What type of state has emerged in post-Soviet Kyrgyzstan, and what kind of theoretical framework must we develop to understand its behavior and performance? This study argues that the logic of political and bureaucratic organization follows that of an investment market in which public offices are purchased with the expectation of yielding a favorable return. This theory represents a novel perspective on the post-communist state which has hitherto either been premised on modernization theory or emphasized a robustly personalistic logic of political organization. There is a serial of linkages to this argument. First, the decisive factor for public employment is unofficial financial payments rather than merits or personal ties. The sums involved in the exchange are far greater than conventional “bribery.” The market for public offices, intimately connected from top to bottom in the state hierarchy, pertains to a much more unified system than the one found in the literature which treats political and administrative, high and low level corruption as distinct and unrelated forms. Second, individuals invest in public offices in order to convert the rights, assets and powers connected to officialdom into private capital. In this political economy, alternative markets for enrichment are subordinated to the state and poorly functioning. Third, the abundance of pecuniary corruption in Kyrgyzstan is standardized, entrenched and predictable norms of behavior in this type of state. The key to success on this market is the ability to control the supply of “public” goods and services in exchange for unofficial payments. Finally, the risk for systemic instability increases when more reasonably inclusive personal connections and money is no longer sufficient and access to the state for earning and investing is manipulated by narrow personalistic ties. This creates pressure for returning to a more competitive market as opposed to a monopolistic order.

When considering the valuation techniques of income-producing property, various types of information should be obtained from the market in order to apply them to the valuation of the property under consideration. This includes the comparison with other properties sold in the market. However, due to the illiquid nature of property, especially those typically owned by institutional investors, such transactions do not take place every day. Therefore the necessary information is not always readily available, and also not of the required quality. In order to try and eliminate this problem, the study considers the possibility of using alternative information to indicate market activities. Various studies have considered the similarities of direct real estate and indirect real estate. Most of these studies compare the investment returns of the two markets. This study extends the research by specifically looking at the unique property loan stock structure of South Africa, and comparing the value of shares to the value of assets. It therefore offers a more comprehensive explanation of the factors over and above the return received on the investment. It furthermore considers the composition of the property portfolio and the possibility to measure individual property values within such a portfolio. The outcome of the study is a model that allows property valuation and market interpretation from fundamental principles, with supporting evidence from the listed-property investment market. / Thesis (PhD)--University of Pretoria, 2013. / gm2013 / Construction Economics / unrestricted

The diploma thesis deals with defining basic notions of development projects, investment, building assessment and building operations and relations for evaluation of economic efficiency of development project. Further, it deals with issues of building operations assessment and explanation of relations for evaluation of economic efficiency of investment projects. In the practical part, it focuses on description of the planned development project and determination of its possible options. Then, they are analyzed and the most effective is chosen.

This thesis examines the impact of company announcements on the daily stock returns of lowly capitalised companies. A total of 105 companies comprise the sample and 1464 events are examined over the period 21110/97 to 03/0412000. The methodology employed is primarily, empirical in nature. Event studies are conducted to gauge the impact of company announcements on stock returns using the single index market model (SIMM) as the chosen equilibrium market model for modelling abnormal returns. The study professes three mam contributions to knowledge. The empirical evidence suggests that financial announcement have a more timely impact on stock returns than non-financial announcements. Secondly, there appears to be significant over-reaction and mean-reversion exhibited by lowly capitalised firms. Thirdly, the speed of adjustment of stock prices to new information is increased in cases where shareholder concentration is high while over-reactions appear inversely proportionate to shareholder concentration. This may be a consequence of smaller firms experiencing leakage of boardroom level information prior to public announcement days.

Yes / This study examines the extent to which the change from UK GAAP to IFRS has affected companies listed on the Alternative Investment Market (AIM) in the UK. The results suggest that, on average, profit reported under IFRS is higher than that reported under UK GAAP; however, the difference is much smaller for AIM listed companies as compared to what existing literature suggests for firms listed on main stock markets. The Gray's partial analysis results indicate that despite the extensive programmes for improving convergence over time there is still a considerable discrepancy between IFRS and UK GAAP.

Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников. В первой главе рассмотрены теоретические основы функционирования биржевых паевых инвестиционных фондов и институциональные основы коллективного инвестирования. Во второй главе проведен анализ современного состояния российского рынка паевых инвестиционных фондов (ПИФов), в том числе показана деятельность управляющих компаний на данном рынке. В третьей главе показаны пути дальнейшего развития деятельности ПИФов в условиях макроэкономической неопределенности. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, and a list of sources used. The first chapter examines the theoretical foundations of the functioning of exchange-traded mutual funds and the institutional foundations of collective investment. The second chapter provides an analysis of the current state of the Russian market for mutual funds (MUIFs), including showing the activities of management companies in this market. The third chapter shows ways to further develop the activities of mutual funds in conditions of macroeconomic uncertainty. In conclusion, the main conclusions are drawn.

Актуальность темы определяется существующей экономической ситуацией как в России, так и за рубежом. Предметом исследования являются экономические отношения, возникающие в процессе принятия инвестиционного решения частными инвесторами, в процессе розничного инвестирования. Объектом исследования является деятельность частных инвесторов при принятии инвестиционных решений. Первая глава посвящена анализу понятий «инвестиции», «инвестиционная деятельность», которые имеются в экономической науке, а также анализу имеющихся в законодательстве легальных дефиниций и подходам к определению в трудах ученых-правоведов. Вторая глава содержит анализ состояния рынка биржевых индексных фондов и ETF, а также рассматриваются предпосылки возникновения и развития основных инструментов краудэкономики в России – краудфандинг, краудинвестинг, краудлендинг, криптовалюты. В третьей главе предлагается авторский вариант совершенствования традиционного подхода к принятию инвестиционных решений, проанализированного в предыдущей главе. / The relevance of the topic is determined by the existing economic situation both in Russia and abroad. The subject of the research is the economic relations arising in the process of making investment decisions by private investors, in the process of retail investment. The object of the research is the activity of private investors when making investment decisions. The first chapter is devoted to the analysis of the concepts of "investment", "investment activity", which are available in economic science, as well as the analysis of legal definitions and approaches to the definition in the works of legal scholars. The second chapter contains an analysis of the state of the market for exchange-traded funds and ETFs, and also examines the prerequisites for the emergence and development of the main tools of the crowd economy in Russia - crowdfunding, crowdinvesting, crowdlending, cryptocurrencies. The third chapter proposes the author's version of improving the traditional approach to making investment decisions, analyzed in the previous chapter.

A new developing competition as a result of the technological revolution make to companies to increasing globalization. The Master’s thesis “Proposal of Internationalization Strategy of Company” describes possibilities of company’s entry to the Finland foreign market. It makes possible to overcome one of obstruction which can occur on expansion to foreign market. It treats international strategy of company, corporate environment, business relations and risk of Finland.

Diploma thesis "Involvement of the People's Republic of China in Africa' deals with the evolution of China-Africa cooperation in the three specified time periods. Mainly it deals with the time period of the last nearly sixty years. This time period was subsequently divided into the period of the Cold War, 1990s and the last period is representing the year 2000 up to the present. Even though the diploma thesis deals with the African continent as a whole unit, the special emphasis was put on the four specific countries - namely Angola, Nigeria, Sudan and Zimbabwe. It analyses how the mutual cooperation has changed during these three different time periods and what has been the main components of China-Africa relationship. Primarily cooperation in the economic (foreign direct investments, foreign aid, balance of trade etc.), the political, but also the military sphere is analysed. The emphasis is also put on the Chinese status of a genuine alternative to the Western donor block, especially its policy of non- interference and aid without conditions. Diploma thesis also briefly touches on the approach of the traditional Western countries towards Africa (Washington versus Beijing Consensus). Positive and negative sides of mutual cooperation is also discussed.