It is well known that small businesses and entrepreneurs in the initial phase has difficult to gain access to external capital and bank loans. With the background of the problems that entrepreneurs face when they ask for capital has since the financial crisis the phenomenon of crowdfunding developed and evolved. Crowdfunding is an alternative source of funding for entrepreneurs to fund their ideas through small or medium-sized capital contribution from a larger amount of investors, often investors who have any kind of relationship with the entrepreneur or to the very idea. This study examined the factors that motivate and guide an investor's decisions when they select their projects. The results of the study show that the motives of the various existing forms of crowdfunding is big. To answer the question of what can affect an investor's motives, the form of crowdfunding must be mentioned. The motivational factors in the study turns out to be local projects, social benefits in the form of altruism, affiliation, shared values as well as the monetary returns and material rewards.

Sustaining splendid health has always been a wish for every employee of any formal organisation. If health is not excellent, employees are likely not to function as expected hence it is imperative to have social health insurance. This article reports on the findings derived from a research conducted in Kinshasa, Democratic Republic of Congo. The researcher personally distributed structured questionnaires among employees in 15 organisations. Findings show that the majority of the respondents experience problems in organizing their health care where it emerged that, 1) the majority of the employees from public sector are not assisted in organizing their health care, 2) they use out-out-pocket financing means for their health care, 3) in general, employees from public sector are not aware of health insurance and interestingly employees from mix companies and private sector are knowledgeable on health insurance, 4) respondents with post matric qualifications prefer to use private hospital when they are sick, 5) employees choose health facility based on good quality service provided. In general, it emerged from the findings that there is willingness to pay contribution should the social health insurance be introduced.

In master’s work there are analyzed the budget of the municipality of Telsiai district, the requirement of the credit financing and the most relevant instrument of the borrowing is selected. The analysis of the non-fiction literature, the laws of the Republic of Lithuania, acts, the decisions of the common council of Telsiai district are presented. After the analysis the conclusion was made that credit financing and method of the borrowing would help the local government of Telsiai district better to do the appointed functions of the state with the support of the emission of the municipal revenue bonds. Hypothesis of the investigation confirms that the local government is lacking of the high credit-financing requirement.

Šiame magistro darbe atskleidžiama diskutuotina ir nemažai problemų kelianti politinių partijų finansavimo teisinio reglamentavimo pusė bei tiriamas tokio reguliavimo efektyvumas. Magistro darbo tikslas pateikti objektyvią politinių partijų finansavimo Lietuvoje analizę, kas galbūt pasitarnautų kuriant ir priimant naujus teisės aktus politinio finansavimo srityje. Autorė, aptardama Lietuvoje ir užsienio šalyse susiklosčiusią praktiką, pateikia konkrečių aplinkybių, susijusių su politiniu finansavimu, analizę ir siūlymus. Šiame magistro darbe ieškoma atsakymų į klausimus, iškilusius analizuojant tokias pagrindines sritis: kaip užtikrinti skaidrumą politinių partijų finansinėje veikloje? Kokios reikalingos prielaidos, kad teisinis reguliavimas būtų efektyvus? Kokio lygmens valstybinis finansavimas užtikrintų paramą politinėms partijoms? Kadangi yra studijuojami teisės aktai, reglamentuojantys politinių partijų finansavimą, šiame magistro darbe siekiama išsiaiškinti politinių partijų svarbą demokratinėje valstybėje bei pagrįsti tokių partijų finansinės veiklos teisinio reglamentavimo tikslingumą. Tai leidžia suprasti teisės aktų, reguliuojančių politinį finansavimą Lietuvoje, siekius bei išsiaiškinti, kokios problemos kliudo pasiekti šiuos tikslus. Pagrindinės problemos Lietuvoje, visų pirma, apima politinių partijų finansinės kontrolės ir finansavimo skaidrumo trūkumus, antra, politinių partijų nesąžiningą konkurenciją ir finansinius barjerus, trukdančius tokiam sąžiningumui... [toliau žr. visą tekstą] / This master‘s paper uses controversial issue of party financing as an example to explore the effectiveness of a particular regulation. The aim of the paper is to give an objective overview of the issue of political party financing in Lithuania that may be worth while elaborating and before adopting new regulations in this sphere. Author discusses the situation in Lithuania and other countries thus giving the analysis and recommendations for particular circumstances of party finance in country. In this master’s paper main further-used concepts are analysed, looking for answers to questions like: how to ensure the transparency of the funding of political parties? What are the preconditions for regulation to be effective? How far should public funding be used to support political parties? As legislation on financing of political parties is studied, the master’s paper searches for main ideas about political parties and the notion what is the aim of financing regulation. Consequently, the answer allows formulating the aim and objectives of party finance regulations introduced in Lithuania, and seeing the main problems obstructing the reaching of the aim. The present problems in Lithuania include, first, lack of control and transparency, second, unfairness in political struggle, and financial barriers to enter it, third, threat of corruption and illegal influences of sponsors, fourth, violation of limitations and restrictions, and finally, fall-off in public trust of political... [to full text]

This thesis comprises an introduction and four distinct chapters. Its central theme is the role played by the allocation of asset ownership rights in motivating asset-specific investment, when contracts are incomplete. Chapter 1 considers the debt financing of an entrepreneurial project. To encourage asset-specific investment and loan repayment, debt structure should minimise both (voluntary) strategic default and liquidation following (unavoidable) liquidity default. Liquidation incentives are critical and shown to depend crucially on creditor characteristics. In general, borrowing from multiple creditors with contrasting attributes is found optimal. The benefits of borrowing from a creditor also undertaking project trade are explored. In Chapter 2 the relationship between asset ownership and investment specificity is examined. Asset control encourages efficient, asset-specific investment by owners. However, lock-in fears lead non-owners to choose widely applicable but less effective investment. The interactions between asset ownership, firms' technology choices and workers' investments are considered. In particular, it is found that the costs and benefits of individual integration decisions are sensitive to overall industry structure. The specificity framework is extended in Chapter 3 to model a retailer's product choice. Vertical merger encourages investment in integrated supply and foreclosure of non-integrated manufacturers. An anti-competitive as opposed to an efficiency interpretation depends delicately on the trade-off between the benefits of supplier-specific investment and multi-product retailing. Where retailers compete, it is shown that vertical integration implements effective competition-reducing differentiation strategies. In Chapter 4 vertical integration, through the incentive effects of asset ownership, is shown to amount to a specialisation decision. The attractions of encouraging investment in input as opposed to final good production depend on the effectiveness of investment at each manufacturing stage, and the scale benefits of input sales to generally rivalrous downstream firms. These benefits are sensitive to downstream competitive pressures, yielding a potentially non-monotonic relationship between competition and integration.

This paper is a policy review of Foreign Military Financing, commonly abbreviated as FMF. In the course of this review, this paper discusses the history and use of FMF as it developed over time with a particular focus on the drivers of its development. The positions of relevant parties on the policy of Foreign Military Financing are analyzed. The paper then evaluates FMF in relation to US interests. Recommendations for FMF are examined and I made the case for several strategies that could be used to reform FMF. Ultimately, the goal of the paper is to approach the question of how to reconcile FMF within the framework of US interests.

This dissertation comprises three essays. In the first essay, I develop a contingent-claims model to investigate the impact of managerial entrenchment on corporate policies and security valuation. The model emphasizes the role that managerial agency issues play in determining both a firm's dividend payout and capital structure. I show quantitatively that self-interested managers' leverage choices deviate from those ex ante maximize firm values. The results suggest that dividend yields are negatively affected by both leverage ratios and managerial entrenchment. They provide implications for empirical research attempting to relate dividend policy to capital structure. In addition, the model offers a new framework to measure managerial entrenchment using observed leverage and dividend payout. / In the second essay, we use a set of structural models to evaluate the price of default protection for a sample of US corporations. In contrast to previous evidence from corporate bond data, CDS premia are not systematically underestimated. In fact, one of our studied models has little difficulty on average in predicting their level. For robustness, we perform the same exercise for bond spreads by the same issuers on the same trading date. As expected, bond spreads relative to the Treasury curve are systematically underestimated, consistent with their being driven by significant non-default components. This is not the case when the swap curve is used as a benchmark, suggesting that previously documented underestimation results may be sensitive to the choice of risk free rate. / In the third essay, we develop a valuation model that simultaneously captures credit risk and interest rate risk, and apply it to study the valuation of putable corporate bonds. We ask what risks put features provide insurance against in practice - credit risk, liquidity risk or interest rate risk - and to what degree? We find that they reduce the components of all three risks in bond spreads. The most important, perhaps surprisingly is default or spread risk, followed by term structure risk. The reduction in the liquidity component is present but rather small.

This thesis has been written to provide the reader with a general understanding of a securitization transaction. It should be considered constructive reading for persons engaged in the practice of Canadian corporate, banking and securities law, the financial services industry as well as corporate officers who wish to expand their knowledge on the topic of structured finance. The following describes the primary participants and basic components involved in a securitization transaction and discusses how each comes together to result in the issuance of asset-backed securities. Further, this thesis provides an analysis of each step and aspect that is necessary to structure a securitization transaction. Securitization involves a multitude of legal, accounting and tax issues, and this thesis concentrates on the most central of such issues. Lastly, this thesis concludes with some insight into what the future holds for the securitization market.

Thesis (Ph. D.)--West Virginia University, 2008. / Title from document title page. Document formatted into pages; contains v, 83 p. : ill. (some col.). Vita. Includes abstract. Includes bibliographical references (p. 70-75).

Thesis (Ph. D.)--George Washington University, 1989. / Includes bibliographical references (leaves 267-280).