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Measuring True Sales and Underreporting with Matched Firm-Level Survey and Tax-Office Data

Zhou, Fujin; Oostendorp, Remco
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.41%
This paper uses firm-level survey data matched with official tax records to estimate the unobserved true sales of formal firms in Mongolia. Taking into account firm-level incentives to comply with taxes and a production function technology linking unobserved true sales with observable firm-level production characteristics, the authors derive a multiple-indicators, multiple-causes model predicting unobserved true sales. Comparing predicted true sales with sales reported to the tax office, the analysis finds that 38.6 percent of firm-level sales are underreported. It also finds evidence that firm-level survey data suffer from significant underreporting. Finally, the paper compares this approach with two alternative approaches to measuring underreporting by firms.

Trade Credit Contracts

Klapper, Leora; Laeven, Luc; Rajan, Raghuram
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
26.17%
This paper provides new evidence on the unique role of trade credit and contracting terms as a way for both sellers and buyers to mange business risk. The authors use a novel and unique dataset on almost 30,000 supplier contracts for 56 large buyers and more than 24,000 suppliers in Europe and North America. The sample of buyers and suppliers includes firms of varying size, investment grade, and sectors. The paper finds evidence in support of four important, and not mutually exclusive, reasons for trade credit: 1) as a method of financing; 2) as a means of price discrimination; 3) as a bond assuring buyers of product quality; and 4) as a screening mechanism to gauge buyer default risk. In particular, the analysis finds that the largest and most creditworthy buyers receive contracts with the longest maturities, as measured by net days, from smaller, investment grade suppliers. In comparison, early payment discounts seem to be used as a risk management tool to limit the potential nonpayment risk of trade credit. Early payment discounts are generally offered to smaller...

Integrating Land Financing into Subnational Fiscal Management

Peterson, George E.; Kaganova, Olga
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
26.32%
Land assets have become an important source of financing capital investments by subnational governments in developing countries. Land assets, often with billions of dollars per transaction, rival and sometimes surpass subnational borrowing or fiscal transfers for capital spending. While reducing the uncertainty surrounding future debt repayment capacity, the use of land-based revenues for financing infrastructure can entail substantial fiscal risks. Land sales often involve less transparency than borrowing. Many sales are conducted off-budget, which makes it easier to divert proceeds into operating budgets. Capital revenues from sales of land assets exert a much more volatile trend and could create an incentive to appropriate auction proceeds for financing the operating budget, particularly in times of budget shortfalls during economic downturns. Furthermore, land collateral and expected future land-value appreciation for bank loans can be linked with macroeconomic risks. It is critical to develop ex ante prudential rules comparable to those governing borrowing...

Patterns of International Capital Raisings

Gozzi, Juan Carlos; Levine, Ross; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
26.37%
This paper documents several new patterns associated with firms issuing securities in foreign markets that motivate the need for and help guide future research. Besides noting that these international capital raisings grew almost four-fold from 1991 to 2005, accounting for 35 percent of all capital raised through security issuances, the paper has three main findings. First, a large and growing fraction of capital raisings, especially debt issuances, occurs in international markets, but a very small number of firms accounts for the bulk of international capital raisings, highlighting the distributional implications of financial globalization. Second, changes in firm performance following equity and debt issuances in international markets are qualitatively similar to those following domestic issuances, suggesting that capital raisings abroad are not intrinsically different from domestic ones. Third, after firms start accessing international markets, they significantly increase the amount raised in domestic markets...

Global Economic Prospects, Volume 4, January 2012 : Uncertainties and Vulnerabilities

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
26.26%
The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of the world, and pushed down stock markets, while capital flows to developing countries have fallen sharply. Europe appears to have entered recession. At the same time, growth in several major developing countries (Brazil, India and, to a lesser extent, Russia, South Africa and Turkey) is significantly slower than it was earlier in the recovery, mainly reflecting policy tightening initiated in late 2010 and early 2011 in order to combat rising inflationary pressures. As a result, and despite a strengthening of activity in the United States and Japan, global growth and world trade have slowed sharply.

Economics of Tobacco Toolkit, Tool 4 : Design and Administer Tobacco Taxes

Yurekli, Ayda
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
26.24%
The purpose of this tool is to help the reader understand the structure, design, and administration of tobacco taxes. There is no doubt about the adverse health impacts of tobacco use. In both developed and developing countries, the Ministries of health, tobacco interest groups, academia, and advocates against tobacco strongly believe that tobacco consumption should be reduced, and that tobacco taxes are the single most cost-effective policy tool to achieve this goal. This tool discusses some of the issues surrounding tobacco taxes from the perspectives of consumers, public health advocates, politicians, and government administrators. Guidance is provided in how to satisfy the goals of these players without compromising their interests. This tool is intended primarily for public health advocates, policy makers, tax administration staff, and government officials. Public health advocates will gain information on the various types of tobacco taxes and which type can best reduce cigarette consumption. The tool also discusses whether and how increased tobacco taxes create a financial burden on consumers...

Strengthening Subnational Debt Financing and Managing Risks

Liu, Lili
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
26.2%
The Chinese budget law prevents subnational governments from borrowing. However, Subnational Governments (SNG) borrows indirectly off-budget, through Urban Development and Investment Corporations (UDIC). There are various estimates on the off-budget liabilities, with one estimate having the liabilities at more than 30 percent of Gross Domestic Product (GDP). This paper provides a discussion of more reform options for China, anchored with cross-country experiences and lessons. The way forward is to develop regulatory frameworks that can expand SNG and UDIC market access and debt financing, while strengthening subnational fiscal discipline, managing default risks, promoting capital market development, and supporting macroeconomic management and a stable financial system. The paper is organized as: section two presents fiscal rules and framework - ex ante regulations for subnational debt issuing and procedures. Section three discusses what to do when a subnational government becomes insolvent - ex post system. Section four is devoted to developing regulatory frameworks for UDIC...

Capital Market Financing, Firm Growth, and Firm Size Distribution

Didier, Tatiana; Levine, Ross; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
26.26%
How many and which firms issue equity and bonds in domestic and international markets, how do these firms grow relative to non-issuing firms, and how does firm performance vary along the firm size distribution? To evaluate these questions, a new data set is constructed by matching data on firm-level capital raising activity with balance sheet data for 45,527 listed firms in 51 countries. Three main patterns emerge from the analysis. (1) Only a few large firms issue equity or bonds, and among them a small subset has raised a large proportion of the funds raised during the 1990s and 2000s. (2) Issuers grow faster than non-issuers in assets, sales, and employment, that is, firms do not simply use securities markets to adjust their financial accounts. (3) The firm size distribution of issuers evolves differently from that of non-issuers, tightening among issuers and widening among non-issuers.

Turkey - Improving Conditions for SME Growth Finance and Innovation

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
26.35%
Facilitating the growth of Small- and Medium-sized Enterprises (SMEs) is central to creating jobs for an underutilized and growing labor force in Turkey as SMEs account for 79 percent of jobs in Turkey. Creating jobs for Turkey's unemployed and for the rapidly growing labor force, though partly a social challenge, is an important economic opportunity. Turkish SME growth performance and productivity is currently poor, and these related challenges must be simultaneously addressed. First, Turkish SMEs grow slower than both large enterprises in Turkey and SMEs in comparator countries. Second, not only are SMEs in Turkey less productive than larger firms, but the gap across firm size is larger in Turkey than in other countries. Although growth and productivity may be affected by different aspects of the business environment, productivity is needed for firms to be competitive and thus be able to sustain growth in the long term. Therefore, growth and productivity must be simultaneously addressed to enable the sustainable creation of well paying jobs. The two main priorities for SMEs are: a) access to finance...

Enhancing the Creditworthiness of Municipal Bonds : Innovations from Mexico

Leigland, James; Mandri-Perrott, Cledan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
36.22%
In 2001-03 the municipal bond market in Mexico was among the most active in the developing world. Government officials had found a way to dramatically enhance the creditworthiness of local government debt without using sovereign guarantees. The technique, adapted in part from private sector 'future flow' financing deals, enabled a state or local government to earn significantly higher credit ratings for bond issues than for its normal balance sheet debt. Many other developing countries have turned to Mexico as a source of innovation that may have application in their own markets.

Asking the Right Questions : Johannesburg Completes a Groundbreaking Municipal Bond Issue

Ngobeni, Jason
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
46.24%
In 2004 the city of Johannesburg sold two municipal bond issues, among the very few such issues in Africa. The bond issues marked the city's recovery from near bankruptcy in the mid-1990s. They have been followed by several more as well as an even more ambitious capital financing program. Preparing for a first-time bond issuance is complicated and time consuming. Johannesburg navigated its way with remarkable success by asking the right questions and insisting on credible answers. Its path offers guidance and insights to other local governments considering the use of municipal bonds to finance infrastructure.

Do Phoenix Miracles Exist? Firm-Level Evidence from Financial Crises

Ayyagari, Meghana; Demirgüç-Kunt, Asli; Maksimovic, Vojislav
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
26.26%
This paper provides empirical evidence on firm recoveries from financial system collapses in developing countries (systemic sudden stops episodes), and compares them with the experience in the United States in the 2008 financial crisis. Prior research found that economies recover from systemic sudden stop episodes before the financial sector. These recoveries are called Phoenix miracles, and the research questioned the role of the financial system in recovery. Although an average of the macro data across a sample of systemic sudden stop episodes over the 1990s appears consistent with the notion of Phoenix recoveries, closer inspection reveals heterogeneity of responses across the countries, with only a few countries fitting the pattern. Micro data show that across countries, only a small fraction (less than 31 percent) of firms follow a pattern of recovery in sales without a recovery in external credit, and even these firms have access to external sources of cash. The experience of firms in the United States during the 2008 financial crisis also suggests no evidence of credit-less recoveries. An examination of the dynamics of firms' financing...

Contract Risks and Credit Spread Determinants in the International Project Bond Market

Dailami, Mansoor; Hauswald, Robert
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
26.19%
International bond markets have become an increasingly important source of long-term capital for infrastructure projects in emerging market economies over the past decade. The Ras Laffan Liquified Natural Gas (Ras Gas) project represents a milestone in this respect: its $1.2 billion bond offering, completed in December 1996, has been the largest for any international project. The Ras Gas project has the right to extract, process, and sell liquefied natural gas (LNG) from a field off the shore of Qatar. The principal off-taker is the Korea Gas Corporation (Kogas), which resells most of the LNG to the Korea Electric Power Corporation (Kepco) for electricity generation. In this clinical study the authors analyze the determinants of credit spreads for the Ras Gas project in terms of its contractual structure, with a view to better understanding the role of contract design in facilitating access to the global project bond market. Market risk perceptions have long been recognized to be a function of firm-specific variables...

Innovative Financing for Development

Ketkar, Suhas; Ratha, Dilip
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
26.24%
In the run-up to the 'follow-up international conference on financing for development' to be held in Doha from November 28 to December 2, 2008, it seems particularly timely to collect in one book writings on the various market-based innovative methods of raising development finance. Although developing countries are well advised to use caution in incurring large foreign debt obligations, especially of short duration, there is little doubt that poor countries can benefit from cross-border capital whether channeled through the public or private sectors. The papers in this book focus on various recent innovations in international finance that allow developing countries to tap global capital markets in times of low risk appetite, thereby reducing their vulnerability to booms and busts in capital flows. Debt issues backed by future hard currency receivables and diaspora bonds fall into the category of mechanisms that are best described as foul-weather friends. By linking the rate on interest to a country's ability to pay...

Taking Stock : An Update on Vietnam's Recent Economic Developments, July 2013; Diem lai : cap nhat tinh hinh phat trien kinh te Viet Nam

World Bank
Fonte: Hanoi Publicador: Hanoi
Tipo: Economic & Sector Work :: General Economy, Macroeconomics and Growth Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
26.17%
The global economy appears to be transitioning toward a period of more stable albeit moderate pace of growth. Global Gross Domestic Product (GDP), which slowed in mid-2012, is recovering and a modest acceleration in quarterly GDP is expected during the course of 2013. In the developing world growth remains solid, but there are some signs of easing. More than four years after the financial crisis started, global industrial output is only 5.3 percent higher than its pre-crisis peak. While the global financial market conditions continue to improve, eventual phasing out of quantitative easing in advanced economies is beginning to worry investors. The improvement in financial conditions can be seen in lower yields on long-term debt, higher stock market returns and near-record flow of gross capital to developing countries. Vietnam's economy is experiencing its longest spell of slow growth since the onset of economic reforms in the late-1980s. Real GDP grew by 5 percent in 2012, the lowest level since 1998. The economy extended its slow growth into the first half of 2013...

Indonesia : Managing Government Debt and its Risks

World Bank
Fonte: Washington, DC Publicador: Washington, DC
ENGLISH; EN_US
Relevância na Pesquisa
26.17%
The Asian economic crisis has left Indonesia's Government deeply in debt. Government debt has increased from 23 percent of GDP before the crisis to about 83 percent of GDP in early 2000. Nearly three quarters of this increase is domestic debt to pay for bank restructuring. Though very large, the government's debt is manageable. Actions to rebuild investor confidence, keep real interest rates down, and renew growth are necessary. Moreover, actions are also needed in the following areas: 1) generating significant primary fiscal surpluses; 2) containing off-budget losses and counteracting fiscal risks; 3) aggressively selling government assets to reduce government debt; 4) rescheduling existing debt under international rules and seeking the best possible terms for new borrowing; 5) building capacity to manage debt well; and 6) establishing an effective domestic bond market. The report concludes that Indonesia can overcome its government debt burden with renewed growth and prudent fiscal management. But this will not be easily or quickly achieved. Sustained fiscal surpluses and asset sales will be important. So will actions to avoid additional new government debt and strengthen debt management capacity.

Development Finance via Diaspora Bonds: Track Record and Potential

Ketkar, Suhas L.; Ratha, Dilip
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.22%
A diaspora bond is a debt instrument issued by a country - or potentially, a sub-sovereign entity or a private corporation - to raise financing from its overseas diaspora. Israel and India have raised $35-40 billion using these bonds. Drawing on their experiences, this paper discusses the rationale, methodology, and factors affecting the issuance of diaspora bonds for raising external development finance. The Government of Israel has offered a flexible menu of diaspora bonds since 1951 to keep the Jewish diaspora engaged. The Indian authorities, in contrast, have used this instrument for balance of payments support, to raise financing during times when they had difficulty in accessing international capital markets. Diaspora bonds are often sold at a premium to the diaspora members, thus fetching a "patriotic" discount in borrowing costs. Besides patriotism or the desire to do good in the investor's country of origin, such a discount can also be explained by the fact that diaspora investors may be more willing and able to take on sovereign risks of default in hard currency as well as devaluation as they may have local currency liabilities and they may be able to influence the borrower's decision to service such debt. The paper discusses several conditions for successful diaspora bond issuance having a sizeable diaspora...

Modificación redox de superficies para electrónica molecular y electrocatálisis; Surface redox modification for molecular electronics and electrocatalysis

Ricci, Alejandra Marcela
Fonte: Facultad de Ciencias Exactas y Naturales. Universidad de Buenos Aires Publicador: Facultad de Ciencias Exactas y Naturales. Universidad de Buenos Aires
Tipo: info:eu-repo/semantics/doctoralThesis; tesis doctoral; info:eu-repo/semantics/publishedVersion Formato: application/pdf
Publicado em //2010 SPA
Relevância na Pesquisa
26.26%
La comprensión y control del transporte de carga a través de películas orgánicas de un espesor nanométrico es de fundamental importancia en diferentes áreas de investigación aplicada como ser la electrónica molecular, el desarrollo de sensores y biosensores, la protección contra la corrosión, la electrocatálisis y la fotoconversión solar, entre otras. El conocimiento de cómo la composición y la estructura química pueden afectar la transferencia electrónica entre un sustrato sólido y una molécula electroactiva es central en el desarrollo de las mismas. En esta tesis el objetivo principal consistió en el estudio de fenómenos de transferencia electrónica (TE) y para ello se prepararon una serie de sistemas modelo basados en electrodos modificados con monocapas electroactivas. Éstos se obtuvieron por unión del complejo [Os(2,2 ́‐bpy)2Cl(py‐CH2‐NH2)]+ a monocapas previamente depositadas sobre electrodos de oro, que se formaron por adsorción de tioles alifáticos de diferentes longitudes de cadena, un tiol aromático y por electro‐reducción de sales de diazonio. De esta manera se obtuvieron dos formas de unión a la superficie: Au‐S y Au‐C...

Asset Managers and Financial Instability: Evidence of Run Behavior and Run Incentives in Corporate Bond Funds

Wang, Jeffrey J.
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation; text Formato: application/pdf
EN
Relevância na Pesquisa
26.17%
Asset managers may be a source of systemic risk due to their risk-taking strategies and vulnerability to dramatic outflows. Investor withdrawals trigger asset sales and redemption costs that only impact remaining investors in the fund. Liquidation lag and mark-to-market lag translate these redemption costs into run incentives. This paper first tests for run-like behavior in corporate bond mutual funds and then tests for the underlying run incentive, measured by the NAV impact. I find that illiquid bond funds are significantly more sensitive to past performance than liquid funds and experience up to 43.6% more outflows given a 1% decrease in returns. Furthermore, net flows into bond funds held primarily by institutional investors are less sensitive to performance but more sensitive to illiquidity than flows into funds held by retail investors, suggesting that institutional bond funds may be more vulnerable to runs. Finally, using a novel dataset, I proxy for the illiquidity of a fund’s underlying bonds and quantify the run incentive. Given 10% net outflows, funds that have insufficient cash and hold bonds of illiquidity 3-5 deviations from the mean experience a significant decrease in NAV of about 34-49 basis points. This paper contributes to the mutual fund and runs literature by offering new empirical evidence of run behavior and run incentives in corporate bond funds.; Applied Mathematics

Distribution of exchange energy in a bond-alternating S=1 quantum spin chain

Zheludev, A.; Masuda, T.; Sales, B.; Mandrus, D.; Papenbrock, T.; Barnes, T.; Park, S.
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 30/10/2003
Relevância na Pesquisa
36.07%
The quasi-one-dimensional bond-alternating S=1 quantum antiferromagnet NTENP is studied by single crystal inelastic neutron scattering. Parameters of the measured dispersion relation for magnetic excitations are compared to existing numerical results and used to determine the magnitude of bond-strength alternation. The measured neutron scattering intensities are also analyzed using the 1st-moment sum rules for the magnetic dynamic structure factor, to directly determine the modulation of ground state exchange energies. These independently determined modulation parameters characterize the level of spin dimerization in NTENP. First-principle DMRG calculations are used to study the relation between these two quantities.; Comment: 10 pages, 10 figures