This thesis started with the discovery that in Sweden, about 70% of wool, a valuable material, is wasted in 2017. In recent years, a local value chain in Sweden has gained momentum to increase the use of Swedish wool as a circular and sustainable fibre for the textile industry in the country. This thesis aimed at suggesting a strategic approach to strengthen the Swedish wool value chain. To do so, we used the leverage points framework as a systems thinking lens to uncover system dynamics and assess what is most needed in the system through semi-structured interviews. Then, a systematic literature review was conducted to uncover interventions contributing to sustainable transformations in the global wool value chain and suggest a strategic approach for the Swedish case. The key leverage point that emerged as a result of the research is enhancing the capacity to self-organise as a system, which can happen through increasing collaboration, fostering a structure for learning and flows of information. The strategic intervention that we suggested is to establish a ‘connector’ in the system in order to facilitate underway projects as well as collaboration in a national perspective to develop and expand the use of Swedish wool.

Работа состоит из введения, трех глав, заключения, рекомендации и списка литературы. Первая глава «Теоретические основы формирования банковского капитала» в общих чертах определяет проблему исследования и причины, по которым проводится данное исследование. Во второй главе «Анализ состава и структуры капитала банков Эквадора» дана финансово-экономическая характеристика деятельности Центрального банка Эквадора и оценка структуры капитала коммерческих банков Эквадора. В третьей главе «Оценить влияние пандемии на структуру капитала коммерческих банков Эквадора и разработать меры по устранению негативных последствий» проведен анализ негативных последствий развития пандемии COVID-19 и провести соответствующие мероприятия. Рекомендации по увеличению стоимости капитала банков Эквадора. / The work consists of an introduction, three chapters, a conclusion, recommendations and a list of references. The first chapter "Theoretical foundations of the formation of bank capital" defines in general terms the problem of research and the reasons for which this research is conducted. In the second chapter, "Analysis of the composition and capital structure of banks in Ecuador", the financial and economic characteristics of the Central Bank's activities are given. the Bank of Ecuador and the assessment of the capital structure of commercial banks in Ecuador. In the third chapter, "To assess the impact of the pandemic on the capital structure of commercial banks in Ecuador and to develop measures to eliminate negative consequences", an analysis of the negative consequences of the development of the COVID-19 pandemic was carried out and appropriate measures were taken. Recommendations for increasing the cost of capital of banks in Ecuador.

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One major societal issue in our time is regarding the creation of a sustainable society. Both international intergovernmental organizations such as the UN and EU, as well as nations, have goals that include climate neutrality and descriptions of measures for implementing societal transformations. This study aims to describe and analyse how textbooks in social studies portray the phenomenon of societal transformation, both based on the premise that a transformation is currently underway, and how past transformations are used for future guidance. The study applies an idea-analytical method by using systems theory, historical institutionalism, and historical consciousness. This, to conceptualize the textbooks' respective representations of societal transformations, from both contemporary and historical perspectives. The results show both similarities and differences regarding the textbooks' relationship to the phenomenon of societal transformation. Significant differences are found regarding the factors of speed and scale; only two of the five textbooks studied can be interpreted as closely aligned with the goals set by the UN, EU, and Sweden as a nation. The textbooks' use of historical perspectives demonstrates clear differences, as well as the types of measures presented and their impact on the societal system. Thus, there are inconsistencies regarding the depiction of society and its future, as well as the depiction arising from the empirical material

This dissertation explored the efficacy of the new Basel III banking standards in SACU, grounded on the conjecture that they are not reflective of economies of SACU, but are merely an intensification of Basel II, rather than a substantial break with it. Firstly, loans and assets were tested for causality, since Basel III believes growth in these variables led to securitization. The leverage ratio has been introduced in Basel III as an anti-cyclical buffer. The OLS technique was employed to test for its significance in determining growth in bank assets. SACU feels the impact of debt, with credit is marginally treated in Basel III and is not introspective of the realities of its economies. ANOVA tests using debt, credit and GDP were done to determine a better method of addressing cyclicality. The leverage ratio was insignificant in Namibia, with debt and credit having momentous impacts on GDP in SACU. / Economics / M. Com. (Economics)

On étudie certaines propriétés d'une classe de processus aléatoires réels à temps continu, les marches aléatoires multifractales. Une particularité remarquable de ces processus tient en leur propriété d'autosimilarité : la loi du processus à petite échelle est identique à celle à grande échelle moyennant un facteur aléatoire multiplicatif indépendant du processus. La première partie de la thèse se consacre à la question de la convergence du moment empirique de l'accroissement du processus dans une asymptotique assez générale, où le pas de l'accroissement peut tendre vers zéro en même temps que l'horizon d'observation tend vers l'infini. La deuxième partie propose une famille de tests non-paramétriques qui distinguent entre marches aléatoires multifractales et semi-martingales d'Itô. Après avoir montré la consistance de ces tests, on étudie leur comportement sur des données simulées. On construit dans la troisième partie un processus de marche aléatoire multifractale asymétrique tel que l'accroissement passé soit négativement corrélé avec le carré de l'accroissement futur. Ce type d'effet levier est notamment observé sur les prix d'actions et d'indices financiers. On compare les propriétés empiriques du processus obtenu avec des données réelles. La quatrième partie concerne l'estimation des paramètres du processus. On commence par montrer que sous certaines conditions, deux des trois paramètres ne peuvent être estimés. On étudie ensuite les performances théoriques et empiriques de différents estimateurs du troisième paramètre, le coefficient d'intermittence, dans un cas gaussien / We study some properties of a class of real-valued, continuous-time random processes, namely multifractal random walks. A striking feature of these processes lie in their scaling property : the distribution of the process at small scale is the same as the distribution at large scale, given some random multiplicative factor independent of the process. The first part of the dissertation deals with the convergence of the empirical moment of the increment of the process in a rather general asymptotic setting where the step of the increment may go to zero while the observation horizon may also go to infinity. In the second part, we propose a family of nonparametric tests that separate multifractal random walks from Itô semi-martingales. After showing the consistency of these tests, we study their behavior on simulations.In the third part, we build a skewed multifractal random walk process, such that the past increment is negatively correlated with the future squared increment. Such a "leverage effect" is notably seen on financial stock and index prices. We compare the empirical properties of this process with real data. The fourth part deals with the parametric estimation of the process. We first show that under certain conditions, one can not estimate two of the three parameters, even if the sample path is continuously observed on some interval. We next study the theoretical and empirical performances of some estimators of the third parameter, the intermittency coefficient, in a Gaussian case

Inledning: Modigliani och Miller-teoremet betraktas som en milstolpe och ett paradigmskifte inom Corporate Finance. Forskningen bakom teoremet har gett upphov till den kontroversiella slutsatsen att ett företags kapitalstruktur är irrelevant på en jämviktsmarknad, utan beskattning. När beskattning däremot förekommer, ökar företagsvärdet motsvarande den avdragsgilla skatten på räntekostnader vid belåning. Teoremet har dock inte varit utan kritik. Flera forskare har undersökt teoremet och kritiserat teoremets antaganden. Syfte: Syftet med studien är att undersöka Modigliani och Miller-teoremet i avseende av kapitalstrukturens inverkan på företags aktiekurser. Tidigare forskning: Modigliani och Miller-teoremet med dess antaganden presenteras inledningsvis som studiens grundläggande teori. Därefter presenteras agentteorin, signaleringsteorin, trade-off-teori och effektiva marknadshypotesen tillsammans med tidigare forskningsstudier om teoremet och antagandena. Metod: Studien tillämpar en kvantitativ metod, med tre regressionsmodeller. Det slumpmässiga urvalet består av tio företag inom industribranschen som är registrerade på Stockholmsbörsen. Urvalet består av paneldata från företagen under perioden 2005 till 2012. Studiens empiri består av historiska aktiekurser och årsredovisningar. Resultat: Skuldsättningsgraden visar en låg och icke signifikant korrelation med aktiekurserna för de undersökta företagen, i samtliga tre regressionsmodeller. Skatteskölden visar en högre och signifikant korrelation med aktiekursen, medan kontrollvariabeln vinst per aktie EPS visar den högsta korrelationen med aktiekursen, som responsvariabel. Slutsats: Studiens resultat visar inget empiriskt stöd för Modigliani och Miller-teoremet i dess helhet. Förklaringen till resultaten kan vara att antagandena inte tillfredsställs inom empirin. Agentteori, signaleringsteori, trade-off-teori och effektiva marknadshypotesen kan stå som förklaringar till studiens resultat. / Introduction: Modigliani and Miller theorem is regarded as a milestone and a paradigm shift in Corporate Finance. The research behind the theorem has given rise to the controversial conclusion that a company's capital structure is irrelevant in an equilibrium market, without taxation. In contrast, when taxation occurs firm value will increase equivalent to the deductible tax on interest expense when debt is issued. The theorem has not been without criticism. Several researchers have examined the theorem and criticised its assumptions. Purpose: The purpose of the study is to investigate the Modigliani and Miller theorem in respect of capital structure’s impact on companies' share prices. Literature Review: The Modigliani and Miller theorem with its assumptions is initially presented as the study’s main theorem. The presentation of the theorem is followed by a description of agency theory, signalling theory, trade-off theory and the efficient market hypothesis, along with previous studies on the theorem and its assumptions. Research Methodology: The study applies a quantitative approach, with three regression models. The random sample consists of ten companies in the industrial sector, that are listed on the Stockholm Stock Exchange. The sample is based on panel data of the companies during the period 2005 to 2012. The study's empirical data consists of historical stock prices and annual reports. Empirical Results: The leverage ratio, i.e. debt to equity ratio, indicates a low and non-signif-icant correlation with the stock prices of the examined companies, in all three regression models. The tax shield indicates a higher and significant correlation with the stock price, while the control variable earnings per share EPS indicates the highest correlation with the stock prices, as the response variable. Conclusions: The study’s results show no empirical support for the Modigliani-Miller theorem in its entirety. The explanation for the findings may be that the assumptions are not satisfied in the empirical data. Agency theory, signalling theory, trade-off theory and the efficient market hypothesis may serve as explanations of the study’s results.

Approved for public release; distribution in unlimited. / The Littoral Combat Ship's (LCS) minimally manned core crew goal is 15 to 50 manpower requirements and the threshold, for both core and mission-package crews, is 75 to 110. This dramatically smaller crew size will require more than current technologies and past lessons learned from reduced manning initiatives. Its feasibility depends upon changes in policy and operations, leveraging of future technologies and increased Workload Transfer from sea to shore along with an increased acceptance of risk. A manpower requirements analysis yielded a large baseline (200) requirement to support a notional LCS configuration. Combining the common systems from the General Dynamics and Lockheed Martin designs with other assumed equipments (i.e. the combined diesel and gas turbine (CODAG) engineering plant) produce the notional LCS configuration used as the manpower requirements basis. The baseline requirement was reduced through the compounded effect of manpower savings from Smart Ship and OME and suggested paradigm shifts. A Battle Bill was then created to support the notional LCS during Conditions of Readiness I and III. An efficient force deployment regime was adopted to reduce the overall LCS class manpower requirement. The efficiency gained enables the LCS force to "flex" and satisfy deployment requirements with 25% to 30% fewer manpower requirements over the "one-forone" crewing concept. costs $60K. / Lieutenant, United States Navy