The core focus of this thesis is the principal-agent problem and its role in the outbreak of the 2007 financial crisis. Analysis of key elements of the problem like moral hazard and adverse selection lays foundations for identifying situations, in which conflict of interests led to negative impacts on the economic performance before and during the financial crisis. This work also studies the influence of factors that are often overlooked by theoretical economists but are still tightly connected to the principal-agent problem, like exogenous incentives based on the mechanism of trust. The author also evaluates mechanisms that have been put into place after the financial crisis and which could help lower agency costs. He also sketches out possible venues of future research in this area.

The financial crisis in the USA is due to its great consequences still considered to be current topic. Its causes were discussed and analyzed by many researchers, but mostly from the financial point of view. This thesis takes different approach and identifies the role of the moral hazard in the pre-crisis period. Moral hazard is very often underestimated and for many people uninteresting factor. Therefor, the thesis is divided into four parts, which present the theoretical background of moral hazard and bring up the importance and constant presence of it in today's world. The main part of this work is last chapter, which analyzes moral hazard in the causes of the financial crisis. Moral hazard played key role in the pre-crisis period when it was present at all possible levels deforming the behavior of market players and causing the market failure. The deformation had mostly form of excessive risk-taking, unfavourable financial products and abuse of the information asymmetry. Very specific and dangerous kind of moral hazard is associated with the government interventions such as Greenspan doctrine or Too big to fail policy. It is because of its systematic character, when opposed to the moral hazard in the private sector is not required the presence of information asymmetry.

This diploma thesis focuses on the moral hazard aspects in the financial crisis on the USA market in the years 2007-2009, that later became known as a global crisis of real economic. The thesis aim is to prove a role of moral hazard in the financial crisis origins, role that can be detected in the activities and behavior of the market participants. There is a survey of the individual causes of the crisis and interpretation in the terms of moral hazard. First part of the thesis focuses on the theoretical basics of moral hazard that is being represented by the Principal-Agent Problem. This theory is further applied on the financial market theories. Second part of the thesis describes the origin and development of the financial crisis. It represents the introduction of the crisis without exploring the causes. The third part of the thesis is the core part, there is presented the role of moral hazard in the financial crisis due to the synthesis of the two previous parts. Item by item there are introduced the activities on the crisis market, where the principle of these activities is presented in terms of moral hazard. This part also includes moral hazard in the society that influences also the financial market. The last part focuses on the regulation of the financial markets in connection with the possibilities of moral hazard elimination.

A failure of systemically important bank was up to the present time in most cases avoided through providing financial support by government because there were concerns about destroying the financial stability followed by decline in economic activity because of size, interconnectedness and limited substitutability of the failing bank. However, the implicit governmental guarantees for systemically important banks create many distortions in an economy which are desirable to eliminate. Considering restriction of moral hazard, no increase in systemic risk and preservation of social benefits of G-SIBs the parallel implementation of higher capital requirements and recovery and resolution policy seems to be the most effective measure from proposed regulatory measures for systemically important banks. The future benefits and costs of these measures will be dependent in a high degree on the form and way in which the new rules will be incorporated by governments to their national regulatory frameworks.

Cox proportional hazard model is often used to estimate the effect of covariates on hazard for censored event times. In this thesis we study the semiparametric models of additive risk for censored data. In this model the hazard is given as a sum of unknown baseline hazard function and a product of covariates and coefficients. Further the general additive-multiplicative model is assumed. In this model the effect of a covariate can be either multiplicative, additive or both at the same time. We focuse on determining the effect of a covariate in the general model. This model can be used to test for the multiplicative or addtive effect of a covariate on the hazard.

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<p>  </p> <p>During the construction of a bridge, more specifically a concrete bridge deck, there are sometimes defects in materials or workmanship, resulting in what is called a construction defect. These defects can have a large impact on the lifecycle performance of the bridge deck, potentially leading to more preventative and reactive maintenance actions over time and thus a larger monetary investment by the bridge owner. Bridge asset managers utilize prediction software to inform their annual budgetary needs, however this prediction software traditionally relies only on historical condition rating data for its predictions. When attempting to understand how deterioration of a bridge deck changes with the influence of construction defects, utilizing the current prediction software is not appropriate as there is not enough historical data available to ensure accuracy of the prediction. There are numerical modeling approaches available that capture the internal physical and chemical deterioration processes, and these models can account for the change in deterioration when construction defects are present. There are also numerical models available that capture the effect of external factors that may be affecting the deterioration patterns of the bridge deck, in parallel to the internal processes. The goal of this study is to combine a mechanistic model capturing the internal physical and chemical processes associated with deterioration of a concrete bridge deck, with a model that is built strictly from historical condition rating data, in order to predict the changes in condition rating prediction of a bridge deck for a standard construction case versus a substandard construction case. Being able to measure the change in prediction of deterioration when construction defects are present then allows for quantifying the additional cost that would be required to maintain the defective bridge deck which is also presented. </p>

A comprehensive study of accident records which have occured in Coal Mining Industries of Europe and U. S. A are analysed. The intention of the research was to establish relationships between the various accidents and prevention methods adopted by each country are evaluated and to assess the impact of industrial legislation in these various countries on accident rate are examined. The study analyses in paricular the fatal accident rate, and major and minor rate. The Major health hazards associated with coal mining are described in detail and discusses together with the Measurement of safety performance and its application in the Safety field. The study also examines the role of human factors in accidents also includes a summaries of fatal and major injury rates for 46 countries. Arising from the research a number of recommendations for improving safety are requires further research are indentified. / Ministry of Culture and Higher Education Of Islamic Republic of Iran

The Birnbaum-Saunders (BS) distribution is a positively skewed distribution and is a popular model for analyzing lifetime data. In this thesis, we first develop an improved method of estimation for the BS distribution and the corresponding inference. Compared to the maximum likelihood estimators (MLEs) and the modified moment estimators (MMEs), the proposed method results in estimators with smaller bias, but having the same mean squared errors (MSEs) as these two estimators. Next, the existence and uniqueness of the MLEs of the parameters of BS distribution are discussed based on Type-I, Type-II and hybrid censored samples. In the case of five-parameter bivariate Birnbaum-Saunders (BVBS) distribution, we use the distributional relationship between the bivariate normal and BVBS distributions to propose a simple and efficient method of estimation based on Type-II censored samples. Regression analysis is commonly used in the analysis of life-test data when some covariates are involved. For this reason, we consider the regression problem based on BS and BVBS distributions and develop the associated inferential methods. One may generalize the BS distribution by using Laplace kernel in place of the normal kernel, referred to as the Laplace BS (LBS) distribution, and it is one of the generalized Birnbaum-Saunders (GBS) distributions. Since the LBS distribution has a close relationship with the Laplace distribution, it becomes necessary to first carry out a detailed study of inference for the Laplace distribution before studying the LBS distribution. Several inferential results have been developed in the literature for the Laplace distribution based on complete samples. However, research on Type-II censored samples is somewhat scarce and in fact there is no work on Type-I censoring. For this reason, we first start with MLEs of the location and scale parameters of Laplace distribution based on Type-II and Type-I censored samples. In the case of Type-II censoring, we derive the exact joint and marginal moment generating functions (MGF) of the MLEs. Then, using these expressions, we derive the exact conditional marginal and joint density functions of the MLEs and utilize them to develop exact confidence intervals (CIs) for some life parameters of interest. In the case of Type-I censoring, we first derive explicit expressions for the MLEs of the parameters, and then derive the exact conditional joint and marginal MGFs and use them to derive the exact conditional marginal and joint density functions of the MLEs. These densities are used in turn to develop marginal and joint CIs for some quantities of interest. Finally, we consider the LBS distribution and formally show the different kinds of shapes of the probability density function (PDF) and the hazard function. We then derive the MLEs of the parameters and prove that they always exist and are unique. Next, we propose the MMEs, which can be used as initial values in the numerical computation of the MLEs. We also discuss the interval estimation of parameters. / Thesis / Doctor of Science (PhD)

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