Many studies suggest the ability of the NAIC Risk-Based Capital ratio (RBC ratio) to predict insurer insolvency. Based on the US life insurer (insurer) data for the period of 2005 to 2008, this study finds explanatory variables that have a statistically significant relationship with the RBC ratio. Advantages of panel data over cross-sectional and time series data analysis are exploited to make valid inference on coefficients of the explanatory variables. Testing for unobserved insurer and time effects and for dependence between these effects and the explanatory variables indicates the appropriateness of the fixed insurer and time effects model. Based on the ordinary least squares estimates, it is found that insurers' size, capital-to-asset ratio, and return on capital have a statistically significant relationship with the RBC ratio. Additionally, health product, annuity product, opportunity, and regulatory risks of insurers are related to the RBC ratio. Accounting for heteroscedasticity and autocorrelation for a given insurer yields the same coefficient estimates, but increased standard errors. / text

This study focused on identifying factors that significantly affect the potentially insolvent status of life insurers. The potentially insolvent status is indicated based on insurer’s Risk-based capital ratio (RBC ratio) reported in the National Association of Insurance Commissioners (NAIC) database of life insurers’ annual statements. A logistic regression analysis is performed to explore the relationship between the RBC insolvent indicator and a set of explanatory variables including insurer’s size, capital, governance structure, membership in a group of affiliated companies, and various risk measures during the 2006-2008 period. The results suggest that the probability of potential insolvency for an individual insurer is significantly affected by its size, capital-to-asset ratio, returns on capital, health product risk and proportion of products reinsured. It could be also possibly affected by the insurer’s regulatory asset risk. However, the results indicate that the probability is not significant related to the insurer’s annuity product risk, opportunity asset risk, governance structure and its membership in a group of affiliated companies. On average, by holding all other explanatory variables constant, every 1% increase in total assets will result in a decrease of 0.19 to 0.36% on the odds of potentially insolvent rates; every 0.01 unit increase in capital-to-asset ratio will result in a decrease of a multiplicative factor of 0.951 to 0.956 on the odds; every 0.01 unit increase in return on capital will result in a decrease of a multiplicative factor of 0.984 to 0.985 on the odds; every 0.01 unit increase in health product risk will result in an increase of a multiplicative factor of 1.021 to 1.031 on the odds; and every 0.01 unit increase in proportion of products reinsured will result in an increase of a multiplicative factor of 1.015 to 1.026 on the odds. The assumptions of independency and absence of harmful multicolliearity are both valid for this logistic model, suggesting that the model is adequate and the conclusion is warranted. Although the potentially insolvent indicator, instead of the real insolvent indicator is used, this model could still be useful to identify the significant factors which affect life insurers’ potentially insolvent status. / text

Master of Agribusiness / Department of Agricultural Economics / Allen M. Featherstone / Farm Credit Mid-America is experiencing strong growth due to the success of the farming sector in our four state territory of Tennessee, Kentucky, Indiana, and Ohio. The company is well positioned to meet the financial demands of its customers and they have an aggressive growth plan to increase total assets from $18 billion to $25 billion in five years. They also plan to add 600 new employees in that time period. Determining the appropriate level of capital to sustain growth and meet the demands of its customers will be a primary objective of the organization over the next five years. Permanent capital is viewed as a percentage of total assets at Farm Credit Mid-America with the ideal amount between 14% and 16%. A detailed analysis of the current capital level, regulatory requirements, and the projected future financial position of the company was completed to: · Define and understand capital as it applies to Farm Credit Mid-America; · Research the current capital levels for Farm Credit Mid-America; · Compare capital levels of Farm Credit Mid-America to capital levels of other Farm Credit Associations and other banks; · Understand Basel III Accords and how it applies to Farm Credit Mid-America’s capital requirements; · Complete sensitivity analysis with multiple scenarios applied to the current Farm Credit Mid-America loan portfolio to determine the effect certain events may have on capital levels; · Determine if Farm Credit Mid-America is appropriately capitalized based on the other objectives. When looking at the results, it is determined that current capital levels are in line with other Farm Credit associations and competitors. Also, Farm Credit Mid-America has met the Basel III guidelines for minimum capital requirements. The sensitivity analysis included a wide range of scenarios from normal growth rates to extreme loan portfolio distress and the effects those scenarios would have on permanent capital. The permanent capital ratio exceeded the minimum standard of 12% on all sensitivity analysis scenarios. Therefore, based on the objectives of this thesis Farm Credit Mid-America appears to be adequately capitalized.

The thesis is divided into two parts: theoretical and practical. The theoretical part includes financial analysis, analysis of the extramural indicators, ratio indicators and characteristics of floating capital. The practical part includes financial analysis of a firm between the year 2003 and 2007 with the aid of elementary methods of the financial analysis, horizontal and vertical analysis of the financial statements, analysis of the financial ratio indicators and analysis of floating capital.

This dissertation aims to provide evidence on the inter-relationship between per-capita income variation and worker effort indices through nutritional intakes or income to food expenditure ratio. Based on these worker effort indices, there are two data sets / 69 countries data for the year 1980, 1990 and 2000 and 17 regionalized Turkish provinces data for 1994 and 2003. One major contribution is the definition of human and physical capital interactions since accumulation of human capital (H) and physical capital (K) depends on each other within a given technology. This is called &ldquo / complementary interaction&rdquo / . Therefore, we emphasize K and H ratios are key factors in an economy rather than the absolute sizes. Another our main contribution to the literature is the data sources we employ. The 1980, 1990 and 2000 data are the first in the literature for 69 countries and more importantly, it is the first study for Turkish provincial level. While some studies are held for particular countries in terms of health proxy levels, there is no such study of any type pertaining to the Turkish economy. Our health proxies empirically play a very important role in our economic growth study. While health proxies make an important contribution in explaining income disparity approach, we do not see such effect on the convergence rate.

Submitted by Johnny Rodrigues (johnnyrodrigues@ufcg.edu.br) on 2018-09-12T17:53:33Z No. of bitstreams: 1 MARCOS ANTÔNIO SOARES TAVARES - DISSERTAÇÃO PPGERR 2003..pdf: 13043326 bytes, checksum: 3b5beb5dc51c1841545c770abee0edd2 (MD5) / Made available in DSpace on 2018-09-12T17:53:33Z (GMT). No. of bitstreams: 1 MARCOS ANTÔNIO SOARES TAVARES - DISSERTAÇÃO PPGERR 2003..pdf: 13043326 bytes, checksum: 3b5beb5dc51c1841545c770abee0edd2 (MD5) Previous issue date: 2003-12-11 / Este estudo tem como objetivo compreender as causas da formação e expansão do trabalho informal no capitalismo, bem como analisar as relações de trabalho informal com o capital na contemporaneidade. Quanto ao objeto de estudo, o trabalho constitui-se de uma revisão bibliográfica a qual busca entender as diversas teorias que tratam das questões relacionadas ao mercado de trabalho e sua segmentação. A pesquisa teórica revelou controvérsias entre as diferentes escolas — clássica, neoclássica e marxiana — sobre o trabalho informal, no que se refere a sua definição e papel no modo de produção capitalista. Contrariando a visão hegemônica, partindo de uma análise histórica, descritiva e crítica, constatou-se que o germe do trabalho informal se faz presente desde a gênese do capitalismo. Apesar disso, verifica-se que o debate sobre o trabalho informal, deixa subentendido ser ele um fenômeno novo (surge por volta da década de 1970). A insustentabilidade teórica das análises que constroem suas fundamentações, com base nas escolas clássicas e neoclássicas sobre o (desemprego da força de trabalho, deve-se ao fato delas não conseguirem ir além do aparente que dissimula as mediações que existem entre o trabalho informal e o capital. Ao analisar as teorias e a realidade, constatou-se a necessidade de ampliar o conceito de trabalho informal, entendendo ser este constituído pelas atividades que compõem o "setor informal" (atividades de sobrevivência) e por trabalho produtivo e improdutivo. Ao tratar do trabalho informal produtivo, mesmo quando a aparência nega a relação capital/trabalho, apreende-se que não só o trabalho informal pode ser funcional e subordinado, como também pode se encontrar subsumido ao capital, sendo este processo de subsunção intensificado pelas crises do capitalismo. / This study has the objective of understanding the causes of the emergence and expansion of informal labor in capitalism, as well as to analyze contemporary relations between informal labor and capital. We start with a review of the literature on informal labor trying to understand the various theories dealing with questions related to labor market and its segmentation. The theoretical research revealed controversies among different schools of thought - Classical, Neoclassical and Marxian - about informal labor, relating to its definition and role in the capitalist mode of production. Contrary to the hegemonic view, we start with a historical, descriptive and criticai analysis to show that the seeds of informal labor were present since the génesis of capitalism. Despite this, it was verified that the debate about informal labor presents it as something new (emerging around the 1970s). The theoretical unsustainability of analyses about unemployment of the labor force, having its foundations on the Classical and Neoclassical schools is due to its incapacity to go beyond the appearance that dissimulates the mediations between informal labor and capital. As we analyzed the theories and reality we noticed the need to amplify the concept of informal labor, to include both the activities of the "informal sector" (survival activities) as well as productive and unproductive labor. When dealing with informal productive labor, even when the appearance denies the relation capital/labor, we verified that not only informal labor can be functional and subordinate, as it can be subsumed to capital, being this process intensified by the crisis of capitalism.

Analysts, managers or other business executives and students have at their disposal wide variety analytical techniques when they want to evaluate company's financial position or when they wish to better understand the financial implication of business operational activities or investment. This thesis examines the uses of financial analysis as one of the main financial assessment techniques. After describing theoretically the main tools of financial analysis, this thesis determines the practicality of these tools in evaluating the financial health of a car distributor company for the period from year 2002 to year 2009. Despite the fact that the analyzed company's core business is car distributor, this analysis takes into consideration also other activities of the company such as repair center because, as the analysis shows, it influenced the financial results of the company. This thesis is concluded with general outcomes from the financial analysis and with recommendation for the company in order to prevent potential risks and in order to improve its financial results.

В современных условиях для обеспечения эффективности деятельности предприятия должна быть правильно рассчитана нормативная величина оборотных активов, которая является одним из факторов повышения конкурентоспособности предприятия и обеспечения его устойчивости. Целью магистерской диссертации является разработка методического подхода к обоснованию нормативной величины оборотных средств на предприятии цветной металлургии на основе обоснованных норм и нормативов материально-производственных запасов. В работе рассматривается также вопросы управления оборотным капиталом. В качестве источников использовалась учебно-методическая и научно-исследовательская литература, результаты эмпирических исследований автора и данные корпоративной статистики. Практическая значимость настоящей выпускной квалификационной работы заключается в возможности реализации предложенного автором методического подхода по нормированию оборотных средств предприятия цветной металлургии. / In modern conditions, to ensure the efficiency of the enterprise, the standard value of current assets must be correctly calculated, which is one of the factors for increasing the competitiveness of the enterprise and ensuring its stability. The purpose of the master's thesis is to develop a methodological approach to substantiating the standard value of working capital at a non-ferrous metallurgy enterprise on the basis of reasonable norms and standards of material and production stocks. The paper also deals with the issues of working capital management. The sources used were educational, methodological, and research literature, the results of the author's empirical research, and corporate statistics. The practical significance of this final qualification work lies in the possibility of implementing the methodological approach proposed by the author for rationing the working capital of a non-ferrous metallurgy enterprise.

我國保險業監管制度之實施，以2003年7月之RBC制度影響最為重大，因此本研究希望檢驗RBC制度對於壽險公司之經營策略，是否有顯著之改變，而保險公司之經營策略中，又以資產配置與產品組成為最重要的議題，兩者將影響資產風險與產品風險。因此本研究將重點聚焦於壽險公司之資產風險與產品風險於RBC制度實施前後之變化，藉以探討是否RBC制度實施後，保險公司對於經營中涉入風險之行為，保有更穩健之思維，而不違反RBC制度實施立意之良好。 本研究整理我國25間壽險公司之財、業務之資料為分析基礎，並以簡單複迴歸之研究方法為實證分析。實證結果中，壽險公司於RBC制度實施後有風險抵換之情形，但無論資產風險及產品風險都與前期資本比例為負向關係。另外，小型公司中資本比例越低者，有增加投資於高風險資產的比例；並且小型公司中，前一期經營結果越差，銷售越高風險產品的比例將會上升。 / One of the most important supervision system in insurance industry is the implementation of Risk-Based Capital system in 2003 in Taiwan. In this study, we examine whether the business strategy of life insurance companies changes significantly because of the implementation of RBC system. In insurance’s business strategy, asset allocation and product composition are the main issues and both will influence asset risk and product risk. Hence, we focus on the changes in asset risk and product risk to find that whether life insurance companies have more stable operating concepts after the implementation of RBC system. We use multiple regression model to analyze the relationship between asset risk, product risk and capital ratio of the life insurance companies. The results suggest that there are a negative relationship between asset risk, product risk and capital ratio after the implementation of RBC. Besides, the small size companies which have low capital ratio will tend to increase the proportion of risky assets in their investment. And small size companies which have worse operating outcomes in the previous year will increase the proportion of high-risk products they sell in current year.

La tesi esamina il tema del capital management nelle banche, con particolare riferimento all’impatto della regolamentazione e della corporate governance sulle decisioni in tema di patrimonializzazione ed esposizione al rischio. La letteratura evidenzia come l’attuale framework regolamentare possa produrre effetti indesiderati, inducendo le banche ad assumere un livello di rischio non coerente con il patrimonio disponibile; anche con riferimento alla corporate governance i contributi empirici evidenziano risultati contrastanti. Partendo dai risultati di tale review, nella tesi si analizza il comportamento di un vasto campione di banche europee tra il 2006 e il 2010, tenendo conto delle variabili principali che determinano le scelte sul livello di patrimonializzazione e di rischio. In particolare, nel primo capitolo si valuta l’impatto della pressione regolamentare sulle variazioni di capital ratio ed esposizione al rischio in un vasto campione di banche europee. I risultati suggeriscono che il comportamento delle banche sembra dipendere dalla definizione di patrimonio utilizzata, ossia dalla qualità degli strumenti ricompresi nei coefficienti di solvibilità. Il secondo capitolo si concentra su un campione di grandi banche europee: tale analisi consente di rilevare come la regolamentazione e i meccanismi di corporate governance costituiscano fattori rilevanti e complementari nel determinare alla relazione tra patrimonializzazione e rischio. / This thesis examines capital management in banks, with special reference to the impact of regulation and corporate governance on the decisions on capital and risk exposure. Past literature highlights how the present regulatory framework might produce unwanted effects, inducing banks to take a level of risks not consistent with their capital base; also with reference to corporate governance, past empirical contributions present controversial results. On the basis of the review of the literature, this study analyses the behaviour of a wide sample of European banks between 2006 and 2010, taking into consideration the main variables that influence the decisions on capital and risk. In particular, the first chapter evaluates the impact of regulatory pressure on changes in capital ratio and risk for a wide sample of European banks. Results suggest that banks behaviour depends on the capital ratio considered, i.e. on the quality of the instruments included in the capital base. The second chapter focuses on a sample of large European banks: such analysis suggests that regulation and corporate governance mechanisms are crucial and act complementarily in determining the relationship between capital and risk.