Thesis (M. Soc. Sc.)--University of Hong Kong, 2005.

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Sammanfattning Syftet med studien var att undersöka hur fastighetsbolag värderar historisk ekonomisk information och information från kompletterande källor vid kreditbedömning av aktiebolag som hyresgäster. Utgångspunkten för studien var att de på grund av den komplexa kreditgivningen fastighetsbolagen har, så måste de ta hänsyn till en rad faktorer. Förutom att ta hänsyn till historisk ekonomisk information, så bör fastighetsbolagen även ta hänsyn till ickefinansiella källor som t.ex. hyresgästens affärsidé och hyresgästens kompetens som företagsledare. Vi ville även undersöka om det fanns upparbetade rutiner för kreditbedömningen och om fastighetsbolagen gjorde skillnad vid kreditbedömningen av nystartade och etablerade företag. I studien undersökte vi förekomsten av upparbetade rutiner för kreditbedömningen i fastighetsbolagen och om kreditgivaren gör skillnad i kreditbedömningen av nystartade respektive etablerade företag. För att besvara frågeställningen genomfördes semistrukturerade intervjuer med de tre personer som gör kreditbedömningarna på respektive fastighetsbolag. Alla fastighetsbolag är för övrigt verksamma i Östersundsområdet. Studien visar att fastighetsbolagen inte tillämpar hela det teoretiska underlaget vid kreditbedömningen. Även kreditbedömarens utbildnings- och yrkesbakgrund påverkar valet av information. En annan slutsats är att fastighetsbolagen vid kreditbedömningen av nystartade företag, baserar kreditbedömningen på ickefinansiella källor. Dessa källor kan vara till exempel rekommendationer från respondentens kontaktnätverk eller bedömning av den presumtive hyresgästens marknadsplan eller budget. Undersökningen visar att det, ur ett ägar- och koncernperspektiv, finns skillnader i rutiner och kredithanteringspolicys. Vi anser att fastighetsbolagen är reducerat rationella med kreditbedömningsprocessen, och att de i första hand väljer att prioritera andra riskfaktorer. / Abstract The purpose with this essay was to investigate how real estate companys, value historical economic information and information from other sources at credit appraisal of corporation as tenants. The starting point of the study was as a result of the complexed granting of credits the real estate company has, which means they have to consider many factors. Other then considering the historical economic information, the real estate company also should consider non-financial sources such as tenant´s business idea and the tenant´s competence as a business leader. We also wanted to investigate if the real estate companys had any policys or rutines they had to follow in their credit analysis and if they make any different judgement in their credit analysis between new- and already established companys. To answer these questions we made three semistructured interviews with the person that makes the credit analysis at each real estate company, which are all located in Östersund. The results of the investigation show that the real estate companys doesn´t use all the theoretical basis there is, when they make the credit analysis. The information they use and value depends on their backgrounds, former experience and education. Another conclusion is that real estate companys at credit analysis of a new started company base their credit analysis on non financial sources. These sources could for example be recommendations from respondent´s network of contacts or the judgemet of the presumptive tenant´s market plan or financial budget. The investigation also shows that from an owner – and concernperspektive there´s divergence in rutines and credit management policys. We consider that the real estate companys are reduced rational with the credit management process and that they choose to prior other risk factors.

Introduction: Recent years’ globalization and expanding currency markets have increased the importance of financial managers.  A multinational company handles different currencies through export and imports, and is thus exposed to currency fluctuations. Awareness and assessment of risk management are issues more important not to ignore. Research question: How does the multinational company SCA indentify currency risk exposure, and how does the financial management relate to it? Purpose: The aim of this study is to get a deeper understanding of the currency risk management at a Swedish multinational company and how the individual manager identifies exposure. Furthermore, what means that exist for assessing the exposure and how the management choose to reduce the risk will be investigated. Method: This case study has a qualitative approach, and is mainly based on two unstructured interviews that have been conducted with the financial mangers of SCA. Findings: The authors found that SCA identifies different kinds of exposures related to currency risk. SCA is equipped with organizational strategies as well as practical methods for reducing the risk exposure and positioning themselves in line with company framework and policies. Conclusion:                   Currency risk management is a subject of great complexity since exposures interrelate and alternates with time and as global economy changes. A company could hold a framework of policies, strategies and instruments that will provide their financial managers with means for risk assessment and management. Ultimately the responsibility is still in the hand of the managers.

Purpose: The purpose of this thesis is to evaluate the currency risk management at Superfos and analyse how it can be improved.

Risk has become a key concept in social theory and has had a significant impact across academic disciplines including criminology. On the one hand, several criminologists argue that the rise of risk has fundamentally reconfigured the operations of courts, corrections, and policing. Many claim that, over the last few decades, crime control has moved away from the old rehabilitative and retributive approaches of the past and towards more actuarial approaches based on risk management – crime has become a risk to be managed in aggregate terms rather than a moral transgression in need of rectification. On the other hand, while risk-based approaches to governing crime have grown significantly, cultural criminologists and sociologists of sport have noted a heightened emphasis on risk-taking by urban graffiti writers, illegal street racers, extreme sports enthusiasts, and illicit drug users. For these people, the risk-averse logic of actuarial governance – risk as potential harm to be avoided – is inverted such that risk is positively embraced for the excitement it affords. What is particularly characteristic about the present, then, is that a politics of risk management is colliding with a culture of risk-taking. In attempts to make sense of this puzzling paradox, in this thesis I offer a primarily theoretical investigation of the dominant approaches used in the study of risk management (chp. I) and risk taking (chp. II & III) in sociology and criminology. After exploring how the rise of risk has reconfigured crime control over the last quarter century in Chapter one, in Chapter two I develop the argument that orthodox criminology provides two dominant images of criminal risk-taking. While dispositional theories explain criminal risk-taking as the pathological behaviour of individuals with particular body types, low-self control, or of lower-class origin, situational theories conceive of criminal risk-taking as the (ir)rational decisions of necessarily risk-averse actors. Despite differences between dispositional and situational theories, both leave no room for risk-taking that is controlled and intentional. In Chapter three I enlist the work of Jack Katz on the seductions of crime and of Stephen Lyng on the sociology of risk-taking to develop a third, cultural approach to risk-taking that is voluntary and cross-class. I illustrate how, for Katz’s and Lyng’s actors, risk is approached as a challenge rather than seen as a deterrent. Lastly, I add to the historicity of the cultural approach to risk-taking by tracing its roots in a romantic worldview that arose out of 19th century disenchantment with the bureaucratic rationalism and alienation of capitalist modernity. In conclusion, I summarize the main argument of the thesis and outline some potential avenues for future research.

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In order to be a liberal and global economic environment, Taiwan government has been undergoing restructuring on its finane and banking policies since 1991. Subsequently, 16 new banks were established gradually and brought a tremendously competition among banks and other financial institution in Taiwan. According to the statistic of the CBC, loan making is the main business focused among banks. And due to the decreased margin between deposit interest rates and loan rates and the competition among banking institutions, the methods of assessing credit report for loan application is becoming critical. This research is to study a bank in southern Taiwan on the influence of the ¡§Small and Medium Business Credit Guarantee Fund¡¨ mechanism by adapting the statistic method of Logistic Regression. 60 cases were studied, 20 of them, the borrowers were failure to pay as required; 40 cases are in a regu;ar payment bases. The credit rating table of loan-receiving businesses in an effort to determine significant variables affecting loan quality. The study shows that : (1) The longer the term of the loan, the more likely the bank is to encounter overdue payments. In other words, the longer the relationship customer established with bank, the higher risk occurred. (2) The higher the loan rate, the more likely default will occur, which indicates that the bank¡¦s appraisal of the creditor¡¦s risk is a strong affecting loan quality. (3) The higher score of the financial health and industry characteristics, the less likelihood the creditor would fail to make on-time payments. (4) Unit executives are responsible for approving loans; the overdue payment rate was significantly higher when loans are approved by personnel above the level of unit executive. Furthermore, the study also indicate that the assessment items currently using by banks for loan application, these items include corporate capital, loan period, guarantors, repayment style, collateral. Due to current excessively overloaning, the conclusions of this study could be the considerations for bank staff to learn how to stimulate banker¡¦s loan risk management, these findings may serve as an important reference for credit policies and loan business.