This thesis investigates the impact of corporation tax on leverage, systematic risk and leasing by using the changes in corporation tax effected through the corporation tax reform of 1984. I also investigate whether there was any relationship between ownership structure of a firm and its response to the 1984 reform. Whereas theoretical models suggest that corporation tax influences corporate financial policy, extant empirical findings provide inconclusive evidence to support the tax theories of capital structure. The inconclusive findings from earlier studies are attributable to the methodology used and a failure to perfectly isolate the impact of corporation tax from that of other variables that affect leverage. I effectively curb this deficiency by analysing the effects of corporation tax on leverage, equity beta and leasing around the corporation tax reform period by using both cross-sectional and time series analysis. My empirical results show that the corporation tax reform of 1984 affected debt-equity ratios negatively. These findings imply that corporation tax influence firm's capital structure decision. Furthermore, there is evidence that taxable profits increased significantly during the reform period. Effective corporation tax rates and non-debt tax shields are found to substitute each other and both have a significant influence on firms' capital structure decisions. Similar to the findings of previous UK studies, leasing and debt financing are found to be substitutes. The results show further that the corporation tax reform of 1984 increased the attractiveness of leasing to the UK firms. Sector-based-analysis shows that in general UK manufacturing firms have high lease rate than other sectors analysed. Empirical findings show also that effective corporation tax rate has significant effect in firm's systematic risk as measured by equity beta. Concerning the relationship between the responses of firms to the reform and their ownership structures the evidence shows that the changes in debt-equity ratios and investment induced by the corporation tax reform of 1984 was related to managerial ownership. Generally, the findings of this study show clearly that corporation tax is a major factor that influences both cross-sectional and periodic variations in debt-equity ratios.

Libya is a predominately Muslim country where Islamic finance has not yet been established. However, given the current extensive program of financial reform in Libya and the rapid growth and appeal of Islamic finance in comparable economies, there is growing pressure for a system of Islamic finance to be provided. There is then a pressing need for research into the prospects for Islamic finance from a consumer and provider perceptive to inform this debate and thereby meet the needs of policymakers, financial service providers and prospective users. Accordingly, this study of Libyan attitudes towards Islamic methods of finance, the first study attempted in the Libyan context and one of few studies globally, applies a model derived from the Theory of Reasoned Action to analyse attitudes towards Islamic finance. The particular focus is to understand how the Theory of Reasoned Action can be used for predicting and understanding attitudes towards the potential use of Islamic methods of finance by Libyan retail consumers, business firms and banks. Four main research questions are posed to address this objective. First, does awareness of Islamic methods of finance influence attitudes towards the use of Islamic finance? Second, do socioeconomic, demographic and other factors influence attitudes towards Islamic finance? Third, what are the principal motivating factors towards the potential use of Islamic finance? Finally, is religion the major influence on the likelihood of engaging in Islamic finance? Three surveys of 385 retail consumers, 296 business firms and 134 bank managers in Libya are conducted in 2007/08 to achieve this objective. Descriptive analysis and multivariate statistical analysis (including factor analysis, discriminant analysis and binary logistic regressions) are used to analyse the data. The principal findings are that awareness of Islamic methods of finance and socioeconomic, demographic and business characteristics are key determinants of the likelihood of the use of Islamic finance. Further, religion plays a key, though not the only, role in influencing these attitudes. The thesis findings are of key importance in informing future financial industry practice and financial policy formation in Libya.

Das Ende des Nachkriegssystems der multilateralen Finanzorganisationen ist keines im eigentlichen Sinn des Wortes. Aber die Veränderungen im internationalen System sind evident und beschränken sich nicht auf Weltbank und Währungsfonds. Die entscheidende Verschiebung des globalen Machtgefüges findet außerhalb des multilateralen Systems der UNO statt. Es sind informelle Gruppen, die Gs in verschiedener Stärke: G-7/8 als westliches Auslaufmodell, der Newcomer G-20 und wenn Europa nicht aufpasst die G-2: Chinamerica.

This dissertation consists of three essays which examine the importance of common institutional ownership of industry rivals for firm financial policy and product market interactions. In the first chapter, I use data on all public firms in the U.S. and their owners to construct a "modified Herfindahl-Hirschman index" (MHHID) of market concentration that is firm-specific and based on the network of institutional ownership between rival firms. I find that increases in MHHID lead to lower firm cash holdings. My findings are consistent with theories which predict that firms facing a lower competitive threat can afford to maintain lower cash buffers. To address potential endogeneity concerns, I exploit a shock to common ownership stemming from outflows associated with a large mutual fund scandal in 2003. In the second chapter, I provide evidence showing that firm pairwise common ownership leads to an increase in rival coordination. I find that pairs of commonly held firms move closer together in product space. These findings are supportive of collaboration theories of common ownership and inconsistent with anti-competitive theories. I further show that when MMHID increases, firms differentiate their products from their rivals. This result is consistent with theories according to which lower competition relaxes constraints and reduces uncertainty and enables firms to choose a more unique product market strategy. The result is inconsistent with escape-the-competition theories of product differentiation. To address potential endogeneity concerns, I exploit exogenous outflows resulting from the 2003 mutual fund scandal. In the third chapter, I propose a new identification strategy, which can be used to study the effects of MHHID. My strategy has substantially better time-series and cross-sectional coverage relative to previously used instruments. Specifically, I first identify mutual funds that are exposed to under-performing industries and are likely to face outflows. Then, I calculate the proportion of the MHHID such exposed funds are responsible for in unaffected industries. I show that this ratio strongly predicts future changes in MHHID, cash holdings and product market differentiation. Building on the same strategy, I also find that commonly held firms move closer together in product space.

Financial policy in times of crises until the 19th century Abstract This thesis focuses on financial policy during crises of the Bohemian Duchy, Kingdom of Bohemia, and Lands of the Bohemian Crown within The Austrian Empire until the 19th century. I will compare monetary and fiscal approaches to tackle the gravest crises caused by war, instability, or a financial breakdown. Therefore, in this thesis, I will analyse selected crises that took place in the Bohemian Duchy located in the Bohemian Kingdom at the end of the 13th century. I will focus on the Hussite wars, the great calada during the Thirty Years War, Napoleonic Wars, the Seven Years War, the Revolution of 1848, and the Long Depression, which started in 1873. The used methods are mainly comparison, analysis, and analogy. Results of the research indicate that an improper financial policy caused the majority of crises. Governmental approaches to solving fiscal, monetary and taxation problems were worsening the situation. Financial policy concerning monetary, fiscal, and tax policy until the end of the 19th century was procyclical. If enlightened politicians appeared in an era of prosperity, their plans for reforms were generally dashed by war and need for new governmental expenditures. However, the government, especially during the crisis, was prone...

Este trabalho de pesquisa objetivou investigar os determinantes do caixa das companhias brasileiras a partir de uma inédita amostra pareada de empresas de capital aberto e fechado. Mais do que explorar as principais vertentes teóricas que tentam explicar os fatores que influenciam a gestão das reservas de caixa, analisou-se conjuntamente os impactos das fricções financeiras e dos custos de agência sobre o nível de caixa, particularmente. Nesse contexto, buscou-se explorar a política de caixa em uma economia emergente como o Brasil, cujo ambiente legal e sistema financeiro ainda não estão plenamente consolidados. Além disso, estudou-se a influência da concentração da propriedade acionária sobre o caixa, assim como a velocidade com que as firmas ajustam seu nível de caixa em direção ao nível alvo em diversas situações. Os principais resultados encontrados apontaram que no período analisado as companhias de capital aberto apresentaram um nível de caixa significativamente superior ao das companhias de capital fechado, isto é, evidenciaram que os efeitos do problema de agência sobre a liquidez corporativa são mais acentuados que os efeitos das fricções financeiras. / This research aimed to investigate the determinants of the cash holdings of Brazilian companies from an unprecedented sample of public and private firms. More than just exploring the main theories that attempt to explain the factors that influence the cash management, the impacts of financial frictions and agency costs on the cash level were analyzed together. In this context, I sought to explore the cash policy in an emerging economy such as Brazil, whose legal environment and financial system are not fully consolidated. In addition, I have also studied the influence of the concentration of equity ownership on the cash holdings, as well as the speed of adjustment with which the firms manage their cash reserves towards a target level in several situations. The main results showed that public companies had a significantly higher cash level than private companies in the analyzed period. In other words, they presented that the effects of the agency problems on corporate liquidity are more pronounced than the effects of the financial frictions.

This dissertation addresses issues in corporate finance. Part I examines the litigation environment of a firm and its impact on financial policy. Chapter 1 discusses prior research, including theory and empirical results, related to firm performance, financial policy, and litigation. It provides the background to support the empirical analyses of Chapters 2 and 3. Chapter 2 examines the wealth effects of litigation events on the firms involved, as well as on their industry peers. I find that litigation events have a strong negative effect on both the firms sued, as well as their competitors. Chapter 3 examines whether managers use financial policy strategically when facing an increased risk of litigation claims. I find that greater litigation exposure leads firms to choose higher leverage. I show that this leverage increase is brought on by an active decision to repurchase shares. These repurchases appear to be financed with a combination of excess cash and short term debt as they coincide with a significant decrease in cash holdings and an increase in short term liabilities. These firms also increase their use of operating leases, which, due to their priority in bankruptcy, have similar characteristics as secured debt. Finally, the effects seem to be stronger for firms with a higher probability of bankruptcy. Part II asks whether there is a disposition effect in corporate investment decisions. Chapter 4 provides a summary of the existing literature related to the disposition effect and discusses both theoretical and empirical findings. In Chapter 5, I utilize the unique nature of Real Estate Investment Trusts (REITs) to test for the presence of the disposition effect in corporate investments. The results show strong statistical evidence that REIT managers tend to sell winners and hold losers, where winners and losers are defined using changes in properties’ prices since they were acquired. In addition, I find evidence that this behavior is consistent with the disposition effect. REIT managers are significantly less likely to sell properties that have a loss relative to a reference point based on inflation or historical average returns, controlling for the properties’ recent returns. / text

This thesis examines the patterns and determinants of corporate financial policy (capital structure and dividend policy) in Zimbabwe. In particular it investigates various aspects of corporate financial behaviour in an emerging market; the evolution of corporate financial structure and dividend payout ratio over the past 25 years (1975-1999), the impact of the reform programme (introduced in 1992) on firm characteristics, the corporate financing patterns during the period 1990-1999, the determinants of corporate capital structures and dividend policy and the interaction between corporate financing and dividend policy decisions. The main results that emerge from the analysis suggest that (i) the debt ratio for the Zimbabwean corporate sector significantly increased after the reform (ii) the Zimbabwean corporate sector mainly depends on external finance (75 % of total financing) especially short-term finance, which contributes 52 % of total financing. Furthermore, the results support the following hypotheses (i) the pecking order hypothesis that firms prefer internal financing to external financing, (ii) the trade-off hypothesis that non-debt tax shields reduce the expected gains from leverage, (iii) firms use liquid assets to finance investments, (iv) the agency cost hypothesis that increasing managerial ownership helps to align the interests of managers and shareholders and therefore reduces the role of debt as an agency-conflict mitigating factor, (v) large firms have lower bankruptcy costs and therefore can support more debt than smaller firms, (vi) debt service limits the amount of cash paid out as dividends, and (vii) high growth firms rely on external finance more than low growth firms (viii) high growth and firms have low payout ratios (iv) Cash flows and institutional investors increase the likelihood that firms will pay dividends (v) capital structure and dividend policy decisions are interdependent and highly leveraged firms have low payout ratios.

Orientador: Lea Maria Leme Strini Velho / Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Geociencias / Made available in DSpace on 2018-08-14T09:18:38Z (GMT). No. of bitstreams: 1 Torres_OscarAlbertoDuarte_D.pdf: 931915 bytes, checksum: ce34f1d9f37e8e2224ef2bb0ddbe367b (MD5) Previous issue date: 2009 / Resumo: Na prática da bioprospecção se apresentam uma série de divergências e conflitos de distinta natureza, que fazem dela um objeto muito interessante de estudo, como os diferenciados poderes de negociação das partes (países do Norte e países do Sul); a interação entre diferentes tipos de conhecimento (tradicional e científico); a complexidade de um marco legal no nível internacional e a possibilidade de que os países em desenvolvimento, ricos em biodiversidade, aumentem suas capacidades para realizar atividades de C&T. À luz deste quadro geral esta pesquisa localiza a bioprospecção na Colômbia, que é um país muito interessante como estudo de caso desta prática devido ao fato de que é considerado um dos Estados mais biodiversos do planeta; apesar disso, é um país com poucos estudos realizados que contribuam a quantificar sua capacidade científica e tecnológica para realizar bioprospecção e possui um marco jurídico complexo para realizar acesso aos recursos genéticos. Este estudo avalia e analisa algumas das experiências da Colômbia na prática bioprospectiva, fazendo um paralelo entre as capacidades científicas e tecnológicas relevantes para esta prática, as limitações impostas pelo marco jurídico e o papel desempenhado pela política de C&T. Os resultados evidenciam que atualmente, a Colômbia tem avances em atividades de bioprospecção, o que ocorre sem que a política científica local tenha elegido a esta como um tema prioritário. Este país possui um marco legal normativo muito complexo e esta complexidade, associada à rigidez, faz com que a normativa existente se converta num impedimento para realizar de forma legal as atividades relacionadas com bioprospecção; assim, o marco regional andino, através da chamada Decisão Andina 391 de 1996, é a normativa que atualmente está impondo as maiores limitações para que se desenvolvam na Colômbia de uma forma adequada pesquisas que contemplem o acesso aos recursos genéticos. Evidencia-se a necessidade de um maior compromisso por parte dos organismos encarregados de planejar e apoiar a C&T como atores fundamentais para identificar oportunidades da bioprospecção e para fortalecer as atuais capacidades. O estudo recomenda a necessidade de adotar na Colômbia um enfoque mais pró-ativo que permitisse a negociação dos recursos e não um enfoque meramente defensivo de "guardião dos recursos". As evidências integrais deste estudo levam a concluir que a bioprospecção é uma alternativa extraordinária mediante a qual se aproveitaria a biodiversidade da Colômbia e as fortalezas endógenas dos grupos de pesquisa da agropecuária. / Abstract: The bioprospecting practice has a series of divergences and conflicts of diverse nature, that make it a very interesting subject for analysis; these include the different negotiating powers of the parties involved (Northern countries and Southern countries), the interaction between different types of knowledge (traditional and scientific), the complexity of a worldwide legal framework, and the possibility for developing countries, with a rich biodiversity, to improve their capabilities to accomplish S&T activities. Considering this general scenario, this study analyzes the bioprospecting practice in Colombia, as it constitutes a very interesting case study of this practice due to its status as one of the countries with the richest biodiversity. Despite the foregoing, Colombia has accomplished very few studies to help measure its bioprospecting scientific and technological capabilities and it has a complex legal framework to be able to access genetic resources. This study assesses and analyzes some of Colombia's experiences concerning the bioprospecting practice, making a parallel between the relevant scientific and technological capabilities of this practice, the limitations imposed by the legal framework, and the role of the S&T policy. Results obtained evidence that, to this day, Colombia has made significant progress in bioprospecting activities, regardless of the fact that bioprospection has not been selected as a priority topic by the scientific policy. Colombia is a country with a highly complex regulatory legal framework and, therefore, such complexity together with the lack of flexibility, turn the existing regulations into an obstacle for the accomplishment of activities related with this practice in a legal manner. That is why the Andean region legal framework, through the so-called Andean Decision 391 of 1996, is the regulatory framework currently imposing the greatest limitations for the proper development of research works contemplating access to genetic resources. The need for a stronger commitment by the entities in charge of planning and supporting the S&T is evidenced, as core players in the identification of bioprospecting opportunities aimed at strengthening the existing capacities. The study recommends the need to adopt in Colombia a more proactive focus allowing the negotiation of resources rather than the merely defensive focus as "guarding of the resources". The overall evidence of this study leads to conclude that bioprospection constitutes an extraordinary alternative whereby Colombian biodiversity could be exploited as well as the endogenous strengths of farming research groups. / Doutorado / Doutor em Política Científica e Tecnológica

本研究針對民國78年至82年，共計5年間，台灣證券市場上市公司，有第一次發放現金股利，或現金增資發行新股，或發放＞＝25%股票股利公司為研究對象。所謂第一次發放現金股利，係指一公司公開股票上市以來，第一次發放現金股利，或至少間隔三年以來之發放現金股利。 　　運用事件研究法之單一市場模式分析異常報酬，並以資產貝他與盈餘變動指標衡量事業風險。主要探討事件宣告前後二年公司盈餘或事業風險之變化，及市場投資人對宣告事件之解析與反映。依據訊號發射假說「經理人可能會透過財務政策，將某些訊息傳達給市場，如資本結構改變或股利政策」，而管理當局與投資人間之資訊不對稱現象，因訊號可降低代理成本，使得股利發放含有資訊內容。 　　而本研究所獲結論如下： 　　一、「第一次發放現金股利」之結論 　　不論市場榮枯，第一次發放現金股利宣告是項好消息，投資者有正面反映，宣告日前消息已走漏，在多頭市場可能有人為介入，空頭市場消息走漏較早，使得投資人提前反映，以致宣告日後資訊效果微弱。而台灣之上市公司之「第一次發放現金股利」決策頗能遵行穩定股利政策，且以第一次發放現金股利決策為工具，傳送公司經營績效之訊息。不論市場榮枯，公司管理當局在盈餘穩定成長後，且預期未來也能維持成長的水準，才決定發放現金股利，所以第一次發放現金股利支持「股利資訊內容假說」，隱含有未來盈餘增加之訊息，投資者也能正確解析管理當局所制定之歷史性股利政策之含意，而有正面反映。 　　二、「現金增資」之結論 　　現金增資核准宣告市場投資人之反映因市場榮枯而不同，多頭市場時現金增資核准宣告不是好消息，投資人有負面反映，空頭市場時卻是項好消息，投資人有正面反映，而核准前皆有消息走漏，在多頭市場時可能有人為介入，核准後有資訊效果，多頭市場時資訊效果較弱。不論市場榮枯，台灣之上市公司，在負債權益比上升、事業風險上升及盈餘惡化後辦理現金增資，亦即管理當局鑑於公司經營績效差，並預測財務危機機率增加時辦理現金增資，但財務結構改善後，經營績效未必好轉，多頭市場時投資人尚能正確解析此一現象，而有負面反映，空頭市場時投資人卻未能正確解析真實現象，可能是因空頭市場時之舉債程度較多頭市場時低，讓投資者失去戒心所致。 　　三、「股票股利」之結論 　　不論市場榮枯，除權是項好消息投資者有正面反映，為配得股利在除權前數日已反映完畢，除權後有資訊效果，惟多頭市場之反映較早結束，除權後之資訊效果空頭市場時較弱。台灣上市公司在大額股票股利發放前盈餘穩定成長，但未隱含發放股利後經營績效提升之訊息，投資人未能正確解析此現象，而有正面反映，可能是國人偏好股票股利所致。