隨著經濟市場自由競爭和資本主義的高度發展，一個良好、健全的破產制度是維持國家金融秩序和經濟穩定的重要環節。實務上，當公司陷入財務困難時，通常在進入正式的破產程序前會要求與往來銀行協議非正式的暫緩還款安排。本文以探討小型企業為目標，藉由賽局模型的設定建立兩種制度，並用逆向求導法由最後一期開始求解。討論當企業發生財務危機時，優先與債權銀行協議暫緩清償，將還款日期延至一期投資計畫所需的時間結束之後，與直接進入破產程序，何者才是最適策略。 / Through the free competition of the market and the highly development of capitalism, a solid and sound bankruptcy system is a crucial pillar to sustain the stability of economy and to preclude the financial market from serious crash as well. In practice, usually a firm in financial distress would negotiate with banks an informal arrangement of deferred payment rather than go into a formal bankruptcy process directly. In this paper we focus our study on small firms and set up two systems by means of building model of game theory. Furthermore, we utilize backward induction, which starts from the last period, to obtain the solution. More specifically speaking, we discuss the optimal strategy for distressed firms choosing between a debt negotiation in which the payment date is postponed for one period and going bankruptcy.

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal.

L’époque où il n'existait qu'un choix restreint de modes de paiement est à présent révolue. En effet, de l'apparition de la monnaie fiduciaire aux trente glorieuses, ils n’avaient que très peu évolué. Or, depuis quelques décennies, nous assistons à l’apparition de nombreux moyens de paiement, tous plus différents les uns des autres. Notre présente étude a non seulement pour objectif d’en confronter les principaux en vue d’identifier le plus adéquat face à une situation donnée, mais aussi et surtout de discuter de l’anonymat que ces derniers procurent ou non. Pour ce faire, nous avons d’abord présenté chacun de ces moyens tout en en définissant les fonctionnements et les technologies. Par la suite, une comparaison par l'entremise d'une analyse indépendante a été réalisée sur la base d’éléments précis tels que la protection de la vie privée ou encore les propriétés ACID. Des critères omme la confiance des utilisateurs (sécurité) et les attentes qu'ont les institutions financières vis-à-vis de ces derniers ont aussi été considérés. Et enfin, trois méthodes de paiement qui sont en réalité des approches-solutions pour pallier aux problèmes liés à l’anonymat que présentent certains principaux moyens de paiement connus, ont été présentées à leur tour. Ainsi, le premier système de paiement proposé est axé sur les comptes bancaires anonymes, tandis que le second est, lui inspiré du système des jetons; Si bien qu’une combinaison de ces deux approches a conduit à une troisième, afin d’en regrouper les avantages. / The time we used to only have one option of method payment is now long gone. As a matter of fact, from the apparition of currency until the « thirty glorious years », nothing new in this field appeared. It is true, in the last decades we are witnessing the birth of many of means of payment, all more different from each other. This study, therefore, aims to confront the principal means of payment but also to discuss about the question of anonymity that may come with it. To do so, will be presented each of every means of payment separately while describing all their functions and technologies. Then, a comparison will be presented through an independent analysis that was carried out on specific elements such as: the protection of private life and properties ACID. Other elements like users'trust (security) and expectations from the financial institutions will also be considered. Finally, three problems solving in relation to the anonymity of the current means payment known today, will constitute the last section. The first solution focuses on the anonymous bank accounts, the second is inspired from the token system; The last, but not least, combines the two first systems in order to combine the advantages.

This thesis compares how during the 19th and 20th century developed the position of women in the labor market and include the influence of the feminist movement to apply to women in the work process. Thesis will focus on education, professional career and the area of women's wages.

Diese Auswertung einer Creditreform-Erhebung thematisiert das Zahlungsverhalten der Kunden mittelständischer Unternehmen und basiert auf der Mittelstandsbefragung der Creditreform e.V. vom Frühjahr 1999. In dieser Umfrage wurden die Unternehmen zum einen gebeten, das Zahlungsverhalten der Kunden einzuschätzen, zum anderen wurden die tatsächlichen Forderungsverluste und Zahlungsziele erhoben. Im ersten Teil werden ausgewählte deskriptive Ergebnisse der Mittelstandsbefragung (Creditreform) mit der Leipziger Studie zur Zahlungsmoral (Universität Leipzig) unter Handwerkern verglichen. Im zweiten Teil der Auswertung wird der Effekt unterschiedlicher Faktoren auf die verschiedenen Aspekte des Zahlungsverhaltens dargestellt.

This dissertation consists of three studies on the anticipation of mergers and acquisitions (M&amp;As) and its impact on takeover event studies.  Article I investigates whether the market can anticipate both takeovers and their payment forms prior to their announcement dates. This article also proposes a new time-series approach for detecting the ex-ante deal-anticipation and payment-form anticipation dates. The results indicate that the majority of deals and their payment forms are anticipated much earlier than has been documented in previous takeover studies. Moreover, controlling for the anticipation dates matters for explaining the choice of payment method in M&amp;As. Article II studies how assuming that M&amp;As are unpredictable during the estimation window affects the measurement of abnormal returns. The results show that a part of takeover synergy is indeed incorporated into the stock prices during the estimation window of previous studies, around the deal-anticipation dates. This article estimates the parameters of the expected return model from the pre-anticipation period to control the consequences of ex-ante anticipation on the estimates of abnormal returns. Using the anticipation-adjusted approach significantly improves the estimation of the event-window abnormal returns, and provides new insights into some well-documented takeover results. Article III examines how the abnormal returns are affected when a standard event study assumes that the parameters of the expected return model are stable. Using a sample of firm takeovers, the results indicate that the parameters are indeed unstable. This article introduces a time-varying market model to account for the dynamics of merging likelihood when it estimates the abnormal returns. The findings show that the stability assumption causes a standard event study to overestimate significantly the abnormal returns to the target and acquirer shareholders. / <p>At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 1: Manuscript. Paper 2: Manuscript. Paper 3: Manuscript.</p>

The thesis on "The Bill and real possibilities of its use in the practice of Czech banks" is focused on the characteristics of bills as a directing and payment instrument and possible ways of its use, taking into account both economic and legal aspects. This work includes a wide range of banking products, in which the bills are used, indicating their advantages and disadvantages too. The conclusion provides justification for attractiveness of bills for the banks, but also the reasons for which it is viewed by public with some skepticism.

The aim of the thesis is to assess the predictive ability of financial health indicators to predict future business development. Analyze the weaknesses and strengths of individual components of aggregate indicators. The thesis examines the possibilities of prediction in the engineering sector. It evaluates existing creditworthy and bankruptcy models, examines their reliability, specificity and sensitivity. Furthermore, it analyzes individual components of prediction indices. The thesis also creates own multi-criteria prediction models.

El trabajo de investigación denominado “El Certificado de Participación como Instrumento de Garantía dentro del Fideicomiso Inmobiliario en el Perú”, pretende ser un aporte a las ciencias jurídicas donde se desarrolla de manera concreta y sucinta el papel que juega el “Certificado de Participación” en los fideicomisos inmobiliarios en nuestro país. Si bien el fideicomiso inmobiliario presenta grandes ventajas, pues se constituye como una garantía en favor del banco que le presta dinero a la empresa inmobiliaria para la ejecución de su proyecto inmobiliario, no sucede lo mismo cuando las entidades financieras otorgan créditos hipotecarios a terceros para que puedan adquirir, en dicho proyecto, unidades inmobiliarias que aún no se encuentran independizadas (bienes futuros) y están aún bajo dominio fiduciario, ya que hasta que pueda constituirse la garantía hipotecaria, la única garantía que reciben del adquirente dichas entidades financieras por el desembolso del préstamo, es el “Certificado de Participación”. El trabajo de investigación trata sobre los problemas que conlleva para las entidades financieras la ejecución de los Certificados de Participación ante un eventual incumplimiento de pago de los deudores de créditos hipotecarios y plantea alternativas de solución para una mejor aplicación de esta herramienta en el negocio inmobiliario. / The investigation named “The Certificate of Participation as an Instrument of Guarantee in the Real Estate Trust in Perú” develops a concrete support for juridical science and clearly expresses the importance of the “certificates of participation” role in regards to real estate trusts in our country. Real estate trusts present great advantages as they can serve as a guarantee for bank loans used to carry out projects. The latter does not hold true for financial entities who grant third parties mortgage credits to execute said projects. For Real estate units who are not yet independent (future goods) and are under a trustee domain, the only guarantee financial entities receive is the disbursements of the loan which is detailed in the “certificates of participation”. This investigation explores the problems faced by financial entities under the execution of the certificates of participation in the event of a breach in payment of mortgage credit to debtors and raises alternative solutions for more advantageous application of this instrument in real estate business. / Trabajo de investigación

Este trabalho apresenta o processo de aprovação da PEC do Orçamento Impositivo. A proposta aprovada pelo Congresso institui a obrigatoriedade de pagamento de uma parcela das emendas individuais. Esse era um pleito antigo dos congressistas, mas só em 2015 a Emenda Constitucional foi promulgada. O intuito aqui foi mostrar as estratégias utilizadas pelos atores e o contexto institucional em que a aprovação ocorreu. Além disso, apresentamos os primeiros resultados sob a vigência do orçamento impositivo para as emendas individuais. A expectativa dos parlamentares ainda não se confirmou e as taxas de pagamento continuam baixas. / This thesis focuses on the approval of PEC do Orçamento Impositivo, which changed the rules for budgetary amendments. Congress decided to stipulate a minimum mandatory amount allocated through amendments, even without the support of the Executiv branch, which tried to avoid the success of the Constitutional Amendment. Moreover, this dissertation introduces data about payment rates. The expectation of high payment rates has not been confirmed. Rates remained low.