krainaksiazek debt capital in indian corporate sector 20124300
- znaleziono 4 produkty w 2 sklepach
Determinants Of Debt Maturity In Indian Corporate Sector Scholars Press
Książki / Literatura obcojęzyczna
This research is an ambitious attempt to study the determinants of debt maturity in the Indian corporate sector using panel OLS regression methodology. The corporate debt portfolio analysis discloses that the dominance of traditional debt instruments, predominance of banks, declining trend in the issue of debentures, conservative financing strategies, and absence of innovative and diverse debt instruments for investment, speculation, and risk diversification are the major imperfections prevail in the corporate debt market. The corporate debt market imperfections and the dysfunctional corporate bond market have hampered the growth and development of business and industry. The Indian corporate sector has been characterized by a moderate level of long term debt maturity. This research finds that growth options, firm size, firm quality, asset maturity, corporate tax rate, term structure, and asset variance jointly determine the debt maturity. These research findings lead to the conclusion that agency cost hypothesis, signaling hypothesis, liquidity risk hypothesis, matching hypothesis, and tax hypothesis determine debt maturity in the Indian corporate sector.
Currently, Turkey's financial services industry is in an early stage of development with credit markets dominated by banking and capital markets dominated by government securities. Longstanding macroeconomic instability and inflation have discouraged investment in financial assets and crowded out funding for the private sector. The resulting lack of depth and breadth has made the financial sector in Turkey vulnerable to shocks resulting in repeated crises and has diminshed its intermediation efficiency. This study analyses the state of development and prospects for future growth of Turkish non-bank financial institutions and capital markets. It identifies the key policy issues that should be addressed in order to develop non-bank financial institutions in Turkey. Some of the themes included in the discussion and policy recommendations are: mobilizing savings; building an institutional investor base comprising insurance companies, private pension funds and mutual funds; developing equity markets, debt markets and deriviative markets; developing leasing, factoring and venture capital companies; and strengthening confidence in financial markets through improved corporate governance.
Emerging Market Capital Flows Springer, Berlin
Książki / Literatura obcojęzyczna
In a little over one decade, the spread of market-oriented policies has turned the once so-called lesser developed countries into emerging markets. Many forces have been responsible for the tremendous growth in emerging markets. Trends toward market-oriented policies that permit private ownership of economic activities, such as public utilities and telecommunications, are part of the explanation. Corporate restructuring, following the debt crisis of the early 1980's has permitted many emerging market companies to gain international competitiveness. And an essential condition, a basic sea-change in economic policy, has opened up many emerging markets to international investors. This growth in emerging markets has been accompanied by volatility in individual markets, and a sector-wide shock after the meltdown in the Mexican Bolsa and Mexican peso, resulting in heated debate over the nature of these markets. Emerging market capital flows continue to be the subject of intense discussion around the world among investors, academics, and policymakers. Emerging Market Capital Flows examines the issues of emerging market capital flows from several distinct perspectives, addressing a number of related questions about emerging markets.
Leveraged Buyouts (LBO) in private equity deals GRIN Verlag
Książki / Literatura obcojęzyczna
Seminar paper from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,3, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, course: Corporate Finance, 82 entries in the bibliography, language: English, abstract: Igniting in 2005, the discussion about highly leveraged transactions conducted by financial institutions became a matter of great controversy in German politics as well as in the media. Fuelled by an influential voice in politics, LBO firms became the face of capitalism s evil by calling them a Heuschrecke , an animal much feared in history for its exploitive behaviour and risks to the mediaeval agrarian economy (Die Zeit, 2005). In terms of today s Heuschrecke, according to public voice, downsizing and raidingrepresent the major risks attributed. Empirics show that the risk of downsizing in LBOs is falsified and that the occurrence of raids is rather irrelevant in today s buyout universe. However, even if both risks held,each would exhibit a comparably low impact on the economy as a whole. Contrary, the empirically evident high-impact risk of over-indebtedness in leveragedtransactions is widely neglected. The negligence of this risk-issue is dangerous, particularly with regard to the recent developments in the LBO industry, debt capital markets and the world s economy. First, analysing the latest LBOs conducted, it appearsthat the historical failures, such as the buyouts of Revco and RJR Narbisco are widely forgotten, as gearing ratios have become aggressive again. Second, the subprime crisis, which was exported from the US real estate sector into global capital markets, causedliquidity shortages AA rated banks were not willing to lend money to their equally rated peers anymore which led to a credit crisis. This credit crunch provoked that, even though in the US the prime rate has been reduced by 50 bp, and in the Eurozonethe prime rate was not increased as planed, money became expensive ; FIBOR, LIBOR and EURIBOR sharply increased and remained high. This resulted in high debt funding costs. Third, taking a look at the world economy, America might face an economicdownturn in the near future with decreasing consumption and increasing inflation. Each of the three aspects alone increases the default risk in a highly leveraged firm. In a scenario where all three jointly appear, the probability of default sharply increases. In addition to the risk named, the threat an LBO imposes on global debt capital markets is evident, therefore, it can not be ignored any longer in Europe. While it was already heavily discussed in America s late 80s buyout-boom, it slowly gains prominence in discussions about LBO transactions.
Sklepy zlokalizowane w miastach: Warszawa, Kraków, Łódź, Wrocław, Poznań, Gdańsk, Szczecin, Bydgoszcz, Lublin, Katowice
Szukaj w sklepach lub całym serwisie
t1=0.024, t2=0, t3=0, t4=0.026, t=0.025