We explore certain structural elements of venture capital investment, focusing on the role of venture capital as an asset class dedicated to technology investment. The structural role of technology as contributing to the total factor productivity is captured through the use of endogenous growth mechanisms as found in Romer (1990) and Rivera-Batiz and Romer (1991). In the first chapter, we explain certain elements of the two recessions in the first decade of the 21st century by combining these endogenous growth mechanisms with a financial accelerator in the market for production capital to capture the financial elements associated with decreased leverage after a financial crisis. In the second chapter, we assess the impact of policies in the late 1970s which largely created venture capital by encouraging technology investment to occur through debt contracts rather than equity contracts. We explain a set of stylized facts by contrasting a debt mechanism and an equity mechanism for an asset that derives its value from returns to technology goods in a stochastic endogenous growth model. Our final chapter deals with the disposition of venture capitalists towards Knightian uncertainty. We show that an uncertainty-loving behavior of venture capitalists leads to a Pareto improvement in the economy. However, the magnitude of the effect of changes in disposition towards uncertainty is small, implying that bubbles in the venture capital market caused by this type of uncertainty-loving behavior should not be a great concern for investors and policy makers.

Made available in DSpace on 2016-01-13T13:27:19Z (GMT). No. of bitstreams: 0 Previous issue date: 2015-09-22. Added 1 bitstream(s) on 2016-01-13T13:31:09Z : No. of bitstreams: 1 000856006.pdf: 1011962 bytes, checksum: ae9cc4f639460c8cca986610b4227af7 (MD5) / Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq) / O capitalismo se reproduz através de processos contraditórios. O sistema, em sua fase mais moderna, de acumulação financeirizada, tende a crises especulativas que os mecanismos de mercado não são capazes de regular. Esse é o argumento de teóricos da corrente pós-keynesiana que se propõem a investigar quais comportamentos geram e agravam crises financeiras. Depois da crise iniciada no sistema financeiro norte-americano, Hyman Minsky (1919-1996), pouco abordado até então, voltou ao debate sobre o funcionamento do sistema financeiro e sua regulamentação. Para muitos, a trajetória percorrida pela economia mundial e a ruptura do sistema financeiro se enquadram nas análises do autor, a ponto de ser possível considerar ter havido um Momento Minsky: um profundo e repentino colapso precedido por calmaria e bonança. Através da caracterização da abordagem de Minsky, essa dissertação se propõe a avançar no entendimento do sistema financeiro à procura das causas e corretivos da fragilidade financeira ilustrada pela crise subprime recente / Capitalism reproduces itself through contradictory processes. The system, in its latest phase of financialized accumulation tends to speculative crisis that market mechanisms are not able to regulate. This is the post-Keynesians theoretical argument that intend to investigate what behaviors determine and aggravate the crisis. After the crisis that had trigger in the US financial system, the Post Keynesian Hyman Minsky (1919 - 1996), little explored so far, returned to the discourses of the function of the financial system and its regulation. For many, the road taken by the world economy and the breakdown of the financial system fit into the analysis of the author as to be possible to consider that there was a Minsky moment: a deep and sudden collapse preceded by lull and calm. Through the characterization of Minsky's methodology, this dissertation aims to advance the understanding of the financial system in search for the causes and remedies of Minsky fragility illustrated by the recent subprime crisis

Made available in DSpace on 2016-01-13T13:27:22Z (GMT). No. of bitstreams: 0 Previous issue date: 2015-09-25. Added 1 bitstream(s) on 2016-01-13T13:32:42Z : No. of bitstreams: 1 000856017.pdf: 639409 bytes, checksum: 99fc758e9c88cc3a5204c20e669cb994 (MD5) / A reprodução do sistema do capital mudou. Isto não significa dizer que a acumulação capitalista prescinde agora dos esquemas reprodutivos ligados ao capital industrial, como descrito por Marx; nem que a geração de valor não se dê mais pela força de trabalho subordinada ao capital. A modificação se dá justamente pela subsunção das formas clássicas a um novo componente estrutural: a financeirização. Pois o que surge é um novo regime de acumulação, predominantemente financeirizado, reconfigurando a reprodução do sistema e impondo sua lógica. Por isso, a esfera financeira aumenta em importância em relação à esfera produtiva, aumento este que deve ser entendido como concomitante aumento do papel desempenhado pela forma funcional autonomizada do capital: o capital portador de juros. O capital financeiro se apresenta, pois, como a etapa mais avançada do sistema capitalista e se distingue pelo caráter universal e permanente das atuações especulativas e de criação contábil de capitais fictícios; a constituição de um complexo aparato financeiro se faz necessária pela natureza intrinsicamente especulativa da gestão dos grupos industriais, dada a prática de ampliar ficticiamente o valor do capital existente. E nessa nova configuração da reprodução capitalista não só a atuação do Estado se altera, mas também a forma como o Estado se relaciona com a própria reprodução do sistema. Desvendar estas novas determinações entre Estado e capital, portanto, se faz necessário se se quer compreender de maneira mais clara a crise estrutural do capital na contemporaneidade, inserindo-as como elemento central a esta crise. Pois o Estado capitalista representa uma forma orgânica do capital, vital ao seu processo de reprodução social, seja em suas funções políticas centrais ou naquelas intimamente vinculadas às suas funções econômicas, ligadas ao processo de acumulação e reprodução. Portanto, este trabalho... / The reproduction of the capitalist system has changed. It does not mean that the capitalist accumulation now does not depend on the reproductive schemes associated to the industrial capital, as described by Marx; or that the value generation does not occurs anymore for the workforce subordinated to capital. The change occurs exactly in the subsumption of the classical forms to a new structural component: the financialization. What emerges is a new regime of accumulation, predominantly financialized, reconfiguring the system reproduction and imposing its logic. Therefore, the financial sphere increases in importance regarding the productive sphere, and such increase should be understood as a concomitant increase in the role played by the autonomized functional form of capital: the interest-bearing capital. Therefore, the financial capital appears as the most advanced stage of the capitalist system and is distinguished by the universal and permanent character of speculative performances and accounting creation of fictitious capital; the establishment of a complex financial apparatus is necessary because of the intrinsically speculative nature of the management of industrial groups, through the practice of extending fictitiously the value of the existing capital. And in this new configuration of the capitalist reproduction, not only the State action changes, but the relation of State with its own reproduction system also changes. Therefore, it is necessary to unveil these new determinations between the state and the capital if one wants to understand more clearly the structural crisis of the capital in the contemporary times, inserting them as a central element of this crisis. Since the capitalist state represents an organic form of capital, essential to its social reproduction process, either on their main political functions or on those strictly connected to their economic functions, associated to the accumulation and reproduction process...

Made available in DSpace on 2014-06-11T19:24:16Z (GMT). No. of bitstreams: 0 Previous issue date: 2013-03-22Bitstream added on 2014-06-13T20:31:25Z : No. of bitstreams: 1 loro_lcc_me_arafcl.pdf: 542688 bytes, checksum: 18a15fa52f44f499bd42599d6fa3f8e2 (MD5) / Este trabalho aborda o financiamento do investimento, elemento fundamental para o desenvolvimento econômico, e seus determinantes. Objetiva-se discutir o papel do investimento, entender e avaliar um exemplo de banco de desenvolvimento, por meio de análise empírica. O estudo está estruturado em três eixos, entrelaçados entre si: teórico, histórico e empírico. O objeto da análise empírica é o China Development Bank (CDB), instituição pública que, como banco de desenvolvimento, tornou-se um importante instrumento do governo chinês para a rápida recuperação de sua economia frente à crise econômica mundial (2008- 2009). Para o entendimento dessa instituição, foi necessário analisar as características do atual sistema financeiro chinês, passando pelo processo de abertura econômica, a partir dos anos 1980, chegando até aos impactos dessa crise econômica nesse país. A China convive com o paradoxo de articular, no campo econômico, um regime socialista de mercado com um modus operandi capitalista, que parece criar e disseminar contradições. Esse país é uma das principais economias do mundo, mas não reflete na qualidade de vida da maioria de sua população o que essa posição deveria proporcionar / The purpose of this study is to approach investment financing and its determinant basic factors to economic development. The intention is to look into the investment role and, by an empirical analysis, to try to understand and measure the role of a development bank. This study is structured over three basic axes: theoretical, historical and empirical, intertwined to each other when formulating the study. The empirical focus is the China Development Bank (CDB), a public institution that was used by the government in its efforts to drive the fast growing Chinese economy recovery facing the global economic crisis (2008-2009). To understand CDB was necessary analyses the characteristics of the present Chinese financial system and explains how this process of economic opening happened starting in 1980’s (and carried on for nearly thirty years) until the recent global economic crisis, bearing in mind that China lives with the paradox of having adopted a market capitalist system as its modus operandi although it is a socialist system. This seems to generate and disseminate contradictions

Thesis (MTech (Public Management))--Cape Peninsula University of Technology, 2011 / The study aims to assess how people in South Africa perceive the impact of the global financial crisis on the South African economy in the context of unemployment, poverty, crime, the mining, industrial, manufacturing and agricultural sectors, household expenditure, capital inflows, capital flows, capital outflow, electricity prices, education funding, health funding, remittances, pension funding, and financial institutions. From 2008 to 2010 the South African economy entered into recession because of the global financial crisis which was caused by the collapse of the United States’ housing market. A survey questionnaire which aimed to measure the perceptions of the impact of the global financial crisis on the South African economy was administrated to 300 randomly selected students and staff at two universities. A number of people were selected from the general public in Cape Town and at selected survey areas: two universities and five townships in Cape Town (Mandela Park, Hout Bay Harbour, Guguletu, Nyanga and Khayelitsha). The research followed the procedure of random sampling with students and staff at two universities in Cape Town and they were selected by the researcher and fieldworkers on an arbitrary basis. The employed field workers selected persons from the townships on the same basis. Results from the survey showed that a majority of respondents from universities and non-university subjects (170) agreed that the global financial crisis has impacted negatively on the South African economy in the context of unemployment, poverty, crime, the mining, industrial, manufacturing and agricultural sectors, capital inflows, capital flows, electricity prices, education funding, health funding, pension funding, and financial institutions. The survey questionnaire was designed according to the sample, which comprises staff and students at two universities in Cape Town, as well as, non-university subjects. This meant that many respondents included university staff and students because they are educated and have more knowledge and understanding than non-university subjects. This research found that non-university respondents were more unwilling to participate. The fieldworkers were also challenged to assess the perceptions of a large number of these respondents owing to a lack of language and cognitive skills. The research used two fieldworkers to assess the perceptions of university respondents concerning the impact of the global financial crisis on the South African economy. The research also used 14 fieldworkers to assess the perceptions of non-university respondents concerning the impact of the crisis on the South African economy. The cost of the fieldworkers’ remuneration was justified as the assessment process would have been extremely difficult for the researcher to have undertaken alone.

Orientador: André Luiz Correa / Coorientador: Ana Rosa Ribeiro de Mendonça / Banca: Alexandre Sartoris Neto / Banca: Adriana Nunes Ferreira / Resumo: Este trabalho aborda o financiamento do investimento, elemento fundamental para o desenvolvimento econômico, e seus determinantes. Objetiva-se discutir o papel do investimento, entender e avaliar um exemplo de banco de desenvolvimento, por meio de análise empírica. O estudo está estruturado em três eixos, entrelaçados entre si: teórico, histórico e empírico. O objeto da análise empírica é o China Development Bank (CDB), instituição pública que, como banco de desenvolvimento, tornou-se um importante instrumento do governo chinês para a rápida recuperação de sua economia frente à crise econômica mundial (2008- 2009). Para o entendimento dessa instituição, foi necessário analisar as características do atual sistema financeiro chinês, passando pelo processo de abertura econômica, a partir dos anos 1980, chegando até aos impactos dessa crise econômica nesse país. A China convive com o paradoxo de articular, no campo econômico, um regime socialista de mercado com um modus operandi capitalista, que parece criar e disseminar contradições. Esse país é uma das principais economias do mundo, mas não reflete na qualidade de vida da maioria de sua população o que essa posição deveria proporcionar / Abstract: The purpose of this study is to approach investment financing and its determinant basic factors to economic development. The intention is to look into the investment role and, by an empirical analysis, to try to understand and measure the role of a development bank. This study is structured over three basic axes: theoretical, historical and empirical, intertwined to each other when formulating the study. The empirical focus is the China Development Bank (CDB), a public institution that was used by the government in its efforts to drive the fast growing Chinese economy recovery facing the global economic crisis (2008-2009). To understand CDB was necessary analyses the characteristics of the present Chinese financial system and explains how this process of economic opening happened starting in 1980's (and carried on for nearly thirty years) until the recent global economic crisis, bearing in mind that China lives with the paradox of having adopted a market capitalist system as its modus operandi although it is a socialist system. This seems to generate and disseminate contradictions / Mestre

Orientador: Takaaki Ohishi / Tese (doutorado) - Universidade Estadual de Campinas, Faculdade de Engenharia Elétrica e de Computação / Made available in DSpace on 2018-08-25T14:58:19Z (GMT). No. of bitstreams: 1 SilvaJunior_JoseLeiteda_D.pdf: 2387475 bytes, checksum: 4204df22b013ff0857e5e9c02d7bec29 (MD5) Previous issue date: 2013 / Resumo: A principal contribuição dessa tese é o desenvolvimento de uma metodologia de avaliação de instituições financeiras de implementação simples e que se mostrou precisa na avaliação de bancos americanos. A metodologia busca a produzir um índice de solidez que indique a relativa saúde das instituições sob estudo e está baseada na utilização da técnica estatística multivariada conhecida como análise de clusters, na utilização de variáveis financeiras publicamente disponíveis e na avaliação periódica de quais variáveis financeiras são significativas na avaliação das instituições bancárias. A metodologia foi aplicada ao mercado financeiro americano e apresentou bons resultados na identificação de instituições financeiras fragilizadas, o que permitiria ao supervisor bancário tomar mais precocemente ações com vistas a minimizar o impacto da atuação dessas instituições no mercado bancário como um todo / Abstract: The main contribution of this thesis is the development of a methodology evaluation of financial institutions to implement simple and that proved accurate evaluation of American banks. The methodology seeks to produce an index sound indicating the relative health of the institutions under study and is based on the use multivariate statistical technique known as analysis of clusters in use of publicly available financial variables and evaluation Periodical of which financial variables are significant in the evaluation of banking institutions. The methodology was applied to the U.S. financial market and showed good results in the identification of financial institutions weakened, allowing banking supervisor to take earlier actions aimed at minimizing the impact the role of these institutions in the banking market as a whole / Doutorado / Engenharia de Computação / Doutor em Engenharia Elétrica

M.A. / This study determines the role of crisis management in the dormant account crisis that faced three Swiss banks from 1995 until 2000. This research topic involving the Swiss banks was selected for numerous reasons. Firstly, there was an immense amount of media interest from around the world. Secondly, the geographical area that the crisis was focused in-the western world- is arguably the world's financial powerhouse. Thirdly, the issues surrounding the crisis itself were highly emotive and had its roots in the period shortly before World War Two. Fourthly, on closer investigation very little research had been done on Western corporate financial crises and most importantly, no research had been done on the way the Swiss banks managed their crisis. All of these issues combined provided a very interesting platform on which to begin researching the value of effective crisis management, from a strategic standpoint, for a western corporate financial company.To facilitate an effective and objective analysis of the case study, an extensive literature study had to be undertaken. The origins of public relations had to be researched to understand how the profession had developed. In addition, crisis management also had to be studied to understand how this discipline of public relations works. From there, the role of public relations had to be studied to comprehend exactly what should have been done, in terms of how crisis management is an element of public relations, for the Swiss banks before the crisis began.Following on from this it was established, from the literature study, that planning for a crisis is one of the foundations of crisis management.AThe most important aspects of and contributors to crisis planning were then considered. It was also established that crises have different stages that they pass through. This was then investigated as well as the relevant aspects needed to manage each stage. An important aspect encountered in each crisis is the media. The different parts of media training were studied. followed by arguably one of the most difficult aspects of crisis management- managing the media.

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