Canada has been recognized as the largest exporter of flax seed in the world. Currently, very little flax straw is further processed, despite its potential as a value added product, with only about 7-10% of Canadian flax seed producers harvesting residual flax straw rather than burning the straw. A traditional use of flax straw has been for the production of fibre for the linen industry. Interest in flax fibre has been rekindled with the impetus to seek out bioproducts that replace non-renewal resources and provide value-added opportunities for agricultural producers. Flax fibre also has a range of potential uses in automotive parts, geotextiles, insulation material, etc. Despite this potential, the Canadian flax fibre sector remains largely underdeveloped, with fledgling supply chains and lack of investment in the necessary processing capacity. This paper develops a framework for analysing the relational exchanges at different stage of the supply chain to determine if the paucity in investment is the result of prohibitively high exchange costs. A number of distinct stages in the flax fibre supply chain can be identified: farmers producing flax seed and/or straw; processors who extract the natural fibre from the straw; and manufacturers who use the fibre in their products. The paper develops a framework that draws together insights from Transaction Cost Economics, Agency Theory and Bargaining Theory. The role of institutions in facilitating quality measurement and providing participants with information is also considered. The theoretical framework identifies asset specificity, agency measurement costs, bargaining power and under-developed institutions as key factors in the development of the flax fibre sector. From the theoretical framework, a set of propositions is developed that examine the anticipated effect of these factors on vertical coordination in the sector. The theoretical propositions are explored through a series of semi-structured interviews with parties at each stage of the supply chain (producers, fibre processors, final manufacturers), as well as with industry experts. Information from the interviews is used to identify the transaction characteristics and the institutional framework characterizing the flax fibre sector in Canada. This is analysed through a comparative case study approach with the flax fibre sector in Europe, and the wool fibre sector in New Zealand as an example of a fully developed and long-standing fibre sector. By also noting the different vertical coordination strategies that are present in these supply chains, a connection is drawn between the presence of certain transaction characteristics and the corresponding cost-minimizing exchange relationships. The case studies are used to investigate the propositions developed from the theoretical framework regarding the impact of transaction characteristics on the optimal vertical coordination strategy and the impediments to development and investment in the sector. The propositions developed in the framework are verified to a great extent by the comparative case study. The uncertainty in the exchange environment regarding the future direction of the flax fibre industry and the high measurement costs due to the absent quality and grading regime in the Canadian flax fibre set the two industries apart from each other. Both of these dimensions impact the exchange costs of a transaction and subsequently, the extent to which the parties are closely coordinated. The case studies verify that using a framework to analyze transactions provides additional insights because of the joint consideration of several features of the transaction.

Based upon the view that changes in institutional environment have an effect on transaction attributes, which will make anew the choice of economic organization, the purpose of the thesis is to explain the organization development and structure change of Mainland China's non-state-owned enterprises. It tries to modify O. E. Williamson's theory of governance structure in order to theorize China's economy more suitably. More importantly, the thesis describes a specific dimension of transaction ¡Ðthe need for "political reliance" in the transitional economy, with which we supplement and/or on substitute Williamson's (1999) concept of "probity". We find out that the need for political reliance in stead of probity, is the key to understanding why and which kind of governance mechanism is more "efficient" in managing transaction in Mainland China's non-state-owned section. The theory we establish is applied to explaining the organization development and structure change of Mainland China's non-state-owned interprises, which have experienced different need of political reliance in different stages of China's economic reform. Especially suitable for the theory to explain is about the surge and fall of the unique form of organization, i.e. the so-called "Gua-kau"(±¾¾a) enterprises. The thesis also predicts the tendency of structure change in Mainland China's non-state-owned seitor by using the same theory.

By 2020, at least 20 percent of the gross final consumption of energy in the European Unionshould be produced from renewable energy sources. The cooperative movement as such is not new, buthas a long history in the agricultural and credit sector. Over the last years, energy cooperatives havebecome an important option for decentralized electricity production. The transaction cost theory has beenapplied numerous times to agricultural cooperatives, but not to energy cooperatives. A number of casestudies and a subsequent survey analyzed the main benefits and challenges associated with energycooperatives as well as their relation to each other.The study revealed that while Denmark and Sweden focus mostly on wind power as a source for theirelectricity generation, German cooperatives use a more diversified portfolio. The differences are due tonational legislation and affect the total installed capacity as well as membership numbers. Although theindividual motives to join a cooperative vary, the reasons to establish a cooperative clearly show adedication to support renewable energies. The most important benefits associated with this organizationalform are the positive environmental impact as well as local value creation, ownership aspects and thelimitation of the individual liability. Contrarily, most of the disadvantages discussed concern factors outsideof the cooperatives such as the change of regulatory frame conditions and the insecurity towards thedevelopment of the electricity price. Transaction costs play a minor role since professional governancestructures are in place and the trust among members prevents opportunistic behavior.

We revisit the optimal investment and consumption model of Davis and Norman (1990) and Shreve and Soner (1994), following a shadow-price approach similar to that of Kallsen and Muhle-Karbe (2010). Making use of the completeness of the model without transaction costs, we reformulate and reduce the Hamilton-Jacobi-Bellman equation for this singular stochastic control problem to a non-standard free-boundary problem for a first-order ODE with an integral constraint. Having shown that the free boundary problem has a smooth solution, we use it to construct the solution of the original optimal investment/consumption problem in a self-contained manner and without any recourse to the dynamic programming principle. By analyzing the properties of the free boundary problem, we provide an explicit characterization of model parameters for which the value function is finite. Furthermore, we prove that the value function, as well as the slopes of the lines demarcating the no-trading region, can be expanded as a series of integer powers of [lambda superscript 1/3]. The coefficients of arbitrary order in this expansion can be computed. / text

This thesis follows a neo-institutional economics approach to analyse the economic nature of contractual arrangements in the Hong Kong construction industry. It explains that subcontracting can reduce transaction costs: (1) using piece-rate contracts to replace time-wage contracts to save the high costs of monitoring; and (2) using subcontractors as intermediaries to perform tasks at a lower transaction cost due to their comparative advantages in gathering price information, specific knowledge and resources. The above assertions are evaluated in terms of three refutable hypotheses using statistics published by the Census and Statistics Department of the Hong Kong SAR Government. Hypothesis I: To be employed with short term contracts is not preferred by the construction workers than to be employed with long term contracts; Hypothesis II: A subcontractor is not more commonly used in construction works of higher values than in those of lower values; Hypothesis III: A subcontractor is not more commonly used in construction works by ordinary trades than in those by special trades. In Table 1 summarizes the test results for each hypothesis and states their wider theoretical implications. The three hypotheses are all refuted. The message is that subcontracting is neither an inefficient contractual arrangement nor a means of exploitation by the upstream contractors. It is rather the result of the free choice of the contracting parties, as a matter of constrained maximization in a private property rights system, seeking to reduce transaction costs. Table 1. Summary of Tests Results for Hypotheses I, II and III Hypotheses Regarding Subcontracting in the Hong Kong Construction Industry Test Results Theoretical Implications Hypothesis I To be employed with short term contracts is not preferred by the construction workers than to be employed with long term contracts. Hypothesis refuted. The construction workers prefer being employed with piece-rate contracts or casual daily wage contracts. Hypothesis II A subcontractor is not more commonly used in construction works of higher values than in those of lower values. Hypothesis refuted. A subcontractor is more commonly used in construction works of higher values and by ordinary trades. Subcontracting is not a matter of random choice but for reducing transaction costs. Subcontracting decision would depend on the characteristics of the construction works. Hypothesis III A subcontractor is not more commonly used in construction works by ordinary trades than in those by special trades. Hypothesis refuted. A subcontractor is more commonly used in construction works of higher values and by ordinary trades. Subcontracting is not a matter of random choice but for reducing transaction costs. Subcontracting decision would depend on the characteristics of the construction works. / published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

Bakgrund: Med grund i finanskrisen år 2008, infördes förordningen European Market Infrastructure Regulation, EMIR, för att öka transparensen och minska motpartsrisken på den europeiska derivatmarkanden. Marknaden påvisar att implementeringen av regelverket har varit problematiskt då regelverket anses vara otydligt formulerat. Enligt undersökningar, ökar transaktionskostnaderna på derivatmarknaden till följd av EMIR. Nya aktörer faller, till följd av regelverket, under Finansinspektionens tillsyn vilket ytterligare bidrar till en implementeringsproblematik värd att analysera. Syfte: Syftet med studien är att utreda och utifrån institutionell teori analysera vilka kostander och problem som uppkommit vid implementeringen av EMIR samt diskutera lösningar för dessa. Genomförande: För att uppnå studiens syfte har författarna använt sig av institutionell teori samt ett kvalitativt tillväggångssätt. Empirin är behandlad med ansats i utredning av den implementeringsproblematik berörda parter upplevt till följd av EMIR. Empirin erhålls genom semistrukturerade intervjuer. Med berörda parter avses, i studien, olika intressenter på den marknad som uppstått i och med implementeringen av EMIR. Med teorin som grund kommer olika lösningar på implementeringsproblematiken diskuteras i analysen. Slutsats: Regelverket anses vara otydligt och komplext vilket leder till ökade transaktionskostnader. Flertalet kostnader samt problem har identifierats som framträdande i samband med implementeringen av EMIR. De olika lösningarna som presenteras, förklaras vara olikt beroende på om aktören anses vara större eller mindre på marknaden. Författarna kan slutligen se en långsiktig nytta med EMIR. / Background: Due to the financial crisis of year 2008. European Market Infrastructure Regulation, EMIR, was introduced to increase transparency and reduce the counterparty risk on the European derivatives market. The market demonstrates that the implementation has been problematic and an indistinct designing is expressed. According to studies, increased transaction costs have occurred due to the regulation. Operators that usually not are included by oversight by the Swedish FSA, now are due to EMIR which contributes to an implementation problem essential to analyse. Aim: The aim with the study is to investigate and by institutional theory analyse what costs and problems that occurs at the implementation of EMIR and to discuss solutions for these. Completion: To accomplish the aim of the study, the writers have used institutional theory and a qualitative approach. The empirical data is treated with focus on the implementation problems that affected parts experienced due to EMIR. The empirical data will be concluded with semi – structured interviews. The affected parts, in the study, are different stakeholders on the market that has developed because of the implementation of EMIR. With the theory as background different solutions to the implementation problems will be discussed in the analysis. Conclusion: The regulation is considered to be unclear and complex which results in increased transaction costs. Several costs and problems have been identified in conjunction with the implementation of EMIR. The different solution provided is explained to depend on if the participant is considered a small or a big contestant on the market. The writer can ultimately se a long – term utility with EMIR.

Thesis (Ph. D.)--State University of New York at Binghamton, School of Management, 2008. / Includes bibliographical references.

Thesis (M. For. Sc.)--University of Canterbury, 2008. / Typescript (photocopy). Includes bibliographical references (leaves 46-47). Also available via the World Wide Web.

Thesis (Ph.D.)--Syracuse University, 2008. / "Publication number: AAT 3323061."

Thesis (M. Phil.)--University of Hong Kong, 1999. / Includes bibliographical references (leaves 162-169).