Este trabalho testa, através da metodologia de cópulas, a hipótese de contágio financeiro entre ações brasileiras e índices de mercado dos países que deram origem às crises do Terror em 2001, da Argentina em 2001, dos Subpprimes em 2007 e do Débito Soberano Europeu em 2009. Além disso, ainda é feita uma análise dos setores econômicos que mais foram afetados por cada crise. Os testes da crise do Terror apresentaram evidências de contágio do SP500 para 24 ações brasileiras, afetando, principalmente os setores ligado à indústria e à energia. As crises da Argentina e do Débito Soberano Europeu apresentaram evidências de contágio dos índices Merval e Athex para apenas 3 empresas. A crise dos Subprimes apresentou evidências de contágio do SP500 para 35 empresas brasileiras, sendo a maioria ligada aos setores financeiros, de energia e industrial. 7 ações foram afetadas pelas duas crises norteamericanas. Os resultados reforçam a importância da análise de contágio em cada empresa individual, ao invés de utilizar o índice do mercado brasileiro como um todo. / This paper tests, through the copulas methodology, the hypothesis of financial contagion between the individual Brazilian stocks and the market indices of the countries where the crises were originated. The crises analyzed are the Terror crisis in 2001, the Argentina’s crisis in 2001, the Subprime crisis in 2007 and the Sovereign Debt crisis in 2009. In addition to this, the Brazilian economic sectors are examined in order to find out which were most affected by each crisis. The tests of the Terror crisis presented evidence of SP500 contagion to 24 Brazilian stocks, affecting, mainly, sectors related to industry and energy. The Argentina’s crisis and the European Sovereign Debt crisis presented contagion’s evidence of the Merval and Athex indices for only 3 Brazilian companies. The Subprimes crisis presented evidence of SP500 contagion for 35 Brazilian companies, mostly related to the financial, energy and industrial sectors. 7 Brazilian stocks were affected by both American crises. The results reinforce the importance of contagion analysis in each individual company, rather than using the Brazilian market index.

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2013. / No abstract provided

<p><strong>Bakgrund:</strong> Idag handlar det inte ”om” en kris ska drabba ett företag utan ”när” den drabbar ett företag. Kriser i dagens samhälle sker på en mängd olika nivåer och kan uppstå ur en mängd olika situationer, ur inre och yttre hot samt vara av materiell eller immateriell art. Gemensamt för kriser är dock att om de inte hanteras på rätt sätt kan de få förödande konsekvenser. För att undvika att företag drabbas av stora negativa effekter i samband med en krissituation trycker teoretiker på vikten av att företag engagerar sig i ett förberedande arbete. Detta är dock något som företag tenderar att avstå ifrån då ett sådant förberedande krisarbete anses vara av lägre prioritet, onödigt, tidskrävande och kostsamt. Detta har fått oss att fundera kring huruvida fler företag skulle initiera ett förberedande krisarbete om ett sådant arbete kunde förenklas.</p><p><strong>Syfte: </strong>Att presentera en tentativ krisförberedelsemodell för företag i avsaknad av ett förberedande krisarbete.</p><p><strong>Resultat och slutsats: </strong>Den tentativa krisförberedelsemodellen inkluderar förberedelser för två av de tre förberedelsestegen; förebyggande och styrning av en kris. Förberedelser gällande det förbyggande arbetet bör innefatta; att identifiera vilka olika risker och hot som finns i såväl företagets interna som externa miljö samt att uppskatta vilka av dessa risker och hot som kan anses ge upphov till den mest allvarliga potentiella krissituationen. Förberedelser gällande styrning av kris bör innefatta att enbart utarbeta planer för den krissituation som identifierats som allvarligast för företaget. För att styrningen ska bli effektiv ska även såväl lokal som central rollfördelning ske. Ett kristeam med ett fåtal medlemmar samt en kommunikationsansvarig bör därmed utnämnas och tränas inför den allvarligaste potentiella krissituationen som identifierats.</p> / <p><strong>Background:</strong> Nowadays, it is not about ”if” a crisis will affect a business, but ”when” it will affect a business. Crises can originate from many kinds of levels and situations, and can be of internal and external threats as well as of tangible and intangible nature. A common feature of crises is that if not handled properly, they can have devastating consequences. To avoid negative consequences associated with a crisis situation it is of importance for businesses to be engaged in preparatory work. However, businesses tend to avoid this kind of preparatory work since it tends to be of lower priority, unnecessary, time consuming and costly. This has led us to reflect on whether more companies would initiate such a preparatory work if it could be simplified.</p><p><strong>Purpose:</strong> To present a tentative model of crisis preparation for business in absence of such a preparatory work.</p><p><strong>Results and conclusion:</strong> The tentative model of crisis preparation includes the preparation of two of the three preparatory steps; preventative measures and crisis containment. Preparing the existing preventative efforts should include identifying the various risks and threats that exist in both a business’s internal and external environment and to estimate which of these risks and threats poses the most serious potential of becoming a crisis situation. Preparation of the crisis containment should include plans for the crisis identified as the most serious one for the business. For the crisis containment to be effective, it is also necessary that roles are divided amongst members of the organization. A crisis team of a few members and a communications officer should therefore be appointed, and thus be trained for the most serious potential crisis situation identified.</p>

<p>Recently there have been a lot of talk a about the financial crisis and recession. This is understandable since the crisis, which initially was limited to the U.S. now has spread its concern globally in form of bankruptcies, less investment and lots of people have lost here jobs. </p><p>The purpose of this thesis is to examine how the financial crisis have affected the construction industry relating to market and personnel, but also examine what measures the construction companies have taken. </p><p>The examination was carried out by information received from the majority of construction-related websites which then was followed up with interviews in the various construction sectors. </p><p>I have come to conlusion that the housing market has been hardest affected by the financial crisis becuase it is controlled by the household economy and future hopes. At year-end housing with some form of private ownership or operation, in principle, completely disappeared. The local and construction market has done well thanks to government investment. The most affected construction companies are the larger contractors that largely focuses on new construction of housing. Within the construction sector over 10,000 people have lost their jobs where the majority are artisans and new recruits. Most of all needed right now is positive political signal so the banks dare to lend again, and households dare invest so that housing can be restored.</p>

The economic downturn of 2008-2010 has encouraged many economists andpoliticians to reconsider the role of fiscal policy. Whereas there is a broadly acceptedmodel which describes the influence of monetary policy on the economy, there is noconsensus concerning the fiscal policy.This paper aims to study the effectiveness of fiscal policy actions in Sweden over thepast 15 years, starting from the end of the banking crisis of 1992-93 to date. It has aspecific focus on the measures which were introduced in 2007-2010 and employs bothqualitative and quantitative analyses.The qualitative analysis investigates different expansionary fiscal measures, inter alia,the earned income tax credit, the new legislation for crisis management of banks, theguarantee program and the establishment of stability fund.The quantitative analysis is based on a 4-variable Vector Autoregression model whichhelps to identify the influence of general government expenditure, revenue and centralgovernment debt on GDP fluctuations over the past 15 years. The results demonstrate apositive response of GDP to an increase in government expenditure, with the maximumvalue of response achieved after 8 quarters. GDP also grows in response to a positiveshock in the central government debt, which is in line with the macroeconomic theory ofexpansionary fiscal policy. The positive response to an increase of revenue is somewhatcontradictory, and can become a topic for a further in-depth research.The economic downturn of 2008-2010 has encouraged many economists andpoliticians to reconsider the role of fiscal policy. Whereas there is a broadly acceptedmodel which describes the influence of monetary policy on the economy, there is noconsensus concerning the fiscal policy.This paper aims to study the effectiveness of fiscal policy actions in Sweden over thepast 15 years, starting from the end of the banking crisis of 1992-93 to date. It has aspecific focus on the measures which were introduced in 2007-2010 and employs bothqualitative and quantitative analyses.The qualitative analysis investigates different expansionary fiscal measures, inter alia,the earned income tax credit, the new legislation for crisis management of banks, theguarantee program and the establishment of stability fund.The quantitative analysis is based on a 4-variable Vector Autoregression model whichhelps to identify the influence of general government expenditure, revenue and centralgovernment debt on GDP fluctuations over the past 15 years. The results demonstrate apositive response of GDP to an increase in government expenditure, with the maximumvalue of response achieved after 8 quarters. GDP also grows in response to a positiveshock in the central government debt, which is in line with the macroeconomic theory ofexpansionary fiscal policy. The positive response to an increase of revenue is somewhatcontradictory, and can become a topic for a further in-depth research.

Introduction:During a crisis in the society, the communication from the responsible authorities is of big importance. This study shows how the authorities worked with their crisis communication towards the general public during the waterleak in Kalmar in december, 2010. Purpose:The purpose of this study is to investigate how the responsible authorities in Kalmar worked with their crisis communication during the waterleak and also how the general public perceived the crisis communication. Methodology:The study is based on a combination of a qualitative and a quantitative methodology. We begin to work with qualitative interviews with the responsible authorities to get information about the actual event and their work with the crisis communication towards the general public through the mass media. Then we investigate how the general public in Kalmar perceived the crisis communication from the responsible authorities and compare these two results. Conclusion:The study shows that there were several problems, both internally and externally, with the crisis communication from the responsible authorities during the waterleak. Although some people were dissatisified with the responsible authorities crisis communication, the majority were pleased and very satisfied with the information they got from the responsible authorities during the waterleak.

Recently there have been a lot of talk a about the financial crisis and recession. This is understandable since the crisis, which initially was limited to the U.S. now has spread its concern globally in form of bankruptcies, less investment and lots of people have lost here jobs. The purpose of this thesis is to examine how the financial crisis have affected the construction industry relating to market and personnel, but also examine what measures the construction companies have taken. The examination was carried out by information received from the majority of construction-related websites which then was followed up with interviews in the various construction sectors. I have come to conlusion that the housing market has been hardest affected by the financial crisis becuase it is controlled by the household economy and future hopes. At year-end housing with some form of private ownership or operation, in principle, completely disappeared. The local and construction market has done well thanks to government investment. The most affected construction companies are the larger contractors that largely focuses on new construction of housing. Within the construction sector over 10,000 people have lost their jobs where the majority are artisans and new recruits. Most of all needed right now is positive political signal so the banks dare to lend again, and households dare invest so that housing can be restored.

Bakgrund: Idag handlar det inte ”om” en kris ska drabba ett företag utan ”när” den drabbar ett företag. Kriser i dagens samhälle sker på en mängd olika nivåer och kan uppstå ur en mängd olika situationer, ur inre och yttre hot samt vara av materiell eller immateriell art. Gemensamt för kriser är dock att om de inte hanteras på rätt sätt kan de få förödande konsekvenser. För att undvika att företag drabbas av stora negativa effekter i samband med en krissituation trycker teoretiker på vikten av att företag engagerar sig i ett förberedande arbete. Detta är dock något som företag tenderar att avstå ifrån då ett sådant förberedande krisarbete anses vara av lägre prioritet, onödigt, tidskrävande och kostsamt. Detta har fått oss att fundera kring huruvida fler företag skulle initiera ett förberedande krisarbete om ett sådant arbete kunde förenklas. Syfte: Att presentera en tentativ krisförberedelsemodell för företag i avsaknad av ett förberedande krisarbete. Resultat och slutsats: Den tentativa krisförberedelsemodellen inkluderar förberedelser för två av de tre förberedelsestegen; förebyggande och styrning av en kris. Förberedelser gällande det förbyggande arbetet bör innefatta; att identifiera vilka olika risker och hot som finns i såväl företagets interna som externa miljö samt att uppskatta vilka av dessa risker och hot som kan anses ge upphov till den mest allvarliga potentiella krissituationen. Förberedelser gällande styrning av kris bör innefatta att enbart utarbeta planer för den krissituation som identifierats som allvarligast för företaget. För att styrningen ska bli effektiv ska även såväl lokal som central rollfördelning ske. Ett kristeam med ett fåtal medlemmar samt en kommunikationsansvarig bör därmed utnämnas och tränas inför den allvarligaste potentiella krissituationen som identifierats. / Background: Nowadays, it is not about ”if” a crisis will affect a business, but ”when” it will affect a business. Crises can originate from many kinds of levels and situations, and can be of internal and external threats as well as of tangible and intangible nature. A common feature of crises is that if not handled properly, they can have devastating consequences. To avoid negative consequences associated with a crisis situation it is of importance for businesses to be engaged in preparatory work. However, businesses tend to avoid this kind of preparatory work since it tends to be of lower priority, unnecessary, time consuming and costly. This has led us to reflect on whether more companies would initiate such a preparatory work if it could be simplified. Purpose: To present a tentative model of crisis preparation for business in absence of such a preparatory work. Results and conclusion: The tentative model of crisis preparation includes the preparation of two of the three preparatory steps; preventative measures and crisis containment. Preparing the existing preventative efforts should include identifying the various risks and threats that exist in both a business’s internal and external environment and to estimate which of these risks and threats poses the most serious potential of becoming a crisis situation. Preparation of the crisis containment should include plans for the crisis identified as the most serious one for the business. For the crisis containment to be effective, it is also necessary that roles are divided amongst members of the organization. A crisis team of a few members and a communications officer should therefore be appointed, and thus be trained for the most serious potential crisis situation identified.

The purpose of this article is try to find the efficient factor that affect corporate's financial structure.

The China government has worked on economic reformation and opening policy¡@since the end of 1978 in order to follow the trend of international economic development. Economic decides finance, financial reformation, such as setting up central bank system, improving the function of commercial banks, developing financial market, is one of the most important chain in economic reformations. Basically, the main part of this research is review of the reform process of the banking system in China. Because the Chinese economy is in a rapid transition and its banking system has been constantly changing since the late 1970s. The financial system of Mainland China has been improved a lot for more than twenty years. There are still many problems in structure and operation during the procedure of financial development. A lot of bad loans for national banks, unhealthy financial management, immature capital market and the impact as the entry into the WTO, are going to be the tests of banking system of Mainland China. Beside, we use the theory of banking crisis discussing the problem of China¡¦s banking industry. And research an outline of the present situation of banking system in China. Our major discussing are as follows¡G Chapter one of this research is introduction of this research. Chapter two reviews how the current banking system has emerged from the all-inclusive monobank system in the past. Chapter three we review the theory of banking crisis. Chapter four provides an outline of the present situation of banking system in China. In Chapter five we discuss the problems happened and the possible impact to the banking system in China by the entrance of WTO. Chapter six provide a summary of this research.