This research is devoted to the analysis of the forming and usage of income from the endowment fund of educational institutions. The study is based on the example of Ural Federal university. The relevance of this study is caused by modern economic situation, the state policy in the sphere of education, as well as has rising need of the educational institutions in usage and development of co-financing instruments. Development of the concept and implementation of the First International Forum "Academic Fundraising: attracting money for the development of higher education" has allowed to develop a system of recommendations for the endowment funds of educational institutions, the Alumni Associations, as well as for public authorities promoting the development of endowment funds. The development of such funds will increase the financial independence of universities, reduce the workload of the state budget, as well as make a positive impact on the educational, scientific and innovative progress of Russia. / Данное исследование посвящено анализу процессов формирования, а в большей части пополнения целевых капиталов образовательных учреждений, использования доходов от целевого капитала на примере Фонда по формированию целевого капитала на развитие федерального государственного автономного образовательного учреждения высшего профессионального образования «Уральский федеральный университет имени первого Президента России Б.Н. Ельцина». Актуальность данного исследования обусловлена современной экономической ситуацией, политикой государства в сфере образования, а также возникшей в связи с этими факторами необходимостью образовательных учреждений использовать и развивать инструменты софинансирования. Разработка концепции и организация первого Международного форума «Академический фандрайзинг: привлечение средств для развития высшей школы» позволила автору разработать систему рекомендаций для фондов целевого капитала образовательных учреждений, Ассоциации выпускников, а также для государственных органов по содействию развитию эндаумент-фондов. Развитие таких фондов позволит повысить финансовую самостоятельность вузов, снизит нагрузку на государственный бюджет, а также окажет положительное влияние на образовательный, научный и инновационный прогресс России.

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Recent research suggests that financial system development is important for economic development and for reducing financing constraints of firms (Levine, 2005). Consequently, researchers started investigating the factors that determine financial system development. A group of factors that have been identified are institutional factors. Many researchers have investigated the theoretical and empirical links among historical institutional factors, current institutional factors, and financial system development (Beck and Levine, 2005). There are, however, few studies that have investigated extensively the theoretical and empirical links among institutional factors and financial system development within the African context. Africa provides an interesting context to empirically validate and refine many of the theories that have been postulated to explain the relationships among historical and current institutional factors and financial system development. This is because Africa is in the process of developing its institutions and reforming existing ones and offers an opportunity to examine the impact of institutional factors on financial system development in nascent contexts. Therefore, this dissertation investigated the following research question: To what extent are institutional factors determinants of financial system development in Africa? To answer this research question, this study empirically evaluated the effects on financial system development of historical institutional factors that have been identified by four theories: legal origins theory, disease endowment theory, religion-based theory, and ethnic fractionalisation theory. Moreover, current institutional factors identified by the law and finance theory as possible determinants of financial system development were empirically examined. Furthermore, the links among historical and current institutional factors were empirically studied. The results show that the disease endowment variables are the only historical institutional factors that explain cross-country variation in financial system development in Africa. Additionally, this study finds that the institutional enforcement quality and efficiency of the judicial system are the only current institutional factors that explain cross-country variation in financial system development in Africa. Current institutional factors such as the efficiency of the legal property system and the quality of the credit information infrastructure do not appear to have effects on financial system development. Moreover, the institutional enforcement quality seems to be one of the possible channels through which disease endowment affects financial system development in Africa. This study also reveals that there are few statistically significant links among historical and current institutional factors within the African context. To my knowledge, this is the first study to show some of these empirical links among historical institutional factors, current institutional factors, and financial system development for the African context. The main conclusion of this dissertation is that institutional factors seem not to be determinants of financial system development in Africa to a large extent. In essence, institutional factors appear to matter for financial system development in Africa, but not as much as might have been expected judging from many calls for institutional reforms from the World Bank and others. The theoretical and policy implications of the findings of this dissertation are discussed, and future areas of research are also proposed.

O crédito bancário é a principal fonte de financiamento de pessoas físicas e jurídicas no Brasil. Ainda assim, comparações internacionais apontam que o mercado de crédito no Brasil é pequeno em volume de empréstimos concedidos, limitado em número de instrumentos e caro nos preços praticados. O propósito desta tese é apreender as expectativas em relação ao direito supostas em documentos oficiais do Banco Central do Brasil (BCB) que sugeriram, entre 1999 e 2006, medidas para a reversão desse quadro. Para tanto, analisa os argumentos apresentados para a implementação de um conjunto específico de medidas de reforma jurídica dos sistemas de insolvência e de cobrança de dívidas, considerados cruciais para o desenvolvimento financeiro. Como resultado da análise, foi possível identificar um continuum discursivo entre as justificativas apresentadas pelos documentos oficiais do BCB para a adoção das medidas de reforma do mercado de crédito e o que se designou de perspectiva da dotação institucional. Segundo essa visão, a clara definição de direitos de propriedade e eficientes mecanismos para o cumprimento de contratos são precondições essenciais para o crescimento econômico. / Bank loans are the main source of financing for individuals and corporations in Brazil. Nevertheless, when compared to those of other countries, the credit market in Brazil is still small in the overall amount of loans, limited in the number of loan instruments and expensive for borrowers. The present dissertation aims at identifying the role assigned to Law by official Brazilian Central Bank (BCB) documents tackling this problem issued between 1999 and 2006. In order to do so, it analyses the arguments used to justify a set of specific measures intending to reform the legal framework for dealing with two key elements for the development of the credit market: default and forfeiture. It is argued that there is a discursive continuum between the arguments present in the official BCB documents aimed at the reform of the credit market and the tenets of what is called institutional endowment. According to these tenets, the clear definition of property rights and efficient means for contract enforcement are pre-conditions for economic development.

O crédito bancário é a principal fonte de financiamento de pessoas físicas e jurídicas no Brasil. Ainda assim, comparações internacionais apontam que o mercado de crédito no Brasil é pequeno em volume de empréstimos concedidos, limitado em número de instrumentos e caro nos preços praticados. O propósito desta tese é apreender as expectativas em relação ao direito supostas em documentos oficiais do Banco Central do Brasil (BCB) que sugeriram, entre 1999 e 2006, medidas para a reversão desse quadro. Para tanto, analisa os argumentos apresentados para a implementação de um conjunto específico de medidas de reforma jurídica dos sistemas de insolvência e de cobrança de dívidas, considerados cruciais para o desenvolvimento financeiro. Como resultado da análise, foi possível identificar um continuum discursivo entre as justificativas apresentadas pelos documentos oficiais do BCB para a adoção das medidas de reforma do mercado de crédito e o que se designou de perspectiva da dotação institucional. Segundo essa visão, a clara definição de direitos de propriedade e eficientes mecanismos para o cumprimento de contratos são precondições essenciais para o crescimento econômico. / Bank loans are the main source of financing for individuals and corporations in Brazil. Nevertheless, when compared to those of other countries, the credit market in Brazil is still small in the overall amount of loans, limited in the number of loan instruments and expensive for borrowers. The present dissertation aims at identifying the role assigned to Law by official Brazilian Central Bank (BCB) documents tackling this problem issued between 1999 and 2006. In order to do so, it analyses the arguments used to justify a set of specific measures intending to reform the legal framework for dealing with two key elements for the development of the credit market: default and forfeiture. It is argued that there is a discursive continuum between the arguments present in the official BCB documents aimed at the reform of the credit market and the tenets of what is called institutional endowment. According to these tenets, the clear definition of property rights and efficient means for contract enforcement are pre-conditions for economic development.

<p>This dissertation focuses on managerial decision making, and specifically explores conditions wherein managers may increase their propensity to escalate commitment towards a failing project. Escalation researchers (e.g. Schmidt and Calantone, 2002) have listed four classes of factors that may impact a manager's propensity to escalate commitment towards a failing project, and have called for research into how exactly these factors impact escalation. In this dissertation, we explore two such factors. The first factor relates to the characteristics of the decision process used by firms to evaluate the project. Here, for example, researchers have looked at whether the manager was also involved in making decisions about the project in a prior period, and Boulding, Morgan and Staelin (1997) have shown that such manager's positive beliefs about the project (formed in a prior period) make a manager more likely to escalate commitment. The second factor relates to project characteristics. Here, for example, researchers have looked at whether or not the project relates to a product that is perceived as new, and Schmidt and Calantone (2002) have shown that managers are more likely to escalate commitment towards a failing project relating to a new product. </p><p>The first dissertation essay uses three experiments to examine how a hitherto unexplored characteristic of the decision process might lead to increasing escalation of commitment. Specifically, building off research into the illusion of control, we examine whether the opportunity to use managerial skill during the decision process makes a manager more willing to escalate commitment towards a failing project. We find that whenever managers act on cues that cause them to think they can use their managerial skill to control some outside factor (even though in reality they cannot), managers overestimate their ability to "control the odds" related to this outside factor. Such beliefs feed forward and lead managers to make suboptimal decisions about the overall project.</p><p>The second dissertation essay looks at how project characteristics might make a manager more (or less) likely to escalate commitment towards a failing project. We explore this issue in the hitherto unexplored real options setting. Real options have emerged as an important part of marketing strategy, and have been used to structure new product alliances, value customers etc. We run a controlled experiment and we examine whether differences in option-structure (which is a project characteristic) impact the propensity to make suboptimal option-exercise decisions. We find that managers are more likely to make suboptimal option-exercise decisions in the case of put options (vis. call options), and - as predicted by the endowment effect literature - this increased propensity to make a suboptimal decision is mediated by/ explained by the psychological ownership construct.</p> / Dissertation

當保險契約被發行時，保險公司必須被要求盡可能的具備承擔未來不可知的風險的能力。本文將死亡風險、利率風險、脫退風險以及流動性風險引入，並針對生死合險契約進行盈餘分析。在此以 Vasicek (1977) 所提出之隨機利率模型、根據被保險人理性行為作為基礎之脫退模型以及引入簡化後的 Longstaff、Mithal與Nies (2005)流動性風險債券價格來描述各種風險。根據上述模型假設下計算保費及準備金，遂以蒙地卡羅模擬法量化源於各種風險之盈餘。最後，本文計算保險公司之盈餘對各風險參數之敏感度分析，並計算各期破產與發生流動性問題之可能性。 / Once insurance contracts are issued, the insurers should be capable to deal with the unknown conditions in the future as possible. In this paper, we analyze the impact of mortality, interest rate, surrender and liquidity risks on the surplus of endowment contract. We model the interest rate risk by Vasicek model, the surrender rate based on the rational behavior of policyholders and introduce the discounted price of zero coupon bonds as the liquidity risk. Under such assumptions, we compute the premium and reserve, demonstrate the simulated insurance surplus, and finally exhibit the statistics of the surplus from different sources. The simulated results show the sensitivity of the surplus to the parameters of the risks. At the same time, we also show the probabilities of insolvency and illiquidity of the insurer before the maturity date of the contract due to the fluctuating surrender rate and liquidity risk resulting from the stochastic interest rate.

This thesis covers and evaluates the possibilities of using sowing procedures in the contemporary Czech agriculture. The first part of the thesis analysis erosion, anti-erosion protection and endowment policy. Universal Wischmeier-Smith equation for calculating soil loss from lan is described in the second part. The effectiveness of anti-erosion of some selected sowing procedures is analysed at the selected cadastral Čestice.

The work deals with the legal and ethical aspects of Christian foundations and endowment funds. The first step is to familiarize ourselves with the basic concepts. The next part of the thesis deals with donations from an ethical a Christian perspective. A brief introduction to the historical development of the foundations and endowment funds, description of the current legislation, foundations and endowment funds and their comparison are integral part parts. In conclusion, the work discusses the possible problems associated with the activities of foundations and endowment funds, the very credibility of Foundations and the degree of people's willingness to participate in fundraisers. The thesis analyzes the compliance with obligations for these entities, including the available public and private mitigation activities, are a foundations and endowment funds greatest problems in complying with the requirement to prepare and publish an annual report. These annual reports should include a true picture of the activities of the foundation.

This thesis is focused on the taxation of organizations in the non-profit sector. The theoretical part presents the various kinds of non-profit organizations and the Tax system in the Czech Republic. The practical part includes the analysis of taxation of a concrete profit organization – Nadační fond manželů Livie a Václava Klausových.