Academic literature on the topic 'Credit within firms'
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Journal articles on the topic "Credit within firms"
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Gopalan, Radhakrishnan, Fenghua Song, and Vijay Yerramilli. "Debt Maturity Structure and Credit Quality." Journal of Financial and Quantitative Analysis 49, no. 4 (August 2014): 817–42. http://dx.doi.org/10.1017/s0022109014000520.
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AbstractWe examine whether a firm’s debt maturity structure affects its credit quality. Consistent with theory, we find that firms with greater exposure to rollover risk (measured by the amount of long-term debt payable within a year relative to assets) have lower credit quality; long-term bonds issued by those firms trade at higher yield spreads, indicating that bond market investors are cognizant of rollover risk arising from a firm’s debt maturity structure. These effects are stronger among firms with a speculative-grade rating and declining profitability, and during recessions.
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Chen, Xian, Jakob Arnoldi, and Xin Chen. "Chinese culture, materialism and corporate supply of trade credit." China Finance Review International 10, no. 2 (July 15, 2019): 197–212. http://dx.doi.org/10.1108/cfri-11-2018-0147.
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Purpose The purpose of this paper is to investigate how cultural value in materialism affects corporate supply of trade credits. Design/methodology/approach Using a sample of 14,710 firm-year observations of Chinese listed firms from 1998 to 2012, the authors examine the influence of regional materialism on accounts receivable. Findings The authors find that listed firms within more materialistic tend to extend less trade credit to their customers, in particular in long-term categories of trade credit. Such negative effects can be significantly mitigated by state control, suggesting the effects are more pronounced in privately controlled listed firms. The negative effects of materialism still hold after controlling for other regional factors, such as trust, GDP per capita or institutional development. Research limitations/implications The authors show materialism as a cultural construct varies across Chinese regions, and it could have important impact on corporate supply of trade credits, besides the previous found effects on consumer use of credit. Originality/value This paper expands the literature about the influence of materialism on economic decision making from the individual level to the corporate level.
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Rosaria Della Peruta, Maria, Francesco Campanella, and Manlio Del Giudice. "Knowledge sharing and exchange of information within bank and firm networks: the role of the intangibles on the access to credit." Journal of Knowledge Management 18, no. 5 (September 2, 2014): 1036–51. http://dx.doi.org/10.1108/jkm-06-2014-0255.
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Purpose – The purpose of this paper is to theoretically develop the idea that the intangible value of the collaboration between firms and the banking system can influence the probability of default (PD) on the part of firms and, therefore, their rating. The authors also propose that collaboration between banks and firms has a positive effect not only on the access to credit but also on the innovation activities and on the intervention of foreign capital in the ownership of Italian businesses. Design/methodology/approach – As pointed out by the literature on smaller businesses finance, investments widely rely on credit availability. Tests using data on a sample investigation involving 5,587 firms, operating in 17 manufacturing sectors in Italy, support the majority of the proposed ideas. Findings – The empirical investigation shows that only some aspects of the collaboration between enterprises and banks influence the PD, the investments in R&D and the internationalisation of ownership of the enterprises. In particular, the three stated variables are positively influenced both by the intensity of the credit relationship and by the level of information exchange with the credit system. Research limitations/implications – Further development of this research, as more empirical data become available, should allow explaining why the level of information exchange with the credit system has the greatest influence on the dependent variables analyzed. Originality/value – This paper aims to extend the current understanding on how the local banking system is developed and is able to increase access to credit after gathering all the information about firms asking for funds.
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Abuhommous, Ala’a Adden. "Partial adjustment toward target accounts payable ratio." International Journal of Islamic and Middle Eastern Finance and Management 10, no. 4 (November 13, 2017): 484–502. http://dx.doi.org/10.1108/imefm-01-2017-0019.
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Purpose This paper aims to test for a potential target accounts payable ratio and the determinants of accounts payable ratio. Design/methodology/approach The author use data from 104 firms over the period 2000-2014 and analyse these data using the system-generalised method of moments methodology. Findings The author find that Jordanian firms have a target accounts payable ratio and more than 65 per cent of the deviation from target is closed within a year. He find a positive impact of growth, positive growth and supply of credit on the accounts payable ratio. Furthermore, large firms use less trade credit to finance their purchases. Research limitations/implications A number of limitations affect this study to be considered in future research. Future researchers could cover longer period of time. To generalise the results, non-listed firms may be included in the sample. Practical implications In addition to extending the finance literature, this study has managerial implications regarding trade credit policy. There is strong evidence that the trade credit policy is affected by firm’s access towards capital market funds. Thus, regulators and policy maker should bear in mind that the banking system should help firms to achieve their target accounts payable ratio. In addition, firm’s management should be aware of the importance of trade credit to finance sales growth. All of these results should assist firm managers to find the factors that affect the target accounts payable ratio, which ultimately may affect the firm value and performance. Originality/value To the best of author’s knowledge, this is the first study on the partial adjustment model and determinants of accounts payable in Jordan. Thus, the authors aim to contribute to the existing literature, as there are very few studies test for target trade credit policy.
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Liu, Qing, Yanchao Zhang, Langxing Li, and Shuaihang Li. "The Interactive Impact of Trade Policy Uncertainty and Credit Constraint Heterogeneity on Firms’ Export Margins: Theory and Empirics." Journal of Systems Science and Information 9, no. 6 (December 1, 2021): 575–607. http://dx.doi.org/10.21078/jssi-2021-575-33.
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Abstract This paper develops a simple trade model of heterogeneous firms, which incorporates the dual heterogeneity of credit constraints at the firm and industry levels and reveals the effects of the interaction mechanisms of trade policy uncertainty and credit constraint heterogeneity on exporters’ behaviour. The model confirms that the higher the level of industrial credit constraints, the greater the interaction of trade policy uncertainty and credit constraint heterogeneity, but firms with lower levels of credit constraints within a specific industry are more affected by this interaction. Then, based on the highly dis-aggregated trade data of China’s firms from 2000 to 2013, this paper provides empirical evidence for the main predictions and mechanisms of the theoretical model.
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Kammerer, Louisa, and Miguel Ramirez. "Did Smaller Firms Face Higher Costs of Credit During the Great Recession? A Vector Error Correction Analysis with Structural Breaks." Research in Applied Economics 10, no. 3 (August 7, 2018): 1. http://dx.doi.org/10.5296/rae.v10i3.13476.
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This paper examines the challenges firms (and policymakers) encounter when confronted by a recession at the zero lower bound, when traditional monetary policy is ineffective in the face of deteriorated balance sheets and high costs of credit. Within the larger body of literature, this paper focuses on the cost of credit during a recession, which constrains smaller firms from borrowing and investing, thus magnifying the contraction. Extending and revising a model originally developed by Walker (2010) and estimated by Pandey and Ramirez (2012), this study uses a Vector Error Correction Model with structural breaks to analyze the effects of relevant economic and financial factors on the cost of credit intermediation for small and large firms. Specifically, it tests whether large firms have advantageous access to credit, especially during recessions. The findings suggest that during the Great Recession of 2007-09 the cost of credit rose for small firms while it decreased for large firms, ceteris paribus. From the results, the paper assesses alternative ways in which the central bank can respond to a recession facing the zero lower bound.
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Kisgen, Darren J. "Do Firms Target Credit Ratings or Leverage Levels?" Journal of Financial and Quantitative Analysis 44, no. 6 (October 19, 2009): 1323–44. http://dx.doi.org/10.1017/s002210900999041x.
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AbstractFirms reduce leverage following credit rating downgrades. In the year following a downgrade, downgraded firms issue approximately 1.5%–2.0% less net debt relative to net equity as a percentage of assets compared to other firms. This relationship persists within an empirical model of target leverage behavior. The effect of a downgrade is larger at downgrades to a speculative grade rating and if commercial paper access is affected. In particular, firms downgraded to speculative are about twice as likely to reduce debt as other firms. Rating upgrades do not affect subsequent capital structure activity, suggesting that firms target minimum rating levels.
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Ruan, Ping, Yung-Fu Huang, and Ming-Wei Weng. "Impact of COVID-19 on Supply Chains: A Hybrid Trade Credit Policy." Mathematics 10, no. 8 (April 7, 2022): 1209. http://dx.doi.org/10.3390/math10081209.
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The COVID-19 pandemic has affected all sectors of the world’s economy and society. Firms need to have disaster recovery and business sustainability plans and to be able to generate profits in order to develop. Trade credit may be a good way for firms to free up cash flow and finance short-term growth. Extensions of payment will provide firms with low-cost loans under the COVID-19 credit guarantee scheme. Implementation of hybrid trade credit activities has been shown to improve the financial crisis of many firms, and the effects are particularly evident within two-echelon supply chains. An economic order quantity (EOQ) model is derived under conditions of deteriorating items, an upstream full trade credit or cash discount, and downstream partial trade credit in a supply chain. A computer program is developed to provide a numerical solution and a numerical example is used to show the solution’s form and verify that the solution gives the minimum total cost per unit time.
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León-Ledesma, Miguel A., and Dimitris Christopoulos. "Misallocation, Access to Finance, and Public Credit: Firm-Level Evidence." Asian Development Review 33, no. 2 (September 2016): 119–43. http://dx.doi.org/10.1162/adev_a_00075.
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Using a database of 23,000 firms in 45 economies, we test the quantitative importance of access to finance and access to public and private credit for the determination of misallocation. We first derive measures of factor market and size distortions, and then use these measures within a regression framework to test the significance of self-declared access-to-finance obstacles as well as the effect of access to a credit line issued by either a government-owned or private bank. We find that access-to-finance obstacles and private credit increase the dispersion of distortions. Public credit has a very small effect. For firms that do not face financial obstacles, public credit increases the dispersion of distortions; for firms that face financial obstacles, it slightly decreases dispersion. Public credit does not appear to compensate for the distortions that exist in private credit markets. Quantitatively, however, financial variables explain a very small part of the dispersion of factor market and size distortions.
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Zhong, Ninghua, Mi Xie, and Zhikuo Liu. "Chinese Corporate Debt and Credit Misallocation." Asian Economic Papers 18, no. 1 (March 2019): 1–34. http://dx.doi.org/10.1162/asep_a_00652.
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This paper analyzes various data, especially that of 4 million Chinese manufacturing company samples during the period of 1998 to 2013, to present detailed evidence regarding two questions of China's leverage issue. First, where is the leverage? We find that within the 16-year period, most sample firms have been significantly deleveraged, with the average leverage ratio declining from 65 percent in 1998 to 51 percent in 2013. In contrast, only several thousand companies have significantly leveraged, mostly large-scale, state-owned, listed firms. Second, has the change of leverage been supported by the firms’ fundamentals? We find that for private firms, changes of firm characteristics are consistent with their leverage changes, whereas firm-level factors can hardly explain the leverage of state-owned enterprises. We provide further evidence from aggregate-level data, which suggest that the huge amount of credit being allocated to the state sector is the reason for the declining credit efficiency in China.
Dissertations / Theses on the topic "Credit within firms"
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Matthews, Catherine S. "Trade credit management within small professional firms : practice, agency and structure." Thesis, University of Brighton, 2013. https://research.brighton.ac.uk/en/studentTheses/1a993efc-5b21-45d1-85d6-fd6c3bffc60d.
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This research surfaces the complex process of managing trade credit within small professional firms, exploring drivers of idiosyncratic practice within particular contexts. Despite the acknowledged macro-economic significance of trade credit, little is known of its management at firm-level. The well documented susceptibility of small and medium sized enterprises (SMEs) to liquidity problems implies the importance of the management of internal resources for such firms. Small professional firms provided the opportunity to explore trade credit management where the length of the work in progress cycle can be pronounced, and where amounts receivable represent a crucial element. Current research is dominated by deductive approaches that assume a normative paradigm and have identified ‘poor’ financial management practices. Inductive, qualitative research regarding financial management within small firms is scarce, but has shown that insights into informal practice are crucial to understanding the nuances of small firm operations, and that normative practice does not necessarily provide an appropriate benchmark. This dualism has been observed within the SME literature as resulting from the adoption of an objectivist or subjectivist position. Utilising the richness of multiple case studies this research has sought to move beyond the subjective/objective divide, exploring the role of neglected informal processes whilst recognising the existence and influence of social structures. Structuration theory provided a useful lens through which to view reciprocal interactions between practitioners, the firm, and structures within society, and a means of avoiding the dichotomy between subjectivist and objectivist research. Trade credit management was explored within sixteen firms selected to represent four professional areas: accountancy, solicitors, architects and surveyors. Each case represented an account of practice within the context of the firm, and the wider environment. Practice was surfaced through interviews and other documentary sources. Causal maps were used to analyse interview transcripts and other evidence, enabling the display of factors, and relationships between them. These grounded portrayals of practice were aggregated intra-profession to create four diagrams that displayed key areas of firm practice, and the influence of emergent causal axial codes. An inter-profession diagram summarised cross case analysis. Inter profession analysis revealed an overarching narrative framework of organising, meta-level constructs that highlighted the complexity of practitioner decision making and reflected informal and formal dimensions of practice. The role of practitioners as reflexive agents in their interactions with social structures within their environments was highlighted. Responses at different environmental levels reflected practitioner’s interpretations of their structural context, demonstrating idiosyncratic practice alongside shared behaviours. This research contributes to knowledge in the presentation of cross case analysis, framed using structuration theory to consider the nature of agency and structure within the trade credit management practice of small professional firms. Cross case analysis surfaced multi-dimensional features of trade credit management practice and the nature and location of the influence of causal axial codes upon firm practice, summarised in a final cross case network of causation. This research therefore provides new insight for policy makers and small firm advisors in highlighting limitations with normative practice and affirms the need to recognise trade credit management as an integrated aspect of business management that reflects the diverse objectives and motivations of practitioners.
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DI, NOIA JLENIA. "Potere di Mercato, Innovazione e Finanziarizzazione." Doctoral thesis, Università Cattolica del Sacro Cuore, 2021. http://hdl.handle.net/10280/108954.
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Questa tesi studia le cause e le implicazioni di due fenomeni in particolare: la finanziarizzazione e la digitalizzazione. Nello specifico, il primo capitolo contiene un'analisi empirica sulle determinanti del Surplus Wealth delle società (una misura del potere di mercato) e dell’impatto degli investimenti finanziari sugli investimenti in capitale. Complessivamente, i risultati supportano l'evidenza sulla shareholders' value orientation; in media, i profitti finanziari sembrano favorire sia gli investimenti in capitale fisico che intangibile, mentre emerge un effetto trade-off tra questi ultimi e gli investimenti finanziari (non per i monopolisti operanti nel settore IT). Nel secondo capitolo viene sviluppato un modello teorico ad agenti eterogenei che combina la crescita endogena (modello K+S) alle frizioni finanziarie (modello CATS) ed introduce un mercato obbligazionario dove le imprese possono emettere/acquistare obbligazioni societarie. L'innovazione avviene per mezzo del capitale intangibile IT, le cui proprietà intrinseche legate all’intelligenza artificiale favoriscono l'accumulazione di liquidità, accentuata poi dai profitti finanziari. Da una prospettiva macroeconomica, le simulazioni suggeriscono che gli investimenti in obbligazioni da parte delle imprese impattano negativamente sull'occupazione, frenando il progresso tecnologico e la crescita economica, salvo che la liquidità investita in bonds superi un certo valore-soglia (omogeneo tra le imprese), ma al costo di un maggior rischio di fallimento e di un incremento delle posizioni Ponzi.The present thesis deals with two main phenomena: financialization and digitalization. The first chapter aims at empirically investigating the determinants of corporations' Surplus Wealth (a measure of market power) and the impact of financial investments on capital investment decisions. Overall, additional evidence on shareholders' value orientation is provided; on average, realized financial profits seem to be beneficial to both physical and intangible capital investment, whilst current financial investments appear to generate a trade-off effect (not for monopolists operating in the IT sector). The second chapter develops a theoretical agent-based model combining endogenous growth (K+S model) and financial frictions (CATS model) together with a market for corporate bonds where firms can both issue and purchase bonds. IT intangible capital is assumed to be the channel through which innovation propagates and its specific advertising properties stemming from artificial intelligence are able to foster liquidity accumulation, which is boosted when financial investments begin to play a role. Simulations suggest that, from a macroeconomic perspective, companies' purchase of corporate bonds is not beneficial to employment, technological progress and growth, except for the case where liquidity invested in bonds is beyond a common threshold across firms but at the cost of higher bankruptcy risk and Ponzi positions.
Books on the topic "Credit within firms"
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Jensen, Anthony, Greg Patmore, and Ermanno C. Tortia, eds. Cooperative Enterprises in Australia and Italy. Florence: Firenze University Press, 2016. http://dx.doi.org/10.36253/978-88-6655-868-2.
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This book arises from a three-year comparative research program concerning co-operative enterprises in Australia and Italy. The book explores the historical development, legal framework and the peak organisations of co-operatives in the two countries. Specific comparative chapters focus on consumer, credit, and worker-producer co-operatives. The book deepens the analysis of co-operatives by containing chapters that examine specific theoretical and empirical issues such as the theory of co-operative firms as collective entrepreneurial action. Monographic chapters include more in depth analysis of specific typologies of co-operatives, such as social and community oriented co-operatives, some of which were created to contrast organized crime in Southern Italy. The book concludes with an assessment of the implications of the project for public policy.
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Kitty, Lieverse. Part II Investment Firms and Investment Services, 2 The Scope of MiFID II. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0002.
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In this chapter the main changes to the scope of MiFID in MiFID II are listed and discussed. MiFID II changes the scope of the supervision of investment firms and business related to this industry. The revision and—in some cases—extension of the definition of ‘financial instrument’ affects the scope of MiFID II supervision. Advisory and distribution services for structured deposits by investment firms and credit institutions have been brought within the scope of MiFID II. The scope of some exemptions to MiFID II has been revised. The broader scope of MiFID II has an effect beyond the applicability of MiFID II regulation: the prudential requirements are as a starting point linked to the MiFID II qualification, although with specific exemptions. Linking prudential supervision to the MiFID II qualification, rather than to the prudential risk profile of the underlying services and activities, is subject to review and reconsideration.
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Estava, Marcela, and Xavier Freixas. Public Development Banks. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198815815.003.0016.
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The market for credit to firms is believed to be plagued with imperfections that public development banks (PDBs) could alleviate, but it is not clear which market failures prevail, and which PDB activities are best suited to dealing with each of these failures. This chapter analyses one particular source of credit under-provision: the inability of banks to internalize the benefits of projects they might finance. A PDB may alleviate these credit inefficiencies by lending to commercial banks at subsidized rates or providing credit guarantees, targeting the firms that generate high added value as opposed to those with little credit history or low collateral. Direct lending by the PDB to the targeted industries could be superior to these subsidies to private lending, but only if the PDB’s corporate governance is strong. Whether subsidies or guarantees are preferred depends on the presence or absence of liquidity shortages or banks’ capital constraints.
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Gerard, McMeel. Part V Deposit-Taking and Consumer Credit Conduct of Business, 17 Regulation of Consumer Credit Business by the Financial Conduct Authority. Oxford University Press, 2014. http://dx.doi.org/10.1093/law/9780198705956.003.0017.
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This chapter discusses the Financial Conduct Authority's (FCA) regulation of the consumer credit industry. It begins with an introduction to the consumer credit regime. It then details the scope of regulated credit-related activities, covering the rules for entering into a regulated credit agreement; entering into a regulated consumer hire agreement; operating an electronic system in relation to lending; credit broking; and debt adjusting, debt-counselling, debt-collecting and debt administration. This is followed by discussions of the authorisation, supervision, and enforcement of credit-related activities and credit firms by the FCA; conduct of business standards; and the rights of action and complaints to the Ombudsman.
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Simon, Gleeson. Part III Investment Banking, 14 Trading Book—Models. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198793410.003.0014.
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The key to market risk is the calculation of position risk requirement (PRR). Basel 3 has radically changed the approach to the calculation of position risk for regulated firms, and this chapter deals with the ‘before and after’ element to it. A firm must calculate a PRR in respect of all its trading book positions, all foreign exchange positions, and all positions in commodities (including physical commodities) whether or not in the trading book. A firm must also be able to monitor its total PRR on an intra-day basis. The remainder of the chapter covers trading book eligibility under Basel 2.5, trading and market exposures, equity PRR and basic interest rate PRR for equity derivatives, commodity PRR, foreign currency PRR, option PRR, credit derivatives, and underwriting positions.
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Coricelli, Fabrizio, and Marco Frigerio. Liquidity Squeeze on SMEs during the Great Recession in Europe. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198815815.003.0005.
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We find that European SMEs significantly increased their net trade credit to sales ratio during the Great Recession. For the aggregate of SMEs, trade credit did not provide any buffer to the contraction in bank loans. In fact, through increased net trade credit, SMEs suffered a squeeze in their liquidity and this phenomenon reflects the weak bargaining power of SMEs in their trade credit relationship with larger firms. Therefore, increased net trade credit by SMEs does not reflect an efficient reallocation of credit, and it calls for policy actions. These policy actions are highly relevant, given that the liquidity squeeze had significant adverse effects on the real performance of SMEs, contributing to the recession and to the subsequent timid recovery of European economies. We explore various policies that could be implemented to relieve SMEs from the liquidity squeeze induced by the increase in their receivables.
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Gardner, Heidi. Teamwork and Collaboration in Professional Service Firms. Edited by Laura Empson, Daniel Muzio, Joseph Broschak, and Bob Hinings. Oxford University Press, 2015. http://dx.doi.org/10.1093/oxfordhb/9780199682393.013.21.
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The nature of teamwork in professional service firms, as in many other knowledge-intensive environments, is evolving from highly structured project teams to more fluid, open-ended, peer-to-peer collaboration such as that between powerful, high-autonomy partners. This shift is especially challenging because senior-level collaboration requires peers from different practice groups or offices with different sub-cultures to negotiate task allocation, credit recognition, and decision-making norms, which can be difficult and politically charged. Increased partner-level collaboration is further complicated by other trends in the PSF arena such as expertise specialization, heightened professional mobility, and increased competition. Yet, this phenomenon remains largely under-researched and under-theorized. The chapter therefore lays out a research agenda focusing on opportunities to better understand peer collaboration in PSFs. In addition, the chapter identifies ways that recent changes in the professional sector challenge our understanding of traditional teamwork, and it identifies specific gaps that deserve scholarly attention.
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Battilossi, Stefano, Alfredo Gigliobianco, Giuseppe Marinelli, and With The Cooperation Of Sandra Natoli and Ivan Triglia. Resource Allocation by the Banking System. Edited by Gianni Toniolo. Oxford University Press, 2013. http://dx.doi.org/10.1093/oxfordhb/9780199936694.013.0017.
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In Italy's bank-oriented financial system, bank credit is the most important source of external finance for firms. The allocative efficiency of banks is therefore a critical element underlying the overall performance of the economy. This chapter focuses on credit allocation across industrial sectors with different growth opportunities, as revealed by stock market data. We constructed a unique database which includes annual data on bank credit to different sectors and data on listed firms from 1948 to 2009. We assume that average sectoral price/earnings ratios are a proxy for growth opportunities, and that an efficient allocation of credit takes into account the variation of such opportunities. Our results confirm the hypothesis that, after a good start in the Fifties and Sixties, the following two decades, characterized by an excess of regulation (mixed with robust doses of political interference), saw a decline in the performance of the banking system. We also find evidence that after the financial liberalization of the early Nineties the allocative efficiency (across sectors) of the banking system increased. The present structural difficulties of the Italian economy do not depend, therefore, on the ability of the banks to select the industrial sectors to which to lend money.
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Gandy Jr., Oscar H. The Panoptic Sort. 2nd ed. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780197579411.001.0001.
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The Panoptic Sort was published in 1993. Its focus was on privacy and surveillance. But unlike the majority of publications addressing these topics in the United States at the time that were focused on the privacy concerns of individuals, especially those related to threats associated with government surveillance, that book sought to direct the public toward the activities of commercial firms. The Panoptic Sort was intended to help us all to understand just what was at stake when the bureaucracies of government and commerce gathered, processed, and made use of an almost unlimited amount of personal and transaction-generated information to manage social, economic, and political activities within society. While the first edition provided numerous examples from marketing, employment, insurance, credit management, and the provision of government and social services, the second edition extends descriptions of the technologies that have been developed and incorporated into the panoptic sort in the nearly thirty years since its initial publication. Assessments of the implications for democracy that many associate with the possibility of an algorithmic Leviathan, invite a reconsideration of Jacques Ellul’s distressing predictions about the future that ended the first edition of The Panoptic Sort.
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Martell, Christine R., Tima T. Moldogaziev, and Salvador Espinosa. Information Resolution and Subnational Capital Markets. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780190089337.001.0001.
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This book theorizes that information is a critical factor for subnational government (SNG) capital market formation and development. It empirically tests the stated relationship between information resolution institutions and mechanisms of information resolution on SNG borrowing. Based on empirical results, analyses of underlying fundamentals of city credit quality, and the study of contexts of information resolution reforms, the book recommends policy measures for central governments, regional and local governments, and financial sector firms to build capital markets for subnational borrowing. As subnational governments across the globe, especially cities, bear increasing pressures to provide critical capital infrastructure, responsibilities for the provision of local infrastructure resulting from decentralization efforts and population demands, the need for a wider array of internal and external resources, including bond market alternatives, become a priority. With information resolution, access to capital market financing becomes a feasible option of regional and local government finance. The evidence reported in this book demonstrates that SNG access to capital market financing depends on credit contractibility, which is the nation’s capacity of information resolution. The bases of credit contractibility are transparency of credit information, depth of credit information, dissemination, and regulatory quality. Evidence also shows that the informational content of underlying credit quality is a significant covariate of city-level borrowing and debt composition. Based on empirical findings and focusing on cities, the book argues that SNGs can and should strengthen their agency vis-à-vis the public and financial sector actors, in an environment where global capital is increasingly intertwined with the provision of critical infrastructure finance. Agency is necessary for city policymakers not only to achieve their key governance tasks efficiently, but do so effectively and equitably, consistent with the demands of the citizenry.
Book chapters on the topic "Credit within firms"
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Sihombing, Septiana, Isfenti Sadalia, and Amlys Syahputra Silalahi. "Types I, II, III Agency Problems, Firm Value, and National Governance Quality A Case Study of Indonesian and Singaporean Companies." In Proceedings of the 19th International Symposium on Management (INSYMA 2022), 141–50. Dordrecht: Atlantis Press International BV, 2022. http://dx.doi.org/10.2991/978-94-6463-008-4_19.
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AbstractCorporate governance is mostly studied in developed countries such as the US, UK, and some developed countries in Europe, which focuses on Type I agency problems (shareholder-manager), and there is a dearth of types of agency problems such as type II problems (shareholder-shareholder) and type III problems (shareholder-creditor). Furthermore, the modern financial literature has turned to national governance quality in influencing firm value. So, this research is interested in exploring agency problems I, II, and III affecting firm value with national governance quality as a moderating variable. The research sample was manufacturing companies listed on the Indonesia Stock Exchange and Singapore Exchange from 2016–2020. The findings show that type I agency problem has a significant negative effect and Types I and II agency problem have an insignificant negative effect on firm value in Indonesia. While Types I and II agency problem have a significant negative effect. Still, Type III agency problem has an insignificant negative effect on firm value in Singapore. Moreover, national governance weakens the negative influence of the Type II agency problem on firm value in Singaporean manufacturing companies. Generally, types I, II, and III agency problems give rise to different agency cost levels in companies of a country, so the government needs to reform national governance quality to increase firm value.
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Roos, Jerome. "Three Enforcement Mechanisms." In Why Not Default?, 68–82. Princeton University Press, 2019. http://dx.doi.org/10.23943/princeton/9780691180106.003.0005.
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The structural power of finance in sovereign debt crises is a product of the financial sector's position as the principal creator of credit-money within the capitalist economy, and it revolves around its capacity to withhold the short-term credit lines on which all states—as well as firms and households—depend for their reproduction. This chapter discusses the three enforcement mechanisms of debtor compliance through which the structural power of finance is hypothesized to operate, specifying in each case the precise conditions and countervailing forces bearing on their overall strength and effectiveness. These mechanisms are market discipline; the conditional emergency lending by creditor states and international financial institutions; and the intermediary role fulfilled by domestic political and financial elites inside the borrowing countries.
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Cohen, Michael R. "The Antebellum Cotton Economy." In Cotton Capitalists. NYU Press, 2017. http://dx.doi.org/10.18574/nyu/9781479879700.003.0002.
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The first chapter begins in the decade prior to the Civil War and argues that, while Jews did not play a major role in the antebellum cotton industry, three particular developments in these years set the stage for postbellum mercantile success. First, Jewish merchants, who often began by peddling throughout the countryside, began to open general and dry goods stores in the interior towns of the Gulf South. When general stores became the primary creditors of the region, Jewish merchants were in the right place at the right time and found themselves at the center of global capitalism. Second, many of these antebellum firms accumulated capital, and their proprietors invested wisely to grow their businesses and were poised to become major players in the postbellum economy. But a third antebellum factor that set the stage for postbellum success was the development of family and ethnic networks that linked partners within firms, brought global capital and credit to Southern Jewish firms, and then allowed those firms to offer credit to other Jewish firms throughout the Gulf South. While these networks did not lead to widespread success for Jewish cotton merchants in the antebellum years, they facilitated a postbellum niche economy.
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"Enforcement Theory, ESG, and Geopolitical Issues." In Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries, 1–41. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-7418-8.ch001.
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The objective of this chapter is to review some of the complex systems and institutional factors that can influence the evolution of professional services companies (accounting/auditing firms, CRAs, and management consulting firms), compliance (as a physical phenomenon), enforcement, allocation of resources, risk perceptions, and sustainable growth (within the context of investors' decisions, sustainable growth, and geopolitical factors).
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Vieru, Markku, and Janne Peltoniemi. "Effect of Corporate Social Responsibility on Pricing of Small Business Loans." In Research Anthology on Small Business Strategies for Success and Survival, 1226–49. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-9155-0.ch060.
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This study analyzes corporate social responsibility (CSR) issues in small business finance in Finland, especially within relationship banking. The study combines credit-file data obtained from a large local Finnish bank with a CSR questionnaire conducted with the bank's business loan managers. The credit-file data contain specific details of CSR characteristics, as well as relationship-, collateral-, firm-, and loan-specific characteristics. CSR, typically considered as a non-financial item, contains value-relevant financial information which affects the loan pricing level. The results show that both overinvestment in CSR and the value created by CSR are valid but connected to different CSR characteristics. Overinvestment is associated with the environment and value creation with diversity and employees. The results contribute to the understanding of the characteristics of CSR in the context of small business bank lending, as well as more generally to important implications for small firms, banks, and management practices.
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Vieru, Markku, and Janne Peltoniemi. "Effect of Corporate Social Responsibility on Pricing of Small Business Loans." In Sustainability Reporting, Ethics, and Strategic Management Strategies for Modern Organizations, 146–69. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-4637-6.ch009.
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This study analyzes corporate social responsibility (CSR) issues in small business finance in Finland, especially within relationship banking. The study combines credit-file data obtained from a large local Finnish bank with a CSR questionnaire conducted with the bank's business loan managers. The credit-file data contain specific details of CSR characteristics, as well as relationship-, collateral-, firm-, and loan-specific characteristics. CSR, typically considered as a non-financial item, contains value-relevant financial information which affects the loan pricing level. The results show that both overinvestment in CSR and the value created by CSR are valid but connected to different CSR characteristics. Overinvestment is associated with the environment and value creation with diversity and employees. The results contribute to the understanding of the characteristics of CSR in the context of small business bank lending, as well as more generally to important implications for small firms, banks, and management practices.
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Moss QC, Gabriel, Bob Wessels, and Matthias Haentjens. "Germany." In EU Banking and Insurance Insolvency. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198759393.003.0016.
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Within Germany, the harmonization of the national bank insolvency laws by Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms (the BRRD) has rendered an already complex legislative landscape considerably more confusing. For credit institutions, there are now no less than three different statutes that lay down the procedures and substantive provisions available to supervisory and resolution authorities, and the procedural framework for cross-border coordination and recognition is to be found in two of them (with some overlap in terms of scope and content). While the BRRD has been transposed within a separate new statute (the Act on the Recovery and Resolution of Institutions and Financial Groups), the provisions transposing Directive 2001/24/EC on the reorganisation and winding up of credit institutions (the Credit Institutions Directive) continue to be included in the German Banking Act. Section 46 of the Banking Act also continues to lay down administrative powers, including the closure of a failing institution, the imposition of a freeze of assets and stay of payments (known as the ‘moratorium’), as well as the removal of senior management for the German financial supervisory authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin).
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Bulfone, Fabio, and Donato Di Carlo. "Privatization, Crisis, and the Transformation of Cassa Depositi e Prestiti." In The Reinvention of Development Banking in the European Union, 144–71. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198859703.003.0006.
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This chapter explores the transformation of Cassa Depositi e Prestiti (CDP) from a small Directorate-General within the Treasury to a full-fledged National Development Bank charged with channeling credit toward small firms and Mid-Caps, financing infrastructural projects, providing patient liquidity to the Treasury and equity investment to strategic firms. After a brief historical excursus, the chapter focuses in particular on two watershed moments in the history of CDP: the privatization in 2003 and the sovereign debt crisis. Both junctures paved the way to a substantial expansion and diversification of CDP’s activities in support of the Italian economy. Italy provides an ideal vantage point to explore the relationship between NDBs and their sovereigns due to the unique mismatch between the financial strength of CDP, funded by postal savings, and the financial needs of the cash-stripped Italian sovereign, burdened by an enormous public debt.
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Saiz-Álvarez, José Manuel, Uriel Hitamar Castillo-Nazareno, and María Teresa Alcívar-Avilés. "Kriselipsis and Inverted Complementarity Diversity (ICD)." In Handbook of Research on Entrepreneurial Leadership and Competitive Strategy in Family Business, 332–47. IGI Global, 2019. http://dx.doi.org/10.4018/978-1-5225-8012-6.ch016.
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The objective of this chapter is to introduce the concept of kriselipsis (crisis-scarcity relationship) and the ICD (inverted complementarity diversity) within the literature related to the family business. To achieve this goal, the authors combine a conceptual and a descriptive study with the analysis of cacao and shrimp value chains with the use of data from the Ministry of Foreign Trade and Investment of Ecuador. Findings show that, as there is a constant crisis-scarcity relationship (kriselipsis) in microenterprises and SMEs located in developing countries, the combination of familiness with ICD will reinforce Ecuador to consolidate its raw materials market. This fact will allow Ecuadorian firms to have immediate access to this market to avoid kriselipsis, as well as to have better access to the financial credit-focused on improving their value chains.
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Columbus, Simon. "Is the Mobile Phone a Disruptive Technology?" In Disruptive Technologies, Innovation and Global Redesign, 46–62. IGI Global, 2012. http://dx.doi.org/10.4018/978-1-4666-0134-5.ch004.
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The authors of this chapter provide an inter-disciplinary review of studies on economic impacts of mobile telephony in developing countries, giving particular attention to the disruptive potential of the technology and its associated social practices. Four major areas of impact are identified: the emergence of a mobile phone economy around retail and service provision, including mobile banking; a significant reduction in search costs with profound impacts on market efficiency and, possibly, welfare distribution; changes in the formation and maintenance of trusting relationships between market actors as face-to-face contact is replaced with remote communication; and facilitated organisation and cooperation within and among firms, as well as changing credit procurement practices. While the mobile phone has been hailed for its transformative power, the authors tentatively conclude that its impact in most areas is not primarily disrupting, but rather amplifying existing structures.
Conference papers on the topic "Credit within firms"
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Lazaroiu, George, Elvira Nica, and Gheorghe h. Popescu. "THE FEASIBILITY OF COURSERA AS A PLATFORM FOR CREDIT-BEARING COURSES." In eLSE 2016. Carol I National Defence University Publishing House, 2016. http://dx.doi.org/10.12753/2066-026x-16-183.
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Coursera is an education platform affiliated with elite universities and other entities throughout the world, to provide courses online for any learners to take, furnishing choices for teaching and evaluation that are grounded on pedagogical investigation. Originally Coursera concentrated on producing free, online adaptations of courses taught by scholars at first-rate universities. Now Coursera provides the choice of peer assessment, in which learners are instructed to employ a grading rubric to assess and supply response on other learners' performance. Coursera functions outside higher education's tuition-based credentialing system, and this paper analyzes its feasibility as a platform for credit-bearing courses that are provided to learners enlisted at various campuses within a public university system: Coursera operates with university affiliates to establish a system for learners to supply response at the completion of the course, to be employed by scholars for subsequent enhancements to the course and university operations, and to be utilized by Coursera to improve its best practices standards and for eventual advancements to the platform. Coursera outsources course generation to elite organizations and adheres to its articulation as a platform for other individuals' material, but has developed job-significant "specialization" programs that charge for certificates. Coursera's novel offerings are subsidized and somewhat devised by relevant financial and technology firms, concentrating on skills instruction and professional advancement. The courses empower corporations to enlarge the international supply of achievable talent in their particular sectors and assist universities in furnishing courses that are in accord with what employers seek. Unfortunately, Coursera has only a source of revenues, i.e. having learners enlist for its Signature Track service, a choice that offers learners in select classes the chance to receive a Verified Certificate for finalizing their course.
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Allan, Paul, and Richard Brogan. "Energy Transition: Optimizing Existing E&P Value and Clean Energy Potential." In SPE Annual Technical Conference and Exhibition. SPE, 2021. http://dx.doi.org/10.2118/206175-ms.
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Abstract Reduction of CO2 emissions has become a key component of many E&P company strategies, reflecting the accelerating demands of interest groups, activist investors, and country specific legislation for specific targets and measures of carbon footprint reduction. Underlying this requirement for change are the existing investments and cash flows resulting from the core ‘conventional’ business opportunities, that while potentially carbon heavy generate the cashflows needed to sustain and grow the business. Our work with several major energy firms has shown that assumptions and decisions impacting the pace of needed change need to be carefully tested, as many of the optimal decisions are counter intuitive. An example at a large integrated company was the insight that expansion of its shale resource investments accelerated the transition to a lower carbon footprint, given the cashflow generation and potential to advance low carbon alternatives in parallel. A portfolio model has been developed that replicates many of the options a company might assess in developing a strategy for carbon reduction and energy transition. This includes estimations of carbon generation from existing businesses as well as carbon reducing strategies ranging from carbon capture to new clean energy sources such as wind, solar, or hydrogen. A case study is used to represent the existing performance delivery and expectations for a large, integrated oil firm as it ‘transitions’ into a cleaner, low-carbon company. This modelling provides a window into the complexity of timing trade-offs, criticality in specific early investments, and drivers to the decisions surrounding a transitional business. The impacts of stasis, premature ‘forced’ transition, and errors in new clean energy ‘bets’ are assessed and tested, providing insights into risk mitigation strategies and alternatives. The case study clarifies the complexity in trade-offs within what appears to be a ‘simple’ energy transition strategy. This highlights the value and insights resulting from quantitative modelling of these decision structures. This paper provides examples of current methods of quantifying and assessing carbon reducing strategies. As the actual costs of generation depends on political considerations and societal demands, a wide range of typical company assumptions is outlined. In assessing alternative sources, the paper outlines the related ‘costs’ in the most touted clean-energy alternatives, both in the costs of implementation as well as the possible costs or charges resulting from future carbon generation. While most integrated energy companies have considered carbon reduction within their strategic plans for many years now, the investments in carbon reduction are for the most part negligible in comparison to conventional investments. International attention to carbon reduction and changes in societal expectations are putting additional pressures on companies to adapt more rapidly. However, transition introduces additional uncertainty, as seen by the possibility of a reduction in the credit ratings of some companies. Planning and understanding the proposed path is key to success.
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Vercher-Moll, Javier. "THE OUTSOURCING IN CREDIT INSTITUTIONS, INVESTMENT FIRMS AND IN PAYMENT AND ELECTRONIC MONEY INSTITUTIONS." In 4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/eman.2020.251.
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The creation of a solid and effective system of government, as well as the development of the company subject, sometimes advise the outsourcing of functions in order to achieve agility and efficiency. The Guidelines EBA/GL/2019/02 starts from a basic idea and is that it is aware of the new technologies to carry out the credit business. The subjective scope of application of the Guidelines not only affects credit institutions, but also extends to investment services companies and payment and electronic money institutions. Then, it is necessary to analyse how the new guidelines on outsourcing fit into the referred institutions.
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Inchiosa, Mario E., and Bipin Chadha. "Role of Agent Based Financial Market Models in Global Product Development." In ASME 2008 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. ASMEDC, 2008. http://dx.doi.org/10.1115/detc2008-49670.
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This paper describes the need for understanding the role of financial markets in successful product development in the global context. Agent-based models distinguish themselves by their ability to generate many real world phenomena endogenously, rather than as a result of ad-hoc assumptions. We report on a model of global financial markets employing the following agents: countries, firms, stock traders, country banks, and a global bank. These agents interact with goods, credit, currency, and stock markets. The model endogenously generated quantitative and qualitative features of real economies, including skewed firm sizes, skewed country GNP’s, skewed stock trader portfolio values, and heavy-tailed non-Gaussian firm growth rate, exchange rate fluctuation, and stock return distributions. Multiple runs were performed with different random number generator seeds to investigate the stability or instability of the economies grown by the model. Both stable and unstable country economies were detected. The multiple runs also verified conclusions drawn from analyzing individual runs showing how small countries could be buffeted by fluctuations in larger countries. Such a model can be used by product development organizations to understand the impacts of their product development decisions in the context of dynamic and unpredictable financial markets.
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Felfoeldi-Szuecs, Nora, Peter Juhasz, Gabor Kuerthy, Janos Szaz, and Agnes Vidovics-Dancs. "Modelling Economic Crises In Hua He Framework." In 35th ECMS International Conference on Modelling and Simulation. ECMS, 2021. http://dx.doi.org/10.7148/2021-0095.
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In our paper we model firms’ liquidity using the Hua He methodology. We investigate how cooperation of firms improve the possibilites of liquidity management. During a crisis, various effects identified in the literature hurt firms’ liquidity position and lead to increased bankruptcy risk. We may counterbalance these adverse effects by providing immediate cash transfers and granting periodic cash flow transfers or additional credit lines. Cooperating with peers pays off. The importance of liquidity transfer between agents is higher during a crisis than in normal economic environment. It contributes to a lower default rate the losses are more moderate as well. Several consequences can be drawn for policy makers how ameliorate resilience of agents.
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Domenech, Josep, Lisa Crosato, and Caterina Liberati. "Non-conventional data and default prediction: the challenge of companies’ websites." In CARMA 2022 - 4th International Conference on Advanced Research Methods and Analytics. valencia: Universitat Politècnica de València, 2022. http://dx.doi.org/10.4995/carma2022.2022.15103.
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Small and Medium Enterprises (SMEs) contribution to the European Union economy has always been relevant, for both value added and the creation of jobs. That is why the prediction of their survival is considered one of the economic pillars UE keeps under observation. Default prediction models, accounting for SMEs idiosyncratic traits, are based on several types of data, mainly accounting indicators. Balance sheet data, indeed, are considered the standard predictors for classification models in this field, although they do not allow to completely overcome the information opacity that is one of the main barriers preventing these firms from accessing credit. In our work, we explore the possibility of complementing accounting information with data scraped from the firms’ websites. We modeled the data using a nonlinear discriminant analysis and we benchmarked the results with the Logistic Regression. The evidence of our study is promising although the combination of online and offline data shows better results in case of survival firms than for defaulted companies.
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De-Miguel-Molina, Blanca, Maryi Cadrazco-Suárez, Jorge Juliao-Rossi, and Carlos Rincón-Díaz. "Financial inclusion of small firms: informality, fintech solutions, and voids." In 3rd International Conference. Business Meets Technology. Valencia: Editorial Universitat Politècnica de València, 2021. http://dx.doi.org/10.4995/bmt2021.2021.13654.
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This chapter analyses the relationship between institutional voids, the informality of small firms, and their financial inclusion in Colombia. Data for the analysis were obtained from a dataset available at DANE, which includes a sample of 86,969 small firms in Colombia and 2,467 in the Bogotá region. Descriptive analyses and a tree decision classification were conducted to obtain segments of entrepreneurs in the financial market, predict the formality of small firms, and analyse voids related to digital skills that might limit the solutions based on fintech. Results indicated that entrepreneurs less willing to demand credits represent the current largest segment, that formality and financial inclusion of small firms go hand in hand, and that digital skills might be a limitation for the extension of solutions based on fintech. The analyses allowed for identifying problems and solutions before conducting qualitative analyses with entrepreneurs.
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Qerimi, Argjentë, Muhamet Aliu, and Besnik Krasniqi. "Financial Life Cycle of Kosovo SMEs: Results of an Enterprise Survey." In 7th International Scientific Conference ERAZ - Knowledge Based Sustainable Development. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2021. http://dx.doi.org/10.31410/eraz.s.p.2021.57.
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This article empirically examined how Kosovan SMEs finance their working capital and their investments through their growth life cycle. Using the financial growth cycle paradigm to test the financial growth cycle based on a sample of 100 Kosovan SMEs’ reporting data since their inception of business. Findings show that Kosovan SMEs use various sources to finance their working capital and investments throughout their life cycle. To finance their working capital needs, during the first two years of operation, Kosovan SMEs rely more on insider capital sources such as personal savings, financing offered from 3F connection - friends, family, fools, retained earnings, and also trade credit takes a significant place. Over time, as businesses evolve through age, the proportion of retained earnings and business debt financing in total capital injection volume increases significantly. As firms grow older, financing from trade credit marks a decline, so the SMEs replace it with using more overdraft. During the first years of operation, to finance their investments, Kosovan SMEs rely primarily on owner’s personal savings, financing from 3F connection - friends, family, and fools, retained earnings, but as the company grows older and becomes more extensive, they rely mainly on two sources: retained earnings and bank loans. In general, concerning debt, Kosovan SMEs use more trade credit and overdraft to finance their working capital and bank loans to finance their investments. Funding from 3F is mainly used during the initial phase of operation. However, the most used resource by Kosovan SMEs in all stages of operation remains retained earnings, while external equity raised from angels and venture capitalists and other alternative financing are almost inexistent.
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Bright, Clark. "Color shift coatings produced by high rate deposition processes." In Optical Interference Coatings. Washington, D.C.: Optica Publishing Group, 1997. http://dx.doi.org/10.1364/oic.1998.tuc.5.
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There has been considerable work on developing optical interference coatings that exhibit a change in color when viewed at different angles, since Dobrowolski (1) successfully demonstrated this technique for anticounterfitting. His group developed a multilayer, all-dielectric coating with a HL3HL3H design for Canadian currency. Today, many countries' currencies, valuable documents, or other important items, e.g., credit or identification cards, use optically variable devices (OVD) for security. OVD based on Fabry-Perot filters with metal reflectors and dielectric spacer layers have been demonstrated and successfully commercialized. OVD can be made as color shift films on a substrate ("foil") or deposited on a release layer or directly on a coating drum, then removed as flakes, ground into small particles and used as pigments in printing inks (2).
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Brickner, Robert H. "Behind the Scenes: Sneak Peak at Procurement of Innovative Recycling and Waste-to-Fuel Conversion System Expected to Yield 80% Diversion." In 19th Annual North American Waste-to-Energy Conference. ASMEDC, 2011. http://dx.doi.org/10.1115/nawtec19-5456.
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New Hanover County, NC, hired Gershman, Brickner & Bratton, Inc. (GBB) to help prepare a Request for Proposals (RFP) for the management and long-term operations of the County’s solid waste disposal facilities, which include a secure landfill with more than 40 years of remaining life, a 20+ year old waste-to-energy (WTE) plant, and seven recycling drop-off sites receiving over 200,000 tons per year. The RFP requested a single-service provider to provide all of the services currently being undertaken by the County under a single contract going forward. During the course of the procurement, GBB’s Project Manager made three presentations to the New Hanover County Board of Commissioners (County Board), advancing the RFP process from eight vendor proposals, to interviews of five firms and performing a technical and economic review of each, to short-listing two firms, to the final recommendation of going forward with high-tech start-up R3 Environmental LLC (R3). In September 2010, the County Board signed a landmark contract with R3 for the management of the County’s waste system that was intended to position the County as a world leader in innovative disposal, according to County officials. Under the agreement, R3 was to implement a modern Municipal Solid Waste (MSW) processing facility pulling out recyclables and making a low-ash, high-BTU Refused-Derived Fuel (RDF) biomass product, refurbishing the current mass-burn WTE facility into an RDF biomass-fired system, and implementing a new construction waste and demolition debris recycling (C&D) processing system. The new solid waste sorting facility, with advanced machinery, dubbed a “Smart MRF,” was expected to be in operation in two years, extracting recyclables and converting the organic waste stream into fuel. R3 guaranteed to divert over 80% of the incoming solid waste from the landfill. This paper provides a unique behind-the-scenes look at the procurement process used to select this “innovative technology proposal” from R3 as it pertained to recycling potential, carbon credits and renewable energy credits, and significant long-term cost benefits to the County. It will also provide a review of the vendor evaluation process that led to this landmark contract, from the RFP preparation, proposals evaluation, technical/economic reviews, short-listing, recommendations, and technical contract negotiation.
Reports on the topic "Credit within firms"
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Duro, Miguel, Germán López-Espinosa, Sergio Mayordomo, Gaizka Ormazabal, and María Rodríguez-Moreno. Enforcing mandatory reporting on private firms: the role of banks. Madrid: Banco de España, November 2022. http://dx.doi.org/10.53479/23526.
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This paper studies firm-level factors shaping the enforcement of financial reporting regulation on private firms and proposes bank lending as a particularly important one. Our tests are based on a rare combination of data sets, which allows us to construct unique measures of misreporting, notably in the form of underreporting of debt. We observe that private firms with bank debt are more likely to file mandatory financial reports and less likely to file information with irregularities. While we also find evidence that the need for bank financing can induce firms to misreport, this concern is mitigated by additional findings suggesting that banks detect reporting issues within private firms’ financial statements. Critically, we observe that firms with reporting issues obtain significantly less credit, especially when the bank has had previous exposure to debt misreporting and when the bank verifies debt information using the public credit registry. In short, our paper documents important firm-level determinants of private firms’ misreporting and highlights that banks play a significant role in the enforcement of mandatory financial reporting on these firms.
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Morais, Bernardo, Gaizka Ormazabal, José-Luis Peydró, Mónica Roa, and Miguel Sarmiento. Forward Looking Loan Provisions: Credit Supply and Risk-Taking. Banco de la República, April 2021. http://dx.doi.org/10.32468/be.1159.
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We show corporate-level real, financial, and (bank) risk-taking effects associated with calculating loan provisions based on expected—rather than incurred—credit losses. For identification, we exploit unique features of a Colombian reform and supervisory, matched loan-level data. The regulatory change induces a dramatic increase in provisions. Banks tighten all new lending conditions, adversely affecting borrowing-firms, with stronger effects for risky-firms. Moreover, to minimize provisioning, more affected (less-capitalized) banks cut credit supply to risky-firms— SMEs with shorter credit history, less tangible assets or more defaulted loans—but engage in “search-for-yield” within regulatory constraints and increase portfolio concentration, thereby decreasing risk diversification.
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Pistaferri, Luigi, Luigi Guiso, and Fabiano Schivardi. Credit within the firm. Cambridge, MA: National Bureau of Economic Research, April 2010. http://dx.doi.org/10.3386/w15924.
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Ayres, João, and Gajendran Raveendranathan. Firm Entry and Exit during Recessions. Inter-American Development Bank, June 2021. http://dx.doi.org/10.18235/0003356.
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We analyze shocks to productivity, collateral constraint (credit shock), firm operation, and labor disutility in a model of firm dynamics with entry and exit. Shocks to firm operation and labor disutility capture COVID-19 lockdowns. Compared to the productivity shock, the credit and the lockdown shocks generate larger changes in firm entry and exit. The credit shock accounts for lower entry, higher exit, and concentration of exit among young firms during the Great Recession. The lockdown shocks predict a large fall in entry and rise in exit followed by a sharp rebound. In both recessions, changes in entry and exit account for 10-20 percent of the fall in output and hours. Finally, we discuss how the modeling of potential entrants matters for the quantitative results.
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Sarmiento, Miguel. Sudden Yield Reversals and Financial Intermediation in Emerging Markets. Banco de la República, October 2022. http://dx.doi.org/10.32468/be.1210.
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Banks in emerging market economies rely on cross-border interbank lending to financing firms in the real sector. By matching cross-border bank-to-bank loan level data with domestic bank-to-firm loan level data, and firm-level data, this paper shows that sudden yield reversal observed during the 2013 Fed taper tantrum resulted in a substantial contraction of cross-border interbank lending in emerging markets that significantly reduced the supply of domestic corporate credit and increased the corporate loan rates. Results show that firms with an ex-ante high concentration of credit granted by exposed banks in the cross-border interbank market exhibited low bank credit and substantial real effects, including a decline in imports and exports. The results further indicate that cross-border intra-group lending and domestic unsecured interbank funding contribute to smoothing the effects of sudden yield reversals on the financial intermediation. Overall, the results are consistent with the notion that banks’ exposition in international credit markets contributes to global financial conditions’ transmission to the economy.
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Finkelstein-Shapiro, Alan, Federico S. Mandelman, and Victoria Nuguer. Fintech Entry, Firm Financial Inclusion, and Macroeconomic Dynamics in Emerging Economies. Inter-American Development Bank, January 2022. http://dx.doi.org/10.18235/0003918.
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Financial inclusion is strikingly low in emerging economies. In only a few years, financial technologies (fintech) have led to a dramatic expansion in the number of non-traditional credit intermediaries, but the macroeconomic and credit-market implications of this rapid growth of fintech are not known. We build a model with a traditional banking system and endogenous fintech intermediary creation and find that greater fintech entry delivers positive long-term effects on aggregate output and consumption. However, greater entry bolsters aggregate firm financial inclusion only if it stems from lower barriers to accessing fintech credit by smaller, unbanked firms. Decreasing entry costs for fintech intermediaries alone has only marginal effects in the aggregate. While firms that adopt fintech credit are less sensitive to domestic financial shocks and contribute to a reduction in output volatility, greater fintech entry also leads to greater volatility in bank credit, thereby introducing a tradeoff between output volatility and credit-market volatility.
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Wiersch, AnnMarie, Scott Lieberman, and Barbara J. Lipman. Click, Submit 2.0: An Update on Online Lender Applicants from the Small Business Credit Survey. Federal Reserve Bank of Cleveland, December 2019. http://dx.doi.org/10.26509/frbc-cd-20191218.
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This study presents an analysis of data from the 2018 Small Business Credit Survey. The findings shed light on the types of small firms using online lenders, their application experiences, and credit outcomes. Among the main findings: Firms that apply at online lenders are more likely to be smaller, have lower credit scores, report more financial challenges, and be less profitable than firms that apply at only traditional lenders. In addition, black-owned and Hispanic-owned firms are more likely than white-owned and Asian-owned firms to report they applied at an online lender. Furthermore, online-lender applicants are more likely than traditional-lender applicants to apply for smaller amounts of financing and to seek funding to cover operating expenses. Finally, online-lender applicants reported greater success obtaining credit than traditional-lender-only applicants, despite having lower credit scores, and they are less satisfied with their lenders.
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Wiersch, AnnMarie, Barbara J. Lipman, Kim Wilson, and Lucas J. Misera. Clicking for Credit: Experiences of Online Lender Applicants from the Small Business Credit Survey. Federal Reserve Bank of Cleveland, August 2022. http://dx.doi.org/10.26509/frbc-cd-20220816.
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This report presents findings on the experiences of small businesses seeking credit from online lenders, based on data from the 2021 Small Business Credit Survey (SBCS). According to findings, firms that apply to online lenders are more likely to be newer and have fewer employees, lower revenues, and weaker credit scores. In addition, Black- and Hispanic-owned firms are more likely than white- and Asian-owned firms to report that they applied to an online lender. Furthermore, contrary to prior SBCS findings, online-lender applicants were less likely than bank applicants to be approved for the full amount of financing they sought. Generally, online-lender applicants reported lower overall satisfaction with their lenders than did bank applicants. Overall, approved applicants cited fewer challenges with their lender experiences than did applicants that were denied. The only exception was at online lenders, where approved applicants were more likely than denied applicants to cite challenges with high interest rates and unfavorable repayment terms.
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Gutiérrez, José E., and Luis Fernández Lafuerza. Credit line runs and bank risk management: evidence from the disclosure of stress test results. Madrid: Banco de España, December 2022. http://dx.doi.org/10.53479/25006.
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As noted in recent literature, firms can run on credit lines due to fear of future credit restrictions. We exploit the 2011 stress test supervised by the European Banking Authority (EBA) and the Spanish Central Credit Register to explore: 1) the occurrence and magnitude of these runs after the release of negative stress test results; and 2) banks’ behaviour before and after the release of this information. We find that, following the release of the results, firms drew down approximately 10 pp more available funds from lines granted by banks that had a worse performance in the stress test. Moreover, before the release date, poorer performing banks were more likely to reduce the size of credit lines, while those with more significant balances of undrawn credit lines were more likely to cut term lending.
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Gutiérrez, José E., and Luis Fernández Lafuerza. Credit line runs and bank risk management: evidence from the disclosure of stress test results. Madrid: Banco de España, January 2023. http://dx.doi.org/10.53479/24998.
Full textAbstract:
As noted in recent literature, firms can run on credit lines due to fear of future credit restrictions. We exploit the 2011 stress test supervised by the European Banking Authority (EBA) and the Spanish Central Credit Register to explore: 1) the occurrence and magnitude of these runs after the release of negative stress test results; and 2) banks’ behaviour before and after the release of this information. We find that, following the release of the results, firms drew down approximately 10 pp more available funds from lines granted by banks that had a worse performance in the stress test. Moreover, before the release date, poorer performing banks were more likely to reduce the size of credit lines, while those with more significant balances of undrawn credit lines were more likely to cut term lending.