This paper shows that, in spite of recent progress in the usage of alternative financial services by adult populations, Latin America’s financial inclusion gaps relative to either high-income countries or the region’s comparators (countries with a similar degree of development) have not reduced generally and, in some cases, have even increased during the period 2011-2014.
{"title":"Financial Inclusion in Latin America: Facts and Obstacles","authors":"L. Rojas-Suárez","doi":"10.2139/ssrn.2860875","DOIUrl":"https://doi.org/10.2139/ssrn.2860875","url":null,"abstract":"This paper shows that, in spite of recent progress in the usage of alternative financial services by adult populations, Latin America’s financial inclusion gaps relative to either high-income countries or the region’s comparators (countries with a similar degree of development) have not reduced generally and, in some cases, have even increased during the period 2011-2014.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129168783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Spanish Abstract: La utilizacion de los procedimientos concursales en Iberoamerica resulta notablemente inferior que en otros paises de nuestro entorno. En ocasiones, se ha alegado que el escaso uso de los procedimientos de insolvencia se debe a una falta de "cultura concursal" de los empresarios de la comunidad iberoamericana, que, probablemente, no tienen la misma vision del emprendimiento, la innovacion y el fracaso empresarial que los empresarios de otros paises de nuestro entorno. Sin embargo, a nuestro modo de ver, la reticencia al uso de los procedimientos concursales en la comunidad iberoamericana no es producto de un fenomeno sociologico o cultural sino, mas bien, de un problema institucional: el modo tradicional de entender y analizar el Derecho concursal. En este sentido, la doctrina tradicional no ha evaluado el Derecho concursal desde una perspectiva economica, o, si se quiere, desde el punto de vista que el diseno (ni siquiera la utilizacion) del sistema concursal puede suponer, desde un punto de vista ex ante, en el comportamiento de los individuos. Por este motivo, se han creado instituciones concursales que resultan poco atractivas para el deudor, para los acreedores, o, como veremos que ocurre en Espana, para ambos. Este escaso atractivo del concurso ha provocado que, en perjuicio de la economia en su conjunto, los operadores minimicen (ex ante) el riesgo de insolvencia o, en su caso, tengan reticencias (ex post) al uso de los procedimientos concursales una vez que se produce la insolvencia. Si el diseno del sistema concursal resulta perjudicial para los acreedores, se generara un escenario indeseable para la actividad economica, en la medida en que el Derecho concursal incentivara que, desde un punto de vista ex ante, los acreedores: (i) reduzcan el credito disponible o, en su caso, incrementen el coste de la deuda; y (ii) puedan inducir al deudor a invertir (o sobreinvertir) en activos poco rentables e innovadores pero facilmente hipotecables (normalmente, inmobiliarios y bienes de equipo), con el objetivo de tener un mejor acceso al credito. Por su parte, si el diseno del sistema concursal resulta perjudicial para el deudor, si el diseno del sistema concursal resulta perjudicial para el deudor, tambien se generara un escenario indeseable para la economia en su conjunto, en la medida en que el Derecho concursal incentivara, desde un punto de vista ex ante, que los deudores: (i) reduzcan sus posibilidades de financiacion por desincentivar el uso de la deuda; (ii) asuman menos riesgos empresariales, ya que, en perjuicio de la innovacion y la competitividad de las empresas, los deudores preferiran proyectos de inversion menos rentables pero mas seguros; y (iii) dilaten lo maximo posible la apertura del concurso de acreedores una vez devienen insolventes, con el consecuente perjuicio que esta dilacion podria provocar para la reorganizacion de empresas viables y la maximizacion del grado de satisfaccion de los acreedores. Por este
西班牙语摘要:在拉丁美洲，破产程序的使用明显低于我们环境中的其他国家。有时被认为较低由于破产程序缺乏企业家》文化”的伊比利亚-美洲共同体,不可能有相同的愿景的企业创业、创新和创业失败的创业者周边环境的其他国家。然而，我们认为，伊比利亚-美洲社区不愿使用破产程序不是一种社会或文化现象的产物，而是一种制度问题的产物:理解和分析破产法的传统方式。在这方面,没有评价权的传统学说》视野economica,或者,如果您还想上,设计系统(甚至utilizacion)》可以推断,从一个角度看,在个人行为。这就是为什么建立了破产机构，这些机构对债务人、债权人或两者都没有吸引力，我们将在西班牙看到这一点。这种缺乏吸引力的竞争导致经营者(事前)尽量减少破产的风险，或(事后)在破产发生后不愿使用破产程序，这对整个经济是不利的。如果系统设计》是有害的,但对于债权人,舞台上的一个贱民economica,只要在活动法》,事前从一种观点:(1)减少credito债权人,或不可用,并在可能的情况下,增加债务成本;和(ii)可能促使债务人投资(或过度投资)低利润和创新但容易抵押的资产(通常是房地产和资本货物)，目的是更好地获得信贷。的一方面,如果系统设计》对债务人来说很有害,如果系统设计》是对债务人,但他也是一个不受欢迎的场景,整个经济权利在多大程度上》,从一个前向债务人的观点:(1)降低她们financiacion desincentivar利用债务;(ii)承担较少的商业风险，因为债务人倾向于利润较低但更安全的投资项目，这损害了公司的创新和竞争力;(iii)在破产后，尽可能延长债权人的开放时间，从而对可行企业的重组造成相应的损害，并使债权人的满意程度最大化。因此，破产法的设计不得损害债务人或债权人的利益。换句话说，破产法不能是反债务人(如2003年以前的英国)、反债权人(如法国)，更不能是反两者的，就像西班牙成功地实现的那样。否则，经济活动就会产生不良结果。我们认为，破产法的设计应尽可能使双方的利益最大化。在有利于债务人的利益(亲债务人制度)或债权人的利益(亲债权人制度)的情况下，至少不应损害另一方的利益，除非这种损害被证明对整个经济有更大的好处。作为在审议本立法工作,这个设计将处在每个人的兴趣,或者至少不损害(和较少的毫无根据的)兴趣任何一方进行的比赛只能从南极》或削减,如果要分析和constatacion起以来,一种观点影响的事后,特别是前向它可能意味着破产制度对个人行为的设计。因此,是的,正如我们会是很可取的系统操作者,立法者改变行为目的是促进文化企业创业、创新和financiacion企业,同时鼓励债权人tempestiva宣布比赛开幕,首先应该促进一个范式转变,如何理解、分析和幢》。 和这个转变需要启动以来,学院不仅影响伊比利亚-美洲academicos已在立法过程(尤其是,传统上西班牙),而是成为(或责任)也设在ensenanza、调查和研究自然,应该改进现行法律。因此至关重要,无论是在立法层面,特别是academico,出现转变传统模式研究、幢和分析机构odr(不仅concursales),最后目标的权利不仅仅只为守卫公民的权利和自由,而且也是促进南极增长和提高集体福利。英文摘要:伊比利亚-美洲国家破产程序使用率低的原因往往是这些国家缺乏破产或创业文化。然而，我们认为，这些国家企业破产率低主要是由于破产制度对债务人和债权人都缺乏吸引力，而这种缺乏吸引力主要是由于伊比利亚-美洲研究和设计破产法的传统方式。For this reason, we propose a change in the way条法律analyzed in Spain,葡萄牙和拉丁美洲,with the目的虽然ngok (ad事后)影响条法律可能已经“other aspects, on people´s and firm’s access to finance, the asset and capital structure of第,or the level of innovation, competitiviness and economic growth in a country。
{"title":"Hacia un nuevo paradigma en el estudio y el diseño del Derecho concursal en Iberoamérica (Toward a New Way of Understanding Bankruptcy Law in Ibero-America)","authors":"Aurelio Gurrea-Martínez","doi":"10.2139/SSRN.2805303","DOIUrl":"https://doi.org/10.2139/SSRN.2805303","url":null,"abstract":"Spanish Abstract: La utilizacion de los procedimientos concursales en Iberoamerica resulta notablemente inferior que en otros paises de nuestro entorno. En ocasiones, se ha alegado que el escaso uso de los procedimientos de insolvencia se debe a una falta de \"cultura concursal\" de los empresarios de la comunidad iberoamericana, que, probablemente, no tienen la misma vision del emprendimiento, la innovacion y el fracaso empresarial que los empresarios de otros paises de nuestro entorno. Sin embargo, a nuestro modo de ver, la reticencia al uso de los procedimientos concursales en la comunidad iberoamericana no es producto de un fenomeno sociologico o cultural sino, mas bien, de un problema institucional: el modo tradicional de entender y analizar el Derecho concursal. En este sentido, la doctrina tradicional no ha evaluado el Derecho concursal desde una perspectiva economica, o, si se quiere, desde el punto de vista que el diseno (ni siquiera la utilizacion) del sistema concursal puede suponer, desde un punto de vista ex ante, en el comportamiento de los individuos. Por este motivo, se han creado instituciones concursales que resultan poco atractivas para el deudor, para los acreedores, o, como veremos que ocurre en Espana, para ambos. Este escaso atractivo del concurso ha provocado que, en perjuicio de la economia en su conjunto, los operadores minimicen (ex ante) el riesgo de insolvencia o, en su caso, tengan reticencias (ex post) al uso de los procedimientos concursales una vez que se produce la insolvencia. Si el diseno del sistema concursal resulta perjudicial para los acreedores, se generara un escenario indeseable para la actividad economica, en la medida en que el Derecho concursal incentivara que, desde un punto de vista ex ante, los acreedores: (i) reduzcan el credito disponible o, en su caso, incrementen el coste de la deuda; y (ii) puedan inducir al deudor a invertir (o sobreinvertir) en activos poco rentables e innovadores pero facilmente hipotecables (normalmente, inmobiliarios y bienes de equipo), con el objetivo de tener un mejor acceso al credito. Por su parte, si el diseno del sistema concursal resulta perjudicial para el deudor, si el diseno del sistema concursal resulta perjudicial para el deudor, tambien se generara un escenario indeseable para la economia en su conjunto, en la medida en que el Derecho concursal incentivara, desde un punto de vista ex ante, que los deudores: (i) reduzcan sus posibilidades de financiacion por desincentivar el uso de la deuda; (ii) asuman menos riesgos empresariales, ya que, en perjuicio de la innovacion y la competitividad de las empresas, los deudores preferiran proyectos de inversion menos rentables pero mas seguros; y (iii) dilaten lo maximo posible la apertura del concurso de acreedores una vez devienen insolventes, con el consecuente perjuicio que esta dilacion podria provocar para la reorganizacion de empresas viables y la maximizacion del grado de satisfaccion de los acreedores. Por este ","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129335248","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Portuguese Abstract: Apesar da relevância das micro, pequenas e médias empresas (MPMEs) para a economia e a geração de empregos no Brasil, existe uma carência de estudos e pesquisas sobre o segmento. O objetivo deste estudo foi descrever o cenário dos financiamentos a MPMEs localizadas no estado de São Paulo. A amostra não probabilística era formada por 71 empresas. O instrumento de coleta de dados foi um questionário enviado por e-mail a proprietários de MPMEs. Os dados foram coletados de agosto a novembro de 2015. Os resultados apontaram que: a) o pagamento de fornecedores a prazo era a modalidade de financiamento mais utilizada; b) a principal finalidade dos empréstimos bancários foi capital de giro; c) os respondentes apresentaram pouco conhecimento sobre os fundos garantidores de operações de crédito. Visto que a insuficiência de garantias é uma das principais barreiras à concessão de financiamento bancário para as MPMEs, o pouco conhecimento sugere deficiências na veiculação de informações por parte das instituições responsáveis pela administração desses fundos. English Abstract: Despite the importance of micro, small and medium-sized enterprises (MSMEs) for the economy and for creating jobs in Brazil, there is a lack of studies and research on the sector. The aim of this study was to describe the funding situation for MSMEs in the state of São Paulo. The non-probabilistic sample is composed of 71 enterprises. Data were collected using a questionnaire sent via e-mail to the owners of MSMEs, with data being collected between August and November 2015. The results indicate that: a) the most common source of financing used was accounts payable; b) the main purpose of bank loans was as working capital and c) respondents had little knowledge of bank financing guarantee options for small businesses. Since insuficiente colateral is one of the main barriers to granting bank financing to MSMEs, the lack of knowledge suggests deficiencies in the disclosure of information by the institutions responsible for administering these guarantee options.
{"title":"Financiamento a Micro, Pequenas e Médias Empresas Localizadas no Estado de São Paulo (Financing Micro, Small and Medium-Sized Enterprises Located in the State of São Paulo)","authors":"Eliza Krauter, Almir Ferreira de Sousa","doi":"10.2139/SSRN.3192080","DOIUrl":"https://doi.org/10.2139/SSRN.3192080","url":null,"abstract":"<b>Portuguese Abstract:</b> Apesar da relevância das micro, pequenas e médias empresas (MPMEs) para a economia e a geração de empregos no Brasil, existe uma carência de estudos e pesquisas sobre o segmento. O objetivo deste estudo foi descrever o cenário dos financiamentos a MPMEs localizadas no estado de São Paulo. A amostra não probabilística era formada por 71 empresas. O instrumento de coleta de dados foi um questionário enviado por e-mail a proprietários de MPMEs. Os dados foram coletados de agosto a novembro de 2015. Os resultados apontaram que: a) o pagamento de fornecedores a prazo era a modalidade de financiamento mais utilizada; b) a principal finalidade dos empréstimos bancários foi capital de giro; c) os respondentes apresentaram pouco conhecimento sobre os fundos garantidores de operações de crédito. Visto que a insuficiência de garantias é uma das principais barreiras à concessão de financiamento bancário para as MPMEs, o pouco conhecimento sugere deficiências na veiculação de informações por parte das instituições responsáveis pela administração desses fundos. <b>English Abstract:</b> Despite the importance of micro, small and medium-sized enterprises (MSMEs) for the economy and for creating jobs in Brazil, there is a lack of studies and research on the sector. The aim of this study was to describe the funding situation for MSMEs in the state of São Paulo. The non-probabilistic sample is composed of 71 enterprises. Data were collected using a questionnaire sent via e-mail to the owners of MSMEs, with data being collected between August and November 2015. The results indicate that: a) the most common source of financing used was accounts payable; b) the main purpose of bank loans was as working capital and c) respondents had little knowledge of bank financing guarantee options for small businesses. Since insuficiente colateral is one of the main barriers to granting bank financing to MSMEs, the lack of knowledge suggests deficiencies in the disclosure of information by the institutions responsible for administering these guarantee options.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133258759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the effects of public and bank debt financing on firm performance in emerging markets. Using data on 700 publicly traded firms from the BRIC countries, it is documented that bank debt may have a positive effect on firm profitability. While overall market assessment of bank debt financing is negative, it is found that fully bank-financed firms lose less of their market value. Main findings remain unchanged after addressing potential endogeneity issues by introducing a novel instrumental variable. Overall, the results suggest that higher levels of bank financing may have positive effects on firm profitability and market valuation.
{"title":"Debt Structure and Corporate Performance in Emerging Markets","authors":"D. Davydov","doi":"10.2139/ssrn.2551791","DOIUrl":"https://doi.org/10.2139/ssrn.2551791","url":null,"abstract":"This paper examines the effects of public and bank debt financing on firm performance in emerging markets. Using data on 700 publicly traded firms from the BRIC countries, it is documented that bank debt may have a positive effect on firm profitability. While overall market assessment of bank debt financing is negative, it is found that fully bank-financed firms lose less of their market value. Main findings remain unchanged after addressing potential endogeneity issues by introducing a novel instrumental variable. Overall, the results suggest that higher levels of bank financing may have positive effects on firm profitability and market valuation.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126558229","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The average Chinese SEO is executed about one year after the initial announcement due to regulative screening. Although overvaluation at the announcement is not necessary for market timing, we find a significant stock price run-up and reversal surrounding SEO announcements, which are consistent with US findings. We also find stock prices are overvalued over four years preceding the announcement. These results suggest that Chinese firms announce SEOs following persistent overvaluation and additional stock price run-ups. The market price at execution is also overpriced, suggesting that market timing is an important motive for Chinese SEOs. We argue that regulative screening makes market timing difficult and accordingly Chinese managers are moderate in public seasoned equity offerings.
{"title":"How Can Managers Anticipate Future Stock Overvaluation?","authors":"Yong Huang, Konari Uchida, Daolin Zah","doi":"10.2139/ssrn.2564917","DOIUrl":"https://doi.org/10.2139/ssrn.2564917","url":null,"abstract":"The average Chinese SEO is executed about one year after the initial announcement due to regulative screening. Although overvaluation at the announcement is not necessary for market timing, we find a significant stock price run-up and reversal surrounding SEO announcements, which are consistent with US findings. We also find stock prices are overvalued over four years preceding the announcement. These results suggest that Chinese firms announce SEOs following persistent overvaluation and additional stock price run-ups. The market price at execution is also overpriced, suggesting that market timing is an important motive for Chinese SEOs. We argue that regulative screening makes market timing difficult and accordingly Chinese managers are moderate in public seasoned equity offerings.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133117989","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
S. Al-Thaqeb, S. Javadi, Mohsen Mollagholamali, Alireza Nejadmalayeri
We document a strong negative relationship between policy uncertainty and corporate cash holdings for non-U.S. firms from 19 countries. Consistent with the twin agency problems framework of Stulz (2005), firms reduce their cash holdings by increasing their dividend payments to minimize the loss from potential state expropriation when facing policy uncertainty. The economic link between policy uncertainty, reduction in cash holdings, and increase in dividend payouts is stronger for firms in countries in which state expropriation is more likely or minority shareholder protection is lower. Overall, results highlight the significance of twin agency problems and country attributes in corporate finance.
{"title":"Corporate Cash Holding, Agency Problems and Economic Policy Uncertainty","authors":"S. Al-Thaqeb, S. Javadi, Mohsen Mollagholamali, Alireza Nejadmalayeri","doi":"10.2139/ssrn.3515025","DOIUrl":"https://doi.org/10.2139/ssrn.3515025","url":null,"abstract":"We document a strong negative relationship between policy uncertainty and corporate cash holdings for non-U.S. firms from 19 countries. Consistent with the twin agency problems framework of Stulz (2005), firms reduce their cash holdings by increasing their dividend payments to minimize the loss from potential state expropriation when facing policy uncertainty. The economic link between policy uncertainty, reduction in cash holdings, and increase in dividend payouts is stronger for firms in countries in which state expropriation is more likely or minority shareholder protection is lower. Overall, results highlight the significance of twin agency problems and country attributes in corporate finance.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127763926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We analyse the causes and impact of the significant mean price discounts (25% for financial and 29% for non-financial firms) in rights issues in the UK using a sample of 264 observations for the period of 1994 to 2006. We observe that for non-financial companies the issue terms announcement returns are negatively affected by the discount size, while firm size, growth prospects and good previous stock performance have a positive impact. We also investigate which factors seem to influence managers to engage in deeper discounts when these are so disliked by investors. Evidence is provided that firms with more leverage, larger bid-ask spreads or suffering losses tend to choose deeper discounts. We conclude that managers balance the expected negative reaction of the market to a price discount with the risks of a costly issue failure, with these being higher when the firm experiences losses, has a higher volatility and also when the stock market climate is more adverse.
{"title":"Price Discounts in Rights Issues: Why Do Managers Insist on What Investors Hate?","authors":"J. Farinha, Cesario Mateus, Nuno Soares","doi":"10.2139/ssrn.2500844","DOIUrl":"https://doi.org/10.2139/ssrn.2500844","url":null,"abstract":"We analyse the causes and impact of the significant mean price discounts (25% for financial and 29% for non-financial firms) in rights issues in the UK using a sample of 264 observations for the period of 1994 to 2006. We observe that for non-financial companies the issue terms announcement returns are negatively affected by the discount size, while firm size, growth prospects and good previous stock performance have a positive impact. We also investigate which factors seem to influence managers to engage in deeper discounts when these are so disliked by investors. Evidence is provided that firms with more leverage, larger bid-ask spreads or suffering losses tend to choose deeper discounts. We conclude that managers balance the expected negative reaction of the market to a price discount with the risks of a costly issue failure, with these being higher when the firm experiences losses, has a higher volatility and also when the stock market climate is more adverse.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"76 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132155202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper aims to verify the main contributions and adjustments that the paper “Towards a Legal Theory of Finance” from Katharina Pistor may bring to the role of the Brazilian National Bank for Economic and Social Development (BNDES) in the Brazilian development financing. In order to do so, I work with two questions in this paper: (i) such theory presents elements which allow analyzing the role of the BNDES and from there, if it is required, adjustments can be made in the governance of the BNDES? and (ii) there are academics and scholars that, together with the theory, also contribute with the improvement of the BNDES role in the development of Brazil?
本文旨在验证Katharina Pistor的论文《走向金融法理》(Towards a Legal Theory of Finance)对巴西国家经济和社会发展银行(BNDES)在巴西发展融资中的作用可能带来的主要贡献和调整。为了做到这一点，我在本文中提出了两个问题:(I)这种理论提出了允许分析BNDES作用的要素，并且如果需要的话，可以从那里对BNDES的治理进行调整?(ii)有学者和学者，与理论一起，也有助于提高BNDES在巴西发展中的作用?
{"title":"The Role of the BNDES in the Brazilian Development Financing – Contributions from the Paper 'Towards a Legal Theory of Finance' of Katharina Pistor","authors":"Alexandre Coelho","doi":"10.2139/ssrn.3433964","DOIUrl":"https://doi.org/10.2139/ssrn.3433964","url":null,"abstract":"This paper aims to verify the main contributions and adjustments that the paper “Towards a Legal Theory of Finance” from Katharina Pistor may bring to the role of the Brazilian National Bank for Economic and Social Development (BNDES) in the Brazilian development financing. In order to do so, I work with two questions in this paper: (i) such theory presents elements which allow analyzing the role of the BNDES and from there, if it is required, adjustments can be made in the governance of the BNDES? and (ii) there are academics and scholars that, together with the theory, also contribute with the improvement of the BNDES role in the development of Brazil?","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116878839","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper reexamines the classical issue of the possible trade-o s between banking competition and financial stability by highlighting di erent types of risk and the role of leverage. By means of a simple model we show that competition can a ect portfolio risk, insolvency risk, liquidity risk, and systemic risk di erently. The e ect depends crucially on banks’ liability structure, on whether banks are financed by insured retail deposits or by uninsured wholesale debts, and on whether the indebtness is exogenous or endogenous. In particular we suggest that, while in a classical originate-to-hold banking industry competition might increase financial stability, the opposite can be true for an originate-to-distribute banking industry of a larger fraction of market short-term funding. This leads us to revisit the existing empirical literature using a more precise classification of risk. Our theoretical model therefore helps to clarify a number of apparently contradictory empirical results and proposes new ways to analyze the impact of banking competition on financial stability.
{"title":"Banking Competition and Stability: The Role of Leverage","authors":"X. Freixas, K. Ma","doi":"10.2139/ssrn.2484500","DOIUrl":"https://doi.org/10.2139/ssrn.2484500","url":null,"abstract":"This paper reexamines the classical issue of the possible trade-o s between banking competition and financial stability by highlighting di erent types of risk and the role of leverage. By means of a simple model we show that competition can a ect portfolio risk, insolvency risk, liquidity risk, and systemic risk di erently. The e ect depends crucially on banks’ liability structure, on whether banks are financed by insured retail deposits or by uninsured wholesale debts, and on whether the indebtness is exogenous or endogenous. In particular we suggest that, while in a classical originate-to-hold banking industry competition might increase financial stability, the opposite can be true for an originate-to-distribute banking industry of a larger fraction of market short-term funding. This leads us to revisit the existing empirical literature using a more precise classification of risk. Our theoretical model therefore helps to clarify a number of apparently contradictory empirical results and proposes new ways to analyze the impact of banking competition on financial stability.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116398364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We provide an equilibrium based asset pricing framework to investigate the patterns in health care finance in 30 OECD countries. Using purchasing power parity adjusted data we find that the sample of countries together as a whole does not exhibit a pattern of convergence. However, there is some evidence of regional convergence within NAFTA, the E.U. and those countries with similar economic conditions such as the developing nations. Interestingly when compared to pre-1980 the standard deviation of financing expenditures divided by average expenditures (variation coefficient) increases when the U.S. is included in the G7 countries and decreases when the U.S. is excluded. Thus in this category of nations the U.S. appears to exhibit somewhat of a unique pattern. However, based on the benchmark theoretical price generated by CAPM overpricing (the difference between the actual minus the theoretical) tends to decrease over time with respect to the U.S., but tends to increase most notably for Australia, the U.K., Norway, Ireland, Turkey, the Check Republic and Greece. As their consumption of health care increase at an increasing rate, we note that most countries exhibit a converging pattern beginning from the 1980s. Developing nations increasingly exhibit excessive health expenditures. The results are consistent with the view that globalization in health care occurs at varying speeds in the U.S. and other OECD countries and trading blocks. Lastly, the CAPM predicted estimates backed by income elasticities, point towards convergence of countries as groups which seem to indicate greater opportunities for arbitrage exist across trading blocks and those countries with dissimilar economic conditions, but not as much within trading blocks and countries with similar economic conditions.
{"title":"Global Convergence of Health Care Financing in OECD Countries: An Equilibrium Based Asset Pricing Approach","authors":"William R. Pratt, Gökçe Soydemir, E. Bastida","doi":"10.2139/ssrn.2468586","DOIUrl":"https://doi.org/10.2139/ssrn.2468586","url":null,"abstract":"We provide an equilibrium based asset pricing framework to investigate the patterns in health care finance in 30 OECD countries. Using purchasing power parity adjusted data we find that the sample of countries together as a whole does not exhibit a pattern of convergence. However, there is some evidence of regional convergence within NAFTA, the E.U. and those countries with similar economic conditions such as the developing nations. Interestingly when compared to pre-1980 the standard deviation of financing expenditures divided by average expenditures (variation coefficient) increases when the U.S. is included in the G7 countries and decreases when the U.S. is excluded. Thus in this category of nations the U.S. appears to exhibit somewhat of a unique pattern. However, based on the benchmark theoretical price generated by CAPM overpricing (the difference between the actual minus the theoretical) tends to decrease over time with respect to the U.S., but tends to increase most notably for Australia, the U.K., Norway, Ireland, Turkey, the Check Republic and Greece. As their consumption of health care increase at an increasing rate, we note that most countries exhibit a converging pattern beginning from the 1980s. Developing nations increasingly exhibit excessive health expenditures. The results are consistent with the view that globalization in health care occurs at varying speeds in the U.S. and other OECD countries and trading blocks. Lastly, the CAPM predicted estimates backed by income elasticities, point towards convergence of countries as groups which seem to indicate greater opportunities for arbitrage exist across trading blocks and those countries with dissimilar economic conditions, but not as much within trading blocks and countries with similar economic conditions.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127586911","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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