Master’s thesis reports on small and medium-sized enterprises in the Czech Republic, especially on their development. It contains theoretic characterization of branch and opportunities of development utilized on a specific enterprise. Purpose of the Master’s thesis is a creation of developing proposal for this company.

South African education has undergone many changes in the past two decades. In an attempt to educate all South African children and provide as many prospects as possible, a funding system was adopted with the intention of achieving "redress, equity and quality" (DoE, 2006). The goal of redress was important to begin solving system discrepancies between different social groups in the country whereas the goal of equity is one of the means to attain redress. The Quintile Funding System has been considered the means to achieve equity and redress. This tiered system directs more funding to those learners in need of financial support than more affluent learners. By increasing funding to learners of a lower socio-economic status (SES), learners who would otherwise be disadvantaged, could possibly reap the benefits of more opportunities through good quality education. This study aims to investigate the functionality and relevance of the quintile funding system. By using the preProgress in International Reading Literacy Study (prePIRLS) 2011 reading literacy test results and background survey questionnaire data, the SES of each quintile is examined. The reading literacy achievement is also used as a proxy for education quality and, by examining the differences in prePIRLS 2011 reading literacy achievement of the quintiles, the levels of quality may be established. The SES and reading achievement enables a comparison between quintiles to justify the use of a five-tiered funding system. An effective funding system should ensure that the largest number of learners in the country reap the most benefits from a good quality education. / Dissertation (MEd)--University of Pretoria, 2016. / Science, Mathematics and Technology Education / MEd / Unrestricted

Controlling shareholders of private firms may define "value of the firm" in terms of personal utility. They may thus prioritize their personal wealth over the firm. Furthermore, agency-based corporate governance may not apply to privately owned firms. This study looked at managers and owners of private firms as potentially risky decision makers. Financial distress was positioned as a boundary to agency theory-based corporate governance for private firms. Choices of shareholders in respect of board composition and the relationship between board composition and external sources of funding were investigated. Influence on turnaround potential, of management who are also shareholders, was also considered. Data from 104 business rescue plans were used for correlation and multiple hierarchical regression analyses. The mean return to secured creditors was 94 % and the mean return to unsecured creditors was 48 %. Unexpectedly a negative correlation between number of directors and free assets was determined. Yet, in the regression model for return to secured creditors, the significant variables were total directors and free assets. It is concluded that personal surety provided by directors may be detrimental to a private firm's free assets. For unsecured creditors, the significant variables were size; management shareholding, and return to secured creditors. The study was conducted between 2011 and 2016 using secondary data drawn from actual business rescue cases. In conclusion, the agency cost of debt construct was refined and an estimate for the agency cost of distressed debt, was presented. Research findings offer improved insight into agency theory for private firms with a foundation for improved corporate governance models. Theorists may use this research to extend understanding of the theory of the firm and corporate governance. Furthermore bankruptcy and turnaround theory may be enhanced by the findings of this research. Practitioners may use the findings to refine credit risk and pricing models. / Thesis (PhD)--University of Pretoria, 2017. / Business Management / PhD / Unrestricted

Les objectifs de la thèse étaient d’identifier le nombre de MTI en développement, d’évaluer prospectivement l’impact financier que produiront les traitements innovants et de rechercher de nouvelles modalités de paiement des MTI pour aider les décideurs publiques à anticiper l’impact des MTI à court et moyen terme sur le budget de l’assurance maladie. Le nombre de MTI en développement est évalué par le dénombrement des essais cliniques des MTI dans 3 bases de données internationales. Cette étude a montré le grand nombre de MTI en développement et susceptible d’arriver sur le marché. L’impact budgétaire des MTI est évalué. Des modèles de Markov ont été développés pour 3 maladies : Alzheimer, Parkinson et l’insuffisance cardiaque. Ensuite, l’impact des MTI dans 35 maladies sera estimé à l’aide des hypothèses. Cette section montre que les prix élevés des MTI seront inabordables, les payeurs ne pourront pas payer le prix de tous les MTI à l’avance. Une identification des modèles de paiement des thérapies innovantes est effectuée via une revue de la littérature. Ces modèles ont été évalués et discutés durant une réunion d’experts puis un modèle de paiement optimal pour les MTI est suggéré. Des recommandations stratégiques sont présentées pour aider les industriels et les décideurs publiques à assurer l’accès des patients aux thérapies innovantes tout en maintenant la pérennité de l’assurance maladie et évitant la faillite. / The objectives of this thesis were to identify the magnitude of the ATMPs pipeline, to assess the budget impact of ATMPs and to suggest new funding models for ATMPs in order to help decision-makers to anticipate the hypothetical short and medium term budget impact of such products. The magnitude of ATMPs pipeline was evaluated by identifying the number and characteristics of ATMPs clinical trials in 3 worldwide clinical trials databases. A large number of ATMPs are in development (939 clinical trials) and may successfully reach the market. Overall, the results showed that the number of ATMPs clinical trials has been consistently growing over the past 15 years. The budget impact of ATMPs was assessed. Markov models were developed to assess the cost-effectiveness and budget impact for ATMPs using 5 efficacy scenarios in Parkinson disease, Alzheimer’s disease and heart failure. Then, an estimation of the budget impact of 35 ATMPs was conducted suggesting that an ATMP can cure all patients. We have shown in this chapter that a cost-effective ATMP may be unaffordable; payers will not be able to pay upfront the costs of all ATMPs. The traditional funding models may not be adaptable for ATMPs. The proposed funding models for innovative high-cost therapies were identified through a literature review, discussed during a consensus meeting and an optimal funding model for ATMPs was recommended.Finally, health policy recommendations for the stakeholders – patients, physicians, payers and manufacturers – are presented. These recommendations aim to help to ensure patient access to innovation while maintaining the sustainability of healthcare system.

In recent years, international literature and debate has acknowledged the fact that increasingly third party funders, partially or fully, finance a party’s arbitration costs. This essay examines whether a party whom is financed by a third party funder could be seen as having incurred costs and if so, to what extent these costs should be reimbursed by the losing party. This essay also examines if a third party funder in Sweden may be responsible for arbitration costs and if so, on what possible grounds. The essay analyzes the new dilemma of so-called ”hit and run”- arbitration and the relevant principles and interests of its discussion as a way to find a satisfying solution to the complex situation. By examining these matters, the essay uses a traditional dogmatic legal method in order to clarify applicable law and practice. The prevailing consensus amongst practitioners as well as academics, is that how a party chooses to finance its’ arbitral costs should not affect the tribunal’s allocation of costs. The mere existence of a third party funder does not automatically give rise to an exception from chapter 18 of the Swedish Code of Judicial Procedure. Instead, costs should be allocated based on the parties’ conduct of the arbitral proceedings. Article 8 in chapter 18 of the Swedish Code of Judicial Proceedings provides minimal guidance as to whether a party should be considered to have had costs when a third party funder has paid the costs. Instead, from international case law and doctrine its possible to draw the conclusion that a funder whom has a right to be reimbursed for its investment by the financed party is sufficient for the party to be considered to have had costs. However, the reimbursement for the investment to the funder is not a reimbursable cost for the financed party. In the situation that a funded impecunious party loses the arbitral proceedings, the financed party may have no economic possibility to reimburse the counter party. Neither are there explicit provisions that allows for an arbitral tribunal to issue a costs order against a third party funder since the funder is not a party to the arbitration. However, based on case law (NJA 2014 p 877), a third party funder could be responsible for a non funded counter party’s arbitral costs in a subsequent court proceeding (a claim for compensation from the funder). One of the circumstances needed in order for that subsequent responsibility to kick in is that the main purpose of financing the party must have been to avoid the Swedish Code of Judicial Proceedings’ provisions on allocation of costs. The English equivalent is often referred to as alter ego or veil piercing.

The problem of this study is to review the background, the development, the present status, and the significance of Public Law 815 with special reference to its operation in Texas.

The financial crisis starting in mid-2007 is still affecting us, and with increased regulation banks and institutions are supposed to get more solvent and the industry to become more stable. The Basel Committee is working towards more unified regulation across countries, but the question is how the increased regulation is affecting banks financials. Do profitable banks with a solid capital base have a higher ratio of capital buffer? Looking at banks in 16 OECD countries during the period 1993-2009, with country-level panel-data displayed in two simultaneous equation estimations illustrating how profit and capital buffer has changed during these years, and the relation between them. To get an understanding of how the crisis affected these variables the regressions are also done for a pre-crisis period of 1993-2006. Internal funding variables and other economic control variables are explanatory variables and results show the internal funding variables have a large effect on profit and for capital buffer profit have the largest impact. Results imply that profitable banks with a solid capital base do have a higher ratio of capital buffer. The results coincide with the franchise value theory which is applied in the paper.

The main topic of this diploma thesis is the capital allocation. I focus on crowdfunding and study how the development of crowdfunding during the last years influenced options and effectiveness of the capital allocation. I compare crowdfunding with other distributional models. Under the term of "distributional models", I understand funding models, namely bilateral model, banks, stock markets and venture capital. I choose start-ups or arising projects as a medium of exploration. The hypothesis of this thesis is as follows: "Crowdfunding is better model for funding arising projects than venture capital, banks, stock market or bilateral model." To answer the main hypothesis, I analyze two supporting hypothesis. The first hypothesis studies the principle of crowdfunding. It says, that crowdfunding is able to recognize funding-worthy projects better than other models. I want to know, what makes crowdfunding an innovative concept, I study, how the new media manifest themself in the concept of crowdfunding. I analyze, how crowdfunding eliminates individual errors by using the "crowd". And above all, I study how each model addresses the role of an intermediary in the relation between surplus and scarce subjects. The second hypothesis observes, whether crowdfunding provides more money to the arising projects than...

Opaqueness is inherent to financial institutions but contributes to the fragility of the banking system. The archetypal assets held by banks, loans, have a value that cannot be properly communicated outside of a banking relationship (Sharpe 1990; Rajan 1992). Because they are relationship specific and raise adverse selection concerns, these assets are illiquid (Diamond and Rajan 2001). However, these assets are financed with liquid deposits; uncertainty about their value can cause depositors to withdraw their funds and banks to topple (Calomiris and Kahn 1991; Chen 1999). Additionally, the combination of opaqueness and leverage creates moral hazard incentives, exacerbated by government guarantees, as well as other agency conflicts that are detrimental to stability (Jensen and Meckling 1976).This dissertation presents three original contributions on the consequences of bank opaqueness. The first contribution concerns financial analysts. We show that, unlike in other industries, the most talented sell-side analysts are no more likely than their peers to issue recommendation revisions that influence bank stock prices. However, star analysts appear to maintain influence by uncovering firm-specific bad news that induces sharp negative revaluations of bank stock prices. In the second contribution, we find that the persistence of bank dividend policies increases with agency conflicts between shareholders and managers and decreases in the presence of large institutional shareholders who have an incentive to monitor banks and to mitigate agency conflicts. Our third contribution assesses the competitive distortions in bond markets since the recent reforms of the European Union bank safety net. We find that nationalized systemic banks, and those that benefit from high bailout expectations, do not benefit from funding advantages compared to their peers. Our findings also suggest that bailout expectations for these banks have diminished, consistent with new regulatory frameworks enacted after the financial crisis being effective.Overall, our findings suggest that opaqueness presents formidable challenges for public authorities but that its consequences can be mitigated by credible regulation. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Budgetary constraints have led many educational leaders to limit arts education programming to students across the state of Pennsylvania. The purpose of this qualitative dissertation was to investigate how educational leaders sustain access to arts education programs using alternative budgetary resources for K-12 students in Pennsylvania Title I schools. This multiple case study provided analysis within and across Pennsylvania Title I schools to help fill a gap in the educational leadership literature regarding alternative budgeting strategies to meet programming needs. The conceptual framework integrated transformational leadership, principles of creativity, and budgetary strategies. Key research questions explored sustainability frameworks and the use of creative leadership strategies to guide budget allocations while analyzing how educational leaders employ constructs of transformational leadership theory to produce measures of accountability. The study of 15 school districts across Pennsylvania employed an in-depth interview process and document review. Multiple case study analysis allowed for the exploration of leadership decisions within the current financial landscape of Pennsylvania Title I public schools during the 2017-2018 school year. The study found that alternative budgetary resources were not confined to financial support but included strategic resource management, inclusive stakeholder practices, and synoptic performance. Each of these constructs extended knowledge in leadership practice and organizational outcomes. This study's findings may have practical applications in relation to sustained leadership for arts education programs using alternative resources in Pennsylvania Title I schools.