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THE ROLE OF THE RATING AGENCIES IN THE CURRENT FINANCIAL CRISIS
Petar Filipov, 2012, undergraduate thesis

Abstract: The Subprime crisis that occurred in 2007-2008, was the most disturbing and severe crisis since The Great Depression. The global stock market indexes and housing prices noted a sharp drop. Big corporations, conglomerates, defaulted, were acquired and bailed out, since they could not meet their financing obligations. Substantial number of people lost their jobs worldwide and a lot of sectors in the economy were struggling. Within this Bachelor seminar paper, it is presented how the credit rating agencies influenced the credit crunch. The main issue discussed in this seminar work is the role of the rating agencies in one of the greatest crushes in history. They (the agencies), actually, participated in creating the structured financial products, which during the housing bubble were increasingly trading. These structured financial products were very complex and highly risky and maybe, the most crucial cause of the crisis. First, in the seminar paper it is described how the agencies work and their origins. As in the last century, Standard and Poor’s and Moody’s, emerged to great power in the financial system with assigning ratings to issuers of debt. This position in the financial world that the agencies held, has brought many academicians to doubting the possible moral hazard problems within the credit ratings business. Furthermore, it is explained how the financial turmoil emerged and the trends that preceded the credit crunch. Questions regarding the role of the agencies in the securitization process are discussed. For instance, were the rating agencies biased; were the ratings on the structured financial products inflated and if so, what were the incentives for it? Several theories and empirical evidence has been put forward concerning the importance of the ratings in the securitization process. It is concluded in this paper, that the ratings assigned to the financial derivatives were inflated and the agencies noted increased returns from it, which presents the incentives of the agencies during the housing bubble. These empirical findings also indicate of moral hazard problem within the ratings system.
Keywords: Credit rating agencies, Financial crisis, Structured financial products, Securitization, Inflated ratings, Moral hazard
Published: 29.11.2012; Views: 985; Downloads: 69
.pdf Full text (749,27 KB)

3.
Integration of travel agencies with other supply chain members
Darja Topolšek, Dejan Dragan, 2016, original scientific article

Abstract: The performance of tourism supply chains depends on the efficiency of all members involved, including the travel agencies. The paper addresses the analysis of relationships between the agencies' external integration with other supply chain members on one side, and the efficiency of the agencies on the other. The data envelopment analysis is applied for the estimation of efficiencies, while the structural equation modelling (SEM) is conducted for identification of possible integration impacts on the efficiency. Results show that integration with other supply chain members indeed has some positive impacts on the agencies' efficiency. Also, the developed SEM model implies that in-depth forms of collaboration would enable more effective exploitation of the identified relations between the integration and efficiency of the agencies. This finding could be an important guideline for the agencies' management in the sense of achieving more satisfied customers and bigger profits, as well as reduced operational costs.
Keywords: tourism sector, supply chains, structural equation modeling, external integration, efficiency, travel agencies, logistics
Published: 03.04.2017; Views: 258; Downloads: 45
.pdf Full text (1,40 MB)
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4.
Tourism sector, travel agencies, and transport suppliers
Nataša Kovačić, Darja Topolšek, Dejan Dragan, 2015, original scientific article

Abstract: The paper addresses the effect of external integration (EI) with transport suppliers on the efficiency of travel agencies in the tourism sector supply chains. The main aim is the comparison of different estimation methods used in the structural equation modeling (SEM), applied to discover possible relationships between EIs and efficiencies. The latter are calculated by the means of data envelopment analysis (DEA). While designing the structural equation model, the exploratory and confirmatory factor analyses are also used as preliminary statistical procedures. For the estimation of parameters of SEM model, three different methods are explained, analyzed and compared: maximum likelihood (ML) method, Bayesian Markov Chain Monte Carlo (BMCMC) method, and unweighted least squares (ULS) method. The study reveals that all estimation methods calculate comparable estimated parameters. The results also give an evidence of good model fit performance. Besides, the research confirms that the amplified external integration with transport providers leads to increased efficiency of travel agencies, which might be a very interesting finding for the operational management.
Keywords: tourism sector, structural equation modeling, estimation methods, external integration, efficiency, travel agencies, logistics
Published: 03.04.2017; Views: 335; Downloads: 62
.pdf Full text (1,13 MB)
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5.
Organizational and managerial challenges of reforming Slovenian public agencies
Polonca Kovač, 2014, original scientific article

Abstract: Introduction: Agencies are among the key contemporary public organizations, prospering within reforms carried out worldwide to increase professionalism and rationalism in public administration (PA). Hence, countries have been establishing agencies and delegating them public tasks in order to achieve expertise-based instead of politically-driven and thus more efficient public policies. In such context, the present article addresses the most important strategic documents related to public administration reform (PAR) in Slovenia, analyzing their goals in terms of agencification and the main implementation results and gaps. Research Design: The research is dedicated to exploring the governmental approach to agencification as a key aspect of PAR. It analyzes (1) the main PAR strategic documents on public agencies in Slovenia since the mid-90s, and (2) the perceived implementation of structural and managerial autonomy as the declared goal of agencification. Combined research methods are applied, including descriptive analysis, regional comparisons, structural interviews among representatives of public agencies and their parent ministries, and selected statistical data analysis. Results: As proven by different research methods, the hypothesis whereby agencification goals in Slovenia are largely achieved as part of PAR documents in terms of autonomous organizational structure was confirmed. A more elaborated agencification in PAR documents relates to higher implementation of autonomy. Conclusion: Nevertheless, the professionalism of Slovenian agencies is still an on-going process, particularly as regards the efficiency implementation gap. As for the future, a more consistent PAR incorporating cross-sectoral policy on agencies is required to pursue the development of a democratic and efficient PA.
Keywords: public administration reform, agencies, autonomy, organization, management, Slovenia
Published: 10.01.2018; Views: 211; Downloads: 150
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