Iceland's meltdown: the rise and fall of international banking in the North Atlantic

This paper shows how rapid privatization and liberalization of Iceland's small local banks around 2000, combined with well-developed crony relations among the elite, enabled a small group of financiers to leverage government-guaranteed deposits into a vast wave of mergers and acquisitions abroad, and redistribute enough of the profits back home to make the economy boom. Negative policy feedback loops were systematically undermined. The incoming left-wing government, with IMF support, has managed to protect the bulk of the population from the worst of the effects.

Facilitating corporate entrepreneurial behavior: A study of corporate entrepreneurial behavior in corporate banking

This study discusses the pronounced importance of corporate entrepreneurial behavior, CEB, facilitation and enablement as a key dimension in the rapidly changing business environment within companies. The research target is a large finance company in Finland, where regulations, compliance and processes restrict and refine extensively business approach. The purpose of this study is to foster the understanding of corporate entrepreneurial behavior and requirements and identify the supporters and inhibitors of facilitation of it. Furthermore, this study examines who should be driving the implementation and offer concrete outcome for the company to get the facilitation started and berth it as part of the organizational culture and values. The theoretical background is constructed from literature related to concept of corporate entrepreneurial behavior, factors supporting and hindering the facilitation based on previous studies and innovation management. Furthermore theoretical framework of middle managers entrepreneurial behavior in facilitation process was researched. Additionally top down and bottom up approach of conversational space building within the organization in order to foster innovation and involving mindset and behavior was in the core literature. The empirical research conducted for the study consists three parts; innovation audit questionnaire, semi-structured interviews and secondary data from previously made research within the case company. Questionnaire and interviews were targeted to eight middle managers within the company, the head of branch regions in corporate segment. The secondary data was collected from over 300 employees in the case company by an external company. Research results were analyzed mainly by themes and source division in adaption with the theoretical framework. The study finds that facilitation of CEB should be a strategic choice and requires strong management support and examples. Behavior should be involved with organizational culture, values, structures and processes. The companies´ willingness to take risks and encourage employees at all levels to participate and be involved by taking ownership and responsibility is in the core. CEB is found to be a key dimension in increasing employee satisfaction and engagement, competitive advantages and economic growth of companies. There is increased interest towards CEB in the case company but there is lack in the mutual consensus of it. CEB is not in the strategy although the mindset and support from management is in place. There is no concrete enablement and space for innovation and CEB although the platform would be receptive. Further research is needed to build shared vision of CEB and how to make it a part of the organizational culture and values in addition to building the conversational space.

Foreign Divestment Decisions in Banking − Case Nordea in Poland

In the 21st century, the realignment of multinational companies’ business scope has become a major issue globally. A very prominent part of the global realignment process, alongside with mergers, acquisitions and alliances, are foreign divestments. Foreign divestments have become an integral aspect of international business since they are now widely practiced by MNCs from a growing and diverse range of home countries and host economies. The objective of this thesis is to identify the factors that contribute to foreign divestment decisions in the banking sector. This thesis is a qualitative research with a single case study approach. The chosen case of this thesis is the divestment made by the internationally operating Nordic financial service group, Nordea, in Poland in 2013. The empirical findings were obtained by interviewing experts from the case company and the interviews were conducted as theme interviews using the four themes that according to the theoretical framework of this thesis are the contributing factors in foreign divestment decisions: (1) environmental stability, (2) attractiveness of current operations, (3) strategic fit, and (4) governance issues. The empirical findings of this thesis suggest that there were four dominant contributors to the foreign divestment decision of the case company: (1) host government regulations, (2) strategic considerations, (3) economic outlook, and (4) interested buyer. The empirical findings mostly support the accuracy of the selected framework as the first three theme groups were found to be major contributors also in the case company’s foreign divestment. However, the importance of the fourth theme group, ‘governance issues’, is not supported by the findings of this thesis. Furthermore the findings suggest that in addition to the groups presented in the framework, also timing can be an import factor in divestment decisions. Three managerial recommendations can be drawn from the findings of this thesis: (1) If a foreign divestment decision is the best course of action due to strategic reasons, it should not be avoided; (2) The pre-investment due diligence processes should not be ignored since it can help to avoid unwanted divestments; and (3) Companies should concentrate on building good relationships with the host government since it can facilitate business activities in the host country.

Alternative banking: theory and evidence from Europe

Since financial liberalization in the 1980s, non-profit maximizing, stakeholder-oriented banks have outperformed private banks in Europe. This article draws on empirical research, banking theory and theories of the firm to explain this apparent anomaly for neo-liberal policy and contemporary market-based banking theory. The realization of competitive advantages by alternative banks (savings banks, cooperative banks and development banks) has significant implications for conceptions of bank change, regulation and political economy.

Finding Methods for Recognizing and Classifying Spare Part Criticality – Case Full Deposit Stripping Machines

The aim of this Master’s thesis is to find a method for classifying spare part criticality in the case company. Several approaches exist for criticality classification of spare parts. The practical problem in this thesis is the lack of a generic analysis method for classifying spare parts of proprietary equipment of the case company. In order to find a classification method, a literature review of various analysis methods is required. The requirements of the case company also have to be recognized. This is achieved by consulting professionals in the company. The literature review states that the analytic hierarchy process (AHP) combined with decision tree models is a common method for classifying spare parts in academic literature. Most of the literature discusses spare part criticality in stock holding perspective. This is relevant perspective also for a customer orientated original equipment manufacturer (OEM), as the case company. A decision tree model is developed for classifying spare parts. The decision tree classifies spare parts into five criticality classes according to five criteria. The criteria are: safety risk, availability risk, functional criticality, predictability of failure and probability of failure. The criticality classes describe the level of criticality from non-critical to highly critical. The method is verified for classifying spare parts of a full deposit stripping machine. The classification can be utilized as a generic model for recognizing critical spare parts of other similar equipment, according to which spare part recommendations can be created. Purchase price of an item and equipment criticality were found to have no effect on spare part criticality in this context. Decision tree is recognized as the most suitable method for classifying spare part criticality in the company.

Landscape geochemical investigations in the vicinity of a lead deposit near Snertingdal, southern Norway

Landscape geochemical investigations were conducted upon portions of a natural uniform landscape in southern Norway. This consisted of sampling both soil profile samples and spruce tree twigs for the analysis of twelve chemical elements. These elements were cobalt, copper, nickel, lead, zinc, manganese, magnesium, iron, calcium, sodium, potassium and aluminum which were determined by atomic absorption analysis on standardized extraction techniques for both organic and inorganic materials. Two "landscape traverses" were chosen for a comparative study of the effects of varying landscape parameters upon the trace element distribution patterns throughout the landscape traverses. The object of this study was to test this method of investigation and the concept of an ideal uniform landscape under Norwegian conditions. A "control traverse" was established to represent uniform landscape conditions typical of the study area and was used to determine "normal" or average trace element distribution patterns. A "signal traverse" was selected nearby over an area of lead mineralization where the depth to bedrock is very small. The signal traverse provided an area of similar landscape conditions to those of the control traverse with significant differences in the bedrock configuration and composition. This study was also to determine the effect of the bedrock mineralization upon the distribution patterns of the twelve chemical elements within the major components of the two landscape traverses (i.e. soil profiles and tree branches). The lead distribution within the soils of the signal traverse showed localized accumulations of lead within the overburden with maximum values occurring within the organic A horizon of soil profile #10. Above average concentrations of lead were common within the signal traverse, however, the other elements studied were not significantly different from those averages determined throughout the soils of the control traverse. The spruce twig samples did not have corresponding accumulations of lead near the soil lead anomaly. This is attributable to the very localized nature of the lead dispersion pattern within the soils. This approach to the study of the geochemistry of a natural landscape was effective in establishing: a) average or "normal" trace element distribution patterns b) local variations in the landscape morphology and c) the effect of unusually high lead concentrations upon the geochemistry of the landscape (i.e. within the soil profiles and tree branches). This type of study provides the basis for further more intensive studies and serves only as a first approximation of the behaviour of elements within a natural landscape.

STRUCTURAL ANALYSIS, LAYER THICKNESS MEASUREMENTS AND MINERALOGICAL INVESTIGATION OF THE LARGE INTERIOR LAYERED DEPOSIT WITHIN GANGES CHASMA, VALLES MARINERIS, MARS

The interior layered deposit (ILD) in Ganges Chasma, Valles Marineris, is a 4.25 km high mound that extends approximately 110 km from west to east. The deposition, deformation, and erosion history of the Ganges ILD records aids in identifying the processes that formed and shaped the Chasma. To interpret structural and geomorphic processes acting on the ILD, multiple layer attitudes and layer thickness transects were conducted on the Ganges ILD. Mineralogical data was analyzed to determine correlations between materials and landforms. Layer thickness measurements indicate that the majority of layers are between 0.5 m and 4 m throughout the ILD. Three major benches dominate the Ganges ILD. Layer thicknesses increase at the ILD benches, suggesting that the benches are formed from the gradual thickening of layers. This indicates that the benches are depositional features draping over basement topography. Layer attitudes indicate overall shallow dips generally confined to a North-South direction that locally appear to follow bench topography. Layering is disrupted on a scale of 40 m to 150 m in 12 separate locations throughout the ILD. In all locations, underlying layering is disturbed by overlying folded layers in a trough-like geometry. These features are interpreted to have formed as submarine channels in a lacustrine setting, subsequently infilled by sediments. Subsequently, the channels were eroded to the present topography, resulting in the thin, curved layering observed. Data cannot conclusively support one ILD formation hypothesis, but does indicate that the Ganges ILD postdates Chasma formation. The presence of water altered minerals, consistently thin layering, and layer orientations provide strong evidence that the ILD formed in a lacustrine setting.

DNA Banking: current and ideal practices

Ce livre est la conclusion d’un projet de recherche de deux ans portant sur les technologies en génétique humaine. Les développements récents en matière de collecte, d’analyse et de conservation du matériel génétique ont soulevé des questions juridiques complexes et ont attiré l’attention de plusieurs avocats, scientifiques et du public. Ce livre présente une analyse de ces questions et une comparaison de la position et de la politique canadienne avec celle en émergence dans divers pays

The euro impact of the banking system of Greece : cost-benefit analysis.

Rapport de recherche

Umbilical Cord Blood Banking

The umbilical cord, previously considered as waste and discarded at birth, is a source of haematopoietic stem cells. Current therapeutic uses of umbilical cord blood stem cells and the promise of these cells for the treatment of degenerative diseases in the future have led to the establishment of cord blood banks in many parts of the world. Although umbilical cord blood banking raises many ethical and legal issues, this article focuses on the controversy created by the coexistence of public and private cord blood banks in many countries. Policy statements adopted by professional associations and advisory groups indicate that, based on the current state of medical evidence, childbearing women with no current or potential familial need of stem cell transplantation should be encouraged to donate cord blood to public banks.

Le rôle des États-Unis dans le maintien des pratiques d’opacité financière

Notre recherche vise à vérifier s'il existe un lien entre l'intérêt des Américains pour les investissements étrangers et le maintien des structures opaques de la finance internationale. Les pratiques d'opacité financière (utilisation abusive du secret bancaire, faibles mesures d'identification du client, faible règlementation bancaire, absence d’échange d’information fiscale, absence d’obligations d’enregistrements de compagnies et de fiducies, possibilité d’établir la propriété d’une société avec des prête-noms, utilisation de bons au porteur, manque d’encadrement des fiducies, etc.) semblent accommoder les États qui les dénoncent. Utilisant les théories des jeux à deux niveaux de Putnam, de la règlementation et de l’équilibre de Nash, nous faisons le lien entre le niveau national et international. Notre recherche consiste en deux études de cas. La première traite d’un projet de règlement de l’Internal Revenue Service visant à assurer la déclaration de revenus d’intérêt sur les dépôts bancaires des non-résidents. La seconde traite d’une série de projets de loi déposés au Sénat et à la Chambre des représentants des États-Unis. Ils cherchent à assurer la transparence du processus d’enregistrement de compagnies de manière à faciliter l’accès des agences d’application de la loi à l’information sur les bénéficiaires effectifs des compagnies formées en sol américain. Notre recherche ne permet pas de confirmer notre hypothèse avec certitude. Cependant, nos données tendent à indiquer que les groupes d’intellectuels et les groupes de pression financiers incitent le gouvernement des États-Unis à freiner la mise en application de certaines mesures prévues par le régime antiblanchiment (particulièrement l’identification du client et le partage d’information avec des pays tiers) pour attirer l’investissement étranger.

Implications of banking regulation for banking sector stability and welfare

Thèse numérisée par la Division de la gestion de documents et des archives de l'Université de Montréal