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How Feasible is a Convertible Ijarah Contract for SME Financing? : A Simulation Approach
Dalimunthe, Zuliani; Syakhroza, Akhmad; Nasution, … - 2021
’s decision. In this study, we simulate three scenarios of project financing with (a) murabaha as a margin-based contract, (b …
Persistent link: https://www.econbiz.de/10013248465
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Guarantee-Investment Combination Financing for Entrepreneurship
Dong, Linjia; Yang, Zhaojun - 2021
Recently, a guarantee-investment combination financing mode is popular. This paper considers an entrepreneur who has exclusively an option to invest in a project. The investment is irreversible but delayable with a growth option. Thanks to the financing mode, the initial investment cost is...
Persistent link: https://www.econbiz.de/10013235057
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Is the Value Premium Smaller Than We Thought?
Hasler, Mathias - 2021
The construction of the original HML portfolio (Fama and French, 1993) includes six seemingly innocuous decisions that could easily have been replaced with alternatives that are just as reasonable. I propose such alternatives and construct HML portfolios. In sample, the average estimate of the...
Persistent link: https://www.econbiz.de/10013214491
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SME Investment and Financing under Asymmetric Information
Wang, Yao - 2019
We consider the investment timing and financing decisions of financially constrained small and medium-sized enterprises (SMEs) in a dynamic setting with asymmetric information. To alleviate its financing constraints, an SME finances a risky project using equity-for-guarantee swaps (EGS), which...
Persistent link: https://www.econbiz.de/10012867132
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Dynamic Capital Structure under ManagerialEntrenchment:Evidence from a Structural Estimation
Morellec, Erwan; Nikolov, Boris; Schürhoff, Norman - National Centre of Competence in ResearchFinancial … - 2008
This paper examines the impact of agency conicts on corporate nancing decisions. Werst build a dynamic contingent claims model in which nancing policy results from a trade-obetween tax benets, contracting frictions, and agency conicts. In our setting, partially-entrenched managers set the rms'...
Persistent link: https://www.econbiz.de/10005868708
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Costo De Capital y Flujos De Caja Para PYMEs (Cost of Capital and Cash Flows for SMEs) (Slides)
Velez-Pareja, Ignacio - 2013
investment and cash flow valuation.It suggests some options to calculate an estimate. These range from classic known Capital …
Persistent link: https://www.econbiz.de/10013073101
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Phased Investment Planning : Applying Real Options Valuation to a Small Manufacturing Firm
Mukhtar, Wasif - 2009
subsidiary to raise equity. This paper deals with the valuation of AIS Ltd and highlights several issues in financial and … business valuation using Real Options Analysis (ROA) and Illiquidity discounts. The paper attempts to present an analysis on … is a very challenging exercise to understand most of the pertinent financial principles, such as asset pricing. Valuation …
Persistent link: https://www.econbiz.de/10013155422
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Small Growth and Distress Returns : Two Sides of the Same Coin?
Bhamra, Harjoat Singh - 2016
), we show via an investment valuation model that higher idiosyncratic risks of sudden corporate failure simultaneously … generate lower expected returns and higher valuation ratios among smaller firms. Consistent with the model, high failure risk …
Persistent link: https://www.econbiz.de/10013007036
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Small Growth and Distress Returns : Two Sides of the Same Coin?
Bhamra, Harjoat Singh - 2016
(1976)), we show via an investment valuation model that higher idiosyncratic risks of sudden corporate failure … simultaneously generate lower expected returns and higher valuation ratios among smaller firms. Consistent with the model, high …
Persistent link: https://www.econbiz.de/10013007449
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Size Effect in Indian Stock Market : An Anomaly or a Methodological Artifact
Harshita - 2020
The paper tests if the documented size effect in the Indian stock market is an anomaly with respect to market efficiency or an artifact with respect to data or methodology employed. The study employs two related datasets (one being held constant through the study period, the other being revised...
Persistent link: https://www.econbiz.de/10012850319