The aim of this diploma thesis is to analyse the development of the regulatory framework and its current state according to the latest Basel III framework. The new rules were created as a response to the financial crisis that started in 2007. The framework represents significant increase in quality, amount and transparency of the capital base in comparison with the pre-crisis situation. Basel III has both micro and macroprudential focus. The diploma thesis describes the development and shortcomings of regulatory framework that necessitated revisions of the regulatory rules over time. These rules evolve with the changes in the financial system and the way how financial risks are managed. Although the roots of financial crisis are related to the mortgage-backed securities market, the banking sector played an important role in spreading the problems. Therefore the diploma thesis will also concentrate on fundamental flaws that contributed to the financial crisis. Then the immediate corrective action taken as a response to the financial crisis are described. After that, the Basel III rules are presented in detail. The newest monitoring of the rules carried out by the Basel Committe and cost analysis carried out by IMF including evaluation based on various analyses of Basel III are presented. Basel III has addressed most of the flaws revealed in Basel II. However, some issues still remain unsolved, which can lead to future problems with the financial system stability.

The thesis focuses on dealing with financial resources of a factoring company. It analyses the development of the company so far as well as its position on the Czech market. On the basis of expansive business strategy a financial plan is elaborated, and suitable financial resources for covering the additional need for capital are suggested.

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I sought to find out whether this was a tension between artistic and commercial in the career of visual artists, and if so, how this tension was managed. In attempting to uncover information which could address the research question I undertook in-depth career history interviews with artists which covered their time at art school through to their current practice. The career history method was deliberately chosen in order to address the research question at a tangent as both the literature, and my own personal experience of the field of contemporary visual art, had suggested that the topic of artistic and commercial was a sensitive one. By framing the interviews around the experiences the artists had through the time period of their training and career, I was able to approach the research questions indirectly from the perspective of the artists. Through analysis of the interview transcripts the framework of Bourdieu's capitals arose as one that would capably explain the activities which the artists were undertaken and I used this as a framing device for the empirical chapters in the thesis. In exploring ideas of cultural, social and economic capitals in relation to how artists describe the activities they undertake during their career it became apparent that the broad structures of cultural capital needed further refinement in their application to the careers of visual artists. In the thesis I chose to elaborate further on the concept of artistic capital which has, until now, been unexplored by scholars. I have developed an understanding of artistic capital as a subcategory of cultural capital with particular application to the field of contemporary visual art – with the potential for wider application beyond the thesis. The three capitals of artistic, social and economic proved a capable structure for understanding whether there was a tension between artistic and commercial and how artists managed this. Through this research I have found that artists come to believe, during their early career and training through art school, that there is a tension between artistic and commercial as this is perpetuated by institutions and art world participants through their exclusion or dismissal of commercial aspects of the visual art field. Through their careers they come to realise that this tension is less prevalent than they thought and that they are able to manage these two aspects of artistic and commercial more effectively. However, artists continue to be faced with instances where this tension is imposed upon them by other art world players who perpetuate the belief that there is an inherent, unresolvable tension between artistic and commercial. These individuals attempt to shield artists from this perceived tension later in their careers when artists are already adept at managing the competing priorities of artistic and commercial without the two creating tension.

Employing Cornish Cultures for Community Resilience. Can cultural distinctiveness be used to strengthen community bonds, boost morale and equip and motivate people socially and economically? Using the witness of people in Cornwall and comparative experiences, this discussion combines a review of how cultures are commodified and portrayed with reflections on well-being and ‘emotional prosperity’. Cornwall is a relatively poor European region with a cultural identity that inspires an established ethno-cultural movement and is the symbolic basis of community awareness and aspiration, as well as the subject of contested identities and representations. At the heart of this is an array of cultures that is identified as Cornish, including a distinct post-industrial inheritance, the Cornish Language and Celtic Revivalism. Cultural difference has long been a resource for cultural industries and tourism and discussion of using culture for regeneration has accordingly concentrated almost exclusively on these sectors but an emergent ‘regional distinctiveness agenda’ is beginning to present Cornish cultures as an asset for use in branding and marketing other sectors. All of these uses ultimately involve commodification but culture potentially has a far wider role to play in fostering economic, social, cultural and environmental resilience. This research therefore uses multidisciplinary approaches to broaden the discussion to include culture’s primary emotional and social uses. It explores the possibility that enhancing these uses could help to tackle economic and social disadvantage and to build more cohesive communities. The discussion centres on four linked themes: multiple forms of capital; discourse, narrative and myth; human need, emotion and well-being; representation and intervention. Cultural, social, symbolic and human capital are related to collective status and well-being through consideration of cultural practices, repertoires and knowledge. These are explored with discussion of accompanying representations and discourses and their social, emotional and economic implications so as to allow tentative suggestions for intervention in policy and representation. A key conclusion is that culture may be used proactively to increase ‘emotional capital’.

Insurance contracts will be reported at fair values on insurers’ balance sheets from 2010. In this thesis, we will review the conceptual and theoretical backbone of the insurance fair valuation project while providing a summary of the key features of the fair valuation project. Then, we will conduct a case study aimed at finding, under the fair valuation regime, the best asset allocation strategy for a particular business unit that carries a hypothetical annuity portfolio using a single modelling framework for valuation, risk calculation and business appraisal.

This paper addresses the problem of a failing net debt approach; deposited funds rarely compensate the cost of debt. Venturing into operational credit facilities, the study evaluates the efficiency and feasibility of transitioning into fully cash-free liquidity management. The study takes a holistic approach and evaluates the research questions from the perspective of management through case studies on four smaller Swedish industrial firms. The study finds that there is substantial potential to free up capital; return on equity could have been boosted by an annual 5-10 percent including substantial one-off distributions. The study also concludes that Agency reasons are strong reasons for why firms are carrying material cash reserves. Through qualitative interviews, the study identifies several additional, but not less important, obstacles in the way of a full out cash-free transition. Most significantly, the financial system is not offering fully committed long term operational credit facilities and operating across different jurisdictions complicates the consolidation of liquidity. The study concludes that the matter would not have vast negative implications on real business activities, although further research would be required in regard to an extended debt overhang problem. / Uppsatsen kretsar kring den fallerande logiken med begreppet nettoskuld; tillgodohavanden på bank genererar sällan upp för kostnaden relaterad till motsvarande skuld. Med utgångspunkt i operationella kreditstrukturer utvärderas möjliga effektivitetsvinster och genomförbarheten av en fullständig övergång till kassa-fri likviditetshantering. Studien har ett holistiskt angreppssätt och utvärderar frågeställningarna från ett management-perspektiv genom fallstudier på fyra mindre svenska industriella bolag. Studien finner betydande möjligheter att frigöra kapital; årliga avkastningen på eget kapital hade kunnat öka med 5–10 procent och betydande engångsutdelningar hade varit möjliga. Studien finner vidare att agentteorin är en stark anledning till att bolag bär betydande kassapositioner. Genom kvalitativa intervjuer identifierar studien ytterligare, men ej desto mindre betydande, hinder för en kassa-fri övergång. Mest betydelsefullt, är att nuvarande finansiella system inte erbjuder för syftet fullgoda kreditstrukturer, samt det faktum att företag med verksamhet över olika jurisdiktioner upplever juridiska svårigheter med att konsolidera likviditet. Studien drar slutsatsen att en övergång inte skulle medföra betydande negativa konsekvenser för den operativa affärsverksamheten, men identifierar samtidigt att ytterligare studier skulle vara nödvändiga framförallt kring hur finansiella incitament kopplade till agent-teorins ’debt overhang’ skulle förändras vill en övergång till en fullt garanterad operationell kreditstruktur.

This study investigates Hizb'allah's successful but competing dual development as an extra-institutional Shi'a social movement and an institutional political party. Hizb'allah has traditionally been studied from the perspective of one of its many natures, such as a social movement, Islamic movement, resistance, or political party, each perspective bringing with it limitations and differing interpretations of its identity, motivations, and success. The motivation behind this research was to seek an interpretation of the movement's development and success that would encompass these multiple natures. Through an interpretation of social movement ‘life-cycles', a social movement ‘development model' is proposed that accounts for contradicting theories on the ‘success' of social movements, interpreting success instead as an ability to exhibit simultaneous institutional and extra-institutional natures. The hypothesis provided in this work is that it is an ability to simultaneously exhibit institutional and extra-institutional natures that can be a source of strength and success for a movement, drawing capital from both while avoiding accountability that typically accompanies institutional politics. This challenges traditional theoretical approaches in terms of linear life-cycles with few paths for the social movement to choose from. In turn, questions arise regarding notions of social movement life-cycles being uni-directional, continuously progressing towards ‘institutionalization' or demise. Ideas of an ‘end-date' or ‘inevitable outcome' of social movements are also confronted. This interdisciplinary study is conducted by means of media, archival, and empirical research (participant observation, interviews, and surveys), focusing on changing constituent perceptions of the movement between 1985 and 2013. It is also argued that Hizb'allah's strength is its ability to draw from both extra-institutional and institutional resources while simultaneously avoiding accountability. However, it was also found that, by forming the 2011 governing coalition, the movement upset this balance by subjecting itself to accountability inherent in governance, in turn leading to ‘schizophrenic behaviour' as Hizb'allah sought to serve conflicting constituent and state interests. The significance of this research is that it not only provides an explanation for Hizb'allah's success, but also provides an interpretation of social movement development that accounts for multi-natured movements.