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Journal articles on the topic 'Flow of funds Finance Capital'

Author: Grafiati

Published: 4 June 2021

Last updated: 1 February 2022

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1

Zeng, Ting. "Financial Management of the Company for Financial Crisis." Applied Mechanics and Materials 34-35 (October 2010): 1185–89. http://dx.doi.org/10.4028/www.scientific.net/amm.34-35.1185.

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Corporate Finance is a business process the company forecast capital movement, organization, coordination, analysis and control of a decision-making and management activities. If the long-term store the excess corporate cash, will result in capital investment flow can not, can not be profitable. At the same time, enterprises need to expand production but difficult to raise funds. Therefore, SME Banking, the key is enterprise fund safety, liquidity and profitability of organic combination.

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O'Sullivan, Mary A. "Living with the U.S. Financial System: The Experiences of General Electric and Westinghouse Electric in the Last Century." Business History Review 80, no. 4 (2006): 621–55. http://dx.doi.org/10.2307/25097264.

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Scholars have recommended taking a closer look at firms that raise funds from the financial system as a way of understanding the relation between finance and growth. This article explores the role of the U.S. financial system in providing funds to two prominent American firms, General Electric and Westinghouse Electric, over the course of the last century. The financial system's support was important for both companies, but there were important differences, as well as changes over time, in their patterns of financial dependence and autonomy. Two factors—investments in working capital and divid

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Jenkinson, Tim, Wayne R. Landsman, Brian R. Rountree, and Kazbi Soonawalla. "Private Equity Net Asset Values and Future Cash Flows." Accounting Review 95, no. 1 (2019): 191–210. http://dx.doi.org/10.2308/accr-52486.

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ABSTRACT This study analyzes whether fair value estimates of fund net asset values (NAVs) produced by private equity managers are accurate and unbiased predictors of future discounted cash flows (DCFs). We exploit the fact that private equity funds have finite lives to compare reported NAVs to DCFs based on realized cash flows for 384 Venture Capital (VC) funds and 195 Buyout funds spanning 1988–2016. Findings reveal that Buyout funds' NAVs display little systematic bias, but VC funds' NAVs are relatively aggressively biased compared to Buyout funds, especially since 2000. Accuracy is worse in

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Nishiotis, George P. "Do Indirect Investment Barriers Contribute to Capital Market Segmentation?" Journal of Financial and Quantitative Analysis 39, no. 3 (2004): 613–30. http://dx.doi.org/10.1017/s0022109000004051.

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AbstractUsing a sample of emerging market closed-end funds, I find evidence that indirect investment barriers exert powerful effects on asset pricing differences across countries. I show that not only do indirect investment barriers contribute to international capital market segmentation, but also they can lead to segmentation even in the absence of strong capital inflow restrictions. This result is consistent with Bekaert and Harvey's (1995) conclusion that “other markets appear segmented even though foreigners have relatively free access to their capital markets” (p. 403). The empirical resu

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Khalfan, Twahir, and Stefan Wendt. "The impact of financial and economic crisis on leverage: the case of Icelandic private firms." International Journal of Managerial Finance 16, no. 3 (2019): 297–315. http://dx.doi.org/10.1108/ijmf-01-2019-0019.

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Purpose The purpose of this paper is to provide empirical insight into the impact of a financial crisis on capital structure of private firms. Specifically, the authors use the example of the systemic Icelandic financial crisis from 2008 to 2010 and analyze the influence of internally generated funds on leverage during the financial crisis compared to the non-crisis period. Design/methodology/approach The authors use a fixed-effects dynamic model to examine the impact of internally generated funds – measured as cash flow – with a data set that includes non-listed Icelandic firms. In addition,

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Santioni, Raffaele, Fabio Schiantarelli, and Philip E. Strahan. "Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation*." Review of Finance 24, no. 4 (2019): 773–811. http://dx.doi.org/10.1093/rof/rfz020.

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Abstract Firms affiliated with business groups survive the stress of the global financial and euro crises better than unaffiliated firms. Using granular data from Italy, we show that better performance stems partly from access to an internal capital market, as the survival value of group-affiliated firms increases with group-wide cash flow. Internal cash transfers increase when banks’ health deteriorates, with funds moving from cash-rich to cash-poor firms and, some evidence suggests, to firms with favorable investment opportunities. Internal capital markets’ role thus increases when external

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Bătușaru, Cristina Maria. "The Importance of European Funding on Public Finances in Romania - Implications for The General Consolidated Budget of The State." International conference KNOWLEDGE-BASED ORGANIZATION 23, no. 2 (2017): 16–22. http://dx.doi.org/10.1515/kbo-2017-0081.

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Abstract The "health" state of the economy which will receive European funding is a key element in the efficiency with which these funds can be used, the effects that the injection of foreign capital entails are being significant at the macroeconomic level, since a Member state of the European Union eligible to receive finance capital can absorb a flow of up to 4% of GDP. The manner of the allocation of these funds is also a key component of efficient use of European funds allocated under the multiannual financial programming period. Annual indicative allocation corresponding to the seven year

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Guenther, David A., Kenneth Njoroge, and Brian M. Williams. "Allocation of Internal Cash Flow when Firms Pay Less Tax." Accounting Review 95, no. 5 (2019): 185–210. http://dx.doi.org/10.2308/accr-52623.

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ABSTRACT We provide evidence about allocations of cash flow freed up by not paying taxes (“tax-related cash”). Uncertainty about future repayments suggests firms may use tax-related cash more cautiously than other cash flow. We utilize a flow-of-funds model from finance to quantify the relative amounts of tax-related cash associated with various potential uses of operating cash flow. We find firms allocate tax-related cash differently than other after-tax cash flow. Prior studies find tax avoiders hold more cash, and our results suggest this is because firms invest less (and save more) tax-rel

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Whinston, Michael D. "Exclusivity and Tying in U.S. v. Microsoft: What We Know, and Don't Know." Journal of Economic Perspectives 15, no. 2 (2001): 63–80. http://dx.doi.org/10.1257/jep.15.2.63.

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Research on capital structure attempts to explain how corporations finance real investment, with particular emphasis on the proportions of debt vs. equity financing. There is no universal theory of the debt-equity choice, and no reason to expect one. But three useful conditional theories are reviewed in this paper. The tradeoff theory says that firms seek debt levels that balance the tax advantages of additional debt against the costs of possible financial distress. The pecking order theory says that the firm will borrow, rather than issuing equity, when internal cash flow is not sufficient to

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Hasan, M. Aynul, Ashfaque H. Khan, and S. Sajid Ali. "Financial Sector Reform and Its Impact on Investment and Economic Growth: An Econometric Approach." Pakistan Development Review 35, no. 4II (1996): 885–95. http://dx.doi.org/10.30541/v35i4iipp.885-895.

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The financial sector is central to economic development as it serves the role of intermediary by mobilising savings and subsequently allocating credit for productive activities. However, in many developing countries including Pakistan, administered interest rate, domestic credit controls, high reserve requirements, use of captive banking system to finance large budgetary requirements of the government and controls on international capital inflows have remained the main features of the monetary policy. These repressive policies had their repercussions in the form of excess liquidity with the ba

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Das, Dilip K. "Globalization in the World of Finance: An Analytical History." Global Economy Journal 6, no. 1 (2006): 1850081. http://dx.doi.org/10.2202/1524-5861.1115.

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One of the many definitions of financial globalization is integration of domestic financial system of a country with the global financial markets and institutions. Enabling framework of financial globalization essentially includes liberalization and deregulation of the domestic financial sector as well as liberalization of the capital account. As economies progressively integrate globally, pari passu the financial structures of markets and the world of finance change. Financial globalization cannot be considered a novel phenomenon. Trans-country capital movements are centuries old. The oil sho

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Koutsokostas, Drosos, Spyros Papathanasiou, and Dimitris Balios. "Adjusting for risk factors in mutual fund performance and performance persistence." Journal of Risk Finance 20, no. 4 (2019): 352–69. http://dx.doi.org/10.1108/jrf-07-2018-0108.

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Purpose The purpose of this paper is to examine the performance of Greek equity mutual funds and the persistence in annual performance for the period 2008-2017 by using a variety of performance models. Design/methodology/approach Using all the available funds in operation and daily data, the authors apply single-index (Jensen, 1968) and multi-factor models (Fama and French, 1993; Carhart, 1997) to measure risk-adjusted returns. To assess performance persistence, a series of parametric (Bollen and Busse, 2005) and nonparametric tests (Malkiel, 1995; Brown and Goetzmann, 1995; Kahn and Rudd, 199

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Subedi, Kapil Deb. "Funding Gap in Hydropower Projects of Nepal: Does Internal Finance Matter?" Saptagandaki Journal 9 (August 26, 2018): 34–52. http://dx.doi.org/10.3126/sj.v9i0.20879.

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This paper aims to examine the current status of investment and availability of financing to hydro power companies in Nepal. Using pooled cross sectional data of NEPSE listed companies; a regression equation has been estimated to determine the effect of financing constraints on investment decisions of hydro companies. The study results confirm that internal cash flows and leverage are the major determinants of investment decisions in Nepalese hydro companies. Moreover, the coefficient of internal cash flow is significantly strong and positive showing its interdependency in financing new invest

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Ratanabanchuen, Roongkiat, and Kanis Saengchote. "Chasing returns with high-beta stocks: evidence from tax-privileged mutual funds in Thailand." Economics and Business Letters 10, no. 1 (2021): 37–44. http://dx.doi.org/10.17811/ebl.10.1.2021.37-44.

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One proposed explanation for the low-beta anomaly – a puzzling finding that stocks with low systematic risk tend to earn higher returns than the CAPM predicts and vice versa – is that mutual funds drive up demand for high-beta stocks, leading to systematic mispricing. We find evidence that Thai equity mutual funds tend to alter their risk exposure in response to fund flows, but only for incentivized funds where investors receive immediate tax benefits. We argue that the benefits change the way investors make their decisions, raising an issue of how public policies may have unintended consequen

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Pontoh, Winston, and Novi Swandari Budiarso. "Firm characteristics and capital structure adjustment." Investment Management and Financial Innovations 15, no. 2 (2018): 129–44. http://dx.doi.org/10.21511/imfi.15(2).2018.12.

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The adjustment for the firm capital structure is unclear from perspectives of trade-off theory, pecking order theory, life cycle theory, market timing theory, and free cash flow theory, since many research findings contradict each other. Adjustments for the capital structure are complex, since the conditions for each firm are different. The objective of this study is to provide empirical evidence of how firms adjust capital structure in relationship with maturity in context of trade-off, pecking order, free cash flow, and market timing theory. In terms of hypotheses testing, this study conduct

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Samet, Marwa, and Anis Jarboui. "CSR, agency costs and investment-cash flow sensitivity: a mediated moderation analysis." Managerial Finance 43, no. 3 (2017): 299–312. http://dx.doi.org/10.1108/mf-02-2016-0042.

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Purpose The purpose of this paper is to document the relation between investment-cash flow sensitivity and a firm’s engagement in corporate social responsibility (CSR) activities in European context. Specifically, this paper aims to empirically examine how CSR moderates the sensitivity between investment spending and firm internal funds. Design/methodology/approach The Euler equation technique approach is applied to test the sensitivity of investment to internally generated funds for a panel data set of 398 European companies listed in the STOXX Europe 600 during 2009-2014. Furthermore, a medi

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Casavecchia, Lorenzo. "Fund managers’ herding and mutual fund governance." International Journal of Managerial Finance 12, no. 3 (2016): 242–76. http://dx.doi.org/10.1108/ijmf-12-2014-0197.

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Purpose – The purpose of this paper is to identify the implications of managerial herding for investors’ wealth and capital allocation across funds, and the critical role played by fund governance in monitoring herding incentives. Design/methodology/approach – The author adopt the fund herding measure first proposed by Grinblatt et al. (1995) over the long sample period 1992-2007. Univariate and multivariate tests are then constructed to examine the relationship between managerial herding, performance, and investors’ sensitivities. OLS, fixed-effect panel data models are utilized to conduct th

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Aslam, Naheed. "The Impact of Foreign Capital Inflow on Savings and Investment: The Case of Pakistan." Pakistan Development Review 26, no. 4 (1987): 787–89. http://dx.doi.org/10.30541/v26i4pp.787-789.

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The paper examines the role of foreign capital in the context of savings and investment for Pakistan for the period of 1963-64 - 1984-85. The question of the impact of foreign capital inflows on domestic resources has assumed primary importance in view of the increasing debt burden and declining concessionality of foreign loans. The data analysis! , based on the classification of loans according to rates of interest and terms to maturity, reveals that the terms and conditions of foreign loans have become more stringent over time, i.e. higher interest rates and lower maturity periods. The worse

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Kleimeier, Stefanie. "Limited-and Nonrecourse Project Finance: a Survey." Estudios de Administración 2, no. 1 (2020): 27. http://dx.doi.org/10.5354/0719-0816.1995.56694.

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This paper reviews limited- and non-recourse project finance, a special financing approach for newly to be developed projects where the funds are directly linked to the cash flows of the project. This survey comprises a comprehensive literature review on project finance. Practitioner literature is reviewed with respect to project risks and hedging possibilities, project participants, the legal framework of the project company, the financial elements, and a special form of project finance: the build-operale-transfer model. Next to practitioner oriented literature, the academic literature is rev

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Cassella, Stefan. "Illicit finance and money laundering trends in Eurasia." Journal of Money Laundering Control 22, no. 2 (2019): 388–99. http://dx.doi.org/10.1108/jmlc-01-2018-0003.

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Purpose The purpose of this paper is to review recent examples of sophisticated money laundering operations involving financial institutions in Eurasia, including Russia and Moldova, and the resulting flow of licit and illicit capital from that part of the world to the UK, the USA, and other Western countries. Design/methodology/approach Relying on materials from publicly available sources, the study uses several case studies to illustrate various money laundering methods with a view toward identifying common elements and aspects of the schemes that might be considered new or innovative. Findi

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Samborski, Adam. "Znaczenie banków w finansowaniu inwestycji rzeczowych w polskim sektorze przedsiębiorstw." Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, no. 106 (June 20, 2014): 21–32. http://dx.doi.org/10.22630/eiogz.2014.106.12.

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Research issues include the physical investment financing in Polish nonfinancial corporations in 1995 to 2011. The purpose of this study is to identify the structure of physical investment financing in Polish non-financial corporations, and to define the role of bank financing. The data used in the estimation of physical investment financing structure in Polish non-financial corporations, were obtained from two accounts belonging to the accumulation accounts, i.e. the capital account and the financial account. The study used net sources of finance methodology initiated by Mayer [1988, 1990], C

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Murifal, Badar. "Free Cash Flow Analysis Indikator Bagi Investor dalam Mengukur Pertumbuhan Keuangan Perusahaan." Ekonomis: Journal of Economics and Business 4, no. 2 (2020): 279. http://dx.doi.org/10.33087/ekonomis.v4i2.157.

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Free Cash Flow, often abbreviate FCF, is an efficiency and liquidity ratio that calculates the how much more cash a company generates than it uses to run and expand the business by subtracting the capital expenditures from the operating cash flow. In other words, this is the excess money a business produces after it pays all of its operating expenses and CAPEX. This is an important concept because it shows how efficient the business is at generating cash and if it can pay its investors a return after it funds its operations and expansions. FCF is an important measurement since it shows how eff

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Sarrmad, Khawaja, and Riaz Mahmood. "Intersectoral Financial Transactions in Pakistan." Pakistan Development Review 33, no. 4II (1994): 1431–42. http://dx.doi.org/10.30541/v33i4iipp.1431-1442.

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The impact of the external shocks on Pakistan's development and on the accumulation balances of institutional sectors during the past two decades is quite well known. The shifts in the accumulation balances of institutions are invariably accompanied by changes in the nature and the magnitude of the claims placed with the fmancial system and with the rest of the world. At present, little is known about the nature of these changes, during this period, nor about the financial interdependence and the interaction among the private, the public and the external sectors of the economy. The growing fin

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Zaby, Simon. "Innovative start-ups and young entrepreneurs: Definition of venture capital and findings from Switzerland." Risk Governance and Control: Financial Markets and Institutions 7, no. 1 (2017): 75–81. http://dx.doi.org/10.22495/rgcv7i1art10.

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This paper aims to investigate success factors of innovative start-up firms from the perspective of young start-up managers. Which key factors did they experience before and since the foundation of their company? The experience from the quite young Swiss start-up scene pro-vides important insights to entrepreneurs and policy-makers in emerging countries that cur-rently face the necessity of building up a start-up environment. One part of the data has been collected by the author, the other part originates from the Swiss Venture Capital Database (total sample size: 306). The results show a sign

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Nizamov, Ramil', Guzaliya Klychova, and Albert Iskhakov. "ISLAMIC FINANCE." Vestnik of Kazan State Agrarian University 14, no. 4 (2020): 122–27. http://dx.doi.org/10.12737/2073-0462-2020-14-4-122-127.

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Currently, an alternative to traditional finance is actively forming in the world - the Islamic financial system with its inherent financial products. In the Russian Federation, the topic of Islamic finance is being developed by the scientific and business environment at the regional level, precisely, with the involvement of working groups of international experts. In the course of the study, a analysis was made of the main provisions and characteristics of Islamic finance. Islamic finance includes financial products such as Musharaka, Mudaraba, Murabaha, Ijara, Salaam, Istisna ’and others. Ac

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Plummer, Elizabeth, Paul D. Hutchison, and Terry K. Patton. "GASB No. 34's Governmental Financial Reporting Model: Evidence on Its Information Relevance." Accounting Review 82, no. 1 (2007): 205–40. http://dx.doi.org/10.2308/accr.2007.82.1.205.

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This study uses a sample of 530 Texas school districts to investigate the information relevance of governmental financial statements published under Governmental Accounting Standards Board Statement No. 34 (GASB No. 34). Specifically, we examine whether the new government-wide statements provide information relevant for assessing a government's default risk, and if this information is incremental to that provided by the governmental funds statements. GASB No. 34 requires governments to publish governmental funds statements prepared on a modified accrual basis, and government-wide statements pr

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Zhenyu, Su, and Paloma Taltavull. "International capital movement towards the Spanish real estate sector." Journal of Property Investment & Finance 38, no. 2 (2020): 107–27. http://dx.doi.org/10.1108/jpif-05-2019-0067.

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Purpose The purpose of this paper is to examine the determinants that affect international capital flows (ICF) toward the Spanish real estate market over the period 1995 first quarter to 2017 fourth quarter. Design/methodology/approach VECM methodology is used to analyze time series and panel methods using pooled EGLS regression. Findings VECM parameter results for construction and real estate activities sectors, quickly suggesting a stable performance of capital flows toward Spanish real estate sector that the short-term fluctuation of foreign investment results contributes to the long-term e

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Wu, Friedrich, and Leslie Tang. "China's Capital Flight, 1990–1999: Estimates and Implications." Review of Pacific Basin Financial Markets and Policies 03, no. 01 (2000): 59–75. http://dx.doi.org/10.1142/s0219091500000054.

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Despite a trade surplus of US$43.6 billion and FDI inflows of US$45.6 billion in 1998, the stagnant growth of China's official foreign exchange reserves of just US$5 billion during the year has raised concerns about leakages in the system. This has refocused the attention of Beijing officials and foreign investors on the problem of capital flight in China. There, entities and individuals involved in the illegal transfer of funds out of the country usually do so not only because of higher returns available outside the country, but also because of domestic uncertainties such as corruption/smuggl

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Taylor, Zac J. "The real estate risk fix: Residential insurance-linked securitization in the Florida metropolis." Environment and Planning A: Economy and Space 52, no. 6 (2020): 1131–49. http://dx.doi.org/10.1177/0308518x19896579.

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Insurance-linked securitization (ILS) plays an increasingly important role in the protection of valuable real estate markets from devaluation due to climate risk. This paper critically investigates ILS in the Florida context, where billions of dollars of residential hurricane wind exposure are securitized on behalf of re/insurers and institutional investors each year. Building on Harvey’s seminal concept of the spatial fix, it is argued that ILS represents a real estate risk fix. ILS transforms uncertain property catastrophe exposures into a liquid asset class, and in doing so turns institutio

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Akter, Shahanaz, and Dr Mohammad Jahangir Alam. "Venture Capital Fund-a Partner of Development of SMES and It Firms for an Economically Developed Digital Bangladesh." International Journal of Scientific Research and Management 8, no. 02 (2020): 1576–83. http://dx.doi.org/10.18535/ijsrm/v8i02.em03.

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For the development of any country, the development f economy is crucial and for the development of economy nourishment and proper burgeon of the business must be ensured. Bangladesh has recently stepped up to the “Developing” ranking and aiming for sustainable development. Entrepreneurship had been the most important contributor in economic development interms of employment,innovations and healthy market competition over the last decades.As such, Entrepreneurship is the primary factor in the development of economies. A new business always affects the people and the economy of the locality as

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BHATTACHARYYA, MALAY, and ASHOK BANERJEE. "INTEGRATION OF GLOBAL CAPITAL MARKETS: AN EMPIRICAL EXPLORATION." International Journal of Theoretical and Applied Finance 07, no. 04 (2004): 385–405. http://dx.doi.org/10.1142/s0219024904002529.

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It is generally argued that with lifting of barriers to the flow of capital across countries by respective governments, the capital markets have come closer and are now more integrated. This paper examines the existence (or absence) of integration among stock indices of 11 developed and emerging stock markets from three continents: Asia, Europe and America. Using synchronous weekly closing index values from November, 1990 through December, 2001, the study found that all the 11 stock markets are cointegrated. The cointegration analysis was carried out using an error correction vector autoregres

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El-Said, Hamed, and Jane Harrigan. "Globalization, International Finance, and Political Islam in the Arab World." Middle East Journal 60, no. 3 (2006): 444–66. http://dx.doi.org/10.3751/60.3.12.

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This article looks at one important aspect of globalization in the Arab World, namely the provision of international finance by the US, the International Monetary Fund (IMF), and the World Bank in support of economic liberalization programs. This flow of international finance has been partly determined by geopolitical factors and in some countries has resulted in a decline in state provision of social welfare, increased poverty, and increased inequality. Not only has this form of globalization been increasingly challenged by Islamist groups, but many such groups have moved in to provide social

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Lima Crisóstomo, Vicente, Félix Javier López Iturriaga, and Eleuterio Vallelado González. "Financial constraints for investment in Brazil." International Journal of Managerial Finance 10, no. 1 (2014): 73–92. http://dx.doi.org/10.1108/ijmf-11-2012-0121.

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Purpose – The purpose of this paper is to verify the existence of financial constraints for investment in Brazil, an emerging market with growing international visibility. Design/methodology/approach – Using panel data methodology and generalized method of moments (GMM), the paper estimates dynamic investment models based on the Euler equation and Tobin's q for a panel data set of 199 Brazilian non-financial firms for the time period 1995-2006. Findings – Results show that Brazilian firms face financial constraints since their investments depend on internally generated funds. Results are robus

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Patnaik, Anuradha. "International Transmission of Monetary Policy: The Usa to India." International Letters of Social and Humanistic Sciences 54 (June 2015): 53–62. http://dx.doi.org/10.18052/www.scipress.com/ilshs.54.53.

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The present study attempts measure the transmission of monetary impulse from the USA to India by trying to quantify the extent of volatility spillover from the US monetary policy to the exchange rate and interest rate of India. By applying a t-DCC MGARCH model to daily data on Fed Funds Rate, Rupee Dollar Exchange Rate and the Call Money rate of India it was found that there is considerable volatility spillover from the Fed Rate to the exchange rate. Spillover is also clearly evident in case of the call rate. The extent of spillover is higher for the foreign exchange rate than the call money r

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Terry, Jacob, Jeffrey M. Casello, and Chris Bachmann. "Origin Revenue Sources for Infrastructure Funding." Transportation Research Record: Journal of the Transportation Research Board 2606, no. 1 (2017): 96–105. http://dx.doi.org/10.3141/2606-13.

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Cities require well-funded public infrastructure to function efficiently, but knowledge of public finance mechanisms among residents and decision makers may be deficient. This paper presents a thorough investigation of infrastructure funding flows to increase understanding, to catalyze further investigation in other jurisdictions, and to identify best practices. By using data from Waterloo, Ontario, Canada, funding was mapped for the four tiers of government—federal, provincial, regional, and municipal—contributing to infrastructure. The results demonstrate that significant opacity exists arou

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FENG, Ke, Shouqing WANG, Nan LI, Chunlin WU, and Wei XIONG. "BALANCING PUBLIC AND PRIVATE INTERESTS THROUGH OPTIMIZATION OF CONCESSION AGREEMENT DESIGN FOR USER-PAY PPP PROJECTS." Journal of Civil Engineering and Management 24, no. 2 (2018): 116–29. http://dx.doi.org/10.3846/jcem.2018.455.

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In user-pay public private partnership (PPP) projects, private sectors collect user fees to cover cost and reap revenue. For projects that cannot be self-financed, public sectors usually invest public funds to make them financially feasible. The concession agreement allocates revenues and risks, and lies in the center of balancing public and private interests. However, stakeholders may have contrary opinions regarding the optimization of concession agreement. While private sectors are concerned about earning money, public sectors pay more attention to the efficient use of public funds. To addr

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Spahn, P. B. "Taxation and Grants Policy in Multilevel Government: Options for the European Community." Environment and Planning C: Government and Policy 10, no. 1 (1992): 37–50. http://dx.doi.org/10.1068/c100037.

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The development of the European Community is likely to be financed through expansion of tax sharing on VAT and by introducing general-revenue sharing indirectly. Tax sharing on VAT does not necessarily imply the harmonisation of tax rates, however. Other options for revenue equalisation schemes are the transfer of tax bases to the centre that exhibits implicit distributional effects. It is argued that capital taxation is the Achilles heel of any future tax system given the fact that—in globalised capital markets—effective marginal tax rates will more and more influence the international flow o

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Xiao, Steven Chong. "Do Noisy Stock Prices Impede Real Efficiency?" Management Science 66, no. 12 (2020): 5990–6014. http://dx.doi.org/10.1287/mnsc.2019.3422.

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Using volatile and correlated liquidity shocks to investors as a source of noise trading, I show that noise in stock prices impedes real efficiency. A one-standard-deviation increase in mutual fund flow-driven volatility pressure leads to a 2.6%–4.0% decline in return on assets and a $22.6 million loss in cash flow in the subsequent two years. Noise in stock prices does not affect product market demand, but it reduces firms’ total factor productivity, profit margin, and performance in research and development and acquisitions. Further evidence suggests that noise in stock prices impedes real e

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Eke, Patrick Omoruyi, Lawrence Uchenna Okoye, and Alexander Ehimare Omankhanlen. "Can Pension Reforms Moderate Inflation Expectations and Spur Savings? Evidence from Nigeria." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 18 (January 14, 2021): 324–37. http://dx.doi.org/10.37394/23207.2021.18.33.

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This paper tests the prior-savings theory which proposes that pension savings could moderate inflation, and spur long-tenured savings for fixed capital formation. An augmented Toda-Yamamoto longrun non-causality technique was used to analyze data from 1980 to 2018. The outcome reveals that pension saving has significant negative causal flow to gross fixed capital formation, while gross fixed capital formation does not drive inflation expectation. The outcome suggests that prior-savings theory does not hold in the Nigerian case, which may infer that government borrowing from pension fund has be

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Jayabalan, Jayamalathi, Magiswary Dorasamy, and Murali Raman. "Reshaping Higher Educational Institutions through Frugal Open Innovation." Journal of Open Innovation: Technology, Market, and Complexity 7, no. 2 (2021): 145. http://dx.doi.org/10.3390/joitmc7020145.

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Many private higher educational institutions (PHEI) are facing poor profitability, increased short term debts with under-resourced cash flow and insufficient funds that could lead to financial distress. To address the issues of ever-changing business environments and to deliver value propositions, PHEIs should focus on their intangible assets to increase their capabilities to achieve frugal open innovation. The objective of this paper is to investigate the challenges faced by private universities from the practitioners’ points of view and offer a practical solution. This paper also attempts to

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Banerjee, Sreejata, and Divya Murali. "Stress test of banks in India across ownerships: a VAR approach." Studies in Economics and Finance 34, no. 4 (2017): 527–54. http://dx.doi.org/10.1108/sef-11-2014-0213.

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Purpose This paper aims to examine whether the Indian banking system is robust to withstand unexpected shocks from external and domestic macroeconomic factors after financial liberalization in 1992. As proposed by Demirgüç-Kunt and Detragiache (1998) and Kaminsky and Reinhart (1999) banking crisis follows financial liberalization. India embarked financial deregulation from 1992, whereas the ongoing global financial crisis (GFC) could jeopardize bank portfolios. Design/methodology/approach Stress test is undertaken through the vector auto regressive (VAR) model to examine if decline in GDP, exc

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Caner, Mehmet, Turanay Caner, and Thomas J. Grennes. "Determinants of Investment by the Norwegian Sovereign Wealth Fund: GDP vs. Institutions." Global Economy Journal 11, no. 1 (2011): 1850218. http://dx.doi.org/10.2202/1524-5861.1702.

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During the current episode of globalization, capital has flown primarily to high income countries. Attempts to explain this “Lucas Paradox” have focused on the quality of institutions. We analyze data from a major institutional investor, the Norwegian Sovereign Wealth Fund, to estimate the separate effects of income per capita and institutional quality on international capital flows. After controlling for institutional quality, GDP per capita remains the primary determinant of investment.

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Agbloyor, Elikplimi Komla, Frank Kwakutse Ametefe, Emmanuel Sarpong-Kumankoma, and Vera Fiador. "Investment appraisal: Akwaaba university hostel projectInvestment appraisal: Akwaaba university hostel project." Emerald Emerging Markets Case Studies 11, no. 2 (2021): 1–38. http://dx.doi.org/10.1108/eemcs-01-2020-0025.

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Learning outcomes After completing this case, students should be able to: identify and compute relevant cash flows in relation to a real estate project and compute the net present value (NPV). Determine the target return or cost of capital (by looking at historical economic indicators). Design or formulate a sensitivity analysis to determine the drivers of the project value. Evaluate real estate and other investments taking qualitative and quantitative factors into consideration. Demonstrate the computation of a break-even rate to determine the minimum or maximum revenue or cost required for a

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Khobragade, Sweksha mahendra, and Rekha Acharya. "Obstacles in Economic Growth of Madhya Pradesh." Journal of Global Economy 12, no. 3 (2016): 195–204. http://dx.doi.org/10.1956/jge.v12i3.422.

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In any country, the fruits of economic growth transfers up to grass root level through various channels and modes. In India there is three tier system of transferring resources- especially financial resources - central government to states and from states to local bodies. This system has been questioned by different researchers from time to time as this flow of resources is not smooth but skewed. Many time gaps are observed between projections and actual receipts. This time lag pushed the development on back foot. This paper has analysed the trend and gaps in the financial transfers from centr

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Edoun, Emmanuel Innocents, Alexandre Essome Dipita, and Dikgang Motsepe. "Illicit financial flows and foreign direct investment in developing countries." Risk Governance and Control: Financial Markets and Institutions 6, no. 4 (2016): 442–47. http://dx.doi.org/10.22495/rgcv6i4siart1.

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Africa is facing a number of challenges that are negatively affecting socio-economic development at all levels of governments and local governments are expected to play a leading role for Africa’s development. One of these challenges are illicit financial flows that are perceived by many as a crime against Africa’s transformation. The continent is losing billions of dollars every year because of tax evasion, corruption and inappropriate transfer pricing and maladministration. With tax being one of Africa’s main sources of revenue, current and past researches revealed that, illicit financial fl

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Ramsay, Gordon. "PROJECT FINANCING THE DEVELOPMENT OF THE NORTH WEST SHELF GAS PROJECT: BALANCING RISK." APPEA Journal 32, no. 1 (1992): 453. http://dx.doi.org/10.1071/aj91038.

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Project finance is a form of debt provided for the development of a project and repaid primarily from the future cash flows of the completed project. Project lenders focus on assessing the key technical, regulatory and commercial risk elements which may affect project development and its ongoing operations. Project finance arrangements put in place for Woodside's interest in the North West Shelf Gas Project Development have been an exercise in balancing risk.The early stages of a project development represent the highest relative risk. Accordingly, when Woodside entered into the initial US$1.4

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Mayer-Foulkes, David A. "Long-Term Fundamentals of the 2008 Economic Crisis." Global Economy Journal 9, no. 4 (2009): 1850184. http://dx.doi.org/10.2202/1524-5861.1580.

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The current economic crisis has long-term causes that are rooted in the economic dynamics of globalization. I argue that globalization (a) increases the world economic growth rate; (b) is consistent with development, underdevelopment and miracle growth; (c) increases inequality in leading countries; and (d) generates a transition path along which the interest rate diminishes if capital accumulates at a faster rate than technological change. This condition is generated by cheap-factor-seeking foreign direct investment (FDI), which by combining advanced technologies with low costs yields extraor

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Chung, Yi-Tsai, Tung Liang Liao, and Yi-Chein Chiang. "The selection of popular trading strategies." Managerial Finance 41, no. 6 (2015): 563–81. http://dx.doi.org/10.1108/mf-05-2014-0121.

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Purpose – The relative performance of five popular nonzero-investment strategies, including Size, book-to-market ratios, earnings-to-price (E/P) ratios, cash flow-to-price (CF/P) ratios and dividend-to-price ratios, and their corresponding zero-investment strategies (also known as premiums) are first examined altogether for equally weighted (EW) and value-weighted (VW) methods to check whether a certain strategy (or some strategies) could be recommended to portfolio managers as the best (better) strategy (strategies). The paper aims to discuss these issues. Design/methodology/approach – This p

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Jun, Jaebum. "APPRAISAL OF COMBINED AGREEMENTS IN BOT PROJECT FINANCE: FOCUSED ON MINIMUM REVENUE GUARANTEE AND REVENUE CAP AGREEMENTS." International Journal of Strategic Property Management 14, no. 2 (2010): 139–55. http://dx.doi.org/10.3846/ijspm.2010.11.

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Limited public funds for infrastructures have the government consider joining the private in a BOT project finance scheme. Generally, the BOT projects entail lots of managerial flexibilities that may induce the radical change of project's cash flows, an asymmetric payoff, when facing on the uncertainties due to the BOT project finance's unique characteristics. Among various managerial flexibilities in the BOT projects, the MRG (Minimum Revenue Guarantee) and the RCP (Revenue Cap) agreements are frequently used to protect the government and the developer from the operational risk. However, the

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BROVKOVA, Olena, Oleksandra YAKOVENKO, and Roman HONDIUL. "Financial management as the main means of increasing the competitiveness of the firm." Economics. Finances. Law, no. 3 (March 29, 2021): 11–16. http://dx.doi.org/10.37634/efp.2021.3.2.

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The movement of capital underlies the movement of financial resources. Enterprise finance is a relationship, both monetary and economic, that arose as a result of the movement of money. These relationships need management. Management is a set of techniques and methods of purposeful influence on the object in order to achieve certain results. The purpose of the paper is to identify the impact of financial management on the general state of the enterprise and its competitiveness. Determining the main features of the material condition of the enterprise. Development of a system of gradual and eff

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