This thesis studies the impact of macro stress testing on the riskiness of the participating banks. We use a dataset on 48 banks participating in either or both of the 2010 and 2011 EU exercises performed by the CEBS/EBA and 17 peer banks that did not participate. We find that early announcement of the 2010 stress test led to a temporary capitalization increase for the participating banks. We also find that disclosure of the 2011 exercise results caused a decline in capitalization for the participating banks. The results indicate that the way stress tests are prepared and communicated can strongly influence how banks react in terms of capitalization levels. Powered by TCPDF (www.tcpdf.org)

The literature suggests that when taking tax effects into account, debt ought to be preferable to equity. Thus, with all else being equal, levered firms are expected to show higher firm values. However, there are no uniform predictions of the size of this tax benefit from interest deductibility nor on the effect of changes in interest deductibility. We believe that the German corporate tax reform in 2008, which introduced an interest barrier, can serve as a promising "quasiexperiment" to investigate the effects from a reform of interest deductibility. A study of this reform on the basis of German financial statement data is of general interest because, first, similar interest barriers have been introduced in several countries and proposed by the OECD to fight BEPS. Second, the major characteristics of the German tax system can be regarded as representative for most European and major Asian countries. Third, single entity financial statements for German companies allows us to capture tax and capital structure details that have not been available in most prior studies. With significance at the 5% level, we find evidence that the companies that are affected by the interest barrier reduce their leverage by 4.7 percentage points more than companies that are not affected by the interest barrier. We are the first to employ a detailed matching approach to the underlying rich dataset, which enables us to overcome several limitations of previous studies. Our results imply that capital structure reactions most likely have been underestimated in previous studies. / Series: WU International Taxation Research Paper Series

Submitted by Jorge Silva (jorgelmsilva@ufrrj.br) on 2018-05-17T18:14:26Z No. of bitstreams: 1 2013 - Marcus Vinicius Silva de Oliveira.pdf: 4662898 bytes, checksum: aa288711b207b66ed5c2b8d76c26db6f (MD5) / Made available in DSpace on 2018-05-17T18:14:26Z (GMT). No. of bitstreams: 1 2013 - Marcus Vinicius Silva de Oliveira.pdf: 4662898 bytes, checksum: aa288711b207b66ed5c2b8d76c26db6f (MD5) Previous issue date: 2013-09-30 / CAPES / This paper seeks to highlight the importance of teaching financial mathematics, capitalization and amortization in high school. For this we admitted him to educators who advocate the idea of using mathematics as a provider of citizenship and legal aspects that discourse on Financial Mathematics and its importance for the development of citizenship. We also conduct a survey of mathematics teachers of Basic Education, a qualitative, in order to investigate how and to which topic is the teaching that content. Finally, we propose a class on capitalization and amortization, with the use of technological resources for high school. / Esse trabalho procura destacar a import?ncia do ensino de Matem?tica Financeira, capitaliza??o e amortiza??o no Ensino M?dio. Para isso nos amparamos em educadores que defendem a id?ia do uso da matem?tica como provedora da cidadania e em aspectos legais que discorrem sobre a Matem?tica Financeira e sua import?ncia para o desenvolvimento da cidadania. Realizamos tamb?m uma pesquisa junto a professores de matem?tica da Educa??o B?sica, de cunho qualitativo, a fim de investigar como e at? qual t?pico ocorre o ensino desse conte?do. Por fim, propomos uma aula sobre Capitaliza??o e Amortiza??o, com uso de recursos tecnol?gicos, para o Ensino M?dio.

As transformações na produção do espaço urbano carioca a partir da primeira década do século XXI, protagonizada pela produção das grandes incorporadora do setor imobiloiário sob domínio do capital financeiro, conformam o objeto de análise desta dissertação. O que se observa no período estudado é que o urbano tem sido levado às últimas consequências enquanto lócus privilegiado de reprodução ampliada do capital. Portanto, lançar olhar sobre essas transformações nos permite compreender como o imbricamento entre o capital financeiro e o imobiliário, expandindo suas fronteiras de acumulação, engendrou uma verdadeira \"explosão\" de novos empreendimentos de mercado, reconfigurando o espaço das metrópoles a partir da atuação privilegiada do setor. O resultado desse processo, como mostraremos, foi o encarecimento insano do preço das propriedades imobiliárias e, com isso, a intensificação dos processos de espoliação. Pretende-se analisar como o Estado atua nessas transformações articulado às frações financeira e imobiliária do capital, seja pela alteração de marcos regulatórios, na promoção de políticas públicas ou na construção de grandes infraestruturas, desempenhando a função de viabilizar as condições gerais de produção e garantir a ampliação da acumulação do setor. Neste cenário, o subúrbio da Zona Norte carioca despontou como foco de todos esses investimentos que reforçam as transformações em curso, onde a produção de seu espaço torna-se a manifestação mais acabada desse processo. / The transformations in the production of the urban space of Rio de Janeiro since the first decade of the XXI century, led by the production of great developers of the real estate sector, under the domain of the financial capital, make up the object of analysis of this dissertation. What has been observed in the studied period is that the urban space has been taken to ultimate consequences as a privileged locus of expanded reproduction of capital. Therefore, look up at these transformations allows us to understand how the imbrication between financial capital and real estate, expanding its accumulation boundaries, engendered a real \"explosion\" of new ventures for the market sector, reconfiguring the metropolitan space from the privileged performance of the sector. The result of this process, as will be shown, was the outrageous increase in the price of real estate properties, and with this, the reinforcement of spoliation processes. It is intended to analyse how the State operates in these transformations, associated with financial and real estate fractions pof capital, either by changing regulatory frameworks, promoting public policies or building large infrastructures, fulfilling the role that sets up the general conditions of production and ensures the expansion of the sector\'s accumulation. In this scenario, the suburb of the Northern Zone of Rio de Janeiro emerged as the focus of all these investments that enhance the ongoing transformations, where the production of its space becomes the most complete manifestation of this process.

The focus of this empirical paper is to outline and evaluate certain determinants of lever-aged buyouts (LBOs) in Europe. The paper begins by providing a detailed description of LBOs, with particular emphasis on the European markets. This allows for the development of the four determinants that are studied in greater detail, specifically interest rate, out-standing stock, anti-director rights, and creditor rights. The conclusions indicate that coun-tries with more outstanding stock have larger LBO markets since equity is more liquid in these countries. Further, the results suggest that long-run interest rate is negatively related to the size of the LBO market. The paper goes on to test whether anti-director rights and creditor rights, as developed by La Porta et al. (1998) are related to the size of the LBO markets, but no evidence is found to support this notion. It is thus concluded that deter-minants focused on financing the buyouts play the most significant role in European LBO transactions.

This thesis examines the influence of investor protection and legal origin on equity market size. Previous studies have shown a relationship between legal origin and equity markets as well as quality of law. We examine whether there are any relationship between stock market capitalization as a percentage of GDP, private property rights, anti director rights and legal origin. We use data from 49 countries in our sample that is collected from the World Bank, Heri-tage foundation and La Porta et al. (1998). Our study is based upon a cross-sectional re-gressions and a variance analyzes. Our results show that property rights as well as anti director rights have a positive relation-ship to stock market capitalization as a percentage of GDP. We could not find any signifi-cant results in our regressions that stock market capitalization as a percentage of GDP can be explained by legal origin. We consider previous conducted studies regarding legal origin to have exaggerated legal origins’ impact on equity markets. Equity markets are more related to the level of develop-ment in countries, no matter legal origin.

Background and purpose In Sweden private savings in stocks has experienced a large increase and in year 2006 there were 6.7 million people, or 77 per cent of the population owning stocks. A recent study shows that more than every other Swede has deficient knowledge in trading with stocks. Since small private investors often do not know how to gather and interpret information they must utilize investment advices. The large increase in private savings in stocks, the lack of investment knowledge together with the large increase in Internet usage has resulted in investment advice seeking on the Internet. One of the largest sources of investment advices on the Internet in Sweden today is Avanza.se. The purpose with our thesis is to describe and analyze if, after a buy recommendation issued at Avanza’s website, the effects with respect to abnormal return and market efficiency differ significantly depending on a company’s capitalization value. Method We have used a quantitative approach to fulfill our purpose. The secondary data required to do so was gathered from the OMX-Group’s website, where historical prices and Index information was collected, and from the online broker Avanza’s website where the buy recommendations were compiled. In order to conduct statistical tests and calculations we have used the statistical software SPSS. Frame of Reference The theories we made use of mainly treated market efficiency and abnormal return. Conclusions We have seen that the recommendations’ effect concerning abnormal return differ signifi-cantly depending on capitalization value, where the effect on companies with smaller capitalization values are larger. We have also found tendencies of market inefficiency at the semi strong level for stocks with smaller capitalization value.

Knowledge production has changed considerably in the past few decades. This transformation has notably affected universities both as unique institutions and citadels of knowledge. These changes are being brought by a number of factors, such as the globalization of the economy, the rise of technologies based on generic forms of knowledge, and the ability of universities to hold and exploit patents. In both scale and intensity, these alterations have led policy makers to reflect more on how scientific and technological innovation can and should be enhanced by policy decisions that would improve university-industry and government cooperation. This new fusion of three complementary societal sectors has been described by sociologists as the triple helix. As an analytical and normative concept, the triple helix is derived from the changing role of government in different societies in relation to academia and industry. Its basis is the recognition that the interaction among university-industry-government as relatively independent, yet inter-dependent institutional spheres is critical to improving the conditions for innovation in a knowledge-based society. The study reveals that commercial research funding significantly affects the perceptions of university-industry collaboration and academic knowledge capitalization. The analysis showed that academic scientists who received commercial research funding have relatively positive views about university-industry relations than those who do not receive such funds. However, one cannot conclude that commercial activities of academic scientists are harming the core functions of the university or that intellectual autonomy is being surrendered to industrial partners. Based on the findings of the study, and the contours of the triple helix model, it is argued that the growth of university-industry-government collaboration is not necessarily pre-determined in favour of either private corporations or the state, nor is it necessarily at the expense of universities. It is further contended that the growing notion that academic capitalism is harming the core functions of the university is perhaps a bit simplistic in that the issue is more complex and multifaceted than usually acknowledged. <p>In light of the above, the study asserts that the future viability of policies encouraging universities to be entrepreneurial may, if approached strategically, be catalysts for the science-based knowledge economy. For that to be realistic there is the need to understand the university as a differentiated social system rather than a unified whole. This will avoid the situation whereby all university activities are subordinated under a homogenous policy of one size fits all. In the context of triple helix relations, conceptualizing the university as a differentiated social system means a deep-seated and continually growing purposeful specialization such as the adoption of an economic development function in addition to teaching, research and community engagement.

This paper examines whether Swedish listed firms use research and development (R&amp;D) accounting as a tool for income smoothing (hypothesis 1). One controversial accounting issue concerning R&amp;D is that R&amp;D capitalization could be influenced by earnings management purposes due to a subjective accounting treatment. We also examine whether firms´ degree of fluctuation in return on assets (ROA) has an effect on income smoothing behavior (hypothesis 2). Finally, we investigate if the level of flexibility allowed in the R&amp;D accounting with the different accounting standards, BFN R1, RR 15 and IAS 38 has an effect on income smoothing behavior (hypothesis 3). We study the accounts for 21 firms for the years 1998-2000, 52 firms for 2002-2004 and 59 firms for 2007-2009. Using multiple regression analysis we find that the income smoothing hypothesis is supported in period two (2002-2004). The regression analysis also indicates that firms with low change in ROA tend to capitalize more R&amp;D when they are less profitable than prior year. Our results also imply that the level of flexibility in different accounting standards does not have an effect on income smoothing behavior and hypothesis 3 is not supported.

Knowledge production has changed considerably in the past few decades. This transformation has notably affected universities both as unique institutions and citadels of knowledge. These changes are being brought by a number of factors, such as the globalization of the economy, the rise of technologies based on generic forms of knowledge, and the ability of universities to hold and exploit patents. In both scale and intensity, these alterations have led policy makers to reflect more on how scientific and technological innovation can and should be enhanced by policy decisions that would improve university-industry and government cooperation. This new fusion of three complementary societal sectors has been described by sociologists as the triple helix. As an analytical and normative concept, the triple helix is derived from the changing role of government in different societies in relation to academia and industry. Its basis is the recognition that the interaction among university-industry-government as relatively independent, yet inter-dependent institutional spheres is critical to improving the conditions for innovation in a knowledge-based society. The study reveals that commercial research funding significantly affects the perceptions of university-industry collaboration and academic knowledge capitalization. The analysis showed that academic scientists who received commercial research funding have relatively positive views about university-industry relations than those who do not receive such funds. However, one cannot conclude that commercial activities of academic scientists are harming the core functions of the university or that intellectual autonomy is being surrendered to industrial partners. Based on the findings of the study, and the contours of the triple helix model, it is argued that the growth of university-industry-government collaboration is not necessarily pre-determined in favour of either private corporations or the state, nor is it necessarily at the expense of universities. It is further contended that the growing notion that academic capitalism is harming the core functions of the university is perhaps a bit simplistic in that the issue is more complex and multifaceted than usually acknowledged. <p>In light of the above, the study asserts that the future viability of policies encouraging universities to be entrepreneurial may, if approached strategically, be catalysts for the science-based knowledge economy. For that to be realistic there is the need to understand the university as a differentiated social system rather than a unified whole. This will avoid the situation whereby all university activities are subordinated under a homogenous policy of one size fits all. In the context of triple helix relations, conceptualizing the university as a differentiated social system means a deep-seated and continually growing purposeful specialization such as the adoption of an economic development function in addition to teaching, research and community engagement.