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Disrupting Industries With Blockchain: The Industry, Venture Capital Funding, and Regional Distribution of Blockchain Ventures
2016
The blockchain (i.e., a decentralized and encrypted digital ledger) has the potential to disrupt many traditional business models. This study investigates the emerging blockchain business-application landscape by analyzing its industry, venture capital funding, and regional distribution. We do so by matching four venture databases on blockchain-based startups. First, our results show that blockchain startups are most prominently represented in the Finance & Insurance and Information & Communication industries. A fine-grained analysis of financial services yields increasing novel applications in existing service offerings – especially in payment networks and processing. Second, consistent wi…
Financing of Productive Investments: A Model with Coordinated Scenarios
2015
This research raises a company that knows the cash requirements to purchase capital equipments in order to satisfy the demand for the products of each of the proposed scenarios. The company is negotiating with credit institutions a series of loans at different interest rates. Also, the company can make capital increases. A model focused on the financial needs using scenarios allows us to combine funding sources to cover the costs of the acquisition of production equipment to meet the demand for each scenario. This combination remunerates own financing, settles interest and repays the borrowed capital. The results indicate that the model is robust and minimizes the financial cost of a possib…
The Effects of Internationalization on CEO Compensation
2004
This study examines the relation between the internationalization of firms and CEO compensation. Starting from a sample of Norwegian and Swedish listed firms, we analyze the effects of internationalization as manifest in the capital market (international cross-listing), the market for corporate control (foreign board membership), and the product and service market (export and foreign sales). We conclude that all three markets contribute positively to the compensation level of CEOs. We argue that part of the higher CEO compensation in internationally oriented firms - as compared to less internationalized firms within the same country - reflects a risk premium for reduction in job security.Pu…
Determinants of required returns in venture capital investments: a five country study
2002
Abstract Using two complementary theoretical perspectives, we develop hypotheses regarding the determinants of the return required by venture capitalists and test them on a sample of over 200 venture capital companies (VCCs) located in five countries. Consistent with resource-based theory, we find that early-stage specialists require a significantly higher return than other VCCs when investing in later-stage ventures. Consistent with financial theory, we find that acquisition/buyout specialists require a significantly lower return than other VCCs when investing in expansion companies. Furthermore, in comparison to specialists, highly stage-diversified VCCs require a significantly higher ret…
Effects of Behavioural Finance on Emerging Capital Markets
2014
Abstract A recent common view of finance experts is that it is becoming increasingly difficult to understand how the economy as a whole works. Although the efficient market theory might be considered an ideal model enabling the interpretation of market behavior, it has begun to lose ground, and the rationality hypothesis failed to explain the excessive volatility of the returns and trading volume recorded on both developed capital markets and emerging ones. Adding the behavioral finance perspective to the equation can help us to understand better how market agents will react. In this article, we investigate the factors that may explain the trading volume evolution on two emerging capital ma…
Effects of Behavioural Factors on Human Financial Decisions
2014
Abstract In this article, we investigate the factors that may explain the trading volume evolution on two emerging capital markets, Romania and Brazil. We analyze the impact of both investors who ground their trading behaviour on rational expectations and investors who show psychological and emotional facets of the human decision, which we call behavioural errors, as independent variables on the trading volume as dependent variable. The results indicate that trading is influenced by the investors’ irrational behaviour. Thus, the rationality hypothesis can be rejected for both capital markets.
Financing Model Optimization of Lanzhou Yatai Group Real Estate Project
2014
Lanzhou Yatai Group, as the first listed real estate companies, occupies absolute advantage in the competition of the industry. Especially because of Lanzhou National Economic Development District, Yaitai Group focuses Lanzhou new area asthe target of the advantages and great location. With the business development and planning, the company will also create Lanzhou Yaitai Group Technology Headquarters before 2016, and also will be followed by the huge business opportunities in the real estate industry driven by the financial industry, service industry, catering industry, and the education industry as well. At the same time, the asset number of investment companies in the new district has re…
Franchising in Spain: Agency and capital scarcity perspectives
2005
Franchising is currently perhaps the most interesting formula, financially speaking, for generating self-employment, as the capital risk on the investment needed to set up a business is kept to a minimum. Since the aim of this research is to combine the agency and scarcity theories, we conducted a study throughout the total number of observations existing in Spain to determine the importance of the sector. Factors under examination included the number of distribution units that are franchised units as a proportion of the total number of units, the number of years since the firm was set up, yearly growth rate, geographical scope of operation, average start-up costs and average royalty rates.
Bank Lending in Project Finance: The New Regulatory Capital Framework
2012
The paper aims to examine the new regulatory framework of project finance in the economics of banking firms. In particular, the paper investigates the uniqueness of the project finance, the significant importance of the project finance in bank activity, and the role of the new bank capital requirements to promote the innovative financial scheme. In the project finance business loans terms and characteristics are primarily based on the assets and quality of the project to be financed. It means that the usual bank rating models for lending business might not been implemented in the project finance lending. Quantitative estimates of credit risk could not be always possible in project finance l…
A New Third Sector Intellectual Capital Model
2016
The Intellectual Capital (IC) report has become a fundamental tool in the disclosure of non-profit activities, since it is necessary to use a correct framework to represent IC. To achieve the aim of the paper the work is developed as follows: the existing literature on non-profit organizations (NPOs) and IC is examined and relevant aspects to be measured by IC indicators and disclosed by an IC report in the above context are brought into focus. Then extant frameworks for IC reporting are outlined in order to verify whether they fit the aspects qualified as relevant in NPOs and it is pointed out what they lack with reference to the NPOs context. The aim of the paper is to propose an original…