<p>In an increasingly interconnected world, technology is now central to the operations of most businesses. In this environment, businesses of all sizes face an ever-growing threat from cyberattacks. Successful cyberattacks can result in data breaches, which may lead to financial loss, business interruptions, regulatory fines, and reputational damage. In 2021, the losses from cyber attacks in the United States were estimated at $6.9 Billion.</p> <p>Confronting the threat of cyberattacks can be particularly challenging for small businesses, which must defend themselves using a smaller budget and less in-house talent while balancing the pursuit of growth. Risk assessments are one method for organizations to determine how to best use their cybersecurity budgets. However, for small businesses, a risk assessment may require a significant portion of the budget which could otherwise be used to implement cybersecurity controls.</p> <p>This research builds on existing research from Lerums et al. for simulating a phishing attack to present a model that very small businesses may use in place of or as a precursor to a risk assessment. The updated model includes sensible default values for the cost and effectiveness of cybersecurity controls as well as the number of cyberattacks expected per year. Default values are based on academic literature, technical reports, and vendor estimates, but they may all be changed by organizations using the model. The updated model can also be tailored by non-technical users to reflect their network, relevant threat actors, and budget. Lastly, the updated model can output an optimized control set that yields the maximum annual net return and the single control with the greatest annual return on investment based on a user's inputs.</p> <p>After construction, the updated model is tested on organizations with 5, 25, and 50 employees facing varied sets of threat actors and attacks per year. Key takeaways include the high net return of all security controls tested, benefits of defense-in-depth strategies for maximizing return across multiple attack types, and the role of threat actors in tempering high estimates of security control effectiveness.</p> <p>    </p> <p>All code and releases are open source and available from: <a href="https://github.com/gjhami/AttackSimulation" target="_blank">https://github.com/gjhami/AttackSimulation</a>.</p>

This study assesses the quality of national budget institutions and legislative budgetary power in the Euro Area (EA) and examines their implications on fiscal discipline. Following the sovereign debt crises, common EA requirements have been introduced for national budget institutions, most notably for fiscal rules and independent fiscal councils. Meanwhile, the legislature has a key role to ensure that budgetary decisions are democratically legitimate, but strong legislative budgetary power is generally associated with less fiscal restraint. Two comprehensive composite indices are produced, based on recent data which captures reforms implemented after the Crisis. The findings show that overall, budget institutions in the EA are of medium quality, whilst legislative budgetary power is weak. Notwithstanding the thrust for a ‘one-size-fits-all’ approach, the specific characteristics of budget institutions differ considerably among the EA countries. Furthermore, results from a two-way fixed effects panel model for 2006-2015 show a positive relationship between the quality of budget institutions and the budget balance, but, in contrast to previous studies, the effect is rather weak. Being supra-nationally mandated, recent reforms to budget institutions in EA member states may suffer from a lack of ownership, thus impinging on their effectiveness to instil fiscal discipline. A qualitative case study on Malta provides further insight into the limitations of centrally-mandated institutional reforms. Finally, the findings suggest that stronger legislative budgetary power does not necessarily jeopardise fiscal discipline, if this involves a broad role of the legislature in the budgetary process, beyond amendment powers.

Yes / We provide multi-factor real option models (and quasi-analytical solutions) for equipment capital budgeting under uncertainty, when there is either unexpected, or anticipated, or uncertain (volatile) technological progress. We calculate the threshold level of revenues and operating costs using the incumbent equipment that would justify replacement. Replacement is deferred for lower revenue thresholds. If progress is anticipated or highly uncertain, alert financial managers should wait longer before replacing equipment. Replacement deferral increases with decreases in the expected correlation between revenue and operating costs, and with increases in the revenue and/or operating cost volatility. Uncertain technological progress increases the real option value of waiting. The best approach for equipment suppliers is to reduce the expected revenue and/or cost volatility, and/or reduce the expected uncertainty of technological innovations, since then an incentive exists for the early replacement of old equipment when a technologically advanced version is launched.

This thesis explores the impacts of the Partnership for Incentive-Based Budgeting (PIBB) model at Virginia Tech (VT), a land-grant institution. By conducting a mixed-methods approach including semi-structured interviews, document analysis, and a review of political theory, this research examines the differences in perceptions of employees across employee classifications, academic area, and financial experience at VT on the PIBB model, unhealthy internal competition, communications, fiscal policy, and political influence. The PIBB model was adopted at VT as a strategic response to reduced state funding and aims to encourage budget management improvements and collaborative planning across the university. Findings indicate that while the PIBB model is designed to align financial incentives with the university's academic and operational goals, it may also foster unhealthy, internal competition among faculty, staff, and administrative units. This competition arises from the pressure to meet specific performance metrics linked to budgetary allocations, potentially leading to conflicts and misalignment with the university's broader educational objectives –underscoring the need for a balanced approach to budgeting that supports both financial sustainability and academic integrity. Complexities of implementing market-driven budgeting models within academic settings suggests that while such models can drive efficiency, they must be managed carefully to avoid undermining the core mission of educational institutions. This thesis contributes to ongoing discussions about the optimization of resource allocation in public higher education. / Master of Arts / This thesis looks at how the Partnership for Incentive-Based Budgeting (PIBB) model, implemented at Virginia Tech (VT), impacts various aspects of the university. Using a combination of interviews, document analysis, and a look into political theory, the research investigates how different employees at VT perceive the PIBB model, its effects on internal dynamics like competition, communication, financial policies, and political influences. The PIBB model was implemented as a result in the decline in state money going to VT and to help manage the budget better and collaboration across the university. This thesis research found that while the PIBB model tries to link money incentives with university goals, it also creates unhealthy competition among faculty, staff, and units within the university. This competition happens as everyone wants to meet certain goals to get more money, which can take away from the main goal of the university, which is education. The study shows that it is important to find a balance between the university's goals being at the forefront but also managing the money appropriately. It also shows that using budgeting methods based on business ideas in a public university is tricky and needs careful management to keep the university's values intact. Overall, this research adds to the conversation about how we can best use money in public colleges to make them better for everyone.

Bakgrund: Internationella fotbollsklubbar prioriterar ofta ekonomisk vinning, medan svenska klubbar följer 51%-regeln där medlemmarna har beslutsrätt. Svenska elitfotbollsklubbar fungerar mer som ideella organisationer och måste uppfylla krav för elitlicens. Detta arrangemang syftar till att balansera sportsliga och ekonomiska aspekter genom kontinuerlig utvärdering för att hantera risker. Syfte: Syftet med uppsatsen är att undersöka hur svenska elitfotbollsklubbar budgeterar utifrån den osäkra miljö de verkar i. Dessutom ämnar studien att bidra med insikt och förståelse för hur föreningarna hanterar osäkerhet. Metod: Studien har använt kvalitativ metod med ett abduktivt tillvägagångssätt. Sju semistrukturerade intervjuer har genomförts med företrädare från tre fotbollsklubbar i  Allsvenskan. Teorin är insamlad från vetenskapliga artiklar samt böcker. Slutsats: Malmö FF, IFK Göteborg och Hammarby IF integrerar sina strategier med budgetprocesser för långsiktiga och kortsiktiga mål. Klubbarna använder iterativ metod i budgetprocessen för anpassningsbarhet. De hanterar osäkerheter unikt; Malmö FF prioriterar långsiktig dominans, IFK Göteborg inkluderar inte intäkter från spelarförsäljningar, och Hammarby IF fokuserar på biljettintäkter och spelartransaktioner. Klubbarna anpassar strategier med scenarioanalyser, exempelvis IFK Göteborgs krisbudget 2023, och strävar efter transparent medlemsengagemang för att balansera förväntningar och ekonomisk verklighet. / Background: International football clubs often prioritize financial gain, while Swedish clubs adhere to the 51% rule where members have decision-making authority. Swedish elite football clubs function more like non-profit organizations and must meet requirements for elite licensing. This arrangement aims to balance sporting and economic aspects through continuous evaluation to manage risks. Purpose: The purpose of the thesis is to examine how Swedish elite football clubs budget in the uncertain environment in which they operate. Additionally, the study aims to provide insight and understanding into how the associations handle uncertainty. Method: The study used a qualitative approach with an abductive method. Seven semi-structured interviews were conducted with representatives from three football clubs in the Allsvenskan. The theory was gathered from scientific articles and books. Conclusion: Malmö FF, IFK Göteborg, and Hammarby IF integrate their strategies with budget processes for both long-term and short-term goals. The clubs use an iterative method in the budget process for adaptability. They handle uncertainties uniquely; Malmö FF prioritizes long-term dominance, IFK Göteborg does not include revenues from player sales, and Hammarby IF focuses on ticket revenues and player transactions. The clubs adapt strategies with scenario analyses, such as IFK Göteborg's crisis budget in 2023, and strive for transparent member engagement to balance expectations and economic reality.

Burundi realiza una práctica presupuestaria cercana a los modelos jurídicos napoleónicos y Westminster usados en los sistemas presupuestarios de los países de la OCDE. Es un país sin ingresos fiscales interiores suficientes porque el 90% de la población vive de la economía de subsistencia. Esto provoca una dependencia de las transferencias y préstamos externos de los presupuestos generales del Estado. Este trabajo analiza cualitativamente y descriptivamente los presupuestos generales del Estado burundés. Se muestra que el marco institucional presupuestario está modernizado y armonizado con la contabilidad por partida doble sin integrarse en la contabilidad estatal que sigue siendo de line ítems. Las cifras presupuestarias muestran una preponderancia de las transferencias externas, lo que dirige los fondos correspondientes hacia programas aislados del marco de control presupuestario clásico, propio de las economías avanzadas. Por consiguiente, los presupuestos corrientes se ajustan al comportamiento de los ingresos externos favoreciendo así la corrupción. / States as Burundi implement budgeting practices similar to the napoleonic and Westminster legal models used by OECD states budgeting systems. Burundi State has not enough budgeting domestic fiscal receipts because 90% of his population lives in a subsistence economy. That causes exterior aid and debt dependence respect to Burundi State general budget which is analyzed qualitatively and descriptively in this study. This analysis shows that the institutional budget legal framework is modernized with an accrual budgeting and accounting basis but it practically stays working in line items practices. Budgetary aggregates evolution shows a speculation on exterior aid/grants and debt. This problem orients correspondent founds to isolated programs from a classic budget control framework in advanced economies. In this way, the ordinary budget is adjusted to exterior receipts behavior which favors corruption. / Les Etats comme le Burundi réalisent une pratique budgétaire proche des modèles juridiques napoléoniens et Westminster utilisés par les systèmes budgétaires des Etats de l’OCDE. C’est un Etat sans recettes fiscales intérieures suffisantes, 90% de la population vivant dans une économie de subsistance. Cela provoque une dépendance aux dons et à la dette extérieure du budget général de l’Etat burundais que ce travail analyse qualitativement et descriptivement. L’étude montre que son cadre institutionnel budgétaire est modernisé par une prévision budgétaire harmonisée avec la comptabilité à partie double sans l’implanter dans la comptabilité de l’Etat qui reste de line items. Aussi, l’évolution des agrégats budgétaires montre une spéculation sur l’aide/don et la dette extérieure, ce qui oriente les fonds correspondants vers des programmes isolés du cadre de contrôle budgétaire classique des économies avancées. Ainsi, le budget courant s’ajuste au comportement des recettes extérieures ce qui favorise la corruption.

Submitted by Yugo Watari (ywatari@gmail.com) on 2017-09-19T16:23:48Z No. of bitstreams: 1 main.pdf: 2611498 bytes, checksum: 1f50a4c20e7433334a4e2b45acd23424 (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2017-09-19T16:31:51Z (GMT) No. of bitstreams: 1 main.pdf: 2611498 bytes, checksum: 1f50a4c20e7433334a4e2b45acd23424 (MD5) / Made available in DSpace on 2017-09-19T17:31:18Z (GMT). No. of bitstreams: 1 main.pdf: 2611498 bytes, checksum: 1f50a4c20e7433334a4e2b45acd23424 (MD5) Previous issue date: 2017-08-21 / We approach portfolio construction with risk based allocation, using volatility as the measure of risk, and applying to the stock markets. We start by obtaining generic risk factors based on the approach of Fama&French; and them we decompose the volatility in risk contributions of those generic risk factors. Differing from previous works, instead of allocating in indexes that represent the generic risk factors, we allocate at the asset level, in hopes that this will lead to reproducing the effects of inveting on those indexes, which brings additional complexity to the problem. This was motivated by investors not always having access to invest in theses indexes. Finally, for the purpose of illustration, we apply the metodology to the brazilian stock markets, selecting as risk factors, the five Fama&French risk factors. We obtain portfolios with the desired risk contributions, but as we look in to the weights of each risk factor, there is alocations of weights in the risk factors not related to those of Fama&French, even though the risk contributions are neutralized. We argue that these allocations are preventing from obtaining exposures to the distinct characteristics of each Fama&French risk factor. / A construção de portfólios, ou seja, a definição da composição de uma carteira de ativos, é abordada, nesse trabalho, pela ótica da alocação baseada em contribuições do risco, medida via volatilidade, aplicada a uma carteira de ações. O objetivo é a construção de portfolios, via as contribuições de riscos; para isto construímos fatores de riscos genéricos baseados na abordagem de Fama&French; na sequência aplicamos uma metodologia para distribuir a volatilidade como contribuições de risco destes fatores genéricos. Diferentemente de outros trabalhos, ao invés de alocar em índices que representem estes fatores de riscos genéricos, alocamos diretamente nos ativos na expectativa de conseguirmos reproduzir o efeito de investir nestes índices, o que traz uma complexidade adicional. Esta abordagem foi motivada por nem sempre termos acesso à investir nesses índices. Finalmente, a título de ilustração, a metodologia foi aplicada ao mercado brasileiro de ações, em particular utilizando os fatores do modelo Fama&French de 5 fatores. Obtivemos portfolios com as contribuições de riscos desejadas em relação aos fatores de Fama&French, mas ao se analisar a alocação dos pesos dos fatores de riscos sobre os portfolios obtidos, verificamos que são alocados pesos a fatores que não estão relacionados aos de Fama&French, apesar das contribuições de risco destas estarem neutralizadas. E por fim argumentamos que estas alocações evitam a captura das características distintas de cada fator que gostaríamos de reproduzir.

The purpose of this study is to explain how investment-specific and firm-specific risk affects small and medium sized enterprises’ (SMEs) choice of capital budgeting technique for strategic investments.Furthermore, this study also aims to identify which of these risks affects the choice of capital budgeting technique to the greatest extent. This study assumes a positivistic perspective and adopts a deductive reasoning. The theoretical framework consists of the expected utility theory, the stakeholder theory  and existing research of risk and capital budgeting. The research method has been quantitative and data have been collected through a survey. The results indicates that both investment-specific and firm-specific risk has a significant impact on SMEs’ choice of capital budgeting technique for strategic investments. The results also indicates that SMEs under high levels of risk choose unsophisticated capital budgeting techniques. Furthermore, the findings shows that investment specific risk has a greater impact on SMEs’ choice of technique than firm-specific risk. Since this study examines investment-specific and firm-specific risk simultaneously, it differs from previous research. Previous research have examined each risk independently and therefore drawn individual conclusions for each individual risk’s impact on the choice of capital budgeting technique. This study also differs from previous research since the firm-specific risk is based on firm’s debt structure rather than the firm’s capital structure. Through this, the study contributes to existing research by explaining, previously neglected, underlying factors to SMEs’ choice of capital budgeting technique. / Studien syftar till att förklara hur investeringsspecifik och företagsspecifik risk påverkar små och medelstora företags (SME-företag) val av kapitalbudgeteringsteknik vid strategiska investeringar, samt kartlägga vilken av dessa risker som påverkar valet i störst utsträckning.  Studien utgår från den positivistiska forskningsfilosofin tillsammans med en deduktiv forskningsansats där teorin om förväntad nytta och intressentteorin tillsammans med tidigare forskning om risk och kapitalbudgetering utgjort den teoretiska referensramen. Studiens forskningsmetod har varit kvantitativ där data insamlats genom en enkätundersökning. Efter genomförda analyser av den insamlade datan framgår det att investeringsspecifik och företagsspecifik risk har en signifikant påvisbar påverkan på SME-företags val av kapitalbudgeteringsteknik vid strategiska investeringar. Studiens hypoteser om att hög investeringsspecifik samt hög företagsspecifik risk leder till ökad användning av osofistikerade tekniker har genom resultatet visat sig stämma. Av resultatet framgår även att investeringsspecifik risk har större påverkan än företagsspecifik risk på valet av teknik. Denna studie skiljer sig från tidigare forskning då både investeringsspecifik och företagsspecifik risk undersökts samtidigt. Tidigare forskning har undersökt varje risk individuellt och har således dragit individuella slutsatser för varje enskild risks påverkan på SME-företags val av kapitalbudgeteringsteknik. Likaså skiljer sig studien från tidigare forskning genom att den företagsspecifika risken utgjorts av företagens skuldstruktur snarare än företagens kapitalstruktur. Studien bidrar genom detta till att förklara bakomliggande faktorer till valet av kapitalbudgeteringsteknik som av tidigare forskning försummats.

Budgetering är en central del för att planera och styra kommunala finanser, vars utveckling är beroende av samhällsekonomisk utveckling. Under 2020 drabbades världen av en pandemi som orsakade en ekonomisk kris världen över, med undantag från bland annat svenska kommuner. Tidigare forskning kring kommunal budgetering i ekonomiskt svåra tider tyder på att stram budgetering är en viktig faktor för att klara ekonomiska kriser medan andra menar att sådana åtgärder ofta undviks. Tidigare forskning pekar även på kommuners beroende av statliga bidrag ökar vilket även hämmar benägenheten att tillta åtstramande åtgärder. Studien har syftat till att undersöka om och i sådana fall hur Covid-19-pandemin har påverkat västsvenska kommuners budgetprocess och budget som planerings- och styrverktyg. För att uppnå detta genomfördes en kvalitativ multipel fallstudie på fem västsvenska kommuner, med intervjuer och en kompletterande dokumentanalys. Resultatet visade att varken budgetprocessen, eller budget som planerings- eller styrverktyg har påverkats i så stor utsträckning utav Covid-19. Resultatet visade även att de statliga bidragen till följd av Covid-19 har haft en hämmande effekt på åtgärder. Vidare visar studien att budgetmetodiken inte förändrats. / Budgeting is a central part of planning and controlling municipal finances, where growth is dependent on macroeconomic factors. During 2020 the world was hit by a pandemic that caused an economic crisis across the world, with an exception from Swedish municipalities. Earlier research on municipal budgeting in times of economic crisis suggest that a tight budgeting is an important factor when it comes to managing economic crisis while others suggest that such measures often get avoided. Earlier research also suggests that municipalities spending and dependency on governmental grants increase when the latter increase, which also inhibits tightening measures. The purpose of this study has been to examine if and if so, how the Covid-19 pandemic has affected the budget process, budget as a tool for control and planning for municipalities in western Sweden. To achieve this, we have conducted a qualitative multiple case study in five western Swedish municipalities through interviews and complementary content analysis. The results show that neither the budget process nor the budget as a tool for planning or control has been affected by Covid-19 to such an extent. The results also showed that the governmental grants due to Covid-19 has had a mitigating effect on measures. Moreover, the study shows that the budget methodology has not changed.

M. Tech. (Department of Accountancy, Faculty of Management Sciences) Vaal University of Technology. / Efficient planning and effective budget and cost control are key to the financial survival of universities in South Africa. Given the #FeesMustFall, students and their parents, starting in 2018, no longer contribute to the development of new infrastructure, payroll expenditure, maintenance and other daily operational expenses of public universities in South Africa. A new funding model for higher education calls for even stricter planning and allocation of budgets to departments within an institution of higher education. Evenly important, stricter control over the actual spending of these allocated funds needs improved planning and implementation of more effective policies and procedures to answer to the needs of the post #FeesMustFall funding model. Public universities will then be even more greatly funded by taxpayer’s money via government grants. There is this constant factor of the current situation of the South African economy, which will always bring the need for best possible use of scarce resources of funds. To eliminate the abuse of funds and elements of corruption, internal control strategies and systematic automation of controls need to be employed and even more rigorously enforced. The current phenomenon of different political parties’ that interfere with autonomous public universities to use #FeesMustFall and free education as a political “play-ball” is in full swing. These political structures and unions will in all probability have a huge impact, largely on the principals and methods used to plan an annual budget and the procurement policies and procedures of operational needs and on the expenditure control in public universities in South Africa. This study investigates the budgetary planning processes and expenditure control in universities in Gauteng, South Africa. This research is done by means of a detailed empirical study of the budgeting processes, cost and expenditure control processes, procedures followed and the internal control mechanisms at some universities in Gauteng. The empirical study was conducted with public universities in Gauteng and applicable research online questionnaire were used to analyse. The primary objective of this empirical study was to investigate what budget model and budgetary processes and principles regarding decision making to allocate budgets to specific allocations in the budget. Furthermore, the research study investigated how cost management and expenditure are controlled and how internal control mechanisms are applied in higher education institutions that formed part of this study. This study investigated the manner in which the budgets for annual expenditure are planned and how the internal controls are employed to ensure effective control over expenditure at public universities in Gauteng, South Africa. This research is supported by a literature study into the role of higher education in South Africa, the different controlling bodies in South African Higher Education, funding of South African public universities, budgetary planning and earmarked spending, procurement and expenditure control and reporting by universities in South Africa.