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The study, conducted assesses the current state of agricultural finance in the Republic of Kosovo (Kosovo) and determine ways to improve the provision of finance to Kosovo's growing agricultural economy. The study is aimed at informing the full range of stakeholders about the best options to scale up financial services for agriculture. The study relies on data from available statistics as well as on individual and group discussions with stakeholders. Kosovo's business environment is improving, despite slow advancement in the capacity and function of the public institutions responsible for providing guidance and direction to the industry. Government focus on the World Bank (WB) Doing Business indicators has produced encouraging results. According to the Doing Business 2018 report, Kosovo is currently ranked 40th in the world, up from 126th in 2012, a leap of 86 places. In ease of starting a business, Kosovo very substantially improved its ranking, by 160 places. A law on strategic investments is under consideration, and attention is being given to support public institutions that improve the business environment, such as the Business Registration Agency, which ultimately will support investors. These developments are taking place in an economy marked by high general unemployment (30.5 percent) and very high youth unemployment (52.7 percent). The public sector remains the dominant employer and pays higher wages on average than he private sector. The supply of skilled workers is insufficient to satisfy private sector demand. Small and medium enterprises dominate the economic landscape; while these are increasing in number, few grow into larger entities.

This thesis consists of three articles. The two first articles study information flows in the financial markets, and the third one studies how mutual fund families may use relatively discretionary income sources to channel profits to specific funds within the family. The first article, joint with Daniel Schmidt, studies price and liquidity spillovers in financial markets. Using a quasi-natural experiment, we show that investors look at stock prices to extract signals, and use these to trade. In the second article, I show that mutual fund acquire information through the securities lending market. I show that active mutual funds start selling the stocks that are borrowed from them by short sellers, whereas index funds — that are prohibited from trading — do not. One the other hand, index funds are able to charge higher stock lending fees from the borrowers. I attribute this to them being better lenders in the sense that they can not use the information they gain to trade, and thereby extract profits from the short sellers' information. The third article, also with Daniel Schmidt, studies fund family level policies in allocating securities loans and lending revenues between member funds. We show that fund families deviate from the claimed fair allocation, directing more securities loans and lending profits to index funds. The finding is in line with with funds substituting a lower expense ratio with higher securities lending income. ; Cette thèse se compose de trois articles. Les deux premiers articles étudient les flux d'informations sur les marchés financiers, et le troisième étudie comment les familles de fonds communs de placement peuvent utiliser des sources de revenus relativement discrétionnaires pour canaliser des bénéfices vers des fonds spécifiques au sein de la famille. Le premier article, rédigé en collaboration avec Daniel Schmidt, étudie les retombées de prix et de liquidité sur les marchés financiers. En utilisant une expérience quasi-naturelle, nous montrons que les investisseurs observent les prix des actions pour en extraire des signaux, et les utilisent pour effectuer des transactions. Dans le deuxième article, je montre que les fonds d'investissement acquièrent des informations par le marché des prêts de titres. Je montre que les fonds communs de placement actifs vendent les actions qui leur sont empruntées par des vendeurs à découvert, alors que les fonds indiciels - qui sont interdits de négociation - ne le font pas. D'un autre côté, les fonds indiciels sont en mesure de facturer des frais de prêt de titres plus élevés aux emprunteurs. Je leur attribue le fait qu'ils sont de meilleurs prêteurs dans le sens où ils ne peuvent pas utiliser les informations qu'ils obtiennent pour négocier, et donc tirer des bénéfices des informations des vendeurs à découvert. Le troisième article, également avec Daniel Schmidt, étudie les politiques des familles de fonds en matière de répartition des prêts de titres et des revenus de prêts entre les fonds membres. Nous montrons que les familles de fonds s'écartent de l'allocation équitable revendiquée, en dirigeant davantage de prêts de titres et de bénéfices de prêts vers les fonds indiciels. Cette conclusion est conforme à la substitution par les fonds des frais de gestion plus faibles par des revenus de prêts de titres plus élevés.

Description based on: 1978-79. ; Mode of access: Internet. ; Earlier vols. issued as a part of: Governmental finances in the United States.

Description based on: 1978-79. ; Previously classed: C 3.191/2:, C 56.209: ; Mode of access: Internet. ; Earlier vols. issued as a part of: Governmental finances in the United States.

Vols. for 1946-6 each in 3 pts.: no. 1, Summary of city government finances; no. 2, Compendium of city government finances; no. 3, Large-city finances. ; Vols. for 1942-45 each in 3 pts.: v. 1, Individual city reports (varies slightly); v. 2, Topical reports; v. 3, Statistical compendium. ; Issued as part of the Bureau's Series G. ; "The.fiscal years reported are those ending in calendar (year), except for a few municipalities, with fiscal years closing early in January." ; Mode of access: Internet. ; Part no. 1, Summary of city government finances, is continued by publication entitled City government finances, ISSN 0082-9439 ; Merged with State finances and Governmental finances to form Governmental finances (1965) (Cf. Andriot. Guide to U.S. Government publications)

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private institutions and provider of finance is also discussed, and related topics such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the global financial crisis, which could be blamed on excessive financialization of the economy.

An organization or economic system where goods and services are exchanged for one another or for money Finance: The term finance is understood in two ways such as resources and as a discipline. Resources refer to monetary means of financing assets of an entity. Discipline refers to describes how the individual, government and corporate, organization manage the flows of money through an organization. Business Finance: Is the term that bound a wide range of activity and disciplines revolving the capital funds in meeting the financial needs and objectives of business enterprises. In simple words, business finance applies to all financial activities of agriculture, industry, banking, transport insurance, etc.

The natural speed of the contemporary world demands large investment projects which require specialized financial techniques such as Project Finance, defined as a fund to finance investment projects of great magnitude. Every Project Finance involves a wide range of elements such as promoters, government, contractors andsuppliers, among others, that will ensure project success. ; La rapidez del mundo contemporáneo exige que los grandes proyectos de inversión requieran de técnicas financieras especializadas como el Project Finance, definido como un fondo para financiar proyectos de inversión de gran envergadura. Todo Project Finance involucra elementos como promotores, gobierno, contratistas, proveedores, entre otros, que garantizan el éxito del proyecto.

In this dissertation I present three theoretical papers, each as an individual chapter. The first paper is titled "The Economics of Discretion in Multi-Agent Decision Problems." It is premised on the idea that discretion is valuable when knowledge mismatches lead principals to delegate decisions to agents with specialized knowledge. In the paper, I consider a team setting, and I characterize the optimal delegated choice set that is offered to agents when an agency conflict is present. I show that the amount of discretion increases with the value of an agent's private information, with the degree of alignment between the principal and agents, and with the ex ante uncertainty faced by the principal and agents. The latter finding implies that discretion may be used by agents to hedge the risk that they face. Nevertheless, I demonstrate that when all participants have rational expectations, it is never optimal for agents to add strategic uncertainty to receive more discretion ex post. I conclude the paper by applying the theory to delegated portfolio management, which yields novel empirical implications in this setting.The second paper is co-authored with Bruce I. Carlin and Andrew Iannaccone and it is titled "Competition, Comparative Performance, and Market Transparency." In the paper, we study how competition affects market transparency, taking into account that comparative performance is assessed via tournaments and contests. Extending Dye (1985) to a multi-firm setting in which top performers are rewarded, we show that increased competition usually makes disclosure less likely, which lowers market transparency and may decrease per capita welfare. This result appears to be robust to several model variations and as such, has implications for market regulation.The final paper is co-authored with Bruce. I. Carlin and is titled "Political Influence and the Regulation of Consumer Financial Products." In the paper, we explore a theoretical model of product regulation in which the social planner chooses an optimal level of market complexity, given that people have varied sophistication. We investigate how several dimensions affect the quality of regulation: the skill of the social planner, imperfect information, lobbying efforts, voting behavior in elections, and political philosophy. We find that both sophisticated and unsophisticated market participants often vote to elect the least informed and educated planners, which erodes social welfare. Further, when concerns regarding equality are sufficiently large (i.e., a socialistic agenda), the social planner limits the market to one product. In such case, adequacy suffers and all market participants are equally worse off.

The notion of "Islamic finance" was born during the tumultuous identity-politics years of the mid-twentieth century. Indian, Pakistani, and Arab thinkers contemplated independence from Britain, and independence of Pakistan from India, within a context of "Islamic society." Islam was assumed to inspire political, economic, and financial systems that are distinctive and independent of the Western (Capitalist) and Eastern (Socialist) models of the epoch. The term "Islamic economics" was coined by Abu al-A`la AlMawdudi, whose students and followers worked to develop an ostensible Islamic social science (Kuran, 2004). Mawdudi's influence on Arab Islamists began with the writings of Sayid Qutb, the father of modern Arab political Islam, whose quasi-exegesis Under the Qur'anic Shade referred exclusively to Mawdudi's writings on economic matters. Mawdudi's migration from majority-Hindu Indian society to maority-Muslim Pakistan thus became a prototype for Islamist migration away from secular political and economic systems.

Die Dissertation "Essays in Finance"' besteht aus vier Fachbeiträgen auf dem Gebiet der Finanzwirtschaft. Der Beitrag "Dissecting the pecking order -- When does it hold?" widmet sich der Frage nach der Evidenz für die Pecking-Order-Theorie im Laufe der Zeit in einer Stichprobe von 1992--2009 in den Ländern der G7. Die Länder werden jeweils nach der Ausprägung in markt- und bankorientiert unterschieden. Es stellt sich heraus, dass der Erklärungsgehalt der Pecking-Order-Theorie über die Betrachtungsperiode abnimmt. Die anfänglich großen Unterschiede zwischen bankorientierten und marktorientierten Finanzsystemen werden ebenso kleiner, allerdings hat die Pecking-Order-Theorie über den gesamten Zeitraum einen höheren Erklärungsgehalt in bankorientieren Finanzsystemen. Insgesamt stellt sich jedoch heraus, dass die Pecking-Order-Theorie nur unzureichend in der Lage ist, Kapitalstrukturentscheidungen zu erklären. Der zweite Beitrag "Illuminating the speed of adjustment -- Exploring heterogeneity in adjustment behavior" widmet sich ebenso der Kapitalstrukturpolitik und nimmt den Faden der Dynamic-Trade-Off-Theorie auf. Die unterschiedlichen Theorien haben Implikationen für die Anpassungsgeschwindigkeit an eine Zielkapitalstruktur. Während die Pecking-Order-Theorie eine Anpassungsgeschwindigkeit von null impliziert, impliziert die Dynamic-Trade-Off-Theorie eine positive Geschwindigkeit. Auch dieser Beitrag berücksichtigt die institutionellen und rechtlichen Gegebenheiten sowie das makroökonomische Umfeld. Zur Bestimmung der Anpassungsgeschwindigkeit werden verschiedene Panelschätzer eingesetzt. Insgesamt zeigt sich eine Anpassungsgeschwindigkeit von 20%. Diese ist in marktorientierten Ökonomien höher. Es zeigt sich auch, dass Firmen große Finanzierungsdefizite nutzen, um schneller ihre Kapitalstruktur anzupassen. Der dritte Beitrag "Haben Manager Timing-Fähigkeiten? Eine empirische Untersuchung von Directors'-Dealings" untersucht, welches Signal Directors' Dealings an den Kapitalmarkt senden. Unter Directors' Dealings versteht man den Handel eines Managers mit Wertpapieren des "eigenen" Unternehmens. Dieser Handel unterliegt in Deutschland einer Regulierung, die eine Meldepflicht einer solchen Transaktion vorsieht. Die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) führt eine Datenbank dieser Transaktionen, die in dem Beitrag ausgewertet wird. Dieser Datensatz ist der umfangreichste in der bisherigen Forschung zu Directors' Dealings. In dem Beitrag wird darüber hinaus untersucht, ob das Anlegerschutzverbesserungsgesetz aus dem Jahr 2004 eine Verringerung der Überrenditen mit sich bringt. Die Ergebnisse deuten darauf hin, dass Unternehmensinsider über ausgeprägte Timing-Fähigkeiten verfügen und diese zur Erzielung von Überrenditen nutzen. Ein Vergleich mit früheren Studien zeigt, dass die Werthaltigkeit von Insider-Transaktionen im bankorientierten deutschen Finanzsystem nicht höher ausfallen als in den marktorientierten angelsächsischen Finanzsystemen. Der vierte Beitrag "Common risk factors in the returns of shipping stocks" untersucht das Risikoprofil des Schifffahrtssektors. In die Stichprobe gehen alle börsengehandelten Schifffahrtsgesellschaften ein. Aus diesen werden Indizes für Massengutfrachter, Containerfrachter und Öltanker gebildet. Die Schätzungen zeigen ein geringes Beta für Schifffahrtsaktien; überraschend angesichts des hohen vor allem zyklischen Risikos in diesem Sektor. Das Asset-Pricing-Modell zeigt, dass das Risiko von Schiffahrtsaktien mehrdimensional erfasst werden muss. Neben einem Weltmarktaktienindex spielen Wechselkursrisiken des US$, Outputrisiken, wie die Veränderung der Industrieproduktion, und Inputrisiken, wie die Veränderung des Ölpreises, eine Rolle als Risikofaktoren. Insgesamt zeigt der Beitrag, dass Schifffahrtsaktien ein von anderen Sektoren und Ländern stark abweichendes Risikoprofil aufweisen und daher gut als diversifizierende Portfolioergänzung geeignet sind.

Some vols. have also prelim. reports. ; Mode of access: Internet.

Some nos. issued without title. ; Title varies slightly. ; Mode of access: Internet.

1942 includes a detailed summary of county governments in the U.S., and is accompanied by a preprint of the summary section called Summary of statistical compendium. ; Description based on: 1942. ; Mode of access: Internet.

Portugal financed the extraordinary expenditures of the First World War in the same way as many other countries, i.e. running budgetary deficits, issuing debt, and printing money. By the end of the war, all nations were facing the same dilemma - they could either adopt a deflationary monetary policy or embark on a fairly aggressive policy of currency devaluation. Due to political weakness, successive Portuguese governments accepted the latter. This inflationary policy penalized mostly private savings and the share of the population relying on fixed incomes, but it also slowed down the contraction of the economy. ; publishersversion ; published