Guest  

 
Search: 
Search By: SubjectAbstractAuthorTitleFull-Text

 

Showing 1 through 5 of 1,069 records.
Pages: Previous - 1 2 3 4 5 6 7 8 9 10 11 12 13 ... 214 - Next  Jump:
2014 - SASE Annual Conference Words: 500 words || 
Info
1. Wardrop, Robert. "Bank Financing to Bond Financing: The Comparative Advantage of Trust" Paper presented at the annual meeting of the SASE Annual Conference, Northwestern University and the University of Chicago, Chicago, IL USA, Jul 10, 2014 <Not Available>. 2019-03-19 <http://citation.allacademic.com/meta/p731910_index.html>
Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: Have firms perceived as trustworthy held a comparative advantage in mitigating the negative consequences of the recent financial crisis? To answer this question, I analyse data acquired from medium-sized German and UK firms containing information for over 20,000 investors that have purchased bonds issued by these firms. Variously referred to as mini-bonds, micro-bonds or Mittelstand bonds, these bonds differ from bonds issued by larger companies in three respects: micro-bond issue sizes are much smaller (often less than €10m); many micro-bond issuers do not have credit ratings; and micro-bonds are predominantly purchased by individual ‘buy-and-hold’ investors rather than institutional investors. Issuance of mini-bonds has increased in both Germany and the UK since the onset of the financial crisis in reaction to more onerous lending requirements imposed by banks facing higher regulatory capital requirements. Successful mini-bond issuers have a comparative advantage, therefore, because their investment plans and cost structure are less affected by these regulatory changes, as compared with mid-sized firms that remain solely reliant on lending by banks.
Several studies of lending to small and medium-sized firms have highlighted the high cost of information asymmetry inherent in the borrower-lender relationship and conclude that only banks or sophisticated institutional investors have the expertise, scale and/or relationship network needed to overcome this . If this is the case, then how do relatively unsophisticated individual investors contend with information asymmetry when purchasing mini-bonds? My findings suggest these investors gather ‘soft’ information about the issuer to assess trustworthiness rather than analyse financial information. Proximity and affinity both matter in gathering soft information: micro bond investors tend to buy the bonds of firms that are either located close to where they live or supply products that they use and like; they are likely to recommend micro-bond issuers to their friends after they invest; and if an intermediary recommends a mini-bond issuer then the intermediary and investor are typically located near each other.
I also find high levels of trust among micro bond investors in German medium-sized firms as an institution (the ‘Mittelstand’) which is not replicated among comparable investors in Britain. Higher institutional trust may be providing the German firms with a comparative advantage in accessing finance because institutional trust is soft information which investors factor into their assessment of mini-bond issuers. This may explain why German firms have been able to issue more than €7 billion of micro-bonds since 2008 while UK firms have issued less than £200 million. I draw on Barney and Hansen’s thesis (1994) regarding trust and competitive advantage to argue that the factors that make the Mittelstand a trusted institution in Germany are peculiar to the organization of German society. Consequently, this is a difficult-to-imitate trust form that endows all medium-sized German firms with a sustainable comparative advantage in accessing financing alternatives.

Keywords: trust, financial crisis, social relations, institutional change, SME finance

Reference
Barney, J. B., & Hansen, M. H. (1994). Trustworthiness as a Source of Competitive Advantage. Strategic Management Journal, 15(S1), 175–190.

2002 - American Political Science Association Pages: 41 pages || Words: 10746 words || 
Info
2. Roch, Christine. and Howard, Robert. "State Courts, Legislatures, and School Financing: Understanding the Timing of Education Finance Reform" Paper presented at the annual meeting of the American Political Science Association, Boston Marriott Copley Place, Sheraton Boston & Hynes Convention Center, Boston, Massachusetts, Aug 28, 2002 <Not Available>. 2019-03-19 <http://citation.allacademic.com/meta/p65956_index.html>
Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: We integrate into the study of the diffusion of policy innovations the notions of retrospective and prospective decision-making while focusing on the actions of state supreme courts and state legislatures in the area of education finance reform. Thus, we investigate how the changing information environment in states differently affects key institutional actors within states and subsequently also the likelihood of policy change. In addition, we build on the idea of legislatures and courts as prospective and retrospective decision-makers, by considering how the relevant decision context changes during the process of policy change. We test our hypotheses empirically, using event history analysis. Our results indicate that changes in the policy environment affect state courts and legislatures differently. Courts are influenced by retrospective factors, such as the degree of inequality in the state, while legislatures are influenced by prospective factors, such as the adoption of innovations by neighboring states. We argue, however, that the decision-making of courts cannot simply be characterized as retrospective, since the process by which litigation is brought to the court appears in part to be based on prospective considerations.

2005 - The Midwest Political Science Association Pages: 49 pages || Words: 9901 words || 
Info
3. Kraus, Jeffrey. "Campaign Finance Reform Reconsidered: New York City's Public Finance Program After 15 Years." Paper presented at the annual meeting of the The Midwest Political Science Association, Palmer House Hilton, Chicago, Illinois, Apr 07, 2005 <Not Available>. 2019-03-19 <http://citation.allacademic.com/meta/p86293_index.html>
Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: An Examination of New York City's System of Public Financing of Political Campaigns After 15 Years of Operation.

2010 - Theory vs. Policy? Connecting Scholars and Practitioners Pages: 25 pages || Words: 11806 words || 
Info
4. Sproat, Peter. "Counter-terrorist Finance and Its Critics: An Evidence-Based Analysis of the United Kingdom’s Counter-terrorist Finance Policies" Paper presented at the annual meeting of the Theory vs. Policy? Connecting Scholars and Practitioners, New Orleans Hilton Riverside Hotel, The Loews New Orleans Hotel, New Orleans, LA, Feb 17, 2010 Online <PDF>. 2019-03-19 <http://citation.allacademic.com/meta/p415741_index.html>
Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: The UK's counter-terrorist finance (CTF) policies have been subject to relatively little academic analysis and publications which evaluate its effectiveness are rarer still. The latter includes: Robinson’s claim that “terrorist money-laundering prosecutio

2007 - International Studies Association 48th Annual Convention Pages: 16 pages || Words: unavailable || 
Info
5. Montgomerie, Johnna. "From financialization to finance-led capitalism: Exploring the frontiers of global finance" Paper presented at the annual meeting of the International Studies Association 48th Annual Convention, Hilton Chicago, CHICAGO, IL, USA, Feb 28, 2007 <Not Available>. 2019-03-19 <http://citation.allacademic.com/meta/p181328_index.html>
Publication Type: Conference Paper/Unpublished Manuscript
Abstract: The growing plethora of financial instruments and mounting volume of speculative financial transactions is considered separate from the real economy and governments. The changing and dynamic structure of financial markets has become the focal point of analysis. The dominant view of global finance within IPE is of a separate space where financial market activities are elite driven and of a highly technical nature. Typically, the growing prominence of financial markets, whether permitted or resisted by states, is seen as eroding the power of states to act. This ‘states vs. markets’ approach emphasizes the unavoidable nature of financial expansion. Finance is depicted as a process whereby nameless and faceless actors have been able to exert change on the existing conditions of life where states, firms, or households can merely adjust in accordance with the will of market actors. This theoretical framework evaluates finance as a personality imbued with distinct needs or interests, which is able to implement a rigid structure that determines action. The concept of financialisation captures key transformations occurring in financial markets and its influence on other economic sectors. Phenomena ranging from the globalization of financial markets, the shareholder revolution and the rise of incomes from financial investment all represent low-level changes in market activity and agent behaviour resulting from the liberalization of financial services. Financialisation isolates emphasizes the integrated nature of global financial markets and evaluates how social actors located at the privileged sites of financial accumulation accrue new political and economic power.

Pages: Previous - 1 2 3 4 5 6 7 8 9 10 11 12 13 ... 214 - Next  Jump:

©2019 All Academic, Inc.   |   All Academic Privacy Policy