Thesis (master's)--Maʻhad al-Dirāsāt al-Islāmīyah, Cairo, 1978. / Includes bibliographical references.

Thesis (master's)--Maʻhad al-Dirāsāt al-Islāmīyah, Cairo, 1978. / Includes bibliographical references.

Thesis (M.Soc.Sc.)--University of Hong Kong, 1992. / Also available in print.

Thesis (Ph.D.)--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Law, 2016. / Public finance literature has minimally engaged the fiscal autonomy of African local governments, and cities in particular. African cities should independently generate a significant portion of revenue locally in order to finance a varied range of municipal services to a diverse municipal population. This study aims to provide insight through the contextual analysis of the revenue assignment function of African cities. The study explores fiscal discretion and appropriation as a reflection of local fiscal autonomy and how these manifest in local revenue instruments. The study employs an illustrative case study methodology on Nairobi and Johannesburg by means of an examination of local revenue generation particularly water revenue and municipal borrowing to examine the contrasting experience of local fiscal autonomy of these two cities. The legal and institutional frameworks of these cities provide for an array of OSR. Previously, local revenue tools did not address the financing needs for municipal services of infrastructure required to cater for the growing and diverse municipal populations. A national process of local government restructuring compelled the cities to realign local structures to enhance revenue mobilization in order to address the challenge of municipal service delivery. The regulatory environment was also amended to effect intergovernmental transfer arrangements as well as particular local revenue instruments in each case. In Nairobi, the structural and legal changes have effectively entrenched the centralist nature of the Kenyan government, severely limiting the city’s autonomy with regard to water revenue. The city’s fiscal capacity for municipal borrowing has been left largely unchanged by Kenyan local government reform. In Johannesburg, the democratic dispensation has enforced local fiscal autonomy that was evident in the apartheid white local authorities. The mammoth task of centrally managing all the city revenues has brought to the fore administrative challenges particularly regarding water revenue; however, the city’s fiscal capacity has improved its state of municipal borrowing. These findings confirm the decentralization rationale. Fiscal decentralization is thus important for asserting the function of revenue assignment to enhance local fiscal autonomy. The two case cities show that local capacity and the historical role of central government are important in ascribing and manifesting this function.

Through literature research, theoretical research and empirical research, this paper focuses on key issues such as what role policy-based finance can play in enterprises' technology innovation, how to play the role, and existing shortcomings and constraints. Policy-based finance refers to the financial means adopted by a country's government in order to achieve specific policy objectives such as industrial policies, that is, giving preferential treatment in terms of interest rates, loan terms, guarantee conditions, etc., and selectively funding with a view to cultivating specific strategic industries. In 2015, in order to promote the development of the manufacturing industry, China released the 2015-2025 Strategic Top-level Plan for China's Manufacturing Industry (the "Made in China 2025" strategy). According to the ten key areas in the "Made in China 2025" strategy, this paper selects listed companies in the advanced manufacturing industry on China's RMB common stock market during 2011 to 2019 as a sample, and empirically analyzes the role of policy-based finance in supporting enterprise technology innovation input and output. Meanwhile, this paper examines whether enterprise heterogeneity, including property right nature, enterprise size, and enterprise age, significantly impacts policy-based financial support for enterprise innovation, so as to analyze policy-based financial support for different types of enterprises. / Business Administration/Finance

My dissertation studies the evolution and role of short selling activity in financial markets. My first essay examines the cross-sectional and time-series variations in the characteristics of equity lending market in the setting of IPO, where, as suggested by Duffie et al. (2002), search frictions are likely to be high. I find that the initial supply of lendable shares and short interest levels increase with offer size, while initial lending fees decrease with offer size. The initial lending fees are also positively related to the bargaining power of lenders and negatively related to the bargaining power of borrowers. The supply of lendable shares and short interest level both increase following the IPO. The growth rate in short interest over time is negatively related to time since IPO. The increase in supply of lendable shares is positively related to the public float as well as the contemporaneous and lagged changes in institutional ownership, especially for institutional investors who engage in lending and short selling. Moreover, the supply of lendable shares increases as private equity firms and venture capital investors exit the stock and the share float increases. The increase in float is accompanied by a reduction in the cost of borrowing. IPOs with high lending fees tend to have low subsequent returns, which together with the rest of the findings, provide support for the ideas in Duffie et al. (2002) and highlight the importance of search frictions in equity lending market. Using detailed daily short interest data for U.S. common stocks over the period of 2006 to 2017, my second essay examines short selling activities around earnings announcements and their impact on stocks prices. Stocks with high short interest, large changes in short interest, more covered shorts, or more new short positions prior to earnings announcements have stronger price reactions to earnings news and much weaker post-earnings-announcement drifts (PEADs). Trades by short sellers during earnings announcements are consistent with the earnings surprises as well as announcement-period returns. However, these trades do not predict post-earnings-announcement drifts. The results suggest that on average short sellers do not actively trade on earnings-related iiinews or anomalies, but their information acquisition and trading activities help improve price discovery during earnings announcements.

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