M.Com. (Financial Management) / Working capital management (WCM) is considered critical for the success of all business and especially for small businesses. A recession (such as the one that took place in 2009) complicates the working capital management of small businesses. Working capital management of a sample of small and medium enterprises in South Africa were investigated to determine how they manage their working capital during challenging economic conditions. The impact of the 2009 economic recession on WCM was specifically investigated by following a quantitative descriptive research approach. The study sample consisted of 44 companies listed on the JSE Ltd AltX Index. A trend analysis was applied on WCM variables to determine significant changes overthe study period. Because variables were not normally distributed, the Mann Whitney U test was conducted to determine the statistical significance of the WCM mean ranks pre-, during and post-recession phases. The trend analysis of working capital management over the six-year study period exhibited a significant improvement in the working capital management level during the economic recession. This was largely attributed to delaying payment to creditors. The analysis of the WCM variables pre-, during and post-recession phases indicated that there were no significant changes in WCM that can be attributed to the 2009 economic recession. It was concluded that although there were changes in working capital management over the study period, the changes could not only be attributed to the 2009 recession.

This diploma thesis investigates the relationship between the business cycle and the alcohol consumption by using aggregate data for Czech Republic and constituent regions of Czech Republic in the period 1994-2011. The key question of this study is whether alcohol consumption is pro-cyclical or counter-cyclical. This question was asked in many works (Ruhm, Black, 2002). Unlike American studies, in which alcohol consumption is pro-cyclical, my study shows that the decrease of economic conditions has resulted in increased alcohol consumption in society and therefore indicates to me counter-cyclical. I also found that the divorce has a positive effect on alcohol consumption, while the real price has a negative effect.

Magister Commercii - MCom / Over the past four decades, size, value and momentum effects have been uncovered on stock markets, and several multifactor asset pricing models have been proposed to explain them. The associated premiums have been found to be time-varying and the explanations behind the effects are still debated. In South Africa, contradictory findings have been reported on the existence of those effects and the explanatory power of multifactor models. More important, the cyclicality of the effects and the risk/mispricing debate have been given little attention. In this regard, this study purports to establish the existence of size, value and momentum effects, investigate the explanatory power of the Fama-French three- and five-factor models (FF3F and FF5F respectively), and Carhart four-factor model (C4F), and examine the cyclicality and risk-based rationale of the style premiums on the Johannesburg Stock Exchange (JSE). Using a research sample comprised of common stocks included in the FTSE/JSE All Share Index (ALSI) for the period 1 January 2002 - 31 December 2018, the study subdivides the examination period into two business cycles, with each cycle including one upward phase and one downward phase

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第22682号 / 経博第618号 / 新制||経||293(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 柴田 章久, 准教授 高橋 修平, 教授 佐々木 啓明, 教授 敦賀 貴之(大阪大学) / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM

Chinese commercial banks are the leading players directly participating in China's market economy activities. Macroeconomic stability is an essential prerequisite for the development of the banking industry. However, with the development of economic globalization, more and more influencing factors determine the changes in the business cycles, thus making commercial banks face higher risks in their operations. What's more, policy factors may make the operation of China's commercial banks inconsistent with changes in the business cycles. At present, China's domestic research literature that extends to the operation of commercial banks from the perspective of economic cycles lacks a systematic theoretical analysis. The purpose of the study was to examine the correlation between the profitability of commercial banks and business cycles in China by using the panel data analysis method. This paper selected return on assets, loan growth rate, non-performing loan ratio and net interest spread of 34 listed commercial banks from 2001 to 2018 as related variables and selected GDP growth rate, unemployment rate, and industry value added growth rate of China from 2001 to 2018 as the indicators of business cycles. The findings show that business cycles have a negative effect on the profitability of commercial banks in China. Based on the result of the empirical conclusions and the interest-oriented profit model of Chinese commercial banks, the paper also analyzes the impact of the business cycles on commercial bank profitability from the perspective of loan and net interest spread. Commercial bank practitioners can use these findings to avoid risks in bank operations, while other researchers can use our findings to develop further research on the factors affecting the profitability of commercial banks.

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第21439号 / 経博第586号 / 新制||経||287(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 柴田 章久, 教授 小佐野 広, 准教授 高橋 修平 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM

För att belysa de förändringar som sker på fastighetsmarknaden har denna uppsats undersökt hyreskontrakt för fysiska butiker i Uppsala kommun. Syftet med rapporten var att klargöra om och hur hyreskontraktsutformningen förändrats över tid, se vilka parametrar som har påverkat utformningen samt studera hyresutvecklingen. De parametrar som undersökts avseende påverkan på kontraktsutformningen var e-handeln, konjunkturförändringar och hållbarhet. Ungefär 500 hyreskontrakt studerades, intervjuer genomfördes med fastighetsägare och hyresgäster samt flera databaser innehållande information om fastighetsmarknaden undersöktes.Undersökningen visade att den omsättningsbaserade hyran är den mest använda hyresformen under tidsperioden. De omsättningsbaserade hyrorna består i de allra flesta fall av en minimihyra som sällan överskrids. Undersökningen visade även att användandet av hyresrabatter ökat samt att e-handeln ännu inte har påverkat hyreskontrakten men stöd finns för en framtida påverkan. Indikatorer finns för att hyresnivåutvecklingen påverkas av konjunkturförändringar. Gällande hållbarhetsaspekten har den förändrat hyresgästers och fastighetsägares beteende och det förekommer allt fler gröna avtal idag. / In order to highlight the changes in the real estate market this thesis has examined rental agreements for physical stores in Uppsala municipality. The purpose of this report was to clarify if and how the design of the rental agreements has amended over time, examine which parameters that have influenced the design and study the rental development. The parameters that have been examined regarding the impact on agreement design were e-commerce, business cycles and sustainability. About 500 rental agreements were analysed, interviews were conducted with real estate owners and tenants as well as databases containing information about the real estate market were investigated.The analysis showed that the turnover based rent is the most frequent used rental form during the time period. The turnover based rent consists in numerous cases of a minimum rent which rarely is transcended. The conclusion also indicated that the use of rent free periods has increased and that e-commerce has yet not affected the rental agreements, evidence exists of a future impact. Indicators have been found that the rental development is affected by business cycle changes. The sustainability aspect has changed the behavior of tenants and real estate owners and today it appears an increasingly amount of green agreements.

In chapter one of the thesis, we incorporate shocks to the efficiency with which firms learn from production activity and accumulate knowledge into an otherwise standard real DSGE model with imperfect competition. Using real aggregate data and Bayesian inference techniques, we find that learning efficiency shocks are an important source of observed variation in the growth rate of aggregate output, investment, consumption and especially hours worked in post-war US data. The estimated shock processes suggest much less exogenous variation in preferences and total factor productivity are needed by our model to account for the joint dynamics of consumption and hours. This occurs because learning efficiency shocks induce shifts in labour demand uncorrelated with current TFP, a role usually played by preference shocks which shift labour supply. At the same time, knowledge capital acts like an endogenous source of productivity variation in the model. Measures of model fit prefer the specification with learning efficiency shocks. The results are robust to the addition of many observables and shocks. In chapter 2, I estimate a "Learning-by-doing'' model with "Learning efficiency shocks'' using Bayesian estimation techniques and real aggregate data from Euro Area. I find that learning efficiency shocks explain a large fraction of the fluctuations in the growth rate of real aggregate variables such as consumption, output, investment and employment. This paper is the first to estimate a learning-by-doing model with learning efficiency shocks for the Euro Area and analyses its business cycles. In chapter 3, We study the impact of COVID 19 pandemic on the Canadian housing market. The Canadian economy has been hit hard by the COVID-19 pandemic like almost every other country in the World. The residential real estate market that makes a significant contribution to the Canadian economy however behaved far differently in the wake of the COVID-19 downturn. Unlike previous recessions, housing market recovered much faster and house prices steadily increased from 2020:QII. Since the pandemic has started, working from home (WFH) has become more prevalent. How important is WFH in producing large swings in house prices as observed in the data? To address this question, we estimate an augmented New Keynesian model with collateralized household debt and remote working condition. We argue that remote working condition improves the performance of the model, particularly explaining the house price dynamics in the last two years. / Thesis / Doctor of Philosophy (PhD)

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