Texte remanié de: Th. Ph. D.--Cambridge, 1983. Titre de soutenance : The structure of credit in fourth-century Athens. / Bibliogr. p. 313-345. Index.

Diss.--Frankfurt am Main--Universität, 1991.

Texte traduit de: Thèse de doctorat--Sociologie politique et politiques publiques--Paris--Institut d'Etudes politiques, 2004. N°: 2004IEPP0016. Titre de soutenance : Argent de l'Etat et politique : la sortie difficile de l'Etat rentier en Egypte sous Moubarak. / Bibliogr. p. 279-304.

Diss.--Universität Bonn, 1999. / Bibliogr. p. 351-358.

Thèse--Histoire économique--Genève, 1976 ?. N°: n ° 246. / Bibliogr. p. 445-466. Index.

Rozprawa habilitacyjna--Katolicki Uniwersytet Lubelski, wydział prawa kanonicznego i nauk prawnych. / Notes bibliogr. p.301-375. Bibliogr. p.377-410.

Texte remanié de: Th. doct.--Droit public--Aix-Marseille 3, 2001. / Bibliogr. p. 433-456.

Diss.--Universität Freiburg, 1992. / Bibliogr. p. 187-197.

The link between financial and real estate sectors, sometimes excessive and others inadequate, is generated through its assets and in all the operations in which they intervene. Its study comprises finance of mortgage-backed investments, real estate or otherwise, and the corporate participations between both of them. Taking into account the major percentage that mortgage debt represents as regards the entire funding granted by credit agencies, this research study focuses on the link between real estate-backed loans or credit and their subsequent securitizations. In addition, taking into account the regulatory and economic differences of each country, the thesis concentrates on the Spanish juridical and economic context, which in some processes is compared with the US model. Credit assets, with their real estate collateral, which determines the maximum amount of the credit, may form part of securitized portfolios, with different configurations. The risk these mortgage-backed securities represent can be covered by new assets, which are in tum insured with other similar ones, all negotiated on globalized markets. The linking chain, composed by different financial and real estate assets, anchored in and dependent on each other, comprise a rigid balance of values, risks and profitability. Its great complexity arises from their exposure to the future, form their dependence on the variation of the value of the property that constitutes the original mortgage guarantee, and on the monetary regularity of their underlying financial assets. This is a liquidity circuit that responds to the demand for profitability and risk, confígured by assets valued by different methods, whose negotiation amounts to an important economic volume. Due to the dependence of some assets on others and the lack of transparency in the process that determines the value of some of them, this link may result in fragility and vulnerability of the financial markets involved. Such circumstances generate situations of crisis the con­ sequences of which, on occasions, go beyond the perimeters of the two sectors, affecting real economy or to a country's risk through its systemic institutions, with moral hazard as a reference. The research focuses on how and why both sectors are anchored, the motives behind the increase of such links and the consequences that arise from all this. In this regard, the possible causality relationship of the link between both sectors and the availability of information in their operations or the increased risk they entail is also studied. The management of both sectors, and the participation in their markets depend on the decisions made by their opera­ tors. This highlights the role of regulation and means of supervision, as well as the necessary professional skills and ethical quality in the decisions made and actions undertaken by the people involved in the financial and real estate markets. With regard to this, the thesis considers that legislation may change and financial innovation will continue to affect the markets, but ethics remain the same. Crises form part of the very nature of economic cycles and their recurrence is regarded as inevitable, with increased values of assets, disproportionate leverage and excessive accumulation of risk, through financial assets linked to real estate property or other types of assets. Knowledge of foregoing situations provides experience and criteria so that we may avoid making the same mistakes as before, consequently the thesis intends to provide sufficient documentation in the different interrelated sections. Nevertheless, knowledge of the past will not enable us to infer the future / La vinculación entre los sectores financiero e inmobiliario, excesiva o inadecuada en ocasiones, se genera a través de sus activos y en todas las operaciones en que intervienen. Su estudio comprende la financiación de inversiones con garantía hipotecaria, inmobiliarias o no, y las participaciones societarias entre ambos. Considerando el gran porcentaje que supone la deuda hipotecaria respecto del total de la financiación concedida por las entidades crediticias, la investigación se concentra en la vinculación que proviene de préstamos o créditos con garantía inmobiliaria, y de sus posteriores titulizaciones. Asimismo, atendiendo a las diferencias regulatorias y económicas de cada país, la tesis se centra en el ámbito jurídico y económico de España, que en algunos procesos compara con el modelo estadounidense. El activo crediticio, con su inmueble colateral que determina el importe máximo de aquél, puede formar parte de carteras titulizadas, con diferentes configuraciones. El riesgo de estos títulos hipotecarios se puede cubrir con nuevos activos, que, a su vez, son asegurados con otros similares, negociándose todos en mercados globalizados. La cadena de vinculación, compuesta por diferentes activos financieros e inmobiliarios, anclados y dependientes unos de otros, resume un rígido equilibrio de valores, riesgos y rentabilidad. Su gran complejidad proviene de su exposición al futuro, de su dependencia de la variación del valor del inmueble que constituye la garantía hipotecaria original, y de la regularidad dineraria de sus subyacentes financieros. Se trata de un circuito de liquidez que responde a la demanda de rentabilidad y riesgo, configurado por activos valorados con diferentes métodos, cuya negociación supone un importante volumen económico. Debido a la dependencia de unos activos con otros, y a la poca transparencia en los procesos que determinan el valor de algunos de ellos, esta vinculación puede traducirse en fragilidad y vulnerabilidad de los mercados financieros implicados. De tal situación, resultan situaciones de crisis cuyas consecuencias, en ocasiones, exceden el perímetro de los dos sectores, trasladándose a la economía real o al propio riesgo de un país, a través de sus instituciones sistémicas, con el riesgo moral como referencia. La investigación estudia cómo y por qué se anclan ambos sectores, los motivos de que tal vinculación se incremente y las consecuencias que de todo ello se derivan. En tal sentido, se estudia la posible relación de causalidad de la vinculación de los dos sectores con la disponibilidad de información en sus operaciones, o con el incremento de riesgos en las mismas. La gestión de ambos sectores, y la participación en sus mercados, dependen de las decisiones que toman sus operadores. Esto supone destacar el papel de la regulación y los medios de supervisión, así como la necesaria capacitación profesional y calidad ética en las decisiones y acciones de las personas que participan en los mercados financiero e inmobiliario. En tal sentido, la tesis considera que las leyes pueden cambiar y que las innovaciones financieras seguirán presentes en los mercados, pero la ética se mantiene estable. Las crisis forman parte de la propia naturaleza de los ciclos económicos y se cree inevitable su repetición, con incrementos de valor en activos, apalancamientos desproporcionados y acumulación de riesgos excesivos, a través de activos financieros vinculados a bienes inmobiliarios o a otro tipo de activos. El conocimiento de situaciones anteriores aporta experiencia y criterio para no incurrir en errores ya conocidos, por lo que la tesis se propone aportar suficiente documentación de los diferentes apartados interrelacionados. Sin embargo, el conocimiento del pasado no permite inferir el futuro.

This study was designed to determine whether the variables gender, age, marital status, occupation, self-employment, income, race, and education could be used individually or in combination to both differentiate among levels of investor risk tolerance and classify individuals into risk-tolerance categories. The Leimberg, Satinsky, LeClair, and Doyle (1993) financial management model was used as the theoretical basis for this study. The model explains the process of how investment managers effectively develop plans to allocate a client's scarce investment resources to meet financial objectives. An empirical model for categorizing investors into risk-tolerance categories using demographic factors was developed and empirically tested using data from the 1992 Survey of Consumer Finances (SCF) (N = 2,626). The average respondent was affluent and best represented the profile of an investment management client. Based on findings from a multiple discriminant analysis test it was determined that respondent demographic characteristics were significant in differentiating among levels of risk tolerance at the p < .0001 level (i.e., gender, married, single but previously married, professional occupational status, self-employment status, income, White, Black, and Hispanic racial background, and educational level), while three demographic characteristics were found to be statistically insignificant (i.e., age, Asian racial background, and never married). Multiple discriminant analysis also revealed that the demographic variables examined in this study explained approximately 20% of the variance among the three levels of investor risk tolerance. Classification equations were generated. The classification procedure offered only a 20% improvement-over-chance, which was determined to be a low proportional reduction in error. The classification procedure also generated unacceptable levels of false positive classifications, which led to over classification of respondents into high and no risk-tolerance categories, while under classifying respondents into the average risk-tolerance category. Two demographic characteristics were determined to be the most effective in differentiating among and classifying respondents into risk-tolerance categories. Classes of risk tolerance differed most widely on respondents' educational level and gender. Educational level of respondents was determined to be the most significant optimizing factor. It also was concluded that demographic characteristics provide only a starting point in assessing investor risk tolerance. Understanding risk tolerance is a complicated process that goes beyond the exclusive use of demographic characteristics. More research is needed to determine which additional factors can be used by investment managers to increase the explained variance in risk-tolerance differences. / Ph. D.