among other states in the nation in overall educational financing. Though education is a state responsibility in Georgia, there is a considerable measure of local control. Local financial contribution toward education in the state is met mainly through the property tax which differs markedly among the school districts/systems. This difference reflects in the amount of money available to the schools for educational purposes. An analytical study of randomly selected school districts in Georgia reveals that the wealthy districts spend more on education, levy less property tax, and can afford to support their schools on money derived from their tax base with or without state supplemental funding. The study further shows that disparities in wealth among school districts· create problems for equalizing educational opportunities and makes recommendations aimed at meliorating the situation.

The problem of this study is to determine the desirable characteristics of a sound program for financing Texas public school buildings--commensurate with need and with an equitable relation between state and local effort.

Since the economic index is one of the two instruments which are so important to the financing of every school district of the state, and since the index is a hypothetical measure, it should be studied at regular intervals. Therefore, the purpose of this study is to re-examine the economic index used in Texas school finance for the purpose of determining its validity.

The primary purposes of this study are fourfold, namely: (1) to summarize the writings of specialists in school finance and public finance which are judged to have significance concerning the nature, source, control, and measurement of local fiscal ability; (2) to develop an analytical evaluation of the "bases" of the proposed measures; (3) to develop a criterion of the relative taxpaying ability of Arkansas counties in terms of the actual valuation of real property; and (4) to determine the significance of the association among the three measures and the relative significance of the degree of relationship of each measure to the criterion.

The recent awareness created by the UN Secretary General on the need to provide universal energy for all by 2030, which culminated in the declaration of 2012 as the “International Year of Sustainable Energy for All”, laid particular emphasis on the challenge of funding rural electrification in developing countries, and the need for innovative ways and financing options to be developed at national, regional and global levels towards achieving the ‘energy for all’ target of 2030. This research, as part of efforts towards remedying the rural electrification scourge of developing countries, particularly in Nigeria, provides financing options for rural electrification as far as the Nigerian Electricity Supply Industry (NESI) context is concerned. The study does this by first identifying appropriate least-cost electrification supply mode (Grid, Mini-grid and Off-grid), and estimating the financing requirement for providing universal energy access to rural Nigeria by 2030, using a spatial electricity planning model called the ‘Network Planner’. Results from this research shows that by the end of the seventeen year planning period (2013-2030), 98% of currently un-electrified communities will be viable for grid expansion, while only 2% will be mini-grid compatible. This is based on a proposed MV line extension of 12,193,060 metres or (12,193 kilometres), LV line length proposal of 711,954,700 metres or (711,954 kilometres), and an estimated total cost of US$34.5 billion investment within the planning period. More so, a total number of 28.5 million households are to be electrified by 2030, which is equivalent to an estimated 125million people to be provided electricity by 2030.The analysis was done for the 36 states of Nigeria and the entire country, using data from the 774 Local Government Areas of Nigeria. In addition to the Rural Electrification Fund (REF) of the FGN, which gets funding from yearly budgetary allocations from the FGN, fines obtained by NERC, surplus appropriation, interests accruing to the REF and donations from various sources, the following financing options were recommended for rural electrification in Nigeria: The establishment of a Renewable Energy Development Charge (REDC); The establishment of a Rural Electrification Fund Tax (REFT) Law; adopting rural electrification as part of Corporate Social Responsibilities (CSR) for oil and other companies; Exploring the option of Crowd-funding; and Establishing a Renewable Energy Private Equity Fund in Nigeria.

Dentro do tema mais amplo do financiamento político, os objetivos desta tese são explicar o surgimento, a disseminação e os efeitos do financiamento público de partidos e campanhas eleitorais. Um dos principais achados desta tese é a constatação de que o modelo de financiamento político varia em função do sistema eleitoral. Em países com sistemas majoritários há uma tendência à adoção de financiamento exclusivamente privado; por outro lado, é possível dizer que o financiamento público é uma característica dos países com sistemas proporcionais, tamanha a sua predominância nesses países no início do século XXI. Além disso, o tipo de financiamento público também varia de acordo com o sistema eleitoral: em sistemas proporcionais é mais presente um tipo de financiamento público que utiliza critérios alocativos baseados no tempo passado, que tende a propiciar uma perpetuação do status quo ante partidário. Em sistemas majoritários, ao contrário, quando existe financiamento público, geralmente são utilizados critérios alocativos baseados no tempo presente, cujo efeito sobre a competição eleitoral é menos pronunciado. Esses achados sustentam a hipótese de que o financiamento público é adotado em sistemas proporcionais como instrumento de restrição do mercado eleitoral em benefício dos partidos mais estabelecidos. / Within the ample theme of political finance, this dissertation aims to explain the emergence, dissemination and the effects of public or state financing of political parties and campaigns. One of the main findings of this dissertation is that models of political financing vary according to electoral systems. In majoritarian system countries there is a tendency towards the adoption of a purely private model of political financing, whereas it can be said that public financing is a feature of proportional system countries given its prevalence in such countries in early 21st century. Furthermore, types of public financing also vary according to electoral systems: proportional countries tend to utilize allocation criteria on the basis of a previous moment, leading to a perpetuation of the party system status quo ante. When there is public financing in majoritarian countries, the allocation criteria are usually based on present time, which has a less pronounced effect on electoral competition. These findings support the hypothesis that public financing is adopted in proportional countries as an instrument to achieve a restrictive effect on the electoral market, benefiting more established parties.

<p>The present study focuses on the financing and provision of health services in Italy and in Sweden. The purpose is to compare Italian and Swedish health system with respect to these aspects. The intention is to provide new insights to how the financing and provision health care system in Italy and Sweden are organized and make a comparison analyzing different quantitative data. The study is organized in two part: one “qualitative, based on literature review, and one “statistical” based on critical analysis of data. In the theoretical part the financing flow of Italian and Sweden public health care system, which incentives are awarded to providers and which health services are provided, are reviewed. The statistical part shows how many resources (human and technological) are involved in the delivery process. The main findings, discussed in the conclusion section, suggest the need to improve the fairness in the financial contribution for the Sweden and the need for Italy to undertake cost-control and rationalization measures. Further research and especially greater availability of data remains to be done in order to make more complete the comparison.</p>