Corporations may experience lower earnings on assets due to the underinvestment of excess cash. Specifically, leaders of nonfinancial firms hold small amounts of cash in mutual fund investments. The primary benefit to understanding mutual funds is the potential to use them to manage excess corporate cash. Using the efficient market hypothesis as a framework for the study, the purpose of this correlational study was to examine the relationship among mutual fund expenses including 12b-1 fees, sales load at purchase, management fees, total capitalization, and performance. Secondary research databases were used, including the Steele Mutual Fund Expert and the U.S. Securities and Exchange Commission, to create a sample of 96 actively managed mutual funds for the years 2010 to 2014. Multiple regression analysis revealed that 12b-1 fees, sales load at purchase, management fees, and total capitalization were not significant predictors of mutual fund performance. Further, in most years, actively managed mutual funds were not able to outpace the benchmark index. However, a small cluster of successful mutual funds (30) exceeded the performance of the S&P 500 by 5.99%. The implications for positive social change include the potential to devise a strategy to invest excess cash, as additional earnings could offset increasing operational costs and ease shareholder concern. Additionally, legislators could use the results of this study to create regulations to promote stable financial markets.

Usually people believe that domestic debt in Chinese compare with the GDP is very less, so in this way the government had the ability to issue more treasury bond. So in 1988, when Chinese implement the Rehabilitation of bank balance sheet, in order to write-off state-owned commerce banks system non-performing loan, it uses treasury bond to accumulate capital. Whereas, this kind of implementation does not consider Chinese future financial ability and invisible debt keep soaring, including state-owned enterprises non-performing loan, the debt of the state-owned policy banks. Some scholar also express pessimism, they assume if the government debt continue to increase, this will have a high financial risk resulting in Chinese Economic collapse. So, in calculating the Chinese government debt cause by the state-own financial institution, not only do we consider the figure provided by the Chinese official, but also have to add the Central Government invisible debt. This research is based on time series model in calculating year 2008 Chinese government debt, with Revenue Enhancement, commercial bank behavior and the above two financial policy in making evaluation. Notice: 2008 treasury bond in whatever policy measure is still higher than 60% Basle standard. This implies that in the near future the Chinese will not be able to withstand the huge treasury bond. Simultaneously, this manifest Chinese government debt have been underestimated, and falsely believe it can have the ability to be in the state of solvency, this lead to government continuous issuing of treasury bond. This will hamper the Chinese financial structure. As for the government debt, it only depends on Revenue Enhancement, that is control deficit rate which cannot solve the huge government debt. However, solving the government debt problem, not only with the measure of issuing treasury bond, this will result in raising the debt with the debt. The best method will be to pass resolution in all ways, slowly and steadily in writing off the debt. In this way it can lead Chinese to a Fiscal Sustainability result.

This dissertation analyses the restructuring of the state and financialisation in Turkey in the post-1980 period with specific emphasis on public debt management. Turkey provides a model case of state pioneering financial deepening and intervening into the market for the socialisation of the losses of the financial sector. The dissertation argues that despite the increasing public debt ratio through 1980s and 1990s, the aim of financial deepening was persistent. The state contributed to the financialisation in the 1990s through the dominance of public securities with high yields in the market. The Treasury was a nodal point not only in the restructuring of the banking sector in the aftermath of 2001 crisis but also the insulation of economic management from political intervention. Its success is tightly related to financial markets and its restructuring presents a case of identification of public interest with the interest of financial sector. The literature on financialisation should be extended to cover the neoliberal transformation in countries labelled as &ldquo / emerging markets&rdquo / . The restructuring of the state in neoliberal era can be defined as financialisation of the state from a broader perspective. It contributed to financialisation by making the state rely on financial markets in an increasing number of policy fields.

This dissertation pursues to find an answer empirically to the question of the revenue ranking between the multiple price auction and the single price auction. I also attempt to get empirical clues in terms of the efficiency ranking between the two. Under the assumptions of symmetric bidders and private independent value (PIV), I derive the optimal bidding conditions for both auction formats. Following the structural model estimation approach, I estimate the underlying distribution of market clearing price using the nonparametric resampling strategy and recover the bidders’ unknown true valuations corresponding to each observed bid point. With these estimated valuations of the bidders, I calculate what the upper bound of the revenue would have been under the Vickery auction to perform the counterfactual revenue comparison with the actual revenue. I find that, ex-post, the multiple price auction yields more revenue to the Korean Treasury than the alternative. I also investigate the efficiency ranking by comparing the number of bids switched and the amount of surplus change which would occur when the bidders are assumed to report their true valuations as their bids. I find that the multiple price auction is also superior to the alternative in efficiency which supports the current theoretical prediction. Finally, I investigate the robustness of my model and empirical results by relaxing the previous assumptions. I, first, extend the model and estimation to the case of asymmetric bidders where the bidders are divided into two groups based on their size. It shows that the model and estimation framework are still valid and that the empirical findings are very similar to the symmetric case. I also test for the presence of common value (CV) component in the bidders’ valuation function. I propose the simple regression model adopting the idea of the policy experimental approach. I obtain quite an inconclusive result in general but find some evidence supporting PIV for relatively higher bid prices while supporting CV for lower bid prices.

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A transferência da Corte Portuguesa para o Brasil trouxe grandes mudanças não apenas na história brasileira, como também no desenvolvimento de Portugal, da América e até mesmo da Europa. Embora essa transferência tivesse um caráter temporário, foi necessário organizar a administração do império português no Brasil, pois a colônia não possuía uma infraestrutura mínima para atender as exigências da Coroa Portuguesa. Ao chegar no Brasil, Dom João VI procedeu uma série de mudanças nas áreas econômicas e administrativas e, por consequência, na área contábil. Para por em prática as mudanças propostas por Dom João VI, foram descartadas as instituições que pertenciam ao sistema colonial. Esta dissertação tem por objetivo analisar os reflexos na área contábil com o advento da chegada da Família Real no Brasil. Para a execução da dissertação, optou-se por uma metodologia de pesquisa descritiva quanto ao seu objetivo, e qualitativa quanto a sua abordagem, tendo como procedimentos uma pesquisa bibliográfica e documental. Para a elaboração do primeiro estudo, procurou-se analisar quais foram as contribuições para a contabilidade brasileira nesse período, mas nessa a contabilidade tinha como principal objetivo criar impostos e criar a estrutura da administração fazendária, para que fosse possível administrar os gastos e receitas da Coroa Portuguesa. Enquanto o segundo estudo apresenta o Erário Régio, uma das principais idealizações de Marquês do Pombal, que segundo a literatura utilizada, foi a criação de um órgão específico para a administração fazendária, centralizando a administração e controle dos gastos e receitas públicas. Constata-se então que o evento da chegada da Família Real Portuguesa pode ser considerado como um “marco zero” para a contabilidade brasileira, devido a criação de controles contábeis, que apesar terem como principal enfoque a administração tributária e fazendária, mas foi nessa época que o Brasil começou a demonstrar os primeiros sinais de uma contabilidade pública, focada nos controles de rendas e gastos públicos. / The transfer of the Portuguese Court to Brazil brought great changes not only in Brazilian history, but also in the development of Portugal, America and even Europe. Although this transfer had a temporary character, it was necessary to organize the administration of the Portuguese empire in Brazil, because the colony did not have a minimum infrastructure to meet the requirements of the Portuguese Crown. Upon arriving in Brazil, Dom João VI made a series of changes in the economic and administrative areas and, consequently, in the accounting area. In order to put into practice the changes proposed by Dom João VI, the institutions belonging to the colonial system were discarded. This dissertation aims at analyzing the reflexes in the accounting area with the advent of the arrival of the Royal Family in Brazil. For the execution of the dissertation, a descriptive research methodology was chosen as to its objective, and qualitative regarding its approach, having as procedures a bibliographical and documentary research. In order to prepare the first study, it was sought to analyze the contributions to Brazilian accounting in this period, but in this the accounting had as main objective to create taxes and create the structure of the administration, so that it was possible to manage the expenses and revenues of the Portuguese crown. While the second study presents the Régio Erário, one of the main idealizations of Marquês do Pombal, which according to the literature used, was the creation of a specific body for the administration of the land, centralizing the administration and control of public expenditures and revenues. It can be seen that the event of the arrival of the Portuguese Royal Family can be considered as a "zero mark" for Brazilian accounting, due to the creation of accounting controls, which despite having as main focus the tax administration and the land administration, that Brazil began to demonstrate the first signs of public accounting, focused on controls of revenues and public expenditures.

A transferência da Corte Portuguesa para o Brasil trouxe grandes mudanças não apenas na história brasileira, como também no desenvolvimento de Portugal, da América e até mesmo da Europa. Embora essa transferência tivesse um caráter temporário, foi necessário organizar a administração do império português no Brasil, pois a colônia não possuía uma infraestrutura mínima para atender as exigências da Coroa Portuguesa. Ao chegar no Brasil, Dom João VI procedeu uma série de mudanças nas áreas econômicas e administrativas e, por consequência, na área contábil. Para por em prática as mudanças propostas por Dom João VI, foram descartadas as instituições que pertenciam ao sistema colonial. Esta dissertação tem por objetivo analisar os reflexos na área contábil com o advento da chegada da Família Real no Brasil. Para a execução da dissertação, optou-se por uma metodologia de pesquisa descritiva quanto ao seu objetivo, e qualitativa quanto a sua abordagem, tendo como procedimentos uma pesquisa bibliográfica e documental. Para a elaboração do primeiro estudo, procurou-se analisar quais foram as contribuições para a contabilidade brasileira nesse período, mas nessa a contabilidade tinha como principal objetivo criar impostos e criar a estrutura da administração fazendária, para que fosse possível administrar os gastos e receitas da Coroa Portuguesa. Enquanto o segundo estudo apresenta o Erário Régio, uma das principais idealizações de Marquês do Pombal, que segundo a literatura utilizada, foi a criação de um órgão específico para a administração fazendária, centralizando a administração e controle dos gastos e receitas públicas. Constata-se então que o evento da chegada da Família Real Portuguesa pode ser considerado como um “marco zero” para a contabilidade brasileira, devido a criação de controles contábeis, que apesar terem como principal enfoque a administração tributária e fazendária, mas foi nessa época que o Brasil começou a demonstrar os primeiros sinais de uma contabilidade pública, focada nos controles de rendas e gastos públicos. / The transfer of the Portuguese Court to Brazil brought great changes not only in Brazilian history, but also in the development of Portugal, America and even Europe. Although this transfer had a temporary character, it was necessary to organize the administration of the Portuguese empire in Brazil, because the colony did not have a minimum infrastructure to meet the requirements of the Portuguese Crown. Upon arriving in Brazil, Dom João VI made a series of changes in the economic and administrative areas and, consequently, in the accounting area. In order to put into practice the changes proposed by Dom João VI, the institutions belonging to the colonial system were discarded. This dissertation aims at analyzing the reflexes in the accounting area with the advent of the arrival of the Royal Family in Brazil. For the execution of the dissertation, a descriptive research methodology was chosen as to its objective, and qualitative regarding its approach, having as procedures a bibliographical and documentary research. In order to prepare the first study, it was sought to analyze the contributions to Brazilian accounting in this period, but in this the accounting had as main objective to create taxes and create the structure of the administration, so that it was possible to manage the expenses and revenues of the Portuguese crown. While the second study presents the Régio Erário, one of the main idealizations of Marquês do Pombal, which according to the literature used, was the creation of a specific body for the administration of the land, centralizing the administration and control of public expenditures and revenues. It can be seen that the event of the arrival of the Portuguese Royal Family can be considered as a "zero mark" for Brazilian accounting, due to the creation of accounting controls, which despite having as main focus the tax administration and the land administration, that Brazil began to demonstrate the first signs of public accounting, focused on controls of revenues and public expenditures.

abstract: Given the "New Nine Measures" for capital market reform, a policy document issued by the State Council of China, the development of markets for interest rate derivatives, such as treasury futures, becomes an increasingly important task. Several shortcomings of the existing treasury futures market have been noted: including low market liquidity, singular investor composition, restrict contract terms, and low hedging demand. This study contributes to a better understanding of the treasury futures market by analyzing changes in China treasury futures market regulations and their impact on market liquidity of treasury futures. Found that compared with the mature market, China treasury futures market exists liquidity shortage, the trading system, market structure and the division of regulatory are factors which influence the liquidity of China treasury futures market. This study found that reducing transaction costs for further optimization of the width and depth of China treasury futures market are not obvious by using quantitative analysis method, expanding the smallest change price can optimize the market depth, reducing transaction costs and expanding smallest change price can optimize the immediacy, volume and hosting amount. In addition, the bond market will also influence the treasury futures market, the price fluctuations and the morphology of the yield curve of bond market have significant influence on width, depth and holdings of market. The system of China treasury futures market needs to be optimized by expanding the smallest change price and reducing transaction costs. The market structure needs to be optimized by establishing unified bond market and enriching investor structure. These findings have significant theoretical and practical implications. The study also provides policy recommendations for the design and establishment of treasury futures market to the regulatory agencies. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2016

El presente trabajo tiene como finalidad presentar el trabajo especial para optar al título de “Licenciada en Administración y Gerencia” titulado “Implementación de Indicadores de Gestión para controlar la Tesorería Municipal del distrito de la Victoria”. Los indicadores de gestión, en la actualidad, son muy importantes, ya no solo en el ámbito público, sino también en el empresarial; ya que nos facilitan poder ver si los resultados que estaban previstos son los obtenidos de una forma eficaz. Estos indicadores para que puedan ser efectivos deben de hacerse en determinados periodos de tiempo, previamente establecidos. Para desarrollar indicadores, tenemos que tener muy claros los conceptos de las eficacia, eficiencia, gestión, ya que en base a éstos se utilizan los indicadores de gestión. En cuanto a los beneficios que producen estos indicadores, no solo van dirigidos a las administraciones o las empresas, sino también a los ciudadanos, que pueden ver como se está gestionando su dinero en el caso de la Administración Pública. The purpose of this paper is to present the special work to the title of "Graduate in Administration and Management" entitled "Implementation of Management Indicators to control the Municipal Treasury of the Victory District". Management indicators are now very important, not only in the public sphere, but also in the business sector; since they make it easier for us to see if the results that were predicted are those obtained in an effective way. These indicators to be effective must be done in certain periods of time, previously established. In order to develop indicators, we need to be very clear about the concepts of efficiency, efficiency, and management, since management indicators are used based on them. As for the benefits of these indicators, they are not only targeted at administrations or companies, but also at citizens, who can see how their money is being managed in the case of the Public Administration.

Abstract Driven by fast evolution in the money market during the past two decades, financial and technological innovations, increasing competition, and internationalizing of businesses, cash and treasury management has become an increasingly important function in most firms. It is reasonable to expect that the role of financial transactions in the cash management process in adding to firm value has increased its importance and changed the cash management behavior of firms. The main purpose of this study is to investigate this potential behavioral change in cash management by examining the cash management practices behind the models explaining the cash management behavior and to test the stability of some of these models. It is hypothesized that the environmental changes have been remarkable enough to change the cash management behavior, which can be seen as a structural change in the cash management function. The factors assumed to explain this phenomenon may concern organizational and technological arrangements in cash management, likewise professional skills in the area of financial transactions and incentives for these especially created by emerging money markets. The examination was conducted using the survey method to map out the best cash management practices followed by Finnish listed manufacturing and service companies and by testing the stability of both static and dynamic models explaining cash management behavior. The empirical part of the study is based on three questionnaires in three separate years, namely 1988, 1994, and 2000, and the empirical estimation of the selected cash management models using financial statement data for the years 1972 to 2001. The study concludes that during the research period firms have achieved a significant technological progress (improving systems and methods) and significant behavioral changes (increasing professionalism) concerning cash management practices, referring to opportunities for more effective cash management operations. The stability tests of cash management models indicated that a structural change in cash management behavior occurred after the deregulation years in the money market. These results were consistent with the surveys referring the development in the efficiency of the firms' cash management.