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Cash management behavior of firms and its structural change in an emerging money marketKytönen, E. (Erkki) 04 October 2004 (has links)
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.
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Statistical Arbitrage in Algorithmic Trading of US Bonds / Statistická arbitráž při algoritmickém obchodování amerických dluhopisůJuhászová, Jana January 2017 (has links)
This thesis deals with statistical arbitrage as a strategy applied in algorithmic trading of US Treasury bonds in the selected timeframe from 1980 until 2017. Our aim is to prove that a specific event on the treasury market, namely reopening of the bonds, constitutes an arbitrage opportunity that enables the investor to systematically yield extraordinary profits on the market. This thesis includes a theoretical introduction to algorithmic trading and statistical arbitrage. Based on this introduction we formulate hypotheses, which are then tested in the application part by constructing an algorithm that simulates a trading strategy on historical data. Comparing three strategies we determined that this strategy is meaningful, or performs better than a random walk and that it is profitable.
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Implementation of performance management development system in the Provincial Treasury, Province of the Eastern CapeMaseti, Kayakazi Bongiwe January 2014 (has links)
A number of organisations are continuously searching for methods which can be used to improve performance. One such method entails implementing a performance management programme. However, despite a growing body of research that supports the positive impact that effective performance management can have on an organisation’s performance, evidence suggests that organisations in South Africa and elsewhere are not implementing the practices that are recommended by the theory of best practice in Human Resources and performance management (Kock, Roodt & Veldsman, 2002:83). The institutionalisation of performance management in the South African public service after 1994 came as a result of the need to change the legacy of poor performance of the public service (Malefane, 2010:1). This study seeks to examine the effectiveness of the implementation of performance management in the Provincial Treasury, Province of the Eastern Cape (Provincial Treasury). Literature reveals that there is consensus on the view that performance management is a tool that contributes to the effective management of employees in order to yield high organisational performance. Armstrong and Baron (2005 :vii) contend that if performance levels of individuals are raised, better organisational performance levels will follow. According to Dessler, (1997:372) performance management is a systematic approach to managing people, goals, measurement, feedback, and recognition as a way of motivating employees to achieve their full potential in line with the organisation’s objectives. In the South African context, performance management is described in terms of its role and outcome with regard to employee development; hence it is widely referred to by public sector employees as a Performance Management and Development System (PMDS) (Malefane, 2010:7). The Annual Performance Plan (APP) of the Office of the Premier (OTP APP, 2010/11:5) insists that the Eastern Cape Provincial Administration is still plagued with inter alia, a work ethic that is less desirable, weak human capital management culture, poor compliance with policies, lack of accountability and discipline as well as capacity challenges in critical areas which include planning, financial management, monitoring and reporting as well as systematic performance and an inability to respond to identified service delivery challenges. Public sector reforms have been adopted in this province in an attempt to improve performance in order to meet service delivery initiatives. A purposive sampling technique was used to select 30 participants of the Provincial Treasury (employees between salary levels 6 and 8 as well as managers from salary levels 9-13). A qualitative approach was preferred in this study to enhance objectivity which would have vanished if quantitative or experimental strategies were employed. The empirical findings revealed that the employees and the management of this Department perceive that there is no clearly defined purpose of performance management. There is also a feeling that performance management is not useful in identifying under-performers and ineffective in raising the performance of employees. Consequently, it is unable to assist the subordinates to grow. Others felt that performance management is not a developmental tool. It also emerged from the empirical findings of this study that the current rating system does not serve its intended purpose and therefore it should be replaced. Recommendations and suggestions are adopted in this study to address these perceptions.
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Vlastní kapitál v akciové společnosti v účetnictví / Stockholders' equity in joint-stock companySládková, Kateřina January 2008 (has links)
The thesis treats of stockholders' equity in joint-stock company. The thesis firstly focuses on accounting view, secondly focuses on tax and law view. In the thesis is discussed for example the function of stockholders' equity, stockholders' equity versus deposits, stockholders' equity in statements, transaction of floatation and liquidation, treasury stock, allocation of profit and stockholders' equity according to international accounting.
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A Study of the Income Tax Systems of Various States with the Purpose of Formulating a Simple and Equitable System for TexasLipstreu, Otis 08 1900 (has links)
This thesis is the result of analysis conducted on the income tax systems of thirty-one states and supported a recommendation for a Texas income tax act.
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Posúdenie efektov implementácie fyzického cash poolingu v nadnárodnej spoločnostiMadliaková, Stanislava January 2019 (has links)
The thesis describes the effects of physical cash pooling implementation in a multinational company. The aim is to establish a general methodological framework for evaluating the costs and benefits of physical cash concentration. The basis is a theoretical overview of the cash concentration, which includes the definition of the main concepts and the methodical procedure for the implementation of this liquidity management tool in the company. In the empirical part there is a concrete application of the methodical procedure, internal and external environment analysis, as well as discussion of the effects of cash pooling implementation. The final chapter sets out a general assessment framework for the costs and benefits of physical cash pooling.
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Essays on Sovereign Bond Markets / Essais sur les Marchés des Obligations SouverainesSigaux, Jean-David 30 June 2017 (has links)
Dans le premier chapitre, j'examine si les vendeurs à découvert sont mieux informés à propos des enchères d'obligation souveraines que le marché. Je trouve, en moyenne, une forte augmentation de la demande de vente à découvert avant les enchères. Néanmoins, la demande de vente à découvert ne prédit pas une augmentation future du rendement. Les vendeurs à découvert ne sont donc pas mieux informés sur le résultat des enchères et n'interprètent pas mieux que le marché.Dans le second chapitre, je développe et teste un modèle expliquant la baisse graduelle des prix observée dans les jours qui conduisent à des ventes anticipées d'actifs telles que les enchères du Trésor. Dans le modèle, les investisseurs averses au risque anticipent une vente d'actifs dont l'ampleur − et donc le prix − sont incertains. Je montre que les investisseurs font face à un compromis entre se hedger au moyen d'une position longue et spéculer sur la différence entre le prix avant la vente et le prix espéré de vente. En raison du hedging, le prix d'équilibre est supérieur au prix de vente espéré. À l'approche de la date de vente, l'incertitude quant au prix de vente diminue, les positions spéculatives à découvert augmentent et le prix diminue. Conformément aux prédictions, je trouve que le rendement des bons du Trésor italien augmente de 1,2 points de base après la publication d'informations sur le prix d'enchère, par rapport aux jours sans information.Dans le troisième chapitre, j'étudie le lien entre les prix et les taux repo au cours de la crise des subprimes. Je trouve que la relation de non-arbitrage entre les prix et les taux repo de Duffie (1996) performe moins bien pendant la crise. Cependant, les obligations à faible taux repo ont 18.0% plus de chance d'être plus coûteuses que les obligations identiques à taux repo élevé lors de la crise, contre seulement 9.0% avant la crise. Dans l'ensemble, bien qu'il existe de fortes limites à l'arbitrage, les prix et les taux repo présentent des co-mouvements plus importants pendant la crise. / In the first chapter, I ask if short-sellers are superiorly informed about sovereign auctions. I find a large average increase in demand for short-selling prior to auctions. Yet, the demand for short-selling a bond does not predict a subsequent increase in the bond's yield. Overall, there is no evidence that short-sellers predict or interpret auction outcomes better than the market.In the second chapter, I develop and test a model explaining the gradual price decrease observed in the days leading to large anticipated asset sales such as Treasury auctions. In the model, risk-averse investors anticipate an asset sale which magnitude, and hence price, are uncertain. I show that investors face a trade-off between hedging the price risk with a long position, and speculating on the difference between the pre-sale and the expected sale prices. Due to hedging, the equilibrium price is above the expected sale price. As the sale date approaches, uncertainty about the sale price decreases, short speculative positions increase and the price decreases. In line with the predictions, I find that the yield of Italian Treasuries increases by 1.2 bps after the release of auction price information, compared to non-information days.In the third chapter, I study the link between prices and repo rates during the subprime crisis. I find that the no-arbitrage relationship between prices and repo rates in Duffie (1996) fares worse during the crisis. However, low-repo-rate bonds have an 18.0% higher probability of being more expensive than identical high-repo-rate bonds during the crisis, compared to only 9.0% before the crisis. Overall, while there are high limits of arbitrage, prices and repo rates feature larger co-movements during the crisis.
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Policies of the U.S. Treasury in the Financing of Three Major WarsRoig, Lester C., Jr. January 1950 (has links)
No description available.
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Совершенствование государственного финансового контроля : магистерская диссертация / Improving state financial controlЧжан, Б., Zhang, B. January 2020 (has links)
Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе рассмотрены Теоретические и правовые основы государственного финансового контроля, осуществляемого в процессе исполнения федерального бюджета. Во второй главе рассмотрены Организация текущего контроля, осуществляемого органами федерального казначейства. В третьей главе исследованы Совершенствование государственного финансового контроля на современном этапе его развития. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, a list of sources used and applications. The first chapter discusses the Theoretical and legal foundations of state financial control carried out in the process of implementing the federal budget. The second chapter discusses the organization of the current control carried out by the federal treasury. The third chapter explores the improvement of state financial control at the present stage of its development. In conclusion, the main conclusions are formed.
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Policies of the U.S. Treasury in the Financing of Three Major WarsRoig, Lester C., Jr. January 1950 (has links)
No description available.
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