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Alteração da estrutura de capital nos períodos de racionamento de crédito : evidência empírica para Portugal

Teixeira, Lúcia Coelho
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em /01/2012 Português
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Mestrado em Finanças; A crise do subprime foi considerada, por muitos economistas, a contracção económica e financeira mais longa e profunda da economia mundial desde a década de 1930. Após um período de políticas de crédito mais liberais e generosas, em que os bancos não avaliavam correctamente o valor das garantias e a capacidade de reembolso dos credores, actualmente presencia-se um comportamento mais prudente destas instituições financeiras, impondo mais condicionantes e requisitos para conceder crédito à economia. O presente trabalho pretende clarificar a questão de como as empresas portuguesas adequam a sua estrutura de capital nos períodos de racionamento de crédito bancário. A análise foi efectuada com dados em termos agregados e para as empresas do mercado de capitais português, de modo a comparar a evolução da estrutura de financiamento das empresas portuguesas, e perceber se a restrição de crédito bancário teve como efeitos a substituição dos empréstimos por outras fontes de financiamento, ou por outro lado, a desaceleração da actividade económica das empresas. Os resultados permitem concluir que são as PMEs, as empresas de construção e as empresas sediadas em Lisboa que, em média, obtêm mais empréstimos bancários. Quando estes estão limitados...

Venture capital como instrumento de financiamento à inovação : implicações do aporte em startups brasileiras capitalizadas pelo Fundo CRIATEC

Nascimento, Thiago Cavalcante
Fonte: Universidade Federal do Paraná Publicador: Universidade Federal do Paraná
Tipo: Tese de Doutorado Formato: 281f. : il., algumas color., grafs., tabs.; application/pdf
Português
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Orientadora : Profª. Drª. Ana Paula Mussi Szabo Cherobim; Tese (doutorado) - Universidade Federal do Paraná, Setor de Ciências Sociais Aplicadas, Programa de Pós-Graduação em Administração. Defesa: Curitiba, 25/03/2015; Inclui referências : fls. 267-281; Área de concentração: Estratégia e organizações; Resumo: A presente tese tem por objetivo compreender a influência do aporte de recursos oriundos de fundos de venture capital sobre atividades de inovação a partir dos recursos e capacidades organizacionais. Argumenta que fundos de venture capital buscam identificar negócios inovadores com elevado potencial de crescimento, para que com o financiamento mercadológico destas tecnologias, conseguir remunerar o capital aplicado. Para a consecução do objetivo, utilizou-se como caso do estudo o fundo CRIATEC, criado pelo BNDES com o intuito de aplicar recursos em empresas inovadoras. O caso foi explorado por meio de procedimentos de pesquisa quantitativo e qualitativo. No eixo quantitativo foram aplicados 19 questionários com empresas aportadas para identificar os principais recursos e capacidades que sofreram maior influência do aporte de venture capital, bem como identificar a predisposição de inovação das empresas aportadas. No eixo qualitativo foi possível...

When is Capital Enough to Get Female Enterprises Growing? Evidence from a Randomized Experiment in Ghana

Fafchamps, Marcel; McKenzie, David; Quinn, Simon; Woodruff, Christopher
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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Standard models of investment predict that credit-constrained firms should grow rapidly when given additional capital, and that how this capital is provided should not affect decisions to invest in the business or consume the capital. The authors randomly gave cash and in-kind grants to male- and female-owned microenterprises in urban Ghana. Their findings cast doubt on the ability of capital alone to stimulate the growth of female microenterprises. First, while the average treatment effects of the in-kind grants are large and positive for both males and females, the gain in profits is almost zero for women with initial profits below the median, suggesting that capital alone is not enough to grow subsistence enterprises owned by women. Second, for women they strongly reject equality of the cash and in-kind grants; only in-kind grants lead to growth in business profits. The results for men also suggest a lower impact of cash, but differences between cash and in-kind grants are less robust. The difference in the effects of cash and in-kind grants is associated more with a lack of self-control than with external pressure. As a result...

Learning from the Experiments That Never Happened : Lessons from Trying to Conduct Randomized Evaluations of Matching Grant Programs in Africa

Campos, Francisco; Coville, Aidan; Fernandes, Ana M.; Goldstein, Markus; McKenzie, David
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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Matching grants are one of the most common policy instruments used by developing country governments to try to foster technological upgrading, innovation, exports, use of business development services and other activities leading to firm growth. However, since they involve subsidizing firms, the risk is that they could crowd out private investment, subsidizing activities that firms were planning to undertake anyway, or lead to pure private gains, rather than generating the public gains that justify government intervention. As a result, rigorous evaluation of the effects of such programs is important. The authors attempted to implement randomized experiments to evaluate the impact of seven matching grant programs offered in six African countries, but in each case were unable to complete an experimental evaluation. One critique of randomized experiments is publication bias, whereby only those experiments with "interesting" results get published. The hope is to mitigate this bias by learning from the experiments that never happened. This paper describes the three main proximate reasons for lack of implementation: continued project delays...

Subnational Capital Markets in Developing Countries : From Theory to Practice

Freire, Mila; Petersen, John; Huertas, Marcela; Valadez, Miguel
Fonte: Washington, DC: World Bank and Oxford University Press Publicador: Washington, DC: World Bank and Oxford University Press
Português
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In developing countries the twin tasks of building more dispersed and democratic governments and opening economies to freer markets and greater private ownership have been attempted in tandem-and have proved a difficult undertaking. A reduction in barriers to the movement of capital and goods has been a nearly universal objective. However, implementation of the required reforms has meant tough competition for domestic industries and increasing constraints on the fiscal and monetary policies of national governments. In the face of economic slowdowns and unstable financial markets, many emerging and developing economies have found privatization and the opening up of their economies to be painful and unpopular. The steep price and uncertain benefits of joining global markets have their critics. Subnational governments, for their part, are being required to do more things, to do them more efficiently, and to be more self-reliant in raising resources. At the same time devolution and hard-pressed budgets have constrained the ability of central governments to provide for the needs of subnational governments. After years of neglect and with expectations rising...

Grant Financing of Metropolitan Areas : A Review of Principles and Worldwide Practices

Shah, Anwar
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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In the new information age in the globalized and interconnected world, metropolitan areas hold the key to the future prosperity and growth of nations. This paper takes a closer look at grant-financing regimes faced by metropolitan areas and their role in facilitating or hindering improvements in economic and social outcomes of residents of metropolitan areas. A review of 42 large metropolitan areas worldwide shows that, with a few notable exceptions, metropolitan areas in general are hamstrung from playing their potential role in economic advancement. Metro areas have large economic bases and therefore little a priori needs for grant financing, yet they have strong dependence on central transfers. This is because of the highly constrained fiscal autonomy given to these areas, especially in developing countries, with the singular exception of metro areas in China. Such a strong reliance on transfers undermines local autonomy and local accountability. General purpose transfers are formula based , transparent and predictable yet they discriminate against metropolitan areas as they utilize a one size fit all (common formula) for all local governments -- large or small. Such formula typically incorporate equal per jurisdiction component that discriminates against large metropolitan areas. Compactness is rarely rewarded and the greater needs of metro areas for transportation...

Guidebook on Capital Investment Planning for Local Governments

Kaganova, Olga
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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The purpose of this guidebook is to provide practical advice to local governments (LGs) in developing countries on how to establish and maintain a process of planning and funding capital investment as a regular activity integrated with other activities of the LG and based on principles of good public management. The guidebook is addressed mainly to cities that have not yet established such a process or are interested in revising their current processes. The guidebook is written for decision makers and technical experts in LGs who are engaged or should be engaged in this process. The guidebook is designed primarily for urban LGs, but much of the information is useful for mixed or rural jurisdictions as well. This guidebook also is useful for the staffs of donor agencies and/or consultants who assist cities in municipal development projects. This guidebook is one instrument integrated with other World Bank urban programs and instruments that support sustainable urban development in developing countries within the framework of the World Bank Urban and Local Government Strategy. These other urban programs include the: (1) Urbanization Review Framework (URF)...

Tunisia Urban Development and Local Governance Program : Technical Assessment Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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In this context, the reform of the LG capital grants and municipal investment planning framework forms the main strategic actions undertaken by the government towards the implementation of its decentralization agenda recently anchored in the new Constitution adopted in January 2014. This grant system, which had operated under an ex ante system of controls, is being restructured through the revision of the Decree 97-1135 governing the LG capital grant system. Through the restructuring, the government intends to improve the efficiency of the state financial support to municipal investment, make the allocation of capital grants more transparent and predictable, strengthen the decision-making power of LGs on the use of their investment funding, and progressively introduce a performance based dimension to their capital grant system. Along with revision of the above decree, the government has also issued a Ministerial Decree to introduce participatory municipal investment planning and budgeting systems, hence promoting citizen engagement in identifying investment needs and priorities. Under the same reform...

Tunisia Urban Development and Local Governance Program : Fiduciary Systems Assessment Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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As part of the preparation of the Tunisia Urban and Local Governance Program (ULGP) using the Program for Results (PforR) instrument of the World Bank, the Bank task team carried out a Fiduciary Systems Assessment (FSA) of the Program in accordance with OP/BP 9.0. Based on the findings of the FSA, it is concluded that Program Fiduciary Systems have the capabilities to provide reasonable assurance that the financing proceeds will be used for intended purposes. However considering the existing weaknesses in Program Fiduciary systems, the residual fiduciary risk rating for the Program is rated as Substantial. The Program will finance a portion of the Government of Tunisia s (GoT) existing program for financing municipal service delivery that involves a combination of Capital Grants, and Loans in addition to the Own Source Revenues generated by the municipalities themselves. The PforR Program intends to reform the system of Capital Grants by making it predictable and based on an allocation formula that is principle based and transparent. It has been agreed with client counterparts that GoT will issue a Decree prior to the start of the Program that will spell out the design and operating rules of the reformed capital grant. Indicative allocations for Capital Grants will be included in the Five Year Plans and indicative allocations will be provided by MoEF in advance of the annual plan preparations. The budget allocations for Capital Grants will be transferred from the Treasury Current Account at the Central Bank (BCT) to the Caisse des Prêts et de Soutien des Collectivités Locales (CPSCL) (referred to as the Caisse)...

Parental Human Capital and Effective School Management

Blimpo, Moussa P.; Evans, David; Lahire, Nathalie
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
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Education systems in developing countries are often centrally managed in a top-down structure. In environments where schools have different needs and where localized information plays an important role, empowerment of the local community may be attractive, but low levels of human capital at the local level may offset gains from local information. This paper reports the results of a four-year, large-scale experiment that provided a grant and comprehensive school management training to principals, teachers, and community representatives in a set of schools. To separate the effect of the training from the grant, a second set of schools received the grant only with no training. A third set of schools served as a control group and received neither intervention. Each of 273 Gambian primary schools were randomized to one of the three groups. The program was implemented through the government education system. Three to four years into the program, the full intervention led to a 21 percent reduction in student absenteeism and a 23 percent reduction in teacher absenteeism...

Georgia Public Expenditure Review

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Relatório
Português
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Georgia has an impressive growth record but social vulnerabilities persist. It remains a challenge to tackle social vulnerabilities within a sustained macroeconomic framework. This programmatic public expenditure review (PER) assesses the alignment of selected fiscal programs with the government’s social objectives. Building on the analysis and recommendations of the 2014 PER, this PER analyzes the impact of recent reforms including the social programs that were either introduced or scaled up in 2013. It gives an overview of the recent macroeconomic and fiscal developments, including the fiscal implications of the social programs in chapter one. It addresses three questions in the rest of the report: (1) has the realignment of spending toward social sectors resulted in better distributional outcomes; (2) have the agriculture support programs been targeted at productivity growth to support real incomes in poor rural regions; and (3) what is the fiscal and equity impact of the ongoing decentralization process? The first question is addressed by combining micro household survey data with administrative fiscal data to analyze the distributional impact of both taxes and government spending on poverty and inequality in Georgia in chapter two. The second question is addressed by comparing the cost of new agriculture programs with their estimated impact on agricultural productivity in chapter three. Finally...

The Additionality Impact of a Matching Grant Program for Small Firms; Experimental Evidence from Yemen

Mckenzie, David; Assaf, Nabila; Cusolito, Ana Paula
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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Matching grants are one of the most common types of private sector development programs used in developing countries. But government subsidies to private firms can be controversial. A key question is that of additionality: do these programs get firms to undertake innovative activities that they would not otherwise do, or merely subsidize activities that would take place anyway? Randomized controlled trials can provide the counterfactual needed to answer this question, but efforts to experiment with matching grant programs have often failed. This paper uses a randomized controlled trial of a matching grant program for firms in the Republic of Yemen to demonstrate the feasibility of conducting experiments with well-designed programs, and to measure the additionality impact. In the first year, the matching grant is found to have led to more product innovation, firms upgrading their accounting systems, marketing more, making more capital investments, and being more likely to report their sales grew.

Is BIG big enough? Basic income grant in Namibia. An anthropological inquiry.

Klocke-Daffa, Sabine
Fonte: Universität Tübingen Publicador: Universität Tübingen
Tipo: ResearchPaper; info:eu-repo/semantics/other
Português
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Namibia's initiative of a basic income grant (BIG) as an unconditionally granted monthly allowance to every citizen of the country - independent of age, gender, ethnic affiliation or private possessions - has attracted worldwide attention. A pilot project was initiated in 2008 in the village of Otjivero east of Namibias capital Windhoek which has shown the positive effects of BIG as a means of poverty reduction and economic development. However, there are heated discussions about the future of BIG within and outside the country. This research focuses on the cultural factors in the process. It argues that the appropriation and handling of a basic income grant is strongly influenced by different concepts of what "a good life" is. The results of the anthropological research show that among the Damara population of Otjivero a large part of BIG is invested into the highly valued social exchange system, thus being sustainable in a very culture specific way.

Pricing Carbon in Australia- the expected impact of the carbon price on the Australian dairy sector

Bowering, Ethan
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Relatório
Português
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From I July, 2012, approximately 500 of Australia's largest polluters will be required to pay for their emissions under a carbon pricing scheme. Due to its comparative high rate of electricity use, the Australian dairy industry is expected to be impacted to a greater extent than any other agricultural sector. Although on-farm agricultural emissions are excluded from the scheme, dairy farmers will be impacted through higher input costs and lower prices received for their farm products. Dairy processors will also be subjected to increased input costs and direct taxation under the carbon price. The majority of these costs are expected to be passed back onto farmers, and will have a direct impact on dairy farm profitability. Consequently, the dairy industry is concerned that the introduction of a carbon price will impact the industry's profitability and international competitiveness. This report finds that the economic value of farm production will be reduced under a carbon price in the short-term. The economic value of the average dairy farm will decrease by between $2,920 and $4,200 in 2012/13, and by between $3,210 and $4,580 in 2014/15. Compared to total on-farm costs, the impact of the carbon price seems less significant, although it is not within the scope of this report to conclude whether farmers will be able to bear these additional costs. However...

Public-Private Partnerships in Europe and Central Asia : Designing Crisis-Resilient Strategies and Bankable Projects

Cuttaree, Vickram; Mandri-Perrott, Cledan
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
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This study aims to help governments design sustainable Public-Private Partnership (PPP) strategies and projects in the context of the changed circumstances brought on by the global financial and economic crisis that began in the fall of 2008. The study analyses the impact and implication of the crisis on PPP infrastructure projects across the Europe and Central Asia (ECA) region. In the research undertaken for this study, it appears that most crisis-specific issues are cross-sectoral, therefore requiring cross-sectoral responses. The intended audience for this report includes national government stakeholders involved in infrastructure financing, including Ministries in charge of infrastructure, especially transport, energy, and water; state-owned enterprises with operational responsibilities, such as road directorates; and Ministries of Finance and development banks involved in PPP. This report reviewed the region's experience in PPPs in infrastructure before and during the financial crisis period (from late 2006 to 2010). Since not all ECA countries have had successful or ongoing PPP projects during this time...

Kosovo : Policy Note on Public Investment Management; Kosova - Shenim mbi politikat e menaxhimit te investimeve publike Kosovo - Izvestaj o politici upravljanja javnim investicijama

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Investment Review; Economic & Sector Work
Português
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As Kosovo moves towards resolution of its political status, the attention of the authorities and of the international donor community is increasingly turning towards the need for modernization of Kosovo's economic and social infrastructure in order to facilitate sustained economic growth and development. This note looks further into the underlying causes and the actions that will be required to address them. The main conclusions of the note are that the fundamental causes of under spending on the capital spending program lie in the failure to plan and manage the program within a medium-term context and in the institutional capacity constraints that currently confront the public finance management (PFM) system. The note begins by providing a brief overview of the scale and composition of Kosovo's capital spending program (section B) and the institutional arrangements for public investment management (section C). It then goes on to look at the causes of the fall in the execution of the capital spending budget that occurred in 2006 (section D)...

Government Guarantees : Allocating and Valuing Risk in Privately Financed Infrastructure Projects

Irwin, Timothy C.
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
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Government guarantees can help persuade private investors to finance valuable new infrastructure. But because their costs are hard to estimate and usually do not show up in the government's accounts, governments can be tempted to grant too many guarantees. Drawing on a diverse range of disciplines, including finance, history, economics, and psychology, Government Guarantees : Allocating and Valuing Risk in Privately Financed Infrastructure Projects aims to help governments give guarantees only when they are justified. It reviews the history of government guarantees and identifies the cognitive and political obstacles to good decisions about guarantees. It then develops a framework for judging when governments should bear risk in an infrastructure project (seeking to make precise the oft-invoked principle that risks should be allocated to those best placed to manage them); explains how guarantees can be valued; and discusses how aspects of public-sector management can be modified to improve the likely quality of government decisions about guarantees.

Unemployment and Wage Formation in a Growth Model with Public Capital

Raurich, Xavier; Sorolla, Valeri
Fonte: Conselho Superior de Investigações Científicas Publicador: Conselho Superior de Investigações Científicas
Tipo: Documento de trabajo
Português
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We study the relation between public capital, employment and growth under different assumptions concerning wage formation. We show that public capital increases economic growth, and that, if there is wage inertia, employment positively depends on both economic growth and public capital.; Raurich is grateful to Universitat de Girona for financial support through grant UdG 9101100. Sorolla is grateful to Spanish Ministry of Education for financial support through DGICYT grant SEC2000-0684.

Venture capital returns in Australia

Fleming, Grant
Fonte: Routledge, Taylor & Francis Group Publicador: Routledge, Taylor & Francis Group
Tipo: Artigo de Revista Científica
Português
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This paper examines the returns to venture capital in Australia. It is hypothesized that returns to venture capital will be associated with the type of venture capital firm (captive or non-captive; specialist or non-specialist), venture capital experience, syndication, duration and exit strategy. Using a sample of 129 venture capital exits between 1992 and 2002, it was found that Australian venture capitalists take only the best firms public, generating higher returns than from other exit strategies. Syndicated investments generate lower returns (after controlling for firm-specific risks), while no difference was found in return profiles on the basis of firm type (captive, specialist or experience) or duration of investment. The results are robust to model specifications that control for stage of investment, industry and year of exit.

Venture capitalist value-added activities, fundraising and drawdowns

Cumming, Douglas; Fleming, Grant; Suchard, Jo-Ann
Fonte: Elsevier Publicador: Elsevier
Tipo: Artigo de Revista Científica
Português
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This paper is the first to introduce an analysis of the effect of different types of venture capitalist value-added activities (financial, administrative, marketing, strategic/management) on fundraising. In addition, we include an analysis of the functional difference between committed funds and drawdowns from capital commitments vis-à-vis pension funds and venture capital funds. The new comprehensive data, collected by the Australian Bureau of Statistics for 1999-2001, enable controls for venture capitalist performance, risk, investment activity, and management and performance fees. The results indicate that significantly more capital is allocated to venture capitalists that provide financial and strategic/management expertise to entrepreneurial firms (as opposed to marketing and administrative expertise). In addition, fundraising is greater among funds with higher returns and performance fees and lower fixed management fees. In contrast, drawdowns from capital commitments are greater among venture capital funds that provide financial and marketing expertise to investees (as opposed to strategic and administrative expertise), and among funds with higher performance fees and fixed management fees. Further, the results indicate an adverse impact on venture capital fundraising from illiquidity attributable to a 2-year lock-up period in IPO exits over the period considered.