Download or read book Financing Patterns Around the World written by Thorsten Beck and published by World Bank Publications. This book was released on 2002 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a firm-level survey database covering 48 countries, Beck, Demirgüç-Kunt, and Maksimovic investigate whether differences in financial and legal development affect the way firms finance their investments. The results indicate that external financing of investments is not a function of institutions, although the form of external finance is. The authors identify two explanations for this. First, legal and financial institutions affect different types of external finance in offsetting ways. Second, firm size is an important determinant of whether firms can have access to different types of external finance. Larger firms with financing needs are more likely to use external finance compared with small firms. The results also indicate that these firms are more likely to use external finance in more developed financial systems, particularly debt and equity finance. The authors also find evidence consistent with the pecking order theory in financially developed countries, particularly for large firms. This paper--a product of Finance, Development Research Group--is part of a larger effort in the group to understand firms' access to financial services.
Download or read book Financing Patterns Around the World written by Asli Demirgüç-Kunt and published by . This book was released on 2016 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a firm-level survey database covering 48 countries, Beck, Demirguuml;ccedil;-Kunt, and Maksimovic investigate whether differences in financial and legal development affect the way firms finance their investments. The results indicate that external financing of investments is not a function of institutions, although the form of external finance is. The authors identify two explanations for this. First, legal and financial institutions affect different types of external finance in offsetting ways. Second, firm size is an important determinant of whether firms can have access to different types of external finance. Larger firms with financing needs are more likely to use external finance compared with small firms. The results also indicate that these firms are more likely to use external finance in more developed financial systems, particularly debt and equity finance. The authors also find evidence consistent with the pecking order theory in financially developed countries, particularly for large firms.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to understand firms' access to financial services.
Download or read book Enterprise Size Financing Patterns and Credit Constraints in Brazil written by Anjali Kumar and published by World Bank Publications. This book was released on 2005-01-01 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Enterprise Size, Financing Patterns, and Credit Constraints in Brazil' investigates the importance of firm size with respect to accessing credit. The principal findings are that size strongly affects access to credit compared to firm performance, and other factors, such as management education, location or the industrial sector to which the firm belongs. Additional findings are that the impact of size on access to credit is greater for longer term loans and that public financial institutions are more likely to lend to large firms. Finally, financial access constraints may have a less significant differential impact across firms of different sizes than other constraints, though cost of finance as a constraint is very important.
Download or read book Firm Financing in India written by Inessa Love and published by World Bank Publications. This book was released on 2005 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Using balance sheet information for nearly 6,000 firms between 1994-2003, Love and Martinez Peria investigate recent firm financing patterns in India. They document the overall use of debt and, in particular, the role of bank financing (short-term and long-term), trade credit, intra-business group borrowing, and foreign financing. The authors examine financing patterns over time and explore differences across firms by sector, age, ownership type, export orientation, and, in particular, size. In terms of trends, they find that while debt to asset ratios have been relatively stable, nominal debt growth has slowed down in recent years. At the same time, firms' repayment capacity, as measured by the interest coverage ratio, has exhibited a U-shaped pattern falling during 1997-99 and recovering in recent years. Throughout the period of study, bank financing as a share of total debt has increased, while borrowing from nonbank financial institutions fell sharply. In terms of differences across firms, the most robust finding is that debt levels increase with firm size. Smaller firms have especially less debt relative to larger firms if they are young (below 10 years since incorporation), if they are in the manufacturing sector, and if they are located in Southern India. Furthermore, while the ratio of debt to assets has been relatively stable for large firms, the authors observe a significant decline for smaller firms. Overall, the findings presented provide suggestive (but not definite) evidence of stronger credit constraints for smaller firms. This paper--a product of the Finance Team, Development Research Group--is part of a larger effort in the department to study access to finance"--Abstract.
Download or read book Financing Corporate Growth in the Developing World written by and published by World Bank Publications. This book was released on 1991 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a review of recent economic developments and current economic prospects. It presents a comparison of financing patterns in developed and developing countries, identifying similarities and differences across firms. Particular questions of interest are: How do corporations in developing countries finance growth? To what extent do these corporations resort to external finance? Does loan finance dominate other types of external finance? How different are financing patterns in developed and developing countries? As a second objective, the paper looks more closely at patterns within developing countries themselves. The questions of interest are: How similar are corporate capital structures in fast growing countries to those in more slowly growing countries? What is the relationship between firm size and corporate financial patterns? What is the relationship between corporate growth and corporate financing patterns? Do companies which grow faster retain a greater proportion of their profits? One issue of particular interest to IFC is whether capital structures and financial profiles of corporations supported by IFC in various developing countries are similar to those of other comparable companies.
Download or read book Myths of the West written by Colin P. Mayer and published by . This book was released on 1989 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banks finance firms, and firms finance projects. The main contribution of banks to economic development is the promotion of corporations, not the financing of projects.
Download or read book Enterprise Size Financing Patterns and Credit Constraints in Brazil written by Anjali Kumar and published by World Bank Publications. This book was released on 2005-01-01 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investigates the importance of firm size with respect to accessing credit. The principal findings are that size strongly affects access to credit compared to firm performance, and other factors, such as management education, location or the industrial sector to which the firm belongs. Additional findings are that the impact of size on access to credit is greater for longer term loans and that public financial institutions are more likely to lend to large firms. Finally, financial access constraints may have a less significant differential impact across firms of different sizes than other constraints, though cost of finance as a constraint is very important.
Download or read book Financial Entrepreneurship for Economic Growth in Emerging Nations written by Woldie, Atsede and published by IGI Global. This book was released on 2017-07-13 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Entrepreneurial endeavors are a pivotal driving force behind the modern business sector. These enterprises play a significant role in the development and sustainability of a nation’s economy. Financial Entrepreneurship for Economic Growth in Emerging Nations is an innovative reference source for the latest scholarly research on strategies and techniques for financing small and medium-sized enterprises in the context of developing nations. Including a range of pertinent topics such as microinsurance, risk management, and advertising, this book is ideal for managers, academics, professionals, graduate students, and practitioners interested in the dynamics of financial entrepreneurship.
Download or read book Fractal Approaches for Modeling Financial Assets and Predicting Crises written by Nekrasova, Inna and published by IGI Global. This book was released on 2018-02-09 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an ever-changing economy, market specialists strive to find new ways to evaluate the risks and potential reward of economic ventures. They start by assessing the importance of human reaction during the economic planning process and put together systems to measure financial markets and their longevity. Fractal Approaches for Modeling Financial Assets and Predicting Crises is a critical scholarly resource that examines the fractal structure and long-term memory of the financial markets in order to predict prices of financial assets and financial crises. Featuring coverage on a broad range of topics, such as computational process models, chaos theory, and game theory, this book is geared towards academicians, researchers, and students seeking current research on pricing and predicting financial crises.
Download or read book Asymmetric Information in Financial Markets written by Ricardo N. Bebczuk and published by Cambridge University Press. This book was released on 2003-08-21 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asymmetric information (the fact that borrowers have better information than their lenders) and its theoretical and practical evidence now forms part of the basic tool kit of every financial economist. It is a phenomenon that has major implications for a number of economic and financial issues ranging from both micro and macroeconomic level - corporate debt, investment and dividend policies, the depth and duration of business cycles, the rate of long term economic growth - to the origin of financial and international crises. Asymmetric Information in Financial Markets aims to explain this concept in an accessible way, without jargon and by reducing mathematical complexity. Using elementary algebra and statistics, graphs, and convincing real-world evidence, the author explores the foundations of the problems posed by asymmetries of information in a refreshingly accessible and intuitive way.
Download or read book How Finance Is Shaping the Economies of China Japan and Korea written by Hugh Patrick and published by Columbia University Press. This book was released on 2013-11-26 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume connects the evolving modern financial systems of China, Japan, and Korea to the development and growth of their economies through the first decade of the twenty-first century. It also identifies the commonalities among all three systems while accounting for their social, political, and institutional differences. Essays consider the reforms of the Chinese economy since 1978, the underwhelming performance of the Japanese economy since about 1990, and the growth of the Korean economy over the past three decades. These economies engaged in rapid catch-up growth processes and share similar economic structures. Yet while domestic forces have driven each country's financial trajectory, international short-term financial flows have presented opportunities and challenges for them all. The nature and role of the financial system in generating real economic growth, though nuanced and complex, is integral to these countries. The result is a fascinating spectrum of experiences with powerful takeaways.
Download or read book Ebook 180 Day Access to Accompany Financial Markets and Corporate Strategy European Edition 3e written by HILLIER, GRINBL and published by McGraw Hill. This book was released on 2023-01-26 with total page 807 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global pandemic restrictions, climate change, geopolitical tensions, and new artificial technologies have fundamentally impacted international financial markets and corporate strategy. Traditional finance theories have been questioned and their application to corporate decision-making has come under scrutiny like never before. The third edition of Financial Markets and Corporate Strategy provides students with comprehensive and engaging discussions on the strategic challenges facing companies and their financial decisions. Brought to life by real-world examples, international cases and insights from recent research, it guides students through the challenges of studying and practising finance from both an academic and practical viewpoint. Key Features: · Fully updated research of the most important topics, data and examples in every chapter. · Coverage of the impact of climate change, Brexit, the economic growth of China, and new financial technologies · A stronger emphasis on sustainability, ethics, and corporate governance. · Updates on accounting standards, bankruptcy laws, tax rules and tax systems. David Hillier is Professor of Finance, Executive Dean of Strathclyde Business School, and Associate Principal of the University of Strathclyde. Mark Grinblatt is the J. Clayburn LaForce Professor of Finance at the UCLA Anderson School of Management Sheridan Titman is Professor of Finance at the McCombs School of Business.
Download or read book The Design of Micro Credit Contracts and Micro Enterprise Finance in Uganda written by Winifred Tarinyeba-Kiryabwire and published by African Books Collective. This book was released on 2010-12-29 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies have shown that the negative effects of credit market inefficiencies are most felt by smaller firms. Therefore, in countries such as Uganda, where micro enterprises are at the bottom of the economic pyramid, moral hazard and adverse selection severely affect their ability to access formal credit hence limiting their growth potential. Microfinance has been heralded for its use of innovative lending methods to improve access to credit. The last decade has witnessed an unprecedented increase in the outreach of micro lending institutions and the development of financial products suited to the needs of the economically active poor, who often, are unable to obtain credit from mainstream financial institutions. This book analyzes the law and economics theories on access to credit and enterprise finance and based on case studies in Uganda, presents empirical findings of the promise and limits of contractual innovations in micro credit.
Download or read book Firm Financing in India written by Maria Soledad Martinez Peria and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using balance sheet information for nearly 6,000 firms between 1994-2003, this study investigates recent firm financing patterns in India. The paper documents the overall use of debt and, in particular, the role of bank financing (short-term and long-term), trade credit, intrabusiness group borrowing and foreign financing. The study examines financing patterns over time and explores differences across firms by sector, age, ownership type, export orientation, and, in particular, size. In terms of trends, we find that while debt to asset ratios have been relatively stable, nominal debt growth has slowed down in recent years. At the same time, firms' repayment capacity, as measured by the interest coverage ratio has exhibited a U-shaped pattern falling during 1997-99 and recovering in recent years. Throughout the period of study, bank financing as a share of total debt has increased, while borrowing from non-bank financial institutions fell sharply. In terms of differences across firms, the most robust finding is that debt levels increase with firm size. Smaller firms have especially less debt relative to larger firms if they are young (below 10 years since incorporation), if they are in the manufacturing sector, and if they are located in Southern India. Furthermore, while the ratio of debt to assets has been relatively stable for large firms, we observe a significant decline for smaller firms. Overall, the findings presented in the paper provide suggestive (but not definite) evidence of stronger credit constraints for smaller firms.
Download or read book A More Complete Conceptual Framework for Financing of Small and Medium Enterprises written by Allen N. Berger and published by World Bank Publications. This book was released on 2005 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors propose a more complete conceptual framework for analysis of credit availability for small and medium enterprises (SMEs). In this framework, lending technologies are the key conduit through which government policies and national financial structures affect credit availability. They emphasize a causal chain from policy to financial structures which affect the feasibility and profitability of different lending technologies. These technologies, in turn, have important effects on SME credit availability. Financial structures include the presence of different financial institution types and the conditions under which they operate. Lending technologies include several transactions technologies, plus relationship lending. The authors argue that the framework implicit in most of the literature is oversimplified, neglects key elements of the chain, and often yields misleading conclusions. A common oversimplification is the treatment of transactions technologies as a homogeneous group, unsuitable for serving informationally opaque SMEs, and a frequent misleading conclusion is that large institutions are disadvantaged in lending to opaque SMEs.
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 OECD Economic Surveys Indonesia 2012 written by OECD and published by OECD Publishing. This book was released on 2012-09-27 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: OECD's 2012 survey of Indonesia's economy examines recent economic developments, policy and prospects. Special chapters take a more detailed look at taxation and small and medium enterprise development.
