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O papel certificador dos fundos de private equity e venture capital na qualidade das empresas estreantes na BM&FBovespa; The certifier role of private equity and venture capital investments on the quality of initial public offerings at BM&FBOVESPA

Testa, Carlos Henrique Rodrigues
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 29/07/2013 PT
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O presente trabalho buscou investigar, sob a perspectiva da Teoria da Sinalização, o papel certificador dos fundos de Private Equity e Venture Capital (PE/VC) sobre a qualidade das empresas estreantes na BM&FBovespa (IPOs). Para isso, propôs-se um estudo de evento visando constatar a existência de retornos anormais acumulados (proxy para qualidade dos IPOs) em carteiras de investimentos compostas por ações provenientes dos IPOs realizados na BM&FBovespa, no período de janeiro de 2004 a dezembro de 2007. As hipóteses do trabalho foram verificadas por meio de três procedimentos distintos: teste de médias, método CAPM e regressões CAR. Os resultados dos testes de médias indicaram que os IPOs de empresas investidas por fundos de PE/VC apresentaram desempenhos de curto, médio e longo prazo (até 5 anos) superiores e estatisticamente significantes em relação às empresas não investidas. Além disso, os resultados demonstraram que quanto maior a participação dos fundos de PE/VC na empresa investida, melhor o desempenho de longo prazo. Os resultados do método CAPM indicaram que os retornos observados dos IPOs foram inferiores aos retornos esperados, dado o nível de risco assumido. As regressões CAR verificaram se a presença de fundos de PE/VC explica retornos anormais positivos dos IPOs...

Health and development with imperfect capital markets

Geoffard, Pierre- Yves; Verdier, Thierry
Fonte: Escola de Pós-Graduação em Economia da FGV Publicador: Escola de Pós-Graduação em Economia da FGV
Tipo: Relatório
EN_US
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This paper investigates the interaction between investment in education and in life-expanding investments, in a simple two-period model in which individuaIs are liquidity constrained in the first period. We show that under low leveIs of health and capital, investments in human capital and in health are complement: since the probability of survival is small, there is littIe incentive to invest in human capital; therefore the return on health investment is also low. This reinforcing effect does not hold for higher leveIs of health or capital, and the two investments become substitute. This property has many consequences. First, subsidizing health care may have dramatically different effects on private investment in human capital, depending on the initial leveI of health and capital. Second, the assumption that mortality is endogenous induces an increase in inequality of income: since health investment is a normal good, the return on education is also lower for poor individuaIs. Third,in a non-overlapping generation madel with non-altruistic agents, the hea1th leveI of the population has strong consequences on growth. For a very low leveI of hea1th, mortality is too high for the investment on education to be profitable. For a higher...

Caracterização dos fundos de investimentos de capital de risco brasileiro

Titericz, Ricardo
Fonte: Florianópolis, SC Publicador: Florianópolis, SC
Tipo: Dissertação de Mestrado Formato: XII,80 f.| il., tabs.
POR
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Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro Tecnológico. Programa de Pós-Graduação em Engenharia de Produção.; A captação de recursos, através de capital de risco, vem-se tornando uma alternativa para os empreendedores que necessitam de recursos financeiros para os investimentos em suas empresas. Para ter acesso certo aos investimentos disponíveis pelos capitalistas de risco, os empreendedores devem conhecer o que os esses investidores exigem quando buscam novos empreendimentos para investir. Este trabalho pretende identificar as características dos fundos de investidores brasileiros de capital de risco, com o objetivo de auxiliar os empreendedores que buscam recursos financeiros por meio dessa modalidade de concessão de capital. A partir de pesquisas em dados secundários e dados primários - entrevistas semi-estruturadas e questionários fechados - junto aos responsáveis pelos investimentos de empresas brasileiras de capital de risco, constatou-se que os investidores de risco brasileiros possuem características que evidenciam um perfil comum. Os fundos de investidores de risco brasileiros aplicam seus recursos, em média, durante 3 a 5 anos - tempo suficiente para ter retornos superiores a 31%. Esses investimentos...

Income Shocks Reduce Human Capital Investments : Evidence from Five East European Countries

Dasgupta, Basab; Ajwad, Mohamed Ihsan
Fonte: Banco Mundial Publicador: Banco Mundial
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This paper empirically investigates whether households affected by income shocks cope by reducing human capital investments. The analysis uses Crisis Response Surveys conducted in Armenia, Bulgaria, Montenegro, Romania, and Turkey during 2009 and 2010. A propensity score matching technique is adopted to compare health and education investment decisions among households that were affected by income shocks to the matched comparison group. The authors find that households affected by income shocks reduced some human capital investments. Interestingly, households in these five countries were more likely to adopt health-related coping strategies as opposed to education-related coping strategies. The results from Armenia, Bulgaria, Montenegro, and Turkey show that households affected by income shocks reduced their visits to doctors and reduced their spending on medicine and medical care significantly more than the matched comparison group. Households affected by income shocks reduced their education investments...

Fiscal Adjustment and Growth in Sub-Saharan Africa : Overview and Lessons from the Current Downturn

Fofack, Hippolyte
Fonte: Banco Mundial Publicador: Banco Mundial
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In light of the proliferation of exceptionally large fiscal stimuli to ward off the recession triggered by the 2008 global economic and financial crisis in most advanced economies, this paper revisits the fiscal adjustment and growth nexus in Sub-Saharan Africa. Using transfer functions, it quantifies expected losses in terms of aggregate output largely attributed to a systematic implementation of pro-cyclical expenditure switching and reducing policies to achieve low deficit targets throughout the decades of adjustments. The results consistently highlight a much higher predicted aggregate output under the hypothesized counter-cyclical fiscal expansion option. This consistent outcome suggests that the output gap would have been significantly smaller in the region if countries had drawn on stop-and-go policies of fiscal expansion to sustainably raise the stock of capital investments.

Climate Proofing Infrastructure in Bangladesh : The Incremental Cost of Limiting Future Inland Monsoon Flood Damage

Dasgupta, Susmita; Huq, Mainul; Khan, Zahirul Huq; Masud, Md. Sohel; Ahmed, Manjur Murshed Zahid; Mukherjee, Nandan; Pandey, Kiran
Fonte: Banco Mundial Publicador: Banco Mundial
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46.55%
Two-thirds of Bangladesh is less than 5 meters above sea level, making it one of the most flood prone countries in the world. Severe flooding during a monsoon causes significant damage to crops and property, with severe adverse impacts on rural livelihoods. Future climate change seems likely to increase the destructive power of monsoon floods. This paper examines the potential cost of offsetting increased flooding risk from climate change, based on simulations from a climate model of extreme floods out to 2050. Using the 1998 flood as a benchmark for evaluating additional protection measures, the authors calculate conservatively that necessary capital investments out to 2050 would total US$2,671 million (at 2009 prices) to protect roads and railways, river embankments surrounding agricultural lands, and drainage systems and erosion control measures for major towns. With gradual climate change, however, required investments would be phased. Beyond these capital-intensive investments, improved policies, planning and institutions are essential to ensure that such investments are used correctly and yield the expected benefits. Particular attention is needed to the robustness of benefits from large-scale fixed capital investments. Investments in increased understanding of risk-mitigation options and in economic mobility will have especially high returns.

Capital Subsidies Implicit in Concessional Finance : How to Make Them More Transparent and Better Targeted

Kingdom, William; Baeumler, Axel; Guzman, Alfonso
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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Multilateral Development Banks (MDBs) finance a significant share of developing country water sector investments in Vietnam. Much of this financing is concessional and often on-lent by national governments, at similar concessional terms, to water utilities. This concessionality carries an implicit subsidy, i.e., the difference between MDB financing terms and commercial financing terms priced more in line with the underlying credit risks. As such concessional financing is most often used for capital investment projects, the implicit subsidy can be considered a capital subsidy. This working paper asks whether there is an opportunity to increase the value of concessional financing for water sector investments by making implicit capital subsidies more explicit and targeting them to a clearly defined public policy objective. Specifically, the paper (i) considers the extent to which implicit subsidies exist in MDB lending for the water sector; (ii) identifies a possible approach to quantify the amount of subsidies involved; (iii) outlines an emerging framework to make subsidies more explicit as a basis for improved targeting; and (iv) discusses operational implications. By investigating these issues...

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
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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...

Kazakhstan - On the Crest of the Oil Wave

Sarsenov, Ilyas; Madani, Dorsati
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Relatório
EN_US
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Economic growth slowed in 2012 due to capacity constraints in the oil sector, weaker global demand for metals, and unfavorable weather conditions affecting crop production. Overall, industrial output expanded by 0.5 percent in 2012, with negligible contribution to Gross Domestic Product (GDP) growth for the year. Against the decline of agriculture, and little change in industry overall, real GDP growth was supported by a 10 percent year/year growth of the services sector in 2012. Higher export revenues supported strong domestic demand for trade and transportation, as well as for other non-tradable services. High oil prices continued spurring domestic consumption while fixed capital investments remained depressed. Private consumption remains the main contributor to GDP growth as it has been growing by 9-10 percent a year since 2010, supported by favorable commodity prices and high oil export revenue. Exports of oil largely influence the composition of Kazakhstans trading partners, while membership in the customs union appears to be affecting composition of imports. The European Union (EU) maintains the first place among trading partners of Kazakhstan...

Institutional Agenda and PPP Options for Water Supply and Sewage in Ludhiana

Ramanujam, S.R.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
EN_US
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Water supply and sewage (WSS) operations in Ludhiana resemble that of many Indian cities; service levels are poor when compared to benchmarks; cost recovery is low; the municipal corporation subsidises operating deficits; the Government finances capital expenditure; assets are created through a State owned entity; internal capacity, systems and procedures are weak. The State Government has taken a decision to make key municipal corporations (including Ludhiana) responsible for future asset creation and also expects them to share capital expenditure. To improve the quality of service, the city needs immediate capital investments and change in management practices. Key institutional actions to achieve this are a) WSS operations focusing on higher cost recovery, b) increased contribution from the municipal corporation to WSS capital expenditure financing as opposed to O & M financing and c) modern governance structure for WSS operations.

Philippines : Study on Local Service Delivery

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
ENGLISH; EN_US
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This policy note analyzes the composition of public expenditures that support devolved services (including the resource allocation decisions that support these expenditures), an assessment of the quality of local service delivery based on available local data, and an evaluation of the interactions between various public entities that finance and provide local services. The report includes reviews of local capital investments, local road sector, and the local health sector. The findings from the case studies suggest the need for the rationalization, harmonization, and simplification of local planning and budgeting requirements prescribed by national government oversight agencies. There is also strong need for the national government to clarify the assignment of administrative responsibility for local roads in order to improve the planning and coordination of investments. Finally, the Department of Health should continue to build on its comprehensive reform agenda, which is focused on creating incentives for the local government unit's health sector performance and strengthening systems of local accountability for the province-wide health system.

Mining Industry as a Source of Economic Growth in Kyrgyzstan

Bogdetsky, Valentine; Ibraev, Karybek; Abdyrakhmanova, Jyldyz
Fonte: World Bank, Bishkek Publicador: World Bank, Bishkek
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
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The study 'Mining as a source of economic growth in Kyrgyzstan' is developed by the project implementation unit of the World Bank for 'building capacity in governance and revenues streams management for mining and natural resources'. This study is aimed at defining a role for the mining industry in the country and evaluating its possible impacts on economic development in the future. Mineral resources development is an essential condition for successful economic development of Kyrgyz Republic. In fact, it is the only possible way to raise social welfare in remote high mountainous regions. At the present time, some recovery of investment activities in mining industry has been observed. However, the lack of long-term capital investments in mining and geological exploration projects is still acutely felt. International experts have noted more than once that in spite of the significant size of territory and good level of geological study, the minerals potential of the country remains underdeveloped. At present...

Public and Private Investments in Innovation Capabilities : Structural Transformation in the Chilean Wine Industry

Dutz, Mark A.; O'Connell, Stephen D.; Troncoso, Javier L.
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
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46.63%
This paper assembles novel data on the Chilean wine industry to investigate the role of investments in knowledge capital on sales growth in domestic and international markets. The study uses archival data collected from the Government of Chile to compile and categorize public expenditures and programs supporting the Chilean wine industry over the period of 1990-2012 into investment in different types of knowledge capital. These spending categories are related to industry-level sales growth. The paper finds that the most important correlate is spending on research and development. The study also uses data from a new survey of Chilean wine firms to capture information on firm-specific investments in knowledge capital. The findings show that investments in collaboration capital, in particular hiring foreign consultants, as well as participation in international wine fairs are the strongest correlates of growth in export sales, while spending on aspects of branding (local advertising and brand design) are the strongest correlates of domestic market sales growth.

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
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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...

Natural Disasters, Self-Insurance and Human Capital Investment : Evidence from Bangladesh, Ethiopia and Malawi

Yamauchi, Futoshi; Yohannes, Yisehac; Quisumbing, Agnes
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
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46.51%
This paper examines the impacts of disasters on dynamic human capital production using panel data from Bangladesh, Ethiopia, and Malawi. The empirical results show that the accumulation of biological human capital prior to disasters helps children maintain investments in the post-disaster period. Biological human capital formed in early childhood (long-term nutritional status) plays a role of insurance with resilience to disasters by protecting schooling investment and outcomes, although disasters have negative impacts on investment. In Bangladesh, children with more biological human capital are less affected by the adverse effects of floods, and the rate of investment increases with the initial human capital stock in the post-disaster recovery process. In Ethiopia and Malawi, where droughts are rather frequent, exposure to highly frequent droughts in some cases reduces schooling investment but the negative impacts are larger among children embodying less biological human capital. Asset holdings prior to the disasters...

Changing Households’ Investments and Aspirations through Social Interactions : Evidence from a Randomized Transfer Program

Macours, Karen; Vakis, Renos
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
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Low aspirations can limit households investments and contribute to sustained poverty. Vice versa, increased aspirations can lead to investment and upward mobility. Yet how aspirations are formed is not always well understood. This paper analyzes the role of social interactions in determining aspirations in the context of a program aimed at increasing households' investments. The causal effect of social interactions is identified through the randomized assignment of leaders and other beneficiaries to three different interventions within each treatment community. Social interactions are found to affect households attitudes toward the future and to amplify program impacts on investments in human capital and productive activities. The empirical evidence indicates that communication with motivated and successful nearby leaders can lead to higher aspirations and corresponding investment behavior.

School Quality, Labor Markets and Human Capital Investments : Long-term Impacts of an Early Stage Education Intervention in the Philippines

Yamauchi, Futoshi; Liu, Yanyan
Fonte: World Bank, Washington, Dc Publicador: World Bank, Washington, Dc
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
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56.6%
This paper examines the long-term impacts of improved school quality at the elementary school stage on subsequent schooling investments and labor market outcomes using unique data from a recent survey that tracked students in the Philippines. The empirical results, which are based on a comparison of students who graduated from schools located in adjacent treatment and control areas before and after a school intervention, show significant differences in subsequent schooling investments, migration, and labor market earnings between females and males. That is, females study more (relative to males) and tend to migrate and earn more if they receive high-quality educational investments at an early stage. The above results are consistent with females' greater incentives to study, driven by their higher returns to schooling, especially after high school completion, observed in the labor market.

World Bank Group Support for Innovation and Entrepreneurship : An Independent Evaluation

Independent Evaluation Group
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research; Publications & Research :: Publication
ENGLISH; EN_US
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World Bank Group management welcomes Independent Evaluation Group (IEG) review of innovation and entrepreneurship. The global financial crisis required developing economies to actively seek new sources of economic growth. Natural resource-intensive economies are pursuing new ways to diversify their productive capacity to build resilience to commodity cycles. Middle-income countries (MICs) are looking for ways to escape the middle-income trap. A number of developmental challenges, from climate adaptation to food security and health, require new, efficient technological solutions adapted to developing countries' needs. In such context, innovation and entrepreneurship are increasingly seen as essential ingredients for economic and social prosperity. The report notes there are limited mechanisms in place to share learning about innovation and entrepreneurship and few formal efforts to improve coordination. However, important initiatives are already under way to foster learning, cross fertilization, and codification of knowledge to support innovation policy. The innovation...

Municipal Budgeting and Finance : Scaling Up Energy Efficiency in Buildings in the Western Balkans

Network of Associations of Local Authorities in South-East Europe
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.55%
Within the Western Balkans region, a secure and reliable energy supply is critical for sustainable economic growth. Expensive, imported energy and inefficient energy use place a huge burden on municipalities that require affordable and reliable infrastructure services to attract investment and provide services to their citizens. With energy prices projected to rise, service delivery costs will increase, further straining municipal budgets and disproportionally affecting poorer households. The ability of municipalities to adequately budget for and finance reductions in energy use thus will be a critical need in the years ahead. Saving energy can also help cities renew their building and infrastructure stock while helping to create employment opportunities, all paid for through the reductions in their energy bills. The municipal budget is the main financial planning document at the local level. It contains a list of municipal revenues and expenditures for the coming year, the latter of which are divided into operating and capital expenditures. Typically...

Venture Capital Funds in Emerging Markets : Lessons from IFC's Investments

Barger, Teresa; Carter, Laurence; Kuczynski, Irving
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Viewpoint; Publications & Research
ENGLISH
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Venture capital funds pool and manage money from investors seeking private equity stakes in small and medium-size enterprises with strong growth potential. These investments tend to be long term, and the industry is relatively new in emerging markets. So only very recently has it been possible to draw some conclusions about the performance of these funds. The authors outline some of the lessons from IFC's portfolio.