An enterprise's survival and development relies on executive manager's quality and performance. In order to equip the executive managers with the abilities they need at work, most of the companies will provide them with related training program including knowledge, skills, and behaviors which aims to enhance employees' capability. The case company has conducted such managerial training for long which is used to be held by different business units, but after the case company's reorganization, top executives decided to integrate the training program within the whole group. However, is this training schemes proper for different business units based on diverse industries? This research intends to reveal the effectiveness of the managerial training before and after the timing of company's reorganization. This research used case study as a method to analyze the merits of integrating managerial training. It concludes the following findings: the consolidation of training program, the connection among different business units' trainee in financial holdings, the consistency of training program, and the simultaneously reduce of the administrative cost. However, the implied factors to be further discovered in this research refers to the irrelevance of the training program and promotion, the failure of retention potential employees, and the fewer support from trainee's direct supervisor during the process, and etc.

TESIS PARA OPTAR AL GRADO DE MAGÍSTER EN FINANZAS / En este estudio se analizan las variables determinantes de los cash holdings en 88 firmas chilenas excluyendo utilities y real estate cotizantes en la Bolsa de Comercio de Santiago en el periodo 2004-2014. En consecuencia, se han utilizado las variables rentabilidad, tamaño de la firma, tangibilidad de los activos, liquidez, edad de la firma, variabilidad de los activos, leverage, oportunidades de crecimiento, gasto de capital, pago de dividendos, y deuda de corto plazo sobre deuda total. En especial, también se analiza la influencia de las familias, business groups y pirámides de control. Los resultados obtenidos indican que las siguientes hipótesis derivadas de la teoría financiera son aplicables para las firmas chilenas son la teoría del pecking order, la teoría del trade off, el motivo precautorio, y las economías de escala. Además, sugieren que la estructura corporativa afecta la decisión de acumular de efectivo. Específicamente, las variables: Business groups; empresa familiar controlada por Business groups; separación de derechos de voto y derechos de flujo de caja en empresa familiar; y derechos de flujo de caja en business groups están asociadas positivamente con los cash holdings, pudiendo ser explicado porque los controladores son más conservadores con la liquidez y presentan una mayor aversión a escenarios de restricciones presupuestarias o un aumento las reservas para futuras inversiones.

This thesis examines a number of issues related to central bank international reserves holdings and foreign exchange intervention. We study the long run determinants of reserves within the context of the post Bretton Woods dirty float period. It is argued that traditional approaches fail to take account of central bank attempts to influence the real exchange rate by foreign exchange intervention. Additionally, we update previous research by employing recent developments in the non-stationary timeseries and panel data literature. In particular, we utilise the Johansen VAR technology and recent innovations in panel cointegration, to assess the long-run determinants of reserves and short-run dynamics. By jointly modelling the UK reserve holdings and the monetary sector we consider the domestic economy impact of reserve changes, the stability of narrow money demand and whether monetary disequilibria effect reserves as suggested by the Monetary Approach to the Balance of Payments. The effects of daily US and German foreign exchange intervention on exchange rate volatility are also studied. We find evidence consistent with other research that US intervention reduces volatility and extend these results to bilateral rates not previously considered. Moreover, we find evidence in favour of the distinction between unilateral and concerted intervention and of the existence of policy externalities, underlining the importance of international policy coordination.

Thesis advisor: Pierluigi Balduzzi / Employing a novel data set of portfolio weights from 1997 to 2006, the performance of taxable bond mutual funds is studied. The timing ability of fund managers is examined considering different asset allocation choices such as asset class, credit quality allocation, and portfolio maturity decisions. I show that active managers engage in strategies of rotating their portfolios across fixed-income sectors and bond characteristics. Some bond funds exhibit successful timing ability by adopting these strategies. Comparing fund returns plus expenses and transaction costs with the returns of a portfolio that is invested in the previously disclosed holdings, I document that active managers exhibit some ability to select securities that deliver better returns than the securities in the indices. In particular, on average, active managers generate gross returns of 1% per annum over the benchmark portfolio constructed using past holdings. / Thesis (PhD) — Boston College, 2009. / Submitted to: Boston College. Carroll School of Management. / Discipline: Finance.

Thesis (M.Sc.)--City University of Hong Kong, 2005. / Title from title screen (viewed on Jan. 10, 2006) "This is to certify that the above dissertation has been assessed by the following examiners to be satisfactory and accepted as partial fulfillment of the requirements for the degree of Master of Science in Engineering Management." Includes bibliographical references.

Thesis (M.A.)--University of Wisconsin, 1967. / Typescript. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references.

Tesis para optar al grado de Magíster en Finanzas / Este trabajo analiza empíricamente la influencia de los inversionistas institucionales sobre la decisión de tenencias de efectivo, o cash holdings, para diversos mercados emergentes que coticen en bolsa para los años 2003-2014. Estos inversionistas pueden influir en la política de efectivo por medio del monitoreo o no, a la gestión de los administradores. En este estudio se dividieron a los inversionistas institucionales en base a su monitoreo, utilizando la metodología de Ferreira & Matos (2008), teniendo inversionistas institucionales independientes y grises. Lo encontrado revela que los inversionistas institucionales totales, a través del monitoreo ejercido permiten a los administradores incrementar sus tenencias de efectivo, aun cuando se esté en un contexto de bajos niveles de protección a los accionistas. Similar hallazgos para los inversionistas independientes que le permiten a los administradores tener más holgura interna, y lo gastan en consonancia con los intereses de los accionistas. Además si se utiliza como proxy de gobierno corporativo, los inversionistas institucionales, apoya la idea de que empresas mejor gobernadas tienen más dinero en efectivo. Para el caso de los inversionistas grises, se encuentra apoyo a la hipótesis de no monitoreo en la cual debido a que no monitorean a los administradores, dejan a estos seguir sus propios objetivos, lo que lleva al incremento de las tenencias de efectivo en la empresa

This research investigates 202 data breach events occurring between 2015 and 2019 and the related financial effects on the USA's impacted private firms. From examining previous research, it is obvious that no known studies evaluate the financial impacts of cybercrimes on private firms. Prior studies mostly focus on public firms and stock market reactions even though there is the increasing number of cyberattacks on private firms too. This study seeks to fill the gap by providing the empirical evidence of the impacts on those firms' cash holding after experiencing a cybersecurity attack. Overall, the results of this research show if the private firms that have been cyberattacked face the connate aftermath and follow the similar precautions as public firms with data breaches or not. I find that the firms that experienced an attack two years ago increase their cash holdings significantly, while an attack that happened a year ago can only impact cash holdings while interacting with tangibility and ROA of a firm. These results are essential as the private firms draw up a budget and reform strategies for coping with cyber incidents.

Yes / Exposure to political corruption and political uncertainty separately demands opposing risk management responses: to reduce cash to minimize expropriation and to increase cash to hedge policy risk. We study how local political corruption and political uncertainty interact in their impact on corporate cash holdings within the United States. We find robust evidence that firms located in states with higher corruption scores react to increases in local political uncertainty by increasing cash holdings more than those in less corrupt settings. This behavior suggests that firms in more corrupt settings find it expedient to raise cash to facilitate influence of officials in the face of local political risk. We find further support for this conclusion by showing that politically engaged firms respond to our measure of political risk by increasing cash and increasing spending on campaign contributions. Our findings point to a potential channel through which different jurisdictions experience the entrenchment and persistence of corruption.

Christiansburg and Cambria, being adjacent to one another, have considered at various times the idea of merging. A study of a proposed consolidated town shows such a project is feasible. In determining the advisability of a consolidated town, the finances of such a town were investigated. A consolidation will have an effect on both income and expenditures. / Master of Science