Si les fonds souverains ne sont pas nouveaux, leur nombre et leur pouvoir financier n’ont cessé de croître depuis le début des années 2000, suscitant de nombreuses inquiétudes, notamment dans les pays développés. Les fonds souverains sont-ils guidés par les mêmes motivations que les investisseurs institutionnels ? Leur pouvoir financier risque-t-il de déstabiliser les marchés? Ces interrogations ont fait des fonds souverains un thème de recherche à part entière dans lequel s’inscrit ce travail de recherche. Le premier essai de cette thèse contribue à identifier les principaux facteurs susceptibles d’inciter un pays à créer un fonds souverain. En outre, les stratégies d’investissement des fonds souverains suscitent de nombreuses interrogations : poursuivent-ils un objectif de rendement financier ou ont-ils des objectifs plus stratégiques? Le deuxième essai met en évidence la complexité du processus de décision des fonds souverains en testant s’ils préfèrent investir dans des pays qui leurs sont familiers et/ou dans des pays dans lesquels ils ont déjà investi par le passé. Dans le prolongement de cette analyse, le troisième essai s’intéresse plus spécifiquement aux déterminants des prises de participations majoritaires des fonds souverains en se focalisant sur un groupe de fonds particulièrement actifs : les fonds des Pays du Golfe. Plus précisément, cette analyse vise à identifier les facteurs qui influencent la décision de prendre le contrôle dans une entreprise donnée. / If Sovereign Wealth Funds (SWFs) are not new, their number and their financial power have grown sharply since the beginning of the 2000's, which raise concerns, particularly among developed countries. Are SWFs' motives comparable to other institutional investors'? May SWFs investments destabilize financial markets? These concerns have encouraged researchers to investigate the issues raised by SWFs and it has now become a subject of research in its own rights. This thesis is in line with this literature. The first essay of this thesis identifies the main factors driving the decision to establish a fund. Moreover, investment decisions of SWFs are not well understood yet. Are SWFs investments driven by the search for financial profits or do they pursue more strategic objectives? The second essay highlights the complexity of the investment decision-making process of SWFs, testing if they rather invest in countries with which they share common characteristics and/or in countries where they have already invested. In line with this second essay, the third essay analyzes more specifically the determinants of majority acquisitions made by SWFs by focusing on some particularly active funds: Gulf Countries' SWFs. More precisely, this analysis aims at identifying both microeconomic and macroeconomic factors driving the decision to acquire a majority stake in a cross-border firm.

Background: Stress tests have been increasingly used as a part of the supervisory tool by national regulators after the financial crisis, which can also be used to conduct authorities’ supervisory for determining bank capital levels, assessing the health of a bank. Purpose: The main purpose of this study is to assess whether some micro factors play important roles on the changes of Common Equity Tier One Capital Ratio (between the bank accounting value and the stress testing results under the adverse scenarios).  Our secondary purpose is to investigate if our empirical results will help to provide some theoretical suggestions to regulators when they exercise stress tests.   Method: An empirical analysis by using Panel Data, introducing GARCH model to measure volatility.   Empirical foundation: The results of EU-wide stress tests and bank financial statements   Conclusion: The coefficient associated with non-performing loans to total loans is positively significant and the coefficient associated with bank size is negatively significant.  In addition, the financial system of strong banks is better to absorb financial shocks. These findings are useful, as banks is a reflection of the financial stability of an economic entity, we can use these findings as another reason to pay attention to the process of the stress testing rather just stress testing results.

A pesquisa trata da relação entre as transações com partes relacionadas (RPT\'s) e o desempenho nas companhias do Novo Mercado. Teve como objetivo identificar se esta relação pode ser afetada pelos mecanismos de governança corporativa, especificamente de supervisão e monitoramento por elas adotados voluntariamente. Foram consideradas as hipóteses dicotômicas apresentadas por Gordon, Henry e Palia (2004), denominadas de \"conflitos de interesse\" e \" transações eficientes\". Na tentativa de mensurar estas relações, adotou-se o modelo de análise de dados em painel por permitir a incorporação de informações temporais e reduzir o problema do viés de variáveis omitidas. Evidências sugerem que há relação entre as transações com partes relacionadas operacionais e o desempenho das companhias estudadas. No entanto, os resultados a respeito do efeito de moderação dos mecanismos de supervisão e monitoramento na utilização de tais contratos foram inconclusivos. / The study deals with the relationship between related party transactions (RPT\'s) and firm performance in the Brazilian \"Novo Mercado\", and its goal is to identify whether this relationship can be affected by mechanisms of corporate governance. Audit committee was used to measure corporate governance mechanisms. The two assumptions made by Gordon, Henry and Palia (2004), called \"conflicts of interest\" and \"efficient transactions\" were considered in this study. In an attempt to measure these relationships, it was adopted the model of panel data analysis to reduce the problem of omitted variable bias. The empirical results provide evidence that there is a relationship between related party transactions and firm performance. However, the results regarding the moderating effect of the mechanisms of supervision and use of such contracts have been inconclusive.

This paper examines the impact of financial sector foreign direct investment (FSFDI) on economic growth by estimating a panel data model for 11 Central and Eastern European countries (CEECs) between 1996 and 2003 in a cross-country growth accounting framework. The analysis concentrates on the efficiency channel linking FSFDI to economic growth. The results clearly indicate that there can be a relationship between FSFDI and economic growth. Approaching a medium degree of financial M&A is rewarded by higher economic growth after two periods. Beyond it, FSFDI seems to spur economic growth depending on a higher human capital stock. FSFDI-induced knowledge-spillovers to domestic banks can be an explanation for this phenomenon. Above a certain threshold, the crowding-out of local physical capital caused by the entry of a foreign bank seems to hamper economic growth. The value of the paper lies in (1) providing novel data on FSFDI in CEECs, (2) analyzing the impact of FDI on a sectoral level and (3) in modeling the hitherto only qualitatively discussed relationship between foreign banks and economic development into a structural, econometric model that combines two streams of economic research: the FDI-growth-literature and the finance-growth-literature. (author's abstract) / Series: EI Working Papers / Europainstitut

This thesis presents an econometric methodology for analyzing the impact of market concentration (HHI) on the day rate prices paid by E&P operators for the lease of drilling rigs. It is an extension of the work of Lee (2008), ‘Measuring the Impact of Concentration in the Drilling Rig Market’. Specifically, the work entailed using a more detailed time series data than was initially used (quarterly), analyzing impact of concentration on day rate prices by water depth specification of drilling rigs, and accounting for the impact of autocorrelation on the analysis. The results for jack-ups, without adjustment for autocorrelation, supported the results of the prior study i.e. showing that increase in HHI causes rig day rate price increase. However, the results for semi-submersibles was inconclusive as it varied from region to region and also was contrary to the assumptions of positive relationships between HHI and day rate prices made in this study. These results imply that market concentration caused both price increase and decrease within the industry depending on whether it increased market power or increased cost efficiency and technological ability. / text

China's phenomenal economic growth has coincided with a substantial increase in FDI inflows and hence led researchers, including the author, to believe that increased inflows of FDI into China has had important implications for the country's trade and economic development over the past decades. The objective of this thesis is to identify and investigate several key issues associated with inward FDI in the Chinese economy. These include the determinants of FDI inflows at the sectoral level, spillover effects of FDI on labour productivity and innovation, the causal linkage between FDI and China's bilateral trade with selected OECD countries, and the performance of foreign funded enterprises (FFEs) compared to the performance of state-owned enterprises (SOEs) in China. This thesis adds to the existing research on the role that FDI has played in recent growth of the Chinese economy by applying new as well as established techniques to China's regional and sectoral data. In particular, it integrates descriptive and empirical analysis to extend existing studies in several ways. First, analyses in the empirical chapters of this thesis are undertaken using data at the regional and sectoral level. Second, this thesis uses panel data from official sources for all empirical examinations. Last, whereas most existing studies have ignored the importance of unit-root issues when using panel data, and therefore possibly producing unreliable results, this thesis employs unit-root tests for all panel data analyses. The key findings in this thesis can be summarized in four points. First, at the sectoral level, for China as a whole, foreign investors are influenced by labour productivity, wage costs and innovation activities but not by the level of state ownership. For Guangdong province, foreign investors are concerned with labour productivity and wages as well as state ownership at sectoral level. However, the level of innovation does not play an important role in influencing inflows of FDI into Guangdong province at sectoral level. Second, the thesis found that FDI generates spillover effects on labour productivity in China although no spillover effects on the level of innovation were detected. At the regional level, it was concluded that the coastal and western regions experience a greater amount of spillover effects from FDI than do the municipal cities. Furthermore, the western region is the only region that experiences greater spillover effects from FDI on innovation than the municipal cities. Also, the spillover effects of FDI appear to be no different prior to or post-1997 when the Asian financial crises occurred. Third, a co-integrating relationship exists between FDI and total trade, FDI and exports, and FDI and imports in China. The thesis further concluded that bidirectional causality between FDI and trade variables exists in China in the long-run. However, short-run causality runs only from FDI to trade. Fourth, the thesis further shows that FFEs in China are more efficient than SOEs. Over time it is observed that SOEs and FFEs in the municipal cities and the coastal regions experienced greater productivity gains than those in the central and western regions during the sample period. It is also concluded that both SOEs and FFEs in the municipal cities have experienced more productivity growth than those in other regions with SOEs in the central region and FFEs in the western region experiencing the least productivity growth.

A pesquisa trata da relação entre as transações com partes relacionadas (RPT\'s) e o desempenho nas companhias do Novo Mercado. Teve como objetivo identificar se esta relação pode ser afetada pelos mecanismos de governança corporativa, especificamente de supervisão e monitoramento por elas adotados voluntariamente. Foram consideradas as hipóteses dicotômicas apresentadas por Gordon, Henry e Palia (2004), denominadas de \"conflitos de interesse\" e \" transações eficientes\". Na tentativa de mensurar estas relações, adotou-se o modelo de análise de dados em painel por permitir a incorporação de informações temporais e reduzir o problema do viés de variáveis omitidas. Evidências sugerem que há relação entre as transações com partes relacionadas operacionais e o desempenho das companhias estudadas. No entanto, os resultados a respeito do efeito de moderação dos mecanismos de supervisão e monitoramento na utilização de tais contratos foram inconclusivos. / The study deals with the relationship between related party transactions (RPT\'s) and firm performance in the Brazilian \"Novo Mercado\", and its goal is to identify whether this relationship can be affected by mechanisms of corporate governance. Audit committee was used to measure corporate governance mechanisms. The two assumptions made by Gordon, Henry and Palia (2004), called \"conflicts of interest\" and \"efficient transactions\" were considered in this study. In an attempt to measure these relationships, it was adopted the model of panel data analysis to reduce the problem of omitted variable bias. The empirical results provide evidence that there is a relationship between related party transactions and firm performance. However, the results regarding the moderating effect of the mechanisms of supervision and use of such contracts have been inconclusive.

This study explores the relationship between income inequality and household indebtedness using panel data on 17 OECD-countries over the time period 1995-2015. Motivated by relative income theory of consumption and previous empirical research we anticipate a non-monotonic relationship between changes in household debt and income inequality (measured by the Gini- coefficient), as dynamics between different groups of households in the income spread is expected to vary at different levels of inequality. Carrying out the empirical analysis we find notable indications of an inverse U-shape relationship between inequality levels and household borrowing. We locate an estimated turning point at a Gini-value of 28.84, which indicates a positive marginal effect on household borrowing as inequality grows from levels below this point, turning negative as inequality increases further. This suggests that as income inequality grows from relatively low levels households increase their rate of borrowing, while at higher levels of inequality households decrease their borrowing rate in response to growing income disparities. Results hold under a random effects model and a pooled OLS model, but fail to prove significant in the stricter fixed effects model, why we cannot draw any definitive conclusions about the magnitude of the effect. Nevertheless, the findings of further complimentary estimations lend credence to our hypothesis. Benefits and limitations of our data and empirical methods are comprehensively discussed, as well as the theoretical mechanisms explaining the relationship. Indicative but in the end inconclusive results leaves ample opportunity for further investigations with more advanced empirical methods. / <p>This bachelor thesis was awarded the highest grade, VG.</p>

This master thesis deals with research of Subjective Quality of Life for population fifty years old or more, depending on the selected demographic, social and economic indicators. More and more people live to the older ages, and thus important question of living conditions and well being of this ageing population comes forward. General concept of Quality of Life of older people is described on wide theoretical scale with focus on the cause of the phenomenon, Demographic Ageing of populations. The Demographic Ageing is described not only on the theoretical level, but also in a quantitative way. There are specific fertility rates introduced according to an age of a mother while birth giving, or still increasing Life Expectancy at Birth for both males and females. To explore the dependencies of Subjective Quality of Life on selected indicators, there is a statistical model introduced. The input indicators come from the European panel data research Survey of Health, Ageing and Retirement in Europe. Techniques used for analyzing the data are Analysis of variance for one single wave (held around year 2013) and Panel data analysis for all available waves (from 2004 to 2013). The results from both analyses for the Czech Republic are compared with results for selected countries, Germany, Sweden, Spain, Italy and Greece. From the SHARE data set can be read the following results. The variable Age significantly influences all included models for all selected countries, the similar influence can be observed for the Education. For almost all countries and models is proving of the significant influence of Gender to Subjective Quality of Life indefinite (we are not able to observe significant influence). Also the influence of the variable Living alone/with other people is not perfectly convincing. On the other hand, significantly observable categories are Unemployed and Permanently sick or disabled. The question of Quality of Life is related to all parts of population. While the number of older people in population increases, this question of the quality of their lives becomes more and more important. The way how to secure those needed, powerless and often vulnerable people in a decent way and with dignity is not easy.

國際觀光對於許多國內經濟成長趨緩的已開發國家是重要財源之一，日本政府近年來開始積極推動入境旅遊，來刺激停滯經濟成長。此研究探討觀光趨勢與政府能夠推動可增加觀光客人數的觀光政策進而成為以觀光為發展導向的國家。 此報告採用Panel Data分析方法中的固定效應模式來評估觀光收入與觀光價格以及主要事件與相關政策對於國際觀光客的影響，研究對象以十一個亞洲國家到日本旅遊為例。此研究發現觀光需求易受到觀光客出發國家以及目的國家的旅遊價格影響。此研究發現需求的收入彈性係數為+3.041，需求的收價格彈性係數為-0.486，表示對國際觀光客而言，赴日旅遊是較昂貴的商品，觀光客的價格較不彈性。此外, 有關當局預估福島核災事件在2011年會減少觀光客人次至2,765,669，而2015年的外國觀光客免稅購物政策則導致國際觀光客入境人次2,115,519。此研究發現免簽證觀光的延長政策以及對日本的重大抗議對於國際觀光客入境日本並無顯著影響。 / International tourism has become a significant source of economic growth for many developed countries that have encountered slowdowns in domestic economic productivity. The Japanese government has begun, in recent years, to promote inbound tourism in an effort to stimulate its own stagnant economic growth. This paper discusses tourism trends and policies the government could implement to increase the number of tourists and become the “tourism-oriented country” it aspires to be. This paper adopts a Panel Data Analysis with Fixed Effects model to estimate the impact of tourist income and tourism price as well as major events and policy on international tourist arrivals to Japan from 11 Asian countries. The paper finds that tourism demand is sensitive to both origin country income and destination country price. Income elasticity of demand is found to be +3.041 and price elasticity of demand to be -0.486 implying travel to Japan is considered a luxury good and that visitors are price inelastic. Further, the Fukushima nuclear disaster is estimated to have reduced international arrivals by 2,765,669 in its aftermath in 2011 and the implementation of tax-free shopping for foreign visitors led is estimated to have increased international arrivals by 2,115,519 in 2015. The paper finds the expansion of visa exempt travel and major protests against Japan to have no significant impact on international arrivals.