Search results for "CAPI"

Discussion of “Optimal Debt Service: Straight vs. Convertible Debt”

2006

Corporate bond default plays a signifi cant role in today's business environment. According to Moody's, a leading provider of credit ratings, corporate bond issuers that it rated as of January 1, 2004, defaulted on a total of US $16 billion in 2004. Credit default not only affects the equity investors of a firm, but also the debt holders, who may loose part of their credit. Default can also have dramatic consequences for a firm's future operations. Therefore, the decision of if and when to default is important for both the firm and its stakeholders. There is a substantial body of literature on the determination of optimal default points as a strategic decision by the owners of a firm. Accor…

Financial Companies in Latvia: Why are they Coming to the Bond Market?

2019

In the period 2013-2017 Latvian corporate bond market had experienced the abrupt growth of the number of public Latvian corporate bond issues outstanding. The base of the expansion was formed by the financing activity of Latvian financial sector issuers (FSIs) with their weight in the pool of corporate bond issues listed in Nasdaq Riga at 85%. In 2019, FSIs remain the main issuer in Latvian corporate bond market (64% of the number of issues (Nasdaq Baltic, 2019)). The financing needs and preferences of the FSIs not only shape the segment profitability but also build Latvian corporate bond market sustainability. 
 Academic papers provide broad motivation for corporate debt issuing: an e…

Challenges and trends of debt capital raising by SME: experience of the Baltic States

2012

The paper analyses topical issue of debt capital raising by small and medium-sized enterprises in the Baltic States under changing economic conditions. Raise of debt capital is crucial for SME, as financing and its availability is a critical precondition for the survival and development of enterprises. The paper gives an assessment of recent developments in debt capital raising in the Baltic States, identifies the most important challenges and problems, as well as the mistakes made. Based on the analysis made, authors provide solutions for debt capital raising challenges and possible changes in corporate finance of enterprises.

Investor Protection and Business Creation

2003

We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets. In addition to search frictions, we examine contract frictions, specifically interim and ex post moral hazard problems stemming from entrepreneurs' possibilities to expropriate financiers. In our model, the government chooses the level of investor protection that determines the transferability of match surplus between entrepreneurs and financiers. The results indicate that anything that increases (decreases) entrepreneurship also increases (decreases) the creation of start-ups. The effect of investor prote…

The Corporation Law in the Republic of San Marino. A Short Introduction

2014

This Book reproduces, with some changes, the outcomes of a research carried out for “The XIXth International Congress of Comparative Law”. This Congress, organized by the Paris “Académie Internationale de droit comparé / International Academy of Comparative Law”, was hold in Vienna in 2014. This Book contains an introduction to the company law in the Republic of San Marino; accordingly, it highlights its theoretical and practical features.

Corruptos y gloriosos / 2

2008

Aproximación a la Geografía del despilfarro en España: balance de las últimas dos décadas

2018

Este trabajo pretende ser una primera aproximación a la dimensión del despilfarro de recursos públicos en infraestructuras en España desde 1995 hasta la actualidad en los distintos niveles de gobierno. A partir de algunas precisiones sobre los conceptos de despilfarro y corrupción, se analiza, de una parte, la inversión y los sobrecostes en infraestructuras innecesarias impulsadas y ejecutadas por la Administración General del Estado en el ámbito de sus competencias, y de otra, infraestructuras, proyectos, eventos e inversiones fallidas, vacías o infrautilizadas acometidas por las Comunidades Autónomas y los gobiernos locales. Se abordan los déficit de marco institucional y de gobernanza te…

Knowledge management and intellectual capital in the business model innovation of Costa Rican manufacturing firms

2022

Abstract The purpose of this article is to analyze the impact of knowledge management and intellectual capital on the ability of companies to generate business model innovation. To evaluate the proposed hypotheses, we surveyed a final sample of 100 Costa Rican manufacturing companies and analyzed the data using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that knowledge management positively contributes to the development of business model innovations. Similarly, intellectual capital has a direct positive influence on business model innovation. However, the direct contribution intellectual capital depends on the adoption of practices that encourage knowledg…

Labor Productivity Growth: Disentangling Technology and Capital Accumulation

2014

We adopt a counterfactual approach to decompose labor productivity growth into growth of Technological Productivity (TEP), growth of the capital-labor ratio and growth of Total Factor Productivity (TFP). We bring the decomposition to the data using international countrysectoral information spanning from the 1960s to the 2000s and a nonparametric generalized kernel method, which enables us to estimate the production function allowing for heterogeneity across all relevant dimensions: countries, sectors and time. As well as documenting substantial heterogeneity across countries and sectors, we nd average TEP to account for about 44% of labor productivity growth and TEP gaps with respect to the…

Pandemia e capitalismo del XXI secolo. Gestione securitaria della crisi tra individualizzazione neoliberista e ristrutturazione delle forze produttive

2020

Il contributo propone una riflessione sul Sars-Cov-2 quale epifenomeno del modo di produzione capitalistico ed in particolare della sua fase neoliberista. La pandemia, accelerando dinamiche e contraddizioni del capitale già preesistenti, è indubbiamente correlata agli aspetti più predatori del modo di produzione capitalistico, particolarmente nei confronti della natura e della biodiversità. Il saggio cerca anche di far riflettere su altri due aspetti emersi durante la pandemia: la gestione della pandemia, non solo in termini sanitari, è profondamente legata ai processi di individualizzazione, visti quali esiti delle trasformazioni sociali indotte dal neoliberismo; inoltre, il modo in cui si…