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A Reader in International Corporate Finance, Volume One

Claessens, Stijn; Laeven, Luc
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
EN_US
Relevância na Pesquisa
66.75%
The Reader in International Corporate Finance offers an overview of current thinking on six topics: law and finance, corporate governance, banking, capital markets, capital structure and financing constraints, and the political economy of finance. This collection of 23 of the most influential articles published in the period 2000-2006 reflects two new trends: 1) interest in international aspects of corporate finance, particularly specific to emerging markets, and 2) awareness of the importance of institutions in explaining global differences in corporate finance.

A Reader in International Corporate Finance, Volume Two

Claessens, Stijn; Laeven, Luc
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
66.75%
The Reader in International Corporate Finance offers an overview of current thinking on six topics: law and finance, corporate governance, banking, capital markets, capital structure and financing constraints, and the political economy of finance. This collection of 23 of the most influential articles published in the period 2000-2006 reflects two new trends: 1) interest in international aspects of corporate finance, particularly specific to emerging markets, and 2) awareness of the importance of institutions in explaining global differences in corporate finance.

Corporate Finance Lessons from the East Asian Crisis

Pomerleano, Michael
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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56.57%
This Note examines the corporate roots of the financial crisis in East Asia. It summarizes the findings of a study of corporate financial performance in East Asian economies - Hong Kong, Indonesia, the Republic of Korea, Malaysia, the Philippines, Taiwan (China), and Thailand. To allow a consistent cross-border analysis of financial risk and performance, the study used as benchmarks key financial performance ratios for corporations in France, Germany, Japan, the United States, and Latin America.

Private Power Financing : From Project Finance to Corporate Finance

Jechoutek, Karl G.; Lamech, Ranjit
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
66.66%
Project financing of independent power producers (IPPs) may seem the only solution to the intractable problem of getting private credit to the power sector. In the developing world, however, the public-private partnership in project-financed IPP ventures has been slow to produce results. To achieve substantive progress in IPP financing, limited recourse project financing will have to evolve toward structures with greater balance sheet support. First, balance sheet support by the main partners in an IPP financing offers greater security to lenders and provides easier access to long-term debt. Second, balance sheet support by IPP sponsors can open access to public equity markets, which are deeper and generally cheaper. Third, increased corporate balance sheet support is a corollary to the restructuring in the world s power sectors. Greater corporate finance support will make it possible to raise private capital for independent power financing from wider, deeper, and cheaper sources. This Note recommends the following strategies: 1) Encourage the formation of large...

Corporate Governance and Development

Claessens, Stijn
Fonte: Oxford University Press on behalf of the World Bank Publicador: Oxford University Press on behalf of the World Bank
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
46.78%
The literature shows that good corporate governance generally pays for firms, for markets, and for countries. It is associated with a lower cost of capital, higher returns on equity, greater efficiency, and more favorable treatment of all stakeholders, although the direction of causality is not always clear. The law and finance literature has documented the important role of institutions aimed at contractual and legal enforcement, including corporate governance, across countries. Using firm level data, researchers have documented relationships between countries corporate governance frameworks on the one hand and performance, valuation, the cost of capital, and access to external financing on the other. Given the benefits of good corporate governance, firms and countries should voluntarily reform more. Resistance by entrenched owners and managers at the firm level and political economy factors at the level of markets and countries partly explain why they do not.

Bank Supervision and Corporate Finance

Beck, Thorsten; Demirguc-Kunt, Asli; Levine, Ross
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.61%
The authors examine the impact of bank supervision on the financing obstacles faced by almost 5,000 corporations across 49 countries. They find that firms in countries with strong official supervisory agencies that directly monitor banks tend to face greater financing obstacles. Moreover, powerful official supervision tends to increase firm reliance on special connections and corruption in raising external finance, which is consistent with political and regulatory capture theories. Creating a supervisory agency that is independent of the government and banks mitigates the adverse consequences of powerful supervision. Finally, the authors find that bank supervisory agencies that force accurate information disclosure by banks and enhance private monitoring tend to ease the financing obstacles faced by firms.

Firms Behaving Nicely : Incentives and Commitment

Klein, Michael
Fonte: International Finance Corporation, Washington, DC Publicador: International Finance Corporation, Washington, DC
EN_US
Relevância na Pesquisa
46.77%
Ever since the rise of large firms in the 18th century, debate has been raging about how to combine economic efficiency and productivity with socially desirable behavior of firms. This paper reviews the debate starting with the classic corporate governance argument about shareholder rights. It discusses the potential incentives to exploit other stakeholders unduly and examines some mechanisms, beyond contracts and regulation, to cope with this exploitation. In this light it considers reputational mechanisms, using the example of corporate social responsibility, and changes to the constitution of firms, with emphasis on the nonprofit form of enterprise. Based on evidence so far, the for-profit firm with mechanisms assuring sound shareholder rights remains preferable to the alternatives. However, scope for experimentation with mechanisms such as different classes of shareholders with differing voting rights may be socially useful, which suggests that global corporate governance principles thus should not be prescriptive in detail.

Reforming Corporate Governance : Experiences with Public Takeover Bids in Chile and Panama

Clarke de la Cerda, Alvaro; Barsallo, Carlos A.
Fonte: International Finance Corporation, Washington, DC Publicador: International Finance Corporation, Washington, DC
EN_US
Relevância na Pesquisa
46.71%
Focus 6 covers the experiences of two high-profile cases in Chile and Panama and analyzes reforms that shape new legislation and protect minority shareholders. The first article in this publication explores the impact the reforms to the regulation of corporate governance in 2000 on the capital market in Chile. After seven years of implementing the new law it is possible to consider, with a more informed vision, what the positive and negative elements that strengthening the regulation of corporate governance have brought. The experience of Panama is also an ironic commentary on the Chilean experience. It is the case for reform to protect minority shareholders which was introduced by the Panamanian securities regulator. In reaction to this, some interested individuals rejected the reform proposal in theory, tying up the initiative in the courts, but accepted it and followed it in practice. And continue to do so even today. The history, regulation and the practice of takeovers in Panama presents interesting paradoxical and contradictory features...

Corporate Governance in Vietnam

Centre for Asia Private Equity Research Ltd.
Fonte: International Finance Corporation, Vietnam Publicador: International Finance Corporation, Vietnam
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
56.65%
Corporate governance (CG) success stories in Vietnam are part of the International Finance Corporation’s ongoing efforts to raise greater awareness of the merits of CG. These success stories in Vietnam can serve as a guiding light for the immediate benefit and long-term value of CG to corporate development. The Law on Enterprise 2005, implemented in July 2006, marked the first introduction of a formal legal framework on CG in Vietnam. CG practice in Vietnam is expected to undergo sweeping changes when the revised Law on Enterprise (LOE) 2014 comes into effect on 1st July 2015. The revised LOE 2014 ensures independence of the Board of Directors, seeks to eliminate conflict of interest, and to improve accountability as part of Vietnamese government’s drive to ensure better CG.

A comparative analysis of corporate finance in the United States and Japan from 1880 to 1930

Morii, Yumiko
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica
EN
Relevância na Pesquisa
46.72%
This study explained the diversity of corporate financial practices in two nations. Existing studies have emphasized the reliance on equity finance in U.S. firms and bank loans in Japanese firms. In fact, patterns of corporate finance were much more complex. Financial institutions, which were created by national economic policy and regulation, affected corporate financial practices, but corporate financial practices often differed from what policymakers expected. Differences in corporate financial practices between nations also reflected differences in the mixture of industries in each nation. Many factors such as the amount of fixed capital, the process of production, the level of risk, the degree of innovation, and the importance of the industry in the national economy affected corporate financial practices. In addition, corporate financial practices within each nation differed from firm to firm due to managers’ considerations about stock ownership, which would affect their control power; corporate finance was closely related to control over management through ownership. ^ To explain these complexities of corporate financial practices, the study linked corporate finance with the development of financial institutions in the United States and in Japan. While financial institutions affected corporate financial practices...

A Comparative Analysis of Corporate Finance in the United States and Japan From 1880 to 1930

Morii, Yumiko
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica Formato: application/pdf
Relevância na Pesquisa
66.75%
This study explained the diversity of corporate financial practices in two nations. Existing studies have emphasized the reliance on equity finance in U.S. firms and bank loans in Japanese firms. In fact, patterns of corporate finance were much more complex. Financial institutions, which were created by national economic policy and regulation, affected corporate financial practices, but corporate financial practices often differed from what policymakers expected. Differences in corporate financial practices between nations also reflected differences in the mixture of industries in each nation. Many factors such as the amount of fixed capital, the process of production, the level of risk, the degree of innovation, and the importance of the industry in the national economy affected corporate financial practices. In addition, corporate financial practices within each nation differed from firm to firm due to managers’ considerations about stock ownership, which would affect their control power; corporate finance was closely related to control over management through ownership. To explain these complexities of corporate financial practices, the study linked corporate finance with the development of financial institutions in the United States and in Japan. While financial institutions affected corporate financial practices...

Oferta de formación en finanzas para estudiantes de posgrado; Finance master for postgraduate students

Salmón Saiz, Lorena
Fonte: Universidade de Cantabria Publicador: Universidade de Cantabria
Tipo: Trabalho de Conclusão de Curso
SPA
Relevância na Pesquisa
56.47%
RESUMEN: El Trabajo de Fin de Grado expuesto analiza las diferentes posibilidades de formación en el ámbito de las finanzas que tiene el estudiante universitario al finalizar sus estudios de grado. Para ello, se pretende analizar en profundidad diferentes másteres en finanzas atendiendo a su carácter oficial o no oficial o según su especialidad en torno a los Mercados Financieros o a las Finanzas Corporativas. Posteriormente, analizaremos la formación en finanzas existente en los países europeos de mayor importancia, realizando una comparativa entre ellos. Por último analizaremos el ranking de máster en finanzas con mayor difusión en el mundo. Este análisis intentará desvelar y reflejar los motivos por los cuales estos cursos aparecen en esa lista tan prestigiosa.; ABSTRACT: The End of Year Project analyses the different training opportunities in the field of finance undergraduate students have on completing their studies. For this, it is expected to analyse in depth different masters in finance paying attention to their official or unofficial character or according to their speciality around Financial Markets or Corporate Finance. Subsequently, we will analyze the existing finance training in the major European countries...

Global Development Finance 2007 : The Globalization of Corporate Finance in Developing Countries, Volume 1. Review, Analysis, and Outlook

World Bank
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Publication; Publications & Research
ENGLISH
Relevância na Pesquisa
56.72%
The globalization of corporate finance also points to other challenges. As emerging-market corporations have expanded their international operations, they have increased their exposure to interest rate and currency risks. Concerns are growing that several countries in emerging Europe and Central Asia are experiencing a credit boom engendered by cross-border borrowing by banks of untested financial health and stamina. Some of these banks have increased their foreign exchange exposure to worrisome levels, a concern that warrants special attention from national policymakers. Given banks' critical role in domestic monetary systems, policymakers should step up their regulation of foreign borrowing by banks. The projected slowdown in global growth and tighter monetary policy in high-income countries are expected to make financing conditions for developing countries somewhat less favorable in coming years. While a soft landing is the most likely outcome, there are risks. Global development finance is the World Bank's annual review of global financial conditions facing developing countries. The current volume provides analysis of key trends and prospects, including coverage of capital raised by developing country based corporations.

Global Development Finance 2007 : The Globalization of Corporate Finance in Developing Countries, Volume 2. Summary and Country Tables

World Bank
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Publication; Publications & Research
ENGLISH
Relevância na Pesquisa
56.72%
The globalization of corporate finance also points to other challenges. As emerging-market corporations have expanded their international operations, they have increased their exposure to interest rate and currency risks. Concerns are growing that several countries in emerging Europe and Central Asia are experiencing a credit boom engendered by cross-border borrowing by banks of untested financial health and stamina. Some of these banks have increased their foreign exchange exposure to worrisome levels, a concern that warrants special attention from national policymakers. Given banks' critical role in domestic monetary systems, policymakers should step up their regulation of foreign borrowing by banks. The projected slowdown in global growth and tighter monetary policy in high-income countries are expected to make financing conditions for developing countries somewhat less favorable in coming years. While a soft landing is the most likely outcome, there are risks. Global development finance is the World Bank's annual review of global financial conditions facing developing countries. The current volume provides analysis of key trends and prospects, including coverage of capital raised by developing country based corporations.

Corporate Governance Scorecards : Assessing and Promoting the Implementation of Codes of Corporate Governance

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.76%
This is a supplement to second IFC's toolkit: developing Corporate Governance codes of best practice. The focus of second toolkit is the development of codes of corporate governance. This supplement focuses narrowly on how to use scorecards to measure the observance and implementation of such codes. It does not cover the full panoply of governance assessment tools. This supplement provides practical guidance and a step-by step approach on how to develop a corporate governance scorecard. It also presents different approaches to scorings based on the experience of different scorecard users in different countries. This supplement is not intended to be a full manuscript of all the available tools or assessment techniques but more a guidance on various possible uses and applications of scorecards It is, however, intended to cover most of the issues that might confront any institution, regulator, stock exchange, and so on, that has in mind to develop a scorecard and to provide some practical guidance on how to approach those issues. This supplement provides practical guidance and a step-by step approach on how to develop a corporate governance scorecard. It also presents different approaches to scorings based on the experience of different scorecard users in different countries. The supplement also shows how scorecards are adapted to local circumstances and the local corporate governance framework.

Corporate Risk around the World

Claessens, Stijn; Djankov, Simeon; Nenova, Tatiana
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
56.55%
Weaknesses in the corporate sector have increasingly been cited as important factors in financial crises in both emerging markets and industrial countries. Analysts have pointed to weak corporate performance and risky financing patterns as major causes of the East Asian financial crisis. And some have argued that company balance sheet problems may also have played a role, independent of macroeconomic or other weaknesses, including poor corporate sector performance. But little is known about the empirical importance of firm financing choices in predicting and explaining financial instability. Firm financing patterns have long been studied by the corporate finance literature. Financing patterns have traditionally been analyzed in the Modigliani-Miller framework, expanded to incorporate taxes and bankruptcy costs. More recently, asymmetric information issues have drawn attention to agency costs and their impact on firm financing choices. There is also an important literature relating financing patterns to firm performance and governance. Several recent studies have focused on identifying systematic cross-country differences in firm financing patterns - and the effects of these differences on financial sector development and economic growth. They have also examined the causes of different financing patterns...

Culture and Corporate Governance Principles in India : Reconcilable Clashes?

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
46.72%
The structures, institutions, and legal framework of corporate governance are developed and administered by individuals whose behaviors are shaped by cultural and personal concepts of hope, ambition, greed, fear, uncertainty, and hubris, as well as by the social ethos. A problem arises when these influences do not conform to the regulatory prescriptions of corporate governance. This private sector opinion explores the dynamics of culture and corporate governance in India by calling attention to three areas where the clashes are strongest: related-party transactions, the promoter's or large shareholder's actions, and the board's nominations, deliberations, and effectiveness.

THREE ESSAYS IN CORPORATE FINANCE AND FINANCIAL INSTITUTIONS

Liu, Chen
Fonte: Quens University Publicador: Quens University
Tipo: Tese de Doutorado
EN; EN
Relevância na Pesquisa
56.38%
This thesis conducts empirical studies related to financial institutions and corporate finance. Specifically, I look at banks’ lending behavior, performance of leveraged buyouts (LBOs), and the cultural impact on cross-border LBOs. Following an introduction in Chapter 1, in Chapter 2, I study U.S. commercial banks’ herding behavior in their domestic loan decisions, where herding is defined as the extent to which banks deviate from the industry average lending decisions and collectively increase or decrease loans to certain categories. I find significant evidence that herding exists and that banks tend to herd more when the economic condition is less favorable, regulation is tight, and when banks are struggling . Overall, these findings support the hypotheses of information asymmetry and regulatory arbitrage as motivations for herding. Chapter 3 provides a comprehensive study of LBO deal characteristics, participants’ involvement, and their impact on target firms’ performance. I find that better post-buyout operating performance is associated with larger amounts of leverage added during the LBO process, tighter LBO loan covenants, and equity contribution by target firms’ incumbent management. LBOs are more likely to exit through an IPO or a sale if they use more bank debt with tighter covenants and are sponsored by private equity (PE) firms of high reputation. These results suggest that the main source of value creation in LBOs is the reduced agency costs through the disciplining effect of debt...

Financiamento de empresas não-financeiras de capital aberto no Brasil : proposição de uma abordagem quantilica; Corporate finance in Brazil : a quantile approach

Juliana de Paula Filleti
Fonte: Biblioteca Digital da Unicamp Publicador: Biblioteca Digital da Unicamp
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 25/02/2010 PT
Relevância na Pesquisa
56.33%
Esta tese tem como principal objetivo analisar as fontes de financiamento das empresas não financeiras de capital aberto no Brasil no período de 2003 a 2008 a partir de uma nova abordagem econométrica, denominada de regressão linear quantílica. Esta metodologia é proposta por se adequar melhor ao problema em questão sob dois aspectos. O primeiro deles, denominado de econômico, é a sua capacidade de detectar a heterogeneidade estrutural presente na questão do financiamento ao se tratar de diferentes empresas, sem a influência externa do pesquisador. O segundo, econométrico, se deve à robustez do método a desvios das hipóteses iniciais, tais como a suposição de normalidade dos resíduos. Para tal são construídos três indicadores de fontes de financiamento (autofinanciamento, financiamento externo via endividamento e financiamento externo via emissão acionária), assim como quatro variáveis consideradas como relevantes para a tomada de decisão de investimento: tamanho da empresa, intensidade de capital, lucratividade e crescimento médio anual. No modelo econométrico elaborado, os indicadores de financiamento são as chamadas "variáveis respostas" e as demais são variáveis explicativas de modelos de regressão. Antes de apresentar este modelo...

Finanças Corporativas: sua organização e base epistemológica; Corporate Finance: its organization and epistemological basis

Herling, Luiz Henrique; Universidade Federal de Santa Catarina; Moritz, Gilberto De Oliveira; Universidade Federal de Santa Catarina; Costa, Alexandre Marino; Universidade Federal de Santa Catarina; Moritz, Mariana Oliveira; Universidade Federal de Santa
Fonte: Universidade Federal de Santa Catarina Publicador: Universidade Federal de Santa Catarina
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; revisão de literatura; Formato: application/pdf
Publicado em 15/08/2014 POR
Relevância na Pesquisa
66.65%
http://dx.doi.org/10.5007/2175-8077.2014v16n39p179O presente estudo tem por objetivo evidenciar como estão organizados os estudos em administração financeira e qual é o paradigma que dá sustentação às teorias apresentadas até a atualidade, contextualizando como a administração financeira é organizada dentro da Ciência da Administração em termos históricos e evolutivos. Baseando-se nas decisões do gestor financeiro de investimento, financiamento e operações, o estudo busca mostrar qual a base filosófica que sustenta as teorias desenvolvidas. Ainda para melhor entendimento separa-se a administração financeira em finanças pessoais, mercados financeiros e finanças corporativas, sendo esta última o enfoque principal do estudo. Com a revisão da literatura, foi possível dividir e estratificar os estudos em finanças corporativas para uma melhor compreensão. Ao analisar, sob um enfoque evolucionário, nota-se uma crescente demanda por outras correntes nos estudos em finanças, como as finanças publicas, finanças comportamentais e as aqui denominadas finanças verdes.; This study aims to show how they are organized studies in financial management and what is the paradigm that support the theories presented until today...