Multinational Companies, Technology Spillovers and Firm Survival: Evidence from Irish Manufacturing by
... In order to investigate the relationship between nationality of ownership and firm survival we use data taken from the Employment Survey which is carried out annually by Forfás, the policy and advisory board for industrial development in Ireland. The survey has been undertaken since 1973 and data ar ...
... In order to investigate the relationship between nationality of ownership and firm survival we use data taken from the Employment Survey which is carried out annually by Forfás, the policy and advisory board for industrial development in Ireland. The survey has been undertaken since 1973 and data ar ...
Select Risk Profile Portfolios – quarterly investment report
... years or more. Currently, each portfolio, except the Cautious Select Portfolio, is lagging behind its respective target risk range. The Select Risk Profile Portfolios are created based on long-term market analysis, so when market risk is lower than average, we would expect to see the portfolios fall ...
... years or more. Currently, each portfolio, except the Cautious Select Portfolio, is lagging behind its respective target risk range. The Select Risk Profile Portfolios are created based on long-term market analysis, so when market risk is lower than average, we would expect to see the portfolios fall ...
Brochure - The Brookdale Group
... Brookdale’s institutional co-investors consist of some of the nation’s best known university endowments, foundations and charitable trusts. Through its seven sponsored investment funds to date, Brookdale has enjoyed a working relationship with a total of 41 such institutional investors, 37 of whom a ...
... Brookdale’s institutional co-investors consist of some of the nation’s best known university endowments, foundations and charitable trusts. Through its seven sponsored investment funds to date, Brookdale has enjoyed a working relationship with a total of 41 such institutional investors, 37 of whom a ...
Liquidity Shocks and the Business Cycle: What next?
... This paper studies the properties of an economy subject to random liquidity shocks as proposed by Kiyotaki and Moore [2008]. Liquidity shocks affect the ease with which equity can be used as to finance the down-payment of new investment projects. If these shocks are sufficiently large, they have the ...
... This paper studies the properties of an economy subject to random liquidity shocks as proposed by Kiyotaki and Moore [2008]. Liquidity shocks affect the ease with which equity can be used as to finance the down-payment of new investment projects. If these shocks are sufficiently large, they have the ...
Venture Debt Financing for Start
... Nevertheless, after raising several equity rounds start-up’s shareholders, especially founders, become reluctant to give up more equity and prefer to preserve their ownership shares so as to enhance the ultimate financial outcome. Under these circumstances, entrepreneurs search for an additional sou ...
... Nevertheless, after raising several equity rounds start-up’s shareholders, especially founders, become reluctant to give up more equity and prefer to preserve their ownership shares so as to enhance the ultimate financial outcome. Under these circumstances, entrepreneurs search for an additional sou ...
Detail Disagreement - American Economic Association
... the emergence of these episodes, we investigate the role of the competitive structure of the industry. Our example of social network features a winner-takes-all structure: there is a finite amount of profits that will be captured by only one firm. We show such structures are particularly sensitive t ...
... the emergence of these episodes, we investigate the role of the competitive structure of the industry. Our example of social network features a winner-takes-all structure: there is a finite amount of profits that will be captured by only one firm. We show such structures are particularly sensitive t ...
Intertemporal capital budgeting
... changes in customer demand. Those changes do not necessarily warrant an immediate response entailing capital investment, but, if they turn out to be permanent or become more pronounced, do so in the future. Division managers are also likely to be better informed than headquarters about the probabili ...
... changes in customer demand. Those changes do not necessarily warrant an immediate response entailing capital investment, but, if they turn out to be permanent or become more pronounced, do so in the future. Division managers are also likely to be better informed than headquarters about the probabili ...
Sustainable Landscapes: Investor Mapping in Asia
... Agriculture, forestry and other land use is a major source of GHG emissions, but is also a central pillar in the economies of many developing countries, making it critical to balance economic growth and climate change mitigation efforts on this sector. The study aimed to identify key investors in ...
... Agriculture, forestry and other land use is a major source of GHG emissions, but is also a central pillar in the economies of many developing countries, making it critical to balance economic growth and climate change mitigation efforts on this sector. The study aimed to identify key investors in ...
Determinants of abnormal returns in mergers
... mergers and acquisitions were announced by U.S companies, with a value exceeding $700 billion. However, these amounts were even lower than the preceding years. In 2000, 1999 and 1998 the total value of merger and acquisition deals were $1.28 trillion, $1.4 trillion and $1.2 trillion respectively. Th ...
... mergers and acquisitions were announced by U.S companies, with a value exceeding $700 billion. However, these amounts were even lower than the preceding years. In 2000, 1999 and 1998 the total value of merger and acquisition deals were $1.28 trillion, $1.4 trillion and $1.2 trillion respectively. Th ...
Familiarity Breeds Investment
... include outright capital controls, taxes and higher transactions costs associated with international investments. But these seem to pose no material challenge to cross border investments among the developed countries. Indeed, Tesar and Werner (1995) write: “the high transactions rate on foreign inve ...
... include outright capital controls, taxes and higher transactions costs associated with international investments. But these seem to pose no material challenge to cross border investments among the developed countries. Indeed, Tesar and Werner (1995) write: “the high transactions rate on foreign inve ...
Does The Firm Information Environment Influence Financing
... less information sensitive debt financing in the post Reg FD regime. Separately, Wang (2007) notes that Reg FD largely targets firms that rely on selective disclosure. To the extent that this is true, one could argue that Reg FD will have a distinct impact on the financing choices of firms that rel ...
... less information sensitive debt financing in the post Reg FD regime. Separately, Wang (2007) notes that Reg FD largely targets firms that rely on selective disclosure. To the extent that this is true, one could argue that Reg FD will have a distinct impact on the financing choices of firms that rel ...
The Impact of Collateral
... “Risk management of collateral has become more critical,” says Jennis. “Systems need to look at the type of collateral and what is accessible. They need reports in terms of concentration such as are available on GlobalCollateral’s Collateral Management Utility. They need to do it more frequently: da ...
... “Risk management of collateral has become more critical,” says Jennis. “Systems need to look at the type of collateral and what is accessible. They need reports in terms of concentration such as are available on GlobalCollateral’s Collateral Management Utility. They need to do it more frequently: da ...
Venture capital and the financial crisis
... Research done by Giot & Schwienbacher (2007) and Cumming et al (2005) state that IPO`s are most commonly used by venture capitalists as exit transactions. Therefore, with liquidity conditions is meant the level of risk associated with IPO`s as a n exit transaction for investments. The attractiveness ...
... Research done by Giot & Schwienbacher (2007) and Cumming et al (2005) state that IPO`s are most commonly used by venture capitalists as exit transactions. Therefore, with liquidity conditions is meant the level of risk associated with IPO`s as a n exit transaction for investments. The attractiveness ...
Valuation: Part I Discounted Cash Flow Valuation
... 1928 (about 80 years of history) and you assume a standard deviation of 20% in annual stock returns, you arrive at a standard error of greater than 2%: ...
... 1928 (about 80 years of history) and you assume a standard deviation of 20% in annual stock returns, you arrive at a standard error of greater than 2%: ...
Financing Innovation Working Paper
... area of work will continue strongly for some time into the future. Looking forward through this review, we highlight several recent themes for the financing of innovation that cut across section boundaries. First, there is a growing body of work that documents a role for debt financing related to in ...
... area of work will continue strongly for some time into the future. Looking forward through this review, we highlight several recent themes for the financing of innovation that cut across section boundaries. First, there is a growing body of work that documents a role for debt financing related to in ...
Promotion of unregulated collective investment schemes
... to limit the scope for marketing funds which may not have been designed for retail distribution into the retail marketplace. The FSA's proposals in CP12/19 sought to make the provisions even more restrictive. The FCA published its feedback on CP 12/19 including final rules in June. Whilst the lobbyi ...
... to limit the scope for marketing funds which may not have been designed for retail distribution into the retail marketplace. The FSA's proposals in CP12/19 sought to make the provisions even more restrictive. The FCA published its feedback on CP 12/19 including final rules in June. Whilst the lobbyi ...
Determinants of Capital Structure: Evidence from a Major
... been extensive theoretical work on the determinants of firms’ capital structures. Already by the early 1980s, these efforts culminated in the development of the two major theories of capital structure. In the (static) trade-off theory, firms trade off tax savings from debt financing against deadweig ...
... been extensive theoretical work on the determinants of firms’ capital structures. Already by the early 1980s, these efforts culminated in the development of the two major theories of capital structure. In the (static) trade-off theory, firms trade off tax savings from debt financing against deadweig ...
UNCTAD`s Global Action Menu for Investment Facilitation
... Overall, the number of investment facilitation measures adopted by countries over the past six years remains relatively low compared with the numbers of other investment promotion measures. In addition, only about 20 per cent of the 111 investment laws analyzed by UNCTAD deal with specific aspects o ...
... Overall, the number of investment facilitation measures adopted by countries over the past six years remains relatively low compared with the numbers of other investment promotion measures. In addition, only about 20 per cent of the 111 investment laws analyzed by UNCTAD deal with specific aspects o ...
reinventing venture capital towards a new economic
... investment with private investment wherever possible Recent research shows that this works better than purely public funding. However, if private matching funding is not forthcoming, public investment in venture capital should proceed nonetheless — to avoid the sector being starved of funds. The sup ...
... investment with private investment wherever possible Recent research shows that this works better than purely public funding. However, if private matching funding is not forthcoming, public investment in venture capital should proceed nonetheless — to avoid the sector being starved of funds. The sup ...
Outside Entrepreneurial Capital
... Pre-IPO outside entrepreneurial capital may be provided by banks, VCs, private individuals (‘angel’ investors), leasing, factoring, suppliers/customers, partners/working shareholders, among other sources. Different streams of the academic literature have become segmented by each of these different i ...
... Pre-IPO outside entrepreneurial capital may be provided by banks, VCs, private individuals (‘angel’ investors), leasing, factoring, suppliers/customers, partners/working shareholders, among other sources. Different streams of the academic literature have become segmented by each of these different i ...
why polish companies go public
... witnessing the second biggest wave of IPOs in its history. The first “hot period” dates back to 1997-1998 when 102 companies went public (that is over 50 percent of the total number of companies traded at that time). In 2005 and 2004 there were 36 and 35 IPOs, respectively. Bearing in mind that the ...
... witnessing the second biggest wave of IPOs in its history. The first “hot period” dates back to 1997-1998 when 102 companies went public (that is over 50 percent of the total number of companies traded at that time). In 2005 and 2004 there were 36 and 35 IPOs, respectively. Bearing in mind that the ...
The High Dividend Yield Return Advantage
... In a paper published in the Journal of Financial Economics in 1979, entitled The Effect of Personal Taxes and Dividends on Capital Asset Prices, Robert Litzenberg of Stanford University and Krishna Ramaswamy of Bell Labs, discovered a strong correlation between expected pre-tax returns and dividend ...
... In a paper published in the Journal of Financial Economics in 1979, entitled The Effect of Personal Taxes and Dividends on Capital Asset Prices, Robert Litzenberg of Stanford University and Krishna Ramaswamy of Bell Labs, discovered a strong correlation between expected pre-tax returns and dividend ...
Investment - Cash Flow Sensitivity and Financing Constraints
... firms have lower cash flows sensitivity than non-group firms. But, their study suffers from limitations like the use of a crude measure of cash flows (sum of net profit and depreciation) and a lack of robustness analysis with stock market data. Bhaduri (2005) and Ghosh (2006) investigate if financia ...
... firms have lower cash flows sensitivity than non-group firms. But, their study suffers from limitations like the use of a crude measure of cash flows (sum of net profit and depreciation) and a lack of robustness analysis with stock market data. Bhaduri (2005) and Ghosh (2006) investigate if financia ...
19.1 Financing Your Business
... financing. Explain the types of growth financing available to entrepreneurs. Describe how to calculate start-up capital ...
... financing. Explain the types of growth financing available to entrepreneurs. Describe how to calculate start-up capital ...
CEO Pay and Firm Size: an Update after the Crisis
... and firm size identified in GL.2 In 2004, the end of ‘free’ accounting for stock options has been followed by a shift toward restricted stock and then, toward the use of performance-based vesting conditions in equity grants (see Bettis et al., 2012). In 2006, the SEC promulgated new executive pay di ...
... and firm size identified in GL.2 In 2004, the end of ‘free’ accounting for stock options has been followed by a shift toward restricted stock and then, toward the use of performance-based vesting conditions in equity grants (see Bettis et al., 2012). In 2006, the SEC promulgated new executive pay di ...
History of private equity and venture capital
The history of private equity and venture capital and the development of these asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks.Since the origins of the modern private equity industry in 1946, there have been four major epochs marked by three boom and bust cycles. The early history of private equity—from 1946 through 1981—was characterized by relatively small volumes of private equity investment, rudimentary firm organizations and limited awareness of and familiarity with the private equity industry. The first boom and bust cycle, from 1982 through 1993, was characterized by the dramatic surge in leveraged buyout activity financed by junk bonds and culminating in the massive buyout of RJR Nabisco before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s. The second boom and bust cycle (from 1992 through 2002) emerged from the ashes of the savings and loan crisis, the insider trading scandals, the real estate market collapse and the recession of the early 1990s. This period saw the emergence of more institutionalized private equity firms, ultimately culminating in the massive Dot-com bubble in 1999 and 2000. The third boom and bust cycle (from 2003 through 2007) came in the wake of the collapse of the Dot-com bubble—leveraged buyouts reach unparalleled size and the institutionalization of private equity firms is exemplified by the Blackstone Group's 2007 initial public offering.In its early years through roughly the year 2000, the history of the private equity and venture capital asset classes is best described through a narrative of developments in the United States as private equity in Europe consistently lagged behind the North American industry. With the second private equity boom in the mid-1990s and liberalization of regulation for institutional investors in Europe, the emergence of a mature European private equity market has occurred.