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Planejamento agregado em redes de distribuição secundária - modelo alternativo para empresas com cadastro de redes reduzido. ; Investments planning in low voltage distribution networks - alternative model for companies with reduced database.

Squaiella, Davi José Ferreira
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 08/03/2004 PT
Relevância na Pesquisa
36.24%
As redes secundárias de distribuição são item de extrema importância no processo de levar a energia produzida de uma fonte até o consumidor final. Dentro de uma Empresa Concessionária de Distribuição de Energia Elétrica o setor de planejamento, juntamente com o grupo técnico, deve realizar o planejamento dos investimentos necessários nos níveis de alta, média e baixa tensão, sendo que para a baixa tensão (redes secundárias de distribuição), normalmente utilizam-se os dados históricos e a média de investimentos dos últimos anos (de três a cinco últimos anos). Em geral não são encontrados nestas Empresas os cadastramentos das redes secundárias de distribuição ou então, quando estes existem, muitas vezes não são confiáveis. Neste ponto, esta dissertação de mestrado apresentará, aplicará e discutirá os resultados de uma metodologia de geração de redes secundárias de distribuição a partir dos dados das redes primárias de distribuição (média tensão) e dos ativos da Empresa, tendo como foco os investimentos necessários para estas dentro do planejamento agregado de investimentos. O trabalho proposto visa criar condições para que as Empresas enquadradas na situação anterior possam realizar o seu planejamento de baixa tensão valendo-se da aplicação de uma metodologia capaz de gerar tais redes. Uma vez criadas...

A avaliação econômico-financeira de investimentos sob condição de incerteza: uma comparação entre o método de Monte Carlo e o VPL fuzzy; The financial and economic evaluation of investments under uncertainly: a comparison between the Monte Carlo method and NPV fuzzy

Oliveira, Mário Henrique da Fonseca
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 19/09/2008 PT
Relevância na Pesquisa
36.15%
Os métodos determinísticos utilizados para avaliação econômico-financeira de projetos de investimentos, como o Valor Presente Líquido (VPL) e a Taxa Interna de Retorno (TIR), contemplam exatidão do comportamento futuro das variáveis inerentes ao projeto. Porém, as imprevisibilidades futuras acrescidas da alta volatilidade da economia e tecnologia mundial tornam as análises determinísticas frágeis em situações onde existam incertezas, o que pode levar gestores e investidores a tomar decisões equivocadas quanto à alocação de capital. O presente trabalho tem como objetivo geral a comparação entre dois métodos que podem ser utilizados para avaliação de investimentos que abordam a condição de incerteza. O método de Monte Carlo, em seu caráter estatístico, permite que as variáveis presentes sejam consideradas por meio de distribuições de probabilidade, as quais associadas a geração de números aleatórios fornecem uma resposta que considera as incertezas presentes. O Valor Presente Líquido fuzzy constitui-se em um método alternativo para análise, o qual considera as variáveis incertas como números nebulosos, ou seja, concepções matemáticas que não apresentam fronteiras rígidas. Por meio da aplicação dos métodos em uma situação real de investimento...

Estudo dos fatores interferentes na adaptação marginal de próteses confeccionadas em titânio comercialmente puro e ligas alternativas; Study of determining factors for the marginal fit of prosthesis made of commercially pure titanium and alternative alloys

Soriani, Natércia Carreira
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 08/04/2011 PT
Relevância na Pesquisa
36.32%
O desajuste de copings obtidos por fundição por cera perdida está sujeita à vários fatores tais como: contração de fundição do metal, expansão do revestimento, uso de espaçadores, entre outros. O objetivo do estudo foi avaliar o desajuste marginal pré e pós cimentação de copings obtidos com três ligas de metais básicos - Ni-Cr-Be (VB), Ni-Cr (V2) e Co-Cr (KE) fundidos a partir de dois revestimentos - Termocast (TE) e Microfine (MI) e Titânio comercialmente puro (TR) fundido com dois revestimentos - Rematitan Plus (RP) e Rematitan Ultra (RU), nas condições E0, sem espaçador, E1, com uma camada de espaçador e E2, com duas camadas de espaçador. A partir de uma matriz metálica, foram obtidos 240 copings, sendo 10 para cada combinação metal-revestimento-espaçador. Foi utilizado Microscópio Óptico para determinação do desajuste nas condições pré e pós cimentação, efetuada com cimento de fosfato de zinco. Foi realizado teste de tração pós cimentação para determinação da carga de remoção dos copings da combinação KE-MI. Foram realizados ensaios dilatométricos para a definição dos coeficientes de expansão térmico linear dos metais e dos revestimentos, determinação da expansão de presa dos revestimentos...

Incentivos fiscais e investimentos na industria de transformação no estado da Bahia (1994 a 2004) : internacionalização produtiva e subdesenvolvimento; Tax incentives and investments in the "industria de transformação" in Bahia state (1994-2004) : productive internationalization and underdevelopment

Daniela Franco Cerqueira
Fonte: Biblioteca Digital da Unicamp Publicador: Biblioteca Digital da Unicamp
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 15/03/2007 PT
Relevância na Pesquisa
36.11%
Este trabalho pretende contribuir na caracterização dos investimentos realizados na indústria de transformação baiana entre 1994 e 2004, identificando os reflexos dessas inversões sobre a economia do estado e sobre as condições de vida da sua população. Para tanto, foram selecionados os setores de atividades que mais receberam inversões no período e alguns indicadores do mercado de trabalho. Os resultados mostram que, no período, houve um aprofundamento das características estruturais da economia baiana como: a dependência tecnológica, os baixos encadeamentos produtivos, a ampliação dos centros de decisão externos ao estado, a pequena capacidade de incorporação de mão-de-obra e o aumento da concentração de renda. Isto é, os aspectos que evidenciam o subdesenvolvido desse estado se intensificaram. Desse modo, o padrão de crescimento via inserção na globalização e com base nas decisões de investimento privado não se constituiu em alternativa para superar o subdesenvolvimento. Ao contrário, a internacionalização produtiva da economia baiana ? na medida que significou uma maior integração produtiva com o exterior em detrimento de sua relação com outras regiões do Brasil ? transfere para fora do país as decisões produtivas que anteriormente estavam circunscritas ao espaço nacional...

Reforming Government Debt Markets in MENA

Garcia-Kilroy, Catiana; Silva, Anderson Caputo
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
46.08%
This paper examines the current stage of development of government securities markets in the non-GCC MENA region focusing in five countries that have government bond markets with a minimum size and greater potential for market development: Egypt, Jordan, Lebanon, Morocco and Tunisia. The analysis focuses on the five key building blocks that normally sustain deep and liquid public debt markets: (i) money markets; (ii) primary market (issuance policy and placement mechanisms); (iii) secondary market organization; (iv) investor base; and (v) clearing and settlement infrastructure. The study shows that despite country differences, several common weaknesses in the key building blocks explain the underdevelopment of MENA bond markets. Most important among these are a symbiotic relationship between banks and Governments caused by lack of alternative investments that makes banks act as captive demand and dominate bond markets, opportunistic primary issuance practices, and excess liquidity in the financial system. These demand and supply characteristics have led to highly concentrated buy-and-hold portfolios by banks and State-owned institutions...

Mobilizing Private Finance for Local Infrastructure in Europe and Central Asia : An Alternative Public Private Partnership Framework

Noel, Michel; Brzeski, W. Jan
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
36.14%
In recent years, the countries of Europe and Central Asia (ECA) have experienced a marked decline in investments by international private operators/investors in local infrastructure-much in line with the trend observed in other emerging markets. This decline has been particularly significant in the local water and energy sectors. In light of the increasingly tight fiscal constraints faced by governments across ECA, there is a strong need to develop alternative Public-Private Partnership frameworks that could attract private investors to the local infrastructure sector. The growing challenge is to identify and implement adequate financing frameworks and modalities of public support Public-Private Partnerships that would be sufficient to attract participation of private investors in local infrastructure without increasing the risk of moral hazard. The objective of this paper is to explore possible elements of an alternative PPP framework that could help governments in ECA to meet this challenge. The paper identifies key impediments to the development of Public-Private Partnerships in local infrastructure in ECA and discusses the elements of the proposed Public-Private Partnership framework.

Housing Finance in Sri Lanka : Opportunities and Challenges

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Relevância na Pesquisa
36.14%
Sri Lanka has embarked on a gradual transition from a system of directed credit in a highly segmented market toward an integrated market-driven housing finance system. This transition has included an increased role of private universal banks in the immediate term and a functioning secondary mortgage market in the long term. An active system of housing finance provides real economic benefits and positively affects savings, investment, and household wealth. It provides an investment option for long-term funds in the economy as an alternative to investment in treasury bonds. In turn, each dollar invested in the housing sector catalyzes economic activity in other sectors, exerting an indirect positive impact on employment levels, the retirement system, fiscal returns, and consumption. Housing finance enables households to accumulate assets that can provide the collateral for their investment needs, thus stimulating small business. Housing finance development boosts equitable economic growth and reduces poverty by improving living conditions...

Green Infrastructure Finance : Framework Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Relevância na Pesquisa
36.27%
The report estimated that in the East Asia and Pacific (EAP) region alone about US$80 billion a year of additional investments would be required in low-emission projects (green investments), resulting in a significant financing challenge. The report argues that the solution lies in understanding the causes of the financial viability gap, and then investigating how specific actions, including strategic subsidies, concessional financing, and public policy interventions and reforms, can bridge this gap to make green investment transactions viable. The green infrastructure finance framework also underscores the benefits of valuing and monetizing carbon externalities. Moreover, it recognizes the effects of policy distortions and other negative factors that impinge on financial viability, emphasizing the need for an approach to analyze and explain the gap and to attribute its components to different stakeholders. This report shows that it is essential to measure global and local externality benefits against the causes of the viability gap such as perceptions of added risks, cost differentials, policy distortions, and other factors. Once these elements are fully considered, policy makers can identify practical ways to better structure the financing of green investment projects that can be supported by the market. Three key principals have guided the development of the framework: (i) targeting green finance resources on sectors that have large numbers of projects with low abatement costs; (ii) setting ceilings on the value of support that will be provided for a tone of greenhouse gas (GHG) abatement in any sector or project; and (iii) using competitive mechanisms to ensure that projects do not receive more support than needed to make them financially attractive. This report is the second of a continuing series of green infrastructure finance publications. The first part undertook a stocktaking of leading initiatives and literature related to the green infrastructure finance theme. This second part is a conceptual piece that bridges ideas and concepts between environmental economics and project finance practices. Work will continue over the next months by operationalizing this framework (analytical methodology and assessment of green infrastructure investment climate) through a pilot in a selected EAP developing country. Given a better understanding of the financing challenges of different green projects...

Assessing the Investment Climate for Climate Investments : A Comparative Framework for Clean Energy Investments in South Asia in a Global Context

Mani, Muthukumara S.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.27%
One of the strong messages that came out of the recent United Nations Climate Change conference in Durban was that the private sector has to play an important role if we are to globally move toward a low carbon, climate resilient -- or "climate compatible" -- future. However, private investment will only flow at the scale and pace necessary if it is supported by clear, credible, and long-term policy frameworks that shift the risk-reward balance in favor of less carbon-intensive investment. The private sector also needs information on where to invest in clean energy in emerging markets, and it needs policy support to lower investment risk. Barriers to low carbon investments often include unclear and inconsistent energy policies, monopoly structures for existing producers, stronger incentives for conventional energy than clean energy, and a domestic financial sector not experienced in new technologies. With the long-term goal of promoting and accelerating the implementation of climate mitigation technologies...

Sovereign Wealth Funds in East Asia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.36%
The massive size, rapid growth, and high-profile investments of Sovereign Wealth Funds (SWFs) in the U.S. and elsewhere in 2007 has attracted the attention of the media, politicians, regulators, and academics over the past year. Some of the SWF investments have been viewed as market stabilizing, for instance the substantial equity investments in large U.S. financial institutions that were recently in financial trouble after the sub-prime mortgage crisis. However, there is great suspicion from many political and academic quarters that SWFs are politically motivated with many SWFs in Asia now at the center of the storm. Although SWFs have been in existence for many decades worldwide, most SWFs in the East Asia and Pacific Region (EAP) are relatively new. The emergence of the SWFs in Asia is largely a by-product of the strong economic development at East Asian countries and the attendant accumulation of foreign exchange reserves, however, there are other types of SWFs in the region. The Governments have taken a concerted strategy to enhance the returns on these excess reserves. The EAP region is an ideal region to take a look at the issues surrounding SWFs since Asia has the full range of funds from long-established funds to brand new funds; from passive portfolio investors to more aggressive strategic investors; from resource-backed funds to foreign reserve-backed funds; and...

The Economic Returns to Investing in Youth in Developing Countries : A Review of the Literature

Knowles, James C.; Behrman, Jere R.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.28%
This is a companion report to Assessing the Economic Returns to Investing in Youth in Developing Countries, with focus on the literature reviewed and greater detail in some parts than in the 2003 study. Both papers explore the economic case for investments in youth in developing countries. The current cohort of youth is the largest cohort ever. The economic, social, and demographic context of their lives has undergone enormous change, thus requiring a rethinking and re-evaluation of the range of investments in youth. This reappraisal must incorporate a number of critical features including recognition of the wide range of youth investments, the considerable lag in effects, and the likelihood that youth investments in one area affect investments and behavior in other areas. The paper examines forty-one investments in the following broad categories: formal schooling; civilian and military training, work; reproductive health; school-based health; other health; and community and other. The paper develops a lifecycle approach using cost-benefit analysis to calculate the economic returns to investments in youth. However...

Assessing the Economic Returns to Investing in Youth in Developing Countries

Knowles, James C.; Behrman, Jere R.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.28%
This paper explores the economic case for investments in youth in developing countries. The current cohort of youth is the largest cohort ever. The economic, social, and demographic context of their lives has undergone enormous change, thus requiring a rethinking and re-evaluation of the range of investments in youth. This reappraisal must incorporate a number of critical features including recognition of the wide range of youth investments, the considerable lag in effects, and the likelihood that youth investments in one area affect investments and behavior in other areas. The paper examines forty-one investments in the following broad categories: formal schooling; civilian and military training, work; reproductive health; school-based health; other health; and community and other. The paper develops a life-cycle approach using cost-benefit analysis to calculate the economic returns to investments in youth. However, the information necessary to apply the methodology is sufficient for only a few investments in a few countries. Moreover...

Private Equity and Venture Capital in SMEs in Developing Countries : The Role for Technical Assistance

Divakaran, Shanthi; McGinnis, Patrick J.; Shariff, Masood
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.23%
This paper discusses the constraints for private equity financing of small and medium enterprises in developing economies. In addition to capital, private equity investors bring knowledge and expertise to the companies in which they invest. Through active participation on the board of directors or in partnership with management, private equity investors equip companies with critical improvements in governance, financial accounting, access to markets, technology, and other drivers of business success. Although private equity investors could help to create, deepen, and expand growth of small and medium enterprises in developing economies, the vast majority of private equity in such markets targets larger or more established enterprises. Technical assistance, when partnered with private equity, can unlock more investor commitments and considerably enhance the ability of small and medium enterprises in emerging markets to raise private equity capital. Technical assistance provides funding that allows private equity funds to extend their reach to smaller companies. Technical assistance can mitigate some level of risk and increase the probability of successful investments by funding targeted operational improvements of investee companies. Dedicated technical assistance facilities financed by third parties...

A study of alternative fuel impacts to navy fueling infrastructure

Armstrong, Lincoln; Kelly, Mary; Nester, Amie; Schindler, Theodore; Young, Michael; Colon, John; King, Joseph; Parr, Jennifer; Small, Kenneth; Finch, Chad; McCreary, James; Rodecap, Nathan; Sunshine, Nicholus
Fonte: Monterey, California. Naval Postgraduate School Publicador: Monterey, California. Naval Postgraduate School
Tipo: Tese de Doutorado
Relevância na Pesquisa
36.07%
Approved for public release; distribution is unlimited; Energy reform in the United States Department of the Navy is currently a leading priority. Supporting reform efforts, the Honorable Ray Mabus, Secretary of the Navy, set a goal to sail a "Green Strike Group" composed of ships powered by alternative fuels by 2016. This report details considerations for implementing an alternative fuel for the Green Strike Group. This is accomplished by developing the requirements for an alternative fuel, analyzing several potential candidates, and recommending a preferred alternative (Fischer-Tropsch S-5). Additionally, this report describes the existing infrastructure supporting fuel distribution to Navy ships and explores options for changes necessary to support the selected alternative fuel. A notional mission profile is depicted, showing the Green Strike Group's progress from Norfolk, Virginia to the Arabian Sea and back again over the course of a 180-day deployment. A deterministic fuel estimation model and the succeeding, higher fidelity stochastic model are described, leading to the prediction of alternative fuel amount requirements and necessary geographic placement. Finally, this report concludes with the assertion that while sailing the Green Strike Group is technologically possible...

Uganda Economic Update, June 2014 : Reducing Old Age and Economic Vulnerabilities

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Economic Updates and Modeling; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.2%
This is the fourth edition of the Uganda Economic Update series. As with previous editions, this update first provides information related to the current state of the economy before focusing on a particular subject of importance. The special focus of this issue concerns how pensions can reduce vulnerabilities at both individual and macroeconomic levels. The Ugandan economy has continued the process of recovery, growing by 5.9 percent during the first half of FY2013 and FY2014 amidst droughts, disruptions related to civil unrest in South Sudan, and aid cuts. Eight consecutive quarters of positive growth since the slump in FY2011 and FY2012 confirm that the economy has returned on the strong growth path and may reach a rate of growth of 6.0 percent per annum in FY2013 and FY2014. The positive outlook is subject to risks, key among which will be those emanating from its fiscal management regime due to continuous low revenue collection and reduction of aid to Uganda; increased spending pressures in the advent of the 2016 elections...

Estimating the Economic Opportunity Cost of Capital for Public Investment Projects : An Empirical Analysis of the Mexican Case

Coppola, Andrea; Fernholz, Fernando; Glenday, Graham
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.33%
This paper offers an assessment of the methodologies employed to estimate the economic opportunity cost of capital for public sector projects, relying on the Mexican case for an applied empirical exercise. The traditional weighted cost of capital (top-down) approach used in the estimation of Mexico's economic opportunity cost of capital is reviewed and compared to the supply price (bottom-up) approach. With respect to previous studies using the top-down approach, this paper explores the contribution of domestic savings and expands the analysis to include a more detailed examination of the available macroeconomic, labor, financial, and tax information. The re-estimated top-down economic opportunity cost of capital for Mexico comes to 10.4 percent. To confirm these results and provide additional insights regarding the alternative bottom-up approach, the economic opportunity cost of capital is estimated using the supply price plus externalities method. For the case of Mexico, this paper recommends using a combination of estimation models (both the top-down and bottom-up approaches) to check the consistency of results and re-estimating the economic opportunity cost of capital every five years to accommodate for macroeconomic and fiscal changes. More broadly...

Tajikistan's Winter Energy Crisis : Electricity Supply and Demand Alternatives

Fields, Daryl; Kochnakyan, Artur; Mukhamedova, Takhmina; Stuggins, Gary; Besant-Jones, John
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
36.18%
Tajikistan's electricity system is in a state of crisis. Approximately 70 percent of the Tajik people suffer from extensive shortages of electricity during the winter. These shortages, estimated at about 2,700 GWh, about a quarter of winter electricity demand, impose economic losses estimated at over United States (US) 200 million dollars per annum or 3 percent of Gross Domestic Product (GDP). The electricity shortages have not been addressed because investments have not been made in new electricity supply capacity and maintenance of existing assets has not improved. The financial incentive for electricity consumers to reduce their consumption is inadequate as electricity prices are among the lowest in the world. Without prompt action to remedy the causes of Tajikistan's electricity crisis and with growing demand, the shortages could increase to about 4,500 GWh by 2016 (over a third of winter electricity demand) or worse. The World Bank undertook this study to assist the Government of Tajikistan (GoT) in finding ways to overcome the current electricity shortages and establish a sound basis for meeting the growing electricity demand in Tajikistan. The study focuses on the investments and policy reforms needed between now and 2020 to strengthen the financial...

Upgrading the Investment Policy Framework of Public Pension Funds

Vittas, Dimitri; Impavido, Gregorio; O'Connor, Ronan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
36.33%
Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.

Reducing Old Age and Economic Vulnerabilities : Why Uganda Should Improve its Pension System

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Social Protection Study
ENGLISH; EN_US
Relevância na Pesquisa
36.22%
This is the fourth edition of the Uganda Economic Update series. As with previous editions, this update first provides information related to the current state of the economy before focusing on a particular subject of importance. The special focus of this issue concerns how pensions can reduce vulnerabilities at both individual and macroeconomic levels. The Ugandan economy has continued the process of recovery, growing by 5.9 percent during the first half of FY2013 and FY2014 amidst droughts, disruptions related to civil unrest in South Sudan, and aid cuts. Eight consecutive quarters of positive growth since the slump in FY2011 and FY2012 confirm that the economy has returned on the strong growth path and may reach a rate of growth of 6.0 percent per annum in FY2013 and FY2014. The positive outlook is subject to risks, key among which will be those emanating from its fiscal management regime due to continuous low revenue collection and reduction of aid to Uganda; increased spending pressures in the advent of the 2016 elections...

The Role of Private Equity Investments in Public Firms : International Evidence

Dahiya, Sandeep; Klapper, Leora; Parthasarathy, Harini; Singer, Dorothe
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research; Publications & Research :: Policy Research Working Paper
ENGLISH; EN_US
Relevância na Pesquisa
36.11%
This paper compares the raising of external equity capital from private equity investors via private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) using a sample of 456 PIPEs and 1,910 SEOs drawn from nine Asian countries. Consistent with the idea that insiders attempt to time the markets, firms issuing SEOs are preceded by a significantly higher run-up in stock price compared with those issuing PIPEs. This result is consistent with the undervaluation hypothesis that states that firms are more likely to issue PIPEs when they perceive their stock to be undervalued. In contrast to the United States where this undervaluation appears to be driven by financial distress and asymmetric information, the results show PIPE and SEO issuers to be statistically undistinguishable from each other. The announcement of a PIPE offering is on average associated with a significantly higher stock market reaction compared with an issue of a SEO, suggesting that private equity investors may play a certification or monitoring role. However...