Human society as a whole has a reached a tipping point in its relationship with the socio-ecological systems upon which it depends. All sectors of society need to be involved in addressing this crucial challenge through a raised awareness of the issues and pro-active solutions to it. This research focuses on small urban towns and cities, where half the world’s urban population lives, and looks at the ways in which local government in these key areas can play an active role in leading sustainability through education and training. Municipalities and communities that use the framework for strategic sustainable development (FSSD) were investigated, and the conditions were identified that helped and hindered training to be really effective. Effective training, in its many forms, was found to be essential in fomenting a common language of sustainability, engaging the community, and bringing concerted strategic actions that together could foster a culture of sustainability. / <p>jpbaronb@yahoo.co.uk, rifat.pal@gmail.com, quynhvan86@gmail.com</p>

Abstract This doctoral thesis aims to contribute to the literature on hedge fund performance in three interrelated essays. The first essay uses a novel database aggregation and a comprehensive analysis of differences between the main commercial databases exploring the effects of different databases on previously documented stylized facts, including the (1) average risk-adjusted performance; (2) the persistence of that performance; (3) and the cross-sectional relation between fund-characteristics and risk-adjusted returns. The main finding is that several previously documented stylized facts about hedge fund performance are sensitive to database selection and associated biases. Differences in conclusions stem from database differences in defunct coverage, survivorship and backfill biases, and the completeness of assets under management information. The second essay examines the effect of frictions on the returns that investors can earn from investing in hedge funds. The study focuses on size and redemption restrictions that are key investment constraints in practice. The size–performance relationship is positive (negative) when past (future) performance is used. The negative size–performance relationship is consistent with theories suggesting a decreasing returns-to-scale in the active management industry. Differences in attrition rates and risk taking as well as the relative importance of management fees and capacity constraints between small and large funds are consistent with an equilibrium in which investors and hedge funds optimally respond to incentives subject to constraints. Performance persistence decreases along with the fund size but concentrated hypothetical Fund-of-Fund portfolios outperform. The third essay examines hedge funds' ability to enhance their performance through leverage. The essay explicitly shows that leverage enhances risk-adjusted performance and risk of investment programs. The main finding is that the average high-leverage fund class underperforms its low-leverage counterpart of the same investment program after their returns are appropriately adjusted to the same level. The finding is consistent with the predictions of leverage aversion theories suggesting that leverage constraints and costs of leverage have a negative impact on risk-adjusted returns. / Tiivistelmä Tämä väitöskirja sisältää kolme artikkelia, joissa tutkitaan hedge-rahastojen menestystä. Ensimmäisessä artikkelissa rakennetaan yhdistelmäaineisto päätietokannoista ja tutkitaan tietokantojen eroavaisuuksien vaikutuksia keskeisiin kirjallisuudessa esitettyihin tutkimustuloksiin hedge-rahastojen riskikorjatun tuoton tasosta ja tuoton pysyvyydestä sekä rahastokohtaisten ominaispiirteiden ja riskikorjatun tuoton välisestä relaatiosta. Tutkimuksessa havaitaan että tutkimusaineiston valinta vaikuttaa merkittävästi aikaisemmassa kirjallisuudessa esitettyihin tutkimustuloksiin. Merkittävimmät erot tutkimustuloksissa eri tietokantojen välillä selittyvät tietokantojen eroavaisuuksissa toimintansa lopettaneiden rahastojen kattavuudessa ja näin ollen eloonjäämis- ja backfilling-harhan tasossa sekä rahastojen markkina-arvoa kuvaavan aineiston määrässä ja laadussa. Toinen artikkeli tarkastelee rajoitteita, joita sijoittajat kohtaavat sijoittaessaan hedge-rahastoihin. Päähuomio on koko- ja lunastusrajoitteissa, jotka ovat käytännössä merkittävimmät rajoitteet hedge-rahastosijoittajalle. Rahastojen markkina-arvon ja riskikorjatun tuoton välillä on negatiivinen (positiivinen) relaatio kun tarkastellaan rahastojen tulevaa (historiallista) menestystä. Tulokset tukevat teoreettisia esityksiä, joiden mukaan rahastojen kasvu heijastuu menestykseen negatiivisesti. Markkina-arvoltaan pienissä rahastoissa on huomattavasti enemmän riskiä kuin markkina-arvoltaan suurissa rahastoissa. Korkeampi riski pienissä rahastoissa lisää tuotto-perusteisten palkkioiden merkitystä palkkiorakenteissa kun taas suurilla rahastoilla on kannustimet maksimoida markkina-arvon mukaan määriteltyjä hallinnointipalkkioita. Tulokset tukevat talousteoriaa, jonka mukaan riski ja tuoton taso pienevät rahastojen markkina-arvojen kasvaessa. Tuoton pysyvyys pienenee rahaston markkina-arvon kasvaessa. Kuitenkin hypoteettiset rahastot, jotka on hajautettu aikaisempiin menestyjiin keskeiset sijoittajien rajoitteet huomioiden, menestyvät riskikorjatusti. Kolmannessa artikkelissa tutkitaan hedge-rahastojen kykyä lisätä riskikorjatun tuoton tasoa velkavivun avulla. Velkavivun käyttö kasvattaa sijoitusstrategian tuoton ja riskin tasoa alhaisemman velkatason osuuslajeihin verrattuna. Päätuloksena havaitaan, että tyypillinen sijoitusstrategian korkean velkatason osuuslajin tuoton taso on merkittävästi alhaisempi matalan velkatason osuuslajiin nähden kun molempien osuuslajien tuottoaikasarjat ovat asetettu samalle tasolle. Talousteoriaa ennustaa, että sijoittajien rajoitteet käyttää velkavipua ja velkavivun käyttöön liittyvät kustannukset heijastuvat salkun tuoton tasoon negatiivisesti.

本研究旨在探討金融危機期間，美國與歐洲金融市場之日內報酬率、實質波動度、連續波動度與跳躍風險行為之日內因果關係，並採用美國三大指數期貨(S&P 500, Dow Jones, Nasdaq)及歐洲期數期貨(FTSE, DAX, CAC)之高頻資料，檢定是否具有顯著槓桿效果(Leverage Effect)與波動度回饋效果(Volatility Effect)、在報酬率與跳躍風險之間具有相互影響效果。探討在金融危機發生前、後期間其日內報酬率、實質波動度、連續波動度與跳躍項間在1分鐘、5分鐘及60分鐘之抽樣頻率下之日內行為。因此，實證研究包含金融市場之上升及下降趨勢，顯示在金融危機發生後，日內波動度與跳躍項之槓桿效果(Leverage Effect)與波動度回饋效果(Volatility Effect)受到叢聚(Clustering)現象影響且顯著增加。不同抽樣頻率下之因果關係效果在金融危機發生前、中、後期間，特別在5分鐘及60分鐘之抽樣頻率方式，跳躍風險受到波動度回饋效果影響呈顯著增加，此實證結果對政策制定者及投資人具有重要之意涵。 / This study examines the intraday causality between returns, volatility and jumps in the U.S. and European markets during the financial crisis. examine whether during the financial crisis, the S&P 500, Dow Jones, Nasdaq, FTSE, DAX and CAC index futures markets have a significant impact on the leverage and volatility feedback effects, as well as whether these interactions also occur between returns and jumps. The intraday behavior of 1-min, 5-min and 60-min sampling of returns, volatility and jumps is examined by employing data from the period between financial crisis. The study covers the major upward and downward trends in the market. Our empirical data indicate the main leverage and volatility feedback effects caused by intraday volatility and jump clustering significantly increased after the financial crisis. The causality effects with different sampling frequencies before, during and after the financial crisis show that jumps have increased the volatility feedback effect, especially when in a 5-min and 60-min sampling frequency is used. These findings have important implications for both policymakers and investors.

The aim of this diploma thesis is to analyse the development of the regulatory framework and its current state according to the latest Basel III framework. The new rules were created as a response to the financial crisis that started in 2007. The framework represents significant increase in quality, amount and transparency of the capital base in comparison with the pre-crisis situation. Basel III has both micro and macroprudential focus. The diploma thesis describes the development and shortcomings of regulatory framework that necessitated revisions of the regulatory rules over time. These rules evolve with the changes in the financial system and the way how financial risks are managed. Although the roots of financial crisis are related to the mortgage-backed securities market, the banking sector played an important role in spreading the problems. Therefore the diploma thesis will also concentrate on fundamental flaws that contributed to the financial crisis. Then the immediate corrective action taken as a response to the financial crisis are described. After that, the Basel III rules are presented in detail. The newest monitoring of the rules carried out by the Basel Committe and cost analysis carried out by IMF including evaluation based on various analyses of Basel III are presented. Basel III has addressed most of the flaws revealed in Basel II. However, some issues still remain unsolved, which can lead to future problems with the financial system stability.

This thesis deals with financial analysis. It aims to theoretically describe the environment in which the company operates. Then she focuses on the theoretical description of the financial analyzes, their types, methods and approaches. In the practical part, these methods are applied to Lékárna Čech s.r.o. Contribution of this thesis is to be a comprehensive assessment of the financial situation of the company and propose possible measures for its improvement or further direction using the tools that are used in planning financial strategy.

La crise financière de 2008 a mis en exergue l'instabilité financière des banques en identifiant le caractère procyclique du levier bancaire, la sous-capitalisation des banques, et la nécessité de définir une nouvelle régulation bancaire. La dimension internationale des activités bancaires et l'identification des banques globales complètent ce constat. Les banques européennes, par leurs expositions aux marchés financiers américains, sont diversifiées internationalement: une part de leurs actifs et de leurs dettes est libellée en dollar américain. Le taux de change flottant entre le dollar et l'euro introduit un effet de valorisation et un risque de change qui impactent la stabilité bancaire. Cette thèse étudie l'impact de la diversification internationale des bilans bancaires sur la procyclicité du levier, sur la structure du capital, et sur la volatilité de capital. Quatre chapitres combinent des travaux théoriques et empiriques. Le premier chapitre analyse l'impact théorique de la diversification sur la procyclicité du levier. Le chapitre 2 utilise des données bancaires françaises entre 1999 et 2015 et montre un impact positif. Dans le chapitre 3, les mêmes données sont utilisées afin d'estimer l'impact de la diversification sur la structure du capital. L'introduction de cette dimension est déterminante dans le cadre de cette analyse. Enfin, le chapitre 4 élargit la problématique en reliant l'intégration internationale, la diversification et la volatilité du capital. Nous identifions les différentes sources de risque et nous montrons que la banque peut bénéficier d'un régime de change flottant et d'une diversification internationale. / The 2008 financial crisis has rekindled discussions on the financial stability of banks by identifying the procyclical behavior of banking leverage, the lack of capital in banks' balance sheet and the necessity of introducing a new regulatory framework. It has also highlighted the international dimension of banking activities and the identification of global banks. The significant exposure to the US financial markets leads to an international diversification of European global banks where part of their assets and liabilities are denominated in US dollar. The floating exchange rate regime between the US dollar and the euro then implies a foreign exchange risk and a valuation effect that would affect banking stability. The purpose of thesis is to study the impact of international diversification of bank’s balance sheet on leverage procyclicality, capital structure and equity volatility. I develop four chapters combining theoretical and empirical research. The first chapter analyses the theoretical impact of currency diversification on leverage procyclicality. Chapter 2 uses innovative data on banks located in France from 1999 to 2015 and shows that the relationship is positive. In the third chapter, we use our data to estimate the impact of international diversification on capital structure and we show that introducing this new dimension is determinant to the capital structure. Finally, chapter 4 enlarges the analysis to international integration, diversification and equity volatility. I identify all risk channels a bank supports and show that banks can benefit from both floating foreign exchange regime and international diversification.

The master’s thesis evaluates the financial situation of the RACOM, Ltd. company. There are used some selected methods of financial analysis during the period 2004-2008. Theoretical and methodological basis of financial analysis are outlined in the first part of thesis. Selected instruments are applied on this company in the next part. Results from the financial analysis and some suggestions which could lead to better economic performance of the RACOM, Ltd. company are in the final part of this thesis.

The master‘s thesis deals with analysis of the financial situation of the company Znovín Znojmo, a.s. in years 2005 – 2008 by means of selected methods of the financial analysis. At the basis of identified problematic areas proposal of measures for an improvement of the present status of the company are formulated.

The aim of this thesis is to assess the level of financial management, joint-stock company Autic and formulation of proposals to improve the financial situation in problem areas. During its processing particularly the methods of financial analysis have found application. Data of the firm over the period of 2006 – 2008 are used for the financial analysis.

This thesis deals with assessing and evaluating the financial situation of the company ABC from 2008 - 2010. The work is divided into two parts. The first part defines the profile and characteristics of the enterprise and the theoretical-methodological issues. The second part focuses on the application of financial analysis methods on the company accounting statements and on the evaluation of its financial health. Subsequently the proposals of improvement are introduced and projected into the financial plan. The concluding part contains also the financial assessment of the plan.