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1
Zakharkin, O., L. Zakharkina, Yu Solomko, and К. Ivnytska. "ANALYSIS OF TRADITIONAL AND INNOVATIVE INSTRUMENTS OF BUSINESS ENTITIES` FINANCING." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 2 (2020): 55–64. http://dx.doi.org/10.21272/1817-9215.2020.2-6.
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The analysis of publishing activity on the use of innovative tools for financing business activities has shown a recent increase in scientific interest in this issue, which indicates its relevance. The purpose of this study is to analyze the possibilities of using traditional and innovative tools for financing business activities at different stages of satisfaction the investment needs of businesses. The study considers the main traditional and innovative mechanisms for raising capital for business development, as well as analyzes the financing tools of economic entities depending on the stage of business development. The main forms of bank lending to business entities are described, the main mechanisms of state financing and its legislative regulation are considered. The main differences between business angels and venture funds are analyzed. An innovative form of project financing through crowdfunding is considered. Possibilities of application of mezzanine financing and initial public offering of shares at different stages of realization of investment projects are analyzed. SWOT-analysis of such capital raising instruments as: bank lending, public financing, financing based on the 3F model, venture financing, crowdfunding, mezzanine financing, IPO was made. Based on the SWOT-analysis, the expediency of using certain tools at different stages of development of the business entity is substantiated. Research has shown that innovative financing instruments have significant dissemination potential, especially in the context of the rapid development of information technology. Further research in this area should be devoted to identifying the factors contributing to the spread of innovative tools for business financing. The obtained results can be used by entrepreneurs in choosing the optimal sources of financing investment activities. The results of the work deepen the knowledge about the possibilities of using innovative tools for the formation of financial resources.
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Ngoc Linh, Nguyen, Xiao Wan, and Hoang Thi Thuy. "Financing a PPP Project: Sources and Financial Instruments—Case Study from China." International Journal of Business and Management 13, no. 10 (September 27, 2018): 240. http://dx.doi.org/10.5539/ijbm.v13n10p240.
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The Public-Private Partnership (PPP) model is often referred to as a new effective way in funding issue solving for infrastructure development and management. A PPP model project involves numerous of stakeholders and the most typical and basic PPP model comprised of three actors: Government, the private sector and financial institutions. Based on the features of PPPs, the differences between PPP model and traditional financing methods are clearly demonstrated through the financing period; investment and financing subject; property ownership; financing credit basis; financing purposes; source of repayment; guarantee; and degree of financing risk.
On the other hand, the selection of a suitable structure from the financial source is based on the choice of the best combination of equity and debt. In terms of project financing structure, it can be divided into three main sections: equity contributions, debt contributions and mezzanine/Subordinated contributions. Moreover, according to the characteristics of different PPPs, the financial structure of the project will be determined to optimize the financial benefits of the project. Furthermore, for each stage of the project, financial instruments will be used appropriately.
This paper will deliver a summary and review of PPP projects, as well as the stakeholders involved in implementing a project under a basic PPP model. In addition, this paper will discuss the financial structure of a project, and the PPP project financial instruments that commonly used will also be clearly analyzed. Based on the in-depth knowledge of the PPP model, the paper will depend on the development situation of the PPP model in some countries, especially China, to provide visual examples of each financial instrument.
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Kadhum Al-Atabi, Sadiq Jafar. "Financing Companies using Financial Technology an Exploratory Study." JOURNAL OF UNIVERSITY OF BABYLON for Pure and Applied Sciences 27, no. 1 (March 31, 2019): 43–68. http://dx.doi.org/10.29196/jubpas.v27i1.2064.
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The modern technology to finance investments, of leasing, and the wide attention in the industrialized countries due to their particular flexibility, as well as their low costs often thus making them an alternative to compete with other traditional financing methods. It is noted in this regard that developing countries, especially Arab ones for the most part what relatively late still in the application of this type of financing , companies are leasing is still very low compared with the industrialized countries due to traditional methods control of funding for financial institutions, and non-acceptance risk in new areas of funding, lack of professionalism in the financial and banking field and then dodging relatively active participation in economic development; this study examine the decision to leasing the Iraqi environment as a source of funding for projects to identify extent the desire of the Iraqi projects and their ability to exercise Activity leasing, as well as the desire of the Iraqi banks and their ability to finance the leasing projects, According hypotheses of the study using a model according to the measure " Likert " questionnaire, the first model to the Iraqi projects, as leasing , and was (50) projects , in the face of the second model to the branches of Iraqi banks, as leased, the (40) bank. The study concluded the following results: The desire of the Iraqi projects, and their ability to exercise Activity leasing, as well as a statistically significant relationship between the knowledge of the project of leasing activity and flexible lease process, and pledges to the tenant project against for financing its assets on the one hand, and between the desire of the projects, and their ability to exercise leasing activity on the other.
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Pedchenko, Nataliya, Victoria Strilec, Galina M. Kolisnyk, Mariia V. Dykha, and Serhiy Frolov. "Business angels as an alternative to financial support at the early stages of small businesses’ life cycle." Investment Management and Financial Innovations 15, no. 1 (February 22, 2018): 166–79. http://dx.doi.org/10.21511/imfi.15(1).2018.15.
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In the process of small business establishment and development, it is very important to understand both the financial needs of entrepreneurs and the main obstacles and difficulties arising in the way of financing. Alternative sources of financial support, along with traditional ones, create opportunities to increase funds, but the solution to the issue of their attraction should be based on modern effective methods and decision- making technologies. The article uses the decision tree method to determine the optimal alternative to financial support of small business at the early stages of the life cycle. The results highlight the importance of alternative source of resources for small business entities, namely business angels’ means. The empirical and statistical analysis confirms that access to alternative sources of financing for small businesses in EU countries is improving, while in Ukraine, informal financing is a rather new and underdeveloped area. Based on the analysis of the advantages of using the business angels’ funds, it was concluded that they need to implement their potential in small business of Ukraine. The results show that the decision tree method is an effective tool for deciding on the prioritization of a financial alternative to the small business, and is characterized by ease of use, forecast precision and problems solution novelty.
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BRESSER-PEREIRA, LUIZ CARLOS, and CINTHIA BECHELAINE. "Multilateral development banks, new developmentalism and local currency financing." Brazilian Journal of Political Economy 39, no. 4 (December 2019): 755–67. http://dx.doi.org/10.1590/0101-31572019-2980.
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ABSTRACT Multilateral Development Banks (MDBs) are designed to finance investments that promote global economic and social development. The objective of this paper is to discuss a key component in meeting the demand for investment in developing countries, namely the ability of MDBs to provide loans in local rather than foreign currency. To explain how these institutions fulfill this purpose, we distinguish “traditional” from “new” MDBs, discuss the problems generated from foreign currency indebtedness, and explore a way out, or an alternative explanation, based on New Developmentalism theory and the challenge of local currency financing.
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Bernardino, Susana, and J. Freitas Santos. "Financing social ventures by crowdfunding." International Journal of Entrepreneurship and Innovation 17, no. 3 (July 19, 2016): 173–83. http://dx.doi.org/10.1177/1465750316655903.
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Studies on the profile of the social entrepreneurs that use crowdfunding (CF) for financing social projects are relatively rare, specifically in the context of Social Stock Exchange platforms. This research aims to understand the role played by social entrepreneurs’ personality traits on the choice between the traditional donation model and social CF to finance social projects. The particular case of the Portuguese Social Stock Exchange (PSSE) is presented and a quantitative and exploratory approach is used. The data were collected through a questionnaire that was emailed to non-governmental organizations in Portugal and founders of the projects listed on PSSE. Logistic regression is employed to predict the probability that a social entrepreneur would use PSSE rather than traditional financing. The predictor variables are based on the Big Five personality traits. Our investigation reveals that the conscientiousness personality trait is the only factor that might explain the use of the PSSE platform.
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Arcand, Melissa M., Lori Bradford, Dale F. Worme, Graham E. H. Strickert, Ken Bear, Anthony Blair Dreaver Johnston, Sheldon M. Wuttunee, Alfred Gamble, and Debra Shewfelt. "Sowing a way towards revitalizing Indigenous agriculture: creating meaning from a forum discussion in Saskatchewan, Canada." FACETS 5, no. 1 (January 1, 2020): 619–41. http://dx.doi.org/10.1139/facets-2020-0004.
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Agriculture is practiced on 3–4 million acres of First Nations reserve lands in the Saskatchewan Prairies—predominantly by non-Indigenous farmers. A confluence of factors including an increase in agricultural land holdings on reserve and greater autonomy in land management have renewed conversations on how First Nations can realize the full economic benefits and exert greater control over agricultural activities that affect the reserve land base. We hosted a Forum on Indigenous Agriculture to share current knowledge on the contemporary status of Indigenous agriculture and to co-formulate research, capacity building, and policy priorities. First Nations’ roles in agriculture are diverse and were categorized in three broad contexts: as farmers, relying on traditional Indigenous or western practice, or a synergy of both; as landlords negotiating lease agreements; and as agribusiness entrepreneurs. Five themes emerged from the forum: centring Indigenous knowledge and traditional relationships to the land, capacity building, building respectful partnerships and relationships, financing farming and equitable economies, and translating research to policy and legislation. The forum provided foundational data to inform research and capacity building to meet community-defined goals in agriculture on reserve lands and by First Nations people.
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Tabash, Mosab I., and Raj S. Dhankar. "Islamic Financial Development and Economic Growth-- Empirical Evidence from United Arab Emirates." Journal of Emerging Economies and Islamic Research 2, no. 3 (September 30, 2014): 15. http://dx.doi.org/10.24191/jeeir.v2i3.9630.
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This paper analyzes empirically the relationship between the development of Islamic finance system and growth of the economy in the United Arab Emirates (UAE). To document the relationship between development of Islamic finance and economic growth, time series data from 1990 to 2010 were used. We use Islamic banks’ financing credited to private sector through modes of financing as a proxy for the development of Islamic finance system and Gross Domestic Product (GDP), Gross Fixed Capital Formation (GFCF), as proxies for real economic growth. For the analysis, the unit root test, cointegration test and Granger Causality tests were done. Our empirical results show that there is a strong positive association between Islamic banks’ financing and economic growth in the UAE, which reinforces the idea that a well-functioning banking system promotes economic growth. However, our results indicate that a causal relationship happens only in one direction, i.e., from Islamic banks’ financing to economic growth, which supports Schumpeter’s supply-leading theory. In this case, the development in the Islamic financial sector acts as supply, leading to transfer of resources from the traditional, low-growth sectors to the modern high-growth sectors, and to promote and stimulate an entrepreneurial response in these modern sectors. Furthermore, the results show that Islamic Banks’ financing has contributed to the increase of investment in UAE in the long term and in a positive way.
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Tilburt, Jon, and Baruch Brody. "Doubly distributing special obligations: what professional practice can learn from parenting." Journal of Medical Ethics 44, no. 3 (April 28, 2016): 212–16. http://dx.doi.org/10.1136/medethics-2015-103071.
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A traditional ethic of medicine asserts that physicians have special obligations to individual patients with whom they have a clinical relationship. Contemporary trends in US healthcare financing like bundled payments seem to threaten traditional conceptions of special obligations of individual physicians to individual patients because their population-based focus sets a tone that seems to emphasise responsibilities for groups of patients by groups of physicians in an organisation. Prior to undertaking a cogent debate about the fate and normative weight of special obligations and a traditional ethic for contemporary healthcare, we need a deeper examination of what the traditional ethic of special obligations really means. Here we offer a conception of ‘doubly distributed’ special obligations. Physicians and similarly minded healing professionals abiding by a traditional ethic have always spread their devotion and attention across multiple patients and have shared responsibilities with physician and non-physician colleagues in much the same way devoted parents have frequently distributed their special obligations across multiple children and across multiple parents. By taking up the extended analogy of parent we argue that doubly distributing special obligations need not contradict the possibility of special obligations in restructured collective forms of healthcare delivery and financing.
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Huth, Christopher. "Back to traditional stadium names." Sport, Business and Management: An International Journal 8, no. 3 (July 9, 2018): 214–34. http://dx.doi.org/10.1108/sbm-05-2017-0027.
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Purpose Despite the growing number of corporate-sponsored sport facilities, public resistance to naming rights sometimes arises. In line with other supporter-based financial instruments such as fan bonds or shares, the possibility arises that a sport club’s supporters could invest in the stadium naming rights to secure a traditional name, possibly by initiating a crowdfunding project. The purpose of this paper is to evaluate the factors separating potential capital providers from non-participants and to determine which factors influence the investment decision. Design/methodology/approach The authors used an online questionnaire to evaluate respondents’ willingness to participate in a crowdfunding project. The data were analyzed by logit and probit regressions. The link was posted to selected online fan forums as well as to clubs’ fan group caretakers in Germany. In total, 708 respondents fully completed the questionnaires. Additionally, the authors provided the initial results of a proposal for a hypothetical reward-based crowdfunding project that was also part of the questionnaire. Findings The findings indicate that the most involved participants who support traditional values in sports are the most willing to participate in a crowdfunding project. Thus, crowdfunding can actually be seen as a supporter-based instrument that is an alternative to existing sport facility naming rights models. However, the analysis also indicates that the sums that can be generated through crowdfunding are limited. Originality/value Insight into a relatively new financial instrument is provided, and an alternative approach to sport facility naming rights management is offered. Ultimately, a combination of a crowdfunding project with financing by a certain number of sponsors supporting a traditional name is proposed, which may be a possible future solution that sport facility naming rights management groups can pursue.
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Zhu, Zong Wei, and Shih Ming Ou. "The Innovative Financing Model for Electronic Bus Development." Applied Mechanics and Materials 253-255 (December 2012): 1808–11. http://dx.doi.org/10.4028/www.scientific.net/amm.253-255.1808.
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The development of electric bus is crucial to the energy efficiency and CO2 reduction policies around the world. The research and manufacture technology of electric buses and batteries have matured in Taiwan, resulting in an established industrial chain. The development is promising. However, obstacles, such as the lack of infrastructure, high cost to build a bus, insufficient maintenance and servicing system and lack of essential knowledge to run an electric bus operation, are blocking the way for the development of electric bus. To solve them, we worked with electric bus manufacturer and bus services with experience in electric bus operations for operation diagnosis. The diagnosis revealed that the “financial pressure from operational capitals” is the top factor making the operation of electric bus difficult. In particular, the high cost to build one has the greatest impact. Secondly, an analysis on the models of traditional leasing and charging by mileage was performed to find out the strengths of both. An innovative and practically feasible financing model was developed by combining the separation of bus and electricity and green financing. Finally, an actuarial calculation was conducted to validate the effects of the model which is likely to minimize the operation risks for bus companies.
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Kahramanoğlu, Ali. "Tarım Üreticilerinin Bankacılık Sistemi Bağlamında Kredi Kullanımı ve Üretimin Finansmanı Analizi: Bafra Örneği." Turkish Journal of Agriculture - Food Science and Technology 9, no. 3 (March 28, 2021): 615–20. http://dx.doi.org/10.24925/turjaf.v9i3.615-620.4157.
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The main channels used in financing agriculture are Agricultural Credit Cooperatives, Public Banks, Private Banks and the manufacturer’s environment. Producers choose financing channels; they vary depending on their work experience, traditional behaviour, education level, openness to innovations, following economic developments and taking out agricultural insurance. In this study, face-to-face interviews were held with 153 agricultural manufacturers operating in Bafra, and data were collected through interviews and open-ended questions. As a result of the analysis, a significant relationship was found between the increase in the ratio of manufacturers’ education, being open to innovations and following economic developments towards private banks other than public institutions. In terms of using financing resources other than public institutions, manufacturers; While a significant relationship was determined between social security status and agricultural insurance usage levels; on the other hand, when age is evaluated with traditional behaviours, the relationship turns out to be meaningless. As the work experience of the manufacturer increases, the tendency to obtain funds from the unorganized environment increases. Effective communication channels should be established for the manufacturer to be aware of and implement innovations and to have the infrastructure to determine the financing method suitable for them. In order to ensure effective communication, agricultural enterprises should be cleansed from wrong financing practices and their financial structures should be preserved, especially by increasing public support and publications and activities.
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Suidarma, I. Made, I. Ketut Nurcita, and I. Dewa Nyoman Marsudiana. "Financial development and tourism at the traditional village in Gianyar, Bali: Tri Hita Karana Value." Jurnal Perspektif Pembiayaan dan Pembangunan Daerah 8, no. 6 (February 1, 2021): 561–68. http://dx.doi.org/10.22437/ppd.v8i6.10891.
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Tri Hita Karana (THK) is the foundation and guide of the general Hinduism society in living their life. This study aims to identify THK integration on the synergy Village Credit Institution (LPD) and traditional village and observe the LPD contribution in the financial and tourism development at the traditional village in Gianyar, Bali. An ethnography approach was used to identify the problem. The result found that THK has a substantial role in the existence of LPD, which contributes to the traditional village development, especially in Gianyar. The existence of LPD also contributes significantly to the village's financial development, and the existence of LPD could have a significant impact on society’s knowledge and access to financial and services and promoting the regional tourism potential. This effort is also a form of strengthening and maintaining the sustainable existence of traditional village tourism and improving LPD performance in terms of financing and financial management of traditional villages
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Kozhanova, A. V. "ICO AND STO AS MODERN TOOLS FOR CROWDFUNDING STARTUPS." Vestnik Universiteta, no. 2 (April 23, 2020): 41–48. http://dx.doi.org/10.26425/1816-4277-2020-2-41-48.
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Today financial innovations seem ubiquitous. A new way of attracting capital by startups based on the blockchain such as ICO (initial coin offering) is similar to crowdfunding, selling produced tokens to the pool of investors. With the assistance of this source, startups collected 22 billion dollars in 2018, but in 2019 the market began to fall, so many researchers noted the danger of the ICO bubble. The low survival rate of ICO-projects led to the development of STO (security token offering) market, which guarantees the investor’s secured rights. It has been examined in the article how the new financing instruments can replace traditional ones and how they are adapted to existing legislation. For this purpose, the development of market for these instruments in comparison with traditional ones has been analyzed. The legislation in this area has been studied.
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Arezki, Rabah. "Developing public-private partnership initiatives in the Middle East and North Africa: From public debt to maximizing finance for development." Journal of Infrastructure, Policy and Development 4, no. 1 (April 1, 2020): 73. http://dx.doi.org/10.24294/jipd.v4i1.1167.
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This paper argues for a novel approach to financing infrastructure needs in Arab countries. It first describes the context of rising public debt in the region, contrasting it with the vast infrastructure needs. It then discusses the challenges in meeting these needs with traditional financing. The paper then makes the case for maximizing finance for development by using public-private partnerships and presents a few successful examples in Arab countries. Finally, the paper explores the way forward and concludes on the need for strong state capacity and integrity to promote the “maximizing finance for development” approach.
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Mishchenko, Volodymyr, Svitlana Naumenkova, Viktor Ivanov, and Ievgen Tishchenko. "Special aspects of using hybrid financial tools for project risk management in Ukraine." Investment Management and Financial Innovations 15, no. 2 (June 15, 2018): 257–66. http://dx.doi.org/10.21511/imfi.15(2).2018.23.
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The relevance of the article is due to the need of using non-traditional tools for capital raising and hedging financial risks in Ukrainian conditions that allow investors to protect themselves against possible losses during the entire life cycle of the investment project. The study is based on the National Bank of Ukraine statistical data, data of Ukrainian commercial banks, as well as on the authors’ calculations based on empirical and economic-statistical methods. According to international practices, hybrid financial instruments were classified and the special aspects of their use in Ukraine were studied to manage the risks of project financing. Specific features of using the structured bonds for financing investment projects are determined based on the synthetic securitization scheme. The experience of Ukrainian banks was analyzed and the necessity to use financial instruments such as guarantees and letters of credit in risk management of project financing was substantiated. It has been established that forward contracts, currency swaps and over-the-counter currency options are the most acceptable instruments for hedging foreign exchange risks of project financing. Further studies of the problem should include the need for legislative regulation of using hybrid financial instruments, as well as methodological and regulatory support for the risk management of project financing at all stages of the investment project implementation.
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Lukasevich, I. Ya. "ICO as a Business Financing Tool: Myths and Reality." Economics, taxes & law 11, no. 2 (November 6, 2018): 41–51. http://dx.doi.org/10.26794/1999-849x-2018-11-2-41-51.
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The subject of the research is new tools for business financing using the initial coin offering (ICO) in the context of the development of cryptocurrencies and the blockchain technologies as their basis. The purpose of the work was to analyze the advantages and disadvantages of the ICO in comparison with traditional financial tools as well as prospects, limitations and problems of using digital financial tools. Conclusions are made in relation to possibilities, limitations and application areas of digital business financing tools, particularly in the real sector, taking into account the specifics of the Russian economy and legislation. It is shown that the main problems of using the digital financial tools are related to the economic sphere and caused by the lack of adequate approaches to evaluation of assets as well as the shortage of objective information. The problems and new tasks of corporate finance in the digital economy are defined.
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Stander, C., Jan Hendrik Mostert, and Frederik J. Mostert. "Risk financing for capital investments to enhance shareholders’ value." Corporate Ownership and Control 7, no. 1 (2009): 385–93. http://dx.doi.org/10.22495/cocv7i1c3p5.
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The purpose of any company should be the maximization of shareholders’ wealth, which implies a higher return on equity and less risk associated with the capital invested. Capital investment opportunities however impact on both the return on equity and the associated company-specific risks. These two factors need to be played of against each other, because higher return on equity usually requires higher associated risks. Given the risks associated with capital investments, equity capital or risk financing instruments can be used to provide the protection needed. Until recently the main focus was on the traditional approach, making use of equity capital instead of risk financing instruments. This research puts the emphasis on the improvement of financial decision-making by companies, through the use of risk financing instruments instead of equity capital, freeing the equity for other strategic investments.
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Meluzin, Tomas, and Michal Pavlicek. "Analysis of the current situation in the area of IPO on the Czech capital market." Equilibrium 5, no. 2 (December 31, 2010): 79–91. http://dx.doi.org/10.12775/equil.2010.026.
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Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. The objective of this paper is to analyze the current situation in the area of IPO on the Czech capital market and identify the causes of the low numbers of IPOs in the Czech Republic. The paper was written with the financial support of the Czech Science Foundation (Grant Agency of the Czech Republic), grant project No. 402/09/P134 “Decision Model of Company Financing via IPO”.
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Meluzín, Tomáš. "Comparison of the theoretical and practical approaches to funding through the IPO way in the Czech capital market." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 56, no. 6 (2008): 59–68. http://dx.doi.org/10.11118/actaun200856060059.
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Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. Greater part of the Czech companies still undergo the debit funding for financing their further development, namely in the form of bank loans. At the same time it is necessary to take into account, that the debit financing starts, thanks to so-called mortgage crisis in the USA, causing problems and mark up. Admittance of a stakeholder into the company is not convenient for all and thus IPO represents an interesting option of how to acquire a no arrear capital. The aim of this article is to determine the IPO concept, analyse its development at the world stockholder markets, describe the reasons for IPO implementation according to the contemporary professional literature and compare it with the approaches to this particular form of funding with companies that have already implemented IPO at the Czech capital market.
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Kumar, Praveen, Nisan Langberg, and David Zvilichovsky. "Crowdfunding, Financing Constraints, and Real Effects." Management Science 66, no. 8 (August 2020): 3561–80. http://dx.doi.org/10.1287/mnsc.2019.3368.
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We study the feasibility and optimal design of presale crowdfunding contracts where participating consumers pay a premium above the future expected spot price and financially constrained entrepreneurs balance the potential product–market distortions introduced through presale crowdfunding against the cost of traditional external financing. Our analysis shows how such crowdfunding contracts enable the execution of projects that could not be otherwise undertaken and highlights novel interactions between the cost of capital, demand uncertainty, and production. Tighter financing constraints reduce the ability of the monopolist to extract surplus but, contrary to the usual result, may increase production. We evaluate how uncertainty and market size reduce the price-discriminating power of the monopolist and affect the optimal contract regime. Nevertheless, we show how such presale price-discriminating contracts are implementable even when the number of potential consumers is relatively high and their individual demand is stochastic. This paper was accepted by Gustavo Manso, finance.
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Voronina, Natalia, and Svetlana Steksova. "On the development of methods for assessing project financing risks." E3S Web of Conferences 281 (2021): 08002. http://dx.doi.org/10.1051/e3sconf/202128108002.
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The introduction of new methods for industrial infrastructural development and the methods of financing has led to the emergence of a promising direction - project financing. The development of project financing in the Russian Federation is primarily associated with a change in legislation, within the framework of which a system of escrow accounts was introduced in order to preserve the funds of equity holders. The gradual transition from the traditional equity participation scheme to project financing should contribute to the development of the construction industry, increased business activity and an increase in construction volumes. However, the limiting factor in the development of this area is the high risks for all participants in the investment and construction process and the lack of an effective method for assessing the risks of project financing. The development of this method is complicated by the fact that along with the general and characteristic risks of all investment projects, each project has its own characteristics, specific contractual and financial structure and implementation conditions and is associated with industry and regional risks inherent in this particular project. In this regard, the development of methods for assessing the project financing risks is one of the tools for making timely management decisions on the part of the developer to optimize the investment and construction process. This will allow attracting additional resources to the investment and construction sector and increasing the volume of housing construction.
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Chod, Jiri, Nikolaos Trichakis, Gerry Tsoukalas, Henry Aspegren, and Mark Weber. "On the Financing Benefits of Supply Chain Transparency and Blockchain Adoption." Management Science 66, no. 10 (October 2020): 4378–96. http://dx.doi.org/10.1287/mnsc.2019.3434.
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We develop a theory that shows signaling a firm’s fundamental quality (e.g., its operational capabilities) to lenders through inventory transactions to be more efficient—it leads to less costly operational distortions—than signaling through loan requests, and we characterize how the efficiency gains depend on firm operational characteristics, such as operating costs, market size, and inventory salvage value. Signaling through inventory being only tenable when inventory transactions are verifiable at low enough cost, we then turn our attention to how this verifiability can be achieved in practice and argue that blockchain technology could enable it more efficiently than traditional monitoring mechanisms. To demonstrate, we develop b_verify, an open-source blockchain protocol that leverages Bitcoin to provide supply chain transparency at scale and in a cost-effective way. The paper identifies an important benefit of blockchain adoption—by opening a window of transparency into a firm’s supply chain, blockchain technology furnishes the ability to secure favorable financing terms at lower signaling costs. Furthermore, the analysis of the preferred signaling mode sheds light on what types of firms or supply chains would stand to benefit the most from this use of blockchain technology. This paper was accepted by Victor Martínez-de-Albéniz, operations management.
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Nuwagaba, Geoffrey, Festo Nyende, and David Namanya. "Financing Options and Sustainable Small Business Growth in Uganda: An Optimal Model." International Business Research 14, no. 10 (September 8, 2021): 85. http://dx.doi.org/10.5539/ibr.v14n10p85.
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Small businesses in Uganda continue to lag behind trends in terms of sales turnover profitability, employee growth, while others rarely live to celebrate their first birthday due to various constraints of which financing is at the forefront. This study set out to determine the relationship between various financing options and sustainable small business growth so as to suggest an optimal financing model to ensure sustainable small businesses. The study adopted a cross-sectional descriptive survey design to analyse a sample of 399 small businesses which were selected using stratified random sampling from Kampala Metropolitan Area. Data were collected using a researcher administered structured questionnaire and analysed using descriptive statistics. The relationship between the variables was determined using Spearman’s rank correlation coefficeint. The study established that there is a weak positive significant correlation between traditional debt finance and sustainable small business growth, a strong positive significant correlation between asset-based finance and sustainable small business growth, and a strong positive significant correlation between crowdfunding and sustainable small business growth. The study further established that there is a moderate positive significant relationship between equity finance and sustainable small business growth. The study concluded that improving on the available financing options would improve on the sustainable small business growth. It is recommended that the ideal model for financing small businesses should be the integration of the financing options, but giving priority to; asset based lending, crowdfunding, equity finance and lastly traditional debt finance.
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Шеина, Екатерина, and Олим Астанакулов. "Теоретические подходы к изучению инновационного финансирования в условиях улучшения инвестиционного климата." ИЗВЕСТИЯ ДАЛЬНЕВОСТОЧНОГО ФЕДЕРАЛЬНОГО УНИВЕРСИТЕТА. ЭКОНОМИКА И УПРАВЛЕНИЕ, no. 1 (2020): 93–105. http://dx.doi.org/10.24866/2311-2271/2020-1/93-105.
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В статье рассматривается историческая эволюция и сравнительные характеристики методов финансирования, которые классифицируются авторами как традиционные, переходные и инновационные. В процессе исследования применяются методы причинно-следственного и структурно- логического анализа, что позволяет перейти от теоретического обзора методов финансирования к изучению особенностей инновационных источников финансирования на основе крауд-платформ с точки зрения ресурсов, инвесторов и механизма реализации. Полученные результаты исследования подчеркивают значимость и необходимость внедрения новых финансовых технологий в рамках общей цифровизации в части краудфандинга, краудинвестинга и краудлен- динга в экономику России, что позволит обеспечить устойчивый экономический рост российским предприятиям. At all stages of the economy development and growth the issue of creating the system of financial sources, affordable and meeting the demands of the business entities financial activities, was one of the most acute. Fundamentally new sources and methods of the enterprises financing are being developed due to the world community entering the fourth industrial revolution. The traditional methods, such as bank lending, commercial lending, payables, leasing, factoring, venture financing and issuing securities can no longer be completely adequate to the occurring changes speed and mobility, including the financial sector and the field of capital formation. The authors of the article considered the features of the modern financial market, analyzed the methods of financing depending on the period of financing (short-term, medium-term, long-term), as well as on the extent of the company treatment (internal and external sources). Based on the systematization and generalization of the scientific and practical ground in this area, the authors developed and logically proved their own classification of financing methods, conventionally divided into groups according to the historical chronology - traditional, transitional, and innovative. The most challenging from the point of view of the internet technologies development and the general digitalization of the economy are such forms as crowdfunding, crowdinvesting and crowdlending. The authors provided the comparative analysis of the funding sources which are included into these groups and proved the necessity for developing and introducing the crowding technologies into the country's economy. To understand and implement the practical mechanism for introducing the Crowd technologies into the modern financial sector of the Russian Federation, the authors analyzed the applicable regulatory framework and demonstrated the essentiality of introducing an appropriate federal legislation that would legalize the basic concepts in this area and would reduce the risks of the crowd transactions participants. As an illustration, confirming the possibility of introducing these financial instruments, the authors considered such factors as the volume of transactions and the main indicators of crowdfunding in the world. The recommendations of the authors are aimed at simplifying and accelerating Russia's joining the world of financial innovations, which would ensure sustainable economic growth for Russian enterprises.
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Rose, Manfred, and Daniel Zöller. "Abzug von Eigenkapitalzinsen als Betriebsausgaben – ein steuersystematischer Beitrag zur Krisenabsicherung von Unternehmen." Perspektiven der Wirtschaftspolitik 13, no. 3 (August 2012): 214–38. http://dx.doi.org/10.1111/j.1468-2516.2012.00386.x.
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AbstractThe article deals with the development of a new model for taxing personal capital income and business profits incorporating elements of a (lifetime oriented) ACE system and of a traditional system of capital income taxation. This new approach adheres to decision neutrality at the enterprise level while taking into account both international competitiveness of company taxation and the requirement to meet the redistribution goal of the government. Neither a purely consumption based tax system nor the traditional tax system is capable to meet these requirements in a similar way. The distinctive core of the new system is that - according to the ideal approach of taxing lifetime income - notional interest on equity capital is deductible from the taxable profit of enterprises irrespective of their legal form. Interest income, dividends and capital gains received by individuals will be taxed according to a flat rate tax when they are withdrawn from their qualified bank accounts. Compared to the status quo, the introduction of the proposed tax system in Germany would make equity financing of investments more attractive. This could provide companies with the necessary cushion to survive financial or economic crises as they would be equipped with more equity capital.
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Chen, Jingjing, Tiefeng Cai, Wenxiu He, Lei Chen, Gang Zhao, Weiwen Zou, and Lingling Guo. "A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry." Entropy 22, no. 1 (January 13, 2020): 95. http://dx.doi.org/10.3390/e22010095.
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In this paper, a Blockchain-driven platform for supply chain finance, BCautoSCF (Zhi-lian-che-rong in Chinese), is introduced. It is successfully established as a reliable and efficient financing platform for the auto retail industry. Due to the Blockchain built-in trust mechanism, participants in the supply chain (SC) networks work extensively and transparently to run a reliable, convenient, and traceable business. Likewise, the traditional supply chain finance (SCF), partial automation of SCF workflows with fewer human errors and disruptions was achieved through smart contract in BCautoSCF. Such open and secure features suggest the feasibility of BCautoSCF in SCF. As the first Blockchain-driven SCF application for the auto retail industry in China, our contribution lies in studying these pain points existing in traditional SCF and proposing a novel Blockchain-driven design to reshape the business logic of SCF to develop an efficient and reliable financing platform for small and medium enterprises (SMEs) in the auto retail industry to decrease the cost of financing and speed up the cash flows. Currently, there are over 600 active enterprise users that adopt BCautoSCF to run their financing business. Up to October 2019, the BCautoSCF provides services to 449 online/offline auto retailors, three B2B asset exchange platforms, nine fund providers, and 78 logistic services across 21 provinces in China. There are 3296 financing transactions successfully completed in BCautoSCF, and the amount of financing is ¥566,784,802.18. In the future, we will work towards supporting a full automation of SCF workflow by smart contracts, so that the efficiency of transaction will be further improved.
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Vapa-Tankosic, Jelena. "Recent changes in business practices of the export insurance and financing agencies." Zbornik Matice srpske za drustvene nauke, no. 133 (2010): 119–30. http://dx.doi.org/10.2298/zmsdn1033119v.
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This paper analyzes the traditional main role of Export Credit Agencies (ECAs) which have from their founding been a tool for governments to support national companies in their export business and enhance the economy's capacity to penetrate foreign markets. Since 1919 when the first agency was established in the United Kingdom with the objective of guaranteeing exports to markets not covered by private insurers, ECAs have been the main promoters of national politics for providing coverage against commercial and non-commercial risks of export transactions. In the last years, in the light of enhanced institutional and legal framework, global trade and financial integration, structural transformation in production organization, and the increasing role of the private sector, significant changes in the model of traditional export credit support have occurred.
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Houston, Carol Olson, and Arthur L. Houston Jr. "Preferred Stock Financing: A Survey Of Trends In The 1980s." Journal of Applied Business Research (JABR) 7, no. 4 (October 18, 2011): 1. http://dx.doi.org/10.19030/jabr.v7i4.6197.
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Following major structural changes in the preferred stock market, a survey was undertaken to determine whether reasons for issuing preferred stock had changed and for what purposes it is now issued. Differences in uses between traditional and new preferred stock are documented. No support is found for the common generalization that convertible preferred stock is issued primarily for merger and acquisition activities. Reasons for issuing preferred stock vary by industry and whether the firm is expanding or restructuring.
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Casey, Bernard H. "How Will We Provide and Pay for Long-Term Care?" European Journal of Social Security 5, no. 1 (March 2003): 67–89. http://dx.doi.org/10.1177/138826270300500105.
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Ageing produces not only financial dependency but also physical dependency. The projected fiscal costs of increased long-term care provision can be higher than those of increased pension provision. Cost projections can be questioned for failing to take account of increased demands for formal care as female labour force participation rises and as social constrains and household structures supportive of informal caring disappear. New ways are needed to pay for care, and conventional methods have not proved successful. Voluntary saving is unlikely to suffice, equity release schemes are inefficient, and mandatory care insurance schemes add burdens to wage costs in the same way as mandatory pension schemes do. The paper proposes the recouping of care costs from bequests as a way of increasing economic efficiency, of increasing choice and provision, and of reinforcing traditional intra-familial responsibilities. However, some redistribution to the less well-off elderly is inevitable. Evidence and examples of care technologies, of care costs, and of care financing systems are drawn from across the OECD area.
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Latt, Tint Swe, Than Than Aye, Ei Sandar U., Yin Yin Win, Khin Thawdar Wint, and Ei Thinzar Khin. "Traditional Medicine and Diabetes Care in Myanmar." Journal of Social Health and Diabetes 07, no. 01 (June 2019): 016–21. http://dx.doi.org/10.1055/s-0039-1692507.
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AbstractAccording to the National Survey of Diabetes and Its Risk Factors conducted in 2014, Myanmar has a high burden of diabetes, as the prevalence of diabetes in adult population was 10.5% and the estimated number of adults with diabetes was 2.5 million. Diabetes care in the country is still far from satisfaction, as more than 50% of people with diabetes were unaware of their diagnosis, and access to the comprehensive diabetes care is generally available in the big cities only. Moreover, most people have to pay the cost of health care out of their own pocket, as the health insurance system and social security system are currently in their rudimentary stage. Because of these gaps in diabetes care and health financing system, a significant number of people resort to the traditional medicine, which is familiar to a significant proportion of the public and also being relatively more accessible with affordable cost. This article assesses the current situation of traditional medicine in diabetes care in Myanmar and attempts to make some suggestions to remedy the drawbacks of traditional medicine. It discusses ways to adopt an integrated approach to strengthen the practice of traditional medicine, in general, in the health care system of the country regarding the diabetes care.
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Kim, Tae-Nyun. "The impact of cash holdings and external financing on investment-cash flow sensitivity." Review of Accounting and Finance 13, no. 3 (August 5, 2014): 251–73. http://dx.doi.org/10.1108/raf-09-2012-0080.
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Purpose – This paper aims to propose several factors which can explain the negative relationship between financial constraints and investment-cash flow sensitivity. Design/methodology/approach – The author uses traditional fixed effects model and minimum distance panel estimation by Erickson and Whited (2000) to estimate investment-cash flow sensitivity in the cash flow-augmented investment equation. In addition, principal component analysis is used to construct a financial constraints measure. Findings – First, it was found that substitutability between cash holdings and free cash flow can partially explain why financially constrained firms do not depend on cash flow as heavily as we expect. Second, it was confirmed that the level of net external financing can also partially explain the investment-cash flow sensitivity puzzle. Furthermore, it was argued that the influence of cash holdings and external financing on investment-cash flow sensitivity is caused by the low level of internal cash flow for financially constrained firms. This argument is supported by our findings from an examination of investment-cash flow sensitivity for bank-dependent firms during the recession periods. Originality/value – This paper contributes to the literature by suggesting possible partial explanations for the contradictory relationship between investment-cash flow sensitivity and financial constraints.
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Nie, Dayong, Elena Panfilova, Vadim Samusenkov, and Alexey Mikhaylov. "E-Learning Financing Models in Russia for Sustainable Development." Sustainability 12, no. 11 (May 28, 2020): 4412. http://dx.doi.org/10.3390/su12114412.
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E-learning brings new dimensions to traditional education. This especially affects countries that, due to many factors, have historically been considered the “talent pool” for the world community. In this study, a model for financing e-education has been developed that is applicable to Russian realities. The model was built around the balance between demand (global politics, economics, and principles of sustainable development) and supply (sources of direct financing). As a result, a key challenge of improving the e-learning financing methodology and models, specifically the efficiency of government spending and private investing, demands the use of new approaches and mechanisms. To improve e-learning financing, a clear understanding of the applied purpose of public and private means is required. Responsibilities for the e-learning outcome of institutions that receive financing are linked to their status. An unclear understanding of these issues is more likely associated with the issue of transparency of financing than with inefficiency. The proposed model allows transforming the “standards” of financing both in the field of e-education and Russian education in general and presents a new vision of participants’ interaction in the educational process, taking into account a set of restrictions and market features.
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Kiweu, Josephat Mboya. "Relaxing Financing Constraint In The Microfinance Industry: Is Commercialization The Answer?" Journal of Business & Economics Research (JBER) 9, no. 10 (September 26, 2011): 87. http://dx.doi.org/10.19030/jber.v9i10.5954.
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<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; mso-pagination: none;" class="MsoNormal"><span style="color: black; font-size: 10pt; mso-themecolor: text1;"><span style="font-family: Times New Roman;">A critical question facing Microfinance Institutions (MFIs) is whether they can attract commercial capital as a solution to their financing problem and as a way of relaxing strained development aid. While donations have made enormous contributions to microfinance development and poverty reduction among the poor to date, an attempt to scale-up funding from this traditional source has been an uphill task. It is argued that vast resources of commercial capital can become available to microfinance if critical success strategies of access to commercial funding are developed. This paper offers research evidence that identifies significant predictors for successful Commercialization of microfinance based on firm-level data from African MFIs for three financial years between 1998 and 2003. The research develops and tests a commercial rating rule (predictive model) for determining success in tapping commercial capital. The results indicate the emergence of new finance sources, widened financing options for MFIs and the capacity to relax growth constraints in the industry.<span style="mso-spacerun: yes;"> </span>However, the findings also suggest the need for MFIs to satisfy the interests and requirements of prospective commercial investors to overcome new challenges.<span style="mso-spacerun: yes;"> </span></span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>
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Ustinova, Ya I. "Lack of Information on Intangible Assets in the Financial Statements and a Way to Manage It." Accounting. Analysis. Auditing 7, no. 3 (July 7, 2020): 26–37. http://dx.doi.org/10.26794/2408-9303-2020-7-3-26-37.
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The article is devoted to the study of localization of the lack of information on intangible assets in traditional financial statements and the analysis of possible ways to manage it. The methodological framework of the research includes methods of comparative, logical analysis, typology and grouping, induction and deduction. The research resulted in ways and means of disclosing the external manifestations of this type of information gap in the reporting and their negative consequences. It also analyses the options for filling in this gap, first of all, by means of the report on intangible assets that complements the structure and contents of traditional statements, and its comparison with the information requests of the company’s stakeholders. The conclusion about the need to revise the concept of preparing and disclosing information about the company’s intangible assets in the financial statements is substantiated. The research can be used in developing the concept of accounting for intangible assets, which can ensure that the gap between the content of financial statements and the information needs of users is bridged.
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Gaustad, Terje. "Sweetening the Deal." Nordicom Review 30, no. 2 (November 1, 2009): 179–97. http://dx.doi.org/10.1515/nor-2017-0158.
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Abstract Various forms of public funding are used to encourage national film production, and one important quality of such funding is its ability to attract complementary private financing and thus maximize the resources available for national film. When the Norwegian government restructured its film support system in 2001, it was an explicit goal to attract more private investments into national films. Yet three years later, the government observed that while many national films now could show a healthy return on their private capital of more than 50 percent, there seemed to be a notable lack of participation from the traditional investment community in the financing of these films. The present article explores the economic reasons for the lack of involvement by applying project financing and transaction cost perspectives to a microanalysis of the financing and performance of all Norwegian films released theatrically in 2005.
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Ivanova, Petja. "Cross-border regulation and fintech: are transnational cooperation agreements the right way to go?" Uniform Law Review 24, no. 2 (June 1, 2019): 367–95. http://dx.doi.org/10.1093/ulr/unz021.
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Abstract In light of inevitable cross-border scenarios in today’s highly interconnected financial markets and since financial stability may be put at risk by the rising phenomenon of financial technology (known as fintech), the importance of developing effective ways to regulate fintech across borders cannot be neglected. The financial sector has changed from a traditional one marked by conventional financial intermediation structures towards an increasingly technology-affected one. Not only this change but anticipated developments too require if not extensively reconsidering the design of financial regulation,1 then at least not turning a blind eye to shaping developments. Whether the numerous recently sprouting bilateral fintech cooperation agreements are adequate transnational regulatory instruments to address fintech effectively across borders is for this paper to elucidate.
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Thillai, Rajan A. "Soliton Technologies – financing growth in uncertain times." Emerald Emerging Markets Case Studies 2, no. 6 (August 13, 2012): 1–18. http://dx.doi.org/10.1108/20450621211275174.
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Subject area Venture capital and private equity. Study level/applicability This case is suitable for II MBA/Executive MBA (venture capital and private equity/entrepreneurship/business models/managing family business) courses. Case overview Soliton is a technology and software services company with operations in India and the USA providing machine vision products and virtual instrumentation services. Soliton was started by Ganesh Devaraj in 1998 after his return from the United States after higher studies. Ganesh hails from a business family in Coimbatore that had interests in the textile spinning sector. The family had been in the textile business since the early 1940s and had revenues of Rs 400 million and employed about 700 people. Ganesh, not wanting to continue in the traditional family business, ventured into the technology sector using his academic and professional experience. His family was supportive of his venture and funded his company for the first two years of operation and for scaling up operations. Ganesh is now evaluating various sources of raising additional capital at a time when there was general slowdown in the automobile sector as a result of the global financial crisis. Expected learning outcomes The goal of this case study is to illustrate the complexities that exist in financing growth of companies in uncertain times. This following are the expected learning outcomes: discuss and understand the nuances between different sources of early stage funding: personal wealth, family, and angels; compare and contrast the differences between family funding and venture funding; and highlight the benefits and limitations of family funding. Supplementary materials Teaching notes are available.
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Surtimanah, Tuti, and Yanti Herawati. "Traditional Birth Attendants (TBAs) Positioning on Strengthening Partnership with Midwives." Jurnal Kesehatan Masyarakat 13, no. 1 (July 28, 2017): 77–87. http://dx.doi.org/10.15294/kemas.v13i1.7452.
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Background of this research was the still high number of infant mortality and high use of Traditional Birth Attendants (TBAs). The This study aims aimed to determine TBAs positioning on the effort of strengthening partnership with midwives. A number of pregnant women, TBAs, and midwives become became informants, through in-depth interviews and focus group discussions. The results showed positioning TBAs still needed with different roles but side by side with midwife role, used by primi and multi pregnant women before and during pregnancy, during and after birth. The requirement forrequirement for TBAs was derived from parents as a cultural heritage, whereas the requirement for midwife obtained was from formal and non- formal information. The TBAs services toward maintain family health care including include cultural events. The midwife is givingserved professional servicescare. The partnership includes clients registration, motivation, abnormalities early detection. There has had been an unwritten financing unwritten agreement. The TBAs midwife partnership needs to be strengthened through legislation and , communication to diverse audiences in order to form the right positioning.
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GHOSH, ATISH R., CHRISTOPHER CROWE, JUN IL KIM, JONATHAN D. OSTRY, and MARCOS CHAMON. "IMF POLICY ADVICE TO EMERGING MARKET ECONOMIES DURING THE 2008–2009 CRISIS: NEW FUND OR NEW FUNDAMENTALS?" Journal of International Commerce, Economics and Policy 02, no. 01 (June 2011): 1–17. http://dx.doi.org/10.1142/s1793993311000191.
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This paper reviews the International Monetary Fund (IMF) policy advice to emerging market economies (EMEs) during the 2008-09 crisis, contrasting it to previous crisis episodes. EMEs that had strong fundamentals, and were mainly affected through international trade and financial spillovers, were advised to loosen monetary and fiscal policies, much like the counter-cyclical policies pursued by advanced economies. But in EMEs with "home-grown" vulnerabilities, the advice was more traditional fiscal consolidation, monetary restraint and structural reform, albeit with more financing and greater emphasis on cushioning the impact of the shock. Thus, the "new" IMF advice was the result of "new fundamentals" in EMEs.
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Kotherová, Zuzana, Martina Caithamlová, Juraj Nemec, and Kateřina Dolejšová. "The Use of Diagnosis-Related Group-Based Reimbursement in the Czech Hospital Care System." International Journal of Environmental Research and Public Health 18, no. 10 (May 20, 2021): 5463. http://dx.doi.org/10.3390/ijerph18105463.
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(1) Background: Diagnosis-Related Groups (DRG), one possibility of a hospital payment system, are currently used in most European countries. Introduced to the Czech system in the 1990s, the DRGs are currently used mainly for care reporting and partly for reimbursement. According to most experts, the use of DRG remain controversial. The goal of this paper was to study the effects of the current Czech DRG system on hospitals financing and, on this basis, to propose possible changes to the reimbursement mechanism in the Czech Republic. (2) Methods: Qualitative research methods were used for evaluating DRG mechanisms of application in three selected healthcare establishments in the CR in the period of 2012–2018. (3) Results: Our study shows that the current implementation of the DRG system is set up in a way that is very similar to traditional flat rates and is unlikely to yield major positive effects of the DRG mechanism, such as predictability of payments for hospitalisation cases, care quality and efficiency and transparent financing. (4) Conclusions: Based on our results, deep systemic change of the reimbursement mechanism in the Czech Republic is necessary. We propose five partial measures leading to the cultivation of the Czech DRG.
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Tierney, Michael. "Spotting the lone actor: combating lone wolf terrorism through financial investigations." Journal of Financial Crime 24, no. 4 (October 2, 2017): 637–42. http://dx.doi.org/10.1108/jfc-08-2016-0052.
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Purpose In 2014, Paul Gill et al. introduced a study of 119 lone-actor terrorism cases, and found that lone-actor extremists could be more accurately identified by their behavioural characteristics and activities, rather than their extremist ideologies. The study was said to have significant impact on intelligence analysis in the field of counterterrorism. The purpose of this paper is to apply Gill et al.’s findings to financial intelligence investigations, to assist investigators with the detection and prevention of lone-actor terrorist financing. Design/methodology/approach This article provides an overview of the key findings provided by Gill et al. It then discusses the indicators of lone-actor terrorism in the context of financial intelligence investigations, and sets out methods to improve financial intelligence investigations to better identify and stop lone-actor terrorism in the future. Findings By applying traditional financial intelligence techniques, which focus on assessing an individual’s activity and behaviour, with open-source intelligence gathering, financial intelligence investigators will be better equipped to identify lone-actor terrorism and its financing moving forward. Originality/value This article will be of value to investigators specializing in terrorism and financial crime, as it will assist them in the identification of a proliferating security threat, the lone-actor terrorist. While the article relies on the findings provided by Gill et al., it takes a new approach by applying those findings specifically to the financial intelligence sector, to improve investigations related to terrorism.
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Nielsen, Jens Perch, and Stefan Sperlich. "Prediction of Stock Returns: A New Way to Look at It." ASTIN Bulletin 33, no. 02 (November 2003): 399–417. http://dx.doi.org/10.2143/ast.33.2.503700.
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While the traditional R 2 value is useful to evaluate the quality of a fit, it does not work when it comes to evaluating the predictive power of estimated financial models in finite samples. In this paper we introduce a validated value useful for prediction. Based on data from the Danish stock market, using this measure we find that the dividend-price ratio has predictive power. The best horizon for prediction seems to be four years. On a one year horizon, we find that while inflation and interest rate do not add to the predictive power of the dividend-price ratio then last years excess stock return does.
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Tjio, Hans. "Financing the Belt and Road Initiative: Can Singapore Help in Securitizing It?" Chinese Journal of Comparative Law 8, no. 1 (April 15, 2020): 197–223. http://dx.doi.org/10.1093/cjcl/cxaa004.
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Abstract China’s ambitious Belt and Road Initiative (BRI) is perhaps the modern equivalent of the Marshall Plan and will hopefully provide the aggregate demand lost due to the global financial crisis. At the moment, much of the financing has come from the government and financial institutions. If more private sector financing is needed for the BRI, this could involve, perhaps, having established ways of project finance that we have seen with the large infrastructural projects of the past as well as modern methods of asset securitization. Lawyers and financiers would be needed, and the West has traditionally held a comparative advantage in these entities, whereas China’s advantage is in building and making things. Singapore, perhaps, is now well placed to offer its services in a way that brings the East and the West together and that would hopefully provide a balanced approach that distributes benefits to all involved in the BRI. Its experiences are far from perfect, but it has learned painful lessons to position itself as a financial centre supporting the real economy that can now hopefully begin to rival New York, London, and Hong Kong. The areas examined in this article include Singapore’s development of property and infrastructural trusts, its bond and derivatives markets, its restructuring regime, and its legal expertise in project finance.
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Ma, Meng. "High and New Technology Enterprise Information System Design and Implementation Based on Automation Technology." Advanced Materials Research 765-767 (September 2013): 3262–65. http://dx.doi.org/10.4028/www.scientific.net/amr.765-767.3262.
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The Twelfth Five-Year Guideline came on stage,which promoted the transformation of the mode of economic development. In the implementation of innovative national strategy process,High and new technology has become the main growth point to the economic development of our country.However,Based on their own characteristics,it is difficult for high and new technology enterprise to obtain the funds required for the enterprise development by the traditional way. This will seriously restrict the development of the enterprise. Based on the life cycle theory as the foundation,this paper deeply analysed high and new technology enterprise stage characteristics in the life cycle and put forward the suitable financing strategy ,aiming at Each stage different characteristics.
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Georgiou, George Costas. "Unintended Consequences of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)." International Finance and Banking 4, no. 2 (August 10, 2017): 16. http://dx.doi.org/10.5296/ifb.v4i2.11375.
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Money laundering is illegal world-wide and constitutes a significant economic inefficiency. One must wonder why current anti-money laundering and combating the financing (AML/CFT) efforts are primarily driven by the threat of terrorism and drug-trafficking when the overwhelming majority of illicit money flows is due to other causes, primarily fraud. The significant costs imposed on financial institutions, together with ever increasing levels of regulation mandated by AML/CFT efforts and the minuscule in comparison illicit money flows intercepted by these efforts has thereby resulted in both moral hazard and conflicts of interest for financial institutions. Furthermore, AML/CFT efforts take on a new meaning when one realizes that illicit money, flows not only through traditional banks but also shadow banks and other non-bank financial intermediaries. The costs of compliance are enormous in comparison to the benefits with the “war on terrorism” superseding the more relaxed “war on drugs”, although even the latter was onerous in comparison to the even more relaxed efforts against the more widespread “white-collar” crime of fraud. In this paper, we trace the evolution of the present AML/CFT regime while at the same time assessing the costs and benefits of this government initiative on the efficiency of the financial system both in modern advanced economies and as well as the less developed economies of the world.
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Kustrich, L. O. "Management of financial support for innovative activities of agricultural enterprises." Collected Works of Uman National University of Horticulture 2, no. 97 (December 28, 2020): 157–68. http://dx.doi.org/10.31395/2415-8240-2020-97-2-157-168.
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It has been established that the key obstacle to the implementation of innovative activities by agricultural enterprises is the insufficient volume of financial investments, which can be replenished by finding sources of financing. The lack of state support for innovative activities of agricultural enterprises in Ukraine due to the limited budgetary resources was established. It is proposed to use the experience of countries with a sufficiently high level of development of scientific and technical potential, in particular, Japan, Switzerland. It was revealed that only large enterprises can implement innovations using their own resources (depreciation charges, mobilization of internal assets, proceeds from the sale of certain types of property, retained earnings and other savings, private savings of farms). The reasons have been established that significantly complicate or make it completely impossible to obtain loans from banking institutions, especially for a long term. It is noted that the opening of the land market will allow farmers to obtain the right to mortgage their land plots as collateral in a commercial bank, receive a loan and direct it to the development of the enterprise, innovation, technical modernization and re-equipment of production. The low level of investment attractiveness of the innovation sector for foreign investors in the country is attested and ways to increase it are proposed. It was proposed to develop and attract non-traditional sources of financing for innovative development, in particular: crowdfunding, venture funds, business incubators, business angels. It has been determined that the sources and forms of financing for innovative activities depend on the stages of the innovation process (fundamental research, applied research, development, implementation and commercial use). It is generalized that for the implementation of innovative activities, it is necessary to use various sources of financing to achieve their flexibility and adaptability to market requirements. The components of the implementation of the mechanism for managing the financial support of innovative activities of agricultural enterprises and the factors of the efficiency of its functioning have been determined, which will ensure the competitiveness of agricultural products in the market and the national economy.
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Zwane, Bonginkosi Keith, and Celani John Nyide. "Financial bootstrapping and the small business sector in a developing economy." Corporate Ownership and Control 14, no. 1 (2016): 433–42. http://dx.doi.org/10.22495/cocv14i1c3p3.
Full textAbstract:
The assumption in academic literature and public debate is that lack of financial resources generally restrains small businesses’ development and growth. With the constraints that small businesses face to access outside funding, there is a need to investigate bootstrapping as a means of obtaining resources which will lead to a reduction in the need for outside financing. The challenge facing small businesses in terms of obtaining finance from traditional sources has necessitated this study. A sample was chosen on a non-probability basis using convenience sampling of small business owners within the eThekwini Municipality, KwaZulu-Natal, South Africa. 83 participants completed the questionnaire. The data collected was analysed using descriptive and inferential statistics. The findings regarding awareness of financial bootstrapping as a source of funding remains unknown. The evidence in the study shows that a number of respondents unknowingly used some of the bootstrapping methods.
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Nielsen, Jakob Gaardbo. "”handelens regulære vej”: Aktieselskabet mellem handel og spekulation i Trollopes The Way We Live Now, 1875." K&K - Kultur og Klasse 45, no. 124 (December 31, 2017): 153–70. http://dx.doi.org/10.7146/kok.v45i124.103916.
Full textAbstract:
This article applies a historical formalist method to analyze a literary response to the late nineteenth-century financial sector in England: Anthony Trollope’s The Way We Live Now, 1875. The central issue in the novel is the legal and conceptual boundary between traditional commerce and financial speculation, and the variety of ways in which established social forms and hierarchies are challenged by a rapid introduction of new forms of financial activity such as joint-stock corporations and limited liability. Trollope’s novel is concerned with the contradictions inherent in the concept of trade and commerce in this transformed financial context, and devotes critical attention to the ways in which these new forms collide in the individual lives and ambitions of its characters. Drawing on a recent theory of form by Caroline Levine, the article demonstrates how this literary representation of the accelerating financial sector should not simply be seen as reflections of an economic context in turmoil. Rather, the article argues that Trollope applies the affordances of economic and financial forms in what is essentially an interpretative gesture, directed at the only partially visible and constantly changing reality of financial capitalism and modern corporate law.
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Dvoretskaya, V. V. "Industrial Model of Defense Industry Organizations Development." Accounting. Analysis. Auditing 5, no. 4 (September 14, 2018): 6–13. http://dx.doi.org/10.26794/2408-9303-2018-5-4-6-13.
Full textAbstract:
At present, Russian industry is characterized by a general slowdown in the growth rate of the economy against the backdrop of the growth of the state defense order. The transition to a modern innovative business model of defense industry organizations becomes an important task. However, traditional approaches to solving the problem of financing innovation activities carried out within the framework of the state defense order are not always applicable. During the sanctions period, the state is not in a position to allocate significant resources for research and development with the aim of turning them into innovative products. There are problems with attracting private investors, although starting investments in the creation of innovative products are a critical factor in their creation and further development. However, the investment attractiveness of the defense industry enterprises is rather low, therefore it is necessary to consider the various forms and methods of financing, as well as the possibility of attracting sources of financial resources that are unconventional for the enterprises of the defense industry. To create a significant interest of private investors, you can offer to use not only tax incentives, but also the right to use the results of development. An additional motivating incentive may turn out the changes in tax legislation that provide a more convenient and quick way for the transition of defense enterprises to a modern industrial business model. The examples of such changes may include the establishment of various tax and legal conditions for procurement for military and special-purpose products and general (civil) use, decreasing the property tax through disposal of non-core and unused assets or the opportunity to use the savings of resources on the project, when reinvesting them into new research or acquiring high-tech equipment without additional taxation.