published_or_final_version / Statistics and Actuarial Science / Master / Master of Philosophy

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Magistro darbe įvardijamas Hipotekos registro kaip organizacijos valdymo tobulinimas darbuotojų ir respondentų nuomonių aspektu. Darbe pateikiama įvairių Lietuvos ir užsienio autorių nuomonių analizė. Analizuojama organizacijos samprata, valdymo kriterijai, vadovavimo stiliai, mokymo reikšmė, mokymosi ir kvalifikacijos tobulinimo motyvai, darbo sąlygos, darbo užmokesčio bei skatinimo veiksniai. Darbe palyginamos darbuotojų ir klientų nuomonės dėl aptarnavimo lygio, atliekama darbuotojų nuomonės analizė organizacijos valdymo tobulinimo veiksniams nustatyti. Darbo rezultatai bus geri tada, kai darbuotojams ne tik bus išaiškinta, ko iš jų norima, bet ir išklausoma jų, suteikiama tai, ko jie nori. Pasitvirtina teiginys, kad darbuotojai gerai, uoliai ir kokybiškai dirba gaudami už tai atitinkamą darbo atlygį, nuolat skatinami ir suteikiant jiems galimybę kelti kvalifikaciją ir tobulėti. / This Master`s paper presents management refinement of a Mortgage Registry from employees’ and respondents’ point of view. It contains a deep analysis of Lithuanian and other foreign authors’ opinions. The analysis is oriented around the conception of an organization, management criteria, management style, and meaning of training, learning and qualification refinement motives, work conditions, salary and its stimulation. This Master`s paper compares employee and customer opinions regarding the level of service provided as well as provides an analysis of employee opinion to determine what factors influence management development within an organization. The results will be satisfying only when employees are not only aware of what employer wants from them, but also when someone listens to employees and gives them what employees need. The affirmation that employees do a quality job when they get paid appropriate salary, when they are always encouraged and given an opportunity to develop and grow, truly holds.

Suinteresuotiems asmenims, siekiantiems sudaryti hipotekos ar įkeitimo sandorį, ir tuo pačiu norintiems, kad nebūtų apribotos įkeičiamo turto savininko teisės laisvai valdyti, naudoti ir tam tikrais atvejais disponuoti įkeičiamu turtu, neišvengiamai teks susidurti su tokį jų sandorį tvirtinsiančiu notaru, teisėtą civilinę apyvartą privalančiu užtikrinti valstybės įgaliotu asmeniu. Notaras, vadovaudamasis visais su hipotekos ir įkeitimo teisiniais santykiais susijusiais teisės aktais bei atsižvelgdamas į aktualią teismų praktiką, privalo: įsitikinti, kad įkeičiamas turtas priklauso suinteresuotam asmeniui nuosavybės ar patikėjimo teise; įsitikinti, kad hipotekos ar įkeitimo sandoris apskritai gali būti sudarytas; taip pat užtikrinti, kad hipotekos ir įkeitimo lakštas yra užpildytas laikantis teisės aktų reikalavimų. Atlikęs minėtuosius veiksmus, surinkęs visus šiam sandoriui būtinus dokumentus, notaras, laikydamasis Lietuvos Respublikos notariato įstatyme įtvirtintų reikalavimų, tvirtina sandorį. Kadangi hipotekos ir įkeitimo galiojimas yra siejamas su šių teisių įregistravimu hipotekos registre, tai dabar notaras yra tarsi pirminė grandis, kurios atliktą teisėtumo užtikrinimo darbą patikrina už hipotekos ir įkeitimo registravimą atsakingas hipotekos teisėjas. Kadangi tokia dvigubo patikrinimo sistema turi daugiau trūkumų nei privalumų, jau 2008 metais bus pradėta įgyvendinti svarbi reforma, kurios pasekoje bus panaikinti hipotekos skyriai, nebeliks hipotekos teisėjų, o... [toliau žr. visą tekstą] / Each concerned person willing to enter into a mortgage/ pledge agreement, under which no rights of the ownership (to control, use and at times to dispose) shall be restricted, will inevitably come across with a notary – a person duly authorised by the state to ensure the legitimate civil circulation. A notary, while following the statutory regulations and case law on mortgage and pledge, is obliged to: ascertain the collateral is definitely owned by/ trusted to the concerned person; ascertain that the mortgage/ pledge agreement can be concluded at all; ensure the mortgage/ pledge bond is filled properly. As follows, after receiving the necessary documentation, a notary confirms the agreement according to the requirements of the Notary Act of the Republic of Lithuania. Since the registration is a stringent condition for mortgage and pledge to take effect, the notarial confirmation of the agreement is more likely regarded as an initial step. Whereas the hypothecary judge is the one to scrutinize the works already performed by the notary. As one might expect, the above mentioned system of double-checking has more disadvantages than advantages. Which is of course why the year 2008 brings essential changes, resulting in the refusal of functions performed by hypothecary judges and, naturally, the amplification of the role of a notary in the process of perfection and registration of mortgage and pledge agreements.

Following the fall of the Lehman Brothers in 2008, the U.S. saw the worst recession since the Great Depression in the 1920's. This dissertation presents a summary of two previous major U.S. recessions, the Great Depression and the Savings and Loans Crisis, and an analysis of the root causes and consequences of the 2007-2009 recession is also provided, namely the bursting of the housing bubble, loose monetary policy, lax financial regulation, and misperception of risk. The Troubled Asset Relief Program, a bailout program implemented following the Emergency Economic Stabilization Act in October 2008, is then discussed. Using county-level panel data, the effect of the implementation of TARP on unemployment patterns is then studied. The results show that TARP negatively affected unemployment patterns, so that TARP alleviated the sharp rise in unemployment after its inception

This research investigated the impact of Mortgage Originators on the South African financial industry. Mortgage Originators, although an established industry in most western countries is a relatively new concept to South Africa. The study investigates the initial phase of this new industry in comparison to the trends established in countries such as Australia and USA. As this new concept has resulted in financial institutions making drastic changes, it was imperative that the first part of the research concentrated on the theory of strategy. Recent developments in strategy were discussed with strategic models and the development of strategic planning. This formed the framework for the next discussion on international trends and the current South African mortgage origination situation. A comparison between the Australian, USA and South African markets show similar trends in the start-up phase of the mortgage origination industry.A gap analysis was conducted and the findings have led to recommendations to South African financial institutions on how deal with the new mortgage origination concept. The conclusion drawn from the study clearly show that some organisations have ample resources but lack aspirations, on the other hand there are organisations that are driven by high aspiration but have meagre resource bases. On the one hand, strategic intent envisions a desired leadership position and establishes the criterion the organisation will use to chart its progress. The concept also encompasses an active management process that includes focusing the organisations attention on the essence of winning; motivating people by communicating the value of the target; leaving room for individual and team contributions; sustaining enthusiasm by providing new operational definitions as circumstances change and using intent to consistently guide resource allocations. Industry analysis is the key to strategy. The rule breakers know that it is increasingly difficult to define precisely where an industry begins and ends. You should focus on your direct competitors. The rule breakers know that rivalry is not as simple as it used to be. For many companies today it is harder to distinguish competitors from collaborators from suppliers from buyers. In Strategy it is you against the world. Today's smart leaders understand that it's difficult to know where the boundaries of the firm begin and end. / Thesis (MBA)-University of Natal, 2002.

När en person tar ett lån för att köpa en fastighet så tar denne ett Bolån. I Sverige har det funnits en fungerande bolånemarknad sedan länge, men år 2004 infördes en ny lag som kom att förändra hur den underliggande säkerheten hos lånen disponeras. Den nya typen av bolån benämndes säkerställda obligationer, en typ av obligation som skulle vara säkrare för både de som investerar och ger ut obligationen. Eftersom liknande lagstiftning redan fanns i flera andra länder i övriga världen, syftade även lagstiftningen till att underlätta för investerare internationellt. Lagen togs i bruk 2006 då flera av de stora svenska bankerna byta ut sina gamla obligationer för bolån mot de nya säkerställda obligationerna, och lagstiftningen ledde följaktligen till en del förändringar på den svenska bolånemarknaden. Utifrån den genomförda studien kan vi konstatera att bolånemarknaden inte genomgått några markanta förändringar, men att lagstiftningen öppnat upp nya dörrar för många potentiella investerare. Det verkar även som att marknaden för säkerställda obligationer kommer fortsätta utvecklas positivt, men det fanns en viss meningsskiljaktighet angående marknaden för säkerhetsställda obligationers framtida utveckling. Vi såg i studien, att många i vår omgivning antingen hade ingen eller en mycket begränsad kunskap om säkerställda obligationer. Studien har därför en lärande verkan, den informerar läsaren om en för vårt samhälle och vår vardag så nödvändig typ av obligation, som känns relevant att belysa. Relevansen i studien ligger i att ta reda på om lagstiftningen är det som fört marknaden framåt, detta för att öppna för vidare diskussioner om exempelvis en internationell lagstiftning skulle kunna vidga marknaden ytterligare.

This dissertation analyzes information, market structure, and firm pricing strate-gies. I begin the dissertation with an analysis of the market structure of the mortgage in-dustry. I find that the configuration of the mortgage market at its present state is vastly different than its historical structure. The reduction in the cost of transmitting informa-tion has increased the collaborative environment and facilitated the dis-integration of the supply chain. Generally, the mortgage industry has been successful at reducing principal-agent problems and minimizing asymmetric information concerns that arise in segmented markets. In the first essay I provide a theoretical explanation of the effect of the internet on market outcomes. Search models assume that the reduction in search frictions would lead to competitive markets. However, I argue that gatekeepers operating in online markets may create an anticompetitive effect, in addition to reducing the consumers’ search cost. Therefore, the conduct of the gatekeeper can cause prices in online markets to be higher than in retail markets and provide online firms with larger profits. In the second essay “I empirically examine the role of the internet and Internet Comparison Search sites in reducing consumer search costs and their effects on the prices consumers pay for mortgages. Additionally, I expand the study to test for the effects of the internet on firm profits. Using a unique data set, I examine a mortgage firm’s pricing strategies and profits in online and retail markets, and find evidence of market power in online markets that do not exist in retail markets. The presumed benefits to the consumer from the reduction of search cost are offset by the anticompetitive environment in online markets. In the final essay, I examine a mortgage firm’s portfolio choice. I investigate the loan characteristics that affect the firm’s decision to retain mortgages as part of its own portfolio. I find that the decision to retain loans as a lender is driven by unobservable qualities. The firm does sort loans by quality, but it also prices non-brokered loans lower based on unobservable qualities. The sorting behavior suggests that asymmetric information exists between the lender and the secondary market.

This research investigates the role of efficiency in attracting long-term finance to the mortgage sector. Within the framework of the traditional economic theory, the new institutional theory and the theory of mortgage collateral, the study investigates the efficiency of primary mortgage banks and the perceived efficiency of the larger system within which they operate using quantitative and qualitative techniques. Quantitative data were extracted from the financials of 27 mortgage banks in Nigeria, which constitute about 90% of the size of the entire industry in Nigeria, as measured by banks’ total assets. These were analyzed using data envelopment analysis (DEA) and stochastic cost frontier (SCF) analysis to determine the efficiency of mortgage banks in Nigeria. In-depth interviews and focus group discussions were conducted among 40 CEOs of mortgage banks in Nigeria to investigate the perceived efficiency of both the banks and the entire mortgage sector. This sample constitutes about 54.2% of the CEOs in the industry and represents all geopolitical zones and ethnic groups where mortgage banks exist in the country. A review of housing finance policies, systems and sources of funds in thriving emerging economies was also conducted with the aim of drawing lessons from them that are applicable to improving the efficiency of the Nigerian mortgage sector. The findings from the review formed the basis of a mixed method questionnaire survey to investigate the existing and potential sources of funds for housing finance, to assess the acceptability and suitability of lessons drawn from other countries in Nigeria and to make policy recommendations for improving the efficiency of the Nigerian mortgage sector. The findings reveal that on average, mortgage banks in Nigeria are 33% - 49% efficient compared to best practice firms within the sector. Ownership structure and bank size influence the efficiency of these banks. Banks owned by private organizations and commercial banks are more efficient than those owned by the government or religious organizations. Banks with average total assets in excess of ₦5 Billion are more technically efficient than those with total asset less than ₦5 Billion. Practitioners perceive the mortgage banks and the larger system within which they operate as only about 10% efficient. This perceived efficiency is much lower than the technical efficiency measured in the quantitative assessment. Through the lens of institutional theory, this low rating is attributed to the negative perception of the institutional structures of the mortgage sector by mortgage finance practitioners. The findings also reveal that two categories – external and internal factors – impair the efficiency of the sector. The regulative constraints account for 55% of challenges to efficiency, normative constraints account for 24%, while cultural cognitive constraints account for 21%. The study identified accumulated deposits in pension funds, unclaimed dividends, funds in dormant accounts of commercial banks and other financial institutions, and funds from insurance companies, as possible sources of long-term funds for housing finance, while a concerted effort is being made to set up a secondary mortgage facility. The findings also reveal that effective government policies, regulation and amendment of existing laws would help improve the efficiency of the mortgage banking sector and attract investors to this sector.

Thesis (M. S.)--Economics, Georgia Institute of Technology, 2008. / Committee Chair: Thomas Boston; Committee Member: Maurizio Iacopetta; Committee Member: Patrick McCarthy.