Facility management is one of the key business operations of a firm, which enables the firm to cut its costs substantially and to save considerable financial resources. One of the possibilities is to outsource part of the responsibility for secondary cost onto external suppliers, who provides a higher quality operation management at a lower cost. In the case of a public submitter, with a regard to management of public sources, a transparent selection procedure of an external supplier is necessary to compare the offers and select the best one. A facility manager has to face a difficult task of setting the selection procedure in a transparent way, ensuring that no subject would be favoured, and it would allow selecting a supplier providing the best possible quality, time and the lowest cost. A public tender need to be put up in a way to enable an enrolment to as many subjects as possible, among whom the optimal offer would be chosen, in terms set in advance.

In the past few years, financial restructuring fund has become a popular term in Taiwan. This is because Taiwan tries to avoid impact of the financial environment and economic growth during Asian financial crisis period. They bring in mechanism of Japan, South Korea, and United States, legislate for provisions of financial restructuring fund, and establish this fund in order to compensate the capital shortfall may be arising from unhealthy financial institutions, as well as to prevent a withdraw run on a bank because of public panic and chain reaction causing the outbreak of systematic financial crisis. However, the evaluation of the effect of the financial restructuring fund from outside world is different, and opposition has been heard often. They criticize that the financial restructuring fund is a bottomless pit, and there is suspicion that the fund uses the money from taxpayers to rescue those illegal operators of bad financial institutions. The size of the fund has been increased by amending the law constantly, and nearly 170 billion new Taiwan dollars has been invested which can only fill in loopholes. It can stabilize the order of financial market temporarily, but it is unable to prevent successive crisis effectively that caused by bad financial institutions. ¡@¡@ The financial restructuring fund entrusts the Central Deposit Insurance Corporation to execute all kinds of matter. In the process, how does the Central Deposit Insurance Corporation operate? What is the trend of amendment in the future? These issues are worth studying and discussing. The process including the assessment, clearing up, selling tender, prosecution, and reimbursement of the illegal responsible person after taking over bad financial institutions. What kind of problems would occur during the process of operation? How does the Central Deposit Insurance Corporation handle it? This research regards Kaohsiung Business Bank as the case, not only to understand and report it, but also to analyze and discover problems from legal point of view. Base on the judgment of the prosecution in accordance with the court, it evaluates all kinds of effect of the financial restructuring fund that is applied to Kaohsiung Business Bank. Finally, this research tries to bring up the conclusion and suggestion of the financial restructuring fund, based on the gains after evaluating and analyzing, hope it is helpful on the application and management of current financial restructuring fund.

The thesis deals with evaluation of tenders for communal construction procurement. Each year the public procurement equals the value of millions of Swedish kronors, of which construction projects makes up a large proportion. These projects tend to often exceed their budgets. The aim with the thesis is to investigate if there are faults in the tender evaluation process. The theoretical framework for the study partly consists of a review on how the communal evaluation work is described in law and practice. A qualitative methodology is applied in the study where four procurement workers are interviewed. Similarities and differences between evaluation work in practice and what is described in the study's theoretical framework is been analyzed. One of several conclusions of the study is that the choice of contractual form for the construction work often determines the choice of procurement form. Hence the person that works with modeling of tender documents should be well acquainted with the construction industry. A boundary that was set for the study is that it geographically covers Sweden exclusively. Suggestions for further research include investigating why international construction companies bidding in Sweden on communal construction projects do not seem to function properly.

Thesis (M. Phil.)--University of Hong Kong, 2002. / Includes bibliographical references (leaves 106-113).

This thesis presents an empirical investigation of the role of competition in determining (1) bidder firm behaviour in, and (2) the resulting valuation effects of, corporate takeovers. The study is based on the most comprehensive sample currently available of interfirm tender offers for publicly traded U. S. target firms during the period 1971-1990. Corporate takeover contests differ in complex ways with respect to the asymmetric information and bargaining environment, distributions of bidder reservation values and target share ownership, and information acquisition costs. There is substantial theoretical work examining the strategic role of the choice of payment method, bidder elimination and target management resistance, and of particular interest in this thesis, pre-bid acquisition of target shares ("toehold") and its impact on the subsequent tender offer price. Despite a voluminous empirical literature on corporate acquisitions, systematic evidence on the extent and role of bidder toeholds on bidding strategies is sparse. While the toehold has been shown to be prevalent in takeover contests, the extant empirical literature contains few results pointing to the strategic role suggested by theory. The lack of statistical significance may reflect a combination of small samples, weak experimental design, and biases in estimation. This thesis remedies the small sample problem by examining more than 1350 takeover contests in the U. S. from 1971 to 1990. The experimental design is improved by including a larger set of sample controls, and addressing the bias issue by estimating a set of equations which simultaneously determines the toehold and the takeover premium. The wealth effects of takeover contests are estimated as a function of toeholds, the number of bids/bidders, the outcome of the bid, and the target management response. Other empirical issues, including the effect of toeholds on the probability of target management resistance and emergence of a second bid in the contest, are also examined. Finally, a new econometric technique is developed for simultaneously estimating event probabilities and conditional expected event returns in order to determine whether entering the takeover auction, and responding to rival bids for the target shares, on average enhances the wealth of the initial bidders' shareholders.

No description available.

Takeovers play an important role in the economy as they serve to reallocate economic resources to more efficient uses and replace inefficient management. Unregulated takeover bids pose a threat to the interests of the target company shareholders. The legislature pays special attention to takeover bids to make sure that the bona fide interests of the target company shareholders are duly protected. This is the primary purpose of the takeover bid regulation in Ontario. The regulation is also aimed at ensuring the horizontal equity among target shareholders and the efficient functioning of the capital market. This thesis analyzes the present regulation of takeover bids in Ontario and argues that while the whole system of takeover bid regulation is consistent with the proclaimed purposes, there are two issues that fall out of the coherent structure. The restriction on free transferability of shares and the adoption by boards of directors of shareholder rights plans do not enhance the protection of target company shareholders and do not correspond to the proclaimed purposes.

Tendering process is central to national government in South Africa. The goods and services bought by national government in South Africa represent a large amount of public money, and it is very important that national government put in place measure to manage how these goods and services are acquired. In the main government acquire goods and services through tender system and the focus of the study was tendering process in national government in South Africa. The amount of public resources that national government uses in the tendering process is huge and is approximately over 20% of GDP, which has direct implication for service delivery and job creation as well as redressing past discrimination by empowering designated groups of peoples to receive preference in tendering. South Africa is one of the countries with the highest level of corruption rate in the world, of which tender fraud and corruption play a major part. Considering that, the reform of tendering process in national government is therefore inevitable and has to take place. The primary objective of this study is to analyse national government tender system, and identify the tendering problems facing South African national departments. The study further made practical recommendations to National Government, National Treasury, and all the relevant stakeholders relating to the management of tendering process. Data from 355 questionnaires completed by participants, represented 45 national department was collected and analysed. This study found that national government is facing major challenges in managing of tendering process, and these challenges relates to implementation and adoption of the code of best practice. The most important conclusions drawn from the study are: * The department complies with all the above legislation and keep the rules as stipulated in the legislation; * There is a need to issue a single national legislative framework in terms of section 76(4)(c) of the PFMA to guide uniformity in tendering process; * The tendering legislations and its associated regulations are complex and may make it difficult to implement correctly; * The department follow all tendering process generic steps at all times; * The current evaluation system is not a good system and is biased towards the lowest price bidders; * The current tendering practices in government are outdated and inefficient; * Tender practitioners are not adequately trained in the application of the tender process and its associated regulations; * The departments did not keep a detailed and consistent documentation of all events of the whole tendering procedure at all times; * The current tendering practices do not conform to internationally accepted best practices; * The department’s tendering function is not carried out in a cost–effective way; and * The current tendering system is fair, encourages competition, and has integrity. Practical recommendations are suggested to ensure the effective management of tendering process in national government. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2012.

Tendering process is central to national government in South Africa. The goods and services bought by national government in South Africa represent a large amount of public money, and it is very important that national government put in place measure to manage how these goods and services are acquired. In the main government acquire goods and services through tender system and the focus of the study was tendering process in national government in South Africa. The amount of public resources that national government uses in the tendering process is huge and is approximately over 20% of GDP, which has direct implication for service delivery and job creation as well as redressing past discrimination by empowering designated groups of peoples to receive preference in tendering. South Africa is one of the countries with the highest level of corruption rate in the world, of which tender fraud and corruption play a major part. Considering that, the reform of tendering process in national government is therefore inevitable and has to take place. The primary objective of this study is to analyse national government tender system, and identify the tendering problems facing South African national departments. The study further made practical recommendations to National Government, National Treasury, and all the relevant stakeholders relating to the management of tendering process. Data from 355 questionnaires completed by participants, represented 45 national department was collected and analysed. This study found that national government is facing major challenges in managing of tendering process, and these challenges relates to implementation and adoption of the code of best practice. The most important conclusions drawn from the study are: * The department complies with all the above legislation and keep the rules as stipulated in the legislation; * There is a need to issue a single national legislative framework in terms of section 76(4)(c) of the PFMA to guide uniformity in tendering process; * The tendering legislations and its associated regulations are complex and may make it difficult to implement correctly; * The department follow all tendering process generic steps at all times; * The current evaluation system is not a good system and is biased towards the lowest price bidders; * The current tendering practices in government are outdated and inefficient; * Tender practitioners are not adequately trained in the application of the tender process and its associated regulations; * The departments did not keep a detailed and consistent documentation of all events of the whole tendering procedure at all times; * The current tendering practices do not conform to internationally accepted best practices; * The department’s tendering function is not carried out in a cost–effective way; and * The current tendering system is fair, encourages competition, and has integrity. Practical recommendations are suggested to ensure the effective management of tendering process in national government. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2012.

There are two opposing views on the role of regulation of financial markets examined in the academic literature. There is a large body of evidence that suggests that the efficiency of capital markets in North America is in large part due to investors’ confidence in the regulatory system. However, the optimal level of regulation is debatable. We investigate several aspects of the regulation of capital markets by exploring effects of changes in listing requirements on exchanges on the quality of firms undertaking initial public offerings and the quality of firms that choose to go public via a reverse merger mechanism. In addition, we show that additional regulation and/or disclosure of trading activies of informed investors in tender offers may be warranted. We show that a gradual increase in listing requirements fails to prevent low quality firms from gaining access to public capital markets. Yet, differences in listing rules on uppers and lower tiers of exchanges create a dual listing regime, which allows higher quality firms to differentiate themselves. We observe migration of most of the reverse merger transactions to the over-the-counter market due to changes in the regulatory environment in 2001. We conclude that regulatory changes had broad negative effects on the reverse mergers market as these pushed reverse merger firms to a less regulated and more opaque marketplace. Separately, we examine the timing of reverse mergers. Our results suggest that two types of reverse mergers follow different timing patterns: private firms go public through merger with financially distressed firms when IPO windows are closed, whereas reverse takeovers in which the participating public company is a going concern are pro-cyclical to aggregate merger waves. Finally, we analyze tender offers over the period from 1993 through 2006 and establish a link between non-public information and informed investors’ strategic behaviour. Our findings call in question the effectiveness of disclosure mechanisms of trading by informed investors. We also note that uninformed traders can use market microstructure tools to expand their information set, thus increasing the speed of incorporation of new information into stock prices and increasing market efficiency. / Finance