This thesis measures the tax effort and taxable capacity in Libya and examines an important research question: " Has the tax burden reached the level of full tax capacity in Libya?". The main motivation of the study is the need to diversify the sources of the Libyan economy. To this end the thesis presents a conceptual framework for tax burden, excess of tax burden, theory of optimal taxation, concept of taxable capacity, concept of tax effort. The framework is used to reviews the developments of the Libyan economy and the impact on tax effort. The thesis has explored several aspect of tax performance in Libya. First, it analyses the trends of public revenues, public revenues, public spending in final stances of the government. Second, it studies the tax structure and the relative importance of tax sources through the analysis of marginal propensity to tax and the income elasticity of taxes. Third, it examines the evolution of Libya's tax system particularly the income tax system. Finally, various econometrics models such OLS regression, Ordinary ridge regression, and Unbiased ridge regression are used to measure the tax performance such as tax burden, tax effort and tax capacity using time series data covering 1970 to 2000, and panel data covering 2001 to 2007. A fixed and random effect model are used to compare if the determinants of Libya’s tax efforts differs from that of a range of selected oil producing countries. These countries are: Algeria, Argentina, Bahrain, Bangladesh, Bolivia, Botswana, Brazil, Cameroon, Chad, Chile, Colombia, Republic of Congo, Côte d'Ivoire, Equatorial Guinea, Ecuador, Egypt, Emirates, Ethiopia, Ghana, Guatemala, Guyana, Indonesia, Iran, Kenya, Kuwait, Lesotho, Libya, Mauritania, Nigeria, Oman, Peru, Saudi, Trinidad and Tobago, Tunisia, Venezuela, Yemen, Zambia, Zimbabwe. This research consists of seven chapters: Chapter One provides a background; Chapter Two provides the literature review; Chapter Three 4 gives a brief overview of the development of the Libyan economy, while in Chapter Four there is a description of the public finances in Libya; this is followed in Chapter Five by a review of the tax system in Libya; Chapter Six presents the study’s analyses and findings; Chapter Seven provides the conclusions and recommendations. The main findings of this research are: First, in Libya, tax burden per capita is high; Second, the tax bases in Libya were narrow reflecting the government's heavy reliance on oil revenue; Third, the level of taxable capacity in Libya is also low compared to the selected oil producing countries for a variety of reasons, including: narrow tax bases, failure to diversify the tax sources, and the public sector being subject to tax. The argument is presented that the Libyan economy has reached the full utilization of its taxable capacity. In addition, the study found that the following factors have a major positive impact on Libya's taxable capacity and tax effort: the national product of the service sector, money supply, level of business freedom, level of economic freedom, currency in circulation and tax penalties. In contrast, two factors are found to be negatively affecting the taxable capacity and tax effort in Libya: non-oil exports, oil revenues. The contributions of this study to the literature are twofold: first, this is the first of its kind to provide comprehensive analyses of Libya’s tax performance; Second, it has added some new variables such as oil revenues, non-oil exports, currency in circulation, money supply(M1), and tax penalties in testing the determinants of tax effort into the model built by previous researchers. Finally, the research results shed lights on how Libya government may diversify the Libyan economy and encourage growth in the non-oil private sector through proper taxation mechanisms.

This study has attempted to explain the portfolio behavior of the Pakistani Schedule banks and to provide the Pakistan monetary authorities with the best possible model through which they can influence the economy. First of all, we have investigated the links between monetary policy, the Banking Sector and the (aggregate) real economy in Pakistan over a forty year period, which commences in 1964. We have focused here to study how banks play a vital role in the monetary transmission mechanism through the banking credit channel. This study in chapter three provides the background for the two portfolio chapters where particular emphasis has given to the mean-variance form of expected utility and safety first Principle. Both static and dynamic versions of these models are examined. It is observed that these types of models, generally, perform well in terms of the traditional “goodness of fit” measures. Theoretical restriction on the properties of the demand/supply equations such as symmetry, homogeneity and joint homogeneity and symmetry were tested within each and every alternative model specification. For the estimation of the models, we used semi-annual balance sheet data of the State Bank of Pakistan for the period 1964:2-2005:1. Our main finding is that dynamic model performs better than static model in both expected utility model and safety first model and safety first dynamic model marginally perform better than expected utility dynamic model in terms of coefficients’ significance of interest rates and general stock adjustments.

Tax planning by large companies has been widely and publicly discussed due to its implications for the level of provision of public goods and more general social issues. In the U.K., tax avoidance, as estimated by Her Majesty’s Revenue and Customs’ anti-avoidance group, leads to several billion pounds of lost revenue each year. Consequently, the authorities implement tax investigation through risk classification assessments. The prospect of an adverse assessment may influence company directors when making tax planning decisions and similar risk concerns may influence shareholders in valuing tax planning activities. This study reports the results of an investigation of the relationship between firm value and tax planning whilst simultaneously considering corporate governance as a moderating influence. The sample of firms examined consists of non-financial London Stock Exchange-listed companies from 2005 to 2007. The results indicate a negative relationship between firm value and tax planning activities which is unconditional upon corporate governance conditions for both persistent and non-persistent profit-making companies. This relationship can be further explained as being related to the permanent differences component of tax saving where firm value is reported as negatively related to permanent differences. The findings of this study contribute to the body of knowledge since there is a general dearth of published research study from outside the U.S. that investigates these relationships.

This thesis attempts to identify important factors that may affect the pricing and the probability of default of high yield bonds offered by shipping companies; and factors that may influence the pricing and the probability of underpricing of shipping US initial public offerings (IPOs). The analysis is carried out through five chapters and each chapter covers a topic on its own so that it can be read independently of previous and subsequent chapters. Chapter 1 provides an overview of the shipping US public equity market for the period 1987-2010. It also considers the reasons for a shipping company to go public; the advantages and disadvantages of such a decision; and the role of underwriters in the IPO process. Finally, it provides a literature review on shipping equity capital markets. Chapter 2 presents an overview of the shipping US high yield bond market for the period 1992-2010; it discusses the seniority of shipping high yield bonds, and, the advantages and disadvantages for shipping companies that decide to issue high yield bonds. Next, the credit ratings, the yield premia and the probability of default for shipping high yield bonds are examined. Finally, it provides a synopsis of the restructuring options that shipping companies have in case of default. Chapter 3 investigates the factors that may explain the dynamics of yield premia on seasoned shipping high yield bonds. The analysis utilises 40 seasoned high yield bonds offered by 32 shipping companies for the period April 1998 - December 2002; and it employs a set of microeconomic, macroeconomic and, industry related factors. The methodology used is the fixed effects panel data regression model and the results of the study suggest that the dynamics of yield premia of seasoned shipping high yield bonds can be explained by: the credit rating; the term-to-maturity; the changes in earnings in the shipping market, as well as the changes in the yields on the 10-year US Treasury bonds and the Merrill Lynch single-B index. This chapter contributes to the existing ship finance literature in the following ways: first, it attempts to model the changes of yield premia on shipping high yield bonds in the secondary market, which is of interest to investors and traders since information on changes in yield premia can be used for investment and asset allocation purposes. Second, it distinguishes between high yield bond issues offered by listed and unlisted companies, as well as, defaulted and non-defaulted bond issues in order to examine whether there is any difference in the impact of the explanatory variables on the determination of yield premia. Third, the analysis employs a set of macroeconomic and industry related factors that have not been previously used in the ship finance literature. Finally, the results may have implications for shipping companies in the following ways: yield premia are indications of the possible cost level in order to enter the shipping high yield bond market and may affect the company's image; hence, shipping companies may be interested in the yield premia as they can affect their financing decision for future/further issuance of high yield bonds or their possible stepping to the equity capital market. Chapter 4 uses a binary logit model to predict the probability of default for high yield bonds issued by shipping companies for the period 1992-2004. The results suggest that two liquidity ratios, the gearing ratio, the amount raised over total assets ratio, and an industry specific variable are the best estimates for predicting default at the time of issuance. In - and out - of sample bootstrap tests further indicate the predictive ability and robustness of the model. This chapter contributes to the existing ship finance literature as for the first time the probability of default of shipping high yield bonds is predicted by employing a binary logit model. Investors may benefit from this research since, by employing easily accessible and quantifiable factors they can identify at the time of issuance a) which factors to look at when making investment decisions; b) issues that may have a high likelihood to default. At the same time, shipowners who offer high yield bonds can also identify and focus on the factors that are important in predicting the probability of default for their bond issues. Chapter 5 examines the extent that public information, available prior to the US initial public offering of shipping companies, is only partially incorporated in the final offer price set by the underwriters. The sample includes 51 shipping US initial public offerings for the period 1987-2008, and a set of prospecti and market specific characteristics is employed. The Ordinary-Least-Squared Regression results show that 20-53 percent of the variation in first day returns is explained by employing public available information known prior to the offer date; therefore, it can be argued that final offer prices of shipping US IPOs are only partially adjusted to broadly accessible information. Additionally, the probability of underpricing is examined and the logit model correctly predicts 90 percent of the entire sample, with in and out-of-sample bootstrap tests further supporting the robustness of the model. This chapter contributes to the existing ship finance literature by testing the hypotheses of partial adjustment (Benveniste and Spindt, 1989) and winner's curse (Rock, 1986) theories as an explanation for shipping US IPOs' initial day returns. Moreover, it uses variables that have not been previously employed in shipping IPOs studies and the probability of underpricing a shipping IPO is examined for the first time. Finally, the results of the study show that by employing readily available information known prior to the shipping IPO date, investors can identify the factors that affect the initial day returns and also predict the probability of underpricing a shipping IPO. Chapters I and 2 are parts of chapters 20 and 21 in the book "The Blackwell Companion to Maritime Economics" (Grammenos and Papapostolou, forthcoming (a), forthcoming (b)). Chapter 3 has been published in Transportation Research Part E: Logistics and Transportation Review (Grammenos, Alizadeh, and Papapostolou, 2007) and an earlier version was presented at the International Association of Maritime Economists (lAME) conference in Izmir, Turkey in 2004. Chapter 4 has been published in Transportation Research Part E: Logistics and Transportation Review (Grammenos, Nomikos, and Papapostolou, 2008) and an earlier version was presented at the International Association of Maritime Economists (lAME) conference in Limassol, Cyprus in 2005. Finally, chapter 5 has been submitted to Transportation Research Part E: Logistics and Transportation Review and it is under review.

Market-heavy pension systems, in which low or moderate state benefits are topped up by private welfare arrangements, have long been expected not only to create dualisms, but also to fuel patterns of politics that perpetuate and even increase such dualisms over time. The starting point of this research is the observation that while some market-heavy pension systems indeed remain dualised in the post-industrial context, others have become more universal, either through changes to the structure of the state pension or through regulation to extend the coverage of private pensions. My research objective is to explain the universalising changes that have occurred. I show that the very institutional features that are usually expected to lead to further dualisation, namely a reliance on market-based arrangements, the prevalence of targeting and limited earnings replacement, contribute to bringing about universalising reforms. In particular, I show how under certain conditions these institutional features help structure the policy preferences of key political actors such that those actors usually associated with the extension of state provision embrace market means, while those associated with private provision push for the expansion of the state pension. I use fuzzy-set Qualitative Comparative Analysis (fsQCA) of nine market-heavy pension systems over the three decades since 1980 to map the combinations of causal conditions under which universalising reforms have occurred. In addition, I present case outlines linking the institutional conditions to the reform outcomes via the policy preferences of key political actors. In doing so I provide a causal logic that reinforces the results of the fsQCA and offers a substantial explanation for the introduction of universalising reform in some market-heavy systems, as well as for the absence of such reform in others.

Since the mid-1980s, Algeria has embarked on a programme of comprehensive financial liberalisation to establish a market-oriented financial system, and to develop the role of the Algiers Stock Exchange in the mobilisation of financial resources. The transition from a centrally planned to a market-oriented economy meant fewer regulatory barriers towards local and foreign banks. This study demonstrates that financial liberalisation is the main force that drives the globalisation of financial services, followed by financial innovations and the Internet. Globalisation has affected the performance of the two prevalent banking models in Algeria: interest based (conventional) and non- interest-based (Islamic). The benchmarks used to assess banking performance are: competition, profitability and efficiency. Quantitative and qualitative analyses show a direct link between banking efficiency and the globalisation of financial services. The study concludes that globalisation has more advantages than disadvantages to the Algerian banking sector and the Algiers Stock Exchange. The elimination of regulatory barriers has enabled state-owned banks to improve the quality of their services and to use more advanced information technologies. Private and foreign banks are also involved in the modernisation of the Algerian banking industry by launching innovative financial products and attracting local and foreign capital. However, this project emphasises that the removal of remaining regulatory obstacles would enable banks to benefit fully from the process of financial liberalisation, and to be active institutions in the financial market. Moreover, opening the Algiers Stock Exchange to large domestic and foreign companies would attract capital investments and boost equity trading in Algeria.

This thesis presents three empirical studies on household finance. The thesis is inspired by the following phenomena: (1) the development of household finance; (2) the importance of enhancing financial inclusion; (3) the rising prevalence of obesity in western countries; (4) the global ageing challenge. Using the China Household Finance Survey, I investigate the determinants of financial inclusion, focusing on the role played by informal finance. I test the extent to which financial inclusion affects households' consumption. My findings suggest that enhancing financial inclusion in China may play an important role in rebalancing the economy towards domestic consumption. Using the China Health and Retirement Longitudinal Study, I investigate the extent to which households' consumption profile changes after health shocks. My findings suggest that non-medical consumption is generally insured against health shocks in China. Using the Survey of Health, Ageing and Retirement in Europe, I find a positive association between financial stress and bodyweight in Europe. I find that individuals are more likely to respond to self-perceived financial stress than to objective levels of debt. Thus, policies aimed at improving citizens' ability to cope with financial stress may play a role in tackling the obesity epidemic in Europe.

This thesis explores the argument that the need for governments to raise tax revenue, as opposed to relying on resource rents or other sources of non-tax revenue, may increase the likelihood that they will be responsive and accountable to their citizens. It employs a combination of quantitative and qualitative methods, first testing the relationship between tax reliance and accountability econometrically using cross-country data and then turning to detailed case studies from Ghana, Kenya and Ethiopia. The econometric results conclude that while existing data is consistent with the argument that tax reliance contributes to greater responsiveness and accountability, it is not possible to establish causality due to a combination of data limitations and the complexity of the underlying causal processes. This ambiguous finding provides motivation for the detailed case studies that follow. The causal model developed here proposes that the need for governments to rely on taxation may strengthen taxpayer demands for responsiveness and accountability, owing to the possibility of tax resistance and the role of taxation as a catalyst for collective action. Consistent with this model, the case study chapters present detailed historical narratives that capture significant examples from each of the three countries in which the need for taxation has contributed significantly to the expansion of responsiveness and accountability. As importantly, the case study evidence provides a nuanced understanding of the nature of the connections between taxation, responsiveness and accountability, highlighting three distinct types of causal processes at work, as well as the most significant social, political and economic contextual factors that shape the potential for tax bargaining. These lessons point toward important policy implications for foreign aid and tax reform more broadly.

Technology acceptance, especially internet banking acceptance has become a vital issue in the business world today. A number of studies agree on the importance of customer adoption and full utilization of internet banking services as the key factors for banks to achieve the benefits from launching this channel (eg. Guriting & Ndubisi, 2006; Nor, 2005; Yousafzai, 2005; Mols et al., 1999). They also highlight the crucial role of the comprehensive understanding of the factors and their interactions with each other that influence customers in accepting and using internet banking services. A review of literature related to internet banking indicates that while there are numerous studies that have tried to identify the factors affecting non-adopters and/or users of internet banking there is no single study, specifically in Saudi Arabia, that sheds light on the factors affecting dormant users of internet banking. Hence, the present study provides additional insights into this issue. The study adds to the body of knowledge in the technology acceptance field by developing a comprehensive model for internet banking acceptance. The model extended the Technology Acceptance Model (TAM) to include additional components, namely task-technology fit (TTF), perceived trust and perceived risk. The subjects for this study were Saudi bank customers who are dormant users of internet banking services. One thousand copies of the questionnaire were distributed in five Saudi cities: Riyadh, Jeddah, Dammam, Abhah and Buraydah. A total of 430 completed questionnaires were received, giving a response rate of 43% of the original sample. Structural equation modelling (SEM) was the statistical technique employed in this study. The main results of this study suggest that two factors, namely perceived usefulness and service visibility directly influence Saudi customers’ intention to use internet banking. Perceived ease of use is indirectly significant on the behavioral intentions through perceived usefulness. Moreover, perceived trust, system reliability and accessibility significantly influence perceived ease of use of internet banking. The results also reveal that customer trust in internet banking can be developed by focusing on only one theoretical construct of trust, perceived bank trustworthiness of the internet banking provider. Based on the findings, implications for internet banking practice and related future research have been identified.

This thesis focuses on the algorithm configuration problem. In particular, three efficient learning configurators are introduced to tune parameters offline. The first looks into metaoptimization, where the algorithm is expected to solve similar problem instances within varying computational budgets. Standard meta-optimization techniques have to be repeated whenever the available computational budget changes, as the parameters that work well for small budgets, may not be suitable for larger ones. The proposed Flexible Budget method can, in a single run, identify the best parameter setting for all possible computational budgets less than a specified maximum, without compromising solution quality. Hence, a lot of time is saved. This will be shown experimentally. The second regards Racing algorithms which often do not fully utilize the available computational budget to find the best parameter setting, as they may terminate whenever a single parameter remains in the race. The proposed Racing with reset can overcome this issue, and at the same time adapt Racing’s hyper-parameter α online. Experiments will show that such adaptation enables the algorithm to achieve significantly lower failure rates, compared to any fixed α set by the user. The third extends on Racing with reset by allowing it to utilize all the information gathered previously when it adapts α, it also permits Racing algorithms in general to intelligently allocate the budget in each iteration, as opposed to equally allocating it. All developed Racing algorithms are compared to two budget allocators from the Simulation Optimization literature, OCBA and CBA, and to equal allocation to demonstrate under which conditions each performs best in terms of minimizing the probability of incorrect selection.