Prior to the establishment of Aid to Dependent Children in 1935, states offered cash assistance to single mothers and their children through locally administered programs known as mothers' pensions. Since the first mothers' pension law was passed in 1911, the rank-ordering of states' generosity has been remarkably stable, shifting only after welfare reform in 1996. Prior research has neither documented nor explained this remarkable path dependence. In this dissertation, I argue that states' racial and ethnic composition and their state capacity, as measured in the 1930s before the federalization of cash assistance to single mothers, set states on particular trajectories. To see how this operated in practice, I conducted a case study of benefit levels in Massachusetts from 1913 to 1996. I found that a constellation of factors at the beginning of mothers' pensions--the lack of a legislated maximum benefit level, state involvement in funding, and a competent professional bureaucracy--set Massachusetts on a trajectory toward being a generous state. The early years of Aid of Dependent Children reinforced this trajectory, as benefit levels were consistently raised due to cost-of-living increases. Things began to change in the 1960s, however, as the caseload grew, the state experienced a fiscal crisis, and welfare rights activists campaigned for higher benefit levels. Welfare rights activism generated a backlash that resulted in a lack of public support for adequate benefit levels. Benefit levels declined until the early 1980s, when a strong economy, savvy advocates, and sympathetic elected officials combined to increase benefit levels. The early 1990s recession, which began in 1988 in Massachusetts, instigated another decrease in benefit levels. Ultimately, the case study showed that states may appear to have solid trajectories, but these trajectories are contested. Both raising and lowering benefit levels came up in the Massachusetts Legislature many times, and a fundamental change in Massachusetts' state capacity, such as permanently reduced fiscal resources, could have sent Massachusetts down a different path.

Many prospective fuel retailers are turning away from the industry due to the high cash volumes and the risks associated with cash management. Due to the regulation of the retail fuel price the profit margins are small. Therefore cash flow management is extremely important as fuel prices are adjusted monthly and cash needs to be readily available to make payments to the fuel suppliers. The cycle of cash from the point of sale system until the money reflects in the bank account can take several days. This affects the cash flow and is critical at the end of month fuel orders especially when there is a fuel price increase. Cash notes in circulation have continued to grow even despite the advent of electronic fund transfers. With service stations now being opened in areas were the inhabitants were regarded as “un-bankable” cash is still the primary means of trade. Security of cash and the security of those handling cash is a deterrent to the opening of businesses that deal with large volumes of cash notes. Anytime a human being touches cash there is a built-in level of inefficiency and the potential for loss. The aim of the study will be conducted into the viability of an electronic drop safe system within the retail fuel outlets in the Phoenix and Inanda areas. A sample of 35 fuel retail sites was drawn from the area with a population of 39 across all fuel brands. Data collection was done via a researcher administered questionnaire that was developed by the researcher. Face to face interviews were used as questions are based on cash security were asked. The respondents’ results revealed that they perceive real benefits to be offered by the electronic cash management system with respect to reconciliation and cash flow efficiencies. / Thesis (MBA)-University of KwaZulu-Natal, Durban, 2011.

This paper analyzes the impacts of the Malawi Social Cash Transfer Scheme. The goal of this paper is to help improve the design of cash transfers. First of all, I analyze whether the cash transfer positively affects child health variables despite occurring in a region with poor supply side health institutions. I find significant results for many child level variables, such as frequency of illnesses, but insignificant improvements in anthropometric measurements. Secondly, I examine whether female-headed households invest more in child health than male-headed households. The results show that the impacts of the cash transfer did not depend on the sex of the household head. This result provides some evidence that females do not always have systematically different preferences for expenditure on children than males. The paper uses the imperfect randomization of the cash transfer in combination with difference-in-differences regressions, propensity score matching, and Lee Bounds tests in order to ensure the robustness of the results.

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This thesis comprises four chapters, in two parts. The first part examines the result of a Swedish payroll tax reduction; first from the perspective of the worker, then from that of the employer. The second half of the thesis concerns subjective well-being, both from an individual and from an aggregate viewpoint. Payroll Taxes and Youth Labor Demand. In 2007, the Swedish payroll tax was reduced substantially for young workers. This paper examines whether targeted payroll tax reductions are effective in raising youth employment. We estimate a small impact, both on employment and on wages. However, the effect differs markedly across ages, with 4–5 times higher impact on 22–23 year-olds compared to 25-year-olds. Additionally, the employment effects are strongly procyclical, approaching zero in the deep recession. We calculate that the estimated cost per created job is more than four times that of directly hiring workers at the average wage. Payroll Taxes and Firm Performance. The Swedish payroll tax reform of 2007 had the effect that firms' average social fees came to depend on the age structure of their employees. This makes it possible to estimate how firms respond to shocks in labor costs. We find a significant, but very small effect on gross investments, and a negative, but not statistically significant, impact on labor productivity. There are no effects on exit rates or profitability. Beyond Income: The Importance for Life Satisfaction of Having Access to a Cash Margin. We study how life satisfaction among adult Swedes is influenced by having access to a cash margin, i.e. a moderate amount of money that could be acquired on short notice either through own savings, by loan from family or friends, or by other means. We find that cash margin is a strong and robust predictor of life satisfaction, also when controlling for individual fixed-effects and socio-economic conditions, including income. This suggests that cash margin captures something beyond wealth. On Aggregating Subjective Well-Being. This paper discusses the assumptions underlying the aggregation of individually measured well-being. Any aggregation method is associated with measurability assumptions regarding the underlying well-being measure, as well as moral philosophical assumptions with respect to how individual well-being is weighted into a composite metric. I compare welfare across a set of countries, under alternative aggregation methods, and find that countries often can be ranked under comparatively weak measurement assumptions, and, equally important, that aggregation methods can be chosen so as to refrain from strong ethical preconceptions.

Background: Previous studies show that recommendations accuracy partly can be explained by numerous variables. Prior research leave out several variables, which based on theoretical support, may have a connection with accuracy, such as the cash flows’ volatility. Based on the DCF-model’s structure, accuracy of target prices is assumed to have a positive relationship with companies that have stable cash flows. Purpose: The purpose of this thesis is to analyze the accuracy of stock analysts' target prices and their connection with stable cash flows. The purpose of the study is also to analyze the role of less highlighted variables’ relationship with the accuracy of target prices, in combination with earlier investigated variables. Completion: Including less highlighted variables is supported by theory about corporate valuation, where cash flows’ volatility is the main focus of this study. The accuracy of the target prices is analyzed by regression analysis for three time horizons, where the dependent variable is the absolute margin of error and the dependent variables are represented by the explanatory factors that the study examines. The relationships are estimated by OLS, due to the fact that data are unbalanced. Conclusion:  Stock analysts’ target prices present relationships with numerous of the variables examined in the study. The strongest relationships with the accuracy of target prices are shown by cash flows’ variation, the number of stock analysts, goodwill in terms of total capital and companies’ size. The results show that companies with stable cash flow have a positive relationship with the accuracy of target prices, which supports the theories of the DCF-model for valuation of companies with stable cash flow. The estimations show that the accuracy of target prices also is explained by other factors than those this very study investigates. The results show that the accuracy is higher for shorter time horizons. / Bakgrund: Tidigare studier finner att prognosers träffsäkerhet delvis kan förklaras av flertalet variabler. De variabler som studeras i tidigare forskning visar bitvis på tvetydigheter och utelämnar flertalet variabler som utifrån teoretiskt stöd kan ha ett samband med träffsäkerheten, som exempelvis kassaflödens volatilitet. Utifrån DCF-modellens uppbyggnad antas riktkursers träffsäkerhet ha ett positivt samband med bolag som har stabila kassaflöden. Syfte: Studiens syfte är att ekonometrisk analysera träffsäkerheten i aktieanalytikers riktkurser och söka systematiska förklaringsfaktorer till avvikelser mellan riktkurser och de faktisk realiserade kurserna. Fokus ligger på att, i kombination med tidigare undersökta variabler, analysera tidigare mindre uppmärksammade variablers så som kassaflödens samband med riktkursers precision.   Genomförande: Från teori kring bolagsvärdering hämtas stöd för mindre belysta faktorer som kan tänkas påverka riktkursers träffsäkerhet, där kassaflödens volatilitet är studiens huvudsakliga fokus. Riktkursernas träffsäkerhet analyseras via regressionsanalys för tre olika tidshorisonter, där beroendevariabeln är den absoluta felmarginalen i riktkursen och de oberoende variablerna representeras av företagens kassaflöden och övriga påverkansfaktorer som identifierats i tidigare forskning. Studien bygger på data från den amerikanska aktiemarknaden. Slutsats: Aktieanalytikers riktkurser uppvisar samband med flertalet av de variabler studien undersöker. Starkast samband med riktkursers träffsäkerhet visar kassaflödens variation, antalet aktieanalytiker, goodwill i termer av totalt kapital och bolags storlek. Resultaten visar att bolag med stabila kassaflöden har ett positivt samband med riktkursers träffsäkerhet. Detta ger stöd åt DCF-modellens teorier vid värdering av bolag med stabila kassaflöden. Skattningarna visar att riktkursers träffsäkerhet även förklaras av andra faktorer än de som studien undersöker. Resultaten visar att träffsäkerheten är högre för kortare tidshorisonter.

This doctoral thesis focuses on modelling as an efficient tool in industrial practice in the field of power industry and environmental engineering. It represents the modelling for technical as well as for economic part and their combination. Industrial companies do not evaluate only technical solutions in terms of investment costs, however, they search for optimized technical-economic solutions. The doctoral thesis describes the modelling of individual equipment as well as technological units in various levels of complexity. Case studies utilising various levels of modelling are represented herein.

Master of Agribusiness / Department of Agricultural Economics / Mykel Taylor / The agricultural commodity market has been experiencing previously unseen high prices in recent years. This new era of prices brings with it new challenges within agriculture for farmers and grain buyers within agriculture. This research explores the basis values of hard red winter wheat in Kansas and the elevator characteristics that provide a competitive advantage for elevators buying wheat in Kansas. This research explores hard red winter wheat basis values from elevators located around Kansas from 2002 to 2013. Two hundred twenty eight locations from around Kansas were used in the research. These locations provided the price data that was used for this research. The elevator characteristics used in the research were collected from the Kansas Grain and Feed Directory and the Burlington Northern-Santa Fe and Union Pacific railway companies. Five elevator characteristics were researched that may have a significant impact on an elevators basis. These characteristics are thought to provide a competitive advantage to the location in the form of stronger or narrower basis bids to the farmer, giving the farmer a higher price for his grain. The characteristics researched included elevator capacity, transportation capabilities, elevator terminal status, shuttle loading status, and cooperative or investor-owned business structure. Each characteristic was compared against their counterpart. For example, a location is either a shuttle loader or it is not. The research provides grain companies and farmers some data that they may find useful in marketing grain and setting basis levels in the ever changing and volatile market place in today’s grain industry.

Master of Science / Department of Agricultural Economics / Mykel R. Taylor / Land value research has been conducted over many decades with efforts being focused on a broad spectrum of topics encompassing many different issues. The research in this thesis will focus on understanding the relationship between net farm income, cash rent, and land value. This research could provide insight and direction in determining future land value behavior. Understanding land prices is important to many different segments of the agricultural industry. Those involved in the industry want to know where land values are going and what the future looks like. Although certain segments may not be directly affected by land value movements, if value decreases the environment of the agriculture industry is changed. Farmers and ranchers are interested in future land values as they make purchase and sale decisions or as they consider future growth of their operation. Agribusinesses understand the affect a decrease in land value would do to farmer’s decisions regarding capital purchases. Additionally, agriculture finance institutions are interested in the future movement of land value as they are concerned about the affects adverse movements in land value would have on their customer’s balance sheet and ultimately their collateral position. In this paper the relationship between land value and cash rent; where land value is a function of historical cash rent and cash rent is a function of net returns to the land will be tested for its’ existence in Kansas. Data were collected for the nine crop reporting districts in Kansas from 1973 through 2012.

For more than a decade, to reduce the agency problem, various ways have been examined on how to align the interest of manager with shareholders. Evidence and empirical findings are conflicting on the agency problem. Recently, deferred compensation as one incentive compensation draws the attention as a means to incentivize CEOs to make them work for the firm. However, it is still not evident if deferred compensation has effect on aligning CEOs with the firm’s goal possibly due to the issue on data. Therefore, the first essay investigates if deferred compensation has the effect on the agency problem and on the firm performance improvement after dealing with the data issue. This paper mainly aims to investigate if there is the non-linear relationship between the investment choice problem and the deferred compensation as Jensen and Meckling (1976) claim. This paper concludes that deferred compensation from NQDC table has positive and significant effect on the firm performance and the investment choice problem. More importantly, following McConnell and Servaes (1990), this paper finds the curvilinear relationship between Tobin’s Q and the deferred compensation and can confirm Jensen and Meckling (1976) theoretical application. The second essay aims to clarify the understanding on the relationship between the firm’s cash holdings and its causes by introducing the more detailed relationship between cash holdings and macroeconomic uncertainty. While previous literature tries to explain the level of cash holdings mainly by the firm-level variables, this study considers the full impact of the macroeconomic uncertainty on the level of cash holdings by introducing the firm’s heterogeneous exposure to macroeconomic uncertainty to see if the heterogeneity can tell the difference in the change in the level of cash holdings. This paper finds that macroeconomic uncertainties measured by difference macroeconomic condition variables are significant and contribute to the change in cash holdings. Additionally, this paper shows that the firms’ different level of exposure to macroeconomic uncertainty can cause the different degree of cash holdings and that firms with the higher level of exposure have the higher level of cash holdings.