The main purpose of this thesis is to analyse the possibilities and problems facing a privatised work injury insurance. This discussion includes the element of premium differentiation. Todays´ Swedish social insurance system is ineffectively formed. The costs have dramatically increased during the 1990´s. The Swedish government is now looking for ways to improve the efficiency of the system. The work injury insurance has not followed this pattern of increased costs. On the other hand there are reasons to believe that many of the costs derived from work injuries have been allocated o burden other social insurance. This is one of the distortions in which the system results. With focus on a privately financed work injury insurance the aim is to increase the fairness of the social insurance system. The allocation of cost burdens on the right party is included in this aim. It is believed that the motive of prevention for an injury to occur and the efforts in rehabilitation will improve when introducing a private work injury insurance. More responsibility is given to the insured, i. e. the employer. Private insurance companies can specialise and are, on a competitive market, able to keep the premiums on a fair price level. The conclusion is that efficiency can, in several aspects, increase when introducing a privately financed work injury insurance.

Fuzzy Analytical Hierarchy Process (fuzzy AHP) is a helpful MCDM approach for the selection of public financing of cooperative R&D projects developed by firms in collaboration with government. A technical committee for Industrial Technology Development Program (ITDP) in Taiwan regularly evaluates and decides proper public financing of cooperative R&D projects. In this study, we first discuss important criteria for R&D projects selection. We apply fuzzy AHP to integrating decisions of members in the technical committee. Especially we utilize crisp judgment matrix instead of interval judgment matrix to integrate subject judgments of these members. Our results indicate that scientific & technology merit criterion (0.389) is most important considered in overall technical committees. Besides that, the project execution (0.260) is more important criteria than potential benefits (0.204) and project risk (0.147) in ITDP selection. Moreover, we utilize the simulation to analyze relative important of criteria under risky environment. Our results also indicate that the relative important of criteria will reverse when technical committee faces different risk level. Generally speaking, the paper reveals below results: (1) the fuzzy AHP is an appropriate method in multi-criteria R&D projects selection; (2) the crisp judgment matrix is suitable to integrate subject judgments of technical committee; (3) the relative important of criteria will reverse under different risky environment.

<p>The main purpose of this thesis is to analyse the possibilities and problems facing a privatised work injury insurance. This discussion includes the element of premium differentiation. Todays´ Swedish social insurance system is ineffectively formed. The costs have dramatically increased during the 1990´s. The Swedish government is now looking for ways to improve the efficiency of the system. The work injury insurance has not followed this pattern of increased costs. On the other hand there are reasons to believe that many of the costs derived from work injuries have been allocated o burden other social insurance. This is one of the distortions in which the system results. With focus on a privately financed work injury insurance the aim is to increase the fairness of the social insurance system. The allocation of cost burdens on the right party is included in this aim. It is believed that the motive of prevention for an injury to occur and the efforts in rehabilitation will improve when introducing a private work injury insurance. More responsibility is given to the insured, i. e. the employer. Private insurance companies can specialise and are, on a competitive market, able to keep the premiums on a fair price level. The conclusion is that efficiency can, in several aspects, increase when introducing a privately financed work injury insurance.</p>

Conventional wisdom is that fiscal policy at the regional level is ineffective. Recent concern about stability of bond-financed fiscal policy imposes an additional constraint on the effectiveness of interregional fiscal policy. In the conventional macroeconomic model, regional public sectors are ignored, or are at most a subset of the national model. Fiscal and financial interrelationships among different levels of government have not been investigated thoroughly in the literature. The purpose of this dissertation is to provide a theoretical framework for the analysis of interregional fiscal policy. We argue that all government budget constraints must be explicitly included in the model, and regions become the major building blocks of the system. Stability of the system then defends on the fiscal and financial interrelationships among different levels of government. We examine a once-and-for-all fiscal policy change in the interregional model with and without the federal sector. The simulated results based on an acceptable range of parameter values show that the system cannot generate a stable long-run equilibrium. At best, a quasi-equilibrium is attainable in that only the overall government budget constraint is satisfied. A once-and-for-all policy change is not only irrelevant in reality since public sectors react to actual economic situations, but also becomes a source of instability in an interregional model. The final version of the interregional model incorporates an endogenous fiscal policy. Government expenditure becomes an endogenous variable and fiscal policies are target-oriented. The income level and balanced-budget are the main targets. A system of government expenditure reaction functions is built into the model with each governnent adopting an active fiscal policy in order to achieve income and balanced-budget targets. The public sector adjusts its fiscal policy according to the last period' s economic situation. The extent of these government expenditure changes is governed by the target-adjustment parameters. Each government has its own priority or objective in determining the target-adjustment parameter values. The simulated results show that the interregional model can generate a stable long-run equilibrium, regardless of the mode of federal financing policy. The effectiveness of an active fiscal policy and the critical limits of these target-adjustment parameters are investigated. Of prime importance is the finding that an independent regional fiscal policy cannot generate a stable long-run equilibrium. Only when all governments cooperate actively in fiscal managanent can the system achieve the targets. Thus, the final version of the interregional model not only rejects independent regional fiscal policies, but requires coordination and cooperation among all governments in devising a viable fiscal policy. Our simulation findings therefore strengthen the case for fiscal federalism. / Thesis / Doctor of Philosophy (PhD)

The purpose of this study is to explore the implications for various government stabilization policies of explicit consideration of market disequilibrium, especially credit rationing in the commercial bank loan market. The analysis centers in each case on the value of the government expenditure multiplier. First, a control or equilibrium version of the model is developed which is consistent with standard macrotheory and which contains a welldescribed banking sector. The results of the simulations with this version of the model confirm that the impact multiplier is larger when the deficit is financed by printing money than when bonds are issued to meet the requirement for funds. However, it is shown that in the long run the bond-financed multiplier is greater than the money-financed multiplier. This version of the model also confirms the possibility raised in the current literature that the bondfinanced case may be unstable. Since the current model has a well developed banking sector, the theory of the government finance restraint is extended to consider the case in which the deficit is financed by transferring the ownership of government bank deposits to the private sector. This case closely resembles the bond-financed case in the short run but it is statically stable. The deposit-financed case is limited, of course, by the initial size of the government deposits. Therefore, the restoration of the level of government deposits by one of the other means of financing is considered. Next, a disequilibrium version of the control model is developed consistent with current literature on disequilibrium phenomena. This version of the model contains a feedback mechanism by which a disequilibrium in one market will affect the decisions in all other markets. The results of the simulations with the disequilibrium model show that the government expenditure impact multiplier may be increased by the presence of credit rationing. In fact the bond-financed case which is unstable in the control version becomes stable under "equilibrium" credit rationing, where the loan rate does not adjust at all. Since the model used in this study is ad hoe, sensitivity analysis is used to investigate the importance of the exact values of the key parameters of the system. The policy implications of the study do appear to hing on the values of the feedback coefficients. If the force of credit rationing is mainly felt in the real sector, the government expenditure impact multiplier will be smaller in the disequilibrium version than in the control model. -on the other hand, if the impact of credit rationing is mainly felt in the financial sector, the opposite result will occur. However, the range of values that the multiplier may take on, depending on the impact of the credit rationing, is quite small. Thus, given the size of the error of prediction of standard models, this study concludes that it is unlikely that the inclusion of credit rationing will allow a better evaluation of government stabilization policies. This is especially true if the impact of credit rationing is believed to be in roughly the same proportion as normal expenditures in the various markets. / Thesis / Doctor of Philosophy (PhD)

Recent increases in stock repurchases among U.S. corporations coupled with a historically low cost of debt since the Global Financial Crisis has created media speculation that firms in recent years are paying for their expanding share buyback programs with debt. Repurchasing stock by increasing leverage, instead of using internal funds, implies that managers may speculate on current low interest rate environments at the expense of shareholders. Recent studies find that stock repurchases are associated with reductions in future firm employment and investments such as capital expenditures and research and development expenses. This study expands on prior studies by evaluating how debt-financed stock repurchases affect firm investment, investigating the likelihood of these repurchases in low interest rate environments and assessing the effects on firm value. Results confirm that, in recent years, debt-financed repurchases have increased substantially and the probability of debt-financed repurchases increases in the presence of low interest rates. This relationship is especially pronounced in the years following the Global Financial Crisis. Debt-financed repurchases are associated with small reductions in firm investment; however, these reductions are significantly less after adjusting for industry conditions. Finally, there is little evidence that the method of financing repurchases affects firm value nor does it increase a firm's operating performance.

ABSTRACT Purpose The aim of this study is to provide an insight into relationship marketing from a strategic view in Chinese context.Meanwhile, it analyzes how empirical study such as self-financed overseas study consulting agency could use this relationship marketing as a strategic tool to help it to achieve competitive advantage.   Theoretical methodology Theoretical methodology covers theoretical considerations that influence how the study is designed and conducted.   Theoretical framework and literature review This section gives readers a general understanding with related literature. . In order to access this perception, this study employs a related theory as the main conceptual framework for examining theories and major findings. Furthermore, by studying empirical findings, it acts as mirror to reflect prior scholar’s literature in order to have a critical and in-depth research study.   Practical methodology Several practical techniques were chosen for this research, such as qualitative approach, semi-constructed interviews, samplings etc. The purpose of this study is to find out how relationship marketing can bring to a self-financed overseas study consulting agency in China sustainable competitive advantage based on customer satisfaction and customer retention perspective.   Empirical observation and analysis The thesis is based on the case studies within the Chinese market, with two special Agencies: Hubei Education Service Center for Scholary Exchange, Hubei Jinmao Foreign consultants Managerial co., Ltd. The questions are addressed using information obtained in interview with respondents from the agencies and from secondary data. (Documentary secondary data)   Conclusion The author found that by using customer retention to ‘individual clients’ and by using customer satisfaction (eventually by using word of mouth) to individual clients can bring a self-financed overseas study consulting agency in China sustainable competitive advantages based on the commitment and trust mechanism. However, author could not find out the evidence to prove that using relationship marketing tools is the single solution to compete more successfully than without it. It is further argued by author that relationship marketing is just one aspect strengthening the generic strategy in order to gain sustainable competitive advantage.

In this report, the main Income Tax aspects related to the concessions of public infrastructure and of public services regulated by Supreme Decrete N° 059-96-PCM are analyzed. Hence, the applicable rules for investments made by the concessionaires and the treatment of self- sustained and co-financed concessions will be examined. To conclude this report, legislative changes that, in opinion of the authors would help provide greater security to the current regime on benefit of the Peruvian State and the investors, are suggested. / En este artículo se analiza el tratamiento para fines del Impuesto a la Renta de las concesiones de obras públicas de infraestructura y de servicios públicos regulados por el Decreto Supremo N° 059-96-PCM, que rige la entrega de las referidas concesiones. Así, se examina el régimen aplicable a las inversiones realizadas por los concesionarios, el tratamiento de las concesiones auto-sostenibles y las concesiones cofinanciadas. Para culminar este artículo, se proponen cambios legislativos que, en opinión de los autores, ayudarían a dotar de mayor seguridad al régimen actual en beneficio del Estado peruano y de los inversionistas.

The aim is to describe the structural policy of the European Union and the Czech Republic. Including their tools. Another section contains familiar with the particulars of the project and the procedure for drawing up requests for support from European funds. The practical part is analyzed and evaluated finished investment project and on project applied theoretical knowledge.

The impact of climate change on the financial performance of companies is of concern to bank credit processes. The main objective of this research was to develop a South African contextualised credit process that incorporates environmental risk. The research methodology comprised of a mixed-method being content analysis – the qualitative portion and the Probability of Default prediction using a Merton Model and the Hoffmann and Busch (2008) carbon risk analysis model - the quantitative portion. A content analysis of the banks’ Annual Reports, Integrated Reports and Sustainability Reports showed that, while South African banks follow a qualitative approach to embedding environmental risk into their credit process, none of the four banks that formed part of the study divulged their quantitative approach to embedding environmental risk. The study used a proximity matrix method to examine the level of embedding. The second part of the study, which used prior studies as the benchmark, adopted the following: (1) a simulated carbon tax regime as a proxy for an environmental risk, and (2) the Hoffmann and Busch (2008) carbon risk analysis tool and the Merton Model (1974) as the bank credit process proxies. The second part of the study used a sample of 33 JSE-listed Carbon Disclosure Project reporting companies out of a population of 107. The carbon risk analysis showed that the companies in the materials and energy sector have a high carbon risk. However, the results from the Merton Model showed that the companies have enough profit to cushion the additional carbon tax liability, given the insignificant shift in probability of default between the three scenarios, where financial data had (1) no carbon tax, (2) was adjusted for a carbon tax with incentives, and (3) adjusted for carbon tax without incentives. Triangulation of the results from the content analysis, carbon risk analysis and the probability of default analysis confirms that South African banks do not fully integrate environmental risk across the credit value chain or process in the 2010 to 2017 period. However, the carbon risk analysis shows a heavy dependency on carbon sources for critical inputs into the South African companies’ production processes, which if not checked, will affect the credit portfolios of banks. / Finance, Risk Management and Banking / D. Phil (Management Studies)