Made available in DSpace on 2014-06-12T15:48:50Z (GMT). No. of bitstreams: 2 arquivo2717_1.pdf: 481883 bytes, checksum: bb9d70f42c1cda245b5340284b5dc431 (MD5) license.txt: 1748 bytes, checksum: 8a4605be74aa9ea9d79846c1fba20a33 (MD5) Previous issue date: 2011 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Nesta tese, provamos que todo domínio infinito finitamente gerado é bi-interpretável com a estrutura dos números naturais. Usando este argumento, demonstramos que todo anel f.g. R que tem um ideal primo nilpotente I tal que R/I é um domínio é Quase-Finitamente Axiomatizável

This thesis examines capital structure theories and debt level determinants to develop a better understanding, and to establish the most appropriate theory to explain the behaviour of firms‟ debt and equity choices. It tests three major capital structure theories (e.g. the trade-off, pecking order and market timing theories) using static and dynamic statistical models and 13 capital structure determinants, based on three major capital structure theories. The study uses 4,598 sample companies from 11 countries and 27 industries over a 20 year period. This method provides a clear insight into firms‟ debt and equity choice behaviours. The static trade-off theory is tested by first searching for similarities and differences between industries, countries and time periods and, second, by observing whether firms change their capital structures towards optimal levels and whether the coefficient signs are the same as the predictions. The "stock price effect‟ on debt levels is used to examine the pecking order and market timing theories. The pecking order theory is likewise tested by confirming whether firms issue debt when they face a financial deficit. Furthermore, these theories are tested using cluster analyses. The sample examines 11 different characteristics, which include firm size, debt level, and bankruptcy probability. As each characteristic is related to one or more capital structure theories, the most appropriate theory can be derived, based on such characteristics. There are five main findings. First, firms which are financial stable issue relatively more debt. Second, they have a preference for moderate debt levels and thus limit their bankruptcy probability. They also try to exploit opportunities from overestimated stock price by issuing stocks to increase cash inflows. Third, the effects from bankruptcy costs are greater than transaction costs in terms of capital structure adjustment. Fourth, during the sample period, firms continuously decrease leverage levels. Fifth, firms‟ characteristics and macro-economic factors affect their capital structure. There are three main conclusions. First, the behaviour of firms appears generally aligned with the trade-off theory, although the pecking order and market timing theories also partially explain the equity issuance condition. Second, the "equity and debt choice modes‟ can likewise be explained by the use of a theoretically combined approach, using the three major capital structure theories. In this approach, firms increase their value by both increasing debt for tax benefits and low adverse selection costs, and by issuing equity when the stock price is high. Third, this second conclusion implies that the trade-off, pecking order and market timing theories can be combined on the assumption that firms maximise their values under conditions of the existence of asymmetric information, tax shields and bankruptcy probability.

This thesis examines the determinants of capital structure in the MENA coun- tries. The main interest is to investigate both financial firms specially banks and non-financial firms. This study test the main theories of capital structure, namely: trade off theory and pecking order theory. The countries included in this thesis are Saudi Arabia, United Arab Emirates (Include both Abo-Dhabi and Dubai stock indexes), Bahrain, Qatar, Kuwait, Oman, Egypt, Morocco, Tunisia, Palestine and Jor- dan. The characteristics it covers as suggested by previous literature are tangibility, profitability, risk, debt tax shield, growth, dividends,size, cash flow and liquidity. It will also investigate the effect of the industry, credit rating and ownership structure on the capital structure This study also investigates the determinants of capital structure in Islamic and conventional banks. This is one of the first attempts to empirically examine the determinants of capital structure in Islamic and conventional banks in general and in MENA countries in particular. This study fills the gap in this important area of research and can provide a base for future research on capital structure in Islamic banks. This thesis use different models to test the capital structure and these are Panel data models (OLS, Fixed, and Random); Tobit and Dynamical model (Arellano-Bover Blundell-Bond), Structural Equation Modeling (SEM) and Generalised Regression Neural Networks (GRNN). The results suggest that the three methods used in this study lead to similar re- sults with a few exceptions in some countries. This thesis finds that the relation between leverage and the determinants of capital structure is different when using the market or the book leverage. It also finds that the determinants of capital struc- ture between the MENA countries are different. For example, profitability attribute relation with leverage follow the trade-off theory in some countries and follow the picking order theory in other countries. Also, liquidity is significant in all the countries in the sample and have a negative relation to leverage. In addition, tangibility is found to have a mixed results with some countries following the trade-off theory and other countries which follow the trade-off theory but overall it is a key determinant of capital structure. Additionally, the findings show that although that the majority of firms in the MENA countries don’t pay dividends the relation between the long term debt and leverage is negative in all the countries in the sample. The growth opportunities have a negative relation in Bahrain, Egypt, Jordan, Kuwait, Morocco, Palestine, Qatar and Tunisia but positive in rest of the countries. The cash flow attribute have a negative relation with leverage in all the countries in the sample except Saudi Arabia and Qatar when using the short and long term debt. Furthermore, the ownership variable is expected to have a negative relation when the ultimate owner is an institution. The results show that overall when there is an ultimate owner the leverage will have a negative relation. Suggesting that ultimate owners will force managers to keep a low debt in firms capital structure. This PhD also attempt to investigate the capital structure in banks within the MENA countries. A special focus is on the differences between the Islamic banks and conventional banks capital structure. First, the findings show that the banks follow the same determinants of capital structure as non-financial firms and that regulations are not the main determinant of capital structure in banks. Then, This study show that there is a difference in capital structure of Islamic banks in com- parison with conventional banks. The findings for the dividends variable show that Islamic banks do not follow the pecking order theory but conventional banks don’t. The results of the size variable show that when Islamic banks are large they use less debt in their capital structure. Growth variable show mixed results depending on the use of book or market leverage. Ownership structure show that when there is an ultimate owner leverage increase which is the reverse of the relation in the non-financial firms. The age variable is negative in relation to the book leverage and positive with the market leverage. Also, credit rating relation is different between the two banks, as it is positive with the conventional banks and negative with Islamic banks. Therefore, this study conclude that the main capital structure theories are applicable to MENA countries. Also indicate that Islamic banks have a different capital structure to conventional banks.

In einem Bienenkorb voll Antworten für Ordnung zu sorgen, so ließe sich mit Montaigne die Aufgabe der vorliegenden Arbeit beschreiben. Um ein Integral zu schaffen, wird Bernard Mandeville als Ordnungstheoretiker betrachtet. In dieser Form sollen sowohl die funktionellen als auch die normativen Aspekte seines politischen Denkens erfasst werden. In historischer Perspektive soll es so ermöglicht werden, Mandeville in einem weit gefassten, ideengeschichtlichen Kontext zu positionieren. In systematischer Hinsicht wiederum sollen stilistische, methodische und inhaltliche Untersuchungen koordiniert werden, um anthropologische, ökonomische, soziologische, politische und ethische Momente in ihrem Nexus zu erfassen. Sofern man (1) die anthropologischen Fundamente fokussiert, wird die Bedingtheit ökonomischer und rechtsstaatlicher Ordnungsmomente hinsichtlich der Entstehung wie dem Fortbestand der politischen Ordnung aufgezeigt. Dabei wird (2) Mandevilles Konzeption einer spontanen Ordnung den Anforderungen einer zunehmend plural erfahrenen und global verwobenen Welt in funktionaler Hinsicht gerecht. Zugleich stellt (3) sein Modell einer Ordnung der Diversität eine Transformationsleistung dar, welche dem Prinzip der Individualität faktisch eine zentrale Position im politisch-normativen Diskurs sichert. Wird darüber hinaus (4) das Konzept der Öffentlichkeit in Betracht gezogen, so das Argument der vorliegenden Arbeit, kann dem lebendigen Individuum mit Mandeville eine moralische Dimension in der belebten Welt eröffnet werden. / To establish order in a beehive full of answers, could be a reformulation of the task within the research on hand. To achieve an integral, Bernard Mandeville will be perceived as an order theorist. His political thinking will be dimensioned in terms of this integral. This will include functional as well as normative aspects. Historically, the study will seek to site Mandeville in a broad context that the History of Ideas has instituted. Systematically, it will coordinate stylistic, methodical, and topical investigations. Thus the nexus of anthropological, economic, sociological, political, and ethical elements within his philosophical thinking is exerted. If (1) the anthropological fundaments are focussed, the interdependency of economic and constitutional momenta is depicted. This will prove substantial for the evolution as well as the continuance of the political order. Mandevilles concept of (2) spontaneous order meets the functional claims arising in a pluralistic and globally experienced world. His shaping of (3) an order based on diversity achieves a transformation that may bring the principle of individuality to bear. This will hold up in the political as well as in the general normative discourse. Furthermore, (4) the concept of the public sphere is taken in account. The research argues that Mandeville hereby opens up a moral vista for human beings as living creatures in an animated world.

This thesis examines the role of democracy in British, French and American visions of global order in the 1940s. It argues that 'democracy' in a global context did not reflect 'Wilsonian' or 'Cosmopolitan' dreams, nor did it refer to the questions of state representation and institutional accountability that dominate contemporary debates. Instead, it shows that building a 'democratic' global order in the 1940s meant, above all, an attempt to address the challenge of democratic modernity, summarised by Karl Polanyi in 1944 as the search for 'freedom in a complex society', in the new global environment of the mid-century. This challenge was composed of five core concerns, ranging from the protection of the individual from the modern state and the transformation of democratic participation, to the use of expert planning and modern technology to secure economic justice. Achieving a balance between these competing and at times contradictory imperatives was seen as the key to securing a new democratic order that could resist the temptations of nationalism and totalitarianism and secure peace. Crucially, it was only through the structures of a new global order that, internationalists argued, there could be any chance of success. The task was not an easy one, and the historical investigation shows how the choices and trade-offs internationalists made in relation to these imperatives entailed costs in terms of inclusivity, participation and even rights within visions of democratic global order. The thesis has both historical and conceptual goals. First, it recovers important ideas about global order that have been largely written out of the history of this period by taking the language of democracy in world order debates seriously and understanding these visions in context. Conceptually, its aim is to contest and transform how we think about global order and democracy in the history of international thought and in the present day. Instead of Cosmopolitan, Wilsonian, liberal or other normative blueprints for a democratic world order, the conclusion argues that we should, following the example of the 1940s, reconceptualise the relationship between global order and democracy today in relation to the persistent dilemmas of democratic modernity. In a global context, these continue to have interlocking domestic and international dimensions and, more importantly, continue to require choices that entail normatively contestable costs in the construction of a democratic global order. Only then, it argues, will it be possible to think about how these shortcomings can be mitigated and whether and what kind of democratic order we want to pursue at all.

Robust states exist at the interfaces between topologically trivial and nontrivial phases of matter. These boundary states are expression of the nontrivial bulk properties through a connection dubbed the bulk-boundary correspondence. Whether the bulk is topological or not is determined by the value of a topological invariant. This quantity is defined with respect to symmetries and dimensionality of the system, such that it takes only quantized values. For static topological phases that are realized in ground-states of isolated, time-independent systems, the topological invariant is related to the properties of the Hamiltonian operator. In contrast, Floquet topological phases that are realized in open systems with periodical pumping of energy are topologically characterized with a unitary Floquet operator i.e., the time-evolution operator over the entire period. Topological phases of matter can be distinguished by the dimensionality of robust boundary states with respect to the protecting bulk. This dissertation concerns recently discovered higher-order topological phases where the difference between dimensionalities of bulk and boundary states is larger than one. Using analytical and numerical single-particle techniques, we focus on instances where static higher-order topology can be understood with insights from the mature field of Floquet topology. Namely, even though static systems do not admit a Floquet description, we find examples of higher-order systems to which certain unitary operators can be attributed. The understanding of topological characteristics of these systems is therefore conditioned by the knowledge on topological properties of unitary operators, among which the Floquet operator is well-known. The first half of this thesis concerns toy models of static higher-order topological phases that are topologically characterized in terms of unitary operators. We find that a class of these systems called quadrupole topological insulators exhibit a wider range of topological phases than known previously. In the second half of this dissertation, we study reflection matrices of higher-order topological phases and show that they can exhibit the same topological features as Floquet systems. Our findings suggest a new route to experimental realizations of Floquet systems, the one that avoids noise-induced decoherence inevitable in many other experimental setups.