This thesis is principal focused on the question of the future existence and sustainability of the European integration project and its monetary element -- euro-area related to the competitiveness due to consequences of the global financial crisis, present situation and debt difficulties affecting states of Southern Europe, business and financially connected with other European countries. In my considerations and conclusions I also deal with prospective estate in case of various changes of the integration including disintegration, end of the single currency, as well as the factors, that might cause these changes and inflict serious consequences. It is necessary to reveal if the formed situation is acceptable for the member states. The aim of the thesis is to characterize and provide a piece of information about existing progress of the European integration in relation to treaties including competitiveness rating, outline serious issues especially endangering the euro-area and future stability of the whole European Union and analyze its impact, propose solutions and possible scenarios, eventually assess development perspectives and sustainability of the European Union as a complex.

The dissertation consists of two essays. In the first essay we study the efficiency of banks during the period of (2000-2017) that witnessed a fierce financial crisis in the light of the regulatory acts enacted in response to the crisis (Basel III 2010). We investigate the combined impact of compliance with Tier 1 and Tier 2 capital, common equity Tier 1, and leverage requirements on bank operating efficiency. We measure operational efficiency of 68 insured, U.S. federally and state-chartered, commercial banks, with consolidated assets of $15 billion or more, over a sampling period of 18 years. We seek to identify whether different dimensions of bank regulation are efficient in stabilizing US financial system by improving efficiency of large commercial banks; whether they impede bank efficiency by limiting its risk-taking endeavors and tightening its capital usage; or whether no impact on efficiency exists altogether. We build an empirical model measuring the impact of capital and leverage regulation and credit risk on banks’ operational efficiency. Empirical findings show a positive and statistically significant impact of capital adequacy on operating efficiency of large U.S. commercial banks, with common equity Tier 1 having more power in determining efficiency. Leverage requirements and net charge-offs are also found to be significant determinants that promote bank operating efficiency. In the second essay we investigate determinants for government’s choice of sovereign Sukuk over conventional bonds. Using a sample of 143 sovereign Sukuk and 602 sovereign conventional bonds issued in 16 OIC countries during (2000-2015), we analyze factors affecting the government's choice of employing sovereign Sukuk structure as substitute to sovereign bonds instruments. Results suggest that countries having developed financial markets, higher credit quality, and strong economic and financial prospects are more likely to issue sovereign Sukuk rather than sovereign bonds, mainly as a strategy to diversify and develop their current debt markets by introducing newly-developed debt tools. However, countries with weaker economic and financial indicators are more likely to opt for the classic sovereign bonds. We conclude that government’s choice of sovereign debt is mainly determined by a country’s financial characteristics, macroeconomic indicators and certain specific events.

Between 2007 and 2009, taxpayers paid $700 billion to bail out failing U.S. banks. The purpose of this single case study was to explore strategies that leaders of a successful U.S. bank used to identify efficiency changes occurring during the financial crisis. The target population of this study included 6 bank leaders located in San Bernardino, California, who occupied a managerial role in a successful U.S. bank during a financial crisis, had experience with the efficiency changes that occurred during a financial crisis, and developed and implemented strategies to identify efficiency changes that took place during a financial crisis. The conceptual framework for this study was the theory of economic efficiency. Data consisted of semistructured interviews, annual fiscal reports, and proxy statements. All interpretations of the data were subjected to member checking to ensure trustworthiness of interpretations. Yin's method of qualitative data analysis was adopted, which consisted of five sequential steps: compiling the data, disassembling the data, reassembling the data, interpreting the meaning of the data, and drawing conclusions from the data. Based on the methodological triangulation of the data collected, 3 of the main themes that emerged were management strategies, application of digital technology, and growth maximization and risky loan elimination. The implications for positive social change include the potential to avoid bank failures in the future, resulting in a stronger and more robust economy, thus sparing taxpayers the burden of bailing out failing banks.

Au lendemain de la pire crise financière mondiale depuis les années 1930, plusieurs gouvernements réunis sous la coupe du G20 se sont accordés sur la réforme du système financier international. La régulation des marchés financiers fut étendue à de nouveaux territoires. Toutefois, si la crise est une condition du changement, elle ne montre ni l’étendue ni la séquence d’événements qui expliquent ce revirement de politique publique. Dès lors, une question se pose: quels sont les éléments qui peuvent expliquer cette évolution de la réglementation financière internationale ? Cette dissertation démontre que la politique domestique des États-Unis et des pays majeurs de l’Union Européenne ont directement influencé ce changement de politique publique. En se focalisant sur les marchés de dérivés de gré à gré, cette recherche démontrera que l’extension de la régulation financière à de nouveaux marchés est le produit de l’augmentation de l’attention du public ou « salliance politique » dans des pays influents sur la scène internationale. Toutefois, les trajectoires historiques uniques qui caractérisent ces États nous informent sur les contours uniques de ces nouvelles réglementations qui ne sont pas écrites sur une page blanche. Cette recherche examine en particulier l’évolution de la régulation financière sur les marchés de dérivés de crédit ou « credit-default swaps » aux États-Unis avec l’adoption de la loi Dodd-Frank et, en Europe, avec l’adoption de la régulation European Market Infrastructure Regulation (EMIR). Cette argumentation et cette étude empirique contribuent à l’étude de l’évolution des préférences des états dans le domaine de la réglementation financière internationale. / In the aftermath of the global financial crisis of 2007-2010, international policymakers agreed to reform international financial regulation. New areas of financial markets were placed for the first time under the direct oversight of public regulators. However, the financial crisis explains neither the scope nor the sequence of the regulation that followed in its wake. Thus, the question remains: what explains these international financial regulation outcomes after the crisis? This dissertation argues that domestic politics within the United States and the major European Union member states explain the shift and form of that financial regulation. It focuses on over-the-counter credit derivative markets to show that previously unregulated markets were brought under greater supervision when public salience increases in influential states. However, a nation’s unique historical circumstances determine the concrete regulation policy that develops. This research examines the evolution of credit-default swaps regulation in the US under the Dodd–Frank Wall Street Reform and Consumer Protection Act and in the EU, with special attention to the European Market Infrastructure Regulation (EMIR). With its argument and case study, this dissertation contributes to the study of state preference formation over-time with regard to international financial regulation.

This thesis studies the relationship between efficient working capital management and firm profitability, and if the global financial crisis has affected the relationship. Previous literature has presented inconsistent results regarding the impact of working capital management on firm profitability, finding both negative and positive effects. It has also been argued that the global financial crisis has increased the attention of and possibly changed the attitude towards working capital management as a strategy in order to increase firm profitability. In the study, the cash conversion cycle is used as a measure for working capital management, and return on assets as a measure for firm profitability. The sample in this thesis consists of 1170 observations from 78 Swedish listed companies over the time-period 2003–2017. Both multiple regression analysis and an independent-sample t-test were conducted in order to examine the given relationship. The findings of this thesis indicate that firms can increase their profitability by implementing efficient working capital management. However, the global financial crisis has not brought a change in companies' working capital management.

<p>Denna studie syftar till att beskriva problematiken kring finansiering av nystartade tjänsteföretag som saknar säkerheter i form av materiella tillgångar. Våra slutsatser är att samtliga respondenter anser att finansieringsproblematiken existerar och att detta yttrar sig genom att kreditbedömningar blir svåra att genomföra när företag saknar materiella tillgångar att ställa som säkerhet. Två av de företag vi intervjuat har upplevt problem med finansieringsprocessen. De externa finansiärerna anser att problematiken främst yttrar sig för forsknings- och utvecklingsföretag.</p> / <p>This study aims to describe issues surrounding the financing of start-up Service businesses with no collateral in the form of tangible assets. </p><p>Our conclusions are that all respondents believe that the financial problem exists and that this manifests itself through the credit ratings will be difficult to implement when the company has no tangible assets to offer as security. Two of the companies we interviewed have experienced problems with the funding process. The external financiers believe that the problem mainly manifests itself in research and development companies.</p>

<p>A variety of factors are the reasons for adjusting or changing company’s strategy, such as the change of customer demand, company’s internal financial factors, the influence of external environment and so on. This research is to find out the link between the change of external environment and the adjustment of internal strategy. Choose the suspension of one flight in SAS as the case to state this point. Show the strategy change of SAS when they were facing the serious impact of financial crisis.</p><p>SAS as the biggest airline in North Europe it could be a typical firm to investigate this kind of situation. A deep-interview and reading the published reports of SAS are the main data collection approached. Some resources were from the internet because it is real-time news and the reports from the company are published on their website. The interviewee is from the top of the company who is familiar this area and has full experience in international business. The study used lots of theories from different books and journals to integrate the information that we collected to analysis and achieve our final conclusion.</p><p>After analyzed the study it found the SAS used the retrenchment strategy as their new international strategy to reverse the negative situation. The financial crisis affected the customer demand badly not just in China also around the world and forced them to change the strategy. The report ultimate believed there were still a lot of other factors, beside the financial crisis, caused the adjustment of strategy in SAS.</p>

<p><strong>Syfte: </strong>Syftet med denna uppsats är att undersöka huruvida 2000-talets finanskris har haft någon inverkan på den svenska bolånemarknaden för privatpersoner. Då krisen har slagit hårt mot fastighetsmarknader runt om i världen, vill vi se i vilken utsträckning den har drabbat Sverige. Arbetet ämnar undersöka huruvida bankernas inställning till att utfärda bostadslån har förändrats något, samt utifall det har skett några förändringar av regelverk och direktiv från svenska myndigheter.</p><p><strong>Metod: </strong>I vår uppsats har vi använt oss utav såväl en kvalitativ metod som en kvantitativ. Den kvalitativa metoden utgörs av intervjuer, medan den kvantitativa metoden utgörs av information som insamlats genom internet samt diverse litteraturer. Forskningsarbetets avgränsning sträcker sig till att undersöka den svenska bolånemarknaden. Vi har valt att enbart koncentrera oss på privatpersoner och därmed uteslutit företag i vår studie. Vi har valt att undersöka tre banker – Nordea, Handelsbanken och SBAB samt deras tillsynsmyndighet, Finansinspektionen. Detta för att få en övergripande bild av den svenska bostadsmarknaden.</p><p><strong>Resultat & Slutsats: </strong>Vi har i vår studie kommit fram till att den svenska bolånemarknaden för privatpersoner till stor del inte har påverkats. Finanskrisen har inte åtgjort bolåneinstituten någon skada. Bostadslånen avsedda för privatpersoner har fortsatt att öka. Det som kunnat ses är en skillnad i räntenivå. Regelverk och direktiv har inte förändrats i Sverige i och med finanskrisen på bolånemarknaden.</p><p><strong>Förslag till fortsatt forskning: </strong>Vi rekommenderar att fortsätta studien genom att se huruvida nuvarande krisen i Grekland kommer att påverka världsekonomin och därigenom den svenska bolånemarknaden. Man skulle även kunna forska vidare genom att undersöka om Finansinspektionens införande av bolånetak på 85 %, den 1/10-2010, kommer att innebära någon förändring för den svenska bolånemarknaden.</p><p><strong>Uppsatsens bidrag: </strong>Uppsatsen kommer att bidra till en ökad förståelse för den svenska bolånemarknaden samt hur denna har påverkats utav finanskrisens utbrott år 2008. Uppsatsen kommer ge en insyn i den finansiella världen för bolån och förklara hur regelverk och direktiv präglar den svenska bankrörelsen.</p><p><strong>Nyckelord: </strong>Svenska bolånemarknaden, finanskrisen, utlåning till privatpersoner</p> / <p><strong>Purpose:</strong> The purpose of this study is to examining whether the 2000s financial crisis has had an impact on the Swedish mortgage market for private individuals. Since the crisis has knocked property markets around the world, we want to see how it has affected Sweden. The work will examine whether banks' attitude towards the issue of housing has changed slightly, and if there have been any changes to regulations and directives from the Swedish authorities.</p><p><strong>Method:</strong> In this essay we have used both a qualitative approach and a quantitative. The qualitative approach consists of information that we have collected through interviews; while the quantitative approach consists of information collected through internet and various literatures. Research activity distinction goes to investigate the Swedish mortgage market. We have chosen to concentrate only on the individuals and excluded companies in our study. We have chosen to investigate three banks – Nordea, Handelsbanken and SBAB and their regulator, Finansinspektionen. This is to get an overall picture of the Swedish mortgage market.</p><p><strong>Results and Conclusion:</strong> We have in our study concluded that the Swedish mortgage market for individuals largely is not affected. The financial crisis has not hit the mortgage institutions any harm. Housing loans that are intended for individuals has continued to increase, but what you can see is a difference in interest rates. Regulations and directives have not changed in Sweden due to the financial crisis in the mortgage market.</p><p><strong>Proposal for further research:</strong> We recommend continuing this study by reviewing whether the current crisis in Greece will have an impact on the world economy and thereby the Swedish mortgage market. Another recommendation to research further is by examining whether Finansinspektionens introduction of 85 % housing mortgage ceiling in 1/10-2010, will mean any change for the Swedish mortgage market.</p><p><strong>Contributions:</strong> This paper will contribute to a better understanding of the Swedish mortgage market and how the financial crises starting in 2008, has affected the Swedish mortgage market. The essay will give an insight into the financial world of mortgages and explain the regulations and directives characterizing the Swedish banking.</p><p><strong>Keywords:</strong> Swedish mortgage market, financial crisis, lending to individuals<strong></strong></p>

<p>Olofström som ligger i södra Sverige är en ort som är beroende av bilindustrin vilket gör att orten drabbats hårt av finanskrisen. Många invånare har förlorat sina arbeten och arbetslösheten har mer än fördubblats på ett år. Detaljhandeln på orten har också påverkats när de drabbade invånarna med stor sannolikhet har dragit ner på sin konsumtion och det är därför intressant att studera om detaljhandelsföretagen har hanterat finanskrisen på olika sätt. För att ta reda på om det är några skillnader delades en enkät ut till alla detaljhandelsföretag på orten och svarsfrekvensen var mycket hög.</p><p> </p><p>Teorin i uppsatsen baseras på krishantering, strategi och marknadsföring. Avsnittet om krishantering utgår ifrån det faktum att det finns olika faser i en kris som ett företag måste ta sig igenom och vilken fas företaget befinner sig i beror på vilka åtgärder som har vidtagits. Teorin om strategi handlar om strategins fyra principer samt avsiktliga och framväxande strategier. Beroende på vilka åtgärder ett företag har vidtagit så är det möjligt att karaktärisera dessa handlingar som avsiktliga eller framväxande. Till sist handlar marknadsföringsavsnittet bland annat om marknadsföringens fyra p som representerar delar av företaget som ständigt måste ses över för att anpassa företaget till omgivningen.   </p><p><strong> </strong></p><p>Efter genomförd undersökning har vi kommit fram till att detaljhandelsföretagen i Olofström har hanterat finanskrisen på olika sätt, att de inte har nått samma fas i krishanteringsprocessen och att de har vidtagit diverse åtgärder som kan relateras till strategi och marknadsföring.</p> / <p>Olofström, located in southern Sweden, is a town dependent on the automotive industry which makes the place hard hit in the financial crisis. Many people have lost their jobs and unemployment has more than doubled in a year. Retail businesses in the town has also been affected when the affected population in all probability have scaled down their consumption and it is therefore interesting to study whether the retailers have handled the financial crisis in different ways. To find out if there are any differences a questionnaire were distributed to all retail businesses in the town and the response rate was very high.</p><p>The theory in the thesis is based on crisis management, strategy and marketing. The section on crisis management is based on the fact that there are different phases of a crisis that a company has to get through and what phase the company is in depends on the measures taken by it. The theory of strategy deals with the four principles of strategy and deliberate and emergent strategies. Depending on what measures a company has taken, it is possible to characterize the actions as deliberate or emergent. Finally, the theory of marketing includes for example the four p:s of marketing which represents parts of the company that must constantly be reviewed in order to keep up with changes in the environment surrounding the company.</p><p>After conducting our research, we note that retail businesses in Olofström has handled the financial crisis in different ways, that they have not reached the same phase in the crisis management process and that they have taken various measures that can be related to strategy and marketing.</p>

Der vorliegende Beitrag knüpft an die in Potsdam seit 2001 durchgeführte Langzeitstudie an und untersucht die aktuelle Situation auf dem formellen Beteiligungsmarkt in Deutschland nach dem Ausbruch der Finanzkrise. Neben den allgemeinen Gegebenheiten des Marktes werden vor allem die Finanzierungsbedingungen sowie das Investitionsverhalten einzelner Beteiligungsgesellschaften analysiert. In den Jahren 2008 - 2009 zeigt sich einerseits eine weitestgehend unveränderte Struktur der Refinanzierungsquellen. Privatpersonen und Banken sowie der öffentliche Sektor nehmen weiterhin einen hohen Stellenwert ein. Andererseits werden deutliche Veränderungen der strukturellen Merkmale, wie auch im Investitionsverhalten einzelner Beteiligungsgesellschaften deutlich. Besonders auffällig für die Branche sind das Rationalisierungsbestreben beim Einsatz von Investmentmanagern sowie die zunehmende Spätphasenspezialisierung. Aus dem festgestellten Konsolidierungs- und Reifeprozess erwächst die Herausforderung und offene Frage, wie der Markt eine solche strukturelle Angebotslücke im Frühphasensegment begegnen will. Auch das Einwerben neuer Finanzmittel sowie die aktuellen Exit-Bedingungen werden in der vorliegenden Studie kritisch beleuchtet. Als ein reizvolles Instrument zur Reduzierung der aufgezeigten Problemfelder wird dabei die aktuell unterentwickelte Syndizierung von Beteiligungsinvestitionen angesehen. Die effizientere Ausgestaltung derartiger Finanzierungsstrukturen sollte dazu beitragen, dass das private Beteiligungskapital künftig stärker bei der Transformation betrieblicher Forschung und Entwicklung zum Einsatz gelangt. / This paper presents another in a continuing research program initiated at the University of Potsdam in 2001. The current study surveys the current status of the German private equity market. The effects of the financial crisis generally, especially their consequences for the financial conditions and investment strategies of private equity firms are examined. On the one hand, the paper observes little change in the refinancing structure during 2008-2009. Private individuals, banks and the public sector still play an important role. On the other hand, changes in structural characteristics of the investment companies as well as in their investment behaviors are significant. Most noticeable are attempts to reduce human resource costs and a shift towards greater late-stage investment. Apparent consolidation and developing maturity portend a future challenge, to ameliorate an emerging structural supply gap in earlystage segment. In addition, the paper critically examines the current condition of fundraising activities and exit conditions. Syndication, though underdeveloped at present, might offer one way to address these troubling issues. More efficient financing structures should allow private equity to play an increasing role in the commercial transformation of corporate research and development.