I investigate the effect of the change in call loan rates on stock returns during 1929. Call loan rates are the interest rates on borrowed funds to trade equity on a given exchange. It is estimated that 40% of stocks during this period were bought on margin. After a price decline comes a margin call, followed by a forced sales of securities, which leads to additional margin calls and future price declines. I regress daily excess returns on the change in daily call loan rates during 1929. In addition, I estimate volatility using an ARCH model and observe the previously understood negative relationship between volatility and stock prices. I find a statistically significant negative relationship between call loan rates and stock returns. Furthermore, I also find that changes in call loan rates are most influential on the manufacturing sector relative to the other 11 industries tested.

Using data from Arizona, United States, the present study seeks to further our understanding of lone other language items (LOLIs) in bilingual discourse and their status as either borrowings or codeswitches by measuring the degree of incorporation that can indicate a LOLI's status as a borrowing or codeswitching. To accomplish this aim, nouns from 40 sociolinguistic interviews from 8 Spanish monolingual speakers from Sonora, Mexico, 8 English monolingual speakers from Arizona, and 24 Spanish-English bilinguals from Arizona (from Sonoran families) are compared. Codeswitching can be defined as the "juxtaposition of sentences or sentence fragments, each of which is internally consistent with the morphological and syntactic (and optionally, phonological) rules of the language of its provenance" (Poplack, 1993, p. 255). Borrowing involves the incorporation of LOLIs from a donor language incorporated into a recipient language and need to be morphologically and syntactically adapted into the recipient language (Poplack, Sankoff, and Miller, 1988; Sankoff, Poplack, and Vanniarajan, 1990). Accordingly, the key difference between codeswitching and borrowing is that borrowings are morphosyntactically incorporated into the recipient language while codeswitches are not incorporated. It is important to note that in terms of LOLIs' status, phonological integration has been discarded for being too variable and therefore not a reliable factor in discerning one-item codeswitches from borrowings (Poplack and Sankoff, 1984; Poplack, Sankoff, and Miller, 1988). In order to measure the degree of incorporation that can in turn indicate the LOLI's status as a borrowing or a codeswitch, the present study applies a sociolinguistic comparative method to loanwords, following Poplack and Meechan (1995, 1998) by comparing nouns from Spanish (recipient language), nouns from English (donor language), and LOLIs from English in Spanish discourse. Since phonology has not been applied to the method of analysis, this study also seeks to explore if phonological integration is correlated to morphosyntactic integration of determiner realization of LOLIs. The results show, in accordance to previous studies, that the LOLIs overall act morphosyntactically like patrimonial Spanish words in terms of the variables that condition determiner usage. In terms of how phonological integration interacts with morphosyntactic integration, it does seem that the two correlate. LOLIs with Spanish morphology are more morphosyntactically similar to Spanish patrimonial nouns and LOLIs with English phonology are more morphosyntactically similar to English patrimonial nouns in both overall frequencies and the factors that condition determiner usage, leading to the hypothesis that LOLIs that are integrated phonologically are established borrowings and LOLIs that are not integrated phonologically are either codeswitches or nonce borrowings. We provide further evidence for this hypothesis by examining the pauses and false starts that are present before LOLIs with Spanish versus English phonology. The results indicate that LOLIs with English phonology are more often preceded with pauses and false starts than LOLIs with Spanish phonology. The findings of this study suggest that phonological integration is a factor that should be brought back to the discussion on discerning LOLIs' status as a borrowing or a codeswitch.

Magister Legum - LLM / Thirty years after it has achieved its independence, the Republic of Chad, which has faced a long political instability, decided to exploit its oil resources in order to achieve its development objectives. Owing to the difficulties encountered in mobilizing financial resources for the realization of the project, the Government obtained from the International Bank for Reconstruction and Development (IBRD) a loan US$39.5 millions. The loan Agreement, signed between the two parties on 29 March 2001 included a provision referring to the Petroleum Revenue Management Program, described in schedule 5 of the Agreement. This Petroleum Revenue Management Program imposed a number of obligations, related to the actions to be undertaken by the Chadian Government prior to the release of the funds by the Bank, and to the modalities to be followed in the course of the management of the oil revenues. These obligations are also known as governance conditionalities. This theses raised the issues of the legitimacy of the Bank's Governance conditionality, its impact on both the sovereignty of the borrower to freely determine the use of its resources and the effectiveness of the loan. / South Africa

The aim of this study is to compare an acquition of an investment property by a leasing or a loan. The basic charakteristics of a leasing and a loan will be described as well as their accounting on the tax accounts. The main stress is put on the tax burden of both possibilities -- a leasing, a loan. The problems will be analyzed on the firm -- Iva Jurkovičová ECHO.

The goal of my thesis is to show the possibilities that financial markets offer nowadays in loans area. Interested person has many options to choose from, nevertheless even the basic orientation in these options is difficult. In my thesis I havenť focus only on theoretical princples of function. I have elaborated particular areas to the form of concrete offers, which reader, interested person in a loan, can nowadays get in czech environment. I'm presenting concrete products financial companies and compare them so, that reader can make clear image about quality single products and can indepedently decide, which product is form him the best. Im warning readers on difficulty connected with single solutions, their charges politics and risks.

This thesis presents new empirical evidence on three important aspects of financial reporting by banks. The thesis consists of an introductory chapter that explains how the three issues are related to each other, three empirical chapters and a final summary chapter. The first empirical chapter studies the effects of accounting conservatism on the pricing of syndicated bank loans. I provide evidence that banks more timely in loss recognition charge higher spreads for the same loan provision. I go on to consider what happens to this relationship during the financial crisis. During the crisis, banks more timely in loss recognition increase their spreads to a lesser extent than banks less timely in loss recognition. The policy implication is that banks more timely in loss recognition exhibit more prudent and less pro-cyclical debt pricing behaviour. The second empirical chapter examines the relationship between the value relevance of fair value gains and losses and bank risk in an international bank sample. One possibility is that, as risk increases, the scope for subjectivity in fair value estimates increases thereby potentially rendering the numbers less useful. However another possibility is that the relevance of faithfully reported fair value gains and losses increases as risk increases. The study provides evidence that the value relevance of fair value gains and losses is positively associated with bank risk prior to the crisis. During the crisis there is also evidence of a similar positive relationship, but it is not possible to draw firm conclusions for reasons discussed in the chapter. My research also shows that the fair value gains and losses of banks that elect to use the fair value option for assets that could have been accounted for using amortized costs are more value relevant and persistent. This study provides information to policy makers on the situations when fair values are most useful to investors. The third empirical chapter examines if the market rationally prices the loan loss provisions, and the reported fair value gains and losses of US banks. The chapter models the discretionary components of loan loss provisions and fair value gains and losses, and tests if the discretionary components are priced differently from their non-discretionary counterparts. The results provide little evidence that the market misprices operating cash flows, non-discretionary loan loss provisions, or fair value gains and losses (discretionary or otherwise). However there is evidence of significant mispricing of discretionary loan loss provisions. The lack of evidence on the mispricing of fair value gains and losses is consistent with the finding on the value relevance of fair value gains and losses in the second empirical chapter.

This work deals with the characteristics of a loan, finance leases and operating leases. It follows up their differences and tax implications. The aim of this study is to choose the best loan or lease for acquisition of fixed assets in company AZ s.r.o. It should certify or refuse presumption the operating lease to be the best variant for its purchase.

Loan as an instrument of funding of limited liability company formed for the purpose of business in modern technologies Abstract This thesis deals with convertible loan, as one of the tools of debt financing of a limited liability company established for the purpose of business in the field of modern technologies, usually referred to as a startup. The specific of the convertible loan agreement is in the fact that in addition to the usual right to a refund of the provided loan, the lender also has the right to acquire a share in the company provided by the loan (the startup). The aim of the work is to analyze the individual parts of the convertible loan agreement and evaluate their mutual relations and the impact on the legal status of the lender and the startup. When writing this work, the author carried out his research mostly from foreign publications that focus on convertible loans and startup financing. In his work, the author first defines the companies established for the purpose of business in the field of modern technologies and the methods of their financing. Subsequently, the thesis in detail focuses on the debt method of financing, i.e., the convertible loan agreement and its individual parts. In the first place, the credit component of the convertible loan agreement was examined, with regards to...

This diploma thesis is focused on long term assets financing with focus on most commonly available forms of financing through leasing and bank loan. Objective of this diploma thesis is decision about choosing more profitable form of long term assets financing through various methods of decision making.

Depository institutions must properly manage their liquidity to meet daily cash needs, to deal with a decline in the relative size of the industry, and to avoid the possibility of a bank run. Members of the Federal Home Loan Bank System can use the Advance Program to enhance their liquidity and simultaneously limit some of the interest rate risk associated with mortgage lending and mortgage related securities. This study investigates which factors influence the decision to use the Advance program and which factors influence the volume of Advances held by participating thrifts. A logistic regression analysis is used to evaluate which variables significantly impact a thrift's decision to use the FHLB Advance Program. A multiple linear regression model of thrifts with FHLB Advances measures which variables significantly affect the level of Advances held by thrift institutions. Fed Funds Borrowed .and Repo Agreements Sold was found to have a negative impact on the decision of a thrift to have FHLB Advances. Total Assets ( + ), Equity (-), Deposits Less Than $100,000 (-), and Deposits Greater Than $100,000 (-) were all found to have a significant influence on both the decision to have Advances and the volume of Advances held.