Project & Research Materials

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Abstract Credit contagion arises when a company is in economic distress or if it defaults. The default of a company will have implications for any firm that is economically connected to this given company. The effect of the default, and thus the effect of the credit contagion, depends on which economic relation the defaulting company has with other firms. Default is an element of credit risk. Modeling credit risk is importaint when it comes to the modeling of derivative pricing, such as the prices of credit default swaps, (CDS), and collateral debt obligations, (CDO). These forms of derivatives have been ...
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Abstract Electronic Funds Transfer (EFT) whereby funds transfer electronically from the account of a payer to a payee significantly contributes to the efficiency and safety of national payment systems and thereby, national economy. States regulate EFT to achieve a number of objectives including protection of consumers. The National Payment System Proclamation of Ethiopia regulates Electronic Funds Transfer. In this writing, I evaluate consumer protection concerns that arise in EFT contracts between a consumer and a financial institution on the basis of the Proclamation and other relevant laws of Ethiopia. I have used relevant legislation of the U.S. and the European ...
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Abstract The history of the modern state is the history of its revenue raising capabilities (Levi, 1988). Viable democratic institutions first evolved when state and society entered into contractual arrangements with each other over revenue through taxation. A major obstacle for accountable and responsive government in African countries is that states are relatively independent of their citizens for revenue. Tanzania has a very narrow tax base. Taxation only accounts for 12 percent of its GDP. Most revenue to the state comes from foreign aid and the natural resource sector. Being almost independent of ordinary citizen taxpayers for revenue leads to ...
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Abstract Ethiopia, the most populous least-developed country outside of the World Trade Organization, is on the process of accession since 2003. What the potential implications of this accession will be for the financial service sector, which is widely closed from foreigners participation, is an interesting question since liberalization commitments under the GATS have different impact on different modes of supply and for different stakeholders. Financial services are key to any properly functioning economy and hence their liberalization which caries many advantages and risks is a sensitive issue requiring acceding governments to carefully handle the negotiation process by addressing their basic ...
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Abstract: The microfinance movement has received enthusiasm as a poverty alleviation tool that has the potential to become a self-sustaining industry. Large-scale poverty reduction through financially sustainable institutions is the ultimate promise of microfinance. However, in the 1990s, a debate emerged regarding the possibilities of achieving this promise. Others argue that microfinance institutions should reduce their dependency from donors and governments by becoming financially self-sufficient, commercial institutions that can borrow from the commercial capital markets and that way grow to serve large numbers of poor people. Others, however, fear that a profit-seeking approach into microfinance will result in the poorest ...
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Abstract: DO CREDIT RATING ANNOUNCEMENTS MATTER? OBJECTIVES OF THE STUDY This study has two main objectives: First, it aims to find out how much impact different types of credit rating announcements have on the credit default swap (CDS) market. Second, the study searches for evidence of possible herding behaviour between the major credit rating agencies. DATA AND METHODOLOGY Credit rating data comprises of the investment grade level credit rating actions issued by Standard & Poor’s, Moody’s, and Fitch for U.S. companies included in S&P 500 index at the end of the observation period from January 1, 2000 to June 4, ...
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Abstract: PURPOSE OF THE STUDY The purpose of this thesis is to examine the cross-sectional variation of the value of firm’s cash holdings, and how the value of cash changes over time. The study contributes to the existing literature on the value of cash in two important ways. First, the study examines how the financing constraints and investment opportunities together affect the value the shareholders place on cash. Second, the thesis establishes a link between the value of cash and the time-variation of the cost of external capital. The thesis also aims to find support for the findings related to ...
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Abstract: PURPOSE OF THE STUDY. The purpose of the study is to show how target employee stock options (ESOs) are valued in mergers and acquisitions, and to answer whether the possibility of company being bought should affect the stock option values. I also investigate whether the valuation methods used in transactions retain the total value of ESOs including both the intrinsic and the time value components, what factors determine the choice of valuation method, and what are the implications of different methods to the option valuation. DATA. Data set consists of option valuation method observations in mergers and acquisitions in ...
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Abstract: Research objectives The main objective of the research was to analyse how Finance can support sales and operations planning (S&OP). To support analysis of the main objective particular focus was placed on assessing how sales and operations planning can be coordinated, how financial forecasting can be integrated with S&OP and how performance measures can be utilized in S&OP. Sources Theoretic part of the thesis comprises wide array of journals, articles, books and research regarding S&OP, financial forecasting and performance measurement. On the other hand, empiric data was gathered through conducting interviews at five manufacturing companies. Research method The research ...
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Abstract: PURPOSE OF THE STUDY Executive compensation frequently makes headlines in both academic journals and the yellow press. From the academic point of view, executive compensation has its grounds in agency theory. Effective compensation schemes align the interests of managers and owners and motivate managers to maximize shareholder value. Disclosure of compensation schemes enables shareholders to evaluate the remuneration contracts’ adequacy. In 2005, the German legislator created a natural experiment to study the economic consequences of executive compensation disclosure. From 2006 on, firms were obliged to disclose individual compensation details for their executive board members. Prior to that, disclosure of ...
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Abstract: AALTO UNIVERSITY SCHOOL OF ECONOMICS ABSTRACT: International Business Master’s Thesis December 20, 2011 Wilhelmiina Ketonen Transfer of Responsible Lending Practices in an MNC - Case of a Consumer Finance Company Objectives of the study Existing literature has not paid proper attention to the transfer of value-infused practices in multinational corporations (MNCs) and has similarly neglected the individual actor in transfer situations. Overall, transfer processes have been viewed too simplistically. The aim of this study was to study the transfer of a value-infused practice, responsible lending, within an MNC and its local subsidiary. Furthermore, it aimed to identify the role ...
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Abstract: The objective of this thesis is to examine the effects of three behavioral biases on investment advisors. These biases are hindsight bias, overconfidence and self-attribution bias. A survey study is carried out to find out how the studied biases affect the investment advisors. The same survey study is also carried out for two control groups for comparative purposes. In addition, the effects of individual thinking style and cognitive abilities on the exposure to behavioral biases are studied. The data in this study is collected in controlled field surveys. The surveys are carried for three separate groups of people; financial ...
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Abstract: The purpose of my thesis is to study whether actively managed mutual funds successfully alter market exposure in anticipation of changes in aggregate liquidity. Specifically, I test whether funds increase (decrease) market exposure prior to increases (declines) in liquidity. Furthermore, I investigate whether certain fund characteristics are related to funds’ success in timing liquidity. As liquidity has been shown to be positively related to asset returns and negatively related to market volatility, mutual funds could benefit from the ability to predict and time changes in aggregate liquidity. Although market liquidity has been identified as an important risk factor affecting ...
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