This study follows a three–pronged approach to investigate the effects of the global financial crisis on the South African retail credit market (using Woolworths as subject). These three prongs, or areas, include a literature study, step–by–step credit scoring guide and an application of this guide in an empirical study. To achieve this goal, credit scoring was selected as the quantitative tool to illustrate these effects. Two different periods were chosen to supply a snapshot of the retail credit industry, namely the retail credit situation before and during the global financial crisis. To correctly define and understand the mechanics affecting South Africa's retail credit industry, a literature review was conducted to investigate the global financial crisis, the South African retail credit market and credit scoring itself. The literature investigation explains the global financial crisis and identifies some of the primary drivers behind it. These drivers included the US housing bubble, the introduction of subprime loans and the securitisation of these loans (mortgage backed securities). The study found that these drivers, especially the securitisation of subprime loans, were the vehicle used to enable the crisis to spread globally. The ultimate goal of the study was to provide the individual, and companies, with an understanding of the global financial crisis' effects on the consumer specifically through their credit worthiness and retail credit behaviour. Through the use of credit scoring, the study found that at least one retailer (Woolworths) in the retail industry was affected. Woolworths placed a stronger emphasis on reducing their credit exposure whilst consumers were steadily increasing their facility utilisation. / Thesis (M.Com. (Risk management))--North-West University, Potchefstroom Campus, 2012.

This study follows a three–pronged approach to investigate the effects of the global financial crisis on the South African retail credit market (using Woolworths as subject). These three prongs, or areas, include a literature study, step–by–step credit scoring guide and an application of this guide in an empirical study. To achieve this goal, credit scoring was selected as the quantitative tool to illustrate these effects. Two different periods were chosen to supply a snapshot of the retail credit industry, namely the retail credit situation before and during the global financial crisis. To correctly define and understand the mechanics affecting South Africa's retail credit industry, a literature review was conducted to investigate the global financial crisis, the South African retail credit market and credit scoring itself. The literature investigation explains the global financial crisis and identifies some of the primary drivers behind it. These drivers included the US housing bubble, the introduction of subprime loans and the securitisation of these loans (mortgage backed securities). The study found that these drivers, especially the securitisation of subprime loans, were the vehicle used to enable the crisis to spread globally. The ultimate goal of the study was to provide the individual, and companies, with an understanding of the global financial crisis' effects on the consumer specifically through their credit worthiness and retail credit behaviour. Through the use of credit scoring, the study found that at least one retailer (Woolworths) in the retail industry was affected. Woolworths placed a stronger emphasis on reducing their credit exposure whilst consumers were steadily increasing their facility utilisation. / Thesis (M.Com. (Risk management))--North-West University, Potchefstroom Campus, 2012.

Recent increases in stock repurchases among U.S. corporations coupled with a historically low cost of debt since the Global Financial Crisis has created media speculation that firms in recent years are paying for their expanding share buyback programs with debt. Repurchasing stock by increasing leverage, instead of using internal funds, implies that managers may speculate on current low interest rate environments at the expense of shareholders. Recent studies find that stock repurchases are associated with reductions in future firm employment and investments such as capital expenditures and research and development expenses. This study expands on prior studies by evaluating how debt-financed stock repurchases affect firm investment, investigating the likelihood of these repurchases in low interest rate environments and assessing the effects on firm value. Results confirm that, in recent years, debt-financed repurchases have increased substantially and the probability of debt-financed repurchases increases in the presence of low interest rates. This relationship is especially pronounced in the years following the Global Financial Crisis. Debt-financed repurchases are associated with small reductions in firm investment; however, these reductions are significantly less after adjusting for industry conditions. Finally, there is little evidence that the method of financing repurchases affects firm value nor does it increase a firm's operating performance.

Elaborate master’s thesis investigates at first the general knowledge of the theoretical background related with the global financial crisis and its subsequent transfer to the automotive industry. After the theoretical examination is master’s thesis analyzing company MS technik in the period before the financial crisis and especially during the drop in production caused by the effects of financial crisis in the automotive industry. The main part of master’s thesis is solving the impacts of the crises and their consequences in MS technik and in particular the proposals and their subsequent application in the enterprise to cope with the effects of financial crisis which in 2008 affected the market of the automotive industry.

Many recent books and articles have aimed to account for the recent financial crisis. They have exposed the facts, identified the causes, and assigned responsibility. They have proposed solutions to prevent a similar crisis to happen in the future. The debate is still ongoing, revealing a process of History in the making. My dissertation builds on this debate, but it does not contribute to it. I do not try to understand who is responsible for this crisis. I instead try to grasp how responsibility for this crisis was constructed. I explore the production of - and response to - a discourse of accusation. To study accusation discourses, I conducted a media analysis of three main national newspapers: The New York Times, The Wall Street Journal, and USA Today. I show how a blame game dominated by Democrats participated in the crystallization on Wall Street’s responsibility. To study responses to accusation discourses, I conducted thirty-three interviews in three Wall Street banks from Fall 2008 to Summer 2010. I show that bankers became increasingly defensive over time, while never accepting any personal responsibility for the crisis. Similarly, they reject the label of the “greedy banker.” Overall I argue that the complexity of modern social arrangement loosens the intrinsic connection between responsibility and accountability.

<p>Scania is an old and well established company within itsindustry, thus the company has understood, through experience, that it is simply not enough to be product oriented in the truck industry, instead the company has to focus on what is of value to the customer. To know and understand the customer’s business or area of business is a key success factor which develops trust for the company, this trust and knowledge of the customer’s area of operation is of critical importance during economic slowdowns.</p>

Scania is an old and well established company within itsindustry, thus the company has understood, through experience, that it is simply not enough to be product oriented in the truck industry, instead the company has to focus on what is of value to the customer. To know and understand the customer’s business or area of business is a key success factor which develops trust for the company, this trust and knowledge of the customer’s area of operation is of critical importance during economic slowdowns.

The disclosure of information about the policy making process and the release of new databases may add relevant information about the exchange rate to guide the public's expectation, but may also mislead it. Asymmetric information also reinforces the importance of the learning process for policy makers and financial markets. This dissertation focuses on the role of information in the political economics of exchange rates. The two first chapters provide empirical studies of how access to information shapes and constraints the choice of exchange rate policy (official statement and implemented policy). The last chapter considers the question of whether international banks learn from their previous crisis experiences and reduce their lending to developing countries as a result of a financial crisis. It focuses on the experience accumulated with past financial crises. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

This study investigates the effect of the value of financial flexibility on bidder’s merger and acquisition (M&amp;A) performance, including the differences between domestic and cross-border M&amp;As and the effect of the financial crisis. Using data gathered between 2005-2012 of 3,882 M&amp;As with the bidder from developed Europe or the U.S., OLS regressions are used to predict the effect of value of financial flexibility on the bidder’s cumulative abnormal returns (CARs). Findings reveal partial evidence to support a positive effect of the value of financial flexibility and the cross-border effect on bidder’s M&amp;A performance. Collectively, these findings increase understanding of the interdependence of financial flexibility and investments.

Published Article / The financial crisis of the 21st century arising from the credit and sub-prime crisis has resulted in the accounting for financial instruments being placed under intense scrutiny. In reaction to this, the International Accounting Standards Board commenced a comprehensive review of financial instruments and the related accounting standards. This article analyses the disclosure of financial instruments by performing a literature review of the principles underlying financial instruments disclosure, followed by an empirical study of the current practices of the disclosure of financial instruments by selected companies on the JSE Limited. This article indicates that in certain aspects of the disclosure practices related to financial instruments, the "through the eyes of management" approach is not followed in the companies selected - a principle established in International Financial Reporting Standard 7 (IFRS 7).