WorldWideScience

Sample records for capital financing

  1. From Finance Capitalism to Financialization

    DEFF Research Database (Denmark)

    Hansen, Per H.

    2014-01-01

    –1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900...... of the crisis and point society in a new direction. This sense-making process stabilized when a new narrative was established that could explain the crisis and legitimize and shape a new role for finance. The article is based on my presidential address presented at the Business History Conference’s annual...

  2. Capital Control, Debt Financing and Innovative Activity

    OpenAIRE

    Czarnitzki, Dirk; Kraft, Kornelius

    2009-01-01

    "The present paper discusses the effects of dispersed versus concentrated capital ownership on investment into innovative activity. While the market for equity capital might exert insufficient control on top managements’ behavior, this weakness may be mitigated by a suitable degree of debt financing. We report the results of an empirical study on the determinants of innovative activity measured by patent applications. Using a large sample of German manufacturing firms, we find that companies ...

  3. Capital Market-Driven Corporate Finance

    OpenAIRE

    Malcolm Baker

    2009-01-01

    Much of empirical corporate finance focuses on sources of the demand for various forms of capital, not the supply. Recently, this has changed. Supply effects of equity and credit markets can arise from a combination of three ingredients: investor tastes, limited intermediation, and corporate opportunism. Investor tastes when combined with imperfectly competitive intermediaries lead prices and interest rates to deviate from fundamental values. Opportunistic firms respond by issuing securities ...

  4. Debt Financing and Thin-Capitalization: Case Study in Slovenia

    Directory of Open Access Journals (Sweden)

    Lidija Hauptman

    2014-03-01

    Full Text Available Since each form of financing provides a different level of security and risk, companies are often faced with a dilemma, which equity to debt ratio to choose in financial structure. In order to avoid overexploitation of certain types of debt financing, tax legislation defines a thin capitalization rule. In this paper we present, how the relationship between equity and debt financing has changed in the period 1997–2012 and how the thin capitalization rules affected this relationship in the selected parent companies in Slovenia. The analysis reveals that the proportion of debt financing increased before and after the introduction of thin capitalization rules throughout the period.

  5. Debt Financing and Thin-Capitalization: Case Study in Slovenia

    OpenAIRE

    Lidija Hauptman; Saso Tic

    2014-01-01

    Since each form of financing provides a different level of security and risk, companies are often faced with a dilemma, which equity to debt ratio to choose in financial structure. In order to avoid overexploitation of certain types of debt financing, tax legislation defines a thin capitalization rule. In this paper we present, how the relationship between equity and debt financing has changed in the period 1997–2012 and how the thin capitalization rules affected this relationship in the sele...

  6. Financing strategic healthcare facilities: the growing attraction of alternative capital.

    Science.gov (United States)

    Zismer, Daniel K; Fox, James; Torgerson, Paul

    2013-05-01

    Community health system leaders often dismiss use of alternative capital to finance strategic facilities as being too expensive and less strategically useful, preferring to follow historical precedent and use tax-exempt bonding to finance such facilities. Proposed changes in accounting rules should cause third-party-financed facility lease arrangements to be treated similarly to tax-exempt debt financings with respect to the income statement and balance sheet, increasing their appeal to community health systems. An in-depth comparison of the total costs associated with each financing approach can help inform the choice of financing approaches by illuminating their respective advantages and disadvantages.

  7. Exposing the true risks of capitation financed healthcare.

    Science.gov (United States)

    Cox, Thomas

    2011-01-01

    Many healthcare finance mechanisms involve transferring uncertain costs to healthcare providers in lieu of fixed payments or global capitation. Global capitation violates basic principles of risk management through insurance. Risk-theoretic analysis of capitation shows that risk disaggregation forces efficient providers to become inefficient insurers. Risk-assuming providers face lower profitability and increased exposure to operating losses, and must reduce patient benefits. Global capitation causes inefficiency, increases healthcare costs, and threatens patient-provider relationships. PMID:21506200

  8. The impact of thin capitalization rules on shareholder financing

    OpenAIRE

    Maßbaum, Alexandra; Sureth, Caren

    2008-01-01

    From a tax planner's point of view, it is often attractive to choose debt over equity financing. As this has led to an increase of debt financing of corporations, many countries have introduced thin capitalization rules to secure their tax revenues. We analyze the influence of section 8a of the German Corporate Tax Code on corporate capital structure decisions. Furthermore, the impact of the new interest barrier is taken into consideration. The existence of the Miller equilibrium as well as d...

  9. Using real-estate-based financing to access capital.

    Science.gov (United States)

    Tobin, W C; Kryzaniak, L A

    1998-07-01

    One strategy employed by healthcare organizations to increase their market presence is the construction of new facilities. Accessing capital to fund such construction, however, has become more of a challenge. One relatively untapped source of building capital is real-estate-based financing. Nonrecourse mortgages, turnkey net leases, and synthetic leases can provide several advantages to healthcare organizations seeking capital, assuming issues related to building ownership, debt and balance sheet effects, and tax-exempt status have been thoroughly explored first.

  10. The Importance of Venture Capital Financing System in Financing Entrepreneurship: Applications in Turkey

    Directory of Open Access Journals (Sweden)

    Erkan Poyraz

    2016-06-01

    Full Text Available The prominent concept of venture capital is examined as a financing model to the financing of entrepreneurship according to related literature. Venture capital is used with success in developed countries for a long time. Venture capital is a modern financing model that allows entrepreneurs to perform dynamic, creative, and innovative investment ideas as well as management, marketing and business support without requesting financial strength from those entrepreneurs. However, venture capital has found the limited number of application and has not yet fully known in Turkey due to the lack of incentives. In line with the scope of the study, venture capital financing practices in Turkey is compared, and the impact of these practices on the economy is investigated. This study is highlighted how venture capital financing model triggers initiatives. The study is also focused on the impact of venture capital in terms of sustainability. At last, some recommendations are given on improving the processes in terms of venture capital parties and legislators.

  11. A Primer on Finance-Led Capitalism and Its Crisis

    Directory of Open Access Journals (Sweden)

    Robert Guttmann

    2008-11-01

    Full Text Available Cette contribution au débat sur le capitalisme financiarisé cherche à identifier les changements structurels principaux dans la nature de la finance depuis les années 80. Après avoir analysé la dynamique d’innovation financière, l’accent est mis sur le processus de titrisation comme moteur d’une nouvelle forme du capital financier, le capital fictif, qui nourrit les bulles spéculatives. L’éclatement de la dernière bulle, centré sur le marché immobilier américain, a déclenché la crise financière la plus sérieuse depuis des décennies. L’article se conclut sur une discussion des implications possibles de cette crise systémique.This contribution to the debate on finance-led capitalism seeks to identify the principal structural changes in the nature of finance over the last couple of decades. After analyzing the dynamic of financial innovation, emphasis is put on the process of securitization as the engine of a new form of financial capital, fictitious capital, which encourages asset bubbles. The burst of the latest bubble, centered on the U.S. housing market, has triggered the most serious financial crisis in decades and a serious global downturn. The article ends with a discussion of likely implications of this systemic crisis.

  12. Development trends of the venture capital financing institution: spaciotemporal profile

    Directory of Open Access Journals (Sweden)

    T. I. Volkova

    2010-09-01

    Full Text Available The article describes the results of the research of development and performance features of the venture capital financing institution in leading countries as well as in Russia and in its regions. A number of main trends in venture financing in accordance with the level of innovation process` development abroad and in our country are emphasized, first of all by stages of support of scientific and technological developments and projects. Positive trends and contradictions in development of venture capital financing institution in Russia and its regions are revealed. Main directions of activation of venture financing process are systematized in accordance with the requirements of the Concept of long-term social-economic development of the Russian Federation till 2020 and the Strategy of social-economic development of the Sverdlovsk region until 2020.

  13. Entrepreneurial Overconfidence, Self-Financing and Capital Market Efficiency

    OpenAIRE

    Michele Dell'Era; Luis Santos-Pinto

    2011-01-01

    We study the impact of entrepreneurial optimism on self- nancing and capital market efficiency in a setting where entrepreneurs are better informed about the quality of their projects than investors. Projects have either low- or high-quality. Entrepreneurs use self-finance to signal the perceived quality of their projects. Investors observe self-financing decisions and know the fractions of high-quality projects, realistic and optimistic entrepreneurs. We show that entrepreneurial optimism im...

  14. Entrepreneurial financing decisions, venture capital ownership and bargaining power

    OpenAIRE

    Heughebaert, Andy

    2013-01-01

    It is widely acknowledged that entrepreneurial companies play a key role in shaping a local economy. Entrepreneurial companies are a source of growth and innovation for an industry and provide jobs for the local population. However, entrepreneurs of high growth oriented companies rarely have the capital to finance their innovative ideas themselves and therefore also have to accept the risks associated with assessing and acquiring the necessary finance resources from other investors. The goal ...

  15. Analysis of capital spending and capital financing among large US nonprofit health systems.

    Science.gov (United States)

    Stewart, Louis J

    2012-01-01

    This article examines the recent trends (2006 to 2009) in capital spending among 25 of the largest nonprofit health systems in the United States and analyzes the financing sources that these large nonprofit health care systems used to fund their capital spending. Total capital spending for these 25 nonprofit health entities exceeded $41 billion for the four-year period of this study. Less than 3 percent of total capital spending resulted in mergers and acquisition activities. Total annual capital spending grew at an average annual rate of 17.6 percent during the first three year of this study's period of analysis. Annual capital spending for 2009 fell by more than 22 percent over prior year's level due to the impact of widespread disruption in US tax-exempt variable rate debt markets. While cash inflow from long-term debt issues was a significant source of capital financing, this study's primary finding was that operating cash flow was the predominant source of capital spending funding. Key words: nonprofit, mergers and acquisitions (M&A), capital spending, capital financing. PMID:22515040

  16. Analysis of capital spending and capital financing among large US nonprofit health systems.

    Science.gov (United States)

    Stewart, Louis J

    2012-01-01

    This article examines the recent trends (2006 to 2009) in capital spending among 25 of the largest nonprofit health systems in the United States and analyzes the financing sources that these large nonprofit health care systems used to fund their capital spending. Total capital spending for these 25 nonprofit health entities exceeded $41 billion for the four-year period of this study. Less than 3 percent of total capital spending resulted in mergers and acquisition activities. Total annual capital spending grew at an average annual rate of 17.6 percent during the first three year of this study's period of analysis. Annual capital spending for 2009 fell by more than 22 percent over prior year's level due to the impact of widespread disruption in US tax-exempt variable rate debt markets. While cash inflow from long-term debt issues was a significant source of capital financing, this study's primary finding was that operating cash flow was the predominant source of capital spending funding. Key words: nonprofit, mergers and acquisitions (M&A), capital spending, capital financing.

  17. Environmental Capital, Negative Externality and Carbon Finance Innovation%Environmental Capital, Negative Externality and Carbon Finance Innovation

    Institute of Scientific and Technical Information of China (English)

    Tang Yuejun; Li Defu

    2011-01-01

    In the context of global climate change, the internalization of negative externality, which is brought about by the traditional mode of economic growth, has become an inevitable choice. In order to achieve the internalization, it is necessary to make innovations on the market mechanism and system, find the value of environmental capital, establish a new mode of economic growth based on environmental capital, and then transform the environ- mental capital, an exogenous factor of economic growth, into an endogenous factor. Of this, the key of market mechanism and sys- tem innovation is the financial innovation that is based on environmental capital and negative externality; the government defines the initial property right of environmental resources and establishes environment energy trading market, so as to guide enterprises to trade environmental resources (represented by carbon emission permit trading) based on the Clean Development Mechanism, and to vigorously develop environmental finance and carbon finance.

  18. Finance, Labour, Capital, and International Integration

    OpenAIRE

    Bertola, Giuseppe

    2016-01-01

    Labour incomes depend on structural as well as politico-economic factors, because labour market policies partially remedy the financial market imperfections that make labour income shocks difficult to insure, and have different implications for labour and capital income. This paper illustrates such theoretical insights with a simple model, and reviews evidence of their empirical relevance generated by international economic, monetary, and financial integration.

  19. Venture Capital Financing, Moral Hazard and Learning

    NARCIS (Netherlands)

    Bergemann, D.; Hege, U.

    1997-01-01

    We consider the provision of venture capital in a dynamic agency model. The value of the venture project is initially uncertain and more information arrives by developing the project. The allocation of the funds and the learning process are subject to moral hazard. The optimal contract is a time-var

  20. Corporate relocation in venture capital finance

    NARCIS (Netherlands)

    D. Cumming; G. Flemming; A. Schwienbacher

    2009-01-01

    This paper introduces an analysis of international relocation decisions of venture capital (VC)-backed companies. Relocations to the United States are motivated by economic conditions as well as an improvement in the laws of the country in which the entrepreneurial firm is based. Relocations to the

  1. Financing Innovations and Capital Structure Choices

    OpenAIRE

    Aswath Damodaran

    1999-01-01

    The last two decades have seen a stream of innovation in financial markets, especially in the corporate bond arena. Some of these innovations were designed to give firms more flexibility in designing cash flows on borrowings, allowing them to match up cash flows on financing more closely to cash flows on assets, thus increasing their debt capacity. These changes have been for the most part good news for corporate treasurers, but the relentless torrent of innovation has also resulted in some f...

  2. Efficient venture capital financing combining debt and equity

    OpenAIRE

    Leslie M. Marx

    1998-01-01

    I present a model of venture capital contracting in which contracts that involve a mixture of both debt and equity are efficient and dominate pure-equity and pure-debt financing. The optimal contract balances the venture capitalist's incentive to intervene in the project and the entrepreneur's desire for control.

  3. Topics in Finance Part VI--Capital Budgeting

    Science.gov (United States)

    Laux, Judy

    2011-01-01

    This series on the theory of financial management offers insight into the roles of stockholder wealth maximization, the risk-return tradeoff, and agency conflicts as they apply to major topics in finance. The current article investigates capital budgeting. Much literature addresses this topic, with a number of articles challenging mainstream…

  4. Ripple effects of reform on capital financing.

    Science.gov (United States)

    Arduino, Kelly

    2014-05-01

    Healthcare leaders should inventory and quantify the capital initiatives deemed critical for success under changing business models. Key considerations in planning such initiatives are opportunity costs and potential impact on productivity. Senior leaders also should create rolling five-year estimates of expenditures in addition to a one-year budget. Approaches to paying for such initiatives include borrowing from cash reserves, partnering to share cash and other resources, and developing new revenue sources derived from the initiatives themselves.

  5. Putting "Entrepreneurial Finance Education" on the Map: Including Social Capital in the Entrepreneurial Finance Curriculum

    Science.gov (United States)

    Macht, Stephanie Alexandra

    2016-01-01

    Purpose: The purpose of this paper is to bring attention to "entrepreneurial finance education", an aspect of entrepreneurship education that is widely taught but neglected by the educational literature. It does so by exploring how social capital, a key resource for entrepreneurs, can be incorporated into entrepreneurial finance…

  6. 78 FR 18445 - Historically Black College and University (HBCU) Capital Financing Program; Modification of Terms...

    Science.gov (United States)

    2013-03-26

    ...: Introduction In 1992, the HBCU Capital Financing Program was created under the Higher Education Act of 1965, as... March 26, 2013 Part III Department of Education Department of the Treasury Office of Management and Budget Historically Black College and University (HBCU) Capital Financing Program; Modification of...

  7. 77 FR 56635 - The Historically Black College and University Capital Financing Advisory Board

    Science.gov (United States)

    2012-09-13

    ... Historically Black College and University Capital Financing Advisory Board AGENCY: U.S. Department of Education, Office of Postsecondary Education, The Historically Black College and University Capital Financing...: The Board is authorized by Title III, Part D, Section 347, of the Higher Education Act of 1965,...

  8. The composition of capital flows when emerging market firms face financing constraints

    OpenAIRE

    Katherine Smith; Diego Valderrama

    2007-01-01

    Using a small open economy framework, we model the composition of capital inflows as the equilibrium outcome of emerging market firms' financing decisions. We show that debt limits, equity issuing costs, and foreign direct investment search costs generate a financing premium and that the ``cheapest'' source of financing depends on the phase of the business cycle and past financing decisions. The model delivers several results that are consistent with stylized facts observed in emerging market...

  9. [Financing problems of capital goods. Part 2: procedure for investment appraisal].

    Science.gov (United States)

    Clausen, C C; Bauer, M; Saleh, A; Picker, O

    2008-07-01

    In part 1 of this series about problems of financing capital goods the multiple and partly diametric economic effects of financing instruments were presented using the leasing procedure as an example. The result indicated that due to the complexity of these effects the choice of a specific financing instrument requires an individual consideration. Therefore, part 2 of the series introduces the method of dynamic capital budgeting which allows the instruments discussed in part 1 to be compared with each other and helps to evaluate their economic benefits. More precisely this paper focuses on a comparative analysis of the most common alternatives, leasing, credit financing and investment financing by the state. In this context, after having identified the total costs of ownership of anesthesia devices, the final asset values of the three financing instruments can be compared with each other using the method of dynamic capital budgeting. In contrast to the prevailing opinion, the results show that from a purely fiscal perspective leasing anesthesia devices is the most expensive alternative. Given the fact that no financial support is available from the state, the option of credit financing turns out to be the most preferable alternative from a relatively limited pool of possibilities. However, it still remains to be answered whether credit financing can defend this position against further, innovative forms of debt financing (e.g., factoring, asset-backed securities, hedge funds, mezzanine capital, etc.).

  10. SME financing in Iceland: an empirical study of capital structure and the financing environment of SME's in Iceland

    OpenAIRE

    Vala Hrönn Guðmundsdóttir 1989

    2015-01-01

    The thesis analyses the capital structure decisions of Icelandic SME‘s and how market participants perceive the Icelandic finaning environment by surveying CEO‘s and interviewing market participants. The research finds that capital structure decisions conform most to the financial growth cycle and pecking order theories. Firms prefer internal financing,then debt and finally equity. It is difficult to determine whether they make these choices out of preference and assymetric information(POT) o...

  11. Finance-dominated capitalism, re-distribution and the financial and economic crises - a European perspective

    OpenAIRE

    Hein, Eckhard

    2012-01-01

    In this paper the euro crisis is viewed as the most recent episode of the crisis of finance-dominated capitalism. Therefore, two major features of finance-dominated capitalism, the increasing inequality of income distribution and the rising imbalances of current accounts, are analysed for a set of major Euro area countries. Against this background the euro crisis is examined, and it is shown that the economic policy reactions of European governments and institutions, narrowly interpreting the...

  12. Default Rate and Price of Capital in a Costly External Finance Model

    Directory of Open Access Journals (Sweden)

    Juan Pablo Medina

    2006-03-01

    Full Text Available Financial frictions have been used to enrich mechanisms transmission in macroeconomics. However, the predictions of real business cycle models of costly external finance imply a procyclical default rate, external premium and relative price of capital which seems at odds with the data. In this article, we include technology shocks that affect the average productivity and idiosyncratic risk of capital producers in a standard costly external finance model. These elements enhance the model to deliver a countercyclical default rate, external finance and relative price of capital premium which are more consistent with the data and contrary to the results obtained with a sector-neutral productivity shock. Intuitively, if the entrepreneurs’ investment projects become more productive in average, the relative price of capital and the default rate fall while investment and output increase. Using data on the relative price of capital, we perform a calibration of this type of shocks which highlights its business-cycle relevance.

  13. Does Access to Finance Lower Firms’ Cost of Capital? Empirical Evidence from International Manufacturing Data

    NARCIS (Netherlands)

    Lashitew, Addisu A.

    2011-01-01

    Lack of access to finance is argued to be one of the most binding constraints for firm growth. There is, however, limited empirical evidence on the relationship between access to finance and the cost of capital. This paper uses international manufacturing data to analyze the effect of access to fina

  14. Capital Market Financing for SMEs: A Growing Need in Emerging Asia

    OpenAIRE

    Shinozaki, Shigehiro

    2014-01-01

    Asia’s bank-centered financial systems require the reduced supply-demand gap in lending as a core policy pillar to improve small and medium-sized enterprise (SME) access to finance. Meanwhile, the diversification of financing modalities beyond conventional bank lending is another key policy pillar to better serve various financing needs of SMEs and expand their financial accessibility. The rapid growth of emerging Asia is generating SMEs’ long-term funding needs and requires robust capital ma...

  15. Working Capital Financing Preferences: The Case of Mauritian Manufacturing Small and Medium Sized Enterprises (SMEs)

    OpenAIRE

    Kesseven Padachi; Carole Howorth; Narasimhan, M.S.

    2012-01-01

    This paper investigates the approach of small- to medium-sized Mauritian manufacturing firms to working capital finance using a survey-based approach and case studies. Financing has been cited as one of the most common problems faced by SMEs and is often viewed as one of their main barriers to growth. Using parametric and non-parametric techniques, the important variables that affect the demand for financing are examined. Interestingly, it is observed that the sample firms adopted more inform...

  16. A Capital-Financing Plan for School Systems and Local Government

    Science.gov (United States)

    Hodge, Penny

    2012-01-01

    School business officials are best equipped to lead in funding operating and capital needs because they understand the need for a methodical means of funding ongoing costs over time and the benefits of planning for future financial needs rather than letting emergencies dictate spending priorities. A capital-financing plan makes it possible to…

  17. Financing U.S. Renewable Energy Projects Through Public Capital Vehicles: Qualitative and Quantitative Benefits

    Energy Technology Data Exchange (ETDEWEB)

    Mendelsohn, M.; Feldman, D.

    2013-04-01

    This paper explores the possibility of financing renewable energy projects through raising capital in the public markets. It gives an overview of the size, structure, and benefits of public capital markets, as well as showing how renewable energy projects might take advantage of this source of new funds to lower the cost of electricity.

  18. Human Capital Contracts: "Equity-Like" Instruments for Financing Higher Education. Policy Analysis.

    Science.gov (United States)

    Palacios, Miguel

    Human capital contracts are "equity-like" instruments for financing higher education. Since repayment depends on earning and adjusts to student capital to pay, these contracts should be more attractive to students than traditional loans. By making transparent the relative economic value of certain fields of study or the value of degrees from…

  19. Capital Market-Oriented Financing Prospects for Austrian SMEs

    OpenAIRE

    Michael Halling; Josef Zechner

    2005-01-01

    The performance and growth of the Austrian economy largely depend on small and medium-sized enterprises (SMEs). Despite their diminutive size, SMEs offer attractive investment opportunities that are, however, financed primarily by debt for a variety of reasons. The financing concept presented in this study adopts an innovative approach to provide access to quasi-equity forms of financing to Austrian SMEs, which have successfully and responsibly generated business in recent years and which cur...

  20. Fordism, Finance-driven Capitalism, and Climate Change

    DEFF Research Database (Denmark)

    Buch-Hansen, Hubert

    2014-01-01

    Review of Capitalism and Climate Change: Theoretical Discussion, Historical Development and Policy Responses by Max Koch. New York: Palgrave Macmillan, 2012, pp. 240, ISBN: 9780230272514, £55 (hbk.)...

  1. Concept of Capital and Profit in Economy, Finance and Accounting

    OpenAIRE

    Teresa Szot -Gabryś

    2009-01-01

    The paper analyzes economic, financial and accountancy theories, concepts and models of capital and profit. The aim of the article is to present different meaning of this economic category in economic knowledge. The results of research in this paper is providing to conclusion that the knowledge debate of nature and measurement method of capital and profit is still continuing.

  2. Capital finance and ownership conversions in health care.

    Science.gov (United States)

    Robinson, J C

    2000-01-01

    This paper analyzes the for-profit transformation of health care, with emphasis on Internet start-ups, physician practice management firms, insurance plans, and hospitals at various stages in the industry life cycle. Venture capital, conglomerate diversification, publicly traded equity, convertible bonds, retained earnings, and taxable corporate debt come with forms of financial accountability that are distinct from those inherent in the capital sources available to nonprofit organizations. The pattern of for-profit conversions varies across health sectors, parallel with the relative advantages and disadvantages of for-profit and nonprofit capital sources in those sectors.

  3. Capital finance and ownership conversions in health care.

    Science.gov (United States)

    Robinson, J C

    2000-01-01

    This paper analyzes the for-profit transformation of health care, with emphasis on Internet start-ups, physician practice management firms, insurance plans, and hospitals at various stages in the industry life cycle. Venture capital, conglomerate diversification, publicly traded equity, convertible bonds, retained earnings, and taxable corporate debt come with forms of financial accountability that are distinct from those inherent in the capital sources available to nonprofit organizations. The pattern of for-profit conversions varies across health sectors, parallel with the relative advantages and disadvantages of for-profit and nonprofit capital sources in those sectors. PMID:10645073

  4. The Attitude of Small and Medium Industrialists to Venture Capital Financing in Nigeria

    OpenAIRE

    Isaac Oluwajoba Abereijo; Abimbola Oluwagbenga Fayomi

    2007-01-01

    The principal objective of this paper is to ascertain the extent to which Myers’ Pecking Order Theory (POT) of business financing explains the financial structure of Small and Medium Manufacturing Enterprises (SMEs) in Nigeria. The goal is to examine their attitude with regard to the venture capital financing known as Small and Medium Enterprises Equity Investment Scheme (SMEEIS) introduced by the government in 1999. The data employed were from the database of the survey of manufacturing SM...

  5. Capital Market Failure, Adverse Selection and Equity Financing of Higher Education

    OpenAIRE

    Jacobs, Bas; Sweder J.G. van Wijnbergen

    2005-01-01

    We apply theories of capital market failure to ana1yzeoptima1 financing of risky higher education. In the market solution,students can only finance their education through debt. There isunderinvestment in human capita1, because some students with socia1lyprofitable investments in human capita1 will not invest in educationdue to adverse selection problems in debt markets and becauseinsurance markets for human capita1 related risk are absent. Lega1limitations on the use of human capita1 in fina...

  6. THE ROLE OF DEBT CAPITAL IN CORPORATE FINANCING – OVERVIEW OF SELECTED SURVEYS

    OpenAIRE

    Katarzyna Czapiñska

    2014-01-01

    The ability to create a company’s own capital structure with a simultaneous lack of universal solutions makes this issue a favorable subject of considerations. The aim of this article is to summarize selected surveys on the role of debt and financial leverage in corporate financing observed in the case of Polish companies. Based on the conclusions of the presented surveys, certain regularities were noticed. In most of the companies, equity was the main source of financing, whereas debt was us...

  7. Assessing Discount Rate for a Project Financed Entirely with Equity Capital

    Directory of Open Access Journals (Sweden)

    Nicoleta Vintila

    2007-09-01

    Full Text Available Estimating discount rate for an investment project is one of the most challenging tasks incapital budgeting. In this paper we discuss different kind of models for cost of equity capital proposed infinance literature (static CAPM, conditional CAPM, APT, build-up model, focusing especially on advantagesand disadvantages of using each of them. In the final section, we estimate the discount rate fora certain project financed entirely with equity capital, using a version of build-up model.

  8. Public policy for start-up entrepreneurship with venture capital and bank finance

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    This paper proposes and analyses a model of start-up investment. Innovative entrepreneursare commercially inexperienced and can benefit from venture capital support. Only part ofthem succeed in matching with a venture capitalist while the rest must resort to standard bankfinance. We consider...... a number of policies to promote entrepreneurship and venture capitalbacked innovation.JEL Classification: D82, G24, G28, H24.Keywords: venture capital bank finance, matching, moral hazard, public policy....

  9. Topics in Finance. Part V--Capital Structure

    Science.gov (United States)

    Laux, Judy

    2011-01-01

    Continuing this series on the theory of financial management, the current article investigates capital structure, offering insight into the roles of stockholder wealth maximization, the risk-return tradeoff, and agency conflicts. Much literature addresses this topic, and some of the most recent literature challenges certain theoretical…

  10. Topics in Finance Part IX--Working Capital Management

    Science.gov (United States)

    Laux, Judy

    2012-01-01

    The final topic in a series looking at financial management from a theoretical perspective, working capital management provides the focus of the current article. We investigate how three key axioms--the risk-return tradeoff, agency conflicts, and stockholder wealth maximization--relate to this activity that occupies much of the financial manager's…

  11. Access to finance and venture capital for industrial SMEs

    OpenAIRE

    Heimer, Thomas; Hölscher, Luise; Werner, Matthias Ralf

    2008-01-01

    SMEs play a crucial role for European economies. The numbers show the high importance of SMEs for national economies. Accordingly, it is no surprise that the regulatory framework SMEs are imbedded in is the subject of an important political discussion. In the discussion it is frequently mentioned by representatives of SMEs as well as associations of SMEs, that the access to finance for SMEs is still inferior. Based on the importance of SMEs for national economies and the discussion on the acc...

  12. 75 FR 42081 - The Historically Black College and University Capital Financing Advisory Board

    Science.gov (United States)

    2010-07-20

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF EDUCATION The Historically Black College and University Capital Financing Advisory Board AGENCY: Department of Education. The... authorized by Title III, Part D, Section 347, of the Higher Education Act of 1965, as amended in 1998 (20...

  13. 77 FR 1471 - The Historically Black College and University Capital Financing Advisory Board

    Science.gov (United States)

    2012-01-10

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF EDUCATION The Historically Black College and University Capital Financing Advisory Board AGENCY: U.S. Department of Education... by Title III, Part D, Section 347, of the Higher Education Act of 1965, as amended in 1998 (20...

  14. The Educational Asset Market: A Finance Perspective on Human Capital Investment

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Nielsen, Helena Skyt

    2002-01-01

    on type and level of education enables us to focus on the shared features between human capital and stock investments. An innovative finance-labor approach is applied to study the educational asset market. A risk-return trade-off is revealed which is not directly related to the length of education....

  15. The private finance initiative (PFI) and finance capital: A note on gaps in the "accountability" debate

    OpenAIRE

    D Asenova; Beck, M.

    2007-01-01

    During recent years, a wide spectrum of research has questioned whether public services/infrastructure procurement through private finance, as exemplified by the UK Private Finance Initiative (PFI), meets minimum standard of democratic accountability. While broadly agreeing with some of these arguments, this paper suggests that this debate is flawed on two grounds. Firstly, PFI is not about effective procurement, or even about a pragmatic choice of procurement mechanisms which can potentially...

  16. Financing maneuvers. Two opportunities to boost a hospital's working capital.

    Science.gov (United States)

    Ferconio, S; Lane, M R

    1991-10-01

    Two receivables financing approaches, factoring and asset-backed securitization, offer an initial cash flow boost and a predictable source for continual cash flow. In a typical receivables factoring program, a healthcare organization receives advance funding from its receivables and reduces collection and follow-up efforts required of its staff. In exchange, the organization: Sells receivables at a discount between 5 percent and 10 percent off face value; and Pays a factoring fee of up to 20 percent of sold receivables. In a typical asset-backed securitization: Proceeds generated from the sale of A1-rated commercial paper are used to purchase receivables from a hospital; Accounts receivable eligible for sale are advance-funded at a level between 80 and 90 percent, with the unfunded portion remaining an asset of the hospital; The hospital is responsible for collection and follow-up activities; and An asset manager maintains cash collections to retire commercial paper notes and pay administrative costs. A healthcare organization interested in receivables financing should review each option's structure and benefits to assess advance funding provided, costs, a seller's level of control, and program eligibility requirements. PMID:10145512

  17. [Financing problems of capital goods: part 1: leasing as a solution?].

    Science.gov (United States)

    Clausen, C C; Bauer, M; Saleh, A; Picker, O

    2008-06-01

    The provision of financial support of hospitals by States for buying capital goods is becoming increasingly more limited. In order to still make investments, alternative forms of financing such as leasing must be considered in hospitals. However, the change from the classical form of dual financing and the decision to opt for a leasing model involves much more than just a question of costs. Leasing results in easily manageable expenditure, flexibility and adaptability for the choice of model but the leasing installments must be directly financed by the turnover from diagnosis-related groups and so lead to a reduction in the annual profit. In this article the authors try to give the reader an overview of the complex and sometimes counter-productive effect of financial instruments for investments in hospitals using leasing financing as an example. In the follow-up article the decision-making procedure using dynamic investment calculations will be demonstrated using a concrete example.

  18. Health Care Capital Financing Agencies: The Intergovernmental Roles of Quasi-Government Authorities and the Impact on the Cost of Capital

    OpenAIRE

    Alec Ian Gershberg; Michael Grossman; Fred Goldman

    1999-01-01

    During the decade 1983-1992, approximately 1.4 trillion dollars of municipal bonds were sold in 87 thousand separate issues, primarily to finance capital projects for education, electric power, transportation, health care, housing and other public and private purpose activities. Approximately two-thirds of these financings were originated by financing authorities, quasi-government agencies which are the creation of state legislatures. Despite the growing role played by quasi-public authoritie...

  19. An average-based accounting approach to capital asset investments: The case of project finance

    OpenAIRE

    Carlo Alberto Magni

    2014-01-01

    Literature and textbooks on capital budgeting endorse Net Present Value (NPV) and generally treat accounting rates of return as not being reliable tools. This paper shows that accounting numbers can be reconciled with NPV and fruitfully employed in real-life applications. Focusing on project finance transactions, an Average Return On Investment (AROI) is drawn from the pro forma financial statements, obtained as the ratio of aggregate income to aggregate book value. It is shown that such a me...

  20. The Bias in Favor of Venture Capital Finance in U.S. Entrepreneurial Education: At the Expense of Trade Credit

    Science.gov (United States)

    Clement, Thomas; LeMire, Steven; Silvernagel, Craig

    2015-01-01

    The authors examine whether U.S. college-level entrepreneurship education demonstrates a bias favoring venture capital (VC) financing while marginalizing trade credit financing, and the resulting impact on entrepreneurship students. A sample of U.S. business textbooks and survey data from entrepreneurship students reveals a significant bias toward…

  1. FINANCING OF CAPITAL INFRASTRUCTURE THROUGH ISSUE OF MUNICIPAL BONDS - PRACTICES OF THE MUNICIPALITY OF BIJELJINA

    Directory of Open Access Journals (Sweden)

    Zorica Golić

    2012-01-01

    Full Text Available For all those local communities inBosnia and Herzegovina who are willing to make astep forward from the classical and routinefinancing (budget, loans, grants towards new andinventive combinations, there are really many waysof financing of development. Plans and instrumentsof local development open up new and endlesspossibilities, and all modes of financing and theircombinations cannot be pre-anticipated andexhausted. The need to create new models offinancing depends more on the real commitment oflocal actors to implementing their developmentideas than on the legal framework.Despite the limitations that issuers have andthe risks borne by the investor - the buyer, theborrowing of municipalities and cities throughbond issues turned out better and more efficientsource of funding in relation to other forms ofborrowing.The essence of this paper is to show, after abrief theoretical elaboration, the best practices infinancing of capital infrastructure through issue ofthe municipal bonds, taking the example of themunicipality of Bijeljina .

  2. The Consequences of Hybrid Finance in Thin Capitalization Situations. An Analysis of the Substantive Scope of National Thin Capitalization Rules with special Emphasis on Hybrid Financial Instruments.

    OpenAIRE

    Klostermann, Margret

    2007-01-01

    The choice of corporate finance is an important source of tax planning opportunities for multinational companies. Investing companies have to be aware of inconsistent tax classification of equity and debt between countries in particular. Additionally, thin capitalization rules have to be taken into account. In response to changing corporate needs the present paper focuses on the tax consequences of hybrid financial instruments. Only some literature exists on cross-border hybrid finance. Espec...

  3. Utility investment in on-site solar: risk and return analysis for capitalization and financing

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.; Schutz, S.

    1978-09-01

    A set of financial strategies designed to accelerate the penetration of on-site solar heating and cooling systems are studied. The approach of portfolio theory or the capital asset pricing model (CAPM) is used. The major features of the CAPM is summarized including a survey of those applications which are most relevant to the analysis. These include utility return on equity calculations and project evaluation techniques. How to apply empirical results is discussed based on CAPM methods. In particular, applications to the capitalization variant of the utility investment strategy and the financing variant are distinguished. Subsidization rationales are also discussed. Empirical results to date are summarized, including estimation problems for the various risk measures. The general problem of financial risk assessment for energy technologies is reviewed. (MHR)

  4. Risk sharing with Multilateral Financial Institutions in infrastructure and energy project financing : effect on capital relief for commercial banks

    OpenAIRE

    Rosales Araque, Raúl C.

    2012-01-01

    (Matsukawa and Habeck, 2007) analyse the main instruments for risk mitigation in infrastructure financing with Multilateral Financial Institutions (MFIs). Their review coincided with the global financial crisis of 2007-08, and is highly relevant in current times considering the sovereign debt crisis, the lack of available capital and the increases in bank regulation in Western economies. The current macroeconomic environment has seen a slowdown in the level of finance for infrastructure proje...

  5. Provision of capital for shutdown, dismantling and disposal. Cost risks and proposals for reform for a responsibility related financing

    International Nuclear Information System (INIS)

    In Germany the latest discussion on the cost of nuclear phase-out, dismantling and waste disposal has shown that the provision of capital by the concerned companies for these challenges and the actual regulations are not sufficient for a long-term financing security. The study presents a reform concept including the need of improved transparency on the provision of capital, a differentiated financial statement, the introduction of a stock under public law for insolvency protection including a financing responsibility for the companies and subsequent payments in case of cost increase, and an increase of protection in case of insolvency.

  6. Privatization Financing Alternatives: Blending Private Capital and Public Resources for a Successful Project

    Energy Technology Data Exchange (ETDEWEB)

    BT Oakley; JH Holbrook; L Scully; MR Weimar; PK Kearns; R DiPrinzio

    1998-10-19

    The U.S. Department of Energy (DOE) launched the Contract Reform Initiative in 1994 in order to improve the effectiveness and effkiency of managing major projects and programs. The intent of this initiative is to help DOE harness both technical and market forces to reduce the overall cost of accomplishing DOE's program goals. The new approach transfers greater risk to private contractors in order to develop incentives that align contractor performance with DOE's objectives. In some cases, this goal can be achieved through public-private partnerships wherein the govermhent and the contractor share risks associated with a project in a way that optimizes its economics. Generally, this requires that project risks are allocated to the party best equipped to manage and/or underwrite them. While the merits of privatization are well documented, the question of how privatized services should be financed is often debated. Given the cost of private sector equity and debt, it is difficult to ignore the lure of the government's "risk free" cost of capital. However, the source of financing for a project is an integral part of its overall risk allocation, and therefore, participation by the government as a financing source could alter the allocation of risks in the project, diminishing the incentive structure. Since the government's participation in the project's financing often can be a requirement for financial feasibility, the dilemma of structuring a role for the government without undermining the success of the project is a common and difficult challenge faced by policymakers around the world. However, before reverting to a traditional procurement approach where the government enters into a cost-plus risk profile, the government should exhaust all options that keep the private entity at risk for important aspects of the project. Government participation in a project can include a broad range of options and can be applied with precision to bridge a

  7. What do we know about the capital structure of privately held firms? Evidence from the Surveys of Small Business Finance

    OpenAIRE

    Cole, Rebel

    2008-01-01

    The capital-structure decision is one of the most fundamental issues in corporate finance. Numerous studies have been conducted to test the two major competing theories of capital structure (Trade-Off Theory and Pecking-Order Theory), yet none of these studies has analyzed the capital-structure decisions of small, privately held U.S. firms, which constitute the vast majority of all U.S. business enterprises. In this study, we provide the first evidence on this important issue, utilizing data ...

  8. The Impact Of Intellectual Capital On Investors’ Capital Gain On Shares: An Empirical Investigation In Thai Banking, Finance & Insurance Sector

    Directory of Open Access Journals (Sweden)

    B.A Ranjith Appuhami

    2007-04-01

    Full Text Available The purpose of this article is to investigate the impact of the value creation efficiency on investors’ capital gain on shares. The author used the data collected from listed companies in Thailand stock market and Pulic’s (1998 Value Added Intellectual Coefficient (VAIC TM as the measure of intellectual capital and developed multiple regression model to investigate the impact of corporate value creation efficiencyon investors’ capital gain. The empirical research found that firms’ intellectual capital has a significant positive relationship with its investors’ capital gain on shares. The findings enhance knowledge base of intellectual capital and develop a concept of intellectual capital in acadvantages in emerging economies such as Thailand.

  9. The Impact Of Intellectual Capital On Investors’ Capital Gain On Shares: An Empirical Investigation In Thai Banking, Finance & Insurance Sector

    OpenAIRE

    B.A Ranjith Appuhami

    2007-01-01

    The purpose of this article is to investigate the impact of the value creation efficiency on investors’ capital gain on shares. The author used the data collected from listed companies in Thailand stock market and Pulic’s (1998) Value Added Intellectual Coefficient (VAIC TM) as the measure of intellectual capital and developed multiple regression model to investigate the impact of corporate value creation efficiencyon investors’ capital gain. The empirical research found that firms’ intellect...

  10. "The Crisis of Finance-dominated Capitalism in the Euro Area: Deficiencies in the Economic Policy Architecture and Deflationary Stagnation Policies"

    OpenAIRE

    Hein, Eckhard

    2012-01-01

    In this paper the euro crisis is interpreted as the latest episode in the crisis of finance-dominated capitalism. For 11 initial Euro area countries, the major features of finance-dominated capitalism are analyzed; specifically, the increasing inequality of income distribution and the rising imbalances of current accounts. Against this background, the euro crisis and the economic policy reactions of European governments and institutions are examined. It is shown that deflationary stagnation p...

  11. Hang-Gliding or Looking for an Updraft. A Study of College and University Finance in the 1980s--The Capital Margin.

    Science.gov (United States)

    Jenny, Hans H.; And Others

    A set of concepts that governing boards and senior administrators can use in analyzing the physical capital requirements of their institutions are described, based on the study of two samples of private colleges. Attention is focused on the question of the relative adequacy of college and university cash flows for financing the capital margin.…

  12. The Effect of Intellectual Capital on Cost of Finance and Firm Value

    OpenAIRE

    Mohsen Iranmahd; Mahmoud Moeinaddin; Nasim Shahmoradi; Forough Heyrani

    2014-01-01

    In today's knowledge-based industry, the role of intellectual capitals in creating value for the business units is more effective than financial capitals. The accounting system plays a crucial role in finding appropriate strategies for achieving suitable methods of evaluating intellectual capitals. One of the most significant shortcomings of traditional accounting systems is that it doesn't reflect the intellectual capital value in financial reports of business units. Collecting the data from...

  13. Finance-dominated capitalism, re-distribution, household debt and financial fragility in a Kaleckian distribution and growth model

    Directory of Open Access Journals (Sweden)

    Eckhard Hein

    2012-03-01

    Full Text Available In a Kaleckian distribution and growth model with workers’ debt we examine the short and long run effects of three stylized facts of “finance-dominated capitalism”: a fall in animal spirits of the firm sector with respect to real investment in capital stock, re-distribution of income at the expense of the wage share, and increasing lending of rentiers to workers for consumption purposes. In particular, we specify the conditions for long-run stability of the workers’ debt-capital ratio. We thus identify the threshold for this ratio to turn unstable causing increasing financial fragility and finally financial crisis due to systemic stock-flow or stock-stock dynamics.

  14. Effects of the cost of capital for companies financing decisions%资金成本对企业筹资决策的影响研究

    Institute of Scientific and Technical Information of China (English)

    薛冰峰

    2015-01-01

    决定企业发展的根本因素就是企业的资金成本,而且资金成本对企业筹资决策还起到了非常重要的作用,筹资是企业扩大规模的一种方式,怎样在筹资决策中调整资本结构受到了业界的普遍重视。本文将对资金成本在筹资决策中的作用进行分析阐述,并分析选择适合的筹资方式来降低资金成本的方法。%The fundamental factors that determine the development of enterprises is the company's cost of capital, and the cost of capital for corporate financing decisions also played a very important role in corporate financing is a way to expand the scale and how to adjust the capital structure of the financing decisions by the industry universal attention. This paper will effect the cost of capital in the financing decisions were analyzed and discussed and analyzed to choose the financing method to reduce the cost of capital.

  15. Methodical approach to profitability evaluation of logistic chain of enterprise’s trading capital financing

    Directory of Open Access Journals (Sweden)

    S.O. Kolodizieva

    2014-06-01

    . Authors offer the formula of calculation of logistic chain profitability index which represents the relation of cumulative profit of bank and client on providing / using the crediting service to cumulative expenses of bank and client connected with providing/using such service. Further mathematical transformations of the specified formula show dependence of cumulative profit primary on increase of client’s sales, caused by client’s usage of the crediting service corrected on cost of sales of deal’s participants. Cost of sales includes increases client’s cost of sales connected with usage of crediting by the client, bank’s interest expenses connected with financial resources utilization and bank’s and client’s administrative expenses, connected with providing / using the crediting service. Thus, the restrictions taken into account at calculation of such index are: profit as bank as client from such crediting service there have to be more than zero; expenses as bank as client, connected with crediting service, can't be negative; profit as bank as client has to be reasonable and appropriable for each party of the deal and have to aim to a maximum, expenses of each of the parties have to aim to a minimum. Conclusions and directions of further researches. Advantages of the index offered in article are: for calculation of index cumulative bank’s and client’s income and expenses are used; profit of a chain depends on client’s sales increases by using crediting service and grows in a case of reduction of cumulative expenses of bank and client, the increase of this index is possible through condition of increase in the income and reduction of expenses of all participants of a chain that completely corresponds to their interests. Application of the index developed by authors can be used in evaluation of profitability of factoring and overdraft as enterprise’s trading capital financing.

  16. Capital Finance Decisions for project managers - A reflection on current methods

    Directory of Open Access Journals (Sweden)

    C. Scheepers

    2003-12-01

    Full Text Available This paper evaluates some of current financial investment selection methodologies for capital projects. The proc ess (and criteria of capital investment decisions is reviewed. The capital budget for most organisations is prepared annually by a committee of senior managers who then present it for approval by the board of directors. Investment proposals are usually subjected to two financial tests, "payback" and "internal rate of return (IRR". The management committee usually decides on the tests and acceptance criteria vary according to the type of project. Some shortcomings of these most frequently used current tests (Payback & IRR are identified and it is recommended that the Net Present Value (NPV should be used as the primary method for analysing, comparing and selecting capital projects.

  17. Third party referrals in the venture capital financing process : do network ties matter?

    OpenAIRE

    Heuven, Joris

    2008-01-01

    In this paper we focus on the role of third party referrals in the venture capital funding process. Taking network theory as our theoretical perspective we explore if and how third parties play a role in the funding process. Hereby we focus on both the network ties between new venture teams and third parties and the network ties between VC’s and third parties. To do so we collected in depth information on 25 venture capital investment decisions and studied how third parties played a role in t...

  18. STUDY ON FINANCIAL OFFSHORE CENTRES, THE RISKS AND DEREGULATION OF THE INTERNATIONAL FINANCIAL SYSTEM, CAPITAL LAUNDERING AND TERRORISM FINANCING

    Directory of Open Access Journals (Sweden)

    MĂDĂLINA ANTOANETA RĂDOI

    2013-05-01

    Full Text Available After the end of the 90’s crisis, the settlement of the international financial system has taken an important place within the international organizations. There are important debates regarding the need of a compulsory reform to prevent crises. Means of preventing crises, especially within the field of foreign vulnerability assessment regard: transparency, following the international regulations and codes, refoundation of the financial compartments, liberalization of the capital movements. In addition, a set of work program is needed regarding the crises settlement and sovereign debt restructuring. Serious matters are requested regarding the adoption of fight tools against money laundering and terrorism finance. Offshore financial centers assessment is placed in the field of activity by refinancing of the financial sector, it is one of the health balance sheet elements achieved by the IMF and by the World Bank within the financial compartment assessment program.

  19. Third party referrals in the venture capital financing process : do network ties matter?

    NARCIS (Netherlands)

    Heuven, Joris

    2008-01-01

    In this paper we focus on the role of third party referrals in the venture capital funding process. Taking network theory as our theoretical perspective we explore if and how third parties play a role in the funding process. Hereby we focus on both the network ties between new venture teams and thir

  20. Access to finance for innovation: the role of venture capital and the stock market

    NARCIS (Netherlands)

    F. Bogliacino; M. Lucchese

    2011-01-01

    Financial constraints for young and small firms can prevent them from contributing to innovation and the creation of new jobs. The paper analyzes two of the several institutional mechanisms implemented to overcome that hurdle: the development of the venture capital market and access to the stock mar

  1. Capital

    OpenAIRE

    Coulangeon, Philippe

    2013-01-01

    Empruntée à l’appareil conceptuel de l’économie, la notion de capital désigne en première analyse l’ensemble des ressources dont disposent les individus et les groupes et qui affectent leurs trajectoires, notamment dans les domaines scolaire, professionnel, matrimonial et familial. La sociologie contemporaine se saisit le plus souvent du concept pour en souligner les différentes espèces : capital économique, capital culturel et capital social, principalement. Si le capital économique désigne ...

  2. Ask and Ye Shall Receive? Automated Text Mining of Michigan Capital Facility Finance Bond Election Proposals to Identify Which Topics Are Associated with Bond Passage and Voter Turnout

    Science.gov (United States)

    Bowers, Alex J.; Chen, Jingjing

    2015-01-01

    The purpose of this study is to bring together recent innovations in the research literature around school district capital facility finance, municipal bond elections, statistical models of conditional time-varying outcomes, and data mining algorithms for automated text mining of election ballot proposals to examine the factors that influence the…

  3. The effect of intellectual capital on organizational commitment: A case study of the ministry of economic affairs and finance of Kermanshah province

    Directory of Open Access Journals (Sweden)

    Shirzad Zeinoddini

    2015-09-01

    Full Text Available This study was an attempt to investigate the effect of intellectual capital on organizational commitment of the staff of the Ministry of Economic Affairs and Finance of Kermanshah province, Iran. The statistical population of the Ministry of Economic Affairs and Finance of Kermanshah was 140 people. Using Morgan Table, a sample of 103 personnel was randomly selected from the population. For gathering data, two researcher-made questionnaires of intellectual capital and organizational commitment were used. The validity of the questionnaires was proved by the favorable opinion of the advisor of the research, and the reliability of the questionnaires was tested using Cronbach’s alpha (α. The estimated values of alpha for the questionnaires of intellectual capital and organizational commitment were 0.969 and 0.935, respectively which clearly demonstrated the reliability of the questionnaires. Also the data were analyzed using statistical software of SPSS 15.0 and LISREL. The results of the study demonstrated that there was a significant and positive relationship between intellectual capital and its components (i.e., human capital, structural capital, and customer capital and organizational commitment.

  4. The structured finance of leading private capital to invest cultural industry%民间资本投资文化产业的结构性融资

    Institute of Scientific and Technical Information of China (English)

    冷建飞

    2014-01-01

    This thesis constructs the system of private capital investment in the cultural industry by structured fi-nance, identifies the participation body, makes the flow of private capital investment in the cultural industry by structured finance, and settles the role of assistant people. Meanwhile, this thesis studies the key problem of private capital invest-ment in the cultural industry by structured finance. The thesis proposes that we should carry out the credit enhancement of assets pool, set up the SPV to quarantine the risks, and make a good price of private capital investment in cultural industry by structured finance. This thesis also deals with the operation mechanism of private capital investment in the cultural industry by structured finance. We must establish the mechanism of asset evaluation, improve the mechanism of investor protection, and perfect the mechanism of securities issuance.%本文对民间资本投资文化产业结构性融资的体系进行了构建,明确了参与的主体,制定了这种结构性融资的流程,梳理了辅助参与人的作用;对民间资本投资文化产业结构性融资的关键问题进行了研究,对资产池进行信用增级,设立好风险隔离的SPV,做好民间资本投资文化产业结构性融资的定价;对民间资本投资文化产业结构性融资的运行机制进行了研究,提出要建立资产评估机制、完善投资者保护机制、健全证券的发行机制。

  5. The capital structure adjustment through debt financing based on various macroeconomic conditions in Korean market

    Directory of Open Access Journals (Sweden)

    Hyun Jung Kim

    2015-01-01

    Full Text Available En este trabajo investigamos la relación entre la estructura de capital y las condiciones económicas en el mercado coreano. Para conocer el comportamiento de ajuste de la estructura de capital respecto a las condiciones macroeconómicas, utilizamos un modelo de ajuste parcial dinámico que estima las velocidades de ajuste hacia los objetivos. Los datos analizados en el estudio corresponden a las empresas no financieras que cotizan en la bolsa de valores de Corea. Empíricamente encontramos evidencia que es consistente con los argumentos de Hackbarth, Miao y Morellec (2006 y Cook y Tang (2010, respecto a que las empresas tienden a ajustar más rápidamente su apalancamiento respecto al nivel objetivo durante la expansión económica. Por lo tanto, nuestros resultados apoyan las teorías de pecking order y de market timing en términos de las teorías de finanzas corporativas relativas a la estructura de capital. Además, los resultados de nuestras pruebas son consistentemente robustos a pesar de que incluimos en nuestro modelo una variable ficticia ligada al tiempo como mecanismo de control de la crisis financiera global, en contraste con Kim (2013.

  6. Determinants of the cost of capital for privately financed hospital projects in the UK.

    Science.gov (United States)

    Colla, Paolo; Hellowell, Mark; Vecchi, Veronica; Gatti, Stefano

    2015-11-01

    Many governments make use of private finance contracts to deliver healthcare infrastructure. Previous work has shown that the rate of return to investors in these markets often exceeds the efficient level. Our focus is on the factors that influence that return. We examine the effect of macroeconomic, project- and firm-level variables using a detailed sample of 84 UK private finance initiative (PFI) contracts signed between 1997 and 2010. Of the above variables, macroeconomic conditions and lead sponsor size are related to the investor return. However, our results show a remarkable degree of stability in the return to investors over the 14-year period. We find evidence of a 'prevailing norm' that is robust to project- and firm-level variation. The sustainability of excess returns over a long period is indicative of a concentrated market structure. We argue that policymakers should consider new mechanisms for increasing competition in the equity market, while ensuring that authorities have the specialist resources required to negotiate efficient contract prices. PMID:26432655

  7. Capital gains

    International Nuclear Information System (INIS)

    This article examines African and Middle East oil and natural gas project financing. Capital markets financing, Ras Laffan's project bonds, capital market issues in Saudi Arabia, the movement toward gas and away from oil, and Islamic opportunities are discussed, African and Middle East oil and gas projects are listed. (UK)

  8. Financing Innovation

    OpenAIRE

    Yoo, JaeHoon

    2007-01-01

    More than 24 countries operate separate boards and exchanges aimed at small and medium-size enterprises (SMEs). Equity markets play a critical role in fostering economic productivity by financing innovation. But only a few SME exchanges function properly, providing coveted fresh capital and liquidity. What steps are key to building an efficient exchange to provide risk capital for SMEs? Cr...

  9. Study on Capital Market Direct Financing Channels of Ningxia Agricultural Enterprises%宁夏农业企业资本市场融资途径分析

    Institute of Scientific and Technical Information of China (English)

    刘畅; 石健

    2016-01-01

    Difficult financing and expensive financing are common problems to Ningxia agricultural enterprises in financing due to factors such as long production cycle, slow money collecting and high risk. Unreasonable financing structure can be the most direct problem in financing. The proportion of directing financing is small than that of indirect financing, the basic feature of financing. Indirect financing, rely more on bank credit capital, can be vulnerable to national interest rate policy and financial policy. Moreover, financing structure can be influenced and restricted by external industrial policy, industry distribution, financial service, product supply and enterprise development condition due to the lack of long term direct fi-nancing capital. Constraints on Ningxia agricultural enterprise direct financing were analyzed in this paper based on Ningxia agricultural enterprise developing features and current situation of the development of Ningxia capital market, along with measures such as enhance government policy guidance and improve capital introduction mechanism to optimize financing channels for Ningxia agricultural enterprises.%由于受到农业特殊的生产周期长、资金回笼较慢、风险高等特点的影响,宁夏农业企业融资普遍存在“融资难”、“融资贵”的问题,影响融资的最直接问题就是融资结构不合理,融资结构的基本特征是间接融资为主,直接融资尤其在资本市场上融资比例低。间接融资更多依靠银行信贷资本,容易受到国家利率政策和金融政策的影响,由于缺少直接融资资本的长期注入,融资结构易受到外部产业政策、产业布局、金融服务和产品供给及企业发展等因素的影响和制约。本文基于当前宁夏现代农业企业发展特点,立足目前宁夏资本市场发展现状,以分析宁夏农业企业向资本市场直接融资的制约因素入手,提出加大政府政策引导、资本引

  10. What Determines the Financing Decision in Corporate Takeovers : Cost of Capital, Agency Problems, or the Means of Payment?

    NARCIS (Netherlands)

    Martynova, M.; Renneboog, L.D.R.

    2008-01-01

    Abstract: How is a takeover bid financed and what is its impact on the expected value creation of the takeover? An analysis of the sources of transaction financing has been largely ignored in the takeover literature. Using a unique dataset, we show that external sources of financing (debt and equity

  11. Social Capital and Venture Finance Selection of Migrant Workers%社会资本与农民工创业融资方式选择

    Institute of Scientific and Technical Information of China (English)

    王超恩; 刘庆

    2015-01-01

    基于全国性的农民工调查数据,从社会资本视角考察我国农民工创业融资方式问题,采用有序响应模型从三个方面对社会资本与农民工创业融资方式进行了实证检验,包括:个人特征、家庭禀赋、社会资本。调查结果表明,农民工创业者大部分依赖自有资金,融资渠道较少,只有少部分创业者能够获得正规金融结构的贷款,这严重制约了农民工自主创业的发展。值得注意的是,实证分析结果表明,个人特征和社会资本是影响农民工创业者借贷行为的重要因素,家庭禀赋对农民工创业融资方式影响并不显著,表明内源性融资与外源性融资有较强的替代性。社会资本对农民工获得有效借贷具有显著的正向影响,说明社会网络对发展普惠金融体系具有重要的作用。%Based on the data from a national survey ,this paper analyzes the migrant workers'venture capital fi‐nance problem from the perspective of social capital ,and applies the ordered response model to probe the determi‐nant factors that affect the venture capital finance of the migrant workers from three dimensions including the per‐sonal characters ,family endowment and social capital .The survey results show that migrant entrepreneurs rely mostly on their own funds ,with too few credit channels ,informal lending is still the main stream of rural financial market .Only a few entrepreneurs have access to formal lending ,which seriously restrict the development of mi‐grant workers'own businesses .Interestingly ,empirical analysis results show that the personal characters and social capital are important factors affecting migrant entrepreneurs credit behavior ,while family endowment has no obvi‐ous significant effect on venture finance selection .Endogenous finance can substitute exogenous finance in most ca‐ses .Social capital has a significant positive effect on the effective lending ,w hich

  12. 社会资本与农民工创业融资方式选择%Social Capital and Venture Finance Selection of Migrant Workers

    Institute of Scientific and Technical Information of China (English)

    王超恩; 刘庆

    2015-01-01

    Based on the data from a national survey ,this paper analyzes the migrant workers'venture capital fi‐nance problem from the perspective of social capital ,and applies the ordered response model to probe the determi‐nant factors that affect the venture capital finance of the migrant workers from three dimensions including the per‐sonal characters ,family endowment and social capital .The survey results show that migrant entrepreneurs rely mostly on their own funds ,with too few credit channels ,informal lending is still the main stream of rural financial market .Only a few entrepreneurs have access to formal lending ,which seriously restrict the development of mi‐grant workers'own businesses .Interestingly ,empirical analysis results show that the personal characters and social capital are important factors affecting migrant entrepreneurs credit behavior ,while family endowment has no obvi‐ous significant effect on venture finance selection .Endogenous finance can substitute exogenous finance in most ca‐ses .Social capital has a significant positive effect on the effective lending ,w hich means social capital plays an im‐portant role in the construction of inclusive finance system .%基于全国性的农民工调查数据,从社会资本视角考察我国农民工创业融资方式问题,采用有序响应模型从三个方面对社会资本与农民工创业融资方式进行了实证检验,包括:个人特征、家庭禀赋、社会资本。调查结果表明,农民工创业者大部分依赖自有资金,融资渠道较少,只有少部分创业者能够获得正规金融结构的贷款,这严重制约了农民工自主创业的发展。值得注意的是,实证分析结果表明,个人特征和社会资本是影响农民工创业者借贷行为的重要因素,家庭禀赋对农民工创业融资方式影响并不显著,表明内源性融资与外源性融资有较强的替代性。社会资本对农民工获得有效借贷具

  13. Entrepreneuriat répété, capital organisationnel et accès au financement par capital-risque

    OpenAIRE

    Jean Rédis; Jean-Michel Sahut

    2014-01-01

    This article is about the existence of potential differences in access to venture capital between serial entrepreneurs (who have founded several businesses, either one after the other or simultaneously) and new entrepreneurs (who create a

  14. The association of debt financing with not-for-profit hospitals' operational and capital-investment efficiency.

    Science.gov (United States)

    Magnus, Stephen A; Wheeler, John R C; Smith, Dean G

    2004-01-01

    Increased debt in companies can motivate both operational and capital-investment efficiency. This positive influence of debt is attributed to creditors' oversight of corporate behavior and the need to generate cash flows to service debt. Our study investigates whether debt has a similar relationship with efficiency in not-for-profit hospitals. Using statistical analysis of a database of audited financial statements of not-for-profit hospitals, we test whether debt is associated with six distinct measures of operational and capital-investment efficiency. We find that debt either has no association with efficiency or predicts decreased efficiency. Possible explanations are that creditors' oversight is less tight in the not-for-profit setting and that debt may at times motivate excessive capital investment because of a legal requirement to tie tax-exempt debt with a capital-investment project.

  15. Provision of capital for shutdown, dismantling and disposal. Cost risks and proposals for reform for a responsibility related financing; Atomrueckstellungen fuer Stilllegung, Rueckbau und Entsorgung. Kostenrisiken und Reformvorschlaege fuer eine verursachergerechte Finanzierung

    Energy Technology Data Exchange (ETDEWEB)

    Kuechler, Swantje; Meyer, Bettina; Wronski, Rupert

    2014-10-10

    In Germany the latest discussion on the cost of nuclear phase-out, dismantling and waste disposal has shown that the provision of capital by the concerned companies for these challenges and the actual regulations are not sufficient for a long-term financing security. The study presents a reform concept including the need of improved transparency on the provision of capital, a differentiated financial statement, the introduction of a stock under public law for insolvency protection including a financing responsibility for the companies and subsequent payments in case of cost increase, and an increase of protection in case of insolvency.

  16. What Determines the Financing Decision in Corporate Takeovers : Cost of Capital, Agency Problems or the Means of Payment?

    NARCIS (Netherlands)

    Martynova, M.; Renneboog, L.D.R.

    2008-01-01

    While the means of payment in takeovers has been a focal point in the takeover literature, what has largely been ignored is the analysis of how the takeover bid is financed and what its impact is on the expected value creation of the takeover. This paper investigates the sources of transaction finan

  17. The Determinants of Debt Financing

    OpenAIRE

    Zhao, Chenkai

    2013-01-01

    Debt financing is an important part in capital structure. Over the fifty years, most scholars and researchers focus primarily on the balance between debt financing and equity financing. And only few research involve in types of debt financing, as well as the determinant of debt financing. This study is aim to analyse the determinate of debt financing, which examine that the influence by eight different elements. This dissertation examined by quantitative techniques with 591 UK listed comp...

  18. 内源融资能力、资本结构对信贷融资成本的影响--基于中小企业的实证研究%Empirical Analysis on the Impact of Internal Financing Ability, Capital Structure on SMEs' Credit Financing Cost

    Institute of Scientific and Technical Information of China (English)

    马雪彬; 佟美琪

    2015-01-01

    Taking the small and medium-sized listed companies' own internal financing ability, capital structure factors for the observation point, taking the listed SMEs credit financing cost as the research object, selecting the Shenzhen SME board 2007-2013 a total of 7 years of 55 listed corporations as the research sample, this paper studies deeply the impact of internal financing ability, capital structure of the listed SMEs credit financing cost. The result shows the endogenous financing capacity of SMEs is weaker, capital structure is more dependent on debt financing, SMEs credit financing cost is higher; endogenous fi-nancing capacity of SMEs is stronger, the capital structure of dependence on debt financing is weaker, SMEs credit financing cost is lower. Therefore, the small and medium-sized enterprise should constantly improve the internal financing ability of small and medium-sized enterprises, and optimize its capital structure, so as to reduce the small and medium-sized enterprises' own financing cost, and constantly promote the small and medium-sized enterprises' own market competitiveness.%论文以中小上市企业自身内源融资能力、资本结构因素为观察点,以中小上市企业信贷融资成本为研究对象,选择2007-2013年共7年的深市中小板55家上市公司作为研究样本,实证分析了中小企业内源融资能力、资本结构对中小企业信贷融资成本的影响。结果显示中小企业的内源融资能力越强,资本结构对债务融资的依赖性越弱,中小企业的信贷融资成本越低。因此中小企业应提高自身的内源融资能力,优化资本结构,从而降低自身信贷融资成本。

  19. 创业者社会资本与新企业融资工具选择%Social Capital of Entrepreneurs and Choice of Financing Instruments by New Ventures

    Institute of Scientific and Technical Information of China (English)

    袁福广; 李广; 孙树智

    2012-01-01

    On the basis of the theory of social capital, this paper constructs a model to analyze the influence of the social capital of entrepreneurs on the choice of the financing instrument between debt financing and venture capital equity financing under the condition of double moral risks. The study finds that when entrepreneurs have the ability to choose from the two kinds of financing instru ments while at the same time the entrepreneurs have higher or lower level of social capital, the en trepreneurs tend to choose debt financing; while the social capital of entrepreneurs is in medium lev el, they tend to choose venture capital equity financing. The main contribution of the study is that the social capital of entrepreneurs is brought into the research framework of the choice of financing instruments by new ventures, which has extended the research results of new venture financing.%以社会资本理论为基础,构建模型分析在存在双重道德风险的情况下,创业者社会资本对债务融资与风险资本股权融资两种融资工具选择的影响。研究发现,当创业者有能力选择债务融资或者风险资本两种融资工具时,同时当创业者的社会资本拥有度较高或者较低时,创业者倾向于选择债务融资;而当创业者社会资本拥有度在中等水平时,倾向于选择风险资本股权融资。研究的主要贡献在于,将创业者社会资本纳入到新企业融资工具选择的研究框架之中,深化了新企业融资的研究成果。

  20. STUDY ON FINANCIAL OFFSHORE CENTRES, THE RISKS AND DEREGULATION OF THE INTERNATIONAL FINANCIAL SYSTEM, CAPITAL LAUNDERING AND TERRORISM FINANCING

    OpenAIRE

    MĂDĂLINA ANTOANETA RĂDOI; ALEXANDRU OLTEANU

    2013-01-01

    After the end of the 90’s crisis, the settlement of the international financial system has taken an important place within the international organizations. There are important debates regarding the need of a compulsory reform to prevent crises. Means of preventing crises, especially within the field of foreign vulnerability assessment regard: transparency, following the international regulations and codes, refoundation of the financial compartments, liberalization of the capital movements. In...

  1. Financiranje podjetniških mrež s tveganim kapitalom = Financing Entrepreneurial Networks with Risk Capital

    Directory of Open Access Journals (Sweden)

    Lidija Robnik

    2006-12-01

    Full Text Available The future of entrepreneurship, its efficiency and possibilities for further development, are all conditioned by international global competition and strategic connecting and business networks. The successfulness of companies rests in the hands of entrepreneurs, who must be prepared to learn and to adapt themselves to the dynamics of competitiveness in the global business environment. The potential growth of the economy depends importantly on businessman and on entrepreneurship; this is why need constantly to conduct research into entrepreneurship and to seek for answers for the future, from the aspects of organisation, inter-connection, cooperation and financing.

  2. ‘We want what you have’: Faustian finance in The terrible privacy of Maxwell Sim and Capital

    OpenAIRE

    Di Bernardo, Francesco

    2013-01-01

    ‘We want what you have’ is the most emblematic sentence in Lanchester’s Capital: it is printed on a postcard left in the houses of Pepys Road and evokes the spectre of house repossessions followed by the 2008 financial crisis. Conversely, in literature the repossession by definition is that of Faust’s soul by Mephistopheles. Ian Watts (2006) tracing the origins of the Faustian myth recounts the historical and fictional roots of the myth and affirms that that Faust represents the ‘unrepentant ...

  3. Thin Capitalization Rules and Entrepreneurial Capital Structure Decisions

    Directory of Open Access Journals (Sweden)

    Alexandra Maßbaum

    2009-12-01

    Full Text Available Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and financing decisions, and whether they can partially explain why corporations receive both debt and equity capital. We model the Belgian, German and Italian rules as examples. We find that the so-called Miller equilibrium and definite financing effects depend significantly on the underlying tax system. Further, our results are useful for the treasury to decide what thin capitalization type to implement.

  4. Promoting and Financing Cultural Tourism in Europe through European Capitals of Culture: A Case Study of Košice, European Capital of Culture 2013

    Directory of Open Access Journals (Sweden)

    Miriam Šebová

    2014-05-01

    Full Text Available The paper highlights the link between the European Capital of Culture (ECoC designation and the development of cultural tourism in Europe. Cultural tourism is the fastest growing segment of tourism in the world and is the desirable objective of new defined cultural policies in European cities. According to the European Commission (2012, it is estimated that cultural tourism accounts for around 40% of all European tourism. In general, the European Commission confirms the significant role of cultural tourism in the development of tourism in Europe and one of the most visible tools of this strategy is the designation of the ECoC. Cultural policy has also become an important tool of urban regeneration and in the rebranding of European cities. The case study of Košice ECoC 2013 presents part of the results from the Košice ECoC evaluation project. The Košice ECoC 2013 project was designed as a community led project which was targeted at increasing the cultural consumption of residents rather than the number of foreign cultural tourists. However, the biggest events such as White night attracted a lot of tourists from the wider region. More than 70 million EUR was dedicated to investments, which have significantly improved the culture infrastructure in Košice. The ECoC designation supported the local cultural buzz and led to new local production of modern culture, art and the creative industries. Other visible effects have already been seen in the advantages gained by the decentralization of the cultural infrastructure and events in the neighbourhoods. The involvement of people outside the city centre has avoided gentrification in the city. From this point of view the project Košice ECoC 2013 has had the prerequisite to sustainable cultural tourism in Košice

  5. Monetary Policy,Financing Constraints and the Dynamic Adjustment of Enterprise Capital Structure%货币政策、融资约束与企业资本结构动态调整

    Institute of Scientific and Technical Information of China (English)

    朱雁春

    2014-01-01

    By using fixed effect model and taking the listed companies during 1996 to 2012 as samples ,to Study the impact of financial constrain and monetary policy on the capital structure ad-justment spead. Research results show that the adjustment speed of capital structure is different in enterprises with different financing constraints,and the speed of the enterprises with financing con-straints is slower than those without financing constraints; under the easy monetary policy,the ad-justment speed of capital structure in non-financing constraints companies is faster than financing constraint companies. However,the adjustment speed of capital structure in financing constraint companies is more sensitive to the increase of money supply,while the adjustment speed of capital structure in non-financing constraint companies is more sensitive to the rise of interest rate.%以1996~2012年上市公司为样本,运用固定效应法,实证检验融资约束和货币政策对企业资本结构调整速度的影响。研究结果表明:不同融资约束企业的资本结构调整速度存在差异,融资约束企业的资本结构调整速度低于非融资约束企业;在宽松货币政策下,非融资约束企业资本结构的调整速度大于融资约束企业。融资约束企业资本结构的调整速度对货币供应的增加更为敏感;非融资约束企业资本结构的调整速度对利率的升高更为敏感。

  6. Understanding your capital options.

    Science.gov (United States)

    Payne, Christopher T

    2012-05-01

    When planning capital expenditures, hospitals and health systems should understand the following financing considerations: Traditional fixed-rate tax-exempt bonds; Variable-rate financing alternatives; Basel III Accord requirements; Direct tax-exempt bank loans; Total return swaps Taxable financings; Interest-rate swaps and collateral requirements

  7. Financing Distributed Generation

    International Nuclear Information System (INIS)

    This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market

  8. Debt financing: an executive's guide.

    Science.gov (United States)

    Runy, Lee Ann

    2006-06-01

    Debt financing can be a critical source of capital for not-for-profit hospitals. This gatefold outlines six steps toward effective debt financing, describes the various types of nontraditional and traditional debt and shows how two hospitals approached debt financing.

  9. Comparative study on the venture capital financing policies for the college students home and abroad%中外大学生创业融资政策对比研究

    Institute of Scientific and Technical Information of China (English)

    郑德前

    2011-01-01

    Raising venture capital is a major problem constraining college students to start their own businesses, and it is also a focus for various departments of the present government. On the basis of the investigation and understanding the status of domestic and foreign venture capital financing policies, this paper analyzes the reasons why it' s difficult for China' s college students to raise venture capital. The "Trinity" model of government, universities, and market to raise venture capital is presented to broaden the financing channels, reduce the funding threshold, increase funding trust, and avoid the risk of financing, therefore, to solve the bottleneck problem of the capital for the students when they start their business.%创业资金是制约大学生自主创业的一大难题,也是当今国家各有关部门积极探讨的焦点问题。在调查了解国内外创业资金融资政策现状的基础上,寻找导致我国大学生创业资金筹集困难的原因。构建政府、高校、市场“三位一体”的创业资金筹集模式,以拓宽筹资渠道、降低筹资门槛、增加筹资信任、规避筹资风险,是解决大学生创业中的资金瓶颈问题的有效途径。

  10. A Reader in International Corporate Finance, Volume Two

    OpenAIRE

    Claessens, Stijn; Laeven, Luc

    2006-01-01

    The Reader in International Corporate Finance offers an overview of current thinking on six topics: law and finance, corporate governance, banking, capital markets, capital structure and financing constraints, and the political economy of finance. This collection of 23 of the most influential articles published in the period 2000-2006 reflects two new trends: 1) interest in international ...

  11. Solar thermal financing guidebook

    Energy Technology Data Exchange (ETDEWEB)

    Williams, T.A.; Cole, R.J.; Brown, D.R.; Dirks, J.A.; Edelhertz, H.; Holmlund, I.; Malhotra, S.; Smith, S.A.; Sommers, P.; Willke, T.L.

    1983-05-01

    This guidebook contains information on alternative financing methods that could be used to develop solar thermal systems. The financing arrangements discussed include several lease alternatives, joint venture financing, R and D partnerships, industrial revenue bonds, and ordinary sales. In many situations, alternative financing arrangements can significantly enhance the economic attractiveness of solar thermal investments by providing a means to efficiently allocate elements of risk, return on investment, required capital investment, and tax benefits. A net present value approach is an appropriate method that can be used to investigate the economic attractiveness of alternative financing methods. Although other methods are applicable, the net present value approach has advantages of accounting for the time value of money, yielding a single valued solution to the financial analysis, focusing attention on the opportunity cost of capital, and being a commonly understood concept that is relatively simple to apply. A personal computer model for quickly assessing the present value of investments in solar thermal plants with alternative financing methods is presented in this guidebook. General types of financing arrangements that may be desirable for an individual can be chosen based on an assessment of his goals in investing in solar thermal systems and knowledge of the individual's tax situation. Once general financing arrangements have been selected, a screening analysis can quickly determine if the solar investment is worthy of detailed study.

  12. Shipping Financing Lease and Shipping Enterprises' Way out of Capital Difficulty: An Example from Ningbo%翻白融资租赁及航运企业资金困境摆脱:产波证据

    Institute of Scientific and Technical Information of China (English)

    田剑英; 章云龙

    2012-01-01

    Shipping financing plays a decisive role in the development of shipping enterprise. But the shipping enterprises' financing is difficult for its high risk. Ship financing lease is a new financing way, which could meet the shipping enterprises' capital demands, especially that of middle and small shipping enterprises. Shipping financing lease started late in China, but had not formed a good business. In order to develop the shipping financing lease in Ningbo in Zhejiang province, we should continue to make shipping enterprises to strengthen cooperating with financial service industry. Government should make some policies, and establish shipping industrial investment fund, to support its development.%船舶融资在航运企业的发展中起着决定性作用,航运业高风险的特点导致航运企业融资困难。船舶融资租赁作为一种全新的融资方式,满足了航运业特别是中小航运企业的资金需求。船舶融资租赁在我国起步较晚,还没有形成一个良好的经营环境。发展浙江省宁波市船舶融资租赁业务,应继续加强航运企业和金融服务业的合作,政府应出台扶持航运企业船舶融资租赁业务的政策,并设立船舶产业投资基金。

  13. Assessment Project Budget Implementation Should Not Be Limited to Finance Capital%考评项目预算执行不应仅限于财政资金

    Institute of Scientific and Technical Information of China (English)

    张英涛; 于永军; 李清明

    2011-01-01

    Assessment institution project budget can' t just limit to finance capital, so we will also make self-raised funds into the evaluation category. The paper discusses the current problems limited to "financial capital" evaluation to budget management, and puts forward the measures of evaluation mechanism opinion.%考评事业单位项目预算执行情况,不能仅仅局限于财政资金,还应将自筹资金纳入考评范畴.文章论述了目前仅限于“财政资金”的考评给预算管理带来的诸多问题,并提出了完善考评机制的措施意见.

  14. Venture capital and internationalization

    NARCIS (Netherlands)

    Schertler, Andrea; Tykvova, Tereza

    2011-01-01

    Cross-border investments represent a substantial share of venture capital activities. We use a comprehensive dataset on investments worldwide to analyze the internationalization of venture capital financing. We postulate that cross-border activity is shaped by macroeconomic factors in the venture ca

  15. Política, agricultura e a reconversão do capital do tráfico transatlântico de escravos para as finanças brasileiras na década de 1850 Politics, agriculture and the reconversion of the transatlantic slave trade capital to Brazilian finances in 1850'

    Directory of Open Access Journals (Sweden)

    Artur Vitorino

    2008-12-01

    Full Text Available O artigo enfoca como, após 1850, com a cessação do tráfico transatlântico de africanos escravos, o capital, antes engatado nesse negócio, passou a irrigar o meio circulante (a moeda e o crédito, reforçando, assim, a economia de mercado já existente na Corte Imperial, mas, a partir de então, com força para configurar nesta cidade uma economia urbana de profundas conseqüências para os agricultores escravistas do Vale do Paraíba ligados ao comércio exterior, e dependentes do crédito e da moeda ali alocados. O assentamento urbano do capital dos mercadores negreiros foi deliberado pelo Partido Conservador.The article emphasizes how, after 1850, with the cessation of the transatlantic African slave trade, the capital, rather linked in this business, passed to irrigate the finance capital (the coin and the credit, reinforcing, then, the trade economy also extant in the Imperial Court but, hereafter, stronger enough to build in this city a urban economy with profoundest consequences to the farms of the Vale do Paraíba who used slaves, were linked in the foreign trade, and were dependent of the credit and of the coin allocated there. The urban settlement of the black slave trade capital was deliberate by the Conservative Party.

  16. 个人保障性住房融资再研究--基于政府财政与民间资本合力效应的实证分析%A Further Study on Financing of Personal Affordable Housing-An Empirical Analysis Based on Synergy Effect of Government Finance and Civilian Capital

    Institute of Scientific and Technical Information of China (English)

    王晓东; 洪爱华

    2014-01-01

    为了解决个人保障性住房建设中的融资难问题,文章采用实证的分析方法,以保障性住房的融资现状为切入点,通过对保障性住房融资的文献介绍,提出了相关的融资建议,研究结果发现:通过政府财政与民间资本的合力效应,不仅有利于提高民间投资者对个人保障性住房的建设积极性,整体社会福利也会因此而增加,而且更有利于政府对民间资本投资的有序引导。%In order to solve financing difficulties in the process of the construction of personal affordable housing,the pa⁃per puts forward relevant suggestions for financing by adopting empirical analysis methods,taking the present situation of fi⁃nancing of affordable housing as the breakthrough point and making a literature introduction on financing of affordable hous⁃ing. The results show that: the synergy effect of government finance and civilian capital will not only enhance private inves⁃tors’ enthusiasm on the construction of personal affordable housing, which brings about the increase of the overall social welfare,but also improve government’s more orderly guide to private capital investment.

  17. 高校固定资产管理与财务管理相结合的思考%Consideration on combining of capital asserts management and finance management in colleges and universities

    Institute of Scientific and Technical Information of China (English)

    李霞

    2012-01-01

    The combining of capital asserts management and finance management is a key aspect of university state-owned asserts management. A key issue of asserts management and finance management is the discrepancy between physical asserts and statement of accounts. Therefore, for asserts and finance managements, the interaction needs to be enhanced, the asserts management system needs to be set up, the equipment depreciation needs to be enforced, the procedure of assert disposition needs to be enhanced, and the information channel with other functions and sharing of resources need to be established.%固定资产管理与财务管理相结合是高校国有资产管理的主要方向.资产管理和财务管理面临的主要问题是资产实物账与财务总账不一致.对此,提出资产管理和财务管理需要加强联动,需要建立资产综合管理信息系统、实行仪器设备折旧、完善资产处置流程,还要与其他相关职能部门建立信息沟通和资源共享.

  18. Study on the Mechanism of Social Capital and Its Effect in the Development of Informal Finance%民间金融发展中的社会资本作用机制及其效应研究

    Institute of Scientific and Technical Information of China (English)

    陈硕

    2014-01-01

    The informal finance provides credit support for the majority of small and medium-sized private enterprises,which has a positive effect on the economic development of China. As an informal system,the influence of social capital on the development of informal finance has been proved by some theoretical and empirical researches. Through the factors of social capital inclu-ding trust,reputation,ethics and other factors,it has significant functions in enhancing the trust and cooperation between the debtors and creditors,reducing transaction costs,preventing the op-portunism behavior,and expanding the financing efficiency of enterprises.%民间金融为广大中小微企业提供了信贷支持,对促进中国经济发展起到了积极作用。社会资本作为一种非正式制度,对民间金融发展的影响已经得到一些理论和实证研究的证实。社会资本通过其所包含的信任、声誉及道德规范等要素,在增强民间金融借贷双方的信任与合作关系、降低交易成本、防止机会主义行为、提高企业融资效率等方面具有非常显著的作用。

  19. Private Placement Debt Financing for Public Entities

    Science.gov (United States)

    Holman, Lance S.

    2010-01-01

    Private placement financing is a debt or capital lease obligation arranged between a municipality or a 501(c) (3) not-for-profit organization and a single sophisticated institutional investor. The investor can be a bank, insurance company, finance company, hedge fund, or high-net worth individual. Private placement financing is similar to…

  20. Financing Approaches and Effectiveness Evaluation of Human Capital of KIBS Companies%知识密集型服务企业人力资本融资模式与效率评价

    Institute of Scientific and Technical Information of China (English)

    戴理达

    2015-01-01

    知识密集型服务企业( KIBS)是典型的“人力密集”与“创意密集”结合的产物,人力资本融资对于KIBS竞争优势的形成有着重要意义。以对外招聘为特征的“外源融资”和以人力资本发展基金提存为手段的“内源融资”,构成了KIBS企业人力资本融资的两大途径。根据人力资本与企业之间合约的动态演进,本文借鉴企业生命周期理论设计了融资效率动态评价体系,即在“初始交易期”侧重评价筹资效率,在“合约性使用期”、“合约临近结束期”与“交易终止期”侧重评价用资效率。%KIBS companies are characterized as the integration of“human-intensive” and“ideas-intensive” and it is of great significance of human-capital financing to the formation of competitive advantages of KIBS.The “external fi-nancing” by means of enrollment outside of companies and the “internal financing” through the drawing of human capital developing fund constitute two financing approaches.According to the dynamic evolution of the contract between human capital and businesses, learning from the theory of corporate life-cycle, the dynamic evaluation system of financing ef-fectiveness is put forward, i.e.“raising effectiveness” is the focus of evaluation during the stage of “initial transaction period”;nevertheless, the“utilizing effectiveness” is the emphasis of evaluation during the stages of “utilizing period within contracts”,“maturity-nearby period” as well as“transaction-end period”.

  1. Taxation and Venture Capital Backed Entrepreneurship

    OpenAIRE

    Keuschnigg, Christian; Nielsen, Søren Bo

    2004-01-01

    In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as well as subsidies to start-up costs of new firms affect venture capital-backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important con...

  2. 产权性质、债务融资成本与资本结构%Ownership Type,Debt Financing Cost and Capital Structure

    Institute of Scientific and Technical Information of China (English)

    于欢

    2015-01-01

    From the perspective of the debt financing cost impact on the debt ratio,this paper investigates financing discrimination on listed private corporation. It finds that the way that debt financing cost influent on the debt ratio is U-shaped,and the influence between state-owned and private listed corporation have significant differences. The pri-vate listed corporations have lower inflection point than the state-owned listed corporations. When the debt financing cost and debt rate is negative,the leverage of private listed corporation changes in response to debt financing cost more than the state-owned listed corporation.%经济结构的转型升级是我国经济的重要任务,而金融资源分配不合理成为重要的阻碍因素,民营企业面临的信贷歧视就是这种不合理的重要体现。从债务融资成本对负债率影响的角度研究民营上市公司的信贷歧视问题,发现债务融资成本对负债率的影响呈U型,且这种影响在国有和民营上市公司之间有显著差异。表现在民营上市公司比国有上市公司有更低的U型关系拐点,当债务融资成本与负债率负相关时,民营上市公司负债率对债务融资成本变化的反应小于国有上市公司。

  3. Investment Timing When External Financing Is Costly

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    2010-01-01

    This paper analyzes the investment timing of firms facing two dimensions of financing constraints: Liquidity constraints and capital market frictions inducing financing costs. We show that liquidity constraints are not sufficient to explain voluntary investment delay. However, when additionally c...... of financing constraint. In contrast, investment thresholds are increasing (i.e. investment is further delayed) in either form of financing constraint for low-liquidity firms. For intermediate levels of liquidity, investment thresholds are U-shaped in market frictions....

  4. Guidebook to Geothermal Finance

    Energy Technology Data Exchange (ETDEWEB)

    Salmon, J. P.; Meurice, J.; Wobus, N.; Stern, F.; Duaime, M.

    2011-03-01

    This guidebook is intended to facilitate further investment in conventional geothermal projects in the United States. It includes a brief primer on geothermal technology and the most relevant policies related to geothermal project development. The trends in geothermal project finance are the focus of this tool, relying heavily on interviews with leaders in the field of geothermal project finance. Using the information provided, developers and investors may innovate in new ways, developing partnerships that match investors' risk tolerance with the capital requirements of geothermal projects in this dynamic and evolving marketplace.

  5. The Countermeasures and Impact On Economy and Finance of Cross-border Capital Flows%跨境资金流动对我国经济金融的影响及对策

    Institute of Scientific and Technical Information of China (English)

    粱宏祺

    2012-01-01

    The current cross, border capital flows have a profound effect on China' s economy and finance. On one hand, it directly increases China' s foreign exchange reserves. On the other hand, cross-border capital flows reduce the independence and flexibility of our country' s monetary policy. Suggestions are put forward to strengthen the validity of cross-border capital flows monitoring, improve the early warning effect of cross-border capital flows monitoring, pro- mote the vulnerability analysis and risk early warning ability on capital project, establish off-site monitoring and analy- sis of abnormal data report system, and strengthen punishment of the currency violations.%当前跨境资金流动对我国经济金融产生深刻影响:一方面,它直接增加了我国的外汇储备,使得我国对外支付能力的加强,提高了我国在世界经济中的资信和地位,有利于缓解我国国际收支日益增加的双顺差压力。另一方面,跨境资金流动加大了中国应对金融危机过程中通货膨胀上行的压力,在银行体系中累积金融风险,削弱了产业政策的宏观调控效果,降低了我国货币政策的独立性和灵活性。建议加强跨境资金流动监测的有效性,进一步提高跨境资金流动异常监测预警效果,提升资本项目脆弱性分析和风险预警能力,建立非现场监测分析和异常数据分析报告制度,加大外汇违规行为查处力度。

  6. Positive and Negative Effects of Finance-based Social Capital on Incident Functional Disability and Mortality: An 8-year Prospective Study of Elderly Japanese

    OpenAIRE

    ,

    2012-01-01

    Background Rotating savings and credit associations (ROSCAs) involve group financial self-help activities. These voluntary financial cooperative associations—mujin in Japanese—are found in some rural areas of Japan. Cross-sectional evidence suggests that active participation in mujin correlates with rich social capital and better functional capacities among older adults. However, the effect of mujin on subsequent health outcomes is unknown. Methods In 2003, we conducted a baseline interview s...

  7. Emerging trends in health care finance.

    Science.gov (United States)

    Sterns, J B

    1994-01-01

    Access to capital will become more difficult. Capital access is dependent on ability to repay debt, which, in turn, is dependent on internally generated cash flows. Under any health care reform proposal, revenue inflows will be slowed. The use of corporate finance techniques to limit financial risk and lower cost will be a permanent response to fundamental changes to the health care system. These changes will result in greater balance sheet management, centralized capital allocation, and alternative sources of capital. PMID:7614219

  8. Exploration of the Capital Structure and Financing of SME in China%中国中小企业的资本结构和融资探析

    Institute of Scientific and Technical Information of China (English)

    康微婧

    2014-01-01

    中小企业在全球所有企业中占据了极高的比重,但是中小企业在中国融资受到了极大的限制。因此,在有效税率、资产结构和利润因素影响下,采用描述性统计、相关性分析和回归分析,来探测中国中小企业的总负债融资、长期负债融资及短期负债融资的决定因素显得尤其重要。同时,中国长期负债市场融资还比较落后,有待进一步提高。%SME accounts for an extremely large percentage in all of companies all over the world;however,the financing of SME is greatly limited in China.Therefore,under the impact of effective tax rate,asset structure and profit,it is essential to test the determi-nants of leverage,long-term leverage and short-term leverage of SME in China through descriptive statistics,correlation analysis and regression analysis.Furthermore,the long-term debt financing market in China is rather undeveloped and needs to be further en-hanced.

  9. The Private Finance Initiative and public sector finance

    OpenAIRE

    Rob Ball; Maryanne Heafey; David King

    2002-01-01

    Traditionally, when the public sector wanted more capital assets, it borrowed funds for the purpose. Under the Private Finance Initiative (PFI), private consortia borrow funds to build assets and then, in return for a charge, use them to provide services for the public sector. The authors explore the implications for the public finances of using the PFI. A widely held belief, which has been put forward by the Treasury, is that using the PFI allows investment in assets used by the public secto...

  10. 12 CFR 931.6 - Transfer of capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Transfer of capital stock. 931.6 Section 931.6 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.6 Transfer of capital stock. A Bank in its capital...

  11. Financing a nuclear programme

    International Nuclear Information System (INIS)

    Nuclear power plant construction projects have many characteristics in common with other types of large infrastructure investment, both within the power generation sector and elsewhere. However, nuclear power itself has special features that can make nuclear financing particularly challenging. These features include the high capital cost, the relatively long period required to recoup investments, the often controversial nature of nuclear projects. The need for clear solutions and financing schemes for radioactive waste management and decommissioning and the need for nuclear power plants to operate at high capacity factors, preferably under base load conditions. During the previous major expansion of nuclear power in the 1970 and 1980, many nuclear projects suffered very large construction delays and cost overruns. The legacy of such problems increases the risks perceived by potential investors. A recent study undertaken jointly by the Iea and the Nea showed that the competitiveness of nuclear power strongly depends on the cost of financing due to the high share of fixed capital costs in the total lifetime costs of nuclear power. A key issue in this context is the long-term predictability of carbon pricing arrangements, which, for the time being and despite positive evolutions in this respect, most notably in Europe, does not yet exist. This paper will consider how the risks can be mitigated and examine in detail various models for corporate finance and the role of government assistance in providing a suitable financial basis. (Author)

  12. Toward A Reliable Cost of Capital

    OpenAIRE

    Jeremiah U. Idialu; Amos O. Arowoshegbe

    2013-01-01

    This is study is designed to provide basis for determining a reliable cost of capital. Corporate finance textbooks typically devote several chapters to the problems of capital budgeting, cash flow estimation and the determination of a firm’s cost of capital. However, it can be difficult in practice to obtain reliable estimates of the inputs required to perform capital budgeting as recommended by the textbooks. Also, the Weighted Average Cost of Capital (WACC) is commonly presented in a way th...

  13. 75 FR 6151 - Minimum Capital

    Science.gov (United States)

    2010-02-08

    ... Cease and Desist Order, as amended. See 74 FR 5597 (January 30, 2009). As a result, the definition of... AGENCY 12 CFR Part 1225 RIN 2590-AA01 Minimum Capital AGENCY: Federal Housing Finance Agency. ACTION... Soundness Act that provides for a temporary increase in the minimum capital level for entities regulated...

  14. Universities Venture into Venture Capitalism.

    Science.gov (United States)

    Desruisseaux, Paul

    2000-01-01

    Reports that some universities are starting their own venture-capital funds to develop campus companies, or are investing endowment funds with established venture-capital firms inclined to finance potential spinoffs from campus research. Examples cited are from the University of Alabama, Vanderbilt University (Tennessee), University of…

  15. THE IMPORTANCE OF CAPITAL MARKET IN ECONOMY

    Directory of Open Access Journals (Sweden)

    Alin Marius Andrieş

    2009-12-01

    Full Text Available All participants in capital markets are asking how to finance investments or to invest money available. The answer to these questions depends on the situation you have: deficit or surplus capital. This article addresses issues concerning the place and role of capital market within the financial markets and in financing investments, trying to highlight the growing importance of this subsystem, shown both to economic agents and to all categories of investors.

  16. 中小企业集群与民间资本对接提升了融资效率吗?——基于长三角数据的检验%Does the Docking Between SME Cluster and Folk Capital Promote the Financing Efficiency?——Based on the Data of Yangtze River Delta

    Institute of Scientific and Technical Information of China (English)

    徐攀; 潘煜双

    2016-01-01

    Whether the docking between small and medium-sized enterprise ( SME) cluster and folk capital can raise the enterprises'financing efficiency has become one of the hot topics in the society from all walks of life.This paper uses the data of Yangtze river delta as SME cluster sample, and builds a panel data model to study the financing efficiency of docking between SME cluster and folk capital.The results show that the docking between the SME cluster and the folk capital can im-prove the enterprises'financing efficiency.Empirical results from subsample show that the docking between the SME cluster and the folk capital can improve the non-state-owned enterprises'financing efficiency, but has no significant impact on the state-owned enterprises'financing efficiency.Moreover, the docking between the SME cluster and the folk capital has signifi-cant effects on corporate financing efficiency in Zhejiang province, but no significant effects in Jiangsu and Shanghai.Finally, the research results can provide the theoretical basis and realistic foundation for improving the financing efficiency of SME in China.%本文以长三角地区中小企业作为集群样本, 构建面板数据模型, 探讨中小企业集群与民间资本对接对企业融资效率的影响. 研究结果表明: 中小企业集群与民间资本对接提升了企业融资效率. 分样本的实证结果显示: 中小企业集群与民间资本对接能有效提升非国有企业的融资效率, 而对国有企业的融资效率的影响并不显著. 此外, 浙江省中小企业集群与民间资本对接对企业融资效率影响显著, 而江苏与上海地区的影响并不显著. 本文的研究结果为提高我国中小企业融资效率提供了理论依据和现实基础.

  17. Does the Docking Between SME Cluster and Folk Capital Promote the Financing Efficiency?——Based on the Data of Yangtze River Delta%中小企业集群与民间资本对接提升了融资效率吗?——基于长三角数据的检验

    Institute of Scientific and Technical Information of China (English)

    徐攀; 潘煜双

    2016-01-01

    本文以长三角地区中小企业作为集群样本, 构建面板数据模型, 探讨中小企业集群与民间资本对接对企业融资效率的影响. 研究结果表明: 中小企业集群与民间资本对接提升了企业融资效率. 分样本的实证结果显示: 中小企业集群与民间资本对接能有效提升非国有企业的融资效率, 而对国有企业的融资效率的影响并不显著. 此外, 浙江省中小企业集群与民间资本对接对企业融资效率影响显著, 而江苏与上海地区的影响并不显著. 本文的研究结果为提高我国中小企业融资效率提供了理论依据和现实基础.%Whether the docking between small and medium-sized enterprise ( SME) cluster and folk capital can raise the enterprises'financing efficiency has become one of the hot topics in the society from all walks of life.This paper uses the data of Yangtze river delta as SME cluster sample, and builds a panel data model to study the financing efficiency of docking between SME cluster and folk capital.The results show that the docking between the SME cluster and the folk capital can im-prove the enterprises'financing efficiency.Empirical results from subsample show that the docking between the SME cluster and the folk capital can improve the non-state-owned enterprises'financing efficiency, but has no significant impact on the state-owned enterprises'financing efficiency.Moreover, the docking between the SME cluster and the folk capital has signifi-cant effects on corporate financing efficiency in Zhejiang province, but no significant effects in Jiangsu and Shanghai.Finally, the research results can provide the theoretical basis and realistic foundation for improving the financing efficiency of SME in China.

  18. Risk Analysis of Telecom Enterprise Financing

    Institute of Scientific and Technical Information of China (English)

    YU Hua; SHU Hua-ying

    2005-01-01

    The main research objects in this paper are the causes searching and risk estimating method for telecom enterprises' financial risks. The multi-mode financing for telecom enterprises makes it flexible to induce the capital and obtain the profit by corresponding projects. But there are also potential risks going with these financing modes. After making analysis of categories and causes of telecom enterprises' financing risk, a method by Analytic Hierarchy Process (AHP) is put forward to estimating the financing risk. And the author makes her suggestion and opinion by example analysis, in order to provide some ideas and basis for telecom enterprise's financing decision-making.

  19. Taxes and Venture Capital Support

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    's success, but is not verifiable. Asa result, the market equilibrium is biased towards inefficiently low venture capitalsupport. The capital gains tax becomes especially harmful, as it further impairsadvice and causes a first-order welfare loss. Once the capital gains tax is in place,limitations on loss off......-set may paradoxically contribute to higher quality of venturecapital finance and welfare. Subsidies to physical investment in VC-backed startupsare detrimental in our framework.Keywords: Venture capital, capital gains taxation, double moral hazard.JEL-Classification: D82, G24, H24, H25......In this paper we set up a model of start-up finance under double moral hazard.Entrepreneurs lack own resources and business experience to develop their ideas.Venture capitalists can provide start-up finance and commercial support. The effortput forth by either agent contributes to the firm...

  20. New Regulations Affect School Debt Financing.

    Science.gov (United States)

    Olson, Carol Duane

    1993-01-01

    Provides an overview of changes in Treasury Regulations as they affect school debt financing, including bond and note construction and acquisition issues, other types of equipment and property financing, as well as tax and revenue anticipation notes for working capital needs. (MLF)

  1. Innovative financing techniques for nuclear power exports

    International Nuclear Information System (INIS)

    The author makes general comments regarding the possible conflict between project risks, sponsors' ability to assume these risks, and the requirements and objectives of all project benficiaries: sponsors, lenders, consumers and government. To reconcile these conflicts there is an increasing use of project finance techniques to finance large capital projects

  2. The Capital Structure of Firms in Central and Eastern Europe

    OpenAIRE

    Cornelli, Francesca; Portes, Richard; Schaffer, Mark E.

    1996-01-01

    According to more recent theories on the optimal capital structure, the availability of external financing is not always guaranteed, or it may come at different costs, depending on the methods of financing used (debt vs. equity, long-term debt vs. short-term debt, etc.). Under such circumstances, firms’ investment and financing decisions are interdependent. This paper studies the optimal capital structure for enterprises in transition economies and investigates the actual capital structure an...

  3. 定向增发企业的营运资金管理研究——来自中国上市公司的证据%A Study on Working Capital Management When Financing by PPE --Based on Evidences from China' s Listed Companies

    Institute of Scientific and Technical Information of China (English)

    曹玉珊

    2012-01-01

    Working capital management is one of big three financial management activities along with longterm investment decision and long-term financing management. Current researches are mainly focus on operating activities to discuss management efficiency of operating working capital and few pay attention to strategic working capital management. It can be said that working capital management involves strategic management requirement. Based on such requirement, working capital management can be divided into three correlated subsidiary problems. The first is to use suitable ratios, such as the current ratio, acid-test ratio and liquidity ratio to judge whether the working capital policy is conservative or not; The second is to manage the channel of working capital financing, including short-term resource ( current liability), long-term source ( long-term liability plus owner' s equity) and savings from long-term investment; The third is to apply strategic performance assessment, which contains profit margin (ROS), return on asset (ROA) and return on equity (ROE) to assess the efficiency of working capital management. As a behavior of strategic management, the Private Placement of Equity (PPE) would affect working capital management deeply. On the other hand, the outbreak and spread of financial crisis in 2006 has a great influence on enviromnent for working capital management. As a result, Chinese corporations regard the private placement of equity (PPE) as the first choice to solve cash reflow problems. On account of theoretical relation and current background, this paper probes evidences based on data from China' s listed companies which used PPE for financing in 2007. Hypotheses relate to those three subsidiary problems of working capital management: Hl is about whether the working capital policy in firms which finance by PPE is conservative or not; H2 is about whether PPE will affect other sources of working capital or not and how it

  4. Consumer Finance

    OpenAIRE

    Peter Tufano

    2009-01-01

    Although consumer finance is a substantial element of the economy, it has had a smaller footprint within financial economics. In this review, I suggest a functional definition of the subfield of consumer finance, focusing on four key functions: payments, risk management, moving funds from today to tomorrow (saving/investing), and from tomorrow to today (borrowing). I provide data showing the economic importance of consumer finance in the American economy. I propose a historical explanation fo...

  5. New Approaches to Debt Financing.

    Science.gov (United States)

    Levitz, Larry; And Others

    1987-01-01

    The use of tax-exempt and taxable bonds by colleges and universities to raise capital is discussed. Currently, the most common tax-exempt instrument issued by higher education institutions is the revenue bond. Until the early 1980s the most common form of tax-exempt financing was long-term fixed-rate debt. Variable or floating rate debt became…

  6. From capital to capital

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    HOW easy it is for one who lives in Beijing, capital of the country, to have the impression that all things significant happen there! This is to forget how there are now many provincial capitals in China, that are rapidly modernizing. In order to achieve such modernization, these cities, like

  7. Financing investment in environmentally sound technologies: Foreign direct investment versus foreign debt finance

    International Nuclear Information System (INIS)

    This paper develops a screening model to examine the relationship between alternative sources of private capital and investment in environmentally sound technologies (ESTs). In the model, a polluter (agent) must secure investment funds from the international financial markets in order to upgrade its production and abatement technology. The requisite capital can be obtained via either market loans (debt finance) or foreign direct investment (FDI). Under debt finance, the foreign financier supplies only capital and the relationship between the two parties is more 'arms-length'. By contrast, under FDI, the investor delivers both capital and managerial skills. We use the model to derive the implications of debt finance for optimal investment decisions and compare them to those obtained under FDI. Investment incentives are more pronounced under debt finance. (author)

  8. Measuring Social Capital Accumulation in Rural Development

    DEFF Research Database (Denmark)

    Teilmann, Kasper

    2012-01-01

    Using a theoretical framework, the study proposes an index that can measure the social capital of local action group (LAG) projects. The index is founded on four indicators: number of ties, bridging social capital, recognition, and diversity, which are aggregated into one social capital index....... The index has been tested in LAG-Djursland, Denmark, and the study further investigates whether the organisational affiliation, project financing, and LAG co-financing can explain the degree of social capital accumulation. Furthermore, the author has tested if there are connections between motivation...... for pursuing development projects similar to those implemented previously and the degree of social capital. The paper concludes that there are indications that projects hosted by municipalities tend to show the most social capital, there is no connection between the amount of project financing and social...

  9. 12 CFR 931.1 - Classes of capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Classes of capital stock. 931.1 Section 931.1 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.1 Classes of capital stock. The authorized...

  10. 12 CFR 931.3 - Minimum investment in capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Minimum investment in capital stock. 931.3 Section 931.3 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.3 Minimum investment in capital stock. (a)...

  11. 12 CFR 932.3 - Risk-based capital requirement.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk-based capital requirement. 932.3 Section 932.3 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.3 Risk-based capital requirement....

  12. 12 CFR 932.6 - Operations risk capital requirement.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Operations risk capital requirement. 932.6 Section 932.6 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.6 Operations risk capital...

  13. 12 CFR 931.2 - Issuance of capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Issuance of capital stock. 931.2 Section 931.2 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.2 Issuance of capital stock. (a) In general. A Bank...

  14. Internationalisation and financing options of Ghanaian SMEs

    Directory of Open Access Journals (Sweden)

    Joshua Abor

    2004-12-01

    Full Text Available This article presents a study of internationalisation and the financing options of Ghanaian small and medium scale nontraditional exporters. The article also examines how the age and size of an organisation affect the choice of financing. The results show a positive association between debt financing and the age of an organisation. Over time, organisations become more acceptable investments to lenders, and consequently older organisations are more likely to obtain debt financing than their younger counterparts. With respect to size, the results again indicate that larger organisations are more likely to receive debt financing. The results also show a positive relationship between degree of internationalisation and debt financing. The results suggest that as organisations engage more in international activities, they employ more debt but use less of equity financing. This is explained by the fact that organisations involved in international business tend to be more diversified and, as such, are capable of accommodating more debt capital

  15. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

  16. Intellectual Capital.

    Science.gov (United States)

    Snyder, Herbert W.; Pierce, Jennifer Burek

    2002-01-01

    This review focuses on intellectual capital and its relationship to information professionals. Discusses asset recognition; national practices and the acceptance of intellectual capital; definitions of intellectual capital; measuring intellectual capital, including multiple and single variable measures; managing intellectual capital; and knowledge…

  17. Renovating? Take a look at the new short-term paths to financing.

    Science.gov (United States)

    Kluger, M

    1984-02-01

    A hospital's renovation project can be financed through a diversity of financing techniques. Although the traditional vehicle for hospital capital financing is long-term, fixed-rate debt, there are a growing number of short-term financing alternatives that can provide greater flexibility and generate debt service savings. The author describes some of the new short-term financing techniques, as well as the advantages and disadvantages of short- versus long-term financing.

  18. Internal capital markets and capital structure: bank versus internal debt.

    OpenAIRE

    Dewaelheyns, Nico; Van Hulle, Cynthia

    2007-01-01

    Recent empirical evidence has shown that internal capital markets within multinational corporations are used to reduce overall financing costs by optimizing the mix of internal and external debt of affiliates in different countries. We show that this cost saving use of internal capital markets is not limited to multinationals, but that domestic business groups actively optimize the internal/external debt mix across their subsidiaries as well. We use both subsidiary and group level financial s...

  19. Erotic Capital

    OpenAIRE

    Jensen, Natalie Madeleine; Jensen, Benjamin; Engstrøm, Emma; Maas, Jannik; Majchrzak, Izabela

    2016-01-01

    This project “Erotic Capital” concerns the topic and theory of Erotic Capital, coined by Catherine Hakim. The idea of Erotic Capital derives from Pierre Bourdieu’s theory of Personal Capitals – in this, Erotic Capital is discussed as an additional Personal Capital. In connection to the investigation of the theory Erotic Capital, certain theories of Feminism, Masculinity, Femininity, Gender and Cultural Differences are explored and examined. This is done in order to study how these theories...

  20. RECENT INTERNATIONAL RESEARCH IN CAPITAL STRUCTURE

    OpenAIRE

    Nisiyama, Edelcio Koitiro; Nakamura, Wilson Toshiro

    2015-01-01

    Capital Structure is still one of controversial themes in corporate finance, which allows many research activities both on the theories that have been widely discussed but also on the several interrelationships with other corporate aspects. The aim of this article was to review the most recent academic publication of researches involving capital structure of the firms. This study focuses on the last 3 years, from 2011 to 2013, and on the international scientific journals in Finance that pres...

  1. Analysis on the Financing Structure of Working Capital of Listed Companies in China’s Western Region in 2011%2011年西部地区上市公司营运资金融资结构分析

    Institute of Scientific and Technical Information of China (English)

    韩建新

    2012-01-01

      融资结构是企业风险收益权衡的最终结果,是管理者意识和管理能力的体现,营运资金融资结构作为其中的重要部分,直接关系到企业的运营效率和风险。西部地区是中国相对不发达地区,通过对其营运资金融资结构分析,得出结论是西部地区重视风险管理和资金运用,具有发展潜力。%  The financing structure is the final result of risk-return trade-off and the reflection of the managers’ awareness and management capacity in a company. The working capital, as an important component of financing structure, is directly related to the operational efficiency and risk of a corporate. The western region is relatively underdeveloped area in China. After analyzing the financing structure of the working capital of listed companies in China’s western area, this paper concludes that the listed companies attach great importance to risk management and the use of funds, so they have potentials for growth.

  2. 13 CFR 107.750 - Conditions for financing a change of ownership of a Small Business.

    Science.gov (United States)

    2010-01-01

    ... financing, mergers, and acquisitions. (2) For purposes of this section, “debt” means long-term debt... BUSINESS ADMINISTRATION SMALL BUSINESS INVESTMENT COMPANIES Financing of Small Businesses by Licensees... (corporation), contributed capital (partnership), or membership interests (limited liability company)....

  3. Managing the strategic capital cycle.

    Science.gov (United States)

    Kaufman, K

    1997-12-01

    A healthcare organization's financial strategy should be defined within the context of the capital cycle and provide for the management of three critical components that will ensure the expansion and renewal of capital capacity--the design and implementation of the financial plan, the design and implementation of an appropriate capital structure, and a means to strategically utilize capital and reinvest it in the organization. The capital cycle comprises two parts--strategic planning and implementation, and the development of the support infrastructure that includes financial planning, capital structure, and capital allocation. The financial plan positions an organization within an area of financial equilibrium and defines its organizational capabilities. The financial infrastructure gives integrity and momentum to the capital cycle. Capital structure addresses critical funding and financing questions and is best defined as the combination of debt and equity that funds the strategic plan. In regard to capital allocation, healthcare organizations should follow a corporate "best practices" approach for such areas as financial objectives and policies, project review, and the capital expenditures approval process.

  4. Project finance of hydroelectric power plants in Brazil; 'Project finance' de usinas hidroeletricas no Brasil

    Energy Technology Data Exchange (ETDEWEB)

    Ribeiro Filho, Valfredo de Assis; Ramos, Maria Olivia de Souza [Universidade Salvador (UNIFACS), BA (Brazil)

    2008-07-01

    The aim of this paper is to discuss the modality of project finance of financing of enterprises, which is the main modality of structuring of hydroelectric projects in Brazil. In the discussion will be highlighted the importance of contracts EPC (Engineering, Search and Construction) in the structuring of project finances. This financing model has particular characteristics related to risk sharing and financial flexibility that enable the financing of projects with long-term capital, however, due to participation of various actors and the nature of the structure of project finance, the negotiation and drafting of contracts are always very complex.

  5. New directions in electric power financing

    International Nuclear Information System (INIS)

    This paper argues that it is necessary to raise the eyes from the current focus on independent power projects, buttressed by guarantees, to the longer horizon of electric power financing in open markets. Transitional strategies will need to move beyond the commonly seen IPP activity that occurs without fundamental sector reform, and demand-side incentives that introduce further market distortions. These efforts will have to focus on macroeconomic stabilization, removal of price distortions, as well as sector and corporate reform. Mobilization of domestic capital will be essential for sustainable sector financing. Although guarantees to encourage power sector investment can be designed to selectively cover risks, their elimination through fundamental sector reform should be the ultimate goal. Over the longer-term traditional corporate finance should become a more common financing strategy than project finance. Innovations in performance risk management and consumer credit will be crucial to the financing of energy efficiency. (author)

  6. Credit Risk Analysis of Local Government Financing Platform – An empirical study based on KMV model

    OpenAIRE

    Zhou Tingting; Hui Guangping

    2015-01-01

    The local government financing platform is set up by local government through state-owned assets, real estate and equity capital. The functions of these companies are financing, construction, operation, the repaying debts. The local government financing platform can broaden the financing channels of local government in a great extent; alleviate the pressure of capital requirement. But at the same time, with the gradual expansion of the scale of debt, a series of problems has arisen: the amoun...

  7. THE ROLE OF THE BANKING SYSTEM OF UKRAINE IN FUNDING OF CAPITAL INVESTMENTS INTO NATIONAL ECONOMY

    Directory of Open Access Journals (Sweden)

    N. Shpygotska

    2014-01-01

    Full Text Available The paper studies the capital structure of domestic enterprises by sources, forms and terms of financing. The structure of capital investments financing in the economy of Ukraine are analysed. The role of banking lending in financing of current and investment activity of domestic enterprises are anatomized. The key tools to foster bank lending to stimulate the national economy are developed.

  8. Intellectual Capital

    DEFF Research Database (Denmark)

    Mouritsen, Jan; Bukh, Per Nikolaj

    2015-01-01

    Intellectual capital (IC) consists of human capital, organizational capital, and relational capital, and their relationships. It has been said to be important to explain the difference between market value and book value of a firm, but measurement of IC is more likely to be important because...

  9. Capital Structure, Strategic Competition, and Governance

    NARCIS (Netherlands)

    T.T. Nguyen (Thuy Thu)

    2008-01-01

    textabstractThis thesis consists of four studies on the interactions of capital structure and product market competition, and on several aspects of governance, firm financing and growth. The first study investigates how competitive behavior and market uncertainty affect the capital structure of a fi

  10. Sustainable finance

    NARCIS (Netherlands)

    Boersma-de Jong, Margreet F.

    2012-01-01

    Presentation for Springschool of Strategy, University of Groningen, 10 October 2012. The role of CSR is to stimulate ethical behaviour, and as a result, mutual trust in society. Advantage of CSR for the company and the evolution of CSR. From CSR to Sustainable Finance: how does CSR influence Sustai

  11. Computational Finance

    DEFF Research Database (Denmark)

    Rasmussen, Lykke

    One of the major challenges in todays post-crisis finance environment is calculating the sensitivities of complex products for hedging and risk management. Historically, these derivatives have been determined using bump-and-revalue, but due to the increasing magnitude of these computations does...

  12. Taxation and venture capital-backed entrepreneurship

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    In recent years, venture capital has increasingly become a factor in thefinancing of new firms. We examine how the value of mature firms determinesthe incentives of entrepreneurs to start up new firms and of venture capitaliststo finance and advise them. We examine how capital gains taxes as well...... assubsidies to start-up costs of new firms affect venture capital-backedentrepreneurship. We also argue that dividend and capital gains taxes onmature firms have important consequences for start-up firms as well.JEL Classification: D82, G24, H24 and H25Keywords: double moral hazard, entrepreneurship, taxes...... and venture capital...

  13. Private Power Financing : From Project Finance to Corporate Finance

    OpenAIRE

    Karl G. Jechoutek; Lamech, Ranjit

    1995-01-01

    Project financing of independent power producers (IPPs) may seem the only solution to the intractable problem of getting private credit to the power sector. In the developing world, however, the public-private partnership in project-financed IPP ventures has been slow to produce results. To achieve substantive progress in IPP financing, limited recourse project financing will have to evolv...

  14. Modern Technologies of Agrarian Business Venture Financing

    OpenAIRE

    Yuriy Lupenko; Volodymyr Feshchenko

    2015-01-01

    The article is devoted to study of features and prerequisites of venture investing of business, possibilities of modern tools and technologies of risk financing of companies, and substantiation of recommendations for their efficient application in agrarian sector of national economy. Interaction procedures between venture capital and business are disclosed. Comparative analysis of modern risk financing tools is made, in particular, venture investment funds, business-angels of investment proje...

  15. Corporate Social Responsibility and Access to Finance

    OpenAIRE

    Cheng, Beiting; Ioannou, Ioannis; Serafeim, Georgios

    2012-01-01

    In this paper, we investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to a) reduced agency costs due to enhanced stakeholder engagement and b) reduced informational asymmetry due to increased transparency. Using a large cross-section of firms, we find that firms with better CSR performance face significantly lower capital constraints. Moreover, we provide ...

  16. The Commitment Role of Equity Financing

    OpenAIRE

    Fahn, Matthias; Merlo, Valeria; Wamser, Georg

    2014-01-01

    Existing theories of a firm’s optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for firms that show a strong commitment towards their workforce and are popular among employees. We demonstrate that such financing behavior may be driven by implicit arrangements made between a firm and its m...

  17. Health care entrepreneurship: financing innovation.

    Science.gov (United States)

    Grazier, Kyle L; Metzler, Bridget

    2006-01-01

    Entrepreneurship is often described as the ability to create new ventures from new or existing concepts, ideas and visions. There has been significant entrepreneurial response to the changes in the scientific and social underpinnings of health care services delivery. However, a growing portion of the economic development driving health care industry expansion is threatened further by longstanding use of financing models that are suboptimal for health care ventures. The delayed pace of entrepreneurial activity in this industry is in part a response to the general economy and markets, but also due to the lack of capital for new health care ventures. The recent dearth of entrepreneurial activities in the health services sector may also due to failure to consider new approaches to partnerships and strategic ventures, despite their mutually beneficial organizational and financing potential. As capital becomes more scarce for innovators, it is imperative that those with new and creative ideas for health and health care improvement consider techniques for capital acquisition that have been successful in other industries and at similar stages of development. The capital and added expertise can allow entrepreneurs to leverage resources, dampen business fluctuations, and strengthen long term prospects. PMID:16583848

  18. Profit-Loss Sharing Model for External Financing (Research Paper)

    OpenAIRE

    Bendjilali, Boualem

    1994-01-01

    It is an attempt to construct a model for a small open economy with external financing. It spells out the conditions to attract foreign partner to project investment instead of investing in the international capital market.

  19. Factors associated with lease financing in the hospital industry.

    Science.gov (United States)

    McCue, Michael J

    2007-01-01

    In contrast to capital leases, which are reported on the balance sheet as debt, operating leases are a form of off-balance sheet financing only reported in the notes to the financial statement and have limited disclosure requirements. Following the perpetuity method of corporate finance, this study developed a capitalized operating lease value for hospitals. Evaluating the substitutability between lease and debt financing, the findings show a marginal displacement of debt by lease financing. Assessing the relationship of market, mission, operating, and financial factors on lease financing for all short-term, acute-care hospitals across the United States, the results indicate that investor-owned hospital management companies and hospitals located in CON markets are less likely to lease and that smaller hospitals with fewer unoccupied beds, higher proportion of government payers, low liquidity, and lower capital expenditures are more likely to lease. PMID:19175234

  20. Financing the health care Internet.

    Science.gov (United States)

    Robinson, J C

    2000-01-01

    Internet-related health care firms have accelerated through the life cycle of capital finance and organizational destiny, including venture capital funding, public stock offerings, and consolidation, in the wake of heightened competition and earnings disappointments. Venture capital flooded into the e-health sector, rising from $3 million in the first quarter of 1998 to $335 million two years later. Twenty-six e-health firms went public in eighteen months, raising $1.53 billion at initial public offering (IPO) and with post-IPO share price appreciation greater than 100 percent for eighteen firms. The technology-sector crash hit the e-health sector especially hard, driving share prices down by more than 80 percent for twenty-one firms. The industry now faces an extended period of consolidation between e-health and conventional firms.

  1. 12 CFR 932.2 - Total capital requirement.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Total capital requirement. 932.2 Section 932.2 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL... assets; and (2) A leverage ratio of total capital to total assets of at least 5.0 percent of the...

  2. Sustainable finance

    OpenAIRE

    Boersma-de Jong, Margreet F.

    2012-01-01

    Presentation for Springschool of Strategy, University of Groningen, 10 October 2012. The role of CSR is to stimulate ethical behaviour, and as a result, mutual trust in society. Advantage of CSR for the company and the evolution of CSR. From CSR to Sustainable Finance: how does CSR influence Sustainable Business Administration & Management Accounting, Financial Leadership and what is the importance of CSR in the financial sector

  3. Small business financing: Differences between young and old firms

    OpenAIRE

    Robb, Alicia M.

    2002-01-01

    Financial capital is necessary not only for business formation but also for business survival and expansion: its role is well documented in the literature. While venture capital and IPOs often make the popular press, the fact is most firms are unable to tap into this market. Instead, they depend on owner equity, other private equity, and debt financing. Survey data from the Federal Reserve Board allow an in depth look at the patterns of small business financing in the late nineties. Evidence ...

  4. Displaced Capital

    OpenAIRE

    Valerie A. Ramey; SHAPIRO, MATTHEW D

    1998-01-01

    This paper studies the efficiency with which physical capital can be reallocated across sectors. It presents a model of a firm selling specialized capital in a thin resale market. The model predicts that the selling price depends not only on the sectoral specificity of capital, but also on the thinness of the market and the discount factor of the firm. It then provides empirical evidence on the sectoral mobility of capital based on equipment-level data from aerospace industry auctions. These ...

  5. Promoting Equalization and Local Control in Financing Colorado's Schools.

    Science.gov (United States)

    Mathers, Judith K.; King, Richard A.

    1997-01-01

    Per-pupil property valuation extremes among Colorado school districts are as varied as the landscape. A foundation plan levels funding disparities for school operations, but financing of major capital outlay projects still depends on local property taxation. Funds are needed to finance classroom technologies and Internet connections. (MLH)

  6. Guide to financing: small-scale geothermal energy projects

    Energy Technology Data Exchange (ETDEWEB)

    1982-04-01

    A brief overview is given of the current financing sources for projects requiring $1 million or less in capital investment and the major considerations commonly encountered in assembling financing. A directory of technical and financial assistance and a glossary of geothermal/financial terms are included.

  7. 26 CFR 1.141-5 - Private loan financing test.

    Science.gov (United States)

    2010-04-01

    ... for the purpose of raising revenue to be used for a specific purpose (that is, to defray the capital... make or finance loans to persons other than governmental persons. Section 1.141-2(d) applies in... are used to make or finance loans, indirect, as well as direct, use of the proceeds is taken...

  8. The Study on Stage Financing Model of IT Project Investment

    OpenAIRE

    Si-hua Chen; Sheng-hua Xu; Changhoon Lee; Xiong, Neal N.; Wei He

    2014-01-01

    Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of v...

  9. Financing Resources for Egyptian Small and Medium Enterprises

    OpenAIRE

    Rola Nabil El Kabbani; Christian Kalhoefer

    2011-01-01

    Even though small and medium enterprises (SMEs) represent the majority of the Egyptian firms, their value added is relatively low. According to previous research, SMEs face a financing gap that causes undercapitalization and represents an obstacle that hinders SMEs from growth. This paper analyzes the current situation of SMEs in Egypt and addresses the question whether the financing problem still exists. In addition, we discuss the role of venture capital as a possible source of financing. B...

  10. The International Finance Corporation and financing of sustainable energy

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-12-01

    The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. IFC created an Infrastructure Department in 1992 in response to the growing demand for its services in this area. During fiscal 1996 IFC approved 33 projects for new investments of $715 million of which 27% were in the power sector. In recognition of the continuing demand growth for private power investments an expanded Power Department has been formed to handle IFC`s investments in electric power generation projects using renewable resources such as: run-of-the-river hydro, geothermal, biomass cogeneration, wind energy, and solar (photovoltaic, solar thermal, etc.), as well as conventional thermal generation projects, transmission and distribution projects, and energy efficiency investments.

  11. The Strategic Use of Debt Financing.

    Science.gov (United States)

    Hornfischer, David

    1997-01-01

    Increasingly, colleges and universities are using debt financing to respond quickly to new needs and for capital initiatives that will produce long-term benefits. The borrowing process is complex and subject to a variety of government tax regulations and legal limits. Recommends that both small and large institutions work with an experienced…

  12. Financing Development Through Future-Flow Securitization

    OpenAIRE

    Ratha, Dilip

    2002-01-01

    Securitization of future hard currency receivables, that is, converting them into tradable securities, can allow developing country borrowers with good credit to overcome sovereign credit ceilings, and raise financing in international capital markets. The note examines the case of PEMEX, Mexico's state-owned oil and gas company, which in 1998 issued oil export-backed securities that receiv...

  13. Financing Market Timing and Capital Structure Change:A Study Based on China's Listed Companies%融资时机选择与资本结构变动——基于中国上市公司的研究

    Institute of Scientific and Technical Information of China (English)

    汤胜; 陈伟烽

    2012-01-01

    利用市场时机选择理论,以中国A股市场进行配股和增发的上市公司作为研究样本,对上市公司在配股和增发过程中是否存在着融资时机选择行为以及这种行为对公司的资本结构是否造成持续的影响进行检验,结果表明上市公司存在着股权融资时机选择的行为,这种行为在短期内影响了公司的资本结构,但对公司长期的资本结构没有显著的持续影响。%Based on the market timing theory,the paper selects listed firms which raised equity in China's A-share Stock Exchange Market as samples and examines the financing market timing behavior and whether this behavior impact the capital structure of the listed companies.The result shows that the listed companies time the new equity issue.This kind of behavior affects the short-term capital structure of the listed companies but has not long-term effect on the capital structure of the listed companies in China.

  14. Contratos de capital humano

    OpenAIRE

    Oscar Alejandro Goyes Viteri

    2005-01-01

    Este documento busca dar a conocer el tema de la inversión en capital humano a través de la celebración de contratos atípicos y utilizando la fiducia mercantil y la titularización como vehículos financieros. Por medio de estos contratos un estudiante obtiene los recursos que requiere para financiar su educación superior, a cambio de entregar un porcentaje de sus ingresos después de su graduación a quien financió la operación.

  15. Contratos de capital humano

    Directory of Open Access Journals (Sweden)

    Oscar Alejandro Goyes Viteri

    2005-01-01

    Full Text Available Este documento busca dar a conocer el tema de la inversión en capital humano a través de la celebración de contratos atípicos y utilizando la fiducia mercantil y la titularización como vehículos financieros. Por medio de estos contratos un estudiante obtiene los recursos que requiere para financiar su educación superior, a cambio de entregar un porcentaje de sus ingresos después de su graduación a quien financió la operación.

  16. Finance is not the Economy : Reviving the Conceptual Distinction

    NARCIS (Netherlands)

    Bezemer, Dirk; Hudson, M.

    2016-01-01

    Conflation of real capital with finance capital is at the heart of current misunderstandings of economic crisis and recession. We ground this distinction in the classical analysis of rent and the difference between productive and unproductive credit. We then apply it to current conditions, in which

  17. The Crisis of Capitalism and the 'Civil Economy' Alternative

    OpenAIRE

    Pabst, Adrian

    2014-01-01

    Arguably there is no such thing as the current crisis of capitalism because capitalism is always in crisis. This is linked to the inner contradictions of expansion and contradiction, notably the regular over-accumulation of capital and the declining rates of return, as Adam Smith recognised long before Karl Marx. However, the current phase of the continuous capitalist crisis differs from previous times of turmoil because global finance capitalism has eroded the moral economy on which all econ...

  18. PV Project Finance in the United States, 2016

    Energy Technology Data Exchange (ETDEWEB)

    Feldman, David; Lowder, Travis; Schwabe, Paul

    2016-09-01

    This brief is a compilation of data points and market insights that reflect the state of the project finance market for solar photovoltaic (PV) assets in the United States as of the third quarter of 2016. This information can generally be used as a simplified benchmark of the costs associated with securing financing for solar PV as well as the cost of the financing itself (i.e., the cost of capital). Three sources of capital are considered -- tax equity, sponsor equity, and debt -- across three segments of the PV marketplace.

  19. Innovations in the financing of geothermal energy for direct-use applications

    Energy Technology Data Exchange (ETDEWEB)

    Kwass, P.

    1981-10-01

    The applications of direct use geothermal energy, its advantages, and its relative costs are examined. The following are discussed: capital needs for direct-use geothermal development, sources of geothermal financing, barriers to geothermal financing, and selected case studies of curent financing alternatives.

  20. Supply Chain Optimized Strategies in the Mode of External Financing

    Institute of Scientific and Technical Information of China (English)

    Wenyi; DU; Xingzheng; AI; Xiaowo; TANG

    2015-01-01

    In the circumstance that market demand is uncertain,it studies the decision-making problem of supply chain financial system consisting of the single supplier,a capital constraint retailer and a bank. Considering the mode of external financing,we obtain the optimal order decision of the capital constraint retailer,the optimal financing rate and the optimal wholesale price of the supplier and analyze the effects of owned capitals of retailer on the optimized decision-making of supply chain financial system. At last,it demonstrates the effectiveness of conclusion by numerical examples.

  1. Measuring Capital

    OpenAIRE

    W. Erwin Diewert

    2003-01-01

    The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital gains. Five different models of depreciation are considered: (1) one hoss shay; (2) straight line depreciation; (3) declining balance or geometric depreciation; (4) linearly declining efficiency profiles and (5) linearly increasing maintenance profiles. The l...

  2. Reducing the cost of health care capital.

    Science.gov (United States)

    Silberman, R

    1984-08-01

    Although one may ask four financial experts their opinion on the future of the hospital capital market and receive five answers, the blatant need for financial strategic planning is evident. Clearly, the hospital or system with sound financial management will be better positioned to gain and/or maintain an edge in the competitive environment of the health care sector. The trends of the future include hospitals attempting to: Maximize the efficiency of invested capital. Use the expertise of Board members. Use alternative capital sources. Maximize rate of return on investments. Increase productivity. Adjust to changes in reimbursements. Restructure to use optimal financing for capital needs, i.e., using short-term to build up debt capacity if long-term financing is needed in the future. Take advantage of arbitrage (obtain capital and reinvest it until the funds are needed). Delay actual underwriting until funds are to be used. Better management of accounts receivable and accounts payable to avoid short-term financing for cash flow shortfalls. Use for-profit subsidiaries to obtain venture capital by issuing stock. Use product line management. Use leasing to obtain balance sheet advantages. These trends indicate a need for hospital executives to possess a thorough understanding of the capital formation process. In essence, the bottom line is that the short-term viability and long-term survival of a health care organization will greatly depend on the financial expertise of its decision-makers.

  3. Project financing in the energy sector: The Indonesian experience

    International Nuclear Information System (INIS)

    Past Indonesian experiences in arranging Project Financing or Limited Recourse Financing in the Energy Sector and the feasibility of such a structure for Nuclear Power Projects are reviewed in this paper. Many of the projects in the energy sector, including Nuclear Power Project are capital intensive projects. A single project may require an investment level of several billion dollars. Large capital investments of this nature may drastically limit the availability of funds from external sources used to finance other non-energy projects in a developing country such as Indonesia. Therefore, the financing concept of a project is becoming a paramount element in the policies adopted by the Republic of Indonesia. As an example, a non-recourse finance structure is the preference of the government for export oriented energy projects. The aim of the government financing policy for export oriented energy projects is to limit the recourse to the applicable Indonesian state enterprise (the project sponsor) by transferring to third parties as much of the project risks as possible. Most of the export oriented energy projects come close to achieving a non-recourse structure. Domestic oriented energy projects however, continue to be financed with a loan guarantee by the government or by state owned enterprises. In addition to maintaining fund availability from external sources for the non-energy sector, Indonesia's reported external debts as well as debt service ratios are other factors in considering a limited recourse financing structure for capital intensive projects. (author)

  4. Financing U.S. exploration

    International Nuclear Information System (INIS)

    This paper discusses the challenges of financing U.S. exploration from the perspective of an independent oil and gas producer. When Burlington Resources was split into a separate company from the Burlington Northern Railroad three years ago, the company owned extensive resources but had little production capability, and had to resolve the problem of raising development capital. According to the author of this paper, three key elements in the company's perception of the business environment drove its strategy: that the role of independent producers would be crucial in new onshore oil and gas development as the majors moved offshore; that energy prices would remain weak; and that financial market sentiment would not favor a move to leverage the company more highly than its starting-point of 19 percent debt-to-total capital ratio

  5. Celebration Capitalism

    OpenAIRE

    Boykoff, Jules

    2014-01-01

    Capitalism is a nimble shapeshifter. In this talk Jules Boykoff draws from the history of the Olympic Games to offer a theory of “celebration capitalism,” a form of modern-day economics that complements Naomi Klein’s “disaster capitalism” marked by neoliberalism: privatization, deregulation, and free-market rhetoric.

  6. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-04-01

    Full Text Available In this article, the author has assumed himself an assignment somehow ostentatious but useful, we believe, naming the one to illustrate by means of figures, the influence of both leverage and economic growth over the cost of capital, cost which will be used in capital budgeting. This synthesis is meant to be a forthcoming approach to a later investigation of the problems raised by the estimation of the cost of capital in the specific conditions of both the financial market in Romania and the quality of the economic-financial information, information available for this estimation. The discount rate for an investment project (kinv with a risk equal to the risk undertaken by the enterprise and financed within the firm’s capital structure itself (having the same leverage is equal to the (weighted average cost of capital in the respective risk class (k. Under these circumstances, it is interesting to find out this opportunity cost of capital invested in a medium-sized enterprise: a with investments in rebuilding the productive capacity, all equity financed; b with investments in rebuilding the productive capacity, financed both by equity and debt; c with new investments, all equity financed; d with new investments, financed both by equity and debt. Under these conditions, we estimate the effect of both the leverage and economic growth over the cost of capital (kec and kc to be able to determine in the end the discount rate of the analyzed investment (kinv: for enterprises with only maintaining investments (g = 0, unlevered (U and levered (L; for enterprises with growing investments (g > 0, unlevered (U and levered (L.

  7. Exploration and production financing: an overview of some innovative approaches

    Energy Technology Data Exchange (ETDEWEB)

    Dole, R.D.

    1986-03-01

    Raising money to finance oil- and gas-producing activities is not as easy as it once was, but is still possible if an operator has the vision (and sometimes the courage) to explore new financial territory. Innovative financing methods include completion funds, institutional acquisition funds, exchange offers, master partnerships, royalty trusts, mergers and acquisition, mezzanine financing/venture capitalists, service company joint ventures, oil-indexed financing, foreign venture capital, and sale of reserves. Three examples illustrate typical structures. It is important to make a careful assessment of all the risks and benefits and to get tax, accounting, and legal advice before proceeding. 3 figures.

  8. ANGEL CAPITAL AND APPLICATIONS IN TURKEY

    Directory of Open Access Journals (Sweden)

    Gözde BİNGÖL

    2016-01-01

    Full Text Available Successful entrepreneurship activity through angel capital that has a long history around the world, is increasing in Turkey day by day although it is new and limited. Angel investors while being wealthy people who take place in an enterprise as core capital, they also supply counsel providing their experience gained from their entrepreneurship activities. Entrepreneurs call these successful people angels because when they are in need, angels give them feedback and contribute to their entrepreneurship significantly. An angel investor is known as one kind of private investor who invests in firms that have a high risk but a high potential to grow. On the other hand, angel investors who provide friendly support with their own experience to entrepreneurs, play a significant role in entrepreneurial finance today. They help entrepre- neurship exist and improve significantly while contributing to economic development. The use of this financing method that the usage in the United States and other countries is spreading rapidly, is also in- creasing steadily in Turkey. Today, we often hear that many of the world-famous firms prefer angel capital financing. This study features initiative and entrepreneurship, entrepreneurial finance and research on angel capital financing. The results of the implementation of a small but growing number of entrepreneurs and angel investors in Turkey are shown in this study with their current direction and contributions.

  9. 13 CFR 108.710 - Requirement to finance Low-Income Enterprises.

    Science.gov (United States)

    2010-01-01

    ... VENTURE CAPITAL (âNMVCâ) PROGRAM Financing of Small Businesses by NMVC Companies Determining the... of your Portfolio Concerns must be Low-Income Enterprises in which you have an Equity Capital... total dollars) in Equity Capital Investments in Low-Income Enterprises. (b) Non-compliance with...

  10. Raising venture capital in the biopharma industry.

    Science.gov (United States)

    Leytes, Lev J

    2002-11-15

    Raising venture capital (VC) is both an art and a science. Future entrepreneurs should carefully consider the various issues of VC financing that have a strong impact on the success of their business. In addition to attracting the best venture capital firms, these issues include such subtle but important points as the timing of financing (especially of the first round), external support sources, desirable qualities of a VC firm, amount to be raised, establishing a productive interface between the founders and the venture capitalists, and most importantly the effects of well-executed VC funding on hiring senior executives and scientific leaders.

  11. Does the Capital Structure Matter for Islamic Microfinance Institutions?

    OpenAIRE

    Ismail, Abdul Ghafar; Possumah, Bayu Taufiq

    2014-01-01

    One of the leading and contemporarily become prominent issue in the finance institutions is the capital structure. Islamic microfinance institutions as one of instrument to solve the poverty problem have risen to the forefront as invaluable institutions in the development process. Since capital constraints have precluded the expansion of microfinance programs and microfinance institutions have had various degrees of performance and sustainability, the question of how best to finance these org...

  12. 资金约束下基于零售商竞争的融资模式对比研究%A Research on Financing Model Selection Based on Retailer Competition with Capital Constraints

    Institute of Scientific and Technical Information of China (English)

    2015-01-01

    以单供应商与多个零售商的供应链为研究背景,供应商是供应链上的核心企业,而零售商面临着资金约束,与供应商签订收益共享契约。供应商为中小企业提供两种融资方式:保兑仓融资和延迟支付融资。本文研究两种融资对供应链绩效以及供应链各方的影响,构建单供应商和多零售商的Stackelberg博弈模型,发现保兑仓融资模式能增加零售商的订货量,这两种融资模式在分散型供应链下,供应商都可以设置合适的收益分配系数和批发价格实现在集中型供应链下的协调,并能够保证供应商利润最大化。%A supply chain consisting of a supplier and a lot of retailers is used as the background of this re -search .All retailers are small and have financing difficulties .Revenue sharing contract is signed between the supplier and each retailer .To improve the supply chain performance , the supplier provides two finan-cing ways for retailers .They are delay payment and confirmed warehouse .A research is conducted into the impact of these two financing modes on the supply chain performance .A Stackelberg game model is used to compare these two financing modes .The retailer's optimal order quantity under confirmed warehouse is larger than that under delay payment .It is found that in the case of centralized supply chain these two fi-nancing modes can coordinate the supply chain , while in the decentralized supply chain , the wholesale price and income distribution factor can maximize supplier profit and coordinate the supply chain at the same time.

  13. 资金约束下基于零售商竞争的融资模式对比研究%A Research on Financing Model Selection Based on Retailer Competition with Capital Constraints

    Institute of Scientific and Technical Information of China (English)

    2015-01-01

    A supply chain consisting of a supplier and a lot of retailers is used as the background of this re -search .All retailers are small and have financing difficulties .Revenue sharing contract is signed between the supplier and each retailer .To improve the supply chain performance , the supplier provides two finan-cing ways for retailers .They are delay payment and confirmed warehouse .A research is conducted into the impact of these two financing modes on the supply chain performance .A Stackelberg game model is used to compare these two financing modes .The retailer's optimal order quantity under confirmed warehouse is larger than that under delay payment .It is found that in the case of centralized supply chain these two fi-nancing modes can coordinate the supply chain , while in the decentralized supply chain , the wholesale price and income distribution factor can maximize supplier profit and coordinate the supply chain at the same time.%以单供应商与多个零售商的供应链为研究背景,供应商是供应链上的核心企业,而零售商面临着资金约束,与供应商签订收益共享契约。供应商为中小企业提供两种融资方式:保兑仓融资和延迟支付融资。本文研究两种融资对供应链绩效以及供应链各方的影响,构建单供应商和多零售商的Stackelberg博弈模型,发现保兑仓融资模式能增加零售商的订货量,这两种融资模式在分散型供应链下,供应商都可以设置合适的收益分配系数和批发价格实现在集中型供应链下的协调,并能够保证供应商利润最大化。

  14. The bank capital requirement and information asymmetry

    OpenAIRE

    Sangkyun Park

    1994-01-01

    This paper recognizes two main factors that cause the capital requirement to affect the weighted average cost of capital and hence the investment behavior of banks: underpriced debt resulting from the deposit insurance and information asymmetry between managers and the stock market. For a bank enjoying a low cost of debt (deposits), an increased proportion of equity financing raises the weighted average cost ofcapital. When the stock market underestimates the value of a bank due to informatio...

  15. Proces dezinwestycji funduszy venture capital poprzez ipo

    OpenAIRE

    Grzegorczyk, Elżbieta

    2012-01-01

    The main subject of the following article is to introduce one of Polish most popular way of divestment used by venture capital funds - the Initial Public Offering. Venture capital, considered as an innovative source of financing, supporting especially SMEs, is also an important mechanism of introducing companies on the Stock Market. Entrepreneurs are often interested this form of divestment, as it is associated with numerous benefits, which strengthen the position of a company and deepen the ...

  16. FINANCIAL COMMUNICATION AND INTELLECTUAL CAPITAL REPORTING PRACTICES

    OpenAIRE

    BELENESI (BUMBA) MARIOARA; POPA DORINA; CHIRA (CHIŞ) ANCA OANA; AVRAM (BOITOS) CAMELIA

    2014-01-01

    In a highly competitive economy, driven by globalization, the abundance of digital information and communication facilities, the investor directs its capital to those companies that promise added value of the invested capital. Even so, companies seek to obtain favorable terms of financing by rendering sensitive the investors. To achieve their goal, they must provide information about their financial and non financial performance with sufficient regularity to meet the information needs of actu...

  17. Market structure and the cost of capital

    OpenAIRE

    Arouri, Mohamed El Hedi; Rault, Christophe; Sova, Robert; Sova, Anamaria

    2013-01-01

    We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model (CAPM) to price assets in different market structures. Second, we use our model to analyze whether when markets are partially segmented using the local or the global CAPM yields significant errors in the estimation of the cost of capital for a sample of firms from developed and emerging countries.

  18. Royalty financing for the oil and gas industry

    International Nuclear Information System (INIS)

    Key concepts in royalty financing for the oil and gas industry are described. The basic significance of royalty financing for a public company is that financing is 'off balance sheet', and can be used to achieve objectives that neither debt, equity, nor outright sale of assets or farm-outs can accomplish. Royalty financing can provide increased available capital or debt reduction while maintaining the full gross share of reserve and production volumes on the books. This paper provides an overview of the field of royalty financing, with an appreciation of the benefits, reviews each of the financial alternatives (debt, equity, farmout and or sale of assets to reduce capital requirements), and provides examples of specific application of royalty financing. It is claimed that this type of financing, which has been available to the mining sector for some time, is a useful alternative to other financing instruments to acquire new oil and gas assets, to develop new areas, to implement enhanced recovery projects or to carry out mergers and acquisitions. Used judiciously, royalty financing can provide significant benefits to both the working interest owner and his shareholders, as well as the royalty company

  19. CAPITAL STRUCTURE AND VENTURE CAPITAL

    Directory of Open Access Journals (Sweden)

    Becsky-Nagy Patricia

    2015-07-01

    Full Text Available Venture capital significantly changes the capital structure of the portfolio company at the time of the investment. Venture capitalists contribute to the company’s success through their active involvement in the management and their added value appears in the increase of the value of the equity. At the same time with taking active role in the management, agency problem occurs, that complicates the cooperation and the success of exit. In this article we search the answer for the question whether the preferred equity, that are commonly used in the US for bridging the agency problem, are used and able to help Hungarian venture capitalists to manage agency problems. On the other hand we examined how the venture capital affect capital structure, how the venture capitalists value added appear in the capital structure. During the evaluation of the three case studies, we came to the conclusion, that the venture capital investments have positive effect on the liabilities of the enterprises, as the capital structure indexes show. However, the investors need the ownership, which help them to step up resolutely, when things change for the worse, and companies need the expertise, which the investors bring with their personal assistance. The investor’s new attitude also has positive effect on a mature company, which has an experienced leader, because he can show another aspect, as a person who come from outside. During the examination of the capital structure, we cannot disregard the events of the company’s environment, which have effects on the firm. The investor’s decisions also appear different ways. Because of this, every venture capital investment is different, just as the capital structure of the firms, in which they invest.

  20. PFI redux? Assessing a new model for financing hospitals.

    Science.gov (United States)

    Hellowell, Mark

    2013-11-01

    There is a growing need for investments in hospital facilities to improve the efficiency and quality of health services. In recent years, publicly financed hospital organisations in many countries have utilised private finance arrangements, variously called private finance initiatives (PFIs), public-private partnerships (PPPs) or P3s, to address their capital requirements. However, such projects have become more difficult to implement since the onset of the global financial crisis, which has led to a reduction in the supply of debt capital and an increase in its price. In December 2012, the government of the United Kingdom outlined a comprehensive set of reforms to the private finance model in order to revive this important source of capital for hospital investments. This article provides a critical assessment of the 'Private Finance 2' reforms, focusing on their likely impact on the supply and cost of capital. It concludes that constraints in supply are likely to continue, in part due to regulatory constraints facing both commercial banks and institutional investors, while the cost of capital is likely to increase, at least in the short term.

  1. PFI redux? Assessing a new model for financing hospitals.

    Science.gov (United States)

    Hellowell, Mark

    2013-11-01

    There is a growing need for investments in hospital facilities to improve the efficiency and quality of health services. In recent years, publicly financed hospital organisations in many countries have utilised private finance arrangements, variously called private finance initiatives (PFIs), public-private partnerships (PPPs) or P3s, to address their capital requirements. However, such projects have become more difficult to implement since the onset of the global financial crisis, which has led to a reduction in the supply of debt capital and an increase in its price. In December 2012, the government of the United Kingdom outlined a comprehensive set of reforms to the private finance model in order to revive this important source of capital for hospital investments. This article provides a critical assessment of the 'Private Finance 2' reforms, focusing on their likely impact on the supply and cost of capital. It concludes that constraints in supply are likely to continue, in part due to regulatory constraints facing both commercial banks and institutional investors, while the cost of capital is likely to increase, at least in the short term. PMID:24138730

  2. FINANCING MODE FOR SUSTAINABLE FARMLAND CONSOLIDATION

    Institute of Scientific and Technical Information of China (English)

    BAO Hai-jun; XU Bao-gen; WU Ci-fang; ZHOU Wang-yue

    2004-01-01

    Sustainable farmland consolidation covers ecology, economy and society, which means, its only goal is to protect eco-environment, in accordance with public benefits and economic laws. China is still a developing country, facing capital-lacking, an important but difficult problem, while sustainable farmland consolidation will need more money than common farmland consolidation. To solve the problem, this paper put forward and designed a new financing mode for farmland consolidation: BOT(Build-Operate-Transfer), which can effectively solve the financing problem and investment reclamation by the way of concession, and make sustainable farmland consolidation be realized in China.

  3. Financing nuclear programmes in developing countries

    International Nuclear Information System (INIS)

    The following topics are discussed: the implications for a developing nation's economy of acquiring nuclear plants with the attendant high capital cost but low operating cost; political factors and safeguards provisions; turnkey versus non-turnkey contracts; spreading exchange and other risks through multi-national consortia; maximising local content; cash flow considerations; availability of aid or other direct government to government loans; packaging of export finance from different countries; downpayments and local costs; eurodollar markets, bank syndications and bond issues, and domestic markets; available security, central bank or government guarantees; special considerations, barter deals, leasing, and finance for the fuel cycle

  4. SMES' FINANCING, Hard Nut to Be Cracked?

    Institute of Scientific and Technical Information of China (English)

    Rose Yan

    2009-01-01

    @@ Small and medium-sized enterprises (SMEs) are a crucial driving force for innovation,employment and development and the engines of growth in an economy. But as the sector is characterized by information asymmetries and high processing costs, banks are reluctant to lend to SMEs, which have long faced difficulties in financing. Amid capital depletion, risk aversion and credit contraction in the current global economic crisis, the issue of financing for SMEs isa pressing issue for all nations, which isnot exceptional to China.

  5. Understanding Capitalism

    DEFF Research Database (Denmark)

    du Gay, Paul; Morgan, Glenn

    2013-01-01

    if they are to be sustained. Such logics are stabilized to the degree that they can pass the tests which they set themselves. The chapter shows how the projective city has increasingly failed these tests. It has instead created a privileged group of ‘mobile citizens’ working with mobile, global capital in ways......This chapter places The New Spirit of Capitalism in the context of the development of capitalism over the last twenty years, up to and including the 200-7-8 financial crisis and the ongoing economic crisis which has developed out of this and is now focused on the relationship between state...... expenditures, political legitimacy and financial markets. Boltanski and Chiapello's analysis of the projective city and connexionist logic captures important elements of capitalism in the era of neo-liberalism. However, as their analysis shows, any such logics require ‘spirit’, legitimacy and justification...

  6. Intellectual Capital

    OpenAIRE

    Mardešič, Jakub

    2011-01-01

    The work is focused on intellectual capital and its reporting of intangible assets. First part of the work defines the basic theoretical principles, which are an essential part of the work for understanding the issue. Literature review discusses the various components of intellectual capital and focuses on their function within organizations. Work also discusses various approaches of literature and the authors developing a complex theoretical basis for this issue. The following practical part...

  7. Capitalizing China

    OpenAIRE

    Joseph Fan; Randall Morck; Bernard Yeung

    2011-01-01

    Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all ...

  8. Financing Strategies for Nuclear Fuel Cycle Facility

    International Nuclear Information System (INIS)

    To help meet our nation's energy needs, reprocessing of spent nuclear fuel is being considered more and more as a necessary step in a future nuclear fuel cycle, but incorporating this step into the fuel cycle will require considerable investment. This report presents an evaluation of financing scenarios for reprocessing facilities integrated into the nuclear fuel cycle. A range of options, from fully government owned to fully private owned, was evaluated using a DPL (Dynamic Programming Language) 6.0 model, which can systematically optimize outcomes based on user-defined criteria (e.g., lowest life-cycle cost, lowest unit cost). Though all business decisions follow similar logic with regard to financing, reprocessing facilities are an exception due to the range of financing options available. The evaluation concludes that lowest unit costs and lifetime costs follow a fully government-owned financing strategy, due to government forgiveness of debt as sunk costs. Other financing arrangements, however, including regulated utility ownership and a hybrid ownership scheme, led to acceptable costs, below the Nuclear Energy Agency published estimates. Overwhelmingly, uncertainty in annual capacity led to the greatest fluctuations in unit costs necessary for recovery of operating and capital expenditures; the ability to determine annual capacity will be a driving factor in setting unit costs. For private ventures, the costs of capital, especially equity interest rates, dominate the balance sheet; the annual operating costs dominate the government case. It is concluded that to finance the construction and operation of such a facility without government ownership could be feasible with measures taken to mitigate risk, and that factors besides unit costs should be considered (e.g., legal issues, social effects, proliferation concerns) before making a decision on financing strategy

  9. Overcoming financing challenges with bond insurance.

    Science.gov (United States)

    Demby, H J

    1995-03-01

    As the revenues of healthcare organizations continue to decline, finding ways to raise low-cost capital has become increasingly important. By incorporating municipal bond insurance into a finance plan, healthcare organizations can achieve sizable debt-service savings for both new-money projects and refunding transactions. Bonds insured by one of the major municipal bond issuers are enhanced and carry AAA ratings from Moody's Investors Service, Standard & Poor's Corp., and, in some cases, Fitch Investors Service. Thus enhanced, they can attract a broader range of investors than uninsured issuers and can make it easier for healthcare organizations to raise long-term capital in a cost-effective manner. PMID:10146150

  10. Chinalco Spent 2 Billion Yuan to Build Financial Capital Platform

    Institute of Scientific and Technical Information of China (English)

    2015-01-01

    Following fast-paced preparation spanning three months,Chinalco quickly expanded the territory of its financial business by setting up Chinalco Capital Holdings Co.,Ltd(hereinafter Chinalco Capital)and Chinalco Financing Leasing Co.,Ltd(hereinafter Chinalco Leasing),with which it lifts the status of its

  11. Fiscal Policies and Endogenous Growth in Integrated Capital Markets

    NARCIS (Netherlands)

    Lejour, A.M.; Verbon, H.A.A.

    1996-01-01

    This paper examines the effects of policy coordination in a two-country world with endogenous growth and imperfect capital mobility.Public investment and a public consumption good are financed by a source-based capital-income tax. By comparing the cases in which countries do and do not coordinate th

  12. FINANCIAL INTERMEDIARIES’ ACTIVITY ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Dumitru-Cristian OANEA

    2014-11-01

    Full Text Available The financial shifts encountered in the last decade, increase the importance of capital markets in emerging countries, which is also Romania’s case. The banking system was for a long period of time the main source of liquidity for the economy. Meanwhile, the situation is changing due to the importance that capital market has in financing the economy. Through this paper we analyze the transactions’ evolution made by financial intermediaries on Romanian capital market, by highlighting the Societies for Financial Services and Investments (SSIF. Based on this evolution, we identified the main significant differences and similarities between the SSIFs existing on the market.

  13. APPROACHES FOR EVALUATING AND FINANCING INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    MARIA-LOREDANA POPESCU

    2011-04-01

    Full Text Available This article presents the financial investment approach and the investment evaluation methods, which are criteria for assessing both investment projects and their funding sources. An important role in the analysis carried out is played by the investment decision and financing decision quality. Making an investment decision implies computing the related investment efficiency indicators. They allow the comparison of several variants of the same investment project as well as their comparison with other projects in the same industry or in other industries. The financing decision concerns the selection between their own sources (share capital, depreciation fund, profits, reserve funds, additional capital, revenues from investments, attracted sources (domestic resource mobilization and borrowed sources (credits.

  14. APPROACHES FOR EVALUATING AND FINANCING INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    Maria-Loredana POPESCU

    2011-12-01

    Full Text Available This article presents the financial investment approach and the investment evaluation methods, which are criteria for assessing both investment projects and their funding sources. An important role in the analysis carried out is played by the investment decision and financing decision quality. Making an investment decision implies computing the related investment efficiency indicators. They allow the comparison of several variants of the same investment project as well as their comparison with other projects in the same industry or in other industries. The financing decision concerns the selection between their own sources (share capital, depreciation fund, profits, reserve funds, additional capital, revenues from investments, attracted sources (domestic resource mobilization and borrowed sources (credits.

  15. THE EVOLUTION OF THE BEHAVIOUR OF INVESTORS ON THE CAPITAL MARKET

    OpenAIRE

    Radu Sorin Claudiu Ph. D Student

    2011-01-01

    This work captures the behaviour of investors who are moving away from domestic capital market and radically change their investment options while the role of capital market in financing private companies is really decreasing. Consequently, a shift to bank credit or especially the self financing is obvious. In 2010, the economic crisis deepened internally, its the effects being reflected particularly in the financial context:capital market activity was carried out with unbearable difficulty, ...

  16. Aviation industry-research in aircraft finance

    OpenAIRE

    Ehrenthal, Joachim C.F.

    2010-01-01

    Aircraft values are key to aircraft financing decisions: Aircraft values act as a source of security for providers of debt capital and lessors failing to re-place aircraft, and as a source of upside potential to equity investors. Yet, aircraft values cannot be precisely and continuously monitored. This is because neither actual primary nor secondary aircraft transaction prices are disclosed. Various types of third party valuation estimates exist, but relying solely on third party appraisa...

  17. Dutch Corporate Finance, 1602-1850

    OpenAIRE

    de Jong, Abe; Jonker, Joost; Roëll, Ailsa

    2013-01-01

    textabstractEarly Modern Dutch corporate finance had two notable features, a remarkable ease of raising large amounts of capital and a flexible legal framework. Having pioneered new corporate forms with two intercontinental trading companies, Dutch business adopted such forms on a wider scale only during the 18th century, when economic concentration and consolidation led to the appearance of business units large enough to need them. The financial intermediation and legal institutions availabl...

  18. On Financing Retirement with an Aging Population

    OpenAIRE

    Ellen R. McGrattan; Edward C. Prescott

    2013-01-01

    A problem facing the United States and many other countries is how to finance retirement consumption as the number of their workers per retiree falls. Policy analysts are increasingly advocating a move to a savings-for-retirement system. An apparent problem with this move is the shortage of good savings opportunities given the limited ability of government to honor its debt. We find that there is no problem because there is much more productive capital than commonly assumed in macroeconomic m...

  19. Uso da estrutura de capital por empresas agroindustriais

    OpenAIRE

    Oliveira, Leticia; Antonialli, Luiz Marcelo

    2004-01-01

    The objective of the work was to identify and characterize the agribusiness companies concerning the use of the theory of capital structure for its financial activity. The capital structure is one of great importance, involving both investments and financings (both the capital of external parties' and their own). Methodologically, the research was characterized as descriptive conclusive, through an intentional sample of 69 agribusiness companies in the south of Minas Gerais. The objective was...

  20. Capital Controls and the Timing of Exchange Regime Collapse

    OpenAIRE

    Daekuen Park; Jeffrey Sachs

    1987-01-01

    This paper investigates the nature of balance of payments crises in regimes with capital controls. It extends earlier work on capital controls by assuming that households manage their consumption and asset portfolios to maximize intertemporal utility. Our main result is that capital controls are effective in delaying, but not preventing, a breakdown of a fixed exchange rate regime in the presence of money-financed fiscal deficits.

  1. Working Capital Approaches and Firm’s Returns in Pakistan

    OpenAIRE

    Dr. Talat Afza; Mian Sajid Nazir

    2008-01-01

    This study investigates the relationship between the aggressive/conservative working capital policies for seventeen industrial groups of public limited companies listed at Karachi Stock Exchange for a period of 1998-2003. The ordinary least square regression model has been used to investigate into the relationship of working capital approaches and the returns of firms. The study found significant differences among their working capital investment and financing policies across different indust...

  2. Governing Global Capital

    DEFF Research Database (Denmark)

    Harrington, Brooke

    How do professions affect the configuration of political economies worldwide? This study addresses the question through interviews with members of a new transnational profession - wealth management - whose innovations are reshaping the balance of power in global finance. Wealth managers specialize...... in helping elites avoid taxes and other forms of regulation. The study documents how the means through which they achieve this objective - shifting billions in private capital wealth between Asia, Africa, India and Europe - and how this affects the balance of regional economic power. Drawing from...... and international policy-making bodies to advance the interests of the profession and its wealthy clients; and 3) by writing the fiscal legislation of some jurisdictions. Through these mechanisms, the profession has reconfigured political and economic power trans-nationally, shifting the world’s financial center...

  3. KEY FACTORS IN WORKING CAPITAL MANAGEMENT IN THE BRAZILIAN MARKET

    Directory of Open Access Journals (Sweden)

    Wilson Toshiro Nakamura

    2012-01-01

    Full Text Available Many studies have been conducted in corporate finance regarding long-term investment and financing decisions. However, short-term asset investments play a significant role in the balance sheet of companies. Moreover, financial managers dedicate significantamounts of time and effort to the subject of working capital management, balancing current assets and liabilities. This paper provides insights regarding the key factors of working capital management by exploring the internal variables of a number of companies. This study used data from 2,976 Brazilian public companies from 2001 to 2008, and found that debt level, size and growth rate can affect the working capital management of companies.

  4. On the theory of capital in post-industrial societies

    OpenAIRE

    Cavalieri, Duccio

    2013-01-01

    This is an analysis of the present unsatisfactory state of the theory of capital and a proposal to reformulate this theory in line with some neglected late-Marxian views on the subject and in the light of the passage of capitalism from the industrial to a post-industrial era characterized by the dominance of speculative finance. The author’s aim is to provide a better integration of the theory of capital with those of money and finance. Attention is focused on a Marxian price index, the monet...

  5. Intelligence Capital

    Directory of Open Access Journals (Sweden)

    Maid Pajevic

    2011-08-01

    Full Text Available The author of this article presents a new theoretical concept of intelligence capital, with which he explains the multi-meaningful term ‘intelligence’. The author offers a conceptual frame „intelligence capital“ as a generic complex consisting of four interactively linked elements. The contribution of this article is, among other things, an answer to a question: What is an applicative value of intelligence capital as a new theoretical concept for the sys­tem of security and intelligence of BiH? Historical context implies greater responsibility of OSA BiH in realising its preventive function of protecting security of BiH and its citizens. Theoretical frame of the intelligence capital implies that the system of security and intelligence of BiH should be able to respond to strategic questions: to know-what, to know – why, to know – how, to know – who.

  6. Islamic finance in Europe

    OpenAIRE

    2013-01-01

    Islamic finance is based on ethical principles in line with Islamic religious law. Despite its low share of the global financial market, Islamic finance has been one of this sector’s fastest growing components over the last decades and has gained further momentum in the wake of the financial crisis. The paper examines the development of and possible prospects for Islamic finance, with a special focus on Europe. It compares Islamic and conventional finance, particularly as concerns risks assoc...

  7. Caring finance practices

    OpenAIRE

    Staveren, Irene

    2013-01-01

    textabstractThe 2008 financial crisis has demonstrated the failure of both utilitarian and deontological ethics in finance. Alternatives do not need to be created from nothing, because the crisis itself has stimulated the emergence of ethically sound finance practices from within the sector. This article presents two cases of such alternatives, which can be understood as caring finance. Caring finance is built around more personal relationships, responsibility, and risk reduction. The example...

  8. Factoring, a Financing Alternative for Romanian Exporters During Crisis

    OpenAIRE

    Dugan Silvia; Pepenel Madelaine-Lorelai

    2011-01-01

    Factoring, a product used in dynamic business environments worldwide, is a quick solution for the issue of working capital locked in the loan provider, ensuring a productive use of financial resources. During the economic crisis and given the very limited access to traditional financing schemes, factoring may be a suitable alternative for some companies in Romania, particularly those operating in the provision of goods or services. Factoring is therefore a solution to short-term finance compa...

  9. Financing Microfinance: Exploring the Funding Side of Microfinance Institutions

    OpenAIRE

    Tor Jansson

    2003-01-01

    This paper aims to reveal some basic trends in the financing of microfinance institutions, such as where the financing comes from, and how the distribution changes over time. The paper does not claim to be a comprehensive review of this topic, but it offers some new information and points to some previously unexplored patterns. The paper also identifies and examines key emerging issues that face the increasing number of transformed microfinance institutions, including access to capital market...

  10. Securitizing receivables offers low-cost financing option.

    Science.gov (United States)

    Sen, S; Lawler, J P

    1995-05-01

    Securitization began in the 1980s with mortgage payments, auto loans, and credit card debt being pooled and used as collateral for securities offerings. More recently, healthcare providers have securitized accounts receivables to obtain low-cost, off-balance-sheet financing. As the need to both raise capital and contain costs grows in health care, providers likely will make increased use of this financing method. PMID:10142191

  11. Multinationals, minority ownership and tax-efficient financing structures

    OpenAIRE

    Schindler, Dirk; Schjelderup, Guttorm

    2008-01-01

    This paper presents a theory model that simultaneously accounts for the financing decisions and ownership structure in affiliates of multinational firms. We find that affiliates of multinationals have higher internal and overall debt ratios and lower rental rates of physical capital than comparable domestic firms. We also show that affiliates with minority owners have less debt than wholly owned affiliates and a less tax-efficient financing structure. The latter is due to an externality where...

  12. Intelligence Capital

    OpenAIRE

    Maid Pajevic

    2011-01-01

    The author of this article presents a new theoretical concept of intelligence capital, with which he explains the multi-meaningful term ‘intelligence’. The author offers a conceptual frame „intelligence capital“ as a generic complex consisting of four interactively linked elements. The contribution of this article is, among other things, an answer to a question: What is an applicative value of intelligence capital as a new theoretical concept for the sys­tem of security and intelligence of Bi...

  13. Trinidadian capitalism

    OpenAIRE

    Kevin A. Yelvington

    1999-01-01

    [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99) Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95) Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its histor...

  14. Essays in household finance

    NARCIS (Netherlands)

    Djordjevic, Ljubica

    2015-01-01

    Household finance is a young and vibrant research field that continuously attracts public attention. There may be very few matters that people care so much about as their personal finance. Recent rise of academic interest in household finance is to a great extent due to households’ more active role

  15. 12 CFR 931.7 - Redemption and repurchase of capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Redemption and repurchase of capital stock. 931.7 Section 931.7 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.7 Redemption and repurchase...

  16. Financing renewable energy: Obstacles and solutions

    Energy Technology Data Exchange (ETDEWEB)

    Brown, M.H.

    1994-06-01

    The majority of renewable energy technology projects now being developed use long term project financing to raise capital. The financial community scrutinizes renewables more closely than some conventionally fueled electric generation facilities because it perceives renewables as risky and expensive. Renewables pay for this perceived risk through higher interest charges and other more restrictive loan covenants. Risks that are not eliminated in the power sales agreement or through some other means generally result in higher project costs during financing. In part, this situation is a product of the private placement market and project finance process in which renewable energy facilities must function. The project finance process attracts banks and institutional lenders as well as equity investors (often pension funds) who do not want to place their capital at great risk. Energy project finance exists on the basis of a secure revenue stream and a thorough understanding of electric generation technology. Renewables, like all energy projects, operating in uncertain regulatory environments are often difficult to finance. In the uncertain regulatory environment in which renewables now operate, investors and lenders are nervous about challenges to existing contracts between independent power producers and utilities. Challenges to existing contracts could foretell challenges to contracts in the future. Investors and lenders now look to state regulatory environments as an indicator of project risk. Renewable energy technology evolves quickly. Yet, often the information about technological evolution is not available to those who invest in the energy projects. Or, those who have invested in new renewable energy technology in the past have lost money and are nervous about doing so in the future - even though technology may have improved. Inadequate or unfavorable information is a barrier to the development of renewables.

  17. Mezzanine finance and corporate bonds

    OpenAIRE

    Libena TETREVOVA

    2009-01-01

    The article deals with the problems of mezzanine finance in relation to corporate bonds. Firstly, attention is paid to definition of mezzanine finance. The term mezzanine finance is used as a term for hybrid forms of financing that combine elements of debt and equity financing. Mezzanine finance represents an alternative form of financing corporate activities. Secondly, possible forms of mezzanine finance are characterized. We can say that special types of corporate bonds (convertible bonds a...

  18. Alternative financing sources. ECRI. Emergency Care Research Institute.

    Science.gov (United States)

    1987-01-01

    A number of new capital sources have been developed and used by health care institutions unable to finance high-tech projects with equity or conventional tax-exempt debt instruments; these include REITs, MLPs, per-use rentals, venture capital, and banks as brokers. However, there are no magic capital acquisition solutions. Institutions with good credit will continue to find a number of doors open to them; poorer credit risks will have fewer options, and those available will carry greater risk, allow for less provider control over projects, and limit potential return on investment to some extent. It is essential to examine carefully the drawbacks inherent in each type of alternative financing source. Venture capital in particular requires specific analysis because of the wide variety of possible arrangements that exist. If you cannot find either traditional or alternative sources of funding for a proposed project, you should reexamine the project and its underlying utilization projections and reimbursement assumptions.

  19. Allergy Capitals

    Science.gov (United States)

    ... McAllen, TX The report looks at 3 important factors: Pollen score Allergy medication usage Availability of Board-certified allergists This year’s report named Jackson, Mississippi, as the top Spring Allergy Capital due to its: Higher than average pollen Higher ...

  20. Capital Gains

    Science.gov (United States)

    Howard, Robert W.

    2004-01-01

    "Social capital" describes the strength of community as measured by the connections and levels of trust among its members. These connections are both formal and informal and the benefits include better health and better academic achievement. In this article, the author proposes two types of experiments to determine whether the relationship between…

  1. Capital Challenge

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    China is on its way to establishing its own venture capital industry Venture capitalists will find no safe haven worldwide as the prospects for the majority of economies to pick up remain dim for the next two years. Still, if some of them have the money and

  2. Potential of Securitization in Solar PV Finance

    Energy Technology Data Exchange (ETDEWEB)

    Lowder, T.; Mendelsohn, M.

    2013-12-01

    This report aims to demonstrate, hypothetically and at a high level, what volumes of solar deployment could be supported given solar industry access to the capital markets in the form of security issuance. Securitization is not anticipated to replace tax equity in the near- to mid-term, but it could provide an additional source of funds that would be comparatively inexpensive and could reduce the weighted average cost of capital for a given solar project or portfolio. Thus, the potential to securitize solar assets and seek financing in the capital markets could help to sustain the solar industry when the investment tax credit (ITC) -- one of the federal incentives that has leveraged billions of dollars of private capital in the solar industry -- drops from 30% to 10% at the close of 2016. The report offers analysis on the size of the U.S. third-party financed solar market, as well as on the volumes (in MW) of solar asset origination possible through a $100 million securitization fund (assuming no overcollateralization). It also provides data on the size of the relevant securities markets and how the solar asset class may fit into these markets.

  3. 资本市场分割:从有效市场假说到行为金融%Capital Market Segmentation:Efficient Markets Hypothesis and Behavioral Finance

    Institute of Scientific and Technical Information of China (English)

    谷伟; 周洁如

    2004-01-01

    有效市场假说(Efficient Markets Hypothesis)自面世以来,大量的实证研究支持有效市场假说.但是也有少量的现象明显违背有效市场假说,这些现象被称为市场异象(Market Anomalies).对市场异象的研究促进了金融学的发展,并产生了一门新的学科-行为金融(Behavioral Finance).本文主要对一种主要的市场异象-市场分割进行了研究综述,阐述了有效市场假说和行为金融理论对这个问题的各自的观点.大量的研究表明,市场并非总是有效的.

  4. Corporate finance and restructuring: evidence from Central and Eastern Europe

    OpenAIRE

    Köke, Jens; Salem, Tanja

    2000-01-01

    After the end of communism enterprises in Central and Eastern Europe (CEE) were marked by low levels of labor productivity, mainly because of too high employment levels. According to economic theory, the corporate capital structure can be an important element in the restructuring process. But both, empirical evidence on corporate finance in CEE countries and its relation to employment is still sparse. This study describes the patterns of the corporate capital structure for ten CEE countries o...

  5. Trends and Deviations in Federal, State and Local Finance

    OpenAIRE

    Jeffrey S. Zax

    1986-01-01

    This paper contains a descriptive analysis o+ real per capita annual revenues, expenditures, deficits, debt levels and capital expenditures for federal, state and local government finance in the United States for the rears 1952-83. It summarizes each time series as a deterministic trend and an ARIM characterization of the deviations around trend. These summaries demonstrate that civilian capital outlays are falling at an accelerating pace in ail levels of government; federal government expend...

  6. The Role of Social Feedback in Financing of Technology Ventures

    OpenAIRE

    Aleksandar Bradic

    2012-01-01

    This research examines relationship between staging of Venture Capital (VC) investments and social feedback visible in publicly available data on the Web. We address the question of Venture Capital investment sensitivity to performance and prospects of new venture, given as likelihood of obtaining future financing, available exit options and duration between investment rounds. We argue that in the case of Internet companies, publicly available social feedback data, such as search trends and w...

  7. Credit Risk Analysis of Local Government Financing Platform – An empirical study based on KMV model

    Directory of Open Access Journals (Sweden)

    Zhou Tingting

    2015-01-01

    Full Text Available The local government financing platform is set up by local government through state-owned assets, real estate and equity capital. The functions of these companies are financing, construction, operation, the repaying debts. The local government financing platform can broaden the financing channels of local government in a great extent; alleviate the pressure of capital requirement. But at the same time, with the gradual expansion of the scale of debt, a series of problems has arisen: the amount of financing platform companies is huge, debt repayment depends too much on real estate price, the integration of government administration with enterprise, capital injection, and accounts of these companies are not well exposed. Once these problems outbreak, it may cause a series of financial crises, thereby threaten the entire banking industry even the healthy development of the national economy.

  8. Does Foreign Direct Investment Provide Desirable Development Finance? The Case of China

    Institute of Scientific and Technical Information of China (English)

    Yan Liang

    2007-01-01

    Foreign direct investment (FDI) is often considered as a cost-effective and risk-reducing source for development finance. This paper, however, shows that FDI finance often entails underestimated risks and costs. FDI might react sensitively to business cycles and might not be as "permanent" as conventionally believed. FDI might also accelerate other forms of capital flow in times of financial difficulties and, hence, destabilize financial order. In addition to the risks, compensations to FDI and the high import-dependency of FDI-related trade lead to a considerable drain on the balance of payments. Moreover, the reliance on foreign capital for development finance is equivalent to building a Ponzi financing scheme and,therefore, is unsustainable. Given the fact that FDI financing is risky and costly and China does not lack savings, it is suggested in the present paper that China's efforts in attracting FDI should not aim at external capital provisioning.

  9. Stage Financing and the Role of Convertible Debt

    OpenAIRE

    Cornelli, Francesca; Yosha, Oved

    1997-01-01

    Venture capital financing is characterized by extensive use of convertible debt and stage financing. The paper shows why convertible debt is better than a simple mixture of debt and equity in stage financing situations. When the venture capitalist retains the option to abandon the project, the entrepreneur has an incentive to engage in ‘window dressing’ or short-termism, i.e. to bias positively the short-term performance of the project, in order to reduce the probability that the project will...

  10. Financing Opportunities for Renewable Energy Development in Alaska

    Energy Technology Data Exchange (ETDEWEB)

    Ardani, K.; Hillman, D.; Busche, S.

    2013-04-01

    This technical report provides an overview of existing and potential financing structures for renewable energy project development in Alaska with a focus on four primary sources of project funding: government financed or supported (the most commonly used structure in Alaska today), developer equity capital, commercial debt, and third-party tax-equity investment. While privately funded options currently have limited application in Alaska, their implementation is theoretically possible based on successful execution in similar circumstances elsewhere. This report concludes that while tax status is a key consideration in determining appropriate financing structure, there are opportunities for both taxable and tax-exempt entities to participate in renewable energy project development.

  11. Trinidadian capitalism

    Directory of Open Access Journals (Sweden)

    Kevin A. Yelvington

    1999-07-01

    Full Text Available [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99 Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95 Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its historical advent (Sebastien 1978 to its twentieth-century manifestation in the petroleum sector (Seers 1964; Sandoval 1983, and from the ethnic structure of labor markets (Camejo 1971; Harewood 1971 and the role of capitalism in racial/ethnic inequality (Henry 1993; Coppin & Olsen 1998 to the way ethnicity affects business, big (Button 1981; Parris 1985; Centre for Ethnic Studies 1993 and small (Ryan & Barclay 1992; Griffith 1997, and the way ethnicity and gender are used in class recruitment (Yelvington 1995. There are also a number of fine working-class histories (e.g., Rennie 1973; Ramdin 1982; Basdeo 1983 and important works on the labor riots and strikes and the nature of the colonial state during the crises of the 1930s (e.g., Thomas 1987; Singh 1994. The two books under review here complement the works mentioned above, and they complement each other as well: Reddock's deals with the way capitalism up to the mid-century was buttressed by colonial politics, and explores how this formation engendered certain kinds of political responses, while Miller approaches capitalism through the assumption that fundamental changes in the post-Oil Boom period (ca. 1973-80 brought about considerable autonomy between production and consumption that can and should now be read through an analysis of the cultural circulation of images and commodities in the society. These books are both noteworthy because they engage in explicit theorizing on what capitalism was and is, and what it did and

  12. Improving financing certainty for wind developers across Canada

    Energy Technology Data Exchange (ETDEWEB)

    Porter, Mark [Ernest and Young (Canada)

    2011-07-01

    Ernst and Young Orenda Corporate Finance Inc. (Ernst and Young) is a renewable energy company which has a significant experience in wind energy. The company provides different services to the renewable energy sector in terms of finance raising, capital recycling, government advisory, corporate strategic advisory and taxation. This presentation was prepared by Ernst and Young to provide Canadian wind developers with recommendations for improving financing certainty in their projects. The presentation tackles the subjects of access to transmission, PPA, land lease agreements, resource assessment, community engagement, equipment, project structure, and financing. In addition, the presentation points out that a recent study showed that wind energy is attractive to Canadian lenders, most of them considering it to be fully bankable; their main concern lies in the foreign exchange risk. This presentation provided useful information on how to improve financing certainty in wind energy project in Canada.

  13. Financing waste to energy plants

    International Nuclear Information System (INIS)

    Waste-to-energy projects are going ahead in the U.K., they are being project financed and they will make a valuable contribution to environmentally acceptable waste disposal and clean energy within the U.K. Starting from the premise that project sponsors must compete for funds therefore behoves the project sponsor to adapt his proposal to the needs of the investor rather than the other way around. Some of the major potential suppliers of funds are briefly surveyed. It is concluded that waste-to-energy projects do not fit easily into the business plans of venture capital companies, pension funds and banks. Projects must be reworked so that a more favourable opportunity can be offered to potential funders. Ways of achieving this through improved economics and reductions in risk and uncertainty are examined. (author)

  14. Venture capital and private equity investment preferences in selected countries

    Directory of Open Access Journals (Sweden)

    Krzysztof Dziekoński

    2016-01-01

    Full Text Available Sources of capital to finance companies in the SME sector is one of the basic conditions for the functioning and development of enterprises, especially in the early phase of their development. Increasingly popular is the use of capital market instruments, Private Equity, Venture Capital, Business Angels or Mezzanine. Funding of this kind can finance risky investments in return for a higher expected rate of return on capital. Access to financial resources and the conditions under which entrepreneurs can use them can determine the introduction of new technology, new products and services, expand distribution channels, implement changes that may lead to the growth in competitiveness and above all, innovation, thus the growth of the company. The paper presents results of statistical analysis of the venture capital and private equity funds investment strategies in selected countries. As a result investment profiles are created.

  15. Instrumental Capital

    Directory of Open Access Journals (Sweden)

    Gabriel Valerio

    2007-07-01

    Full Text Available During the history of human kind, since our first ancestors, tools have represented a mean to reach objectives which might otherwise seemed impossibles. In the called New Economy, where tangibles assets appear to be losing the role as the core element to produce value versus knowledge, tools have kept aside man in his dairy work. In this article, the author's objective is to describe, in a simple manner, the importance of managing the organization's group of tools or instruments (Instrumental Capital. The characteristic conditions of this New Economy, the way Knowledge Management deals with these new conditions and the sub-processes that provide support to the management of Instrumental Capital are described.

  16. Aspects of Development Financing After the Financial and Economic Crisis

    Directory of Open Access Journals (Sweden)

    Bruno Gurtner

    2011-05-01

    Full Text Available Published by Palgrave MacmillanThe financial and economic crisis saw developing and emerging countries experience more severe setbacks in their growth rates than industrialised countries and they did not all have sufficient funds to finance robust stimulus measures. The major emerging economies have nevertheless recovered quickly and are currently the most important growth engines in the world economy.Private capital flows collapsed, leaving the global South with an overall deficit in financing. Greater official financing flows have not yet been able to compensate for the shortfalls and the slow increase in private capital flows since the end of 2009 has not been able to do so either. Overall, according to the UN, more capital flows from the South to the North than vice versa. The South thus continues to finance the North.Discussions regarding a reform of the global financial and economic order are ongoing but to date have had little impact on developing countries. The international financing institutions do have more funds at their disposal, but developing countries are still under-represented. The IMF and the World Bank have begun to question some of their previous dogmas. Opinions are divided on whether one can already speak of a new policy.The debate on the role of taxation in the mobilisation of local resources for development financing has intensified. Insight favouring comprehensive reforms of the taxation systems in developing countries has sharpened, but technical aid provided by industrialised countries to realise these reforms is still insufficient. Taxation is acquiring growing recognition as an instrument of State-building, democratisation and governance. The campaign to deal with international tax evasion and illicit capital flows is gaining momentum and the exchange of information on tax issues has improved. However, it is difficult to establish newer and more trenchant instruments for improved transparency, given the predominant

  17. Triads of capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase

    of capital means a coherent stock of capital, including social, cultural and physical capital, which belongs to a local community. The case of civic organization in rural Denmark 1800-1900 shows how the three capitals successively acted as driving forces: physical capital about year 1800, social capital....... The hypothesis is that three forms of capital have the potential to act as driving forces: social capital, cultural capital and physical capital, the latter operationaliz­ed as buildings. A new concept, triad of capital, is introduced to analyze the interrelationship between these three forms of capital. A triad...... about year 1880, and cultural capital about year 1900. In each case, one form of capital changed the two others in a chain reaction process, which ultimately led to a major reorganization of the triads of capital in the local rural communities....

  18. Experience in the financing of nuclear power projects

    International Nuclear Information System (INIS)

    KfW has gained manifold experience in the granting of export loans to finance supplies and services for nuclear power plants in developing countries. The main problem KfW had to face were the considerable delays in the project execution due to administrative and financial difficulties which, apart from the negative impact on the national economy, resulted in higher project cost. So KfW had to adjust its financing accordingly. But the financing of foreign exchange costs did not pose very serious problems; what proved to be more difficult was the financing of local costs due to shortage of government funds and constraints in local capital markets. Thus it is vital to secure also the provision of sufficient local finance. The development of functioning domestic capital markets is particularly important for the funding from sources within the buyer country. The foreign currency financing of local costs tends to increase the debt burden and carries a foreign exchange risk. From the angle of fostering a country's technical and economic development, it would be desirable to make local finance to that extent available that the largest possible local content of the project can be realised. Both the execution and the financing of nuclear power projects are difficult by nature because of the long implementation period involved and the huge financing amounts. As a consequence the financing structure of such sophisticated projects should be rather simple and conventional in order to offer enough flexibility for adaptation in the event of unforeseeable changes during the project implementation period. (author)

  19. Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

    Science.gov (United States)

    Tuner, James A.

    2016-01-01

    Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

  20. Toward A Reliable Cost of Capital

    Directory of Open Access Journals (Sweden)

    Jeremiah U. Idialu

    2013-07-01

    Full Text Available This is study is designed to provide basis for determining a reliable cost of capital. Corporate finance textbooks typically devote several chapters to the problems of capital budgeting, cash flow estimation and the determination of a firm’s cost of capital. However, it can be difficult in practice to obtain reliable estimates of the inputs required to perform capital budgeting as recommended by the textbooks. Also, the Weighted Average Cost of Capital (WACC is commonly presented in a way that creates difficulties in calculating the estimate. The most cumbersome component of WACC estimation is the cost of capital. Practitioners therefore have to rely on more abstract and indirect methods to estimate cost of capital. In the study, we reviewed alternative methods of deriving reliable estimates of cash flow and cost of capital. Our review of relevant literature reveals procedures that will lead to methods that are less intensive in terms of the time and computations required to calculate a WACC estimate. We also establish methods that require fewer inputs and/or calculations that are based on subjective judgments of the analyst or the firm’s management.

  1. Investment financing in cooperative firms

    Directory of Open Access Journals (Sweden)

    Gaetano Cuomo

    2015-04-01

    Full Text Available By general agreement, one of the main obstacles to the growth of producer cooperatives is difficult investment financing, due to inadequate Capitalisation levels and the resulting inability to lodge sufficient collateral with lenders. Moreover, worker-owned firms are considered not very reliable because they suffer from problems of moral hazard and insufficient commitment. Unfortunately, the literature on this issue is not extensive and has weaknesses that are highlighted in the paper. By means of its critical analysis, it is possible to provide evidence that the funding difficulties caused by the particular structure of cooperative firms can be effectively tackled by creating an institutional framework within which cooperatives would be offered a wider range of organizational options comparable to those open to traditional enterprises. Finally, it is proved that the willingness of the members to fund the operations of their cooperative with loan capital may not be enough to mobilize external credit. For member financings to persuade potential providers of funds to place trust in a firm, third-party claims must necessarily qualify as senior debt and be repaid before the claims of the partners are settled.

  2. 13 CFR 108.730 - Financings which constitute conflicts of interest.

    Science.gov (United States)

    2010-01-01

    ... NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Financing of Small Businesses by NMVC Companies... NMVC Company, its shareholders or partners, or SBA. Unless you obtain a prior written exemption from... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Financings which...

  3. MAPPING EUROPEAN CAPITAL MARKETS TENDENCIES

    Directory of Open Access Journals (Sweden)

    Andreea Avadanei

    2011-01-01

    Full Text Available The scope of this paper is to analyze the main tendencies influencing European capitalmarkets development. In order to point out their implications, we structured our study onfour chapters. The first one illustrates the consolidation of stock exchanges at the Europeanlevel; the seconds presents some considerations about the deregulation/re-regulation of EUcapital markets; the third section highlights the globalization implications on their evolutionand the fourth one indicates the effects of financial innovation. The progressive integrationof European capital markets over the past decade contributed to the lowering of capital costas a result of increased risk diversification opportunities and reduced transaction costs dueto the specialization of financial system provisions. Moreover, the expansion of thesemarkets improved firms financing decisions, leading to an increased share of non-bankfunding sources.

  4. FINANCING OF INTERNATIONAL TRANSACTIONS

    Directory of Open Access Journals (Sweden)

    RADU NICOLAE BĂLUNĂ

    2013-02-01

    Full Text Available Financing (funding is essentially the purchase of funds necessary for a business. This can be done from internal sources (company’s own funds or external (borrowed funds. The high value of goods traded in international trade makes revenues generated from internal resources not sufficient to settle the value of the goods. Thus, it is frequent to resort to borrowed funds. In International Business Transactions, external financing is done both by classical techniques of credit (credit supplier and buyer credit and modern techniques of financing (factoring, forfeiting, leasing all trade tailored. In terms of the length of financing, accounting funding is short-term (1-12 months and long-term financing (over a year. In principle, export and import operations prevailing short-term financing techniques, while international investment and industrial cooperation actions are specific long-term funding

  5. Alternative transportation fuels: Financing issues

    International Nuclear Information System (INIS)

    A multitude of alternative fuels could reduce air pollution and the impact of oil price shocks. Only a few of these fuels are readily available and inexpensive enough to merit serious consideration over the coming five years. In New York City, safety regulations narrow the field still further by eliminating propane. As a result, this study focuses on the three alternative fuels readily available in New York City: compressed natural gas, methanol, and electricity. Each has significant environmental benefits and each has different cost characteristics. With the Clean Air Act and the National Energy Strategy highlighting the country's need to improve urban air quality and move away from dependence on imported fuels, fleets may soon have little choice but to convert to altemative fuels. Given the potential for large infrastructure and vehicle costs, these fleets may have difficulty finding the capital to make that conversion. Ultimately, then, it will be the involvement of the private sector that will determine the success of alternative fuels. Whether it be utilities, fuel distributors or suppliers, private financing partners or others, it is critical that altemative fuels programs be structured and planned to attract their involvement. This report examines financing methods that do not involve government subsidies. It also explores financing methods that are specific to alternative fuels. Bond issues and other mechanisms that are used for conventional vehicles are not touched upon in this report. This report explores ways to spread the high cost of alternative fuels among a number of parties within the private sector. The emphasis is on structuring partnerships that suit methanol, electric, or natural gas vehicle fleets. Through these partnerships, alternative fuels may ultimately compete effectively against conventional vehicle fuels

  6. Financing Structure of Enterprises in the Metal Industry in Poland Between 2000 and 2010

    Directory of Open Access Journals (Sweden)

    Piotr Rzeszowski

    2012-09-01

    Full Text Available This paper presents research results regarding the direction of changes in financing structure adopted by enterprises in the metal industry in Poland. This sector of industry is extremely important in Poland. The main reason for undertaking this research was a desire to gain insight into the problems that enterprises experience in finding financing sources during economic crises because banks restrict lending, profit declines, and the ability to utilize capital derived from stock exchanges is limited. The assessment was based on an analysis of the structure of financing sources and the relationship of credits to own capital and to liabilities. The structure of financing sources adopted by companies in the metal industry underwent significant changes between 2000 and 2010. Enterprises in this industry began to utilize own capital more often during the period, while the proportion of external capital to total liabilities decreased. The increase in the proportion of internal capital influenced the improvement in financial liquidity but also contributed to an increase in the average cost of capital and limited the range of profitable investments. The results validate initial research hypotheses regarding an increase in the participation of internal capital in the financing of enterprises’ activities and a decrease in the amount of bank loans utilized by the companies.

  7. An Empirical Study of Economic Growth,Human Capital and Financial Development in Qingdao City

    Institute of Scientific and Technical Information of China (English)

    Liping; KE

    2015-01-01

    Human capital and finance can boost economic growth,and this paper performs an empirical test of economic growth,human capital and financial level,and finds that there is a long-term stable dynamic equilibrium relationship between the three.Results show that the finance and human capital in Qingdao City go through six stages( " imbalance-on the verge of imbalance-narrow coordination-primary coordination-intermediate coordination-well coordination"),and during the coordination process,human capital significantly lags behind.Therefore,it is necessary to increase human capital,accelerate the coordination between finance and human capital,and further promote the development of economic level.

  8. 75 FR 3502 - KLH Capital, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment Act...

    Science.gov (United States)

    2010-01-21

    ..., FL 33609. The financing is contemplated for expansion, product development, and working capital. The... (``the Act''), in connection with the financing of a small concern, has sought an exemption under section 312 of the Act and section 107.730, Financings which Constitute Conflicts of Interest of the...

  9. 76 FR 619 - Escalate Capital Partners SBIC I, L.P.; Notice Seeking Exemption Under Section 312 of the Small...

    Science.gov (United States)

    2011-01-05

    ... provide capital for operations and expansion. The financing is brought within the purview of Sec. 107.730... Business Investment Act of 1958, as amended (``the Act''), in connection with the financing of a small concern, has sought an exemption under Section 312 of the Act and Section 107.730, Financings...

  10. 76 FR 67017 - Praesidian Capital Opportunity Fund III, LP License No. 02/02-0647; Notice Seeking Exemption...

    Science.gov (United States)

    2011-10-28

    ... financing of a small concern, has sought an exemption under Section 312 of the Act and Section 107.730, Financings which Constitute Conflicts of Interest, of the Small Business Administration Rules and Regulations (13 CFR 107.730). Praesidian Capital Opportunity Fund III, LP proposes to provide debt financing...

  11. 76 FR 18821 - Convergent Capital Partners II, L.P.; Notice Seeking Exemption Under Section 312 of the Small...

    Science.gov (United States)

    2011-04-05

    ... 107). Convergent Capital Partners II, L.P., proposes to provide debt financing to Key Health Group... Business Investment Act of 1958, as amended (``the Act''), in connection with the financing of a small concern, has sought an exemption under Section 312 of the Act and Section 107.730, Financings...

  12. Private Finance Initiative (PFI) for Road Projects in UK: Current Practice with a Case Study

    OpenAIRE

    Akbiyikli, Rifat; Dikmen, Seyyit Umit; Eaton, David

    2011-01-01

    The long-term sustainable provision of new and high quality maintained road stock is vitally important, especially in times of economic constraint such as Europe is currently experiencing. The Private Finance Initiative (PFI) is one method of financing such large-scale, capital intensive projects. An important aspect of this form of financing projects is that the risks are borne not only by the sponsors but are shared by different types of investors such as equity holders, debt providers, and...

  13. Financing and Value Creation Under Mergers and Acquisitions: Comparative Study OF 350 Companies

    OpenAIRE

    Gupta, Ankit

    2009-01-01

    In this study, 350 mergers and acquisitions has been undertaken to examine, what form of payment method was used for financing those deals and their post acquisition returns of acquirers in terms of share capital. An attempt has been made to investigate how important is the correct financing/ payment technique for shareholder value creation and what determines financing decision in a merger and acquisition process. After conducting a literature review and analyzing the theoretical background ...

  14. Islamic Banking and Finance

    OpenAIRE

    AlFarra, Diaa M. S.

    2015-01-01

    Islamic Banking and Finance has been growing rapidly during the last decades. Descriptive analysis has been used in order to introduce the Islamic banking and finance and how it works. On other hand, clarify the Islamic Banking and Finance Systems and show how it works in part of liability and also profit and loss sharing basis. In addition to that, the main similarities and differences were properly identified, introduced and discussed in the paper. It is obvious that there are many similari...

  15. Digitally Financed Energy

    OpenAIRE

    Waldron, Daniel; Faz, Xavier

    2016-01-01

    The expansion of digital finance systems in the developing world has altered this financial context and enabled new business models that rely on small, regular payments. In the off-grid energy sector a group of solar companies, primarily in East Africa and South Asia, are leveraging digital finance to offer pay-as-you-go (PAYG) energy. This brief explains how digital finance is enabling PA...

  16. Nonrecourse financing and securitization

    OpenAIRE

    Kobayashi, Mami; Osano, Hiroshi

    2012-01-01

    We consider the role of the nonrecourse financing of securitization by a financial institution (FI). Our model suggests that even though the FI has the opportunity to provide liquidity support afterward, it is optimal for the FI to use the nonrecourse financing of securitization initially, because the nonrecourse security makes liquidation of the original asset more attractive for an FI that knows that the original asset is bad. However, our model also predicts that the nonrecourse financing ...

  17. Hawkes processes in finance

    OpenAIRE

    Emmanuel Bacry; Iacopo Mastromatteo; Jean-Fran\\c{c}ois Muzy

    2015-01-01

    In this paper we propose an overview of the recent academic literature devoted to the applications of Hawkes processes in finance. Hawkes processes constitute a particular class of multivariate point processes that has become very popular in empirical high frequency finance this last decade. After a reminder of the main definitions and properties that characterize Hawkes processes, we review their main empirical applications to address many different problems in high frequency finance. Becaus...

  18. Facilities Stewardship in the 1990s. Proceedings of the Institute for Facilities Finance in Higher Education (1st, Washington, D.C., November 1990).

    Science.gov (United States)

    Glazner, Steve, Ed.

    This publication presents 18 papers from the 1990 institute on facilities finance in higher education. An introduction is by Walter W. Schaw. Papers are: (1) "Facilities as a Capital Asset" by Sean C. Rush; (2) "State Issues in Capital Management" by Brenda N. Albright; (3) "Policy-making Issues" by Frederick R. Ford; (4) Financing Options" by…

  19. Cost of Capital-The Effect to Firm Value and Profitability Performance in Malaysia

    OpenAIRE

    Nor Edi Azhar Binti Mohamad; Noriza Binti Mohd Saad

    2012-01-01

    Firm's cost of capital is determined in the capital markets and is closely related to the degree of risk associated with new investments, existing assets, and the firm's capital structure. It is an overall return that a corporation must earn on its accessible assets and business operations in order to augment or preserve the value of its current stock. Thus a careful approximation of a firm's specific financing and weighted-average cost of capital (WACC) is essential for a good financial mana...

  20. Integrasi Intellectual Capital dan Knowledge Management untuk Meningkatkan Kinerja Perusahaan Farmasi

    OpenAIRE

    Sigit Hermawan; Wiwit Hariyanto; Sumartik

    2015-01-01

    The purpose of this study was to examine the effect of the integration of Intellectual Capital (IC) and Knowledge Management (KM) on the performance of the pharmaceutical company’s business in East Java. This study included an explanatory research using finance and accounting manager 44 pharmaceutical companies in East Java as the respondent. The variables used in this study is human capital (HC), structural capital (SC), relational capital (RC), knowle...

  1. Is Bank Finance the Achilles' Heel of Irish SMEs?

    Science.gov (United States)

    Carey, Dermot; Flynn, Antoinette

    2005-01-01

    Purpose: The purpose of this research paper is to examine the implications of new banking regulations (Basel II) for the Irish SME sector. Training gaps are identified and recommendations to advance social capital networks are provided. Design/methodology/approach: The Irish SME dependence on external (bank) finance and their susceptibility to…

  2. GOVERNMENT INTERVENTIONS IN THE VENTURE CAPITAL MARKET HOW JEREMIE AFFECTS THE HUNGARIAN VENTURE CAPITAL MARKET?

    Directory of Open Access Journals (Sweden)

    Fazekas Balazs

    2014-07-01

    Full Text Available JEREMIE (Joint European Resources for Micro to Medium Enterprises program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME’s through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary’s venture capital market. Since 2010, 28 JEREMIE backed venture capital funds were founded in four rounds and 130 billion HUF capital was allocated into these funds with the contribution of Hungarian government. A well-established venture capital market can boost entrepreneurship and innovation, therefore economic growth which is the foundation of government involvement. On the other hand, there is an extensive literature highlighting the limits and possible drawbacks of the active role of public sector in the venture capital market. There is a consensus in the literature that in the long run the extensive role of government in venture capital industry is counterproductive. Substituting market participants by government agencies will hardly result in a competitive and efficient market. However, temporarily as a catalyst public sector can contribute to the development of venture capital market. Direct government intervention supportable temporarily only in the infancy of the industry. The primary objective of every program must be to develop the market to the level where it becomes self-sustaining. This way the success of these programs must not be measured only by the amount of invested capital, financial performance of venture capital funds and venture capital backed companies. Raising private sector awareness and the progress of necessary institutions are also the criteria of a successful program. During the design and implementation of venture capital agendas these aspects must be taken into consideration. This

  3. LONG TERM FINANCING DECISION AT THE LEVEL OF COMPANIES

    Directory of Open Access Journals (Sweden)

    DOBROTĂ GABRIELA

    2009-05-01

    Full Text Available Debates on the financing needs registered a firm levels were a constant concern of specialists but especially managers. Majority opinion is that the financing of investment must be made by sources having character of permanence. However, a problem whose answer is not easily determined is the degree to which it may use its own sources, borrowed or rented, to record the lowest financing cost. Since the shareholders require a higher remuneration of capital investments superior to those on the financial market, managers must seek to reduce the cost of borrowed capital and the growth rate of financial return. In this paper are presented issues relating to the structure and potential sources and funding the decision on cost related to each funding opportunities.

  4. When Art & Finance Collide

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    Fine art and big finance are proving a profitable combination in China but questions of authenticity need to be addressed CHINA’S art market is on fire.As sales and prices break records,a new force has appeared in the market - organized art finance in the form of art trust funds and artwork exchanges.

  5. Finance Law Review

    Science.gov (United States)

    Forth, Douglas S.

    1975-01-01

    Reviews recent state and federal court decisions dealing with issues relevant to educational finance. Within the area of elementary and secondary education, cases involve general school finance, state funding programs, employee negotiations, and business management. In the area of higher education, cases involve taxation, student fees,…

  6. Public Library Finance.

    Science.gov (United States)

    Mason, Marilyn Gell

    This study reviews trends in public library finance; examines recent political, economic, and technological changes; and assesses the impact of these changes on public library services. A history of the public library in America is presented, as well as an analysis of the principles of economics and public finance which reveals that current…

  7. Financing for Gender Equality

    OpenAIRE

    Kim, Jim Yong

    2015-01-01

    Remarks delivered by Jim Yong Kim, President of the World Bank Group. The Third International Conference on Financing for Development represents an important milestone in efforts to achieve universal and sustainable development as we move beyond 2015 and introduce a new set of Sustainable Development Goals. This event aims to mobilize high-level political support for financing gender equality and women’s...

  8. Geothermal Financing Workbook

    Energy Technology Data Exchange (ETDEWEB)

    Battocletti, E.C.

    1998-02-01

    This report was prepared to help small firm search for financing for geothermal energy projects. There are various financial and economics formulas. Costs of some small overseas geothermal power projects are shown. There is much discussion of possible sources of financing, especially for overseas projects. (DJE-2005)

  9. Caring finance practices

    NARCIS (Netherlands)

    I.P. van Staveren (Irene)

    2013-01-01

    textabstractThe 2008 financial crisis has demonstrated the failure of both utilitarian and deontological ethics in finance. Alternatives do not need to be created from nothing, because the crisis itself has stimulated the emergence of ethically sound finance practices from within the sector. This ar

  10. Project financing knits parts of costly LNG supply chain

    International Nuclear Information System (INIS)

    The supply and distribution infrastructure of an LNG project requires project sponsors and LNG buyers to make large, interdependent capital investments. For a grassroots project, substantial investments may be necessary for each link in the supply chain: field development; liquefaction plant and storage; ports and utilities; ships; receiving terminal and related facilities; and end-user facilities such as power stations or a gas distribution network. The huge sums required for these projects make their finance ability critical to implementation. Lenders have become increasingly comfortable with LNG as a business and now have achieved a better understanding of the risks associated with it. Raising debt financing for many future LNG projects, however, will present new and increasingly difficult challenges. The challenge of financing these projects will be formidable: political instability, economic uncertainty, and local currency volatility will have to be recognized and mitigated. Described here is the evolution of financing LNG projects, including the Rasgas LNG project financing which broke new ground in this area. The challenges that lie ahead for sponsors seeking to finance future projects selling LNG to emerging markets are also discussed. And the views of leading experts from the field of project finance, specifically solicited for this article, address major issues that must be resolved for successful financing of these projects

  11. 78 FR 62417 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-10-22

    ... Part 324 RIN 3064-AD95 Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-Weighted... Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition...

  12. Healthcare financing in Malaysia.

    Science.gov (United States)

    Kananatu, K

    2002-01-01

    This paper presents an overview of the Malaysian healthcare system and its method of financing. The development of the healthcare delivery system in Malaysia is commendable. However, the strength and weaknesses of the public healthcare system and the financing problems encountered are also discussed. Cost of healthcare and funding of both the public and private sectors were also revealed. One must optimise the advantages of operating a health financing scheme which is affordable and controllable which contribute towards cost-containment and quality assurance. Thus, there is a need for the establishment of a National Healthcare Financing, a mechanism to sustain the healthcare delivery network and operate it as a viable option. A model of the National Health Financing Scheme (NHFS) was proposed.

  13. Financing Canadian international operations

    International Nuclear Information System (INIS)

    A primer on financing international operations by Canadian corporations was provided. Factors affecting the availability to project finance (location, political risk), the various forms of financing (debt, equity, and combinations), the main sources of government backed financing to corporations (the International Finance Corporation) (IFC), the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Overseas Property Insurance Corporation (OPIC), government or agency guarantees, political risk coverage, the use of offshore financial centres, and the where, when and how these various organizations operate, were reviewed. Examples of all of the above, taken from the experiences of Canadian Occidental Petroleum of Calgary in the U.S., in South America, in the Middle and Far East, and in Kazakhstan, were used as illustrations. figs

  14. Debt Financing: Academia's Funding Alternative.

    Science.gov (United States)

    Baum, Rudy M.

    1981-01-01

    Discusses debt financing as a way to help universities alleviate the problems of obsolete scientific equipment and facilities for research. Reviews several forms of tax-exempt financing and takes note of some of the advantages of debt financing. (CS)

  15. 76 FR 76474 - Emergence Capital Partners SBIC, L.P.; Notice Seeking Exemption Under Section 312 of the Small...

    Science.gov (United States)

    2011-12-07

    ... working capital and general operating purposes. The financing is brought within the purview of Sec. 107... ADMINISTRATION Emergence Capital Partners SBIC, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Emergence Capital Partners...

  16. 75 FR 79065 - Emergence Capital Partners SBIC, L.P. License No. 09/79-0454; Notice Seeking Exemption Under...

    Science.gov (United States)

    2010-12-17

    ... contemplated for working capital and general operating purposes. The financing is brought within the purview of... ADMINISTRATION Emergence Capital Partners SBIC, L.P. License No. 09/79-0454; Notice Seeking Exemption Under... Emergence Capital Partners SBIC, L.P., 160 Bovet Road, Suite 300, San Mateo, CA 94402, a Federal...

  17. 75 FR 32230 - Emergence Capital Partners SBIC, L.P.; Notice Seeking Exemption Under Section 312 of the Small...

    Science.gov (United States)

    2010-06-07

    ... Street, Palo Alto, CA 94306. The financing is contemplated for working capital and general operating... ADMINISTRATION Emergence Capital Partners SBIC, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Emergence Capital Partners...

  18. 76 FR 1491 - Emergence Capital Partners SBIC, L.P. License No. 09/79-0454; Notice Seeking Exemption Under...

    Science.gov (United States)

    2011-01-10

    ... working capital and general operating purposes. The financing is brought within the purview of Sec. 107... ADMINISTRATION Emergence Capital Partners SBIC, L.P. License No. 09/79-0454; Notice Seeking Exemption Under... Emergence Capital Partners SBIC, L.P., 160 Bovet Road, Suite 300, San Mateo, CA 94402, a Federal...

  19. 75 FR 54661 - Main Street Capital II, LP; Notice of Exemption Under Section 312 of the Small Business...

    Science.gov (United States)

    2010-09-08

    ... ADMINISTRATION Main Street Capital II, LP; Notice of Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Main Street Capital II, LP, 1300 Post Oak Blvd... Regulations (13 CFR 107.730), Financings which Constitute Conflicts of Interest. Main Street Capital II,...

  20. Tax Policy, Venture Capital, and Entrepreneurship

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide equity finance. They must structure the entrepreneur's profit share and base salary to assure their incentives for full effort....... In addition to providing equity finance, venture capitalists assist with valuable business advice to enhance survival rates. Within a general equilibrium framework with a traditional and an entrepreneurial sector, the paper investigates the effects of taxes on the equilibrium level of entrepreneurship...... and managerial advice. It considers differential wage and capital income taxes, a comprehensive income tax, incomplete loss offset, progressive taxation as well as investment and output subsidies to the entrepreneurial sector...

  1. Technical Education 1850-1914: Speculations on Human Capital Formation

    OpenAIRE

    Floud, Roderick

    1984-01-01

    In the late 19th century, the industrial countries of Europe and North America developed very different systems of technical education for the workforce. Some emphasised full-time instruction, largely state-financed, while others relied on part time instruction, financed by employees and seen as a supplement to work-place training. The paper suggests that the insights of human capital theory are useful in describing and understanding these systems and that the differences between them should ...

  2. Private Housing or Alternative Financing?

    Science.gov (United States)

    Bruno, Nick

    1999-01-01

    Explores the history of privatizing university housing and some current financing options, including use of developer and private foundations. Examples of successful alternative financing methods are highlighted. (GR)

  3. Financing drug discovery via dynamic leverage.

    Science.gov (United States)

    Montazerhodjat, Vahid; Frishkopf, John J; Lo, Andrew W

    2016-03-01

    We extend the megafund concept for funding drug discovery to enable dynamic leverage in which the portfolio of candidate therapeutic assets is predominantly financed initially by equity, and debt is introduced gradually as assets mature and begin generating cash flows. Leverage is adjusted so as to maintain an approximately constant level of default risk throughout the life of the fund. Numerical simulations show that applying dynamic leverage to a small portfolio of orphan drug candidates can boost the return on equity almost twofold compared with securitization with a static capital structure. Dynamic leverage can also add significant value to comparable all-equity-financed portfolios, enhancing the return on equity without jeopardizing debt performance or increasing risk to equity investors.

  4. Financing drug discovery via dynamic leverage.

    Science.gov (United States)

    Montazerhodjat, Vahid; Frishkopf, John J; Lo, Andrew W

    2016-03-01

    We extend the megafund concept for funding drug discovery to enable dynamic leverage in which the portfolio of candidate therapeutic assets is predominantly financed initially by equity, and debt is introduced gradually as assets mature and begin generating cash flows. Leverage is adjusted so as to maintain an approximately constant level of default risk throughout the life of the fund. Numerical simulations show that applying dynamic leverage to a small portfolio of orphan drug candidates can boost the return on equity almost twofold compared with securitization with a static capital structure. Dynamic leverage can also add significant value to comparable all-equity-financed portfolios, enhancing the return on equity without jeopardizing debt performance or increasing risk to equity investors. PMID:26708982

  5. Multiple finances, margins of foreign direct investment and aggregate industry productivity

    Directory of Open Access Journals (Sweden)

    Jiarui Zhang

    2012-03-01

    Full Text Available Based on a heterogeneous firm set-up, we model firms’ access to the internal capital market, bank finance as well as bond finance and investigate how firms’ adjustment among multiple sources of finance affects their performance in foreign direct investment and aggregate industry productivity. We find that when facing a bank credit shock (e.g. tighter bank lending, firms with different productivities react differently. Less productive firms exit from the foreign market due to a lack of funds while the more productive resort to bond finance to sustain their multinational status. The increased demand for bond finance as compensation for decreased bank finance by the surviving multinationals exacerbates the competition in the bond market and bids up the bond return rate, which triggers a Melitz-type selection effect through the bond market and brings aggregate industry gains.However, the divestment of those failing FDI firms and the consequently reduced bond financing demand mitigate this effect.

  6. Flexible Capitalism

    DEFF Research Database (Denmark)

    the perspective offers new ways to enquire about the flexible capitalism’s social dimensions. The essays contribute to a trans-disciplinary scholarship on contemporary economic practice and change by documenting how, across diverse settings, “gift-like” socialities proliferate, and even sustain the intensified......Approaching “work” as at heart a practice of exchange, this volume explores sociality in work environments marked by the kind of structural changes that have come to define contemporary “flexible” capitalism. It introduces anthropological exchange theory to a wider readership, and shows how...... flexible commoditization that more commonly is touted as tearing social relations apart. By interrogating a keenly debated contemporary work regime through an approach to sociality rooted in a rich and distinct anthropological legacy, the volume also makes a novel contribution to the anthropological...

  7. Placing social capital

    OpenAIRE

    G Mohan; J Mohan

    2002-01-01

    Metadata only record This paper looks at the relevance and contributions of social capital analysis to human geography and vise versa. The authors start by defining social capital and clarifying and distinguishing concepts, and critiques of Putnam's work. Social capital is simultaneously an economic, sociological, political, and geographical concept, but it must be distinguished from human capital, cultural capital, and networks. Social capital can be relevant to human geographers because ...

  8. Interest rates and coupon bonds in quantum finance

    CERN Document Server

    Baaquie, Belal E

    2009-01-01

    The economic crisis of 2008 has shown that the capital markets need new theoretical and mathematical concepts to describe and price financial instruments. Focusing almost exclusively on interest rates and coupon bonds, this book does not employ stochastic calculus - the bedrock of the present day mathematical finance - for any of the derivations. Instead, it analyzes interest rates and coupon bonds using quantum finance. The Heath-Jarrow-Morton and the Libor Market Model are generalized by realizing the forward and Libor interest rates as an imperfectly correlated quantum field. Theoretical models have been calibrated and tested using bond and interest rates market data. Building on the principles formulated in the author's previous book (Quantum Finance, Cambridge University Press, 2004) this ground-breaking book brings together a diverse collection of theoretical and mathematical interest rate models. It will interest physicists and mathematicians researching in finance, and professionals working in the fin...

  9. Do residential property companies systematically adjust their capital structure? : The case of Germany

    OpenAIRE

    Kurzrock, Björn-Martin; Mokinski, Frieder; Schindler, Felix; Westerheide, Peter

    2011-01-01

    This paper analyzes whether predominantly non-listed corporations in the residential property industry systematically adjust their capital structure to changing financing requirements. Since previous research almost exclusively focused on listed companies, little is known about the considerations that drive the choice of capital structure of nonlisted companies. We therefore adopt established testing approaches for the pecking order theory and the trade-off theory from the finance literature,...

  10. Do residential property companies systematically adjust their capital structure? The case of Germany

    OpenAIRE

    Kurzrock, Björn-Martin; Mokinski, Frieder; Schindler, Felix; Westerheide, Peter

    2011-01-01

    This paper analyzes whether predominantly non-listed corporations in the residential property industry systematically adjust their capital structure to changing financing requirements. Since previous research almost exclusively focused on listed companies, little is known about the considerations that drive the choice of capital structure of nonlisted companies. We therefore adopt established testing approaches for the pecking order theory and the trade-off theory from the finance literature,...

  11. Consequences of Debt Capitalization: Property Ownership and Debt/Tax Choice

    OpenAIRE

    Eichenberger, Reiner; Stadelmann, David

    2010-01-01

    Public debts capitalize into property prices. Therefore, property owners tend to favor tax over debt financing for government spending. In contrast, tenants do not suffer from debt capitalization. Thus, they tend to favor debt over tax financing. Our model of the resulting democratic fight between property owners and tenants over public debts and taxes predicts that the property ownership rate in a jurisdiction negatively effects the debt level. We provide empirical support for this hypothesi...

  12. A venture capital view of challenges, opportunities, and innovation in biomedical research.

    Science.gov (United States)

    Ratcliffe, L T

    2011-02-01

    Small biotech companies have been an important source of innovation, pipelines, and new products for the pharmaceutical industry, and are primarily financed by venture capital (VC). The significant changes happening within the VC industry have broad implications for these small companies. This includes a shift to financing later-stage programs with increasing interest in orphan or specialty indications. Nontraditional sources of capital and innovative risk-sharing structures can enable early-stage companies.

  13. Capital Income Tax Coordination and the Income Tax Mix

    DEFF Research Database (Denmark)

    Huizinga, Harry; Nielsen, Søren Bo

    2005-01-01

    Europe has seen several proposals for tax coordination only in the area of capital income taxation, leaving countries free to adjust their labor taxes. The expectation is that highercapital income tax revenues would cause countries to reduce their labor taxes. This paper shows that such changes...... in the mix of capital and labor taxes brought on by capital income tax coordination can potentially be welfare reducing. This reflects that in a non-cooperative equilibrium capital income taxes may be more distorting from an international perspective than are labor income taxes. Simulations with a simple...... model calibrated to EU public finance data suggest that countries indeed lower their labor taxes in response to higher coordinated capital income taxes. The overall welfare effects of capital income tax coordination, however, are estimated to remain positive.JEL Classification: F20, H87...

  14. Essentials of finance for occupational physicians.

    Science.gov (United States)

    Miller, K; Fallon, L F

    2001-01-01

    Comprehending the principles of finance is paramount to understanding the way an organization chooses to generate and use its financial resources. Financial principles may be employed in the same way a physician reviews fundamental systems to gauge a person s health. Just as basic anatomical and physiological components are used to assess the health of an individual, basic financial elements exist to ascertain the health of an organization. This chapter explains risk assessment, accounts receivable management, inventory, depreciation, capital formation, ratio analysis, and more.

  15. The global financial crisis, neoclassical economics, and the neoliberal years of capitalism La crise financière globale, la théorie néoclassique et les années néolibérales du capitalisme La crisis financiera global, la economía neoclásica y los años neoliberales del capitalismo.

    Directory of Open Access Journals (Sweden)

    Luiz Carlos Bresser-Pereira

    2010-06-01

    Full Text Available The 2008 global financial crisis was the consequence of financialization or the creation of massive fictitious financial wealth, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on the self-regulated and efficient markets.Although laissez faire capitalism is intrinsically unstable, the lessons from the stock-market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions that led to the “30 glorious years of capitalism”. Yet, after the late-1970s, a coalition of rentiers and “financists” achieved hegemony, deliberately promoted deregulation and created financial innovations that made these markets even more risky. These were the “neoliberal years of capitalism”. Neoclassical economics played the role of a meta-ideology as it legitimized, mathematically and “scientifically”, neoliberal ideology and deregulation. From this crisis a new democratic capitalist system will emerge, though its character is difficult to predict. It will not be so financialized, and probably the tendencies present in the 30 glorious years toward global and knowledge-based capitalism, as well as the tendency to improve democracy by making it more social and participatory, will be resumed.La crise globale de 2008 a été le résultat du processus de financiarisation, soit de création massive de capital financier fictif et de l’hégémonie d’une idéologie réactionnaire, le néolibéralisme, idéologie basée sur les suppositions que les marchés sont autorégulés et efficients. Bien que le capitalisme du « laissez-faire » soit intrinsèquement instable, l’apprentissage du crash financier de 1929 et de la Grande Dépression des années 1930 a été transformé en des théories et des institutions qui ont mené l’économie mondiale aux « 30 glorieuses » - une période caractérisée par la stabilité financière, la croissance et la réduction des inégalités. Cependant

  16. Financing Bologna Students’ Mobility

    OpenAIRE

    Gérard, Marcel; Sixth Workshop on Public Policy Design: Education

    2010-01-01

    The current system for financing cross-border students, based on the host country, is neither sustainable nor efficient: it produces too little cross-border education. On that background, and motivate as well by a recent decision of the European Court of Justice, we explore two alternative solutions. The first one substitutes to the financing by the host country, a financing by the country of origin, through vouchers that the student may use at home or abroad provided it is in a recognized in...

  17. FINANCING SME FUTURE DEVELOPMENT

    OpenAIRE

    Viorica CERBUSCA

    2015-01-01

    The paper highlights the problems faced by the SMEs in accessing adequate financing as one of the most significant barriers of the sector. Financial access is critical for SMEs’ growth and development. At the same time, the author emphasize that there is no unique way of financing SMEs. The need depends on the stage of maturity and size of the enterprise. In order to facilitate the SME access to finance it is necessary to adapt the best international practices and to adapt them at the ...

  18. Financing Bologna Students’ Mobility

    OpenAIRE

    Gérard, Marcel

    2011-01-01

    The current system for financing cross-border students, based on the host country, is neither sustainable nor efficient: it produces too little cross-border education. On that background, and motivate as well by a recent decision of the European Court of Justice, we explore two alternative solutions. The first one substitutes to the financing by the host country, a financing by the country of origin, through vouchers that the student may use at home or abroad provided it is in a recognized in...

  19. Financing Sustainable Development

    DEFF Research Database (Denmark)

    Fejerskov, Adam Moe; Funder, Mikkel; Engberg-Pedersen, Lars;

    aid budgets or divert them to meet refugee and migration issues. In this context of massive global ambition and concurrent uncertainty on the future of aid, other actors and sources of development financing seem ever more critical, such as the private sector, private foundations and the BRICS....... But what are in fact the interests and modes of operation of such actors in the context of development financing, and to what extent do they align with the aims of the SDGs? And how do national governments of developing countries themselves perceive and approach these new sources of financing?...

  20. The Finance Curse

    DEFF Research Database (Denmark)

    Christensen, John; Shaxson, Nick; Wigan, Duncan

    2016-01-01

    The Global Financial Crisis placed the utility of financial services in question. The crash, great recession, wealth transfers from public to private, austerity and growing inequality cast doubt on the idea that finance is a boon to the host economy. This article systematizes these doubts......, economic instability, inequality, conflict, rent-seeking and corruption. The Finance Curse produces similar effects, often for similar reasons. Beyond a point, a growing financial sector can do more harm than good. Unlike the Resource Curse, these harms transcend borders. The concept of a Finance Curse...

  1. Financing options for public electric systems

    Energy Technology Data Exchange (ETDEWEB)

    Perkins, C.M.

    Public utilities, traditionally restricted in sources of capital, in recent years have developed innovations in financing. The predominant method for raising capital is long-term revenue bonds. Newer devices include warrants (attached to bonds; must be exercised within stated time), variable rates, deep discount (bond carrying coupon 300 to 400 basis points less than market interest, purchased 20 to 30% below face value), calls and puts (call prohibits redemption for stated time; put allows early specified redemption), defeasance (issue of refunding bonds at lower interest rate to refund earlier issues), shelf registration (official statement ready on moment's notice), insurance on principal and interest, leasing arrangements, lines of credit, tax-exempt commercial paper, bond anticipation notes, minibonds, cash management, and techniques such as swaps, options, and futures. 3 figures, 1 table.

  2. FINANCING POLICIES OF CROATIAN PUBLICLY LISTED FIRMS

    Directory of Open Access Journals (Sweden)

    Mihaela Grubisic Seba

    2013-06-01

    Full Text Available Croatia is a typical bank-based transition economy whose capital market has been primarily used for secondary trading purposes since its re-establishment in 1990s. Except for a couple of exceptions, public offers of shares and corporate bonds have been rather rate. Private offerings of shares and short-term debt have been more frequent. However, due to secondary debt market illiquidity, the debt issues are signed up and either held until maturity or renewal, or they are traded exclusively between the institutional investors.This paper provides evidence from the field on financing preferences of Croatian public companies regarding seasoned equity and corporate debt issuance. It questiones why public offerings of corporate securities in non-financial sector after initial, mostly mandatory shares’ listing have been rare and whether making decisions on securities’ offers depend on other financial instruments’ sufficiency, costs of issunace or previous experience of companies in collecting funds in the capital market.

  3. Bank Debt Regulations Implications for Bank Capital and Bond Risk

    OpenAIRE

    Stig Helberg; Snorre Lindset

    2013-01-01

    We use a structural model of default risk to study how optimal bank capital and bond risk are influenced by deposit insurance, implicit guarantees, depositor preference, asset encumbrance, and bail-in resolution frameworks. We find that these features of bank financing, in addition to having an immediate impact on bond debt risk, also change optimal bank capital, countering the first-order effect on bond debt risk. Bondholders' risk is thereby not materially affected, but shareholder value an...

  4. Catalyzers for Social Insurance : Education Subsidies vs. Real Capital Taxation

    OpenAIRE

    Dirk Schindler; Hongyan Yang

    2009-01-01

    We set up a two-period model, where individuals finance educational investment and first-period consumption by borrowing against risky second-period labor income. We show that the government should use both education subsidies and capital taxation to mitigate distortions, stemming from social insurance through labor taxation, and we derive a Ramsey-rule for the optimal combination of these instruments. Relative to capital taxation, optimal education subsidies increase in their relative effect...

  5. Capital structure : an analysis of the shipping market

    OpenAIRE

    Myhre, Christian Melsom

    2011-01-01

    Capital structure in shipping has proven to be complex. The market is known for high volatility and the financial funding alternatives have changed as a result of these cycles. This master thesis introduces the shipping market with focus on the dry bulk and tanker segments. It then discusses capital structure theory and relates it to shipping. These theories form the basis of the analysis. Evaluating the segments does not give a clear answer to the best way of financing given the mar...

  6. Developing Viable Financing Models for Space Tourism

    Science.gov (United States)

    Eilingsfeld, F.; Schaetzler, D.

    2002-01-01

    Increasing commercialization of space services and the impending release of government's control of space access promise to make space ventures more attractive. Still, many investors shy away from going into the space tourism market as long as they do not feel secure that their return expectations will be met. First and foremost, attracting investors from the capital markets requires qualifying financing models. Based on earlier research on the cost of capital for space tourism, this paper gives a brief run-through of commercial, technical and financial due diligence aspects. After that, a closer look is taken at different valuation techniques as well as alternative ways of streamlining financials. Experience from earlier ventures has shown that the high cost of capital represents a significant challenge. Thus, the sophistication and professionalism of business plans and financial models needs to be very high. Special emphasis is given to the optimization of the debt-to-equity ratio over time. The different roles of equity and debt over a venture's life cycle are explained. Based on the latter, guidelines for the design of an optimized loan structure are given. These are then applied to simulating the financial performance of a typical space tourism venture over time, including the calculation of Weighted Average Cost of Capital (WACC) and Net Present Value (NPV). Based on a concluding sensitivity analysis, the lessons learned are presented. If applied properly, these will help to make space tourism economically viable.

  7. The Opportunity Cost of Capital

    Directory of Open Access Journals (Sweden)

    Ayman Chit PhD

    2015-04-01

    Full Text Available The opportunity cost of the capital invested in pharmaceutical research and development (R&D to bring a new drug to market makes up as much as half the total cost. However, the literature on the cost of pharmaceutical R&D is mixed on how, exactly, one should calculate this “hidden” cost. Some authors attempt to adopt models from the field of finance, whereas other prominent authors dismiss this practice as biased, arguing that it artificially inflates the R&D cost to justify higher prices for pharmaceuticals. In this article, we examine the arguments made by both sides of the debate and then explain the cost of capital concept and describe in detail how this value is calculated. Given the significant contribution of the cost of capital to the overall cost of new drug R&D, a clear understanding of the concept is critical for policy makers, investors, and those involved directly in the R&D.

  8. Interacting agents in finance

    NARCIS (Netherlands)

    C. Hommes

    2008-01-01

    Interacting agents in finance represent a behavioural, agent-based approach in which financial markets are viewed as complex adaptive systems consisting of many boundedly rational agents interacting through simple heterogeneous investment strategies, constantly adapting their behaviour in response t

  9. FINANCING SME FUTURE DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Viorica CERBUSCA

    2015-04-01

    Full Text Available The paper highlights the problems faced by the SMEs in accessing adequate financing as one of the most significant barriers of the sector. Financial access is critical for SMEs’ growth and development. At the same time, the author emphasize that there is no unique way of financing SMEs. The need depends on the stage of maturity and size of the enterprise. In order to facilitate the SME access to finance it is necessary to adapt the best international practices and to adapt them at the local condition. Article aims to present microfinancing as a tool that could improve the SME access to finance, thus contributing to the economic development of the country by creating new jobs, new products and services

  10. Personal Finance Calculations.

    Science.gov (United States)

    Argo, Mark

    1982-01-01

    Contains explanations and examples of mathematical calculations for a secondary level course on personal finance. How to calculate total monetary cost of an item, monthly payments, different types of interest, annual percentage rates, and unit pricing is explained. (RM)

  11. Financing Sustainable Development

    DEFF Research Database (Denmark)

    Fejerskov, Adam Moe; Funder, Mikkel; Engberg-Pedersen, Lars;

    In the fall of 2015, world leaders adopted the most ambitious global development agenda in history. Meeting the aspiring targets of the Sustainable Development Goals will require financing far beyond traditional aid. At the same time, aid itself is under major pressure as European governments cut...... aid budgets or divert them to meet refugee and migration issues. In this context of massive global ambition and concurrent uncertainty on the future of aid, other actors and sources of development financing seem ever more critical, such as the private sector, private foundations and the BRICS....... But what are in fact the interests and modes of operation of such actors in the context of development financing, and to what extent do they align with the aims of the SDGs? And how do national governments of developing countries themselves perceive and approach these new sources of financing?...

  12. Financing Professional Sports Facilities

    OpenAIRE

    Baade, Robert A.; Victor A. Matheson

    2011-01-01

    This paper examines public financing of professional sports facilities with a focus on both early and recent developments in taxpayer subsidization of spectator sports. The paper explores both the magnitude and the sources of public funding for professional sports facilities.

  13. Can we Finance the Energy Transition?

    Directory of Open Access Journals (Sweden)

    Ian Johnson

    2015-05-01

    Full Text Available The energy sector is pivotal to our aspirations for a sustainable planet and yet two major challenges face policymakers worldwide. The first is to decide what set of technical choices provide the best solution to meet social, economic and environmental agendas; and the second is to decide how these choices can be financed. The bulk of new energy demand will come from the emerging economies where energy demand is expected to increase by 40% over the coming three decades and to have doubled by the middle of the century. However for a number of reasons the investment needs of the energy sector are likely to rise even faster than overall energy demand. This is due to a number of factors over and above the increase in demand and described in the paper, including, inter alia, subsidized prices; the substitution of traditional energy for modern energy; the growth in peak demand in the electricity sector; the rising costs of securing primary energy resources; and the urgent need to replace vintage capital stock (including the decommissioning of nuclear power plants, especially in the developed countries. Clean energy investment will also incur high upfront investment costs in order to reduce long-term recurrent costs (fuel and maintenance. High priority must be given to energy demand management (both to reduce energy use and to reduce energy capital and investment in upgrading of existing capital stock can provide strong and quick returns. However, the net result of the long-term demand on the energy sector is that investment needs will grow dramatically, from around US $1.6 trillion per annum to over US $2 trillion per annum. The financial challenge is considerable. A level playing field is required that encourages greater competition of technology choice on the basis of correct pricing signals. It will require changes in subsidy policies in order to release finance and to encourage efficient investment; adherence to least-cost planning and investment

  14. The study on stage financing model of IT project investment.

    Science.gov (United States)

    Chen, Si-hua; Xu, Sheng-hua; Lee, Changhoon; Xiong, Neal N; He, Wei

    2014-01-01

    Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

  15. The Study on Stage Financing Model of IT Project Investment

    Directory of Open Access Journals (Sweden)

    Si-hua Chen

    2014-01-01

    Full Text Available Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

  16. SME financing in China

    OpenAIRE

    Chen Xiang Liu

    2007-01-01

    SMEs have a great contribution in China’s economic expansion. However, the financing predicament currently faced by SMEs constitutes a great bottleneck for their development. Banks are reluctant to lend to them, mainly due to the lack of collateral and their poor capability in pricing risk. This is the reason why credit guarantee institutions play a key role in SME financing and the perfection of the credit guarantee system is important for promoting their access to credit. In addition, the l...

  17. Financing Water in Africa

    OpenAIRE

    Bayliss, Kate

    2013-01-01

    Despite repeated policy initiatives from donors and governments, the human and economic cost of continued lack of access to safe water and sanitation in sub-Saharan Africa remains high. Progress is in large part constrained by a persistent ‘financing gap’. This paper shows that a radical reorientation of policy is needed to achieve a significant increase in investment finance in order to raise access levels. Rather than continuing to pursue policies that have failed for the past two decades, ...

  18. International Macro-Finance

    OpenAIRE

    Pavlova, Anna; Rigobon, Roberto

    2011-01-01

    International macro-finance is a new area of open economy macroeconomics that brings portfolio choice and asset pricing considerations into models of international macroeconomics. The importance of these considerations--typically relegated to Finance and largely overlooked in traditional macroeconomics--for the international macroeconomy have been underscored by a series of recent financial crises and by unprecedented global imbalances. In this paper, we survey recent developments in this are...

  19. 75 FR 61788 - Triangle Capital Corporation, et al.; Notice of Application

    Science.gov (United States)

    2010-10-06

    ... the Act.\\2\\ Triangle operates as a specialty finance company that provides customized financing... same investment objectives and strategies as Triangle. Triangle owns a 99.9% limited partnership... to the SBA's substantial regulation of permissible leverage in their capital structure. 4. The...

  20. The Life Cycle of the Firm with Debt and Capital Income Taxes

    NARCIS (Netherlands)

    Brys, B.; Bovenberg, A.L.

    2006-01-01

    This paper analyses the impact of capital income taxes on financial and investment decisions of corporations.Extending Sinn's (1991) nucleus theory of the firm with debt finance, the model determines the optimal sources of finance (debt, newly issued equity or retained earnings), the optimal use of

  1. Exploring Higher Education Financing Options

    Science.gov (United States)

    Nkrumah-Young, Kofi K.; Powell, Philip

    2011-01-01

    Higher education can be financed privately, financed by governments, or shared. Given that the benefits of education accrue to the individual and the state, many governments opt for shared financing. This article examines the underpinnings of different options for financing higher education and develops a model to compare conditions to choices and…

  2. Private sector finance for adaptation

    NARCIS (Netherlands)

    Atteridge, A.; Pauw, W.P.; Terpstra, P.; Bedini, F.; Bosi, L; Costella, C.

    2016-01-01

    An emphasis on private finance has emerged in climate finance discussions, particularly in the context of international climate change negotiations. This is partly because the overall volume of finance needed to support adaptation in developing countries is beyond what many expect public finance to

  3. Capital structure in the global shipping industry

    Directory of Open Access Journals (Sweden)

    Paun Cristian

    2016-01-01

    Full Text Available The current economic crisis emerged from a particular financial crisis that started in the United States and being rapidly propagated all over the world. It did not affect a limited region or a limited economic sector. This crisis induced significant changes in all management areas, including financial management. This study is focused on financing strategies adopted by shipping companies during the crisis, analyzing relevant factors for a specific issue - the capital structure. The research methodology proposed for this analysis on relevant factors that could explain the capital structure of shipping is OLS regression applied on selected variables derived from the financial statements of the major shipping companies. The dependent variables reflecting capital structure are book value to total liabilities ratio and book value to total debt ratio. The explanatory variables are derived from the theory of capital structure. This study empirically illustrates the relevance of the capital structure theory for the studied economic sector and is a useful tool for the shipping companies, providing relevant information about the optimal capital structure adopted by shipping companies and about factors that influence this decision during a crisis period.

  4. Comparison of financing costs for wind turbine and fossil powerplants

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.

    1995-02-01

    This paper compares the financing costs of wind turbine powerplants with those of fossil powerplants. The goal of this examination is to determine the extent to which these costs differ and what the sources of such differences may be. The discussion is organized in the following fashion. Section 2 introduces basic terminology and concepts from finance, as they apply in the powerplant setting. Section 3 reviews available data from a variety of sources to estimate the magnitude of the variables identified in Section 2. In Section 4 we examine the effect of the production tax credit enacted in the Energy Policy Act of 1992 on the financing of wind turbine projects. Conclusions are offered in Section 5. In the past two years there have been only two wind turbine projects that have been financed, so the basis for broad conclusions is limited. Nonetheless, there appears to be a significant advantage in financing costs for conventional projects compared to wind turbines. The two sources of disadvantage to wind power are first, the cost of equity capital is significantly more expensive, and second, the capital structure of wind projects has a much greater fraction of expensive equity than conventional alternatives.

  5. Case history of MSW-to-energy financings

    International Nuclear Information System (INIS)

    The development of solid waste treatment facilities is dependent upon the developer having sufficient resources to fund the development of a project and the ability of the project to be financed. The access to capital to develop, construct and operate a facility is the key component of the development process. The author is not diminishing the need for long-term waste agreements, the advantages of a superior technology or the benefit of experience. However, without capital, a project will never be initiated and the other components are immaterial. This paper reviews development financing with a case study of an environmental development company with a new technology and project financing with a comparison of four financings of Waste to Energy (WTE) facilities. Prior to reviewing the financings, the components of a project including the participants, agreements, and cash flows are discussed to establish a foundation for the later discussion. The analysis is not intended to be directly applicable to material recovery and composting facilities, however, many issues are common to all environmental facilities

  6. National accounting and capital

    OpenAIRE

    John M. Hartwick

    2012-01-01

    National Accounting and Capital presents definitive solutions to current problems in national accounting practice. Professor Hartwick deals expertly with problems in accounting natural capital, financial capital and skills capital and communicates his solutions in specially designed national accounting tables or matrices.

  7. Corporate Behavioural Finance – The Case of Lithuania

    Directory of Open Access Journals (Sweden)

    Daiva Jurevičienė

    2013-09-01

    Full Text Available Behavioural finances became especially important in recent years. Majority of studies covers individual investor decision making factors while corporate customers’ investment behaviour, as a rule, encompass liability side (capital expenses, financing and structure; dividend policy; assessment of potential investment projects, etc.. This paper aims to establish investment possibilities of non-financial corporate investors in financial markets, basing on accomplished survey of companies managers, and strives to determine enterprise investment in financial assets assumptions. Though the results of the survey sample not fully meets the requirements of representativeness but satisfy the minimum margin error – up to 10 percent – acceptable level.

  8. Tax Implication of Structuring and Financing Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Cristian Ianca

    2008-09-01

    Full Text Available The structuring and financing of mergers and acquisitions has substantial tax consequences. The decision to acquire the assets or the shares of the target company should take into consideration, on one hand, the capital gains taxation at the transaction time and, on the other hand, the tax planning opportunities for the future. The tax burden can also be minimized by an optimum selection of the acquisition vehicle. The choice of a financing alternative should take into account the interest deductibility and the specific tax regulations of each jurisdiction concerned.

  9. Taxation and the Optimal Constraint on Corporate Debt Finance

    OpenAIRE

    Sørensen, Peter Birch

    2014-01-01

    The tax bias in favour of debt finance under the corporate income tax means that corporate debt ratios exceed the socially optimal level. This creates a rationale for thin-capitalization rules limiting the amount of debt that qualifies for interest deductibility. This paper sets up a model of corporate finance and investment in a small open economy to quantify the deadweight loss from the asymmetric tax treatment of debt and equity and to identify the second-best optimal debt-asset ratio in t...

  10. Pooled credit plans offer financing alternatives to independent hospitals.

    Science.gov (United States)

    Ziglar, J W

    1983-06-01

    Using the collective financial strength of a group of not-for-profit health care institutions to finance capital needs has become an increasingly popular concept. This article discusses the significant advantages and disadvantages of the concept, provides an overview of the development of multi-institutional financing arrangements, and describes the generic forms of credit poolings. It also outlines three broad areas of inquiry to be explored by potential participants before entering a pooled credit arrangement: the relationships among participants, the availability of assets to support debt, and corporate planning and strategy.

  11. 12 CFR 1229.3 - Criteria for a Bank's capital classification.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Criteria for a Bank's capital classification. 1229.3 Section 1229.3 Banks and Banking FEDERAL HOUSING FINANCE AGENCY ENTITY REGULATIONS CAPITAL CLASSIFICATIONS AND PROMPT CORRECTIVE ACTION Federal Home Loan Banks § 1229.3 Criteria for a Bank's...

  12. 12 CFR 956.4 - Risk-based capital requirement for investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk-based capital requirement for investments. 956.4 Section 956.4 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK ASSETS AND OFF-BALANCE SHEET ITEMS FEDERAL HOME LOAN BANK INVESTMENTS § 956.4 Risk-based capital requirement...

  13. Tax Arbitrage in the Netherlands : evaluation of the capital income tax reform of January 1, 2001

    NARCIS (Netherlands)

    B.J. Brys

    2005-01-01

    textabstractThis thesis evaluates the Dutch reform of capital income taxation of January 1, 2001. The Dutch capital-income-tax system before the reform distorted the choice between the investment’s sources of finance and uses of earnings, the businesses’ legal form, and the households’ (either debt-

  14. 12 CFR 950.11 - Capital stock requirements; unilateral redemption of excess stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Capital stock requirements; unilateral redemption of excess stock. 950.11 Section 950.11 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK ASSETS AND OFF-BALANCE SHEET ITEMS ADVANCES Advances to Members § 950.11 Capital...

  15. Exploring the informal capital market in the Netherlands: characteristics, mismatches and causes

    OpenAIRE

    Zulaicha Parastuty

    2006-01-01

    This study analyses the Dutch informal capital market by using perspectives from finance theory and agency theory. Matched data are collected from informal investors and innovative entrepreneurs. The first chapter of this shortened version outlines the potential imperfections of the Dutch informal capital market. The second chapter discusses the empirical results. The third chapter summarizes the results and draws conclusions.

  16. Capitalism and human flourishing?

    OpenAIRE

    Gasper, D.R.

    2009-01-01

    What interpretation of human flourishing, what ideas of value does capitalism in practice embody and promote? To address this question the paper clarifies first that "capitalism" must be understood as more than merely a system of private property and markets. It contains "the prerogative of capital", in which surplus remains with the owners of capital, and "the perspective of capital", in which hired work is defined as a cost. The question must also be distinguished from more conventional one...

  17. Is Capitalism Ethical?

    OpenAIRE

    Suciu T.

    2009-01-01

    The author of this paper have set off from the question: is the present capitalism ethical? We started with the delimitation and correlation of the concepts of ethics, morals, morality. Further on, we analysed the evolution of capitalism in connection with morals. Based on this research, we came to the conclusion that the capitalist system has undergone through three stages: moral capitalism, amoral capitalism, and immoral capitalism. We concluded by implying that the corporate capitalist soc...

  18. Capitalism and justification

    OpenAIRE

    Birešev Ana

    2009-01-01

    Weber's thesis that the spirit of capitalism was preexistent to the rise of capitalism itself inspired many sociologist to search for the cultural background of contemporary forms of capitalism. In this paper, the author focuses on and makes comparisons of three approaches of such kind. The one approach draws from Luc Boltanski and Ève Chiapello who examine the development of 'new spirit of capitalism' by focusing on the interrelation of two macroactors - capitalism and critique; the other on...

  19. Five Large Generation Groups:Competing in Capital Operation

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    @@ Since the reform of electric power industry in 2002,the newly established five large generation groups have been persisting in the development strategy of "taking electricity as the core and extending to up-and-downstream businesses." Stringent measures were taken in capital operation and their potential has been shown through electric power assets acquiring,coal and financial resources investing,capital market financing as well as power utility restructuring.The five groups are playing more and more important roles in merger and acquisition (M&A) and capital markets.

  20. Financing solar thermal power plants

    International Nuclear Information System (INIS)

    The commercialization of concentrating solar power technology took a major step forward in the mid 1980s and early 1990s with the development of the SEGS plants in California. Over the years they have proven that parabolic trough power technologies are the most cost-effective approach for commercial scale solar power generation in the sunbelt countries of the world. However, the question must be asked why no additional solar power plants have been built following the bankruptcy of the developer of the SEGS projects, LUZ International Limited. Although many believe the SEGS projects were a success as a result of parabolic trough technology they employ, in truth, the SEGS projects were developed simply because they represented an attractive opportunity for investors. Simply states, no additional projects have been developed because no one has been able to put together a similarly attractive financial package to potential investors. More than $1.2 billion in private capital was raised in debt and equity financing for the nine SEGS plants. Investors and bankers who make these investments are the real clients for solar power technologies. They are not interested in annual solar to electric efficiencies, but in risk, return on investments, and coverage ratios. This paper will take a look at solar power projects form the financier's perspective. The challenge in moving forward is to attract private investors, commercial lenders, and international development agencies and to find innovative solutions to the difficult issues that investment in the global power market poses for solar power technologies

  1. Financing Solar Thermal Power Plants

    International Nuclear Information System (INIS)

    The commercialization of concentrating solar power technology took a major step forward in the mid 1980s and early 1990s with the development of the SEGS plants in California. Over the years they have proven that parabolic trough power technologies are the most cost-effective approach for commercial scale solar power generation in the sunbelt countries of the world. However, the question must be asked why no additional solar power plants have been build following the bankruptcy of the developer of the SEGS projects, LUZ International Limited. Although many believe the SEGS projects were a success as a result of parabolic trough technology they employ, in truth, the SEGS projects were developed simply because they represented an attractive opportunity for investors. Simply stated, no additional projects have been developed because no one has been able to put together a similarly attractive financial package to potential investors. More than $1.2 billion in private capital was raised in debt and equity financing for the nine SEGS plants. Investors and bankers who make these investments are the real clients for solar power technologies. They are not interested in annual solar to electric efficiencies, but in risk, return on investments, and coverage ratios. This paper will take a look at solar power projects from the financier's perspective. The challenge in moving forward is to attract private investors, commercial lenders, and international development agencies and to find innovative solutions to the difficult issues that investment in the global power market poses for solar power technologies

  2. The analysis of capital structure of Chinese real estate listed companies

    Institute of Scientific and Technical Information of China (English)

    LI Peng-yan; LUO Qing-sheng; AO Li-feng

    2005-01-01

    Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder's equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.

  3. Capital Structure Determinants and Governance Structure Variety in Franchising

    NARCIS (Netherlands)

    T. Jiang (Tao)

    2009-01-01

    textabstractThis thesis investigates two questions: the determinants of capital structure in franchising and its subsequent impact on the franchise financing decisions; and the efficient governance structure choice in franchising. We posit that firms franchise in order to benefit from the reduced fr

  4. 75 FR 61790 - Capital Southwest Corporation; Notice of Application

    Science.gov (United States)

    2010-10-06

    ... interests are focused on expansion financings, management buyouts, minority recapitalizations, industry... Plan, a Participant granted Restricted Stock will have all the rights of any other shareholder... the best interests of Capital Southwest and its shareholders. The date on which the required...

  5. Improving the Pedagogy of Capital Structure Theory: An Excel Application

    Science.gov (United States)

    Baltazar, Ramon; Maybee, Bryan; Santos, Michael R.

    2012-01-01

    This paper uses Excel to enhance the pedagogy of capital structure theory for corporate finance instructors and students. We provide a lesson plan that utilizes Excel spreadsheets and graphs to develop understanding of the theory. The theory is introduced in three scenarios that utilize Modigliani & Miller's Propositions and…

  6. Book review: islamic globalization: pilgrimage, capitalism, democracy and diplomacy

    OpenAIRE

    Housby, Elaine

    2013-01-01

    This book examines an emerging pattern of Islamic globalization as a series of transformations in four interrelated areas – pilgrimage and religious travel, capitalism and Islamic finance, democracy and Islamic modernism, and diplomacy and great power politics. A valuable read for researchers and journalists, writes Elaine Housby, providing new insights into the rapidly growing ties between China and the Islamic world.

  7. The Role of Owner in Capital Structure Decisions: An Analysis of Single-Owner Corporations

    OpenAIRE

    Ang, James; Cole, Rebel; Lawson, Daniel

    2010-01-01

    This study examines the extent to which individual demographic characteristics of owners influence capital structure decisions. Using the Federal Reserve's 2003 Survey of Small Business Finances, we estimate the joint effects of traditional capital structure determinants and manager age, gender, education, business experience, sophistication, and wealth on the capital structure of single-owner corporations. By calculating the marginal contribution of personal risk tolerance, we demonstrate th...

  8. Capital structure determinants of private small and medium-sized enterprises in China

    OpenAIRE

    Newman, Alexander

    2010-01-01

    This thesis examines the capital structure determinants of private SMEs in China and the extent to which financial theories of capital structure adequately explain their financing behaviour. It also investigates whether other theoretical perspectives can be utilised to explain their capital structure decisions. In order to investigate these issues a mixed method approach is utilised, combining analysis of secondary data, with field research in the form of semi-structured interviews and su...

  9. Capital Structure Decision : A case study of SMEs in the road freight industry

    OpenAIRE

    Ritterfeldt, Andreas; Jidéus, Malin; Franck, Pernilla

    2007-01-01

    Companies need capital in order to run their business, do necessary investments and grow larger. These actions are combined with high costs where both internal and external financing might be appropriate. Capital structure is the relation between debt and equity. In this thesis we have focused on the decision behind the capital structure. We have focused on the road freight industry and we have tried to find out how management reason about their decision. The purpose of this thesis is therefo...

  10. The interpretation of working capital and its elements, working capital management

    OpenAIRE

    Pupos, Tibor; Peter, Zsolt; Demeter, Gyozo

    2009-01-01

    Those literary sources, which are about the interpretation of the working capital in a context with the financing strategies of the companies, about the related financial indices, and the counting methodological questions of all these, could not be called poor, nor unified. The deficiency of defining the concepts that give the theoretical basis and their vocational tenability, the controversial interpretation and the unclearness of the related methodological questions creates several problems...

  11. Human Capital a Part of Social Capital

    OpenAIRE

    Inna Fedoryshina

    2014-01-01

    The article considers the content and the structure of human capital. The term “human capital” is viewed as people’s abilities toparticipate in the production process in order to make use of their potential skills. A particular attention is paid to the meaning ofsocial capital and its role in the formation of human capital. It is proven that there is not much research on the connection betweenhuman and social capital. Human development index in Ukraine and 20 leading counties of the global ra...

  12. Capital disadvantage: America's failing capital investment system.

    Science.gov (United States)

    Porter, M E

    1992-01-01

    The U.S. system of allocating investment capital is failing, putting American companies at a serious disadvantage and threatening the long-term growth of the nation's economy. The problem, says Michael Porter, goes beyond the usual formulation of the issue: accusations of "short-termism" by U.S. managers, ineffective corporate governance by directors, or a high cost of capital. The problem involves the external capital allocation system by which capital is provided to companies, as well as the system by which companies allocate capital internally. America's system is marked by fluid capital and a financial focus. Other countries--notably Japan and Germany--have systems with dedicated capital and a focus on corporate position. In global competition, where investment increasingly determines a company's capacity to upgrade and innovate, the U.S. system does not measure up. These conclusions come out of a two-year research project sponsored by the Harvard Business School and the Council on Competitiveness. Porter recommends five far-reaching reforms to make the U.S. system superior to Japan's and Germany's: 1. Improve the present macroeconomic environment. 2. Expand true ownership throughout the system so that directors, managers, employees, and even customers and suppliers hold positions as owners. 3. Align the goals of capital providers, corporations, directors, managers, employees, customers, suppliers, and society. 4. Improve the information used in decision making. 5. Foster more productive modes of interaction and influence among capital providers, corporations, and business units. PMID:10121317

  13. Crowdfunding and the Expansion of Access to Startup Capital

    Directory of Open Access Journals (Sweden)

    Kurt Stanberry

    2014-12-01

    Full Text Available This paper analyzes recent developments in crowdfunding, a new financing technique to improve access to capital. The United States Congress and President Obama, in a rare show of bipartisan action, passed the JOBS Act in 2012 (the Jumpstart Our Business Startups Act. The law is designed to stimulate economic growth and expand job creation by improving access to public capital markets for emerging growth companies. Furthermore, the US is not the only nation attempting to expand access to capital for startups, several other large capital markets are doing the same thing including China, India, and the EU. The future of access to capital for small business entrepreneurs will be significantly expanded through the use of crowdfunding.

  14. The competitive environment for oil and gas financing

    International Nuclear Information System (INIS)

    The international oil and gas industry has always required access to external capital - debt and equity -in order to finance growth and the development of oil and gas projects. Today the industry faces an unprecedented number of investment opportunities and demands at a time when internally generated cash flows, historically the primary source of capital for most companies, is depressed. The underlying premise of this paper is that while the capital requirements of the industry in the next decade are likely to be in excess of the US$1 trillion spent during the last decade, capital, both internally generated and from external sources, will be available. However, restrictions on the allocation and the cost of capital will be crucial in determining which projects and companies are successful. The capital requirements of the next decade to maintain current oil production levels, replace reserves, fund exploration and development in the frontier areas and meet the environmental challenges of the downstream sector, call upon both the industry and the financial community to create innovative financial structures which ensure that capital is made available on terms which meet the requirements of both borrowers and lenders. (author)

  15. Whither Multilateral Development Finance?

    OpenAIRE

    Wihtol, Robert

    2014-01-01

    Multilateral development finance is at a critical juncture. In the past 70 years, it has developed through four distinct stages. The Bretton Woods conference established the World Bank and the International Monetary Fund in 1944 to finance post-war reconstruction and stabilize the global economy. The second stage saw the establishment of regional development banks in the 1950s and 1960s. This was followed by the emergence of subregional banks. In the fourth stage, from the mid-1970s to the 20...

  16. Rethinking SMEs’ Financing Predicament

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    A waveofsharpcriticism has been aimed atthebanks concerning the difficulties for China’ss mallandmedium-sized enterprises(SMEs)in acquiring financing,whilethe Central Government began to strongly urge banks to provide loans for SMEs.Shouldall SMEs be financed while the bankst ake theblame?Is there anyother viable way to pull SMEs outof the financial predicament?Qiu Haiping,a professor with the School of Economics at Renmin University of China,recentlye xamined the issue and offered insights in the Guangming Daily.Edited excerpts follow

  17. Real world financing opportunities for energy conservation projects

    Energy Technology Data Exchange (ETDEWEB)

    Tramonte, D.J.

    1988-01-01

    Do you have the resources, dollars, people expertise and general know-how to do all the energy conservation measures. If you have the funds, do it yourself. Historically you would save more if you hired a private concern because that is the only job the contractor does for you. You have other hats to wear and fires to put out. Using third-party financing can be a good decision based on your specific needs. Procrastination is not the answer - the cost of delay is extensive. Financing energy conservation measures is no different from financing your automobile or home. If the benefits outweigh the negatives, the answer is obvious. Remember, in any case of using private sector financing, your are joining a partnership arrangement. The only way to succeed is to be honest with each other on the front end. There need not be any surprises. Any reputable company will gladly have your attorney evaluate all agreements, amortization schedules, and attachments. Real world financing alternatives will continue to change as the market matures. It's not too good to be true. It is no more than a vehicle to make the efforts of capital improvements streamlined. The money or financing is the catalyst to the project and makes the other areas meld.

  18. Project financing versus corporate financing under asymmetric information

    OpenAIRE

    Anton Miglo

    2008-01-01

    In recent years financing through the creation of an independent project company or financing by non-recourse debt has become an important part of corporate decisions. Shah and Thakor (JET, 1987) argue that project financing can be optimal when asymmetric information exists between firm's insiders and market participants. In contrast to that paper, we provide an asymmetric information argument for project financing without relying on corporate taxes, costly information production or an assump...

  19. 78 FR 32294 - Main Street Capital ll, L.P., License No. 06/06-0332; Notice Seeking Exemption Under Section 312...

    Science.gov (United States)

    2013-05-29

    ... ADMINISTRATION Main Street Capital ll, L.P., License No. 06/06-0332; Notice Seeking Exemption Under Section 312... Capital ll, L.P., 1300 Post Oak Boulevard, Suite 800, Houston, TX 77056, a Federal Licensee under the... Regulations (13 CFR 107.730). Main Street Capital ll, L.P. proposes to provide loan and equity financing...

  20. Venture Capital Investment in the Life Sciences in Switzerland.

    Science.gov (United States)

    Hosang, Markus

    2014-12-01

    Innovation is one of the main driving factors for continuous and healthy economic growth and welfare. Switzerland as a resource-poor country is particularly dependent on innovation, and the life sciences, which comprise biotechnologies, (bio)pharmaceuticals, medical technologies and diagnostics, are one of the key areas of innovative strength of Switzerland. Venture capital financing and venture capitalists (frequently called 'VCs') and investors in public equities have played and still play a pivotal role in financing the Swiss biotechnology industry. In the following some general features of venture capital investment in life sciences as well as some opportunities and challenges which venture capital investors in Switzerland are facing are highlighted. In addition certain means to counteract these challenges including the 'Zukunftsfonds Schweiz' are discussed. PMID:26508600

  1. WHAT DETERMINES THE CAPITAL STRUCTURE OF LISTED FIRMS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Floriniţa Duca

    2012-10-01

    Full Text Available This paper examines the relative importance of four factors in the capital structure decisions of Romanian listed firms. The existing empirical research on capital structure has been largely confined to developed countries. The Romanian Financial Market has been developing at an exponential rate and dedicated research in the field is required. We used 100 firms listed in 2010 at the Bucharest Stock Exchange. The objective of this paper is to build on previous studies model all the important factors affecting capital structure decisions. We find that factors such as tangibility of assets, firm size, liquidity, and profitability have significant influences on the leverage structure chosen by firms.These results are believed to have significant implications for the theory of finance and to be of importance to the corporate treasure in choice of new financing and to the financial analyst.

  2. Venture Capital Investment in the Life Sciences in Switzerland.

    Science.gov (United States)

    Hosang, Markus

    2014-12-01

    Innovation is one of the main driving factors for continuous and healthy economic growth and welfare. Switzerland as a resource-poor country is particularly dependent on innovation, and the life sciences, which comprise biotechnologies, (bio)pharmaceuticals, medical technologies and diagnostics, are one of the key areas of innovative strength of Switzerland. Venture capital financing and venture capitalists (frequently called 'VCs') and investors in public equities have played and still play a pivotal role in financing the Swiss biotechnology industry. In the following some general features of venture capital investment in life sciences as well as some opportunities and challenges which venture capital investors in Switzerland are facing are highlighted. In addition certain means to counteract these challenges including the 'Zukunftsfonds Schweiz' are discussed.

  3. Financing Renewable Energy in the European Energy Market

    Energy Technology Data Exchange (ETDEWEB)

    De Jager, D.; Klessmann, C.; Stricker, E.; Winkel, T.; De Visser, E.; Koper, M. [Ecofys, Utrecht (Netherlands); Ragwitz, M.; Held, A. [Fraunhofer ISI, Karlsruhe (Germany); Resch, G.; Busch, S.; Panzer, C. [Energy Economics Group EEG, Vienna University of Technology, Vienna (Austria); Gazzo, A.; Roulleau, T.; Gousseland, P.; Henriet, M.; Bouille, A. [Ernst and Young, London (United Kingdom)

    2011-01-15

    The Directive 2009/28/EC on the promotion of the use of energy from renewable sources (RES) sets the overall target to reach 20% renewable energy in gross final energy consumption in 2020. This target is broken down into binding individual Member State targets. Reaching these targets will require a huge mobilization of investments in renewable energies in the coming decade. In order to improve financing and coordination with a view to the achievement of the 20 % target, Article 23 (7) of the Directive requires the Commission to present an analysis and action plan with a view to: (a) The better use of structural funds and framework programmes; (b) The better and increased use of funds from the European Investment Bank and other public finance institutions; (c) Better access to risk capital; (d) The better coordination of Community and national funding and other forms of support; (e) The better coordination in support of renewable energy initiatives whose success depends on action by actors in several Member States. This report presents the results of the title project. The study provides an up to date and thorough assessment of the costs of renewable energy and the support and financing instruments available for renewable energy R and D, demonstration projects and large-scale deployment. This includes details of each Member State's expenditure (via grants, support schemes, loans etc.) and use of Community funds, including loans of the EIB (European Investment Bank) and the EBRD (European Bank for Reconstruction and Development). It also explores the possible instruments for use in the future and constraints in the capital market, which hinder the development of renewable energy. Finally, it develops recommendations for improving financing and support instruments, improving the sector's access to capital, and closing the financing gap for reaching the 2020 targets. The chapters of the report represent separate tasks: (1) Costs of renewable energy

  4. Determinants of Capital Structure in Nigeria

    Directory of Open Access Journals (Sweden)

    Oladele John AKINYOMI

    2013-08-01

    Full Text Available Capital structure represents one of the most discussed concepts in financial management. Capital structure refers to how a company finances its operations whether through shareholders equity-fund or debt or a combination of both. Various internal and external factors contribute to the choice of these sources of fund. The external factors include factors such as tax policy, capital market conditions and tax policy, among others. Meanwhile, the internal factors are those that relate to individual firm characteristics. This study examines the determinants of capital structure in Nigeria using the descriptive research design. The population comprised of the eighty-six manufacturing firms that are listed in the Nigerian Stock Exchange. The sample firms were selected using the simple random sampling method. Secondary data obtained from the annual accounts of 24 randomly selected manufacturing firms for 10 years period culminating in 240 firm-year observations. The results of the regression analysis revealed that leverage (a measure of capital structure has a negative relationship with firm size and tax on one hand and a positive relationship with tangibility of assets, profitability and growth on the other hand. However, only with tangibility of assets and firm size that significant relationship is established. It is recommended for future researchers to carry out similar studies in multiple sectors.

  5. Architectural Design Quality in Local Authority Private Finance Initiative Projects

    OpenAIRE

    Giddings, Bob; Sharma, Monika; Jones, Paul; Jensen, Phil

    2010-01-01

    Since the 1990s, when the Private Finance Initiative was developed as the primary method for delivering major public capital projects, there has been concern about the quality of many of the products. Initially, it was the architectural community that raised doubts, but it has subsequently been joined by user groups. As the contractual period is over 30 years, there are issues such as ongoing maintenance, facilities management and operational factors, that need to be balanced with design qual...

  6. Hospital breaks new ground with hybrid financing package.

    Science.gov (United States)

    McGuinness, L; Kline, T

    1984-02-01

    By applying financial management techniques that are more traditionally associated with corporate businesses, an Illinois hospital was able to generate the funds needed for a new replacement facility at a time when the money market was especially tight. The authors explain the structure of the hybrid financing package they used, and how such a strategy enabled the hospital to generate $61 million in capital at an interest rate almost 5 percent below prime.

  7. Debt Maturity Choices, Multi-stage Investments and Financing Constraints

    OpenAIRE

    E. Agliardi; N. Koussis

    2014-01-01

    We develop a dynamic investment options framework with optimal capital structure and analyze the effect of debt maturity. We find that in the absence of financing constraints short-term debt maximizes firm value. In contrast with most literature results, in the absence of constraints, higher volatility may increase initial debt for firms with low initial revenues, issuing long term debt that expires after the investment option maturity. This effect, which is due to the option value of receivi...

  8. Impact of Federal Tax Policy on Utility-Scale Solar Deployment Given Financing Interactions

    Energy Technology Data Exchange (ETDEWEB)

    Mai, Trieu; Cole, Wesley; Krishnan, Venkat; Bolinger, Mark

    2015-09-28

    In this study, the authors conducted a literature review of approaches and assumptions used by other modeling teams and consultants with respect to solar project financing; developed and incorporated an ability to model the likely financing shift away from more expensive sources of capital and toward cheaper sources as the investment tax credit declines in the ReEDS model; and used the 'before and after' versions of the ReEDS model to isolate and analyze the deployment impact of the financing shift under a range of conditions. Using ReEDS scenarios with this improved capability, we find that this 'financing' shift would soften the blow of the ITC reversion; however, the overall impacts of such a shift in capital structure are estimated to be small and near-term utility-scale PV deployment is found to be much more sensitive to other factors that might drive down utility-scale PV prices.

  9. Malliavin calculus in finance

    OpenAIRE

    Kohatsu, Arturo; Miquel, Montero

    2003-01-01

    This article is an introduction to Malliavin Calculus for practitioners. We treat one specific application to the calculation of greeks in Finance. We consider also the kernel density method to compute greeks and an extension of the Vega index called the local vega index.

  10. Financing Public Library Construction.

    Science.gov (United States)

    Rohlf, Robert H.; Stoffel, Lester L.

    1987-01-01

    Reviews financing options available to Illinois public libraries for construction or expansion, including general obligation bonds, mortgage funds, building reserve funds, building fund levies, lease back arrangements, sale of air or ground development rights, interest on special funds, gift funds and grants, Library Service and Construction Act…

  11. Specialized financing techniques

    International Nuclear Information System (INIS)

    Specific financing techniques applicable to wind energy projects in Canada are discussed. A limited partnership is the classic Canadian approach to tax-advantaged financing. For a typical wind project, the limited partners would get an internal rate of return of around 8% over 20 years as well as income tax deductions on Class 34 investments. This rate can be improved if the investors borrow some of the money; they get tax-free cash flow while having deductible loan interest, raising their rate of return after taxes to ca 9-10%. Special situation investors can get to take all of the Class 34 deduction right away, raising their return up to the 12% range. These investors include principal business corporations (such as utilities or oil companies), or companies who have sold their business. A second type of financing structure is related to inflation-indexed debt. The loan is structured like a mortgage, with the annual payments indexed to inflation but nevertheless low enough to provide an early positive cash flow from the project. Other possible financing structures are the immigrant investor fund and the provincial incentive corporations

  12. Campaign Finance: Reporter Guide

    Science.gov (United States)

    Wieder, Ben

    2014-01-01

    Campaign finance might seem like the exclusive province of political reporters, but there are many good reasons why authors should be paying attention--both in races for education positions and in other key races at the local, state, and federal levels with implications for education. Basic math is a necessary skill and familiarity with a…

  13. Filtering in Finance.

    OpenAIRE

    Lautier, Delphine; Javaheri, Alireza; Galli, Alain

    2003-01-01

    In this article we present an introduction to various Filtering algorithms and some of their applications to the world of Quantitative Finance. We shall first mention the fundamental case of Gaussian noises where we obtain the well-known Kalman Filter. Because of common nonlinearities, we will be discussing the Extended Kalman Filter.

  14. Financing of Renewable Energy Projects

    International Nuclear Information System (INIS)

    The paper describes the role of the Banco Centroamericano de Integracion Economica in financing renewable energy projects in Central America. Also decribes the different financing modes to the goverment and private sectors

  15. MODELS OF MANAGEMENT OF CURRENT CAPITAL OF ORGANIZATION IN MODERN CONDITION Модели управления оборотным капиталом организаций в современных условиях

    Directory of Open Access Journals (Sweden)

    Lipchiu N. V.

    2012-02-01

    Full Text Available The article is dedicated to the study of the models of management of current capitals of organizations and sources of its financing. The theoretical review is organized with methods of management of current capitals. The features of the strategy of financing of the current capital are given

  16. ISLAMIC FINANCE – UNDERGRADUATE EDUCATION

    OpenAIRE

    TAHIR, SAYYID

    2009-01-01

    Islamic finance literacy has become critical for the future growth of the Islamic financial sector in the twenty-first century. While a multi-pronged approach is called for, the focus in this paper is on the undergraduate programs in Islamic banking and finance. It analyses the state of teaching of Islamic banking and finance at the undergraduate level and proposes solutions for improving the undergraduate education of Islamic banking and finance.

  17. The Challenge of Islamic Finance

    OpenAIRE

    Sheng, Andrew; Singh, Ajit

    2012-01-01

    From its humble beginnings in the 1990s, Islamic finance has become a trillion US dollar industry. The market consensus is that Islamic finance has a bright future due to favourable demographics and rising incomes in the Muslim community. Moreover, despite voices sceptical of an accommodation between Islamic and global finance, leading global banks are buying Islamic bonds and forming subsidiaries specially to conduct Islamic finance business. Special laws have been passed in non-Muslim fi...

  18. An Overview of Islamic Finance

    OpenAIRE

    Mumtaz Hussain; Asghar Shahmoradi; Rima Turk

    2015-01-01

    Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link t...

  19. FINANCING DECISION AND CORPORATE GOVERNANCE

    OpenAIRE

    ANDREI STANCULESCU; DAN NICOLAE IVANESCU; PETRE BREZEANU

    2011-01-01

    This paper sustains the existence of a biunivocal link between a company’s financing decision and the corporate governance. On the one hand, the financing decision has an impact on corporate performance, which has been confirmed. According to the agency theory, the financing decision will contribute to solving interest conflicts between shareholders and managers. On the other hand, the corporate governance mechanism provides the proper contractual framework for attracting financing resources....

  20. Impact: What Influences Finance Research?

    OpenAIRE

    Tom Arnold

    2003-01-01

    Which journal articles have had the most impact on finance research? Which journals dominated finance research in the 1990s? We answer these and similar questions using a comprehensive sample of journals, an extensive time period, and a new ranking method that avoids problems inherent in the existing literature. Among our findings: six of the 10 articles most highly cited by finance journals were published in econometrics or economics journals; Journal of Finance has the most citations, but i...

  1. Financing strategies for lunar energy enterprises: The helium-3 initiative

    Science.gov (United States)

    Schmitt, Harrison H.

    1995-01-01

    Governments presently have little individual or collective interest in financing large scale lunar enterprises, either for science or potential resource utilization. For example, preliminary technical and economic considerations of the return of lunar helium-3 (3He) for terrestrial fusion power plants suggest positive economic and enviromental returns, however, no significant governmental activity has been focused on this or other space related energy options. General analysis of both short and long term returns on investment for a lunar helium-3 enterprise, including considerations of future launch costs, strongly suggests that private financing may be attracted to this endeavor. A privately organized ``catalytic financing'' approach to providing start-up capital for a lunar helium-3 enterprise appears to be worth consideration.

  2. Financing the small and medium enterprises in Albania

    Directory of Open Access Journals (Sweden)

    Blerina Kurti

    2013-11-01

    Full Text Available The importance of small and medium enterprises in economy is indisputable. They are the main contributor in employment, innovation and economic growth of a country. European Commission is fully supporting the development and growth of small and medium enterprises through changes in legislation, creating a friendly business environment, facilitation in obtaining funds in the last two decades. The share of SME in total enterprises in Albania is 99.6% and their contribution in the GDP is 73%. Their growth is closely linked with their ability to finance their activity, which is one of the most important issues they are faced with due to their size and creditworthiness. This paper aims to analyze the difficulties and obstacles that SME in Albania encounter in obtaining financing due to lack of source of financing within country, limited opportunities of accessing international capital markets as well as high interest rate.

  3. Measuring Irish capital

    OpenAIRE

    Keeney, Mary J.

    2007-01-01

    Irish National Income and Expenditure Accounts do not contain information on capital stocks or capital services estimation. Estimates of the national capital stock and the depreciation of its fixed assets are basic macroeconomic aggregates and are integral components for many modelling exercises. This paper will present a detailed asset-level analysis of the stocks and depreciation of Irish fixed assets and the capital formation flows used to derive them. It will apply an improved perpetual i...

  4. Welfare Enhancing Capital Imports

    OpenAIRE

    Masao Oda; Koji Shimomura; Ryuhei Wakasugi

    2007-01-01

    This paper provides a model to consider the conditions under which an acceptance of foreign capital is welfare enhancing in a multi-commodity multi-factor framework. Contrary to the pessimistic conventional wisdom of capital imports and welfare, we provide a justification for the acceptance of foreign capital and the diversification of industrial structure in developing countries. A sufficient condition for the acceptance of foreign capital to be welfare enhancing is that all domestic factors...

  5. The Challenges of Islamic Trade Finance in Promoting SMEs in IDB Member Countries

    OpenAIRE

    Ali , Abd Elrahman Elzahi Saaid

    2014-01-01

    Accessing financing is one of the most formidable challenges facing Small and Medium Enterprises (SMEs); particularly in the least developing member countries (LDMC) of IDB. Given their low capital base, the availability of financial resources is essential for the SMEs growth. This research attempts to investigate the challenges and limitations facing the use of Islamic finance to promote Small and Medium Enterprises (SMEs) in IDB member countries. Secondary data from member Countries were co...

  6. The determinants of debt and (private-) equity financing in young innovative SMEs: Evidence from Germany

    OpenAIRE

    Schäfer, Dorothea; Werwatz, Axel; Zimmermann, Volker

    2004-01-01

    Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that entrepreneurs are the more likely to seek equity-like venture capital contracts, the more risky their projects are. Our paper makes a first step to resolve this puzzle empirically. We present microecon...

  7. THE SIGNIFICANCE AND ROLE OF LEASING IN CORPORATE FINANCING IN REPUBLIC OF CROATIA

    OpenAIRE

    Slobodan Stojanovic; Marina Guzovski

    2013-01-01

    Financing business activities of any company requires the availability of adequate sources of funding in the required amount and in a timely manner. The structure of the funding sources or capital structure, which finances business assets, is one of the main factors, which determines the competitive position of the company on the market and influences growth opportunities and expanding abilities of the business. In today’s complex business conditions, characterized by globalization processes ...

  8. Effects of Financial Liberalization and Political Connection on Listed Chinese Firms’ Financing Constraints

    OpenAIRE

    Yan, Isabel K.; Chan, Kenneth S.; Dang, Vinh Q.T.

    2011-01-01

    This paper examines the impact of recent financial liberalization in China on the financing constraints of publicly-listed Chinese firms with and without politically-connected CEO/Chairman. Two continuous indices are used to measure the evolution and intensity of financial reforms: a financial liberalization index and a capital control index. The results indicate that while firms without politically-connected CEO/Chairman face significant financing constraints and politically-connected firms ...

  9. Financial liberalization, financing constraints and political connection: evidence from Chinese firms

    OpenAIRE

    Yan, Isabel K.; Chan, Kenneth S.; Dang, Vinh Q.T.

    2011-01-01

    This paper examines the impact of recent financial liberalization in China on the financing constraints of publicly-listed Chinese firms with and without politically-connected CEO/Chairman. Two continuous indices are used to measure the evolution and intensity of financial reforms: a financial liberalization index and a capital control index. The results indicate that while firms without politically-connected CEO/Chairman face significant financing constraints and politically-connected firms ...

  10. Asset-backed Securitization -- a New Financing Channel for the Telecom Industry

    Institute of Scientific and Technical Information of China (English)

    2003-01-01

    Telecom enterprises are in urgent need of a large amount of funds for updating networks and expanding market shares, while asset-backed securitization is the most rapidly and vigorously growing product of financial innovation in the international capital market. Since telecom asset is characterized by long recovery period, poor liquidity, high quality and stable cash flow, which are the basic conditions for using asset-backed securitization to finance, asset-backed securitization can be a new financing way for telecom enterprises.

  11. Patterns of capital structure and dividend policy in Pakistani corporate sector and their impact on organization performance

    OpenAIRE

    Hunjra, Ahmed Imran; Bilal, Muhammad; Shafi, Haroon; Ullah, Ikram; Rehman, Kashif-Ur-

    2010-01-01

    The purpose of this study is to determine the patterns of capital structure decisions and dividend policy as well as their level of application in Pakistani corporate sector and also to check the impact of capital structure and dividend policy on organization performance. A total of ninety one questionnaires were distributed in different companies but seventy three filled were received and sixty one were processed for the analysis. The potential respondents were finance executives and financi...

  12. Financing bidders in takeover contests

    NARCIS (Netherlands)

    V. Vladimirov

    2015-01-01

    This paper argues that endogenizing how acquirers finance their cash bids is just as important for understanding bidding in takeovers as endogenizing acquirers' payment method choice. The paper shows that acquirers finance their cash bids with equity only if they lack access to competitive financing

  13. Financing bidders in takeover contests

    NARCIS (Netherlands)

    V. Vladimirov

    2014-01-01

    This paper studies how bidders' choice of financing for cash bids affects takeover prices. Endogenizing this choice shows that takeover premia are lower than when bidders are not cash-constrained for equity-like financing, but higher for debt financing. Intuitively, unlike debt (which leads to overb

  14. A Review of Wind Project Financing Structures in the USA

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark A; Harper, John; Karcher, Matthew

    2008-09-24

    The rapid pace of wind power development in the U.S. over the last decade has outstripped the ability of most project developers to provide adequate equity capital and make efficient use of project-related tax benefits. In response, the sector has created novel project financing structures that feature varying combinations of equity capital from project developers and third-party tax-oriented investors, and in some cases commercial debt. While their origins stem from variations in the financial capacity and business objectives of wind project developers, as well as the risk tolerances and objectives of equity and debt providers, each structure is, at its core, designed to manage project risk and allocate federal tax incentives to those entities that can use them most efficiently. This article surveys the six principal financing structures through which most new utility-scale wind projects (excluding utility-owned projects) in the U.S. have been financed from 1999 to the present. These structures include simple balance-sheet finance, several varieties of all-equity special allocation partnership 'flip' structures, and two leveraged structures. In addition to describing each structure's mechanics, the article also discusses its rationale for use, the types of investors that find it appealing and why, and its relative frequency of use in the market. The article concludes with a generalized summary of how a developer might choose one structure over another.

  15. FINANCIAL COMMUNICATION AND INTELLECTUAL CAPITAL REPORTING PRACTICES

    Directory of Open Access Journals (Sweden)

    BELENESI (BUMBA MARIOARA

    2014-07-01

    Full Text Available In a highly competitive economy, driven by globalization, the abundance of digital information and communication facilities, the investor directs its capital to those companies that promise added value of the invested capital. Even so, companies seek to obtain favorable terms of financing by rendering sensitive the investors. To achieve their goal, they must provide information about their financial and non financial performance with sufficient regularity to meet the information needs of actual or potential capital bidders in decision making. Financial communication through standardized annual statements of financial reporting in the context of corporate governance is no longer sufficient. The organization has more resources than those included in its balance sheet, capable of attracting huge benefits, but which do not meet the criteria for recognition in the financial statements. It requires, therefore, a voluntary disclosure of information on intangible resources, which are key factors in creating future value for both the organization itself and the industry it is part of. The reports of intellectual capital can effectively complement the shortcomings of the traditional model of accounting and financial reporting. In our paper we wanted to analyze financial communication in the context of corporate governance, presented through financial statements, reaching the intellectual capital reporting practices, as a means to improve communication of the organization with the outside. In this sense we presented two examples of good practice of two service companies (consultancy and design that publish annually intellectual capital reports. To alleviate the negative consequences of non-recognition of intangible assets in the financial statements, we are for the voluntary disclosure of information on intangible assets in the intellectual capital reports, annual reports, those regarding corporate responsibility, or at least in the explanatory notes of

  16. Directory of financing sources for foreign energy projects

    Energy Technology Data Exchange (ETDEWEB)

    La Ferla, L. [La Ferla Associates, Washington, DC (United States)

    1995-09-01

    The Office of National Security Policy has produced this Directory of Financing Sources for Foreign Energy Projects. The Directory reviews programs that offer financing from US government agencies, multilateral organizations, public, private, and quasi-private investment funds, and local commercial and state development banks. The main US government agencies covered are the US Agency for International Development (USAID), the Export-Import Bank of the US (EXIM Bank), Overseas Private Investment Corporation (OPIC), US Department of Energy, US Department of Defense, and the US Trade and Development Agency (TDA). Other US Government Sources includes market funds that have been in part capitalized using US government agency funds. Multilateral organizations include the World Bank, International Finance Corporation (IFC), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), and various organizations of the United Nations. The Directory lists available public, private, and quasi-private sources of financing in key emerging markets in the Newly Independent States and other developing countries of strategic interest to the US Department of Energy. The sources of financing listed in this directory should be considered indicative rather than inclusive of all potential sources of financing. Initial focus is on the Russian Federation, Ukraine, india, China, and Pakistan. Separate self-contained sections have been developed for each of the countries to enable the user to readily access market-specific information and to support country-specific Departmental initiatives. For each country, the directory is organized to follow the project life cycle--from prefeasibility, feasibility, project finance, cofinancing, and trade finance, through to technical assistance and training. Programs on investment and export insurance are excluded.

  17. Four Books on Capitalism

    OpenAIRE

    Streeck, W.

    2009-01-01

    Christoph Deutschmann Kapitalistische Dynamik: Eine gesellschaftstheoretische Perspektive. Wiesbaden, VS Verlag, 2008 Geoffrey Ingham Capitalism. Oxford, Polity, 2008 John McMurtry The Cancer Stage of Capitalism. London, Pluto, 1999 Frederic L. Pryor The Future of U.S. Capitalism. New York, Cambridge University Press, 2002

  18. Information,Informal finance,and SME financing

    Institute of Scientific and Technical Information of China (English)

    LIN Justin Yifu; SUN Xifang

    2006-01-01

    Informal finance exists extensively and has been playing an important role in small-and medium-sized enterprise (SME) financing in developing economies,This paper tries to rationalize the extensiveness of informal finance.SME financing suffers more serious information asymmetry to the extent that most SMEs are more opaque and can only provide less collateral.Informal lenders have an advantage over formal financial institutions in collecting "soft information" about SME borrowers.This paper establishes a model including formal and informal lenders and high-and low-risk borrowers with or without sufficient collateral and shows that the credit market in which informal finance is eliminated will allocate funds in some inefficient way,and the efficiency of allocating credit funds can be improved once informal finance is allowed to coexist with formal finance.

  19. Financing energy efficiency investments. Third party financing: practical problems and possible solutions

    International Nuclear Information System (INIS)

    Third Party Financing means the packaging together of both technical aid and the necessary funding for energy cost saving investments by an outside company (outside to the energy user that is), using the energy cost savings themselves to pay for that investment. There are two key factors which differentiate Third Party Financing and conventional approaches to the implementation of energy conservation projects, the first of which is the provision of all the necessary technical services - both initial and detailed energy audits, engineering design and implementation - from one source. The second difference involves viewing the energy cost savings as a ''stream oincome'' which will repay the cost of the investment. This approach has a number of attractions to energy users: the outside company brings both its technical expertise and the necessary up-front capital to fund the energy saving investment. In addition, because the payments to the outside company are contingent, either wholly or in part, upon the level and timing of the energy cost savings the technical and financial risk for the investment is transferred from the energy user to the outside company. However, although simple in concept, third party financing is complex in practice. How does an energy user judge one third party financing proposal against another? If an agreement is made, how are energy savings measured or what happens if there is a dispute between the two parties? These are examples of the practical questions addressed in this paper which must be resolved if third party financing is to be used to assist energy saving. (Author)

  20. Current status and trends, organizational methods accounting and analysis of innovative enterprises’ venture financing

    Directory of Open Access Journals (Sweden)

    S.V. Rudeychuk

    2016-09-01

    Full Text Available The article examines the specific features and tendencies of development of venture financing in Ukraine. It shows the role of venture capital in the further development of Ukraine economy, this role is in financing and development of innovation, distribution of new technologies and increase of employment of highly professional staff in the territory of Ukraine. The authors determine the influence of characteristics of such financing on the formation of organization and methods of accounting and economic analysis of operations with venture capital investments. The paper grounds the necessity of accounting development and analytical support of innovative enterprises’ venture financing management; the state is caused by the need to attract additional funding from venture investors to finance the production and release of innovative products and businesses. The authors determine the directions of solving problems in accounting organization and methods and economic analysis of innovative enterprises’ venture financing, respectively, for the needs of all entities doing business venture and taking into account the peculiarities of this type of investment capital.

  1. Is Capitalism Ethical?

    Directory of Open Access Journals (Sweden)

    Suciu T.

    2009-12-01

    Full Text Available The author of this paper have set off from the question: is the present capitalism ethical? We started with the delimitation and correlation of the concepts of ethics, morals, morality. Further on, we analysed the evolution of capitalism in connection with morals. Based on this research, we came to the conclusion that the capitalist system has undergone through three stages: moral capitalism, amoral capitalism, and immoral capitalism. We concluded by implying that the corporate capitalist society is immoral, that it cannot regulate itself and that the government’s assistance is needed to inoculate the ethics.

  2. The Application of Financial Innovation to Financing Infrastructure Investment%金融创新在基础设施融资中的应用

    Institute of Scientific and Technical Information of China (English)

    金雪军; 方好; 陈骥

    2003-01-01

    Infrastructure financing becomes a challenge to most developing countries in their municipalconstruction. The paper brings forward ways that raise fund through capital market and designs properderivatives according to different future cash flow mode of the underlying infrastructure.

  3. Financing Solar Thermal Power Plants

    Energy Technology Data Exchange (ETDEWEB)

    Price, H. W.; Kistner, R.

    1999-11-01

    The commercialization of concentrating solar power technology took a major step forward in the mid 1980s and early 1990s with the development of the SEGS plants in California. Over the years they have proven that parabolic trough power technologies are the most cost-effective approach for commercial scale solar power generation in the sunbelt countries of the world. However, the question must be asked why no additional solar power plants have been build following the bankruptcy of the developer of the SEGS projects, LUZ International Limited. Although many believe the SEGS projects were a success as a result of parabolic trough technology they employ, in truth, the SEGS projects were developed simply because they represented an attractive opportunity for investors. Simply stated, no additional projects have been developed because no one has been able to put together a similarly attractive financial package to potential investors. More than $1.2 billion in private capital was raised i n debt and equity financing for the nine SEGS plants. Investors and bankers who make these investments are the real clients for solar power technologies. They are not interested in annual solar to electric efficiencies, but in risk, return on investments, and coverage ratios. This paper will take a look at solar power projects from the financier's perspective. The challenge in moving forward is to attract private investors, commercial lenders, and international development agencies and to find innovative solutions to the difficult issues that investment in the global power market poses for solar power technologies.

  4. Reform of the global financial architecture: a new social contract between society and finance.

    OpenAIRE

    Banziger, H.

    2009-01-01

    The current global crisis poses significant challenges for our fi nancial system, our economies, and our societies. Overcoming these will require a new “social contract” between society and finance. This must include improvements to corporate governance, a reform of capital requirements, a more transparent and less procyclical accounting framework, banking laws to reflect modern financial markets, better infrastructure, and stronger supervision. Given the global nature of today’s capital mark...

  5. 77 FR 11618 - Solutions Capital I, L.P.; Notice Seeking Exemption Under the Small Business Investment Act...

    Science.gov (United States)

    2012-02-27

    ... Act''), in connection with the financing of a small concern, has sought an exemption under Sec. 312 of the Act and Sec. 107.730, Financings which constitute conflicts of interest, of the Small Business Administration Rules and Regulations (13 CFR 107). Solutions Capital I, L.P., proposes to acquire debt...

  6. Statistics for Finance

    DEFF Research Database (Denmark)

    Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard

    Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical...... and mathematical techniques, including linear and nonlinear time series analysis, stochastic calculus models, stochastic differential equations, Itō’s formula, the Black–Scholes model, the generalized method-of-moments, and the Kalman filter. They explain how these tools are used to price financial derivatives...

  7. Finance and Economic Development

    Directory of Open Access Journals (Sweden)

    Ugo Panizza

    2012-03-01

    Full Text Available Published by Palgrave MacmillanThis chapter reviews the literature on finance and economic development. It starts with a description of the roles of finance, a definition of financial efficiency, and a discussion of whether countries may have financial sectors that are ‘too large’ compared to the size of the domestic economy. Next, the author describes several indicators of financial development and reviews the literature on the relationship between financial development and economic growth. In the literature review, he discusses in detail some recent evidence indicating that the marginal contribution of financial development to gross domestic product (GDP growth becomes negative when credit to the private sector reaches 110 per cent of GDP. The chapter concludes with some policy conclusions targeted to developing countries.

  8. Debt and Taxes: Evidence from bank-financed unlisted firms

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Mateus, Cesário

    it easier for small firms to exploit tax advantages of debt. The empirical analysis shows that debt tax shields and provisions for tax loss carry-forwards have an important impact on the capital structure of small firms. It is also found that the balance sheet variables used for large listed firms......This paper analyzes the capital structure decision of non-listed bank-financed firms using a rich and unique new data set of Portuguese firms. These firms are rarely studied in capital structure contexts and differ from large listed firms in terms of agency and asymmetric information problems...... and funding sources. It is argued that the solution of agency and asymmetric information problems for large firms shows up on the balance sheet (as restrictions on debt) whereas for small firms these problems are solved by financial institutions and are therefore less apparent on the balance sheet. This makes...

  9. Project financing renewable energy schemes

    International Nuclear Information System (INIS)

    The viability of many Renewable Energy projects is critically dependent upon the ability of these projects to secure the necessary financing on acceptable terms. The principal objective of the study was to provide an overview to project developers of project financing techniques and the conditions under which project finance for Renewable Energy schemes could be raised, focussing on the potential sources of finance, the typical project financing structures that could be utilised for Renewable Energy schemes and the risk/return and security requirements of lenders, investors and other potential sources of financing. A second objective is to describe the appropriate strategy and tactics for developers to adopt in approaching the financing markets for such projects. (author)

  10. When Art & Finance Collide

    Institute of Scientific and Technical Information of China (English)

    Yu Lintao

    2011-01-01

    CHINA'S art market is on fire.As sales and prices break records,a new force has appeared in the market-organized art finance in the form of art trust funds and artwork exchanges.It was reported that the anonymous winner of the bid for the Song Dynasty calligraphy work Dizhuming by Huang Tingjian (1045-1105).which was sold for a staggering 436.

  11. Private finance. Oz trials.

    Science.gov (United States)

    West, P

    1999-08-19

    Privatization of a public sector general hospital in Adelaide, Australia, five years ago has revealed the strengths of the model and the difficulties of contracting with the private sector. Managers believe the new model has reduced overstaffing and increased local management. There have been continual contracting problems and the hospital has made losses, almost from the start. Private finance initiative contracts may always be difficult to negotiate and sustain. PMID:10662311

  12. Financing Public Service Broadcasting

    DEFF Research Database (Denmark)

    Berg, Christian Edelvold; Lund, Anker Brink

    2012-01-01

    Recently several European countries have abolished the traditional public service licence fee system, replacing it with direct public funding. But except for Iceland, the Nordic countries have not followed suit. The article discusses this development within a comparative framework of Public Service...... Broadcasting (PSB) financing regimes in Europe, concluding that Denmark, Finland, Iceland, Norway, and Sweden may still be considered conventional, licence fee PSB countries, but with some interesting differences in relation to competitive and market oriented alternatives of resource provision...

  13. Islamic finance in Europe

    OpenAIRE

    WILSON, RODNEY

    2013-01-01

    Islam all too often resonates negatively in Europe, with a great part of non-Muslim public opinion uncomfortable with Islamic culture and values. Secular and Christian opinion is at best suspicious of shariah, Islamic law, and indeed often antagonistic. The notion of wanting to apply shariah principles to banking and finance is treated with scepticism if not outright hostility, especially as there is no concept of Christian or Jewish banking, even if there are some parallels between shariah f...

  14. INTERPRETING OVERALL INEQUALITY IN CHINA: THE ROLES OF PHYSICAL CAPITAL, HUMAN CAPITAL AND SOCIAL CAPITAL

    OpenAIRE

    Yuheng LI; Westlund, Hans

    2013-01-01

    This paper investigates the relationship between overall inequality in China and the contributions of physical capital, human capital and social capital. The investment in physical capital tends to enlarge overall inequality while human capital helps to reduce the inequality. Human capital appears to be more influential than physical capital in overall inequality reduction in the research period. Social capital (people's social networks) however, does not seem to exert any impact on overall i...

  15. Social security financing.

    Science.gov (United States)

    1980-05-01

    After nearly 2 years of study, the 1979 Advisory Council on Social Security submitted its findings and recommendations in December. In February the Bulletin published the Executive Summary of the Council's report. Because of the continuing wide public interest in the future of social security financing, the Council's detailed findings and recommendations on that subject are published below. The Council unanimously reports that all current and future beneficiaries can count on receiving the payments to which they are entitled. Among the recommendations it calls for are partial financing with nonpayroll-tax revenues. Suggested changes include hospital insurance (HI) financed through portins of personal and corporate income taxes and a part of the HI insurance payroll tax diverted to cash benefits with the balance of this tax repealed. The Council also recommends that the social security cash benefits program be brought into long-run actuarial balance--with a payroll-tax rate increase in the year 2005. It rejects the idea of a value-added tax as being inflationary. Parenthetical remarks represent additional views of the Council members cited. PMID:7423348

  16. Simulation-based valuation of project finance investments. Crucial aspects of power plant projects

    Energy Technology Data Exchange (ETDEWEB)

    Pietz, Matthaeus

    2010-12-15

    The liberalization of electricity markets transformed a regulated and stable market to a market with former unknown price volatility. This results in a high uncertainty which is mainly due to the, from an economic point of view, lack of storability of the commodity electricity. Thus investments in power plants are highly risky. This dissertation analyzes crucial aspects within the valuation of a power plant financed via project finance, a popular financing method for projects with high capital requirements. Starting with the development of a valuation model based on stochastic modelling of the future cash flows the focus of the analysis is on the impact of model complexity and electricity prices. (orig.)

  17. Towards a finance that CARES : From today's Fisherian-(Falsified) Hicksian perspective to a genuine sustainable financial model, designed through accounting principles

    OpenAIRE

    Rambaud, Alexandre; Richard, Jacques

    2015-01-01

    International audience Today's sustainable finance mainly relies on the extension of a particular classical capital theory to extra-financial types of capital (in particular human and natural). We call (and justify it) this mainstream theory, the Fisherian-(falsified) Hicksian approach. After a critical analysis of this model, we claim that this way of conceptualising sustainable finance is finally unsustainable. At the same time, we also defend the idea that there is a convergence between...

  18. Human Capital, Bankruptcy and Capital Structure

    OpenAIRE

    Jonathan B. Berk; Richard Stanton; Josef Zechner

    2007-01-01

    We derive a firm's optimal capital structure and managerial compensation contract when employees are averse to bearing their own human capital risk, while equity holders can diversify this risk away. In the presence of corporate taxes, our model delivers optimal debt levels consistent with those observed in practice. It also makes a number of predictions for the cross-sectional distribution of firm leverage. Consistent with existing empirical evidence, it implies persistent idiosyncratic diff...

  19. Cost of Capital when Dividends are Deductible

    Directory of Open Access Journals (Sweden)

    Ignacio Velez-Pareja

    2011-09-01

    Full Text Available Tax savings and the discount rate we use to calculate their value are involved in the calculation of cost of capital. Based on previous findings, we derive a general approach to cash flow valuation that take into account any kind of tax shields related to the financing decision of a firm and any date when they are earned. They can be used to introduce any type of externality that creates value through tax savings not captured by neither the cost of debt nor the cost of equity. This paper develops the formulations for the cost of capital when dividends, interest on equity or monetary correction of equity are deductible as it happens in Brazil. It shows that when properly done most known valuation methods are consistent and give identical results. Also, the paper argues that when dividends are tax deductible, optimal leverage is lower and equity value is higher.

  20. Shifting the Climate Finance Paradigm: Nine Key Challenges for Developed Countries

    Energy Technology Data Exchange (ETDEWEB)

    Curtin, Joseph

    2013-03-13

    In 2009, developed countries committed to part-funding the cost of adapting to the impacts of climate change and of low carbon development in developing countries. From 2010 to 2012, fast start finance began to flow from developed country exchequers. However, the climate finance paradigm is now shifting. A transition from loans and grants provided from scarce exchequer resources to innovative instruments for leveraging private capital and mitigating investment risk is required in the coming period. But what are the implications for developed countries? This policy brief explores the policy context defining the current climate finance debate; examines the extent to which commitments have been met; and identifies nine key challenges for developed countries as they enter the new climate finance paradigm, drawing on the lessons of the fast start finance period. This is the second in a series of Environment Nexus policy briefs by leading experts in the fields of agriculture, energy, climate change and water.

  1. Mobilizing Public Markets to Finance Renewable Energy Projects: Insights from Expert Stakeholders

    Energy Technology Data Exchange (ETDEWEB)

    Schwabe, P.; Mendelsohn, M.; Mormann, F.; Arent, D. J.

    2012-06-01

    Financing renewable energy projects in the United States can be a complex process. Most equity investment in new renewable power production facilities is supported by tax credits and accelerated depreciation benefits, and is constrained by the pool of potential investors that can fully use these tax benefits and are willing to engage in complex financial structures. For debt financing, non-government lending has largely been provided by foreign banks that may be under future lending constraints due to economic and regulatory conditions. To discuss renewable energy financing challenges and to identify new sources of capital to the U.S. market, two roundtable discussions were held with renewable energy and financing experts in April 2012. This report summarizes the key messages of those discussions and is designed to provide insights to the U.S. market and inform the international conversation on renewable energy financing innovations.

  2. Common scaling behavior in finance and macroeconomics

    Science.gov (United States)

    Podobnik, B.; Horvatic, D.; Petersen, A. M.; Njavro, M.; Stanley, H. E.

    2010-08-01

    In order to test whether scaling exists in finance at the world level, we test whether the average growth rates and volatility of market capitalization (MC) depend on the level of MC. We analyze the MC for 54 worldwide stock indices and 48 worldwide bond indices. We find that (i) the average growth rate of the MC and (ii) the standard deviation σ(r) of growth rates r decrease both with MC as power laws, with exponents αw = 0.28 ± 0.09 and βw = 0.12 ± 0.04. We define a stochastic process in order to model the scaling results we find for worldwide stock and bond indices. We establish a power-law relationship between the MC of a country's financial market and the gross domestic product (GDP) of the same country.

  3. The shipping man adventures in ship finance

    CERN Document Server

    McCleery, Matthew

    2013-01-01

    When restless New York City hedge fund manager Robert Fairchild watches the Baltic Dry Cargo Index plunge 97%, registering an all-time high and a 25-year low within the span of just six months, he decides to buy a ship. Immediately fantasizing about naming a vessel after his wife, carrying a string of worry beads and being able to introduce himself as a "shipowner" at his upcoming college reunion, Fairchild immediately embarks on an odyssey into the most exclusive, glamorous and high stakes business in the world. From pirates off the coast of Somalia and on Wall Street to Greek and Norwegian shipping magnates, the education of Robert Fairchild is an expensive one. In the end, he loses his hedge fund, but he gains a life - as a Shipping Man. Part fast paced financial thriller, part ship finance text book, The Shipping Man is 310 pages of required reading for anyone with an interest in capital formation for shipping.

  4. THE EFFECT OF HUMAN CAPITAL ON SOCIAL CAPITAL AMONG ENTREPRENEURS

    OpenAIRE

    HANNES OTTÓSSON; KIM KLYVER

    2010-01-01

    Using data collected from 714 entrepreneurs in a random sample of 10,000 Danes, this study provides an investigation of the effect of human capital on social capital among entrepreneurs. Previous entrepreneurship research has extensively investigated the separated effect of human capital and social capital on different entrepreneurial outputs. The study takes a step back and investigates how these two capital concepts are related — specifically how human capital influences social capital. In ...

  5. Capital Utilization and Capital Accumulation: Theory and Evidence

    OpenAIRE

    Shapiro, Matthew D.

    1986-01-01

    A firm may acquire additional capital input by purchasing new capital or by increasing the utilization of its current capital. The margin between capita accumulation and capital utilization is studied in a model of dynamic factor demand where the firm chooses capital, labor, and their rates of utilization. A direct measure of capital utilization -- the work week of capital -- is incorporated into the theory and estimates. The methodology advocated by Hansen and Singleton (1982) is used to obt...

  6. Project Finance and Projects in the Energy Sector in Developing Countries

    Directory of Open Access Journals (Sweden)

    ERMELA KRIPA

    2013-05-01

    Full Text Available The purpose of this study is to show the importance of using project finance in infrastructure investments in developing countries. The paper will be focused only on one infrastructure sector, which is energy. Structurally, power project finance has involved largely buildown-transfer (BOT project structures and long-term contracts. The projects largely reflect a rational allocation of risks among public and private participants. Private sponsors and lenders generally assume risks for completion and performance. Governments assume substantial risks in nearly all projects, mostly in areas in which they have control, such as utility performance, currency convertibility, fuel costs, inflation, and political event. The aim of this research is to empirically examine a financing and governance structure called Project Finance that typically funds large scale, capital intensive, infrastructure investments in risky countries. The methodology used in this paper is literature review of the main theories for project finance. I will empirically test the propensity of the firms to use project finance, using data of some projects in South –East countries. For this purpose the study compares project financed and corporate financed transactions in the energy sector. I find that the propensity of firms to use project finance is high and statistically significant when large sunk investments have state owned primary buyer firms in risky countries.

  7. ALTERNATIVE SOURCES OF FINANCING HUMAN DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    L. V. Kozarezenko

    2014-09-01

    Full Text Available The article studies the possibilities and expediency of endowment utilization as an alternative of the social sphere elements budgetary funding in Ukraine. We have conclusions that the endowments have some advantages. That’s is creates the possibility for a long-term planning and development of social sphere (mechanism of adequate general stable situation in the country, convenient for major companies inclined to strategic business planning and contributions in the social sphere, transparent and provides guarantees for the donors in the specific cash expenditure, provides the non-commercial organizations with the possibility to change the approach to implementation of social projects, to study how to earn the money and not to be just the consumers, creates the possibility to accumulate the funds in charitable purposes that makes them attractive for medium and small companies. The disadvantages of endowments are risks of financial nature (small income guaranteed transactions, high inflation rate, exposure to the financial crises, difficulties with forming the «body» of the specific capital of such size that would guarantee more or less substantial income directed for charity, no instant effect for recipient’s favor,  possibility to be used in swindling, no tax stimulation of donors. Let’s think that endowments or funds specific capital have an important meaning in the development of social sphere because they are basis for its long-term planning and development. For non-commercial organization there are at least two advantages. First is stable financing and second is attraction of new contributors for non-commercial organizations. It is both stability of financing and guarantee of stable functioning.

  8. CAPITAL STRUCTURE AND ITS IMPACT ON PROFITABILITY: A STUDY OF LISTED MANUFACTURING COMPANIES IN SRI LANKA

    OpenAIRE

    Balasundaram Nimalathasan; Assoc. Prof. Valeriu Brabete Ph. D

    2010-01-01

    Capital structure is one of the most complex areas of financial decision making due to its interrelationship with other financial decisions variables. Capital structure is the composition of debt and equity capital that comprise a firm’s financing its assets and can be rewritten as the sum of net worth plus preferred stock plus long-term debts. In this study an attempt has been made to analyze the capital structure and its impact on profit earning capacity during 2003 to 2007 (05 years) finan...

  9. 78 FR 3495 - Claritas Capital Specialty Debt II, L.P.; Application No. 99000779; Notice Seeking Exemption...

    Science.gov (United States)

    2013-01-16

    ... ADMINISTRATION Claritas Capital Specialty Debt II, L.P.; Application No. 99000779; Notice Seeking Exemption Under... Claritas Capital Specialty Debt II, L.P., 30 Burton Hills Blvd., Suite 100, Nashville, TN 37215, a Federal... with the financing of a small concern, has sought an exemption under Section 312 of the Act and...

  10. Relationship finance, market finance and endogenous business cycles

    OpenAIRE

    Deidda, Luca Gabriele; Fattouh, Bassam

    2010-01-01

    This paper develops an overlapping generation model with asymmetric information in the credit market such that the interplay between relationship finance supplied by investors who monitor investment decisions ex-ante and market finance supplied by investors who relay on public information can be the source of endogenous business fluctuations. Monitoring helps reducing the inefficiency caused by moral hazard. However, the incentives of entrepreneurs to demand relationship finance to induce mon...

  11. Is Islamic Finance ethical finance? Principles and Stakeholder Responsibilities

    OpenAIRE

    Hamzah, Shariza

    2011-01-01

    With the recent global financial crisis and the many scandals that have happened of late, there is a need for an ethical finance system. Reports have mentioned and concluded that Islamic financial institutions were the least to be affected, with more than US$800 billion worth of deposits and investments lodged, Islamic banks, mutual funds, insurance schemes, and Islamic branches of conventional banks (Hesse et al, 2008). Would it be fair then to say that Islamic finance is ethical finance? T...

  12. Physics of Finance

    CERN Document Server

    Ilinskii, K N

    1997-01-01

    We give a brief introduction to the Gauge Theory of Arbitrage. Treating a calculation of Net Present Values (NPV) and currencies exchanges as a parallel transport in some fibre bundle, we give geometrical interpretation of the interest rate, exchange rates and prices of securities as a proper connection components. This allows us to map the theory of capital market onto the theory of quantized gauge field interacted with a money flow field. The gauge transformations of the matter field correspond to a dilatation of security units which effect is eliminated by a gauge transformation of the connection. The curvature tensor for the connection consists of the excess returns to the risk-free interest rate for the local arbitrage operation. Free quantum gauge theory is equivalent to the assumption about the log-normal walks of assets prices. In general case the consideration maps the capital market onto lattice QED.

  13. Essays in Finance

    OpenAIRE

    Mohd Rasid, Mohamed Eskandar Shah

    2014-01-01

    I present three theoretical models, each as an individual chapter. The first chapter is co-authored with Kenneth Mirkin and is titled ``Unwinding Venture Capital Investments: Asset Sales with Active Ownership.'' The chapter studies a dynamic model where venture payoffs depend both on project quality and on the strength of the match between a venture capitalist and a portfolio company. As a venture capitalist learns about the quality of her match, expected gains from trade emerge over time ...

  14. Does Dividend Policy Follow the Capital Structure Theory?

    Directory of Open Access Journals (Sweden)

    Justyna Franc-Dabrowska

    2009-12-01

    Full Text Available Decisions concerning the most optimal choice of financing sources and dividend policy are some of the most difficult financial decisions. This article presents the results of research concerning relationships between two capital structure theories (hierarchy theory and substitution theory and dividend payment policies in Polish stock companies of the agricultural and foodstuff sector (2001–2006. The research hypothesis was verified positively; company management limits dividend payment according to the hierarchy theory and prefers internal sources of financing economic activities. In order to verify the hypothesis, the methods of descriptive analysis, financial analysis and descriptive statistics were applied, together with a fixed effects model.

  15. Asset Pricing Implications of Firms' Financing Constraints

    OpenAIRE

    Gomes, Joao F; Yaron, Amir; Zhang, Lu

    2002-01-01

    We incorporate costly external finance in a production based asset pricing model and investigate whether financing frictions are quantitatively important for pricing a cross-section of expected returns. We show that the common assumptions about the nature of the financing frictions are captured by a simple ‘financing cost’ function, equal to the product of the financing premium and the amount of external finance. This approach provides a tractable framework to examine the role of financing fr...

  16. The EPSA Project Finance Mapping Tool

    Energy Technology Data Exchange (ETDEWEB)

    Hadley, Stanton W. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Chinthavali, Supriya [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)

    2016-07-01

    The Energy Policy and Systems Analysis Office of DOE has requested a tool to compare the impact of various Federal policies on the financial viability of generation resources across the country. Policy options could include production tax credits, investment tax credits, solar renewable energy credits, tax abatement, accelerated depreciation, tax-free loans, and others. The tool would model the finances of projects in all fifty states, and possibly other geographic units like utility service territories and RTO/ISO territories. The tool would consider the facility s cost, financing, production, and revenues under different capital and market structures to determine things like levelized cost of energy, return on equity, and cost impacts on others (e.g., load-serving entities, society.) The tool would compare the cost and value of the facility to the local regional alternatives to determine how and where policy levers may provide sufficient incremental value to motivate investment. The results will be displayed through a purpose-built visualization that maps geographic variations and shows associated figures and tables.

  17. Human Capital and Retirement

    OpenAIRE

    Alders, P.

    1999-01-01

    textabstractThis paper investigates the relation between human capital and retirement when the age of retirement is endogenous. This relation is examined in a life-cycle earnings model. An employee works full time until retirement. The worker accumulates human capital by training- on-the-job and by learning-by-doing. The human capital of an employee is subject to depreciation when knowledge of technologies becomes obsolete. After a shock in technology, the worker depreciates on his human capi...

  18. Capital mobility. An overview

    OpenAIRE

    Arndt, H. W.

    2000-01-01

    The article analyses the problem of international capital mobility which the Asian crisis has highlighted. It points out that the problem of capital mobility ("hot money" panics) has a long history, but globalization, the opening up of national economies and technological advance have increased the risks. The article discusses four policy debated which are being pursued in the large Asian crisis literature: (i) the pros and cons of capital controls; (ii) the choice of exchange rate regime; (i...

  19. Human capital and productivity

    OpenAIRE

    Fuente, Ángel de la

    2011-01-01

    This paper surveys the empirical literature on human capital and productivity and summarizes the results of my own work on the subject. On balance, the available evidence suggests that investment in education has a positive, significant and sizable effect on productivity growth. According to my estimates, moreover, the social returns to investment in human capital are higher than those on physical capital in most EU countries and in many regions of Spain.

  20. ACCOUNT INSTRUMENT CAPITAL BORROWED

    Directory of Open Access Journals (Sweden)

    Holt Gheorghe

    2012-03-01

    Full Text Available Setting up business capital is made from different sources and their use coordinates its policy aims, issues that affect the overall efficiency and thus differentiate companies with the same profile of activity and a similar level of capital advanced in the economic cycle. Thus financial structure, the average cost of capital used in the mechanism how the financial management of the company, of particular importance for this.

  1. KVA: Capital Valuation Adjustment

    OpenAIRE

    Andrew Green; Chris Kenyon

    2014-01-01

    Credit (CVA), Debit (DVA) and Funding Valuation Adjustments (FVA) are now familiar valuation adjustments made to the value of a portfolio of derivatives to account for credit risks and funding costs. However, recent changes in the regulatory regime and the increases in regulatory capital requirements has led many banks to include the cost of capital in derivative pricing. This paper formalises the addition of cost of capital by extending the Burgard-Kjaer (2013) semi-replication approach to C...

  2. Fukuyama on social capital

    Directory of Open Access Journals (Sweden)

    Ignjatović Suzana

    2008-01-01

    Full Text Available The paper aims to provide a synthesis of Fukuyama's theory of social capital Three different conceptual issues are discussed in the article: definition paradigmatic framework, and methodology. Another aspect of Fukuyama's concept of social capital is discussed from the perspective of Fukuyama's great popularity in public policy since the nineties. The concluding part of the paper deals with Fukuyama's place in academic and policy discourse on social capital.

  3. Handbook of Social Capital

    DEFF Research Database (Denmark)

    The Handbook of Social Capital balances the ‘troika' of sociology, political science and economics by offering important contributions to the study of bonding and bridging social capital networks. This inter-disciplinary Handbook intends to serve as a bridge for students and scholars within all...... the social sciences. The contributors explore the different scientific approaches that are all needed if international research is to embrace both the bright and the more shadowy aspects of social capital....

  4. F# for quantitative finance

    CERN Document Server

    Astborg, Johan

    2013-01-01

    To develop your confidence in F#, this tutorial will first introduce you to simpler tasks such as curve fitting. You will then advance to more complex tasks such as implementing algorithms for trading semi-automation in a practical scenario-based format.If you are a data analyst or a practitioner in quantitative finance, economics, or mathematics and wish to learn how to use F# as a functional programming language, this book is for you. You should have a basic conceptual understanding of financial concepts and models. Elementary knowledge of the .NET framework would also be helpful.

  5. A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics 1994~2009 : Introduction and Summary

    OpenAIRE

    Miwa, Yoshiro

    2011-01-01

    From early spring to late summer in 2010 I investigated the financing behavior of Japanese firms with over \\10 million in paid-in capital, using firm-level financial data from Hojin Kigyo Tokei Kiho (Corporate Enterprise Quarterly Statistics) of the Ministry of Finance. "A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics ? 1994~2009", divided into five discussion papers, constitutes the report. This Introduction and Summary form...

  6. "A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics ? 1994~2009: Introduction and Summary" (Revised in March 2011)

    OpenAIRE

    Miwa Yoshiro

    2011-01-01

    From early spring to late summer in 2010 I investigated the financing behavior of Japanese firms with over \\20 million in paid-in capital, using firm-level financial data from Hojin Kigyo Tokei Kiho (Corporate Enterprise Quarterly Statistics) of the Ministry of Finance. "A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics ? 1994~2009", divided into five discussion papers, constitutes the report. This Introduction and Summary form...

  7. A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics - 1994~2009: Introduction and Summary

    OpenAIRE

    Yoshiro Miwa

    2011-01-01

    From early spring to late summer in 2010 I investigated the financing behavior of Japanese firms with over \\10 million in paid-in capital, using firm-level financial data from Hojin Kigyo Tokei Kiho (Corporate Enterprise Quarterly Statistics) of the Ministry of Finance. "A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics - 1994~2009", divided into five discussion papers, constitutes the report. This Introduction and Summary form...

  8. "A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics – 1994~2009: Introduction and Summary"

    OpenAIRE

    Yoshiro Miwa

    2011-01-01

    From early spring to late summer in 2010 I investigated the financing behavior of Japanese firms with over \\10 million in paid-in capital, using firm-level financial data from Hojin Kigyo Tokei Kiho (Corporate Enterprise Quarterly Statistics) of the Ministry of Finance. "A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics ? 1994~2009", divided into five discussion papers, constitutes the report. This Introduction and Summary form...

  9. Trade Finance Affects Trade Dynamics

    OpenAIRE

    ARESPA CASTELLÓ, Marta; Gruber, Diego

    2016-01-01

    Existent literature is by no means conclusive on the effects of trade finance on trade and the economy. We propose a suitable framework to explore the linkages between international trade and finance based on an international real business cycle model where firms require external finance to import and can be financially constrained. We find that credit shocks do affect the dynamic properties of the economy and they have the potential to cause significant deviations in trade and economic perfo...

  10. Financial Inclusion: Islamic Finance Perspective

    OpenAIRE

    Mirakhor, Abbas; Iqbal, Zamir

    2012-01-01

    Enhancing financial inclusion or access to finance can make critical contributions to the economic development. Conventional mechanisms such as micro-finance, small-medium-enterprises (SME), and micro-insurance to enhance financial inclusion have been partially successful in enhancing the access and are not without challenges. Islamic finance, based on the concept of risk-sharing offers set of financial instruments promoting risk-sharing rather than risk-transfer in the financial system. In a...

  11. ISTISNA‘ FINANCING OF INFRASTRUCTURE PROJECTS

    OpenAIRE

    ZARQA, MUHAMMAD ANAS

    1997-01-01

    Projects that do not generate explicit income cannot be possibly financed on a profit-sharing basis. A suitable interest-free alternative method of financing is presented here, based on istisna‘ sale contract (commissioned or pre-ordered productio). Various aspects of using istisna‘ as a financing tool for infrastructural projects are discussed, including: (a) the illiquidity of the resulting financial claims and its implications, (b) suitability for financial intermediaries, and (c) the poss...

  12. Piketty’s Capital

    DEFF Research Database (Denmark)

    Larsen, Øjvind

    2016-01-01

    Piketty’s Capital in Twenty-First Century has posed a totally new platform for the discussion of the economy and capitalism. Piketty has reinvented the classical political economy founded by Adam Smith in his 1776 Wealth of Nations. Piketty has shown via massive historical research how growth...... and inequality have developed since 1793. Piketty’s conclusion is that the French Revolution did not change the existing inequality either in the medium or in the long term. Piketty’s prediction is that a new form of global capitalism will arise, patrimonial capitalism, in which inequality will develop further...

  13. Social Capital Database

    DEFF Research Database (Denmark)

    Paldam, Martin; Svendsen, Gert Tinggaard

    2005-01-01

      This report has two purposes: The first purpose is to present our 4-page question­naire, which measures social capital. It is close to the main definitions of social capital and contains the most successful measures from the literature. Also it is easy to apply as discussed. The second purpose...... is to present the social capital database we have collected for 21 countries using the question­naire. We do this by comparing the level of social capital in the countries covered. That is, the report compares the marginals from the 21 surveys....

  14. The capital structure of Polish small and medium-sized enterprises and its impact on their competitiveness

    OpenAIRE

    Robert Wolañski

    2013-01-01

    The article discusses the problem of the relationship between the capital structure and the level of competitiveness of SMEs in Poland. The objective of the article is to determine the impact capital structure has on the level of competitiveness of SMEs in Poland. The capital structure of SMEs is dominated by internal funds. Among external sources of financing, bank loans and leasing are predominant. This structure is consistent with the relevant theoretical models. The study shows no signifi...

  15. Net Capital Flows, Financial Integration, and International Reserve Holdings: The Recent Experience of Emerging Markets and Advanced Economies

    OpenAIRE

    Woon Gyu Choi; Sunil Sharma; Maria Strömqvist

    2009-01-01

    The paper examines the link between net capital flows and international reserves emphasizing the external financing of reserve accumulation in the context of increasing international financial integration. The paper finds that the effect of net capital flows on reserve accumulation has shifted from negative to positive for emerging markets but not for advanced countries. The empirical results suggest that in recent years emerging markets, with concerns about sudden stops in capital flows, hav...

  16. Efficiency, new equity capital enable systems to compete.

    Science.gov (United States)

    Brown, M; McCool, B P

    1985-01-01

    Because of limited cash, sponsors of some community and religious hospitals have sought to sell or lease their institutions to a not-for-profit (NFP) system or to a for-profit system. A number of national alliances address the capital formation problem of NFP institutions. Until now they have been almost exclusively concerned with acquiring less costly debt. Without new equity capital, market influence is difficult to obtain. Even well-managed voluntary systems face a serious threat from well-capitalized investor-owned systems. Increased competition among hospitals and physicians will force future advantages to those who have capital. It will also restrict funding of certain programs and services by voluntary enterprises. In anticipation of this, various forms of partnerships have developed with investor-owned systems. To regain the initiative as the premier sponsors of health care, religious and other voluntary systems must go beyond merely competing in their markets to acquiring weaker institutions. They also must revitalize private giving and excel in efficiency to offset threats from ambulatory, day-care operations and from high-technology hospitals. Structural changes in the industry can be predicted, including the following: The trend toward integration for production, financing, and marketing will continue. Public market equity capital will be increasingly used to finance medical practice. Hospitals that sell their equity values will establish service foundations. National alliances will continue, but strictly local systems will maintain operation. Investor-owned systems will move increasingly into high-technology tertiary care.

  17. 13 CFR 108.820 - Financings in the form of guarantees.

    Science.gov (United States)

    2010-01-01

    ... guarantees. 108.820 Section 108.820 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Financing of Small Businesses by NMVC Companies Structuring Nmvc Company.... You may not issue a guaranty if: (1) You would become subject to State regulation as an...

  18. The Quality of Hong Kong's Self-Financing Sub-Degree Education from an Economic Perspective

    Science.gov (United States)

    Chan, Chi Wai

    2012-01-01

    This paper examines the quality of Hong Kong's sub-degree level education provided by the self-financing institutes in terms of its impact on the earnings of workers, based on Hong Kong's 2006 by-census data. Education is an investment in human capital that enhances the productivity of workers and increases their lifetime incomes; and a more…

  19. Determinants of Funds Demand and Supply; Deepening Finance Access of Real Estate Investment in China

    Directory of Open Access Journals (Sweden)

    Lkhagvasuren Togtokhbuyan

    2012-11-01

    Full Text Available This huge gap between financing needs and the available financing capacity represents major constraints to growth opportunities in business financing, and accords with one of requirements strategy of stimulating real sector financing by mobilizing cheap long term saving. Real estate investment is a capital intensive venture and this implies that firms venturing into this sector need to have a strong capital structure to sustain development. There is high competition amongst the real developers in quest for funds from formal and informal sources to meet their financial needs. Many real Estate firms are experiencing a credit fix. In the recent move by the Peoples Bank of China to clamp down lending in the real estate sector; the People’s bank of China tightened monetary policy by raising interest rates which in effect lead to increased cost of capital. The central government has also encouraged banks to adopt slow lending to real estate projects. According to the People's Bank of China (PBOC, the increase in cumulative loans related to housing projects totaled ¥1.3 trillion ($198 billion in 2011, down 38 percent from 2010, and new loans to the property sector comprised 17.5 percent of total loans in 2011, down from 27 percent in 2010.The remaining prudent alternative is innovation for exploitation of other means of acquiring funds for real estate venture. Real estate investors need to deepen and broaden their options of financing their activities to avoid credit squeeze.

  20. Empirical techniques in finance

    CERN Document Server

    Bhar, Ramaprasad

    2005-01-01

    This book offers the opportunity to study and experience advanced empi- cal techniques in finance and in general financial economics. It is not only suitable for students with an interest in the field, it is also highly rec- mended for academic researchers as well as the researchers in the industry. The book focuses on the contemporary empirical techniques used in the analysis of financial markets and how these are implemented using actual market data. With an emphasis on Implementation, this book helps foc- ing on strategies for rigorously combing finance theory and modeling technology to extend extant considerations in the literature. The main aim of this book is to equip the readers with an array of tools and techniques that will allow them to explore financial market problems with a fresh perspective. In this sense it is not another volume in eco- metrics. Of course, the traditional econometric methods are still valid and important; the contents of this book will bring in other related modeling topics tha...