Syndicated loans are a common debt financing format for large corporations in general. For those situated in Germany—with its bank-based financial system—such loans play a vital role. Given the multibillion volumes raised annually, the pricing of syndicated loans is economically significant, with its levels, structure, and determination having attracted the interest of researchers around the world. A critical review of the existing worldwide literature of syndicated loan pricing revealed notable gaps, including an almost complete absence of studies on the German corporate market. The overall research aim was to address this gap by exploring and analysing the “hidden drivers” of banks’ pricing of syndicated loans to German corporate borrowers, thereby developing an enriched understanding of the elements and determinants of pricing and its underlying processes and decisions. Adopting a pragmatist research paradigm, I chose a sequential mixed-methods approach, with a limited quantitative analysis preceding an extensive qualitative study. The first stage of the research was designed to evaluate the availability of reliable quantitative pricing data in the public domain—this being the main data source for the clear majority of extant studies. I found the availability and quality of pricing data for the German corporate market to be extremely limited, particularly in comparison to that available relating to the U.S. market. There was clearly much that remained unexplained; hence, primary research was required to illuminate syndicated loan pricing and the decision processes that contribute to it. The main element of the qualitative study was a series of semi-structured, in-depth interviews with a sample of bank lending professionals and key informants. The purpose of these interviews was to explore the complex realities of syndicated lending through the eyes and experiences of the people involved and to interpret the socially constructed phenomena surrounding the pricing of German corporate syndicated loans. The study succeeded in revealing and substantiating important and to date hidden phenomena concerning numerous dimensions of syndicated lending in general and pricing in particular. An explanation was developed for the relative opacity of the German corporate syndicated loan market. The study enabled significant enhancements to the understanding of the concept of pricing and its complex and interwoven elements. More broadly, a new and richer perspective was developed of syndicated lending as a behavioural phenomenon, involving a complex interplay of relationships and strategies, and involving individuals and departments within banks, between banks as members of the syndicate, and between lenders and borrowers. The insights gained informed the development of a comprehensive model of the pricing elements of syndicated lending and their determinants. This research is the first to conduct and produce an in-depth study of the internal workings of syndicated corporate lending in the German market and a study that does not rely on secondary data that are at best incomplete. It has resulted in many rich and original insights and a conceptualisation of syndicated lending that differs radically from the classical understanding of lender-borrower relationships as founded on theories of asymmetric information. The research presented here, therefore, makes significant contributions to the literature, in helping to close notable gaps in the banking and financial intermediation literature.

The limitation of public funds available for infrastructure projects has induced governments to attract private entities to participate in long-term contracts for financing, constructing, and operating huge infrastructure projects through Public Private Partnerships (PPPs) to reduce debt, constrain taxation, and share financial risks and rewards between the public and private sectors. Because these projects have such complicated risk evolutions, diverse contractual forms for project members to hedge their risks are necessary. Hence, the Build-Operate-Transfer (BOT) model has been considered as a very popular type to accomplish PPPs with the characteristic of a shared-ownership. For the government to attract private sector?s participation, they have used incentive systems such as debt payment guarantee, Minimum Revenue Guarantee (MRG), or direct cash support. These incentive systems have been important critical success factors in BOT projects yet they have remained unfavorable in bidding process by failure of the traditional capital budgeting theory, Net Present Value (NPV) analysis, in evaluating the guarantee values. This is because NPV analysis can not reflect the guarantee agreements? contingent characteristic. For this reason, ?Real Option Concept? imported from ?Option Pricing Theory? in finance has been used as an effective way in estimating the guarantee value during the construction and operation of the project. However, there are still open issues in identifying, formulating, and calculating the guarantee agreements? contingency due to the complexity of option pricing theory and in considering the uncertainty of the underlying asset. Furthermore, in recent real option-related research that evaluate BOT investment projects, the volatility of rate of return in underlying asset (project value) is assumed to be just given or too simplified in its calculating process despite its significant impact on the guarantee value. The purpose of this research is to develop the binomial real option model to better evaluate the MRG value by complementing existing real option models without violating the option pricing theory. To do so, the developed model in this research is to formulate the MRG agreement as a put option, consider the uncertainty of the underlying asset, and use the more detailed level of volatility with a Monte Carlo simulation approach. To verify the applicability of the developed model, the model is applied to three different BOT project case studies, then, the results are compared with those by NPV analysis, Cheah and Liu (2006)?s real option model, and option pricing theory derived from Black-Scholes model. Finally, based upon the results and analyses, the developed real option model appears to provide a practical and theoretical framework to quantitatively evaluate the MRG agreement under the BOT scheme and help the government establish better BOT policies and help the developer make appropriate bidding strategies in its investment.

Summary In an era of knowledge economy, it is necessary to promote the efficiency of business. However, when a corporation decides to use an enterprise resource planning (abbreviated as ERP) system, it becomes a gigantic problem to choose either developing the system by themselves or buying a suit ERP software. At present, the maturity of ERP software on the market is able to fulfill the general demand of business. But enterprises in general need to face the situation that the procedure revises when having special demands. The suit ERP software on the market, will divide the system into several main module at present, usually can include financial management, stock control, sale management, procurement management, production management, human resource management. The suit ERP software on the current market, the major problem stems from three causes. They are process-oriented, structured method, and object-oriented. We call them non architecture oriented finance management ERP model (NAOFMERPM) This research develops an architecture oriented finance management ERP model (AOFMERPM) which solves the problems generated by NAOFMERPM. To validate this expression, we use the information system success model (abbreviated as IS Success Model) three factors, information quality, system quality, service quality to prove AOFMERPM is better than NAOFMERPM .

M.Tech. Business Administration. Business School. / Involvement in the attorney's profession makes it clear that the training of attorneys does not make sufficient provision in the fields of management and accounting. This led to the research of a business plan model, and the question was raised whether it is possible to develop a standard business plan. As it appears that there is a gap in the syllabus of the training of attorneys, it is recommended that a thorough analysis of the training of attorneys be done. An empirical task analysis of the running of a practice will be the scientific way to determine which skills an attorney needs. A follow-up study should be done with a control group over an extended period. The once-off use of the business plan is not sufficient and should be adjusted and changed when necessary on a continuous basis.

Darbe analizuojami finansų valdymo teoriniai principai ir praktinis jų taikymas realizuojant kompleksinius miesto transporto infrastruktūros projektus ir pateikiami nauji projektų finansų vadybos temų komplekso vertinimai, panaudojant autoriaus sukauptus duomenis projektų vadybos veikloje. Darbas aktualus tiek naujoms federacinėms Vokietijos žemėms, tiek naujoms ES šalims – Lietuvai ir Latvijai, kur miesto transporto infrastruktūra netenkina šiuolaikinių miesto gyventojų judrumo poreikių ir būtina transporto infrastruktūros plėtra. Praktika rodo, jog kompleksiniams miesto transporto infrastruktūros projektams dėl daugelio juose dalyvaujančių šalių yra būdingos esminės projekto organizavimo ir projekto finansavimo formavimo problemos, kurios galiausiai lėtina projekto įgyvendinimo eigą ir didina projekto išlaidas. Realizuojant miestų transporto infrastruktūros plėtros projektus, jų finansų valdymas gana sudėtingas dėl parengtų projektų nepakankamo finansavimo, o taip pat skirtingų finansavimo šaltinių tikslinio lėšų panaudojimo koordinavimo. Darbo tikslas – sukurti metodus, algoritmus ir kompiuterinę programų sistemą, kuri leistų projektų vadovams operatyviai spręsti projektų finansų valdymą visuose projektų įgyvendinimo etapuose. Siekiant šio tikslo, būtina išspręsti šiuos uždavinius: 1. Išanalizuoti jau realizuotų miesto transporto infrastruktūros objektų projektų finansavimo specifiką, nesklandumus ir įvertinti faktorius, įtakojančius finansų valdymą visuose projekto... [toliau žr. visą tekstą] / Finance management during implementation of urban transport projects is rather complicated because of insufficient financing and it needs coordination because of number of financial sources. The aim of the study – develop methods, algorithms and computer programs, which enable project mangers to solve finance management issues during all project phases. The main tasks to achieve the goals are: 1. To analyze financial issues and difficulties during implemented urban transport infrastructure’s projects, and to evaluate factors having influence on finance management during all project phases. 2. To evaluate influence of possible changes in project’s structure or part of the project on general project’s expenses. 3. To estimate, where it is possible to allocate various financial sources to separate project segments. 4. To develop algorithms and computer programs, which enable project mangers to evaluate economical, technical project works and its price. 5. Under insufficient financing or strict restrictions, the additional financing sources should be provided or extend of works should be decreased, part of these works relocated to further-coming projects.

Šio darbos tikslas - sukurti asmeninių finansų planavimo ir valdymo sistemą, kuri padėtų vartotojams valdyti jų asmeninius finansus bei taupyti pinigus ir laiką. Šio darbo metu buvo atlika projektavimo bei technologinių priemonių sprendimų analizė. Vėliau buvo išskirti penki pagrindiniai sistemos realizavimo uždaviniai. Pateikti jų galimi sprendimo variantai. Kuriamos sistemos architektūrai buvo pasirinktas tipinis trijų sluoksnių principas. Atlikus sistemos kokybės analizę, nustatyta, kad jos kokybė yra gera ir atitinka iškeltus reikalavimus. Palyginus sistemą su alternatyviais sprendimai, ji įvertinta kaip vidutinė, atsižvelgiant į jos teikiamą naudingumą vartotojui. / The objective of this project was to develop a personal finance planning and management system that helps people to manage their personal finance and saves money and time. During its execution, the analysis of design and technology solutions was performed. Further, five basic goals of system realization were formulated, the potential solutions for which were presented in the thesis. The architecture of the developed software is based on the principle of three layer design. During the quality analysis of the system, it was evaluated as a good system except that its maintainability rate was rather low. Its comparison with the alternative systems disclosed it as an average system from the viewpoint of its expediency.

The aim of this research study is to examine the impact of Saudi Arabian culture on corporate governance (CG) and its regulatory compliance with respect to the protection of minority shareholders’ interests. The protection of minority shareholders is a primary concern in the area of CG and particularly as defined by the Organization for Economic Co-operation and Development (OECD) principles. In Saudi Arabia, CG is a newly introduced regime. Its set of CG principles was initially issued after the first market crash in 2006, which signified the need for appropriate CG standards in Saudi Arabia because minority shareholders suffered catastrophic losses. Moreover, CG legislation in Saudi Arabia is still slowly moving from voluntary to obligatory because family-owned firms, which is the dominant form of incorporation, are stifling corporate growth by their reluctance to open their equity to outside shareholders, as argued by the OECD report of Koldertsova (2011). Hence, the conceptual framework for understanding how Saudi Culture affects minorities is based upon Hofstede’s (1980-2010) Cultural Value Dimension (CVD) model linking societal constructs with the legal and political milieu. Thus, this research sets out to examine this link in relevance to Saudi Culture. In addition, this undertaking will extend, via the second research question, to uncover other factors, such as the legal and political, influencing the level of compliance of listed Saudi corporations with the OECD principles with respect to the protection of minority shareholder rights. The findings of this study provides significant correlations between each of Hofstede’s CVDs: Individualism, Power Distance, Uncertainty Avoidance, Femininity, and Long Term Orientation and the quality of the exercise of minority shareholders’ rights as defined by the OECD’s principles of CG in Saudi Arabia. Moreover, the distribution of each CV dimension was found not to be the same when comparing groups of Majority and Minority shareholders. Hence, the significant correlations expose two different subcultures: an active culture pertaining to Majority shareholders and a passive culture pertaining to Minority shareholders in Saudi Arabia. Moreover, the current legal environment guiding the CG procedures in Saudi Arabia was found to attach a low level of significance to minority shareholders in terms of: ease of litigation, establishment of specialised courts, appointment of competent qualified judges in CG commercial cases, and creation of awareness programmes for minority shareholders’ rights. In addition, the lack of a solid constitution was found to weaken popular pressure to safeguard shareholders' rights and promote a block-holding model of corporate control. Hence, due to governmental institutions falling short on their responsibilities, Saudi controlling families can practically be considered as an institution, as indicated by Institutional Theory, and this familial institution is likely to continue to manifest itself in the governance of emerging economic systems such as Saudi Arabia's as its survival is dependent on the institutional context.

This study is aimed at investigating the effect of mergers and acquisitions on the share prices and dividends involving South African companies in the food and beverage industry. A sample of 79 mergers from 1999 to 2005 was used. The data was analysed using the event study methodology and descriptive statistics. In addition, the paired t-test was also conducted to test the significance of the results. The results were presented using graphs, tables and charts. The results showed that target companies obtained negative abnormal returns during the announcement of mergers while acquiring companies on the other hand received positive abnormal returns. The results imply that it can no longer be generalized that target companies always win and acquiring companies lose during the merger activity. On the other hand, the dividends for target companies increased significantly after the merger, while the dividends for acquiring companies remained insignificantly negative after the merger. / Graduate School of Business Leadership / MBL

The global economy is still recovering from the effects of the sub-prime crisis. The economic downturn has created international tax policies that seem to encourage debt funding. Some commentators are of the view that debt and equity should have a uniform tax treatment. South Africa has not escaped the aftermath of the economic meltdown and had three credit downgrades since the second half of 2009. The first objective of this treatise was to determine whether loan funding still has a role to play in a SME environment. This was considered in the context of interest-free or low-interest rate loans advanced by companies to shareholders or other connected persons and interest-bearing loans due by companies that in substance clearly have equity features. The primary enquiry pertaining to debit loans is whether the debt arose by virtue of any share held in the company. It is submitted that a causal connection is required between any share in that company and the advance made. Where a company parts with funds for no quid pro quo a deemed dividend in specie is triggered. Conversely, where a loan was made on commercial grounds the company will not be in breach, even if the loan is interest-free. A loan that lacks a reasonable redemption period is more akin to equity and to this extent a deemed dividend will be triggered where a loan owing by a company to a shareholder or other connected person is not redeemable within 30 years. There is ambiguity with regards to the inception of the 30-year period for pre-existing loan agreements. Taking the contra fiscum rule into account, it is submitted that the 30-year period should only commence from the effective date due to the impracticalities involved and because the concept of an ‘instrument’ did not previously exist. It is submitted that shareholder and other connected person loans are not by default equity, to the extent that the transaction is on commercial grounds and in substance a loan. It is further submitted that loan funding still has a role to play in a SME environment and that South Africa has no need for uniform tax rules pertaining to debt and equity, due to the anti-avoidance provisions highlighted above. The poor state of the local economy prompted Treasury to introduce new debt relief rules to assist distressed debtors. The second objective of this treatise was to analyse whether the new rules will provide tangible relief to distressed debtors as this was one of the short comings of the previous system. It is submitted that the new ordering rules delay the incurrence of an immediate tax as trading stock held and not disposed of, the base cost of an asset or the balance of an assessed capital loss is first reduced compared to the old rules where it instantly triggered a recoupment or a deemed disposal for CGT purposes. Tangible relief is provided to distressed debtors as a tax debt reduced has no normal tax consequences. This provides an opportunity for companies under business rescue because SARS rank on par with concurrent creditors. As a result, the tax debt reduced is likely to be higher under business rescue than liquidation.

Thesis (MTech (Public Management))--Cape Peninsula University of Technology, 2017. / In 1999 the South African Parliament passed the Public Finance Management Act No.1 of 1999 (PFMA). The intention was to ensure effective and better public finance management practice. The Act requires that government departments should establish measures to prevent irregular expenditure. However, there has been persistent irregular expenditure reports every year, which is an indication of non – compliance. The aim of this research is to investigate the impact of irregular expenditure in the South African public finance management domain, using the national Department of Public Works as a case study.