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Thesis (doctoral)--Université de Genève, 1993. / "Thèse no 694 de la Faculté de droit de l'Université de Genève"--T.p. verso. Includes bibliographical references (p. 397-431) and index.

published_or_final_version / Housing Management / Master / Master of Housing Management

This dissertation is a theoretical and empirical investigation of the actual changes in Federal S&L asset portfolios following the deregulation of the 1980's which loosened the restrictions on the amount of non-housing related lending that Federal S&L's could undertake. In particular the study focuses on the effects of deregulation and the forces promoting and constraining the individual S&L's expansion into non-housing related assets. The theoretical model provides a framework for the empirical examination of the deregulation in the DIDMCA of 1980 and Garn-St Germain Act of 1982. The theoretical model is an adaptation of the Mingo and Wolkowitz (1977) banking model. The peculiarities of the S&L industry are embodied through adaptations of the Mingo and Wolkowitz (1977) model which emphasize after-tax profit maximization (tax laws reward specialization in housing related assets), constrain diversification into non-housing related assets, and differentiate between mutual and stock associations. Using the method of Lagrange multipliers, an expression is obtained for the effect of a change in after-tax profits for a relaxation of the constraint on diversification which becomes the focus of the analysis. By integrating the Lagrange multiplier with economic and regulatory controls, systems of regressions are developed which examine the changes in asset portfolio composition for Federal associations using balance sheet and income statement data between 1979 and 1983. The findings and implications of the empirical analysis are summarized as follows: 1. The tax laws do not appear to have constrained the diversification. 2. Specialization effects with respect to housing related assets appear to have constrained the diversification into non-housing related assets. 3. Non-housing related assets and liquid assets appear to be substitutes. 4. Stock associations, on average, have expanded into non-housing related assets to a greater extent than mutual associations. 5. The changes in liability legislation appear to have restrained the diversification into non-housing related assets. 6. Large associations appear more able to acquire the expertise needed to diversify. 7. Profitability appears to be correlated with the expansion into "new products." / Ph. D.

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

A travers le concordat et les Articles organiques l’État contrôle l’Église. En revanche, les congrégations bénéficient d’une certaine autonomie. En effet, grâce à la tolérance des pouvoirs publics pendant une bonne partie du XIXe siècle, elles se sont affranchies pour la plupart de la législation existante, dont l’application est peu à peu tombée en désuétude. A partir de 1879, les Républicains majoritaires au Parlement, veulent promouvoir les valeurs républicaines dont, à leur sens, la plus importante d’entre elles : la laïcité. Tous les politiques ont conscience de la nécessité d’octroyer une liberté d’association la plus large possible en préservant les libertés individuelles. Le principal obstacle réside dans les congrégations qui aliènent ces libertés par des vœux. Comment les inclure dans une loi d’ensemble tout en contrôlant étroitement leurs activités ? Que leur reproche-t-on ? D’une part, en raison de leur prosélytisme teinté de conservatisme, les congrégations sont soupçonnées de mettre en péril l’existence de la République naissante par leur action dans l’enseignement et tout particulièrement l’enseignement secondaire et supérieur supposé former l’élite de la nation. D’autre part, elles accaparent des biens à travers la constitution d’une mainmorte supposée très conséquente. Pendant trente ans, les nombreux gouvernements successifs tentent de légaliser le droit d’association avec une forme de reconnaissance réglementée des congrégations à travers de nombreux projets et propositions de lois qui n’aboutissent pas avant la fin du siècle. La loi du premier juillet 1901 est donc la conclusion d’un long processus d’élaboration qui conduit à une loi de liberté accolée à une loi d’exception qui exclut les congrégations religieuses du droit commun très libéral applicable aux associations civiles. / Through the Concordat and the Articles of the organic law, the Sate keeps the Church under control. In return, the congregations have the benefit of a certain autonomy. In fact, thanks to the tolerance of the authorities during a large part of the 19th century, the congregations are liberated from the majority of existing legislation, which gradually fell into disuse. From the year 1879, the Republicans, representing the majority in Parliament, want to promote the republican values, among which according to them, the most important is secularity All the politicians are aware of the necessity of granting the widest possible freedom of association, while preserving individual liberties. The main obstacle to this lies with the congregations who alienate these liberties because of the monastic vows. How to include them in a general law yet keep a tight control of their activities ? What are they blamed for ? On the one hand, because of their proselytism tinged with conservatism, congregations are suspected to put in peril the newly born Republic due to their action in education, especially in secondary classes and superior ones expected to form the elite of the nation. On the other hand, they monopolize goods by establishing a probably important mortmain. For thirty years, the successive governments tried to legalize the right of association with a type of controlled recognition of the congregations via many projects and propositions of laws which led to something only at the end of the century. The law passed on the first of July 1901, is thus the conclusion of a long process of elaboration which led to a law of freedom coupled with an exception which excludes religious congregations from very the liberal common law applied to civil associations.