krainaksiazek debt capital in indian corporate sector 20124300
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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.
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.
Discovering America as it is Clarity Press
Książki / Literatura obcojęzyczna
America's Extreme Capitalism Wreaked Havoc on the American People -- Even Before the Bubble Burst DISCOVERING AMERICA AS IT IS, is a monumental study of the devastating effect American-style capitalism has been having on the American people -- even before the onslaught of recession. It raises serious questions not only concerning America's role as a leading model for development, but even as to its future capacity to compete due to the deterioration of its human capital resulting from anti-social domestic policies. During the era of the Soviet Union, many human rights dissidents turned to the United States to champion their cause. Many even emigrated to the USA. Few, however, have expressed the disappointment that awaited them there, and fewer still have publicly exposed their view of human rights as practiced in the U.S.. That fact, in itself, would make Discovering America As It Is an important book, written by a journalist who was expelled from the USSR for human rights activities on behalf of his native Lithuania, and who, upon arriving in America, shared a political platform with such leaders of the American Republican Party as Newt Gingrich and Phil Gramm. "America remains the destination of choice for those who wish to emigrate from their own countries. It is still like a mysterious enchantress to many," Anelauskas writes. "I write this book for them. I have now spent ten years observing American society. Not only observing, but studying, analyzing and comparing it to other societies. When I lived in the Soviet Union, I thought that the Soviet communist system was the worst possible social order. The more I scrutinize American reality, the more I realize that they are like two ends of the same stick..." Ten years' observation of American reality has led Anelauskas to conclude that the U.S. extreme capitalist system poses an even greater threat than Soviet mock-communism to the well-being of the world. He paints an extraordinary portrait of the America he discovered -- the America as it exists for most Americans. While it has been argued that capitalism in Russia failed because the Russians "didn't know how to do it," in the United States, the veritable beacon of world capitalism, capitalism does not appear to be working for most people, either -- even before the bubble burst. America's two-decades-long love affair with its free market gurus has gutted the body politic, leaving the American Dream of prosperity for the ordinary man little more than a charade the U.S. corporate, media and government elite successfully fronts to a credulous world. Twelve highly-documented chapters -- on poverty, crime, health, education, homelessness, the deterioration of the family, income inequities and the replacement of welfare by workfare -- detail the public disarray which results from an unfettered system of great wealth where the rich determine the social priorities. Even more telling than the comparison of American capitalism with communism, an issue which may -- or may not -- be moot, Anelauskas' book ceaselessly poses this question: Does capitalism have to weigh upon its people so mercilessly -- or is the American version more extreme, more pitiless than that of other industrialized nations? In thousands of citations, Anelauskas documents the precipitous plunge in living standards of American citizens, measured not only against the standards enjoyed by citizens in other capitalist countries in the industrialized world, but against their own past levels. Among the many searing results: in all categories that measure economic equity, citizens of all other industrialized countries generally fare better than do Americans. This blistering reality is culled from innumerable researches by international organizations, domestic and international NGOs, independent U.S. think tanks, journalists, scholars, and even from American government sources, documented in over 80 pages of endnotes. While most critiques focus on one social sector or another, this multidimensional study brings them all together, and the impact is staggering. What this book enables us to grasp -- intellectually and emotionally -- is the predatory and wasteful operation of unbridled capitalism in its systemic dimensions, and the needless, preventable injury it wreaks upon millions. The linkages between government, wealth, poverty and policy, the conflicts between elite interest and collective well-being, clarify as we read. Here are just a few of many mind-catching findings scattered liberally throughout the book: An American child has one chance in 432 of becoming a doctor -- but one chance in five of growing up illiterate. One in four Americans working full time does not earn enough to stay above the official poverty line. "Food insecure households" add up to over 34 million people. The notion that stock ownership is widespread in America is absolutely false -- the bottom 90 percent of Americans own 15.6 percent of stocks (including through mutual funds), while the bottom eighty percent only own three percent! Anelauskas' ominous thirteenth chapter, "The New World Order Takes Shape," elaborates the socio-military resources and paradigms which serve to entrench and extend American hegemony, as it seeks to deflect global efforts to institute the rule of international law, and to turn the world back to the rule of force. From the expropriation of Indian lands, and the exploitation of African labor, to a taste for empire which spread to the continental rim, then jumped across many waters in a hundred-year history of invasions all around the globe, culminating at last in the hegemonic military-economic grip on the world by what many in the Third World view as a Rogue Superpower -- from domestic colonialism to imperial America -- this is America as it is.
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