Equity crowdfunding (ECF) is the smallest of four main types of crowdfunding (CF) and has emerged as a new form of investment, where investors receive equity of a company in return for capital. Over the past years, the development of CF has given entrepreneurs the option to seek funding from a new source, instead of relying solely on venture capital (VC) and other sources of funding (Mollick, 2013). However, the implementation of regulations for ECF has not yet developed enough to make such investing equally consistent for everyone.   Equity crowdfunded ventures can potentially attract a large number of investors that can possibly create corporate governance issues between the entrepreneur and investors. Additionally, individual investors might both lack the competence or incentive to extensively research and assess a venture and make an investment. Due to the growth in ECF and the lack of knowledge of it, the purpose of this thesis was to discover the perceptions of Swedish fund managers (FMs) regarding the nature of ECF and their interest in it.   In order to fulfill the purpose of this study, previous studies were carefully examined to gain a thorough understanding of the area of study. Furthermore, the empirical findings were gathered through a course of seven semi-structured interviews of Swedish FMs.   Empirical findings suggested that ECF has remained as a means of providing only seed-stage funding for ventures and that it is a marginal phenomenon in Sweden. ECF was believed to potentially disturb the VC industry if it grew and moved to a later stage. Additionally, ECF was found to be a good option for companies that were unable to receive funding from traditional funding methods. Risks of fraud and other scandals should be prevented for ECF to maintain its popularity. The findings implied that the future of ECF remains uncertain. Based on the perceptions of Swedish FMs, ECF neither would replace nor be a threat to traditional methods.

Il lavoro di ricerca, che ha a tema i concetti di formazione, sostenibilità, fund raising nell’ambito della pedagogia dell’ambiente, si propone di articolare un itinerario di approfondimento sulle possibili connessioni euristiche tra il concetto economico di fund raising e il linguaggio pedagogico, con riferimento ad alcuni tra gli ambiti in cui si sviluppa l’educabilità della persona e ai connessi percorsi formativi. Dal locale al globale, ogni istituzione sociale affronta le rilevanti ambiguità interpretative cui dà luogo l'economia e l'allocazione delle risorse finanziarie. Il discorso pedagogico, nel considerare la crisi ecologica e l'emergenza educativa, individua nel tema del fund raising una prospettiva attuale di ricerca tra l'esigenza della sostenibilità ambientale, la promozione della consapevolezza educativa per lo sviluppo umano integrale e l'impiego di risorse economiche-finanziarie intenzionalmente donate. La tesi assume l'ipotesi che il rapporto tra fund raising, formazione, sostenibilità implichi un accesso euristico originale per riflettere sui fondamenti dello sviluppo umano, che muove dall'educabilità della persona, dalla sua dimensione relazionale ed emotiva. In tale ambito, il discorso pedagogico, iuxta propria principia, e nella prospettiva dell'apertura interdisciplinare, è sollecitato a interrogarsi nel vivo dei cambiamenti legati ai processi attuali di formazione. L’elaborato tiene in considerazione una visione del fund raising per la tutela e salvaguardia dell’ambiente in dialogo con la ricchezza del pensiero ecologico e con le sollecitazioni provenienti in ordine alla custodia del creato, nella prospettiva di un’antropologia eticamente fondata che assegna alla persona un valore ontologico rilevante irriducibile. / The research, which is about concepts of education, sustainability, fund raising in the context of the pedagogy of the environment, aims to articulate a path into the possible connections between the economic concept of heuristic fund raising and the pedagogical language, including some people educability backgrounds and the related training courses. From local to global, every social institution faces the relevant ambiguity of interpretation which leads the economy and the allocation of financial resources. The pedagogical matter, considering the ecological crisis and the educational emergency, considers the fund raising as a perspective of current research between the need for environmental sustainability, the awareness promoting education about integral human development and the use of resources economic and financial intentionally donated. The thesis hypothesizes that the link between fund raising, education and sustainability it includes an original heuristic access about the fundamentals of human development, which move from the people educability, his emotional and relational aspects. The pedagogical matter, juxta own principles, and the prospect of interdisciplinary, require changes on the actual formation processes. The thesis reckons the fund raising vision on the environment safeguard, according with the wealth of the ecological thought and the deriving solicitations with regard to the creation protection, with a point of view of an anthropology ethically founded that it assigns an irreducible remarkable ontological value to the people.

Techn. Univ., Diss./08--Darmstadt, 2007.

Thesis (Ph. D.)--University of California, Berkeley, 2003. / Includes bibliographical references (leaves 264-276).

The mixed results of International Monetary Fund structural adjustment programmes in less developed countries are a major motivation for this research. Explanations must be advanced as to what may inhibit the success of such programmes. South Africa has often found itself in a precarious position- with a deteriorating balance of payments, a position similar to other countries that have accepted IMF loans. Furthermore, South Africa undertook an IMF loan in 1993. Financial support from the IMF incorporates structural adjustment programmes. These may include measures such as tighter monetary policy, reduction in the budget deficit, exchange rate devaluation and ceilings on domestic credit with increased interest rates (Ferguson, 1988). These policies illustrate the principle of ‘conditionality,’ whereby access to further loans is conditional on certain criteria being met, such as reduced budget deficits and inflation rates. The principle of conditionality has met with a great deal of criticism. Bacha (1987) and Dell (1982) argue that these aggregate demand-reducing conditions more often than not stagnate domestic economies, worsening the balance of payment and result in programme breakdowns. Essentially, they refer to the IMF conditions as ‘unrealistic.’ The IMF denies this, arguing that shortfalls are mainly due to a lack of political commitment to carry out its conditions (Winters, 1994). This issue of conditionality will be examined in detail, using three specific case studies. The aim of this study is to examine the characteristics of Brazil, Mexico and Zambia to see whether or not the IMF programmes were successful. Guidelines will be established for South African policy from these case studies. South Africa is trying to adjust to the competitiveness of the international economy. At the same time, the need for reconstruction and development exerts increasing pressures on the balance of payments. Guidelines are established for a successful economic adjustment for South Africa. The research concludes that South Africa is certainly in line for a successful transformation. The rigidities are not as extensive as has been the case in Brazil and Zambia. Institutionally, South Africa is sound. However there are still challenges in this area, such as export diversification and economic stability to attract foreign investment.

This paper describes the management procedures and policy objectives of financial sources in relation to rail transport. Besides the Cohesion Fund and the European Regional Development Fund, this paper defines a variety of alternative sources suitable for EU railways such as TEN-T or Marco Polo, the EIB and the EBRD loans or PP. The theoretical part is supported by real-life examples of rail transport projects. An analysis of the project achievements in terms of outputs and outcomes is also provided in this paper

Is the significant role of the structural funds in the EU budget appropriate? The main goal of the thesis is to analyze the role and potential of the EU structural funds with a special focus on their use since the beginning of the economic integration of the EU until today and to answer the question raised. The thesis consists of five chapters. The first chapter describes the historical evolution of the structural funds in three phases in parallel with the deeper integration and extension of the EU. The second chapter is focused on the analyses of economic aspects of the structural funds. Research on possible improvements of the structural funds is presented in chapter three. Chapter four compares the structural funds management between France and Czech Republic. Chapter five provides insights into the upcoming 2014-2020 programming period. Based on the outcomes of the past evolution of the structural funds, empirical experience of their usage in France and Czech Republic and in the context of the current financial crisis and rising euroscepticism, we predict the future evaluation and priority of the structural funds in the process of European integration

This thesis focuses on the Norwegian sovereign wealth fund, the Government Pension Fund, and its linkage to the Norwegian foreign policy. The Kingdom of Norway is usually presented as a role model of a Nordic welfare state. Nevertheless, nothing of this would be possible without oil discovery on the Norwegian offshore in 1969. This thesis debates about possible oil discovery impacts on Norwegian foreign policy throughout the time and tries to analyse and elaborate on major foreign policy challenges. It tries to define whether the Norwegian foreign policy followed Norwegian investment interests and shifted policy's direction since the establishment of the Government Pension or not. Furthermore, the Government Pension Fund -- Global is not intended to be used as a foreign policy instrument. However, some information indicates the contrary. Thesis attempts to answer the question from a wider perspective.

The purpose of this thesis is to examine the impact of International Monetary Fund (IMF) loans since the adoption of the governance mandate on overall government capability. The study will explore whether the presence of IMF loans in developing countries enhances state capacity. Administrative capacity is of particular importance because it is a requisite for the integration of state and society in the national political arena and encourages joint involvement of government and citizenry in overall representation of societal interests. The model designed to test the two primary hypotheses is comprised of a simultaneous system of equations. Despite criticisms of IMF conditionality arrangements, it appears that these programs are largely effective at increasing administrative capacity, an important factor in achieving economic growth and national ownership of IMF development programs.

The purposes of this study were to determine and describe the roles of persons other than professional development staff in the solicitation of major gifts from private individuals for selected senior colleges and universities as perceived by senior development officers. The activities of four groups of nondevelopment staff, trustees, president/chancellor, private citizens, and nondevelopment staff/faculty, were examined through the four steps of the major gift solicitation process: identification and rating, cultivation, the in person solicitation, and the thank-you process following the gift. The population encompassed all accredited, degree granting four year colleges and universities in the United States which solicit major gifts from private individuals. The sample consisted of the 223 schools which had received one or more gifts of one million dollars or more from private individuals as reported in Giving USA. Philanthronin Digest, or The Chronicle of Higher Education, between January 1, 1985, and December 31, 1987. The research instrument was a mailed questionnaire which was sent to the Chief Development Officer of the 223 schools in the sample. Replies were received from 162 institutions, for a response rate of 72.7%. Examination of the results of this study indicated that the services of nondevelopment personnel were used in the major gift solicitation process at the vast majority of schools in the United States, that over half of the major gift dollars solicited were attributable to the efforts of these individuals, and that the president/chancel lor was the most important advocate for an institution's development program followed by the trustees, private citizens, and finally the nondevelopment staff/faculty. Further examination of the data revealed specific determinants which a senior development officer should, for different nondevelopment groups, weigh more or less heavily when deciding which individual(s) will have the greatest likelihood of being influential with major donor prospects.