Thesis (M.A.)--Boston University / During the twelve years following World War II the debt of Massachusetts has grown from about fifteen milllion dollars to more than a billion dollars. This rise in debt has caused widespread apprehension both as to the credit of the Commonwealth and as to the effect on industry, through the burden of increased taxation. Massachusetts is peculiarly dependent on manufacturin for its economic well-being, inasmuch as the area is lacking in most of the natural resources necessary for the primary types of economic activity such as agriculture and mining. It is also geographically situated in the corner of the nation, with a result that the transfer costs of raw materials into the state and of finished products out of the state constitute a substantial financial cost. Massachusetts is in competition with other states both for sale of its products and for inducement to new industries to add to its income and employment. Consequently any trend of government fiscal policy which results in an extra burden of taxation on industry presents a problem which calls for analysis and appraisal. A seventy-fold increase in debt in twelve years seemed to present such a problem and appeared to be worthy of analytical study. Yet, on searching for source material, this writer discovered that no study of this particular nature had been made. Having established the need for such a study, we then proceeded to secure the essential facts necessary for objective analysis and appraisal. This involved first a comprehensive collection of the data, the history of the debt policy of the Commonwealth, the post-war growth of the debt, the comparison of the debt with the debt of other states, the nature and structure of the debt and the problem of servicing the debt. This constitutes Part I of the thesis. In it we find that Massachusetts has for some two hundred tears exercised its borrowing power with discretion and responsibility, adapting its debt policy to the needs of the times, expanding and contracting its outlays often counter to the practice of other states.

A Hipótese de Eficiência de Mercado (HEM) pode ser sumarizada por esta definição: ?A market in which prices always ?fully reflect? available information is called ?efficient?.? (Fama, 1970). Nesta tese é investigada a existência de conteúdo informacional, sobre o comportamento futuro do índice Bovespa a vista, nas posições de contratos futuros de índice Bovespa em aberto carregadas de um dia para o outro pelos diferentes tipos de participantes desse mercado. Por meio do uso da metodologia de cointegração de Johansen e da abordagem de modelagem GETS, foi encontrado conteúdo informacional, mas seu poder explicativo não é alto, situando-se entre 10 e 20 %. / The Efficient Market Hypothesis (EMH) can be summarized by this definition: ?A market in which prices always ?fully reflect? available information is called ?efficient?.? (Fama,1970). In this dissertation is investigated the existence of information content, regarding the future behavior of spot Bovespa index, in the open positions of futures contracts of Bovespa index carried overnight by the different types of participants of this market. Using Johansen?s cointegration framework and the GETS modeling approach, was found some information content, but the explanation power is not high, lying between 10 to 20%.

A concessão de crédito a empresas que participam do mercado consiste na entrega de um ativo em determinado momento, com a promessa de pagamento deste bem ou direito em data futura. Tal situação se configura como um evento incerto, pois existe a possibilidade de que tal obrigação não seja honrada pela promitente compradora, originando desta forma, o risco de crédito. Cabe à parte concessora do ativo que origina o risco de crédito, verificar a capacidade de seu cliente em cumprir o compromisso futuro assumido, analisando as variáveis que sugerem o sucesso da operação de crédito. As empresas que se encontram em fase de implantação caracterizam-se não somente pela ausência de histórico das variáveis acima, como também pelo aumento considerável do risco de continuidade. Tal situação é comprovada por pesquisas realizadas em empresas com até cinco anos de atuação. A impossibilidade na mensuração da capacidade de crédito proporcionada por este cenário, ocasiona severa restrição creditícia às empresas novas, principalmente ao crédito de longo prazo, imprescindível nesta fase de investimentos. Entretanto, esta restrição não se verifica em empresas de franquia, cujo empreendedor tem o privilégio de iniciar seu negócio com linhas de crédito de investimentos já prontas no mercado com esta finalidade. Este estudo objetiva identificar quais as características presentes em empresas franqueadas que permitem a concessão de crédito segura na fase de implantação por parte das instituições financeiras e se tais características podem discriminar variáveis que são determinantes no sucesso da franqueada proponente ao crédito bancário. A aplicação de análise fatorial em banco de dados com empresas de franquia permitiu identificar com sucesso um grupo de sete principais variáveis principais, que serviram de base a um modelo de regressão logística e análise discriminante. O modelo de regressão logística mostrou-se bom para a melhora da probabilidade de acerto de empresas solventes ao passo que a análise discriminante não apresentou melhora nesses resultados. / The credit concession to companies that take part in the market consists in giving an active in a certain moment, with a promise to pay for this possession or right in a future date. Such situation is configured as an uncertain event, as there is the possibility that the obligation is not fulfilled by the promissory buyer, thus originating the credit risk. The concessor of the active that originates the credit risk is the one that should verify the clients capacity of fulfilling the future compromise, analyzing the variables that suggest the credit operations success. The companies that are still being implanted are characterized not only by the absence of the variables mentioned above, but also by the considerable continuity risk increase. This situation is proved by researches made in companies that have been active for up to five years. The impossibility in measuring the credit capacity provided by this scenery, brings out a severe credit restriction to new companies, especially to the long term credit, necessary in this investment phase. However, this restriction is not verified in franchising, as the enterpriser has the privilege of initiating his business with investment credit that are ready in the market for this purpose. This study aims identifying which characteristics present in franchised companies allow the safe credit concession in the implantation phase by the financial institutions and if these characteristics can discriminate variables that are decisive in the success of the proponent franchising to the bank credit. The factorial analysis application in database with franchised companies successfully allowed the identification a group of seven main variables that serves as a basis to a logistic regression model and discriminating analysis. The logistic regression model has shown itself good to improve the probability of success of solvent companies whereas the discriminating analysis did not show any improvement in these results.

O gerenciamento dos riscos e seus impactos na lucratividade das empresas não-financeiras têm sido objeto constante de estudos nos últimos anos. As crises globais ocorridas nos últimos dez anos, conjugadas com a liberalização dos fluxos de capitais, ampliação da base tecnológica e acirramento das disputas comerciais têm obrigado as empresas a conhecerem detalhadamente os fatores de risco associados aos processos de produção, comercialização e divulgação de seus produtos, bem como a influência desses fatores de risco no retorno do investimento e na lucratividade das operações. Elaborar um modelo que permita captar os possíveis efeitos do risco sobre a lucratividade das empresas e, dessa forma, quantificar monetariamente a implementação de estratégias de mitigação e o custo das políticas de hedge, passa a ser um fator de diferenciação, competitividade e sobrevivência. Desde 1994, ocorre grande desenvolvimento de metodologias e modelos que permitem a medição do risco como o modelo value at risk desenvolvido pelo Banco J.P.Morgan, cuja eficiência está relacionada à gestão de riscos em instituições financeiras. Para instituições não-financeiras, outras abordagens são discutidas, testadas e aprimoradas. Para as empresas não-financeiras este trabalho propõe uma modelagem via árvore binomial aditiva que permite a projeção do lucro operacional, a quantificação dos efeitos do risco sobre esse lucro e o custo financeiro das operações de hedge. O modelo desenvolvido será aplicado a um conjunto de empresas escolhidas por representarem setores importantes para a economia brasileira. / The management of risk and of its impact over corporate profitability have been widely studied and researched over the recent past. The global crises which occurred during the last ten years coupled with the liberalization of capital flow, the spread of the information technology infra-structure and the increase in commercial disputes have demanded more from companies and have obliged them to better understand the risks associated with their activities and production and sales processes, and also the impact of such risk factors over their investment return and operational profitability. The possibility of developing a successful model which can capture the eventual risk influence over corporate profitability and also quantify the impact of the hedge strategies and their respective costs might turn into a differentiation factor, if not into a survival and competitive advantage factors. Since 1994, new methodologies and models have been developed aimed at measuring risk, such as the value at risk model, developed by the J.P.Morgan Bank, whose efficiency is related to the risk management of financial institutions. For non-financial institutions, other approaches have been discussed, tested and improved over time. Following this reasoning, the goal of this research is to propose a model of binomial additive three which allows for the projection of operational profit, for the quantification of risk effects over such profit and for the determination of the financial cost of the hedge instruments to be used. In addition to present the model of binomial additive three, this paper will apply such model to a sample of companies, considered relevant in the Brazilian economy and in their respective sectors.

Orientador: Claudio Schüller Maciel / Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-21T22:26:04Z (GMT). No. of bitstreams: 1 Prates_AngeloMarcosQueiroz_D.pdf: 3419009 bytes, checksum: 1eee422483eb8a28aaf4cd3f06405bf8 (MD5) Previous issue date: 2012 / Resumo: O presente trabalho analisa os chamados Consórcios Intermunicipais que passaram a se constituir a partir dos anos 90 como um importante instrumento de política pública para o desenvolvimento econômico e melhorias no sistema de saúde, saneamento, meio ambiente, entre outros. Esse cenário nasce com a crescente pressão por recursos financeiros para os entes federados, sobretudo para o ente municipal que teve que assumir a partir da Nova Constituição de 1988 uma série de compromissos que antes eram financiados fundamentalmente pelo governo central. Nesse quadro, surgem os Consórcios Intermunicipais como forma de prover localmente bens e serviços públicos. A principal vantagem que o consorciamento pode oferecer aos entes municipais reside na obtenção de escalas tanto no que tange a recursos financeiros como de material, sem a qual cada município isoladamente não teria como atingir. De um total de 5.564 municípios brasileiros, mais de 80% declararam fazer parte de alguma modalidade de Consorciamento Intermunicipal. O padrão observado de distribuição desses Consórcios obedece à lógica econômica e social, ou seja, concentração nos municípios de baixa população e baixo dinamismo econômico, mais notadamente nos municípios com população entre 5 e 20 mil habitantes. Nesse contexto, são traçados os panoramas da formação urbana e da dinâmica das finanças públicas municipais, que demonstram a necessidade do consorciamento intermunicipal. Destaca-se a importância do estabelecimento de um regime jurídico que garantiu aos Consórcios Intermunicipais maiores garantia para sua funcionalidade, capitaneadas pela Lei nº 11.107, de 6 de abril de 2005, posteriormente normatizada pelo Decreto Federal nº 6.017, de 17 de janeiro de 2007, que definiu as regras e formas de pactuação dos Consórcios Intermunicipais. Concentramos esse estudo, contudo, na avaliação dos Consórcios Intermunicipais nas áreas onde ocorrem, sobretudo, na área da saúde, onde se apresenta o maior volume de experiências em consorciamento intermunicipal. Para essa avaliação, utilizamos como base os indicadores disponibilizados pelo Ministério da Saúde, como o Índice de Desempenho do Sistema Único de Saúde, onde é possível avaliar o desempenho municipal a partir de indicadores como: cobertura de equipes básicas de saúde, exames laboratoriais, internações, procedimentos cirúrgicos, entre outros. Também traçamos um panorama internacional no que se refere a essas políticas de consorciamento, destacando o cenário europeu e em menor medida alguns países latino-americanos. Por fim, podemos considerar que o consorciamento intermunicipal se traduz em uma política pública com fortes possibilidades de melhoria para a prestação local de serviços públicos, que pese suas deficiências apontadas largamente nesse trabalho / Abstract: This paper examines the so-called Intermunicipal Consortiums that began to form from the 90's as an important public policy tool for economic development and improvements in health care, sanitation, environment, among others. This scenario arises with increasing pressure for financial resources for the federated entities, especially for the municipal entity that had to take from the New Constitution of 1988 a series of commitments that were funded primarily by the central government. In this framework the Consortia arise as a means of providing public goods and services locally. The main advantage that the consortium can offer municipal entities lies in obtaining scales both in terms of financial resources and material, without which each municipality alone would not achieve. From a total of 5,564 municipalities, over 80% reported taking part in some form of intermunicipal consortiums. The observed pattern of distribution of these consortia obeys the economic and social logic, ie, concentration in cities with low population and low economic dynamism, most notably in cities with population between 5 and 20 thousand inhabitants. In this context, the strokes are panoramas of urban formation and the dynamics of local government finances, which demonstrate the need for intermunicipal consortiums. The study highlights the importance of establishing a legal regime that assured the Public Consortia Intermunicipal greater assurance to its functionality, captained by Law No. 11,107, dated April 6, 2005, subsequently normalized by Federal Decree No. 6017, of January 17, 2007 which set the rules and forms of agreement Intermunicipal Consortia. Focus this study, however, in evaluating the Intermunicipal Consortia in areas where they occur mainly in healthcare, which presents the largest volume of experience in intermunicipal consortiums. For this evaluation, we use as a basis the indicators provided by the Ministry of Health, as the Index of Performance Health System, which can evaluate the performance hall from indicators such as coverage of primary healthcare teams, laboratory tests, hospitalizations , surgical procedures, among others. Also we will present an international outlook with regard to these policies intermunicipal consortiums, highlighting the European scene and to a lesser extent some Latin American countries. Finally we consider that the intermunicipal consortiums translate into public policy with strong possibilities of improvement for the local provision of public services, despite their deficiencies pointed out in this work widely / Doutorado / Desenvolvimento Economico, Espaço e Meio Ambiente / Doutor em Desenvolvimento Economico

The object of the thesis The Role of Government (Public Finance) and (anti) flood measures is an introduction into the theory of public finance and problems of natural disasters whose following solution or redevelopment can cause involvement of public sources. We pay the attention to protection from floods from floods and its efficiency, social responsibility for liquidation of damages and the role of private insurance. The output of the work is the refutation of efficiency of funds spent in a particular cause -- on anti flood measures which are funded from the program of Ministry of Agriculture 129 120 Support of Flood Prevention II, and assessment of flood efforts and the role of government during the reconstruction of the area.

In this thesis, Personal and family finances, subtitled Finances of university student. It is discussed on the way to a happier life through management of personal finances. Just as it is necessary to control corporate finance, it is necessary everyone managed own personal finances. It is indicated as appropriate to tackle your finances,what to focus on, and it's practically demonstrated on the example of a university student. There are analyzed his goals and needs, then it is outlined possible solutions to his finances.

This research was conducted in the Sekhukhune District in Limpopo Province with a particular focus on the Department of Education's Malokela circuit. The main purpose of this study was to probe how school governing body (SGB) stakeholders work collaboratively to manage school finances and implement finance policy effectively in the public schools of Limpopo Province. The following research question was used to investigate the problem: How collaboratively do school governing bodies (SGBs) govern the financial affairs of public primary schools in the Malokela Circuit of Limpopo Province? It is in the interest of schools and their learners that SGB stakeholders work collaboratively to effectively manage school finances and properly implement finance policies. The identified problem was investigated by means of a qualitative research approach, using semi-structured interviews with a purposive sample from two selected public primary schools in the Malokela Circuit in Limpopo Province. The qualitative research approach was considered suitable because the study was intended to be an exploratory one aimed at gaining a better understanding of a phenomenon. The case study was used as a research design; it was assumed to be more appropriate for this research because it helped the researcher understand how people interact with, and relate to, one another. The research findings revealed that governing bodies in public primary schools are faced with many problems which, among others, include levels of education of stakeholders, especially parents, and their lack of knowledge and the skills needed to execute their duties when they are required to perform their roles and carry out their responsibilities in managing school finances. In order for public schools to meet these challenges successfully, this research makes a number of recommendations based on conclusions reached from findings. / Dissertation (MEd)--University of Pretoria, 2016. / Education Management and Policy Studies / MEd / Unrestricted

Sweden is the most gender-equal country in Europe, but nevertheless, there are still flaws in  certain areas, especially within the walls of the household when it comes to chores and financial responsibility. This examination is a qualitative, semi-structured interview study. The selection of respondents in this study are six heterosexual couples in the age of 20-30 and 40-60 years old, who lives together. My theoretical points of departure are Bourdieus’s theory of habitus, as well as his theory of cultural capital, which I have chosen to call resources in this study, along with a concept of generation which defines by a number of other renown scientists in the area. The study came to show that the couples which partook, tries hard to weigh out for the injustices in their relationship connected to, for example, their habitus and resources. In this study, I refer to this as compensations. These compensations are sorted into three themes: education and income, the lack of a parent, together with age and time. The result showed that the couples divided their home finances as equal as possible, that the women had a lower income than the men if they didn’t have an education, and that the people who had grown up with a single parent had from a young age had to help out a lot with chores at home. It also showed that the older couples did not wanted to follow in their own parents footsteps, but instead they wanted to create a more equal relationship by helping each other more. The younger couples had the same point of view.   The conclusions I drew from this are that the women needed a higher education in order to make as much money as their male partner, but also in order to have the possibility of making even more. It also emerged that the respondents compensated a little extra if they themselves had experienced the lack of a parent, since they had learned the value of helping each other and not letting one person draw the heavy load all by oneself.   At last but not least, the study showed that the aspect of generation had some influence since the couples broke the old conventions in one way or the other, in terms of the norms of the male versus the female role in the household.

A research article submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Business Administration Johannesburg, 2018 / Blockchain technology is a foundational technology with various use cases that can significantly impact the manner in which banking is carried out in South Africa. The following paper seeks to put together a framework for understanding the potential effect of blockchain technology on the South African banking environment, with a specific focus on how blockchain technology will impact the South African banking environment (i.e. the applications and use cases) and when this impact will take place. A qualitative approach to addressing the problem statement was adopted, specifically in the form of focus interviews and strategic discussions with subject matter experts in both the blockchain and South African banking environment. Findings indicate that there are number of blockchain applications that can impact the South African banking environment namely, Private Digital Ledgers, Smart Contracts and Tokens/ Cryptocurrencies. Further to this, research indicates that the former is most likely in the short term, while the latter two applications are subject to a high-level stakeholder coordination, a high level of effort in educating the end customer and a high level of friction from existing systems and process, and will therefore only realise mass adoption in the long-term. As a result, this research contributes to providing an initial view of which applications are most likely to be adopted by South African banks and can form the foundation for further research in this area. / E.K. 2019