Compared to other areas of Finance, the field of Project Finance is a relatively unexplored area for both empirical and theoretical research. And in particular, most of the research to date has focused more narrowly on risk management through financial instruments. From another point of view and by looking at different types of projects, Cross Border projects are usually considered 'high risk', mostly due to a lack of adequate overseas environmental information and overseas project experience. Given this setting, this research aims to explore risks attributed to Cross Border Project Financed projects and understand why South African companies should or should not use Project Finance for their Cross Border projects.There were two phases to the research. The first phase consisted of an analysis of literature on Project Finance, the Cross Border project context and Risk Management processes and, the further analysis of fourteen case studies where Cross Border projects have used Project Finance. This was with the aim of extracting risks and relevant allocation and mitigation methods. The second phase consisted of ten interviews with South African Project Finance experts, based on findings from phase one. This phase’s aim was to explore the practical risk allocation and mitigation methods and compare them to what was said in theory, making recommendations for further research into Project Finance in South Africa.The first phase resulted in a broad description of the theory of risks associated with Cross Border Project Financed projects and those specific risks and allocation or mitigation methods addressed in Cross Border projects that have used Project Finance as their financing vehicle. The second phase produced a comparative scheme between what is being addressed in theory as risk allocation and mitigation methods and what is being exercised in South African Project Financed projects. This comparison showed that Project Finance is a recommended financing vehicle for Cross Border projects provided that required due diligence and homework are done upfront. It was concluded that there is a gap between theory and practice in terms of risk allocation and mitigation methods developed for Cross Border Project Financed projects. This research provided a framework to introduce similarities and differences between theory and practice and ended up with a set of recommendations for further research into Project Finance. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

Cette thèse a pour objectif de définir un nouveau concept : celui de Territoire Transfrontalier Maritime (TTM) qui se différencie du concept de territoire transfrontalier terrestre par la présence de la mer qui modifie la dialectique ouverture/fermeture propre à ces territoires, du concept de territoire « inter-côtier » puisque la dialectique frontalière vient se superposer à la distance instaurée par la mer et des concepts de méditerranée dans la mesure où les territoires transfrontaliers maritimes se définissent par leur proximité à la frontière alors que les méditerranées comprennent des espaces distants de plusieurs milliers de kilomètres de la frontière.Pour y parvenir, la première partie de la thèse se décompose en trois chapitres. Le premier mène une réflexion autour de la territorialisation de la mer puisque les TTM sont centrés tant géographiquement qu’humainement sur la mer. Or si cette mer s’apparente à un no man’s land il semble inconcevable de parler de TTM. Le second chapitre revient sur la définition de ce concept et les questions qu’il soulève. Une réflexion autour de l’association des termes « mer et proximité » y est conduite : la mer éloigne-t-elle ou rapproche-t-elle les populations riveraines ? Enfin le troisième chapitre présente l’espace transmanche, retenu car il permet de produire des données empiriques inédites tout en testant les hypothèses. Il dévoile aussi le protocole méthodologique élaboré pour l’analyse des TTM, inspiré de la FSS de Di Méo et adapté aux spécificités de ces territoires. La seconde partie expose les résultats obtenus dans le cadre du terrain tout en conservant une démarche comparative afin de bien différencier conceptuellement les TTM des concepts cités précédemment. Le quatrième chapitre est en lien avec les pratiques de l’espace : Observe-t-on des spécificités dans ces pratiques ? La proximité les explique-t-elle ? En quoi les motifs de ces flux contribuent-ils à la territorialisation de l’espace ? Le cinquième chapitre analyse les représentations de l’espace puisque la thèse se positionne dans le champ de la géographie sociale et culturelle. Nous questionnons l’altérité des résidents transmanche : les résidents français et anglais de cet espace ont-ils des visions communes d’un espace partagé ? Enfin le dernier chapitre est dédié à l’institutionnalisation de l’espace. En effet les TTM n’ayant pas d’existence politico-administrative il est nécessaire que leurs acteurs coopèrent et partagent une vision commune de l’espace. Ainsi les concepts de coopération transfrontalière et de gouvernance transfrontalière maritime sont mobilisés. Une étude particulière est menée autour des jumelages transfrontaliers et des relations qu’ils entretiennent avec la territorialisation des espaces. Tout au long de notre travail, l’étude des interactions entre la matérialité, l’immatérialité et l’institutionnalisation de l’espace est au centre de la réflexion. Le questionnement général de la thèse intègre aussi l’incidence de la maritimité sur la constitution d’un TTM. Enfin en raison de notre territoire d’étude il est important de réfléchir sur le concept d’insularité. / This PHD has for objective to define a new concept: that of The maritime Cross-border Territory (MCBT) who differs from the concept of ground cross-border territory by the presence of the sea which modifies the dialectic opening/closure appropriate to these territories, the concept of "inter-coastal" territory because the border dialectic comes to overlap at the distance established by the sea and the concepts of Mediterranean as far as the maritime cross-border territories define themselves by their closeness on the border while the Mediterranean include distant spaces of more than thousands of kilometers of the border.To reach there the first part of the PHD decomposes into three chapters. The first one is dedicated to a reflection around the territorialisation of the sea because the MCBT is centered so geographically as humanely on the sea. Yet if this sea is similar to a no-man's-land it seems inconceivable to speak about MCBT. The second chapter returns to the definition of this concept and the questions which it lifts. A reflection around the association of the terms "sea and closeness" is led there : does the sea take away or does it move closer to the waterside populations? Finally the third chapter presents the cross-Channel, reserved space because it allows to produce new empirical data while testing the hypotheses. It also reveals the methodological protocol developed for the analysis of the MCBT, inspired by DI MÉO'S FSS and adapted to the specificities of these territories.The second part exposes the results obtained within the framework of the ground while keeping a comparative approach to differentiate well conceptually the MCBT of the concepts quoted previously. The fourth chapter is in connection with the practices of the space: observe Tone of specificities in these practices? Does closeness explains them? In what the motives for these flows contribute to the territorialisation of the space. The fifth chapter analyzes the representations of the space because the PHD positions itself in the field of the social and cultural geography. We question the otherness of the cross-Channel residents: have the French and English residents of this space seen in common a shared space? Finally the last chapter is dedicated to the institutionalization of the space. Indeed, the MCBT having no politico-administrative existence it is necessary that their actors cooperate and share a common vision of the space. So the concepts of cross-border cooperation and maritime cross-border governance were mobilized. A particular study was led around the cross-border twinnings and the relations which they maintain with the territorialisation of spaces.Throughout our work, the study of the interactions between the materiality, the immateriality and the institutionalization of the space was in the center of the reflection. The general questioning of the PHD also integrates the incidence of the maritimity on the constitution of a MCBT. Finally because of our territory of study it is important to think about the concept of insularity

The development of telemedicine in the context of cross-border healthcare services in the European Union: comparative approach France / Czech Republic The role of the European Union, within the context of its support in the field of public health, consists of helping the Member States to achieve the goals defined in the multiannual framework program. Among these goals, telemedicine is a priority of eHealth. Telemedicine is a form of healthcare provided remotely using Information and Communication Technology (ICT). It aims to improve the efficiency of medical care systems faced with the ageing of the European population. This thesis is a study of cross-border telemedicine in the context of cross-border medical care as it is regulated by European Union law. However, the deployment of cross-border telemedicine depends on the competence of the Member States. A comparison between French and Czech legislation, in terms of the implementation of telemedicine in these Member States, reveals different strategies regarding the integration of telemedicine into their healthcare systems. In light of these two significant examples, it will be possible to show how the deployment of telemedicine in domestic law influences its cross-border development. European legislation encourages states to use cross-border...

Since 2010, some private and public high schools in Eswatini1 have begun to offer the South African Curriculum and Assessment Policy Statements (CAPS). Demand for this increased from one school in 2010 to 13 schools in 2018. The study accordingly investigated the challenges inherent in the transferal and implementation of the CAPS Curriculum in secondary schools in Eswatini. Phillips and Ochs (2003) and Dolowitz and Marsh’s (2000) model of policy borrowing were used as a theoretical lens to steer the study. The study adopted a qualitative case study as the research design in terms of which a sample of four schools was conveniently and purposively selected. Document analysis and semi-structured interviews with 33 participants were conducted. The study identified that the curriculum transfer was initiated by parents whose demand for the South African curriculum emanated from a number of factors such as low pass threshold, cheaper access, rejection of Swazi learners by South African public schools, limited professional courses and few universities in Eswatini. The challenges to such transferal and implementation were identified as lack of contextual suitability; lack of training for educators; border immigration requirements; high tuition fees and absence of a memorandum of understanding between the two countries. / Thesis (PhD)--University of Pretoria, 2020. / Education Management and Policy Studies / PhD / Unrestricted

Within forecasting electricity pricing, we analyse whether adding various vari- ables improves the predictions, and if shorter time intervals between observa- tions enhance accuracy of the forecasting. Next, we focus on proper selection of lagged observations, which has not been thoroughly covered in the past litera- ture. In addition, many papers studied electricity prices in larger markets (e.g. United States, Australia, Nord Pool, etc.) on datasets limited in scope, with 2-3 years timespan. To address these gaps in literature, we obtain one daily and one hourly dataset, both spanning 6 years (January 1, 2015 - December 31, 2020), from four Central and Eastern European countries - the Czech Repub- lic, the Slovak Republic, Hungary, and Romania. These contain information on the electricity prices, and information on our observed added variables - temperature and cross-border electricity flows. For the forecasting, we use two different methods - Autoregression (AR) and Seemingly Unrelated Regression (SUR). The thorough selection of lagged observations, which we accustom to the closing time of the auction-based electricity market system, serves further studies as a guidance on how to avoid possible errors and inconsistencies in their predictions. In our analyses, both AR and SUR models show that...

The statutory health care systems of EU member states show a lot of differences, e.g. in financing, reimbursing, availability, form of membership, etc. The European health insurance card gives EU citizens the possibility to see a doctor while abroad, extending their right from receiving emergency treatment to receiving full necessary treatment under the laws of the member state.  The scope of the insurance claim abroad is governed by the respective national law. This can result in a significantly higher cost sharing compared to the domestic situation. Depending on the country, this can include both fixed amounts (additional payments) and percentage shares of up to more than half of the costs.[1] While exercising the right to free movement EU citizens might need way more than emergency care, especially in relation to the rise of chronic diseases like diabetes etc. But quality treatment of patients residing abroad requires a seamless coordination of the member states’ health insurance systems. The access to member states health care systems is not seldomly tricky, in some cases it is even denied to nationals of the state. This thesis seeks to spot access difficulties in different member states asking for the question whether or not this might impede the EU’s free movement provisions.

Finland and Estonia, the two peripheral states of the European Union’s north-eastern corner have steadily converged since the fall of the Soviet Union, both bilaterally and in a multilateral European context. The co-operation is significant and covers multiple sectors of society. Now the two countries have set out on a project to join their two capitals by building a fixed link under the Gulf of Finland forming the symbolic twin-capital of Talsinki. This case-study sets out to analyse what motivations there are in creation of the twin-capital, and what relevance does the fixed link have on the regionalization process.The qualitative analysis of policy and spatial-economic documentation triangulated with media sources shows that the incentives are mainly economic, and the process is mainly driven by state- and regional level politicians motivated by regional development. The study also indicates that the rising influence of China and other global actors has an effect on the regional politics of peripheral Europe.

Den snabba framfarten av blockkedjetekniken samt teknikens disruptiva möjligheter inom den finansiella sektorn har lett fram till vad denna studien undersöker; blockkedjeteknikens påverkan på utlandsbetalningar och huruvida marknaden för utlandsbetalningar påverkas av den ökade utforskningen och användningen av tekniken. Faktorerna kostnad tid och säkerhet kopplat till utlandsbetalningar analyseras för att ta reda på hur dessa skulle kunna påverkas. För att lättare få en förståelse för kostnader, tid och säkerhet kopplat till utlandsbetalningar inom bankindustrin utreds även hur en traditionell utlandsbetalning går till. När en ny disruptiv teknik växer fram och börjar användas i allt större omfång kan det frambringa konsekvenser som påverkar hela branschen. Därav tar denna studie även upp hur den finansiella marknaden kan komma att förändras till följd av blockkedjetekniken och vad det kan innebära för organisationer. Fintech-bolag har på senare år tagit allt större plats på den finansiella marknaden och fortsätter att styrka deras marknadsposition. Samtidigt som banker måste anpassa sig till teknikens utveckling måste de även förhålla sig till fintech-bolagens starka framväxt. Många storbanker investerar i fintech-bolag för att på så sätt kunna följa med den snabba digitala utvecklingen. Allianser mellan banker och fintech-bolag benämns fintech 2.0. Tack vare teknikens snabba utveckling i samband med digitaliseringen är det svårt att förutspå vad som kommer att definiera den finansiella sektorn i framtiden. Fortsatt forskning inom området är nödvändigt för att förstå hur processer, organisationer och marknader kommer att förändras till följd av utvecklingen. / The rapid progress of blockchain technology and the disruptive possibilities of technology in the financial sector has led to what this study examines; the impact of blockchain technology on cross-border payments and whether the market for foreign payments is affected by the increased exploration and use of the technology. Factors such as cost, time and security linked to cross-border payments are analyzed to find out how these could be affected. In order to get an understanding of costs, time and security linked to cross-border payments in the banking industry, we also investigate how a traditional cross-border payment is being executed. When a new disruptive technique emerges and begins to be used in a wider range, it can cause consequences that affect the entire industry. Hence, this study also examines how the financial market may change as a result of blockchain technology and what it might mean to organizations. In recent years, fintech companies have taken more place in the financial market and continued to strengthen their market position. While banks must adapt to the technology development, they must also relate to the strong growth of the fintech companies. Many major banks invest in fintech companies in order to be able to follow the fast digital development. Alliances between banks and fintech companies are called fintech 2.0. Thanks to the rapid development of technology in connection with digitization, it is difficult to predict what will define the financial sector in the future. Continuing research in the field is necessary to understand how processes, organizations and markets will change as a result of the development.

This dissertation explores several aspects of financial globalization, inequality and economic growth. In the first two essays, we show that cross-border capital inflows raise the domestic credit volumes and lead to higher bank risk-taking. In particular, capital inflows are related to an increased credit supply towards ex-ante risky and low performing firms. These results are amplified when the financial system is more prone to agency problems—problems that rise in the financial system’s size/concentration and undercapitalization. Therefore, from a policy perspective, we gauge that the regulation of the financial sector shapes the allocation of global liquidity to the real economy. Turning our attention towards firms’ real activities, we show that capital inflows are negatively linked with the ex-post performance of firms. Consequently, foreign capital is not only allocated overproportionally to firms with a low ex-ante profitability; additionally, low performing firms display further decreases in their future profitability, constituting long-run hazards for the aggregate economic performance. This result helps to explain the difficulties of the empirical literature to identify a distinct positive relationship between cross-border capital flows and aggregate economic growth. In the third essay, we identify the growth effects of another macroeconomic variable that has been shown to increase with financial globalization—income inequality. We find that higher income inequality increases the growth rates of industries that are dependent on physical capital. In contrast, human capital intense industries grow less in countries with a more unequal distribution of income. We further gauge that higher aggregate investments (in financially more closed economies) and devaluations of the real exchange rate (in financially more open economies) drive the positive growth effects of inequality. The negative growth effects are an implication of lower human capital investments. Consequently, policy makers should keep in mind the potential negative implications of inequality for aggregate economic growth in case their country’s industrial structure relies to a great extent on human capital.

Tidigare forskning är inte helt enig om ett offentliggörande av ett företagsförvärv skapar mervärde för det förvärvande företagets ägare. Framför allt tycks det råda delade meningar kring om den abnormala avkastningen skiljer sig mellan offentliggöranden av inhemska förvärv och gränsöverskridande förvärv. Studien syftar därför till att undersöka om abnormal avkastning uppstår när ett svenskt företag offentliggör ett inhemskt förvärv och om avkastningen skiljer sig från svenska gränsöverskridande förvärv inom Norden. Genom en eventstudie innehållandes 84 förvärvsannonseringar mellan 2015–2019 på Stockholmsbörsen undersöks marknadens reaktion. Studien finner att det uppstår abnormal avkastning vid offentliggörandet av inhemska förvärv. Vidare finner studien vissa belägg att inhemska förvärv genererar högre abnormal avkastning än gränsöverskridande förvärv.