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Capital Structure Under Heterogeneous Beliefs 异质信念下的资本结构
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2013-08-21 DOI: 10.2139/ssrn.1596869
H. Jung, Ajay Subramanian
{"title":"Capital Structure Under Heterogeneous Beliefs","authors":"H. Jung, Ajay Subramanian","doi":"10.2139/ssrn.1596869","DOIUrl":"https://doi.org/10.2139/ssrn.1596869","url":null,"abstract":"We develop a structural model to quantitatively analyze the effects of asymmetric beliefs and agency conflicts on capital structure. Capital structure reflects the dynamic tradeoff between the positive incentive effects of managerial optimism and the negative effects of risk-sharing costs. Consistent with empirical evidence, long-term debt declines with optimism, whereas short-term borrowing increases. Permanent and transitory risk components have contrasting effects. Long-term debt increases with the intrinsic risk, but varies nonmonotonically with the transient risk. Short-term borrowing declines with the intrinsic risk, but increases with the transient risk. Overall, our findings show that asymmetric beliefs significantly influence firms’ financial policies.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130283801","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 15
An Islamic Finance Model for the Small and Medium-Sized Enterprises in France 法国中小企业的伊斯兰金融模式
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2013-07-16 DOI: 10.2139/ssrn.3263043
U. A. Oseni, M. Hassan, D. Matri
{"title":"An Islamic Finance Model for the Small and Medium-Sized Enterprises in France","authors":"U. A. Oseni, M. Hassan, D. Matri","doi":"10.2139/ssrn.3263043","DOIUrl":"https://doi.org/10.2139/ssrn.3263043","url":null,"abstract":"The dominant effect of the global financial shockwaves ravaging the whole of Europe is becoming proverbial in the history of world economic crises. This has been largely due to untoward economic policies that have negatively impacted most economies in Europe. The recent European sovereign debt crisis experienced more in Greece, Italy, Spain and Portugal, and the most recent downgrade of France's credit rating by Standard and Poor's call for a rethinking of the existing economic policies. The need to foster innovation in Small and Medium-sized Enterprises (SMEs) and sustainably support the existing ones has remained a major challenge in France. With over 2.5 million SMEs in France, the recent report of the Institut Nationale de la Statistique et des Etudes Economiques [INSEE] reveals that one in every two new business fails in the long run. This paper examines the need to find credible alternatives for French SMEs to the collateral-based debt financing. Built on ethical business models, the Islamic SMEs and microfinance models are expected to foster innovation and sustainability to smaller economic players. Although, loans remain SMEs‟ main source of financing, banks require more collateral from entrepreneurs, and now provide lower financing compared to the period before the financial crisis. In this context of financial difficulties for SMEs, considering alternative models of financing such as Islamic financial products based on the profit and loss sharing has increased the interest of many European countries. While focusing on the econo-legal issues underlying any of such proposals, the paper considers the feasibility of Islamic venture capital as a credible alternative to bank's loans for SMEs within the existing French legal and regulatory framework.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124983948","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Finance Access of SMEs: What Role for the ECB? 中小企业融资渠道:欧洲央行扮演什么角色?
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2013-07-01 DOI: 10.2139/ssrn.2309964
A. Belke
{"title":"Finance Access of SMEs: What Role for the ECB?","authors":"A. Belke","doi":"10.2139/ssrn.2309964","DOIUrl":"https://doi.org/10.2139/ssrn.2309964","url":null,"abstract":"Small and medium size enterprises (SMEs) of southern euro-area economies (e.g. Italy, Spain) pay significantly higher borrowing rates than their peers of the core (e.g. Germany, France) and this divergence is widening. It is argued that severe market failures prevent SMEs in southern euro area countries from access to key inputs, in particular access to finance. This paper makes an assessment of feasible options to improve finance access of SMEs, available to EU institutions as well as to the ECB in the context of its price stability mandate. Because of nonnegligible moral hazard issues, the paper is sceptical about a stronger involvement of the ECB in the (indirect) financing of SMEs through the securitisation of banks`loans or their use as collateral for monetary policy operations. The paper concludes with some proposals for extending finance access of SMEs, including through mutual guarantee institutions along the lines recently pursued by the European Investment Bank.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"2008 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116941373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
The Demand and Supply of External Finance for Innovative Firms 创新企业外部融资的需求与供给
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2013-05-20 DOI: 10.1093/ICC/DTT020
Andrea Mina, Henry Lahr, A. Hughes
{"title":"The Demand and Supply of External Finance for Innovative Firms","authors":"Andrea Mina, Henry Lahr, A. Hughes","doi":"10.1093/ICC/DTT020","DOIUrl":"https://doi.org/10.1093/ICC/DTT020","url":null,"abstract":"Access to finance has figured prominently in the debate on barriers to firm growth, even though existing empirical research has not found conclusive evidence of a \"finance gap.\" Moreover, it is not clear to what extent innovation aggravates financial constraints and what role innovation inputs, processes and outputs play in the market for external capital. In this article, we analyze how firm-level innovation affects (i) the likelihood of seeking external finance and (ii) the likelihood of obtaining it. We analyze an original data set of 3095 UK and US firms (small and medium size enterprises and middle-market) containing information on firms' innovation behaviors, performance, and finances for the period 2002--2004. Controlling for firm-specific characteristics, we provide novel and extensive evidence on the links between innovation, in its input, process and output dimensions, and the demand for external capital and its supply. Copyright 2013 The Author 2013. Published by Oxford University Press on behalf of Associazione ICC., Oxford University Press.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131990350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 210
Small Business Financing in Nigeria: An Investigation of the Angel Option 尼日利亚小企业融资:天使期权的研究
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2013-04-30 DOI: 10.3968/J.CSS.1923669720130902.7193
Olayinka Moses, J. F. Adebisi
{"title":"Small Business Financing in Nigeria: An Investigation of the Angel Option","authors":"Olayinka Moses, J. F. Adebisi","doi":"10.3968/J.CSS.1923669720130902.7193","DOIUrl":"https://doi.org/10.3968/J.CSS.1923669720130902.7193","url":null,"abstract":"Small businesses are often faced with funding challenges in developing economies which constraints their growth and long term survival. This study examines the existence and role of business Angels as a source financial, human and social capital to overcome challenges of funding for small businesses in Nigeria. The research aims to strengthen the framework that seeks to provide detail understanding of the benefits that business angels can bring to small business in developing economies, considering the gap that exists in this regard. Data for the study were obtained using questionnaires and analyzed using Kolmogorov-Simirov (KS) test. The finding reveals, that Angel financing is a viable alternate source for financing small businesses in Nigeria. Recommendations proffered include the need for publicity on the activities of angels to support other government programmes on small business financing. There should also be an enabling environment for angel venture networks to participate in economic growth and development of small businesses in Nigeria.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125846340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
Private Information and Bargaining Power in Venture Capital Financing 风险投资融资中的私人信息与议价能力
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2013-02-28 DOI: 10.2139/ssrn.891192
Y. Koskinen, Michael Rebello, Jun Wang
{"title":"Private Information and Bargaining Power in Venture Capital Financing","authors":"Y. Koskinen, Michael Rebello, Jun Wang","doi":"10.2139/ssrn.891192","DOIUrl":"https://doi.org/10.2139/ssrn.891192","url":null,"abstract":"We model the natural evolution of private information over the life of a venture capitalist financed project. In the early stages, the entrepreneur is better informed regarding the project, and when the project matures, the venture capitalist has an informational advantage over the entrepreneur. Within this framework, we examine how the venture capitalist's relative bargaining power affects cash flow rights and investment. When the bargaining advantage lies with the entrepreneur, the project may not be screened, and the venture capitalist may acquiesce to excessive initial investment but subsequently terminate the project. Increased venture capitalist bargaining power encourages project screening, attenuates the incentive to overinvest, and reduces the incidence of project termination subsequent to the initial investment. The payoff sensitivity of venture capitalist's financing contract also increases as his bargaining power improves.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121141580","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 19
International Capital Flows and Small Business Development: Evaluating the Role of International Remittances 国际资本流动与小企业发展:评估国际汇款的作用
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2012-10-13 DOI: 10.1504/EJIM.2012.049638
Colin Williams, Peter Rodgers, M. Barić
{"title":"International Capital Flows and Small Business Development: Evaluating the Role of International Remittances","authors":"Colin Williams, Peter Rodgers, M. Barić","doi":"10.1504/EJIM.2012.049638","DOIUrl":"https://doi.org/10.1504/EJIM.2012.049638","url":null,"abstract":"To evaluate the importance of remittances in international capital flows, a burgeoning macro-economic literature has displayed their contribution to national, regional and local economic development. Until now, however, there have been few micro-economic studies of the effects of remittances. This paper fills that gap. The aim is to demonstrate how the remittances from profit generated by an entrepreneur in one country can act as capital for developing business ventures in another country. To do this, in-depth interviews are reported with 12 entrepreneurs, seven in the UK who send remittances to Ukraine to support the development of business ventures and five entrepreneurs operating in Ukraine whose business ventures are supported by international remittances from friends and family. The outcome is a clear display of the role played by international remittances in enabling entrepreneurs to develop their international operations.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128389898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Married to the Firm? Family Ownership, Performance and Survival in Private Firms 嫁给了律所?私营企业的家族所有权、绩效与生存
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2012-06-26 DOI: 10.2139/ssrn.1710321
Sharon Belenzon, Rebecca Zarutskie
{"title":"Married to the Firm? Family Ownership, Performance and Survival in Private Firms","authors":"Sharon Belenzon, Rebecca Zarutskie","doi":"10.2139/ssrn.1710321","DOIUrl":"https://doi.org/10.2139/ssrn.1710321","url":null,"abstract":"We show that family ownership is associated with more stable and liquid, but slower growing, young firms. Using a large sample of private firms across Europe, we find that family-owned firms have higher profit margins, returns on assets, and survival rates compared to non-family-owned firms. However, family-owned firms also hold greater reserves of cash, rely less on external debt, and invest and grow more slowly. These differences between family-owned and non-family-owned firms are largest early in the firm life cycle and when a married couple holds a majority of the firm's equity. Family ties, particularly marital ties, between owners facilitate conservation of cash and lower operating costs, which increases firm survival but which also dampens investment and growth. Our results indicate that families choose to start and manage very different types of firms relative to unrelated founders.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"261 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113996572","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Capital Budgeting Decisions of Private Equity: Evidence from India 私募股权资本预算决策:来自印度的证据
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2012-06-22 DOI: 10.2139/ssrn.2089172
G. Popli, S. Kumari
{"title":"Capital Budgeting Decisions of Private Equity: Evidence from India","authors":"G. Popli, S. Kumari","doi":"10.2139/ssrn.2089172","DOIUrl":"https://doi.org/10.2139/ssrn.2089172","url":null,"abstract":"An efficient allocation of capital is the most important finance function in the modern times. It involves decisions to commit the firm’s funds to the long term assets. Capital Budgeting or investment decisions are of considerable importance to firm, since they tend to determine the value by influencing its growth, profitability and risk. This paper studies the determinants of capital structure choice of selected Indian Industries. Our main objective was to investigate whether and to what extend the main capital structure theories can explain the capital structure choice of Indian firms. In this paper we report results from executives of companies of different industries. We document interesting insights by analyzing how theoretical corporate finance concepts are applied by the experts in practice. We have applied multiple regression models on the selected industries by using survey data for the period 2005-2011. The results of the study indicate that the determinants of the capital structure of Industries in India are agency cost, assets structure, non-dept. tax shield and size. The coefficients of these variables are significant at one percent or five percent level.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"192 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115716679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The GP-LP Conflict in Private Equity Funds Revisited: The Impact of Fund-Level Considerations on the Divestment Decision 私募股权基金中的GP-LP冲突:基金层面考虑对撤资决策的影响
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2012-05-05 DOI: 10.2139/ssrn.2051441
C. Figge, Oliver Bauer, R. Braun, A. Achleitner
{"title":"The GP-LP Conflict in Private Equity Funds Revisited: The Impact of Fund-Level Considerations on the Divestment Decision","authors":"C. Figge, Oliver Bauer, R. Braun, A. Achleitner","doi":"10.2139/ssrn.2051441","DOIUrl":"https://doi.org/10.2139/ssrn.2051441","url":null,"abstract":"This article examines the impact of private equity (PE) fund-level dynamics on the PE fund’s general partner’s (GP) divestment decisions and whether these decisions are to the detriment of the PE fund’s limited partners, indicating a moral hazard problem. We use a unique sample of 1,112 buyout transactions realized between 1995 and 2008 which allows us to link fund and deal-level data. We find that the exit routes chosen change (i) if a PE GP is in the process of fundraising and if the PE fund (ii) has distributed comparatively little capital back to its investors. However, as related deal-level equity returns are not lower, we observe no moral hazard problem associated with these fund dynamics. In contrast, if a PE fund (iii) approaches the end of its lifetime, not only the exit route decision is affected but these exits also yield lower deal-level equity returns. We conclude that GPs do not maximize income from the current and next fund, but all future funds. Hence, they refrain from divestment decisions harming their limited partners’ returns. However, this relationship breaks down as a fund approaches the end of its lifetime and the GP increasingly focuses on managing subsequent funds.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129356466","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
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