Tre separata skandaler mellan åren 2016–2019 har valts ut för att finna mönster i marknadens reaktion vid offentliggörande av oetiska eller brottsliga gärningar hos Sveriges storbanker. Vidare undersöker studien om kunder ochinvesterare förlåter storbanker enklare vid vissa typer av handlingar, exempelvis oetiska gentemot brottsliga. För att genomföra en analys av dessa tre händelser har bankernas aktiekurs hämtats under den aktuella tidsperioden samt PE 𝑡𝑎𝑙 och företags-och marknadsvärde för varje år. För att undersöka motiven bakom investerares beslut att sälja aktier under tiden av dessa handlingar har ett flertal teorier om investerares beteende studerats och även betydelsen av CSR för investerare och företagen. I samband med skandaler sjunker samtliga aktiekurser för de banker som är involverade. Investerarnas syn på banken förändras och de väljer att sälja aktien men det har inte gått att säkerställa exakt av vilken anledning investerare säljer. Bankernas företagsvärde har inte visat någon signifikant skillnad mellan de aktuella åren, det går inte heller att urskilja någon skillnad i varje enskild bank från år till år. PE 𝑡𝑎𝑙𝑒𝑡 och marknadsvärdet håller en jämn spridning för åren som undersökts. Det leder till antagandet att storbankerna i slutändan inte påverkas på lång sikt av en skandal utan endast tillfälligt, vilket syns i aktiekursen. Vid en av de tre undersökta skandalerna har bankens marknadsvärde ännu inte återhämtats men det antas bero på att skandalen fortfarande är aktiv och att banken därmed inte fått möjlighet att återuppbygga förtroendet.

Multi-target incentive contracts are widely observed in practice to stimulate salesforce effort. However, little is known about their effectiveness and the issues involved in designing them. In this thesis, we investigate the incentive contracting problem between a manufacturer and an agent when the realized sales of a product are affected by both the agent's selling effort and the type of the agent. The agent's type is uncertain to the manufacturer, whereas the agent can observe the actual type when exerting her selling effort. Again, this is unobservable by the manufacturer. For contract design problem, we develop a principal-agent model with both moral hazard and adverse selection. We examine the manufacturer's optimal contract parameter decisions employing a single multi-target contract for the agent who can be of different types. Because menu contracts are commonly studied in literature for the adverse selection problem, we also study a menu of single-target contracts; and examine the manufacturer's optimal contract parameter decisions. We then compare the performance between the two types of contract. We arrive at a number of managerial insights regarding the design and the performance of multi-target contract and menu contract.

Cette thèse contribue à la littérature sur les normes prudentielles de la gestion des risques bancaires,la causalité entre le développement financier et la croissance économique et enfin les hypothèses del'aléa moral et de la réglementation du capital des banques. La crise des Subprimes de 2007 aparadoxalement permis de souligner une fois de plus les lacunes des normes prudentielles Bâle I etBâle II, du fait de ses différentes conséquences sur les systèmes bancaires mondiaux. En adoptantune démarche économétrique et en exploitant des données de panel sur un échantillon des banquesd’Afrique subsaharienne et du Maghreb, nous avons utilisé plus particulièrement la technique decausalité au sens de Granger et celle d'estimation GMM afin de mener des études empiriques surcelles-ci, notamment la causalité entre le développement financier et l’économie réelle d’une part, larelation entre le capital et la profitabilité (risque) des banques d’autre part. Les résultats soulignent ladépendance entre certaines variables de la profitabilité des banques et la croissance économiqued’une part, et d’autre part les comportements des banques africaines, en termes de la détention ducapital et à la prise excessive des risques, cadrent parfaitement aux hypothèses de l’aléa moral et dela réglementation du capital du comité de Bâle. / This thesis contributes to the literature on prudential risk management in the banking sector,causality between financial development and economic growth and finally, the study of moral hazardand the regulation of the capital of banks. The Subprime Mortgage Crisis of 2007 paradoxicallyDépôt de thèseDonnées complémentairesmade it possible to once more highlight the inadequacies in the Basel I and Basel II prudentialstandards, because of its various consequences on the global financial system. We adopted andapplied the Granger causality test and the GMM estimation method to panel data on a sample ofbanks in sub-Saharan Africa and the Middle East, in order to conduct empirical studies, in particularon the causality between financial development and the real economy on one hand, the relationbetween capital and the profitability (risk) of banks on the other. The results highlight thedependence between certain variables describing bank profitability and economic growth on onehand, and those describing the characteristics of African banks on the other, in terms of capitalretention and excessive risk taking. This coincides perfectly with the study of moral hazard andcapital regulation set by the Basel Committee.

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The thesis examines factors that influence sustainability and success of microfinance institutions in Ghana. The topic is important, particularly in poverty stricken Africa, where microfinance institutions play a significant role in supporting governments¿ initiatives to reduce/alleviate poverty. The developed model is tested using data collected from 14 face-to-face interviews and 114 questionnaires. The data is analysed using different techniques- descriptive statistics, cross-tabulations and regression analysis. The research design and scale of the study are appropriate to both the problem addressed and doctoral level research. A number of factors in the model developed were found to be influencing the sustainability and success of microfinance institutions. A model was proposed that seeks to offer an explanation of sustainability and success of Microfinance Institutions in Ghana. The proposed model identified five categories being: institutional characteristics, agency costs, business strategy, environment/governance and success. Single factor analysis established positive relationships between sustainability and all the five factors but placed more emphasis on three out of the five factors namely; success, business strategy and environment/ governance. Multiple factor analysis established no significant differences in the sustainability with respect to the type of MFI, ownership and source of funding. Multiple Regression which allows for the testing of theories or models established a significant relationship between the Operational Self Sufficiency (OSS) and the predictors, especially the drop-out rate of clients and average loans. The Subsidy Dependence Index (SDI) was calculated for the various types of MFIs and the result was a high dependency ratio especially among the FNGOs. Though the dependency is on the decline, it is very slow indicating that most MFIs will depend on subsidies for a very long time to come. Finally it was observed that the relatively high interest rates charged by most of the MFIs tended to defeat the purpose for which the microfinance movement came about. Not only did the study confirm the research model, but it also revealed that most owners did not exhibit a deep sense of involvement and used general knowledge to practice in Ghana. The study concluded that success factors, business strategy, and environment/governance were the most critical of the sustainability factors in Ghana. It is therefore important that managers develop institutional capacities especially in managing the agency problem effectively if they have to be sustainable and successful.

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臺北市勞動檢查處為配合近年來「宣導、檢查、輔導」三合一策略提升防災效能，自民國87年開始將檢查業務部分轉換為「自主管理」模式，並將臺北市的營建工地分級管理，依不同等級有不同的自主檢查頻率，並派員實施不同程度的稽查。 依相關自主管理計畫的規定，若某營造廠加入計畫獲得「優等」或「特優級」的認證標章，除非發生災害、遇專案檢查及市民檢舉等情形外，檢查員不主動前往實施勞動檢查，但仍由機關中技正層級以上人員組成機動小組，不定期以輔導方式實施督導；所以該營造廠只要依規定之檢查流程及制式表格填寫按時回報，就幾乎不受規範所拘束。 但是近年參加自主管理計畫的營造工地發生職業災害的頻率，並未如預期下降，不符機關績效目標；因此，本研究重點在探究勞動檢查運用自主管理政策工具績效不佳的原因，是否這些營造廠的工地在申請獲得「優等」或「特優級」認證後，負責職業安全衛生工作的人員或主管，其責任及權限的移轉後造成行為與態度轉趨鬆懈？ 研究結果發現在實施自主管理計畫後，在營造廠中依不同的層次有不同的結果，部分負責人確實發生了道德風險（Moral Hazard）行為，而負責職業安全衛生工作的人員，礙於利潤及工期等眾多因素，鬆懈了安全衛生工作，部份發生了道德風險行為，致未達組織預設的目標。 / Taipei Labor Inspection Office adopted a strategy that combined advocacy, inspection and counseling to enhance the effectiveness of occupational hazards prevention. Since 1998, it began to change the policy from “inspection strengthening” to “self-management”. With hierarchical management of the construction sites in Taipei according to this strategy, construction sites of different levels have different inspection frequency and different degrees of inspection. In accordance with the self-management program, if an construction site in Taipei who joined this program obtains "excellent" or "Premium Class" certification, unless occupational accident happened, or special inspection project is launched, or citizens report, or other dangerous situations occur, the inspection personnels will not do labor inspection, but will still occasionally provide unscheduled counseling by official chief. As long as the construction company fills out the report form on time according to the program of the standard inspection flow, this company is nearly unregulated. But the occupational accident rate of those sites who applied to self-management program did not fall as expected, it does not achieve the goal as set by official performance indicators; therefore, this study aims to explore the reasons why those sites who obtain "excellent" or "Premium Class" certification, have shown that their behaviors and attitudes toward occupational safety and workers’ health have become more lax after joining the program? This study found that after the implementation of self-management program, moral hazard behaviors occur in different hierarchical levels of organizations. Construction company’s directors do show moral hazard behavior, while those in charge of occupational safety and health work, some do have moral hazard behavior, out of profit motive and time concern of the construction project among many other factors. All together explains why this self-management program does not achieve the goal set by official performance indicators.

The objective of this thesis is to examine real exchange rate volatility, with a particular focus on investigating the causes of exchange rate jumps. While the predominant approach in the literature is to examine the interaction between nominal rigidities and nominal shocks, this thesis examines the volatility that arises from real rigidities and shocks. Trying to better understand the transmission of real shocks to the exchange rate is a worthwhile task, given the substantial evidence that these shocks and rigidities are important for explaining other economic fluctuations. This thesis develops theoretical models that examine the contributions of specific real rigidities to exchange rate volatility. Chapter 1 introduces our baseline specification - a frictionless model, with the exception of capital adjustment costs. This baseline generates very mild exchange rate fluctuations. Additional rigidities are required to generate volatility of the magnitude that is typically observed. Chapter 2 finds that introducing imperfect asset substitutability - specifically, home asset bias - goes a little towards achieving this. When investors are biased, the exchange rate must adjust by more to equilibrate asset markets. This greater burden of adjustment on the exchange rate along the short run path typically translates to larger jumps after shocks. Similarly, Chapter 3 shows that augmenting the baseline with banks and financial frictions raises exchange rate volatility. The key point is that, in the presence of financial frictions, there is a risk premium that widens after negative shocks, increasing the required adjustment of the exchange rate. A fourth chapter extends Chapter 3 and shows that unconventional credit policy, while beneficial in some respects, nonetheless entails nontrivial costs because it invites moral hazard by encouraging banks to be more highly leveraged, which increases exchange rate and consumption volatility. So, the overall message is that, in the presence of plausible real frictions - including (i) capital adjustment costs, (ii) imperfect asset substitutability, and (iii) financial frictions - real shocks can generate a plausibly significant degree of real exchange rate volatility. This thus posits an additional explanation of exchange rate jumps that complements the predominantly monetary literature.

Current Legal Issues of Bank Regulation - Resume This thesis paper deals with issues that can be found in relation with bank regulation. At present, globalized world, banks as important financial intermediaries play a major role. Banks are present in our daily lives and whether or not we want to, they facilitate our everyday operations with the money, investment of free monetary resources, and also borrowing of money. We got accustomed to the convenience that the use of various banking services provides. Equally important are the services of banks for businesses enterprises, various investment companies and funds, and also the countries themselves (the governments). Failure of this system, now that so many subjects are dependent on it, could have far-reaching negative consequences. The bank regulation and its instruments serve as a protection against the rise of adverse consequences. With the growing importance of banks in our society, the importance of their regulation grows as well. But even this may not represent perfect protection and bank regulation may conceal other unforeseen problems. This thesis on "Current legal issues of bank regulation" reflects the legal status of May 31 2012 and is trying to highlight the problems that occur in specific instruments of banking regulation. The aim of this work...