Essays In Financial Innovation And Development

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Essays in Financial Innovation and Development

Author : Stacy Lynn Carlson
Publisher :
ISBN 13 :
Total Pages : 228 pages
Book Rating : 4.:/5 (11 download)

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Book Synopsis Essays in Financial Innovation and Development by : Stacy Lynn Carlson

Download or read book Essays in Financial Innovation and Development written by Stacy Lynn Carlson and published by . This book was released on 2018 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I use rich individual- and household-level data to explore the impact of different forms of financial innovation on development outcomes in Africa. Chapters 1 and 2 utilize data from a digital lender that provides credit over mobile phones. Chapter 1 presents novel evidence on the magnitude of consumer liquidity constraints and the relative importance of the various forms of asymmetric information that may contribute to them. I find that borrowers almost always take out the maximum credit line available to them, consistent with short-term liquidity constraints. I then use quasi-experimental variation in credit policies across individuals and time to estimate the relative magnitude of selection and incentive effects among new borrowers. I find that information asymmetries go a long way toward explaining high observed default rates. Chapter 2, my job market paper, explores the impact of dynamic incentive schemes on borrower behavior in the digital credit market. I use a series of quasi-experiments induced by policy nonlinearities to estimate the effect of progressive lending policies on borrower repayment decisions. I find that new borrowers who receive a larger initial loan are more likely to default on that loan. By contrast, repeat borrowers who receive a larger loan (relative to their previous loan) are actually less likely to default. I provide evidence that this reflects a strategic repayment motive, whereby borrowers repay in order to get access to larger loans in the future. Chapter 3, written with Yu Shi, uses household-level data from a panel survey in Nigeria to explore the relative importance of formal versus informal finance. We find that informal financial markets remain important and are quite effective in enabling consumption smoothing by lower-income households and businesses in Nigeria.

Three Essays on Financial Innovation

Author : Peter Tufano
Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Three Essays on Financial Innovation by : Peter Tufano

Download or read book Three Essays on Financial Innovation written by Peter Tufano and published by . This book was released on 1993 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Financial Innovation

Author : Yuqing Zhou
Publisher :
ISBN 13 :
Total Pages : 174 pages
Book Rating : 4.:/5 (236 download)

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Book Synopsis Essays on Financial Innovation by : Yuqing Zhou

Download or read book Essays on Financial Innovation written by Yuqing Zhou and published by . This book was released on 1996 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Innovation - with a particular view on the role of banks

Author : Volker Schmid
Publisher : GRIN Verlag
ISBN 13 : 3638303306
Total Pages : 16 pages
Book Rating : 4.6/5 (383 download)

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Book Synopsis Financial Innovation - with a particular view on the role of banks by : Volker Schmid

Download or read book Financial Innovation - with a particular view on the role of banks written by Volker Schmid and published by GRIN Verlag. This book was released on 2004-08-29 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scientific Essay from the year 2004 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,7 (A-), University of Teesside (Teesside Business School), course: Money and Finance - Economics, language: English, abstract: Financial markets have always undergone changes . However since the 70s the speed of change has accelerated enormously . New types of financial instruments, financial markets and techniques have been developed. The most significant innovations have been the financial derivatives, e.g. futures, options and swaps and the development of securitisation which have mainly been created to manage risk and provide liquidity. The market for these instruments has become huge – by some estimates in excess of $100 trillion . History shows that financial innovation has been a critical and persistent part of the economic landscape. But why has it been like that? First of all for a better understanding it is necessary to define the term ‘financial innovation’. Financial innovation is described by Van Horne as “the life blood of efficient and responsive capital markets” . He emphasis that it is part of the bedrock of our financial system. Merton views financial innovation as “the engine driving the financial system towards its goal of improving the performance of what economists call the real economy”. Other authors define financial innovation as “the design of new financial instruments and techniques of financial intermediation, structural change in the financial system, with the appearance of new financial markets and changes in organisation and behaviour of institutions” as well as “the design of new financial instruments or the packaging together of existing financial instruments” . There is a general recognition of the particular importance of financial innovations for the wealth of a society. This paper outlines the nature and main features of innovation in financial markets and suggests what factors may stimulate the apparent increase in the rate of innovation since the 1970s with a particular view on the role of banks. The final part discusses the question if financial innovations have been beneficial for borrowers and lenders?

Essays in Financial Innovation and Fintech

Author : Donghwa Shin
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

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Download or read book Essays in Financial Innovation and Fintech written by Donghwa Shin and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Finance and Economic Growth

Author : Lai Wei
Publisher :
ISBN 13 : 9781361036686
Total Pages : pages
Book Rating : 4.0/5 (366 download)

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Book Synopsis Essays on Finance and Economic Growth by : Lai Wei

Download or read book Essays on Finance and Economic Growth written by Lai Wei and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Essays on Finance and Economic Growth: International Capital Markets and Corporate Innovation" by Lai, Wei, 魏錸, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis consists of two essays on finance and economic growth. Using the passage and the enforcement of capital market laws, the essays study whether and how the development of international capital markets can influence corporate innovation, a vital source for long-term economic growth around the world. In the first essay, I study the question: Do legal restrictions on insider trading accelerate or slow technological innovation? Based on over 75,000 industry-country- year observations across 94 economies from 1976 to 2006, I find that enforcing insider trading laws spurs innovation, as measured by patent intensity, scope, impact, generality, and originality. Consistent with theories that insider trading slows innovation by impeding the valuation of innovative activities, the relation between enforcing insider trading laws and innovation is larger in industries that are naturally innovative and opaque, and equity issuances also rise much more in these industries after a country enforces its insider trading laws. In the second essay, I examine the effect of activating M&A markets on the rate of technological innovation, using staggered adoption of international M&A laws. Based on more than 65,000 industry-country-year observations across 46 economies from 1976 to 2006, I find that adopting the M&A laws increases innovation in the high-tech industries of a country, as measured by patent intensity, scope, impact, generality, and originality. The results are consistent with the incentives provided by an active M&A market that amplifies the valuation of and returns to innovation, and boosts exit liquidity for the entrepreneurs and corporate investors. I also find that M&A volume increases in the high-tech industries, and the improvement of innovation is mainly contributed by the private firms. Subjects: Capital market - Law and legislation Technological innovations Economic development

Financing the Future

Author : Franklin Allen
Publisher : Pearson Prentice Hall
ISBN 13 : 0137083319
Total Pages : 262 pages
Book Rating : 4.1/5 (37 download)

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Book Synopsis Financing the Future by : Franklin Allen

Download or read book Financing the Future written by Franklin Allen and published by Pearson Prentice Hall. This book was released on 2010-03-23 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial innovation can drive social, economic, and environmental change, transforming ideas into new technologies, industries, and jobs. But when it is misunderstood or mismanaged, the consequences can be severe. In this practical, accessible book, two leading experts explain how sophisticated capital structures can enable companies and individuals to raise funding in larger amounts for longer terms and at lower cost—accomplishing tasks that would otherwise be impossible. The authors recount the history and basic principles of financial innovation, showing how new instruments have evolved, and how they have been used and misused. They thoroughly demystify complex capital structures, offering a practical toolbox for entrepreneurs, corporate executives, and policymakers. Financing the Future presents clear, thorough discussions of the current role of financial innovation in capitalizing businesses, industries, breakthrough technologies, housing solutions, medical treatments, and environmental projects. It also presents a full chapter of lessons learned: essential insights for stabilizing the economy and avoiding pitfalls. Distinguishing genuine innovation from dangerous copycats Crafting sustainable financial innovations that add value and manage risk The best tools for the job: choosing them, customizing them, using them Selecting the right instruments and structures, and making the most of them Financial innovations for business, housing, and medical research Finding new and better ways to promote entrepreneurship and advance social goals Innovating to save the planet and help humanity The power of finance to protect natural resources and alleviate global poverty This is the first in a new series of books on financial innovation, published through a collaboration between Wharton School Publishing and the Milken Institute. Future titles will focus on specific policy areas such as housing and medical research. The Milken Institute is an independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations in the United States and around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. It puts research to work with the goal of revitalizing regions and finding new ways to generate capital for people with original ideas.

Essays on Financial Innovation and Stabilization

Author : Raúl Labán
Publisher :
ISBN 13 :
Total Pages : 194 pages
Book Rating : 4.:/5 (268 download)

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Book Synopsis Essays on Financial Innovation and Stabilization by : Raúl Labán

Download or read book Essays on Financial Innovation and Stabilization written by Raúl Labán and published by . This book was released on 1992 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Innovation, Technology, and Finance

Author : Arnold Heertje
Publisher : Wiley-Blackwell
ISBN 13 : 9780631159520
Total Pages : 211 pages
Book Rating : 4.1/5 (595 download)

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Book Synopsis Innovation, Technology, and Finance by : Arnold Heertje

Download or read book Innovation, Technology, and Finance written by Arnold Heertje and published by Wiley-Blackwell. This book was released on 1988-01-01 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seven essays commissioned to mark the 30th anniversary of the European Investment Bank addressing the economics of technological and financial innovation by leading European specialists in these fields. Both the available technology and ways of financing its further development are assessed, and recent innovations in financial markets are scrutinzed. Annotation copyrighted by Book News, Inc., Portland, OR

Essays on Finance of Innovation, Firm Dynamics, and Economic Growth

Author : Sina T. Ateş
Publisher :
ISBN 13 :
Total Pages : 386 pages
Book Rating : 4.:/5 (95 download)

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Book Synopsis Essays on Finance of Innovation, Firm Dynamics, and Economic Growth by : Sina T. Ateş

Download or read book Essays on Finance of Innovation, Firm Dynamics, and Economic Growth written by Sina T. Ateş and published by . This book was released on 2015 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aggregate productivity, fundamental cause of long-run economic growth, plays a crucial role in determining economic development and living standards of nations. The main source of aggregate productivity growth is technological advances that are the outcomes of firms' and entrepreneurs' innovative activity. Complementary to the growing literature that studies how firm dynamics shape technological change, my dissertation focuses on how financial decisions of these agents affect this process. The three chapters of my dissertation provide theoretical, empirical, and quantitative investigation of the interplay between financial and innovative actions of heterogeneous firms along with its implications on aggregate productivity growth. Chapter one studies the impact of financial system on net firm entry, an important source of aggregate productivity growth. Selective funding of most promising ideas by financial intermediaries creates a trade-off between the mass of entrant firms and their average contribution to aggregate productivity. This chapter highlights the relevance of firm heterogeneity for the relationship between finance and growth, and discusses the theoretical and empirical implications of the resulting trade-off in firm entry. Chapter two also builds on the above mass-composition link, and uses it to study the permanent productivity losses due to sudden stops (SS). The model embeds the main mechanism into a real business cycle small open economy framework to measure the forgone productivity contribution of entrants deprived of funding. The theoretical prediction is that, during SS, smaller yet on average more productive cohorts enter the market. Chilean plant-level data that cover the 1998 SS verify this prediction, while the calibrated model demonstrates the quantitative significance of heterogeneity and selection in measuring the long-run productivity loss. Chapter three focuses on a specific financial intermediary that is especially relevant to innovation and growth, namely venture capital (VC) finance. It studies VC's quantitative impact on firm dynamics and economic growth using a new dynamic equilibrium model of technological change with heterogeneous firms and an explicit VC market. Distinctively, the model incorporates a unique feature of VC firms: their operational knowledge (OK) bundled with their investment. Experiments based on the estimated model highlight the quantitative relevance of OK and analyze policy implications.

Essays on Financial Development, Innovation and Chinese Economy

Author : Shuonan Zhang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (124 download)

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Book Synopsis Essays on Financial Development, Innovation and Chinese Economy by : Shuonan Zhang

Download or read book Essays on Financial Development, Innovation and Chinese Economy written by Shuonan Zhang and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Financial Innovation

Author : Brad M. Barber
Publisher :
ISBN 13 :
Total Pages : 254 pages
Book Rating : 4.:/5 (244 download)

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Book Synopsis Essays on Financial Innovation by : Brad M. Barber

Download or read book Essays on Financial Innovation written by Brad M. Barber and published by . This book was released on 1991 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Three Essays on Innovation and Regional Economic Development

Author : Jon R. Shelton
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (792 download)

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Book Synopsis Three Essays on Innovation and Regional Economic Development by : Jon R. Shelton

Download or read book Three Essays on Innovation and Regional Economic Development written by Jon R. Shelton and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first essay develops a typology that identifies the multiple pathways, functions and operations where innovation can occur in a firm's internal business cycle based upon the extant literature that includes both technological and non-technological activities. This is an important step toward developing a comprehensive strategy for a regional economy and provides a common platform for the discussion of innovation among academics and practitioners. The typology adds to the existing knowledge of how innovation works in organizations by describing the pathways, business functions and operations in a firm's internal-business-process; the business strategies used to advance innovation to the market; and the market impact that innovation has in a regional economy. The typology is enhanced by the different threads of literature - innovation, technology, organization and marketing. The integrated approach allows academics and practitioners to understand how and where innovation occurs in firms and lays the foundation for robust metrics of the behavioral relationship between variables under study. The result is a set of assessment tools that permits diagnostics of the firm, industry, market and region. The second essay examines the relationship between innovation, emerging technologies, business firms' investment structure, and specialized types of private equity used to finance emerging technologies. A conceptual framework is developed for financial investment and a set of hypotheses tested for investment between Ohio and U.S. firms. Ohio firms take a different investing approach than U.S. firms when investing in a firm's stage of business development but are not significantly different when using specialized types of financing, investing in industry/technology niches, and investing in geographic markets. The third essay explores the role of innovation in business firms. The essay examines the reasons firms invest in innovation and then test the difference in the innovation behavior of firms. Descriptive analysis is performed in differences in the way firms engage in innovation, their preferred means of pursuing product innovation, and the reasons for engaging in product innovation. Hypotheses tests on the influence of innovation on firms' financial performance follows, as do the tests on differences in firms' contribution to the regional economy. The t-tests of the difference in means in six dimensions of economic impact performance confirm that innovative small to mid-sized firms have greater impacts on their regional economies than do their non-innovative peers.

Essays on the Theory of Financial Innovation

Author : Katzuhiko Ōhashi
Publisher :
ISBN 13 :
Total Pages : 296 pages
Book Rating : 4.:/5 (285 download)

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Book Synopsis Essays on the Theory of Financial Innovation by : Katzuhiko Ōhashi

Download or read book Essays on the Theory of Financial Innovation written by Katzuhiko Ōhashi and published by . This book was released on 1993 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Money and Financial Innovation

Author : Francesco Columba
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis Essays on Money and Financial Innovation by : Francesco Columba

Download or read book Essays on Money and Financial Innovation written by Francesco Columba and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

financial development and innovation in small firms

Author : Sharma
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4./5 ( download)

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Book Synopsis financial development and innovation in small firms by : Sharma

Download or read book financial development and innovation in small firms written by Sharma and published by World Bank Publications. This book was released on 2007 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper uses firm level data from a cross-section of 57 countries to study how financial development affects innovation in small firms. The analysis finds that relative to large firms in the same industry, spending on research and development by small firms is more likely and sizable in countries at higher levels of financial development. The estimates imply that among firms doing research and development in a country like Romania, which is at the 20th percentile of financial development, a 1 standard deviation decrease in firm size is associated with a decrease of 0.7 standard deviations in research and development spending. In contrast, this decrease is only 0.2 standard deviations in a country like South Africa, which is at the 80th percentile of the distribution of financial development. Small firms also report producing more innovations per unit of research and development spending than large firms, and this gap is narrower in countries at higher levels of financial development. As a robustness check, the author shows that these patterns are stronger in industries inherently more reliant on external finance.

Accelerating Green Innovation

Author : Michael Migendt
Publisher : Springer
ISBN 13 : 3658172517
Total Pages : 158 pages
Book Rating : 4.6/5 (581 download)

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Book Synopsis Accelerating Green Innovation by : Michael Migendt

Download or read book Accelerating Green Innovation written by Michael Migendt and published by Springer. This book was released on 2017-02-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michael Migendt explains the role of alternative investments in supporting the growth of a sustainable economy and recognizes levers that policy makers, managers and entrepreneurs could use for further accelerating green innovation through finance. He focuses on specific examples of alternative investments into green industries, companies, projects, and infrastructure, covering the developments along the innovation chain. Especially the acceleration of green technologies and the in this context occurring interrelations between the three areas of finance, innovation, and policy are key to this work.