This thesis in Industrial Engineering and Management examines which the critical success factors are for implementing blockchain technology in the context of trade finance. Blockchain is an up-and-coming technology that has yet not been implemented in many organizations. By examining which the success factors are for implementing the technology, a foundation can be provided for future implementation efforts with the hope of achieving a successful result. Furthermore, to assess if an implementation of blockchain has been successful or not, the value of it has been assessed. Through a qualitative study with interviewees from both companies acting in the trade finance industry and experts on the subject of blockchain, information could be gathered in order to confirm the theoretical framework as well as provide for new findings. The conclusion was that the most important success factors for implementing blockchain, found in the theoretical framework were: "Managing and involving stakeholders (for instance customers and suppliers)", "Clear management support/commitment/involvement of the implementation", and "Understanding of the organization in which the implementation is to take place (its strengths, needs, etc.)". The least important factors proved to be "An in depth understanding of the technology that is to be implemented; what it is and how it works", "Keeping the change communicable and transparent within the organization", and "Extensive project definition and planning". Unexpected findings were that almost all interviewees mentioned that there has to be a real need for the technology in order for it to be successfully implemented. Also, as the very nature of blockchain requires cooperation; it is important to realize that blockchain will require a higher degree of working over organizational boundaries. Another aspect that proved to be important to take into consideration is that the trade finance industry holds legacy and therefore is prone to be resistance to change, especially to a technology of such a highly disruptive character. Lastly, it is of importance to mention that the context also has to be taken into consideration; every organization is different and require different approaches when it comes to implementing blockchain technology. When it comes to how blockchain technology generates value from an organizational perspective, the most common answers were that it enhances collaboration and trust. Many identify value in the problem-solving and more decentralized mindset that blockchain brings. An unexpected finding was that the mere use of the word blockchain will create value, as this enables collaboration and investment. Other reasons given were security, transparency, automation, traceability, and decentralization. Further analysis examined the reasons behind the importance and connection of these answers. / Det här examensarbetet i industriell ekonomi undersöker vilka de kritiska framgångsfaktorerna är för implementering av blockkedjeteknologi inom området trade finance. En blockkedja är en teknologi med stora möjligheter som ännu inte har implementerats inom många företag. Genom att undersöka vilka framgångsfaktorerna är för att implementera teknologin, så kan en grund för framtida implementeringsförsök läggas med hopp om att uppnå ett framgångsrikt resultat. Vidare, för att utvärdera om en implementering har varit lyckad eller ej, måste värdet i implementeringen utvärderas. Genom en kvalitativ studie med intervjuer av personer både inom företag som ägnar sig åt trade finance och med experter på blockkedjor, kunde information tas fram för att bekräfta det teoretiska ramverket likväl bidra med nya resultat. Slutsatsen blev att de viktigaste framgångsfaktorerna för implementering av blockkedjor, som hittats i det teoretiska ramverket, var: "Tydligt stöd/engagemang/medverkan av management i implementeringen", "Hantering och involvering av olika intressenter (till exempel kunder och leverantörer)", "Förståelse för organisationen som implementationen sker i (dess styrkor, behov etc.)". De minst viktiga framgångsfaktorerna visade sig vara: "En djup förståelse för teknologin som skall implementeras; vad det är och hur den fungerar", "Förändringen sker på ett transparent sätt och med tydlig kommunikation", "Omfattande projektdefinition och planering". Oväntade resultat var att nästan alla de intervjuade personerna nämnde att det måste finnas ett riktigt behov för teknologin för att det ska kunna implementeras framgångsrikt. Likväl, en fundamental egenskap av blockkedjan är att teknologin kräver samarbete; det är viktigt att inse att blockkedjan kräver en högre grad av samarbete över organisatoriska gränser. Ytterligare en aspekt som visade sig vara viktig att ta hänsyn till är att trade finance industrin har varit oföränderlig under låg tid och därmed är benägen att kännetecknas av motstånd till förändring, särskilt mot en teknologi som är av en sådan disruptiv karaktär. Slutligen är det av vikt att nämna att kontexten också behöver tas hänsyn till; alla organisationer är olika och kräver olika tillvägagångssätt när det kommer till att implementera blockkedjeteknologi. Gällande hur blockkedjeteknologi genererar värde från en organisatorisk synvinkel, är det vanligaste svaret att det förbättrar och ökar samarbete och förtroende. Många identifierar värde i den problemlösning och det mer decentraliserade tankesättet som blockkedjor möjliggör. Ett oväntat resultat var att bara användandet av ordet blockkedja kommer att skapa värde, eftersom det möjliggör samarbete och investeringar. Andra faktorer som gavs var säkerhet, transparens, automatisering, spårbarhet och decentralisering. Vidare analys undersökte de bakomliggande anledningarna till dessa faktorers betydande och kopplingen mellan dessa svar.

Typescript. / Thesis (Ph. D.)--University of Hawaii at Manoa, 1989. / Includes bibliographical references (leaves [127]-130). / Microfiche. / ix, 130 leaves, bound ill. 29 cm

Malone, Yates & Benjamin (1987) made predictions about the impact of information technology and systems on the organisation of firms and markets based on transaction cost effects discussed earlier by Coase (1937) and Williamson (1975). Evans and Wurster (1999, 2000) examined these ideas in terms of “richness and reach”. Berger, Hancock & Marquardt (1996) proposed a framework for analysing efficiency, risks, costs and innovations in the payments system. In this, they called for additional research into risks and costs in various aspects of the international payments systems and offered a framework for such an examination. This dissertation examines these and other authors’ work from the literature, follows the development of actual systems newly implemented for international trade finance, and considers the impacts of electronic commerce on the field of international trade finance, in particular its effect on the costs and risks involved. This question is important because the burden of paper-based documentation that controls international trade is approximately 6% of $USD7.5 trillion per year. If efficiencies, even small ones, can be gained in this overhead cost, at an acceptable level of risk, then a substantial saving in real dollar terms can be achieved each year, improving the efficiency of world trade and easing the burden on both suppliers and consumers worldwide. The research questions are examined by means of a three round Delphi survey (three iterations of questionnaires with analysis and feedback between rounds) of a panel of experts drawn from international bankers, users of trade finance, and academic researchers into international trade finance and e-commerce. The survey first identifies the factors of greatest import and interest. It then digs deeper and seeks consensus on areas where there is divergent opinion, and finally seeks to critique a model based on the Berger, Hancock & Marquardt (1996) model. In the process the panel is able to estimate the approximate size of shifts in both costs and risks expected from the implementation of e-commerce methods. These are examined in light of the Malone Yates & Benjamin (1987) and Evans & Wurster (2000) theories and found to be consistent. This empirical confirmation of theoretical expectation, combined with estimates of the size of change are then used to make specific recommendations to various participants in the field of international trade finance so that they can reap the benefits of the transition in process.

The digitalization of our world is happening at a rapid pace. In the last few years there has been an avalanche of new technologies that could benefit businesses, such as; artificial intelligence, internet of things and blockchain. To explain blockchain in short one can say that it is a ledger that cannot be changed and the information that is stored on the ledger will be there forever, with the information being stored in a decentralized manner and everyone with the right permissions get access to the same data at the same time. The information networks that build our society today are largely central, big institutions keep information stored centrally in massive data centers. On the contrary, blockchain enables distribution of the information to a myriad of smaller data storages, providing security of the data in the decentralization. Blockchain and its implementation in trade finance and international payments is something that is explored in this thesis, as well as the barriers that impede a large-scale implementation of blockchain in the financial sector in Sweden.  Every year trade finance accounts for approximately 17 trillion USD worldwide, this is a process that is still paper intense and slow. The use case for blockchain has been realized within this sector as there are operating trade finance platforms based on blockchain or distributed ledger technology, but how does blockchain really improve this sector? During this degree project this has been one of the questions asked and the answer is clear, blockchain will bring efficiency and transparency to trade finance. International payments is also an area that has been researched during this project as it is right now a costly and slow process, the use case for blockchain or distributed ledger technology has been realized in this sector as well, but the implementation seems to be further away. The main reasons why international payments are seen as a use case for blockchain is the same as the aforementioned - efficiency and transparency.  Sweden has yet to see a large-scale implementation of blockchain, some of the barriers found are the challenges of collaboration and agreeing on governance, as well as doubts about the technology from the broad mass as it has yet to be proven efficient and reliable in a large-scale, long term setting. Additionally there are already functioning payment infrastructure in use in Sweden and the cost of implementing blockchain is thus far outweighing the benefits for implementing it.

Thesis (MBA (Business Management))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Successful merger and acquisitions (M & A) from a financial perspective increases shareholder value. This paper examines the effect of corporate mergers and acquisitions (M & A) on shareholder value. A discussion on shareholder value follows with reasons why companies choose M & A as a growth strategy. The type of M & A strategy affects the value it creates. A literature review of M & A activity during the five periods in the twentieth century, referred to as merger waves, provides an understanding of the conditions which precipitate M & A activity. However, failure of companies that engage in M & A activity has not resulted in a decline in the popularity of M & A. This study identifies and subsequently analyses data (profitability ratios) on 34 upstream oil and gas companies that have engaged in M & A activity. Profitability ratios indicate the financial performance of a company and ultimately shareholder value. In order to obtain the best possible insights into the behaviour of the identified variables and their impact on shareholder value, the specific variables are empirically tested over different time periods through the application of two statistical tests performed on the data. The empirical analysis is based on a total of 324 observations gathered by Evaluate Energy for global oil and gas companies and covers the period 1995 to 2005. The results of the different testing methods, although subject to certain limitations, give reason to believe that the M & A leads to an erosion of shareholder value. Hence the appropriate reasons for embarking on an M & A strategy and the comprehensive pre-acquisition evaluation thereof, is tantamount to M & A success. / AFRIKAANSE OPSOMMING: Vanuit ‘n finansiële oogpunt kan suksesvolle samesmeltings en aanskaffings (S & A) aandeelhouers-waarde verhoog en hierdie werkstuk ontleed die effek wat korporatiewe S & A’s op aandeelhouers-waarde het. ‘n Bespreking oor aandeelhouers-waarde volg en verskaf redes waarom maatskappye S & A’s as ‘n groeistrategie verkies en hoe die tipe S & A strategie wat gevolg word die waarde wat dit skep affekteer. Gedurende die 20ste eeu was daar vyf tydperke waarin S & A aktiwiteite hoog was, die sogenaamde “merger waves” en ‘n ontleding van literatuur gedurende hierdie tydperke verskaf ‘n begrip van die omstandighede wat aanleiding gee tot S & A aktiwiteite. Alhoewel sommige S & A’s onsuksesvol is, bly dit ‘n populêre keuse by maatskappye om aandeelhouers-waarde te probeer verhoog. Hierdie studie identifiseer en analiseer data (winsgewendheids-verhoudings) van 34 “upstream” olie- en gasmaatskappye wat een of ander tyd in ‘n S & A betrokke was. Winsgewendheids-verhoudings dui op die finansiële prestasie van maatskappye en uiteindelik op aandeelhouers-waarde. Ten einde die beste insae in die optrede van die geidentifiseerde veranderlikes en hul impak op aandeelhouers-waarde te kry, is die spesifieke veranderlikes numeries getoets oor verskillende tydperke deur middel van twee statistiese modelle. Die numeriese analises is gebaseer op 324 waarnemings deur Evaluate Energy op internasionale olie- en gasmaatskappye tussen 1995 en 2005. Die uitslae van die verskillende metodes van toets, ingesluit sekere beperkings, dui daarop dat S & A’s oor die algemeen lei tot ‘n vermindering in aandeelhouers-waarde en daarom is dit van kardinale belang om ‘n beproefde S & A strategie te ontwikkel voordat ‘n S & A aangepak word.

The thesis focuses on the impact of the banking regulation Basel III on bank-intermediated trade finance. The theoretical part of the thesis explains details of Basel III requirements, history of Basel Accords and their future in the form of Basel IV, characteristics of trade finance products and of the whole industry. Trade finance industry voiced worries about the negative effect that these new requirements might have on trade finance business. The thesis estimates determinants of bank-intermediated trade finance and includes a regulatory variable. We use trade finance data from the Czech Republic and Hong Kong in 2000−2014 and from India in 2007−2014. A negative effect of Basel III on trade finance growth is found using pooled OLS regression. Contrary to previous research, we also estimate a negative coefficient of banks' capital to assets ratios. To the best of our knowledge, the thesis provides the first empirical analysis of the impact of Basel III on trade finance. Trade finance research usually focuses more on the relationship of trade finance and trade flows and the thesis provides an extensive literature summary of this topic. The final part of the thesis contrasts different levels of risk of trade finance and shows that the imputed low-riskiness does not apply to the Czech data.

This thesis argues that the financial sector played a positive, but limited role in British economic growth from 1850 to 1913. It examines empirically the role played by different types of financial institutions: commercial banks, stock markets and merchant banks. To this end, the thesis uses recently developed time series and dynamic panel methods for the econometric analysis, alongside new data on different parts of the financial system. The results suggest that at a national level, the growth of commercial banks had a limited impact on British economic development over the long run, and stock markets had no impact. However, changes in bank lending influenced economic growth to a significant extent in the short term. Growing conservatism in bank lending practices did not significantly increase credit constraints, as had been previously suspected. Findings from new geographically disaggregated data indicate that the spread of bank offices improved the economic performance of English and Welsh counties. Increased concentration of the banking industry did not hinder economic growth, a result that challenges widespread suggestions in the relevant literature. Moreover, the development of provincial stock exchanges – exchanges outside London - did not influence county-level economic growth, contrary to the view that they were important for the expansion of local industry. Finally, this thesis is the first to assess econometrically the role of merchant banks. It demonstrates that their trade financing activities were beneficial not only for the growth of British international trade, but also for that of the domestic economy.

by Lee H.P., Anthony. / Bibliography: leaf 34 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1983

The importance of small and medium-sized enterprises (SMEs) in the economy should not be overlooked. The main function of SMEs is to contribute to the economic activities in a country, through the provision of goods and services to the public or other firms. These goods and services could be traded internationally, thus increasing a country?s export performance. It is important for economic growth that SMEs grow within their respective economies. One way that SMEs can achieve growth is through internationalisation. Firms are internationalising faster than ever before (because of advances in telecommunications and transportation) and internationalisation theories that can provide practical guidance to firms are more important today than in the past. A firm?s ability to internationalise no longer only depends on the quality of the product, the delivery terms and competitive prices. Internationalisation increasingly depends on the ability and willingness of financial institutions to grant credit. Obtaining trade finance has become a major hindrance to SME internationalisation, especially in Africa. By overcoming the difficulties in obtaining trade finance, African SMEs will be able to expand into foreign markets. The purpose of this study is to determine how African SMEs can overcome trade finance barriers to internationalisation. SMEs can do so by mitigating the risks involved in every international transaction and by becoming ?trade finance ready?. A trade finance facility that is well suited for African SMEs (because it revolves around identifying and mitigating the risks involved with their international transactions) is structured trade and commodity finance. In trading with China, African SMEs can obtain structured trade and commodity finance from a specialist financial institution that focuses on the Chinese market (which is the focus of this study). China Construction Bank (Johannesburg branch), through their association with Rand-Asia Trade Finance, provides structured trade and commodity finance to African SMEs. The key to receiving structured trade and commodity finance is that these SMEs, together with China Construction Bank (Jhb) and Rand-Asia Trade Finance have to mitigate the risks involved with their international transactions so that the SMEs can become ?trade finance ready?. / Thesis (M.Com. (International Commerce))--North-West University, Potchefstroom Campus, 2011.

The importance of small and medium-sized enterprises (SMEs) in the economy should not be overlooked. The main function of SMEs is to contribute to the economic activities in a country, through the provision of goods and services to the public or other firms. These goods and services could be traded internationally, thus increasing a country?s export performance. It is important for economic growth that SMEs grow within their respective economies. One way that SMEs can achieve growth is through internationalisation. Firms are internationalising faster than ever before (because of advances in telecommunications and transportation) and internationalisation theories that can provide practical guidance to firms are more important today than in the past. A firm?s ability to internationalise no longer only depends on the quality of the product, the delivery terms and competitive prices. Internationalisation increasingly depends on the ability and willingness of financial institutions to grant credit. Obtaining trade finance has become a major hindrance to SME internationalisation, especially in Africa. By overcoming the difficulties in obtaining trade finance, African SMEs will be able to expand into foreign markets. The purpose of this study is to determine how African SMEs can overcome trade finance barriers to internationalisation. SMEs can do so by mitigating the risks involved in every international transaction and by becoming ?trade finance ready?. A trade finance facility that is well suited for African SMEs (because it revolves around identifying and mitigating the risks involved with their international transactions) is structured trade and commodity finance. In trading with China, African SMEs can obtain structured trade and commodity finance from a specialist financial institution that focuses on the Chinese market (which is the focus of this study). China Construction Bank (Johannesburg branch), through their association with Rand-Asia Trade Finance, provides structured trade and commodity finance to African SMEs. The key to receiving structured trade and commodity finance is that these SMEs, together with China Construction Bank (Jhb) and Rand-Asia Trade Finance have to mitigate the risks involved with their international transactions so that the SMEs can become ?trade finance ready?. / Thesis (M.Com. (International Commerce))--North-West University, Potchefstroom Campus, 2011.