Download or read book Three Essays on Finance and Entrepreneurship in the Developing World written by Scott Burns and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Entrepreneurial Finance written by Jialong Li and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that explore different areas within the framework of entrepreneurial finance. In my first essay, I investigate the relation between corporate financial distress and earnings management in politically-affiliated private firms in China. I further examine the joint moderating effects of political affiliation and regional development on this relation. The findings suggest that financially-distressed firms engage more in reporting small positive earnings relative to financially-healthy firms. In addition, political affiliation weakens the association between financial distress and small positive earnings management. In the second essay, I intend to shed light on social performance of microfinance institutions (MFIs) with respect to gender equality in MFIs' outreach and promotion of entrepreneurship. Rooted in the principles of homophily and risk aversion, I pinpoint a novel topic which is the association between female leadership in MFIs and their services targeting women clients, and find that when more women serve as managers, board members, and/or loan officers in MFIs, the MFIs increase their outreach to women due to gender affinity. Applying the institutional theory, I also analyze the relationship between MFI's outreach to female borrowers and entrepreneurship in an international setting, and highlight the moderating role played by legal environment in this relationship. Findings indicate that in countries with stronger legal environment, women are more inclined to enter entrepreneurship. In my last essay, I turn to look at family firm, which is perceived to behave quite differently compared with non-family firm. From socioemotional wealth preservation and board experience perspectives, I compile a sample of family-owned and -managed firms on the Standard and Poor's (S&P) 500 Index and examine the effect of family involvement on firm internationalization. The results show that the presence of a family member chairing the board impedes internationalization, but that this negative effect is reduced when board members are highly experienced. I also find that the involvement of multiple generations in the business contributes to the firm's internationalization, and that this effect is more pronounced when firms internationalize to geographically distant rather than closer regions. The contributions and implications of this study are also discussed.
Download or read book Three Essays in Finance and Development written by Sanket Mohapatra and published by . This book was released on 2006 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Theory of Money and Financial Institutions written by Martin Shubik and published by MIT Press. This book was released on 1999 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
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 322 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 Three Essays on Financial Inclusion and Entrepreneurship written by Jonathan Fu and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in International Finance written by Byong-Ju Lee and published by Stanford University. This book was released on 2011 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Download or read book Three Essays on Firms and Institutions in Developing Countries written by Lorenzo Lagos and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Financial Liberalization Country Risk and Low Growth Traps in Argentina Mexico and Turkey written by Firat Demir and published by . This book was released on 2005 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Financial Development in Emerging Markets written by Katharina Diekmann and published by . This book was released on 2013 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The First World the Third World written by Karl Brunner and published by Center for Research in Government Policy and Business Gradua. This book was released on 1978 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Development Economics and Finance written by Rita Maria Ramalho and published by . This book was released on 2003 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is a collection of three essays on development economics and finance. The first chapter studies the 1992 presidential impeachment in Brazil to evaluate the impact of an anti-corruption drive on politically connected companies. I identify two types of firms: companies owned by friends and relatives of the impeached president ('family-connected') and firms proven to be connected to him in a parliamentary investigation ('other-connected'). Using an event study procedure, I establish that family-connected firms have on average negative daily abnormal returns of 2 to 9 percentage points when damaging information about the president is released. However, the 'other-connected' companies do not experience a decline in their stock market valuation during the impeachment. Furthermore, the stock market decline experienced by 'family connected' companies was reversed entirely within a year. The impeachment had limited success in reducing corruption. The second chapter evaluates the effects on multinational firms of the OECD "Convention on Combating Bribery of Foreign Public Officials in International Business Transactions". I compare the balance sheet performance of foreign companies in 24 developing host countries whose source countries have implemented the convention with the performance of firms whose source countries have not yet implemented it. I find that the OECD convention had a negative impact on profit and sales growth of multinational companies. This effect is amplified in countries with less efficient bureaucracies. In economies where bribery is more valuable to firms, the OECD convention has a larger negative impact on multinational firms. The third chapter studies in detail the distribution of one type of financial market participant: mutual funds. The essay documents that their size follows a regularity observed in several other area of economics, Zipf's law: the number of funds with size greater than x is proportional to 1/x. This chapter extends previous theories of random growth to explain why this is the case: Zipf's law arises when mutual funds grow at the highest speed allowed by constraints in the system, something we call a "maximum growth principle." We investigate empirically the key features of the theory, and show that they are validated by the data
Download or read book Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics written by Jan Toporowski and published by Anthem Press. This book was released on 2010-12 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.
Download or read book Three Essays in Business Cycles and Finance written by Gabriel Perez-Quiros and published by . This book was released on 1996 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in International Finance written by Byong-Ju Lee and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Download or read book Trust written by Tarun Khanna and published by Berrett-Koehler Publishers. This book was released on 2018-08-14 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Harvard Business School professor and international entrepreneur explains the crucial ingredient for success in the developing world. Entrepreneurial ventures often fail in the developing world because of the lack of something taken for granted in the developed world: trust. Over centuries the developed world has built up customs and institutions like enforceable contracts, an impartial legal system, credible regulatory bodies, even unofficial but respected sources of information like Yelp or Consumer Reports that have created a high level of what scholar and entrepreneur Tarun Khanna calls “ambient trust.” If a product is FDA-approved we feel confident it’s safe. If someone makes an untrue claim or breaks an agreement we can sue. Police don’t demand bribes to do their jobs. Certainly there are exceptions, but when brought to light they provoke a scandal, not a shrug. This is not the case in the developing world. But rather than become casualties of mistrust, Khanna shows that smart entrepreneurs adopt the mindset that, like it or not, it’s up to them to weave their own independent web of trust—with their employees, partners, clients, and customers—and with society as a whole. This can requires innovative approaches in places where the level of societal mistrust is so high that, as in one example Khanna provides, an official certification of quality simply arouses suspicion—and lowers sales! Using vivid examples from Brazil, China, India, Mexico and elsewhere, Khanna shows how entrepreneurs can build on existing customs and practices instead of trying to push against them. He highlights the role new technologies can play (but cautions that these are not panaceas), and explains how entrepreneurs can find dependable partners in national and local governments to create impact at scale
Download or read book Three Essays from French Polynesia written by Bernard Poirine and published by . This book was released on 1993 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
