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Europeanisation as a driver of dependent financialisation in East-Central Europe: insights from the Baltic states
2021
The aim of this paper is to contribute to advancing the academic debate on dependent financialisation through a focus on East-Central Europe. In doing so, the paper identifies the role of Europeanisation as a driver of dependent financialisation using the Baltic States of Estonia, Latvia and Lithuania as case studies. The paper makes two main contributions to the literature on dependent financialisation. First, it argues that, through the establishment of 'financial chains', dependent financialisation creates asymmetric co-dependencies and bilateral risks between the 'dependent' economies in the (semi-)periphery and the financial actors in core countries. While the (semi-)peripheral economi…
Chest CT in COVID-19 Pneumonia: Potentials and Limitations of Radiomics and Artificial Intelligence
2021
SARS-CoV-2 epidemics has resulted in an unprecedented global health crisis causing a high number of deaths with pneumonia being the most common manifestation. Chest CT is the best imaging modality to identify pulmonary involvement, but unfortunately there are no pathognomonic features for COVID-19 pneumonia, since many other infectious and non-infectious diseases may cause similar alterations. The adoption of artificial intelligence in biomedical imaging has the potential to revolutionize the identification, management, and the patient’s outcome. If adequately validated, it could be used as a support with predictive and prognostic purposes in symptomatic patients but also as a screening tes…
Este es el fin de la escuela tal y como la conocemos. Unas reflexiones en tiempo de confinamiento.
2020
The crisis caused by COVID-19 has placed the school in an unprecedented scenario. From one day to the next, teaching –when this has been possible– has moved from being face-to-face to being virtual. It remains unknown what percentage of teachers and students may be teaching and learning telematically and to what strategies they are resorting. Under these circumstances, the differences among students in terms of economic and cultural capital are aggravated. If radical measures are not taken, it is likely that this period without face-to-face tea- ching may take its toll on an entire generation. Teachers, students and parents are now accessing educational content –of the kind provided by the …
CVC AND INNOVATION PERFORMANCE: THE EFFECT OF TECHNOLOGICAL DISTANCE WITH STARTUPS AND COINVESTORS
2018
Firms are increasingly opening their boundaries by engaging in corporate venture capital (CVC) programs as potential gateway into knowledge and technologies of innovative startups. By investing in promising startups across diverse industries with different technological knowledge from the knowledge base of the investing corporate, CVC programs constitute a vehicle for corporates to both exploit and explore innovation opportunities. We first examine the relationship between more explorative CVC investments portfolio and the innovation performance of the corporate. Then, we argue that when syndicating the CVC investments with a co-investor, the portfolio of syndication partners may affect the…
CORPORATE VENTURE CAPITAL AND THE PROBABILITY TO ACQUIRE THE BACKED START-UP: A REAL OPTION PERSPECTIVE
2017
To sustain their competitive positions, an increasing number of corporates access new knowledge and technologies from emerging start-ups by engaging in Corporate Venture Capital (CVC) investments. CVC investments provide corporates the option to in-source start-ups’ knowledge and technologies through follow-on acquisitions. However acquiring a backed start-up is not always a guarantee of success. Then, corporates should consider which are the most appropriate conditions under which it is beneficial to acquire a CVC backed start-up. Utilizing the theoretical lens of Real Option, we examine the conditions under which a CVC investment may evolve into an acquisition of the backed start-up. We p…
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.