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Author : Philip Vermeulen
Publisher :
ISBN 13 :
Total Pages : 162 pages
Book Rating : 4.F/5 ( download)
Download or read book Financing Constraints and Fixed Investment written by Philip Vermeulen and published by . This book was released on 1999 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ann E. Harrison
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4./5 ( download)
Download or read book Global Capital Flows and Financing Constraints written by Ann E. Harrison and published by World Bank Publications. This book was released on 2002 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms often cite financing constraints as one of their primary obstacles to investment. Global capital flows, by bringing in scarce capital, may ease host-country firms' financing constraints. However, if incoming foreign investors borrow heavily from domestic basnks, direct foreign investment (DFI) may exacerbate financing constraints by crowding host country firms out of domestic capital markets. Combininb a unique cross-country firm-level panel with time-series data on restrictions on international transactions and capital flows, we find that different measures of global flows are associated with a reduction in firm-level financing constraints. First, we show that one type of capital inflow--DFI--is associated with a reduction in financing constraints. Second, we test whether restrictions on international transactions affect firms' financing constraints. Our results suggest that only one type of restriction--those on capital account transactions--negatively affect firms' financing constraints. We also show that multinational firms are not financially constrained and do not appear to be sensitive to the level of DFI. This implies that DFI eases financing constraints for non-multinational firms. Finally, we show that DFI only eases financing constraints in the non-G7 countries.
Author : Vojislav Maksimovi?, Asl? Demirgüç-Kunt
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4./5 ( download)
Download or read book Financial Constraints, Uses of Funds and Firm Growth: and International Comparison written by Vojislav Maksimovi?, Asl? Demirgüç-Kunt and published by World Bank Publications. This book was released on 1999 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: October 1996 The findings suggest that across very different financial systems, financial markets and intermediaries have a comparative advantage in funding short-term investment. An active, though not necessarily large, stock market and high scores on an index of respect for legal norms are associated with faster than predicted rates of firm growth. Government subsidies to industry do not increase the proportion of firms growing faster than predicted. Demirgüç-Kunt and Maksimovic focus on two issues. First, they examine whether firms in different countries finance long-term and short-term investment similarly. Second, they investigate whether differences in financial systems and legal institutions across countries are reflected in the ability of firms to grow faster than they might have by relying on their internal resources or short-term borrowing. Across their sample, they find: * Positive correlations between investment in plant and equipment and retained earnings. * Negative correlations between investment in plant and equipment and external financing. * Negative correlations between investment in short-term assets and retained earnings. * Positive correlations between investment in short-term assets and external financing. These findings suggest that across very different financial systems, financial markets and intermediaries have a comparative advantage in funding short-term investment. For each firm in their sample, they estimate a predicted rate at which it can grow if it does not rely on long-term external financing. They show that the proportion of firms that grow faster than the predicted rate in each country is associated with specific features of the legal system, financial markets, and institutions. An active, though not necessarily large, stock market and high scores on an index of respect for legal norms are associated with faster than predicted rates of firm growth. They present evidence that the law-and-order index measures the ability of creditors and debtors to enter into long-term contracts. Government subsidies to industry do not increase the proportion of firms growing faster than predicted. This paper - a product of the Finance and Private Sector Development Division, Policy Research Department - is part of a larger effort in the department to understand the impact of financial constraints on firm growth.
Author : Sophia Chen
Publisher : International Monetary Fund
ISBN 13 : 1484393740
Total Pages : 38 pages
Book Rating : 4.4/5 (843 download)
Download or read book Financial Constraints, Intangible Assets, and Firm Dynamics written by Sophia Chen and published by International Monetary Fund. This book was released on 2014-05-14 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: I study whether firms' reliance on intangible assets is an important determinant of financing constraints. I construct new measures of firm-level physical and intangible assets using accounting information on U.S. public firms. I find that firms with a higher share of intangible assets in total assets start smaller, grow faster, and have higher Tobin’s q. Asset tangibility predicts firm dynamics and Tobin’s q up to 30 years but has diminishing predicative power. I develop a model of endogenous financial constraints in which firm size and value are limited by the enforceability of financial contracts. Asset tangibility matters because physical and intangible assets differ in their residual value when the contract is repudiated. This mechanism is qualitatively important to explain stylized facts of firm dynamics and Tobin’s q.
Author : Aslı Demirgüç-Kunt
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (318 download)
Download or read book Financial Constraints, Uses of Funds, and Firm Growth written by Aslı Demirgüç-Kunt and published by . This book was released on 1996 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lech Kurowski
Publisher : John Wiley & Sons
ISBN 13 : 1118015150
Total Pages : 480 pages
Book Rating : 4.1/5 (18 download)
Download or read book Investment Project Design written by Lech Kurowski and published by John Wiley & Sons. This book was released on 2011-03-01 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: Make more informed project investment decisions by knowing what issues to examine in the planning process and how to analyze their impacts Poor or insufficient planning is primarily responsible for the inordinate number of idle and rusting capital facilities around the world, with investment decisions often made on the basis of either intuition or inadequate analysis. Investment Project Design: A Guide to Financial and Economic Analysis with Constraints alerts potential investors and other stakeholders to precipitous changes in the investment milieu as a result of constraints on resources and infrastructure, economic and political turmoil, and population growth. The guide Includes descriptions of specific methods of financial and economic analysis for new investments and for expansion of an existing enterprise Covers project risk assessment, mitigation and avoidance Provides real-life case studies, adapted for presentation, and addresses the design of projects large and small, as well as those in both private and public sectors Features spreadsheet layouts and computations Investment Project Design is the ultimate resource in the methods of designing and appraising investment projects
Author : Mr.R. Gelos
Publisher : International Monetary Fund
ISBN 13 : 1451844247
Total Pages : 42 pages
Book Rating : 4.4/5 (518 download)
Download or read book Financial Liberalization, Credit Constraints, and Collateral written by Mr.R. Gelos and published by International Monetary Fund. This book was released on 1999-03-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of financial liberalization on fixed investment in Mexico, using establishment-level data from the manufacturing sector. It analyzes changes in cash-flow sensitivities and uses an innovative approach to explore the role of real estate as collateral and deal with a potential censoring problem. The results suggest that financial constraints were eased for small firms but not for large ones. However, banks’ reliance on collateral in their lending operations increased the importance of real estate. The results provide microeconomic evidence consistent with the role attributed to “financial accelerator” mechanisms during lending booms and during recessions that stem from financial crises.
Author : Steven M. Fazzari
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (86 download)
Download or read book Financing constraints and corporate investment : response to Kaplan and Zingales written by Steven M. Fazzari and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Omotunde E. G. Johnson
Publisher : International Monetary Fund
ISBN 13 : 1451939167
Total Pages : 31 pages
Book Rating : 4.4/5 (519 download)
Download or read book Financial Market Constraints and Private Investment in a Developing Country written by Mr.Omotunde E. G. Johnson and published by International Monetary Fund. This book was released on 1990-12-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms in developing countries that seek outside financing for investment must often choose their debt-equity combinations in the face of financial market constraints on debt service, on outside equity financing, and on internal finance (endowments). Inefficiencies in the allocation of available finance and in the equity-debt choices that can ensue can be prevented by appropriate policy measures to improve information on profitable investment opportunities and about firms; to directly strengthen financial intermediation; and to support appropriate credit guarantee schemes.
Author : Inessa Love
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4./5 ( download)
Download or read book Financial Development and Dynamic Investment Behavior written by Inessa Love and published by World Bank Publications. This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors apply vector autoregression to firm-level panel data from 36 countries to study the dynamic relationship between firms' financial conditions and investment. They argue that by using orthogonalized impulse-response functions they are able to separate the "fundamental factors" (such as marginal profitability of investment) from the "financial factors" (such as availability of internal finance) that influence the level of investment. The authors find that the impact of the financial factors on investment, which they interpret as evidence of financing constraints, is significantly larger in countries with less developed financial systems. The finding emphasizes the role of financial development in improving capital allocation and growth.
Author : Jean Tirole
Publisher : Princeton University Press
ISBN 13 : 1400830222
Total Pages : 657 pages
Book Rating : 4.4/5 (8 download)
Download or read book The Theory of Corporate Finance written by Jean Tirole and published by Princeton University Press. This book was released on 2010-08-26 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.
Author : United States. Federal Trade Commission
Publisher :
ISBN 13 :
Total Pages : 558 pages
Book Rating : 4.3/5 (91 download)
Download or read book Quarterly Financial Report for Manufacturing Corporations written by United States. Federal Trade Commission and published by . This book was released on 1959 with total page 558 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eric M. Leeper
Publisher : International Monetary Fund
ISBN 13 : 1475558244
Total Pages : 65 pages
Book Rating : 4.4/5 (755 download)
Download or read book Fiscal Foresight and Information Flows written by Eric M. Leeper and published by International Monetary Fund. This book was released on 2012-06-01 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: News - or foresight - about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the structural shocks to which economic agents react. Using tax policies as a leading example of foresight, simple theory makes transparent the economic behavior and information structures that generate non-fundamental equilibria. Econometric analyses that fail to model foresight will obtain biased estimates of output multipliers for taxes; biases are quantitatively important when two canonical theoretical models are taken as data generating processes. Both the nature of equilibria and the inferences about the effects of anticipated tax changes hinge critically on hypothesized information flows. Different methods for extracting or hypothesizing the information flows are discussed and shown to be alternative techniques for resolving a non-uniqueness problem endemic to moving average representations.
Author : Takeo Hoshi
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (318 download)
Download or read book Corporate Structure, Liquidity, and Investment written by Takeo Hoshi and published by . This book was released on 1988 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Giorgio Brunello
Publisher : OUP Oxford
ISBN 13 : 0191526258
Total Pages : 388 pages
Book Rating : 4.1/5 (915 download)
Download or read book Education and Training in Europe written by Giorgio Brunello and published by OUP Oxford. This book was released on 2007-05-17 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: While Europe is certainly one of the richest and most educated areas of the world, some of the challenges faced by the old continent are staggering: low economic growth, structural difficulties in the labour market, and increasing international competition. Politicians and policymakers may advocate different means of overcoming the potential economic decline of Europe, but most agree that Europe needs to strengthen human capital, its ultimate competitive advantage in the world economy. This book looks at the accumulation of human capital from two perspectives, first through formal education and then professional training. It provides a useful summary of the key characteristics of education and training in Europe and also asks key questions about the fundamental problems with the current educational and training systems. More importantly, the book goes on to discuss which policies are necessary to make existing education and training systems more efficient, while also making higher skills available to a wider range of people.
Author : Kose John
Publisher : Emerald Group Publishing
ISBN 13 : 0857249150
Total Pages : 210 pages
Book Rating : 4.8/5 (572 download)
Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2011-03-31 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.
Author : John Edward Stuart Brown
Publisher :
ISBN 13 :
Total Pages : 282 pages
Book Rating : 4.:/5 (595 download)
Download or read book The impact of financing constraints on investment written by John Edward Stuart Brown and published by . This book was released on 1999 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt:
