Loan contract This thesis investigates the provision of loans based on the Loan Contract under Sections 497- 507 of the Commercial Code. Extension in which is the Loan Contract investigated is then applied to comparison with the New Civil Code. In the New Civil Code is the Loan Contract under Sections 2395 - 2400. Furthermore, some other legal institutes closely related to the Loan Contract are also described (e.g. securities, interest, business terms). In the first chapter, I describe the definition of a loan, its essential importance in market economy, and its definition in legal and economical sense. The second chapter deals with fundamental principles which are applied when enclosing the Loan Contract. The following third chapter aims to origin and evolution of the loan from its formation to the latest legal regulation. In the fourth chapter I go in for introduction of the New Civil Code and for a brief general discourse about this new Czech civil law codex. The fifth chapter deals with legal regulation of the Loan Contract in the Commercial Code and then it is compared with the legal regulation in the New Civil Code. Subject of a sixth chapter is analysis of conception of the Loan Contract used in selected foreign legal systems. In the following seventh chapter the difference between the Loan...

M.Com. (Economics) / Please refer to full text to view abstract

In chapter 1, I provide evidence against the claim in the conventional literature on corporate diversification discount that the diversification effect is homogeneous across the industries. I argue that the responsiveness of consumer demand to the changing economic conditions or the product demand sensitivity is an important characteristic of the industries that should be considered to have a more complete understanding of the issue of underperformance of diversified firms compared to single-segment firms. Differentiating industries based on the measure of product demand sensitivity, I show that the diversification effects are not to be homogeneous across the industries. Much of the value destroying effect from the diversification gets reduced when industry experiences any shock or increase in the sensitivity of demand. It implies a better shock observing capacity of diversified firms and a source of premium that conglomerates can enjoy due to their diversified operations during the periods of the increase of sensitivity of product demand. Our result is robust to difference specification and difference measure of sensitivity. In chapter 2, I include organizational forms as industrial and global diversification, and geographic dispersion in the empirical framework to find out which types of diversification do matter for the cost of bank loans. I find that firms which are only globally diversified, neither industrially diversified nor geographically dispersed, experience higher cost of bank loans. The other types of firms incurring higher cost of bank debt are the firms which are only geographically dispersed, and the firms which are diversified in all three ways with the combination of geographic, global, and industrial diversification. Examining the effects of organizational forms on the non-price loan terms, I observe that covenant restrictions are generally higher for the combination of diversified firms which are either both geographically dispersed and industrially diversified, or geographically dispersed and globally diversified.

The diploma thesis is divided into three main parts. The first part is a cost analysis of the company Prompt Ltd. It also deals with possibilities for capacity utilization. The second part presents the actual offer of utility vehicles on the Czech market. Moreover it compares road trains offered to the company according to criteria chosen by the author. The last part of the thesis deals with several options of financing, mainly with comparison of finance lease and loan.

It is widely accepted in the literature that high lending fees predict negative returns because high fees capture the negative information from short sellers, on the demand side. Traditionally, the supply side is seen as passive, in which stock lenders act as price takers. Recent studies, however, have shown that this passivity of lenders no longer perpetuates. Faced with this discussion, the present study analyze the Brazilian stock loan market and disentangles the shorting demand and shorting supply curve shifts in order to understand the driving mechanism linking the supply side and stock returns. We also link the shorting supply curve with new announcements and verify how lenders react to a new information in the market. Our results indicate that lenders decrease the loan supply when they predict negative future returns and that they use new information to change supply conditions, indicating that lenders are not price takers / É amplamente aceito na literatura que altas taxas de empréstimo de ações preveem retornos negativos, uma vez que altas taxas capturam as informações negativas de vendedores a descoberto, do lado da demanda. Tradicionalmente, o lado da oferta é visto como passivo, no qual os credores das ações agem como tomadores de preços. Estudos recentes, entretanto, mostram que essa passividade dos emprestadores não mais se perpetua. Diante dessa discussão, o presente estudo analisa o mercado de crédito acionário brasileiro e separa a curva de demanda da curva de oferta por short para entender o mecanismo de condução que liga o lado da oferta aos retornos acionários. Analisa-se, também, a relação da curva de oferta de short com novas informações e verifica-se como os credores reagem a uma nova informação no mercado. Nossos resultados indicam que os credores restringem a oferta de empréstimo de ações quando preveem retornos futuros negativos e que usam novas informações para alterar as condições de empréstimo, indicando que os credores não são tomadores de preço

Thesis advisor: Philip Strahan / In my first essay, I study how the rise of non-bank loan investment from CLOs, mutual funds, and hedge funds influenced contracting relationships between firms and their senior lenders. Contrary to common perception that non-bank investors diluted the incentive for banks to monitor firms, I find evidence that bank underwriters embraced tighter contracts to mitigate agency and holdout problems associated with less-informed and dispersed non-bank investors. While recent studies show that non-bank loan investors lowered the cost and expanded the availability of capital ex ante, I conclude that tighter contracts also assigned stronger control rights to lenders and imposed higher renegotiation costs to firms ex post. In my second essay, we examine the drivers of M&A activity in bankruptcy. M&A in bankruptcy is counter-cyclical, and is more likely when the costs of financing a reorganization are greater than financing costs to a potential acquirer. Consistent with a senior creditor liquidation bias, the greater use of secured debt leads to more sales in bankruptcy - but, this result holds only for sales that preserve going concern value. We also show that overall creditor recovery rates are higher, and unsecured creditor recoveries and post-bankruptcy survival rates are not different, when bankrupt firms sell businesses as going concerns. Finally, in my third essay, we examine whether corporate credit rating analysts are rewarded based on ratings accuracy or bias. Overall, accurate analysts are more likely to be promoted. However, analysts who disproportionately downgrade firms compared to the corresponding S&P rating are less likely to be promoted despite being more accurate than analysts who disproportionately upgrade firms. Further, analysts whose rating decisions lead to significantly negative announcement returns are also less likely to be promoted. We conclude that Moody's rewards accurate analysts but punishes analysts for negative bias. / Thesis (PhD) — Boston College, 2015. / Submitted to: Boston College. Carroll School of Management. / Discipline: Finance.

The study is designed to assess the presence or absence of recognizable planning processes within the savings and loan industry in the Dallas/Ft. Worth metroplex. Planning processes found are analyzed as to their content and scope in order to describe them in as accurate a manner as possible.

Trata-se de dissertação para obtenção do grau de Mestre perante a Faculdade de Direito da Universidade de São Paulo, versando sobre as regras de Subcapitalização no Direito Tributário Brasileiro. O tema central da dissertação pode ser resumido da seguinte maneira: o que são regras de subcapitalização e qual a real necessidade de estabelecimento destas no direito tributário brasileiro, tendo em vista o ordenamento jurídico precedente à publicação das referidas normas. Iniciaremos o trabalho com a contextualização histórica do tema e, na sequência, analisaremos a legislação relativa à subcapitalização no direito comparado, estudando os princípios norteadores, bem como as regras específicas existentes nas diversas localidades estudadas. Estudaremos ainda o sistema jurídico tributário precedente às regras de subcapitalização, bem como analisaremos caso julgado pelo Conselho de Contribuintes, conhecido como caso Colgate/Kolynos, considerado o principal julgado a respeito da matéria no Brasil e que, certamente, foi relevante para o estabelecimento das regras de subcapitalização no Brasil. Por fim, após descrição minuciosa da legislação estabelecida no Brasil, será realizada avaliação crítica, tendo em vista as imperfeições e lacunas verificadas na norma introdutora das regras de subcapitalização no Brasil, a saber, Medida Provisória nº 472/09, de 16 de dezembro de 2009, posteriormente convertida na Lei nº 12.249, de 14 de junho de 2010, bem como da regulamentação expedida pela Receita Federal do Brasil por meio da Instrução Normativa nº 1.154, de 12 de maio de 2011. / This is a dissertation to obtain the Master before the University of São Paulo Law School, about thin capitalization rules in Brazilian Tax Law. The central theme of the dissertation can be summarized this way: what are thin capitalization rules and what is the real need of establishing such rules in the Brazilian Tax Law, considering the previous existing law system. The starting point will be the historical contextualization of the theme and, in the sequel, we will analyze the thin capitalization rules in the foreign law, studying the guiding principles and the existing specific rules in the places studied. It will be studied the legal tax system precedent to thin capitalization rules, as well as it will be analyzed a case judged by Council Taxpayers, known as case Colgate/Kolynos, considered the principal case related to the subject in Brazil which, certainly, was relevant for establishing the thin capitalization rules in Brazil. Lastly, it will also be analyzed in details the rules established in Brazil, including a critical evaluation, in the view of imperfections and gaps verified in the rules which established thin capitalization rules in Brazil, namely, Provisory Measure nº 472, 2009 December 16th, converted into Law nº 12.249, 2010 June 14th, and regulation issued by Federal Tax Authorities, Normative Instruction nº 1.154, 2011 May 12

En las últimas décadas, el microcrédito logra expandirse a raíz de la industrialización de las microfinanzas y es aceptado como una herramienta innovadora de desarrollo para la reducción de la pobreza, sin embargo, la historia muestra que las microfinanzas son prácticas ancestrales. La bibliografía nos permite recoger distintas investigaciones que son revisadas para identificar la posible influencia del microcrédito, estas provienen de diversos lugares del mundo y sus resultados pueden ser replicados en cualquier entorno gracias al método utilizado para las evaluaciones. Se descubre que su creciente demanda responde a una necesidad de consumo que influye en el bienestar familiar, lejos de los supuestos relacionados con el emprendiendo empresarial o empoderamiento de la mujer que, a su vez, oculta aspectos negativos como el abuso económico y el trabajo infantil. El microcrédito opera como un producto bancario y su industria trata de solucionar la pobreza desde un punto de vista capitalista eludiendo la verdadera causa del subdesarrollo. Se advierte que el predominio de la deuda incrementa el riesgo de vida de los pobres y pueden generar una eventual burbuja económica en un sector floreciente, no obstante, proporciona el acceso a servicios financieros formales que facilita las actividades diarias de la población. / In recent decades, microcredit has been able to expand as a result of the industrialization of microfinance and is accepted as an innovative development tool for poverty reduction, however, history shows that microfinance is ancestral practices. The bibliography allows us to collect different researches that are reviewed to identify the possible influence of microcredit, these come from different parts of the world and their results can be replicated in any environment thanks to the method used for the evaluations. It is discovered that their growing demand responds to a need for consumption that influences family well-being, far from the assumptions related to entrepreneurship or the empowerment of women that, in turn, hides negative aspects such as economic abuse and child labor. Microcredit operates as a banking product and its industry tries to solve poverty from a capitalist point of view by avoiding the true cause of underdevelopment. It is noted that the predominance of debt increases the risk of life of the poor and can generate an eventual economic bubble in a flourishing sector; however, it provides access to formal financial services that facilitates the daily activities of the population. / Trabajo de Suficiencia Profesional

The purpose of this thesis is to analyze the drivers and dynamics of credit losses in Australasian banking over an extended period of time in order to improve the means by which financial institutions manage their credit risks and regulatory bodies safeguard the stability and integrity of the financial system. The analysis is based on a specially constructed data base of credit loss and provisioning data retrieved from original financial reports published by Australian and New Zealand banks. The observation period covers 1980 to 2005, starting at the time when such information was published for the first time in bank financial statements. It moreover covers the time of major crises which occurred in both Australia and New Zealand in the late 1980s and early 1990s. The heterogeneity of reporting the data both amongst banks and through time requires the development of a reporting typology which allows data extraction with equivalent informational content. As a thorough study of credit risks requires long data series often not available from third party data providers, the method developed here will provide value to a range of researchers. Based on an evaluation of many alternative proxies which track a bank's credit loss experience (CLE), the thesis proposes a preferred model for impaired assets expense (as % of loans) as dependent variable, mainly because of its timely nature and good data availability. Explanatory variables include aggregate macro variables of which changes in unemployment and the return in the share markets are found to have the most significant influence on a bank's credit losses. Bank-specific control variables include a pre-provision earnings proxy whose significance points to the use of provisions for the purpose of income smoothing by Australasian banks. The model also controls for size and nature of lending as smaller, retail-oriented housing lenders, on average, exhibit lower loan losses. Clear results are found with regard to the effect of rapid expansion which appears to be followed by a surge of bad debt provisions 2 to 3 years later. Moreover, inefficient banks tend to suffer greater credit losses. An important part of the thesis looks at the characteristics of alternative CLE proxies such as stock of provisions, impaired assets and write-offs which have been used by earlier literature. Estimating the preferred model with such alternative CLE parameters confirms their peculiarities such as the memory character of stock of provisions and the delayed nature of write-offs. These measures correlate rather poorly amongst themselves which calls for caution in the comparative interpretation of earlier studies that use differing CLE proxies.