本研究主要探討股權重組活動對公司治理的影響，以及股權重組與公司治理程度是否會影響經營績效。多角化原為企業增強經濟效率、發揮綜效的策略，但近年來發現，企業多角化有折價的現象。又諸多折價現象中，發現企業產生了內部價值衝突的狀況。推敲折價現象的發生，可能與管理者能力有關，當組織越廣大而多層下，管理能力不堪負荷企業的經營效率將因為業務種類越廣而降低。 從臺灣的個案訪談中，了解到小股東對分割宣告的態度多為保守而疑慮的，未若歐美文獻所探討的對股東財富具有正面的激勵。因此，本研究探討股權重組所欲達成的目的是否對公司治理有正面的幫助，並進一步以子公司的上市為基準點，討論上市前管理能力、公司治理與股權重組目的之前是否具備關聯性，並研究上市後股權重組目的、公司治理與經營績效之前是否具備關聯性。 主要貢獻如下: 1. 股權重組是企業從多角化走向分權、業務單純化的程序，股權重組有 利於讓外部投資人減少資訊不對稱的困境，在分別評價不同性質企業下，有助於回復多角化折價所失去的價值。 2. 管理能力隨著企業的發展，會提高或降低。管理者表現不佳未必要以撤換管理者為唯一手段，且要提高管理者努力程度也不盡然是以設計良好的獎酬制度，原因可能是內部資源配置不佳，而股權重組是協助企業改善內部資本市場缺乏效率性的重要手段。 3. 股權重組是讓單一實體企業創建兩個獨立的企業個體，他會引進新得股東、外部專家與讓管理者更可直接接受外部市場評價，股權重組是否可讓企業更進一步地改善公司治理結構或減少盈餘管理現象，仍有賴企業分割的真實目的。在臺灣，資產分割對股東財富的影響為負效果，有別於歐美資本市場；權益分割雖為正的財富效果，但反應也不如歐美市場的表現。 4. 管理能力與公司治理表現會影響股權重組的推動，股權重組的目的與公司治理的表現會影響經營績效。 / 1.Ownership Restructuring Relationships Equity Carveouts and Spin-offs were called “Ownership Restructuring Relationships”. Equity Carveouts are usually followed by spin-offs. Spin-offs are more often associated with controlled subsidiaries. In a spin-off, a company distributes on a pro rata basis all the shares it owns in a subsidiary to its own shareholders. Two separate public corporations with the same proportional equity ownership now exist where only one existed before. Equity Carveouts means “ A company sells up to 20% of the stock of a segment to raise funds followed by a tax-free spin-off. Spin-offs are distinguished from equity carveouts, in which some of a subsidiariy’s shares are offered for sale to the general public, bringing an infusion of cash to the parent firm without loss of control. In any cases, management may seek to split the company into small pieces through a series of restructuring techniques. Including initial equity carveouts and subsequent spin-offs. 2.Wants Taiwan listed Companies have incurred on conflict between subsidiaries in recent years. They usually take the step of Restructuring ownership relationship to approach their strategy, we exploring the cause and consequence among financial strategy, corporate governance and performance. The purpose of this paper is to explore the decision whether can impact on ability of manager or not. First, to develop a new path is main contribution in Corporate Governance. Second, to enhance the diversified field referred as Governance. Third, Which can increasing wealth of owner at the issue of spin-offs and carveouts in Taiwan. Fourth, After enacted the decision, What effect are their needs and the relationship between strategy and performance? 3.Literature Review (1)Restructure Several studies have examined the market reaction to the announcement of carve-outs (Schipper and Smith, 1986) and spin-offs (Hite and Owers,1983;Miles and Rosenfeld,1983; and Schipper and Smith,1983) These studies demonstrate that the announcement of a corporate spin-off or carve-out is associated with positive stock price movements in the parents’ stock. The continuity of ownership in a spin-off implies that any subsequent changes in value from the reorganization accure to the existing shareholders of the parent corporation. Galai and Masulis claim spin-offs may erode the position of the bondholders causing a wealth transfer from bondholders to stock holders while leaving the value of the firm unchanged. Schipper and Smith also contend that the creation of publicly-traded firms results in new information sources which enable shareholders to more closely monitor the activities of managers, thereby reducing agency costs and enhancing shareholder wealth. The asset focus explanation has viewed spin-offs as improving the focus of a firm, thus serving to remedy the loss of focus inherent in a diversified conglomerate. (2)Restructure and owners wealth A significant positive stock price reaction was surrounding spin-off announcements. The source of the gains in spin-offs, however, is difficult to identify and validate. Authors have argued that spin-offs:  Mitigate an unwieldy organizational structure by increasing focus.  Enhance contracting efficiency  Reduce regulatory or tax constraints  Reduce information asymmetries regarding the operatons of parent firms  Are possible corrections of acquisition mistake.  Improve managers’ incentives to maximize shareholder wealth in spun-off firms. Allen et al(1995)also document an inverse relation between the gains to spin-offs and losses associated with prior takeovers of those units by the parent firm. Krishnaswami and Subramaniam(1999) find that information symmetries in parent firms are positively related to the excess stock returns around spin-off announcements. While Daley, Methrotra, and Sivakumar(1997)report that focus-increasing spin-offs earn higher announcement-period excess stock returns relative to spin-offs that do not increase focus. Cusatis, Miles, and Woolridge(1993)find that the market for corporate control has historically played a major role in the wealth gains to shareholders of firms involved in spin-offs. The sources of the increasing in shareholder wealth which accompanying the announcement of a corporate spin-off. However, are not apparent. Hite and Owers(1983) and Schipper ;and Smith(1983) document that shareholder gains are related to neither wealth transfer from other financial claimants nor to the beneficial resolution of inefficient legal to regulatory contractual relationships. (3) Information Asymmetry and Restructuring Practitioners and the popular press usually propose an information-related motivation for spin-offs. CEO of most firms involved in spin-offs claim that the spin-off improves the firm’s market value because investors are able to perceive value more clearly after the spin-off. As information asymmetry hypothesis that a spin-offs increasing value. because it mitigates the information asymmetry in the market about the profitability and operating efficiency of the different divisions of the firm. Several studies have empirically analyzed the source of shareholder gains around spin-offs. We may be classified as follow: (i) transfer of wealth from bondholders to shareholders. (ii) tax and regulatory advantages, (iii)restructuring of incentive contracts synergies hypothesis has received broad empirical support. As spin-offs transform a shingle firm into many firms that have separate stock market listings, they increase the number of traded securities and make the price system more imformative. (4) Internal Capital Market The relative efficiency of internal and external capital market transactions is a critical element in defining the boundaries of the firm. Mackie-Mason(1990) says that internal capital markets are an empirically important mechanism by which capital is allocated across and within lines of business. Alchian(1969) and Williamson(1970) argue that internal capital markets are more efficient than external markets because corporate headquarters is likely to be better informed than external suppliers of capital about investment opportunities. Meyer, Milgrom and Roberts (1992), Wulf(1997), Rajan et al(2000) and Scharfstein and Stein(2000) argue that rent seeking by division al managers can distort the functioning of internal capital markets, inducing corporate headquarters to allocate excessive capital to divisions with poor investment opportunities where rent-seeking incentives are strongest. Shin and Stulz(1998) evidence that when capital is reallocated across divisions, it does not seem to go in any systematic way to the divisions with the better investment opportunities. (5) Governance and Restructuring While a well-functioning system of corporate governance and control should contribute to the development of competitive advantage, internal control practices may not always operate effectively. The restructuring of the U.S. economy that followed this century’s fourth merger wave can be seen as inefficiencies associated with firms’ pursuit of financial self-sufficiently and conglomerate diversification. Having said this, the work on internal control is limited in two ways. First, there have been few studies that consider director attributes, as well as the identity and compensation of CEOs simultaneously. Most work considers each as a topic worthy of its own investigation. Of course, these CEO and director attributes all comprise interrelated aspects of internal corporate control. And second, While Walsh and Seward (1990) acknowledged that a voluntary corporate restructuring could be seen as an attribute of internal control. Relatively little empirical work has been done on the topic within a governance and control framework. Our goal is to examine the relationship between a voluntary corporate restructuring and the more traditional internal corporate control mechanisms identifies by Walsh and Seward (1990). 4. Research Design (1)Hypothesis H1: The Goal of Restructuring Ownership Relationship is positive related with enhancing Degree of Corporate Governance; also is positive related with reduce Earning Management. H1-1: A predictable variable is reducing diversification which has positive related with the share-hold-ratio increasing in institutional investor. H1-2: The more forecast error from analysts, the less do add-up share hold-ratio from institutional investor; also the more is earning management from managers. H1-3: Earning quality increasing is positive related with institutional investor add-up their holds; also is positive related with manager decreasing their earning management. H1-4: Capital Expenditure decreasing is positive related with institutional investor add-up their holds; also is positive related with manager decreasing their earning management. H2: Restructuring Ownership Relationship can enforce the structure of subsidiaries’ governance, also loft the ability of top management. H2-1: If Insider Trading Index is lower at the subsidiaries after restructuring, the relationship with reducing agency cost is positive. H2-2: Board is positive related with reducing the agency cost. H2-3: The more influence power index is, the less agency costs are at subsidiaries’ restructuring. H3: Announcement is positive related with wealth effect. H3-1: announcement has positive abnormal return during event window. H3-2: Spin-off has negative accumulate abnormal return during announcement. Carveout have positive accumulate abnormal return during announcement. H3-3: the long-term in wealth effect which after restructure is superior to before restructure. H4: Among governance, restructuring and performance have positive relationship. H5: the performance means after restructure is superior to before restructure. (2)Event study The original sample consisted of 101 firms parent companies had spun-off subsidiary common stock to their shareholders over the period 1990 to 2005, and either sample consisted of 79 firms parent companies had carved-out subsidiary common stock to outsiders. The mean adjusted return approached was used to compute abnormal returns. Recent evidence by Masulis(1994) as well as the more sophisticated market models in detecting abnormal performance when it is present. To determine the adjusted daily returns of a security, the average daily return over specified interval, the comparison period return(CPR), it taken as an estimate of the expected daily return for the period under study, the observaton period adjusted returns are then computed by subtracting the CPR from the daily return over the observation period. The CPR for the current study is based upon the average daily return from day –210 through day –21, the observation period extends from day –10 through day +10 using the following formula: a. Average standard abnormal return:ASR= 。 b. Accumulated standard abnormal return: CASR= 。 (3) Logistical regress model We will test the relationship between goal of restructuring and governance to use the method in logistical model. Because the binary variables can catch add or deduct from institutional investor. Institutional investor may be proxy variable of enforce structure of Corporate governance that is depended variable by us. In addition to proxy of governance, We select another depend variable which is transparency on finance to be a proxy variable of earning management in stead of agency cost. If hold-stock-ratio is adding means the structure is better in the wholly year. And if transparency-on-finance is deducting means the cost is saver in the wholly year. Through binary variable to test the relationship is worse than multi-regression model, we only want to know the meaning whether restructuring of owner relationship is function of corporate governance to find the effect on financial decision. Suppose that the strong relationship is existed between restructuring and governance, hence, we will explore relationships among governance, restructuring and performance in advance. (4) Simultaneous Equation model If ability can impact on financial decision and producing effect indirectly on governance, how do governance and performance can impact on financial decision? There are many papers to discuss the efficient of internal capital market where were related with governance and performance from inference. The evidence-paper is scarcity and also non-suitable on Taiwan. We Seemingly see the consequence is well between variables, their relationship may be interact to display on cause and consequence. 5. Conclusion (1) We get a strong evidence to support the goal can influence on governance. Institutional investors need the sign to adjust their stock and join the better governance. (2) To approve the refocusing hypothesis those improve the performance and manager’s ability. Their purpose of taking the corporate restructure is not only owner wealth but also to modulate the internal resource on conglomerate. (3) Spin-offs is difference from carve out on wealth effect from announcement period. But they also have the common effect is positive on announce day. Spin-offs have negative abnormal return prior to announcement and carve out have positive abnormal return through announce day. Our conclusion is different from west papers. (4) Ownership structure have influence on performance, Suppose that highly controlled parent company get more inflow than lower controlled parent company, in the meaning of controlling shareholder or block holders will influence on performance and ability of manager through corporate restructure.

Magister Artium - MA / The study concludes that the existence of HTAs in the USA is explained by the socially enforced institution of the hijos del pueblo (sons of the town) having a duty to help their hometowns, as well as the private benefits of preserving Garífuna traditions and the possibility of helping repatriate dead immigrants. Fulfilling this duty (and the consequent prestige attained) provides the incentives to send CRs home. In the cases studied, CRs were used to partly finance potable water projects, electricity projects, road paving, a community centre and the construction of a Catholic temple. In most of the cases HTAs worked with a local development organisation, known as Patronato, which formed specific committees for executing projects, for example the water and the electricity committees. For the construction of the temple, a religious organisation known as Pastoral was the local partner. The term Collective Remittances (CRs) refers to the money sent by migrant associations, known as Hometown Associations (HTAs), to Community-Based Organisations (CBOs) in their hometowns for financing public works projects. Few cases of CR are known in Honduras. The only ones reported are among the Garífunaethnic group living on the Caribbean Coast, and with a large migrant community in New York City (NYC). This mini-master’s thesis is the first study written on CRs in Honduras. It studies CR experiences in four Garífuna hometowns and their corresponding HTAs in NYC. It answers three questions: How do CRs work in each case? What are the determinants for HTAs to provide CRs to the hometowns? And what are the determinants for local CBOs in the hometowns to use the CRs effectively to provide public goods in the hometowns? CR is conceptualised as a that chooses which local group and project to finance, and the local CBO, which is the agent

Ce travail vise à déterminer dans le cadre des sociétés s’introduisant en bourse les facteurs explicatifs de la présence d’engagements contractuels par les principaux actionnaires d’une part et leur impact sur la valeur de la firme d’autre part. Le terme « engagement contractuel » fait référence à deux mécanismes mis en place au moment de l’introduction en bourse : les engagements de conservation d’actions par les dirigeants et les pactes d’actionnaires. Notre étude porte sur un échantillon de 292 entreprises introduites en bourse entre 1996 et 2000 sur le nouveau marché et le second marché de la bourse de Paris. Nos résultats montrent que la présence et la durée des engagements de conservation d’actions des dirigeants servent à signaler la valeur de la firme lorsque l’asymétrie d’information est grande mais aussi à compenser certaines inefficiences du système de gouvernance de l’entreprise. Nous observons également un impact négatif sur la valeur de la firme des engagements de conservation des dirigeants alors que ceux concernant les sociétés de capital risque l’influence positivement. Concernant les pactes d’actionnaires, nos travaux montrent que leur mise en place est d’autant plus probable que les dirigeants anticipent une cession future de l’entreprise. Ils ont par ailleurs une influence positive sur la valeur de la firme tant qu’ils ne protègent pas les signataires d’une prise de contrôle hostile ; dans ce dernier cas l’effet sur la valeur de la firme est négatif. Finalement, nous montrons qu’il existe une réaction négative du cours de bourse autour du jour de l’expiration des engagements de conservation. / Using a sample of IPO firms, we try to figure out what are the factors influencing the adoption of lockups and shareholder agreements and we also try to assess the impact on firm value of these two commitments. Our study is based on a sample of 292 IPOs made between 1996 and 2000 on the French nouveau marché and second marché. We found that the adoption of lockups and their length may serve to alleviate information asymmetry at the IPO time. Our results also give pieces of evidence that this mechanism may compensate for some inefficiencies of the corporate governance setting. We found that lockups undertaken by managers have a negative effect on firm value whereas lockups by venture capital firms have a positive one. With regards to shareholder agreements, our tests show that the probability of adopting such a commitment is positively related to managers’ anticipation of a future sale of the firm. We also found that shareholder agreements have a positive effect on firm value as long as they do not insulate the company from the threat of a hostile takeover. In this latter case, the effect on firm value is negative. Finally, we found a negative return around the day where lockups are released.

Banken haben nicht zuletzt durch die Finanzkrise von 2008 viel des Vertrauenskapitals in ihr Geschäftsmodell eingebüßt. Ein Hauptgrund ist die Existenz erheblicher Informationsasymmetrien zwischen Banken als Anbietern von Finanzprodukten und -dienstleistungen und ihren Kunden, die von den Banken zu ihren Gunsten und zu Lasten der Kunden ausgenutzt werden können. Die vorliegende Dissertation fokussiert primär auf die gezielte Vergrößerung dieser Informationsasymmetrien zum Zwecke opportunistisch motivierter Vorteilsausnutzung. Bereits die Möglichkeit eines derartigen Vorgehens erfordert Investitionen von Banken in ihre Vertrauenswürdigkeit, um einer Gefährdung ihrer „License to Operate“ entgegen zu wirken. Die Analyse dieser Problemstellung erfolgt bezogen auf den Kontext des Retailbankings aus der Perspektive der ökonomischen Ethik. Die Arbeit gibt Antworten auf die Frage, wie Banken Anstrengungen unternehmen sollten, um ihre Vertrauenswürdigkeit zu stärken im Angesicht von situativen Konfliktsituationen, in denen bedingt durch Informationsasymmetrien Ausbeutungspotenziale existieren.:Abbildungsverzeichnis Tabellenverzeichnis Abkürzungsverzeichnis 1 Einleitung 1.1 Die Problemstellung im ökonomischen Kontext 1.2 Informationsasymmetrien im Spannungsfeld von Moral und Gewinnmaximierung 1.3 Überblick über den weiteren Argumentationsgang 2 Grundlagen der ökonomischen Ethik 2.1 Diskussion der Theorieentscheidung für die ökonomische Ethik 2.2 Praktischer Syllogismus 2.3 Vertrauensspiel und Gefangenendilemma 2.4 Modell der Handlungsbedingungen 2.5 Ökonomische Ethik nach Homann und Suchanek 2.6 Spielverständnis 3 Problemstellung auf dem Zenit 3.1 Vertrauensverlust durch Informationsasymmetrie im Status quo 3.2 Interaktionsprobleme 3.2.1 Informationsprobleme 3.2.2 Anreizprobleme 3.2.3 Defektion als rationale Strategie 3.3 Problemdarstellung in Dilemmastrukturen 3.3.1 Horizontale Dilemmata 3.3.1.1 Dilemma auf Beraterebene 3.3.1.2 Dilemma auf Unternehmensebene 3.3.2 Vertikale Dilemmata 3.3.2.1 Dilemma zwischen Bank und Kunde 3.3.2.2 Dilemma zwischen Bank und Berater 3.4 Informationsasymmetrie als fokale Problemstellung 3.4.1 Umgang mit bestehenden Informationsasymmetrien 3.4.2 Diskussion der gezielten Vergrößerung unerwünschter Informationsasymmetrien 3.4.3 Unvollständige Verträge 3.4.4 Informationsvorsprung als Schalthebel für Kooperation 3.4.5 Informationskosten 3.5 Komplexität 3.5.1 Essenzielle Komplexität 3.5.2 Artifizielle Komplexität 3.6 Agenturtheorie 3.6.1 Arbeitsteilung 3.6.2 Problemstellungen der Prinzipal-Agenten-Theorie 3.6.3 Bilaterales Prinzipal-Agenten-Modell 3.6.4 Multi-Agentur-Beziehungen 3.7 Transparenz und Informationsasymmetrie 3.7.1 Grenzen der Transparenz 3.7.2 Informationsqualität 3.7.3 Informationsquantität 3.7.3.1 Intransparenz durch Zuwenig an Information 3.7.3.2 Intransparenz durch Zuviel an Information 4 Maßnahmen zur Vertrauensrückgewinnung 4.1 Kooperationsgewinne und Wohlfahrt 4.2 Auswirkung der Veränderung der Handlungsbedingungen im Zeitverlauf 4.3 Regulatorik 4.3.1 Erhöhung der Transaktionskosten durch Regulatorik 4.3.2 Verstärkung der Informationsasymmetrie durch Beratungsdokumentation 4.4 Anreizbedingungen 4.4.1 Monetäre Anreize 4.4.2 Nicht-monetäre Anreize 4.5 Leitbilder und Unternehmenswerte 4.5.1 Focal Points als Erklärung der Persistenz etablierten Verhaltens 4.5.2 Formale vs. informale Organisation 4.5.3 Implizite Regeln 4.5.4 Freerider-Problem 4.5.5 Veränderung im Spielverständnis 4.6 Exogene Faktoren 4.6.1 Niedrigzinsumfeld 4.6.2 Disruption durch Fintech 4.7 Neubewertung der Informationsasymmetrie nach Etablierung der Post-Krisen-Maßnahmen 5 Etablierung eines vertrauensbasierten Geschäftsmodells 5.1 Anwendung des Praktischen Syllogismus 5.2 Moralisches Ideal 5.2.1 Verantwortungsvolle Unternehmensführung 5.2.2 Impartial Spectator 5.2.3 Institutionalisierung des Impartial Spectators im Unternehmen 5.3 Empirische Bedingungen 5.3.1 Veränderung der Unternehmenskultur 5.3.2 Angleichung der Anreizbedingungen 5.4 Kooperationsgewinne als Wettbewerbsvorteil 5.4.1 Abbau von Risiken durch Langfristperspektive 5.4.2 Erhöhung des Gesamtnutzens durch Langfristperspektive 6 Fazit – ein Plädoyer für die Selbstbindung Literaturverzeichnis

El propósito de la presente investigación ha sido identificar aquellos factores que afectan el acceso al financiamiento de las pymes, esto debido a que a la fecha existen muchas limitantes que funcionan como barrera en el desarrollo de dichas empresas. Es preciso indicar que en el mercado en donde se desarrollan existen diversas formas de financiamiento; sin embargo, estas normalmente benefician o aportan un mayor apoyo y valor a las grandes empresas o a las que tienen un historial crediticio previo. Por ello, es que en este trabajo de investigación nos enfocamos en analizar específicamente el apoyo o facilidades de financiamiento que reciben las pymes para su desarrollo. Los tipos de financiamiento que existen para las pymes son con capital propio y/o con capital de terceros: el primero consiste en el inicio y financiamiento de las operaciones con los fondos propios de los inversionistas, y el segundo consiste en el otorgamiento de financiamiento mediante el capital semilla, préstamos informales, proveedores, subsidios del Estado, entidades bancarias-financieras y la emisión de bonos-acciones. Es importante mencionar que existen diversos factores que dificultan o facilitan el acceso al financiamiento de las pymes, los cuales se hacen referencia en esta investigación: la asimetría de la información, el riesgo crediticio, la calidad de los proyectos de negocios pymes y la experiencia previa del cliente. / The purpose of this research has been to identify those factors that affect access to financing for SMEs, due to the fact that to date there are many limitations that function as a barrier in the development of these companies. It is necessary to indicate that in the market where they are developed there are various forms of financing; however, these typically benefit or provide greater support and value to large companies or those with a prior credit history. Therefore, in this research work we focus on specifically analyzing the support or financing facilities that SMEs receive for their development. The types of financing that exist for SMEs are with own capital and / or with third-party capital: the first consists of starting and financing operations with investors' own funds, and the second consists of granting financing through seed capital, informal loans, suppliers, State subsidies, banking-financial entities and the issuance of bond-shares. It is important to mention that there are various factors that hinder or facilitate access to financing for SMEs, which are referenced in this research: the asymmetry of information, credit risk, the quality of SME business projects and previous experience. the client's. / Trabajo de Suficiencia Profesional

Bakgrund & problem: Controllerfunktionen är i litteraturen ett omtalat ämne och det finns delade meningar om vad funktionen bör innefatta och hur utvecklingen sett ut. Det saknas däremot studier som undersöker hur funktionen samspelar med ledningens behov samt huruvida det kan uppstå spänningar mellan funktion och behov. Det är relevant att studera eftersom vi vet att det förekommer en agent-principalrelation i offentlig sektor men inte huruvida det kan kopplas till controllern och ledningen. Det medför att det finns en kunskapslucka att fylla avseende balansgången mellan funktion och behov samt spänningar när dessa kolliderar. Syftet: Syftet med studien är att studera controllers funktion i relation till ledningens behov för att kunna ta reda på vilka spänningar som kan uppstå när funktion och behov inte samspelar för att kunna förstå hur controllers balanserar kraven utifrån ledningens behov. Metod: För genomförande av studien har en kvalitativ forskningsansats applicerats. För att besvara frågeställningarna och syftet med studien har en intervjustudie genomförts med tio olika controllers och sex individer från ledningen i totalt sju olika svenska myndigheter. Studien har genomförts med semistrukturerade intervjuer och är uppbyggd utifrån fyra huvudsakliga avsnitt: teoretisk referensram, empiriska data, analys och slutligen resultat & slutsats. Den teoretiska referensramen beskriver controllers funktion inom de fyra arbetsområdena: informationshantering, planering & uppföljning, riskhantering samt strategiskt beslutsfattande. Empiriska data har sammanställts genom en omfattande empirigenomgång med fokus på controllers uppfattning samt ledningen uppfattning utifrån controllers fyra arbetsområden. Syftet med avsnittet är att skapa förståelse för controllers och ledningens uppfattning. Vidare presenteras analysavsnittet som avser att beskriva hur begreppsparet, funktion och behov, samspelar med varandra samt att identifiera spänningar. Slutligen konkluderas studiens resultat i ett slutsatsavsnitt för att besvara frågeställningarna. Slutsats: Studien konkluderar att spänningar kan uppstå mellan controllerfunktionen och ledningens behov när begreppsparet inte matchar varandra. De främsta spänningarna som identifierats är: agent-pricnipalproblematik, egenintresse, informationsasymmetri samt olika uppfattningar om funktionens innebörd. Vidare kan slutsatsen dras att controllern balanserar funktion gentemot ledningen. Balansering görs främst genom tydlig kommunikation, frekvent dialog samt ömsesidiga förväntningar. / Background & problem: The controller function is a discussed topic in the literature and there are divided opinions about what the function should include and how the development has looked. However, there is a lack of studies that examine how the function interacts with the management's needs and whether tensions can arise between function and needs. It is relevant to study because we know that there is an agent-principal relation in the public sector but not whether it can be linked to the controller and management. This means that there is a knowledge gap to be filled regarding the balance between function and needs and tensions when these collide. Purpose: The purpose of this study is to study the controller's function in relation to management's needs to find out what tensions can arise when function and needs do not work together in order to understand how the controller balances the requirements based on management's needs. Method: For the implementation of the study, a qualitative research approach has been applied. To answer the research questions and the purpose of the study, an interview study has been carried out with ten different controllers and six individuals from management in seven different Swedish authorities. The interview study has been conducted with semi-structured interviews and is structured based on four main sections: Theoretical reference frame, empirical data, analysis and finally conclusion & results. The theoretical reference frame describes the controller's function within the four work areas: information management, planning & control, risk management and strategic decision-making. The empirical data has been compiled through an extensive empirical review with a focus on the controller's perception of the management in contrast based on the controller's four work areas. The purpose of the section is to create an understanding of the controller's and management's view. Furthermore, the analysis section is presented, which intends to describe how the pair of concepts: function and need, interact with each other and to identify tensions. Finally, the results of the study are concluded in a conclusion section to answer the research questions. Conclusion: The study concludes that tensions can arise between the controller function and management's needs when the pair of concepts do not match each other. The main tensions identified are agent-principal problem, self-interest, information asymmetry and different perceptions of the function's meaning. Furthermore, the conclusion can be drawn that the controller balances its function against management needs. Balancing is mainly done through clear communication, frequent dialogue, and mutual expectations.

Corporate reporting has changed from the traditional form of reporting which covered financial information only to the modern form of reporting called integrated reporting which covers, financial, corporate governance and sustainability information. The levels of corporate disclosure among corporate entities within any country and between countries are thus likely to have been affected by this change. Motivated by the IMF/World Bank (2006) that observed that corporate reporting improved in Botswana during the previous five years, without indicating what the actual level was or how it compares with that of other countries; this study sought to determine the actual level of corporate disclosure of two samples of companies: 23 companies listed on the Botswana Stock Exchange (BSE) and the top 40 companies (by market capitalisation) that are listed on the Johannesburg Stock Exchange (JSE). The study also shows how the two levels of corporate disclosure compare. This study is qualitative and descriptive by design; and involves analysing the content of the corporate annual report of each company in a sample using a corporate disclosure checklist; and determining the level of corporate disclosure for each sample of companies. The process ends with a comparative analysis of the levels of corporate disclosure of the companies from the two samples. Consistent with the IMF/World Bank report, the study revealed that the level of corporate disclosure in the BSE sample was low but increasing. However, the increase in the level of corporate disclosure varied from sector to sector and the specific information items. The study also showed that integrated reporting was not practised at all by the companies in the BSE sample. Comparatively, companies in the JSE sample had a higher level of corporate disclosure than that of companies in the BSE sample; and the rate of increase was much higher than that in the BSE sample. The study further found integrated reporting practiced in the entire JSE sample, although at different levels. xi This study also noted that although in principle it is sensible to benchmark from the best, other fundamental factors need to be considered before carrying out the exercise. Furthermore, the study indicated that the prevalent low level of corporate disclosure in the BSE sample was evidence that the corporate reporting environment in which the BSE lies was not conducive for the theories of corporate disclosure to fully explain corporate disclosure. A number of recommendations were made including establishing corporate disclosure indices and creation of a corporate environment in which all the theories discussed in the study can explain corporate disclosure. This study contributes to the literature on cross-country corporate disclosure and cautions companies with low levels of corporate disclosure not to embark on benchmarking without creating an environment conducive for corporate reporting. The study also offers useful insights to policymakers in Botswana and South Africa; and stimulates further research on cross-country corporate disclosure. The academia too will be able to identify areas for further research from this study. / Business Management / M. Com. (Accounting)

Corporate reporting has changed from the traditional form of reporting which covered financial information only to the modern form of reporting called integrated reporting which covers, financial, corporate governance and sustainability information. The levels of corporate disclosure among corporate entities within any country and between countries are thus likely to have been affected by this change. Motivated by the IMF/World Bank (2006) that observed that corporate reporting improved in Botswana during the previous five years, without indicating what the actual level was or how it compares with that of other countries; this study sought to determine the actual level of corporate disclosure of two samples of companies: 23 companies listed on the Botswana Stock Exchange (BSE) and the top 40 companies (by market capitalisation) that are listed on the Johannesburg Stock Exchange (JSE). The study also shows how the two levels of corporate disclosure compare. This study is qualitative and descriptive by design; and involves analysing the content of the corporate annual report of each company in a sample using a corporate disclosure checklist; and determining the level of corporate disclosure for each sample of companies. The process ends with a comparative analysis of the levels of corporate disclosure of the companies from the two samples. Consistent with the IMF/World Bank report, the study revealed that the level of corporate disclosure in the BSE sample was low but increasing. However, the increase in the level of corporate disclosure varied from sector to sector and the specific information items. The study also showed that integrated reporting was not practised at all by the companies in the BSE sample. Comparatively, companies in the JSE sample had a higher level of corporate disclosure than that of companies in the BSE sample; and the rate of increase was much higher than that in the BSE sample. The study further found integrated reporting practiced in the entire JSE sample, although at different levels. xi This study also noted that although in principle it is sensible to benchmark from the best, other fundamental factors need to be considered before carrying out the exercise. Furthermore, the study indicated that the prevalent low level of corporate disclosure in the BSE sample was evidence that the corporate reporting environment in which the BSE lies was not conducive for the theories of corporate disclosure to fully explain corporate disclosure. A number of recommendations were made including establishing corporate disclosure indices and creation of a corporate environment in which all the theories discussed in the study can explain corporate disclosure. This study contributes to the literature on cross-country corporate disclosure and cautions companies with low levels of corporate disclosure not to embark on benchmarking without creating an environment conducive for corporate reporting. The study also offers useful insights to policymakers in Botswana and South Africa; and stimulates further research on cross-country corporate disclosure. The academia too will be able to identify areas for further research from this study. / Business Management / M. Com. (Accounting)

【第一篇論文中文摘要】 本文檢測公司負債合約中的利差是否可被最終的違約後償還率所解釋。透過1962年至2007年間在美國金融市場上發行但最後卻違約的負債合約資料來進行實證，發現違約後償還率的確有反映在發行時的利差上，且此關聯性會隨著美國開放商業銀行進行證券承銷業務後隨之更加顯著。我們並且進一步發現此償還率的資訊能更加有效反映原因與發行公司的資訊不對稱程度降低有關。此外，我們同時又發現此負債合約中的利差與違約後償還率的關聯性對於公司治理較差、以及非投資等級的發行公司會更為顯著。最後，我們的實證結果在考量內生問題、潛在可能遺漏解釋變數、以及其他模型設定後，仍同樣具有堅實性。 【第二篇論文中文摘要】 本文使用臺指選擇權的日內資料來探討選擇權提前交易期間是否具有資訊內涵與價格發現的功能。就作者所知，我們是第一篇透過選擇權資料探討提前交易期間資訊內涵的研究。首先，我們分別透過價、量、與高階動差三類資訊變數指標來衡量提前交易期間的資訊內涵。實證結果顯示：選擇權提前交易期間不只能有效反映隔夜資訊 (公開資訊)，且具有預測當日現貨指數開盤後5分鐘內股價指數移動的能力 (反應私有資訊)，說明提前交易期間的確具有資訊內涵與價格發現的功能。此外，我們進一步發現價平選擇權包含最強的資訊內涵，此應與投資人尋求交易流動性最高的價平選擇權來迅速實現其利潤以反映其資訊有關。最後，本研究亦發現前一日海外市場 (美國) 投資人情緒傳染效果的強度會影響提前交易期間選擇權的資訊內涵，而前一日是否交易 (週末效果與假日效果)則不會影響此資訊內涵。 / 【第一篇論文英文摘要】 We investigate whether the spread of corporate debt contacts can be explained by their ultimate recovery rates. Using the actual realized recovery rates of defaulted debt instruments issued in the U.S. from 1962 to 2007, we find that recovery rate is reflected in the spread at issuance, and that this relationship has become more significant since commercial banks were allowed to underwrite corporate securities. Our further investigation indicates that the enhanced informativeness of recovery rate can be attributed to the lowering of information asymmetry of individual firms. Besides, the relation between the spread at issuance and the recovery rate is stronger for weak corporate governance and non-investment grade issuers. Our conclusions are found to be robust to endogeneity issues, potentially omitted variables and alternative model specifications. 【第二篇論文英文摘要】 This study uses tick-by-tick data to examine the information content and price discovery of TAIEX option trading during the pre-opening period. To the best of our knowledge, this is the first study that focuses on the options market. We construct three groups of information variables to measure the information content of the pre-opening period, including the price, volume, and high moment information variables. We find that option trading during the pre-opening period not only can reflect the overnight information (public information) but also predict the 5-minute intraday returns after the opening of spot market (private information), showing the information content and price discovery of option trading during the pre-opening period. We also find that at-the-money options contain the strongest richness of information content, which may result from its highest liquidity. Finally, we also find that the empirical results would be stronger depending on the intensity of investor sentiment from overseas (U.S. market) of last day but not the length of hours without trading (weekend and holiday effect).

Syfte och frågeställningar Syftet med uppsatsen är att få en förståelse för vad det är elever som söker till gymnasieskolan kan tänkas möta då de läser recensionstexter. Syftet är således att kartlägga recensionssystemets omfattning och innehåll kvantitativt; vad som tas upp i recensionstexterna, samt att undersöka hur recensionstexterna är konstruerade. Avslutningsvis syftar uppsatsen till att diskutera recensionssystemet i en större samhällskontext - som ett resultat av och en del i vår samtid. Vilka ämnen och teman förekommer i recensionstexter av gymnasieskolor samt hur frekvent är förekomsten?  Hur värderas (positivt, negativt eller neutralt) de olika temana i recensionerna?  På vilket sätt är recensionstexterna konstruerade och hur kan det tolkas? På vilket sätt framträder en skolmarknadsdiskurs i recensionstexterna? Metod De kvantitativa frågorna undersöks genom en innehållsanalys av slumpmässigt utvalda recensioner på gymnasieskolor i Stockholms län. De förekomna orden kvantifieras och delas in i teman, kategorieroch subkategorier. En bedömning görs även utifrån om de förekomna orden lyfts i en positiv, negativ eller neutral kontext. Den kvalitativa delen utgörs av en textanalys inspirerad av diskursanalysen. Av ett antal utvalda recensioner, baserat på dess innehållsliga relevans, analyseras dessa semantiskt med diskursanalytiska verktyg. I diskussions- och analysdelen behandlas resultatet utifrån det teoretiska ramverket och tidigare forskning.  Resultat Av innehållsanalysen framgår att de vanligast förekommande temana var allmänna värdeomdömen om skolan, att kommentera lärare samt skolans upplägg och utbildningens kvalité. Det är även vanligt att sociala aspekter så som atmosfär och gemenskap lyfts fram i recensionerna. Av den kvalitativa delen framgår det att recensenterna uttrycker sig på ett sätt som speglar skolmarknadsdiskursen. I somliga fall framgår tydligt hur recensenten anammat skolmarknadsdiskursen. Slutsats Resultatet indikerar att recensionssystemet riskerar att generera segregerande effekter. Framförallt utifrån den asymmetriska tillgången av information och att skola och identitet knyts allt närmare varandra. Detta förtydligas och ställs på sin spets i hur recensionerna är konstruerade och kan, i vissa fall, tänkas vara svårare att bearbeta då gemene elev tenderar att se recensenter som objektiva (till skillnad från övrig tillgänglig information). / Aim The aim with this study is to explore what kind of information pupils, searching for upper secondary school, might get from reading reviews of schools. The purpose is thus to quantify the scope and content of the review system quantitatively; what is mentioned in the review texts, and to examine how the review are textually constructed. Finally, the paper aims to discuss the review system in a larger social context - as a result of and a part of our time. What topics occur in reviews of upper secondary schools and how frequent is the occurrence? How are the different themes in the reviews valued (positive, negative or neutral)? In what way are the review texts constructed and how can it be interpreted? In what way does a school market discourse appear in the reviews? Method The quantitative questions are examined through a content analysis on randomly selected reviews of upper secondary schools in Stockholm County. The words in question are quantified and divided into themes, categories and subcategories. An assessment is also made based on whether the existing words are lifted in a positive, negative or neutral context. The qualitative part consists of a text analysis inspired by the discourse analysis. From a number of selected reviews, based on its substantive relevance, these are semantically analyzed with discourse analytics tools. In a merged discussion and analysis section, the result is treated on the basis of the theoretical framework and previous research. Results The content analysis shows that the most common themes were general value reviews of the school, commenting on teachers and the school's structure and the quality of the education. It is also common to mention social aspects such as atmosphere and cohesion. From the qualitative part it appears that the reviewers express themselves in a way that reflects the school market discourse. In some cases, it is clear that the reviewer has adopted the school market discourse.  Conclusion The result indicates that the review system risks generating segregating effects. Especially based on the asymmetric availability of information and the fact that school and identity are getting more connected. This is clarified and put on its tip in how the reviews are constructed and, in some cases, may be more difficult to process when the common student tends to see reviewers as objective (in contrast to other available sources of information).