Academic literature on the topic 'Infrastructure corporate bonds'

Relative to labor, capital is India’s scarce factor of production. Therefore, it is particularly important that it is allocated to the most productive activities. Well-functioning financial markets are critical to achieving this objective. Accordingly, this chapter focuses on the securities markets in India. In terms of new issues, private placements have dominated securities markets in India, both in equity and in debt. When it comes to public placements, while there is a bit of liquidity in equities, the same is not the case in the debt market. The market in publicly traded corporate bonds is thin, with limited liquidity. This chapter offers a number of ideas to deepen this market. For instance, rules governing investment in these bonds by pension, provident, and insurance funds may be liberalized. The government may also partially de-risk long-term bonds for infrastructure projects through provision of collateral.

The 1960s witnessed the transformation of “film factories” from metaphor to lived reality. Lenfilm’s output rose once more to the levels its predecessor studios had reached in the 1920s, but the conditions of production were now far more complex and demanding, with staffs more than ten times the size. And while the 1960s was an era of optimistic emphasis on the Soviet film industry’s capacity to equal and surpass the world in technological terms, during the 1970s, the conviction took hold that the technological superiority of Western films was of direct relevance to audience share. Increasingly, ambitious filmmakers petitioned Goskino for permission to shoot on Kodak and to use Arriflex cameras; criticism of inferior Soviet film stock and GDR-produced film editing tables mounted, both across the USSR and at Lenfilm itself. Yet investment in studio infrastructure and technology remained at best haphazard, particularly at Lenfilm, which enjoyed less generous support from the center than Mosfilm, but also more limited resourcing than film studios in the capitals of Soviet republics. At the same time, Lenfilm had an unusually diverse, energetic, inventive, and loyal workforce, with corporate values that inspired manual workers and porters as well as “creative” personnel. Hierarchical at some levels, the work culture was egalitarian at others, and the frenetic process of scrambling to finish films in trying circumstances created strong bonds. The chapter explores the various conflicts and contradictions, but also rewards, that this situation generated.

Rajesh Chakrabarti gives an overview of the financial sector in India. For him a financial system is akin to the circulatory system in the human body, tapping and transporting savings throughout the economy, with markets and banks being the two competing and complementary arteries. The Indian financial system ranks slightly below the median in World Economic Forum rankings but has virtually re-booted since the still ongoing liberalization started in 1991. The four pillars of a financial system—laws, technology, creditors’ rights and corporate governance—have all undergone and are still undergoing major transformations. Financial access and inclusion remain key challenges despite serious efforts and experimentation. The banking system is stable, public-sector dominated, fragmented and heavily regulated. Financial markets have witnessed a sea-change but still have limited liquidity. The corporate bond market—key for much-needed infrastructure financing—remains seriously underdeveloped. The regulatory system is fragmented, rule-based and generally speaking quite conservative. Globalization of the financial system has been steadily increasing with time and while not the most innovation-friendly in the world, it has succeeded in providing stability and averting crises in an increasingly turbulent global financial environment. Aadhaar and big-data based fintech has the potential for inclusive innovations. The chapter’s focus on the institutional and legal base brings out the deep seated transformational changes taking place that perhaps need more time to fructify in increasing domestic savings, allocating them better while reducing the cost of credit, improving its availability and encouraging entrepreneurship.

“ERP is dead - long live ERP II” was the title of a path breaking research note from Gartner Group (Bond, Genovese, Miklovic, Wood, Zrimsek, & Rayner, 2000). In this research note, Gartner Group envisions how the ERP vendors respond to market challenges and how ERP and ERP strategies evolved by 2005. Gartner Group defines ERP II as a transformation of ERP (Enterprise Resource Planning), and today the major vendors have adopted this concept in their contemporary ERP packages. ERP (Enterprise Resource Planning) is an important concept to industry. Enterprises are increasingly implementing packaged ERP systems. A recent study confirmed that over 90% of the 500 largest Danish enterprises have adopted one or more ERP system. Further, the study found the systems to be of an average age of 2.8 years and decreasing (Møller, 2005a). ERP is a standardized software package designed to integrate the internal value chain of an enterprise (Klaus, Rosemann, & Gable, 2000). In 2002, the five major ERP vendors were: (i) SAP; (ii) Oracle; (iii) Peoplesoft; (iv) SAGE; and (v) Microsoft Business Solutions. They controled almost 50% of the ERP market (c.f. Table 1) and consequently the corporate infrastructure is dominated by the design of these systems and the vendors. By 2006, the market is consolidated and many of the smaller vendors have been merged with larger vendors. Oracle acquired PeopleSoft and JD Edwards and the global market seems to be dominated by SAP, Oracle and Microsoft. According to Nah (2002) the American Production and Inventory Control Society (APICS) defines ERP as: “a method for the effective planning and controlling of all the resources needed to take, make, ship and account for customer orders in a manufacturing, distribution or service company.” This definition expresses ERP as a tool but ERP is also a management vision and an agency of change and ERP has been attributed to almost any good or bad that IT may bring about in business. In the late 1990s, the ERP hype was primarily motivated by companies rushing to prepare for Y2K (Calloway, 2000). Then, after a short recession the adoption of ERP has continued. Davenport’s sequel on enterprise systems (Davenport, 1998, 2000; Davenport & Brooks, 2004) illustrates the changing business perspective on ERP and the ERP hype. Davenport (1998) sums up the first wave of experiences from implementing ERP systems in a much cited paper on “putting the enterprise system into the enterprise,” and points to the new potential business impact of the ERP systems. The discussion evolved over the first enthusiastic expectations, continued over a growing number of horror stories about failed or out-of-control projects, toward a renewed hype of expectations on e-business and SCM. The ERP II concept is the software industry’s perception of the new business challenges and the vision addresses the issues of e-business integration in the supply chain. ERP II is the next-generation ERP concept and in a few years from now the ERP II vision is going to be institutionalized into the infrastructure of most enterprises. This article will portray the conceptual framework of ERP II.

“ERP is dead - long live ERP II” was the title of a path breaking research note from Gartner Group (Bond, Genovese, Miklovic, Wood, Zrimsek, & Rayner, 2000). In this research note, Gartner Group envisions how the ERP vendors respond to market challenges and how ERP and ERP strategies evolved by 2005. Gartner Group defines ERP II as a transformation of ERP (Enterprise Resource Planning), and today the major vendors have adopted this concept in their contemporary ERP packages. ERP (Enterprise Resource Planning) is an important concept to industry. Enterprises are increasingly implementing packaged ERP systems. A recent study confirmed that over 90% of the 500 largest Danish enterprises have adopted one or more ERP system. Further, the study found the systems to be of an average age of 2.8 years and decreasing (Møller, 2005a). ERP is a standardized software package designed to integrate the internal value chain of an enterprise (Klaus, Rosemann, & Gable, 2000). In 2002, the five major ERP vendors were: (i) SAP; (ii) Oracle; (iii) Peoplesoft; (iv) SAGE; and (v) Microsoft Business Solutions. They controled almost 50% of the ERP market (c.f. Table 1) and consequently the corporate infrastructure is dominated by the design of these systems and the vendors. By 2006, the market is consolidated and many of the smaller vendors have been merged with larger vendors. Oracle acquired PeopleSoft and JD Edwards and the global market seems to be dominated by SAP, Oracle and Microsoft. According to Nah (2002) the American Production and Inventory Control Society (APICS) defines ERP as: “a method for the effective planning and controlling of all the resources needed to take, make, ship and account for customer orders in a manufacturing, distribution or service company.” This definition expresses ERP as a tool but ERP is also a management vision and an agency of change and ERP has been attributed to almost any good or bad that IT may bring about in business. In the late 1990s, the ERP hype was primarily motivated by companies rushing to prepare for Y2K (Calloway, 2000). Then, after a short recession the adoption of ERP has continued. Davenport’s sequel on enterprise systems (Davenport, 1998, 2000; Davenport & Brooks, 2004) illustrates the changing business perspective on ERP and the ERP hype. Davenport (1998) sums up the first wave of experiences from implementing ERP systems in a much cited paper on “putting the enterprise system into the enterprise,” and points to the new potential business impact of the ERP systems. The discussion evolved over the first enthusiastic expectations, continued over a growing number of horror stories about failed or out-of-control projects, toward a renewed hype of expectations on e-business and SCM. The ERP II concept is the software industry’s perception of the new business challenges and the vision addresses the issues of e-business integration in the supply chain. ERP II is the next-generation ERP concept and in a few years from now the ERP II vision is going to be institutionalized into the infrastructure of most enterprises. This article will portray the conceptual framework of ERP II.

The corporate bond market contributes to the development of the financial market, its infrastructure, and affects economic growth. In developed countries, corporate bond issuance is a very common way of borrowing by the corporate sector. In developing countries, this method of borrowing is used "shyly" because companies most often turn to banks for help. In addition, the inflow of FDI in these countries contributes to meeting the financial needs of the corporate sector, thus reducing the need for bond issues. The paper compares borrowing by issuing corporate bonds and bank loans, explains the