Approved for public release, distribution is unlimited / Navy repair activities are social and political as well as financial and technical systems. As systems, their architecture has a controlling effect on their behavior. One factor that works throughout the architecture is the particular funding scheme and the rules, both written and cultural, that any particular scheme brings with it. This paper examines the interaction of funding scheme, as a rules-based force, with the changing architectures of Navy repair activities to try to determine the effect of the funding scheme on the performance of that architecture. It shows that changes to the architecture of the ship maintenance system in the Northwest region have worked together with a conversion of the funding scheme to Mission Funding to improve the decisions that are made within that architecture. / Civilian, Department of the Navy

近幾年來我國資本市場籌資狀況，可轉換公司債為國內多數企業之首選，企業透過發行可轉換公司債取得所需資金，除考量支付較銀行借款為低之利率水準的利息外，亦希望避免採現金募資方式所造成之資本快速膨脹，導致企業獲利能力遭到稀釋，甚至影響企業經營權之掌控。 海外可轉換公司債(ECB)為歐洲債券(Eurobond)和可轉換公司債(Convertible Bond)的結合，是一種屬於海外金融商品，係以純公司債再附加一不可分割之普通股買進轉換權(Equity Call Option)。持有人可於發行後特定期間內，以約定價格（即轉換價格或轉換比率），將公司債轉換成發行公司之普通股股票，所以海外可轉換公司債係一種可轉換為國內股票，且在境外流通或掛牌之上市公司債，同時具備債券及股票投資兩種功能；當股價上漲時，持有者可享受股價上漲之報酬，當股價下跌時，持有者仍可收取固定之債券利息，故本研究欲以海外可轉換公司債做為探討之主題。 本研究個案公司其營運內容為國際散裝航運業務，主要從事國際間散裝貨運運輸。本研究將分析個案公司於2009年至2012年間，發行海外可轉換公司債之原因，對於個案公司經營績效及財務結構會有何影響？籌資完成後，那些因素造成公司在後續的經營管理過程中，影響公司的經營績效及財務結構。本研究希望藉由上述的實證分析，期望使個案公司之經營管理階層能了解此募資方式，是否有達到公司募集資金時之目的，藉以提供個案公司經營管理階層在爾後籌資時決策之參考。

Using the Student Investment Fund at Claremont McKenna College as a proxy for inexperienced investors, I demonstrate that inexperienced investors using fundamental analysis produce momentum-like buying patterns. The results show that the Student Investment Fund is on average buying stocks that outperform Carhart’s four-factor asset pricing model in the year before purchase. As a result, the Student Investment Fund has, on average, underperformed the S&P500 by .48% per year since 1996. My thesis explores why the Student Investment Fund may have adopted momentum-like purchasing patterns and what steps can be taken to remedy it.

The topic of infrastructure investment has emerged as a critical public policy issue over the last thirty years as governments grapple with an infrastructure deficit that has become one of the great global challenges of our time. Through the simultaneous processes of neo-liberalisation and globalisation, the urban infrastructure landscape has emerged as an attractive investment area for large financial institutions. With the recent Global Financial Crisis further exacerbating both the funding and growth lifting needs of nations, the urgency of linking institutional investors with urban infrastructure assets is more apparent than ever. This thesis looks at the evolving dynamics associated with the growing involvement of the financial industry in the provision of urban infrastructure assets. This is achieved by using a relational perspective, studying the interactions of financial actors, while simultaneously being aware that these decisions are made within a larger political economic context. It is argued that the complex, heterogeneous and long-term nature of institutional infrastructure investing requires a multi-disciplinary relational economic geography framework. Specifically, relational theory is used to explore the informational content and geographical structure of the infrastructure financial product, the influence of government decision-making, the corporate governance of infrastructure investments and the investment relationship between investors and financial intermediaries. Despite exponential growth in the field over the last decade, the infrastructure financial product has a level of sophistication and obscurity that prohibits it from being classed a transparent investment area, highlighting the importance of a relational approach to investments. From the case study on Auckland International Airport Ltd., it is shown that through a relational form of light-handed regulatory contract, the government plays a central role in affecting the favourable performance of an economically significant asset. The explication of the Spanish-led ADI consortium acquisition of UK airport operating company BAA illustrates the need for ‘glocal’ infrastructure governance to incorporate a wider stakeholder perspective as well as an appropriate shareholder wealth maximisation strategy. And finally, through analysing the relationships between investment partners for the infrastructure investment process, investment consultants are playing a crucial role to help align interests and promote the long-term relational approach to investing for the infrastructure asset class. In an age where infrastructure investment has been recognised by many nations around the world as the most important growth lifting strategy, this thesis provides a deeper understanding of how a relational approach can facilitate successful private institutional infrastructure investment.

This study concerns the characteristics of fund development directors employed in selected homes for the aged. The first purpose of this study is to develop a profile of job functions, through task analysis, among development directors in charitable homes for the aged. The second purpose of this study is to develop a profile of personal characteristics of development directors of charitable homes for the aged based on the following characteristics: age, sex, educational background, experience outside development, membership in community organizations and amount of specific training in fund development. One instrument was used to gather data for the study. It was distributed to a population of 29 development directors in charitable homes for the aged in Arkansas, Louisiana, Oklahoma, New Mexico, and Texas. This population was predetermined by an initial survey form sent to 193 chief executive officers in the five states mentioned above. Twenty-nine reported formalized programs employing a full-time person with at least a part-time involvement in fund development activities. Of the twenty-nine development directors surveyed, fifteen usable instruments were received (52 percent). A program was used for the survey that included crosstabulation of social characteristics, success in fund raising, length of time in position and educational preparation. Coded responses were manually typed into the computer. To accomplish the desired analysis, percentages and frequencies were used to treat the data. These non-Parametric procedures provide an understandable overview of the data obtained and are appropriate for the research questions. These procedures permit a summarization of the data in a manageable form. Following the tabulation of frequencies and percentages, Fischer's Exact Probability Test was computed to determine if significant relationships between actual preparation and needed preparation, personal characteristics, educational preparation, and success and usefulness of experience exist.

This dissertation explores how cities achieve fiscal sustainability—the financial capacity to consistently meet basic public service responsibilities regardless of economic conditions. Two research questions arise from the interplay between the local economy and fiscal sustainability. First, what management tools do cities use to achieve fiscal sustainability given that economic conditions are largely outside their control? Second, what explains the variation among cities in the financial management tools used to achieve fiscal sustainability? The financial management tools of interest in this study are revenue diversity and the size of the fund balance. It is conjectured that financial management tools interact with each other prompting the tools to function as policy substitutes for each other. Cities achieve fiscal sustainability by strategically choosing budget-balancing tools appropriate to their economic conditions. The study utilizes a cross-state comparison from 351 Massachusetts municipal governments using panel data from 2000 to 2009 and 993 New York municipal governments using panel data from 2001 to 2010. Using theories of fiscal sustainability and revenue diversification, several models are proposed that test the interactive effects of fund balance size and revenue diversity on fiscal sustainability. The results from the empirical analyses show that cities use various financial management tools to stabilize spending during economic downturns. Cities pursue strategies that help maintain fiscal sustainability. Furthermore, it is discovered that interaction of fund balance and revenue diversity on municipal expenditures is stronger as the level of revenue diversity decreases. This interaction has a large effect during periods of economic downturns as compared to periods of economic growth.

The goal of the diploma thesis is to describe stochastic processes in the combination of mortgage loan and fund-linked life insurance, and to construct and analyze suitable mathematical models related to them. The idea of the combination of mortgage loan and fund-linked life insurance consists in serving the debt via paying up the interest only and investing the rest of the instalment within a fund-linked life insurance, instead of amortizing the debt gradually. At the maturity time, the principal sum will be amortized at once, using assets which have been invested within a fund-linked life insurance.

This thesis is focused on financing of public goods through state funds, especially on the State Fund for Transport Infrastructure. The work consists of a general part, which is divided into three chapters focused on state funds, and special part, which is divided into two chapters focused on the State Fund for Transport Infrastructure. The first chapter of the general part at the beginning explains the terms of the budget and the budgetary system, and then presents the budgetary system of the Czech Republic. The second part deals with the term of fund management and explains setting of public funds system in the CzechRepublic. The second chapter of the general part deals with the general characteristics of state funds. At the beginning discusses the benefits of financing through state funds, then provides a brief overview of the history of state funds in the Czech Republic and at the end discusses the common characteristics and differences of the budgetary process and organizational structure of state funds. The third chapter of the general part is concerned on revenues and expenditures of state funds. The first subpart at the beginning compares the legal regulation of revenues and expenditures of state funds, then derives a typology of revenues and expenses and finally classifies legal categories...

Cette thèse étudie spécifiquement la stratégie d'investissement des fonds d'investissement en microfinance à partir des données contextuelles, en utilisant une approche d'analyse de contenu qualitative. Information écrite de 84 sites de fonds de la microfinance a été utilisé comme sources secondaires. La principale question de recherche est "comment sont les stratégies d'investissement des fonds de microfinance conçus ? " Cette étude examine uniquement les informations que les fonds d'investissement en microfinance sont prêts à informer aux parties concernées au sujet de leur point de vue et les conditions d'investissement en microfinance, et la portée ne s'étend pas aux investisseurs et aux institutions de microfinance aspects. Il se trouve la stratégie d'investissement du fonds est conçu en incluant un certain nombre d' éléments spécifiques tels que les objectifs d'investissement, les critères de choix des investissements, les secteurs d'investissement , des instruments d'investissement et de leurs modalités, la structure de financement, la répartition géographique , le risque , le rendement , la couverture , effet de levier, les stratégies de sortie , et les procédures de sélection des investissements . Les conclusions de l'étude suggèrent les recherches futures utilisant des sources de données plus larges, en particulier d'examiner les investisseurs et les micro côtés de l'institution , afin d'obtenir une stratégie d'investissement efficace qui est bien adapté aux préférences de toutes les parties concernées . Par la suite, une évaluation de l'impact de cette stratégie sur la décision d'investissement devrait également être étudiée. / This thesis specifically investigates the investment strategy of microfinance investment funds from contextual data, employing a qualitative content analysis approach. Written information from 84 microfinance fund websites has been used as secondary sources, in order to search for the particular components contributing to the formulation of a well-designed investment strategy, and to answer to the main research question of this thesis. The main research question is “how are investment strategies of microfinance funds designed?” Ten sub-questions was raised after reviewing literature to answer this research question. This study examines only the information that microfinance investment funds are willing to inform to relevant parties regarding to their perspective and investment conditions in microfinance, and the scope does not extend to investors and microfinance institutions aspects. It is found the investment strategy of the fund is designed by including of a number of specific components such as investment objectives, selection criteria for eligible investments, investment sectors, investment instruments and their terms, funding structure, geographical distribution, risk, return, hedging, leverage, exit strategies, and investment selection procedures. The study’s findings suggest future research employing broader data sources, in particular to examine both investors and the microfinance institution sides, in order to obtain an effective investment strategy that is well matched with all relevant parties’ preferences. Subsequently, an evaluation of the impact of this strategy on investment decision should also be studied.

The purpose of this paper is to observe and analyze whether the value system and political structure of a nation, gauged through its legal configuration, impacts its response to IMF debt and consequently impacts its GDP growth rates. This paper also analyzes whether involvement in the fund through a loan relationship affects the country’s real interest rate, inflation, exchange rate and import and export volume and whether this relationship is causal in that we can explain a nation’s loan relationship with the Fund through observance of the aforementioned variables. In this paper, we observe 34 emerging markets as defined by Dow Jones in 2010. The general consensus of the literature is that participation in IMF loan programs retards the economic growth of developing economies. In light of this, the contribution of this paper is to illustrate that some of the slowed growth experienced by these countries seeking out IMF debt is explained by their value system and general attitude toward debt. To carry out a comparable analysis we segment and group the emerging markets based on their current credit status with the IMF (as of Oct 2012) as well as by the origin of their legal system, a measure we use to assess their value system with respect to creditor and debt protection laws. We will observe the growth rates that these countries’ economies experience categorized by their involvement with the Fund, the amount of their loan and whether they fully repaid their debt or are currently indebted to the Fund. We will also identify the size and frequency of the loan in order to observe the impact that these variables have on the delayed growth rates that they experience. Furthermore, we will examine the impact on their GDP growth rates, imports of goods and services, inflation, exchange rates and real interest rates. We expect to find that there is not a generic relationship between involvement in a loan relationship with the Fund and GDP growth rates. In other words, having a loan from the IMF does not directly result in delayed growth rates, contrary to popular belief. However, we hypothesize that the legal system of the borrowing countries is an explanatory variable in determining their growth rates, alongside their loan relationship with the Fund. In addition, we expect to find empirical evidence that supports the claim that inappropriate and unmonitored involvement in the Fund can adversely affect emerging markets. Inappropriate and unmonitored involved is measured in this paper by the borrowers creditor and debtor protection laws. We aim to expand the current line of literature by analyzing whether a decline in economic growth prior to completion of an IMF loan program is a generic attribute of all participants or whether these traits are more pronounced in countries with a more unmonitored business and economic legal system.