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21	Optimal Capital Structures under the Vasicek Stochastic Interest Rate Model / Optimala kapitalstrukturer med en Vasicek-stokastisk räntemodell Danielson, Oscar, Hagéus, Tom January 2023 (has links) This study applies the Vasicek stochastic interest rate model in order to determine optimal capital structures for listed firms. A Swedish interest rate data set is used to estimate Vasicek model parameter that are reliable and independent of initial start values. These interest rate parameters are then used in a capital structure model which is evaluated through a sensitivity analysis and a firm-specific analysis which is applied to listed Swedish firms. The tax benefits of debt must be balanced against transaction costs and bankruptcy costs when determining optimal leverage ratio and optimal debt maturity. The results imply that firms should primarily focus on the long-term mean parameter of the interest rate process, the volatility of its firm value, the transaction cost of issuing debt and the effective corporate tax rate when choosing a capital structure. The capital structure model is well-founded in previous research and yields results which align with empirical data quite well. The conclusions of this study has implications for corporate finance, as the Vasicek model provides a better understanding of the stochastic nature of interest rates and its influence in determining optimal capital structures. / Denna studie tillämpar Vasiceks stokastiska räntemodell för att bestämma optimala kapitalstrukturer för noterade företag. Vasicekmodellen anpassas till ett Svensk dataset över räntor för att estimera parametrar. Dessa parametrar används sedan i en kapitalstruktursmodell för att analysera modellens känslighet för variationer i parametrar samt för att härleda optimala kapitalstrukturer för en rad Svenska noterade bolag. Skattefördelarna av skuld måste balanseras mot transaktionskostnader av skuldemissioner och konkurskostnader vid bestämning av optimal skuldsättningsgrad och optimal skuldlöptid. Resultaten antyder att företag bör primärt fokusera på det långsiktiga medelvärdet av den stokastiska ränteprocessen, volatiliteten av bolagsvärdet, transaktionskostnaden av skuldemissioner och effektiva bolagsskatten när de väljer en kapitalstruktur. Denna studie har implikationer för finansieringsteori då Vasiceks modell närmare modellerar räntors stokastiska dynamiker och dess påverkan på bestämning av bolags kapitalstrukturer. Vasicek model stochastic interest rate model optimal capital structures tax benefits bankruptcy costs transaction costs optimal leverage ratio optimal debt maturity Vasicekmodell stokastisk räntemodell optimala kapitalstrukturer skattefördelar konkurskostnader transaktionskostnader optimal belåningsgrad optimal löptid Other Mathematics Annan matematik
22	LE SCELTE STRATEGICHE DELLE AZIENDE FAMILIARI: UNA ANALISI EMPIRICA SULLE MEDIE E GRANDI AZIENDE ITALIANE / BUSINESS STRATEGIES OF FAMILY FIRMS: AN EMPIRICAL ANALYSIS ON MEDIUM AND LARGE ITALIAN FIRMS / BUSINESS STRATEGIES OF FAMILY FIRMS: AN EMPIRICAL ANALYSIS ON MEDIUM AND LARGE ITALIAN FIRMS QUARATO, FABIO 11 March 2016 (has links) Le aziende a controllo familiare sono considerate in molti Paesi la struttura proprietaria dominante, e la ricerca accademica si è progressivamente concentrata negli ultimi decenni sugli aspetti peculiari che differenziano le aziende familiari dalle altre strutture proprietarie. Nonostante questa convergenza, molti studi hanno sviluppato teorie contrastanti, in modo particolare sulla capacità delle aziende familiari di generare performance finanziarie superiori. Di converso, pochi studi hanno concentrato l’attenzione sulle scelte strategiche che posso spiegare il (maggiore o minore) differenziale di performance delle aziende familiari. Partendo dall’assunto che punti di forza e di debolezza possano coesistere nelle aziende familiari, identificare se siano gli uni o gli altri a prevalere è una sfida complessa se non si prendono in considerazione le scelte strategiche effettuate dalle aziende familiari. Partendo da questo gap nella letteratura, il presente lavoro cerca di misurare l’impatto che la proprietà familiare può avere sulle performance aziendali concentrandosi su tre aspetti principali della strategia d’impresa: il livello di conformità strategico alla media di settore (mediante la creazione di un indice che approssima le principali determinanti della business strategy), l’avvio di un processo di internazionalizzazione attraverso investimenti diretti esteri (IDE), e le implicazioni delle strategie di acquisizione. / The family business is widely considered the dominant property structure around the world and the research on this field has increased rapidly in the last decades to understand whether and in which aspects family firms differ from other organizations. Despite this convergence, the actual body of research on family firms is populated by conflicting theories and findings, especially on the relationship with financial performance. On the other hand, few studies focus their attention on which strategic choices may explain the financial differences between family firms and non-family peers. Starting from this research gap, we think that both positive and negative aspects may coexist in family firms, and it would be difficult to identify which predominate without considering how family principals frame strategic decisions. In our thesis, we try to disentangle the effect of family ownership on firm performance focusing on three main aspects of firm strategy: the level of strategic conformity through the creation of a composite index (in which we incorporated six items that can be considered as key determinants of the business strategy), the departure of the internationalization process through foreign direct investments (FDI), and the implications of acquisition strategies. SECS-P/07: ECONOMIA AZIENDALE
23	The Law BusinessmanTM : Five Essays on Legal Self-efficacy and Business Risk Jörgensen, Fredrik January 2013 (has links) The thesis challenges the notion of effectiveness of law as being based on the formal institutions of courts, law enforcement and written law. It argues that the best way to measure the effectiveness of law is the legal self-efficacy of laymen who are the end users of law. It presents a new perspective on the effectiveness of law. It turns the traditional perspective of studying the effects of legal institutions around and instead studies the effect of how individuals perceive their own ability to use law. This self-reflexive ability - legal self-efficacy - is the answer to the question “How comfortable are with communicating with legal terminology?”. The thesis makes several comparisons using the traditional perspective and legal self-efficacy and finds that legal self-efficacy is a better measure of legal effectiveness. This thesis analyzes 246 businesspeople in Russia and their risk behavior with regards to economic transactions in relation to legal self-efficacy. The theory behind legal self-efficacy is a combination of Luhmann’s theory of law as communication and Bandura’s concept of self-efficacy. The first paper applies the traditional approach. It analyzes the effect of legal efficiency on leverage and debt maturity for listed and non-listed companies. The second paper is describes the conceptual foundation of the legal effectiveness based on the individual. The third paper compares the effect of private order (including legal self-efficacy) and public order institutions on the granting of trade credit. The fourth paper analyzes the impact of legal self-efficacy and formal legal institutions on sanctions against clients in a comparative perspective. The final paper seeks out possible sources of legal self-efficacy. Legal self-efficacy can be used to better understand the interaction of individuals and law including such fields of research as behavioral accounting, behavioral law and finance, legal sociology and legal studies. legal self-efficacy legal effectiveness legal terminology trade credit institutional effectiveness mechanisms of risk reduction public order private order legal family leverage long term debt legal efficiency trade sanctions debt maturity creditor rights corporate governance Luhmann Russia Central and Eastern Europe legal sociology law and finance law and economics legal studies legal consciousness self-efficacy rättssjälvtillit rättseffektivitet kreditrisk handelskredit sanktioner institutionell effektivitet redovisningssjälvtillit rättsfamilj handelssanktioner långsiktiga skulder kortsiktiga skulder borgenärsrättitgheter handelssanktioner corporate governance Luhmann Ryssland Central och Östeuropa rättssociologi rätt och finans rättsekonomi juridik rättsmedvetandet självtillit

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