Can Foreign Portfolio Investment Bridge The Small Firm Financing Gap Around The World
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Can Foreign Portfolio Investment Bridge The Small Firm Financing Gap Around The World
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Author : April M. Knill
language : en
Publisher: World Bank Publications
Release Date : 2005
Can Foreign Portfolio Investment Bridge The Small Firm Financing Gap Around The World written by April M. Knill and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Inversiones extranjeras categories.
The author examines the impact of foreign portfolio investment on the financial constraints of small firms. Using a dataset of over 195,000 firm-year observations across 53 countries, she examines the impact of foreign portfolio investment on capital issuance and firm growth across countries and firm characteristics, in particular size. After controlling for firm-, industry-, and country-level characteristics such as change in foreign exchange rate, share of market capitalization, relative interest rates, and investment climate, she finds that foreign portfolio investment helps to bridge the gap between the amounts of financing small firms require and that which they can access through the capital markets. Specifically, the author finds that foreign portfolio investment is associated with an increased ability to issue publicly traded securities for small firms in all nations, regardless of property rights development. Since small firms often rely heavily on bank lending, she also tests for potential increases in credit for small firms using the bank lending theory of monetary transmission. Results show significantly decreased short-term debt and increased long-term debt, supporting the contention that bank debt maturity to these firms has increased. This transition to longer-term debt could also be a result of the increased public debt securities these firms are more able to access. The overall increased access to capital only leads to value-enhancing growth at the firm level in nations with more developed property rights, underscoring the significance of a good financial system that minimizes information asymmetry as well as corruption, and enhances liquidity as well as property rights.
Taking The Bad With The Good
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Author : April M. Knill
language : en
Publisher: World Bank Publications
Release Date : 2005
Taking The Bad With The Good written by April M. Knill and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Inversiones extranjeras categories.
The author examines the impact of the volatility of foreign portfolio investment on the financial constraints of small firms. Using a dataset of over 195,000 firm-year observations across 53 countries, she examines the impact of foreign portfolio investment instability on capital issuance and firm growth across countries and firm characteristics, in particular size. After controlling for the endogeneity of foreign portfolio investment instability, as well as for firm-, industry-, and country-level characteristics such as GDP growth, as well as the levels of foreign portfolio and direct investment, the author finds that the volatility of foreign portfolio investment is only significantly associated with a decreased ability to issue publicly-traded securities for small firms in years when nations are considered less "creditworthy." The volatility of foreign portfolio investment only hinders the growth of small firms significantly in periods when nations are deemed less "creditworthy." These results underscore both the significance of a good financial system that minimizes capital flow volatility, as well as the influence of property rights and country creditworthiness to instill confidence in foreign investors.
Internationlisation Of Smes
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Author : Kris Boschmans
language : en
Publisher: Primento
Release Date : 2013-01-23
Internationlisation Of Smes written by Kris Boschmans and has been published by Primento this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-23 with Business & Economics categories.
The international development of SMEs is an important growth vehicle for the Belgian and European economies. Yet far too few of them actually dare to take the step required. Does this mean to say that they should see internationalisation as a given? No, of course not! Internationalisation has a significant impact on companies’ decision-making and managerial processes. The risks involved need to be covered and the right form of funding found. There are numerous public measures in place aimed at supporting businesses in their efforts. The aim of “The Internationalisation of SMEs” is to inform business-owners about the various aspects of internationalisation and to provide them with practical answers about the ways they can find funding and cover themselves against the risks they incur. It also draws up a list of the public support measures designed to support Belgian SMEs in their projects abroad.
The World Bank Research Program 2005 2007
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Author :
language : en
Publisher: World Bank Publications
Release Date : 2008
The World Bank Research Program 2005 2007 written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
This pocket-sized reference on key environmental data for over 200 countries includes key indicators on agriculture, forestry, biodiversity, energy, emission and pollution, and water and sanitation. The volume helps establish a sound base of information to help set priorities and measure progress toward environmental sustainability goals.
Managing Globalization In The Asian Century
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Author : Hal Hill
language : en
Publisher: Flipside Digital Content Company Inc.
Release Date : 2016-11-17
Managing Globalization In The Asian Century written by Hal Hill and has been published by Flipside Digital Content Company Inc. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-17 with Business & Economics categories.
The global centre of gravity continues to shift to the Asia-Pacific, the most dynamic region in the world. These economies have generally grown faster for longer periods of time than any other major region in world history. Their embrace of globalization has been a central feature, and driver, of their dynamism. The management of Asia-Pacific economic integration and globalization is crucial not only for the countries themselves but also for the state of the global economy, including importantly latecomer developing economies who look to the region for analytical and development policy lessons. Twenty-eight leading international authorities in the field, drawn from nine countries, provide a comprehensive examination of the causes, consequences and challenges of globalization, in a volume that celebrates the distinguished career of Professor Prema-Chandra Athukorala.Among the major issues examined are the region's distinctive approach to trade liberalization, the effects of economic growth on poverty reduction and the labour market, the special challenges of by-passed regions, the role of ideas in influencing policy making, the modalities of connecting to global production networks, and the importance of remittances in economic development. Several country case studies provide in-depth analyses of development processes and outcomes. These include episodes in economic development, the challenges faced by transition economies, the macroeconomics of adjusting to slower growth and rising debt in advanced economies, and the so-called middle-income trap phenomenon.
Corporate Governance Of Non Listed Companies In Emerging Markets
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2006-01-30
Corporate Governance Of Non Listed Companies In Emerging Markets written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-30 with categories.
This publication provides policy makers, board members, managers, equity providers, creditors and other stakeholders an overview of the issues to be addressed in establishing good corporate governance of non-listed companies.
The Future Of Investment Arbitration
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Author : Catherine A. Rogers
language : en
Publisher: Oxford University Press
Release Date : 2009
The Future Of Investment Arbitration written by Catherine A. Rogers and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Law categories.
Investment arbitration is at the cutting edge of international law and dispute resolution, and is predicted to be a major factor in the development of the global economic system in years to come. This one-volume monograph contains contributions from leading experts on a wide range of topics of both theoretical importance and practical implication that will affect the future of investment arbitration. The highly innovative chapters combine to form a constructive and valuable discussion for all in the arbitration field. The contributors, chosen to represent the full spectrum of perspectives, are leading arbitration experts from all over the world, including ICSID insiders, US government officials, UNCTAD research personnel, seasoned investment arbitrators and counsel, and renowned legal scholars. The book is divided into three themes, with the first centering on the adequacy of UNCITRAL and ICSID arbitration rules, with particular attention to recent and proposed changes. The second theme focuses on the future of bilateral investment treaties, discussing trends in the interpretation of treaty provisions and the debate concerning the efficacy of the treaties in benefiting developing countries. The third theme revolves around the public function of investment arbitration decisions, including the use of arbitration to resolve disputes between sovereigns and the arbitrators' role as a guardian of international public policy. The Future of Investment Arbitration is unique in its outstanding range of topics and the expertise of the contributors. It previews and guides future directions in the field, as well as discussing the larger policy implications of specific rules. It includes cutting-edge analysis of empirical research regarding BITS that is essential to evaluating many assumptions about investment law and arbitration. Finally, the book takes a broad perspective, examining the rules discussed within the larger structural context of investment arbitration, and drawing investment arbitration into the wider setting of international law and corporate governance.
New Voices In Investment
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Author : Laura Gómez-Mera
language : en
Publisher: World Bank Publications
Release Date : 2014-12-03
New Voices In Investment written by Laura Gómez-Mera and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-03 with Business & Economics categories.
This study analyzes the characteristics, motivations, strategies, and needs of FDI from emerging markets. It draws from a survey of investors and potential investors in Brazil, India, South Korea, and South Africa.
World Bank Research Program
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Author : World Bank
language : en
Publisher:
Release Date : 2005
World Bank Research Program written by World Bank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Economic assistance categories.
Releasing Constraints To Growth Or Pushing On A String
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Author : Pablo Fajnzylber
language : en
Publisher:
Release Date : 2006
Releasing Constraints To Growth Or Pushing On A String written by Pablo Fajnzylber and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Commercial credit categories.
The authors employ propensity score matching and a traditional control function approach to examine the impact of participation in various societal institutions on microfilm performance in Mexico. They find that firms that participate in credit markets, receive training, pay taxes, and belong to business associations exhibit significantly higher profits, even after controlling for the various factors that drive participation in those institutions. They also find that firms that borrow from formal or informal sources and those that pay taxes are significantly more likely to stay in business, but firms that received credit exhibit lower rates of income growth. Overall, the results suggest that even if the best performing micro-firms are more likely to be selected into participating in societal institutions, causality also runs in the opposite direction. In particular, increases in strictly or broadly defined formality have the potential for increasing profits and survival rates, and appear to bring micro-firms closer to their optimal sizes.