<p>The Swedish National Debt Office (SNDO) is the Swedish Government’s financial administration. It has several tasks and the main one is to manage the central government’s debt in a way that minimizes the cost with due regard to risk. The debt management problem is to choose currency composition and maturity profile - a problem made difficult because of the many stochastic factors involved. </p><p>The SNDO has created a simulation model to quantitatively analyze different aspects of this problem by evaluating a set of static strategies in a great number of simulated futures. This approach has a number of drawbacks, which might be handled by using a financial optimization approach based on Stochastic Programming. </p><p>The objective of this master’s thesis is thus to apply financial optimization on the Swedish government’s strategic debt management problem, using the SNDO’s simulation model to generate scenarios, and to evaluate this approach against a set of static strategies in fictitious future macroeconomic developments. </p><p>In this report we describe how the SNDO’s simulation model is used along with a clustering algorithm to form future scenarios, which are then used by an optimization model to find an optimal decision regarding the debt management problem. </p><p>Results of the evaluations show that our optimization approach is expected to have a lower average annual real cost, but with somewhat higher risk, than a set of static comparison strategies in a simulated future. These evaluation results are based on a risk preference set by ourselves, since the government has not expressed its risk preference quantitatively. We also conclude that financial optimization is applicable on the government debt management problem, although some work remains before the method can be incorporated into the strategic work of the SNDO.</p>

The Swedish National Debt Office (SNDO) is the Swedish Government’s financial administration. It has several tasks and the main one is to manage the central government’s debt in a way that minimizes the cost with due regard to risk. The debt management problem is to choose currency composition and maturity profile - a problem made difficult because of the many stochastic factors involved. The SNDO has created a simulation model to quantitatively analyze different aspects of this problem by evaluating a set of static strategies in a great number of simulated futures. This approach has a number of drawbacks, which might be handled by using a financial optimization approach based on Stochastic Programming. The objective of this master’s thesis is thus to apply financial optimization on the Swedish government’s strategic debt management problem, using the SNDO’s simulation model to generate scenarios, and to evaluate this approach against a set of static strategies in fictitious future macroeconomic developments. In this report we describe how the SNDO’s simulation model is used along with a clustering algorithm to form future scenarios, which are then used by an optimization model to find an optimal decision regarding the debt management problem. Results of the evaluations show that our optimization approach is expected to have a lower average annual real cost, but with somewhat higher risk, than a set of static comparison strategies in a simulated future. These evaluation results are based on a risk preference set by ourselves, since the government has not expressed its risk preference quantitatively. We also conclude that financial optimization is applicable on the government debt management problem, although some work remains before the method can be incorporated into the strategic work of the SNDO.

This thesis deals with the State Treasury as a tool for effective management, reporting, and control of public funds based on the example of the State organizational units. It is getting us to know the State Treasury project in the Czech Republic, its history and the present and outlines the future development. Further, it analyzes the basic functionality modules of the Integrated Information System of State Treasury in detail. The work also evaluates the fulfillment of the requirement for obtaining timely, complete, and relevant information for the the public budgets management. It deals with the influence of the State Treasury introducing on verification problems of the Financial Statements of the state organizational units

Master of Agribusiness / Department of Agricultural Economics / Allen M. Featherstone / Land is typically the highest value category of assets that farmers and ranchers have on their balance sheets. The value of land is affected by inflation. Understanding the effect of inflation on the land market helps farmers make better land pricing decisions and better asset management decisions. Using Treasury Bills and Farm Credit Bonds, future inflation expectations and agricultural risk premiums can be estimated. With the recent government stimulation of the economy and the resulting large amount of money infused into the economy, inflation is becoming an increasing concern with investors. Economic theory suggests that this infusion of money will affect future interest rates and ultimately the value of land given the inverse relationship between interest rates and the value of land. These lingering affects occur with the rise and fall of yield rates for Treasury Bills and Farm Credit bonds. Farm Credit bonds are sold at a premium over Treasury Bills. This premium indicates the market-assessed additional risk that farmers have to pay for their operating loans and other mortgages. Even though land values are affected by inflation, other things affect land values such as recreational use, development, and natural resource exploration. A combination of inflation and these other affects can greatly affect land prices.

This paper utilizes a short-term event study to analyze the stock price reaction of domestic and foreign M&A target firms to the 2014, 2015, and 2016 Treasury regulatory announcements aimed at restricting corporate tax inversions. The results suggest that domestic M&A target firms experience insignificant abnormal returns as a result of the Treasury overlooking tax-favored acquisitions by foreign acquirers of domestic target firms with significant locked out earnings. Meanwhile, foreign M&A target firms experience insignificant abnormal returns associated with the ineffective 2014 and 2015 Treasury regulations and experience significant abnormal returns associated with the highly effective 2016 Treasury regulations. This paper contributes to the existing debate on corporate inversions by highlighting the common techniques used to escape the United States’ tax jurisdiction, as well as shedding light on a hidden inversion alternative that has been largely overlooked by the Treasury’s regulatory actions.

鑑於我國證券交易市場受非經濟因素影響致股價下跌之情形時而有之，證券主管機關一財政部證券暨期貨管理委員會為健全證券市場之發展，自民國八十五年七月起即積極研議建立庫藏股票制度，直至民國入十九年六月三十日經立法院三讀通過包括證券交易法第二十八條之二有關庫藏股等部分條文修正案，並於同年七月十九日經總統公布後，於同年八月七日訂定發布「上市上櫃公司買回本公司股份辦法」後正式實施。 庫藏股制度之實施，係為一種穩定市場的調節機制，為避免上市、上櫃公司因非財務或業務因素，導致公司股價不合理下跌，而影響公司信用、損及股東權益，於必要時由公司買回自己的股份，其對於企業延攬人才、認股權憑證等金融商品之發行及維護證券市場之安定，有積極之功能與效用。 自八十九年八月十日廣豐實業股份有限公司申報買回股份開始，截至九十年十一月底止，有三○九家上市、櫃公司施行庫藏股制度，目的為轉讓股份予員工、股權轉換或維護公司信用及股東權益而買回其股份。惟我國實施庫藏股制度將近二年，其成效如何，所帶來的經濟效果是否如主管當局所預期，公司所承擔的經營風險又是如何？諸此，乃是本研究的重點。 本研究係以八十九年八月至九十年九月底止已施行庫藏股制度之上市公司為研究對象，透過事件研究法檢驗異常報酬的方式來評估庫藏股制度的宣示效果外，並以CAPM（資本資產訂價模式），觀察公司實施庫藏股前後市場風險（β）變化；另利用無母數統計方法，就上市公司之關係企業交叉持股情況與買回庫藏股作關聯性分析，檢視交叉持股與庫藏股施行之關係。 研究結果如下： 一、公司宣告實施庫藏股前，其股價通常有異常下跌的情形，宣告前三十天至宣告前一日的累積異常報酬高達-11.80％，宣告實施庫藏股後，累積異常報酬逐漸止跌回升，其中以宣告當日至宣告後第三日的異常報酬最為明顯，宣告後三十日累積異常報酬回升至-1.93％，顯示公司實施庫藏股確實存在著穩定股價的效果。 二、公司實施庫藏股後的市場風險月，較宣告前的市場風險心顯著下降，表示就短期而言，公司實施庫藏股後確實能降低該公司證券的市場風險。 三、根據599家上市公司之關係企業持有母公司股份及買回庫藏股資料，利用卡方獨立性檢定，發現交叉持股與實施庫藏股有顯著關聯性；進一步採用Spearman等級相關分析，發現上市公司關係企業持股佔母公司已發行股份總數比例變動情形，與買回公司股份佔其已發行股份總數比例亦有顯著之關聯，呈同向變動，亦即交叉持股的情況未因庫藏股之實施而有所減少。 關鍵字：庫藏股、股票買回、交叉持股 / Seeing that sometimes our stock markets are disturbed by non-economic factors makes the price of stock come down. The Securities and Futures Commission (SFC) has been committed to developing a sound stock market. It began to consider establishing the treasury stock system since July 1996. The amendment of The Securities Law, promulgated on July 19, 2000, includes the treasury stock system. SFC announced the“Guidelines for Buying Back Company shares by TSE-listed and OTC-listed Companies”on August 7,2000. The treasury stock system is an adjustment mechanism of stable market, in order to avoid the unreasonable falling in stock price of TSE-listed and OTC- listed Companies by non-financial or financial factors, influence company credit and shareholders' equity. The company can buy back shares when it is necessary. It is positive that the company invites qualified personnel, the warrants are issued and the stability of the stock market is maintained. Since Kwong Fong Industries Corporation started to declare buying back shares on August 10, 2000. By the end of Nov. 2001, a total of 3 09 TSE-listed and OTC-listed companies carried out the treasury stock system. These companies buy back shares for the purpose of transferring to employee, conversion of stock equity, maintaining company trust and stockholders' equity. We have carried out the treasury stock system for two years. How are effects of the treasury stock system? Did it come up to expectations of SFC? How are risks of these companies operating? Such these topics are focus of this research. These TSE-listed companies of buying back company shares from August 2000 to September 2001 are objects of this study. An event study methodology is used to examine the excess returns to evaluate the announcement effects of treasury stock. By CAPM, it can compare the changes on market risk before and after these companies carried out the treasury stock system. Nonparametric method is used to analyze the relationship between the cross holding and the stock repurchase. The results of this study are as follows: 1.The stock price is often descending before the announcement on buying back company shares, the accumulative abnormal returns reach -11.080% from 30 days to I day before stock-repurchase announcement, but the accumulative abnormal returns are increasing gradually after stock-repurchase announcement. The abnormal returns have significantly from the day of announcement to 3 days after the announcement. The accumulative abnormal returns reach -1.93% on 30 days after stock-repurchase announcement. So, it exists the stock price stability effect on carrying out the treasury stock system. 2.The market risk after company buying back shares is lower significantly. In the short term, the company using the treasury stock system can reduce market risk. 3.There are significant relation between Cross-holding and stock-repurchase. Furthermore, the ratio of parent company's shares held by its subsidiary company has positive correlation with that of parent company buy back shares of its own. Key words: Treasury stock ; Stock repurchase ; Cross holding

The aim of my thesis is a detailed analysis of the state finances and treasury in Czechoslovakia during the years 1918 - 1945. If we look at the structure of my thesis, the exordium of my thesis is focused on the general concept of the state finances and after that because the state finances consist of several parts, the chapters are devoted to legal development of these several parts of state finances during the years 1918 - 1938. I mean the area of state budgets, taxes and fees, currency and monetary reform, the formation and activities of the bank of issue, as well as the banking and treasury. The legal development of these individual areas is closed with the chapter devoted to the economic crisis (during the years 1929/30 - 1934), the ways and means of its solution and with next period in history of our state, i.e. the period of rearmament. The second part of my thesis is devoted not only to the common development of all areas of state finances during the Nazi occupation of Czechia, but also to comparison this development with the development of the state finances in Slovak State. The end of my thesis is focused on the development of the state finances after the year 1945 and the monetary reform in 1953 as a comparison to the development in the previous periods. In my thesis I deal not only with the...

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-04-24T12:28:09Z No. of bitstreams: 1 Leandro Lopes Genaro.pdf: 2248401 bytes, checksum: 04dde4ea1835e542a4fbe71fda42500f (MD5) / Made available in DSpace on 2018-04-24T12:28:09Z (GMT). No. of bitstreams: 1 Leandro Lopes Genaro.pdf: 2248401 bytes, checksum: 04dde4ea1835e542a4fbe71fda42500f (MD5) Previous issue date: 2018-03-14 / The dissertation analysis the new procedures involving preliminary injunctions arising from the Civil Procedure Code of 2015, and its implications in tax matters, by means of tracing its historical evolution, concept and characteristics in the new Code. In addition, the dissertation analysis the use, by tax payers, of preliminary injunctions against the Public Treasury and Tax Authorities, its limitations and reflexes in concrete cases / A dissertação analisa a nova sistemática das tutelas provisórias decorrentes do Código de Processo Civil de 2015 e as suas implicações nas discussões judiciais envolvendo matéria tributária, analisando a evolução das tutelas provisórias, seu conceito e definição e as disposições trazidas pelo atual Codex processual, bem como a aplicação deste instrumento processual em face da Fazenda Pública, as limitações existentes e seus reflexos nas ações ajuizadas pelos Contribuintes para questionar matéria tributária, analisando situações concretas vivenciada no Poder Judiciário

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-12-14T11:43:29Z No. of bitstreams: 1 Beatriz Biaggi Ferraz.pdf: 1532788 bytes, checksum: e656e1f46ebdce9c6354c1209b1f188a (MD5) / Made available in DSpace on 2018-12-14T11:43:29Z (GMT). No. of bitstreams: 1 Beatriz Biaggi Ferraz.pdf: 1532788 bytes, checksum: e656e1f46ebdce9c6354c1209b1f188a (MD5) Previous issue date: 2018-11-28 / The study focuses in analyzing the viability of tax transactions between treasury and tax payers overcoming the supremacy and alleged unavailability of the public interest, that when opposed to other principals authorize the applicability of tax transactions. The first part of the study defines the nature of tax transactions addressing it as administrative act, a tax contract and form of extinguishing the tax liability. Once defined its nature, we study when tax transactions can occur and the meaning of the word litigation as mentioned in Article 171 of National Tax Code. The second part of this study, with no means to drain the subject, will analyze the main constitutional principles we understand are relevant to justify the applicability of tax transactions to bring closer treasury and tax payers to always maximize tax collection and burden less the taxpayers. The third part of this study brings examples of tax transactions in foreign cultures and compares it to the tax transactions in Brazil. Finally, we critically analyze the Bill of Law proposing tax transactions, evaluating its particular relevance according to the nature of tax transaction defined in the present study as well as with the principals that were analyzed. Thus, the goal of this study is to stimulate the applicability of tax transaction as foreseen in Article 171 of National Tax Code and in eventual general law of tax transactions / O presente estudo visa analisar a viabilidade da transação em matéria tributária transpondo-se a supremacia e a suposta indisponibilidade do interesse público, que, quando contrapostas a outros princípios, autorizam a aplicação deste instituto. A primeira parte do trabalho define a natureza jurídica da transação em matéria tributária, abordando seus três aspectos principais, enquanto ato administrativo, contrato fiscal e extinção do crédito tributário. Uma vez definida a natureza jurídica, abordamos o âmbito em que pode ocorrer a transação em matéria tributária e o alcance da palavra litígio, conforme os termos do artigo 171 do Código Tributário Nacional. A segunda parte do trabalho aborda os princípios constitucionais, sem pretensão de esgotar o tema, que entendemos mais relevantes para se justificar a aplicabilidade da transação em matéria tributária, vez que a intenção é aproximar fisco e contribuinte para dialogarem, buscando sempre a máxima eficiência de arrecadação em conjunto com a menor onerosidade ao contribuinte. Na terceira parte do trabalho, trazemos exemplos da transação em matéria tributária, fazendo-se uma análise comparada com a legislação acerca do instituto que temos hoje no Brasil. Ao final, analisamos de forma crítica os projetos de lei geral sobre transação tributária, avaliando a pertinência dos dispositivos desses projetos de acordo com a definição da natureza jurídica da transação e os princípios estudados. Assim, o intuito do presente trabalho é estimular a aplicação da transação em matéria tributária nos termos previstos no artigo 171 do Código Tributário Nacional, e em eventual futura lei geral em torno do instituto

O trabalho versa sobre o processo de montagem e falência de um órgão administrativo, a Provedoria da Fazenda Real da Capitania da Paraíba (1647 - 1755). Através da análise sistêmica, política-administrativa, do órgão fazendário paraibano, pode-se entender a relação contraditória entre o funcionamento, na esfera fiscal, da estrutura patrimonialista montada desde a expulsão dos holandeses da Paraíba, e as investidas centralizadoras do fiscalismo régio. Tais investidas foram sentidas: a) na busca da diminuição de privilégios dos administradores da Fazenda paraibana; b) na constante centralização dos vários pontos de receita existentes na capitania para o seio da Provedoria da Fazenda; e c) na radical intervenção do Marquês de Pombal, quando do decreto da anexação e subordinação da Capitania da Paraíba à de Pernambuco. Destaca-se ainda, a trajetória da falência econômica da Capitania da Paraíba, cuja asfixia repercutiu na crise fiscal e na subordinação / This work studies the process of setting as well as bankruptcy of an administrative organ, the department of the royal treasury Captaincy of Paraíba (1647 - 1755). Throughout the analysis of the political and administrative system of this organ, the research points out a contradictory relationship between the patrimonial structure that was built on the occasion of the expulsion of the Dutch from Paraíba, and the attempts to centralize the charge of tributes under the royal control. Such attempts may be characterized by the following actions: a) trying to diminish the privileges of the administrators; b) centralizing the various points of receipts under the department of royal treasury control; c) annexing and subordinating Captaincy of Paraíba to Pernambuco one, a radical intervention by Marquis of Pombal. In addition, the work emphasizes the course of economic bankruptcy of Captaincy of Paraíba, resulting in the crisis of the charge of tributes as well as in the subordination.