by Leung Milton Kwan and Leung Wai-Keung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1992. / ACKNOWLEDGEMENT --- p.i / TABLE OF CONTENTS --- p.ii / Chapter / Chapter I. --- EXECUTIVE SUMMARY --- p.1 / Chapter II. --- "THE MARKET RESEARCH - METHODOLOGY, STATISTICS, AND LIMITATION" / Chapter A. --- METHODOLOGY --- p.5 / Chapter B. --- STATISTICAL ANALYSIS --- p.8 / Chapter C. --- LIMITATION --- p.11 / Chapter III. --- "MARKET RESEARCH ANALYSIS 一 RESPONSES, RESULTS, AND RECOMMENDATIONS" / Chapter A. --- QUESTIONNAIRE DIRECTED TO INDIVIDUALS --- p.14 / Chapter B. --- QUESTIONNAIRE DIRECTED TO COMPANIES --- p.50 / Chapter IV. --- HIGHLIGHTS OF THE MARKET RESEARCH ANALYSTS --- p.70 / Chapter V. --- FINANCIAL STUDY --- p.72 / Chapter VI. --- CONCLUSION --- p.86 / APPENDIX

This dissertation analyzes the emergence of the Austro-Hungarian Bank (OeUB) as a modern lender of last resort (LLR) between 1868 and 1914. In order to evaluate policy responses to specific periods of financial distress, an in-depth knowledge of the context and dynamics at hand is indispensable. Chapter I sets the groundwork for this dissertation. It shows that bank failures during the Austro-Hungarian crisis of 1873 followed mainly from the break-down of a large repo market on the Viennese stock exchange. Credit institutions granted repo loans against securities that turned into highly illiquid and depreciated collateral. Banks that were forced to sell repossessed collateral in response to heavy funding withdrawals had to write-off substantial portions of their repo portfolios and thus incurred heavy losses. This chapter reinterprets the Austro-Hungarian crisis of 1873 as a historical "run on repo". It is the first study to examine a historical repo market crisis using microdata. I use semi-parametric survival analysis as well as stratification techniques new to the literature on bank distress to identify the causes of bank failures. Bank failures in 1873 did not spring from a pure liquidity problem, nor did they derive from a simple solvency shock. The complex roots of bank distress in 1873 posed difficult questions for policy-makers who needed to decide whether and how to intervene. Although central banks may be first-best candidates for the role of a LLR, they can also face constraints which obviate an elastic supply of liquidity during crises. Some of these constraints may be ideational, institutional or technical. Others are driven by market characteristics: quantity rationing can be the result of asymmetric information problems in financial markets. In Chapter II, I study a historical experiment implemented to overcome the specter of a credit rationing LLR during the Austro-Hungarian crisis of 1873. I explore bank-level information on treatment by a LLR mechanism designed as a public-private partnership between the central bank and market players. Drawing on inverse probability weighted regression adjustment (IPWRA) to tease out the causal effect of liquidity support, I show that this unconventional LLR was effective in mitigating bank distress: it worked as a remedy for the under-provision of a good particularly desirable in times of crises central bank liquidity. No matter how successful it is in calming financial distress and independently of the concrete form it takes, the LLR always comes at a cost. Moral hazard is a central issue in the literature on last resort lending. In Chapter III, I provide a new explanation for how central banks dealt with moral hazard historically. I focus on one specific component of central banks' risk frameworks: credit limits for discount window customers. I argue that credit limits as operationalized by the Austro-Hungarian Bank (OeUB) after 1878 constituted the backbone of an early form of microprudential regulation that was designed to check moral hazard in normal times. Credit limits empowered the Austro-Hungarian Bank to enforce minimum liquidity and capital standards for its counterparties at the discount window. Rather than contradicting the tenet of free lending in times of distress, credit limits functioned as "contingent rules": enforced in normal times, limits were increased or lifted during liquidity crises perceived as exogenous. Moreover, even during crises, the Bank did not simply relax limits for all credit institutions: it differentiated between banks depending on their fundamentals prior to the crisis. Chapter III provides the first economic interpretation and empirical analysis of the credit limit frameworks employed by central banks in the past.

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I likhet med i andra länder har det i Sverige under vissa högkonjunkturer uppstått ett så betydande kapitalöverskott, att den finansiella marknaden fått problem att bemästra flödena. Konsekvensen har blivit att den aggregerade risknivån ökat i takt med stigande tillgångspriser. När väl en kontraktion uppstått, har det saknats kapital för att i ordnade former bemästra de nya ekonomiska förutsättningarna. Det är den utvecklingen som föregått kriserna 1878/79, 1921/22 och 1991/92. Temporära insatser har då måst ske vid sidan av det befintliga institutionella systemet. Forskningen ger för Sveriges del en kriskronologi för det finansiella området med krisåren 1763, 1817/18, 1857/58, 1878/79, 1907/08, 1921/22, 1932/33 och 1991/92. Det har vid kriserna 1878/79, 1921/22 och 1991/92 förelegat ett betydande hot om kollaps av det finansiella systemet. Vid dessa tre tillfällen har det efter förhandlingar mellan bankerna och staten kommit att skapas temporära krishanteringsorganisationer – Järnvägshypoteksfonden 1879, AB Kreditkassan 1922 samt Securum AB 1992 – vid sidan om den svenska Riksbanken. Kriserna har hävts med hjälp av de temporärt skapade krisorganisationerna, vilka samtliga har haft en Lender of Last Resort-funktion. Krishanteringstekniken vid krisen 1921/22 kan ses som en vidareutveckling av den som kommit till användning 1878/79. Även om bakgrunden till krisen 1991/92 skiljer sig åt från de två här tidigare nämnda tillfällena, kom tekniken med överflyttandet av tyngande engagemang till ett nytt bolag att likna den teknik som användes redan av AB Kreditkassan. Trots detta betydde tidigare svenska erfarenheter mindre för krisen 1991/92 i detta fall. Idéerna till Securum hämtades istället från senare tids bankkrishantering i USA med inrättandet av så kallade ”bad banks”. Syftet med denna avhandling är att med en institutionell ansats klarlägga och analysera hur de två första av dessa tre finansiella kriser har hanterats. Avhandlingen belyser i detalj det förhandlingsdrama mellan statens och marknadens aktörer som föregått inrättandet av respektive krisorganisation.

Orientadora: Profª. Drª. Mônica Muniz Pinto de Carvalho / Dissertação (mestrado) - Universidade Federal do ABC, Programa de Pós-Graduação em Planejamento e Gestão do Território, 2014. / O Vale Histórico pertence à Região Metropolitana do Vale do Paraíba e Litoral Norte, no Estado de São Paulo, em área limítrofe com o Estado do Rio de Janeiro. Essa região teve grande destaque na economia nacional no período da cafeicultura no século XIX, no entanto, após a decadência desta economia, não teve mais nenhuma atividade econômica de grande relevância. A partir de meados do século XX, o Vale do Paraíba passou por um processo de industrialização que não atingiu o Vale Histórico. Sendo assim, o turismo está sendo adotado como uma nova estratégia de desenvolvimento econômico para a região. Porém, o Vale Histórico como um circuito turístico, ou seja, um instrumento de planejamento territorial, ainda não garante um novo estímulo econômico no local. Adotou-se para esta pesquisa o estudo de caso de São José do Barreiro, visando aprofundar na realidade social com maior eficiência. Análise de dados estatísticos de divulgação ou documentos do IBGE, do SEADE e da EMPLASA permitiram realizar comparações entre os municípios do Vale Histórico e do Vale do Paraíba. Para compreender a realidade do turismo em São José do Barreiro, foram feitas entrevistas com a população que está diretamente envolvida com a atividade turística, como os empreendedores, trabalhadores, agentes públicos e assessoria técnica. Esses relatos evidenciaram diferentes temporalidades da recepção de adventícios a São José do Barreiro, o que permitiu a categorização de momentos diversos do que atualmente tem sido denominado de atividade turística. Ou seja, foi possível perceber que o setor de turismo ainda está em processo de constituição e que os demais agentes, que atualmente buscam se integrar a ele, a rigor ecoam outros momentos do turismo da cidade e que tinham peculiaridades distintas daquele que se pretende impor agora, por meio tanto da prefeitura quanto do agente técnico que a assessora. Desta forma, foi possível perceber como o município recebe essa atividade em seu território e o quanto ela interfere na dinâmica da cidade e de seus moradores. / The so-called Vale Histórico is a tourist circuit located on the Vale do Paraíba which comprising cities of Arapeí, Areias, Bananal, Queluz, São José do Barreiro and Silveiras. The tourist circuit is an instrument of the territorial planning, which was predominant on the coffee business until the XIX century, however, after to the coffee economy downgrade, it has not offered any economic contribution for the region. From the mid-twentieth century the Vale do Paraíba crossed a process of industrialization from which the Vale Histórico did not participate. This caused the tourism has been implemented as a principal source of the economic development in the region. Aware of this feature, we have selected the case study as our research and thus deepen the social reality experienced by people in Sao Jose do Barreiro. Thus, through interviews with the inhabitants we categorize the tourism situations in São José do Barreiro. The interviews scheme has been developed with inhabitants that are directly related to the tourism situation in the region, namely with entrepreneurs¿ workers, government officials and technical advisors. The interviews have shown different temporalities receipt of adventitious to São José do Barreiro, in order to allow the categorization of different times than has currently been called tourism. That is, it was revealed that tourism is still in the process of constitution and the other agents, which currently it seek to integrate, strictly speaking made echo in other city tourism times and had different peculiarities of him that wants to impose now through both the town hall as the technical adviser agent. Thus, it was possible to see how the municipality receives this activity in its territory and how much interferes with the dynamics of the city and its residents.

The topic of the final thesis is The Lender of Last Resort. Author of the final thesis has dealt with the issue through the analysis of the European current legislation, available Czech or foreign literature or other relevant sources. The function of the national banks, or other institutions, as a lender of last resort is very complex the final thesis examines from the legal and economical perspective. This matter even has obvious global societal dimension when the adequate performance of the lender of last resort has positive effect on the prosperity of the society. On the other hand when the performance is defective the opposite effect arises. The final thesis is divided into five chapters. First two chapters present and clarify the term of lender of last resort and provide us definitions. Second chapter, which builds upon the first two, is providing the reader with the historical context of the lender of last resort, whose development started on the British Islands at the end of the 18th century. The fourth chapter of the final thesis is dedicated to the criteria for granting financial aid by the lender of last resort and the means of the provision of the financial aid. The author has especially focused on the danger of the systemic risk and the too-big-to-fail doctrine. Last fifth chapter...

The Master´s Thesis analyses marketing communication of a selected health resort. The theoretical part maps different marketing forms and tools in a general way and describes their usage and application in the field of spa services. The practical part includes detailed analysis of marketing communication in the particular health resort Spa Mšené, Inc. Based on questionnaire research the thesis assesses effectiveness and efficiency of the communication tools and techniques applied by the mentioned spa. The conclusion summarises some proposals and recommendations for the purpose of possible improvement of the currently used communication strategy.

The purpose of this dissertation is a formulation and analysis of a business plan for development of a new spa resort in Františkových Lázních and conduct feasibility study of proposed business case. The following work is divided into theoretical and practical part. While theoretical section of the dissertation outlines main terms and theoretical concepts, explains relevant legal and regulatory conditions and restrictions relating to offering spa services and details all factors necessary for appropriate formulation of presented business case. Practical part of the dissertation presents a real life business case together with a feasibility study of the proposal, competitor analysis, market research and planned marketing strategy, while analysing returns of invested capital in three alternative scenarios.

The purpose of this thesis is three-fold. First, it explored the ski resort marketing based on place and destination marketing theories. New trends and best practices support the theory by practical examples from the field and online research. Moreover, general hypotheses about ski resorts' visitors were defined. The second objective was to analyze the behavior of ski resorts' visitors based on a quantitative research. As a result, the predefined hypotheses were either confirmed or disproved. Finally, practical implications and recommendations combining the recent trends and tourists' experiences were discussed to suggest future development of ski resort marketing practices. In the end, research results, conclusions as well as its limitations are presented. Overall, this thesis could serve as a comprehensive study of current trends in the area of ski resort marketing and visitors' behavior and experiences.