O objetivo do presente estudo foi verificar empiricamente as implicações da diversificação corporativa, através do efeito de coinsurance, nas finanças e no investimento corporativo através de dois canais específicos: o custo da dívida externa bancária das empresas e a probabilidade de ocorrência de covenants com restrições à investimento. Para alcançar esse objetivo, estimou-se dois modelos que controlam a endogeneidade da decisão de diversificar através da utilização de variáveis instrumentais. Não foi possível, através dos dados utilizados no estudo, evidenciar que a diversificação corporativa impacta o custo do financiamento externo bancário das empresas. O estudo encontrou evidências, ainda que fracas, de que a diversificação corporativa reduz a probabilidade de ocorrência de covenants com restrições a gastos em investimento nos contratos de financiamento bancário. / The purpose of this study is to empirically verify the implications of corporate diversification, through coinsurance effect, in corporate finance and investment through two specific channels: the cost of bank borrowing and the likelihood of covenants with investment restrictions. To achieve this goal, this study estimated two models that control the endogeneity of the diversification decision by using an instrumental variables approach. The results do not show evidences that corporate diversification affects the cost of bank borrowing. In addition, the analysis suggests that corporate diversification reduces the likelihood of covenants with investment restrictions in bank borrowing contracts. Although the evidence is weak, it brings a new insight into how corporate diversification affects corporate results.

This thesis examines Taiwan’s human rights development from 2000 until 2010. It looks at and compares the policies and action of Presidents Chen Shui-bian and Ma Ying-jeou in terms of three indicators of human rights: the implementation of the international human rights treaties (ICCPR and ICESCR), the establishment of a national human rights commission and the status of the death penalty. The case of Australia and its position in relation to the three key areas of this human rights study are analyzed for comparative purposes. Additionally, important historical human rights milestones and the beginnings of Taiwan’s democratization are introduced by way of an overview but the focus of this thesis is on the events of the last decade. In doing so, the overall aim of this study is to assess whether Taiwan has achieved its stated goal of becoming a human rights state.

This dissertation maintains that the covenant relationship formula (CRF) as expressed in Deuteronomy 26:16-19 (‏[Hebrew text extracted]) serves as a focal point which defines, unifies and bears the weight of the covenantal framework of the book of Deuteronomy. Chapter 1 reviews previous assertions that Deuteronomy is patterned after ancient Near Eastern treaties, highlights the conclusions of Rendtorff regarding the CRF, and identifies the translation difficulties in 26:16-19. Chapter 2 critiques the proposals of von Rad, Kline, Kitchen, and Wenham who suggest that Deuteronomy follows the pattern of the ancient Near Eastern treaties. An alternate schema for the covenantal framework of Deuteronomy 1-30 is proffered. Finally, an excursus addressing the Mosaic authorship of Deuteronomy 27 is included. Chapter 3 proposes that the Hiphil of [Hebrew text extracted] in verses 17 and 18 is functioning causatively and utilizes dual direct objects in the sentence construction. Grammatical and syntactical features of the text of 26:16-19 are observed. Theological concerns on the translational renderings of 26:17-19 are posed. A proposed conceptual model of the sequence of events that may underlie the text of Deuteronomy 26:17-19 is offered. Chapter 4 considers the canonical context of Deuteronomy 26. A chart demonstrates the literary-structural unity of the three ceremonies of confession (26:1-11; 26:12-15; and 26:16-19). Further analysis, however, reveals that 26:16-19, while integrally connected to the other ceremonies, functions also on the macro level within the greater covenantal framework of Deuteronomy. Chapter 5 examines each of the expressions of the CRF (4:20; 7:6; 14:2; 27:9; 28:9; and 29:12) as they occur in the covenantal framework of Deuteronomy. An analysis of the function of the CRF reveals that prior to its expression in the focal text (26:16-19) it is associated with the notion of exclusive loyalty to Yahweh and after the focal text it is associated with the expectation of obedience to Yahweh. Chapter 6 summarizes the work of chapters 1 and 2 then applies the findings of chapters 3 through 5 to demonstrate that the CRF ([Hebrew text extracted]) as expressed in 26:16-19 with its concomitant covenantal obligations can bear the weight of and does indeed serve as the keystone of the covenantal framework of Deuteronomy. The covenantal exchange in 26:17-19 connects the emphasis on obedience in 26:17 to that of the covenant relationship formula in 27:9; 28:9; and 29:12 and connects the emphasis on exclusive loyalty in 26:18-19 to that of the covenant relationship formula in 4:20; 7:6; and 14:2.

Prior research on covenants show that they are frequently included in corporate debt agreements as means of mitigating bondholder-stockholder conflicts. As covenants should be more frequently included when there is a higher degree of bondholder-stockholder conflict, what is then the relation between covenants and spread? Our results show that on the Norwegian corporate debt market, bonds that include covenants have a higher spread than those that do not. The results of an OLS-regression using some of the most common covenants, Z’-score and bond spread shows that the 43 % of bond spread can be explained by whether the bond includes dividend restrictions, equity restrictions and poison puts, and the Z’-score of the issuer.

Internationell handel är snarare en regel än undantag i dagens globala samhälle, och en del av denna handel genomförs dagligen genom landsöverskridande kredittransaktioner. Som konsekvens av detta har standardavtal utvecklats på krediträttens område, med syfte att kunna användas av parter oavsett land. Dessa standardavtal är författade på engelska och utgår ifrån anglosaxisk rätt. Emedan kreditavtal, utformade enligt anglosaxisk standardavtalsmodell, är mycket omfattande är uppsatsens syfte att utreda i vilken mån dessa avtal kan förkortas och göras mer lätthanterliga. Syftet är även att ge parter som använder sig av kreditavtal, utformade efter nämnd standardavtalsmodell, en anvisning om hur utvalda delar i dessa avtal överensstämmer med svensk lag. Med ett förenklat avtal skulle berörda parter vinna tid och därmed göra ekonomisk vinning. Vidare skulle ett förenklat avtal, genom att bli kortare, bli mer lätthanterligt och därmed torde även missförstånd som skulle kunna leda till tvist lättare kunna undvikas. Uppsatsen kommer endast att behandla kreditavtal upprättade mellan enbart svenska parter. Uppsatsen kommer att utgå ifrån dels LMA:s standardkreditavtal och dels ett faktiskt kreditavtal mellan två svenska parter. Traditionell juridisk metod kommer att användas och således kommer den svenska lagstiftningen att vara den primära rättskällan, men även förarbeten, prejudikat och doktrin kommer att tas i beaktning. Kommersiella kreditavtals funktion och användning kommer att beskrivas, och dessutom kommer en diskussion att föras angående svensk rätts reglering på området. För att belysa de fördelar samt nackdelar som följer vid användning av dessa kreditavtal kommer kredittagares respektive kreditgivares perspektiv att ges. Vi ser en ökad användning av kommersiella standardkreditavtal utformade efter anglosaxisk avtalsmodell. Dock är dessa avtal omfattande och preciserade, därmed är en anpassning till svensk rätt är nödvändig för att dess användning ska vara befogad. Med en sådan anpassning torde dessa avtals användning i Sverige öka och kunna användas även vid mindre transaktioner.

Research concerning covenants has at large not examined what quantifiable relationship covenants have with yield spreads. We shed light on this topic as we evaluate Swedish bond indentures. By examining the relationship between covenants and yield spread, our results indicate whether covenants effectively mitigate the bondholder-stockholder conflict. The results from our OLS-model indicate that the poison put option and covenants restricting dividends and mergers have a positive relationship with the yield spread, and that the negative pledge has a negative relationship with the yield spread. Furthermore, our results indicate that some covenants are too costly for companies issuing investment grade bonds. Those covenants are therefore only included in bonds with higher yield spreads, where a conflict between bondholders and stockholders could be greater. / Ett kvantifierbart förhållande mellan kovenanter och räntebasmarginalen har överlag i tidigare forskning inte undersökts. I denna uppsats åskådliggör vi detta förhållande genom att undersöka svenska företagsobligationer. Genom att studera relationen mellan kovenanter och räntebasmarginalen kan våra resultat visa på huruvida kovenanter motverkar konflikten mellan obligationsinnehavare och aktieägare. Resultaten från vår OLS-modell visar att poison put option och kovenanter som begränsar utdelningar och fusioner har ett positivt samband med räntebasmarginalen, medan negative pledge har ett negativt samband med räntebasmarginalen. Vidare visar våra resultat att vissa kovenanter är för dyra för företag som ger ut investment grade obligationer. Dessa kovenanter finns därför bara med i obligationer med högre räntebasmarginaler, där en konflikt mellan obligationsinnehavare och aktieägare kan vara större.

Kovenanter ett amerikanskt fenomen som successivt har spridit sig över världen. I Sverige börjades olika typ av kovenanter användas under 1960-talet som kreditvillkor vid företagsfinansiering. Men även om kovenanter blivit ett vanligt verktyg inom den svenska kreditverksamheten sedan 1960-talet, finns det fortfarande bristande kunskaper om dess praktiska användande.  Denna studies syfte är att utforska hur bankers användning av kovenanter i låneavtal påverkas av företagsspecifika, relationsspecifika, lånespecifika och andra faktorer. Studien är inriktad till att studera svenska bankernas användning av kovenanter vid företagskreditgivning och kommer därför inte att behandla privat och offentlig sektor.   Studiens ansats är abduktiv, som möjliggör en växling mellan teori och empiri. För att öka förståelsen kring kovenanters användning har semistrukturerade intervjuer genomförts. Urvalet är begränsat till sex stycken av Sveriges största banker. Insamlad empiri har därefter tolkats utifrån agency theory of covenants, som härstammar från agent och principal teori. Därefter avslutas studien med en presentation av slutsatser, samhällsmässigt kunskapsbidrag, etiska bidrag, egna reflektioner och begränsningar samt förslag på vidare forskning.   Studiens resultat påvisar att kovenanter har en viktig funktion som kontroll och riskhanterings mekanism i låneavtal, men det ersätter inte behovet av realsäkerheter. Dessutom tyder resultatet på att användningen av kovenanter främst påverkas av låntagarens storlek, förmåga att lämna säkerheter, lånelöptid och storlek, samt lånets användningsändamål. / Covenants are an Americans phenomenon that has been successfully spread around the world. Different types of covenants are regularly used in Sweden and has been used in corporate loan contracts since 1960. Despite that covenants has been a commonly used tool in the Swedish loan contracts since the 1960s there is still a lack of knowledge about covenants practical use. The purpose of this study is to research the use of covenants in loan agreements from banks point of view, and explain how different factors such as borrower characteristic, loans characteristic, bank-borrower relationships and other factors can affect banks’ practice of using of covenants. The research question in this study is how different factors such as borrower characteristic, loans characteristic, bank-borrower relationships and other factors can affect Swedish banks’ practice in using of covenants. The study is aimed to research the Swedish banks' use of covenants in corporate debt, therefore the private and public sectors financiering are not considered. The survey has an abductive approach that provides ability to move back and forth from theory to empirical data. In order to explore the phenomena of covenants closely the semi-structured interviews are used for collecting data. Participants from the six largest banks in Sweden were selected to participate in the research. Collected data has been interpreted based on agency theory of covenants, which originates from the agent-principal theory. Finally the conclusion of the study is presented as well as socially knowledge contribution and suggestions for the further research. The results collected from the survey shows that the covenants have an important function as control and risk management mechanism in the loan agreement, but it does not replace the need for real security. The survey also shows that the use of covenants is mainly affected by the borrower's size, ability to provide collateral, loan duration and size, and the loan's purpose.

From colonies to nation, this work identifies and emphasizes the influence of interdependent communal relationships on the ascent of the charter school movement. These ideals were made manifest in colonial social covenants that were then compromised by the conformist republican mandate of the common school. These ideals were recovered incrementally as education was affected by broader historical forces, most notably the implementation of court-sanctioned racial apartheid during the Plessy era, the reaction to the underwhelming impact of Brown, and, beginning in the 1980s, the rise of legislation that prepared the way for charter schools. Moreover, this work challenges the assumption that charter schools have proven popular with American citizens due solely to promises of superior academic results. Alternatively, this work suggests that charter schools have prospered because they have challenged the state monopoly in K-12 education, and have thus returned balance to the dynamic between the individual and the state. Finally, this work troubles the idea that charter schools are balkanizing American education, suggesting that the right of citizens to form charter schools, in an effort to sustain unique communities, justifies and is in fact endorsed by the American metanarrative. Research on American charter schools lacks a coherent historical framework. This work provides the charter school movement with an historical narrative that argues for the movement’s legitimacy based on its consistency with the American Republic’s founding philosophy. / Graduate / 0323 / 0337 / 0520 / smg32@duke.edu

Thesis (Th. M.)--Westminster Theological Seminary, Philadelphia, 1997. / Includes vita. Includes bibliographical references (leaves 110-115).

Thesis (D.Min.)--Acadia Divinity College, 2001. / Includes bibliographical references (leaves 167-179). Also available on the Internet via the World Wide Web.