In recent decades, revenue diversification has become a prevalent practice in state and local government finance. The trend of revenue diversification, according to the portfolio theory, has far-reaching implication for public financial management as it may change revenue stability, which has been an important policy objective for state and local government administrators. This study explores how revenue diversification affects revenue stability from both empirical and theoretical perspectives. Drawing on portfolio theory and regional science literature, this study develops a theoretical framework to explain how the effect of revenue diversification on revenue volatility of sub-national governments varies in terms of its economic base instability. To empirically test the theoretical framework, an econometric model that explores a series of factors that could affect revenue stability is estimated using socioeconomic and fiscal data of 156 Georgia county governments and 47 state governments during the years 1986-2004. The findings indicate that revenue diversification affects revenue stability conditional on the instability of a jurisdiction’s economic base. The county level analysis suggests revenue diversification significantly increases the revenue instability of a county that has a stable economic base and the revenue stabilizing effect of diversification is enhanced as an economic base becomes more unstable. However, the state level analysis shows that revenue diversification significantly reduces revenue volatility for a state that has a stable economic base and the revenue stabilizing effect of diversification decreases when an economic base gets more unstable. An important policy implication of the dissertation is that the degree of revenue diversification should be gauged by the condition of its corresponding economic base in order to achieve the goal of revenue stability.

<p>Businesses carrying out related diversification moves with the objective to gain synergy effects have been a frequently occurring phenomenon since the midst of the past century. Plenty of models have been constructed, mainly using external data, in order to predict the outcome of these moves, but a high degree of contradictory results in empiric testing shows that current models are insufficient. Our objective is to present a model which also takes into account the internal data presented by the line of research called horizontal strategies, with the aim of moving towards a more accurate explanatory model for related diversification. This is a study of literature which resulted in a model which may be used for approximations as a strategic planning device. Our main conclusions are that further empirical testing, mainly regarding the behaviour of costs for implementing interrelationships, is necessary in order to create an accurate, explanatory model for predicting the outcome of related diversification.</p>

L'objectif de cette recherche est d'expliquer l'évolution du périmètre d'activité de l'entreprise par la variation de son système de gouvernance. Nous proposons un modèle de recherche qui met en exergue l'impact des différents mécanismes de gouvernance sur les décisions du dirigeant et les conséquences sur l'évolution du périmètre d'activité de la firme. Ce modèle démontre que suivant la configuration du système de gouvernance de l'entreprise, le dirigeant optera soit pour la diversification, soit pour le recentrage d'activité. La variation du périmètre et son efficacité en termes de création ou de destruction de valeur résulteraient donc de l'interaction entre le dirigeant et les différents mécanismes de gouvernance de l'entreprise. Une étude empirique a été menée pour tester ce modèle à travers une étude de cas du groupe Danone.

A global extinction event has been documented in protozoan foraminifera in the late Pliocene to Pleistocene. The timing of the extinction event varied depending on location, however for Ocean Drilling Project Site 1125, disappearances occurred between 2.5 and 0.57 Ma, with the major decline approximately 1.1 Ma. In order to determine if this event affected benthic organisms other than protozoans, this study was undertaken to determine how podocopid ostracods (Crustacea) recovered Ocean Drilling Program Site 1125 responded. The present study was hindered by the small number of valves recovered; the fact that a large proportion of taxa found were undescribed and new to science; and the current state of taxonomic scheme that is under significant revision. These factors meant that a comprehensive comparison could not be achieved. Despite this, counts of ostracod valves and assessments of diversity from this study reveal a significant increase in both parameters from approximately 900-600 ka. Three possible causes were investigated to account for this increase, sediment type and sample size; affects of taphonomy, mainly dissolution; or an actual biotic 'event'. Statistical analyses showed that although sample size did have some effect, it was not the sole reason for the increase in ostracod numbers. Dissolution had an expected affect on the percentage of juveniles but no correlations were found with other sample characteristics. Sedimentation rate was investigated but this also proved unrelated. Therefore, it is suggested that the increase in total ostracod valves and diversity which occurs between 900 and 600 ka was in fact a natural, biotic 'event'. This preliminary evidence suggests that an oceanographic event that has negatively impacted on the foraminifers has had the reverse affect on the ostracod assemblage, in the sense that both population size and diversity increase during that time.

本文針對銀行業的業務分散程度與績效的關係，做實證上的研究。以一九九五年至二零零四年之間全球金融機構為研究對象，實證結果發現，業務較集中的金融機構會比業務較分散者的績效來得好，而且隨著分散的程度提高，績效變差的情況會更為明顯。除此之外，當銀行的本業是非利息收入時，提高業務分散程度所造成的績效降低會比本業為放款的銀行更為明顯。實證結果同時也指出，政府機關與民間的監督機制都能夠有助於減輕此種業務分散帶來的績效下降。 / This study examines the relationship between diversification of financial activities and performance in banking industry. Using cross-country data of financial institutions from 1995 to 2004, the empirical results suggest that focused banks outperform diversified banks. Moreover, I find that diversification discount declines as banks go diversified. Results show that banks which focus previously on noninterest income would suffer heavier diversification discount than loan-specialized banks while extending their activity into the other area. Results also suggest that the supervisory power from regulatory authorities and the policy of private-sector monitoring can help alleviate diversification discount that banks would experience when they go diversified.

Pagrindinių magistrantūros studijų baigiamasis darbas 66 puslapių, 29 paveikslai, 14 lentelių, 30 literatūros šaltiniai, 2 priedai, lietuvių kalba. Tyrimo objektas: ūkininkai įgyvendinantys ekonominės veiklos diversifikacijos strategiją, diversifikavimo paramos priemonės. Darbo tikslas: išnagrinėti Lietuvos ūkininkų ūkių ekonominės veiklos diversifikavimo vadybinius aspektus ir sudaryti sprendimo diversifikuoti ūkininko ūkio veiklą pagrindimo, priėmimo ir įgyvendinimo modelius. Uždaviniai: 1. Išnagrinėti ekonominės veiklos diversifikavimo strategijos pasirinkimo ir įgyvendinimo teorinius aspektus. 2. Išanalizuoti ūkininkų ūkių ekonominės veiklos diversifikacijos būklę Lietuvoje. 3. Ištirti ūkininkų ūkių strateginių sprendimų diversifikuoti ekonominę veiklą priėmimo motyvaciją ir veiksnius. 4. Parengti pasiūlymus ūkininkų sprendimams, dėl jų ūkių veiklos diversifikacijos pagrindimo. Tyrimo metodai: mokslinės literatūros, dokumentų bei teisės aktų analizė; kokybinis tyrimas ir jo analizė (pusiau standartizuota anketinė apklausa); statistinių duomenų analizė, loginis modeliavimas ir kiti metodai. Tyrimo rezultatai • pirmoje darbo dalyje išnagrinėta ekonominės veiklos diversifikavimo strategijos pasirinkimo ir įgyvendinimo teoriniai aspektai. • antroje dalyje išanalizuota Lietuvos ūkininkų apsisprendimas diversifikuoti ūkio veiklą patirtis, motyvai, bei apsisprendimo priklausomybės nuo veiksnių. • trečioje darbo dalyje pateikti sprendimo diversifikuoti ūkininko ūkio veiklą... [toliau žr. visą tekstą] / Final work of University Postgraduate Studies consists of 66 pages, 29 figures, 14 tables, 26 sources of literature 2 appendixes, in Lithuanian language. The object of the research: farmer’s who use a diversification strategy, diversification strategy supports. Aim: To examine the Lithuanian diversification of farmers activity in the aspect of strategic management and to make justification, adoption and implementation models. Objectives: 1st Examine the economic diversification strategy for the selection and implementation of the theoretical aspects. 2nd Analyze farmers' farms in the state of diversification of economic activities in Lithuania. 3rd To examine the strategic decisions of farmers farm diversification of economic activities and making the motivation factors. 4th To prepare proposals for decisions by farmers for their farm business diversification reasons. Research methods: scientific literature, documents and legislative analysis and qualitative research analysis (semi-standardized questionnaire), statistical analysis, logic simulation and other methods. Survey results: • the first part of this examination of a strategy of diversification of economic activities in the selection and implementation of the theoretical aspects. • the second part analyzed the Lithuanian farmers resolve to diversify the economic activities of experience, motives, and self reliance of factors. • The third part of the decision to diversify the farm's business... [to full text]

Thesis (MSc)--Stellenbosch University, 2011. / ENGLISH ABSTRACT: South Africa is known for its high marine invertebrate diversity but the evolutionary histories of these species are largely unknown. The present study contributes to the growing body of phylogeographic studies of southern African coastal species. The main aim is to better understand the colonization and diversification of South African barnacles. To investigate the phylogeographic pattern in the southern African volcano barnacle, Tetraclita serrata, 410 individuals from 20 sampling localities were analyzed. In addition, to understand the colonization and diversification patterns of South African barnacle species, nine taxa were included in a molecular phylogeny derived from the nuclear gene, 18S rRNA. With only a limited number of 18S sequences available on GenBank, a separate phylogenetic tree, for the mitochondrial gene, was constructed to determine whether the genus Tetraclita is monophyletic. Restricted gene flow in some geographical areas was hypothesized for T. serrata based on oceanic circulation patterns; known biogeographic regions; and features such as the Agulhas Bank, which has shaped the population genetic structure of several other South African marine organisms. The population genetic structure was investigated using the mitochondrial cytochrome oxidase subunit 1 (CO1) and nuclear internal transcribed spacer 1 (ITS1) genes. Phylogenetic and population genetic analyses of the CO1 gene revealed two distinct genetic clades with overlapping distributions. The nuclear ITS1 data performed on a subset of individuals drawn from both mtDNA clades revealed a single lineage. The pattern observed can be ascribed to a historical event that may have been responsible for the formation of allopatric lineages that have since come into secondary contact. On the other hand, the pattern observed may be as result of incomplete sorting of nDNA alleles, in which case, given that the two mtDNA clades are not geographically isolated, could be explained by selective pressures acting on the species due to ecological constraints. No clear phylogeographic structure was found within each of these clades and the direction of gene flow of T. serrata individuals can be linked to the oceanographic features found along the South African coast. In contrast to most other South African marine species studied to date, the haplotype network, mismatch distributions and time since expansion suggest that the effective population size of T. serrata was not severely affected by the Last Glacial Maximum. It is proposed that further investigations into the phylogeography of coastal marine species, particularly obligatory sessile species such as barnacles, are required to determine whether the patterns observed in T. serrata is a rare history, or not. Neighbour-joining, maximum parsimony and Bayesian analyses on the CO1 gene provide evidence for the monophyly of the genus Tetraclita; however, Tetraclita species found in South Africa do not share a common ancestry suggesting multiple colonization events. This study has also accidently led to the discovery of an introduced species, Balanus perforatus, native to Europe, and I discuss the potential of the alien becoming invasive on the east coast of South Africa where it was found. / AFRIKAANSE OPSOMMING: Suid-Afrika is bekend vir sy hoë mariene ongewerwelde diversiteit, maar die evolusionêre geskiedenis van hierdie spesies is grootliks onbekend. Hierdie studie is gedoen om by te dra tot die filografiese studies van suider Afrikaanse kus spesies en om die kolonisasie en diversifikasie van die Suid-Afrikaanse eendmossels beter te verstaan. Om die genetiese struktuur van die bevolkings van die vulkaan eendmossel, Tetraclita serrata, wat langs die Suid-Afrikaanse kuslyn voorkom, te bestudeer, was 410 individue van 20 lokaliteite ontleed. Daarbenewens, om die kolonisasie en diversifikasie van Suid-Afrikaanse eendmossels te verstaan, was nege spesies ingesluit in 'n molekulêre filogenie wat gebaseer is op die kern geen, 18s rRNA. Met slegs 'n beperkte aantal 18s DNS volgordes beskikbaar op GenBank,is 'n aparte filogenetiese boom, vir die mitochondriale geen COI, gekonstrueer om te bepaal of die genus Tetraclita monofileties is. Beperkte geen-vloei in sommige geografiese gebiede was verwag vir T. serrrata gebaseer op oseaniese sirkulasiepatrone; bekende biogeografiese streke, en kenmerke soos die Agulhas Bank, wat die filogeografiese struktuur van verskeie ander Suid- Afrikaanse mariene organismes beïnvloed het. Die genetiese struktuurvan die bevolkings is geondersoek met behulp van die mitochondriale sitochroom oksidase subeenheid 1 (COI) en kern interne getranskripeerde spasieërder 1 (ITS1) gene. Geen duidelike bevolkings genetiese struktuur is gevind nie en die rigting van geenvloei van T. serrata individue kan gekoppel word aan die oseanografiese kenmerke wat langs die Suid-Afrikaanse kus voorkom. Filogenetiese en bevolking genetiese ontleding van die COI geen openbaar twee afsonderlike klades maar met oorvleuelende geografiese verspruidings. Die ITS1 data-analise wat uitgevoer was op 'n subset van individue wys op 'n enkele spesie. Die waargenome patroon dui op 'n belangrike historiese verskil tussen die twee klades. 'n Geskiedkundige gebeurtenis was dalk verantwoordelik vir die vorming van twee evolusionêre lyne wat sederdien sekondêre kontak het. Aan die ander kant, kan die patroon waargeneem word as gevolg van die onvolledige sortering van nDNA allele, in welke geval, gegee dat die twee mtDNA clades nie geografies geïsoleer is nie, dit verduidelik kan word deur selektiewe druk wat op die spesie was as gevolg van fisiologiese of ekologiese beperkings. Die statistiese parsimonie netwerk, ongelyksoortige verspreidings en tyd sedert die bevolkingsuitbreiding dui daarop dat T. serrata die laaste ysagtige maksimum tydperk oortleef het. Tot op hede het geen Suid- Afrikaanse mariene spesies so 'n patroon gewys nie. So, verdere ondersoeke in die filogeografie van die kus mariene spesies, veral verpligte sittende spesies soos eendmossels, word vereis om te bepaal of die patroon waargeneem in T. serrata 'n seldsame geskiedenis het, of nie. Buur-aansluiting, maksimum parsimonie en Bayesian afleiding op die CO1 geen het bewyse verskaf vir die monofiletiese afkoms van die genus Tetraclita, maar Tetraclita spesies wat in Suid Afrika gevind is, deel nie ‘n gemeenskaplike afkoms nie, wat weer bewyse verskaf vir verskeie kolonisasie gebeure. Hierdie studie het gelei tot die ontdekking van 'n eksotiese spesie, Balanus perforatus, inheems aan Europa, en die potensiaal van die indringer om ontwykend te raak aan die ooskus van Suid-Afrika waar dit gevind is word bespreek. / The South African National Research Foundation (NRF) and Stellenbosch University

La loi monétaire de septembre 1939 interdit la détention, le commerce, l'importation et l'exportation de l'or enFrance. Un marché clandestin s'est alors créé en 1941 et fonctionne jusqu'en janvier 1948. La loi du 2 février1948 a rendu la liberté au commerce de l'or en France. Ainsi, un marché officiel de ce métal précieux est-ilouvert à la Bourse de Paris. Après 56 ans d'existence, il est fermé en juillet 2004. Depuis cette date, le marché del'or en France est un marché de gré à gré où le prix d'équilibre est déterminé par la Compagnie Parisienne deRéescompte. Malgré cette riche histoire, le marché de l'or à Paris depuis 1941 n'a jamais été étudiéscientifiquement jusqu'à maintenant. Afin de l'explorer, cette thèse est divisée en deux parties distinctes. Lapremière l'étudie sous l'angle historique. Nous analysons son évolution en le rattachant aux événements del'histoire le qualifiant de plusieurs statuts différents : un marché clandestin de 1941 à 1948 (chapitre 1), unmarché réglementé de 1948 à 2004 (chapitres 2 et 3) et un marché de gré à gré de 2004 à 2009 (chapitre 4). Ladeuxième partie de la thèse étudie le marché de l'or à Paris sous l'angle financier. Les résultats du chapitre 5montrent que l'hypothèse de l'efficience informationnelle du marché parisien de l'or ne semble pas être validée.Dans le chapitre 6, nous trouvons que l'or coté à Paris (le lingot et la pièce napoléon) est moins rentable à longtermeque les actions. Cependant, il est aussi risqué que ces dernières et quatre fois plus risqué que lesobligations. Contrairement à la littérature anglo-saxonne, nous trouvons, dans le chapitre 7, que l'or n'est pas unbon moyen de protection contre l'inflation en France. De même, l'or coté à Paris n'est favorable dans ladiversification des portefeuilles français que durant les périodes où son prix a une tendance haussière.

This thesis is a contribution to our understanding of business groups in the small busi-ness sector. Specifically, its aim is to verify to what extent the consideration of entrepre-neurial processes can advance our understanding of this phenomenon. A ‘business group’ is a set of companies which are legally distinct but belong to the same person or people. Despite the significant presence of business groups in the small business sector, most of the literature on business groups addresses large groups. This study demonstrates that the available theories of business groups – the financial and the diversification theories – are not able to explain the presence and characteristics of business groups in the small business sector. Given the little work done on the issue, the research strategy involves the use of both, quantitative and qualitative methods. Quantitative methods are used to test propositions deduced from available models of business groups; qualitative methods, based on case studies and direct interviews, are used to get new insights about the phenomenon and develop theoretical propositions. Quantitative analyses refer to the population of Italian business groups; case studies and interviews refer to a sample of business groups in the Marche region (Italy). The business group is an organizational form used by portfolio entrepreneurs to grow and diversify the businesses under their control. By using cross sectional and longitudinal analyses this study shows that in the small business sector diversification is a substitute strategy for growth in the original business. Moreover, this study demonstrates that the diversification theory is not able to explain the setting up of a business group as in most cases the degree of diversification observed in small groups is very low. The thesis demonstrates that entrepreneurial processes associated with the exploitation of new business opportunities by portfolio entrepreneurs play a crucial role in explaining the formation and characteristics of business groups. The start-up phase is critical for the success of a new business as it requires complete dedication of time and attention by the entrepreneur to continuously adjust the planned actions to the unforeseen events and un-predictable contingencies that are typical of this phase. The legal autonomy granted to the new venture helps focus resources and monitor results. In addition to this and more than anything else, legal autonomy allows entrepreneurs to modify the ownership structure of the new business and give minority shares to people involved in the start-up. The financial explanation of business groups stresses the importance of legal autonomy as a way for manipulating the ownership structure of new businesses, to raise outside equity. The thesis demonstrates that the causal relationship is the opposite of that hypothesised by the financial explanation: it is not so much the aim of raising outside equity that determines the involvement of external shareholders as the need to involve and motivate people in the start up of the new business that induces entrepreneurs to sell minority shares in it, thus enlarging the entrepreneurial team. By involving other people in the start-up of new ventures, portfolio entrepreneurs enhance their ability to enter new businesses while retaining ownership and control of the ones already established. The empirical analysis revealed the existence of three different patterns: joint venture with established entrepreneurs, employee involvement and intrapreneurship. The first is when new ventures are set up with other established entrepreneurs. The second is when the entrepreneur gives a share of the new company to an employee to secure his/her involvement in the start-up of a new venture (employee involvement). The third is when the new business is established as a result of the inspiration of an ‘intrapreneurial’ employee who takes major responsibility for the development of the business. As well as the discovery and analysis of these three forms, the thesis provides a theoretical explanation of entrepreneurial team development in business groups, based on the problems faced by portfolio entrepreneurs in allocating time and attention between the running of established businesses and the exploitation of new business opportunities. By integrating the latter explanation with other models of business groups the thesis provides a more general framework for understanding the formation and dynamics of business groups in the small business sector. The thesis also provides contributions to explain the formation and dynamics of entrepreneurial teams in a multi business context and in situations where there is a ‘dominant’ or ‘lead’ entrepreneur and one or more ‘associate’ or ‘sub’ entrepreneurs. Studying the formation and evolution of business groups poses several methodological problems, as groups are complex systems, characterised by the presence of several companies, different architectural structures and a multi-business context. The thesis provides methodological contributions on the ways to represent the current structure of business groups and on how to analyse their evolution over time.

This study aims to investigate the influence of livelihood strategies and gender structures for climate change adaptation among rural households in two mid-hills agrarian mountain communities in Nepal. The Sustainable Livelihoods (SL) framework has been used to provide a holistic and micro-level perspective of livelihood strategies. The method used was qualitative semi-structured interviews to reach respondents views, opinions and feelings of their reality and experiences. Findings suggest climate change may increase smallholder agriculture households’ vulnerability in rural mid-hills mountain areas of Nepal, where women as a group are disproportionately affected; the success of livelihood diversification as a autonomous adaptation strategy to climate change is dependent on local opportunities and socioeconomic aspects and must be understood in the broader context, not just related to climate change; and livelihood strategies do not necessarily present equal opportunities for sustainable livelihoods for men and women, as it may even increase existing structures of gender inequalities. / Den här studien syftar till att undersöka hushålls anpassningsstrategier och genus-strukturers betydelse för klimatförändringar, på landsbygden i två medelhöga bergssamhällen i Nepal. Ramverket hållbara uppehällen (Sustainable Livelihoods, SL) har använts i denna studie för att ge ett holistiskt- och mikronivå perspektiv på anpassningsstrategier för landsbygdshushåll. Kvalitativa semi-strukturerade intervjuer har använts för att nå respondenternas vardag och erfarenheter i form av tankar, känslor och åsikter. Studien visar att klimatförändringar förmodligen ökar småskaliga jordbrukshushålls sårbarhet i medelhöga bergssamhällen på landsbygden, där kvinnor som grupp påverkas oproportionerligt i förhållande till män; att diversifiering av uppehällen som anpassningsstrategi till klimatförändringar är beroende av lokala möjligheter och socioekonomiska aspekter och måste förstås i en bredare kontext utöver enbart klimatförändringar; att olika anpassningsstrategier inte nödvändigtvis skapar lika möjligheter för män och kvinnor, denna studie indikerar istället på att det kan öka redan existerande ojämställda strukturer mellan män och kvinnor i hushållet.