Bakgrund: De svenska företagens lånebaserade finansiering har historiskt sett mestadels utgjorts av banklån framför företagsobligationer. Efter finanskrisens start 2008, och fram till och med fjärde kvartalet år 2012, har den svenska företagsobligationsmarknaden vuxit med drygt 60 procent. I media framställs en bild där regelverket Basel III har gjort och kommer göra företagsobligationsmarknaden till en viktigare finansieringskälla för svenska företag. En studie om företagsobligationsmarknaden efterfrågas av Svenskt Näringsliv. Syfte: Syftet med studien är att kartlägga och utifrån institutionell teori analysera hur de ekonomiska förutsättningarna för den svenska företagsobligationsmarknaden har förändrats sedan år 2008. Genomförande: För att uppnå studiens syfte har ett kvalitativt tillvägagångssätt tillämpats. Empirin har samlats in genom semistrukturerade intervjuer med aktörer på företagsobligationsmarknaden. En intervjuguide utformades med grund i institutionell ekonomisk teori, med fokus på transaktionskostnader. Samma teoretiska referensram har sedan använts för att analysera den insamlade empirin. Slutsats: Tiden innan år 2008 kännetecknades av att företagen valde banklån. Detta för att bankerna kunde hantera banklån till låga transaktionskostnader. Institutionella förändringar sedan år 2008 har lett till att transaktionskostnaderna sänkts på företagsobligationsmarknaden. Företagsobligationer har således blivit ett bättre alternativ för många företag, även fast små företag fortfarande är utestängda från marknaden. / Background: Swedish corporates’ debt financing have historically mostly consisted of bank loans instead of corporate bonds. Since the beginning of the financial crisis of 2008, leading up to the fourth quarter of 2012, the Swedish corporate bond market has grown by over 60 per cent. Media coverage of the market presents a picture where the corporate bond market has become an important source of financing as a result of the legal framework Basel III. A study of the corporate bond market has been requested by the Confederation of Swedish Enterprise. Aim: The purpose of the study is to identify and, by the use of institutional theory, analyse how the market conditions in the Swedish corporate bond market have changed since the year of 2008. Completion: To achieve the purpose of the study a qualitative research method has been applied. Empirical data have been collected through semi-structured interviews with stakeholders in the Swedish corporate bond market. An interview guide was designed from an institutional theory perspective with a focus on transaction costs. The same theoretical framework has been used to analyze the empirical data. Conclusion: Before the year of 2008, debt financing was characterised by bank loans. This was the result of the banks’ ability to keep transaction costs low. Since the year of 2008, institutional changes have decreased transaction costs on the Swedish corporate bond market. Corporate bonds have become a more attractive alternative for many companies, even though small companies are still excluded from the market.

Thesis (M. Soc. Sc.)--University of Hong Kong, 1991.

Thesis (Ph. D.)--University of California, Santa Barbara, 2002. / Includes bibliographical references (leaves 399-418).

Thesis (Ph. D. in Business Administration)--University of California, Berkeley, May 1999. / Includes bibliographical references (leaves 68-73).

Thesis (Ph. D.)--Stanford University, 1993. / Includes bibliographical references (leaves 135-139).

Thesis (M.Soc.Sc.)--University of Hong Kong, 1991. / Also available in print.

Após a implantação do Plano Real, com a mudança ocasionada pela estabilização inflacionária, o Brasil apresentou ampliação na oferta de crédito bancário, como estratégia dos bancos para manterem o nível das suas receitas. Porém, o país ainda necessita ampliar o fornecimento de crédito, pois apresenta uma relação crédito/PIB de 62,2%, inferior à apresentada pela média de todos os países, de 131,7% (BANCO MUNDIAL, 2017). O sistema financeiro brasileiro é predominantemente bancário, e o fornecimento de crédito advém principalmente de instituições bancárias. Os recursos obtidos através do crédito bancário retornam para a sociedade, em forma de consumo e investimentos, contribuindo com a atividade econômica. Além desse cunho social, a concessão de crédito rentabiliza os bancos, impactando no desempenho financeiro dessas instituições. A partir da sanção da lei que permitiu a concessão do crédito consignado, que se caracteriza pelo débito das parcelas do empréstimo diretamente na folha de pagamento dos devedores, os bancos ampliaram a oferta de crédito, uma vez que essa modalidade de empréstimo possibilitou uma redução na inadimplência, diminuindo o risco atrelado ao crédito. Diante do exposto, o objetivo do estudo foi encontrar um modelo que represente o comportamento da evolução do crédito consignado junto a uma instituição financeira, auxiliando na sua estratégia através da previsão dessa variável. O estudo foi realizado através de uma pesquisa quantitativa, com dados secundários fornecidos pela instituição financeira. O tratamento estatístico dos dados foi realizado através da análise de séries temporais, por meio da metodologia proposta por Box & Jenkins, com a utilização do software R Studio. O resultado encontrado foi um modelo ARIMA (0, 2, 1), que representou o comportamento da evolução do crédito consignado junto à instituição financeira, com análise de 96 observações mensais, de janeiro de 2009 a dezembro de 2016. Com o modelo, realizou-se a previsão para seis meses, de janeiro a junho de 2017. A diferença máxima entre o valor previsto e o valor real da variável foi de 1,57%, o que atesta a acuracidade do modelo encontrado. Por conseguinte, como resultado teórico, evidenciou-se que o modelo ARIMA revelou-se adequado para a previsão do crédito consignado concedido pela instituição financeira. Como resultado empírico, o modelo de previsão encontrado pode atuar como ferramenta estratégica para a instituição financeira, uma vez que a sua aplicação pode colaborar com o processo de determinação de estratégias competitivas. / Submitted by cmquadros@ucs.br (cmquadros@ucs.br) on 2018-02-01T17:13:34Z No. of bitstreams: 1 Dissertacao Munique Rech em PDF.pdf: 1603688 bytes, checksum: 1282a2ce84a98d5967f0926d3e74f80e (MD5) / Made available in DSpace on 2018-02-01T17:13:34Z (GMT). No. of bitstreams: 1 Dissertacao Munique Rech em PDF.pdf: 1603688 bytes, checksum: 1282a2ce84a98d5967f0926d3e74f80e (MD5) Previous issue date: 2018-02-01 / After the implementation of the Real Plan, with the change brought about by inflationary stabilization, Brazil presented an increase in the supply of bank credit, as a strategy for banks to maintain the level of their revenues. However, the country still needs to expand its credit supply, as it has a credit-to-GDP ratio of 62.2%, lower than the average for all countries, of 131.7% (WORLD BANK, 2017). The Brazilian financial system is predominantly banking, and the provision of credit comes mainly from banking institutions. The resources obtained through bank credit return to society, in the form of consumption and investments, contributing to economic activity. In addition to this social aspect, credit lending makes banks profitable, impacting the financial performance of these institutions. Following the enactment of the law that allowed for the payroll deductible loan, which is characterized by the debit of the loan installments directly on the payroll of the debtors, the banks expanded the credit offer, since this type of loan made possible a reduction in defaults, reducing the credit risk. In view of the above, the objective of the study was to find a model that represents the behavior of the evolution of payroll loans with a financial institution, assisting in its strategy by predicting this variable. The study was conducted through a quantitative research, with secondary data provided by the financial institution. The statistical treatment of the data was performed through the analysis of time series, using the methodology proposed by Box & Jenkins, using the software R Studio. The result was an ARIMA model (0, 2, 1), which represented the behavior of the evolution of payroll loans with the financial institution, with analysis of 96 monthly observations, from January 2009 to December 2016. With the model, the forecast for six months, from January to June 2017. The maximum difference between the expected value and the actual value of the variable was 1.57%, which attests to the accuracy of the model found. Therefore, as a theoretical result, it was evidenced that the ARIMA model was adequate for the prediction of payroll loans granted by the financial institution. As an empirical result, the predictive model found can act as a strategic tool for the financial institution, since its application can contribute to the process of determining competitive strategies.

O papel dos Bancos de Desenvolvimento é amplamente discutido há décadas, cuja presença e atuação possui defensores e críticos. No Brasil, desde sua fundação em 1952, o Banco Nacional de Desenvolvimento Econômico e Social (BNDES) está no centro dessas discussões, pois é um dos 4 maiores Bancos de Desenvolvimento do mundo, desempenhando um importante papel na economia brasileira. Esta investigação focou empresas listadas na Bolsa de Valores de São Paulo (Bovespa) no período de 2002 a 2014, com ênfase na relação entre restrição financeira e contratação de empréstimos do BNDES. Para tanto, foi utilizado o modelo de Sensibilidade do Investimento ao Fluxo de Caixa por meio de regressão por efeitos fixos, aleatórios e dados agrupados em painel de dados estático desbalanceado. Outro aspecto deste estudo foi verificar as diferenças entre as empresas que contrataram e que não contrataram empréstimos do BNDES em períodos relacionados à crise financeira global de 2008, cuja análise foi desenvolvida pelo teste de Diferença-em-Diferenças. Os resultados evidenciaram que, na amostra geral, houve restrição financeira nos dois grupos de empresas, sendo que a restrição foi maior nas empresas que contrataram empréstimos do BNDES. Nesse grupo, as empresas que contrataram empréstimos diretamente pelo BNDES (forma de apoio Direta ou modalidade Não Automática) tiveram maior restrição financeira. As instituições financeiras que operaram com o BNDES (forma de apoio Indireta ou modalidade Automática) tiveram as menores restrições financeiras. Com respeito à crise financeira, o teste mostrou que o nível de investimento e a restrição financeira do grupo de tratamento tiveram diferenças significativas nos períodos pré-crise e a partir da crise, o que pode indicar uma influência do BNDES na atenuação dos efeitos da crise. O estudo conclui que as empresas que contrataram empréstimos do BNDES possuem maior restrição financeira do que aquelas que não contrataram empréstimo. Além disso, este estudo salienta que na crise financeira de 2008, a presença de recursos financeiros do BNDES nessas empresas contribuiu para diminuir a restrição financeira, enquanto que as empresas que não contrataram empréstimos tiveram maior restrição. Essas constatações confirmam o papel do banco de desenvolvimento atuando em empresas que mostraram maior necessidade de capital, assim como redutor de restrição financeira em momentos de crise. / The role of Development Banks has been widely discussed for decades, whose presence and performance have defenders and critics. Since its founding in 1952, the National Bank for Economic and Social Development (BNDES) has been in the center of these discussions as it is among the 4 largest development banks in the world, playing an important role in the Brazilian economy. This research focused on companies listed on the São Paulo Stock Exchange (Bovespa) from 2002 to 2014, with emphasis on the relationship between financial restraint and BNDES loan contracting. For this, the Cash Flow Sensitivity model was used through regression by means of fixed, random effects and grouped data in an unbalanced static data panel. Another aspect of this study was to verify the differences between the companies that hired and did not borrow from the BNDES in periods related to the 2008 global financial crisis, whose analysis was developed by the Difference-in-Differences test. The results showed that, in the general sample, there was a financial constraint in both groups of companies, and the restriction was greater in the companies that contracted BNDES loans. In this group, companies that borrowed directly from the BNDES (direct support or non-automatic mode) had greater financial constraints. The financial institutions that operated with the BNDES (Indirect support form or Automatic mode) had the lowest financial restrictions. In relation to the financial crisis, the test showed that the level of investment and the financial constraint of the treatment group had significant differences in the pre-crisis and crisis periods, which may indicate an influence of the BNDES in mitigating the effects of the crisis. This study concludes that the companies that contracted BNDES loans have greater financial constraints than those that did not take out a loan. In addition, the study points out that in the financial crisis of 2008, the presence of BNDES financial resources, in these companies, contributed to reduce the financial constraint, while the companies that did not contract loans were more restricted. These findings confirm the role of the development bank working in companies that showed greater need for capital, as well as reducing financial constraint in times of crisis.

M.Tech. (Operations Management) / This dissertation elaborates the reengineering of the personal loan application process in a South African bank operating in Africa. The research provides an understanding of the current situation and issues encountered with the current personal loan application process. It presents the framework for reengineering of the process and the methodology used in the research. The primary objective is to improve the existing process for personal loan credit applications in order to create improvements in the process. The research methodology used is quantitative analysis using statistical methods and qualitative research focusing on qualitative aspects with research reasoning being inductive allowing the researcher to draw conclusions from facts, assumptions and observations established through the data collection processes. The article offers a comprehensive understanding of the challenges faced in processing of loan applications. Businesses and institutes are built on good control systems which are needed to address the challenges faced in the processing of personal loan applications. The study contributes to customers service discourse in operations. The recommendation of the research is to reengineer the current personal loan process, taking into consideration the technology needed to improve the process, training of existing employees, implementation of a reward system and implementation of the redesigned process.

Many communities in Canada are experiencing high levels of unemployment, poverty, social breakdown and environmental degradation. In an effort to address these problems, individuals, community groups and all levels of government, are experimenting with an approach to development called community economic development (CED). CED is a grassroots, bottom-up process that focuses on the creation of stable, viable, and equitable local economies. In trying to implement CED strategies, communities and individuals face many obstacles, one of the most significant of which is a lack of capital. Credit unions are locally-owned and controlled co-operative financial institutions with access to significant pools of “local” capital and therefore logical places for communities to turn. This thesis explores ways these institutions can support community economic development in their communities. An examination of the literature and interviews with credit union leaders and CED practitioners, demonstrate that most credit unions are not involved in CED lending. Nor are they particularly committed to CED ideals. This being said, however, the research shows that there are a few credit unions, in both Canada and the United States, that do participate in CED. These credit unions--some with a holistic commitment to CED, others with a partial commitment--support CED in a variety of ways, only one of which is through financing. In addition to providing access to capital, these credit unions fulfil other support functions such as providing technical assistance, building “community” and supporting community infrastructure development. Credit unions that participate in CED are not typical of the credit union movement. Most credit unions do not play a role in supporting community economic development in their communities. The study found that there are significant barriers to their participation in CED, barriers such as a lack of vision, the nature of CED lending, and competition from private financial institutions. In order for credit unions to participate in CED, these barriers must be removed. Ways to reduce some of the barriers are explored in the thesis. The research shows that in order to be able to participate in CED, credit unions require: a committed leadership, staff with community development expertise, new deposits of capital, a means of subsidizing the costs of CED lending, and institutional mechanisms that reduce risk as well as government support. Ways for credit unions to fulfil these needs are outlined. Lastly, research findings are summarized and conclusions are drawn about the role individual credit unions can play in CED. The kinds of initiatives credit union centrals, governments and planners can adopt to support credit unions in this work also explored. / Applied Science, Faculty of / Community and Regional Planning (SCARP), School of / Graduate