The thesis examines subordinated debt holder market discipline in UK credit institutions during the period 1995 to 2002. The topic is relevant as current research is questioning the role and effectiveness of rules-based bank regulatory oversight, and favouring, instead, incentive-compatible regulatory design and market discipline. In particular, the literature proposes using signals from subordinated debt holders to constrain bank risk-taking. In addition, this market oversight may provide information signals to regulatory agencies that are useful in improving bank regulatory design. The thesis researches two prominent issues related to subordinated debt holder market discipline and, therefore, contributes to the debate in introducing incentive-compatible polices in bank regulatory design. First, testing the risk sensitivity of UK credit institution subordinated debt spreads assesses whether investors are signalling bank risk in market prices. The UK evidence supports the theoretical literature in claiming that eliminating too-big-to-fail policies can encourage effective incentive-based mechanisms. Secondly, the research examines the appropriateness of introducing a mandatory subordinated debt policy in the UK. The empirical analysis raises a number of themes, many of which are in stark contrast to US and other European banks' subordinated debt characteristics. The conclusion is that the regular issuance of subordinated debt should be the overriding policy tool to signal and constrain bank risk-taking (i.e. direct discipline). Extending the policy to include indirect market discipline through a standardised mandatory subordinated debt requirement would impose substantial costs and should not be implemented.

Three independent models are built based on information asymmetric to analysis discipline effects brought by banks` issuance of subordinated debts. The research results offer the theory of subordinated debts discipline effects. First, an adverse selection model is built to examine banks¡¦ policies when issuing subordinated debts based on the banks¡¦ credit risks. The result shows that banks with lower credit risks are more likely to issue subordinated debts, since after the issuance, the yields of these debts are lower. When depositors observe the lower yields of the subordinated debts, they would presume that these banks have lower credit risks. As a result, banks with lower credit risks can decrease their operational costs by issuing subordinated debts. This model has demonstrated that the market can discipline banks indirectly through the issuance of subordinated debts. Second, a moral hazard model to show that issuing of subordinated debts by banks can bring direct market discipline and indirect market discipline to make their loans less risky. The direct market discipline means that the risk level of bank will be evaluated by professional investors. The investors will require that the yields accord to the banks risk. For lowering the cost of issuing subordinated debts, banks will make their loans less risky. The indirect market discipline means that the depositors would take the yields of these debts as a significant signal indicating banks risk levels. The depositors will decide to withdraw their savings when the bank signals a higher risk, and keep their saving when the bank signals a lower risk. I prove that issuing of subordinated debts by banks can bring about these two kinds of market discipline. The model has also demonstrated that if the bank supervisor can utilize the information of issuing subordinated debts effectively, they will achieve higher supervisory goal. Third, a reputation model is built to show that for reputation concerns, a bank would change its monitoring decisions if it issues subordinated debts. Reputation effect in banks is different in different scenarios. When the good banks probability of success is very high, reputation effect would induce the bad bank to start monitor it`s borrowers, and the efforts of bad banks monitoring would be increased by time. When the bad banks probability of success is very low, reputation effect would induce the good bank start monitoring its borrowers. and the efforts of bad banks monitoring would be decreases by time.

x, 99 p. / Using data for publicly listed commercial banks and bank holding companies around the world, I investigate the market discipline effect of subordinated debt on banking firm risk taking in the period 2002-2008. In addition, I examine whether this effect depends on national bank regulations and legal and institutional conditions. I provide evidence that subordinated debt has a mitigating effect on banking firm risk taking. Further, the results suggest a threshold level of national bank regulations and economic development above which subordinated debt mitigates risk taking. Overall, the evidence supports the efficacy of proposals calling for increased use of subordinated debt in banking firms. / Committee in charge: Wayne Mikkelson, Chairperson; Ekkehart Boehmer, Member; Diane Del Guercio, Member; Wesley Wilson, Outside Member

No description available.

This dissertation is a study of the changing living conditions for the Sami in Swedish Såpmi (Samiland) throughout the twentieth century with an analysis based on a gender and ethnic perspective. At the turn of the century, the Sami lived as nomadic reindeer herders and were primarily self- sufficient. This changed as the reindeer herders shifted from a self-sufficient lifestyle to a money economy tor a variety of reasons. Over time they became more integrated in the dominant Swedish society and even more dependent on it. Reindeer herding has become increasingly mechanized since the I960's with rationalizations as a result. Even in to the 1990's the industry was the object of streamlining ettorts. A process of masculinization has also occurred and today's reindeer herding is a distinctly male coded profession. Women do not regularly participate in the daily work of reindeer breeding and their ability to have any direct influence on the herding districts (sameby) is limited. This is also largely true in terms of the Sami Parliament, the Sami popularly elected body. The Sami population has experienced unfavorable special legislation and regulation from the State. The population was divided into several different categories with different rights. Sami women were marginalized two-fold and subordinated, partly because of their ethnic affiliation (as Sami) and partly because of their sex (as women). This continues to be true today. The analysis of gender division of labor shows that a married couple had their own autonomous areas of power within the household. The wife was however still subordinate to her husband in his role as master of the family. The older reindeer herding society was not noted for its equality. There was a distinct hierarchy based on sex, age, and social status. Division of labor in modern reindeer breeding is in principle based on the same normative system as the older nomadic society. The study of the ethnic processes in Såpmi shows among other things that from a Sami perspective, a person is Sami who is related to other Sami and whose actions are based on a Sami identity. It is also clear today that there are many different Sami identities, that an individual person draws from a number of such identities and that it is the context that determines which of these are active in any given situation. The Sami identity is sex-based, i.e. there is a difference between a "male Sami" and a "female Sami." Sami women, unlike Sami men, cannot be politically active while also being active based on their sexual identity. Were they to do so, they would be excluded by definition from their ethnic group. Sami women must therefore subordinate themselves as women to be "genuine" Sami. They thereby contribute to their own marginalization and help maintain their own subordinated position in the Sami society. / digitalisering@umu

Cette thèse contribue aux réflexions critiques sur l’autonomie et le travail en se plaçant sous le prisme encore peu exploré du travail non subordonné en coopérative d’activité et d’emploi (CAE). Les travailleurs non subordonnés sont des individus qui souhaitent vivre de leur savoir-faire et de leurs compétences sans passer par le cadre salarial traditionnel. Ils trouvent eux-mêmes leurs opportunités de travail rémunéré en proposant des biens ou des services à des clients. La thèse s’intéresse à l’expérience qu’ils font de l’autonomie à travers la problématique suivante : dans quelle mesure la non subordination permet-elle aux travailleurs de conquérir de l’autonomie individuelle et collective dans un système néolibéral caractérisé par la figure de l’individu-entrepreneur ? Elle s’appuie sur une démarche inductive dans le cadre d’une enquête ethnographique. Elle s’inscrit dans l’épistémologie constructiviste et les théories critiques en management. La thèse étudie d’abord la dimension individuelle de l’autonomie en se penchant sur le travailleur non subordonné en tant que figure. En particulier, elle compare cette figure à celle de l’individu-entrepreneur néolibéral et mobilise le concept de micro-émancipation. La thèse examine aussi la dimension collective de l’autonomie au niveau global de la gouvernance de la CAE et au niveau des collectifs d’entrepreneurs-salariés qui se forment en interne. Le cadre théorique de l’anarchisme, très peu mobilisé en sciences de gestion, s’avère fécond pour l’analyse. Parallèlement à la réponse à la problématique, la thèse apporte trois contributions. Premièrement, elle propose une cartographie des situations de travail contemporaines qui montre le caractère obsolète de la distinction entre statut salarié et statut indépendant. Deuxièmement, elle établit une typologie des trajectoires professionnelles des travailleurs non subordonnés en CAE : profils « souffrance dans le salariat », « sans emploi », « nomade » et « entrepreneur ». Troisièmement, elle fournit des pistes managériales pour aider des collectifs de travailleurs à se structurer de façon non hiérarchique. / This thesis contributes to critical reflections on autonomy and work through the study of non-subordinated work in business and employment cooperatives (BEC). The concept of non-subordinated workers, close to that of freelancers, refers to individuals who attempt to forge a living out of their skills outside of the traditional salaried worker system. They find themselves their work opportunities by offering their goods and services to clients. The thesis explores the kind of autonomy that these workers practice by asking the following question: to what extent does non-subordinated work allow workers to attain individual and collective autonomy in a neoliberal system characterised by the individual-entrepreneur figure? It is based on an inductive approach carried out during an ethnographic study. It belongs to the constructivist epistemology and to critical management studies. To begin, the thesis studies the individual dimension of autonomy by looking into the non-subordinated worker as a figure. In particular, it compares this figure to that of the individual entrepreneur and builds on the concept of micro-emancipation. The thesis also examines the collective dimension of autonomy at the level of the governance of the BEC and at the level of the non-subordinated workers’ collectives that are created within the cooperative. Anarchism, rarely used in management sciences, proves to be an interesting analytical framework for the analysis. In parallel, the thesis provides three contributions. Firstly, it establishes an overview of contemporary work situations that demonstrates, amongst other things, that the distinction between the legal status of an employee and that of a self-employed person is outdated. Secondly, it proposes a typology of non-subordinated workers’ career paths which includes four profiles: “suffering in the salaried worker system”, “unemployed”, “nomadic”, “entrepreneur”. Thirdly, it offers managerial advice to help collectives of non-subordinated workers organise in a non-hierarchical way.

La subordination de créance est l’opération par laquelle un créancier, junior, accepte de n’être payé qu’après l’extinction de la dette d’un autre créancier, senior. L’efficacité du mécanisme dans la procédure collective dépend de l’analyse retenue. Il est possible de considérer que la subordination modifie la créance du junior sur le débiteur, ou bien qu’elle ne l’affecte qu’indirectement. A l’examen, il apparaît que l’effet de la subordination sur une créance n’est qu’exogène et ne consiste que dans l’adjonction d’obligations personnelles à la charge du junior envers le senior : la subordination n’affecte pas le droit au paiement, mais seulement sa priorité. Il en résulte un déséquilibre dans la consultation des créanciers, un euro de créance junior conférant le même droit de vote qu’un euro de créance senior : tant qu’une réforme des comités de créanciers n’est pas réalisée, le maintien de la subordination est assuré par une convention de vote entre créanciers, dans des limites qu’impose le maintien de la créance junior. Du point de vue du débiteur, la subordination ne crée pas non plus une modalité de son obligation, mais de paiement, de sorte qu’en principe, et sauf accord des créanciers, la clause d’ordre des paiements impose le respect d’une règle de la priorité absolue, puisque cela ne rompt pas l’égalité entre les créanciers. Certaines dérogations peuvent être admises en cas de conflit entre créanciers, en vue de favoriser le sauvetage du débiteur, lorsqu’elles respectent la structure de la subordination. L’effet exogène se retrouve dans l’absence de modification du rang même de la créance, et explique qu’un liquidateur judiciaire ne puisse, de lege lata, appliquer la subordination dans la répartition de l’actif, alors que la violation de la priorité conventionnelle dans le plan laisse peu de recours au senior. Globalement, l’efficacité de la subordination de créance est incertaine en raison de l’effet exogène de la subordination sur la créance, ce qui nécessite, tant dans les consultations des créanciers, que dans l’élaboration du plan et dans les répartitions de la liquidation, qu’il soit fait une place, dans la loi, pour la subordination de créance. / Debt subordination is the operation whereby a junior creditor agrees to be paid only once the senior creditor has been fully paid. The efficiency of the mechanism in bankruptcy depends on the chosen analysis. It is possible to consider that it changes the claim itself, or that it affects it indirectly. Our research shows that subordination affects a claim exogenously as it is built on the addition of personal liens impending on the junior vis-à-vis the senior creditor: subordination does not alter the right to payment but only its priority. Hence, an imbalance appears in the solicitation of creditors, since one euro of junior debt confers the same voting rights as one euro of senior debt: until a reform of the system of creditors committees, the survival of the subordination will only be made possible by voting agreement between creditors when these maintain the junior claim. From the debtor’s perspective, subordination does not modify the structure of a debt, but only changes the rules of payment. Unless an agreement is found between creditors, the waterfall payment should therefore force the respect of the absolute priority rule in the plan, because it does not violate any rule of equality between creditors. Exceptions should be accommodated in case of conflict between creditors, in order to optimize the rescue of the debtor, but still in respect of the structure of subordination. The indirect alteration of the junior claim accounts for the neutrality of subordination on the ranking itself of the claim, and explains that the liquidator cannot, de lege lata, apply the subordination agreement in the distribution of the assets, while the inapplication of the mechanism in the plan will offer little defense for the senior. Overall, the efficiency of debt subordination is uncertain because the mechanism affects a claim exogenously: this requires, upon solicitating the creditors, but also during the elaboration of the plan and in the distribution of the assets, that subordination passes into law in order to give effect to the mechanism.

Ce travail a pour but de proposer des outils visant `a comparer des résultats exp´erimentaux avec des modèles pour la dispersion de traceur en milieu poreux, dans le cadre de la dispersion anormale.Le “Mobile Immobile Model” (MIM) a été à l’origine d’importants progrès dans la description du transport en milieu poreux, surtout dans les milieux naturels. Ce modèle généralise l’quation d’advection-dispersion (ADE) e nsupposant que les particules de fluide, comme de solut´e, peuvent ˆetre immo-bilis´ees (en relation avec la matrice solide) puis relˆachées, le piégeage et le relargage suivant de plus une cin´etique d’ordre un. Récemment, une version stochastique de ce modèle a ´eté proposée. Malgré de nombreux succès pendant plus de trois décades, le MIM reste incapable de repr´esenter l’´evolutionde la concentration d’un traceur dans certains milieux poreux insaturés. Eneffet, on observe souvent que la concentration peut d´ecroˆıtre comme unepuissance du temps, en particulier aux grands temps. Ceci est incompatible avec la version originale du MIM. En supposant une cinétique de piégeage-relargage diff´erente, certains auteurs ont propos´e une version fractionnaire,le “fractal MIM” (fMIM). C’est une classe d’´equations aux d´eriv´ees par-tielles (e.d.p.) qui ont la particularit´e de contenir un op´erateur int´egral li´e`a la variable temps. Les solutions de cette classe d’e.d.p. se comportentasymptotiquement comme des puissances du temps, comme d’ailleurs cellesde l’´equation de Fokker-Planck fractionnaire (FFPE). Notre travail fait partie d’un projet incluant des exp´eriences de tra¸cageet de vélocimétrie par R´esistance Magn´etique Nucl´eaire (RMN) en milieuporeux insatur´e. Comme le MIM, le fMIM fait partie des mod`eles ser-vant `a interpréter de telles exp´eriences. Sa version “e.d.p.” est adapt´eeaux grandeurs mesur´ees lors d’exp´eriences de tra¸cage, mais est peu utile pour la vélocimétrie RMN. En effet, cette technique mesure la statistiquedes d´eplacements des mol´ecules excit´ees, entre deux instants fixés. Plus précisément, elle mesure la fonction caractéristique (transform´ee de Fourier) de ces d´eplacements. Notre travail propose un outil d’analyse pour ces expériences: il s’agit d’une expression exacte de la fonction caract´eristiquedes d´eplacements de la version stochastique du mod`ele fMIM, sans oublier les MIM et FFPE. Ces processus sont obtenus `a partir du mouvement Brown-ien (plus un terme convectif) par des changement de temps aléatoires. Ondit aussi que ces processus sont des mouvement Browniens, subordonnéspar des changements de temps qui sont eux-mˆeme les inverses de processusde L´evy non d´ecroissants (les subordinateurs). Les subordinateurs associés aux modèles fMIM et FFPE sont des processus stables, les subordinateursassoci´es au MIM sont des processus de Poisson composites. Des résultatsexp´erimenatux tr`es r´ecents on sugg´er´e d’´elargir ceci `a des vols de L´evy (plusg´en´eraux que le mouvement Brownien) subordonnés aussi.Le lien entre les e.d.p. fractionnaires et les mod`eles stochastiques pourla sous-diffusion a fait l’objet de nombreux travaux. Nous contribuons `ad´etailler ce lien en faisant apparaˆıtre les flux de solut´e, en insistant sur une situation peu ´etudiée: nous examinons le cas o`u la cinétique de piégeage-relargage n’est pas la mˆeme dans tout le milieu. En supposant deux cinétiques diff´erentes dans deux sous-domaines, nous obtenons une version du fMIMavec un opérateur intégro-diff´erentiel li´e au temps, mais dépendant de la position.Ces r´esultats sont obtenus au moyen de raisonnements, et sont illustrés par des simulations utilisant la discrétisation d’intégrales fractionnaires etd’e.d.p. ainsi que la méthode de Monte Carlo. Ces simulations sont en quelque sorte des preuves numériques. Les outils sur lesquels elles s’appuient sont présentés aussi. / We propose tools for to compare experimental data and models for anomalousdispersion in porous media.The “Mobile Immobile Model” (MIM) significantly improved the descrip-tion of mass transport in natural porous media. This model generalizes theadvection-dispersion equation (ADE) by assuming that fluid and solute parti-cles can be found in mobile on immobile states, exchanging matter accordingto first order kinetics. Moreover, it has a stochastic version. Nevertheless,the original MIM does not represent the power-law decrease of some break-through curves observed in some media, better described by a fractionalversion, the “fractal MIM” (fMIM) which assumes a different kinetics. Theacronym “fMIM” denotes partial differential equations (p.d.e.) involving afractional integral with respect to time, having solutions falling-off as powerof times, asymptotically. It keeps in similarity with the fractional Fokker-Planck equation (FFPE). As this equation, the fMIM describes the evolutionof the probability density function of stochastic processes, namely Brownianmotion sujected to a time change that is the hitting time of a stable sub-ordinator, strictly stable or not, according FFPE or fMIM is considered.Using probabilistic arguments and numerical simulation, we extend this re-sult to the case when the transport parameters and the time scales of thetime change vary in space. P.d.es are well suited for comparing with tracer tests data. Yet, they arenot very useful to discuss signals recorded by pulsed field gradient (PFG)nuclear magnetic resonance (NMR), a technique which measures the char-acteristic function (Fourier transform) of molecular displacements betweentwo fixed instants. For to process such data, we derive an expression of thecharacteristic function of the displacements of Brownian motions subordi-nated by the hitting times of stable subordinators, i.e. of processes whosedensity satisfies FFPE of fMIM. We also consider time changes that are hit-ting times of composite Poisson processes (CPP), which correspond to theoriginal version of the MIM.

Föreliggande uppsats utgår från tidigare forskning som hävdar att jämställdhetsdiskursen i Sverige bygger på ett vitt, heterosexuellt, medelklassideal som underordnar andra maskuliniteter. Uppsatsen syftar till att undersöka huruvida jämställdhetsdiskursens ovan nämnda exkluderingar samt maskulinitetsdiskurser som till exempel ”den nye mannen” kan spåras i mäns artikuleringar av diskurser kring maskulinitet och jämställdhet och hur olika subjektspositioner samt hierarkier begripliggörs och (re)produceras i denna process. Det teoretiska ramverket utgörs av poststrukturalistisk teori kring diskurser, subjektspositioner och ”görandet” av genus och andra sociala kategorier. Dessa kategorier ses ur ett intersektionellt perspektiv som sammanvävda. Uppsatsen försöker vidare förena denna poststrukturalistiska ansats med Connells teori om hegemonisk maskulinitet. Det empiriska materialet består av enskilda intervjuer samt fokusgruppintervjuer utförda i tre olika empiriska kontexter där individer i olika sexuella, etniska och klassmässiga subjektspositioner med olika grader av privilegiering i relation till jämställdhetsdiskursen befinner sig. Resultatet visar att den maskulinitetsdiskurs som artikulerades i samtliga kontexter låg nära diskursen kring ”den nye mannen”; ett mer jämställt, eller i alla fall barnorienterat, maskulinitetsideal. Jämställdhet artikulerades även någorlunda lika över kontexterna som en konsensusbaserad särartsdiskurs.  Det som däremot skilde kontexterna och intervjupersonerna åt var deras etniska, klassmässiga och sexuella subjektspositioner som relaterade till de hegemoniska diskurserna kring jämställdhet och maskulinitet på o(jäm)lika sätt. Personerna i de muslimska och homosexuella subjektspositionerna gjorde på olika sätt motstånd mot den underordning som de placerades i genom dessa subjektspositioners underordade relation till ”den nye mannen”. De förhöll sig därmed något mer distanserat till denna diskurs samt jämställdhetsdiskursen. I kontexten där intervjupersonernas subjektspositioner i större utsträckning sammanföll med ”den nye mannen” artikulerades denna diskurs tydligare. Exempelvis artikulerade man barnorientering, snarare än ett intresse för jämställdhet i sig. I samtliga kontexter uppmärksammade eller problematiserade man sällan sina egna privilegier, men det skedde på olika sätt ett skillnadsskapande gentemot ”andra män” och kvinnor. / This master thesis takes its departure in previous research which argues that the Swedish discourse of gender equality and its gender equal masculine subject “the new man” is built upon a white, heterosexual, middle class norm that excludes and subordinates other masculinities. The thesis aims at investigating whether the above mentioned exclusions in the Swedish discourse of gender equality and masculinity discourses such as “the new man” are traceable in men´s articulations of discourses regarding gender equality and masculinity, and how different subject positions and hierarchies are negotiated and reproduced in this process. The theoretical framework is a post-structural theory inspired by Ernesto Laclau and Chantal Mouffes theory of discourses, subject positions and the “doing” of gender and other social categories such as class and ethnicity, categories that from an intersectional perspective are viewed as analytically inseparable. The thesis also seeks to combine the post-structural perspective with R.W. Connells theory of hegemonic masculinity. The empirical material consists of single and focus groups interviews generated in three different contexts in which individuals located in different sexual and ethnic subject positions with different degrees of privilege in relation to the discourse of gender equality. The results show that the masculinity discourse that was articulated in all three contexts was the discourse of “the new man”; a more gender equal, or at least children-oriented, masculine ideal. The articulations of gender equality were also similar in the different contexts; a consensus based discourse of gender equality in which men and women were viewed as different but complementary. What distinguished the contexts was the interview person’s sexual and ethnic subject positions which related to the hegemonic discourses of gender equality and masculinity in different, unequal ways. The interview person´s in the Muslim and homosexual subject positions resisted the subordination these positions meant in relation to the discourse of “the new (gender equal) man”. This also meant that these persons had a more distanced relationship to this discourse and the discourse of gender equality. In the context where the interview person’s subject positions to a greater extent coincided with “the new man”, this discourse was also articulated in a less problematic way. An orientation towards taking care of children was for example more common than an interest in gender equality for its own sake. In all three context one´s own privileges were seldom acknowledged, and there were different processes of creating difference and hierarchies towards both women and “other men”.

La subordination financière est l’établissement d’une hiérarchie entre créanciers. Avant une procédure de répartition, cet ordre entre créances est mis en place à l’aide d’échéances différentes et de stipulations particulières (blocage des paiements). Après les répartitions, ce classement peut être créé par la suppression de l’égalité entre créanciers. Celle-ci est tantôt légale (droit de préférence), tantôt volontaire (déclassement) et s’assimile dans ce cas à une renonciation. Au terme de cette hiérarchie, certains créanciers seront payés en dernier, les créanciers résiduels. Le financement des sociétés est décrit par la distinction entre les associés et les créanciers. Devant la faiblesse de cette division, la doctrine a proposé les fonds propres. Ce concept est redéfini en mettant l’accent sur la subordination, qui fait clairement apparaître la qualité de créancier résiduel de l’associé. Il conduit à une nouvelle lecture du financement de la société, qui est transdisciplinaire / Financial subordination establishes a hierarchy between creditors. This degree is implemented through the legal or intentional suppression of creditors’ right to equal distributions in the bankruptcy proceedings. When it is a priority claim, this loss is imposed on creditors by law. When it is a subordinated claim, creditors accept to waive their right to equal distributions. In both cases, some creditors will be paid only after the full payment of others. Those are called residual creditors.Corporation financing is based upon a division between owner and lender. Traditionally, the former puts money into the business through legal capital while the latter grants loans. As this view no longer depicts the reality of corporation financing, the French jurisprudence tried to replace it with the concept of equity, which is broader than the legal capital. In this work, equity is redefined in setting in its core financial subordination, which clearly shows why a shareholder is a residual claimant. This new definition of equity, which is shared by other disciplines outside law gives a different approach to the financing of companies under French law