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1
Lagace, Vincent. „Financing rural producer organizations: Assessing market innovations“. Thesis, University of Ottawa (Canada), 2011. http://hdl.handle.net/10393/28895.
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Rural producer organizations are being increasingly recognized for their efforts in improving the livelihoods of small farmers across the developing world. Caught between microfinance and commercial banks, these organizations however often struggle to access the necessary funds to bring their product to market or finance much-needed infrastructure.
In recent years, a growing recognition of the problem has led to the emergence of a new generation of specialized financial institutions (commonly called alternative lenders). Using innovative supply-chain oriented strategies such as reverse factoring, these lenders aim to catalyze the emergence of local financial markets that meet the needs of rural producer organizations. This thesis evaluates the need for these financial innovations, their impact as well as the business case for lending to rural producer organizations. This assessment is achieved through documentary research, literature review and three case studies of coffee rural producer organizations in the Mexican states of Oaxaca, Veracruz and Chiapas.
This thesis concludes that although a RPO financing gap was indeed identified in Mexico in the early 2000s, this gap was found to be receding in recent years due to the Mexican government's success in encouraging commercial lending to the sector through FIRA, a second-tier development bank, and changes in the financial regulatory framework allowing the rise of two categories of non-bank financial institutions, the SOFOL and SOFOM.
The study also found a business case for profitable lending to rural producer organizations. All three studied organizations, despite their challenges, were found to be dynamic businesses with financing needs undoubtedly beyond what the microfinance market has to offer. This thesis however identifies several risk factors for potential lenders: vulnerability to price fluctuations and local competition, the politicized nature of RPOs, dependence on public and private subsidies as well as low internal capacity in financial management and accounting.
This thesis evaluated the impact of recent financial innovations to be moderately positive at worst and transformational at best on rural producer organizations. The loans provided by alternative lenders allowed the organizations to gain precious credit experience while capitalizing on market opportunities that could have otherwise been out of reach.
Finally, this thesis concluded by suggesting a few strategies that could be used by alternative lenders to maximize their impact, including adjusting their interest rates to market conditions, working with local financial institutions, diversifying their client base, taking more risks, strengthening RPO capacity through capacity-building programs and leveraging RPO internal credit funds to unlock underserved rural microfinance markets.
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Ulpah, Maria. „Essays on market imperfections and financing constraints for SME“. Thesis, University of Birmingham, 2016. http://etheses.bham.ac.uk//id/eprint/6665/.
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This thesis combines different empirical strategies and econometric techniques to study the role of capital-market imperfections on the financial and operational activities of Small and Medium Enterprises (SME). It is mainly composed of four different but interlinked empirical chapters as follows. The first and the second chapters use longitudinal data from 9417 French SME start-up during period 1994-2000. The first empirical paper discusses develops and estimates a model of SME survival under credit rationing, we find that Asset- and human capital-based credit rationing exists but is mitigated by greater profitability and better human capital. The second chapter discuss how the collateral and human capital can be used as remedy for the credit rationing. The third one, we estimate the investment model by using switching regression approach by using panel data form 7,185 SME in the UK over year 2003–2011. The last chapter presents the investment cash flow sensitivity (ICFS) and Cash-cash flow sensitivity (CCFS) estimation for 14 European countries and we find that there is a positive and significant effect of cash flow on investment and cash holding on cash flow which indicating that there is some friction in the financial market in EU area.
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Holmen, Victor, und Linus Svensson. „Debt Funds : Alternative Financing on the Swedish Real Estate Market“. Thesis, KTH, Bank och finans, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254941.
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Banks have become increasingly restrictive in their lending towards real estate, a development that is expected to continue due to further regulations, such as the Basel framework, and the emergence of new alternative financing options. As described by interview respondents, companies have shown an increased preference for a mix of capital sources following the financial crisis of 2008, which has led to an increase in demand on the capital and alternative markets. Factors that may have affected this development is the inflated corporate interest in maintaining a good credit rating and a change in investor sentiment towards a wider diversification. On the Swedish market, the so-called debt funds are a relatively new phenomenon and the purpose of this paper is to investigate how and what conditions that exist and have been necessary for this development. Debt funds already play a prominent role in real estate funding on other markets, such as US and UK, which could indicate a similar development on the Swedish market henceforth. However, as shown in the paper the markets are different on a systematic level, which makes it hard to draw parallels. Furthermore, as described in the empirical study the Swedish AIF market is underdeveloped in many respects since Swedish companies traditionally have used bank loans or turned to the capital markets - with a preference for equity before debt. With new regulations being introduced in the banking sector, the bank risk appetite has become more volatile, however, the banks retain a strong position and a continued large exposure to the real estate sector which may be due to the banks being well capitalized and an overall increased demand for capital. The increased demand for capital may also have given rise to favorable conditions for alternative financing options. However, in order for debt funds to continue to grow the key is most likely going to be offering loans with more favorable terms and longer maturities compared to other financing options.
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Kalaji, Ibrahim. „Corporate investment & financing decisions : market valuation, capital constraints & timing“. Thesis, University of Essex, 2015. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.701865.
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Fictions and Frictions. Are capital markets impeded by frictions or fuelled by fictions? The focus in the study is on two important decisions of corporations: capital investments and raising of finance. It has a three-fold purpose: (i) to investigate the role that timing plays in the industrial environment within which firms make investments (ii) to test for frictions in the investment decisions of firms and (iii) to examine the equity issuing behaviour of firms. Not un surprisingly controversy surrounds the issue of whether capital markets are prone to failures and frictions. We investigate three different but associated aspects of the wider economic policy debate surrounding this perennial thorn. The first is an industry level study employing novel data collected from surveys conducted by the Confederation of British Industry (CBI). The second and third studies are at firm level and seek evidence of capital market frictions in the investment and financing decisions of UK firms. Employing an unbalanced panel of company data collected from Thomson Reuters' DataStream database from 1994-2010, we estimate investment-cash flow sensitivities, estimate valuation models as well as marginal likelihoods within probit models, to help address three associated aspects of this wider debate. The motivation for the industry level study is whether there is evidence managers make investment expenditures in a manner that accounts for irreversibility - a features of all large fixed capital additions. Though a sophisticated theory of real options addresses this shortcoming, empirical evidence relating to it is sparse, since reliable evidence requires gathering of forward looking data concerning expectations of the future, as seen from the perspective of managers facing such capital investment decisions. The Confederation of British Industry (CBI) conducts a quarterly survey of a representative sample of senior mangers of British manufacturing firms through its Industrial Trends Survey (ITS), primarily seeking forward-looking perceptions and expectations with respect to future demand and the need to make additions to capital. The issue we investigate is whether there is an increased chance that capital investments will be made in forthcoming quarters conditional on supposed determinants and whether this likelihood is driven by anticipations and expectations of the future in the manner prescribed by real options theory. We have several interesting findings: the lower the prices for second hand fixed assets (i.e. higher the irreversibility), the lower the rate at which shocks to investment demand are experienced; shortage of labour presents a major concern for managers when shocks are imminent; interestingly, shortage of internal financing has a significant impact, whereas inability to access external financing is not; surprisingly competition does not appear to be of concern to managers. AB regards friction in capital investment, one line of empirical research has been to establish whether investments of firms are sensitive to the availability of internal funds. While we find cash flow matters, given the surprising finding that cash flow is not important in driving investment decisions of any type of firm other than small high- payout UK manufacturing firms, the major part of UK evidence runs contrary to earlier US evidence supporting Fazzari, Hubbard and Petersen (1988) and aligns more with recent evidence for the UK and US. We also sought to assess the relative contributions of market misvaluation (fictions) and growth options (fundamentals) to motivating equity issuance among UK firms. We evaluated the impact investor sentiment has on the issue of equity by the public offerings of shares for a higher price than fundamentals would justify. In this line of investigation, we further study clustering of equity issues where firms appear to raise funds by issuing in waves. We find growth trumps misvaluation in explaining who issues, while misvaluations trumps growth in explaining who issues on and off the wave as well as in explaining who issues late rather than early on the wave.
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Islam, Silvia Zia, und silvia islam@rmit edu au. „Choice of financing method with market timing and liquidity: evidence from Australia“. RMIT University. Economics, Finance and Marketing, 2009. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20091029.135938.
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This thesis examines the capital structure choice of Australian firms with an emphasis on the impact of market timing and liquidity considering 1438 available firms for the period, 1997 to 2005. The relationship between capital structure and its determinants is the main focus of this thesis, with four empirical analyses. These analyses are all conducted within the Baker and Wurgler (2002) and Hovakimian (2006) models with both pooled ordinary least squares (OLS) and fixed effect panel analysis. The theory of market timing introduced by Baker and Wurgler (2002) has received considerable attention in recent years. Baker and Wurgler (2002) contend that past market timing has a long lasting impact on capital structure and thus, capital structure is the cumulative outcome of the past attempts at equity market timing. This thesis examines the Baker and Wurgler (2002) argument in an Australian context. It is found that the variation in leverage was explained by the market-to-book ratio and the effect of market-to-book ratio was explained by equity issues as market timing theory implies. However, the results are sensitive to data sample choice with variation in the strength of the negative relationship observed between external finance weighted average market-to-book and leverage. This suggests that while market timing appears to affect capital structure choice, it does not support the hypothesis that past market timing decisions have a long lasting impact on Australian firm capital structure. Hovakimian ( 2006) questions the Baker and Wurgler (2002) conclusion about firm behaviour and finds evidence that past market-to-book ratio has a significant impact on current financing decisions because it contains information about growth opportunities, not captured by the current market-to-book ratio. This thesis also examines the Hovakimian (2006) argument and finds evidence to support the argument of Hovakimian (2006) that, growth opportunities provide a reasonable explanation for the past market-to-book ratio effect for Australian firms. Analysis also focuses on broad industry differences. And it is found that there are significant differences between mining and non-mining firm in the determinants of capital structure. Finally, the impact of liquidity on Australian capital structure choice is analysed within the context of the Baker and Wurgler (2002) and Hovakimian (2006) models. It is found that liquidity is important to a firm's leverage choice. There is evidence that liquid firms tend to have lower leverage. Further, while liquidity has little effect on the sensitivity of leverage to market-to-book for Baker and Wurgler (2002) filtered data, a liquidity effect is evident in a broader set of four standard deviation filtered data. It is also found that greater liquidity is associated with less sensitivity of leverage to cash flows and that the asset tangibility relation with leverage is also sensitive to liquidity. Finally, there is evidence that more liquid firms are more sensitive in their tendency to revert to some long run leverage value.
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Sembenelli, Alessandro. „Industrial organization studies on market power and European integration“. Thesis, University of East Anglia, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.323264.
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Xu, Yun, und Gia Linh Thai. „Banking Market Competition and SME Financing in China : Case Study across Chinese Provinces“. Thesis, Jönköping University, JIBS, Economics, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-9806.
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Small- and medium-sized enterprises (SMEs) in developing countries are reported to encounter difficulties in accessing to formal external financing resource. Banking systems in this category of countries are either under-developed or newly reformed. The purpose of this paper is to investigate whether SME financing in China, measured by SMEs per capita, is affected by local bank competition, measured by number of banks per capita or share of foreign banks. Control variables such as Gross Domestic Product (GDP), level of infrastructure and geographic location are also included in the regression models.
The main findings are that: when disregarding the ownership of banks, bank competition has positive impact on SME financing across Chinese provinces, although the relationship is non-linear; and foreign banks do not significantly influence SME bank financing in China. The first finding generally support the conventional theories of industrial organization and the second one offers the basis for further arguments about the role of foreign banks in financing SMEs in China.
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Thomson, Sarah Jane. „The role of leasing in UK corporate financing decisions, accounting treatment and market impact“. Thesis, University of Stirling, 2003. http://hdl.handle.net/1893/2401.
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Leasing provides a significant source of finance across UK firms. Historically, its use has been attributed to favourable tax treatment and 'off-balance sheet' accounting, both of which have been eroded over time. The present day determinants of leasing have received limited investigation, and prior research has focused on the use of finance leases in isolation from overall corporate financing decisions. This seems inappropriate given the predominant and prolific use of operating leases (Beattie, Edwards and Goodacre, 1998), and evidence to suggest that lease and debt finance appear to be at least partial substitutes (Beattie, Goodacre and Thomson, 2000). Further, proposals issued by the Accounting Standards Board in late 1999 look set to essentially remove the current 'off-balance sheet' accounting treatment of operating leases. If accounting treatment is in any way responsible for the current use of operating leases, these proposals are likely to have a significant impact on the future role of leasing. In response, the present study. investigated both the current role of leasing in the wider context of corporate financing decisions, and its future role in light of the new proposals for lease accounting. Two separate surveys of UK quoted industrial companies were undertaken to investigate corporate financing and leasing decisions and views and opinions on lease accounting reform. Findings are based on a response of 23% (198 completed questionnaires) and 19% (91 completed questionnaires) respectively. OLS regression analysis was also employed for a sample of 159 UK quoted industrial companies, to establish the existence of an 'offbalance sheet' advantage to operating leases from a market perspective. Findings suggest that UK firms appear more likely to follow Myers' (1984) suggestion of a modified pecking order of capital structure when determining their debt, including leasing, levels. Investment nd dividend payout dictate the need for external finance, and debt including leasing is internally rather than externally constrained. On average, internal reserves followed by straight debt appear preferable to leasing. However, the benefits and costs associated with all sources of finance are likely to be considered when additional finance is required. Although tax and 'off-balance sheet' advantages to leasing remain, they do not appear to dominate the leasing decision in the current climate. Avoiding large capital outlay and cash flow considerations appear of paramount importance in the decision to lease all asset types. Findings suggest that the preference for leasing over other forms of debt is not anticipated to change in response to the new proposals for lease accounting. However, the new approach may not be without consequence. Where possible, financial statement preparers are likely to take reactionary steps to minimise balance sheet obligations. At the very least, this could involve exercising any opportunity to manipulate the new accounting treatment. It may extend to reduced investment and a decline in levels of debt financing, including leasing. Although operating lease obligations appear to be currently taken into account in the UK market's assessment of equity risk, the accuracy with which they are taken into account remains unclear. Therefore, the revaluation of securities in the wake of the new proposals becoming mandatory is not beyond the realms of possibility. The present study provides a holistic analysis of corporate financing and leasing decisions in UK firms. It provides a valuable contribution to the capital structure debate. It would seem inappropriate for future capital structure research to focus on proving alternative static trade-off and pecking order theories. Future research would benefit from a reconciliation of the two. The present study highlights the difficulties in analysing corporate financing and leasing decisions, by establishing that they are complex, multidimensional and essentially situation-specific. The present study also has important implications for policy makers. In addition to the potential economic consequences, findings appear to suggest that certain features of the new proposals fall short of developing into a high quality lease accounting standard. Further consideration by policy makers from alternative perspectives appears necessary.
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Flanigan, Brigid Snow. „Evaluating alternative approaches to financing market rate housing : a site in Central Square, Cambridge“. Thesis, Massachusetts Institute of Technology, 1985. http://hdl.handle.net/1721.1/73748.
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Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Architecture, 1985.MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH.
Bibliography: leaves 110-112.
by Brigid Snow Flanigan.
M.S.
10
Foster, Mark David. „Characteristics of capital structure differences in emerging market firms“. Diss., Mississippi State : Mississippi State University, 2004. http://library.msstate.edu/etd/show.asp?etd=etd-11152004-140407.
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11
Deva, Saloni. „Determinants of Leveraged Buyouts in Europe : LBO Financing and Country Legislature“. Thesis, Jönköping University, JIBS, Economics, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-13269.
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The focus of this empirical paper is to outline and evaluate certain determinants of lever-aged buyouts (LBOs) in Europe. The paper begins by providing a detailed description of LBOs, with particular emphasis on the European markets. This allows for the development of the four determinants that are studied in greater detail, specifically interest rate, out-standing stock, anti-director rights, and creditor rights. The conclusions indicate that coun-tries with more outstanding stock have larger LBO markets since equity is more liquid in these countries. Further, the results suggest that long-run interest rate is negatively related to the size of the LBO market. The paper goes on to test whether anti-director rights and creditor rights, as developed by La Porta et al. (1998) are related to the size of the LBO markets, but no evidence is found to support this notion. It is thus concluded that deter-minants focused on financing the buyouts play the most significant role in European LBO transactions.
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Manso-Salinas, Emilio. „Firms and financing in China a co-evolutionary study of domestic stock market equity funding /“. Thesis, Click to view the E-thesis via HKUTO, 2004. http://sunzi.lib.hku.hk/hkuto/record/B31607718.
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Powers, Victoria. „Equity financing : a look at new equity issues in manufacturing on the Hong Kong stock exchange from 1980-1985 /“. [Hong Kong : University of Hong Kong], 1987. http://sunzi.lib.hku.hk/hkuto/record.jsp?B1233537X.
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Yuan, Dian. „Essays on local banking market structure : Impacts on SME’s financing and activity and on bank efficiency“. Thesis, Limoges, 2019. http://www.theses.fr/2019LIMO0002.
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Cette thèse examine l'impact de la structure du marché bancaire sur l’activité économique et les contraintes financières des petites et moyennes entreprises (PME) et l'efficacité des banques au niveau local. Il comprend trois chapitres empiriques. Le premier chapitre s’intéresse à l’impact du relationship banking sur les contraintes financières des PME et s'appuie sur deux indicateurs alternatifs pour saisir différentes dimensions de ces contraintes. Les résultats soulignent le rôle ambigu de la proximité bancaire et de la relation client face aux contraintes financières des PME. Sur la période 2005-2013, la présence accrue de banques régionales ou géographiquement concentrées contribue à atténuer les contraintes de crédit à court terme des PME françaises mais accroît leur sensibilité aux flux de trésorerie liés aux investissements. En outre, dans les deux cas, les contraintes financières des PME sont renforcées sur des marchés distants sur le plan fonctionnel. De plus, en période de crise, les avantages de la relation bancaire sur la contrainte de crédit à court terme demeurent et, dans certains cas, sont renforcés. Nous constatons également que la présence accrue des banques régionales facilite l'accès au crédit à court terme pour les entreprises plus rentables avant la crise financière mondiale et particulièrement pour celles qui ont connu une forte baisse de leur rentabilité en période de crise. Le deuxième chapitre analyse l’impact des relations de crédit via une plus grande proximité bancaire sur l’activité économique réelle, en s’appuyant à la fois sur des données individuelles de firmes et sur des données macroénomiques au niveau des départements. Il s’intéresse également à l’impact différencié de cette proximité en fonction du degré de dépendance au financement externe des PME françaises sur la période 2005-2013. Nos résultats révèlent que la relation de crédit via une plus grande proximité bancaire est bénéfique pour l'activité économique des PME en temps normal et en période de crise. De plus, parmi ces PME, les avantages de la proximité bancaire sont les plus importants pour les micro-entreprises. De plus, nos résultats montrent une forte hétérogénéité dans l’impact de la structure du marché bancaire local en fonction du degré de dépendance vis-à-vis du financement extérieur. Notre analyse macroéconomique montre également que une plus forte proximité bancaire a un impact positif sur l’emploi et stimule la croissance de l’activité économique. Le troisième chapitre analyse l’impact l'impact des caractéristiques des banques et des marchés locaux sur l'efficacité des succursales bancaires. Cette analyse s’appuie sur un ensemble données détaillé au niveau des succursales en Chine sur la période 2008-2011. Nos résultats suggèrent que les caractéristiques des marchés tant locaux que bancaires affectent l’efficacité des succursales bancaires. Les succursales de banques appartenant à l'État ont l’efficience-profit la plus forte mais l’efficience-coût la plus faible, tandis que les succursales de banques étrangères ont l’efficience-profit la plus élevée. En outre, la concurrence des banques et le développement économique sur le marché local contribuent à promouvoir l'efficacité des succursales. De plus, l’efficacité des banques et l’efficacité du marché bancaire local peuvent influer sur l’efficacité des succursales, l’impact de l’efficacité des banques étant économiquement plus important. Nos résultats suggèrent que la structure du marché bancaire local a un impact statistiquement et économiquement significatif sur l’activité économique et les contraintes financières des PME, l'activité économique réelle et l'efficacité des banques. Les superviseurs bancaires et les régulateurs doivent veiller à maintenir un environnement bancaire diversifié, garantissant la présence de banques locales et géographiquement concentrées, et à renforcer la concurrence des banques afin de stimuler la croissance économiqueThis dissertation examines the impact of banking mar ket structure on SMEs financial constraints, real economic activity and bank efficiency at a local level. It comprises three empirical essays as three chapters, the first two chapters are on French banking market and the third one is on Chinese banking mar ket. The first chapter investigates the relevance of relationship lending for SMEs and continuation lending during crisisrelying on two alternative indicators to capture different dimensions of SMEs financial constraints. The findings emphasize the ambiguous role of banking proximity and of relationship banking on SMEs financial constraints. Over the 2005-2013 period, for French manufacturing SME s, higher presence of regional banks or of geographically-focused banks help to alle viate their short-term credit constraint, while lar germarket share of national banks or stronger presence of geographically-diversified banks is beneficial to reduce their investment cash-flow sensitivity. Moreover, in both cases, SMEs’ financial constraints are strengthened in functionally-distant mar kets. In addition, during crisis times, the benefits of relationship banking on short-term credit constraint remains and, insome cases, are reinforced. We also find that these benefits differ according to SMEs pre-crisis financial health, in line with pre vious findings of continuation lending during crisis.The second chapter analyzes the impact of relationship lending through a stronger banking proximity on real economic activity at both firm le vel and county (department) level and the heterogeneity of this impact based on SMEs external financial dependence in France over the 2005-2013 period. Our results confirm the benefits of elationship banking for SMEs as highlighted in the pre vious chapter. A stronger banking proximity is beneficial to SMEs’ economic activity in both ormal and crisis times, even after controlling for times, county, industry and firm level characteristics, and these benefits are stronger for micro firms, the smallest and more informationally-opaque SMEs. In addition, our results show a significant heterogeneity in the impact of local banking market structure among small firms depending on the le vel of dependence on external finance. Further, our macroeconomic analysis also provide evidence that local banking market structure has statistically and economically significant impact on economic activity. The third chapter analyzes the finance-growth nexus from a different perspective by investigating what drives bank branch efficiency. Three efficiency measures are adopted to estimate the impact of bank and local market characteristics on bank branch efficiency using a detailed branch-level dataset in China over the 2008-2011 period. Our findings suggest that both bank and local market characteristics affect bank branch efficiency. Branches of state-own banks are the most profit efficient and least cost efficient, while branches of foreign banks are the most cost efficient. In addition, bank competition and economic development in local market help promote branch efficiency. In addition, both bank efficiency and local banking market efficiency can affect branch efficiency, and the impact of bank efficiency is econ omically more significant. Our findings suggest that local banking market structure has a statistically and economically significant impact on small business lending, real economic activity and bank efficiency, bank supervisors and regulators should pay at tention to maintain a diversified banking environment, guaranty the presence of local and geographically-focused banks, and enhance bank competition to stimulate growth
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Berger, Raphael. „Investment in nuclear generation in a restricted electricity market : an analysis of risks and financing options“. Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/34519.
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Thesis (S.M.)--Massachusetts Institute of Technology, Engineering Systems Division, Technology and Policy Program; and, (S.M.)--Massachusetts Institute of Technology, Dept. of Nuclear Engineering, 2006.Includes bibliographical references (p. 222-225).
Since the late 1970s, the US electric power industry has been undergoing major changes. The electric utility industry had mainly consisted of highly regulated, vertically integrated, local monopolies, providing customers with all electric services at rates determined by the state regulatory agency. Deregulation and restructuring in the power industry triggered a transition towards competition in electricity generation, due to the formation of competitive markets at the wholesale level - in some states, at the retail level as well. Since utilities can no longer price at cost-of-service rates, investors in electric generation capacity, like nuclear power, will face a different set of financial risks. Moreover, the economic context of volatile coal and gas prices, increasingly stringent NOx, S02 and mercury regulations, and growing support for C02 regulations will likely positively impact the value of nuclear capacity. Conversely, unresolved issues in the nuclear industry inherent to radioactive waste disposal, decommissioning and public opposition related to security concerns will likely penalize the building of new nuclear capacity. More importantly, regulatory delays in construction, mainly caused by the plant approval process by the Nuclear Regulatory Commission, undoubtedly negatively affect nuclear power because of its capital-intensiveness.
(cont.) This thesis evaluates the main drivers impacting investments, and especially new investments, in nuclear power technologies to meet the increase in electricity demand in the United States. For that purpose, the ongoing change in the electric power sector and the potential evolution in all regulations concerning nuclear energy are assessed. The new risk factors facing investment in nuclear power, as well as the possible financing options, are examined. The company characteristics that most favor investment in new nuclear power plants in the United States are sketched. The specific issue of plant construction, regulations and licensing is considered with closer attention. An analytic investment model in power generation estimates the impact of the extended construction time caused by regulatory delay in licensing on investment in nuclear power in a context of uncertainty on demand. The case study compares the dynamics of investment in nuclear power plants with gas-fired power plants - which have a much shorter construction time.
by Raphael Berger.
S.M.
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Hertéus, Robin, und Simon Hilmgård. „Corporate Bonds as a Choice of Financing for Swedish Real Estate Companies“. Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-146623.
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Since the last financial crisis banks have been more restrictive about lending to companies, leading to companies seeking alternative funding. In this thesis we evaluate the Swedish market for property-related lending focusing on corporate bonds. We investigate if the view on corporate bonds differ between real estate companies and banks and also the development of the Swedish market for property-related lending. The thesis is based on interviews with people in the real estate- and bank industry as well as previous research. The Swedish bond market is undeveloped but it is going through a growing stage. In Swedish history banks have played an important roll developing the Swedish economy thus the Swedish financial market is bank dominated. Because of new bank regulations after the financial crisis, the price on loans went up leading to companies seeking alternative financing. This has led to an increase in corporate bonds issued by real estate companies. There has been an increase in the number of real estate companies issuing bonds as more investors, such as funds, have entered the bond market leading to an opportunity for smaller real estate companies to successfully issue bonds.Efter senaste finanskrisen har banker blivit mer restriktiva med utlåning till företag, vilket har lett till att företag söker alternativ finansiering. I den här uppsatsen granskar vi den svenska marknaden för fastighetsrelaterad utlåning med fokus på obligationslån. Vi undersöker om synen på obligationslån skiljer sig mellan banker och fastighetsbolag samt hur den svenska kreditmarknaden för fastighetsrelaterad utlåning utvecklas. Uppsatsen bygger på intervjuer med personer i fastighets- och bankbranschen samt tidigare forskning om ämnet. Den svenska obligationsmarknaden är outvecklad men på stark tillväxt. Bankerna har historiskt sett haft en central roll i svenska näringslivet vilket har lett till att den svenska finansiella marknaden är bankdominerad. Efter finanskrisen har dock företag sökt alternativa finansieringsmöjligheter på grund av skärpta krav på banker som lett till dyrare lån för företagen. Detta har lett till att antal emitterade obligationer för företag inom fastighetsbranschen ökat. Fler och fler emittenter tar sig in på obligationsmarknaden i samband med att nya investerare, exempelvis kreditfonder, äntrat marknaden vilket har skapat möjlighet för även mindre fastighetsbolag att framgångsrikt emittera obligationer.
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Kim, Jaewoo. „Asymmetric timely loss recognition, private debt markets, and underinvestment| Evidence from the collapse of the junk bond market“. Thesis, The University of Iowa, 2013. http://pqdtopen.proquest.com/#viewpdf?dispub=3566668.
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This paper uses the collapse of the junk bond market in the early 1990s as a natural experiment to examine the effect of asymmetric timely loss recognition (ATLR) on speculative-grade (SPG) firms' access to private debt markets and underinvestment. For a sample of 450 firm-years over the period 1988-1991, I find that SPG firms that recognize economic losses in a timelier fashion experience a smaller reduction in debt financing and investment from the pre- to post-collapse period relative to SPG firms that recognize economic losses in a less timely fashion. I also document that the effect of ATLR on debt financing and investment is more pronounced for SPG firms that lack collateral and are not followed by sell-side equity analysts. These findings support the notion that ATLR improves a firm's ability to access private debt markets, thereby attenuating underinvestment. They also suggest that both collateral and sell-side equity analysts serve as substitutes for ATLR to facilitate SPG firms' access to private debt markets. Further analyses reveal that ATLR increases for SPG firms from the pre- to post-collapse period and this increase is more pronounced for SPG firms with net issuance of debt. This evidence suggests that firms adjust ATLR to obtain debt financing in response to private lenders' demand for it.
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Greil, Tatjana Barbara. „The West German capital market and the financing behaviour of public limited companies, 1948-1965 : a reassessment“. Thesis, London School of Economics and Political Science (University of London), 2002. http://etheses.lse.ac.uk/2650/.
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The objective of this thesis is to identify economic and regulatory issues which affected the development of the West German capital market and the financing behaviour of public limited companies during the early post war period. Following the introductory chapter, the thesis summarises literature on the relevance of capital structure in imperfect markets and discusses findings on the relationship between financial development and economic growth in consideration the historical circumstances of the early post war period. Chapter three provides a detailed account of the West German currency reform which looks beyond the conversion of monetary assets as it incorporates the accompanying conversion of company balance sheets. An analysis of the conversion of balance sheets shows that companies emerged from the reform with significantly reduced leverage. This finding provides an unconventional interpretation of the observed financing behaviour of West German companies during the early post war period. Chapter four discusses how public policy measures affected the development of the West German capital market during the immediate post currency reform period. It is argued that the policy of partial price controls coincided with a restriction of the capital market in providing funds to private and uncontrolled sectors as public authorities introduced measures which favoured funding in public and price controlled sectors. After having outlined the economic environment of the immediate post war period, the thesis analyses the financing behaviour of a sample of 79 non financial public limited companies between 1952 and 1965. The thesis argues that exceptional circumstances created by the war and the following policy decisions affected companies' financing behaviour. It shows that companies entered the post war period with severely altered capital structures and suggests that internally generated funds and bank loans featured no more prominently during the early post war years than during the following decades.
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Strickfaden, Michael H. „The German market of private higher education financing : are the existing products suitable to satisfy students' needs? /“. Marburg : Tectum-Verl, 2009. http://d-nb.info/997161213/04.
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Zan, Hua. „Financing Healthcare of Children with Chronic Conditions, Caregiving Burden, and the Impact on Maternal Labor Market Behavior“. The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1342901143.
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Berhanusdotter, Hanna. „Legitimizing the GERD* bond : Funding Development from within“. Thesis, Linnéuniversitetet, Institutionen för statsvetenskap (ST), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-24333.
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A Government is an entity of a society exercising authority over its subjects, preferably with their compliance. It is however not always agreed by the citizens that the government is acting in their interest, this making the relation in-between them lacking in legitimacy. This presents problems not only for the stability of a country, but for the expansion of financial markets, limiting the sources of finding finance to invest in development and infrastructure as it limits financing from within. In this paper I look at Ethiopia where the government is perceived to have a generally low legitimacy, in 2010 they lunched the GERD* bond to finance a hydropower station on the Blue Nile. Ethiopia has a small economy thus the government asked its citizens to purchase savings bonds into the project, as international financing was not an option due to geopolitics. As the GERD is a €3.3 billion project many Ethiopians have inverted one full month salary. The question addressed in this paper it that of the willingness in entering in to this scheme, this due to legitimacy concerns within the country. More precisely the research question is formulated: is there a justifiable concern of legitimacy when rapidly intensifying a bond market in a developing country in which freedom is limited? To address this field interviews was conducted in Addis Ababa and analysed via Weber’s three types of pure authority this to indicate the correlation of legitimacy dominations in-between the government and the investors. It is found that the GERD has common legitimacy dominations by both actors and as such the expansion of the bond market through the GERD has the preconditions to increase the trust level in the Ethiopian government. This is needed to increase legitimacy in the government, stabilize the country and expand the financial markets further.
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Silva, Gustavo de Souza e. „Novos instrumentos de financiamento do agronegócio brasileiro e uma análise das alternativas de investimentos para o CDA/WA“. Universidade de São Paulo, 2006. http://www.teses.usp.br/teses/disponiveis/11/11132/tde-21062006-104414/.
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O instrumento tradicional de financiamento é aquele utilizado pelo Sistema Nacional de Crédito Rural - SNCR e que possui como fonte o orçamento do governo, as exigibilidades bancárias, a poupança verde etc. Os instrumentos não tradicionais podem ser considerados os novos mecanismos com fonte de recursos privados e que pretendem substituir os instrumentos tradicionais no financiamento agropecuário. A Lei n° 11.076, de 30 de dezembro de 2004, oficializou cinco títulos de créditos que deverão ser utilizados pelos agentes do agronegócio para captarem recursos privados para o seu financiamento e aumentar o giro de capital dentro do próprio setor, além de dar nova redação à Lei n° 9.973, de 29 de maio de 2000, que dispõe sobre o sistema de armazenagem dos produtos agropecuários. Os novos instrumentos de financiamento do agronegócio são denominados de: Certificado de Depósito Agropecuário - CDA, Warrant Agropecuário - WA, Certificados de Direitos Creditórios do Agronegócio - CDCA, Letra de Crédito do Agronegócio - LCA e Certificado de Recebíveis do Agronegócio - CRA. O objetivo destes instrumentos é desvincular a concessão de crédito do sistema oficial e desenvolver um novo mecanismo de financiamento do agronegócio através de papéis lastreados em produtos depositados e títulos de dívidas agrícolas que deve ampliar o relacionamento entre o setor financeiro e o setor como um todo, devendo tornar o financiamento mais eficiente para o produtor e menos onerosos aos cofres públicos. Este trabalho define o cenário brasileiro onde estes novos títulos do agronegócio foram instituídos, apresenta as justificativas para a criação destes títulos e expõe os mecanismos atualmente utilizados pelo mercado para captar recursos da iniciativa privada, apresenta e discute a legislação desses novos instrumentos. E por último buscaram-se alternativas de investimento para estes papéis nos mercados físicos e futuros de seis produtos agrícolas de janeiro de 2005 a outubro de 2005: açúcar cristal, algodão, arroz, café arábica, milho e soja. Duas situações foram consideradas: especulações com o CDA e o WA, onde o investidor adquire o papel e especula com cada produto; e operação de spread, onde o investidor compra o CDA/WA (mercado físico) e trava o rendimento numa operação com o mercado futuro da Bolsa de Mercadorias & Futuros - BM&F, sem ficar exposto a variações de preço. No caso do arroz apenas a análise dos preços físicos foi elaborada devido à ausência do mercado futuro para este produto na BM&F. A partir disso, concluiu-se que a especulação com os produtos agrícolas não teve um bom resultado no período. Já as operações de spread do mercado futuro da BM&F com o CDA/WA ofereceram boas oportunidades de rentabilidade ao investidor que conseguiu captar o momento correto para a operação.The traditional instrument of financing is that one used by the National System of Rural Credit - SNCR and that has as source of resource the budget of the government, the banking liabilities, the green saving. The not traditional instruments can be considered the new mechanisms which have as source of funding private resources and that aims as to substitute the traditional instruments of the farming financing. The Law 11,076, of December 30, 2004, officialized five titles of credits that will have to be used by the agents of the agribusiness to raise private resources to its financing and to increase the turn of capital of the own sector, besides giving new writing to the Law number 9,973, of May 29, 2000, which deliberates on the system of storage of the farming products. The new instruments of financing of the agribusiness are: Certificate of Agribusiness Deposit - CDA, Agribusiness Warrant - WA, and Certificates of Rights to Receive - CDCA, Agribusiness Letter of Credit - LCA and Certified of Receivable of the Agribusiness - CRA. The objective of these instruments is to detach the concession of credit of the official system and to develop a new mechanism of financing of the agribusiness through titles based in deposited agricultural products and titles of agricultural debts that must increase the relationship between the financial and agribusiness sector as a whole, and it is expected that the financing will become more efficient for the producer and less expensive to the government. This work defines the Brazilian scene where these new titles have been created, it presents the justifications for the creation of these titles and shows the mechanisms used by the market to raise resources from the private sector, presents and it discuss the legislation of these new titles. Finally, it was searched alternative of investment for these papers in the physical and future markets of six agricultural products using data from January 2005 to October of 2005: bulk sugar, cotton, rice, Arabica coffee, maize and soybean. Two situations had been considered: speculations with the CDA and WA, where the investor acquires the title and speculates with each product; and operation of spread, where the investing purchase the CDA/WA (physical market) and locks the interest rate in an operation with the futures market of the Brazilian Mercantile & Futures Exchange - BM&F, without being exposed to the price variations. In the case of the rice only the analysis of the physical prices was done because of the absence of the futures market for this product in the BM&F. From this, it was concluded that the speculation with the agricultural products did not have good results in the period. However, the operations of spread of the futures market of the BM&F with the CDA/WA had offered good opportunities of profitability to the investor who was able to operate at the correct moment.
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Bravo, Alejos Paulo Cesar, Roman Cesar Yimmy Cisneros, Ojeda Angela Correa, Martínez Carla Jimena Mendoza und Gonzalez Arístides de Jesús Urquizo. „ABCJ soluciones“. Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2019. http://hdl.handle.net/10757/626545.
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El presente proyecto es sobre la investigación y acompañamiento para que las medianas empresas en el Perú busquen financiamiento a través del Mercado Alternativo de Valores, nos muestra su viabilidad en base a las tasas y montos que le otorgan otros agentes financieros que existen en el mercado, que permitió detectar una oportunidad de negocio ya que existe mucha oferta, pero muy poco conocimiento de estos otros medios de financiamiento por parte de los clientes, lo que genera frustración en las empresas, y disminuye sus oportunidades de crecer, así como de impulsar nuestra economía y el sector formal de la misma.
Para su puesta en marcha requerirá de un capital inicial de S/31,150.00, financiado en un 100% por los accionistas de la empresa, esperando recuperarlo el tercer año de operación.The present project is about the investigation and accompaniment so that medium-sized companies in Peru seek financing through the Alternative Securities Market, it shows us its viability based on the rates and amounts that other financial agents that exist in the market, that allowed us to detect a business opportunity since there is a lot of supply, but very little knowledge of these other means of financing by customers, which generates frustration in companies, and decreases their opportunities to grow, as well as boost our economy and the formal sector of it. For its start-up, it will require an initial capital of S / 31,150.00, financed 100% by the company's shareholders, hoping to recover it in the third year of operation.
Trabajo de investigación
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Liptáková, Kateřina. „Podnikatelský záměr - vybudování mycí linky automobilů“. Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-221680.
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The aim of the thesis is to build a car wash at a petrol station by using medium-term investment credit for four years. The work includes the theoretical and the practical parts. The business plan is based on real data and is focused on precise modelling of given situation, with considering market practices. It details market survey and market analysis, identifies the main competitors and explores financial components of whole project.
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Zivanovic, Jelena. „Essays on Credit Markets and Business Cycles“. Doctoral thesis, Humboldt-Universität zu Berlin, 2018. http://dx.doi.org/10.18452/19356.
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Diese Arbeit befasst sich mit der Rolle der Unternehmenskreditfinanzierung für die Realwirtschaft. Im ersten Teil untersuche ich die Entwicklung der externen Finanzierungsprämien in den USA in Folge von ökonomischen Schocks und finde, dass die Prämie antizyklisch auf Angebots- und monetäre Schocks reagiert. Im zweiten Teil analysiere ich mit Hilfe eines DSGE-Modells, wie die Zusammenfassung aus Bankkreditfinanzierung und Anleihefinanzierung die Transmission von ökonomischen Schocks beeinflusst. Angenommen, dass große Unternehmen größtenteils Anleihenmärkte verwenden und kleine Unternehmen auf Bankkredite angewiesen sind, zeigt das Modell, dass die Zusammensetzung des Unternehmenskreditfinanzierung relevant für die Verbreitung von Schocks ist. Negative monetäre Schocks und Finanzschocks beeinträchtigen die Kreditvergabe von fragilen Banken, die in Folge die Bankkredite an kleine Unternehmen kürzen. Unternehmen, die auf Anleihenfinanzierung zurückgreifen können, können sich in Zeiten steigender Prämien über Unternehmensanleihen refinanzieren. Daher reduzieren diese Unternehmen nicht in so starken Ausmaß ihre Investitionen wie kleine Firmen. Als Folge davon, ist eine Volkswirtschaft, die nur auf Bankkredite angewiesen ist, stärker von Schocks betroffen als eine Volkswirtschaft mit sowohl Bank- als auch Anleihenfinanzierung. Abschließend wird das Modell verwendet, um eine Kombination konventioneller und unkoventioneller Geldpolitik sowie makroprudentieller Politik in einer Ökonomie mit segmentierten Kreditmärkten zu evaluieren. Es wird gezeigt, dass der optimale Politikmix die höchsten Wohlfahrtsgewinne in Folge von Finanzschocks erreicht.This thesis examines the role of corporate debt financing for the real economy. First, I study the conditional dynamics of the external finance premium using US data and find that the premium is countercyclical following supply and monetary policy shocks. Second, I analyze to which extent bank and bond financing affect the transmission of economic shocks in the context of a DSGE model. To the extent that large firms predominantly use capital market finance, whereas small firms rely on bank loans, the model predicts that the composition of corporate debt is relevant for the propagation of shocks. Contractionary monetary policy and financial shocks impair the ability of leveraged banks to provide loans, which adversely affects small firms. Bond financing dependent firms can nevertheless issue bonds in times of rising bond finance premia. These firms do not reduce their investments as strongly as bank financing dependent firms. As a consequence, the economy that relies only on bank credit is affected more by shocks than the economy with bank and bond finance. Finally, the model is used to evaluate the optimal mix of conventional, unconventional and macroprudential policies for segmented credit markets. I find that the optimal policy mix attains the highest welfare gains following financial shocks.
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Bacco, Max, und Sá Gustafsson Madeleine de. „How to Improve the Swedish Corporate Bond Market“. Thesis, KTH, Skolan för industriell teknik och management (ITM), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-299597.
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In late Mars 2020, Covid19was declared to be a pandemic by the World Health Organization.The following crisis negatively affected the overall economy and also the Swedish corporate bond market. Generally, corporate bonds have been described as secure investments during turbulent market conditions, but now they decreased in value rapidly. The sellpressure was of unprecedented measures and it became difficult and costly for companies to issue new corporate bonds in order to refinance operations. Meanwhile, it became difficult for investors to sell their holdings as the liquidity deteriorated. Shortly after, the Swedish National Bank declared the Swedish corporate bond market to be highly dysfunctional. Moreover, the Swedish National Bank and the Financial Supervisory Authority identified some characteristics of the Swedish corporate bond market that contributed to the severe market stress, namely; (1) Limited liquidity and a small market (2) Lacking transparency and unreliable price information (3) Most issuers lacking a credit rating (4) A homogeneous group of investors and (5) Real estate companies constituting a large share of total issuers. These characteristics are defined as the five areas of concern in this thesis. This qualitative study is based on interviews with market participants. The objective is to identify which area of concern should be prioritized in order to improve the Swedish corporate bond market and which improvement measure is deemed most effective. The results show that transparency is the area of concern that should be prioritized. Nevertheless, the new selfregulations that will be implemented July 1st, 2021 with the purpose to improve transparency is not deemed to be enough, but rather a step in the right direction. Therefore, an iterative process is suggested, continuously evaluating and adjusting, ensuring that transparency improves but not to such an extent that liquidity is negatively impacted.I mars 2020 deklarerade Världshälsoorganisationen att spridningen av Covid19 hade utvecklats till en pandemi. Krisen påverkade hela världsekonomin negativt och även den svenska företagsobligationsmarknaden. Företagsobligationer har generellt beskrivits som säkra investeringar under turbulenta marknadsförhållanden, men nu förlorade de sitt värde mycket snabbt. Försäljningstrycket var enormt och gjorde att det blev dyrt för företag att emittera nya obligationer och refinansiera sin verksamhet. Samtidigt blev det svårt för investerare att sälja sina innehav då likviditeten snabbt försämrades. Strax därefter uppgav Riksbanken att företagsobligationsmarknaden var högst dysfunktionell. Vidare identifierade Riksbanken och Finansinspektionen fem karaktärsdrag på den svenska företagsobligationsmarknaden som kan ha bidragit till den stressade marknadssituationen. Karaktärsdragen var följande; (1) Begränsad likviditet och en liten marknad (2) Bristande transparens och opålitlig prisinformation (3) Faktumet att många emittenter saknar kreditbetyg (4) En homogen grupp av investerare (5) Majoriteten av emittenterna utgörs av fastighetsbolag. De fem identifierade karaktärsdragen har definierats som de fem problemområdena i följande uppsats. Uppsatsen är en kvalitativ studie baserad på intervjuer med marknadsaktörer. Målet är att identifiera vilket av de fem problemområdena som bör prioriteras i arbetet mot en förbättrad företagsobligationsmarknad samt att fastslå vilka förbättringsåtgärder som anses vara mest effektiva. Resultaten visar att transparens är de problemområde som bör prioriteras men att den nya självregleringen som skall implementeras den första juli år 2021 med syftet att förbättra transparensen anses vara otillräcklig. För att förbättra transparensen föreslås en iterativ process med kontinuerlig utvärdering och anpassning av regleringar. Genom en iterativ process kan man även säkerställa att transparenskraven inte blir så pass strikta att de påverkar likviditeten negativt.
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Antar, Joyce, Donya Gholamifar und Robert Viberg. „Acquisitions & Market Performance : A study of the relation of takeover bids, premiums, and financing methods to the OMXS index“. Thesis, Jönköping University, Jönköping International Business School, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-293.
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Scientific problem: In order to maintain a competitive position in the market, companies need to create an environment of sustained development. Growing companies basically have two choices: expand internally, known as organic growth, or expand externally by a merger or acquisition (M&A). It is widely known that in almost all acquisitions the price paid by the acquiring firm tends to be much higher than the market value of the target firm before the bid, this is called an acquisition premium. There are different ways of financing an acquisition, for example with cash or stock. Previous research within this topic have concluded the M&As follow the market, as well as premiums. Therefore, an assumption made by the authors is that when there is a boom in the market, the stock exchange quota-tion takes a certain movement and the number of acquisitions that are made increases, as well as the premiums paid, and further to check if the means of payment changes whether there is a bull or bear market.
Purpose: “The general aim of this thesis is to examine acquisitions on the Swedish market in order to estimate the relation between the OMXS index and the number of acquisition bids, the acquisitions pre-mium and the means of payment.”
Method: To investigate whether a relation between the OMXS and the amount of take-over bids, simple regression analyses was the preferred model, having the bids as being de-pendent upon market performance of the OMXS index. This way, any significant lag ef-fect, the time it takes for a bidder to present a bid offer, could be recognized and used as a benchmark. This model was carried on to the remaining questions as well; whether premi-ums are affected by the stock market, and which way the acquisitions was financed, cash or stock. The time period selected for data collection was 1994 to 2004, allowing the authors a wide enough time-span to interpret at least one bull, and one bear market. The model will be based upon secondary data of market quotes and a quantitative approach will be util-ized.
Results: The authors claim that a relation between the number of acquisition bids and market movement does exist. This evidence shows that an important decision as the one of deciding whether or not to merge or acquire another firm, might not be as rational as tho-ught. Instead, it is influenced on the environment around it, with the OMXS index as one of them. When it comes to the two remaining questions, if premiums and means of pay-ment are affected by the OMXS index, the obtained answers do not provide a positive rela-tion. And thus, this thesis cannot support earlier studies that state that a relation is present.
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Husrieh, Mhd Abdulkader Izzat. „Determinant attributes of a well-functioning market-based home-financing model in the MENA region : constraints and feasible development paths“. Thesis, Durham University, 2017. http://etheses.dur.ac.uk/12187/.
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Determinants of a well-functioning market-based home-financing system for MENA Housing finance is a cross-cutting topic of major economic, social, and political significance. It enables middle-class households and other targeted people to turn need for housing into effective demand by extending finance to buy their homes. Housing finance in Middle East and North African (MENA) countries is underdeveloped compared with countries of a similar level of income and stage of development. Existing literature cites many causes for this underdevelopment, among which is path dependency and culture. The study aims to address the path dependency issue by identifying attributes of a well-functioning housing finance system with the objective of contributing to the design of housing finance systems in MENA countries. To fulfil its objectives, the study uses primary and secondary research. Using comparative case analysis, firstly, housing finance systems in nine developed and emerging economies were assessed. Secondly, housing finance supply in nine countries in MENA were evaluated using a framework of analysis developed as part of the research. By conducting a survey in three MENA countries, the study attempts to understand people in terms of beliefs and attitudes towards housing finance, and characteristics of demand for housing finance. The findings of the study demonstrate the pivotal role of governments, and the significant influence of private financial institutions in the evolution and performance of any HFS. MENA countries have a fragmented supply of housing finance rather than a system, mainly due to a performance gap of players, lack of diversity in products, and self-exclusion of people from housing finance. Generally, people prefer finance from friends and family members and lack proper understanding of Islamic finance in Muslim dominated population. In conclusion, transferability and development of a well-functioning market-based housing finance system necessitates adoption of right public policies; regulators who supervise and enable financial institutions. Product diversifications is crucial to tailor to the needs of consumers, while engaging people by spreading awareness and protecting consumers.
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Smirat, Daniel. „Financial aspects facing start-ups during the go-to-market phase : Case studies of Swedish start-ups“. Thesis, Luleå tekniska universitet, Institutionen för ekonomi, teknik och samhälle, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-69514.
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Abstract Swedish start-ups seem to efficiently develop new products and services but less successful when it comes to taking them to the market and launching them globally. This research aims to address this gap through investigating Swedish start-ups. In light of this problem, the author argues that there is a need for increasing knowledge regarding the financial success factors and challenges facing Swedish start-ups in the go-to-market phase. The research question is thus: What are the significant challenges and success factors affecting the financing of Swedish start-ups during the go-to-market phase? Four major challenges facing start-ups during the go-to-market phase are identified. These are lack ofsufficient capital,lack of support from the banking sector, lack of support from the regional public leveland, finally, regulations and legal issues. On the other hand, four success factors have been identified, which are support from private investors, shared financial private/public risk, efficient internal operationsand non-traditional financing methods. In order to facilitate the go-to-market financing, it is recommended that start-ups be established in a business incubator environment in order to have access to investor networks and other financial support. Besides, having investors with financial experience in the start-up boards increases the chances of success in the go-to-market phase. The banking sector in Sweden should also play a bigger role in the strategic issues in order to accelerate the start-up’s growth. For further studies, more knowledge regarding the underlying motivations of private capitalists, public funders and loan lenders is desirable. Furthermore, the business incubator’s role in facilitating the financing of start-ups and understanding how start-ups in different sectors should act to increase the rate of success are two important areas for future studies. Keywords: start-ups, go-to-market, financing, growth, early growth, success factors
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Žilinský, Lukáš. „Příprava a financování stavební zakázky v rámci jejího životního cyklu z pohledu zhotovitele“. Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2015. http://www.nusl.cz/ntk/nusl-227271.
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The thesis engages in an assessment of financing the building contract from the view of a contractor. In the introduction of a theoretical part there is concisely characterized the meaning and current state of the construction market in the Czech Republic. Then there is a basic description of the characteristics of the building and construction market, followed by a description of the life cycle of construction contracts. Main attention on the theoretical part is paid to the possible ways of financing the building contract from the view of the constructor. The practical part of the thesis is divided into two examples. In the first example, an analysis of financing the building contract from the view of the constructor or construction company can be seen. Following the method of financing the business activity of the construction company is a financial analysis of its capital structure with subsequent evaluation of the results. The second example contains processing of progress financing of the building contract using a form of forfaiting, i.e. redemption of medium-term debt.
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Burton, Bruce M. „An empirical investigation of the relationship between corporate investment opportunities and the UK stock market reaction to new financing and capital expenditure announcements“. Thesis, University of Dundee, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.273643.
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Powers, Victoria. „Equity financing: a look at new equity issuesin manufacturing on the Hong Kong stock exchange from 1980-1985“. Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1987. http://hub.hku.hk/bib/B31263884.
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Mainali, Brijesh. „Renewable Energy Market for Rural Electrification in Developing Countries: Country Case Nepal“. Licentiate thesis, KTH, Energi och klimatstudier, ECS, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-33201.
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The availability of abundant renewable resources, lack of fossil fuels and difficult geographical terrain for grid line extensions contribute to the advantages of renewable based decentralized rural electrification in Ne-pal. Solar home system (SHS) and micro-hydro are the most commonly adopted off-grid renewable energy technologies in the country. This dis-sertation examines the market of renewable energy based rural electrifi-cation within prevailing policy and programmes framework. The study verifies whether the market has been able to serve the poor in Nepal. It also captures the perception of various stakeholders (e.g. private sup-ply/installation companies, NGOs, financial institutions and the donor‘s programme) regarding the business, financing issues and the role of gov-ernment policy on the market development. In addition, the study dis-cusses and analyses renewable based rural electrification supply models, the economics behind rural electrification, market drivers and market distribution in the rural areas of Nepal. The financial mix in the off-grid rural electrification is generally charac-terized by subsidy, equity and credit. The study shows that awareness about renewable energy technologies and willingness to pay for electricity access has increased considerably. However, there is a huge financial gap between the cost of electrification and affordability among the poor. The distribution analysis shows there is significant increment in the extensive growth but decrease in the intensive growth rate of rural electrification thus indicating market expansion with uneven penetration among the ru-ral people. Solar PV technology is still not in the reach of the economic poor. Access to credit and cumbersome subsidy delivery mechanisms have been perceived as the major factors affecting the expansion of rural electrification by the stakeholders, requiring innovation in the credit and subsidy delivery system so that a larger rural population can be given ac-cess to electrification.QC 20110502
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Awambu, Anozie Ikechukwu. „Power financing in a receding global economy : can capacity short countries enhance the viability of projects without exposure to contingent liabilities for market risks?“ Thesis, University of Dundee, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.505611.
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Meluzín, Tomáš. „Problematika financování podniků prostřednictvím Initial Public Offering“. Doctoral thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-233714.
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The present PhD thesis deals with initial public offerings (IPOs) on the Czech capital market. Unlike the Czech Republic, financing company activities through IPOs is widespread globally and advanced capital markets utilize IPOs as a traditional means of raising funds for further enterprise development. If there were no chance to raise capital this way, the international financial system, and thereby also the economic system, would be different from what they are today. Considering that it is not common to finance enterprise development through IPOs on the Czech capital market, the thesis focuses on creating a comprehensive view of the issue of IPOs on the Czech market and aims to acquire new information in this field. This is why the thesis is divided into theoretical and practical sections. The theoretical section provides an analysis of the state of the art in the sphere of IPOs that is based on foreign literature since Czech literature offers only limited information regarding IPOs. As part of the analysis, the term ´initial public offering´ is defined and its Czech equivalent is proposed. The analysis further comprises the advantages and disadvantages linked to this type of financing, it describes the development of IPOs on foreign markets and, last but not least, it explains the cyclical character of IPOs. Specific phenomena accompanying IPOs in advanced markets are defined here. These are underpricing of issues and long-term lower performance of issuers in the post-IPO period. Another part of the theoretical section analyzes all significant costs related to IPOs. The practical section of the thesis, which focuses on the Czech capital market, determines major prerequisites for running an IPO as well as the way an IPO is done. A complex analysis of the causes behind the low number of IPOs in the Czech Republic is carried out and the results of quantitative research into the causes of little interest in financing enterprise development this way are presented. This is followed by an assessment of IPOs done in the Czech Republic so far and by introduction of the results of qualitative research examining particular issuers. In conclusion, the issue of IPOs is summed up and further perspectives of development are outlined.
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Mohti, Wahbeeah. „Essays on frontier markets: financial integration, financial market efficiency, financial contagion“. Doctoral thesis, Universidade de Évora, 2019. http://hdl.handle.net/10174/24579.
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This thesis investigates financial integration, market efficiency, and financial contagion in frontier markets in order to evaluate the potentiality of portfolio diversification. The first essay evaluates Asian frontier and emerging equity markets’ regional and global integration using Gregory and Hansen co-integration tests and detrended cross correlation analysis (DCCA). The results suggest that Asian emerging markets show some evidence of integration with both regional and global markets. From Asian frontier markets, Pakistan is the only one with evidence of integration with both benchmarks. The second essay appraises weak form efficiency of frontier markets to investigate the global correlation and long-range dependence, applying mutual information and Detrended Fluctuation Analysis (DFA). The results indicate that Slovenia is the only case where there is evidence compatible with weak form efficiency. The third essay investigates contagion from the US subprime financial crisis to frontier stock markets using Copula models to investigate dependence structures between US and frontier stock markets, before and during US subprime financial crisis. The results show that Croatia and Romania are the ones, most affected by the US subprime crisis. Subsequently, the forth essay investigates the contagion from both recent crises; US subprime financial crisis and European debt crisis to frontier stock market, applying DCCA correlation coefficients to investigate the linkage between crisis originating country stock markets (US and Greece) and those of frontier markets, to assess whether the correlation coefficients significantly increase with the crises. The results indicate that from US subprime crisis, European frontier markets are the ones most affected, followed by Middle Eastern markets. In case of European debt crisis (originated in Greece), the findings show that contagion effect is weaker in frontier markets; Ensaios sobre Mercados de Fronteira: Integração Financeira, Eficiência de Mercados, Contágio Financeiro
Sumário:
Esta tese investiga a integração financeira, eficiência de mercado e contágio financeiro nos chamados “mercados de fronteira”, a fim de avaliar o respetivo potencial de diversificação internacional de carteiras. O primeiro ensaio avalia a integração regional e global dos mercados de capitais emergentes e globais Asiáticos, sendo utilizados o teste de cointegração de Gregory e Hansen e a detrended cross correlation analysis (DCCA). Os resultados sugerem que os mercados emergentes asiáticos mostram algumas evidências de integração com os mercados regional e global. Dos mercados de fronteira asiática, o Paquistão é o único com evidências de integração com os dois benchmarks. O segundo ensaio avalia a eficiência da forma fraca dos mercados de fronteira para investigar a correlação global e a dependência longa, aplicando a informação mútua e a Detrended Fluctuation Analysis (DFA). Os resultados indicam que a Eslovénia é o único caso em que há evidências compatíveis com a hipótese d eficiência na forma fraca. O terceiro ensaio investiga o contágio da crise financeira subprime dos EUA para os mercados de fronteira, sendo usados modelos Copula para investigar as estruturas de dependência entre os mercados de ações dos EUA e os mercados de fronteira, antes e durante a crise financeira dos Estados Unidos. Os resultados mostram que a Croácia e a Roménia são os mercados mais afetados pela crise do subprime dos EUA. Posteriormente, o quarto ensaio investiga o contágio de ambas as crises recentes; crise financeira subprime dos EUA e crise da dívida europeia para os mercados de fronteira, aplicando coeficientes de correlação DCCA para investigar a ligação entre os mercados de ações de países EUA e Grécia e mercados de fronteira. Os resultados indicam que, relativamente à crise do subprime nos EUA, os mercados de fronteira europeus são os mais afetados, seguidos pelos mercados do Médio Oriente. Relativamente à crise da dívida soberana (originada na Grécia), os resultados mostram que o efeito de contágio é menor nos mercados de fronteira analisados.
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Das, Sanmay. „Intelligent Market-Making in Artificial Financial Markets“. Thesis, Massachusetts Institute of Technology, 2003. http://hdl.handle.net/1721.1/5570.
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This thesis describes and evaluates a market-making algorithm for setting prices in financial markets with asymmetric information, and analyzes the properties of artificial markets in which the algorithm is used. The core of our algorithm is a technique for maintaining an online probability density estimate of the underlying value of a stock. Previous theoretical work on market-making has led to price-setting equations for which solutions cannot be achieved in practice, whereas empirical work on algorithms for market-making has focused on sets of heuristics and rules that lack theoretical justification. The algorithm presented in this thesis is theoretically justified by results in finance, and at the same time flexible enough to be easily extended by incorporating modules for dealing with considerations like portfolio risk and competition from other market-makers. We analyze the performance of our algorithm experimentally in artificial markets with different parameter settings and find that many reasonable real-world properties emerge. For example, the spread increases in response to uncertainty about the true value of a stock, average spreads tend to be higher in more volatile markets, and market-makers with lower average spreads perform better in environments with multiple competitive market-makers. In addition, the time series data generated by simple markets populated with market-makers using our algorithm replicate properties of real-world financial time series, such as volatility clustering and the fat-tailed nature of return distributions, without the need to specify explicit models for opinion propagation and herd behavior in the trading crowd.
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Guimarães, Rodrigo Gameiro. „As transformações do mercado do ensino superior e o endividamento estudantil no Brasil : uma produção do Estado neoliberal“. reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2018. http://hdl.handle.net/10183/180862.
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Esta pesquisa analisou a relação entre as recentes transformações do mercado do ensino superior brasileiro, que o posiciona entre os cinco maiores do mundo, e as políticas de financiamento estudantil. O crescimento desse mercado é normalmente explicado pelas mudanças nas legislações e regulamentações da oferta do ensino superior que iniciaram desde o período da ditadura militar no Brasil e pela forte demanda da sociedade brasileira, que está entre as menos escolarizadas entre os países da OCDE. A estabilidade regulatória desse mercado e essa demanda potencial tornaram o ensino superior um setor econômico tão ou mais atrativo do que outros da economia brasileira. No entanto, só isso não explica a entrada de grupos educacionais estrangeiros no Brasil, a atração de investimentos de fundos e bancos nacionais e estrangeiros, a rápida formação de grandes grupos educacionais, a abertura de capital e grande valorização das ações desses grupos em patamares acima da média de outras empresas listadas na Bolsa. Inclusive, algumas pesquisas nacionais indicam que o rápido crescimento desse mercado dependeu de políticas que direcionaram recursos públicos para financiar tanto a ampliação e reestruturação financeira das IES (via BNDES) como as mensalidades dos estudantes via incentivo fiscal (do ProUni) ou repasse direto de recursos do financiamento estudantil (Fies), garantindo parte significativa da receita das IES privadas. Considerando que essas políticas públicas não têm uma relação efêmera com as mudanças no mercado do ensino superior, defendo a tese de que o Estado neoliberal é o campo de uma simbiose entre as políticas liberais-parternalistas - que destinam fundos públicos à reconfiguração de mercados (entrepreneurfare) - e as disciplinadoras que vinculam a garantia de direitos sociais ao endividamento (debtfare). A construção do objeto da pesquisa, guiada por esta tese, foi realizada a partir de um levantamento de diversos trabalhos (teses, dissertações, artigos etc.) e informações (documentais, questionários e entrevistas) sobre o mercado do ensino superior no Brasil, as políticas de financiamento estudantil e a situação dos estudantes endividados, bem como pela construção do referencial teórico como um mosaico de categorias (workfare, prisonfare, debtfare, entrepreneurfare) de crítica ao neoliberalismo que, postas em relação, ampliam a explicação sobre o fenômeno e a forma-Estado em construção no Brasil. A partir disso, foi possível identificar que o Fies como uma das principais políticas de financiamento para que os estudantes acessem o ensino superior privado, atendendo a praticamente um terço das matrículas, mas lhes impondo como contrapartida uma dívida com os bancos públicos (Estado), ainda que o programa seja definido como uma política social de democratização do acesso por tratar-se de um financiamento com taxas de juros subsidiadas. O conceito de debtfare de Soederberg (2014) possibilitou analisar que o Fies é uma política de acesso cuja ferramenta é a oferta de crédito aos estudantes e a consequência é a normalização do endividamento como meio de garantir direitos Por outro lado, o crescimento e a reconfiguração (financeirização e oligopolização) do mercado do ensino superior brasileiro estão imbricados às políticas de financiamento (Fies e ProUni), ou seja, em última instância dependeram dos recursos públicos e do endividamento estudantil. Essa relação não se deu por acaso, porque, segundo o conceito de entrepreneurfare, ela seria o resultado da produção de um Estado neoliberal cujas políticas sociais ou de ampliação do acesso à educação, moradia, etc. servem primordialmente para direcionar os fundos públicos na criação/reconfiguração de mercados, aparentando uma relação de simbiose entre as necessidades sociais e da acumulação do capital, mas que na essência é de exploração do capital sobre as demandas sociais.This research analyzed the relationship between the recent changes in the Brazilian higher education market, which is among the five largest in the world, and the policies of student financing. The growth of this market is usually explained by the changes in the legislation and regulations of the offer of higher education that began since the period of the military dictatorship in Brazil and by the strong demand of the Brazilian society, which is among the less schooled compared to the OECD countries. The regulatory stability of this market and this potential demand have made higher education an economic sector as attractive as or more attractive to others than the Brazilian economy. However, this context alone does not explain the entrance of foreign educational groups in Brazil, the attraction of investments of national and foreign funds and banks, the rapid formation of large educational groups, the opening of capital and great appreciation of the shares of these groups in levels above of the average of other listed companies on the stock exchange. Some national scientific research also show that the rapid growth of this market depends on the policies that directed public resources to finance both the expansion and financial restructuring of HEIs (via BNDES) and students' tuition through fiscal incentives (ProUni) or direct transfer of resources of student financing (Fies), guaranteeing a significant part of the income of private HEIs. Considering that these public policies do not have an ephemeral relation with the changes in the market of higher education, I defend the thesis that the neoliberal State is the field of a symbiosis between the liberal-parentalist policies - that allocate public funds to the reconfiguration of markets (entrepreneurfare) - and the disciplinary policies that link the guarantee of social rights to the debt (debtfare) The construction of the research object, guided by this thesis, was carried out from a survey of several works (theses, dissertations, articles, etc.) and information (documents, questionnaires and interviews) on the Brazilian higher education market, student financing policies and the situation of indebted students, as well as the construction of the theoretical framework as a mosaic of categories (workfare, prisonfare, debtfare, entrepreneurfare) of criticism of neoliberalism that, in relation to each other, extend the explanation of the phenomenon and the form-State under construction in Brazil. From this, it was possible to identify that the Fies as one of the main financing policies for students to access private higher education, attending to almost one third of the enrollments, but imposing on them the debt with the public banks (State) as a counterpart, even though the program is defined as a social policy of democratization of access because it is a financing with subsidized interest rates. The appropriation of the concept of debtfare by Soederberg (2014) made it possible to analyze that Fies is an access policy whose tool is the offer of credit to students and the consequence is the normalization of indebtedness as a means of guaranteeing rights On the other hand, the growth and reconfiguration (financialization and oligopolization) of the Brazilian higher education market are intertwined with financing policies (Fies and ProUni), that is, ultimately depended on public resources and student indebtedness. This relationship did not happen by chance because, according to the concept of entrepreneurfare, it would be the result of the production of a neoliberal state whose social policies or of expanding access to education, housing, etc. serve primarily with public funds in the creation / reconfiguration of markets, a symbiosis between social needs and the accumulation of capital, but in essence the exploitation of capital over social demands.
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Sawadogo, Pegdéwendé Nestor. „Fiscal policy and financing for development in developing countries“. Thesis, Université Clermont Auvergne (2017-2020), 2020. http://www.theses.fr/2020CLFAD007.
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Cette thèse se pose la question de savoir comment la politique budgétaire pourrait être utilisée à des fins de financement du développement. Elle identifie et explore les canaux par lesquels les pays en développement peuvent efficacement mobiliser les ressources (internes et externes) pour le financement du développement. Pour cela, nous conduisons des recherches axées sur les politiques économiques (en utilisant des outils statistiques et économétriques appropriés) et nous formulons des recommandations de politiques économiques aux pays en développement. La première partie de cette thèse s’intéresse à la question de la mobilisation des ressources externes dans les pays en développement (Chapitre 1 et Chapitre 2). Dans le Chapitre 1, nous analysons les effets des dépenses publiques sur les spreads de taux dans les pays émergents. Nous montrons que les pays en développement pourraient avoir un meilleur accès aux marchés financiers internationaux en augmentant leurs investissements publics et en réduisant leurs dépenses courantes. Plus précisément, les dépenses en capital humain (éducation et santé) et autres infrastructures publiques réduisent considérablement les spreads de taux. Ils devraient également améliorer la qualité de la gouvernance puisque les marchés financiers récompensent les pays bien gouvernés à travers de meilleures conditions d'emprunt. Nous examinons, dans le Chapitre 2, la force des règles de politiques budgétaires en termes d’amélioration de l’accès des marchés financiers internationaux par les pays en développement. Nous trouvons que l’adoption de règles budgétaires réduit les taux d’intérêts sur la détention des obligations d’Etat souverains et par conséquent améliore l’accès aux marchés financiers. Nous expliquons ce résultat par le canal de la crédibilité de la politique budgétaire : les gouvernements crédibles sont récompensés sur les marchés financiers internationaux par de faibles taux d’intérêt et des notations élevées des dettes souveraines. Nos résultats prouvent que l’adoption et la bonne mise en œuvre des règles de politiques budgétaires constitue un moyen substantiel pour les décideurs publics d’améliorer l’accès des pays en développement aux marchés financiers internationaux. La deuxième partie de cette thèse se focalise sur ce que les pays en développement pourraient faire pour améliorer la mobilisation des ressources internes (Chapitre 3 et Chapitre 4). En effet, nous explorons la relation entre l’adoption des règles budgétaires et la réduction des inégalités de revenus (Chapitre 3) et nous trouvons que l’adoption des règles budgétaires réduit les inégalités de revenus. Ces pays pourront financer leur développement de façon soutenable (à travers la réduction des inégalités) en adoptant des règles budgétaires. En outre, nous évaluons les effets de la lutte contre les flux financiers illicites sur la mobilisation de recettes fiscales (Chapitre 4). Nous révélons que les pays qui respectent les Recommandations du Groupe d’Action Financière (GAFI) en matière de lutte contre le blanchiment d’argent et le financement du terrorisme (pays coopératifs) enregistrent des montants de recettes fiscales plus élevés comparativement aux pays qui ne respectent pas ces Recommandations (pays non coopératifs). Par conséquent, les pays en développement pourront mobiliser plus de recettes fiscales en mettant en œuvre des politiques visant à empêcher les flux financiers illicites. Par ailleurs, ils doivent mettre en place de bonnes institutionsThe central question of this thesis is how fiscal policy could be used for development finance purposes. Indeed, we identify and investigate pathways through which developing states can mobilize resources to improve sustainable development. For this purpose, we conduct policy-oriented researches (using suitable statistical and econometrical tools) and provide advices for developing countries. The first part of the dissertation addresses the issue of external resources mobilization in developing countries (Chapter 1 and Chapter 2). In Chapter 1, we investigate the effects of public expenditures on sovereign bond spreads in emerging market countries. We show that developing countries could have a better access to international financial market by supporting public investment and reducing current spending. Specifically, spending on human capital (education and health) and other public infrastructures significantly reduce bond spreads. They should also improve the quality of governance since financial markets award well-governed countries with better borrowing conditions. We examine, in Chapter 2, the strength of fiscal rules in terms of improving financial markets access for developing countries. We find that the adoption of fiscal rules reduces sovereign bond spreads and consequently improve financial market access. Indeed, this result is explained by the credibility of fiscal policy channel: more credible governments are rewarded in the international financial markets with low sovereign bond spreads and high sovereign debt ratings. Our findings confirm that the adoption and sound implementation of fiscal rules is an instrument for policy makers to improve developing countries’ financial market access. The second part of the dissertation focuses on what developing countries could do to improve internal resources mobilization (Chapter 3 and Chapter 4). As a matter of fact, we explore the relationship between fiscal rules and inequality (Chapter 3) and find that fiscal rules adoption contributes to reduce inequality in developing countries. The policy implication is that developing countries could finance their development in a sustainable way (via the reduction of inequalities) by adopting fiscal rules. Moreover, we assess the effects of combating illicit financial flows on domestic tax revenue mobilization in developing countries (Chapter 4). We highlight that countries which cooperate with international standards for anti-money laundering and combating the financing of terrorism (AML/CFT) are more able to mobilize tax revenue than countries which do not cooperate. Consequently, developing countries could mobilize more domestic tax revenue by implementing policies to curtail illicit financial flows. They should establish sound institutions
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Ingelgård, Mathilda, und Louise Regnell. „Green is the New Black : A study of investor reliance in green bond investments in the Swedish real estate market“. Thesis, KTH, Fastigheter och byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-231431.
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After the environmental debate was put firmly into economics literature, an emerging sustainable finance sector attempts to discipline corporate social and environmental behaviour, in which the financial markets and the real estate sector have been stated to play particularly important roles. Research within Swedish real estate financing has identified a growing interest of sustainable financing, mentioning green bonds in particular. Green bonds are based on traditional corporate bonds with the difference that green bonds possess an element of influence. The issuer is obliged to report back to the investor how net proceeds from the issuance have been used to finance green projects, which creates a requirement for transparency. The fact that green bonds is a fairly new financing and investment alternative whilst simultaneously growing incredibly fast has highlighted the significance of reliance for green bonds as a financial product. The aim of this study has been to explore in what ways green bonds in the Swedish real estate market are being initiated and structured and subsequently governed to establish investor reliance. This research is conducted with a qualitative methodology on the basis of an exploratory nature, and the collection of qualitative data has mainly been performed through semi-structured interviews with all categories of stakeholders currently involved in the use of green bonds in the Swedish real estate market. The empirical results and subsequent analysis have concluded that it is obvious that there are numerous positive incentives related to issuing green bonds. All positive incentives consequently give rise to concerns regarding the true purpose of the issuances and whether or not these are aligned with the original purpose of the product. The more positive incentives, the more the risk of greenwashing increases. The risk of greenwashing could pose a significant threat to the general perception of and reliance in the green bond market. Obviously, all positive incentives do not necessarily entail greenwashing; there has to be positive incentives for the market of green bonds to occur, especially as it is a widely appreciated product with a generally good purpose. However, the issuers must be transparent, and the investors must be aware of the potential risk factors in order to establish investor reliance in green bonds as a financial product.Sedan miljödebatten introducerades inom den ekonomiska litteraturen har en framväxande sektor för hållbar finansiering arbetat för att disciplinera företags sociala och miljömässiga ansvarstagande, där den finansiella marknaden och fastighetssektorn uppgetts ha särskilt viktiga roller. Forskning inom svensk fastighetsfinansiering har identifierat ett växande intresse för hållbar finansiering och i synnerhet gröna obligationer. Gröna obligationer är baserade på traditionella företagsobligationer, med skillnaden att kapitalet enbart syftar att användas till finansiering eller återfinansiering av hållbara projekt. Emittenten är bunden till att återrapportera hur kapitalet använts, vilket skapar ett krav på transparens. Det faktum att gröna obligationer fortfarande är ett ganska nytt finansierings- och investeringsalternativ, samtidigt som det vuxit oerhört snabbt, har framhävt betydelsen av förtroende för gröna obligationer som finansiell produkt. Syftet med denna studie har varit att undersöka hur gröna obligationer på den svenska fastighetsmarknaden initieras och struktureras och därefter hanteras för att etablera investerarnas förtroende. Denna forskning har genomförts med en kvalitativ metod av utforskande karaktär och insamlingen av kvalitativa data har i huvudsak utförts genom semistrukturerade intervjuer med alla intressentkategorier som för närvarande är aktiva i användningen av gröna obligationer på den svenska fastighetsmarknaden. Det empiriska resultatet och den efterföljande analysen har påvisat att det är uppenbart att det finns många positiva incitament i samband med emissioner av gröna obligationer. Alla positiva incitament ger följaktligen upphov till oro kring det verkliga syftet med emissionerna och huruvida dessa är anpassade till produktens ursprungliga syfte eller inte. Ju mer positiva incitament, desto mer ökar risken för greenwashing. Risken för greenwashing kan utgöra ett betydande hot mot den allmänna uppfattningen av, och förtroendet för, den gröna obligationsmarknaden. Självklart innebär inte alla positiva incitament nödvändigtvis greenwashing; det måste finnas positiva incitament för att marknaden för gröna obligationer ska finnas, särskilt eftersom det är en mycket uppskattad produkt med ett generellt bra syfte. Emittenterna måste emellertid vara transparenta och investerarna måste vara medvetna om de potentiella riskfaktorerna för att etablera investerarnas förtroende för gröna obligationer som en finansiell produkt.
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Algstedt, Fanny, und Hilda Skoglund. „Finansiering av kommersiella fastighetsbolag : En studie om drivkrafterna bakom fastighetsbolagens ökade andel marknadsfinansiering och dess risker“. Thesis, KTH, Fastigheter och byggande, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-277729.
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Det senaste decenniet har nya finansieringsmetoder vuxit fram ibland de kommersiella fastighetsbolagens finansieringsportföljer. Framförallt emitteras företagsobligationer i en allt större utsträckning. För att få en god tillgång till kapitalmarknaden ställs krav på bolagens ägarstruktur, balansräkning och fastighetsportföljens egenskaper. Finansinspektionen uppgav 2019 att de ser positivt på den ökande marknadsfinansieringen men lyfter samtidigt oron i attdet saknas erfarenhet av hur väl kapitalmarknaden fungerar som finansiär under en kris. Utmaningen för fastighetsbolagen ligger i att hitta ett finansieringsupplägg som tar tillvara på den hävstångseffekt som skuldsättning skapar samtidigt som man minimerar de medföljande riskerna. Detta examensarbete syftar till att undersöka utvecklingen och drivkraften bakom nya finansieringsmetoder hos kommersiella fastighetsbolag i Sverige. Målet är att kunna dra slutsatser kring hur finansieringsmetoder skiljer sig beroende på fastighetsbolagens storlek.Vidare syftar studien till att identifiera de drivande faktorerna bakom den växande marknadsfinansieringen samt vilka för- och nackdelar marknadsfinansieringen innebär. Studienutgår från en kvantitativ enkätundersökning som undersöker fastighetsbolagens finansieringsmetoder och beslutsfaktorer vid finansiering. Detta efterföljs av en kvalitativintervju studie med semi-strukturerade intervjuer med aktörer från fastighetsbolag, banksektorn, investerare samt Finansinspektionen. Studien visar att marknadsfinansiering främst används av bolag med ett fastighetsbestånd på över 30 miljarder kronor. Undantaget är fastighetsbolag inom stabila segment såsom samhällsfastigheter och bostäder samt bolag med långsiktigt institutionellt ägande. Nyemission och kreativa upplägg såsom crowdfunding och säljarrevers tycks ligga närmre till hands förbolag av mindre storlek. Vidare anges prisfördelen, diversifieringsaspekten och flexibiliteten som kommer med en icke-säkerställd finansiering vara marknadsfinansieringens främsta drivkrafter. Lågräntemiljön har även drivit på efterfrågan från investerare som tidigare främst investerat i statsobligationer och säkerställda bostadsobligationer. Den slutsats som kan dras avstudien är att samtliga aktörer ser positivt på fastighetsbolagens marknadsfinansiering men att det bör hållas på balanserad nivå där den långsiktiga efterfrågan på företagsobligationer möter en sund efterfrågan på finansiering hos fastighetsbolagen.In the past decade, alternative financing methods have become increasingly common in the commercial real estate companies' financing portfolios. Above all, corporate bonds are issued to a greater extent than before. To gain good access to the capital market, requirements are placed on the companies' ownership structure, balance sheet and the property portfolio. The Swedish Financial Supervisory Authority stated in 2019 that they are looking favorably at the increasing capital market financing but do also raise concerns about the real estate companies’ability to obtain financing on the capital market during a crisis. The challenge for the real estate companies lies in finding a financing arrangement that takes advantage of the leverage effect that debt creates while minimizing the accompanying risks. This degree project aims to investigate the development and driving force behind new financing methods used by commercial real estate companies in Sweden. One goal is to be able to draw conclusions about how financing methods differ depending on the size of the real estate companies. Furthermore, the study aims to identify the driving factors behind the growing capital market financing and its advantages and disadvantages. The study is based on aquantitative survey that examines the real estate companies' financing methods and the factors affecting their financing decisions. This is followed by a qualitative interview study including semi-structured interviews with actors from real estate companies, the banking sector, investors and the Swedish Financial Supervisory Authority. The study shows that capital market financing is mainly used by companies with a property portfolio of more than SEK 30 billion. The exceptions are mostly real estate companies with instable property segments such as social- and housing properties as well as companies with longterm institutional ownership. Issuance of stocks and creative arrangements such ascrowd funding and vendor loans seem to be closer at hand for smaller sized companies. Furthermore, the price advantage, the diversification aspect and the flexibility that comes with unsecured financing are stated to be the main driving factors behind the increased capital marketfinancing. The past years low interest rates have also created demand from financiers who earlier invested primarily in government bonds and mortgage-backed bonds. The conclusion that can be drawn from the study is that all actors view the real estate companies' increased capital market financing positively but that it should be kept at a balanced level where the longterm demand for corporate bonds meets a healthy demand for financing from the real estate companies.
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Robles, Cruz Evelyn Lucero, und Lima Jhoselin Mariela Suarez. „El impacto de los gastos asociados al financiamiento de corto plazo en la gestión financiera de las MYPES del emporio comercial de Gamarra, año 2019“. Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2021. http://hdl.handle.net/10757/657647.
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La presente investigación busca analizar el impacto de los gastos asociados al financiamiento de corto plazo en la gestión financiera de las MYPES del emporio comercial de Gamarra durante el año 2019. A su vez, se analizará el impacto en la gestión financiera considerando sus dos dimensiones que son la rentabilidad y toma de decisiones de inversión.
En primera instancia se realizó una exhaustiva investigación bibliográfica sobre las teorías respecto a los tipos de financiamientos, los gastos asociados al financiamiento de corto plazo, gestión financiera, rentabilidad y toma de decisiones. Dicha información fue base ante la presente investigación dado que es necesario dar a conocer dichos conceptos. Asimismo, se identificaron variables e indicadores para poder medir el impacto, así como dimensiones, esto con la finalidad de poder tener un mayor alcance del análisis. El trabajo de investigación está bajo un enfoque mixto, es decir, cualitativo y cuantitativo basado en entrevistas a expertos con experiencia en el sector textil y encuestas realizadas a las MYPES del emporio comercial de Gamarra. Los resultados fueron trabajados con el software SPSS a fin de validar las hipótesis planteadas.
Finalmente, se desarrollará un caso práctico para poder mostrar el impacto de los gastos del financiamiento de corto plazo en la gestión financiera de las MYPES analizando el impacto de los gastos asociados a dos tipos de financiamientos de corto plazo que se consideraron más recurrentes.This research seeks to analyze the impact of expenses associated with short-term financing on the financial management of the MYPES of the commercial emporium of Gamarra during the year 2019. At the same time, the impact on financial management will be analyzed considering its two dimensions that they are profitability and investment decision making. In the first instance, an exhaustive bibliographical research was carried out on the theories regarding the types of financing, the expenses associated with short-term financing, financial management, profitability and decision-making. This information was the basis for the present investigation since it is necessary to make these concepts known. Likewise, variables and indicators were identified to be able to measure the impact, as well as dimensions, this in order to be able to have a greater scope of the analysis. The research work is under a mixed approach, that is, qualitative and quantitative based on interviews with experts with experience in the textile sector and surveys carried out with the MYPES of the commercial emporium of Gamarra. The results were worked with SPSS software in order to validate the hypotheses raised. Finally, a practical case will be developed to show the impact of short-term financing expenses on the financial management of MSEs, analyzing the impact of expenses associated with two types of short-term financing that were considered more recurrent.
Tesis
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Uggla, Björn, und Carl Nielsen. „Credit Rating Downgrades Amongst Commercial Real Estate Companies on the Swedish Corporate Bond Market : To BBB or not to BBB“. Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-298230.
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In the last decade, Swedish commercial real estate companies have increased their presence on thecorporate bond market significantly. The real estate companies now account for the majority ofoutstanding bonds and the trend appears to continue. Furthermore, the companies strive to achieve acredit rating within the boundaries of what is known as Investment Grade. Being rated Investment Gradeby the rating agencies generally means access to a broader investor base and better terms for borrowing.Consequently, the investors on the Swedish bond market are now more exposed to the real estate marketand the real estate companies rely on the bond market for their financial needs. The Swedish Financial Supervisory Authority has commented on the increased presence of commercialreal estate companies on the Swedish bond market and proclaimed that it is not clear whether it increasessystemic risk or not. However, as was shown by the Coronavirus pandemic, the Swedish bond markethas flaws relating to liquidity which can be triggered by an increased selling pressure. A scenario forincreased selling pressure could be a collective downgrade of commercial real estate companies to belowinvestment grade, also known as a fallen angel event. This degree project aims to increase the understanding within the field of risk analysis of credit ratingdowngrades of real estate companies issuing corporate bonds. Furthermore, the study aims to identify ifprerequisite factors for a downgrade scenario are present. This study is based on a multi-methodquantitative approach. The Altman Z-score will be performed on the companies in the lower bounds ofinvestment grade to identify if there are early warnings of financial distress and if any companies shouldbe downgraded. By means of a questionnaire, the aim is to identify how domestic investors are allowedto act in a downgrade scenario and what factors affect their actions. The study will also perform asensitivity analysis of the same companies to investigate how sensitive they are to changes in a set ofparameters before reaching the boundaries of investment grade established by the rating agencies. The study shows that one in five investors are required to sell a bond that has been downgraded to belowinvestment grade. This may cause a first mover advantage effect, which in turn leads to fire sale ofdowngraded bonds. Not in line with previous literature, one out of six insurance investors are notallowed to keep downgraded bonds according to the questionnaire results. Furthermore, the results ofthe survey indicate that the investors that are not allowed to keep downgraded bonds are to a large extentgoverned by regulatory restrictions. 81 percent of the investors have a discretionary mandate allowingthem to keep downgraded bonds and it is unclear how these investors will act in a fallen angel’s scenario.It can be argued that a discretionary mandate creates a setting for market shortcomings such asreputational concerns among portfolio managers. The study also showed that five of the analyzed companies achieved a Z-score equivalent belowInvestment Grade. This translates to approximately 15 percent of the real estate companies withinvestment grade which means that the results of the Altman Z-score suggests a three times higherdowngrade probability than the historical global average for Investment Grade rated companies. Thesensitivity analysis revealed that companies' sensitivity to net operating income ranged between 2 - 13percent with the majority of the companies between 2 - 6 percent. The sensitivity to valuation yieldranges from 0.05 - 0.76 percent with the majority in the range from 0.24 - 0.45 percent. Furthermore,the sensitivity to change in interest rate ranged between 0.45 - 2.25 percent with the majority reachinga downgrade trigger relating to interest coverage ratio with a change between 0.45 - 0.7 percent.Det senaste årtiondet har svenska kommersiella fastighetsbolag ökat sin närvaro påobligationsmarknaden. Numera står fastighetsbolagen för merparten av utestående företagsobligationeroch det finns inga tecken på att trenden är avtagande. I och med den ökade upplåningen påobligationsmarknaden strävar fastighetsbolagen att uppnå ett kreditbetyg inom gränsen för vad sombenämns “Investment Grade”. Ett kreditbetyg av denna dignitet innebär generellt tillgång till en bredareinvesterarbas samt bättre villkor för upplåning. En konsekvens av ovan är att investerare inom svenska företagsobligationer är mer exponerade motfastighetssektorn än tidigare samt att fastighetsbolagen är mer beroende av obligationsmarknaden för atttillgodose sitt finansieringsbehov. Finansinspektionen har uttryckt sin oro över fastighetsbolagens ökadenärvaro på obligationsmarknaden och samtidigt kommenterat utvecklingen med att det är oklarthuruvida det ökar systemrisken. Det står dock klart att den svenska företagsobligationsmarknaden harbrister, vilka framkom under Coronapandemin. Bland annat tydliggjordes brister i likviditeten till följdav ett ökat säljtryck. Ett alternativt scenario med potential för ökat säljtryck är nedgradering avkreditbetyg vilket resulterar i att företag förlorar sitt Investment Grade betyg. Detta examensarbete syftar till att öka förståelsen kring riskanalys av nedgradering av kreditbetyg hosfastighetsbolag. Vidare ämnar rapporten identifiera om förutsättningarna för ett scenario mednedgraderingar av kreditbetyg som resulterar i problem på obligationsmarknaden föreligger. Studienutgår ifrån tre kvantitativa metoder. Genom en enkätundersökning undersöks hur inhemska investerareär tillåtna att agera i ovan nämnt scenario samt vilka faktorer som påverkar deras beslut. Studien kommer även att utföra en känslighetsanalys på fastighetsbolagen i de nedre regionerna av Investment Grade isyfte att synliggöra hur känsliga de är för en potentiell nedgradering av kreditbetyget. För att belysa omdet finns eventuella tidiga varningssignaler i fastighetsbolagens finansiella förmåga kommer Altman Zscore att utföras på bolagen. Studien visar att en av fem investerare måste sälja om det emitterande bolaget nedgraderas frånInvestment Grade vilket kan resultera i det som benämns First mover advantage bland investerarna itidigare litteratur. Detta kan i sin tur leda till s.k. fires sales av nedgraderade obligationer och därmed ettökat säljtryck. Resultatet av enkäten visar vidare att endast en av sex investerare frånförsäkringsbolag/livbolag inte har rätt att behålla nedgraderade obligationer vilket inte är i linje medtidigare utförda studier. Enkätsvaren visar även att investerare som inte får behålla nedgraderadeobligationer förhåller sig mestadels till regulatoriska begränsningar. Resultatet av enkäten visar att ca80 procent av investerarna har diskretionära mandat att själva bestämmer om de ska behålla eller säljaen nedgraderad obligation. Vi argumenterar för att det diskretionära mandatet innebär att investerarnasval kan påverkas av fenomen som till exempel hur deras förmåga att bedöma kreditrisk framstår.Slutligen visar studien att fem av de elva analyserade bolagen fick ett Altman Z-score motsvarandeunder Investment Grade. Detta motsvarar ungefär 15 procent av fastighetsbolagen med InvestmentGrade och innebär att Altmans metod ger en sannolikhet av nedgradering som är tre gånger större än dethistoriska genomsnittet i välden. Känslighetsanalysen visade att bolagen kunde motstå ändring avdriftnettot mellan 2 - 13 procent innan de degraderades. Känsligheten till värderingsyield låg mellan0.05 - 0.76 procent med merparten mellan 0.24 - 0.45 procent. Sist så uppmättes känsligheten igenomsnittlig låneränta till mellan 0.45 - 2.25 procent med merparten mellan 0.45 - 0.70 procent innande nedgraderas.
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Wahlberg, Niklas, und Alexander Olsson. „Impacting Information Asymmetry within the Swedish Equity Crowdfunding Market : An aggregated approach on how equity crowdfunding platforms work to govern, control and reduce information asymmetry“. Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-354377.
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The equity crowdfunding market has since the financial crisis in 2008 become an important source of alternative financing in Sweden. The equity crowdfunding platforms constitute the market and are responsible for governing the investment relationships. However, the market is not regulated, and in the spring of 2018 the Swedish government proposed regulatory changes for the platforms to impact the problem of information asymmetry. There are different approaches on how to impact the problem, and therefore the thesis sets out to understand how the equity crowdfunding platforms within the Swedish market work to impact information asymmetry. Empirical data has been collected from five different Swedish equity crowdfunding platforms. Semi-structured interviews were conducted with individuals whose work is connected to governing and impacting information asymmetry. The analysis of the empirical findings identifies five main reasons for the arise of information asymmetry and the platforms work to control and reduce information asymmetry by mitigation strategies, investor communication and effective signaling. The findings indicate that there is a trade-off between controlling information asymmetry and making the financing method accessible within the market. This study contributes to the understanding of how equity crowdfunding platforms work to impact information asymmetry within the Swedish market.
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Hričák, Ľuboš. „Porovnání realitního trhu v České republice a v sousedních zemích“. Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2010. http://www.nusl.cz/ntk/nusl-232498.
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he master’s thesis is focused on the comparison of real estate markets in the Czech Republic, Slovakia and Austria and theirs trends since 1989. The first chapters are aimed at the general terminology that relates to the issue of real estate markets. Thesis is also aimed at comparision of properties evaluation’s methods in those countries and explains the concept of property in the country’s law. Next chapters are focused on comparision of the residential markets and analyse reachability of housing for residents according to their income as well as mortgage availability. Last chapter discuss about the convenience of investment to residential properties in terms of investment’s return.
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Venter, Martin. „Asset-backed securitisation in the USA and the role players : a practical application with commercial property in the South African context“. Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/52705.
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Thesis (MBA)--Stellenbosch University, 2002.ENGLISH ABSTRACT: Owners of directly held, large commercial properties mostly face problems regarding liquidity and sometimes higher-risk exposure due to large properties dominating their property portfolio. • Exit vehicles in the listed property sector on the JSE are gaining momentum but are, however, still facing the negative impact of overall bear market conditions. • An exit vehicle in the bond market can serve as an alternative, where a Limited Purpose Company/Special Purpose Vehicle (SPV) acquires a rental income stream from a portfolio of properties and issues bonds. The funds raised from bond investors, who focus on the credit rating of the income stream and not the properties, are then used to acquire the property assets. • Current market conditions, favour an asset-backed securitisation of property leases. Low interest rates and other factors in the current market, as discussed in this document, ensure lower costs of debt and easier access to capital when funds are raised on the bond market, relative to the equity markets, with highly geared structures not necessarily causing a negative impact on the credit rating (80% - 90% gearing possible with A - AA local credit rating). • Usually a promoter, a Merchant Bank and a few institutions/ pension funds are involved. Example: Institution X will be requested to take up an equity stake in the fund by selling some properties or stakes therein (Institution X buildings) and receiving payment in a combination of cash, junior bonds and equity. The benefits to Institution X are discussed on page 39.
AFRIKAANSE OPSOMMING: Eienaars van groot kommersiële eiendomme wat direk besit word, ondervind normaalweg probleme rakende likiditeit en verhoogde risiko a.g.v. die groot eiendomme wat hulle portefeulje domineer. • JEB (Johannesburgse Aandelebeurs) genoteerde maatskappye, as uitgangstrategie vir die verkoop van eiendom, is 'n oplossing, maar beer mark toestande verlaag die moontlikheid. • 'n Maatskappy genoteer op BESA (Effektemark) kan as uitgang- strategie dien, waar die voormelde maatskappy met beperkte aanspreeklikheid die huurinkomstestroom van 'n portefeulje van eiendom aankoop en effekte uitgee vir die finansiering van die transaksie. Die beleggers wie die effekte koop, fokus op die kredietgradering van die effekte en nie die eiendom as onderliggende bate nie. • Huidige mark omstandighede verbeter die moontlikheid van 'n bategesekureerde sekuritusasie van eiendomshuurkontrakte. Lae rentekoerse en ander faktore wat in hierdie dokument bespreek word, verseker laer koste van kapitaal en makliker toegang tot fondse relatief tot die aandelemarkte. Hoë hefboom-finansiering is moontlik sonder te groot impak op die kredietgradering. (A-AA kredietgradering moontlik met 80%-90% skuld) • Normaalweg is 'n promoter, 'n beleggingsbank en 'n paar institusies/ pensioenfondse betrokke. Bv. Institusie X word versoek om aandeelhouding op te neem in 'n maatskappy deur eiendomme te verkoop aan die voormelde maatskappy en betaling te ontvang in die vorm van 'n kombinasie van kontant, junior effekte en aandele. Die voordele vir Institusie X word bepreek op bl. 39
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Echeverri, Alejandro. „Analys av den svenska företagsobligationsmarknaden“. Thesis, KTH, Fastigheter och byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-231979.
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Efter finanskrisen 2008 blev bankerna mer restriktiva i sin utlåning till företag, vilket har resulterat i att företag söker alternativ finansiering via kapitalmarknaden. Utvecklingen kan härledas till implementeringen av den nya finansiella regleringen (Basel III). I den här uppsatsen analyserar jag den svenska marknaden för företagsobligationer. Jag undersöker vad som ligger bakom den kraftiga tillväxten samt hur marknaden kan komma att utvecklas framöver. Examensarbetet baseras på intervjuer med personer inom finanssektorn och tidigare forskning.På senare år har marknadsplatser såsom First North Bond Market och Räntetorget upprättats med syftet att göra marknaden mer tillgänglig för mindre företag. Till följd av detta har emissionsvolymen av företag med lägre kreditvärdighet eller utan officiellt kreditbetyg ökat. Dessutom har företagsobligationsmarknaden gynnats av historiskt låg realränta och en stark konjunktur.Since the financial crisis 2008 banks have been more restrictive in their lendings to companies, leading to companies seeking alternatives funding through the capital markets.The development can be derived from the implementation of the new financial regulation (Basel III). In this paper, I analyze the Swedish corporate bond market. I investigate what is behind the strong growth and how the market may develop in the future. The thesis is based on interviews with people in the financial sector as well as previous reserach.In recent year, markets such as First North Bond Market and Räntetorget have been created with the aim of making the market more accessible to smaller companies. As a result, the volume of emissions of companies with lower credit ratings or without official credit ratings has increased. In addition, the corporate bond market has benefited from historically low real interest rates and a strong business cycle.
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Grütjen, Daniel [Verfasser]. „The Transformation of the Turkish Welfare State : Conceptualizing the Role of the State, the Market, Non-governmental Actors, and the Family in Healthcare Financing, Provision, and Regulation / Daniel Grütjen“. Berlin : Freie Universität Berlin, 2019. http://d-nb.info/1186062436/34.
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Neves, Junior Hamilton Cruz. „Fundos de investimentos em direitos credit??rios: riscos e ratings em eventos de avalia????o“. FECAP, 2016. http://tede.fecap.br:8080/jspui/handle/jspui/732.
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This research outlined a longitudinal view of Asset Backed Securities (in Brazilian version named FIDC) presenting evaluation events and problems that led to the early amortization and/or settlement by analyzing 44 ABS of a sample selected in the period between the years 2005 and 2014. It???s a descriptive and bibliographic research, with a qualitative approach and informative material content analysis related to such funds: regulations, prospectuses, rating reports and minutes of shareholders' meetings available on the websites of Brazilian Securities Commission (CVM) and Center for Custody and Financial Settlement of Securities (CETIP). The limitation of this research was that the document databases for the history of each existing fund with the CVM are not always complete. This study aimed to identify the main features of these ABS, the reasons that led to the evaluation events, and the presence of evidence to suggest "conflict of interest" from the perspective of agency theory in the management of these funds. On the one hand the results showed that many ABS who enjoyed high preliminary rating had operational problems that hampered receivables flows for these funds: only 20% of evaluated cases, ratings agencies could lower the ratings before evaluation events were announced . On the other hand, during biennium 2014/2015 CVM sought to improve legislation to prevent conflicts of interest among the participants of these operations, and to create mechanisms to ensure necessary information flows for credit rating agencies to carry out their monitoring work more effectively.
Essa disserta????o delineou um panorama longitudinal dos Fundos de Investimento em Direitos Credit??rios (FIDCs) que apresentaram eventos de avalia????o e problemas que levaram ?? amortiza????o e/ou liquida????o antecipada, analisando 44 FIDCs de uma amostra selecionada no per??odo que vai entre os anos de 2005 a 2014. Trata-se de uma pesquisa descritiva e bibliogr??fica, com abordagem qualitativa e an??lise de conte??do de material informativo referente a esses fundos: regulamentos, prospectos, relat??rios de rating e atas das assembleias de cotistas dispon??veis nas p??ginas da internet da Comiss??o de Valores Mobili??rios (CVM) e da Central de Cust??dia e Liquida????o Financeira de T??tulos (CETIP). A limita????o para a realiza????o desta pesquisa foi que os bancos de dados de documentos referentes ao hist??rico de cada fundo existente junto a CVM nem sempre s??o completos. Este trabalho objetivou identificar as principais caracter??sticas desses FIDCs, os motivos que levaram aos eventos de avalia????o e a presen??a de elementos que indiquem ???conflito de interesses??? sob a ??tica da Teoria da Ag??ncia na administra????o desses fundos. De um lado os resultados mostraram que diversos FIDCs que gozavam de elevado rating preliminar apresentaram problemas operacionais que prejudicaram o fluxo de receb??veis para esses fundos: somente em 20% dos casos avaliados, as ag??ncias puderam rebaixar os ratings antes que fossem acionados os eventos de avalia????o. Por outro lado, a CVM no bi??nio (2014/2015) procurou aprimorar a legisla????o para evitar conflitos de interesse entre os participantes dessas opera????es, bem como criar mecanismos que garantam o fluxo de informa????es necess??rias para que a ag??ncias de classifica????o de risco possam realizar seus trabalhos de monitoramento com mais efic??cia.
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Svobodová, Lucie. „Založení cestovní kanceláře“. Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2019. http://www.nusl.cz/ntk/nusl-399731.
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This master´s thesis deals with creating a business plan for the foundation of a travel agency. The thesis consist of three parts, from the theoretical parts, an analysis of the current situation, and the own proposal of the business plan. The theoretical part explains basic concepts related to business, describes the principles of business plan creation, and sources of financing business activities. Then, on the basis of the market analysis, where the emerging travel agency will enter, it has prepared its own business plan proposal.