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Dissertations / Theses on the topic 'Financing'
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1
Adams, Glenn W. "Financing infrastructure a financial nightmare for smaller municipalities /." Instructions for remote access. Click here to access this electronic resource. Access available to Kutztown University faculty, staff, and students only, 1995. http://www.kutztown.edu/library/services/remote_access.asp.
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Thesis (M.P.A.)--Kutztown University of Pennsylvania, 1995.Source: Masters Abstracts International, Volume: 45-06, page: 2928. Abstract precedes thesis as [2] preliminary leaves. Typescript. Includes bibliographical references (leaves 106-108).
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El-Husseini, Ibrahim Ali. "Islamic financial principles and their application in project financing." Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/44667.
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Lukanda, Kapwadi Francky. "Legal accountability of international financial institutions in financing development." Thesis, University of Pretoria, 2009. http://hdl.handle.net/2263/67776.
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This study interrogated the softness and hardness of the law of IFIs to determine the extent to
which underlying accountability mechanisms have achieved or failed to achieve the level of
accountability and justice expected by affected non-state third parties. It also aimed at
investigating the process of financing for development in order to further the understanding of
the challenges of holding IFIs to account for the unintended consequences of the projects they
have funded. The study critically examined the legal accountability mechanisms of selected
IFIs at the institutional, international, and domestic levels to highlight their strengths and
weaknesses. The study showed that the robustness, practicability, and comprehensiveness of
the standards against which the performance of IFIs is assessed are the determining factors of
a better accountability process outcome. An outcome which truly advances the interests of an
account holder without diluting his/her/it legally protected rights. However, the legal
framework of IFI-operations does not provide the same standard of protections to IFIs, their
clients, and affected non-state third parties. While the first two categories of stakeholders seem
to enjoy a robust protection, laws and policies have been used sparingly regarding the
protection of the last category of stakeholders. The weakness of the standards that apply to
affected non-state third parties during the design, appraisal, and implementation of IFI-funded
projects does not enhance a prospect of an accountability process outcome which truly
advances the interest of this category of stakeholders. The study made some recommendations,
including a shift in the focus of existing laws and policies towards a greater protection of the
interests of affected non-state third parties. It also recommended the inclusion of community
development agreements in the overall project structure to ensuring that affected non-state third
parties and other local stakeholders benefit from an IFI-funded project.Thesis (LLD)--University of Pretoria, 2018.
Centre for Human Rights
LLD
Unrestricted
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Xu, Wenwen. "Supply Chain Financing : A Recipe to Ease SMEs' Financing." Thesis, Högskolan i Gävle, Avdelningen för Industriell utveckling, IT och Samhällsbyggnad, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-8048.
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Somoye, Russell Olukayode Christopher. "The role of financial intermediation in entrepreneurship financing in Nigeria." Thesis, University of the West of Scotland, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.556067.
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This research focuses on the role of financial intermediation in entrepreneurship financing in Nigeria using six states in the South-West of Nigeria as a major case study. The relevant literature suggests that a deepening financial intermediation would help to improve entrepreneurship financing for sustainable economic growth. The research adopted descriptive statistics, econometric techniques at the micro and at the macro levels. Four hypotheses and four models were adopted. The research uses qualitative choice and OLS econometric techniques to estimate entrepreneurship financing, the entrepreneurship finance gap, and entrepreneurship growth as models 1, 2, and 3 respectively at the micro level and tested hypotheses 1, 2, and 3. The fourth model conducted cointegration techniques on the time series data from 1980-2009 to estimate the long run and Granger causal relationship between entrepreneurship financing and financial intermediation at the macro level and tested hypothesis 4. The results of the descriptive statistics are consistent with the literature that financial intermediation, age, firm size, previous loans, firm age, experience and employment, among others, are significant to entrepreneurship financing. The micro level results show a significant relationship between financial intermediation and entrepreneurship financing on the one hand, and the finance gap and entrepreneurship growth on the other. The results however show that the employment variable in the model appears not significant. The alternative hypotheses 1, 2, and 3 were upheld. The normalised long-run co-integrating equation supported by the short-run dynamics indicates that financial intermediation, interest rate, real gross domestic product, unemployment and industrial productivity are significant to entrepreneurship financing. The results upheld the alternative hypothesis 4 and also show a uni-directional Granger causal relationship. The overall results suggest that financial intermediation has a long-run relationship with entrepreneurship financing policy in Nigeria. The research recommends the formulation of effective policies to strengthen financial intermediation to provide entrepreneurship financing in Nigeria. The research also recommends that monetary authorities should intervene indirectly by reducing Monetary Policy Rates (MPR) which will directly reduce the transaction cost of funds to entrepreneurship and industrial sectors. In addition, the government should review the development plans on entrepreneurship and MSMEs financing in line with global trends.
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Gűney, Yilmaz. "Financing mix of non-financial corporations : evidence from European countries." Thesis, Durham University, 2002. http://etheses.dur.ac.uk/3940/.
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This study analyses the financing decisions of listed non-financial corporations in France, Germany and the UK over the period 1969 to 2000. These countries represent satisfactorily different financial structures of their classes, Le., Latinic, Germanic and Anglo-Saxon traditions, respectively. Thus, this thesis attempts to shed light on the impact of institutional differences (accounting and taxation systems, bankruptcy laws, corporate governance structure) on corporate financing mix policies. The empirical investigation comprises three main themes; capital structure (debt versus equity), debt maturity structure (short-term versus long-term debt), and debt ownership structure public versus private debt). It is obvious that factors influencing financial strategies of firms change overtime and firms are expected to adjust themselves to their target financing structure according to random events. For these reasons we use dynamic panel data and choose Generalised Methods of Moments (GMM) as an appropriate estimation procedure for our autoregressive-distributed lag model GMM methodology overcomes the problems of endogeneity, heteroscedasticity, normality, simultaneity and measurement errors, which are common for studies using firm-level data. The empirical evidence shows that corporate financing decisions are determined by both firm-specific (profitability, tangibility and maturity of assets, growth, quality, size, liquidity, payout policy, corporate tax rates, and earnings volatility), and market-related factors (term structure of interest rates, market equity premium, interest rate volatility, stock return volatility, stock price performance). However, the strength and nature of the effect of these factors are dependent on the financial environment and tradition of the countries of interest. Therefore, our research argues that financing mix decisions of firms are not only the product of their own characteristics, but also the outcome of environment and traditions in which they operate.
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Kisseleva-Scherenberger, Katja [Verfasser], Per [Akademischer Betreuer] Olsson, and David T. [Akademischer Betreuer] Robinson. "Financing and financial performance of entrepreneurial firms / Katja Kisseleva-Scherenberger." Berlin : ESMT European School of Management and Technology, 2021. http://d-nb.info/1236353986/34.
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Wong, Chuk-Yan. "Preferred stock financing." Thesis, University of British Columbia, 1989. http://hdl.handle.net/2429/27266.
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This paper uses the multinomial logit model to investigate the corporate financing choice among bonds, preferred stock, and common stock. The empirical evidence suggests that firms issuing preferred stock are characterized by a number of financial attributes. Compared to firms that issue bonds, firms that issue preferred stock are smaller, less liquid, and riskier. Compared to firms that issue common stock, firms that issue preferred stock are bigger, less liquid, riskier, and having larger growth opportunities. In addition, the results suggest that an industry difference exists in the choice between common stock and preferred stock. Utilities tend to favor the use of the former.
The results also lend partial support to the financial distress hypothesis which holds that financially distressed firms are more likely to issue preferred stock. In addition, the empirical evidence is also consistent with the solution to adverse investment incentives hypothesis which states that firms can use preferred stock to eliminate the over- and under-investment incentives caused by common equity and debt financing. Although the results are generally mixed, they do provide some valuable information about the characteristics of the firms that issue preferred stock.Business, Sauder School of
Graduate
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Pierce, Christopher John S. M. Massachusetts Institute of Technology. "Financing green buildings." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/84173.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Appendixes are printed landscape orientation. Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 50-51).
An emerging trend in real estate is the development of sustainable buildings, partially due to the huge environmental impact of the design, construction and operation of commercial buildings. This thesis provides a brief history of the green building movement and the two (2) programs that encourage the development of energy-efficient and sustainable buildings in the United States: the U. S. Green Building Council's Leadership in Energy and Environmental Design (LEED) program and the Energy Star program, jointly sponsored by the Department of Energy and the Environmental Protection Agency. This thesis also summarizes a study by Piet Eichholtz, Nils Kok and John Quigley titled "Doing Well by Doing Good? Green Office Buildings" published December 2010 in the American Economic Review. This study found a commercial building with an Energy Star rating will rent for three percent (3%) more per square foot. The addition to effective rent was approximately seven percent (7%). The increase in value for a sale of a green building was as much as sixteen percent (16%). Then, using the same data as Eichholtz, Kok and Quigley, this thesis reports on the location and ownership of these green buildings, and calculates Loan to Value (LTV) ratios using the most recent sales price and financing amounts from the CoStar Group. In addition, the property's current LEED certification status is provided as well as a review of Federal and State incentives for sustainable buildings. The results indicate that more green buildings are located in California, Texas and Colorado. Investment Management firms, National Developer/Owners and Real Estate Investment Trusts own the majority of green properties. The Loan to Value (LTV) ratio for green buildings is no higher than those for conventional office buildings. Not enough information is available to compare mortgage interest rates between green and conventional properties. The number of LEED buildings and level of certification has increased since 2008. The states with the largest number of LEED buildings are California, Texas, Colorado and Virginia, correlating with the top states for green buildings overall. Although a worthy goal, there is limited Federal and State assistance for financing of sustainable buildings.
by Christopher John Pierce.
S.M.in Real Estate Development
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Eid, Serge Emile. "Financing infrastructure projects." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/43894.
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Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, 2008.Leaf 82 blank.
Includes bibliographical references (leaves 79-81).
Infrastructure is of great importance to the development and economic growth of communities. Due to the increased demand on sophisticated infrastructure, governments' budgets are not anymore able to satisfy this growing need. The role of the private sector in infrastructure finance is essential, and the amount of private investments in infrastructure projects has been dramatically increasing over the last few years. Public Private Partnerships, Private Finance Initiatives, and Alternative Service Delivery methods are becoming the trends for procuring infrastructure, and by relying on Project Finance, the private sector is more willing to be involved in these projects. These methods, combined with effective risk management techniques, would provide a solution to the decreasing governments' budget. Meanwhile, the construction experience, operation efficiency, and financial capabilities of the private sector may be a way to relieve governments from the burden of infrastructure development.
by Serge Emile Eid.
M.Eng.
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Vergara, Kausel Sebastián. "Informal network financing." Tesis, Universidad de Chile, 2013. http://www.repositorio.uchile.cl/handle/2250/114792.
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Magíster en Economía AplicadaIngeniero Civil Industrial
En este trabajo estudiamos un modelo de financiamento en redes, aplicado a comunidades, en las cuales no existe colateral ni acceso al crédito, y el financiamiento es alcanzado mediante la confianza al interior de la comunidad. Modelamos la comunidad como una red no dirigida, en la que los miembros de la comunidad están conectados en la red mediante links y la confianza es la representación de los beneficios futuros de interacciones mutuas, modelada como capacidades de links. Cada miembro de la comunidad tiene una dotación exógena de recursos. Un único miembro tiene acceso a una oportunidad de proyecto, la que puede ser financiada por la comunidad mediante transferencias de recursos y un esquema de repagos. Caracterizamos el nivel de financiamiento que la comunidad puede alcanzar, y los factores que lo gobernan, como un problema de flujo máximo de largo restringido. La probabilidad de éxito del proyecto, la tasa de recuperación y la probabilidad de interacción tienen un efecto monótono en el nivel de financiamiento. Sin embargo, el efecto de la tasa de repago y del spread de intermediación, dependen de los tamaños relativos de la confianza de la comunidad y los recursos disponibles en ésta. La distribución ex-ante de riqueza es examinada en términos de mejoras estocásticas y su efecto en la capacidad de financiamiento de la comunidad, encontrándose una correlación negativa con mean-preserving spreads de la distribución de la riqueza. También estudiamos la implementación de una institución formal de castigo, la que impone un costo a los miembros que cometen default en sus repagos estipulados. Presentamos una parametrización bajo la cual la institución puede ser exitosamente auto implementada por la comunidad. Finalmente, derivamos implicancias relacionadas con la estructura de red y el bienestar social, y desarrollamos dos aplicaciones. La primera tiene relación con descalces entre oferta y demanda en mercados donde la demanda es desconocida pero ya fue comprometida, y el costo de externalizar la demanda es menor que el costo de no satisfacerla. La segunda aplicación tiene relación con la venta negociada de un bien homogéneo, producido por los miembros de la comunidad, a un agente externo a la comunidad. Los miembros de la comunidad difieren en su poder de negociación y enfrentan la decisión de vender en el mercado spot o vender a través de un miembro designado de la comunidad, quien negocia con el agente externo.
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Tomasi, Samuele. "Il project financing." Doctoral thesis, Università di Catania, 2012. http://hdl.handle.net/10761/1137.
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Il presente lavoro analizza la figura del project financing (p. f.) disciplinato nell ordinamento italiano con la legge Merloni-ter e attualmente, a seguito di numerose modifiche, nel d. lgs. 163/2006 (Codice dei contratti pubblici). Muovendo da un analisi comparativa con le altre figure note in materia di costruzione di opere pubbliche (quali l appalto e le concessioni) al fine di metterne in evidenza analogie e differenze, si è tentato di dimostrare come il p. f. rappresenti un unicum nel suo genere.
In particolare ci si è soffermati sui tentativi di inquadramento all interno delle categorie generali del diritto civile al fine di giungere a un analisi compiuta della disciplina di risoluzione per inadempimento del rapporto sottolineandone il carattere di norme di privilegio per la P.A. e evidenziandone i punti di criticità in ordine al trattamento del quantum risarcitorio.
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Mahmuda, I., A. Baskaran, and J. Pancholi. "Financing Social Innovation: A Case Study of Micro Financing in Bangladesh." Tshwane University of Technology, 2010. http://encore.tut.ac.za/iii/cpro/DigitalItemViewPage.external?sp=1001631.
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Abstract Micro financing is perceived to contribute towards poverty reduction by developing small enterprises. We examined the Challenging the Frontiers of Poverty Reduction (CFPR) programme implemented by the Bangladesh Rural Advancement Committee (BRAC) between 2002 and 2007. We selected this case because it used a different approach of micro financing where assets were transferred rather than cash to participants. We examined two aspects of the programme: (i) the impact of micro financing through asset transfer instead of cash on reducing poverty; (ii) the factors that contributed to positive impact or little or no impact on the economic conditions of the participant households and the trajectories of changes experienced in these economic conditions. These were analysed using data gathered from a survey of 21 beneficiaries and also from the in-depth interviews of 8 of these households, which included both successful and not so successful cases. The study found that the asset transferring programme resulted in significant improvement in the livelihood of the majority of members. However, in some cases the beneficiaries did not see any or significant improvement in their livelihood. The study revealed that households that demonstrated proper planning, hard work, and personal interest in the business they started have witnessed improved quality of life through micro financing, while idleness of members and absence of proper planning resulted in failures. To some extent, it was found that social barriers can also contribute to failures, even if the beneficiaries work hard and are highly motivated. Based on these findings, the study makes some policy recommendations
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Gu, Jinna. "Firm Financing and Corporate Tax Changes." Miami University / OhioLINK, 2021. http://rave.ohiolink.edu/etdc/view?acc_num=miami1625222570369363.
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Hill, Mark. "Mind the gap : financing decisions in midcap firms : financing strategy and financing process in replacing standard mezzanine in Germany." Thesis, Edinburgh Napier University, 2016. http://researchrepository.napier.ac.uk/Output/453629.
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There is still limited knowledge available on how SME and midcap firms perform financing decisions and on what such a decision is based on. The literature revealed that capital structure theories can only partly explain parameters that determine financing decisions, particularly in a bank dominated lending environment like in Germany. Academic research tried to expand towards a broader and more strategic approach regarding a financing strategy and towards behavioural bias of a company's management. Furthermore, existing research tried to identify an interaction between business strategy and financing strategy but failed to identify a causal direction so far. The present research provides a unique research approach to bridge this gap as it introduces a new aspect into the discussion on the decision for a financing instrument and whether a formulated financing strategy is followed. Based on a case study approach that combines manager interviews, document analysis and calculation of key financial ratios, the research explores the management's decision in a specific situation, the refinancing of standard mezzanine. Firms that used standard mezzanine had to perform a decent refinancing decision between the years 2011 and 2014 as there was no exact substitute instrument available in financing markets anymore. The results showed that a financing strategy exists in the cases explored, but elements and form varied across cases. In addition, the cases indicated that behavioural bias on management level might exist, based on identified inefficiencies and delays. However, these inefficiencies cannot be primarily assigned to owner-managers as done by previous research. Furthermore, a causal direction between business strategy and financing strategy could be indicated in the cases investigated. The results led to the development of a financing strategy typology, based on existing types of business strategies that might help to explain financing decisions. A template for a holistic financing strategy has been designed based on the investigations that allows midcap firms to establish and implement their own financing strategy (or adjust their existing strategy). The holistic framework provides core elements and financing principles as well as a prototype financing process that help to avoid the identified inefficiencies in their financing processes.
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Rammal, H. G. "History of Islamic Financing." Thesis, Ukrainian Academy of Banking of the National Bank of Ukraine, 2007. http://essuir.sumdu.edu.ua/handle/123456789/60375.
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Kasseeah, Harshana. "Financing decisions and financial constraints : evidence from the UK and China." Thesis, University of Nottingham, 2008. http://eprints.nottingham.ac.uk/10523/.
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Firms are the engines of growth in any economy. It is therefore important to study how they finance themselves, as this may have a direct impact on the overall growth rate of the economy. A firm can choose whether to finance its activities with equity, debt, or both. An optimal capital structure is that mix of internal and external finance (debt and/or equity) that optimizes the value of a firm. Therefore, the question of how to finance or equivalently from where to borrow becomes a crucial decision. In each chapter of this study, we study the financing decisions of a different set of firms faced with financial constraints. The two countries we focus on are the UK and China. Our study examines two types of firms in the UK. We first study listed firms and examine how financial constraints affect their leverage decisions. Next, we focus on the financing decisions of small and medium-sized enterprises (SMEs), as these firms are more likely to suffer from financial constraints. To examine financial constraints, we use both conventionally used indicators of financial constraints and new indicators. Our study on China is mainly based on listed manufacturing Chinese firms. China is currently the largest developing and transition economy in the world. It is interesting to study the financing behaviour of manufacturing firms in China as manufacturing is believed to be the main engine behind the Chinese growth miracle. We account for factors specific to the Chinese case to determine if the leverage decisions of Chinese firms are similar to those of firms in other parts of the world. We also examine the cash holding decisions of Chinese firms as these firms seem to be highly financially conservative. Our results indicate that firms tend to follow a financial hierarchy in their financing patters and that the preferred source of external finance of most firms, whether in the UK or China, remains leverage. However firms tend to reduce their leverage when they experience an increase in their internal funds, which points towards a financially conservative behaviour. This needs to be accounted for in policy decisions that are mainly formulated on the supply side.
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Fairhurst, Douglas J. "Financial Flexibility and Short-Term Financing Needs: Evidence from Seasonal Firms." Diss., The University of Arizona, 2014. http://hdl.handle.net/10150/316777.
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Firms that face seasonal demand account for an important fraction of the U.S. economy. However, there is surprisingly little evidence on these firms' financing decisions. Yet, studying these decisions provides a natural setting to shed light on the types of capital (i.e. cash or debt) that firms use to manage short-term financing needs. Using seasonal firms as a setting to examine this issue, I show that seasonal financing needs are met with debt with low exposure to information asymmetry, such as short-term debt and trade credit. I further show that cash reserves, which have high carrying costs and can at time lead to agency problems, are not used for seasonal financing needs. Further, as financial flexibility theory would predict, I document that seasonal firms maintain more conservative financial policies to increase the ability to use debt for short-term financing needs. Specifically, seasonal firms are less levered and have long-term debt with a longer average maturity. Further, seasonal firms adjust toward leverage targets slower during fiscal quarters when debt is used for short-term financing. Overall, my findings indicate that firms minimize costs associated with short-term financing needs by using debt with low issuance costs and the use of this debt impacts the overall capital structure of the firm.
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Nesarul, Karim. "Export financing in Bangladesh: a study of export credit by financial institutions." Thesis, University of North Bengal, 2003. http://hdl.handle.net/123456789/566.
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Brodehser, Peter. "Quo Vadis Infrastructure Financing?" Universität Potsdam, 2013. http://opus.kobv.de/ubp/volltexte/2013/6873/.
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1. Introduction
2. The project finance market in 2006/2007
3. Areas affected by the global financial crisis
4. Areas affected by the euro financial crisis
5. Basel III and the consequences for infrastructure financing
6. Outlook – Where do we go from here?
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Ma, Kuen Keith, and 馬權. "Project financing for infrastructures." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1996. http://hub.hku.hk/bib/B31267592.
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Fairchild, Richard. "Optimal long term financing." Thesis, University of Bristol, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.310694.
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Chapaev, Roman. "Financing transactions in Russia." Thesis, Queen Mary, University of London, 2010. http://qmro.qmul.ac.uk/xmlui/handle/123456789/434.
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The thesis analyzes Russian laws of security and insolvency and reviews common legal issues arising in cross-border financing transactions. To aid better understanding of up-to-date Russian law, the analysis includes historical information. The thesis concludes that Russian law traditionally did not adopt a regime favorable to lenders and that the law of security was inefficient. In addition, commercial practice suffered from the inflexible approach of courts to innovations. Statutory law was not appropriate for commercial, as opposed to retail, transactions. This situation may be partially attributed to the recent transition from planned to market economy and, hence, relatively short history of modern Russian law. The thesis highlights recent Russian legal reforms and their impact on lending practices. At the thesis shows, the respective changes provided more comfort and protection to the lenders and increased certainty in business transactions. In this way laws of security and insolvency were elevated to new levels and this demonstrated the changing approach of legislators and courts. This originality of this work is in that it combines the study of the original Russian sources of law with the perspective of financial transactions in the international markets. It also includes a comparative element: where appropriate rules of Russian law are contrasted with their counterparts in English law. Furthermore, Russian security and insolvency laws are often reviewed through the prism of their practical application and effect on lending practices. Thus, the link between law and economy is also exposed.
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Shyam-Sunder, Lakshmi. "Essays in corporate financing." Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/14446.
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Ma, Kuen Keith. "Project financing for infrastructures /." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B17983903.
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Hart, Rosine. "Financing Lancashire's industrial development." Thesis, University of Central Lancashire, 2006. http://clok.uclan.ac.uk/20831/.
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Historians of industrial financing have often adopted a single-firm or single issue approach, emphasising prominent companies that have bequeathed documentary riches on which detailed studies can be based. However, historians concede that such firms were untypical, as most businesses disappeared leaving liftle trace. Even so, all too little consideration has been given to the source material that is available, especially to assess the ability of partnerships to generate company finance, whilst aspects of the demand for capital that arose from urbanisation and transport development also remains under-researched. Concentrating on textile Lancashire, this thesis researches lesser-known entrepreneurs between 1770 and 1850 from little-used primary material, studying partnerships as important suppliers of capital. This original approach demonstrates the growing importance of partnerships, particularly amongst non-family firms, exploring the sources of funding they tapped, and comparing share allocations they made. Consideration is also given to investments partnerships made in establishing related enterprises and how they coped with capital withdrawal on a partner's retirement. Investment in Lancashire's infrastructure is analysed partly in relation to the construction and improvement of turnpike roads, matters of considerable importance to manufacturers in transporting products and raw materials and which required high levels of financing. It examines the levels of finance needed for improvements, the sources from which it was drawn, and the role of businessmen in financial management of turnpike trusts. Infrastructural development is also addressed in relation to the construction of the numerous handloom weavers' cottages that were built by terminating building societies. Identifying the membership of these societies reveals that they were not self-help schemes for artisans, but rather that they offered opportunities for those with surplus income to invest in tenanted properties at a time when the skills of the handloom weaver were at a premium. This provision was vital to Lancashire's burgeoning economy, and offered subscribers an additional source of income. In drawing together the threads of the discussion, new insights are presented to show that the kinds of associations open to them provided a range of investment opportunities for people at different levels of society, who can all be regarded as members of Lancashire's investing classes.
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Wang, Simiao. "Project Investment and Project Financing : A study on Business Case and Financing Models." Thesis, Norges teknisk-naturvitenskapelige universitet, Institutt for industriell økonomi og teknologiledelse, 2012. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-21116.
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Uncertainty is a very significant factor that must be taken into consideration in project front-end phase management. By taking into uncertainty, the planners can to a great extent make sure that the business case could be accurate between specific intervals, hence business case can be based on to make decision. In a highly uncertain environment; the project sponsors should prefer other means to finance the project rather than using debt. Risk management is extremely important in project financing; its role is to guarantee the project will have a positive cash flow to cover the loan and interest. Cost overrun and time delay are lethal in projects financed by means of project financing. Project management hence should put much emphasis on cost and time management
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Sun, Jialin. "Financial reporting quality, capital allocation efficiency, and financing structure: An international study." Diss., Connect to online resource, 2005. http://wwwlib.umi.com/dissertations/fullcit/3178321.
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Gyeke-Dako, Agyapomaa. "Foreign ownership, financial contraints and financing decisions : evidence from Ghana and China." Thesis, University of Nottingham, 2011. http://eprints.nottingham.ac.uk/13840/.
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Firms playa pivotal role in every economy. Therefore their financial standing should be of great concern to policy-makers, as this may directly affect the overall performance of the economy. Corporate finance literature however suggests that market imperfections resulting from conflicts of interest and informational asymmetries, between different economic agents, limit firms in their ability to finance investment projects. Yet, the extent to which firms are limited depends greatly on their size, ownership, exporting status, risk level and even location. In fact, many studies believe that unless by some policy directives pertaining to a particular country, foreign, exporting, large, less risky and firms in developed regions will under normal circumstances be less financially constrained than their counterparts, domestic, non-exporting, small, more risky and firms in undeveloped regions respectively. For domestic firms, some evidence exists that their financial constraints can be alleviated by the entrance of foreign firms. In this thesis, we try and incorporate as many of these determinants as possible bearing in mind data availability. As a result, in the first part of this study, we address the issue of financial constraints of foreign and domestic firms as well as crowding out effects of domestic firms in Ghana. To the best of our knowledge, no study has attempted to address this particular issue on Ghana. We then move a step higher in the second part of our study by considering this same topic in China but then looking at it using firms with different degrees of foreign ownership. Not only do we do this, but we also carry out regional analysis in this respect. All these are made possible by the quality of dataset that we use in our analyses. Again, to the best of our knowledge, no study has addressed this issue on China in this manner. In the last part of our study, we take a different tum altogether and examine mainly the sensitivities of both long-term debt and short-term debt to cash flow and collateral respectively for globally-engaged firms (foreign-owned and exporting firms) as well as firms in the coastal and non-coastal regions of China. We find very interesting results from these analyses. With regards to evidence on firm financial constraints in Ghana, we find that domestic firms are more financially constrained than foreign firms and that foreign firms' presence has no impact on domestic firms in Ghana. For the results on China, while we find no difference between the financial constraints of purely domestic firms and joint ventures, we find that wholly-foreign owned firms are less financially constrained than purely domestic firms. We however find that the presence of foreign firms help alleviate purely domestic firms from their financial constraints. For the regional analysis, estimates based on this suggest firms in the coastal region are less financially constrained than firms in the non-coastal region. Regarding the sensitivities of both short-term debt and long-term debt to cash flow and collateral, whilst we find that highly globally engaged firms have a higher sensitivity of long-term debt to cash flow than non-globally engaged firms, we find that globally engaged firms' short-term debt have a lower sensitivity to collateral than non-globally engaged firms. As for the regional analysis, our result show that both the short-term debt and long-term debts of firms in the coastal region have a higher sensitivity to collateral and cash flow respectively than the sensitivities of short-term debt and long-term debt to cash flow and collateral of firms in the non-coastal region.
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Huang, Teng S. M. Massachusetts Institute of Technology. "Financial impacts of and financing methods for high-speed rail in Portugal." Thesis, Massachusetts Institute of Technology, 2011. http://hdl.handle.net/1721.1/66862.
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Thesis (S.M. in Transportation)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, 2011.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 178-188).
High-speed rail (HSR) becomes a very hot topic recently when all Portugal, the United Stated, China, Japan, Spain, etc. are ambitious in building their HSR systems. Although HSR is expected to shrink the temporal distance between cities, reshape the travel patterns of people toward environment friendly ones, create an image effect for the country building it, promote regional economics, etc., HSR is more capital intensive than other transportation projects in both unit cost (the cost per lane km) and total cost. Due to its high costs and public or private budget constraints, HSR may have significant financial impacts on other transportation investments. And it is important to lower the costs of HSR building and explore more funding opportunities to make HSR investments more financially viable. This research aims to understand the financial impacts of HSR investments and to explore financing methods for them. Firstly, this research examines the crowding out effect of HSR investments on other transportation investments-whether financing HSR makes the funds for other transportation projects less available due to public or private budget constraints. In addition, this research compares HSR financing with the financing of other transportation projects to figure out the uniqueness of HSR financing. Finally, this research explores innovative financing methods and identifies megaregion revenues to make HSR investments more financially viable. We find that HSR investments crowd out other transportation investments based on the worldwide experience. In the end, we propose the use of monoline wrapped bonds and the establishment of Portuguese infrastructure bank to lower the financial costs of Portuguese HSR investments. And we recommend the use of value capture mechanisms to capture the megaregion economic benefits of HSR and gain additional revenues for Portuguese HSR investments.
by Teng Huang.
S.M.in Transportation
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Kiser, Steve. "Financing terror : an analysis and simulation for affecting al Qaeda's financial infrastruture /." Santa Monica, Calif. : RAND, 2005. http://www.rand.org/pubs/rgs%5Fdissertations/2005/RAND%5FRGSD185.pdf.
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Presented as the author's doctoral dissertation, Pardee Rand Graduate School, 2004.Includes bibliographical references (p. 223-243). Also available electronically via the World Wide Web in PDF format.
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Wang, Jinhua. "SME financing in Zhejiang Province." Thesis, Durham University, 2016. http://etheses.dur.ac.uk/11675/.
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This thesis laid the emphasis on Zhejiang Province which SMEs play a dominant role and is characterized with informal finance. The current financial system provided little opportunity for the SMEs to raise fund; companies in temporary illiquidity or facing solvency crisis obviously could not possibly rely upon internal capital for financing. Then, informal finance should be deeply studied. Guiding the informal finance to alleviate the SMEs financing difficulties could make contribution the financial and social stability at large. Therefore, it is a meaningful topic to be studied, both in theoretical and practical perspective. In chapter 2, the focus is mainly laid on studying the status quo of the SME financing in Zhejiang Province and exploring the role formal and informal financing play. Through literatures consulting, a tailor made questionnaire has been designed to learn the basic information, business establishment, business growth and funding sources of the firms. The copies of the questionnaire have been disseminated to the sampled entrepreneurs of SMEs across Zhejiang Province. Through the data collected from the valid copies, we could gain a brief understanding of these firms and its financing situation through basic descriptive statistics. With the data collected from the 150 valid copies, we have gained a brief understanding of these firms and their financing situation through basic descriptive statistics. In chapter 3, we tend to adopt various empirical methods to analyze the relationship of usage of formal (informal) lending and other factors. Correlation analysis, binary regression model and ordered logistic regression model is applied on the collected questionnaire data. With this empirical investigation, we try to further explore what impact these reputation and relationship variables may have on the financing practices they try to employ. From the empirical results, we find that firms with strong political ties, higher education, larger turnover and having received credit rating are more likely to employ formal financing practices. No consistent results have been found for informal financing practices. Moreover, we find that more factors work in the case of global financial crisis while only political ties and credit rating status work in the tightened monetary background like the period after year 2010. Combining these results, we conclude that reputation and relationship are vital in obtaining funds from formal financing channels in China. By contrast, all kinds of SMEs’ entrepreneurs are likely to tap the informal financing market. The finding is critical: on the one hand, the criteria necessary to obtain formal loans are quite stringent; on the other hand, the informal market seems to set no threshold for financing. In the light of these considerations, informal financing will inevitably play a dominant role within the financial system. In chapter 4, we firstly consult the extant literatures to learn the SMEs practice around the world. We then hold interviews with five managers from a commercial bank to learn their mindset towards SMEs business. Then, through the combination of what we find from the literature and the interviews, as well as the empirical results from the previous chapters, we propose specific policy suggestions. Policy suggestions are proposed from three different dimensions: the supply side of funds for SMEs financing (including both the formal and informal financial institutions); and the demand side. Such grand view will offer more insightful understanding in SMEs financing. The policy suggestions proposed are explicit, specific and practical.
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Hobden, David W. "Assumption financing and housing prices." Thesis, University of British Columbia, 1991. http://hdl.handle.net/2429/29679.
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A below market assumable mortgage may imply a discount in the financing costs of prospective property buyers. Sellers may capitalize any discount value into their asking price for the property. Residential properties sold with below market assumption financing may therefore include a capitalized discount in their selling price. This study empirically tests the hypothesis that below market assumption financed residential properties include a capitalized discount in their observed selling price and obtains both a parametric and nonparametric estimate of the average discount capitalization rate. The hypothesis is tested on a large-scale sample of residential condominium sales that occurred in Vancouver over the 13 year period from 1974 to 1986. Both the hedonic pricing and matched pairs methodologies are employed to control for non-financial differences among the sampled transactions. The theoretical value of assumption financing discounts is measured using a modified Cash Equivalent Adjustment model. This study concludes that Vancouver condominiums sold with discount assumption financing do, on average, include a capitalized discount in their selling price. The hedonic price estimate of the average discount capitalization rate is approximately 75 percent of the modified Cash Equivalent discount value; the matched pairs estimate is approximately 50 percent of the modified Cash Equivalent discount value. The average discount capitalization rate appears to be stable across periods of high and moderate inflation.Business, Sauder School of
Graduate
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Dastory, Linda. "Financing of Innovation in SMEs." Licentiate thesis, KTH, Industriell ekonomi och organisation (Inst.), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-220923.
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This licentiate thesis consist of two essays. Both essays deal with corporate finance and its impact on innovation investment. In the first essay we use German Community Innovation Survey to identify financially constrained firms. Contrary to previous studies we find that the relationship between financial constraints and firm size is inverted u-shaped and that it is the group of medium sized firms which has the largest funding gaps. This is explained by the fact that these firms have high innovation capabilities but at the same time face high cost of capital. Furthermore, we test if financial constraints have an impact on firm productivity growth. We find negative effects from funding gaps on productivity, but only for investment in tangible capital and not for innovation investments. The second essay investigates whether there has been a change in the productivity and funding mix of innovative SMEs post stricter bank regulations. Our result shows that the likelihood of using bank loans as a funding source has not changed for innovation investments nor for tangible investments after stricter capital regulations have been announced. On the other hand, sources such as subsidies have increased due to regulatory programs that have been implemented in the aftermath of the recent financial crisis. Furthermore, SMEs productivity has not changed post stricter bank regulations. Overall, the impact from different sources of funding on productivity is rather limited.QC 20180110
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Moyen, Nathalie. "Financing investment with external funds." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0019/NQ46396.pdf.
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Oditah, Fidelis H. I. "Legal aspects of receivables financing." Thesis, University of Oxford, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.385576.
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Caggese, Andrea. "Financing constraints and firm dynamics." Thesis, London School of Economics and Political Science (University of London), 2002. http://etheses.lse.ac.uk/1622/.
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How important are financing constraints in explaining the cyclical behaviour of investment. How do they affect the investment responses to macroeconomic shocks. This thesis answers these questions by developing a structural model of investment with financing and irreversibility constraints and by analysing its implications both theoretically and empirically. After briefly reviewing the recent advancements of the investment literature in chapter 1, in chapter 2 we present a preliminary empirical analysis of the links between financial structure and firm dynamics. In chapter 3 we develop a basic structural model which analyses optimal investment and saving choices of entrepreneurs in the presence of uncertainty as well as of financing constraints. We show that future expected financing constraints generate a precautionary saving behaviour which affects the optimal allocation between risky investment and saving. In chapter 4 we extend the basic model to include both fixed and variable capital as well as financing constraints and irreversibility of fixed capital. We show that the interactions between financing and irreversibility constraints amplify the effects of financing constraints on the cyclical fluctuations of investment and production. This interaction together with the precautionary saving behaviour is essential in explaining a number of stylised facts about investment dynamics: i) aggregate inventory investment is very volatile and procyclical, especially in recessions; ii) it leads the business cycle, while fixed capital investment lags it; iii) fixed and especially inventory investment are sensitive to net worth; iv) output and inventories are more volatile and procyclical for small firms than for large ones. In chapter 5 we verify empirically the theoretical results derived in chapter 4. We use our panel of balance sheet data on Italian manufacturing firms to test and not reject the financing constraints hypothesis. This hypothesis is also strongly supported by the direct qualitative information about the problems faced by the entrepreneurs in financing new investment projects.
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Mak, Yuen-yung, and 麥菀容. "Hong Kong's health financing system." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hub.hku.hk/bib/B50255745.
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Despite attempts to contain health care cost, healthcare expenditure has been surging worldwide. Healthcare financing remains high on the political agenda and nations are struggling hard to balance cost containment with service quality, accessibility, efficiency, etc (Froetschel 2011). Hong Kong, of no exception, faces increasing pressure to raise public expenditure on health and is seeking new ways to finance healthcare. This paper attempts to provide an overview of Hong Kong’s existing health financing system and identify possible reform options.published_or_final_version
Politics and Public Administration
Master
Master of Public Administration
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Al-Kharusi, Abdulaziz. "Financing small business in Oman." Thesis, Loughborough University, 2003. https://dspace.lboro.ac.uk/2134/7597.
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Small and medium-sized enterprises (SMEs) are now recognised as being of major importance to the strategic agendas of many countries around the world since they can lower unemployment and increase economic growth. This is particularly significant for a small country like Oman which is seeking to diversify its production base. However, it is well known that lending institutions are often reluctant to offer loans to small firms because of the nature and size of such businesses. This research study, therefore, is the first to carry out a detailed investigation of the financing of small and medium-sized enterprises in Oman by focusing on the three main sectors in which SMEs function: manufacturing, trade and services. The study aims first to examine the procedures and problems faced by SMEs in obtaining finance by considering the need for finance, the types of finance available, and the difficulties that may be encountered in this process. Guidelines are then offered to encourage the participation of such firms in Oman's development. The study also seeks to examine the relationship between certain characteristics of firms and their owner-managers and the need for finance, together with difficulties encountered when seeking such finance. Finally, a comparison is made of the procedures and problems faced by SMEs in the three sectors. After a literature review, the thesis puts forward, in Chapter 4, the theoretical research framework and a number of hypotheses. Data were gathered via questionnaires and interviews from 397 small and medium enterprises in Oman; 94 from the manufacturing sector, 180 from the trade sector and 123 from service firms. These data were then analysed using the following methods: descriptive analysis, nonparametric testing, and analysis of variance (ANOVA). The findings showed that some significant differences did exist between firms, their owner-managers' characteristics and the need to acquire external finance, as well as the success or difficulties they faced in applying for such lending. The need for external finance for such companies to expand their businesses was also clearly demonstrated, especially in the trade and service sectors, the majority of respondents in all three sectors were aware of government sources of finance. It was found that the main reasons for difficulties in raising finance were high rates of interest, incomplete business plans, a lack of securities, and putting forward proposals considered not to be viable. A detailed analysis of the results can be seen in Chapter 6, with a summary of the main findings in Chapter 7. The study ends with an examination of the implications of the findings of this research for owner-managers, policy-makers, academics and entrepreneurs. Finally, suggestions are made for future useful research in this area.
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Miraldo, Marisa. "Essays in health care financing." Thesis, University of York, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.441019.
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Jones, David Francis. "Financing Roman trade and industry." Thesis, Open University, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.402255.
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Suban, Robert. "The financing of multinational subsidiaries." Thesis, University of Manchester, 2015. https://www.research.manchester.ac.uk/portal/en/theses/the-financing-of-multinational-subsidiaries(20510445-f31e-4a00-bd01-870fd19be9da).html.
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In this thesis, we investigate how multinational (MNC) parents can use the way they finance their subsidiary firms in order to constrain subsidiary management. In the first essay, we develop a theoretical framework in which we consider a number of alternative decisions related to the financing of MNC subsidiary firms. We show that, from the MNC parent's perspective, the optimal choice is to delegate the monitoring of the subsidiary to host-country banks and finance the subsidiary using short-term and short-term external debt. This arrangement will guarantee that the MNC subsidiary management exerts an optimal amount of effort and abides by the objectives set by the MNC parent. In the second essay, we propose and test four hypotheses addressing how MNC parents can use short-term and short-term external debt to constrain the rent-seeking behaviour of subsidiary management. One set of hypotheses analyses the use of short-term debt. The second set of hypotheses investigates the use of short-term external debt. Moreover, we investigate these two hypotheses in two different settings to measure: (i) the subsidiary effect by comparing between UK domestic and UK subsidiary firms and (ii) the location effect by comparing UK and US subsidiary firms. We find support for our hypotheses, namely that UK subsidiaries have more short-term debt and more short-term external debt as compared to equivalent UK domestic firms, and that US subsidiaries have more short-term debt and less short-term external debt compared to equivalent UK subsidiaries. Our results are both statistically and economically significant and are robust to the use of a matched sample approach to test our hypotheses. The third essay investigates the relationship between the bargaining power of MNC subsidiary firms and the way these firms are financed by analysing the source and the maturity of financing arrangements. We argue that the financing arrangements used to finance the subsidiary are linked to its ability to engage in rent-seeking behaviour and the latter depends on the amount of bargaining power that the subsidiary possesses. We use four different measures of bargaining power, namely age, size, presence of foreign sales and percentage of foreign sales. Using data relating to UK and US MNC subsidiaries between 2001 and 2010, we test two sets of hypotheses linking the bargaining power of the MNC subsidiary firms with the use of short-term debt and the use of external short-term debt. Our results provide strong support for our short-term debt hypotheses while support for our external debt hypotheses is more limited. The results are also economically significant when using the percentage of foreign sales as a bargaining power proxy. We also notice that the use of debt to constrain subsidiary management behaviour appears to differ across UK and US MNC subsidiary firms.
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Majdalani, Fadi Michel. "Financing the reconstruction of Lebanon." Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/14671.
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Fagnan, David Erik. "Analytics for financing drug development." Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/98572.
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Thesis: Ph. D., Massachusetts Institute of Technology, Sloan School of Management, Operations Research Center, 2015.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 133-139).
Financing drug development has a particular set of challenges including long development times, high chance of failure, significant market valuation uncertainty, and high costs of development. The earliest stages of translational research pose the greatest risks, which have been termed the "valley of death" as a result of a lack of funding. This thesis focuses on an exploration of financial engineering techniques aimed at addressing these concerns. Despite the recent financial crisis, many suggest that securitization is an appropriate tool for financing such large social challenges. Although securitization has been demonstrated effectively at later stages of drug development for drug royalties of approved drugs, it has yet to be utilized at earlier stages. This thesis starts by extending the model of drug development proposed by Fernandez et al. (2012). These extensions significantly influence the resulting performance and optimal securitization structures. Budget-constrained venture firms targeting high financial returns are incentivized to fund only the best projects, thereby potentially stranding less-attractive projects. Instead, such projects have the potential to be combined in larger portfolios through techniques such as securitization which reduce the cost of capital. In addition to modeling extensions, we provide examples of a model calibrated to orphan drugs, which we argue are particularly suited to financial engineering techniques. Using this model, we highlight the impact of our extensions on financial performance and compare with previously published results. We then illustrate the impact of incorporating a credit enhancement or guarantee, which allows for added flexibility of the capital structure and therefore greater access to lower costing capital. As an alternative to securitization, we provide some examples of a structured equity approach, which may allow for increased access to or efficiency of capital by matching investor objectives. Finally, we provide examples of optimizing the Sortino ratio through constrained Bayesian optimization.
by David Erik Fagnan.
Ph. D.
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Bishop, Tonja Bowen. "Financing retirement consumption and bequests." Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/54642.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2009.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 144-149).
This dissertation consists of three essays that evaluate possible vehicles for financing either retirement consumption or bequests. Chapter 1 compares the use of Roth and tax-deferred retirement accounts for retirement consumption with the use of taxable accounts. Previously, economists have often assumed that retirement savings should be done in a tax-deferred account. However, the advent of Roth-style tax-favored accounts and concerns about the tax implications of increasing retirement income through distributions from tax-deferred accounts warrant revisiting this question. I use data on married couples in the HRS and NBER's TAXSIM model to measure the probability of a household facing a higher tax rate at ages 62, 65, and 69 than the household faced at age 57. When the marginal tax rate is higher, the household could decrease their lifetime tax burden by choosing a Roth-style account over a tax-deferred account. I also measure the probability of facing a marginal tax rate that is sufficiently high that the household minimizes tax payments by using a taxable account rather than a tax-deferred account, when a Roth option is not available. I find that for distributions beginning at age 69, between 10 and 35% of households with taxable income at age 57 should prefer a Roth account to a tax-deferred account, but very few households prefer a taxable account. Chapter 2 models the tax-savings available through the use of tax-favored retirement accounts for bequests. Past research on tax-favored retirement accounts has focused on the incentives and effects of these accounts within the framework of the life-cycle model.
(cont.) However, tax-favored accounts also offer substantial tax savings for bequeathed assets. This chapter examines the incentives tax-favored accounts provide for bequests and simulates models of the available tax savings. The benchmark model calculates that the tax savings associated with a tax-deferred account (TDA) that is used to optimally bequeath assets exceeds the tax savings of a TDA used to produce a steady stream of retirement income by by 27.2%. Use of a Roth account for a bequest increases tax savings by an additional 32% over a bequeathed TDA. Chapter 3, joint work with Hui Shan, considers reverse mortgages as a method of financing retirement consumption. Housing wealth is the most important non-pension wealth component for many elderly homeowners in the United States. Reverse mortgages allow elderly homeowners to consume housing wealth without having to sell or move out of their homes. Though the U.S. reverse mortgage market has grown substantially, very few eligible homeowners use reverse mortgages to achieve consumption smoothing. This chapter examines all Home Equity Conversion Mortgage (HECM) loans originated between 1989 and 2007 and insured by the Federal Housing Administration (FHA). It shows how characteristics of HECM loans and HECM borrowers have evolved over time, compares borrowers with non-borrowers, and analyzes loan outcomes using a hazard model.
(cont.) In addition, it conducts numerical simulations of HECM loans originated in 2007 to illustrate how the profitability of the FHA insurance program depends on factors such as termination rates, housing price appreciation, and the schedule of payments. This analysis serves as a starting point in understanding the implications of recent growth in the reverse mortgage market. Our results also suggest caution in predicting the profitability of the current HECM program.
by Tonja L. Bowen Bishop.
Ph.D.
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LeFrak, James T. (James Tucker) 1973. "Alternative sources of construction financing." Thesis, Massachusetts Institute of Technology, 1998. http://hdl.handle.net/1721.1/47559.
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Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, 1998."January 1998."
Includes bibliographical references (p. 87-89).
by James T. LeFrak.
M.S.
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Fall, Moctar A. "Commodity bonds : a financing alternative." Thesis, Massachusetts Institute of Technology, 1986. http://hdl.handle.net/1721.1/14994.
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Thesis (M.S.)--Massachusetts Institute of Technology, Sloan School of Management, 1986.MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY.
Bibliography: leaves 93-95.
by Moctar A. Fall.
M.S.
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Delgado, Dúnia Moniz. "Business angels financing in Portugal." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11270.
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Mestrado em FinançasEsta dissertação analisa a actividade dos business angels em Portugal e o impacto do Programa COMPETE na criação de novas empresas e de novos postos de trabalho. Este programa, criado em 2010, inclui uma linha de co-investimento aos business angels, destinado ao apoio e criação de novas empresas com elevado potencial tecnológico. Neste estudo, encontramos fortes evidências de que esta linha de financiamento estimulou a actividade empreendedora em Portugal. Usando uma base de dados, de preenchimento obrigatório, que inclui todas as empresas privadas em Portugal, seleccionamos dois conjuntos de dados transversais, colhidos antes e depois do Programa COMPETE. Usando o método das diferenças-em-diferenças, observamos que o programa está associado a um aumento de onze novas empresas, principalmente entre as pequenas empresas, e também a um aumento de quatro novos postos de trabalho em start-ups, embora este último efeito não seja significativo. Adicionalmente, através da recolha de dados sobre a forma de um questionário, analisamos as principais características dos business angels Portugueses e avaliamos a sua propensão a investir. Observamos que os business angels portugueses são predominantemente indivíduos do sexo masculino, com idade compreendida entre os 40 e 60 anos, com formação universitária, geralmente nas áreas de ciências empresariais e da economia. Também observamos que apresentam experiência empreendedora, na gestão e em consultoria. Em relação à propensão a investir, observamos que os business angels portugueses têm uma probabilidade positiva para investir acima dos 50.000 euros/ano e investem com uma frequência semestral ou anual.
This dissertation analyzes the business angels activity in Portugal and the impact of the COMPETE Program on firm entry and job creation. This program, created in 2010, includes a co-investment fund for business angels to support the creation of new ventures with innovative potential. There is strong evidence that this financing line has stimulated entrepreneurial activity in Portugal. Using a mandatory database which includes all private firms in Portugal, we select two cross-sectional datasets, collected before and after the COMPETE Program. Through a difference-in-differences approach, we observe that this program is associated with an increase of eleven new firms, primarily among small firms, and an increase of four employees per start-up, although the later effect is not significant. Additionally using data collected through a questionnaire, we analyze Portuguese business angels? main characteristics and evaluate their propensity to invest. We found that Portuguese business angels are predominantly middle-aged male with university education, usually in the fields of business sciences and economy. They also have entrepreneurial, managerial and consulting prior experience. Regarding their propensity to invest, we find that Portuguese business angels have a positive probability to invest up to 50,000 euros/year and they often invest semiannually or annually.
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Le, Pendeven Benjamin. "Emerging approaches for financing innovation." Thesis, Paris, CNAM, 2018. http://www.theses.fr/2018CNAM1169.
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Portés par des changements technologiques, des cadres juridiques nouveaux, une demande de financement croissante de la part des entreprises innovantes et une montée en maturité des opérateurs du marché, les professionnels du financement de l’innovation ont pour partie modifié leurs pratiques et de nouveaux outils émergent. Ces nombreuses évolutions posent des questionnements théoriques essentiels.La thèse vise à investiguer trois de ces modes de financement. Le premier, les Social Impact Bonds (autrement dénommés en France Contrats à Impact Social) sont un mode de financement de l’innovation sociale non entrepreneuriale apparu en 2010 en Grande-Bretagne. Le second outil analysé est celui du financement participatif (crowdfunding). Forme émergente de financement des projets entrepreneuriaux par la foule sur internet, il connait une croissance forte depuis une décennie. La thèse questionne l’impact du degré d’innovation sur la réussite des campagnes. Le troisième et dernier outil évoqué dans la thèse est celui des fonds de Multi Corporate Venture Capital (MCVC), et leurs formes organisationnellesDriven by technological change, new legal frameworks, growing demand for cash from start-ups, and a growing maturity of market operators, innovation finance professionals have partly modified their practices. On the one hand, traditional financing tools have modernized their organizations and methods, and on the other, new forms of financing have emerged. These numerous evolutions open essential theoretical questions, while questioning the traditional theories of the financing of innovation as well as suggesting new theoretical considerations.The thesis investigates three of these modes of financing. The first, the Social Impact Bonds (otherwise known as Contrats à Impact Social, in France) are a way of financing the non-entrepreneurial social innovation that appeared in 2010 in Great Britain. The second tool analyzed is about equity crowdfunding. Emerging form of financing entrepreneurial projects by the crowd on the internet, it knows a strong growth since a decade. The thesis analyzes the impact of innovation degree on campaigns’ success. The third and last tool mentioned in this thesis is that of the funds of Multi Corporate Venture Capital (MCVC)
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Liao, Wei-Yi. "Dedicated Investors and Debt Financing." The Ohio State University, 2008. http://rave.ohiolink.edu/etdc/view?acc_num=osu1216144574.
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