Zeitschriftenartikel: „Market Financing“

1

Weclawski, Jerzy. „Capital market financing of family enterprises“. Business and Economic Horizons 10, Nr. 4 (20.11.2014): 272–80. http://dx.doi.org/10.15208/beh.2014.22.

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2

Yatiwelle Koralalage, Weerakoon Banda. „CFOs’ views on corporate financing decisions“. Qualitative Research in Financial Markets 8, Nr. 4 (07.11.2016): 331–58. http://dx.doi.org/10.1108/qrfm-12-2014-0031.

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Purpose The purpose of this paper is to examine the managerial views on the corporate financing practices of firms in the emerging market of Sri Lanka. Design/methodology/approach A survey approach was employed using chief financial officers (CFOs) from the top non-financial firms listed on the Colombo Stock Exchange. Findings CFOs’ views on corporate financing practices are not fully consistent with the theory: financial hierarchy appears to be more important and firms are less leveraged. Most Sri Lankan CFOs perceive some policy factors as important and theoretically support: volatility of earnings and cash flows, tax advantages of interest deductibility, transaction costs, timing of interest rates, low foreign interest rates and debt equity targets. These factors are high priority in emerging markets but either not important at all or less important in developed markets. Matching debt maturity with the life of assets is equally important in both markets. Most CFOs adhere their financing to the local debt market, while a few firms use foreign debt. CFOs are concerned about earnings per share (EPS) dilution, providing a natural hedge in foreign debt issues, credit ratings, under/overvaluation of stocks and corporate control, whereas they are significantly important in developed markets. Age and education mostly explain the differences. Research limitations/implications The study is restricted to large companies in a relatively smaller market. Hence, sample size is relatively small, even though it shows a higher response rate. Practical implications The study offers insights for corporate financing decision-makers that could impact on firm value through a shift in emphasis toward capital structure theories. Originality/value The paper focuses on corporate financing practices in Sri Lanka in search of emerging market features that could mitigate the gap in the emerging market literature through survey evidence.

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Bokpin, Godfred A. „Financial market development and corporate financing: evidence from emerging market economies“. Journal of Economic Studies 37, Nr. 1 (26.01.2010): 96–116. http://dx.doi.org/10.1108/01443581011012270.

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4

Kolenka, I., und K. Pulkrab. „The financing of non-market forest services“. Journal of Forest Science 48, No. 11 (22.05.2019): 508–11. http://dx.doi.org/10.17221/11919-jfs.

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The article deals with issues of non-market forest services. There is a persistent issue complicating the quantification of adequate subsidy to forest owners – non-existence of market with such forest services. Forest services financing can be made objective by implementation of the following steps: 1. Earmarking of non-market forest services that are becoming market subjects gradually. 2. Earmarking of non-market forest services that create a secondary product of wood production function. 3. Quantification of demand for services. 4. Quantification of costs necessary to cover the demand for those forest services. 5. Quantification of losses caused to forest owners by restricting their economic activities.

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Kim, Tae-Joon, Jai-Won Ryou und Shinji Takagi. „Financial market reforms and corporate financing in Korea“. Applied Financial Economics 20, Nr. 21 (November 2010): 1659–66. http://dx.doi.org/10.1080/09603107.2010.518947.

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6

Khayrullo, Khasanov. „Theoretical and Methodological Approaches to Attracting Financial Resources from the Capital Market to the Corporate Sector“. INTERNATIONAL JOURNAL OF INNOVATION AND ECONOMIC DEVELOPMENT 5, Nr. 6 (2020): 29–34. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.56.2002.

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The article analyzes the theoretical views on capital markets, and provides an overview of the increasing need of the corporate sector to rely on external financing in the context of market relations. The author reflects on the role of national and international capital markets, segmenting the financial instruments of the financial market.

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Ermilova, Mariia, Evgeny Kalinkin, Elena Semenkova und Kira Kalinkina. „Foreign Housing Markets: Questions of Price Policy“. E3S Web of Conferences 159 (2020): 05014. http://dx.doi.org/10.1051/e3sconf/202015905014.

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The housing market is one of the most important segments of the economy of any country. As part of the study, it is shown that it is not enough to consider the housing market financing system only in the organizational and structural aspect. The application of a structurally functional approach is essential, which will improve the efficiency of market financing. The author determines the need for the formation of auto-regulators that can reduce the need for manual control of the economy of the housing complex and the state, which is especially important in the modern economic system. The study identified such auto-regulators as the inclusion of borrowers in the quality management system and the usefulness of housing finance; organization of interaction of market and state financing based on the principles of public-private partnership; the need for a system of indicators to assess the development of the Russian housing market, improving the information support of financial markets; the formation of an open system for monitoring the status of the housing market financing system.

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Ushakov, Denis, und Mariia Ermilova. „Autoregulators in the housing market financing system: a structurally functional approach“. E3S Web of Conferences 164 (2020): 09003. http://dx.doi.org/10.1051/e3sconf/202016409003.

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The housing market is one of the most important segments of the economy of any country. As part of the study, it is shown that it is not enough to consider the housing market financing system only in the organizational and structural aspect. The application of a structurally functional approach is essential, which will improve the efficiency of market financing. The author determines the need for the formation of auto-regulators that can reduce the need for manual control of the economy of the housing complex and the state, which is especially important in the modern economic system. The study identified such auto-regulators as the inclusion of borrowers in the quality management system and the usefulness of housing finance; organization of interaction of market and state financing based on the principles of public-private partnership; the need for a system of indicators to assess the development of the Russian housing market, improving the information support of financial markets; the formation of an open system for monitoring the status of the housing market financing system.

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Liu, Xiaoxin, Di Wu, Xiuting Li und Jichang Dong. „Financing of Low-Rent Housing REITs in China“. Journal of Systems Science and Information 1, Nr. 1 (25.02.2013): 1–21. http://dx.doi.org/10.1515/jssi-2013-0001.

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AbstractTaking the special features of the Chinese real estate market and financial market into account, this paper explores the application of real estate investment trusts (REITs) in low-rent housing and introduces an agent-based simulation model for low-rent housing REITs in the issuing and trading markets. Overcoming the difficulty of lacking relevant REITs models and data in China, We find that how the rental income and government subsidy, market fixed interest rate, dividend proportion of low-rent housing REITs and market surplus fund influence the financing of low-rent housing REITs.

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Fonseka, M. M., Gao-liang Tian und Liu-chuang Li. „Impact of financial capability on firms’ competitiveness and sustainability“. Chinese Management Studies 8, Nr. 4 (28.10.2014): 593–623. http://dx.doi.org/10.1108/cms-09-2011-0066.

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Purpose – The purpose of this paper is to investigate the impact of different sources of external financing and internal financial capabilities on competitiveness and sustainability. This paper also studies the nature of their relationships related to regulations on external financing in Chinese capital market. Design/methodology/approach – Resource- and industry-based views provide a theoretical background. Based on balanced panel of 4,530 firm-year observations, hierarchical regressions were used to examine the research model. Findings – Results support the idea that the strict Chinese regulatory regime allows some firms to access capital and debt markets for financing more than others. It was found that firms’ internal financing abilities do not offer a significant advantage compared to external financing abilities; firms’ abilities to raise capital from existing shareholders, the public and easy access to bank financing are related positively for an advantage on firm’s competitiveness within a industry. Firms with the ability to offer shares to existing shareholders, issue non-convertible and convertible bonds and access to bank financing are sustainable in long-run. Research limitations/implications – This study focuses on sources of financial capability of Chinese listed firm impact on competitiveness and sustainability. It is context specific to a regulated market. Hence, it is necessary to replicate this study in other contexts. Practical implications – Implications include the need to mobilize external financial resources for small and privately-owned firms and to further reform security regulations to ensure fair competition and sustainability. Originality/value – The authors originally investigate the effect of sources of financial capability impact on firms’ competitiveness and sustainability in a regulated market. The paper explains the relationships, and enhances the understanding of regulated capital market and existing literature.

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Aman, Ameenullah, Asmadi Mohamed Naim und Mohamad Yazid Isa. „What Determines Bond Market Development? New Theoretical Insights“. SEISENSE Journal of Management 2, Nr. 1 (10.01.2019): 99–106. http://dx.doi.org/10.33215/sjom.v2i1.94.

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Purpose- To diversify financing portfolio and reduce the reliance on the banking system, developing economies have realized the importance of bond market development. Bond markets facilitate economies to be more resilient towards the events of financial crises. Therefore, the share of the bond market in the financial system of the Asian economies has remarkably increased in the last decade. However, the academic literature on the bond market is very limited as compared to bank and equity markets. This was mainly because of the unavailability of vast data due to the absence of secondary markets for bonds in most of the economies. To fill this gap, this conceptual study postulates the theoretical relationships of bond market with various macroeconomic and financial factors. The study also assumes some new dimensions for bond financing and opens discussion for scholarly literature and empirical justifications. Design/Methodology- Content analysis approach is used to review relevant literature for the possible associations of the bond market with macroeconomic and financial factors. Practical Implications- The theoretical relationships discussed in the paper need empirical testing in future research to conclude policy implications. If the relationship between foreign capital and bond securities is established with empirical justification, we draw the policy that concerned authorities need to create a suitable environment for the attraction of foreign capital to provide support to the development of domestic debt market.

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Kim, Hyunseok, und Jungwon Suh. „Financial Market Development and Firms’ Choice of Financing Method“. INTERNATIONAL BUSINESS REVIEW 20, Nr. 3 (30.09.2016): 1. http://dx.doi.org/10.21739/ibr.2016.09.20.3.1.

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13

Schraader, Derek, Louise Whittaker und Ian McKay. „Debt financing the capital requirements of informal market traders“. South African Journal of Economic and Management Sciences 13, Nr. 3 (10.09.2010): 329–44. http://dx.doi.org/10.4102/sajems.v13i3.105.

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This paper describes a case study undertaken to determine whether formal sector personal debt financing might contribute to the funding of South African informal market traders. The case study was conducted at the Natalspruit informal market in Ekhuruleni, Gauteng1. Quantitative questionnaire surveys and a financial diaries project established that market traders in the Natalspruit informal market: have capital requirements large enough to justify the use of formal sector debt financing, can generate sufficient operating profits to pay for formal sector debt financing, and would be willing to utilise formal sector debt financing if given the opportunity. However, formal sector debt financing is most relevant to those informal market traders with the skills and motivation to utilize financing provided effectively and who are willing to inject more formality into their business.

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Al-raeai, Arafat Mansoor, Zairy Zainol und Ahmad Khilmy Abdul Rahim. „The Role of Political Risk and Financial Development Factors on Sukuk Market Development of Gulf Cooperation Council (GCC) Countries“. Asian Journal of Finance & Accounting 10, Nr. 1 (16.05.2018): 242. http://dx.doi.org/10.5296/ajfa.v10i1.13106.

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The literature related to the financial management acknowledges the significant role that political risk play to determine the financial market development. Further, financial system development (banking and financial markets) competes to provide long-term financing, and this competition might be positive or negative for each other. The aim of this paper is to propose a conceptual model/framework for investigating the role of political risk and financial market on Sukuk market development in Gulf Cooperation Council (GCC). GCC economies depend heavily on oil revenues which makes them subject to oil prices fluctuations. Therefore, GCC’s governments should diversify their economies by looking for Sukuk as an alternative source of financing, to cover their budget deficit, when the price of oil decreases, and reduce their reliance on oil, because Sukuk has advantages compared to the conventional bond particularly in terms of less information asymmetry. The prior studies have mostly focused on firms' characteristics determinants of Sukuk issuances but gave a little consideration to the role of country' characteristics on Sukuk market development. This paper proposes a framework to explain the political risk and financial markets determinants of Sukuk market development with a focus on the GCC countries that have the largest region in terms of the Islamic financial assets. It is anticipated that the outcome will support policymakers to improve the current state of Sukuk market.

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15

LI, Yao. „China’s Rising Financial Risks and Liquidity Problems“. East Asian Policy 11, Nr. 02 (April 2019): 61–76. http://dx.doi.org/10.1142/s1793930519000175.

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Debt defaults of listed companies, the collapse of online financing platform and shadow banking problems have raised concerns about China’s financial risk since 2017. Meanwhile, financing costs are rising and the financing channels are shrinking. Fundamental problems such as ambiguous roles of the government and the market, financial market segmentation and the indistinct boundaries of responsibilities of different regulatory authorities still remain in China’s financial system.

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Shukla, Rashmi. „Corporate Financing in India: Some Stylized Facts of an Emerging Economy“. International Journal of Management Excellence 5, Nr. 2 (30.06.2015): 599–622. http://dx.doi.org/10.17722/ijme.v5i2.807.

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This paper investigates the corporate financing trends in an emerging economy; India. The study reveals some stylized facts prevalent in the Indian financial markets and how Indian firms are accessing their capital requirements. In-depth analysis has been performed on the balance sheet data of Indian nonfinancial firms during time period 1992-2012. Study focused on the capital financing received as debt, equity and related forms. Trends showed that debt ratios in India remain low and falling over years, while equity ratios remain rising. As a share of total debt, bank financing rose during this period; while non-bank debt declined, which suggests the underdeveloped Indian corporate debt market. At the same time equity market infrastructure has enabled many firms to look for high equity finance; study shows the increased use of internal financing for most of the firms’ asset creation. Overall, the paper suggests that, firms in India seems to be deprived of the availability of credit through poor debt market infrastructure and highlights the contemporary corporate financing issues.

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Xu, Ke, Chengxuan Geng, Xiaoshu Wei und Huifeng Jiang. „FINANCING DEVELOPMENT, FINANCING CONSTRAINT AND R&D INVESTMENT OF STRATEGIC EMERGING INDUSTRIES IN CHINA“. Journal of Business Economics and Management 21, Nr. 4 (25.05.2020): 1010–34. http://dx.doi.org/10.3846/jbem.2020.12727.

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Taking listed companies of strategic emerging industries as the research subject, this paper uses KZ index to measure the degrees of financing constraints and financial intermediary as well as the stock market to represent the level of financial development. Then empirical models are constructed to analyse whether financial development can alleviate the financing constraints of R&D investment or not. Finally, the paper further investigates the interaction of financial development and firm characteristics (including firm size, ownership nature and establishment time) on the impact of R&D investment. The results show that the degree of financing constraint is negatively correlated with R&D investment. Both the development of financial intermediary and stock market play an important role in alleviating the R&D financing constraints, and the development of the stock market can better alleviate the R&D financing constraint. Moreover, the development of financial intermediary and stock market plays a heterogeneous role among enterprises of different size, nature and time of establishment. In order to achieve the 13th Five-year Plan target of strategic emerging industries in China, the government and enterprises need to work together to improve the financial development level and reduce information asymmetry, so as to expand the investment channels of R&D investment and improve their innovation capability and competitiveness.

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Vapa-Tankosić, Jelena, und Dejan Vukosavljević. „The analysis of the structured financial transactions as alternative sources of financing“. Pravo - teorija i praksa 38, Nr. 1 (2021): 13–24. http://dx.doi.org/10.5937/ptp2101013v.

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It is undeniable that global financial institutions are facing the major changes taken place during the last few years. Starting with the continuous tightening of both legal and financial regulations, preparation for the introduction of Basel 3, consolidation of the industry itself, the introduction of new information and communication technologies, enhanced safeguards to prevent money laundering, globalization of financial functions and capital markets, the traditional structure of the financial services industry has suffered many changes. Technological changes have reduced the transaction costs and accelerated the transfer of knowledge between the countries all over the world. There have emerged the modern forms of financial instruments crossing the barriers of national markets. Complex financial transactions unite all participants in the global market and, at the same time, they form the relative prices of all goods, services and capital. This paper aims to analyze the mechanism of realization of the structured financial transactions of banks and specialized institutions as alternative sources of financing in the global financial market.

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Soekapdjo, Soeharjoto, und Agnes Panca Dewi. „Potensi Pasar Pembiayaan KMF Purna BRISyariah iB Dengan Akad Murabahah (Pendekatan Analisis SWOT)“. Jurnal Perspektif 19, Nr. 1 (11.02.2021): 11–16. http://dx.doi.org/10.31294/jp.v19i1.9755.

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Banks and other financial institutions open majority the market to the productive age community but BRISyariah iB focus on retiree. Purpose of this research is to determine market potential of KMF Purna financing with the Murabahah contract at BRISyariah iB. SWOT analysis is used as a method in this research. Result shown, that this financing has a mechanism that well structured and in accordance with the provisions of the OJK which deals with Islamic banking, to avoid misunderstandings that can harm and reduce the trust of both parties. Result of KMF Purna with the Murabahah contract financing at BRISyariah iB having a great potential market because focus on retiree market share who need financial assistance for goods and services fulfillment as well as their customers at an late adulthood who want a sense of security. For this reason, BRISyariah iB in financing KMF Purna with the Murababah agreement can optimize the market by increasing human resources, digital technology, marketing, and collaboration with other companies in order to increase competitiveness with other financing institutions.

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Dong, Ji-chang, Lin-lin Zhu, Bing Wang, Zhi Dong und Xiu-ting Li. „The Evaluation of Financing Efficiency of China’s Stock Market“. Mathematical Problems in Engineering 2016 (2016): 1–13. http://dx.doi.org/10.1155/2016/3236897.

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Financing is the main way for listed companies to obtain funds in China, and it is the “reservoir” which can guarantee enterprises to operate continuously. Financing efficiency can be used to measure the efficiency in using enterprises’ own funds, and it is one of the main indicators which are concerned by the stakeholders of listed companies. This paper mainly researches on the impact of equity financing on the financing efficiency of listed companies as a whole and selects 300 listed companies in the Shanghai and Shenzhen Stock Exchange as decision-making units. Then this paper analyzes the financial data of sample companies in 2008–2014. Finally, it can be concluded that the financing efficiency of listed companies in China is generally low, and the total factor productivity in the stock market continued to decline between 2003 and 2005 and then rose rapidly.

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Richardson, Benjamin J. „Ethical Finance in Britain: A Neglected Prerequisite for Sustainability“. Environmental Law Review 5, Nr. 2 (Juni 2003): 109–33. http://dx.doi.org/10.1177/146145290300500203.

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Financial institutions play a central role in capital and debt markets, providing the finance that shapes development patterns, and thus environmental pressures. Environmental law has traditionally focused on development itself, but not the capital allocation function. Consequently, the underlying market dynamics and growth imperatives are not adequately addressed. To achieve sustainable development in Britain, new legal tools and policies to promote ethical financing in the financial services sector are necessary. This article explains why ethical financing is important to sustainability, surveys the range of financial institutions in Britain relevant to ethical finance, and makes recommendations to improve the regulatory and institutional context for financing sustainable development.

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Jaszczuk, Joanna, Anna Białek-Jaworska, Krzysztof Opolski, Marek Sylwestrzak und Katarzyna Trzpioła. „Leasing Puzzle in Polish Small Firms Listed on the Alternative Market“. Central European Economic Journal 5, Nr. 52 (07.05.2019): 25–39. http://dx.doi.org/10.2478/ceej-2018-0006.

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Abstract In this article, we study the substitution between leasing and bank loans in financing the investment of small companies. The analysis is based on financial information about Polish companies listed on NewConnect, which used financial leasing in the period of 2012–2016. We argue that leasing and bank loans are the substitute in financing the investment of small companies. We estimate the probability of financial leasing and its size using the tobit and logit models. We find that financial leasing and bank loan, for Polish small companies, are complementarity. Our empirical results indicate that financial leasing and bank loans are complementary sources of financing investment in fixed assets. Also the higher the usage of financial leasing, the higher the likelihood that the enterprise is indebted because of long-term bank loan – complementarity.

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RUBLEVA, Tat'yana A. „The role of project financing in the development of the real estate funding market in Russia“. Finance and Credit 27, Nr. 4 (29.04.2021): 894–912. http://dx.doi.org/10.24891/fc.27.4.894.

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Subject. This article examines the impact of project financing on the development of the real estate funding market in the context of the transition to the digital economy. Objectives. The article aims to define the features of project financing in the property construction and its development prospects in the context of the transition to the digital economy. Methods. For the study, I used comparative and logical analyses, object-oriented design, and the systems approach. Results. The article defines the essence of project financing and its role in the development of the real estate funding market in the transition to the digital economy. It describes a number of features of project financing in construction and compares them with the features of project financing of innovative industrial projects. The article shows how to solve existing problems in this area and offers a use case diagram that helps develop a software product relevant to the real estate funding market. Conclusions and Relevance. The real estate funding market is a complex structure and it includes the synergy of the real estate market, banking market, and the financial market. Project financing is an integral part of the real estate funding market. It stimulates the development of quality consulting services in the market and produces key requirements for the profession of the next generation. The results of the study can be used to improve banking activities in project financing and when creating quality services of consulting companies in the real estate funding market.

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Mamedyarov, Z. „Role of Stock Markets in Stimulating Innovation Processes“. World Economy and International Relations 64, Nr. 11 (2020): 31–41. http://dx.doi.org/10.20542/0131-2227-2020-64-11-31-41.

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The paper deals with the role of the stock market in innovative development, basically in case of the U. S. The author shows how the NASDAQ has provided tangible financial incentives for growth of high-tech industries, emphasizes the relationship between innovation and the financial sector, the importance of competition for capital in technological development. It is shown that the development of NASDAQ and increased competition of stock markets allowed high-tech U.S. companies to benefit from country’s strong financial sector and specialized market structures. The prerequisites for the successful emergence of biotech and ICT start-ups, as well as the venture market in the U.S. are still strongly connected with stock markets. However, the comparative analysis also revealed growing global competition from the Chinese stock markets. At the same time, in the last decade a new bubble is emerging on the U.S. stock market, which, as shown by the analysis of the median revenues of the major companies, differs from similar situations before the dot-com crisis and before the 2008–2009 crisis. Revenues of the largest companies in recent years have been growing along with their capitalization, which suggests that the bubble may take much longer to collapse than before. The author also shows the intensification of competition between stock exchanges and over-the-counter financing mechanisms for innovative companies: SME acquisitions by major corporations, intensification of mergers and acquisitions around the world. The role of mergers and acquisitions, which have become an alternative to IPOs, has become increasingly important over the past decade as a financing mechanism for innovative companies. In the last decade, the ICT-companies have dominated by market capitalization and gained sufficient market power to meet the demand for new developments and acquisitions of start-ups. This over-the-counter financing mechanism increases market uncertainty and may contribute to suboptimal solutions in the high-tech sector. However, the author found that the observed decline in U.S. IPOs is primarily affecting the ICT sector, while pharmaceutical and biotech companies continue to be actively listed.

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Dvoretskaya, A. „Capital Market Resources as the Financial Source of Real Sector“. Voprosy Ekonomiki, Nr. 11 (20.11.2007): 92–103. http://dx.doi.org/10.32609/0042-8736-2007-11-92-103.

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The article considers capital market as a uniform institutional segment of national economy which provides funds for real sector. Special attention is paid to resources of stock market - shared and debt financial instruments. The analysis of national and global capital markets contribution to financing the corporate sector is presented. The paper outlines real competition between banking system and stock market according to capital recipients’ standpoint. The interaction mechanisms between banking and stock market sectors for effective economic growth are described.

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Warusawitharana, Missaka, und Toni M. Whited. „Equity Market Misvaluation, Financing, and Investment“. Finance and Economics Discussion Series 2013, Nr. 78 (2013): 1–50. http://dx.doi.org/10.17016/feds.2013.78.

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27

Caillaud, Bernard, und Jean Tirole. „Essential facility financing and market structure“. Journal of Public Economics 88, Nr. 3-4 (März 2004): 667–94. http://dx.doi.org/10.1016/s0047-2727(02)00189-5.

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28

Wyche, Todd. „Shopping for Financing “At-the-Market”“. Genetic Engineering & Biotechnology News 32, Nr. 2 (15.01.2012): 10–11. http://dx.doi.org/10.1089/gen.32.2.04.

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Purcell, Dennis J. „Financing biotechnology in an inefficient market“. Nature Biotechnology 17, S1 (Februar 1999): BE31—BE32. http://dx.doi.org/10.1038/4640.

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30

Pérez Montes, Carlos. „Market financing of bail-out targets“. Economics Letters 118, Nr. 2 (Februar 2013): 385–88. http://dx.doi.org/10.1016/j.econlet.2012.12.003.

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31

Ferri, Michael G., Timothy F. Sugrue und Jot Yau. „Differential market reaction to Eurobond financing“. Global Finance Journal 2, Nr. 1-2 (1991): 1–10. http://dx.doi.org/10.1016/1044-0283(91)90010-5.

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32

Chandrasekar, Venkat. „Hotel financing — bullish on market segmentation!“ International Journal of Hospitality Management 5, Nr. 2 (Januar 1986): 97–98. http://dx.doi.org/10.1016/0278-4319(86)90040-x.

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Didier, Tatiana, Ross Levine, Ruth Llovet Montanes und Sergio L. Schmukler. „Capital market financing and firm growth“. Journal of International Money and Finance 118 (November 2021): 102459. http://dx.doi.org/10.1016/j.jimonfin.2021.102459.

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Duffie, Darrell. „Prone to Fail: The Pre-Crisis Financial System“. Journal of Economic Perspectives 33, Nr. 1 (01.02.2019): 81–106. http://dx.doi.org/10.1257/jep.33.1.81.

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The financial crisis that began in 2007 was triggered by over-leveraged homeowners and a severe downturn in US housing markets. However, a reasonably well-supervised financial system would have been much more resilient to this and other types of severe shocks. Instead, the core of the financial system became a key channel of propagation and magnification of losses suffered in the housing market. Critical financial intermediaries failed, or were bailed out, or dramatically reduced their provision of liquidity and credit to the economy. In short, the core financial system ceased to perform its intended functions for the real economy at a reasonable level of effectiveness. As a result, the impact of the housing-market shock on the rest of the economy was much larger than necessary. In this essay, I will review the key sources of fragility in the core financial system. I discuss the weakly supervised balance sheets of the largest banks and investment banks; the run-prone designs and weak regulation of the markets for securities financing and over-the-counter derivatives; the undue reliance of regulators on “market discipline; and the interplay of too-big-to-fail and the failure of market discipline. Finally, I point to some significant positive strides that have been made since the crisis: improvements in the capitalization of the largest financial institutions, a reduction of unsafe practices and infrastructure in the markets for securities financing and derivatives, and a significantly reduced presumption that the largest financial firms will be bailed out by taxpayer money in the future. But I will also mention some remaining challenges to financial stability that could be addressed with better regulation and market infrastructure.

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Asabere, Paul K., Carl B. McGowan Jr. und Sang Mook Lee. „A study into the links between mortgage financing and economic development in Africa“. International Journal of Housing Markets and Analysis 9, Nr. 1 (07.03.2016): 2–19. http://dx.doi.org/10.1108/ijhma-05-2014-0014.

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Purpose – The purpose of this paper is to explore the link between mortgage financing and economic development for African countries, as there is a gap in the literature regarding this topic. The development of mortgage markets is important for the overall development of a country. Policymakers and international institutions like the World Bank have been promoting the expansion of Africa’s nascent mortgage markets as a logical stimulus to economic growth and development. Specifically, the authors analyze the link between the size of the mortgage market and the gross national income (GNI) per capita for African countries. They found a significant positive correlation between the size of the mortgage market and GNI per capita. A plausible interpretation is that mortgage financing can induce growth and development. Design/methodology/approach – The authors examine the relationship between mortgage financing and GNI per capita for African countries using the hedonic framework. Findings – The authors found a significant positive correlation between the size of the mortgage market and the level of GNI per capita, as hypothesized for this study. Practical implications – An economically plausible interpretation is that the availability of mortgage financing leads to a more efficient financial system, which, in turn, produces growth and development. Social implications – These findings provide empirical support for the need to pay greater attention to further development and expansion of the emergent mortgage markets of African economies. Originality/value – There is a gap in the empirical literature regarding this topic with reference to the link between mortgage financing and economic development for African countries.

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Różański, Jerzy. „Advanced System of SME Financing in Market Economy“. Zagreb International Review of Economics and Business 22, s1 (01.03.2019): 15–23. http://dx.doi.org/10.2478/zireb-2019-0002.

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Abstract Increasing competitiveness of small and medium enterprises, especially in the situation of growing economic globalization in the member countries of European Union and internationalization of activity of such enterprises, requires overcoming numerous obstacles the enterprises have to face. One of the most substantial of them is deficiency of means for the enterprises’ growth, particularly the means earmarked for innovative activity. This is mainly the consequence of lack of knowledge about how the enterprises could gain financial means from the alternative financing sources. This hinders establishing the optimal configuration of financing for an enterprise. Consequently, the purpose of the paper to improve enterprises’ access to external capital so as to be able to carry out the investments oriented towards strengthening of the enterprises and launching innovative products and services. The main result of research (sample of Polish SME) is preparing of advanced system of financing including alternative forms of financing of SME on each stages of their life cycle, connected with multicriteria forms of their assessment.

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Mugova, Shame, und Paul R. Sachs. „Corporate governance and credit financing in a developing economy“. Corporate Ownership and Control 14, Nr. 4 (Juli 2017): 341–49. http://dx.doi.org/10.22495/cocv14i4c2art1.

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Emerging markets have common weaknesses in their financial market development. Financial development is one institutional force that shapes financing and governance of firms in emerging markets. Debt and equity are alternative governance instruments. Trade credit is part of debt and therefore should be treated as such in corporate governance. We used a fixed effect regression of financial sector development and trade credit of firms listed on the Johannesburg Stock Exchange to ascertain the relationship of financial sector development and trade credit. We also analyzed the Socially Responsible Index (SRI) which measures corporate governance. We find that good corporate governance practices do not result in substituting of trade credit, despite its high implicit costs, with bank loans for working capital financing.

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Yunita, Ayu, und Meutia Fitri. „PENGARUH PEMBIAYAAN MUSYARAKAH, MARKET SHARE DAN MODAL INTELEKTUAL TERHADAP KINERJA KEUANGAN PADA BANK UMUM SYARIAH DI INDONESIA“. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi 5, Nr. 3 (01.08.2020): 344–61. http://dx.doi.org/10.24815/jimeka.v5i3.15618.

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The purpose of this research is to examine the influence of musyarakah financing, market share, and intellectual capital to financial performance on islamic commercial banks in Indonesia in 2013-2018. The research type used is verificative research by using Purposive sampling method. The target population of this research are 14 islamic commercial banks in Indonesia and the sample of the research are islamic commercial banks. The data used in this research are secondary data, which are gotten from for the book year ended December 31, 2013, 2014, 2015, 2016, 2017, and 2018. The result of this research show that musyarakah financing, market share, and intellectual capital silmutaneously influence to financial performance. Partially, musyarakah financing has influence to financial performance, market share has influence to financial performance, and intellectual capital has influence to financial performance.

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Batnini, Firas, und Moez Hammami. „IPO Waves: How Market Performances Influence The Market Timing Of IPO?“ Journal of Applied Business Research (JABR) 31, Nr. 5 (24.08.2015): 1679. http://dx.doi.org/10.19030/jabr.v31i5.9382.

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The goal of this paper is to study the impact of stock markets on Initial Public Offerings (IPOs). Several studies have shown that the need for financing is not the main trigger for an IPOfavorable market conditions may play a more important part. This work prove the existence of a significate relationship between past stock market returns and the number of IPOs. Before setting the date for an IPO, managers analyze long term financial market yields, a bullish stock market over a six month/ one year period encourages IPOs activities. In the other hand, even a negative performance but over a two-year period may have the same effect. They expect a stock market inversion. These results were obtained by autocorrelation analysis and count regression.

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Kim, Heonsoo, Byung-Uk Chong und In-Deok Hwang. „Volatility of Corporate Debt Financing and Cross-Section of Stock Returns : Empirical Analysis of Financial Constraint Puzzle in Korea“. Journal of Derivatives and Quantitative Studies 25, Nr. 1 (28.02.2017): 97–138. http://dx.doi.org/10.1108/jdqs-01-2017-b0004.

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This paper investigates the effects of the volatility of debt financing on cross-sectional variation of stock returns. Through the empirical analysis of listed firms in Korea for the 2005-2016 estimation period, this paper provides persistent and significant evidence that the volatility of debt financing has negative impacts on stock returns while controlling for market factor and firm characteristics such as size factor (firm size, market capitalization), value factor (book-to-market ratio), and momentum factor. While using both monthly average of stock returns and Fama-French-Carhart 4-factor risk-adjusted stock returns as dependent variables, the estimations of Fama-MacBeth cross-sectional regressions produce negative and statistically significant coefficient on the volatility of debt financing. The findings of this paper makes an academic contribution by providing the evidence that the volatility of debt financing, as a measure of financial constraint, plays a role as an anomaly factor for “financial constraint pricing puzzle” in Korean stock market.

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Bertuahc, Eka, und Erlane K. Ghani. „Bulls and Bears and Bankruptcy- An Early Warning of Distress“. Journal of Social Sciences Research, SPI 1 (15.03.2019): 95–102. http://dx.doi.org/10.32861/jssr.spi1.95.102.

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This study examines possible indicators of financial distress: financial ratio; financial decision; the preferences of investors; and economic macro conditions. Based on these indicators, the model of financial distress was constructed using capital structure theory. The population in this study is manufacturing companies listed on The Indonesian Stock Exchange from 2003 to 2016. This study relies on the composite market index to detect whether the market is bullish or bearish using regression analysis time series. Then, the factor analysis and logistic regression are used. Models which predict financial distress in bearish markets are more accurate than in a bullish market. Investors, therefore, are more vulnerable ina bullish market. Equity financing will reduce the probability of financial distress in both bullish and bearish markets. This supports the pecking order theory in capital structure - when the companies need funding, an early funding alternative is to retain earnings.

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Bertuah, Eka, und Erlane K. Ghani. „Bulls and Bears and Bankruptcy- An Early Warning of Distress.“ Journal of Social Sciences Research, Special Issue 5 (15.12.2018): 962–69. http://dx.doi.org/10.32861/jssr.spi5.962.969.

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This study examines possible indicators of financial distress: financial ratio; financial decision; the preferences of investors; and economic macro conditions. Based on these indicators, the model of financial distress was constructed using capital structure theory. The population in this study is manufacturing companies listed on The Indonesian Stock Exchange from 2003 to 2016. This study relies on the composite market index to detect whether the market is bullish or bearish using regression analysis time series. Then, the factor analysis and logistic regression are used. Models which predict financial distress in bearish markets are more accurate than in a bullish market. Investors, therefore, are more vulnerable ina bullish market. Equity financing will reduce the probability of financial distress in both bullish and bearish markets. This supports the pecking order theory in capital structure - when the companies need funding, an early funding alternative is to retain earnings.

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Guo, Han Ding, Ji Ren Liu, Zhen Yan Xu und Zhen Guo Guo. „Factor Analysis Based on System Operation and Strategies of ESCO Financing Energy Efficiency in Existing Buildings Project“. Applied Mechanics and Materials 488-489 (Januar 2014): 657–61. http://dx.doi.org/10.4028/www.scientific.net/amm.488-489.657.

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Project financing of ESCO is the key link to conduct EEEB. The more scientific project financing strategies are affected by some inner factors, such as financial situations in a corporation and corporate business objectives, and involved by some external factors, such as project status, marketing character of energy saving service market and constraints by policy and law. From the analysis on reciprocal action between inner and external factors, financing cost, financing risk and income from investment are the three main factors to choose an appropriate financing mode. ESCO can implement project financing by enhancing enterprise competitiveness, improving the market climate and fostering a normative policy and law environment.

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Klagge, Britta. „Finanzmärkte, Unternehmensfinanzierung und die aktuelle Finanzkrise“. Zeitschrift für Wirtschaftsgeographie 53, Nr. 1-2 (01.01.2009): 1–13. http://dx.doi.org/10.1515/zfw.2009.0001.

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Financial markets, business financing and the recent financial crisis. Financial markets and business financing are a neglected topic in economic geography. The recent financial crisis highlights the importance of these topics for understanding economic development and points to the complex relationship between structures and processes at various geographical scales. This introduction to the financial geography special issue provides background information on the development and the functioning of financial markets. The most prominent change of Germany’s financial system is a growing capital market orientation resulting from internationalisation while the country at the same time is sustaining a distinctly regionalised financial structure - thus highlighting the importance of multilevel analyses in financial geography. The contributions to the special issue are positioned and discussed against this background. The paper concludes with outlining challenges and opportunities for economic and financial geography.

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Ray, Shubhomoy, und Jyoti Bisbey. „Financing infrastructure in Asia through bonds and capital markets“. Journal of Infrastructure, Policy and Development 4, Nr. 1 (07.04.2020): 87. http://dx.doi.org/10.24294/jipd.v4i1.1168.

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The project finance scenario has changed significantly around the world after the 2008 financial crisis and following the subsequent Basel III recommendations. Project finance loans from commercial banks and financial institutions have largely dried up, leaving it mostly to the export credit agencies and the bilateral and multilateral development banks to provide the institutional credit. Unfortunately, those sources are not enough, given the huge needs for construction of new infrastructure and renovation of the old ones across Asia, Africa and Latin America. The need for capital markets, through market listed financial products across asset class, unlocking a large part of domestic and corporate savings, has never been felt as strongly before. This article seeks to analyze the development story of various Asian capital markets and examine financial products, which have succeeded in their short history in receiving investor interest. The article also delves into the challenges to market development, policy imperatives and the issues relating to market liquidity and credit rating, which are the most significant influencers for public market float and investor interest.

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Koch, Sven. „Effects of Shareholder Groups on the Factoring Institutions Profitability: Evidence from Germany“. International Journal of Economics and Finance 7, Nr. 11 (27.10.2015): 39. http://dx.doi.org/10.5539/ijef.v7n11p39.

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<p>The significant role of trade credit in financing large companies and small and medium-sized enterprises leads to high stocks of account receivables within the balance sheets of German firms. As a result the importance of working capital financing is growing and the demand for accounts receivables financing (factoring) increases. The German factoring industry is dominated by banks. In addition to bank-owned financial institutions, many non-bank financial institutions are represented on the market. In a context of a continuing market consolidation, it is of interest whether there are differences in terms of profitability depending on shareholder groups (financial institution, non-financial institution, non holding). The German factoring market is an extremely growing market with further growth potential in an ongoing market consolidation. A further market consolidation is probable because the administrative expenses of small financial institutions and institutions without any holding are high. However, subsidiaries of a financial holding or non-financial holding show significantly lower administrative expenses. The results show that the profitability of the financial institutions is significantly influenced by the shareholders and the size of the institution. Financial institutions of a financial holding (bank-owned) are significantly less profitable than institutions without any holding or institutions of a non-financial holding. A similar picture emerges in the achieved margins of factors.</p>

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Kasparova, I. „Mergers and Acquisitions Financing: The Russian Case“. Voprosy Ekonomiki, Nr. 4 (20.04.2007): 85–96. http://dx.doi.org/10.32609/0042-8736-2007-4-85-96.

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The article considers the financial tools of corporate control transfers and mergers and acquisitions financing forms. In western countries tax and informative factors are more important, but in the Russian business market lack of development of the stock market and low cost of securities of Russian companies play the main role. The analysis has shown that in Russia the monetary form of M&A financing dominates over other financing forms (90% of reviewed cases), still there are individual cases of M&A financing by buying company’s shares (10% of reviewed cases).

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Hantsiak, Mykhailo. „PUBLIC DEBT MARKET AND BUDGET DEFICIT FINANCING TOOLS“. Scientific Notes of Ostroh Academy National University, "Economics" Series 1, Nr. 19(47) (17.12.2020): 80–85. http://dx.doi.org/10.25264/2311-5149-2020-19(47)-80-85.

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The purpose of the study is to substantiate the need to determine the essence and place of the public debt market in the financial market. Achievement is ensured by the implementation of tasks: systematization of views of domestic and foreign scientists on the essence of the place of public debt in the classification system of financial market segments; study of the structure of the financial market in terms of segments that ensure the implementation of debt financing of public debts; development of a theoretical approach to the structure of the public debt market. The article considers and systematizes the views of scientists concerning the place of the state morgue market in the financial market. The article substantiates the need to supplement the classification features for financial market segmentation in terms of complementing the target of market participants and identifying segments: the market for attracting financial resources to cover the state budget deficit (public debt market); the market for attracting financial resources to increase private capital. The concept of the public debt market is defined and its structure is proposed in general and detailed form. In general, the structure of the public debt market covers the debt securities market and the external credit market. The government debt securities market is a segment of the securities market, which in turn can also be classified. The same can be said about the external segment of the credit market. However, if the government debt securities market is fully owned by the public debt market, then the external segment of the credit market is only partially owned. The detailed structure of the public debt market is also presented. Conclusions are drawn and the directions of further scientific research in this direction are indicated.

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al-Darbas, Ahmad Mohammed, und Mohammed Ebrahem al-Wasmi. „Challenges Facing Real-Estate Mortgages in the Arabian Gulf Region“. Arab Law Quarterly 33, Nr. 1 (12.12.2019): 81–98. http://dx.doi.org/10.1163/15730255-12331051.

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Abstract This article intends to present the significance of mortgage financing in emerging markets and explain how mortgage financing affects positively the economies of emerging countries. It will also show the legal foundations of the real-estate mortgage law and the prerequisites for a successful mortgage financing system. This article intends to define the main challenges that some consider a hindrance to the development of the mortgage market in the Arabian Gulf countries. From this perspective, a brief comparative analysis of mortgage financing will focus on varying laws and regulations that apply to real-estate mortgages in the Gulf region. Implications for the development of the mortgage market in Arabian Gulf countries will be based on challenges in the mortgage market.

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CHEN, XIANGFENG, und GUOHUA WAN. „THE EFFECT OF FINANCING ON A BUDGET-CONSTRAINED SUPPLY CHAIN UNDER WHOLESALE PRICE CONTRACT“. Asia-Pacific Journal of Operational Research 28, Nr. 04 (August 2011): 457–85. http://dx.doi.org/10.1142/s0217595911003193.

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This paper examines the impact of financing on the performance of a two-level supply chain consisting of a supplier and a budget-constrained retailer. To carry out our study, we set up a three-stage Stackelberg game under a wholesale price contract with a financial market. We show that financing from a competitive financial market can create value for both the supplier and the retailer. We also demonstrate that in a competitive financial market with symmetric information on the retailer's initial budget, the retailer's operational and financial decisions could be decoupled. We provide numerical results to shed light on additional managerial insights as well.

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