Download or read book Finance for SMEs European Regulation and Capital Markets Union written by Patrizio Messina and published by Kluwer Law International B.V.. This book was released on 2019-06-19 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the European Commission’s announcement of the Capital Markets Union in 2016, a major step was at last taken to provide for the special needs of small and medium enterprises (SMEs). This book presents the first in-depth legal analysis of the challenges that SMEs have to face when managing their balance sheets and trying to attract investors, what alternative financing tools are most effective and how recent legislation reaches fair and convenient conditions for SMEs. The analysis focuses specifically on the Capital Markets Union structure and on other European initiatives that support and enhance SMEs’ raising money on capital markets in order to better diversify their investments and plan a growth and development strategy. An updated description of the European framework is provided, together with references to relevant national systems. Issues and topics covered include the following: need for long-lasting access to funds; securitization for SMEs; SME Z-score; crowdfunding; and peer-to-peer, minibond and accounts receivables financing. Case study analyses furnish a deep understanding of the financial structures and their main features. Appendices include English texts of the main European Union (EU) legal documents pertaining to SMEs. For SMEs discouraged by over-regulation designed for larger businesses, and who find themselves in difficulties when they have to face the required process, this book will prove to be of immeasurable practical value. This book represents one of the first publications on SMEs and finance and contains data and information resulting from a deep and well-focused research on the topic. The added value of this study will allow the academics to understand the main issues related to this topic and will provide for a steady basis for further research and analysis with regards to law and economics for SMEs. Furthermore, it will be also warmly welcomed by practitioners in the area of SME financing and will be useful to support them in the selection of the most appropriate tools for their clients. Banks and interested EU officials will also value its clear and straightforward approach to the subject.

Download or read book New Models of Financing and Financial Reporting for European SMEs written by Eva Kaili and published by Springer. This book was released on 2019-02-28 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the 23 million registered Small and Medium Enterprises (SMEs) that make up 98 per cent of the EU economy. Addressing the high end of SMEs in terms of new models for SME funding and financial reporting, this merged way of looking at SMEs reveals a ‘myopic’ thinking in terms of net present value and (future) cash flows generating short-termism and low risk appetite for business. This is not an accounting issue, but rather a preference toward certain financial tools. A segment of SMEs, the ones that seek new ways of funding possibilities, as well as modern technologies (MTFs listing, blockchain, ICOs, etc.) do require, even without knowing, IFRS for SMEs. This book reveals how market conditions impact the financial performance and sustainability of SMEs and also generate innovative policy interventions and financing strategies for SME integrity and efficiency. The authors frame their arguments in the context of the Capital Markets Union, looking at the Innovation Triangle, SME growth ecosystem and business models. They conclude by advocating for closing the circle of financing and financial reporting for SMEs, while considering if new financial models of financing and financial reporting are good for all the SMEs or only for some. The economy is being shaped by new models of financing and financial reporting. Read this practitioners’ view to understand the current changes and challenges.

Download or read book The European Capital Markets Union written by Andreas Dombret and published by Walter de Gruyter GmbH & Co KG. This book was released on 2015-07-31 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: In March 2015, the Institute for Law and Finance in Frankfurt am Main held a full-day symposium which brought together leading representatives of the public and private sectors to deliver the first high level response to the questions posed by the Commission’s Green Paper on Building a Capital Markets Union. These responses are collected in this volume.

Download or read book A Capital Market Union for Europe written by Mr.Ashok Vir Bhatia and published by International Monetary Fund. This book was released on 2019-09-10 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively small, resulting in strong bank-dependence, and are split sharply along national lines. Results include an uneven playing field in terms of corporate funding costs, the rationing out of collateral-constrained firms, and limited shock absorption. The benefits of integration center on expanding financial choice, ultimately to support capital formation and resilience. Capital market development and integration would support a healthy diversity in European finance. Proceeding methodically, the note identifies three key barriers to greater capital market integration in Europe: transparency, regulatory quality, and insolvency practices. Based on these findings, the note urges three policy priorities, focused on the three barriers. There is no roadblock—such steps should prove feasible without a new grand bargain.

Download or read book Capital Markets Union and Beyond written by Franklin Allen and published by MIT Press. This book was released on 2024-03-12 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts from economics, finance, law, policy, and banking discuss the design and implementation of a future capital market union in Europe. The plan for further development of Europe's economic and monetary union foresees the creation of a capital market union (CMU)—a single market for capital in the entire Eurozone. The need for citizens and firms of all European countries to have access to funding, together with the pressure to improve the efficiency and risk-sharing opportunities of the financial system in general, put the CMU among the top priorities on the Eurozone's agenda. In this volume, leading academics in economics, finance, and law, along with policy makers and practitioners, discuss the design and implementation of a future CMU. Contributors describe the key design challenges of the CMU; specific opportunities and obstacles for reaching the CMU's goals of increasing the economic well-being of households and the profitability and viability of firms; the role that markets—from the latest fintech developments to traditional equity markets—can play in the future success of CMU; and the institutional framework needed for CMU in the aftermath of the global recession. Contributors Sumit Agarwal, Franklin Allen, Valentina Allotti, Gene Amromin, John Armour, Geert Bekaert, Itzhak Ben-David, Marcello Bianchi, Lorenzo Bini-Smaghi, Claudio Borio, Franziska Bremus, Marina Brogi, Claudia M. Buch, Giacomo Calzolari, Souphala Chomsisengphet, Luca Enriques, Douglas D. Evanoff, Ester Faia, Eilis Ferran, Jeffrey N. Gordon, Michael Haliassos, Campbell R. Harvey, Kathryn Judge, Suzanne Kalss, Valentina Lagasio, Katya Langenbucher, Christian T. Lundblad, Massimo Marchesi, Alexander Michaelides, Stefano Micossi, Emanuel Moench, Mario Nava, Giorgio Barba Navaretti, Giovanna Nicodano, Gianmarco Ottaviano, Marco Pagano, Monica Paiella, Lubos Pastor, Alain Pietrancosta, Richard Portes, Alberto Franco Pozzolo, Stephan Siegel, Wolfe-Georg Ringe, Diego Valiante

Download or read book The European Capital Markets Union A Systematic Literature Review written by Luca Dominikat and published by GRIN Verlag. This book was released on 2023-05-16 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2020 in the subject Business economics - Investment and Finance, grade: 1.3, Hamburg University of Applied Sciences, language: English, abstract: This systematic literature review (SLR) aims to explore the perception of the establishment of the European Capital Markets Union (CMU) in literature. After the Global Financial Crisis (GFC) and the Euro debt crisis lead to a recession, the task of the CMU is to stimulate the European economy, strengthen European financial integration while presenting the EU as a competitive counterpart to other global financial markets. Being part of the financial markets, Capital Markets (CMs) play an important role for financial market-oriented economies. Therefore, this paper will discuss what benefits the CMU can offer in particular for small and medium sized companies (SMEs) in terms of diversifying their funding sources in other words an increase of market-based financing.

Download or read book Emerging Europe and the Capital Markets Union written by Alexander Lehmann and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: • The European Union's capital markets union (CMU) plan is in urgent need of a revamp. Because of Brexit, EU capital markets and supervision need to become more integrated. The ongoing deep recession increases the need for equity finance mobilised by capital markets. • The eleven EU countries in central and south-eastern Europe which joined the EU in 2004 and after (EU11) are particularly affected by the ongoing consolidation of exchanges, which has diminished liquidity in smaller markets and in the traded securities of mid-sized companies. • Corporate funding remains even more bank-dependent in the EU11 than in the rest of the EU. Equity capital, whether in the form of listed shares or directly supplied by investment funds, is particularly underdeveloped. Even though the sustained and superior growth record in the region compared to the rest of the EU should be a magnet for investors, cross-border exposure to traded equity in the region remains very limited. • To gain broader acceptance in all EU countries, CMU will need to support more forcefully funding for small and medium enterprises (SMEs), and foster market integration throughout the single market, including outside the euro area. • The immediate priorities for the EU should be to revise market regulation and facilitate capital market access by smaller firms. Lighter standards in dedicated SME markets should be widened for newly-listed companies, but should not be available to more mature listed companies. In this way, high standards of transparency and integrity, which have been bolstered by post-financial crisis regulation, will be preserved. • The EU11 countries need to embrace corporate governance rules and greater transparency of company financial data, which would facilitate equity finance. They must also attract investors who will seek disclosure of environmental, social and governance performance of issuers. Much could be done to foster liquidity on national exchanges, including by embracing the inevitable further consolidation of exchanges and other infrastructure.

Download or read book Financial Markets SME Financing and Emerging Economies written by Giusy Chesini and published by Springer. This book was released on 2017-10-11 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates small and medium sized enterprises (SMEs) access to credit, the earning quality, and the cost of debt in the European Union. It also examines two important risk measures in financial markets: the volatility index (VIX) and Credit Default Swaps (CDS). Finally, it deep dives inside one of the most important emerging markets, China, to assess monetary policy and the relationship between financial institutions and real estate firms. This work will appeal to both academics and practitioners in the areas of SME financing, financial markets and emerging economies.

Download or read book Financial Regulation in the EU written by Raphaël Douady and published by Springer. This book was released on 2017-08-29 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • A review of the recent regulatory changes from a legal and economic perspective • Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • How to improve securitization and new instruments under MIFID II • Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • How long term funding can be supplied in lieu of the non-conventional monetary policies • A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.

Download or read book Market Building and the Capital Markets Union written by Pierre Schammo and published by . This book was released on 2017 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Capital Markets Union (CMU) is one of the flagship policy initiatives of the Juncker Commission. The Commission's strategy for realizing a CMU is set out in its White Paper on building a CMU. Besides describing the Commission's vision of a CMU, the white paper includes an action plan which details the measures that are needed to build a CMU. The aim of this article is to consider the Commission's measures in one particular area of the action plan. Specifically, this article examines the Commission's strategy for overcoming information barriers to SME investment. By acting in this area, the Commission's objective is to facilitate access to finance, but also to diversify sources of funding for SMEs, which are traditionally heavily dependent on bank-based finance. This article evaluates the Commission's strategy and its prospects of success. After assessing the relevant policy measures, it will argue for a paradigm shift which is based on three pillars: a greater emphasis on market building measures; a greater emphasis on information sharing duties as one mechanism that can help to address information barriers; and a market correcting strategy to dovetail greater market building.

Download or read book The Restructuring of Banks and Financial Systems in the Euro Area and the Financing of SMEs written by F. Calciano and published by Springer. This book was released on 2015-05-26 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007-2009 financial crisis has had a worldwide impact on banks and financial systems. It has also brought about major changes in Europe's financial regulatory framework which could lead to financing problems for SMEs. The book explores the restructuring process of banking and financial systems to its impact on the financing of SMEs.

Download or read book EU Capital Markets Union an Alluring Opportunity Or a Blind Alley written by Hans-Helmut Kotz and published by . This book was released on 2017-11-02 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Comparison of Small and Medium Sized Enterprises in Europe and in the USA written by Solomon Karmel and published by Routledge. This book was released on 2002-03-21 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developed from a study commissioned by the European Capital Markets Institute, this book examines the impact of private equity and capital markets on the development of small and medium sized enterprises (SMEs) in the United States and the European Union. It also seeks to understand the nature of institutional policy towards SMEs and the extent to

Download or read book Contemporary Developments in Entrepreneurial Finance written by Alexandra Moritz and published by Springer Nature. This book was released on 2019-08-22 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: More extensive regulations, new technologies, and new means of communication have significantly changed the financing landscape for startups and small to medium-sized companies (SMEs). This volume provides a contemporary research-based overview of the latest trends in entrepreneurial finance and outlines expected future developments. Starting with the status quo in market regulations and the financing structure of SMEs, it addresses a broad range of new financing alternatives for innovative startups (e.g. business angel financing, venture capital and corporate venture capital), as well as recent social phenomena (e.g. crowdfunding and initial coin offerings (ICOs)). Incorporating qualitative, quantitative and mixed analytical methods, the book contributes to a better understanding of the financing world by reflecting both the researcher’s and the practitioner’s perspective.

Download or read book SME Financing in the EU written by and published by . This book was released on 2016 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Digitalisation Sustainability and the Banking and Capital Markets Union written by Lukas Böffel and published by Springer Nature. This book was released on 2022-12-30 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers three topics that have dominated financial market regulation and supervision debates: digital finance, sustainable finance, and the Banking and Capital Markets Union. Within the first part, seven chapters will tackle specific questions arising in digital finance, including but not limited to artificial intelligence, tokenisation, and international regulatory cooperation in digital financial services. The second part addresses one of humanity’s most pressing issues today: the climate crisis. The quest for sustainable finance is driven by political actors and a common understanding that climate change is a severe threat. As financial institutions are a cornerstone of human interaction, they are in the regulatory spotlight. The chapters explore sustainability in EU banking and insurance regulation, the interrelationship between systemic risk and sustainability, and the ‘greening’ of EU monetary policy. The third part analyses two projects that have led to huge structural changes in the European financial market architecture over the last decade: the European Banking Union and Capital Markets Union. This transformation has raised numerous legal questions that can only gradually be answered in all their intricacies. In four chapters, this book examines composite procedures, property rights of depositors in banking resolution, preemptive financing arrangements and the phenomenon of subsidiarisation in the context of Brexit. Of interest to academics, policymakers, practitioners, and students in the field of EU financial regulation, banking law, securities law, and regulatory law, this book offers a compilation of analyses on pressing banking and capital markets law problems.

Download or read book Capital Markets Union and Small and Medium Sized Enterprises SMEs written by Pierre Schammo and published by . This book was released on 2016 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Capital Markets Union is the European Commission's latest policy initiative in the capital markets field. It is a project in the making. Much of it remains to be spelled out and fleshed out. However, the first elements of a future CMU are slowly beginning to emerge. The aim of this paper is to discuss these elements and to offer a first assessment. In particular, this paper aims to discuss the relationship between the CMU and one of its key objectives which has proved elusive in the past: that is, of facilitating access to finance for SMEs. In this process, the paper offers a number of suggestions on how to make progress on this crucial issue. Among other things, it advocates a form of supply side driven matchmaking as a means to improve information issues affecting SMEs in the SME funding market.